The Markets in Review

Dear Shareholder,

The 12-month reporting period as of February 28, 2022 saw a continuation of the resurgent growth that followed the initial coronavirus (or “COVID-19”) pandemic reopening, albeit at a slower pace. The global economy weathered the emergence of several variant strains and the resulting peaks and troughs in infections amid optimism that increasing vaccinations and economic adaptation could help contain the pandemic’s disruptions. However, rapid changes in consumer spending led to supply constraints and elevated inflation. Moreover, while the foremost effect of Russia’s invasion of Ukraine has been a severe humanitarian crisis, the invasion has presented challenges for both investors and policymakers. Equity prices were mixed, as persistently high inflation drove investors’ expectations for higher interest rates, which particularly weighed on relatively high valuation growth stocks and economically sensitive small-capitalization stocks. Overall, small-capitalization U.S. stocks declined, while large-capitalization U.S. stocks posted a solid advance. International equities from developed markets gained slightly, although emerging market stocks declined, 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 during the reporting period as the economy expanded rapidly and inflation reached its highest annualized reading in decades. In the corporate bond market, the improving economy assuaged credit concerns and led to modest returns for high-yield corporate bonds, outpacing the negative return of investment-grade corporate bonds. The U.S. Federal Reserve (the “Fed”) maintained accommodative monetary policy during the reporting period by keeping near-zero interest rates. However, the Fed’s tone shifted during the period, as it reduced its bond-buying program and raised the prospect of higher rates in 2022. Continued high inflation and the Fed’s new stance led many analysts to anticipate that the Fed will raise interest rates multiple times throughout the year.

Looking ahead, however, the horrific war in Ukraine has significantly clouded the outlook for the global economy. Sanctions on Russia and general wartime disruption are likely to drive already-high commodity prices even further upwards, and we have already seen spikes in energy and metal markets. While this will exacerbate inflationary pressure, it could also constrain economic growth, making the Fed’s way forward less clear. Its challenge will be combating inflation without stifling a recovery that is now facing additional supply shocks.

In this environment, we favor an overweight to equities, as we believe low interest rates and continued economic growth will support further gains, albeit likely more modest than what we saw in 2021. Sectors that are better poised to manage the transition to a lower-carbon world, such as technology and health care, are particularly attractive in the long term. U.S. and other developed market equities have room for further growth, while we believe Chinese equities stand to gain from a more accommodative monetary and fiscal environment. We are underweight long-term credit, but inflation-protected U.S. Treasuries, Asian fixed income, and emerging market local-currency bonds offer potential opportunities. We believe that international diversification and a focus on sustainability can help provide portfolio resilience, and the disruption created by the coronavirus appears to be accelerating the shift toward sustainable investments.

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

Sincerely,

LOGO

Rob Kapito

President, BlackRock, Inc.

LOGO

Rob Kapito

President, BlackRock, Inc.


Total Returns as of February 28, 2022

	6-Month	12-Month

U.S. large cap equities (S&P 500 Index)	(2.62)%	16.39%

U.S. small cap equities (Russell 2000 Index)	(9.46)	(6.01)

International equities (MSCI Europe, Australasia, Far East Index)	(6.78)	2.83

Emerging market equities (MSCI Emerging Markets Index)	(9.81)	(10.69)

3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)	0.02	0.04

U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)	(3.94)	(1.67)

U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)	(4.07)	(2.64)

Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)	(3.09)	(0.66)

U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)	(3.07)	0.64

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

The iShares MSCI 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 9/12/12. The first day of secondary market trading was 9/13/12.

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 no guarantee 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” on page 6 for more information.

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.

The inception date of the Fund was 1/10/12. The first day of secondary market trading was 1/12/12.

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 Period.”

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

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


Security	Shares		Value


Common Stocks

Bahrain — 6.1%
Ahli United Bank BSC		22,008,845	$	21,856,862
Aluminium Bahrain BSC		511,338		1,692,549
Bahrain Telecommunications Co. BSC		1,669,519		2,503,060
GFH Financial Group BSC		10,451,738		3,441,548
Ithmaar Holding BSC^(a)(b)		7,341,331		524,173


				30,018,192

Bangladesh — 5.8%
Bangladesh Export Import Co. Ltd.		2,244,610		3,852,601
Beacon Pharmaceuticals Ltd.		594,004		1,552,098
Beximco Pharmaceuticals Ltd.		1,145,473		2,484,222
BRAC Bank Ltd.		2,801,703		1,759,311
British American Tobacco Bangladesh Co. Ltd.		394,180		2,814,884
City Bank Ltd. (The)		2,944,027		907,224
Eastern Bank Ltd.		2,236,651		990,946
GrameenPhone Ltd.		402,927		1,592,055
International Finance Investment & Commerce Bank Ltd.^(b)		3,995,000		734,008
Islami Bank Bangladesh Ltd.		2,770,520		1,050,281
LafargeHolcim Bangladesh Ltd.		1,694,772		1,357,515
National Bank Ltd.^(b)		9,114,618		794,926
Olympic Industries Ltd.		532,885		912,154
Renata Ltd.		94,032		1,487,542
Square Pharmaceuticals Ltd.		2,272,196		5,789,152
Summit Power Ltd.		1,689,028		746,358


				28,825,277

Colombia — 4.0%
Bancolombia SA		399,122		3,957,761
Cementos Argos SA		735,749		1,134,364
Corp. Financiera Colombiana SA^(b)		154,838		1,089,410
Ecopetrol SA		7,717,656		6,396,413
Grupo Argos SA		473,067		1,550,052
Grupo de Inversiones Suramericana SA		185,860		1,508,311
Interconexion Electrica SA ESP		696,591		4,299,502


				19,935,813

Croatia — 0.2%
Valamar Riviera DD^(b)		245,906		1,151,733


Egypt — 4.8%
Commercial International Bank Egypt SAE^(b)		6,795,194		20,696,914
Eastern Co. SAE		4,079,246		2,820,201


				23,517,115

Estonia — 0.6%
LHV Group AS		39,032		1,684,938
Tallink Grupp AS^(b)		1,151,067		749,508
Tallinna Sadam AS^(c)		239,495		473,486


				2,907,932

Jordan — 1.3%
Arab Bank PLC		469,872		3,114,808
Jordan Islamic Bank		182,073		939,897
Jordan Petroleum Refinery Co.		254,431		1,270,361
Jordan Phosphate Mines Co.		33,068		903,164


				6,228,230

Kazakhstan — 4.3%
Halyk Savings Bank of Kazakhstan JSC, GDR		368,889		3,739,798
Kaspi.KZ JSC		180,342		10,807,265
NAC Kazatomprom JSC, GDR		237,413		6,968,767


				21,515,830


Security	Shares		Value


Kenya — 4.8%
East African Breweries Ltd.^(b)		1,423,234	$	1,987,652
Equity Group Holdings PLC/Kenya^(b)		10,373,666		4,555,848
KCB Group Ltd.		8,861,416		3,502,536
Safaricom PLC		43,892,205		13,904,019


				23,950,055

Lithuania — 0.5%
AB Ignitis Grupe		67,263		1,463,917
Siauliu Bankas AB		1,233,560		930,050


				2,393,967

Mauritius — 0.3%
Lighthouse Capital Ltd.^(d)		2,380,863		1,424,531


Morocco — 6.0%
Attijariwafa Bank		158,338		7,808,710
Banque Centrale Populaire		90,346		2,601,723
Ciments du Maroc SA		13,142		2,460,608
Co. Sucrerie Marocaine et de Raffinage		102,623		2,589,889
Hightech Payment Systems SA		1,393		897,110
Itissalat Al-Maghrib		641,726		8,870,394
Label Vie		4,156		2,060,265
Societe d’Exploitation des Ports		80,314		2,320,397


				29,609,096

Nigeria — 7.2%
Access Bank PLC		98,285,949		2,234,100
Afriland Properties PLC		8,020		35
Dangote Cement PLC		14,311,534		8,554,143
FBN Holdings PLC		95,143,544		2,391,168
Guaranty Trust Holding Co. PLC		80,697,900		4,777,841
MTN Nigeria Communications PLC		13,381,351		5,877,992
Nestle Nigeria PLC		1,581,044		4,958,255
United Bank for Africa PLC		94,428,459		1,785,056
Zenith Bank PLC		86,002,243		5,093,450


				35,672,040

Oman — 1.7%
Bank Muscat SAOG		5,251,261		7,087,408
National Bank of Oman SAOG^(b)		1,314,168		635,144
Omani Qatari Telecommunications Co. SAOG		900,900		838,047


				8,560,599

Pakistan — 3.1%
Engro Corp. Ltd./Pakistan		1,045,571		1,609,124
Engro Fertilizers Ltd.		2,111,089		1,053,580
Fauji Fertilizer Co. Ltd.		1,898,339		1,171,356
Habib Bank Ltd.		2,166,323		1,419,012
Hub Power Co. Ltd. (The)		3,772,432		1,529,606
Lucky Cement Ltd.^(b)		470,427		1,721,988
Mari Petroleum Co. Ltd.		95,940		967,428
MCB Bank Ltd.		1,524,747		1,358,387
Pakistan Petroleum Ltd.		1,941,254		855,312
Pakistan State Oil Co. Ltd.		754,314		770,987
Systems Ltd.		252,500		919,706
TRG Pakistan		1,476,500		578,929
United Bank Ltd./Pakistan		1,796,416		1,502,061


				15,457,476

Peru — 5.0%
Cia. de Minas Buenaventura SAA, ADR^(b)		275,327		2,725,738
Credicorp Ltd.		87,428		13,223,485
Intercorp Financial Services Inc.		45,208		1,460,218


Security	Shares		Value


Peru (continued)
Southern Copper Corp.		108,285	$	7,513,896


				24,923,337

Philippines — 5.1%
Aboitiz Equity Ventures Inc.		788,110		920,768
AC Energy Corp.		2,952,200		489,442
Alliance Global Group Inc.		1,147,000		286,359
Ayala Corp.		109,960		1,823,015
Ayala Land Inc.		3,173,800		2,419,503
Bank of the Philippine Islands		719,360		1,405,924
BDO Unibank Inc.		772,270		1,957,059
Century Pacific Food Inc.		431,400		225,082
DMCI Holdings Inc.		1,499,100		247,950
Globe Telecom Inc.		10,710		538,144
GT Capital Holdings Inc.		40,120		454,348
International Container Terminal Services Inc.		403,170		1,656,087
JG Summit Holdings Inc.		1,157,980		1,367,750
Jollibee Foods Corp.		172,020		808,598
Manila Electric Co.		86,410		621,780
Megaworld Corp.		4,391,000		275,891
Metro Pacific Investments Corp.		5,002,000		378,501
Metropolitan Bank & Trust Co.		718,550		800,258
Monde Nissin Corp.^(b)(c)		1,731,300		557,852
PLDT Inc.		29,975		1,051,785
Puregold Price Club Inc.		355,000		243,383
Robinsons Land Corp.		793,100		298,597
Robinsons Retail Holdings Inc.		176,890		212,875
Security Bank Corp.		183,090		417,899
SM Investments Corp.		93,375		1,624,547
SM Prime Holdings Inc.		3,953,300		3,085,517
Universal Robina Corp.		336,630		787,899
Wilcon Depot Inc.		528,300		301,400


				25,258,213

Romania — 5.2%
Banca Transilvania SA		17,300,077		9,942,579
BRD-Groupe Societe Generale SA		766,945		3,453,071
MED Life SA^(b)		268,366		1,303,971
OMV Petrom SA		41,307,542		4,315,129
Societatea Energetica Electrica SA		504,445		1,107,728
Societatea Nationala de Gaze Naturale ROMGAZ SA		420,397		3,638,907
Teraplast SA		4,317,073		886,152
Transgaz SA Medias		18,675		840,914


				25,488,451

Slovenia — 0.1%
Pozavarovalnica Sava dd		17,491		517,751


Sri Lanka — 1.0%
Commercial Bank of Ceylon PLC		1,428,510		579,183
Expolanka Holdings PLC		992,043		1,452,459
John Keells Holdings PLC		2,732,474		2,012,190
Sampath Bank PLC		2,891,749		785,926


				4,829,758

Vietnam — 29.3%
An PHAT Holdings JSC^(b)		453,897		524,034
Bank for Foreign Trade of Vietnam JSC		1,733,595		6,422,130
Bank for Investment and Development of Vietnam JSC		748,024		1,436,948
Bao Viet Holdings		276,310		718,336
Dat Xanh Group JSC^(b)		1,093,080		2,039,857
Development Investment Construction^(b)		731,400		2,769,901
Duc Giang Chemicals JSC		307,000		2,201,895


Security	Shares		Value


Vietnam (continued)
FLC Group JSC^(b)		1,288,000	$	709,669
Gelex Group JSC^(b)		1,529,384		2,782,741
Ha Do JSC		360,140		1,114,629
Hoa Phat Group JSC		8,031,503		16,677,449
Hoa Sen Group^(b)		876,759		1,481,477
Hoang Huy Investment Financial Services JSC^(b)		1,241,600		1,169,647
Khang Dien House Trading and Investment JSC^(b)		1,152,270		2,677,390
KIDO Group Corp.		476,572		1,130,390
Kinh Bac City Development Share Holding Corp.^(b)		738,620		1,869,587
Masan Group Corp.		1,513,180		10,386,074
No Va Land Investment Group Corp.^(b)		2,475,033		8,188,056
PetroVietnam Drilling & Well Services JSC^(b)		766,000		1,182,948
PetroVietnam Fertilizer & Chemicals JSC		640,100		1,624,287
PetroVietnam Gas JSC		209,100		1,087,092
PetroVietnam Power Corp.		1,696,540		1,294,926
PetroVietnam Technical Services Corp.		874,898		1,346,240
Phat Dat Real Estate Development Corp.^(b)		714,154		2,661,249
Saigon - Hanoi Commercial Joint Stock Bank^(b)		973,844		924,319
Saigon Beer Alcohol Beverage Corp.		232,980		1,734,327
Saigon Thuong Tin Commercial JSB^(b)		2,068,480		2,990,832
Saigon-Hanoi Securities		588,600		1,141,414
SSI Securities Corp.		2,346,294		4,714,905
Thaiholdings JSC^(b)		628,200		4,767,270
Thanh Thanh Cong - Bien Hoa JSC^(b)		1,021,990		1,016,641
Van Phu Invest Investment^(b)		395,600		1,130,928
Viet Capital Securities JSC		854,100		2,346,923
Vietjet Aviation JSC^(b)		594,890		3,658,203
Vietnam Construction and Import-Export JSC		647,610		1,230,429
Vietnam Dairy Products JSC		2,673,274		9,199,178
Viglacera Corp. JSC		249,360		577,159
Vincom Retail JSC^(b)		3,405,780		5,018,064
Vingroup JSC^(b)		3,484,034		11,761,097
Vinh Hoan Corp.		366,500		1,229,165
Vinhomes JSC^(c)		3,983,988		13,564,675
Vndirect Securities Corp.		1,192,800		4,132,643


				144,635,124


Total Common Stocks — 96.4% (Cost: $383,491,374)				476,820,520


Preferred Stocks

Colombia — 1.3%
Bancolombia SA, Preference Shares, NVS		714,491		6,315,534


Total Preferred Stocks — 1.3% (Cost: $5,740,257)				6,315,534


Short-Term Investments

Money Market Funds — 0.0%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.09%^(e)(f)(g)		22,569		22,573


