iSHARES TRUST

The Markets in Review

Dear Shareholder,

Despite an uncertain economic landscape during the 12-month reporting period ended July 31, 2023, the resilience of the U.S. economy in the face of ever tighter financial conditions provided an encouraging backdrop for investors. While inflation was near multi-decade highs at the beginning of the period, it declined precipitously as commodity prices dropped. Labor shortages also moderated, although wages continued to grow and unemployment rates reached the lowest levels in decades. This robust labor market powered further growth in consumer spending, backstopping the economy.

Equity returns were solid, as the durability of consumer sentiment eased investors’ concerns about the economy’s trajectory. The U.S. economy resumed growth in the third quarter of 2022 and continued to expand thereafter. Most major classes of equities advanced, including large- and small-capitalization U.S. stocks and equities from developed and emerging markets.

The 10-year U.S. Treasury yield rose during the reporting period, driving its price down, as investors reacted to elevated inflation and attempted to anticipate future interest rate changes. The corporate bond market also faced inflationary headwinds, although high-yield corporate bond prices fared significantly better than investment-grade bonds as demand from yield-seeking investors remained strong.

The U.S. Federal Reserve (the “Fed”), acknowledging that inflation has been more persistent than expected, raised interest rates seven times during the 12-month period ended July 31, 2023. Furthermore, the Fed wound down its bond-buying programs and incrementally reduced its balance sheet by not replacing securities that reach maturity. However, the Fed declined to raise interest rates at its June 2023 meeting, the first time it paused its tightening in the current cycle, before again raising rates in July 2023.

Supply constraints appear to have become an embedded feature of the new macroeconomic environment, making it difficult for developed economies to increase production without sparking higher inflation. Geopolitical fragmentation and an aging population risk further exacerbating these constraints, keeping the labor market tight and wage growth high. Although the Fed has decelerated the pace of interest rate hikes and recently opted for a pause, we believe that the new economic regime means that the Fed will need to maintain high rates for an extended period to keep inflation under control. Furthermore, ongoing structural changes may mean that the Fed will be hesitant to cut interest rates in the event of faltering economic activity lest inflation accelerate again. We believe investors should expect a period of higher volatility as markets adjust to the new economic reality and policymakers attempt to adapt.

While we favor an overweight position to developed market equities in the long term, we prefer an underweight stance in the near-term. Expectations for corporate earnings remain elevated, which seems inconsistent with macroeconomic constraints. Nevertheless, we are overweight on emerging market stocks in the near-term as growth trends for emerging markets appear brighter. We also believe that stocks with an A.I. tilt should benefit from an investment cycle that is set to support revenues and margins. We are neutral on credit overall amid tightening credit and financial conditions; however, there are selective opportunities in the near term. For fixed income investing with a six- to twelve-month horizon, we see the most attractive investments in short-term U.S. Treasuries, U.S. inflation-linked bonds, U.S. mortgage-backed securities, and hard-currency emerging market bonds.

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 July 31, 2023


	6-Month	12-Month

U.S. large cap equities (S&P 500^® Index)	13.52%	13.02%

U.S. small cap equities (Russell 2000^® Index)	4.51	7.91

International equities (MSCI Europe, Australasia, Far East Index)	6.65	16.79

Emerging market equities (MSCI Emerging Markets Index)	3.26	8.35

3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)	2.34	3.96

U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)	(2.08)	(7.56)

U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)	(1.02)	(3.37)

Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)	0.20	0.93

U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)	2.92	4.42

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 advanced during the 12 months ended July 31, 2023 (“reporting period”), supported by continued economic growth and moderating inflation. The MSCI ACWI, a broad global equity index that includes both developed and emerging markets, returned 12.91% in U.S. dollar terms for the reporting period. Despite concerns about the impact of higher interest rates and rising prices, the global economy continued to grow, albeit at a slower pace than during the initial post-pandemic recovery. Inflation began to subside in most regions of the world, and lower energy prices reduced pressure on consumers, leading consumer and business sentiment to improve. While the Russian invasion of Ukraine continued to disrupt trade in Europe and elsewhere, market adaptation lessened the economic impact of the ongoing war. The prices of oil, natural gas, and wheat all declined during the reporting period, easing pressure on the world’s economies.

The U.S. Federal Reserve (“Fed”) tightened monetary policy rapidly, raising short-term interest rates seven times during the reporting period. The pace of tightening decelerated as the Fed twice lowered the increment of increase before pausing entirely in June 2023, the first time it declined to take action since the tightening cycle began. However, the Fed then raised interest rates again at its July 2023 meeting and stated that it would continue to monitor economic data. The Fed also continued to decrease the size of its balance sheet by reducing the store of U.S. Treasuries it had accumulated to stabilize markets in the early phases of the coronavirus pandemic.

Despite the tightening financial conditions, the U.S. economy demonstrated continued strength, and U.S. equities advanced. The economy returned to growth in the third quarter of 2022 and showed robust, if slightly slower, growth thereafter. Consumers powered the economy and increased their spending in both nominal and inflation-adjusted terms. Spending was helped by a strong labor market, as unemployment remained very low in historic terms, and the total number of employed persons reached an all-time high. Tightness in the labor market drove higher wages, although wage growth slowed as the reporting period continued.

European stocks outpaced their counterparts in most other regions of the globe, advancing strongly for the reporting period despite modest economic growth. European stocks benefited from a solid recovery following the early phases of the war in Ukraine. While the conflict disrupted critical natural gas supplies, new sources were secured and prices declined, while a warm winter helped moderate consumption. The European Central Bank (“ECB”) responded to the highest inflation since the introduction of the euro by raising interest rates eight times and beginning to reduce the size of its debt holdings.

Stocks in the Asia-Pacific region gained, albeit at a slower pace than other regions of the world. Japan returned to growth in the fourth quarter of 2022 and first quarter of 2023, as strong business investment and exports helped boost the economy and support Japanese equities. However, Chinese stocks were negatively impacted by slowing economic growth. While investors were initially optimistic following China’s lifting of several pandemic-related lockdowns in December 2022, subsequent performance disappointed, and tensions with the U.S. increased. Emerging market stocks advanced, as the improving global economic environment reassured investors. The declining value of the U.S. dollar relative to many other currencies and the slowing pace of the Fed’s interest rate increases also supported emerging market stocks.

The iShares Breakthrough Environmental Solutions ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. and non-U.S. companies involved in breakthrough innovations and development of new technologies that address the climate transition, as represented by the Morningstar Global Emerging Green Technologies Select 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 March 28, 2023. The first day of secondary market trading was March 30, 2023.

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 Cybersecurity and Tech ETF (the “Fund”) seeks to track the investment results of an index composed of developed and emerging market companies that are involved in cyber security and technology, including cyber security hardware, software, products, and services, as represented by the NYSE^® FactSet^® Global Cyber Security Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

The inception date of the Fund was June 11, 2019. The first day of secondary market trading was June 13, 2019.

Stocks of global cybersecurity and technology companies advanced for the reporting period. Stocks in growth-oriented companies, including many in the information technology sector, outperformed the broader market. While growth stocks declined sharply in 2022 amid high inflation and rising interest rates, they rebounded in 2023 amid moderating inflation and investor optimism that interest rates would stabilize. Global cybersecurity attacks increased significantly in 2022, contributing to higher spending on technology-related security and risk management by global governments and businesses. Broadly, demand for cybersecurity analysts and engineers grew at twice the rate of employment demand for the general workforce. The increased adoption of artificial intelligence (“AI”) capabilities heightened cybersecurity concerns while at the same time aiding and improving security efforts.

U.S. stocks contributed the most to the Index’s return, led by the industrials sector. Research and consulting services companies specializing in cyber and digital intelligence reported strong demand for their services, partly reflecting new contracts from government agencies seeking to improve cloud and other technology security. Contractors providing technical and engineering assistance to the U.S. military benefited from new and renewing projects.

The U.S. information technology sector contributed significantly to the Index’s return. Systems software companies benefited from increased demand for software focused on helping companies secure their technology systems. Increased adoption of cloud platforms for cybersecurity programs and the modernization of companies’ security operation centers helped feed demand and encouraged the pursuit of smaller providers by larger technology conglomerates. Integration of security and networks into single platforms also boosted revenue and market share gains for systems software providers.

Stocks in Taiwan also contributed to the Index’s return, with AI-related demand attracting investors to the country’s information technology sector. Communications equipment companies benefited from rising sales of network appliances, ethernet switches, and other related hardware.

On the downside, Japanese stocks detracted from the Index’s return. Systems software companies, in the information technology sector, declined as rising global interest rates early in the reporting period pressured the broader Japanese equity market, particularly technology stocks.

The iShares Exponential Technologies ETF (the “Fund”) seeks to track the investment results of an index composed of stocks of developed and emerging market companies that create or use exponential technologies, as represented by the Morningstar^® Exponential Technologies Index^SM (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 March 19, 2015. The first day of secondary market trading was March 23, 2015.

Stocks of global companies that create or use exponential technologies advanced for the reporting period. Stocks in growth-oriented companies, including many in the information technology sector, outperformed the broader market. While growth stocks declined sharply in 2022 amid high inflation and rising interest rates, they rebounded in 2023 amid moderating inflation and investor optimism that interest rates would stabilize. The widespread emergence of artificial intelligence (“AI”) applications increased demand for machine learning capabilities, boosting the stocks of companies heavily involved in the burgeoning technology.

U.S. stocks, which represented approximately 64% of the Index on average during the reporting period, contributed the most to the Index’s return, led by the information technology sector. Demand for software and services rose as business and government enterprises sought increased implementation of machine learning and AI capabilities. That included increased demand from the U.S. intelligence and defense communities for AI-assisted software platforms. As providers of customer relationship management platforms developed new AI-powered offerings, demand for their software increased. Meanwhile, the rising proliferation of data-intensive applications and related analytics supported companies building platforms for the expanding data aggregation and cloud monitoring market.

U.S. semiconductor firms also contributed to the Index’s return. As with software, AI’s widespread emergence buoyed stocks of companies producing chips that power generative AI services, such as ChatGPT, other specialized AI applications, and the data centers that support AI functions. Makers of solar panels and microchips used in electric vehicles received a boost from the federal government’s Inflation Reduction Act, which created subsidies and tax credits for green energy initiatives.

Australian stocks contributed notably to the Index’s return. The information technology sector led the advance as logistics software firms benefited from businesses’ needs to improve supply chain efficiency following coronavirus pandemic-related disruptions. In Germany, information technology stocks also contributed as stronger-than-expected demand supported semiconductor manufacturers, particularly makers of microchips for automotive and industrial uses.

The iShares Future Cloud 5G and Tech ETF (the “Fund”) (Formerly the iShares Cloud 5G and Tech ETF) seeks to track the investment results of an index composed of companies from developed and emerging markets that could benefit from providing products, services, and technologies related to cloud computing and 5G, as represented by the Morningstar^® Global Digital Infrastructure & Connectivity Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

The inception date of the Fund was June 8, 2021. The first day of secondary market trading was June 10, 2021.

Equities with considerable exposure to cloud computing and 5G networking advanced for the reporting period. Stocks in growth-oriented companies, including many in the information technology sector, outperformed the broader market. While growth stocks declined sharply in 2022 amid high inflation and rising interest rates, they rebounded in 2023 amid moderating inflation and investor optimism that interest rates would stabilize. The swift emergence of artificial intelligence (“AI”) applications drove rising demand for cloud computing solutions and the microchips that power AI. Mobile carriers continued expanding 5G networks as governments and carriers throughout the world increased their commitment to building them.

U.S. stocks, which represented approximately 73% of the Index on average during the reporting period, contributed the most to the Index’s return, led by the information technology sector. Amid strong growth forecasts, application software providers, particularly cloud computing platforms, benefited from ongoing digital transformation and data center modernization. Revenue for cloud service providers increased substantially amid rising demand for simplified and aggregated platform solutions. Likewise, companies providing software used to monitor network infrastructure, allowing companies to trouble-shoot technical problems, reported higher demand and revenue. Speculation that larger technology conglomerates might seek to expand their cloud operations via acquisitions also supported smaller cloud providers. The U.S. semiconductors industry also advanced, as investments in AI spurred rising demand for microchips used in data centers and specialized microchips that speed AI applications, boosting revenue for firms supplying them. Revenue also increased for firms that produce microchips for converting analog signals into digital data, particularly products used in automobile and industrial manufacturing.

Stocks in Taiwan contributed notably to the Index’s return. Within the information technology sector, technology hardware and equipment companies advanced amid strong demand from customers building AI servers. German information technology stocks also contributed, as supply chain improvements following disruptions caused by the coronavirus pandemic and the beginning of the war in Ukraine increased revenue for companies supplying microchips to automotive and industrial markets.

The iShares Genomics Immunology and Healthcare ETF (the “Fund”) seeks to track the investment results of an index composed of developed and emerging market companies that could benefit from the long-term growth and innovation in genomics, immunology and bioengineering, as represented by the NYSE^® FactSet^® Global Genomics and Immuno Biopharma Index^TM (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

The inception date of the Fund was June 11, 2019. The first day of secondary market trading was June 13, 2019.

Global genomics, immunology, and healthcare stocks declined significantly for the reporting period. Growth-oriented stocks declined sharply in 2022 amid high inflation, a slowing economy, and rising interest rates. They rebounded in 2023 as inflation moderated and investors’ optimism increased that interest rates would stabilize. However, innovation-related healthcare stocks did not benefit from that recovery, as growth investors mostly targeted technology stocks while generally avoiding the healthcare sector. Waning demand for COVID-19 vaccines and legislative challenges to drugmakers’ prices further reduced investor interest. Patent disputes between vaccine makers exacerbated biotech stocks’ weakness from falling vaccine demand.

U.S. equities, which represented approximately 64% of the Index on average during the reporting period, detracted the most from the Index’s return, driven by declines in the healthcare sector. Biotechnology stocks, in particular, accounted for the majority of the Index’s decline. Notably, an innovative biotechnology company focused on developing cellular immunotherapies declined after ending a research collaboration with a major healthcare-centered company. Despite an increase in COVID-19 vaccine prices, falling demand reduced revenue for vaccine makers. In May 2023, the U.S. government officially ended the coronavirus health emergency and lifted its vaccine mandate for international travelers. Biotechnology companies faced headwinds as demand for COVID-19 vaccinations and booster shots trailed expectations and manufacturers anticipated deliveries falling by as much as two-thirds overall for 2023. Vaccine makers responded with plans to significantly cut costs through infrastructure consolidation and considerable layoffs. Investors’ lessening interest in biotechnology stocks extended to companies not involved in vaccine development, especially startups facing delays in clinical trials and early-stage firms yet to receive approval for marketable treatments.

Healthcare stocks in Germany and Taiwan also detracted from the Index’s return. Patent disputes weighed on German biotechnology companies. Additionally, a leading biotechnology firm reduced its earnings outlook after suffering a cyberattack. In Taiwan, biotechnology firms involved in vaccine production faced headwinds as global demand for COVID-19 vaccines waned.

The iShares Neuroscience and Healthcare ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. and non-U.S. companies that could benefit from the growth and innovation in neuroscience, as represented by the NYSE^® FactSet^® Global Neuro Biopharma and MedTech 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 August 24, 2022. The first day of secondary market trading was August 26, 2022.

Global stocks of companies involved in neuroscience, treatments for neurological disorders, and related healthcare innovation declined slightly for the reporting period. After falling earlier in the reporting period amid high inflation, a slowing economy, and rising interest rates, growth-oriented stocks rebounded in 2023 as inflation moderated and investors’ optimism increased that interest rates would stabilize. However, despite the Food and Drug Administration (“FDA”) approval of the first drug proven to slow the progression of Alzheimer’s disease, innovation-related healthcare stocks did not fully participate in that recovery. Investors who gravitated toward the healthcare sector as the stock market declined in 2022 increasingly sought other alternatives as stocks recovered later in the reporting period.

Equities in Switzerland detracted the most from the Index’s return, led by biotechnology stocks in the healthcare sector. Financial losses widened at a leading provider of treatments for insomnia and other conditions; the company responded by adopting cost cuts aimed at reducing its cash outflow by half. Amid a cash shortfall, the firm secured bridge financing while attempting to sell a portion of its operations. In the meantime, its revenue continued rising and it launched an innovative drug targeting the effects of chronic insomnia.

U.S. stocks also detracted from the Index’s performance. In the healthcare sector, the healthcare equipment and supplies industry declined. Ongoing struggles to achieve profitability weighed on the stocks of medical device makers, including a supplier of systems aimed at alleviating chronic pain via spinal cord stimulation and a manufacturer of devices to help patients with bladder and bowel dysfunction. Though reporting varying degrees of revenue growth, these companies disclosed either minimal profits or ongoing net losses.

Some countries contributed to the Index’s return. In Ireland, a fledging drugmaker benefited from the FDA’s approval of new treatment for daytime drowsiness in adults with narcolepsy, boosting stocks in the country’s pharmaceutical industry. Stocks in South Korea’s pharmaceutical industry also rose amid expansion plans, acquisitions, and partnerships announced by a leading maker of treatments for central nervous system disorders.

The iShares Robotics and Artificial Intelligence Multisector ETF (the “Fund”) seeks to track the investment results of an index composed of developed and emerging market companies that could benefit from the long-term growth and innovation in robotics technologies and artificial intelligence, as represented by the NYSE^® FactSet^® Global Robotics and Artificial Intelligence Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

The inception date of the Fund was June 26, 2018. The first day of secondary market trading was June 28, 2018.

Stocks of global companies producing or using robotics and artificial intelligence applications advanced considerably for the reporting period. Many stocks, particularly in the information technology sector, benefited from renewed investor interest in growth-oriented companies. Although growth stocks declined sharply in 2022 amid high inflation and rising interest rates, they rebounded in 2023 as inflation moderated and optimism increased that interest rates would stabilize. The widespread emergence of artificial intelligence (“AI”) applications increased demand for machine learning capabilities, boosting the stocks of companies heavily involved in the burgeoning technology.

U.S. equities, which represented approximately 53% of the Index on average for the reporting period, contributed the most to the Index’s return, led by the information technology sector. AI-related demand boosted the software and services industry, as business and government enterprises increasingly sought to implement machine learning and artificial intelligence capabilities. Providers of customer relationship management platforms benefited from new AI-powered offerings and related integration that increased demand for their software. In addition, revenue rose for makers of data analytics platforms. Strong interest in AI also buoyed stocks of companies producing chips that power generative AI services.

Chinese stocks also contributed to the Index’s return, led by the communications sector. Global investment demand for exposure to the Chinese market increased after the country lifted restrictive Covid-19 pandemic policies. Stocks within the media and entertainment industry rose, as subscriber growth rebounded for both visual and audio streaming services after a stretch of industry-wide declines. Social media and livestream platforms, including dating and other apps, also benefited from improved financial performance and changes in leadership that boosted investors’ optimism. In addition, a popular app provider generated first-time profits.

Stocks in Taiwan further benefited performance, driven by gains in the semiconductors and semiconductor equipment industry. Chipmakers that also provide engineering, consulting, and technical-support services advanced, as demand for engineering designs and solutions increased alongside the surge in orders for AI-related chips needed to train and deploy AI models.

The iShares Self-Driving EV and Tech ETF (the “Fund”) seeks to track the investment results of an index composed of developed and emerging market companies that may benefit from growth and innovation in and around electric vehicles, battery technologies and autonomous driving technologies, as represented by the NYSE^® FactSet^® Global Autonomous Driving and Electric Vehicle 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 April 16, 2019. The first day of secondary market trading was April 18, 2019.

Stocks of companies related to innovation in electric vehicles (“EVs”) and self-driving cars advanced for the reporting period. Globally, EV sales increased in 2022 by approximately 52% to 10 million vehicles, with forecasts of continued growth in 2023. The U.S. government’s Inflation Reduction Act of 2022 expanded subsidies and taxes for green energy initiatives, including EVs, with a goal of pushing EVs to half of all U.S. car sales by 2030. Building on EV initiatives from the 2021 Infrastructure Investment and Jobs Act, the 2022 act spurred several new manufacturing investments from makers of vehicles and batteries. The impacts of those new programs increased capacity of global EV supply chains to support strong consumer demand. Meanwhile, automakers expanded investments in self-driving cars, which made inroads into ride-hailing and taxi services.

Stocks in China contributed the most to the Index’s return, led by the automobiles industry. China accounted for nearly 60% of global EV sales in 2022, while EVs almost doubled as a proportion of domestic car sales. EV sales also rose after China lifted highly restrictive coronavirus policies late in 2022, reopening large parts of the economy for the first time since the pandemic started. Stocks of EV manufacturers also benefited from announced plans to cut costs amid increasing global competition, and an investment from a large German automaker further aided the industry. The introduction of new models boosted new vehicle deliveries, which grew substantially even as price competition intensified. Rising sales bolstered industry profitability and raised expectations that the nation’s leading EV manufacturer might soon take over the top spot in the world.

The automobiles industry in Germany also contributed to the Index’s return. During the first seven months of 2023, new EV car registrations increased at a year-over-year rate of 13%, pushing sales to a fifth of the total market. South Korean stocks also aided performance, led by the materials sector. Stocks of chemical makers increased, as rising demand for materials used to manufacture batteries drove increased sales and profitability.

The iShares Virtual Work and Life Multisector ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. and non-U.S. companies that provide products, services and technologies that empower individuals to work remotely, and support an increasingly virtual way of life across entertainment, wellness and learning, as represented by the NYSE^® FactSet^® Global Virtual Work and Life 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 September 29, 2020. The first day of secondary market trading was October 1, 2020.

Global stocks of companies focused on helping people work, consume entertainment, or study from home advanced during the reporting period. Stocks in growth-oriented companies, including many in the communication services and information technology sectors, outperformed the broader market. Even as the U.S. government proclaimed an official end to the coronavirus emergency, the growing shift to working from home persisted. Compared with prior to the pandemic, about six times as many total workdays occurred from home, and job listings mentioning remote work also rose almost sixfold.

U.S. equities contributed the most to the Index’s return, led by the communication services sector. In the entertainment industry, stocks of visual and audio streaming services, including content providers and the interfaces and platforms from which consumers access them, benefited from subscription and revenue growth after a post-pandemic lull. The U.S. software and services industry within the information technology sector also contributed to the Index’s performance, led by companies providing business software designed to enhance remote work environments. Demand increased for cloud-based applications used to manage workflow, organization, and customer relationships, boosting revenue for the firms providing them. Amid substantial customer growth, subscription revenue also rose for suppliers of software targeting innovative project management collaboration.

Outside the U.S., stocks in China and India contributed to the Index’s return. In China, within the communication services sector, stocks of interactive and media services companies rose as revenue for large social media platforms increased, while cost containment raised profits for suppliers of related mobile-based apps. In addition, stocks in visual and audio streaming services benefited from subscription growth that rebounded after a stretch of widespread declines. In China’s consumer discretionary sector, revenue increased significantly for providers of education services. In India, food delivery companies in the consumer discretionary sector benefited from rising orders. On the downside, Swedish stocks detracted slightly from performance. Streaming services in the communication services sector reported slowing growth amid rising inflation.

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

Automobile Components — 2.1%
Linamar Corp.		1,144	$	66,385
Tianneng Power International Ltd.		24,000		26,891

				93,276

Automobiles — 21.9%
Li Auto Inc.^(a)		8,400		180,323
NIO Inc.^(a)		16,800		256,492
Tesla Inc.^(a)		888		237,478
XPeng Inc.^(a)		20,800		221,872
Yadea Group Holdings Ltd.^(b)		24,000		54,616

				950,781

Building Products — 5.3%
Munters Group AB^(b)		3,988		50,617
Nibe Industrier AB, Class B		20,100		181,056

				231,673

Chemicals — 7.2%
Johnson Matthey PLC		5,878		135,942
Umicore SA		6,011		178,017

				313,959

Electrical Equipment — 16.8%
ABB Ltd., Registered		5,092		204,329
Alfen Beheer BV^(a)(b)		636		44,134
Goldwind Science & Technology Co. Ltd., Class A		7,600		11,919
Gotion High-tech Co. Ltd., Class A^(a)		4,000		15,434
GS Yuasa Corp.		2,000		40,244
Ming Yang Smart Energy Group Ltd., Class A		5,600		14,152
NARI Technology Co. Ltd., Class A		17,760		60,481
Nordex SE^(a)		3,296		46,574
Shanghai Electric Group Co. Ltd., Class A^(a)		26,400		17,632
Signify NV^(b)		3,239		101,839
SunPower Corp.^(a)(c)		1,496		14,766
Vestas Wind Systems A/S^(a)		6,041		161,575

				733,079

Electronic Equipment, Instruments & Components — 5.4%
Landis+Gyr Group AG		540		46,888
Samsung SDI Co. Ltd.		356		185,834

				232,722

Independent Power and Renewable Electricity Producers — 1.0%
Gunkul Engineering PCL, NVDR		138,800		14,042
Sunnova Energy International Inc.^(a)(c)		1,756		31,011

				45,053

Machinery — 13.7%
Kurita Water Industries Ltd.		3,200		128,688
Meidensha Corp.		1,200		17,888
NGK Insulators Ltd.		7,200		88,303
Xylem Inc./NY		1,655		186,601


Security	Shares		Value

Machinery (continued)
Yaskawa Electric Corp.		4,000	$	173,881

				595,361

Multi-Utilities — 4.8%
E.ON SE		16,537		209,198


Semiconductors & Semiconductor Equipment — 21.5%
Daqo New Energy Corp., ADR^(a)		1,632		63,762
Duk San Neolux Co. Ltd.^(a)		348		10,997
Enphase Energy Inc.^(a)(c)		640		97,171
First Solar Inc.^(a)		604		125,270
Hangzhou First Applied Material Co. Ltd., Class A		4,820		23,622
JA Solar Technology Co. Ltd., Class A		4,880		22,729
LONGi Green Energy Technology Co. Ltd., Class A		19,900		83,380
Meyer Burger Technology AG^(a)		57,580		34,619
SMA Solar Technology AG^(a)		364		34,703
SolarEdge Technologies Inc.^(a)		399		96,342
TCL Zhonghuan Renewable Energy Technology Co. Ltd., Class A		10,400		42,373
TSEC Corp.		8,465		8,425
United Renewable Energy Co. Ltd.		28,000		15,886
Universal Display Corp.		1,320		192,562
Xinyi Solar Holdings Ltd.		76,000		82,524

				934,365


Total Long-Term Investments — 99.7% (Cost: $4,070,081)				4,339,467


Short-Term Securities

Money Market Funds — 3.0%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.42%^(d)(e)(f)		130,333		130,372


Total Short-Term Securities — 3.0% (Cost: $130,370)				130,372


Total Investments — 102.7% (Cost: $4,200,451)				4,469,839

Liabilities in Excess of Other Assets — (2.7)%				(118,430	)


Net Assets — 100.0%			$	4,351,409

^(a)	Non-income producing security.

^(b)	Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

^(c)	All or a portion of this security is on loan.

^(d)	Affiliate of the Fund.

^(e)	Annualized 7-day yield as of period end.

^(f)	All or a portion of this security was purchased with the cash collateral from loaned securities.

Investments in issuers considered to be affiliate(s) of the Fund during the period ended July 31, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

For the period ended July 31, 2023, the effect of derivative financial instruments in the Statements of Operations was as follows:

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

Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.


Security	Shares		Value

Common Stocks

Communications Equipment — 11.2%
Accton Technology Corp.		2,038,000	$	24,864,330
ADTRAN Holdings Inc.		417,890		4,066,070
Calix Inc.^(a)		343,875		15,512,201
Juniper Networks Inc.		739,484		20,557,655
Radware Ltd.^(a)		232,251		4,363,996


				69,364,252

IT Services — 10.1%
Akamai Technologies Inc.^(a)(b)		244,892		23,142,294
Change Holdings Inc.^(b)		239,000		3,158,978
Netcompany Group A/S^(a)(c)		259,660		12,053,065
Okta Inc.^(a)(b)		309,996		23,826,293


				62,180,630

Professional Services — 13.7%
Booz Allen Hamilton Holding Corp., Class A		220,832		26,738,338
CACI International Inc., Class A^(a)		74,322		26,045,402
My EG Services Bhd		27,571,200		4,681,643
Science Applications International Corp.		225,755		27,393,112


				84,858,495

Software — 64.8%
A10 Networks Inc.		403,913		6,268,730
Ahnlab Inc.		34,411		1,696,115
Alarm.com Holdings Inc.^(a)		278,665		15,385,095
BlackBerry Ltd.^(a)		3,383,992		17,219,570
Check Point Software Technologies Ltd.^(a)(b)		184,646		24,412,048
Clear Secure Inc., Class A^(b)		475,283		11,268,960
Crowdstrike Holdings Inc., Class A^(a)(b)		151,208		24,444,285
CyberArk Software Ltd.^(a)		153,339		25,455,807
Darktrace PLC^(a)		1,858,603		8,814,529
Digital Arts Inc.		63,900		2,528,727
Everbridge Inc.^(a)		235,396		7,259,613
ForgeRock Inc., Class A ^(a)(b)		257,527		5,317,933
Fortinet Inc.^(a)		335,775		26,096,433
OneSpan Inc.^(a)		213,687		2,936,059
Palo Alto Networks Inc.^(a)		105,307		26,322,538
Qualys Inc.^(a)(b)		176,137		24,447,816


Security	Shares		Value

Software (continued)
Rapid7 Inc.^(a)		345,663	$	15,869,388
SentinelOne Inc., Class A^(a)(b)		1,268,547		21,146,678
TeamViewer AG^(a)(c)		794,908		13,512,355
Tenable Holdings Inc.^(a)(b)		562,083		27,350,959
Trend Micro Inc./Japan		473,100		22,351,955
Varonis Systems Inc.^(a)		623,376		17,890,891
VMware Inc., Class A^(a)		165,953		26,159,171
Zscaler Inc.^(a)		160,748		25,780,764


				399,936,419


Total Long-Term Investments — 99.8% (Cost: $601,315,149)				616,339,796


Short-Term Securities

Money Market Funds — 4.7%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.42%^(d)(e)(f)		27,926,516		27,934,894
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.22%^(d)(e)		1,260,000		1,260,000


Total Short-Term Securities — 4.7% (Cost: $29,196,334)				29,194,894


Total Investments — 104.5% (Cost: $630,511,483)				645,534,690

Liabilities in Excess of Other Assets — (4.5)%				(27,906,035	)


Net Assets — 100.0%			$	617,628,655

^(a)	Non-income producing security.

^(b)	All or a portion of this security is on loan.

^(c)	Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

^(d)	Affiliate of the Fund.

^(e)	Annualized 7-day yield as of period end.

^(f)	All or a portion of this security was purchased with the cash collateral from loaned securities.

Investments in issuers considered to be affiliate(s) of the Fund during the year ended July 31, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

For the period ended July 31, 2023, the effect of derivative financial instruments in the Statements of Operations was as follows:

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


Security	Shares		Value

Common Stocks

Australia — 3.4%
IRESS Ltd.		2,261,522	$	15,809,654
Megaport Ltd.^(a)(b)		3,509,740		24,112,427
Netwealth Group Ltd.		1,572,165		16,062,733
NEXTDC Ltd.^(a)		2,453,386		21,056,209
Technology One Ltd.		1,624,576		17,212,631
WiseTech Global Ltd.		412,049		23,795,431


				118,049,085

Canada — 2.3%
Ballard Power Systems Inc.^(a)(b)		2,699,708		12,836,742
BlackBerry Ltd.^(a)		3,351,724		17,055,373
Boralex Inc., Class A		534,594		13,832,592
Brookfield Renewable Corp., Class A		476,280		14,844,809
Lithium Americas Corp.^(a)(b)		618,322		12,482,260
Northland Power Inc.		531,359		10,279,428


				81,331,204

Cayman Islands — 0.5%
NIO Inc.^(a)(b)		1,160,750		17,721,660


China — 5.7%
Baidu Inc.^(a)		1,030,950		20,155,884
BYD Co. Ltd., Class A		376,400		14,367,317
China Longyuan Power Group Corp. Ltd., Class H		12,841,000		12,432,098
China Resources Power Holdings Co. Ltd.		8,338,000		18,088,791
Ganfeng Lithium Group Co. Ltd., Class A		1,259,960		10,567,714
GDS Holdings Ltd., Class A^(a)		6,856,300		11,288,985
Genscript Biotech Corp.^(a)		5,452,000		14,042,003
Innovent Biologics Inc.^(a)(c)		4,154,500		18,576,591
Li Auto Inc.^(a)		1,306,000		28,035,929
Shanghai Junshi Biosciences Co. Ltd., Class A^(a)		1,815,327		10,355,104
Tianqi Lithium Corp.		1,789,200		11,196,799
XPeng Inc.^(a)		2,609,600		27,836,414


				196,943,629

Denmark — 0.8%
Orsted AS^(c)		159,092		13,844,101
Vestas Wind Systems A/S^(a)		561,938		15,029,852


				28,873,953

Finland — 1.0%
Nokia OYJ		3,064,816		12,047,605
Wartsila OYJ Abp		1,716,031		21,558,234

				33,605,839

France — 1.4%
Dassault Systemes SE		400,950		17,136,057
Sanofi		154,353		16,467,076
Worldline SA/France^(a)(c)		333,456		13,217,996


				46,821,129

Germany — 2.0%
Infineon Technologies AG		454,482		19,967,877
Merck KGaA		81,184		14,266,053
SAP SE		137,465		18,751,815
Siemens AG, Registered		105,139		17,920,117


				70,905,862

Israel — 0.5%
Nice Ltd.^(a)		77,319		16,830,064


Italy — 1.0%
Infrastrutture Wireless Italiane SpA^(c)		1,471,507		18,453,866


Security	Shares		Value

Italy (continued)
Nexi SpA^(a)(c)		1,800,287	$	15,590,490


				34,044,356

Japan — 4.7%
Chugai Pharmaceutical Co. Ltd.		553,300		16,466,894
Denso Corp.		279,300		19,446,957
FANUC Corp.		484,500		14,822,027
Harmonic Drive Systems Inc.		554,300		15,266,451
Murata Manufacturing Co. Ltd.		274,300		16,293,886
Nabtesco Corp.		593,100		12,580,480
Taiyo Yuden Co. Ltd.		466,100		13,898,779
TDK Corp.		425,300		16,292,500
Tokyo Electron Ltd.		134,700		20,216,710
Yaskawa Electric Corp.		442,700		19,244,290


				164,528,974

Netherlands — 2.7%
Adyen NV^(a)(c)		10,055		18,662,227
ASM International NV		52,950		25,155,503
ASML Holding NV		24,770		17,741,978
QIAGEN NV^(a)		302,867		14,210,988
TomTom NV^(a)		2,016,639		17,617,520


				93,388,216

South Korea — 0.9%
Samsung Electro-Mechanics Co. Ltd.		144,323		16,464,203
Samsung SDI Co. Ltd.		27,470		14,339,464


				30,803,667

Spain — 1.1%
Amadeus IT Group SA		278,357		19,968,243
Cellnex Telecom SA^(c)		422,209		17,242,626


				37,210,869

Sweden — 1.2%
Sandvik AB		815,253		16,559,845
Swedish Orphan Biovitrum AB^(a)(b)		731,816		14,323,888
Telefonaktiebolaget LM Ericsson, Class B		2,332,329		11,732,720


				42,616,453

Switzerland — 2.0%
CRISPR Therapeutics AG^(a)(b)		290,965		16,681,023
Novartis AG, Registered		161,618		16,920,941
Roche Holding AG, NVS		45,736		14,180,508
STMicroelectronics NV		392,112		20,972,642


				68,755,114

Taiwan — 1.3%
MediaTek Inc.		640,000		14,083,143
Taiwan Semiconductor Manufacturing Co. Ltd.		965,000		17,425,583
Yageo Corp.		947,000		13,883,342


				45,392,068

United Kingdom — 2.0%
AstraZeneca PLC		107,044		15,379,675
GSK PLC		805,181		14,333,149
Ocado Group PLC^(a)		1,755,955		21,139,182
Sage Group PLC (The)		1,515,857		18,233,602


				69,085,608

United States — 64.8%
AbbVie Inc.		89,409		13,373,799
Advanced Micro Devices Inc.^(a)		209,923		24,015,191
AeroVironment Inc.^(a)		178,884		17,040,490
Agilent Technologies Inc.		95,996		11,689,433
Akamai Technologies Inc.^(a)		164,851		15,578,419
Albemarle Corp.		57,006		12,101,234


Security	Shares		Value

United States (continued)
Alnylam Pharmaceuticals Inc.^(a)		63,787	$	12,463,980
Alphabet Inc., Class A^(a)		155,198		20,597,879
Amazon.com Inc.^(a)		166,454		22,251,571
American Tower Corp.		70,084		13,337,686
Analog Devices Inc.		88,746		17,707,489
Ansys Inc.^(a)		60,660		20,751,786
Applied Materials Inc.		138,579		21,007,191
Aptiv PLC^(a)		150,930		16,525,326
Arista Networks Inc.^(a)(b)		116,162		18,015,565
Atlassian Corp., NVS^(a)(b)		117,406		21,360,848
Autodesk Inc.^(a)		76,358		16,187,132
Biogen Inc.^(a)(b)		50,435		13,627,033
BioMarin Pharmaceutical Inc.^(a)		142,459		12,526,420
Bio-Techne Corp.		182,779		15,243,769
Blackbaud Inc.^(a)		261,130		19,702,258
Block Inc.^(a)(b)		241,671		19,461,766
Bloom Energy Corp., Class A^(a)(b)		732,297		13,078,824
Box Inc., Class A^(a)(b)		530,142		16,566,937
Bristol-Myers Squibb Co.		183,737		11,426,604
Broadcom Inc.		28,383		25,506,383
Broadridge Financial Solutions Inc.		103,618		17,399,535
Cadence Design Systems Inc.^(a)		91,754		21,471,354
Celanese Corp., Class A		144,779		18,153,839
ChargePoint Holdings Inc., Class A^(a)(b)		1,374,552		11,903,620
Cisco Systems Inc.		304,943		15,869,234
Cloudflare Inc., Class A^(a)(b)		332,712		22,880,604
Cogent Communications Holdings Inc.		262,107		16,051,433
Coinbase Global Inc., Class A^(a)(b)		357,108		35,214,420
CoStar Group Inc.^(a)		184,242		15,470,801
Crowdstrike Holdings Inc., Class A^(a)(b)		130,163		21,042,151
Datadog Inc., Class A^(a)		215,764		25,183,974
Digital Realty Trust Inc.		135,820		16,925,888
DISH Network Corp., Class A^(a)(b)		1,022,796		8,110,772
DocuSign Inc., Class A^(a)		350,138		18,844,427
Dropbox Inc., Class A^(a)		667,937		18,000,902
DuPont de Nemours Inc.		211,778		16,440,326
Dynatrace Inc.^(a)		408,285		22,329,107
Edwards Lifesciences Corp.^(a)(b)		203,063		16,665,380
Elastic NV^(a)		283,384		18,830,867
Eli Lilly & Co.		39,613		18,006,089
Enphase Energy Inc.^(a)(b)		46,191		7,013,180
Envestnet Inc.^(a)(b)		234,192		14,515,220
Exact Sciences Corp.^(a)(b)		320,853		31,296,002
F5 Inc.^(a)		99,397		15,728,581
FactSet Research Systems Inc.		32,842		14,287,584
First Solar Inc.^(a)		95,195		19,743,443
Five9 Inc.^(a)		228,592		20,058,948
Fortinet Inc.^(a)(b)		285,649		22,200,640
Gen Digital Inc.		654,263		12,725,415
Gilead Sciences Inc.		168,342		12,817,560
Global Payments Inc.		149,289		16,459,112
Guardant Health Inc.^(a)		305,592		11,924,200
Guidewire Software Inc.^(a)(b)		244,376		20,727,972
Hubbell Inc., Class B		59,690		18,623,280
HubSpot Inc.^(a)		53,430		31,018,786
Illumina Inc.^(a)(b)		70,766		13,597,687
Incyte Corp.^(a)		174,736		11,134,178
Intel Corp.		520,402		18,614,780
Intellia Therapeutics Inc.^(a)(b)		387,052		16,383,911
Intuit Inc.		37,953		19,420,550


Security	Shares		Value

United States (continued)
Intuitive Surgical Inc.^(a)(b)		54,983	$	17,836,485
Ionis Pharmaceuticals Inc.^(a)(b)		385,885		15,987,216
Jazz Pharmaceuticals PLC^(a)		97,882		12,765,770
Johnson & Johnson		82,732		13,860,092
Keysight Technologies Inc.^(a)		82,650		13,313,262
KLA Corp.		38,011		19,535,753
Lam Research Corp.		33,139		23,810,040
Livent Corp.^(a)(b)		585,297		14,410,012
Lumen Technologies Inc.		2,693,450		4,821,275
Manhattan Associates Inc.^(a)		124,818		23,792,807
MarketAxess Holdings Inc.		53,209		14,324,927
Merck & Co. Inc.		134,031		14,294,406
Meta Platforms Inc, Class A^(a)		129,285		41,190,201
Microchip Technology Inc.		196,113		18,422,855
Micron Technology Inc.^(b)		273,682		19,538,158
Microsoft Corp.		60,487		20,318,793
Moderna Inc.^(a)		82,295		9,682,830
MongoDB Inc.^(a)		82,618		34,980,461
Monolithic Power Systems Inc.^(b)		40,034		22,398,623
Nvidia Corp.		91,330		42,677,596
NXP Semiconductors NV		89,979		20,063,517
Okta Inc.^(a)		238,977		18,367,772
ON Semiconductor Corp.^(a)(b)		209,985		22,625,884
Oracle Corp.		187,005		21,922,596
Palantir Technologies Inc., Class A^(a)		2,083,056		41,327,831
Palo Alto Networks Inc.^(a)(b)		89,458		22,360,922
Plug Power Inc.^(a)(b)		1,075,870		14,115,414
PTC Inc.^(a)(b)		121,273		17,682,816
Qorvo Inc.^(a)		154,591		17,008,102
Qualcomm Inc.		124,867		16,503,671
Regeneron Pharmaceuticals Inc.^(a)		19,294		14,314,412
Revvity Inc.		105,327		12,949,955
RingCentral Inc., Class A^(a)		417,990		17,288,066
Salesforce Inc.^(a)(b)		112,951		25,415,105
SEI Investments Co.^(b)		243,906		15,363,639
ServiceNow Inc.^(a)		37,936		22,116,688
Skyworks Solutions Inc.		160,196		18,321,617
Snowflake Inc., Class A^(a)		107,261		19,061,352
SoFi Technologies Inc.^(a)(b)		3,424,906		39,215,174
SolarEdge Technologies Inc.^(a)		47,514		11,472,730
Splunk Inc.^(a)(b)		176,025		19,068,788
SunPower Corp.^(a)(b)		667,836		6,591,541
Sunrun Inc.^(a)(b)		513,134		9,739,283
Synopsys Inc.^(a)		45,509		20,560,966
Teradyne Inc.		161,213		18,207,396
Tesla Inc.^(a)		84,632		22,633,136
Texas Instruments Inc.		84,226		15,160,680
Toast Inc., Class A^(a)(b)		855,437		18,879,495
Tradeweb Markets Inc., Class A^(b)		229,101		18,738,171
Twilio Inc., Class A^(a)(b)		325,201		21,473,022
Tyler Technologies Inc.^(a)(b)		47,758		18,942,256
Veeva Systems Inc., Class A^(a)(b)		89,107		18,197,432
Vertex Pharmaceuticals Inc.^(a)		46,392		16,345,757
VMware Inc., Class A^(a)		124,795		19,671,436
Waters Corp.^(a)		43,505		12,016,516
Zscaler Inc.^(a)(b)		128,946		20,680,359


				2,246,595,824


Total Common Stocks — 99.3% (Cost: $2,844,888,023)			3,443,503,574


Security	Shares		Value

Preferred Stocks

Chile — 0.4%
Sociedad Quimica y Minera de Chile SA, Class B, Preference Shares		155,477	$	11,400,232


Total Preferred Stocks — 0.4% (Cost: $8,873,464)				11,400,232


Total Long-Term Investments — 99.7% (Cost: $2,853,761,487)				3,454,903,806


Short-Term Securities

Money Market Funds — 6.6%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.42%^(d)(e)(f)		224,335,809		224,403,109
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.22%^(d)(e)		5,560,000		5,560,000


Total Short-Term Securities — 6.6% (Cost: $229,893,594)				229,963,109


Total Investments — 106.3% (Cost: $3,083,655,081)				3,684,866,915

Liabilities in Excess of Other Assets — (6.3)%				(217,266,670	)


Net Assets — 100.0%			$	3,467,600,245

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

For the period ended July 31, 2023, the effect of derivative financial instruments in the Statements of Operations was as follows:

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


Security	Shares		Value

Common Stocks

Chemicals — 2.4%
DuPont de Nemours Inc.		1,869	$	145,090


Communications Equipment — 14.1%
Arista Networks Inc.^(a)		1,026		159,122
Ciena Corp.^(a)		3,036		128,119
F5 Inc.^(a)		883		139,726
Juniper Networks Inc.		4,074		113,257
Lumentum Holdings Inc.^(a)		2,165		113,359
Nokia OYJ		27,230		107,040
Telefonaktiebolaget LM Ericsson, Class B		20,672		103,990


				864,613

Consumer Finance — 5.0%
SoFi Technologies Inc.^(a)		26,727		306,024


Diversified Telecommunication Services — 1.0%
JTOWER Inc.^(a)		200		10,216
NetLink NBN Trust		63,000		40,751
Tower Bersama Infrastructure Tbk PT		82,200		10,520


				61,487

Electronic Equipment, Instruments & Components — 5.4%
Murata Manufacturing Co. Ltd.		2,400		142,564
Quectel Wireless Solutions Co. Ltd., Class A		408		3,271
Taiyo Yuden Co. Ltd.		2,700		80,512
Yageo Corp.		7,142		104,704


				331,051

Specialized REITs — 5.2%
American Tower Corp.		615		117,041
Crown Castle Inc.		939		101,684
SBA Communications Corp., Class A		453		99,184


				317,909

IT Services — 13.8%
Akamai Technologies Inc.^(a)		1,468		138,727
Cloudflare Inc., Class A^(a)(b)		2,952		203,009
Computacenter PLC		2,288		64,549
GDS Holdings Ltd., Class A^(a)		21,300		35,071
Kyndryl Holdings Inc.^(a)		6,575		89,814
NEXTDC Ltd.^(a)		14,760		126,678
Twilio Inc., Class A^(a)(b)		2,889		190,761


				848,609

Media — 0.8%
DISH Network Corp., Class A^(a)		6,046		47,945


Semiconductors & Semiconductor Equipment — 33.0%
Analog Devices Inc.		781		155,833
Broadcom Inc.		251		225,561
Diodes Inc.^(a)		1,431		135,215


Security	Shares		Value

Semiconductors & Semiconductor Equipment (continued)
Infineon Technologies AG		4,020	$	176,621
Intel Corp.		4,631		165,651
MACOM Technology Solutions Holdings Inc., Class H^(a)		1,525		106,628
MediaTek Inc.		6,000		132,029
NXP Semiconductors NV		795		177,269
Qorvo Inc.^(a)		1,369		150,617
Qualcomm Inc.		1,105		146,048
SiTime Corp.^(a)(b)		368		47,476
Skyworks Solutions Inc.		1,418		162,177
Taiwan Semiconductor Manufacturing Co. Ltd.		8,000		144,461
Wolfspeed Inc.^(a)(b)		1,597		105,242


				2,030,828

Software — 13.4%
Confluent Inc., Class A^(a)(b)		4,561		157,537
Datadog Inc., Class A^(a)		1,916		223,636
New Relic Inc.^(a)		1,648		138,399
Nutanix Inc., Class A^(a)		4,314		130,283
Teradata Corp.^(a)		3,104		176,462


				826,317

Technology Hardware, Storage & Peripherals — 5.8%
Inspur Electronic Information Industry Co. Ltd., Class A		3,200		20,464
Pure Storage Inc., Class A^(a)		4,545		168,120
Wiwynn Corp.		3,000		170,367

				358,951


Total Long-Term Investments — 99.9% (Cost: $6,384,851)				6,138,824


Short-Term Securities

Money Market Funds — 11.3%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.42%^(c)(d)(e)		697,435		697,644


Total Short-Term Securities — 11.3% (Cost: $697,642)				697,644


Total Investments — 111.2% (Cost: $7,082,493)				6,836,468

Liabilities in Excess of Other Assets — (11.2)%				(688,914	)


Net Assets — 100.0%			$	6,147,554

^(a)	Non-income producing security.

^(b)	All or a portion of this security is on loan.

^(c)	Affiliate of the Fund.

^(d)	Annualized 7-day yield as of period end.

^(e)	All or a portion of this security was purchased with the cash collateral from loaned securities.


Security	Shares		Value

Common Stocks

Canada — 0.7%
Arbutus Biopharma Corp.^(a)		473,769	$	1,028,079


China — 3.9%
BeiGene Ltd.^(a)		338,200		5,601,444


Denmark — 4.2%
Genmab A/S^(a)		14,938		6,157,437


France — 6.3%
Sanofi		57,473		6,131,479
Valneva SE^(a)(b)		398,508		2,992,606


				9,124,085

Germany — 4.8%
BioNTech SE, ADR^(a)		54,146		5,894,875
MorphoSys AG^(a)		36,182		1,059,241


				6,954,116

Japan — 3.9%
Takeda Pharmaceutical Co. Ltd.		183,000		5,595,196


Netherlands — 2.3%
CureVac NV^(a)(b)		357,680		3,319,270


South Korea — 1.8%
ABLBio Inc.^(a)		112,085		1,683,393
Geneone Life Science Inc.^(a)		275,250		929,210


				2,612,603

Switzerland — 7.0%
CRISPR Therapeutics AG^(a)		79,988		4,585,712
Roche Holding AG, NVS		18,142		5,624,951


				10,210,663

Taiwan — 2.2%
Adimmune Corp.^(a)		1,358,000		1,516,083
Medigen Vaccine Biologics Corp.^(a)		957,815		1,737,522


				3,253,605

United States — 62.6%
Allogene Therapeutics Inc.^(a)(b)		295,036		1,463,379
Arcturus Therapeutics Holdings Inc.^(a)		25,403		888,089
Arcus Biosciences Inc.^(a)(b)		182,505		3,631,850
Atea Pharmaceuticals Inc.^(a)		281,609		965,919
Beam Therapeutics Inc.^(a)(b)		172,048		5,311,122
BioCryst Pharmaceuticals Inc.^(a)(b)		701,169		5,181,639
BioNano Genomics Inc.^(a)		1,156,157		679,473
Blueprint Medicines Corp.^(a)		100,563		6,637,158
Caribou Biosciences Inc.^(a)(b)		205,660		1,478,695
Coherus Biosciences Inc.^(a)(b)		288,921		1,392,599
Editas Medicine Inc.^(a)		262,162		2,301,782


Security	Shares		Value

United States (continued)
Exelixis Inc.^(a)		305,095	$	6,013,422
Fate Therapeutics Inc.^(a)		354,386		1,463,614
Ginkgo Bioworks Holdings Inc.^(a)(b)		3,614,048		9,071,260
ImmunityBio Inc.^(a)(b)		418,787		921,331
Intellia Therapeutics Inc.^(a)(b)		86,842		3,676,022
Invitae Corp.^(a)(b)		971,080		1,378,934
Iovance Biotherapeutics Inc.^(a)		665,314		4,830,180
Karyopharm Therapeutics Inc.^(a)		398,310		716,958
Ligand Pharmaceuticals Inc.^(a)		62,353		4,173,286
MacroGenics Inc.^(a)		224,876		1,072,659
Moderna Inc.^(a)(b)		44,861		5,278,345
OmniAb Inc., 12.50 Earnout Shares^(c)		19,498		—
OmniAb Inc., 15.00 Earnout Shares^(c)		19,498		—
Prime Medicine Inc., NVS^(a)		30,180		454,813
Regeneron Pharmaceuticals Inc.^(a)(b)		7,913		5,870,734
Sana Biotechnology Inc.^(a)		88,593		519,155
SpringWorks Therapeutics Inc.^(a)		182,097		5,714,204
Twist Bioscience Corp.^(a)(b)		210,834		5,131,700
Vir Biotechnology Inc.^(a)		214,539		3,020,709
Xencor Inc.^(a)(b)		62,323		1,513,826


				90,752,857


Total Long-Term Investments — 99.7% (Cost: $212,319,212)				144,609,355


Short-Term Securities

Money Market Funds — 16.7%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.42%^(d)(e)(f)		24,049,783		24,056,998
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.22%^(d)(e)		70,000		70,000


Total Short-Term Securities — 16.7% (Cost: $24,128,841)				24,126,998


Total Investments — 116.4% (Cost: $236,448,053)				168,736,353

Liabilities in Excess of Other Assets — (16.4)%				(23,742,022	)


Net Assets — 100.0%			$	144,994,331

^(a)	Non-income producing security.

^(b)	All or a portion of this security is on loan.

^(c)	Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

^(d)	Affiliate of the Fund.

^(e)	Annualized 7-day yield as of period end.

^(f)	All or a portion of this security was purchased with the cash collateral from loaned securities.

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

For the period ended July 31, 2023, the effect of derivative financial instruments in the Statements of Operations was as follows:

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


Security	Shares		Value

Common Stocks

Biotechnology — 57.0%
ACADIA Pharmaceuticals Inc.^(a)		8,008	$	234,154
Alector Inc.^(a)		7,557		51,841
Alkermes PLC^(a)		6,712		196,527
Anavex Life Sciences Corp.^(a)		9,668		79,761
Annexon Inc.^(a)		4,302		14,842
BioArctic AB, Class B^(a)(b)		4,802		137,594
Biogen Inc.^(a)		660		178,325
Biohaven Ltd., NVS^(a)		7,182		142,778
Bioxcel Therapeutics Inc.^(a)		2,477		22,640
Catalyst Pharmaceuticals Inc.^(a)(c)		12,258		169,528
Cerevel Therapeutics Holdings Inc.^(a)		5,907		180,695
Design Therapeutics Inc.^(a)		4,013		32,666
Dyne Therapeutics Inc.^(a)(c)		3,849		46,881
Idorsia Ltd.^(a)(c)		14,827		117,599
Karuna Therapeutics Inc.^(a)		844		168,606
Neurocrine Biosciences Inc.^(a)		2,136		217,637
Prothena Corp. PLC^(a)		2,858		196,830
PTC Therapeutics Inc.^(a)		4,490		181,127
Sarepta Therapeutics Inc.^(a)(c)		1,583		171,581
Vanda Pharmaceuticals Inc.^(a)		6,801		39,310
Voyager Therapeutics Inc.^(a)		4,243		39,545
Xenon Pharmaceuticals Inc.^(a)		5,084		187,701

				2,808,168

Health Care Equipment & Supplies — 14.0%
Axogen Inc.^(a)		5,003		43,226
Axonics Inc.^(a)		4,076		246,068
Integra LifeSciences Holdings Corp.^(a)		5,088		231,351
Nevro Corp.^(a)		4,257		106,383
Peijia Medical Ltd.^(a)(b)		54,000		61,264

				688,292

Life Sciences Tools & Services — 0.4%
Cellivery Therapeutics Inc.^(a)(d)		3,565		16,815


Pharmaceuticals — 28.5%
Amylyx Pharmaceuticals Inc.^(a)		5,095		119,478
Avadel Pharmaceuticals PLC, ADR^(a)		8,651		121,979
Cassava Sciences Inc.^(a)(c)		4,836		106,295


Security	Shares		Value

Pharmaceuticals (continued)
Edgewise Therapeutics Inc.^(a)		4,907	$	35,772
Harmony Biosciences Holdings Inc.^(a)(c)		4,135		146,255
Intra-Cellular Therapies Inc.^(a)		3,216		198,878
KemPharm Inc.^(a)(c)		3,689		18,002
Marinus Pharmaceuticals Inc.^(a)		5,875		62,510
Neuren Pharmaceuticals Ltd., NVS^(a)		13,475		117,858
SK Biopharmaceuticals Co. Ltd.^(a)		3,420		218,388
Supernus Pharmaceuticals Inc.^(a)		5,909		181,347
WaVe Life Sciences Ltd.^(a)		8,533		37,289
Xeris Biopharma Holdings Inc.^(a)		15,969		41,679

				1,405,730


Total Long-Term Investments — 99.9% (Cost: $4,974,420)				4,919,005


Short-Term Securities

Money Market Funds — 13.3%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.42%^(e)(f)(g)		656,384		656,581


Total Short-Term Securities — 13.3% (Cost: $656,527)				656,581


Total Investments — 113.2% (Cost: $5,630,947)				5,575,586

Liabilities in Excess of Other Assets — (13.2)%				(650,258	)


Net Assets — 100.0%			$	4,925,328

^(a)	Non-income producing security.

^(b)	Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

^(c)	All or a portion of this security is on loan.

^(d)	Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

^(e)	Affiliate of the Fund.

^(f)	Annualized 7-day yield as of period end.

^(g)	All or a portion of this security was purchased with the cash collateral from loaned securities.


Security	Shares		Value

Common Stocks

Australia — 1.2%
Megaport Ltd.^(a)		878,585	$	6,036,008


Canada — 0.8%
ATS Corp.^(a)		92,945		4,215,001


China — 13.0%
Alibaba Group Holding Ltd.^(a)		394,700		5,044,020
Baidu Inc.^(a)		251,800		4,922,888
Hello Group Inc., ADR		468,510		4,989,632
iQIYI Inc., ADR^(a)		934,918		5,927,380
JOYY Inc., ADR		144,186		5,011,905
Kingsoft Cloud Holdings Ltd., ADR^(a)(b)		761,964		5,364,227
Kuaishou Technology^(a)(c)		575,200		5,048,326
Meitu Inc.^(b)(c)		15,922,500		5,812,924
Meituan, Class B^(a)(c)		267,790		5,112,142
NetEase Inc.		239,000		5,205,497
Tencent Holdings Ltd.		97,300		4,472,017
Xiaomi Corp., Class B^(a)(c)		3,035,600		4,829,279
ZTE Corp., Class H		1,326,400		4,854,394

				66,594,631

France — 1.3%
Atos SE^(a)		267,044		2,773,902
Dassault Systemes SE		93,109		3,979,352

				6,753,254

Germany — 1.6%
Duerr AG		136,785		4,267,758
Nemetschek SE		51,848		3,772,927

				8,040,685

Guernsey — 1.1%
Genius Sports Ltd.^(a)		734,230		5,756,363


India — 1.0%
PB Fintech Ltd.^(a)		575,476		5,129,224


Israel — 2.9%
Maytronics Ltd.		354,777		4,832,183
Nano Dimension Ltd., ADR^(a)(b)		1,718,850		5,328,435
Stratasys Ltd.^(a)(b)		260,837		4,728,975

				14,889,593

Italy — 1.1%
Stellantis NV		262,339		5,382,641


Japan — 9.8%
FANUC Corp.		121,000		3,701,683
Harmonic Drive Systems Inc.		121,800		3,354,598
Kawasaki Heavy Industries Ltd.		190,800		4,866,014
Kyocera Corp.		73,300		3,944,424
MINEBEA MITSUMI Inc.		216,400		4,008,329
Nidec Corp.		78,600		4,694,381
Oracle Corp. Japan		52,900		3,708,216
Ricoh Co. Ltd.		498,600		4,435,379
Sharp Corp./Japan^(a)		765,000		4,548,812
Sony Group Corp.		42,100		3,943,348
Yamaha Motor Co. Ltd.		163,500		4,795,275
Yaskawa Electric Corp.		97,100		4,220,964

				50,221,423

Netherlands — 0.0%
Yandex NV, Class A^(a)(d)		50,541		506


Security	Shares		Value

Norway — 0.9%
AutoStore Holdings Ltd.^(a)(b)(c)		1,845,516	$	4,602,497


South Korea — 2.6%
AfreecaTV Co. Ltd.		79,111		4,532,680
Samsung Electronics Co. Ltd.		74,930		4,102,615
Samsung SDS Co. Ltd.		43,272		4,356,339

				12,991,634

Sweden — 1.0%
Spotify Technology SA^(a)		27,637		4,129,244
Viaplay Group AB, Class B^(a)(b)		198,825		863,201

				4,992,445

Switzerland — 1.8%
ABB Ltd., Registered		110,783		4,445,446
STMicroelectronics NV		91,963		4,918,766

				9,364,212

Taiwan — 8.5%
Alchip Technologies Ltd.		77,000		4,901,117
Faraday Technology Corp.		741,000		7,718,344
Global Unichip Corp.		89,000		4,655,105
Hiwin Technologies Corp.		540,392		3,637,555
Holtek Semiconductor Inc.		1,815,000		4,009,935
HTC Corp.^(a)		2,022,000		3,601,325
Nuvoton Technology Corp.		997,000		4,460,511
Via Technologies Inc.		1,507,000		6,414,334
Winbond Electronics Corp.^(a)		4,490,000		4,208,600

				43,606,826

United States — 51.2%
3D Systems Corp.^(a)(b)		452,025		3,937,138
Adobe Inc.^(a)		9,566		5,224,662
Advanced Micro Devices Inc.^(a)		35,472		4,057,997
Alphabet Inc., Class A^(a)		35,981		4,775,398
Altair Engineering Inc., Class A^(a)(b)		56,213		4,212,602
Alteryx Inc., Class A^(a)		98,733		4,093,470
Amazon.com Inc.^(a)		33,753		4,512,101
Ambarella Inc.^(a)		54,349		4,533,794
AMETEK Inc.		27,830		4,413,838
Analog Devices Inc.		23,131		4,615,328
Ansys Inc.^(a)(b)		12,902		4,413,774
Apple Inc.		24,149		4,744,071
Autodesk Inc.^(a)		20,367		4,317,600
Bentley Systems Inc., Class B^(b)		88,730		4,780,772
Bumble Inc., Class A^(a)		253,506		4,694,931
CEVA Inc.^(a)(b)		166,609		4,525,100
Cognex Corp.		73,893		4,036,036
Credo Technology Group Holdings Ltd.^(a)		253,979		4,310,024
Desktop Metal Inc., Class A^(a)(b)		2,049,448		3,729,995
Dropbox Inc., Class A^(a)		175,689		4,734,819
Elastic NV^(a)		58,134		3,863,004
Freshworks Inc., Class A^(a)(b)		265,668		4,957,365
fuboTV Inc.^(a)(b)		2,493,853		8,404,285
GoDaddy Inc., Class A^(a)		55,485		4,277,339
HubSpot Inc.^(a)		8,015		4,653,108
Informatica Inc. , Class A^(a)(b)		235,731		4,488,318
Intel Corp.		132,870		4,752,760
Intuitive Surgical Inc.^(a)		13,445		4,361,558
iRobot Corp.^(a)		104,059		4,162,360
Lattice Semiconductor Corp.^(a)(b)		52,504		4,774,714
Lumen Technologies Inc.		2,069,834		3,705,003
Marvell Technology Inc.		69,691		4,538,975
Matterport Inc., Class A^(a)(b)		1,599,962		5,423,871


Security	Shares		Value

United States (continued)
MaxLinear Inc.^(a)		144,306	$	3,560,029
Meta Platforms Inc, Class A^(a)		15,521		4,944,991
Microchip Technology Inc.		54,112		5,083,281
Microsoft Corp.		12,616		4,237,967
MicroStrategy Inc., Class A^(a)(b)		13,918		6,094,414
MicroVision Inc.^(a)(b)		856,200		3,424,800
Netflix Inc.^(a)		11,137		4,888,809
Nvidia Corp.		10,663		4,982,713
Pegasystems Inc.^(b)		87,799		4,631,397
Peloton Interactive Inc., Class A^(a)(b)		497,059		4,826,443
Pinterest Inc., Class A^(a)		178,697		5,180,426
Proto Labs Inc.^(a)(b)		126,730		4,201,099
PTC Inc.^(a)		30,401		4,432,770
Qualcomm Inc.		35,980		4,755,477
Regal Rexnord Corp.^(b)		29,715		4,640,889
Rumble Inc.^(a)(b)		420,229		3,622,374
Salesforce Inc.^(a)		19,871		4,471,174
Silicon Laboratories Inc.^(a)(b)		28,644		4,271,966
Snap Inc., Class A, NVS^(a)		403,683		4,585,839
Snowflake Inc., Class A^(a)		24,154		4,292,407
Splunk Inc.^(a)(b)		40,834		4,423,547
Sprinklr Inc.^(a)		315,651		4,431,740
Teradata Corp.^(a)		85,861		4,881,198
Texas Instruments Inc.		23,929		4,307,220
Vimeo Inc.^(a)		268,642		1,106,805

				261,305,885


Total Long-Term Investments — 99.8% (Cost: $472,075,469)				509,882,828


Security	Shares		Value

Short-Term Securities

Money Market Funds — 9.6%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.42%^(e)(f)(g)		49,075,660	$	49,090,383
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.22%^(e)(f)		60,000		60,000


Total Short-Term Securities — 9.6% (Cost: $49,153,109)				49,150,383


Total Investments — 109.4% (Cost: $521,228,578)				559,033,211

Liabilities in Excess of Other Assets — (9.4)%				(48,013,539	)


Net Assets — 100.0%			$	511,019,672

^(a)	Non-income producing security.

^(b)	All or a portion of this security is on loan.

^(c)	Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

^(d)	Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

^(e) Affiliate of the Fund.

^(f)	Annualized 7-day yield as of period end.

^(g)	All or a portion of this security was purchased with the cash collateral from loaned securities.

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

For the period ended July 31, 2023, the effect of derivative financial instruments in the Statements of Operations was as follows:

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


Security	Shares		Value

Common Stocks

Australia — 7.6%
Allkem Ltd.^(a)		1,658,526	$	16,604,519
ARB Corp. Ltd.		55,082		1,156,383
Pilbara Minerals Ltd.		5,480,186		17,928,674
Vulcan Energy Resources Ltd.^(a)		551,089		1,650,182

				37,339,758

China — 19.2%
BYD Co. Ltd., Class H		518,000		18,450,134
Ganfeng Lithium Co. Ltd., Class H^(b)		1,847,280		11,900,935
Li Auto Inc.^(a)		1,079,700		23,177,942
XPeng Inc.^(a)		3,871,100		41,292,743

				94,821,754

France — 5.4%
Faurecia SE^(a)		113,832		2,860,469
Renault SA		456,525		20,051,323
Valeo		163,696		3,700,213

				26,612,005

Germany — 1.5%
Continental AG		78,917		6,300,706
Vitesco Technologies Group AG^(a)		12,477		1,067,082

				7,367,788

Israel — 0.1%
Innoviz Technologies Ltd.^(a)(c)		94,814		388,737


Japan — 1.5%
GS Yuasa Corp.		379,500		7,636,290


Netherlands — 0.0%
Yandex NV, Class A^(a)(d)		94,146		942


South Korea — 11.0%
Chunbo Co. Ltd.		22,226		3,322,867
Hyundai Mobis Co. Ltd.		46,584		8,511,656
LG Energy Solution^(a)		35,974		15,804,510
Samsung SDI Co. Ltd.		29,584		15,442,982
SK IE Technology Co. Ltd.^(a)(b)		134,239		11,311,445

				54,393,460

Sweden — 2.7%
Hexagon AB, Class B		1,360,267		13,188,886


Switzerland — 3.5%
ABB Ltd., Registered		433,061		17,377,662


Taiwan — 0.6%
Advanced Energy Solution Holding Co. Ltd.		144,000		3,180,892


United Kingdom — 1.1%
Polestar Automotive Holding U.K. PLC, Class A^(a)(c)		1,222,061		5,474,833


United States — 38.7%
Adient PLC^(a)		66,996		2,851,350
Aptiv PLC^(a)		172,918		18,932,792
Aurora Innovation Inc., Class A^(a)		228,615		749,857
Autoliv Inc.		62,556		6,313,777
Blink Charging Co.^(a)(c)		251,085		1,606,944
Canoo Inc.^(a)(c)		2,148,197		1,386,017
ChargePoint Holdings Inc., Class A^(a)(c)		1,300,965		11,266,357
CTS Corp.		22,651		1,010,914
EVgo Inc.^(a)(c)		460,420		2,012,035
Fisker Inc., Class A^(a)(c)		971,942		5,996,882


Security	Shares		Value

United States (continued)
Gentex Corp.		170,424	$	5,722,838
Gentherm Inc.^(a)		23,862		1,426,232
Lear Corp.		43,018		6,657,466
Livent Corp.^(a)		646,678		15,921,212
Lucid Group Inc.^(a)(c)		2,455,595		18,687,078
Luminar Technologies Inc.^(a)(c)		166,768		1,234,083
Methode Electronics Inc.		24,647		829,125
Microvast Holdings Inc.^(a)(c)		861,504		2,472,517
Nikola Corp.^(a)(c)		2,678,667		7,152,041
QuantumScape Corp.^(a)(c)		1,343,472		17,881,612
Rivian Automotive Inc., Class A^(a)(c)		1,118,834		30,924,572
Sensata Technologies Holding PLC^(c)		110,840		4,682,990
Solid Power Inc.^(a)(c)		585,580		1,674,759
Stoneridge Inc.^(a)		19,464		397,844
Tesla Inc.^(a)		75,715		20,248,462
Visteon Corp.^(a)		20,527		3,163,005

				191,202,761


Total Common Stocks — 92.9% (Cost: $396,298,353)				458,985,768


Preferred Stocks

Germany — 6.6%
Porsche Automobil Holding SE, Preference Shares, NVS		278,893		16,456,330
Volkswagen AG, Preference Shares, NVS		124,279		16,463,931

				32,920,261


Total Preferred Stocks — 6.6% (Cost: $35,371,957)				32,920,261


Total Long-Term Investments — 99.5% (Cost: $431,670,310)				491,906,029


Short-Term Securities

Money Market Funds — 18.9%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.42%^(e)(f)(g)		93,093,689		93,121,617
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.22%^(e)(f)		180,000		180,000


Total Short-Term Securities — 18.9% (Cost: $93,299,119)				93,301,617


Total Investments — 118.4% (Cost: $524,969,429)				585,207,646

Liabilities in Excess of Other Assets — (18.4)%				(91,000,328	)


Net Assets — 100.0%			$	494,207,318

^(a)	Non-income producing security.

^(b)	Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

^(c)	All or a portion of this security is on loan.

^(d)	Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

^(e)	Affiliate of the Fund.

^(f)	Annualized 7-day yield as of period end.

^(g)	All or a portion of this security was purchased with the cash collateral from loaned securities.

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

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


Security	Shares		Value

Common Stocks

Communication Services — 31.9%
Activision Blizzard Inc.^(a)		926	$	85,897
Bandwidth Inc., Class A^(a)		816		12,362
Bumble Inc., Class A^(a)		2,414		44,707
Electronic Arts Inc.		582		79,356
fuboTV Inc.^(a)		6,964		23,469
Hello Group Inc., ADR		3,468		36,934
HUYA Inc., ADR^(a)		2,204		7,560
iQIYI Inc., ADR^(a)		12,842		81,418
JOYY Inc., ADR		1,116		38,792
Kahoot! ASA^(a)		682		2,346
Match Group Inc.^(a)(b)		1,908		88,741
Meitu Inc.^(c)		7,000		2,556
Netflix Inc.^(a)		184		80,770
Paradox Interactive AB		70		2,010
Roku Inc.^(a)		1,234		118,797
Rumble Inc.^(a)(b)		1,910		16,464
Snap Inc., Class A, NVS^(a)(b)		7,138		81,088
Spotify Technology SA^(a)		491		73,360
Take-Two Interactive Software Inc.^(a)		542		82,894
Tencent Holdings Ltd.		200		9,192
Ubisoft Entertainment SA^(a)		2,338		78,631
Viaplay Group AB, Class B^(a)(b)		176		764
XD Inc.^(a)		800		1,941

				1,050,049

Consumer Discretionary — 16.9%
2U Inc.^(a)		1,862		8,900
Chegg Inc.^(a)		2,850		28,870
Deliveroo PLC, Class A^(a)(c)		27,854		46,971
Delivery Hero SE^(a)(c)		2,030		92,141
DoorDash Inc., Class A^(a)		1,090		98,961
Duolingo Inc, Class A^(a)(b)		478		74,181
GN Store Nord A/S^(a)		404		10,773
Just Eat Takeaway.com NV^(a)(c)		5,318		95,405
Meituan, Class B^(a)(c)		650		12,409
New Oriental Education & Technology Group Inc.^(a)		2,200		12,532
Peloton Interactive Inc., Class A^(a)		7,634		74,126
Zomato Ltd.^(a)		1,380		1,413

				556,682

Consumer Staples — 3.9%
Alibaba Health Information Technology Ltd.^(a)		16,000		11,488
Dada Nexus Ltd., ADR^(a)		6,144		41,103
DocMorris AG^(a)		310		18,972
JD Health International Inc.^(a)(c)		1,500		10,966
Ping An Healthcare and Technology Co. Ltd.^(a)(b)(c)		1,600		4,241
Shop Apotheke Europe NV^(a)(c)		356		41,276

				128,046

Health Care — 2.7%
Teladoc Health Inc.^(a)		3,036		90,382


Information Technology — 44.5%
8x8 Inc.^(a)		4,016		19,036


Security	Shares		Value

Information Technology (continued)
Asana Inc., Class A^(a)		2,918	$	70,849
Box Inc., Class A^(a)(b)		2,562		80,062
Braze Inc., Class A^(a)(b)		1,820		82,737
Cerence Inc.^(a)		1,392		38,712
Cloudflare Inc., Class A^(a)(b)		1,054		72,484
Consensus Cloud Solutions Inc.^(a)		652		21,131
Dropbox Inc., Class A^(a)		3,144		84,731
Everbridge Inc.^(a)		1,428		44,039
Five9 Inc.^(a)		1,058		92,839
GB Group PLC		10,862		34,891
Gen Digital Inc.		4,108		79,901
Instructure Holdings Inc.^(a)		374		10,162
Life360 Inc.^(a)(c)		2,914		15,182
LivePerson Inc.^(a)		2,632		12,502
Megaport Ltd.^(a)		3,530		24,252
Microsoft Corp.		220		73,902
Mitek Systems Inc.^(a)		1,514		15,458
Monday.com Ltd.^(a)		420		75,928
Nice Ltd.^(a)		94		20,461
PagerDuty Inc.^(a)(b)		3,124		80,974
PowerSchool Holdings Inc., Class A^(a)		1,322		31,953
RingCentral Inc., Class A^(a)		2,112		87,352
Smartsheet Inc., Class A^(a)		1,520		67,488
Tyler Technologies Inc.^(a)		184		72,980
Verint Systems Inc.^(a)		1,986		74,217
Zoom Video Communications Inc., Class A^(a)		1,110		81,418

				1,465,641


Total Long-Term Investments — 99.9% (Cost: $4,958,098)				3,290,800


Short-Term Securities

Money Market Funds — 13.3%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.42%^(d)(e)(f)		437,671		437,802


Total Short-Term Securities — 13.3% (Cost: $437,788)				437,802


Total Investments — 113.2% (Cost: $5,395,886)				3,728,602

Liabilities in Excess of Other Assets — (13.2)%				(433,384	)


Net Assets — 100.0%			$	3,295,218

^(a)	Non-income producing security.

^(b)	All or a portion of this security is on loan.

^(c)	Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

^(d)	Affiliate of the Fund.

^(e)	Annualized 7-day yield as of period end.

^(f)	All or a portion of this security was purchased with the cash collateral from loaned securities.

For the period ended July 31, 2023, the effect of derivative financial instruments in the Statements of Operations was as follows:

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

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

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

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

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

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

Foreign Taxes: The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which each Fund invests. These foreign taxes, if any, are paid by each Fund and are reflected in its Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “Other foreign taxes”, and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of July 31, 2023, if any, are disclosed in the Statements of Assets and Liabilities.

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

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

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

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

The portion of distributions that exceeds each Fund’s current and accumulated earning and profits will constitute a non-taxable return of capital. Distributions in excess of each Fund’s minimum distribution requirements, but not in excess of the Fund’s earnings and profits, will be taxable to the Fund’s shareholders and will not constitute non-taxable returns of capital. Return of capital distributions will reduce a shareholder’s cost basis and will result in higher capital gains or lower capital losses when each Fund’s shares on which distributions were received are sold. Once a shareholder’s cost basis is reduced to zero, further distributions will be treated as capital gains.

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

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

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

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

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

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

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

determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds that may not have a secondary market and/or may have a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.

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

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

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

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

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

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

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

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

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

For its investment advisory services to each of the following Funds, BFAis entitled to an annual investment advisory fee, accrued daily and paid monthly by the Funds, based on the average daily net assets of each Fund as follows:

For its investment advisory services to the iShares Exponential Technologies ETF, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Fund, based on the Fund’s allocable portion of the aggregate of the average daily net assets of the Fund and certain other iShares funds, as follows:

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

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

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

Pursuant to the current securities lending agreement, each of iShares Cybersecurity and Tech ETF and iShares Neuroscience and Healthcare ETF (the “Group 1 Funds”), retains 81% of securities lending income (which excludes collateral investment fees) and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

Pursuant to the current securities lending agreement, each of iShares Breakthrough Environmental Solutions ETF, iShares Exponential Technologies ETF, iShares Future Cloud 5G and Tech ETF, iShares Genomics Immunology and Healthcare ETF, iShares Robotics and Artificial Intelligence Multisector ETF, iShares Self-Driving EV and Tech ETF and iShares Virtual Work and Life Multisector ETF (the “Group 2 Funds”), retains 82% of securities lending income (which excludes collateral investment fees) and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across all 1940 Act iShares exchange-traded funds (the “iShares ETF Complex”) in a given calendar year exceeds a specified threshold: (1) each Group 1 Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar year 81% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees, and (2) each Group 2 Fund will retain for the remainder of that

calendar year 85% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

The share of securities lending income earned by each Fund is shown as securities lending income – affiliated – net in its Statements of Operations. For the year ended July 31, 2023, the Funds paid BTC the following amounts for securities lending agent services:

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

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

For the year ended July 31, 2023, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:

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

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

For the year ended July 31, 2023, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows:

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

Management has analyzed tax laws and regulations and their application to the Funds as of July 31, 2023, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements.

U.S. GAAP requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or NAV per share. As of July 31, 2023, permanent differences attributable to net investment loss, distributions paid in excess of taxable income and realized gains (losses) from in-kind redemptions were reclassified to the following accounts:

As of July 31, 2023, the tax components of accumulated net earnings (losses) were as follows:

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

As of July 31, 2023, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:

The iShares Cybersecurity and Tech ETF, iShares Exponential Technologies ETF, iShares Future Cloud 5G and Tech ETF, iShares Genomics Immunology and Healthcare ETF, iShares Robotics andArtificial Intelligence Multisector ETF, iShares Self-Driving EV and Tech ETF and iShares Virtual Work and Life Multisector ETF, along with certain other iShares funds (“Participating Funds”), are parties to a $800 million credit agreement (“Syndicated Credit Agreement”) with a group of lenders, which expires on August 11, 2023. The line of credit may be used for temporary or emergency purposes, including redemptions, settlement of trades and rebalancing of portfolio holdings in certain target markets. The Funds may borrow up to the aggregate commitment amount subject to asset coverage and other limitations as specified in the Syndicated Credit Agreement. The Syndicated Credit Agreement has the following terms: a commitment fee of 0.15% per annum on the unused portion of the credit agreement and interest at a rate equal to the higher of (a) Daily Simple Secured Overnight Financing Rate (“SOFR”) plus 0.10% and 1.00% per annum or (b) the U.S. Federal Funds rate plus 1.00% per annum on amounts borrowed. The commitment fee is generally allocated to each Participating Fund based on the lesser of a Participating Fund’s relative exposure to certain target markets or a Participating Fund’s maximum borrowing amount as set forth by the terms of the Syndicated Credit Agreement.

During the year ended July 31, 2023, the iShares Cybersecurity and Tech ETF, iShares Exponential Technologies ETF, iShares Future Cloud 5G and Tech ETF, iShares Genomics Immunology and Healthcare ETF and iShares Virtual Work and Life Multisector ETF did not borrow under the Syndicated Credit Agreement.

For the year ended July 31, 2023, the maximum amount borrowed, the average daily borrowing and the weighted average interest rate, if any, under the Syndicated Credit Agreement were as follows:

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

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

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

Infectious Illness Risk: An outbreak of an infectious illness, such as the COVID-19 pandemic, may adversely impact the economies of many nations and the global economy, and may impact individual issuers and capital markets in ways that cannot be foreseen. An infectious illness outbreak may result in, among other things, closed international borders, prolonged quarantines, supply chain disruptions, market volatility or disruptions and other significant economic, social and political impacts.

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

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

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

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

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

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

The Funds invest a significant portion of their assets in securities of issuers located in the United States. A decrease in imports or exports, changes in trade regulations, inflation and/or an economic recession in the United States may have a material adverse effect on the U.S. economy and the securities listed on U.S. exchanges. Proposed and adopted policy and legislative changes in the United States may also have a significant effect on U.S. markets generally, as well as on the value of certain securities. Governmental agencies project that the United States will continue to maintain elevated public debt levels for the foreseeable future which may constrain future economic growth. Circumstances could arise that could prevent the timely payment of interest or principal on U.S. government debt, such as reaching the legislative “debt ceiling.” Such non-payment would result in substantial negative consequences for the U.S. economy and the global financial system. If U.S. relations with certain countries deteriorate, it could adversely affect issuers that rely on the United States for trade. The United States has also experienced increased internal unrest and discord. If these trends were to continue, they may have an adverse impact on the U.S. economy and the issuers in which the the Funds invest.

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

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

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

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

The consideration for the purchase of Creation Units of a fund in the Trust generally consists of the in-kind deposit of a designated portfolio of securities and a specified amount of cash. Certain funds in the Trust may be offered in Creation Units solely or partially for cash in U.S. dollars. Investors purchasing and redeeming Creation Units may pay a purchase transaction fee and a redemption transaction fee directly to State Street Bank and Trust Company, the Trust’s administrator, to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash. Investors transacting in Creation Units for cash may also pay an additional variable charge to compensate the relevant fund for certain transaction costs (i.e., stamp taxes, taxes on currency or other financial transactions, and brokerage costs) and market impact expenses relating to investing in portfolio securities. Such variable charges, if any, are included in shares sold in the table above.

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

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

Management’s evaluation of the impact of all subsequent events on the Funds’ financial statements was completed through the date the financial statements were available to be issued and the following items were noted:

Effective August 11, 2023, the Syndicated Credit Agreement to which the Participating Funds are party was extended until August 2024 under the same terms. As part of the Syndicated Credit Agreement renewal, iShares Breakthrough Environmental Solutions ETF was added as a Participating Fund.

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

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of each of the funds listed in the table below (nine of the funds constituting iShares Trust, hereafter collectively referred to as the “Funds”) as of July 31, 2023, the related statements of operations and of changes in net assets for each of the periods indicated below, including the related notes, and the financial highlights for each of the periods included therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of July 31, 2023, the results of each of their operations and the changes in each of their net assets for the periods indicated in the table below, and each of the financial highlights for each of the periods indicated therein, in conformity with accounting principles generally accepted in the United States of America.

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of July 31, 2023 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

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

The following amounts, or maximum amounts allowable by law, are hereby designated as qualified dividend income for individuals for the fiscal year ended July 31, 2023:

The Funds intend to pass through to their shareholders the following amounts, or maximum amounts allowable by law, of foreign source income earned and foreign taxes paid for the fiscal year ended July 31, 2023:

The following percentage, or maximum percentage allowable by law, of ordinary income distributions paid during the fiscal year ended July 31, 2023 qualified for the dividends-received deduction for corporate shareholders:

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Trust’s Board of Trustees (the “Board”), including a majority of Board Members who are not “interested persons” of the Trust (as that term is defined in the 1940 Act) (the “Independent Board Members”), is required to consider and approve the proposed Investment Advisory Agreement between the Trust and BFA (the “Advisory Agreement”) on behalf of the Fund. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the terms of the proposed Advisory Agreement. At a meeting held on December 12-14, 2022, the Board, including the Independent Board Members, approved the selection of BFA as investment adviser and approved the proposed Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA. The Board also considered information previously provided by BFA, BlackRock Institutional Trust Company, N.A. (“BTC”), and BlackRock, Inc. (“BlackRock”), as applicable, at prior Board meetings. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses of the Fund; (ii) the nature, extent and quality of the services to be provided by BFA; (iii) the costs of services to be provided to the Fund and the availability of information related to profits to be realized by BFA and its affiliates; (iv) potential economies of scale; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The material factors, no one of which was controlling, and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the Advisory Agreement are discussed below.

Expenses of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund’s applicable expense peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances.

The Board also noted that the investment advisory fee rate and overall expenses (net of waivers and reimbursements) for the Fund were lower than the median of the investment advisory fee rates and overall expenses (net of waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds.

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

Nature, Extent and Quality of Services to be Provided by BFA: The Board reviewed the scope of services to be provided by BFA under the Advisory Agreement. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time and have made significant investments into the iShares business to support the iShares funds and their shareholders. The Board considered representations by BFA, BTC, and BlackRock that the scope and quality of services to be provided to the Fund would be similar to the scope and quality of services provided to other iShares funds. The Board also considered BFA’s compliance program and its compliance record with respect to other iShares funds. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons who will be responsible for the day-to-day management of the Fund, as well as the resources that will be available to them in managing the Fund. The Board also considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies, which were provided throughout the year with respect to other iShares funds, and other matters related to BFA’s portfolio compliance program.

Based on review of this information, the Board concluded that the nature, extent and quality of services to be provided to the Fund under the Advisory Agreement supported the Board’s approval of the Advisory Agreement.

Costs of Services to be Provided to the Fund and Profits to be Realized by BFA and Affiliates: The Board did not consider the profitability of the Fund to BFA based on the fees payable under the Advisory Agreement or revenue to be received by BFAor its affiliates in connection with services to be provided to the Fund since the proposed relationship had not yet commenced. The Board noted that it expects to receive profitability information from BFA periodically following the Fund’s launch and will thus be in a position to evaluate whether any new or additional breakpoints or other adjustments in Fund fees would be appropriate.

Economies of Scale: The Board considered information that it had previously received regarding potential economies of scale, efficiencies and scale benefits shared with the iShares funds through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Agreement for the Fund did not provide for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund increase. However, the Board noted that it would continue to assess the appropriateness of adding breakpoints in the future.

This consideration of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board’s approval of the Advisory Agreement.

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds, and institutional separate accounts (collectively, the “Other Accounts”). The Board acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts. The Board noted that BFA and its affiliates do not manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index

as the Fund. The Board further noted that BFA previously provided the Board with detailed information regarding how the Other Accounts (particularly institutional clients) generally differ from the iShares funds, including in terms of the different and generally more extensive services provided to the iShares funds, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement.

Other Benefits to BFA and/or its Affiliates: Except as noted below, the Board did not consider the “fallout” benefits or ancillary revenue to be received by BFA and/or its affiliates in connection with the services to be provided to the Fund by BFA since the proposed relationship had not yet commenced. However, the Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board considered the potential payment of advisory fees and/or administration fees to BFA(or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services and/or administration services. The Board also noted the potential revenue to be received by BFA and/or its affiliates pursuant to an agreement that would permit a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board also considered the potential for revenue to BTC, the Fund’s securities lending agent, and its affiliates in the event of any loaning of portfolio securities of the Fund. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the Advisory Agreement.

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

iShares Cybersecurity and Tech ETF, iShares Future Cloud 5G and Tech ETF, iShares Genomics Immunology and Healthcare ETF, iShares Neuroscience and Healthcare ETF, iShares Robotics and Artificial Intelligence Multisector ETF, iShares Self-Driving EVandTech ETF, iShares Virtual Work and Life Multisector ETF (each the “Fund”)

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Trust’s Board of Trustees (the “Board”), including a majority of Board Members who are not “interested persons” of the Trust (as that term is defined in the 1940 Act) (the “Independent Board Members”), is required annually to consider the approval of the Investment Advisory Agreement between the Trust and BFA (the “Advisory Agreement”) on behalf of the Fund. The Board’s consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings on May 2, 2023 and May 15, 2023, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide.At a meeting held on June 7-8, 2023, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

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

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

comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

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

Nature, Extent and Quality of Services Provided: Based on management’s representations, including information about ongoing enhancements and initiatives with respect to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund, including related programs implemented pursuant to regulatory requirements. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies provided at the May 2, 2023 meeting and throughout the year, and matters related to BFA’s portfolio compliance program and other compliance programs and services.

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

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

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

Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability (as discussed above), including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Agreement for the Fund did not provide for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund increase. However, the Board noted that it would continue to assess the appropriateness of adding breakpoints in the future.

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

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

strategy as the Fund and that track the same index as the Fund. The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.

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

Other Benefits to BFA and/or its Affiliates: The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities, as applicable (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services or other services, and BlackRock’s profile in the investment community. The Board further considered other direct benefits that might accrue to BFA, including the potential for reduction in the Fund’s expenses that are borne by BFA under the “all-inclusive” management fee arrangement, due in part to the size and scope of BFA’s investment operations servicing the Fund (and other funds in the iShares complex) as well as in response to a changing market environment. The Board also reviewed and considered information provided by BFA concerning authorized participant primary market order processing services that are provided by BlackRock Investments, LLC (“BRIL”), an affiliate of BFA, and paid for by authorized participants under the ETF Servicing Platform. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.

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

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Trust’s Board of Trustees (the “Board”), including a majority of Board Members who are not “interested persons” of the Trust (as that term is defined in the 1940 Act) (the “Independent Board Members”), is required annually to consider the approval of the Investment Advisory Agreement between the Trust and BFA (the “Advisory Agreement”) on behalf of the Fund. The Board’s consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings on May 2, 2023 and May 15, 2023, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide.At a meeting held on June 7-8, 2023, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

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

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

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

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

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

Effective January 24, 2023, the SEC adopted rule and form amendments to require open-end mutual funds and ETFs to transmit concise and visually engaging streamlined annual and semiannual reports to shareholders that highlight key information. Other information, including financial statements, will no longer appear in a streamlined shareholder report but must be available online, delivered free of charge upon request, and filed on a semiannual basis on Form N-CSR. The rule and form amendments have a compliance date of July 24, 2024. At this time, management is evaluating the impact of these amendments on the shareholder reports for the Funds.

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

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

The registered investment companies advised by BFA or its affiliates (the “BlackRock-advised Funds”) are organized into one complex of open-end equity, multi-asset, index and money market funds and ETFs (the “BlackRock Multi-Asset Complex”), one complex of closed-end funds and open-end non-index fixed-income funds (including ETFs) (the “BlackRock Fixed-Income Complex”) and one complex of ETFs (“Exchange-Traded Fund Complex”) (each, a “BlackRock Fund Complex”). Each Fundis included in the Exchange-Traded Fund Complex. Each Trustee also serves as a Director of iShares, Inc. and a Trustee of iShares U.S. ETF Trust and, as a result, oversees all of the funds within the Exchange-Traded Fund Complex, which consists of 387 funds as of July 31, 2023. With the exception of Robert S. Kapito, Salim Ramji and Aaron Wasserman, the address of each Trustee and officer is c/o BlackRock, Inc., 400 Howard Street, San Francisco, CA 94105. The address of Mr. Kapito, Mr. Ramji and Mr. Wasserman is c/o BlackRock, Inc., 50 Hudson Yards, New York, NY 10001. The Board has designated John E. Kerrigan as its Independent Board Chair. Additional information about the Funds’ Trustees and officers may be found in the Funds’ combined Statement of Additional Information, which is available without charge, upon request, by calling toll-free 1-800-iShares (1-800-474-2737).

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

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

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

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

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

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

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

The iShares Funds are not sponsored, endorsed, issued, sold or promoted by ICE Data Indices, LLC or Morningstar Inc., nor do these companies make any representation regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the companies listed above.

The Markets in Review

Dear Shareholder,

LOGO

Rob Kapito

President, BlackRock, Inc.

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.

Global stocks advanced notably for the reporting period, as the world economy showed resilience despite the challenges of inflation and higher interest rates. U.S. stocks, which represented approximately 61% of the Index on average, drove the majority of gains.

Among U.S. stocks, the information technology sector was the largest contributor to the Index’s return. While companies in the sector were negatively impacted by rising interest rates, the pace of interest rate increases slowed as the reporting period continued, and investor optimism surrounding new developments in artificial intelligence (“AI”) applications boosted stocks in the sector. The semiconductors and semiconductor equipment industry was the leading source of strength, as the potential for growth in AI buoyed the industry. Generative AI is computationally intensive, and the strong interest in the area benefited companies that manufacture specialty chips that can be used for these applications. The U.S. software and services industry also advanced, driven by strength among systems software companies. An investment in a leading AI company by a large systems software company enabled the incorporation of AI into a search engine, driving optimism about other future applications. The technology hardware, storage, and peripherals industry also gained amid growing revenues from services.

The U.S. communication services sector was another notable contributor to the Index’s performance, helped by aggressive cost-cutting in the media and entertainment industry. Stocks in the industrials sector advanced amid a surge in new manufacturing capacity, leading to higher demand for machinery and equipment.

Japanese stocks also contributed to the Index’s return, as the economy returned to growth and the government lifted strict border controls. The industrials sector gained the most, helped by higher profits and government reforms that aimed to improve the corporate environment for investors.

European stocks, particularly from France and Germany, also contributed. The French consumer discretionary sector benefited from solid European sales of luxury goods, while German industrials stocks were buoyed by strong earnings guidance amid easing supply chain bottlenecks.

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 continued to recover from the effects of the COVID-19 pandemic, rising economic activity drove an increase in energy use and global carbon emissions grew by 0.9% in 2022. However, this represented a significant slowdown from the prior year’s sharp increase as the global economy rebounded. In addition, emissions growth in 2022 trailed global economic growth. Renewable energy output increased significantly and was able to meet 90% of the growth in demand for electricity. Nonetheless, elevated prices for fossil fuels drove a wave of switching from natural gas to coal for energy generation, which offset some of the benefits of increased renewable capacity.

In this environment, stocks of companies with lower carbon exposure advanced strongly for the reporting period. U.S. stocks contributed the most to the Index’s return, driven primarily by the information technology sector. Investor optimism surrounding new developments in artificial intelligence (“AI”) applications boosted stocks in the sector. The semiconductors and semiconductor equipment industry gained notably, as generative AI is computationally intensive, and the strong interest in the area benefited companies that manufacture specialty chips that can be used for these applications.

The U.S. software and services industry also advanced, as an investment in a leading AI company by a large systems software company enabled the incorporation of AI into a search engine. The communication services sector also gained, helped by cost cutting measures and improved advertising targeting.

The Japanese financials sector was a source of strength, as the Bank of Japan eased its policy toward 10-year bond yields, allowing banks to keep portions of their capital in higher-yielding investments. In France, strong European sales of luxury goods drove gains in the consumer discretionary sector.

In terms of relative performance, the Index underperformed the broader market, as represented by the MSCI ACWI Index, while tracking it fairly closely. Relative to broader market, the investment approach for CRBN leads to overweight positions in stocks with lower carbon exposure and underweight positions in stocks with higher carbon exposure. For the reporting period, the Index had underweight positions in the energy and materials sectors, resulting in relative underperformance, while overweight positions in the financials and communication services sectors contributed positively to relative performance. Security selection within the energy sector was the primary detractor from relative performance, meanwhile security selection within the financials sector offset these losses.

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 advanced for the reporting period, albeit at a slower pace than other regions of the world. South Korean stocks were the largest contributor to the Index’s return, led by the information technology sector. The technology hardware, storage, and peripherals industry performed strongly, as companies benefited from a series of positive developments. A U.S. law enacted in August 2022 directed incentives toward a leading South Korean chip producer and electronics conglomerate to expand its manufacturing footprint within the U.S. Investors also responded favorably to early-2023 production cuts by chip producers, which aimed to lower inventories and help the market for chips to recover. In the materials sector, South Korean companies in the metals and mining industry involved in the production of electric vehicle batteries received positive investor attention in the wake of a U.S. government investigation involving the partnership between a U.S. automaker and a Chinese battery manufacturer.

Taiwanese information technology stocks contributed meaningfully to the Index’s performance, as companies in its technology hardware, storage, and peripherals industry and its semiconductors industry were buoyed by growing investor interest in technologies related to artificial intelligence (“AI”). In this environment, companies involved in AI-related activities, such as manufacturing AI servers and producing chips for AI applications, posted strong gains. A slowdown in the inflation rate in the U.S. also provided a tailwind to Taiwanese information technology stocks, as investors grew optimistic that the monetary tightening cycle was nearing an end.

Financials stocks in India added to the Index’s return. The Indian banking industry gained, as investors reacted positively to banks’ robust profits, driven by strength in net interest income (the difference between the return on interest-bearing assets and interest paid to depositors), and welcomed plans by one of the country’s largest banks to expand its service offerings in the wealth management space. Further, against a backdrop of strong economic growth in India, both state-owned and private banks benefited from increased volume of personal loans and term deposits along with improved asset quality.

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 advanced for the reporting period, as European stocks outpaced those in most other regions of the globe despite modest economic growth. The ECB responded to the highest inflation since the introduction of the euro by raising interest rates eight times and beginning to reduce the size of its debt holdings. The inflation rate slowed significantly, and unemployment declined to a historic low.

U.K. stocks contributed the most to the Index’s performance, despite sluggish economic growth. The banking industry in the financials sector was the leading source of strength. Bank revenues rose in an environment of rising interest rates, and cost cuts in the form of automation and layoffs also improved profitability, resulting in larger dividend payouts and a stock buyback program. A rebound in an international interbank lending rate drove higher net interest margins (a measure of the profitability of interest-bearing assets compared to interest paid to depositors) for large British banks.

German financials stocks added to the Index’s return, led by the insurance industry. Multi-line insurers benefited from higher prices for property and casualty policies, an expansion of life and health insurance business in Asia, and strategic acquisitions. Likewise, reinsurance companies performed strongly during the reporting period. Solid growth in premium volume for property and casualty reinsurance drove robust financial performance for German reinsurers, leading to a dividend increase and a stock buyback initiative.

In Italy, bank stocks further contributed to the Index’s performance. Net interest income (the difference between the return on interest-bearing assets and interest paid to depositors) grew and asset quality remained robust, as the ECB’s program of interest rate increases boosted the profits of the largest lenders. Improved trading revenues amid higher demand for hedging products further supported earnings of Italian diversified banks. Spanish banks also contributed, similarly buoyed by higher net interest income. The largest banks in both Italy and Spain maintained only limited exposure to a major Swiss bank that was forced by the Swiss government to merge with a rival in March 2023.

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 advanced strongly during the reporting period despite modest economic growth in the region. European stocks benefited from a solid recovery following the early phases of the war in Ukraine. While the conflict initially disrupted critical natural gas supplies, new sources were secured and prices declined, while a warm winter helped to moderate consumption. The ECB responded to the highest inflation since the introduction of the euro by raising interest rates eight times, to the highest levels since 2008, and beginning to reduce the size of its debt holdings.

Italian stocks contributed the most to the Index’s performance, as inflation declined substantially and unemployment reached a 14-year low. Banking stocks in the financials sector gained the most, as higher interest rates buoyed the profits of Italian lenders, leading to increased dividend payments and investor optimism about a potential rise in merger and acquisition activity for smaller banks.

German stocks were another source of strength, led by the industrials sector, as supply chain improvements boosted the sales of industrial trucks in the construction machinery industry. The information technology sector also advanced, as semiconductor materials and equipment companies benefited from growing demand for efficient power electronics.

In France, the diversified support services industry in the industrials sector added to the Index’s return, as a rebound in hospitality business supported revenues of companies that provide facilities management services. Spanish banks in the financials sector also contributed, as higher interest rates drove gains in net interest income (the difference between the return on interest-bearing assets and interest paid to depositors).

On the downside, Swedish real estate stocks detracted from the Index’s performance. Rising interest rates dampened commercial real estate activity and increased the cost of servicing debt.

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 advanced during the reporting period, as the world economy showed resilience despite the challenges of inflation and higher interest rates. U.S. stocks, which represented approximately 73% of the Index on average, drove the majority of gains.

Among U.S. stocks, the information technology sector was the largest contributor to the Index’s return. While companies in the sector were negatively impacted by rising interest rates, the pace of interest rate increases slowed as the reporting period continued, and investor optimism surrounding new developments in artificial intelligence (“AI”) applications boosted stocks in the sector. The semiconductors and semiconductor equipment industry was the leading source of strength, as the potential for growth in AI buoyed the industry. Generative AI is computationally intensive, and the strong interest in the area benefited companies that manufacture specialty chips that can be used for these applications. Graphics processing units are particularly useful in training AI models, advantaging companies at the forefront of this market. The U.S. software and services industry also advanced, driven by strength among systems software companies. An investment in a leading AI company by a large systems software company enabled the incorporation of AI into a search engine, driving optimism about other future applications. The technology hardware, storage, and peripherals industry also gained amid growing revenues from services and an increasing installed base of users.

The U.S. communication services sector also contributed to the Index’s performance, driven by aggressive cost-cutting in the media and entertainment industry. Stocks in the industrials sector advanced amid a surge in new manufacturing capacity, leading to higher demand for machinery and equipment.

European stocks, particularly from France and Germany, also contributed to the Index’s performance. The French consumer discretionary sector benefited from solid European sales of luxury goods, while German industrials stocks were buoyed by strong earnings guidance amid easing supply chain bottlenecks. U.K. stocks also contributed modestly, as cost-cutting and high interest rates supported the banking industry in the financials sector.


