The Markets in Review

Dear Shareholder,

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

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

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

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

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

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

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

LOGO

Rob Kapito

President, BlackRock, Inc.

LOGO

Rob Kapito

President, BlackRock, Inc.


Total Returns as of August 31, 2022

	6-Month	12-Month

U.S. large cap equities (S&P 500® Index)	(8.84)%	(11.23)%

U.S. small cap equities (Russell 2000® Index)	(9.31)	(17.88)

International equities (MSCI Europe, Australasia, Far East Index)	(13.97)	(19.80)

Emerging market equities (MSCI Emerging Markets Index)	(13.30)	(21.80)

3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)	0.36	0.39

U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)	(9.71)	(13.27)

U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)	(7.76)	(11.52)

Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)	(5.72)	(8.63)

U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)	(7.78)	(10.61)

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

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

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

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

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

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

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

The iShares 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 June 28, 2016. The first day of secondary market trading was June 30, 2016.

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

Investor interest in the environmental, social, and governance (“ESG”) attributes of companies was positive during the reporting period, even as equity markets declined. Many emerging market countries continued to advance ESG-related regulation and legislation. In China, a new set of voluntary guidelines for ESG reporting took effect in June 2022. The Taiwan Stock Exchange imposed a reporting requirement for listed companies that mandated disclosure of greenhouse gas emissions, energy management, and other ESG-related metrics. Regulatory authorities in India released a proposal for regulating ESG impact ratings that would require the accreditation of ratings providers.

With a negative global macro backdrop, the Index, which consists of emerging market stocks, declined significantly for the reporting period. Within China, the consumer discretionary and information technology sectors detracted substantially from the Index’s return amid the government’s campaign to rein in large online companies, which included billions of dollars in antitrust fines and restrictions on listings on foreign stock exchanges. The life sciences tools and services industry in the healthcare sector declined after the U.S. included a company on the list of firms prohibited from receiving certain technology exports.

South Korean stocks also weighed on the Index’s return, particularly in the technology hardware, storage, and peripherals industry. Budgetary reductions from major chip customers amid global economic uncertainty slowed sales growth and lowered profits.

In terms of relative performance, the Index underperformed the broader market, as represented by the MSCI Emerging Markets Index, while tracking it relatively closely. Relative to the broader market, the ESG security selection process leads to overweight stocks with higher ESG ratings and underweight stocks with lower ESG characteristics. Due to the ESG selection process, the Index is structurally underweight to the Energy sector and overweight to Financials, which were net detractors to relative performance. A modest underweight to Consumer Discretionary was a small source of relative outperformance.

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 July 18, 2017. The first day of secondary market trading was July 20, 2017.

Emerging markets stocks outside of China declined sharply during the reporting period, as higher interest rates and a strengthening U.S. dollar raised the cost of borrowing in many emerging economies. The strong U.S. dollar made investments denominated in some foreign currencies worth less in U.S. dollar terms, which further detracted from the Index’s performance.

South Korean stocks detracted the most from the Index’s return, particularly in the technology hardware, storage, and peripherals industry in the information technology sector. Budgetary reductions from major chip customers slowed sales growth, lowered profits, and affected capacity expansion plans for producers of semiconductors. Indications of weakening consumer demand for electronics further pressured the near-term outlook for semiconductors stocks.

South Korean media and entertainment stocks in the communication services sector also weighed on the Index’s return. Revenues slowed for operators of major search, messaging, and content platforms in the face of diminished e-commerce business, rising labor costs, and stagnating growth in online advertising sales.

BlackRock suspended the purchase of Russian securities in its active and index funds on Monday, February 28, 2022, in response to the Russian attack on Ukraine. All major index providers began the removal of Russian securities from their indexes beginning the week of March 7, 2022. In the weeks leading up to the invasion, Russian equities and the Russian ruble lost substantial value as investors fled due to expectations that Western nations might impose punishing sanctions on Russian companies. In the days following the attack, the country’s stock market endured even steeper price declines. Russian energy and financials stocks weighed on the Index’s performance, as integrated oil and gas companies and banks were impacted strongly by the investor exodus.

The Taiwanese information technology sector was another source of weakness, as stocks of companies in the semiconductors industry declined against a backdrop of lower global consumer demand. Other factors that affected the overall Taiwanese market during the reporting period specifically pressured chipmakers, including tensions between the U.S. and China over Taiwan’s status.

GEOGRAPHIC ALLOCATION



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

Taiwan		21.5	%
India		21.2
South Korea		17.0
Brazil		7.8
Saudi Arabia		7.0
South Africa		4.8
Thailand		3.0
Mexico		2.9
Indonesia		2.9
Malaysia		2.2
United Arab Emirates		1.9
Qatar		1.7
Kuwait		1.3
Philippines		1.1
Other (each representing less than 1%)		3.7

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.

Lower volatility emerging markets stocks declined during the reporting period, as higher interest rates and a strengthening U.S. dollar raised the cost of borrowing in many emerging economies. The strong U.S. dollar made investments denominated in some foreign currencies worth less in U.S. dollar terms, which further detracted from the Index’s performance. Relate to broad emerging market stocks, as represented by the MSCI Emerging Markets Index, the Index outperformed significantly over the reporting period.

Chinese equities were the largest detractors from the Index’s return amid coronavirus-related restrictions, a far-reaching regulatory crackdown, and supply chain disruptions. Consumer discretionary companies weighed on the Index’s performance as the government’s campaign to rein in large internet firms, which included billions of dollars in anti-trust fines and restrictions on listings on foreign stock exchanges, weighed on investor sentiment. The Chinese internet and direct marketing retail industry declined as competitive advantages weakened, while concerns surrounding customer growth and slowing consumption pressured margins and earnings.

Chinese healthcare stocks detracted from the Index’s performance after the U.S. Commerce Department added several pharmaceuticals, biotechnology, and life sciences companies to a list of firms with restricted access to U.S. technology. Chinese information technology companies also declined, notably in the technology hardware and equipment industry, as domestic demand for consumer electronics shrank.

South Korean communication services stocks also detracted from the Index’s return, led by the media and entertainment industry. Revenues slowed for operators of major search, messaging, and content platforms in the face of diminished e-commerce business, rising labor costs, and stagnating growth in online advertising sales. In the information technology sector, South Korean technology hardware, storage, and peripherals equities declined during the reporting period. Budgetary reductions from major chip customers amid global economic uncertainty slowed sales growth, lowered profits, and affected capacity expansion plans for producers of semiconductors. Demand for personal computers and cell phones slackened as inflation diminished consumers’ buying power, further weakening the near-term outlook for semiconductors stocks.

In terms of relative performance, the Index outperformed the broader market, as measured by the MSCI Emerging Markets Index. Stocks with low-volatility characteristics benefited from the sharp downturn in global markets precipitated by recession concerns, rising interest rates, and geopolitical instability. From a country perspective, positioning within Taiwan helped relative performance, specifically overweight positions in communication services, financials, and information technology. An underweight position to China and positioning within the country also contributed. Underweights to Brazil and Indonesia and sector allocation within India hindered relative performance.

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 December 8, 2015. The first day of secondary market trading was December 10, 2015.

Emerging markets stocks with favorable exposure to four targeted factors — value, quality, momentum, and small size — declined during the reporting period. The strong U.S. dollar made investments denominated in some foreign currencies worth less in U.S. dollar terms, which further detracted from the Index’s performance. Relative to the broad market, as represented by the MSCI Emerging Markets Index, the Index outperformed.

Chinese equities were the largest detractors from the Index’s return, notably in the consumer discretionary sector. Internet and direct marketing retail companies declined as competitive advantages weakened and concerns surrounding slowing consumption pressured margins and earnings. In the apparel, accessories, and luxury goods industry, a sportswear retailer faced allegations of violating U.S. sanctions against North Korea in its labor practices, leading the U.S. to ban its products. Within the materials sector, a slowdown in economic growth widely attributed to government-imposed COVID-related lockdowns led to investment cuts by property developers and a drop in new construction starts. And an ongoing government investigation into the chief executive officer and majority shareholder of a maker of flavors and fragrances weighed on the specialty chemicals industry.

The Taiwanese information technology sector was another source of weakness, led by the semiconductors industry. In the wake of rising inflation and higher interest rates, a reduction in consumer demand for electronics products weighed on chip makers. Political tensions between the U.S. and China over Taiwan’s status further pressured semiconductor companies.

South Korean equities in the consumer discretionary sector detracted from the Index’s performance, particularly in the automobiles and components industry. The war in Ukraine and subsequent sanctions against Russia resulted in factory shutdowns where Korean automakers produced cars for several markets, and a global chip shortage decreased vehicle shipments for some automakers.