Total Short-Term Investments — 0.0% (Cost: $22,578)				22,573


Total Investments in Securities — 97.7% (Cost: $389,254,209)				483,158,627

Other Assets, Less Liabilities — 2.3%				11,140,137


Net Assets — 100.0%			$	494,298,764

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 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 February 28, 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 table presents the Fund’s derivative liabilities by counterparty net of amounts available for offset under an MNA and net of the related collateral 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 — 2.3%
Ampol Ltd.		7,816	$	168,828
APA Group		38,637		282,455
Aristocrat Leisure Ltd.		19,682		539,877
ASX Ltd.		6,323		379,769
Aurizon Holdings Ltd.		60,457		154,220
Australia & New Zealand Banking Group Ltd.		93,482		1,769,786
BHP Group Ltd.		165,031		5,635,175
BlueScope Steel Ltd.		16,493		244,226
Brambles Ltd.		47,128		339,450
Cochlear Ltd.		2,141		349,505
Coles Group Ltd.		43,554		551,005
Commonwealth Bank of Australia		55,844		3,788,650
Computershare Ltd.		17,801		281,262
Crown Resorts Ltd.^(a)		12,278		110,966
CSL Ltd.		15,616		2,968,977
Dexus		34,850		275,872
Domino’s Pizza Enterprises Ltd.		1,978		114,214
Endeavour Group Ltd./Australia		43,070		224,942
Evolution Mining Ltd.		60,111		185,875
Fortescue Metals Group Ltd.		56,153		748,089
Glencore PLC		328,817		1,933,446
Goodman Group		54,241		877,600
GPT Group/The		62,779		224,000
IDP Education Ltd.		6,838		132,244
Insurance Australia Group Ltd.		83,448		278,588
Lendlease Corp. Ltd.		22,592		174,292
Macquarie Group Ltd.		11,288		1,485,537
Medibank Pvt Ltd.		90,215		208,082
Mineral Resources Ltd.		5,562		182,796
Mirvac Group		129,027		240,624
National Australia Bank Ltd.		107,686		2,261,733
Newcrest Mining Ltd.		27,646		512,855
Northern Star Resources Ltd.		36,885		274,903
Orica Ltd.		13,789		147,015
Origin Energy Ltd.		57,721		239,696
Qantas Airways Ltd.^(a)		30,432		112,765
QBE Insurance Group Ltd.		48,850		407,654
Ramsay Health Care Ltd.		6,386		297,892
REA Group Ltd.		1,724		166,175
Reece Ltd.		9,537		135,017
Rio Tinto Ltd.		12,199		1,052,005
Rio Tinto PLC		36,745		2,873,166
Santos Ltd.		102,634		546,612
Scentre Group		169,683		376,968
SEEK Ltd.		10,988		214,517
Sonic Healthcare Ltd.		14,847		378,860
South32 Ltd.		152,762		536,196
Stockland		83,837		253,682
Suncorp Group Ltd.		41,954		326,349
Tabcorp Holdings Ltd.		72,696		262,900
Telstra Corp. Ltd.		136,024		390,883
Transurban Group		99,491		918,939
Treasury Wine Estates Ltd.		24,550		207,084
Vicinity Centres		127,034		165,416
Washington H Soul Pattinson & Co. Ltd.		7,101		130,275
Wesfarmers Ltd.		36,969		1,296,498
Westpac Banking Corp.		119,617		1,976,820
WiseTech Global Ltd.		4,775		152,876


Security	Shares		Value


Australia (continued)
Woodside Petroleum Ltd.		31,471	$	657,626
Woolworths Group Ltd.		41,314		1,068,284


				43,192,013

Austria — 0.1%
Erste Group Bank AG		11,227		399,084
OMV AG		4,814		229,163
Raiffeisen Bank International AG		4,857		79,145
Verbund AG		2,224		268,251
voestalpine AG		3,802		125,660


				1,101,303

Belgium — 0.2%
Ageas SA/NV		5,625		270,597
Anheuser-Busch InBev SA/NV		28,425		1,754,044
Elia Group SA/NV		1,012		145,691
Etablissements Franz Colruyt NV		1,795		71,794
Groupe Bruxelles Lambert SA		3,693		383,467
KBC Group NV		8,221		592,298
Proximus SADP		5,013		99,660
Sofina SA		497		193,013
Solvay SA		2,439		271,999
UCB SA		4,128		450,516
Umicore SA		6,272		256,586


				4,489,665

Canada — 3.9%
Agnico Eagle Mines Ltd.		15,029		759,216
Air Canada^(a)(b)		5,829		110,142
Algonquin Power & Utilities Corp.		21,572		312,134
Alimentation Couche-Tard Inc.		26,699		1,047,949
AltaGas Ltd.		9,259		203,954
Ballard Power Systems Inc.^(a)(b)		7,909		90,478
Bank of Montreal		21,106		2,409,997
Bank of Nova Scotia (The)		39,640		2,872,532
Barrick Gold Corp.		58,000		1,311,006
Bausch Health Cos Inc.^(a)		10,778		259,267
BCE Inc.		2,455		128,938
BlackBerry Ltd.^(a)		18,100		124,237
Brookfield Asset Management Inc., Class A		46,042		2,516,236
Brookfield Renewable Corp., Class A		4,269		159,982
CAE Inc.^(a)		10,443		279,386
Cameco Corp.		13,086		321,807
Canadian Apartment Properties REIT		2,811		117,009
Canadian Imperial Bank of Commerce		14,684		1,858,583
Canadian National Railway Co.		23,048		2,859,225
Canadian Natural Resources Ltd.		38,663		2,159,942
Canadian Pacific Railway Ltd.		29,670		2,089,189
Canadian Tire Corp. Ltd., Class A, NVS		1,886		278,057
Canadian Utilities Ltd., Class A, NVS		4,247		118,279
Canopy Growth Corp.^(a)(b)		7,860		56,059
CCL Industries Inc., Class B, NVS		5,009		225,810
Cenovus Energy Inc.		42,958		675,466
CGI Inc.^(a)		7,167		587,609
Constellation Software Inc.		651		1,097,152
Dollarama Inc.		9,493		490,565
Emera Inc.		7,979		373,298
Empire Co. Ltd., Class A, NVS		5,539		171,567
Enbridge Inc.		65,850		2,844,928
Fairfax Financial Holdings Ltd.		893		432,902
First Quantum Minerals Ltd.		19,269		565,072
FirstService Corp.		1,300		185,067


Security	Shares		Value


Canada (continued)
Fortis Inc.		15,410	$	706,124
Franco-Nevada Corp.		6,238		918,647
George Weston Ltd.		2,499		270,976
GFL Environmental Inc.		5,087		148,737
Gildan Activewear Inc.		7,025		275,790
Great-West Lifeco Inc.		9,850		296,316
Hydro One Ltd.^(c)		10,972		270,946
iA Financial Corp. Inc.		3,535		210,036
IGM Financial Inc.		2,781		98,800
Imperial Oil Ltd.		8,110		364,006
Intact Financial Corp.		5,724		820,959
Ivanhoe Mines Ltd., Class A^(a)		20,035		203,907
Keyera Corp.		7,317		171,394
Kinross Gold Corp.		41,608		207,466
Lightspeed Commerce Inc.^(a)		3,534		92,846
Loblaw Companies Ltd.		5,683		443,296
Lundin Mining Corp.		21,933		211,630
Magna International Inc.		9,411		699,198
Manulife Financial Corp.		63,917		1,294,981
Metro Inc.		8,021		418,674
National Bank of Canada		11,031		884,482
Northland Power Inc.		7,437		236,458
Nutrien Ltd.		18,635		1,602,684
Nuvei Corp.^(a)(c)		1,877		101,899
Onex Corp.		2,517		169,031
Open Text Corp.		8,789		382,486
Pan American Silver Corp.		6,954		164,482
Parkland Corp.		5,038		131,843
Pembina Pipeline Corp.		18,010		612,411
Power Corp. of Canada		17,833		549,974
Quebecor Inc., Class B		5,554		121,465
Restaurant Brands International Inc.		9,361		523,994
RioCan REIT		5,439		107,793
Ritchie Bros Auctioneers Inc.		3,632		190,354
Rogers Communications Inc., Class B, NVS		11,604		599,563
Royal Bank of Canada		46,473		5,140,812
Saputo Inc.		8,150		199,715
Shaw Communications Inc., Class B, NVS		14,839		444,994
Shell PLC		254,402		6,708,782
Shopify Inc., Class A^(a)		3,691		2,562,355
Sun Life Financial Inc.		19,275		1,013,705
Suncor Energy Inc.		48,475		1,482,360
TC Energy Corp.		31,941		1,716,120
Teck Resources Ltd., Class B		15,483		557,510
TELUS Corp.		14,275		360,507
TFI International Inc.		2,742		285,817
Thomson Reuters Corp.		5,675		573,813
TMX Group Ltd.		1,845		186,378
Toromont Industries Ltd.		2,714		230,053
Toronto-Dominion Bank (The)		59,434		4,795,984
Tourmaline Oil Corp.		10,171		401,223
Waste Connections Inc.		8,503		1,050,035
West Fraser Timber Co. Ltd.		3,136		313,031
Wheaton Precious Metals Corp.		14,733		645,579
WSP Global Inc.		3,841		471,254


				73,736,715

Cayman Islands — 0.0%
CK Hutchison Holdings Ltd.		83,500		585,424


Security	Shares		Value


Cayman Islands (continued)
Grab Holdings Ltd., Class A^(a)		35,523	$	204,612


				790,036

Denmark — 0.7%
Ambu A/S, Class B^(b)		5,205		95,984
AP Moller - Maersk A/S, Class A		100		299,847
AP Moller - Maersk A/S, Class B, NVS		185		585,250
Carlsberg A/S, Class B		3,278		480,717
Chr Hansen Holding A/S		3,709		270,402
Coloplast A/S, Class B		3,878		583,399
Danske Bank A/S		22,064		373,720
Demant A/S^(a)		3,549		149,983
DSV A/S		6,647		1,223,425
Genmab A/S^(a)		2,138		718,574
GN Store Nord AS		4,066		214,941
Novo Nordisk A/S, Class B		54,896		5,680,825
Novozymes A/S, Class B		6,705		440,066
Orsted AS^(c)		6,255		809,485
Pandora A/S		3,265		334,327
Rockwool International A/S, Class B		276		94,616
Tryg A/S		11,783		266,600
Vestas Wind Systems A/S		33,170		1,069,623


				13,691,784

Finland — 0.3%
Elisa Oyj		4,645		257,366
Fortum Oyj		14,501		303,474
Kesko Oyj, Class B		8,691		255,773
Kone Oyj, Class B		11,078		646,441
Neste Oyj		13,807		538,399
Nokia Oyj^(a)		178,799		966,827
Nordea Bank Abp		105,647		1,168,828
Orion Oyj, Class B		3,468		162,853
Sampo Oyj, Class A		16,265		767,456
Stora Enso Oyj, Class R		19,018		362,180
UPM-Kymmene Oyj		17,414		601,710
Wartsila OYJ Abp		15,744		176,326


				6,207,633

France — 3.1%
Accor SA^(a)		5,581		190,609
Aeroports de Paris^(a)		964		136,300
Air Liquide SA		15,441		2,564,829
Airbus SE^(a)		19,495		2,489,103
Alstom SA		10,346		263,201
Amundi SA^(c)		1,993		138,226
Arkema SA		1,996		264,704
AXA SA		63,096		1,707,227
BioMerieux		1,354		148,820
BNP Paribas SA		36,671		2,127,817
Bollore SA		29,086		147,178
Bouygues SA		7,482		267,542
Bureau Veritas SA		9,613		274,863
Capgemini SE		5,231		1,095,003
Carrefour SA		20,443		410,991
Cie. de Saint-Gobain		16,502		1,023,208
Cie. Generale des Etablissements Michelin SCA		5,529		761,109
CNP Assurances		5,635		137,343
Covivio		1,712		140,059
Credit Agricole SA		40,572		516,820
Danone SA		21,368		1,300,013
Dassault Aviation SA		828		123,215


Security	Shares		Value


France (continued)
Dassault Systemes SE		21,678	$	1,045,666
Edenred		8,155		371,092
Eiffage SA		2,714		276,459
Electricite de France SA		15,537		140,463
Engie SA		59,602		949,606
EssilorLuxottica SA		9,344		1,631,184
Eurazeo SE		1,298		100,258
Eurofins Scientific SE		4,463		452,896
Faurecia SE		3,842		144,667
Gecina SA		1,497		190,240
Getlink SE		14,431		235,360
Hermes International		1,035		1,427,303
Ipsen SA		1,227		142,773
Kering SA		2,443		1,694,547
Klepierre SA		6,951		198,691
La Francaise des Jeux SAEM^(c)		3,139		130,119
Legrand SA		8,720		822,645
L’Oreal SA		8,183		3,234,938
LVMH Moet Hennessy Louis Vuitton SE		9,047		6,648,685
Orange SA		65,145		787,713
Orpea SA		1,682		69,652
Pernod Ricard SA		6,785		1,481,167
Publicis Groupe SA		7,457		494,889
Remy Cointreau SA		742		142,800
Renault SA^(a)		6,348		198,934
Safran SA		11,221		1,426,718
Sanofi		37,077		3,875,752
Sartorius Stedim Biotech		904		346,657
Schneider Electric SE		17,628		2,731,213
SEB SA		902		131,183
Societe Generale SA		26,466		748,393
Sodexo SA		2,881		240,525
Teleperformance		1,919		712,068
Thales SA		3,465		396,129
TotalEnergies SE		82,036		4,179,340
Ubisoft Entertainment SA^(a)		3,041		163,049
Unibail-Rodamco-Westfield^(a)(b)		4,131		314,889
Valeo		7,516		165,759
Veolia Environnement SA		21,396		746,008
Vinci SA		17,639		1,849,474
Vivendi SE		25,574		322,840
Wendel SE		878		89,133
Worldline SA/France^(a)(c)		7,783		396,880


				58,076,937

Germany — 2.2%
adidas AG		6,202		1,466,411
Allianz SE, Registered		13,443		3,030,285
Aroundtown SA		32,702		201,645
BASF SE		30,199		2,010,838
Bayer AG, Registered		31,975		1,846,971
Bayerische Motoren Werke AG		10,790		1,039,154
Bechtle AG		2,680		137,474
Beiersdorf AG		3,290		333,501
Brenntag SE		5,040		422,516
Carl Zeiss Meditec AG, Bearer		1,316		206,526
Commerzbank AG^(a)		32,793		274,055
Continental AG^(a)		3,524		300,291
Covestro AG^(c)		6,068		320,910
Daimler Truck Holding AG^(a)		13,669		416,570
Delivery Hero SE^(a)(c)		5,280		283,011