Security	Shares		Value

Common Stocks

Australia — 1.8%
Ampol Ltd.		83,746	$	1,854,692
APA Group		345,281		2,322,747
Aristocrat Leisure Ltd.		171,027		4,529,688
ASX Ltd.		60,098		2,510,813
Aurizon Holdings Ltd.		573,384		1,469,476
Australia & New Zealand Banking Group Ltd.		819,610		14,219,549
BHP Group Ltd.		1,400,877		43,597,907
BlueScope Steel Ltd.		131,805		1,943,734
Brambles Ltd.		417,379		3,948,726
Cochlear Ltd.		19,614		3,155,350
Coles Group Ltd.		381,187		4,661,381
Commonwealth Bank of Australia		463,138		32,951,694
Computershare Ltd.		167,279		2,821,203
CSL Ltd.		133,109		23,975,080
Dexus		350,751		1,941,333
Endeavour Group Ltd./Australia		355,785		1,454,213
Fortescue Metals Group Ltd.		458,425		6,739,180
Goodman Group		460,302		6,364,666
GPT Group (The)		705,001		2,060,618
IDP Education Ltd.		59,429		995,935
IGO Ltd.		180,003		1,681,996
Insurance Australia Group Ltd.		503,431		2,009,702
James Hardie Industries PLC^(a)		119,833		3,511,932
Lendlease Corp. Ltd.		195,606		1,137,169
Lottery Corp. Ltd. (The)		592,015		2,060,149
Macquarie Group Ltd.		96,767		11,411,724
Medibank Pvt Ltd.		914,310		2,158,600
Mineral Resources Ltd.		48,847		2,360,130
Mirvac Group		1,420,629		2,239,337
National Australia Bank Ltd.		869,456		16,655,341
Newcrest Mining Ltd.		230,108		4,127,435
Northern Star Resources Ltd.		362,613		2,830,631
Orica Ltd.		149,460		1,585,889
Origin Energy Ltd.		498,714		2,839,194
Pilbara Minerals Ltd.		824,651		2,697,883
Qantas Airways Ltd.^(a)		255,654		1,123,285
QBE Insurance Group Ltd.		440,727		4,679,155
Ramsay Health Care Ltd.		54,282		2,151,101
REA Group Ltd.		13,321		1,412,205
Reece Ltd.		73,670		972,803
Rio Tinto Ltd.		83,854		6,639,961
Santos Ltd.		969,419		5,216,432
Scentre Group		1,515,142		2,867,090
SEEK Ltd.		124,301		2,084,543
Sonic Healthcare Ltd.		121,161		2,862,767
South32 Ltd.		1,407,354		3,705,838
Stockland		747,094		2,123,264
Suncorp Group Ltd.		339,332		3,251,487
Telstra Corp. Ltd.		1,085,044		3,105,625
Transurban Group		851,260		8,218,953
Treasury Wine Estates Ltd.		228,132		1,726,657
Vicinity Ltd.		1,226,434		1,630,671
Washington H Soul Pattinson & Co. Ltd.		67,452		1,496,600
Wesfarmers Ltd.		302,413		10,104,263
Westpac Banking Corp.		973,195		14,627,964
WiseTech Global Ltd.		46,251		2,670,950
Woodside Energy Group Ltd.		528,269		13,616,227
Woolworths Group Ltd.		339,007		8,803,617


Security	Shares		Value

Australia (continued)
Xero Ltd.^(a)		41,471	$	3,408,974


				331,325,529

Austria — 0.0%
Erste Group Bank AG		85,659		3,237,556
OMV AG		43,999		1,982,335
Verbund AG		20,185		1,672,468
voestalpine AG^(b)		37,685		1,245,314


				8,137,673

Belgium — 0.2%
Ageas SA/NV		51,736		2,190,153
Anheuser-Busch InBev SA/NV		233,349		13,348,880
Argenx SE^(a)		16,055		8,085,931
D’ieteren Group		6,164		1,076,519
Elia Group SA/NV		9,522		1,172,396
Groupe Bruxelles Lambert NV		34,226		2,769,305
KBC Group NV		65,866		4,957,390
Sofina SA		3,860		917,802
Solvay SA		18,781		2,255,565
UCB SA		35,333		3,128,641
Umicore SA		58,604		1,735,565
Warehouses De Pauw CVA		64,185		1,896,492


				43,534,639

Brazil — 0.4%
Ambev SA		1,283,806		4,034,334
Atacadao SA		94,443		274,017
B3 SA - Brasil, Bolsa, Balcao		1,693,296		5,335,471
Banco Bradesco SA		90,907		285,481
Banco BTG Pactual SA		428,261		3,080,128
Banco do Brasil SA		230,784		2,351,886
Banco Santander Brasil SA		29,400		177,566
BB Seguridade Participacoes SA		187,167		1,231,750
CCR SA		386,833		1,087,182
Centrais Eletricas Brasileiras SA		364,603		2,980,049
Cia. de Saneamento Basico do Estado de Sao Paulo		110,000		1,351,520
Cia. Siderurgica Nacional SA		191,583		560,721
Cosan SA		360,842		1,521,584
Energisa SA		20,142		213,783
Engie Brasil Energia SA		54,547		508,009
Equatorial Energia SA		351,179		2,490,837
Hapvida Participacoes e Investimentos SA^(a)(c)		1,434,118		1,455,726
Hypera SA		177,504		1,623,859
JBS SA		278,948		1,107,828
Klabin SA		215,260		1,046,995
Localiza Rent a Car SA		209,810		2,982,485
Lojas Renner SA		277,063		1,098,584
Magazine Luiza SA^(a)		796,400		564,196
Natura & Co. Holding SA^(a)		289,238		1,117,500
Petroleo Brasileiro SA		763,511		5,620,474
PRIO SA^(a)		195,478		1,885,849
Raia Drogasil SA		367,397		2,250,804
Rede D’Or Sao Luiz SA^(c)		166,684		1,268,966
Rumo SA		404,503		1,987,978
Sendas Distribuidora SA		401,014		1,142,302
Suzano SA		203,236		2,065,991
Telefonica Brasil SA		145,782		1,298,204
Tim SA		335,031		1,015,986
TOTVS SA		193,176		1,207,976
Ultrapar Participacoes SA		234,821		938,043


Security	Shares		Value

Brazil (continued)
Vale SA		937,290	$	13,708,269
Vibra Energia SA		308,058		1,115,947
WEG SA		517,752		4,370,851


				78,359,131

Canada — 2.9%
Agnico Eagle Mines Ltd.		135,286		7,092,345
Air Canada^(a)		52,213		962,173
Algonquin Power & Utilities Corp.		172,307		1,421,681
Alimentation Couche-Tard Inc.		231,134		11,701,745
AltaGas Ltd.		71,908		1,419,456
ARC Resources Ltd.		165,060		2,493,456
Bank of Montreal		188,035		17,473,787
Bank of Nova Scotia (The)		323,402		16,284,755
Barrick Gold Corp.		469,192		8,105,406
BCE Inc.		25,152		1,086,458
Brookfield Asset Management Ltd.		96,037		3,239,469
Brookfield Corp., Class A		383,826		13,398,181
Brookfield Renewable Corp., Class A		32,773		1,021,477
BRP Inc.		8,949		823,269
CAE Inc.^(a)		86,823		1,983,830
Cameco Corp.		121,494		4,271,385
Canadian Apartment Properties REIT		29,434		1,147,539
Canadian Imperial Bank of Commerce		245,992		10,834,729
Canadian National Railway Co.		159,005		19,273,772
Canadian Natural Resources Ltd.		315,333		19,176,092
Canadian Pacific Kansas City Ltd.		257,374		21,177,021
Canadian Tire Corp. Ltd., Class A, NVS		18,122		2,488,966
Canadian Utilities Ltd., Class A, NVS		90,060		2,242,877
CCL Industries Inc., Class B, NVS		50,606		2,426,202
Cenovus Energy Inc.		394,523		7,503,611
CGI Inc.^(a)		57,416		5,834,561
Constellation Software Inc./Canada		5,990		12,655,292
Descartes Systems Group Inc. (The)^(a)		17,254		1,345,750
Dollarama Inc.		87,824		5,785,002
Element Fleet Management Corp.		112,814		1,819,705
Emera Inc.		82,771		3,357,540
Empire Co. Ltd., Class A, NVS		33,415		907,437
Enbridge Inc.		557,462		20,495,020
Fairfax Financial Holdings Ltd.		7,037		5,614,231
First Quantum Minerals Ltd.		174,390		5,172,254
FirstService Corp.		9,657		1,512,428
Fortis Inc.		106,308		4,531,584
Franco-Nevada Corp.		53,489		7,805,220
George Weston Ltd.		15,637		1,800,689
GFL Environmental Inc.		63,829		2,179,668
Gildan Activewear Inc.		52,529		1,633,651
Great-West Lifeco Inc.		76,657		2,311,947
Hydro One Ltd.^(c)		101,612		2,866,543
iA Financial Corp. Inc.		28,638		1,984,126
Imperial Oil Ltd.		60,567		3,262,943
Intact Financial Corp.		50,796		7,504,318
Ivanhoe Mines Ltd., Class A^(a)		161,192		1,708,918
Keyera Corp.		58,279		1,458,909
Kinross Gold Corp.		426,652		2,125,737
Loblaw Companies Ltd.		40,839		3,623,526
Lundin Mining Corp.		179,343		1,603,499
Magna International Inc.		81,169		5,220,447
Manulife Financial Corp.		531,794		10,630,637
Metro Inc.		55,150		2,968,184
National Bank of Canada		101,243		7,929,608


Security	Shares		Value

Canada (continued)
Northland Power Inc.		60,893	$	1,178,008
Nutrien Ltd.		139,009		9,579,303
Nuvei Corp.^(a)(c)		19,828		676,195
Onex Corp.		17,206		1,056,773
Open Text Corp.		86,361		3,709,466
Pan American Silver Corp.		98,709		1,670,788
Parkland Corp.		46,136		1,259,893
Pembina Pipeline Corp.		165,155		5,229,000
Power Corp. of Canada		181,382		5,138,916
Quebecor Inc., Class B		33,521		820,580
RB Global Inc.		50,694		3,273,879
Restaurant Brands International Inc.		82,390		6,307,413
RioCan REIT		19,364		294,429
Rogers Communications Inc., Class B, NVS		106,070		4,644,509
Royal Bank of Canada		381,545		37,826,093
Saputo Inc.		90,232		1,905,023
Shopify Inc., Class A^(a)		333,920		22,557,611
Sun Life Financial Inc.		161,988		8,525,361
Suncor Energy Inc.		373,100		11,674,141
TC Energy Corp.		278,725		9,989,416
Teck Resources Ltd., Class B		129,893		5,770,395
TELUS Corp.		137,406		2,446,664
TFI International Inc.		21,880		2,808,319
Thomson Reuters Corp.		51,333		6,929,264
TMX Group Ltd.		76,935		1,709,472
Toromont Industries Ltd.		16,720		1,424,557
Toronto-Dominion Bank (The)		498,931		32,902,620
Tourmaline Oil Corp.		87,090		4,513,503
Waste Connections Inc.^(b)		71,801		10,136,147
West Fraser Timber Co. Ltd.		18,937		1,595,496
Wheaton Precious Metals Corp.		131,182		5,882,373
WSP Global Inc.		31,811		4,382,109


				534,516,772

Chile — 0.1%
Banco de Chile		10,718,416		1,193,285
Banco de Credito e Inversiones SA		32,591		978,960
Banco Santander Chile		19,759,281		1,054,918
Cia. Cervecerias Unidas SA		105,695		876,356
Cia. Sud Americana de Vapores SA		3,271,046		247,586
Empresas CMPC SA		341,833		674,747
Empresas COPEC SA		139,972		1,073,634
Enel Americas SA^(a)		8,633,698		1,167,015
Enel Chile SA		9,195,982		634,553
Falabella SA		181,034		500,627


				8,401,681

China — 3.3%
3SBio Inc.^(c)		696,000		670,489
AAC Technologies Holdings Inc.		220,500		505,178
Agricultural Bank of China Ltd., Class A		5,211,100		2,640,381
Agricultural Bank of China Ltd., Class H		7,482,000		2,721,540
Aier Eye Hospital Group Co. Ltd., Class A		384,945		1,086,138
Air China Ltd., Class H^(a)		862,000		706,883
Akeso Inc.^(a)(b)(c)		185,000		979,820
Alibaba Group Holding Ltd.^(a)		4,588,276		58,635,310
Alibaba Health Information Technology Ltd.^(a)		1,652,000		1,186,165
Aluminum Corp. of China Ltd., Class H		1,516,000		753,874
Anhui Conch Cement Co. Ltd., Class A		571,092		2,173,198
ANTA Sports Products Ltd.		357,400		4,235,516
Autohome Inc., ADR		20,138		643,812


Security	Shares		Value

China (continued)
AviChina Industry & Technology Co. Ltd., Class H		934,000	$	467,918
Baidu Inc.^(a)		620,960		12,140,257
Bank of China Ltd., Class H		21,696,000		8,046,999
Bank of Communications Co. Ltd., Class A		1,871,900		1,525,544
Bank of Communications Co. Ltd., Class H		736,000		444,640
Bank of Ningbo Co. Ltd., Class A		395,315		1,613,419
Bank of Shanghai Co. Ltd., Class A		1,006,351		869,024
BeiGene Ltd.^(a)		184,134		3,049,723
Beijing Capital International Airport Co. Ltd., Class H^(a)		552,000		360,986
Beijing Enterprises Holdings Ltd.		82,000		326,134
Beijing Enterprises Water Group Ltd.		1,340,000		326,967
Beijing Kingsoft Office Software Inc., Class A		13,600		773,888
Bilibili Inc.^(a)		57,168		1,087,326
BOC Aviation Ltd.^(c)		70,100		587,589
Bosideng International Holdings Ltd.		1,128,000		517,125
BYD Co. Ltd., Class A		77,100		2,942,933
BYD Co. Ltd., Class H		237,500		8,459,280
BYD Electronic International Co. Ltd.		268,500		1,036,562
CGN Power Co. Ltd., Class H^(c)		5,503,000		1,350,660
China Cinda Asset Management Co. Ltd., Class H		554,000		58,468
China CITIC Bank Corp. Ltd., Class H		2,139,000		1,034,409
China Coal Energy Co. Ltd., Class H		695,000		503,699
China Communications Services Corp. Ltd., Class H		582,000		276,867
China Conch Venture Holdings Ltd.		489,500		613,029
China Construction Bank Corp., Class H		26,220,260		15,282,701
China Everbright Bank Co. Ltd., Class A		3,407,100		1,488,517
China Everbright Environment Group Ltd.		1,206,000		481,242
China Evergrande Group^(a)(b)(d)		740,000		69,558
China Feihe Ltd.^(c)		1,232,000		754,993
China Gas Holdings Ltd.		810,200		907,582
China Hongqiao Group Ltd.		680,500		656,600
China International Capital Corp. Ltd., Class H^(c)		828,400		1,833,362
China Jinmao Holdings Group Ltd.^(b)		1,386,000		227,771
China Lesso Group Holdings Ltd.		391,000		267,152
China Life Insurance Co. Ltd., Class H		2,069,000		3,632,357
China Literature Ltd.^(a)(c)		121,000		551,257
China Longyuan Power Group Corp. Ltd., Class H		1,059,000		1,025,278
China Medical System Holdings Ltd.		417,000		702,209
China Meidong Auto Holdings Ltd.		214,000		234,764
China Mengniu Dairy Co. Ltd.		927,000		3,520,921
China Merchants Bank Co. Ltd., Class A		646,200		3,224,812
China Merchants Bank Co. Ltd., Class H		942,288		4,685,744
China Merchants Port Holdings Co. Ltd.		444,000		610,832
China Merchants Shekou Industrial Zone Holdings Co. Ltd., Class A		630,222		1,258,597
China Minsheng Banking Corp. Ltd., Class A		2,870,400		1,614,586
China Minsheng Banking Corp. Ltd., Class H		13,500		5,146
China National Building Material Co. Ltd., Class H^(b)		1,060,000		669,977
China Oilfield Services Ltd., Class H		670,000		790,961
China Overseas Land & Investment Ltd.		1,063,000		2,521,615
China Overseas Property Holdings Ltd.		515,000		605,055
China Pacific Insurance Group Co. Ltd., Class A		402,697		1,690,103
China Pacific Insurance Group Co. Ltd., Class H		399,800		1,077,829
China Petroleum & Chemical Corp., Class H		7,187,200		4,025,091
China Power International Development Ltd.		1,850,000		695,237
China Railway Group Ltd., Class H		1,507,000		990,793
China Resources Beer Holdings Co. Ltd.		474,000		3,053,921


Security	Shares		Value

China (continued)
China Resources Cement Holdings Ltd.		506,000	$	220,466
China Resources Gas Group Ltd.		284,000		983,842
China Resources Land Ltd.		866,000		4,040,952
China Resources Mixc Lifestyle Services Ltd.^(c)		187,400		906,964
China Resources Power Holdings Co. Ltd.		612,000		1,327,697
China Ruyi Holdings Ltd.^(a)(b)		1,608,000		489,551
China Shenhua Energy Co. Ltd., Class A		334,300		1,329,682
China Shenhua Energy Co. Ltd., Class H		673,000		2,017,244
China Southern Airlines Co. Ltd., Class H^(a)(b)		768,000		481,365
China State Construction Engineering Corp. Ltd., Class A		2,216,277		1,898,207
China State Construction International Holdings Ltd.		686,000		841,082
China Taiping Insurance Holdings Co. Ltd.		678,400		756,720
China Tourism Group Duty Free Corp. Ltd., Class A		48,592		858,830
China Tower Corp. Ltd., Class H^(c)		11,498,000		1,299,717
China Traditional Chinese Medicine Holdings Co. Ltd.		1,174,000		542,755
China United Network Communications Ltd., Class A		605,800		438,313
China Vanke Co. Ltd., Class A		665,296		1,421,896
China Yangtze Power Co. Ltd., Class A		933,810		2,806,756
Chinasoft International Ltd.		930,000		582,545
Chongqing Zhifei Biological Products Co. Ltd., Class A		87,150		569,906
CITIC Ltd.		1,441,000		1,626,636
CITIC Securities Co. Ltd., Class A		502,623		1,698,612
CITIC Securities Co. Ltd., Class H		551,525		1,187,947
CMOC Group Ltd., Class H		1,476,000		987,723
Contemporary Amperex Technology Co. Ltd., Class A		98,500		3,283,693
COSCO SHIPPING Holdings Co. Ltd., Class H		1,217,800		1,288,934
COSCO SHIPPING Ports Ltd.		542,000		342,444
Country Garden Holdings Co. Ltd.^(a)(b)		2,770,866		569,249
Country Garden Services Holdings Co. Ltd.		655,000		749,941
CRRC Corp. Ltd., Class A		2,875,200		2,701,799
CSPC Pharmaceutical Group Ltd.		2,737,120		2,286,248
Dali Foods Group Co. Ltd.^(c)		1,218,000		568,638
Daqo New Energy Corp., ADR^(a)(b)		19,565		764,405
Dongfeng Motor Group Co. Ltd., Class H		670,000		313,579
Dongyue Group Ltd.		508,000		501,174
East Money Information Co. Ltd., Class A		866,860		1,955,877
ENN Energy Holdings Ltd.		217,400		2,642,452
Eve Energy Co. Ltd., Class A		95,300		791,324
Far East Horizon Ltd.		462,000		347,497
Flat Glass Group Co. Ltd., Class H		262,000		784,237
Foshan Haitian Flavouring & Food Co. Ltd., Class A		130,321		846,303
Fosun International Ltd.		667,000		486,196
Fuyao Glass Industry Group Co. Ltd., Class H^(c)		237,200		1,057,015
Ganfeng Lithium Co. Ltd., Class H^(b)(c)		134,840		868,695
Ganfeng Lithium Group Co. Ltd., Class A		29,500		247,427
GCL-Poly Energy Holdings Ltd.		5,464,000		1,190,408
GDS Holdings Ltd., Class A^(a)		281,788		463,968
Geely Automobile Holdings Ltd.		1,711,000		2,496,748
Genscript Biotech Corp.^(a)(b)		464,000		1,195,064
GF Securities Co. Ltd., Class H		566,800		906,896
Great Wall Motor Co. Ltd., Class H^(b)		995,000		1,361,463
Greentown China Holdings Ltd.		259,000		297,738


Security	Shares		Value

China (continued)
Greentown Service Group Co. Ltd.^(b)		488,000	$	256,229
Guangdong Investment Ltd.		1,022,000		884,763
Guangzhou Automobile Group Co. Ltd., Class H		1,068,000		672,266
H World Group Ltd., ADR^(a)		61,533		2,956,045
Haidilao International Holding Ltd.^(c)		398,000		1,124,136
Haier Smart Home Co. Ltd., Class A		110,200		381,635
Haier Smart Home Co. Ltd., Class H		755,000		2,482,810
Haitian International Holdings Ltd.		196,000		490,920
Haitong Securities Co. Ltd., Class H		892,800		624,631
Hangzhou Tigermed Consulting Co. Ltd., Class H^(b)(c)		65,100		423,229
Hansoh Pharmaceutical Group Co. Ltd.^(c)		480,000		779,442
Hengan International Group Co. Ltd.		226,500		931,663
Hua Hong Semiconductor Ltd.^(a)(c)		182,000		619,721
Huaneng Power International Inc., Class H^(a)		1,992,000		1,106,568
Huatai Securities Co. Ltd., Class H^(c)		645,400		920,906
Hygeia Healthcare Holdings Co. Ltd.^(b)(c)		143,800		934,849
Industrial & Commercial Bank of China Ltd., Class A		3,788,791		2,529,949
Industrial & Commercial Bank of China Ltd., Class H		14,946,260		7,298,669
Industrial Bank Co. Ltd., Class A		838,000		1,956,131
Inner Mongolia Yili Industrial Group Co. Ltd., Class A		368,100		1,478,437
Inner Mongolia Yitai Coal Co. Ltd., Class B^(a)		453,800		667,887
Innovent Biologics Inc.^(a)(c)		402,000		1,797,518
iQIYI Inc., ADR^(a)		117,687		746,136
JD Health International Inc.^(a)(c)		336,100		2,456,990
JD.com Inc., Class A		643,926		13,331,571
Jiangsu Expressway Co. Ltd., Class H		524,000		480,522
Jiangsu Hengrui Medicine Co. Ltd., Class A		256,118		1,600,027
Jiangsu Yanghe Brewery Joint-Stock Co. Ltd., Class A		58,600		1,203,328
Jiangxi Copper Co. Ltd., Class H		375,000		629,984
Jiumaojiu International Holdings Ltd.^(b)(c)		307,000		605,878
Kanzhun Ltd., ADR^(a)(b)		49,184		918,757
KE Holdings Inc., ADR^(a)(b)		176,214		3,069,648
Kingboard Holdings Ltd.		282,000		784,708
Kingboard Laminates Holdings Ltd.		494,000		506,855
Kingdee International Software Group Co. Ltd.^(a)		864,000		1,515,510
Kingsoft Corp. Ltd.		335,800		1,445,337
Koolearn Technology Holding Ltd.^(a)(b)(c)		129,500		633,259
Kuaishou Technology^(a)(c)		635,500		5,577,557
Kunlun Energy Co. Ltd.		1,192,000		975,407
Kweichow Moutai Co. Ltd., Class A		23,232		6,131,488
Legend Biotech Corp., ADR^(a)(b)		19,238		1,452,854
Lenovo Group Ltd.		2,166,000		2,493,474
Li Auto Inc.^(a)		320,976		6,890,398
Li Ning Co. Ltd.		682,500		4,160,812
Longfor Group Holdings Ltd.^(c)		555,000		1,501,513
LONGi Green Energy Technology Co. Ltd., Class A		390,020		1,634,164
Lufax Holding Ltd., ADR		217,336		386,858
Luxshare Precision Industry Co. Ltd., Class A		337,940		1,530,969
Luzhou Laojiao Co. Ltd., Class A		35,100		1,186,454
Meituan, Class B^(a)(c)		1,401,020		26,745,634
Microport Scientific Corp.^(a)(b)		269,400		543,686
Minth Group Ltd.		244,000		781,053
Muyuan Foods Co. Ltd., Class A		161,612		1,005,145
NARI Technology Co. Ltd., Class A		173,520		590,914


Security	Shares		Value

China (continued)
NAURA Technology Group Co. Ltd., Class A		12,900	$	513,096
NetEase Inc.		554,490		12,076,971
New China Life Insurance Co. Ltd., Class H		231,500		671,357
New Oriental Education & Technology Group Inc.^(a)		430,830		2,454,231
Nine Dragons Paper Holdings Ltd.^(b)		456,000		300,502
NIO Inc., ADR^(a)(b)		400,629		6,129,624
Nongfu Spring Co. Ltd., Class H^(c)		502,000		2,926,877
Orient Overseas International Ltd.		40,000		668,408
People’s Insurance Co. Group of China Ltd. (The), Class H		2,442,000		940,143
PetroChina Co. Ltd., Class H		5,788,000		4,243,973
Pharmaron Beijing Co. Ltd., Class H^(c)		141,600		370,817
PICC Property & Casualty Co. Ltd., Class H		1,996,000		2,341,155
Pinduoduo Inc., ADR^(a)(b)		138,718		12,459,651
Ping An Bank Co. Ltd., Class A		871,100		1,504,342
Ping An Healthcare and Technology Co. Ltd.^(a)(b)(c)		185,800		492,535
Ping An Insurance Group Co. of China Ltd., Class A		311,900		2,304,349
Ping An Insurance Group Co. of China Ltd., Class H		1,604,000		11,687,926
Poly Developments and Holdings Group Co. Ltd., Class A		734,999		1,466,467
Pop Mart International Group Ltd.^(b)(c)		153,600		436,481
Postal Savings Bank of China Co. Ltd., Class A		2,277,900		1,656,739
Postal Savings Bank of China Co. Ltd., Class H^(c)		1,333,000		821,791
Qifu Technology Inc.		28,384		566,545
Rongsheng Petrochemical Co. Ltd., Class A		173,300		308,519
SAIC Motor Corp. Ltd., Class A		599,513		1,301,335
Sany Heavy Equipment International Holdings Co. Ltd.		707,000		1,119,011
Sany Heavy Industry Co. Ltd., Class A		143,400		356,720
SF Holding Co. Ltd., Class A		216,000		1,505,649
Shaanxi Coal Industry Co. Ltd., Class A		498,700		1,134,770
Shandong Gold Mining Co. Ltd., Class H^(c)		274,000		547,230
Shandong Weigao Group Medical Polymer Co. Ltd., Class H		904,800		1,168,506
Shanghai Baosight Software Co. Ltd., Class B		325,052		839,291
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class H		256,000		675,585
Shanghai Fudan Microelectronics Group Co. Ltd., Class H^(b)		169,000		450,537
Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd., Class B		299,900		201,488
Shanghai Pharmaceuticals Holding Co. Ltd., Class H		369,900		671,384
Shanghai Pudong Development Bank Co. Ltd., Class A		1,090,665		1,161,444
Shanxi Xinghuacun Fen Wine Factory Co. Ltd., Class A		32,100		1,074,690
Shenzhen Inovance Technology Co. Ltd., Class A		50,600		503,332
Shenzhen International Holdings Ltd.		296,500		278,196
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A		40,200		1,668,150
Shenzhou International Group Holdings Ltd.		225,700		2,395,763
Shimao Group Holdings Ltd.		273,605		53,325
Sino Biopharmaceutical Ltd.		3,057,000		1,386,464
Sinopharm Group Co. Ltd., Class H		450,800		1,419,655
Smoore International Holdings Ltd.^(b)(c)		536,000		603,463
Sungrow Power Supply Co. Ltd., Class A		49,300		770,360


Security	Shares		Value

China (continued)
Sunny Optical Technology Group Co. Ltd.		208,400	$	2,043,169
TAL Education Group, ADR^(a)(b)		111,771		914,287
Tencent Holdings Ltd.		1,723,400		79,209,395
Tencent Music Entertainment Group, ADR^(a)(b)		229,292		1,602,751
Tongcheng Travel Holdings Ltd.^(a)		455,200		1,104,594
Tongwei Co. Ltd., Class A		190,200		927,742
Topsports International Holdings Ltd.^(c)		512,000		473,277
TravelSky Technology Ltd., Class H		444,000		852,662
Trip.com Group Ltd.^(a)		145,676		5,949,815
Tsingtao Brewery Co. Ltd., Class A		102,600		1,418,737
Tsingtao Brewery Co. Ltd., Class H		62,000		557,525
Uni-President China Holdings Ltd.		586,000		506,650
Vinda International Holdings Ltd.		204,000		412,188
Vipshop Holdings Ltd., ADR^(a)(b)		111,908		2,107,228
Wanhua Chemical Group Co. Ltd., Class A		172,053		2,358,396
Want Want China Holdings Ltd.		1,672,000		1,166,008
Weibo Corp., ADR		20,779		327,269
Weichai Power Co. Ltd., Class H		649,000		961,459
Wens Foodstuffs Group Co. Ltd., Class A		561,416		1,494,136
Wuliangye Yibin Co. Ltd., Class A		93,200		2,367,197
WuXi AppTec Co. Ltd., Class A		128,859		1,296,645
WuXi AppTec Co. Ltd., Class H^(c)		12		114
Wuxi Biologics Cayman Inc.^(a)(c)		1,019,500		5,883,326
Xiaomi Corp., Class B^(a)(c)		4,060,800		6,460,250
Xinyi Solar Holdings Ltd.		1,544,000		1,676,546
XPeng Inc.^(a)(b)		236,534		2,523,091
Xtep International Holdings Ltd.		442,500		493,143
Yadea Group Holdings Ltd.^(b)(c)		446,000		1,014,943
Yankuang Energy Group Co. Ltd., Class H		864,000		1,300,845
Yihai International Holding Ltd.		194,000		446,927
Yuexiu Property Co. Ltd.		399,000		526,553
Yum China Holdings Inc.		121,584		7,419,056
Zai Lab Ltd.^(a)(b)		286,080		874,831
Zhangzhou Pientzehuang Pharmaceutical Co. Ltd., Class A		21,692		881,452
Zhaojin Mining Industry Co. Ltd., Class H		462,500		667,199
Zhejiang Expressway Co. Ltd., Class H		528,000		424,089
ZhongAn Online P&C Insurance Co. Ltd., Class H^(a)(b)(c)		208,900		684,601
Zhongsheng Group Holdings Ltd.		187,000		657,016
Zhuzhou CRRC Times Electric Co. Ltd.		216,100		861,500
Zijin Mining Group Co. Ltd., Class A		362,200		661,475
Zijin Mining Group Co. Ltd., Class H		1,812,000		3,129,550
ZTE Corp., Class H		243,600		891,534
ZTO Express Cayman Inc., ADR		122,992		3,419,178


				607,545,623

Colombia — 0.0%
Interconexion Electrica SA ESP		26,649		116,696


Czech Republic — 0.0%
CEZ AS		53,068		2,348,439
Komercni Banka AS		40,647		1,331,199


				3,679,638

Denmark — 0.7%
AP Moller - Maersk A/S, Class A		1,906		3,832,252
AP Moller - Maersk A/S, Class B, NVS		437		897,688
Carlsberg AS, Class B		26,937		4,040,068
Chr Hansen Holding A/S		31,086		2,348,971
Coloplast A/S, Class B		35,403		4,400,819
Danske Bank A/S		191,033		4,536,091


Security	Shares		Value

Denmark (continued)
Demant A/S^(a)		24,815	$	987,507
DSV A/S		53,931		10,793,749
Genmab A/S^(a)		18,979		7,823,136
Novo Nordisk A/S, Class B		458,595		73,949,449
Novozymes A/S, Class B		59,557		2,986,979
Orsted AS^(c)		55,069		4,792,075
Pandora A/S		26,300		2,630,840
Tryg A/S		112,497		2,221,118
Vestas Wind Systems A/S^(a)		284,717		7,615,172


				133,855,914

Egypt — 0.0%
Commercial International Bank Egypt SAE		636,678		820,751


Finland — 0.2%
Elisa OYJ		32,204		1,679,935
Fortum OYJ		129,755		1,756,525
Kesko OYJ, Class B		77,603		1,552,734
Kone OYJ, Class B		88,084		4,518,075
Metso OYJ		152,807		1,736,509
Neste OYJ		121,372		4,468,319
Nokia OYJ		1,519,410		5,972,709
Orion OYJ, Class B		27,418		1,053,704
Sampo OYJ, Class A		128,646		5,668,995
Stora Enso OYJ, Class R		180,794		2,216,401
UPM-Kymmene OYJ		153,192		5,071,830
Wartsila OYJ Abp		156,489		1,965,947


				37,661,683

France — 2.9%
Accor SA		56,857		2,145,330
Aeroports de Paris		5,652		780,496
Air Liquide SA		146,202		26,286,242
Airbus SE		160,945		23,707,201
Alstom SA		82,624		2,529,967
Amundi SA^(c)		12,544		769,768
ArcelorMittal SA		129,351		3,741,061
Arkema SA		13,122		1,415,063
AXA SA		524,601		16,125,630
BioMerieux		10,445		1,121,264
BNP Paribas SA		298,677		19,697,090
Bollore SE		246,856		1,560,802
Bouygues SA		73,152		2,620,417
Bureau Veritas SA		102,721		2,821,108
Capgemini SE		48,322		8,756,843
Carrefour SA		176,345		3,525,336
Cie. de Saint-Gobain		142,850		9,661,139
Cie. Generale des Etablissements Michelin SCA		209,034		6,845,247
Covivio		9,045		436,707
Credit Agricole SA		311,456		3,866,843
Danone SA		168,594		10,295,485
Dassault Aviation SA		6,399		1,243,078
Dassault Systemes SE		176,659		7,550,165
Edenred		77,638		5,042,616
Eiffage SA		30,009		3,122,062
Engie SA		508,421		8,340,811
EssilorLuxottica SA		80,564		16,207,478
Eurazeo SE		3,235		197,528
Eurofins Scientific SE		33,156		2,280,357
Euronext NV^(c)		15,114		1,150,382
Gecina SA		12,822		1,386,219
Getlink SE		119,929		2,108,036


Security	Shares		Value

France (continued)
Hermes International		8,893	$	19,682,563
Ipsen SA		10,773		1,357,687
Kering SA		20,878		11,987,423
Klepierre SA		40,707		1,080,513
La Francaise des Jeux SAEM^(c)		26,279		1,003,263
Legrand SA		79,598		7,980,074
L’Oreal SA		67,434		31,364,188
LVMH Moet Hennessy Louis Vuitton SE		77,196		71,697,138
Orange SA		504,129		5,698,591
Pernod Ricard SA		59,894		13,204,923
Publicis Groupe SA		68,041		5,485,832
Remy Cointreau SA		4,015		689,208
Renault SA		60,590		2,661,212
Safran SA		91,298		15,156,665
Sanofi		312,359		33,323,870
Sartorius Stedim Biotech		7,802		2,441,022
Schneider Electric SE		149,844		26,727,978
SEB SA		5,107		571,708
Societe Generale SA		209,165		5,688,605
Sodexo SA		24,675		2,531,097
Teleperformance		17,029		2,469,866
Thales SA		29,061		4,347,229
TotalEnergies SE		663,802		40,330,291
Unibail-Rodamco-Westfield, New^(a)(b)		37,951		2,150,412
Valeo		70,069		1,583,852
Veolia Environnement SA		197,873		6,442,536
Vinci SA		150,099		17,628,735
Vivendi SE		212,715		1,899,193
Wendel SE		14,726		1,453,670
Worldline SA/France^(a)(c)		68,027		2,696,550


				538,673,665

Germany — 1.9%
adidas AG		45,107		9,106,429
Allianz SE, Registered		113,042		27,016,965
BASF SE		246,006		13,188,627
Bayer AG, Registered		271,680		15,888,777
Bayerische Motoren Werke AG		95,682		11,668,417
Bechtle AG		24,042		1,058,175
Beiersdorf AG		25,276		3,273,377
Brenntag SE		41,665		3,232,563
Carl Zeiss Meditec AG, Bearer		12,224		1,416,525
Commerzbank AG		297,445		3,557,882
Continental AG		30,151		2,407,245
Covestro AG^(a)(c)		59,100		3,174,786
Daimler Truck Holding AG		137,237		5,150,544
Delivery Hero SE^(a)(c)		53,862		2,444,781
Deutsche Bank AG, Registered		560,219		6,210,103
Deutsche Boerse AG		52,859		10,127,865
Deutsche Lufthansa AG, Registered^(a)		166,295		1,677,294
Deutsche Post AG, Registered		281,743		14,488,130
Deutsche Telekom AG, Registered		884,661		19,286,701
E.ON SE		624,959		7,905,932
Evonik Industries AG		44,116		913,775
Fresenius Medical Care AG & Co. KGaA		55,852		2,900,646
Fresenius SE & Co. KGaA		112,857		3,541,694
GEA Group AG		54,820		2,326,660
Hannover Rueck SE		18,604		3,969,611
HeidelbergCement AG		39,029		3,163,216
HelloFresh SE^(a)		48,677		1,388,029
Henkel AG & Co. KGaA		31,587		2,207,370


Security	Shares		Value

Germany (continued)
Infineon Technologies AG		358,015	$	15,729,555
Knorr-Bremse AG		15,885		1,117,318
LEG Immobilien SE^(a)		17,941		1,268,475
Mercedes-Benz Group AG		239,349		19,115,109
Merck KGaA		37,966		6,671,573
MTU Aero Engines AG		16,043		3,746,224
Muenchener Rueckversicherungs-Gesellschaft AGin Muenchen, Registered		37,820		14,237,183
Nemetschek SE		19,408		1,412,301
Puma SE		30,919		2,089,545
Rational AG		1,390		1,040,495
Rheinmetall AG		12,093		3,425,294
RWE AG		175,757		7,564,342
SAP SE		289,628		39,508,606
Scout24 SE^(c)		25,597		1,692,107
Siemens AG, Registered		210,687		35,909,945
Siemens Healthineers AG^(c)		77,639		4,511,083
Symrise AG, Class A		38,558		4,211,758
Telefonica Deutschland Holding AG		210,293		566,609
Volkswagen AG		3,088		493,511
Vonovia SE		197,197		4,594,686
Zalando SE^(a)(c)		61,134		2,110,632


				353,708,470

Greece — 0.0%
Alpha Services and Holdings SA^(a)		635,608		1,144,673
Eurobank Ergasias Services and Holdings SA, Class A^(a)		733,696		1,281,687
Hellenic Telecommunications Organization SA		56,482		891,397
JUMBO SA		65,225		1,946,343
Mytilineos SA		25,139		1,046,178
National Bank of Greece SA^(a)		143,659		989,338
OPAP SA		53,509		941,092


				8,240,708

Hong Kong — 0.6%
AIA Group Ltd.		3,277,800		32,793,523
BOC Hong Kong Holdings Ltd.		1,096,500		3,346,564
Budweiser Brewing Co. APAC Ltd.^(c)		495,800		1,209,314
Chow Tai Fook Jewellery Group Ltd.		542,400		946,979
CK Asset Holdings Ltd.		604,516		3,500,795
CK Hutchison Holdings Ltd.		755,516		4,659,514
CK Infrastructure Holdings Ltd.		215,000		1,139,358
CLP Holdings Ltd.		464,500		3,786,200
ESR Group Ltd.^(c)		686,600		1,203,984
Futu Holdings Ltd., ADR^(a)(b)		19,804		1,192,201
Galaxy Entertainment Group Ltd.^(a)		656,000		4,788,490
Hang Lung Properties Ltd.		610,000		951,934
Hang Seng Bank Ltd.		209,100		3,196,210
Henderson Land Development Co. Ltd.		299,003		924,269
HKT Trust & HKT Ltd., Class SS		1,215,000		1,435,157
Hong Kong & China Gas Co. Ltd.		3,484,040		2,988,809
Hong Kong Exchanges & Clearing Ltd.		338,300		14,263,405
Hongkong Land Holdings Ltd.^(b)		365,600		1,302,895
Jardine Matheson Holdings Ltd.		40,700		2,010,393
Link REIT		706,160		3,969,435
MTR Corp. Ltd.^(b)		432,500		1,993,089
New World Development Co. Ltd.		483,916		1,196,710
Power Assets Holdings Ltd.		450,000		2,358,550
Sands China Ltd.^(a)		696,400		2,682,889
Sino Land Co. Ltd.		1,668,000		2,047,509


Security	Shares		Value

Hong Kong (continued)
SITC International Holdings Co. Ltd.		441,000	$	966,300
Sun Hung Kai Properties Ltd.		429,500		5,393,068
Swire Pacific Ltd., Class A		142,500		1,191,191
Swire Properties Ltd.		195,800		491,326
Techtronic Industries Co. Ltd.		397,000		4,510,138
WH Group Ltd.^(c)		1,619,000		883,634
Wharf Real Estate Investment Co. Ltd.		476,200		2,555,511
Xinyi Glass Holdings Ltd.		547,000		910,261


				116,789,605

Hungary — 0.0%
MOL Hungarian Oil & Gas PLC		119,126		940,464
OTP Bank Nyrt		73,273		2,664,655
Richter Gedeon Nyrt		22,159		558,974


				4,164,093

India — 1.5%
Adani Enterprises Ltd.		45,254		1,372,808
Adani Green Energy Ltd.^(a)		88,152		1,171,770
Adani Ports & Special Economic Zone Ltd.		144,051		1,362,934
Adani Power Ltd.^(a)		204,666		680,810
Ambuja Cements Ltd.		189,376		1,067,262
Apollo Hospitals Enterprise Ltd.		32,206		2,027,406
Asian Paints Ltd.		122,739		5,041,871
Aurobindo Pharma Ltd.		103,245		1,033,124
Avenue Supermarts Ltd.^(a)(c)		44,367		2,027,112
Axis Bank Ltd.		679,253		7,885,783
Bajaj Auto Ltd.		20,243		1,215,122
Bajaj Finance Ltd.		80,410		7,148,436
Bajaj Finserv Ltd.		128,412		2,499,031
Bandhan Bank Ltd.^(a)(c)		184,727		502,212
Bharat Electronics Ltd.		1,053,536		1,676,323
Bharat Forge Ltd.		71,325		808,400
Bharat Petroleum Corp. Ltd.		251,010		1,152,788
Bharti Airtel Ltd.		692,888		7,503,957
Britannia Industries Ltd.		32,604		1,900,516
Cholamandalam Investment and Finance Co. Ltd.		132,926		1,831,538
Cipla Ltd.		145,111		2,075,413
Coal India Ltd.		384,143		1,072,158
Colgate-Palmolive India Ltd.		32,670		802,773
Container Corp. of India Ltd.		90,484		765,068
Dabur India Ltd.		158,487		1,110,306
Divi’s Laboratories Ltd.		41,499		1,861,236
DLF Ltd.		194,177		1,225,981
Dr. Reddy’s Laboratories Ltd.		36,581		2,509,651
Eicher Motors Ltd.		42,820		1,753,867
GAIL India Ltd.		677,920		982,373
Godrej Consumer Products Ltd.^(a)		105,198		1,326,201
Godrej Properties Ltd.^(a)		32,882		696,562
Grasim Industries Ltd.		82,044		1,847,560
Havells India Ltd.		85,052		1,380,990
HCL Technologies Ltd.		319,221		4,338,843
HDFC Bank Ltd.		823,683		16,536,331
HDFC Life Insurance Co. Ltd.^(c)		269,443		2,120,046
Hero MotoCorp Ltd.		34,865		1,359,309
Hindalco Industries Ltd.		405,205		2,284,293
Hindustan Unilever Ltd.		235,472		7,335,095
ICICI Bank Ltd.		1,598,271		19,478,877
ICICI Lombard General Insurance Co. Ltd.^(c)		69,193		1,166,082
Indian Hotels Co. Ltd. (The), Class A		238,669		1,148,001
Indian Railway Catering & Tourism Corp. Ltd.		74,239		578,868


Security	Shares		Value

India (continued)
Indraprastha Gas Ltd.		104,676	$	590,032
Info Edge India Ltd.		24,979		1,396,003
Infosys Ltd.		927,347		15,348,627
InterGlobe Aviation Ltd.^(a)(c)		39,590		1,249,122
ITC Ltd.		929,499		5,266,914
Jio Financial Services Ltd., NVS		860,644		2,384,203
JSW Steel Ltd.		258,915		2,575,933
Jubilant Foodworks Ltd.		118,201		688,661
Kotak Mahindra Bank Ltd.		306,781		6,932,976
Larsen & Toubro Infotech Ltd.^(c)		30,540		1,819,855
Larsen & Toubro Ltd.		188,021		6,134,886
Lupin Ltd.		83,400		999,966
Mahindra & Mahindra Ltd.		247,707		4,447,457
Marico Ltd.		148,901		1,015,881
Maruti Suzuki India Ltd.		38,708		4,625,721
Max Healthcare Institute Ltd.^(a)		229,591		1,661,751
Nestle India Ltd.		8,554		2,345,776
NTPC Ltd.		1,093,986		2,908,054
Oil & Natural Gas Corp. Ltd.		940,384		2,028,043
Page Industries Ltd.		1,783		820,055
PI Industries Ltd.		23,399		1,029,378
Pidilite Industries Ltd.		44,530		1,416,863
Power Grid Corp. of India Ltd.		775,076		2,509,495
Reliance Industries Ltd.		860,644		26,716,937
Samvardhana Motherson International Ltd.		510,553		611,063
SBI Life Insurance Co. Ltd.^(c)		132,381		2,066,481
Shree Cement Ltd.		2,990		877,010
Shriram Transport Finance Co. Ltd.		78,383		1,807,043
Siemens Ltd.		22,438		1,087,335
SRF Ltd.		43,279		1,144,106
State Bank of India		542,646		4,099,037
Sun Pharmaceutical Industries Ltd.		270,629		3,764,386
Tata Consultancy Services Ltd.		258,909		10,785,880
Tata Consumer Products Ltd.		186,424		1,948,771
Tata Elxsi Ltd.		11,558		1,007,701
Tata Motors Ltd.		487,497		3,825,116
Tata Power Co. Ltd. (The)		430,153		1,238,968
Tata Steel Ltd.		2,124,458		3,187,286
Tech Mahindra Ltd.		188,881		2,565,613
Titan Co. Ltd.		103,037		3,765,408
Trent Ltd.		69,964		1,496,529
Tube Investments of India Ltd.		34,678		1,300,228
TVS Motor Co. Ltd.		131,376		2,202,118
UltraTech Cement Ltd.		29,065		2,941,719
UPL Ltd.		156,658		1,191,158
Varun Beverages Ltd.		139,780		1,367,840
Vedanta Ltd.		221,160		744,252
Wipro Ltd.		368,466		1,817,321
Zomato Ltd.^(a)		1,279,337		1,309,675


				280,729,720

Indonesia — 0.2%
Adaro Energy Indonesia Tbk PT		4,744,900		759,045
Aneka Tambang Tbk		2,287,700		301,542
Astra International Tbk PT		6,945,500		3,156,343
Bank Central Asia Tbk PT		13,646,600		8,264,809
Bank Mandiri Persero Tbk PT		9,662,528		3,673,165
Bank Negara Indonesia Persero Tbk PT		3,114,288		1,833,390
Bank Rakyat Indonesia Persero Tbk PT		18,475,930		6,917,461
Barito Pacific Tbk PT		7,625,694		391,849
Charoen Pokphand Indonesia Tbk PT^(a)		2,535,445		869,753


Security	Shares		Value

Indonesia (continued)
GoTo Gojek Tokopedia Tbk PT^(a)		225,498,000	$	1,692,742
Indah Kiat Pulp & Paper Tbk PT		682,500		414,305
Indofood Sukses Makmur Tbk PT		2,709,200		1,316,172
Kalbe Farma Tbk PT		8,902,700		1,130,750
Merdeka Copper Gold Tbk PT^(a)		4,712,932		1,098,165
Semen Indonesia Persero Tbk PT		1,602,002		741,292
Sumber Alfaria Trijaya Tbk PT		6,202,500		1,110,608
Telkom Indonesia Persero Tbk PT		12,158,500		2,995,559
Unilever Indonesia Tbk PT		2,390,800		610,383
United Tractors Tbk PT		762,906		1,393,735


				38,671,068

Ireland — 0.2%
AIB Group PLC		194,648		915,558
Bank of Ireland Group PLC		220,118		2,322,422
CRH PLC		235,853		14,049,983
Flutter Entertainment PLC, Class DI^(a)		46,585		9,265,739
Kerry Group PLC, Class A		56,697		5,632,895
Kingspan Group PLC		35,332		2,835,871
Smurfit Kappa Group PLC		91,793		3,632,343


				38,654,811

Israel — 0.2%
Azrieli Group Ltd.		10,219		581,511
Bank Hapoalim BM		363,470		3,228,645
Bank Leumi Le-Israel BM		380,251		3,035,399
Check Point Software Technologies Ltd.^(a)(b)		26,388		3,488,757
CyberArk Software Ltd.^(a)(b)		12,525		2,079,275
Elbit Systems Ltd.		9,213		1,959,015
ICL Group Ltd.		282,739		1,882,615
Isracard Ltd.		1		4
Israel Discount Bank Ltd., Class A		297,531		1,575,947
Mizrahi Tefahot Bank Ltd.		67,220		2,426,973
Monday.com Ltd.^(a)		5,322		962,111
Nice Ltd.^(a)		18,036		3,925,905
Teva Pharmaceutical Industries Ltd., ADR^(a)		316,728		2,660,515
Tower Semiconductor Ltd.^(a)(b)		31,401		1,164,577
Wix.com Ltd.^(a)		16,486		1,554,959


				30,526,208

Italy — 0.6%
Amplifon SpA		32,389		1,095,787
Assicurazioni Generali SpA		285,801		6,087,709
DiaSorin SpA		7,108		797,462
Enel SpA		2,185,726		15,071,011
Eni SpA		666,025		10,168,115
Ferrari NV		36,169		11,595,299
FinecoBank Banca Fineco SpA		151,268		2,348,774
Infrastrutture Wireless Italiane SpA^(c)		45,609		571,973
Intesa Sanpaolo SpA		4,387,868		12,688,254
Mediobanca Banca di Credito Finanziario SpA		229,402		3,057,148
Moncler SpA		42,539		3,070,193
Nexi SpA^(a)(c)		143,593		1,243,516
Poste Italiane SpA^(c)		103,000		1,176,619
Prysmian SpA		95,153		3,794,239
Recordati Industria Chimica e Farmaceutica SpA		45,327		2,340,690
Snam SpA		655,889		3,447,854
Stellantis NV		574,019		11,777,654
Telecom Italia SpA/Milano^(a)(b)		3,175,713		915,467
Tenaris SA		157,569		2,618,407
Terna - Rete Elettrica Nazionale		530,902		4,485,593


Security	Shares		Value

Italy (continued)
UniCredit SpA		527,581	$	13,358,481


				111,710,245

Japan — 5.5%
Advantest Corp.		52,500		7,261,267
Aeon Co. Ltd.		175,400		3,798,925
AGC Inc.		58,300		2,106,590
Aisin Corp.		44,000		1,429,784
Ajinomoto Co. Inc.		128,800		5,018,678
ANA Holdings Inc.^(a)		37,000		887,039
Asahi Group Holdings Ltd.		125,700		4,941,173
Asahi Intecc Co. Ltd.		69,100		1,418,020
Asahi Kasei Corp.		388,000		2,644,122
Astellas Pharma Inc.		509,700		7,453,010
Azbil Corp.		39,900		1,259,055
Bandai Namco Holdings Inc.		164,000		3,710,428
BayCurrent Consulting Inc.		42,000		1,356,379
Bridgestone Corp.		155,500		6,452,534
Brother Industries Ltd.		80,500		1,254,827
Canon Inc.		270,000		6,978,253
Capcom Co. Ltd.		48,300		2,171,906
Central Japan Railway Co.		35,400		4,511,136
Chubu Electric Power Co. Inc.		180,700		2,263,772
Chugai Pharmaceutical Co. Ltd.		187,300		5,574,280
Concordia Financial Group Ltd.		301,100		1,377,238
CyberAgent Inc.		119,900		757,978
Dai Nippon Printing Co. Ltd.		67,200		1,910,225
Daifuku Co. Ltd.		90,000		1,924,843
Dai-ichi Life Holdings Inc.		268,200		5,479,785
Daiichi Sankyo Co. Ltd.		512,000		15,769,400
Daikin Industries Ltd.		71,000		14,356,108
Daito Trust Construction Co. Ltd.		17,400		1,871,691
Daiwa House Industry Co. Ltd.		126,400		3,435,414
Daiwa House REIT Investment Corp.		631		1,242,332
Daiwa Securities Group Inc.		407,000		2,206,308
Denso Corp.		116,800		8,132,490
Dentsu Group Inc.		66,500		2,225,181
Disco Corp.		27,000		5,075,347
East Japan Railway Co.		84,400		4,778,232
Eisai Co. Ltd.		70,300		4,435,479
ENEOS Holdings Inc.		869,980		3,156,408
FANUC Corp.		259,500		7,938,733
Fast Retailing Co. Ltd.		48,600		12,174,918
Fuji Electric Co. Ltd.		40,700		1,840,030
FUJIFILM Holdings Corp.		101,500		5,893,661
Fujitsu Ltd.		48,700		6,306,152
GLP J-Reit		1,180		1,162,494
GMO Payment Gateway Inc.		14,200		1,083,302
Hakuhodo DY Holdings Inc.		70,500		811,061
Hamamatsu Photonics KK		33,300		1,604,440
Hankyu Hanshin Holdings Inc.		70,300		2,335,568
Hikari Tsushin Inc.		6,500		964,516
Hirose Electric Co. Ltd.		9,200		1,165,250
Hitachi Construction Machinery Co. Ltd.		31,000		930,264
Hitachi Ltd.		257,200		16,837,465
Honda Motor Co. Ltd.		436,600		13,919,414
Hoshizaki Corp.		30,300		1,162,031
Hoya Corp.		99,500		11,587,702
Hulic Co. Ltd.		124,800		1,062,573
Ibiden Co. Ltd.		36,500		2,218,443
Idemitsu Kosan Co. Ltd.		65,400		1,381,040


Security	Shares		Value

Japan (continued)
Iida Group Holdings Co. Ltd.		36,200	$	635,038
Inpex Corp.		288,000		3,718,719
Isuzu Motors Ltd.		173,100		2,248,698
ITOCHU Corp.		319,000		12,902,050
Itochu Techno-Solutions Corp.		33,500		849,029
Japan Airlines Co. Ltd.		42,000		909,326
Japan Exchange Group Inc.		140,100		2,440,990
Japan Metropolitan Fund Invest		2,328		1,596,769
Japan Post Bank Co. Ltd.		414,500		3,448,450
Japan Post Holdings Co. Ltd.		648,800		4,737,918
Japan Post Insurance Co. Ltd.		50,200		811,240
Japan Real Estate Investment Corp.		361		1,451,977
Japan Tobacco Inc.		313,400		6,954,219
JFE Holdings Inc.		138,600		2,241,981
JSR Corp.		63,100		1,810,131
Kajima Corp.		124,100		1,961,084
Kansai Electric Power Co. Inc. (The)		217,900		2,862,613
Kao Corp.		132,300		5,026,288
Kawasaki Kisen Kaisha Ltd.		35,900		1,082,551
KDDI Corp.		414,000		12,184,723
Keio Corp.		32,800		1,090,292
Keisei Electric Railway Co. Ltd.		43,200		1,793,027
Keyence Corp.		54,300		24,366,688
Kikkoman Corp.		41,300		2,380,154
Kintetsu Group Holdings Co. Ltd.		55,300		1,855,127
Kirin Holdings Co. Ltd.		228,500		3,375,045
Kobayashi Pharmaceutical Co. Ltd.		14,900		819,073
Kobe Bussan Co. Ltd.^(b)		45,000		1,198,601
Koei Tecmo Holdings Co. Ltd.		32,800		561,245
Koito Manufacturing Co. Ltd.		62,800		1,154,730
Komatsu Ltd.		243,700		6,827,117
Konami Group Corp.		28,100		1,576,315
Kose Corp.		9,700		949,884
Kubota Corp.		292,600		4,420,006
Kurita Water Industries Ltd.		38,800		1,560,349
Kyocera Corp.		89,600		4,821,561
Kyowa Kirin Co. Ltd.		80,900		1,544,840
Lasertec Corp.		21,000		3,179,018
Lixil Corp.		77,400		989,158
M3 Inc.		125,600		2,904,352
Makita Corp.		62,900		1,766,298
Marubeni Corp.		429,100		7,597,213
MatsukiyoCocokara & Co.		30,100		1,761,500
Mazda Motor Corp.		157,900		1,566,445
McDonald’s Holdings Co. Japan Ltd.^(b)		24,100		948,652
MEIJI Holdings Co. Ltd.		73,200		1,691,205
MINEBEA MITSUMI Inc.		113,400		2,100,483
MISUMI Group Inc.		92,400		1,690,377
Mitsubishi Chemical Group Corp.		338,400		2,024,250
Mitsubishi Corp.		347,700		17,790,577
Mitsubishi Electric Corp.		499,400		7,206,907
Mitsubishi Estate Co. Ltd.		297,300		3,643,616
Mitsubishi Heavy Industries Ltd.		92,200		4,374,339
Mitsubishi UFJ Financial Group Inc.		3,192,900		25,710,023
Mitsui & Co. Ltd.		371,600		14,503,577
Mitsui Chemicals Inc.		45,000		1,293,928
Mitsui Fudosan Co. Ltd.		228,900		4,702,736
Mitsui OSK Lines Ltd.		103,500		2,675,662
Mizuho Financial Group Inc.		649,090		11,012,048
MonotaRO Co. Ltd.		88,700		1,082,569


Security	Shares		Value

Japan (continued)
MS&AD Insurance Group Holdings Inc.		124,600	$	4,634,287
Murata Manufacturing Co. Ltd.		155,900		9,260,725
NEC Corp.		73,100		3,698,524
Nexon Co. Ltd.		112,200		2,140,710
NGK Insulators Ltd.		79,500		975,009
Nidec Corp.		117,700		7,029,626
Nintendo Co. Ltd.		283,900		12,842,142
Nippon Building Fund Inc.		505		2,116,865
Nippon Express Holdings Inc.		16,900		990,867
Nippon Paint Holdings Co. Ltd.		274,100		2,511,375
Nippon Prologis REIT Inc.		245		501,003
Nippon Sanso Holdings Corp.		55,200		1,334,810
Nippon Shinyaku Co. Ltd.		20,300		820,924
Nippon Steel Corp.		234,634		5,362,881
Nippon Telegraph & Telephone Corp.		8,107,500		9,297,016
Nippon Yusen KK		135,000		3,284,031
Nissan Chemical Corp.		39,700		1,783,946
Nissan Motor Co. Ltd.		629,100		2,771,277
Nisshin Seifun Group Inc.		71,500		886,672
Nissin Foods Holdings Co. Ltd.		11,600		978,060
Nitori Holdings Co. Ltd.		22,700		2,779,674
Nitto Denko Corp.		38,300		2,723,551
Nomura Holdings Inc.		877,700		3,631,020
Nomura Real Estate Holdings Inc.		26,300		652,319
Nomura Real Estate Master Fund Inc.		1,267		1,507,398
Nomura Research Institute Ltd.		121,600		3,455,254
NTT Data Group Corp.		194,600		2,707,118
Obayashi Corp.		190,500		1,761,331
Obic Co. Ltd.		20,600		3,370,987
Odakyu Electric Railway Co. Ltd.		91,200		1,332,470
Oji Holdings Corp.		194,000		765,970
Olympus Corp.		338,000		5,515,121
Omron Corp.		55,700		2,989,768
Ono Pharmaceutical Co. Ltd.		117,200		2,147,727
Open House Group Co. Ltd.		28,800		1,095,906
Oracle Corp. Japan		13,500		946,331
Oriental Land Co. Ltd./Japan		307,900		11,809,053
ORIX Corp.		348,300		6,700,079
Osaka Gas Co. Ltd.		119,600		1,881,887
Otsuka Corp.		30,800		1,282,615
Otsuka Holdings Co. Ltd.		109,900		4,040,727
Pan Pacific International Holdings Corp.		117,900		2,331,071
Panasonic Holdings Corp.		611,800		7,551,681
Persol Holdings Co. Ltd.		64,000		1,265,960
Rakuten Group Inc.		429,700		1,683,033
Recruit Holdings Co. Ltd.		398,900		13,816,160
Renesas Electronics Corp.^(a)		338,000		6,521,313
Resona Holdings Inc.		600,400		3,268,626
Ricoh Co. Ltd.		195,100		1,735,544
Rohm Co. Ltd.		24,800		2,323,964
SBI Holdings Inc.		68,330		1,442,944
SCSK Corp.		53,300		886,115
Secom Co. Ltd.		56,800		3,811,555
Seiko Epson Corp.		85,400		1,402,414
Sekisui Chemical Co. Ltd.		129,800		1,971,597
Sekisui House Ltd.		161,800		3,300,994
Seven & i Holdings Co. Ltd.		204,100		8,467,105
SG Holdings Co. Ltd.		96,900		1,414,111
Sharp Corp./Japan^(a)(b)		53,700		319,309
Shimadzu Corp.		75,900		2,305,145


Security	Shares		Value

Japan (continued)
Shimano Inc.		21,300	$	3,210,488
Shimizu Corp.		141,500		974,869
Shin-Etsu Chemical Co. Ltd.		511,600		16,854,582
Shionogi & Co. Ltd.		80,200		3,361,024
Shiseido Co. Ltd.		110,300		4,836,000
Shizuoka Financial Group Inc., NVS		130,100		1,086,609
SMC Corp.		15,800		8,256,495
SoftBank Corp.		785,400		8,721,474
SoftBank Group Corp.		284,500		14,470,351
Sompo Holdings Inc.		74,000		3,271,595
Sony Group Corp.		348,100		32,605,213
Square Enix Holdings Co. Ltd.		24,500		1,134,822
Subaru Corp.		165,300		3,133,025
SUMCO Corp.		102,000		1,486,336
Sumitomo Chemical Co. Ltd.		384,500		1,185,859
Sumitomo Corp.		334,400		7,173,843
Sumitomo Electric Industries Ltd.		208,000		2,666,969
Sumitomo Metal Mining Co. Ltd.		71,400		2,465,813
Sumitomo Mitsui Financial Group Inc.		359,100		16,824,427
Sumitomo Mitsui Trust Holdings Inc.		92,408		3,594,829
Sumitomo Realty & Development Co. Ltd.		80,300		2,151,993
Suntory Beverage & Food Ltd.		41,700		1,484,395
Suzuki Motor Corp.		102,300		4,108,937
Sysmex Corp.		49,700		3,365,441
T&D Holdings Inc.		151,600		2,464,835
Taisei Corp.		53,000		2,008,510
Takeda Pharmaceutical Co. Ltd.		414,734		12,680,426
TDK Corp.		105,500		4,041,521
Terumo Corp.		185,000		6,058,578
TIS Inc.		63,100		1,600,455
Tobu Railway Co. Ltd.		63,900		1,690,923
Toho Co. Ltd./Tokyo		35,500		1,383,894
Tokio Marine Holdings Inc.		502,700		11,559,577
Tokyo Electric Power Co. Holdings Inc.^(a)		445,000		1,767,113
Tokyo Electron Ltd.		122,400		18,370,640
Tokyo Gas Co. Ltd.		112,000		2,539,719
Tokyu Corp.		156,000		1,979,278
Toppan Inc.		73,200		1,723,020
Toray Industries Inc.		409,200		2,291,279
Toshiba Corp.		107,800		3,480,454
Tosoh Corp.		64,600		844,365
TOTO Ltd.		37,700		1,158,978
Toyota Industries Corp.		38,900		2,811,192
Toyota Motor Corp.		2,936,000		49,365,166
Toyota Tsusho Corp.		56,400		3,299,691
Trend Micro Inc./Japan		39,500		1,866,206
Unicharm Corp.		114,600		4,240,046
USS Co. Ltd.		66,100		1,146,179
Welcia Holdings Co. Ltd.		33,600		632,478
West Japan Railway Co.		62,100		2,551,338
Yakult Honsha Co. Ltd.		37,800		2,097,364
Yamaha Corp.		40,500		1,569,302
Yamaha Motor Co. Ltd.		91,300		2,677,728
Yamato Holdings Co. Ltd.		77,700		1,455,163
Yaskawa Electric Corp.		67,000		2,912,508
Yokogawa Electric Corp.		75,900		1,425,318
Z Holdings Corp.		761,100		2,121,953
ZOZO Inc.		39,200		765,263


				1,004,529,021


Security	Shares		Value

Kuwait — 0.1%
Agility Public Warehousing Co. KSC^(a)		573,590	$	1,176,265
Boubyan Bank KSCP		1,053,360		2,125,819
Kuwait Finance House KSCP		1,812,461		4,656,190
Mabanee Co. KPSC		379,518		1,091,035
Mobile Telecommunications Co. KSCP		1,318,808		2,236,655
National Bank of Kuwait SAKP		1,598,683		5,006,417


				16,292,381

Malaysia — 0.2%
Axiata Group Bhd		352,300		208,650
CIMB Group Holdings Bhd		1,770,600		2,181,114
Dialog Group Bhd		1,725,000		880,545
DiGi.Com Bhd^(b)		1,776,700		1,741,718
Genting Bhd		1,208,500		1,155,456
Genting Malaysia Bhd		423,900		244,515
Hong Leong Bank Bhd		276,500		1,201,284
Hong Leong Financial Group Bhd		411,600		1,670,499
IHH Healthcare Bhd		1,339,600		1,769,264
Kuala Lumpur Kepong Bhd		81,700		422,572
Malayan Banking Bhd		1,023,000		2,046,734
Malaysia Airports Holdings Bhd		498,300		762,548
Maxis Bhd^(b)		1,213,000		1,086,974
MISC Bhd		384,100		612,394
MR DIY Group M Bhd^(c)		449,000		146,404
Petronas Chemicals Group Bhd		680,100		1,049,128
Petronas Gas Bhd		465,500		1,763,305
PPB Group Bhd		174,100		644,815
Press Metal Aluminium Holdings Bhd		1,483,600		1,658,982
Public Bank Bhd		3,739,150		3,458,745
Sime Darby Plantation Bhd		350,200		354,003
Telekom Malaysia Bhd		423,200		477,828
Tenaga Nasional Bhd^(b)		672,400		1,431,858
Top Glove Corp. Bhd^(a)(b)		1,424,100		290,716


				27,260,051

Mexico — 0.3%
America Movil SAB de CV		8,652,600		9,068,566
Arca Continental SAB de CV		94,200		943,744
Banco del Bajio SA^(c)		190,200		579,857
Cemex SAB de CV, NVS^(a)		5,156,354		3,916,920
Coca-Cola Femsa SAB de CV		124,900		1,054,396
Fibra Uno Administracion SA de CV		674,500		1,013,462
Fomento Economico Mexicano SAB de CV		593,400		6,725,318
Gruma SAB de CV, Class B		44,475		797,814
Grupo Aeroportuario del Pacifico SAB de CV, Class B		101,900		1,941,547
Grupo Aeroportuario del Sureste SAB de CV, Class B		45,435		1,285,150
Grupo Bimbo SAB de CV, Series A		369,400		1,915,056
Grupo Carso SAB de CV, Series A1		196,200		1,560,109
Grupo Financiero Banorte SAB de CV, Class O		772,500		7,321,796
Grupo Financiero Inbursa SAB de CV, Class O^(a)		615,700		1,494,667
Grupo Mexico SAB de CV, Series B		1,028,128		5,344,178
Grupo Televisa SAB, CPO		814,600		862,031
Industrias Penoles SAB de CV^(a)(b)		45,395		649,085
Kimberly-Clark de Mexico SAB de CV, Class A		306,900		720,652
Orbia Advance Corp. SAB de CV		623,823		1,415,290
Wal-Mart de Mexico SAB de CV		1,494,100		6,219,989


				54,829,627

Netherlands — 1.1%
ABN AMRO Bank NV, CVA^(c)		125,802		2,139,037


Security	Shares		Value

Netherlands (continued)
Adyen NV^(a)(c)		6,035	$	11,201,048
Aegon NV		553,189		3,002,865
AerCap Holdings NV^(a)		41,846		2,670,193
Akzo Nobel NV		51,716		4,424,201
ASM International NV		12,670		6,019,268
ASML Holding NV		112,368		80,485,690
Davide Campari-Milano NV		202,275		2,720,372
EXOR NV, NVS^(b)		28,595		2,672,075
Ferrovial SE		160,204		5,308,991
Heineken Holding NV		38,158		3,128,007
Heineken NV		71,787		7,026,617
IMCD NV		15,415		2,335,826
ING Groep NV		1,017,993		14,859,300
Just Eat Takeaway.com NV^(a)(c)		55,986		1,004,388
Koninklijke Ahold Delhaize NV		277,002		9,547,876
Koninklijke KPN NV		835,773		3,024,040
Koninklijke Philips NV^(a)		263,335		5,470,426
NEPI Rockcastle NV		94,255		564,726
NN Group NV		72,525		2,780,241
OCI NV		26,393		752,195
Prosus NV		220,146		17,415,169
QIAGEN NV^(a)		57,696		2,707,186
Randstad NV		25,597		1,499,613
Universal Music Group NV		214,446		5,500,520
Wolters Kluwer NV		73,989		9,291,243


				207,551,113

New Zealand — 0.1%
Auckland International Airport Ltd.^(a)		521,759		2,723,712
EBOS Group Ltd.		34,390		824,131
Fisher & Paykel Healthcare Corp. Ltd.		181,162		2,765,809
Meridian Energy Ltd.		278,970		979,150
Spark New Zealand Ltd.		749,019		2,411,501


				9,704,303

Norway — 0.2%
Adevinta ASA^(a)		70,019		517,934
Aker BP ASA		98,215		2,751,255
DNB Bank ASA		267,501		5,512,522
Equinor ASA		266,701		8,157,976
Gjensidige Forsikring ASA		33,914		535,381
Kongsberg Gruppen ASA		26,510		1,150,299
Mowi ASA		107,419		1,888,415
Norsk Hydro ASA		410,765		2,690,272
Orkla ASA		247,986		1,956,814
Salmar ASA		18,052		833,975
Telenor ASA		197,875		2,118,240
Yara International ASA		53,659		2,191,540


				30,304,623

Peru — 0.0%
Cia. de Minas Buenaventura SAA, ADR		85,396		659,257
Credicorp Ltd.		19,375		3,042,844
Southern Copper Corp.		22,859		1,998,791


				5,700,892

Philippines — 0.1%
Aboitiz Equity Ventures Inc.		892,620		873,696
ACEN Corp.^(a)		116,662		11,090
Ayala Corp.		51,850		581,152
Ayala Land Inc.		2,625,600		1,311,106
Bank of the Philippine Islands		819,068		1,707,880
BDO Unibank Inc.		1,181,676		3,125,002


Security	Shares		Value

Philippines (continued)
JG Summit Holdings Inc.		576,359	$	452,225
Jollibee Foods Corp.		271,050		1,258,954
Metropolitan Bank & Trust Co.		549,610		600,807
PLDT Inc.		16,515		394,096
SM Investments Corp.		70,920		1,178,391
SM Prime Holdings Inc.		4,363,525		2,654,986


				14,149,385

Poland — 0.1%
Allegro.eu SA ^(a)(c)		122,096		1,076,460
Bank Polska Kasa Opieki SA		63,764		1,882,816
CD Projekt SA		16,970		692,358
Cyfrowy Polsat SA		219,215		883,353
Dino Polska SA^(a)(c)		14,477		1,612,159
KGHM Polska Miedz SA		56,799		1,756,597
LPP SA		303		1,042,302
Polski Koncern Naftowy ORLEN SA		155,150		2,765,324
Powszechna Kasa Oszczednosci Bank Polski SA		303,272		3,077,005
Powszechny Zaklad Ubezpieczen SA		139,463		1,410,382


				16,198,756

Portugal — 0.0%
Banco Espirito Santo SA, Registered,NVS^(d)(e)		3		—
EDP - Energias de Portugal SA		899,839		4,203,903
Galp Energia SGPS SA		131,096		1,742,215
Jeronimo Martins SGPS SA		87,858		2,392,002


				8,338,120

Qatar — 0.1%
Commercial Bank PSQC (The)		900,003		1,544,971
Industries Qatar QSC		423,320		1,549,350
Masraf Al Rayan QSC		3,587,719		2,472,654
Mesaieed Petrochemical Holding Co.		1,233,545		661,026
Ooredoo QPSC		643,581		2,019,611
Qatar Islamic Bank SAQ		490,464		2,848,260
Qatar National Bank QPSC		1,243,763		5,798,647


				16,894,519

Russia — 0.0%
Alrosa PJSC^(a)(d)		472,000		51
Gazprom PJSC^(a)(d)		3,457,370		377
Inter RAO UES PJSC^(d)		11,798,500		1,286
LUKOIL PJSC^(d)		127,513		14
Magnit PJSC^(d)		16,753		2
Magnit PJSC, GDR^(d)(e)		3		—
MMC Norilsk Nickel PJSC^(d)		19,665		2
Mobile TeleSystems PJSC^(d)		482,206		53
Moscow Exchange MICEX-RTS PJSC^(d)		490,370		53
Novatek PJSC^(d)		290,740		32
Novolipetsk Steel PJSC^(a)(d)		316,690		35
PhosAgro PJSC^(d)		26,470		3
PhosAgro PJSC, New^(d)		511		5
Polymetal International PLC^(a)(d)		71,803		8
Polyus PJSC^(a)(d)		9,781		1
Rosneft Oil Co. PJSC^(d)		352,530		38
Sberbank of Russia PJSC^(d)		2,557,600		279
Severstal PAO^(a)(d)		47,814		5
Surgutneftegas PJSC^(d)		2,443,710		267
Tatneft PJSC^(d)		397,511		43
TCS Group Holding PLC, GDR^(a)(d)(e)		35,279		4
X5 Retail Group NV, GDR^(a)(d)		24,002		3
Yandex NV^(a)(d)		90,278		10


				2,571


Security	Shares		Value

Saudi Arabia — 0.5%
ACWA Power Co.		24,108	$	1,185,040
Al Rajhi Bank		548,061		10,894,111
Alinma Bank		449,208		4,428,993
Almarai Co. JSC		121,346		2,228,386
AngloGold Ashanti Ltd.		109,059		2,418,894
Arab National Bank		165,045		1,171,807
Bank AlBilad		126,339		1,472,693
Bank Al-Jazira		333,461		1,633,251
Banque Saudi Fransi		250,858		2,847,782
Bupa Arabia for Cooperative Insurance Co.		20,006		920,165
Dar Al Arkan Real Estate Development Co.^(a)		168,874		762,039
Dr Sulaiman Al Habib Medical Services Group Co.		24,324		1,873,845
Etihad Etisalat Co.		113,443		1,416,531
Rabigh Refining & Petrochemical Co.^(a)		120,124		333,185
Reinet Investments SCA		31,273		757,617
Riyad Bank		504,046		4,273,081
SABIC Agri-Nutrients Co.		76,534		2,941,535
Sahara International Petrochemical Co.		107,561		1,085,377
Saudi Arabian Mining Co.^(a)		408,537		4,837,215
Saudi Arabian Oil Co.^(c)		748,022		6,464,243
Saudi Awwal Bank		271,338		2,752,413
Saudi Basic Industries Corp.		230,749		5,273,638
Saudi Electricity Co.		486,332		2,909,374
Saudi Industrial Investment Group		52,162		347,526
Saudi Investment Bank (The)		70,310		335,441
Saudi Kayan Petrochemical Co.^(a)		195,819		639,764
Saudi National Bank (The)		894,037		9,186,955
Saudi Research & Media Group^(a)		7,436		371,133
Saudi Tadawul Group Holding Co.		13,276		712,554
Saudi Telecom Co.		511,534		5,784,249
Savola Group (The)		66,245		746,701
Yanbu National Petrochemical Co.		32,669		399,145


				83,404,683

Singapore — 0.4%
CapitaLand Ascendas REIT		1,475,479		3,120,084
CapitaLand Integrated Commercial Trust		2,159,632		3,315,649
Capitaland Investment Ltd/Singapore		960,300		2,457,868
City Developments Ltd.		111,500		620,418
DBS Group Holdings Ltd.		477,800		12,325,825
Genting Singapore Ltd.		2,738,700		1,937,152
Grab Holdings Ltd., Class A^(a)		471,876		1,807,285
Jardine Cycle & Carriage Ltd.		30,000		774,295
Keppel Corp. Ltd.		536,500		2,979,310
Mapletree Logistics Trust		686,945		873,302
Mapletree Pan Asia Commercial Trust		546,400		678,641
Oversea-Chinese Banking Corp. Ltd.^(b)		837,100		8,377,489
Sea Ltd., ADR^(a)(b)		99,036		6,587,875
Seatrium Ltd.^(a)		11,788,430		1,249,401
Singapore Airlines Ltd.^(b)		347,000		1,965,763
Singapore Exchange Ltd.		64,300		470,020
Singapore Technologies Engineering Ltd.		451,100		1,266,465
Singapore Telecommunications Ltd.		1,953,200		3,918,246
United Overseas Bank Ltd.		325,800		7,390,278
UOL Group Ltd.		86,200		456,099
Venture Corp. Ltd.		95,900		1,081,169
Wilmar International Ltd.		425,000		1,234,936


				64,887,570

South Africa — 0.3%
Absa Group Ltd.		185,233		1,963,180


Security	Shares		Value

South Africa (continued)
Anglo American Platinum Ltd.		15,298	$	764,581
Aspen Pharmacare Holdings Ltd.		105,329		1,129,576
Bid Corp. Ltd.		134,379		3,182,942
Bidvest Group Ltd. (The)		85,142		1,321,138
Capitec Bank Holdings Ltd.		25,700		2,577,236
Clicks Group Ltd.		54,661		857,399
Discovery Ltd.^(a)		94,243		832,569
Exxaro Resources Ltd.		51,288		464,650
FirstRand Ltd.		1,280,307		5,208,125
Foschini Group Ltd. (The)		60,120		364,303
Gold Fields Ltd.		270,267		4,191,618
Growthpoint Properties Ltd.		1,875,787		1,328,928
Harmony Gold Mining Co. Ltd.		138,760		599,145
Impala Platinum Holdings Ltd.		238,897		1,725,570
Kumba Iron Ore Ltd.		15,618		428,418
Mr. Price Group Ltd.		114,111		1,004,643
MTN Group Ltd.		504,857		3,953,602
MultiChoice Group		157,902		781,486
Naspers Ltd., Class N		56,150		11,032,732
Nedbank Group Ltd.		163,427		2,147,499
Northam Platinum Holdings Ltd.^(a)		113,902		962,359
Old Mutual Ltd.		1,545,956		1,124,646
Remgro Ltd.		71,193		640,045
Sanlam Ltd.		829,103		3,049,143
Sasol Ltd.		169,424		2,365,516
Shoprite Holdings Ltd.		121,530		1,755,971
Sibanye Stillwater Ltd.		659,667		1,253,638
Standard Bank Group Ltd.		371,132		3,963,722
Vodacom Group Ltd.		119,982		792,244
Woolworths Holdings Ltd.		407,544		1,823,081


				63,589,705

South Korea — 1.3%
Amorepacific Corp.		10,769		951,189
BGF retail Co. Ltd.		4,415		579,277
Celltrion Healthcare Co. Ltd.		30,864		1,594,485
Celltrion Inc.		29,267		3,367,088
CJ CheilJedang Corp.		4,008		879,836
CJ Corp.		13,339		678,123
CosmoAM&T Co. Ltd.^(a)		6,403		913,011
Coway Co. Ltd.		19,043		611,970
DB Insurance Co. Ltd.		8,850		523,304
Doosan Enerbility Co. Ltd.^(a)(b)		121,144		1,662,822
Ecopro BM Co. Ltd.		13,861		4,559,286
Hana Financial Group Inc.		96,068		2,960,383
Hankook Tire & Technology Co. Ltd.		32,991		1,000,659
Hanmi Pharm Co. Ltd.		2,975		622,038
Hanwha Aerospace Co. Ltd.		10,254		983,766
Hanwha Solutions Corp.^(a)		30,281		898,716
HD Hyundai Co. Ltd.		25,617		1,237,074
HD Hyundai Heavy Industries Co. Ltd.^(a)		4,768		522,699
HD Korea Shipbuilding & Offshore Engineering Co. Ltd.^(a)		14,648		1,417,885
HLB Inc.^(a)(b)		37,901		977,382
HMM Co. Ltd.		78,465		1,077,010
Hotel Shilla Co. Ltd.		7,699		454,824
HYBE Co. Ltd.^(a)		4,860		1,000,856
Hyundai Engineering & Construction Co. Ltd.		16,025		470,323
Hyundai Glovis Co. Ltd.		7,866		1,075,582
Hyundai Mipo Dockyard Co. Ltd.^(a)(b)		6,661		488,132
Hyundai Mobis Co. Ltd.		18,814		3,437,625


Security	Shares		Value

South Korea (continued)
Hyundai Motor Co.		46,404	$	7,134,773
Hyundai Steel Co.		38,345		1,087,045
Iljin Materials Co. Ltd.^(b)		6,529		280,890
Kakao Corp.^(b)		94,110		3,788,579
Kakao Games Corp.^(a)		10,163		251,502
KakaoBank Corp.^(b)		44,721		912,255
Kangwon Land Inc.		26,358		322,611
KB Financial Group Inc.		104,175		4,172,354
Kia Corp.		73,145		4,747,060
Korea Aerospace Industries Ltd.		29,765		1,149,183
Korea Electric Power Corp.^(a)		76,646		1,154,880
Korea Zinc Co. Ltd.		3,688		1,428,667
Korean Air Lines Co. Ltd.		37,349		720,918
Krafton Inc.^(a)		7,834		1,056,010
KT Corp.		8,741		202,420
KT&G Corp.		34,020		2,201,362
Kumho Petrochemical Co. Ltd.		5,329		501,825
L&F Co. Ltd.^(b)		7,356		1,486,690
LG Chem Ltd.		14,286		7,267,371
LG Corp.		28,831		1,887,401
LG Display Co. Ltd.^(a)		86,203		911,438
LG Electronics Inc.		32,614		2,776,148
LG Energy Solution^(a)		9,344		4,105,113
LG H&H Co. Ltd.		3,048		1,022,673
LG Innotek Co. Ltd.		4,287		888,930
LG Uplus Corp.		32,904		258,262
Lotte Chemical Corp.		7,368		870,607
Meritz Financial Group Inc.		27,202		1,050,278
Mirae Asset Securities Co. Ltd.		246,522		1,340,144
NAVER Corp.		34,690		6,180,625
NCSoft Corp.		4,750		1,030,494
Netmarble Corp.^(a)(c)		7,710		297,726
Orion Corp./Republic of Korea		11,572		1,029,968
Pearl Abyss Corp.^(a)		9,872		433,961
POSCO Future M Co. Ltd.		8,747		3,618,734
POSCO Holdings Inc.^(b)		19,772		9,962,740
Samsung Biologics Co. Ltd.^(a)(c)		5,477		3,288,763
Samsung C&T Corp.		27,680		2,242,651
Samsung Electro-Mechanics Co. Ltd.		11,547		1,317,268
Samsung Electronics Co. Ltd.		1,317,188		72,119,505
Samsung Engineering Co. Ltd.^(a)		41,262		1,196,888
Samsung Fire & Marine Insurance Co. Ltd.		11,524		2,202,773
Samsung Heavy Industries Co. Ltd.^(a)		224,945		1,594,326
Samsung SDI Co. Ltd.^(b)		15,948		8,324,928
Samsung SDS Co. Ltd.		7,375		742,466
Samsung Securities Co. Ltd.		4,442		125,090
Shinhan Financial Group Co. Ltd.		108,096		2,975,157
SK Biopharmaceuticals Co. Ltd.^(a)		12,849		820,487
SK Bioscience Co. Ltd.^(a)(b)		6,817		392,554
SK Hynix Inc.		152,135		14,733,509
SK IE Technology Co. Ltd.^(a)(c)		6,469		545,100
SK Inc.		9,944		1,191,929
SK Innovation Co. Ltd.^(a)		15,992		2,712,549
SK Square Co. Ltd.^(a)		21,510		748,888
SKC Co. Ltd.		6,573		511,687
S-Oil Corp.		11,194		658,030
Woori Financial Group Inc.		123,278		1,126,659


				232,048,189

Spain — 0.6%
Acciona SA		5,239		785,320


Security	Shares		Value

Spain (continued)
ACS Actividades de Construccion y Servicios SA		71,792	$	2,511,194
Aena SME SA^(c)		17,513		2,796,689
Amadeus IT Group SA		124,955		8,963,783
Banco Bilbao Vizcaya Argentaria SA		1,721,448		13,644,841
Banco Santander SA		4,546,150		18,422,278
CaixaBank SA		1,170,341		4,734,264
Cellnex Telecom SA^(c)		151,473		6,186,018
EDP Renovaveis SA		80,709		1,541,614
Enagas SA		14,013		248,682
Endesa SA		91,089		1,952,297
Grifols SA^(a)		92,834		1,363,760
Iberdrola SA		1,695,812		21,166,324
Industria de Diseno Textil SA		295,740		11,320,282
Naturgy Energy Group SA		47,992		1,463,310
Redeia Corp. SA		116,669		1,951,366
Repsol SA		402,748		6,148,923
Telefonica SA		1,400,732		5,968,187


				111,169,132

Sweden — 0.8%
Alfa Laval AB		85,253		3,191,320
Assa Abloy AB, Class B		282,832		6,800,097
Atlas Copco AB, Class A		796,128		11,309,703
Atlas Copco AB, Class B		392,275		4,844,171
Beijer Ref AB, Class B		128,525		1,747,749
Boliden AB		83,974		2,469,612
Embracer Group AB, Class B^(a)(b)		171,049		490,961
Epiroc AB, Class A		288,077		5,751,638
EQT AB		93,279		2,228,163
Essity AB, Class B		166,717		4,133,962
Evolution AB^(c)		52,470		6,470,212
Fastighets AB Balder, Class B^(a)		146,923		685,612
Getinge AB, Class B		64,729		1,206,097
H & M Hennes & Mauritz AB, Class B		183,697		3,089,741
Hexagon AB, Class B		604,733		5,863,374
Holmen AB, Class B		21,754		837,980
Husqvarna AB, Class B		103,301		1,013,234
Industrivarden AB, Class A		17,239		489,535
Industrivarden AB, Class C		58,484		1,656,897
Indutrade AB		76,121		1,597,501
Investment AB Latour, Class B		39,962		805,299
Investor AB, Class B		605,301		12,362,660
Kinnevik AB, Class B^(a)		66,284		904,690
L E Lundbergforetagen AB, Class B		17,727		781,219
Lifco AB, Class B		65,434		1,319,270
Nibe Industrier AB, Class B		421,869		3,800,095
Nordea Bank Abp		960,991		10,876,818
Saab AB, Class B		23,908		1,260,169
Sagax AB, Class B		47,127		1,046,486
Sandvik AB		302,360		6,141,695
Securitas AB, Class B		122,768		1,044,973
Skandinaviska Enskilda Banken AB, Class A		441,613		5,353,334
Skanska AB, Class B		77,148		1,230,463
SKF AB, Class B		105,038		2,001,229
Svenska Cellulosa AB SCA, Class B		156,234		2,075,954
Svenska Handelsbanken AB, Class A		396,662		3,482,675
Swedbank AB, Class A		245,926		4,510,698
Swedish Orphan Biovitrum AB^(a)(b)		41,298		808,329
Tele2 AB, Class B		129,607		975,235
Telefonaktiebolaget LM Ericsson, Class B		815,423		4,101,964
Telia Co. AB		728,016		1,564,493


Security	Shares		Value

Sweden (continued)
Volvo AB, Class B		439,100	$	9,685,938
Volvo Car AB, Class B^(a)(b)		166,154		821,299


				142,832,544

Switzerland — 2.6%
ABB Ltd., Registered		457,379		18,353,483
Adecco Group AG, Registered		47,757		1,946,304
Alcon Inc.		138,924		11,821,268
Bachem Holding AG, Class A		8,832		815,822
Baloise Holding AG, Registered		8,792		1,360,903
Banque Cantonale Vaudoise, Registered		9,248		1,038,008
Barry Callebaut AG, Registered		707		1,325,625
BKW AG		5,757		1,030,182
Chocoladefabriken Lindt & Spruengli AG, Participation Certificates, NVS		424		5,185,618
Chocoladefabriken Lindt & Spruengli AG, Registered		12		1,458,425
Cie. Financiere Richemont SA, Class A, Registered		144,928		23,338,162
Clariant AG, Registered		42,921		703,311
Coca-Cola HBC AG, Class DI		68,598		2,018,354
DSM-Firmenich AG		51,283		5,666,761
EMS-Chemie Holding AG, Registered		1,756		1,465,645
Geberit AG, Registered		10,392		5,897,480
Givaudan SA, Registered		2,572		8,681,710
Helvetia Holding AG, Registered		9,545		1,412,498
Holcim Ltd.		145,574		10,146,059
Julius Baer Group Ltd.		66,623		4,718,743
Kuehne + Nagel International AG, Registered		15,846		4,958,149
Logitech International SA, Registered		47,968		3,391,286
Lonza Group AG, Registered		21,485		12,483,556
Nestle SA, Registered		762,692		93,444,358
Novartis AG, Registered		576,061		60,311,935
Partners Group Holding AG		6,447		7,237,619
Roche Holding AG, Bearer		8,144		2,700,314
Roche Holding AG, NVS		196,474		60,917,027
Schindler Holding AG, Participation Certificates, NVS		10,366		2,517,038
Schindler Holding AG, Registered		9,623		2,231,204
SGS SA		41,781		4,056,727
Siemens Energy AG^(a)		147,490		2,498,721
SIG Group AG		82,155		2,196,304
Sika AG, Registered		42,000		13,071,974
Sonova Holding AG, Registered		14,825		4,132,395
STMicroelectronics NV		189,539		10,137,750
Straumann Holding AG		30,615		5,065,953
Swatch Group AG (The), Bearer		10,708		3,426,993
Swiss Life Holding AG, Registered		8,498		5,403,488
Swiss Prime Site AG, Registered		28,681		2,776,590
Swiss Re AG		80,840		8,434,789
Swisscom AG, Registered		7,388		4,750,894
Temenos AG, Registered		19,022		1,635,945
UBS Group AG, Registered		902,842		20,033,046
VAT Group AG^(c)		8,006		3,402,926
Zurich Insurance Group AG		41,488		20,059,386


				469,660,728

Taiwan — 1.6%
Accton Technology Corp.		201,000		2,452,272
Acer Inc.		808,000		902,325
Advantech Co. Ltd.		131,312		1,639,790


Security	Shares		Value

Taiwan (continued)
Airtac International Group		48,393	$	1,439,345
ASE Technology Holding Co. Ltd.		992,873		3,633,994
Asia Cement Corp.		754,000		967,333
Asustek Computer Inc.		206,000		2,392,545
AUO Corp.		1,884,400		1,243,105
Catcher Technology Co. Ltd.		155,000		857,107
Cathay Financial Holding Co. Ltd.		2,800,264		4,081,593
Chailease Holding Co. Ltd.		447,326		2,961,920
Chang Hwa Commercial Bank Ltd.		992,212		595,712
China Airlines Ltd.		815,000		648,105
China Development Financial Holding Corp.^(a)		4,621,000		1,847,595
China Steel Corp.		3,021,305		2,687,965
Chunghwa Telecom Co. Ltd.		1,030,140		3,800,141
CTBC Financial Holding Co. Ltd.		4,992,142		4,176,265
Delta Electronics Inc.		561,000		6,548,948
E Ink Holdings Inc.		265,000		1,900,532
E.Sun Financial Holding Co. Ltd.		4,761,240		3,921,528
Eclat Textile Co. Ltd.		65,000		1,124,470
eMemory Technology Inc.		21,000		1,244,425
Eva Airways Corp.		729,000		854,785
Evergreen Marine Corp. Taiwan Ltd.		302,000		1,001,499
Far EasTone Telecommunications Co. Ltd.		445,000		1,004,749
Feng TAY Enterprise Co. Ltd.		135,800		918,497
First Financial Holding Co. Ltd.		2,926,158		2,706,949
Formosa Chemicals & Fibre Corp.		1,042,000		2,169,174
Formosa Plastics Corp.		1,175,160		3,111,460
Fubon Financial Holding Co. Ltd.		2,340,419		4,884,958
Giant Manufacturing Co. Ltd.		101,553		753,322
Global Unichip Corp.		23,000		1,203,005
Globalwafers Co. Ltd.		71,000		1,163,566
Hon Hai Precision Industry Co. Ltd.		3,678,000		12,727,096
Hotai Motor Co. Ltd.		100,000		2,414,522
Hua Nan Financial Holdings Co. Ltd.		2,448,398		1,734,481
Innolux Corp.		2,688,755		1,427,796
Largan Precision Co. Ltd.		32,000		2,219,573
Lite-On Technology Corp.		783,000		3,764,895
MediaTek Inc.		430,000		9,462,112
Mega Financial Holding Co. Ltd.		2,850,994		3,655,857
Micro-Star International Co. Ltd.		269,000		1,668,484
momo.com Inc.		29,600		565,337
Nan Ya Plastics Corp.		1,339,830		2,985,704
Nan Ya Printed Circuit Board Corp.		86,000		680,959
Nanya Technology Corp.		331,000		763,806
Novatek Microelectronics Corp.		175,000		2,366,618
Parade Technologies Ltd.		25,000		733,945
Pegatron Corp.		450,000		1,095,798
PharmaEssentia Corp.^(a)		74,000		807,317
Powerchip Semiconductor Manufacturing Corp.		873,000		834,471
President Chain Store Corp.		175,000		1,554,722
Quanta Computer Inc.		759,000		5,774,365
Realtek Semiconductor Corp.		153,000		2,101,321
Ruentex Development Co. Ltd.		654,000		742,106
Shanghai Commercial & Savings Bank Ltd. (The)		1,094,851		1,534,710
Silergy Corp.		100,000		1,057,738
SinoPac Financial Holdings Co. Ltd.		3,008,713		1,786,699
Taishin Financial Holding Co. Ltd.		2,745,063		1,596,968
Taiwan Cement Corp.		1,717,227		2,040,425
Taiwan Cooperative Financial Holding Co. Ltd.		3,182,827		2,979,423
Taiwan High Speed Rail Corp.		545,000		523,417
Taiwan Mobile Co. Ltd.		532,000		1,598,570


Security	Shares		Value

Taiwan (continued)
Taiwan Semiconductor Manufacturing Co. Ltd.		6,834,000	$	123,405,631
Unimicron Technology Corp.		388,000		2,290,677
Uni-President Enterprises Corp.		1,493,600		3,583,246
United Microelectronics Corp.		3,260,000		4,898,798
Vanguard International Semiconductor Corp.		314,000		774,184
Voltronic Power Technology Corp.		24,000		1,339,213
Walsin Lihwa Corp.		849,869		1,084,881
Wan Hai Lines Ltd.		234,600		377,078
Win Semiconductors Corp.		108,000		563,976
Winbond Electronics Corp.^(a)		1,015,000		951,387
Wistron Corp.		789,000		3,561,334
Wiwynn Corp.		33,000		1,874,041
Yageo Corp.		105,858		1,551,914
Yang Ming Marine Transport Corp.		525,000		778,788
Yuanta Financial Holding Co. Ltd.		3,637,475		2,828,601
Zhen Ding Technology Holding Ltd.		198,000		663,505


				294,565,468

Thailand — 0.2%
Advanced Info Service PCL, NVDR		346,300		2,288,062
Airports of Thailand PCL, NVDR^(a)		1,190,500		2,487,352
B Grimm Power PCL, NVDR		603,000		683,328
Bangkok Dusit Medical Services PCL, NVDR		4,220,400		3,550,528
Bangkok Expressway & Metro PCL, NVDR		3,385,500		901,045
BTS Group Holdings PCL, NVDR		2,813,400		666,189
Central Pattana PCL, NVDR		563,500		1,120,668
Charoen Pokphand Foods PCL, NVDR^(b)		2,556,000		1,516,834
CP ALL PCL, NVDR		1,829,600		3,396,122
CP Axtra PCL^(b)		142,800		144,025
Delta Electronics Thailand PCL, NVDR		1,008,200		3,333,558
Electricity Generating PCL, NVDR^(b)		277,300		1,081,561
Energy Absolute PCL, NVDR		645,900		1,171,754
Global Power Synergy PCL, NVDR		442,800		747,512
Gulf Energy Development PCL, NVDR		1,270,856		1,848,988
Indorama Ventures PCL, NVDR^(b)		873,033		874,367
Intouch Holdings PCL, NVDR		734,500		1,653,551
Muangthai Capital PCL, NVDR		306,500		318,411
Osotspa PCL, NVDR		213,500		182,640
PTT Exploration & Production PCL, NVDR		397,900		1,858,096
PTT Global Chemical PCL, NVDR^(b)		627,600		725,392
PTT Public Company Ltd., NVDR		2,715,300		2,778,398
Ratch Group PCL, NVDR		1,111,600		1,177,745
Siam Cement PCL (The), NVDR^(b)		205,100		1,948,883
Srisawad Corp. PCL, NVDR^(b)		303,400		419,422
True Corp. PCL		2,450,790		519,555


				37,393,986

Turkey — 0.1%
Akbank TAS		1,082,756		1,123,607
Aselsan Elektronik Sanayi Ve Ticaret AS		535,777		1,483,393
BIM Birlesik Magazalar AS		210,410		1,689,638
Eregli Demir ve Celik Fabrikalari TAS^(a)		518,327		801,809
Hektas Ticaret TAS^(a)		370,393		419,624
Koza Altin Isletmeleri AS		482,146		501,114
Sasa Polyester Sanayi AS^(a)		287,580		650,565
Turk Hava Yollari AO^(a)		178,861		1,555,423
Turkcell Iletisim Hizmetleri AS^(b)		381,536		731,947
Turkiye Petrol Rafinerileri AS		455,756		1,749,367
Turkiye Sise ve Cam Fabrikalari AS		870,502		1,725,859
				12,432,346


Security	Shares		Value

United Arab Emirates — 0.1%
Abu Dhabi Commercial Bank PJSC		1,496,880	$	3,578,264
Abu Dhabi Islamic Bank PJSC		324,383		992,694
Abu Dhabi National Oil Co. for Distribution PJSC		824,011		874,961
Aldar Properties PJSC		1,075,081		1,512,958
Emaar Properties PJSC		1,594,391		2,933,755
Emirates NBD Bank PJSC		690,145		3,193,381
Emirates Telecommunications Group Co. PJSC		958,385		5,844,159
First Abu Dhabi Bank PJSC		1,247,286		4,970,959
Multiply Group^(a)		905,432		796,154


				24,697,285

United Kingdom — 3.6%
3i Group PLC		314,590		7,981,512
abrdn PLC		704,590		2,096,837
Admiral Group PLC		50,892		1,389,504
Anglo American PLC		327,001		10,055,861
Antofagasta PLC		134,771		2,898,892
Ashtead Group PLC		135,248		10,006,159
Associated British Foods PLC		99,858		2,627,963
AstraZeneca PLC		426,746		61,313,243
Auto Trader Group PLC^(c)		295,868		2,453,802
Aviva PLC		659,846		3,287,459
BAE Systems PLC		923,625		11,045,672
Barclays PLC		4,389,474		8,710,082
Barratt Developments PLC		295,829		1,731,667
Berkeley Group Holdings PLC		44,661		2,490,194
BP PLC		5,062,648		31,410,935
British American Tobacco PLC		590,777		19,866,708
British Land Co. PLC (The)		319,813		1,387,732
BT Group PLC		1,937,286		3,035,698
Bunzl PLC		78,476		2,908,942
Burberry Group PLC		126,407		3,608,317
Centrica PLC		1,292,775		2,290,992
CNH Industrial NV		316,658		4,573,484
Coca-Cola Europacific Partners PLC		60,072		3,807,964
Compass Group PLC		455,825		11,859,485
Croda International PLC		30,315		2,295,245
DCC PLC		25,782		1,492,745
Diageo PLC		621,667		27,130,952
Endeavour Mining PLC		31,270		753,485
Entain PLC		171,645		3,057,249
Experian PLC		267,296		10,329,805
Glencore PLC		2,876,322		17,492,161
GSK PLC		1,087,200		19,353,412
Haleon PLC		1,345,134		5,806,165
Halma PLC		85,568		2,457,335
Hargreaves Lansdown PLC		84,699		926,709
Hikma Pharmaceuticals PLC		36,772		987,507
HSBC Holdings PLC		5,584,784		46,389,520
Imperial Brands PLC		261,906		6,187,644
Informa PLC		316,837		3,082,782
InterContinental Hotels Group PLC		36,871		2,725,032
Intertek Group PLC		51,049		2,859,685
J Sainsbury PLC		622,742		2,217,263
JD Sports Fashion PLC		638,792		1,293,958
Johnson Matthey PLC		58,564		1,354,429
Kingfisher PLC^(b)		653,672		2,061,269
Land Securities Group PLC		242,650		2,015,157
Legal & General Group PLC		1,732,797		5,192,958
Lloyds Banking Group PLC		19,272,729		11,134,766
London Stock Exchange Group PLC		108,619		11,795,453


Security	Shares		Value

United Kingdom (continued)
M&G PLC		620,038	$	1,597,155
Mondi PLC		84,466		1,481,584
National Grid PLC		914,797		12,125,463
NatWest Group PLC, NVS		1,453,410		4,562,309
Next PLC		41,217		3,727,698
NMC Health PLC, NVS^(d)		19,275		—
Ocado Group PLC^(a)(b)		156,818		1,887,864
Pearson PLC		225,978		2,499,667
Persimmon PLC		92,610		1,376,826
Prudential PLC		780,728		10,841,443
Reckitt Benckiser Group PLC		193,386		14,486,942
RELX PLC		549,010		18,477,869
Rentokil Initial PLC		650,419		5,303,620
Rio Tinto PLC		336,609		22,249,086
Rolls-Royce Holdings PLC^(a)		2,317,756		5,495,717
Sage Group PLC (The)		224,395		2,699,152
Schroders PLC		125,640		741,250
Segro PLC		271,454		2,660,128
Severn Trent PLC		93,273		3,056,916
Shell PLC		1,953,397		59,203,073
Smith & Nephew PLC		258,904		3,938,706
Smiths Group PLC		91,048		1,985,725
Spirax-Sarco Engineering PLC		17,465		2,494,347
SSE PLC		293,111		6,337,978
St. James’s Place PLC		228,171		2,754,280
Standard Chartered PLC		739,462		7,102,936
Taylor Wimpey PLC		1,089,895		1,599,812
Tesco PLC		1,996,952		6,614,046
Unilever PLC		707,972		38,041,385
United Utilities Group PLC		138,593		1,777,254
Vodafone Group PLC		6,764,252		6,434,560
Whitbread PLC		45,146		2,028,008
Wise PLC, Class A^(a)		172,295		1,718,448
WPP PLC		362,088		3,953,541


				664,486,578

United States — 61.6%
3M Co.		150,383		16,767,704
A O Smith Corp.		37,315		2,710,188
Abbott Laboratories		482,501		53,716,836
AbbVie Inc.		492,745		73,704,797
Accenture PLC, Class A		176,073		55,700,694
Activision Blizzard Inc.^(a)		205,927		19,101,788
Adobe Inc.^(a)		128,594		70,234,185
Advance Auto Parts Inc.		16,677		1,240,602
Advanced Micro Devices Inc.^(a)(b)		448,244		51,279,114
AECOM		35,972		3,129,564
AES Corp. (The)		195,613		4,231,109
Aflac Inc.		165,804		11,994,260
Agilent Technologies Inc.		81,887		9,971,380
Air Products and Chemicals Inc.		61,872		18,891,378
Airbnb Inc., Class A^(a)(b)		114,023		17,353,160
Akamai Technologies Inc.^(a)		43,784		4,137,588
Albemarle Corp.		32,893		6,982,526
Albertsons Companies Inc., Class A		75,902		1,649,350
Alcoa Corp.		50,778		1,837,656
Alexandria Real Estate Equities Inc.		43,422		5,457,277
Align Technology Inc.^(a)		20,894		7,895,634
Allegion PLC		27,312		3,191,680
Alliant Energy Corp.		75,549		4,060,003
Allstate Corp. (The)		73,350		8,265,078


Security	Shares		Value

United States (continued)
Ally Financial Inc.		78,583	$	2,399,925
Alnylam Pharmaceuticals Inc.^(a)		34,702		6,780,771
Alphabet Inc., Class A^(a)		1,652,662		219,341,301
Alphabet Inc., Class C, NVS^(a)		1,508,415		200,785,121
Altria Group Inc.		489,609		22,238,041
Amazon.com Inc.^(a)		2,578,459		344,688,399
Amcor PLC		435,351		4,466,701
AMERCO^(b)		23,375		1,337,284
Ameren Corp.		73,019		6,255,538
American Electric Power Co. Inc.		136,980		11,607,685
American Express Co.		176,954		29,883,991
American Financial Group Inc./OH		22,758		2,767,600
American Homes 4 Rent, Class A		84,874		3,181,077
American International Group Inc.		200,974		12,114,713
American Tower Corp.		130,751		24,883,223
American Water Works Co. Inc.		53,031		7,818,360
Ameriprise Financial Inc.		29,808		10,386,598
AmerisourceBergen Corp.		47,723		8,919,429
AMETEK Inc.		62,557		9,921,540
Amgen Inc.		148,346		34,735,216
Amphenol Corp., Class A		163,355		14,425,880
Analog Devices Inc.		140,657		28,065,291
Annaly Capital Management Inc.		137,473		2,761,833
Ansys Inc.^(a)		24,555		8,400,265
Aon PLC, Class A		57,215		18,222,977
APA Corp.		86,485		3,501,778
Apollo Global Management Inc.		113,916		9,308,076
Apple Inc.		4,420,568		868,420,584
Applied Materials Inc.		236,357		35,829,358
Aptiv PLC^(a)		74,958		8,207,151
Aramark		65,365		2,638,785
Arch Capital Group Ltd.^(a)		108,634		8,439,775
Archer-Daniels-Midland Co.		153,521		13,043,144
Ares Management Corp., Class A		46,736		4,637,146
Arista Networks Inc.^(a)		73,107		11,338,165
Arrow Electronics Inc.^(a)		20,228		2,883,299
Arthur J Gallagher & Co.		61,125		13,129,650
Aspen Technology Inc.^(a)		7,629		1,361,776
Assurant Inc.		14,406		1,937,751
AT&T Inc.		1,969,214		28,592,987
Atlassian Corp., NVS^(a)		41,638		7,575,618
Atmos Energy Corp.		38,956		4,741,335
Autodesk Inc.^(a)		59,865		12,690,781
Automatic Data Processing Inc.		114,579		28,330,804
AutoZone Inc.^(a)		5,220		12,954,578
AvalonBay Communities Inc.		38,808		7,321,129
Avantor Inc.^(a)		175,913		3,618,530
Avery Dennison Corp.		21,007		3,865,498
Axon Enterprise Inc.^(a)		19,614		3,646,831
Baker Hughes Co., Class A		280,930		10,054,485
Ball Corp.		90,973		5,339,205
Bank of America Corp.		2,002,824		64,090,368
Bank of New York Mellon Corp. (The)		226,009		10,251,768
Bath & Body Works Inc.		61,494		2,278,968
Baxter International Inc.		138,149		6,248,479
Becton Dickinson and Co.		79,023		22,017,388
Bentley Systems Inc., Class B		61,451		3,310,980
Berkshire Hathaway Inc., Class B^(a)		361,255		127,147,310
Best Buy Co. Inc.		55,700		4,625,885
Bill.com Holdings Inc.^(a)		25,767		3,229,636


Security	Shares		Value

United States (continued)
Biogen Inc.^(a)		39,816	$	10,757,885
BioMarin Pharmaceutical Inc.^(a)		52,634		4,628,108
Bio-Rad Laboratories Inc., Class A^(a)		6,716		2,722,398
Bio-Techne Corp.		42,901		3,577,943
Black Knight Inc.^(a)		43,010		3,024,463
BlackRock Inc.^(f)		41,748		30,845,510
Blackstone Inc., NVS		196,737		20,616,070
Block Inc.^(a)		150,687		12,134,824
Boeing Co. (The)^(a)		158,563		37,872,773
Booking Holdings Inc.^(a)		10,522		31,258,758
Booz Allen Hamilton Holding Corp., Class A		39,716		4,808,813
BorgWarner Inc.		68,732		3,196,038
Boston Properties Inc.		42,940		2,861,092
Boston Scientific Corp.^(a)		397,520		20,611,412
Bristol-Myers Squibb Co.		583,977		36,317,530
Broadcom Inc.		116,663		104,839,205
Broadridge Financial Solutions Inc.		34,593		5,808,857
Brown & Brown Inc.		70,299		4,952,565
Brown-Forman Corp., Class B		89,531		6,320,889
Builders FirstSource Inc.^(a)		38,640		5,580,775
Bunge Ltd.		38,757		4,211,723
Burlington Stores Inc.^(a)		18,698		3,321,139
Cadence Design Systems Inc.^(a)		76,302		17,855,431
Caesars Entertainment Inc.^(a)		58,946		3,478,993
Camden Property Trust		27,688		3,020,484
Campbell Soup Co.		58,367		2,674,376
Capital One Financial Corp.		106,323		12,441,917
Cardinal Health Inc.		76,232		6,972,941
Carlisle Companies Inc.		14,498		4,018,846
Carlyle Group Inc. (The)		56,150		2,001,747
CarMax Inc.^(a)(b)		46,298		3,824,678
Carnival Corp.^(a)(b)		273,264		5,148,294
Carrier Global Corp.		235,255		14,009,435
Catalent Inc.^(a)(b)		49,524		2,402,904
Caterpillar Inc.		144,256		38,252,363
Cboe Global Markets Inc.		29,452		4,113,855
CBRE Group Inc., Class A^(a)		87,788		7,313,618
CDW Corp./DE		38,259		7,157,111
Celanese Corp., Class A		31,639		3,967,214
Centene Corp.^(a)		155,817		10,609,580
CenterPoint Energy Inc.		188,789		5,680,661
Ceridian HCM Holding Inc.^(a)		40,546		2,871,062
CF Industries Holdings Inc.		54,630		4,484,030
CH Robinson Worldwide Inc.^(b)		34,556		3,461,820
Charles River Laboratories International Inc.^(a)		13,225		2,771,166
Charles Schwab Corp. (The)		419,654		27,739,129
Charter Communications Inc., Class A^(a)(b)		27,021		10,948,639
Cheniere Energy Inc.		68,337		11,061,027
Chesapeake Energy Corp.		31,805		2,682,434
Chevron Corp.		500,155		81,855,367
Chewy Inc., Class A^(a)(b)		28,113		953,031
Chipotle Mexican Grill Inc., Class A^(a)		7,737		15,182,160
Chubb Ltd.		115,742		23,658,822
Church & Dwight Co. Inc.		71,797		6,868,819
Cigna Group (The)		82,858		24,451,396
Cincinnati Financial Corp.		43,024		4,628,522
Cintas Corp.		26,300		13,203,652
Cisco Systems Inc.		1,150,034		59,847,769
Citigroup Inc.		541,890		25,826,477
Citizens Financial Group Inc.		139,899		4,513,142


