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 ESG Aware MSCI EM ETF (the “Fund”) seeks to track the investment results of an index composed of large- and mid-capitalization emerging market equities that have positive environmental, social and governance characteristics as identified by the index provider while exhibiting risk and return characteristics similar to those of the parent index, as represented by the MSCI Emerging Markets Extended ESG Focus Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

The inception date of the Fund was 6/28/16. The first day of secondary market trading was 6/30/16.

Index performance through May 31, 2018 reflects the performance of the MSCI Emerging Markets ESG Focus Index. Index performance beginning on June 1, 2018 reflects the performance of the MSCI Emerging Markets Extended ESG Focus Index.

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 9 for more information.

The iShares MSCI Emerging Markets ex China ETF (the “Fund”) seeks to track the investment results of an index composed of large- and mid-capitalization emerging market equities, excluding China, as represented by the MSCI Emerging Markets ex China Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

The inception date of the Fund was 7/18/17. The first day of secondary market trading was 7/20/17.

The iShares MSCI Emerging Markets Min Vol Factor ETF (the “Fund”) seeks to track the investment results of an index composed of emerging market equities that, in the aggregate, have lower volatility characteristics relative to the broader emerging equity markets, as represented by the MSCI Emerging Markets Minimum Volatility (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 iShares MSCI Emerging Markets Multifactor ETF (the “Fund”) seeks to track the investment results of an index composed of stocks of large- and mid-capitalization companies in emerging markets that have favorable exposure to target style factors subject to constraints, as represented by the MSCI Emerging Markets Diversified Multiple-Factor Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

The inception date of the Fund was 12/8/15. The first day of secondary market trading was 12/10/15.

The iShares MSCI Global Min Vol Factor ETF (the “Fund”) seeks to track the investment results of an index composed of developed and emerging market equities that, in the aggregate, have lower volatility characteristics relative to the broader developed and emerging equity markets, as represented by the MSCI ACWI Minimum Volatility (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.

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

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

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

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

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

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

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


Security	Shares		Value

Common Stocks

Brazil — 2.9%
Americanas SA		747,006	$	4,377,579
B3 SA - Brasil, Bolsa, Balcao		9,261,032		26,054,848
Banco do Brasil SA		4,425,322		29,919,937
Banco Santander Brasil SA		3,247,212		19,247,007
Cosan SA		3,503,113		14,362,002
Energisa SA		926,032		7,901,545
Localiza Rent a Car SA		2,171,061		24,168,994
Lojas Renner SA		2,254,944		11,145,812
Natura & Co. Holding SA^(a)		2,767,832		12,351,322
Rumo SA^(a)		2,111,891		6,326,954
Telefonica Brasil SA		1,343,576		13,175,985
Ultrapar Participacoes SA		4,203,826		11,822,632
Vibra Energia SA		1,443,285		6,574,042


				187,428,659

Chile — 0.6%
Banco de Chile		77,276,390		8,193,005
Banco Santander Chile		154,145,127		7,569,110
Enel Americas SA		200,688,465		23,498,900


				39,261,015

China — 29.8%
3SBio Inc.^(a)(b)		8,745,000		6,950,260
AAC Technologies Holdings Inc.^(c)		3,134,500		8,570,350
Agricultural Bank of China Ltd., Class H		21,797,000		8,254,939
Akeso Inc.^(a)(b)		2,822,000		7,452,182
Alibaba Group Holding Ltd.^(a)		13,254,268		174,477,511
Alibaba Health Information Technology Ltd.^(a)		8,898,000		6,230,661
ANTA Sports Products Ltd.		417,200		6,371,980
Baidu Inc., ADR^(a)		217,185		33,107,681
Bank of China Ltd., Class H		20,981,000		8,161,933
BeiGene Ltd., ADR^(a)(c)		37,665		7,929,236
Bilibili Inc., ADR^(a)(c)		183,625		5,804,386
BYD Co. Ltd., Class A		262,055		10,537,705
BYD Co. Ltd., Class H		743,000		23,023,596
CanSino Biologics Inc., Class H^(a)(b)		426,200		7,702,865
China Construction Bank Corp., Class A		10,021,100		9,587,303
China Construction Bank Corp., Class H		94,065,000		70,545,416
China Eastern Airlines Corp. Ltd., Class A^(a)		9,397,735		8,047,587
China Feihe Ltd.^(b)		4,751,000		5,669,176
China Galaxy Securities Co. Ltd., Class A		4,507,700		7,239,054
China International Capital Corp. Ltd., Class A		1,004,813		6,785,460
China International Capital Corp. Ltd., Class H^(b)		2,778,400		6,759,630
China Lesso Group Holdings Ltd.		8,835,000		13,602,230
China Medical System Holdings Ltd.		8,507,000		15,148,017
China Mengniu Dairy Co. Ltd.		2,275,000		14,793,000
China Merchants Bank Co. Ltd., Class A		1,851,240		14,633,543
China Merchants Bank Co. Ltd., Class H		4,515,000		38,058,317
China Molybdenum Co. Ltd., Class A		9,202,200		8,827,621
China Molybdenum Co. Ltd., Class H		22,683,000		13,652,959
China Resources Gas Group Ltd.		1,370,000		6,284,967
China Resources Land Ltd.		4,616,000		22,453,598
China Resources Mixc Lifestyle Services Ltd.^(b)		1,197,800		6,161,078
China Suntien Green Energy Corp. Ltd., Class H		15,632,000		10,361,856
China Three Gorges Renewables Group Co. Ltd.		6,381,000		7,202,465
China Vanke Co. Ltd., Class H		2,961,600		7,034,338
CIFI Ever Sunshine Services Group Ltd.		3,480,000		6,341,361
Contemporary Amperex Technology Co. Ltd., Class A		192,303		16,472,540
COSCO SHIPPING Holdings Co. Ltd., Class H^(a)		3,598,200		7,272,771
Country Garden Services Holdings Co. Ltd.		2,514,000		15,038,641


Security	Shares		Value

China (continued)
CSC Financial Co. Ltd., Class A		1,668,700	$	6,832,175
CSPC Pharmaceutical Group Ltd.		13,097,520		15,525,311
ENN Energy Holdings Ltd.		1,030,500		14,924,106
Fosun International Ltd.		22,382,000		24,284,547
Fuyao Glass Industry Group Co. Ltd., Class H^(b)		1,614,400		7,920,398
Ganfeng Lithium Co. Ltd., Class A		434,950		10,575,843
GDS Holdings Ltd., ADR^(a)		156,168		6,952,599
Geely Automobile Holdings Ltd.		5,830,000		10,859,206
GEM Co. Ltd., Class A		5,006,617		7,648,574
Genscript Biotech Corp.^(a)		1,908,000		7,565,254
Great Wall Motor Co. Ltd., Class H		3,687,500		7,763,295
Hansoh Pharmaceutical Group Co. Ltd.^(b)		3,088,000		6,607,038
Hopson Development Holdings Ltd.		3,310,340		6,814,512
Huatai Securities Co. Ltd., Class A		7,715,802		19,446,888
Huatai Securities Co. Ltd., Class H^(b)		5,776,800		9,458,368
Industrial & Commercial Bank of China Ltd., Class H		26,860,000		16,034,213
Industrial Bank Co. Ltd., Class A		3,292,868		11,536,139
JD Health International Inc.^(a)(b)		1,454,250		10,854,101
JDcom Inc, Class A^(a)		1,427,316		50,982,902
Jinxin Fertility Group Ltd.^(a)(b)		6,462,000		7,555,897
Jiumaojiu International Holdings Ltd.^(b)		2,640,000		5,930,762
KE Holdings Inc., ADR^(a)		338,784		6,575,797
Kingdee International Software Group Co. Ltd.^(a)		6,524,000		16,124,991
Lenovo Group Ltd.		20,152,000		22,440,642
Li Auto Inc., ADR^(a)		815,827		24,841,932
Li Ning Co. Ltd.		1,647,500		16,455,476
Logan Group Co. Ltd.^(c)		13,762,000		4,578,763
Longfor Group Holdings Ltd.^(b)		1,412,500		7,553,377
LONGi Green Energy Technology Co. Ltd., Class A		696,120		8,664,954
Meituan, Class B^(a)(b)		4,109,800		91,299,854
Microport Scientific Corp.		2,302,600		6,404,869
Ming Yuan Cloud Group Holdings Ltd.		3,081,000		6,080,916
MMG Ltd.^(a)		23,168,000		8,392,134
NetEase Inc.		2,118,070		40,967,069
NIO Inc., ADR^(a)		1,251,347		28,580,766
Orient Securities Co. Ltd., Class A		5,456,932		10,673,868
Pharmaron Beijing Co. Ltd., Class A		373,600		7,170,011
Pinduoduo Inc., ADR^(a)		299,123		15,512,519
Ping An Healthcare and Technology Co. Ltd.^(a)(b)(c)		2,140,100		6,631,983
Ping An Insurance Group Co. of China Ltd., Class A		914,063		7,368,360
Ping An Insurance Group Co. of China Ltd., Class H		5,368,500		41,625,536
Postal Savings Bank of China Co. Ltd., Class A		9,156,100		8,088,120
Postal Savings Bank of China Co. Ltd., Class H^(b)		8,183,000		6,712,184
Shandong Weigao Group Medical Polymer Co. Ltd., Class H		5,318,000		7,343,056
Shanghai Electric Group Co. Ltd., Class A		10,200,800		7,139,223
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class A		1,043,415		7,035,238
Shanghai Pharmaceuticals Holding Co. Ltd., Class H		6,692,900		12,081,110
Shenzhen Inovance Technology Co. Ltd., Class A		683,572		6,957,273
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A		135,900		7,066,908
Shenzhou International Group Holdings Ltd.		445,600		7,484,568
Sinopharm Group Co. Ltd., Class H		3,026,800		7,337,518
Sunac Services Holdings Ltd.^(a)(b)		5,924,000		5,063,044
Sungrow Power Supply Co. Ltd., Class A		851,667		16,491,679
Sunny Optical Technology Group Co. Ltd.		1,209,000		28,972,416
SuZhou TA&A Ultra Clean Technology Co. Ltd., Class A		556,000		7,937,595
TCL Technology Group Corp., Class A		7,614,495		6,729,660