Security	Shares		Value


Germany (continued)
Deutsche Bank AG, Registered^(a)		68,166	$	841,495
Deutsche Boerse AG		6,192		1,054,019
Deutsche Lufthansa AG, Registered^(a)		21,359		162,222
Deutsche Post AG, Registered		32,319		1,624,424
Deutsche Telekom AG, Registered		108,678		1,948,018
E.ON SE		73,222		995,932
Evonik Industries AG		6,861		206,527
Fresenius Medical Care AG & Co. KGaA		6,693		429,414
Fresenius SE & Co. KGaA		13,127		458,030
GEA Group AG		5,016		219,343
Hannover Rueck SE		1,964		361,576
HeidelbergCement AG		4,701		305,033
HelloFresh SE^(a)		5,455		297,548
Henkel AG & Co. KGaA		3,388		260,494
Infineon Technologies AG		42,623		1,442,188
KION Group AG		2,358		189,032
Knorr-Bremse AG		2,369		208,851
LANXESS AG		2,720		132,496
LEG Immobilien SE		2,378		305,788
Mercedes-Benz Group AG		27,906		2,180,002
Merck KGaA		4,213		835,638
MTU Aero Engines AG		1,767		422,995
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Registered		4,561		1,251,252
Nemetschek SE		1,883		167,081
Puma SE		3,445		315,922
Rational AG		165		121,434
RWE AG		20,961		970,555
SAP SE		34,036		3,839,397
Scout24 SE^(c)		2,992		174,524
Siemens AG, Registered		24,933		3,512,619
Siemens Healthineers AG^(c)		8,907		571,566
Symrise AG		4,196		499,100
Telefonica Deutschland Holding AG		34,328		93,676
Uniper SE		2,997		95,877
United Internet AG, Registered^(d)		3,181		108,180
Volkswagen AG		1,058		273,640
Vonovia SE		23,640		1,254,883
Zalando SE^(a)(c)		7,253		480,052


				40,900,981

Hong Kong — 0.8%
AIA Group Ltd.		394,200		4,093,312
BOC Hong Kong Holdings Ltd.		122,500		440,395
Budweiser Brewing Co. APAC Ltd.^(c)		56,700		175,995
Chow Tai Fook Jewellery Group Ltd.^(a)		64,600		134,144
CK Asset Holdings Ltd.		69,000		435,807
CK Infrastructure Holdings Ltd.		19,500		121,056
CLP Holdings Ltd.		56,000		570,488
ESR Cayman Ltd.^(a)(c)		69,400		214,101
Futu Holdings Ltd., ADR^(a)		1,689		72,205
Galaxy Entertainment Group Ltd.^(a)		68,000		379,252
Hang Lung Properties Ltd.		59,000		123,669
Hang Seng Bank Ltd.		25,500		470,248
Henderson Land Development Co. Ltd.		48,000		199,562
HK Electric Investments & HK Electric Investments Ltd., Class SS		85,000		83,862
HKT Trust & HKT Ltd., Class SS		126,000		169,943
Hong Kong & China Gas Co. Ltd.		358,589		542,275
Hong Kong Exchanges & Clearing Ltd.		38,400		1,860,735
Hongkong Land Holdings Ltd.		38,800		210,117


Security	Shares		Value


Hong Kong (continued)
Jardine Matheson Holdings Ltd.		6,800	$	404,600
Link REIT		69,000		557,575
Melco Resorts & Entertainment Ltd., ADR^(a)		6,948		69,619
MTR Corp. Ltd.		53,000		274,726
New World Development Co. Ltd.		45,333		181,316
Power Assets Holdings Ltd.		48,500		305,673
Sands China Ltd.^(a)		77,200		203,614
Sino Land Co. Ltd.		118,000		148,939
SITC International Holdings Co. Ltd.^(b)		42,000		173,173
Sun Hung Kai Properties Ltd.		46,000		534,786
Swire Pacific Ltd., Class A		14,500		80,130
Swire Properties Ltd.		37,200		96,739
Techtronic Industries Co. Ltd.		48,000		804,291
WH Group Ltd.^(c)		275,500		192,402
Wharf Real Estate Investment Co. Ltd.		54,000		242,421
Xinyi Glass Holdings Ltd.		60,000		159,824


				14,726,994

Ireland — 0.6%
CRH PLC		25,495		1,158,957
Flutter Entertainment PLC, Class DI^(a)		5,465		787,004
James Hardie Industries PLC		14,643		478,051
Kerry Group PLC, Class A		5,227		622,740
Kingspan Group PLC		5,111		499,152
Linde PLC^(a)		16,828		4,934,643
Seagate Technology Holdings PLC		6,728		694,060
Smurfit Kappa Group PLC		8,104		404,732
STERIS PLC		3,273		785,520
Trane Technologies PLC		7,765		1,195,266


				11,560,125

Israel — 0.2%
Azrieli Group Ltd.		1,380		117,730
Bank Hapoalim BM		33,091		350,715
Bank Leumi Le-Israel BM		45,239		490,070
Check Point Software Technologies Ltd.^(a)		3,463		501,719
CyberArk Software Ltd.^(a)(b)		1,328		225,946
Elbit Systems Ltd.		869		178,646
Fiverr International Ltd.^(a)(b)		948		74,807
ICL Group Ltd.		23,122		262,586
Inmode Ltd.^(a)		1,622		69,243
Isracard Ltd.		1		5
Israel Discount Bank Ltd., Class A		38,075		251,072
Kornit Digital Ltd.^(a)(b)		1,508		143,004
Mizrahi Tefahot Bank Ltd.		4,602		179,843
Nice Ltd.^(a)		2,063		466,667
Teva Pharmaceutical Industries Ltd., ADR^(a)(b)		36,282		294,973
Wix.com Ltd.^(a)		1,775		162,555


				3,769,581

Italy — 0.6%
Amplifon SpA		4,075		174,876
Assicurazioni Generali SpA		36,115		714,240
Atlantia SpA^(a)		15,982		293,993
DiaSorin SpA		813		121,669
Enel SpA		265,171		1,954,029
Eni SpA		82,324		1,280,526
Ferrari NV		4,104		881,902
FinecoBank Banca Fineco SpA		13,538		225,622
Infrastrutture Wireless Italiane SpA^(c)		11,042		112,753
Intesa Sanpaolo SpA		538,518		1,376,628
Mediobanca Banca di Credito Finanziario SpA		20,356		211,992


Security	Shares		Value


Italy (continued)
Moncler SpA		6,698	$	402,215
Nexi SpA^(a)(c)		15,317		209,199
Poste Italiane SpA^(c)		17,111		196,255
Prysmian SpA		8,327		274,120
Recordati Industria Chimica e Farmaceutica SpA		3,414		166,984
Snam SpA		65,887		366,085
Telecom Italia SpA/Milano		335,060		140,774
Terna - Rete Elettrica Nazionale		46,012		376,967
UniCredit SpA		69,520		878,351


				10,359,180

Japan — 6.3%
Advantest Corp.		5,800		466,116
Aeon Co. Ltd.		20,700		468,931
AGC Inc.		5,600		248,430
Aisin Corp.		4,300		156,624
Ajinomoto Co. Inc.		15,200		442,943
ANA Holdings Inc.^(a)		4,800		105,687
Asahi Group Holdings Ltd.		15,000		605,090
Asahi Intecc Co. Ltd.		6,300		136,038
Asahi Kasei Corp.		42,900		402,609
Astellas Pharma Inc.		62,200		1,037,758
Azbil Corp.		3,600		136,652
Bandai Namco Holdings Inc.		5,800		425,205
Benefit One Inc.		2,300		53,272
Bridgestone Corp.		18,200		749,493
Brother Industries Ltd.		8,500		154,708
Canon Inc.		32,300		760,114
Capcom Co. Ltd.		5,100		123,781
Central Japan Railway Co.		4,200		567,488
Chiba Bank Ltd./The		17,000		106,861
Chubu Electric Power Co. Inc.		20,400		203,769
Chugai Pharmaceutical Co. Ltd.		21,200		703,281
Concordia Financial Group Ltd.		33,900		137,915
Cosmos Pharmaceutical Corp.		600		83,189
CyberAgent Inc.		13,400		175,348
Dai Nippon Printing Co. Ltd.		6,500		169,680
Daifuku Co. Ltd.		3,000		216,980
Dai-ichi Life Holdings Inc.		32,300		670,811
Daiichi Sankyo Co. Ltd.		59,000		1,439,329
Daikin Industries Ltd.		7,900		1,459,956
Daito Trust Construction Co. Ltd.		1,900		210,216
Daiwa House Industry Co. Ltd.		18,100		513,321
Daiwa House REIT Investment Corp.		64		173,570
Daiwa Securities Group Inc.		48,500		286,756
Denso Corp.		14,200		998,546
Dentsu Group Inc.		6,300		251,371
Disco Corp.		900		254,821
East Japan Railway Co.		10,400		617,851
Eisai Co. Ltd.		8,400		416,764
ENEOS Holdings Inc.		103,800		411,026
FANUC Corp.		6,000		1,102,213
Fast Retailing Co. Ltd.		2,000		1,078,819
Fuji Electric Co. Ltd.		3,600		185,226
FUJIFILM Holdings Corp.		12,100		769,126
Fujitsu Ltd.		6,100		886,232
GLP J-Reit		140		209,021
GMO Payment Gateway Inc.		1,400		135,419
Hakuhodo DY Holdings Inc.		8,400		111,623
Hamamatsu Photonics KK		4,700		238,156
Hankyu Hanshin Holdings Inc.		8,300		248,312


Security	Shares		Value


Japan (continued)
Hikari Tsushin Inc.		600	$	74,558
Hino Motors Ltd.		10,000		93,968
Hirose Electric Co. Ltd.		1,100		165,399
Hitachi Construction Machinery Co. Ltd.		3,100		75,862
Hitachi Ltd.		31,400		1,552,815
Hitachi Metals Ltd.^(a)		6,200		110,518
Honda Motor Co. Ltd.		55,500		1,686,139
Hoshizaki Corp.		1,600		111,554
Hoya Corp.		12,400		1,615,331
Hulic Co. Ltd.		12,700		115,698
Ibiden Co. Ltd.		3,100		151,399
Idemitsu Kosan Co. Ltd.		6,100		163,520
Iida Group Holdings Co. Ltd.		4,300		79,804
Inpex Corp.		33,000		340,148
Isuzu Motors Ltd.		18,600		251,558
Ito En Ltd.		1,600		92,019
ITOCHU Corp.		41,500		1,352,427
Itochu Techno-Solutions Corp.		2,800		72,586
Japan Airlines Co. Ltd.^(a)		4,200		83,280
Japan Exchange Group Inc.		16,500		308,980
Japan Metropolitan Fund Invest		236		191,005
Japan Post Bank Co. Ltd.		13,400		117,576
Japan Post Holdings Co. Ltd.		81,800		676,134
Japan Post Insurance Co. Ltd.		5,800		99,057
Japan Real Estate Investment Corp.		36		192,303
Japan Tobacco Inc.		41,400		761,394
JFE Holdings Inc.		15,900		236,712
JSR Corp.		5,900		185,601
Kajima Corp.		14,700		197,840
Kakaku.com Inc.		3,900		85,803
Kansai Electric Power Co. Inc./The		23,700		238,961
Kansai Paint Co. Ltd.		5,200		104,368
Kao Corp.		15,400		719,902
KDDI Corp.		55,200		1,796,276
Keio Corp.		3,000		122,751
Keisei Electric Railway Co. Ltd.		3,800		106,422
Keyence Corp.		6,300		2,979,904
Kikkoman Corp.		4,600		342,920
Kintetsu Group Holdings Co. Ltd.^(a)		5,000		150,212
Kirin Holdings Co. Ltd.		27,200		452,212
Kobayashi Pharmaceutical Co. Ltd.		1,600		137,039
Kobe Bussan Co. Ltd.		4,000		132,439
Koei Tecmo Holdings Co. Ltd.		1,700		59,033
Koito Manufacturing Co. Ltd.		3,000		155,169
Komatsu Ltd.		28,700		660,213
Konami Holdings Corp.		2,800		159,294
Kose Corp.		1,200		137,567
Kubota Corp.		33,100		593,869
Kurita Water Industries Ltd.		2,900		119,842
Kyocera Corp.		11,000		633,083
Kyowa Kirin Co. Ltd.		9,500		243,114
Lasertec Corp.		2,300		426,357
Lawson Inc.		1,500		62,544
Lion Corp.		6,500		85,197
Lixil Corp.		9,400		209,501
M3 Inc.		14,500		545,541
Makita Corp.		7,100		253,052
Marubeni Corp.		52,000		545,825
Mazda Motor Corp.^(a)		18,200		134,614
McDonald’s Holdings Co. Japan Ltd.		2,300		98,896


Security	Shares		Value


Japan (continued)
Medipal Holdings Corp.		5,300	$	97,001
MEIJI Holdings Co. Ltd.		3,600		216,065
Mercari Inc.^(a)		3,000		93,960
MINEBEA MITSUMI Inc.		12,200		267,801
MISUMI Group Inc.		9,900		317,371
Mitsubishi Chemical Holdings Corp.		43,700		310,437
Mitsubishi Corp.		43,700		1,469,355
Mitsubishi Electric Corp.		61,200		740,246
Mitsubishi Estate Co. Ltd.		40,900		624,472
Mitsubishi Gas Chemical Co. Inc.		4,600		81,613
Mitsubishi HC Capital Inc.		20,900		108,689
Mitsubishi Heavy Industries Ltd.		10,900		321,469
Mitsubishi UFJ Financial Group Inc.		391,200		2,401,570
Mitsui & Co. Ltd.		51,900		1,294,007
Mitsui Chemicals Inc.		5,400		138,049
Mitsui Fudosan Co. Ltd.		29,900		665,456
Mitsui OSK Lines Ltd.		3,800		308,720
Miura Co. Ltd.		2,600		71,260
Mizuho Financial Group Inc.		79,890		1,052,880
MonotaRO Co. Ltd.		8,900		167,525
MS&AD Insurance Group Holdings Inc.		14,600		494,016
Murata Manufacturing Co. Ltd.		18,300		1,243,763
NEC Corp.		7,800		337,472
Nexon Co. Ltd.		16,000		349,557
NGK Insulators Ltd.		9,100		141,322
Nidec Corp.		14,600		1,269,231
Nihon M&A Center Holdings Inc.		10,400		153,827
Nintendo Co. Ltd.		3,500		1,772,581
Nippon Building Fund Inc.		48		275,055
Nippon Express Holdings Inc.		2,200		133,364
Nippon Paint Holdings Co. Ltd.		23,900		213,907
Nippon Prologis REIT Inc.		60		176,403
Nippon Sanso Holdings Corp.		4,400		85,993
Nippon Shinyaku Co. Ltd.		1,400		91,182
Nippon Steel Corp.		28,647		524,497
Nippon Telegraph & Telephone Corp.		39,100		1,123,769
Nippon Yusen KK		5,100		477,824
Nissan Chemical Corp.		3,500		198,941
Nissan Motor Co. Ltd.^(a)		77,200		368,181
Nisshin Seifun Group Inc.		5,800		82,325
Nissin Foods Holdings Co. Ltd.		1,800		143,815
Nitori Holdings Co. Ltd.		2,500		376,195
Nitto Denko Corp.		4,500		328,403
Nomura Holdings Inc.		103,900		474,104
Nomura Real Estate Holdings Inc.		3,500		87,145
Nomura Real Estate Master Fund Inc.		140		184,626
Nomura Research Institute Ltd.		11,400		400,172
NTT Data Corp.		20,000		379,882
Obayashi Corp.		20,500		171,646
Obic Co. Ltd.		2,200		353,835
Odakyu Electric Railway Co. Ltd.		10,200		168,285
Oji Holdings Corp.		26,900		137,436
Olympus Corp.		35,400		718,991
Omron Corp.		5,400		367,462
Ono Pharmaceutical Co. Ltd.		12,400		305,288
Open House Group Co. Ltd.		2,400		109,126
Oracle Corp. Japan		1,100		78,568
Oriental Land Co. Ltd./Japan		6,800		1,257,080
ORIX Corp.		42,000		832,571
Orix JREIT Inc.		92		128,710


