The Markets in Review

Dear Shareholder,

Significant economic headwinds emerged during the 12-month reporting period ended February 28, 2023, as investors navigated changing economic conditions and volatile markets. The U.S. economy shrank in the first half of 2022 before returning to modest growth in the second half of the year, marking a shift to a more challenging post-reopening economic environment. Changes in consumer spending patterns and a tight labor market led to elevated inflation, which reached a 40-year high before beginning to moderate. Moreover, while the foremost effect of Russia’s invasion of Ukraine has been a severe humanitarian crisis, the ongoing war continued to present challenges for both investors and policymakers.

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

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

The U.S. Federal Reserve (the “Fed”), acknowledging that inflation has been more persistent than expected, raised interest rates eight times. Furthermore, the Fed wound down its bond-buying programs and accelerated the reduction of its balance sheet.

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

While we favor an overweight to equities in the long term, several factors lead us to take an underweight stance on equities overall in the near term. Expectations for corporate earnings remain elevated, which seems inconsistent with the possibility of a recession in a business environment characterized by higher costs and reduced pricing power. Nevertheless, we are overweight on emerging market stocks as a weaker U.S. dollar provides a supportive backdrop. We also see long-term opportunities in credit, where valuations are appealing and higher yields provide attractive income, although we are neutral on credit in the near term, as we believe that troubles in the banking sector will likely lead to reduced lending. However, we believe there are still some strong opportunities for a six- to twelve-month horizon, particularly short-term U.S. Treasuries, global inflation-linked bonds, and emerging market bonds denominated in local currency.

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

LOGO

Rob Kapito

President, BlackRock, Inc.

LOGO

Rob Kapito

President, BlackRock, Inc.


Total Returns as of February 28, 2023



	6-Month	12-Month

U.S. large cap equities (S&P 500^® Index)	1.26%	(7.69)%

U.S. small cap equities (Russell 2000^® Index)	3.63	(6.02)

International equities (MSCI Europe, Australasia, Far East Index)	12.58	(3.14)

Emerging market equities (MSCI Emerging Markets Index)	(2.29)	(15.28)

3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)	1.74	2.11

U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)	(4.81)	(14.06)

U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)	(2.13)	(9.72)

Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)	0.66	(5.10)

U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)	2.52	(5.45)



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.

On March 29, 2023, the Board approved a proposal to change the name of MSCI Frontier and Select EM to Frontier and Select EM as well as the Fund’s investment objective. The Board also approved a proposal to change the Fund from tracking an underlying index to operating as a transparent active ETF. These changes are expected to become effective on June 1, 2023.

The inception date of the Fund was September 12, 2012. The first day of secondary market trading was September 13, 2012.

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

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

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.

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

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

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

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

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

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

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


Security	Shares		Value

Common Stocks

Bahrain — 0.5%
Aluminium Bahrain BSC		950,571	$	3,050,500
Ithmaar Holding BSC, NVS^(a)		7,141,331		279,968

				3,330,468

Bangladesh — 3.5%
Bangladesh Export Import Co. Ltd.		2,820,442		3,049,412
Beacon Pharmaceuticals Ltd./Bangladesh		686,541		1,923,711
Beximco Pharmaceuticals Ltd.		1,561,396		2,134,922
BRAC Bank Ltd.		2,400,934		864,534
British American Tobacco Bangladesh Co. Ltd.		314,507		1,525,553
City Bank Ltd. (The)		3,168,117		645,957
Eastern Bank Ltd.		1,548,831		460,651
GrameenPhone Ltd.		321,524		861,848
International Finance Investment & Commerce Bank Ltd.^(a)		6,726,577		723,491
LafargeHolcim Bangladesh Ltd.		2,655,963		1,609,575
National Bank Ltd.^(a)		6,888,003		534,703
Olympic Industries Ltd.		600,255		834,206
Renata Ltd.		85,181		970,276
Robi Axiata Ltd., NVS		5,148,805		1,444,670
Square Pharmaceuticals Ltd.		2,870,284		5,631,635
Summit Power Ltd.		1,314,517		418,009

				23,633,153

Colombia — 3.2%
Bancolombia SA		1,162,771		8,590,201
Cementos Argos SA		2,879,889		1,785,029
Corp. Financiera Colombiana SA^(a)		79,206		171,144
Grupo Argos SA		1,744,691		3,482,611
Interconexion Electrica SA ESP		2,229,413		7,895,617

				21,924,602

Egypt — 4.8%
Abou Kir Fertilizers & Chemical Industries		2,419,215		3,295,847
Commercial International Bank Egypt SAE		12,255,325		21,246,386
Eastern Co. SAE		7,198,002		4,352,171
Egyptian Financial Group-Hermes Holding Co.^(a)		5,550,173		3,741,791

				32,636,195

Estonia — 1.0%
Enefit Green AS, NVS		534,352		2,486,696
LHV Group AS, NVS		780,999		3,079,345
Tallink Grupp AS^(a)		1,513,628		912,171
Tallinna Sadam AS^(b)		367,258		574,153

				7,052,365

Jordan — 3.1%
Arab Bank PLC		845,622		5,780,910
Capital Bank of Jordan		479,332		1,668,607
Jordan Islamic Bank		304,284		1,754,020
Jordan Petroleum Refinery Co.		615,488		5,352,824
Jordan Phosphate Mines Co.		85,351		5,258,192
Jordanian Electric Power Co.		350,047		1,045,599

				20,860,152

Kazakhstan — 8.0%
Halyk Savings Bank of Kazakhstan JSC, GDR		866,107		9,700,398
Kaspi.KZ JSC		387,539		28,832,900
NAC Kazatomprom JSC, GDR		549,656		15,720,162

				54,253,460

Kenya — 1.6%
Equity Group Holdings PLC/Kenya		8,677,066		2,733,472
KCB Group PLC		7,276,516		1,925,768


Security	Shares		Value

Kenya (continued)
Safaricom PLC		36,957,905	$	5,960,540

				10,619,780

Lithuania — 0.8%
AB Ignitis Grupe		138,409		2,941,686
Siauliu Bankas AB		2,846,790		2,245,171

				5,186,857

Malta — 0.7%
MAS P.L.C		3,760,298		4,373,535


Morocco — 6.8%
Attijariwafa Bank		355,932		14,429,375
Banque Centrale Populaire		155,586		3,603,521
Co. Sucrerie Marocaine et de Raffinage		211,216		3,652,308
Hightech Payment Systems SA		2,075		1,295,486
Itissalat Al-Maghrib		1,630,199		14,548,706
Label Vie		9,725		4,110,648
Managem SA		6,178		1,546,051
Societe d’Exploitation des Ports		147,697		3,093,116

				46,279,211

Nigeria — 3.1%
Access Bank PLC		87,072,126		1,271,466
Afriland Properties PLC^(a)		8,020		24
Dangote Cement PLC		11,938,113		5,074,611
FBN Holdings PLC		84,216,832		1,500,193
Guaranty Trust Holding Co. PLC		63,861,123		2,602,292
MTN Nigeria Communications PLC		11,008,838		4,124,106
Nestle Nigeria PLC		1,310,924		2,165,430
United Bank for Africa PLC		79,997,106		1,064,182
Zenith Bank PLC		69,373,073		2,810,988

				20,613,292

Oman — 4.4%
Bank Muscat SAOG		17,104,043		12,974,153
National Bank of Oman SAOG		3,941,063		2,722,563
Oman Telecommunications Co. SAOG		3,840,377		9,574,761
Omani Qatari Telecommunications Co. SAOG		3,032,075		3,335,338
Renaissance Services SAOG		815,534		929,937