Security	Shares		Value

China (continued)
Tencent Holdings Ltd.		5,038,800	$	271,900,256
Tongcheng Travel Holdings Ltd.^(a)		4,551,600		8,477,119
Topchoice Medical Corp., Class A^(a)		286,209		7,343,170
Trip.com Group Ltd., ADR^(a)		241,635		6,239,016
Unisplendour Corp. Ltd., Class A		2,838,440		9,894,566
Venus MedTech Hangzhou Inc., Class H^(a)(b)(c)		2,158,500		6,001,113
Vipshop Holdings Ltd., ADR^(a)		768,565		6,663,459
Wharf Holdings Ltd. (The)		1,994,000		7,214,273
Wuhu Sanqi Interactive Entertainment Network Technology Group Co. Ltd., Class A		2,145,800		7,126,070
WuXi AppTec Co. Ltd., Class A		449,889		7,446,687
WuXi AppTec Co. Ltd., Class H^(b)		1,074,380		15,293,211
Wuxi Biologics Cayman Inc., New^(a)(b)		4,578,500		37,870,681
Xiaomi Corp., Class B^(a)(b)		6,448,000		12,136,535
Xinjiang Goldwind Science & Technology Co. Ltd., Class A		3,617,500		8,634,790
Xinjiang Goldwind Science & Technology Co. Ltd., Class H		4,075,536		6,668,311
Xinyi Solar Holdings Ltd.		7,916,000		14,378,352
XPeng Inc., ADR^(a)		548,631		19,953,710
Yadea Group Holdings Ltd.^(b)		9,952,000		14,764,127
Yum China Holdings Inc.		257,668		13,403,889
Yunnan Baiyao Group Co. Ltd., Class A		581,800		8,312,350
Zhejiang Huayou Cobalt Co. Ltd., Class A		404,200		7,878,854
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class H		9,871,200		6,566,358


				1,943,170,647

Colombia — 0.1%
Bancolombia SA		920,780		9,130,608


Czech Republic — 0.3%
Moneta Money Bank AS^(b)		4,599,864		18,213,163


Greece — 0.4%
Alpha Services and Holdings SA^(a)		4,413,364		6,022,210
OPAP SA		1,355,329		19,753,542


				25,775,752

Hungary — 0.5%
MOL Hungarian Oil & Gas PLC		3,908,154		30,484,773


India — 12.4%
Adani Green Energy Ltd.^(a)		554,198		13,637,185
Adani Total Gas Ltd.		376,997		7,947,971
Asian Paints Ltd.		874,018		36,936,973
Axis Bank Ltd.^(a)		2,601,917		25,814,004
Axis Bank Ltd., GDR^(a)(d)		84,646		4,144,744
Bajaj Finance Ltd.		201,896		18,902,554
Bandhan Bank Ltd.^(b)		1,752,960		7,170,182
Bharti Airtel Ltd.^(a)		1,650,778		15,095,196
Colgate-Palmolive India Ltd.		1,350,663		26,056,236
Dabur India Ltd.		1,759,476		13,191,551
Eicher Motors Ltd.		457,547		15,803,880
Havells India Ltd.		773,338		12,217,521
HCL Technologies Ltd.		1,781,972		26,795,918
Hero MotoCorp Ltd.		280,449		9,499,975
Hindalco Industries Ltd.		3,015,182		23,172,048
Hindustan Unilever Ltd.		984,549		28,471,496
Housing Development Finance Corp. Ltd.		1,874,291		59,238,466
ICICI Bank Ltd.		4,774,656		47,291,694
Info Edge India Ltd.		179,884		10,692,998


Security	Shares		Value

India (continued)
Infosys Ltd.		3,173,861	$	72,331,869
Kotak Mahindra Bank Ltd.		680,587		16,753,393
Mahindra & Mahindra Ltd.		340,837		3,598,100
Mahindra & Mahindra Ltd., GDR		1,240,272		13,013,688
Marico Ltd.		1,269,837		8,693,404
Mphasis Ltd.		191,906		7,972,790
Nestle India Ltd.		98,628		23,163,255
Piramal Enterprises Ltd.		506,645		14,006,454
Power Grid Corp. of India Ltd.		2,615,925		7,261,299
Reliance Industries Ltd.		2,090,854		65,823,639
Reliance Industries Ltd., GDR^(b)		91,955		5,771,869
Shriram Transport Finance Co. Ltd.		426,703		6,413,779
State Bank of India		2,982,708		19,268,902
Tata Consultancy Services Ltd.		1,233,682		58,441,642
Tata Consumer Products Ltd.		1,201,298		11,502,906
Tata Motors Ltd.^(a)		1,048,759		6,357,767
Tech Mahindra Ltd.		762,625		14,271,227
Titan Co. Ltd.		455,877		15,484,543
United Spirits Ltd.^(a)		715,036		8,442,918
UPL Ltd.		801,621		7,124,386
Wipro Ltd.		1,889,879		13,975,175
Zomato Ltd.^(a)		6,045,466		6,414,745


				808,168,342

Indonesia — 1.7%
Bank Central Asia Tbk PT		74,156,400		41,866,161
Kalbe Farma Tbk PT		195,239,300		22,354,607
Telkom Indonesia Persero Tbk PT		103,755,000		31,324,973
Unilever Indonesia Tbk PT		45,462,500		11,698,680


				107,244,421

Kuwait — 0.4%
Kuwait Finance House KSCP		7,499,338		23,459,504


Malaysia — 2.8%
AMMB Holdings Bhd^(a)		8,589,500		6,888,724
Axiata Group Bhd		8,951,300		8,378,852
CIMB Group Holdings Bhd		6,774,900		9,228,726
DiGi.Com Bhd		7,686,900		7,431,344
Hartalega Holdings Bhd		5,791,200		6,372,596
Malayan Banking Bhd		9,656,500		20,176,848
Maxis Bhd		19,354,900		18,556,299
Nestle Malaysia Bhd		915,100		29,243,395
Petronas Dagangan Bhd		4,468,800		22,905,460
Public Bank Bhd		27,736,300		29,457,206
RHB Bank Bhd		10,749,100		15,148,658
Sime Darby Plantation Bhd		6,374,800		7,479,156


				181,267,264

Mexico — 1.8%
Arca Continental SAB de CV		2,620,100		17,285,675
Cemex SAB de CV, NVS^(a)		14,196,900		7,292,192
Coca-Cola Femsa SAB de CV		1,376,000		7,556,881
Fomento Economico Mexicano SAB de CV		4,368,600		35,200,921
Grupo Aeroportuario del Sureste SAB de CV, Class B		306,640		6,631,216
Grupo Financiero Banorte SAB de CV, Class O		4,177,700		28,259,292
Wal-Mart de Mexico SAB de CV		4,550,400		17,307,561


