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 Currency Hedged MSCI Emerging Markets ETF (the “Fund”) seeks to track the investment results of an index composed of large- and mid-capitalization emerging market equities while mitigating exposure to fluctuations between the value of the component currencies and the U.S. dollar, as represented by the MSCI Emerging Markets 100% Hedged to USD Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index. The Fund currently seeks to achieve its investment objective by investing a substantial portion of its assets in one underlying fund, the iShares MSCI Emerging Markets ETF.

The inception date of the Fund was 9/23/14. The first day of secondary market trading was 9/25/14.

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 Emerging Markets ETF (the “Fund”) seeks to track the investment results of an index composed of large- and mid-capitalization emerging market equities, as represented by the MSCI Emerging Markets 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 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

Investment Companies

Exchange-Traded Funds — 100.0%
iShares MSCI Emerging Markets ETF^(a)		3,946,550	$	184,422,282


Total Investment Companies — 100.0% (Cost: $181,619,255)				184,422,282


Short-Term Investments

Money Market Funds — 0.1%

BlackRock Cash Funds: Treasury, SL Agency Shares, 0.03%^(a)(b)		90,000		90,000


Total Short-Term Investments — 0.1% (Cost: $90,000)				90,000


Total Investments in Securities — 100.1% (Cost: $181,709,255)				184,512,282

Other Assets, Less Liabilities — (0.1)%				(126,474	)


Net Assets — 100.0%			$	184,385,808

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 tables present the Fund’s derivative assets and liabilities by counterparty net of amounts available for offset under an MNA and net of the related collateral received and pledged by the Fund:

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

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


Security	Shares		Value

Common Stocks

Brazil — 3.7%
Ambev SA		17,275,318	$	50,698,949
Americanas SA		2,310,647		13,540,774
Atacadao SA		1,731,440		6,382,353
B3 SA - Brasil, Bolsa, Balcao		22,264,125		62,637,553
Banco Bradesco SA		5,231,312		17,157,919
Banco BTG Pactual SA		4,315,148		21,438,895
Banco do Brasil SA		3,093,693		20,916,693
Banco Inter SA		1,277,647		4,954,078
Banco Santander Brasil SA		1,445,219		8,566,161
BB Seguridade Participacoes SA		2,516,084		11,094,708
BRF SA^(a)		2,592,994		8,177,138
CCR SA		4,281,207		9,739,906
Centrais Eletricas Brasileiras SA		1,179,804		7,962,209
Cia. de Saneamento Basico do Estado de Sao Paulo		1,255,921		10,077,783
Cia. Siderurgica Nacional SA		2,599,560		12,794,340
Cosan SA		3,919,585		16,069,446
Energisa SA		648,821		5,536,189
Engie Brasil Energia SA		736,927		5,709,095
Equatorial Energia SA		3,677,178		18,184,725
Hapvida Participacoes e Investimentos SA^(b)		15,650,195		36,633,903
Hypera SA		1,425,029		9,244,159
JBS SA		2,662,019		18,646,899
Klabin SA		2,655,885		11,929,270
Localiza Rent a Car SA		2,228,173		24,804,785
Lojas Renner SA		3,651,190		18,047,223
Magazine Luiza SA		10,985,796		12,674,314
Natura & Co. Holding SA^(a)		3,280,723		14,640,075
Petro Rio SA^(a)		2,073,565		10,538,095
Petroleo Brasileiro SA		13,723,586		97,580,421
Raia Drogasil SA		3,980,259		18,019,184
Rede D’Or Sao Luiz SA^(b)		1,447,064		14,254,981
Rumo SA^(a)		4,649,724		13,929,975
Suzano SA		2,750,056		29,642,760
Telefonica Brasil SA		1,862,057		18,260,549
TIM SA		3,153,770		8,365,336
TOTVS SA		1,907,266		12,218,382
Ultrapar Participacoes SA		2,643,376		7,434,100
Vale SA		15,063,902		279,490,773
Vibra Energia SA		4,375,045		19,927,964
WEG SA		6,194,062		35,094,239


				1,023,016,301

Chile — 0.3%
Banco de Chile		165,801,244		17,578,596
Banco de Credito e Inversiones SA		205,225		7,336,691
Banco Santander Chile		245,620,889		12,060,916
Cencosud SA		5,499,692		10,115,800
Cia. Cervecerias Unidas SA		567,390		4,498,298
Empresas CMPC SA		4,163,537		6,878,797
Empresas COPEC SA		1,431,603		11,106,029
Enel Americas SA		79,573,627		9,317,390
Enel Chile SA		96,418,280		3,160,859
Falabella SA		2,792,395		9,189,188


				91,242,564

China — 32.1%
360 DigiTech Inc., ADR		323,963		6,074,306
360 Security Technology Inc., Class A^(a)		2,176,306		3,622,546
3SBio Inc.^(a)(b)		4,806,500		3,820,060


Security	Shares		Value

China (continued)
51job Inc., ADR^(a)		118,590	$	6,142,962
AAC Technologies Holdings Inc.^(c)		2,692,000		7,360,467
Advanced Micro-Fabrication Equipment Inc., Class A^(a)		149,826		3,056,726
AECC Aviation Power Co. Ltd., Class A		625,673		5,023,608
Agile Group Holdings Ltd.^(c)		3,994,000		1,819,755
Agricultural Bank of China Ltd., Class A		17,883,200		8,448,688
Agricultural Bank of China Ltd., Class H		92,384,000		34,987,582
Aier Eye Hospital Group Co. Ltd., Class A		1,236,959		7,152,242
Air China Ltd., Class A^(a)		2,150,493		3,367,976
Air China Ltd., Class H^(a)		5,946,000		4,572,943
Akeso Inc.^(a)(b)(c)		1,081,000		2,854,645
Alibaba Group Holding Ltd.^(a)		55,639,156		732,426,827
Alibaba Health Information Technology Ltd.^(a)(c)		14,898,000		10,432,051
Alibaba Pictures Group Ltd.^(a)(c)		47,820,000		4,781,009
A-Living Smart City Services Co. Ltd., Class A^(b)		2,083,500		3,734,716
Aluminum Corp. of China Ltd., Class A^(a)		3,391,500		3,509,123
Aluminum Corp. of China Ltd., Class H^(a)		14,266,000		10,083,548
Anhui Conch Cement Co. Ltd., Class A		1,085,386		6,948,345
Anhui Conch Cement Co. Ltd., Class H		4,350,500		23,347,069
Anhui Gujing Distillery Co. Ltd., Class A		104,285		3,664,112
Anhui Gujing Distillery Co. Ltd., Class B		349,500		5,124,672
Anhui Kouzi Distillery Co. Ltd., Class A		177,752		2,135,273
Anjoy Foods Group Co Ltd., Class A		74,900		1,469,289
ANTA Sports Products Ltd.^(c)		3,986,802		60,891,230
Asymchem Laboratories Tianjin Co. Ltd., Class A		65,900		3,551,326
Autobio Diagnostics Co. Ltd., Class A		169,599		1,392,652
Autohome Inc., ADR		280,887		8,592,333
Avary Holding Shenzhen Co. Ltd., Class A		405,500		2,234,606
AVIC Electromechanical Systems Co. Ltd., Class A		1,129,600		2,235,222
AVIC Industry-Finance Holdings Co. Ltd., Class A		4,804,489		2,967,263
AviChina Industry & Technology Co. Ltd., Class H		9,371,000		5,817,867
AVICOPTER PLC, Class A		190,353		1,770,075
Baidu Inc., ADR^(a)		1,016,785		154,998,705
Bank of Beijing Co. Ltd., Class A		5,825,606		4,166,061
Bank of Chengdu Co. Ltd., Class A		1,243,795		2,844,480
Bank of China Ltd., Class A		10,124,800		4,972,351
Bank of China Ltd., Class H		287,840,000		112,056,599
Bank of Communications Co. Ltd., Class A		10,194,473		7,728,097
Bank of Communications Co. Ltd., Class H		30,252,600		20,739,043
Bank of Hangzhou Co. Ltd., Class A		1,626,445		3,696,870
Bank of Jiangsu Co. Ltd., Class A		4,156,310		4,387,524
Bank of Nanjing Co. Ltd., Class A		2,810,746		4,352,095
Bank of Ningbo Co. Ltd., Class A		1,647,139		9,959,504
Bank of Shanghai Co. Ltd., Class A		4,173,042		4,625,196
Baoshan Iron & Steel Co. Ltd., Class A		5,311,073		6,087,364
BeiGene Ltd., ADR^(a)(c)		172,445		36,303,121
Beijing Capital International Airport Co. Ltd., Class H^(a)		7,524,000		4,819,193
Beijing Enlight Media Co. Ltd., Class A		1,122,595		1,682,002
Beijing Enterprises Holdings Ltd.		1,962,500		6,708,810
Beijing Enterprises Water Group Ltd.		18,772,000		7,416,513
Beijing Kingsoft Office Software Inc., Class A		107,681		3,653,255
Beijing New Building Materials PLC, Class A		468,913		2,224,005
Beijing Roborock Technology Co. Ltd., Class A		21,600		2,167,591
Beijing Shiji Information Technology Co. Ltd., Class A		284,862		1,082,124
Beijing Shunxin Agriculture Co. Ltd., Class A		251,500		1,088,511
Beijing Sinnet Technology Co. Ltd., Class A		664,186		1,582,014


Security	Shares		Value

China (continued)
Beijing Tiantan Biological Products Corp. Ltd., Class A		393,545	$	1,709,411
Beijing Wantai Biological Pharmacy Enterprise Co. Ltd., Class A		99,740		3,975,831
Beijing-Shanghai High Speed Railway Co. Ltd., Class A		9,920,300		8,127,379
Betta Pharmaceuticals Co. Ltd., Class A		131,196		1,257,328
BGI Genomics Co. Ltd., Class A		131,100		1,773,445
Bilibili Inc., ADR^(a)(c)		612,263		19,353,633
BOC Aviation Ltd.^(b)(c)		792,100		6,885,725
BOE Technology Group Co. Ltd., Class A		9,314,300		6,951,634
Bosideng International Holdings Ltd.		12,548,000		7,139,400
BYD Co. Ltd., Class A		416,112		16,732,615
BYD Co. Ltd., Class H		3,011,500		93,318,386
BYD Electronic International Co. Ltd.		2,504,500		7,067,227
Caitong Securities Co. Ltd., Class A		1,506,865		2,243,862
CanSino Biologics Inc., Class H^(a)(b)(c)		296,800		5,364,173
CGN Power Co. Ltd., Class H^(b)		40,184,000		11,392,606
Changchun High & New Technology Industry Group Inc., Class A		96,794		2,808,665
Changjiang Securities Co. Ltd., Class A		3,147,835		3,452,357
Changzhou Xingyu Automotive Lighting Systems Co. Ltd., Class A		98,300		2,412,022
Chaozhou Three-Circle Group Co. Ltd., Class A		574,430		3,181,332
China Bohai Bank Co. Ltd., Class H^(b)		11,365,000		1,890,628
China Cinda Asset Management Co. Ltd., Class H		30,942,000		5,585,450
China CITIC Bank Corp. Ltd., Class H		31,577,800		14,838,822
China Coal Energy Co. Ltd., Class H		8,074,000		5,032,798
China Communications Services Corp. Ltd., Class H		9,268,000		5,084,620
China Conch Venture Holdings Ltd.		6,200,000		29,835,876
China Construction Bank Corp., Class A		2,656,568		2,541,569
China Construction Bank Corp., Class H		351,418,760		263,551,613
China CSSC Holdings Ltd., Class A		1,179,100		4,099,185
China Eastern Airlines Corp. Ltd., Class A^(a)		3,198,097		2,738,635
China Education Group Holdings Ltd.		3,589,000		3,074,787
China Energy Engineering Corp. Ltd.^(a)		1,270,600		543,095
China Everbright Bank Co. Ltd., Class A		10,896,603		5,774,378
China Everbright Bank Co. Ltd., Class H		9,248,000		3,439,403
China Everbright Environment Group Ltd.		14,065,813		10,098,907
China Evergrande Group^(c)		9,909,388		2,028,147
China Feihe Ltd.^(b)		13,113,000		15,647,212
China Galaxy Securities Co. Ltd., Class A		1,551,000		2,490,799
China Galaxy Securities Co. Ltd., Class H		11,876,000		6,797,622
China Gas Holdings Ltd.		11,181,000		17,670,141
China Greatwall Technology Group Co. Ltd., Class A		962,173		2,035,466
China Hongqiao Group Ltd.		8,691,000		12,167,472
China Huishan Dairy Holdings Co. Ltd.^(a)(d)		5,603,350		7
China International Capital Corp. Ltd., Class H^(b)		5,908,000		14,373,703
China Jinmao Holdings Group Ltd.		20,934,000		6,961,464
China Jushi Co. Ltd., Class A		1,119,840		3,040,218
China Lesso Group Holdings Ltd.		4,261,000		6,560,170
China Life Insurance Co. Ltd., Class A		896,812		4,095,485
China Life Insurance Co. Ltd., Class H		25,957,000		43,001,139
China Literature Ltd.^(a)(b)		1,517,400		8,235,155
China Longyuan Power Group Corp. Ltd., Class H		12,473,000		25,739,154
China Medical System Holdings Ltd.		5,206,000		9,270,081
China Meidong Auto Holdings Ltd.		2,160,000		10,170,334
China Mengniu Dairy Co. Ltd.		11,701,000		76,084,787


Security	Shares		Value

China (continued)
China Merchants Bank Co. Ltd., Class A		4,730,089	$	37,390,053
China Merchants Bank Co. Ltd., Class H		14,184,967		119,569,430
China Merchants Port Holdings Co. Ltd.		5,734,000		10,810,862
China Merchants Securities Co. Ltd., Class A		1,866,679		4,696,834
China Merchants Shekou Industrial Zone Holdings Co. Ltd., Class A		1,828,190		3,921,602
China Minsheng Banking Corp. Ltd., Class A		9,610,155		5,955,798
China Minsheng Banking Corp. Ltd., Class H		17,945,548		6,989,764
China Molybdenum Co. Ltd., Class A		5,159,698		4,949,670
China Molybdenum Co. Ltd., Class H		11,016,000		6,630,560
China National Building Material Co. Ltd., Class H		15,176,000		19,468,200
China National Chemical Engineering Co. Ltd., Class A		1,759,567		2,919,698
China National Nuclear Power Co. Ltd., Class A		3,983,100		4,685,515
China Northern Rare Earth Group High-Tech Co. Ltd., Class A		875,554		6,887,057
China Oilfield Services Ltd., Class H		7,050,000		8,036,975
China Overseas Land & Investment Ltd.		14,093,960		43,031,210
China Overseas Property Holdings Ltd.		5,085,000		5,520,957
China Pacific Insurance Group Co. Ltd., Class A		1,728,807		7,270,743
China Pacific Insurance Group Co. Ltd., Class H		9,378,600		26,115,431
China Petroleum & Chemical Corp., Class A		8,167,889		5,641,597
China Petroleum & Chemical Corp., Class H		88,454,800		44,005,091
China Power International Development Ltd.		20,474,000		11,605,425
China Railway Group Ltd., Class A		5,880,100		5,801,430
China Railway Group Ltd., Class H		13,663,000		8,022,310
China Resources Beer Holdings Co. Ltd.		5,394,000		42,771,192
China Resources Cement Holdings Ltd.		9,188,000		7,862,077
China Resources Gas Group Ltd.		3,478,000		15,974,417
China Resources Land Ltd.		11,833,333		57,560,853
China Resources Mixc Lifestyle Services Ltd.^(b)		2,102,800		10,816,092
China Resources Power Holdings Co. Ltd.		7,226,999		16,142,007
China Resources Sanjiu Medical & Pharmaceutical Co. Ltd., Class A		346,099		1,962,039
China Ruyi Holdings Ltd.^(a)(c)		10,748,000		3,198,861
China Shenhua Energy Co. Ltd., Class A		1,672,139		6,694,792
China Shenhua Energy Co. Ltd., Class H		12,471,000		34,369,880
China Southern Airlines Co. Ltd., Class A^(a)		3,463,700		3,803,064
China Southern Airlines Co. Ltd., Class H^(a)(c)		5,638,000		3,566,966
China State Construction Engineering Corp. Ltd., Class A		10,786,371		8,713,722
China State Construction International Holdings Ltd.		7,908,000		11,136,966
China Suntien Green Energy Corp. Ltd., Class H		7,128,000		4,748,177
China Taiping Insurance Holdings Co. Ltd.		5,933,260		7,022,651
China Three Gorges Renewables Group Co. Ltd.		3,899,500		4,401,506
China Tourism Group Duty Free Corp. Ltd., Class A		434,932		14,047,821
China Tower Corp. Ltd., Class H^(b)		153,298,000		17,867,419
China Traditional Chinese Medicine Holdings Co. Ltd.		10,598,000		6,041,492
China TransInfo Technology Co. Ltd., Class A		752,600		1,662,728
China United Network Communications Ltd., Class A		9,507,500		5,760,203
China Vanke Co. Ltd., Class A		2,407,459		7,327,559
China Vanke Co. Ltd., Class H		5,929,431		14,083,476
China Yangtze Power Co. Ltd., Class A		5,255,815		19,336,737
China Zhenhua Group Science & Technology Co. Ltd., Class A		173,000		3,224,509
China Zheshang Bank Co. Ltd., Class A		5,695,800		3,095,143