Security	Shares		Value


Japan (continued)
Osaka Gas Co. Ltd.		12,500	$	228,766
Otsuka Corp.		3,300		128,184
Otsuka Holdings Co. Ltd.		13,000		448,164
Pan Pacific International Holdings Corp.		13,600		222,605
Panasonic Corp.		73,900		771,760
Persol Holdings Co. Ltd.		5,200		116,489
Pola Orbis Holdings Inc.		2,700		42,533
Rakuten Group Inc.		28,500		242,268
Recruit Holdings Co. Ltd.		44,300		1,869,911
Renesas Electronics Corp.^(a)		43,000		506,570
Resona Holdings Inc.		69,100		309,036
Ricoh Co. Ltd.		21,100		180,000
Rinnai Corp.		1,100		90,493
Rohm Co. Ltd.		3,000		239,261
Ryohin Keikaku Co. Ltd.		9,000		132,549
Santen Pharmaceutical Co. Ltd.		12,100		137,905
SBI Holdings Inc./Japan		8,700		228,218
SCSK Corp.		4,600		78,754
Secom Co. Ltd.		7,100		521,469
Seiko Epson Corp.		9,700		149,190
Sekisui Chemical Co. Ltd.		12,600		206,337
Sekisui House Ltd.		19,600		399,607
Seven & i Holdings Co. Ltd.		25,200		1,226,175
SG Holdings Co. Ltd.		10,900		231,027
Sharp Corp./Japan		6,200		58,628
Shimadzu Corp.		8,500		306,144
Shimano Inc.		2,200		512,309
Shimizu Corp.		17,700		117,159
Shin-Etsu Chemical Co. Ltd.		11,873		1,854,421
Shionogi & Co. Ltd.		9,300		618,379
Shiseido Co. Ltd.		13,300		763,235
Shizuoka Bank Ltd./The		14,600		107,940
SMC Corp.		1,900		1,135,001
SoftBank Corp.		96,500		1,219,218
SoftBank Group Corp.		39,900		1,790,552
Sohgo Security Services Co. Ltd.		2,100		75,819
Sompo Holdings Inc.		10,800		468,915
Sony Group Corp.		41,500		4,240,146
Square Enix Holdings Co. Ltd.		2,500		121,921
Stanley Electric Co. Ltd.		3,800		90,299
Subaru Corp.		19,500		319,815
SUMCO Corp.		11,300		188,586
Sumitomo Chemical Co. Ltd.		49,800		237,757
Sumitomo Corp.		36,000		587,362
Sumitomo Dainippon Pharma Co. Ltd.		5,200		57,068
Sumitomo Electric Industries Ltd.		25,200		334,533
Sumitomo Metal Mining Co. Ltd.		8,800		438,966
Sumitomo Mitsui Financial Group Inc.		43,100		1,528,423
Sumitomo Mitsui Trust Holdings Inc.		11,400		405,065
Sumitomo Realty & Development Co. Ltd.		10,600		311,834
Suntory Beverage & Food Ltd.		4,100		163,381
Suzuki Motor Corp.		12,300		489,761
Sysmex Corp.		4,900		392,247
T&D Holdings Inc.		17,300		251,256
Taisei Corp.		5,600		186,208
Taisho Pharmaceutical Holdings Co. Ltd.		1,100		54,604
Takeda Pharmaceutical Co. Ltd.		52,126		1,589,337
TDK Corp.		12,900		522,104
Terumo Corp.		20,400		662,559
TIS Inc.		6,500		153,846


Security	Shares		Value


Japan (continued)
Tobu Railway Co. Ltd.		5,500	$	135,193
Toho Co. Ltd./Tokyo		3,200		133,457
Tokio Marine Holdings Inc.		19,900		1,132,331
Tokyo Century Corp.		1,100		48,226
Tokyo Electric Power Co. Holdings Inc.^(a)		54,900		172,331
Tokyo Electron Ltd.		5,000		2,453,887
Tokyo Gas Co. Ltd.		12,500		254,604
Tokyu Corp.		16,200		216,049
TOPPAN INC		9,200		181,280
Toray Industries Inc.		46,800		266,886
Toshiba Corp.		13,900		554,190
Tosoh Corp.		9,000		139,663
TOTO Ltd.		4,100		172,597
Toyo Suisan Kaisha Ltd.		2,600		109,296
Toyota Industries Corp.		4,700		357,487
Toyota Motor Corp.		347,300		6,354,262
Toyota Tsusho Corp.		6,200		257,393
Trend Micro Inc./Japan		3,900		217,880
Tsuruha Holdings Inc.		1,200		96,474
Unicharm Corp.		13,400		505,102
USS Co. Ltd.		6,400		106,317
Welcia Holdings Co. Ltd.		2,700		72,001
West Japan Railway Co.		6,900		297,693
Yakult Honsha Co. Ltd.		4,200		227,929
Yamaha Corp.		4,300		201,750
Yamaha Motor Co. Ltd.		10,300		231,540
Yamato Holdings Co. Ltd.		10,100		198,352
Yaskawa Electric Corp.		8,600		344,316
Yokogawa Electric Corp.		8,300		133,915
Z Holdings Corp.		89,900		440,047
ZOZO Inc.		3,600		102,512


				119,595,077

Liechtenstein — 0.1%
ArcelorMittal SA		21,911		679,868
Tenaris SA		15,470		199,366


				879,234

Netherlands — 1.6%
ABN AMRO Bank NV, CVA^(c)		14,184		188,750
Adyen NV^(a)(c)		650		1,354,777
Aegon NV		63,733		314,828
AerCap Holdings NV^(a)		4,408		239,927
Akzo Nobel NV		6,119		582,175
Argenx SE^(a)(b)		1,536		444,738
ASM International NV		1,559		503,506
ASML Holding NV		13,503		9,033,828
CNH Industrial NV		33,438		475,639
Davide Campari-Milano NV		17,106		186,162
Euronext NV^(c)		2,861		258,266
EXOR NV		3,625		274,650
Heineken Holding NV		3,849		314,344
Heineken NV		8,637		876,124
IMCD NV		1,898		308,314
ING Groep NV		129,347		1,510,578
InPost SA^(a)		6,588		40,685
JDE Peet’s NV		3,370		110,635
Just Eat Takeaway.com NV^(a)(c)		6,074		245,828
Koninklijke Ahold Delhaize NV		34,851		1,072,095
Koninklijke DSM NV		5,821		1,092,974
Koninklijke KPN NV		112,455		384,836


Security	Shares		Value


Netherlands (continued)
Koninklijke Philips NV		30,375	$	1,037,569
NN Group NV		9,019		432,866
NXP Semiconductors NV		8,778		1,668,873
Prosus NV		30,956		1,921,799
QIAGEN NV^(a)		7,627		383,199
Randstad NV		4,099		279,341
Stellantis NV		67,880		1,233,507
STMicroelectronics NV		22,962		963,899
Universal Music Group NV		24,186		552,227
Wolters Kluwer NV		8,918		908,653


				29,195,592

New Zealand — 0.1%
Auckland International Airport Ltd.^(a)		40,947		198,266
Fisher & Paykel Healthcare Corp. Ltd.		19,771		371,537
Mercury NZ Ltd.		22,412		87,301
Meridian Energy Ltd.		42,013		142,638
Ryman Healthcare Ltd.		13,953		94,907
Spark New Zealand Ltd.		61,207		187,924
Xero Ltd.^(a)		4,360		299,785


				1,382,358

Norway — 0.2%
Adevinta ASA^(a)		8,057		86,313
Aker BP ASA		4,130		129,354
DNB Bank ASA		30,347		679,417
Equinor ASA		31,527		991,067
Gjensidige Forsikring ASA		6,548		161,962
Mowi ASA		12,692		326,804
Norsk Hydro ASA		39,635		376,377
Orkla ASA		24,577		230,222
Schibsted ASA, Class A		2,395		68,827
Schibsted ASA, Class B		3,193		82,652
Telenor ASA		22,862		338,257
Yara International ASA		5,412		275,633


				3,746,885

Portugal — 0.0%
EDP - Energias de Portugal SA		90,669		442,687
Galp Energia SGPS SA		16,424		181,802
Jeronimo Martins SGPS SA		9,259		201,862


				826,351

Singapore — 0.4%
Ascendas Real Estate Investment Trust		110,816		227,222
CapitaLand Integrated Commercial Trust^(b)		161,876		253,338
Capitaland Investment Ltd./Singapore^(a)		88,300		241,965
City Developments Ltd.		13,500		71,435
DBS Group Holdings Ltd.		59,600		1,498,352
Genting Singapore Ltd.		200,500		114,620
Keppel Corp. Ltd.		47,500		211,468
Mapletree Commercial Trust		71,800		96,286
Mapletree Logistics Trust		103,900		135,084
Oversea-Chinese Banking Corp. Ltd.		111,600		967,061
Sea Ltd., ADR^(a)		10,472		1,524,723
Singapore Airlines Ltd.^(a)		44,700		169,256
Singapore Exchange Ltd.		7,500		52,033
Singapore Technologies Engineering Ltd.		51,200		145,097
Singapore Telecommunications Ltd.		276,500		518,652
United Overseas Bank Ltd.		40,100		891,238
UOL Group Ltd.		15,100		78,255
Venture Corp. Ltd.		9,700		126,531


Security	Shares		Value


Singapore (continued)
Wilmar International Ltd.		63,300	$	205,727


				7,528,343

Spain — 0.6%
ACS Actividades de Construccion y Servicios SA		8,187		198,949
Aena SME SA^(a)(c)		2,445		399,037
Amadeus IT Group SA^(a)		14,603		963,456
Banco Bilbao Vizcaya Argentaria SA		216,074		1,282,124
Banco Santander SA		567,421		1,889,521
CaixaBank SA		144,690		475,246
Cellnex Telecom SA^(c)		16,900		764,424
EDP Renovaveis SA		9,414		228,828
Enagas SA		2,268		47,931
Endesa SA		10,386		228,299
Ferrovial SA		15,863		432,175
Grifols SA		9,768		185,202
Iberdrola SA		190,000		2,155,661
Industria de Diseno Textil SA		35,440		924,480
Naturgy Energy Group SA		6,387		171,361
Red Electrica Corp. SA		5,764		114,187
Repsol SA		47,345		614,350
Siemens Gamesa Renewable Energy SA^(a)(b)		7,803		179,545
Telefonica SA		171,791		820,460


				12,075,236

Sweden — 0.9%
Alfa Laval AB		10,272		333,130
Assa Abloy AB, Class B		32,232		846,016
Atlas Copco AB, Class A		22,123		1,134,558
Atlas Copco AB, Class B		12,731		575,253
Boliden AB		8,755		389,426
Electrolux AB, Class B		7,384		132,212
Embracer Group AB^(a)(b)		15,563		133,595
Epiroc AB, Class A		21,518		404,337
Epiroc AB, Class B		12,753		206,731
EQT AB		9,586		320,844
Essity AB, Class B		20,384		524,601
Evolution AB^(c)		5,638		646,448
Fastighets AB Balder, Class B^(a)		3,431		213,885
Getinge AB, Class B		7,472		290,022
H & M Hennes & Mauritz AB, Class B		24,979		416,877
Hexagon AB, Class B		64,572		872,347
Husqvarna AB, Class B		13,701		165,016
Industrivarden AB, Class A		3,716		102,617
Industrivarden AB, Class C		5,229		141,731
Investment AB Latour, Class B		4,849		133,943
Investor AB		16,288		360,168
Investor AB, Class B		59,387		1,209,266
Kinnevik AB, Class B^(a)		7,916		201,544
L E Lundbergforetagen AB, Class B		2,494		120,428
Lifco AB, Class B		7,626		173,351
Lundin Energy AB		6,637		244,899
Nibe Industrier AB, Class B		47,033		418,677
Sagax AB, Class B		5,268		143,244
Sandvik AB		36,826		793,693
Securitas AB, Class B		10,272		124,362
Sinch AB^(a)(b)(c)		17,102		144,262
Skandinaviska Enskilda Banken AB, Class A		53,109		611,835
Skanska AB, Class B		11,124		251,773
SKF AB, Class B		12,492		230,655
Svenska Cellulosa AB SCA, Class B		19,382		316,228


Security	Shares		Value


Sweden (continued)
Svenska Handelsbanken AB, Class A		47,152	$	448,265
Swedbank AB, Class A		29,559		477,587
Swedish Match AB		51,661		375,562
Tele2 AB, Class B		16,398		217,292
Telefonaktiebolaget LM Ericsson, Class B		93,256		858,132
Telia Co. AB		87,956		327,036
Volvo AB, Class A		6,567		128,329
Volvo AB, Class B		46,957		903,165


				17,063,342

Switzerland — 2.9%
ABB Ltd., Registered		52,955		1,789,503
Adecco Group AG, Registered		5,216		246,344
Alcon Inc.		16,036		1,238,902
Bachem Holding AG, Class B, Registered		197		117,240
Baloise Holding AG, Registered		1,557		261,175
Barry Callebaut AG, Registered		120		276,799
Chocoladefabriken Lindt & Spruengli AG, Participation Certificates, NVS		31		328,838
Chocoladefabriken Lindt & Spruengli AG, Registered		3		336,735
Cie. Financiere Richemont SA, Class A, Registered		17,306		2,317,386
Clariant AG, Registered		7,292		131,641
Coca-Cola HBC AG, Class DI		6,545		166,286
Credit Suisse Group AG, Registered		89,141		746,743
EMS-Chemie Holding AG, Registered		236		233,435
Geberit AG, Registered		1,196		782,396
Givaudan SA, Registered		300		1,252,622
Holcim Ltd.		16,814		846,383
Julius Baer Group Ltd.		7,447		436,070
Kuehne + Nagel International AG, Registered		1,825		497,705
Logitech International SA, Registered		5,815		435,130
Lonza Group AG, Registered		2,400		1,660,564
Nestle SA, Registered		92,093		11,999,324
Novartis AG, Registered		71,267		6,263,756
Partners Group Holding AG		754		1,019,249
Roche Holding AG, Bearer		1,118		466,663
Roche Holding AG, NVS		22,883		8,666,554
Schindler Holding AG, Participation Certificates, NVS		1,381		316,864
Schindler Holding AG, Registered		666		149,285
SGS SA, Registered		191		546,518
Siemens Energy AG^(a)		13,058		310,568
Sika AG, Registered		4,567		1,515,489
Sonova Holding AG, Registered		1,839		712,050
Straumann Holding AG, Registered		327		519,427
Swatch Group AG (The), Bearer		968		297,676
Swatch Group AG (The), Registered		1,785		105,748
Swiss Life Holding AG, Registered		1,053		642,517
Swiss Prime Site AG, Registered		2,566		251,451
Swiss Re AG		9,678		924,788
Swisscom AG, Registered		876		524,735
Temenos AG, Registered		2,269		228,067
UBS Group AG, Registered		113,593		2,089,744
VAT Group AG^(c)		908		343,129
Vifor Pharma AG		1,638		287,517
Zurich Insurance Group AG		5,010		2,299,570