For the reporting period, the Index outperformed the broader market, as represented by the MSCI Emerging Markets Index. The Index’s research-based selection process focuses on four investment factors: value, quality, momentum, and size. Of the four target style factors, exposure to value, momentum, and quality contributed to the Index’s performance, while size detracted.

From a country perspective, stock selection in China was a driver of outperformance, though an overweight position in the country detracted. An overweight in India added to relative performance, as did an underweight position and stock selection in South Korea. Regional characteristics that detracted from relative performance included an underweight to Brazil, a slight overweight to Russia, sector allocation within Taiwan, and an underweight to Mexico. BlackRock suspended the purchase of Russian securities in its active and index funds on Monday, February 28, 2022, in response to the Russian attack on Ukraine. All major index providers began the removal of Russian securities from their indexes beginning the week of March 7.

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.

Lower volatility global stocks declined as global growth cooled in an environment of high inflation, rising interest rates, and volatility in commodities markets. Stocks in the U.S., which represented approximately 56% of the Index on average, detracted from the Index’s return, led by the communication services sector. Stocks of streaming content providers in the entertainment industry declined amid stiff competition, as more entrants into the streaming market weighed on revenue growth. Consumers switched frequently among streaming providers, creating significant customer turnover. Stocks of broadband providers in the media industry also declined, as slowing revenue and customer growth challenged broadband providers and rising interest rates pressured highly indebted companies in the industry. The information technology sector was another detractor from the Index’s return, as the return of some remote workers to physical offices negatively impacted the sales growth of software platforms designed to facilitate online collaboration.

Stocks in Japan, which endured two quarters of economic contraction during the reporting period, also detracted notably from the Index’s performance. The Japanese yen declined significantly relative to the U.S. dollar, reducing the value of Japanese assets denominated in U.S. dollars. Despite strong earnings amid increasing factory automation, the Japanese information technology sector was pressured by both the widening gap between U.S. and Japanese interest rates and the global revaluation of information technology stocks in response to sharply declining demand.

Swiss stocks also declined, as the war in Ukraine disrupted supply chains and contributed to rising inflation. Prices for food and energy climbed, and in June 2022 the Swiss National Bank raised interest rates for the first time since 2007. The healthcare sector was the largest detractor, as the pharmaceuticals industry was negatively impacted by the failure of a cancer drug trial.

In terms of relative performance, the Index notably outperformed the broader market, as measured by the MSCI ACWI Index. Low volatility stocks generally benefited from an environment of slowing global economic growth, rising interest rates, and geopolitical instability. Positioning among U.S. stocks contributed substantially to the Index’s performance relative to the broader market, particularly within the consumer staples and utilities sectors. Positioning in Taiwanese stocks was also additive, driven primarily by financials and information technology stocks. On the downside, an underweight allocation to the U.S. energy sector detracted from the Index’s relative performance.

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

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

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

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

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

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

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


Security	Shares		Value

Common Stocks

Brazil — 2.8%
Atacadao SA		1,130,149	$	4,290,413
B3 SA - Brasil, Bolsa, Balcao		5,241,494		11,939,048
Banco do Brasil SA		1,403,354		11,245,930
Banco Santander Brasil SA		1,172,580		6,619,767
CCR SA		2,118,149		5,614,577
Cosan SA		2,673,227		10,266,622
Localiza Rent a Car SA		1,115,756		13,044,033
Lojas Renner SA		1,757,965		8,944,590
Natura & Co. Holding SA		1,667,975		4,623,289
Petroleo Brasileiro SA		1,816,503		12,978,513
Rumo SA		1,521,907		5,912,221
Telefonica Brasil SA		1,061,915		8,397,506
Ultrapar Participacoes SA		2,658,845		6,914,919
Vibra Energia SA		1,280,630		4,519,523
WEG SA		746,782		4,060,907


				119,371,858

Chile — 0.5%
Banco de Chile		47,178,879		4,476,005
Enel Americas SA		142,423,519		15,430,208


				19,906,213

China — 30.1%
37 Interactive Entertainment Network Technology Group Co. Ltd., Class A		1,583,900		4,639,777
3SBio Inc.^(a)		6,644,500		4,417,652
AAC Technologies Holdings Inc.^(b)		2,565,500		4,752,906
Agricultural Bank of China Ltd., Class H		16,191,000		5,290,598
Alibaba Group Holding Ltd.^(c)		10,256,368		122,364,021
Alibaba Health Information Technology Ltd.^(c)		11,728,000		6,720,892
Baidu Inc.^(c)		236,644		4,224,232
Baidu Inc., ADR^(c)		143,971		20,727,505
Bank of China Ltd., Class H		32,263,000		11,258,758
Bank of Ningbo Co. Ltd., Class A		1,006,000		4,324,864
BeiGene Ltd., ADR^(b)(c)		25,171		4,320,854
Bosideng International Holdings Ltd.		8,390,000		4,710,909
BYD Co. Ltd., Class A		181,655		7,514,374
BYD Co. Ltd., Class H		590,500		18,196,446
CanSino Biologics Inc., Class H^(a)		559,400		3,491,522
China Construction Bank Corp., Class A		7,594,600		6,059,178
China Construction Bank Corp., Class H		75,569,000		46,715,462
China Eastern Airlines Corp. Ltd., Class A^(c)		6,371,735		4,515,696
China Galaxy Securities Co. Ltd., Class A		3,327,900		4,755,334
China International Capital Corp. Ltd., Class A		708,513		4,258,076
China Lesso Group Holdings Ltd.		7,570,000		8,997,717
China Medical System Holdings Ltd.		6,474,000		9,581,388
China Mengniu Dairy Co. Ltd.		1,785,000		8,082,975
China Merchants Bank Co. Ltd., Class A		1,576,940		7,964,485
China Merchants Bank Co. Ltd., Class H		3,374,000		17,255,010
China Overseas Land & Investment Ltd.		1,713,500		4,604,981
China Resources Beer Holdings Co. Ltd.		686,000		4,782,118
China Resources Gas Group Ltd.		1,675,000		6,521,454
China Resources Land Ltd.		3,366,000		13,781,233
China Suntien Green Energy Corp. Ltd., Class H		14,111,000		6,328,722
China Three Gorges Renewables Group Co. Ltd., Class A		4,696,100		4,133,821
China Vanke Co. Ltd., Class H		2,320,200		4,529,562
CIFI Holdings Group Co. Ltd.^(b)		15,391,280		3,895,451
CMOC Group Ltd., Class A		13,374,500		9,489,045
CMOC Group Ltd., Class H		11,232,000		5,008,534