Security	Shares		Value

China (continued)
Chinasoft International Ltd.		9,828,000	$	8,967,075
Chindata Group Holdings Ltd., ADR^(a)(c)		412,320		2,263,637
Chongqing Brewery Co. Ltd., Class A^(a)		122,900		2,609,650
Chongqing Changan Automobile Co. Ltd., Class A		1,531,021		3,165,632
Chongqing Zhifei Biological Products Co. Ltd., Class A		362,776		7,424,595
CIFI Ever Sunshine Services Group Ltd.		2,914,000		5,299,305
CIFI Holdings Group Co. Ltd.		12,865,300		8,963,400
CITIC Ltd.		21,578,000		25,179,891
CITIC Securities Co. Ltd., Class A		3,183,718		11,799,274
CITIC Securities Co. Ltd., Class H		9,112,600		22,077,108
Contemporary Amperex Technology Co. Ltd., Class A		523,530		44,845,212
COSCO SHIPPING Holdings Co. Ltd., Class A^(a)		3,015,164		8,465,906
COSCO SHIPPING Holdings Co. Ltd., Class H^(a)		12,225,349		24,710,178
COSCO SHIPPING Ports Ltd.		7,546,000		6,218,459
Country Garden Holdings Co. Ltd.		28,924,939		22,472,700
Country Garden Services Holdings Co. Ltd.		7,409,000		44,320,324
CRRC Corp. Ltd., Class A		6,831,100		6,279,141
CRRC Corp. Ltd., Class H		14,830,000		6,590,956
CSC Financial Co. Ltd., Class A		1,060,297		4,341,185
CSPC Pharmaceutical Group Ltd.		33,314,479		39,489,739
Dada Nexus Ltd., ADR^(a)(c)		217,437		1,806,901
Dali Foods Group Co. Ltd.^(b)		8,367,500		4,407,014
Daqin Railway Co. Ltd., Class A		929,100		1,001,642
Daqo New Energy Corp., ADR^(a)		217,530		10,432,739
DHC Software Co. Ltd., Class A		1,629,498		2,136,377
DiDi Global Inc., ADR^(a)		648,312		2,658,079
Dongfeng Motor Group Co. Ltd., Class H		10,140,000		8,727,764
Dongxing Securities Co. Ltd., Class A		1,607,197		2,629,558
Dongyue Group Ltd.		5,653,000		8,201,031
East Money Information Co. Ltd., Class A		2,422,633		10,325,920
Ecovacs Robotics Co. Ltd., Class A		126,853		2,720,488
ENN Energy Holdings Ltd.		2,930,800		42,444,997
Eve Energy Co. Ltd., Class A		457,653		6,567,668
Everbright Securities Co. Ltd., Class A		1,033,783		2,183,071
Fangda Carbon New Material Co. Ltd., Class A		1,230,334		2,017,256
Far East Horizon Ltd.		6,353,000		5,414,350
Fiberhome Telecommunication Technologies Co. Ltd., Class A		602,081		1,645,320
First Capital Securities Co. Ltd., Class A		1,624,400		1,642,938
Flat Glass Group Co. Ltd., Class A		443,200		3,469,806
Flat Glass Group Co. Ltd., Class H		1,382,000		5,714,810
Focus Media Information Technology Co. Ltd., Class A		3,609,678		4,391,785
Foshan Haitian Flavouring & Food Co. Ltd., Class A		787,552		12,412,035
Fosun International Ltd.		9,412,500		10,212,595
Founder Securities Co. Ltd., Class A		3,410,687		3,893,227
Foxconn Industrial Internet Co. Ltd., Class A		2,197,797		3,895,261
Fuyao Glass Industry Group Co. Ltd., Class A		517,872		3,634,662
Fuyao Glass Industry Group Co. Ltd., Class H^(b)		2,196,800		10,777,707
Ganfeng Lithium Co. Ltd., Class A		274,081		6,664,301
Ganfeng Lithium Co. Ltd., Class H^(b)(c)		950,000		16,123,583
GCL System Integration Technology Co. Ltd., Class A^(a)		1,826,400		1,064,842
GDS Holdings Ltd., ADR^(a)		325,744		14,502,123
Geely Automobile Holdings Ltd.		21,680,000		40,382,092
GEM Co. Ltd., Class A		1,694,400		2,588,523
Gemdale Corp., Class A		1,232,330		2,479,565


Security	Shares		Value

China (continued)
Genscript Biotech Corp.^(a)		4,326,000	$	17,152,668
GF Securities Co. Ltd., Class A		1,702,294		5,041,839
GF Securities Co. Ltd., Class H		3,663,800		5,500,397
Gigadevice Semiconductor Beijing Inc., Class A		166,994		4,089,053
Ginlong Technologies Co. Ltd., Class A		69,600		2,810,263
GoerTek Inc., Class A		859,500		6,017,748
GOME Retail Holdings Ltd.^(a)(c)		45,737,200		3,403,572
Gotion High-tech Co. Ltd., Class A^(a)		446,423		3,063,346
Great Wall Motor Co. Ltd., Class A		574,400		3,354,738
Great Wall Motor Co. Ltd., Class H		11,314,500		23,820,419
Gree Electric Appliances Inc. of Zhuhai, Class A		231,000		1,344,648
Greenland Holdings Corp. Ltd., Class A		2,667,228		1,828,353
Greentown China Holdings Ltd.		3,351,500		5,034,231
Greentown Service Group Co. Ltd.		5,458,000		5,482,685
Guangdong Haid Group Co. Ltd., Class A		436,927		4,573,954
Guangdong Investment Ltd.		10,970,110		14,762,418
Guangzhou Automobile Group Co. Ltd., Class H		11,021,838		10,912,191
Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class A		632,196		2,981,433
Guangzhou Kingmed Diagnostics Group Co. Ltd., Class A		132,984		1,772,615
Guangzhou R&F Properties Co. Ltd., Class H^(c)		5,790,400		2,464,974
Guangzhou Shiyuan Electronic Technology Co. Ltd., Class A		176,391		2,402,311
Guangzhou Tinci Materials Technology Co. Ltd., Class A		256,800		4,358,222
Guosen Securities Co. Ltd., Class A		2,357,642		3,878,485
Guotai Junan Securities Co. Ltd., Class A		2,365,540		6,283,506
Haidilao International Holding Ltd.^(b)(c)		4,053,000		9,332,756
Haier Smart Home Co. Ltd., Class A		1,802,741		7,308,375
Haier Smart Home Co. Ltd., Class H		7,995,000		28,015,116
Haitian International Holdings Ltd.		2,543,000		6,775,313
Haitong Securities Co. Ltd., Class A		3,086,001		5,509,751
Haitong Securities Co. Ltd., Class H		8,440,000		7,262,524
Hangzhou First Applied Material Co. Ltd., Class A		248,100		4,708,341
Hangzhou Robam Appliances Co. Ltd., Class A		347,764		1,839,367
Hangzhou Silan Microelectronics Co. Ltd., Class A		365,300		3,339,122
Hangzhou Tigermed Consulting Co. Ltd., Class A		151,000		2,449,750
Hangzhou Tigermed Consulting Co. Ltd., Class H^(b)		358,600		4,034,626
Hansoh Pharmaceutical Group Co. Ltd.^(b)		4,352,000		9,290,187
Hello Group Inc., ADR		573,572		5,466,141
Henan Shuanghui Investment & Development Co. Ltd., Class A		775,800		3,550,374
Hengan International Group Co. Ltd.		2,388,500		12,666,866
Hengli Petrochemical Co. Ltd., Class A		1,392,191		5,537,629
Hengyi Petrochemical Co. Ltd., Class A		1,309,829		2,088,688
Hithink RoyalFlush Information Network Co. Ltd., Class A		143,100		2,457,650
Hopson Development Holdings Ltd.		2,725,100		5,609,764
Hoshine Silicon Industry Co. Ltd., Class A		120,500		2,866,310
Hua Hong Semiconductor Ltd.^(a)(b)		1,948,000		10,148,630
Huabao International Holdings Ltd.^(c)		3,522,000		2,020,599
Huadong Medicine Co. Ltd., Class A		479,105		2,890,485
Huafon Chemical Co. Ltd., Class A		1,358,600		2,077,940
Hualan Biological Engineering Inc., Class A		467,783		1,910,043
Huaneng Power International Inc., Class H		16,590,000		9,738,589
Huatai Securities Co. Ltd., Class A		2,548,409		6,423,004
Huatai Securities Co. Ltd., Class H^(b)		4,493,000		7,356,399
Huaxia Bank Co. Ltd., Class A		4,157,080		3,710,751


Security	Shares		Value

China (continued)
Huaxin Cement Co. Ltd., Class A		462,806	$	1,505,798
Huayu Automotive Systems Co. Ltd., Class A		837,468		3,378,149
Huazhu Group Ltd., ADR^(a)		661,842		27,373,785
Huizhou Desay Sv Automotive Co. Ltd., Class A		125,900		2,652,114
Hundsun Technologies Inc., Class A		409,644		3,404,485
Hutchmed China Ltd, ADR^(a)(c)		325,704		8,875,434
Hygeia Healthcare Holdings Co. Ltd.^(b)(c)		1,290,800		7,047,025
Iflytek Co. Ltd., Class A		575,475		4,496,919
I-Mab, ADR^(a)		147,512		3,646,497
Imeik Technology Development Co. Ltd., Class A		51,600		3,988,005
Industrial & Commercial Bank of China Ltd., Class A		14,503,562		10,714,745
Industrial & Commercial Bank of China Ltd., Class H		205,425,085		122,629,544
Industrial Bank Co. Ltd., Class A		4,694,122		16,445,252
Industrial Securities Co. Ltd., Class A		2,098,451		2,729,518
Ingenic Semiconductor Co. Ltd., Class A		128,400		2,278,111
Inner Mongolia BaoTou Steel Union Co. Ltd., Class A^(a)		11,204,200		4,782,224
Inner Mongolia Junzheng Energy & Chemical Industry Group Co. Ltd., Class A		2,258,300		1,777,531
Inner Mongolia Yili Industrial Group Co. Ltd., Class A		1,522,470		9,549,548
Innovent Biologics Inc.^(a)(b)		4,298,000		19,396,789
Inspur Electronic Information Industry Co. Ltd., Class A		503,090		2,630,688
Intco Medical Technology Co. Ltd., Class A		153,550		1,245,309
iQIYI Inc., ADR^(a)(c)		1,028,337		4,257,315
JA Solar Technology Co. Ltd., Class A		384,800		5,829,814
Jafron Biomedical Co. Ltd., Class A		212,956		1,550,105
JCET Group Co. Ltd., Class A		509,700		2,277,017
JD Health International Inc.^(a)(b)		1,287,850		9,612,140
JDcom Inc, Class A^(a)		7,386,596		263,844,937
Jiangsu Eastern Shenghong Co. Ltd., Class A		1,006,700		3,055,004
Jiangsu Expressway Co. Ltd., Class H		5,040,000		5,392,508
Jiangsu Hengli Hydraulic Co. Ltd., Class A		331,988		3,538,660
Jiangsu Hengrui Medicine Co. Ltd., Class A		1,445,441		9,205,253
Jiangsu King’s Luck Brewery JSC Ltd., Class A		338,786		2,810,700
Jiangsu Yanghe Brewery Joint-Stock Co. Ltd., Class A		343,650		9,013,609
Jiangxi Copper Co. Ltd., Class A		761,200		2,698,323
Jiangxi Copper Co. Ltd., Class H		3,917,000		7,050,601
Jiangxi Zhengbang Technology Co. Ltd., Class A		1,058,624		1,159,107
Jinke Properties Group Co. Ltd., Class A		1,688,282		1,202,708
Jinmao Property Services Co. Ltd.		316,223		80,365
Jinxin Fertility Group Ltd.^(a)(b)(c)		4,783,500		5,593,258
JiuGui Liquor Co. Ltd., Class A		87,300		2,372,238
Jiumaojiu International Holdings Ltd.^(b)(c)		2,722,000		6,114,975
Jonjee Hi-Tech Industrial And Commercial Holding Co. Ltd., Class A		261,625		1,435,098
JOYY Inc., ADR		203,450		9,417,701
Juewei Food Co. Ltd., Class A		195,014		1,638,085
Kanzhun Ltd.^(a)(c)		311,765		10,070,009
KE Holdings Inc., ADR^(a)		1,312,254		25,470,850
Kingboard Holdings Ltd.		2,598,500		12,156,167
Kingboard Laminates Holdings Ltd.		3,812,500		6,352,946
Kingdee International Software Group Co. Ltd.^(a)(c)		9,645,000		23,838,985
Kingfa Sci & Tech Co. Ltd., Class A		819,600		1,401,060
Kingsoft Cloud Holdings Ltd., ADR^(a)(c)		383,117		2,582,209
Kingsoft Corp. Ltd.		3,554,800		13,294,267