Security	Shares		Value

United States (continued)
Clarivate PLC^(a)(b)		105,136	$	999,843
Cleveland-Cliffs Inc.^(a)		144,433		2,549,242
Clorox Co. (The)		34,888		5,284,834
Cloudflare Inc., Class A^(a)(b)		76,089		5,232,641
CME Group Inc.		99,960		19,888,042
CMS Energy Corp.		82,278		5,024,717
Coca-Cola Co. (The)		1,145,649		70,950,043
Cognex Corp.		51,992		2,839,803
Cognizant Technology Solutions Corp., Class A		146,881		9,698,552
Coinbase Global Inc., Class A^(a)(b)		45,972		4,533,299
Colgate-Palmolive Co.		217,990		16,623,917
Comcast Corp., Class A		1,168,876		52,903,328
Conagra Brands Inc.		143,179		4,697,703
ConocoPhillips		337,726		39,757,105
Consolidated Edison Inc.		93,923		8,909,536
Constellation Brands Inc., Class A		45,599		12,439,407
Constellation Energy Corp.		93,606		9,047,020
Cooper Companies Inc. (The)		12,777		4,999,129
Copart Inc.^(a)		118,364		10,462,194
Corning Inc.		218,296		7,408,966
Corteva Inc.		201,142		11,350,443
CoStar Group Inc.^(a)(b)		112,140		9,416,396
Costco Wholesale Corp.		123,695		69,352,076
Coterra Energy Inc.		218,435		6,015,700
Crowdstrike Holdings Inc., Class A^(a)		62,203		10,055,737
Crown Castle Inc.		119,781		12,971,084
Crown Holdings Inc.		31,767		2,946,707
CSX Corp.		565,167		18,831,364
Cummins Inc.		40,451		10,549,621
CVS Health Corp.		355,720		26,568,727
Danaher Corp.		192,897		49,200,309
Darden Restaurants Inc.		36,263		6,125,546
Darling Ingredients Inc.^(a)		42,251		2,925,882
Datadog Inc., Class A^(a)		69,569		8,120,094
DaVita Inc.^(a)		16,282		1,660,601
Deckers Outdoor Corp.^(a)		7,040		3,827,578
Deere & Co.		78,389		33,675,914
Dell Technologies Inc., Class C		70,590		3,735,623
Delta Air Lines Inc.		45,050		2,084,013
DENTSPLY SIRONA Inc.		64,648		2,684,185
Devon Energy Corp.		174,237		9,408,798
Dexcom Inc.^(a)		107,728		13,418,600
Diamondback Energy Inc.		44,423		6,544,396
Dick’s Sporting Goods Inc.		17,309		2,440,569
Digital Realty Trust Inc.		80,956		10,088,737
Discover Financial Services		74,393		7,852,181
DocuSign Inc., Class A^(a)		56,524		3,042,122
Dollar General Corp.		61,616		10,404,478
Dollar Tree Inc.^(a)		62,100		9,583,893
Dominion Energy Inc.		227,966		12,207,579
Domino’s Pizza Inc.		9,859		3,911,460
DoorDash Inc., Class A^(a)		69,892		6,345,495
Dover Corp.		41,756		6,095,123
Dow Inc.		200,001		11,294,056
DR Horton Inc.		89,424		11,358,636
Dropbox Inc., Class A^(a)(b)		88,152		2,375,696
DTE Energy Co.		55,412		6,333,592
Duke Energy Corp.		206,048		19,290,214
DuPont de Nemours Inc.		130,039		10,094,928
Dynatrace Inc.^(a)		58,629		3,206,420


Security	Shares		Value

United States (continued)
Eastman Chemical Co.		30,848	$	2,639,972
Eaton Corp. PLC		110,851		22,759,927
eBay Inc.		143,336		6,379,885
Ecolab Inc.		71,406		13,077,295
Edison International		104,319		7,506,795
Edwards Lifesciences Corp.^(a)		170,111		13,961,010
Electronic Arts Inc.		77,341		10,545,445
Elevance Health Inc.		66,064		31,157,764
Eli Lilly & Co.		226,516		102,962,848
Emerson Electric Co.		156,602		14,305,593
Enphase Energy Inc.^(a)		38,115		5,787,000
Entegris Inc.^(b)		42,326		4,643,585
Entergy Corp.		56,796		5,832,949
EOG Resources Inc.		163,480		21,666,004
EPAM Systems Inc.^(a)		16,110		3,815,009
EQT Corp.		100,355		4,232,974
Equifax Inc.		36,398		7,428,104
Equinix Inc.		25,804		20,899,176
Equitable Holdings Inc.		108,637		3,116,796
Equity LifeStyle Properties Inc.		40,457		2,879,729
Equity Residential		101,067		6,664,358
Erie Indemnity Co., Class A, NVS		9,142		2,029,158
Essential Utilities Inc.		68,313		2,888,957
Essex Property Trust Inc.		18,934		4,611,376
Estee Lauder Companies Inc. (The), Class A		63,524		11,434,320
Etsy Inc.^(a)		35,003		3,558,055
Everest Group Ltd.		12,400		4,470,324
Evergy Inc.		64,940		3,894,452
Eversource Energy		91,631		6,627,670
Exact Sciences Corp.^(a)(b)		49,898		4,867,051
Exelon Corp.		273,582		11,452,142
Expedia Group Inc.^(a)		40,474		4,959,279
Expeditors International of Washington Inc.		42,897		5,460,788
Extra Space Storage Inc.		58,960		8,229,047
Exxon Mobil Corp.		1,129,469		121,124,256
F5 Inc.^(a)		17,761		2,810,501
FactSet Research Systems Inc.		11,253		4,895,505
Fair Isaac Corp.^(a)		7,350		6,159,079
Fastenal Co.		162,946		9,550,265
FedEx Corp.		66,441		17,935,748
Ferguson PLC		58,716		9,489,680
Fidelity National Financial Inc.		78,594		3,078,527
Fidelity National Information Services Inc.		166,431		10,049,104
Fifth Third Bancorp		195,332		5,684,161
First Citizens BancShares Inc./NC, Class A		3,070		4,394,091
First Horizon Corp.		143,444		1,955,142
First Solar Inc.^(a)		28,690		5,950,306
FirstEnergy Corp.		151,097		5,951,711
Fiserv Inc.^(a)		174,923		22,077,032
FleetCor Technologies Inc.^(a)		20,116		5,007,074
FMC Corp.		37,559		3,614,303
Ford Motor Co.		1,087,776		14,369,521
Fortinet Inc.^(a)		185,987		14,454,910
Fortive Corp.		92,934		7,281,379
Fortune Brands Home & Security Inc., NVS		32,707		2,324,486
Fox Corp., Class A, NVS		106,763		3,571,222
Franklin Resources Inc.		85,333		2,495,137
Freeport-McMoRan Inc.		395,865		17,675,372
Gaming and Leisure Properties Inc.		69,391		3,293,297
Garmin Ltd.		39,880		4,222,893


Security	Shares		Value

United States (continued)
Gartner Inc.^(a)		22,217	$	7,855,709
GE Healthcare Inc., NVS^(a)		111,539		8,700,042
Gen Digital Inc.		169,531		3,297,378
Generac Holdings Inc.^(a)(b)		17,845		2,742,776
General Dynamics Corp.		64,696		14,464,732
General Electric Co.		303,543		34,676,752
General Mills Inc.		163,670		12,232,696
General Motors Co.		385,499		14,791,597
Genuine Parts Co.		41,176		6,411,927
Gilead Sciences Inc.		348,145		26,507,760
Global Payments Inc.		74,164		8,176,581
Globe Life Inc.		25,798		2,893,762
GoDaddy Inc., Class A^(a)		41,752		3,218,662
Goldman Sachs Group Inc. (The)		93,595		33,307,653
Graco Inc.		47,116		3,737,712
Halliburton Co.		254,503		9,945,977
Hartford Financial Services Group Inc. (The)		95,914		6,894,298
Hasbro Inc.		36,825		2,377,422
HCA Healthcare Inc.		58,444		15,944,108
Healthcare Realty Trust Inc., Class A		103,367		2,018,757
Healthpeak Properties Inc.		160,592		3,505,723
HEICO Corp.		13,594		2,392,272
HEICO Corp., Class A		17,405		2,442,792
Henry Schein Inc.^(a)(b)		38,742		3,052,482
Hershey Co. (The)		40,680		9,409,691
Hess Corp.		75,384		11,438,014
Hewlett Packard Enterprise Co.		373,515		6,491,691
HF Sinclair Corp.		42,500		2,213,825
Hilton Worldwide Holdings Inc.		74,809		11,632,051
Hologic Inc.^(a)		67,863		5,389,679
Home Depot Inc. (The)		281,844		94,090,801
Honeywell International Inc.		185,891		36,087,020
Horizon Therapeutics PLC^(a)		59,540		5,970,076
Hormel Foods Corp.		85,620		3,500,146
Host Hotels & Resorts Inc.		204,455		3,761,972
Howmet Aerospace Inc.		115,266		5,894,703
HP Inc.		265,461		8,715,085
Hubbell Inc., Class B		15,402		4,805,424
HubSpot Inc.^(a)		13,204		7,665,582
Humana Inc.		35,211		16,085,441
Huntington Bancshares Inc./OH		421,970		5,164,913
Huntington Ingalls Industries Inc.		12,359		2,838,492
Hyatt Hotels Corp., Class A		11,344		1,433,314
IDEX Corp.		22,380		5,053,628
IDEXX Laboratories Inc.^(a)		23,400		12,980,682
Illinois Tool Works Inc.		86,910		22,885,141
Illumina Inc.^(a)		43,640		8,385,426
Incyte Corp.^(a)		53,523		3,410,486
Ingersoll Rand Inc.		108,219		7,063,454
Insulet Corp.^(a)		19,205		5,314,984
Intel Corp.		1,158,462		41,438,186
Intercontinental Exchange Inc.		155,578		17,860,354
International Business Machines Corp.		252,073		36,343,885
International Flavors & Fragrances Inc.		69,705		5,897,740
International Paper Co.		91,415		3,296,425
Interpublic Group of Companies Inc. (The)		105,598		3,614,620
Intuit Inc.		78,088		39,957,630
Intuitive Surgical Inc.^(a)		97,736		31,705,558
Invesco Ltd.		99,646		1,674,053
Invitation Homes Inc.		179,060		6,356,630


Security	Shares		Value

United States (continued)
IQVIA Holdings Inc.^(a)		52,836	$	11,822,583
Iron Mountain Inc.		82,328		5,054,939
Jack Henry & Associates Inc.		20,393		3,417,255
Jacobs Solutions Inc., NVS		35,716		4,479,144
Jazz Pharmaceuticals PLC^(a)		18,745		2,444,723
JB Hunt Transport Services Inc.		23,402		4,772,604
JM Smucker Co. (The)		29,381		4,426,248
Johnson & Johnson		725,621		121,563,286
Johnson Controls International PLC		190,993		13,283,563
JPMorgan Chase & Co.		819,058		129,378,402
Juniper Networks Inc.		91,985		2,557,183
Kellogg Co.		74,853		5,006,917
Keurig Dr Pepper Inc.		241,589		8,216,442
KeyCorp		263,414		3,242,626
Keysight Technologies Inc.^(a)		50,711		8,168,528
Kimberly-Clark Corp.		93,404		12,058,456
Kimco Realty Corp.		166,523		3,373,756
Kinder Morgan Inc.		613,472		10,864,589
KKR & Co. Inc.		165,377		9,820,086
KLA Corp.		38,499		19,786,561
Knight-Swift Transportation Holdings Inc.		45,098		2,739,703
Kraft Heinz Co. (The)		216,022		7,815,676
Kroger Co. (The)		191,583		9,318,597
L3Harris Technologies Inc.		53,095		10,060,972
Laboratory Corp. of America Holdings		23,061		4,933,440
Lam Research Corp.		37,724		27,104,317
Lamb Weston Holdings Inc.		41,423		4,292,665
Las Vegas Sands Corp.^(a)		94,306		5,640,442
Lattice Semiconductor Corp.^(a)		37,743		3,432,348
Lear Corp.		14,355		2,221,580
Leidos Holdings Inc.		38,278		3,580,141
Lennar Corp., Class A		74,420		9,438,689
Lennox International Inc.		9,718		3,570,782
Liberty Broadband Corp., Class C ^(a)		30,728		2,738,787
Liberty Global PLC, Class A^(a)		41,981		779,587
Liberty Global PLC, Class C, NVS^(a)		82,719		1,634,527
Liberty Media Corp.-Liberty Formula One, Class C, NVS^(a)		58,759		4,265,903
Liberty Media Corp.-Liberty SiriusXM, Class C, NVS^(a)		39,932		1,271,036
Linde PLC		137,656		53,778,069
Live Nation Entertainment Inc.^(a)		47,260		4,147,065
LKQ Corp.		80,184		4,393,281
Lockheed Martin Corp.		63,933		28,537,773
Loews Corp.		46,949		2,941,355
Lowe’s Companies Inc.		165,894		38,863,987
LPL Financial Holdings Inc.		21,090		4,837,202
Lucid Group Inc.^(a)(b)		228,119		1,735,986
Lululemon Athletica Inc.^(a)		32,067		12,138,321
LyondellBasell Industries NV, Class A		75,118		7,426,165
M&T Bank Corp.		47,544		6,649,504
Marathon Oil Corp.		181,824		4,776,516
Marathon Petroleum Corp.		124,485		16,558,995
Markel Group Inc.^(a)(b)		3,517		5,098,630
MarketAxess Holdings Inc.		10,967		2,952,536
Marriott International Inc./MD, Class A		73,162		14,764,823
Marsh & McLennan Companies Inc.		138,008		26,003,467
Martin Marietta Materials Inc.		17,178		7,669,290
Marvell Technology Inc.		239,432		15,594,206
Masco Corp.		65,876		3,997,356


Security	Shares		Value

United States (continued)
Masimo Corp.^(a)		13,399	$	1,638,698
Mastercard Inc., Class A		236,501		93,247,614
Match Group Inc.^(a)		73,383		3,413,043
McCormick & Co. Inc./MD, NVS		71,789		6,423,680
McDonald’s Corp.		203,017		59,524,584
McKesson Corp.		39,365		15,840,476
Medtronic PLC		367,074		32,214,414
MercadoLibre Inc.^(a)(b)		12,573		15,566,003
Merck & Co. Inc.		709,889		75,709,662
Meta Platforms Inc, Class A^(a)		618,931		197,191,417
MetLife Inc.		184,446		11,614,565
Mettler-Toledo International Inc.^(a)		6,359		7,996,252
MGM Resorts International		89,741		4,556,151
Microchip Technology Inc.		150,819		14,167,937
Micron Technology Inc.		303,833		21,690,638
Microsoft Corp.		1,974,416		663,245,823
Mid-America Apartment Communities Inc.		33,893		5,072,426
Moderna Inc.^(a)		93,433		10,993,327
Mohawk Industries Inc.^(a)		15,237		1,620,303
Molina Healthcare Inc.^(a)		16,328		4,971,713
Molson Coors Beverage Co., Class B		55,528		3,874,189
Mondelez International Inc., Class A		380,068		28,174,441
MongoDB Inc.^(a)		19,683		8,333,782
Monolithic Power Systems Inc.		12,435		6,957,258
Monster Beverage Corp.^(a)		219,189		12,601,176
Moody’s Corp.		46,549		16,420,160
Morgan Stanley		350,950		32,132,982
Mosaic Co. (The)		92,516		3,770,952
Motorola Solutions Inc.		47,500		13,614,925
MSCI Inc., Class A		22,800		12,496,224
Nasdaq Inc.		99,658		5,031,732
NetApp Inc.		67,318		5,251,477
Netflix Inc.^(a)		124,312		54,569,239
Neurocrine Biosciences Inc.^(a)		26,499		2,699,983
Newmont Corp.		218,229		9,366,389
News Corp., Class A, NVS		115,802		2,295,196
NextEra Energy Inc.		561,002		41,121,447
Nike Inc., Class B		343,587		37,928,569
NiSource Inc.		116,141		3,233,365
Nordson Corp.		14,572		3,666,461
Norfolk Southern Corp.		62,510		14,601,711
Northern Trust Corp.		57,704		4,623,244
Northrop Grumman Corp.		40,593		18,063,885
Novocure Ltd.^(a)(b)		27,296		890,941
NRG Energy Inc.		71,033		2,698,544
Nucor Corp.		70,734		12,172,614
Nvidia Corp.		689,917		322,391,315
NVR Inc.^(a)		814		5,133,442
NXP Semiconductors NV		72,649		16,199,274
Occidental Petroleum Corp.		201,064		12,693,170
Okta Inc.^(a)		43,541		3,346,561
Old Dominion Freight Line Inc.		28,474		11,944,558
Omnicom Group Inc.		59,463		5,031,759
ON Semiconductor Corp.^(a)		122,651		13,215,645
ONEOK Inc.		127,119		8,522,058
Oracle Corp.		451,750		52,958,652
O’Reilly Automotive Inc.^(a)		17,383		16,093,008
Otis Worldwide Corp.		115,297		10,487,415
Ovintiv Inc.		63,822		2,941,556
Owens Corning		24,724		3,461,113


Security	Shares		Value

United States (continued)
PACCAR Inc.		147,881	$	12,736,991
Packaging Corp. of America		24,028		3,684,694
Palantir Technologies Inc., Class A^(a)		499,638		9,912,818
Palo Alto Networks Inc.^(a)		84,286		21,068,129
Paramount Global, Class B, NVS		140,020		2,244,521
Parker-Hannifin Corp.		35,051		14,371,260
Paychex Inc.		92,257		11,575,486
Paycom Software Inc.		14,501		5,347,389
Paylocity Holding Corp.^(a)		12,995		2,947,916
PayPal Holdings Inc.^(a)		295,724		22,421,794
Pentair PLC		52,954		3,680,303
PepsiCo Inc.		384,192		72,020,632
Pfizer Inc.		1,570,772		56,642,038
PG&E Corp.^(a)		494,077		8,700,696
Philip Morris International Inc.		432,294		43,108,358
Phillips 66		129,532		14,449,295
Pinterest Inc., Class A^(a)		163,088		4,727,921
Pioneer Natural Resources Co.		63,862		14,411,738
PNC Financial Services Group Inc. (The)		112,808		15,442,287
Pool Corp.		10,647		4,096,327
PPG Industries Inc.		66,831		9,616,981
PPL Corp.		202,417		5,572,540
Principal Financial Group Inc.		69,722		5,568,696
Procter & Gamble Co. (The)		657,968		102,840,398
Progressive Corp. (The)		161,915		20,398,052
Prologis Inc.		254,895		31,798,151
Prudential Financial Inc.		106,316		10,258,431
PTC Inc.^(a)		32,523		4,742,179
Public Service Enterprise Group Inc.		142,666		9,005,078
Public Storage		44,212		12,456,731
PulteGroup Inc.		66,717		5,630,248
Qorvo Inc.^(a)		29,845		3,283,547
Qualcomm Inc.		307,851		40,688,667
Quanta Services Inc.^(b)		40,635		8,192,829
Quest Diagnostics Inc.		31,513		4,260,873
Raymond James Financial Inc.		58,717		6,462,980
Realty Income Corp.		175,428		10,695,845
Regency Centers Corp.		36,488		2,391,059
Regeneron Pharmaceuticals Inc.^(a)		29,806		22,113,369
Regions Financial Corp.		275,216		5,606,150
Reliance Steel & Aluminum Co.		16,078		4,708,603
Repligen Corp.^(a)		16,119		2,765,376
Republic Services Inc., Class A		63,008		9,521,139
ResMed Inc.		41,446		9,215,518
Revvity Inc.		35,700		4,389,315
Rivian Automotive Inc., Class A^(a)(b)		177,199		4,897,780
Robert Half Inc.		31,425		2,330,164
ROBLOX Corp., Class A^(a)		117,035		4,593,624
Rockwell Automation Inc.		31,971		10,751,528
Roku Inc.^(a)(b)		33,489		3,223,986
Rollins Inc.		73,991		3,021,053
Roper Technologies Inc.		29,683		14,635,203
Ross Stores Inc.		95,909		10,995,008
Royal Caribbean Cruises Ltd.^(a)		63,896		6,971,693
Royalty Pharma PLC, Class A		97,166		3,049,069
RPM International Inc.		35,367		3,653,765
RTX Corp.		405,498		35,655,439
S&P Global Inc.		91,634		36,150,529
Salesforce Inc.^(a)		277,959		62,543,555
SBA Communications Corp., Class A		29,452		6,448,515


Security	Shares		Value

United States (continued)
Schlumberger NV		396,341	$	23,122,534
Seagate Technology Holdings PLC		54,778		3,478,403
Seagen Inc.^(a)		39,567		7,588,159
Sealed Air Corp.		40,683		1,855,958
SEI Investments Co.		41,497		2,613,896
Sempra Energy		85,693		12,769,971
Sensata Technologies Holding PLC		39,266		1,658,988
ServiceNow Inc.^(a)		56,642		33,022,286
Sherwin-Williams Co. (The)		68,249		18,870,848
Simon Property Group Inc.		88,245		10,995,327
Sirius XM Holdings Inc.^(b)		229,223		1,169,037
Skyworks Solutions Inc.		46,727		5,344,167
Snap Inc., Class A, NVS^(a)		293,874		3,338,409
Snap-on Inc.		13,811		3,762,669
Snowflake Inc., Class A^(a)		72,437		12,872,779
SolarEdge Technologies Inc.^(a)(b)		15,204		3,671,158
Southern Co. (The)		306,888		22,200,278
Southwest Airlines Co.		41,428		1,415,180
Splunk Inc.^(a)(b)		45,645		4,944,723
SS&C Technologies Holdings Inc.		63,058		3,673,128
Stanley Black & Decker Inc.		41,504		4,120,102
Starbucks Corp.		319,014		32,402,252
State Street Corp.		95,902		6,947,141
Steel Dynamics Inc.^(b)		47,038		5,013,310
STERIS PLC		28,055		6,327,805
Stryker Corp.		95,438		27,048,084
Sun Communities Inc.		36,981		4,818,624
Synchrony Financial		125,165		4,323,199
Synopsys Inc.^(a)		42,957		19,407,973
Sysco Corp.		138,179		10,544,439
T Rowe Price Group Inc.		63,943		7,881,614
Take-Two Interactive Software Inc.^(a)		47,268		7,229,168
Targa Resources Corp.		59,386		4,869,058
Target Corp.		128,588		17,548,404
TE Connectivity Ltd.		89,986		12,912,091
Teledyne Technologies Inc.^(a)		12,300		4,729,719
Teleflex Inc.		12,431		3,122,294
Teradyne Inc.^(b)		44,300		5,003,242
Tesla Inc.^(a)		797,006		213,143,315
Texas Instruments Inc.		251,387		45,249,660
Texas Pacific Land Corp.		1,761		2,652,594
Textron Inc.		61,739		4,801,442
Thermo Fisher Scientific Inc.		107,869		59,183,406
TJX Companies Inc. (The)		320,964		27,773,015
T-Mobile U.S. Inc.^(a)		168,205		23,173,603
Toast Inc., Class A^(a)(b)		88,480		1,952,754
Toro Co. (The)		29,465		2,995,117
Tractor Supply Co.		31,311		7,013,351
Trade Desk Inc. (The), Class A^(a)(b)		122,843		11,210,652
Tradeweb Markets Inc., Class A		30,974		2,533,363
Trane Technologies PLC		62,965		12,557,740
TransDigm Group Inc.		15,239		13,710,833
TransUnion		54,898		4,374,822
Travelers Companies Inc. (The)		63,796		11,011,828
Trimble Inc.^(a)		75,705		4,072,929
Truist Financial Corp.		372,546		12,375,978
Twilio Inc., Class A^(a)		49,409		3,262,476
Tyler Technologies Inc.^(a)		11,617		4,607,651
Tyson Foods Inc., Class A		80,531		4,487,187
U.S. Bancorp		418,220		16,594,970


Security	Shares		Value

United States (continued)
Uber Technologies Inc.^(a)		506,224	$	25,037,839
UDR Inc.		85,631		3,500,595
UGI Corp.		58,060		1,567,039
UiPath Inc., Class A^(a)(b)		91,013		1,645,515
Ulta Beauty Inc.^(a)		13,950		6,204,960
Union Pacific Corp.		170,064		39,458,249
United Parcel Service Inc., Class B		200,890		37,592,546
United Rentals Inc.		19,699		9,153,731
United Therapeutics Corp.^(a)		12,516		3,037,884
UnitedHealth Group Inc.		259,880		131,595,436
Unity Software Inc.^(a)(b)		69,057		3,165,573
Universal Health Services Inc., Class B		18,137		2,520,318
Vail Resorts Inc.		12,130		2,856,494
Valero Energy Corp.		102,747		13,245,116
Veeva Systems Inc., Class A^(a)		41,496		8,474,313
Ventas Inc.		107,171		5,199,937
VeriSign Inc.^(a)		26,107		5,507,272
Verisk Analytics Inc., Class A		41,063		9,400,963
Verizon Communications Inc.		1,159,011		39,499,095
Vertex Pharmaceuticals Inc.^(a)		71,820		25,305,059
VF Corp.		84,817		1,680,225
Viatris Inc.		336,407		3,542,366
VICI Properties Inc., Class A		268,591		8,455,245
Visa Inc., Class A		451,355		107,300,624
Vistra Corp.		104,699		2,937,854
VMware Inc., Class A^(a)		64,906		10,231,133
Vulcan Materials Co.		37,573		8,284,846
W R Berkley Corp.		59,923		3,696,650
Walgreens Boots Alliance Inc.		208,971		6,262,861
Walmart Inc.		414,458		66,255,256
Walt Disney Co. (The)^(a)		510,330		45,363,234
Warner Bros. Discovery Inc.^(a)(b)		644,989		8,430,006
Waste Management Inc.		113,944		18,662,888
Waters Corp.^(a)		16,194		4,472,945
Watsco Inc.		9,106		3,443,798
Webster Financial Corp.		48,243		2,282,859
WEC Energy Group Inc.		89,540		8,046,064
Wells Fargo & Co.		1,049,670		48,452,767
Welltower Inc.		135,838		11,159,092
West Pharmaceutical Services Inc.		21,147		7,782,942
Western Digital Corp.^(a)		84,819		3,609,897
Westinghouse Air Brake Technologies Corp.		49,484		5,860,885
Westlake Corp.		9,363		1,287,412
Westrock Co.		76,972		2,562,398
Weyerhaeuser Co.		203,493		6,930,972
Whirlpool Corp.		16,647		2,401,496
Williams Companies Inc. (The)		332,081		11,440,190
Willis Towers Watson PLC		29,005		6,129,627
Wolfspeed Inc.^(a)(b)		35,067		2,310,915
Workday Inc., Class A^(a)		56,662		13,436,260
WP Carey Inc.		64,078		4,327,187
WW Grainger Inc.		13,138		9,702,282
Wynn Resorts Ltd.		30,353		3,307,870
Xcel Energy Inc.		147,296		9,239,878
Xylem Inc./NY		66,175		7,461,231
Yum! Brands Inc.		76,005		10,463,608
Zebra Technologies Corp., Class A^(a)		14,654		4,512,846
Zillow Group Inc., Class C ^(a)		42,948		2,326,064
Zimmer Biomet Holdings Inc.		56,879		7,857,834
Zoetis Inc.		130,548		24,554,773


Security	Shares		Value

United States (continued)
Zoom Video Communications Inc., Class A^(a)		63,142	$	4,631,466
ZoomInfo Technologies Inc., Class A^(a)		78,167		1,998,730
Zscaler Inc.^(a)		23,963		3,843,186


				11,360,051,504


Total Common Stocks — 99.2% (Cost: $15,151,054,154)				18,282,799,403


Preferred Stocks

Brazil — 0.2%
Banco Bradesco SA, Preference Shares, NVS		1,752,155		6,173,069
Cia. Energetica de Minas Gerais, Preference Shares, NVS		506,421		1,356,882
Gerdau SA, Preference Shares, NVS		304,890		1,885,918
Itau Unibanco Holding SA, Preference Shares, NVS		1,264,621		7,659,264
Itausa SA, Preference Shares, NVS		1,521,586		3,159,815
Petroleo Brasileiro SA, Preference Shares, NVS		1,651,943		10,867,977


				31,102,925
Chile — 0.0%
Sociedad Quimica y Minera de Chile SA, Class B, Preference Shares		41,563		3,047,575


Colombia — 0.0%
Bancolombia SA, Preference Shares, NVS		177,201		1,353,073


Germany — 0.1%
Bayerische Motoren Werke AG, Preference Shares, NVS		18,328		2,059,170
Dr Ing hc F Porsche AG, Preference Shares, NVS^(c)		31,290		3,826,224
Henkel AG & Co. KGaA, Preference Shares, NVS		47,538		3,668,333
Porsche Automobil Holding SE, Preference Shares, NVS		44,832		2,645,352
Sartorius AG, Preference Shares, NVS		7,800		3,218,119
Volkswagen AG, Preference Shares, NVS		64,778		8,581,503


				23,998,701

Russia — 0.0%
Surgutneftegas PJSC, Preference Shares, NVS^(d)		1,929,900		210


South Korea — 0.1%
Samsung Electronics Co. Ltd., Preference Shares, NVS		235,428		10,603,854


Total Preferred Stocks — 0.4% (Cost: $58,801,279)				70,106,338


Total Long-Term Investments — 99.6% (Cost: $15,209,855,433)				18,352,905,741


Short-Term Securities

Money Market Funds — 1.4%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.42%^(f)(g)(h)		237,007,937		237,079,040


Security	Shares		Value

Money Market Funds (continued)
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.22%^(f)(g)		32,270,000	$	32,270,000


Total Short-Term Securities — 1.4% (Cost: $269,228,177)				269,349,040


Total Investments — 101.0% (Cost: $15,479,083,610)				18,622,254,781

Liabilities in Excess of Other Assets — (1.0)%				(193,124,386	)


Net Assets — 100.0%			$	18,429,130,395

^(a)	Non-income producing security.

^(b)	All or a portion of this security is on loan.

^(c)	Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

^(d)	Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

^(e)	This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933.

^(f)	Affiliate of the Fund.

^(g)	Annualized 7-day yield as of period end.

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

For the period ended July 31, 2023, the effect of derivative financial instruments in the Statements of Operations was as follows:

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


Security	Shares		Value

Common Stocks

Australia — 1.7%
Aristocrat Leisure Ltd.		13,431	$	355,723
ASX Ltd.		3,441		143,760
Australia & New Zealand Banking Group Ltd.		34,766		603,161
Brambles Ltd.		73,371		694,146
Cochlear Ltd.		1,110		178,568
Coles Group Ltd.		6,771		82,800
Commonwealth Bank of Australia		22,422		1,595,298
Computershare Ltd.		26,307		443,674
CSL Ltd.		7,326		1,319,531
Dexus		74,370		411,622
Endeavour Group Ltd./Australia		16,983		69,415
Goodman Group		32,967		455,840
GPT Group (The)		43,068		125,882
IDP Education Ltd.		4,218		70,687
IGO Ltd.		64,269		600,546
Insurance Australia Group Ltd.		55,500		221,557
James Hardie Industries PLC^(a)		15,984		468,441
Lottery Corp. Ltd. (The)		64,602		224,808
Macquarie Group Ltd.		5,106		602,150
Medibank Pvt Ltd.		35,631		84,121
Mineral Resources Ltd.		14,874		718,664
Mirvac Group		68,931		108,656
National Australia Bank Ltd.		45,288		867,539
Newcrest Mining Ltd.		15,207		272,767
QBE Insurance Group Ltd.		30,303		321,724
Ramsay Health Care Ltd.		3,552		140,760
Scentre Group		97,236		183,999
Sonic Healthcare Ltd.		9,324		220,306
Stockland		77,367		219,879
Suncorp Group Ltd.		21,534		206,339
Telstra Corp. Ltd.		100,233		286,888
Transurban Group		63,381		611,946
Treasury Wine Estates Ltd.		28,860		218,432
Vicinity Ltd.		138,750		184,483
Wesfarmers Ltd.		17,427		582,273
Westpac Banking Corp.		49,839		749,123
WiseTech Global Ltd.		2,775		160,254
Woolworths Group Ltd.		14,319		371,848
Xero Ltd.^(a)		2,109		173,363


				15,350,973

Austria — 0.1%
Erste Group Bank AG		12,987		490,855
Verbund AG		4,107		340,294


			831,149

Belgium — 0.2%
Anheuser-Busch InBev SA/NV		21,201		1,212,817
Argenx SE^(a)		222		111,808
D’ieteren Group		444		77,543
Elia Group SA/NV		2,256		277,770


				1,679,938

Brazil — 0.4%
Ambev SA		88,816		279,102
B3 SA - Brasil, Bolsa, Balcao		116,550		367,242
Banco Bradesco SA		60,456		189,854
Banco BTG Pactual SA		53,391		383,997
Banco do Brasil SA		67,488		687,760
BB Seguridade Participacoes SA		34,632		227,914
CCR SA		68,376		192,169


Security	Shares		Value

Brazil (continued)
Cia. de Saneamento Basico do Estado de Sao Paulo		10,767	$	132,289
Hapvida Participacoes e Investimentos SA^(a)(b)		40,163		40,768
Hypera SA		8,325		76,160
Localiza Rent a Car SA		14,073		200,050
Lojas Renner SA		20,313		80,543
PRIO SA^(a)		65,934		636,090
Suzano SA		14,541		147,816
Telefonica Brasil SA		17,316		154,201


				3,795,955

Canada — 3.6%
Agnico Eagle Mines Ltd.		11,211		587,735
Bank of Montreal		8,325		773,629
Bank of Nova Scotia (The)		19,203		966,958
BCE Inc.		19,980		863,050
Brookfield Asset Management Ltd.		4,308		145,315
Brookfield Renewable Corp., Class A		15,873		494,733
CAE Inc.^(a)		32,634		745,658
Cameco Corp.		11,766		413,659
Canadian Imperial Bank of Commerce		11,100		488,900
Canadian National Railway Co.		8,880		1,076,388
Canadian Pacific Kansas City Ltd.		12,210		1,004,652
CCL Industries Inc., Class B, NVS		3,441		164,972
CGI Inc.^(a)		2,109		214,315
Constellation Software Inc./Canada		555		1,172,569
Dollarama Inc.		10,323		679,980
Element Fleet Management Corp.		10,212		164,721
Fairfax Financial Holdings Ltd.		1,110		885,576
First Quantum Minerals Ltd.		29,415		872,423
Franco-Nevada Corp.		9,879		1,441,563
George Weston Ltd.		2,220		255,645
Great-West Lifeco Inc.		8,488		255,995
Hydro One Ltd.^(b)		50,061		1,412,254
Intact Financial Corp.		3,108		459,159
Loblaw Companies Ltd.		4,884		433,343
Lundin Mining Corp.		41,403		370,183
Manulife Financial Corp.		80,475		1,608,707
Metro Inc.		4,995		268,832
Northland Power Inc.		15,318		296,335
Onex Corp.		4,218		259,065
Open Text Corp.		4,440		190,711
Pan American Silver Corp.		5,772		97,699
Pembina Pipeline Corp.		80,919		2,561,990
Power Corp. of Canada		6,216		176,112
Quebecor Inc., Class B		15,096		369,544
RB Global Inc.		6,660		430,111
Restaurant Brands International Inc.		4,218		322,911
Rogers Communications Inc., Class B, NVS		6,882		301,344
Royal Bank of Canada		19,314		1,914,776
Shopify Inc., Class A^(a)		15,540		1,049,788
Sun Life Financial Inc.		6,660		350,513
TC Energy Corp.		22,089		791,663
TELUS Corp.		8,214		146,259
TFI International Inc.		1,443		185,210
Thomson Reuters Corp.		10,976		1,481,612
Toronto-Dominion Bank (The)		22,866		1,507,927
Wheaton Precious Metals Corp.		28,416		1,274,211
WSP Global Inc.		3,219		443,432


			32,372,127


Security	Shares		Value

Chile — 0.1%
Banco de Chile		1,019,535	$	113,505
Banco de Credito e Inversiones SA		3,883		116,636
Cia. Sud Americana de Vapores SA		4,432,785		335,519
Falabella SA		129,093		356,991


				922,651

China — 3.6%
Agricultural Bank of China Ltd., Class H		1,110,000		403,757
Alibaba Group Holding Ltd.^(a)		233,168		2,979,742
Alibaba Health Information Technology Ltd.^(a)(c)		42,000		30,157
ANTA Sports Products Ltd.		22,200		263,090
Asia - Potash International Investment Guangzhou Co. Ltd.^(a)		22,200		85,114
Baidu Inc.^(a)		36,140		706,565
Bank of Beijing Co. Ltd., Class A		99,900		65,293
Bank of Chengdu Co. Ltd., Class A		33,300		65,995
Bank of China Ltd., Class H		2,220,000		823,393
Bank of Communications Co. Ltd., Class A		366,300		298,524
Bank of Communications Co. Ltd., Class H		222,000		134,117
Bank of Jiangsu Co. Ltd., Class A		210,900		213,320
Bank of Shanghai Co. Ltd., Class A		233,100		201,291
Beijing Enterprises Water Group Ltd.		444,000		108,338
BOC Aviation Ltd.^(b)		11,100		93,042
BYD Co. Ltd., Class H		20,500		730,169
CGN Power Co. Ltd., Class H^(b)		1,776,000		435,903
China Cinda Asset Management Co. Ltd., Class H		2,331,000		246,009
China CITIC Bank Corp. Ltd., Class H		999,000		483,111
China Conch Venture Holdings Ltd.		333,000		417,035
China Construction Bank Corp., Class A		122,100		105,337
China Construction Bank Corp., Class H		1,554,000		905,762
China Everbright Bank Co. Ltd., Class A		532,800		232,773
China Everbright Bank Co. Ltd., Class H		336,000		100,098
China Galaxy Securities Co. Ltd., Class H		388,500		227,298
China Life Insurance Co. Ltd., Class H		222,000		389,745
China Merchants Bank Co. Ltd., Class A		44,400		221,575
China Merchants Bank Co. Ltd., Class H		55,500		275,986
China Merchants Energy Shipping Co. Ltd., Class A		166,500		148,910
China Merchants Port Holdings Co. Ltd.		222,000		305,416
China Minsheng Banking Corp. Ltd., Class A		277,560		156,126
China Minsheng Banking Corp. Ltd., Class H		1,022,500		389,741
China National Nuclear Power Co. Ltd., Class A		355,298		363,655
China Oilfield Services Ltd., Class H		444,000		524,159
China Pacific Insurance Group Co. Ltd., Class H		88,800		239,398
China Resources Beer Holdings Co. Ltd.		14,000		90,200
China Resources Land Ltd.		6,000		27,997
China Ruyi Holdings Ltd.^(a)		444,000		135,175
China Taiping Insurance Holdings Co. Ltd.		88,800		99,052
China Tower Corp. Ltd., Class H^(b)		2,220,000		250,945
China Vanke Co. Ltd., Class H		55,500		78,663
China Yangtze Power Co. Ltd., Class A		77,700		233,543
China Zheshang Bank Co. Ltd., Class A		360,750		140,448
Chongqing Rural Commercial Bank Co. Ltd., Class A		144,300		79,399
CITIC Ltd.		333,000		375,899
COSCO SHIPPING Energy Transportation Co. Ltd., Class A		177,600		364,761
COSCO SHIPPING Energy Transportation Co. Ltd., Class H		222,000		245,328
COSCO SHIPPING Holdings Co. Ltd., Class H		55,500		58,742
COSCO SHIPPING Ports Ltd.		222,000		140,263
Dong-E-E-Jiao Co. Ltd., Class A		11,100		76,045
Far East Horizon Ltd.		111,000		83,490


Security	Shares		Value

China (continued)
Focus Media Information Technology Co. Ltd., Class A		66,600	$	69,518
Ganfeng Lithium Co. Ltd., Class H^(b)		33,080		213,115
Great Wall Motor Co. Ltd., Class H		55,500		75,941
Guangzhou Tinci Materials Technology Co. Ltd., Class A		11,100		57,280
H World Group Ltd., ADR^(a)		1,998		95,984
Huaxia Bank Co. Ltd., Class A		122,100		99,138
Huizhou Desay Sv Automotive Co. Ltd., Class A		11,100		242,007
Industrial & Commercial Bank of China Ltd., Class H		999,000		487,839
Industrial Bank Co. Ltd., Class A		99,998		233,424
JD Health International Inc.^(a)(b)		27,750		202,861
Jiangsu Expressway Co. Ltd., Class H		222,000		203,580
KE Holdings Inc., ADR^(a)(c)		5,772		100,548
Kingsoft Corp. Ltd.		22,200		95,552
Kuaishou Technology^(a)(b)		22,200		194,842
Kweichow Moutai Co. Ltd., Class A		800		211,139
Li Auto Inc.^(a)		33,780		725,156
Li Ning Co. Ltd.		55,500		338,352
Meituan, Class B^(a)(b)		67,200		1,282,856
Muyuan Foods Co. Ltd., Class A		13,936		86,675
NetEase Inc.		44,400		967,046
New China Life Insurance Co. Ltd., Class H		155,400		450,665
Nongfu Spring Co. Ltd., Class H^(b)		44,400		258,871
People’s Insurance Co. Group of China Ltd. (The), Class H		999,000		384,604
PICC Property & Casualty Co. Ltd., Class H		90,000		105,563
Pinduoduo Inc., ADR^(a)		7,659		687,931
Ping An Insurance Group Co. of China Ltd., Class H		134,500		980,066
Qifu Technology Inc.		11,100		221,556
Qinghai Salt Lake Industry Co. Ltd., Class A^(a)		88,800		248,738
Shanghai Pudong Development Bank Co. Ltd., Class A		66,600		70,922
Shanghai Putailai New Energy Technology Co. Ltd., Class A		16,410		90,528
Shenzhen Capchem Technology Co. Ltd., Class A		11,100		75,799
Shenzhen International Holdings Ltd.		444,000		416,591
Shenzhou International Group Holdings Ltd.		22,200		235,649
Sichuan Chuantou Energy Co. Ltd., Class A		66,600		134,789
Sunny Optical Technology Group Co. Ltd.		11,100		108,825
Tencent Holdings Ltd.		88,800		4,081,348
Tianqi Lithium Corp., Class A		22,200		207,253
Trip.com Group Ltd.^(a)		8,910		363,909
Weihai Guangwei Composites Co. Ltd., Class A		18,180		77,260
WuXi AppTec Co. Ltd., Class H^(b)		13,100		124,613
Wuxi Biologics Cayman Inc.^(a)(b)		55,500		320,279
XPeng Inc.^(a)		17,100		182,404
Yantai Jereh Oilfield Services Group Co. Ltd., Class A		22,200		87,086
Yintai Gold Co. Ltd., Class A		44,400		81,296
Yum China Holdings Inc.		1,665		101,598
Zhejiang Expressway Co. Ltd., Class H		444,000		356,620
Zhuzhou CRRC Times Electric Co. Ltd.		22,200		88,502
ZTO Express Cayman Inc., ADR		6,660		185,148


				32,561,160

Colombia — 0.1%
Bancolombia SA		29,082		247,579
Interconexion Electrica SA ESP		92,685		405,866


				653,445

Czech Republic — 0.0%
Komercni Banka AS		7,770		254,469


Security	Shares		Value

Denmark — 0.7%
Carlsberg AS, Class B		1,170	$	175,479
Chr Hansen Holding A/S		3,885		293,565
DSV A/S		3,108		622,035
Genmab A/S^(a)		619		255,151
Novo Nordisk A/S, Class B		23,199		3,740,890
Novozymes A/S, Class B		4,329		217,114
Pandora A/S		888		88,828
Vestas Wind Systems A/S^(a)		18,537		495,799


				5,888,861

Egypt — 0.0%
Commercial International Bank Egypt SAE		80,520		103,800
Eastern Co. SAE		225,240		107,478
Egyptian Financial Group-Hermes Holding Co.^(a)		283,950		119,478


				330,756

Finland — 0.1%
Kesko OYJ, Class B		6,660		133,258
Kone OYJ, Class B		2,997		153,725
Nokia OYJ		60,384		237,366
Sampo OYJ, Class A		3,219		141,850


				666,199

France — 2.6%
Aeroports de Paris		1,554		214,595
AXA SA		39,405		1,211,264
BioMerieux		555		59,579
BNP Paribas SA		16,539		1,090,711
Bureau Veritas SA		7,326		201,200
Capgemini SE		1,776		321,844
Covivio		4,107		198,292
Credit Agricole SA		6,882		85,443
Dassault Systemes SE		6,105		260,919
Edenred		3,030		196,800
Eiffage SA		1,998		207,867
EssilorLuxottica SA		4,551		915,548
Eurofins Scientific SE		2,220		152,684
Gecina SA		1,286		139,033
Getlink SE		11,988		210,717
Hermes International		555		1,228,362
Ipsen SA		666		83,934
Kering SA		1,221		701,056
Klepierre SA		20,646		548,020
Legrand SA		7,293		731,157
L’Oreal SA		3,885		1,806,950
LVMH Moet Hennessy Louis Vuitton SE		3,996		3,711,355
Orange SA		25,822		291,888
Pernod Ricard SA		3,552		783,115
Publicis Groupe SA		7,437		599,611
Sanofi		17,094		1,823,665
Schneider Electric SE		10,767		1,920,532
Societe Generale SA		17,094		464,901
Teleperformance		2,442		354,185
Thales SA		1,998		298,880
Unibail-Rodamco-Westfield, New^(a)		13,946		790,220
Vinci SA		10,212		1,199,373
Wendel SE		666		65,744
Worldline SA/France^(a)(b)		5,550		219,999


				23,089,443

Germany — 1.7%
Allianz SE, Registered		6,882		1,644,794
Bayer AG, Registered		15,540		908,832


Security	Shares		Value

Germany (continued)
Bayerische Motoren Werke AG		9,879	$	1,204,744
Commerzbank AG		11,211		134,100
Delivery Hero SE^(a)(b)		2,664		120,918
Deutsche Bank AG, Registered		38,961		431,888
Deutsche Boerse AG		2,220		425,355
Deutsche Post AG, Registered		12,765		656,417
Deutsche Telekom AG, Registered		44,178		963,135
Fresenius SE & Co. KGaA		6,882		215,972
Hannover Rueck SE		1,110		236,845
HelloFresh SE^(a)		5,994		170,920
Infineon Technologies AG		19,647		863,200
LEG Immobilien SE^(a)		1,776		125,568
Mercedes-Benz Group AG		14,208		1,134,692
Merck KGaA		2,109		370,604
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Registered		2,553		961,066
Rational AG		111		83,090
Rheinmetall AG		333		94,321
SAP SE		14,874		2,028,986
Siemens AG, Registered		8,214		1,400,012
Symrise AG, Class A		2,109		230,370
Vonovia SE		22,533		525,018


				14,930,847

Hong Kong — 0.6%
AIA Group Ltd.		155,400		1,554,736
Budweiser Brewing Co. APAC Ltd.^(b)		55,500		135,371
CK Asset Holdings Ltd.		55,500		321,404
Futu Holdings Ltd., ADR^(a)(c)		1,221		73,504
Galaxy Entertainment Group Ltd.^(a)		46,000		335,778
Hong Kong Exchanges & Clearing Ltd.		20,900		881,186
Link REIT		54,000		303,542
Power Assets Holdings Ltd.		55,500		290,888
Sands China Ltd.^(a)		44,400		171,052
Sino Land Co. Ltd.		38,000		46,646
Sun Hung Kai Properties Ltd.		89,000		1,117,539
Techtronic Industries Co. Ltd.		26,500		301,055


				5,532,701

India — 1.3%
Adani Ports & Special Economic Zone Ltd.		25,389		240,217
Apollo Hospitals Enterprise Ltd.		1,332		83,851
Asian Paints Ltd.		11,544		474,204
Avenue Supermarts Ltd.^(a)(b)		5,772		263,721
Axis Bank Ltd.		38,588		447,987
Bandhan Bank Ltd.^(a)(b)		21,680		58,941
Bharat Electronics Ltd.		375,957		598,200
Bharti Airtel Ltd.		53,058		574,617
DLF Ltd.		30,747		194,128
Godrej Consumer Products Ltd.^(a)		8,214		103,552
HCL Technologies Ltd.		19,425		264,024
Hindustan Unilever Ltd.		15,873		494,454
ICICI Bank Ltd.		53,788		655,540
ICICI Bank Ltd., ADR, NVS		9,248		227,223
Indian Hotels Co. Ltd. (The), Class A		53,391		256,811
Indian Railway Catering & Tourism Corp. Ltd.		9,435		73,568
Infosys Ltd.		50,949		843,263
ITC Ltd.		144,189		817,033
Jio Financial Services Ltd., NVS		35,187		97,477
Kotak Mahindra Bank Ltd.		6,993		158,036
Nestle India Ltd.		666		182,638


Security	Shares		Value

India (continued)
PI Industries Ltd.		5,883	$	258,807
Pidilite Industries Ltd.		7,963		253,368
Power Grid Corp. of India Ltd.		269,064		871,159
Reliance Industries Ltd.		35,187		1,092,309
SRF Ltd.		2,997		79,227
State Bank of India		15,318		115,709
Sun Pharmaceutical Industries Ltd.		16,317		226,966
Tata Consultancy Services Ltd.		17,760		739,863
Tata Elxsi Ltd.		666		58,066
Tech Mahindra Ltd.		14,652		199,021
Titan Co. Ltd.		4,773		174,426
United Spirits Ltd.^(a)		13,431		165,993
Varun Beverages Ltd.		22,866		223,759
Wipro Ltd.		22,977		113,325


				11,681,483

Indonesia — 0.2%
Bank Central Asia Tbk PT		444,000		268,900
Bank Mandiri Persero Tbk PT		732,600		278,494
Bank Negara Indonesia Persero Tbk PT		66,600		39,208
Bank Rakyat Indonesia Persero Tbk PT		899,237		336,678
Merdeka Copper Gold Tbk PT^(a)		2,974,835		693,169
Sumber Alfaria Trijaya Tbk PT		521,700		93,415
Telkom Indonesia Persero Tbk PT		1,764,900		434,829
Unilever Indonesia Tbk PT		366,300		93,518


				2,238,211

Ireland — 0.1%
AIB Group PLC		56,943		267,841
Bank of Ireland Group PLC		26,529		279,902
Flutter Entertainment PLC, Class DI^(a)		3,996		794,803


				1,342,546

Israel — 0.3%
Azrieli Group Ltd.		2,997		170,544
Bank Hapoalim BM		42,402		376,650
Bank Leumi Le-Israel BM		46,888		374,289
Check Point Software Technologies Ltd.^(a)(c)		3,330		440,259
Elbit Systems Ltd.		444		94,410
Isracard Ltd.		—		1
Israel Discount Bank Ltd., Class A		37,684		199,603
Mizrahi Tefahot Bank Ltd.		6,549		236,451
Nice Ltd.^(a)		999		217,453
Teva Pharmaceutical Industries Ltd., ADR^(a)		42,069		353,379
Wix.com Ltd.^(a)		777		73,287


				2,536,326

Italy — 0.7%
Ferrari NV		4,662		1,494,575
Intesa Sanpaolo SpA		309,690		895,520
Moncler SpA		4,551		328,462
Poste Italiane SpA^(b)		30,525		348,702
Tenaris SA		117,105		1,945,995
Terna - Rete Elettrica Nazionale		73,482		620,850
UniCredit SpA		39,516		1,000,555


				6,634,659

Japan — 5.5%
Advantest Corp.		6,300		871,352
Asahi Intecc Co. Ltd.		11,100		227,786
Astellas Pharma Inc.		33,900		495,698
Bandai Namco Holdings Inc.		4,500		101,810
BayCurrent Consulting Inc.		4,400		142,097
Capcom Co. Ltd.		11,100		499,134


Security	Shares		Value

Japan (continued)
Central Japan Railway Co.		7,100	$	904,776
Chiba Bank Ltd. (The)		11,100		78,048
Chugai Pharmaceutical Co. Ltd.		22,200		660,700
Concordia Financial Group Ltd.		66,600		304,630
Dai-ichi Life Holdings Inc.		22,200		453,584
Daiichi Sankyo Co. Ltd.		33,300		1,025,627
Daikin Industries Ltd.		1,200		242,638
Daiwa House Industry Co. Ltd.		11,100		301,686
Daiwa Securities Group Inc.		22,200		120,344
Disco Corp.		3,800		714,308
East Japan Railway Co.		11,100		628,417
FANUC Corp.		33,300		1,018,728
Fast Retailing Co. Ltd.		3,000		751,538
Fujitsu Ltd.		3,300		427,316
Hikari Tsushin Inc.		1,900		281,935
Hirose Electric Co. Ltd.		2,100		265,981
Hoya Corp.		11,100		1,292,698
Hulic Co. Ltd.		44,400		378,031
Japan Post Holdings Co. Ltd.		133,200		972,704
Japan Post Insurance Co. Ltd.		11,100		179,378
Japan Tobacco Inc.		44,400		985,218
KDDI Corp.		33,300		980,076
Keisei Electric Railway Co. Ltd.		11,100		460,708
Keyence Corp.		3,700		1,660,345
Konami Group Corp.		8,000		448,773
Lasertec Corp.		1,700		257,349
M3 Inc.		1,600		36,998
Makita Corp.		11,100		311,700
MISUMI Group Inc.		11,100		203,065
Mitsubishi Estate Co. Ltd.		44,400		544,153
Mitsubishi HC Capital Inc.		133,200		881,167
Mitsubishi UFJ Financial Group Inc.		188,700		1,519,459
Mitsui Fudosan Co. Ltd.		33,300		684,146
Mizuho Financial Group Inc.		44,400		753,262
MS&AD Insurance Group Holdings Inc.		11,100		412,846
Murata Manufacturing Co. Ltd.		11,100		659,359
Nexon Co. Ltd.		11,100		211,781
Nidec Corp.		4,100		244,872
Nintendo Co. Ltd.		20,100		909,218
Nippon Paint Holdings Co. Ltd.		33,300		305,103
Nippon Telegraph & Telephone Corp.		832,500		954,643
Nissan Chemical Corp.		11,100		498,786
Nomura Holdings Inc.		133,200		551,045
Nomura Real Estate Holdings Inc.		11,100		275,313
Nomura Research Institute Ltd.		11,100		315,406
NTT Data Group Corp.		11,100		154,414
Olympus Corp.		22,200		362,236
Omron Corp.		2,700		144,926
Ono Pharmaceutical Co. Ltd.		11,100		203,411
Oriental Land Co. Ltd./Japan		33,300		1,277,173
ORIX Corp.		44,400		854,101
Pan Pacific International Holdings Corp.		11,100		219,465
Recruit Holdings Co. Ltd.		22,200		768,911
Renesas Electronics Corp.^(a)		55,500		1,070,807
Resona Holdings Inc.		88,800		483,434
SBI Holdings Inc.		33,300		703,206
Secom Co. Ltd.		11,100		744,864
Shimano Inc.		600		90,436
Shin-Etsu Chemical Co. Ltd.		44,400		1,462,751
Shionogi & Co. Ltd.		2,500		104,770


Security	Shares		Value

Japan (continued)
Shiseido Co. Ltd.		11,100	$	486,669
Shizuoka Financial Group Inc., NVS		11,100		92,708
SMC Corp.		2,300		1,201,895
SoftBank Corp.		33,300		369,780
SoftBank Group Corp.		22,200		1,129,145
Sompo Holdings Inc.		6,300		278,528
Sony Group Corp.		22,200		2,079,390
Sumitomo Mitsui Financial Group Inc.		22,200		1,040,107
Sumitomo Realty & Development Co. Ltd.		33,300		892,420
Sysmex Corp.		7,700		521,406
Takeda Pharmaceutical Co. Ltd.		33,375		1,020,435
Terumo Corp.		11,100		363,515
Tokio Marine Holdings Inc.		33,300		765,733
Tokyo Electron Ltd.		7,800		1,170,678
Toyota Motor Corp.		11,100		186,633
USS Co. Ltd.		22,200		384,950
Yokogawa Electric Corp.		11,100		208,446
Z Holdings Corp.		55,500		154,734


				49,397,812

Kuwait — 0.1%
Agility Public Warehousing Co. KSC^(a)		271,617		557,007
Kuwait Finance House KSCP		80,747		207,438
Mobile Telecommunications Co. KSCP		93,351		158,320
National Bank of Kuwait SAKP		116,784		365,719


				1,288,484

Malaysia — 0.1%
Dialog Group Bhd		943,500		481,620


Mexico — 0.2%
America Movil SAB de CV		288,601		302,475
Fibra Uno Administracion SA de CV		210,900		316,886
Grupo Aeroportuario del Pacifico SAB de CV, Class B		11,100		211,493
Grupo Carso SAB de CV, Series A1		32,100		255,247
Grupo Financiero Banorte SAB de CV, Class O		22,201		210,422
Grupo Mexico SAB de CV, Series B		122,100		634,672
Wal-Mart de Mexico SAB de CV		66,600		277,258


				2,208,453

Netherlands — 1.1%
Adyen NV^(a)(b)		333		618,053
AerCap Holdings NV^(a)		11,988		764,954
ASM International NV		444		210,936
ASML Holding NV		5,550		3,975,292
Davide Campari-Milano NV		14,541		195,560
EXOR NV, NVS^(c)		7,326		684,582
Ferrovial SE		10,767		356,807
Heineken NV		2,886		282,486
ING Groep NV		3,279		47,862
Koninklijke Ahold Delhaize NV		5,550		191,301
NN Group NV		4,440		170,207
Prosus NV		14,652		1,159,081
Wolters Kluwer NV		6,105		766,642


				9,423,763

Norway — 0.4%
Adevinta ASA^(a)		24,642		182,278
DNB Bank ASA		55,389		1,141,428
Gjensidige Forsikring ASA		32,745		516,927
Mowi ASA		38,022		668,423
Orkla ASA		555		4,379
Salmar ASA		9,657		446,139


Security	Shares		Value

Norway (continued)
Telenor ASA		71,151	$	761,667


				3,721,241

Peru — 0.1%
Southern Copper Corp.		9,879		863,820


Philippines — 0.1%
International Container Terminal Services Inc.		61,050		241,270
PLDT Inc.		2,775		66,219
SM Investments Corp.		9,990		165,992
SM Prime Holdings Inc.		259,900		158,136


				631,617

Portugal — 0.0%
Jeronimo Martins SGPS SA		3,774		102,750


Qatar — 0.2%
Barwa Real Estate Co.		585,303		451,480
Commercial Bank PSQC (The)		20,091		34,489
Mesaieed Petrochemical Holding Co.		1,202,574		644,429
Ooredoo QPSC		161,061		505,423
Qatar Islamic Bank SAQ		17,871		103,782
Qatar National Bank QPSC		51,948		242,191


				1,981,794

Russia — 0.0%
Alrosa PJSC^(a)(d)		184,910		20
Magnit PJSC^(d)		4,127		—
Magnit PJSC, GDR^(d)		1		—
Mobile TeleSystems PJSC^(d)		73,304		8
Moscow Exchange MICEX-RTS PJSC^(d)		152,460		17
Ozon Holdings PLC, GDR^(a)(d)		5,270		1
Polymetal International PLC^(a)(d)		12,434		1
Polyus PJSC^(a)(d)		1,430		—
Sberbank of Russia PJSC^(d)		292,860		32
TCS Group Holding PLC, GDR^(a)(d)(e)		4,185		—
United Co. RUSAL International PJSC^(a)(d)		509,950		56
VK Co. Ltd.^(a)(d)		22,940		3
VTB Bank PJSC^(a)(d)		22,490,000		2
Yandex NV^(a)(d)		9,920		1


				141

Saudi Arabia — 0.8%
Al Rajhi Bank		30,553		607,319
Alinma Bank		19,425		191,522
Arab National Bank		32,301		229,335
Arabian Internet & Communications Services Co.		3,552		345,295
Bank AlBilad		6,105		71,164
Bank Al-Jazira		12,432		60,890
Banque Saudi Fransi		16,650		189,014
Dallah Healthcare Co.		4,107		193,111
Dar Al Arkan Real Estate Development Co.^(a)		110,223		497,378
Dr Sulaiman Al Habib Medical Services Group Co.		6,993		538,719
Elm Co.		888		160,962
Emaar Economic City^(a)		73,371		176,073
Etihad Etisalat Co.		23,310		291,065
Jarir Marketing Co.		19,980		82,561
Mouwasat Medical Services Co.		1,998		133,597
Nahdi Medical Co.		8,658		401,197
Riyad Bank		43,179		366,053
Saudi Awwal Bank		24,975		253,343
Saudi Investment Bank (The)		14,985		71,492
Saudi National Bank (The)		55,775		573,133
Saudi Research & Media Group^(a)		3,219		160,661


Security	Shares		Value

Saudi Arabia (continued)
Saudi Tadawul Group Holding Co.		2,331	$	125,110
Saudi Telecom Co.		78,144		883,625
Yanbu National Petrochemical Co.		20,646		252,250


				6,854,869

Singapore — 0.4%
CapitaLand Ascendas REIT		61,902		130,900
CapitaLand Integrated Commercial Trust		144,300		221,542
Capitaland Investment Ltd/Singapore		111,000		284,102
City Developments Ltd.		122,100		679,399
DBS Group Holdings Ltd.		8,500		219,275
Genting Singapore Ltd.		754,800		533,889
Keppel Corp. Ltd.		66,600		369,845
Oversea-Chinese Banking Corp. Ltd.^(c)		37,200		372,288
Sea Ltd., ADR^(a)		2,886		191,977
Seatrium Ltd.^(a)		1,271,522		134,763
Singapore Telecommunications Ltd.		244,200		489,881
United Overseas Bank Ltd.		5,100		115,686


				3,743,547

South Africa — 0.3%
Absa Group Ltd.		23,199		245,873
Capitec Bank Holdings Ltd.		1,443		144,706
FirstRand Ltd.		115,662		470,498
Growthpoint Properties Ltd.		239,094		169,390
MTN Group Ltd.		31,524		246,869
Naspers Ltd., Class N		3,996		785,161
Nedbank Group Ltd.		18,266		240,023
Old Mutual Ltd.		112,221		81,638
Sanlam Ltd.		43,197		158,863
Standard Bank Group Ltd.		15,873		169,525


				2,712,546

South Korea — 1.5%
Amorepacific Corp.		1,332		117,651
Celltrion Healthcare Co. Ltd.		2,494		128,844
Celltrion Inc.		1,604		184,536
DB Insurance Co. Ltd.		1,776		105,016
Ecopro BM Co. Ltd.		888		292,089
Hana Financial Group Inc.		13,875		427,565
Hotel Shilla Co. Ltd.		1,443		85,246
Industrial Bank of Korea		76,368		622,597
Kakao Corp.		10,878		437,915
Kangwon Land Inc.		13,875		169,824
KB Financial Group Inc.		11,655		466,799
Korea Investment Holdings Co. Ltd.		14,430		552,943
Krafton Inc.^(a)		333		44,888
KT&G Corp.		7,215		466,867
L&F Co. Ltd.		444		89,735
LG Energy Solution^(a)		888		390,126
LG H&H Co. Ltd.		222		74,486
Meritz Financial Group Inc.		6,327		244,288
Mirae Asset Securities Co. Ltd.		59,385		322,829
NAVER Corp.		3,330		593,297
NCSoft Corp.		555		120,405
NH Investment & Securities Co. Ltd.		25,641		199,126
Samsung Biologics Co. Ltd.^(a)(b)		333		199,956
Samsung Electronics Co. Ltd.		68,598		3,755,921
Samsung Life Insurance Co. Ltd.		2,331		127,525
Samsung SDI Co. Ltd.		777		405,597
Samsung SDS Co. Ltd.		777		78,223
Shinhan Financial Group Co. Ltd.		17,871		491,869


Security	Shares		Value

South Korea (continued)
SK Hynix Inc.		6,105	$	591,239
SK IE Technology Co. Ltd.^(a)(b)		4,662		392,836
SK Square Co. Ltd.^(a)		7,215		251,196
Woori Financial Group Inc.		66,822		610,698


				13,042,132

Spain — 0.9%
Aena SME SA^(b)		3,663		584,952
Amadeus IT Group SA		13,875		995,338
Banco Bilbao Vizcaya Argentaria SA		110,112		872,789
Banco Santander SA		272,394		1,103,817
Cellnex Telecom SA^(b)		3,663		149,594
Corp. ACCIONA Energias Renovables SA		9,879		310,949
EDP Renovaveis SA		63,707		1,216,861
Enagas SA		7,009		124,385
Grifols SA^(a)		5,661		83,162
Iberdrola SA		85,127		1,062,518
Industria de Diseno Textil SA		21,645		828,523
Redeia Corp. SA		9,559		159,881
Telefonica SA		124,653		531,117


				8,023,886

Sweden — 0.7%
Alfa Laval AB		4,884		182,825
Assa Abloy AB, Class B		13,542		325,589
Atlas Copco AB, Class A		31,968		454,134
Atlas Copco AB, Class B		77,418		956,028
Epiroc AB, Class A		11,433		228,267
Evolution AB^(b)		3,108		383,256
Getinge AB, Class B		2,997		55,843
Hexagon AB, Class B		61,938		600,539
Industrivarden AB, Class C		15,096		427,681
Investor AB, Class B		38,850		793,472
Kinnevik AB, Class B^(a)		4,773		65,145
Nibe Industrier AB, Class B		28,638		257,964
Nordea Bank Abp		36,963		418,360
Sandvik AB		13,875		281,836
Svenska Cellulosa AB SCA, Class B		14,319		190,263
Svenska Handelsbanken AB, Class A		8,436		74,068
Swedbank AB, Class A		4,218		77,365
Tele2 AB, Class B		17,205		129,460
Telefonaktiebolaget LM Ericsson, Class B		48,063		241,780


				6,143,875

Switzerland — 2.3%
ABB Ltd., Registered		28,083		1,126,901
Alcon Inc.		5,106		434,478
Chocoladefabriken Lindt & Spruengli AG, Participation Certificates, NVS		18		220,144
Cie. Financiere Richemont SA, Class A, Registered		7,770		1,251,225
DSM-Firmenich AG		2,825		312,162
EMS-Chemie Holding AG, Registered		666		555,877
Geberit AG, Registered		444		251,971
Givaudan SA, Registered		160		540,075
Julius Baer Group Ltd.		2,664		188,685
Logitech International SA, Registered		1,998		141,256
Lonza Group AG, Registered		666		386,970
Nestle SA, Registered		28,416		3,481,504
Novartis AG, Registered		31,635		3,312,094
Roche Holding AG, NVS		8,769		2,718,840
Schindler Holding AG, Participation Certificates, NVS		1,110		269,527
SGS SA		2,775		269,439


Security	Shares		Value

Switzerland (continued)
Sika AG, Registered		3,219	$	1,001,873
Sonova Holding AG, Registered		555		154,703
STMicroelectronics NV		12,654		676,816
Straumann Holding AG		1,998		330,615
Swatch Group AG (The), Bearer		333		106,573
Swiss Life Holding AG, Registered		333		211,739
Swiss Re AG		4,107		428,522
Swisscom AG, Registered		111		71,379
Temenos AG, Registered		1,665		143,195
UBS Group AG, Registered		55,794		1,238,006
VAT Group AG^(b)		888		377,442
Zurich Insurance Group AG		1,776		858,693


				21,060,704

Taiwan — 1.4%
Airtac International Group		10,000		297,428
Catcher Technology Co. Ltd.		111,000		613,799
Cathay Financial Holding Co. Ltd.		555,103		809,104
Chailease Holding Co. Ltd.		36,000		238,370
China Development Financial Holding Corp.^(a)		444,542		177,739
Chunghwa Telecom Co. Ltd.		111,000		409,474
CTBC Financial Holding Co. Ltd.		444,400		371,771
Delta Electronics Inc.		35,000		408,580
E Ink Holdings Inc.		18,000		129,093
Fubon Financial Holding Co. Ltd.		234,799		490,076
Hotai Motor Co. Ltd.		1,000		24,145
Largan Precision Co. Ltd.		4,000		277,447
MediaTek Inc.		25,000		550,123
Shin Kong Financial Holding Co. Ltd.^(a)		888,675		272,768
SinoPac Financial Holdings Co. Ltd.		84,959		50,452
Taiwan Semiconductor Manufacturing Co. Ltd.		354,000		6,392,390
United Microelectronics Corp.		222,000		333,599
Yageo Corp.		12,000		175,924
Yuanta Financial Holding Co. Ltd.		459,498		357,318


				12,379,600

Thailand — 0.2%
Airports of Thailand PCL, NVDR^(a)		355,200		742,132
Bangkok Expressway & Metro PCL, NVDR		466,200		124,078
Bumrungrad Hospital PCL, NVDR		35,800		226,138
Energy Absolute PCL, NVDR		154,700		280,648


				1,372,996

Turkey — 0.1%
Akbank TAS		135,919		141,047
Aselsan Elektronik Sanayi Ve Ticaret AS		146,853		406,589
Hektas Ticaret TAS^(a)		29,859		33,828
Turkiye Is Bankasi AS, Class C		280,497		157,471
Yapi ve Kredi Bankasi AS		84,360		44,587


				783,522

United Arab Emirates — 0.2%
Emaar Properties PJSC		428,127		787,774
Emirates NBD Bank PJSC		34,521		159,733
Emirates Telecommunications Group Co. PJSC		63,603		387,846
Multiply Group^(a)		527,028		463,420


				1,798,773

United Kingdom — 3.4%
3i Group PLC		58,751		1,490,581
Admiral Group PLC		3,219		87,888
Antofagasta PLC		40,959		881,014
Ashtead Group PLC		16,983		1,256,467
AstraZeneca PLC		21,090		3,030,131


Security	Shares		Value

United Kingdom (continued)
BAE Systems PLC		32,079	$	383,634
Barclays PLC		267,066		529,942
Berkeley Group Holdings PLC		3,286		183,220
British American Tobacco PLC		56,277		1,892,489
British Land Co. PLC (The)		35,076		152,202
BT Group PLC		187,479		293,777
Bunzl PLC^(c)		6,549		242,758
Burberry Group PLC		7,992		228,133
Coca-Cola Europacific Partners PLC		1,554		98,508
Compass Group PLC		30,969		805,740
Croda International PLC		3,774		285,741
Diageo PLC		41,625		1,816,609
Entain PLC		5,994		106,762
Experian PLC		14,805		572,147
GSK PLC		65,268		1,161,845
Haleon PLC		75,813		327,241
Halma PLC		5,772		165,760
HSBC Holdings PLC		271,284		2,253,397
Imperial Brands PLC		49,728		1,174,846
Informa PLC		34,854		339,125
Intertek Group PLC		2,886		161,669
Land Securities Group PLC		22,644		188,054
Legal & General Group PLC		130,592		391,366
Lloyds Banking Group PLC		1,072,926		619,880
London Stock Exchange Group PLC		4,662		506,269
National Grid PLC		56,721		751,826
NatWest Group PLC, NVS		61,844		194,131
Ocado Group PLC^(a)		3,996		48,106
Pearson PLC		15,873		175,580
Prudential PLC		40,380		560,730
Reckitt Benckiser Group PLC		10,989		823,208
RELX PLC		35,409		1,191,750
Rentokil Initial PLC		24,975		203,650
Sage Group PLC (The)		111		1,335
Severn Trent PLC		13,542		443,824
Smith & Nephew PLC		13,209		200,948
Smiths Group PLC		13,209		288,084
SSE PLC		20,757		448,831
Standard Chartered PLC		25,899		248,774
Unilever PLC		37,032		1,989,837
United Utilities Group PLC		46,065		590,717
Vodafone Group PLC		444,999		423,310
Whitbread PLC		4,551		204,436
WPP PLC		28,749		313,902


				30,730,174

United States — 61.3%
3M Co.		5,883		655,955
A O Smith Corp.		3,885		282,168
Abbott Laboratories		24,975		2,780,467
AbbVie Inc.		25,419		3,802,178
Accenture PLC, Class A		8,769		2,774,073
Activision Blizzard Inc.^(a)		11,100		1,029,636
Adobe Inc.^(a)		6,438		3,516,242
Advanced Micro Devices Inc.^(a)		23,643		2,704,759
Aflac Inc.		9,884		715,009
Agilent Technologies Inc.		4,551		554,175
Air Products and Chemicals Inc.		666		203,350
Airbnb Inc., Class A^(a)(c)		8,214		1,250,089
Akamai Technologies Inc.^(a)		2,775		262,238
Albemarle Corp.^(c)		3,330		706,892


Security	Shares		Value

United States (continued)
Alexandria Real Estate Equities Inc.		1,998	$	251,109
Align Technology Inc.^(a)		1,221		461,404
Allegion PLC		2,906		339,595
Allstate Corp. (The)		3,552		400,239
Alnylam Pharmaceuticals Inc.^(a)		1,443		281,962
Alphabet Inc., Class A^(a)		84,027		11,152,063
Alphabet Inc., Class C, NVS^(a)		72,173		9,606,948
Altria Group Inc.		43,512		1,976,315
Amazon.com Inc.^(a)		126,540		16,915,867
AMERCO		3,996		228,611
American Express Co.		8,103		1,368,435
American International Group Inc.		21,645		1,304,761
American Tower Corp.		6,549		1,246,340
American Water Works Co. Inc.		9,657		1,423,732
Ameriprise Financial Inc.		1,666		580,518
AMETEK Inc.		9,879		1,566,809
Amgen Inc.		7,881		1,845,336
Amphenol Corp., Class A		11,166		986,069
Analog Devices Inc.		7,770		1,550,348
Annaly Capital Management Inc.		24,006		482,281
Ansys Inc.^(a)		333		113,919
Aon PLC, Class A		2,886		919,191
Apollo Global Management Inc.		5,328		435,351
Apple Inc.		219,669		43,153,975
Applied Materials Inc.		6,771		1,026,416
Arch Capital Group Ltd.^(a)		4,112		319,461
Arista Networks Inc.^(a)		3,108		482,020
Arthur J Gallagher & Co.		2,109		453,013
Aspen Technology Inc.^(a)		444		79,254
Assurant Inc.		786		105,725
AT&T Inc.		114,440		1,661,669
Autodesk Inc.^(a)		2,775		588,272
Automatic Data Processing Inc.		9,657		2,387,790
AutoZone Inc.^(a)		222		550,942
AvalonBay Communities Inc.		2,220		418,803
Avantor Inc.^(a)		9,435		194,078
Avery Dennison Corp.		2,442		449,352
Axon Enterprise Inc.^(a)		3,885		722,338
Baker Hughes Co., Class A		71,007		2,541,341
Bank of America Corp.		94,239		3,015,648
Bank of New York Mellon Corp. (The)		10,545		478,321
Bath & Body Works Inc.		4,440		164,546
Baxter International Inc.		6,105		276,129
Becton Dickinson and Co.		3,996		1,113,366
Berkshire Hathaway Inc., Class B^(a)		16,428		5,781,999
Biogen Inc.^(a)		2,553		689,795
BioMarin Pharmaceutical Inc.^(a)		2,553		224,485
Bio-Techne Corp.		2,331		194,405
Black Knight Inc.^(a)		2,775		195,139
BlackRock Inc.^(f)		1,690		1,248,656
Blackstone Inc., NVS		10,101		1,058,484
Block Inc.^(a)		4,444		357,875
Booking Holdings Inc.^(a)		666		1,978,553
Booz Allen Hamilton Holding Corp., Class A		3,219		389,757
Boston Properties Inc.		1,887		125,731
Boston Scientific Corp.^(a)		21,201		1,099,272
Bristol-Myers Squibb Co.		37,407		2,326,341
Broadcom Inc.		6,216		5,586,008
Broadridge Financial Solutions Inc.		3,175		533,146
Brown & Brown Inc.		1,887		132,939


Security	Shares		Value

United States (continued)
Brown-Forman Corp., Class B		6,039	$	426,353
Burlington Stores Inc.^(a)		777		138,011
Cadence Design Systems Inc.^(a)		3,552		831,204
Caesars Entertainment Inc.^(a)		1,110		65,512
Capital One Financial Corp.		4,884		571,526
Carlyle Group Inc. (The)		5,217		185,986
Carrier Global Corp.		10,767		641,175
Catalent Inc.^(a)		3,219		156,186
Cboe Global Markets Inc.		1,554		217,063
CDW Corp./DE		1,665		311,472
Centene Corp.^(a)		3,663		249,414
Charles River Laboratories International Inc.^(a)		555		116,295
Charles Schwab Corp. (The)		18,981		1,254,644
Charter Communications Inc., Class A^(a)		1,665		674,641
Chewy Inc., Class A^(a)(c)		2,775		94,073
Chipotle Mexican Grill Inc., Class A^(a)		444		871,252
Chubb Ltd.		5,883		1,202,544
Church & Dwight Co. Inc.		4,107		392,917
Cigna Group (The)		4,329		1,277,488
Cintas Corp.		1,665		835,897
Cisco Systems Inc.		70,152		3,650,710
Citigroup Inc.		28,749		1,370,177
Citizens Financial Group Inc.		12,765		411,799
Clarivate PLC^(a)		9,546		90,782
Cloudflare Inc., Class A^(a)(c)		1,887		129,769
CME Group Inc.		4,773		949,636
Coca-Cola Co. (The)		63,048		3,904,563
Cognex Corp.		2,886		157,633
Cognizant Technology Solutions Corp., Class A		8,547		564,358
Coinbase Global Inc., Class A^(a)(c)		2,664		262,697
Colgate-Palmolive Co.		13,209		1,007,318
Comcast Corp., Class A		62,382		2,823,409
Consolidated Edison Inc.		2,109		200,060
Constellation Brands Inc., Class A		4,107		1,120,390
Cooper Companies Inc. (The)		555		217,149
Copart Inc.^(a)		9,324		824,148
Corning Inc.		7,881		267,481
Corteva Inc.		26,751		1,509,559
CoStar Group Inc.^(a)		6,327		531,278
Costco Wholesale Corp.		3,996		2,240,437
Crowdstrike Holdings Inc., Class A^(a)		2,220		358,885
Crown Castle Inc.		6,660		721,211
CSX Corp.		34,632		1,153,938
CVS Health Corp.		17,649		1,318,204
Danaher Corp.		10,212		2,604,673
Darden Restaurants Inc.		1,443		243,752
Darling Ingredients Inc.^(a)		3,108		215,229
Datadog Inc., Class A^(a)		2,442		285,030
DaVita Inc.^(a)		3,108		316,985
Deere & Co.		3,885		1,668,996
DENTSPLY SIRONA Inc.		4,662		193,566
Dexcom Inc.^(a)		5,328		663,656
Digital Realty Trust Inc.		2,331		290,489
Discover Financial Services		2,220		234,321
DocuSign Inc., Class A^(a)		222		11,948
Dollar General Corp.		3,552		599,791
Dollar Tree Inc.^(a)		3,219		496,788
Domino’s Pizza Inc.		666		264,229
DoorDash Inc., Class A^(a)		3,774		342,641
DR Horton Inc.		967		122,828


Security	Shares		Value

United States (continued)
DuPont de Nemours Inc.		6,216	$	482,548
Eaton Corp. PLC		7,104		1,458,593
eBay Inc.		13,875		617,576
Ecolab Inc.		8,769		1,605,955
Edison International		17,094		1,230,084
Edwards Lifesciences Corp.^(a)		9,435		774,330
Electronic Arts Inc.		3,774		514,585
Elevance Health Inc.		3,330		1,570,528
Eli Lilly & Co.		11,322		5,146,415
Emerson Electric Co.		10,212		932,866
Enphase Energy Inc.^(a)		2,553		387,622
Entegris Inc.		1,887		207,023
EPAM Systems Inc.^(a)		888		210,287
Equifax Inc.		2,442		498,363
Equinix Inc.		1,221		988,912
Equitable Holdings Inc.		28,305		812,070
Equity Residential		4,995		329,370
Essex Property Trust Inc.		888		216,272
Estee Lauder Companies Inc. (The), Class A		3,996		719,280
Etsy Inc.^(a)		2,442		248,229
Everest Group Ltd.		333		120,050
Eversource Energy		16,761		1,212,323
Exelon Corp.		24,864		1,040,807
Expeditors International of Washington Inc.		3,774		480,430
Extra Space Storage Inc.		2,220		309,845
F5 Inc.^(a)		888		140,517
Fair Isaac Corp.^(a)		333		279,044
Fastenal Co.		10,434		611,537
FedEx Corp.		1,998		539,360
Fidelity National Financial Inc.		8,682		340,074
Fidelity National Information Services Inc.		9,768		589,792
Fifth Third Bancorp		8,436		245,488
First Citizens BancShares Inc./NC, Class A		111		158,874
First Solar Inc.^(a)		2,331		483,449
Fiserv Inc.^(a)		9,324		1,176,782
FleetCor Technologies Inc.^(a)		1,110		276,290
FMC Corp.		5,772		555,440
Ford Motor Co.		8,325		109,973
Fortinet Inc.^(a)		8,214		638,392
Fortive Corp.		15,096		1,182,772
Fortune Brands Home & Security Inc., NVS		2,109		149,887
Fox Corp., Class A, NVS		6,105		204,212
Franklin Resources Inc.		8,658		253,160
Freeport-McMoRan Inc.		58,830		2,626,760
Garmin Ltd.		2,664		282,091
Gartner Inc.^(a)		1,443		510,230
Gen Digital Inc.		29,193		567,804
General Mills Inc.		9,990		746,653
Gilead Sciences Inc.		20,313		1,546,632
Global Payments Inc.		4,329		477,272
GoDaddy Inc., Class A^(a)		2,220		171,140
Goldman Sachs Group Inc. (The)		4,884		1,738,069
Graco Inc.		7,962		631,625
Halliburton Co.		165,143		6,453,788
Hartford Financial Services Group Inc. (The)		4,440		319,147
HCA Healthcare Inc.		3,663		999,303
HEICO Corp.^(c)		4,662		820,419
HEICO Corp., Class A		777		109,052
Hershey Co. (The)		2,886		667,561
Hess Corp.		2,775		421,051


Security	Shares		Value

United States (continued)
Hewlett Packard Enterprise Co.		29,637	$	515,091
Hilton Worldwide Holdings Inc.		2,997		466,004
Hologic Inc.^(a)		3,441		273,284
Home Depot Inc. (The)		14,097		4,706,143
Honeywell International Inc.		9,324		1,810,068
Horizon Therapeutics PLC^(a)		2,220		222,599
Host Hotels & Resorts Inc.		20,646		379,886
Hubbell Inc., Class B		2,109		658,008
Humana Inc.		1,776		811,330
Huntington Bancshares Inc./OH		14,541		177,982
IDEX Corp.		2,775		626,623
IDEXX Laboratories Inc.^(a)		1,110		615,750
Illinois Tool Works Inc.		5,883		1,549,112
Illumina Inc.^(a)		2,220		426,573
Incyte Corp.^(a)		2,331		148,531
Ingersoll Rand Inc.		16,225		1,059,006
Insulet Corp.^(a)		777		215,035
Intel Corp.		61,827		2,211,552
Intercontinental Exchange Inc.		7,215		828,282
International Business Machines Corp.		15,318		2,208,549
International Flavors & Fragrances Inc.		6,660		563,503
Interpublic Group of Companies Inc. (The)		7,992		273,566
Intuit Inc.		3,774		1,931,156
Intuitive Surgical Inc.^(a)		5,217		1,692,395
Invitation Homes Inc.		8,463		300,437
IQVIA Holdings Inc.^(a)		2,997		670,609
Iron Mountain Inc.		5,328		327,139
Jack Henry & Associates Inc.		888		148,802
Jacobs Solutions Inc., NVS		2,109		264,490
Jazz Pharmaceuticals PLC^(a)		1,332		173,719
Johnson & Johnson		37,185		6,229,603
JPMorgan Chase & Co.		39,429		6,228,205
Juniper Networks Inc.		3,774		104,917
Keurig Dr Pepper Inc.		14,430		490,764
KeyCorp		20,868		256,885
Keysight Technologies Inc.^(a)		2,553		411,237
Kimberly-Clark Corp.		2,886		372,583
Kimco Realty Corp.		7,437		150,674
Kinder Morgan Inc.		99,900		1,769,229
KKR & Co. Inc.		7,437		441,609
KLA Corp.		2,553		1,312,114
L3Harris Technologies Inc.		13,431		2,545,040
Laboratory Corp. of America Holdings		1,332		284,955
Lam Research Corp.		1,776		1,276,038
Las Vegas Sands Corp.^(a)		9,324		557,668
Leidos Holdings Inc.		2,331		218,018
Liberty Broadband Corp., Class C ^(a)		2,109		187,975
Liberty Global PLC, Class A^(a)		10,212		189,637
Liberty Global PLC, Class C, NVS^(a)		14,319		282,943
Liberty Media Corp.-Liberty Formula One, Class C, NVS^(a)		4,329		314,285
Liberty Media Corp.-Liberty SiriusXM, Class C, NVS^(a)		12,321		392,177
Linde PLC		6,216		2,428,405
Live Nation Entertainment Inc.^(a)		2,664		233,766
Loews Corp.		12,543		785,819
Lowe’s Companies Inc.		9,213		2,158,330
LPL Financial Holdings Inc.		1,110		254,590
Lucid Group Inc.^(a)		39,516		300,717
Lululemon Athletica Inc.^(a)		1,887		714,286
M&T Bank Corp.		3,219		450,209


Security	Shares		Value

United States (continued)
MarketAxess Holdings Inc.		555	$	149,417
Marriott International Inc./MD, Class A		2,220		448,018
Marsh & McLennan Companies Inc.		8,240		1,552,581
Marvell Technology Inc.		12,543		816,926
Masco Corp.		8,547		518,632
Mastercard Inc., Class A		11,877		4,682,864
Match Group Inc.^(a)		3,330		154,878
McCormick & Co. Inc./MD, NVS		4,662		417,156
McDonald’s Corp.		11,877		3,482,336
Medtronic PLC		18,870		1,656,031
MercadoLibre Inc.^(a)		777		961,965
Merck & Co. Inc.		36,297		3,871,075
Meta Platforms Inc., Class A^(a)		31,302		9,972,817
MetLife Inc.		10,323		650,039
Mettler-Toledo International Inc.^(a)		333		418,738
MGM Resorts International		5,661		287,409
Microchip Technology Inc.		8,991		844,615
Micron Technology Inc.		15,540		1,109,401
Microsoft Corp.		97,347		32,700,804
Mid-America Apartment Communities Inc.		1,554		232,572
Moderna Inc.^(a)		4,662		548,531
Mondelez International Inc., Class A		22,089		1,637,458
MongoDB Inc.^(a)(c)		222		93,995
Monolithic Power Systems Inc.		777		434,724
Monster Beverage Corp.^(a)		13,764		791,292
Moody’s Corp.		1,998		704,795
Morgan Stanley		18,204		1,666,758
Motorola Solutions Inc.		3,330		954,478
NetApp Inc.		3,552		277,092
Netflix Inc.^(a)		6,771		2,972,266
Neurocrine Biosciences Inc.^(a)		888		90,478
NextEra Energy Inc.		27,306		2,001,530
Nike Inc., Class B		17,538		1,936,020
Nordson Corp.		666		167,572
Norfolk Southern Corp.		3,441		803,783
Northern Trust Corp.		2,109		168,973
Novocure Ltd.^(a)(c)		1,554		50,723
Nucor Corp.		2,553		439,346
Nvidia Corp.		34,965		16,338,795
NXP Semiconductors NV		3,996		891,028
Old Dominion Freight Line Inc.		1,665		698,451
Omnicom Group Inc.		3,108		262,999
ON Semiconductor Corp.^(a)		6,216		669,774
Oracle Corp.		26,034		3,051,966
O’Reilly Automotive Inc.^(a)		999		924,864
Otis Worldwide Corp.		6,771		615,890
Palantir Technologies Inc., Class A^(a)		24,642		488,897
Palo Alto Networks Inc.^(a)(c)		4,107		1,026,586
Parker-Hannifin Corp.		1,443		591,644
Paychex Inc.		9,213		1,155,955
Paycom Software Inc.		111		40,932
PayPal Holdings Inc.^(a)		15,096		1,144,579
Pentair PLC		4,662		324,009
PepsiCo Inc.		20,091		3,766,259
Pfizer Inc.		81,030		2,921,942
PG&E Corp.^(a)		20,757		365,531
Philip Morris International Inc.		29,970		2,988,608
Pinterest Inc., Class A^(a)(c)		7,659		222,034
PNC Financial Services Group Inc. (The)		6,438		881,298
Pool Corp.		555		213,531


Security	Shares		Value

United States (continued)
PPG Industries Inc.		5,772	$	830,591
Principal Financial Group Inc.		5,772		461,010
Procter & Gamble Co. (The)		34,521		5,395,632
Progressive Corp. (The)		7,770		978,865
Prologis Inc.		13,908		1,735,023
Prudential Financial Inc.		6,993		674,755
PTC Inc.^(a)		1,110		161,849
Public Storage		2,553		719,308
Qorvo Inc.^(a)		888		97,698
Qualcomm Inc.		17,538		2,317,997
Quanta Services Inc.		2,109		425,217
Quest Diagnostics Inc.		1,887		255,141
Realty Income Corp.		3,690		224,979
Regency Centers Corp.		2,442		160,024
Regeneron Pharmaceuticals Inc.^(a)		1,554		1,152,928
Regions Financial Corp.		20,424		416,037
Reliance Steel & Aluminum Co.		5,106		1,495,343
Repligen Corp.^(a)		444		76,173
ResMed Inc.		1,998		444,255
Revvity Inc.		1,776		218,359
Rivian Automotive Inc., Class A^(a)(c)		18,870		521,567
Robert Half Inc.		2,442		181,074
ROBLOX Corp., Class A^(a)		5,439		213,481
Rockwell Automation Inc.		1,221		410,610
Roku Inc.^(a)		1,887		181,662
Rollins Inc.		5,994		244,735
Roper Technologies Inc.		2,383		1,174,938
Ross Stores Inc.		4,329		496,277
Royalty Pharma PLC, Class A		8,214		257,755
S&P Global Inc.		5,114		2,017,524
Salesforce Inc.^(a)		12,432		2,797,324
SBA Communications Corp., Class A		1,998		437,462
Schlumberger NV		38,406		2,240,606
Seagate Technology Holdings PLC		1,665		105,728
Seagen Inc.^(a)		1,110		212,876
Sensata Technologies Holding PLC		11,988		506,493
ServiceNow Inc.^(a)		2,442		1,423,686
Sherwin-Williams Co. (The)		4,440		1,227,660
Simon Property Group Inc.		7,215		898,989
Skyworks Solutions Inc.		2,442		279,292
Snap Inc., Class A, NVS^(a)		15,762		179,056
Snap-on Inc.		1,110		302,408
Snowflake Inc., Class A^(a)		2,886		512,871
SolarEdge Technologies Inc.^(a)(c)		777		187,614
Splunk Inc.^(a)		333		36,074
SS&C Technologies Holdings Inc.		12,432		724,164
Starbucks Corp.		18,426		1,871,529
State Street Corp.		4,662		337,715
Steel Dynamics Inc.		4,218		449,554
STERIS PLC		999		225,324
Stryker Corp.		4,551		1,289,799
Sun Communities Inc.		412		53,684
Synchrony Financial		8,658		299,047
Synopsys Inc.^(a)		1,887		852,547
T Rowe Price Group Inc.		3,108		383,092
Take-Two Interactive Software Inc.^(a)		2,220		339,527
Targa Resources Corp.		57,165		4,686,958
Target Corp.		6,327		863,446
TE Connectivity Ltd.		5,328		764,515
Teledyne Technologies Inc.^(a)		333		128,049


Security	Shares		Value

United States (continued)
Teleflex Inc.		555	$	139,399
Teradyne Inc.		2,664		300,872
Tesla Inc.^(a)		41,292		11,042,720
Texas Instruments Inc.		13,209		2,377,620
Texas Pacific Land Corp.		1,221		1,839,192
Thermo Fisher Scientific Inc.		5,550		3,045,063
TJX Companies Inc. (The)		16,872		1,459,934
T-Mobile U.S. Inc.^(a)		8,991		1,238,690
Tractor Supply Co.		555		124,314
Trade Desk Inc. (The), Class A^(a)(c)		6,216		567,272
Tradeweb Markets Inc., Class A		2,109		172,495
Trane Technologies PLC		687		137,015
TransDigm Group Inc.		1,332		1,198,427
TransUnion		5,733		456,863
Travelers Companies Inc. (The)		3,337		576,000
Trimble Inc.^(a)		4,440		238,872
Truist Financial Corp.		19,536		648,986
U.S. Bancorp		19,203		761,975
Uber Technologies Inc.^(a)		23,865		1,180,363
UDR Inc.		1,478		60,421
Ulta Beauty Inc.^(a)		777		345,610
Union Pacific Corp.		8,880		2,060,338
United Parcel Service Inc., Class B		9,768		1,827,886
United Rentals Inc.		4,107		1,908,441
UnitedHealth Group Inc.		12,321		6,238,985
Vail Resorts Inc.		888		209,115
Veeva Systems Inc., Class A^(a)(c)		3,552		725,389
Ventas Inc.		1,332		64,629
VeriSign Inc.^(a)		1,221		257,570
Verisk Analytics Inc., Class A		3,108		711,546
Verizon Communications Inc.		62,937		2,144,893
Vertex Pharmaceuticals Inc.^(a)		3,663		1,290,621
VF Corp.		6,105		120,940
Viatris Inc.		67,044		705,973
VICI Properties Inc., Class A		14,541		457,751
Visa Inc., Class A		22,644		5,383,158
VMware Inc., Class A^(a)		3,552		559,902
Vulcan Materials Co.		3,996		881,118
Walgreens Boots Alliance Inc.		14,097		422,487
Walmart Inc.		19,869		3,176,258
Walt Disney Co. (The)^(a)		24,531		2,180,561
Warner Bros. Discovery Inc.^(a)		28,860		377,200
Waters Corp.^(a)		888		245,274
Webster Financial Corp.		2,997		141,818
Wells Fargo & Co.		53,058		2,449,157
Welltower Inc.		3,441		282,678
West Pharmaceutical Services Inc.		999		367,672
Westinghouse Air Brake Technologies Corp.		2,109		249,790
Williams Companies Inc. (The)		68,265		2,351,729
Willis Towers Watson PLC		1,796		379,549
Wolfspeed Inc.^(a)(c)		2,109		138,983
Workday Inc., Class A^(a)		1,665		394,821
WW Grainger Inc.		777		573,807
Wynn Resorts Ltd.		1,998		217,742
Xylem Inc./NY		5,772		650,793
Yum! Brands Inc.		4,662		641,818
Zillow Group Inc., Class C ^(a)		3,552		192,376
Zimmer Biomet Holdings Inc.		2,997		414,036
Zoetis Inc.		6,771		1,273,557


Security	Shares		Value

United States (continued)
Zoom Video Communications Inc., Class A^(a)		1,998	$	146,553
ZoomInfo Technologies Inc., Class A^(a)		3,774		96,501


				550,006,623

Total Common Stocks — 99.4% (Cost: $811,989,454)				892,048,641


Preferred Stocks

Brazil — 0.1%
Banco Bradesco SA, Preference Shares, NVS		55,592		195,858
Itau Unibanco Holding SA, Preference Shares, NVS		38,295		231,936


				427,794

Chile — 0.0%
Sociedad Quimica y Minera de Chile SA, Class B, Preference Shares		3,996		293,004


Colombia — 0.0%
Bancolombia SA, Preference Shares, NVS		51,282		391,579


Germany — 0.1%
Bayerische Motoren Werke AG, Preference Shares, NVS		3,319		372,893
Sartorius AG, Preference Shares, NVS^(c)		333		137,389


				510,282

Total Preferred Stocks — 0.2% (Cost: $1,278,529)				1,622,659


Total Long-Term Investments — 99.6% (Cost: $813,267,983)				893,671,300


Short-Term Securities

Money Market Funds — 1.0%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.42%^(f)(g)(h)		7,596,639		7,598,918
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.22%^(f)(g)		1,170,000		1,170,000


Total Short-Term Securities — 1.0% (Cost: $8,766,410)				8,768,918

Total Investments — 100.6% (Cost: $822,034,393)				902,440,218

Liabilities in Excess of Other Assets — (0.6)%				(5,232,238	)


Net Assets — 100.0%			$	897,207,980

^(a)	Non-income producing security.

^(b)	Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

^(c)	All or a portion of this security is on loan.

^(d)	Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

^(e)	This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933.

^(f)	Affiliate of the Fund.

^(g)	Annualized 7-day yield as of period end.

^(h)	All or a portion of this security was purchased with the cash collateral from loaned securities.