				29,536,752

Pakistan — 3.4%
Engro Corp. Ltd./Pakistan		2,126,272		2,440,375
Engro Fertilizers Ltd.		3,622,125		1,169,394
Fauji Fertilizer Co. Ltd.		2,978,095		1,159,350
Habib Bank Ltd.		3,954,891		1,049,143
Hub Power Co. Ltd. (The)		8,277,817		2,227,505
Lucky Cement Ltd.^(a)		1,074,199		1,699,247
Mari Petroleum Co. Ltd.		213,301		1,174,257
MCB Bank Ltd.		3,139,806		1,403,127
Millat Tractors Ltd.		408,785		877,113
Oil & Gas Development Co. Ltd.		4,363,627		1,378,673
Pakistan Oilfields Ltd.		943,270		1,550,426
Pakistan Petroleum Ltd.		3,962,458		953,566
Pakistan State Oil Co. Ltd.		1,693,062		729,349
Systems Ltd.		1,225,317		2,246,711
TRG Pakistan^(a)		3,022,591		1,265,789
United Bank Ltd./Pakistan		3,907,198		1,688,820

				23,012,845

Peru — 5.2%
Cia. de Minas Buenaventura SAA, ADR		413,857		3,137,041
Credicorp Ltd.		140,160		17,859,187


Security	Shares		Value

Peru (continued)
Southern Copper Corp.		189,977	$	13,999,405

				34,995,633

Philippines — 6.8%
Aboitiz Equity Ventures Inc.		1,250,090		1,219,354
ACEN Corp.		306,570		35,081
Alliance Global Group Inc.		2,635,100		598,585
Ayala Corp.		142,490		1,606,517
Ayala Land Inc.		4,871,200		2,503,817
Bank of the Philippine Islands		1,556,180		3,085,757
BDO Unibank Inc.		1,868,698		4,161,913
Bloomberry Resorts Corp.^(a)		2,129,500		351,460
Century Pacific Food Inc.		1,256,000		595,664
Converge Information and Communications Technology Solutions Inc.^(a)		2,461,400		722,191
DMCI Holdings Inc.		4,636,000		883,281
Globe Telecom Inc.		2,400		76,898
GT Capital Holdings Inc.		106,060		993,888
International Container Terminal Services Inc.		864,320		3,117,922
JG Summit Holdings Inc.		2,178,300		1,937,664
Jollibee Foods Corp.		445,230		1,929,326
LT Group Inc.		5,046,300		956,666
Manila Electric Co.		164,020		941,600
Megaworld Corp.		290,000		10,577
Metro Pacific Investments Corp.		15,117,000		1,113,986
Metropolitan Bank & Trust Co.		1,870,110		1,964,478
Monde Nissin Corp.^(b)		3,985,100		867,717
PLDT Inc.		207,935		4,824,453
Puregold Price Club Inc.		1,493,800		850,226
RL Commercial REIT Inc.		9,032,100		930,135
Robinsons Land Corp.		564,500		153,465
Security Bank Corp.		585,240		1,085,930
SM Prime Holdings Inc.		9,717,000		5,972,370
Universal Robina Corp.		618,230		1,524,524
Wilcon Depot Inc.		1,457,600		831,359

				45,846,804

Romania — 7.6%
Banca Transilvania SA		4,605,842		19,422,531
BRD-Groupe Societe Generale SA		1,780,848		5,064,874
MED Life SA^(a)		573,361		2,219,655
OMV Petrom SA		114,580,484		11,725,031
Societatea Energetica Electrica SA		945,059		1,836,918
Societatea Nationala de Gaze Naturale ROMGAZ SA		938,043		8,134,707
Teraplast SA		6,806,705		850,332
Transgaz SA Medias		30,208		2,040,445

				51,294,493

Slovenia — 0.2%
Pozavarovalnica Sava dd		49,211		1,313,297


Sri Lanka — 0.3%
Commercial Bank of Ceylon PLC		1,482,825		266,371
Expolanka Holdings PLC		992,043		489,387
John Keells Holdings PLC		2,732,474		1,019,467
Sampath Bank PLC		2,891,749		413,175

				2,188,400

Vietnam — 30.7%
Bank for Foreign Trade of Vietnam JSC^(a)		5,461,795		21,490,762
Bank for Investment and Development of Vietnam JSC^(a)		1,858,324		3,448,907


\|Security	Shares		Value

Vietnam (continued)
Bao Viet Holdings		944,310	$	1,927,322
Dat Xanh Group JSC^(a)		2,090,780		879,424
Development Investment Construction^(a)		2,164,754		1,229,530
Digiworld Corp., NVS		783,500		1,203,528
Duc Giang Chemicals JSC		1,616,094		3,406,623
Gelex Group JSC		4,329,284		2,095,304
Ha Do Group JSC		833,848		1,030,270
Hoa Phat Group JSC		22,004,403		18,520,095
Hoa Sen Group^(a)		2,020,790		1,239,194
IDICO Corp. JSC		1,659,050		2,681,293
Khang Dien House Trading and Investment JSC^(a)		2,694,597		2,884,295
KIDO Group Corp.		1,180,372		2,752,214
Kinh Bac City Development Share Holding Corp.^(a)		2,757,060		2,467,043
Masan Group Corp.		4,652,556		16,056,753
Nam Long Investment Corp., NVS		1,172,000		1,267,244
National Citizen Commercial JSC, NVS^(a)		957,100		636,455
No Va Land Investment Group Corp.^(a)		4,812,333		2,146,916
PetroVietnam Drilling & Well Services JSC^(a)		1,997,534		1,778,239
PetroVietnam Fertilizer & Chemicals JSC		1,215,800		1,790,414
PetroVietnam Gas JSC		413,400		1,800,270
PetroVietnam Power Corp.^(a)		4,048,740		2,061,508
PetroVietnam Technical Services Corp.		1,718,498		1,880,511
Phat Dat Real Estate Development Corp.^(a)		1,871,836		795,688
Saigon—Hanoi Commercial Joint Stock Bank^(a)		15,068,105		6,208,648
Saigon Beer Alcohol Beverage Corp.		671,080		5,310,333
Saigon Thuong Tin Commercial JSB^(a)		9,597,280		9,591,840
Saigon-Hanoi Securities^(a)		2,747,550		936,665
SSI Securities Corp.		10,466,841		8,039,998
Thaiholdings JSC^(a)		1,071,900		1,746,067
Thanh Thanh Cong—Bien Hoa JSC^(a)		2,764,452		1,698,218
Van Phu—Invest Investment JSC		784,380		1,683,856
Viet Capital Securities JSC		2,276,170		2,461,869
Vietjet Aviation JSC^(a)		1,476,890		6,215,867
Vietnam Construction and Import-Export JSC		2,238,471		1,809,390
Vietnam Dairy Products JSC		5,578,074		17,728,025
Vincom Retail JSC^(a)		7,483,180		8,409,760
Vingroup JSC^(a)		7,809,734		17,283,607
Vinh Hoan Corp.		828,700		1,953,565
Vinhomes JSC^(b)		8,475,788		14,801,796
Vndirect Securities Corp.		7,847,140		4,442,258

				207,791,564

Total Common Stocks — 95.7% (Cost: $666,829,362)				646,742,858


Preferred Stocks

Colombia — 2.0%
Bancolombia SA, Preference Shares, NVS		2,165,581		13,734,781


Total Preferred Stocks — 2.0% (Cost: $15,119,596)				13,734,781

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

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

For the period ended February 28, 2023, the effect of derivative financial instruments in the Statements of Operations was as follows:

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

The following table presents the Fund’s derivative assets by counterparty net of amounts available for offset under an MNA and net of the related collateral received 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 — 2.2%
Ampol Ltd.		11,723	$	258,455
APA Group		57,547		414,612
Aristocrat Leisure Ltd.		29,191		715,303
ASX Ltd.		9,364		427,713
Aurizon Holdings Ltd.		90,914		202,024
Australia & New Zealand Banking Group Ltd.		147,335		2,437,137
BHP Group Ltd.		247,319		7,485,120
BlueScope Steel Ltd.		24,657		315,479
Brambles Ltd.		70,010		604,935
Cochlear Ltd.		3,149		469,594
Coles Group Ltd.		64,554		788,437
Commonwealth Bank of Australia		84,142		5,684,535
Computershare Ltd.		26,495		440,694
CSL Ltd.		23,652		4,705,971
Dexus		50,762		286,834
Endeavour Group Ltd./Australia		64,382		295,412
Fortescue Metals Group Ltd.		83,102		1,190,845
Goodman Group		80,267		1,067,796
GPT Group (The)		91,659		289,340
IDP Education Ltd.		10,285		197,793
IGO Ltd.		38,771		340,818
Insurance Australia Group Ltd.		124,441		388,399
James Hardie Industries PLC		21,750		453,153
Lendlease Corp. Ltd.		33,997		174,099
Lottery Corp. Ltd. (The)^(a)		108,524		378,005
Macquarie Group Ltd.		18,200		2,311,080
Medibank Pvt Ltd.		135,219		303,089
Mineral Resources Ltd.		8,266		456,519
Mirvac Group		188,438		286,912
National Australia Bank Ltd.		158,939		3,199,168
Newcrest Mining Ltd.		41,002		627,689
Northern Star Resources Ltd.		55,037		384,121
Orica Ltd.		20,412		221,767
Origin Energy Ltd.		86,021		461,454
Pilbara Minerals Ltd.^(a)		121,058		337,336
Qantas Airways Ltd.^(a)		46,060		198,104
QBE Insurance Group Ltd.		72,521		733,640
Ramsay Health Care Ltd.		9,489		430,201
REA Group Ltd.		2,560		210,802
Reece Ltd.^(b)		14,460		160,122
Rio Tinto Ltd.		18,019		1,408,259
Santos Ltd.		152,081		710,128
Scentre Group		245,996		491,317
SEEK Ltd.		16,454		266,599
Sonic Healthcare Ltd.		22,084		477,746
South32 Ltd.		226,624		658,439
Stockland		122,251		314,912
Suncorp Group Ltd.		62,416		538,401
Telstra Corp. Ltd.		202,179		564,885
Transurban Group		147,121		1,399,962
Treasury Wine Estates Ltd.		36,707		345,249
Vicinity Ltd.		190,738		260,966
Washington H Soul Pattinson & Co. Ltd.		10,684		208,993
Wesfarmers Ltd.		54,569		1,766,503
Westpac Banking Corp.		170,748		2,581,954
WiseTech Global Ltd.		7,143		301,854
Woodside Energy Group Ltd.		91,197		2,209,701
Woolworths Group Ltd.		61,063		1,514,442


Security	Shares		Value

Australia (continued)
Xero Ltd.^(a)		6,455	$	336,201

				56,691,018

Austria — 0.1%
Erste Group Bank AG		16,672		654,426
OMV AG		7,145		348,015
Verbund AG		3,304		285,738
voestalpine AG		5,741		212,044

				1,500,223

Belgium — 0.3%
Ageas SA/NV		8,364		377,459
Anheuser-Busch InBev SA/NV		41,964		2,545,475
Argenx SE^(a)		2,730		993,734
D’ieteren Group		1,129		218,814
Elia Group SA/NV		1,602		211,029
Groupe Bruxelles Lambert NV		5,470		459,184
KBC Group NV		12,189		910,221
Sofina SA^(b)		713		177,625
Solvay SA		3,591		410,192
UCB SA		6,089		523,461
Umicore SA		9,345		311,456
Warehouses De Pauw CVA		7,374		225,040

				7,363,690

Brazil — 0.1%
MercadoLibre Inc.^(a)		2,183		2,663,260


Canada — 3.5%
Agnico Eagle Mines Ltd.		22,214		1,022,707
Air Canada^(a)		8,877		130,894
Algonquin Power & Utilities Corp.		32,239		246,193
Alimentation Couche-Tard Inc.		39,385		1,847,588
AltaGas Ltd.		13,863		237,942
ARC Resources Ltd.		33,753		367,585
Bank of Montreal		32,754		3,104,249
Bank of Nova Scotia (The)		58,482		2,890,455
Barrick Gold Corp.		85,727		1,385,328
BCE Inc.		3,677		162,683
Brookfield Asset Management Ltd.		16,984		571,444
Brookfield Corp.		67,913		2,259,619
Brookfield Renewable Corp., Class A		6,759		188,232
BRP Inc.		1,682		145,740
CAE Inc.^(a)		15,591		351,583
Cameco Corp.		19,474		532,342
Canadian Apartment Properties REIT		4,242		153,638
Canadian Imperial Bank of Commerce		43,286		1,979,514
Canadian National Railway Co.		28,746		3,274,031
Canadian Natural Resources Ltd.		54,528		3,081,461
Canadian Pacific Railway Ltd.		45,504		3,455,903
Canadian Tire Corp. Ltd., Class A, NVS		2,822		351,773
Canadian Utilities Ltd., Class A, NVS		6,388		167,553
CCL Industries Inc., Class B, NVS		7,455		358,572
Cenovus Energy Inc.		69,779		1,286,654
CGI Inc.^(a)		10,593		949,760
Constellation Software Inc./Canada		997		1,714,270
Descartes Systems Group Inc. (The)^(a)		4,753		350,562
Dollarama Inc.		14,047		811,421
Element Fleet Management Corp.		22,689		324,081
Emera Inc.		14,912		590,688
Empire Co. Ltd., Class A, NVS		8,295		220,004
Enbridge Inc.		99,818		3,744,730


Security	Shares		Value

Canada (continued)
Fairfax Financial Holdings Ltd.		1,116	$	780,235
First Quantum Minerals Ltd.		28,576		624,295
FirstService Corp.		1,948		267,052
Fortis Inc.		22,800		902,309
Franco-Nevada Corp.		9,747		1,244,144
George Weston Ltd.		3,723		466,432
GFL Environmental Inc.		7,642		232,312
Gildan Activewear Inc.		10,474		332,834
Great-West Lifeco Inc.		14,698		401,031
Hydro One Ltd.^(c)		16,333		423,856
iA Financial Corp. Inc.		5,261		353,175
IGM Financial Inc.		4,221		128,440
Imperial Oil Ltd.		12,016		594,327
Intact Financial Corp.		8,460		1,215,276
Ivanhoe Mines Ltd., Class A^(a)		30,138		251,794
Keyera Corp.		10,964		241,939
Kinross Gold Corp.		62,370		230,374
Loblaw Companies Ltd.		8,419		719,487
Lumine Group Inc., NVS^(a)		2,853		29,206
Lundin Mining Corp.		32,982		205,216
Magna International Inc.		13,917		775,660
Manulife Financial Corp.		94,468		1,867,898
Metro Inc.		11,879		616,977
National Bank of Canada		16,296		1,196,911
Northland Power Inc.		11,093		269,500
Nutrien Ltd.		25,622		1,996,432
Nuvei Corp.^(a)(c)		2,840		86,959
Onex Corp.		3,749		200,460
Open Text Corp.		13,077		450,148
Pan American Silver Corp.		10,465		155,997
Parkland Corp.		7,583		165,831
Pembina Pipeline Corp.		26,670		875,644
Power Corp. of Canada		26,454		706,086
Quebecor Inc., Class B		8,385		198,364
Restaurant Brands International Inc.		13,852		893,858
RioCan REIT		8,280		131,133
Ritchie Bros Auctioneers Inc.		5,420		331,595
Rogers Communications Inc., Class B, NVS		17,183		820,805
Royal Bank of Canada		68,185		6,922,939
Saputo Inc.		12,213		327,052
Shaw Communications Inc., Class B, NVS		22,034		638,332
Shopify Inc., Class A^(a)		58,514		2,409,173
Sun Life Financial Inc.		28,492		1,376,887
Suncor Energy Inc.		66,642		2,239,796
TC Energy Corp.		49,736		1,979,599
Teck Resources Ltd., Class B		22,939		915,711
TELUS Corp.		21,234		422,190
TFI International Inc.		4,043		493,367
Thomson Reuters Corp.		8,381		1,015,056
TMX Group Ltd.		2,705		269,747
Toromont Industries Ltd.		4,006		330,403
Toronto-Dominion Bank (The)		89,423		5,953,888
Tourmaline Oil Corp.		15,056		659,838
Waste Connections Inc.		12,535		1,678,687
West Fraser Timber Co. Ltd.		2,981		223,930
Wheaton Precious Metals Corp.		21,815		908,892
WSP Global Inc.		5,652		710,011

