iShares, Inc.

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 MSCI Hong Kong ETF (the “Fund”) seeks to track the investment results of an index composed of Hong Kong equities, as represented by the MSCI Hong Kong 25/50 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 August 31, 2020 reflects the performance of the MSCI Hong Kong Index. Index performance beginning on September 1, 2020 reflects the performance of the MSCI Hong Kong 25/50 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.

Stocks in Hong Kong declined considerably for the reporting period amid a prolonged COVID-19 outbreak and related shutdowns there and in mainland China, Hong Kong’s leading trade partner. Economic output contracted in the first half of 2022 amid sluggish exports and investments as the country’s borders remained mostly closed. The Hong Kong Monetary Authority raised interest rates in tandem with the Fed to maintain its currency’s peg to the U.S. dollar. Political tensions between the U.S. and China related to Taiwan further contributed to weakness in the equity market late in the reporting period, as did economists’ forecasts for declining growth in China. Hong Kong’s government lowered its economic growth estimates accordingly.

The financials sector detracted the most from the Index’s performance. The capital markets industry fell alongside Hong Kong’s broader equity market. Profit declined for the operator of the country’s stock market due to lighter trading on its platform amid geopolitical tensions, market volatility, and ongoing effects of the COVID-19 pandemic. Uncertainty tied to real estate development, increased regulations on internet platforms in China, and rising interest rates dimmed the outlook for trading volume growth. In the insurance industry, the stock of the largest insurer in the Asia-Pacific region fell. Sales of new policies declined, primarily due to the COVID-19 shutdown in China, its largest market and a significant part of the company’s growth strategy.

The industrials sector also weighed on the Index’s return as sales volumes in the industrial machinery industry declined. A large equipment producer declined amid investors’ concern about supply chain bottlenecks and the impact of microchip shortages on production. In addition, the company lowered its 2022 revenue guidance due to excess retail inventory.

TEN LARGEST HOLDINGS


Security	Percent of Total Investments	^(a)
AIA Group Ltd.	23.2	%
Hong Kong Exchanges & Clearing Ltd.	11.7
CK Hutchison Holdings Ltd.	4.2
Sun Hung Kai Properties Ltd.	4.1
Link REIT	4.0
Techtronic Industries Co. Ltd.	3.9
CLP Holdings Ltd.	3.6
CK Asset Holdings Ltd.	3.5
BOC Hong Kong Holdings Ltd.	3.3
Galaxy Entertainment Group Ltd.	3.0

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

Japanese small-capitalization stocks declined during the reporting period, as supply chain disruptions, rising energy costs, and slowing exports restricted the country’s economic growth. The Bank of Japan kept short-term interest rates negative even as the Fed and other central banks raised interest rates. This difference led to a substantial decrease in the Japanese yen’s value relative to the U.S. dollar, reducing the value of Japanese assets denominated in U.S. dollars.

The industrials sector detracted the most from the Index’s performance. Although currency weakness has historically aided industrial exporters, recent increases in offshore production limited the benefits. Japanese exports to China, the country’s largest export market, slowed amid China’s coronavirus pandemic-related restrictions, which idled factories and warehouses and slowed deliveries of goods. Within the sector, industrial machinery stocks declined sharply amid unfavorable conditions for Japanese manufacturers. The country’s industrial production fell significantly, although it showed signs of recovering toward the end of the reporting period as lockdowns in China eased.

The information technology sector was another meaningful detractor from the Index’s return. Investors retreated from information technology stocks in response to the Fed’s moves to raise interest rates, an environment that pressured Japanese small-capitalization software and services companies.

In the materials sector, chemicals companies weighed on the Index’s performance as the prices of raw materials rose, exacerbated by the weakening of the Japanese yen relative to the U.S. dollar. Suppliers of chemicals, such as those used in the production of semiconductors, also faced concerns over whether customers would accept significant price hikes.

Equity real estate investment trusts (“REITs”) detracted from the Index’s return, led by industrial REITs and diversified REITs. Although demand increased for logistics and data centers, driven by growth in online shopping and remote work, land costs also rose.

SECTOR ALLOCATION


Sector	Percent of Total Investments	^(a)
Industrials	24.3	%
Consumer Discretionary	16.4
Real Estate	11.2
Information Technology	10.5
Materials	10.0
Consumer Staples	9.8
Financials	6.6
Health Care	5.9
Utilities	2.3
Communication Services	2.2
Energy	0.8

TEN LARGEST HOLDINGS


Security	Percent of Total Investments	^(a)
MatsukiyoCocokara & Co.	0.6	%
BayCurrent Consulting Inc.	0.6
Sojitz Corp.	0.5
IHI Corp.	0.5
Taiyo Yuden Co. Ltd.	0.5
Ebara Corp.	0.5
Orix JREIT Inc.	0.5
Advance Residence Investment Corp.	0.5
Toyo Suisan Kaisha Ltd.	0.5
Nikon Corp.	0.5

The iShares MSCI Malaysia ETF (the “Fund”) seeks to track the investment results of an index composed of Malaysian equities, as represented by the MSCI Malaysia 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.

