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 Core MSCI Emerging Markets ETF (the “Fund”) seeks to track the investment results of an index composed of large-, mid- and small-capitalization emerging market equities, as represented by the MSCI Emerging Markets Investable Market 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 October 18, 2012. The first day of secondary market trading was October 22, 2012.

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.

Emerging markets stocks 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.

Chinese equities drove the majority of detraction from the Index’s return, as economic growth slowed amid continuing coronavirus-related restrictions and lockdowns. Unemployment ran high and consumer spending weakened, while inflationary pressures mounted and supply chain disruptions persisted. Concerns about delisting from U.S. exchanges arising from U.S. audit requirements also impacted Chinese stocks.

Within China, the consumer discretionary sector detracted significantly from the Index’s return. 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 internet and direct marketing retail industry declined as competitive advantages weakened, while concerns surrounding customer growth and slowing consumption pressured margins and earnings.

Technology-related equities in China’s communication services sector detracted substantially from the Index’s return, as coronavirus-related restrictions and regulatory issues weighed on earnings and forward guidance. The media and entertainment industry declined amid rules limiting video game use and restrictions on key advertisers. Revenue growth slowed for media and videogaming firms, constraining earnings and raising concerns about future growth.

Chinese healthcare stocks also 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, meaning U.S. companies must conduct stricter due diligence in any dealings with them.

South Korean stocks also weighed on the Index’s return, particularly in the technology hardware, storage, and peripherals industry in the information technology sector. Budgetary reductions from major chip customers amid global economic uncertainty slowed sales growth, lowered profits, and affected capacity expansion plans for producers of semiconductors. Indications of weakening consumer demand for personal computers and cell phones further pressured the near-term outlook for semiconductors stocks.

The iShares MSCI BIC ETF (the “Fund”) (formerly the iShares MSCI BRIC ETF) seeks to track the investment results of an index composed of Chinese equities that are available to international investors, and Brazilian, and Indian equities, as represented by the MSCI BIC Index (the “Index”) (formerly the MSCI BRIC 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.

In response to recent negative developments that led to a material deterioration in the accessability of the Russian equity market to the international institutional investors, MSCI announced on March 2, 2022 that they would remove all Russian securities from their indexes effective March 9, 2022. On March 8, 2022, the Board approved a proposal to change the name of the Fund from iShares MSCI BRIC ETF to iShares MSCI BIC ETF and to change the Fund’s investment objective. These changes became effective on March 10, 2022.

The Index declined sharply during the reporting period, especially in the wake of Russia’s February 2022 invasion of Ukraine. Leading up to the invasion, Russian equities and the Russian ruble lost substantial value as investors fled due to geopolitical concerns and expectations that Western nations would impose sanctions on Russian companies. After the attack, the country’s currency and stock market posted even steeper declines. 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.

Chinese equities declined sharply as economic growth slowed amid continuing pandemic-related restrictions, while a wide-ranging regulatory crackdown continued to raise uncertainty that pressured technology stocks and the property market. Unemployment rose and consumer spending weakened as inflationary pressures and supply chain disruptions continued. Concerns about delisting from U.S. exchanges arising from audit requirements also weighed on Chinese stocks.

Indian equities declined during the reporting period as inflation weakened the country’s recovery from the coronavirus pandemic, which slowed economic growth well into 2021. Early in the reporting period, Indian stocks advanced as accommodative monetary policy increased liquidity and, despite a resurgence of COVID-19 cases, India’s economic growth was among the world’s strongest as domestic demand improved and foreign inflows rose. Later in the reporting period, foreign outflows surged as rising commodities prices and India’s heavy reliance on imported oil helped drive inflation and raised concerns about an economic slowdown despite strong growth data.

Brazilian stocks declined overall during the reporting period amid high inflation, rising interest rates, and slowing economic growth. Rising commodities prices and a shift toward value stocks bolstered the market in the first quarter of 2022 as exports rose to multi-decade highs. Prices for oil, metals, and agricultural commodities, which are Brazil’s primary exports, rose, especially after Russia invaded Ukraine. However, Brazilian equities declined late in the reporting period as slowing global growth and recessionary fears started to weigh on commodities prices.

The iShares MSCI Emerging Markets Asia ETF (the “Fund”) seeks to track the investment results of an index composed of Asian emerging market equities, as represented by the MSCI EM Asia Custom Capped 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.

Index performance through May 31, 2018 reflects the performance of the MSCI Emerging Markets Asia. Index performance beginning on June 1, 2018 reflects the performance of the MSCI EM Asia Custom Capped Index.

Stocks in Asian emerging markets 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.

Chinese equities were the largest detractors from the Index’s return, led by the consumer discretionary sector. 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 internet and direct marketing retail industry declined as competitive advantages weakened, while concerns surrounding customer growth and slowing consumption pressured margins and earnings. Automobiles stocks, including those of electric carmakers, declined along with vehicle sales as restrictions slowed production and kept customers home.

China’s communication services sector also detracted from the Index’s return, as COVID-19-related restrictions and regulatory issues weighed on earnings and forward guidance. Notably, government-imposed lockdowns in media-rich Shanghai and other cities across China decreased online advertising spending. Against this backdrop, revenue growth slowed for interactive media and services companies, constraining earnings and raising concerns about future growth. Chinese information technology companies also declined, notably in the technology hardware and equipment industry, as domestic demand for consumer electronics shrank due to coronavirus-related lockdowns.

Taiwan’s semiconductors industry in the information technology sector weighed on the Index’s performance against a backdrop of lower global consumer demand, increased outflows of foreign capital driven by market volatility, and political tensions between the U.S. and China resulting in fears of a potential military conflict over Taiwan.

The iShares MSCI Emerging Markets Small-Cap ETF (the “Fund”) seeks to track the investment results of an index composed of small-capitalization emerging market equities, as represented by the MSCI Emerging Markets Small Cap 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.

Small-capitalization stocks in emerging markets 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.

South Korean equities detracted the most from the Index’s return, as investor concerns over the Fed’s monetary tightening reverberated in Korean markets. Korean healthcare stocks declined significantly, with a combination of domestic factors buffeting companies in the pharmaceuticals and biotechnology industries, including an embezzlement scandal at one company and a U.S. Food and Drug Administration order that a Korean pharmaceutical firm’s proposed treatment for a rare heart condition must undergo a second trial. A potential glut of coronavirus vaccines amid a flood of entrants to the market dimmed investor sentiment toward the healthcare sector across regions. Against this backdrop, a Korean vaccine maker ceased work on a new COVID-19 vaccine candidate after two years of development.

Real estate stocks in China further detracted from the Index’s performance, as a debt crisis, falling home prices, and a homebuyer boycott of mortgage payments drove stress in the property market. International credit rating agencies issued downgrades of many Chinese real estate developers during the reporting period, as the financial collapse of a major real estate company drove fears of a liquidity shortage for builders and weakness in China’s economy. Additionally, stocks of some small-capitalization companies in the real estate development industry declined significantly as investors grew concerned over nonpayment of debt leading to bond defaults.

The Taiwanese information technology sector was another source of weakness for the Index’s return, as stocks of companies in the semiconductors industry declined against a backdrop of lower global consumer demand. Other factors affecting Taiwanese equities during the reporting period included outflows of foreign capital driven by fears of increased market volatility and political tensions between the U.S. and China over Taiwan’s status.

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 — 4.0%
3R Petroleum Oleo E Gas SA^(a)		1,580,263	$	11,357,457
AES Brasil Energia SA		2,221,437		4,141,923
Aliansce Sonae Shopping Centers SA		1,663,309		5,620,670
Alupar Investimento SA		1,832,969		10,023,829
Ambev SA		41,350,958		121,372,660
Americanas SA		5,808,734		18,244,409
Anima Holding SA^(a)		3,109,114		3,024,011
Arezzo Industria e Comercio SA		597,046		10,604,154
Atacadao SA		3,761,670		14,280,521
Auren Energia SA		2,988,669		8,829,741
B3 SA - Brasil, Bolsa, Balcao		53,197,444		121,172,865
Banco Bradesco SA		13,446,616		40,941,565
Banco BTG Pactual SA		10,399,486		50,874,004
Banco do Brasil SA		7,271,332		58,269,612
Banco Santander Brasil SA		3,053,910		17,240,761
BB Seguridade Participacoes SA		5,845,164		31,774,035
Boa Vista Servicos SA		1,844,216		2,410,555
BR Malls Participacoes SA		6,651,898		10,548,623
BR Properties SA		2,615,828		4,113,000
BRF SA^(a)		5,249,715		15,994,153
Camil Alimentos SA		1,635,078		3,146,073
CCR SA		10,675,094		28,296,468
Centrais Eletricas Brasileiras SA		9,184,228		81,401,806
Cia. Brasileira de Aluminio		1,496,491		3,696,353
Cia. Brasileira de Distribuicao		1,535,132		6,400,318
Cia. de Saneamento Basico do Estado de Sao Paulo		2,911,170		27,503,461
Cia. de Saneamento de Minas Gerais-COPASA		2,001,354		5,193,426
Cia. de Saneamento do Parana		1,742,458		5,797,699
Cia. Siderurgica Nacional SA		6,196,630		16,437,316
Cielo SA		11,716,270		12,386,492
Cogna Educacao^(a)		16,993,152		8,100,688
Cosan SA		9,939,369		38,172,496
CPFL Energia SA		1,420,194		9,546,399
CVC Brasil Operadora e Agencia de Viagens SA^(a)		2,534,170		3,716,692
Cyrela Brazil Realty SA Empreendimentos e Participacoes		2,560,556		6,969,374
Dexco SA		3,601,091		6,811,229
EcoRodovias Infraestrutura e Logistica SA^(a)		2,743,887		3,090,723
EDP - Energias do Brasil SA		2,276,656		9,929,518
Embraer SA^(a)		6,323,033		16,796,924
Enauta Participacoes SA		1,246,325		4,003,170
Energisa SA		1,419,146		11,536,153
Eneva SA^(a)		8,974,443		26,738,403
Engie Brasil Energia SA		1,419,388		11,049,749
Equatorial Energia SA		8,767,674		40,750,876
Ez Tec Empreendimentos e Participacoes SA		1,183,172		4,107,352
Fleury SA		2,199,459		6,662,977
GPS Participacoes e Empreendimentos SA^(b)		2,148,740		5,617,189
Grendene SA		3,735,240		5,485,398
Grupo De Moda Soma SA		4,411,052		11,471,923
Grupo Mateus SA^(a)		5,218,259		6,439,571
Grupo SBF SA		1,160,589		4,887,841
Guararapes Confeccoes SA		980,061		1,733,154
Hapvida Participacoes e Investimentos SA^(b)		39,539,609		55,329,916
Hypera SA		3,195,274		26,453,262
Iguatemi SA		1,845,804		6,982,436
Instituto Hermes Pardini SA		659,927		2,487,538