Security	Shares		Value

China (continued)
Kuaishou Technology^(a)(b)		1,751,300	$	20,266,764
Kunlun Energy Co. Ltd.		14,734,000		14,493,591
Kweichow Moutai Co. Ltd., Class A		277,687		78,971,200
KWG Group Holdings Ltd.		4,702,000		2,201,587
LB Group Co. Ltd., Class A		637,800		2,694,034
Lee & Man Paper Manufacturing Ltd.		5,282,000		3,395,560
Legend Biotech Corp., ADR^(a)		170,260		6,740,593
Lenovo Group Ltd.^(c)		26,818,000		29,863,692
Lens Technology Co. Ltd., Class A		1,257,900		2,909,973
Lepu Medical Technology Beijing Co. Ltd., Class A		540,435		1,845,802
Li Auto Inc., ADR^(a)		2,044,911		62,267,540
Li Ning Co. Ltd.		8,700,500		86,901,892
Lingyi iTech Guangdong Co., Class A^(a)		2,326,580		2,220,493
Logan Group Co. Ltd.^(c)		5,017,000		1,669,209
Longfor Group Holdings Ltd.^(b)		6,719,500		35,932,682
LONGi Green Energy Technology Co. Ltd., Class A		1,227,037		15,273,543
Lufax Holding Ltd., ADR^(a)		1,837,712		11,889,997
Luxshare Precision Industry Co. Ltd., Class A		1,624,746		11,267,749
Luzhou Laojiao Co. Ltd., Class A		331,039		11,433,474
Mango Excellent Media Co. Ltd., Class A		461,700		2,515,786
Maxscend Microelectronics Co. Ltd., Class A		84,140		3,615,737
Meinian Onehealth Healthcare Holdings Co. Ltd., Class A^(a)		1,206,080		1,374,982
Meituan, Class B^(a)(b)		15,006,100		333,362,873
Metallurgical Corp. of China Ltd., Class A		4,828,090		3,131,400
Microport Scientific Corp.		2,385,100		6,634,349
Ming Yang Smart Energy Group Ltd., Class A		565,800		2,326,583
Ming Yuan Cloud Group Holdings Ltd.		2,148,000		4,239,470
Minth Group Ltd.		2,852,000		10,312,275
MMG Ltd.^(a)		11,948,000		4,327,919
Montage Technology Co. Ltd., Class A		218,200		2,670,159
Muyuan Foods Co. Ltd., Class A		1,185,999		10,791,582
Nanjing King-Friend Biochemical Pharmaceutical Co. Ltd., Class A		386,326		2,130,762
Nanjing Securities Co. Ltd., Class A		1,495,700		2,104,825
NARI Technology Co. Ltd., Class A		1,381,238		7,795,980
National Silicon Industry Group Co. Ltd., Class A^(a)		592,200		2,301,631
NAURA Technology Group Co. Ltd., Class A		126,500		6,132,205
NavInfo Co. Ltd., Class A^(a)		689,000		1,875,940
NetEase Inc.		7,598,450		146,966,922
New China Life Insurance Co. Ltd., Class A		749,892		4,537,243
New China Life Insurance Co. Ltd., Class H		2,510,400		7,184,446
New Hope Liuhe Co. Ltd., Class A^(a)		1,159,997		2,837,736
New Oriental Education & Technology Group Inc., ADR^(a)(c)		5,609,951		8,471,026
Nine Dragons Paper Holdings Ltd.		6,200,000		5,939,394
Ninestar Corp., Class A		476,438		3,791,288
Ningbo Joyson Electronic Corp., Class A		404,100		1,165,607
Ningbo Tuopu Group Co. Ltd., Class A		307,500		2,972,237
Ningxia Baofeng Energy Group Co. Ltd., Class A		1,582,100		4,406,773
NIO Inc., ADR^(a)		4,822,371		110,142,954
Noah Holdings Ltd., ADR^(a)(c)		127,115		3,604,981
Nongfu Spring Co. Ltd., Class H^(b)		6,499,400		40,761,080
OFILM Group Co. Ltd., Class A^(a)		1,180,465		1,501,317
Oppein Home Group Inc., Class A		163,000		3,268,854
Orient Securities Co. Ltd., Class A		1,596,586		3,122,954
Ovctek China Inc., Class A		226,600		1,479,024
People’s Insurance Co. Group of China Ltd. (The), Class A		3,678,300		2,704,084


Security	Shares		Value

China (continued)
People’s Insurance Co. Group of China Ltd. (The), Class H		24,554,000	$	7,896,210
Perfect World Co. Ltd., Class A		551,800		1,158,812
PetroChina Co. Ltd., Class A		4,961,900		4,574,648
PetroChina Co. Ltd., Class H		78,404,000		41,995,191
Pharmaron Beijing Co. Ltd., Class A		177,900		3,414,200
Pharmaron Beijing Co. Ltd., Class H^(b)		469,800		5,695,876
PICC Property & Casualty Co. Ltd., Class H		25,529,192		26,948,266
Pinduoduo Inc., ADR^(a)		1,607,043		83,341,250
Ping An Bank Co. Ltd., Class A		4,360,567		10,911,554
Ping An Healthcare and Technology Co. Ltd.^(a)(b)(c)		1,711,400		5,303,479
Ping An Insurance Group Co. of China Ltd., Class A		2,555,584		20,600,836
Ping An Insurance Group Co. of China Ltd., Class H		23,029,000		178,559,091
Poly Developments and Holdings Group Co. Ltd., Class A		2,844,484		7,123,868
Postal Savings Bank of China Co. Ltd., Class A		6,616,500		5,861,330
Postal Savings Bank of China Co. Ltd., Class H^(b)		28,933,000		23,756,420
Power Construction Corp. of China Ltd., Class A		3,688,000		4,503,004
Powerlong Real Estate Holdings Ltd.		5,478,000		2,625,716
RiseSun Real Estate Development Co. Ltd., Class A		2,254,900		1,408,413
RLX Technology Inc., ADR^(a)(c)		2,028,213		6,246,896
Rongsheng Petrochemical Co. Ltd., Class A		2,383,858		7,164,016
SAIC Motor Corp. Ltd., Class A		1,936,506		5,584,015
Sangfor Technologies Inc., Class A		108,800		2,523,531
Sany Heavy Equipment International Holdings Co. Ltd.		4,459,000		4,623,968
Sany Heavy Industry Co. Ltd., Class A		1,996,952		6,240,126
Satellite Chemical Co. Ltd., Class A		502,200		3,601,112
SDIC Capital Co. Ltd., Class A		2,521,408		2,966,711
SDIC Power Holdings Co. Ltd., Class A		2,109,090		3,345,536
Seazen Group Ltd.		7,544,000		3,980,639
Seazen Holdings Co. Ltd., Class A		573,373		2,742,470
SF Holding Co. Ltd., Class A		1,102,835		10,581,135
SG Micro Corp., Class A		62,924		3,482,625
Shaanxi Coal Industry Co. Ltd., Class A		2,493,076		5,632,502
Shandong Gold Mining Co. Ltd., Class A		1,122,056		3,662,625
Shandong Gold Mining Co. Ltd., Class H^(b)(c)		2,334,500		4,383,716
Shandong Hualu Hengsheng Chemical Co. Ltd., Class A		584,780		3,285,080
Shandong Linglong Tyre Co. Ltd., Class A		399,300		1,777,867
Shandong Weigao Group Medical Polymer Co. Ltd., Class H		9,258,400		12,783,932
Shanghai Bairun Investment Holding Group Co. Ltd., Class A		210,980		1,520,394
Shanghai Baosight Software Co. Ltd., Class A		325,939		2,788,120
Shanghai Baosight Software Co. Ltd., Class B		1,590,047		6,866,704
Shanghai Construction Group Co. Ltd., Class A		3,004,052		1,557,745
Shanghai Electric Group Co. Ltd., Class A		4,062,600		2,843,287
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class A		523,100		3,527,008
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class H		1,757,000		7,044,707
Shanghai International Airport Co. Ltd., Class A^(a)		270,198		2,247,922
Shanghai International Port Group Co. Ltd., Class A		2,983,799		2,700,977
Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd., Class B		4,784,106		4,262,638


Security	Shares		Value

China (continued)
Shanghai M&G Stationery Inc., Class A		268,737	$	2,316,508
Shanghai Pharmaceuticals Holding Co. Ltd., Class A		988,200		2,935,060
Shanghai Pharmaceuticals Holding Co. Ltd., Class H		2,815,900		5,082,879
Shanghai Pudong Development Bank Co. Ltd., Class A		6,933,022		9,228,405
Shanghai Putailai New Energy Technology Co. Ltd., Class A		185,700		4,319,842
Shanghai RAAS Blood Products Co. Ltd., Class A		2,380,300		2,520,947
Shanxi Meijin Energy Co. Ltd., Class A^(a)		1,171,800		2,678,520
Shanxi Xinghuacun Fen Wine Factory Co. Ltd., Class A		279,100		12,990,144
Shengyi Technology Co. Ltd., Class A		739,900		2,288,030
Shennan Circuits Co. Ltd., Class A		134,340		2,504,287
Shenwan Hongyuan Group Co. Ltd., Class A		6,058,670		4,411,741
Shenzhen Goodix Technology Co. Ltd., Class A		122,700		1,776,876
Shenzhen Inovance Technology Co. Ltd., Class A		642,297		6,537,183
Shenzhen International Holdings Ltd.		4,568,500		4,707,298
Shenzhen Kangtai Biological Products Co. Ltd., Class A		169,786		2,269,619
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A		273,532		14,223,882
Shenzhen Overseas Chinese Town Co. Ltd., Class A		2,327,800		2,546,612
Shenzhen Sunway Communication Co. Ltd., Class A		393,340		1,330,698
Shenzhen Transsion Holding Co. Ltd., Class A		187,189		4,012,971
Shenzhou International Group Holdings Ltd.		3,068,000		51,531,993
Shimao Group Holdings Ltd.^(c)		4,449,500		2,670,136
Shimao Services Holdings Ltd.^(b)(c)		3,537,000		2,584,912
Sichuan Chuantou Energy Co. Ltd., Class A		1,305,060		2,489,902
Sichuan Kelun Pharmaceutical Co. Ltd., Class A		795,978		2,193,715
Sichuan Swellfun Co. Ltd., Class A		134,693		2,131,219
Silergy Corp.		294,000		39,175,834
Sino Biopharmaceutical Ltd.		38,458,750		24,550,709
Sinoma Science & Technology Co. Ltd., Class A		487,100		2,316,957
Sinopharm Group Co. Ltd., Class H		4,917,600		11,921,163
Sinotruk Hong Kong Ltd.		2,570,000		3,836,154
Skshu Paint Co. Ltd., Class A		113,340		1,595,814
Smoore International Holdings Ltd.^(b)		6,628,000		24,603,500
Songcheng Performance Development Co. Ltd., Class A		868,913		2,132,116
StarPower Semiconductor Ltd., Class A		45,600		2,629,705
Sun Art Retail Group Ltd.		6,903,500		2,490,659
Sunac China Holdings Ltd.		11,705,000		9,567,658
Sunac Services Holdings Ltd.^(a)(b)		3,900,000		3,333,199
Sungrow Power Supply Co. Ltd., Class A		340,200		6,587,632
Suningcom Co Ltd, Class A^(a)		3,094,438		1,765,231
Sunny Optical Technology Group Co. Ltd.		2,637,100		63,195,334
Sunwoda Electronic Co. Ltd., Class A		467,700		2,743,440
Suzhou Dongshan Precision Manufacturing Co. Ltd., Class A		580,200		2,050,463
Suzhou Maxwell Technologies Co. Ltd., Class A		31,000		2,706,549
TAL Education Group, ADR^(a)(c)		1,543,156		4,382,563
TBEA Co. Ltd., Class A		965,100		3,109,853
TCL Technology Group Corp., Class A		3,780,855		3,341,504
Tencent Holdings Ltd.		21,119,800		1,139,652,104
Tencent Music Entertainment Group, ADR^(a)		2,440,372		13,153,605
Thunder Software Technology Co. Ltd., Class A		121,387		2,704,216


Security	Shares		Value

China (continued)
Tianjin Zhonghuan Semiconductor Co. Ltd., Class A		785,293	$	6,012,486
Tianma Microelectronics Co. Ltd., Class A		2,006,123		3,727,876
Tingyi Cayman Islands Holding Corp.		7,494,000		16,579,741
Tongcheng Travel Holdings Ltd.^(a)		3,840,800		7,153,291
Tongkun Group Co. Ltd., Class A		681,600		2,376,588
Tongwei Co. Ltd., Class A		1,028,684		7,054,956
Topchoice Medical Corp., Class A^(a)		80,300		2,060,231
Topsports International Holdings Ltd.^(b)		5,935,000		6,169,596
Transfar Zhilian Co. Ltd., Class A		1,462,698		1,790,741
TravelSky Technology Ltd., Class H		3,596,000		6,773,619
Trina Solar Co. Ltd.		103,372		1,264,821
Trip.com Group Ltd., ADR^(a)		1,873,959		48,385,621
Tsingtao Brewery Co. Ltd., Class A		231,400		3,450,083
Tsingtao Brewery Co. Ltd., Class H		1,968,000		18,933,814
Unigroup Guoxin Microelectronics Co. Ltd., Class A		155,000		5,443,361
Uni-President China Holdings Ltd.		5,252,000		5,461,421
Unisplendour Corp. Ltd., Class A		748,454		2,609,048
Venus MedTech Hangzhou Inc., Class H^(a)(b)(c)		833,500		2,317,317
Vinda International Holdings Ltd.		1,499,000		4,268,005
Vipshop Holdings Ltd., ADR^(a)		1,642,641		14,241,697
Walvax Biotechnology Co. Ltd., Class A		389,747		2,904,782
Wanhua Chemical Group Co. Ltd., Class A		732,091		11,084,228
Want Want China Holdings Ltd.^(c)		18,563,000		19,760,787
Weibo Corp., ADR^(a)(c)		233,187		6,396,319
Weichai Power Co. Ltd., Class A		1,852,844		4,483,093
Weichai Power Co. Ltd., Class H		6,854,800		11,599,206
Weimob Inc.^(a)(b)(c)		7,218,000		4,773,651
Wens Foodstuffs Group Co. Ltd., Class A^(a)		1,651,370		5,106,715
Western Securities Co. Ltd., Class A		2,332,780		2,816,197
Wharf Holdings Ltd. (The)		5,214,000		18,864,203
Will Semiconductor Co. Ltd. Shanghai, Class A		204,100		8,009,460
Wingtech Technology Co. Ltd., Class A		319,200		5,948,550
Winning Health Technology Group Co. Ltd., Class A		795,224		1,445,544
Wuhan Guide Infrared Co. Ltd., Class A		838,386		2,981,743
Wuhu Sanqi Interactive Entertainment Network Technology Group Co. Ltd., Class A		611,088		2,029,386
Wuliangye Yibin Co. Ltd., Class A		865,028		26,185,439
WUS Printed Circuit Kunshan Co. Ltd., Class A		667,903		1,785,742
WuXi AppTec Co. Ltd., Class A		666,429		11,030,918
WuXi AppTec Co. Ltd., Class H^(b)		1,197,270		17,042,483
Wuxi Biologics Cayman Inc., New^(a)(b)		13,159,000		108,843,572
Wuxi Lead Intelligent Equipment Co. Ltd., Class A		235,080		2,534,153
Wuxi Shangji Automation Co. Ltd., Class A		79,100		1,997,045
XCMG Construction Machinery Co. Ltd., Class A		2,809,069		2,469,735
Xiaomi Corp., Class B^(a)(b)		52,254,200		98,353,744
Xinjiang Goldwind Science & Technology Co. Ltd., Class A		1,380,793		3,295,883
Xinjiang Goldwind Science & Technology Co. Ltd., Class H		2,316,046		3,789,468
Xinyi Solar Holdings Ltd.^(c)		17,984,000		32,665,522
XPeng Inc., ADR^(a)		1,437,328		52,275,619
Yadea Group Holdings Ltd.^(b)		4,574,000		6,785,683
Yankuang Energy Group Co Ltd, Class H^(c)		6,592,800		16,164,365
Yankuang Energy Group Co. Ltd., Class A		545,300		2,736,514
Yantai Jereh Oilfield Services Group Co. Ltd., Class A		324,998		2,328,353
Yealink Network Technology Corp. Ltd., Class A		271,780		3,294,533


