The Markets in Review

Dear Shareholder,

The 12-month reporting period as of August 31, 2022 saw the emergence of significant challenges that disrupted the economic recovery and strong financial markets of 2021. The U.S. economy shrank in the first half of 2022, ending the run of robust growth that followed the reopening of global economies and the development of COVID-19 vaccines. Changes in consumer spending patterns and a tight labor market led to elevated inflation, which reached a 40-year high. Moreover, while the foremost effect of Russia’s invasion of Ukraine has been a severe humanitarian crisis, the ongoing war continued to present challenges for both investors and policymakers.

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

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

The U.S. Federal Reserve (the “Fed”), acknowledging that inflation is growing faster than expected, raised interest rates four times while indicating that additional rate hikes were likely. Furthermore, the Fed wound down its bond-buying programs and began to reduce its balance sheet. As investors attempted to assess the Fed’s future trajectory, the Fed’s statements late in the reporting period led markets to believe that additional tightening is likely in the near term.

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

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

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

LOGO

Rob Kapito

President, BlackRock, Inc.

LOGO

Rob Kapito

President, BlackRock, Inc.


Total Returns as of August 31, 2022

	6-Month	12-Month
U.S. large cap equities (S&P 500^® Index)	(8.84)%	(11.23)%
U.S. small cap equities (Russell 2000^® Index)	(9.31)	(17.88)
International equities (MSCI Europe, Australasia, Far East Index)	(13.97)	(19.80)
Emerging market equities (MSCI Emerging Markets Index)	(13.30)	(21.80)
3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)	0.36	0.39
U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)	(9.71)	(13.27)
U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)	(7.76)	(11.52)
Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)	(5.72)	(8.63)
U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)	(7.78)	(10.61)
Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.

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

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

The U.S. economy grew briskly over the final half of 2021, powered primarily by consumer spending. Record-high personal savings rates allowed consumers to spend at an elevated level, releasing pent-up demand for goods and services. Growth subsequently stalled in the first half of 2022, and the economy contracted amid lower inventories and faltering business investment. Despite the economic downturn, unemployment declined substantially, falling to 3.7% in August 2022 while the number of long-term unemployed dropped below the pre-pandemic level. Although high inflation negatively impacted consumer sentiment, which declined significantly, consumer spending continued to grow.

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

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

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

The iShares MSCI Frontier and Select EM ETF (the “Fund”) seeks to track the investment results of an index composed primarily of frontier market equities along with select emerging market equities, as represented by the MSCI Frontier and Emerging Markets 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 September 12, 2012. The first day of secondary market trading was September 13, 2012.

Index performance through February 28, 2021 reflects the performance of the MSCI Frontier Markets 100 Index. Index performance beginning on March 1, 2021 reflects the performance of the MSCI Frontier and Emerging Markets Select Index.

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

Stocks in frontier and select emerging markets declined considerably for the reporting period amid rising inflation, slowing economic growth, and the war in Ukraine. Frontier market central banks responded to the inflation surge by raising interest rates, prompting recession concerns as overall global consumer demand declined late in the reporting period. Rising costs, particularly for food and fuel, adversely affected most frontier market economies. Inflation in many low-income countries exceeded that of developed economies; food alone accounted for 45% of consumption, almost three times the percentage for developed economies. Frontier market investors grew concerned about the risk of sovereign debt defaults as many governments sought bailouts from the International Monetary Fund (“IMF”). Investors withdrew significant assets from less-developed financial markets as many currencies declined relative to the U.S. dollar. The declining currency values of most frontier markets also diminished their equity values in U.S. dollar terms. Additionally, some frontier markets (including Kenya, Nigeria and Sri Lanka) are experiencing a shortage of USD reserves and have recently restricted or delayed repatriation of local currency.

Stocks in Vietnam, which represented approximately 27% of the Index at the end of the reporting period, fell as economic uncertainty increased. Despite a relatively healthy economy, which benefited from strong exports and industrial production, government warnings about increased inflationary pressure weighed on stocks. In addition, the real estate sector weakened as credit tightened and prices cooled despite economic stimulus and accommodative monetary policy. In Nigeria, Africa’s largest crude oil producer, economic growth slowed as declining oil prices late in the reporting period reduced revenue in the country’s energy sector. In Kazakhstan, Central Asia’s largest oil producer, stocks fell amid considerable political unrest.

In Egypt, banks posted increased earnings, but their stocks declined as the government devalued the Egyptian pound after inflation soared. Despite the devaluation, large foreign banks still regarded Egypt’s currency as overvalued. Meanwhile, the country’s government began loan negotiations with the IMF as financial conditions worsened. Bangladesh also sought IMF assistance as the country’s economy slowed amid heightened supply disruptions and soaring commodities costs due to the war in Ukraine.

The iShares MSCI World ETF (the “Fund”) seeks to track the investment results of an index composed of developed market equities, as represented by the MSCI World 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.

Global developed market stocks declined substantially for the reporting period amid slowing economic growth, high inflation, rising interest rates, and volatility in commodities markets exacerbated by the war in Ukraine. U.S. stocks, which represented approximately 69% of the Index on average for the reporting period, detracted the most from the Index’s return, as the recovery from the COVID-19 pandemic slowed and the nation’s economy contracted in the first half of 2022.

In the U.S., the information technology sector detracted significantly from performance. Stocks in the software industry declined as growth for cloud services remained high but fell short of expectations, and demand for office-oriented applications, which surged early in the pandemic, normalized as more typical work and leisure routines resumed. Demand for microchips and electrical components declined as purchases of personal computers decreased.

The U.S. communication services sector also detracted, driven by the interactive media and services industry. A popular mobile platform changed the way users select privacy settings. That made targeted advertising more difficult, and ad revenue fell for many companies in the industry. In addition, the consumer discretionary sector weighed on performance. Operating costs for internet and direct marketing companies, including a large online seller of consumer goods, increased. Wages rose and fuel prices surged while uncertainty grew regarding the outlook for sales as the economy contracted.

Japanese stocks further detracted from performance as the country’s economy exhibited little growth. Industrial production slowed considerably as manufacturing costs increased and supply-chain disruptions persisted amid China’s renewed pandemic shutdowns. The Japanese yen weakened substantially relative to the U.S. dollar, which also reduced the value of the country’s stocks in U.S. dollar terms. Stocks in Germany also detracted, led by weakness in the consumer discretionary, industrials, and information technology sectors. The country’s economic growth slowed as energy prices and inflation surged, consumer confidence fell, and export demand declined in the wake of Russia’s invasion of Ukraine.

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

Bahrain — 6.3%
Ahli United Bank BSC		20,548,448	$	20,303,708
Aluminium Bahrain BSC		457,336		1,328,337
Ithmaar Holding BSC, NVS		7,341,331		407,977


				22,040,022

Bangladesh — 5.6%
Bangladesh Export Import Co. Ltd.		1,811,807		2,254,160
Beacon Pharmaceuticals Ltd./Bangladesh		485,171		1,318,485
Beximco Pharmaceuticals Ltd.		927,024		1,611,580
BRAC Bank Ltd.		2,400,934		974,665
British American Tobacco Bangladesh Co. Ltd.		314,507		1,715,677
City Bank Ltd. (The)		2,448,475		584,534
Eastern Bank Ltd.		2,368,527		804,579
GrameenPhone Ltd.		321,524		973,178
International Finance Investment & Commerce Bank Ltd.^(a)		3,405,908		476,401
Islami Bank Bangladesh Ltd.		2,477,620		862,219
LafargeHolcim Bangladesh Ltd.		1,390,162		1,154,996
National Bank Ltd.^(a)		7,174,163		626,235
Olympic Industries Ltd.		374,936		539,000
Renata Ltd.		79,609		1,096,869
Square Pharmaceuticals Ltd.		1,830,768		4,064,522
Summit Power Ltd.		1,314,517		486,651


				19,543,751

Colombia — 3.2%
Bancolombia SA		355,655		2,746,309
Cementos Argos SA		689,562		543,211
Corp. Financiera Colombiana SA^(a)		143,091		630,001
Ecopetrol SA		7,091,509		3,613,803
Grupo Argos SA		423,405		932,084
Interconexion Electrica SA ESP		621,825		2,691,439


				11,156,847

Egypt — 4.7%
Commercial International Bank Egypt SAE		7,221,039		14,301,466
Eastern Co. SAE		4,238,697		2,147,431


				16,448,897

Estonia — 0.9%
Enefit Green AS, NVS		191,593		871,052
LHV Group AS, NVS		412,737		1,448,190
Tallink Grupp AS^(a)		1,059,686		539,741
Tallinna Sadam AS^(b)		240,629		339,999


				3,198,982

Jordan — 1.9%
Arab Bank PLC		288,846		1,954,317
Capital Bank of Jordan		174,254		596,600
Jordan Islamic Bank		132,994		699,013
Jordan Petroleum Refinery Co.		209,206		1,917,704
Jordan Phosphate Mines Co.		26,975		1,432,459


				6,600,093

Kazakhstan — 5.0%
Halyk Savings Bank of Kazakhstan JSC, GDR^(a)		249,984		2,721,864
Kaspi.KZ JSC		147,997		8,897,607
NAC Kazatomprom JSC, GDR		193,167		6,058,461


				17,677,932

Kenya — 3.7%
Equity Group Holdings PLC/Kenya		8,677,066		3,132,043
KCB Group PLC		7,276,516		2,232,501


Security	Shares		Value

Kenya (continued)
Safaricom PLC		36,957,905	$	7,767,886


				13,132,430

Lithuania — 0.5%
AB Ignitis Grupe		64,576		1,223,298
Siauliu Bankas AB		955,030		545,631


				1,768,929

Malta — 0.4%
MAS Real Estate Inc.		1,284,262		1,523,532


Morocco — 5.5%
Attijariwafa Bank		127,208		5,258,446
Banque Centrale Populaire		51,818		1,256,259
Ciments du Maroc SA		10,262		1,554,930
Co. Sucrerie Marocaine et de Raffinage		83,852		1,747,008
Hightech Payment Systems SA		1,019		579,007
Itissalat Al-Maghrib		524,176		6,006,496
Label Vie		3,358		1,471,110
Societe d’Exploitation des Ports		62,701		1,526,041


				19,399,297

Nigeria — 6.5%
Access Bank PLC		87,072,126		1,384,480
Afriland Properties PLC^(a)		8,020		31
Dangote Cement PLC		11,938,113		5,603,137
FBN Holdings PLC		84,216,832		1,798,884
Guaranty Trust Holding Co. PLC		63,861,123		2,428,435
MTN Nigeria Communications PLC		11,008,838		4,196,856
Nestle Nigeria PLC		1,310,924		3,390,321
United Bank for Africa PLC		79,997,106		1,103,408
Zenith Bank PLC		69,373,073		2,910,480


				22,816,032

Oman — 1.7%
Bank Muscat SAOG		2,823,498		4,429,016
National Bank of Oman SAOG		1,167,380		818,576
Omani Qatari Telecommunications Co. SAOG		760,575		770,353


				6,017,945

Pakistan — 3.2%
Engro Corp. Ltd./Pakistan		875,688		953,419
Engro Fertilizers Ltd.		1,882,968		723,917
Fauji Fertilizer Co. Ltd.		1,301,089		618,087
Habib Bank Ltd.		1,706,182		707,201
Hub Power Co. Ltd. (The)		3,190,405		964,876
Lucky Cement Ltd.^(a)		316,626		748,003
Mari Petroleum Co. Ltd.		80,065		617,920
MCB Bank Ltd.		1,193,720		657,208
Millat Tractors Ltd.		170,891		651,755
Oil & Gas Development Co. Ltd.		1,708,497		642,078
Pakistan Oilfields Ltd.		378,890		725,322
Pakistan Petroleum Ltd.		1,661,142		526,614
Pakistan State Oil Co. Ltd.		747,100		581,729
Systems Ltd.		475,388		864,403
TRG Pakistan^(a)		1,229,064		503,927
United Bank Ltd./Pakistan		1,460,773		779,457


				11,265,916

Panama — 0.2%
Intercorp Financial Services Inc.		36,132		779,006


Peru — 4.4%
Cia. de Minas Buenaventura SAA, ADR		236,652		1,258,989
Credicorp Ltd.		76,920		9,914,219


Security	Shares		Value

Peru (continued)
Southern Copper Corp.		92,333	$	4,346,114


				15,519,322

Philippines — 4.7%
Aboitiz Equity Ventures Inc.		535,470		534,071
ACEN Corp.		2,856,270		380,374
Alliance Global Group Inc.		924,800		165,152
Ayala Corp.		80,740		1,006,142
Ayala Land Inc.		2,433,400		1,235,272
Bank of the Philippine Islands		572,240		966,164
BDO Unibank Inc.		639,280		1,461,807
Century Pacific Food Inc.		366,700		161,947
Converge Information and Communications Technology Solutions Inc.^(a)		669,000		206,288
DMCI Holdings Inc.		848,500		143,357
Globe Telecom Inc.		8,920		332,819
GT Capital Holdings Inc.		26,870		230,139
International Container Terminal Services Inc.		334,780		1,078,213
JG Summit Holdings Inc.		935,760		850,939
Jollibee Foods Corp.		144,010		613,811
Manila Electric Co.		73,120		391,605
Megaworld Corp.		3,417,000		151,685
Metro Pacific Investments Corp.		3,414,000		226,535
Metropolitan Bank & Trust Co.		570,630		533,328
Monde Nissin Corp.^(a)(b)		2,030,000		595,773
PLDT Inc.		28,590		852,202
Puregold Price Club Inc.		309,400		188,412
RL Commercial REIT Inc.		968,000		105,771
Robinsons Land Corp.		561,900		187,622
Robinsons Retail Holdings Inc.		130,400		139,329
Security Bank Corp.		140,120		223,983
SM Prime Holdings Inc.		3,748,800		2,520,026
Universal Robina Corp.		281,180		610,292
Wilcon Depot Inc.		455,800		243,099


				16,336,157

Romania — 5.2%
Banca Transilvania SA		1,605,993		6,626,509
BRD-Groupe Societe Generale SA		608,300		1,678,458
MED Life SA^(a)		233,594		905,251
OMV Petrom SA		41,499,691		4,076,229
Societatea Energetica Electrica SA		415,749		681,457
Societatea Nationala de Gaze Naturale ROMGAZ SA		343,855		3,185,078
Teraplast SA		3,209,873		391,981
Transgaz SA Medias		14,368		697,577


				18,242,540

Slovenia — 0.2%
Pozavarovalnica Sava dd		22,843		525,694


Sri Lanka — 0.6%
Commercial Bank of Ceylon PLC		1,482,825		213,774
Expolanka Holdings PLC		992,043		594,459
John Keells Holdings PLC		2,732,474		969,490
Sampath Bank PLC		2,891,749		257,044


				2,034,767

Vietnam — 28.2%
Bank for Foreign Trade of Vietnam JSC		1,398,295		5,004,065
Bank for Investment and Development of Vietnam JSC		598,724		1,018,713
Bao Viet Holdings		294,910		733,468
Dat Xanh Group JSC^(a)		896,180		1,008,430
Development Investment Construction^(a)		814,254		1,312,583