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

For the period ended July 31, 2023, the effect of derivative financial instruments in the Statements of Operations was as follows:

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


Security	Shares		Value

Common Stocks

China — 35.2%
360 Security Technology Inc., Class A^(a)		247,200	$	410,865
37 Interactive Entertainment Network Technology Group Co. Ltd., Class A		82,449		310,562
3SBio Inc.^(b)		824,000		793,797
AAC Technologies Holdings Inc.		309,000		707,936
AECC Aviation Power Co. Ltd., Class A		83,491		472,910
Agricultural Bank of China Ltd., Class A		2,575,000		1,304,711
Agricultural Bank of China Ltd., Class H		13,596,000		4,945,477
Aier Eye Hospital Group Co. Ltd., Class A		280,960		792,740
Air China Ltd., Class A^(a)		267,919		350,958
Air China Ltd., Class H^(a)		828,000		679,001
Akeso Inc.^(a)(b)(c)		206,000		1,091,043
Alibaba Group Holding Ltd.^(a)		7,766,240		99,247,711
Alibaba Health Information Technology Ltd.^(a)		2,060,000		1,479,116
Aluminum Corp. of China Ltd., Class A		432,699		386,494
Aluminum Corp. of China Ltd., Class H		2,060,000		1,024,393
Angel Yeast Co. Ltd., Class A		41,298		214,359
Anhui Conch Cement Co. Ltd., Class A		123,680		470,644
Anhui Conch Cement Co. Ltd., Class H		515,000		1,554,731
Anhui Gujing Distillery Co. Ltd., Class A		35		1,333
Anhui Gujing Distillery Co. Ltd., Class B		41,200		770,193
Anhui Kouzi Distillery Co. Ltd., Class A		20,600		175,889
ANTA Sports Products Ltd.		576,800		6,835,607
Autohome Inc., ADR		36,668		1,172,276
AVIC Industry-Finance Holdings Co. Ltd., Class A		309,000		177,995
AviChina Industry & Technology Co. Ltd., Class H		1,236,000		619,215
Baidu Inc.^(a)		1,060,920		20,741,821
Bank of Beijing Co. Ltd., Class A		782,800		511,626
Bank of Chengdu Co. Ltd., Class A		103,000		204,128
Bank of China Ltd., Class A		1,071,200		586,334
Bank of China Ltd., Class H		37,286,000		13,829,296
Bank of Communications Co. Ltd., Class A		1,256,686		1,024,163
Bank of Communications Co. Ltd., Class H		3,914,100		2,364,627
Bank of Hangzhou Co. Ltd., Class A		206,060		353,989
Bank of Jiangsu Co. Ltd., Class A		432,600		437,563
Bank of Nanjing Co. Ltd., Class A		353,200		423,964
Bank of Ningbo Co. Ltd., Class A		206,025		840,860
Bank of Shanghai Co. Ltd., Class A		556,241		480,336
Baoshan Iron & Steel Co. Ltd., Class A		700,495		629,873
BBMG Corp., Class A		584,094		197,097
BeiGene Ltd.^(a)		309,030		5,118,315
Beijing Capital International Airport Co. Ltd., Class H^(a)		824,000		538,864
Beijing Dabeinong Technology Group Co. Ltd., Class A		144,200		142,937
Beijing Enlight Media Co. Ltd., Class A		103,000		120,894
Beijing Enterprises Holdings Ltd.		206,000		819,311
Beijing Enterprises Water Group Ltd.		2,060,000		502,651
Beijing Kingsoft Office Software Inc., Class A		14,800		842,173
Beijing New Building Materials PLC, Class A		62,426		247,635
Beijing Shiji Information Technology Co. Ltd., Class A^(a)		114,096		222,302
Beijing Tongrentang Co. Ltd., Class A		41,200		294,333
Beijing Wantai Biological Pharmacy Enterprise Co. Ltd., Class A		29,333		284,775
Beijing-Shanghai High Speed Railway Co. Ltd., Class A		768,200		588,579
Bethel Automotive Safety Systems Co. Ltd.		20,600		261,219


Security	Shares		Value

China (continued)
Betta Pharmaceuticals Co. Ltd., Class A		20,600	$	157,056
BGI Genomics Co. Ltd., Class A		20,690		173,979
Bilibili Inc.^(a)		92,408		1,757,585
BOC Aviation Ltd.^(b)		103,200		865,039
BOE Technology Group Co. Ltd., Class A		1,194,800		707,878
Bosideng International Holdings Ltd.		1,784,000		817,864
BYD Co. Ltd., Class A		61,850		2,360,836
BYD Co. Ltd., Class H		464,500		16,544,570
BYD Electronic International Co. Ltd.		412,000		1,590,553
By-health Co. Ltd., Class A		61,800		183,025
C&D International Investment Group Ltd.		206,000		562,760
Caitong Securities Co. Ltd., Class A		217,208		253,830
Cambricon Technologies Corp. Ltd.^(a)		11,908		273,960
CGN Power Co. Ltd., Class H^(b)		5,364,000		1,316,544
Changchun High & New Technology Industry Group Inc., Class A		20,600		433,635
Changjiang Securities Co. Ltd., Class A		330,400		308,647
Chaozhou Three-Circle Group Co. Ltd., Class A		82,497		375,443
Chengxin Lithium Group Co. Ltd., Class A		41,200		158,891
China Cinda Asset Management Co. Ltd., Class H		4,326,000		456,557
China CITIC Bank Corp. Ltd., Class H		4,326,200		2,092,126
China Coal Energy Co. Ltd., Class H		1,030,000		746,490
China Communications Services Corp. Ltd., Class H		1,236,000		587,985
China Conch Venture Holdings Ltd.		756,000		946,783
China Construction Bank Corp., Class A		350,200		302,121
China Construction Bank Corp., Class H		45,114,390		26,295,305
China CSSC Holdings Ltd., Class A		164,800		770,537
China Eastern Airlines Corp. Ltd., Class A^(a)		350,295		239,984
China Energy Engineering Corp. Ltd.		947,600		325,102
China Everbright Bank Co. Ltd., Class A		1,297,800		566,992
China Everbright Bank Co. Ltd., Class H		1,442,000		429,586
China Everbright Environment Group Ltd.		1,854,370		739,967
China Evergrande Group^(a)(c)(d)		2,502,000		235,183
China Feihe Ltd.^(b)		1,650,000		1,011,151
China Galaxy Securities Co. Ltd., Class A		123,651		235,551
China Galaxy Securities Co. Ltd., Class H		1,751,000		1,024,449
China Gas Holdings Ltd.		1,318,400		1,476,865
China Greatwall Technology Group Co. Ltd., Class A		103,000		176,676
China Hongqiao Group Ltd.		1,133,000		1,093,208
China International Capital Corp. Ltd., Class A		44,000		246,277
China International Capital Corp. Ltd., Class H^(b)		741,600		1,641,262
China Jinmao Holdings Group Ltd.		2,884,000		473,948
China Jushi Co. Ltd., Class A		123,671		257,185
China Lesso Group Holdings Ltd.		618,000		422,251
China Life Insurance Co. Ltd., Class A		82,490		424,223
China Life Insurance Co. Ltd., Class H		3,504,000		6,151,658
China Literature Ltd.^(a)(b)		206,000		938,504
China Longyuan Power Group Corp. Ltd., Class H		1,648,000		1,595,522
China Medical System Holdings Ltd.		618,000		1,040,683
China Meidong Auto Holdings Ltd.		412,000		451,976
China Mengniu Dairy Co. Ltd.		1,442,000		5,476,988
China Merchants Bank Co. Ltd., Class A		597,404		2,981,300
China Merchants Bank Co. Ltd., Class H		1,751,446		8,709,468
China Merchants Energy Shipping Co. Ltd., Class A		288,400		257,932
China Merchants Port Holdings Co. Ltd.		412,180		567,056
China Merchants Securities Co. Ltd., Class A		247,265		518,417
China Merchants Shekou Industrial Zone Holdings Co. Ltd., Class A		227,460		454,253


Security	Shares		Value

China (continued)
China Minsheng Banking Corp. Ltd., Class A		1,277,298	$	718,474
China Minsheng Banking Corp. Ltd., Class H		2,575,020		981,507
China National Building Material Co. Ltd., Class H		1,648,000		1,041,625
China National Chemical Engineering Co. Ltd., Class A		226,656		275,375
China National Nuclear Power Co. Ltd., Class A		638,600		653,621
China National Software & Service Co. Ltd., Class A		27,050		197,065
China Northern Rare Earth Group High-Tech Co. Ltd., Class A		123,600		427,650
China Oilfield Services Ltd., Class H		900,000		1,062,484
China Overseas Land & Investment Ltd.		1,751,260		4,154,284
China Overseas Property Holdings Ltd.		925,000		1,086,750
China Pacific Insurance Group Co. Ltd., Class A		226,698		951,442
China Pacific Insurance Group Co. Ltd., Class H		1,194,800		3,221,085
China Petroleum & Chemical Corp., Class A		1,071,292		930,746
China Petroleum & Chemical Corp., Class H		11,536,000		6,460,576
China Power International Development Ltd.		2,267,000		851,947
China Railway Group Ltd., Class A		721,000		812,084
China Railway Group Ltd., Class H		1,854,000		1,218,932
China Resources Beer Holdings Co. Ltd.		824,000		5,308,925
China Resources Cement Holdings Ltd.		1,236,000		538,529
China Resources Gas Group Ltd.		453,200		1,569,990
China Resources Land Ltd.		1,541,555		7,193,245
China Resources Microelectronics Ltd.		28,396		228,236
China Resources Mixc Lifestyle Services Ltd.^(b)		329,600		1,595,172
China Resources Pharmaceutical Group Ltd.^(b)		824,000		641,336
China Resources Power Holdings Co. Ltd.		824,000		1,787,619
China Resources Sanjiu Medical & Pharmaceutical Co. Ltd., Class A		41,273		289,354
China Ruyi Holdings Ltd.^(a)(c)		2,472,000		752,593
China Shenhua Energy Co. Ltd., Class A		206,018		819,439
China Shenhua Energy Co. Ltd., Class H		1,545,000		4,630,969
China Southern Airlines Co. Ltd., Class A^(a)		391,400		383,562
China Southern Airlines Co. Ltd., Class H^(a)(c)		824,000		516,465
China State Construction Engineering Corp. Ltd., Class A		1,256,600		1,076,259
China State Construction International Holdings Ltd.		824,000		1,010,279
China Taiping Insurance Holdings Co. Ltd.		700,590		781,471
China Three Gorges Renewables Group Co. Ltd., Class A		885,800		668,547
China Tourism Group Duty Free Corp. Ltd.^(b)		20,600		330,922
China Tourism Group Duty Free Corp. Ltd., Class A		62,898		1,111,679
China Tower Corp. Ltd., Class H^(b)		20,600,000		2,328,593
China Traditional Chinese Medicine Holdings Co. Ltd.		1,246,000		576,042
China United Network Communications Ltd., Class A		1,053,400		762,165
China Vanke Co. Ltd., Class A		329,607		704,449
China Vanke Co. Ltd., Class H		947,684		1,343,200
China Yangtze Power Co. Ltd., Class A		762,248		2,291,091
China Zhenhua Group Science & Technology Co. Ltd., Class A		20,600		257,729
China Zheshang Bank Co. Ltd., Class A		1,125,300		438,103
Chinasoft International Ltd.		1,236,000		774,221
Chongqing Brewery Co. Ltd., Class A		22,296		283,779
Chongqing Changan Automobile Co. Ltd., Class A		267,978		602,708
Chongqing Fuling Zhacai Group Co. Ltd., Class A		54,100		142,986
Chongqing Zhifei Biological Products Co. Ltd., Class A		61,800		404,133


Security	Shares		Value

China (continued)
CITIC Ltd.		2,678,000	$	3,022,992
CITIC Securities Co. Ltd., Class A		329,602		1,113,889
CITIC Securities Co. Ltd., Class H		927,025		1,996,749
CMOC Group Ltd., Class A		803,400		695,543
CMOC Group Ltd., Class H		1,236,000		827,118
Contemporary Amperex Technology Co. Ltd., Class A		123,698		4,123,719
COSCO SHIPPING Energy Transportation Co. Ltd., Class A		103,000		211,545
COSCO SHIPPING Energy Transportation Co. Ltd., Class H		412,000		455,294
COSCO SHIPPING Holdings Co. Ltd., Class A		391,612		555,273
COSCO SHIPPING Holdings Co. Ltd., Class H		1,442,399		1,526,653
COSCO SHIPPING Ports Ltd.		824,000		520,616
Country Garden Holdings Co. Ltd.^(a)(c)		5,947,838		1,221,929
Country Garden Services Holdings Co. Ltd.		1,048,000		1,199,906
CRRC Corp. Ltd., Class A		738,500		693,962
CRRC Corp. Ltd., Class H		2,532,000		1,397,432
CSC Financial Co. Ltd., Class A		144,299		538,040
CSPC Pharmaceutical Group Ltd.		4,121,440		3,442,536
Dajin Heavy Industry Co. Ltd.		20,600		87,421
Dali Foods Group Co. Ltd.^(b)		927,000		432,781
Daqin Railway Co. Ltd., Class A		473,800		474,698
Daqo New Energy Corp., ADR^(a)(c)		28,840		1,126,779
DaShenLin Pharmaceutical Group Co. Ltd., Class A		31,380		122,250
DHC Software Co. Ltd., Class A		144,200		137,243
Dong-E-E-Jiao Co. Ltd., Class A		41,200		282,258
Dongfang Electric Corp. Ltd., Class A		123,888		333,918
Dongfeng Motor Group Co. Ltd., Class H		1,236,000		578,483
Dongxing Securities Co. Ltd., Class A		165,698		211,394
Dongyue Group Ltd.		824,000		812,928
East Money Information Co. Ltd., Class A		494,414		1,115,535
Ecovacs Robotics Co. Ltd., Class A		20,600		228,234
ENN Energy Holdings Ltd.		370,800		4,506,997
Eve Energy Co. Ltd., Class A		61,816		513,289
Everbright Securities Co. Ltd., Class A		124,693		320,592
Fangda Carbon New Material Co. Ltd., Class A^(a)		167,175		145,150
Far East Horizon Ltd.		618,000		464,834
First Capital Securities Co. Ltd., Class A		185,400		163,583
Flat Glass Group Co. Ltd., Class A		61,800		303,611
Flat Glass Group Co. Ltd., Class H		206,000		616,614
Focus Media Information Technology Co. Ltd., Class A		474,940		495,748
Foshan Haitian Flavouring & Food Co. Ltd., Class A		139,492		905,860
Fosun International Ltd.		1,236,000		900,957
Foxconn Industrial Internet Co. Ltd., Class A		288,400		903,124
Fujian Sunner Development Co. Ltd., Class A		41,200		123,328
Fuyao Glass Industry Group Co. Ltd., Class A		82,499		437,917
Fuyao Glass Industry Group Co. Ltd., Class H^(b)		247,200		1,101,577
Ganfeng Lithium Co. Ltd., Class H^(b)(c)		175,120		1,128,195
Ganfeng Lithium Group Co. Ltd., Class A		61,857		518,816
GCL-Poly Energy Holdings Ltd.		9,888,000		2,154,237
GD Power Development Co. Ltd., Class A		576,800		297,894
GDS Holdings Ltd., Class A^(a)		413,240		680,405
Geely Automobile Holdings Ltd.		2,886,000		4,211,347
Gemdale Corp., Class A		144,246		174,659
Genscript Biotech Corp.^(a)		412,000		1,061,134
GF Securities Co. Ltd., Class A		164,800		378,388
GF Securities Co. Ltd., Class H		494,400		791,054
GigaDevice Semiconductor Inc., Class A		20,735		333,441


Security	Shares		Value

China (continued)
Ginlong Technologies Co. Ltd., Class A		20,600	$	272,925
GoerTek Inc., Class A		103,297		258,976
Goldwind Science & Technology Co. Ltd., Class A		123,613		193,863
Gotion High-tech Co. Ltd., Class A^(a)		61,800		238,453
Great Wall Motor Co. Ltd., Class A		62,000		257,121
Great Wall Motor Co. Ltd., Class H		1,133,000		1,550,289
Gree Electric Appliances Inc. of Zhuhai, Class A		82,400		447,428
Greentown China Holdings Ltd.		412,000		473,622
Greentown Service Group Co. Ltd.^(c)		412,000		216,325
GRG Banking Equipment Co. Ltd., Class A		123,660		199,400
Guangdong Haid Group Co. Ltd., Class A		61,899		436,339
Guangdong Investment Ltd.		1,648,000		1,426,701
Guangdong Kinlong Hardware Products Co. Ltd., Class A		18,700		169,281
Guanghui Energy Co. Ltd., Class A		268,900		268,158
Guangzhou Automobile Group Co. Ltd., Class A		144,200		236,561
Guangzhou Automobile Group Co. Ltd., Class H		1,648,397		1,037,604
Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class A		61,800		275,760
Guangzhou Great Power Energy & Technology Co. Ltd.^(a)		20,600		135,454
Guangzhou Haige Communications Group Inc. Co., Class A		144,211		201,234
Guangzhou Kingmed Diagnostics Group Co. Ltd., Class A		22,298		224,993
Guangzhou Shiyuan Electronic Technology Co. Ltd., Class A		21,658		187,242
Guangzhou Tinci Materials Technology Co. Ltd., Class A		61,800		318,910
Guosen Securities Co. Ltd., Class A		267,800		363,499
Guotai Junan Securities Co. Ltd., Class A		309,000		674,598
Guoyuan Securities Co. Ltd., Class A		206,030		213,048
H World Group Ltd., ADR^(a)		93,319		4,483,045
Haidilao International Holding Ltd.^(b)		824,000		2,327,358
Haier Smart Home Co. Ltd., Class A		226,600		784,742
Haier Smart Home Co. Ltd., Class H		1,071,600		3,523,945
Hainan Airlines Holding Co. Ltd.		922,200		215,691
Haitian International Holdings Ltd.		206,000		515,966
Haitong Securities Co. Ltd., Class A		535,600		776,865
Haitong Securities Co. Ltd., Class H		910,800		637,224
Hangzhou Chang Chuan Technology Co. Ltd.		20,600		121,409
Hangzhou First Applied Material Co. Ltd., Class A		59,623		292,204
Hangzhou Lion Electronics Co. Ltd.		20,600		110,877
Hangzhou Robam Appliances Co. Ltd., Class A		41,383		169,158
Hangzhou Silan Microelectronics Co. Ltd., Class A		61,800		265,318
Hangzhou Tigermed Consulting Co. Ltd., Class A		21,690		209,025
Hangzhou Tigermed Consulting Co. Ltd., Class H^(b)(c)		41,400		269,150
Hansoh Pharmaceutical Group Co. Ltd.^(b)		412,000		669,021
Henan Shuanghui Investment & Development Co. Ltd., Class A		103,098		364,454
Hengan International Group Co. Ltd.		309,000		1,271,010
Hengli Petrochemical Co. Ltd., Class A^(a)		247,299		539,095
Hengyi Petrochemical Co. Ltd., Class A^(a)		185,400		189,562
Hesteel Co. Ltd., Class A		391,400		132,069
Hithink RoyalFlush Information Network Co. Ltd., Class A		20,688		548,074
Hongfa Technology Co. Ltd., Class A		30,840		149,927
Hoshine Silicon Industry Co. Ltd., Class A		20,600		207,935
Hoyuan Green Energy Co. Ltd., Class A		28,984		205,968


Security	Shares		Value

China (continued)
Hua Hong Semiconductor Ltd.^(a)(b)		206,000	$	701,443
Huadian Power International Corp. Ltd., Class A		329,600		261,784
Huadong Medicine Co. Ltd., Class A		61,887		376,459
Hualan Biological Engineering Inc., Class A		103,080		332,421
Huaneng Power International Inc., Class A^(a)		412,000		495,719
Huaneng Power International Inc., Class H^(a)		1,652,000		917,696
Huatai Securities Co. Ltd., Class A		267,800		636,661
Huatai Securities Co. Ltd., Class H^(b)		576,800		823,022
Huaxi Securities Co. Ltd., Class A		164,800		212,951
Huaxia Bank Co. Ltd., Class A		576,899		468,410
Huaxin Cement Co. Ltd., Class A		61,800		120,576
Huayu Automotive Systems Co. Ltd., Class A		103,200		285,336
Huizhou Desay Sv Automotive Co. Ltd., Class A		20,600		449,130
Hundsun Technologies Inc., Class A		55,735		321,258
Hygeia Healthcare Holdings Co. Ltd.^(b)(c)		171,200		1,112,978
Iflytek Co. Ltd., Class A		61,800		544,017
Imeik Technology Development Co. Ltd., Class A		8,200		546,851
Industrial & Commercial Bank of China Ltd., Class A		1,874,600		1,251,756
Industrial & Commercial Bank of China Ltd., Class H		26,368,350		12,876,389
Industrial Bank Co. Ltd., Class A		638,625		1,490,733
Industrial Securities Co. Ltd., Class A		380,386		371,770
Inner Mongolia BaoTou Steel Union Co. Ltd., Class A^(a)		1,483,296		392,678
Inner Mongolia Junzheng Energy & Chemical Industry Group Co. Ltd., Class A		638,600		399,716
Inner Mongolia Yili Industrial Group Co. Ltd., Class A		206,091		827,744
Inner Mongolia Yitai Coal Co. Ltd., Class B^(a)		577,125		849,392
Innovent Biologics Inc.^(a)(b)		515,000		2,302,791
Inspur Electronic Information Industry Co. Ltd., Class A		46,248		295,763
iQIYI Inc., ADR^(a)		201,880		1,279,919
JA Solar Technology Co. Ltd., Class A		103,032		479,877
Jafron Biomedical Co. Ltd., Class A		20,920		69,393
Jason Furniture Hangzhou Co. Ltd., Class A^(a)		28,280		179,504
JD Health International Inc.^(a)(b)		535,600		3,915,393
JD Logistics Inc.^(a)(b)(c)		824,000		1,402,376
JD.com Inc., Class A		1,102,132		22,818,073
Jiangsu Eastern Shenghong Co. Ltd., Class A		206,000		362,350
Jiangsu Expressway Co. Ltd., Class H		824,000		755,630
Jiangsu Hengli Hydraulic Co. Ltd., Class A		41,265		414,455
Jiangsu Hengrui Medicine Co. Ltd., Class A		185,410		1,158,298
Jiangsu King’s Luck Brewery JSC Ltd., Class A		41,200		352,981
Jiangsu Yanghe Brewery Joint-Stock Co. Ltd., Class A		41,200		846,026
Jiangsu Yuyue Medical Equipment & Supply Co. Ltd., Class A		41,200		194,833
Jiangsu Zhongtian Technology Co. Ltd., Class A		103,200		227,474
Jiangxi Copper Co. Ltd., Class A		82,400		230,990
Jiangxi Copper Co. Ltd., Class H		618,000		1,038,214
Jinko Solar Co. Ltd.		178,748		311,816
Jiumaojiu International Holdings Ltd.^(b)		412,000		813,100
Joincare Pharmaceutical Group Industry Co. Ltd., Class A		103,000		181,353
Jointown Pharmaceutical Group Co. Ltd., Class A		123,640		171,424
Jonjee Hi-Tech Industrial And Commercial Holding Co. Ltd., Class A^(a)		41,286		202,768
JOYY Inc., ADR		21,836		759,019


Security	Shares		Value

China (continued)
Juewei Food Co. Ltd., Class A		20,600	$	110,723
Kanzhun Ltd., ADR^(a)		88,168		1,646,978
KE Holdings Inc., ADR^(a)		310,236		5,404,311
Kingboard Holdings Ltd.		309,000		859,840
Kingboard Laminates Holdings Ltd.		412,000		422,721
Kingdee International Software Group Co. Ltd.^(a)		1,236,000		2,168,022
Kingsoft Corp. Ltd.		453,600		1,952,367
Koolearn Technology Holding Ltd.^(a)(b)(c)		206,000		1,007,347
Kuaishou Technology^(a)(b)		1,091,800		9,582,340
Kunlun Energy Co. Ltd.		2,060,000		1,685,686
Kunlun Tech Co. Ltd., Class A^(a)		44,000		228,369
Kweichow Moutai Co. Ltd., Class A		37,572		9,916,161
LB Group Co. Ltd., Class A		82,400		219,373
Legend Biotech Corp., ADR^(a)(c)		27,192		2,053,540
Lenovo Group Ltd.		3,296,000		3,794,317
Lens Technology Co. Ltd., Class A		164,886		285,488
Lepu Medical Technology Beijing Co. Ltd., Class A		61,800		180,116
Li Auto Inc.^(a)		515,036		11,056,288
Li Ning Co. Ltd.		1,133,000		6,907,253
Lingyi iTech Guangdong Co., Class A		309,000		265,999
Livzon Pharmaceutical Group Inc., Class A		41,201		212,266
Longfor Group Holdings Ltd.^(b)		927,000		2,507,932
LONGi Green Energy Technology Co. Ltd., Class A		226,628		949,560
Lufax Holding Ltd., ADR		327,540		583,021
Luxshare Precision Industry Co. Ltd., Class A		206,230		934,283
Luzhou Laojiao Co. Ltd., Class A		41,200		1,392,647
Mango Excellent Media Co. Ltd., Class A		62,550		301,103
Maxscend Microelectronics Co. Ltd., Class A		20,664		348,567
Meinian Onehealth Healthcare Holdings Co. Ltd., Class A^(a)		144,287		146,085
Meituan, Class B^(a)(b)		2,369,050		45,225,438
Metallurgical Corp. of China Ltd., Class A		721,008		423,144
Microport Scientific Corp.^(a)		391,400		789,899
Ming Yang Smart Energy Group Ltd., Class A		61,800		156,171
MINISO Group Holding Ltd.		45,320		952,173
Minth Group Ltd.		412,000		1,318,828
Montage Technology Co. Ltd., Class A		41,200		334,036
Muyuan Foods Co. Ltd., Class A		165,036		1,026,440
Nanjing King-Friend Biochemical Pharmaceutical Co. Ltd., Class A		55,001		104,569
NARI Technology Co. Ltd., Class A		247,267		842,056
NAURA Technology Group Co. Ltd., Class A		20,600		819,363
NavInfo Co. Ltd., Class A^(a)		82,400		129,393
NetEase Inc.		927,070		20,191,884
New China Life Insurance Co. Ltd., Class A		82,499		525,841
New China Life Insurance Co. Ltd., Class H		370,800		1,075,331
New Hope Liuhe Co. Ltd., Class A^(a)		144,272		252,537
New Oriental Education & Technology Group Inc.^(a)		721,080		4,107,646
Nine Dragons Paper Holdings Ltd.		824,000		543,013
Ninestar Corp., Class A		62,300		292,208
Ningbo Deye Technology Co. Ltd., NVS		22,000		386,001
Ningbo Joyson Electronic Corp., Class A		41,200		109,879
Ningbo Orient Wires & Cables Co. Ltd.		20,600		134,104
Ningbo Tuopu Group Co. Ltd., Class A		43,800		450,906
Ningxia Baofeng Energy Group Co. Ltd., Class A		267,800		531,525
NIO Inc., ADR^(a)(c)		647,046		9,899,804
Nongfu Spring Co. Ltd., Class H^(b)(c)		824,000		4,804,277
Offshore Oil Engineering Co. Ltd., Class A		145,000		127,211
Oppein Home Group Inc., Class A		20,600		310,334
Orient Overseas International Ltd.		80,500		1,345,172


Security	Shares		Value

China (continued)
Orient Securities Co. Ltd., Class A		278,813	$	422,514
Ovctek China Inc., Class A		41,280		196,777
Pangang Group Vanadium Titanium & Resources Co. Ltd., Class A^(a)		370,800		213,399
People’s Insurance Co. Group of China Ltd. (The), Class H		4,326,000		1,665,461
Perfect World Co. Ltd., Class A		82,489		173,427
PetroChina Co. Ltd., Class A		638,600		709,190
PetroChina Co. Ltd., Class H		9,888,000		7,250,242
Pharmaron Beijing Co. Ltd., Class A		50,250		199,178
Pharmaron Beijing Co. Ltd., Class H^(b)		144,300		377,888
PICC Property & Casualty Co. Ltd., Class H		3,297,814		3,868,083
Pinduoduo Inc., ADR^(a)		237,724		21,352,370
Ping An Bank Co. Ltd., Class A		597,638		1,032,088
Ping An Healthcare and Technology Co. Ltd.^(a)(b)(c)		267,800		709,908
Ping An Insurance Group Co. of China Ltd., Class A		329,699		2,435,850
Ping An Insurance Group Co. of China Ltd., Class H		2,987,000		21,765,483
Poly Developments and Holdings Group Co. Ltd., Class A		370,895		740,008
Pop Mart International Group Ltd.^(b)(c)		247,200		702,462
Porton Pharma Solutions Ltd.		20,600		87,187
Postal Savings Bank of China Co. Ltd., Class A		824,000		599,303
Postal Savings Bank of China Co. Ltd., Class H^(b)		3,708,000		2,285,972
Power Construction Corp. of China Ltd., Class A		473,800		398,169
Qifu Technology Inc.		56,856		1,134,846
Qinghai Salt Lake Industry Co. Ltd., Class A^(a)		164,800		461,621
Rongsheng Petrochemical Co. Ltd., Class A		329,668		586,896
SAIC Motor Corp. Ltd., Class A		267,898		581,514
Sanan Optoelectronics Co. Ltd., Class A		132,000		313,717
Sangfor Technologies Inc., Class A^(a)		20,600		325,994
Sany Heavy Equipment International Holdings Co. Ltd.		618,000		978,146
Sany Heavy Industry Co. Ltd., Class A		267,899		666,422
Satellite Chemical Co. Ltd., Class A		129,991		293,254
SDIC Power Holdings Co. Ltd., Class A		176,000		313,432
Seazen Holdings Co. Ltd., Class A^(a)		61,824		142,742
SF Holding Co. Ltd., Class A		144,295		1,005,822
Shaanxi Coal Industry Co. Ltd., Class A		329,699		750,216
Shan Xi Hua Yang Group New Energy Co. Ltd.		154,950		176,487
Shandong Buchang Pharmaceuticals Co. Ltd., Class A		82,400		235,252
Shandong Gold Mining Co. Ltd., Class A		164,880		563,449
Shandong Gold Mining Co. Ltd., Class H^(b)		360,500		719,987
Shandong Hualu Hengsheng Chemical Co. Ltd., Class A		82,420		390,312
Shandong Linglong Tyre Co. Ltd., Class A		41,400		139,651
Shandong Nanshan Aluminum Co. Ltd., Class A		782,800		355,399
Shandong Sun Paper Industry JSC Ltd., Class A		103,000		173,327
Shandong Weigao Group Medical Polymer Co. Ltd., Class H		1,236,800		1,597,268
Shanghai Aiko Solar Energy Co. Ltd.		61,820		223,399
Shanghai Bairun Investment Holding Group Co. Ltd., Class A^(a)		41,268		213,808
Shanghai Baosight Software Co. Ltd., Class A		67,456		453,857
Shanghai Baosight Software Co. Ltd., Class B		297,004		766,870
Shanghai Construction Group Co. Ltd., Class A		391,400		162,756
Shanghai Electric Group Co. Ltd., Class A^(a)		515,000		343,957
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class A^(a)		82,400		365,906


Security	Shares		Value

China (continued)
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class H		206,000	$	543,635
Shanghai Fudan Microelectronics Group Co. Ltd., Class H^(c)		206,000		549,176
Shanghai International Airport Co. Ltd., Class A^(a)		41,200		273,838
Shanghai International Port Group Co. Ltd., Class A		370,800		281,399
Shanghai Junshi Biosciences Co. Ltd., Class A^(a)		26,564		151,528
Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd., Class B		576,875		387,573
Shanghai M&G Stationery Inc., Class A		41,200		258,133
Shanghai Pharmaceuticals Holding Co. Ltd., Class A		103,000		289,978
Shanghai Pharmaceuticals Holding Co. Ltd., Class H		309,000		560,848
Shanghai Pudong Development Bank Co. Ltd., Class A		906,495		965,322
Shanghai Putailai New Energy Technology Co. Ltd., Class A		63,260		348,983
Shanghai Yuyuan Tourist Mart Group Co. Ltd., Class A		123,600		131,518
Shanxi Coking Coal Energy Group Co. Ltd., Class A		185,400		235,670
Shanxi Lu’an Environmental Energy Development Co. Ltd., Class A		82,400		188,643
Shanxi Meijin Energy Co. Ltd., Class A^(a)		144,200		156,898
Shanxi Securities Co. Ltd., Class A		185,440		169,045
Shanxi Taigang Stainless Steel Co. Ltd., Class A		227,700		137,119
Shanxi Xinghuacun Fen Wine Factory Co. Ltd., Class A		41,280		1,382,031
Shengyi Technology Co. Ltd., Class A		103,000		229,792
Shennan Circuits Co. Ltd., Class A		20,620		220,990
Shenwan Hongyuan Group Co. Ltd., Class A		844,697		596,120
Shenzhen Energy Group Co. Ltd., Class A		391,486		376,403
Shenzhen Inovance Technology Co. Ltd., Class A		61,800		614,742
Shenzhen International Holdings Ltd.		618,000		579,849
Shenzhen Kangtai Biological Products Co. Ltd., Class A^(a)		56,800		233,035
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A		41,275		1,712,759
Shenzhen New Industries Biomedical Engineering Co. Ltd., Class A		22,000		174,212
Shenzhen Overseas Chinese Town Co. Ltd., Class A^(a)		288,400		198,425
Shenzhen SC New Energy Technology Corp., Class A		20,600		270,466
Shenzhen Transsion Holding Co. Ltd., Class A		23,451		402,904
Shenzhou International Group Holdings Ltd.		391,400		4,154,637
Shijiazhuang Yiling Pharmaceutical Co. Ltd., Class A		61,800		215,954
Shimao Group Holdings Ltd.		511,452		99,682
Sichuan Chuantou Energy Co. Ltd., Class A		164,800		333,533
Sichuan Kelun Pharmaceutical Co. Ltd., Class A		41,200		159,326
Sichuan Road & Bridge Co. Ltd., Class A		288,400		399,009
Sino Biopharmaceutical Ltd.		4,738,250		2,148,974
Sinomine Resource Group Co. Ltd., Class A		29,760		188,621
Sinopec Shanghai Petrochemical Co. Ltd., Class A^(a)		185,400		84,054
Sinopharm Group Co. Ltd., Class H		659,200		2,075,946
Smoore International Holdings Ltd.^(b)(c)		824,000		927,712
Songcheng Performance Development Co. Ltd., Class A		114,120		214,377


Security	Shares		Value

China (continued)
SooChow Securities Co. Ltd., Class A		194,357	$	246,837
Southwest Securities Co. Ltd., Class A		412,000		273,659
Sungrow Power Supply Co. Ltd., Class A		41,200		643,789
Sunny Optical Technology Group Co. Ltd.		329,600		3,231,422
Sunwoda Electronic Co. Ltd., Class A		63,499		146,324
Suzhou Dongshan Precision Manufacturing Co. Ltd., Class A		82,400		259,096
Suzhou Maxwell Technologies Co. Ltd., Class A		7,940		204,673
SuZhou TA&A Ultra Clean Technology Co. Ltd., Class A		27,530		124,084
TAL Education Group, ADR^(a)(c)		212,850		1,741,113
TBEA Co. Ltd., Class A		187,606		430,758
TCL Technology Group Corp., Class A^(a)		567,750		341,192
TCL Zhonghuan Renewable Energy Technology Co. Ltd., Class A		131,098		534,131
Tencent Holdings Ltd.		2,925,200		134,445,470
Tencent Music Entertainment Group, ADR^(a)		335,500		2,345,145
Thunder Software Technology Co. Ltd., Class A		20,600		260,609
Tianma Microelectronics Co. Ltd., Class A^(a)		164,889		216,305
Tianqi Lithium Corp., Class A		41,600		388,365
Tianshui Huatian Technology Co. Ltd., Class A		165,000		221,644
Tingyi Cayman Islands Holding Corp.		826,000		1,275,583
Toly Bread Co. Ltd., Class A		75,738		111,972
Tongcheng Travel Holdings Ltd.^(a)		576,800		1,399,670
Tongkun Group Co. Ltd., Class A^(a)		84,096		175,822
Tongling Nonferrous Metals Group Co. Ltd., Class A		489,400		222,928
Tongwei Co. Ltd., Class A		123,600		602,886
Topchoice Medical Corp., Class A^(a)		12,200		197,258
Topsports International Holdings Ltd.^(b)		824,000		761,681
TravelSky Technology Ltd., Class H		414,000		795,049
Trina Solar Co. Ltd.		79,596		420,065
Trip.com Group Ltd.^(a)		257,530		10,518,245
Tsingtao Brewery Co. Ltd., Class A		20,600		284,854
Tsingtao Brewery Co. Ltd., Class H		368,000		3,309,179
Unigroup Guoxin Microelectronics Co. Ltd., Class A		29,599		386,725
Uni-President China Holdings Ltd.		620,000		536,046
Unisplendour Corp. Ltd., Class A		103,020		393,774
Vinda International Holdings Ltd.		206,000		416,229
Vipshop Holdings Ltd., ADR^(a)(c)		168,714		3,176,885
Walvax Biotechnology Co. Ltd., Class A		61,800		234,924
Wanhua Chemical Group Co. Ltd., Class A		104,699		1,435,149
Want Want China Holdings Ltd.^(c)		2,268,000		1,581,642
Weibo Corp., ADR		29,664		467,208
Weichai Power Co. Ltd., Class A		206,000		380,769
Weichai Power Co. Ltd., Class H		1,030,600		1,526,780
Wens Foodstuffs Group Co. Ltd., Class A		206,098		548,503
Western Securities Co. Ltd., Class A		247,299		249,012
Will Semiconductor Co. Ltd. Shanghai, Class A		41,210		592,749
Wingtech Technology Co. Ltd., Class A		41,200		268,370
Wuchan Zhongda Group Co. Ltd., Class A		206,099		148,063
Wuhan Guide Infrared Co. Ltd., Class A		241,760		278,164
Wuliangye Yibin Co. Ltd., Class A		103,099		2,618,622
WUS Printed Circuit Kunshan Co. Ltd., Class A		82,450		253,250
WuXi AppTec Co. Ltd., Class A		84,764		852,938
WuXi AppTec Co. Ltd., Class H^(b)		164,874		1,568,350
Wuxi Autowell Technology Co. Ltd.		4,282		103,196
Wuxi Biologics Cayman Inc.^(a)(b)		1,751,000		10,104,663
XCMG Construction Machinery Co. Ltd., Class A		480,298		475,472
Xiamen C & D Inc., Class A		103,000		161,862
Xiaomi Corp., Class B^(a)(b)		7,210,000		11,470,252


Security	Shares		Value

China (continued)
Xinjiang Daqo New Energy Co. Ltd.		46,748	$	270,003
Xinyi Solar Holdings Ltd.		2,472,000		2,684,210
XPeng Inc.^(a)(c)		494,402		5,273,750
Xtep International Holdings Ltd.		618,000		688,728
Yadea Group Holdings Ltd.^(b)(c)		412,000		937,571
Yankuang Energy Group Co. Ltd., Class A		123,600		306,996
Yankuang Energy Group Co. Ltd., Class H		1,191,000		1,793,179
Yantai Jereh Oilfield Services Group Co. Ltd., Class A		41,301		162,015
Yealink Network Technology Corp. Ltd., Class A		51,327		270,364
Yifeng Pharmacy Chain Co. Ltd., Class A		29,320		156,045
Yihai International Holding Ltd.		206,000		474,572
Yihai Kerry Arawana Holdings Co. Ltd., Class A		41,200		242,916
Yintai Gold Co. Ltd., Class A		123,621		226,348
Yonyou Network Technology Co. Ltd., Class A		103,290		273,078
YTO Express Group Co. Ltd., Class A		103,000		226,841
Yuexiu Property Co. Ltd.		824,600		1,088,209
Yum China Holdings Inc.		196,318		11,979,324
Yunda Holding Co. Ltd., Class A		103,020		149,919
Yunnan Baiyao Group Co. Ltd., Class A		62,515		471,174
Yunnan Energy New Material Co. Ltd., Class A^(a)		28,500		385,551
Zai Lab Ltd.^(a)(c)		448,290		1,370,869
Zangge Mining Co. Ltd.		61,800		208,336
Zhangzhou Pientzehuang Pharmaceutical Co. Ltd., Class A		20,602		837,160
Zhaojin Mining Industry Co. Ltd., Class H		618,000		891,522
Zhejiang Century Huatong Group Co. Ltd., Class A^(a)		267,872		198,254
Zhejiang Chint Electrics Co. Ltd., Class A		82,400		326,996
Zhejiang Dahua Technology Co. Ltd., Class A		123,600		380,050
Zhejiang Dingli Machinery Co. Ltd., Class A		20,647		170,768
Zhejiang Expressway Co. Ltd., Class H		826,000		663,442
Zhejiang Huahai Pharmaceutical Co. Ltd., Class A		61,825		159,350
Zhejiang Huayou Cobalt Co. Ltd., Class A		61,800		436,446
Zhejiang Jingsheng Mechanical & Electrical Co. Ltd., Class A		41,200		356,519
Zhejiang NHU Co. Ltd., Class A		123,812		286,175
Zhejiang Supcon Technology Co. Ltd.		34,292		259,893
Zhejiang Supor Co. Ltd., Class A		22,299		156,164
Zhejiang Weixing New Building Materials Co. Ltd., Class A		63,496		192,838
Zhejiang Wolwo Bio-Pharmaceutical Co. Ltd., Class A		20,600		109,213
Zheshang Securities Co. Ltd., Class A		144,200		219,453
ZhongAn Online P&C Insurance Co. Ltd., Class H^(a)(b)		350,200		1,147,666
Zhongji Innolight Co. Ltd., Class A		20,699		371,268
Zhongsheng Group Holdings Ltd.		309,000		1,085,657
Zhuzhou CRRC Times Electric Co. Ltd.		288,400		1,149,730
Zijin Mining Group Co. Ltd., Class A		576,800		1,053,392
Zijin Mining Group Co. Ltd., Class H		2,472,000		4,269,452
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class A		330,137		318,459
ZTE Corp., Class A		123,600		677,984
ZTE Corp., Class H		329,600		1,206,279
ZTO Express Cayman Inc., ADR		197,966		5,503,455


				1,025,203,128

Hong Kong — 6.5%
AIA Group Ltd.		5,438,400		54,409,754
BOC Hong Kong Holdings Ltd.		1,751,000		5,344,126


Security	Shares		Value

Hong Kong (continued)
Budweiser Brewing Co. APAC Ltd.^(b)		782,800	$	1,909,341
Chow Tai Fook Jewellery Group Ltd.		988,800		1,726,352
CK Asset Holdings Ltd.		927,132		5,369,087
CK Hutchison Holdings Ltd.		1,236,132		7,623,630
CK Infrastructure Holdings Ltd.		309,000		1,637,497
CLP Holdings Ltd.		721,000		5,876,966
ESR Group Ltd.^(b)		989,200		1,734,607
Futu Holdings Ltd., ADR^(a)(c)		25,956		1,562,551
Galaxy Entertainment Group Ltd.^(a)		1,030,000		7,518,513
Hang Lung Properties Ltd.		824,000		1,285,891
Hang Seng Bank Ltd.		350,200		5,353,002
Henderson Land Development Co. Ltd.		618,166		1,910,855
HKT Trust & HKT Ltd., Class SS		1,856,640		2,193,062
Hong Kong & China Gas Co. Ltd.		5,356,763		4,595,338
Hong Kong Exchanges & Clearing Ltd.		580,553		24,477,276
Hongkong Land Holdings Ltd.^(c)		535,600		1,908,726
Jardine Matheson Holdings Ltd.		81,600		4,030,665
Link REIT		1,194,800		6,716,157
MTR Corp. Ltd.^(c)		722,000		3,327,192
New World Development Co. Ltd.		618,166		1,528,706
Power Assets Holdings Ltd.		618,000		3,239,075
Sands China Ltd.^(a)		1,153,600		4,444,258
Sino Land Co. Ltd.		1,649,200		2,024,431
SITC International Holdings Co. Ltd.		618,000		1,354,134
Sun Hung Kai Properties Ltd.		719,500		9,034,487
Swire Pacific Ltd., Class A		206,000		1,722,003
Swire Properties Ltd.		535,600		1,343,994
Techtronic Industries Co. Ltd.		618,000		7,020,819
WH Group Ltd.^(b)		3,914,000		2,136,222
Wharf Real Estate Investment Co. Ltd.		824,000		4,421,969
Xinyi Glass Holdings Ltd.		824,000		1,371,215


				190,151,901

India — 16.3%
ABB India Ltd.		24,926		1,381,515
ACC Ltd.		31,455		772,522
Adani Enterprises Ltd.		81,799		2,481,423
Adani Green Energy Ltd.^(a)		146,815		1,951,554
Adani Ports & Special Economic Zone Ltd.		249,733		2,362,840
Adani Power Ltd.^(a)		362,221		1,204,908
Ambuja Cements Ltd.		282,426		1,591,662
Apollo Hospitals Enterprise Ltd.		49,028		3,086,371
Asian Paints Ltd.		180,662		7,421,231
AU Small Finance Bank Ltd.^(b)		76,538		680,573
Aurobindo Pharma Ltd.		121,334		1,214,132
Avenue Supermarts Ltd.^(a)(b)		77,250		3,529,524
Axis Bank Ltd.		1,105,530		12,834,643
Bajaj Auto Ltd.		31,106		1,867,192
Bajaj Finance Ltd.		126,896		11,281,033
Bajaj Finserv Ltd.		182,310		3,547,942
Bajaj Holdings & Investment Ltd.		12,772		1,172,327
Balkrishna Industries Ltd.		38,316		1,185,183
Bandhan Bank Ltd.^(a)(b)		353,424		960,844
Bank of Baroda		493,988		1,216,566
Berger Paints India Ltd.		127,102		1,055,608
Bharat Electronics Ltd.		1,724,394		2,743,752
Bharat Forge Ltd.		122,158		1,384,543
Bharat Petroleum Corp. Ltd.		356,998		1,639,549
Bharti Airtel Ltd.		1,037,004		11,230,724
Britannia Industries Ltd.		50,882		2,965,957
CG Power and Industrial Solutions Ltd.		291,696		1,427,366


Security	Shares		Value

India (continued)
Cholamandalam Investment and Finance Co. Ltd.		196,112	$	2,702,155
Cipla Ltd.		241,432		3,453,020
Coal India Ltd.		701,842		1,958,869
Colgate-Palmolive India Ltd.		54,796		1,346,458
Container Corp. of India Ltd.		127,720		1,079,910
Dabur India Ltd.		297,876		2,086,818
Divi’s Laboratories Ltd.		56,444		2,531,522
DLF Ltd.		297,876		1,880,708
Dr. Reddy’s Laboratories Ltd.		50,470		3,462,510
Eicher Motors Ltd.		64,890		2,657,834
GAIL India Ltd.		1,121,368		1,624,973
Godrej Consumer Products Ltd.^(a)		192,198		2,422,985
Godrej Properties Ltd.^(a)		60,770		1,287,333
Grasim Industries Ltd.		129,986		2,927,172
Havells India Ltd.		115,566		1,876,446
HCL Technologies Ltd.		444,754		6,045,084
HDFC Bank Ltd.		1,299,997		26,098,852
HDFC Life Insurance Co. Ltd.^(b)		445,578		3,505,921
Hero MotoCorp Ltd.		52,324		2,039,996
Hindalco Industries Ltd.		591,838		3,336,414
Hindustan Aeronautics Ltd.		37,961		1,831,498
Hindustan Petroleum Corp. Ltd.		272,538		935,675
Hindustan Unilever Ltd.		383,778		11,954,917
ICICI Bank Ltd.		2,422,775		29,527,493
ICICI Lombard General Insurance Co. Ltd.^(b)		106,826		1,800,296
ICICI Prudential Life Insurance Co. Ltd.^(b)		174,603		1,231,629
Indian Hotels Co. Ltd. (The), Class A		384,602		1,849,941
Indian Oil Corp. Ltd.		1,312,632		1,497,159
Indian Railway Catering & Tourism Corp. Ltd.		122,010		951,355
Indraprastha Gas Ltd.		145,906		822,434
Info Edge India Ltd.		34,608		1,934,140
Infosys Ltd.		1,547,266		25,608,978
InterGlobe Aviation Ltd.^(a)(b)		59,534		1,878,384
ITC Ltd.		1,410,894		7,994,691
Jindal Steel & Power Ltd.		176,130		1,435,639
Jio Financial Services Ltd., NVS		1,427,296		3,953,974
JSW Steel Ltd.		264,298		2,629,488
Jubilant Foodworks Ltd.		184,370		1,074,174
Kotak Mahindra Bank Ltd.		536,424		12,122,702
Larsen & Toubro Infotech Ltd.^(b)		42,436		2,528,729
Larsen & Toubro Ltd.		312,708		10,203,264
Lupin Ltd.		96,202		1,153,462
Mahindra & Mahindra Ltd.		431,982		7,756,023
Marico Ltd.		239,578		1,634,527
Maruti Suzuki India Ltd.		62,418		7,459,136
Max Healthcare Institute Ltd.^(a)		373,010		2,699,800
Mphasis Ltd.		37,286		1,041,901
MRF Ltd.		1,030		1,290,376
Muthoot Finance Ltd.		63,036		1,035,846
Nestle India Ltd.		16,068		4,406,351
NTPC Ltd.		2,030,542		5,397,625
Oil & Natural Gas Corp. Ltd.		1,395,444		3,009,431
Page Industries Ltd.		2,884		1,326,437
Petronet LNG Ltd.		358,440		1,019,091
PI Industries Ltd.		39,552		1,739,986
Pidilite Industries Ltd.		72,718		2,313,754
Power Grid Corp. of India Ltd.		1,622,250		5,252,424
Reliance Industries Ltd.		1,423,048		44,175,622
Samvardhana Motherson International Ltd.		1,028,558		1,231,044
SBI Cards & Payment Services Ltd.		125,454		1,305,983


Security	Shares		Value

India (continued)
SBI Life Insurance Co. Ltd.^(b)		204,970	$	3,199,603
Shree Cement Ltd.		4,532		1,329,301
Shriram Transport Finance Co. Ltd.		131,584		3,033,540
Siemens Ltd.		39,758		1,926,654
Sona Blw Precision Forgings Ltd.^(b)		185,194		1,284,899
SRF Ltd.		70,658		1,867,886
State Bank of India		817,614		6,176,090
Sun Pharmaceutical Industries Ltd.		448,050		6,232,271
Tata Consultancy Services Ltd.		425,184		17,712,723
Tata Consumer Products Ltd.		264,092		2,760,669
Tata Elxsi Ltd.		16,686		1,454,793
Tata Motors Ltd.		781,770		6,134,111
Tata Power Co. Ltd. (The)		683,302		1,968,112
Tata Steel Ltd.		3,455,444		5,184,140
Tech Mahindra Ltd.		253,380		3,441,718
Titan Co. Ltd.		167,272		6,112,826
Torrent Pharmaceuticals Ltd.		48,174		1,174,528
Trent Ltd.		88,992		1,903,538
Tube Investments of India Ltd.		52,324		1,961,853
TVS Motor Co. Ltd.		109,798		1,840,429
UltraTech Cement Ltd.		51,912		5,254,103
United Spirits Ltd.^(a)		141,110		1,743,970
UPL Ltd.		235,935		1,793,945
Varun Beverages Ltd.		222,892		2,181,146
Vedanta Ltd.		354,114		1,191,672
Wipro Ltd.		608,967		3,003,502
Yes Bank Ltd.^(a)		5,967,614		1,230,789
Zomato Ltd.^(a)		1,983,780		2,030,822


				472,661,476

Indonesia — 2.2%
Adaro Energy Indonesia Tbk PT		6,715,600		1,074,299
Aneka Tambang Tbk		4,202,400		553,920
Astra International Tbk PT		9,455,400		4,296,953
Bank Central Asia Tbk PT		25,482,200		15,432,819
Bank Mandiri Persero Tbk PT		17,489,404		6,648,515
Bank Negara Indonesia Persero Tbk PT		3,563,815		2,098,027
Bank Rakyat Indonesia Persero Tbk PT		31,682,867		11,862,189
Barito Pacific Tbk PT		14,740,842		757,464
Charoen Pokphand Indonesia Tbk PT^(a)		3,502,000		1,201,318
GoTo Gojek Tokopedia Tbk PT^(a)		386,023,400		2,897,756
Indah Kiat Pulp & Paper Tbk PT		1,401,200		850,584
Indofood CBP Sukses Makmur Tbk PT		988,800		734,751
Indofood Sukses Makmur Tbk PT		1,977,600		960,749
Kalbe Farma Tbk PT		10,423,600		1,323,922
Merdeka Copper Gold Tbk PT^(a)		6,180,177		1,440,049
Sarana Menara Nusantara Tbk PT		9,743,800		655,769
Semen Indonesia Persero Tbk PT		1,671,325		773,370
Sumber Alfaria Trijaya Tbk PT		8,034,000		1,438,553
Telkom Indonesia Persero Tbk PT		23,133,800		5,699,607
Unilever Indonesia Tbk PT		3,605,000		920,375
United Tractors Tbk PT		700,443		1,279,623
Vale Indonesia Tbk PT		1,524,400		695,642


				63,596,254

Malaysia — 1.6%
AMMB Holdings Bhd		885,800		758,527
Axiata Group Bhd		1,442,000		854,026
CIMB Group Holdings Bhd		2,822,200		3,476,527
Dialog Group Bhd		1,854,062		946,426
DiGi.Com Bhd		1,559,000		1,528,304


Security	Shares		Value

Malaysia (continued)
Gamuda Bhd		865,200	$	825,007
Genting Bhd		988,800		945,399
Genting Malaysia Bhd		1,545,000		891,192
Hong Leong Bank Bhd		267,800		1,163,486
Hong Leong Financial Group Bhd		144,200		585,243
IHH Healthcare Bhd		844,600		1,115,497
Inari Amertron Bhd		1,462,600		979,845
IOI Corp. Bhd		1,112,400		1,029,182
Kuala Lumpur Kepong Bhd		226,600		1,172,031
Malayan Banking Bhd		2,451,400		4,904,559
Malaysia Airports Holdings Bhd		370,800		567,435
Maxis Bhd^(c)		1,091,800		978,366
MISC Bhd		638,600		1,018,159
MR DIY Group M Bhd^(b)		1,353,200		441,233
Nestle Malaysia Bhd		39,800		1,181,907
Petronas Chemicals Group Bhd		1,246,700		1,923,170
Petronas Dagangan Bhd		144,200		734,272
Petronas Gas Bhd		371,000		1,405,340
PPB Group Bhd		309,020		1,144,519
Press Metal Aluminium Holdings Bhd		1,751,000		1,957,992
Public Bank Bhd		6,923,050		6,403,880
QL Resources Bhd		597,400		726,048
RHB Bank Bhd		700,445		884,296
Sime Darby Bhd		1,442,000		697,847
Sime Darby Plantation Bhd		968,200		978,715
Telekom Malaysia Bhd		576,800		651,255
Tenaga Nasional Bhd		1,133,000		2,412,693
Top Glove Corp. Bhd^(a)(c)		2,492,600		508,840


				45,791,218

Philippines — 0.7%
Aboitiz Equity Ventures Inc.		927,050		907,396
ACEN Corp.^(a)		392,103		37,273
Ayala Corp.		121,548		1,362,351
Ayala Land Inc.		3,337,200		1,666,447
Bank of the Philippine Islands		741,062		1,545,226
BDO Unibank Inc.		1,155,664		3,056,212
International Container Terminal Services Inc.		437,280		1,728,132
JG Summit Holdings Inc.		1,420,425		1,114,500
Jollibee Foods Corp.		228,660		1,062,064
Manila Electric Co.		115,360		748,241
Metropolitan Bank & Trust Co.		977,360		1,068,402
PLDT Inc.		38,120		909,654
SM Investments Corp.		107,200		1,781,212
SM Prime Holdings Inc.		5,005,825		3,045,793
Universal Robina Corp.		440,840		985,858


				21,018,761

Singapore — 3.8%
CapitaLand Ascendas REIT		1,606,814		3,397,808
CapitaLand Integrated Commercial Trust		2,554,447		3,921,802
Capitaland Investment Ltd/Singapore		1,236,000		3,163,517
City Developments Ltd.		226,600		1,260,867
DBS Group Holdings Ltd.		844,600		21,788,179
Genting Singapore Ltd.		2,822,200		1,996,214
Grab Holdings Ltd., Class A^(a)		867,672		3,323,184
Jardine Cycle & Carriage Ltd.		41,200		1,063,365
Keppel Corp. Ltd.		700,400		3,889,485
Mapletree Logistics Trust		1,545,061		1,964,211
Mapletree Pan Asia Commercial Trust		1,112,400		1,381,626
Oversea-Chinese Banking Corp. Ltd.^(c)		1,586,275		15,875,045


Security	Shares		Value

Singapore (continued)
Sea Ltd., ADR^(a)		171,186	$	11,387,293
Seatrium Ltd.^(a)		19,631,885		2,080,692
Singapore Airlines Ltd.^(c)		639,000		3,619,950
Singapore Exchange Ltd.		422,000		3,084,732
Singapore Technologies Engineering Ltd.		742,000		2,083,168
Singapore Telecommunications Ltd.		3,893,400		7,810,414
United Overseas Bank Ltd.		576,800		13,083,832
UOL Group Ltd.		206,000		1,089,982
Venture Corp. Ltd.		144,200		1,625,699
Wilmar International Ltd.		865,200		2,514,040


				111,405,105

South Korea — 13.4%
Amorepacific Corp.		13,596		1,200,888
BGF retail Co. Ltd.		3,708		486,514
Celltrion Healthcare Co. Ltd.		49,440		2,554,152
Celltrion Inc.		51,088		5,877,535
Celltrion Pharm Inc.^(a)		8,925		621,433
CJ CheilJedang Corp.		4,120		904,423
CJ Corp.		7,622		387,484
CosmoAM&T Co. Ltd.^(a)		11,413		1,627,392
Coway Co. Ltd.		27,402		880,596
DB Insurance Co. Ltd.		21,424		1,266,809
Doosan Bobcat Inc.		23,896		1,096,145
Doosan Enerbility Co. Ltd.^(a)		207,854		2,853,003
Ecopro BM Co. Ltd.		23,072		7,589,051
E-MART Inc.		9,476		562,471
F&F Co. Ltd./New		8,858		719,167
GS Holdings Corp.		24,926		736,549
Hana Financial Group Inc.		137,402		4,234,111
Hankook Tire & Technology Co. Ltd.		37,492		1,137,180
Hanmi Pharm Co. Ltd.		3,573		747,073
Hanon Systems		89,198		596,629
Hanwha Aerospace Co. Ltd.		17,115		1,642,008
Hanwha Solutions Corp.^(a)		48,616		1,442,885
HD Hyundai Co. Ltd.		22,660		1,094,277
HD Hyundai Heavy Industries Co. Ltd.^(a)		10,300		1,129,154
HD Korea Shipbuilding & Offshore Engineering Co. Ltd.^(a)		19,574		1,894,707
HLB Inc.^(a)		53,842		1,388,465
HMM Co. Ltd.		113,300		1,555,155
Hotel Shilla Co. Ltd.		15,862		937,059
HYBE Co. Ltd.^(a)		8,858		1,824,194
Hyundai Engineering & Construction Co. Ltd.		37,492		1,100,365
Hyundai Glovis Co. Ltd.		7,004		957,714
Hyundai Mipo Dockyard Co. Ltd.^(a)(c)		10,506		769,902
Hyundai Mobis Co. Ltd.		28,428		5,194,259
Hyundai Motor Co.		64,272		9,882,039
Hyundai Steel Co.		40,182		1,139,122
Iljin Materials Co. Ltd.		11,948		514,025
Industrial Bank of Korea		125,660		1,024,454
Kakao Corp.		158,414		6,377,261
Kakao Games Corp.^(a)		17,922		443,512
Kakao Pay Corp.^(a)		12,772		502,677
KakaoBank Corp.		77,662		1,584,211
Kangwon Land Inc.		48,616		595,040
KB Financial Group Inc.		181,074		7,252,266
Kia Corp.		129,986		8,436,001
Korea Aerospace Industries Ltd.		32,548		1,256,630
Korea Electric Power Corp.^(a)		124,012		1,868,577
Korea Investment Holdings Co. Ltd.		20,814		797,572


Security	Shares		Value

South Korea (continued)
Korea Zinc Co. Ltd.		3,708	$	1,436,415
Korean Air Lines Co. Ltd.		83,224		1,606,407
Krafton Inc.^(a)		14,214		1,916,023
KT Corp.		28,634		663,092
KT&G Corp.		47,792		3,092,519
Kumho Petrochemical Co. Ltd.		9,064		853,545
L&F Co. Ltd.		11,742		2,373,126
LG Chem Ltd.		23,072		11,736,860
LG Corp.		44,290		2,899,413
LG Display Co. Ltd.^(a)		112,302		1,187,387
LG Electronics Inc.		49,028		4,173,330
LG Energy Solution^(a)(c)		16,480		7,240,182
LG H&H Co. Ltd.		4,326		1,451,471
LG Innotek Co. Ltd.		7,004		1,452,312
LG Uplus Corp.		102,588		805,208
Lotte Chemical Corp.		10,123		1,196,140
Meritz Financial Group Inc.		50,265		1,940,748
Mirae Asset Securities Co. Ltd.		133,488		725,668
NAVER Corp.		61,594		10,974,040
NCSoft Corp.		6,798		1,474,800
Netmarble Corp.^(a)(b)		9,682		373,876
NH Investment & Securities Co. Ltd.		62,006		481,534
Orion Corp./Republic of Korea		11,536		1,026,764
Pan Ocean Co. Ltd.		137,402		515,227
Pearl Abyss Corp.^(a)		15,040		661,140
POSCO Future M Co. Ltd.		14,626		6,050,943
POSCO Holdings Inc.		33,578		16,919,324
Posco International Corp.^(c)		23,917		1,692,438
Samsung Biologics Co. Ltd.^(a)(b)		8,446		5,071,552
Samsung C&T Corp.		37,492		3,037,625
Samsung Electro-Mechanics Co. Ltd.		25,956		2,961,031
Samsung Electronics Co. Ltd.		2,232,216		122,219,693
Samsung Engineering Co. Ltd.^(a)		74,778		2,169,087
Samsung Fire & Marine Insurance Co. Ltd.		14,214		2,716,957
Samsung Heavy Industries Co. Ltd.^(a)		305,704		2,166,716
Samsung Life Insurance Co. Ltd.		36,874		2,017,311
Samsung SDI Co. Ltd.		25,544		13,334,084
Samsung SDS Co. Ltd.		16,480		1,659,098
Samsung Securities Co. Ltd.		30,694		864,367
Shinhan Financial Group Co. Ltd.		199,408		5,488,364
SK Biopharmaceuticals Co. Ltd.^(a)(c)		16,274		1,039,194
SK Bioscience Co. Ltd.^(a)		12,566		723,608
SK Hynix Inc.		254,822		24,678,228
SK IE Technology Co. Ltd.^(a)(b)		11,742		989,422
SK Inc.		14,832		1,777,825
SK Innovation Co. Ltd.^(a)(c)		26,574		4,507,458
SK Square Co. Ltd.^(a)		47,586		1,656,745
SKC Co. Ltd.^(c)		9,270		721,640
S-Oil Corp.		21,836		1,283,611
Woori Financial Group Inc.		254,616		2,326,979
Yuhan Corp.		25,744		1,472,967


				390,485,630

Taiwan — 16.9%
Accton Technology Corp.		206,000		2,513,274
Acer Inc.		1,236,830		1,381,216
Advantech Co. Ltd.		227,927		2,846,292
Airtac International Group		69,109		2,055,497
ASE Technology Holding Co. Ltd.		1,442,110		5,278,238
Asia Cement Corp.		1,030,448		1,321,998
Asustek Computer Inc.		377,100		4,379,751


Security	Shares		Value

Taiwan (continued)
AUO Corp.		3,134,264	$	2,067,618
Catcher Technology Co. Ltd.		406,000		2,245,068
Cathay Financial Holding Co. Ltd.		4,326,374		6,306,011
Chailease Holding Co. Ltd.		707,107		4,682,032
Chang Hwa Commercial Bank Ltd.		2,266,442		1,360,745
Cheng Shin Rubber Industry Co. Ltd.		824,303		1,010,374
China Airlines Ltd.		1,442,000		1,146,709
China Development Financial Holding Corp.^(a)		7,416,763		2,965,412
China Steel Corp.		5,562,484		4,948,777
Chunghwa Telecom Co. Ltd.		1,648,110		6,079,806
Compal Electronics Inc.		1,856,000		1,801,856
CTBC Financial Holding Co. Ltd.		8,240,456		6,893,700
Delta Electronics Inc.		922,000		10,763,156
E Ink Holdings Inc.		412,000		2,954,790
E.Sun Financial Holding Co. Ltd.		6,481,742		5,338,595
Eclat Textile Co. Ltd.		95,208		1,647,054
eMemory Technology Inc.		34,000		2,014,784
Eva Airways Corp.		1,236,000		1,449,265
Evergreen Marine Corp. Taiwan Ltd.		412,376		1,367,530
Far Eastern New Century Corp.		1,442,040		1,363,849
Far EasTone Telecommunications Co. Ltd.		618,000		1,395,360
Feng TAY Enterprise Co. Ltd.		206,340		1,395,601
First Financial Holding Co. Ltd.		4,896,591		4,529,769
Formosa Chemicals & Fibre Corp.		1,648,740		3,432,250
Formosa Petrochemical Corp.		412,000		1,051,512
Formosa Plastics Corp.		1,854,400		4,909,878
Fubon Financial Holding Co. Ltd.		3,472,163		7,247,151
Giant Manufacturing Co. Ltd.		185,650		1,377,156
Global Unichip Corp.		45,000		2,353,705
Globalwafers Co. Ltd.		116,000		1,901,037
Hon Hai Precision Industry Co. Ltd.		5,768,516		19,960,972
Hotai Motor Co. Ltd.		149,000		3,597,638
Hua Nan Financial Holdings Co. Ltd.		4,276,466		3,029,511
Innolux Corp.		4,292,852		2,279,612
Inventec Corp.		1,236,460		2,515,197
Largan Precision Co. Ltd.		48,000		3,329,359
Lite-On Technology Corp.		824,371		3,963,819
MediaTek Inc.		721,391		15,874,144
Mega Financial Holding Co. Ltd.		5,302,097		6,798,930
Micro-Star International Co. Ltd.		375,000		2,325,953
momo.com Inc.		42,000		802,167
Nan Ya Plastics Corp.		2,266,000		5,049,599
Nan Ya Printed Circuit Board Corp.		137,000		1,084,783
Nanya Technology Corp.		618,000		1,426,080
Nien Made Enterprise Co. Ltd.		68,000		704,884
Novatek Microelectronics Corp.		282,000		3,813,636
Parade Technologies Ltd.		40,000		1,174,312
Pegatron Corp.		824,000		2,006,528
PharmaEssentia Corp.^(a)		127,000		1,385,530
Pou Chen Corp.		824,000		819,942
Powerchip Semiconductor Manufacturing Corp.		1,442,000		1,378,359
President Chain Store Corp.		280,000		2,487,555
Quanta Computer Inc.		1,236,000		9,403,314
Realtek Semiconductor Corp.		206,642		2,838,047
Ruentex Development Co. Ltd.		812,776		922,272
Shanghai Commercial & Savings Bank Ltd. (The)		1,648,982		2,311,464
Shin Kong Financial Holding Co. Ltd.^(a)		6,182,143		1,897,534
Silergy Corp.		168,000		1,777,000
SinoPac Financial Holdings Co. Ltd.		4,944,633		2,936,329
Synnex Technology International Corp.		618,950		1,166,555


Security	Shares		Value

Taiwan (continued)
Taishin Financial Holding Co. Ltd.		5,366,751	$	3,122,162
Taiwan Business Bank		2,884,000		1,324,097
Taiwan Cement Corp.		2,933,464		3,485,569
Taiwan Cooperative Financial Holding Co. Ltd.		4,738,521		4,435,698
Taiwan High Speed Rail Corp.		824,000		791,367
Taiwan Mobile Co. Ltd.		824,000		2,475,981
Taiwan Semiconductor Manufacturing Co. Ltd.		11,536,670		208,324,559
Unimicron Technology Corp.		618,000		3,648,552
Uni-President Enterprises Corp.		2,268,694		5,442,749
United Microelectronics Corp.		5,356,000		8,048,455
Vanguard International Semiconductor Corp.		414,000		1,020,740
Voltronic Power Technology Corp.		34,000		1,897,218
Walsin Lihwa Corp.		1,236,272		1,578,136
Wan Hai Lines Ltd.		206,875		332,515
Win Semiconductors Corp.		206,000		1,075,732
Winbond Electronics Corp.^(a)		1,442,000		1,351,626
Wistron Corp.		1,236,000		5,578,972
Wiwynn Corp.		45,000		2,555,510
WPG Holdings Ltd.		620,100		996,661
Yageo Corp.		168,112		2,464,579
Yang Ming Marine Transport Corp.		852,000		1,263,862
Yuanta Financial Holding Co. Ltd.		4,738,890		3,685,091
Zhen Ding Technology Holding Ltd.		206,097		690,638


				492,428,310

Thailand — 2.3%
Advanced Info Service PCL, NVDR		557,300		3,682,174
Airports of Thailand PCL, NVDR^(a)		1,915,800		4,002,747
Asset World Corp. PCL, NVDR		4,429,000		580,380
B Grimm Power PCL, NVDR		432,600		490,229
Bangkok Dusit Medical Services PCL, NVDR		4,964,600		4,176,607
Bangkok Expressway & Metro PCL, NVDR		3,687,400		981,395
Banpu PCL, NVDR^(c)		3,852,200		1,098,055
Berli Jucker PCL, NVDR		597,400		611,073
BTS Group Holdings PCL, NVDR^(c)		3,953,400		936,131
Bumrungrad Hospital PCL, NVDR		288,400		1,821,738
Carabao Group PCL, NVDR		144,200		306,976
Central Pattana PCL, NVDR		988,800		1,966,490
Central Retail Corp. PCL, NVDR		906,474		1,093,042
Charoen Pokphand Foods PCL, NVDR^(c)		1,689,200		1,002,440
CP ALL PCL, NVDR		2,719,200		5,047,406
CP Axtra PCL		878,200		885,731
Delta Electronics Thailand PCL, NVDR^(c)		1,462,600		4,836,007
Electricity Generating PCL, NVDR^(c)		123,600		482,080
Energy Absolute PCL, NVDR		824,000		1,494,852
Global Power Synergy PCL, NVDR		351,300		593,047
Gulf Energy Development PCL, NVDR		1,462,800		2,128,251
Home Product Center PCL, NVDR		2,884,043		1,197,355
Indorama Ventures PCL, NVDR^(c)		885,800		887,154
Intouch Holdings PCL, NVDR		473,825		1,066,703
Kasikornbank PCL, NVDR		267,800		987,069
Krung Thai Bank PCL, NVDR		1,462,675		876,718
Krungthai Card PCL, NVDR		453,200		622,830
Land & Houses PCL, NVDR		3,357,800		834,042
Minor International PCL, NVDR		1,586,220		1,530,480
Muangthai Capital PCL, NVDR		370,800		385,210
Osotspa PCL, NVDR		679,800		581,541
PTT Exploration & Production PCL, NVDR		659,284		3,078,695
PTT Global Chemical PCL, NVDR		1,091,876		1,262,011
PTT Oil & Retail Business PCL, NVDR		1,318,400		824,695
PTT Public Company Ltd., NVDR		4,655,600		4,763,786


Security	Shares		Value

Thailand (continued)
Ratch Group PCL, NVDR		453,200	$	480,167
SCB X PCL, NVS		370,800		1,219,746
SCG Packaging PCL, NVDR		576,800		682,948
Siam Cement PCL (The), NVDR		350,200		3,327,639
Srisawad Corp. PCL, NVDR^(c)		391,400		541,073
Thai Oil PCL, NVDR		576,800		865,430
True Corp. PCL		4,902,856		1,039,380


				65,271,523


Total Common Stocks — 98.9% (Cost: $2,749,172,315)				2,878,013,306


Preferred Stocks

South Korea — 0.7%
Hyundai Motor Co.
Preference Shares, NVS		10,506		883,705
Series 2, Preference Shares, NVS		16,686		1,419,255
LG Chem Ltd., Preference Shares, NVS		3,708		1,142,747
Samsung Electronics Co. Ltd., Preference Shares, NVS		381,924		17,202,143


				20,647,850


Total Preferred Stocks — 0.7% (Cost: $5,956,680)				20,647,850


Rights

China — 0.0%
Kangmei Pharmaceutical Co. Ltd., (Expires 12/31/49)^(a)		41,477		—


Total Rights — 0.0% (Cost: $—)				—


Total Long-Term Investments — 99.6% (Cost: $2,755,128,995)				2,898,661,156


Short-Term Securities

Money Market Funds — 2.1%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.42%^(e)(f)(g)		53,892,062		53,908,230
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.22%^(e)(f)		5,680,000		5,680,000


Total Short-Term Securities — 2.1% (Cost: $59,567,845)				59,588,230


Total Investments — 101.7% (Cost: $2,814,696,840)				2,958,249,386

Liabilities in Excess of Other Assets — (1.7)%				(48,054,286	)


Net Assets — 100.0%			$	2,910,195,100

^(a)	Non-income producing security.

^(b)	Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

^(c)	All or a portion of this security is on loan.

^(d)	Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

^(e)	Affiliate of the Fund.

^(f)	Annualized 7-day yield as of period end.

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

For the period ended July 31, 2023, the effect of derivative financial instruments in the Statements of Operations was as follows:

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


Security	Shares		Value

Common Stocks

Austria — 0.7%
Erste Group Bank AG		288,516	$	10,904,714


Belgium — 2.0%
Ageas SA/NV		135,315		5,728,323
Groupe Bruxelles Lambert NV		84,206		6,813,303
KBC Group NV		210,015		15,806,734
Sofina SA		12,947		3,078,442


			31,426,802

Denmark — 1.3%
Danske Bank A/S		579,219		13,753,591
Tryg A/S		302,112		5,964,839


			19,718,430

Finland — 1.1%
Sampo OYJ, Class A		387,261		17,065,286


France — 11.1%
Amundi SA^(a)		51,315		3,148,967
AXA SA		1,542,650		47,419,284
BNP Paribas SA		933,958		61,592,473
Credit Agricole SA		1,016,406		12,619,063
Edenred		209,593		13,613,141
Eurazeo SE		36,582		2,233,687
Euronext NV^(a)		71,907		5,473,106
Societe Generale SA		612,563		16,659,713
Wendel SE		22,375		2,208,737
Worldline SA/France^(a)(b)		202,298		8,018,972


			172,987,143

Germany — 12.7%
Allianz SE, Registered		339,093		81,043,008
Commerzbank AG		893,133		10,683,191
Deutsche Bank AG, Registered		1,631,859		18,089,378
Deutsche Boerse AG		159,860		30,629,419
Hannover Rueck SE		50,637		10,804,623
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Registered		117,817		44,351,723
Talanx AG^(b)(c)		53,152		3,255,020


			198,856,362

Ireland — 0.9%
AIB Group PLC		1,121,492		5,275,120
Bank of Ireland Group PLC		897,916		9,473,737


			14,748,857

Italy — 7.7%
Assicurazioni Generali SpA		851,120		18,129,297
FinecoBank Banca Fineco SpA		516,706		8,023,017
Intesa Sanpaolo SpA		13,576,318		39,258,195
Mediobanca Banca di Credito Finanziario SpA		463,147		6,172,173
Nexi SpA^(a)(b)		495,222		4,288,624
Poste Italiane SpA^(a)		438,338		5,007,349
UniCredit SpA		1,550,795		39,266,511


			120,145,166

Netherlands — 6.9%
ABN AMRO Bank NV, CVA^(a)		338,877		5,761,995
Adyen NV^(a)(b)		18,273		33,914,956
Aegon NV		1,427,393		7,748,290
EXOR NV, NVS		91,018		8,505,226
ING Groep NV		3,043,705		44,427,935


Security	Shares		Value

Netherlands (continued)
NN Group NV		210,402	$	8,065,745


			108,424,147

Norway — 1.2%
DNB Bank ASA		780,454		16,083,192
Gjensidige Forsikring ASA		167,809		2,649,104


			18,732,296

Spain — 7.1%
Banco Bilbao Vizcaya Argentaria SA		5,071,470		40,198,369
Banco Santander SA		13,833,212		56,056,065
CaixaBank SA		3,461,839		14,003,833


			110,258,267

Sweden — 8.2%
EQT AB		298,633		7,133,471
Industrivarden AB, Class A		109,227		3,101,714
Industrivarden AB, Class C		129,563		3,670,620
Investor AB, Class A		366,103		7,434,967
Investor AB, Class B		1,456,465		29,746,822
Kinnevik AB, Class B^(b)		203,623		2,779,190
L E Lundbergforetagen AB, Class B		63,770		2,810,307
Nordea Bank Abp		2,724,435		30,836,069
Skandinaviska Enskilda Banken AB, Class A		1,361,082		16,499,349
Svenska Handelsbanken AB, Class A		1,223,756		10,744,526
Swedbank AB, Class A		715,627		13,125,807


			127,882,842

Switzerland — 13.7%
Baloise Holding AG, Registered		38,460		5,953,178
Banque Cantonale Vaudoise, Registered		25,288		2,838,360
Helvetia Holding AG, Registered		31,148		4,609,375
Julius Baer Group Ltd.		179,405		12,706,814
Partners Group Holding AG		19,113		21,456,897
Swiss Life Holding AG, Registered		25,888		16,460,990
Swiss Re AG		253,883		26,489,973
UBS Group AG, Registered		2,765,136		61,355,249
Zurich Insurance Group AG		126,513		61,168,846


			213,039,682

United Kingdom — 24.7%
3i Group PLC		817,345		20,736,989
abrdn PLC		1,679,542		4,998,263
Admiral Group PLC		178,124		4,863,319
Aviva PLC		2,348,669		11,701,448
Barclays PLC		13,086,177		25,967,046
Hargreaves Lansdown PLC		298,482		3,265,751
HSBC Holdings PLC		16,796,539		139,518,982
Legal & General Group PLC		5,011,499		15,018,785
Lloyds Banking Group PLC		55,747,160		32,207,767
London Stock Exchange Group PLC		337,792		36,682,437
M&G PLC		1,881,332		4,846,122
NatWest Group PLC, NVS		4,830,727		15,163,836
Phoenix Group Holdings PLC		629,546		4,447,817
Prudential PLC		2,316,346		32,165,533
Schroders PLC		676,270		3,989,853
St. James’s Place PLC		459,865		5,551,086
Standard Chartered PLC		2,021,243		19,415,141
Wise PLC, Class A^(b)		515,846		5,144,982


			385,685,157

Total Long-Term Investments — 99.3% (Cost: $1,591,649,743)				1,549,875,151


Security	Shares		Value

Short-Term Securities

Money Market Funds — 0.3%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.42%^(d)(e)(f)		3,288,605	$	3,289,592
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.22%^(d)(e)		570,000		570,000


Total Short-Term Securities — 0.3% (Cost: $3,859,279)				3,859,592


Total Investments — 99.6% (Cost: $1,595,509,022)				1,553,734,743

Other Assets Less Liabilities — 0.4%				6,818,130


Net Assets — 100.0%			$	1,560,552,873

^(a)	Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

^(b)	Non-income producing security.

^(c)	All or a portion of this security is on loan.

^(d)	Affiliate of the Fund.

^(e)	Annualized 7-day yield as of period end.

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

For the period ended July 31, 2023, the effect of derivative financial instruments in the Statements of Operations was as follows:

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


Security	Shares		Value

Common Stocks

Austria — 2.0%
Agrana Beteiligungs AG		1,128	$	20,092
ams-OSRAM AG^(a)(b)		26,323		232,999
ANDRITZ AG		6,610		348,995
AT&S Austria Technologie & Systemtechnik AG^(b)		2,453		92,646
BAWAG Group AG^(c)		7,557		368,158
CA Immobilien Anlagen AG		4,143		132,123
DO & CO AG		667		90,057
EVN AG		3,559		84,362
IMMOFINANZ AG^(a)		3,520		70,632
Lenzing AG^(a)(b)		1,699		85,529
Oesterreichische Post AG		3,308		120,673
Palfinger AG		1,662		48,706
Porr AG		1,989		27,730
Raiffeisen Bank International AG^(a)		14,506		234,554
Schoeller-Bleckmann Oilfield Equipment AG		1,010		61,210
Semperit AG Holding		793		17,709
UNIQA Insurance Group AG		11,809		96,459
Vienna Insurance Group AG Wiener Versicherung Gruppe		3,780		101,100
Wienerberger AG		10,401		341,578


			2,575,312

Belgium — 2.9%
Ackermans & van Haaren NV		2,291		398,900
Aedifica SA		4,541		311,880
AGFA-Gevaert NV^(a)		12,630		32,488
Barco NV		6,394		148,802
Bekaert SA		3,297		157,368
bpost SA^(b)		10,376		49,969
Cofinimmo SA		3,168		247,939
Deme Group NV		730		96,674
Etablissements Franz Colruyt NV		5,919		225,597
Euronav NV		10,806		177,539
Exmar NV		1,276		16,031
Fagron		6,740		119,936
Galapagos NV^(a)		4,485		188,479
Immobel SA		414		16,376
Intervest Offices & Warehouses NV		2,585		38,029
Ion Beam Applications		2,097		33,847
KBC Ancora		3,436		160,795
Kinepolis Group NV^(b)		1,318		64,244
Melexis NV		1,948		210,004
Montea NV		1,328		107,608
Ontex Group NV^(a)		6,311		54,086
Proximus SADP		14,616		112,058
Recticel SA^(b)		3,996		50,735
Retail Estates NV		1,043		66,596
Shurgard Self Storage Ltd.		2,613		119,233
Telenet Group Holding NV		4,450		101,897
Tessenderlo Group SA		2,452		82,247
VGP NV		1,340		143,062
X-Fab Silicon Foundries SE^(a)(b)(c)		5,591		67,768
Xior Student Housing NV		2,731		85,174


			3,685,361

China — 0.0%
Boshiwa International Holding Ltd.^(d)		20,000		—


Denmark — 4.3%
ALK-Abello AS^(a)		12,940		140,897


Security	Shares		Value

Denmark (continued)
Alm Brand A/S		82,890	$	132,106
Ambu A/S, Class B^(a)(b)		18,443		272,104
Bavarian Nordic A/S^(a)(b)		7,640		163,916
Better Collective A/S^(a)(b)		2,851		65,544
cBrain A/S		1,037		22,898
Chemometec A/S^(a)		1,510		101,329
D/S Norden A/S		2,363		118,372
Dfds A/S		3,404		122,034
FLSmidth & Co. A/S		5,035		238,224
GN Store Nord A/S^(a)		11,244		299,819
H Lundbeck AS		27,365		135,825
H Lundbeck AS, Class A		3,912		17,544
ISS A/S		15,216		307,458
Jyske Bank A/S, Registered^(a)		4,714		356,589
Matas A/S		3,439		50,537
Netcompany Group A/S^(a)(c)		4,423		205,310
Nilfisk Holding A/S^(a)		1,136		21,396
NKT A/S^(a)(b)		5,260		300,537
NTG Nordic Transport Group A/S, Class A^(a)		655		40,877
Per Aarsleff Holding A/S		1,652		78,413
Ringkjoebing Landbobank A/S		2,771		394,365
Royal Unibrew A/S		4,897		423,262
Scandinavian Tobacco Group A/S, Class A^(c)		5,459		94,957
Schouw & Co. A/S		1,227		97,364
SimCorp A/S		3,953		423,866
Solar A/S, Class B		541		40,442
Spar Nord Bank A/S		7,248		115,248
Sydbank AS		5,738		275,184
Topdanmark AS		4,376		198,364
TORM PLC, Class A		2,832		69,705
Trifork Holding AG		1,199		23,600
Zealand Pharma A/S^(a)		4,799		166,539


			5,514,625

Finland — 2.5%
Aktia Bank OYJ		5,338		55,178
Anora Group OYJ		3,867		20,072
Cargotec OYJ, Class B		3,767		179,913
Caverion OYJ		8,187		77,054
Citycon OYJ		8,522		52,901
Finnair OYJ^(a)(b)		65,631		40,633
F-Secure OYJ		11,712		28,855
Huhtamaki OYJ		9,461		336,315
Incap OYJ^(a)(b)		1,568		18,493
Kemira OYJ		10,550		165,484
Kempower OYJ^(a)(b)		1,555		69,415
Kojamo OYJ		12,167		118,874
Konecranes OYJ		6,612		240,324
Marimekko OYJ		2,995		29,637
Metsa Board OYJ, Class B^(b)		15,841		127,803
Musti Group OYJ		2,976		58,374
Nokian Renkaat OYJ		12,612		117,306
Oriola OYJ, Class B		11,159		13,594
Outokumpu OYJ		35,241		182,325
Puuilo OYJ		5,474		44,750
QT Group OYJ^(a)		1,878		155,768
Revenio Group OYJ		2,097		74,184
Rovio Entertainment OYJ^(c)		4,329		43,837
Talenom OYJ^(b)		2,962		21,690
TietoEVRY OYJ		10,277		262,193
Tokmanni Group Corp.		4,541		70,128


Security	Shares		Value

Finland (continued)
Uponor OYJ		5,034	$	159,296
Valmet OYJ		15,281		405,340
YIT OYJ		13,217		31,890


			3,201,626

France — 7.6%
AB Science SA^(a)(b)		2,707		11,937
ABC arbitrage		3,439		22,460
Abivax SA, NVS		1,871		36,042
Air France-KLM^(a)		111,531		192,600
AKWEL^(b)		861		15,525
ALD SA^(c)		13,768		146,278
Altarea SCA		391		36,544
Alten SA		2,869		413,233
Antin Infrastructure Partners SA		3,456		62,066
APERAM SA		4,982		157,227
Atos SE^(a)		10,898		113,202
Aubay		744		34,936
Believe SA^(a)		1,789		21,734
Beneteau SA		3,513		57,356
Boiron SA		603		33,349
Bonduelle SCA		1,193		14,200
Carmila SA		6,352		102,937
Casino Guichard Perrachon SA^(a)(b)		3,549		9,251
CGG SA^(a)		68,734		48,359
Chargeurs SA		1,896		23,312
Cie. des Alpes		1,834		26,971
Cie. Plastic Omnium SA		5,781		112,584
Coface SA		10,104		148,012
Derichebourg SA		8,186		50,470
Elior Group SA^(a)(b)(c)		11,027		28,104
Elis SA		18,065		373,225
Equasens		522		48,045
Eramet SA		847		71,314
Esker SA		520		86,365
Etablissements Maurel et Prom SA		5,640		26,600
Euroapi SA^(a)		5,144		60,024
Eutelsat Communications SA^(b)		13,448		90,588
Faurecia SE^(a)		15,388		386,683
Fnac Darty SA		1,056		36,814
Gaztransport Et Technigaz SA		3,266		398,332
GL Events		736		14,902
ICADE		3,339		136,033
ID Logistics Group^(a)		239		68,535
Imerys SA		3,362		116,746
Interparfums SA		2,022		145,945
IPSOS		3,870		193,461
JCDecaux SE^(a)		6,190		115,996
Kaufman & Broad SA		1,120		30,833
Korian SA^(b)		7,071		55,060
LISI^(b)		1,565		40,907
Maisons du Monde SA^(c)		2,698		28,328
Manitou BF SA^(b)		902		26,033
McPhy Energy SA^(a)(b)		1,929		16,263
Mercialys SA		7,839		67,858
Mersen SA		2,162		101,758
Metropole Television SA		2,651		37,447
Neoen SA^(c)		6,567		215,931
Nexans SA		2,580		229,053
Nexity SA		4,135		70,015
OVH Groupe SAS, NVS^(a)(b)		3,743		42,237


Security	Shares		Value

France (continued)
Peugeot Invest		472	$	55,644
Pierre & Vacances SA, NVS^(a)		13,266		22,557
Quadient SA		3,211		71,587
Rexel SA		23,611		569,551
Rubis SCA		9,616		237,115
SCOR SE		14,047		419,801
Seche Environnement SA, NVS		221		28,284
SES SA, Class A		37,655		243,948
SES-Imagotag SA^(a)		623		80,572
SMCP SA^(a)(c)		4,559		34,207
Societe BIC SA		2,324		142,077
SOITEC^(a)		2,606		512,155
Sopra Steria Group SACA		1,512		328,762
SPIE SA		13,643		409,535
Television Francaise 1		3,995		32,670
Trigano SA		857		125,491
Ubisoft Entertainment SA^(a)		9,260		311,429
Vallourec SA^(a)		14,610		190,611
Valneva SE^(a)(b)		10,365		77,836
Verallia SA^(c)		7,264		321,980
Vicat SA		1,825		62,036
Vilmorin & Cie. SA		569		39,164
Virbac SA		406		125,053
Voltalia SA^(a)(b)		3,776		65,610
Waga Energy SA^(a)		459		14,384
Wavestone		754		44,763


			9,816,842

Germany — 9.2%
1&1 AG		3,473		39,595
About You Holding SE^(a)(b)		3,479		24,765
Adesso SE		307		35,856
ADVA Optical Networking SE^(a)		1,746		38,395
AIXTRON SE		11,079		439,533
Amadeus Fire AG		567		67,336
Aroundtown SA^(a)		83,038		129,009
Atoss Software AG		396		96,154
Aurubis AG		3,087		290,586
Auto1 Group SE^(a)(c)		9,543		102,837
Basler AG		1,238		20,300
BayWa AG^(b)		1,322		55,402
Befesa SA^(c)		3,875		148,507
Bertrandt AG		517		27,143
Bilfinger SE		2,770		100,286
Borussia Dortmund GmbH & Co. KGaA^(a)		7,352		35,108
CANCOM SE		3,397		97,809
Ceconomy AG^(a)		14,577		43,679
Cewe Stiftung & Co. KGaA		517		53,434
CompuGroup Medical SE & Co. KgaA		2,619		133,008
CropEnergies AG		2,397		24,115
CTS Eventim AG & Co. KGaA		6,081		415,004
CureVac NV^(a)(b)		9,812		86,547
Datagroup SE		386		24,658
Dermapharm Holding SE		1,870		91,346
Deutsche Beteiligungs AG		1,430		47,644
Deutsche EuroShop AG		1,399		34,103
Deutsche Pfandbriefbank AG^(b)(c)		13,163		109,554
Deutz AG		12,063		66,374
DIC Asset AG^(b)		4,153		20,456
Draegerwerk AG & Co. KGaA		282		12,520
Duerr AG		5,033		157,032


Security	Shares		Value

Germany (continued)
Eckert & Ziegler Strahlen- und Medizintechnik AG		1,498	$	59,286
Elmos Semiconductor SE		803		71,522
ElringKlinger AG		2,811		24,106
Encavis AG^(a)		11,065		185,536
Energiekontor AG		687		59,664
Evotec SE^(a)		13,884		365,728
Fielmann AG		2,407		123,664
flatexDEGIRO AG^(a)		6,712		66,165
Formycon AG		866		63,680
Fraport AG Frankfurt Airport Services Worldwide^(a)		3,626		191,579
Freenet AG		11,464		283,770
Gerresheimer AG		3,372		399,392
GFT Technologies SE		1,632		47,361
Grand City Properties SA^(a)		7,788		64,228
GRENKE AG		2,757		76,040
Hamborner REIT AG		6,890		49,862
Hamburger Hafen und Logistik AG^(b)		2,456		32,282
Heidelberger Druckmaschinen AG^(a)(b)		24,070		38,356
Hensoldt AG		5,157		175,338
HOCHTIEF AG		2,291		225,675
Hornbach Holding AG & Co. KGaA		823		66,569
Hugo Boss AG		5,498		443,955
Hypoport SE^(a)(b)		439		91,599
Indus Holding AG^(b)		1,881		50,339
Instone Real Estate Group SE^(b)(c)		3,000		20,847
Ionos SE^(a)		2,063		31,983
Jenoptik AG		4,967		160,656
JOST Werke AG^(c)		1,221		71,142
K+S AG, Registered		18,454		352,349
KION Group AG		7,055		295,626
Kloeckner & Co. SE		6,859		64,120
Knaus Tabbert AG		408		26,885
Kontron AG		3,750		81,560
Krones AG		1,371		165,209
LANXESS AG		7,908		266,707
MBB SE		221		19,159
Medios AG^(a)(b)		1,396		26,901
METRO AG^(a)		14,272		124,098
MorphoSys AG^(a)(b)		3,214		94,091
Nagarro SE^(a)(b)		808		76,547
Nordex SE^(a)		11,486		162,304
Norma Group SE		2,887		50,937
Northern Data AG^(a)		1,170		25,317
OHB SE		471		16,394
PATRIZIA SE		3,979		40,712
Pfeiffer Vacuum Technology AG		329		54,476
PNE AG		2,954		43,262
ProSiebenSat.1 Media SE^(b)		16,021		159,269
PVA TePla AG^(a)		2,110		49,700
SAF-Holland SE		4,459		63,717
Salzgitter AG^(b)		2,361		81,822
Secunet Security Networks AG		151		34,645
SGL Carbon SE^(a)(b)		6,185		51,748
Shop Apotheke Europe NV^(a)(c)		1,431		165,915
Siltronic AG		1,771		155,906
Sixt SE		1,328		160,132
SMA Solar Technology AG^(a)(b)		1,536		146,440
Software AG, NVS		5,111		178,702
Stabilus SE		2,377		135,517
Steico SE^(b)		518		20,072


Security	Shares		Value

Germany (continued)
Stratec SE		766	$	42,994
Stroeer SE & Co. KGaA		3,280		158,625
Suedzucker AG		6,017		104,168
SUESS MicroTec SE		1,784		44,509
SUSE SA^(a)(b)		4,062		47,847
Synlab AG		6,320		62,592
TAG Immobilien AG^(a)		16,074		180,681
Takkt AG		2,256		32,395
TeamViewer AG^(a)(c)		13,449		228,615
thyssenkrupp AG		48,640		386,706
United Internet AG, Registered^(e)		8,510		127,404
Varta AG^(b)		1,993		45,228
VERBIO Vereinigte BioEnergie AG^(b)		1,872		91,254
Vib Vermoegen AG		809		14,099
Vitesco Technologies Group AG^(a)		1,914		163,693
Vossloh AG		810		36,324
Wacker Neuson SE		2,820		73,147
Wuestenrot & Wuerttembergische AG		2,158		37,347


			11,876,286

Hong Kong — 0.0%
Peace Mark Holdings Ltd.^(d)		30,000		—


Ireland — 0.6%
Cairn Homes PLC^(a)		63,126		75,793
Dalata Hotel Group PLC^(a)		20,825		97,427
Glanbia PLC		19,557		303,406
Glenveagh Properties PLC^(a)(c)		54,364		64,196
Greencore Group PLC^(a)		50,173		56,470
Irish Residential Properties REIT PLC		44,711		47,587
Origin Enterprises PLC		11,423		40,191
Uniphar PLC^(a)		26,818		84,773


			769,843

Italy — 6.6%
A2A SpA		151,024		288,148
ACEA SpA		4,005		49,069
Anima Holding SpA^(c)		17,019		65,577
Antares Vision SpA^(a)		2,585		17,451
Arnoldo Mondadori Editore SpA		11,822		27,853
Ascopiave SpA^(b)		5,283		13,268
Azimut Holding SpA		10,534		248,735
Banca Generali SpA		5,607		210,041
Banca IFIS SpA		2,510		44,329
Banca Mediolanum SpA		21,998		213,753
Banca Monte dei Paschi di Siena SpA^(a)(b)		49,494		142,934
Banca Popolare di Sondrio SPA		40,066		193,548
Banco BPM SpA		132,668		663,877
BFF Bank SpA^(c)		18,237		205,848
Biesse SpA		848		11,428
Bio On SpA^(b)(d)		801		—
BPER Banca		103,607		358,512
Brembo SpA		14,451		204,549
Brunello Cucinelli SpA		3,333		281,807
Buzzi Unicem SpA		9,417		267,611
Carel Industries SpA^(c)		3,929		112,457
CIR SpA-Compagnie Industriali^(a)		64,315		28,639
Credito Emiliano SpA		8,447		72,214
d’Amico International Shipping SA, NVS		4,227		17,516
Danieli & C Officine Meccaniche SpA		1,134		28,054
Datalogic SpA		2,094		15,577
De’ Longhi SpA		7,299		185,209


Security	Shares		Value

Italy (continued)
Digital Bros. SpA^(b)		489	$	7,557
Digital Value SpA^(b)		403		26,962
doValue SpA^(b)(c)		5,606		28,004
El.En. SpA		4,344		51,608
Enav SpA^(c)		26,572		114,257
ERG SpA		5,861		168,478
Esprinet SpA^(b)		3,600		21,173
Eurogroup Laminations SpA^(a)		7,388		40,656
Fila SpA		3,238		28,838
Fincantieri SpA^(a)(b)		45,766		26,264
Gruppo MutuiOnline SpA		2,436		87,181
GVS SpA^(a)(c)		6,705		42,485
Hera SpA		80,289		249,300
Illimity Bank SpA		5,782		39,542
Industrie De Nora SpA		3,224		66,588
Interpump Group SpA		6,912		376,074
Iren SpA		63,932		129,558
Italgas SpA		46,902		276,339
Juventus Football Club SpA^(a)		93,397		35,095
Leonardo SpA		39,470		534,399
LU-VE SpA, NVS^(b)		866		28,041
Maire Tecnimont SpA^(b)		15,045		61,812
MARR SpA		3,362		52,257
OVS SpA^(c)		19,635		53,955
Pharmanutra SpA^(b)		363		23,186
Piaggio & C SpA		15,211		59,812
Pirelli & C SpA^(c)		29,468		157,094
RAI Way SpA^(c)		9,542		54,346
Reply SpA		2,388		258,709
Safilo Group SpA^(a)		21,226		27,067
Saipem SpA^(a)		117,395		187,982
Salcef SpA		1,532		39,668
Salvatore Ferragamo SpA		5,803		94,505
Sanlorenzo SpA/Ameglia		1,368		53,134
Saras SpA		50,431		72,118
Seco SpA^(a)(b)		3,948		20,281
Sesa SpA		759		88,929
SOL SpA		3,570		100,682
Tamburi Investment Partners SpA		10,923		105,983
Technogym SpA^(c)		12,854		118,578
Technoprobe SpA^(a)		11,450		104,702
Tinexta SpA		2,132		39,820
Tod’s SpA^(a)		1,020		46,322
Unipol Gruppo SpA		38,002		211,583
Webuild SpA		39,752		77,819
Wiit SpA^(b)		1,029		21,828
Zignago Vetro SpA		3,158		56,583


			8,535,158

Netherlands — 4.7%
Aalberts NV		9,708		438,069
Alfen Beheer BV^(a)(b)(c)		2,123		147,322
Allfunds Group PLC		34,040		221,939
AMG Advanced Metallurgical Group NV		3,029		123,841
Arcadis NV		7,073		310,094
Ariston Holding NV		6,164		57,370
ASR Nederland NV		14,563		660,132
B&S Group Sarl^(c)		2,822		12,427
Basic-Fit NV^(a)(b)(c)		5,189		175,151
BE Semiconductor Industries NV		7,525		898,474
Brunel International NV		2,082		28,983


Security	Shares		Value

Netherlands (continued)
Cementir Holding NV		4,491	$	42,367
Corbion NV		5,712		134,233
Ebusco Holding NV^(a)(b)		1,377		12,171
Eurocommercial Properties NV		4,073		102,947
Fastned BV^(a)(b)		663		22,061
Flow Trades Ltd., NVS		3,156		68,672
Fugro NV^(a)		11,143		198,694
InPost SA^(a)		21,694		259,239
Iveco Group NV^(a)		17,316		164,235
Koninklijke BAM Groep NV		26,355		61,324
Koninklijke Vopak NV		6,723		253,469
MFE-MediaForEurope NV, Class A		82,457		43,644
MFE-MediaForEurope NV, Class B		28,800		22,219
NSI NV		1,914		40,237
Ordina NV		7,958		49,875
Pharming Group NV^(a)(b)		63,875		80,623
PostNL NV		29,967		60,853
SBM Offshore NV		13,850		201,212
Signify NV^(c)		12,547		394,496
Sligro Food Group NV		2,224		42,937
Technip Energies NV		14,113		321,663
TKH Group NV		3,921		204,584
TomTom NV^(a)		6,821		59,589
Van Lanschot Kempen NV		3,171		103,904
Vastned Retail NV		1,081		24,122
Wereldhave NV		3,118		55,713


			6,098,885

Norway — 4.7%
Aker ASA, Class A		2,148		136,585
Aker Carbon Capture ASA^(a)		35,060		53,179
Aker Horizons Holding AS^(a)(b)		22,148		12,943
Aker Solutions ASA		24,206		107,601
Atea ASA		7,585		102,979
Austevoll Seafood ASA		8,733		65,570
Bakkafrost P/F		4,923		286,489
Belships ASA		8,703		15,568
Bewi ASA		4,396		17,805
BLUENORD ASA^(a)		2,316		101,839
Bonheur ASA		2,146		53,994
Borr Drilling Ltd.^(a)		19,980		170,426
Borregaard ASA		9,338		152,399
BW Energy Ltd.^(a)		8,190		24,337
BW LPG Ltd.^(c)		7,527		80,555
BW Offshore Ltd.		8,917		24,422
Cadeler AS^(a)(b)		10,576		43,932
Cool Co. Ltd.		2,373		32,277
Crayon Group Holding ASA^(a)(c)		7,142		76,045
DNO ASA		46,858		50,829
Elkem ASA^(c)		28,265		67,050
Elopak ASA		9,085		19,855
Entra ASA^(c)		7,156		69,799
Europris ASA^(c)		15,534		94,238
Flex LNG Ltd.		2,826		89,624
Frontline PLC, NVS		12,863		214,319
Golden Ocean Group Ltd.		12,796		100,266
Grieg Seafood ASA		5,015		36,146
Hafnia Ltd.		19,913		108,231
Hexagon Composites ASA^(a)		12,177		36,331
Hexagon Purus ASA^(a)(b)		13,746		27,985
Hoegh Autoliners ASA		4,578		26,492


Security	Shares		Value

Norway (continued)
Kahoot! ASA^(a)		31,466	$	108,240
Kitron ASA		16,506		61,004
Leroy Seafood Group ASA		25,782		107,264
MPC Container Ships AS		30,533		56,963
NEL ASA^(a)		160,367		217,502
Nordic Semiconductor ASA^(a)		16,115		237,323
Norske Skog ASA^(a)(c)		6,052		27,133
Norwegian Air Shuttle ASA^(a)		68,455		68,330
Nykode Therapeutics AS^(a)(b)		9,459		27,174
Odfjell Drilling Ltd.^(a)		8,758		24,902
PGS ASA^(a)		84,089		59,131
Protector Forsikring ASA		5,673		92,663
REC Silicon ASA^(a)(b)		26,286		44,806
Scatec ASA^(c)		11,068		92,506
Schibsted ASA, Class A		7,152		153,219
Schibsted ASA, Class B		9,427		184,858
SpareBank 1 Nord Norge		9,469		90,185
SpareBank 1 Oestlandet		3,244		40,778
SpareBank 1 SMN		12,534		175,644
SpareBank 1 SR-Bank ASA		17,547		226,470
Stolt-Nielsen Ltd.		2,299		56,844
Storebrand ASA		43,884		383,591
Subsea 7 SA		21,584		290,071
TGS ASA		12,393		165,413
TOMRA Systems ASA		23,153		356,805
Veidekke ASA		10,344		116,759
Wallenius Wilhelmsen ASA		10,446		72,533


			6,038,221

Portugal — 0.6%
Altri SGPS SA		6,553		30,813
Banco Comercial Portugues SA, Class R^(a)		811,881		221,729
Corticeira Amorim SGPS SA		4,029		45,628
CTT-Correios de Portugal SA		8,409		33,193
Greenvolt Energias Renovaveis SA^(a)		5,393		37,678
Mota-Engil SGPS SA		9,040		24,881
Navigator Co. SA (The)		20,211		70,843
NOS SGPS SA		19,270		73,224
REN - Redes Energeticas Nacionais SGPS SA		38,400		104,856
Semapa-Sociedade de Investimento e Gestao		1,517		22,017
Sonae SGPS SA		78,582		85,439


			750,301

Singapore — 0.0%
Jurong Technologies Industrial Corp. Ltd.^(d)		60,000		—


Spain — 3.8%
Acerinox SA		17,851		187,925
Almirall SA		8,159		78,267
Applus Services SA		12,995		139,404
Atresmedia Corp. de Medios de Comunicacion SA		8,163		33,838
Audax Renovables SA^(a)		12,855		17,677
Banco de Sabadell SA		547,340		674,527
Bankinter SA		65,741		425,347
Cia. de Distribucion Integral Logista Holdings SA		5,868		163,277
Cie. Automotive SA		4,112		128,872
Construcciones y Auxiliar de Ferrocarriles SA		1,635		55,755
Distribuidora Internacional de Alimentacion SA^(a)		1,494,495		25,103
Ebro Foods SA		6,731		124,080
eDreams ODIGEO SA^(a)		8,774		64,407
Ence Energia y Celulosa SA		13,650		41,570
Faes Farma SA		29,562		102,435


Security	Shares		Value

Spain (continued)
Fluidra SA		9,402	$	207,927
Gestamp Automocion SA^(c)		17,195		83,482
Global Dominion Access SA^(c)		8,894		37,405
Grenergy Renovables SA^(a)(b)		1,395		42,110
Indra Sistemas SA		12,147		176,661
Inmobiliaria Colonial SOCIMI SA		29,225		188,655
Laboratorios Farmaceuticos Rovi SA		2,122		101,883
Lar Espana Real Estate SOCIMI SA		4,996		32,354
Linea Directa Aseguradora SA Cia de Seguros y Reaseguros		57,719		56,037
Mapfre SA		89,166		185,328
Melia Hotels International SA^(a)		10,625		78,002
Merlin Properties SOCIMI SA		31,706		295,467
Miquel y Costas & Miquel SA		1,561		19,635
Neinor Homes SA^(c)		2,611		25,837
Opdenergy Holdings SA, NVS^(a)		4,261		26,751
Pharma Mar SA		1,426		53,614
Prosegur Cash SA^(c)		28,424		19,889
Prosegur Cia. de Seguridad SA		20,176		37,106
Sacyr SA		38,807		132,670
Solaria Energia y Medio Ambiente SA^(a)		7,978		124,786
Soltec Power Holdings SA^(a)		3,421		15,725
Talgo SA^(c)		5,801		23,976
Talgo SA, NVS		166		685
Tecnicas Reunidas SA^(a)		4,639		44,702
Unicaja Banco SA^(b)(c)		130,392		152,190
Vidrala SA		1,913		194,766
Viscofan SA		3,867		251,049


			4,871,176

Sweden — 10.4%
AAK AB		17,773		341,620
AcadeMedia AB^(c)		7,897		38,073
AddLife AB, Class B		10,961		89,264
AddTech AB, Class B		25,285		471,055
AFRY AB		9,029		125,301
Alimak Group AB^(c)		6,223		45,255
Alleima AB, NVS		19,264		83,681
Ambea AB^(c)		6,786		21,970
Arjo AB, Class B		21,163		90,546
Atrium Ljungberg AB, Class B		5,077		99,575
Attendo AB^(a)(c)		10,409		31,643
Avanza Bank Holding AB		12,323		279,059
Axfood AB		10,528		268,241
Beijer Alma AB		4,480		81,970
Betsson AB		11,396		137,891
BICO Group AB, Class B^(a)(b)		4,366		17,079
Bilia AB, Class A		5,965		62,688
Billerud AB		21,773		185,672
BioArctic AB, Class B^(a)(c)		3,624		103,840
BioGaia AB, Class B		8,289		82,210
Biotage AB		6,373		78,666
BoneSupport Holding AB^(a)(c)		5,339		74,735
Boozt AB^(a)(b)(c)		5,495		65,461
Bravida Holding AB^(c)		20,021		160,911
Bufab AB		2,642		77,335
Bure Equity AB		5,418		115,269
Calliditas Therapeutics AB, Class B^(a)(b)		3,582		34,895
Camurus AB^(a)		2,969		83,881
Castellum AB^(b)		37,622		428,444
Catena AB		3,172		121,853


Security	Shares		Value

Sweden (continued)
Cellavision AB		1,477	$	30,799
Cibus Nordic Real Estate AB		4,428		49,792
Clas Ohlson AB, Class B		3,740		30,462
Cloetta AB, Class B		20,360		36,448
Collector Bank AB^(a)		5,922		19,199
Coor Service Management Holding AB^(c)		8,904		40,991
Corem Property Group AB, Class B		52,531		35,433
Creades AB, Class A		5,514		38,286
Dios Fastigheter AB		9,283		63,299
Dometic Group AB^(c)		31,528		234,922
Dustin Group AB^(a)(c)		7,380		19,251
Electrolux AB, Class B		21,573		266,453
Electrolux Professional AB, Class B		23,185		130,619
Elekta AB, Class B		33,757		273,473
Engcon AB		3,913		28,881
Fabege AB		25,816		223,577
Fortnox AB		47,538		291,780
GARO AB		3,074		17,027
Granges AB		10,118		103,344
Hemnet Group AB		7,881		139,630
Hexatronic Group AB^(b)		15,842		120,044
Hexpol AB		25,885		280,813
HMS Networks AB		2,764		111,613
Hufvudstaden AB, Class A		10,826		132,532
Instalco AB		20,555		80,875
Intrum AB^(b)		7,772		60,553
Investment AB Oresund		2,848		28,291
INVISIO AB		4,011		83,475
Inwido AB		5,030		55,506
JM AB^(b)		6,268		98,482
Kambi Group PLC, Class B^(a)		2,351		44,522
K-Fast Holding AB, Class B^(a)(b)		5,246		10,023
Kindred Group PLC		22,410		269,559
KNOW IT AB		2,454		34,668
Lindab International AB		7,369		114,247
Loomis AB, Class B		7,024		204,908
Medicover AB, Class B		6,182		94,585
MEKO AB		3,792		39,580
Millicom International Cellular SA, SDR^(a)		16,964		263,403
MIPS AB		2,589		117,217
Modern Times Group MTG AB, Class B^(a)		9,368		60,931
Munters Group AB^(c)		12,696		161,143
Mycronic AB		7,161		154,103
NCC AB, Class B		7,368		79,345
New Wave Group AB, Class B		8,730		79,171
Nobia AB^(a)		11,939		12,907
Nolato AB, Class B		17,812		73,622
Nordnet AB publ		13,289		197,173
Note AB^(a)		1,851		31,350
NP3 Fastigheter AB		2,617		43,935
Nyfosa AB		14,734		93,470
Orron Energy AB^(a)		19,225		22,225
OX2 AB, Class B^(a)		10,707		66,984
Pandox AB, Class B		8,935		105,357
Paradox Interactive AB		3,631		104,242
Peab AB, Class B		16,403		72,561
Platzer Fastigheter Holding AB, Class B		5,706		43,365
PowerCell Sweden AB^(a)(b)		4,351		40,072
Ratos AB, Class B		20,289		67,449
Resurs Holding AB^(c)		11,848		28,717


Security	Shares		Value

Sweden (continued)
Rvrc Holding AB		5,277	$	17,036
Samhallsbyggnadsbolaget i Norden AB^(b)		102,663		44,390
Samhallsbyggnadsbolaget i Norden AB, Class D^(b)		16,128		6,660
Scandic Hotels Group AB^(a)(b)(c)		13,834		54,554
Sdiptech AB, Class B^(a)		2,655		73,216
Sectra AB, NVS		13,067		209,236
Sinch AB^(a)(b)(c)		65,799		170,540
SkiStar AB		3,982		43,236
SSAB AB, Class A		22,422		142,278
SSAB AB, Class B		63,654		389,432
Stillfront Group AB^(a)		45,683		84,542
Storskogen Group AB		130,965		134,806
Surgical Science Sweden AB^(a)		3,493		81,282
Svolder AB		8,899		50,394
Sweco AB, Class B		21,011		216,370
SwedenCare AB		6,817		29,264
Synsam AB		5,339		21,812
Thule Group AB^(c)		10,236		319,634
Trelleborg AB, Class B		21,237		565,385
Troax Group AB		3,684		66,353
Truecaller AB^(a)(b)		22,496		89,113
Vestum AB^(a)(b)		20,303		19,268
Viaplay Group AB, Class B^(a)(b)		6,743		29,275
Vimian Group AB^(a)(b)		17,680		45,819
Vitec Software Group AB, Class B		3,009		171,401
Vitrolife AB		7,310		108,470
Volati AB^(b)		2,304		21,692
Wallenstam AB, Class B		33,990		132,509
Wihlborgs Fastigheter AB		27,132		212,168
XANO Industri AB, Class B		1,434		15,285
Xvivo Perfusion AB^(a)		2,074		62,814


			13,383,001

Switzerland — 8.8%
Accelleron Industries AG, NVS		7,899		208,102
Allreal Holding AG, Registered		1,436		263,819
ALSO Holding AG, Registered		626		143,249
Arbonia AG		4,935		57,251
Aryzta AG^(a)		97,495		166,628
Autoneum Holding AG^(a)		260		44,805
Basilea Pharmaceutica AG, Registered^(a)		1,226		61,810
Belimo Holding AG, Registered		960		517,392
Bell Food Group AG, Registered		215		63,546
Bossard Holding AG, Class A, Registered		555		129,708
Bucher Industries AG, Registered		652		290,540
Burckhardt Compression Holding AG		301		177,391
Burkhalter Holding AG		717		76,595
Bystronic AG, Registered		135		94,587
Cembra Money Bank AG		2,936		222,849
Coltene Holding AG, Registered		236		19,067
Comet Holding AG, Registered		750		197,306
COSMO Pharmaceuticals NV		948		48,702
Daetwyler Holding AG, Bearer		727		143,807
DKSH Holding AG		3,515		283,636
DocMorris AG^(a)(b)		1,117		68,359
dormakaba Holding AG		309		150,663
Dottikon Es Holding AG^(a)(b)		279		76,629
EFG International AG		9,202		114,798
Emmi AG, Registered		206		201,602
Flughafen Zurich AG, Registered		1,924		407,305
Forbo Holding AG, Registered		95		136,664


Security	Shares		Value

Switzerland (continued)
Galenica AG^(c)		4,884	$	393,065
Georg Fischer Ltd.		7,980		545,004
Gurit Holding AG^(a)		276		29,561
Huber + Suhner AG, Registered		1,688		145,798
Idorsia Ltd.^(a)(b)		11,061		87,729
Implenia AG, Registered		1,297		63,174
Inficon Holding AG, Registered		168		215,381
Interroll Holding AG, Registered		67		214,314
Intershop Holding AG		103		71,099
Kardex Holding AG, Registered		611		152,883
Komax Holding AG, Registered		378		92,926
Landis+Gyr Group AG		2,141		185,902
LEM Holding SA, Registered		55		132,447
Leonteq AG		943		44,523
Medacta Group SA^(c)		662		96,152
Medartis Holding AG^(a)(c)		433		40,219
Medmix AG^(c)		2,350		65,591
Meier Tobler Group AG		455		24,932
Metall Zug AG, Class B, Registered		20		36,236
Meyer Burger Technology AG^(a)		317,128		190,667
Mobilezone Holding AG, Registered		4,397		73,280
Mobimo Holding AG, Registered		706		208,776
Montana Aerospace AG^(a)(c)		2,740		43,126
OC Oerlikon Corp. AG, Registered		18,250		99,235
Orior AG		612		52,635
Peach Property Group AG^(a)(b)		1,224		16,432
PolyPeptide Group AG^(a)(b)(c)		1,477		34,817
PSP Swiss Property AG, Registered		4,467		526,391
Rieter Holding AG, Registered^(b)		217		24,137
Schweiter Technologies AG, NVS^(b)		99		76,206
Sensirion Holding AG^(a)(b)(c)		896		78,522
SFS Group AG		1,718		204,232
Siegfried Holding AG, Registered		388		342,809
SKAN Group AG		994		91,107
Softwareone Holding AG		10,891		233,095
St. Galler Kantonalbank AG, Class A, Registered		293		167,577
Stadler Rail AG		5,895		236,729
Sulzer AG, Registered		1,823		178,967
Swissquote Group Holding SA, Registered		1,105		250,274
Tecan Group AG, Registered		1,244		495,026
TX Group AG		258		29,358
u-blox Holding AG		676		75,706
Untrade Real Gold Mining^(d)		27,000		—
Valiant Holding AG, Registered		1,527		168,020
Vetropack Holding AG, Class A, Registered		1,285		64,615
Vontobel Holding AG, Registered		2,728		183,779
V-ZUG Holding AG^(a)(b)		184		15,002
Ypsomed Holding AG, Registered		469		137,694
Zehnder Group AG, Registered		894		65,478


			11,367,438

United Kingdom — 29.8%
4imprint Group PLC		2,756		156,862
888 Holdings PLC^(a)		39,342		54,570
AB Dynamics PLC		1,687		39,511
Advanced Medical Solutions Group PLC		21,687		69,163
AG Barr PLC		9,195		55,639
Airtel Africa PLC^(c)		89,945		134,592
AJ Bell PLC		30,062		126,465
Alliance Pharma PLC^(b)		41,653		27,262
Alpha Financial Markets Consulting PLC		10,940		53,632


Security	Shares		Value

United Kingdom (continued)
Alpha FX Group PLC		3,404	$	98,292
Alphawave IP Group PLC^(a)		24,091		49,838
AO World PLC^(a)		42,557		51,854
Ascential PLC^(a)		42,941		115,287
Ashmore Group PLC		45,083		119,554
ASOS PLC^(a)		7,616		41,137
Assura PLC		288,421		175,301
Aston Martin Lagonda Global Holdings PLC^(a)(c)		30,887		156,987
Atalaya Mining PLC		10,405		44,066
Auction Technology Group PLC^(a)		8,958		81,508
Avon Protection PLC		2,962		31,192
B&M European Value Retail SA		92,506		657,062
Babcock International Group PLC^(a)		23,849		114,813
Balanced Commercial Property Trust Ltd.		67,555		60,254
Balfour Beatty PLC		56,098		251,545
Bank of Georgia Group PLC		3,375		140,984
Beazley PLC		65,473		461,300
Bellway PLC		11,879		337,797
Big Yellow Group PLC		17,125		235,677
Bodycote PLC		18,400		163,406
boohoo Group PLC^(a)		95,308		47,520
Breedon Group PLC		29,525		137,923
Bridgepoint Group PLC^(c)		23,712		57,484
Britvic PLC		25,349		281,370
Burford Capital Ltd.		17,945		242,528
Bytes Technology Group PLC		22,339		147,931
C&C Group PLC		39,121		69,292
Capita PLC^(a)		158,792		56,286
Capital & Counties Properties PLC		143,954		221,322
Capricorn Energy PLC		14,338		32,606
Carnival PLC^(a)		13,648		231,485
Centamin PLC		112,527		138,943
Central Asia Metals PLC		17,464		41,149
Ceres Power Holdings PLC^(a)(b)		12,598		58,947
Chemring Group PLC		28,006		101,894
Clarkson PLC		2,859		102,368
Close Brothers Group PLC		14,499		171,569
CLS Holdings PLC		17,155		30,778
CMC Markets PLC^(c)		9,443		16,942
Coats Group PLC		153,477		137,875
Computacenter PLC		7,857		221,661
ConvaTec Group PLC^(c)		159,588		427,559
Craneware PLC		2,966		52,148
Cranswick PLC		5,178		222,148
Crest Nicholson Holdings PLC		22,295		61,059
Currys PLC		105,812		72,446
Custodian Reit PLC		43,022		48,035
CVS Group PLC		7,024		185,589
Darktrace PLC^(a)		24,378		115,614
Dechra Pharmaceuticals PLC		11,087		528,544
Deliveroo PLC, Class A^(a)(c)		94,971		160,152
Derwent London PLC		9,383		254,978
Diploma PLC		13,049		542,737
Direct Line Insurance Group PLC		128,886		248,886
DiscoverIE Group PLC		9,169		94,087
Diversified Energy Co. PLC		95,419		116,088
Domino’s Pizza Group PLC		37,290		166,252
Dowlais Group PLC^(a)		130,306		205,607
Dr. Martens PLC		63,898		124,997
Draper Esprit PLC^(a)		13,224		44,600


Security	Shares		Value

United Kingdom (continued)
Drax Group PLC		39,396	$	305,780
DS Smith PLC		134,075		533,062
Dunelm Group PLC		11,885		175,405
easyJet PLC^(a)		29,399		170,754
Elementis PLC^(a)		58,480		83,006
EMIS Group PLC		5,908		110,091
Empiric Student Property PLC		56,760		64,102
Energean PLC		13,197		196,123
EnQuest PLC^(a)		140,798		32,253
Ergomed PLC^(a)		4,274		59,368
Essentra PLC		29,908		62,388
FD Technologies PLC^(a)		2,376		54,601
Ferrexpo PLC		27,554		32,462
Fevertree Drinks PLC		10,323		177,788
Finablr PLC^(a)(c)(d)		20,497		—
Firstgroup PLC		69,075		129,369
Forterra PLC^(c)		18,778		41,450
Frasers Group PLC^(a)		13,802		143,855
Future PLC		10,488		112,629
Games Workshop Group PLC		3,212		480,214
Gamma Communications PLC		9,038		128,940
GB Group PLC		24,796		79,651
Genel Energy PLC		14,288		19,107
Genuit Group PLC		24,423		98,104
Genus PLC		6,342		200,608
Grafton Group PLC		19,208		215,914
Grainger PLC		69,263		223,822
Great Portland Estates PLC		24,922		136,762
Greatland Gold PLC^(a)		428,690		38,511
Greggs PLC		9,934		352,297
Gulf Keystone Petroleum Ltd.		20,519		32,732
Halfords Group PLC		20,881		59,276
Hammerson PLC		388,846		132,741
Harbour Energy PLC		61,048		208,996
Hays PLC		155,304		213,681
Helios Towers PLC^(a)		72,288		83,711
Hill & Smith PLC		7,678		155,567
Hiscox Ltd.		33,774		467,481
Hochschild Mining PLC		32,161		31,868
Home Reit PLC^(d)		61,201		25,403
Howden Joinery Group PLC		53,812		509,543
Hunting PLC		14,014		47,480
Ibstock PLC^(c)		38,554		74,431
IG Group Holdings PLC		40,260		365,826
IMI PLC		25,388		530,797
Impact Healthcare Reit PLC, Class B		33,334		39,785
Impax Asset Management Group PLC		9,768		68,874
Inchcape PLC		36,336		382,146
Indivior PLC, NVS^(a)		12,832		288,683
IntegraFin Holdings PLC		28,839		90,676
Intermediate Capital Group PLC		28,289		510,561
International Distributions Services PLC^(a)		70,475		240,727
Investec PLC		63,852		401,200
IP Group PLC		97,385		74,737
ITM Power PLC^(a)(b)		43,899		52,116
ITV PLC		355,005		329,687
IWG PLC^(a)		73,588		144,397
J D Wetherspoon PLC^(a)		8,690		75,390
JET2 PLC		16,882		243,342
John Wood Group PLC^(a)		66,531		126,462


Security	Shares		Value

United Kingdom (continued)
Johnson Service Group PLC		41,550	$	59,935
JTC PLC^(c)		13,908		128,512
Judges Scientific PLC		577		70,051
Jupiter Fund Management PLC		43,318		63,590
Just Group PLC		102,169		107,911
Kainos Group PLC		7,866		132,361
Keller Group PLC		7,010		77,008
Keywords Studios PLC		7,167		162,065
Kier Group PLC^(a)		41,510		46,773
Lancashire Holdings Ltd.		23,527		180,074
Learning Technologies Group PLC		55,932		53,835
Liontrust Asset Management PLC		5,927		49,164
LondonMetric Property PLC		96,653		229,297
LXI REIT PLC		160,991		196,587
Man Group PLC/Jersey		118,231		362,448
Marks & Spencer Group PLC^(a)		191,519		507,316
Marlowe PLC^(a)		7,601		55,407
Marshalls PLC		21,446		73,876
Melrose Industries PLC		131,860		897,381
Mitchells & Butlers PLC^(a)		25,535		75,294
Mitie Group PLC		127,289		166,048
Mobico Group PLC		52,355		62,771
Moneysupermarket.com Group PLC		49,175		173,170
Moonpig Group PLC^(a)		23,661		54,506
Morgan Advanced Materials PLC		28,122		98,663
Morgan Sindall Group PLC		4,052		99,385
NCC Group PLC		29,050		35,976
Network International Holdings PLC^(a)(c)		46,230		229,248
Next Fifteen Communications Group PLC		8,155		66,457
Ninety One PLC		27,521		60,890
OSB Group PLC		41,559		196,417
Oxford Biomedica PLC^(a)		6,510		36,891
Oxford Instruments PLC		5,334		164,289
Oxford Nanopore Technologies PLC^(a)		52,792		178,726
Pagegroup PLC		31,685		181,434
Pan African Resources PLC		161,451		29,919
Paragon Banking Group PLC		22,370		151,581
Patisserie Holdings PLC, NVS^(d)		7,527		—
Penno Group PLC		25,540		230,640
Petrofac Ltd.^(a)(b)		43,165		43,541
Pets at Home Group PLC		47,457		238,481
Picton Property Income Ltd.		53,273		48,299
Playtech PLC^(a)		22,293		160,500
Plus500 Ltd.		8,805		170,176
Polar Capital Holdings PLC		8,910		55,458
Premier Foods PLC		64,231		104,522
Primary Health Properties PLC		131,280		159,460
Provident Financial PLC		24,937		40,260
PRS REIT PLC (The)		53,205		56,263
PZ Cussons PLC		22,912		48,806
QinetiQ Group PLC		50,094		207,419
Quilter PLC^(c)		137,838		138,359
Rank Group PLC^(a)		19,024		22,412
Rathbones Group PLC		5,965		138,003
Reach PLC		32,990		35,966
Redde Northgate PLC		20,783		91,751
Redrow PLC		25,994		172,805
Regional REIT Ltd.^(c)		46,918		26,915
Renewi PLC^(a)		7,351		49,119
Renishaw PLC		3,509		175,628


Security	Shares		Value

United Kingdom (continued)
Restore PLC		13,450	$	28,049
RHI Magnesita NV^(b)		2,771		106,258
Rightmove PLC		79,941		585,727
Rotork PLC		83,995		332,706
RS GROUP PLC		46,079		464,153
RWS Holdings PLC		28,165		93,834
S4 Capital PLC^(a)		36,332		49,176
Safestore Holdings PLC		21,009		238,827
Savills PLC		13,476		168,448
Serco Group PLC		110,372		219,976
Serica Energy PLC		24,336		74,922
SIG PLC^(a)		64,121		23,823
Sirius Real Estate Ltd.		114,336		121,499
Smart Metering Systems PLC		13,102		117,197
Softcat PLC		12,678		244,274
SolGold PLC^(a)		146,077		29,680
Spectris PLC		10,205		460,526
Spire Healthcare Group PLC^(c)		26,737		73,944
Spirent Communications PLC		58,724		127,628
SSP Group PLC^(a)		77,476		250,163
SThree PLC		12,794		57,928
Supermarket Income Reit PLC		120,402		117,854
Synthomer PLC^(a)		34,780		37,248
Target Healthcare REIT PLC		62,904		59,335
Tate & Lyle PLC		39,259		376,109
TBC Bank Group PLC		4,087		130,602
Team17 Group PLC^(a)		11,513		46,690
Telecom Plus PLC		7,024		149,997
THG PLC, Class B^(a)		89,338		118,248
TI Fluid Systems PLC^(c)		30,663		52,731
TP ICAP Group PLC		75,855		154,784
Trainline PLC^(a)(c)		44,029		148,833
Travis Perkins PLC		20,490		229,184
Tremor International Ltd.^(a)(b)		10,004		38,259
Tritax Big Box REIT PLC		180,188		319,511
Trustpilot Group PLC^(a)(c)		26,787		30,114
TUI AG^(a)		44,699		362,085
Tullow Oil PLC^(a)(b)		113,443		50,198
Tyman PLC		18,464		74,168
UK Commercial Property REIT Ltd.		79,054		53,134
UNITE Group PLC (The)		33,253		415,182
Urban Logistics REIT PLC		47,088		73,604
Vesuvius PLC		21,395		121,142
Victoria PLC^(a)(b)		5,429		45,706
Victrex PLC		8,485		168,472
Virgin Money U.K. PLC		114,078		258,775
Vistry Group PLC		33,923		344,073
Volex PLC		13,230		49,068
Volution Group PLC		18,812		96,956
Warehouse REIT PLC		38,399		42,282
Watches of Switzerland Group PLC^(a)(c)		23,431		226,579
Weir Group PLC (The)		25,251		594,705
WH Smith PLC		12,767		244,753
Wickes Group PLC		24,158		42,350
Wincanton PLC		11,622		36,095
Workspace Group PLC		13,691		87,254
XP Power Ltd.		1,645		43,137
Yellow Cake PLC^(a)(c)		19,459		107,735
YouGov PLC		9,673		120,414


Security	Shares		Value

United Kingdom (continued)
Young & Co.‘s Brewery PLC, Series A, Class A		2,094	$	31,845


			38,289,669

Total Common Stocks — 98.5% (Cost: $167,227,376)				126,773,744


Preferred Stocks

Germany — 0.6%
Draegerwerk AG & Co. KGaA, Preference Shares, NVS		865		43,448
Einhell Germany AG, Preference Shares, NVS		175		29,324
Fuchs Petrolub SE, Preference Shares, NVS		6,802		281,560
Jungheinrich AG, Preference Shares, NVS		4,673		174,834
Schaeffler AG, Preference Shares, NVS		12,290		78,373
Sixt SE, Preference Shares, NVS		1,617		120,075
STO SE & Co. KGaA, Preference Shares, NVS		262		43,246


			770,860

Italy — 0.1%
Danieli & C Officine Meccaniche SpA, Preference Shares, NVS^(b)		3,854		74,071


Total Preferred Stocks — 0.7% (Cost: $925,091)				844,931


Warrants

Italy — 0.0%
Webuild SpA (Issued/Exercisable 08/02/21, 1 Share for 1 Warrant, Expires 08/31/30, Strike Price EUR 0.001)^(a)(b)		5,910		—


Total Warrants — 0.0% (Cost: $—)				—

Total Long-Term Investments — 99.2% (Cost: $168,152,467)				127,618,675


Short-Term Securities

Money Market Funds — 4.8%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.42%^(f)(g)(h)		6,086,502		6,088,328
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.22%^(f)(g)		40,000		40,000


Total Short-Term Securities — 4.8% (Cost: $6,127,228)				6,128,328


Total Investments — 104.0% (Cost: $174,279,695)				133,747,003

Liabilities in Excess of Other Assets — (4.0)%				(5,114,946	)


Net Assets — 100.0%			$	128,632,057

^(a)	Non-income producing security.