Security	Shares		Value

Brazil (continued)
Intelbras SA Industria de Telecomunicacao Eletronica Brasileira		530,845	$	2,818,303
Iochpe Maxion SA		1,416,291		3,702,437
IRB Brasil Resseguros S/A^(a)		9,315,480		2,936,604
JBS SA		6,735,718		38,311,144
JHSF Participacoes SA		3,748,630		4,467,458
Klabin SA		6,492,350		23,498,952
Light SA		2,854,425		3,105,499
Localiza Rent a Car SA		6,446,947		75,369,698
Locaweb Servicos de Internet SA^(a)(b)		4,405,863		7,918,426
LOG Commercial Properties e Participacoes SA		713,719		3,669,841
Lojas Quero Quero S/A		2,171,404		2,817,349
Lojas Renner SA		8,651,762		44,020,479
M. Dias Branco SA		1,005,633		8,170,865
Magazine Luiza SA^(a)		26,306,535		21,591,747
Marfrig Global Foods SA		2,920,640		7,382,442
Meliuz SA^(a)(b)		9,294,722		2,340,475
Minerva SA		2,768,827		8,222,816
Movida Participacoes SA		1,789,934		4,727,374
MRV Engenharia e Participacoes SA		3,266,813		6,448,979
Multiplan Empreendimentos Imobiliarios SA		2,400,628		11,120,855
Natura & Co. Holding SA		7,891,204		21,872,821
Odontoprev SA		3,056,235		5,281,323
Omega Energia SA^(a)		3,206,465		6,927,700
Pet Center Comercio e Participacoes SA		3,377,730		7,031,527
Petro Rio SA^(a)		6,197,606		32,534,334
Petroleo Brasileiro SA		32,767,940		234,119,700
Petroreconcavo SA		779,650		4,088,277
Qualicorp Consultoria e Corretora de Seguros SA		1,775,021		3,282,274
Raia Drogasil SA		9,666,388		40,431,455
Rede D’Or Sao Luiz SA^(b)		3,486,015		22,333,707
Rumo SA		11,443,860		44,456,484
Santos Brasil Participacoes SA		4,950,467		7,669,684
Sao Martinho SA		1,606,114		9,835,997
Sendas Distribuidora SA		7,063,704		24,969,536
SIMPAR SA		3,860,305		7,939,655
SLC Agricola SA		1,124,380		10,503,781
Smartfit Escola de Ginastica e Danca SA^(a)		1,731,118		5,537,022
Sul America SA		2,436,749		11,569,218
Suzano SA		6,647,026		56,550,317
Telefonica Brasil SA		4,299,864		34,002,846
Tim SA		7,026,001		15,976,778
TOTVS SA		4,757,537		26,108,658
Transmissora Alianca de Energia Eletrica SA		1,755,937		14,068,017
Ultrapar Participacoes SA		6,240,926		16,230,918
Vale SA		34,822,681		431,735,914
Vamos Locacao de Caminhoes Maquinas e Equipamentos SA		2,675,929		7,257,681
Via S/A^(a)		11,063,247		6,847,543
Vibra Energia SA		10,238,471		36,133,002
Vivara Participacoes SA		1,261,013		6,144,602
WEG SA		14,826,040		80,622,150
YDUQS Participacoes SA		2,573,277		6,088,928


				2,606,762,503

Chile — 0.4%
Aguas Andinas SA, Class A		29,077,016		6,369,854
Banco de Chile		384,358,314		36,465,258
Banco de Credito e Inversiones SA		504,921		14,872,987
Banco Santander Chile		553,433,470		22,229,964
CAP SA		709,495		5,724,249


Security	Shares		Value

Chile (continued)
Cencosud SA		11,996,919	$	16,772,262
Cencosud Shopping SA		4,410,461		6,249,691
Cia. Cervecerias Unidas SA		1,101,254		5,984,678
Cia. Sud Americana de Vapores SA		127,610,363		12,009,968
Colbun SA		71,623,364		6,984,527
Empresa Nacional de Telecomunicaciones SA		1,622,417		5,159,150
Empresas CMPC SA		9,613,932		18,235,631
Empresas COPEC SA		3,454,396		29,797,417
Enel Americas SA		186,736,963		20,231,140
Enel Chile SA		209,215,194		6,867,627
Engie Energia Chile SA		6,371,533		3,519,006
Falabella SA		6,211,800		14,638,016
Inversiones Aguas Metropolitanas SA		5,028,707		2,541,650
Itau CorpBanca Chile SA		2,404,419,018		5,365,510
Parque Arauco SA		5,861,709		6,197,224
SMU SA		23,013,575		2,508,961
Vina Concha y Toro SA		4,990,732		6,072,962


				254,797,732

China — 29.1%
360 DigiTech Inc.		754,888		12,063,110
360 Security Technology Inc., Class A		4,803,088		5,070,280
361 Degrees International Ltd.^(a)		9,639,000		4,925,330
37 Interactive Entertainment Network Technology Group Co. Ltd., Class A		1,446,037		4,235,930
3SBio Inc.^(b)		10,918,000		7,258,924
AAC Technologies Holdings Inc.^(c)		5,930,000		10,986,057
Advanced Micro-Fabrication Equipment Inc., Class A^(a)		396,217		7,030,574
AECC Aviation Power Co. Ltd., Class A		1,476,277		9,791,079
Agile Group Holdings Ltd.		10,066,500		3,525,289
Agora Inc., ADR^(a)(c)		575,126		2,381,023
Agricultural Bank of China Ltd., Class A		44,083,535		18,170,458
Agricultural Bank of China Ltd., Class H		253,982,000		82,991,572
Aier Eye Hospital Group Co. Ltd., Class A		3,785,175		16,051,166
Air China Ltd., Class A^(a)		3,581,500		5,324,096
Air China Ltd., Class H^(a)(c)		16,716,000		13,390,392
AK Medical Holdings Ltd.^(b)(c)		4,992,000		4,328,174
Akeso Inc.^(a)(b)(c)		3,799,000		12,162,568
Alibaba Group Holding Ltd.^(a)		132,016,004		1,575,022,380
Alibaba Health Information Technology Ltd.^(a)		40,288,000		23,087,595
Alibaba Pictures Group Ltd.^(a)(c)		115,980,000		9,123,818
A-Living Smart City Services Co. Ltd., Class A^(b)(c)		4,952,500		5,101,493
Alphamab Oncology^(a)(b)(c)		4,136,000		4,163,080
Aluminum Corp. of China Ltd., Class A		7,016,600		4,554,327
Aluminum Corp. of China Ltd., Class H		35,144,000		12,986,063
Amlogic Shanghai Co. Ltd.^(a)		217,786		2,707,545
Anhui Conch Cement Co. Ltd., Class A		2,247,829		10,357,706
Anhui Conch Cement Co. Ltd., Class H		10,563,000		40,254,038
Anhui Gujing Distillery Co. Ltd., Class A		235,655		8,678,920
Anhui Gujing Distillery Co. Ltd., Class B		935,180		14,279,196
Anhui Kouzi Distillery Co. Ltd., Class A		412,148		3,008,179
Anhui Yingjia Distillery Co. Ltd., Class A		348,800		2,695,702
Anjoy Foods Group Co. Ltd., Class A		174,100		3,897,799
ANTA Sports Products Ltd.^(c)		10,438,600		125,706,160
Ascentage Pharma Group International^(a)(b)(c)		1,794,500		3,728,103
Asia Cement China Holdings Corp.		5,602,500		2,801,383
Asymchem Laboratories Tianjin Co. Ltd., Class A		215,040		5,327,146
Autohome Inc., ADR		669,163		23,828,894
Avary Holding Shenzhen Co. Ltd., Class A		862,600		3,683,018


Security	Shares		Value

China (continued)
AVIC Electromechanical Systems Co. Ltd., Class A		2,340,200	$	3,747,014
AVIC Industry-Finance Holdings Co. Ltd., Class A		7,838,991		3,827,365
AviChina Industry & Technology Co. Ltd., Class H		22,511,000		10,956,857
Baidu Inc.^(a)		3,951,504		70,536,624
Baidu Inc., ADR^(a)		1,975,751		284,448,871
Bank of Beijing Co. Ltd., Class A		13,464,006		8,038,073
Bank of Chengdu Co. Ltd., Class A		2,724,708		6,171,315
Bank of China Ltd., Class A		18,733,100		8,235,120
Bank of China Ltd., Class H		690,962,000		241,123,703
Bank of Communications Co. Ltd., Class A		20,522,080		13,586,903
Bank of Communications Co. Ltd., Class H		72,606,000		41,368,630
Bank of Hangzhou Co. Ltd., Class A		3,804,497		7,875,059
Bank of Jiangsu Co. Ltd., Class A		8,220,108		8,601,170
Bank of Nanjing Co. Ltd., Class A		5,467,189		8,391,316
Bank of Ningbo Co. Ltd., Class A		3,416,193		14,686,452
Bank of Shanghai Co. Ltd., Class A		10,136,765		8,657,208
Baoshan Iron & Steel Co. Ltd., Class A		11,972,290		9,213,185
Baozun Inc., ADR^(a)(c)		536,428		4,559,638
BBMG Corp., Class A		15,181,236		5,745,131
BeiGene Ltd., ADR^(a)(c)		416,668		71,525,229
Beijing Capital International Airport Co. Ltd., Class H^(a)		16,934,000		10,628,732
Beijing Energy International Holding Co. Ltd.^(a)		69,898,852		2,146,482
Beijing Enlight Media Co. Ltd., Class A		2,464,794		3,287,099
Beijing Enterprises Holdings Ltd.		3,822,500		11,369,735
Beijing Enterprises Water Group Ltd.		37,482,000		9,628,357
Beijing Kingsoft Office Software Inc., Class A		271,251		7,042,890
Beijing New Building Materials PLC, Class A		1,128,919		4,278,268
Beijing Roborock Technology Co. Ltd., Class A		61,290		2,827,805
Beijing Shiji Information Technology Co. Ltd., Class A		1,183,242		2,228,696
Beijing Shunxin Agriculture Co. Ltd., Class A		643,600		2,217,083
Beijing Sinnet Technology Co. Ltd., Class A		1,703,187		2,280,681
Beijing Tiantan Biological Products Corp. Ltd., Class A		1,189,956		3,815,633
Beijing Tong Ren Tang Chinese Medicine Co. Ltd.		2,914,000		3,625,796
Beijing Wantai Biological Pharmacy Enterprise Co. Ltd., Class A		336,599		6,220,320
Beijing-Shanghai High Speed Railway Co. Ltd., Class A		21,406,800		14,312,244
Betta Pharmaceuticals Co. Ltd., Class A		305,694		2,000,722
BGI Genomics Co. Ltd., Class A		351,800		3,066,567
Bilibili Inc., ADR^(a)		566,125		14,130,480
Bilibili, Inc.^(a)		906,432		22,544,367
Bloomage Biotechnology Corp. Ltd.		167,786		3,454,690
BOC Aviation Ltd.^(b)		1,792,000		14,344,033
BOE Technology Group Co. Ltd., Class A		19,564,900		10,445,139
BOE Varitronix Ltd.		2,430,000		5,572,897
Bosideng International Holdings Ltd.^(c)		29,066,000		16,320,296
Burning Rock Biotech Ltd., ADR^(a)(c)		439,540		1,722,997
BYD Co. Ltd., Class A		967,186		40,008,795
BYD Co. Ltd., Class H		7,219,000		222,455,787
BYD Electronic International Co. Ltd.^(c)		5,868,000		15,504,009
By-health Co. Ltd., Class A		1,290,200		3,472,900
C&D International Investment Group Ltd.		5,093,000		10,185,841
Caitong Securities Co. Ltd., Class A		5,696,960		6,231,038
Canaan Inc.^(a)(c)		974,877		3,421,818
CanSino Biologics Inc., Class H^(b)(c)		701,200		4,376,574
Canvest Environmental Protection Group Co. Ltd.		11,726,000		7,029,537
Central China Management Co. Ltd.		11,648,000		1,140,786