				89,118,689

Denmark — 0.8%
AP Moller - Maersk A/S, Class A		172		393,139


Security	Shares		Value

Denmark (continued)
AP Moller - Maersk A/S, Class B, NVS		200	$	465,870
Carlsberg AS, Class B		4,850		685,358
Chr Hansen Holding A/S		5,485		380,253
Coloplast A/S, Class B		5,738		663,003
Danske Bank A/S		32,717		759,795
Demant A/S^(a)		5,305		158,646
DSV A/S		9,809		1,782,355
Genmab A/S^(a)		3,140		1,181,421
Novo Nordisk A/S, Class B		81,832		11,559,200
Novozymes A/S, Class B		9,908		477,208
Orsted AS^(c)		9,187		799,665
Pandora A/S		4,822		456,757
Rockwool A/S, Class B		420		95,356
Tryg A/S		17,475		387,132
Vestas Wind Systems A/S		48,996		1,398,098

				21,643,256

Finland — 0.3%
Elisa OYJ		6,884		390,930
Fortum OYJ		21,636		330,673
Kesko OYJ, Class B		12,981		281,893
Kone OYJ, Class B		16,402		851,782
Metso Outotec OYJ		32,665		348,262
Neste OYJ		20,438		985,750
Nokia OYJ		264,362		1,223,084
Orion OYJ, Class B		5,178		243,993
Sampo OYJ, Class A		24,057		1,171,099
Stora Enso OYJ, Class R		28,300		400,100
UPM-Kymmene OYJ		25,787		934,429
Wartsila OYJ Abp		23,770		229,585

				7,391,580

France — 3.5%
Accor SA^(a)		8,384		278,259
Aeroports de Paris^(a)		1,396		202,268
Air Liquide SA		25,939		4,121,094
Airbus SE		28,800		3,771,950
Alstom SA		15,427		452,755
Amundi SA^(c)		2,991		196,728
ArcelorMittal SA		25,893		777,033
Arkema SA		2,932		297,243
AXA SA		93,116		2,934,221
BioMerieux		2,002		196,037
BNP Paribas SA		54,121		3,783,661
Bollore SE		43,818		244,765
Bouygues SA		11,157		377,516
Bureau Veritas SA		14,325		409,216
Capgemini SE		7,741		1,451,717
Carrefour SA		30,385		600,695
Cie. de Saint-Gobain		24,410		1,450,506
Cie. Generale des Etablissements Michelin SCA		32,759		1,029,158
Covivio		2,566		164,339
Credit Agricole SA		60,258		734,396
Danone SA		31,575		1,774,904
Dassault Aviation SA		1,188		204,230
Dassault Systemes SE		32,070		1,237,587
Edenred		12,091		680,557
Eiffage SA		4,010		440,094
Engie SA		88,189		1,286,975
EssilorLuxottica SA		14,535		2,519,691
Eurazeo SE		1,946		130,947


Security	Shares		Value

France (continued)
Eurofins Scientific SE^(b)		6,628	$	461,936
Euronext NV^(c)		4,262		310,870
Gecina SA		2,217		255,065
Getlink SE		21,558		362,063
Hermes International		1,539		2,785,794
Ipsen SA		1,803		206,008
Kering SA		3,595		2,107,823
Klepierre SA		10,421		259,896
La Francaise des Jeux SAEM^(c)		4,720		186,310
Legrand SA		12,902		1,191,721
L’Oreal SA		12,016		4,749,598
LVMH Moet Hennessy Louis Vuitton SE		13,583		11,291,905
Orange SA		96,474		1,101,375
Pernod Ricard SA		10,025		2,091,327
Publicis Groupe SA		11,061		878,101
Remy Cointreau SA		1,102		193,452
Renault SA^(a)		9,500		425,190
Safran SA		16,549		2,336,741
Sanofi		56,231		5,257,500
Sartorius Stedim Biotech		1,336		435,131
Schneider Electric SE		27,011		4,334,105
SEB SA		1,338		154,348
Societe Generale SA		39,185		1,129,294
Sodexo SA		4,252		393,810
Teleperformance		2,855		741,123
Thales SA		5,121		715,935
TotalEnergies SE		123,127		7,597,446
Unibail-Rodamco-Westfield^(a)(b)		6,148		388,477
Valeo		11,330		235,378
Veolia Environnement SA		31,721		946,691
Vinci SA		26,903		3,059,082
Vivendi SE		38,150		392,589
Wendel SE		1,310		148,569
Worldline SA/France^(a)(c)		11,555		481,294

				89,354,489

Germany — 2.2%
adidas AG		8,360		1,248,539
Allianz SE, Registered		20,260		4,757,319
Aroundtown SA^(b)		49,604		128,509
BASF SE		44,535		2,280,293
Bayer AG, Registered		49,421		2,934,679
Bayerische Motoren Werke AG		15,936		1,644,043
Bechtle AG		4,014		169,041
Beiersdorf AG		4,868		580,974
Brenntag SE		7,475		563,041
Carl Zeiss Meditec AG, Bearer		1,964		261,791
Commerzbank AG^(a)		48,895		595,809
Continental AG		5,237		375,975
Covestro AG^(c)		9,011		396,127
Daimler Truck Holding AG^(a)		25,070		794,069
Delivery Hero SE^(a)(c)		7,869		316,221
Deutsche Bank AG, Registered		100,822		1,256,980
Deutsche Boerse AG		9,144		1,594,474
Deutsche Lufthansa AG, Registered^(a)		32,054		332,104
Deutsche Post AG, Registered		47,673		2,016,135
Deutsche Telekom AG, Registered		160,377		3,599,348
E.ON SE		108,288		1,181,515
Evonik Industries AG		10,267		219,218
Fresenius Medical Care AG & Co. KGaA^(b)		9,938		388,333
Fresenius SE & Co. KGaA		22,844		628,603


Security	Shares		Value

Germany (continued)
GEA Group AG		7,464	$	328,116
Hannover Rueck SE		2,900		563,176
HeidelbergCement AG		6,989		479,812
HelloFresh SE^(a)		8,138		182,312
Henkel AG & Co. KGaA		5,029		347,730
Infineon Technologies AG		62,915		2,225,705
Knorr-Bremse AG		3,515		238,897
LEG Immobilien SE		3,524		255,199
Mercedes-Benz Group AG		39,066		2,994,124
Merck KGaA		6,229		1,180,352
MTU Aero Engines AG		2,631		634,921
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Registered		6,721		2,315,231
Nemetschek SE		2,798		158,450
Puma SE		5,109		325,210
Rational AG		237		157,200
Rheinmetall AG		2,051		521,318
RWE AG		30,988		1,315,354
SAP SE		51,487		5,849,482
Scout24 SE^(c)		4,433		242,956
Siemens AG, Registered		37,993		5,789,821
Siemens Healthineers AG^(c)		13,180		687,866
Symrise AG		6,206		634,063
Telefonica Deutschland Holding AG		52,221		158,409
United Internet AG, Registered		4,810		105,113
Volkswagen AG		1,562		277,505
Vonovia SE		34,922		878,255
Zalando SE^(a)(c)		10,774		426,866

				57,536,583

Hong Kong — 0.8%
AIA Group Ltd.		590,400		6,274,777
BOC Hong Kong Holdings Ltd.		194,500		658,255
Budweiser Brewing Co. APAC Ltd.^(b)(c)		89,400		268,075
CK Asset Holdings Ltd.		105,000		658,563
CK Hutchison Holdings Ltd.		140,500		838,960
CK Infrastructure Holdings Ltd.		42,500		224,182
CLP Holdings Ltd.		92,000		650,607
ESR Group Ltd.^(c)		98,200		167,042
Futu Holdings Ltd., ADR^(a)(b)		2,767		136,164
Galaxy Entertainment Group Ltd.		102,000		679,079
Hang Lung Properties Ltd.		59,000		113,792
Hang Seng Bank Ltd.		39,900		649,034
Henderson Land Development Co. Ltd.		48,000		168,489
HKT Trust & HKT Ltd., Class SS		198,000		257,419
Hong Kong & China Gas Co. Ltd.		502,589		472,435
Hong Kong Exchanges & Clearing Ltd.		61,500		2,463,238
Hongkong Land Holdings Ltd.		60,400		276,304
Jardine Matheson Holdings Ltd.		6,500		322,203
Link REIT		109,500		720,672
MTR Corp. Ltd.		89,000		448,495
New World Development Co. Ltd.		45,333		123,404
Power Assets Holdings Ltd.		84,500		451,971
Sands China Ltd.^(a)		106,000		367,885
Sino Land Co. Ltd.^(b)		118,000		151,317
SITC International Holdings Co. Ltd.		42,000		87,862
Sun Hung Kai Properties Ltd.		71,500		977,148
Swire Pacific Ltd., Class A		28,500		232,580
Swire Properties Ltd.		51,600		135,785
Techtronic Industries Co. Ltd.		75,500		751,925
WH Group Ltd.^(c).		439,000		255,467