				119,533,738

Peru — 0.3%
Credicorp Ltd.		127,882		19,342,152


Philippines — 0.1%
Globe Telecom Inc.		127,680		6,415,518


Security	Shares		Value

Poland — 0.7%
Allegro.eu SA^(a)(b)(c)		800,329	$	5,964,522
Bank Polska Kasa Opieki SA		453,581		12,443,549
KGHM Polska Miedz SA		218,881		8,594,797
Orange Polska SA^(a)		3,265,177		6,059,011
Polski Koncern Naftowy ORLEN SA		579,843		9,794,610


				42,856,489

Qatar — 0.8%
Qatar National Bank QPSC		8,844,871		52,949,796


Russia — 0.7%
Gazprom PJSC^(e)		7,224,690		5,824,064
LUKOIL PJSC^(e)		725,046		12,656,040
Novatek PJSC, GDR		168,623		6,495,714
Novolipetsk Steel PJSC^(e)		5,130,970		3,258,598
PhosAgro PJSC, GDR		754,049		4,613,195
Polymetal International PLC^(e)		1,747,485		5,299,813
Polyus PJSC^(e)		43,646		1,644,506
Rosneft Oil Co. PJSC^(e)		759,129		791,947
Sberbank of Russia PJSC^(e)		10,004,860		4,422,334
TCS Group Holding PLC, GDR^(e)		124,025		1,428,296
Yandex NV^(a)(e)		87,150		569,711


				47,004,218

Saudi Arabia — 3.1%
Al Rajhi Bank		829,908		35,604,471
Almarai Co. JSC		514,590		6,899,308
Bank AlBilad^(a)		846,334		13,319,270
Dr Sulaiman Al Habib Medical Services Group Co.		392,078		17,929,648
SABIC Agri-Nutrients Co.		154,645		6,562,221
Sahara International Petrochemical Co.		1,087,716		13,605,309
Saudi Arabian Mining Co.^(a)		882,391		25,189,216
Saudi Basic Industries Corp.		1,691,676		56,395,938
Saudi National Bank (The)		845,249		15,397,763
Savola Group (The)		1,123,450		10,178,054


				201,081,198

South Africa — 4.3%
Absa Group Ltd.		1,146,546		13,171,344
Aspen Pharmacare Holdings Ltd.		511,911		6,691,756
Bidvest Group Ltd (The)		1,209,188		16,567,457
Clicks Group Ltd.		630,341		12,255,292
FirstRand Ltd.		2,391,966		10,298,981
Gold Fields Ltd.		1,362,847		18,975,960
Growthpoint Properties Ltd.		10,660,261		9,290,139
Impala Platinum Holdings Ltd.		856,450		16,336,255
Kumba Iron Ore Ltd.		530,511		20,970,455
MTN Group Ltd.^(a)		1,163,219		14,519,933
MultiChoice Group		1,041,982		8,539,831
Naspers Ltd., Class N		203,182		25,586,822
Nedbank Group Ltd.		663,144		9,427,308
NEPI Rockcastle PLC		1,583,039		10,117,386
Old Mutual Ltd.		23,367,030		19,148,009
Standard Bank Group Ltd.		1,380,840		14,631,394
Vodacom Group Ltd.		4,605,664		44,333,588
Woolworths Holdings Ltd.		3,676,506		12,105,596


				282,967,506

South Korea — 12.0%
Amorepacific Corp.		46,189		7,129,769
AMOREPACIFIC Group		347,541		14,199,273
CJ CheilJedang Corp.		46,546		14,743,697
Coway Co. Ltd.		236,073		14,178,258


Security	Shares		Value

South Korea (continued)
Hana Financial Group Inc.		183,295	$	7,424,183
HMM Co. Ltd.^(a)		330,215		7,998,889
Kakao Corp.		357,516		28,314,112
KB Financial Group Inc.		640,828		31,614,890
LG Chem Ltd.		45,828		21,747,406
LG Corp.		1		63
LG Display Co. Ltd.		1,015,494		15,970,064
LG Electronics Inc.		137,353		14,339,152
LG Household & Health Care Ltd.		9,250		7,339,351
LG Innotek Co. Ltd.		25,840		7,027,638
NAVER Corp.		230,978		61,545,753
NCSoft Corp.		19,003		7,039,564
POSCO		115,470		27,473,054
Samsung C&T Corp.		108,177		9,990,755
Samsung Electro-Mechanics Co. Ltd.		69,433		9,707,304
Samsung Electronics Co. Ltd.		4,404,578		265,390,697
Samsung Engineering Co. Ltd.^(a)		377,098		7,366,633
Samsung Fire & Marine Insurance Co. Ltd.		90,046		14,319,166
Samsung SDI Co. Ltd.		63,938		29,465,190
Samsung SDS Co. Ltd.		60,852		7,143,909
Samsung Securities Co. Ltd.		350,417		12,419,420
Shinhan Financial Group Co. Ltd.		1,154,098		37,549,438
SK Hynix Inc.		485,958		50,663,309
SK Inc.		92,094		17,590,869
SK Innovation Co. Ltd.^(a)		69,389		11,713,977
SK Telecom Co. Ltd.		150,491		6,867,369
Woori Financial Group Inc.		1,158,144		13,774,241


				782,047,393

Taiwan — 17.4%
Acer Inc.		28,388,000		29,461,869
ASE Technology Holding Co. Ltd.		2,660,000		9,614,058
Asustek Computer Inc.		605,000		8,070,987
AU Optronics Corp.		9,854,000		7,377,461
Cathay Financial Holding Co. Ltd.		29,447,110		66,215,818
Chailease Holding Co. Ltd.		1,396,219		12,671,400
China Steel Corp.		15,377,000		19,995,550
CTBC Financial Holding Co. Ltd.		70,720,000		69,127,207
Delta Electronics Inc.		2,365,000		21,077,133
E.Sun Financial Holding Co Ltd.		47,501,132		50,211,202
Evergreen Marine Corp. Taiwan Ltd.		3,088,000		16,222,057
Far EasTone Telecommunications Co. Ltd.		5,524,000		13,662,683
First Financial Holding Co. Ltd.		55,149,689		50,778,383
Fubon Financial Holding Co. Ltd.		15,233,723		41,132,027
Hon Hai Precision Industry Co. Ltd.		4,476,000		16,626,362
Hotai Motor Co. Ltd.		452,000		10,233,930
Innolux Corp.		11,543,000		7,024,071
MediaTek Inc.		1,299,000		51,331,060
Mega Financial Holding Co. Ltd.		10,788,000		14,537,918
momo.com Inc.		171,000		6,087,437
Taishin Financial Holding Co. Ltd.		56,314,831		39,466,852
Taiwan Semiconductor Manufacturing Co. Ltd.		23,724,000		510,055,470
Unimicron Technology Corp.		965,000		8,972,372
United Microelectronics Corp.		12,332,000		23,237,818
Yageo Corp.		788,000		12,928,523
Yang Ming Marine Transport Corp.^(a)		1,857,000		7,848,604
Yuanta Financial Holding Co. Ltd.		7,840,040		7,003,449


				1,130,971,701

Thailand — 2.5%
Asset World Corp. PCL, NVDR^(a)		49,746,500		7,328,718


Security	Shares		Value

Thailand (continued)
Bangkok Dusit Medical Services PCL, NVDR		29,382,500	$	21,362,930
BTS Group Holdings PCL, NVDR^(c)		79,445,400		23,158,367
Delta Electronics Thailand PCL, NVDR		538,900		6,747,191
Energy Absolute PCL, NVDR		3,197,800		9,346,015
Home Product Center PCL, NVDR		15,297,100		7,163,305
Krungthai Card PCL, NVDR		4,058,000		7,896,875
Minor International PCL, NVDR^(a)		9,745,600		9,229,553
PTT Exploration & Production PCL, NVDR		2,794,300		11,764,710
PTT PCL, NVDR		22,318,600		27,167,729
Siam Cement PCL (The), NVDR		1,843,100		22,181,034
Siam Commercial Bank PCL (The), NVDR		2,642,500		10,211,295


				163,557,722

Turkey — 0.2%
Turkcell Iletisim Hizmetleri AS		8,719,922		12,928,437


United Arab Emirates — 1.8%
Abu Dhabi Commercial Bank PJSC		10,034,053		29,429,103
Abu Dhabi National Oil Co. for Distribution PJSC		8,527,857		9,574,519
Emirates Telecommunications Group Co. PJSC		3,728,920		35,612,785
First Abu Dhabi Bank PJSC		8,086,547		45,528,864