Security	Shares		Value

Vietnam (continued)
Digiworld Corp., NVS		229,400	$	698,015
Duc Giang Chemicals JSC		540,194		2,288,718
Gelex Group JSC		1,253,184		1,289,911
Ha Do Group JSC		365,748		846,641
Hoa Phat Group JSC		8,486,103		8,309,064
Hoa Sen Group^(a)		752,159		663,406
Hoang Huy Investment Financial Services JSC		990,900		509,034
IDICO Corp. JSC		480,850		1,277,374
Khang Dien House Trading and Investment JSC^(a)		1,038,897		1,636,568
KIDO Group Corp.		369,272		1,055,288
Kinh Bac City Development Share Holding Corp.^(a)		1,099,060		1,620,208
Masan Group Corp.		1,681,856		8,191,868
Nam Long Investment Corp., NVS		516,200		916,783
National Citizen Commercial JSC, NVS^(a)		504,200		511,835
No Va Land Investment Group Corp.^(a)		2,023,533		7,062,608
PetroVietnam Drilling & Well Services JSC^(a)		830,434		733,019
PetroVietnam Fertilizer & Chemicals JSC		413,000		957,210
PetroVietnam Gas JSC		172,900		860,276
PetroVietnam Power Corp.		1,782,140		1,061,141
PetroVietnam Technical Services Corp.		711,798		842,894
Phat Dat Real Estate Development Corp.^(a)		792,536		1,863,896
Saigon - Hanoi Commercial Joint Stock Bank^(a)		2,314,844		1,536,232
Saigon Beer Alcohol Beverage Corp.		188,080		1,507,368
Saigon Thuong Tin Commercial JSB^(a)		1,671,080		1,762,355
Saigon-Hanoi Securities		1,197,750		674,357
SSI Securities Corp.		3,114,141		3,177,041
Tan Tao Investment & Industry JSC^(a)		1,195,000		355,003
Thaiholdings JSC^(a)		505,800		1,193,036
Thanh Thanh Cong - Bien Hoa JSC^(a)		826,490		641,668
Van Phu - Invest Investment JSC^(a)		253,800		708,981
Viet Capital Securities JSC		901,070		1,418,906
Vietjet Aviation JSC^(a)		481,190		2,494,263
Vietnam Construction and Import-Export JSC		581,471		535,362
Vietnam Dairy Products JSC		2,165,174		6,965,369
Vincom Retail JSC^(a)		2,769,280		3,260,163
Vingroup JSC^(a)		2,832,934		7,687,460
Vinh Hoan Corp.		275,000		1,093,223
Vinhomes JSC^(b)		3,228,188		8,379,455
VIX Securities JSC		1,217,728		704,034
Vndirect Securities Corp.		2,717,240		2,505,196


				98,872,488


Total Common Stocks — 92.6% (Cost: $311,605,415)				324,900,579


Preferred Stocks

Colombia — 1.3%
Bancolombia SA, Preference Shares, NVS		648,360		4,476,597


Total Preferred Stocks — 1.3% (Cost: $5,057,187)				4,476,597

Investments in issuers considered to be affiliate(s) of the Fund during the year ended August 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

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

For the period ended August 31, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

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

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:

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

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


Security	Shares		Value

Common Stocks

Australia — 2.4%
Ampol Ltd.		10,020	$	235,514
APA Group		49,391		372,449
Aristocrat Leisure Ltd.		25,096		605,728
ASX Ltd.		8,058		428,946
Aurizon Holdings Ltd.		77,702		196,519
Australia & New Zealand Banking Group Ltd.		126,769		1,959,664
BHP Group Ltd.		213,113		5,813,723
BlueScope Steel Ltd.		21,115		236,907
Brambles Ltd.		60,188		506,556
Cochlear Ltd.		2,715		395,241
Coles Group Ltd.		55,514		664,457
Commonwealth Bank of Australia		71,004		4,692,101
Computershare Ltd.		22,748		379,384
CSL Ltd.		19,839		3,968,149
Dexus		43,474		257,148
Domino’s Pizza Enterprises Ltd.		2,534		109,221
Endeavour Group Ltd./Australia		55,143		272,892
Evolution Mining Ltd.		77,237		124,124
Fortescue Metals Group Ltd.		71,503		888,609
Glencore PLC		418,055		2,285,741
Goodman Group		69,062		918,385
GPT Group (The)		78,446		223,532
IDP Education Ltd.^(a)		8,794		173,124
Insurance Australia Group Ltd.		106,774		337,396
James Hardie Industries PLC		18,682		423,434
Lendlease Corp. Ltd.		28,988		202,003
Lottery Corp. Ltd. (The)^(b)		93,021		279,592
Macquarie Group Ltd.		15,689		1,877,240
Medibank Pvt Ltd.		115,688		291,414
Mineral Resources Ltd.		7,115		303,152
Mirvac Group		161,210		229,584
National Australia Bank Ltd.		136,926		2,839,315
Newcrest Mining Ltd.		35,239		423,631
Northern Star Resources Ltd.		47,198		249,453
Orica Ltd.		17,434		182,362
Origin Energy Ltd.		73,825		314,425
Qantas Airways Ltd.^(b)		39,295		141,216
QBE Insurance Group Ltd.		62,335		511,070
Ramsay Health Care Ltd.		8,144		396,905
REA Group Ltd.		2,198		189,552
Reece Ltd.		12,301		133,176
Rio Tinto Ltd.		15,517		985,537
Rio Tinto PLC		46,703		2,578,486
Santos Ltd.		130,803		698,263
Scentre Group		211,311		419,937
SEEK Ltd.		14,073		198,552
Sonic Healthcare Ltd.		18,955		438,334
South32 Ltd.		194,728		536,224
Stockland		104,701		257,550
Suncorp Group Ltd.		53,596		395,820
Telstra Corp. Ltd.		173,666		469,635
Transurban Group		126,652		1,201,606
Treasury Wine Estates Ltd.		31,468		282,276
Vicinity Centres		163,172		213,626
Washington H Soul Pattinson & Co. Ltd.		9,131		159,136
Wesfarmers Ltd.		47,015		1,503,960
Westpac Banking Corp.		147,140		2,159,650
WiseTech Global Ltd.		6,126		241,974


Security	Shares		Value

Australia (continued)
Woodside Energy Group Ltd.		78,588	$	1,825,482
Woolworths Group Ltd.		52,578		1,296,191


				50,895,273

Austria — 0.1%
Erste Group Bank AG		14,327		322,182
OMV AG		6,149		247,757
Verbund AG		2,839		271,288
voestalpine AG		4,896		98,520


				939,747

Belgium — 0.2%
Ageas SA/NV		7,178		291,251
Anheuser-Busch InBev SA/NV		36,145		1,745,605
D’ieteren Group		974		146,832
Elia Group SA/NV		1,385		201,201
Groupe Bruxelles Lambert SA		4,700		355,302
KBC Group NV		10,473		499,483
Proximus SADP		6,489		82,599
Sofina SA		620		124,282
Solvay SA		3,095		249,848
UCB SA		5,240		368,198
Umicore SA		8,017		254,829
Warehouses De Pauw CVA		6,300		191,691


				4,511,121

Brazil — 0.1%
MercadoLibre Inc.^(a)(b)		1,873		1,602,089
Yara International ASA		6,911		292,318


				1,894,407

Canada — 3.6%
Agnico Eagle Mines Ltd.		19,128		788,801
Air Canada^(b)		7,545		101,626
Algonquin Power & Utilities Corp.^(a)		27,594		379,027
Alimentation Couche-Tard Inc.		33,951		1,459,013
AltaGas Ltd.		11,870		255,955
ARC Resources Ltd.		29,007		400,424
Bank of Montreal		26,841		2,477,992
Bank of Nova Scotia (The)		50,413		2,787,522
Barrick Gold Corp.		73,779		1,095,436
BCE Inc.		3,151		152,062
BlackBerry Ltd.^(a)(b)		23,422		139,103
Brookfield Asset Management Inc., Class A		58,542		2,816,221
Brookfield Renewable Corp., Class A		5,687		218,543
BRP Inc.		1,429		99,111
CAE Inc.^(a)(b)		13,368		244,082
Cameco Corp.		16,722		487,393
Canadian Apartment Properties REIT		3,623		123,226
Canadian Imperial Bank of Commerce		37,325		1,765,147
Canadian National Railway Co.		24,778		2,946,721
Canadian Natural Resources Ltd.		49,169		2,695,525
Canadian Pacific Railway Ltd.		39,207		2,935,114
Canadian Tire Corp. Ltd., Class A, NVS		2,419		284,511
Canadian Utilities Ltd., Class A, NVS		5,467		167,255
CCL Industries Inc., Class B, NVS		6,402		314,019
Cenovus Energy Inc.		60,091		1,127,378
CGI Inc.^(b)		9,130		722,976
Constellation Software Inc.		815		1,226,841
Dollarama Inc.		12,100		736,862
Emera Inc.		12,830		593,657
Empire Co. Ltd., Class A, NVS		7,099		202,211
Enbridge Inc.		86,024		3,547,462


Security	Shares		Value

Canada (continued)
Fairfax Financial Holdings Ltd.		1,139	$	567,822
First Quantum Minerals Ltd.		24,572		434,807
FirstService Corp.		1,669		208,779
Fortis Inc.		19,628		865,913
Franco-Nevada Corp.		8,399		1,009,786
George Weston Ltd.		3,196		365,386
GFL Environmental Inc.		6,536		184,134
Gildan Activewear Inc.		8,993		265,952
Great-West Lifeco Inc.		12,605		296,086
Hydro One Ltd.^(c)		14,034		379,982
iA Financial Corp. Inc.		4,518		242,696
IGM Financial Inc.		3,596		97,885
Imperial Oil Ltd.		10,348		507,886
Intact Financial Corp.		7,282		1,054,860
Ivanhoe Mines Ltd., Class A^(b)		25,774		165,632
Keyera Corp.		9,395		231,486
Kinross Gold Corp.		53,392		175,216
Lightspeed Commerce Inc.^(b)		4,582		87,673
Loblaw Companies Ltd.		7,241		639,938
Lundin Mining Corp.		28,172		146,507
Magna International Inc.		11,989		692,584
Manulife Financial Corp.		81,352		1,407,330
Metro Inc.		10,230		538,081
National Bank of Canada		14,033		928,410
Northland Power Inc.		9,518		325,830
Nutrien Ltd.		23,702		2,175,924
Nuvei Corp.^(b)(c)		2,412		73,810
Onex Corp.		3,216		159,043
Open Text Corp.		11,220		353,425
Pan American Silver Corp.		8,925		132,786
Parkland Corp.		6,479		159,046
Pembina Pipeline Corp.		22,951		810,498
Power Corp. of Canada		22,740		584,711
Quebecor Inc., Class B		7,156		154,579
Restaurant Brands International Inc.		11,932		704,373
RioCan REIT		7,041		107,919
Ritchie Bros Auctioneers Inc.		4,650		322,120
Rogers Communications Inc., Class B, NVS		14,790		636,825
Royal Bank of Canada		59,218		5,506,753
Saputo Inc.^(a)		10,468		265,815
Shaw Communications Inc., Class B, NVS		18,937		485,627
Shopify Inc., Class A^(b)		46,760		1,480,398
Sun Life Financial Inc.		24,535		1,080,896
Suncor Energy Inc.		61,648		1,994,460
TC Energy Corp.		40,630		1,957,949
Teck Resources Ltd., Class B		19,735		668,377
TELUS Corp.		18,239		410,789
TFI International Inc.		3,485		347,691
Thomson Reuters Corp.		7,228		795,914
TMX Group Ltd.		2,339		234,906
Toromont Industries Ltd.		3,454		267,357
Toronto-Dominion Bank (The)		77,054		4,957,013
Tourmaline Oil Corp.		12,962		766,360
Waste Connections Inc.		10,799		1,503,005
West Fraser Timber Co. Ltd.		2,556		228,675
Wheaton Precious Metals Corp.		18,766		572,832
WSP Global Inc.		4,877		581,185


				75,592,938

Denmark — 0.7%
AP Moller - Maersk A/S, Class A		141		329,391


Security	Shares		Value

Denmark (continued)
AP Moller - Maersk A/S, Class B, NVS		226	$	542,209
Carlsberg A/S, Class B		4,180		542,774
Chr Hansen Holding A/S		4,734		275,836
Coloplast A/S, Class B		4,944		564,758
Danske Bank A/S		28,200		376,552
Demant A/S^(b)		4,555		140,313
DSV A/S		8,451		1,248,788
Genmab A/S^(b)		2,712		965,380
GN Store Nord AS		5,216		147,522
Novo Nordisk A/S, Class B		69,932		7,476,696
Novozymes A/S, Class B		8,549		490,658
Orsted A/S^(c)		7,943		775,256
Pandora A/S		4,167		250,339
Rockwool A/S, Class B		358		73,689
Tryg A/S		15,077		340,676
Vestas Wind Systems A/S		42,225		1,056,516


				15,597,353

Finland — 0.3%
Elisa OYJ		5,919		316,538
Fortum OYJ		18,560		190,916
Kesko OYJ, Class B		11,118		233,896
Kone OYJ, Class B		14,107		564,174
Neste OYJ		17,585		867,588
Nokia OYJ		227,613		1,147,025
Nordea Bank Abp		134,447		1,246,572
Orion OYJ, Class B		4,443		201,446
Sampo OYJ, Class A		20,708		936,837
Stora Enso OYJ, Class R		24,287		361,536
UPM-Kymmene OYJ		22,190		753,889
Wartsila OYJ Abp		20,276		167,181


				6,987,598

France — 2.9%
Accor SA^(b)		7,160		170,774
Aeroports de Paris^(b)		1,210		165,686
Air Liquide SA		21,584		2,704,753
Airbus SE		24,817		2,431,895
Alstom SA^(a)		13,239		271,310
Amundi SA^(c)		2,554		129,497
ArcelorMittal SA		23,481		557,301
Arkema SA		2,529		213,502
AXA SA		80,224		1,889,405
BioMerieux		1,723		157,568
BNP Paribas SA		46,629		2,166,858
Bollore SE		37,455		178,990
Bouygues SA		9,565		280,972
Bureau Veritas SA		12,291		305,061
Capgemini SE		6,666		1,151,738
Carrefour SA		26,089		435,438
Cie. de Saint-Gobain		21,010		846,235
Cie. Generale des Etablissements Michelin SCA		28,181		685,398
Covivio		2,191		122,318
Credit Agricole SA		51,778		476,547
Danone SA		27,185		1,430,483
Dassault Aviation SA		1,033		141,861
Dassault Systemes SE		27,595		1,064,151
Edenred		10,401		526,076
Eiffage SA^(a)		3,452		303,620
Electricite de France SA		22,827		272,925
Engie SA		75,910		901,591


Security	Shares		Value

France (continued)
EssilorLuxottica SA		11,886	$	1,770,270
Eurazeo SE		1,667		99,553
Eurofins Scientific SE		5,690		393,681
Gecina SA		1,907		169,719
Getlink SE		18,470		347,809
Hermes International		1,322		1,693,172
Ipsen SA		1,555		149,027
Kering SA		3,099		1,554,931
Klepierre SA		8,918		182,928
La Francaise des Jeux SAEM^(c)		4,035		130,872
Legrand SA		11,098		802,992
L’Oreal SA		10,062		3,455,736
LVMH Moet Hennessy Louis Vuitton SE		11,702		7,550,912
Orange SA		82,958		840,147
Pernod Ricard SA		8,630		1,583,505
Publicis Groupe SA		9,505		464,084
Remy Cointreau SA		947		175,633
Renault SA^(b)		8,148		232,079
Safran SA		14,255		1,453,361
Sanofi		47,153		3,854,748
Sartorius Stedim Biotech		1,150		420,626
Schneider Electric SE		22,420		2,664,782
SEB SA		1,148		85,027
Societe Generale SA		33,722		743,415
Sodexo SA		3,663		280,146
Teleperformance		2,452		698,347
Thales SA		4,408		531,432
TotalEnergies SE		104,287		5,280,018
Ubisoft Entertainment SA^(b)		3,900		179,849
Unibail-Rodamco-Westfield^(a)(b)		5,277		271,288
Valeo		9,669		184,694
Veolia Environnement SA		27,270		607,778
Vinci SA		22,431		2,069,337
Vivendi SE		32,682		296,244
Wendel SE		1,124		88,315
Worldline SA/France^(b)(c)		9,935		425,642


				61,714,052

Germany — 1.8%
adidas AG		7,219		1,070,456
Allianz SE, Registered		17,092		2,889,170
Aroundtown SA^(a)		42,000		122,497
BASF SE		38,394		1,624,022
Bayer AG, Registered		40,664		2,150,637
Bayerische Motoren Werke AG		13,737		1,012,124
Bechtle AG		3,438		131,708
Beiersdorf AG		4,192		423,140
Brenntag SE		6,423		421,140
Carl Zeiss Meditec AG, Bearer		1,685		209,713
Commerzbank AG^(b)		42,010		279,531
Continental AG		4,499		259,027
Covestro AG^(c)		7,748		233,617
Daimler Truck Holding AG^(b)		17,447		446,100
Deutsche Bank AG, Registered		86,816		724,296
Deutsche Boerse AG		7,873		1,331,123
Deutsche Lufthansa AG, Registered^(a)(b)		27,474		163,341
Deutsche Post AG, Registered		41,092		1,499,822
Deutsche Telekom AG, Registered		138,205		2,604,781
E.ON SE		93,246		795,350
Evonik Industries AG		8,802		164,114
Fresenius Medical Care AG & Co. KGaA		8,535		292,233