Security	Shares		Value

China (continued)
CGN New Energy Holdings Co. Ltd.^(c)		13,628,000	$	5,223,741
CGN Power Co. Ltd., Class H^(b)		91,540,000		21,770,628
Changchun High & New Technology Industry Group Inc., Class A		325,342		8,305,223
Changjiang Securities Co. Ltd., Class A		7,263,828		5,956,404
Changzhou Xingyu Automotive Lighting Systems Co. Ltd., Class A		234,869		4,756,277
Chaozhou Three-Circle Group Co. Ltd., Class A		1,511,253		5,906,544
Chengxin Lithium Group Co. Ltd., Class A		505,300		3,866,053
China Aircraft Leasing Group Holdings Ltd.^(c)		5,172,000		3,421,037
China Animal Healthcare Ltd.^(d)		1,237,000		2
China Aoyuan Group Ltd.^(a)(c)(d)		10,538,000		1,047,355
China BlueChemical Ltd., Class H^(c)		15,902,000		4,140,679
China Cinda Asset Management Co. Ltd., Class H		66,665,000		9,154,621
China CITIC Bank Corp. Ltd., Class H		74,514,000		31,944,895
China Coal Energy Co. Ltd., Class H		18,350,000		16,318,050
China Communications Services Corp. Ltd., Class H		21,086,000		9,054,256
China Conch Environment Protection Holdings Ltd.^(a)		14,486,000		12,929,839
China Conch Venture Holdings Ltd.		14,709,500		30,018,949
China Construction Bank Corp., Class A		4,234,868		3,378,693
China Construction Bank Corp., Class H		830,802,000		513,587,576
China CSSC Holdings Ltd., Class A		2,813,701		10,163,390
China Datang Corp. Renewable Power Co. Ltd., Class H^(c)		21,959,000		5,499,131
China East Education Holdings Ltd.^(b)		5,315,500		2,246,242
China Eastern Airlines Corp. Ltd., Class A^(a)		7,711,275		5,465,038
China Education Group Holdings Ltd.^(c)		8,267,000		7,202,021
China Energy Engineering Corp. Ltd.		22,339,544		7,286,472
China Everbright Bank Co. Ltd., Class A		21,290,682		8,829,673
China Everbright Bank Co. Ltd., Class H		21,386,000		6,556,145
China Everbright Environment Group Ltd.		33,107,148		16,363,621
China Everbright Greentech Ltd.^(b)(c)		15,030,000		3,135,601
China Everbright Ltd.^(c)		8,300,000		6,061,732
China Everbright Water Ltd.^(c)		11,391,300		2,239,785
China Evergrande Group^(a)(c)(d)		34,001,000		4,690,446
China Feihe Ltd.^(b)		31,280,000		25,889,077
China Fiber Optic Network System Group Ltd.^(d)		10,394,800		13
China Foods Ltd.		11,066,000		3,522,485
China Galaxy Securities Co. Ltd., Class H		36,557,500		19,986,524
China Gas Holdings Ltd.		26,829,000		37,965,778
China Greatwall Technology Group Co. Ltd., Class A		2,279,100		2,983,021
China Harmony Auto Holding Ltd.		7,952,500		2,089,322
China High Speed Transmission Equipment Group Co. Ltd.^(a)(c)		5,239,000		2,961,834
China Hongqiao Group Ltd.^(c)		20,698,500		20,070,546
China Huiyuan Juice Group Ltd.^(d)		10,877,000		14
China International Capital Corp. Ltd., Class A		993,000		5,967,808
China International Capital Corp. Ltd., Class H^(b)		12,838,800		22,587,324
China Jinmao Holdings Group Ltd.		48,252,000		10,160,493
China Jushi Co. Ltd., Class A		2,796,462		5,817,577
China Lesso Group Holdings Ltd.		10,062,000		11,959,713
China Life Insurance Co. Ltd., Class A		1,567,221		6,946,585
China Life Insurance Co. Ltd., Class H		63,789,000		91,455,743
China Lilang Ltd.		5,728,000		2,797,102
China Literature Ltd.^(a)(b)		3,643,400		14,764,191
China Longyuan Power Group Corp. Ltd., Class H		29,623,000		47,846,019
China Maple Leaf Educational Systems Ltd.^(a)(d)		19,720,000		744,710
China Medical System Holdings Ltd.		12,103,000		17,912,193


Security	Shares		Value

China (continued)
China Meidong Auto Holdings Ltd.		5,192,000	$	10,558,209
China Mengniu Dairy Co. Ltd.		28,033,000		126,941,194
China Merchants Bank Co. Ltd., Class A		10,753,877		54,313,473
China Merchants Bank Co. Ltd., Class H		33,930,964		173,526,712
China Merchants Land Ltd.		27,246,000		2,146,559
China Merchants Port Holdings Co. Ltd.		12,140,270		18,225,789
China Merchants Securities Co. Ltd., Class A		4,019,381		7,689,749
China Merchants Shekou Industrial Zone Holdings Co. Ltd., Class A		4,424,866		9,336,935
China Metal Recycling Holdings Ltd.^(d)		62,400		—
China Minsheng Banking Corp. Ltd., Class A		18,842,617		9,808,295
China Minsheng Banking Corp. Ltd., Class H^(c)		45,199,220		14,377,789
China Modern Dairy Holdings Ltd.^(c)		30,834,000		4,079,024
China National Building Material Co. Ltd., Class H		34,074,850		32,175,846
China National Chemical Engineering Co. Ltd., Class A		4,429,022		5,502,409
China National Nuclear Power Co. Ltd., Class A		10,426,609		9,583,427
China New Higher Education Group Ltd.^(b)		10,035,000		3,144,020
China Nonferrous Mining Corp Ltd.^(c)		11,993,000		5,127,517
China Northern Rare Earth Group High-Tech Co. Ltd., Class A		2,074,300		9,003,011
China Oilfield Services Ltd., Class H		15,446,000		16,042,730
China Oriental Group Co. Ltd.		14,338,000		2,641,468
China Overseas Grand Oceans Group Ltd.		16,244,500		7,669,270
China Overseas Land & Investment Ltd.		33,383,000		89,715,837
China Overseas Property Holdings Ltd.		12,170,000		12,915,210
China Pacific Insurance Group Co. Ltd., Class A		3,789,142		11,455,409
China Pacific Insurance Group Co. Ltd., Class H		23,447,200		49,668,589
China Petroleum & Chemical Corp., Class A		18,026,350		11,141,519
China Petroleum & Chemical Corp., Class H		217,752,200		102,396,857
China Power International Development Ltd.		48,933,000		27,316,986
China Railway Group Ltd., Class A		11,866,766		9,859,693
China Railway Group Ltd., Class H		34,012,000		19,471,633
China Renaissance Holdings Ltd.^(b)		1,848,800		2,091,562
China Renewable Energy Investment Ltd.^(d)		8,046		—
China Resources Beer Holdings Co. Ltd.		13,722,000		95,656,299
China Resources Cement Holdings Ltd.^(c)		20,376,000		12,559,952
China Resources Gas Group Ltd.		8,111,200		31,580,191
China Resources Land Ltd.		28,287,777		115,817,130
China Resources Medical Holdings Co. Ltd.		9,534,000		5,656,029
China Resources Microelectronics Ltd.		642,911		4,851,144
China Resources Mixc Lifestyle Services Ltd.^(b)(c)		5,865,800		26,600,049
China Resources Power Holdings Co. Ltd.		17,120,000		34,040,370
China Resources Sanjiu Medical & Pharmaceutical Co. Ltd., Class A		748,627		4,268,317
China Ruyi Holdings Ltd.^(a)(c)		39,383,200		9,994,131
China SCE Group Holdings Ltd.		18,606,200		1,557,708
China Shenhua Energy Co. Ltd., Class A		3,895,929		17,074,325
China Shenhua Energy Co. Ltd., Class H		29,284,500		91,844,124
China Shineway Pharmaceutical Group Ltd.		4,480,000		3,436,539
China South City Holdings Ltd.		47,470,000		2,984,507
China Southern Airlines Co. Ltd., Class A^(a)		6,853,384		6,368,269
China Southern Airlines Co. Ltd., Class H^(a)(c)		13,530,000		7,302,942
China State Construction Engineering Corp. Ltd., Class A		20,407,819		15,155,953
China State Construction International Holdings Ltd.		18,292,000		21,120,880
China Suntien Green Energy Corp. Ltd., Class H^(c)		15,834,000		7,101,481
China Taiping Insurance Holdings Co. Ltd.		12,165,908		12,421,095
China Three Gorges Renewables Group Co. Ltd., Class A		15,212,570		13,391,120


Security	Shares		Value

China (continued)
China Tobacco International HK Co. Ltd.		3,694,000	$	5,451,353
China Tourism Group Duty Free Corp. Ltd., Class A		1,037,179		29,246,482
China Tower Corp. Ltd., Class H^(b)		360,962,000		45,011,185
China Traditional Chinese Medicine Holdings Co. Ltd.		24,324,000		10,489,319
China Travel International Investment Hong Kong Ltd.^(a)(c)		32,818,000		5,961,840
China United Network Communications Ltd., Class A		13,817,925		7,087,810
China Vanke Co. Ltd., Class A		5,522,268		13,275,683
China Vanke Co. Ltd., Class H		14,241,287		27,802,254
China Water Affairs Group Ltd.		8,662,000		7,890,018
China XLX Fertiliser Ltd.		4,391,000		2,502,204
China Yangtze Power Co. Ltd., Class A		13,077,925		45,292,986
China Youzan Ltd.^(a)(c)		161,004,000		2,568,101
China Yuchai International Ltd.		135,587		1,129,440
China Yuhua Education Corp. Ltd.^(a)(b)(c)		15,586,000		2,449,095
China Zhenhua Group Science & Technology Co. Ltd., Class A		328,300		5,311,648
China Zheshang Bank Co. Ltd., Class A^(a)		18,662,400		8,768,651
China Zhongwang Holdings Ltd.^(a)(c)(d)		15,649,600		1,823,969
Chinasoft International Ltd.		23,568,000		18,423,091
Chindata Group Holdings Ltd., ADR^(a)(c)		1,115,280		9,412,963
Chongqing Brewery Co. Ltd., Class A		304,000		4,900,427
Chongqing Changan Automobile Co. Ltd., Class A		4,665,664		9,758,864
Chongqing Zhifei Biological Products Co. Ltd., Class A		845,676		11,473,943
CIFI Ever Sunshine Services Group Ltd.^(c)		6,744,000		4,144,796
CIFI Holdings Group Co. Ltd.^(c)		31,542,600		7,983,263
CIMC Enric Holdings Ltd.^(c)		7,390,000		7,893,371
CITIC Ltd.		50,730,000		52,296,459
CITIC Securities Co. Ltd., Class A		7,120,704		20,031,723
CITIC Securities Co. Ltd., Class H		17,877,400		36,234,572
CMGE Technology Group Ltd.^(a)(c)		16,246,000		4,008,351
CMOC Group Ltd., Class A		11,728,071		8,320,923
CMOC Group Ltd., Class H^(c)		32,118,000		14,321,947
CNGR Advanced Material Co. Ltd.		244,700		3,288,070
COFCO Joycome Foods Ltd.		21,791,000		8,341,802
Colour Life Services Group Co. Ltd.^(a)(c)(d)		4,592,000		239,801
Concord New Energy Group Ltd.		76,940,000		7,049,773
Contemporary Amperex Technology Co. Ltd., Class A^(a)		1,257,051		87,131,734
COSCO SHIPPING Holdings Co. Ltd., Class A		6,847,246		13,990,762
COSCO SHIPPING Holdings Co. Ltd., Class H		28,014,100		41,821,135
COSCO SHIPPING International Hong Kong Co. Ltd.		12,228,000		3,456,849
COSCO SHIPPING Ports Ltd.^(c)		16,540,000		10,702,657
Country Garden Holdings Co. Ltd.^(c)		68,114,733		20,107,181
Country Garden Services Holdings Co. Ltd.		17,778,000		34,936,666
CRRC Corp. Ltd., Class A		12,430,200		8,994,518
CRRC Corp. Ltd., Class H		37,550,000		14,039,548
CSC Financial Co. Ltd., Class A		2,461,492		9,446,113
CSPC Pharmaceutical Group Ltd.		79,167,760		80,309,649
CStone Pharmaceuticals^(a)(b)(c)		5,979,500		3,653,843
Dada Nexus Ltd., ADR^(a)(c)		536,432		3,470,715
Dali Foods Group Co. Ltd.^(b)		18,529,500		8,470,801
Daqin Railway Co. Ltd., Class A		7,912,700		7,377,984
Daqo New Energy Corp., ADR^(a)		512,099		34,141,640
DaShenLin Pharmaceutical Group Co. Ltd., Class A		834,928		4,025,498
DHC Software Co. Ltd., Class A		3,876,098		3,249,675