^(b)	All or a portion of this security is on loan.

^(c)	Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

^(d)	Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

^(e)	This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933.

^(f)	Affiliate of the Fund.

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

For the period ended July 31, 2023, the effect of derivative financial instruments in the Statements of Operations was as follows:

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


Security	Shares		Value

Common Stocks

Australia — 2.2%
Ampol Ltd.		992	$	21,969
APA Group		4,800		32,290
Aristocrat Leisure Ltd.		2,193		58,082
ASX Ltd.		660		27,574
Aurizon Holdings Ltd.		5,461		13,996
Australia & New Zealand Banking Group Ltd.		11,115		192,836
BHP Group Ltd.		18,478		575,070
BlueScope Steel Ltd.		1,944		28,668
Brambles Ltd.		4,718		44,636
Cochlear Ltd.		260		41,827
Coles Group Ltd.		5,255		64,261
Commonwealth Bank of Australia		6,123		435,644
Computershare Ltd.		1,985		33,478
CSL Ltd.		1,735		312,502
Dexus		3,889		21,525
Endeavour Group Ltd./Australia		4,593		18,773
Fortescue Metals Group Ltd.		6,412		94,261
Goodman Group		6,039		83,502
GPT Group (The)		7,034		20,559
IDP Education Ltd.		743		12,452
IGO Ltd.		2,483		23,202
Insurance Australia Group Ltd.		7,987		31,884
James Hardie Industries PLC^(a)		1,614		47,301
Lendlease Corp. Ltd.		2,151		12,505
Lottery Corp. Ltd. (The)		7,678		26,719
Macquarie Group Ltd.		1,326		156,375
Medibank Pvt Ltd.		10,219		24,126
Mineral Resources Ltd.		613		29,618
Mirvac Group		16,010		25,237
National Australia Bank Ltd.		11,554		221,329
Newcrest Mining Ltd.		3,119		55,945
Northern Star Resources Ltd.		4,013		31,326
Orica Ltd.		1,447		15,354
Origin Energy Ltd.		6,536		37,210
Pilbara Minerals Ltd.		9,244		30,242
Qantas Airways Ltd.^(a)		2,731		11,999
QBE Insurance Group Ltd.		5,684		60,346
Ramsay Health Care Ltd.		660		26,155
REA Group Ltd.		163		17,280
Reece Ltd.		1,074		14,182
Rio Tinto Ltd.		1,323		104,762
Santos Ltd.		11,667		62,780
Scentre Group		20,712		39,193
SEEK Ltd.		1,157		19,403
Sonic Healthcare Ltd.		1,572		37,143
South32 Ltd.		17,914		47,171
Stockland		9,307		26,451
Suncorp Group Ltd.		4,552		43,617
Telstra Corp. Ltd.		15,762		45,114
Transurban Group		11,533		111,352
Treasury Wine Estates Ltd.		2,566		19,421
Vicinity Ltd.		12,205		16,228
Washington H Soul Pattinson & Co. Ltd.		784		17,395
Wesfarmers Ltd.		4,137		138,226
Westpac Banking Corp.		12,841		193,011
WiseTech Global Ltd.		536		30,953
Woodside Energy Group Ltd.		6,873		177,153
Woolworths Group Ltd.		4,505		116,990


Security	Shares		Value

Australia (continued)
Xero Ltd.^(a)		446	$	36,662


				4,315,265
Austria — 0.1%
Erste Group Bank AG		1,323		50,004
OMV AG		577		25,996
Verbund AG		246		20,383
voestalpine AG^(b)		453		14,970


				111,353
Belgium — 0.3%
Ageas SA/NV		495		20,955
Anheuser-Busch InBev SA/NV		3,145		179,912
Argenx SE^(a)		197		99,217
D’ieteren Group		90		15,718
Elia Group SA/NV		130		16,006
Groupe Bruxelles Lambert NV		412		33,336
KBC Group NV		909		68,416
Sofina SA		42		9,986
Solvay SA		287		34,468
UCB SA		454		40,201
Umicore SA		743		22,004
Warehouses De Pauw CVA		539		15,926


				556,145
Canada — 3.5%
Agnico Eagle Mines Ltd.		1,794		94,050
Air Canada^(a)		494		9,103
Algonquin Power & Utilities Corp.		2,690		22,195
Alimentation Couche-Tard Inc.		2,835		143,529
AltaGas Ltd.		866		17,095
ARC Resources Ltd.		2,500		37,766
Bank of Montreal		2,599		241,521
Bank of Nova Scotia (The)		4,334		218,237
Barrick Gold Corp.		6,285		108,575
BCE Inc.		246		10,626
Brookfield Asset Management Ltd.		1,281		43,210
Brookfield Corp., Class A		5,131		179,107
Brookfield Renewable Corp., Class A		453		14,119
BRP Inc.		138		12,695
CAE Inc.^(a)		1,051		24,014
Cameco Corp.		1,490		52,384
Canadian Apartment Properties REIT		287		11,189
Canadian Imperial Bank of Commerce		3,310		145,789
Canadian National Railway Co.		2,046		248,006
Canadian Natural Resources Ltd.		4,036		245,438
Canadian Pacific Kansas City Ltd.		3,436		282,718
Canadian Tire Corp. Ltd., Class A, NVS		234		32,139
Canadian Utilities Ltd., Class A, NVS		494		12,303
CCL Industries Inc., Class B, NVS		536		25,697
Cenovus Energy Inc.		4,899		93,176
CGI Inc.^(a)		751		76,316
Constellation Software Inc./Canada		72		152,117
Descartes Systems Group Inc. (The)^(a)		308		24,023
Dollarama Inc.		952		62,709
Element Fleet Management Corp.		1,430		23,066
Emera Inc.		909		36,873
Empire Co. Ltd., Class A, NVS		536		14,556
Enbridge Inc.		7,364		270,737
Fairfax Financial Holdings Ltd.		80		63,825
First Quantum Minerals Ltd.		2,213		65,636
FirstService Corp.		162		25,372


Security	Shares		Value

Canada (continued)
Fortis Inc.		1,695	$	72,253
Franco-Nevada Corp.		701		102,291
George Weston Ltd.		224		25,795
GFL Environmental Inc.		860		29,368
Gildan Activewear Inc.		743		23,107
Great-West Lifeco Inc.		1,075		32,422
Hydro One Ltd.^(c)		1,199		33,825
iA Financial Corp. Inc.		412		28,545
IGM Financial Inc.		301		9,379
Imperial Oil Ltd.		819		44,122
Intact Financial Corp.		660		97,505
Ivanhoe Mines Ltd., Class A^(a)(b)		2,193		23,250
Keyera Corp.		743		18,600
Kinross Gold Corp.		4,262		21,235
Loblaw Companies Ltd.		619		54,922
Lundin Mining Corp.		2,400		21,458
Magna International Inc.		1,034		66,502
Manulife Financial Corp.		6,826		136,453
Metro Inc.		811		43,648
National Bank of Canada		1,240		97,120
Northland Power Inc.		701		13,561
Nutrien Ltd.		1,765		121,629
Nuvei Corp.^(a)(c)		164		5,593
Onex Corp.		288		17,689
Open Text Corp.		950		40,805
Pan American Silver Corp.		1,328		22,478
Parkland Corp.		536		14,637
Pembina Pipeline Corp.		2,116		66,995
Power Corp. of Canada		2,151		60,942
Quebecor Inc., Class B		494		12,093
RB Global Inc.		660		42,624
Restaurant Brands International Inc.		1,033		79,082
RioCan REIT		536		8,150
Rogers Communications Inc., Class B, NVS		1,389		60,820
Royal Bank of Canada		5,025		498,175
Saputo Inc.		1,075		22,696
Shopify Inc., Class A^(a)		4,371		295,278
Sun Life Financial Inc.		2,068		108,838
Suncor Energy Inc.		4,781		149,595
TC Energy Corp.		3,557		127,482
Teck Resources Ltd., Class B		1,730		76,854
TELUS Corp.		1,613		28,721
TFI International Inc.		288		36,965
Thomson Reuters Corp.		651		87,876
TMX Group Ltd.		1,020		22,664
Toromont Industries Ltd.		288		24,538
Toronto-Dominion Bank (The)		6,546		431,684
Tourmaline Oil Corp.		1,116		57,837
Waste Connections Inc.		950		134,111
West Fraser Timber Co. Ltd.		219		18,451
Wheaton Precious Metals Corp.		1,717		76,993
WSP Global Inc.		483		66,535


				6,954,102
Denmark — 0.9%
AP Moller - Maersk A/S, Class A		11		22,117
AP Moller - Maersk A/S, Class B, NVS		18		36,976
Carlsberg AS, Class B		375		56,243
Chr Hansen Holding A/S		370		27,959
Coloplast A/S, Class B		411		51,090
Danske Bank A/S		2,566		60,930


Security	Shares		Value

Denmark (continued)
Demant A/S^(a)		412	$	16,395
DSV A/S		687		137,496
Genmab A/S^(a)		246		101,401
Novo Nordisk A/S, Class B		6,031		972,512
Novozymes A/S, Class B		701		35,157
Orsted AS^(c)		665		57,868
Pandora A/S		371		37,112
Rockwool A/S, Class B		38		10,220
Tryg A/S		1,448		28,589
Vestas Wind Systems A/S^(a)		3,558		95,164


				1,747,229
Finland — 0.2%
Elisa OYJ		577		30,099
Fortum OYJ		1,695		22,946
Kesko OYJ, Class B		992		19,849
Kone OYJ, Class B		1,198		61,449
Metso OYJ		2,416		27,456
Neste OYJ		1,530		56,327
Nokia OYJ		19,030		74,806
Orion OYJ, Class B		370		14,219
Sampo OYJ, Class A		1,691		74,517
Stora Enso OYJ, Class R		1,944		23,832
UPM-Kymmene OYJ		2,010		66,546
Wartsila OYJ Abp		1,571		19,736


				491,782
France — 3.5%
Accor SA		702		26,488
Aeroports de Paris		121		16,709
Air Liquide SA		1,893		340,350
Airbus SE		2,152		316,990
Alstom SA		1,241		38,000
Amundi SA^(c)		245		15,035
ArcelorMittal SA		1,901		54,980
Arkema SA		245		26,421
AXA SA		6,620		203,491
BioMerieux		163		17,498
BNP Paribas SA		3,984		262,736
Bollore SE		3,060		19,348
Bouygues SA		785		28,120
Bureau Veritas SA		950		26,091
Capgemini SE		617		111,812
Carrefour SA		2,110		42,181
Cie. de Saint-Gobain		1,741		117,746
Cie. Generale des Etablissements Michelin SCA		2,485		81,376
Covivio		204		9,849
Credit Agricole SA		4,184		51,946
Danone SA		2,274		138,866
Dassault Aviation SA		80		15,541
Dassault Systemes SE		2,482		106,077
Edenred		867		56,312
Eiffage SA		287		29,859
Engie SA		6,971		114,361
EssilorLuxottica SA		1,071		215,459
Eurazeo SE		163		9,953
Eurofins Scientific SE		454		31,225
Euronext NV^(c)		328		24,965
Gecina SA		188		20,325
Getlink SE		1,267		22,271
Hermes International		113		250,099


Security	Shares		Value

France (continued)
Ipsen SA		121	$	15,249
Kering SA		269		154,450
Klepierre SA		784		20,810
La Francaise des Jeux SAEM^(c)		328		12,522
Legrand SA		1,015		101,758
L’Oreal SA		866		402,785
LVMH Moet Hennessy Louis Vuitton SE		1,001		929,696
Orange SA		6,752		76,323
Pernod Ricard SA		737		162,488
Publicis Groupe SA		785		63,291
Remy Cointreau SA		80		13,733
Renault SA		701		30,789
Safran SA		1,236		205,192
Sanofi		4,089		436,233
Sartorius Stedim Biotech		109		34,103
Schneider Electric SE		1,989		354,782
SEB SA		80		8,956
Societe Generale SA		2,577		70,086
Sodexo SA		329		33,748
Teleperformance		205		29,733
Thales SA		371		55,498
TotalEnergies SE		8,535		518,557
Unibail-Rodamco-Westfield, New^(a)		429		24,308
Valeo		909		20,547
Veolia Environnement SA		2,482		80,811
Vinci SA		1,920		225,499
Vivendi SE		2,607		23,276
Wendel SE		121		11,944
Worldline SA/France^(a)(c)		785		31,117


				6,990,764
Germany — 2.3%
adidas AG		591		119,314
Allianz SE, Registered		1,455		347,744
BASF SE		3,393		181,902
Bayer AG, Registered		3,634		212,529
Bayerische Motoren Werke AG		1,199		146,218
Bechtle AG		288		12,676
Beiersdorf AG		370		47,917
Brenntag SE		577		44,766
Carl Zeiss Meditec AG, Bearer		121		14,022
Commerzbank AG		4,054		48,492
Continental AG		371		29,621
Covestro AG^(a)(c)		660		35,454
Daimler Truck Holding AG^(b)		1,740		65,303
Delivery Hero SE^(a)(c)		577		26,190
Deutsche Bank AG, Registered		7,449		82,573
Deutsche Boerse AG		701		134,313
Deutsche Lufthansa AG, Registered^(a)		1,779		17,943
Deutsche Post AG, Registered		3,641		187,232
Deutsche Telekom AG, Registered		11,786		256,949
E.ON SE		8,235		104,175
Evonik Industries AG		826		17,109
Fresenius Medical Care AG & Co. KGaA		702		36,458
Fresenius SE & Co. KGaA		1,530		48,015
GEA Group AG		452		19,184
Hannover Rueck SE		211		45,022
HeidelbergCement AG		536		43,442
HelloFresh SE^(a)		660		18,820
Henkel AG & Co. KGaA		411		28,722
Infineon Technologies AG		4,801		210,934


Security	Shares		Value

Germany (continued)
Knorr-Bremse AG		287	$	20,187
LEG Immobilien SE^(a)		246		17,393
Mercedes-Benz Group AG		3,134		250,290
Merck KGaA		493		86,632
MTU Aero Engines AG		204		47,636
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Registered		516		194,246
Nemetschek SE		204		14,845
Puma SE		370		25,005
Rational AG		17		12,726
Rheinmetall AG		156		44,186
RWE AG		2,440		105,014
SAP SE		3,819		520,956
Scout24 SE^(c)		226		14,940
Siemens AG, Registered		2,748		468,375
Siemens Healthineers AG^(c)		992		57,638
Symrise AG, Class A		515		56,254
Telefonica Deutschland Holding AG		2,935		7,908
Volkswagen AG		126		20,137
Vonovia SE		2,742		63,889
Zalando SE^(a)(c)		826		28,517


				4,639,813
Hong Kong — 0.7%
AIA Group Ltd.		42,600		426,202
BOC Hong Kong Holdings Ltd.		15,000		45,781
Budweiser Brewing Co. APAC Ltd.^(c)		7,900		19,269
CK Asset Holdings Ltd.		6,836		39,588
CK Hutchison Holdings Ltd.		10,336		63,745
CK Infrastructure Holdings Ltd.		2,000		10,599
CLP Holdings Ltd.		6,000		48,907
ESR Group Ltd.^(c)		8,400		14,730
Futu Holdings Ltd., ADR^(a)(b)		183		11,017
Galaxy Entertainment Group Ltd.^(a)		7,000		51,097
Hang Lung Properties Ltd.		7,000		10,924
Hang Seng Bank Ltd.		2,600		39,742
Henderson Land Development Co. Ltd.		4,523		13,981
HKT Trust & HKT Ltd., Class SS		12,740		15,048
Hong Kong & China Gas Co. Ltd.		38,618		33,129
Hong Kong Exchanges & Clearing Ltd.		4,300		181,297
Hongkong Land Holdings Ltd.		3,800		13,542
Jardine Matheson Holdings Ltd.		500		24,698
Link REIT		9,440		53,064
MTR Corp. Ltd.		4,500		20,737
New World Development Co. Ltd.		5,583		13,806
Power Assets Holdings Ltd.		6,000		31,447
Sands China Ltd.^(a)		10,000		38,525
Sino Land Co. Ltd.		12,000		14,730
SITC International Holdings Co. Ltd.		4,000		8,765
Sun Hung Kai Properties Ltd.		5,500		69,061
Swire Pacific Ltd., Class A		1,500		12,539
Swire Properties Ltd.		4,000		10,037
Techtronic Industries Co. Ltd.		5,393		61,267
WH Group Ltd.^(c)		28,500		15,555
Wharf Real Estate Investment Co. Ltd.		6,000		32,199
Xinyi Glass Holdings Ltd.		9,000		14,977


				1,460,005
Ireland — 0.2%
AIB Group PLC		3,871		18,208
Bank of Ireland Group PLC		3,865		40,779


Security	Shares		Value

Ireland (continued)
CRH PLC		2,695	$	160,543
Flutter Entertainment PLC, Class DI^(a)		638		126,898
Kerry Group PLC, Class A		578		57,425
Kingspan Group PLC		577		46,312
Smurfit Kappa Group PLC		951		37,632


				487,797
Israel — 0.2%
Azrieli Group Ltd.		163		9,275
Bank Hapoalim BM		4,316		38,338
Bank Leumi Le-Israel BM		5,271		42,076
Check Point Software Technologies Ltd.^(a)(b)		370		48,918
CyberArk Software Ltd.^(a)(b)		181		30,048
Elbit Systems Ltd.		119		25,304
ICL Group Ltd.		2,648		17,632
Isracard Ltd.		—		1
Israel Discount Bank Ltd., Class A		4,469		23,671
Mizrahi Tefahot Bank Ltd.		454		16,392
Nice Ltd.^(a)		246		53,547
Teva Pharmaceutical Industries Ltd., ADR^(a)(b)		3,971		33,356
Tower Semiconductor Ltd.^(a)		396		14,687
Wix.com Ltd.^(a)		205		19,336


				372,581
Italy — 0.7%
Amplifon SpA		453		15,326
Assicurazioni Generali SpA		3,889		82,838
DiaSorin SpA		80		8,975
Enel SpA		29,910		206,235
Eni SpA		8,311		126,883
Ferrari NV		457		146,508
FinecoBank Banca Fineco SpA		2,231		34,641
Infrastrutture Wireless Italiane SpA^(c)		908		11,387
Intesa Sanpaolo SpA		57,780		167,081
Mediobanca Banca di Credito Finanziario SpA		2,358		31,424
Moncler SpA		777		56,079
Nexi SpA^(a)(c)		2,354		20,386
Poste Italiane SpA^(c)		1,944		22,207
Prysmian SpA		1,005		40,074
Recordati Industria Chimica e Farmaceutica SpA		411		21,224
Snam SpA		6,784		35,662
Stellantis NV		8,102		166,236
Telecom Italia SpA/Milano^(a)(b)		33,891		9,770
Tenaris SA		1,737		28,865
Terna - Rete Elettrica Nazionale		4,883		41,256
UniCredit SpA		6,647		168,304


				1,441,361
Netherlands — 1.3%
ABN AMRO Bank NV, CVA^(c)		1,695		28,821
Adyen NV^(a)(c)		79		146,625
Aegon NV		6,951		37,732
AerCap Holdings NV^(a)		604		38,541
Akzo Nobel NV		660		56,462
ASM International NV		163		77,438
ASML Holding NV		1,462		1,047,185
Davide Campari-Milano NV		2,192		29,480
EXOR NV, NVS		371		34,668
Ferrovial SE		1,610		53,354
Heineken Holding NV		415		34,020
Heineken NV		975		95,435
IMCD NV		204		30,912


Security	Shares		Value

Netherlands (continued)
ING Groep NV		13,016	$	189,990
JDE Peet’s NV		287		8,659
Just Eat Takeaway.com NV^(a)(c)		660		11,840
Koninklijke Ahold Delhaize NV		3,530		121,674
Koninklijke KPN NV		12,411		44,906
Koninklijke Philips NV^(a)		3,370		70,007
NN Group NV		950		36,418
OCI NV		383		10,916
Prosus NV		2,907		229,965
QIAGEN NV^(a)		826		38,757
Randstad NV		453		26,539
Universal Music Group NV		2,975		76,309
Wolters Kluwer NV		992		124,571


				2,701,224
New Zealand — 0.1%
Auckland International Airport Ltd.^(a)		3,641		19,007
EBOS Group Ltd.		590		14,139
Fisher & Paykel Healthcare Corp. Ltd.		2,110		32,213
Mercury NZ Ltd.		2,524		10,336
Meridian Energy Ltd.		4,925		17,286
Spark New Zealand Ltd.		6,494		20,908


				113,889
Norway — 0.2%
Adevinta ASA^(a)		868		6,421
Aker BP ASA		1,202		33,671
DNB Bank ASA		3,226		66,480
Equinor ASA		3,338		102,104
Gjensidige Forsikring ASA		744		11,745
Kongsberg Gruppen ASA		323		14,015
Mowi ASA		1,596		28,058
Norsk Hydro ASA		4,882		31,974
Orkla ASA		2,977		23,491
Salmar ASA		214		9,887
Telenor ASA		2,731		29,235
Yara International ASA		619		25,281


				382,362
Portugal — 0.1%
EDP - Energias de Portugal SA		10,970		51,250
Galp Energia SGPS SA		1,902		25,277
Jeronimo Martins SGPS SA		1,033		28,124


				104,651
Singapore — 0.4%
CapitaLand Ascendas REIT		12,077		25,538
CapitaLand Integrated Commercial Trust		22,631		34,745
Capitaland Investment Ltd/Singapore		10,300		26,363
City Developments Ltd.		1,600		8,903
DBS Group Holdings Ltd.		6,700		172,840
Genting Singapore Ltd.		20,500		14,500
Grab Holdings Ltd., Class A^(a)		5,870		22,482
Jardine Cycle & Carriage Ltd.		400		10,324
Keppel Corp. Ltd.		4,600		25,545
Mapletree Logistics Trust^(b)		12,043		15,310
Mapletree Pan Asia Commercial Trust^(b)		8,000		9,936
Oversea-Chinese Banking Corp. Ltd.		12,125		121,344
Sea Ltd., ADR^(a)(b)		1,306		86,875
Seatrium Ltd.^(a)		169,208		17,934
Singapore Airlines Ltd.^(b)		6,400		36,256
Singapore Exchange Ltd.		1,200		8,772
Singapore Technologies Engineering Ltd.		7,500		21,056


Security	Shares		Value

Singapore (continued)
Singapore Telecommunications Ltd.		28,700	$	57,574
United Overseas Bank Ltd.		4,200		95,271
UOL Group Ltd.		1,600		8,466
Venture Corp. Ltd.		900		10,146
Wilmar International Ltd.		8,000		23,246


				853,426
Spain — 0.7%
Acciona SA		89		13,341
ACS Actividades de Construccion y Servicios SA		919		32,146
Aena SME SA^(c)		289		46,151
Amadeus IT Group SA		1,613		115,710
Banco Bilbao Vizcaya Argentaria SA		21,912		173,683
Banco Santander SA		60,252		244,158
CaixaBank SA		16,300		65,937
Cellnex Telecom SA^(c)		2,058		84,047
Corp. ACCIONA Energias Renovables SA		238		7,491
EDP Renovaveis SA		1,047		19,999
Enagas SA		594		10,541
Endesa SA		1,117		23,941
Grifols SA^(a)		1,117		16,409
Iberdrola SA		21,893		273,260
Industria de Diseno Textil SA		4,083		156,288
Naturgy Energy Group SA		443		13,507
Redeia Corp. SA		961		16,073
Repsol SA		5,254		80,215
Telefonica SA		19,820		84,448


				1,477,345
Sweden — 0.9%
Alfa Laval AB		946		35,412
Assa Abloy AB, Class B		3,773		90,714
Atlas Copco AB, Class A		9,932		141,093
Atlas Copco AB, Class B		5,791		71,513
Beijer Ref AB, Class B		1,233		16,767
Boliden AB		950		27,939
Embracer Group AB, Class B^(a)(b)		1,899		5,451
Epiroc AB, Class A		2,483		49,575
Epiroc AB, Class B		1,447		24,583
EQT AB		1,480		35,353
Essity AB, Class B		2,193		54,378
Evolution AB^(c)		715		88,168
Fastighets AB Balder, Class B^(a)		2,235		10,429
Getinge AB, Class B		826		15,391
H & M Hennes & Mauritz AB, Class B		2,607		43,849
Hexagon AB, Class B		6,909		66,988
Holmen AB, Class B		341		13,136
Husqvarna AB, Class B		1,158		11,358
Industrivarden AB, Class A		453		12,864
Industrivarden AB, Class C		536		15,185
Indutrade AB		993		20,839
Investment AB Latour, Class B		536		10,801
Investor AB, Class A		1,460		29,650
Investor AB, Class B		6,257		127,793
Kinnevik AB, Class B^(a)		909		12,407
L E Lundbergforetagen AB, Class B		288		12,692
Lifco AB, Class B		827		16,674
Nibe Industrier AB, Class B		5,214		46,966
Nordea Bank Abp		11,678		132,175
Saab AB, Class B		293		15,444
Sagax AB, Class B		577		12,813


Security	Shares		Value

Sweden (continued)
Sandvik AB		4,013	$	81,514
Securitas AB, Class B		1,949		16,589
Skandinaviska Enskilda Banken AB, Class A		5,748		69,679
Skanska AB, Class B		1,365		21,771
SKF AB, Class B		1,022		19,472
Svenska Cellulosa AB SCA, Class B		2,069		27,492
Svenska Handelsbanken AB, Class A		4,936		43,338
Swedbank AB, Class A		3,350		61,445
Swedish Orphan Biovitrum AB^(a)(b)		613		11,998
Tele2 AB, Class B		1,559		11,731
Telefonaktiebolaget LM Ericsson, Class B		10,758		54,118
Telia Co. AB		9,639		20,714
Volvo AB, Class A		743		16,848
Volvo AB, Class B		5,493		121,168
Volvo Car AB, Class B^(a)(b)		2,168		10,716


				1,856,993
Switzerland — 3.0%
ABB Ltd., Registered		5,677		227,804
Adecco Group AG, Registered		619		25,227
Alcon Inc.		1,827		155,462
Bachem Holding AG, Class A		86		7,944
Baloise Holding AG, Registered		163		25,231
Banque Cantonale Vaudoise, Registered		109		12,234
Barry Callebaut AG, Registered		12		22,500
BKW AG		76		13,600
Chocoladefabriken Lindt & Spruengli AG, Participation Certificates, NVS		8		97,842
Cie. Financiere Richemont SA, Class A, Registered		1,876		302,097
Clariant AG, Registered		660		10,815
Coca-Cola HBC AG, Class DI		702		20,655
DSM-Firmenich AG		619		68,399
Dufry AG, Registered^(a)		361		18,652
EMS-Chemie Holding AG, Registered		24		20,032
Geberit AG, Registered		120		68,100
Givaudan SA, Registered		32		108,015
Helvetia Holding AG, Registered		136		20,126
Holcim Ltd.		2,060		143,576
Julius Baer Group Ltd.		809		57,299
Kuehne + Nagel International AG, Registered		204		63,831
Logitech International SA, Registered		660		46,661
Lonza Group AG, Registered		272		158,042
Nestle SA, Registered		9,972		1,221,761
Novartis AG, Registered		7,429		777,795
Partners Group Holding AG		84		94,301
Roche Holding AG, Bearer		109		36,141
Roche Holding AG, NVS		2,548		790,011
Schindler Holding AG, Participation Certificates, NVS		163		39,579
Schindler Holding AG, Registered		80		18,549
SGS SA		574		55,733
Siemens Energy AG^(a)		1,892		32,054
SIG Group AG		1,105		29,541
Sika AG, Registered		535		166,512
Sonova Holding AG, Registered		175		48,780
STMicroelectronics NV		2,546		136,176
Straumann Holding AG		420		69,499
Swatch Group AG (The), Bearer		99		31,684
Swatch Group AG (The), Registered		163		9,789
Swiss Life Holding AG, Registered		107		68,036
Swiss Prime Site AG, Registered		328		31,753
Swiss Re AG		1,128		117,695


Security	Shares		Value

Switzerland (continued)
Swisscom AG, Registered		88	$	56,589
Temenos AG, Registered		246		21,157
UBS Group AG, Registered		11,995		266,155
VAT Group AG^(c)		84		35,704
Zurich Insurance Group AG		552		266,891


				6,116,029
United Kingdom — 4.3%
3i Group PLC		3,640		92,351
abrdn PLC		7,572		22,534
Admiral Group PLC		744		20,313
Anglo American PLC		4,536		139,490
Antofagasta PLC		1,282		27,576
Ashtead Group PLC		1,654		122,369
Associated British Foods PLC		1,323		34,817
AstraZeneca PLC		5,619		807,317
Auto Trader Group PLC^(c)		2,986		24,765
Aviva PLC		9,446		47,062
BAE Systems PLC		11,167		133,547
Barclays PLC		56,727		112,564
Barratt Developments PLC		3,558		20,827
Berkeley Group Holdings PLC		453		25,258
BP PLC		64,167		398,121
British American Tobacco PLC		7,598		255,506
British Land Co. PLC (The)		3,558		15,439
BT Group PLC		25,487		39,938
Bunzl PLC		1,282		47,521
Burberry Group PLC		1,254		35,796
Centrica PLC		20,822		36,900
CNH Industrial NV		3,598		51,966
Coca-Cola Europacific Partners PLC		701		44,436
Compass Group PLC		6,201		161,335
Croda International PLC		536		40,582
DCC PLC		370		21,423
Diageo PLC		8,151		355,728
Endeavour Mining PLC		680		16,385
Entain PLC		2,420		43,104
Experian PLC		3,225		124,632
Glencore PLC		37,511		228,121
GSK PLC		14,701		261,695
Haleon PLC		18,375		79,314
Halma PLC		1,406		40,377
Hargreaves Lansdown PLC		1,281		14,016
Hikma Pharmaceuticals PLC		743		19,953
HSBC Holdings PLC		71,849		596,807
Imperial Brands PLC		3,093		73,073
Informa PLC		5,048		49,116
InterContinental Hotels Group PLC		614		45,379
Intertek Group PLC		619		34,675
J Sainsbury PLC		5,790		20,615
JD Sports Fashion PLC		10,054		20,366
Johnson Matthey PLC		743		17,184
Kingfisher PLC^(b)		7,945		25,054
Land Securities Group PLC		2,814		23,370
Legal & General Group PLC		21,182		63,480
Lloyds Banking Group PLC		246,548		142,442
London Stock Exchange Group PLC		1,462		158,766
M&G PLC		9,805		25,257
Mondi PLC		1,819		31,906
National Grid PLC		13,358		177,058
NatWest Group PLC, NVS		19,746		61,983


Security	Shares		Value

United Kingdom (continued)
Next PLC		454	$	41,060
Ocado Group PLC^(a)(b)		1,655		19,924
Pearson PLC		2,648		29,291
Persimmon PLC		1,117		16,606
Phoenix Group Holdings PLC		3,124		22,071
Prudential PLC		9,923		137,794
Reckitt Benckiser Group PLC		2,530		189,528
RELX PLC		6,943		233,679
Rentokil Initial PLC		9,090		74,121
Rio Tinto PLC		4,040		267,035
Rolls-Royce Holdings PLC^(a)		30,241		71,706
Sage Group PLC (The)		3,972		47,778
Schroders PLC		2,677		15,794
Segro PLC		4,262		41,766
Severn Trent PLC		867		28,415
Shell PLC		24,813		752,026
Smith & Nephew PLC		3,225		49,062
Smiths Group PLC		1,448		31,580
Spirax-Sarco Engineering PLC		287		40,989
SSE PLC		3,957		85,563
St. James’s Place PLC		1,944		23,466
Standard Chartered PLC		9,059		87,017
Taylor Wimpey PLC		14,853		21,802
Tesco PLC		27,428		90,843
Unilever PLC		9,175		492,999
United Utilities Group PLC		2,441		31,302
Vodafone Group PLC		84,017		79,922
Whitbread PLC		743		33,376
Wise PLC, Class A^(a)		2,251		22,451
WPP PLC		3,909		42,681


				8,651,256
United States — 73.7%
3M Co.		1,976		220,324
A O Smith Corp.		412		29,924
Abbott Laboratories		6,343		706,166
AbbVie Inc.		6,397		956,863
Accenture PLC, Class A		2,303		728,554
Activision Blizzard Inc.^(a)		2,728		253,049
Adobe Inc.^(a)		1,663		908,281
Advance Auto Parts Inc.		197		14,655
Advanced Micro Devices Inc.^(a)		5,824		666,266
AECOM		480		41,760
AES Corp. (The)		2,275		49,208
Aflac Inc.		2,090		151,191
Agilent Technologies Inc.		1,074		130,781
Air Products and Chemicals Inc.		812		247,928
Airbnb Inc., Class A^(a)(b)		1,514		230,416
Akamai Technologies Inc.^(a)		577		54,527
Albemarle Corp.		412		87,459
Albertsons Companies Inc., Class A		1,051		22,838
Alcoa Corp.		672		24,320
Alexandria Real Estate Equities Inc.		535		67,239
Align Technology Inc.^(a)		255		96,362
Allegion PLC		288		33,656
Alliant Energy Corp.		850		45,679
Allstate Corp. (The)		934		105,243
Ally Financial Inc.		1,143		34,907
Alnylam Pharmaceuticals Inc.^(a)		446		87,148
Alphabet Inc., Class A^(a)		21,663		2,875,113
Alphabet Inc., Class C, NVS^(a)		19,477		2,592,583


Security	Shares		Value

United States (continued)
Altria Group Inc.		6,492	$	294,867
Amazon.com Inc.^(a)		33,539		4,483,494
Amcor PLC		5,544		56,881
AMERCO		366		20,939
Ameren Corp.		909		77,874
American Electric Power Co. Inc.		1,909		161,769
American Express Co.		2,313		390,619
American Financial Group Inc./OH		261		31,740
American Homes 4 Rent, Class A		1,139		42,690
American International Group Inc.		2,621		157,994
American Tower Corp.		1,696		322,766
American Water Works Co. Inc.		711		104,823
Ameriprise Financial Inc.		381		132,759
AmerisourceBergen Corp.		585		109,336
AMETEK Inc.		850		134,810
Amgen Inc.		1,929		451,675
Amphenol Corp., Class A		2,193		193,664
Analog Devices Inc.		1,821		363,344
Annaly Capital Management Inc.		1,750		35,158
Ansys Inc.^(a)		328		112,209
Aon PLC, Class A		755		240,467
APA Corp.		1,033		41,826
Apollo Global Management Inc.		1,500		122,565
Apple Inc.		57,458		11,287,624
Applied Materials Inc.		3,065		464,623
Aptiv PLC^(a)		992		108,614
Aramark		909		36,696
Arch Capital Group Ltd.^(a)		1,294		100,531
Archer-Daniels-Midland Co.		1,963		166,776
Ares Management Corp., Class A		563		55,861
Arista Networks Inc.^(a)		903		140,046
Arrow Electronics Inc.^(a)		187		26,655
Arthur J Gallagher & Co.		768		164,966
Aspen Technology Inc.^(a)		104		18,564
Assurant Inc.		193		25,960
AT&T Inc.		25,661		372,598
Atlassian Corp., NVS^(a)(b)		545		99,157
Atmos Energy Corp.		495		60,246
Autodesk Inc.^(a)		785		166,412
Automatic Data Processing Inc.		1,494		369,406
AutoZone Inc.^(a)		65		161,312
AvalonBay Communities Inc.		495		93,382
Avantor Inc.^(a)		2,529		52,022
Avery Dennison Corp.		287		52,811
Axon Enterprise Inc.^(a)		248		46,111
Baker Hughes Co., Class A		3,769		134,893
Ball Corp.		1,157		67,904
Bank of America Corp.		26,102		835,264
Bank of New York Mellon Corp. (The)		2,778		126,010
Bath & Body Works Inc.		868		32,168
Baxter International Inc.		1,852		83,766
Becton Dickinson and Co.		1,033		287,814
Bentley Systems Inc., Class B		813		43,804
Berkshire Hathaway Inc., Class B^(a)		4,708		1,657,028
Best Buy Co. Inc.		723		60,045
Bill.com Holdings Inc.^(a)(b)		363		45,498
Biogen Inc.^(a)		536		144,822
BioMarin Pharmaceutical Inc.^(a)		660		58,034
Bio-Rad Laboratories Inc., Class A^(a)		80		32,429
Bio-Techne Corp.		598		49,873


Security	Shares		Value

United States (continued)
Black Knight Inc.^(a)		537	$	37,762
BlackRock Inc.^(d)		546		403,412
Blackstone Inc., NVS		2,580		270,358
Block Inc.^(a)		1,999		160,979
Boeing Co. (The)^(a)		2,067		493,703
Booking Holdings Inc.^(a)		138		409,970
Booz Allen Hamilton Holding Corp., Class A		511		61,872
BorgWarner Inc.		787		36,596
Boston Properties Inc.		572		38,112
Boston Scientific Corp.^(a)		5,244		271,901
Bristol-Myers Squibb Co.		7,627		474,323
Broadcom Inc.		1,512		1,358,759
Broadridge Financial Solutions Inc.		412		69,183
Brown & Brown Inc.		925		65,166
Brown-Forman Corp., Class B		1,116		78,790
Builders FirstSource Inc.^(a)		505		72,937
Bunge Ltd.		536		58,247
Burlington Stores Inc.^(a)(b)		246		43,695
Cadence Design Systems Inc.^(a)		992		232,138
Caesars Entertainment Inc.^(a)		744		43,911
Camden Property Trust		386		42,109
Campbell Soup Co.		693		31,753
Capital One Financial Corp.		1,369		160,200
Cardinal Health Inc.		967		88,451
Carlisle Companies Inc.		186		51,559
Carlyle Group Inc. (The)		777		27,700
CarMax Inc.^(a)(b)		578		47,749
Carnival Corp.^(a)		3,996		75,285
Carrier Global Corp.		3,024		180,079
Catalent Inc.^(a)(b)		619		30,034
Caterpillar Inc.		1,872		496,398
Cboe Global Markets Inc.		383		53,497
CBRE Group Inc., Class A^(a)		1,100		91,641
CDW Corp./DE		509		95,219
Celanese Corp., Class A		411		51,535
Centene Corp.^(a)		2,037		138,699
CenterPoint Energy Inc.		2,234		67,221
Ceridian HCM Holding Inc.^(a)		494		34,980
CF Industries Holdings Inc.		730		59,918
CH Robinson Worldwide Inc.^(b)		417		41,775
Charles River Laboratories International Inc.^(a)		194		40,651
Charles Schwab Corp. (The)		5,457		360,708
Charter Communications Inc., Class A^(a)		360		145,868
Cheniere Energy Inc.		891		144,217
Chesapeake Energy Corp.		372		31,374
Chevron Corp.		6,527		1,068,209
Chewy Inc., Class A^(a)(b)		287		9,729
Chipotle Mexican Grill Inc., Class A^(a)		100		196,228
Chubb Ltd.		1,491		304,775
Church & Dwight Co. Inc.		909		86,964
Cigna Group (The)		1,077		317,823
Cincinnati Financial Corp.		577		62,074
Cintas Corp.		329		165,171
Cisco Systems Inc.		14,853		772,950
Citigroup Inc.		7,086		337,719
Citizens Financial Group Inc.		1,878		60,584
Clarivate PLC^(a)		1,240		11,792
Cleveland-Cliffs Inc.^(a)		1,909		33,694
Clorox Co. (The)		453		68,620
Cloudflare Inc., Class A^(a)(b)		942		64,781


Security	Shares		Value

United States (continued)
CME Group Inc.		1,328	$	264,219
CMS Energy Corp.		1,034		63,146
Coca-Cola Co. (The)		14,904		923,005
Cognex Corp.		660		36,049
Cognizant Technology Solutions Corp., Class A		1,902		125,589
Coinbase Global Inc., Class A^(a)(b)		600		59,166
Colgate-Palmolive Co.		2,903		221,383
Comcast Corp., Class A		15,215		688,631
Conagra Brands Inc.		1,778		58,336
ConocoPhillips		4,438		522,441
Consolidated Edison Inc.		1,248		118,385
Constellation Brands Inc., Class A		614		167,499
Constellation Energy Corp.		1,199		115,883
Cooper Companies Inc. (The)^(b)		189		73,948
Copart Inc.^(a)		1,571		138,861
Corning Inc.		2,977		101,039
Corteva Inc.		2,553		144,066
CoStar Group Inc.^(a)		1,485		124,695
Costco Wholesale Corp.		1,612		903,800
Coterra Energy Inc.		2,824		77,773
Crowdstrike Holdings Inc., Class A^(a)		816		131,915
Crown Castle Inc.		1,602		173,481
Crown Holdings Inc.		411		38,124
CSX Corp.		7,428		247,501
Cummins Inc.		520		135,616
CVS Health Corp.		4,641		346,636
Danaher Corp.		2,530		645,302
Darden Restaurants Inc.		454		76,690
Darling Ingredients Inc.^(a)		582		40,304
Datadog Inc., Class A^(a)		876		102,247
DaVita Inc.^(a)(b)		205		20,908
Deckers Outdoor Corp.^(a)		97		52,738
Deere & Co.		1,031		442,918
Dell Technologies Inc., Class C		1,034		54,719
Delta Air Lines Inc.		536		24,795
DENTSPLY SIRONA Inc.		743		30,849
Devon Energy Corp.		2,261		122,094
Dexcom Inc.^(a)		1,383		172,266
Diamondback Energy Inc.		619		91,191
Dick’s Sporting Goods Inc.		227		32,007
Digital Realty Trust Inc.		1,033		128,732
Discover Financial Services		922		97,317
DocuSign Inc., Class A^(a)		668		35,952
Dollar General Corp.		781		131,880
Dollar Tree Inc.^(a)		826		127,477
Dominion Energy Inc.		2,967		158,883
Domino’s Pizza Inc.		122		48,402
DoorDash Inc., Class A^(a)(b)		853		77,444
Dover Corp.		495		72,255
Dow Inc.		2,643		149,250
DR Horton Inc.		1,121		142,389
Dropbox Inc., Class A^(a)		1,075		28,971
DTE Energy Co.		749		85,611
Duke Energy Corp.		2,826		264,570
DuPont de Nemours Inc.		1,665		129,254
Dynatrace Inc.^(a)		832		45,502
Eastman Chemical Co.		399		34,146
Eaton Corp. PLC		1,448		297,303
eBay Inc.		1,905		84,792
Ecolab Inc.		911		166,841


Security	Shares		Value

United States (continued)
Edison International		1,437	$	103,407
Edwards Lifesciences Corp.^(a)		2,188		179,569
Electronic Arts Inc.		1,004		136,895
Elevance Health Inc.		866		408,432
Eli Lilly & Co.		2,929		1,331,377
Emerson Electric Co.		2,059		188,090
Enphase Energy Inc.^(a)(b)		488		74,093
Entegris Inc.		576		63,193
Entergy Corp.		744		76,409
EOG Resources Inc.		2,116		280,433
EPAM Systems Inc.^(a)		204		48,309
EQT Corp.		1,233		52,008
Equifax Inc.		453		92,448
Equinix Inc.		338		273,753
Equitable Holdings Inc.		1,261		36,178
Equity LifeStyle Properties Inc.		679		48,331
Equity Residential		1,316		86,777
Erie Indemnity Co., Class A, NVS		80		17,757
Essential Utilities Inc.		975		41,233
Essex Property Trust Inc.		236		57,478
Estee Lauder Companies Inc. (The), Class A		862		155,160
Etsy Inc.^(a)		453		46,047
Everest Group Ltd.		153		55,158
Evergy Inc.		868		52,054
Eversource Energy		1,319		95,403
Exact Sciences Corp.^(a)(b)		689		67,205
Exelon Corp.		3,598		150,612
Expedia Group Inc.^(a)		535		65,554
Expeditors International of Washington Inc.		552		70,270
Extra Space Storage Inc.		771		107,608
Exxon Mobil Corp.		14,793		1,586,401
F5 Inc.^(a)		205		32,439
FactSet Research Systems Inc.		135		58,730
Fair Isaac Corp.^(a)		88		73,741
Fastenal Co.		2,127		124,663
FedEx Corp.		866		233,777
Ferguson PLC		734		118,629
Fidelity National Financial Inc.		869		34,039
Fidelity National Information Services Inc.		2,192		132,353
Fifth Third Bancorp		2,442		71,062
First Citizens BancShares Inc./NC, Class A		42		60,115
First Horizon Corp.		1,954		26,633
First Solar Inc.^(a)		349		72,383
FirstEnergy Corp.		1,902		74,920
Fiserv Inc.^(a)		2,265		285,866
FleetCor Technologies Inc.^(a)		276		68,699
FMC Corp.		489		47,056
Ford Motor Co.		14,149		186,908
Fortinet Inc.^(a)		2,464		191,502
Fortive Corp.		1,281		100,366
Fortune Brands Home & Security Inc., NVS		453		32,195
Fox Corp., Class A, NVS		1,116		37,330
Fox Corp., Class B		619		19,443
Franklin Resources Inc.		1,157		33,831
Freeport-McMoRan Inc.		5,231		233,564
Gaming and Leisure Properties Inc.		924		43,853
Garmin Ltd.		577		61,099
Gartner Inc.^(a)		288		101,834
GE Healthcare Inc., NVS^(a)		1,486		115,908
Gen Digital Inc.		2,250		43,763


Security	Shares		Value

United States (continued)
Generac Holdings Inc.^(a)		215	$	33,046
General Dynamics Corp.		828		185,124
General Electric Co.		3,994		456,275
General Mills Inc.		2,130		159,196
General Motors Co.		5,067		194,421
Genuine Parts Co.		532		82,843
Gilead Sciences Inc.		4,552		346,589
Global Payments Inc.		1,003		110,581
Globe Life Inc.		329		36,904
GoDaddy Inc., Class A^(a)		542		41,783
Goldman Sachs Group Inc. (The)		1,210		430,603
Graco Inc.		614		48,709
Halliburton Co.		3,225		126,033
Hartford Financial Services Group Inc. (The)		1,167		83,884
Hasbro Inc.		495		31,957
HCA Healthcare Inc.		744		202,971
Healthcare Realty Trust Inc., Class A		1,369		26,737
Healthpeak Properties Inc.		1,819		39,709
HEICO Corp.		186		32,732
HEICO Corp., Class A		246		34,526
Henry Schein Inc.^(a)		536		42,231
Hershey Co. (The)		542		125,370
Hess Corp.		1,031		156,434
Hewlett Packard Enterprise Co.		4,435		77,080
HF Sinclair Corp.		592		30,837
Hilton Worldwide Holdings Inc.		991		154,091
Hologic Inc.^(a)		909		72,193
Home Depot Inc. (The)		3,672		1,225,860
Honeywell International Inc.		2,414		468,630
Horizon Therapeutics PLC^(a)		826		82,823
Hormel Foods Corp.		1,075		43,946
Host Hotels & Resorts Inc.		2,731		50,250
Howmet Aerospace Inc.		1,323		67,658
HP Inc.		3,247		106,599
Hubbell Inc., Class B		194		60,528
HubSpot Inc.^(a)		163		94,630
Humana Inc.		454		207,401
Huntington Bancshares Inc./OH		5,378		65,827
Huntington Ingalls Industries Inc.		163		37,436
Hyatt Hotels Corp., Class A^(b)		174		21,985
IDEX Corp.		290		65,485
IDEXX Laboratories Inc.^(a)		305		169,193
Illinois Tool Works Inc.		1,118		294,392
Illumina Inc.^(a)		575		110,486
Incyte Corp.^(a)		661		42,119
Ingersoll Rand Inc.		1,415		92,357
Insulet Corp.^(a)		246		68,081
Intel Corp.		15,176		542,846
Intercontinental Exchange Inc.		2,062		236,718
International Business Machines Corp.		3,292		474,641
International Flavors & Fragrances Inc.		909		76,910
International Paper Co.		1,282		46,229
Interpublic Group of Companies Inc. (The)		1,365		46,724
Intuit Inc.		1,027		525,516
Intuitive Surgical Inc.^(a)		1,270		411,988
Invesco Ltd.		1,245		20,916
Invitation Homes Inc.		2,357		83,673
IQVIA Holdings Inc.^(a)		659		147,458
Iron Mountain Inc.		1,033		63,426
Jack Henry & Associates Inc.		245		41,055


Security	Shares		Value

United States (continued)
Jacobs Solutions Inc., NVS		453	$	56,811
Jazz Pharmaceuticals PLC^(a)		253		32,996
JB Hunt Transport Services Inc.		288		58,735
JM Smucker Co. (The)		412		62,068
Johnson & Johnson		9,422		1,578,468
Johnson Controls International PLC		2,473		171,997
JPMorgan Chase & Co.		10,684		1,687,645
Juniper Networks Inc.		1,249		34,722
Kellogg Co.		950		63,546
Keurig Dr Pepper Inc.		3,348		113,865
KeyCorp		3,582		44,094
Keysight Technologies Inc.^(a)		660		106,313
Kimberly-Clark Corp.		1,240		160,084
Kimco Realty Corp.		2,222		45,018
Kinder Morgan Inc.		7,365		130,434
KKR & Co. Inc.		2,081		123,570
KLA Corp.		497		255,433
Knight-Swift Transportation Holdings Inc.		506		30,740
Kraft Heinz Co. (The)		2,897		104,813
Kroger Co. (The)		2,472		120,238
L3Harris Technologies Inc.		713		135,106
Laboratory Corp. of America Holdings		336		71,880
Lam Research Corp.		493		354,216
Lamb Weston Holdings Inc.		523		54,198
Las Vegas Sands Corp.^(a)		1,255		75,062
Lattice Semiconductor Corp.^(a)(b)		504		45,834
Lear Corp.		204		31,571
Leidos Holdings Inc.		454		42,463
Lennar Corp., Class A		950		120,488
Lennox International Inc.		121		44,460
Liberty Broadband Corp., Class C ^(a)(b)		463		41,267
Liberty Global PLC, Class A^(a)		702		13,036
Liberty Global PLC, Class C, NVS^(a)		1,116		22,052
Liberty Media Corp.-Liberty Formula One, Class C, NVS^(a)		743		53,942
Liberty Media Corp.-Liberty SiriusXM, Class C, NVS^(a)		672		21,390
Linde PLC		1,778		694,611
Live Nation Entertainment Inc.^(a)(b)		622		54,581
LKQ Corp.		950		52,051
Lockheed Martin Corp.		835		372,719
Loews Corp.		701		43,918
Lowe’s Companies Inc.		2,163		506,726
LPL Financial Holdings Inc.		289		66,285
Lucid Group Inc.^(a)(b)		3,275		24,923
Lululemon Athletica Inc.^(a)		430		162,768
LyondellBasell Industries NV, Class A		908		89,765
M&T Bank Corp.		594		83,077
Marathon Oil Corp.		2,299		60,395
Marathon Petroleum Corp.		1,617		215,093
Markel Group Inc.^(a)(b)		49		71,036
MarketAxess Holdings Inc.		136		36,614
Marriott International Inc./MD, Class A		936		188,894
Marsh & McLennan Companies Inc.		1,808		340,663
Martin Marietta Materials Inc.		220		98,221
Marvell Technology Inc.		3,099		201,838
Masco Corp.		826		50,122
Masimo Corp.^(a)(b)		163		19,935
Mastercard Inc., Class A		3,087		1,217,142
Match Group Inc.^(a)		1,068		49,673
McCormick & Co. Inc./MD, NVS		950		85,006


Security	Shares		Value

United States (continued)
McDonald’s Corp.		2,646	$	775,807
McKesson Corp.		497		199,993
Medtronic PLC		4,826		423,530
MercadoLibre Inc.^(a)		163		201,802
Merck & Co. Inc.		9,250		986,512
Meta Platforms Inc, Class A^(a)		8,031		2,558,677
MetLife Inc.		2,350		147,979
Mettler-Toledo International Inc.^(a)		80		100,598
MGM Resorts International		1,134		57,573
Microchip Technology Inc.		2,027		190,416
Micron Technology Inc.		3,950		281,990
Microsoft Corp.		25,681		8,626,762
Mid-America Apartment Communities Inc.		412		61,660
Moderna Inc.^(a)		1,191		140,133
Mohawk Industries Inc.^(a)		204		21,693
Molina Healthcare Inc.^(a)		204		62,116
Molson Coors Beverage Co., Class B		702		48,979
Mondelez International Inc., Class A		4,968		368,278
MongoDB Inc.^(a)		243		102,886
Monolithic Power Systems Inc.		163		91,197
Monster Beverage Corp.^(a)		2,812		161,662
Moody’s Corp.		603		212,708
Morgan Stanley		4,548		416,415
Mosaic Co. (The)		1,183		48,219
Motorola Solutions Inc.		619		177,424
MSCI Inc., Class A		295		161,684
Nasdaq Inc.		1,245		62,860
NetApp Inc.		738		57,571
Netflix Inc.^(a)		1,619		710,692
Neurocrine Biosciences Inc.^(a)		329		33,522
Newmont Corp.		2,856		122,580
News Corp., Class A, NVS		1,406		27,867
NextEra Energy Inc.		7,350		538,755
Nike Inc., Class B		4,468		493,223
NiSource Inc.		1,365		38,002
Nordson Corp.		170		42,774
Norfolk Southern Corp.		825		192,712
Northern Trust Corp.		714		57,206
Northrop Grumman Corp.		528		234,960
Novocure Ltd.^(a)		328		10,706
NRG Energy Inc.		910		34,571
Nucor Corp.		930		160,044
Nvidia Corp.		8,976		4,194,395
NVR Inc.^(a)		11		69,371
NXP Semiconductors NV		950		211,831
Occidental Petroleum Corp.		2,647		167,105
Okta Inc.^(a)		532		40,890
Old Dominion Freight Line Inc.		359		150,597
Omnicom Group Inc.		700		59,234
ON Semiconductor Corp.^(a)		1,529		164,750
ONEOK Inc.		1,655		110,951
Oracle Corp.		5,892		690,719
O’Reilly Automotive Inc.^(a)		220		203,674
Otis Worldwide Corp.		1,530		139,169
Ovintiv Inc.		926		42,679
Owens Corning		317		44,377
PACCAR Inc.		1,923		165,628
Packaging Corp. of America		328		50,299
Palantir Technologies Inc., Class A^(a)		6,585		130,646
Palo Alto Networks Inc.^(a)(b)		1,104		275,956


Security	Shares		Value

United States (continued)
Paramount Global, Class B, NVS		1,772	$	28,405
Parker-Hannifin Corp.		476		195,165
Paychex Inc.		1,198		150,313
Paycom Software Inc.		176		64,902
Paylocity Holding Corp.^(a)		149		33,801
PayPal Holdings Inc.^(a)		3,860		292,665
Pentair PLC		619		43,021
PepsiCo Inc.		5,023		941,612
Pfizer Inc.		20,587		742,367
PG&E Corp.^(a)		6,577		115,821
Philip Morris International Inc.		5,648		563,219
Phillips 66		1,671		186,400
Pinterest Inc., Class A^(a)		2,254		65,343
Pioneer Natural Resources Co.		826		186,403
PNC Financial Services Group Inc. (The)		1,474		201,776
Pool Corp.		141		54,248
PPG Industries Inc.		868		124,905
PPL Corp.		2,649		72,927
Principal Financial Group Inc.		842		67,251
Procter & Gamble Co. (The)		8,555		1,337,146
Progressive Corp. (The)		2,140		269,597
Prologis Inc.		3,365		419,784
Prudential Financial Inc.		1,358		131,033
PTC Inc.^(a)		411		59,928
Public Service Enterprise Group Inc.		1,861		117,466
Public Storage		575		162,006
PulteGroup Inc.		791		66,752
Qorvo Inc.^(a)		337		37,077
Qualcomm Inc.		4,043		534,363
Quanta Services Inc.		522		105,246
Quest Diagnostics Inc.		391		52,867
Raymond James Financial Inc.		701		77,159
Realty Income Corp.		2,305		140,536
Regency Centers Corp.		578		37,876
Regeneron Pharmaceuticals Inc.^(a)		388		287,861
Regions Financial Corp.		3,219		65,571
Reliance Steel & Aluminum Co.		214		62,672
Repligen Corp.^(a)		190		32,596
Republic Services Inc., Class A		821		124,061
ResMed Inc.		536		119,180
Revvity Inc.		490		60,246
Rivian Automotive Inc., Class A^(a)(b)		2,356		65,120
Robert Half Inc.		411		30,476
ROBLOX Corp., Class A^(a)		1,526		59,896
Rockwell Automation Inc.		412		138,551
Roku Inc.^(a)		412		39,663
Rollins Inc.		909		37,114
Roper Technologies Inc.		393		193,769
Ross Stores Inc.		1,248		143,071
Royal Caribbean Cruises Ltd.^(a)		826		90,125
Royalty Pharma PLC, Class A		1,240		38,911
RPM International Inc.		494		51,035
RTX Corp.		5,286		464,798
S&P Global Inc.		1,201		473,807
Salesforce Inc.^(a)		3,640		819,036
SBA Communications Corp., Class A		385		84,296
Schlumberger NV		5,133		299,459
Seagate Technology Holdings PLC		663		42,101
Seagen Inc.^(a)		495		94,931
Sealed Air Corp.		578		26,368


Security	Shares		Value

United States (continued)
SEI Investments Co.		492	$	30,991
Sempra Energy		1,157		172,416
Sensata Technologies Holding PLC		619		26,153
ServiceNow Inc.^(a)		739		430,837
Sherwin-Williams Co. (The)		904		249,956
Simon Property Group Inc.		1,151		143,415
Sirius XM Holdings Inc.^(b)		2,658		13,556
Skyworks Solutions Inc.		619		70,795
Snap Inc., Class A, NVS^(a)(b)		3,847		43,702
Snap-on Inc.		206		56,123
Snowflake Inc., Class A^(a)		952		169,180
SolarEdge Technologies Inc.^(a)		205		49,499
Southern Co. (The)		3,970		287,190
Southwest Airlines Co.		577		19,710
Splunk Inc.^(a)		554		60,015
SS&C Technologies Holdings Inc.		826		48,115
Stanley Black & Decker Inc.		578		57,378
Starbucks Corp.		4,201		426,696
State Street Corp.		1,217		88,159
Steel Dynamics Inc.		576		61,390
STERIS PLC		370		83,453
Stryker Corp.		1,238		350,862
Sun Communities Inc.		426		55,508
Synchrony Financial		1,612		55,678
Synopsys Inc.^(a)		562		253,912
Sysco Corp.		1,816		138,579
T Rowe Price Group Inc.		826		101,813
Take-Two Interactive Software Inc.^(a)		593		90,693
Targa Resources Corp.		787		64,526
Target Corp.		1,661		226,677
TE Connectivity Ltd.		1,157		166,018
Teledyne Technologies Inc.^(a)		163		62,678
Teleflex Inc.^(b)		163		40,941
Teradyne Inc.		594		67,086
Tesla Inc.^(a)		10,344		2,766,296
Texas Instruments Inc.		3,279		590,220
Texas Pacific Land Corp.		25		37,658
Textron Inc.		733		57,005
Thermo Fisher Scientific Inc.		1,397		766,478
TJX Companies Inc. (The)		4,140		358,234
T-Mobile U.S. Inc.^(a)		2,206		303,921
Toast Inc., Class A^(a)(b)		891		19,664
Toro Co. (The)		378		38,424
Tractor Supply Co.		412		92,284
Trade Desk Inc. (The), Class A^(a)		1,652		150,762
Tradeweb Markets Inc., Class A		411		33,616
Trane Technologies PLC		821		163,740
TransDigm Group Inc.		198		178,145
TransUnion		660		52,595
Travelers Companies Inc. (The)		858		148,099
Trimble Inc.^(a)		950		51,110
Truist Financial Corp.		4,775		158,625
Twilio Inc., Class A^(a)		636		41,995
Tyler Technologies Inc.^(a)		160		63,461
Tyson Foods Inc., Class A		1,013		56,444
U.S. Bancorp		5,563		220,740
Uber Technologies Inc.^(a)		6,637		328,266
UDR Inc.		1,165		47,625
UGI Corp.		841		22,699
UiPath Inc., Class A^(a)(b)		1,304		23,576


Security	Shares		Value

United States (continued)
Ulta Beauty Inc.^(a)		192	$	85,402
Union Pacific Corp.		2,235		518,565
United Parcel Service Inc., Class B		2,623		490,842
United Rentals Inc.		245		113,847
United Therapeutics Corp.^(a)		168		40,777
UnitedHealth Group Inc.		3,383		1,713,050
Unity Software Inc.^(a)		757		34,701
Universal Health Services Inc., Class B		245		34,045
Vail Resorts Inc.		159		37,443
Valero Energy Corp.		1,324		170,677
Veeva Systems Inc., Class A^(a)		535		109,258
Ventas Inc.		1,504		72,974
VeriSign Inc.^(a)		332		70,035
Verisk Analytics Inc., Class A		529		121,109
Verizon Communications Inc.		15,301		521,458
Vertex Pharmaceuticals Inc.^(a)		937		330,143
VF Corp.		1,241		24,584
Viatris Inc.		4,469		47,059
VICI Properties Inc., Class A		3,533		111,219
Visa Inc., Class A		5,893		1,400,943
Vistra Corp.		1,231		34,542
VMware Inc., Class A^(a)		857		135,089
Vulcan Materials Co.		494		108,927
W R Berkley Corp.		744		45,897
Walgreens Boots Alliance Inc.		2,648		79,361
Walmart Inc.		5,376		859,407
Walt Disney Co. (The)^(a)		6,625		588,896
Warner Bros. Discovery Inc.^(a)(b)		8,621		112,676
Waste Management Inc.		1,474		241,426
Waters Corp.^(a)		219		60,490
Watsco Inc.		122		46,139
Webster Financial Corp.		647		30,616
WEC Energy Group Inc.		1,158		104,058
Wells Fargo & Co.		13,646		629,899
Welltower Inc.		1,733		142,366
West Pharmaceutical Services Inc.		259		95,322
Western Digital Corp.^(a)		1,157		49,242
Westinghouse Air Brake Technologies Corp.		595		70,472
Westlake Corp.		139		19,113
Westrock Co.		950		31,626
Weyerhaeuser Co.		2,773		94,448
Whirlpool Corp.		204		29,429
Williams Companies Inc. (The)		4,427		152,510
Willis Towers Watson PLC		409		86,434
Wolfspeed Inc.^(a)		450		29,655
Workday Inc., Class A^(a)		743		176,188
WP Carey Inc.		758		51,188
WW Grainger Inc.		163		120,374
Wynn Resorts Ltd.		350		38,143
Xcel Energy Inc.		2,039		127,906
Xylem Inc./NY		835		94,146
Yum! Brands Inc.		1,009		138,909
Zebra Technologies Corp., Class A^(a)		178		54,817
Zillow Group Inc., Class C ^(a)		536		29,030
Zimmer Biomet Holdings Inc.		743		102,645
Zoetis Inc.		1,693		318,436
Zoom Video Communications Inc., Class A^(a)		826		60,587
ZoomInfo Technologies Inc., Class A^(a)		1,020		26,081


Security	Shares		Value

United States (continued)
Zscaler Inc.^(a)(b)		287	$	46,029


			147,767,901

Total Common Stocks — 99.5% (Cost: $210,133,502)				199,593,273


Preferred Stocks

Germany — 0.2%
Bayerische Motoren Werke AG, Preference Shares, NVS		205		23,032
Dr Ing hc F Porsche AG, Preference Shares, NVS^(c)		410		50,136
Henkel AG & Co. KGaA, Preference Shares, NVS		660		50,930
Porsche Automobil Holding SE, Preference Shares, NVS		577		34,046
Sartorius AG, Preference Shares, NVS^(b)		94		38,783
Volkswagen AG, Preference Shares, NVS		749		99,224


			296,151

Total Preferred Stocks — 0.2% (Cost: $423,061)				296,151


Total Long-Term Investments — 99.7% (Cost: $210,556,563)				199,889,424


Security	Shares		Value

Short-Term Securities

Money Market Funds — 1.2%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.42%^(d)(e)(f)		2,207,860	$	2,208,523
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.22%^(d)(e)		280,000		280,000


Total Short-Term Securities — 1.2% (Cost: $2,487,678)				2,488,523


Total Investments — 100.9% (Cost: $213,044,241)				202,377,947

Liabilities in Excess of Other Assets — (0.9)%				(1,798,971	)


Net Assets — 100.0%			$	200,578,976

^(a)	Non-income producing security.

^(b)	All or a portion of this security is on loan.

^(c)	Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

^(d)	Affiliate of the Fund.

^(e)	Annualized 7-day yield as of period end.

^(f)	All or a portion of this security was purchased with the cash collateral from loaned securities.

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

For the period ended July 31, 2023, the effect of derivative financial instruments in the Statements of Operations was as follows:

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

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

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

inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds that may not have a secondary market and/or may have a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.

Warrants: Warrants entitle a fund to purchase a specified number of shares of common stock and are non-income producing. The purchase price and number of shares are subject to adjustment under certain conditions until the expiration date of the warrants, if any. If the price of the underlying stock does not rise above the strike price before the warrant expires, the warrant generally expires without any value and a fund will lose any amount it paid for the warrant. Thus, investments in warrants may involve more risk than investments in common stock. Warrants may trade in the same markets as their underlying stock; however, the price of the warrant does not necessarily move with the price of the underlying stock.

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

For its investment advisory services to the iShares MSCI ACWI ETF, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Fund, based on the Fund’s allocable portion of the aggregate of the average daily net assets of the Fund and certain other iShares funds, as follows:

For its investment advisory services to each of the following Funds, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Funds, based on the average daily net assets of each Fund as follows:

For its investment advisory services to the iShares MSCI All Country Asia ex Japan ETF, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Fund, based on the Fund’s allocable portion of the aggregate of the average daily net assets of the Fund and certain other iShares funds, as follows:

Expense Waivers: A fund may incur its pro rata share of fees and expenses attributable to its investments in other investment companies (“acquired fund fees and expenses”). The total of the investment advisory fee and acquired fund fees and expenses, if any, is a fund’s total annual operating expenses. Total expenses as shown in the Statements of Operations does not include acquired fund fees and expenses.

For each of the iShares MSCI ACWI and iShares MSCI All Country Asia ex Japan ETFs, BFA has contractually agreed to waive a portion of its investment advisory fee for the Funds through November 30, 2026 in an amount equal to the acquired fund fees and expenses, if any, attributable to each Fund’s investments in other iShares funds.

For year ended July 31, 2023, there were no fees waived by BFA pursuant to these arrangements.

Pursuant to the current securities lending agreement, the iShares MSCI Kokusai ETF (the “Group 1 Fund”), retains 81% of securities lending income (which excludes collateral investment fees) and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

Pursuant to the current securities lending agreement, each of iShares MSCI ACWI ETF, iShares MSCI ACWI Low Carbon Target ETF, iShares MSCI All Country Asia ex Japan ETF, iShares MSCI Europe Financials ETF and iShares MSCI Europe Small-Cap ETF (the “Group 2 Funds”), retains 82% of securities lending income (which excludes collateral investment fees) and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across all 1940 Act iShares exchange-traded funds (the “iShares ETF Complex”) in a given calendar year exceeds a specified threshold: (1) the Group 1 Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar year 81% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees, and (2) each Group 2 Fund will retain for the remainder of that calendar year 85% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

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

For the year ended July 31, 2023, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:

For the year ended July 31, 2023, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows:

U.S. GAAP requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or NAV per share. As of July 31, 2023, permanent differences attributable to realized gains (losses) from in-kind redemptions were reclassified to the following accounts:

As of July 31, 2023, the tax components of accumulated net earnings (losses) were as follows:

For the year ended July 31, 2023, the iShares MSCI All Country Asia ex Japan ETF utilized $3,582,079 of its capital loss carryforwards.

The iShares MSCIACWI, iShares MSCI ACWI Low Carbon Target and iShares MSCI All Country Asia ex Japan ETFs, along with certain other iShares funds (“Participating Funds”), are parties to a $800 million credit agreement (“Syndicated Credit Agreement”) with a group of lenders, which expires on August 11, 2023. The line of credit may be used for temporary or emergency purposes, including redemptions, settlement of trades and rebalancing of portfolio holdings in certain target markets. The Funds may borrow up to the aggregate commitment amount subject to asset coverage and other limitations as specified in the Syndicated Credit Agreement. The Syndicated Credit Agreement has the following terms: a commitment fee of 0.15% per annum on the unused portion of the credit agreement and interest at a rate equal to the higher of (a) Daily Simple Secured Overnight Financing Rate (“SOFR”) plus 0.10% and 1.00% per annum or (b) the U.S. Federal Funds rate plus 1.00% per annum on amounts borrowed. The commitment fee is generally allocated to each Participating Fund based on the lesser of a Participating Fund’s relative exposure to certain target markets or a Participating Fund’s maximum borrowing amount as set forth by the terms of the Syndicated Credit Agreement.

For the year ended July 31, 2023, the maximum amount borrowed, the average daily borrowing and the weighted average interest rate, if any, under the Syndicated Credit Agreement were as follows:

Market Risk: The iShares MSCI All Country Asia ex Japan ETF invests in A-shares (i.e., equity securities of companies based in the People’s Republic of China (“China” or “PRC”) that trade on the Shanghai Stock Exchange and Shenzhen Stock Exchange) primarily through the Shanghai-Hong Kong Stock Connect program or the Shenzhen-Hong Kong Stock Connect program (together, “Stock Connect”). Investing in A-shares through Stock Connect is subject to trading, clearance and settlement procedures, which could pose risks to the Fund. Trading through Stock Connect is subject to a daily quota, which limits the maximum net purchases under Stock Connect each day. The daily quota may restrict the Fund’s ability to invest in A-shares on a timely basis and could affect the Fund’s ability to effectively pursue its investment strategy. Additionally, the Fund may be subject to the risk of price fluctuations on days when the Chinese markets are open, but Stock Connect is not trading. The A-shares market has a higher propensity for trading suspensions than many other global equity markets.

Certain Funds invest a significant portion of their assets in issuers located in a single country or a limited number of countries. When a fund concentrates its investments in this manner, it assumes the risk that economic, regulatory, political and social conditions in that country or those countries may have a significant impact on the fund and could affect the income from, or the value or liquidity of, the Fund’s portfolio. Unanticipated or sudden political or social developments may cause uncertainty in the markets and as a result adversely affect the Fund’s investments. Foreign issuers may not be subject to the same uniform accounting, auditing and financial reporting standards and practices as used in the United States. Foreign securities markets may also be more volatile and less liquid than U.S. securities and may be less subject to governmental supervision not typically associated with investing in U.S. securities. Investment percentages in specific countries are presented in the Schedule of Investments.

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

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

Certain Funds invest a significant portion of their assets in securities of issuers located in China or with significant exposure to Chinese issuers. Investments in Chinese securities, including certain Hong Kong-listed securities, involve risks specific to China. China may be subject to considerable degrees of economic, political and social instability and demonstrates significantly higher volatility from time to time in comparison to developed markets. Chinese markets generally continue to experience inefficiency, volatility and pricing anomalies resulting from governmental influence, a lack of publicly available information and/or political and social instability. Internal social unrest or confrontations with other neighboring countries may disrupt economic development in China and result in a greater risk of currency fluctuations, currency non-convertibility, interest rate fluctuations and higher rates of inflation. Incidents involving China’s or the region’s security may cause uncertainty in Chinese markets and may adversely affect the Chinese economy and a fund’s investments. Reduction in spending on Chinese products and services, institution of tariffs or other trade barriers, or a downturn in any of the economies of China’s key trading partners may have an adverse impact on the Chinese economy. In addition, measures may be taken to limit the flow of capital and/or sanctions may be imposed, which could prohibit or restrict the ability to own or transfer fund assets and may also include retaliatory actions, such as seizure of fund assets.

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

The iShares MSCI ACWI ETF is expected to seek a closing agreement with the Internal Revenue Service (“IRS”) to address any prior years’ U.S. income tax liabilities attributable to Fund shareholders resulting from the recovery of foreign taxes. The closing agreement would result in the Fund paying a compliance fee to the IRS, on behalf of its shareholders, representing the estimated tax savings generated from foreign tax credits claimed by Fund shareholders on their tax returns in prior years. The Fund has accrued a liability for the estimated IRS compliance fee related to foreign withholding tax claims, which is disclosed in the statements of assets and liabilities. The actual IRS compliance fee may differ from the estimate and that difference may be material.

Effective August 11, 2023, the Syndicated Credit Agreement to which the Participating Funds are party was extended until August 2024 under the same terms.

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

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of each of the funds listed in the table below (six of the funds constituting iShares Trust, hereafter collectively referred to as the “Funds”) as of July 31, 2023, the related statements of operations and of changes in net assets for each of the periods indicated in the table below, including the related notes, and the financial highlights for each of the periods indicated in the table below (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of July 31, 2023, the results of each of their operations, the changes in each of their net assets, and each of the financial highlights for each of the periods indicated in the table below, in conformity with accounting principles generally accepted in the United States of America.

⁽¹⁾Statement of operations for the year ended July 31, 2023, statement of changes in net assets for each of the two years in the period ended July 31, 2023 and the financial highlights for each of the five years in the period ended July 31, 2023.

⁽²⁾ Statement of operations for the year ended July 31, 2023, statement of changes in net assets for the year ended July 31, 2023, consolidated statement of changes in net assets for the year ended July 31, 2022, the financial highlights for the year ended July 31, 2023 and the consolidated financial highlights for each of the four years in the period ended July 31, 2022.

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

The following amounts, or maximum amounts allowable by law, are hereby designated as qualified dividend income for individuals for the fiscal year ended July 31, 2023:

The following amounts, or maximum amounts allowable by law, are hereby designated as qualified business income for individuals for the fiscal year ended July 31, 2023:

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Trust’s Board of Trustees (the “Board”), including a majority of Board Members who are not “interested persons” of the Trust (as that term is defined in the 1940 Act) (the “Independent Board Members”), is required annually to consider the approval of the Investment Advisory Agreement between the Trust and BFA (the “Advisory Agreement”) on behalf of the Fund. The Board’s consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings on May 2, 2023 and May 15, 2023, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 7-8, 2023, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund’s performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2022, to that of such relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

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

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

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

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

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

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

iShares MSCI ACWI Low Carbon Target ETF, iShares MSCI Europe Financials ETF, iShares MSCI Kokusai ETF (each the “Fund”)

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Trust’s Board of Trustees (the “Board”), including a majority of Board Members who are not “interested persons” of the Trust (as that term is defined in the 1940 Act) (the “Independent Board Members”), is required annually to consider the approval of the Investment Advisory Agreement between the Trust and BFA (the “Advisory Agreement”) on behalf of the Fund. The Board’s consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings on May 2, 2023 and May 15, 2023, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 7-8, 2023, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

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

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

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

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

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Trust’s Board of Trustees (the “Board”), including a majority of Board Members who are not “interested persons” of the Trust (as that term is defined in the 1940 Act) (the “Independent Board Members”), is required annually to consider the approval of the Investment Advisory Agreement between the Trust and BFA (the “Advisory Agreement”) on behalf of the Fund. The Board’s consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings on May 2, 2023 and May 15, 2023, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 7-8, 2023, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

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

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

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

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

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

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Trust’s Board of Trustees (the “Board”), including a majority of Board Members who are not “interested persons” of the Trust (as that term is defined in the 1940 Act) (the “Independent Board Members”), is required annually to consider the approval of the Investment Advisory Agreement between the Trust and BFA (the “Advisory Agreement”) on behalf of the Fund. The Board’s consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings on May 2, 2023 and May 15, 2023, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 7-8, 2023, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

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

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

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

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

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

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

The Alternative Investment Fund Managers Directive, and its United Kingdom (“UK”) equivalent, (“AIFMD”) impose detailed and prescriptive obligations on fund managers established in the European Union (the “EU”) and the UK. These do not currently apply to managers established outside of the EU or UK, such as BFA (the “Company”). Rather, the Company is only required to comply with certain disclosure, reporting and transparency obligations of AIFMD because it has registered the iShares MSCIACWI ETF, iShares MSCI All Country Asia ex Japan ETF and iShares MSCI Kokusai ETF (the “Funds”) to be marketed to investors in the EU and/or UK.

The Company is required under AIFMD to make quantitative disclosures of remuneration. These disclosures are made in line with BlackRock’s interpretation of currently available regulatory guidance on quantitative remuneration disclosures. As market or regulatory practice develops BlackRock may consider it appropriate to make changes to the way in which quantitative remuneration disclosures are calculated. Where such changes are made, this may result in disclosures in relation to a fund not being comparable to the disclosures made in the prior year, or in relation to other BlackRock fund disclosures in that same year.

Disclosures are provided in relation to (a) the staff of the Company; (b) staff who are senior management; and (c) staff who have the ability to materially affect the risk profile of the Funds.

All individuals included in the aggregated figures disclosed are rewarded in line with BlackRock’s remuneration policy for their responsibilities across the relevant BlackRock business area. As all individuals have a number of areas of responsibilities, only the portion of remuneration for those individuals’ services attributable to the Funds is included in the aggregate figures disclosed.

BlackRock has a clear and well-defined pay-for-performance philosophy, and compensation programs which support that philosophy.

BlackRock operates a total compensation model for remuneration which includes a base salary, which is contractual, and a discretionary bonus scheme. Although all employees are eligible to receive a discretionary bonus, there is no contractual obligation to make a discretionary bonus award to any employees. For senior management and staff who have the ability to materially affect the risk profile of the Funds, a significant percentage of variable remuneration is deferred over time. All employees are subject to a clawback policy.

Remuneration decisions for employees are made once annually in January following the end of the performance year, based on BlackRock’s full-year financial results and other non-financial goals and objectives. Alongside financial performance, individual total compensation is also based on strategic and operating results and other considerations such as management and leadership capabilities. No set formulas are established and no fixed benchmarks are used in determining annual incentive awards.

Annual incentive awards are paid from a bonus pool which is reviewed throughout the year by BlackRock’s independent compensation committee, taking into account both actual and projected financial information together with information provided by the Enterprise Risk and Regulatory Compliance departments in relation to any activities, incidents or events that warrant consideration in making compensation decisions. Individuals are not involved in setting their own remuneration.

Each of the control functions (Enterprise Risk, Legal & Compliance, and Internal Audit) each have their own organizational structures which are independent of the business units and therefore staff members in control functions are remunerated independently of the businesses they oversee. Functional bonus pools for those control functions are determined with reference to the performance of each individual function and the remuneration of the senior members of control functions is directly overseen by BlackRock’s independent remuneration committee.

Members of staff and senior management of the Company typically provide both AIFMD and non-AIFMD related services in respect of multiple funds, clients and functions of the Company and across the broader BlackRock group. Conversely, members of staff and senior management of the broader BlackRock group may provide both AIFMD and non-AIFMD related services in respect of multiple funds, clients and functions of the broader BlackRock group and of the Company. Therefore, the figures disclosed are a sum of individuals’ portion of remuneration attributable to the Company according to an objective apportionment methodology which acknowledges the multiple-service nature of the Company and the broader BlackRock group. Accordingly, the figures are not representative of any individual’s actual remuneration or their remuneration structure.

The amount of the total remuneration awarded to the Company’s staff in respect of the Company’s financial year ending December 31, 2022 was USD 4.12 million. This figure is comprised of fixed remuneration of USD 685 thousand and variable remuneration of USD 3.43 million. There was a total of 8 beneficiaries of the remuneration described above.

The amount of the aggregate remuneration awarded by the Company in respect of the Company’s financial year ending December 31, 2022, to its senior management was USD 2.96 million, and to other members of its staff whose actions potentially have a material impact on the risk profile of the Company or its funds was USD 970 thousand. These figures relate to the entire Company and not to the Funds.

The iShares MSCI ACWI ETF, iShares MSCI All Country Asia ex Japan ETF and iShares MSCI Kokusai ETF (the “Funds”) are registered under the Alternative Investment Fund Managers Directive to be marketed to European Union (“EU”) investors, as noted above. As a result, certain disclosures are required under the EU Sustainable Finance Disclosure Regulation (“SFDR”).

Each Fund has not been categorized under the SFDR as an “Article 8” or “Article 9” product. In addition, each Fund’s investment strategy does not take into account the criteria for environmentally sustainable economic activities under the EU sustainable investment taxonomy regulation or principal adverse impacts (“PAIs”) on sustainability factors under the SFDR. PAIs are identified under the SFDR as the material impacts of investment decisions on sustainability factors relating to environmental, social and employee matters, respect for human rights, and anti-corruption and anti-bribery matters.

The registered investment companies advised by BFA or its affiliates (the “BlackRock-advised Funds”) are organized into one complex of open-end equity, multi-asset, index and money market funds and ETFs (the “BlackRock Multi-Asset Complex”), one complex of closed-end funds and open-end non-index fixed-income funds (including ETFs) (the “BlackRock Fixed-Income Complex”) and one complex of ETFs (“Exchange-Traded Fund Complex”) (each, a “BlackRock Fund Complex”). Each Fund is included in the Exchange-Traded Fund Complex. Each Trustee also serves as a Director of iShares, Inc. and a Trustee of iShares U.S. ETF Trust and, as a result, oversees all of the funds within the Exchange-Traded Fund Complex, which consists of 387 funds as of July 31, 2023. With the exception of Robert S. Kapito, Salim Ramji and Aaron Wasserman, the address of each Trustee and officer is c/o BlackRock, Inc., 400 Howard Street, San Francisco, CA 94105. The address of Mr. Kapito, Mr. Ramji and Mr. Wasserman is c/o BlackRock, Inc., 50 Hudson Yards, New York, NY 10001. The Board has designated John E. Kerrigan as its Independent Board Chair. Additional information about the Funds’ Trustees and officers may be found in the Funds’ combined Statement of Additional Information, which is available without charge, upon request, by calling toll-free 1-800-iShares (1-800-474-2737).

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

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

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

The Markets in Review

Dear Shareholder,

The U.S. Federal Reserve (the “Fed”), acknowledging that inflation has been more persistent than expected, raised interest rates seven times during the 12-month period ended July 31, 2023. Further more, the Fed wound down its bond-buying programs and incrementally reduced its balance sheet by not replacing securities that reach maturity. However, the Fed declined to raise interest rates at its June 2023 meeting, the first time it paused its tightening in the current cycle, before again raising rates in July 2023.

LOGO

Rob Kapito

President, BlackRock, Inc.

LOGO

Rob Kapito

President, BlackRock, Inc.


Total Returns as of July 31, 2023

	6-Month	12-Month

U.S. large cap equities (S&P 500^® Index)	13.52%	13.02%

U.S. small cap equities (Russell 2000^® Index)	4.51	7.91

International equities (MSCI Europe, Australasia, Far East Index)	6.65	16.79

Emerging market equities (MSCI Emerging Markets Index)	3.26	8.35

3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)	2.34	3.96

U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)	(2.08)	(7.56)

U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)	(1.02)	(3.37)

Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)	0.20	0.93

U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)	2.92	4.42

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 Currency Hedged MSCI ACWI ex U.S. ETF (the “Fund”) seeks to track the investment results of an index composed of large- and mid-capitalization developed and emerging equities, excluding the U.S., while mitigating exposure to fluctuations between the value of the component currencies and the U.S. dollar, as represented by the MSCI ACWI ex USA 100% Hedged to USD 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 Fund currently seeks to achieve its investment objective by investing a substantial portion of its assets in one underlying fund, the iShares MSCI ACWI ex U.S. ETF.

The inception date of the Fund was June 29, 2015. The first day of secondary market trading was July 1, 2015.

International stocks advanced notably during the reporting period in U.S. dollar terms, as the world economy showed resilience despite the challenges of inflation and higher interest rates. Stocks in Japan were the largest contributors to the Index’s performance, helped by Japan’s improving economy. After contracting in the third quarter and a flat fourth quarter in 2022, the Japanese economy rebounded with moderate growth in the first half of 2023. In October 2022, Japan lifted strict pandemic-related border controls, driving a significant increase in tourism and stimulating consumer spending. A series of corporate reforms also benefited Japanese stocks, boosting investor confidence and reorienting focus on corporate profits.

Among Japanese stocks, the industrials sector contributed the most to the Index’s return, as higher net fees and trading profits boosted earnings in the capital goods industry. Elevated energy prices early in the reporting period also bolstered capital goods companies that were involved in liquified natural gas projects.

European stocks, particularly from France and Germany, also contributed to the Index’s return. While economic growth in the Eurozone was tepid, inflation fell significantly and unemployment declined to a historic low. In France, the consumer discretionary sector was a source of strength, driven primarily by the textiles and apparel industry. Sales of luxury goods supported revenues in the industry, and European sales were particularly strong, helped by an increase in tourism from North America. In Germany, stocks in the industrials sector were buoyed by strong earnings guidance amid easing supply chain bottlenecks. The German information technology sector contributed amid robust sales of cloud-based enterprise software.

U.K. stocks also contributed to the Index’s performance, despite slow economic growth during the reporting period. The financials sector was the leading source of strength, as cost cutting and high interest rates benefited the banking industry. Swiss stocks also contributed as the healthcare sector was bolstered by the pharmaceuticals industry, where strong earnings enabled a significant stock buyback program. Swiss financials stocks also gained as the insurance industry benefited from robust profit growth and increased gross written premiums.

In terms of currency performance, the U.S. dollar was mixed against foreign currencies during the reporting period. Increasing interest rates and a robust economy drove the strength of the U.S. dollar against some foreign currencies. The Japanese yen and the Chinese yuan depreciated by approximately 6% and 5% respectively against the U.S. dollar. However, the euro and the British pound appreciated against the U.S. dollar by approximately 8% and 6%, respectively.

The negative performance of some foreign currencies meant hedging activity contributed to the Index’s return. A fully hedged investor seeks to bypass the currency fluctuations — both on the upside and on the downside — related to holding foreign-currency-denominated securities. The Index’s hedging activity offset the negative impact of foreign currency performance relative to the U.S. dollar, resulting in an Index return that was relatively close to the Index’s return measured in local currencies.

The iShares Currency Hedged MSCI EAFE ETF (the “Fund”) seeks to track the investment results of an index composed of large- and mid-capitalization equities in Europe, Australasia, and the Far East while mitigating exposure to fluctuations between the value of the component currencies and the U.S. dollar, as represented by the MSCI EAFE 100% Hedged to USD 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 Fund currently seeks to achieve its investment objective by investing a substantial portion of its assets in one underlying fund, the iShares MSCI EAFE ETF.

The inception date of the Fund was January 31, 2014. The first day of secondary market trading was February 4, 2014.

Large- and mid-capitalization stocks in developed markets outside the U.S. and Canada advanced for the reporting period in U.S. dollar terms, as the world economy showed resilience despite the challenges of inflation and higher interest rates. Stocks in Japan were the largest contributors to the Index’s performance, helped by Japan’s improving economy. After contracting in the third quarter and a flat fourth quarter in 2022, the Japanese economy rebounded with moderate growth in the first half of 2023. In October 2022, Japan lifted strict pandemic-related border controls, driving a significant increase in tourism and stimulating consumer spending. A series of corporate reforms benefited Japanese stocks, boosting investor confidence and reorienting focus on corporate profits.

Among Japanese stocks, the industrials sector contributed the most to the Index’s return, as higher net fees and trading profits boosted earnings in the capital goods industry. Stocks in the financials sector also gained, as the Bank of Japan eased its policy toward 10-year bond yields, allowing banks to keep portions of their capital in higher-yielding investments. The consumer discretionary sector advanced amid strength among automobile manufacturers, which benefited from the announcement of plans for the development of a line of all-electric vehicles.

European stocks, particularly from France and Germany, also gained for the reporting period. While economic growth in the Eurozone was tepid, inflation came down significantly and unemployment declined to a historic low. In France, the consumer discretionary sector was a source of strength, driven primarily by the textiles and apparel industry. Sales of luxury goods supported revenues in the industry, and European sales were particularly strong, helped by an increase in tourism from North America. In Germany, stocks in the industrials sector were buoyed by strong earnings guidance amid easing supply chain bottlenecks. The information technology sector also advanced, benefiting from strong sales of cloud-based enterprise software.

In terms of currency performance, the U.S. dollar was mixed against foreign currencies during the reporting period. Increasing interest rates and a robust economy drove the strength of the U.S. dollar against some foreign currencies. The Japanese yen and the Australian dollar depreciated by approximately 6% and 4% respectively against the U.S. dollar. However, the euro and the British pound appreciated against the U.S. dollar by approximately 8% and 6%, respectively.

The iShares Currency Hedged MSCI EAFE Small-Cap ETF (the “Fund”) seeks to track the investment results of an index composed of small-capitalization developed market equities, excluding the U.S. and Canada, while mitigating exposure to fluctuations between the value of the component currencies and the U.S. dollar, as represented by the MSCI EAFE Small-Cap 100% Hedged to USD 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 Fund currently seeks to achieve its investment objective by investing a substantial portion of its assets in one underlying fund, the iShares MSCI EAFE Small-Cap ETF.

The inception date of the Fund was June 29, 2015. The first day of secondary market trading was July 1, 2015.

Small-capitalization developed market stocks outside the U.S. and Canada advanced for the reporting period in U.S. dollar terms, as the world economy showed resilience despite the challenges of inflation and higher interest rates. Stocks in Japan were the largest contributors to the Index’s performance, helped by Japan’s improving economy. After contracting in the third quarter and a flat fourth quarter in 2022, the Japanese economy rebounded with moderate growth in the first half of 2023. In October 2022, Japan lifted strict pandemic-related border controls, driving a significant increase in tourism and stimulating consumer spending. A series of corporate reforms benefited Japanese stocks, boosting investor confidence and reorienting focus on corporate profits.

Among Japanese stocks, the consumer discretionary sector contributed the most to the Index’s return. Consumer spending in Japan rose during the reporting period, although it remained below pre-pandemic levels. However, the improving economy and decelerating inflation helped drive improved consumer confidence later in the reporting period, and solid exports favored makers of consumer goods selling abroad. The capital goods industry in the industrials sector also contributed amid strong earnings guidance. Within the information technology sector, the semiconductors and semiconductor equipment industry advanced due in part to government efforts to increase domestic semiconductor manufacturing with subsidies and incentives.

Italian stocks contributed notably to the Index’s performance, as investors were attracted by their relatively low valuations while inflation declined substantially and unemployment hit a 14-year low. Banking stocks in the financials sector gained the most, helped by higher interest rates as the ECB increased interest rates to the highest levels since 2008.

Swiss stocks also contributed amid strength in the industrials sector. Continued strong demand for improved energy efficiency and high-quality drinking water benefited the sales of casting and piping products, bolstering the machinery industry’s sales. Germany’s industrials sector was also a source of strength, as supply chain improvements drove increased profits from sales of industrial trucks in the construction machinery industry.

In terms of currency performance, the U.S. dollar was mixed against foreign currencies during the reporting period. Increasing interest rates and a robust economy drove the strength of the U.S. dollar against some foreign currencies. The Japanese yen and the Australian dollar depreciated by approximately 6% and 4% respectively against the U.S. dollar. However, the euro and the British pound appreciated against the U.S. dollar by approximately 8% and 6%, respectively.

The iShares MSCI ACWI ex U.S. ETF (the “Fund”) seeks to track the investment results of an index composed of large- and mid-capitalization non-U.S. equities, as represented by the MSCI ACWI ex USA 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.

International stocks advanced notably during the reporting period, as the world economy showed resilience despite the challenges of inflation and higher interest rates. Stocks in Japan were the largest contributors to the Index’s performance, helped by Japan’s improving economy. After contracting in the third quarter and a flat fourth quarter in 2022, the Japanese economy rebounded with moderate growth in the first half of 2023. In October 2022, Japan lifted strict pandemic-related border controls, driving a significant increase in tourism and stimulating consumer spending. A series of corporate reforms also benefited Japanese stocks, boosting investor confidence and reorienting focus on corporate profits.

Among Japanese stocks, the industrials sector contributed the most to the Index’s return, as higher net fees and trading profits boosted earnings in the capital goods industry. Elevated energy prices early in the reporting period also bolstered capital goods companies that were involved in liquified natural gas projects.

The iShares MSCI EAFE ETF (the “Fund”) seeks to track the investment results of an index composed of large- and mid-capitalization developed market equities, excluding the U.S. and Canada, as represented by the MSCI EAFE 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.

Large- and mid-capitalization stocks in developed markets outside the U.S. and Canada advanced for the reporting period, as the world economy showed resilience despite the challenges of inflation and higher interest rates. Stocks in Japan were the largest contributors to the Index’s performance, helped by Japan’s improving economy. After contracting in the third quarter and a flat fourth quarter in 2022, the Japanese economy rebounded with moderate growth in the first half of 2023. In October 2022, Japan lifted strict pandemic-related border controls, driving a significant increase in tourism and stimulating consumer spending. A series of corporate reforms benefited Japanese stocks, boosting investor confidence and reorienting focus on corporate profits.

Among Japanese stocks, the industrials sector contributed the most to the Index’s return, as higher net fees and trading profits boosted earnings in the capital goods industry. Stocks in the financials sector also gained, as the Bank of Japan eased its policy toward 10-year bond yields, allowing banks to keep portions of their capital in higher-yielding investments. The consumer discretionary sector advanced amid strength among automobile manufacturers, which benefited from the announcement of plans for the development of a line of all-electric vehicles.