				120,145,271


Total Common Stocks — 97.6% (Cost: $5,865,549,865)				6,355,405,287


Preferred Stocks

Brazil — 1.2%
Banco Bradesco SA, Preference Shares, NVS		8,579,280		33,607,739
Cia. Energetica de Minas Gerais, Preference Shares, NVS		7,251,938		17,819,959
Gerdau SA, Preference Shares, NVS		2,158,608		10,706,296
Itau Unibanco Holding SA, Preference Shares, NVS		2,814,960		13,819,071


				75,953,065

Colombia — 0.1%
Bancolombia SA, Preference Shares, NVS		902,326		7,975,845


Security	Shares		Value


South Korea — 0.8%
LG Household & Health Care Ltd., Preference Shares, NVS		8,100	$	3,550,292
Samsung Electronics Co. Ltd., Preference Shares, NVS		849,151		46,930,439


				50,480,731


Total Preferred Stocks — 2.1% (Cost: $ 120,898,371)				134,409,641


Short-Term Investments

Money Market Funds — 0.4%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.09%^(f)(g)(h)		25,569,074		25,574,188


Total Short-Term Investments — 0.4% (Cost: $ 25,569,836)				25,574,188


Total Investments in Securities — 100.1% (Cost: $ 6,012,018,072)				6,515,389,116

Other Assets, Less Liabilities — (0.1)%				(4,122,347	)


Net Assets — 100.0%			$	6,511,266,769

^(a)	Non-income producing security.

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

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

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

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

^(f)	Affiliate of the Fund.

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

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

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.

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 — 5.5%
Ambev SA		2,220,423	$	6,516,413
Americanas SA		269,853		1,581,383
Atacadao SA		247,724		913,149
B3 SA - Brasil, Bolsa, Balcao		2,880,666		8,104,422
Banco Bradesco SA		717,076		2,351,902
Banco BTG Pactual SA		554,113		2,752,993
Banco do Brasil SA		409,379		2,767,842
Banco Inter SA		164,145		636,472
Banco Santander Brasil SA		201,460		1,194,102
BB Seguridade Participacoes SA		336,517		1,483,877
BRF SA^(a)		311,663		982,845
CCR SA		573,688		1,305,162
Centrais Eletricas Brasileiras SA		153,121		1,033,376
Cia. de Saneamento Basico do Estado de Sao Paulo		162,722		1,305,717
Cia. Siderurgica Nacional SA		322,544		1,587,475
Cosan SA		497,669		2,040,335
Energisa SA		90,286		770,383
Engie Brasil Energia SA		80,508		623,709
Equatorial Energia SA		479,942		2,373,454
Hapvida Participacoes e Investimentos SA^(b)		1,904,893		4,458,964
Hypera SA		178,783		1,159,765
JBS SA		336,797		2,359,194
Klabin SA		337,365		1,515,321
Localiza Rent a Car SA		285,409		3,177,271
Lojas Renner SA		454,996		2,248,969
Magazine Luiza SA		1,403,476		1,619,191
Natura & Co. Holding SA^(a)		422,619		1,885,918
Petro Rio SA^(a)		331,521		1,684,828
Petroleo Brasileiro SA		1,749,159		12,437,250
Raia Drogasil SA		508,681		2,302,869
Rede D’Or Sao Luiz SA^(b)		184,209		1,814,637
Rumo SA^(a)		607,623		1,820,360
Suzano SA		350,796		3,781,218
Telefonica Brasil SA		238,652		2,340,378
TIM SA		406,520		1,078,289
TOTVS SA		249,781		1,600,154
Ultrapar Participacoes SA		356,716		1,003,210
Vale SA		1,921,270		35,646,623
Vibra Energia SA		556,043		2,532,729
WEG SA		787,543		4,462,051
XP Inc.^(a)		1		32


				131,254,232

Chile — 0.5%
Banco de Chile		20,585,108		2,182,477
Banco de Credito e Inversiones SA		22,418		801,432
Banco Santander Chile		33,954,674		1,667,303
Cencosud SA		668,262		1,229,161
Cia. Cervecerias Unidas SA		78,610		623,224
Empresas CMPC SA		498,977		824,386
Empresas COPEC SA		177,198		1,374,659
Enel Americas SA		10,325,429		1,209,019
Enel Chile SA		15,637,529		512,642
Falabella SA		353,756		1,164,137


				11,588,440

China — 0.2%
Silergy Corp.		37,000		4,930,292


Security	Shares		Value

Colombia — 0.2%
Bancolombia SA		121,354	$	1,203,367
Ecopetrol SA		2,285,186		1,893,968
Grupo de Inversiones Suramericana SA		66,400		538,856
Interconexion Electrica SA ESP		218,547		1,348,917


				4,985,108

Czech Republic — 0.2%
CEZ AS^(c)		76,561		2,915,430
Komercni Banka AS^(a)		31,478		1,238,357
Moneta Money Bank AS^(b)		184,719		731,395


				4,885,182

Egypt — 0.1%
Commercial International Bank Egypt SAE^(a)		739,083		2,251,111
Eastern Co. SAE		247,449		171,075
Fawry for Banking & Payment Technology Services SAE^(a)		207,263		127,888


				2,550,074

Greece — 0.3%
Alpha Services and Holdings SA^(a)		1,030,566		1,406,248
Eurobank Ergasias Services and Holdings SA, Class A^(a)		1,152,616		1,262,611
Hellenic Telecommunications Organization SA		98,444		1,969,074
JUMBO SA		49,390		709,597
OPAP SA		86,240		1,256,924
Public Power Corp. SA^(a)		91,338		868,284


				7,472,738

Hungary — 0.3%
MOL Hungarian Oil & Gas PLC		196,761		1,534,795
OTP Bank Nyrt^(a)		106,828		4,076,471
Richter Gedeon Nyrt		66,116		1,388,217


				6,999,483

India — 18.3%
ACC Ltd.		36,636		1,020,425
Adani Enterprises Ltd.		129,640		2,850,878
Adani Green Energy Ltd.^(a)		184,739		4,545,884
Adani Ports & Special Economic Zone Ltd.		244,111		2,308,235
Adani Total Gas Ltd.		130,428		2,749,725
Adani Transmission Ltd.^(a)		129,663		3,694,960
Ambuja Cements Ltd.		330,141		1,383,655
Apollo Hospitals Enterprise Ltd.		47,788		3,058,668
Asian Paints Ltd.		180,932		7,646,388
Aurobindo Pharma Ltd.		140,930		1,173,165
Avenue Supermarts Ltd.^(a)(b)		77,181		4,465,254
Axis Bank Ltd.^(a)		948,801		9,413,195
Bajaj Auto Ltd.		33,937		1,596,995
Bajaj Finance Ltd.		127,828		11,967,923
Bajaj Finserv Ltd.		17,919		3,841,627
Balkrishna Industries Ltd.		42,186		1,025,823
Bandhan Bank Ltd.^(b)		283,274		1,158,684
Berger Paints India Ltd.		120,196		1,103,922
Bharat Electronics Ltd.		588,215		1,653,053
Bharat Forge Ltd.		113,342		1,026,734
Bharat Petroleum Corp. Ltd.		424,417		1,979,669
Bharti Airtel Ltd.^(a)		1,166,603		10,667,759
Biocon Ltd.^(a)		209,534		973,828
Britannia Industries Ltd.		51,412		2,346,710
Cholamandalam Investment and Finance Co. Ltd.		197,010		1,817,520
Cipla Ltd.		229,417		2,823,674
Coal India Ltd.		752,658		1,702,392
Colgate-Palmolive India Ltd.		58,386		1,126,350