Security	Shares		Value

China (continued)
Differ Group Auto Ltd.^(c)		30,564,000	$	7,704,221
Digital China Holdings Ltd.		9,438,000		4,210,064
Dongfeng Motor Group Co. Ltd., Class H		23,906,000		15,157,550
Dongxing Securities Co. Ltd., Class A		3,650,467		4,379,634
Dongyue Group Ltd.		13,163,000		14,773,395
DouYu International Holdings Ltd., ADR^(a)		1,296,649		1,944,974
East Money Information Co. Ltd., Class A		6,963,455		22,221,966
Ecovacs Robotics Co. Ltd., Class A		312,600		3,677,348
EHang Holdings Ltd., ADR^(a)(c)		276,707		1,812,431
ENN Energy Holdings Ltd.		7,016,800		101,935,978
Eve Energy Co. Ltd., Class A		1,061,777		14,445,011
Everbright Securities Co. Ltd., Class A		2,635,286		6,102,195
Everest Medicines Ltd.^(a)(b)(c)		1,405,000		2,124,958
Excellence Commercial Property & Facilities Management Group Ltd.^(c)		4,308,000		1,791,099
Fangda Carbon New Material Co. Ltd., Class A^(a)		2,861,984		2,877,497
Far East Horizon Ltd.^(c)		12,599,000		9,544,418
Fiberhome Telecommunication Technologies Co. Ltd., Class A		1,393,698		2,894,039
FinVolution Group, ADR^(c)		1,170,207		5,757,418
Fire Rock Holdings Ltd.^(a)(c)(d)		19,668,000		1,139,354
First Capital Securities Co. Ltd., Class A		3,895,400		3,457,546
Flat Glass Group Co. Ltd., Class A^(a)		953,700		5,503,688
Flat Glass Group Co. Ltd., Class H^(a)		3,650,000		12,021,943
Focus Media Information Technology Co. Ltd., Class A		8,862,499		7,738,739
Foshan Haitian Flavouring & Food Co. Ltd., Class A		2,068,516		24,067,204
Fosun International Ltd.		22,562,500		16,654,099
Founder Securities Co. Ltd., Class A		8,057,587		8,085,621
Foxconn Industrial Internet Co. Ltd., Class A		4,823,834		6,469,850
Fu Shou Yuan International Group Ltd.		10,846,000		6,929,687
Fufeng Group Ltd.		16,459,400		9,248,699
Fuyao Glass Industry Group Co. Ltd., Class A		1,219,600		6,885,342
Fuyao Glass Industry Group Co. Ltd., Class H^(b)		5,241,600		25,012,057
Ganfeng Lithium Co. Ltd., Class A		941,657		11,607,704
Ganfeng Lithium Co. Ltd., Class H^(b)(c)		3,197,600		28,092,382
Gaotu Techedu Inc., ADR^(a)(c)		1,174,020		2,066,275
GD Power Development Co. Ltd., Class A^(a)		9,161,200		5,748,383
GDS Holdings Ltd., ADR^(a)		792,372		21,584,213
Geely Automobile Holdings Ltd.		52,207,000		104,895,229
Gemdale Corp., Class A		3,074,196		5,180,198
Gemdale Properties & Investment Corp. Ltd.		67,136,000		5,720,584
Genertec Universal Medical Group Co. Ltd.^(b)		11,780,500		6,630,752
Genscript Biotech Corp.^(a)		10,412,000		33,445,345
GF Securities Co. Ltd., Class A		3,011,830		7,120,745
GF Securities Co. Ltd., Class H		10,465,800		13,671,544
GigaDevice Semiconductor Inc., Class A		395,035		6,587,965
Ginlong Technologies Co. Ltd., Class A		258,650		8,534,783
Glory Sun Financial Group Ltd.^(a)(c)		170,456,000		778,603
GoerTek Inc., Class A		1,946,562		9,121,292
GOME Retail Holdings Ltd.^(a)(c)		111,815,000		3,485,445
Gotion High-tech Co. Ltd., Class A		1,016,400		5,018,458
Grand Pharmaceutical Group Ltd., Class A		13,973,500		7,460,195
Great Wall Motor Co. Ltd., Class A		1,321,400		6,371,136
Great Wall Motor Co. Ltd., Class H		27,018,500		40,536,687
Gree Electric Appliances Inc. of Zhuhai, Class A		1,574,300		7,249,698
Greenland Hong Kong Holdings Ltd.^(c)		9,314,000		969,350
Greentown China Holdings Ltd.		7,577,500		14,297,118
Greentown Management Holdings Co. Ltd.^(b)(c)		7,083,000		5,993,438
Greentown Service Group Co. Ltd.		12,784,000		9,235,852


Security	Shares		Value

China (continued)
Guangdong Haid Group Co. Ltd., Class A		1,004,920	$	8,858,837
Guangdong Investment Ltd.^(c)		25,982,000		23,803,467
Guangdong Kinlong Hardware Products Co. Ltd., Class A		227,100		3,128,457
Guanghui Energy Co. Ltd., Class A		4,617,800		8,468,402
Guangzhou Automobile Group Co. Ltd., Class A		3,038,799		6,093,096
Guangzhou Automobile Group Co. Ltd., Class H		26,019,200		22,371,569
Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class A		1,548,888		6,091,459
Guangzhou Kingmed Diagnostics Group Co. Ltd., Class A		325,800		3,137,327
Guangzhou R&F Properties Co. Ltd., Class H^(c)		12,570,400		2,600,044
Guangzhou Shiyuan Electronic Technology Co. Ltd., Class A		429,283		4,190,815
Guangzhou Tinci Materials Technology Co. Ltd., Class A		1,219,396		8,349,910
Guosen Securities Co. Ltd., Class A		5,407,667		7,210,789
Guotai Junan Securities Co. Ltd., Class A		3,679,891		7,850,411
Guoyuan Securities Co. Ltd., Class A		3,709,471		3,918,829
H World Group Ltd., ADR		1,636,846		61,594,515
Haichang Ocean Park Holdings Ltd.^(a)(b)(c)		13,630,000		13,314,619
Haidilao International Holding Ltd.^(a)(b)(c)		9,543,000		22,455,611
Haier Smart Home Co. Ltd., Class A		3,815,837		14,219,534
Haier Smart Home Co. Ltd., Class H		19,824,400		64,766,285
Hainan Meilan International Airport Co. Ltd., Class H^(a)		1,769,000		4,165,178
Haitian International Holdings Ltd.		5,633,000		13,800,592
Haitong Securities Co. Ltd., Class A		6,278,131		8,584,938
Haitong Securities Co. Ltd., Class H		21,432,800		14,032,480
Hangzhou First Applied Material Co. Ltd., Class A		810,620		7,565,827
Hangzhou Lion Electronics Co. Ltd.		380,000		2,911,296
Hangzhou Robam Appliances Co. Ltd., Class A		843,309		3,059,286
Hangzhou Silan Microelectronics Co. Ltd., Class A		856,400		4,885,850
Hangzhou Steam Turbine Co. Ltd., Class B		5,278,262		7,935,517
Hangzhou Tigermed Consulting Co. Ltd., Class A		253,274		3,952,278
Hangzhou Tigermed Consulting Co. Ltd., Class H^(b)		1,008,200		9,982,046
Hansoh Pharmaceutical Group Co. Ltd.^(b)		10,370,000		20,689,564
Harbin Electric Co. Ltd., Class H^(a)		8,374,000		2,275,801
Helens International Holdings Co. Ltd. ^(a)(c)		2,405,000		3,714,924
Hello Group Inc., ADR		1,377,494		7,094,094
Henan Shuanghui Investment & Development Co. Ltd., Class A		1,867,732		7,231,265
Hengan International Group Co. Ltd.		5,446,000		26,061,887
Hengli Petrochemical Co. Ltd., Class A		3,304,330		9,156,734
Hengyi Petrochemical Co. Ltd., Class A		3,414,461		4,461,710
Hithink RoyalFlush Information Network Co. Ltd., Class A		370,202		4,537,673
Hongfa Technology Co. Ltd., Class A		649,468		3,527,965
Hope Education Group Co. Ltd.^(b)		32,220,000		2,777,422
Hopson Development Holdings Ltd.^(c)		6,986,789		9,606,731
Hoshine Silicon Industry Co. Ltd., Class A		316,023		5,111,844
Hua Han Health Industry Holdings Ltd.^(d)		19,424,288		25
Hua Hong Semiconductor Ltd.^(a)(b)		4,670,000		13,708,628
Hua Medicine^(a)(b)(c)		7,242,500		3,640,037
Huabao International Holdings Ltd.^(c)		8,614,000		4,404,755
Huadong Medicine Co. Ltd., Class A		1,146,551		6,963,556
Huafon Chemical Co. Ltd., Class A		3,537,366		3,836,500
Hualan Biological Engineering Inc., Class A		1,145,820		3,261,945
Huaneng Power International Inc., Class A^(a)		5,346,526		6,303,839
Huaneng Power International Inc., Class H^(a)(c)		34,894,000		17,833,103
Huatai Securities Co. Ltd., Class A		4,111,551		7,789,489