Security	Shares		Value

China (continued)
Yifeng Pharmacy Chain Co. Ltd., Class A		250,756	$	1,970,985
Yihai International Holding Ltd.^(c)		1,759,000		7,359,828
Yihai Kerry Arawana Holdings Co. Ltd., Class A		339,500		2,888,170
Yonghui Superstores Co. Ltd., Class A		3,051,400		1,767,253
Yonyou Network Technology Co. Ltd., Class A		853,551		4,259,570
Yuexiu Property Co. Ltd.		5,267,000		5,268,426
Yum China Holdings Inc.		1,567,027		81,516,745
Yunda Holding Co. Ltd., Class A		807,304		2,486,524
Yunnan Baiyao Group Co. Ltd., Class A		316,001		4,514,800
Yunnan Energy New Material Co. Ltd., Class A		217,200		9,001,235
Zai Lab Ltd., ADR^(a)		283,080		15,484,476
Zhangzhou Pientzehuang Pharmaceutical Co. Ltd., Class A		141,050		8,120,087
Zhejiang Century Huatong Group Co. Ltd., Class A^(a)		2,131,878		2,210,427
Zhejiang Chint Electrics Co. Ltd., Class A		546,823		4,358,363
Zhejiang Dahua Technology Co. Ltd., Class A		954,184		2,841,334
Zhejiang Expressway Co. Ltd., Class H		5,948,000		5,365,735
Zhejiang Huahai Pharmaceutical Co. Ltd., Class A		481,504		1,765,393
Zhejiang Huayou Cobalt Co. Ltd., Class A		295,058		5,835,459
Zhejiang Jingsheng Mechanical & Electrical Co. Ltd., Class A		342,600		3,550,821
Zhejiang Longsheng Group Co. Ltd., Class A		1,242,200		2,428,310
Zhejiang NHU Co. Ltd., Class A		781,573		4,212,471
Zhejiang Sanhua Intelligent Controls Co. Ltd., Class A		727,717		2,328,304
Zhejiang Supor Co. Ltd., Class A		194,782		1,564,183
Zhejiang Wolwo Bio-Pharmaceutical Co. Ltd., Class A		156,847		1,135,985
Zheshang Securities Co. Ltd., Class A		1,095,500		2,010,274
ZhongAn Online P&C Insurance Co. Ltd., Class H^(a)(b)(c)		1,854,400		6,103,635
Zhongji Innolight Co. Ltd., Class A		279,300		1,702,717
Zhongsheng Group Holdings Ltd.		2,275,000		15,886,149
Zhuzhou CRRC Times Electric Co. Ltd.		2,052,200		10,697,135
Zijin Mining Group Co. Ltd., Class A		5,223,500		9,348,279
Zijin Mining Group Co. Ltd., Class H		20,604,000		30,580,074
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class A		2,099,554		2,351,958
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class H		4,408,000		2,932,217
ZTE Corp., Class A		910,800		4,214,890
ZTE Corp., Class H		2,770,400		6,825,008
ZTO Express Cayman Inc., ADR		1,597,542		47,031,636


				8,811,747,162

Colombia — 0.1%
Bancolombia SA		912,364		9,047,154
Ecopetrol SA		18,473,544		15,310,921
Grupo de Inversiones Suramericana SA		518,322		4,206,342
Interconexion Electrica SA ESP		1,700,373		10,495,050


				39,059,467

Czech Republic — 0.2%
CEZ AS		603,383		22,976,723
Komercni Banka AS^(a)		278,444		10,954,101
Moneta Money Bank AS^(b)		1,440,513		5,703,712


				39,634,536

Egypt — 0.1%
Commercial International Bank Egypt SAE^(a)		6,154,530		18,745,569
Eastern Co. SAE		3,915,652		2,707,100


Security	Shares		Value

Egypt (continued)
Fawry for Banking & Payment Technology Services SAE^(a)		1,975,027	$	1,218,659


				22,671,328

Greece — 0.2%
Alpha Services and Holdings SA^(a)		8,198,649		11,187,381
Eurobank Ergasias Services and Holdings SA, Class A^(a)		9,691,458		10,616,321
FF Group^(a)(d)		246,892		2,768
Hellenic Telecommunications Organization SA		835,654		16,714,728
JUMBO SA		411,364		5,910,160
OPAP SA		741,269		10,803,789
Public Power Corp. SA^(a)		795,797		7,565,063


				62,800,210

Hungary — 0.2%
MOL Hungarian Oil & Gas PLC		1,481,515		11,556,261
OTP Bank Nyrt^(a)		826,543		31,540,222
Richter Gedeon Nyrt		518,502		10,886,821


				53,983,304

India — 12.4%
ACC Ltd.		284,979		7,937,542
Adani Enterprises Ltd.		1,034,394		22,747,074
Adani Green Energy Ltd.^(a)		1,441,223		35,464,265
Adani Ports & Special Economic Zone Ltd.		1,866,385		17,647,936
Adani Total Gas Ltd.		1,023,423		21,576,130
Adani Transmission Ltd.^(a)		1,015,547		28,939,682
Ambuja Cements Ltd.		2,580,450		10,814,934
Apollo Hospitals Enterprise Ltd.		373,970		23,935,924
Asian Paints Ltd.		1,406,698		59,448,623
Aurobindo Pharma Ltd.		1,047,965		8,723,731
Avenue Supermarts Ltd.^(a)(b)		600,541		34,743,892
Axis Bank Ltd.^(a)		8,283,592		82,182,742
Bajaj Auto Ltd.		246,273		11,589,025
Bajaj Finance Ltd.		996,556		93,302,760
Bajaj Finserv Ltd.		142,585		30,568,582
Balkrishna Industries Ltd.		332,949		8,096,211
Bandhan Bank Ltd.^(b)		2,338,164		9,563,858
Berger Paints India Ltd.		889,298		8,167,626
Bharat Electronics Ltd.		4,500,582		12,647,924
Bharat Forge Ltd.		880,561		7,976,759
Bharat Petroleum Corp. Ltd.		3,095,945		14,440,862
Bharti Airtel Ltd.^(a)		9,065,297		82,895,723
Biocon Ltd.^(a)		1,467,566		6,820,646
Britannia Industries Ltd.		390,870		17,841,334
Cholamandalam Investment and Finance Co. Ltd.		1,534,897		14,160,223
Cipla Ltd.		1,756,904		21,624,048
Coal India Ltd.		5,488,169		12,413,363
Colgate-Palmolive India Ltd.		409,712		7,903,935
Container Corp. of India Ltd.		899,808		7,201,687
Dabur India Ltd.		2,207,419		16,549,973
Divi’s Laboratories Ltd.		490,118		27,854,139
DLF Ltd.		2,321,252		10,891,950
Dr. Reddy’s Laboratories Ltd.		420,974		22,729,683
Eicher Motors Ltd.		489,867		16,920,227
GAIL India Ltd.		5,574,503		10,778,898
Godrej Consumer Products Ltd.^(a)		1,327,981		13,581,164
Godrej Properties Ltd.^(a)		462,966		9,274,158
Grasim Industries Ltd.		1,009,517		21,543,729
Havells India Ltd.		929,636		14,686,783
HCL Technologies Ltd.		3,965,802		59,634,667


Security	Shares		Value

India (continued)
HDFC Asset Management Co. Ltd.^(b)		174,006	$	4,838,588
HDFC Life Insurance Co. Ltd.^(b)		3,253,943		22,682,982
Hero MotoCorp Ltd.		425,224		14,404,107
Hindalco Industries Ltd.		5,891,397		45,276,117
Hindustan Petroleum Corp. Ltd.		2,310,995		8,407,017
Hindustan Unilever Ltd.		3,000,744		86,776,453
Housing Development Finance Corp. Ltd.		6,295,479		198,973,649
ICICI Bank Ltd.		18,834,704		186,552,721
ICICI Lombard General Insurance Co. Ltd.^(b)		807,057		13,583,755
ICICI Prudential Life Insurance Co. Ltd.^(b)		1,320,396		8,435,340
Indian Oil Corp. Ltd.		6,572,406		10,087,938
Indian Railway Catering & Tourism Corp. Ltd.		920,267		9,985,747
Indraprastha Gas Ltd.		1,000,665		4,626,630
Indus Towers Ltd.^(a)		2,478,406		7,113,542
Info Edge India Ltd.		287,006		17,060,742
Infosys Ltd.		12,327,400		280,939,803
InterGlobe Aviation Ltd.^(a)(b)		351,360		8,795,926
ITC Ltd.		10,612,654		30,558,136
JSW Steel Ltd.		3,153,444		26,456,545
Jubilant Foodworks Ltd.		294,859		11,463,915
Kotak Mahindra Bank Ltd.		2,014,748		49,595,223
Larsen & Toubro Infotech Ltd.^(b)		195,173		15,254,123
Larsen & Toubro Ltd.		2,515,812		60,990,043
Lupin Ltd.		808,277		8,029,826
Mahindra & Mahindra Ltd.		3,198,098		33,761,234
Marico Ltd.		1,859,147		12,727,867
Maruti Suzuki India Ltd.		496,363		55,013,678
Mindtree Ltd.		247,860		12,861,670
Motherson Sumi Systems Ltd.		4,633,702		9,316,243
Motherson Sumi Wiring India Ltd.^(a)		4,658,512		2,873,102
Mphasis Ltd.		312,901		12,999,562
MRF Ltd.		6,919		6,054,159
Muthoot Finance Ltd.		453,406		8,214,554
Nestle India Ltd.		122,351		28,734,714
NTPC Ltd.		17,724,217		31,551,451
Oil & Natural Gas Corp. Ltd.		9,252,385		19,927,457
Page Industries Ltd.		20,889		11,758,286
Petronet LNG Ltd.		2,676,871		7,681,304
PI Industries Ltd.		316,543		10,417,880
Pidilite Industries Ltd.		570,558		18,264,516
Piramal Enterprises Ltd.		439,328		12,145,442
Power Grid Corp. of India Ltd.		11,508,961		32,046,885
Reliance Industries Ltd.		10,456,819		329,198,442
SBI Cards & Payment Services Ltd.^(a)		839,297		8,800,008
SBI Life Insurance Co. Ltd.^(b)		1,663,951		23,529,906
Shree Cement Ltd.		39,336		12,806,012
Shriram Transport Finance Co. Ltd.		743,300		11,172,554
Siemens Ltd.		272,206		8,515,895
SRF Ltd.		556,699		17,716,583
State Bank of India		6,519,787		42,119,154
Sun Pharmaceutical Industries Ltd.		3,069,207		34,477,711
Tata Consultancy Services Ltd.		3,376,386		159,945,222
Tata Consumer Products Ltd.		2,238,495		21,434,481
Tata Motors Ltd.^(a)		6,103,291		36,999,257
Tata Power Co. Ltd. (The)		5,370,757		16,015,680
Tata Steel Ltd.		2,676,927		43,831,267
Tech Mahindra Ltd.		2,317,605		43,635,407
Titan Co. Ltd.		1,313,243		44,606,260
Torrent Pharmaceuticals Ltd.		190,223		6,961,994
Trent Ltd.		694,746		10,274,742


Security	Shares		Value

India (continued)
UltraTech Cement Ltd.		370,398	$	32,417,886
United Spirits Ltd.^(a)		1,093,194		12,908,087
UPL Ltd.		1,842,832		16,378,122
Vedanta Ltd.		4,175,840		21,253,702
Wipro Ltd.		4,997,394		36,954,458
Yes Bank Ltd.^(a)		40,654,758		7,182,159
Zomato Ltd.^(a)		5,802,990		6,199,495


				3,408,395,768

Indonesia — 1.7%
Adaro Energy Tbk PT		55,647,100		9,534,102
Aneka Tambang Tbk		32,146,300		5,008,341
Astra International Tbk PT		74,224,300		30,100,547
Bank Central Asia Tbk PT		202,706,400		114,441,083
Bank Jago Tbk PT^(a)		12,194,600		13,795,378
Bank Mandiri Persero Tbk PT		68,339,700		36,947,249
Bank Negara Indonesia Persero Tbk PT		27,438,676		15,374,260
Bank Rakyat Indonesia Persero Tbk PT		249,078,808		79,645,475
Barito Pacific Tbk PT		106,537,700		6,643,186
Charoen Pokphand Indonesia Tbk PT		27,450,345		11,115,218
Gudang Garam Tbk PT		1,656,100		3,629,199
Indah Kiat Pulp & Paper Tbk PT		10,335,800		5,840,934
Indocement Tunggal Prakarsa Tbk PT		5,544,000		4,247,169
Indofood CBP Sukses Makmur Tbk PT		8,306,000		4,923,672
Indofood Sukses Makmur Tbk PT		15,849,700		6,855,446
Kalbe Farma Tbk PT		78,373,815		8,973,684
Merdeka Copper Gold Tbk PT^(a)		46,142,800		12,494,330
Sarana Menara Nusantara Tbk PT		88,229,600		6,380,253
Semen Indonesia Persero Tbk PT		10,984,800		5,548,764
Telkom Indonesia Persero Tbk PT		182,560,500		55,117,370
Tower Bersama Infrastructure Tbk PT		30,990,600		6,373,198
Unilever Indonesia Tbk PT		26,844,800		6,907,863
United Tractors Tbk PT		6,179,853		10,783,747


				460,680,468

Kuwait — 0.7%
Agility Public Warehousing Co. KSC		4,501,923		15,321,540
Boubyan Bank KSCP^(a)		4,589,198		12,493,773
Kuwait Finance House KSCP		17,136,336		53,606,058
Mabanee Co. KPSC^(a)		2,280,145		6,385,611
Mobile Telecommunications Co. KSCP		7,321,465		15,010,672
National Bank of Kuwait SAKP		24,902,860		87,296,038


				190,113,692

Malaysia — 1.5%
AMMB Holdings Bhd^(a)		6,707,975		5,379,753
Axiata Group Bhd		10,322,500		9,662,362
CIMB Group Holdings Bhd		24,180,100		32,937,978
Dialog Group Bhd		14,645,612		9,866,957
DiGi.Com Bhd		11,747,300		11,356,753
Fraser & Neave Holdings Bhd^(c)		556,600		2,996,108
Genting Bhd		7,739,200		8,578,558
Genting Malaysia Bhd		11,326,500		8,106,569
HAP Seng Consolidated Bhd^(c)		2,390,500		4,315,825
Hartalega Holdings Bhd^(c)		6,164,100		6,782,932
Hong Leong Bank Bhd		2,315,300		11,084,411
Hong Leong Financial Group Bhd		939,700		4,324,164
IHH Healthcare Bhd		6,477,600		10,162,548
Inari Amertron Bhd		10,940,700		8,471,091
IOI Corp. Bhd		8,887,820		9,765,975
Kuala Lumpur Kepong Bhd		1,610,300		9,972,085
Malayan Banking Bhd		16,674,100		34,839,826


Security	Shares		Value

Malaysia (continued)
Malaysia Airports Holdings Bhd^(a)		4,085,000	$	5,983,744
Maxis Bhd^(c)		8,637,900		8,281,492
MISC Bhd		4,607,000		8,080,445
Nestle Malaysia Bhd		266,200		8,506,821
Petronas Chemicals Group Bhd		8,982,600		20,432,019
Petronas Dagangan Bhd		1,160,600		5,948,818
Petronas Gas Bhd		2,869,800		11,913,685
PPB Group Bhd		2,507,060		10,712,554
Press Metal Aluminium Holdings Bhd		12,517,800		20,363,600
Public Bank Bhd		52,912,750		56,195,735
QL Resources Bhd		4,296,800		5,065,895
RHB Bank Bhd		6,398,225		9,016,989
Sime Darby Bhd		9,564,973		5,179,803
Sime Darby Plantation Bhd		6,369,473		7,472,907
Telekom Malaysia Bhd		4,323,800		5,211,011
Tenaga Nasional Bhd		7,864,150		17,190,949
Top Glove Corp. Bhd^(c)		19,344,300		9,445,234
Westports Holdings Bhd		3,639,400		3,389,319