				54,582,586

United Kingdom — 3.8%
3i Group PLC		31,736		565,349
abrdn plc		71,086		197,031
Admiral Group PLC		6,792		270,563


Security	Shares		Value


United Kingdom (continued)
Amcor PLC		51,579	$	599,864
Anglo American PLC		42,472		2,155,952
Antofagasta PLC		12,865		260,488
Aptiv PLC^(a)		8,848		1,145,285
Ashtead Group PLC		14,588		947,955
Associated British Foods PLC		11,609		297,027
AstraZeneca PLC		50,496		6,137,603
Auto Trader Group PLC^(c)		31,277		276,616
AVEVA Group PLC		3,925		129,972
Aviva PLC		127,773		715,960
BAE Systems PLC		104,548		1,003,764
Barclays PLC		551,775		1,348,295
Barratt Developments PLC		33,230		270,665
Berkeley Group Holdings PLC		3,658		190,239
BP PLC		655,879		3,196,828
British American Tobacco PLC		71,520		3,134,499
British Land Co. PLC/The		28,694		202,772
BT Group PLC		292,857		730,705
Bunzl PLC		10,993		434,419
Burberry Group PLC		13,195		342,096
Clarivate PLC^(a)(b)		11,524		172,630
Coca-Cola Europacific Partners PLC		6,710		343,619
Compass Group PLC		58,653		1,325,737
Croda International PLC		4,545		454,950
DCC PLC		3,208		251,743
Diageo PLC		76,077		3,769,033
Entain PLC^(a)		19,793		444,994
Experian PLC		30,049		1,173,848
Ferguson PLC		7,244		1,103,826
GlaxoSmithKline PLC		164,018		3,420,453
Halma PLC		12,380		399,305
Hargreaves Lansdown PLC		11,594		175,721
Hikma Pharmaceuticals PLC		5,658		157,518
HSBC Holdings PLC		668,333		4,639,756
Imperial Brands PLC		29,939		654,654
Informa PLC^(a)		49,003		387,998
InterContinental Hotels Group PLC^(a)		5,997		417,588
Intertek Group PLC		5,264		377,860
J Sainsbury PLC		56,998		210,215
JD Sports Fashion PLC		84,097		169,173
Johnson Matthey PLC		6,309		158,542
Kingfisher PLC		68,541		279,603
Land Securities Group PLC		22,977		243,481
Legal & General Group PLC		195,812		724,001
Lloyds Banking Group PLC		2,310,713		1,489,266
London Stock Exchange Group PLC		10,655		930,785
M&G PLC		84,745		233,292
Melrose Industries PLC		142,524		281,979
Mondi PLC		15,884		333,269
National Grid PLC		117,898		1,782,543
NatWest Group PLC		188,014		576,105
Next PLC		4,338		397,198
Ocado Group PLC^(a)		15,593		286,738
Pearson PLC		24,584		212,674
Persimmon PLC		10,508		338,185
Phoenix Group Holdings PLC		22,855		189,429
Prudential PLC		85,622		1,294,473
Reckitt Benckiser Group PLC		23,278		1,971,114
RELX PLC		63,029		1,919,421
Rentokil Initial PLC		63,246		429,210


Security	Shares		Value


United Kingdom (continued)
Rolls-Royce Holdings PLC^(a)		272,470	$	375,862
Royalty Pharma PLC, Class A		11,201		439,751
Sage Group PLC/The		35,972		337,469
Schroders PLC		4,053		165,922
Segro PLC		39,156		680,964
Sensata Technologies Holding PLC^(a)		5,204		301,364
Severn Trent PLC		8,157		313,824
Smith & Nephew PLC		28,660		512,610
Smiths Group PLC		12,931		263,800
Spirax-Sarco Engineering PLC		2,357		375,599
SSE PLC		34,035		772,415
St. James’s Place PLC		17,595		329,870
Standard Chartered PLC		85,792		611,405
Taylor Wimpey PLC		128,543		257,830
Tesco PLC		255,840		991,113
Unilever PLC		84,590		4,249,122
United Utilities Group PLC		22,236		319,146
Vodafone Group PLC		911,229		1,604,071
Whitbread PLC^(a)		6,588		257,165
WPP PLC		38,868		546,674


				72,381,852

United States — 67.6%
10X Genomics Inc., Class A^(a)		2,442		198,950
3M Co.		18,874		2,805,620
A O Smith Corp.		4,371		299,763
Abbott Laboratories		57,800		6,971,836
AbbVie Inc.		57,617		8,514,064
ABIOMED Inc.^(a)		1,485		461,449
Accenture PLC, Class A		20,682		6,535,926
Activision Blizzard Inc.		25,418		2,071,567
Adobe Inc.^(a)		15,534		7,264,941
Advance Auto Parts Inc.		2,063		421,842
Advanced Micro Devices Inc.^(a)		53,461		6,593,880
AES Corp. (The)		21,724		461,201
Affirm Holdings Inc.^(a)(b)		5,536		231,626
Aflac Inc.		20,823		1,272,077
Agilent Technologies Inc.		9,892		1,289,521
AGNC Investment Corp.		16,728		215,958
Air Products and Chemicals Inc.		7,219		1,705,850
Airbnb Inc., Class A^(a)		9,648		1,461,576
Akamai Technologies Inc.^(a)		5,405		585,145
Albemarle Corp.		3,864		756,919
Alexandria Real Estate Equities Inc.		4,722		894,347
Align Technology Inc.^(a)		2,443		1,249,497
Alleghany Corp.^(a)		452		299,188
Allegion PLC		2,952		338,063
Alliant Energy Corp.		8,437		492,721
Allstate Corp. (The)		9,656		1,181,508
Ally Financial Inc.		11,755		586,575
Alnylam Pharmaceuticals Inc.^(a)		3,870		610,880
Alphabet Inc., Class A^(a)		9,830		26,552,206
Alphabet Inc., Class C, NVS^(a)		9,359		25,248,897
Altria Group Inc.		60,467		3,101,352
Amazon.com Inc.^(a)		14,937		45,875,411
AMC Entertainment Holdings Inc., Class A^(a)(b)		16,084		303,344
AMERCO		318		183,680
Ameren Corp.		8,433		724,816
American Electric Power Co. Inc.		16,338		1,481,040
American Express Co.		22,022		4,284,160
American Financial Group Inc./OH		2,364		320,062


Security	Shares		Value


United States (continued)
American International Group Inc.		27,023	$	1,654,889
American Tower Corp.		14,821		3,362,440
American Water Works Co. Inc.		5,921		894,604
Ameriprise Financial Inc.		3,713		1,113,120
AmerisourceBergen Corp.		5,097		726,475
AMETEK Inc.		7,549		979,785
Amgen Inc.		18,607		4,214,113
Amphenol Corp., Class A		19,434		1,477,178
Analog Devices Inc.		17,529		2,809,723
Annaly Capital Management Inc.		47,425		330,078
ANSYS Inc.^(a)		2,851		924,266
Anthem Inc.		7,904		3,571,422
Aon PLC, Class A		7,372		2,153,656
Apollo Global Management Inc.		10,789		704,090
Apple Inc.		536,920		88,656,230
Applied Materials Inc.		29,445		3,951,519
Aramark		7,562		279,492
Arch Capital Group Ltd.^(a)		12,929		609,085
Archer-Daniels-Midland Co.		18,481		1,449,834
Arista Networks Inc.^(a)		7,517		922,561
Arrow Electronics Inc.^(a)		2,362		287,881
Arthur J Gallagher & Co.		6,737		1,065,726
Asana Inc., Class A^(a)(b)		2,191		120,045
Assurant Inc.		1,932		327,880
AT&T Inc.		232,832		5,515,790
Atmos Energy Corp.		4,313		473,611
Autodesk Inc.^(a)		7,225		1,591,162
Automatic Data Processing Inc.		13,799		2,821,068
AutoZone Inc.^(a)		708		1,319,280
Avalara Inc.^(a)		2,834		294,481
AvalonBay Communities Inc.		4,554		1,086,539
Avantor Inc.^(a)		17,448		605,271
Avery Dennison Corp.		2,709		477,326
Baker Hughes Co.		27,114		796,609
Ball Corp.		10,821		971,077
Bank of America Corp.		241,051		10,654,454
Bank of New York Mellon Corp. (The)		26,706		1,419,424
Bath & Body Works Inc.		8,758		467,414
Baxter International Inc.		16,374		1,391,299
Becton Dickinson and Co.		9,370		2,541,894
Bentley Systems Inc., Class B		5,815		223,238
Berkshire Hathaway Inc., Class B^(a)		42,658		13,712,414
Best Buy Co. Inc.		7,367		711,947
Bill.com Holdings Inc.^(a)		2,438		579,951
Biogen Inc.^(a)		4,825		1,018,123
BioMarin Pharmaceutical Inc.^(a)		6,159		481,141
Bio-Rad Laboratories Inc., Class A^(a)		750		469,470
Bio-Techne Corp.		1,264		530,134
Black Knight Inc.^(a)		5,275		296,402
BlackRock Inc.^(e)		4,962		3,691,182
Blackstone Inc., NVS		22,523		2,871,007
Block Inc.^(a)		15,867		2,023,043
Boeing Co. (The)^(a)		18,204		3,738,009
Booking Holdings Inc.^(a)		1,339		2,908,643
Booz Allen Hamilton Holding Corp.		4,678		377,468
BorgWarner Inc.		7,883		323,282
Boston Properties Inc.		4,851		593,326
Boston Scientific Corp.^(a)		46,721		2,063,667
Bristol-Myers Squibb Co.		72,475		4,976,858
Broadcom Inc.		13,375		7,857,010


Security	Shares		Value


United States (continued)
Broadridge Financial Solutions Inc.		3,848	$	562,616
Brown & Brown Inc.		7,840		530,062
Brown-Forman Corp., Class B, NVS		10,129		660,715
Bunge Ltd.		4,732		494,731
Burlington Stores Inc.^(a)(b)		2,187		494,021
Cable One Inc.		169		242,152
Cadence Design Systems Inc.^(a)		9,033		1,367,867
Caesars Entertainment Inc.^(a)(b)		6,986		588,151
Camden Property Trust		3,217		531,159
Campbell Soup Co.		6,705		301,524
Capital One Financial Corp.		13,904		2,131,066
Cardinal Health Inc.		9,526		514,499
Carlyle Group Inc. (The)		5,238		245,505
CarMax Inc.^(a)		5,295		578,902
Carnival Corp.^(a)		27,122		551,390
Carrier Global Corp.		26,909		1,207,676
Carvana Co.^(a)(b)		2,485		373,918
Catalent Inc.^(a)		5,464		557,547
Caterpillar Inc.		17,900		3,357,682
Cboe Global Markets Inc.		3,491		409,459
CBRE Group Inc., Class A^(a)		10,965		1,061,960
CDW Corp./DE		4,492		774,690
Celanese Corp.		3,618		503,915
Centene Corp.^(a)		19,213		1,587,378
CenterPoint Energy Inc.		19,592		535,841
Ceridian HCM Holding Inc.^(a)		4,533		330,501
Cerner Corp.		9,663		901,075
CF Industries Holdings Inc.		7,045		571,984
CH Robinson Worldwide Inc.		4,323		417,948
Charles River Laboratories International Inc.^(a)		1,615		470,223
Charles Schwab Corp. (The)		47,465		4,008,894
Charter Communications Inc., Class A^(a)		4,186		2,519,051
Cheniere Energy Inc.		8,003		1,063,599
Chevron Corp.		63,053		9,079,632
Chewy Inc., Class A^(a)(b)		2,640		124,450
Chipotle Mexican Grill Inc.^(a)		915		1,393,865
Chubb Ltd.		14,205		2,892,706
Church & Dwight Co. Inc.		8,034		786,127
Cigna Corp.		11,095		2,638,169
Cincinnati Financial Corp.		5,108		627,211
Cintas Corp.		3,007		1,128,587
Cisco Systems Inc.		137,405		7,663,077
Citigroup Inc.		66,113		3,915,873
Citizens Financial Group Inc.		13,949		731,207
Citrix Systems Inc.		3,924		402,210
Clorox Co. (The)		4,019		585,930
Cloudflare Inc., Class A^(a)		7,743		901,440
CME Group Inc.		11,772		2,784,431
CMS Energy Corp.		9,647		617,504
Coca-Cola Co. (The)		133,811		8,328,397
Cognex Corp.		5,892		398,064
Cognizant Technology Solutions Corp., Class A		17,163		1,478,249
Coinbase Global Inc., Class A^(a)		1,234		235,410
Colgate-Palmolive Co.		26,146		2,011,935
Comcast Corp., Class A		149,348		6,983,512
Conagra Brands Inc.		16,120		563,716
ConocoPhillips		43,680		4,143,485
Consolidated Edison Inc.		11,549		990,558
Constellation Brands Inc., Class A		5,495		1,184,832
Constellation Energy Corp.		10,751		494,331


Security	Shares		Value


United States (continued)
Cooper Companies Inc. (The)		1,625	$	664,658
Copart Inc.^(a)		6,909		848,978
Corning Inc.		26,431		1,067,812
Corteva Inc.		23,979		1,247,627
CoStar Group Inc.^(a)		12,898		786,907
Costco Wholesale Corp.		14,409		7,481,873
Coterra Energy Inc.		25,420		593,049
Coupa Software Inc.^(a)(b)		2,490		301,315
Crowdstrike Holdings Inc., Class A^(a)		6,166		1,203,665
Crown Castle International Corp.		14,156		2,358,248
Crown Holdings Inc.		4,308		528,462
CSX Corp.		73,551		2,494,114
Cummins Inc.		4,673		953,853
CVS Health Corp.		43,036		4,460,681
Danaher Corp.		20,985		5,758,494
Darden Restaurants Inc.		4,258		618,347
Datadog Inc., Class A^(a)		7,155		1,152,742
DaVita Inc.^(a)		2,451		276,399
Deere & Co.		9,607		3,458,712
Dell Technologies Inc., Class C^(a)		9,124		464,959
Delta Air Lines Inc.^(a)		5,287		211,057
DENTSPLY SIRONA Inc.		7,171		388,238
Devon Energy Corp.		21,037		1,252,753
Dexcom Inc.^(a)		3,154		1,305,472
Diamondback Energy Inc.		5,622		776,398
Digital Realty Trust Inc.		9,218		1,243,693
Discover Financial Services		9,785		1,207,860
Discovery Inc., Class A^(a)(b)		5,315		149,086
Discovery Inc., Class C, NVS^(a)		10,354		289,601
DISH Network Corp., Class A^(a)		8,101		258,908
DocuSign Inc.^(a)		6,343		751,201
Dollar General Corp.		7,616		1,510,557
Dollar Tree Inc.^(a)		7,346		1,043,720
Dominion Energy Inc.		26,230		2,086,072
Domino’s Pizza Inc.		1,202		519,516
DoorDash Inc., Class A^(a)		3,506		367,955
Dover Corp.		4,786		750,732
Dow Inc.		24,668		1,454,425
DR Horton Inc.		11,118		949,477
DraftKings Inc., Class A^(a)(b)		10,521		249,137
Dropbox Inc., Class A^(a)		10,392		235,794
DTE Energy Co.		6,293		765,166
Duke Energy Corp.		25,095		2,519,789
Duke Realty Corp.		12,457		660,221
DuPont de Nemours Inc.		17,077		1,321,247
Dynatrace Inc.^(a)		6,205		275,626
Eastman Chemical Co.		4,531		536,788
Eaton Corp. PLC		13,053		2,013,947
eBay Inc.		21,230		1,158,946
Ecolab Inc.		8,416		1,483,404
Edison International		12,612		799,853
Edwards Lifesciences Corp.^(a)		20,339		2,285,493
Elanco Animal Health Inc.^(a)		13,967		396,802
Electronic Arts Inc.		9,292		1,208,796
Eli Lilly & Co.		26,509		6,625,925
Emerson Electric Co.		19,515		1,813,334
Enphase Energy Inc.^(a)		4,199		699,973
Entegris Inc.^(b)		4,431		578,157
Entergy Corp.		6,596		693,965
EOG Resources Inc.		19,061		2,190,490