Security	Shares		Value

China (continued)
Contemporary Amperex Technology Co. Ltd., Class A^(c)		152,503	$	10,570,654
Country Garden Services Holdings Co. Ltd.		2,600,000		5,109,424
CSC Financial Co. Ltd., Class A		1,207,300		4,633,081
CSPC Pharmaceutical Group Ltd.		11,195,520		11,357,000
ENN Energy Holdings Ltd.		826,600		12,008,363
Far East Horizon Ltd.		7,035,000		5,329,390
Fosun International Ltd.		22,501,500		16,609,073
Fuyao Glass Industry Group Co. Ltd., Class H^(a)		929,600		4,435,899
Ganfeng Lithium Co. Ltd., Class A		481,950		5,940,946
Geely Automobile Holdings Ltd.		2,841,000		5,708,187
GEM Co. Ltd., Class A		3,657,400		4,421,178
Genscript Biotech Corp.^(c)		1,498,000		4,811,864
Great Wall Motor Co. Ltd., Class H		3,057,000		4,586,511
Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class A		1,177,700		4,631,653
Hansoh Pharmaceutical Group Co. Ltd.^(a)		2,624,000		5,235,238
Huadong Medicine Co. Ltd., Class A		705,000		4,303,996
Huatai Securities Co. Ltd., Class A		5,037,502		9,543,738
Huatai Securities Co. Ltd., Class H^(a)		3,376,600		4,513,237
Hygeia Healthcare Holdings Co. Ltd.^(a)(c)		826,000		4,458,316
Industrial & Commercial Bank of China Ltd., Class H		20,677,000		10,504,802
Industrial Bank Co. Ltd., Class A		1,937,468		4,779,178
JD Health International Inc.^(a)(c)		1,738,000		11,972,423
JD.com Inc., Class A		1,142,678		36,171,616
Jinxin Fertility Group Ltd.^(a)		6,515,500		4,242,741
Jiumaojiu International Holdings Ltd.^(a)		1,938,000		3,812,796
KE Holdings Inc., ADR^(c)		275,397		4,968,162
Kingdee International Software Group Co. Ltd.^(c)		5,790,000		11,237,827
Kuaishou Technology^(a)(c)		921,100		7,980,858
Lenovo Group Ltd.		13,728,000		11,306,543
Li Auto Inc., ADR^(c)		631,694		18,173,836
Li Ning Co. Ltd.		1,173,500		10,688,598
Longfor Group Holdings Ltd.^(a)		1,511,500		4,905,971
LONGi Green Energy Technology Co. Ltd., Class A		754,848		5,554,175
Meituan, Class B^(a)(c)		3,267,100		78,466,618
Microport Scientific Corp.^(b)(c)		2,319,300		4,608,631
Ming Yang Smart Energy Group Ltd., Class A		990,100		3,825,902
Ming Yuan Cloud Group Holdings Ltd.		5,389,000		4,416,938
MMG Ltd.^(c)		16,572,000		4,533,444
NetEase Inc.		1,629,470		29,098,071
NIO Inc., ADR^(b)(c)		897,682		17,872,849
Orient Securities Co. Ltd., Class A		3,929,388		4,905,050
Pinduoduo Inc., ADR^(c)		225,702		16,092,553
Ping An Healthcare and Technology Co. Ltd.^(a)(b)(c)		1,821,600		4,931,310
Ping An Insurance Group Co. of China Ltd., Class H		3,994,000		23,491,284
Pop Mart International Group Ltd.^(a)(b)		1,798,600		4,648,121
Postal Savings Bank of China Co. Ltd., Class A		10,809,400		7,035,236
Postal Savings Bank of China Co. Ltd., Class H^(a)		6,897,000		4,117,310
Shandong Weigao Group Medical Polymer Co. Ltd., Class H		4,119,200		5,587,978
Shanghai Electric Group Co. Ltd., Class A^(c)		6,907,800		4,229,032
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class A		753,715		4,393,511
Shanghai Pharmaceuticals Holding Co. Ltd., Class A		1,731,600		4,323,035
Shanghai Pharmaceuticals Holding Co. Ltd., Class H		3,578,500		5,202,396
Shenzhen Inovance Technology Co. Ltd., Class A		476,172		4,116,261
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A		101,900		4,385,847
Shenzhou International Group Holdings Ltd.		392,600		4,103,183
Sinopharm Group Co. Ltd., Class H		1,983,200		4,418,159


Security	Shares		Value

China (continued)
Sungrow Power Supply Co. Ltd., Class A		513,167	$	8,211,330
Sunny Optical Technology Group Co. Ltd.		1,013,800		13,840,853
SuZhou TA&A Ultra Clean Technology Co. Ltd., Class A		390,200		4,406,732
Tencent Holdings Ltd.		4,075,600		168,447,587
Tianqi Lithium Corp., Class A^(c)		268,200		4,435,638
Tongcheng Travel Holdings Ltd.^(c)		3,497,600		7,163,646
Topchoice Medical Corp., Class A^(c)		236,309		3,963,065
Trip.com Group Ltd., ADR^(b)(c)		209,857		5,397,522
Unisplendour Corp. Ltd., Class A		2,283,340		5,692,442
Vipshop Holdings Ltd., ADR^(b)(c)		563,936		6,547,297
Wharf Holdings Ltd. (The)		1,511,000		5,690,369
WuXi AppTec Co. Ltd., Class A		375,889		4,853,533
WuXi AppTec Co. Ltd., Class H^(a)		789,980		8,918,088
Wuxi Biologics Cayman Inc., New^(a)(c)		3,504,500		30,917,043
Xinjiang Goldwind Science & Technology Co. Ltd., Class A		2,729,200		5,040,011
Xinjiang Goldwind Science & Technology Co. Ltd., Class H		2,925,136		4,358,926
Xinyi Solar Holdings Ltd.		5,186,000		7,131,885
XPeng Inc., ADR^(c)		510,042		9,445,978
Yadea Group Holdings Ltd.^(a)		6,926,000		13,210,629
Yum China Holdings Inc.^(b)		438,097		21,953,041
Yunnan Baiyao Group Co. Ltd., Class A		624,040		4,719,428
Zhejiang Huayou Cobalt Co. Ltd., Class A		373,690		4,021,869


				1,279,892,457

Colombia — 0.1%
Bancolombia SA		786,436		6,072,728


Czech Republic — 0.2%
Moneta Money Bank AS^(a)		2,819,384		8,936,186


Greece — 0.4%
Alpha Services and Holdings SA^(c)		4,458,740		4,117,661
OPAP SA		959,579		12,639,488


				16,757,149

Hungary — 0.3%
MOL Hungarian Oil & Gas PLC		1,727,087		11,900,235


India — 14.2%
Adani Green Energy Ltd.^(c)		368,804		11,143,722
Adani Total Gas Ltd.		274,777		12,814,898
Asian Paints Ltd.		684,285		28,807,591
AU Small Finance Bank Ltd.^(a)		911,497		7,168,228
Axis Bank Ltd.		2,220,498		20,693,906
Bajaj Finance Ltd.		204,586		18,464,152
Bandhan Bank Ltd.^(a)		1,648,512		5,689,308
Bharti Airtel Ltd.		1,288,554		11,672,292
Colgate-Palmolive India Ltd.		751,655		15,782,450
Eicher Motors Ltd.		302,405		12,620,944
Havells India Ltd.		449,253		7,777,313
HCL Technologies Ltd.		1,220,428		14,195,818
Hero MotoCorp Ltd.		210,909		7,429,310
Hindalco Industries Ltd.		2,016,319		10,935,707
Hindustan Unilever Ltd.		754,208		24,968,781
Housing Development Finance Corp. Ltd.		1,195,181		36,184,598
ICICI Bank Ltd.		3,457,912		37,917,197
ICICI Prudential Life Insurance Co. Ltd.^(a)		686,293		5,066,490
Info Edge India Ltd.		175,082		9,418,175
Infosys Ltd.		2,302,405		42,435,835
Kotak Mahindra Bank Ltd.		743,363		17,635,670


Security	Shares		Value

India (continued)
Mahindra & Mahindra Ltd.		503,550	$	8,172,934
Mahindra & Mahindra Ltd., GDR		893,775		14,356,450
Marico Ltd.		3,164,546		20,774,805
Mphasis Ltd.		149,699		3,938,201
Nestle India Ltd.		77,253		19,234,364
Piramal Pharma Ltd., NVS		1,705,532		4,582,034
Power Grid Corp. of India Ltd.		3,687,104		10,556,441
Reliance Industries Ltd.		1,809,700		59,285,853
Reliance Industries Ltd., GDR^(a)		69,941		4,594,616
Shriram Transport Finance Co. Ltd.		349,400		5,864,438
State Bank of India		1,607,220		10,581,887
Tata Consultancy Services Ltd.		942,104		37,572,601
Tata Consumer Products Ltd.		757,700		7,658,122
Tata Elxsi Ltd.		52,165		5,818,688
Tech Mahindra Ltd.		568,337		7,572,254
Titan Co. Ltd.		156,129		5,059,250
United Spirits Ltd.^(c)		557,345		5,633,577
UPL Ltd.		636,113		6,092,724
Wipro Ltd.		780,667		3,997,157
Zomato Ltd.^(c)		5,612,977		4,012,299


				604,181,080

Indonesia — 1.9%
Bank Central Asia Tbk PT		44,691,500		24,679,667
Bank Negara Indonesia Persero Tbk PT		7,455,200		4,276,048
Kalbe Farma Tbk PT		173,043,100		19,567,526
Merdeka Copper Gold Tbk PT^(c)		15,048,900		4,327,614
Telkom Indonesia Persero Tbk PT		72,356,500		22,157,786
Unilever Indonesia Tbk PT		25,566,400		7,900,706


				82,909,347

Kuwait — 0.5%
Kuwait Finance House KSCP		8,146,014		23,778,057


Malaysia — 2.7%
Axiata Group Bhd		6,333,600		4,295,040
Kuala Lumpur Kepong Bhd		988,900		5,112,981
Malayan Banking Bhd		7,833,500		15,670,896
Maxis Bhd		10,936,200		9,374,734
Nestle Malaysia Bhd		588,400		17,459,810
Petronas Dagangan Bhd^(b)		2,984,900		15,673,143
Press Metal Aluminium Holdings Bhd		3,883,400		4,116,001
Public Bank Bhd		20,497,600		21,523,300
RHB Bank Bhd		6,828,400		8,725,192
Sime Darby Bhd		14,632,700		7,455,353
Sime Darby Plantation Bhd		4,171,900		4,146,874