				406,994,915

Mexico — 2.1%
Alfa SAB de CV, Class A		10,582,800		7,926,378
America Movil SAB de CV, Series L, NVS		112,935,100		102,066,730
Arca Continental SAB de CV		1,581,636		10,434,581
Becle SAB de CV		1,949,200		4,887,990
Cemex SAB de CV, NVS^(a)		55,912,573		28,719,314
Coca-Cola Femsa SAB de CV		1,922,393		10,557,627
Fibra Uno Administracion SA de CV		11,586,800		13,057,143
Fomento Economico Mexicano SAB de CV		7,121,900		57,386,219
Gruma SAB de CV, Class B		775,190		10,513,380
Grupo Aeroportuario del Pacifico SAB de CV, Class B		1,358,000		19,753,029
Grupo Aeroportuario del Sureste SAB de CV, Class B		761,480		16,467,316
Grupo Bimbo SAB de CV, Series A		5,838,900		17,980,539
Grupo Carso SAB de CV, Series A1		1,814,441		5,525,447
Grupo Financiero Banorte SAB de CV, Class O		9,516,056		64,369,630
Grupo Financiero Inbursa SAB de CV, Class O^(a)		8,378,700		13,655,632
Grupo Mexico SAB de CV, Series B		11,481,488		58,901,418
Grupo Televisa SAB de CV, CPO		8,821,800		18,909,088
Industrias Penoles SAB de CV		520,043		6,490,571
Kimberly-Clark de Mexico SAB de CV, Class A		5,562,900		7,806,150
Megacable Holdings SAB de CV, CPO		1,019,860		3,003,660
Orbia Advance Corp. SAB de CV		3,945,734		10,079,625
Promotora y Operadora de Infraestructura SAB de CV		707,255		5,530,685
Telesites SAB de CV^(c)		5,105,100		5,660,701
Wal-Mart de Mexico SAB de CV		19,065,600		72,516,491


				572,199,344

Peru — 0.2%
Cia. de Minas Buenaventura SAA, ADR^(a)		805,946		7,978,865
Credicorp Ltd.		245,352		37,109,490
Southern Copper Corp.		312,036		21,652,178


				66,740,533

Philippines — 0.8%
Aboitiz Equity Ventures Inc.		7,503,710		8,766,769
AC Energy Corp.		29,425,000		4,878,340
Ayala Corp.		1,010,206		16,748,100
Ayala Land Inc.		29,195,500		22,256,789
Bank of the Philippine Islands		6,049,484		11,823,172


Security	Shares		Value

Philippines (continued)
BDO Unibank Inc.		7,164,031	$	18,154,834
Globe Telecom Inc.		102,715		5,161,105
GT Capital Holdings Inc.		365,392		4,137,962
International Container Terminal Services Inc.		3,830,690		15,735,192
JG Summit Holdings Inc.		11,095,223		13,105,144
Jollibee Foods Corp.		1,666,639		7,834,211
Manila Electric Co.		816,450		5,874,926
Metro Pacific Investments Corp.		46,177,500		3,494,251
Metropolitan Bank & Trust Co.		6,507,085		7,247,017
Monde Nissin Corp.^(a)(b)		16,292,500		5,249,700
PLDT Inc.		285,583		10,020,749
SM Investments Corp.		876,892		15,256,245
SM Prime Holdings Inc.		36,400,725		28,410,453
Universal Robina Corp.		3,317,630		7,765,079


				211,920,038

Poland — 0.7%
Allegro.eu SA^(a)(b)(c)		1,276,780		9,515,314
Bank Polska Kasa Opieki SA		682,163		18,714,471
CD Projekt SA^(c)		252,215		10,017,893
Cyfrowy Polsat SA		933,051		6,049,940
Dino Polska SA^(a)(b)		183,412		12,896,959
KGHM Polska Miedz SA		507,345		19,921,908
LPP SA		4,163		8,561,796
mBank SA^(a)		55,890		5,462,239
Orange Polska SA^(a)		2,481,791		4,605,324
PGE Polska Grupa Energetyczna SA^(a)		3,086,276		5,986,867
Polski Koncern Naftowy ORLEN SA		1,085,130		18,329,834
Polskie Gornictwo Naftowe i Gazownictwo SA		6,254,129		8,242,371
Powszechna Kasa Oszczednosci Bank Polski SA^(a)		3,213,899		30,887,271
Powszechny Zaklad Ubezpieczen SA		2,154,675		16,165,774
Santander Bank Polska SA		134,099		10,052,633


				185,410,594

Qatar — 0.9%
Barwa Real Estate Co.		6,832,377		6,796,404
Commercial Bank PSQC (The)		7,694,493		14,593,803
Industries Qatar QSC		5,546,858		27,810,835
Masraf Al Rayan QSC^(a)		16,725,418		22,913,415
Mesaieed Petrochemical Holding Co.		17,052,734		12,477,460
Ooredoo QPSC		2,718,823		5,717,447
Qatar Electricity & Water Co. QSC		1,706,273		8,424,491
Qatar Fuel QSC		1,854,806		9,452,665
Qatar Gas Transport Co. Ltd.		9,403,955		9,720,191
Qatar International Islamic Bank QSC		2,575,069		7,238,511
Qatar Islamic Bank SAQ		4,155,943		24,015,354
Qatar National Bank QPSC		16,362,250		97,952,565


				247,113,141

Russia — 0.6%
Alrosa PJSC^(d)		9,805,890		2,856,377
Gazprom PJSC^(d)		43,696,315		35,225,062
Inter RAO UES PJSC^(d)		121,651,300		1,174,334
LUKOIL PJSC^(d)		1,533,792		26,773,105
Magnit PJSC, GDR		1,230,782		1,953,420
MMC Norilsk Nickel PJSC^(d)		233,757		15,835,239
Mobile TeleSystems PJSC, ADR		1,581,331		8,697,320
Moscow Exchange MICEX-RTS PJSC^(d)		5,279,850		1,777,080
Novatek PJSC, GDR		337,123		12,986,689
Novolipetsk Steel PJSC^(d)		5,629,360		3,575,117
Ozon Holdings PLC, ADR^(a)(d)		197,078		722,931


Security	Shares		Value

Russia (continued)
PhosAgro PJSC, GDR		526,116	$	3,218,724
Polymetal International PLC^(d)		1,312,267		3,979,874
Polyus PJSC^(d)		126,490		4,765,925
Rosneft Oil Co. PJSC^(d)		4,281,715		4,466,820
Sberbank of Russia PJSC^(d)		39,606,181		17,506,667
Severstal PAO^(d)		805,849		3,848,600
Surgutneftegas PJSC^(d)		26,192,370		1,977,936
Tatneft PJSC^(d)		5,175,395		6,571,870
TCS Group Holding PLC, GDR^(d)		445,207		5,127,089
United Co. RUSAL International PJSC^(a)(d)		11,428,270		2,411,563
VK Co. Ltd.^(a)(d)		404,870		411,402
VTB Bank PJSC^(d)		11,783,971,998		787,471
X5 Retail Group NV, GDR^(d)		424,766		1,827,189
Yandex NV^(a)(d)		1,127,576		7,371,114


				175,848,918

Saudi Arabia — 4.0%
Abdullah Al Othaim Markets Co.		150,559		4,477,942
Advanced Petrochemical Co.		405,908		8,143,726
Al Rajhi Bank		4,512,569		193,596,923
Alinma Bank		3,662,763		34,730,568
Almarai Co. JSC		864,080		11,585,056
Arab National Bank		2,207,111		16,499,968
Bank AlBilad^(a)		1,411,812		22,218,540
Bank Al-Jazira		1,573,023		11,302,299
Banque Saudi Fransi		2,191,858		31,130,170
Bupa Arabia for Cooperative Insurance Co.		225,521		9,779,392
Co for Cooperative Insurance (The)		220,855		4,641,676
Dar Al Arkan Real Estate Development Co.^(a)		2,021,927		5,908,002
Dr Sulaiman Al Habib Medical Services Group Co.		203,437		9,303,133
Emaar Economic City^(a)		1,549,045		5,132,680
Etihad Etisalat Co.^(a)		1,354,255		12,621,976
Jarir Marketing Co.		215,793		12,048,762
Mobile Telecommunications Co.^(a)		1,535,258		5,514,565
Mouwasat Medical Services Co.		185,150		10,270,640
National Industrialization Co.^(a)		1,351,894		8,189,401
National Petrochemical Co.		471,399		5,688,653
Rabigh Refining & Petrochemical Co.^(a)		870,740		5,716,201
Riyad Bank^(a)		4,976,948		47,173,630
SABIC Agri-Nutrients Co.		795,364		33,888,761
Sahara International Petrochemical Co.		1,377,859		17,234,459
Saudi Arabian Mining Co.^(a)		1,612,631		46,035,046
Saudi Arabian Oil Co.^(b)		7,829,695		86,866,585
Saudi Basic Industries Corp.		3,274,947		109,177,945
Saudi British Bank (The)^(a)		3,027,798		31,327,227
Saudi Electricity Co.		3,016,547		22,264,048
Saudi Industrial Investment Group		853,097		8,054,866
Saudi Kayan Petrochemical Co.^(a)		2,818,579		15,409,069
Saudi National Bank (The)		8,044,325		146,542,154
Saudi Research & Media Group^(a)		91,466		6,094,970
Saudi Telecom Co.		2,159,475		65,888,312
Savola Group (The)		885,061		8,018,335
Yanbu National Petrochemical Co.		913,561		16,769,049


				1,089,244,729

South Africa — 3.7%
Absa Group Ltd.		2,633,920		30,258,069
African Rainbow Minerals Ltd.		432,523		7,697,299
Anglo American Platinum Ltd.		197,080		30,761,206
AngloGold Ashanti Ltd.		1,535,025		35,914,819
Aspen Pharmacare Holdings Ltd.		1,441,907		18,848,764


Security	Shares		Value

South Africa (continued)
Bid Corp. Ltd.		1,243,221	$	25,258,580
Bidvest Group Ltd (The)		1,021,476		13,995,557
Capitec Bank Holdings Ltd.		298,396		40,287,244
Clicks Group Ltd.		915,905		17,807,320
Discovery Ltd.^(a)		1,588,529		16,268,188
Exxaro Resources Ltd.		942,511		12,157,220
FirstRand Ltd.		18,340,251		78,966,797
Gold Fields Ltd.		3,283,667		45,721,005
Growthpoint Properties Ltd.		12,174,727		10,609,956
Harmony Gold Mining Co. Ltd.		2,075,977		8,865,647
Impala Platinum Holdings Ltd.		3,015,842		57,525,325
Kumba Iron Ore Ltd.		237,552		9,390,142
Mr. Price Group Ltd.		952,355		12,983,182
MTN Group Ltd.^(a)		6,271,806		78,288,097
MultiChoice Group		1,357,453		11,125,354
Naspers Ltd., Class N		793,250		99,894,412
Nedbank Group Ltd.		1,673,091		23,784,795
NEPI Rockcastle PLC		1,587,276		10,144,465
Northam Platinum Holdings Ltd.^(a)		1,267,707		20,468,815
Old Mutual Ltd.		17,182,421		14,080,059
Pepkor Holdings Ltd.^(b)		4,863,145		6,942,267
Rand Merchant Investment Holdings Ltd.		3,058,418		9,623,040
Reinet Investments SCA		511,907		10,552,916
Remgro Ltd.		1,909,088		17,348,630
Sanlam Ltd.		6,844,695		28,844,470
Sasol Ltd.^(a)		2,084,138		47,820,421
Shoprite Holdings Ltd.		1,862,615		27,783,272
Sibanye Stillwater Ltd.		9,822,856		46,340,561
SPAR Group Ltd (The)		681,489		7,272,171
Standard Bank Group Ltd.		4,811,358		50,981,197
Tiger Brands Ltd.		603,974		6,415,941
Vodacom Group Ltd.		2,280,882		21,955,506
Woolworths Holdings Ltd.		3,693,842		12,162,678


				1,025,145,387

South Korea — 11.7%
Alteogen Inc.^(a)(c)		105,528		4,753,024
Amorepacific Corp.^(c)		118,015		18,216,884
AMOREPACIFIC Group		111,064		4,537,675
BGF retail Co. Ltd.		31,218		4,422,541
Celltrion Healthcare Co. Ltd.		317,953		16,911,151
Celltrion Inc.		359,595		47,998,699
Celltrion Pharm Inc.^(a)		63,700		4,686,910
Cheil Worldwide Inc.		265,159		4,985,499
CJ CheilJedang Corp.		30,256		9,583,752
CJ Corp.		52,790		3,718,818
CJ ENM Co. Ltd.		39,988		4,363,629
CJ Logistics Corp.^(a)		29,273		3,035,074
Coway Co. Ltd.		207,765		12,478,114
DB Insurance Co. Ltd.		176,301		9,061,756
Doosan Bobcat Inc.		197,787		6,347,947
Doosan Heavy Industries & Construction Co. Ltd.^(a)(c)		1,302,695		22,840,960
Douzone Bizon Co. Ltd.		4,111		166,480
Ecopro BM Co. Ltd.^(c)		41,800		13,227,685
E-MART Inc.		70,375		7,674,701
F&F Co. Ltd./New^(a)		13,259		9,910,279
Green Cross Corp.^(c)		21,869		3,327,546
GS Engineering & Construction Corp.		237,637		8,540,455
GS Holdings Corp.		181,194		6,058,955
Hana Financial Group Inc.		1,098,777		44,640,929