Stocks in Malaysia declined during the reporting period as inflationary pressures and rising interest rates weakened equity markets, offsetting strong economic growth. Inflation in Malaysia surged after Russia’s invasion of Ukraine sent prices for food, commodities, and energy sharply higher. Malaysia’s central bank raised interest rates in May 2022 and again at the following policy meeting in July 2022. A new Malaysian tax implemented to fund costs of coronavirus-related expenses also weakened earnings. Geopolitical unrest, including the coup in Myanmar and Russia’s invasion of Ukraine, led some Malaysian companies to defer plans to raise funds and broaden their investment base by listing stocks on markets in other countries.

Stocks in the healthcare sector detracted the most from the Index’s performance, particularly in the healthcare equipment industry. The industry declined sharply as pandemic-related restrictions loosened and demand for healthcare equipment, such as medical gloves, fell. Rising inflation and higher energy costs raised production costs in the industry, lowering profit margins. Meanwhile, growing competition from lower-cost suppliers in China prevented Malaysian manufacturers from passing higher costs on to customers. Excess supply of healthcare equipment manufactured during the height of the pandemic also weighed on profits. Labor shortages, compounded by Malaysia’s declining unemployment rate, and logistical constraints also pressured earnings in the sector.

Stocks in the communication services sector also detracted from the Index’s return. One of Malaysia’s largest wireless telecommunication services providers incurred large foreign exchange losses on its business operations in Sri Lanka after that country defaulted on its foreign debt and its currency declined sharply.

On the upside, the financials sector contributed to the Index’s performance. Bank stocks advanced as business conditions improved following the loosening of many pandemic-related restrictions.

SECTOR ALLOCATION


Sector	Percent of Total Investments	^(a)
Financials	41.5	%
Consumer Staples	12.8
Materials	8.8
Utilities	8.4
Communication Services	8.1
Industrials	5.5
Consumer Discretionary	5.5
Health Care	4.1
Energy	3.6
Information Technology	1.7

TEN LARGEST HOLDINGS


Security	Percent of Total Investments	^(a)
Public Bank Bhd	15.6	%
Malayan Banking Bhd	9.8
CIMB Group Holdings Bhd	8.3
Tenaga Nasional Bhd	5.3
Petronas Chemicals Group Bhd	4.8
Press Metal Aluminium Holdings Bhd	4.0
Petronas Gas Bhd	3.1
Hong Leong Bank Bhd	3.1
DiGi.Com Bhd	2.7
PPB Group Bhd	2.6

The iShares MSCI Pacific ex Japan ETF (the “Fund”) seeks to track the investment results of an index composed of Pacific region developed market equities, excluding Japan, as represented by the MSCI Pacific ex Japan 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.

Stocks in Pacific region developed markets excluding Japan declined considerably for the reporting period as central banks in the region raised interest rates to address surging inflation while the war in Ukraine exacerbated supply-chain bottlenecks. Those factors plus coronavirus-induced shutdowns in China constrained the region’s economic growth and outlooks for short-term growth weakened, spurring recession concerns.

Australia detracted the most from the Index’s return. In its financials sector, bank stocks fell as the country’s central bank raised interest rates at the quickest pace since 1994, raising concerns that monetary policy tightening might reduce consumer spending and increase housing-market and recession risks. Consumer discretionary stocks declined along with earnings at large multiline retailers. Gaming technology companies, despite higher revenue, encountered slowing mobile game demand as COVID-19 pandemic restrictions eased amid ongoing supply-chain disruptions. In the healthcare sector, a large biotech pharmaceutical firm reported lower profits due to rising labor costs and a shortage of product materials dating to the onset of the COVID pandemic. In the information technology sector, investors steered away from providers of buy-now, pay-later services, which produced strong revenue but no profit.

Stocks in Hong Kong also detracted from performance. In financials, stocks of firms within the capital markets industry fell alongside Hong Kong’s broader equity market. Profit declined for the operator of the country’s stock market amid lighter trading on its platform attributed to geopolitical tensions, market volatility, and ongoing effects of the pandemic. Meanwhile, stock in the largest insurer in the Asia-Pacific region fell. Sales of new policies declined, primarily due to the COVID shutdowns in China, its largest market and a significant part of the company’s growth strategy. The industrials sector also detracted from performance as sales volumes of industrial machinery declined. Stocks for producers of that equipment declined amid investors’ concern about supply-chain bottlenecks and the impact of microchip shortages on production.