Security	Shares		Value

Germany (continued)
Fresenius SE & Co. KGaA		16,737	$	414,045
GEA Group AG		6,418		223,262
Hannover Rueck SE		2,497		368,023
HeidelbergCement AG		6,004		271,125
HelloFresh SE^(b)		6,981		166,678
Henkel AG & Co. KGaA		4,328		270,670
Infineon Technologies AG		54,230		1,326,947
KION Group AG		3,023		120,790
Knorr-Bremse AG		3,027		146,703
LEG Immobilien SE		3,034		229,291
Mercedes-Benz Group AG		33,663		1,887,339
Merck KGaA		5,361		920,912
MTU Aero Engines AG		2,259		398,403
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Registered		5,791		1,383,590
Nemetschek SE		2,407		141,797
Puma SE		4,390		268,333
Rational AG		206		111,108
Rheinmetall AG		1,772		281,296
RWE AG		26,691		1,018,993
SAP SE		44,373		3,779,220
Scout24 SE^(c)		3,817		219,909
Siemens AG, Registered		31,693		3,210,315
Siemens Healthineers AG^(c)		11,351		554,680
Symrise AG		5,344		559,165
Telefonica Deutschland Holding AG		44,506		115,535
Uniper SE		3,900		21,102
United Internet AG, Registered^(d)		4,105		92,858
Volkswagen AG		1,345		248,785
Vonovia SE		30,076		814,203
Zalando SE^(b)(c)		9,255		214,280


				38,627,299

Hong Kong — 0.8%
AIA Group Ltd.		507,200		4,879,891
BOC Hong Kong Holdings Ltd.		163,500		562,734
Budweiser Brewing Co. APAC Ltd.^(c)		76,300		224,279
Chow Tai Fook Jewellery Group Ltd.		81,000		163,029
CK Asset Holdings Ltd.		89,500		604,104
CK Hutchison Holdings Ltd.		104,000		671,596
CK Infrastructure Holdings Ltd.		19,500		118,580
CLP Holdings Ltd.		76,500		659,146
ESR Group Ltd.^(b)(c)		85,800		240,249
Futu Holdings Ltd., ADR^(a)(b)		2,300		112,907
Galaxy Entertainment Group Ltd.		115,000		642,814
Hang Lung Properties Ltd.		59,000		98,118
Hang Seng Bank Ltd.		33,700		527,628
Henderson Land Development Co. Ltd.		48,000		160,566
HK Electric Investments & HK Electric Investments Ltd., Class SS^(a)		105,500		88,043
HKT Trust & HKT Ltd., Class SS		167,000		224,044
Hong Kong & China Gas Co. Ltd.		440,589		434,369
Hong Kong Exchanges & Clearing Ltd.		48,400		1,950,255
Hongkong Land Holdings Ltd.		51,100		247,022
Jardine Matheson Holdings Ltd.		6,500		344,706
Link REIT		92,700		717,407
MTR Corp. Ltd.		73,500		376,417
New World Development Co. Ltd.		45,333		147,721
Power Assets Holdings Ltd.		69,000		412,703
Sands China Ltd.^(b)		93,600		209,299
Sino Land Co. Ltd.		118,000		172,554


Security	Shares		Value

Hong Kong (continued)
SITC International Holdings Co. Ltd.		42,000	$	106,505
Sun Hung Kai Properties Ltd.		66,500		781,257
Swire Pacific Ltd., Class A		14,500		100,293
Swire Properties Ltd.		45,400		104,634
Techtronic Industries Co. Ltd.		58,500		689,963
WH Group Ltd.^(c)		373,500		254,474
Wharf Real Estate Investment Co. Ltd.		75,000		341,264
Xinyi Glass Holdings Ltd.		60,000		110,813


				17,479,384

Ireland — 0.6%
CRH PLC		32,419		1,197,156
Flutter Entertainment PLC, Class DI^(b)		6,941		869,700
Kerry Group PLC, Class A		6,662		686,997
Kingspan Group PLC		6,505		368,305
Linde PLC		21,379		6,047,264
Seagate Technology Holdings PLC		8,570		573,847
Smurfit Kappa Group PLC		10,341		346,729
STERIS PLC		4,175		840,762
Trane Technologies PLC		9,856		1,518,514


				12,449,274

Israel — 0.2%
Azrieli Group Ltd.		1,752		145,339
Bank Hapoalim BM		46,167		478,634
Bank Leumi Le-Israel BM		64,449		681,305
Bezeq The Israeli Telecommunication Corp. Ltd.		83,069		140,389
Check Point Software Technologies Ltd.^(b)		4,406		529,778
CyberArk Software Ltd.^(a)(b)		1,697		244,843
Elbit Systems Ltd.		1,115		238,037
ICL Group Ltd.		29,569		282,345
Isracard Ltd.		1		3
Israel Discount Bank Ltd., Class A		48,792		298,297
Mizrahi Tefahot Bank Ltd.		5,896		239,794
Nice Ltd.^(b)		2,637		563,426
Teva Pharmaceutical Industries Ltd., ADR^(b)		47,392		428,424
Tower Semiconductor Ltd.^(b)		4,639		217,447
Wix.com Ltd.^(b)		2,267		143,479
ZIM Integrated Shipping Services Ltd.		3,412		123,139


				4,754,679

Italy — 0.5%
Amplifon SpA		5,221		136,064
Assicurazioni Generali SpA		45,993		674,568
Atlantia SpA		20,406		467,266
DiaSorin SpA		1,018		133,545
Enel SpA		337,254		1,584,781
Eni SpA		104,744		1,237,333
Ferrari NV		5,211		1,005,944
FinecoBank Banca Fineco SpA		22,039		238,292
Infrastrutture Wireless Italiane SpA^(c)		14,248		132,049
Intesa Sanpaolo SpA		685,279		1,179,701
Mediobanca Banca di Credito Finanziario SpA		26,101		206,612
Moncler SpA		8,541		380,004
Nexi SpA^(b)(c)		31,201		255,988
Poste Italiane SpA^(c)		21,970		175,584
Prysmian SpA		10,641		326,495
Recordati Industria Chimica e Farmaceutica SpA		4,366		178,133
Snam SpA		84,114		399,786
Telecom Italia SpA/Milano^(b)		433,435		89,400
Tenaris SA		19,796		270,799
Terna - Rete Elettrica Nazionale		58,713		417,403


Security	Shares		Value

Italy (continued)
UniCredit SpA		88,549	$	866,530


				10,356,277

Japan — 6.1%
Advantest Corp.		7,300		413,438
Aeon Co. Ltd.		24,800		483,742
AGC Inc.		8,300		281,693
Aisin Corp.		4,300		127,859
Ajinomoto Co. Inc.		19,300		533,449
ANA Holdings Inc.^(b)		4,800		92,286
Asahi Group Holdings Ltd.		19,100		640,389
Asahi Intecc Co. Ltd.		6,300		112,062
Asahi Kasei Corp.		59,300		433,352
Astellas Pharma Inc.		82,700		1,172,502
Azbil Corp.		3,600		102,576
Bandai Namco Holdings Inc.		7,300		547,767
Bridgestone Corp.		22,300		855,744
Brother Industries Ltd.		12,600		241,133
Canon Inc.		40,500		969,947
Capcom Co. Ltd.		5,100		139,203
Central Japan Railway Co.		5,200		612,196
Chiba Bank Ltd. (The)		21,100		113,979
Chubu Electric Power Co. Inc.		24,500		249,136
Chugai Pharmaceutical Co. Ltd.		29,300		756,176
Concordia Financial Group Ltd.		42,100		133,509
CyberAgent Inc.		17,500		170,612
Dai Nippon Printing Co. Ltd.		6,500		136,817
Daifuku Co. Ltd.		3,000		175,014
Dai-ichi Life Holdings Inc.		40,500		699,759
Daiichi Sankyo Co. Ltd.		75,100		2,256,889
Daikin Industries Ltd.		11,100		1,937,695
Daito Trust Construction Co. Ltd.		1,900		186,917
Daiwa House Industry Co. Ltd.		22,200		496,330
Daiwa House REIT Investment Corp.		119		275,104
Daiwa Securities Group Inc.		64,900		283,303
Denso Corp.		18,300		998,827
Dentsu Group Inc.		10,600		341,373
Disco Corp.		1,300		315,653
East Japan Railway Co.		14,500		751,051
Eisai Co. Ltd.		12,500		509,665
ENEOS Holdings Inc.		140,700		531,695
FANUC Corp.		8,000		1,288,793
Fast Retailing Co. Ltd.		2,500		1,461,829
Fuji Electric Co. Ltd.		5,200		224,651
FUJIFILM Holdings Corp.		16,200		822,422
Fujitsu Ltd.		8,200		964,920
GLP J-Reit		181		220,492
GMO Payment Gateway Inc.		1,400		111,026
Hakuhodo DY Holdings Inc.		12,500		111,519
Hamamatsu Photonics KK		4,700		199,274
Hankyu Hanshin Holdings Inc.		12,400		371,858
Hikari Tsushin Inc.		600		75,855
Hirose Electric Co. Ltd.		1,100		155,867
Hitachi Construction Machinery Co. Ltd.		3,100		63,729
Hitachi Ltd.		39,600		1,978,497
Hitachi Metals Ltd.^(b)		6,200		93,290
Honda Motor Co. Ltd.		70,400		1,874,207
Hoshizaki Corp.		3,200		95,067
Hoya Corp.		16,500		1,682,617
Hulic Co. Ltd.		16,800		127,310
Ibiden Co. Ltd.		3,100		98,391


Security	Shares		Value

Japan (continued)
Idemitsu Kosan Co. Ltd.		6,100	$	160,840
Iida Group Holdings Co. Ltd.		4,300		65,501
Inpex Corp.		41,200		473,579
Isuzu Motors Ltd.		22,700		281,927
Ito En Ltd.		1,600		70,219
ITOCHU Corp.		51,500		1,417,317
Itochu Techno-Solutions Corp.		2,800		70,664
Japan Airlines Co. Ltd.^(b)		4,200		76,819
Japan Exchange Group Inc.		20,600		306,986
Japan Metropolitan Fund Invest		318		252,548
Japan Post Bank Co. Ltd.^(a)		17,500		127,565
Japan Post Holdings Co. Ltd.		81,200		560,181
Japan Post Insurance Co. Ltd.		5,800		88,842
Japan Real Estate Investment Corp.		56		259,368
Japan Tobacco Inc.		52,000		881,058
JFE Holdings Inc.		20,000		214,871
JSR Corp.		5,900		131,610
Kajima Corp.		18,800		197,824
Kakaku.com Inc.		3,900		71,791
Kansai Electric Power Co. Inc. (The)		31,900		309,163
Kao Corp.		19,500		844,355
KDDI Corp.		69,200		2,117,598
Keio Corp.		3,000		114,151
Keisei Electric Railway Co. Ltd.		3,800		106,006
Keyence Corp.		8,200		3,078,885
Kikkoman Corp.		6,400		391,350
Kintetsu Group Holdings Co. Ltd.		5,000		169,783
Kirin Holdings Co. Ltd.		35,400		582,747
Kobayashi Pharmaceutical Co. Ltd.		1,600		90,674
Kobe Bussan Co. Ltd.		4,000		101,862
Koei Tecmo Holdings Co. Ltd.		1,700		56,995
Koito Manufacturing Co. Ltd.		3,000		102,493
Komatsu Ltd.		36,900		771,901
Konami Group Corp.		4,400		223,299
Kose Corp.		1,200		113,009
Kubota Corp.		41,300		641,398
Kurita Water Industries Ltd.		2,900		112,831
Kyocera Corp.		15,100		839,315
Kyowa Kirin Co. Ltd.		13,600		304,840
Lasertec Corp.		2,900		401,498
Lixil Corp.		13,500		234,758
M3 Inc.		18,600		595,792
Makita Corp.		7,100		166,948
Marubeni Corp.		70,500		734,771
Mazda Motor Corp.		22,300		197,491
McDonald’s Holdings Co. Japan Ltd.		2,300		82,208
MEIJI Holdings Co. Ltd.		5,500		262,014
MINEBEA MITSUMI Inc.		16,300		280,149
MISUMI Group Inc.		14,000		343,646
Mitsubishi Chemical Group Corp.		60,100		315,522
Mitsubishi Corp.		53,200		1,741,801
Mitsubishi Electric Corp.		81,700		825,998
Mitsubishi Estate Co. Ltd.		57,300		771,651
Mitsubishi HC Capital Inc.		25,000		121,157
Mitsubishi Heavy Industries Ltd.		15,000		578,259
Mitsubishi UFJ Financial Group Inc.		517,700		2,683,729
Mitsui & Co. Ltd.		59,700		1,401,107
Mitsui Chemicals Inc.		5,400		121,314
Mitsui Fudosan Co. Ltd.		38,100		771,167
Mitsui OSK Lines Ltd.		14,900		388,199


Security	Shares		Value

Japan (continued)
Mizuho Financial Group Inc.		104,490	$	1,196,450
MonotaRO Co. Ltd.		13,000		233,250
MS&AD Insurance Group Holdings Inc.		18,700		557,932
Murata Manufacturing Co. Ltd.		23,700		1,276,160
NEC Corp.		10,300		375,658
Nexon Co. Ltd.		20,100		400,233
NGK Insulators Ltd.		13,200		188,463
Nidec Corp.		18,700		1,242,278
Nihon M&A Center Holdings Inc.		14,500		179,702
Nintendo Co. Ltd.		4,600		1,882,995
Nippon Building Fund Inc.		58		288,896
Nippon Express Holdings Inc.		2,200		121,050
Nippon Paint Holdings Co. Ltd.		32,100		247,566
Nippon Prologis REIT Inc.		112		281,762
Nippon Sanso Holdings Corp.		4,400		80,023
Nippon Shinyaku Co. Ltd.		1,400		76,579
Nippon Steel Corp.		28,447		449,352
Nippon Telegraph & Telephone Corp.		54,200		1,469,051
Nippon Yusen KK		6,400		488,155
Nissan Chemical Corp.		4,800		241,836
Nissan Motor Co. Ltd.		101,800		400,501
Nisshin Seifun Group Inc.		5,800		65,273
Nissin Foods Holdings Co. Ltd.		1,800		128,783
Nitori Holdings Co. Ltd.		3,600		344,165
Nitto Denko Corp.		6,000		369,797
Nomura Holdings Inc.		140,800		509,821
Nomura Real Estate Holdings Inc.		3,500		85,988
Nomura Real Estate Master Fund Inc.		181		221,374
Nomura Research Institute Ltd.		15,500		417,164
NTT Data Corp.		24,100		339,144
Obayashi Corp.		24,600		170,148
Obic Co. Ltd.		2,900		428,908
Odakyu Electric Railway Co. Ltd.		14,300		195,353
Oji Holdings Corp.		35,100		140,045
Olympus Corp.		52,900		1,126,624
Omron Corp.		7,000		368,384
Ono Pharmaceutical Co. Ltd.		16,500		393,858
Open House Group Co. Ltd.		2,400		93,931
Oracle Corp. Japan		1,100		65,528
Oriental Land Co. Ltd./Japan		8,400		1,252,335
ORIX Corp.		50,300		826,800
Osaka Gas Co. Ltd.		16,600		279,600
Otsuka Corp.		3,300		106,669
Otsuka Holdings Co. Ltd.		17,100		558,530
Pan Pacific International Holdings Corp.		17,700		317,814
Panasonic Holdings Corp.		98,500		799,267
Persol Holdings Co. Ltd.		5,200		104,386
Rakuten Group Inc.		36,700		178,115
Recruit Holdings Co. Ltd.		61,000		1,939,226
Renesas Electronics Corp.^(b)		59,400		562,432
Resona Holdings Inc.		93,700		344,933
Ricoh Co. Ltd.		25,200		198,058
Rohm Co. Ltd.		3,000		224,454
SBI Holdings Inc/Japan		12,800		251,522
SCSK Corp.		4,600		74,903
Secom Co. Ltd.		8,700		554,270
Seiko Epson Corp.		13,800		216,851
Sekisui Chemical Co. Ltd.		16,700		227,676
Sekisui House Ltd.		23,700		403,010
Seven & i Holdings Co. Ltd.		33,400		1,326,831