Security	Shares		Value

South Korea (continued)
Hankook Tire & Technology Co. Ltd.		276,458	$	8,145,343
Hanmi Pharm Co. Ltd.^(a)(c)		25,857		5,727,325
Hanon Systems		697,821		6,757,851
Hanwha Solutions Corp.^(a)		453,363		12,888,881
HLB Inc.^(a)(c)		357,758		9,373,730
HMM Co. Ltd.^(a)(c)		993,400		24,063,401
Hotel Shilla Co. Ltd.^(c)		120,240		8,126,644
HYBE Co. Ltd.^(a)(c)		62,069		15,081,849
Hyundai Engineering & Construction Co. Ltd.		284,042		10,348,279
Hyundai Glovis Co. Ltd.		67,417		9,945,041
Hyundai Heavy Industries Holdings Co. Ltd.		180,630		7,777,816
Hyundai Mobis Co. Ltd.		241,948		45,429,601
Hyundai Motor Co.		513,465		75,554,687
Hyundai Steel Co.		324,241		10,813,720
Iljin Materials Co. Ltd.		87,287		6,681,529
Industrial Bank of Korea		949,272		8,527,835
Kakao Corp.^(c)		1,146,177		90,773,516
Kakao Games Corp.^(a)(c)		112,580		6,994,776
KakaoBank Corp.^(a)(c)		349,221		14,099,314
Kangwon Land Inc.^(a)(c)		365,443		8,128,181
KB Financial Group Inc.		1,448,006		71,436,564
Kia Corp.		967,783		59,998,011
Korea Aerospace Industries Ltd.^(a)		275,281		8,564,510
Korea Electric Power Corp.^(a)		920,737		17,843,246
Korea Investment Holdings Co. Ltd.^(a)		150,860		10,022,412
Korea Shipbuilding & Offshore Engineering Co. Ltd.^(a)		146,013		10,824,816
Korea Zinc Co. Ltd.		32,463		14,888,849
Korean Air Lines Co. Ltd.^(a)		642,320		15,824,792
Krafton Inc.^(a)		81,050		20,107,258
KT&G Corp.		418,512		27,821,234
Kumho Petrochemical Co. Ltd.^(a)(c)		67,853		9,154,092
L&F Co. Ltd.^(a)(c)		85,829		14,121,917
LG Chem Ltd.		168,498		79,959,728
LG Corp.		317,879		19,978,763
LG Display Co. Ltd.^(c)		856,352		13,467,333
LG Electronics Inc.		393,703		41,101,157
LG Energy Solution^(a)(c)		78,083		26,756,099
LG Household & Health Care Ltd.^(c)		34,052		27,018,334
LG Innotek Co. Ltd.		53,470		14,760,534
LG Uplus Corp.		765,515		8,408,684
Lotte Chemical Corp.		60,755		11,197,131
Lotte Shopping Co. Ltd.		40,842		2,918,275
Meritz Financial Group Inc.		42,337		1,297,558
Meritz Fire & Marine Insurance Co. Ltd.		81,377		2,781,715
Meritz Securities Co. Ltd.		1,174,128		5,749,662
Mirae Asset Securities Co. Ltd.		1,023,162		7,550,310
NAVER Corp.		451,659		120,347,796
NCSoft Corp.		60,222		22,308,931
Netmarble Corp.^(b)		77,828		6,687,602
NH Investment & Securities Co. Ltd.^(a)		515,742		4,990,798
Orion Corp./Republic of Korea		89,828		6,874,020
Pan Ocean Co. Ltd.		1,019,114		5,623,874
Pearl Abyss Corp.^(a)(c)		113,321		9,088,692
POSCO		272,138		64,748,091
POSCO Chemical Co. Ltd.		116,612		11,170,175
S-1 Corp.		65,194		3,795,159
Samsung Biologics Co. Ltd.^(a)(b)		61,211		39,820,997
Samsung C&T Corp.		302,387		27,927,141
Samsung Electro-Mechanics Co. Ltd.		206,869		28,921,985


Security	Shares		Value

South Korea (continued)
Samsung Electronics Co. Ltd.		17,487,705	$	1,053,693,276
Samsung Engineering Co. Ltd.^(a)		599,607		11,713,360
Samsung Fire & Marine Insurance Co. Ltd.		113,475		18,044,858
Samsung Heavy Industries Co. Ltd.^(a)		2,424,765		11,820,177
Samsung Life Insurance Co. Ltd.^(c)		248,978		12,448,784
Samsung SDI Co. Ltd.		202,309		93,232,087
Samsung SDS Co. Ltd.		120,591		14,157,154
Samsung Securities Co. Ltd.		229,304		8,126,954
SD Biosensor Inc.		132,213		6,003,934
Seegene Inc.^(c)		134,974		5,784,989
Shinhan Financial Group Co. Ltd.		1,587,515		51,650,983
SK Biopharmaceuticals Co. Ltd.^(a)(c)		99,007		7,027,530
SK Bioscience Co. Ltd.^(a)		84,865		10,392,458
SK Chemicals Co. Ltd.		43,171		4,535,033
SK Hynix Inc.		1,999,547		208,461,777
SK IE Technology Co. Ltd.^(a)(b)(c)		93,026		9,661,429
SK Inc.^(c)		153,650		29,348,676
SK Innovation Co. Ltd.^(a)		187,271		31,614,350
SK Square Co. Ltd.^(a)		353,143		16,389,054
SK Telecom Co. Ltd.		97,351		4,442,426
SKC Co. Ltd.		80,886		9,406,556
S-Oil Corp.^(c)		167,901		11,957,803
Woori Financial Group Inc.		1,865,668		22,316,367
Yuhan Corp.		196,238		9,534,850


				3,214,351,892

Taiwan — 16.1%
Accton Technology Corp.^(c)		1,870,000		16,958,219
Acer Inc.^(c)		10,684,121		11,088,283
Advantech Co. Ltd.^(c)		1,437,455		18,929,137
Airtac International Group		518,526		17,247,260
ASE Technology Holding Co. Ltd.		12,098,110		43,726,289
Asia Cement Corp.		8,011,077		12,947,953
ASMedia Technology Inc.^(c)		103,000		6,376,557
Asustek Computer Inc.^(c)		2,591,968		34,578,082
AU Optronics Corp.^(c)		30,205,000		22,613,782
Catcher Technology Co. Ltd.		2,373,210		12,181,236
Cathay Financial Holding Co. Ltd.		29,007,710		65,227,767
Chailease Holding Co. Ltd.^(c)		4,844,889		43,969,839
Chang Hwa Commercial Bank Ltd.		15,775,369		10,015,532
Cheng Shin Rubber Industry Co. Ltd.^(c)		6,570,128		8,405,167
China Development Financial Holding Corp.		57,658,588		39,485,438
China Steel Corp.		43,739,313		56,876,609
Chunghwa Telecom Co. Ltd.		13,532,410		60,146,375
Compal Electronics Inc.^(c)		14,671,908		13,366,277
CTBC Financial Holding Co. Ltd.		67,557,772		66,036,200
Delta Electronics Inc.^(c)		7,134,000		63,578,972
E Ink Holdings Inc.		2,658,000		14,324,754
E.Sun Financial Holding Co Ltd^(c)		43,867,640		46,370,410
Eclat Textile Co. Ltd.		725,427		15,036,781
eMemory Technology Inc.		242,000		16,331,915
Evergreen Marine Corp. Taiwan Ltd.		9,371,810		49,232,524
Far Eastern New Century Corp.		9,700,038		10,282,461
Far EasTone Telecommunications Co. Ltd.^(c)		5,603,000		13,858,076
Feng TAY Enterprise Co. Ltd.		1,628,137		12,136,712
First Financial Holding Co. Ltd.		37,734,901		34,743,936
Formosa Chemicals & Fibre Corp.		12,690,090		35,977,330
Formosa Petrochemical Corp.^(c)		4,177,000		14,692,947
Formosa Plastics Corp.		14,070,280		53,129,588
Foxconn Technology Co. Ltd.^(c)		3,369,637		7,756,069
Fubon Financial Holding Co. Ltd.		27,844,974		75,183,212


Security	Shares		Value

Taiwan (continued)
Giant Manufacturing Co. Ltd.		1,129,203	$	11,723,159
Globalwafers Co. Ltd.^(c)		806,000		19,950,448
Hiwin Technologies Corp.		1,010,527		9,648,075
Hon Hai Precision Industry Co. Ltd.		45,442,873		168,800,190
Hotai Motor Co. Ltd.^(c)		1,128,000		25,539,542
Hua Nan Financial Holdings Co. Ltd.		32,577,114		25,831,372
Innolux Corp.^(c)		34,978,002		21,284,584
Inventec Corp.		9,751,281		9,005,305
Largan Precision Co. Ltd.^(c)		364,000		26,452,901
Lite-On Technology Corp.		7,857,246		19,320,020
MediaTek Inc.^(c)		5,566,338		219,958,453
Mega Financial Holding Co. Ltd.^(c)		39,543,162		53,288,400
Micro-Star International Co. Ltd.^(c)		2,507,000		14,131,399
momo.com Inc.		174,000		6,194,234
Nan Ya Plastics Corp.		19,130,160		60,336,521
Nan Ya Printed Circuit Board Corp.^(c)		857,000		16,411,221
Nanya Technology Corp.		4,458,000		12,484,186
Nien Made Enterprise Co. Ltd.		638,000		8,270,877
Novatek Microelectronics Corp.^(c)		2,121,000		35,162,924
Oneness Biotech Co. Ltd.^(a)(c)		863,000		7,618,780
Parade Technologies Ltd.		285,000		19,676,872
Pegatron Corp.		7,012,414		17,380,666
Pou Chen Corp.		8,418,220		9,707,998
President Chain Store Corp.		2,042,000		19,081,488
Quanta Computer Inc.		9,804,000		32,783,559
Realtek Semiconductor Corp.^(c)		1,685,637		27,792,712
Ruentex Development Co. Ltd.		4,529,161		11,694,411
Shanghai Commercial & Savings Bank Ltd/The		13,318,318		21,938,551
Shin Kong Financial Holding Co. Ltd.		44,446,149		18,024,447
SinoPac Financial Holdings Co. Ltd.		39,101,626		24,010,786
Synnex Technology International Corp.		5,122,834		13,262,847
Taishin Financial Holding Co. Ltd.		38,725,610		27,139,883
Taiwan Cement Corp.^(c)		19,243,725		32,668,588
Taiwan Cooperative Financial Holding Co. Ltd.		35,879,094		34,037,911
Taiwan High Speed Rail Corp.		6,975,000		7,382,142
Taiwan Mobile Co. Ltd.		5,945,600		21,986,178
Taiwan Semiconductor Manufacturing Co. Ltd.		90,289,000		1,941,173,423
Unimicron Technology Corp.^(c)		4,474,000		41,598,336
Uni-President Enterprises Corp.^(c)		17,290,839		41,599,895
United Microelectronics Corp.^(c)		43,505,000		81,978,696
Vanguard International Semiconductor Corp.^(c)		3,307,000		15,008,369
Voltronic Power Technology Corp.		230,000		11,944,642
Wan Hai Lines Ltd.^(c)		2,283,600		15,554,641
Win Semiconductors Corp.^(c)		1,239,000		13,564,236
Winbond Electronics Corp.		11,068,000		13,329,094
Wiwynn Corp.^(c)		300,000		10,714,680
WPG Holdings Ltd.		5,911,449		11,797,532
Yageo Corp.^(c)		1,601,861		26,281,340
Yang Ming Marine Transport Corp.^(a)(c)		6,488,000		27,421,510
Yuanta Financial Holding Co. Ltd.		35,066,980		31,325,072
Zhen Ding Technology Holding Ltd.^(c)		2,239,075		7,426,537


				4,423,511,322

Thailand — 1.9%
Advanced Info Service PCL, NVDR		4,325,500		30,448,563
Airports of Thailand PCL, NVDR^(a)		15,427,000		30,479,621
Asset World Corp. PCL, NVDR^(a)		31,166,800		4,591,533
B Grimm Power PCL, NVDR^(c)		3,007,300		3,190,616
Bangkok Commercial Asset Management PCL, NVDR		6,531,700		4,397,256
Bangkok Dusit Medical Services PCL, NVDR		34,618,100		25,169,541


Security	Shares		Value

Thailand (continued)
Bangkok Expressway & Metro PCL, NVDR^(c)		27,240,700	$	7,448,196
Berli Jucker PCL, NVDR		4,321,800		4,443,955
BTS Group Holdings PCL, NVDR		27,193,600		7,926,946
Bumrungrad Hospital PCL, NVDR		1,776,400		8,370,933
Carabao Group PCL, NVDR^(c)		1,178,400		3,858,029
Central Pattana PCL, NVDR		7,384,300		12,557,235
Central Retail Corp. PCL, NVDR		6,806,834		8,003,808
Charoen Pokphand Foods PCL, NVDR^(c)		13,145,500		10,185,344
CP ALL PCL, NVDR		21,134,000		44,153,490
Delta Electronics Thailand PCL, NVDR		1,158,900		14,509,779
Electricity Generating PCL, NVDR		945,200		5,206,514
Energy Absolute PCL, NVDR		5,702,900		16,667,518
Global Power Synergy PCL, NVDR		2,658,800		6,137,526
Gulf Energy Development PCL, NVDR		10,980,900		17,072,360
Home Product Center PCL, NVDR		21,909,814		10,259,898
Indorama Ventures PCL, NVDR		6,514,380		9,025,333
Intouch Holdings PCL, NVDR		4,328,525		10,065,325
Krung Thai Bank PCL, NVDR		12,050,300		5,184,374
Krungthai Card PCL, NVDR^(c)		3,427,300		6,669,532
Land & Houses PCL, NVDR		30,302,600		8,924,163
Minor International PCL, NVDR^(a)		11,630,020		11,014,190
Muangthai Capital PCL, NVDR		2,886,200		4,571,290
Osotspa PCL, NVDR^(c)		4,507,900		4,879,652
PTT Exploration & Production PCL, NVDR		5,134,739		21,618,551
PTT Global Chemical PCL, NVDR		8,196,430		13,357,450
PTT Oil & Retail Business PCL, NVDR		10,816,400		8,571,011
PTT PCL, NVDR		36,154,800		44,010,099
Ratch Group PCL, NVDR		2,989,300		4,215,579
SCG Packaging PCL, NVDR		4,945,700		9,302,427
Siam Cement PCL (The), NVDR		2,814,200		33,867,867
Siam Commercial Bank PCL (The), NVDR		3,118,200		12,049,521
Sri Trang Gloves Thailand PCL, NVDR^(c)		3,446,400		2,715,985
Srisawad Corp. PCL, NVDR^(c)		2,958,700		5,252,641
Thai Oil PCL, NVDR		4,202,700		6,986,475
Thai Union Group PCL, NVDR		10,908,500		6,810,510
True Corp. PCL, NVDR		44,061,601		6,773,027


				510,943,663

Turkey — 0.3%
Akbank TAS		11,067,377		5,649,096
Aselsan Elektronik Sanayi Ve Ticaret AS		2,422,632		3,892,945
BIM Birlesik Magazalar AS		1,604,701		8,475,544
Enka Insaat ve Sanayi AS		2		1
Eregli Demir ve Celik Fabrikalari TAS		5,300,249		11,902,367
Ford Otomotiv Sanayi AS		273,314		5,323,997
KOC Holding AS		2,724,274		6,227,924
Turkcell Iletisim Hizmetleri AS		4,306,815		6,385,423
Turkiye Garanti Bankasi AS		8,236,533		6,593,868
Turkiye Is Bankasi AS, Class C		5,471,285		3,167,982
Turkiye Petrol Rafinerileri AS^(a)		483,726		6,741,984
Turkiye Sise ve Cam Fabrikalari AS		5,246,012		4,692,518


				69,053,649

United Arab Emirates — 1.3%
Abu Dhabi Commercial Bank PJSC		10,225,809		29,991,508
Abu Dhabi Islamic Bank PJSC		5,593,952		13,495,593
Abu Dhabi National Oil Co. for Distribution PJSC		9,402,123		10,556,088
Aldar Properties PJSC		14,077,213		16,088,269
Dubai Islamic Bank PJSC		9,910,559		16,470,545
Emaar Properties PJSC		14,578,415		20,193,962
Emirates NBD Bank PJSC		9,200,367		35,890,997


Security	Shares		Value

United Arab Emirates (continued)
Emirates Telecommunications Group Co. PJSC		12,826,771	$	122,501,165
First Abu Dhabi Bank PJSC		16,042,188		90,320,700


				355,508,827


Total Common Stocks — 97.5% (Cost: $22,466,964,986)				26,757,331,752


Preferred Stocks

Brazil — 1.3%
Alpargatas SA, Preference Shares, NVS		719,150		3,580,773
Banco Bradesco SA, Preference Shares, NVS		17,728,340		69,447,486
Braskem SA, Class A, Preference Shares, NVS		722,851		6,773,539
Centrais Eletricas Brasileiras SA, Class B, Preference Shares, NVS		978,580		6,499,497
Cia. Energetica de Minas Gerais, Preference Shares, NVS		4,049,821		9,951,498
Gerdau SA, Preference Shares, NVS		4,300,188		21,328,135
Itau Unibanco Holding SA, Preference Shares, NVS		17,641,704		86,605,836
Itausa SA, Preference Shares, NVS		17,082,678		33,082,615
Petroleo Brasileiro SA, Preference Shares, NVS		17,495,619		115,006,691


				352,276,070

Chile — 0.1%
Sociedad Quimica y Minera de Chile SA, Class B, Preference Shares		505,347		33,561,043


Colombia — 0.0%
Bancolombia SA, Preference Shares, NVS		1,676,132		14,815,677


Russia — 0.0%
Surgutneftegas PJSC, Preference Shares, NVS^(d)		25,014,400		2,685,835


South Korea — 0.7%
Hyundai Motor Co.
Preference Shares, NVS		82,275		6,034,603
Series 2, Preference Shares, NVS		124,405		9,202,928
LG Chem Ltd., Preference Shares, NVS		28,199		6,391,288
LG Household & Health Care Ltd., Preference Shares, NVS		7,767		3,404,336
Samsung Electronics Co. Ltd., Preference Shares, NVS		3,026,820		167,284,724


				192,317,879


Total Preferred Stocks — 2.1% (Cost: $371,736,572)				595,656,504


Rights

Brazil — 0.0%
Americanas SA (Expires 04/08/22)^(a)		51,710		67,954


South Korea — 0.0%
Samsung Biologics Co. Ltd. (Expires 03/03/22)^(a)		4,058		472,499


Total Rights — 0.0% (Cost: $0)				540,453


Short-Term Investments

Money Market Funds — 2.5%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.09%^(e)(f)(g)		669,337,148		669,471,015


Security	Shares		Value

Money Market Funds (continued)
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.03%^(e)(f)		11,270,000	$	11,270,000


				680,741,015


Total Short-Term Investments — 2.5% (Cost: $680,587,906)				680,741,015


Total Investments in Securities — 102.1% (Cost: $23,519,289,464)				28,034,269,724

Other Assets, Less Liabilities — (2.1)%				(584,803,004	)


Net Assets — 100.0%			$	27,449,466,720

^(a)	Non-income producing security.