Security	Shares		Value


United States (continued)
EPAM Systems Inc.^(a)		1,828	$	379,767
Equifax Inc.		3,972		867,246
Equinix Inc.		2,927		2,077,380
Equitable Holdings Inc.		12,180		397,799
Equity LifeStyle Properties Inc.		5,832		435,184
Equity Residential		11,736		1,001,081
Erie Indemnity Co., Class A, NVS		842		147,434
Essential Utilities Inc.		7,670		361,334
Essex Property Trust Inc.		2,122		673,035
Estee Lauder Companies Inc. (The), Class A		7,604		2,253,293
Etsy Inc.^(a)		4,130		639,696
Everest Re Group Ltd.		1,250		372,775
Evergy Inc.		7,664		478,310
Eversource Energy		11,364		929,575
Exact Sciences Corp.^(a)		5,695		444,552
Exelon Corp.		32,233		1,371,836
Expedia Group Inc.^(a)		4,754		932,307
Expeditors International of Washington Inc.		5,555		574,165
Extra Space Storage Inc.		4,369		822,027
Exxon Mobil Corp.		138,035		10,824,705
F5 Inc.^(a)		1,973		396,277
FactSet Research Systems Inc.		1,242		504,364
Fair Isaac Corp.^(a)		911		429,254
Fastenal Co.		18,772		966,007
FedEx Corp.		8,259		1,835,728
Fidelity National Financial Inc.		8,830		420,661
Fidelity National Information Services Inc.		20,153		1,919,170
Fifth Third Bancorp		22,529		1,077,787
First Citizens BancShares Inc./NC, Class A		389		306,707
First Republic Bank/CA		5,768		999,364
FirstEnergy Corp.		18,113		758,029
Fiserv Inc.^(a)		19,451		1,899,779
FleetCor Technologies Inc.^(a)		2,565		600,723
FMC Corp.		4,345		509,451
Ford Motor Co.		128,869		2,262,940
Fortinet Inc.^(a)		4,567		1,573,423
Fortive Corp.		11,155		722,286
Fortune Brands Home & Security Inc.		4,516		392,440
Fox Corp., Class A, NVS		10,540		440,888
Fox Corp., Class B		4,991		190,956
Franklin Resources Inc.		9,915		294,773
Freeport-McMoRan Inc.		48,310		2,268,154
Garmin Ltd.		4,944		546,015
Gartner Inc.^(a)		2,731		765,827
Generac Holdings Inc.^(a)		2,066		651,761
General Dynamics Corp.		7,756		1,818,394
General Electric Co.		35,808		3,420,022
General Mills Inc.		19,797		1,334,912
General Motors Co.^(a)		42,623		1,991,347
Genuine Parts Co.		4,683		572,075
Gilead Sciences Inc.		40,907		2,470,783
Global Payments Inc.		9,743		1,299,521
Globe Life Inc.		3,177		320,750
GoDaddy Inc., Class A^(a)		5,534		461,591
Goldman Sachs Group Inc. (The)		11,090		3,784,906
Guidewire Software Inc.^(a)		2,544		224,254
Halliburton Co.		29,158		977,668
Hartford Financial Services Group Inc. (The)		11,361		789,362
Hasbro Inc.		4,291		416,442
HCA Healthcare Inc.		8,357		2,091,841


Security	Shares		Value


United States (continued)
Healthpeak Properties Inc.		17,769	$	551,905
HEICO Corp.		1,425		210,202
HEICO Corp., Class A		2,397		294,639
Henry Schein Inc.^(a)		4,585		396,052
Hershey Co. (The)		4,755		961,746
Hess Corp.		9,101		919,747
Hewlett Packard Enterprise Co.		42,758		680,707
Hilton Worldwide Holdings Inc.^(a)		9,101		1,354,775
Hologic Inc.^(a)		8,291		590,070
Home Depot Inc. (The)		34,174		10,793,174
Honeywell International Inc.		22,514		4,272,031
Horizon Therapeutics PLC^(a)		6,798		619,774
Hormel Foods Corp.		9,780		465,919
Host Hotels & Resorts Inc.^(a)		23,921		437,037
Howmet Aerospace Inc.		13,384		480,753
HP Inc.		39,217		1,347,496
HubSpot Inc.^(a)		1,461		767,025
Humana Inc.		4,191		1,820,235
Huntington Bancshares Inc./OH		48,310		749,771
Huntington Ingalls Industries Inc.		1,320		269,808
IAC/InterActiveCorp.^(a)(b)		2,595		297,802
IDEX Corp.		2,520		483,588
IDEXX Laboratories Inc.^(a)		2,769		1,474,077
Illinois Tool Works Inc.		10,270		2,221,812
Illumina Inc.^(a)		4,785		1,562,781
Incyte Corp.^(a)		6,279		428,856
Ingersoll Rand Inc.		13,256		669,693
Insulet Corp.^(a)		2,247		594,758
Intel Corp.		132,506		6,320,536
Intercontinental Exchange Inc.		18,366		2,353,052
International Business Machines Corp.		29,235		3,581,580
International Flavors & Fragrances Inc.		8,171		1,086,743
International Paper Co.		12,170		529,760
Interpublic Group of Companies Inc. (The)		12,910		475,088
Intuit Inc.		8,940		4,240,868
Intuitive Surgical Inc.^(a)		11,640		3,379,441
Invesco Ltd.		11,398		242,094
Invitation Homes Inc.		18,846		712,379
IPG Photonics Corp.^(a)		1,254		163,459
IQVIA Holdings Inc.^(a)		6,309		1,451,827
Iron Mountain Inc.		9,484		466,423
Jack Henry & Associates Inc.		2,508		443,414
Jacobs Engineering Group Inc.		4,325		531,975
Jazz Pharmaceuticals PLC^(a)		2,007		275,802
JB Hunt Transport Services Inc.		2,750		558,058
JM Smucker Co. (The)		3,512		473,242
Johnson & Johnson		85,819		14,123,233
Johnson Controls International PLC		23,092		1,500,056
JPMorgan Chase & Co.		96,715		13,714,187
Juniper Networks Inc.		10,683		360,979
Kellogg Co.		8,373		535,370
Keurig Dr Pepper Inc.		23,162		895,675
KeyCorp		31,306		784,841
Keysight Technologies Inc.^(a)		5,999		944,063
Kimberly-Clark Corp.		10,988		1,430,088
Kimco Realty Corp.		20,173		474,671
Kinder Morgan Inc.		66,683		1,160,284
KKR & Co. Inc.		17,136		1,030,216
KLA Corp.		4,978		1,734,833
Knight-Swift Transportation Holdings Inc.		5,183		282,370


Security	Shares		Value

United States (continued)
Kraft Heinz Co. (The)		22,368	$	877,273
Kroger Co. (The)		23,191		1,085,339
L3Harris Technologies Inc.		6,561		1,655,406
Laboratory Corp. of America Holdings^(a)		3,147		853,655
Lam Research Corp.		4,658		2,614,768
Las Vegas Sands Corp.^(a)		11,550		495,033
Lear Corp.		1,958		308,072
Leidos Holdings Inc.		4,524		460,724
Lennar Corp., Class A		8,975		806,673
Lennox International Inc.		1,070		285,615
Liberty Broadband Corp., Class A^(a)		820		118,744
Liberty Broadband Corp., Class C, NVS^(a)		4,748		696,532
Liberty Global PLC, Class A^(a)		5,232		134,881
Liberty Global PLC, Class C, NVS^(a)		11,381		294,426
Liberty Media Corp.-Liberty Formula One, Class C, NVS^(a)		6,214		377,376
Liberty Media Corp.-Liberty SiriusXM, Class A^(a)(b)		2,750		138,490
Liberty Media Corp.-Liberty SiriusXM, Class C, NVS^(a)		5,559		279,729
Lincoln National Corp.		5,854		394,677
Live Nation Entertainment Inc.^(a)		5,379		649,891
LKQ Corp.		9,142		429,217
Lockheed Martin Corp.		8,124		3,524,191
Loews Corp.		7,180		440,421
Lowe’s Companies Inc.		22,049		4,874,152
Lucid Group Inc.^(a)(b)		13,258		384,217
Lululemon Athletica Inc.^(a)		3,864		1,236,248
Lumen Technologies Inc.		30,861		319,720
Lyft Inc., Class A^(a)		8,580		334,105
LyondellBasell Industries NV, Class A		8,697		845,609
M&T Bank Corp.		4,204		766,095
Marathon Petroleum Corp.		20,843		1,623,044
Markel Corp.^(a)		448		556,824
MarketAxess Holdings Inc.		1,287		490,900
Marriott International Inc./MD, Class A^(a)		9,030		1,536,364
Marsh & McLennan Companies Inc.		16,521		2,567,529
Martin Marietta Materials Inc.		2,041		774,355
Marvell Technology Inc.		26,870		1,836,027
Masco Corp.		8,091		453,420
Masimo Corp.^(a)		1,751		275,695
Mastercard Inc., Class A		28,781		10,384,760
Match Group Inc.^(a)		8,577		956,250
McCormick & Co. Inc./MD, NVS		8,143		774,969
McDonald’s Corp.		24,346		5,959,170
McKesson Corp.		5,050		1,388,548
Medical Properties Trust Inc.		19,536		397,362
Medtronic PLC		43,902		4,609,271
MercadoLibre Inc.^(a)(b)		1,463		1,648,289
Merck & Co. Inc.		82,554		6,321,985
Meta Platforms Inc., Class A^(a)		77,841		16,426,786
MetLife Inc.		23,769		1,605,596
Mettler-Toledo International Inc.^(a)		750		1,056,555
MGM Resorts International		12,626		559,206
Microchip Technology Inc.		17,886		1,257,922
Micron Technology Inc.		36,915		3,280,267
Microsoft Corp.		233,107		69,650,041
Mid-America Apartment Communities Inc.		3,823		782,224
Moderna Inc.^(a)		11,210		1,721,856
Mohawk Industries Inc.^(a)(b)		1,927		271,283
Molina Healthcare Inc.^(a)		1,909		585,815
Molson Coors Beverage Co., Class B		6,270		327,169


Security	Shares		Value

United States (continued)
Mondelez International Inc., Class A		45,799	$	2,998,919
MongoDB Inc.^(a)		1,901		726,163
Monolithic Power Systems Inc.		1,413		648,143
Monster Beverage Corp.^(a)		12,956		1,093,486
Moody’s Corp.		5,528		1,780,182
Morgan Stanley		44,912		4,075,315
Mosaic Co. (The)		12,151		637,077
Motorola Solutions Inc.		5,528		1,218,537
MSCI Inc.		2,689		1,349,044
Nasdaq Inc.		3,821		653,964
NetApp Inc.		7,452		584,088
Netflix Inc.^(a)		14,429		5,692,529
Neurocrine Biosciences Inc.^(a)		3,187		286,416
Newell Brands Inc.		12,606		299,393
Newmont Corp.		26,091		1,727,224
News Corp., Class A, NVS		12,887		287,638
NextEra Energy Inc.		63,973		5,007,167
Nike Inc., Class B		41,674		5,690,585
NiSource Inc.		12,895		373,052
Nordson Corp.		1,667		377,559
Norfolk Southern Corp.		8,112		2,080,890
Northern Trust Corp.		6,500		740,350
Northrop Grumman Corp.		4,947		2,187,267
NortonLifeLock Inc.		19,541		566,298
Novavax Inc.^(a)(b)		2,305		192,168
Novocure Ltd.^(a)		3,020		247,217
NRG Energy Inc.		8,041		304,271
Nuance Communications Inc.^(a)		9,790		543,541
Nucor Corp.		9,700		1,276,714
NVIDIA Corp.		81,634		19,906,451
NVR Inc.^(a)		109		540,470
Occidental Petroleum Corp.		30,524		1,334,815
Okta Inc.^(a)		4,831		883,300
Old Dominion Freight Line Inc.		3,210		1,008,036
Omnicom Group Inc.		6,946		582,700
ON Semiconductor Corp.^(a)		14,075		881,236
ONEOK Inc.		14,783		965,330
Oracle Corp.		54,626		4,149,937
O’Reilly Automotive Inc.^(a)		2,237		1,452,350
Otis Worldwide Corp.		13,241		1,037,168
Owens Corning		3,389		315,821
PACCAR Inc.		11,351		1,042,135
Packaging Corp. of America		3,259		479,692
Palantir Technologies Inc., Class A^(a)(b)		51,795		613,771
Palo Alto Networks Inc.^(a)(b)		3,169		1,883,178
Paramount Global, Class B, NVS		19,911		609,476
Parker-Hannifin Corp.		4,212		1,248,395
Paychex Inc.		10,728		1,277,276
Paycom Software Inc.^(a)		1,683		570,890
PayPal Holdings Inc.^(a)		36,398		4,074,028
Peloton Interactive Inc., Class A^(a)		9,202		267,410
Pentair PLC		5,419		313,814
PepsiCo Inc.		45,211		7,402,849
PerkinElmer Inc.		3,660		657,373
Pfizer Inc.		182,790		8,580,163
PG&E Corp.^(a)(b)		47,566		540,825
Philip Morris International Inc.		50,826		5,136,984
Phillips 66		14,319		1,206,233
Pinterest Inc., Class A^(a)		18,164		485,887
Pioneer Natural Resources Co.		7,552		1,809,459