Security	Shares		Value

Hong Kong (continued)
Wharf Real Estate Investment Co. Ltd.		75,000	$	411,212
Xinyi Glass Holdings Ltd.		60,000		112,185

				20,506,526

Ireland — 0.2%
AIB Group PLC		40,564		173,261
Bank of Ireland Group PLC		52,579		579,269
CRH PLC		37,617		1,767,001
Flutter Entertainment PLC, Class DI^(a)		8,057		1,293,618
Kerry Group PLC, Class A		7,750		742,022
Kingspan Group PLC		7,559		490,640
Smurfit Kappa Group PLC		12,043		449,285

				5,495,096

Israel — 0.2%
Azrieli Group Ltd.		2,028		113,813
Bank Hapoalim BM		57,191		478,358
Bank Leumi Le-Israel BM		75,859		589,768
Bezeq The Israeli Telecommunication Corp. Ltd.		97,367		134,772
Check Point Software Technologies Ltd.^(a)		5,119		633,323
CyberArk Software Ltd.^(a)		1,976		286,066
Elbit Systems Ltd.		1,301		220,279
First International Bank Of Israel Ltd. (The)		2,718		96,343
ICL Group Ltd.		34,504		250,408
Isracard Ltd.		1		3
Israel Discount Bank Ltd., Class A		56,907		269,937
Mizrahi Tefahot Bank Ltd.		6,875		204,441
Nice Ltd.^(a)		3,071		638,353
Teva Pharmaceutical Industries Ltd., ADR^(a)(b)		55,604		551,036
Tower Semiconductor Ltd.^(a)		5,416		221,547
Wix.com Ltd.^(a)		2,639		238,909

				4,927,356

Italy — 0.7%
Amplifon SpA		6,108		176,613
Assicurazioni Generali SpA		53,441		1,057,029
DiaSorin SpA		1,173		141,403
Enel SpA		391,411		2,195,643
Eni SpA		121,621		1,717,778
Ferrari NV		6,048		1,569,131
FinecoBank Banca Fineco SpA		33,658		581,626
Infrastrutture Wireless Italiane SpA^(c)		16,729		184,121
Intesa Sanpaolo SpA		795,562		2,149,038
Mediobanca Banca di Credito Finanziario SpA		30,466		325,118
Moncler SpA		9,940		605,902
Nexi SpA^(a)(c)		36,404		293,804
Poste Italiane SpA^(c)		25,688		276,988
Prysmian SpA		12,389		476,295
Recordati Industria Chimica e Farmaceutica SpA		5,093		215,977
Snam SpA		97,989		481,417
Stellantis NV		109,382		1,913,559
Telecom Italia SpA/Milano^(a)		511,890		167,144
Tenaris SA		23,062		379,419
Terna—Rete Elettrica Nazionale		68,342		513,757
UniCredit SpA		93,913		1,921,321

				17,343,083

Japan — 6.1%
Advantest Corp.		9,200		729,272
Aeon Co. Ltd.		27,900		520,387
AGC Inc.		8,300		307,072
Aisin Corp.		4,300		117,835
Ajinomoto Co. Inc.		22,400		660,960


Security	Shares		Value

Japan (continued)
ANA Holdings Inc.^(a)		4,800	$	97,385
Asahi Group Holdings Ltd.		22,200		785,088
Asahi Intecc Co. Ltd.		6,300		107,264
Asahi Kasei Corp.		71,700		499,391
Astellas Pharma Inc.		90,400		1,269,449
Azbil Corp.		3,600		93,621
Bandai Namco Holdings Inc.		9,100		562,300
BayCurrent Consulting Inc.		6,500		255,407
Bridgestone Corp.		29,200		1,117,129
Brother Industries Ltd.		15,700		230,930
Canon Inc.		46,700		1,005,089
Capcom Co. Ltd.		9,000		283,234
Central Japan Railway Co.		7,300		819,607
Chiba Bank Ltd. (The)		24,200		177,191
Chubu Electric Power Co. Inc.		27,600		285,777
Chugai Pharmaceutical Co. Ltd.		35,500		883,150
Concordia Financial Group Ltd.		48,300		207,509
CyberAgent Inc.		20,600		176,126
Dai Nippon Printing Co. Ltd.		10,900		292,227
Daifuku Co. Ltd.		3,000		163,603
Dai-ichi Life Holdings Inc.		46,700		996,312
Daiichi Sankyo Co. Ltd.		87,500		2,755,929
Daikin Industries Ltd.		12,300		2,103,235
Daito Trust Construction Co. Ltd.		3,100		292,016
Daiwa House Industry Co. Ltd.		25,300		583,954
Daiwa House REIT Investment Corp.		150		309,627
Daiwa Securities Group Inc.		77,300		369,490
Denso Corp.		21,400		1,137,810
Dentsu Group Inc.		13,700		439,339
Disco Corp.		1,300		407,630
East Japan Railway Co.		15,200		767,664
Eisai Co. Ltd.		13,500		729,172
ENEOS Holdings Inc.		168,000		577,564
FANUC Corp.		9,600		1,631,720
Fast Retailing Co. Ltd.		9,000		1,776,742
Fuji Electric Co. Ltd.		5,200		200,771
FUJIFILM Holdings Corp.		19,300		900,381
Fujitsu Ltd.		9,900		1,271,440
GLP J-Reit		212		222,620
GMO Payment Gateway Inc.		1,400		114,990
Hakuhodo DY Holdings Inc.		15,600		173,911
Hamamatsu Photonics KK		4,700		230,632
Hankyu Hanshin Holdings Inc.		15,500		441,086
Hikari Tsushin Inc.		600		87,089
Hirose Electric Co. Ltd.		1,100		134,490
Hitachi Construction Machinery Co. Ltd.		3,100		69,331
Hitachi Ltd.		45,800		2,318,300
Honda Motor Co. Ltd.		80,300		2,088,055
Hoshizaki Corp.		3,200		113,442
Hoya Corp.		17,600		1,742,447
Hulic Co. Ltd.		19,900		158,379
Ibiden Co. Ltd.		3,100		106,335
Idemitsu Kosan Co. Ltd.		6,100		135,002
Iida Group Holdings Co. Ltd.		4,300		71,457
Inpex Corp.		47,400		496,960
Isuzu Motors Ltd.		25,800		308,527
ITOCHU Corp.		60,700		1,814,364
Itochu Techno-Solutions Corp.		2,800		62,310
Japan Airlines Co. Ltd.^(a)		4,200		79,086
Japan Exchange Group Inc.		23,700		353,476