The iShares MSCI EAFE Small-Cap ETF (the “Fund”) seeks to track the investment results of an index composed of small-capitalization developed market equities, excluding the U.S. and Canada, as represented by the MSCI EAFE 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 developed market stocks outside the U.S. and Canada advanced for the reporting period, as the world economy showed resilience despite the challenges of inflation and higher interest rates. Stocks in Japan were the largest contributors to the Index’s performance, helped by Japan’s improving economy. After contracting in the third quarter and a flat fourth quarter in 2022, the Japanese economy rebounded with moderate growth in the first half of 2023. In October 2022, Japan lifted strict pandemic-related border controls, driving a significant increase in tourism and stimulating consumer spending. A series of corporate reforms benefited Japanese stocks, boosting investor confidence and reorienting focus on corporate profits.

Among Japanese stocks, the consumer discretionary sector contributed the most to the Index’s return. Consumer spending in Japan rose during the reporting period, although it remained below pre-pandemic levels. However, the improving economy and decelerating inflation helped drive improved consumer confidence later in the reporting period, and solid exports favored makers of consumer goods selling abroad. The capital goods industry in the industrials sector also contributed, as the low value of the Japanese yen relative to the U.S. dollar drove strong earnings guidance. Within the information technology sector, the semiconductors and semiconductor equipment industry advanced amid government efforts to increase domestic semiconductor manufacturing with subsidies and incentives.

Swiss stocks also contributed amid strength in the industrials sector and the growing value of the Swiss franc relative to the U.S. dollar. Continued strong demand for improved energy efficiency and high-quality drinking water benefited the sales of casting and piping products, bolstering the machinery industry’s sales. Germany’s industrials sector was also a source of strength, as supply chain improvements drove increased profits from sales of industrial trucks in the construction machinery industry.

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.



Security	Shares		Value


Investment Companies

Exchange-Traded Funds — 99.8%
iShares MSCI ACWI ex U.S. ETF^(a)(b)		3,516,869	$	179,887,849


Total Investment Companies (Cost: $164,264,335)				179,887,849


Short-Term Securities

Money Market Funds — 7.0%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.42%^(a)(c)(d)		12,674,083		12,677,885
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.22%^(a)(c)		70,000		70,000


Total Short-Term Securities — 7.0% (Cost: $12,746,618)				12,747,885


Total Investments in Securities — 106.8% (Cost: $177,010,953)				192,635,734

Liabilities in Excess of Other Assets — (6.8)%				(12,340,515	)


Net Assets — 100.0%			$	180,295,219

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

For the period ended July 31, 2023, the effect of derivative financial instruments in the Statements of Operations was as follows:

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

The following tables present the Fund’s derivative assets and liabilities by counterparty net of amounts available for offset under an MNA and net of the related collateral received and pledged by the Fund:



Security	Shares		Value


Investment Companies

Exchange-Traded Funds — 99.7%
iShares MSCI EAFE ETF^(a)(b)		47,613,457	$	3,545,298,008


Total Investment Companies (Cost: $3,208,057,242)				3,545,298,008


Short-Term Securities

Money Market Funds — 22.9%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.42%^(a)(c)(d)		813,276,022		813,520,005
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.22%^(a)(c)		1,130,000		1,130,000


Total Short-Term Securities — 22.9% (Cost: $814,570,117)				814,650,005


Total Investments in Securities — 122.6% (Cost: $4,022,627,359)				4,359,948,013

Liabilities in Excess of Other Assets — (22.6)%				(803,388,973	)


Net Assets — 100.0%			$	3,556,559,040

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

For the period ended July 31, 2023, the effect of derivative financial instruments in the Statements of Operations was as follows:

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




Counterparty		Derivative Assets Subject to an MNA by Counterparty		Derivatives Available for Offset	^(a)		Non-Cash Collateral Received		Cash Collateral Received		Net Amount of Derivative Assets	^(b)(c)


Bank of America N.A.	$	75,813	$	(45,045	)	$	—	$	—	$	30,768
Bank of New York		98,144		(12,270	)		—		—		85,874
BNP Paribas SA		1,074,052		(1,074,052	)		—		—		—
Citibank N.A.		13,037		(13,037	)		—		—		—
Commonwealth Bank of Australia		1,040,254		(1,040,254	)		—		—		—
HSBC Bank PLC		128,752		(6,988	)		—		—		121,764
Imperial Bank of Canada		7,525		—			—		—		7,525
JPMorgan Chase Bank N.A.		669,759		(669,759	)		—		—		—
Morgan Stanley & Co. International PLC		2,380,041		(2,132,013	)		—		—		248,028
Natwest Markets PLC		3,287		(3,287	)		—		—		—
State Street Bank and Trust Co.		3,821,297		(3,821,297	)		—		—		—
Toronto Dominion Bank		2,075,479		(2,075,479	)		—		—		—
UBS AG		46,220		(46,220	)		—		—		—


	$	11,433,660	$	(10,939,701	)	$	—	$	—	$	493,959




Counterparty		Derivative Liabilities Subject to an MNA by Counterparty		Derivatives Available for Offset	^(a)		Non-Cash Collateral Pledged		Cash Collateral Pledged		Net Amount of Derivative Liabilities	^(c)(d)


Bank of America N.A.	$	45,045	$	(45,045	)	$	—	$	—	$	—
Bank of New York		12,270		(12,270	)		—		—		—
BNP Paribas SA		2,977,268		(1,074,052	)		—		—		1,903,216
Citibank N.A.		518,274		(13,037	)		—		—		505,237
Commonwealth Bank of Australia		9,852,366		(1,040,254	)		—		—		8,812,112
HSBC Bank PLC		6,988		(6,988	)		—		—		—
JPMorgan Chase Bank N.A.		1,672,081		(669,759	)		—		—		1,002,322
Morgan Stanley & Co. International PLC		2,132,013		(2,132,013	)		—		—		—
Natwest Markets PLC		3,425		(3,287	)		—		—		138
State Street Bank and Trust Co.		25,231,047		(3,821,297	)		—		—		21,409,750
Toronto Dominion Bank		4,650,871		(2,075,479	)		—		—		2,575,392
UBS AG		117,698		(46,220	)		—		—		71,478


	$	47,219,346	$	(10,939,701	)	$	—	$	—	$	36,279,645

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

For the period ended July 31, 2023, the effect of derivative financial instruments in the Statements of Operations was as follows:

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



Counterparty	Derivative Liabilities Subject to an MNA by			Derivatives Available					Non-Cash Collateral		Cash Collateral	Net Amount of Derivative
Counterparty	Counterparty					for Offset	^(a)		Pledged		Pledged			Liabilities	^(c)(d)


Deutsche Bank Securities Inc.		$	884		$	(884	)	$	—	$	—		$	—
JPMorgan Chase Bank N.A.			130,982			(16,689	)		—		—			114,293
Morgan Stanley & Co. International PLC			26,847			(26,847	)		—		—			—
State Street Bank and Trust Co.			485,826			(75,955	)		—		—			409,871
UBS AG			15,207			(3,342	)		—		—			11,865


		$	1,369,735		$	(277,908	)	$	—	$	—		$	1,091,827


Security	Shares		Value

Common Stocks

Australia — 4.7%
Ampol Ltd.		45,957	$	1,017,793
APA Group		225,393		1,516,246
Aristocrat Leisure Ltd.		107,126		2,837,256
ASX Ltd.		34,483		1,440,653
Aurizon Holdings Ltd.		320,612		821,669
Australia & New Zealand Banking Group Ltd.		544,811		9,452,016
BHP Group Ltd.		928,807		28,906,207
BlueScope Steel Ltd.		88,176		1,300,336
Brambles Ltd.		257,824		2,439,213
Cochlear Ltd.		12,538		2,017,017
Coles Group Ltd.		246,404		3,013,175
Commonwealth Bank of Australia		310,187		22,069,420
Computershare Ltd.		100,950		1,702,547
CSL Ltd.		88,142		15,875,797
Dexus		199,025		1,101,562
Endeavour Group Ltd./Australia		269,247		1,100,503
Fortescue Metals Group Ltd.		314,378		4,621,584
Goodman Group		314,653		4,350,755
GPT Group (The)		339,015		990,893
IDP Education Ltd.		45,943		769,931
IGO Ltd.		123,574		1,154,708
Insurance Australia Group Ltd.		455,163		1,817,016
James Hardie Industries PLC^(a)		82,385		2,414,448
Lendlease Corp. Ltd.		124,369		723,028
Lottery Corp. Ltd. (The)		390,004		1,357,173
Macquarie Group Ltd.		66,514		7,843,990
Medibank Pvt Ltd.		525,244		1,240,052
Mineral Resources Ltd.		32,157		1,553,722
Mirvac Group		758,193		1,195,139
National Australia Bank Ltd.		575,651		11,027,199
Newcrest Mining Ltd.		164,690		2,954,036
Northern Star Resources Ltd.		212,079		1,655,532
Orica Ltd.		85,627		908,570
Origin Energy Ltd.		319,941		1,821,434
Pilbara Minerals Ltd.		492,055		1,609,780
Qantas Airways Ltd.^(a)		177,153		778,370
QBE Insurance Group Ltd.		268,731		2,853,090
Ramsay Health Care Ltd.		33,865		1,342,011
REA Group Ltd.		9,471		1,004,053
Reece Ltd.		48,491		640,317
Rio Tinto Ltd.		69,747		5,522,902
Santos Ltd.		596,411		3,209,280
Scentre Group		973,654		1,842,437
SEEK Ltd.		62,408		1,046,590
Sonic Healthcare Ltd.		84,330		1,992,532
South32 Ltd.		870,553		2,292,336
Stockland		446,971		1,270,305
Suncorp Group Ltd.		232,181		2,224,764
Telstra Corp. Ltd.		736,775		2,108,805
Transurban Group		571,153		5,514,507
Treasury Wine Estates Ltd.		138,758		1,050,214
Vicinity Ltd.		658,911		876,091
Washington H Soul Pattinson & Co. Ltd.		45,920		1,018,856
Wesfarmers Ltd.		210,031		7,017,584
Westpac Banking Corp.		636,692		9,570,032
WiseTech Global Ltd.		29,941		1,729,064
Woodside Energy Group Ltd.		346,658		8,935,171
Woolworths Group Ltd.		218,651		5,678,112


Security	Shares		Value

Australia (continued)
Xero Ltd.^(a)		25,831	$	2,123,344


				218,261,167

Austria — 0.1%
Erste Group Bank AG		61,675		2,331,060
OMV AG		27,311		1,230,472
Verbund AG		13,368		1,107,632
voestalpine AG^(b)		21,116		697,786


				5,366,950

Belgium — 0.6%
Ageas SA/NV		30,576		1,294,381
Anheuser-Busch InBev SA/NV		156,419		8,948,050
Argenx SE^(a)		10,449		5,262,528
D’ieteren Group		4,866		849,828
Elia Group SA/NV		6,032		742,690
Groupe Bruxelles Lambert NV		16,164		1,307,867
KBC Group NV		45,610		3,432,827
Sofina SA		3,130		744,228
Solvay SA		13,826		1,660,478
UCB SA		23,145		2,049,427
Umicore SA		37,837		1,120,548
Warehouses De Pauw CVA		31,950		944,035


				28,356,887

Brazil — 1.1%
Ambev SA		846,751		2,660,898
Atacadao SA		95,727		277,742
B3 SA - Brasil, Bolsa, Balcao		1,090,314		3,435,512
Banco Bradesco SA		259,819		815,926
Banco BTG Pactual SA		198,890		1,430,452
Banco do Brasil SA		152,343		1,552,505
Banco Santander Brasil SA		57,106		344,900
BB Seguridade Participacoes SA		128,759		847,366
CCR SA		184,933		519,748
Centrais Eletricas Brasileiras SA		206,034		1,684,000
Cia. de Saneamento Basico do Estado de Sao Paulo		74,602		916,601
Cia. Siderurgica Nacional SA		124,406		364,109
Cosan SA		235,209		991,820
CPFL Energia SA		38,454		290,962
Energisa SA		38,929		413,185
Eneva SA^(a)		123,604		349,476
Engie Brasil Energia SA		43,575		405,825
Equatorial Energia SA		174,030		1,234,357
Hapvida Participacoes e Investimentos SA^(a)(c)		1,040,400		1,056,076
Hypera SA		88,623		810,749
JBS SA		150,037		595,865
Klabin SA		138,710		674,667
Localiza Rent a Car SA		164,714		2,341,438
Lojas Renner SA		182,488		723,584
Magazine Luiza SA^(a)		571,716		405,022
Natura & Co. Holding SA^(a)		174,594		674,561
Petroleo Brasileiro SA		691,387		5,089,544
PRIO SA^(a)		141,303		1,363,202
Raia Drogasil SA		232,302		1,423,164
Rede D’Or Sao Luiz SA^(c)		111,306		847,373
Rumo SA		240,965		1,184,251
Sendas Distribuidora SA		238,091		678,210
Suzano SA		138,797		1,410,938
Telefonica Brasil SA		77,838		693,155
Tim SA		185,884		563,696


Security	Shares		Value

Brazil (continued)
TOTVS SA		97,883	$	612,086
Ultrapar Participacoes SA		139,052		555,473
Vale SA		617,115		9,025,572
Vibra Energia SA		214,759		777,969
WEG SA		309,386		2,611,830


				52,653,809

Canada — 7.5%
Agnico Eagle Mines Ltd.		91,373		4,790,214
Air Canada^(a)		39,538		728,604
Algonquin Power & Utilities Corp.		124,003		1,023,132
Alimentation Couche-Tard Inc.		146,488		7,416,326
AltaGas Ltd.		52,950		1,045,227
ARC Resources Ltd.		121,188		1,830,710
Bank of Montreal		128,188		11,912,302
Bank of Nova Scotia (The)		216,314		10,892,390
Barrick Gold Corp.		317,621		5,486,980
BCE Inc.		13,448		580,896
Brookfield Asset Management Ltd.		62,487		2,107,778
Brookfield Corp., Class A		256,632		8,958,231
Brookfield Renewable Corp., Class A		25,120		782,946
BRP Inc.		6,815		626,950
CAE Inc.^(a)		57,531		1,314,533
Cameco Corp.		79,456		2,793,448
Canadian Apartment Properties REIT		22,625		882,077
Canadian Imperial Bank of Commerce		164,503		7,245,542
Canadian National Railway Co.		103,536		12,550,104
Canadian Natural Resources Ltd.		203,704		12,387,687
Canadian Pacific Kansas City Ltd.		168,892		13,896,623
Canadian Tire Corp. Ltd., Class A, NVS		10,252		1,408,061
Canadian Utilities Ltd., Class A, NVS		28,287		704,467
CCL Industries Inc., Class B, NVS		29,396		1,409,332
Cenovus Energy Inc.		265,664		5,052,784
CGI Inc.^(a)		40,077		4,072,588
Constellation Software Inc./Canada		3,748		7,918,536
Descartes Systems Group Inc. (The)^(a)		14,892		1,161,523
Dollarama Inc.		52,143		3,434,680
Element Fleet Management Corp.		71,636		1,155,498
Emera Inc.		48,257		1,957,507
Empire Co. Ltd., Class A, NVS		30,544		829,470
Enbridge Inc.		374,522		13,769,254
Fairfax Financial Holdings Ltd.		4,326		3,451,352
First Quantum Minerals Ltd.		108,182		3,208,583
FirstService Corp.		7,079		1,108,676
Fortis Inc.		86,592		3,691,151
Franco-Nevada Corp.		34,753		5,071,226
George Weston Ltd.		12,047		1,387,280
GFL Environmental Inc.		40,095		1,369,186
Gildan Activewear Inc.		35,201		1,094,751
Great-West Lifeco Inc.		49,511		1,493,234
Hydro One Ltd.^(c)		59,532		1,679,438
iA Financial Corp. Inc.		18,767		1,300,234
IGM Financial Inc.		12,983		404,559
Imperial Oil Ltd.		39,533		2,129,772
Intact Financial Corp.		32,462		4,795,755
Ivanhoe Mines Ltd., Class A^(a)		110,517		1,171,674
Keyera Corp.		37,400		936,241
Kinross Gold Corp.		237,736		1,184,488
Loblaw Companies Ltd.		29,725		2,637,413
Lundin Mining Corp.		128,442		1,148,395
Magna International Inc.		49,149		3,161,056


Security	Shares		Value

Canada (continued)
Manulife Financial Corp.		340,653	$	6,809,702
Metro Inc.		43,777		2,356,087
National Bank of Canada		63,051		4,938,314
Northland Power Inc.		43,296		837,585
Nutrien Ltd.		91,454		6,302,222
Nuvei Corp.^(a)(c)		12,357		421,411
Onex Corp.		13,947		856,609
Open Text Corp.		50,545		2,171,060
Pan American Silver Corp.		67,199		1,137,437
Parkland Corp.		28,866		788,279
Pembina Pipeline Corp.		106,316		3,366,089
Power Corp. of Canada		102,226		2,896,268
Quebecor Inc., Class B		26,158		640,337
RB Global Inc.		33,825		2,184,459
Restaurant Brands International Inc.		53,042		4,060,660
RioCan REIT		32,189		489,432
Rogers Communications Inc., Class B, NVS		65,783		2,880,454
Royal Bank of Canada		251,159		24,899,720
Saputo Inc.		46,962		991,485
Shopify Inc., Class A^(a)		219,589		14,834,102
Sun Life Financial Inc.		106,683		5,614,682
Suncor Energy Inc.		244,809		7,659,970
TC Energy Corp.		188,518		6,756,426
Teck Resources Ltd., Class B		84,386		3,748,782
TELUS Corp.		86,691		1,543,628
TFI International Inc.		14,860		1,907,295
Thomson Reuters Corp.		31,810		4,293,922
TMX Group Ltd.		52,285		1,161,757
Toromont Industries Ltd.		14,490		1,234,559
Toronto-Dominion Bank (The)		332,210		21,907,998
Tourmaline Oil Corp.		59,322		3,074,406
West Fraser Timber Co. Ltd.		11,796		993,846
Wheaton Precious Metals Corp.		83,579		3,747,792
WSP Global Inc.		22,853		3,148,104


				345,205,743

Chile — 0.1%
Banco de Chile		7,291,725		811,790
Banco de Credito e Inversiones SA		15,454		464,203
Banco Santander Chile		12,227,873		652,828
Cencosud SA		271,016		582,448
Cia. Cervecerias Unidas SA		23,202		192,376
Cia. Sud Americana de Vapores SA		2,484,559		188,057
Empresas CMPC SA		213,321		421,076
Empresas COPEC SA		77,452		594,084
Enel Americas SA^(a)		3,927,925		530,937
Enel Chile SA		6,863,352		473,594
Falabella SA		154,916		428,401


				5,339,794

China — 8.7%
3SBio Inc.^(c)		370,500		356,920
AAC Technologies Holdings Inc.^(b)		125,000		286,382
Agricultural Bank of China Ltd., Class A		1,839,700		932,146
Agricultural Bank of China Ltd., Class H		4,659,000		1,694,688
Aier Eye Hospital Group Co. Ltd., Class A		184,442		520,410
Air China Ltd., Class H^(a)		450,000		369,022
Akeso Inc.^(a)(b)(c)		99,000		524,336
Alibaba Group Holding Ltd.^(a)		3,040,964		38,861,626
Alibaba Health Information Technology Ltd.^(a)		986,000		707,965
Aluminum Corp. of China Ltd., Class H		912,000		453,518


Security	Shares		Value

China (continued)
Anhui Conch Cement Co. Ltd., Class A		149,498	$	568,890
Anhui Conch Cement Co. Ltd., Class H		168,000		507,174
Anhui Gujing Distillery Co. Ltd., Class B		43,400		811,320
ANTA Sports Products Ltd.		226,800		2,687,787
Autohome Inc., ADR		14,382		459,793
AviChina Industry & Technology Co. Ltd., Class H		565,000		283,055
Baidu Inc.^(a)		417,188		8,156,354
Bank of Beijing Co. Ltd., Class A		1,011,898		661,361
Bank of China Ltd., Class A		1,252,200		685,406
Bank of China Ltd., Class H		14,501,000		5,378,389
Bank of Communications Co. Ltd., Class A		1,095,400		892,719
Bank of Communications Co. Ltd., Class H		1,181,800		713,961
Bank of Ningbo Co. Ltd., Class A		141,077		575,785
Bank of Shanghai Co. Ltd., Class A		527,399		455,430
Baoshan Iron & Steel Co. Ltd., Class A		444,296		399,503
BeiGene Ltd.^(a)		125,976		2,086,480
Beijing Capital International Airport Co. Ltd., Class H^(a)		386,000		252,429
Beijing Enterprises Holdings Ltd.		90,000		357,952
Beijing Enterprises Water Group Ltd.		810,000		197,644
Beijing Kingsoft Office Software Inc., Class A		7,000		398,325
Bilibili Inc.^(a)		36,094		686,502
BOC Aviation Ltd.^(c)		32,300		270,744
BOE Technology Group Co. Ltd., Class A		806,900		478,060
Bosideng International Holdings Ltd.		632,000		289,736
BYD Co. Ltd., Class A		27,700		1,057,318
BYD Co. Ltd., Class H		177,500		6,322,198
BYD Electronic International Co. Ltd.		161,000		621,551
C&D International Investment Group Ltd.		115,000		314,162
CGN Power Co. Ltd., Class H^(c)		2,679,000		657,535
Changchun High & New Technology Industry Group Inc., Class A		14,300		301,019
China Cinda Asset Management Co. Ltd., Class H		1,574,000		166,117
China CITIC Bank Corp. Ltd., Class H		1,623,000		784,874
China Coal Energy Co. Ltd., Class H		390,000		282,651
China Communications Services Corp. Ltd., Class H		534,000		254,033
China Conch Venture Holdings Ltd.		314,500		393,867
China Construction Bank Corp., Class H		17,734,050		10,336,441
China CSSC Holdings Ltd., Class A		90,200		421,738
China Everbright Bank Co. Ltd., Class A		960,800		419,761
China Everbright Bank Co. Ltd., Class H		566,000		168,617
China Everbright Environment Group Ltd.		884,037		352,766
China Evergrande Group^(a)(b)(d)		288,000		27,071
China Feihe Ltd.^(c)		715,000		438,165
China Galaxy Securities Co. Ltd., Class H		801,500		468,930
China Gas Holdings Ltd.		579,600		649,265
China Hongqiao Group Ltd.		468,000		451,563
China International Capital Corp. Ltd., Class H^(c)		334,000		739,187
China Jinmao Holdings Group Ltd.		982,000		161,379
China Lesso Group Holdings Ltd.		228,000		155,782
China Life Insurance Co. Ltd., Class A		89,100		458,217
China Life Insurance Co. Ltd., Class H		1,291,000		2,266,493
China Literature Ltd.^(a)(c)		71,800		327,110
China Longyuan Power Group Corp. Ltd., Class H		637,000		616,716
China Medical System Holdings Ltd.		286,000		481,611
China Meidong Auto Holdings Ltd.		116,000		127,255
China Mengniu Dairy Co. Ltd.		563,000		2,138,380
China Merchants Bank Co. Ltd., Class A		297,900		1,486,648
China Merchants Bank Co. Ltd., Class H		688,593		3,424,187


Security	Shares		Value

China (continued)
China Merchants Port Holdings Co. Ltd.		240,000	$	330,180
China Merchants Securities Co. Ltd., Class A		275,860		578,370
China Merchants Shekou Industrial Zone Holdings Co. Ltd., Class A		196,177		391,779
China Minsheng Banking Corp. Ltd., Class A		980,195		551,355
China Minsheng Banking Corp. Ltd., Class H		697,740		265,954
China National Building Material Co. Ltd., Class H		712,000		450,022
China Northern Rare Earth Group High-Tech Co. Ltd., Class A		96,000		332,155
China Oilfield Services Ltd., Class H		356,000		420,272
China Overseas Land & Investment Ltd.		691,500		1,640,355
China Overseas Property Holdings Ltd.		240,000		281,968
China Pacific Insurance Group Co. Ltd., Class A		184,797		775,586
China Pacific Insurance Group Co. Ltd., Class H		412,800		1,112,876
China Petroleum & Chemical Corp., Class A		592,998		515,201
China Petroleum & Chemical Corp., Class H		4,455,000		2,494,961
China Power International Development Ltd.		1,007,000		378,434
China Railway Group Ltd., Class A		443,696		499,748
China Railway Group Ltd., Class H		562,000		369,493
China Resources Beer Holdings Co. Ltd.		292,000		1,881,318
China Resources Cement Holdings Ltd.		380,000		165,567
China Resources Gas Group Ltd.		174,300		603,816
China Resources Land Ltd.		584,000		2,725,076
China Resources Mixc Lifestyle Services Ltd.^(c)		123,800		599,157
China Resources Pharmaceutical Group Ltd.^(c)		341,500		265,796
China Resources Power Holdings Co. Ltd.		356,000		772,321
China Ruyi Holdings Ltd.^(a)(b)		1,360,000		414,048
China Shenhua Energy Co. Ltd., Class A		142,100		565,204
China Shenhua Energy Co. Ltd., Class H		568,000		1,702,518
China Southern Airlines Co. Ltd., Class H^(a)(b)		472,000		295,839
China State Construction Engineering Corp. Ltd., Class A		957,998		820,511
China State Construction International Holdings Ltd.		356,000		436,480
China Taiping Insurance Holdings Co. Ltd.		309,400		345,119
China Three Gorges Renewables Group Co. Ltd., Class A		698,400		527,109
China Tourism Group Duty Free Corp. Ltd.^(c)		8,900		142,971
China Tourism Group Duty Free Corp. Ltd., Class A		29,898		528,427
China Tower Corp. Ltd., Class H^(c)		8,620,000		974,392
China Traditional Chinese Medicine Holdings Co. Ltd.		534,000		246,875
China Vanke Co. Ltd., Class A		216,300		462,285
China Vanke Co. Ltd., Class H		269,400		381,834
China Yangtze Power Co. Ltd., Class A		326,049		980,006
Chinasoft International Ltd.		518,000		324,471
Chongqing Zhifei Biological Products Co. Ltd., Class A		51,900		339,393
CITIC Ltd.		1,059,000		1,195,425
CITIC Securities Co. Ltd., Class A		317,100		1,071,638
CITIC Securities Co. Ltd., Class H		313,325		674,881
CMOC Group Ltd., Class H^(b)		951,000		636,399
Contemporary Amperex Technology Co. Ltd., Class A		53,460		1,782,195
COSCO SHIPPING Holdings Co. Ltd., Class A		289,430		410,387
COSCO SHIPPING Holdings Co. Ltd., Class H		534,749		565,985
COSCO SHIPPING Ports Ltd.		314,000		198,390
Country Garden Holdings Co. Ltd.^(a)(b)		2,240,828		460,358
Country Garden Services Holdings Co. Ltd.		386,000		441,950
CRRC Corp. Ltd., Class A		661,400		621,512
CRRC Corp. Ltd., Class H		794,000		438,215


Security	Shares		Value

China (continued)
CSC Financial Co. Ltd., Class A		129,300	$	482,114
CSPC Pharmaceutical Group Ltd.		1,804,960		1,507,638
Dali Foods Group Co. Ltd.^(c)		296,500		138,425
Daqo New Energy Corp., ADR^(a)(b)		12,133		474,036
Dongfeng Motor Group Co. Ltd., Class H		448,000		209,677
Dongyue Group Ltd.		271,000		267,359
East Money Information Co. Ltd., Class A		281,342		634,786
ENN Energy Holdings Ltd.		147,500		1,792,832
Eve Energy Co. Ltd., Class A		36,900		306,399
Far East Horizon Ltd.		274,000		206,091
Flat Glass Group Co. Ltd., Class H		130,000		389,125
Focus Media Information Technology Co. Ltd., Class A		512,350		534,798
Foshan Haitian Flavouring & Food Co. Ltd., Class A		79,296		514,947
Fosun International Ltd.		477,500		348,064
Foxconn Industrial Internet Co. Ltd., Class A		190,500		596,550
Fuyao Glass Industry Group Co. Ltd., Class H^(c)		146,400		652,390
Ganfeng Lithium Co. Ltd., Class H^(b)(c)		65,760		423,653
Ganfeng Lithium Group Co. Ltd., Class A		36,400		305,299
GCL-Poly Energy Holdings Ltd.		4,039,000		879,952
GDS Holdings Ltd., Class A^(a)		219,444		361,317
Geely Automobile Holdings Ltd.		1,110,000		1,619,749
Genscript Biotech Corp.^(a)		220,000		566,625
GF Securities Co. Ltd., Class H		304,400		487,049
GoerTek Inc., Class A		113,000		283,303
Great Wall Motor Co. Ltd., Class H^(b)		501,500		686,205
Greentown China Holdings Ltd.		149,000		171,286
Greentown Service Group Co. Ltd.^(b)		260,000		136,515
Guangdong Investment Ltd.		612,000		529,819
Guangzhou Automobile Group Co. Ltd., Class H		686,028		431,829
Guotai Junan Securities Co. Ltd., Class A		283,200		618,272
H World Group Ltd., ADR^(a)		36,803		1,768,016
Haidilao International Holding Ltd.^(c)		295,000		833,217
Haier Smart Home Co. Ltd., Class A		184,900		640,330
Haier Smart Home Co. Ltd., Class H		348,800		1,147,025
Haitian International Holdings Ltd.		123,000		308,077
Haitong Securities Co. Ltd., Class A		600,992		871,713
Haitong Securities Co. Ltd., Class H		243,200		170,150
Hangzhou Tigermed Consulting Co. Ltd., Class A		30,900		297,780
Hangzhou Tigermed Consulting Co. Ltd., Class H^(b)(c)		5,300		34,456
Hansoh Pharmaceutical Group Co. Ltd.^(c)		234,000		379,978
Henan Shuanghui Investment & Development Co. Ltd., Class A		111,000		392,388
Hengan International Group Co. Ltd.		111,500		458,633
Hengli Petrochemical Co. Ltd., Class A^(a)		177,900		387,810
Hua Hong Semiconductor Ltd.^(a)(c)		110,000		374,557
Huaneng Power International Inc., Class H^(a)		968,000		537,730
Huatai Securities Co. Ltd., Class A		324,500		771,458
Huatai Securities Co. Ltd., Class H^(c)		99,000		141,261
Huaxia Bank Co. Ltd., Class A		797,100		647,201
Hygeia Healthcare Holdings Co. Ltd.^(b)(c)		76,400		496,679
Iflytek Co. Ltd., Class A		44,700		393,488
Industrial & Commercial Bank of China Ltd., Class A		1,206,010		805,308
Industrial & Commercial Bank of China Ltd., Class H		9,997,285		4,881,949
Industrial Bank Co. Ltd., Class A		347,542		811,262
Inner Mongolia Yili Industrial Group Co. Ltd., Class A		124,799		501,243


Security	Shares		Value

China (continued)
Inner Mongolia Yitai Coal Co. Ltd., Class B^(a)		257,400	$	378,832
Innovent Biologics Inc.^(a)(c)		211,500		945,709
iQIYI Inc., ADR^(a)(b)		76,219		483,228
JA Solar Technology Co. Ltd., Class A		59,924		279,099
JD Health International Inc.^(a)(c)		207,500		1,516,886
JD Logistics Inc.^(a)(c)		367,600		625,623
JD.com Inc., Class A		431,808		8,939,970
Jiangsu Expressway Co. Ltd., Class H		218,000		199,912
Jiangsu Hengli Hydraulic Co. Ltd., Class A		38,600		387,689
Jiangsu Hengrui Medicine Co. Ltd., Class A		110,756		691,918
Jiangsu Yanghe Brewery Joint-Stock Co. Ltd., Class A		26,300		540,060
Jiangxi Copper Co. Ltd., Class H		226,000		379,670
Jiumaojiu International Holdings Ltd.^(b)(c)		195,000		384,841
JOYY Inc., ADR		9,531		331,298
Kanzhun Ltd., ADR^(a)		32,826		613,190
KE Holdings Inc., ADR^(a)		122,267		2,129,891
Kingboard Holdings Ltd.		126,000		350,614
Kingboard Laminates Holdings Ltd.		218,000		223,673
Kingdee International Software Group Co. Ltd.^(a)		532,000		933,161
Kingsoft Corp. Ltd.		179,000		770,445
Koolearn Technology Holding Ltd.^(a)(b)(c)		72,500		354,527
Kuaishou Technology^(a)(c)		427,300		3,750,260
Kunlun Energy Co. Ltd.		702,000		574,442
Kweichow Moutai Co. Ltd., Class A		14,900		3,932,471
Legend Biotech Corp., ADR^(a)(b)		10,923		824,905
Lenovo Group Ltd.		1,332,000		1,533,383
Lens Technology Co. Ltd., Class A		158,925		275,167
Li Auto Inc.^(a)		212,906		4,570,457
Li Ning Co. Ltd.		440,000		2,682,428
Longfor Group Holdings Ltd.^(c)		332,500		899,555
LONGi Green Energy Technology Co. Ltd., Class A		131,496		550,962
Lufax Holding Ltd., ADR		145,918		259,734
Luxshare Precision Industry Co. Ltd., Class A		116,788		529,084
Luzhou Laojiao Co. Ltd., Class A		25,100		848,433
Mango Excellent Media Co. Ltd., Class A		63,900		307,602
Meituan, Class B^(a)(c)		928,160		17,718,682
Microport Scientific Corp.^(a)(b)		177,700		358,623
MINISO Group Holding Ltd.		18,093		380,134
Minth Group Ltd.		152,000		486,558
Muyuan Foods Co. Ltd., Class A		95,258		592,456
NARI Technology Co. Ltd., Class A		201,844		687,370
NAURA Technology Group Co. Ltd., Class A		10,200		405,704
NetEase Inc.		362,885		7,903,752
New China Life Insurance Co. Ltd., Class A		68,100		434,063
New China Life Insurance Co. Ltd., Class H		120,100		348,294
New Hope Liuhe Co. Ltd., Class A^(a)		200,707		351,322
New Oriental Education & Technology Group Inc.^(a)		277,110		1,578,563
Nine Dragons Paper Holdings Ltd.^(b)		299,000		197,040
Ningbo Deye Technology Co. Ltd., NVS		14,313		251,128
NIO Inc., ADR^(a)(b)		264,667		4,049,405
Nongfu Spring Co. Ltd., Class H^(c)		322,800		1,882,064
Orient Overseas International Ltd.^(b)		24,000		401,045
People’s Insurance Co. Group of China Ltd. (The), Class H		1,669,000		642,546
PetroChina Co. Ltd., Class A		207,100		229,993
PetroChina Co. Ltd., Class H		4,046,000		2,966,675
Pharmaron Beijing Co. Ltd., Class H^(c)		83,250		218,012
PICC Property & Casualty Co. Ltd., Class H		1,266,285		1,485,255
Pinduoduo Inc., ADR^(a)(b)		92,906		8,344,817


Security	Shares		Value

China (continued)
Ping An Bank Co. Ltd., Class A		359,700	$	621,182
Ping An Healthcare and Technology Co. Ltd.^(a)(c)		102,300		271,186
Ping An Insurance Group Co. of China Ltd., Class A		186,606		1,378,664
Ping An Insurance Group Co. of China Ltd., Class H		1,104,500		8,048,201
Poly Developments and Holdings Group Co. Ltd., Class A		260,900		520,547
Pop Mart International Group Ltd.^(b)(c)		87,200		247,794
Postal Savings Bank of China Co. Ltd., Class A		624,100		453,914
Postal Savings Bank of China Co. Ltd., Class H^(c)		1,254,000		773,088
Qifu Technology Inc.		21,197		423,092
Rongsheng Petrochemical Co. Ltd., Class A		199,650		355,429
SAIC Motor Corp. Ltd., Class A		232,000		503,592
Sany Heavy Equipment International Holdings Co. Ltd.		296,000		468,497
Sany Heavy Industry Co. Ltd., Class A		168,527		419,226
SF Holding Co. Ltd., Class A		78,700		548,586
Shaanxi Coal Industry Co. Ltd., Class A		234,600		533,822
Shandong Gold Mining Co. Ltd., Class A		185,700		634,598
Shandong Weigao Group Medical Polymer Co. Ltd., Class H		450,000		581,154
Shanghai Baosight Software Co. Ltd., Class B		184,034		475,179
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class H		122,500		323,278
Shanghai Fudan Microelectronics Group Co. Ltd., Class H^(b)		84,000		223,936
Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd., Class B		229,212		153,996
Shanghai Pharmaceuticals Holding Co. Ltd., Class H		214,700		389,689
Shanghai Pudong Development Bank Co. Ltd., Class A		571,000		608,055
Shanxi Xinghuacun Fen Wine Factory Co. Ltd., Class A		17,880		598,612
Shenwan Hongyuan Group Co. Ltd., Class A		861,406		607,912
Shenzhen Inovance Technology Co. Ltd., Class A		63,800		634,637
Shenzhen International Holdings Ltd.		226,500		212,518
Shenzhen Kangtai Biological Products Co. Ltd., Class A^(a)		60,280		247,313
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A		17,600		730,335
Shenzhou International Group Holdings Ltd.		150,700		1,599,652
Shimao Group Holdings Ltd.		133,383		25,996
Sino Biopharmaceutical Ltd.		1,994,000		904,354
Sinomine Resource Group Co. Ltd., Class A		31,120		197,241
Sinopharm Group Co. Ltd., Class H		258,000		812,491
Smoore International Holdings Ltd.^(b)(c)		373,000		419,947
Sungrow Power Supply Co. Ltd., Class A		25,800		403,150
Sunny Optical Technology Group Co. Ltd.		131,900		1,293,157
Suzhou Maxwell Technologies Co. Ltd., Class A		7,200		185,598
TAL Education Group, ADR^(a)(b)		81,191		664,142
TCL Zhonghuan Renewable Energy Technology Co. Ltd., Class A		93,000		378,909
Tencent Holdings Ltd.		1,142,100		52,492,196
Tencent Music Entertainment Group, ADR^(a)		127,633		892,155
Tingyi Cayman Islands Holding Corp.		358,000		552,855
Tongcheng Travel Holdings Ltd.^(a)		255,600		620,242
Tongwei Co. Ltd., Class A		86,900		423,874
Topsports International Holdings Ltd.^(c)		318,000		293,950
TravelSky Technology Ltd., Class H		142,000		272,698
Trina Solar Co. Ltd.		39,617		209,077


Security	Shares		Value

China (continued)
Trip.com Group Ltd.^(a)		100,210	$	4,092,857
Tsingtao Brewery Co. Ltd., Class H		112,000		1,007,141
Uni-President China Holdings Ltd.		226,000		195,397
Vinda International Holdings Ltd.		73,000		147,499
Vipshop Holdings Ltd., ADR^(a)(b)		68,981		1,298,912
Wanhua Chemical Group Co. Ltd., Class A		56,331		772,150
Want Want China Holdings Ltd.		967,000		674,360
Weibo Corp., ADR		11,514		181,346
Weichai Power Co. Ltd., Class H		434,000		642,948
Wens Foodstuffs Group Co. Ltd., Class A		203,160		540,684
Will Semiconductor Co. Ltd. Shanghai, Class A		25,785		370,881
Wingtech Technology Co. Ltd., Class A		35,500		231,242
Wuliangye Yibin Co. Ltd., Class A		53,900		1,369,012
WuXi AppTec Co. Ltd., Class A		48,114		484,147
WuXi AppTec Co. Ltd., Class H^(c)		58,236		553,965
Wuxi Biologics Cayman Inc.^(a)(c)		701,000		4,045,328
Xiaomi Corp., Class B^(a)(c)		2,793,000		4,443,331
Xinyi Solar Holdings Ltd.		902,000		979,433
XPeng Inc.^(a)		188,732		2,013,191
Xtep International Holdings Ltd.		277,000		308,702
Yadea Group Holdings Ltd.^(b)(c)		264,000		600,774
Yankuang Energy Group Co. Ltd., Class H		483,000		727,209
Yihai International Holding Ltd.		98,000		225,767
Yonyou Network Technology Co. Ltd., Class A		110,300		291,611
Yuexiu Property Co. Ltd.		253,200		334,143
Yum China Holdings Inc.		78,134		4,767,737
Yunnan Baiyao Group Co. Ltd., Class A		59,598		449,189
Yunnan Energy New Material Co. Ltd., Class A^(a)		25,100		339,555
Zai Lab Ltd.^(a)		171,690		525,027
Zhangzhou Pientzehuang Pharmaceutical Co. Ltd., Class A		10,400		422,603
Zhaojin Mining Industry Co. Ltd., Class H		278,000		401,041
Zhejiang Expressway Co. Ltd., Class H		168,000		134,937
Zhejiang Huayou Cobalt Co. Ltd., Class A		48,400		341,812
ZhongAn Online P&C Insurance Co. Ltd., Class H^(a)(b)(c)		124,700		408,663
Zhongsheng Group Holdings Ltd.		118,000		414,588
Zhuzhou CRRC Times Electric Co. Ltd.		119,200		475,201
Zijin Mining Group Co. Ltd., Class A		472,300		862,547
Zijin Mining Group Co. Ltd., Class H		846,000		1,461,147
ZTE Corp., Class A		43,200		236,965
ZTE Corp., Class H		130,800		478,705
ZTO Express Cayman Inc., ADR		79,410		2,207,598


				401,230,490

Colombia — 0.0%
Bancolombia SA		35,968		306,201
Interconexion Electrica SA ESP		75,843		332,115


				638,316

Czech Republic — 0.0%
CEZ AS		28,188		1,247,415
Komercni Banka AS		14,515		475,370
Moneta Money Bank AS^(c)		63,542		250,048


				1,972,833

Denmark — 1.9%
AP Moller - Maersk A/S, Class A		669		1,345,108
AP Moller - Maersk A/S, Class B, NVS		845		1,735,804
Carlsberg AS, Class B		18,013		2,701,628
Chr Hansen Holding A/S		20,263		1,531,146
Coloplast A/S, Class B		21,904		2,722,807


Security	Shares		Value

Denmark (continued)
Danske Bank A/S		125,835	$	2,987,960
Demant A/S^(a)		19,143		761,791
DSV A/S		34,488		6,902,428
Genmab A/S^(a)		12,124		4,997,508
Novo Nordisk A/S, Class B		303,429		48,928,591
Novozymes A/S, Class B		39,058		1,958,887
Orsted AS^(c)		35,183		3,061,606
Pandora A/S		17,070		1,707,545
Rockwool A/S, Class B		1,804		485,202
Tryg A/S		65,922		1,301,551
Vestas Wind Systems A/S^(a)		187,616		5,018,064


				88,147,626

Egypt — 0.0%
Commercial International Bank Egypt SAE		462,852		596,669
Eastern Co. SAE		195,734		93,399


				690,068

Finland — 0.5%
Elisa OYJ		25,256		1,317,490
Fortum OYJ		81,871		1,108,308
Kesko OYJ, Class B		53,922		1,078,909
Kone OYJ, Class B		61,583		3,158,764
Metso OYJ		121,969		1,386,064
Neste OYJ		79,333		2,920,650
Nokia OYJ		1,011,872		3,977,607
Orion OYJ, Class B		20,608		791,988
Sampo OYJ, Class A		85,553		3,770,032
Stora Enso OYJ, Class R		98,608		1,208,861
UPM-Kymmene OYJ		95,808		3,171,980
Wartsila OYJ Abp		91,373		1,147,905


				25,038,558

France — 7.7%
Accor SA		33,348		1,258,288
Aeroports de Paris		5,706		787,953
Air Liquide SA		96,464		17,343,648
Airbus SE		109,043		16,062,035
Alstom SA		57,852		1,771,443
Amundi SA^(c)		11,510		706,316
ArcelorMittal SA		87,307		2,525,074
Arkema SA		11,227		1,210,708
AXA SA		336,943		10,357,240
BioMerieux		8,607		923,956
BNP Paribas SA		203,317		13,408,308
Bollore SE		158,093		999,578
Bouygues SA		37,538		1,344,669
Bureau Veritas SA		55,791		1,532,232
Capgemini SE		30,690		5,561,598
Carrefour SA		106,959		2,138,231
Cie. de Saint-Gobain		90,354		6,110,763
Cie. Generale des Etablissements Michelin SCA		127,689		4,181,438
Covivio		9,628		464,855
Credit Agricole SA		225,678		2,801,877
Danone SA		116,609		7,120,931
Dassault Aviation SA		4,542		882,335
Dassault Systemes SE		122,582		5,238,988
Edenred		45,812		2,975,506
Eiffage SA		12,648		1,315,867
Engie SA		336,408		5,518,882
EssilorLuxottica SA		53,400		10,742,755
Eurazeo SE		7,578		462,711


Security	Shares		Value

France (continued)
Eurofins Scientific SE		24,976	$	1,717,764
Euronext NV^(c)		15,645		1,190,798
Gecina SA		8,341		901,766
Getlink SE		66,296		1,165,309
Hermes International		5,822		12,885,627
Ipsen SA		7,390		931,338
Kering SA		13,764		7,902,811
Klepierre SA		41,764		1,108,570
La Francaise des Jeux SAEM^(c)		17,723		676,617
Legrand SA		48,930		4,905,463
L’Oreal SA		43,980		20,455,512
LVMH Moet Hennessy Louis Vuitton SE		50,157		46,584,193
Orange SA		336,531		3,804,091
Pernod Ricard SA		37,910		8,358,077
Publicis Groupe SA		42,952		3,463,021
Remy Cointreau SA		4,306		739,161
Renault SA		35,096		1,541,474
Safran SA		62,688		10,407,030
Sanofi		207,373		22,123,489
Sartorius Stedim Biotech		5,271		1,649,145
Schneider Electric SE		99,419		17,733,569
SEB SA		4,730		529,504
Societe Generale SA		134,889		3,668,540
Sodexo SA		16,202		1,661,959
Teleperformance		11,302		1,639,229
Thales SA		19,780		2,958,886
TotalEnergies SE		432,199		26,258,902
Unibail-Rodamco-Westfield, New^(a)		21,708		1,230,037
Valeo		37,431		846,097
Veolia Environnement SA		123,576		4,023,504
Vinci SA		96,373		11,318,757
Vivendi SE		122,768		1,096,115
Wendel SE		5,690		561,685
Worldline SA/France^(a)(c)		44,237		1,753,528


				353,539,753

Germany — 5.1%
adidas AG		29,447		5,944,909
Allianz SE, Registered		73,569		17,582,943
BASF SE		162,785		8,727,066
Bayer AG, Registered		181,219		10,598,308
Bayerische Motoren Werke AG		61,002		7,439,192
Bechtle AG		15,482		681,419
Beiersdorf AG		18,048		2,337,312
Brenntag SE		28,734		2,229,316
Carl Zeiss Meditec AG, Bearer		7,816		905,723
Commerzbank AG		196,889		2,355,083
Continental AG		20,604		1,645,016
Covestro AG^(a)(c)		36,433		1,957,140
Daimler Truck Holding AG		88,959		3,338,657
Delivery Hero SE^(a)(c)		31,255		1,418,655
Deutsche Bank AG, Registered		353,928		3,923,340
Deutsche Boerse AG		34,436		6,597,990
Deutsche Lufthansa AG, Registered^(a)		112,767		1,137,397
Deutsche Post AG, Registered		184,119		9,467,990
Deutsche Telekom AG, Registered		594,215		12,954,620
E.ON SE		417,560		5,282,268
Evonik Industries AG		37,226		771,062
Fresenius Medical Care AG & Co. KGaA		37,433		1,944,064
Fresenius SE & Co. KGaA		80,215		2,517,318
GEA Group AG		28,262		1,199,491


Security	Shares		Value

Germany (continued)
Hannover Rueck SE		11,051	$	2,357,997
HeidelbergCement AG		25,970		2,104,813
HelloFresh SE^(a)		32,189		917,872
Henkel AG & Co. KGaA		20,313		1,419,518
Infineon Technologies AG		241,485		10,609,756
Knorr-Bremse AG		12,877		905,741
LEG Immobilien SE^(a)		14,960		1,057,710
Mercedes-Benz Group AG		157,348		12,566,270
Merck KGaA		24,087		4,232,687
MTU Aero Engines AG		9,999		2,334,881
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Registered		25,516		9,605,393
Nemetschek SE		11,257		819,161
Puma SE		19,836		1,340,542
Rational AG		950		711,130
Rheinmetall AG		8,037		2,276,448
RWE AG		117,832		5,071,329
SAP SE		190,954		26,048,332
Scout24 SE^(c)		15,655		1,034,884
Siemens AG, Registered		139,660		23,803,950
Siemens Healthineers AG^(c)		52,190		3,032,412
Symrise AG, Class A		25,799		2,818,070
Talanx AG^(a)		11,745		719,262
Telefonica Deutschland Holding AG		180,310		485,824
Volkswagen AG		6,376		1,018,985
Vonovia SE		130,424		3,038,876
Wacker Chemie AG		3,571		554,890
Zalando SE^(a)(c)		41,067		1,417,826


				235,260,838

Greece — 0.1%
Alpha Services and Holdings SA^(a)		416,946		750,882
Eurobank Ergasias Services and Holdings SA, Class A^(a)		492,869		860,988
Hellenic Telecommunications Organization SA		34,927		551,217
JUMBO SA		23,107		689,523
Mytilineos SA		20,645		859,158
National Bank of Greece SA^(a)		106,964		736,630
OPAP SA		39,345		691,982
Public Power Corp. SA^(a)		45,305		536,047
Terna Energy SA		13,981		268,373


				5,944,800

Hong Kong — 1.6%
AIA Group Ltd.		2,209,200		22,102,462
BOC Hong Kong Holdings Ltd.		692,000		2,112,013
Budweiser Brewing Co. APAC Ltd.^(c)		300,800		733,686
China Renewable Energy Investment Ltd.^(d)		7,401		—
Chow Tai Fook Jewellery Group Ltd.		407,200		710,933
CK Asset Holdings Ltd.		349,560		2,024,327
CK Hutchison Holdings Ltd.		475,560		2,932,934
CK Infrastructure Holdings Ltd.		130,500		691,564
CLP Holdings Ltd.		301,000		2,453,490
ESR Group Ltd.^(c)		389,000		682,129
Futu Holdings Ltd., ADR^(a)(b)		10,725		645,645
Galaxy Entertainment Group Ltd.^(a)		400,000		2,919,811
Hang Lung Properties Ltd.		361,000		563,358
Hang Seng Bank Ltd.		143,600		2,195,006
Henderson Land Development Co. Ltd.		234,617		725,241
HKT Trust & HKT Ltd., Class SS		658,000		777,229
Hong Kong & China Gas Co. Ltd.		2,081,748		1,785,843


Security	Shares		Value

Hong Kong (continued)
Hong Kong Exchanges & Clearing Ltd.		224,400	$	9,461,153
Hongkong Land Holdings Ltd.		198,400		707,041
Jardine Matheson Holdings Ltd.		30,800		1,521,378
Link REIT		472,720		2,657,233
MTR Corp. Ltd.^(b)		264,500		1,218,895
New World Development Co. Ltd.^(b)		255,750		632,462
Power Assets Holdings Ltd.		254,000		1,331,270
Sands China Ltd.^(a)		452,000		1,741,335
Sino Land Co. Ltd.		594,000		729,149
SITC International Holdings Co. Ltd.		282,000		617,906
Sun Hung Kai Properties Ltd.		254,000		3,189,381
Swire Pacific Ltd., Class A		94,500		789,948
Swire Properties Ltd.		208,800		523,947
Techtronic Industries Co. Ltd.		254,000		2,885,579
WH Group Ltd.^(c)		1,516,000		827,418
Wharf Real Estate Investment Co. Ltd.		299,000		1,604,574
Xinyi Glass Holdings Ltd.		374,000		622,372


				75,116,712

Hungary — 0.1%
MOL Hungarian Oil & Gas PLC		86,632		683,933
OTP Bank Nyrt		42,376		1,541,051
Richter Gedeon Nyrt		23,947		604,077


				2,829,061

India — 4.0%
ABB India Ltd.		9,343		517,833
ACC Ltd.		11,868		291,473
Adani Enterprises Ltd.		30,867		936,369
Adani Green Energy Ltd.^(a)		50,535		671,742
Adani Ports & Special Economic Zone Ltd.		91,250		863,359
Adani Power Ltd.^(a)		131,436		437,215
Ambuja Cements Ltd.		118,004		665,032
Apollo Hospitals Enterprise Ltd.		19,852		1,249,707
Asian Paints Ltd.		73,239		3,008,511
AU Small Finance Bank Ltd.^(c)		28,960		257,511
Aurobindo Pharma Ltd.		57,273		573,104
Avenue Supermarts Ltd.^(a)(c)		30,332		1,385,858
Axis Bank Ltd.		409,687		4,756,258
Bajaj Auto Ltd.		13,294		797,996
Bajaj Finance Ltd.		50,591		4,497,532
Bajaj Finserv Ltd.		75,210		1,463,665
Bajaj Holdings & Investment Ltd.		4,418		405,523
Balkrishna Industries Ltd.		15,341		474,525
Bandhan Bank Ltd.^(a)(c)		125,976		342,487
Berger Paints India Ltd.		16,973		140,964
Bharat Electronics Ltd.		620,619		987,492
Bharat Forge Ltd.		46,071		522,170
Bharat Petroleum Corp. Ltd.		161,178		740,226
Bharti Airtel Ltd.		420,867		4,557,978
Britannia Industries Ltd.		20,392		1,188,668
CG Power and Industrial Solutions Ltd.		101,475		496,551
Cholamandalam Investment and Finance Co. Ltd.		76,553		1,054,796
Cipla Ltd.		91,199		1,304,351
Coal India Ltd.		278,900		778,421
Colgate-Palmolive India Ltd.		25,395		624,011
Container Corp. of India Ltd.		22,419		189,559
Dabur India Ltd.		114,739		803,822
Divi’s Laboratories Ltd.		23,113		1,036,621
DLF Ltd.		87,191		550,500
Dr. Reddy’s Laboratories Ltd.		20,139		1,381,642


Security	Shares		Value

India (continued)
Eicher Motors Ltd.		26,548	$	1,087,381
GAIL India Ltd.		498,460		722,318
Godrej Consumer Products Ltd.^(a)		79,788		1,005,865
Godrej Properties Ltd.^(a)		19,704		417,404
Grasim Industries Ltd.		56,543		1,273,299
Havells India Ltd.		45,473		738,345
HCL Technologies Ltd.		172,100		2,339,179
HDFC Bank Ltd.		508,845		10,215,616
HDFC Life Insurance Co. Ltd.^(c)		172,990		1,361,129
Hero MotoCorp Ltd.		22,880		892,040
Hindalco Industries Ltd.		239,194		1,348,427
Hindustan Aeronautics Ltd.		14,470		698,132
Hindustan Petroleum Corp. Ltd.		116,806		401,017
Hindustan Unilever Ltd.		151,962		4,733,708
ICICI Bank Ltd.		967,790		11,794,910
ICICI Lombard General Insurance Co. Ltd.^(c)		39,985		673,851
ICICI Prudential Life Insurance Co. Ltd.^(c)		84,359		595,058
Indian Hotels Co. Ltd. (The), Class A		136,485		656,495
Indian Oil Corp. Ltd.		479,262		546,636
Indian Railway Catering & Tourism Corp. Ltd.		45,292		353,158
Indraprastha Gas Ltd.		74,634		420,693
Info Edge India Ltd.		15,208		849,930
Infosys Ltd.		604,820		10,010,445
InterGlobe Aviation Ltd.^(a)(c)		26,426		833,779
ITC Ltd.		528,923		2,997,090
Jindal Steel & Power Ltd.		53,062		432,509
Jio Financial Services Ltd., NVS		557,165		1,543,489
JSW Steel Ltd.		124,617		1,239,808
Jubilant Foodworks Ltd.		81,101		472,510
Kotak Mahindra Bank Ltd.		194,617		4,398,170
Larsen & Toubro Infotech Ltd.^(c)		16,831		1,002,946
Larsen & Toubro Ltd.		124,563		4,064,332
Lupin Ltd.		44,991		539,442
Mahindra & Mahindra Ltd.		171,070		3,071,477
Marico Ltd.		113,370		773,470
Maruti Suzuki India Ltd.		24,389		2,914,558
Max Healthcare Institute Ltd.^(a)		125,532		908,585
Mphasis Ltd.		13,719		383,357
MRF Ltd.		431		539,953
Muthoot Finance Ltd.		11,835		194,480
Nestle India Ltd.		6,320		1,733,143
NTPC Ltd.		795,501		2,114,616
Oil & Natural Gas Corp. Ltd.		520,003		1,121,444
Page Industries Ltd.		1,240		570,313
Petronet LNG Ltd.		179,230		509,574
PI Industries Ltd.		17,032		749,278
Pidilite Industries Ltd.		33,842		1,076,791
Power Grid Corp. of India Ltd.		577,212		1,868,863
Reliance Industries Ltd.		557,165		17,296,051
Samvardhana Motherson International Ltd.		400,371		479,190
SBI Cards & Payment Services Ltd.		43,293		450,682
SBI Life Insurance Co. Ltd.^(c)		86,284		1,346,902
Shree Cement Ltd.		1,824		535,006
Shriram Transport Finance Co. Ltd.		51,612		1,189,864
Siemens Ltd.		13,285		643,785
Sona Blw Precision Forgings Ltd.^(c)		75,194		521,705
SRF Ltd.		26,147		691,211
State Bank of India		342,857		2,589,872
Sun Pharmaceutical Industries Ltd.		169,379		2,356,022
Tata Consultancy Services Ltd.		163,711		6,820,030


Security	Shares		Value

India (continued)
Tata Consumer Products Ltd.		124,327	$	1,299,644
Tata Elxsi Ltd.		6,562		572,118
Tata Motors Ltd.		311,733		2,445,994
Tata Power Co. Ltd. (The)		270,700		779,696
Tata Steel Ltd.		1,371,528		2,057,678
Tech Mahindra Ltd.		98,439		1,337,119
Titan Co. Ltd.		68,199		2,492,280
Torrent Pharmaceuticals Ltd.		15,076		367,567
Trent Ltd.		32,576		696,800
Tube Investments of India Ltd.		22,032		826,075
TVS Motor Co. Ltd.		42,313		709,248
UltraTech Cement Ltd.		19,445		1,968,062
United Spirits Ltd.^(a)		64,500		797,152
UPL Ltd.		97,424		740,769
Varun Beverages Ltd.		89,714		877,911
Vedanta Ltd.		148,644		500,220
Wipro Ltd.		228,390		1,126,448
Yes Bank Ltd.^(a)		2,363,315		487,421
Zomato Ltd.^(a)		759,424		777,433


				184,922,440

Indonesia — 0.5%
Adaro Energy Indonesia Tbk PT		3,117,700		498,740
Aneka Tambang Tbk		1,664,400		219,385
Astra International Tbk PT		3,610,000		1,640,544
Bank Central Asia Tbk PT		10,153,900		6,149,520
Bank Mandiri Persero Tbk PT		7,031,168		2,672,866
Bank Negara Indonesia Persero Tbk PT		1,226,600		722,103
Bank Rakyat Indonesia Persero Tbk PT		12,614,816		4,723,037
Barito Pacific Tbk PT		6,076,232		312,229
Charoen Pokphand Indonesia Tbk PT^(a)		1,563,200		536,236
GoTo Gojek Tokopedia Tbk PT^(a)		155,129,500		1,164,508
Indah Kiat Pulp & Paper Tbk PT		564,200		342,492
Indofood CBP Sukses Makmur Tbk PT		324,000		240,756
Indofood Sukses Makmur Tbk PT		591,300		287,263
Kalbe Farma Tbk PT		4,883,400		620,250
Merdeka Copper Gold Tbk PT^(a)		2,820,707		657,256
Sarana Menara Nusantara Tbk PT		3,412,000		229,632
Semen Indonesia Persero Tbk PT		430,030		198,987
Sumber Alfaria Trijaya Tbk PT		3,181,600		569,691
Telkom Indonesia Persero Tbk PT		9,181,100		2,262,000
Unilever Indonesia Tbk PT		1,476,800		377,035
United Tractors Tbk PT		270,345		493,887
Vale Indonesia Tbk PT		528,600		241,220


				25,159,637

Ireland — 0.5%
AIB Group PLC		186,410		876,810
Bank of Ireland Group PLC		184,630		1,947,995
CRH PLC		146,047		8,700,156
Flutter Entertainment PLC, Class DI^(a)		31,953		6,355,440
Kerry Group PLC, Class A		28,721		2,853,456
Kingspan Group PLC		30,362		2,436,961
Smurfit Kappa Group PLC		41,997		1,661,864


				24,832,682

Israel — 0.4%
Azrieli Group Ltd.		9,037		514,250
Bank Hapoalim BM		235,169		2,088,968
Bank Leumi Le-Israel BM		283,770		2,265,228
Check Point Software Technologies Ltd.^(a)(b)		17,148		2,267,137
CyberArk Software Ltd.^(a)		7,779		1,291,392


Security	Shares		Value

Israel (continued)
Elbit Systems Ltd.		5,252	$	1,116,764
ICL Group Ltd.		135,171		900,035
Isracard Ltd.		1		2
Israel Discount Bank Ltd., Class A		233,894		1,238,878
Mizrahi Tefahot Bank Ltd.		29,493		1,064,842
Monday.com Ltd.^(a)		3,477		628,572
Nice Ltd.^(a)		11,898		2,589,843
Teva Pharmaceutical Industries Ltd., ADR^(a)(b)		205,111		1,722,932
Tower Semiconductor Ltd.^(a)		20,732		768,893
Wix.com Ltd.^(a)		10,411		981,965


				19,439,701

Italy — 1.6%
Amplifon SpA		23,465		793,870
Assicurazioni Generali SpA		179,736		3,828,470
DiaSorin SpA		4,697		526,966
Enel SpA		1,477,403		10,186,984
Eni SpA		421,019		6,427,641
Ferrari NV		23,462		7,521,604
FinecoBank Banca Fineco SpA		109,989		1,707,825
Infrastrutture Wireless Italiane SpA^(c)		74,671		936,434
Intesa Sanpaolo SpA		2,938,827		8,498,110
Mediobanca Banca di Credito Finanziario SpA		119,451		1,591,875
Moncler SpA		37,951		2,739,061
Nexi SpA^(a)(c)		104,064		901,195
Poste Italiane SpA^(c)		82,333		940,530
Prysmian SpA		47,807		1,906,311
Recordati Industria Chimica e Farmaceutica SpA		18,491		954,877
Snam SpA		385,794		2,028,028
Stellantis NV		412,156		8,456,568
Telecom Italia SpA/Milano^(a)(b)		1,798,785		518,538
Tenaris SA		90,444		1,502,955
Terna - Rete Elettrica Nazionale		263,904		2,229,726
UniCredit SpA		340,132		8,612,226


				72,809,794

Japan — 14.3%
Advantest Corp.		34,900		4,827,014
Aeon Co. Ltd.		118,100		2,557,885
AGC Inc.		35,600		1,286,357
Aisin Corp.		26,300		854,621
Ajinomoto Co. Inc.		85,100		3,315,912
ANA Holdings Inc.^(a)		27,900		668,876
Asahi Group Holdings Ltd.		87,600		3,443,491
Asahi Intecc Co. Ltd.		41,600		853,685
Asahi Kasei Corp.		230,000		1,567,392
Astellas Pharma Inc.		340,300		4,975,985
Azbil Corp.		23,500		741,549
Bandai Namco Holdings Inc.		112,200		2,538,475
BayCurrent Consulting Inc.		24,700		797,680
Bridgestone Corp.		106,400		4,415,110
Brother Industries Ltd.		45,100		703,015
Canon Inc.		184,900		4,778,811
Capcom Co. Ltd.		33,100		1,488,407
Central Japan Railway Co.^(b)		25,400		3,236,804
Chiba Bank Ltd. (The)		102,200		718,604
Chubu Electric Power Co. Inc.		114,200		1,430,674
Chugai Pharmaceutical Co. Ltd.		124,900		3,717,179
Concordia Financial Group Ltd.		212,600		972,437
CyberAgent Inc.		74,400		470,338
Dai Nippon Printing Co. Ltd.		40,800		1,159,780


Security	Shares		Value

Japan (continued)
Daifuku Co. Ltd.		51,900	$	1,109,993
Dai-ichi Life Holdings Inc.		172,700		3,528,557
Daiichi Sankyo Co. Ltd.		340,800		10,496,507
Daikin Industries Ltd.		47,500		9,604,439
Daito Trust Construction Co. Ltd.		10,600		1,140,226
Daiwa House Industry Co. Ltd.		108,500		2,948,912
Daiwa House REIT Investment Corp.		467		919,444
Daiwa Securities Group Inc.		256,100		1,388,294
Denso Corp.		80,100		5,577,162
Dentsu Group Inc.		37,600		1,258,148
Disco Corp.		17,200		3,233,184
East Japan Railway Co.		54,800		3,102,454
Eisai Co. Ltd.		46,100		2,908,614
ENEOS Holdings Inc.		532,000		1,930,170
FANUC Corp.		176,500		5,399,562
Fast Retailing Co. Ltd.		32,700		8,191,766
Fuji Electric Co. Ltd.		22,900		1,035,299
FUJIFILM Holdings Corp.		67,100		3,896,204
Fujitsu Ltd.		31,800		4,117,775
GLP J-Reit		944		929,995
GMO Payment Gateway Inc.		8,100		617,940
Hakuhodo DY Holdings Inc.		43,300		498,141
Hamamatsu Photonics KK		25,400		1,223,807
Hankyu Hanshin Holdings Inc.		41,200		1,368,783
Hikari Tsushin Inc.		3,900		578,710
Hirose Electric Co. Ltd.		6,700		848,606
Hitachi Construction Machinery Co. Ltd.		19,000		570,162
Hitachi Ltd.		171,800		11,246,798
Honda Motor Co. Ltd.		282,000		8,990,551
Hoshizaki Corp.		23,500		901,246
Hoya Corp.		65,700		7,651,377
Hulic Co. Ltd.		69,400		590,886
Ibiden Co. Ltd.		22,000		1,337,144
Idemitsu Kosan Co. Ltd.		39,972		844,082
Iida Group Holdings Co. Ltd.		25,700		450,842
Inpex Corp.		189,400		2,445,574
Isuzu Motors Ltd.		105,900		1,375,720
ITOCHU Corp.		217,200		8,784,719
Itochu Techno-Solutions Corp.		16,400		415,644
Japan Airlines Co. Ltd.		26,200		567,246
Japan Exchange Group Inc.		94,900		1,653,461
Japan Metropolitan Fund Invest		1,305		895,096
Japan Post Bank Co. Ltd.		266,900		2,220,486
Japan Post Holdings Co. Ltd.		398,500		2,910,080
Japan Post Insurance Co. Ltd.		34,400		555,910
Japan Real Estate Investment Corp.		222		892,906
Japan Tobacco Inc.		223,000		4,948,279
JFE Holdings Inc.		85,500		1,383,040
JSR Corp.		35,300		1,012,640
Kajima Corp.		72,600		1,147,258
Kansai Electric Power Co. Inc. (The)		135,300		1,777,474
Kao Corp.		83,400		3,168,499
Kawasaki Kisen Kaisha Ltd.		28,200		850,360
KDDI Corp.		273,000		8,034,854
Keio Corp.		21,700		721,321
Keisei Electric Railway Co. Ltd.		24,400		1,012,728
Keyence Corp.		35,700		16,020,088
Kikkoman Corp.		26,200		1,509,928
Kintetsu Group Holdings Co. Ltd.		30,200		1,013,107
Kirin Holdings Co. Ltd.		142,100		2,098,879


Security	Shares		Value

Japan (continued)
Kobayashi Pharmaceutical Co. Ltd.		8,800	$	483,748
Kobe Bussan Co. Ltd.		27,400		729,815
Koei Tecmo Holdings Co. Ltd.		21,700		371,312
Koito Manufacturing Co. Ltd.		39,000		717,109
Komatsu Ltd.		167,100		4,681,211
Konami Group Corp.		17,200		964,862
Kose Corp.		6,300		616,935
Kubota Corp.		187,200		2,827,837
Kurita Water Industries Ltd.		21,200		852,562
Kyocera Corp.		57,700		3,104,956
Kyowa Kirin Co. Ltd.		50,400		962,422
Lasertec Corp.		14,300		2,164,760
Lixil Corp.		50,900		650,493
M3 Inc.		82,900		1,916,965
Makita Corp.		42,300		1,187,828
Marubeni Corp.		285,400		5,053,005
MatsukiyoCocokara & Co.		21,300		1,246,510
Mazda Motor Corp.		105,000		1,041,651
McDonald’s Holdings Co. Japan Ltd.^(b)		15,000		590,447
MEIJI Holdings Co. Ltd.		41,180		951,418
MINEBEA MITSUMI Inc.		64,500		1,194,719
MISUMI Group Inc.		52,200		954,953
Mitsubishi Chemical Group Corp.		227,500		1,360,865
Mitsubishi Corp.		226,800		11,604,552
Mitsubishi Electric Corp.		350,300		5,055,225
Mitsubishi Estate Co. Ltd.		193,400		2,370,250
Mitsubishi HC Capital Inc.		128,100		847,428
Mitsubishi Heavy Industries Ltd.		58,700		2,784,964
Mitsubishi UFJ Financial Group Inc.		2,092,900		16,852,550
Mitsui & Co. Ltd.		240,900		9,402,346
Mitsui Chemicals Inc.		30,900		888,497
Mitsui Fudosan Co. Ltd.		164,900		3,387,860
Mitsui OSK Lines Ltd.		62,200		1,607,983
Mizuho Financial Group Inc.		440,860		7,479,350
MonotaRO Co. Ltd.		47,000		573,627
MS&AD Insurance Group Holdings Inc.		79,500		2,956,868
Murata Manufacturing Co. Ltd.		103,800		6,165,896
NEC Corp.		45,800		2,317,269
Nexon Co. Ltd.		71,200		1,358,454
NGK Insulators Ltd.		43,800		537,175
Nidec Corp.		77,100		4,604,793
Nintendo Co. Ltd.		187,900		8,499,607
Nippon Building Fund Inc.		263		1,102,446
Nippon Express Holdings Inc.		13,400		785,658
Nippon Paint Holdings Co. Ltd.		180,500		1,653,788
Nippon Prologis REIT Inc.		451		922,254
Nippon Sanso Holdings Corp.		35,400		856,019
Nippon Shinyaku Co. Ltd.		10,700		432,704
Nippon Steel Corp.		146,686		3,352,709
Nippon Telegraph & Telephone Corp.		5,352,500		6,137,808
Nippon Yusen KK		91,600		2,228,276
Nissan Chemical Corp.		24,600		1,105,417
Nissan Motor Co. Ltd.		422,700		1,862,055
Nisshin Seifun Group Inc.		38,625		478,989
Nissin Foods Holdings Co. Ltd.		13,000		1,096,102
Nitori Holdings Co. Ltd.		15,000		1,836,789
Nitto Denko Corp.		27,700		1,969,774
Nomura Holdings Inc.		533,400		2,206,661
Nomura Real Estate Holdings Inc.		23,200		575,430
Nomura Real Estate Master Fund Inc.		736		875,647


Security	Shares		Value

Japan (continued)
Nomura Research Institute Ltd.		73,100	$	2,077,130
NTT Data Group Corp.		116,100		1,615,089
Obayashi Corp.		116,900		1,080,838
Obic Co. Ltd.		12,800		2,094,594
Odakyu Electric Railway Co. Ltd.		59,500		869,320
Oji Holdings Corp.		142,400		562,238
Olympus Corp.		225,400		3,677,835
Omron Corp.		34,100		1,830,360
Ono Pharmaceutical Co. Ltd.		66,900		1,225,964
Open House Group Co. Ltd.		16,000		608,837
Oracle Corp. Japan		7,900		553,779
Oriental Land Co. Ltd./Japan		198,500		7,613,177
ORIX Corp.		219,400		4,220,492
Osaka Gas Co. Ltd.		73,800		1,161,231
Otsuka Corp.		19,200		799,552
Otsuka Holdings Co. Ltd.		71,800		2,639,892
Pan Pacific International Holdings Corp.		70,100		1,385,989
Panasonic Holdings Corp.		404,700		4,995,367
Persol Holdings Co. Ltd.		40,700		805,071
Rakuten Group Inc.		244,200		956,474
Recruit Holdings Co. Ltd.		267,300		9,258,109
Renesas Electronics Corp.^(a)		238,100		4,593,860
Resona Holdings Inc.		397,300		2,162,934
Ricoh Co. Ltd.		108,500		965,180
Rohm Co. Ltd.		15,300		1,433,736
SBI Holdings Inc.		48,500		1,024,189
SCSK Corp.		26,900		447,214
Secom Co. Ltd.		38,600		2,590,247
Seiko Epson Corp.		50,500		829,296
Sekisui Chemical Co. Ltd.		67,400		1,023,772
Sekisui House Ltd.		110,800		2,260,508
Seven & i Holdings Co. Ltd.		137,500		5,704,198
SG Holdings Co. Ltd.		58,100		847,883
Sharp Corp./Japan^(a)		34,000		202,169
Shimadzu Corp.		42,200		1,281,648
Shimano Inc.		14,100		2,125,253
Shimizu Corp.		98,000		675,174
Shin-Etsu Chemical Co. Ltd.		335,400		11,049,701
Shionogi & Co. Ltd.		50,200		2,103,783
Shiseido Co. Ltd.		74,200		3,253,230
Shizuoka Financial Group Inc., NVS		92,500		772,570
SMC Corp.		10,500		5,486,911
SoftBank Corp.		510,500		5,668,847
SoftBank Group Corp.		189,400		9,633,337
Sompo Holdings Inc.		54,300		2,400,643
Sony Group Corp.		230,700		21,608,798
Square Enix Holdings Co. Ltd.		14,400		666,997
Subaru Corp.		110,400		2,092,474
SUMCO Corp.		61,700		899,087
Sumitomo Chemical Co. Ltd.		256,000		789,544
Sumitomo Corp.		204,400		4,384,969
Sumitomo Electric Industries Ltd.		128,400		1,646,340
Sumitomo Metal Mining Co. Ltd.		45,300		1,564,444
Sumitomo Mitsui Financial Group Inc.		240,200		11,253,766
Sumitomo Mitsui Trust Holdings Inc.		61,200		2,380,784
Sumitomo Realty & Development Co. Ltd.		51,600		1,382,850
Suntory Beverage & Food Ltd.		23,300		829,410
Suzuki Motor Corp.		66,400		2,666,993
Sysmex Corp.		30,800		2,085,625
T&D Holdings Inc.		97,600		1,586,860


Security	Shares		Value

Japan (continued)
Taisei Corp.		31,600	$	1,197,526
Takeda Pharmaceutical Co. Ltd.		280,713		8,582,755
TDK Corp.		73,300		2,807,995
Terumo Corp.		123,500		4,044,510
TIS Inc.		40,500		1,027,233
Tobu Railway Co. Ltd.		41,400		1,095,527
Toho Co. Ltd./Tokyo		19,500		760,167
Tokio Marine Holdings Inc.		329,800		7,583,745
Tokyo Electric Power Co. Holdings Inc.^(a)		277,900		1,103,552
Tokyo Electron Ltd.		82,500		12,382,172
Tokyo Gas Co. Ltd.		72,400		1,641,747
Tokyu Corp.		96,200		1,220,555
Toppan Inc.		47,500		1,118,080
Toray Industries Inc.		253,800		1,421,131
Toshiba Corp.		76,800		2,479,582
Tosoh Corp.		47,300		618,243
TOTO Ltd.		23,800		731,662
Toyota Industries Corp.		25,900		1,871,719
Toyota Motor Corp.		1,939,900		32,616,991
Toyota Tsusho Corp.		39,100		2,287,552
Trend Micro Inc./Japan		23,100		1,091,376
Unicharm Corp.		73,600		2,723,101
USS Co. Ltd.		41,800		724,815
Welcia Holdings Co. Ltd.		18,500		348,239
West Japan Railway Co.		38,900		1,598,181
Yakult Honsha Co. Ltd.		23,700		1,315,014
Yamaha Corp.		25,800		999,704
Yamaha Motor Co. Ltd.		53,100		1,557,365
Yamato Holdings Co. Ltd.		49,000		917,671
Yaskawa Electric Corp.		45,400		1,973,550
Yokogawa Electric Corp.		44,300		831,905
Z Holdings Corp.		481,300		1,341,868
ZOZO Inc.		23,500		458,767


				659,651,323

Kuwait — 0.2%
Agility Public Warehousing Co. KSC^(a)		318,409		652,963
Boubyan Bank KSCP		327,003		659,935
Gulf Bank KSCP		179,595		154,362
Kuwait Finance House KSCP		1,466,618		3,767,724
Mabanee Co. KPSC		120,124		345,331
Mobile Telecommunications Co. KSCP		489,141		829,567
National Bank of Kuwait SAKP		1,360,756		4,261,328


				10,671,210

Malaysia — 0.4%
AMMB Holdings Bhd		142,900		122,368
Axiata Group Bhd		599,100		354,818
CIMB Group Holdings Bhd		1,136,300		1,399,751
Dialog Group Bhd		769,800		392,953
DiGi.Com Bhd		737,500		722,979
Genting Bhd		428,900		410,075
Genting Malaysia Bhd		566,800		326,944
Hong Leong Bank Bhd		150,000		651,691
Hong Leong Financial Group Bhd		101,400		411,537
IHH Healthcare Bhd		509,600		673,049
Inari Amertron Bhd		589,500		394,926
IOI Corp. Bhd		637,800		590,087
Kuala Lumpur Kepong Bhd		85,600		442,744
Malayan Banking Bhd		865,900		1,732,421
Malaysia Airports Holdings Bhd		211,200		323,199


Security	Shares		Value

Malaysia (continued)
Maxis Bhd^(b)		616,900	$	552,807
MISC Bhd		168,200		268,171
MR DIY Group M Bhd^(c)		327,500		106,787
Petronas Chemicals Group Bhd		491,700		758,501
Petronas Dagangan Bhd		61,800		314,688
Petronas Gas Bhd		185,000		700,776
PPB Group Bhd		197,700		732,222
Press Metal Aluminium Holdings Bhd		708,800		792,590
Public Bank Bhd		2,650,000		2,451,272
RHB Bank Bhd		396,595		500,692
Sime Darby Bhd		511,200		247,392
Sime Darby Plantation Bhd		426,000		430,626
Telekom Malaysia Bhd		131,500		148,474
Tenaga Nasional Bhd		421,400		897,360
Top Glove Corp. Bhd^(a)		947,100		193,341


				18,045,241

Mexico — 0.8%
Alfa SAB de CV, Class A		382,900		234,839
America Movil SAB de CV		5,611,700		5,881,477
Arca Continental SAB de CV		68,700		688,272
Banco del Bajio SA^(c)		135,900		414,314
Cemex SAB de CV, NVS^(a)		2,880,508		2,188,120
Coca-Cola Femsa SAB de CV		90,200		761,462
Fibra Uno Administracion SA de CV		641,600		964,028
Fomento Economico Mexicano SAB de CV		360,100		4,081,205
Gruma SAB de CV, Class B		29,315		525,867
Grupo Aeroportuario del Pacifico SAB de CV, Class B		68,100		1,297,540
Grupo Aeroportuario del Sureste SAB de CV, Class B		41,405		1,171,159
Grupo Bimbo SAB de CV, Series A		269,300		1,396,114
Grupo Carso SAB de CV, Series A1		102,600		815,837
Grupo Financiero Banorte SAB de CV, Class O		479,300		4,542,831
Grupo Financiero Inbursa SAB de CV, Class O^(a)		442,100		1,073,238
Grupo Mexico SAB de CV, Series B		597,329		3,104,898
Grupo Televisa SAB, CPO		469,000		496,308
Industrias Penoles SAB de CV^(a)		35,745		511,103
Kimberly-Clark de Mexico SAB de CV, Class A		360,600		846,748
Operadora De Sites Mexicanos SAB de CV		299,300		303,322
Orbia Advance Corp. SAB de CV		168,400		382,055
Promotora y Operadora de Infraestructura SAB de CV		31,720		328,585
Wal-Mart de Mexico SAB de CV		952,100		3,963,624


				35,972,946

Netherlands — 3.0%
ABN AMRO Bank NV, CVA^(c)		75,443		1,282,773
Adyen NV^(a)(c)		3,995		7,414,779
Aegon NV		310,923		1,687,777
AerCap Holdings NV^(a)		30,222		1,928,466
Akzo Nobel NV		31,799		2,720,342
ASM International NV		8,705		4,135,574
ASML Holding NV		74,306		53,223,068
Davide Campari-Milano NV		94,747		1,274,241
EXOR NV, NVS		19,285		1,802,097
Ferrovial SE		100,252		3,322,245
Heineken Holding NV		21,648		1,774,598
Heineken NV		46,493		4,550,803
IMCD NV		10,824		1,640,154
ING Groep NV		661,282		9,652,510


Security	Shares		Value

Netherlands (continued)
JDE Peet’s NV		21,919	$	661,303
Just Eat Takeaway.com NV^(a)(c)		40,076		718,963
Koninklijke Ahold Delhaize NV		179,219		6,177,431
Koninklijke KPN NV		582,124		2,106,273
Koninklijke Philips NV^(a)		169,520		3,521,547
NEPI Rockcastle NV		90,284		540,934
NN Group NV		46,016		1,764,020
OCI NV		19,221		547,794
Pepco Group NV^(a)		31,760		273,684
Prosus NV		146,546		11,592,867
QIAGEN NV^(a)		40,889		1,918,575
Randstad NV		20,048		1,174,522
Universal Music Group NV		148,476		3,808,396
Wolters Kluwer NV		47,787		6,000,900


				137,216,636

New Zealand — 0.1%
Auckland International Airport Ltd.^(a)		230,204		1,201,722
EBOS Group Ltd.		29,766		713,320
Fisher & Paykel Healthcare Corp. Ltd.		101,024		1,542,338
Mercury NZ Ltd.		120,520		493,541
Meridian Energy Ltd.		260,835		915,499
Spark New Zealand Ltd.		395,905		1,274,634


				6,141,054

Norway — 0.4%
Adevinta ASA^(a)		55,789		412,674
Aker BP ASA		56,498		1,582,654
DNB Bank ASA		174,029		3,586,299
Equinor ASA		176,328		5,393,604
Gjensidige Forsikring ASA		44,656		704,959
Kongsberg Gruppen ASA		19,537		847,733
Mowi ASA		76,824		1,350,558
Norsk Hydro ASA		250,752		1,642,280
Orkla ASA		139,895		1,103,887
Salmar ASA		13,919		643,037
Telenor ASA		124,025		1,327,680
Yara International ASA		31,078		1,269,287


				19,864,652

Peru — 0.1%
Cia. de Minas Buenaventura SAA, ADR		36,531		282,019
Credicorp Ltd.		12,178		1,912,555
Southern Copper Corp.		14,677		1,283,357


				3,477,931

Philippines — 0.2%
Aboitiz Equity Ventures Inc.		288,830		282,707
ACEN Corp.^(a)		81,202		7,719
Ayala Corp.		36,090		404,509
Ayala Land Inc.		1,394,220		696,211
Bank of the Philippine Islands		326,033		679,828
BDO Unibank Inc.		449,444		1,188,577
International Container Terminal Services Inc.		224,790		888,371
JG Summit Holdings Inc.		753,730		591,395
Jollibee Foods Corp.		116,770		542,365
Manila Electric Co.		13,530		87,757
Metropolitan Bank & Trust Co.		640,098		699,724
PLDT Inc.		17,330		413,544
SM Investments Corp.		36,055		599,082
SM Prime Holdings Inc.		2,041,000		1,241,846
Universal Robina Corp.		111,110		248,477


				8,572,112


Security	Shares		Value

Poland — 0.2%
Allegro.eu SA ^(a)(c)		86,870	$	765,890
Bank Polska Kasa Opieki SA		33,316		983,751
CD Projekt SA		12,537		511,496
Cyfrowy Polsat SA^(b)		55,914		225,312
Dino Polska SA^(a)(c)		8,367		931,749
KGHM Polska Miedz SA		28,223		872,840
LPP SA		207		712,068
mBank SA^(a)		2,605		310,958
PGE Polska Grupa Energetyczna SA^(a)		166,457		354,049
Polski Koncern Naftowy ORLEN SA		100,933		1,798,985
Powszechna Kasa Oszczednosci Bank Polski SA		158,597		1,609,129
Powszechny Zaklad Ubezpieczen SA		98,556		996,691
Santander Bank Polska SA^(a)		8,344		827,822


				10,900,740

Portugal — 0.1%
Banco Espirito Santo SA, Registered,NVS^(d)		4		—
EDP - Energias de Portugal SA		563,335		2,631,810
Galp Energia SGPS SA		93,248		1,239,230
Jeronimo Martins SGPS SA		51,225		1,394,641


				5,265,681

Qatar — 0.3%
Barwa Real Estate Co.		298,500		230,252
Commercial Bank PSQC (The)		606,478		1,041,097
Industries Qatar QSC		292,220		1,069,524
Masraf Al Rayan QSC		1,054,485		726,751
Mesaieed Petrochemical Holding Co.		797,836		427,540
Ooredoo QPSC		225,076		706,307
Qatar Electricity & Water Co. QSC		128,977		642,155
Qatar Fuel QSC		91,366		421,438
Qatar Gas Transport Co. Ltd.		411,678		476,389
Qatar International Islamic Bank QSC		142,967		407,383
Qatar Islamic Bank SAQ		296,355		1,721,016
Qatar National Bank QPSC		842,597		3,928,339


				11,798,191

Russia — 0.0%
Alrosa PJSC^(a)(d)		504,040		55
Gazprom PJSC^(a)(d)		2,086,234		227
Inter RAO UES PJSC^(d)		5,597,000		610
LUKOIL PJSC^(d)		71,534		8
Magnit PJSC^(d)		10,825		1
Magnit PJSC, GDR^(d)		4		—
MMC Norilsk Nickel PJSC^(d)		11,400		1
Mobile TeleSystems PJSC^(d)		193,438		21
Moscow Exchange MICEX-RTS PJSC^(d)		287,200		31
Novatek PJSC^(d)		162,260		18
Novolipetsk Steel PJSC^(a)(d)		223,890		24
Ozon Holdings PLC, GDR^(a)(d)		8,288		1
PhosAgro PJSC^(d)		9,664		1
PhosAgro PJSC, GDR^(a)(d)(e)		1		—
PhosAgro PJSC, New^(d)		187		2
Polymetal International PLC^(a)(d)		52,614		6
Polyus PJSC^(a)(d)		5,198		1
Rosneft Oil Co. PJSC^(d)		165,180		18
Sberbank of Russia PJSC^(d)		1,882,550		205
Severstal PAO^(a)(d)		30,098		3
Surgutneftegas PJSC^(d)		1,575,550		172
Tatneft PJSC^(d)		206,881		23
TCS Group Holding PLC, GDR^(a)(d)(e)		20,990		2
United Co. RUSAL International PJSC^(a)(d)		563,790		62


Security	Shares		Value

Russia (continued)
VK Co. Ltd.^(a)(d)		21,979	$	2
VTB Bank PJSC^(a)(d)		493,800,000		54
X5 Retail Group NV, GDR^(a)(d)		16,185		2
Yandex NV^(a)(d)		54,504		6


				1,556

Saudi Arabia — 1.2%
ACWA Power Co.		18,277		898,414
Advanced Petrochemical Co.		32,344		392,630
Al Rajhi Bank		368,857		7,331,974
Alinma Bank		184,776		1,821,810
Almarai Co. JSC		27,927		512,849
AngloGold Ashanti Ltd.		79,520		1,763,728
Arab National Bank		116,271		825,516
Arabian Internet & Communications Services Co.		3,579		347,920
Bank AlBilad		104,563		1,218,857
Bank Al-Jazira		92,950		455,258
Banque Saudi Fransi		118,165		1,341,429
Bupa Arabia for Cooperative Insurance Co.		13,665		628,514
Dallah Healthcare Co.		8,147		383,071
Dar Al Arkan Real Estate Development Co.^(a)		115,959		523,261
Dr Sulaiman Al Habib Medical Services Group Co.		16,235		1,250,694
Elm Co.		6,165		1,117,491
Emaar Economic City^(a)		90,648		217,534
Etihad Etisalat Co.		71,365		891,115
Jarir Marketing Co.		180,600		746,273
Mobile Telecommunications Co.		84,590		302,590
Mouwasat Medical Services Co.		8,110		542,276
Nahdi Medical Co.		4,925		228,216
National Industrialization Co.^(a)		52,344		196,916
Rabigh Refining & Petrochemical Co.^(a)		79,475		220,438
Reinet Investments SCA		24,832		601,578
Riyad Bank		261,934		2,220,562
SABIC Agri-Nutrients Co.		41,264		1,585,955
Sahara International Petrochemical Co.		80,857		815,912
Saudi Arabian Mining Co.^(a)		249,988		2,959,942
Saudi Arabian Oil Co.^(c)		493,923		4,268,375
Saudi Awwal Bank		173,174		1,756,652
Saudi Basic Industries Corp.		158,804		3,629,376
Saudi Electricity Co.		197,090		1,179,047
Saudi Industrial Investment Group		52,647		350,757
Saudi Investment Bank (The)		82,685		394,481
Saudi Kayan Petrochemical Co.^(a)		120,747		394,495
Saudi National Bank (The)		535,920		5,507,012
Saudi Research & Media Group^(a)		6,373		318,079
Saudi Tadawul Group Holding Co.		6,983		374,794
Saudi Telecom Co.		319,515		3,612,965
Savola Group (The)		45,800		516,249
Yanbu National Petrochemical Co.		43,476		531,183


				55,176,188

Singapore — 0.9%
CapitaLand Ascendas REIT		603,577		1,276,339
CapitaLand Integrated Commercial Trust		985,621		1,513,208
Capitaland Investment Ltd/Singapore		477,600		1,222,407
City Developments Ltd.		82,500		459,054
DBS Group Holdings Ltd.		327,700		8,453,689
Genting Singapore Ltd.		1,165,300		824,246
Grab Holdings Ltd., Class A^(a)		338,131		1,295,042
Jardine Cycle & Carriage Ltd.		22,900		591,045
Keppel Corp. Ltd.		280,700		1,558,793


Security	Shares		Value

Singapore (continued)
Mapletree Logistics Trust		602,797	$	766,326
Mapletree Pan Asia Commercial Trust		384,300		477,309
Oversea-Chinese Banking Corp. Ltd.		598,675		5,991,390
Sea Ltd., ADR^(a)		66,534		4,425,842
Seatrium Ltd.^(a)		8,208,226		869,952
Singapore Airlines Ltd.^(b)		260,750		1,477,155
Singapore Exchange Ltd.		121,400		887,409
Singapore Technologies Engineering Ltd.		303,700		852,639
Singapore Telecommunications Ltd.		1,504,100		3,017,322
United Overseas Bank Ltd.		229,700		5,210,396
UOL Group Ltd.		70,400		372,499
Venture Corp. Ltd.		57,600		649,378
Wilmar International Ltd.		352,000		1,022,818


				43,214,258

South Africa — 0.9%
Absa Group Ltd.		145,387		1,540,875
African Rainbow Minerals Ltd.		20,472		231,071
Anglo American Platinum Ltd.		12,014		600,449
Aspen Pharmacare Holdings Ltd.		77,003		825,800
Bid Corp. Ltd.		67,863		1,607,424
Bidvest Group Ltd. (The)		57,270		888,652
Capitec Bank Holdings Ltd.		16,499		1,654,545
Clicks Group Ltd.		53,023		831,706
Discovery Ltd.^(a)		90,010		795,173
Exxaro Resources Ltd.		54,964		497,953
FirstRand Ltd.		899,467		3,658,916
Foschini Group Ltd. (The)		48,708		295,151
Gold Fields Ltd.		166,478		2,581,936
Growthpoint Properties Ltd.		763,672		541,034
Harmony Gold Mining Co. Ltd.		110,566		477,408
Impala Platinum Holdings Ltd.		156,154		1,127,911
Kumba Iron Ore Ltd.		11,574		317,487
Mr. Price Group Ltd.		57,193		503,532
MTN Group Ltd.		316,941		2,482,007
MultiChoice Group		73,091		361,741
Naspers Ltd., Class N		36,040		7,081,383
Nedbank Group Ltd.		74,178		974,730
Northam Platinum Holdings Ltd.^(a)		68,097		575,352
Old Mutual Ltd.		922,974		671,442
Pepkor Holdings Ltd.^(c)		256,135		248,920
Remgro Ltd.		96,191		864,785
Sanlam Ltd.		292,823		1,076,898
Sasol Ltd.		105,830		1,477,610
Shoprite Holdings Ltd.		90,434		1,306,669
Sibanye Stillwater Ltd.		493,532		937,913
Standard Bank Group Ltd.		238,399		2,546,122
Vodacom Group Ltd.		104,982		693,199
Woolworths Holdings Ltd.		207,811		929,608


				41,205,402

South Korea — 3.3%
Amorepacific Corp.		5,640		498,162
BGF retail Co. Ltd.		1,851		242,863
Celltrion Healthcare Co. Ltd.		19,444		1,004,509
Celltrion Inc.		19,756		2,272,874
Celltrion Pharm Inc.^(a)		4,181		291,116
CJ CheilJedang Corp.		1,826		400,844
CJ Corp.		2,209		112,300
CosmoAM&T Co. Ltd.^(a)		4,147		591,325
Coway Co. Ltd.		10,873		349,417


Security	Shares		Value

South Korea (continued)
DB Insurance Co. Ltd.		9,110	$	538,678
Doosan Bobcat Inc.		7,784		357,064
Doosan Enerbility Co. Ltd.^(a)		83,090		1,140,493
Ecopro BM Co. Ltd.		8,881		2,921,219
E-MART Inc.		3,796		225,321
F&F Co. Ltd./New		3,329		270,276
GS Holdings Corp.		8,060		238,168
Hana Financial Group Inc.		51,470		1,586,074
Hankook Tire & Technology Co. Ltd.		17,303		524,822
Hanmi Pharm Co. Ltd.		1,576		329,523
Hanon Systems		28,015		187,387
Hanwha Aerospace Co. Ltd.		7,193		690,094
Hanwha Solutions Corp.^(a)		18,114		537,609
HD Hyundai Co. Ltd.		10,938		528,208
HD Hyundai Heavy Industries Co. Ltd.^(a)		3,779		414,279
HD Korea Shipbuilding & Offshore Engineering Co. Ltd.^(a)		8,023		776,604
HLB Inc.^(a)		21,214		547,061
HMM Co. Ltd.		43,004		590,273
Hotel Shilla Co. Ltd.		6,943		410,162
HYBE Co. Ltd.^(a)		3,284		676,299
Hyundai Engineering & Construction Co. Ltd.		15,563		456,764
Hyundai Glovis Co. Ltd.		3,018		412,676
Hyundai Mipo Dockyard Co. Ltd.^(a)		3,765		275,907
Hyundai Mobis Co. Ltd.		11,151		2,037,470
Hyundai Motor Co.		24,653		3,790,483
Hyundai Steel Co.		18,221		516,548
Iljin Materials Co. Ltd.		4,800		206,505
Industrial Bank of Korea		55,703		454,123
Kakao Corp.		57,992		2,334,580
Kakao Games Corp.^(a)		6,916		171,149
Kakao Pay Corp.^(a)		4,105		161,564
KakaoBank Corp.		31,753		647,723
Kangwon Land Inc.		15,223		186,323
KB Financial Group Inc.		70,818		2,836,360
Kia Corp.		48,375		3,139,504
Korea Aerospace Industries Ltd.		14,793		571,136
Korea Electric Power Corp.^(a)		46,486		700,438
Korea Investment Holdings Co. Ltd.		7,959		304,981
Korea Zinc Co. Ltd.		1,617		626,398
Korean Air Lines Co. Ltd.		29,670		572,697
Krafton Inc.^(a)		5,649		761,475
KT Corp.		5,721		132,484
KT&G Corp.		18,514		1,198,002
Kumho Petrochemical Co. Ltd.		2,949		277,704
L&F Co. Ltd.		4,639		937,568
LG Chem Ltd.		9,035		4,596,157
LG Corp.		17,742		1,161,467
LG Display Co. Ltd.^(a)		46,070		487,105
LG Electronics Inc.		19,124		1,627,861
LG Energy Solution^(a)		6,536		2,871,470
LG H&H Co. Ltd.		1,616		542,204
LG Innotek Co. Ltd.		2,572		533,316
LG Uplus Corp.		39,381		309,099
Lotte Chemical Corp.		3,532		417,343
Meritz Financial Group Inc.		19,514		753,442
Mirae Asset Securities Co. Ltd.		52,233		283,949
NAVER Corp.		23,706		4,223,635
NCSoft Corp.		2,756		597,904
Netmarble Corp.^(a)(c)		4,653		179,678


Security	Shares		Value

South Korea (continued)
NH Investment & Securities Co. Ltd.		27,473	$	213,353
Orion Corp./Republic of Korea		5,279		469,859
Pan Ocean Co. Ltd.		52,053		195,187
Pearl Abyss Corp.^(a)		6,008		264,104
POSCO Future M Co. Ltd.		5,665		2,343,675
POSCO Holdings Inc.		13,297		6,700,109
Samsung Biologics Co. Ltd.^(a)(c)		3,248		1,950,320
Samsung C&T Corp.		14,300		1,158,595
Samsung Electro-Mechanics Co. Ltd.		10,344		1,180,032
Samsung Electronics Co. Ltd.		878,491		48,099,691
Samsung Engineering Co. Ltd.^(a)		29,559		857,419
Samsung Fire & Marine Insurance Co. Ltd.		5,790		1,106,739
Samsung Heavy Industries Co. Ltd.^(a)		121,738		862,834
Samsung Life Insurance Co. Ltd.		13,798		754,864
Samsung SDI Co. Ltd.		10,168		5,307,742
Samsung SDS Co. Ltd.		6,910		695,653
Samsung Securities Co. Ltd.		11,858		333,930
Shinhan Financial Group Co. Ltd.		77,934		2,145,000
SK Biopharmaceuticals Co. Ltd.^(a)		6,735		430,071
SK Bioscience Co. Ltd.^(a)		4,513		259,879
SK Hynix Inc.		100,567		9,739,408
SK IE Technology Co. Ltd.^(a)(c)		4,823		406,403
SK Inc.		6,865		822,868
SK Innovation Co. Ltd.^(a)		10,259		1,740,122
SK Square Co. Ltd.^(a)		18,235		634,866
SKC Co. Ltd.		4,424		344,394
S-Oil Corp.		8,951		526,177
Woori Financial Group Inc.		97,257		888,848
Yuhan Corp.		13,920		796,446


				152,776,804

Spain — 1.6%
Acciona SA		4,651		697,179
ACS Actividades de Construccion y Servicios SA		41,404		1,448,260
Aena SME SA^(c)		13,079		2,088,613
Amadeus IT Group SA		82,698		5,932,431
Banco Bilbao Vizcaya Argentaria SA		1,114,669		8,835,284
Banco Santander SA		3,016,199		12,222,487
CaixaBank SA		765,039		3,094,736
Cellnex Telecom SA^(c)		104,915		4,284,632
Corp. ACCIONA Energias Renovables SA		12,699		399,711
EDP Renovaveis SA		54,131		1,033,951
Enagas SA		22,741		403,574
Endesa SA		59,914		1,284,128
Grifols SA^(a)		54,265		797,169
Iberdrola SA		1,093,663		13,650,583
Industria de Diseno Textil SA		201,795		7,724,272
Naturgy Energy Group SA		26,417		805,473
Redeia Corp. SA		64,486		1,078,571
Repsol SA		249,149		3,803,862
Telefonica SA		940,534		4,007,392


				73,592,308

Sweden — 2.1%
Alfa Laval AB		54,207		2,029,159
Assa Abloy AB, Class B		186,319		4,479,646
Atlas Copco AB, Class A		491,645		6,984,252
Atlas Copco AB, Class B		294,668		3,638,830
Beijer Ref AB, Class B		71,907		977,829
Boliden AB		50,003		1,470,550
Embracer Group AB, Class B^(a)(b)		161,018		462,169


Security	Shares		Value

Sweden (continued)
Epiroc AB, Class A		122,337	$	2,442,535
Epiroc AB, Class B		67,006		1,138,370
EQTAB		62,689		1,497,457
Essity AB, Class B		112,822		2,797,566
Evolution AB^(c)		33,456		4,125,546
Fastighets AB Balder, Class B^(a)(b)		142,209		663,614
Getinge AB, Class B		42,752		796,599
H & M Hennes & Mauritz AB, Class B		117,208		1,971,411
Hexagon AB, Class B		384,014		3,723,326
Holmen AB, Class B		16,792		646,840
Husqvarna AB, Class B		83,285		816,906
Industrivarden AB, Class A		24,737		702,456
Industrivarden AB, Class C		26,210		742,549
Indutrade AB		53,218		1,116,851
Investment AB Latour, Class B		30,784		620,347
Investor AB, Class A		85,391		1,734,155
Investor AB, Class B		315,328		6,440,255
Kinnevik AB, Class B^(a)		52,331		714,250
L E Lundbergforetagen AB, Class B		12,793		563,780
Lifco AB, Class B		47,788		963,494
Nibe Industrier AB, Class B		283,679		2,555,313
Nordea Bank Abp		590,207		6,680,161
Saab AB, Class B		15,403		811,878
Sagax AB, Class B		36,384		807,931
Sandvik AB		192,506		3,910,283
Securitas AB, Class B		86,617		737,264
Skandinaviska Enskilda Banken AB, Class A		286,146		3,468,728
Skanska AB, Class B		62,132		990,967
SKF AB, Class B		63,700		1,213,640
Svenska Cellulosa AB SCA, Class B		114,373		1,519,728
Svenska Handelsbanken AB, Class A		267,011		2,344,345
Swedbank AB, Class A		159,265		2,921,189
Swedish Orphan Biovitrum AB^(a)(b)		29,810		583,473
Tele2 AB, Class B		100,050		752,831
Telefonaktiebolaget LM Ericsson, Class B		535,685		2,694,749
Telia Co. AB		432,076		928,523
Volvo AB, Class A		36,996		838,920
Volvo AB, Class B		269,293		5,940,231
Volvo Car AB, Class B^(a)(b)		105,739		522,668


				94,483,564

Switzerland — 6.7%
ABB Ltd., Registered		291,747		11,707,082
Adecco Group AG, Registered		29,090		1,185,543
Alcon Inc.		92,130		7,839,491
Bachem Holding AG, Class A		7,323		676,434
Baloise Holding AG, Registered		7,963		1,232,583
Banque Cantonale Vaudoise, Registered		5,568		624,960
Barry Callebaut AG, Registered		697		1,306,875
BKW AG		4,059		726,335
Chocoladefabriken Lindt & Spruengli AG, Participation Certificates, NVS		192		2,348,204
Chocoladefabriken Lindt & Spruengli AG, Registered		19		2,309,172
Cie. Financiere Richemont SA, Class A, Registered		95,527		15,382,981
Clariant AG, Registered		45,235		741,229
Coca-Cola HBC AG, Class DI		36,595		1,076,732
DSM-Firmenich AG		31,307		3,459,417
Dufry AG, Registered^(a)		18,090		934,682
EMS-Chemie Holding AG, Registered		1,353		1,129,281
Geberit AG, Registered		6,622		3,757,998


Security	Shares		Value

Switzerland (continued)
Givaudan SA, Registered		1,746	$	5,893,571
Helvetia Holding AG, Registered		6,058		896,481
Holcim Ltd.		100,136		6,979,170
Julius Baer Group Ltd.		40,461		2,865,753
Kuehne + Nagel International AG, Registered		10,089		3,156,807
Logitech International SA, Registered		30,954		2,188,415
Lonza Group AG, Registered		13,709		7,965,421
Nestle SA, Registered		503,091		61,638,270
Novartis AG, Registered		374,731		39,233,261
Partners Group Holding AG		4,235		4,754,354
Roche Holding AG, Bearer		5,821		1,930,075
Roche Holding AG, NVS		129,114		40,031,969
Schindler Holding AG, Participation Certificates, NVS		8,114		1,970,214
Schindler Holding AG, Registered		3,899		904,028
SGS SA		27,353		2,655,840
Siemens Energy AG^(a)		94,710		1,604,542
SIG Group AG		55,778		1,491,151
Sika AG, Registered		27,054		8,420,219
Sonova Holding AG, Registered		9,643		2,687,938
STMicroelectronics NV		125,979		6,738,158
Straumann Holding AG		21,269		3,519,443
Swatch Group AG (The), Bearer		5,325		1,704,215
Swatch Group AG (The), Registered		8,793		528,044
Swiss Life Holding AG, Registered		5,739		3,649,167
Swiss Prime Site AG, Registered		14,848		1,437,426
Swiss Re AG		55,321		5,772,154
Swisscom AG, Registered		4,729		3,041,010
Temenos AG, Registered		11,727		1,008,554
UBS Group AG, Registered		599,389		13,299,766
VAT Group AG^(c)		5,088		2,162,639
Zurich Insurance Group AG		27,383		13,239,639


				309,806,693

Taiwan — 4.2%
Accton Technology Corp.		101,000		1,232,236
Acer Inc.		601,792		672,045
Advantech Co. Ltd.		105,360		1,315,708
Airtac International Group		28,928		860,401
ASE Technology Holding Co. Ltd.		588,762		2,154,916
Asia Cement Corp.		362,440		464,987
Asustek Computer Inc.		127,000		1,475,015
AUO Corp.		1,222,800		806,659
Catcher Technology Co. Ltd.		120,000		663,567
Cathay Financial Holding Co. Ltd.		1,536,019		2,238,862
Chailease Holding Co. Ltd.		266,827		1,766,766
Chang Hwa Commercial Bank Ltd.		839,086		503,777
Cheng Shin Rubber Industry Co. Ltd.		371,000		454,746
China Airlines Ltd.		566,000		450,095
China Development Financial Holding Corp.^(a)		2,968,358		1,186,826
China Steel Corp.		2,143,288		1,906,820
Chunghwa Telecom Co. Ltd.		688,000		2,538,002
Compal Electronics Inc.		737,000		715,500
CTBC Financial Holding Co. Ltd.		3,037,036		2,540,687
Delta Electronics Inc.		348,000		4,062,449
E Ink Holdings Inc.		164,000		1,176,178
E.Sun Financial Holding Co. Ltd.		2,502,713		2,061,324
Eclat Textile Co. Ltd.		35,000		605,484
eMemory Technology Inc.		13,000		770,359
Eva Airways Corp.		503,000		589,790
Evergreen Marine Corp. Taiwan Ltd.		178,200		590,951


Security	Shares		Value

Taiwan (continued)
Far Eastern New Century Corp.		535,000	$	505,991
Far EasTone Telecommunications Co. Ltd.		283,000		638,975
Feng TAY Enterprise Co. Ltd.		82,600		558,673
First Financial Holding Co. Ltd.		1,958,933		1,812,182
Formosa Chemicals & Fibre Corp.		636,340		1,324,695
Formosa Petrochemical Corp.		229,000		584,457
Formosa Plastics Corp.		692,960		1,834,744
Fubon Financial Holding Co. Ltd.		1,357,996		2,834,430
Giant Manufacturing Co. Ltd.		63,211		468,900
Global Unichip Corp.		16,000		836,873
Globalwafers Co. Ltd.		41,000		671,918
Hon Hai Precision Industry Co. Ltd.		2,257,377		7,811,271
Hotai Motor Co. Ltd.		54,000		1,303,842
Hua Nan Financial Holdings Co. Ltd.		1,629,529		1,154,382
Innolux Corp.		1,651,737		877,114
Inventec Corp.		537,000		1,092,361
Largan Precision Co. Ltd.		19,000		1,317,871
Lite-On Technology Corp.		385,000		1,851,193
MediaTek Inc.		280,000		6,161,375
Mega Financial Holding Co. Ltd.		2,035,474		2,610,108
Micro-Star International Co. Ltd.		136,000		843,546
momo.com Inc.		18,200		347,606
Nan Ya Plastics Corp.		904,840		2,016,363
Nan Ya Printed Circuit Board Corp.		41,000		324,643
Nanya Technology Corp.		231,000		533,049
Nien Made Enterprise Co. Ltd.		42,000		435,370
Novatek Microelectronics Corp.		102,000		1,379,400
Parade Technologies Ltd.		14,000		411,009
Pegatron Corp.		348,000		847,417
PharmaEssentia Corp.^(a)		43,000		469,116
Pou Chen Corp.		391,000		389,075
Powerchip Semiconductor Manufacturing Corp.		655,000		626,092
President Chain Store Corp.		85,000		755,151
Quanta Computer Inc.		509,000		3,872,400
Realtek Semiconductor Corp.		84,000		1,153,666
Ruentex Development Co. Ltd.		343,000		389,208
Shanghai Commercial & Savings Bank Ltd. (The)		678,784		951,487
Shin Kong Financial Holding Co. Ltd.^(a)		2,386,983		732,656
Silergy Corp.		67,000		708,684
SinoPac Financial Holdings Co. Ltd.		2,149,697		1,276,580
Synnex Technology International Corp.		281,750		531,023
Taishin Financial Holding Co. Ltd.		2,124,840		1,236,147
Taiwan Business Bank		902,000		414,125
Taiwan Cement Corp.		959,553		1,140,150
Taiwan Cooperative Financial Holding Co. Ltd.		1,948,482		1,823,961
Taiwan High Speed Rail Corp.		378,000		363,030
Taiwan Mobile Co. Ltd.		234,000		703,131
Taiwan Semiconductor Manufacturing Co. Ltd.		4,510,000		81,439,771
Unimicron Technology Corp.		246,000		1,452,336
Uni-President Enterprises Corp.		902,972		2,166,290
United Microelectronics Corp.		2,100,000		3,155,668
Vanguard International Semiconductor Corp.		169,000		416,679
Voltronic Power Technology Corp.		13,000		725,407
Walsin Lihwa Corp.		507,754		648,162
Wan Hai Lines Ltd.		123,435		198,400
Win Semiconductors Corp.		67,000		349,874
Winbond Electronics Corp.^(a)		616,000		577,394
Wistron Corp.		487,000		2,198,187
Wiwynn Corp.		17,000		965,415
WPG Holdings Ltd.		368,000		591,471


Security	Shares		Value

Taiwan (continued)
Yageo Corp.		65,898	$	966,087
Yang Ming Marine Transport Corp.		316,000		468,756
Yuanta Financial Holding Co. Ltd.		1,785,933		1,388,791
Zhen Ding Technology Holding Ltd.		133,000		445,688


				192,883,966

Thailand — 0.6%
Advanced Info Service PCL, NVDR		252,800		1,670,292
Airports of Thailand PCL, NVDR^(a)		896,100		1,872,252
Asset World Corp. PCL, NVDR		1,896,300		248,493
B Grimm Power PCL, NVDR		389,400		441,274
Bangkok Dusit Medical Services PCL, NVDR		2,078,100		1,748,259
Bangkok Expressway & Metro PCL, NVDR		1,608,700		428,153
Berli Jucker PCL, NVDR		386,800		395,653
BTS Group Holdings PCL, NVDR		3,099,800		734,006
Central Pattana PCL, NVDR		523,200		1,040,521
Charoen Pokphand Foods PCL, NVDR^(b)		1,123,900		666,968
CP ALL PCL, NVDR		1,144,300		2,124,061
CP Axtra PCL		289,800		292,285
Delta Electronics Thailand PCL, NVDR^(b)		621,000		2,053,302
Global Power Synergy PCL, NVDR		319,500		539,363
Indorama Ventures PCL, NVDR		509,088		509,866
Intouch Holdings PCL, NVDR		309,300		696,315
Kasikornbank PCL, NVDR		117,700		433,824
Krungthai Card PCL, NVDR		325,300		447,058
Land & Houses PCL, NVDR		2,119,200		526,387
Minor International PCL, NVDR		773,520		746,338
Osotspa PCL, NVDR		306,800		262,455
PTT Exploration & Production PCL, NVDR		266,199		1,243,084
PTT Global Chemical PCL, NVDR		469,101		542,196
PTT Public Company Ltd., NVDR		2,068,300		2,116,363
SCB X PCL, NVS		173,000		569,083
Siam Cement PCL (The), NVDR		150,100		1,426,267
Srisawad Corp. PCL, NVDR		327,600		452,876
Thai Oil PCL, NVDR		403,000		604,660
True Corp. PCL		2,351,296		498,462


				25,330,116

Turkey — 0.2%
Akbank TAS		567,030		588,424
Aselsan Elektronik Sanayi Ve Ticaret AS		126,342		349,800
BIM Birlesik Magazalar AS		90,569		727,289
Eregli Demir ve Celik Fabrikalari TAS^(a)		267,017		413,053
Ford Otomotiv Sanayi AS		13,571		478,311
Haci Omer Sabanci Holding AS		177,430		379,508
Hektas Ticaret TAS^(a)		198,135		224,470
KOC Holding AS		153,750		770,704
Koza Altin Isletmeleri AS		136,450		141,818
Pegasus Hava Tasimaciligi AS^(a)		10,063		314,589
Sasa Polyester Sanayi AS^(a)		190,862		431,769
Turk Hava Yollari AO^(a)		99,667		866,731
Turkcell Iletisim Hizmetleri AS		216,428		415,200
Turkiye Is Bankasi AS, Class C		640,800		359,745
Turkiye Petrol Rafinerileri AS		190,744		732,149
Turkiye Sise ve Cam Fabrikalari AS		280,548		556,215
Yapi ve Kredi Bankasi AS		546,161		288,666


				8,038,441

United Arab Emirates — 0.4%
Abu Dhabi Commercial Bank PJSC		577,120		1,379,595
Abu Dhabi Islamic Bank PJSC		303,694		929,380
Abu Dhabi National Oil Co. for Distribution PJSC		623,908		662,485


Security	Shares		Value

United Arab Emirates (continued)
Aldar Properties PJSC		764,462	$	1,075,825
Americana Restaurants International PLC		357,002		373,244
Dubai Islamic Bank PJSC		537,004		840,975
Emaar Properties PJSC		1,219,991		2,244,841
Emirates NBD Bank PJSC		370,267		1,713,268
Emirates Telecommunications Group Co. PJSC		637,263		3,885,982
First Abu Dhabi Bank PJSC		805,035		3,208,403
Multiply Group^(a)		620,576		545,678


				16,859,676

United Kingdom — 9.5%
3i Group PLC		174,704		4,432,443
abrdn PLC		415,879		1,237,643
Admiral Group PLC		37,636		1,027,576
Anglo American PLC		232,843		7,160,335
Antofagasta PLC		68,642		1,476,473
Ashtead Group PLC		82,067		6,071,628
Associated British Foods PLC		65,903		1,734,369
AstraZeneca PLC		283,992		40,802,891
Auto Trader Group PLC^(c)		180,990		1,501,053
Aviva PLC		527,841		2,629,789
BAE Systems PLC		565,518		6,763,055
Barclays PLC		2,879,243		5,713,314
Barratt Developments PLC		193,375		1,131,941
Berkeley Group Holdings PLC		20,691		1,153,682
BP PLC		3,241,846		20,113,864
British American Tobacco PLC		386,128		12,984,751
British Land Co. PLC (The)		155,211		673,492
BT Group PLC		1,283,022		2,010,476
Bunzl PLC		63,386		2,349,587
Burberry Group PLC		71,032		2,027,625
Centrica PLC		991,992		1,757,959
CNH Industrial NV		189,413		2,735,687
Coca-Cola Europacific Partners PLC		38,718		2,454,334
Compass Group PLC		318,515		8,287,005
Croda International PLC		27,026		2,046,224
DCC PLC		18,718		1,083,748
Diageo PLC		412,257		17,991,827
Endeavour Mining PLC		26,094		628,763
Entain PLC		114,795		2,044,667
Experian PLC		168,915		6,527,815
Glencore PLC		1,949,728		11,857,142
GSK PLC		747,354		13,303,762
Haleon PLC		926,255		3,998,107
Halma PLC		69,337		1,991,211
Hargreaves Lansdown PLC		63,523		695,018
Hikma Pharmaceuticals PLC		30,217		811,473
HSBC Holdings PLC		3,657,161		30,377,888
Imperial Brands PLC		162,541		3,840,102
Informa PLC		266,715		2,595,102
InterContinental Hotels Group PLC		33,155		2,450,393
Intertek Group PLC		29,555		1,655,625
J Sainsbury PLC		334,202		1,189,921
JD Sports Fashion PLC		469,445		950,923
Johnson Matthey PLC		34,566		799,420
Kingfisher PLC^(b)		392,927		1,239,044
Land Securities Group PLC		115,170		956,463
Legal & General Group PLC		1,089,748		3,265,827
Lloyds Banking Group PLC		12,227,541		7,064,428
London Stock Exchange Group PLC		74,543		8,094,978
M&G PLC		440,434		1,134,514


Security	Shares		Value

United Kingdom (continued)
Mondi PLC		89,613	$	1,571,865
National Grid PLC		670,183		8,883,150
NatWest Group PLC, NVS		1,014,656		3,185,044
Next PLC		23,433		2,119,299
NMC Health PLC, NVS^(d)		14,180		—
Ocado Group PLC^(a)		102,966		1,239,563
Pearson PLC		128,365		1,419,916
Persimmon PLC		60,625		901,307
Phoenix Group Holdings PLC		103,735		732,900
Prudential PLC		503,693		6,994,445
Reckitt Benckiser Group PLC		130,771		9,796,324
RELX PLC		351,666		11,835,919
Rentokil Initial PLC		450,098		3,670,170
Rio Tinto PLC		204,871		13,541,505
Rolls-Royce Holdings PLC^(a)		1,547,265		3,668,777
Sage Group PLC (The)		189,961		2,284,960
Schroders PLC		133,100		785,263
Segro PLC		215,031		2,107,208
Severn Trent PLC		54,457		1,784,766
Shell PLC		1,254,607		38,024,318
Smith & Nephew PLC		161,038		2,449,871
Smiths Group PLC		63,640		1,387,966
Spirax-Sarco Engineering PLC		13,530		1,932,351
SSE PLC		205,209		4,437,261
St. James’s Place PLC		92,434		1,115,782
Standard Chartered PLC		445,435		4,278,646
Taylor Wimpey PLC		647,359		950,232
Tesco PLC		1,349,922		4,471,037
Unilever PLC		461,443		24,794,668
United Utilities Group PLC		132,300		1,696,555
Vodafone Group PLC		4,170,601		3,967,325
Whitbread PLC		36,810		1,653,546
Wise PLC, Class A^(a)		119,468		1,191,559
WPP PLC		200,735		2,191,771


				437,890,626


Total Common Stocks — 98.5% (Cost: $4,258,859,009)				4,551,594,974


Preferred Stocks

Brazil — 0.4%
Banco Bradesco SA, Preference Shares, NVS		990,690		3,490,330
Centrais Eletricas Brasileiras SA, Class B, Preference Shares, NVS		69,378		640,119
Cia. Energetica de Minas Gerais, Preference Shares, NVS		268,477		719,345
Gerdau SA, Preference Shares, NVS		228,173		1,411,379
Itau Unibanco Holding SA, Preference Shares, NVS		878,224		5,319,024
Itausa SA, Preference Shares, NVS		901,355		1,871,807
Petroleo Brasileiro SA, Preference Shares, NVS		863,186		5,678,819


				19,130,823

Chile — 0.1%
Sociedad Quimica y Minera de Chile SA, Class B, Preference Shares		26,409		1,936,420


Colombia — 0.0%
Bancolombia SA, Preference Shares, NVS		94,680		722,958


Security	Shares		Value


Germany — 0.3%
Bayerische Motoren Werke AG, Preference Shares, NVS		10,064	$	1,130,701
Dr Ing hc F Porsche AG, Preference Shares, NVS^(c)		21,026		2,571,115
Henkel AG & Co. KGaA, Preference Shares, NVS		29,858		2,304,032
Porsche Automobil Holding SE, Preference Shares, NVS		28,786		1,698,544
Sartorius AG, Preference Shares, NVS		4,914		2,027,415
Volkswagen AG, Preference Shares, NVS		36,468		4,831,119


				14,562,926

Russia — 0.0%
Surgutneftegas PJSC, Preference Shares, NVS^(d)		1,151,800		126


South Korea — 0.2%
Hyundai Motor Co.
Preference Shares, NVS		4,571		384,487
Series 2, Preference Shares, NVS		6,519		554,484
LG Chem Ltd., Preference Shares, NVS		1,425		439,162
Samsung Electronics Co. Ltd., Preference Shares, NVS		148,039		6,667,788


				8,045,921


Total Preferred Stocks — 1.0% (Cost: $35,651,764)				44,399,174


Total Long-Term Investments — 99.5% (Cost: $4,294,510,773)				4,595,994,148


Short-Term Securities

Money Market Funds — 0.8%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.42%^(f)(g)(h)		30,987,447		30,996,743


Security	Shares		Value


Money Market Funds (continued)
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.22%^(f)(g)		7,320,000	$	7,320,000


Total Short-Term Securities — 0.8% (Cost: $38,302,995)				38,316,743


Total Investments — 100.3% (Cost: $4,332,813,768)				4,634,310,891

Liabilities in Excess of Other Assets — (0.3)%				(14,876,095	)


Net Assets — 100.0%			$	4,619,434,796

^(a)	Non-income producing security.