				113,553,324

Mexico — 1.8%
Arca Continental SAB de CV		2,034,400		13,849,451
Coca-Cola Femsa SAB de CV		802,300		4,905,433
Fomento Economico Mexicano SAB de CV		3,049,800		19,114,896
Grupo Aeroportuario del Sureste SAB de CV, Class B		247,050		5,232,606
Grupo Bimbo SAB de CV, Series A		1,022,000		3,359,236
Grupo Financiero Banorte SAB de CV, Class O		3,046,700		17,993,020
Wal-Mart de Mexico SAB de CV		3,577,300		11,690,836


				76,145,478

Peru — 0.2%
Credicorp Ltd.		80,363		10,357,987


Philippines — 0.2%
Globe Telecom Inc.		100,260		3,740,853


Security	Shares		Value

Philippines (continued)
GT Capital Holdings Inc.		450,060	$	3,854,714


				7,595,567

Poland — 0.3%
Allegro.eu SA ^(a)(c)		753,359		3,951,506
KGHM Polska Miedz SA		236,649		4,434,657
Polski Koncern Naftowy ORLEN SA		312,158		4,043,138


				12,429,301

Qatar — 1.0%
Qatar Fuel QSC		474,481		2,450,490
Qatar National Bank QPSC		6,861,062		38,412,819


				40,863,309

Romania — 0.1%
NEPI Rockcastle SA		772,282		4,115,138


Russia — 0.0%
Gazprom PJSC^(c)(d)		7,224,690		1,184
LUKOIL PJSC^(d)		725,046		119
Novatek PJSC^(d)		1,686,230		277
Novolipetsk Steel PJSC^(d)		5,130,970		841
PhosAgro PJSC^(d)		249,741		41
PhosAgro PJSC, New^(d)		4,826		48
Polymetal International PLC^(d)		1,747,485		287
Polyus PJSC^(d)		43,646		7
Rosneft Oil Co. PJSC^(d)		759,129		125
Sberbank of Russia PJSC^(c)(d)		10,004,860		1,640
TCS Group Holding PLC, GDR^(c)(d)		124,025		20
Yandex NV^(c)(d)		87,150		14


				4,603

Saudi Arabia — 4.0%
ACWA Power Co.		90,069		4,193,156
Al Rajhi Bank		1,553,255		37,184,591
Bank AlBilad^(c)		690,533		9,277,985
Banque Saudi Fransi		255,479		3,381,240
Dr Sulaiman Al Habib Medical Services Group Co.		241,607		12,837,141
Etihad Etisalat Co.		883,238		8,599,763
SABIC Agri-Nutrients Co.		132,228		6,104,157
Sahara International Petrochemical Co.		676,438		8,543,899
Saudi Arabian Mining Co.^(c)		1,167,559		23,038,084
Saudi Arabian Oil Co.^(a)		1,144,962		11,404,948
Saudi Basic Industries Corp.		1,124,939		29,884,269
Saudi Investment Bank (The)		713,514		3,796,297
Saudi National Bank (The)		246,009		4,561,957
Savola Group (The)		833,035		7,216,165


				170,023,652

South Africa — 4.0%
Absa Group Ltd.		791,142		8,193,980
Anglo American Platinum Ltd.		57,615		4,032,133
Bidvest Group Ltd. (The)		736,607		9,243,738
Clicks Group Ltd.		409,460		7,124,120
FirstRand Ltd.		1,855,191		6,929,340
Gold Fields Ltd.		1,347,043		10,879,193
Growthpoint Properties Ltd.		5,117,669		3,806,413
Impala Platinum Holdings Ltd.		870,384		9,120,186
Kumba Iron Ore Ltd.		367,886		8,144,739
MTN Group Ltd.		554,123		4,010,766
MultiChoice Group		705,286		4,760,307
Naspers Ltd., Class N		169,741		23,934,574
Nedbank Group Ltd.		517,683		6,110,454
Old Mutual Ltd.		16,625,520		9,849,328


Security	Shares		Value

South Africa (continued)
Sanlam Ltd.		1,906,520	$	5,927,075
Sasol Ltd.^(c)		214,822		4,131,596
SPAR Group Ltd. (The)		432,967		3,957,906
Standard Bank Group Ltd.		862,122		7,693,210
Vodacom Group Ltd.		3,609,676		26,569,586
Woolworths Holdings Ltd.		1,948,393		6,369,993


				170,788,637

South Korea — 11.2%
Amorepacific Corp.		44,726		4,076,373
AMOREPACIFIC Group		265,275		6,866,967
CJ CheilJedang Corp.		27,941		8,475,560
Coway Co. Ltd.		200,585		9,516,638
Hana Financial Group Inc.		276,536		8,060,098
HD Hyundai Co. Ltd.		105,408		4,949,255
HMM Co. Ltd.		247,600		4,080,474
Kakao Corp.		274,991		14,933,016
KB Financial Group Inc.		571,265		20,970,532
LG Chem Ltd.		35,641		16,683,419
LG Corp.		1		61
LG Display Co. Ltd.		773,254		8,936,473
LG Electronics Inc.		89,570		6,702,524
LG H&H Co. Ltd.		8,312		4,401,545
NAVER Corp.		206,054		36,563,579
NCSoft Corp.		18,722		5,261,111
POSCO Holdings Inc.		98,445		18,622,366
Samsung C&T Corp.		151,568		13,570,921
Samsung Electro-Mechanics Co. Ltd.		41,673		4,314,680
Samsung Electronics Co. Ltd.		3,352,342		148,511,242
Samsung Fire & Marine Insurance Co. Ltd.		61,306		8,909,851
Samsung Life Insurance Co. Ltd.		98,406		4,541,835
Samsung SDI Co. Ltd.		46,748		20,667,362
Samsung SDS Co. Ltd.		44,196		4,218,002
Samsung Securities Co. Ltd.		185,679		4,674,494
Shinhan Financial Group Co. Ltd.		775,145		21,001,366
SK Hynix Inc.		390,538		27,457,918
SK Inc.		92,557		16,009,483
SK Innovation Co. Ltd.^(c)		68,456		9,636,913
Woori Financial Group Inc.		1,409,095		12,746,565


				475,360,623

Taiwan — 15.2%
Acer Inc.		36,783,000		26,418,348
ASE Technology Holding Co. Ltd.		1,509,000		4,198,053
Asustek Computer Inc.		962,000		8,004,839
AUO Corp.		9,084,000		4,960,131
Cathay Financial Holding Co. Ltd.		21,859,110		31,801,207
Chailease Holding Co. Ltd.		796,129		5,111,712
China Steel Corp.		9,676,000		9,163,812
Chunghwa Telecom Co. Ltd.		1,120,000		4,452,402
CTBC Financial Holding Co. Ltd.		27,455,000		21,029,322
Delta Electronics Inc.		2,634,000		22,551,378
E Ink Holdings Inc.		642,000		4,992,087
E.Sun Financial Holding Co. Ltd.		28,447,254		26,211,549
Eva Airways Corp.		4,145,000		4,536,161
Evergreen Marine Corp. Taiwan Ltd.		2,609,000		7,476,651
Far EasTone Telecommunications Co. Ltd.		8,572,000		21,023,304
First Financial Holding Co. Ltd.		33,397,722		28,975,147
Fubon Financial Holding Co. Ltd.		9,796,723		18,369,330
Hon Hai Precision Industry Co. Ltd.		1,921,000		6,840,256
Hotai Motor Co. Ltd.		344,000		6,892,973
MediaTek Inc.		1,044,000		22,588,740


Security	Shares		Value

Taiwan (continued)
Mega Financial Holding Co. Ltd.		8,698,625	$	10,202,843
momo.com Inc.		177,000		4,197,106
Shanghai Commercial & Savings Bank Ltd. (The)		4,428,000		7,244,826
Taishin Financial Holding Co. Ltd.		34,399,507		17,073,395
Taiwan Semiconductor Manufacturing Co. Ltd.		18,144,000		297,013,313
Unimicron Technology Corp.		783,000		3,836,485
United Microelectronics Corp.		10,839,000		14,420,927
Voltronic Power Technology Corp.		98,000		5,530,004


				645,116,301

Thailand — 3.0%
Advanced Info Service PCL, NVDR		3,060,100		16,099,533
Asset World Corp. PCL, NVDR		30,321,100		4,644,010
Bangkok Dusit Medical Services PCL, NVDR		15,700,900		12,583,492
BTS Group Holdings PCL, NVDR		56,130,700		12,920,885
Delta Electronics Thailand PCL, NVDR		267,700		3,847,098
Energy Absolute PCL, NVDR		1,951,400		4,555,922
Intouch Holdings PCL, NVDR		4,392,000		8,748,567
Kasikornbank PCL, NVDR		951,700		4,006,471
Krungthai Card PCL, NVDR		2,573,200		4,242,769
Minor International PCL, NVDR^(c)		5,678,300		5,084,903
PTT Exploration & Production PCL, NVDR		2,731,200		12,631,885
PTT Public Company Ltd., NVDR		20,087,400		20,638,243
SCB X PCL, NVS		1,428,700		4,318,754
Siam Cement PCL (The), NVDR		1,272,300		12,481,226