Security	Shares		Value

Japan (continued)
Japan Metropolitan Fund Invest		380	$	285,289
Japan Post Bank Co. Ltd.		20,600		177,958
Japan Post Holdings Co. Ltd.		118,900		1,056,924
Japan Post Insurance Co. Ltd.		5,800		100,702
Japan Real Estate Investment Corp.		56		231,916
Japan Tobacco Inc.		64,400		1,309,600
JFE Holdings Inc.		23,100		286,624
JSR Corp.		5,900		134,046
Kajima Corp.		21,900		261,727
Kansai Electric Power Co. Inc. (The)		38,100		357,902
Kao Corp.		22,600		841,895
KDDI Corp.		81,600		2,387,442
Keio Corp.		3,000		104,527
Keisei Electric Railway Co. Ltd.		3,800		109,844
Keyence Corp.		9,700		4,192,604
Kikkoman Corp.		6,400		299,228
Kintetsu Group Holdings Co. Ltd.		8,400		254,472
Kirin Holdings Co. Ltd.		41,600		622,689
Kobayashi Pharmaceutical Co. Ltd.		1,600		96,324
Kobe Bussan Co. Ltd.		4,000		109,345
Koei Tecmo Holdings Co. Ltd.		3,400		56,954
Koito Manufacturing Co. Ltd.		6,000		100,837
Komatsu Ltd.		43,100		1,031,184
Konami Group Corp.		4,400		194,073
Kose Corp.		1,200		135,667
Kubota Corp.		47,500		716,954
Kurita Water Industries Ltd.		2,900		131,022
Kyocera Corp.		18,200		895,730
Kyowa Kirin Co. Ltd.		16,700		357,387
Lasertec Corp.		3,700		601,603
Lixil Corp.		16,600		264,641
M3 Inc.		21,700		517,485
Makita Corp.		7,100		173,632
Marubeni Corp.		86,000		1,097,881
MatsukiyoCocokara & Co.		5,600		260,350
Mazda Motor Corp.		25,400		227,255
McDonald’s Holdings Co. Japan Ltd.^(b)		2,300		91,052
MEIJI Holdings Co. Ltd.		5,500		251,877
MINEBEA MITSUMI Inc.		19,400		336,221
MISUMI Group Inc.		17,100		406,630
Mitsubishi Chemical Group Corp.		72,500		422,302
Mitsubishi Corp.		62,500		2,123,191
Mitsubishi Electric Corp.		97,200		1,092,257
Mitsubishi Estate Co. Ltd.		55,400		688,633
Mitsubishi HC Capital Inc.		28,100		146,698
Mitsubishi Heavy Industries Ltd.		14,900		549,060
Mitsubishi UFJ Financial Group Inc.		594,900		4,217,539
Mitsui & Co. Ltd.		70,700		1,984,257
Mitsui Chemicals Inc.		9,700		234,014
Mitsui Fudosan Co. Ltd.		44,300		844,297
Mitsui OSK Lines Ltd.		18,000		470,162
Mizuho Financial Group Inc.		123,090		1,918,640
MonotaRO Co. Ltd.		16,100		218,982
MS&AD Insurance Group Holdings Inc.		21,800		713,386
Murata Manufacturing Co. Ltd.		26,800		1,434,534
NEC Corp.		10,300		368,619
Nexon Co. Ltd.		23,200		503,261
NGK Insulators Ltd.		16,300		216,365
Nidec Corp.		21,800		1,106,338
Nihon M&A Center Holdings Inc.		17,600		146,742


Security	Shares		Value

Japan (continued)
Nintendo Co. Ltd.		53,200	$	1,991,651
Nippon Building Fund Inc.		82		346,110
Nippon Express Holdings Inc.		2,200		122,727
Nippon Paint Holdings Co. Ltd.		38,300		334,685
Nippon Prologis REIT Inc.		143		305,031
Nippon Sanso Holdings Corp.		4,400		78,443
Nippon Shinyaku Co. Ltd.		1,400		62,698
Nippon Steel Corp.		39,747		888,256
Nippon Telegraph & Telephone Corp.		58,900		1,706,734
Nippon Yusen KK		22,800		592,640
Nissan Chemical Corp.		4,800		210,786
Nissan Motor Co. Ltd.		120,400		467,438
Nisshin Seifun Group Inc.		5,800		67,019
Nissin Foods Holdings Co. Ltd.		3,400		283,153
Nitori Holdings Co. Ltd.		3,600		406,822
Nitto Denko Corp.		6,000		361,232
Nomura Holdings Inc.		168,100		692,791
Nomura Real Estate Holdings Inc.		3,500		78,030
Nomura Real Estate Master Fund Inc.		212		234,992
Nomura Research Institute Ltd.		18,600		415,558
NTT Data Corp.		27,200		377,390
Obayashi Corp.		27,700		204,897
Obic Co. Ltd.		3,800		556,735
Odakyu Electric Railway Co. Ltd.		17,400		210,937
Oji Holdings Corp.		41,300		167,582
Olympus Corp.		65,300		1,100,024
Omron Corp.		7,000		375,782
Ono Pharmaceutical Co. Ltd.		19,600		399,212
Open House Group Co. Ltd.		2,400		86,382
Oracle Corp. Japan		1,100		74,946
Oriental Land Co. Ltd./Japan		9,400		1,501,038
ORIX Corp.		62,700		1,123,772
Osaka Gas Co. Ltd.		19,700		319,994
Otsuka Corp.		3,300		111,244
Otsuka Holdings Co. Ltd.		20,200		611,978
Pan Pacific International Holdings Corp.		20,800		380,198
Panasonic Holdings Corp.		117,100		1,022,520
Persol Holdings Co. Ltd.		5,200		104,148
Rakuten Group Inc.		42,900		211,462
Recruit Holdings Co. Ltd.		70,000		1,877,107
Renesas Electronics Corp.^(a)		57,900		747,922
Resona Holdings Inc.		112,300		618,535
Ricoh Co. Ltd.		28,300		219,861
Rohm Co. Ltd.		3,000		231,038
SBI Holdings Inc.		15,900		342,729
SCSK Corp.		4,600		66,746
Secom Co. Ltd.		10,500		610,622
Seiko Epson Corp.		16,900		233,012
Sekisui Chemical Co. Ltd.		19,800		265,443
Sekisui House Ltd.		26,800		507,411
Seven & i Holdings Co. Ltd.		39,600		1,770,387
SG Holdings Co. Ltd.		18,100		260,972
Sharp Corp./Japan^(b)		6,200		42,777
Shimadzu Corp.		15,700		453,400
Shimano Inc.		3,400		528,700
Shimizu Corp.		24,900		134,407
Shin-Etsu Chemical Co. Ltd.		18,173		2,519,342
Shionogi & Co. Ltd.		13,000		575,926
Shiseido Co. Ltd.		20,500		944,590
Shizuoka Financial Group Inc., NVS		21,800		174,193


Security	Shares		Value

Japan (continued)
SMC Corp.		2,900	$	1,474,088
SoftBank Corp.		141,500		1,596,256
SoftBank Group Corp.		61,500		2,487,138
Sompo Holdings Inc.		18,000		772,760
Sony Group Corp.		63,100		5,276,196
Square Enix Holdings Co. Ltd.		2,500		111,436
Subaru Corp.		26,700		427,767
SUMCO Corp.		18,500		255,271
Sumitomo Chemical Co. Ltd.		78,300		274,363
Sumitomo Corp.		50,400		858,956
Sumitomo Electric Industries Ltd.		39,600		487,316
Sumitomo Metal Mining Co. Ltd.		12,200		454,148
Sumitomo Mitsui Financial Group Inc.		65,600		2,865,003
Sumitomo Mitsui Trust Holdings Inc.		18,600		689,130
Sumitomo Realty & Development Co. Ltd.		17,800		420,225
Suntory Beverage & Food Ltd.		6,900		242,045
Suzuki Motor Corp.		19,500		684,276
Sysmex Corp.		8,300		497,178
T&D Holdings Inc.		24,500		371,033
Taisei Corp.		9,400		306,470
Takeda Pharmaceutical Co. Ltd.		74,726		2,303,375
TDK Corp.		20,100		672,976
Terumo Corp.		29,900		803,813
TIS Inc.		13,100		325,197
Tobu Railway Co. Ltd.		5,500		122,793
Toho Co. Ltd./Tokyo		6,100		212,340
Tokio Marine Holdings Inc.		88,500		1,878,911
Tokyo Electric Power Co. Holdings Inc.^(a)		90,900		301,180
Tokyo Electron Ltd.		7,400		2,538,954
Tokyo Gas Co. Ltd.		19,700		379,963
Tokyu Corp.		23,400		281,899
Toppan Inc.		16,400		296,585
Toray Industries Inc.		75,600		432,841
Toshiba Corp.		21,100		652,996
Tosoh Corp.		16,200		220,469
TOTO Ltd.		7,100		237,270
Toyota Industries Corp.		6,400		375,489
Toyota Motor Corp.		521,700		7,110,545
Toyota Tsusho Corp.		9,200		375,208
Trend Micro Inc./Japan		5,700		268,017
Unicharm Corp.		20,600		762,454
USS Co. Ltd.		6,400		103,831
Welcia Holdings Co. Ltd.		2,700		59,106
West Japan Railway Co.		13,300		516,214
Yakult Honsha Co. Ltd.		6,100		415,813
Yamaha Corp.		6,800		258,012
Yamaha Motor Co. Ltd.		17,500		447,741
Yamato Holdings Co. Ltd.		17,300		292,210
Yaskawa Electric Corp.		11,800		464,260
Yokogawa Electric Corp.		15,500		231,497
Z Holdings Corp.		146,900		394,375
ZOZO Inc.		3,600		80,012