^(b)	All or a portion of this security is on loan.

^(c)	Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

^(d)	Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

^(e)	This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933.

^(f)	Affiliate of the Fund.

^(g)	Annualized 7-day yield as of period end.

^(h)	All or a portion of this security was purchased with the cash collateral from loaned securities.

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

For the period ended July 31, 2023, the effect of derivative financial instruments in the Statements of Operations was as follows:

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


Security	Shares		Value

Common Stocks

Australia — 7.4%
Ampol Ltd.		754,202	$	16,703,034
APA Group		3,750,598		25,230,730
Aristocrat Leisure Ltd.		1,876,927		49,710,822
ASX Ltd.		615,963		25,734,102
Aurizon Holdings Ltd.		5,850,555		14,993,880
Australia & New Zealand Banking Group Ltd.		9,548,059		165,650,852
BHP Group Ltd.		16,105,074		501,219,963
BlueScope Steel Ltd.		1,485,998		21,914,081
Brambles Ltd.		4,454,135		42,139,544
Cochlear Ltd.		208,841		33,596,734
Coles Group Ltd.		4,260,131		52,095,416
Commonwealth Bank of Australia		5,367,744		381,908,330
Computershare Ltd.		1,825,647		30,790,000
CSL Ltd.		1,533,524		276,212,429
Dexus		3,391,396		18,770,665
Endeavour Group Ltd./Australia		4,536,713		18,543,075
Fortescue Metals Group Ltd.		5,383,494		79,141,263
Goodman Group		5,381,478		74,410,515
GPT Group (The)		6,088,787		17,796,664
IDP Education Ltd.		794,252		13,310,396
IGO Ltd.		2,158,064		20,165,519
Insurance Australia Group Ltd.		7,802,578		31,147,976
James Hardie Industries PLC^(a)		1,406,206		41,211,518
Lendlease Corp. Ltd.		2,179,468		12,670,488
Lottery Corp. Ltd. (The)		7,046,392		24,520,697
Macquarie Group Ltd.		1,167,283		137,657,578
Medibank Pvt Ltd.		8,753,997		20,667,362
Mineral Resources Ltd.		550,497		26,598,239
Mirvac Group		12,542,509		19,770,754
National Australia Bank Ltd.		9,978,215		191,143,172
Newcrest Mining Ltd.		2,842,743		50,990,134
Northern Star Resources Ltd.		3,664,165		28,603,224
Orica Ltd.		1,436,381		15,241,136
Origin Energy Ltd.		5,463,167		31,101,976
Pilbara Minerals Ltd.^(b)		8,585,252		28,087,036
Qantas Airways Ltd.^(a)		2,910,466		12,787,920
QBE Insurance Group Ltd.		4,741,071		50,335,483
Ramsay Health Care Ltd.		577,381		22,880,598
REA Group Ltd.		166,788		17,681,764
Reece Ltd.		716,883		9,466,345
Rio Tinto Ltd.		1,180,128		93,448,188
Santos Ltd.		10,495,439		56,475,826
Scentre Group		16,499,431		31,221,734
SEEK Ltd.		1,065,460		17,867,891
Sonic Healthcare Ltd.		1,418,257		33,510,285
South32 Ltd.		14,498,579		38,177,592
Stockland		7,559,960		21,485,640
Suncorp Group Ltd.		4,027,015		38,586,951
Telstra Corp. Ltd.		12,838,872		36,747,558
Transurban Group		9,793,287		94,554,615
Treasury Wine Estates Ltd.		2,281,342		17,266,740
Vicinity Ltd.		12,237,377		16,270,863
Washington H Soul Pattinson & Co. Ltd.		743,864		16,504,574
Wesfarmers Ltd.		3,606,725		120,508,373
Westpac Banking Corp.		11,155,786		167,681,124
WiseTech Global Ltd.		526,187		30,386,790
Woodside Energy Group Ltd.		6,036,353		155,588,069
Woolworths Group Ltd.		3,874,351		100,612,380


Security	Shares		Value

Australia (continued)
Xero Ltd.^(a)		456,513	$	37,526,009


				3,777,022,616

Austria — 0.2%
Erste Group Bank AG		1,091,626		41,258,956
OMV AG		465,374		20,967,003
Verbund AG		215,202		17,830,984
voestalpine AG		366,445		12,109,304


				92,166,247

Belgium — 0.9%
Ageas SA/NV		512,630		21,701,293
Anheuser-Busch InBev SA/NV		2,761,389		157,967,039
Argenx SE^(a)		177,075		89,181,951
D’ieteren Group		68,864		12,026,835
Elia Group SA/NV		93,112		11,464,416
Groupe Bruxelles Lambert NV		317,389		25,680,681
KBC Group NV		795,709		59,888,869
Sofina SA		48,884		11,623,276
Solvay SA		234,766		28,194,983
UCB SA		401,909		35,587,942
Umicore SA		663,020		19,635,420
Warehouses De Pauw CVA		513,760		15,180,205


				488,132,910

Denmark — 3.0%
AP Moller - Maersk A/S, Class A		9,848		19,800,636
AP Moller - Maersk A/S, Class B, NVS		15,970		32,805,679
Carlsberg AS, Class B		313,540		47,025,394
Chr Hansen Holding A/S		335,237		25,331,724
Coloplast A/S, Class B		377,458		46,920,442
Danske Bank A/S		2,192,502		52,061,095
Demant A/S^(a)		292,752		11,649,998
DSV A/S		591,766		118,436,036
Genmab A/S^(a)		209,764		86,464,632
Novo Nordisk A/S, Class B		5,262,897		848,653,681
Novozymes A/S, Class B		650,069		32,603,096
Orsted AS^(c)		600,871		52,287,475
Pandora A/S		287,138		28,722,965
Rockwool A/S, Class B		28,824		7,752,477
Tryg A/S		1,145,982		22,626,039
Vestas Wind Systems A/S^(a)		3,210,258		85,863,034


				1,519,004,403

Finland — 0.8%
Elisa OYJ		450,438		23,497,283
Fortum OYJ		1,417,897		19,194,418
Kesko OYJ, Class B		861,125		17,229,983
Kone OYJ, Class B		1,079,110		55,350,574
Metso OYJ		2,100,411		23,869,213
Neste OYJ		1,345,698		49,541,968
Nokia OYJ		17,129,648		67,335,606
Orion OYJ, Class B		339,145		13,033,716
Sampo OYJ, Class A		1,462,852		64,462,954
Stora Enso OYJ, Class R		1,844,564		22,612,990
UPM-Kymmene OYJ		1,696,770		56,176,101
Wartsila OYJ Abp		1,499,975		18,843,955


				431,148,761

France — 12.0%
Accor SA		583,777		22,027,091
Aeroports de Paris		94,148		13,001,086
Air Liquide SA		1,664,616		299,287,965
Airbus SE		1,884,559		277,595,565


Security	Shares		Value

France (continued)
Alstom SA		1,025,379	$	31,397,359
Amundi SA^(c)		195,701		12,009,277
ArcelorMittal SA		1,534,920		44,392,612
Arkema SA		189,869		20,475,283
AXA SA		5,832,305		179,278,335
BioMerieux		132,994		14,276,815
BNP Paribas SA		3,531,714		232,908,761
Bollore SE		2,790,940		17,646,335
Bouygues SA		652,289		23,365,998
Bureau Veritas SA		932,868		25,620,090
Capgemini SE		524,242		95,002,382
Carrefour SA		1,887,397		37,731,201
Cie. de Saint-Gobain		1,555,727		105,215,920
Cie. Generale des Etablissements Michelin SCA		2,157,320		70,645,871
Covivio		149,366		7,211,631
Credit Agricole SA		3,854,602		47,856,333
Danone SA		2,038,456		124,481,851
Dassault Aviation SA		79,483		15,440,472
Dassault Systemes SE		2,122,485		90,712,118
Edenred		793,441		51,534,281
Eiffage SA		233,071		24,248,132
Engie SA		5,806,473		95,257,072
EssilorLuxottica SA		925,033		186,093,685
Eurazeo SE		137,668		8,405,972
Eurofins Scientific SE		428,318		29,458,254
Euronext NV^(c)		271,887		20,694,319
Gecina SA		145,589		15,739,991
Getlink SE		1,133,618		19,926,015
Hermes International		100,687		222,846,988
Ipsen SA		119,005		14,997,821
Kering SA		236,663		135,883,687
Klepierre SA		681,544		18,090,677
La Francaise des Jeux SAEM^(c)		332,022		12,675,725
Legrand SA		848,228		85,038,845
L’Oreal SA		765,650		356,111,021
LVMH Moet Hennessy Louis Vuitton SE		877,858		815,326,000
Orange SA		5,921,770		66,938,710
Pernod Ricard SA		656,035		144,637,056
Publicis Groupe SA		725,859		58,522,658
Remy Cointreau SA		73,391		12,598,175
Renault SA		609,434		26,767,336
Safran SA		1,086,662		180,400,139
Sanofi		3,607,563		384,871,128
Sartorius Stedim Biotech		87,481		27,370,299
Schneider Electric SE		1,724,812		307,658,213
SEB SA		78,061		8,738,607
Societe Generale SA		2,310,669		62,842,649
Sodexo SA		281,238		28,848,659
Teleperformance		187,938		27,258,302
Thales SA		337,546		50,493,433
TotalEnergies SE		7,521,105		456,956,067
Unibail-Rodamco-Westfield, New^(a)		372,205		21,090,199
Valeo		653,827		14,779,221
Veolia Environnement SA		2,158,069		70,264,451
Vinci SA		1,689,616		198,440,982
Vivendi SE		2,277,330		20,332,792
Wendel SE		84,487		8,340,092
Worldline SA/France^(a)(c)		760,415		30,142,395


				6,128,200,399


Security	Shares		Value

Germany — 7.9%
adidas AG		514,994	$	103,969,587
Allianz SE, Registered		1,282,185		306,441,386
BASF SE		2,841,608		152,341,437
Bayer AG, Registered		3,123,190		182,654,845
Bayerische Motoren Werke AG		1,052,739		128,381,492
Bechtle AG		258,125		11,361,015
Beiersdorf AG		320,412		41,495,066
Brenntag SE		491,765		38,153,398
Carl Zeiss Meditec AG, Bearer		126,918		14,707,343
Commerzbank AG		3,383,679		40,473,802
Continental AG		349,645		27,915,534
Covestro AG^(a)(c)		613,290		32,945,255
Daimler Truck Holding AG		1,569,103		58,888,891
Delivery Hero SE^(a)(c)		551,137		25,015,949
Deutsche Bank AG, Registered		6,165,601		68,346,522
Deutsche Boerse AG		604,016		115,730,385
Deutsche Lufthansa AG, Registered^(a)		1,889,601		19,059,005
Deutsche Post AG, Registered		3,199,545		164,530,877
Deutsche Telekom AG, Registered		10,304,041		224,640,803
E.ON SE		7,137,116		90,286,804
Evonik Industries AG		664,655		13,766,997
Fresenius Medical Care AG & Co. KGaA		651,990		33,860,777
Fresenius SE & Co. KGaA		1,341,025		42,084,235
GEA Group AG		478,150		20,293,553
Hannover Rueck SE		191,662		40,895,702
HeidelbergCement AG		459,721		37,259,396
HelloFresh SE^(a)		520,069		14,829,814
Henkel AG & Co. KGaA		330,462		23,093,423
Infineon Technologies AG		4,151,614		182,403,086
Knorr-Bremse AG		229,684		16,155,492
LEG Immobilien SE^(a)		233,551		16,512,654
Mercedes-Benz Group AG		2,720,881		217,297,489
Merck KGaA		411,011		72,224,881
MTU Aero Engines AG		170,262		39,758,129
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Registered		445,386		167,663,720
Nemetschek SE		181,834		13,231,878
Puma SE		332,484		22,469,691
Rational AG		16,222		12,143,107
Rheinmetall AG		138,274		39,165,560
RWE AG		2,009,937		86,504,948
SAP SE		3,319,747		452,851,854
Scout24 SE^(c)		253,756		16,774,710
Siemens AG, Registered		2,416,153		411,814,306
Siemens Healthineers AG^(c)		897,051		52,121,634
Symrise AG, Class A		421,534		46,044,894
Talanx AG^(a)(b)		200,757		12,294,327
Telefonica Deutschland Holding AG		2,823,804		7,608,400
Volkswagen AG		93,876		15,002,855
Vonovia SE		2,276,851		53,050,580
Wacker Chemie AG		57,846		8,988,563
Zalando SE^(a)(c)		705,541		24,358,585


				4,059,864,636

Hong Kong — 2.5%
AIA Group Ltd.		37,021,600		370,391,322
BOC Hong Kong Holdings Ltd.		11,686,500		35,667,693
Budweiser Brewing Co. APAC Ltd.^(c)		5,476,100		13,356,852
CK Asset Holdings Ltd.		6,269,184		36,305,287
CK Hutchison Holdings Ltd.		8,528,184		52,596,097
CK Infrastructure Holdings Ltd.		2,004,792		10,624,078


Security	Shares		Value

Hong Kong (continued)
CLP Holdings Ltd.		5,227,500	$	42,610,038
ESR Group Ltd.^(c)		6,332,000		11,103,448
Futu Holdings Ltd., ADR^(a)(b)		190,970		11,496,394
Galaxy Entertainment Group Ltd.^(a)		6,944,000		50,687,914
Hang Lung Properties Ltd.		6,373,000		9,945,370
Hang Seng Bank Ltd.		2,415,500		36,922,262
Henderson Land Development Co. Ltd.		4,613,764		14,261,921
HKT Trust & HKT Ltd., Class SS		12,118,440		14,314,294
Hong Kong & China Gas Co. Ltd.		35,369,513		30,341,993
Hong Kong Exchanges & Clearing Ltd.		3,791,200		159,844,580
Hongkong Land Holdings Ltd.^(b)		3,544,600		12,631,948
Jardine Matheson Holdings Ltd.		505,500		24,969,378
Link REIT		8,047,029		45,233,601
MTR Corp. Ltd.		4,910,000		22,626,746
New World Development Co. Ltd.		4,793,033		11,853,029
Power Assets Holdings Ltd.		4,397,500		23,048,273
Sands China Ltd.^(a)		7,678,800		29,582,671
Sino Land Co. Ltd.		11,692,000		14,352,200
SITC International Holdings Co. Ltd.		4,259,000		9,332,132
Sun Hung Kai Properties Ltd.		4,600,500		57,766,723
Swire Pacific Ltd., Class A		1,548,000		12,940,098
Swire Properties Ltd.		3,726,855		9,351,886
Techtronic Industries Co. Ltd.		4,367,533		49,617,572
WH Group Ltd.^(c)		26,387,500		14,402,035
Wharf Real Estate Investment Co. Ltd.		5,299,912		28,441,802
Xinyi Glass Holdings Ltd.		5,841,000		9,719,985


				1,276,339,622

Ireland — 0.8%
AIB Group PLC		4,262,554		20,049,616
Bank of Ireland Group PLC		3,397,574		35,847,143
CRH PLC		2,353,829		140,219,785
Flutter Entertainment PLC, Class DI^(a)		560,864		111,555,636
Kerry Group PLC, Class A		506,622		50,333,329
Kingspan Group PLC		488,676		39,222,860
Smurfit Kappa Group PLC		824,970		32,644,904


				429,873,273

Israel — 0.6%
Azrieli Group Ltd.		133,675		7,606,765
Bank Hapoalim BM		4,031,969		35,815,325
Bank Leumi Le-Israel BM		4,901,185		39,124,290
Check Point Software Technologies Ltd.^(a)(b)		318,042		42,048,333
CyberArk Software Ltd.^(a)(b)		128,814		21,384,412
Elbit Systems Ltd.		84,015		17,864,611
ICL Group Ltd.		2,232,938		14,867,993
Isracard Ltd.		1		2
Israel Discount Bank Ltd., Class A		3,902,053		20,668,194
Mizrahi Tefahot Bank Ltd.		487,242		17,591,833
Monday.com Ltd.^(a)		60,541		10,944,602
Nice Ltd.^(a)		200,648		43,675,146
Teva Pharmaceutical Industries Ltd., ADR^(a)(b)		3,531,121		29,661,416
Tower Semiconductor Ltd.^(a)		345,358		12,808,379
Wix.com Ltd.^(a)		180,945		17,066,732


				331,128,033

Italy — 2.5%
Amplifon SpA		393,587		13,315,869
Assicurazioni Generali SpA		3,224,253		68,678,258
DiaSorin SpA		79,888		8,962,804
Enel SpA		25,856,942		178,288,702
Eni SpA		7,380,158		112,671,894


Security	Shares		Value

Italy (continued)
Ferrari NV		400,729	$	128,468,367
FinecoBank Banca Fineco SpA		1,938,564		30,100,544
Infrastrutture Wireless Italiane SpA^(c)		1,063,202		13,333,397
Intesa Sanpaolo SpA		51,312,444		148,378,518
Mediobanca Banca di Credito Finanziario SpA		1,748,178		23,297,263
Moncler SpA		654,773		47,257,331
Nexi SpA^(a)(c)		1,880,243		16,282,909
Poste Italiane SpA^(c)		1,664,377		19,012,991
Prysmian SpA		808,991		32,258,632
Recordati Industria Chimica e Farmaceutica SpA		331,478		17,117,549
Snam SpA		6,401,928		33,653,425
Stellantis NV		7,150,885		146,721,016
Telecom Italia SpA/Milano^(a)(b)		31,843,737		9,179,639
Tenaris SA		1,489,056		24,744,423
Terna - Rete Elettrica Nazionale		4,466,863		37,740,539
UniCredit SpA		5,861,490		148,414,369


				1,257,878,439

Japan — 22.3%
Advantest Corp.		609,100		84,244,529
Aeon Co. Ltd.		2,075,800		44,958,995
AGC Inc.		648,900		23,447,111
Aisin Corp.		464,200		15,084,223
Ajinomoto Co. Inc.		1,442,600		56,210,748
ANA Holdings Inc.^(a)		502,000		12,034,966
Asahi Group Holdings Ltd.		1,531,500		60,202,124
Asahi Intecc Co. Ltd.		684,500		14,046,812
Asahi Kasei Corp.		3,969,500		27,051,142
Astellas Pharma Inc.		5,752,750		84,118,709
Azbil Corp.		361,500		11,407,231
Bandai Namco Holdings Inc.		1,902,900		43,052,272
BayCurrent Consulting Inc.		415,900		13,431,377
Bridgestone Corp.		1,815,100		75,318,289
Brother Industries Ltd.		736,900		11,486,735
Canon Inc.		3,175,900		82,082,351
Capcom Co. Ltd.		550,600		24,758,825
Central Japan Railway Co.		458,700		58,453,619
Chiba Bank Ltd. (The)		1,676,700		11,789,463
Chubu Electric Power Co. Inc.		2,038,000		25,531,642
Chugai Pharmaceutical Co. Ltd.		2,132,200		63,456,917
Concordia Financial Group Ltd.		3,435,700		15,714,962
CyberAgent Inc.		1,353,400		8,555,855
Dai Nippon Printing Co. Ltd.		699,600		19,886,808
Daifuku Co. Ltd.		960,100		20,533,798
Dai-ichi Life Holdings Inc.		2,990,252		61,095,965
Daiichi Sankyo Co. Ltd.		5,880,685		181,122,802
Daikin Industries Ltd.		838,900		169,624,495
Daito Trust Construction Co. Ltd.		195,900		21,072,660
Daiwa House Industry Co. Ltd.		1,901,300		51,675,258
Daiwa House REIT Investment Corp.		6,924		13,632,187
Daiwa Securities Group Inc.		4,242,400		22,997,649
Denso Corp.		1,377,800		95,932,750
Dentsu Group Inc.		674,200		22,559,659
Disco Corp.		292,400		54,964,125
East Japan Railway Co.		962,300		54,479,769
Eisai Co. Ltd.		800,400		50,500,106
ENEOS Holdings Inc.		9,122,550		33,097,875
FANUC Corp.		3,048,800		93,270,170
Fast Retailing Co. Ltd.		556,300		139,360,226
Fuji Electric Co. Ltd.		401,000		18,129,042
FUJIFILM Holdings Corp.		1,187,500		68,952,933


Security	Shares		Value

Japan (continued)
Fujitsu Ltd.		559,300	$	72,423,628
GLP J-Reit		14,108		13,898,694
GMO Payment Gateway Inc.		132,700		10,123,532
Hakuhodo DY Holdings Inc.		728,020		8,375,446
Hamamatsu Photonics KK		442,400		21,315,440
Hankyu Hanshin Holdings Inc.		727,800		24,179,611
Hikari Tsushin Inc.		63,800		9,467,095
Hirose Electric Co. Ltd.		93,748		11,873,898
Hitachi Construction Machinery Co. Ltd.		340,900		10,229,905
Hitachi Ltd.		2,982,400		195,241,271
Honda Motor Co. Ltd.		4,894,900		156,056,205
Hoshizaki Corp.		344,300		13,204,205
Hoya Corp.		1,134,800		132,158,036
Hulic Co. Ltd.		1,212,800		10,326,026
Ibiden Co. Ltd.		358,300		21,777,212
Idemitsu Kosan Co. Ltd.		659,583		13,928,298
Iida Group Holdings Co. Ltd.		503,780		8,837,556
Inpex Corp.		3,073,743		39,688,839
Isuzu Motors Ltd.		1,838,300		23,880,886
ITOCHU Corp.		3,779,000		152,842,779
Itochu Techno-Solutions Corp.		298,500		7,565,226
Japan Airlines Co. Ltd.		455,200		9,855,361
Japan Exchange Group Inc.		1,599,100		27,861,430
Japan Metropolitan Fund Invest		22,000		15,089,739
Japan Post Bank Co. Ltd.		4,685,100		38,977,887
Japan Post Holdings Co. Ltd.		6,976,600		50,947,218
Japan Post Insurance Co. Ltd.		626,200		10,119,497
Japan Real Estate Investment Corp.		4,061		16,333,736
Japan Tobacco Inc.		3,814,600		84,644,423
JFE Holdings Inc.		1,549,975		25,072,253
JSR Corp.		559,200		16,041,602
Kajima Corp.		1,334,400		21,086,793
Kansai Electric Power Co. Inc. (The)		2,237,400		29,393,352
Kao Corp.		1,483,600		56,364,326
Kawasaki Kisen Kaisha Ltd.		437,200		13,183,601
KDDI Corp.		4,758,200		140,041,904
Keio Corp.		322,700		10,726,743
Keisei Electric Railway Co. Ltd.		407,100		16,896,785
Keyence Corp.		618,792		277,677,930
Kikkoman Corp.		458,600		26,429,511
Kintetsu Group Holdings Co. Ltd.		574,400		19,269,169
Kirin Holdings Co. Ltd.		2,469,600		36,477,072
Kobayashi Pharmaceutical Co. Ltd.		168,500		9,262,666
Kobe Bussan Co. Ltd.^(b)		474,700		12,643,909
Koei Tecmo Holdings Co. Ltd.		367,500		6,288,341
Koito Manufacturing Co. Ltd.		658,300		12,104,435
Komatsu Ltd.		2,936,000		82,250,369
Konami Group Corp.		318,400		17,861,167
Kose Corp.		104,900		10,272,458
Kubota Corp.		3,217,900		48,609,496
Kurita Water Industries Ltd.		329,400		13,246,878
Kyocera Corp.		1,020,400		54,909,828
Kyowa Kirin Co. Ltd.		854,000		16,307,708
Lasertec Corp.		239,500		36,255,942
Lixil Corp.		921,880		11,781,464
M3 Inc.		1,395,900		32,278,547
Makita Corp.		709,400		19,920,694
Marubeni Corp.		4,859,200		86,032,107
MatsukiyoCocokara & Co.		363,700		21,284,309
Mazda Motor Corp.		1,796,600		17,823,152


Security	Shares		Value

Japan (continued)
McDonald’s Holdings Co. Japan Ltd.^(b)		276,500	$	10,883,914
MEIJI Holdings Co. Ltd.		702,408		16,228,360
MINEBEA MITSUMI Inc.		1,148,300		21,269,705
MISUMI Group Inc.		897,200		16,413,485
Mitsubishi Chemical Group Corp.		4,069,000		24,340,050
Mitsubishi Corp.		3,941,000		201,647,002
Mitsubishi Electric Corp.		6,143,500		88,657,653
Mitsubishi Estate Co. Ltd.		3,578,200		43,853,302
Mitsubishi HC Capital Inc.		2,789,800		18,455,548
Mitsubishi Heavy Industries Ltd.		1,018,900		48,340,720
Mitsubishi UFJ Financial Group Inc.		36,301,580		292,309,325
Mitsui & Co. Ltd.		4,174,400		162,927,154
Mitsui Chemicals Inc.		583,500		16,777,933
Mitsui Fudosan Co. Ltd.		2,864,400		58,848,913
Mitsui OSK Lines Ltd.		1,091,600		28,219,835
Mizuho Financial Group Inc.		7,668,416		130,097,470
MonotaRO Co. Ltd.		787,500		9,611,309
MS&AD Insurance Group Holdings Inc.		1,361,288		50,630,811
Murata Manufacturing Co. Ltd.		1,826,200		108,479,379
NEC Corp.		781,900		39,560,546
Nexon Co. Ltd.		1,238,400		23,627,945
NGK Insulators Ltd.		748,900		9,184,705
Nidec Corp.		1,326,700		79,237,088
Nintendo Co. Ltd.		3,302,900		149,405,811
Nippon Building Fund Inc.		4,841		20,292,559
Nippon Express Holdings Inc.		242,900		14,241,519
Nippon Paint Holdings Co. Ltd.		3,006,200		27,543,580
Nippon Prologis REIT Inc.		6,978		14,269,371
Nippon Sanso Holdings Corp.		547,500		13,239,282
Nippon Shinyaku Co. Ltd.		167,600		6,777,680
Nippon Steel Corp.		2,564,335		58,611,381
Nippon Telegraph & Telephone Corp.		94,989,500		108,926,168
Nippon Yusen KK		1,540,500		37,474,448
Nissan Chemical Corp.		401,000		18,019,203
Nissan Motor Co. Ltd.		7,378,000		32,501,169
Nisshin Seifun Group Inc.		621,897		7,712,149
Nissin Foods Holdings Co. Ltd.		194,000		16,357,217
Nitori Holdings Co. Ltd.		254,800		31,200,921
Nitto Denko Corp.		475,000		33,777,718
Nomura Holdings Inc.		9,263,100		38,321,184
Nomura Real Estate Holdings Inc.		375,000		9,301,132
Nomura Real Estate Master Fund Inc.		13,360		15,894,896
Nomura Research Institute Ltd.		1,256,071		35,691,152
NTT Data Group Corp.		1,994,655		27,748,028
Obayashi Corp.		2,053,500		18,986,317
Obic Co. Ltd.		220,600		36,099,011
Odakyu Electric Railway Co. Ltd.		929,200		13,576,003
Oji Holdings Corp.		2,735,100		10,798,990
Olympus Corp.		3,823,800		62,392,665
Omron Corp.		557,300		29,913,780
Ono Pharmaceutical Co. Ltd.		1,230,400		22,547,473
Open House Group Co. Ltd.		254,900		9,699,532
Oracle Corp. Japan		121,400		8,509,971
Oriental Land Co. Ltd./Japan		3,468,900		133,044,576
ORIX Corp.		3,729,800		71,748,364
Osaka Gas Co. Ltd.		1,180,900		18,581,272
Otsuka Corp.		360,400		15,008,261
Otsuka Holdings Co. Ltd.		1,239,700		45,580,427
Pan Pacific International Holdings Corp.		1,201,000		23,745,688
Panasonic Holdings Corp.		7,021,268		86,666,191


Security	Shares		Value

Japan (continued)
Persol Holdings Co. Ltd.		558,100	$	11,039,567
Rakuten Group Inc.		4,737,900		18,557,231
Recruit Holdings Co. Ltd.		4,607,000		159,566,432
Renesas Electronics Corp.^(a)		4,053,500		78,207,525
Resona Holdings Inc.		6,835,500		37,213,017
Ricoh Co. Ltd.		1,787,900		15,904,560
Rohm Co. Ltd.		278,600		26,107,113
SBI Holdings Inc.		780,180		16,475,287
SCSK Corp.		494,400		8,219,424
Secom Co. Ltd.		666,500		44,725,377
Seiko Epson Corp.		916,200		15,045,569
Sekisui Chemical Co. Ltd.		1,154,500		17,536,280
Sekisui House Ltd.		1,955,900		39,903,672
Seven & i Holdings Co. Ltd.		2,395,380		99,372,530
SG Holdings Co. Ltd.		1,014,700		14,808,030
Sharp Corp./Japan^(a)(b)		753,600		4,481,026
Shimadzu Corp.		749,200		22,753,815
Shimano Inc.		246,600		37,169,316
Shimizu Corp.		1,733,700		11,944,388
Shin-Etsu Chemical Co. Ltd.		5,791,300		190,793,472
Shionogi & Co. Ltd.		837,400		35,093,783
Shiseido Co. Ltd.		1,270,100		55,686,348
Shizuoka Financial Group Inc., NVS		1,409,800		11,774,797
SMC Corp.		181,800		95,001,946
SoftBank Corp.		9,118,700		101,258,596
SoftBank Group Corp.		3,271,100		166,375,976
Sompo Holdings Inc.		993,350		43,916,740
Sony Group Corp.		4,009,200		375,526,633
Square Enix Holdings Co. Ltd.		271,300		12,566,415
Subaru Corp.		1,953,100		37,018,213
SUMCO Corp.		1,104,100		16,088,855
Sumitomo Chemical Co. Ltd.		4,691,000		14,467,783
Sumitomo Corp.		3,580,700		76,816,329
Sumitomo Electric Industries Ltd.		2,260,900		28,989,180
Sumitomo Metal Mining Co. Ltd.		782,100		27,009,978
Sumitomo Mitsui Financial Group Inc.		4,152,000		194,528,042
Sumitomo Mitsui Trust Holdings Inc.		1,054,960		41,039,742
Sumitomo Realty & Development Co. Ltd.		904,700		24,245,430
Suntory Beverage & Food Ltd.		439,400		15,641,326
Suzuki Motor Corp.		1,171,200		47,041,906
Sysmex Corp.		532,400		36,051,521
T&D Holdings Inc.		1,585,000		25,770,208
Taisei Corp.		569,900		21,597,162
Takeda Pharmaceutical Co. Ltd.		5,030,310		153,800,928
TDK Corp.		1,235,800		47,341,340
Terumo Corp.		2,140,700		70,105,931
TIS Inc.		711,600		18,048,871
Tobu Railway Co. Ltd.		597,700		15,816,344
Toho Co. Ltd./Tokyo		353,100		13,764,870
Tokio Marine Holdings Inc.		5,729,700		131,754,341
Tokyo Electric Power Co. Holdings Inc.^(a)		4,850,800		19,262,724
Tokyo Electron Ltd.		1,424,700		213,828,851
Tokyo Gas Co. Ltd.		1,244,200		28,213,552
Tokyu Corp.		1,678,100		21,291,192
Toppan Inc.		775,200		18,247,060
Toray Industries Inc.		4,406,600		24,674,369
Toshiba Corp.		1,308,800		42,256,203
Tosoh Corp.		817,200		10,681,348
TOTO Ltd.		448,000		13,772,466
Toyota Industries Corp.		466,200		33,690,939


Security	Shares		Value

Japan (continued)
Toyota Motor Corp.		33,713,920	$	566,857,376
Toyota Tsusho Corp.		675,300		39,508,533
Trend Micro Inc./Japan		421,900		19,932,973
Unicharm Corp.		1,283,100		47,472,971
USS Co. Ltd.		677,980		11,756,228
Welcia Holdings Co. Ltd.		298,000		5,609,479
West Japan Railway Co.		697,300		28,648,112
Yakult Honsha Co. Ltd.		405,200		22,482,859
Yamaha Corp.		444,400		17,219,700
Yamaha Motor Co. Ltd.		945,300		27,724,608
Yamato Holdings Co. Ltd.		906,400		16,975,032
Yaskawa Electric Corp.		761,900		33,120,002
Yokogawa Electric Corp.		719,700		13,515,172
Z Holdings Corp.		8,423,922		23,485,960
ZOZO Inc.		394,300		7,697,532


				11,424,040,411

Netherlands — 4.6%
ABN AMRO Bank NV, CVA^(c)		1,313,860		22,339,831
Adyen NV^(a)(c)		68,986		128,039,026
Aegon NV		5,363,422		29,114,160
AerCap Holdings NV^(a)		526,222		33,578,226
Akzo Nobel NV		540,414		46,231,348
ASM International NV		149,026		70,799,321
ASML Holding NV		1,281,647		918,003,728
Davide Campari-Milano NV		1,655,304		22,261,985
EXOR NV, NVS^(b)		344,698		32,210,492
Ferrovial SE		1,614,710		53,509,780
Heineken Holding NV		364,701		29,896,412
Heineken NV		823,977		80,652,075
IMCD NV		181,121		27,445,158
ING Groep NV		11,506,558		167,957,345
JDE Peet’s NV		398,277		12,016,133
Just Eat Takeaway.com NV^(a)(c)		666,209		11,951,784
Koninklijke Ahold Delhaize NV		3,101,630		106,908,900
Koninklijke KPN NV		10,439,651		37,773,326
Koninklijke Philips NV^(a)		2,955,153		61,389,273
NN Group NV		795,035		30,477,607
OCI NV		331,908		9,459,302
Prosus NV		2,548,098		201,573,310
QIAGEN NV^(a)		720,550		33,809,320
Randstad NV		349,448		20,472,579
Universal Music Group NV		2,608,364		66,904,294
Wolters Kluwer NV		818,622		102,799,278


				2,357,573,993

New Zealand — 0.2%
Auckland International Airport Ltd.^(a)		3,956,598		20,654,426
EBOS Group Ltd.		510,401		12,231,380
Fisher & Paykel Healthcare Corp. Ltd.		1,841,739		28,117,916
Mercury NZ Ltd.		2,182,208		8,936,348
Meridian Energy Ltd.		4,073,000		14,295,732
Spark New Zealand Ltd.		5,899,755		18,994,531


				103,230,333

Norway — 0.7%
Adevinta ASA^(a)		923,775		6,833,204
Aker BP ASA		1,005,026		28,153,363
DNB Bank ASA		2,960,423		61,006,864
Equinor ASA		3,028,513		92,637,589
Gjensidige Forsikring ASA		631,985		9,976,785
Kongsberg Gruppen ASA		279,149		12,112,591


Security	Shares		Value

Norway (continued)
Mowi ASA		1,393,833	$	24,503,446
Norsk Hydro ASA		4,277,033		28,012,080
Orkla ASA		2,377,990		18,764,300
Salmar ASA		230,636		10,655,038
Telenor ASA		2,210,069		23,658,659
Yara International ASA		524,190		21,408,955


				337,722,874

Portugal — 0.2%
EDP - Energias de Portugal SA		9,298,470		43,440,952
Galp Energia SGPS SA		1,580,259		21,001,030
Jeronimo Martins SGPS SA		899,596		24,492,203


				88,934,185

Singapore — 1.5%
CapitaLand Ascendas REIT		10,668,100		22,559,026
CapitaLand Integrated Commercial Trust		16,855,525		25,878,019
Capitaland Investment Ltd/Singapore		8,232,800		21,071,684
City Developments Ltd.^(b)		1,587,200		8,831,637
DBS Group Holdings Ltd.		5,758,700		148,557,406
Genting Singapore Ltd.		19,236,200		13,606,253
Grab Holdings Ltd., Class A^(a)		5,923,331		22,686,358
Jardine Cycle & Carriage Ltd.		311,100		8,029,438
Keppel Corp. Ltd.		4,608,500		25,592,079
Mapletree Logistics Trust		10,984,528		13,964,455
Mapletree Pan Asia Commercial Trust		7,455,100		9,259,405
Oversea-Chinese Banking Corp. Ltd.		10,764,998		107,733,420
Sea Ltd., ADR^(a)(b)		1,160,407		77,190,274
Seatrium Ltd.^(a)		146,988,484		15,578,624
Singapore Airlines Ltd.^(b)		4,246,600		24,057,086
Singapore Exchange Ltd.		2,654,800		19,406,034
Singapore Technologies Engineering Ltd.		4,935,000		13,855,031
Singapore Telecommunications Ltd.		26,273,085		52,705,517
United Overseas Bank Ltd.		4,019,900		91,185,329
UOL Group Ltd.		1,472,000		7,788,610
Venture Corp. Ltd.		880,300		9,924,428
Wilmar International Ltd.		6,090,900		17,698,527


				757,158,640

Spain — 2.5%
Acciona SA		78,014		11,694,200
ACS Actividades de Construccion y Servicios SA		693,723		24,265,555
Aena SME SA^(c)		238,421		38,073,960
Amadeus IT Group SA		1,432,183		102,739,209
Banco Bilbao Vizcaya Argentaria SA		19,170,444		151,952,112
Banco Santander SA		52,309,480		211,972,725
CaixaBank SA		13,117,070		53,061,178
Cellnex Telecom SA^(c)		1,794,400		73,281,642
Corp. ACCIONA Energias Renovables SA		208,043		6,548,311
EDP Renovaveis SA		821,288		15,687,339
Enagas SA		820,886		14,567,873
Endesa SA		1,001,563		21,466,347
Grifols SA^(a)		935,167		13,737,890
Iberdrola SA		19,006,305		237,227,782
Industria de Diseno Textil SA		3,463,314		132,568,104
Naturgy Energy Group SA		399,138		12,170,003
Redeia Corp. SA		1,347,914		22,544,752
Repsol SA		4,219,824		64,425,827
Telefonica SA		16,502,108		70,311,571


				1,278,296,380

Sweden — 3.2%
Alfa Laval AB		919,774		34,430,380


Security	Shares		Value

Sweden (continued)
Assa Abloy AB, Class B		3,182,174	$	76,508,639
Atlas Copco AB, Class A		8,539,247		121,307,560
Atlas Copco AB, Class B		4,963,754		61,296,983
Beijer Ref AB, Class B		1,221,841		16,615,226
Boliden AB		869,421		25,569,013
Embracer Group AB, Class B^(a)(b)		2,062,082		5,918,780
Epiroc AB, Class A		2,094,980		41,827,590
Epiroc AB, Class B		1,239,615		21,059,912
EQTAB		1,132,031		27,040,919
Essity AB, Class B		1,935,157		47,984,698
Evolution AB^(c)		582,783		71,864,481
Fastighets AB Balder, Class B^(a)		1,987,754		9,275,794
Getinge AB, Class B		726,054		13,528,579
H & M Hennes & Mauritz AB, Class B		2,092,065		35,188,044
Hexagon AB, Class B		6,601,645		64,008,275
Holmen AB, Class B		296,941		11,438,384
Husqvarna AB, Class B		1,329,595		13,041,412
Industrivarden AB, Class A		414,957		11,783,516
Industrivarden AB, Class C^(b)		494,213		14,001,435
Indutrade AB		864,721		18,147,328
Investment AB Latour, Class B		468,155		9,434,082
Investor AB, Class A		1,388,894		28,206,218
Investor AB, Class B		5,502,493		112,382,845
Kinnevik AB, Class B^(a)		766,964		10,468,063
L E Lundbergforetagen AB, Class B		241,337		10,635,581
Lifco AB, Class B		734,170		14,802,221
Nibe Industrier AB, Class B		4,817,736		43,397,015
Nordea Bank Abp		10,314,023		116,737,572
Saab AB, Class B		253,902		13,382,948
Sagax AB, Class B		604,611		13,425,784
Sandvik AB		3,391,400		68,887,891
Securitas AB, Class B		1,552,056		13,210,749
Skandinaviska Enskilda Banken AB, Class A		5,139,198		62,298,541
Skanska AB, Class B		1,075,911		17,160,119
SKF AB, Class B		1,079,129		20,560,026
Svenska Cellulosa AB SCA, Class B		1,924,856		25,576,462
Svenska Handelsbanken AB, Class A		4,636,801		40,710,915
Swedbank AB, Class A		2,698,732		49,499,300
Swedish Orphan Biovitrum AB^(a)(b)		536,790		10,506,630
Tele2 AB, Class B		1,794,293		13,501,253
Telefonaktiebolaget LM Ericsson, Class B		9,266,591		46,615,344
Telia Co. AB		7,770,461		16,698,576
Volvo AB, Class A		638,121		14,470,002
Volvo AB, Class B		4,797,414		105,824,313
Volvo Car AB, Class B^(a)(b)		1,890,881		9,346,622


				1,629,576,020

Switzerland — 10.5%
ABB Ltd., Registered		4,996,613		200,501,666
Adecco Group AG, Registered		509,185		20,751,493
Alcon Inc.		1,588,442		135,163,101
Bachem Holding AG, Class A		107,187		9,900,984
Baloise Holding AG, Registered		145,313		22,492,829
Banque Cantonale Vaudoise, Registered		95,664		10,737,460
Barry Callebaut AG, Registered		11,271		21,133,122
BKWAG		67,076		12,002,864
Chocoladefabriken Lindt & Spruengli AG, Participation Certificates, NVS		3,177		38,855,443
Chocoladefabriken Lindt & Spruengli AG, Registered		345		41,929,710


Security	Shares		Value

Switzerland (continued)
Cie. Financiere Richemont SA, Class A, Registered		1,659,439	$	267,224,112
Clariant AG, Registered		679,010		11,126,378
Coca-Cola HBC AG, Class DI		698,454		20,550,562
DSM-Firmenich AG		555,739		61,409,042
Dufry AG, Registered^(a)		312,521		16,147,476
EMS-Chemie Holding AG, Registered		22,216		18,542,581
Geberit AG, Registered		108,058		61,323,125
Givaudan SA, Registered		29,353		99,080,183
Helvetia Holding AG, Registered		117,610		17,404,282
Holcim Ltd.		1,762,102		122,813,072
Julius Baer Group Ltd.		683,979		48,444,544
Kuehne + Nagel International AG, Registered		172,946		54,114,100
Logitech International SA, Registered		522,582		36,945,989
Lonza Group AG, Registered		236,731		137,549,211
Nestle SA, Registered		8,742,626		1,071,138,908
Novartis AG, Registered		6,516,316		682,239,604
Partners Group Holding AG		72,174		81,024,961
Roche Holding AG, Bearer		101,767		33,742,990
Roche Holding AG, NVS		2,233,529		692,508,662
Schindler Holding AG, Participation Certificates, NVS		129,653		31,481,909
Schindler Holding AG, Registered		74,830		17,350,205
SGS SA		477,378		46,351,021
Siemens Energy AG^(a)		1,647,133		27,905,123
SIG Group AG		970,377		25,941,735
Sika AG, Registered		464,261		144,495,426
Sonova Holding AG, Registered		165,558		46,148,464
STMicroelectronics NV		2,173,163		116,234,568
Straumann Holding AG		355,138		58,765,712
Swatch Group AG (The), Bearer		91,819		29,385,793
Swatch Group AG (The), Registered		165,861		9,960,406
Swiss Life Holding AG, Registered		98,017		62,324,508
Swiss Prime Site AG, Registered		241,777		23,406,281
Swiss Re AG		958,768		100,037,177
Swisscom AG, Registered		82,378		52,973,630
Temenos AG, Registered		200,741		17,264,280
UBS Group AG, Registered^(b)		10,455,531		231,996,441
VAT Group AG^(c)		85,688		36,421,422
Zurich Insurance Group AG		478,307		231,260,717


				5,356,503,272

United Kingdom — 14.8%
3i Group PLC		3,094,831		78,519,445
abrdn PLC		6,434,200		19,147,973
Admiral Group PLC		673,199		18,380,352
Anglo American PLC		4,039,788		124,230,645
Antofagasta PLC		1,253,688		26,966,525
Ashtead Group PLC		1,392,398		103,014,879
Associated British Foods PLC		1,122,088		29,529,993
AstraZeneca PLC		4,927,248		707,928,260
Auto Trader Group PLC^(c)		2,941,123		24,392,410
Aviva PLC		8,840,188		44,043,244
BAE Systems PLC		9,694,844		115,941,071
Barclays PLC		49,364,327		97,954,180
Barratt Developments PLC		3,177,484		18,599,743
Berkeley Group Holdings PLC		345,811		19,281,622
BP PLC		56,549,559		350,858,789
British American Tobacco PLC		6,744,164		226,793,426
British Land Co. PLC (The)		2,784,125		12,080,874
BT Group PLC		22,102,824		34,634,795


Security	Shares		Value

United Kingdom (continued)
Bunzl PLC		1,072,260	$	39,746,440
Burberry Group PLC		1,231,429		35,151,428
Centrica PLC		18,033,641		31,958,322
CNH Industrial NV		3,244,733		46,863,599
Coca-Cola Europacific Partners PLC		653,041		41,396,269
Compass Group PLC		5,547,440		144,331,231
Croda International PLC		441,641		33,438,041
DCC PLC		312,042		18,066,833
Diageo PLC		7,168,186		312,835,827
Endeavour Mining PLC		588,762		14,186,860
Entain PLC		2,021,972		36,014,288
Experian PLC		2,922,155		112,928,326
Glencore PLC		33,933,199		206,362,498
GSK PLC		13,018,595		231,745,981
Haleon PLC		16,147,129		69,697,812
Halma PLC		1,206,964		34,661,441
Hargreaves Lansdown PLC		1,126,601		12,326,365
Hikma Pharmaceuticals PLC		520,169		13,969,061
HSBC Holdings PLC		63,516,184		527,591,626
Imperial Brands PLC		2,790,995		65,938,475
Informa PLC		4,509,477		43,876,615
InterContinental Hotels Group PLC		554,808		41,004,302
Intertek Group PLC		513,097		28,742,894
J Sainsbury PLC		5,223,755		18,599,094
JD Sports Fashion PLC		8,152,474		16,513,915
Johnson Matthey PLC		578,562		13,380,599
Kingfisher PLC		6,258,064		19,733,987
Land Securities Group PLC		2,223,009		18,461,621
Legal & General Group PLC		18,990,273		56,911,280
Lloyds Banking Group PLC		210,654,038		121,704,788
London Stock Exchange Group PLC		1,276,660		138,638,571
M&G PLC		7,038,493		18,130,449
Mondi PLC		1,532,231		26,876,238
National Grid PLC		11,691,068		154,962,919
NatWest Group PLC, NVS		18,242,581		57,264,156
Next PLC		386,712		34,974,539
NMC Health PLC, NVS^(d)		473,933		6
Ocado Group PLC^(a)		1,816,815		21,871,850
Pearson PLC		2,083,699		23,048,945
Persimmon PLC		1,003,990		14,926,243
Phoenix Group Holdings PLC		2,373,731		16,770,691
Prudential PLC		8,752,950		121,546,306
Reckitt Benckiser Group PLC		2,276,833		170,562,226
RELX PLC		6,049,595		203,609,444
Rentokil Initial PLC		8,011,672		65,328,443
Rio Tinto PLC		3,578,964		236,561,349
Rolls-Royce Holdings PLC^(a)		26,602,137		63,077,310
Sage Group PLC (The)		3,252,213		39,119,492
Schroders PLC		2,552,995		15,062,143
Segro PLC		3,834,976		37,581,053
Severn Trent PLC		793,769		26,014,874
Shell PLC		21,770,174		659,805,042
Smith & Nephew PLC		2,769,517		42,132,655
Smiths Group PLC		1,162,399		25,351,509
Spirax-Sarco Engineering PLC		234,243		33,454,524
SSE PLC		3,466,328		74,952,867
St. James’s Place PLC		1,745,291		21,067,618
Standard Chartered PLC		7,652,127		73,502,857
Taylor Wimpey PLC		11,164,664		16,388,154
Tesco PLC		23,267,344		77,063,091


Security	Shares		Value


United Kingdom (continued)
Unilever PLC		8,030,684	$	431,511,902
United Utilities Group PLC		2,167,847		27,799,483
Vodafone Group PLC		72,765,636		69,219,015
Whitbread PLC		641,638		28,823,085
Wise PLC, Class A^(a)		1,949,854		19,447,595
WPP PLC		3,411,954		37,254,202


				7,584,138,890


Total Common Stocks — 99.1% (Cost: $43,694,864,755)				50,707,934,337


Preferred Stocks

Germany — 0.5%
Bayerische Motoren Werke AG, Preference Shares, NVS		189,195		21,256,261
Dr Ing hc F Porsche AG, Preference Shares, NVS^(c)		362,306		44,303,741
Henkel AG & Co. KGaA, Preference Shares, NVS		538,581		41,560,320
Porsche Automobil Holding SE, Preference Shares, NVS		487,783		28,782,070
Sartorius AG, Preference Shares, NVS^(b)		83,389		34,404,580
Volkswagen AG, Preference Shares, NVS		655,517		86,839,989


				257,146,961


Total Preferred Stocks — 0.5% (Cost: $284,118,601)				257,146,961


Total Long-Term Investments — 99.6% (Cost: $43,978,983,356)				50,965,081,298


Security	Shares		Value


Short-Term Securities

Money Market Funds — 0.4%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.42%^(e)(f)(g)		125,857,132	$	125,894,889
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.22%^(e)(f)		60,760,000		60,760,000


Total Short-Term Securities — 0.4% (Cost: $186,578,170)				186,654,889


Total Investments — 100.0% (Cost: $44,165,561,526)				51,151,736,187

Other Assets Less Liabilities — 0.0%				2,565,616


Net Assets — 100.0%			$	51,154,301,803

^(a)	Non-income producing security.

^(b)	All or a portion of this security is on loan.

^(c)	Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

^(d)	Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

^(e)	Affiliate of the Fund.

^(f)	Annualized 7-day yield as of period end.

^(g)	All or a portion of this security was purchased with the cash collateral from loaned securities.

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

For the period ended July 31, 2023, the effect of derivative financial instruments in the Statements of Operations was as follows:

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


Security	Shares		Value

Common Stocks

Australia — 9.8%
29Metals Ltd.		1,098,152	$	534,184
Abacus Property Group		1,909,216		3,417,467
Accent Group Ltd.		1,465,568		1,743,024
Adbri Ltd.		1,617,739		2,711,844
AET&D Holdings No. 1 Pty Ltd.^(a)		169,200		1
AGL Energy Ltd.		2,571,034		21,070,988
Allkem Ltd.^(b)		2,569,848		25,728,322
Alpha HPA Ltd., NVS		2,410,770		1,809,206
ALS Ltd.		1,951,815		15,437,513
Altium Ltd.		503,613		12,959,177
Alumina Ltd.		10,417,974		10,056,519
AMP Ltd.		12,581,781		9,574,065
Ansell Ltd.		539,550		8,762,127
APM Human Services International Ltd.		1,125,288		1,509,125
Arafura Rare Earths Ltd.^(b)(c)		7,762,237		1,491,002
ARB Corp. Ltd.		330,742		6,943,543
Arena REIT		1,474,611		3,774,506
Argosy Minerals Ltd.^(b)(c)		4,712,776		1,018,206
Atlas Arteria Ltd.		6,150,714		25,999,995
AUB Group Ltd.		409,370		7,907,841
Aussie Broadband Ltd.^(b)(c)		787,736		1,460,646
Austal Ltd.		1,342,062		1,986,098
Australian Agricultural Co. Ltd.^(b)(c)		821,092		823,815
Australian Clinical Labs Ltd.^(c)		451,143		962,608
AVZ Minerals Ltd.^(a)(b)(c)		10,717,468		3,930,612
Bank of Queensland Ltd.		2,794,333		11,355,457
Bapcor Ltd.		1,448,057		6,092,139
Beach Energy Ltd.		6,680,348		7,284,153
Bega Cheese Ltd.		1,182,950		2,591,026
Bellevue Gold Ltd.^(b)		4,755,349		4,665,459
Bendigo & Adelaide Bank Ltd.		2,419,274		15,234,775
Boral Ltd.^(b)(c)		1,604,518		4,710,762
Boss Energy Ltd. ^(b)(c)		1,355,455		2,663,581
BrainChip Holdings Ltd.^(b)(c)		6,557,946		1,590,411
Breville Group Ltd.		392,949		5,978,431
Brickworks Ltd.		321,967		5,616,392
BWP Trust		2,059,877		5,086,829
Calix Ltd.^(b)		608,333		1,709,536
Capricorn Metals Ltd.^(b)		1,281,803		3,867,139
carsales.com Ltd.		1,597,071		26,696,308
Centuria Capital Group		2,828,338		3,242,902
Centuria Industrial REIT		2,345,793		5,023,178
Centuria Office REIT		1,550,248		1,511,624
Chalice Mining Ltd.^(b)		1,423,610		5,695,316
Challenger Ltd.		2,031,001		9,816,664
Champion Iron Ltd.		1,631,387		6,609,569
Charter Hall Group		2,004,336		15,448,949
Charter Hall Long Wale REIT		2,760,803		7,641,230
Charter Hall Retail REIT		2,233,637		5,640,007
Charter Hall Social Infrastructure REIT		1,396,216		2,811,193
Cleanaway Waste Management Ltd.		8,954,500		16,620,246
Clinuvel Pharmaceuticals Ltd.		161,097		1,988,347
Codan Ltd./Australia		422,262		2,134,536
Collins Foods Ltd.		469,271		3,167,446
Core Lithium Ltd.^(b)(c)		7,186,845		3,103,272
Coronado Global Resources Inc.^(d)		3,162,542		3,558,091
Corporate Travel Management Ltd.		533,829		7,524,149
Costa Group Holdings Ltd.		1,657,280		3,696,211


Security	Shares		Value

Australia (continued)
Credit Corp. Group Ltd.		290,914	$	4,632,245
Cromwell Property Group		6,323,370		2,340,992
CSR Ltd.		1,936,819		7,471,122
Data#3 Ltd.		620,835		3,137,553
De Grey Mining Ltd.^(b)		4,944,466		4,471,501
Deterra Royalties Ltd.		1,765,778		5,595,993
Dexus Industria REIT		851,890		1,603,769
Dicker Data Ltd.		305,061		1,641,771
Domain Holdings Australia Ltd.		1,084,556		2,969,723
Domino’s Pizza Enterprises Ltd.		283,644		9,384,413
Downer EDI Ltd.		2,852,626		8,433,268
Eagers Automotive Ltd.		654,612		6,511,002
Elders Ltd.		660,017		3,235,950
Evolution Mining Ltd.		7,769,102		19,504,002
EVT Ltd.		398,945		3,282,717
Firefinch Ltd.^(a)(b)(c)		4,681,624		471,697
FleetPartners Group Ltd., NVS^(b)		1,152,227		1,990,977
Flight Centre Travel Group Ltd.^(b)		740,385		11,651,785
G8 Education Ltd.		3,180,626		2,353,534
Gold Road Resources Ltd.		4,435,774		4,738,197
Goulamina Holdings Pty Ltd.^(b)(c)		4,370,759		3,414,750
GrainCorp Ltd., Class A		889,965		4,844,328
Grange Resources Ltd.		2,139,618		778,967
Growthpoint Properties Australia Ltd.		1,286,403		2,487,444
GUD Holdings Ltd.		596,127		4,003,893
GWA Group Ltd.		904,885		1,194,349
Hansen Technologies Ltd.		732,900		2,583,571
Harvey Norman Holdings Ltd.		2,379,108		6,052,600
Healius Ltd.		2,399,931		4,636,972
Helia Group Ltd.		1,456,195		3,802,013
Home Consortium Ltd.		855,090		2,983,663
HomeCo Daily Needs REIT		6,585,818		5,296,997
HUB24 Ltd.		323,721		6,141,564
Iluka Resources Ltd.		1,806,245		12,475,670
Imdex Ltd.		2,111,383		2,785,257
Imugene Ltd.^(b)(c)		22,902,679		1,545,895
Incitec Pivot Ltd.		8,271,722		16,826,411
Ingenia Communities Group		1,460,531		4,015,981
Inghams Group Ltd.		1,559,541		2,939,528
Insignia Financial Ltd.		2,436,521		4,895,740
Integral Diagnostics Ltd.		835,619		1,700,694
InvoCare Ltd.		585,094		4,811,257
ionner Ltd.^(b)		6,245,048		1,221,894
IPH Ltd.		908,631		4,836,841
IRESS Ltd.		748,128		5,229,949
JB Hi-Fi Ltd.		465,808		14,326,282
Johns Lyng Group Ltd.		785,445		2,799,233
Judo Capital Holdings Ltd.^(b)		2,735,847		2,513,430
Jumbo Interactive Ltd.		225,837		2,332,615
Karoon Energy Ltd.^(b)		2,378,989		3,584,642
Kelsian Group Ltd.		744,030		3,478,585
Lake Resources NL^(b)(c)		5,828,189		885,123
Lifestyle Communities Ltd.^(c)		380,187		4,452,854
Link Administration Holdings Ltd.		2,208,635		2,274,952
Liontown Resources Ltd.^(b)(c)		6,522,647		11,844,368
Lovisa Holdings Ltd.		250,818		3,625,995
Lynas Rare Earths Ltd.^(b)		3,968,671		17,986,914
MA Financial Group Ltd.^(c)		433,622		1,377,746
Maas Group Holdings Ltd.^(c)		370,096		667,467
Magellan Financial Group Ltd.		652,242		4,099,989


Security	Shares		Value

Australia (continued)
McMillan Shakespeare Ltd.		238,429	$	3,174,969
Megaport Ltd.^(b)(c)		635,240		4,364,192
Mesoblast Ltd.^(b)(c)		3,078,201		2,364,721
Metcash Ltd.		3,843,806		9,307,915
Monadelphous Group Ltd.		386,463		3,548,146
Mount Gibson Iron Ltd.^(b)(c)		2,610,143		826,954
Nanosonics Ltd.^(b)(c)		1,085,639		3,460,517
National Storage REIT		5,155,542		8,052,641
Netwealth Group Ltd.		515,866		5,270,578
Neuren Pharmaceuticals Ltd., NVS^(b)(c)		455,263		3,981,926
New Hope Corp. Ltd.		2,440,164		8,738,854
NEXTDC Ltd.^(b)		2,182,125		18,728,109
nib holdings Ltd.		2,049,244		11,412,023
Nick Scali Ltd.^(c)		279,060		2,009,129
Nickel Mines Ltd.		7,610,449		4,241,580
Nine Entertainment Co. Holdings Ltd.		6,112,393		8,814,810
Novonix Ltd.^(b)(c)		1,687,244		1,059,582
NRW Holdings Ltd.		1,677,007		3,108,808
Nufarm Ltd./Australia		1,520,671		5,505,305
Objective Corp. Ltd.		123,534		1,097,631
Omni Bridgeway Ltd.^(b)		1,088,252		2,064,835
oOh!media Ltd.		2,464,003		2,314,530
Orora Ltd.		3,414,708		8,248,257
Paladin Energy Ltd.^(b)		11,983,701		5,962,848
Pepper Money Ltd./Australia		696,253		721,201
Perenti Global Ltd.^(b)		2,590,955		2,085,519
Perpetual Ltd.		474,276		7,873,146
Perseus Mining Ltd.		5,795,652		6,814,450
PEXA Group Ltd.^(b)		560,325		4,998,768
Pinnacle Investment Management Group Ltd.		603,516		4,276,556
Platinum Asset Management Ltd.		1,898,687		2,025,906
PolyNovo Ltd.^(b)(c)		2,482,443		2,704,670
Premier Investments Ltd.		404,811		6,035,686
Pro Medicus Ltd.^(c)		221,204		10,244,646
PWR Holdings Ltd.		344,035		2,123,150
Qube Holdings Ltd.		7,155,577		14,163,569
Ramelius Resources Ltd.		4,253,209		3,675,962
Region RE Ltd.		4,938,649		8,045,212
Regis Resources Ltd.^(b)		3,155,738		3,589,091
Reliance Worldwide Corp. Ltd.		3,351,261		9,520,703
Resolute Mining Ltd.^(b)		8,915,460		2,172,172
Rural Funds Group		1,619,602		2,177,744
Sandfire Resources Ltd.^(b)		1,960,211		8,960,559
Sayona Mining Ltd.^(b)(c)		36,515,758		3,574,853
Select Harvests Ltd.^(c)		492,887		1,392,315
Seven Group Holdings Ltd.		697,186		12,308,154
Seven West Media Ltd.^(b)		3,825,451		990,343
Sigma Healthcare Ltd.		3,841,755		2,027,778
Silex Systems Ltd.^(b)(c)		743,351		1,808,617
Silver Lake Resources Ltd.^(b)		3,879,760		2,342,004
Sims Ltd.		690,762		7,046,273
SiteMinder Ltd.^(b)		922,793		2,614,813
SmartGroup Corp. Ltd.		547,218		3,329,814
Stanmore Resources Ltd.^(b)		1,167,438		2,208,699
Star Entertainment Grp Ltd. (The)^(b)		5,743,534		4,061,719
Steadfast Group Ltd.		3,749,421		14,709,904
Strike Energy Ltd.^(b)		9,197,583		2,754,889
Super Retail Group Ltd.		665,059		5,519,768
Syrah Resources Ltd.^(b)(c)		2,679,380		1,266,495
Tabcorp Holdings Ltd.		9,218,458		6,539,423


Security	Shares		Value

Australia (continued)
Technology One Ltd.		1,238,198	$	13,118,897
Telix Pharmaceuticals Ltd.^(b)		1,015,736		7,725,611
Temple & Webster Group Ltd.^(b)(c)		367,667		1,632,460
Terracom Ltd.^(c)		2,307,971		638,010
Tietto Minerals Ltd.^(b)(c)		2,742,162		934,769
Tyro Payments Ltd.^(b)		1,562,947		1,469,752
United Malt Grp Ltd.^(b)(c)		1,088,839		3,529,283
Ventia Services Group Pty Ltd.		2,543,047		4,958,188
Viva Energy Group Ltd.^(d)		3,616,534		7,672,789
Vulcan Energy Resources Ltd.^(b)(c)		511,222		1,530,804
Vulcan Steel Ltd.		292,872		1,526,564
Waypoint REIT Ltd.		2,901,061		5,115,378
Webjet Ltd.^(b)(c)		1,618,904		8,593,247
Weebit Nano Ltd.^(b)(c)		750,499		3,138,572
West African Resources Ltd.^(b)		4,214,498		2,556,608
Whitehaven Coal Ltd.		3,760,266		17,569,865
Worley Ltd.		1,557,710		18,230,849
Yancoal Australia Ltd., NVS^(c)		1,140,783		3,917,329


				1,083,388,802

Austria — 1.0%
Agrana Beteiligungs AG		54,759		975,362
ams-OSRAM AG^(b)(c)		1,158,840		10,257,513
ANDRITZ AG		286,487		15,125,932
AT&S Austria Technologie & Systemtechnik AG^(c)		104,632		3,951,807
BAWAG Group AG^(d)		332,434		16,195,324
CA Immobilien Anlagen AG		178,361		5,688,067
DO & CO AG^(c)		29,772		4,019,775
EVNAG		157,448		3,732,132
IMMOFINANZ AG^(b)(c)		149,501		2,999,877
Lenzing AG^(b)(c)		74,750		3,762,991
Oesterreichische Post AG^(c)		148,112		5,403,018
Palfinger AG		66,478		1,948,165
Porr AG		84,118		1,172,745
Raiffeisen Bank International AG^(b)		630,781		10,199,360
Schoeller-Bleckmann Oilfield Equipment AG		44,263		2,682,512
Semperit AG Holding		38,022		849,116
UNIQA Insurance Group AG		538,730		4,400,472
Vienna Insurance Group AG Wiener Versicherung Gruppe		163,395		4,370,166
Wienerberger AG		453,262		14,885,504


				112,619,838

Belgium — 1.5%
Ackermans & van Haaren NV		99,491		17,322,968
Aedifica SA		199,856		13,726,292
AGFA-Gevaert NV^(b)		571,400		1,469,786
Barco NV		276,331		6,430,795
Bekaert SA		145,110		6,926,210
bpost SA^(c)		425,933		2,051,206
Cofinimmo SA		139,503		10,918,007
Deme Group NV		31,153		4,125,580
Etablissements Franz Colruyt NV		255,573		9,740,926
Euronav NV		468,724		7,700,962
Exmar NV		128,783		1,617,952
Fagron		296,413		5,274,565
Galapagos NV^(b)(c)		196,081		8,240,185
Immobel SA^(c)		18,156		718,175
Intervest Offices & Warehouses NV		103,036		1,515,795
Ion Beam Applications		92,990		1,500,920
KBC Ancora		150,052		7,022,001


Security	Shares		Value

Belgium (continued)
Kinepolis Group NV^(c)		56,302	$	2,744,347
Melexis NV		85,572		9,225,101
Montea NV		57,160		4,631,694
Ontex Group NV^(b)(c)		274,434		2,351,953
Proximus SADP		637,891		4,890,569
Recticel SA^(c)		175,280		2,225,416
Retail Estates NV		44,471		2,839,510
Shurgard Self Storage Ltd.^(c)		115,660		5,277,639
Telenet Group Holding NV		191,695		4,389,495
Tessenderlo Group SA		109,949		3,687,995
VGP NV		58,316		6,225,991
X-Fab Silicon Foundries SE^(b)(c)(d)		239,404		2,901,807
Xior Student Housing NV		118,886		3,707,792


				161,401,634

Canada — 0.1%
SharkNinja Inc.^(b)		236,880		10,022,393


Denmark — 2.2%
ALK-Abello AS^(b)		558,777		6,084,231
Alm Brand A/S		3,606,168		5,747,353
Amagerbanken A/S^(a)		130,550		—
Ambu A/S, Class B^(b)(c)		797,801		11,770,581
Bavarian Nordic A/S^(b)(c)		330,269		7,085,931
Better Collective A/S^(b)(c)		128,169		2,946,582
cBrain A/S		46,494		1,026,643
Chemometec A/S^(b)		67,345		4,519,212
D/S Norden A/S		103,054		5,162,387
Dfds A/S		149,108		5,345,572
FLSmidth & Co. A/S^(c)		219,746		10,396,998
GN Store Nord A/S^(b)		493,809		13,167,314
H Lundbeck AS		1,136,864		5,642,764
H Lundbeck AS, Class A		208,832		936,552
ISS A/S		669,033		13,518,626
Jyske Bank A/S, Registered^(b)		204,665		15,481,818
Matas A/S		153,977		2,262,718
Netcompany Group A/S^(b)(c)(d)		190,790		8,856,213
Nilfisk Holding A/S^(b)		50,876		958,205
NKT A/S^(b)(c)		227,602		13,004,329
NTG Nordic Transport Group A/S, Class A^(b)		28,364		1,770,125
Per Aarsleff Holding A/S		74,225		3,523,132
Ringkjoebing Landbobank A/S		120,916		17,208,585
Royal Unibrew A/S		212,913		18,402,674
Scandinavian Tobacco Group A/S, Class A^(d)		233,741		4,065,834
Schouw & Co. A/S		56,029		4,445,957
SimCorp A/S		172,076		18,451,115
Solar A/S, Class B		22,254		1,663,563
Spar Nord Bank A/S		313,983		4,992,529
Sydbank AS		246,242		11,809,334
Topdanmark AS		193,512		8,771,882
TORM PLC, Class A		126,180		3,105,725
Trifork Holding AG		50,985		1,003,541
Zealand Pharma A/S^(b)		211,641		7,344,528


				240,472,553

Finland — 1.3%
Aktia Bank OYJ		216,739		2,240,392
Anora Group OYJ		163,684		849,630
Cargotec OYJ, Class B		164,041		7,834,649
Caverion OYJ		347,758		3,273,002
Citycon OYJ		347,132		2,154,869
Finnair OYJ^(b)(c)		2,726,337		1,687,899


Security	Shares		Value

Finland (continued)
F-Secure OYJ		469,656	$	1,157,085
Huhtamaki OYJ		411,642		14,632,853
Incap OYJ^(b)(c)		67,631		797,632
Kemira OYJ		462,556		7,255,491
Kempower OYJ^(b)(c)		72,444		3,233,880
Kojamo OYJ		526,191		5,141,008
Konecranes OYJ		284,651		10,346,117
Marimekko OYJ		123,946		1,226,508
Metsa Board OYJ, Class B^(c)		687,459		5,546,328
Musti Group OYJ		137,067		2,688,581
Nokian Renkaat OYJ		555,396		5,165,832
Oriola OYJ, Class B		758,192		923,665
Outokumpu OYJ		1,537,855		7,956,326
Puuilo OYJ		242,847		1,985,272
QT Group OYJ^(b)(c)		81,472		6,757,565
Revenio Group OYJ		92,800		3,282,914
Rovio Entertainment OYJ^(d)		197,757		2,002,566
Talenom OYJ^(c)		130,155		953,082
TietoEVRY OYJ		440,285		11,232,811
TietoEVRY OYJ, New		12,844		328,044
Tokmanni Group Corp		205,490		3,173,421
Uponor OYJ		218,773		6,922,856
Valmet OYJ		668,423		17,730,411
YIT OYJ		537,990		1,298,080


				139,778,769

France — 3.8%
AB Science SA^(b)		100,177		441,757
ABC arbitrage		83,506		545,380
Abivax SA, NVS^(c)		82,364		1,586,598
Air France-KLM^(b)		4,909,152		8,477,483
AKWEL^(c)		36,551		659,081
ALD SA^(d)		605,375		6,431,796
Altarea SCA^(c)		17,197		1,607,290
Alten SA		124,803		17,975,854
Antin Infrastructure Partners SA		145,522		2,613,428
APERAM SA		214,599		6,772,541
Atos SE^(b)(c)		472,724		4,910,390
Aubay		31,957		1,500,589
Believe SA^(b)(c)		81,021		984,292
Beneteau SA		159,174		2,598,781
Boiron SA		29,203		1,615,068
Bonduelle SCA		56,183		668,723
Carmila SA		268,525		4,351,552
Casino Guichard Perrachon SA^(b)(c)		162,859		424,525
CGG SA^(b)		3,038,459		2,137,743
Chargeurs SA^(c)		73,259		900,750
Cie. des Alpes		83,565		1,228,894
Cie. Plastic Omnium SA		239,942		4,672,815
Coface SA		435,189		6,375,035
Derichebourg SA		369,242		2,276,542
Elior Group SA^(b)(c)(d)		483,700		1,232,775
Elis SA		776,754		16,047,821
Equasens		22,469		2,068,058
Eramet SA		36,210		3,048,748
Esker SA		23,213		3,855,385
Etablissements Maurel et Prom SA		248,603		1,172,484
Euroapi SA^(b)		218,995		2,555,399
Eutelsat Communications SA^(c)		570,668		3,844,117
Faurecia SE^(b)		666,687		16,753,085
Fnac Darty SA		48,368		1,686,175


Security	Shares		Value

France (continued)
Gaztransport Et Technigaz SA		140,677	$	17,157,424
ICADE		147,624		6,014,280
ID Logistics Group^(b)		11,751		3,369,688
Imerys SA		145,033		5,036,301
Interparfums SA		88,579		6,393,487
IPSOS		167,155		8,356,076
JCDecaux SE^(b)		267,234		5,007,758
Kaufman & Broad SA		54,654		1,504,596
Korian SA^(c)		323,430		2,518,477
LISI		78,916		2,062,772
Maisons du Monde SA^(c)(d)		118,850		1,247,898
Manitou BF SA		51,321		1,481,221
McPhy Energy SA^(b)(c)		92,539		780,177
Mercialys SA		350,661		3,035,459
Mersen SA		92,932		4,374,008
Metropole Television SA		104,504		1,476,193
Neoen SA^(d)		288,316		9,480,198
Nexans SA		111,477		9,896,957
Nexity SA		179,939		3,046,791
OVH Groupe SAS, NVS^(b)(c)		164,801		1,859,670
Peugeot Invest		21,647		2,551,940
Pierre & Vacances SA, NVS^(b)(c)		572,351		973,203
Quadient SA		148,056		3,300,811
Rexel SA		1,026,577		24,763,354
Rubis SCA		411,065		10,136,181
SCOR SE		608,192		18,176,100
Seche Environnement SA, NVS		9,756		1,248,591
SES SA, Class A		1,611,303		10,438,823
SES-Imagotag SA^(b)		26,652		3,446,875
SMCP SA^(b)(d)		201,284		1,510,260
Societe BIC SA		101,914		6,230,485
SOITEC^(b)		112,946		22,197,201
Sopra Steria Group SACA		64,830		14,096,320
SPIE SA		589,950		17,709,087
Television Francaise 1^(c)		174,951		1,430,714
Trigano SA		36,397		5,329,651
Ubisoft Entertainment SA^(b)		399,027		13,419,952
Vallourec SA^(b)(c)		623,990		8,140,952
Valneva SE^(b)		449,073		3,372,325
Verallia SA^(d)		311,702		13,816,310
Vicat SA		73,131		2,485,910
Vilmorin & Cie. SA^(c)		26,104		1,796,705
Virbac SA		17,895		5,511,873
Voltalia SA^(b)(c)		159,725		2,775,303
Waga Energy SA^(b)(c)		19,651		615,797
Wavestone		32,508		1,929,913


				425,525,021

Germany — 4.7%
1&1 AG		142,567		1,625,375
About You Holding SE^(b)(c)		153,827		1,095,012
Adesso SE		13,006		1,519,022
ADVA Optical Networking SE^(b)		81,199		1,785,567
AIXTRON SE		479,105		19,007,375
Amadeus Fire AG		23,434		2,782,967
Aroundtown SA^(b)(c)		3,614,371		5,615,341
Atoss Software AG		16,519		4,011,047
Aurubis AG		133,968		12,610,708
Auto1 Group SE^(b)(c)(d)		416,559		4,488,922
Basler AG		56,205		921,626
BayWa AG		60,656		2,541,972


Security	Shares		Value

Germany (continued)
Befesa SA^(d)		168,023	$	6,439,394
Bertrandt AG		25,343		1,330,536
Bilfinger SE		120,985		4,380,167
Borussia Dortmund GmbH & Co. KGaA^(b)		322,613		1,540,581
CANCOM SE		150,926		4,345,577
Ceconomy AG^(b)		612,434		1,835,129
Cewe Stiftung & Co. KGaA		21,480		2,220,048
CompuGroup Medical SE & Co. KgaA		115,050		5,842,903
CropEnergies AG		108,306		1,089,590
CTS Eventim AG & Co. KGaA		264,140		18,026,490
CureVac NV^(b)(c)		428,577		3,780,269
Datagroup SE		19,722		1,259,861
Dermapharm Holding SE		78,391		3,829,242
Deutsche Beteiligungs AG		48,858		1,627,823
Deutsche EuroShop AG		61,972		1,510,682
Deutsche Pfandbriefbank AG^(c)(d)		574,917		4,784,977
Deutz AG		501,133		2,757,395
DIC Asset AG^(c)		180,135		887,294
Draegerwerk AG & Co. KGaA		13,057		579,678
Duerr AG		220,359		6,875,307
Eckert & Ziegler Strahlen- und Medizintechnik AG		63,167		2,499,952
Elmos Semiconductor SE		34,057		3,033,392
ElringKlinger AG		119,369		1,023,667
Encavis AG^(b)		485,700		8,144,120
Energiekontor AG^(c)		30,074		2,611,860
Evotec SE^(b)		599,777		15,799,139
Fielmann AG		107,379		5,516,814
flatexDEGIRO AG^(b)(c)		281,513		2,775,081
Formycon AG		38,171		2,806,850
Fraport AG Frankfurt Airport Services Worldwide^(b)		157,292		8,310,512
Freenet AG		501,894		12,423,468
Gerresheimer AG		146,640		17,368,596
GFT Technologies SE		71,639		2,078,961
Grand City Properties SA^(b)		338,349		2,790,376
GRENKE AG		121,687		3,356,218
Hamborner REIT AG		308,550		2,232,927
Hamburger Hafen und Logistik AG^(c)		106,968		1,405,986
Heidelberger Druckmaschinen AG^(b)(c)		1,109,134		1,767,440
Hensoldt AG		223,890		7,612,264
HOCHTIEF AG^(c)		99,771		9,827,948
Hornbach Holding AG & Co. KGaA		38,309		3,098,636
Hugo Boss AG		239,761		19,360,352
Hypoport SE^(b)		19,186		4,003,211
Indus Holding AG		77,579		2,076,168
Instone Real Estate Group SE^(c)(d)		137,056		952,391
Ionos SE^(b)		90,772		1,407,234
Jenoptik AG		219,264		7,092,015
JOST Werke AG^(d)		55,059		3,208,052
K+S AG, Registered^(c)		813,562		15,533,648
KION Group AG		305,157		12,787,000
Kloeckner & Co. SE		301,039		2,814,193
Knaus Tabbert AG		17,940		1,182,154
Kontron AG^(c)		159,952		3,478,837
Krones AG		60,806		7,327,273
LANXESS AG		349,839		11,798,737
MBB SE		8,158		707,231
Medios AG^(b)(c)		57,239		1,103,015
METRO AG^(b)(c)		619,379		5,385,614
MorphoSys AG^(b)(c)		136,946		4,009,144
Nagarro SE^(b)(c)		35,283		3,342,567


Security	Shares		Value

Germany (continued)
Nordex SE^(b)		495,847	$	7,006,593
Norma Group SE		129,868		2,291,328
Northern Data AG^(b)		51,466		1,113,645
OHB SE		14,662		510,332
PATRIZIA SE		181,317		1,855,172
Pfeiffer Vacuum Technology AG		14,781		2,447,440
PNE AG		131,687		1,928,602
ProSiebenSat.1 Media SE^(c)		689,647		6,855,975
PVA TePla AG^(b)		92,215		2,172,089
SAF-Holland SE		195,991		2,800,632
Salzgitter AG^(c)		100,695		3,489,638
Secunet Security Networks AG		6,903		1,583,786
SGL Carbon SE^(b)(c)		265,232		2,219,109
Shop Apotheke Europe NV^(b)(d)		62,816		7,283,094
Siltronic AG		76,570		6,740,663
Sixt SE		58,596		7,065,596
SMA Solar Technology AG^(b)(c)		66,561		6,345,813
Software AG, NVS		219,968		7,690,986
Stabilus SE		105,731		6,027,930
Steico SE^(c)		22,931		888,543
Stratec SE		32,606		1,830,105
Stroeer SE & Co. KGaA		146,474		7,083,692
Suedzucker AG		262,729		4,548,434
SUESS MicroTec SE		74,749		1,864,901
SUSE SA^(b)(c)		178,046		2,097,253
Synlab AG		286,782		2,840,239
TAG Immobilien AG^(b)		710,716		7,988,853
Takkt AG		107,346		1,541,432
TeamViewer AG^(b)(d)		592,212		10,066,799
thyssenkrupp AG		2,113,033		16,799,400
United Internet AG, Registered^(e)		366,875		5,492,514
Varta AG^(c)		82,682		1,876,347
VERBIO Vereinigte BioEnergie AG^(c)		81,695		3,982,353
Vib Vermoegen AG^(c)		34,826		606,947
Vitesco Technologies Group AG^(b)		84,983		7,268,081
Vossloh AG		49,422		2,216,299
Wacker Neuson SE		118,415		3,071,517
Wuestenrot & Wuerttembergische AG		102,690		1,777,185


				518,270,237

Hong Kong — 1.8%
ASMPT Ltd.		1,303,700		12,716,408
Bank of East Asia Ltd. (The)		4,673,600		7,175,533
Brightoil Petroleum Holdings Ltd.^(a)		12,938,512		17
Cafe de Coral Holdings Ltd.		1,464,000		1,923,988
Champion REIT^(c)		9,783,000		3,604,347
Chinese Estates Holdings Ltd.^(b)(c)		1,702,000		484,071
Chow Sang Sang Holdings International Ltd.		1,486,000		1,733,159
CITIC Telecom International Holdings Ltd.		7,559,000		3,036,069
Citychamp Watch & Jewellery Group Ltd.^(b)		5,546,000		839,129
CK Life Sciences International Holdings Inc.^(c)		14,480,000		1,434,923
C-Mer Eye Care Holdings Ltd.^(b)		2,652,000		1,382,462
Comba Telecom Systems Holdings Ltd.		8,200,000		1,386,039
Cowell e Holdings Inc.^(b)		1,065,000		1,996,866
Dah Sing Banking Group Ltd.		2,085,200		1,562,154
Dah Sing Financial Holdings Ltd.		794,000		1,961,667
EC Healthcare		1,881,000		1,127,686
E-Commodities Holdings Ltd.		6,144,000		986,547
Far East Consortium International Ltd.		5,723,500		1,352,947
First Pacific Co. Ltd.		9,696,000		3,515,409
Fortune REIT		6,521,000		4,715,382


Security	Shares		Value

Hong Kong (continued)
Fosun Tourism Group^(b)(c)(d)		1,088,400	$	1,176,693
Guotai Junan International Holdings Ltd.^(c)		11,697,000		1,009,286
Haitong International Securities Group Ltd.^(b)(c)		8,645,899		811,232
Hang Lung Group Ltd.		3,487,000		5,452,943
Health and Happiness H&H International Holdings Ltd.		957,500		1,262,487
HKBN Ltd.		3,649,000		1,993,357
Hong Kong Technology Venture Co. Ltd.		2,356,000		1,399,914
Hutchison Telecommunications Hong Kong Holdings Ltd.		9,714,000		1,481,917
Hysan Development Co. Ltd.		2,645,000		6,250,021
IGG Inc.^(b)		3,370,000		1,717,463
Johnson Electric Holdings Ltd.		1,602,250		2,208,851
JS Global Lifestyle Co. Ltd.^(b)(c)(d)		5,905,000		1,051,931
K Wah International Holdings Ltd.		4,916,000		1,610,141
Kerry Logistics Network Ltd.^(c)		1,510,388		1,864,905
Kerry Properties Ltd.		2,459,500		5,317,348
Luk Fook Holdings International Ltd.		1,423,000		3,757,157
Man Wah Holdings Ltd.^(c)		6,623,200		5,747,899
MECOM Power and Construction Ltd.		6,883,500		912,232
Melco International Development Ltd.^(b)		2,809,000		2,980,265
Melco Resorts & Entertainment Ltd., ADR^(b)		934,513		12,728,067
Nissin Foods Co. Ltd.		1,050,000		836,613
NWS Holdings Ltd.		6,757,000		7,749,903
Pacific Basin Shipping Ltd.		22,312,000		7,264,124
Pacific Textiles Holdings Ltd.		3,859,000		962,165
PAX Global Technology Ltd.		2,989,000		2,426,771
PCCW Ltd.		18,062,000		9,235,090
Perfect Medical Health Management Ltd.		1,872,000		1,047,020
Prosperity REIT		6,508,000		1,413,049
Realord Group Holdings Ltd.^(b)(c)		1,858,000		1,398,461
Sa Sa International Holdings Ltd.^(b)		5,154,000		942,927
Shangri-La Asia Ltd.^(b)		5,370,000		4,481,090
Shun Tak Holdings Ltd.^(b)		5,774,000		967,673
SJM Holdings Ltd.^(b)(c)		10,539,000		4,892,788
SmarTone Telecommunications Holdings Ltd.		1,918,000		1,160,150
Stella International Holdings Ltd.		2,062,500		2,023,122
Sun Hung Kai & Co. Ltd.		2,447,000		911,219
SUNeVision Holdings Ltd.		2,673,000		1,389,258
Sunlight REIT		3,912,000		1,456,908
Texhong Textile Group Ltd.		1,125,500		830,393
Theme International Holdings Ltd.^(b)(c)		20,270,000		2,266,797
United Energy Group Ltd.		33,218,000		4,196,366
United Laboratories International Holdings Ltd. (The)		4,182,000		3,354,332
Value Partners Group Ltd.^(c)		4,346,000		1,645,647
Vesync Co. Ltd.^(c)		1,787,000		753,854
Vitasoy International Holdings Ltd.		3,684,000		4,898,036
Viva Goods Company Ltd.^(b)		16,520,000		3,036,618
Vobile Group Ltd.^(b)(c)		6,060,000		2,118,945
VSTECS Holdings Ltd.^(c)		3,428,000		1,739,617
VTech Holdings Ltd.		736,600		4,593,704
Xinyi Electric Storage Holdings Ltd.^(b)		1		—
Yue Yuen Industrial Holdings Ltd.		3,375,000		4,522,021


				198,183,573

Ireland — 0.3%
Cairn Homes PLC^(b)		2,846,034		3,417,103
Dalata Hotel Group PLC^(b)		905,923		4,238,247
Glanbia PLC		864,486		13,411,593
Glenveagh Properties PLC^(b)(d)		2,425,540		2,864,231


Security	Shares		Value

Ireland (continued)
Greencore Group PLC^(b)		2,171,224	$	2,443,707
Irish Residential Properties REIT PLC		1,865,978		1,985,991
Origin Enterprises PLC		486,503		1,711,713
Uniphar PLC^(b)		1,163,633		3,678,318


				33,750,903

Israel — 2.8%
AFI Properties Ltd.^(b)		19,419		787,416
Africa Israel Residences Ltd.		25,410		1,244,013
Airport City Ltd.^(b)		291,929		4,401,756
Alony Hetz Properties & Investments Ltd.		652,576		5,482,638
Altshuler Shaham Penn Ltd.		271,145		513,620
Amot Investments Ltd.		1,006,938		5,396,907
Arad Investment & Industrial Development Ltd.		12,036		1,489,830
Ashtrom Group Ltd.^(c)		167,699		2,525,901
Azorim-Investment Development & Construction Co. Ltd.^(b)(c)		349,523		1,214,932
Bezeq The Israeli Telecommunication Corp. Ltd.		8,877,863		11,745,816
Big Shopping Centers Ltd.^(b)		51,161		4,811,630
Blue Square Real Estate Ltd.		23,741		1,450,934
Camtek Ltd./Israel^(b)		121,973		5,637,639
Carasso Motors Ltd.		131,559		598,638
Cellcom Israel Ltd.^(b)		463,086		1,642,944
Cellebrite DI Ltd.^(b)(c)		159,427		1,245,125
Clal Insurance Enterprises Holdings Ltd.^(b)		284,214		4,329,283
Danel Adir Yeoshua Ltd.		24,493		1,933,383
Danya Cebus Ltd.		31,139		795,095
Delek Automotive Systems Ltd.		247,467		1,792,230
Delek Group Ltd.		38,087		5,380,183
Delta Galil Industries Ltd.		51,799		2,043,709
Doral Group Renewable Energy Resources Ltd.^(b)(c)		378,160		823,415
Elco Ltd.		38,582		1,403,063
Electra Consumer Products 1970 Ltd.^(c)		48,928		1,222,090
Electra Ltd./Israel		8,557		3,767,433
Electra Real Estate Ltd.		103,188		1,295,399
Energix-Renewable Energies Ltd.		1,176,575		4,305,723
Enlight Renewable Energy Ltd.^(b)		485,921		9,358,397
Equital Ltd.^(b)(c)		110,075		3,319,584
Fattal Holdings 1998 Ltd.^(b)		30,343		3,201,942
FIBI Holdings Ltd.		71,555		3,188,148
First International Bank Of Israel Ltd. (The)		236,155		9,982,861
Fiverr International Ltd.^(b)(c)		137,100		4,132,194
Formula Systems 1985 Ltd.		40,967		2,972,753
Fox Wizel Ltd.^(c)		34,083		2,843,651
G City Ltd.		379,972		1,317,387
Gav-Yam Lands Corp. Ltd.		—		2
Harel Insurance Investments & Financial Services Ltd.		494,112		3,897,090
Hilan Ltd.		64,327		3,150,261
IDI Insurance Co. Ltd.		42,662		881,866
Inmode Ltd.^(b)		315,989		13,559,088
Innoviz Technologies Ltd.^(b)(c)		457,885		1,877,328
Isracard Ltd.		859,782		3,565,535
Israel Canada T.R Ltd.^(c)		573,067		1,418,912
Israel Corp Ltd.		16,281		5,076,539
Isras Investment Co. Ltd.		7,351		1,506,872
Ituran Location and Control Ltd.		58,647		1,630,973
Kenon Holdings Ltd./Singapore		92,503		2,432,010
Kornit Digital Ltd.^(b)		209,648		6,643,745
M Yochananof & Sons Ltd.		20,476		931,170


Security	Shares		Value

Israel (continued)
Magic Software Enterprises Ltd.		106,935	$	1,353,469
Matrix IT Ltd.		153,213		3,062,435
Maytronics Ltd.		206,479		2,812,314
Mega Or Holdings Ltd.^(c)		102,594		2,262,957
Mehadrin Ltd.^(b)		—		—
Melisron Ltd.		111,958		7,398,610
Menora Mivtachim Holdings Ltd.		100,127		2,137,094
Migdal Insurance & Financial Holdings Ltd.		1,679,709		2,077,216
Mivne Real Estate KD Ltd.		2,718,257		7,166,420
Nano Dimension Ltd., ADR^(b)(c)		1,080,338		3,349,048
Nano-X Imaging Ltd.^(b)(c)		207,293		2,570,433
Naphtha Israel Petroleum Corp. Ltd.^(c)		232,284		1,148,577
Nayax Ltd.^(b)(c)		32,314		711,389
NEOGAMES SA^(b)		58,868		1,603,564
Neto Malinda Trading Ltd.^(b)(c)		45,501		810,854
Nova Ltd.^(b)		122,207		15,190,824
Oil Refineries Ltd.		10,447,509		3,339,685
One Software Technologies Ltd.		158,901		2,109,857
OPC Energy Ltd.^(b)(c)		461,461		3,286,363
OY Nofar Energy Ltd.^(b)		60,012		1,408,840
Partner Communications Co. Ltd.^(b)		566,023		2,415,095
Paz Oil Co. Ltd.^(b)		42,988		4,673,882
Perion Network Ltd.^(b)		198,123		7,163,228
Phoenix Holdings Ltd. (The)		753,681		7,733,256
Prashkovsky Investments and Construction Ltd.^(c)		32,077		744,632
Property & Building Corp. Ltd.^(b)		11,207		456,422
Radware Ltd.^(b)		169,990		3,194,112
Rami Levy Chain Stores Hashikma Marketing 2006 Ltd.		39,038		2,357,997
Reit 1 Ltd.		818,440		3,561,944
Retailors Ltd.		80,910		1,749,953
Riskified Ltd.^(b)(c)		306,895		1,482,303
Sapiens International Corp. NV		134,360		3,560,168
Scope Metals Group Ltd.^(b)		30,378		1,066,677
Sella Capital Real Estate Ltd.		888,814		1,850,514
Shapir Engineering and Industry Ltd.^(c)		603,994		4,305,463
Shikun & Binui Ltd.^(b)(c)		1,128,834		3,090,997
Shufersal Ltd.^(b)		1,110,147		5,887,067
Sisram Medical Ltd.^(d)		578,800		679,180
Strauss Group Ltd.^(b)		219,676		5,173,386
Summit Real Estate Holdings Ltd.		147,606		2,045,502
Taboola.com Ltd.^(b)		553,898		2,071,579
Tadiran Group Ltd.		14,235		1,144,128
Taro Pharmaceutical Industries Ltd.^(b)		40,325		1,473,879
Tel Aviv Stock Exchange Ltd.^(b)(c)		417,754		2,224,806
Tower Semiconductor Ltd.^(b)		—		14
Turpaz Industries Ltd., NVS		143,643		447,775
WalkMe Ltd.^(b)		95,300		856,747
YH Dimri Construction & Development Ltd.^(c)		31,380		2,217,057
ZIM Integrated Shipping Services Ltd.^(c)		409,508		6,199,951


				309,796,716

Italy — 3.3%
A2A SpA		6,634,931		12,659,174
ACEA SpA		177,231		2,171,408
Anima Holding SpA^(d)		741,278		2,856,279
Antares Vision SpA^(b)(c)		110,703		747,348
Arnoldo Mondadori Editore SpA		490,976		1,156,762
Ascopiave SpA		272,720		684,934
Azimut Holding SpA		448,510		10,590,473
Banca Generali SpA		245,313		9,189,561