				126,803,758

Turkey — 0.2%
Aselsan Elektronik Sanayi Ve Ticaret AS		3,192,822		4,567,430
Turkiye Petrol Rafinerileri AS^(c)		237,535		4,691,485


				9,258,915

United Arab Emirates — 1.7%
Abu Dhabi Commercial Bank PJSC		7,913,441		19,521,695
Emirates Telecommunications Group Co. PJSC		2,956,460		20,701,900
First Abu Dhabi Bank PJSC		6,431,310		33,400,697


				73,624,292


Total Common Stocks — 96.6% (Cost: $4,312,487,595)				4,109,746,195


Preferred Stocks

Brazil — 1.9%
Banco Bradesco SA, Preference Shares, NVS		5,657,248		20,617,681
Cia. Energetica de Minas Gerais, Preference Shares, NVS		7,291,335		16,958,549


Security	Shares		Value


Brazil (continued)
Gerdau SA, Preference Shares, NVS		1,372,563	$	6,152,577
Itau Unibanco Holding SA, Preference Shares, NVS		2,806,782		13,924,928
Petroleo Brasileiro SA, Preference Shares, NVS		3,496,452		22,333,365


				79,987,100

Chile — 0.2%
Sociedad Quimica y Minera de Chile SA, Class B, Preference Shares		97,224		9,719,905


Colombia — 0.3%
Bancolombia SA, Preference Shares, NVS		1,460,064		10,081,002


South Korea — 0.6%
Samsung Electronics Co. Ltd., Preference Shares, NVS		666,692		26,969,129


Total Preferred Stocks — 3.0% (Cost: $120,187,346)				126,757,136


Total Long-Term Investments — 99.6% (Cost: $4,432,674,941)				4,236,503,331


Short-Term Securities

Money Market Funds — 0.7%
BlackRock Cash Funds: Institutional, SL Agency Shares, 2.42%^(e)(f)(g)		23,465,374		23,472,414
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.07%^(e)(f)		5,610,000		5,610,000


Total Short-Term Securities — 0.7% (Cost: $29,070,190)				29,082,414


Total Investments in Securities — 100.3% (Cost: $4,461,745,131)				4,265,585,745

Liabilities in Excess of Other Assets — (0.3)%				(14,061,073	)


Net Assets — 100.0%			$	4,251,524,672

^(a)	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.

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

^(c)	Non-income producing security.

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

^(e)	Affiliate of the Fund.

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

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

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

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

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

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

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 — 5.6%
Ambev SA		2,474,599	$	7,263,403
Americanas SA		335,452		1,053,607
Atacadao SA		261,529		992,849
B3 SA - Brasil, Bolsa, Balcao		3,200,698		7,290,533
Banco Bradesco SA		846,998		2,578,896
Banco BTG Pactual SA		617,193		3,019,291
Banco do Brasil SA		451,418		3,617,487
Banco Santander Brasil SA		196,369		1,108,595
BB Seguridade Participacoes SA		370,478		2,013,901
BRF SA^(a)		311,890		950,226
CCR SA		625,153		1,657,093
Centrais Eletricas Brasileiras SA		547,153		4,849,536
Cia. de Saneamento Basico do Estado de Sao Paulo		178,813		1,689,347
Cia. Siderurgica Nacional SA		348,529		924,516
Cosan SA		633,258		2,432,050
CPFL Energia SA		120,382		809,195
Energisa SA		102,596		833,997
Engie Brasil Energia SA		110,106		857,161
Equatorial Energia SA		531,770		2,471,590
Hapvida Participacoes e Investimentos SA^(b)		2,426,109		3,394,986
Hypera SA		218,404		1,808,139
JBS SA		409,390		2,328,512
Klabin SA		396,684		1,435,791
Localiza Rent a Car SA		386,910		4,523,271
Lojas Renner SA		516,669		2,628,831
Magazine Luiza SA^(a)		1,576,582		1,294,019
Natura & Co. Holding SA		469,103		1,300,259
Petro Rio SA^(a)		370,741		1,946,205
Petroleo Brasileiro SA		1,938,559		13,850,576
Raia Drogasil SA		563,135		2,355,416
Rede D’Or Sao Luiz SA^(b)		208,844		1,337,992
Rumo SA		681,716		2,648,293
Suzano SA		391,377		3,329,684
Telefonica Brasil SA		265,614		2,100,446
Tim SA		449,878		1,023,000
TOTVS SA		274,737		1,507,716
Ultrapar Participacoes SA		377,018		980,519
Vale SA		2,098,233		26,014,153
Vibra Energia SA		609,263		2,150,175
WEG SA		877,458		4,771,507
XP Inc.^(a)		1		19


				129,142,782

Chile — 0.5%
Banco de Chile		23,664,715		2,245,145
Banco de Credito e Inversiones SA		28,045		826,095
Banco Santander Chile		34,470,020		1,384,570
Cencosud SA		747,457		1,044,980
Cia. Cervecerias Unidas SA		67,562		367,160
Cia. Sud Americana de Vapores SA		7,866,566		740,357
Empresas CMPC SA		573,735		1,088,256
Empresas COPEC SA		200,949		1,733,374
Enel Americas SA		11,550,637		1,251,400
Enel Chile SA		16,822,182		552,199
Falabella SA		395,872		932,867


				12,166,403

Colombia — 0.2%
Bancolombia SA		135,209		1,044,061
Ecopetrol SA		2,542,368		1,295,580


Security	Shares		Value

Colombia (continued)
Interconexion Electrica SA ESP		243,497	$	1,053,926


				3,393,567

Czech Republic — 0.2%
CEZ AS^(c)		84,761		3,433,840
Komercni Banka AS		37,721		883,465
Moneta Money Bank AS^(b)		186,322		590,557


				4,907,862

Egypt — 0.1%
Commercial International Bank Egypt SAE		936,514		1,854,792
Eastern Co. SAE		601,868		304,922
Egyptian Financial Group-Hermes Holding Co.^(a)		407,407		271,322


				2,431,036

Greece — 0.4%
Alpha Services and Holdings SA^(a)		1,214,267		1,121,379
Eurobank Ergasias Services and Holdings SA, Class A^(a)		1,406,681		1,305,129
Hellenic Telecommunications Organization SA		112,372		1,787,709
JUMBO SA		63,779		911,769
Mytilineos SA		54,670		854,913
National Bank of Greece SA^(a)		300,638		970,229
OPAP SA		104,407		1,375,240
Public Power Corp. SA^(a)		111,825		583,770


				8,910,138

Hungary — 0.2%
MOL Hungarian Oil & Gas PLC		213,766		1,472,923
OTP Bank Nyrt		116,234		2,471,949
Richter Gedeon Nyrt		73,727		1,486,492


				5,431,364

India — 21.0%
ACC Ltd.		39,554		1,133,396
Adani Enterprises Ltd.		149,108		5,917,164
Adani Green Energy Ltd.^(a)		165,568		5,002,776
Adani Ports & Special Economic Zone Ltd.		270,156		2,826,507
Adani Power Ltd.^(a)		397,241		2,028,571
Adani Total Gas Ltd.		143,792		6,706,092
Adani Transmission Ltd.^(a)		145,748		7,147,264
Ambuja Cements Ltd.		309,435		1,586,732
Apollo Hospitals Enterprise Ltd.		52,449		2,818,000
Asian Paints Ltd.		201,152		8,468,262
AU Small Finance Bank Ltd.^(b)		86,130		677,347
Aurobindo Pharma Ltd.		137,424		935,614
Avenue Supermarts Ltd.^(a)(b)		84,745		4,763,706
Axis Bank Ltd.		1,229,856		11,461,629
Bajaj Auto Ltd.		35,877		1,827,354
Bajaj Finance Ltd.		142,277		12,840,684
Bajaj Finserv Ltd.		20,005		4,193,952
Balkrishna Industries Ltd.		40,211		1,021,483
Bandhan Bank Ltd.^(b)		361,023		1,245,954
Berger Paints India Ltd.		125,646		1,050,823
Bharat Electronics Ltd.		635,065		2,426,572
Bharat Forge Ltd.		131,894		1,214,173
Bharat Petroleum Corp. Ltd.		452,400		1,853,206
Bharti Airtel Ltd.		1,149,823		10,415,605
Biocon Ltd.		220,059		851,458
Britannia Industries Ltd.		56,546		2,645,865
Cholamandalam Investment and Finance Co. Ltd.		213,550		2,092,172
Cipla Ltd.		253,262		3,281,853
Coal India Ltd.		807,265		2,358,817
Colgate-Palmolive India Ltd.		64,106		1,346,029