SECTOR ALLOCATION
Sector	Percent of Total Investments^(a)
Financials	37.6	%
Materials	13.9
Real Estate	10.8
Industrials	7.7
Health Care	7.6
Consumer Discretionary	5.1
Consumer Staples	4.3
Energy	4.0
Communication Services	4.0
Utilities	3.5
Information Technology	1.5

^(a)

Excludes money market funds.

^(b)

Rounds to less than 0.1%.

The iShares MSCI Singapore ETF (the “Fund”) seeks to track the investment results of an index composed of Singaporean equities, as represented by the MSCI Singapore 25/50 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 November 30, 2016 reflects the performance of the MSCI Singapore Index. Index performance beginning on December 1, 2016 reflects the performance of the MSCI Singapore 25/50 Index.

Stocks in Singapore declined during the reporting period. Climbing inflation rates, with food and energy prices up sharply, led Singapore’s central bank to tighten its monetary policy in October 2021 and three subsequent times over the following nine months. Singapore’s economy stalled during the reporting period and contracted in the second quarter of 2022 as inflation rates rose and monetary policy tightened. In addition, the economy of China, Singapore’s largest trading partner, slowed in 2022.

Stocks in the communication services sector, particularly in the entertainment industry, detracted the most from the Index’s performance. The stock of one major company in the entertainment industry dropped sharply after it became enmeshed in geopolitical tensions. India included one of the Singapore company’s popular and highly lucrative mobile gaming titles in its ban of hundreds of Chinese-backed applications. The ban led the company to end operations of other business applications in India’s large market and limited the company’s ability to fund expansion elsewhere. Meanwhile, e-commerce sales fell as coronavirus-related restrictions eased and consumers slowed online shopping and shifted spending patterns as the economic outlook weakened. Stocks dropped further after the company withdrew forecasts for its e-commerce business, citing the uncertain economic outlook.

The real estate sector also weakened the Index’s return as occupancy rates dipped in some Asian markets. The information technology sector declined amid challenges such as supply chain constraints, rising inflation, and a tight labor market.

On the upside, stocks in the financials sector contributed to the Index’s performance. Profits in the banking industry rose as increasing interest rates boosted profit margins on loans, while the lifting of pandemic-related restrictions improved economic activity across parts of Asia.

TEN LARGEST HOLDINGS


Security	Percent of Total Investments	^(a)
DBS Group Holdings Ltd.	17.7	%
Oversea-Chinese Banking Corp. Ltd.	11.4
United Overseas Bank Ltd.	8.3
Sea Ltd.	8.3
Keppel Corp. Ltd.	4.8
Singapore Telecommunications Ltd.	4.6
Ascendas Real Estate Investment Trust	4.4
Singapore Exchange Ltd.	4.2
Wilmar International Ltd.	4.1
Singapore Airlines Ltd.	3.9

The iShares MSCI Taiwan ETF (the “Fund”) seeks to track the investment results of an index composed of Taiwanese equities, as represented by the MSCI Taiwan 25/50 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 November 30, 2016 reflects the performance of the MSCI Taiwan Index. Index performance beginning on December 1, 2016 reflects the performance of the MSCI Taiwan 25/50 Index.

Taiwanese stocks declined substantially for the reporting period as the country’s manufacturing activity slowed amid concerns over a global recession, which reduced demand for technology products and other core exports. The Taiwanese economy was particularly vulnerable to the prospects of its largest trading partner, China; the impacts of coronavirus lockdowns in that country contributed to a sharp decline in orders for Taiwanese products, weighing down Taiwan’s export activity. China’s lockdowns also created supply-chain constraints that affected Taiwanese companies. Manufacturing output decreased at the fastest rate since the early days of the coronavirus pandemic. Additional coronavirus outbreaks within Taiwan also affected domestic consumption. This slowdown in economic activity led foreign investors to sell Taiwanese stocks at a volume that outpaced nearly all other emerging Asian equity markets.

The information technology sector was the largest detractor from the Index’s performance, as concerns persisted over the ability of the semiconductors industry to weather a slowdown in global demand. Having previously benefited from a strong appetite for its products amid widespread shortages and having made significant capital expenditures to boost production, semiconductor companies faced the prospect of overcapacity as supply-and-demand imbalances corrected. While overall sales and revenue growth for the top semiconductor companies were strong, the personal computer and smartphone markets displayed signs of weakness. These firms revised growth targets and delayed additional capital investments amid economic uncertainty.