Security	Shares		Value

Japan (continued)
SG Holdings Co. Ltd.		15,000	$	248,801
Sharp Corp./Japan		6,200		44,383
Shimadzu Corp.		12,600		367,996
Shimano Inc.		2,700		477,655
Shimizu Corp.		21,800		119,539
Shin-Etsu Chemical Co. Ltd.		16,373		1,901,441
Shionogi & Co. Ltd.		13,400		654,253
Shiseido Co. Ltd.		17,400		657,264
Shizuoka Bank Ltd. (The)		18,700		108,214
SMC Corp.		2,300		1,091,187
SoftBank Corp.		132,300		1,450,436
SoftBank Group Corp.		52,200		2,067,722
Sompo Holdings Inc.		14,900		638,856
Sony Group Corp.		53,800		4,277,277
Square Enix Holdings Co. Ltd.		2,500		108,553
Subaru Corp.		23,600		428,987
SUMCO Corp.		15,400		209,022
Sumitomo Chemical Co. Ltd.		66,200		260,585
Sumitomo Corp.		44,200		621,699
Sumitomo Electric Industries Ltd.		33,400		382,583
Sumitomo Metal Mining Co. Ltd.		12,900		405,919
Sumitomo Mitsui Financial Group Inc.		56,300		1,698,192
Sumitomo Mitsui Trust Holdings Inc.		15,500		482,099
Sumitomo Realty & Development Co. Ltd.		14,700		359,502
Suntory Beverage & Food Ltd.		4,100		149,759
Suzuki Motor Corp.		16,400		573,199
Sysmex Corp.		6,400		391,213
T&D Holdings Inc.		21,400		233,714
Taisei Corp.		5,600		169,789
Takeda Pharmaceutical Co. Ltd.		64,126		1,772,446
TDK Corp.		17,000		594,358
Terumo Corp.		26,800		860,325
TIS Inc.		10,000		284,767
Tobu Railway Co. Ltd.		5,500		129,944
Toho Co. Ltd./Tokyo		3,200		121,532
Tokio Marine Holdings Inc.		24,000		1,330,065
Tokyo Electric Power Co. Holdings Inc.^(b)		75,400		294,472
Tokyo Electron Ltd.		6,200		1,944,549
Tokyo Gas Co. Ltd.		16,600		311,436
Tokyu Corp.		20,300		241,321
Toppan Inc.		13,300		208,872
Toray Industries Inc.		63,200		360,647
Toshiba Corp.		18,000		666,611
Tosoh Corp.		13,100		169,381
TOTO Ltd.		4,100		141,322
Toyota Industries Corp.		6,400		357,714
Toyota Motor Corp.		445,700		6,669,925
Toyota Tsusho Corp.		6,200		217,050
Trend Micro Inc/Japan		5,700		350,938
Unicharm Corp.		17,500		608,155
USS Co. Ltd.		6,400		112,940
Welcia Holdings Co. Ltd.		2,700		56,547
West Japan Railway Co.		10,200		396,967
Yakult Honsha Co. Ltd.		4,200		248,412
Yamaha Corp.		6,800		265,260
Yamaha Motor Co. Ltd.		14,400		298,430
Yamato Holdings Co. Ltd.		14,200		221,365
Yaskawa Electric Corp.		12,700		413,549
Yokogawa Electric Corp.		12,400		216,421
Z Holdings Corp.		122,700		360,722


Security	Shares		Value

Japan (continued)
ZOZO Inc.		3,600	$	79,572


				129,677,516

Netherlands — 1.3%
ABN AMRO Bank NV, CVA^(c)		18,466		177,401
Adyen NV^(b)(c)		939		1,449,013
Aegon NV		82,016		366,531
AerCap Holdings NV^(b)		5,633		248,134
Akzo Nobel NV		7,833		493,490
Argenx SE^(b)		2,358		887,933
ASM International NV		1,969		535,350
ASML Holding NV		16,973		8,284,782
Davide Campari-Milano NV		21,959		215,436
Euronext NV^(c)		3,675		271,593
EXOR NV		4,666		280,917
Heineken Holding NV		3,074		218,064
Heineken NV		11,010		989,568
IMCD NV		2,431		335,371
ING Groep NV		164,889		1,445,160
JDE Peet’s NV		4,426		136,477
Just Eat Takeaway.com NV^(b)(c)		7,902		131,453
Koninklijke Ahold Delhaize NV		44,449		1,222,650
Koninklijke DSM NV		7,415		945,529
Koninklijke KPN NV		144,428		459,584
Koninklijke Philips NV		38,763		643,776
NN Group NV		11,546		474,517
NXP Semiconductors NV		11,156		1,836,054
OCI NV		3,741		140,448
Prosus NV		35,527		2,195,904
QIAGEN NV^(b)		9,786		443,859
Randstad NV		5,263		245,102
Stellantis NV		86,595		1,153,491
Universal Music Group NV		30,937		614,345
Wolters Kluwer NV		11,370		1,111,904


				27,953,836

New Zealand — 0.1%
Auckland International Airport Ltd.^(b)		52,500		242,118
Fisher & Paykel Healthcare Corp. Ltd.		25,279		302,632
Mercury NZ Ltd.		29,095		102,967
Meridian Energy Ltd.		54,141		165,173
Spark New Zealand Ltd.		78,507		259,695
Xero Ltd.^(b)		5,552		326,619


				1,399,204

Norway — 0.2%
Adevinta ASA^(b)		10,535		85,235
Aker BP ASA		13,151		460,690
DNB Bank ASA		38,655		734,986
Equinor ASA		40,091		1,555,957
Gjensidige Forsikring ASA		8,414		170,741
Kongsberg Gruppen ASA		3,744		127,972
Mowi ASA		16,347		335,142
Norsk Hydro ASA		61,702		423,961
Orkla ASA		31,489		263,686
Salmar ASA		2,922		193,224
Telenor ASA		29,192		319,448


				4,671,042

Portugal — 0.1%
EDP - Energias de Portugal SA		106,361		507,937
Galp Energia SGPS SA		21,067		227,502


Security	Shares		Value

Portugal (continued)
Jeronimo Martins SGPS SA		11,865	$	263,068


				998,507

Singapore — 0.4%
Ascendas Real Estate Investment Trust		139,516		281,181
CapitaLand Integrated Commercial Trust		206,976		306,122
Capitaland Investment Ltd./Singapore		112,900		297,240
City Developments Ltd.		17,600		102,189
DBS Group Holdings Ltd.		76,000		1,769,545
Genting Singapore Ltd.		253,800		140,455
Grab Holdings Ltd., Class A^(a)(b)		45,153		128,686
Keppel Corp. Ltd.		59,800		310,573
Mapletree Logistics Trust		132,600		158,171
Mapletree Pan Asia Commercial Trust		92,300		121,374
Oversea-Chinese Banking Corp. Ltd.		140,300		1,209,266
Sea Ltd., ADR^(a)(b)		15,638		969,556
Singapore Airlines Ltd.^(b)		57,000		216,421
Singapore Exchange Ltd.		29,800		202,223
Singapore Technologies Engineering Ltd.		63,500		169,212
Singapore Telecommunications Ltd.		350,300		657,638
United Overseas Bank Ltd.		52,400		1,021,771
UOL Group Ltd.		19,200		94,998
Venture Corp. Ltd.		13,800		180,295
Wilmar International Ltd.		79,700		230,046


				8,566,962

South Korea — 0.0%
Delivery Hero SE^(b)(c)		6,760		280,548


Spain — 0.6%
Acciona SA		1,077		210,948
ACS Actividades de Construccion y Servicios SA		11,166		248,774
Aena SME SA^(b)(c)		3,101		380,870
Amadeus IT Group SA^(b)		18,577		980,668
Banco Bilbao Vizcaya Argentaria SA		274,966		1,233,825
Banco Santander SA		721,662		1,746,925
CaixaBank SA		184,502		557,104
Cellnex Telecom SA^(c)		23,528		916,244
EDP Renovaveis SA		11,071		268,496
Enagas SA		2,268		41,414
Endesa SA		13,303		228,173
Ferrovial SA		20,453		512,857
Grifols SA^(a)(b)		12,531		151,481
Iberdrola SA		260,254		2,709,686
Industria de Diseno Textil SA		45,126		974,335
Naturgy Energy Group SA		8,184		225,671
Red Electrica Corp. SA		5,764		105,382
Repsol SA		60,316		783,389
Siemens Gamesa Renewable Energy SA^(b)		10,035		180,810
Telefonica SA		225,773		931,768


				13,388,820

Sweden — 0.8%
Alfa Laval AB		13,122		349,930
Alleima AB, NVS		9,378		37,652
Assa Abloy AB, Class B		41,033		831,081
Atlas Copco AB, Class A		112,597		1,142,975
Atlas Copco AB, Class B		64,883		590,811
Boliden AB		11,163		357,463
Electrolux AB, Class B		9,526		120,457
Embracer Group AB^(a)(b)		36,886		228,858
Epiroc AB, Class A		27,460		420,160


Security	Shares		Value

Sweden (continued)
Epiroc AB, Class B		16,335	$	222,382
EQT AB		12,238		274,105
Essity AB, Class B		25,988		576,499
Evolution AB^(c)		7,155		572,423
Fastighets AB Balder, Class B^(b)		26,322		145,356
Getinge AB, Class B		9,550		176,881
H & M Hennes & Mauritz AB, Class B		31,893		331,219
Hexagon AB, Class B		82,215		840,158
Holmen AB, Class B		3,209		137,681
Husqvarna AB, Class B		17,656		118,797
Industrivarden AB, Class A		4,795		106,266
Industrivarden AB, Class C		6,718		147,379
Indutrade AB		11,060		204,787
Investment AB Latour, Class B		6,234		122,805
Investor AB, Class A		20,796		345,644
Investor AB, Class B		75,573		1,191,121
Kinnevik AB, Class B^(b)		10,157		144,544
L E Lundbergforetagen AB, Class B		3,196		131,999
Lifco AB, Class B		9,790		152,069
Nibe Industrier AB, Class B		59,965		561,557
Sagax AB, Class B		6,767		145,538
Sandvik AB		46,889		731,023
Securitas AB, Class B		13,254		116,061
Skandinaviska Enskilda Banken AB, Class A		67,683		674,711
Skanska AB, Class B		14,243		210,407
SKF AB, Class B		16,005		239,956
Svenska Cellulosa AB SCA, Class B		24,746		370,782
Svenska Handelsbanken AB, Class A		60,124		492,426
Swedbank AB, Class A		37,694		487,191
Swedish Match AB		65,929		661,870
Swedish Orphan Biovitrum AB^(b)		7,119		157,200
Tele2 AB, Class B		21,014		223,794
Telefonaktiebolaget LM Ericsson, Class B		118,746		888,033
Telia Co. AB		112,364		395,491
Volvo AB, Class A		8,460		140,796
Volvo AB, Class B		66,398		1,051,764
Volvo Car AB, Class B^(a)(b)		24,327		148,186


				17,718,288

Switzerland — 2.9%
ABB Ltd., Registered		68,433		1,886,261
Adecco Group AG, Registered		7,164		227,103
Alcon Inc.		22,077		1,453,615
Bachem Holding AG, Class A		1,238		85,727
Baloise Holding AG, Registered		2,116		305,378
Barry Callebaut AG, Registered		161		329,428
Chocoladefabriken Lindt & Spruengli AG, Participation Certificates, NVS		48		507,665
Chocoladefabriken Lindt & Spruengli AG, Registered		4		435,575
Cie. Financiere Richemont SA, Class A, Registered		22,097		2,471,073
Clariant AG, Registered^(b)		10,029		185,169
Coca-Cola HBC AG, Class DI		8,308		189,583
Credit Suisse Group AG, Registered		107,597		555,214
EMS-Chemie Holding AG, Registered		318		223,311
Geberit AG, Registered		1,412		652,408
Givaudan SA, Registered		382		1,218,800
Holcim AG		23,139		1,025,648
Julius Baer Group Ltd.		10,239		494,745
Kuehne + Nagel International AG, Registered		2,091		483,253
Logitech International SA, Registered		7,987		397,401
Lonza Group AG, Registered		3,243		1,729,556


Security	Shares		Value

Switzerland (continued)
Nestle SA, Registered		118,160	$	13,827,429
Novartis AG, Registered		92,136		7,452,699
Partners Group Holding AG		1,000		965,253
Roche Holding AG, Bearer		1,125		429,703
Roche Holding AG, NVS		29,419		9,480,018
Schindler Holding AG, Participation Certificates, NVS		1,889		329,076
Schindler Holding AG, Registered		885		149,468
SGS SA, Registered		232		510,907
Siemens Energy AG^(b)		16,711		245,807
SIG Group AG		11,811		277,664
Sika AG, Registered		6,227		1,401,042
Sonova Holding AG, Registered		2,204		580,696
STMicroelectronics NV		31,594		1,101,056
Straumann Holding AG, Registered		4,324		473,836
Swatch Group AG (The), Bearer		1,326		321,549
Swatch Group AG (The), Registered		2,431		110,559
Swiss Life Holding AG, Registered		1,233		644,460
Swiss Prime Site AG, Registered		3,508		301,695
Swiss Re AG		13,317		1,035,472
Swisscom AG, Registered		990		511,859
TE Connectivity Ltd		13,617		1,718,602
Temenos AG, Registered		3,110		254,691
UBS Group AG, Registered		146,597		2,323,081
VAT Group AG^(c)		1,236		295,536
Zurich Insurance Group AG		6,353		2,820,092


				62,419,163

United Kingdom — 4.0%
3i Group PLC		36,503		513,827
abrdn PLC		80,506		136,816
Admiral Group PLC		8,637		212,460
Amcor PLC		65,699		789,045
Anglo American PLC		53,988		1,734,875
Antofagasta PLC		16,350		208,036
Ashtead Group PLC		18,560		911,813
Associated British Foods PLC		14,761		260,694
AstraZeneca PLC		65,022		8,042,723
Auto Trader Group PLC^(c)		39,759		300,207
AVEVA Group PLC		4,991		161,851
Aviva PLC		123,454		598,905
BAE Systems PLC		132,905		1,196,956
Barclays PLC		701,494		1,337,532
Barratt Developments PLC		42,245		209,146
Berkeley Group Holdings PLC		4,642		196,510
BP PLC		824,494		4,213,103
British American Tobacco PLC		90,939		3,642,357
British Land Co. PLC (The)		36,479		181,965
BT Group PLC		294,486		515,144
Bunzl PLC		13,981		463,668
Burberry Group PLC		16,762		339,073
Clarivate PLC^(a)(b)		14,788		172,576
CNH Industrial NV		42,619		518,889
Coca-Cola Europacific Partners PLC		8,552		420,502
Compass Group PLC		74,551		1,603,671
Croda International PLC		5,775		450,132
DCC PLC		4,069		234,189
Diageo PLC		98,985		4,300,540
Entain PLC		25,159		370,155
Experian PLC		38,203		1,159,288
Ferguson PLC		9,212		1,066,824
GSK PLC		172,503		2,757,463