Security	Shares		Value

India (continued)
Container Corp. of India Ltd.		123,919	$	991,796
Dabur India Ltd.		287,656		2,156,681
Divi’s Laboratories Ltd.		63,285		3,596,581
DLF Ltd.		300,755		1,411,225
Dr. Reddy’s Laboratories Ltd.		55,621		3,003,149
Eicher Motors Ltd.		65,821		2,273,487
GAIL India Ltd.		699,504		1,352,566
Godrej Consumer Products Ltd.^(a)		173,514		1,774,515
Godrej Properties Ltd.^(a)		59,277		1,187,440
Grasim Industries Ltd.		123,990		2,646,025
Havells India Ltd.		120,836		1,909,018
HCL Technologies Ltd.		512,221		7,702,384
HDFC Asset Management Co. Ltd.^(b)		26,299		731,297
HDFC Life Insurance Co. Ltd.^(b)		421,425		2,937,721
Hero MotoCorp Ltd.		57,784		1,957,385
Hindalco Industries Ltd.		728,722		5,600,319
Hindustan Petroleum Corp. Ltd.		293,193		1,066,588
Hindustan Unilever Ltd.		389,188		11,254,660
Housing Development Finance Corp. Ltd.		809,453		25,583,409
ICICI Bank Ltd.		2,392,968		23,701,710
ICICI Lombard General Insurance Co. Ltd.^(b)		89,057		1,498,938
ICICI Prudential Life Insurance Co. Ltd.^(b)		132,374		845,670
Indian Oil Corp. Ltd.		826,506		1,268,598
Indian Railway Catering & Tourism Corp. Ltd.		113,212		1,228,455
Indraprastha Gas Ltd.		146,244		676,167
Indus Towers Ltd.^(a)		329,522		945,797
Info Edge India Ltd.		37,083		2,204,356
Infosys Ltd.		1,583,263		36,082,353
InterGlobe Aviation Ltd.^(a)(b)		46,422		1,162,126
ITC Ltd.		1,418,636		4,084,828
JSW Steel Ltd.		398,825		3,346,034
Jubilant Foodworks Ltd.		37,798		1,469,560
Kotak Mahindra Bank Ltd.		265,802		6,543,007
Larsen & Toubro Infotech Ltd.^(b)		24,619		1,924,145
Larsen & Toubro Ltd.		320,910		7,779,721
Lupin Ltd.		109,044		1,083,297
Mahindra & Mahindra Ltd.		410,476		4,333,256
Marico Ltd.		238,258		1,631,133
Maruti Suzuki India Ltd.		64,027		7,096,340
Mindtree Ltd.		30,535		1,584,488
Motherson Sumi Systems Ltd.		599,654		1,205,628
Motherson Sumi Wiring India Ltd.^(a)		584,726		360,625
Mphasis Ltd.		39,418		1,637,632
MRF Ltd.		829		725,379
Muthoot Finance Ltd.		59,882		1,084,908
Nestle India Ltd.		15,649		3,675,242
NTPC Ltd.		2,293,763		4,083,202
Oil & Natural Gas Corp. Ltd.		1,100,103		2,369,363
Page Industries Ltd.		2,628		1,479,285
Petronet LNG Ltd.		372,330		1,068,404
PI Industries Ltd.		40,112		1,320,143
Pidilite Industries Ltd.		67,467		2,159,732
Piramal Enterprises Ltd.		51,905		1,434,940
Power Grid Corp. of India Ltd.		1,462,587		4,072,597
Reliance Industries Ltd.		1,343,606		42,299,001
SBI Cards & Payment Services Ltd.^(a)		116,973		1,226,459
SBI Life Insurance Co. Ltd.^(b)		215,019		3,040,580
Shree Cement Ltd.		5,292		1,722,834
Shriram Transport Finance Co. Ltd.		97,181		1,460,729
Siemens Ltd.		33,487		1,047,632


Security	Shares		Value

India (continued)
SRF Ltd.		69,186	$	2,201,799
State Bank of India		853,236		5,512,079
Sun Pharmaceutical Industries Ltd.		395,544		4,443,314
Tata Consultancy Services Ltd.		435,175		20,614,990
Tata Consumer Products Ltd.		289,970		2,776,578
Tata Motors Ltd.^(a)		779,898		4,727,883
Tata Power Co. Ltd. (The)		682,574		2,035,446
Tata Steel Ltd.		339,789		5,563,612
Tech Mahindra Ltd.		296,397		5,580,504
Titan Co. Ltd.		168,507		5,723,592
Torrent Pharmaceuticals Ltd.		22,440		821,284
Trent Ltd.		89,862		1,328,988
UltraTech Cement Ltd.		47,609		4,166,824
United Spirits Ltd.^(a)		132,204		1,561,023
UPL Ltd.		236,607		2,102,839
Vedanta Ltd.		526,983		2,682,176
Wipro Ltd.		643,772		4,760,530
Yes Bank Ltd.^(a)		5,434,201		960,018
Zomato Ltd.^(a)		741,792		792,477


				436,579,591

Indonesia — 2.5%
Adaro Energy Tbk PT		6,210,300		1,064,020
Aneka Tambang Tbk		3,986,500		621,090
Astra International Tbk PT		9,296,600		3,770,096
Bank Central Asia Tbk PT		25,894,400		14,619,090
Bank Jago Tbk PT^(a)		1,837,900		2,079,160
Bank Mandiri Persero Tbk PT		8,929,300		4,827,546
Bank Negara Indonesia Persero Tbk PT		3,576,000		2,003,681
Bank Rakyat Indonesia Persero Tbk PT		32,298,471		10,327,764
Barito Pacific Tbk PT		13,202,900		823,270
Charoen Pokphand Indonesia Tbk PT		3,496,300		1,415,725
Gudang Garam Tbk PT		236,400		518,050
Indah Kiat Pulp & Paper Tbk PT		1,329,600		751,379
Indocement Tunggal Prakarsa Tbk PT		718,500		550,431
Indofood CBP Sukses Makmur Tbk PT		1,111,500		658,881
Indofood Sukses Makmur Tbk PT		2,014,100		871,156
Kalbe Farma Tbk PT		9,353,600		1,070,973
Merdeka Copper Gold Tbk PT^(a)		5,486,400		1,485,582
Sarana Menara Nusantara Tbk PT		10,539,400		762,148
Semen Indonesia Persero Tbk PT		1,446,500		730,672
Telkom Indonesia Persero Tbk PT		23,260,200		7,022,554
Tower Bersama Infrastructure Tbk PT		3,751,700		771,535
Unilever Indonesia Tbk PT		3,614,500		930,105
United Tractors Tbk PT		809,900		1,413,263


				59,088,171

Kuwait — 1.0%
Agility Public Warehousing Co. KSC		600,345		2,043,173
Boubyan Bank KSCP^(a)		590,596		1,607,857
Kuwait Finance House KSCP		2,214,449		6,927,262
Mabanee Co. KPSC^(a)		246,609		690,635
Mobile Telecommunications Co. KSCP		1,104,002		2,263,456
National Bank of Kuwait SAKP		3,150,819		11,045,077


				24,577,460

Malaysia — 2.2%
AMMB Holdings Bhd^(a)		960,600		770,395
Axiata Group Bhd		1,472,600		1,378,425
CIMB Group Holdings Bhd		3,180,400		4,332,321
Dialog Group Bhd		1,962,300		1,322,029
DiGi.Com Bhd		1,615,700		1,561,985


Security	Shares		Value

Malaysia (continued)
Fraser & Neave Holdings Bhd		18,400	$	99,045
Genting Bhd		1,058,800		1,173,633
Genting Malaysia Bhd		1,475,700		1,056,184
HAP Seng Consolidated Bhd^(c)		222,700		402,064
Hartalega Holdings Bhd		814,200		895,940
Hong Leong Bank Bhd		344,600		1,649,759
Hong Leong Financial Group Bhd		55,200		254,011
IHH Healthcare Bhd		873,500		1,370,413
Inari Amertron Bhd		1,468,100		1,136,710
IOI Corp. Bhd		1,302,100		1,430,753
Kuala Lumpur Kepong Bhd		211,100		1,307,276
Malayan Banking Bhd		2,137,300		4,465,798
Malaysia Airports Holdings Bhd^(a)		533,744		781,833
Maxis Bhd		1,276,800		1,224,118
MISC Bhd		685,900		1,203,034
Nestle Malaysia Bhd		24,400		779,739
Petronas Chemicals Group Bhd		1,114,800		2,535,748
Petronas Dagangan Bhd		127,400		653,007
Petronas Gas Bhd		326,400		1,355,017
PPB Group Bhd		284,940		1,217,536
Press Metal Aluminium Holdings Bhd		1,544,600		2,512,711
Public Bank Bhd		6,994,100		7,428,051
QL Resources Bhd		308,200		363,365
RHB Bank Bhd		944,500		1,331,080
Sime Darby Bhd		1,469,400		795,737
Sime Darby Plantation Bhd		849,500		996,666
Telekom Malaysia Bhd		591,700		713,112
Tenaga Nasional Bhd		1,014,300		2,217,249
Top Glove Corp. Bhd		2,496,900		1,219,160
Westports Holdings Bhd		244,700		227,885