Security	Shares		Value

Italy (continued)
Banca IFIS SpA		113,880	$	2,011,218
Banca Mediolanum SpA		955,603		9,285,517
Banca Monte dei Paschi di Siena SpA^(b)		2,147,277		6,201,120
Banca Popolare di Sondrio SPA		1,736,339		8,387,803
Banco BPM SpA		5,750,367		28,775,108
BFF Bank SpA^(d)		783,417		8,842,728
Biesse SpA		42,691		575,326
Bio On SpA^(a)(c)		19,879		—
BPER Banca		4,477,500		15,493,510
Brembo SpA		638,543		9,038,368
Brunello Cucinelli SpA		144,375		12,206,973
Buzzi Unicem SpA		404,563		11,496,811
Carel Industries SpA^(d)		166,391		4,762,490
CIR SpA-Compagnie Industriali^(b)		5,278,809		2,350,641
Credito Emiliano SpA		366,705		3,134,985
d’Amico International Shipping SA, NVS		182,289		755,364
Danieli & C Officine Meccaniche SpA		38,692		957,211
Datalogic SpA		93,522		695,700
De’ Longhi SpA		320,177		8,124,342
Digital Bros. SpA^(c)		20,618		318,647
Digital Value SpA^(c)		16,430		1,099,231
doValue SpA^(c)(d)		242,057		1,209,185
El.En. SpA		188,711		2,241,926
Enav SpA^(d)		1,126,690		4,844,670
ERG SpA		254,753		7,323,034
Esprinet SpA^(c)		129,085		759,200
Eurogroup Laminations SpA^(b)		325,327		1,790,274
Fila SpA		119,208		1,061,676
Fincantieri SpA^(b)(c)		2,127,104		1,220,704
Gruppo MutuiOnline SpA		105,779		3,785,697
GVS SpA^(b)(c)(d)		296,083		1,876,067
Hera SpA		3,453,370		10,722,847
Illimity Bank SpA^(c)		247,045		1,689,487
Industrie De Nora SpA		137,733		2,844,710
Interpump Group SpA		299,773		16,310,297
Iren SpA		2,753,101		5,579,147
Italgas SpA		2,029,041		11,954,789
Juventus Football Club SpA^(b)(c)		4,442,049		1,669,133
Leonardo SpA		1,716,907		23,245,843
LU-VE SpA, NVS^(c)		37,469		1,213,257
Maire Tecnimont SpA^(c)		602,390		2,474,925
MARR SpA		142,688		2,217,860
OVS SpA^(d)		894,569		2,458,204
Pharmanutra SpA		15,940		1,018,125
Piaggio & C SpA		694,151		2,729,496
Pirelli & C SpA^(d)		1,252,920		6,679,340
RAI Way SpA^(d)		399,905		2,277,624
Reply SpA		102,284		11,081,155
Safilo Group SpA^(b)		958,832		1,222,685
Saipem SpA^(b)		5,018,484		8,035,989
Salcef SpA		72,629		1,880,600
Salvatore Ferragamo SpA		245,479		3,997,758
Sanlorenzo SpA/Ameglia		60,045		2,332,204
Saras SpA^(c)		2,245,940		3,211,766
Seco SpA^(b)(c)		166,827		856,977
Sesa SpA		31,730		3,717,676
SOL SpA		146,770		4,139,235
Tamburi Investment Partners SpA		474,989		4,608,678
Technogym SpA^(d)		563,353		5,196,920
Technoprobe SpA^(b)		503,838		4,607,215


Security	Shares		Value

Italy (continued)
Tinexta SpA		88,098	$	1,645,441
Tod’s SpA^(b)		41,853		1,900,697
Unipol Gruppo SpA		1,645,177		9,159,835
Webuild SpA		1,657,998		3,245,715
Wiit SpA^(c)		41,217		874,312
Zignago Vetro SpA		135,391		2,425,837


				369,907,244

Japan — 31.7%
77 Bank Ltd. (The)		228,900		4,877,543
Abalance Corp.^(c)		45,100		2,919,480
ABC-Mart Inc.		141,400		7,828,913
Activia Properties Inc.		2,906		8,462,696
Adastria Co. Ltd.		105,180		2,143,788
ADEKA Corp.		328,100		6,652,169
Advance Logistics Investment Corp.		2,680		2,487,497
Advance Residence Investment Corp.		5,594		13,630,498
Adventure Inc.^(c)		12,100		787,627
Aeon Delight Co. Ltd.		84,700		1,755,133
AEON Financial Service Co. Ltd.		455,700		4,094,603
Aeon Hokkaido Corp.		194,200		1,180,844
Aeon Mall Co. Ltd.		437,700		5,409,761
AEON REIT Investment Corp.		7,161		7,538,177
Ai Holdings Corp.		139,400		2,197,897
Aica Kogyo Co. Ltd.		213,300		5,068,221
Aichi Corp.		124,700		787,435
Aichi Financial Group Inc., NVS		185,500		3,202,137
Aida Engineering Ltd.		191,200		1,366,265
Aiful Corp.		1,320,700		3,318,783
Ain Holdings Inc.		113,800		4,046,249
Air Water Inc.		776,300		10,933,157
Airtrip Corp.		60,500		1,101,927
Alfresa Holdings Corp.		772,900		12,325,994
Alpen Co. Ltd.		73,600		1,021,899
Alpha Systems Inc.		25,500		611,805
Alps Alpine Co. Ltd.		787,800		6,963,327
Amada Co. Ltd.		1,444,300		14,214,104
Amano Corp.		226,400		5,144,723
Amvis Holdings Inc.		166,200		3,373,982
Anicom Holdings Inc.		301,000		1,338,977
Anritsu Corp.		579,600		4,563,567
Anycolor Inc.^(b)(c)		80,200		1,998,216
AOKI Holdings Inc.		147,700		955,466
Aozora Bank Ltd.		494,500		10,169,731
Appier Group Inc.^(b)		242,600		2,886,607
Arata Corp.		50,700		1,754,244
Arcland Service Holdings Co. Ltd.		62,600		1,333,983
ARCLANDS Corp.		102,400		1,179,472
Arcs Co. Ltd.		167,200		2,917,399
ARE Holdings Inc.		305,000		4,094,425
Argo Graphics Inc.		72,800		1,795,003
Ariake Japan Co. Ltd.		75,900		2,769,102
ARTERIA Networks Corp.		112,700		1,566,504
As One Corp.		120,100		4,775,086
Asics Corp.		685,100		21,611,605
ASKUL Corp.		169,500		2,364,945
Atom Corp.^(b)(c)		494,200		3,092,673
Autobacs Seven Co. Ltd.		273,100		2,998,724
Avex Inc.		135,200		1,426,689
Awa Bank Ltd. (The)		135,600		2,051,807
Axial Retailing Inc.		56,100		1,498,399


Security	Shares		Value

Japan (continued)
AZ-COM MARUWA Holdings Inc.		165,000	$	2,268,760
Bank of Kyoto Ltd. (The)		240,600		14,200,154
Base Co. Ltd.		27,900		1,069,976
Belc Co. Ltd.		41,800		1,980,190
Bell System24 Holdings Inc.		140,300		1,371,896
Belluna Co. Ltd.		228,000		1,145,565
Benefit One Inc.		341,800		3,531,477
Benesse Holdings Inc.		280,600		3,666,162
BeNext-Yumeshin Group Co.		237,531		3,725,753
Bengo4.com Inc.^(b)(c)		32,900		985,589
Bic Camera Inc.		397,100		2,982,960
BIPROGY Inc.		326,200		8,006,276
BML Inc.		87,400		1,847,206
Bunka Shutter Co. Ltd.		225,200		1,747,073
Bushiroad Inc.		146,400		774,945
C Uyemura & Co. Ltd.		43,000		2,846,063
C.I. Takiron Corp.		177,700		721,533
Calbee Inc.		344,900		6,687,455
Canon Electronics Inc.		58,000		737,208
Canon Marketing Japan Inc.		199,900		5,246,226
Casio Computer Co. Ltd.		782,800		6,688,760
Cawachi Ltd.		59,100		939,864
CellSource Co. Ltd.^(b)(c)		30,200		472,318
Central Glass Co. Ltd.		91,200		1,979,449
Change Holdings Inc.		188,900		2,496,782
Chiyoda Corp.^(b)(c)		688,800		1,672,931
Chofu Seisakusho Co. Ltd.		75,000		1,319,334
Chudenko Corp.		112,200		1,839,266
Chugin Financial Group Inc., NVS		580,600		3,899,083
Chugoku Electric Power Co. Inc. (The)^(b)		1,231,900		8,548,770
Chugoku Marine Paints Ltd.		151,500		1,313,264
Citizen Watch Co. Ltd.		940,700		6,148,194
CKD Corp.		215,700		3,280,515
Coca-Cola Bottlers Japan Holdings Inc.		571,000		6,575,797
COLOPL Inc.		254,000		1,189,020
Colowide Co. Ltd.^(c)		307,100		4,560,135
Comforia Residential REIT Inc.		2,788		6,674,365
COMSYS Holdings Corp.		480,000		9,594,548
Comture Corp.		94,100		1,337,897
Cosmo Energy Holdings Co. Ltd.		263,900		8,182,256
Cosmos Pharmaceutical Corp.		84,600		9,775,298
CRE Logistics REIT Inc.		2,506		3,092,440
Create Restaurants Holdings Inc.^(c)		506,400		3,873,987
Create SD Holdings Co. Ltd.		108,400		2,677,953
Credit Saison Co. Ltd.		630,200		10,077,198
Curves Holdings Co. Ltd.		215,800		1,221,712
CYBERDYNE Inc.^(b)(c)		458,600		988,222
Cybozu Inc.		121,900		1,909,476
Daicel Corp.		1,090,600		10,106,109
Daido Steel Co. Ltd.		110,200		4,724,560
Daiei Kankyo Co. Ltd.		172,900		2,930,386
Daihen Corp.		80,700		3,113,983
Daiho Corp.		27,500		768,873
Daiichikosho Co. Ltd.		325,600		6,576,968
Daiken Corp.		43,200		712,698
Daiki Aluminium Industry Co. Ltd.		107,400		1,171,773
Daikokutenbussan Co. Ltd.		21,200		900,165
Daio Paper Corp.		361,500		3,107,717
Daiseki Co. Ltd.		174,660		5,886,418
Daishi Hokuetsu Financial Group Inc.		144,800		3,619,598


Security	Shares		Value

Japan (continued)
Daiwa Industries Ltd.		119,700	$	1,220,251
Daiwa Office Investment Corp.		1,196		5,265,638
Daiwa Securities Living Investments Corp.		8,104		6,491,158
Daiwabo Holdings Co. Ltd.		351,500		6,811,996
DCM Holdings Co. Ltd.		470,400		3,983,592
Demae-Can Co. Ltd.^(b)(c)		225,200		774,256
DeNA Co. Ltd.		314,200		3,851,846
Denka Co. Ltd.		321,100		6,343,288
Descente Ltd.		148,600		4,313,179
Dexerials Corp.		233,800		5,307,667
DIC Corp.		315,800		5,961,237
Digital Arts Inc.		46,100		1,824,324
Digital Garage Inc.		141,100		4,108,390
Dip Corp.		153,600		3,877,518
Direct Marketing MiX Inc.		85,000		475,144
DMG Mori Co. Ltd.		480,300		8,172,737
Doshisha Co. Ltd.		98,800		1,628,848
Doutor Nichires Holdings Co. Ltd.		121,400		1,906,481
Dowa Holdings Co. Ltd.		225,200		7,273,027
DTS Corp.		149,600		3,536,496
Duskin Co. Ltd.		171,100		3,863,044
DyDo Group Holdings Inc.		37,600		1,366,304
Earth Corp.		65,700		2,348,552
Earth Infinity Co. Ltd., NVS^(c)		237,900		280,935
Ebara Corp.		390,100		18,435,348
EDION Corp.		280,500		2,884,194
eGuarantee Inc.		154,400		2,291,103
Eiken Chemical Co. Ltd.		137,900		1,463,376
Eizo Corp.		61,200		2,174,762
Elan Corp.		134,400		834,368
Elecom Co. Ltd.		182,500		1,964,436
Electric Power Development Co. Ltd.		624,100		9,873,568
EM Systems Co. Ltd.		182,900		1,095,358
en Japan Inc.		123,500		2,441,089
eRex Co. Ltd.		130,100		1,038,402
ES-Con Japan Ltd.		142,600		806,904
Euglena Co. Ltd.^(b)		420,600		2,605,096
Exedy Corp.		130,500		2,283,542
EXEO Group Inc.		397,500		8,264,803
Ezaki Glico Co. Ltd.		200,300		5,293,024
Fancl Corp.		330,000		5,779,514
FCC Co. Ltd.		137,400		1,800,987
Ferrotec Holdings Corp.		201,000		4,863,431
Fields Corp.		163,700		3,512,506
Financial Products Group Co. Ltd.		263,800		2,546,482
Food & Life Companies Ltd.		467,200		9,193,051
FP Corp.		199,800		4,211,208
Freee KK^(b)(c)		170,200		3,749,509
Frontier Real Estate Investment Corp.		2,050		6,811,381
Fuji Co. Ltd./Ehime		129,400		1,668,789
Fuji Corp./Aichi		307,900		5,637,331
Fuji Kyuko Co. Ltd.		91,300		3,642,822
Fuji Media Holdings Inc.		187,400		2,075,019
Fuji Oil Holdings Inc.		164,300		2,317,993
Fuji Seal International Inc.		169,200		1,895,064
Fuji Soft Inc.		214,400		7,143,466
Fujicco Co. Ltd.		45,100		599,957
Fujikura Ltd.		1,004,000		8,394,625
Fujimi Inc.		221,600		5,373,720
Fujimori Kogyo Co. Ltd.		52,800		1,327,602


Security	Shares		Value

Japan (continued)
Fujio Food Group Inc.^(b)		79,600	$	785,992
Fujitec Co. Ltd.		269,900		6,940,241
Fujitsu General Ltd.		256,300		5,352,809
Fujiya Co. Ltd.		39,200		659,822
Fukui Computer Holdings Inc.		45,000		830,635
Fukuoka Financial Group Inc.		685,000		16,505,525
Fukuoka REIT Corp.		2,769		3,241,969
Fukushima Galilei Co. Ltd.		45,000		1,597,200
Fukuyama Transporting Co. Ltd.		85,800		2,425,010
Fullcast Holdings Co. Ltd.		79,400		1,285,274
Funai Soken Holdings Inc.		161,960		3,006,857
Furukawa Co. Ltd.		126,700		1,454,899
Furukawa Electric Co. Ltd.		277,900		5,335,576
Fuso Chemical Co. Ltd.		82,700		2,607,739
Future Corp.		183,700		2,004,016
Fuyo General Lease Co. Ltd.		70,400		5,809,358
G-7 Holdings Inc.		87,800		772,600
Genky DrugStores Co. Ltd.		33,200		1,175,075
Geo Holdings Corp.		104,300		1,446,847
Giken Ltd.		68,800		1,016,451
Global One Real Estate Investment Corp.		4,196		3,466,646
GLOBERIDE Inc.		68,200		1,126,942
Glory Ltd.		178,500		3,672,600
GMO Financial Gate Inc.		15,000		1,243,864
GMO Financial Holdings Inc.		181,500		931,287
GMO GlobalSign Holdings KK		22,600		483,940
GMO internet group Inc.		281,600		5,592,111
GNI Group Ltd.^(b)(c)		210,197		1,921,275
Goldcrest Co. Ltd.		66,400		901,806
Goldwin Inc.		101,000		8,293,391
Gree Inc.		280,300		1,238,960
GS Yuasa Corp.		273,200		5,497,324
G-Tekt Corp.		89,800		1,169,073
GungHo Online Entertainment Inc.		186,730		3,665,083
Gunma Bank Ltd. (The)		1,430,900		6,056,063
Gunze Ltd.		64,400		2,024,766
H.U. Group Holdings Inc.		230,800		4,556,817
H2O Retailing Corp.		351,000		3,778,044
Hachijuni Bank Ltd. (The)		1,498,100		7,718,422
Hakuto Co. Ltd.		45,000		1,774,614
Halows Co. Ltd.		28,500		741,957
Hamakyorex Co. Ltd.		65,500		1,810,348
Hankyu Hanshin REIT Inc.		2,643		2,641,463
Hanwa Co. Ltd.		135,900		4,648,684
Harmonic Drive Systems Inc.		226,300		6,232,722
Haseko Corp.		1,014,200		13,203,651
Hazama Ando Corp.		609,400		4,875,706
Heiwa Corp.		225,600		3,821,379
Heiwa Real Estate Co. Ltd.		127,800		3,570,931
Heiwa Real Estate REIT Inc.		3,982		4,063,837
Heiwado Co. Ltd.		118,100		2,011,177
Hiday Hidaka Corp.		107,000		1,904,456
Hino Motors Ltd.^(b)		1,236,100		4,957,746
Hioki E.E. Corp.		39,300		2,246,452
Hirata Corp.		36,500		2,047,193
Hirogin Holdings Inc.		1,049,700		6,492,116
HIS Co. Ltd.^(b)(c)		217,900		3,123,276
Hisamitsu Pharmaceutical Co. Inc.		213,100		6,810,040
Hitachi Zosen Corp.		690,000		4,546,538
Hogy Medical Co. Ltd.		94,900		2,079,131


Security	Shares		Value

Japan (continued)
Hokkaido Electric Power Co. Inc.^(b)		692,900	$	3,231,501
Hokkoku Financial Holdings Inc.		87,100		2,960,947
Hokuetsu Corp.		491,400		2,980,035
Hokuhoku Financial Group Inc.		463,200		4,147,285
Hokuriku Electric Power Co.^(b)		709,100		4,323,629
Hokuto Corp.		88,700		1,161,652
Horiba Ltd.		153,200		9,037,757
Hoshino Resorts REIT Inc.		1,032		4,521,350
Hosiden Corp.		158,800		2,053,383
House Foods Group Inc.		255,700		5,903,220
Hulic Reit Inc.		5,408		6,276,215
Hyakugo Bank Ltd. (The)		1,091,300		3,647,924
Ichibanya Co. Ltd.		59,100		2,315,561
Ichigo Inc.		1,041,300		1,980,731
Ichigo Office REIT Investment Corp.		4,742		2,954,012
Idec Corp./Japan		120,200		2,557,557
IDOM Inc.		252,400		1,480,586
IHI Corp.		591,400		14,540,972
Iino Kaiun Kaisha Ltd.		280,700		1,812,594
Inaba Denki Sangyo Co. Ltd.		198,800		4,416,091
Inabata & Co. Ltd.		171,000		3,986,164
Inageya Co. Ltd.		99,000		1,044,651
Industrial & Infrastructure Fund Investment Corp.		8,896		9,310,875
Infocom Corp.		97,900		1,661,112
Infomart Corp.		849,800		2,532,462
Information Services International-Dentsu Ltd.		112,300		3,982,552
INFRONEER Holdings Inc.		763,628		7,436,244
Insource Co. Ltd.		222,300		1,964,842
Internet Initiative Japan Inc.		437,500		8,146,011
Invincible Investment Corp.		24,496		10,148,330
Iriso Electronics Co. Ltd.		84,900		2,359,397
Isetan Mitsukoshi Holdings Ltd.		1,441,900		15,642,988
Ito En Ltd.		188,800		5,388,720
Itochu Enex Co. Ltd.		220,700		2,166,491
Itochu-Shokuhin Co. Ltd.		23,200		884,727
Itoham Yonekyu Holdings Inc.		549,800		2,790,121
Iwatani Corp.		186,500		9,955,234
Iyogin Holdings Inc., NVS		1,125,100		7,947,080
Izumi Co. Ltd.		140,600		3,542,850
J Front Retailing Co. Ltd.		1,037,500		10,098,481
J Trust Co. Ltd.^(c)		306,600		1,017,735
JAC Recruitment Co. Ltd.		71,300		1,416,372
Jaccs Co. Ltd.		89,400		3,279,928
JAFCO Group Co. Ltd.		217,600		2,845,010
Japan Airport Terminal Co. Ltd.		255,300		11,897,090
Japan Aviation Electronics Industry Ltd.		200,100		4,064,182
Japan Display Inc.^(b)(c)		2,469,700		678,229
Japan Elevator Service Holdings Co. Ltd.		288,000		3,561,802
Japan Excellent Inc.		4,927		4,569,870
Japan Hotel REIT Investment Corp.		18,837		9,353,611
Japan Lifeline Co. Ltd.		242,200		1,697,100
Japan Logistics Fund Inc.		3,730		7,883,211
Japan Material Co. Ltd.		270,900		4,790,426
Japan Petroleum Exploration Co. Ltd.		136,100		4,677,808
Japan Prime Realty Investment Corp.		3,557		8,856,368
Japan Pulp & Paper Co. Ltd.		45,100		1,466,890
Japan Securities Finance Co. Ltd.		347,300		2,949,598
Japan Steel Works Ltd. (The)		251,400		5,237,013
Japan Wool Textile Co. Ltd. (The)		191,100		1,622,346
JCR Pharmaceuticals Co. Ltd.		302,400		2,873,615


Security	Shares		Value

Japan (continued)
JCU Corp.		80,200	$	1,910,798
JDC Corp.		162,300		696,334
Jeol Ltd.		186,800		6,407,225
JGC Holdings Corp.		931,700		13,062,947
JINS Holdings Inc.		55,800		1,384,198
JMDC Inc.		148,100		5,660,736
J-Oil Mills Inc.		42,900		511,023
Joshin Denki Co. Ltd.		66,800		960,989
Joyful Honda Co. Ltd.		212,400		2,460,423
JTEKT Corp.		868,600		8,193,134
JTOWER Inc.^(b)(c)		44,000		2,247,366
Juroku Financial Group Inc.		130,200		3,220,350
Justsystems Corp.		150,400		4,280,520
Kadokawa Corp.		391,534		9,705,267
Kaga Electronics Co. Ltd.		74,700		3,346,262
Kagome Co. Ltd.		320,300		7,140,794
Kakaku.com Inc.		556,700		8,321,510
Kaken Pharmaceutical Co. Ltd.		121,700		3,030,158
Kameda Seika Co. Ltd.		54,100		1,660,870
Kamigumi Co. Ltd.		415,000		9,626,465
Kanamoto Co. Ltd.		120,300		2,121,776
Kandenko Co. Ltd.		455,600		3,996,392
Kaneka Corp.		199,900		5,889,780
Kanematsu Corp.		318,200		4,667,842
Kansai Paint Co. Ltd.		699,800		11,470,658
Kanto Denka Kogyo Co. Ltd.		161,900		1,081,414
Kappa Create Co. Ltd.^(b)		112,900		1,225,391
Katakura Industries Co. Ltd.		64,800		736,623
Katitas Co. Ltd.		219,500		4,037,401
Kato Sangyo Co. Ltd.		95,100		2,609,362
Kawasaki Heavy Industries Ltd.		641,600		16,362,865
KeePer Technical Laboratory Co. Ltd.		56,300		2,487,205
Keihan Holdings Co. Ltd.		432,000		12,235,371
Keihanshin Building Co. Ltd.		117,800		1,047,639
Keikyu Corp.		942,400		8,957,196
Keiyo Bank Ltd. (The)		426,700		1,791,302
Keiyo Co. Ltd.		134,200		806,346
Kenedix Office Investment Corp.		3,571		8,490,915
Kenedix Residential Next Investment Corp.		4,280		6,696,530
Kenedix Retail REIT Corp.		2,509		4,910,272
Kewpie Corp.		417,100		6,758,437
KFC Holdings Japan Ltd.		58,200		1,217,289
KH Neochem Co. Ltd.		135,500		2,217,953
Kinden Corp.		518,600		7,152,338
Kintetsu Department Store Co. Ltd.		40,300		694,496
Kisoji Co. Ltd.		109,700		1,906,901
Kissei Pharmaceutical Co. Ltd.		116,200		2,460,219
Ki-Star Real Estate Co. Ltd.		37,400		1,363,657
Kitz Corp.		247,500		1,841,927
Kiyo Bank Ltd. (The)		249,000		2,673,799
Koa Corp.		133,800		1,656,772
Kobe Steel Ltd.		1,508,400		16,497,871
Kohnan Shoji Co. Ltd.		86,900		2,127,317
Kokuyo Co. Ltd.		345,700		5,545,855
KOMEDA Holdings Co. Ltd.		199,400		3,864,682
Komeri Co. Ltd.		129,400		2,712,273
Konica Minolta Inc.		1,923,000		7,127,867
Konishi Co. Ltd.		173,900		2,789,987
Konoike Transport Co. Ltd.		96,700		1,212,282
Kosaido Holdings Co. Ltd.		55,200		860,136


Security	Shares		Value

Japan (continued)
Koshidaka Holdings Co. Ltd.		220,400	$	1,834,383
Kotobuki Spirits Co. Ltd.		79,600		6,058,715
K’s Holdings Corp.		589,840		5,413,721
Kumagai Gumi Co. Ltd.		133,700		3,028,087
Kumiai Chemical Industry Co. Ltd.		303,500		2,278,951
Kura Sushi Inc.^(c)		88,400		1,924,706
Kuraray Co. Ltd.		1,209,100		12,166,627
Kureha Corp.		64,600		3,862,243
Kusuri no Aoki Holdings Co. Ltd.		65,900		3,783,869
KYB Corp.		69,300		2,455,676
Kyoei Steel Ltd.		85,500		1,286,875
Kyokuto Kaihatsu Kogyo Co. Ltd.		125,500		1,611,409
Kyorin Pharmaceutical Co. Ltd.		160,200		1,997,528
Kyoritsu Maintenance Co. Ltd.^(c)		131,700		5,161,225
Kyudenko Corp.		180,300		5,199,572
Kyushu Electric Power Co. Inc.^(b)		1,720,500		11,682,228
Kyushu Financial Group Inc.		1,358,500		6,613,096
Kyushu Railway Co.		569,100		12,479,151
LaSalle Logiport REIT		7,520		8,044,983
Lawson Inc.		194,000		9,733,906
Leopalace21 Corp.^(b)		774,700		1,669,869
Life Corp.		94,200		2,362,998
LIFENET INSURANCE Co.^(b)		241,400		1,821,636
Link And Motivation Inc.		228,900		690,555
Lintec Corp.		158,100		2,609,263
Lion Corp.		990,400		9,463,340
LITALICO Inc.		92,800		1,459,859
M&A Capital Partners Co. Ltd.^(b)		63,300		1,298,248
M&A Research Institute Inc., NVS^(b)(c)		75,900		2,114,314
Mabuchi Motor Co. Ltd.		196,400		5,639,732
Macnica Holdings Inc.		192,450		8,065,953
Maeda Kosen Co. Ltd.		75,400		1,666,615
Makino Milling Machine Co. Ltd.		96,100		3,852,800
Management Solutions Co. Ltd.		45,100		1,292,979
Mandom Corp.		149,400		1,499,947
Mani Inc.		314,000		4,037,893
Maruha Nichiro Corp.		154,200		2,674,792
Marui Group Co. Ltd.		756,700		13,555,685
Maruichi Steel Tube Ltd.		247,900		5,875,514
MARUKA FURUSATO Corp.		76,700		1,439,921
Maruwa Co. Ltd./Aichi^(c)		37,200		6,178,045
Maruzen Showa Unyu Co. Ltd.		45,800		1,332,932
Matsuda Sangyo Co. Ltd.		58,100		952,327
Matsui Securities Co. Ltd.		481,500		2,720,693
Matsuyafoods Holdings Co. Ltd.		38,400		1,146,475
Max Co. Ltd.		98,300		1,841,390
Maxell Ltd.		168,300		1,911,947
Maxvalu Tokai Co. Ltd.		43,100		844,701
MCJ Co. Ltd.		257,200		2,041,195
Mebuki Financial Group Inc.		4,149,500		11,023,947
Medipal Holdings Corp.		810,800		13,902,418
Medley Inc.^(b)		106,000		3,782,010
Megachips Corp.		59,700		1,786,787
Megmilk Snow Brand Co. Ltd.		194,000		2,672,555
Meidensha Corp.		128,000		1,908,009
Meiko Electronics Co. Ltd.		86,600		1,722,854
Meitec Corp.		295,200		5,381,585
Melco Holdings Inc.		24,000		539,240
Menicon Co. Ltd.		261,800		4,695,733
Mercari Inc.^(b)		478,100		12,111,387


Security	Shares		Value

Japan (continued)
METAWATER Co. Ltd.		101,000	$	1,302,364
Micronics Japan Co. Ltd.		121,900		1,944,444
Midac Holdings Co. Ltd.		37,200		423,616
Mie Kotsu Group Holdings Inc.		211,600		845,557
Milbon Co. Ltd.		114,100		4,105,436
Mimasu Semiconductor Industry Co. Ltd.		69,300		1,450,107
Mirai Corp.		7,557		2,436,990
MIRAIT ONE corp.		388,300		4,984,980
Mitani Sekisan Co. Ltd.		39,400		1,335,077
Mitsubishi Estate Logistics REIT Investment Corp.		2,044		5,848,647
Mitsubishi Gas Chemical Co. Inc.		655,200		9,827,037
Mitsubishi Logisnext Co. Ltd.		139,800		1,257,661
Mitsubishi Logistics Corp.		225,300		5,659,321
Mitsubishi Materials Corp.		526,300		9,407,905
Mitsubishi Motors Corp.		2,863,100		11,562,703
Mitsubishi Pencil Co. Ltd.		129,500		1,695,290
Mitsubishi Research Institute Inc.		44,400		1,681,077
Mitsubishi Shokuhin Co. Ltd.		71,900		1,915,915
Mitsuboshi Belting Ltd.		95,500		3,026,834
Mitsui DM Sugar Holdings Co. Ltd.		60,600		1,215,471
Mitsui Fudosan Logistics Park Inc.		2,335		8,310,102
Mitsui High-Tec Inc.		83,400		5,833,919
Mitsui Mining & Smelting Co. Ltd.		230,600		5,450,644
Mitsui-Soko Holdings Co. Ltd.		80,300		2,047,898
Mitsuuroko Group Holdings Co. Ltd.		132,200		1,251,581
Miura Co. Ltd.		373,500		9,423,416
Mixi Inc.		162,100		3,061,795
Mizuho Leasing Co. Ltd.		116,000		3,983,697
Mizuno Corp.		85,500		2,241,412
Mochida Pharmaceutical Co. Ltd.		89,000		2,069,560
Modec Inc.^(b)		87,000		915,447
Monex Group Inc.		715,070		2,786,973
Money Forward Inc.^(b)		183,900		7,954,822
Monogatari Corp. (The)		130,100		3,185,409
Mori Hills REIT Investment Corp.		6,458		6,572,233
Mori Trust Reit Inc.		10,280		5,298,413
Morinaga & Co. Ltd./Japan		142,600		4,629,081
Morinaga Milk Industry Co. Ltd.		153,100		5,156,484
Morita Holdings Corp.		105,500		1,150,476
MOS Food Services Inc.		111,500		2,564,247
Musashi Seimitsu Industry Co. Ltd.		194,500		2,425,382
Musashino Bank Ltd. (The)		128,200		2,263,287
Nabtesco Corp.		460,100		9,759,364
Nachi-Fujikoshi Corp.		54,900		1,483,420
Nafco Co. Ltd.		71,800		952,197
Nagaileben Co. Ltd.		88,600		1,470,815
Nagase & Co. Ltd.		398,600		6,853,480
Nagawa Co. Ltd.		38,000		1,914,417
Nagoya Railroad Co. Ltd.		789,900		12,719,241
Nakanishi Inc.		297,100		6,845,590
Nankai Electric Railway Co. Ltd.		434,900		9,217,000
Nanto Bank Ltd. (The)		112,800		2,066,515
NEC Networks & System Integration Corp.		284,700		3,754,083
NET One Systems Co. Ltd.		354,000		7,778,058
Nextage Co. Ltd.		189,600		4,979,969
NH Foods Ltd.		348,700		10,060,969
NHK Spring Co. Ltd.		822,200		6,588,028
Nichias Corp.		220,400		4,531,080
Nichicon Corp.		184,900		1,828,919
Nichiden Corp.		40,700		703,026


Security	Shares		Value

Japan (continued)
Nichiha Corp.		104,500	$	2,404,030
Nichirei Corp.		456,500		10,414,540
Nifco Inc./Japan		342,100		10,196,552
Nihon Kohden Corp.		334,700		8,822,536
Nihon M&A Center Holdings Inc.		1,285,100		7,359,558
Nihon Parkerizing Co. Ltd.		415,200		3,247,535
Nikkiso Co. Ltd.		209,500		1,335,749
Nikkon Holdings Co. Ltd.		226,500		4,760,898
Nikon Corp.		1,262,700		16,690,073
Nippn Corp., New		195,800		2,568,544
Nippon Accommodations Fund Inc.		2,128		10,086,713
Nippon Carbon Co. Ltd.		41,700		1,264,548
Nippon Ceramic Co. Ltd.		91,700		1,656,384
Nippon Densetsu Kogyo Co. Ltd.		158,300		2,393,612
Nippon Electric Glass Co. Ltd.		335,200		6,088,459
Nippon Gas Co. Ltd.		445,600		6,557,263
Nippon Kanzai Holdings Co. Ltd.		74,100		1,380,644
Nippon Kayaku Co. Ltd.		537,800		4,963,421
Nippon Light Metal Holdings Co. Ltd.		228,090		2,435,426
Nippon Paper Industries Co. Ltd.^(b)		416,100		4,043,899
Nippon Parking Development Co. Ltd.		1,059,600		1,596,839
Nippon Pillar Packing Co. Ltd.		73,400		2,300,284
NIPPON REIT Investment Corp.		1,855		4,416,644
Nippon Road Co. Ltd. (The)		17,600		1,190,554
Nippon Seiki Co. Ltd.		186,900		1,308,645
Nippon Shokubai Co. Ltd.		118,600		4,565,703
Nippon Signal Company Ltd.		186,800		1,338,997
Nippon Soda Co. Ltd.		92,700		3,485,714
Nippon Suisan Kaisha Ltd.		1,192,800		5,680,472
Nippon Television Holdings Inc.		216,600		2,056,917
Nipro Corp.		623,200		4,524,938
Nishimatsu Construction Co. Ltd.		139,400		3,631,414
Nishimatsuya Chain Co. Ltd.		150,800		1,811,253
Nishi-Nippon Financial Holdings Inc.		498,000		5,304,880
Nishi-Nippon Railroad Co. Ltd.		251,200		4,537,255
Nishio Holdings Co. Ltd.		85,000		2,159,627
Nissan Shatai Co. Ltd.		315,400		2,009,800
Nissha Co. Ltd.		161,300		1,951,295
Nisshin Oillio Group Ltd. (The)		107,300		2,880,159
Nisshinbo Holdings Inc.		529,100		4,547,153
Niterra Co. Ltd.		648,300		13,708,316
Nitta Corp.		64,900		1,482,587
Nittetsu Mining Co. Ltd.		55,800		1,996,661
Nitto Boseki Co. Ltd.		98,300		1,919,496
Nitto Kogyo Corp.		106,400		2,722,439
Noevir Holdings Co. Ltd.		65,200		2,485,037
NOF Corp.		280,900		12,121,857
Nohmi Bosai Ltd.		86,900		1,055,063
Nojima Corp.		258,300		2,521,320
NOK Corp.		334,300		5,033,710
Nomura Co. Ltd.		313,000		1,991,619
Noritake Co. Ltd./Nagoya Japan		39,000		1,520,884
Noritsu Koki Co. Ltd.		76,000		1,317,901
Noritz Corp.		105,400		1,294,162
North Pacific Bank Ltd.		1,142,700		2,495,998
NS Solutions Corp.		135,100		3,545,781
NS United Kaiun Kaisha Ltd.		41,700		1,122,532
NSD Co. Ltd.		274,680		5,380,084
NSK Ltd.		1,654,500		10,708,892
NTN Corp.		1,724,600		3,875,099


Security	Shares		Value

Japan (continued)
NTT UD REIT Investment Corp.		5,826	$	5,525,849
Obara Group Inc.		46,500		1,358,401
OBIC Business Consultants Co. Ltd.		126,900		5,329,782
Ogaki Kyoritsu Bank Ltd. (The)		153,400		2,112,438
Ohsho Food Service Corp.		53,000		2,523,466
Oiles Corp.		87,800		1,196,857
Oisix ra daichi Inc.^(b)(c)		125,700		2,066,491
Okamoto Industries Inc.		33,100		920,284
Okamura Corp.		231,800		3,326,049
Okasan Securities Group Inc.		637,600		2,540,463
Oki Electric Industry Co. Ltd.		340,900		2,153,625
Okinawa Cellular Telephone Co.		98,600		2,082,936
Okinawa Electric Power Co. Inc. (The)^(b)		182,577		1,481,191
Okinawa Financial Group Inc.		78,600		1,237,412
OKUMA Corp.		99,600		5,052,743
Okumura Corp.		123,500		3,693,675
One REIT Inc.		951		1,734,229
Open Door Inc.^(b)(c)		48,700		426,756
Optex Group Co. Ltd.		135,100		1,772,781
Optorun Co. Ltd.		135,100		2,243,255
Organo Corp.		110,600		3,205,575
Orient Corp.		214,660		1,679,650
Orix JREIT Inc.		11,152		14,187,760
Osaka Organic Chemical Industry Ltd.		59,600		1,105,729
Osaka Soda Co. Ltd.		65,000		2,647,132
OSAKA Titanium Technologies Co. Ltd.^(c)		127,500		3,218,347
OSG Corp.		357,600		4,766,482
Outsourcing Inc.		483,100		4,942,497
Pacific Industrial Co. Ltd.		163,800		1,576,685
Pacific Metals Co. Ltd.^(b)		73,100		855,375
PAL GROUP Holdings Co. Ltd.		88,800		2,606,031
PALTAC Corp.		121,300		4,075,522
Paramount Bed Holdings Co. Ltd.		161,400		2,643,662
Park24 Co. Ltd.^(b)(c)		546,800		7,213,699
Pasona Group Inc.		85,000		1,007,348
Penta-Ocean Construction Co. Ltd.		1,142,800		6,203,028
PeptiDream Inc.^(b)		417,000		5,308,527
Pharma Foods International Co. Ltd.		85,700		1,011,732
PHC Holdings Corp.		112,200		1,189,896
Pigeon Corp.		508,700		6,870,816
Pilot Corp.		123,400		4,066,279
Piolax Inc.		121,800		1,897,592
PKSHA Technology Inc.^(b)(c)		74,000		1,555,550
Plus Alpha Consulting Co. Ltd.^(c)		72,500		1,427,708
Pola Orbis Holdings Inc.		388,400		5,696,395
Pressance Corp.		103,400		1,472,429
Prestige International Inc.		403,000		1,644,556
Prima Meat Packers Ltd.		96,500		1,504,381
Raito Kogyo Co. Ltd.		171,800		2,488,735
Raiznext Corp.		190,800		1,955,067
Raksul Inc.^(b)(c)		215,200		2,126,709
Rakus Co. Ltd.		386,900		6,567,802
Relo Group Inc.		457,900		6,323,247
Rengo Co. Ltd.		794,300		5,059,029
RENOVA Inc.^(b)(c)		170,000		1,795,593
Resorttrust Inc.		322,900		5,105,584
Restar Holdings Corp.		77,800		1,298,796
Retail Partners Co. Ltd.^(c)		92,100		1,004,428
Ricoh Leasing Co. Ltd.		56,600		1,754,966
Riken Keiki Co. Ltd.		53,100		2,008,933


Security	Shares		Value

Japan (continued)
Riken Vitamin Co. Ltd.		87,900	$	1,283,985
Ringer Hut Co. Ltd.^(b)(c)		105,500		1,824,400
Rinnai Corp.		441,900		9,621,132
Riso Kagaku Corp.		85,100		1,396,839
Riso Kyoiku Co. Ltd.		500,000		924,988
Rohto Pharmaceutical Co. Ltd.		797,500		16,998,390
Roland Corp.		57,900		1,650,738
Rorze Corp.		45,100		3,527,492
Round One Corp.		865,200		3,463,307
Royal Holdings Co. Ltd.^(c)		128,900		2,406,174
RS Technologies Co. Ltd.		64,400		1,381,418
Ryohin Keikaku Co. Ltd.		1,072,800		13,930,503
Ryosan Co. Ltd.		61,700		1,953,128
Ryoyo Electro Corp.		65,800		1,634,261
S Foods Inc.		77,200		1,821,289
Saibu Gas Holdings Co. Ltd.		97,700		1,433,612
Saizeriya Co. Ltd.		121,900		3,876,130
Sakai Moving Service Co. Ltd.		45,000		1,691,839
Sakata INX Corp.		162,100		1,397,235
Sakata Seed Corp.		119,800		3,366,698
SAMTY Co. Ltd.		104,100		1,662,893
Samty Residential Investment Corp.		1,578		1,292,498
San-A Co. Ltd.		87,300		2,893,388
San-Ai Obbli Co. Ltd.		210,600		2,398,139
SanBio Co. Ltd.^(b)		182,900		772,163
Sangetsu Corp.		190,800		3,502,653
San-in Godo Bank Ltd. (The)		565,300		3,659,202
Sanken Electric Co. Ltd.		95,700		9,777,517
Sanki Engineering Co. Ltd.		205,400		2,231,970
Sankyo Co. Ltd.		168,200		7,115,128
Sankyu Inc.		209,300		7,257,939
Sanrio Co. Ltd.		226,300		10,537,244
Sansan Inc.^(b)		291,700		3,087,626
Santen Pharmaceutical Co. Ltd.		1,430,900		12,503,679
Sanwa Holdings Corp.		775,600		10,548,262
Sanyo Chemical Industries Ltd.		47,300		1,439,705
Sanyo Denki Co. Ltd.		36,000		1,826,008
Sanyo Special Steel Co. Ltd.		84,200		1,691,513
Sapporo Holdings Ltd.		267,200		7,039,764
Sato Holdings Corp.		104,600		1,464,835
Sawai Group Holdings Co. Ltd.		164,700		4,102,232
SB Technology Corp.		40,500		737,452
SBS Holdings Inc.		69,700		1,653,353
SCREEN Holdings Co. Ltd.		172,400		18,627,715
Sega Sammy Holdings Inc.		662,000		14,474,379
Seibu Holdings Inc.		959,200		10,665,753
Seiko Group Corp.		116,600		2,155,579
Seino Holdings Co. Ltd.		528,900		8,324,105
Seiren Co. Ltd.		180,500		3,118,792
Sekisui House Reit Inc.		17,649		10,475,937
Sekisui Jushi Corp.		105,100		1,651,470
Senko Group Holdings Co. Ltd.		481,200		3,483,281
Septeni Holdings Co. Ltd.^(c)		332,800		949,411
Seria Co. Ltd.		197,700		3,316,117
Seven Bank Ltd.		2,444,200		5,308,726
Shibaura Machine Co. Ltd.		97,900		3,129,860
Shibaura Mechatronics Corp.		14,600		2,443,931
Shibuya Corp.		74,800		1,384,480
SHIFT Inc.^(b)		53,100		12,561,194
Shiga Bank Ltd. (The)		144,200		3,089,240


Security	Shares		Value

Japan (continued)
Shikoku Chemicals Corp.		125,400	$	1,250,607
Shikoku Electric Power Co. Inc.^(b)		624,100		4,396,698
Shima Seiki Manufacturing Ltd.		108,700		1,487,872
Shimamura Co. Ltd.		94,000		9,309,363
Shin Nippon Biomedical Laboratories Ltd.		92,600		1,366,279
Shin-Etsu Polymer Co. Ltd.		179,000		1,777,843
Shinko Electric Industries Co. Ltd.		286,800		11,595,567
Shinmaywa Industries Ltd.		225,300		2,274,906
Shinsei Bank Ltd.		222,400		4,478,906
Ship Healthcare Holdings Inc.		322,300		5,220,128
Shizuoka Gas Co. Ltd.		156,400		1,209,019
SHO-BOND Holdings Co. Ltd.		170,100		6,908,610
Shochiku Co. Ltd.		38,800		2,968,920
Shoei Co. Ltd.		204,600		3,719,753
Shoei Foods Corp.		42,900		1,305,505
Showa Denko KK		740,900		12,137,244
Showa Sangyo Co. Ltd.		79,500		1,535,117
Siix Corp.		119,300		1,291,251
Simplex Holdings Inc.		125,000		2,523,803
SKY Perfect JSAT Holdings Inc.		617,900		2,580,240
Skylark Holdings Co. Ltd.^(b)(c)		961,800		12,445,193
SMS Co. Ltd.		297,400		6,316,894
Snow Peak Inc.^(c)		116,400		1,446,444
Socionext Inc.		146,300		17,311,000
Sohgo Security Services Co. Ltd.		1,616,200		9,881,368
Sojitz Corp.		996,620		23,662,016
Solasto Corp.		244,300		1,199,172
Sosei Group Corp.^(b)(c)		313,500		3,998,719
SOSiLA Logistics REIT Inc.		2,971		2,685,218
Sotetsu Holdings Inc.		333,800		6,459,635
SPARX Group Co. Ltd.		101,520		1,079,921
S-Pool Inc.		277,500		1,071,406
SRE Holdings Corp.^(b)		40,800		1,053,539
Stanley Electric Co. Ltd.		548,200		10,130,349
Star Asia Investment Corp.		7,668		3,099,802
Star Micronics Co. Ltd.		158,600		1,975,737
Starts Corp. Inc.		128,300		2,660,468
Starts Proceed Investment Corp.		1,071		1,692,505
StemRIM Inc.^(b)		103,000		671,522
Strike Co. Ltd.		39,700		838,449
Sugi Holdings Co. Ltd.		132,500		5,906,936
Sumitomo Bakelite Co. Ltd.		145,900		6,349,841
Sumitomo Densetsu Co. Ltd.		76,400		1,702,660
Sumitomo Forestry Co. Ltd.		639,600		15,433,485
Sumitomo Heavy Industries Ltd.		469,300		11,551,261
Sumitomo Mitsui Construction Co. Ltd.		524,380		1,391,099
Sumitomo Osaka Cement Co. Ltd.		122,700		3,444,922
Sumitomo Pharma Co., Ltd.		773,300		3,205,321
Sumitomo Riko Co. Ltd.		136,900		788,489
Sumitomo Rubber Industries Ltd.		733,400		7,498,987
Sumitomo Warehouse Co. Ltd. (The)		204,400		3,512,617
Sun Frontier Fudousan Co. Ltd.		122,200		1,297,428
Sundrug Co. Ltd.		303,000		8,944,373
SUNWELS Co. Ltd.		45,200		967,707
Suruga Bank Ltd.		689,200		2,900,119
Suzuken Co. Ltd.		262,800		7,673,144
Systena Corp.		1,138,200		2,180,174
T Hasegawa Co. Ltd.		135,200		3,229,192
Tadano Ltd.		408,500		3,205,698
Taihei Dengyo Kaisha Ltd.		46,600		1,457,786


Security	Shares		Value

Japan (continued)
Taiheiyo Cement Corp.		491,700	$	10,268,805
Taikisha Ltd.		98,700		2,938,794
Taisho Pharmaceutical Holdings Co. Ltd.		179,900		6,936,458
Taiyo Holdings Co. Ltd.		146,600		2,743,545
Taiyo Yuden Co. Ltd.		497,800		14,844,051
Takamatsu Construction Group Co. Ltd.		51,700		981,960
Takara Bio Inc.		202,500		2,488,283
Takara Holdings Inc.		571,000		5,025,050
Takara Leben Real Estate Investment Corp.		2,743		1,878,867
Takara Standard Co. Ltd.		147,800		1,936,407
Takasago International Corp.^(c)		28,900		581,005
Takasago Thermal Engineering Co. Ltd.		185,400		3,347,513
Takashimaya Co. Ltd.		609,400		8,858,534
Takeuchi Manufacturing Co. Ltd.		146,600		4,594,140
Takuma Co. Ltd.		262,300		2,870,178
Tama Home Co. Ltd.		62,000		1,529,264
Tamron Co. Ltd.		79,200		2,511,071
TBS Holdings Inc.		142,700		2,670,220
TechMatrix Corp.		159,600		1,750,986
TechnoPro Holdings Inc.		460,900		11,932,723
Teijin Ltd.		754,700		8,072,067
Tenma Corp.		45,000		835,139
T-Gaia Corp.		73,900		933,079
THK Co. Ltd.		499,400		10,011,974
TKC Corp.		110,300		2,867,998
TKP Corp.^(b)		77,400		1,548,242
Toa Corp./Tokyo		48,600		1,109,334
Toagosei Co. Ltd.		408,600		3,875,368
TOC Co. Ltd.		178,000		767,053
Tocalo Co. Ltd.		225,200		2,288,761
Toda Corp.		954,600		5,316,799
Toei Animation Co. Ltd.^(c)		35,500		3,220,041
Toei Co. Ltd.		24,900		3,165,797
Toenec Corp.		13,500		356,703
Toho Bank Ltd. (The)		770,900		1,339,493
Toho Gas Co. Ltd.		314,600		5,894,491
Toho Holdings Co. Ltd.		214,200		4,176,401
Toho Titanium Co. Ltd.^(c)		139,300		1,989,629
Tohoku Electric Power Co. Inc.^(b)		1,922,300		12,785,642
Tokai Carbon Co. Ltd.		866,000		7,704,419
Tokai Corp./Gifu		45,900		618,851
TOKAI Holdings Corp.		401,500		2,557,865
Tokai Rika Co. Ltd.		221,500		3,504,646
Tokai Tokyo Financial Holdings Inc.		744,300		2,294,588
Token Corp.		24,500		1,291,155
Tokushu Tokai Paper Co. Ltd.		36,000		856,043
Tokuyama Corp.		256,200		4,407,088
Tokyo Century Corp.		156,000		6,110,127
Tokyo Electron Device Ltd.		26,700		1,922,234
Tokyo Kiraboshi Financial Group Inc.		97,900		2,590,731
Tokyo Ohka Kogyo Co. Ltd.		135,100		8,533,130
Tokyo Seimitsu Co. Ltd.		168,700		9,344,731
Tokyo Steel Manufacturing Co. Ltd.		267,700		3,238,333
Tokyo Tatemono Co. Ltd.		798,000		10,664,063
Tokyotokeiba Co. Ltd.		59,200		1,603,926
Tokyu Construction Co. Ltd.		329,240		1,781,623
Tokyu Fudosan Holdings Corp.		2,584,400		15,364,110
Tokyu REIT Inc.		3,647		4,824,268
TOMONY Holdings Inc.		811,700		2,302,500
Tomy Co. Ltd.		335,700		4,541,579


Security	Shares		Value

Japan (continued)
Topcon Corp.		409,300	$	4,980,963
Topre Corp.		145,400		1,675,695
Toridoll Holdings Corp.		185,200		4,574,481
Torii Pharmaceutical Co. Ltd.		55,800		1,417,120
Tosei Corp.		113,600		1,408,540
Toshiba TEC Corp.		110,800		3,218,321
Totetsu Kogyo Co. Ltd.		98,200		1,880,268
Towa Pharmaceutical Co. Ltd.		105,500		1,334,782
Toyo Construction Co. Ltd.		192,900		1,465,677
Toyo Gosei Co. Ltd.^(c)		21,700		1,300,880
Toyo Ink SC Holdings Co. Ltd.		149,100		2,298,597
Toyo Seikan Group Holdings Ltd.		543,700		8,838,345
Toyo Suisan Kaisha Ltd.		377,500		15,614,203
Toyo Tanso Co. Ltd.		56,500		2,265,158
Toyo Tire Corp.		487,600		6,602,231
Toyobo Co. Ltd.		336,400		2,567,024
Toyoda Gosei Co. Ltd.		273,300		5,833,394
Toyota Boshoku Corp.		311,600		5,685,120
Trancom Co. Ltd.		29,700		1,471,760
Transcosmos Inc.		101,300		2,483,363
TRE Holdings Corp.		186,600		1,620,955
Tri Chemical Laboratories Inc.		112,500		2,089,082
Trusco Nakayama Corp.		204,700		3,153,831
TS Tech Co. Ltd.		368,600		4,762,200
Tsubakimoto Chain Co.		107,200		2,858,161
Tsugami Corp.		162,100		1,422,705
Tsumura & Co.		239,400		4,455,165
Tsuruha Holdings Inc.		157,000		12,057,005
TV Asahi Holdings Corp.		89,600		1,130,600
UACJ Corp.		142,994		2,863,589
UBE Corp.		375,600		6,855,511
Ulvac Inc.		199,200		8,553,846
Union Tool Co.		30,900		715,673
United Arrows Ltd.		97,100		1,638,830
United Super Markets Holdings Inc.		225,300		1,773,242
United Urban Investment Corp.		12,478		13,468,385
Universal Entertainment Corp.		101,200		1,830,656
Usen-Next Holdings Co. Ltd.		93,200		2,155,741
Ushio Inc.		392,600		5,439,145
UT Group Co. Ltd.^(b)		127,400		2,575,107
Valor Holdings Co. Ltd.		153,900		2,311,378
ValueCommerce Co. Ltd.		68,100		651,467
Vector Inc.		122,900		1,133,797
Vision Inc./Tokyo Japan^(b)		158,500		1,964,428
Visional Inc.^(b)(c)		90,900		5,001,241
VT Holdings Co. Ltd.		331,700		1,244,317
Wacoal Holdings Corp.		179,800		3,912,275
Wacom Co. Ltd.		601,300		2,561,738
Wakita & Co. Ltd.		113,100		1,021,832
WDB Holdings Co. Ltd.		31,100		460,074
WealthNavi Inc.^(b)(c)		160,900		1,557,079
Weathernews Inc.		26,600		1,191,217
West Holdings Corp.		100,830		1,973,706
WingArc1st Inc.		78,200		1,505,588
Workman Co. Ltd.^(c)		87,400		3,190,237
W-Scope Corp.^(b)(c)		227,500		2,463,845
YAMABIKO Corp.		135,200		1,477,499
Yamada Holdings Co. Ltd.		2,467,300		7,454,049
Yamaguchi Financial Group Inc.		788,500		6,131,678
YA-MAN Ltd.^(c)		125,700		900,617


Security	Shares		Value

Japan (continued)
Yamato Kogyo Co. Ltd.		164,400	$	7,861,485
Yamazaki Baking Co. Ltd.		468,100		6,736,597
Yamazen Corp.		196,500		1,671,942
Yaoko Co. Ltd.		77,300		4,077,585
Yellow Hat Ltd.		134,100		1,761,947
Yodogawa Steel Works Ltd.		88,700		2,127,187
Yokogawa Bridge Holdings Corp.		135,200		2,432,298
Yokohama Rubber Co. Ltd. (The)		501,100		11,236,393
Yokorei Co. Ltd.		306,800		2,633,337
Yokowo Co. Ltd.		72,000		930,741
Yonex Co. Ltd.		258,100		2,522,703
Yoshinoya Holdings Co. Ltd.		261,000		5,162,901
Yuasa Trading Co. Ltd.		68,300		2,187,727
Yurtec Corp.		91,900		571,392
Zenkoku Hosho Co. Ltd.		220,800		7,751,061
Zenrin Co. Ltd.		168,600		1,058,537
Zensho Holdings Co. Ltd.		395,600		21,080,051
Zeon Corp.		532,800		5,746,387
ZERIA Pharmaceutical Co. Ltd.		115,100		1,885,185
Zojirushi Corp.		153,100		2,154,506
Zuken Inc.		71,700		2,090,112


				3,502,066,091

Netherlands — 2.4%
Aalberts NV		424,038		19,134,503
Alfen Beheer BV^(b)(c)(d)		92,259		6,402,145
Allfunds Group PLC		1,483,860		9,674,677
AMG Advanced Metallurgical Group NV		131,352		5,370,324
Arcadis NV		308,071		13,506,432
Ariston Holding NV		275,118		2,560,598
ASR Nederland NV		635,906		28,825,244
B&S Group Sarl^(d)		156,862		690,742
Basic-Fit NV^(b)(c)(d)		223,878		7,556,837
BE Semiconductor Industries NV		326,563		38,991,164
Brunel International NV		108,892		1,515,859
Cementir Holding NV		186,415		1,758,586
Corbion NV		252,208		5,926,943
Ebusco Holding NV^(b)(c)		63,586		562,027
Eurocommercial Properties NV		182,554		4,614,159
Fastned BV^(b)(c)		29,718		988,867
Flow Trades Ltd., NVS		139,270		3,030,392
Fugro NV^(b)		482,168		8,597,658
InPost SA^(b)		958,503		11,453,931
Iveco Group NV^(b)		737,983		6,999,448
Koninklijke BAM Groep NV		1,193,243		2,776,500
Koninklijke Vopak NV		291,714		10,998,145
MFE-MediaForEurope NV, Class A^(c)		3,444,081		1,822,950
MFE-MediaForEurope NV, Class B		1,743,732		1,345,250
NSI NV		83,065		1,746,230
Ordina NV		349,307		2,189,199
Pharming Group NV^(b)(c)		2,814,705		3,552,702
PostNL NV		1,309,503		2,659,171
SBM Offshore NV		609,353		8,852,664
Signify NV^(d)		543,263		17,080,986
Sligro Food Group NV		89,581		1,729,472
Technip Energies NV		609,365		13,888,650
TKH Group NV		170,989		8,921,589
TomTom NV^(b)		313,546		2,739,163
Van Lanschot Kempen NV		135,619		4,443,843
Vastned Retail NV		49,835		1,112,033


Security	Shares		Value

Netherlands (continued)
Wereldhave NV		138,481	$	2,474,402


				266,493,485

New Zealand — 0.9%
a2 Milk Co. Ltd. (The)^(b)(c)		3,092,233		10,601,632
Air New Zealand Ltd.^(b)		7,070,338		3,471,505
Contact Energy Ltd.		3,318,135		17,133,318
Fletcher Building Ltd.		3,338,669		11,575,798
Genesis Energy Ltd.		2,238,742		3,770,550
Goodman Property Trust		4,613,132		6,475,388
Infratil Ltd.		3,405,314		21,062,748
Kiwi Property Group Ltd.		7,159,634		4,228,023
Oceania Healthcare Ltd.		2,861,918		1,350,928
Ryman Healthcare Ltd.		2,471,509		10,468,164
Summerset Group Holdings Ltd.		1,010,877		6,468,309
Warehouse Group Ltd. (The)^(c)		483,578		540,630


				97,146,993

Norway — 2.4%
Aker ASA, Class A		93,605		5,952,077
Aker Carbon Capture ASA^(b)		1,559,455		2,365,363
Aker Horizons Holding AS^(b)(c)		994,914		581,395
Aker Solutions ASA		1,057,075		4,698,916
Atea ASA		343,459		4,663,022
Austevoll Seafood ASA		386,899		2,904,966
Bakkafrost P/F		213,524		12,425,798
Bewi ASA		200,864		813,560
BLUENORD ASA^(b)(c)		102,038		4,486,830
Bonheur ASA		85,918		2,161,715
Borr Drilling Ltd.^(b)		868,332		7,406,709
Borregaard ASA		405,080		6,611,041
BW Energy Ltd.^(b)		383,437		1,139,391
BW LPG Ltd.^(d)		326,598		3,495,307
BW Offshore Ltd.		414,057		1,134,006
Cadeler AS^(b)(c)		458,832		1,905,943
Cool Co. Ltd.		104,226		1,417,680
Crayon Group Holding ASA^(b)(d)		328,071		3,493,172
DNO ASA		2,002,897		2,172,635
Elkem ASA^(d)		1,240,602		2,942,940
Elopak ASA		432,864		946,018
Entra ASA^(d)		305,459		2,979,428
Europris ASA^(d)		685,492		4,158,590
Flex LNG Ltd.^(c)		123,474		3,915,869
Frontline PLC, NVS		568,962		9,479,835
Golden Ocean Group Ltd.		557,660		4,369,681
Grieg Seafood ASA		218,375		1,573,973
Hafnia Ltd.		865,493		4,704,104
Hexagon Composites ASA^(b)		474,997		1,417,176
Hexagon Purus ASA^(b)(c)		590,072		1,201,296
Hoegh Autoliners ASA		214,989		1,244,109
Kahoot! ASA^(b)(c)		1,378,143		4,740,678
Kitron ASA		703,141		2,598,715
Leroy Seafood Group ASA		1,149,559		4,782,665
MPC Container Ships AS		1,337,665		2,495,565
NEL ASA^(b)(c)		7,127,224		9,666,470
Nordic Semiconductor ASA^(b)		701,099		10,324,975
Norske Skog ASA^(b)(d)		282,278		1,265,563
Norwegian Air Shuttle ASA^(b)		2,996,373		2,990,887
Nykode Therapeutics AS^(b)(c)		425,160		1,221,387
Odfjell Drilling Ltd.^(b)		374,993		1,066,240
PGS ASA^(b)		3,650,701		2,567,172


Security	Shares		Value

Norway (continued)
Protector Forsikring ASA		258,483	$	4,222,063
REC Silicon ASA^(b)		1,166,055		1,987,606
Scatec ASA^(d)		467,595		3,908,165
Schibsted ASA, Class A		312,471		6,694,155
Schibsted ASA, Class B		410,592		8,051,464
SpareBank 1 Nord Norge		352,687		3,359,076
SpareBank 1 Oestlandet		114,104		1,434,315
SpareBank 1 SMN		580,075		8,128,848
SpareBank 1 SR-Bank ASA		767,551		9,906,403
Stolt-Nielsen Ltd.		100,611		2,487,660
Storebrand ASA		1,902,496		16,629,747
Subsea 7 SA		934,569		12,559,813
TGS ASA		536,234		7,157,280
TOMRA Systems ASA		1,009,384		15,555,359
Veidekke ASA		443,506		5,006,101
Wallenius Wilhelmsen ASA		452,830		3,144,299


				262,715,216

Portugal — 0.3%
Altri SGPS SA^(c)		306,014		1,438,927
Banco Comercial Portugues SA, Class R^(b)		35,231,484		9,621,891
Corticeira Amorim SGPS SA		126,403		1,431,496
CTT-Correios de Portugal SA		398,334		1,572,336
Greenvolt Energias Renovaveis SA^(b)(c)		241,472		1,687,052
Mota-Engil SGPS SA		397,493		1,094,041
Navigator Co. SA (The)		912,035		3,196,830
NOS SGPS SA		895,140		3,401,419
REN - Redes Energeticas Nacionais SGPS SA		1,741,034		4,754,127
Semapa-Sociedade de Investimento e Gestao		77,927		1,130,986
Sonae SGPS SA		3,473,945		3,777,084


				33,106,189

Singapore — 2.1%
AEM Holdings Ltd.^(c)		1,069,400		3,033,592
AIMS APAC REIT^(c)		2,513,275		2,364,123
AustAsia Group Ltd.^(b)		230,314		53,157
Best World International Ltd.^(b)		569,900		695,173
Bumitama Agri Ltd.		1,405,200		602,782
CapitaLand Ascott Trust		9,463,896		7,971,195
CapitaLand China Trust		4,954,734		3,878,643
Capitaland India Trust^(c)		4,149,242		3,557,230
CDL Hospitality Trusts		3,998,400		3,578,784
ComfortDelGro Corp. Ltd.		8,987,700		8,524,307
Cromwell European Real Estate Investment Trust		1,332,460		2,358,715
Digital Core REIT Management Pte Ltd.		3,422,600		1,712,830
Eagle Hospitality Trust^(a)(b)(c)		1,640,200		16
ESR-LOGOS REIT		27,869,073		7,228,082
Far East Hospitality Trust		4,193,300		2,033,613
First Resources Ltd.		2,324,600		2,641,141
Frasers Centrepoint Trust		4,371,938		7,139,431
Frasers Hospitality Trust		3,159,800		1,139,065
Frasers Logistics & Commercial Trust		12,564,836		11,538,653
Frencken Group Ltd.^(c)		1,321,300		859,745
Golden Agri-Resources Ltd.		27,241,800		5,129,878
Hong Fok Corp. Ltd.^(c)		1,317,000		980,874
Hour Glass Ltd. (The)		870,700		1,361,512
Hutchison Port Holdings Trust, Class U^(c)		20,614,000		3,815,816
iFAST Corp. Ltd.^(c)		588,600		2,505,510
Keppel DC REIT^(c)		5,801,300		9,560,826
Keppel Infrastructure Trust		15,470,290		5,927,782
Keppel Pacific Oak US REIT		3,683,500		1,215,555


Security	Shares		Value

Singapore (continued)
Keppel REIT		8,497,400	$	5,817,347
Lendlease Global Commercial REIT		7,543,129		3,857,958
Manulife US Real Estate Investment Trust		7,025,131		737,358
Mapletree Industrial Trust		8,683,993		14,633,333
Maxeon Solar Technologies Ltd.^(b)(c)		133,701		3,301,078
Nanofilm Technologies International Ltd.^(c)		1,155,500		991,122
NetLink NBN Trust		12,027,800		7,780,103
Olam Group Ltd.		4,032,200		3,978,304
OUE Commercial Real Estate Investment Trust		8,652,079		2,017,029
PARAGON REIT		4,894,936		3,517,073
Parkway Life REIT		1,671,500		4,878,289
Raffles Medical Group Ltd.		3,611,200		3,805,174
Riverstone Holdings Ltd./Singapore		2,184,900		1,028,369
Sasseur Real Estate Investment Trust		2,476,100		1,332,899
SATS Ltd.^(b)		4,427,379		9,323,536
Sembcorp Industries Ltd.		4,190,600		17,178,857
Sheng Siong Group Ltd.		2,870,800		3,541,154
SIA Engineering Co. Ltd.^(c)		1,141,600		2,104,615
Silverlake Axis Ltd.		3,422,140		746,669
Singapore Post Ltd.^(c)		5,906,400		2,221,308
Starhill Global REIT		6,168,100		2,388,376
StarHub Ltd.		2,532,700		1,980,561
Straits Trading Co. Ltd.^(c)		617,134		979,344
Suntec REIT^(c)		8,466,300		8,215,459
Super Hi International Holding Ltd.^(b)		667,000		1,373,597
TDCX Inc., ADR^(b)		91,923		659,088
UMS Holdings Ltd.^(c)		2,181,500		1,805,365
Yangzijiang Financial Holding Ltd.		10,062,200		2,497,953
Yangzijiang Shipbuilding Holdings Ltd.		10,934,700		12,667,444
Yanlord Land Group Ltd.^(b)		2,522,500		1,537,853


				228,304,645

Spain — 1.9%
Acerinox SA		761,349		8,015,030
Almirall SA		349,903		3,356,523
Applus Services SA		574,776		6,165,926
Atresmedia Corp. de Medios de Comunicacion SA		366,852		1,520,685
Audax Renovables SA^(b)		591,932		813,957
Banco de Sabadell SA		23,845,789		29,386,902
Bankinter SA		2,843,785		18,399,411
Cia. de Distribucion Integral Logista Holdings SA		250,070		6,958,215
Cie. Automotive SA		177,757		5,571,006
Construcciones y Auxiliar de Ferrocarriles SA		70,211		2,394,249
Distribuidora Internacional de Alimentacion SA^(b)		65,957,017		1,107,884
Ebro Foods SA		283,560		5,227,189
eDreams ODIGEO SA^(b)		386,892		2,840,037
Ence Energia y Celulosa SA		577,636		1,759,144
Faes Farma SA		1,312,441		4,547,746
Fluidra SA		400,734		8,862,313
Gestamp Automocion SA^(d)		720,403		3,497,555
Global Dominion Access SA^(d)		375,074		1,577,407
Grenergy Renovables SA^(b)(c)		59,769		1,804,193
Indra Sistemas SA		522,829		7,603,827
Inmobiliaria Colonial SOCIMI SA		1,251,325		8,077,628
Laboratorios Farmaceuticos Rovi SA		91,827		4,408,869
Lar Espana Real Estate SOCIMI SA		236,803		1,533,550
Let’s Gowex SA.^(a)(b)(c)		51,450		—
Linea Directa Aseguradora SA Cia de Seguros y Reaseguros		2,520,156		2,446,716
Mapfre SA		3,938,236		8,185,459
Melia Hotels International SA^(b)(c)		455,123		3,341,214


Security	Shares		Value

Spain (continued)
Merlin Properties SOCIMI SA		1,393,175	$	12,982,957
Miquel y Costas & Miquel SA		103,561		1,302,620
Neinor Homes SA^(d)		111,332		1,101,686
Opdenergy Holdings SA, NVS^(b)		183,081		1,149,409
Pharma Mar SA		62,243		2,340,180
Prosegur Cash SA^(d)		1,356,258		948,986
Prosegur Cia. de Seguridad SA		791,262		1,455,236
Sacyr SA		1,743,750		5,961,375
Solaria Energia y Medio Ambiente SA^(b)		345,500		5,404,053
Soltec Power Holdings SA^(b)		178,366		819,891
Talgo SA^(c)(d)		303,992		1,256,418
Talgo SA, NVS		8,685		35,898
Tecnicas Reunidas SA^(b)		202,326		1,949,643
Unicaja Banco SA^(c)(d)		5,541,696		6,468,103
Vidrala SA		83,675		8,519,085
Viscofan SA		166,579		10,814,474


				211,912,649

Sweden — 5.3%
AAK AB		778,021		14,954,555
AcadeMedia AB^(d)		340,118		1,639,781
AddLife AB, Class B		474,445		3,863,776
AddTech AB, Class B		1,108,887		20,658,355
AFRY AB		396,429		5,501,505
Alimak Group AB^(d)		276,174		2,008,394
Alleima AB, NVS		851,999		3,700,988
Ambea AB^(d)		308,453		998,639
Arjo AB, Class B		934,791		3,999,504
Atrium Ljungberg AB, Class B		213,027		4,178,103
Attendo AB^(b)(d)		474,774		1,443,301
Avanza Bank Holding AB^(c)		531,207		12,029,373
Axfood AB		463,839		11,818,059
Beijer Alma AB		190,477		3,485,130
Betsson AB		487,992		5,904,666
BICO Group AB, Class B^(b)(c)		188,585		737,725
Bilia AB, Class A		264,024		2,774,709
Billerud AB		952,063		8,118,844
BioArctic AB, Class B^(b)(c)(d)		158,339		4,536,955
BioGaia AB, Class B		367,351		3,643,358
Biotage AB		283,145		3,495,044
BoneSupport Holding AB^(b)(d)		234,631		3,284,364
Boozt AB^(b)(c)(d)		239,187		2,849,412
Bravida Holding AB^(d)		868,815		6,982,757
Bufab AB		113,863		3,332,914
Bure Equity AB		232,018		4,936,250
Calliditas Therapeutics AB, Class B^(b)(c)		151,958		1,480,348
Camurus AB^(b)		127,692		3,607,588
Castellum AB^(c)		1,649,658		18,786,498
Catena AB		137,953		5,299,514
Cellavision AB		61,846		1,289,633
Cibus Nordic Real Estate AB		187,155		2,104,540
Clas Ohlson AB, Class B		170,068		1,385,213
Cloetta AB, Class B		848,460		1,518,890
Collector Bank AB^(b)		265,741		861,548
Coor Service Management Holding AB^(d)		414,524		1,908,329
Corem Property Group AB, Class B		2,172,089		1,465,095
Creades AB, Class A		224,156		1,556,409
Dios Fastigheter AB		366,198		2,497,027
Dometic Group AB^(d)		1,359,744		10,131,756
Dustin Group AB^(b)(d)		309,122		806,344
Electrolux AB, Class B		936,856		11,571,340


Security	Shares		Value

Sweden (continued)
Electrolux Professional AB, Class B		1,000,651	$	5,637,461
Elekta AB, Class B		1,496,802		12,125,926
Engcon AB		168,745		1,245,450
Fabege AB		1,129,618		9,782,939
Fortnox AB		2,073,402		12,726,185
GARO AB^(c)		130,324		721,872
Granges AB		451,518		4,611,759
Hemnet Group AB		349,257		6,187,911
Hexatronic Group AB^(c)		690,524		5,232,522
Hexpol AB		1,117,572		12,123,979
HMS Networks AB		118,231		4,774,276
Hufvudstaden AB, Class A		477,935		5,850,891
Instalco AB		884,909		3,481,725
Intrum AB^(c)		330,950		2,578,497
Investment AB Oresund		173,474		1,723,260
INVISIO AB		168,298		3,502,529
Inwido AB		217,910		2,404,624
JMAB		275,141		4,322,992
Kambi Group PLC, Class B^(b)		100,227		1,898,038
K-Fast Holding AB, Class B^(b)(c)		244,751		467,628
Kindred Group PLC		975,714		11,736,372
KNOW IT AB		105,532		1,490,846
Lindab International AB		319,219		4,949,072
Loomis AB, Class B		303,035		8,840,304
Medicover AB, Class B		270,313		4,135,806
MEKO AB		155,846		1,626,703
Millicom International Cellular SA, SDR^(b)		731,713		11,361,446
MIPS AB		110,811		5,016,954
Modern Times Group MTG AB, Class B^(b)		402,993		2,621,137
Munters Group AB^(d)		550,153		6,982,758
Mycronic AB		310,245		6,676,393
NCC AB, Class B		327,112		3,522,628
New Wave Group AB, Class B		376,382		3,413,371
Nobia AB^(b)		512,031		553,540
Nolato AB, Class B		769,682		3,181,299
Nordnet AB publ		582,709		8,645,816
Note AB^(b)		78,884		1,336,042
NP3 Fastigheter AB		113,193		1,900,300
Nyfosa AB		650,317		4,125,518
Orron Energy AB^(b)		924,680		1,068,950
OX2 AB, Class B^(b)(c)		462,971		2,896,376
Pandox AB, Class B		387,461		4,568,759
Paradox Interactive AB		156,308		4,487,410
Peab AB, Class B		716,191		3,168,176
Platzer Fastigheter Holding AB, Class B		250,394		1,902,979
PowerCell Sweden AB^(b)(c)		198,068		1,824,168
Ratos AB, Class B		849,698		2,824,729
Resurs Holding AB^(d)		536,223		1,299,686
Rvrc Holding AB		208,505		673,113
Samhallsbyggnadsbolaget i Norden AB^(c)		4,460,186		1,928,519
Samhallsbyggnadsbolaget i Norden AB, Class D^(c)		677,110		279,620
Scandic Hotels Group AB^(b)(d)		611,976		2,413,312
Sdiptech AB, Class B^(b)		116,194		3,204,233
Sectra AB, NVS		578,298		9,260,024
Sinch AB^(b)(c)(d)		2,854,918		7,399,479
SkiStar AB		177,791		1,930,451
SSAB AB, Class A		955,246		6,061,461
SSAB AB, Class B		2,771,100		16,953,462
Stillfront Group AB^(b)		2,003,985		3,708,620
Storskogen Group AB		5,753,093		5,921,826


Security	Shares		Value

Sweden (continued)
Surgical Science Sweden AB^(b)		151,777	$	3,531,859
Svolder AB		378,098		2,141,125
Sweco AB, Class B		917,692		9,450,335
SwedenCare AB^(c)		308,021		1,322,255
Synsam AB^(c)		207,078		846,018
Thule Group AB^(d)		442,776		13,826,310
Trelleborg AB, Class B		927,693		24,697,638
Troax Group AB		159,479		2,872,386
Truecaller AB^(b)(c)		975,121		3,862,734
Vestum AB^(b)(c)		860,516		816,661
Viaplay Group AB, Class B^(b)(c)		294,026		1,276,517
Vimian Group AB^(b)(c)		717,394		1,859,183
Vitec Software Group AB, Class B		133,315		7,593,974
Vitrolife AB		313,207		4,647,530
Volati AB^(c)		95,206		896,369
Wallenstam AB, Class B		1,500,407		5,849,296
Wihlborgs Fastigheter AB		1,181,413		9,238,457
XANO Industri AB, Class B		61,304		653,434
Xvivo Perfusion AB^(b)		94,173		2,852,155


				582,672,891

Switzerland — 4.5%
Accelleron Industries AG, NVS		344,978		9,088,587
Allreal Holding AG, Registered		63,553		11,675,847
ALSO Holding AG, Registered		27,443		6,279,857
Arbonia AG		220,049		2,552,776
Aryzta AG^(b)		4,230,264		7,229,907
Autoneum Holding AG^(b)(c)		11,286		1,944,871
Basilea Pharmaceutica AG, Registered^(b)		52,590		2,651,378
Belimo Holding AG, Registered		41,777		22,515,701
Bell Food Group AG, Registered		8,419		2,488,329
Bossard Holding AG, Class A, Registered		23,881		5,581,180
Bucher Industries AG, Registered		28,283		12,603,270
Burckhardt Compression Holding AG		13,061		7,697,373
Burkhalter Holding AG		32,414		3,462,685
Bystronic AG, Registered^(c)		5,637		3,949,517
Cembra Money Bank AG		128,151		9,726,957
Coltene Holding AG, Registered		11,554		933,486
Comet Holding AG, Registered		33,125		8,714,340
COSMO Pharmaceuticals NV		40,906		2,101,472
Daetwyler Holding AG, Bearer		32,514		6,431,535
DKSH Holding AG		152,254		12,285,827
DocMorris AG^(b)(c)		48,227		2,951,424
dormakaba Holding AG		13,409		6,537,992
Dottikon Es Holding AG^(b)		11,777		3,234,635
EFG International AG		393,655		4,910,970
Emmi AG, Registered		9,076		8,882,249
Flughafen Zurich AG, Registered		85,071		18,009,293
Forbo Holding AG, Registered		4,102		5,901,028
Galenica AG^(d)		213,799		17,206,559
Georg Fischer Ltd		348,474		23,799,459
Gurit Holding AG^(b)(c)		12,744		1,364,933
Huber + Suhner AG, Registered		72,340		6,248,256
Idorsia Ltd.^(b)(c)		472,838		3,750,269
Implenia AG, Registered		56,457		2,749,899
Inficon Holding AG, Registered		7,233		9,272,942
Interroll Holding AG, Registered		2,904		9,289,058
Intershop Holding AG		4,793		3,308,541
Kardex Holding AG, Registered		25,981		6,500,898
Komax Holding AG, Registered		16,351		4,019,674
Landis+Gyr Group AG		92,841		8,061,325


Security	Shares		Value

Switzerland (continued)
LEM Holding SA, Registered		2,378	$	5,726,506
Leonteq AG		39,956		1,886,509
Medacta Group SA^(d)		29,839		4,333,965
Medartis Holding AG^(b)(d)		18,285		1,698,395
Medmix AG^(d)		105,006		2,930,809
Meier Tobler Group AG		20,044		1,098,337
Metall Zug AG, Class B, Registered		821		1,487,506
Meyer Burger Technology AG^(b)(c)		13,747,807		8,265,600
Mobilezone Holding AG, Registered		181,865		3,030,945
Mobimo Holding AG, Registered		30,562		9,037,705
Montana Aerospace AG^(b)(d)		118,870		1,870,930
OC Oerlikon Corp. AG, Registered		776,651		4,223,083
Orior AG		25,196		2,166,963
Peach Property Group AG^(b)(c)		47,710		640,510
PolyPeptide Group AG^(b)(d)		63,445		1,495,581
PSP Swiss Property AG, Registered		194,883		22,965,013
Rieter Holding AG, Registered^(c)		10,913		1,213,848
Schweiter Technologies AG, NVS		4,181		3,218,337
Sensirion Holding AG^(b)(c)(d)		39,414		3,454,076
SFS Group AG		73,935		8,789,222
Siegfried Holding AG, Registered		17,110		15,117,174
SKAN Group AG		42,783		3,921,363
Softwareone Holding AG		471,236		10,085,651
St. Galler Kantonalbank AG, Class A, Registered		12,315		7,043,384
Stadler Rail AG		254,818		10,232,890
Sulzer AG, Registered		79,600		7,814,460
Swissquote Group Holding SA, Registered		49,071		11,114,210
Tecan Group AG, Registered		54,283		21,600,899
TX Group AG^(c)		11,677		1,328,719
u-blox Holding AG		29,479		3,301,374
Valiant Holding AG, Registered		67,880		7,469,037
Vetropack Holding AG, Class A, Registered		55,460		2,788,740
Vontobel Holding AG, Registered		120,340		8,107,016
V-ZUG Holding AG^(b)(c)		9,133		744,632
Ypsomed Holding AG, Registered		20,324		5,966,939
Zehnder Group AG, Registered		39,482		2,891,708


				494,976,335

United Kingdom — 15.1%
4imprint Group PLC		118,569		6,748,538
888 Holdings PLC^(b)		1,647,641		2,285,391
AB Dynamics PLC^(c)		74,352		1,741,408
Advanced Medical Solutions Group PLC		953,975		3,042,344
AG Barr PLC		385,731		2,334,055
Airtel Africa PLC^(d)		4,005,648		5,993,993
AJ Bell PLC		1,306,289		5,495,322
Alliance Pharma PLC		1,893,369		1,239,226
Alpha Financial Markets Consulting PLC		482,851		2,367,126
Alpha FX Group PLC		148,813		4,297,029
Alphawave IP Group PLC^(b)		1,071,687		2,217,062
AO World PLC^(b)		1,832,360		2,232,678
Ascential PLC^(b)		1,847,155		4,959,181
Ashmore Group PLC		1,956,646		5,188,743
ASOS PLC^(b)(c)		327,229		1,767,491
Assura PLC		12,747,491		7,747,852
Aston Martin Lagonda Global Holdings PLC^(b)(c)(d)		1,342,736		6,824,616
Atalaya Mining PLC		451,878		1,913,727
Auction Technology Group PLC^(b)		382,369		3,479,155
Avon Protection PLC		127,502		1,342,676
B&M European Value Retail SA		4,046,171		28,739,591
Babcock International Group PLC^(b)		1,064,623		5,125,257


Security	Shares		Value

United Kingdom (continued)
Balanced Commercial Property Trust Ltd.		2,926,043	$	2,609,819
Balfour Beatty PLC		2,414,633		10,827,270
Bank of Georgia Group PLC		148,456		6,201,456
Beazley PLC		2,855,583		20,119,449
Bellway PLC		522,837		14,867,665
Big Yellow Group PLC		741,924		10,210,476
Bodycote PLC		803,033		7,131,558
boohoo Group PLC^(b)(c)		4,328,171		2,158,023
Breedon Group PLC		1,300,325		6,074,328
Bridgepoint Group PLC^(d)		1,044,564		2,532,281
Britvic PLC		1,093,018		12,132,345
Burford Capital Ltd.		789,283		10,667,205
Bytes Technology Group PLC		955,375		6,326,573
C&C Group PLC		1,641,200		2,906,932
Capita PLC^(b)		7,273,357		2,578,122
Capital & Counties Properties PLC		6,229,248		9,577,174
Capricorn Energy PLC		623,539		1,417,987
Carnival PLC^(b)		590,411		10,014,026
Centamin PLC		4,874,950		6,019,365
Central Asia Metals PLC		769,528		1,813,185
Ceres Power Holdings PLC^(b)(c)		521,542		2,440,343
Chemring Group PLC		1,191,139		4,333,716
Clarkson PLC		124,415		4,454,735
Close Brothers Group PLC		635,562		7,520,715
CLS Holdings PLC		747,516		1,341,135
CMC Markets PLC^(d)		437,446		784,832
Coats Group PLC		6,808,717		6,116,574
Computacenter PLC		335,730		9,471,572
ConvaTec Group PLC^(d)		6,910,460		18,514,096
Craneware PLC		129,564		2,277,980
Cranswick PLC		226,631		9,722,965
Crest Nicholson Holdings PLC		969,077		2,653,980
Currys PLC		4,627,052		3,167,989
Custodian Reit PLC		1,697,736		1,895,546
CVS Group PLC		299,757		7,920,233
Darktrace PLC^(b)		1,063,835		5,045,297
Dechra Pharmaceuticals PLC		482,814		23,016,909
Deliveroo PLC, Class A^(b)(d)		4,068,661		6,861,069
Derwent London PLC		405,798		11,027,354
Diploma PLC		569,337		23,680,009
Direct Line Insurance Group PLC		5,588,234		10,791,171
DiscoverIE Group PLC		408,251		4,189,219
Diversified Energy Co. PLC		4,065,134		4,945,704
Domino’s Pizza Group PLC		1,593,979		7,106,526
Dowlais Group PLC^(b)		5,722,023		9,028,655
Dr. Martens PLC		2,788,511		5,454,862
Draper Esprit PLC^(b)		581,986		1,962,831
Drax Group PLC		1,701,785		13,208,740
DS Smith PLC		5,842,635		23,229,425
Dunelm Group PLC		509,181		7,514,757
easyJet PLC^(b)		1,286,128		7,470,044
Elementis PLC^(b)		2,401,470		3,408,609
EMIS Group PLC		251,227		4,681,423
Empiric Student Property PLC		2,569,947		2,902,363
Energean PLC		564,274		8,385,781
EnQuest PLC^(b)		6,099,880		1,397,324
Ergomed PLC^(b)		187,516		2,604,670
Essentra PLC		1,250,782		2,609,129
FD Technologies PLC^(b)		100,952		2,319,918
Ferrexpo PLC		1,217,941		1,434,874


Security	Shares		Value

United Kingdom (continued)
Fevertree Drinks PLC		441,807	$	7,609,043
Finablr PLC^(a)(b)(d)		1,080,679		14
Firstgroup PLC		3,033,030		5,680,499
Forterra PLC^(d)		905,607		1,999,002
Frasers Group PLC^(b)		589,366		6,142,807
Future PLC		455,695		4,893,624
Games Workshop Group PLC		138,848		20,758,633
Gamma Communications PLC		386,269		5,510,693
GB Group PLC		1,086,247		3,489,302
Genel Energy PLC		618,841		827,545
Genuit Group PLC		1,048,914		4,213,366
Genus PLC		276,680		8,751,860
Grafton Group PLC		827,815		9,305,351
Grainger PLC		2,989,135		9,659,312
Great Portland Estates PLC		1,084,275		5,950,070
Greatland Gold PLC^(b)		19,103,760		1,716,176
Greggs PLC		433,179		15,362,142
Gulf Keystone Petroleum Ltd.		894,429		1,426,796
Halfords Group PLC		940,749		2,670,569
Hammerson PLC		16,924,312		5,777,468
Harbour Energy PLC		2,606,251		8,922,407
Hays PLC		6,731,054		9,261,167
Helios Towers PLC^(b)		3,050,079		3,532,072
Hill & Smith PLC		339,004		6,868,716
Hiscox Ltd.		1,472,057		20,375,411
Hochschild Mining PLC		1,441,904		1,428,753
Home Reit PLC^(a)		3,524,118		1,462,769
Howden Joinery Group PLC		2,346,442		22,218,351
Hunting PLC		611,324		2,071,192
Ibstock PLC^(d)		1,664,417		3,213,247
IG Group Holdings PLC		1,738,402		15,796,140
IMI PLC		1,102,685		23,054,290
Impact Healthcare Reit PLC, Class B		1,376,300		1,642,635
Impax Asset Management Group PLC		428,494		3,021,301
Inchcape PLC		1,581,679		16,634,532
Indivior PLC, NVS^(b)		554,426		12,472,986
IntegraFin Holdings PLC		1,269,392		3,991,230
Intermediate Capital Group PLC		1,230,837		22,214,179
International Distributions Services PLC^(b)		3,047,126		10,408,287
Investec PLC		2,756,696		17,321,090
IP Group PLC		4,383,355		3,363,975
ITM Power PLC^(b)(c)		2,001,300		2,375,891
ITV PLC		15,308,548		14,216,788
IWG PLC^(b)		3,199,615		6,278,417
J D Wetherspoon PLC^(b)		387,582		3,362,445
JET2 PLC		724,555		10,443,934
John Wood Group PLC^(b)		2,945,877		5,599,526
Johnson Service Group PLC		1,798,754		2,594,675
JTC PLC^(d)		603,180		5,573,453
Judges Scientific PLC		24,684		2,996,757
Jupiter Fund Management PLC		1,958,105		2,874,459
Just Group PLC		4,398,626		4,645,814
Kainos Group PLC		340,511		5,729,770
Keller Group PLC		301,364		3,310,626
Keywords Studios PLC		317,466		7,178,737
Kier Group PLC^(b)		1,890,801		2,130,518
Lancashire Holdings Ltd.		1,032,656		7,903,874
Learning Technologies Group PLC		2,506,999		2,413,017
Liontrust Asset Management PLC		265,852		2,205,202
LondonMetric Property PLC		4,199,304		9,962,336


Security	Shares		Value

United Kingdom (continued)
LXI REIT PLC		6,955,596	$	8,493,527
Man Group PLC/Jersey		5,119,275		15,693,602
Marks & Spencer Group PLC^(b)		8,322,265		22,044,890
Marlowe PLC^(b)(c)		345,314		2,517,140
Marshalls PLC		986,744		3,399,089
Melrose Industries PLC		5,728,568		38,986,119
Mitchells & Butlers PLC^(b)		1,138,961		3,358,429
Mitie Group PLC		5,509,793		7,187,520
Mobico Group PLC		2,227,411		2,670,537
Moneysupermarket.com Group PLC		2,151,298		7,575,819
Moonpig Group PLC^(b)		1,022,058		2,354,425
Morgan Advanced Materials PLC		1,207,159		4,235,200
Morgan Sindall Group PLC		180,156		4,418,779
NCC Group PLC		1,319,588		1,634,220
Network International Holdings PLC^(b)(d)		2,034,697		10,089,782
Next Fifteen Communications Group PLC		344,010		2,803,430
Ninety One PLC		1,284,631		2,842,239
OSB Group PLC		1,817,278		8,588,836
Oxford Biomedica PLC^(b)		305,889		1,733,434
Oxford Instruments PLC		232,188		7,151,480
Oxford Nanopore Technologies PLC^(b)		2,298,542		7,781,658
Pagegroup PLC		1,378,222		7,891,957
Pan African Resources PLC		6,956,215		1,289,096
Paragon Banking Group PLC		954,057		6,464,771
Penno Group PLC		1,107,903		10,004,966
Petrofac Ltd.^(b)(c)		1,850,857		1,866,983
Pets at Home Group PLC		2,038,209		10,242,400
Picton Property Income Ltd.		2,259,658		2,048,665
Playtech PLC^(b)		989,166		7,121,590
Plus500 Ltd.		386,933		7,478,348
Polar Capital Holdings PLC		372,421		2,318,039
Premier Foods PLC		2,745,905		4,468,376
Primary Health Properties PLC		5,755,496		6,990,968
Provident Financial PLC		1,083,245		1,748,849
PRS REIT PLC (The)		2,321,260		2,454,686
PZ Cussons PLC		1,040,830		2,217,112
QinetiQ Group PLC		2,220,088		9,192,479
Quilter PLC^(d)		5,883,244		5,905,464
Rank Group PLC^(b)		893,747		1,052,937
Rathbones Group PLC		251,075		5,808,750
Reach PLC		1,274,927		1,389,932
Redde Northgate PLC		921,268		4,067,142
Redrow PLC		1,113,248		7,400,747
Regional REIT Ltd.^(d)		1,830,223		1,049,921
Renewi PLC^(b)		324,343		2,167,255
Renishaw PLC		154,712		7,743,433
Restore PLC		564,868		1,178,000
RHI Magnesita NV^(c)		118,440		4,541,757
Rightmove PLC		3,493,290		25,595,296
Rotork PLC		3,661,902		14,504,879
RS GROUP PLC		2,001,604		20,162,107
RWS Holdings PLC		1,221,477		4,069,442
S4 Capital PLC^(b)		1,581,693		2,140,858
Safestore Holdings PLC		925,168		10,517,170
Savills PLC		580,466		7,255,723
Serco Group PLC		4,759,842		9,486,564
Serica Energy PLC		1,059,812		3,262,770
SIG PLC^(b)		2,890,658		1,073,965
Sirius Real Estate Ltd.		4,979,485		5,291,459
Smart Metering Systems PLC		565,514		5,058,492


Security	Shares		Value


United Kingdom (continued)
Softcat PLC		545,383	$	10,508,214
SolGold PLC^(b)(c)		6,416,438		1,303,716
Spectris PLC		441,875		19,940,722
Spire Healthcare Group PLC^(d)		1,189,455		3,289,578
Spirent Communications PLC		2,585,959		5,620,223
SSP Group PLC^(b)		3,381,259		10,917,771
SThree PLC		541,103		2,449,958
Supermarket Income Reit PLC		5,270,116		5,158,574
Synthomer PLC^(b)		1,490,642		1,596,411
Target Healthcare REIT PLC		2,550,142		2,405,452
Tate & Lyle PLC		1,707,390		16,357,144
TBC Bank Group PLC		176,481		5,639,521
Team17 Group PLC^(b)		500,046		2,027,879
Telecom Plus PLC		300,583		6,418,930
THG PLC, Class B^(b)(c)		3,889,241		5,147,826
TI Fluid Systems PLC^(d)		1,287,734		2,214,501
TP ICAP Group PLC		3,356,801		6,849,638
Trainline PLC^(b)(d)		1,929,590		6,522,675
Travis Perkins PLC		906,071		10,134,541
Tremor International Ltd.^(b)(c)		429,284		1,641,746
Tritax Big Box REIT PLC		7,929,584		14,060,790
Trustpilot Group PLC^(b)(d)		1,086,309		1,221,244
TUI AG^(b)		1,924,782		15,591,717
Tullow Oil PLC^(b)(c)		4,877,185		2,158,149
Tyman PLC		825,267		3,315,002
UK Commercial Property REIT Ltd.		3,298,794		2,217,210
UNITE Group PLC (The)		1,443,737		18,025,866
Urban Logistics REIT PLC		2,044,619		3,195,984
Vesuvius PLC		902,757		5,111,554
Victoria PLC^(b)(c)		247,988		2,087,755
Victrex PLC		368,858		7,323,756
Virgin Money U.K. PLC		4,886,264		11,084,037
Vistry Group PLC		1,463,406		14,842,979
Volex PLC		542,061		2,010,439
Volution Group PLC		837,287		4,315,320
Warehouse REIT PLC		1,686,001		1,856,479
Watches of Switzerland Group PLC^(b)(d)		1,020,285		9,866,195
Weir Group PLC (The)		1,101,862		25,950,748
WH Smith PLC		554,336		10,627,049
Wickes Group PLC		1,052,678		1,845,403
Wincanton PLC		503,525		1,563,800
Workspace Group PLC		622,120		3,964,841
XP Power Ltd.^(c)		79,441		2,083,204
Yellow Cake PLC^(b)(d)		832,967		4,611,739
YouGov PLC		424,353		5,282,554
Young & Co’s Brewery PLC, Series A, Class A		91,223		1,387,291


				1,664,805,643


Total Common Stocks — 99.2% (Cost: $11,948,050,384)				10,947,317,820


Preferred Stocks

Germany — 0.3%
Draegerwerk AG & Co. KGaA, Preference Shares, NVS		35,324		1,774,299
Einhell Germany AG, Preference Shares, NVS		6,796		1,138,764
Fuchs Petrolub SE, Preference Shares, NVS		295,015		12,211,768
Jungheinrich AG, Preference Shares, NVS		203,433		7,611,183
Schaeffler AG, Preference Shares, NVS		536,853		3,423,491


Security	Shares		Value


Germany (continued)
Sixt SE, Preference Shares, NVS		69,307	$	5,146,598
STO SE & Co. KGaA, Preference Shares, NVS		10,578		1,746,007


				33,052,110

Italy — 0.0%
Danieli & C Officine Meccaniche SpA, Preference Shares, NVS		204,569		3,931,658


Total Preferred Stocks — 0.3% (Cost: $35,708,509)				36,983,768


Warrants

Australia — 0.0%
PointsBet Holdings Ltd. (Issued/Exercisable 06/20/22, 1 Share for 1 Warrant, Expires 07/08/24, Strike Price AUD 10.00)^(b)		42,123		—


Italy — 0.0%
Webuild SpA (Issued/Exercisable 08/02/21, 1 Share for 1 Warrant, Expires 08/31/30, Strike Price EUR 0.001)^(b)(c)		96,743		1


Spain — 0.0%
Abengoa SA (Issued 03/31/17, Exercisable 06/30/17, 1 Share for 1 Warrant, Expires 03/31/25, Strike Price EUR 0.001)^(a)(b)(c)		3,096,556		34


Total Warrants — 0.0% (Cost: $—)				35


Total Long-Term Investments — 99.5% (Cost: $11,983,758,893)				10,984,301,623


Short-Term Securities

Money Market Funds — 3.8%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.42%^(f)(g)(h)		422,156,884		422,283,531
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.22%^(f)(g)		3,300,000		3,300,000


Total Short-Term Securities — 3.8% (Cost: $425,464,387)				425,583,531


Total Investments — 103.3% (Cost: $12,409,223,280)				11,409,885,154

Liabilities in Excess of Other Assets — (3.3)%				(369,377,714	)


Net Assets — 100.0%			$	11,040,507,440

^(a)	Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

^(b)	Non-income producing security.

^(c)	All or a portion of this security is on loan.

^(d)	Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

^(e)	This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933.

^(f)	Affiliate of the Fund.

^(g)	Annualized 7-day yield as of period end.

^(h)	All or a portion of this security was purchased with the cash collateral from loaned securities.

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

For the period ended July 31, 2023, the effect of derivative financial instruments in the Statements of Operations was as follows:

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

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

Currently each Fund seeks to achieve its investment objective by investing a substantial portion of its assets in an iShares fund (an “underlying fund”). The financial statements, including the accounting policies, and Schedules of Investments for the underlying funds are included in this report and should be read in conjunction with the financial statements of the Funds.

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

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

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

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

Forward Foreign Currency Exchange Contracts: Forward foreign currency exchange contracts are entered into to gain or reduce exposure to foreign currencies (foreign currency exchange rate risk).

A forward foreign currency exchange contract is an agreement between two parties to buy and sell a currency at a set exchange rate on a specified date. These contracts help to manage the overall exposure to the currencies in which some of the investments held by the Funds are denominated and in some cases, may be used to obtain exposure to a particular market.The contracts are traded over-the-counter (“OTC”) and not on an organized exchange.

The contract is marked-to-market daily and the change in market value is recorded as unrealized appreciation or depreciation in the Statements of Assets and Liabilities. When the contract is closed, a realized gain or loss is recorded in the Statements of Operations equal to the difference between the value at the time it was opened and the value at the time it was closed. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in cash without the delivery of foreign currency. The use of forward foreign currency exchange contracts involves the risk that the value of a contract changes unfavorably due to movements in the value of the referenced foreign currencies, and such value may exceed the amount(s) reflected in the Statements of Assets and Liabilities. Cash amounts pledged for forward foreign currency exchange contracts are considered restricted and are included in cash pledged as collateral for OTC derivatives in the Statements of Assets and Liabilities. A fund’s risk of loss from counterparty credit risk on OTC derivatives is generally limited to the aggregate unrealized gain netted against any collateral held by the Fund.

Master Netting Arrangements: In order to define its contractual rights and to secure rights that will help mitigate its counterparty risk, a Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar agreement with its derivative contract counterparties. An ISDA Master Agreement is a bilateral agreement between a Fund and a counterparty that governs certain OTC derivatives and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, a Fund may, under certain circumstances, offset with the counterparty certain derivative financial instruments’ payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency, or other events.

For derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the mark-to-market amount for each transaction under such agreement, and comparing that amount to the value of any collateral currently pledged by a fund and the counterparty.

Cash collateral that has been pledged to cover obligations of the Funds and cash collateral received from the counterparty, if any, is reported separately in the Statements of Assets and Liabilities as cash pledged as collateral and cash received as collateral, respectively. Non-cash collateral pledged by the Funds, if any, is noted in the Schedules of Investments. Generally, the amount of collateral due from or to a counterparty is subject to a certain minimum transfer amount threshold before a transfer is required, which is determined at the close of business of the Funds. Any additional required collateral is delivered to/pledged by the Funds on the next business day. Typically, the counterparty is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. A fund generally agrees not to use non-cash collateral that it receives but may, absent default or certain other circumstances defined in the underlying ISDA Master Agreement, be permitted to use cash collateral received. In such cases, interest may be paid pursuant to the collateral arrangement with the counterparty. To the extent amounts due to the Funds from the counterparty are not fully collateralized, each Fund bears the risk of loss from counterparty non-performance. Likewise, to the extent the Funds have delivered collateral to a counterparty and stand ready to perform under the terms of their agreement with such counterparty, each Fund bears the risk of loss from a counterparty in the amount of the value of the collateral in the event the counterparty fails to return such collateral. Based on the terms of agreements, collateral may not be required for all derivative contracts.

For financial reporting purposes, each Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements, if any, in the Statements of Assets and Liabilities.

For its investment advisory services to each of the iShares MSCI ACWI ex U.S. and iShares MSCI EAFE ETFs, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Funds, based on each Fund’s allocable portion of the aggregate of the average daily net assets of the Fund and certain other iShares funds, as follows:

For its investment advisory services to the iShares MSCI EAFE Small-Cap ETF, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Fund, based on the Fund’s allocable portion of the aggregate of the average daily net assets of the Fund and certain other iShares funds, as follows:

For the iShares Currency Hedged MSCI ACWI ex U.S. ETF, BFA has contractually agreed to waive a portion of its investment advisory fee for the Fund through November 30, 2025 so that the Fund’s total annual operating expenses after fee waiver is equal to the acquired fund fees and expenses attributable to the Fund’s investments in the iShares MSCI ACWI ex U.S. ETF (“ACWX”), after taking into account any fee waivers by ACWX, plus 0.03%.

For the iShares Currency Hedged MSCI EAFE ETF, BFA has contractually agreed to waive a portion of its investment advisory fee for the Fund through November 30, 2025 so that the Fund’s total annual operating expenses after fee waiver is equal to the acquired fund fees and expenses attributable to the Fund’s investments in the iShares MSCI EAFE ETF (“EFA”), after taking into account any fee waivers by EFA, plus 0.03%.

For the iShares Currency Hedged MSCI EAFE Small-Cap ETF, BFA has contractually agreed to waive a portion of its investment advisory fee for the Fund through November 30, 2025 so that the Fund’s total annual operating expenses after fee waiver is equal to the acquired fund fees and expenses attributable to the Fund’s investments in the iShares MSCI EAFE Small-Cap ETF (“SCZ”), taking into account any fee waivers by SCZ, plus 0.03%.

For ACWX, BFA has contractually agreed to waive a portion of its investment advisory fees for the Fund through November 30, 2026 in an amount equal to the acquired fund fees and expenses, if any, attributable to the Fund’s investments in other iShares funds.

These amounts are included in investment advisory fees waived in the Statements of Operations. For the year ended July 31, 2023, the amounts waived in investment advisory fees pursuant to these arrangements were as follows:

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

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

For the year ended July 31, 2023, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:

During the year ended July 31, 2023, the iShares MSCI EAFE ETF received a reimbursement of $2,730 from an affiliate, which is included in payment by affiliate in the statement of operations, related to operating events.

For the year ended July 31, 2023, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows:

U.S. GAAP requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or NAV per share. As of July 31, 2023, permanent differences attributable to certain deemed distributions and realized gains (losses) from in-kind redemptions were reclassified to the following accounts:

As of July 31, 2023, the tax components of accumulated net earnings (losses) were as follows:

The iShares Currency Hedged MSCI EAFE ETF and iShares MSCI ACWI ex U.S. ETF, along with certain other iShares funds (“Participating Funds”), are parties to a $800 million credit agreement (“Syndicated Credit Agreement”) with a group of lenders, which expires on August 11, 2023. The line of credit may be used for temporary or emergency purposes, including redemptions, settlement of trades and rebalancing of portfolio holdings in certain target markets. The Funds may borrow up to the aggregate commitment amount subject to asset coverage and other limitations as specified in the Syndicated Credit Agreement. The Syndicated Credit Agreement has the following terms: a commitment fee of 0.15% per annum on the unused portion of the credit agreement and interest at a rate equal to the higher of (a) Daily Simple Secured Overnight Financing Rate (“SOFR”) plus 0.10% and 1.00% per annum or (b) the U.S. Federal Funds rate plus 1.00% per annum on amounts borrowed. The commitment fee is generally allocated to each Participating Fund based on the lesser of a Participating Fund’s relative exposure to certain target markets or a Participating Fund’s maximum borrowing amount as set forth by the terms of the Syndicated Credit Agreement.

For the year ended July 31, 2023, the maximum amount borrowed, the average daily borrowing and the weighted average interest rate, if any, under the Syndicated Credit Agreement were as follows:

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

The iShares MSCI EAFE ETF has filed claims to recover taxes withheld by Sweden on dividend income based upon certain provisions in the Treaty on the Functioning of the European Union. The Fund has recorded receivables for all recoverable taxes withheld by Sweden based upon previous determinations made by the Swedish tax authorities. Professional and other fees associated with the filing of these claims for foreign withholding taxes have been approved by the Board as appropriate expenses of the Fund. Swedish tax claim receivables and related liabilities are disclosed in the statements of assets and liabilities. Collection of these receivables, and any payment of associated liabilities, depends upon future determinations made by the Swedish tax authorities, the outcome of which is uncertain. If such future determinations are unfavorable, the potential negative impact to the Fund, as of July 31, 2023, is $33,678,383 or $0.05 per share.

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

The iShares MSCI EAFE ETF is expected to seek a closing agreement with the Internal Revenue Service (“IRS”) to address any prior years’ U.S. income tax liabilities attributable to Fund shareholders resulting from the recovery of foreign taxes. The closing agreement would result in the Fund paying a compliance fee to the IRS, on behalf of its shareholders, representing the estimated tax savings generated from foreign tax credits claimed by Fund shareholders on their tax returns in prior years. The Fund has accrued a liability for the estimated IRS compliance fee related to foreign withholding tax claims, which is disclosed in the Statements of Assets and Liabilities. The actual IRS compliance fee may differ from the estimate and that difference may be material.

Effective August 11, 2023, the Syndicated Credit Agreement to which the Participating Funds are party was extended until August 2024 under the same terms.

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

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of each of the funds listed in the table below (six of the funds constituting iShares Trust, hereafter collectively referred to as the “Funds”) as of July 31, 2023, the related statements of operations for the year ended July 31, 2023, the statements of changes in net assets for each of the two years in the period ended July 31, 2023, including the related notes, and the financial highlights for each of the five years in the period ended July 31, 2023 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of July 31, 2023, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended July 31, 2023 and each of the financial highlights for each of the five years in the period ended July 31, 2023 in conformity with accounting principles generally accepted in the United States of America.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of July 31, 2023 by correspondence with the custodian, transfer agent and brokers. We believe that our audits provide a reasonable basis for our opinions.

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

The following amounts, or maximum amounts allowable by law, are hereby designated as qualified dividend income for individuals for the fiscal year ended July 31, 2023:

The Funds hereby designate the following amounts, or maximum amounts allowable by law, as capital gain dividends, subject to a long-term capital gains tax rate as noted below, for the fiscal year ended July 31, 2023:

The Funds hereby designate the following amount(s), or maximum amount(s) allowable by law, as qualified short-term capital gains eligible for exemption from U.S. withholding tax for nonresident aliens and foreign corporations for the fiscal year ended July 31, 2023:

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Trust’s Board of Trustees (the “Board”), including a majority of Board Members who are not “interested persons” of the Trust (as that term is defined in the 1940 Act) (the “Independent Board Members”), is required annually to consider the approval of the Investment Advisory Agreement between the Trust and BFA (the “Advisory Agreement”) on behalf of the Fund. The Board’s consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings on May 2, 2023 and May 15, 2023, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 7-8, 2023, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

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

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

Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates: The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA

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

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

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

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Trust’s Board of Trustees (the “Board”), including a majority of Board Members who are not “interested persons” of the Trust (as that term is defined in the 1940 Act) (the “Independent Board Members”), is required annually to consider the approval of the Investment Advisory Agreement between the Trust and BFA (the “Advisory Agreement”) on behalf of the Fund. The Board’s consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings on May 2, 2023 and May 15, 2023, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 7-8, 2023, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

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

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