Security	Shares		Value

United Kingdom (continued)
Haleon PLC^(b)		208,514	$	627,015
Halma PLC		15,742		378,673
Hargreaves Lansdown PLC		14,746		139,603
Hikma Pharmaceuticals PLC		7,175		109,352
HSBC Holdings PLC		849,679		5,205,850
Imperial Brands PLC		38,052		836,834
Informa PLC		62,318		394,264
InterContinental Hotels Group PLC		7,637		414,583
Intertek Group PLC		6,699		307,475
J Sainsbury PLC		72,445		170,996
JD Sports Fashion PLC		106,919		139,853
Johnson Matthey PLC		8,031		187,370
Kingfisher PLC		87,145		234,095
Land Securities Group PLC		29,204		220,268
Legal & General Group PLC		239,745		702,230
Lloyds Banking Group PLC		2,937,726		1,488,710
London Stock Exchange Group PLC		13,561		1,272,043
M&G PLC		107,731		244,488
Melrose Industries PLC		181,203		285,948
Mondi PLC		20,189		342,717
National Grid PLC		149,899		1,866,520
NatWest Group PLC, NVS		221,950		633,371
Next PLC		5,527		372,198
Ocado Group PLC^(b)		19,816		166,536
Pearson PLC		31,262		312,869
Persimmon PLC		13,373		228,827
Phoenix Group Holdings PLC		29,041		202,839
Prudential PLC		108,854		1,142,441
Reckitt Benckiser Group PLC		29,587		2,282,980
RELX PLC		80,116		2,101,051
Rentokil Initial PLC		80,415		485,664
Rolls-Royce Holdings PLC^(b)		346,389		308,708
Royalty Pharma PLC, Class A		14,501		606,287
Sage Group PLC (The)		45,725		379,000
Schroders PLC		5,160		160,508
Segro PLC		49,770		543,139
Severn Trent PLC		10,371		335,000
Shell PLC		320,646		8,486,871
Smith & Nephew PLC		36,445		428,693
Smiths Group PLC		16,452		284,222
Spirax-Sarco Engineering PLC		3,013		367,816
SSE PLC		43,255		828,883
St. James’s Place PLC		22,387		286,552
Standard Chartered PLC		109,065		755,401
Taylor Wimpey PLC		163,414		205,008
Tesco PLC		325,249		939,407
Unilever PLC		107,535		4,878,037
United Utilities Group PLC		28,258		346,338
Vodafone Group PLC		1,093,743		1,464,360
Whitbread PLC		8,387		243,083
WPP PLC		49,400		425,485


				84,991,396

United States — 68.8%
3M Co.^(a)		24,054		2,991,115
A O Smith Corp.		5,723		323,063
Abbott Laboratories		73,562		7,551,139
AbbVie Inc.		74,001		9,950,174
Abiomed Inc.^(b)		1,895		491,336
Accenture PLC, Class A		26,658		7,689,767
Activision Blizzard Inc.		32,443		2,546,451


Security	Shares		Value

United States (continued)
Adobe Inc.^(b)		19,752	$	7,376,187
Advance Auto Parts Inc.		2,656		447,908
Advanced Micro Devices Inc.^(b)		68,053		5,775,658
AES Corp. (The)		28,099		715,120
Affirm Holdings Inc.^(a)(b)		7,372		172,726
Aflac Inc.		26,636		1,582,712
Agilent Technologies Inc.		12,636		1,620,567
Air Products and Chemicals Inc.		9,206		2,324,055
Airbnb Inc., Class A^(b)		15,795		1,786,730
Akamai Technologies Inc.^(b)		6,958		628,168
Albemarle Corp.		4,940		1,323,722
Alcoa Corp.		7,678		379,907
Alexandria Real Estate Equities Inc.		6,677		1,024,252
Align Technology Inc.^(b)		3,103		756,201
Alleghany Corp.^(b)		575		483,678
Allegion PLC		3,772		358,717
Alliant Energy Corp.		10,898		665,214
Allstate Corp. (The)		11,346		1,367,193
Ally Financial Inc.		15,190		504,308
Alnylam Pharmaceuticals Inc.^(b)		4,974		1,027,977
Alphabet Inc., Class A^(b)		251,592		27,227,286
Alphabet Inc., Class C, NVS^(b)		238,106		25,989,270
Altria Group Inc.		77,060		3,476,947
Amazon.com Inc.^(b)		384,518		48,745,347
AMC Entertainment Holdings Inc., Class A^(a)(b)		21,129		192,696
AMERCO		400		210,268
Ameren Corp.		10,827		1,002,797
American Electric Power Co. Inc.		21,804		2,184,761
American Express Co.		26,861		4,082,872
American Financial Group Inc./OH		3,061		390,828
American Homes 4 Rent, Class A		13,567		482,443
American International Group Inc.		31,790		1,645,132
American Tower Corp.		19,246		4,889,446
American Water Works Co. Inc.		7,580		1,125,251
Ameriprise Financial Inc.		4,738		1,269,831
AmerisourceBergen Corp.		6,529		956,890
AMETEK Inc.		9,676		1,162,668
Amgen Inc.		22,180		5,329,854
Amphenol Corp., Class A		24,846		1,826,926
Analog Devices Inc.		21,702		3,288,504
Annaly Capital Management Inc.		76,605		494,102
Ansys Inc.^(b)		3,632		901,826
Aon PLC, Class A		8,966		2,503,845
APA Corp.		14,076		550,512
Apollo Global Management Inc.		16,830		935,411
Apple Inc.		679,429		106,819,827
Applied Materials Inc.		36,627		3,445,502
AppLovin Corp., Class A^(b)		5,114		125,958
Aptiv PLC^(b)		11,262		1,052,209
Aramark		9,918		354,172
Arch Capital Group Ltd.^(b)		16,470		753,008
Archer-Daniels-Midland Co.		23,605		2,074,643
Arista Networks Inc.^(b)		10,428		1,250,109
Arrow Electronics Inc.^(b)		3,083		323,129
Arthur J Gallagher & Co.		8,618		1,564,770
Assurant Inc.		2,366		374,987
AT&T Inc.		296,507		5,200,733
Atmos Energy Corp.		5,562		630,620
Autodesk Inc.^(a)(b)		9,229		1,861,858
Automatic Data Processing Inc.		17,566		4,293,306


Security	Shares		Value

United States (continued)
AutoZone Inc.^(b)		860	$	1,822,521
Avalara Inc.^(b)		3,713		340,074
AvalonBay Communities Inc.		5,822		1,169,698
Avantor Inc.^(b)		25,769		641,906
Avery Dennison Corp.		3,485		639,916
Baker Hughes Co.		39,940		1,008,884
Ball Corp.		13,879		774,587
Bank of America Corp.		302,384		10,163,126
Bank of New York Mellon Corp. (The)		31,744		1,318,328
Bath & Body Works Inc.		11,361		424,106
Bausch Health Companies Inc.^(b)		13,866		83,195
Baxter International Inc.		20,953		1,203,959
Becton Dickinson and Co.		11,948		3,015,914
Bentley Systems Inc., Class B^(a)		7,672		282,099
Berkshire Hathaway Inc., Class B^(b)		53,922		15,141,298
Best Buy Co. Inc.		9,472		669,576
Bill.com Holdings Inc.^(b)		4,044		654,643
Biogen Inc.^(b)		6,173		1,206,081
BioMarin Pharmaceutical Inc.^(b)		7,958		709,854
Bio-Rad Laboratories Inc., Class A^(b)		955		463,213
Bio-Techne Corp.		1,628		540,187
Black Knight Inc.^(b)		6,868		454,387
BlackRock Inc.^(e)		6,315		4,208,253
Blackstone Inc., NVS		29,629		2,783,348
Block Inc.^(b)		21,533		1,483,839
Boeing Co. (The)^(b)		23,203		3,718,281
Booking Holdings Inc.^(b)		1,708		3,203,883
Booz Allen Hamilton Holding Corp.		6,059		579,846
BorgWarner Inc.		10,310		388,687
Boston Properties Inc.		6,245		496,040
Boston Scientific Corp.^(b)		59,618		2,403,202
Bristol-Myers Squibb Co.		89,003		5,999,692
Broadcom Inc.		17,016		8,492,856
Broadridge Financial Solutions Inc.		4,950		847,291
Brown & Brown Inc.		10,127		638,406
Brown-Forman Corp., Class B		13,022		946,699
Bunge Ltd.		6,098		604,739
Burlington Stores Inc.^(a)(b)		2,817		394,915
Cable One Inc.		210		238,350
Cadence Design Systems Inc.^(b)		11,529		2,003,394
Caesars Entertainment Inc.^(a)(b)		9,053		390,365
Camden Property Trust		4,150		533,316
Campbell Soup Co.		8,759		441,278
Capital One Financial Corp.		16,744		1,771,850
Cardinal Health Inc.		12,283		868,654
Carlisle Companies Inc.		1,993		589,250
Carlyle Group Inc. (The)		6,914		224,912
CarMax Inc.^(a)(b)		6,828		603,868
Carnival Corp.^(b)		35,140		332,424
Carrier Global Corp.		34,452		1,347,762
Catalent Inc.^(b)		7,033		618,904
Caterpillar Inc.		22,294		4,117,925
Cboe Global Markets Inc.		4,511		532,163
CBRE Group Inc., Class A^(b)		14,047		1,109,151
CDW Corp./DE		5,758		982,891
Celanese Corp.		4,660		516,608
Centene Corp.^(b)		24,537		2,201,950
CenterPoint Energy Inc.		25,262		796,511
Ceridian HCM Holding Inc.^(b)		5,932		353,784
CF Industries Holdings Inc.		9,049		936,210


Security	Shares		Value

United States (continued)
CH Robinson Worldwide Inc.		5,589	$	637,984
Charles River Laboratories International Inc.^(b)		2,066		424,047
Charles Schwab Corp. (The)		60,473		4,290,559
Charter Communications Inc., Class A^(b)		5,036		2,078,005
Cheniere Energy Inc.		9,501		1,521,870
Chevron Corp.		78,658		12,432,683
Chewy Inc., Class A^(a)(b)		3,611		123,966
Chipotle Mexican Grill Inc.^(b)		1,161		1,853,885
Chubb Ltd.		17,787		3,362,632
Church & Dwight Co. Inc.		10,315		863,469
Cigna Corp.		13,371		3,790,010
Cincinnati Financial Corp.		6,567		636,736
Cintas Corp.		3,827		1,556,977
Cisco Systems Inc.		174,101		7,785,797
Citigroup Inc.		80,976		3,952,439
Citizens Financial Group Inc.		20,978		769,473
Citrix Systems Inc.		5,088		522,894
Cleveland-Cliffs Inc.^(b)		21,134		364,984
Clorox Co. (The)		5,162		745,083
Cloudflare Inc., Class A^(b)		11,395		712,985
CME Group Inc.		15,006		2,935,324
CMS Energy Corp.		12,408		838,036
Coca-Cola Co. (The)		171,971		10,612,330
Cognex Corp.		7,665		322,773
Cognizant Technology Solutions Corp., Class A		21,947		1,386,392
Coinbase Global Inc., Class A^(a)(b)		4,946		330,393
Colgate-Palmolive Co.		33,373		2,610,102
Comcast Corp., Class A		187,671		6,791,813
Conagra Brands Inc.		20,816		715,654
ConocoPhillips		54,286		5,941,603
Consolidated Edison Inc.		14,783		1,444,890
Constellation Brands Inc., Class A		7,009		1,724,564
Constellation Energy Corp.		13,846		1,129,695
Cooper Companies Inc. (The)		2,076		596,725
Copart Inc.^(b)		8,864		1,060,578
Corning Inc.		33,906		1,163,654
Corteva Inc.		30,651		1,882,891
CoStar Group Inc.^(b)		16,557		1,153,029
Costco Wholesale Corp.		18,506		9,661,983
Coterra Energy Inc.		32,679		1,010,108
Coupa Software Inc.^(b)		3,279		191,494
Crowdstrike Holdings Inc., Class A^(b)		8,567		1,564,420
Crown Castle Inc.		18,046		3,082,798
Crown Holdings Inc.		5,546		502,412
CSX Corp.		92,368		2,923,447
Cummins Inc.		5,980		1,287,913
CVS Health Corp.		54,797		5,378,326
Danaher Corp.		28,982		7,822,532
Darden Restaurants Inc.		5,483		678,302
Datadog Inc., Class A^(b)		10,192		1,069,650
DaVita Inc.^(b)		2,123		181,071
Deere & Co.		12,226		4,465,546
Dell Technologies Inc., Class C		11,818		452,511
Delta Air Lines Inc.^(b)		6,995		217,335
DENTSPLY SIRONA Inc.		9,358		306,662
Devon Energy Corp.		26,907		1,900,172
Dexcom Inc.^(b)		16,062		1,320,457
Diamondback Energy Inc.		7,213		961,349
Digital Realty Trust Inc.		11,783		1,456,732
Discover Financial Services		11,444		1,150,008


Security	Shares		Value

United States (continued)
DISH Network Corp., Class A^(b)		10,705	$	185,732
DocuSign Inc.^(b)		8,170		475,657
Dollar General Corp.		9,702		2,303,449
Dollar Tree Inc.^(b)		9,391		1,274,171
Dominion Energy Inc.		34,671		2,836,088
Domino’s Pizza Inc.		1,530		568,946
DoorDash Inc., Class A^(b)		8,224		492,618
Dover Corp.		6,141		767,379
Dow Inc.		29,940		1,526,940
DR Horton Inc.		14,272		1,015,453
Dropbox Inc., Class A^(b)		13,714		293,342
DTE Energy Co.		8,071		1,051,974
Duke Energy Corp.		31,984		3,419,409
Duke Realty Corp.		16,015		942,483
DuPont de Nemours Inc.		21,858		1,216,179
Dynatrace Inc.^(b)		8,145		310,976
Eastman Chemical Co.		4,927		448,357
Eaton Corp. PLC		16,579		2,265,355
eBay Inc.		24,668		1,088,599
Ecolab Inc.		10,748		1,760,845
Edison International		16,184		1,096,790
Edwards Lifesciences Corp.^(b)		25,943		2,337,464
Elanco Animal Health Inc.^(b)		18,196		275,305
Electronic Arts Inc.		11,876		1,506,708
Elevance Health Inc.		10,038		4,869,534
Eli Lilly & Co.		33,720		10,157,476
Emerson Electric Co.		24,919		2,036,879
Enphase Energy Inc.^(b)		5,718		1,637,864
Entegris Inc.		5,710		541,765
Entergy Corp.		8,460		975,438
EOG Resources Inc.		24,304		2,948,075
EPAM Systems Inc.^(b)		2,349		1,001,848
EQT Corp.		14,217		679,573
Equifax Inc.		5,079		958,661
Equinix Inc.		3,848		2,529,560
Equitable Holdings Inc.		15,848		471,478
Equity LifeStyle Properties Inc.		7,541		528,624
Equity Residential		15,047		1,101,139
Erie Indemnity Co., Class A, NVS		1,124		241,581
Essential Utilities Inc.		9,972		490,124
Essex Property Trust Inc.		2,698		715,132
Estee Lauder Companies Inc. (The), Class A		9,690		2,464,942
Etsy Inc.^(a)(b)		5,336		563,535
Everest Re Group Ltd.		1,578		424,561
Evergy Inc.		9,892		677,899
Eversource Energy		14,557		1,305,617
Exact Sciences Corp.^(b)		7,415		263,603
Exelon Corp.		41,178		1,808,126
Expedia Group Inc.^(b)		6,102		626,370
Expeditors International of Washington Inc.		7,149		735,561
Extra Space Storage Inc.		5,594		1,111,696
Exxon Mobil Corp.		177,101		16,929,085
F5 Inc.^(b)		2,547		400,032
FactSet Research Systems Inc.		1,570		680,344
Fair Isaac Corp.^(b)		1,157		519,956
Fastenal Co.		24,057		1,210,789
FedEx Corp.		10,538		2,221,516
Fidelity National Financial Inc.		11,459		448,047
Fidelity National Information Services Inc.		25,718		2,349,854
Fifth Third Bancorp.		28,895		986,764