Security	Shares		Value

United States (continued)
Plug Power Inc.^(a)(b)		16,919	$	427,882
PNC Financial Services Group Inc. (The)		13,859		2,761,406
Pool Corp.		1,330		609,911
PPG Industries Inc.		7,816		1,043,045
PPL Corp.		25,606		670,109
Principal Financial Group Inc.		8,792		621,067
Procter & Gamble Co. (The)		79,340		12,368,313
Progressive Corp. (The)		19,099		2,023,157
Prologis Inc.		24,113		3,516,881
Prudential Financial Inc.		12,590		1,405,799
PTC Inc.^(a)		3,651		406,283
Public Service Enterprise Group Inc.		16,514		1,070,603
Public Storage		5,208		1,848,944
PulteGroup Inc.		8,512		422,706
Qorvo Inc.^(a)		3,633		496,922
QUALCOMM Inc.		36,778		6,325,448
Quest Diagnostics Inc.		4,001		525,211
Raymond James Financial Inc.		6,191		678,843
Raytheon Technologies Corp.		49,179		5,050,683
Realty Income Corp.		17,996		1,189,356
Regency Centers Corp.		5,020		330,768
Regeneron Pharmaceuticals Inc.^(a)		3,430		2,120,975
Regions Financial Corp.		31,260		756,179
Republic Services Inc.		7,277		875,278
ResMed Inc.		4,797		1,183,660
RingCentral Inc., Class A^(a)		2,552		333,904
Rivian Automotive Inc., Class A^(a)(b)		5,648		381,579
Robert Half International Inc.		3,667		441,103
Robinhood Markets Inc., Class A^(a)(b)		6,022		72,324
Rockwell Automation Inc.		3,763		1,003,141
Roku Inc.^(a)		3,763		525,051
Rollins Inc.		7,265		237,057
Roper Technologies Inc.		3,439		1,541,429
Ross Stores Inc.		11,661		1,065,699
Royal Caribbean Cruises Ltd.^(a)		7,527		607,579
RPM International Inc.		4,205		355,617
S&P Global Inc.		11,414		4,288,107
salesforce.com Inc.^(a)		31,922		6,720,539
SBA Communications Corp.		3,575		1,084,619
Schlumberger NV		46,096		1,808,807
Seagen Inc.^(a)		4,465		575,405
Sealed Air Corp.		4,924		330,548
SEI Investments Co.		3,955		231,684
Sempra Energy		10,459		1,508,397
ServiceNow Inc.^(a)		6,459		3,745,703
Sherwin-Williams Co. (The)		8,163		2,147,930
Signature Bank/New York NY		1,857		640,461
Simon Property Group Inc.		10,837		1,490,738
Sirius XM Holdings Inc.^(b)		33,489		206,292
Skyworks Solutions Inc.		5,398		745,842
Snap Inc., Class A, NVS^(a)(b)		34,607		1,382,204
Snap-on Inc.		1,803		378,955
Snowflake Inc., Class A^(a)		6,872		1,825,616
SoFi Technologies Inc.^(a)(b)		17,018		194,856
SolarEdge Technologies Inc.^(a)		1,650		527,043
Southern Co. (The)		34,549		2,237,739
Southwest Airlines Co.^(a)		4,881		213,788
Splunk Inc.^(a)		5,364		633,488
SS&C Technologies Holdings Inc.		7,747		580,793
Stanley Black & Decker Inc.		5,310		863,937


Security	Shares		Value

United States (continued)
Starbucks Corp.		38,452	$	3,529,509
State Street Corp.		11,844		1,010,649
Steel Dynamics Inc.		6,984		492,931
Stryker Corp.		11,122		2,928,979
Sun Communities Inc.		3,786		685,266
Sunrun Inc.^(a)		5,706		155,660
SVB Financial Group^(a)		1,917		1,161,702
Synchrony Financial		18,634		797,163
Synopsys Inc.^(a)		4,967		1,551,641
Sysco Corp.		16,882		1,470,422
T Rowe Price Group Inc.		7,508		1,085,356
Take-Two Interactive Software Inc.^(a)		3,804		616,248
Target Corp.		15,915		3,179,340
TE Connectivity Ltd.		10,551		1,502,779
Teladoc Health Inc.^(a)(b)		4,726		358,751
Teledyne Technologies Inc.^(a)		1,516		650,940
Teleflex Inc.		1,539		517,581
Teradyne Inc.		5,308		625,919
Tesla Inc.^(a)		27,936		24,316,332
Texas Instruments Inc.		30,104		5,117,379
Textron Inc.		7,277		532,167
Thermo Fisher Scientific Inc.		12,829		6,978,976
TJX Companies Inc. (The)		39,234		2,593,367
T-Mobile U.S. Inc.^(a)		20,473		2,522,478
Tractor Supply Co.		3,725		759,118
Trade Desk Inc. (The), Class A^(a)(b)		14,099		1,202,927
Tradeweb Markets Inc., Class A		3,456		291,963
TransDigm Group Inc.^(a)		1,688		1,125,204
TransUnion		6,265		568,611
Travelers Companies Inc. (The)		8,142		1,399,040
Trimble Inc.^(a)		8,225		573,694
Truist Financial Corp.		43,546		2,709,432
Twilio Inc., Class A^(a)		5,446		951,961
Twitter Inc.^(a)		26,388		938,093
Tyler Technologies Inc.^(a)		1,334		571,299
Tyson Foods Inc., Class A		9,654		894,540
U.S. Bancorp.		45,879		2,593,999
Uber Technologies Inc.^(a)		47,620		1,715,749
UDR Inc.		9,933		545,024
UGI Corp.		6,874		264,237
Ulta Beauty Inc.^(a)		1,684		630,658
Union Pacific Corp.		21,267		5,230,619
United Parcel Service Inc., Class B		23,762		5,000,000
United Rentals Inc.^(a)		2,365		760,631
UnitedHealth Group Inc.		30,788		14,651,086
Unity Software Inc.^(a)(b)		1,855		197,465
Universal Health Services Inc., Class B		2,632		378,824
Upstart Holdings Inc.^(a)(b)		637		100,640
Vail Resorts Inc.		1,326		345,489
Valero Energy Corp.		13,282		1,109,180
Veeva Systems Inc., Class A^(a)		4,487		1,027,747
Ventas Inc.		12,875		695,250
VeriSign Inc.^(a)		3,288		702,711
Verisk Analytics Inc.		4,987		884,395
Verizon Communications Inc.		134,991		7,244,967
Vertex Pharmaceuticals Inc.^(a)		8,460		1,945,969
VF Corp.		11,136		646,111
Viatris Inc.		39,645		436,491
VICI Properties Inc.		20,108		562,220
Visa Inc., Class A		54,644		11,809,661


Security	Shares		Value

United States (continued)
Vistra Corp.		14,299	$	326,303
VMware Inc., Class A		6,783		795,782
Vornado Realty Trust		5,374		232,587
Vulcan Materials Co.		4,336		786,767
W R Berkley Corp.		4,665		421,250
Walgreens Boots Alliance Inc.		24,285		1,119,296
Walmart Inc.		50,250		6,791,790
Walt Disney Co. (The)^(a)		59,356		8,811,992
Waste Management Inc.		13,741		1,984,200
Waters Corp.^(a)		2,002		634,093
Wayfair Inc., Class A^(a)(b)		2,421		341,046
Webster Financial Corp.		5,875		353,734
WEC Energy Group Inc.		10,290		935,155
Wells Fargo & Co.		130,487		6,964,091
Welltower Inc.		13,652		1,137,075
West Pharmaceutical Services Inc.		2,411		933,250
Western Digital Corp.^(a)		9,948		506,751
Western Union Co. (The)		13,403		243,667
Westinghouse Air Brake Technologies Corp.		5,878		545,596
Westrock Co.		8,872		401,635
Weyerhaeuser Co.		24,490		952,171
Whirlpool Corp.		2,095		421,661
Williams Companies Inc. (The)		39,721		1,242,473
Willis Towers Watson PLC		4,214		936,772
Workday Inc., Class A^(a)		6,236		1,428,356
WP Carey Inc.		6,155		476,397
WW Grainger Inc.		1,474		703,186
Wynn Resorts Ltd.^(a)		3,501		302,907
Xcel Energy Inc.		17,749		1,195,040
Xylem Inc./NY		5,892		524,093
Yum! Brands Inc.		9,646		1,182,407
Zebra Technologies Corp., Class A^(a)		1,769		731,198
Zendesk Inc.^(a)		3,972		463,413
Zillow Group Inc., Class A^(a)		2,027		116,086
Zillow Group Inc., Class C, NVS^(a)		5,490		315,785
Zimmer Biomet Holdings Inc.		6,711		853,572
Zoetis Inc.		15,457		2,993,248
Zoom Video Communications Inc., Class A^(a)		7,073		937,880
ZoomInfo Technologies Inc.^(a)(b)		9,260		506,429
Zscaler Inc.^(a)		2,685		642,118


				1,273,611,220


Total Common Stocks — 99.5% (Cost: $1,641,440,056)				1,875,471,023


Security	Shares		Value

Preferred Stocks

Germany — 0.1%
Bayerische Motoren Werke AG, Preference Shares, NVS		1,881	$	152,113
Fuchs Petrolub SE, Preference Shares, NVS		2,279		90,045
Henkel AG & Co. KGaA, Preference Shares, NVS		5,809		461,047
Porsche Automobil Holding SE, Preference Shares, NVS		4,997		498,742
Sartorius AG, Preference Shares, NVS		860		379,701
Volkswagen AG, Preference Shares, NVS		6,047		1,188,705


				2,770,353


Total Preferred Stocks — 0.1% (Cost: $2,657,714)				2,770,353


Short-Term Investments

Money Market Funds — 1.0%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.09%^(e)(f)(g)		16,331,610		16,334,876
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.03%^(e)(f)		2,180,000		2,180,000

				18,514,876


Total Short-Term Investments — 1.0% (Cost: $18,513,205)				18,514,876


Total Investments in Securities — 100.6% (Cost: $1,662,610,975)				1,896,756,252

Other Assets, Less Liabilities — (0.6)%				(12,190,728	)


Net Assets — 100.0%			$	1,884,565,524

^(a)	Non-income producing security.

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

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

^(d)	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 February 28, 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 rates of exchange prevailing on the respective dates of such transactions. Generally, when the U.S. dollar rises in value against a foreign currency, the investments denominated in that currency will lose value; the opposite effect occurs if the U.S. dollar falls in relative value.

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

Foreign Taxes: The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which each Fund invests. These foreign taxes, if any, are paid by each Fund and are reflected in its Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “Other foreign taxes”, and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of February 28, 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.

Segregation and Collateralization: In cases where a Fund enters into certain investments (e.g.,futures contracts and forward foreign currency exchange contracts) that would be treated as “senior securities” for 1940 Act purposes, a Fund may segregate or designate on its books and record cash or liquid assets having a market value at least equal to the amount of its future obligations under such investments. Doing so allows the investment to be excluded from treatment as a “senior security.” Furthermore, 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 or obligations.

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. Each Fund determines the fair values of its financial instruments using various independent dealers or pricing services under policies approved by the Board of Directors of the Company (the “Board”). 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 a policy approved by the Board as reflecting fair value. The BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) is the committee formed by management to develop global pricing policies and procedures and to oversee the pricing function for all financial instruments.

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 Global Valuation Committee, in accordance with a policy approved by the Board as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Global 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 Global Valuation Committee, or its delegate, 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 Global Valuation Committee, or its delegate, deems relevant and consistent with the principles of fair value measurement. The pricing of all Fair Valued Investments is subsequently reported to the Board or a committee thereof on a quarterly basis.

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 Global 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 BlackRock Fund Advisors (“BFA”), the Funds’ investment adviser, 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 Fund, 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 six months ended February 28, 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 six months ended February 28, 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 six months ended February 28, 2022, purchases and sales of investments, excluding short-term investments and in-kind transactions, were as follows:

For the six months ended February 28, 2022, 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 February 28, 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.

As of August 31, 2021, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:

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

As of February 28, 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 12, 2022. 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) the one-month LIBOR rate (not less than zero) plus 1.00% per annum or (b) the U.S. Federal Funds rate (not less than zero) 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 six months ended February 28, 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.

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

Counterparty Credit Risk: The Funds may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to unsettled or open transactions, including making timely interest and/or principal payments or otherwise honoring its obligations. The Funds manage counterparty credit risk by entering into transactions only with counterparties that 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.

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.

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), iShares, Inc. (the “Company”) has adopted and implemented a liquidity risk management program (the “Program”) for iShares MSCI Frontier and Select EM ETF and iShares MSCI World ETF (the “Funds” or “ETFs”), each a series of the Company, which is reasonably designed to assess and manage each Fund’s liquidity risk.

The Board of Directors (the “Board”) of the Company, on behalf of the Funds, met on December 9, 2021 (the “Meeting”) to review the Program. The Board previously appointed BlackRock Fund Advisors (“BlackRock”), the investment adviser to the Funds, as the program administrator for each Fund’s Program. BlackRock also previously delegated oversight of the Program to the 40 Act Liquidity Risk Management Committee (the “Committee”). At the Meeting, the Committee, on behalf of BlackRock, provided the Board with a report that addressed the operation of the Program and assessed its adequacy and effectiveness of implementation, including the management of each Fund’s Highly Liquid Investment Minimum (“HLIM”) where applicable, and any material changes to the Program (the “Report”). The Report covered the period from October 1, 2020 through September 30, 2021 (the “Program Reporting Period”).

The Report described the Program’s liquidity classification methodology for categorizing each Fund’s investments (including derivative transactions) into one of four liquidity buckets. It also referenced the methodology used by BlackRock to establish each Fund’s HLIM and noted that the Committee reviews and ratifies the HLIM assigned to each Fund no less frequently than annually. The Report also discussed notable events affecting liquidity over the Program Reporting Period, including extended market holidays and the imposition of capital controls in certain non-U.S. countries.

The Report noted that the Program complied with the key factors for consideration under the Liquidity Rule for assessing, managing and periodically reviewing each Fund’s liquidity risk, as follows:

As part of BlackRock’s continuous review of the effectiveness of the Program, the Committee made the following material changes to the Program: (1) updates to certain model components in the Program’s methodology; and (2) certain iShares Funds entered into a $800 million credit agreement with a group of lenders that replaced a previous liquidity facility. The Report provided to the Board stated that the Committee concluded that based on the operation of the functions, as described in the Report, the Program is operating as intended and is effective in implementing the requirements of the Liquidity Rule.

On October 28, 2020, the Securities and Exchange Commission (the “SEC”) adopted regulations governing the use of derivatives by registered investment companies (“Rule 18f-4”). The Funds will be required to implement and comply with Rule 18f-4 by August 19, 2022. Once implemented, Rule 18f-4 will impose limits on the amount of derivatives a fund can enter into, eliminate the asset segregation framework currently used by funds to comply with Section 18 of the 1940 Act, treat derivatives as senior securities and require funds whose use of derivatives is more than a limited specified exposure amount to establish and maintain a comprehensive derivatives risk management program and appoint a derivatives risk manager.

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.