Security	Shares		Value

India (continued)
Container Corp. of India Ltd.		141,515	$	1,227,570
Dabur India Ltd.		322,508		2,351,507
Divi’s Laboratories Ltd.		69,348		3,130,976
DLF Ltd.		322,003		1,555,444
Dr. Reddy’s Laboratories Ltd.		61,019		3,224,627
Eicher Motors Ltd.		71,231		2,972,843
GAIL India Ltd.		810,766		1,377,190
Godrej Consumer Products Ltd.^(a)		215,515		2,482,492
Godrej Properties Ltd.^(a)		64,608		1,126,876
Grasim Industries Ltd.		137,974		2,875,576
Havells India Ltd.		129,701		2,245,339
HCL Technologies Ltd.		569,076		6,619,399
HDFC Life Insurance Co. Ltd.^(b)		497,209		3,563,102
Hero MotoCorp Ltd.		57,108		2,011,640
Hindalco Industries Ltd.		704,156		3,819,060
Hindustan Petroleum Corp. Ltd.		336,223		1,020,519
Hindustan Unilever Ltd.		430,939		14,266,650
Housing Development Finance Corp. Ltd.		902,044		27,309,754
ICICI Bank Ltd.		2,703,411		29,643,834
ICICI Lombard General Insurance Co. Ltd.^(b)		124,736		2,003,698
ICICI Prudential Life Insurance Co. Ltd.^(b)		187,859		1,386,850
Indian Oil Corp. Ltd.		1,487,484		1,327,295
Indian Railway Catering & Tourism Corp. Ltd.		125,708		1,102,633
Indraprastha Gas Ltd.		161,092		842,241
Indus Towers Ltd.		358,151		890,633
Info Edge India Ltd.		36,735		1,976,084
Infosys Ltd.		1,764,329		32,518,507
InterGlobe Aviation Ltd.^(a)(b)		49,823		1,244,204
ITC Ltd.		1,549,457		6,192,063
Jindal Steel & Power Ltd.		215,339		1,158,679
JSW Steel Ltd.		378,538		3,139,267
Jubilant Foodworks Ltd.		204,730		1,559,477
Kotak Mahindra Bank Ltd.		290,597		6,894,172
Larsen & Toubro Infotech Ltd.^(b)		27,338		1,564,372
Larsen & Toubro Ltd.		360,589		8,606,262
Lupin Ltd.		107,687		899,880
Mahindra & Mahindra Ltd.		455,647		7,395,438
Marico Ltd.		271,428		1,781,887
Maruti Suzuki India Ltd.		63,115		7,119,208
Mindtree Ltd.		31,172		1,268,387
Mphasis Ltd.		43,664		1,148,689
MRF Ltd.		1,047		1,116,019
Muthoot Finance Ltd.		64,305		842,477
Nestle India Ltd.		17,661		4,397,216
NTPC Ltd.		2,018,747		4,138,144
Oil & Natural Gas Corp. Ltd.		1,303,689		2,256,834
Page Industries Ltd.		3,181		2,026,669
Petronet LNG Ltd.		399,844		1,103,073
PI Industries Ltd.		39,469		1,687,664
Pidilite Industries Ltd.		80,407		2,744,733
Piramal Pharma Ltd., NVS		252,616		678,671
Power Grid Corp. of India Ltd.		1,630,937		4,669,489
Reliance Industries Ltd.		1,596,103		52,288,406
Samvardhana Motherson International Ltd.		683,029		1,041,804
SBI Cards & Payment Services Ltd.		122,703		1,406,945
SBI Life Insurance Co. Ltd.^(b)		235,379		3,889,811
Shree Cement Ltd.		5,565		1,527,706
Shriram Transport Finance Co. Ltd.		98,802		1,658,323
Siemens Ltd.		37,400		1,342,828
SRF Ltd.		76,880		2,426,165


Security	Shares		Value

India (continued)
State Bank of India		935,466	$	6,159,080
Sun Pharmaceutical Industries Ltd.		502,669		5,609,894
Tata Consultancy Services Ltd.		480,669		19,169,842
Tata Consumer Products Ltd.		287,748		2,908,287
Tata Elxsi Ltd.		17,972		2,004,667
Tata Motors Ltd.^(a)		867,792		5,053,667
Tata Power Co. Ltd. (The)		744,384		2,182,805
Tata Steel Ltd.		3,833,897		5,147,399
Tech Mahindra Ltd.		303,712		4,046,515
Titan Co. Ltd.		185,241		6,002,603
Torrent Pharmaceuticals Ltd.		53,152		1,027,044
Trent Ltd.		93,998		1,644,033
UltraTech Cement Ltd.		53,429		4,441,813
United Spirits Ltd.^(a)		148,627		1,502,304
UPL Ltd.		258,766		2,478,475
Vedanta Ltd.		384,958		1,290,152
Wipro Ltd.		715,622		3,664,115
Yes Bank Ltd.^(a)		5,866,100		1,202,347
Zomato Ltd.^(a)		1,232,192		880,802


				484,642,205

Indonesia — 2.9%
Adaro Energy Indonesia Tbk PT		7,617,800		1,816,059
Adaro Minerals Indonesia Tbk PT^(a)		4,241,800		489,194
Aneka Tambang Tbk		4,325,000		578,324
Astra International Tbk PT		10,597,400		4,972,502
Bank Central Asia Tbk PT		28,924,900		15,972,990
Bank Jago Tbk PT^(a)		2,166,300		1,227,514
Bank Mandiri Persero Tbk PT		9,717,700		5,782,857
Bank Negara Indonesia Persero Tbk PT		3,884,000		2,227,729
Bank Rakyat Indonesia Persero Tbk PT		35,671,171		10,417,016
Barito Pacific Tbk PT		14,476,500		799,141
Charoen Pokphand Indonesia Tbk PT		3,856,300		1,526,411
Gudang Garam Tbk PT		251,500		402,171
Indah Kiat Pulp & Paper Tbk PT		1,425,800		798,660
Indofood CBP Sukses Makmur Tbk PT		1,258,400		704,321
Indofood Sukses Makmur Tbk PT		2,299,700		964,759
Kalbe Farma Tbk PT		11,081,100		1,253,039
Merdeka Copper Gold Tbk PT^(a)		6,276,659		1,804,980
Sarana Menara Nusantara Tbk PT		11,979,600		1,001,522
Semen Indonesia Persero Tbk PT		1,554,800		690,425
Sumber Alfaria Trijaya Tbk PT		8,806,400		1,292,445
Telkom Indonesia Persero Tbk PT		25,830,800		7,910,186
Tower Bersama Infrastructure Tbk PT		2,735,400		519,330
Unilever Indonesia Tbk PT		3,945,400		1,219,235
United Tractors Tbk PT		873,700		1,989,473
Vale Indonesia Tbk PT^(a)		1,322,300		541,974


				66,902,257

Kuwait — 1.3%
Agility Public Warehousing Co. KSC		784,520		2,140,289
Boubyan Bank KSCP		683,155		1,851,759
Gulf Bank KSCP		816,169		926,724
Kuwait Finance House KSCP		2,692,974		7,860,739
Mabanee Co. KPSC		310,088		833,391
Mobile Telecommunications Co. KSCP		1,131,098		2,220,562
National Bank of Kuwait SAKP		3,774,486		12,911,805


				28,745,269

Malaysia — 2.2%
AMMB Holdings Bhd		990,100		920,244
Axiata Group Bhd		1,433,800		972,311