Security	Shares		Value

United States (continued)
First Citizens BancShares Inc./NC, Class A		512	$	415,724
First Republic Bank/CA		7,386		1,121,416
FirstEnergy Corp.		23,276		920,566
Fiserv Inc.^(b)		25,927		2,623,553
FleetCor Technologies Inc.^(b)		3,298		700,924
FMC Corp.		5,594		604,600
Ford Motor Co.		164,509		2,507,117
Fortinet Inc.^(b)		29,182		1,420,872
Fortive Corp.^(a)		14,355		909,102
Fortune Brands Home & Security Inc., NVS		5,874		360,840
Fox Corp., Class A, NVS		13,690		467,924
Fox Corp., Class B		6,665		210,747
Franklin Resources Inc.		13,020		339,431
Freeport-McMoRan Inc.		61,661		1,825,166
Gaming and Leisure Properties Inc.		9,796		472,853
Garmin Ltd.		6,792		601,024
Gartner Inc.^(b)		3,500		998,620
Generac Holdings Inc.^(b)		2,640		581,882
General Dynamics Corp.		9,885		2,262,973
General Electric Co.		45,644		3,352,095
General Mills Inc.		25,311		1,943,885
General Motors Co.		57,674		2,203,724
Genuine Parts Co.		6,019		939,024
Gilead Sciences Inc.		52,164		3,310,849
Global Payments Inc.		11,648		1,447,031
Globe Life Inc.		4,139		402,269
GoDaddy Inc., Class A^(a)(b)		7,161		542,947
Goldman Sachs Group Inc. (The)		14,119		4,696,968
Guidewire Software Inc.^(a)(b)		3,346		239,942
Halliburton Co.		37,348		1,125,295
Hartford Financial Services Group Inc. (The)		14,587		938,090
Hasbro Inc.		5,570		439,027
HCA Healthcare Inc.		10,038		1,986,219
Healthcare Realty Trust Inc.		15,934		387,515
Healthpeak Properties Inc.		22,925		601,781
HEICO Corp.		1,871		284,953
HEICO Corp., Class A		3,130		383,675
Henry Schein Inc.^(b)		5,935		435,688
Hershey Co. (The)		6,067		1,363,073
Hess Corp.		11,651		1,407,208
Hewlett Packard Enterprise Co.		55,033		748,449
Hilton Worldwide Holdings Inc.		11,633		1,481,579
Hologic Inc.^(b)		10,672		721,000
Home Depot Inc. (The)		42,954		12,388,793
Honeywell International Inc.		28,659		5,426,582
Horizon Therapeutics PLC^(b)		8,643		511,752
Hormel Foods Corp.		12,645		635,791
Host Hotels & Resorts Inc.		30,965		550,248
Howmet Aerospace Inc.		17,333		614,108
HP Inc.		43,545		1,250,177
HubSpot Inc.^(b)		1,871		630,602
Humana Inc.		5,339		2,572,223
Huntington Bancshares Inc./OH		62,162		832,971
Huntington Ingalls Industries Inc.		1,708		393,284
IAC/InterActiveCorp.^(b)		3,412		219,289
IDEX Corp.		3,253		654,536
IDEXX Laboratories Inc.^(b)		3,511		1,220,494
Illinois Tool Works Inc.		13,094		2,551,104
Illumina Inc.^(b)		6,603		1,331,429
Incyte Corp.^(b)		8,116		571,610


Security	Shares		Value

United States (continued)
Ingersoll Rand Inc.^(a)		17,071	$	808,653
Insulet Corp.^(b)		2,885		737,031
Intel Corp.		171,103		5,461,608
Intercontinental Exchange Inc.		23,421		2,362,008
International Business Machines Corp.		37,227		4,781,808
International Flavors & Fragrances Inc.		10,462		1,155,842
International Paper Co.		15,708		653,767
Interpublic Group of Companies Inc. (The)		16,731		462,445
Intuit Inc.		11,359		4,904,589
Intuitive Surgical Inc.^(b)		14,828		3,050,713
Invesco Ltd.		15,030		247,544
Invitation Homes Inc.		24,236		879,282
IQVIA Holdings Inc.^(b)		8,059		1,713,827
Iron Mountain Inc.		12,249		644,420
Jack Henry & Associates Inc.		3,228		620,422
Jacobs Solutions Inc., NVS		5,555		692,042
Jazz Pharmaceuticals PLC^(b)		2,540		394,259
JB Hunt Transport Services Inc.		3,529		614,117
JM Smucker Co. (The)		4,532		634,435
Johnson & Johnson		109,894		17,730,298
Johnson Controls International PLC		29,364		1,589,767
JPMorgan Chase & Co.		122,933		13,981,170
Juniper Networks Inc.		13,915		395,464
Kellogg Co.		10,804		785,883
Keurig Dr Pepper Inc.^(a)		32,608		1,243,017
KeyCorp.		40,308		713,049
Keysight Technologies Inc.^(b)		7,677		1,258,184
Kimberly-Clark Corp.		14,034		1,789,616
Kimco Realty Corp.		26,109		550,378
Kinder Morgan Inc.		85,330		1,563,246
KKR & Co. Inc.		23,725		1,199,536
KLA Corp.		6,331		2,178,687
Knight-Swift Transportation Holdings Inc.		6,796		343,266
Kraft Heinz Co. (The)		31,365		1,173,051
Kroger Co. (The)		29,659		1,421,852
L3Harris Technologies Inc.		7,944		1,812,741
Laboratory Corp. of America Holdings		4,008		902,882
Lam Research Corp.		5,929		2,596,368
Las Vegas Sands Corp.^(b)		14,977		563,585
Lear Corp.		2,551		353,671
Leidos Holdings Inc.		5,831		554,237
Lennar Corp., Class A		10,265		795,024
Lennox International Inc.		1,395		334,967
Liberty Broadband Corp., Class C^(b)		5,256		534,535
Liberty Global PLC, Class A^(b)		6,729		135,926
Liberty Global PLC, Class C, NVS^(b)		14,546		309,975
Liberty Media Corp.-Liberty Formula One, Class C, NVS^(b)		8,062		513,388
Liberty Media Corp.-Liberty SiriusXM, Class A, NVS^(a)(b)		3,737		155,235
Liberty Media Corp.-Liberty SiriusXM, Class C, NVS^(b)		7,313		302,466
Lincoln National Corp.		7,613		350,655
Live Nation Entertainment Inc.^(b)		6,936		626,737
LKQ Corp.		11,832		629,699
Lockheed Martin Corp.		10,029		4,213,283
Loews Corp.		9,287		513,664
Lowe’s Companies Inc.		26,569		5,158,106
LPL Financial Holdings Inc.		3,237		716,445
Lucid Group Inc.^(a)(b)		17,378		266,579
Lululemon Athletica Inc.^(b)		4,930		1,478,803
Lumen Technologies Inc.		40,221		400,601


Security	Shares		Value

United States (continued)
Lyft Inc., Class A^(a)(b)		11,315	$	166,670
LyondellBasell Industries NV, Class A		11,070		918,810
M&T Bank Corp.		7,499		1,363,168
Marathon Oil Corp.		28,753		735,789
Marathon Petroleum Corp.		22,917		2,308,888
Markel Corp.^(b)		571		681,837
MarketAxess Holdings Inc.		1,656		411,665
Marriott International Inc./MD, Class A		11,526		1,772,007
Marsh & McLennan Companies Inc.		21,062		3,398,775
Martin Marietta Materials Inc.		2,615		909,262
Marvell Technology Inc.		36,052		1,687,955
Masco Corp.		10,479		533,067
Masimo Corp.^(b)		2,281		335,056
Mastercard Inc., Class A		36,607		11,874,213
Match Group Inc.^(b)		11,013		622,565
McCormick & Co. Inc./MD, NVS		10,453		878,784
McDonald’s Corp.		31,057		7,835,060
McKesson Corp.		6,123		2,247,141
Medical Properties Trust Inc.		25,412		371,269
Medtronic PLC		55,823		4,907,958
Merck & Co. Inc.		105,732		9,025,284
Meta Platforms Inc, Class A^(b)		96,677		15,751,584
MetLife Inc.		29,339		1,887,378
Mettler-Toledo International Inc.^(b)		955		1,157,899
MGM Resorts International		16,331		533,044
Microchip Technology Inc.		22,882		1,493,050
Micron Technology Inc.		47,075		2,661,150
Microsoft Corp.		298,204		77,971,400
Mid-America Apartment Communities Inc.		4,889		809,961
Moderna Inc.^(b)		14,294		1,890,667
Mohawk Industries Inc.^(b)		2,514		277,445
Molina Healthcare Inc.^(b)		2,442		823,858
Molson Coors Beverage Co., Class B		8,170		422,144
Mondelez International Inc., Class A		58,379		3,611,325
MongoDB Inc.^(a)(b)		2,898		935,648
Monolithic Power Systems Inc.		1,794		813,005
Monster Beverage Corp.^(b)		16,578		1,472,624
Moody’s Corp.		7,045		2,004,443
Morgan Stanley		55,881		4,762,179
Mosaic Co. (The)		15,607		840,749
Motorola Solutions Inc.		7,045		1,714,823
MSCI Inc.		3,427		1,539,545
Nasdaq Inc.		14,730		876,877
NetApp Inc.		9,589		691,655
Netflix Inc.^(b)		18,742		4,189,962
Neurocrine Biosciences Inc.^(b)		4,158		435,052
Newell Brands Inc., NVS		16,539		295,221
Newmont Corp.		33,306		1,377,536
News Corp., Class A, NVS		16,933		286,506
NextEra Energy Inc.		82,563		7,022,809
Nike Inc., Class B		53,057		5,647,918
NiSource Inc.		16,750		494,292
Nordson Corp.		2,156		489,779
Norfolk Southern Corp.		10,161		2,470,444
Northern Trust Corp.		8,342		793,241
Northrop Grumman Corp.		6,300		3,011,337
NortonLifeLock Inc.		25,265		570,736
Novocure Ltd.^(a)(b)		3,840		315,379
NRG Energy Inc.		10,490		433,027
Nucor Corp.		11,221		1,491,720


Security	Shares		Value

United States (continued)
Nvidia Corp.		105,315	$	15,896,246
NVR Inc.^(b)		127		525,788
Occidental Petroleum Corp.		38,956		2,765,876
Okta Inc.^(b)		6,219		568,417
Old Dominion Freight Line Inc.		4,107		1,114,681
Omnicom Group Inc.		8,954		599,023
ON Semiconductor Corp.^(b)		18,070		1,242,674
ONEOK Inc.		18,945		1,160,002
Oracle Corp.		67,245		4,986,217
O’Reilly Automotive Inc.^(b)		2,852		1,988,186
Otis Worldwide Corp.		16,964		1,225,140
Owens Corning		4,411		360,511
PACCAR Inc.		14,544		1,272,745
Packaging Corp. of America		3,565		488,120
Palantir Technologies Inc., Class A^(a)(b)		66,845		516,043
Palo Alto Networks Inc.^(a)(b)		4,030		2,243,944
Paramount Global, Class B, NVS		25,647		599,883
Parker-Hannifin Corp.		5,360		1,420,400
Paychex Inc.		13,711		1,691,115
Paycom Software Inc.^(b)		2,170		762,104
PayPal Holdings Inc.^(b)		46,365		4,332,346
Pentair PLC		6,918		307,851
PepsiCo Inc.		58,131		10,014,227
PerkinElmer Inc.		5,327		719,465
Pfizer Inc.		235,090		10,633,121
PG&E Corp.^(b)		61,369		756,680
Philip Morris International Inc.		64,714		6,179,540
Phillips 66		20,072		1,795,641
Pinterest Inc., Class A^(b)		23,587		543,444
Pioneer Natural Resources Co.		9,631		2,438,762
Plug Power Inc.^(a)(b)		22,004		616,992
PNC Financial Services Group Inc. (The)		17,667		2,791,386
Pool Corp.		1,699		576,284
PPG Industries Inc.		10,008		1,270,816
PPL Corp.		29,493		857,656
Principal Financial Group Inc.		11,314		845,835
Procter & Gamble Co. (The)		100,502		13,863,246
Progressive Corp. (The)		24,361		2,987,877
Prologis Inc.		30,713		3,824,076
Prudential Financial Inc.		15,731		1,506,243
PTC Inc.^(b)		4,727		543,085
Public Service Enterprise Group Inc.		21,138		1,360,442
Public Storage		6,638		2,196,050
PulteGroup Inc.		11,064		449,862
Qorvo Inc.^(b)		4,698		421,786
Qualcomm Inc.		46,813		6,191,956
Quanta Services Inc.		5,741		811,203
Quest Diagnostics Inc.		5,144		644,595
Raymond James Financial Inc.		7,955		830,263
Raytheon Technologies Corp.		62,619		5,620,055
Realty Income Corp.		25,022		1,708,502
Regency Centers Corp.		6,529		397,224
Regeneron Pharmaceuticals Inc.^(b)		4,497		2,613,027
Regions Financial Corp.		40,220		871,567
Republic Services Inc.		9,322		1,330,436
ResMed Inc.		6,128		1,347,670
RingCentral Inc., Class A^(b)		3,351		144,227
Rivian Automotive Inc., Class A^(a)(b)		13,550		443,220
Robert Half International Inc.		4,748		365,454
ROBLOX Corp., Class A^(a)(b)		14,976		585,711


Security	Shares		Value

United States (continued)
Rockwell Automation Inc.		4,819	$	1,141,814
Roku Inc.^(a)(b)		4,874		331,432
Rollins Inc.		9,548		322,340
Roper Technologies Inc.		4,382		1,764,106
Ross Stores Inc.		14,922		1,287,321
Royal Caribbean Cruises Ltd.^(b)		9,720		397,062
RPM International Inc.		5,459		508,560
S&P Global Inc.		14,873		5,237,973
Salesforce Inc.^(b)		41,414		6,465,554
SBA Communications Corp.		4,559		1,482,815
Schlumberger NV		58,841		2,244,784
Seagen Inc.^(b)		5,731		884,236
Sealed Air Corp.		6,419		345,406
SEI Investments Co.		5,201		284,495
Sempra Energy		13,348		2,202,020
Sensata Technologies Holding PLC		6,835		275,314
ServiceNow Inc.^(b)		8,434		3,665,585
Sherwin-Williams Co. (The)		10,413		2,416,857
Signature Bank/New York NY		2,390		416,720
Simon Property Group Inc.		13,856		1,413,035
Sirius XM Holdings Inc.^(a)		28,055		170,855
Skyworks Solutions Inc.		6,941		684,036
Snap Inc., Class A, NVS^(b)		44,415		483,235
Snap-on Inc.		2,331		507,832
Snowflake Inc., Class A^(b)		9,427		1,705,816
SolarEdge Technologies Inc.^(b)		2,101		579,813
Southern Co. (The)		45,206		3,484,026
Southwest Airlines Co.^(b)		6,451		236,752
Splunk Inc.^(a)(b)		6,889		620,217
SS&C Technologies Holdings Inc.		10,001		557,656
Stanley Black & Decker Inc.		6,825		601,282
Starbucks Corp.		47,728		4,012,493
State Street Corp.		15,181		1,037,621
Steel Dynamics Inc.		7,692		620,898
Stryker Corp.		14,156		2,904,811
Sun Communities Inc.		4,852		745,801
SVB Financial Group^(b)		2,450		995,974
Synchrony Financial		21,125		691,844
Synopsys Inc.^(b)		6,320		2,186,846
Sysco Corp.		21,574		1,773,814
T Rowe Price Group Inc.		9,603		1,152,360
Take-Two Interactive Software Inc.^(b)		6,761		828,628
Targa Resources Corp.		8,660		590,872
Target Corp.		19,449		3,118,453
Teladoc Health Inc.^(a)(b)		6,225		193,349
Teledyne Technologies Inc.^(b)		1,926		709,461
Teleflex Inc.		1,980		447,995
Teradyne Inc.		6,824		577,583
Tesla Inc.^(b)		110,996		30,591,608
Texas Instruments Inc.		38,939		6,433,112
Texas Pacific Land Corp.		266		489,562
Textron Inc.		9,401		586,434
Thermo Fisher Scientific Inc.		16,341		8,911,074
TJX Companies Inc. (The)		50,039		3,119,932
T-Mobile U.S. Inc.^(b)		26,087		3,755,485
Tractor Supply Co.		4,760		881,314
Trade Desk Inc. (The), Class A^(a)(b)		18,094		1,134,494
Tradeweb Markets Inc., Class A		4,521		314,616
TransDigm Group Inc.		2,139		1,284,234
TransUnion		8,068		595,983