				52,161,789

Mexico — 3.1%
Alfa SAB de CV, Class A		1,422,600		1,065,509
America Movil SAB de CV, Series L, NVS		14,475,900		13,082,804
Arca Continental SAB de CV		202,700		1,337,280
Becle SAB de CV		224,600		563,227
Cemex SAB de CV, NVS^(a)		7,084,500		3,638,931
Coca-Cola Femsa SAB de CV		247,900		1,361,447
Fibra Uno Administracion SA de CV		1,521,000		1,714,012
Fomento Economico Mexicano SAB de CV		912,900		7,355,885
Gruma SAB de CV, Class B		101,225		1,372,846
Grupo Aeroportuario del Pacifico SAB de CV, Class B		173,400		2,522,220
Grupo Aeroportuario del Sureste SAB de CV, Class B		100,215		2,167,190
Grupo Bimbo SAB de CV, Series A		724,300		2,230,438
Grupo Carso SAB de CV, Series A1		189,200		576,163
Grupo Financiero Banorte SAB de CV, Class O		1,225,900		8,292,378
Grupo Financiero Inbursa SAB de CV, Class O^(a)		1,018,600		1,660,118
Grupo Mexico SAB de CV, Series B		1,473,800		7,560,772
Grupo Televisa SAB de CV, CPO		1,140,000		2,443,533
Industrias Penoles SAB de CV		70,255		876,841
Kimberly-Clark de Mexico SAB de CV, Class A		735,000		1,031,390
Megacable Holdings SAB de CV, CPO		136,800		402,899
Orbia Advance Corp. SAB de CV		504,700		1,289,288
Promotora y Operadora de Infraestructura SABde CV		113,825		890,104
Telesites SAB de CV		612,500		679,160


Security	Shares		Value

Mexico (continued)
Wal-Mart de Mexico SAB de CV		2,437,300	$	9,270,332


				73,384,767

Peru — 0.4%
Cia. de Minas Buenaventura SAA, ADR^(a)		104,245		1,032,025
Credicorp Ltd.		31,907		4,825,934
Southern Copper Corp.		39,823		2,763,318


				8,621,277

Philippines — 1.1%
Aboitiz Equity Ventures Inc.		961,150		1,122,935
AC Energy Corp.		3,680,400		610,170
Ayala Corp.		131,930		2,187,254
Ayala Land Inc.		3,976,200		3,031,201
Bank of the Philippine Islands		777,580		1,519,710
BDO Unibank Inc.		961,740		2,437,207
Globe Telecom Inc.		11,980		601,957
GT Capital Holdings Inc.		49,624		561,978
International Container Terminal Services Inc.		445,780		1,831,115
JG Summit Holdings Inc.		1,505,540		1,778,271
Jollibee Foods Corp.		219,640		1,032,441
Manila Electric Co.		78,820		567,165
Metro Pacific Investments Corp.		7,266,600		549,864
Metropolitan Bank & Trust Co.		885,037		985,676
Monde Nissin Corp.^(a)(b)		2,164,200		697,339
PLDT Inc.		35,120		1,232,317
SM Investments Corp.		122,365		2,128,917
SM Prime Holdings Inc.		4,878,000		3,807,237
Universal Robina Corp.		340,310		796,513


				27,479,267

Poland — 1.0%
Allegro.eu SA^(a)(b)		166,346		1,239,708
Bank Polska Kasa Opieki SA		87,571		2,402,424
CD Projekt SA		33,448		1,328,543
Cyfrowy Polsat SA		134,546		872,402
Dino Polska SA^(a)(b)		23,355		1,642,251
KGHM Polska Miedz SA		63,406		2,489,762
LPP SA		502		1,032,434
mBank SA^(a)		7,252		708,752
Orange Polska SA^(a)		322,668		598,758
PGE Polska Grupa Energetyczna SA^(a)		409,705		794,760
Polski Koncern Naftowy ORLEN SA		141,841		2,395,954
Polskie Gornictwo Naftowe i Gazownictwo SA		820,511		1,081,359
Powszechna Kasa Oszczednosci Bank Polski SA^(a)		412,433		3,963,699
Powszechny Zaklad Ubezpieczen SA		286,639		2,150,552
Santander Bank Polska SA		17,954		1,345,909


				24,047,267

Qatar — 1.3%
Barwa Real Estate Co.		656,706		653,248
Commercial Bank PSQC (The)		930,397		1,764,643
Industries Qatar QSC		730,005		3,660,099
Masraf Al Rayan QSC^(a)		2,127,469		2,914,581
Mesaieed Petrochemical Holding Co.		2,180,903		1,595,763
Ooredoo QPSC		464,900		977,644
Qatar Electricity & Water Co. QSC		225,352		1,112,645
Qatar Fuel QSC		182,282		928,966
Qatar Gas Transport Co. Ltd.		1,151,918		1,190,655
Qatar International Islamic Bank QSC		306,038		860,272
Qatar Islamic Bank SAQ		562,744		3,251,848
Qatar National Bank QPSC		2,114,961		12,661,208


				31,571,572


Security	Shares		Value

Russia — 0.9%
Alrosa PJSC^(d)		1,271,273	$	370,312
Gazprom PJSC^(d)		5,613,440		4,525,182
Inter RAO UES PJSC^(d)		19,580,300		189,014
LUKOIL PJSC^(d)		197,285		3,443,708
Magnit PJSC, GDR		133,326		211,607
MMC Norilsk Nickel PJSC^(d)		29,789		2,017,976
Mobile TeleSystems PJSC, ADR		209,440		1,151,920
Moscow Exchange MICEX-RTS PJSC^(d)		631,870		212,673
Novatek PJSC, GDR		43,315		1,668,585
Novolipetsk Steel PJSC^(d)		785,210		498,674
Ozon Holdings PLC, ADR^(a)(d)		539		1,977
PhosAgro PJSC, GDR		67,667		413,980
Polymetal International PLC^(d)		137,561		417,198
Polyus PJSC^(d)		13,397		504,776
Rosneft Oil Co. PJSC^(d)		532,936		555,976
Sberbank of Russia PJSC^(d)		4,933,827		2,180,843
Severstal PAO^(d)		109,143		521,249
Surgutneftegas PJSC^(d)		3,671,000		277,218
Tatneft PJSC^(d)		685,605		870,602
TCS Group Holding PLC, GDR^(d)		58,085		668,918
United Co. RUSAL International PJSC^(a)(d)		1,500,930		316,722
VK Co. Ltd.^(a)(d)		873		887
VTB Bank PJSC^(d)		1,160,968,000		77,582
X5 Retail Group NV, GDR^(d)		67,732		291,359
Yandex NV^(a)(d)		149,219		975,464


				22,364,402

Saudi Arabia — 5.9%
Abdullah Al Othaim Markets Co.		24,442		726,957
Advanced Petrochemical Co.		50,284		1,008,847
Al Rajhi Bank		574,928		24,665,394
Alinma Bank		441,775		4,188,941
Almarai Co. JSC		125,580		1,683,700
Arab National Bank		297,131		2,221,298
Bank AlBilad^(a)		174,532		2,746,716
Bank Al-Jazira		179,264		1,288,027
Banque Saudi Fransi		282,092		4,006,451
Bupa Arabia for Cooperative Insurance Co.		29,372		1,273,674
Co for Cooperative Insurance (The)		33,967		713,879
Dar Al Arkan Real Estate Development Co.^(a)		220,021		642,894
Dr Sulaiman Al Habib Medical Services Group Co.		24,236		1,108,307
Emaar Economic City^(a)		188,387		624,210
Etihad Etisalat Co.^(a)		183,621		1,711,391
Jarir Marketing Co.		28,509		1,591,795
Mobile Telecommunications Co.^(a)		179,092		643,289
Mouwasat Medical Services Co.		23,340		1,294,716
National Industrialization Co.^(a)		149,832		907,641
National Petrochemical Co.		55,054		664,369
Rabigh Refining & Petrochemical Co.^(a)		104,507		686,064
Riyad Bank^(a)		648,744		6,149,071
SABIC Agri-Nutrients Co.		100,608		4,286,692
Sahara International Petrochemical Co.		168,033		2,101,781
Saudi Arabian Mining Co.^(a)		203,124		5,798,489
Saudi Arabian Oil Co.^(b)		1,011,049		11,217,088
Saudi Basic Industries Corp.		421,471		14,050,712
Saudi British Bank (The)^(a)		390,554		4,040,882
Saudi Cement Co.		2,004		29,786
Saudi Electricity Co.		391,358		2,888,473
Saudi Industrial Investment Group		103,761		979,702
Saudi Kayan Petrochemical Co.^(a)		338,927		1,852,902
Saudi National Bank (The)		1,037,082		18,892,353