				156,768,416

Jersey — 0.1%
Ferguson PLC		10,296		1,483,654


Netherlands — 1.4%
ABN AMRO Bank NV, CVA^(c)		21,547		380,222
Adyen NV^(a)(c)		1,094		1,550,668
Aegon NV		95,440		496,597


Security	Shares		Value

Netherlands (continued)
AerCap Holdings NV^(a)		6,557	$	409,419
Akzo Nobel NV		9,098		665,563
ASM International NV		2,279		776,833
ASML Holding NV		19,942		12,291,375
Davide Campari-Milano NV		25,656		287,235
EXOR NV, NVS^(a)		5,408		446,237
Heineken Holding NV		5,306		453,923
Heineken NV		12,771		1,301,729
IMCD NV		2,834		448,597
ING Groep NV^(a)		191,391		2,678,539
JDE Peet’s NV		5,177		152,396
Just Eat Takeaway.com NV^(a)(c)		9,247		201,125
Koninklijke Ahold Delhaize NV		51,607		1,638,619
Koninklijke DSM NV		8,587		1,058,176
Koninklijke KPN NV		167,964		575,782
Koninklijke Philips NV		45,078		735,979
NN Group NV		13,419		543,155
NXP Semiconductors NV		12,954		2,312,030
OCI NV		4,365		144,995
Prosus NV		41,229		2,955,673
QIAGEN NV^(a)		11,359		522,849
Randstad NV		6,132		376,260
Universal Music Group NV		35,955		847,148
Wolters Kluwer NV		13,193		1,527,321

				35,778,445

New Zealand — 0.1%
Auckland International Airport Ltd.^(a)		61,306		331,266
EBOS Group Ltd.		7,982		218,512
Fisher & Paykel Healthcare Corp. Ltd.		29,473		471,757
Mercury NZ Ltd.		34,320		133,025
Meridian Energy Ltd.		63,458		208,291
Spark New Zealand Ltd.		91,643		282,954

				1,645,805

Norway — 0.2%
Adevinta ASA^(a)		12,480		93,256
Aker BP ASA		15,293		410,474
DNB Bank ASA		44,937		896,727
Equinor ASA		49,950		1,529,136
Gjensidige Forsikring ASA		9,840		174,413
Kongsberg Gruppen ASA		4,373		181,724
Mowi ASA		19,083		329,463
Norsk Hydro ASA		71,808		522,673
Orkla ASA		36,782		247,571
Salmar ASA		3,427		142,067
Telenor ASA		34,067		381,988
Yara International ASA		8,041		382,260

				5,291,752

Portugal — 0.0%
EDP—Energias de Portugal SA		150,421		757,478
Galp Energia SGPS SA		24,595		300,047
Jeronimo Martins SGPS SA		13,841		284,100

				1,341,625

Singapore — 0.4%
CapitaLand Ascendas REIT		162,016		332,758
CapitaLand Integrated Commercial Trust		242,276		348,514
Capitaland Investment Ltd/Singapore		132,300		364,883
City Developments Ltd.		20,700		118,411
DBS Group Holdings Ltd.		88,400		2,242,807
Genting Singapore Ltd.		296,700		224,445


Security	Shares		Value

Singapore (continued)
Grab Holdings Ltd., Class A^(a)(b)		52,959	$	169,998
Jardine Cycle & Carriage Ltd.		5,400		119,044
Keppel Corp. Ltd.		69,500		282,226
Mapletree Logistics Trust		155,100		194,336
Mapletree Pan Asia Commercial Trust		108,200		138,021
Oversea-Chinese Banking Corp. Ltd.		162,800		1,530,074
Sea Ltd., ADR^(a)		18,256		1,140,818
Sembcorp Marine Ltd.^(a)(d)		1,343,586		126,441
Singapore Airlines Ltd.		66,700		281,612
Singapore Exchange Ltd.		29,800		192,459
Singapore Technologies Engineering Ltd.		73,200		193,832
Singapore Telecommunications Ltd.		408,100		716,982
United Overseas Bank Ltd.^(b)		61,700		1,367,619
UOL Group Ltd.		22,300		112,933
Venture Corp. Ltd.		16,900		215,215
Wilmar International Ltd.		92,500		270,253

				10,683,681

Spain — 0.7%
Acciona SA		1,263		237,956
ACS Actividades de Construccion y Servicios SA		13,237		401,287
Aena SME SA^(a)(c)		3,597		556,479
Amadeus IT Group SA^(a)		21,591		1,357,703
Banco Bilbao Vizcaya Argentaria SA		299,462		2,327,726
Banco Santander SA		837,799		3,298,753
CaixaBank SA		214,568		921,327
Cellnex Telecom SA^(c)		27,349		1,026,100
Corp. ACCIONA Energias Renovables SA		4,042		156,713
EDP Renovaveis SA		12,923		264,466
Enagas SA		2,268		40,680
Endesa SA		15,531		304,563
Ferrovial SA		24,185		671,276
Grifols SA^(a)(b)		14,716		179,274
Iberdrola SA		307,110		3,520,530
Industria de Diseno Textil SA		52,410		1,614,581
Naturgy Energy Group SA		9,561		263,020
Red Electrica Corp. SA		5,764		95,617
Repsol SA		70,068		1,108,114
Telefonica SA		262,471		1,070,744

				19,416,909

Sweden — 1.0%
Alfa Laval AB		15,273		502,372
Assa Abloy AB, Class B		47,660		1,159,747
Atlas Copco AB, Class A		130,761		1,552,423
Atlas Copco AB, Class B		75,397		794,269
Boliden AB		12,996		532,016
Electrolux AB, Class B^(b)		11,187		135,371
Embracer Group AB^(a)(b)		43,161		208,058
Epiroc AB, Class A		31,961		614,222
Epiroc AB, Class B		19,066		313,672
EQT AB^(b)		14,274		319,230
Essity AB, Class B		30,220		815,112
Evolution AB^(c)		9,564		1,154,056
Fastighets AB Balder, Class B^(a)		30,986		153,284
Getinge AB, Class B		11,156		239,778
H & M Hennes & Mauritz AB, Class B^(b)		37,167		468,318
Hexagon AB, Class B		95,572		1,059,184
Holmen AB, Class B		3,753		151,535
Husqvarna AB, Class B		20,758		183,792
Industrivarden AB, Class A		5,627		154,672


Security	Shares		Value

Sweden (continued)
Industrivarden AB, Class C		7,856	$	215,385
Indutrade AB		12,918		274,771
Investment AB Latour, Class B		7,325		151,544
Investor AB, Class A		24,219		496,462
Investor AB, Class B		87,756		1,695,127
Kinnevik AB, Class B^(a)		11,927		177,377
L E Lundbergforetagen AB, Class B		3,727		172,908
Lifco AB, Class B		11,463		228,996
Nibe Industrier AB, Class B		69,769		721,392
Nordea Bank Abp		168,894		2,140,263
Sagax AB, Class B		7,927		195,014
Sandvik AB		54,490		1,120,964
Securitas AB, Class B		24,185		208,271
Skandinaviska Enskilda Banken AB, Class A		78,655		984,092
Skanska AB, Class B		16,641		302,434
SKF AB, Class B		18,677		354,734
Svenska Cellulosa AB SCA, Class B		28,845		402,543
Svenska Handelsbanken AB, Class A		69,915		741,586
Swedbank AB, Class A		43,825		895,455
Swedish Orphan Biovitrum AB^(a)		8,341		192,153
Tele2 AB, Class B		24,597		226,091
Telefonaktiebolaget LM Ericsson, Class B		138,056		764,499
Telia Co. AB		131,058		338,442
Volvo AB, Class A		9,915		206,409
Volvo AB, Class B		77,076		1,542,223
Volvo Car AB, Class B^(a)		28,658		135,117