Security	Shares		Value

United States (continued)
Travelers Companies Inc. (The)		9,710	$	1,569,524
Trimble Inc.^(b)		10,602		670,576
Truist Financial Corp.		55,538		2,601,400
Twilio Inc., Class A^(b)		6,992		486,503
Twitter Inc.^(b)		27,457		1,063,959
Tyler Technologies Inc.^(b)		1,703		632,682
Tyson Foods Inc., Class A		12,376		932,903
U.S. Bancorp.		58,491		2,667,775
Uber Technologies Inc.^(b)		60,885		1,751,053
UDR Inc.		12,830		575,682
UGI Corp.		9,034		356,843
Ulta Beauty, Inc.^(b)		2,135		896,422
Union Pacific Corp.		26,053		5,849,159
United Parcel Service Inc., Class B		30,793		5,989,546
United Rentals Inc.^(b)		3,021		882,253
UnitedHealth Group Inc.		39,389		20,455,889
Unity Software Inc.^(b)		8,360		357,139
Universal Health Services Inc., Class B		2,560		250,470
Vail Resorts Inc.		1,695		380,833
Valero Energy Corp.		16,481		1,930,255
Veeva Systems Inc., Class A^(b)		5,753		1,146,688
Ventas Inc.		16,540		791,604
VeriSign Inc.^(b)		4,226		770,062
Verisk Analytics Inc.		6,871		1,285,976
Verizon Communications Inc.		175,564		7,340,331
Vertex Pharmaceuticals Inc.^(b)		10,779		3,037,091
VF Corp.		14,358		595,139
Viatris Inc.		51,433		491,185
VICI Properties Inc.		40,318		1,330,091
Visa Inc., Class A		69,514		13,813,127
Vistra Corp.		18,644		461,439
VMware Inc., Class A		8,702		1,009,693
Vornado Realty Trust		7,112		186,477
Vulcan Materials Co.		5,561		925,851
W R Berkley Corp.		9,048		586,310
Walgreens Boots Alliance Inc.		31,105		1,090,541
Walmart Inc.		63,938		8,474,982
Walt Disney Co. (The)^(b)		76,363		8,558,765
Warner Bros. Discovery Inc.^(b)		92,198		1,220,702
Waste Management Inc.		17,510		2,959,715
Waters Corp.^(b)		2,571		767,701
Wayfair Inc., Class A^(a)(b)		3,194		168,356
Webster Financial Corp.		7,678		361,250
WEC Energy Group Inc.		13,174		1,358,766
Wells Fargo & Co.		159,143		6,956,141
Welltower Inc.		18,610		1,426,456
West Pharmaceutical Services Inc.		3,067		909,948
Western Digital Corp.^(b)		12,854		543,210
Western Union Co. (The)		17,656		261,662
Westinghouse Air Brake Technologies Corp.		7,575		663,949
Westlake Corp.^(a)		1,275		125,753
Westrock Co.		11,506		467,029
Weyerhaeuser Co.		31,386		1,072,146
Whirlpool Corp.		1,976		309,442
Williams Companies Inc. (The)		50,787		1,728,282
Willis Towers Watson PLC		4,806		994,025
Workday Inc., Class A^(b)		7,960		1,309,898
WP Carey Inc.		7,942		667,366
WW Grainger Inc.		1,884		1,045,507
Wynn Resorts Ltd.^(a)(b)		4,595		278,411


Security	Shares		Value


United States (continued)
Xcel Energy Inc.		22,708	$	1,686,069
Xylem Inc./NY		7,609		693,180
Yum! Brands Inc.		12,347		1,373,480
Zebra Technologies Corp., Class A^(b)		2,261		682,008
Zendesk Inc.^(b)		5,124		393,369
Zillow Group Inc., Class C^(a)(b)		7,211		241,280
Zimmer Biomet Holdings Inc.		8,598		914,139
Zoetis Inc.		19,679		3,080,354
Zoom Video Communications Inc., Class A^(b)		9,079		729,952
ZoomInfo Technologies Inc.^(b)		11,980		544,132
Zscaler Inc.^(b)		3,456		550,333


				1,462,549,920


Total Common Stocks — 99.5% (Cost: $2,138,858,382)				2,116,414,604


Preferred Stocks

Germany — 0.1%
Bayerische Motoren Werke AG, Preference Shares, NVS		2,414		167,831
Henkel AG & Co. KGaA, Preference Shares, NVS		7,405		477,871
Porsche Automobil Holding SE, Preference Shares, NVS		6,355		448,088
Sartorius AG, Preference Shares, NVS		1,106		460,788
Volkswagen AG, Preference Shares, NVS		7,687		1,093,392


				2,647,970

United States — 0.0%
AMC Entertainment Holdings Inc., 0.00%^(a)		21,129		103,532


Total Preferred Stocks — 0.1% (Cost: $3,482,603)				2,751,502


Total Long-Term Investments — 99.6% (Cost: $2,142,340,985)				2,119,166,106


Security	Shares		Value


Short-Term Securities

Money Market Funds — 1.1%
BlackRock Cash Funds: Institutional, SL Agency Shares, 2.42%^(e)(f)(g)		21,685,778	$	21,692,284
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.07%^(e)(f)		1,560,000		1,560,000


Total Short-Term Securities — 1.1% (Cost: $23,240,750)				23,252,284


Total Investments in Securities — 100.7% (Cost: $2,165,581,735)				2,142,418,390

Liabilities in Excess of Other Assets — (0.7)%				(15,718,122	)


Net Assets — 100.0%			$ 2,126,700,268

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

^(b)	Non-income producing security.

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

^(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 August 31, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

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

iShares, Inc. (the “Company”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Company is organized as a Maryland corporation 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.

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 prevailing market rates 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.

Foreign governments and their agencies may enact policies that delay or place limits on repatriation of local currency to U.S. dollars. Market quoted rates for immediate currency settlement may have access or transaction volume restrictions that are insufficient to convert a significant portion of MSCI Frontier and Select EM’s local currency denominated assets and liabilities to U.S. dollars. When these events occur, the rates utilized to translate a foreign currency to U.S. dollars will be determined by BlackRock Fund Advisors (“BFA”), MSCI Frontier and Select EM’s investment adviser, with assistance from other BlackRock pricing committees, in accordance with policies approved by the Board of Directors of the Company (the “Board”). The translation rate is subsequently reported to the Board or a committee thereof on a quarterly basis.

Monetary policies enacted by government agencies in Kenya and Nigeria, limiting their local currency’s repatriation to safeguard U.S. dollar reserves, significantly impacts MSCI Frontier and Select EM’s ability to convert local denominated assets and liabilities amounts to U.S. dollars using quoted immediate currency settlement rates. As of August 31, 2022, MSCI Frontier and Select EM’s assets and liabilities denominated in Kenyan Shillings and Nigerian Naira is using the 6-month and 12-month non-deliverable forward rates, respectively.

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 August 31, 2022, 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 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. The character and timing of distributions are determined in accordance with U.S. federal income tax regulations, which may differ from U.S. GAAP.

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 each Fund has approved the designation of 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:

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.

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.

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.

Investment Advisory Fees: Pursuant to an Investment Advisory Agreement with the Company, 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 directors).

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:

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 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.

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 that calendar year exceeds a specified threshold, each Fund, pursuant to the securities lending agreement, 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 August 31, 2022, the Funds paid BTC the following amounts for securities lending agent services:

Officers and Directors: Certain officers and/or directors of the Company are officers and/or directors 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 August 31, 2022, 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 August 31, 2022, 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 Company’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 August 31, 2022, 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 August 31, 2022, permanent differences attributable to realized gains (losses) from in-kind redemptions were reclassified to the following accounts:

As of August 31, 2022, the tax components of accumulated net earnings (losses) were as follows:

For the year ended August 31, 2022, the Funds listed below utilized the following amounts of their respective capital loss carryforwards:

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 August 31, 2022, 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 MSCI Frontier and Select EM ETF, along with certain other iShares funds (“Participating Funds”), is a party 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 August 31, 2022, 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.

Market Risk: Investments in the securities of issuers domiciled in countries with emerging capital markets involve certain additional risks that do not generally apply to investments in securities of issuers in more developed capital markets, such as (i) low or nonexistent trading volume, resulting in a lack of liquidity and increased volatility in prices for such securities; (ii) uncertain national policies and social, political and economic instability, increasing the potential for expropriation of assets, confiscatory taxation, high rates of inflation or unfavorable diplomatic developments; (iii) lack of publicly available or reliable information about issuers as a result of not being subject to the same degree of regulatory requirements and accounting, auditing and financial reporting standards; and (iv) possible fluctuations in exchange rates, differing legal systems and the existence or possible imposition of exchange controls, custodial restrictions or other foreign or U.S. governmental laws or restrictions applicable to such investments.

An outbreak of respiratory disease caused by a novel coronavirus has developed into a global pandemic and has resulted in closing borders, quarantines, disruptions to supply chains and customer activity, as well as general concern and uncertainty. The impact of this pandemic, and other global health crises that may arise in the future, could affect the economies of many nations, individual companies and the market in general in ways that cannot necessarily be foreseen at the present time. This pandemic may result in substantial market volatility and may adversely impact the prices and liquidity of a fund’s investments. Although vaccines have been developed and approved for use by various governments, the duration of this pandemic and its effects cannot be determined with certainty.

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.

Illiquid Investments Risk: An illiquid investment is any investment that a fund expects cannot be sold or disposed of in seven calendar days or less without significantly changing the market value of the investment. Each Fund may not acquire any illiquid investment if, immediately after acquisition, each Fund would have invested more than 15% of their net assets in illiquid investments. An investment may be illiquid due to, among other things, the reduced number and capacity of traditional market participants to make a market in securities or instruments, the lack of an active market for such securities or instruments, capital controls, delays or limits on repatriation of local currency, or insolvency of local governments. In particular, certain frontier markets in which each Fund invests are experiencing a shortage of U.S. dollar reserves (including Kenya, Nigeria and Sri Lanka) and have recently restricted or delayed repatriation of local currency, and these issues are likely to persist. Illiquid investments may reduce the returns of each Fund as each Fund may be unable to transact at advantageous times or prices. In addition, if each Fund is limited in its ability to sell illiquid investments during periods when shareholders are redeeming their shares, each Fund will need to sell liquid securities to meet redemption requests and illiquid securities will become a larger portion of each Fund’s holdings.

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 the Manager 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.

Concentration 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.

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 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.

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.

LIBOR Transition Risk: The United Kingdom’s Financial Conduct Authority announced a phase out of the London Interbank Offered Rate (“LIBOR”). Although many LIBOR rates ceased to be published or no longer are representative of the underlying market they seek to measure after December 31, 2021, a selection of widely used USD LIBOR rates will continue to be published through June 2023 in order to assist with the transition. The Funds may be exposed to financial instruments tied to LIBOR to determine payment obligations, financing terms, hedging strategies or investment value. The transition process away from LIBOR might lead to increased volatility and illiquidity in markets for, and reduce the effectiveness of new hedges placed against, instruments whose terms currently include LIBOR. The ultimate effect of the LIBOR transition process on the Funds is uncertain.

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 Company generally consists of the in-kind deposit of a designated portfolio of securities and a specified amount of cash. Certain funds in the Company 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 Company’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 MSCI World 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 has evaluated the impact of all subsequent events on the Funds through the date the financial statements were available to be issued and has determined that there were no subsequent events requiring adjustment or additional disclosure in the financial statements.

iShares, Inc. and Shareholders of each of the two 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 (two of the funds constituting iShares, Inc., hereafter collectively referred to as the “Funds”) as of August 31, 2022, the related statements of operations for the year ended August 31, 2022, the statements of changes in net assets for each of the two years in the period ended August 31, 2022, including the related notes, and the financial highlights for each of the five years in the period ended August 31, 2022 (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 August 31, 2022, 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 August 31, 2022 and each of the financial highlights for each of the five years in the period ended August 31, 2022 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 August 31, 2022 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 August 31, 2022:

The following amounts, or maximum amounts allowable by law, are hereby designated as qualified business income for individuals for the fiscal year ended August 31, 2022:

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 August 31, 2022:

The following percentage, or maximum percentage allowable by law, of ordinary income distributions paid during the fiscal year ended August 31, 2022 qualified for the dividends-received deduction for corporate shareholders:

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Company’s Board of Directors (the “Board”), including a majority of Board Members who are not “interested persons” of the Company (as that term is defined in the 1940 Act) (the “Independent Board Members”), is required annually to consider and approve the Investment Advisory Agreement between the Company 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 3, 2022 and May 18, 2022, 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 13-15, 2022, 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 another fund 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 waivers and reimbursements) for the Fund were higher 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.

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, 2021, 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.

Nature, Extent and Quality of Services Provided: Based on management’s representations, including information about recent 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. 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 3, 2022 meeting and throughout the year, and matters related to BFA’s portfolio compliance program.

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.

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, 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.

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.

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 (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 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.

Investment Advisory Agreement between the Company 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 3, 2022 and May 18, 2022, 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 13-15, 2022, 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 another fund 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 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.

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).

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.

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.

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 the Alternative Investment Fund Managers Regulations 2013 (as amended) and the “Guidelines on sound remuneration policies under the AIFMD” issued by the European Securities and Markets Authority (together the “Regulations”) 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, non-EU and non-UK managers are only required to comply with certain disclosure, reporting and transparency obligations of the Regulations if such managers market a fund to EU investors.

The Company has registered the iShares MSCI Frontier and Select EM ETF (the “Fund”) to be marketed to United Kingdom and EU investors in the Netherlands, Finland and Sweden.

The Company is required under the Regulations 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 Fund.

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 Fund is included in the aggregate figures disclosed.

BlackRock has a clear and well defined pay-for-performance philosophy, and compensation programmes 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, a significant percentage of variable remuneration is deferred over time. All employees are subject to a claw-back 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 organisational structures which are independent of the business units. 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. Therefore, the figures disclosed are a sum of each individual’s portion of remuneration attributable to the Fund according to an objective apportionment methodology which acknowledges the multiple-service nature of the Company. Accordingly the figures are not representative of any individual’s actual remuneration or their remuneration structure.

The amount of total & aggregate remuneration awarded by the Company to its staff which has been attributed to the Fund in respect of the Company’s financial year ending December 31, 2021 were as follows:

The iShares MSCI Frontier and Select EM ETF (the “Fund”) is 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”).

The Fund has not been categorized under the SFDR as an “Article 8” or “Article 9” product. In addition, the Fund’s investments do not take into account the criteria for environmentally sustainable economic activities under the EU sustainable investment taxonomy regulation.

The Board of Directors 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 Director 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. Directors who are not “interested persons” (as defined in the 1940 Act) of the Company are referred to as independent directors (“Independent Directors”).

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 Director also serves as a Trustee of iShares Trust 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 378 funds as of August 31, 2022. With the exception of Robert S. Kapito, Salim Ramji and Charles Park, the address of each Director and officer is c/o BlackRock, Inc., 400 Howard Street, San Francisco, CA 94105. The address of Mr. Kapito, Mr. Ramji and Mr. Park is c/o BlackRock, Inc., Park Avenue Plaza, 55 East 52nd Street, New York, NY 10055. The Board has designated John E. Kerrigan as its Independent Board Chair. Additional information about the Funds’ Directors 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 Company’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 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.