Security	Shares		Value

Malaysia (continued)
CIMB Group Holdings Bhd		3,559,900	$	4,257,174
Dialog Group Bhd		1,909,800		1,033,121
DiGi.Com Bhd		1,619,600		1,351,768
Genting Bhd		1,111,500		1,161,723
Genting Malaysia Bhd		1,590,400		1,055,667
HAP Seng Consolidated Bhd		325,300		505,158
Hartalega Holdings Bhd		901,400		334,337
Hong Leong Bank Bhd		339,300		1,579,285
Hong Leong Financial Group Bhd		120,100		519,156
IHH Healthcare Bhd		948,600		1,309,234
Inari Amertron Bhd		1,382,500		822,821
IOI Corp. Bhd		1,366,200		1,291,258
Kuala Lumpur Kepong Bhd		227,000		1,173,674
Malayan Banking Bhd		2,471,300		4,943,829
Malaysia Airports Holdings Bhd^(a)		345,944		452,049
Maxis Bhd^(c)		1,223,700		1,048,981
MISC Bhd		735,200		1,163,263
MR DIY Group M Bhd^(b)		1,164,350		562,088
Nestle Malaysia Bhd		36,800		1,091,980
Petronas Chemicals Group Bhd		1,245,500		2,443,009
Petronas Dagangan Bhd		151,100		793,397
Petronas Gas Bhd		389,700		1,506,001
PPB Group Bhd		317,140		1,247,160
Press Metal Aluminium Holdings Bhd		1,918,500		2,033,411
Public Bank Bhd		7,976,900		8,376,064
QL Resources Bhd		497,100		566,464
RHB Bank Bhd		753,800		963,191
Sime Darby Bhd		1,419,100		723,031
Sime Darby Plantation Bhd		1,075,400		1,068,949
Telekom Malaysia Bhd		631,800		839,900
Tenaga Nasional Bhd		1,339,100		2,689,869
Top Glove Corp. Bhd^(c)		2,759,700		494,111


				51,293,678

Mexico — 2.9%
Alfa SAB de CV, Class A		1,497,300		952,790
America Movil SAB de CV, Series L, NVS		14,646,000		12,482,159
Arca Continental SAB de CV		232,500		1,582,775
Cemex SAB de CV, NVS^(a)		7,940,900		2,944,359
Coca-Cola Femsa SAB de CV		275,900		1,686,911
Fibra Uno Administracion SA de CV		1,618,700		1,694,507
Fomento Economico Mexicano SAB de CV		1,016,900		6,373,512
Gruma SAB de CV, Class B^(c)		106,370		1,159,080
Grupo Aeroportuario del Pacifico SAB de CV, Class B		189,800		2,702,317
Grupo Aeroportuario del Sureste SAB de CV, Class B		100,470		2,127,990
Grupo Bimbo SAB de CV, Series A		698,600		2,296,245
Grupo Carso SAB de CV, Series A1^(c)		231,500		796,659
Grupo Financiero Banorte SAB de CV, Class O		1,361,100		8,038,303
Grupo Financiero Inbursa SAB de CV, Class O^(a)		1,132,600		1,784,366
Grupo Mexico SAB de CV, Series B		1,629,300		6,168,963
Grupo Televisa SAB, CPO^(c)		1,254,400		1,580,881
Industrias Penoles SAB de CV		75,415		619,858
Kimberly-Clark de Mexico SAB de CV, Class A^(c)		792,400		1,073,367
Operadora De Sites Mexicanos SAB de CV		675,300		672,401
Orbia Advance Corp. SAB de CV		521,100		983,408
Promotora y Operadora de Infraestructura SAB de CV		123,080		865,131
Wal-Mart de Mexico SAB de CV		2,745,200		8,971,482


				67,557,464


Security	Shares		Value

Peru — 0.3%
Cia. de Minas Buenaventura SAA, ADR		113,314	$	602,831
Credicorp Ltd.		37,496		4,832,859
Southern Copper Corp.		44,809		2,109,160


				7,544,850

Philippines — 1.1%
Aboitiz Equity Ventures Inc.		876,510		874,220
ACEN Corp.		4,484,420		597,197
Ayala Corp.		129,160		1,609,529
Ayala Land Inc.		3,843,000		1,950,831
Bank of the Philippine Islands		886,330		1,496,469
BDO Unibank Inc.		1,027,060		2,348,523
Converge Information and Communications Technology Solutions Inc.^(a)		1,173,100		361,728
Globe Telecom Inc.		13,360		498,482
GT Capital Holdings Inc.		53,474		457,999
International Container Terminal Services Inc.		507,560		1,634,679
JG Summit Holdings Inc.		1,658,120		1,507,821
Jollibee Foods Corp.		244,400		1,041,702
Manila Electric Co.		110,380		591,157
Metro Pacific Investments Corp.		5,475,600		363,331
Metropolitan Bank & Trust Co.		1,012,527		946,338
Monde Nissin Corp.^(a)(b)		3,190,700		936,420
PLDT Inc.		43,710		1,302,894
SM Investments Corp.		125,415		1,851,244
SM Prime Holdings Inc.		6,010,400		4,040,324
Universal Robina Corp.		441,800		958,913


				25,369,801

Poland — 0.8%
Allegro.eu SA ^(a)(b)(c)		192,915		1,011,875
Bank Polska Kasa Opieki SA		95,146		1,316,260
CD Projekt SA		34,245		610,693
Cyfrowy Polsat SA		133,787		551,775
Dino Polska SA^(a)(b)		25,594		1,867,173
KGHM Polska Miedz SA		72,388		1,356,506
LPP SA		586		1,055,165
mBank SA^(a)(c)		7,826		359,535
Orange Polska SA		344,005		438,383
PGE Polska Grupa Energetyczna SA^(a)		459,306		700,146
Polski Koncern Naftowy ORLEN SA		211,934		2,745,015
Polskie Gornictwo Naftowe i Gazownictwo SA^(a)		899,997		1,069,132
Powszechna Kasa Oszczednosci Bank Polski SA		454,946		2,269,517
Powszechny Zaklad Ubezpieczen SA		312,032		1,867,770
Santander Bank Polska SA		19,144		869,895


				18,088,840

Qatar — 1.7%
Barwa Real Estate Co.		953,788		952,963
Commercial Bank PSQC (The)		1,697,404		3,372,597
Industries Qatar QSC		803,107		3,951,943
Masraf Al Rayan QSC		2,899,112		3,555,803
Mesaieed Petrochemical Holding Co.		2,399,508		1,692,591
Ooredoo QPSC		418,427		1,032,185
Qatar Electricity & Water Co. QSC		251,286		1,290,274
Qatar Fuel QSC		260,481		1,345,272
Qatar Gas Transport Co. Ltd.		1,307,690		1,418,697
Qatar International Islamic Bank QSC		373,537		1,206,915
Qatar Islamic Bank SAQ		864,944		6,008,580
Qatar National Bank QPSC		2,418,372		13,539,666


				39,367,486


Security	Shares		Value

Romania — 0.1%
NEPI Rockcastle SA		231,766	$	1,234,975


Russia — 0.0%
Alrosa PJSC^(d)		1,271,273		208
Gazprom PJSC^(a)(d)		5,613,440		920
Inter RAO UES PJSC^(d)		19,580,300		3,210
LUKOIL PJSC^(d)		197,285		32
Magnit PJSC^(d)		26,665		4
Magnit PJSC, GDR^(d)		1		—
MMC Norilsk Nickel PJSC^(d)		29,789		5
Mobile TeleSystems PJSC^(d)		418,880		69
Moscow Exchange MICEX-RTS PJSC^(a)(d)		631,870		104
Novatek PJSC^(d)		433,150		71
Novolipetsk Steel PJSC^(d)		785,210		129
Ozon Holdings PLC, ADR^(a)(d)		534		—
PhosAgro PJSC^(d)		22,411		4
PhosAgro PJSC, GDR^(d)		1		—
PhosAgro PJSC, New^(d)		433		4
Polymetal International PLC^(d)		137,561		23
Polyus PJSC^(d)		13,397		2
Rosneft Oil Co. PJSC^(d)		532,936		87
Sberbank of Russia PJSC^(a)(d)		4,933,827		809
Severstal PAO^(d)		109,143		18
Surgutneftegas PJSC^(d)		3,671,000		602
Tatneft PJSC^(d)		685,605		112
TCS Group Holding PLC, GDR^(a)(d)		58,085		10
United Co. RUSAL International PJSC^(a)(d)		1,500,930		246
VK Co. Ltd.^(a)(d)		873		—
VTB Bank PJSC^(d)		1,160,968,000		190
X5 Retail Group NV, GDR^(d)		67,732		11
Yandex NV^(a)(d)		149,219		25