Security	Shares		Value

China (continued)
Huatai Securities Co. Ltd., Class H^(b)		12,762,600	$	17,058,769
Huaxia Bank Co. Ltd., Class A		9,100,318		6,759,852
Huaxin Cement Co. Ltd., Class A		1,106,524		2,774,796
Huayu Automotive Systems Co. Ltd., Class A		2,022,310		5,446,997
Hubei Xingfa Chemicals Group Co. Ltd., Class A		581,700		3,240,009
Huizhou Desay Sv Automotive Co. Ltd., Class A		311,800		6,871,311
Humanwell Healthcare Group Co. Ltd., Class A		992,900		2,673,215
Hundsun Technologies Inc., Class A		1,491,295		7,228,414
Hutchmed China Ltd., ADR^(a)(c)		783,606		10,077,173
HUYA Inc., ADR^(a)(c)		725,580		2,387,158
Hygeia Healthcare Holdings Co. Ltd.^(a)(b)(c)		3,069,200		16,565,937
iDreamSky Technology Holdings Ltd.^(a)(b)		6,214,800		4,176,341
Iflytek Co. Ltd., Class A		1,379,484		7,450,649
I-Mab, ADR^(a)		387,402		2,374,774
Imeik Technology Development Co. Ltd., Class A		106,300		8,560,217
Industrial & Commercial Bank of China Ltd., Class A		32,121,480		20,343,330
Industrial & Commercial Bank of China Ltd., Class H		484,838,000		246,318,484
Industrial Bank Co. Ltd., Class A		10,747,890		26,511,963
Industrial Securities Co. Ltd., Class A^(a)		7,225,951		6,464,664
Ingenic Semiconductor Co. Ltd., Class A		308,403		3,617,859
Inner Mongolia BaoTou Steel Union Co. Ltd., Class A		27,225,100		7,896,962
Inner Mongolia Junzheng Energy & Chemical Industry Group Co. Ltd., Class A		5,879,600		3,694,134
Inner Mongolia Yili Industrial Group Co. Ltd., Class A		3,303,262		17,060,820
Inner Mongolia Yitai Coal Co. Ltd., Class B		10,309,495		17,350,354
Innovent Biologics Inc.^(a)(b)(c)		9,138,000		38,521,476
Inspur Electronic Information Industry Co. Ltd., Class A		1,438,772		4,809,408
Inspur International Ltd.^(a)		6,426,000		2,083,598
Intco Medical Technology Co. Ltd., Class A		431,400		1,367,470
iQIYI Inc., ADR^(a)(c)		2,837,030		10,383,530
JA Solar Technology Co. Ltd., Class A		1,254,700		11,839,450
Jafron Biomedical Co. Ltd., Class A		575,173		3,898,451
Jason Furniture Hangzhou Co. Ltd., Class A		809,016		5,651,176
JCET Group Co. Ltd., Class A		1,213,500		4,334,643
JD Health International Inc.^(a)(b)(c)		9,727,450		67,008,717
JD.com Inc., Class A		18,728,254		592,845,234
Jiangsu Eastern Shenghong Co. Ltd., Class A		2,617,800		7,257,442
Jiangsu Expressway Co. Ltd., Class H		10,046,000		8,604,455
Jiangsu Hengli Hydraulic Co. Ltd., Class A		818,796		5,781,361
Jiangsu Hengrui Medicine Co. Ltd., Class A		3,280,255		16,407,453
Jiangsu King’s Luck Brewery JSC Ltd., Class A		862,456		5,755,572
Jiangsu Yanghe Brewery Joint-Stock Co. Ltd., Class A		816,851		19,376,329
Jiangsu Yangnong Chemical Co. Ltd., Class A		162,000		2,663,821
Jiangsu Zhongtian Technology Co. Ltd., Class A		1,875,000		6,010,931
Jiangxi Copper Co. Ltd., Class H		11,885,000		14,596,838
Jiangxi Zhengbang Technology Co. Ltd., Class A^(a)		2,763,163		2,382,742
Jiayuan International Group Ltd.^(a)(c)		17,044,000		469,096
Jinchuan Group International Resources Co. Ltd.		36,943,000		3,986,697
Jinke Properties Group Co. Ltd., Class A^(a)		3,815,300		1,376,093
JinkoSolar Holding Co. Ltd., ADR^(a)(c)		348,523		21,214,595
Jinxin Fertility Group Ltd.^(b)		12,883,000		8,389,109
JiuGui Liquor Co. Ltd., Class A		221,700		4,772,478
Jiumaojiu International Holdings Ltd.^(b)(c)		6,536,000		12,858,840
JNBY Design Ltd.		2,658,500		2,892,961


Security	Shares		Value

China (continued)
Jonjee Hi-Tech Industrial And Commercial Holding Co. Ltd., Class A		627,442	$	3,115,368
Joy Spreader Group Inc.^(a)(c)		11,747,000		1,805,324
JOYY Inc., ADR		447,900		13,580,328
Juewei Food Co. Ltd., Class A		479,300		3,229,125
JW Cayman Therapeutics Co. Ltd.^(a)(b)(c)		2,706,500		2,101,484
Kaisa Group Holdings Ltd.^(a)(c)(d)		28,384,000		1,265,738
Kangji Medical Holdings Ltd.^(c)		4,024,500		3,207,996
Kanzhun Ltd., ADR^(a)		1,582,897		37,182,251
KE Holdings Inc., ADR^(a)(c)		5,788,084		104,417,035
Kingboard Holdings Ltd.		5,921,700		18,698,940
Kingboard Laminates Holdings Ltd.^(c)		8,540,000		8,146,414
Kingdee International Software Group Co. Ltd.^(a)(c)		23,235,000		45,096,877
Kingfa Sci & Tech Co. Ltd., Class A		2,056,300		3,188,615
Kingsoft Cloud Holdings Ltd., ADR^(a)(c)		931,775		3,205,306
Kingsoft Corp. Ltd.		8,469,600		25,741,532
Kintor Pharmaceutical Ltd. ^(a)(b)(c)		1,732,500		3,216,339
Konka Group Co. Ltd., Class B		10,119,618		2,764,207
Koolearn Technology Holding Ltd.^(a)(b)(c)		3,647,000		13,805,982
Kuaishou Technology^(a)(b)		15,270,200		132,308,426
Kuang-Chi Technologies Co. Ltd., Class A^(a)		1,470,450		3,852,980
Kunlun Energy Co. Ltd.		34,598,000		30,125,404
Kweichow Moutai Co. Ltd., Class A		658,873		183,156,027
KWG Group Holdings Ltd.^(c)		11,288,500		2,030,923
KWG Living Group Holdings Ltd.		11,143,999		1,976,797
LB Group Co. Ltd., Class A		1,647,107		4,174,379
Lee & Man Paper Manufacturing Ltd.		13,491,000		4,842,863
Legend Biotech Corp., ADR^(a)		405,530		18,853,090
Lenovo Group Ltd.		63,758,000		52,511,842
Lens Technology Co. Ltd., Class A		2,942,015		4,602,386
Lepu Medical Technology Beijing Co. Ltd., Class A		1,519,882		4,154,444
LexinFintech Holdings Ltd., ADR^(a)(c)		1,158,530		2,363,401
Li Auto Inc., ADR^(a)(c)		4,814,862		138,523,580
Li Ning Co. Ltd.		20,878,500		190,167,785
Lifetech Scientific Corp. ^(a)(c)		33,678,000		10,982,842
Lingyi iTech Guangdong Co., Class A^(a)		5,053,633		4,008,457
Longfor Group Holdings Ltd.^(b)		16,102,000		52,263,276
LONGi Green Energy Technology Co. Ltd., Class A		4,072,189		29,963,187
Lonking Holdings Ltd.		21,864,000		3,702,066
Lufax Holding Ltd., ADR		6,518,779		28,487,064
Luxshare Precision Industry Co. Ltd., Class A		3,905,816		21,104,373
Luye Pharma Group Ltd. ^(a)(b)		17,188,500		4,961,283
Luzhou Laojiao Co. Ltd., Class A		794,008		26,839,948
Mango Excellent Media Co. Ltd., Class A		1,141,432		4,565,186
Maoyan Entertainment^(a)(b)(c)		5,745,200		4,824,700
Maxscend Microelectronics Co. Ltd., Class A		336,712		4,930,039
Meinian Onehealth Healthcare Holdings Co. Ltd., Class A^(a)		2,809,928		1,959,395
Meitu Inc.^(a)(b)(c)		23,932,500		2,544,321
Meituan, Class B^(a)(b)		38,250,400		918,667,786
Metallurgical Corp. of China Ltd., Class A		11,963,100		5,541,954
MH Development Ltd.^(d)		4,108,000		171,439
Microport Scientific Corp.^(a)(c)		5,793,100		11,511,345
Midea Real Estate Holding Ltd.^(b)(c)		2,819,200		3,008,004
Ming Yang Smart Energy Group Ltd., Class A		1,265,600		4,890,477
Ming Yuan Cloud Group Holdings Ltd.		6,316,000		5,176,727
Minth Group Ltd.		6,646,000		18,806,013
MMG Ltd.^(a)(c)		25,823,999		7,064,425
Mobvista Inc.^(a)(b)		6,139,000		3,700,939
Montage Technology Co. Ltd., Class A		670,400		5,367,242


Security	Shares		Value

China (continued)
Muyuan Foods Co. Ltd., Class A		2,865,483	$	24,209,160
Nanjing Securities Co. Ltd., Class A		3,523,987		4,327,064
NARI Technology Co. Ltd., Class A		3,922,547		15,507,382
National Silicon Industry Group Co. Ltd., Class A^(a)		1,405,419		4,170,594
NAURA Technology Group Co. Ltd., Class A		289,175		11,717,129
NavInfo Co. Ltd., Class A		2,034,750		3,836,919
NetDragon Websoft Holdings Ltd.		2,885,000		6,277,096
NetEase Inc.		18,034,335		322,046,039
New China Life Insurance Co. Ltd., Class A		1,216,001		5,053,540
New China Life Insurance Co. Ltd., Class H		7,497,800		17,647,452
New Hope Liuhe Co. Ltd., Class A^(a)		2,989,644		6,771,656
New Horizon Health Ltd.^(a)(b)(c)		1,778,500		4,546,860
New Oriental Education & Technology Group Inc.^(a)		13,692,390		39,523,078
Newborn Town Inc.^(a)(c)		7,798,000		2,043,920
Nexteer Automotive Group Ltd.^(c)		7,919,000		5,884,887
Nine Dragons Paper Holdings Ltd.		14,408,000		11,305,528
Ninestar Corp., Class A		1,436,534		9,156,825
Ningbo Deye Technology Co. Ltd., NVS		103,800		5,529,238
Ningbo Ronbay New Energy Technology Co. Ltd.		276,517		4,104,598
Ningbo Shanshan Co. Ltd.		1,549,100		5,548,545
Ningbo Tuopu Group Co. Ltd., Class A		688,400		7,829,181
Ningxia Baofeng Energy Group Co. Ltd., Class A		3,892,600		7,623,995
NIO Inc., ADR^(a)(c)		11,896,432		236,857,961
Niu Technologies, ADR^(a)		327,254		1,966,797
Noah Holdings Ltd., ADR^(a)(c)		300,477		5,321,448
Nongfu Spring Co. Ltd., Class H^(b)		15,528,400		92,329,533
Offshore Oil Engineering Co. Ltd., Class A		2,632,800		1,711,766
OFILM Group Co. Ltd., Class A^(a)		2,487,489		2,299,620
OneConnect Financial Technology Co. Ltd., ADR^(a)(c)		1,321,701		1,427,437
Oppein Home Group Inc., Class A		388,080		7,313,959
Orient Overseas International Ltd.^(c)		1,163,500		32,432,502
Orient Securities Co. Ltd., Class A		5,111,407		6,380,563
Ovctek China Inc., Class A		584,965		3,596,869
Peijia Medical Ltd.^(a)(b)		3,965,000		3,156,856
People’s Insurance Co. Group of China Ltd. (The), Class H		74,648,000		23,070,975
Perfect World Co. Ltd., Class A		1,374,186		2,930,888
PetroChina Co. Ltd., Class A		11,244,000		8,711,666
PetroChina Co. Ltd., Class H		181,080,000		84,205,349
Pharmaron Beijing Co. Ltd., Class A		585,850		5,760,785
Pharmaron Beijing Co. Ltd., Class H^(b)		1,747,250		11,557,509
PICC Property & Casualty Co. Ltd., Class H		59,017,040		63,834,621
Pinduoduo Inc., ADR^(a)(c)		4,392,274		313,169,136
Ping An Bank Co. Ltd., Class A		9,842,836		18,090,124
Ping An Healthcare and Technology Co. Ltd.^(a)(b)(c)		4,119,000		11,150,673
Ping An Insurance Group Co. of China Ltd., Class A		5,776,716		36,503,300
Ping An Insurance Group Co. of China Ltd., Class H		54,736,500		321,940,577
Poly Developments and Holdings Group Co. Ltd., Class A		6,478,811		16,188,741
Poly Property Group Co. Ltd.		17,713,000		3,600,277
Pop Mart International Group Ltd.^(b)(c)		5,127,400		13,250,738
Postal Savings Bank of China Co. Ltd., Class A		13,314,700		8,665,797
Postal Savings Bank of China Co. Ltd., Class H^(b)(c)		68,867,000		41,111,617
Pou Sheng International Holdings Ltd.		25,462,000		2,559,618
Power Construction Corp. of China Ltd., Class A		8,413,744		9,365,192