Security	Shares		Value

Saudi Arabia (continued)
Saudi Research & Media Group^(a)		16,902	$	1,126,289
Saudi Telecom Co.		284,192		8,671,057
Savola Group (The)		131,141		1,188,090
Yanbu National Petrochemical Co.		119,472		2,192,992


				139,864,919

South Africa — 5.5%
Absa Group Ltd.		345,535		3,969,453
African Rainbow Minerals Ltd.		37,505		667,449
Anglo American Platinum Ltd.		25,029		3,906,648
AngloGold Ashanti Ltd.		198,398		4,641,897
Aspen Pharmacare Holdings Ltd.		181,308		2,370,078
Bid Corp. Ltd.		155,895		3,167,326
Bidvest Group Ltd (The)		131,312		1,799,146
Capitec Bank Holdings Ltd.		38,264		5,166,125
Clicks Group Ltd.		114,376		2,223,735
Discovery Ltd.^(a)		209,700		2,147,546
Exxaro Resources Ltd.		117,742		1,518,725
FirstRand Ltd.		2,350,075		10,118,613
Gold Fields Ltd.		422,288		5,879,839
Growthpoint Properties Ltd.		1,567,387		1,365,937
Harmony Gold Mining Co. Ltd.		268,586		1,147,021
Impala Platinum Holdings Ltd.		385,277		7,348,921
Kumba Iron Ore Ltd.		28,324		1,119,613
Mr. Price Group Ltd.		122,100		1,664,554
MTN Group Ltd.^(a)		798,531		9,967,699
MultiChoice Group		182,079		1,492,275
Naspers Ltd., Class N		102,179		12,867,458
Nedbank Group Ltd.		219,593		3,121,752
NEPI Rockcastle PLC		208,010		1,329,416
Northam Platinum Holdings Ltd.^(a)		161,539		2,608,262
Old Mutual Ltd.		2,279,747		1,868,129
Pepkor Holdings Ltd.^(b)		631,618		901,651
Rand Merchant Investment Holdings Ltd.		380,204		1,196,278
Reinet Investments SCA		65,342		1,347,019
Remgro Ltd.		244,101		2,218,241
Sanlam Ltd.		875,993		3,691,553
Sasol Ltd.^(a)		265,676		6,095,920
Shoprite Holdings Ltd.		239,225		3,568,345
Sibanye Stillwater Ltd.		1,264,664		5,966,212
SPAR Group Ltd (The)		91,910		980,772
Standard Bank Group Ltd.		617,991		6,548,239
Tiger Brands Ltd.		83,719		889,336
Vodacom Group Ltd.		294,698		2,836,729
Woolworths Holdings Ltd.		477,211		1,571,308


				131,289,220

South Korea — 17.2%
Alteogen Inc.^(a)(c)		12,969		584,129
Amorepacific Corp.^(c)		15,225		2,350,142
AMOREPACIFIC Group		15,591		636,992
BGF retail Co. Ltd.		3,888		550,799
Celltrion Healthcare Co. Ltd.		40,700		2,164,735
Celltrion Inc.		46,427		6,197,071
Celltrion Pharm Inc.^(a)		8,013		589,579
Cheil Worldwide Inc.		30,326		570,187
CJ CheilJedang Corp.		4,096		1,297,430
CJ Corp.		6,537		460,502
CJ ENM Co. Ltd.		5,280		576,172
CJ Logistics Corp.^(a)		4,574		474,240
Coway Co. Ltd.		26,664		1,601,407


Security	Shares		Value

South Korea (continued)
DB Insurance Co. Ltd.		21,668	$	1,113,721
Doosan Bobcat Inc.		24,454		784,848
Doosan Heavy Industries & Construction Co. Ltd.^(a)		161,903		2,838,746
Douzone Bizon Co. Ltd.		1,009		40,861
Ecopro BM Co. Ltd.		5,186		1,641,119
E-MART Inc.		9,722		1,060,226
F&F Co. Ltd./New^(a)		1,517		1,133,863
Green Cross Corp.		2,827		430,151
GS Engineering & Construction Corp.		31,333		1,126,079
GS Holdings Corp.		16,714		558,900
Hana Financial Group Inc.		141,904		5,765,252
Hankook Tire & Technology Co. Ltd.		36,085		1,063,180
Hanmi Pharm Co. Ltd.^(a)		3,479		770,598
Hanon Systems		91,986		890,813
Hanwha Solutions Corp.^(a)		59,513		1,691,925
HLB Inc.^(a)		43,318		1,134,989
HMM Co. Ltd.^(a)		125,439		3,038,543
Hotel Shilla Co. Ltd.		14,629		988,728
HYBE Co. Ltd.^(a)		7,841		1,905,247
Hyundai Engineering & Construction Co. Ltd.		37,538		1,367,592
Hyundai Glovis Co. Ltd.		9,044		1,334,129
Hyundai Heavy Industries Holdings Co. Ltd.		23,415		1,008,235
Hyundai Mobis Co. Ltd.		31,154		5,849,661
Hyundai Motor Co.		66,267		9,750,971
Hyundai Steel Co.		41,499		1,384,028
Iljin Materials Co. Ltd.		10,962		839,105
Industrial Bank of Korea		105,257		945,582
Kakao Corp.		146,526		11,604,386
Kakao Games Corp.^(a)(c)		14,061		873,632
KakaoBank Corp.^(a)		45,294		1,828,683
Kangwon Land Inc.^(a)		41,695		927,380
KB Financial Group Inc.		187,031		9,227,070
Kia Corp.		123,410		7,650,842
Korea Aerospace Industries Ltd.^(a)		32,846		1,021,901
Korea Electric Power Corp.^(a)		121,034		2,345,555
Korea Investment Holdings Co. Ltd.^(a)		20,219		1,343,253
Korea Shipbuilding & Offshore Engineering Co. Ltd.^(a)		18,381		1,362,693
Korea Zinc Co. Ltd.		4,086		1,874,005
Korean Air Lines Co. Ltd.^(a)		81,164		1,999,632
Krafton Inc.^(a)		10,378		2,574,622
KT&G Corp.		52,772		3,508,100
Kumho Petrochemical Co. Ltd.^(a)		8,643		1,166,033
L&F Co. Ltd.^(a)		10,574		1,739,798
LG Chem Ltd.		21,706		10,300,454
LG Corp.		40,958		2,574,219
LG Display Co. Ltd.		110,746		1,741,636
LG Electronics Inc.		50,086		5,228,796
LG Energy Solution^(a)		9,938		3,405,378
LG Household & Health Care Ltd.		4,498		3,568,908
LG Innotek Co. Ltd.		6,760		1,866,116
LG Uplus Corp.		103,337		1,135,090
Lotte Chemical Corp.		8,278		1,525,633
Lotte Shopping Co. Ltd.		5,857		418,499
Meritz Financial Group Inc.		15,730		482,098
Meritz Fire & Marine Insurance Co. Ltd.		19,822		677,577
Meritz Securities Co. Ltd.		115,670		566,432
Mirae Asset Securities Co. Ltd.		137,133		1,011,958
NAVER Corp.		57,899		15,427,606
NCSoft Corp.		7,736		2,865,762


Security	Shares		Value

South Korea (continued)
Netmarble Corp.^(b)		10,207	$	877,067
NH Investment & Securities Co. Ltd.^(a)		81,045		784,267
Orion Corp./Republic of Korea		12,154		930,076
Pan Ocean Co. Ltd.		130,529		720,311
Pearl Abyss Corp.^(a)		14,135		1,133,670
POSCO		34,929		8,310,438
POSCO Chemical Co. Ltd.		14,778		1,415,573
S-1 Corp.		4,376		254,742
Samsung Biologics Co. Ltd.^(a)(b)		7,814		5,083,421
Samsung C&T Corp.		40,061		3,699,859
Samsung Electro-Mechanics Co. Ltd.		26,738		3,738,192
Samsung Electronics Co. Ltd.		2,247,380		135,412,234
Samsung Engineering Co. Ltd.^(a)		74,720		1,459,660
Samsung Fire & Marine Insurance Co. Ltd.		14,247		2,265,566
Samsung Heavy Industries Co. Ltd.^(a)		295,168		1,438,877
Samsung Life Insurance Co. Ltd.		33,756		1,687,784
Samsung SDI Co. Ltd.		25,881		11,927,001
Samsung SDS Co. Ltd.		16,864		1,979,801
Samsung Securities Co. Ltd.		29,840		1,057,584
SD Biosensor Inc.		17,484		793,967
Seegene Inc.		17,222		738,135
Shinhan Financial Group Co. Ltd.		207,089		6,737,795
SK Biopharmaceuticals Co. Ltd.^(a)		12,971		920,683
SK Bioscience Co. Ltd.^(a)		10,778		1,319,860
SK Chemicals Co. Ltd.		5,338		560,747
SK Hynix Inc.		257,209		26,815,196
SK IE Technology Co. Ltd.^(a)(b)		10,760		1,117,505
SK Inc.		19,756		3,773,592
SK Innovation Co. Ltd.^(a)		23,906		4,035,716
SK Square Co. Ltd.^(a)		41,191		1,911,638
SK Telecom Co. Ltd.		6,895		314,640
SKC Co. Ltd.		9,477		1,102,118
S-Oil Corp.		21,457		1,528,154
Woori Financial Group Inc.		221,147		2,645,271
Yuhan Corp.		24,987		1,214,073