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

	6 Months			1 Year		5 Years		Since Inception			1 Year		5 Years		Since Inception
Fund NAV	(0.44	)%		16.23	%	7.33	%	6.68	%		16.23	%	42.45	%	84.37	%
Fund Market	(0.55	)		19.53		7.67		6.76			19.53		44.73		85.74
Index	0.71			18.73		8.83		8.27			18.73		52.67		112.17


Actual							Hypothetical 5% Return


	Beginning Account Value (09/01/21)		Ending Account Value (02/28/22)		Expenses Paid During the Period	^(a)		Beginning Account Value (09/01/21)		Ending Account Value (02/28/22)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio

$	1,000.00	$	995.60	$	3.96		$	1,000.00	$	1,020.80	$	4.01		0.80	%



Sector	Percent of Total Investments	^(a)
Financials	40.0	%
Real Estate	11.8
Materials	11.8
Consumer Staples	9.3
Industrials	7.8
Communication Services	7.3
Energy	5.9
Utilities	2.6
Health Care	2.6
Other (each representing less than 1%)	0.9


			Average Annual Total Returns							Cumulative Total Returns

	6 Months			1 Year		5 Years		10 Years			1 Year		5 Years		10 Years
Fund NAV	(4.66	)%		10.81	%	12.30	%	10.93	%		10.81	%	78.61	%	182.16	%
Fund Market	(4.90	)		10.74		12.25		10.90			10.74		78.22		181.43
Index	(4.65	)		10.74		12.05		10.73			10.74		76.65		176.99


Actual							Hypothetical 5% Return

	Beginning Account Value (09/01/21)		Ending Account Value (02/28/22)		Expenses Paid During the Period	^(a)		Beginning Account Value (09/01/21)		Ending Account Value (02/28/22)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio

$	1,000.00	$	953.40	$	1.16		$	1,000.00	$	1,023.60	$	1.20		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
Fund Summary		4
About Fund Performance		6
Shareholder Expenses		6
Schedules of Investments		7
Financial Statements
Statements of Assets and Liabilities		28
Statements of Operations		29
Statements of Changes in Net Assets		30
Financial Highlights		31
Notes to Financial Statements		33
Statement Regarding Liquidity Risk Management Program		42
Supplemental Information		43
General Information		44
Glossary of Terms Used in this Report		45


Fund Summary as of February 28, 2022		iShares^® MSCI Frontier and Select EM ETF



Country/Geographic Region	Percent of Total Investments	^(a)
Vietnam	29.9	%
Nigeria	7.4
Bahrain	6.2
Morocco	6.1
Bangladesh	6.0
Colombia	5.4
Romania	5.3
Philippines	5.2
Peru	5.2
Kenya	5.0


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


Fund Summary as of February 28, 2022		iShares^® MSCI World ETF




Affiliated Issuer	Value at 08/31/21		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value at 02/28/22		Shares Held at 02/28/22		Income			Capital Gain Distributions from Underlying Funds

BlackRock Cash Funds: Institutional, SL Agency Shares	$	24,659	$	—	$	(2,079	)^(a)	$	1	$	(8	)	$	22,573		22,569	$	36	^(b)	$	—




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

Long Contracts
MSCI Emerging Markets Index		174		03/18/22	$	10,227	$	(393,237	)



Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation (Depreciation)
USD	10,143,295	NGN	4,798,285,718	CITI	10/28/22	$	(743,571	)


	Net unrealized depreciation					$	(743,571	)


	Equity Contracts		Foreign Currency Exchange Contracts		Total
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts^(a)	$	393,237	$	—	$	393,237
Forward foreign currency exchange contracts
Unrealized depreciation on forward foreign currency exchange contracts	$	—	$	743,571	$	743,571

	$	393,237	$	743,571	$	1,136,808


Futures contracts:
Average notional value of contracts — long	$	11,178,740
Forward foreign currency exchange contracts:
Average amounts sold — in USD	$	10,371,299




	Assets		Liabilities

Derivative Financial Instruments:
Futures contracts	$	—	$	393,237
Forward foreign currency exchange contracts		—		743,571

Total derivative assets and liabilities in the Statement of Assets and Liabilities		—		1,136,808
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)		—		(393,237	)

Total derivative assets and liabilities subject to an MNA		—		743,571



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

Citibank N.A.	$	743,571	$	—	$	—	$	(420,000	)	$	323,571



		Level 1			Level 2			Level 3		Total

Investments
Assets
Common Stocks	$	178,466,061		$	297,830,286		$	524,173	$	476,820,520
Preferred Stocks		6,315,534			—			—		6,315,534
Money Market Funds		22,573			—			—		22,573

	$	184,804,168		$	297,830,286		$	524,173	$	483,158,627

Derivative financial instruments^(a)
Liabilities
Forward Foreign Currency Exchange Contracts	$	—		$	(743,571	)	$	—	$	(743,571	)
Futures Contracts		(393,237	)		—			—		(393,237	)

	$	(393,237	)	$	(743,571	)	$	—	$	(1,136,808	)



	Equity Contracts

Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts^(a)	$	8,032


Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts^(a)	$	263,216



	Equity Contracts

Net Realized Gain (Loss) from:
Futures contracts	$	275,324


Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(384,358	)




Futures contracts:
Average notional value of contracts — long	$	5,569,615


	iShares MSCI Frontier and Select EM ETF			iShares MSCI World ETF


ASSETS
Investments in securities, at value (including securities on loan)^(a):
Unaffiliated^(b)	$	483,136,054		$	1,874,550,194
Affiliated^(c)		22,573			22,206,058
Cash		727,339			115,958
Foreign currency, at value^(d)		13,073,246			2,171,832
Cash pledged:
Futures contracts		498,000			287,999
Collateral — OTC derivatives		420,000			—
Foreign currency collateral pledged:
Futures contracts^(e)		—			144,216
Receivables:
Investments sold		8,551,426			2,725,031
Securities lending income — Affiliated		5			5,934
Dividends		229,687			2,709,680
Tax reclaims		—			511,361

Total assets		506,658,330			1,905,428,263


LIABILITIES
Collateral on securities loaned, at value		22,580			16,350,433
Deferred foreign capital gain tax		699,128			—
Payables:
Investments purchased		7,460,071			4,139,891
Variation margin on futures contracts		127,895			20,616
Bank borrowings		3,000,512			—
Investment advisory fees		305,589			351,799
Foreign taxes		220			—
Unrealized depreciation on:
Forward foreign currency exchange contracts		743,571			—

Total liabilities		12,359,566			20,862,739


NET ASSETS	$	494,298,764		$	1,884,565,524


NET ASSETS CONSIST OF:
Paid-in capital	$	545,741,124		$	1,648,120,712
Accumulated earnings (loss)		(51,442,360	)		236,444,812

NET ASSETS	$	494,298,764		$	1,884,565,524


Shares outstanding		14,750,000			15,100,000

Net asset value	$	33.51		$	124.81

Shares authorized		500 million			500 million

Par value	$	0.001		$	0.001


^(a)Securities loaned, at value	$	21,110		$	16,374,715
^(b) Investments, at cost — Unaffiliated	$	389,231,631		$	1,640,899,593
^(c)Investments, at cost — Affiliated	$	22,578		$	21,711,382
^(d) Foreign currency, at cost	$	12,520,937		$	2,166,167
^(e) Foreign currency collateral pledged, at cost	$	—		$	148,878


	iShares MSCI Frontier and Select EM ETF			iShares MSCI World ETF


INVESTMENT INCOME
Dividends — Unaffiliated	$	3,851,581		$	14,113,385
Dividends — Affiliated		2			36,677
Securities lending income — Affiliated — net		34			31,010
Foreign taxes withheld		(320,453	)		(549,740	)

Total investment income		3,531,164			13,631,332


EXPENSES
Investment advisory fees		1,994,479			2,140,464
Commitment fees		2,419			—
Professional fees		217			217
Interest expense		14,781			—

Total expenses		2,011,896			2,140,681

Net investment income		1,519,268			11,490,651


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated^(a)		30,485,449			(10,549,224	)
Investments — Affiliated		1			(8,393	)
In-kind redemptions — Unaffiliated		—			39,907,439
In-kind redemptions — Affiliated		—			103,968
Futures contracts		(1,201,713	)		275,324
Forward foreign currency exchange contracts		(733,549	)		—
Foreign currency transactions		(1,752,463	)		(87,964	)

Net realized gain		26,797,725			29,641,150

Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated^(b)		(31,663,590	)		(140,423,601	)
Investments — Affiliated		(8	)		(1,089,801	)
Futures contracts		191,511			(384,358	)
Forward foreign currency exchange contracts		(69,429	)		—
Foreign currency translations		958,248			(5,259	)

Net change in unrealized appreciation (depreciation)		(30,583,268	)		(141,903,019	)

Net realized and unrealized loss		(3,785,543	)		(112,261,869	)

NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(2,266,275	)	$	(100,771,218	)


^(a) Net of foreign capital gain tax and capital gain tax refund, if applicable	$	(637,702	)	$	—
^(b) Net of increase in deferred foreign capital gain tax of	$	(167,207	)	$	—


	iShares MSCI Frontier and Select EM ETF						iShares MSCI World ETF
	Six Months Ended 02/28/22 (unaudited)			Year Ended 08/31/21			Six Months Ended 02/28/22 (unaudited)			Year Ended 08/31/21

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	1,519,268		$	9,359,354		$	11,490,651		$	18,847,920
Net realized gain		26,797,725			32,240,921			29,641,150			15,189,250
Net change in unrealized appreciation (depreciation)		(30,583,268	)		86,573,585			(141,903,019	)		285,475,469

Net increase (decrease) in net assets resulting from operations		(2,266,275	)		128,173,860			(100,771,218	)		319,512,639


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(3,161,338	)		(9,715,012	)		(14,844,552	)		(18,261,968	)


CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		3,627,493			3,870,773			430,342,557			320,340,634


NET ASSETS
Total increase (decrease) in net assets		(1,800,120	)		122,329,621			314,726,787			621,591,305
Beginning of period		496,098,884			373,769,263			1,569,838,737			948,247,432

End of period	$	494,298,764		$	496,098,884		$	1,884,565,524		$	1,569,838,737


	iShares MSCI Frontier and Select EM ETF
	Six Months Ended 02/28/22 (unaudited)				Year Ended 08/31/21				Year Ended 08/31/20				Year Ended 08/31/19				Year Ended 08/31/18				Year Ended 08/31/17


Net asset value, beginning of period		$	33.86			$	25.69			$	28.97			$	28.29			$	30.62			$	24.20

Net investment income^(a)			0.10				0.65				0.87				1.03				0.87				0.72
Net realized and unrealized gain (loss)^(b)			(0.24	)			8.20				(3.36	)			0.76				(1.99	)			6.00

Net increase (decrease) from investment operations			(0.14	)			8.85				(2.49	)			1.79				(1.12	)			6.72


Distributions^(c)
From net investment income			(0.21	)			(0.68	)			(0.79	)			(1.11	)			(1.21	)			(0.30	)

Total distributions			(0.21	)			(0.68	)			(0.79	)			(1.11	)			(1.21	)			(0.30	)


Net asset value, end of period		$	33.51			$	33.86			$	25.69			$	28.97			$	28.29			$	30.62


Total Return^(d)
Based on net asset value			(0.44	)%^(e)			34.77	%			(8.44	)%			6.45	%			(3.92	)%			27.91	%


Ratios to Average Net Assets^(f)
Total expenses			0.80	%^(g)			0.79	%			0.79	%			0.79	%			0.81	%			0.80	%

Net investment income			0.60	%^(g)			2.17	%			3.27	%			3.63	%			2.69	%			2.65	%


Supplemental Data
Net assets, end of period (000)		$	494,299			$	496,099			$	373,769			$	496,868			$	523,445			$	627,626

Portfolio turnover rate^(h)			23	%^(e)			36	%			25	%			33	%			35	%			32	%


	iShares MSCI World ETF
	Six Months Ended 02/28/22 (unaudited)				Year Ended 08/31/21				Year Ended 08/31/20				Year Ended 08/31/19				Year Ended 08/31/18				Year Ended 08/31/17


Net asset value, beginning of period		$	131.92			$	103.07			$	89.79			$	91.33			$	82.22			$	72.15

Net investment income^(a)			0.84				1.84				1.76				1.96				1.84				1.74
Net realized and unrealized gain (loss)^(b)			(6.92	)			28.80				13.35				(1.52	)			9.15				9.90

Net increase (decrease) from investment operations			(6.08	)			30.64				15.11				0.44				10.99				11.64


Distributions^(c)
From net investment income			(1.03	)			(1.79	)			(1.83	)			(1.98	)			(1.88	)			(1.57	)

Total distributions			(1.03	)			(1.79	)			(1.83	)			(1.98	)			(1.88	)			(1.57	)


Net asset value, end of period		$	124.81			$	131.92			$	103.07			$	89.79			$	91.33			$	82.22


Total Return^(d)
Based on net asset value			(4.66	)%^(e)			29.94	%			17.04	%			0.61	%			13.46	%			16.29	%


Ratios to Average Net Assets^(f)
Total expenses			0.24	%^(g)			0.24	%			0.24	%			0.24	%			0.24	%			0.24	%

Net investment income			1.29	%^(g)			1.58	%			1.90	%			2.24	%			2.09	%			2.25	%


Supplemental Data
Net assets, end of period (000)		$	1,884,566			$	1,569,839			$	948,247			$	646,459			$	566,243			$	509,769

Portfolio turnover rate^(h)			4	%^(e)			5	%			7	%			4	%			3	%			3	%



iShares ETF		Diversification Classification
MSCI Frontier and Select EM		Diversified
MSCI World		Diversified




iShares ETF and Counterparty		Market Value of Securities on Loan		Cash Collateral Received	^(a)		Non-Cash Collateral Received		Net Amount

MSCI Frontier and Select EM
Goldman Sachs & Co. LLC	$	21,110	$	21,110		$	—	$	—


MSCI World
Barclays Bank PLC	$	1,207,357	$	1,182,829		$	—	$	(24,528	)^(b)
Barclays Capital, Inc.		111,334		111,334			—		—
BNP Paribas SA		4,680,345		4,680,345			—		—
BofA Securities, Inc.		197,924		192,857			—		(5,067	)^(b)
Citigroup Global Markets, Inc.		277,937		277,937			—		—
Goldman Sachs & Co. LLC		1,638,736		1,584,374			—		(54,362	)^(b)
J.P. Morgan Securities LLC		3,059,860		3,030,002			—		(29,858	)^(b)
Jefferies LLC		8,375		7,796			—		(579	)^(b)
Morgan Stanley		2,024,607		2,024,607			—		—
National Financial Services LLC		38,267		36,995			—		(1,272	)^(b)
Scotia Capital (USA), Inc.		45,944		43,601			—		(2,343	)^(b)
SG Americas Securities LLC		195,442		194,892			—		(550	)^(b)
State Street Bank & Trust Co.		162,768		162,768			—		—
UBS AG		1,666,634		1,660,451			—		(6,183	)^(b)
UBS Securities LLC		188,078		178,876			—		(9,202	)^(b)
Wells Fargo Bank N.A.		523,691		523,691			—		—
Wells Fargo Securities LLC		347,416		330,400			—		(17,016	)^(b)

	$	16,374,715	$	16,223,755		$	—	$	(150,960	)


iShares ETF	Investment Advisory Fee
MSCI Frontier and Select EM		0.79	%
MSCI World		0.24



iShares ETF	Fees Paid to BTC
MSCI Frontier and Select EM	$	12
MSCI World		9,034



iShares ETF	Purchases		Sales		Net Realized Gain (Loss)
MSCI Frontier and Select EM	$	3,951,421	$	579,509	$	1,795
MSCI World		30,263,518		31,638,158		(5,005,912	)



iShares ETF	In-kind Purchases		In-kind Sales
MSCI Frontier and Select EM	$	586,127	$	—
MSCI World		512,855,409		99,307,076


iShares ETF	Non-Expiring
MSCI Frontier and Select EM	$	156,460,419
MSCI World		25,348,280



iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)

MSCI Frontier and Select EM	$	405,757,710	$	116,781,010	$	(40,516,901	)	$	76,264,109
MSCI World		1,667,303,683		301,491,169		(72,293,784	)		229,197,385