				6,895

Saudi Arabia — 6.9%
ACWA Power Co.		42,151		1,958,870
Advanced Petrochemical Co.		66,768		885,783
Al Rajhi Bank		1,027,505		24,598,249
Alinma Bank		510,804		5,146,228
Almarai Co. JSC		131,371		1,848,936
AngloGold Ashanti Ltd.		218,954		2,924,057
Arab National Bank		315,835		2,517,722
Bank AlBilad^(a)		258,794		3,477,150
Bank Al-Jazira		210,374		1,313,587
Banque Saudi Fransi		311,184		4,106,550
Bupa Arabia for Cooperative Insurance Co.		31,635		1,383,558
Dar Al Arkan Real Estate Development Co.^(a)		275,057		1,031,266
Dr Sulaiman Al Habib Medical Services Group Co.		45,882		2,437,817
Elm Co.		12,378		1,129,785
Emaar Economic City^(a)		213,751		572,767
Etihad Etisalat Co.		199,046		1,936,026
Jarir Marketing Co.		31,692		1,446,984
Mobile Telecommunications Co.^(a)		210,702		647,424
Mouwasat Medical Services Co.		25,845		1,656,411
National Industrialization Co.^(a)		170,031		717,239
Rabigh Refining & Petrochemical Co.^(a)		219,696		1,010,535
Reinet Investments SCA		71,646		1,175,908
Riyad Bank		707,474		6,662,377
SABIC Agri-Nutrients Co.		112,494		5,193,160
Sahara International Petrochemical Co.		188,489		2,380,752
Saudi Arabian Mining Co.^(a)		451,022		8,899,493
Saudi Arabian Oil Co.^(b)		1,269,869		12,649,144


Security	Shares		Value

Saudi Arabia (continued)
Saudi Basic Industries Corp.		471,983	$	12,538,339
Saudi British Bank (The)		483,664		5,130,669
Saudi Electricity Co.		441,371		2,954,477
Saudi Industrial Investment Group		190,978		1,295,253
Saudi Investment Bank (The)		256,850		1,365,640
Saudi Kayan Petrochemical Co.^(a)		384,026		1,493,384
Saudi National Bank (The)		1,148,744		21,302,150
Saudi Research & Media Group^(a)		18,730		1,049,895
Saudi Tadawul Group Holding Co.		18,921		1,143,035
Saudi Telecom Co.		801,845		8,902,491
Savola Group (The)		138,557		1,200,250
Yanbu National Petrochemical Co.		131,310		1,744,890


				159,828,251

South Africa — 4.7%
Absa Group Ltd.		424,020		4,391,641
African Rainbow Minerals Ltd.		58,242		803,411
Anglo American Platinum Ltd.		27,771		1,938,681
Aspen Pharmacare Holdings Ltd.		204,110		1,751,630
Bid Corp. Ltd.		175,267		3,326,018
Bidvest Group Ltd. (The)		152,329		1,911,588
Capitec Bank Holdings Ltd.		45,642		5,427,078
Clicks Group Ltd.		129,426		2,251,859
Discovery Ltd.^(a)		263,061		1,884,817
Exxaro Resources Ltd.		128,633		1,638,815
FirstRand Ltd.		2,647,964		9,890,434
Foschini Group Ltd. (The)		171,400		1,272,435
Gold Fields Ltd.		466,460		3,767,295
Growthpoint Properties Ltd.		1,798,956		1,338,025
.Harmony Gold Mining Co. Ltd.		297,052		756,473
Impala Platinum Holdings Ltd.		442,915		4,641,017
Kumba Iron Ore Ltd.		33,992		752,559
Mr. Price Group Ltd.		134,643		1,458,561
MTN Group Ltd.		887,240		6,421,882
MultiChoice Group		195,517		1,319,636
Naspers Ltd., Class N		114,340		16,122,676
Nedbank Group Ltd.		239,704		2,829,338
Northam Platinum Holdings Ltd.^(a)		175,669		1,653,235
Old Mutual Ltd.		2,463,119		1,459,207
Pepkor Holdings Ltd.^(b)		865,345		1,015,958
Remgro Ltd.		276,498		2,050,353
Sanlam Ltd.		935,594		2,908,617
Sasol Ltd.^(a)		296,914		5,710,442
Shoprite Holdings Ltd.		264,654		3,588,714
Sibanye Stillwater Ltd.		1,470,316		3,284,717
SPAR Group Ltd. (The)		103,455		945,719
Standard Bank Group Ltd.		704,789		6,289,237
Vodacom Group Ltd.		338,543		2,491,899
Woolworths Holdings Ltd.		523,455		1,711,361


				109,005,328

South Korea — 16.0%
Alteogen Inc.^(a)		14,165		667,853
Amorepacific Corp.		15,032		1,370,032
AMOREPACIFIC Group		15,267		395,205
BGF retail Co. Ltd.		4,101		491,212
Celltrion Healthcare Co. Ltd.		44,517		2,382,289
Celltrion Inc.		51,667		7,272,516
Celltrion Pharm Inc.^(a)		8,611		500,861
Cheil Worldwide Inc.		35,992		586,796
CJ CheilJedang Corp.		4,434		1,345,000
CJ Corp.		7,793		453,416


	Average Annual Total Returns									Cumulative Total Returns

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

Fund NAV		(25.08	)%		0.36	%		5.75	%		(25.08	)%		1.82	%		41.23	%
Fund Market		(25.13	)		0.14			5.65			(25.13	)		0.70			40.45
Index		(24.59	)		0.70			6.37			(24.59	)		3.56			46.36


Actual						Hypothetical 5% Return


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

	$ 1,000.00	$ 847.60		$ 1.16			$ 1,000.00		$ 1,023.90		$ 1.28		0.25	%


	Average Annual Total Returns									Cumulative Total Returns

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

Fund NAV		(19.17	)%		1.67	%		1.99	%		(19.17	)%		8.64	%		10.63	%
Fund Market		(19.85	)		1.35			1.83			(19.85	)		6.95			9.76
Index		(18.52	)		2.25			2.58			(18.52	)		11.79			13.94


Actual						Hypothetical 5% Return


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

	$ 1,000.00	$ 867.30		$ 1.18			$ 1,000.00		$ 1,023.90		$ 1.28		0.25	%



	Percent of
Sector		Total Investments	^(a)

Information Technology		25.9	%
Financials		24.8
Materials		10.7
Energy		6.5
Consumer Discretionary		6.3
Consumer Staples		6.3
Communication Services		6.1
Industrials		5.9
Utilities		3.3
Health Care		3.0
Real Estate		1.2

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


		Page

The Markets in Review		2
Annual Report:
Market Overview		4
Fund Summary		5
About Fund Performance		15
Disclosure of Expenses		15
Schedules of Investments		16
Financial Statements
Statements of Assets and Liabilities		48
Statements of Operations		50
Statements of Changes in Net Assets		52
Financial Highlights		55
Notes to Financial Statements		60
Report of Independent Registered Public Accounting Firm		71
Important Tax Information		72
Board Review and Approval of Investment Advisory Contract		73
Supplemental Information		81
Director and Officer Information		83
General Information		86
Glossary of Terms Used in this Report		87


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


Fund Summary as of August 31, 2022		iShares^® ESG Aware MSCI EM ETF


Fund Summary as of August 31, 2022 (continued)		iShares^® ESG Aware MSCI EM ETF


Fund Summary as of August 31, 2022		iShares^® MSCI Emerging Markets ex China ETF


Fund Summary as of August 31, 2022		iShares^® MSCI Emerging Markets Min Vol Factor ETF


Fund Summary as of August 31, 2022		iShares^® MSCI Emerging Markets Multifactor ETF


Actual						Hypothetical 5% Return


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

	$ 1,000.00	$ 887.70		$ 2.19			$ 1,000.00		$ 1,022.90		$ 2.35		0.46	%



Sector	Percent of Total Investments	^(a)

Information Technology	18.4	%
Financials	16.8
Consumer Discretionary	16.1
Materials	9.9
Industrials	8.6
Utilities	6.8
Energy	6.5
Health Care	6.2
Communication Services	5.0
Consumer Staples	3.9
Real Estate	1.8


Fund Summary as of August 31, 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		15




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


BlackRock Cash Funds: Institutional, SL Agency Shares	$	41,185,570	$	—	$	(17,706,675	)^(a)	$	(10,999	)	$	4,518	$	23,472,414		23,465,374	$	821,916	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		6,140,000		—		(530,000	)^(a)		—			—		5,610,000		5,610,000		39,484			—


								$	(10,999	)	$	4,518	$	29,082,414			$	861,400		$	—




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


Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts^(a)	$	—	$	—	$	26,884	$	—	$	—	$	—	$	26,884


Futures contracts
Average notional value of contracts — long	$	11,484,200




	Level 1		Level 2		Level 3		Total


Investments
Assets
Common Stocks	$	453,933,147	$	3,655,808,445	$	4,603	$	4,109,746,195
Preferred Stocks		99,788,007		26,969,129		—		126,757,136
Money Market Funds		29,082,414		—		—		29,082,414


	$	582,803,568	$	3,682,777,574	$	4,603	$	4,265,585,745

Derivative financial instruments^(a)
Assets
Futures Contracts	$	26,884	$	—	$	—	$	26,884