Security	Shares		Value

China (continued)
Powerlong Commercial Management Holdings Ltd.^(c)		2,407,000	$	1,302,112
Powerlong Real Estate Holdings Ltd.^(c)		10,815,000		1,356,253
Pylon Technologies Co. Ltd., NVS		80,686		5,011,117
Q Technology Group Co. Ltd.^(a)		4,877,000		2,679,904
Qinghai Salt Lake Industry Co. Ltd., Class A^(a)		2,830,900		11,393,271
Redco Properties Group Ltd.^(a)(b)(c)		11,304,000		2,562,505
Redsun Properties Group Ltd.^(a)(c)		16,239,000		2,337,976
RLX Technology Inc., ADR^(a)(c)		4,480,117		6,406,567
Road King Infrastructure Ltd.		3,513,000		1,837,356
Rongsheng Petrochemical Co. Ltd., Class A		5,539,279		11,308,131
Ronshine China Holdings Ltd.^(a)(c)		7,187,500		686,818
SAIC Motor Corp. Ltd., Class A		3,822,500		8,523,140
Sangfor Technologies Inc., Class A		294,700		4,101,265
Sany Heavy Equipment International Holdings Co. Ltd.^(c)		10,923,000		11,314,750
Sany Heavy Industry Co. Ltd., Class A		4,471,011		10,151,354
Satellite Chemical Co. Ltd., Class A		1,517,377		4,800,942
SDIC Power Holdings Co. Ltd., Class A		4,942,228		7,965,716
Seazen Group Ltd.^(a)(c)		17,554,000		5,826,930
Seazen Holdings Co. Ltd., Class A^(a)		1,320,526		3,967,246
SF Holding Co. Ltd., Class A		2,582,592		18,401,367
SG Micro Corp., Class A		233,300		5,375,069
Shaanxi Coal Industry Co. Ltd., Class A		5,657,590		18,019,107
Shandong Gold Mining Co. Ltd., Class A		2,436,601		6,292,763
Shandong Gold Mining Co. Ltd., Class H^(b)(c)		5,502,000		9,327,281
Shandong Hualu Hengsheng Chemical Co. Ltd., Class A		1,467,750		6,182,275
Shandong Linglong Tyre Co. Ltd., Class A		963,741		3,167,074
Shandong Nanshan Aluminum Co. Ltd., Class A		15,977,600		7,806,800
Shandong Weigao Group Medical Polymer Co. Ltd., Class H		22,422,800		30,418,072
Shanghai Bairun Investment Holding Group Co. Ltd., Class A		816,604		2,745,160
Shanghai Baosight Software Co. Ltd., Class A		1,093,092		5,986,889
Shanghai Baosight Software Co. Ltd., Class B		4,471,731		13,543,205
Shanghai Chlor-Alkali Chemical Co. Ltd., Class B		7,239,309		5,028,953
Shanghai Construction Group Co. Ltd., Class A		7,506,100		2,939,938
Shanghai Electric Group Co. Ltd., Class A^(a)		7,348,400		4,498,772
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class A		1,094,100		6,377,663
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class H		4,403,000		14,164,531
Shanghai Haixin Group Co., Class B		7,625,491		2,528,026
Shanghai Industrial Holdings Ltd.		5,162,000		7,175,775
Shanghai Industrial Urban Development Group Ltd.		29,926,200		2,401,035
Shanghai International Airport Co. Ltd., Class A^(a)		732,203		5,959,019
Shanghai International Port Group Co. Ltd., Class A		6,659,900		5,201,822
Shanghai Jinjiang International Hotels Co. Ltd., Class A		636,978		5,305,673
Shanghai Junshi Biosciences Co. Ltd., Class A^(a)		441,200		3,370,325
Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd., Class B		10,803,313		8,999,916
Shanghai M&G Stationery Inc., Class A		694,447		4,453,945
Shanghai Pharmaceuticals Holding Co. Ltd., Class A		1,581,400		3,948,053
Shanghai Pharmaceuticals Holding Co. Ltd., Class H		6,762,000		9,830,545
Shanghai Pudong Development Bank Co. Ltd., Class A		14,576,533		15,310,139


Security	Shares		Value

China (continued)
Shanghai Putailai New Energy Technology Co. Ltd., Class A		869,120	$	7,924,487
Shanghai RAAS Blood Products Co. Ltd., Class A		5,577,734		4,707,118
Shanxi Coking Coal Energy Group Co. Ltd., Class A		2,545,100		4,709,720
Shanxi Lu’an Environmental Energy Development Co. Ltd., Class A		1,974,600		4,526,355
Shanxi Meijin Energy Co. Ltd., Class A		2,780,443		4,545,100
Shanxi Xinghuacun Fen Wine Factory Co. Ltd., Class A		665,619		28,182,164
Shengyi Technology Co. Ltd., Class A		1,735,808		3,982,857
Shennan Circuits Co. Ltd., Class A		318,171		3,894,561
Shenwan Hongyuan Group Co. Ltd., Class A		14,290,692		8,618,966
Shenzhen Dynanonic Co. Ltd.		109,082		5,036,934
Shenzhen Inovance Technology Co. Ltd., Class A		1,442,942		12,473,488
Shenzhen International Holdings Ltd.		9,594,750		8,270,740
Shenzhen Investment Ltd.^(c)		27,418,000		5,020,837
Shenzhen Kangtai Biological Products Co. Ltd., Class A		656,400		3,189,062
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A		652,846		28,098,947
Shenzhen Overseas Chinese Town Co. Ltd., Class A		5,086,402		3,925,040
Shenzhen Transsion Holding Co. Ltd., Class A		413,334		4,065,811
Shenzhou International Group Holdings Ltd.		7,273,100		76,013,392
Shimao Group Holdings Ltd.^(c)(d)		9,841,500		2,821,279
Shimao Services Holdings Ltd.^(a)(b)(c)		8,526,000		2,183,988
Shoucheng Holdings Ltd.		24,770,800		4,211,358
Shougang Fushan Resources Group Ltd.		19,460,000		6,172,470
Shui On Land Ltd.		47,002,666		5,912,292
Sichuan Chuantou Energy Co. Ltd., Class A		4,721,023		9,001,557
Sichuan Kelun Pharmaceutical Co. Ltd., Class A		1,595,820		4,947,420
Sichuan Road & Bridge Co. Ltd., Class A		3,534,400		5,444,337
Sichuan Swellfun Co. Ltd., Class A		341,300		3,594,775
Sihuan Pharmaceutical Holdings Group Ltd.		36,928,000		4,682,987
Sino Biopharmaceutical Ltd.		92,046,000		48,343,999
Sinofert Holdings Ltd.		26,266,000		3,537,144
Sinolink Securities Co. Ltd., Class A		2,935,200		3,656,315
Sinoma Science & Technology Co. Ltd., Class A		1,026,400		3,424,501
Sino-Ocean Group Holding Ltd.		29,395,500		4,290,495
Sinopec Engineering Group Co. Ltd., Class H		15,705,500		7,016,739
Sinopec Kantons Holdings Ltd.^(c)		13,560,000		4,138,565
Sinopharm Group Co. Ltd., Class H		11,422,400		25,446,741
Sinotruk Hong Kong Ltd.		6,138,500		6,120,289
Skshu Paint Co. Ltd., Class A^(a)		285,620		3,842,382
Skyfame Realty Holdings Ltd.^(a)		54,582,000		374,369
Skyworth Group Ltd.		14,390,000		7,149,472
Smoore International Holdings Ltd.^(b)(c)		16,061,000		28,673,310
SOHO China Ltd.^(a)(c)		20,388,000		3,630,751
Sohu.com Ltd., ADR^(a)(c)		290,383		5,174,625
Songcheng Performance Development Co. Ltd., Class A		2,231,656		4,081,405
SSY Group Ltd.		12,392,411		5,835,610
StarPower Semiconductor Ltd., Class A		109,900		6,275,542
Sun King Technology Group Ltd.^(a)		10,464,000		2,969,888
Sunac China Holdings Ltd.^(c)(d)		26,936,000		6,863,813
Sunac Services Holdings Ltd.^(b)		9,266,000		2,793,876
Sungrow Power Supply Co. Ltd., Class A		795,800		12,733,820
Sunny Optical Technology Group Co. Ltd.		6,269,800		85,598,127
Sunwoda Electronic Co. Ltd., Class A		1,212,400		4,749,933
Superb Summit International Group Ltd.^(d)		998,771		131