	Average Annual Total Returns									Cumulative Total Returns

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

Fund NAV		(17.26	)%		0.87	%		4.37	%		(17.26	)%		4.42	%		53.22	%
Fund Market		(18.01	)		0.99			4.37			(18.01	)		5.06			53.13
Index		(14.24	)		2.55			6.11			(14.24	)		13.43			80.67


Actual					Hypothetical 5% Return


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

	$ 1,000.00	$ 831.10	$ 3.65			$ 1,000.00	$ 1,021.20	$ 4.02		0.79	%




Sector	Percent of Total Investments^(a)


Financials		41.1%
Real Estate		12.1
Materials		10.3
Consumer Staples		9.8
Energy		7.3
Industrials		6.4
Communication Services		6.4
Utilities		2.9
Health Care		2.7
Other (each representing less than 1%)		1.0


	Average Annual Total Returns									Cumulative Total Returns

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

Fund NAV		(15.07	)%		8.07	%		9.66	%		(15.07	)%		47.43	%		151.44	%
Fund Market		(15.07	)		8.07			9.60			(15.07	)		47.42			150.15
Index		(15.08	)		7.85			9.47			(15.08	)		45.95			147.05


Actual					Hypothetical 5% Return


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

	$ 1,000.00	$ 890.70	$ 1.14			$ 1,000.00	$ 1,024.00	$ 1.22		0.24	%


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


		Page

The Markets in Review		2
Annual Report:
Market Overview		4
Fund Summary		5
About Fund Performance		9
Disclosure of Expenses		9
Schedules of Investments		10
Financial Statements
Statements of Assets and Liabilities		31
Statements of Operations		32
Statements of Changes in Net Assets		33
Financial Highlights		34
Notes to Financial Statements		36
Report of Independent Registered Public Accounting Firm		46
Important Tax Information		47
Board Review and Approval of Investment Advisory Contract		48
Supplemental Information		52
Director and Officer Information		54
General Information		57
Glossary of Terms Used in this Report		58


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


Fund Summary as of August 31, 2022		iShares^® MSCI Frontier and Select EM ETF


Fund Summary as of August 31, 2022 (continued)		iShares^® MSCI Frontier and Select EM ETF




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


Vietnam		30.0%
Nigeria		6.9
Bahrain		6.7
Bangladesh		5.9
Morocco		5.9
Romania		5.6
Kazakhstan		5.4
Egypt		5.0
Philippines		5.0
Colombia		4.7


Fund Summary as of August 31, 2022		iShares^® MSCI World ETF




Sector	Percent of Total Investments^(a)


Information Technology		21.7%
Financials		13.4
Health Care		13.2
Consumer Discretionary		11.2
Industrials		10.0
Consumer Staples		7.7
Communication Services		7.3
Energy		5.2
Materials		4.2
Utilities		3.2
Real Estate		2.9




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


United States		69.0%
Japan		6.1
United Kingdom		4.0
Canada		3.6
Switzerland		3.0
France		2.9
Australia		2.4
Germany		2.0
Netherlands		1.3
Sweden		0.8


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




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


BlackRock Cash Funds: Institutional, SL Agency Shares^(a)	$	24,659	$	—	$	(24,672	)^(b)	$	16	$	(3	)	$	—		—	$	730	^(c)	$	—




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


Long Contracts
MSCI Emerging Markets Index		438		09/16/22	$	21,504	$	(401,746	)



Currency Purchased		Currency Sold			Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)

USD	271,489		NGN	117,256,000	Citibank N.A.		10/28/22	$	1,196


USD	11,175,041		NGN	5,253,285,718	Citibank N.A.		10/28/22		(934,596	)
USD	2,983,207		NGN	1,303,000,000	Morgan Stanley & Co. International PLC		10/28/22		(20,410	)


									(955,006	)


									$(953,810	)




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


Assets — Derivative Financial Instruments
Forward foreign currency exchange contracts
Unrealized appreciation on forward foreign currency exchange contracts	$	—	$	—	$	—	$	1,196	$	—	$	—	$	1,196


Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts^(a)	$	—	$	—	$	401,746	$	—	$	—	$	—	$	401,746
Forward foreign currency exchange contracts
Unrealized depreciation on forward foreign currency exchange contracts	$	—	$	—	$	—	$	955,006	$	—	$	—	$	955,006


	$	—	$	—	$	401,746	$	955,006	$	—	$	—	$	1,356,752



Futures contracts
Average notional value of contracts — long	$	14,580,654
Forward foreign currency exchange contracts
Average amounts sold — in USD	$	11,498,722




	Assets		Liabilities


Derivative Financial Instruments:
Futures contracts	$	—	$	401,746
Forward foreign currency exchange contracts		1,196		955,006


Total derivative assets and liabilities in the Statement of Assets and Liabilities		1,196		1,356,752
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)		—		(401,746	)


Total derivative assets and liabilities subject to an MNA		1,196		955,006



	Derivative
	Assets
	Subject to				Derivatives				Non-Cash			Cash			Net Amount
	an MNA by				Available				Collateral			Collateral			of Derivative
Counterparty		Counterparty					for Offset	^(a)	Received			Received				Assets

Citibank N.A.			$	1,196		$	(1,196	)		$	—		$	—			$	—



	Derivative
	Liabilities
	Subject to				Derivatives				Non-Cash			Cash			Net Amount
	an MNA by				Available				Collateral			Collateral			of Derivative
Counterparty		Counterparty					for Offset	^(a)	Pledged			Pledged						Liabilities	^(b)

Citibank N.A.			$	934,596		$	(1,196	)		$	—		$	—			$	933,400
Morgan Stanley & Co. International PLC				20,410			—				—			—				20,410


			$	955,006		$	(1,196	)		$	—		$	—			$	953,810




	Level 1			Level 2			Level 3		Total


Investments
Assets
Common Stocks	$	88,743,883		$	236,156,696		$	—	$	324,900,579
Preferred Stocks		4,476,597			—			—		4,476,597
Rights		—			374,000			—		374,000


	$	93,220,480		$	236,530,696		$	—	$	329,751,176


Derivative financial instruments^(a)
Assets
Forward Foreign Currency Exchange Contracts	$	—		$	1,196		$	—	$	1,196
Liabilities
Forward Foreign Currency Exchange Contracts		—			(955,006	)		—		(955,006	)
Futures Contracts		(401,746	)		—			—		(401,746	)


	$	(401,746	)	$	(953,810	)	$	—	$	(1,355,556	)



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

BlackRock Cash Funds: Institutional, SL Agency Shares	$	9,947,642	$	11,743,161	^(a)	$	—		$	(7,148	)	$	8,629		$	21,692,284		21,685,778	$	92,244	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		810,000		750,000	^(a)		—			—			—			1,560,000		1,560,000		11,571			—
BlackRock Inc.		3,794,856		2,107,572			(297,284	)		97,815			(1,494,706	)		4,208,253		6,315		89,972			—


									$	90,667		$	(1,486,077	)	$	27,460,537			$	193,787		$	—




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


Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts^(a)	$	—	$	—	$	91,540	$	—	$	—	$	—	$	91,540




Futures contracts
Average notional value of contracts — long	$	6,582,281


	iShares MSCI Frontier and Select EM ETF			iShares MSCI World ETF


ASSETS
Investments, at value — unaffiliated^(a)(b)	$	329,751,176		$	2,114,957,853
Investments, at value — affiliated^(c)		—			27,460,537
Cash		1,006,499			1,992
Foreign currency, at value^(d)		20,805,807			2,179,793
Cash pledged:
Futures contracts		1,037,000			312,000
Collateral — OTC derivatives		840,000			—
Foreign currency collateral pledged for futures contracts^(e)		—			157,042
Receivables:
Investments sold		4,547,768			4,433,923
Securities lending income — affiliated		—			12,460
Variation margin on futures contracts		61,342			—
Dividends — unaffiliated		861,793			3,955,971
Dividends — affiliated		334			3,789
Tax reclaims		—			671,654
Unrealized appreciation on forward foreign currency exchange contracts		1,196			—


Total assets		358,912,915			2,154,147,014


LIABILITIES
Collateral on securities loaned, at value		—			21,702,886
Deferred foreign capital gain tax		248,696			—
Payables:
Investments purchased		4,836,880			5,222,057
Variation margin on futures contracts		—			62,338
Bank borrowings		1,600,316			—
Investment advisory fees		239,244			455,154
Professional fees		—			4,311
Unrealized depreciation on forward foreign currency exchange contracts		955,006			—
Other liabilities		391,141			—


Total liabilities		8,271,283			27,446,746


NET ASSETS	$	350,641,632		$	2,126,700,268


NET ASSETS CONSIST OF
Paid-in capital	$	489,581,131		$	2,194,738,875
Accumulated loss		(138,939,499	)		(68,038,607	)


NET ASSETS	$	350,641,632		$	2,126,700,268


NET ASSET VALUE

Shares outstanding		12,850,000			19,300,000


Net asset value	$	27.29		$	110.19


Shares authorized		500 million			500 million


Par value	$	0.001		$	0.001


^(a)Investments, at cost — unaffiliated	$	316,662,602		$	2,138,219,598
^(b)Securities loaned, at value	$	—		$	20,892,119
^(c)Investments, at cost — affiliated	$	—		$	27,362,137
^(d)Foreign currency, at cost	$	22,357,399		$	2,218,073
^(e)Foreign currency collateral pledged, at cost	$	—		$	166,446


	iShares MSCI Frontier and Select EM ETF			iShares MSCI World ETF


INVESTMENT INCOME
Dividends — unaffiliated	$	17,350,959		$	38,779,771
Dividends — affiliated		617			102,373
Non-cash dividends — unaffiliated		—			2,032,988
Securities lending income — affiliated — net		113			91,414
Other income — unaffiliated		—			811
Foreign taxes withheld		(1,171,299	)		(1,955,322	)
Foreign withholding tax claims		—			44,918


Total investment income		16,180,390			39,096,953


EXPENSES
Investment advisory fees		3,629,532			4,634,281
Commitment fees		4,919			—
Professional fees		217			4,790
Interest expense		22,026			—


Total expenses		3,656,694			4,639,071


Net investment income		12,523,696			34,457,882


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		25,259,583			(21,062,449	)
Investments — affiliated		16			(13,301	)
In-kind redemptions — unaffiliated^(a)		656,697			39,940,319
In-kind redemptions — affiliated^(a)		—			103,968
Futures contracts		(3,631,677	)		(574,821	)
Forward foreign currency exchange contracts		(733,549	)		—
Foreign currency transactions		(2,164,482	)		(371,739	)


		19,386,588			18,021,977

Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated^(b)		(112,029,006	)		(397,335,947	)
Investments — affiliated		(3	)		(1,486,077	)
Futures contracts		183,002			(220,714	)
Forward foreign currency exchange contracts		(279,668	)		—
Foreign currency translations		(1,149,471	)		(155,136	)


		(113,275,146	)		(399,197,874	)


Net realized and unrealized loss		(93,888,558	)		(381,175,897	)


NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(81,364,862	)	$	(346,718,015	)


^(a) See Note 2 of the Notes to Financial Statements.
^(b) Net of reduction in deferred foreign capital gain tax of	$	283,226		$	—


	iShares MSCI Frontier and Select EM ETF						iShares MSCI World ETF


		Year Ended 08/31/22			Year Ended 08/31/21			Year Ended 08/31/22			Year Ended 08/31/21


INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	12,523,696		$	9,359,354		$	34,457,882		$	18,847,920
Net realized gain		19,386,588			32,240,921			18,021,977			15,189,250
Net change in unrealized appreciation (depreciation)		(113,275,146	)		86,573,585			(399,197,874	)		285,475,469


Net increase (decrease) in net assets resulting from operations		(81,364,862	)		128,173,860			(346,718,015	)		319,512,639


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(11,387,380	)		(9,715,012	)		(33,669,487	)		(18,261,968	)


CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		(52,705,010	)		3,870,773			937,249,033			320,340,634


NET ASSETS
Total increase (decrease) in net assets		(145,457,252	)		122,329,621			556,861,531			621,591,305
Beginning of year		496,098,884			373,769,263			1,569,838,737			948,247,432


End of year	$	350,641,632		$	496,098,884		$	2,126,700,268		$	1,569,838,737


		iShares MSCI Frontier and Select EM ETF


	Year Ended 08/31/22				Year Ended 08/31/21				Year Ended 08/31/20				Year Ended 08/31/19				Year Ended 08/31/18


Net asset value, beginning of year		$	33.86			$	25.69			$	28.97			$	28.29			$	30.62


Net investment income^(a)			0.88				0.65				0.87				1.03				0.87
Net realized and unrealized gain (loss)^(b)			(6.63	)			8.20				(3.36	)			0.76				(1.99	)


Net increase (decrease) from investment operations			(5.75	)			8.85				(2.49	)			1.79				(1.12	)



Distributions from net investment income^(c)			(0.82	)			(0.68	)			(0.79	)			(1.11	)			(1.21	)


Net asset value, end of year		$	27.29			$	33.86			$	25.69			$	28.97			$	28.29


Total Return^(d)

Based on net asset value			(17.26	)%			34.77	%			(8.44	)%			6.45	%			(3.92	)%


Ratios to Average Net Assets^(e)

Total expenses			0.80	%			0.79	%			0.79	%			0.79	%			0.81	%


Net investment income			2.73	%			2.17	%			3.27	%			3.63	%			2.69	%


Supplemental Data

Net assets, end of year (000)		$	350,642			$	496,099			$	373,769			$	496,868			$	523,445


Portfolio turnover rate^(f)			34	%			36	%			25	%			33	%			35	%


		iShares MSCI World ETF


	Year Ended 08/31/22				Year Ended 08/31/21				Year Ended 08/31/20				Year Ended 08/31/19				Year Ended 08/31/18


Net asset value, beginning of year		$	131.92			$	103.07			$	89.79			$	91.33			$	82.22

Net investment income^(a)			2.19				1.84				1.76				1.96				1.84
Net realized and unrealized gain (loss)^(b)			(21.88	)			28.80				13.35				(1.52	)			9.15


Net increase (decrease) from investment operations			(19.69	)			30.64				15.11				0.44				10.99


Distributions from net investment income^(c)			(2.04	)			(1.79	)			(1.83	)			(1.98	)			(1.88	)


Net asset value, end of year		$	110.19			$	131.92			$	103.07			$	89.79			$	91.33


Total Return^(d)

Based on net asset value			(15.07	)%^(e)			29.94	%			17.04	%			0.61	%			13.46	%


Ratios to Average Net Assets^(f)

Total expenses			0.24	%			0.24	%			0.24	%			0.24	%			0.24	%


Total expenses excluding professional fees for foreign withholding tax claims			0.24	%			N/A				N/A				N/A				N/A


Net investment income			1.78	%			1.58	%			1.90	%			2.24	%			2.09	%


Supplemental Data

Net assets, end of year (000)		$	2,126,700			$	1,569,839			$	948,247			$	646,459			$	566,243


Portfolio turnover rate^(g)			5	%			5	%			7	%			4	%			3	%



iShares ETF	Diversification Classification

MSCI Frontier and Select EM		Diversified
MSCI World		Diversified




iShares ETF and Counterparty		Securities Loaned at Value		Cash Collateral Received	^(a)		Non-Cash Collateral Received, at Fair Value	^(a)		Net Amount


MSCI World
Barclays Bank PLC	$	3,238,157	$	(3,238,157	)	$	—		$	—
Barclays Capital, Inc.		407,311		(407,311	)		—			—
BNP Paribas SA		4,671,067		(4,671,067	)		—			—
BofA Securities, Inc.		580,160		(580,160	)		—			—
Citigroup Global Markets, Inc.		1,029,632		(1,029,632	)		—			—
Goldman Sachs & Co. LLC		390,532		(390,532	)		—			—
HSBC Bank PLC		809,473		(809,473	)		—			—
J.P. Morgan Securities LLC		1,430,429		(1,430,429	)		—			—
Jefferies LLC		4,811		(4,608	)		—			203	^(b)
Morgan Stanley		1,562,431		(1,562,431	)		—			—
National Financial Services LLC		159,339		(159,339	)		—			—
RBC Capital Markets LLC		378,373		(378,373	)		—			—
Scotia Capital (USA), Inc.		1,461,590		(1,461,590	)		—			—
SG Americas Securities LLC		3,659		(3,659	)		—			—
State Street Bank & Trust Co.		112,970		(112,970	)		—			—
UBS AG		3,040,888		(3,040,888	)		—			—
UBS Securities LLC		1,256,812		(1,256,812	)		—			—
Wells Fargo Bank N.A.		351,446		(351,446	)		—			—
Wells Fargo Securities LLC		3,039		(3,039	)		—			—


	$	20,892,119	$	(20,891,916	)	$	—		$	203



iShares ETF	Investment Advisory Fees

MSCI Frontier and Select EM		0.79	%
MSCI World		0.24



iShares ETF	Fees Paid to BTC

MSCI Frontier and Select EM	$	36
MSCI World		26,708