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”):

Currently the iShares Currency Hedged MSCI Emerging Markets ETF seeks to achieve its investment objective by investing a substantial portion of its assets in the iShares MSCI Emerging Markets ETF (the “underlying fund”). The financial statements, including the accounting policies, and Schedule of Investments for the underlying fund are included in this report and should be read in conjunction with the financial statements of the iShares Currency Hedged MSCI Emerging Markets ETF.

Basis of Consolidation: The accompanying consolidated financial statements for the iShares MSCI Emerging Markets ETF includes the accounts of its subsidiary in the Republic of Mauritius, which is a wholly-owned subsidiary (the “Subsidiary”) of the Fund that invests in Indian securities. Through this investment structure, the Fund expects to obtain certain benefits under a current tax treaty between Mauritius and India. The net assets of the Subsidiary as of period end were $2,237, which is less than 0.1% of the Fund’s consolidated net assets. Intercompany accounts and transactions, if any, have been eliminated.

As of period end, MSCI Emerging Markets no longer invests in the Subsidiary. Effective October 20, 2021, MSCI Emerging Markets transferred all of the assets of MSCI Emerging Markets’s wholly owned Mauritius Subsidiary to MSCI Emerging Markets through on-exchange transactions in India. MSCI Emerging Markets recognized a realized gain/loss of $1,882,431,068 as a result of this transaction. After the transfer, MSCI Emerging Markets began making new investments in India directly.

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.

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. However, the currency hedged fund has elected to treat realized gains (losses) from certain foreign currency contracts as capital gain (loss) for U.S. federal income tax purposes.

Foreign Taxes: Certain 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.

The iShares MSCI Emerging Markets ETF has conducted investment activities in India through its Subsidiary and expects to obtain benefits under the Double Tax Avoidance Agreement (“DTAA”) between India and Mauritius. In order to be eligible to claim benefits under the DTAA, the Subsidiary must have commercial substance, on an annual basis, to satisfy certain tests and conditions, including the establishment and maintenance of valid tax residence in Mauritius, have the place of effective management outside of India, and related requirements. The Fund has obtained a current tax residence certificate issued by the Mauritian Revenue Authorities.

Based upon current interpretation and practice of the current tax laws in India and Mauritius and the DTAA, the Subsidiary is subject to tax in Mauritius on its net income at the rate of 15%. However, the Subsidiary is entitled to a tax credit equivalent to the higher of the actual foreign tax incurred or 80% of the Mauritius tax on its foreign source income, thus reducing its maximum effective tax rate to 3% up to June 30, 2021. After June 30, 2021, under the new tax regime and subject to meeting the necessary substance requirements as required under the Financial Services Act 2007 (as amended by the Finance Act 2018) and such guidelines issued by the Financial Services Commission (the “FSC”), the Subsidiary is entitled to either (a) a foreign tax credit equivalent to the actual foreign tax suffered on its foreign income against the Subsidiary’s tax liability computed at 15% on such income, or (b) a partial exemption of 80% of some of the income derived, including interest income or foreign source dividends. Taxes on income, if any, are paid by the Subsidiary and are disclosed in its Consolidated Statements of Operations. Any dividends paid by the Subsidiary to its Fund are not subject to tax in Mauritius. The Subsidiary is currently exempt from tax in Mauritius on any gains from the sale of securities.

The DTAA provides that capital gains will be taxable in India with respect to the sale of shares acquired on or after April 1, 2017. Capital gains arising from shares acquired before April 1, 2017, regardless of when they are sold, will continue to be exempt from taxation under the amended DTAA, assuming requirements for eligibility under the DTAA are satisfied. There can be no assurance, however, that the DTAA will remain in effect during the Subsidiary’s existence or that it will continue to enjoy its benefits on the shares acquired prior to April 1, 2017.

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 the following Fund, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Fund, based on the average daily net assets of the Fund as follows:

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

The Subsidiary has entered into a separate contract with BFA under which BFA provides investment advisory services to the Subsidiary but does not receive separate compensation from the Subsidiary for providing it with such services. The Subsidiary has also entered into separate arrangements that provide for the provision of other services to the Subsidiary (including administrative, custody, transfer agency and other services), and BFA pays the costs and expenses related to the provision of those services.

Expense Waivers: A fund may incur its pro rata share of fees and expenses attributable to its investments in other investment companies (“acquired fund fees and expenses”). The total of the investment advisory fee and acquired fund fees and expenses, if any, is a fund’s total annual operating expenses. Total expenses as shown in the Statement of Operations does not include acquired fund fees and expenses.

For the iShares Currency Hedged MSCI Emerging Markets ETF, BFA has contractually agreed to waive a portion of its investment advisory fee for the Fund through December 31, 2025 so that the Fund’s total annual operating expenses after fee waiver is equal to the acquired fund fees and expenses attributable to the Fund’s investment in the iShares MSCI Emerging Markets ETF (“EEM”), after taking into account any fee waivers by EEM.

This amount is included in investment advisory fees waived in the Statements of Operations. For the six months ended February 28, 2022, the amounts waived in investment advisory fees pursuant to this arrangement were 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 Currency Hedged MSCI Emerging Markets ETF and iShares MSCI Emerging Markets ETF, along with certain other iShares funds (“Participating Funds”), are parties to a $800 million credit agreement (“Syndicated Credit Agreement”) with a group of lenders, which expires on August 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.

During the six months ended February 28, 2022, the iShares Currency Hedged MSCI Emerging Markets ETF did not borrow under 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:

The iShares MSCI Emerging Markets ETF, along with certain other iShares funds (“Mauritius Participating Funds”), is a party to a $750,000,000 unsecured and uncommitted line of credit (“Uncommitted Liquidity Facility”) with State Street Bank and Trust Company, which may be used solely to facilitate trading associated with the closure of the Fund’s Mauritius subsidiary. The Uncommitted Liquidity Facility has interest at a rate equal to the higher of (a) the U.S. Federal Funds rate (not less than zero) plus 1.25% per annum or (b) the Overnight Bank Funding rate (not less than zero) plus 1.25% per annum on amounts borrowed. Each Mauritius Participating Fund will be removed from the Uncommitted Liquidity Facility once trading out of its holdings in the Mauritius subsidiary is complete.

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 Uncommitted Liquidity Facility 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 Russia or with significant exposure to Russian issuers or countries. Russia launched a large-scale invasion of Ukraine on February 24, 2022. Governments in the U.S. and many other countries have imposed economic sanctions on certain Russian individuals and Russian corporate and banking entities. Jurisdictions have instituted broader sanctions on Russia, including banning Russia from global payments systems that facilitate cross-border payments. The extent and duration of the military action, resulting sanctions and resulting future market disruptions, including declines in Russia’s stock markets and the value of the ruble against the U.S. dollar, are impossible to predict, but could be significant. Any such disruptions caused by the Russian military action or any response to such activity from the international community may negatively impact Russia’s economy and Russian issuers of securities in which the Fund invests.

Certain Funds invest a significant portion of their assets in securities of issuers located in China or with significant exposure to Chinese issuers or countries. Investments in Chinese securities, including certain Hong Kong-listed securities, involves risks specific to China. China may be subject to considerable degrees of economic, political and social instability and demonstrates significantly higher volatility from time to time in comparison to developed markets. Chinese markets generally continue to experience inefficiency, volatility and pricing anomalies resulting from governmental influence, a lack of publicly available information and/or political and social instability. Internal social unrest or confrontations with other neighboring countries may disrupt economic development in China and result in a greater risk of currency fluctuations, currency non-convertibility, interest rate fluctuations and higher rates of inflation. Incidents involving China’s or the region’s security may cause uncertainty in Chinese markets and may adversely affect the Chinese economy and a fund’s investments. Reduction in spending on Chinese products and services, institution of tariffs or other trade barriers, or a downturn in any of the economies of China’s key trading partners may have an adverse impact on the Chinese economy. In addition, measures may be taken to limit the flow of capital and/or sanctions may be imposed, which could prohibit or restrict the ability to own or transfer fund assets and may also include retaliatory actions, such as seizure of fund assets.

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.

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 Currency Hedged MSCI Emerging Markets ETF and iShares MSCI Emerging Markets 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		(7.73	)%		(10.17	)%		7.47	%		4.96	%		(10.17	)%		43.34	%		43.34	%
Fund Market		(7.53	)		(9.63	)		7.53			5.02			(9.63	)		43.76			43.98
Index		(8.12	)		(9.67	)		7.80			5.40			(9.67	)		45.55			47.81


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	$ 922.70	$ 0.00			$ 1,000.00	$ 1,024.80	$ 0.00		0.00	%



Investment Type			Percent of Net Assets

Investment Companies			100.1%
Short-term Investments			0.0^(a)
Forward foreign currency exchange contracts, net cumulative appreciation			0.6
Other assets less liabilities			(0.7)



Sector	Percent of Total Investment^(a)

Information Technology	22.1	%
Financials	21.1
Consumer Discretionary	12.8
Communication Services	10.4
Materials	9.2
Consumer Staples	5.9
Industrials	5.3
Energy	4.7
Health Care	3.8
Utilities	2.5
Real Estate	2.2


				Average Annual Total Returns									Cumulative Total Returns
	6 Months			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		(10.50	)%		(12.00	)%		6.15	%		2.54	%		(12.00	)%		34.74	%		28.52	%
Fund Market		(9.49	)		(11.33	)		6.44			2.66			(11.33	)		36.61			29.99
Index		(9.81	)		(10.69	)		6.99			3.24			(10.69	)		40.21			37.60


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		25
Statements of Operations		26
Statements of Changes in Net Assets		27
Financial Highlights		28
Notes to Financial Statements		30
Statement Regarding Liquidity Risk Management Program		40
Supplemental Information		41
General Information		42
Glossary of Terms Used in this Report		43


Fund Summary as of February 28, 2022		iShares^® Currency Hedged MSCI Emerging Markets ETF


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 Emerging Markets ETF



Sector	Percent of Total Investments	^(a)

Information Technology	22.1	%
Financials	21.1
Consumer Discretionary	12.8
Communication Services	10.4
Materials	9.2
Consumer Staples	5.9
Industrials	5.3
Energy	4.7
Health Care	3.8
Utilities	2.5
Real Estate	2.2



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

China	32.2	%
Taiwan	16.2
India	12.5
South Korea	12.5
Brazil	5.0
Saudi Arabia	4.0
South Africa	3.7
Mexico	2.1
Thailand	1.9
Indonesia	1.7




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: Treasury, SL Agency Shares	$	370,000	$	—	$	(280,000	)^(a)	$	—	$	—		$	90,000		90,000	$	14	$	—
iShares MSCI Emerging Markets ETF		202,917,841		40,646,077		(37,870,653	)		4,771,579		(26,042,562	)		184,422,282		3,946,550		2,937,483		—

								$	4,771,579	$	(26,042,562	)	$	184,512,282			$	2,937,497	$	—



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

BRL	46,346,000	USD	8,981,783	GS	03/04/22	$	12,226
BRL	205,000	USD	38,345	MS	03/04/22		1,438
CNY	6,057,000	USD	948,025	MS	03/04/22		10,637
INR	1,737,317,000	USD	23,003,204	MS	03/04/22		52,113
KRW	35,476,714,000	USD	29,466,731	MS	03/04/22		37,977
MXN	5,842,000	USD	281,554	MS	03/04/22		3,593
THB	109,247,000	USD	3,341,769	MS	03/04/22		1,642
TRY	6,297,000	USD	450,767	MS	03/04/22		633
TWD	839,820,000	USD	29,934,344	MS	03/04/22		25,599
USD	2,593,675	EUR	2,312,000	MS	03/04/22		1,153
USD	43,908,857	HKD	342,381,000	MS	03/04/22		95,910
USD	23,799,345	INR	1,782,130,000	MS	03/04/22		149,330




	Foreign Currency Exchange Contracts


Assets — Derivative Financial Instruments
Forward foreign currency exchange contracts Unrealized appreciation on forward foreign currency exchange contracts	$	2,435,107


Liabilities — Derivative Financial Instruments
Forward foreign currency exchange contracts Unrealized depreciation on forward foreign currency exchange contracts	$	1,351,111



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

USD	165,085	KRW	198,410,000	MS	03/04/22	$	74
USD	2,652,754	MYR	11,113,000	MS	03/04/22		4,775
USD	5,962,180	RUB	465,774,000	MS	03/04/22		1,651,111
USD	468,583	TRY	6,385,000	MS	03/04/22		10,876
USD	31,141,263	TWD	865,917,000	MS	03/04/22		250,330
USD	41,230	ZAR	632,000	MS	03/04/22		138
ZAR	98,839,000	USD	6,394,415	MS	03/04/22		32,045
INR	61,968,000	USD	816,787	MS	04/06/22		1,553
USD	1,185,251	CLP	946,138,000	MS	04/06/22		6,278
USD	2,558,770	EUR	2,275,000	MS	04/06/22		4,256
USD	43,700,554	HKD	341,465,000	MS	04/06/22		3,411
USD	34,926	INR	2,643,000	MS	04/06/22		23
USD	3,812,084	MXN	78,398,000	MS	04/06/22		6,829
USD	4,462	RUB	473,000	CITI	04/06/22		130
USD	3,944,837	RUB	424,070,000	JPM	04/06/22		60,955
USD	10,432	ZAR	161,000	MS	04/06/22		7
TWD	416,000	USD	14,852	MS	04/07/22		6
USD	9,788,419	CNY	61,921,320	MS	04/07/22		10,055
USD	46,151	TWD	1,292,000	MS	04/07/22		4