Security	Shares		Value

China (continued)
Suzhou Dongshan Precision Manufacturing Co. Ltd., Class A		1,439,200	$	5,357,379
Suzhou Maxwell Technologies Co. Ltd., Class A		107,520		7,239,453
SuZhou TA&A Ultra Clean Technology Co. Ltd., Class A		423,700		4,746,445
SY Holdings Group Ltd.^(c)		7,405,000		4,953,209
TAL Education Group, ADR^(a)(c)		3,704,367		21,411,241
TBEA Co. Ltd., Class A		2,170,701		7,751,869
TCL Electronics Holdings Ltd.^(c)		9,757,000		4,661,276
TCL Technology Group Corp., Class A		9,247,802		5,533,053
TCL Zhonghuan Renewable Energy Technology Co. Ltd., Class A		1,832,191		12,695,538
Tencent Holdings Ltd.		54,271,500		2,243,081,567
Tencent Music Entertainment Group, ADR^(a)		5,938,104		30,343,711
Thunder Software Technology Co. Ltd., Class A		317,100		5,606,491
Tiangong International Co. Ltd.^(c)		12,774,000		4,283,988
Tianjin Port Development Holdings Ltd.		49,428,000		3,708,287
Tianma Microelectronics Co. Ltd., Class A		4,159,505		5,663,661
Tianneng Power International Ltd.^(c)		6,166,000		6,559,993
Tianqi Lithium Corp., Class A^(a)		769,700		12,729,718
Tianshui Huatian Technology Co. Ltd., Class A		2,897,307		4,010,335
Tingyi Cayman Islands Holding Corp.		17,336,000		30,783,969
Toly Bread Co. Ltd., Class A		1,220,296		2,475,947
Tong Ren Tang Technologies Co. Ltd., Class H		6,657,000		4,705,738
Tongcheng Travel Holdings Ltd.^(a)(c)		10,241,600		20,976,439
Tongdao Liepin Group^(a)		2,291,000		2,858,588
Tongwei Co. Ltd., Class A		2,426,477		18,508,224
Topchoice Medical Corp., Class A^(a)		194,099		3,255,174
Topsports International Holdings Ltd.^(b)		13,152,000		10,380,808
Towngas Smart Energy Co. Ltd.		9,988,000		4,381,704
TravelSky Technology Ltd., Class H		7,883,000		13,739,146
Trina Solar Co. Ltd.		1,100,416		11,319,791
Trip.com Group Ltd., ADR^(a)(c)		4,694,198		120,734,773
Truly International Holdings Ltd.		18,654,000		4,086,554
Tsingtao Brewery Co. Ltd., Class A		494,800		7,709,101
Tsingtao Brewery Co. Ltd., Class H		5,114,000		49,661,894
Tuya Inc.^(a)(c)		2,043,440		2,697,341
Unigroup Guoxin Microelectronics Co. Ltd., Class A		496,873		11,180,886
Uni-President China Holdings Ltd.		11,195,000		9,638,308
Unisplendour Corp. Ltd., Class A		1,983,261		4,944,336
Untrade Cteg^(d)		33,362,000		331,805
Untrade SMI Holdings^(d)		12,533,884		16
Up Fintech Holding Ltd., ADR^(a)(c)		918,783		3,463,812
Venus MedTech Hangzhou Inc., Class H^(a)(b)		2,457,500		4,277,102
Vinda International Holdings Ltd.		3,547,000		9,919,687
Vipshop Holdings Ltd., ADR^(a)(c)		3,875,004		44,988,796
Viva Biotech Holdings^(a)(b)(c)		8,488,000		2,000,012
Vnet Group Inc., ADR^(a)(c)		879,974		4,707,861
Walvax Biotechnology Co. Ltd., Class A		960,689		6,044,341
Wanhua Chemical Group Co. Ltd., Class A		1,782,186		22,767,048
Want Want China Holdings Ltd.^(c)		43,416,000		30,583,158
Weibo Corp., ADR^(a)(c)		542,469		11,223,684
Weichai Power Co. Ltd., Class A		4,114,200		6,891,075
Weichai Power Co. Ltd., Class H		16,772,000		22,407,614
Weimob Inc.^(a)(b)(c)		17,177,000		7,914,774
Wens Foodstuffs Group Co. Ltd., Class A^(a)		3,857,641		13,212,618
West China Cement Ltd.^(c)		29,834,000		3,680,073
Western Securities Co. Ltd., Class A		5,913,581		5,526,379
Western Superconducting Technologies Co. Ltd., Class A		346,800		5,097,846


Security	Shares		Value

China (continued)
Wharf Holdings Ltd. (The)^(c)		10,874,000	$	40,951,074
Will Semiconductor Co. Ltd. Shanghai, Class A		653,669		8,820,406
Wingtech Technology Co. Ltd., Class A		787,000		7,323,808
Winning Health Technology Group Co. Ltd., Class A		2,006,085		2,046,181
Wuhan Guide Infrared Co. Ltd., Class A		3,079,939		6,346,775
Wuliangye Yibin Co. Ltd., Class A		2,062,515		49,702,967
WUS Printed Circuit Kunshan Co. Ltd., Class A		1,560,336		2,688,194
WuXi AppTec Co. Ltd., Class A		1,456,919		18,811,948
WuXi AppTec Co. Ltd., Class H^(b)		2,983,807		33,684,213
Wuxi Biologics Cayman Inc., New^(a)(b)		31,371,000		276,758,038
Wuxi Shangji Automation Co. Ltd., Class A		259,760		5,043,928
XCMG Construction Machinery Co. Ltd., Class A^(a)		7,390,778		5,555,962
XD Inc.^(a)(c)		2,025,200		5,018,228
Xiabuxiabu Catering Management China Holdings Co. Ltd.^(b)		5,315,000		2,502,535
Xiamen C & D Inc., Class A		1,498,400		2,541,503
Xiaomi Corp., Class B^(a)(b)		132,184,400		193,076,278
Xinjiang Goldwind Science & Technology Co. Ltd., Class A		1,834,806		3,388,334
Xinjiang Goldwind Science & Technology Co. Ltd., Class H		7,100,834		10,581,393
Xinyi Solar Holdings Ltd.		43,112,800		59,289,534
XPeng Inc., ADR^(a)(c)		3,696,255		68,454,643
Xtep International Holdings Ltd.^(c)		11,984,500		16,630,707
Yadea Group Holdings Ltd.^(b)		10,338,000		19,718,666
Yangzhou Yangjie Electronic Technology Co. Ltd.		290,300		2,451,465
Yankuang Energy Group Co. Ltd., Class A		1,321,706		9,155,875
Yankuang Energy Group Co. Ltd., Class H^(c)		13,584,000		53,771,032
Yantai Jereh Oilfield Services Group Co. Ltd., Class A		794,368		4,359,951
Yeahka Ltd.^(a)(c)		1,980,000		4,068,116
Yealink Network Technology Corp. Ltd., Class A		640,176		6,607,560
Yifeng Pharmacy Chain Co. Ltd., Class A		600,214		4,623,651
Yihai International Holding Ltd.		4,133,000		10,408,548
Yihai Kerry Arawana Holdings Co. Ltd., Class A		854,100		5,627,425
YongXing Special Materials Technology Co. Ltd., Class A		259,700		5,019,269
Yonyou Network Technology Co. Ltd., Class A		2,019,283		5,840,313
Youdao Inc., ADR^(a)(c)		351,938		1,886,388
Youyuan International Holdings Ltd.^(d)		5,307,000		52,714
YTO Express Group Co. Ltd., Class A		2,299,153		6,523,087
Yuexiu Property Co. Ltd.		10,163,576		12,712,317
Yuexiu REIT		23,255,000		7,134,995
Yuexiu Transport Infrastructure Ltd.		10,866,000		5,199,226
Yum China Holdings Inc.		3,712,753		186,046,053
Yunda Holding Co. Ltd., Class A		2,107,937		5,120,024
Yunnan Aluminium Co. Ltd., Class A		1,814,900		2,634,636
Yunnan Baiyao Group Co. Ltd., Class A		1,038,792		7,856,074
Yunnan Botanee Bio-Technology Group Co. Ltd.		147,700		3,976,730
Yunnan Energy New Material Co. Ltd., Class A		519,832		14,470,991
Yuzhou Group Holdings Co. Ltd.^(c)		23,423,921		1,011,780
Zai Lab Ltd., ADR^(a)(c)		743,885		34,374,926
Zhangzhou Pientzehuang Pharmaceutical Co. Ltd., Class A		330,669		14,359,979
Zhaojin Mining Industry Co. Ltd., Class H^(a)(c)		10,941,500		9,264,536
Zhejiang Century Huatong Group Co. Ltd., Class A^(a)		5,841,395		3,851,397
Zhejiang Chint Electrics Co. Ltd., Class A		1,334,173		6,081,867
Zhejiang Dahua Technology Co. Ltd., Class A		2,237,229		4,749,832
Zhejiang Dingli Machinery Co. Ltd., Class A		391,716		2,217,802


Security	Shares		Value

China (continued)
Zhejiang Expressway Co. Ltd., Class H		12,938,000	$	9,857,587
Zhejiang Huahai Pharmaceutical Co. Ltd., Class A		1,168,262		3,365,705
Zhejiang Huayou Cobalt Co. Ltd., Class A		932,291		10,033,858
Zhejiang Jingsheng Mechanical & Electrical Co. Ltd., Class A		855,094		9,340,461
Zhejiang Jiuzhou Pharmaceutical Co. Ltd., Class A		440,300		2,609,907
Zhejiang NHU Co. Ltd., Class A		2,271,254		7,371,090
Zhejiang Supor Co. Ltd., Class A		423,040		2,800,307
Zhejiang Wolwo Bio-Pharmaceutical Co. Ltd., Class A		368,998		2,467,200
Zhenro Properties Group Ltd.^(a)(c)		16,009,000		741,166
Zheshang Securities Co. Ltd., Class A		2,781,800		4,382,754
ZhongAn Online P&C Insurance Co. Ltd., Class H^(a)(b)(c)		5,995,200		17,569,303
Zhongji Innolight Co. Ltd., Class A		732,874		3,099,109
Zhongsheng Group Holdings Ltd.		5,241,500		24,783,740
Zhongtai Securities Co. Ltd.		4,310,700		4,609,664
Zhou Hei Ya International Holdings Co. Ltd.^(b)		8,397,000		4,195,035
Zhuguang Holdings Group Co. Ltd.^(a)(c)		22,166,000		2,824,162
Zhuzhou CRRC Times Electric Co. Ltd.^(c)		4,879,900		23,596,763
Zijin Mining Group Co. Ltd., Class A		10,972,500		13,896,691
Zijin Mining Group Co. Ltd., Class H		50,854,000		57,463,646
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class A		3,739,700		3,110,028
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class H		11,857,400		5,345,271
ZTE Corp., Class A		2,043,739		7,214,805
ZTE Corp., Class H		6,782,440		14,319,823
ZTO Express Cayman Inc., ADR		3,710,213		96,651,049


				19,014,395,757

Colombia — 0.1%
Bancolombia SA		2,096,529		16,189,048
Cementos Argos SA		4,857,428		3,826,499
Corp. Financiera Colombiana SA^(a)		1,000,387		4,404,504
Ecopetrol SA		41,613,045		21,205,835
Grupo Argos SA		3,016,906		6,641,416
Interconexion Electrica SA ESP		4,093,905		17,719,611


				69,986,913

Czech Republic — 0.1%
CEZ AS^(c)		1,433,685		58,081,491
Komercni Banka AS		653,500		15,305,638
Moneta Money Bank AS^(b)		3,663,928		11,613,013


				85,000,142

Egypt — 0.1%
Commercial International Bank Egypt SAE		14,645,212		29,005,244
Eastern Co. SAE		8,995,960		4,557,581
E-Finance for Digital & Financial Investments, NVS		4,530,997		3,303,284
Egyptian Financial Group-Hermes Holding Co.^(a)		8,954,215		5,963,270
EISewedy Electric Co.^(a)		7,321,416		2,702,472
Fawry for Banking & Payment Technology Services SAE^(a)		9,021,996		1,716,689
Juhayna Food Industries		3,753,664		1,421,623
Talaat Moustafa Group		7,956,441		3,176,858
Telecom Egypt Co.		4,044,325		3,273,492


				55,120,513

Greece — 0.3%
Alpha Services and Holdings SA^(a)		19,046,203		17,589,229
Athens Water Supply & Sewage Co. SA		418,034		3,262,424


Security	Shares		Value

Greece (continued)
Eurobank Ergasias Services and Holdings SA, Class A^(a)		22,707,102	$	21,067,817
FF Group^(a)(d)		343,633		3,453
GEK Terna Holding Real Estate Construction SA^(a)		623,455		6,037,319
Hellenic Telecommunications Organization SA		1,917,461		30,504,601
Holding Co. ADMIE IPTO SA		1,596,760		2,885,808
JUMBO SA		901,366		12,885,706
LAMDA Development SA^(a)		659,480		3,915,849
Motor Oil Hellas Corinth Refineries SA		622,072		11,728,316
Mytilineos SA		808,294		12,639,851
National Bank of Greece SA^(a)		4,845,462		15,637,437
OPAP SA		1,792,171		23,606,315
Piraeus Financial Holdings SA^(a)		5,562,355		5,821,592
Public Power Corp. SA^(a)		1,432,700		7,479,258
Sarantis SA		250,656		1,522,302
Terna Energy SA		496,520		8,855,584
Titan Cement International SA		373,805		4,447,354