				412,059,437

Taiwan — 23.7%
Accton Technology Corp.		229,000		2,076,702
Acer Inc.		1,353,000		1,404,182
Advantech Co. Ltd.		172,299		2,268,921
Airtac International Group		63,439		2,110,114
ASE Technology Holding Co. Ltd.		1,550,000		5,602,177
Asia Cement Corp.		1,027,000		1,659,895
ASMedia Technology Inc.		13,000		804,808
Asustek Computer Inc.		322,000		4,295,633
AU Optronics Corp.		3,908,000		2,925,829
Catcher Technology Co. Ltd.		314,000		1,611,702
Cathay Financial Holding Co. Ltd.		3,815,063		8,578,686
Chailease Holding Co. Ltd.		627,939		5,698,867
Chang Hwa Commercial Bank Ltd.		1,994,974		1,266,577
Cheng Shin Rubber Industry Co. Ltd.		860,000		1,100,198
China Development Financial Holding Corp.		7,106,920		4,866,922
China Steel Corp.		5,615,000		7,301,490
Chunghwa Telecom Co. Ltd.		1,816,000		8,071,424
Compal Electronics Inc.		1,982,000		1,805,625
CTBC Financial Holding Co. Ltd.		8,635,000		8,440,518
Delta Electronics Inc.		915,000		8,154,578
E Ink Holdings Inc.		402,000		2,166,498
E.Sun Financial Holding Co Ltd.		5,692,772		6,017,560
Eclat Textile Co. Ltd.		88,000		1,824,080


Security	Shares		Value

Taiwan (continued)
eMemory Technology Inc.		30,000	$	2,024,617
Evergreen Marine Corp. Taiwan Ltd.		1,197,000		6,288,148
Far Eastern New Century Corp.		1,377,000		1,459,680
Far EasTone Telecommunications Co. Ltd.		691,000		1,709,072
Feng TAY Enterprise Co. Ltd.		193,000		1,438,691
First Financial Holding Co. Ltd.		4,845,457		4,461,394
Formosa Chemicals & Fibre Corp.		1,702,000		4,825,294
Formosa Petrochemical Corp.		517,000		1,818,591
Formosa Plastics Corp.		1,779,000		6,717,531
Foxconn Technology Co. Ltd.		436,000		1,003,564
Fubon Financial Holding Co. Ltd.		3,523,230		9,512,946
Giant Manufacturing Co. Ltd.		137,000		1,422,307
Globalwafers Co. Ltd.		99,000		2,450,489
Hiwin Technologies Corp.		124,800		1,191,536
Hon Hai Precision Industry Co. Ltd.		5,878,200		21,834,915
Hotai Motor Co. Ltd.		137,600		3,115,462


				Average Annual Total Returns									Cumulative Total Returns

	6 Months			1 Year			5 Years			Since Inception			1 Year			5 Years			Since Inception

Fund NAV		(11.61	)%		(11.33	)%		7.19	%		9.42	%		(11.33	)%		41.49	%		66.63	%
Fund Market		(10.29	)		(10.77	)		7.37			9.61			(10.77	)		42.69			68.27
Index		(11.20	)		(10.47	)		7.67			10.07			(10.47	)		44.68			72.36


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	$ 883.90	$ 1.17			$ 1,000.00	$ 1,023.60	$ 1.25		0.25	%


ALLOCATION BY SECTOR

Sector	Percent of Total Investments	^(a)

Financials	25.6	%
Information Technology	22.7
Consumer Discretionary	12.7
Communication Services	10.9
Materials	6.4
Consumer Staples	5.5
Health Care	4.5
Industrials	4.3
Energy	3.8
Utilities	1.8
Real Estate	1.8


				Average Annual Total Returns						Cumulative Total Returns

	6 Months			1 Year			Since Inception			1 Year			Since Inception

Fund NAV		(6.81	)%		1.64	%		5.41	%		1.64	%		27.56	%
Fund Market		(5.44	)		3.14			5.75			3.14			29.48
Index		(6.15	)		3.30			6.06			3.30			31.23


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	$ 931.90	$ 1.20			$ 1,000.00	$ 1,023.60	$ 1.25		0.25	%


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		9
Shareholder Expenses		9
Schedules of Investments		10
Financial Statements
Statements of Assets and Liabilities		41
Statements of Operations		43
Statements of Changes in Net Assets		45
Financial Highlights		48
Notes to Financial Statements		53
Statement Regarding Liquidity Risk Management Program		64
Supplemental Information		65
General Information		66
Glossary of Terms Used in this Report		67


Fund Summary as of February 28, 2022		iShares^® ESG Aware MSCI EM ETF


TEN LARGEST GEOGRAPHIC ALLOCATION

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

China	29.9	%
Taiwan	17.4
South Korea	12.8
India	12.5
South Africa	4.4
Brazil	4.1
Saudi Arabia	3.1
Malaysia	2.8
Thailand	2.5
United Arab Emirates	1.8


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 ex China ETF


Fund Summary as of February 28, 2022		iShares^® MSCI Emerging Markets Min Vol Factor ETF


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


Fund Summary as of February 28, 2022		iShares^® MSCI Global Min Vol Factor ETF


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


				Average Annual Total Returns									Cumulative Total Returns

	6 Months			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years

Fund NAV		(1.94	)%		1.18	%		6.10	%		3.41	%		1.18	%		34.48	%		39.84	%
Fund Market		(1.05	)		2.29			6.40			3.48			2.29			36.38			40.83
Index		(1.78	)		1.97			6.56			3.71			1.97			37.39			43.96


				Average Annual Total Returns									Cumulative Total Returns

	6 Months			1 Year			5 Years			Since Inception			1 Year			5 Years			Since Inception

Fund NAV		(6.27	)%		(0.59	)%		7.25	%		8.70	%		(0.59	)%		41.90	%		68.10	%
Fund Market		(4.81	)		(0.01	)		7.44			8.89			(0.01	)		43.16			70.00
Index		(6.13	)		0.34			7.74			9.21			0.34			45.19			73.09


				Average Annual Total Returns									Cumulative Total Returns

	6 Months			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years

Fund NAV		(4.00	)%		9.72	%		8.11	%		9.04	%		9.72	%		47.66	%		137.60	%
Fund Market		(4.12	)		9.74			8.12			8.99			9.74			47.76			136.61
Index		(4.06	)		9.70			7.91			8.79			9.70			46.35			132.32




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


BlackRock Cash Funds: Institutional, SL Agency Shares	$	41,185,570	$	—	$	(15,594,446	)^(a)	$	(13,582	)	$	(3,354	)	$	25,574,188		25,569,074	$	600,356	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares^(c)		6,140,000		—		(6,140,000	)^(a)		—			—			—		—		1,003			—


								$	(13,582	)	$	(3,354	)	$	25,574,188			$	601,359		$	—




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


Long Contracts
MSCI Emerging Markets Index		484		03/18/22	$	28,447	$	(488,507	)




	Equity Contracts


Liabilities — Derivative Financial Instruments

Futures contracts
Unrealized depreciation on futures contracts^(a)	$	488,507




	Equity Contracts


Net Realized Gain (Loss) from:
Futures contracts	$	(1,844,828	)

Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(563,596	)




Futures contracts:
Average notional value of contracts — long	$	10,478,420




	Level 1			Level 2		Level 3		Total


Investments
Assets
Common Stocks	$	635,490,214		$	5,684,019,764	$	35,895,309	$	6,355,405,287
Preferred Stocks		7,975,845			126,433,796		—		134,409,641
Money Market Funds		25,574,188			—		—		25,574,188

	$	669,040,247		$	5,810,453,560	$	35,895,309	$	6,515,389,116


Derivative financial instruments^(a)
Liabilities
Futures Contracts	$	(488,507	)	$	—	$	—	$	(488,507	)