				25,395,363

Switzerland — 3.0%
ABB Ltd., Registered		77,071		2,564,696
Adecco Group AG, Registered		8,644		308,213
Alcon Inc.		24,504		1,670,750
Bachem Holding AG, Class A^(b)		1,513		150,801
Baloise Holding AG, Registered		2,524		420,314
Banque Cantonale Vaudoise, Registered		1,381		123,489
Barry Callebaut AG, Registered		192		382,300
BKW AG		1,408		205,532
Chocoladefabriken Lindt & Spruengli AG, Participation Certificates, NVS		48		525,871
Chocoladefabriken Lindt & Spruengli AG, Registered		5		553,859
Cie. Financiere Richemont SA, Class A, Registered		26,181		3,955,852
Clariant AG, Registered		12,168		196,813
Coca-Cola HBC AG, Class DI^(a)		9,641		246,900
Credit Suisse Group AG, Registered		164,907		497,141
EMS-Chemie Holding AG, Registered		380		287,933
Geberit AG, Registered		1,681		907,232
Givaudan SA, Registered		444		1,338,340
Holcim AG		27,805		1,716,264
Julius Baer Group Ltd.		12,330		817,452
Kuehne + Nagel International AG, Registered		2,505		641,373
Logitech International SA, Registered		9,594		524,029
Lonza Group AG, Registered		3,615		2,153,243
Nestle SA, Registered		135,553		15,272,841
Novartis AG, Registered


				Average Annual Total Returns									Cumulative Total Returns
	6-Month Total Returns			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		(8.79	)%		(24.20	)%		(3.62	)%		2.13	%		(24.20	)%		(16.83	)%		23.42	%
Fund Market		(8.97	)		(24.95	)		(3.50	)		1.90			(24.95	)		(16.33	)		20.75
Index		(6.69	)		(20.54	)		(1.34	)		4.04			(20.54	)		(6.54	)		48.59


Actual						Hypothetical 5% Return
Beginning Account Value (09/01/22)		Ending Account Value (02/28/23)		Expenses Paid During the Period^(a)		Beginning Account Value (09/01/22)		Ending Account Value (02/28/23)		Expenses Paid During the Period^(a)		Annualized Expense Ratio
$	1,000.00	$	912.10	$	3.79	$	1,000.00	$	1,020.80	$	4.01	0.80%


Sector	Percent of Total Investments^(a)
Financials		41.0	%
Materials		11.3
Real Estate		10.1
Consumer Staples		10.0
Energy		8.1
Communication Services		6.9
Industrials		5.9
Utilities		3.6
Health Care		1.9
Other (each representing less than 1%)		1.2


			Average Annual Total Returns							Cumulative Total Returns
	6-Month Total Returns			1 Year		5 Years		10 Years			1 Year		5 Years		10 Years
Fund NAV	4.16	%		(7.22	)%	7.09	%	8.95	%		(7.22	)%	40.86	%	135.69	%
Fund Market	4.11			(7.03	)	7.15		8.89			(7.03	)	41.26		134.32
Index	4.04			(7.33	)	6.88		8.77			(7.33	)	39.48		131.88


Actual						Hypothetical 5% Return
Beginning Account Value (09/01/22)		Ending Account Value (02/28/23)		Expenses Paid During the Period^(a)		Beginning Account Value (09/01/22)		Ending Account Value (02/28/23)		Expenses Paid During the Period^(a)		Annualized Expense Ratio
$	1,000.00	$	1,041.60	$	1.21	$	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
Semi-Annual Report:
Fund Summary		4
About Fund Performance		6
Disclosure of 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
General Information		43
Glossary of Terms Used in this Report		44


Fund Summary as of February 28, 2023		iShares^® MSCI Frontier and Select EM ETF


Country/Geographic Region	Percent of Total Investments^(a)
Vietnam		31.5	%
Kazakhstan		8.2
Romania		7.8
Morocco		7.0
Philippines		6.9
Colombia		5.4
Peru		5.3
Egypt		4.9
Oman		4.5
Bangladesh		3.6


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


Fund Summary as of February 28, 2023		iShares^® MSCI World ETF


Sector	Percent of Total Investments^(a)
Information Technology		21.3	%
Financials		14.6
Health Care		13.3
Industrials		10.8
Consumer Discretionary		10.7
Consumer Staples		7.5
Communication Services		6.6
Energy		5.2
Materials		4.5
Utilities		2.9
Real Estate		2.6


Country/Geographic Region	Percent of Total Investments^(a)
United States		67.3	%
Japan		6.1
United Kingdom		4.5
France		3.5
Canada		3.5
Switzerland		3.0
Germany		2.4
Australia		2.2
Netherlands		1.4
Sweden		1.0


Security		Par		Value

Corporate Bonds & Notes

Oman — 0.0%
Bank Muscat SAOG, 4.25%, 11/20/50 ^(c)	OMR		276,375	$	—


Total Corporate Bonds & Notes — 0.0% (Cost: $0)					—


Total Investments — 97.7% (Cost: $681,948,958)					660,477,639

Other Assets Less Liabilities — 2.3%					15,664,761


Net Assets — 100.0%				$	676,142,400


Affiliated Issuer	Value at 08/31/22		Purchases at Cost		Proceeds from Sale			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 02/28/23		Shares Held at 02/28/23		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares^(a)	$	—	$	—	$	0	^(b)	$	—	$	—	$	—		—	$	38	^(c)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares^(a)		—		—		0	^(b)		—		—		—		—		18,667			2

								$	—	$	—	$	—			$	18,705		$	2



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

Long Contracts
MSCI Emerging Markets Index		373		03/17/23	$	17,958	$	(402,788	)


Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
USD	781,570	NGN	458,000,000	Citibank N.A.		10/27/23	$	7,296
USD	11,480,375	NGN	6,673,541,718	JPMorgan Chase Bank N.A.		10/27/23		198,395

								205,691

							$	205,691



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

Assets — Derivative Financial Instruments
Forward foreign currency exchange contracts
Unrealized appreciation on forward foreign currency exchange contracts	$	—	$	—	$	—	$	205,691	$	—	$	—	$	205,691

Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts^(a)	$	—	$	—	$	402,788	$	—	$	—	$	—	$	402,788



Futures contracts
Average notional value of contracts — long	$	21,555,043
Forward foreign currency exchange contracts
Average amounts sold — in USD	$	12,261,945



	Assets		Liabilities

Derivative Financial Instruments:
Futures contracts	$	—	$	402,788
Forward foreign currency exchange contracts		205,691		—

Total derivative assets and liabilities in the Statement of Assets and Liabilities		205,691		402,788
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)		—		(402,788	)

Total derivative assets and liabilities subject to an MNA		205,691		—



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

Citibank N.A	$	7,296	$	—	$	—	$	—		$	7,296
JPMorgan Chase Bank N.A		198,395		—		—		(198,395	)		—

	$	205,691	$	—	$	—	$	(198,395	)	$	7,296



	Level 1			Level 2		Level 3		Total

Assets
Investments
Long-Term Investments
Common Stocks	$	251,201,490		$	395,541,368	$	—	$	646,742,858
Preferred Stocks		13,734,781			—		—		13,734,781
Corporate Bonds & Notes		—			—		—		—
Oman		—			—		—		—

	$	264,936,271		$	395,541,368	$	—	$	660,477,639

Derivative Financial Instruments^(a)
Assets
Foreign Currency Exchange Contracts	$	—		$	205,691	$	—	$	205,691
Liabilities
Equity Contracts		(402,788	)		—		—		(402,788	)

	$	(402,788	)	$	205,691	$	—		(197,097	)