							2,435,107

CLP	902,886,000	USD	1,136,134	MS	03/04/22		(6,662	)
CNY	59,751,320	USD	9,468,356	MS	03/04/22		(11,318	)
EUR	2,312,000	USD	2,597,090	MS	03/04/22		(4,568	)
HKD	342,381,000	USD	43,818,376	MS	03/04/22		(5,430	)
INR	44,813,000	USD	598,680	MS	03/04/22		(3,983	)
MXN	75,968,000	USD	3,714,750	MS	03/04/22		(6,764	)
MYR	11,113,000	USD	2,648,505	MS	03/04/22		(526	)
RUB	424,070,000	USD	4,085,453	JPM	03/04/22		(160,384	)
RUB	41,704,000	USD	534,809	MS	03/04/22		(148,809	)
TRY	88,000	USD	6,479	MS	03/04/22		(171	)
TWD	26,097,000	USD	939,779	MS	03/04/22		(8,788	)
USD	8,703,079	BRL	46,551,000	MS	03/04/22		(330,713	)
USD	1,125,404	CLP	902,886,000	MS	03/04/22		(4,068	)



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

USD	2,729,558	MYR	11,472,000	MS	04/06/22	$	(4,977	)
USD	469,765	RUB	54,023,000	JPM	04/06/22		(25,009	)
USD	459,429	TRY	6,804,000	MS	04/06/22		(1,378	)
USD	6,745,050	ZAR	104,693,000	MS	04/06/22		(33,828	)
USD	3,444,951	THB	112,603,000	MS	04/07/22		(1,644	)
USD	30,032,904	TWD	842,163,000	MS	04/07/22		(46,673	)


							(1,351,111	)


	Net unrealized appreciation					$	1,083,996




	Foreign Currency Exchange Contracts


Net Realized Gain (Loss) from:
Forward foreign currency exchange contracts	$	1,504,392


Net Change in Unrealized Appreciation (Depreciation) on:
Forward foreign currency exchange contracts	$	1,844,966



Forward foreign currency exchange contracts:
Average amounts purchased — in USD	$	185,825,077
Average amounts sold — in USD	$	356,914,259



	Assets		Liabilities

Derivative Financial Instruments:

Forward foreign currency exchange contracts	$	2,435,107	$	1,351,111

Total derivative assets and liabilities in the Statement of Assets and Liabilities		2,435,107		1,351,111
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)		—		—


Total derivative assets and liabilities subject to an MNA		2,435,107		1,351,111


Counterparty		Derivative Assets Subject to an MNA by Counterparty		Derivatives Available for Offset	^(a)		Non-Cash Collateral Received		Cash Collateral Received		Net Amount of Derivative Assets	^(b)
Citibank N.A.	$	130	$	—		$	—	$	—	$	130
Goldman Sachs & Co.		12,226		(12,226	)		—		—		—
JPMorgan Chase Bank N.A.		60,955		(60,955	)		—		—		—
Morgan Stanley & Co. International PLC		2,361,796		(1,125,820	)		—		—		1,235,976

	$	2,435,107	$	(1,199,001	)	$	—	$	—	$	1,236,106


Counterparty		Derivative Liabilities Subject to an MNA by Counterparty		Derivatives Available for Offset	^(a)		Non-Cash Collateral Pledged		Cash Collateral Pledged		Net Amount of Derivative Liabilities	^(c)
Goldman Sachs & Co.	$	14,513	$	(12,226	)	$	—	$	—	$	2,287
JPMorgan Chase Bank N.A.		209,790		(60,955	)		—		—		148,835
Morgan Stanley & Co. International PLC		1,125,820		(1,125,820	)		—		—		—
State Street Bank and Trust Co.		988		—			—		—		988

	$	1,351,111	$	(1,199,001	)	$	—	$	—	$	152,110




	Level 1		Level 2			Level 3		Total


Investments
Assets
Investment Companies	$	184,422,282	$	—		$	—	$	184,422,282
Money Market Funds		90,000		—			—		90,000

	$	184,512,282	$	—		$	—	$	184,512,282


Derivative financial instruments^(a)
Assets
Forward Foreign Currency Exchange Contracts	$	—	$	2,435,107		$	—	$	2,435,107
Liabilities
Forward Foreign Currency Exchange Contracts		—		(1,351,111	)		—		(1,351,111	)

	$	—	$	1,083,996		$	—	$	1,083,996




	Equity Contracts


Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts^(a)	$	1,444,602



Futures contracts:

Average notional value of contracts — long	$	117,519,432


	iShares Currency Hedged MSCI Emerging Markets ETF		iShares MSCI Emerging Markets ETF


ASSETS
Investments in securities, at value (including securities on loan)^(a):
Unaffiliated^(b)	$	—	$	27,353,528,709
Affiliated^(c)		184,512,282		680,741,015
Cash		5,256		5,091,895
Foreign currency, at value^(d)		—		30,664,848
Cash pledged:
Futures contracts		—		2,440,000
Receivables:
Investments sold		—		197,517,592
Securities lending income — Affiliated		—		1,012,083
Capital shares sold		2,127		—
Dividends		—		47,848,461
Tax reclaims		—		607,115
Unrealized appreciation on:
Forward foreign currency exchange contracts		2,435,107		—


Total assets		186,954,772		28,319,451,718


LIABILITIES
Collateral on securities loaned, at value		—		668,959,352
Payables:
Investments purchased		1,217,853		182,447,712
Variation margin on futures contracts		—		571,461
Bank borrowings		—		2,500,086
Investment advisory fees		—		15,182,451
Foreign taxes		—		323,936
Unrealized depreciation on:
Forward foreign currency exchange contracts		1,351,111		—


Total liabilities		2,568,964		869,984,998


NET ASSETS	$	184,385,808	$	27,449,466,720


NET ASSETS CONSIST OF:
Paid-in capital	$	183,319,814	$	34,361,697,303
Accumulated earnings (loss)		1,065,994		(6,912,230,583	)


NET ASSETS	$	184,385,808	$	27,449,466,720


Shares outstanding		6,480,000		592,200,000


Net asset value	$	28.45	$	46.35


Shares authorized		250 million		4 billion


Par value	$	0.001	$	0.001


^(a)Securities loaned, at value	$	—	$	622,028,010
^(b) Investments, at cost — Unaffiliated	$	—	$	22,838,701,558
^(c) Investments, at cost — Affiliated	$	181,709,255	$	680,587,906
^(d)Foreign currency, at cost	$	—	$	30,743,554


	iShares Currency Hedged MSCI Emerging Markets ETF			iShares MSCI Emerging Markets ETF (Consolidated)


INVESTMENT INCOME
Dividends — Unaffiliated	$	—		$	281,935,019
Dividends — Affiliated		2,937,497			64,876
Securities lending income — Affiliated — net^(a)		—			7,126,953
Foreign taxes withheld		—			(31,191,024	)
Other foreign taxes		—			(393,487	)


Total investment income		2,937,497			257,542,337


EXPENSES
Investment advisory fees		753,102			100,657,939
Commitment fees		951			19,090
Professional fees		217			217
Mauritius income taxes		—			295
Interest expense		—			511,175


Total expenses		754,270			101,188,716

Less:
Investment advisory fees waived		(754,270	)		—


Total expenses after fees waived		—			101,188,716


Net investment income		2,937,497			156,353,621


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated^(b)		—			1,361,650,222
Investments — Affiliated		(592,718	)		(80,554	)
In-kind redemptions — Affiliated		5,364,297			—
Futures contracts		—			(16,447,268	)
Forward foreign currency exchange contracts		1,504,392			—
Foreign currency transactions		(9,107	)		(14,932,084	)


Net realized gain		6,266,864			1,330,190,316


Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated^(c)		—			(4,720,357,506	)
Investments — Affiliated		(26,042,562	)		(149,056	)
Futures contracts		—			(1,444,602	)
Forward foreign currency exchange contracts		1,844,966			—
Foreign currency translations		—			2,386,983


Net change in unrealized appreciation (depreciation)		(24,197,596	)		(4,719,564,181	)


Net realized and unrealized loss		(17,930,732	)		(3,389,373,865	)


NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(14,993,235	)	$	(3,233,020,244	)


^(a) Net of securities lending income tax paid of	$	—		$	664,039
^(b) Net of foreign capital gain tax and capital gain tax refund, if applicable	$	—		$	(133,629,674	)
^(c) Net of reduction in deferred foreign capital gain tax of	$	—		$	109,498,234


	iShares Currency Hedged MSCI Emerging Markets ETF						iShares MSCI Emerging Markets ETF (Consolidated)

	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	$	2,937,497		$	2,863,955		$	156,353,621		$	422,538,344
Net realized gain (loss)		6,266,864			1,206,589			1,330,190,316			(540,784,216	)
Net change in unrealized appreciation (depreciation)		(24,197,596	)		22,470,366			(4,719,564,181	)		4,851,060,910


Net increase (decrease) in net assets resulting from operations		(14,993,235	)		26,540,910			(3,233,020,244	)		4,732,815,038


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(2,937,497	)		(2,865,230	)		(432,075,862	)		(421,960,887	)


CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		(863,104	)		(4,122,036	)		131,260,914			2,647,877,164


NET ASSETS
Total increase (decrease) in net assets		(18,793,836	)		19,553,644			(3,533,835,192	)		6,958,731,315
Beginning of period		203,179,644			183,626,000			30,983,301,912			24,024,570,597


End of period	$	184,385,808		$	203,179,644		$	27,449,466,720		$	30,983,301,912


	iShares Currency Hedged MSCI Emerging Markets 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		$	31.31			$	27.41			$	24.38			$	25.70			$	25.57			$	21.72

Net investment income^(a)			0.46				0.44				0.71				0.55				0.60				0.36
Net realized and unrealized gain (loss)^(b)			(2.89	)			3.92				3.03				(1.27	)			0.12				3.83

Net increase (decrease) from investment operations			(2.43	)			4.36				3.74				(0.72	)			0.72				4.19


Distributions^(c)
From net investment income			(0.43	)			(0.46	)			(0.71	)			(0.60	)			(0.59	)			(0.34	)


Total distributions			(0.43	)			(0.46	)			(0.71	)			(0.60	)			(0.59	)			(0.34	)


Net asset value, end of period		$	28.45			$	31.31			$	27.41			$	24.38			$	25.70			$	25.57


Total Return^(d)
Based on net asset value			(7.73	)%^(e)			15.96	%			15.49	%			(2.72	)%			2.77	%			19.55	%


Ratios to Average Net Assets^(f)
Total expenses			0.78	%^(g)			0.78	%			0.78	%			0.78	%			0.78	%			0.78	%


Total expenses after fees waived			0.00	%^(g)			0.00	%^(h)			0.00	%^(h)			0.00	%			0.00	%			0.00	%


Net investment income			3.04	%^(g)			1.41	%			2.84	%			2.22	%			2.25	%			1.56	%


Supplemental Data
Net assets, end of period (000)		$	184,386			$	203,180			$	183,626			$	180,376			$	344,328			$	393,757


Portfolio turnover rate⁽ⁱ⁾			2	%^(e)			6	%			9	%			7	%			7	%			4	%


	iShares MSCI Emerging Markets ETF (Consolidated)


	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		$	52.56			$	44.56			$	40.22			$	43.24			$	44.76			$	36.74

Net investment income^(a)			0.26				0.75				0.98				0.90				0.83	^(b)			0.75
Net realized and unrealized gain (loss)^(c)			(5.74	)			8.01				4.52				(3.02	)			(1.36	)			7.86

Net increase (decrease) from investment operations			(5.48	)			8.76				5.50				(2.12	)			(0.53	)			8.61


Distributions^(d)
From net investment income			(0.73	)			(0.76	)			(1.16	)			(0.90	)			(0.99	)			(0.59	)


Total distributions			(0.73	)			(0.76	)			(1.16	)			(0.90	)			(0.99	)			(0.59	)


Net asset value, end of period		$	46.35			$	52.56			$	44.56			$	40.22			$	43.24			$	44.76


Total Return^(e)
Based on net asset value			(10.50	)%^(f)			19.72	%			13.82	%			(4.87	)%			(1.28	)%^(b)			23.80	%


Ratios to Average Net Assets^(g)
Total expenses			0.69	%^(h)			0.69	%			0.70	%			0.68	%			0.67	%			0.69	%


Total expenses excluding professional fees for foreign withholding tax claims			N/A				0.68	%			0.70	%			0.68	%			0.67	%			0.69	%


Net investment income			1.07	%^(h)			1.45	%			2.38	%			2.16	%			1.78	%^(b)			1.92	%


Supplemental Data
Net assets, end of period (000)		$	27,449,467			$	30,983,302			$	24,024,571			$	24,631,575			$	31,149,012			$	35,891,890


Portfolio turnover rate⁽ⁱ⁾			16	%^(f)			9	%			19	%			15	%			16	%			9	%


iShares ETF		Diversification Classification
Currency Hedged MSCI Emerging Markets		Diversified
MSCI Emerging Markets		Diversified




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


MSCI Emerging Markets
Barclays Capital, Inc	$	12,486,167	$	12,486,167		$	—	$	—
BNP Paribas SA		7,003,453		7,003,453			—		—
BofA Securities, Inc		65,133,241		65,133,241			—		—
Citigroup Global Markets Ltd.		2,124,008		2,124,008			—		—
Citigroup Global Markets, Inc.		39,500,478		39,500,478			—		—
Credit Suisse Securities (USA) LLC		1,853,546		1,853,546			—		—
Goldman Sachs & Co. LLC		30,937,894		30,937,894			—		—
Goldman Sachs International		72,079,893		72,079,893			—		—
HSBC Bank PLC		7,578,346		7,578,346			—		—
J.P. Morgan Securities LLC		26,681,014		26,681,014			—		—
J.P. Morgan Securities PLC		21,061,745		21,061,745			—		—
Jefferies LLC		3,435,041		3,435,041			—		—
Macquarie Bank Ltd.		19,217,193		19,217,193			—		—
Morgan Stanley		289,884,872		289,884,872			—		—
Nomura Securities International, Inc.		67,680		67,680			—		—
RBC Capital Markets LLC		5,838,463		5,838,463			—		—
Scotia Capital (USA), Inc.		149,868		149,868			—		—
SG Americas Securities LLC		6,884,676		6,884,676			—		—
State Street Bank & Trust Co.		156,657		156,657			—		—
UBS AG		2,855,830		2,855,830			—		—
UBS Securities LLC		7,097,945		7,097,945			—		—


	$	622,028,010	$	622,028,010		$	—	$	—



iShares ETF	Investment Advisory Fee

Currency Hedged MSCI Emerging Markets		0.78	%



Aggregate Average Daily Net Assets	Investment Advisory Fee

First $14 billion		0.75	%
Over $14 billion, up to and including $28 billion		0.68
Over $28 billion, up to and including $42 billion		0.61
Over $42 billion, up to and including $56 billion		0.54
Over $56 billion, up to and including $70 billion		0.47
Over $70 billion, up to and including $84 billion		0.41
Over $84 billion		0.35



iShares ETF	Amounts waived

Currency Hedged MSCI Emerging Markets	$	754,270



iShares ETF	Fees Paid to BTC

MSCI Emerging Markets	$	1,871,587



iShares ETF	Purchases		Sales		Net Realized Gain (Loss)

MSCI Emerging Markets	$	48,381,859	$	52,231,646	$	(61,364,989	)



iShares ETF	In-kind Purchases		In-kind Sales
Currency Hedged MSCI Emerging Markets	$	32,426,742	$	33,337,867