				189,890,215

Hong Kong — 0.0%
Untradelumena Newmat, NVS^(d)		43,450		—


Hungary — 0.1%
Magyar Telekom Telecommunications PLC		5,194,839		4,410,759
MOL Hungarian Oil & Gas PLC		3,552,539		24,478,240
Opus Global Nyrt^(a)(c)		2,034,983		786,363
OTP Bank Nyrt		1,910,277		40,625,870
Richter Gedeon Nyrt		1,185,415		23,900,470


				94,201,702

India — 15.4%
3M India Ltd.^(a)		29,618		8,615,314
Aarti Industries Ltd.		1,792,154		18,494,035
Aavas Financiers Ltd.^(a)		349,764		9,899,981
ACC Ltd.		697,993		20,000,564
Adani Enterprises Ltd.		2,433,058		96,552,860
Adani Green Energy Ltd.^(a)		2,770,159		83,702,676
Adani Ports & Special Economic Zone Ltd.		4,533,345		47,430,122
Adani Power Ltd.^(a)		6,751,951		34,479,851
Adani Total Gas Ltd.		2,441,171		113,849,987
Adani Transmission Ltd.^(a)		2,438,486		119,579,709
Aditya Birla Capital Ltd.^(a)		5,187,859		7,327,440
Aditya Birla Fashion and Retail Ltd.^(a)		3,052,079		11,591,408
Aegis Logistics Ltd.		1,521,758		5,564,618
Affle India Ltd.^(a)		611,799		9,845,327
AIA Engineering Ltd.		412,405		13,410,497
Ajanta Pharma Ltd.		456,546		7,829,716
Alembic Pharmaceuticals Ltd.		557,801		4,513,913
Alkyl Amines Chemicals		151,785		5,603,117
Alok Industries Ltd.^(a)		7,913,333		1,899,984
Amara Raja Batteries Ltd.		1,114,437		7,069,795
Amber Enterprises India Ltd.^(a)		175,677		4,944,204
Ambuja Cements Ltd.		5,451,706		27,955,457
Angel One Ltd.		219,734		3,537,151
APL Apollo Tubes Ltd.^(a)		1,155,153		13,584,385
Apollo Hospitals Enterprise Ltd.		896,479		48,166,365
Apollo Tyres Ltd.		3,628,085		11,319,187
Ashok Leyland Ltd.		13,404,444		25,639,108
Asian Paints Ltd.		3,404,937		143,343,831
Astral Ltd.		855,143		22,235,524
AstraZeneca Pharma India Ltd.		74,328		2,867,495
Atul Ltd.		122,842		14,049,724


Security	Shares		Value

India (continued)
AU Small Finance Bank Ltd.^(b)		1,520,131	$	11,954,670
Aurobindo Pharma Ltd.		2,186,386		14,885,414
Avanti Feeds Ltd.		712,045		4,115,070
Avenue Supermarts Ltd.^(a)(b)		1,464,736		82,336,080
Axis Bank Ltd.		19,883,830		185,307,124
Bajaj Auto Ltd.		619,297		31,543,185
Bajaj Electricals Ltd.		502,490		7,748,249
Bajaj Finance Ltd.		2,389,388		215,645,371
Bajaj Finserv Ltd.		346,275		72,594,887
Balaji Amines Ltd.		93,562		4,015,325
Balkrishna Industries Ltd.		829,066		21,060,828
Balrampur Chini Mills Ltd.		1,354,935		5,909,026
Bandhan Bank Ltd.^(b)		5,637,229		19,455,079
BASF India Ltd.		127,744		5,278,354
Bata India Ltd.		507,650		12,272,693
Bayer CropScience Ltd.		131,651		8,976,422
Berger Paints India Ltd.		2,217,865		18,548,800
Bharat Dynamics Ltd.		326,136		3,318,653
Bharat Electronics Ltd.		11,065,047		42,279,347
Bharat Forge Ltd.		2,100,878		19,339,993
Bharat Heavy Electricals Ltd.^(a)		9,002,051		6,576,425
Bharat Petroleum Corp. Ltd.		7,523,093		30,817,501
Bharti Airtel Ltd.		19,242,505		174,307,118
Biocon Ltd.		3,677,352		14,228,507
Birla Corp. Ltd.		256,722		3,105,236
Birlasoft Ltd.		1,526,908		6,040,752
Blue Dart Express Ltd.		66,695		7,117,070
Blue Star Ltd.		533,220		7,315,012
Borosil Renewables Ltd.^(a)		419,391		2,932,954
Brigade Enterprises Ltd.		981,542		6,233,435
Brightcom Group Ltd.		6,844,365		3,469,278
Britannia Industries Ltd.		979,669		45,840,051
BSE Ltd.		659,787		5,339,200
Can Fin Homes Ltd.		538,262		4,234,373
Canara Bank		3,346,484		9,979,752
Carborundum Universal Ltd.		939,671		9,889,674
Ceat Ltd.		257,995		4,469,368
Central Depository Services India Ltd.		541,835		8,366,252
Century Plyboards India Ltd.		421,859		3,522,453
Century Textiles & Industries Ltd.		371,683		3,979,145
CESC Ltd.		6,356,261		6,451,727
CG Power and Industrial Solutions Ltd.^(a)		4,888,120		13,610,863
Chambal Fertilisers and Chemicals Ltd.		1,809,764		7,881,852
Cholamandalam Financial Holdings Ltd.		979,210		8,176,338
Cholamandalam Investment and Finance Co. Ltd.		3,824,161		37,465,713
Cipla Ltd.		4,306,810		55,809,068
City Union Bank Ltd.		3,918,260		8,768,559
Clean Science and Technology		229,847		4,951,241
Coal India Ltd.		13,368,221		39,061,761
Coforge Ltd.		214,613		9,459,421
Colgate-Palmolive India Ltd.		1,088,363		22,852,286
Computer Age Management Services Ltd.		270,064		7,722,309
Container Corp. of India Ltd.		2,387,852		20,713,386
Coromandel International Ltd.		826,952		10,857,262
CreditAccess Grameen Ltd.^(a)		438,470		5,427,510
CRISIL Ltd.		161,812		6,615,801
Crompton Greaves Consumer Electricals Ltd.		4,662,524		23,724,614
Cummins India Ltd.		1,140,683		16,940,514
Cyient Ltd.		845,717		8,855,772
Dabur India Ltd.		5,637,225		41,102,777


Security	Shares		Value

India (continued)
Dalmia Bharat Ltd.		694,213	$	13,284,264
Deepak Fertilisers & Petrochemicals Corp. Ltd.		518,447		5,859,961
Deepak Nitrite Ltd.		639,873		15,702,065
Devyani International Ltd.^(a)		1,923,160		4,379,456
Dhani Services Ltd.^(a)		3,103,495		2,506,404
Dilip Buildcon Ltd.^(b)		403,182		1,206,757
Divi’s Laboratories Ltd.		1,183,230		53,421,368
Dixon Technologies India Ltd.		290,158		14,754,649
DLF Ltd.		5,700,329		27,535,593
Dr Lal PathLabs Ltd.^(b)		265,812		8,468,402
Dr. Reddy’s Laboratories Ltd.		1,022,503		54,035,480
Edelweiss Financial Services Ltd.		4,925,623		3,730,755
Eicher Motors Ltd.		1,225,133		51,131,216
EID Parry India Ltd.		536,398		3,548,447
EIH Ltd.^(a)		1,767,867		3,520,744
Emami Ltd.		1,842,637		11,154,399
Embassy Office Parks REIT		5,108,957		23,265,156
Endurance Technologies Ltd.^(b)		356,972		6,663,726
Engineers India Ltd.		3,408,048		2,887,169
Exide Industries Ltd.		4,366,835		8,720,132
Federal Bank Ltd.		14,026,416		20,341,324
Fine Organic Industries Ltd.		62,621		4,824,519
Finolex Cables Ltd.		877,503		5,038,472
Finolex Industries Ltd.		2,381,435		4,499,210
Firstsource Solutions Ltd.		2,823,511		3,754,521
Fortis Healthcare Ltd.^(a)		4,364,318		16,006,274
GAIL India Ltd.		14,357,317		24,387,738
GHCL Ltd.		559,037


	Page

The Markets in Review		2
Annual Report:
Market Overview		4
Fund Summary		5
About Fund Performance		13
Disclosure of Expenses		13
Schedules of Investments		14
Financial Statements
Statements of Assets and Liabilities		75
Statements of Operations		76
Statements of Changes in Net Assets		77
Financial Highlights		79
Notes to Financial Statements		83
Report of Independent Registered Public Accounting Firm		94
Important Tax Information		95
Board Review and Approval of Investment Advisory Contract		96
Supplemental Information		104
Director and Officer Information		106
General Information		109
Glossary of Terms Used in this Report		110


	Average Annual Total Returns									Cumulative Total Returns
	1 Year			5 Years			Since Inception			1 Year			5 Years			Since Inception

Fund NAV		(21.40	)%		0.77	%		2.35	%		(21.40	)%		3.93	%		25.83	%

Fund Market		(21.74	)		0.61			2.29			(21.74	)		3.09			25.00

Index		(21.15	)		0.93			2.43			(21.15	)		4.75			26.76


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	$ 869.40	$ 0.42			$ 1,000.00	$ 1,024.80	$ 0.46		0.09	%



Sector	Percent of Total Investments	^(a)

Financials	20.2	%
Information Technology	18.9
Consumer Discretionary	14.1
Communication Services	9.3
Materials	9.0
Industrials	7.0
Consumer Staples	6.2
Energy	4.9
Health Care	4.6
Utilities	3.2
Real Estate	2.6



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

China	29.4	%
India	15.5
Taiwan	15.2
South Korea	11.9
Brazil	5.4
Saudi Arabia	4.5
South Africa	3.3
Thailand	2.3
Indonesia	2.1
Mexico	2.0
Malaysia	1.7
United Arab Emirates	1.2
Qatar	1.1
Other (each representing less than 1%)	4.4

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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


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^® Core MSCI Emerging Markets ETF


Fund Summary as of August 31, 2022 (continued)		iShares^® Core MSCI Emerging Markets ETF


Fund Summary as of August 31, 2022		iShares^® MSCI BIC ETF


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


Fund Summary as of August 31, 2022		iShares^® MSCI Emerging Markets Small-Cap 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	$ 891.80	$ 3.39		$ 1,000.00	$ 1,021.60	$ 3.62		0.71	%


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		13



		2022 Annual Report


	Average Annual Total Returns									Cumulative Total Returns

	1 Year			5 Years			10 Years			1 Year			5 Years			10 Years

Fund NAV		(26.03	)%		(1.21	)%		2.21	%		(26.03	)%		(5.90	)%		24.39	%

Fund Market		(26.07	)		(1.41	)		2.15			(26.07	)		(6.83	)		23.65

Index		(25.49	)		(0.53	)		2.86			(25.49	)		(2.61	)		32.53


	Average Annual Total Returns									Cumulative Total Returns

	1 Year			5 Years			10 Years			1 Year			5 Years			10 Years

Fund NAV		(22.77	)%		1.07	%		4.77	%		(22.77	)%		5.48	%		59.34	%

Fund Market		(22.84	)		0.86			4.63			(22.84	)		4.35			57.29

Index		(21.93	)		1.79			5.31			(21.93	)		9.29			67.73