Stocks in the materials sector also declined. Softening demand for steel products forced producers to lower their prices on consecutive occasions, impacting revenues. The financials sector was also a modest detractor from the Index’s return as insurance companies wrote off COVID-19 insurance policies and compensated policyholders at an accelerated pace.


SECTOR ALLOCATION
Sector	Percent of Total Investments	^(a)
Information Technology	57.6	%
Financials	19.7
Materials	7.1
Industrials	5.1
Consumer Discretionary	3.9
Communication Services	3.4
Consumer Staples	2.1
Other (each representing less than 1%)	1.1


TEN LARGEST HOLDINGS
Security	Percent of Total Investments	^(a)
Taiwan Semiconductor Manufacturing Co. Ltd.	22.5	%
Hon Hai Precision Industry Co. Ltd.	5.1
MediaTek Inc.	3.8
Delta Electronics Inc.	2.1
United Microelectronics Corp.	1.9
Chunghwa Telecom Co. Ltd.	1.9
CTBC Financial Holding Co. Ltd.	1.8
Fubon Financial Holding Co. Ltd.	1.8
Mega Financial Holding Co. Ltd.	1.7
E.Sun Financial Holding Co. Ltd.	1.6

The iShares MSCI Thailand ETF (the “Fund”) seeks to track the investment results of a broad-based index composed of Thai equities, as represented by the MSCI Thailand IMI 25/50 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 February 11, 2013 reflects the performance of the MSCI Thailand Investable Market Index. Index performance beginning on February 12, 2013 reflects the performance of the MSCI Thailand IMI 25/50 Index.

Stocks in Thailand declined during the reporting period as inflationary pressures and rising interest rates weakened equity markets, offsetting modest economic growth. Inflation in Thailand surged after Russia’s invasion of Ukraine sent prices for food, commodities, and energy sharply higher. In August 2022, Thailand’s central bank raised interest rates for the first time since 2018 to stem rising inflation. The declining value of the Thai baht relative to the U.S. dollar also diminished the value of Thai stocks in U.S. dollar terms.

The materials sector detracted the most from the Index’s performance. The construction materials industry declined after Russia’s invasion of Ukraine drove up the price of energy and raw materials, sending profits lower. The chemicals industry also declined as higher raw material costs pressured earnings.

Stocks in the consumer staples sector also worked against the Index’s return. Coronavirus-related restrictions and lower tourism levels curtailed sales at food retailers, while rising prices for energy and commodities also weighed on stock prices. The beverages industry also weakened, as higher costs for transportation and raw materials weighed on profits.

Stocks in the information technology sector, particularly in the electronic equipment, instruments, and components industry, also declined. Global supply chain disruptions, material shortages, and rising costs challenged the industry.

On the upside, the energy sector strengthened the Index’s performance. Profits for companies in the oil, gas, and consumable fuels industry rose as sanctions against Russia boosted energy prices and energy demand increased.

The healthcare sector also contributed to the Index’s return, particularly the healthcare providers and services industry. More tourists traveled to Thailand for medical treatment as pandemic-related measures loosened, supporting revenues and profits for the industry.

SECTOR ALLOCATION


Sector	Percent of Total Investments	^(a)
Energy	14.4	%
Consumer Staples	11.0
Financials	10.1
Materials	9.8
Industrials	9.7
Utilities	9.5
Health Care	8.9
Consumer Discretionary	8.5
Communication Services	7.1
Real Estate	6.4
Information Technology	4.6

TEN LARGEST HOLDINGS


Security	Percent of Total Investments	^(a)
PTT Public Company Ltd.	6.1	%
CP ALL PCL	5.9
Airports of Thailand PCL	5.1
Bangkok Dusit Medical Services PCL	4.9
Siam Cement PCL (The)	4.6
PTT Exploration & Production PCL	3.8
Advanced Info Service PCL	3.7
Delta Electronics Thailand PCL	2.7
Gulf Energy Development PCL	2.5
Energy Absolute PCL	2.3

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. 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

Banks — 6.3%
BOC Hong Kong Holdings Ltd.		6,882,000	$	23,686,470
Hang Seng Bank Ltd.		1,401,700		21,945,888


				45,632,358

Beverages — 1.4%
Budweiser Brewing Co. APAC Ltd.^(a)		3,419,700		10,052,002


Building Products — 0.9%
Xinyi Glass Holdings Ltd.		3,705,000		6,842,729


Capital Markets — 12.4%
Futu Holdings Ltd., ADR^(b)		114,482		5,619,921
Hong Kong Exchanges & Clearing Ltd.		2,102,926		84,736,400


				90,356,321

Diversified Telecommunication Services — 1.4%
HKT Trust & HKT Ltd., Class SS		7,656,500		10,271,808


Electric Utilities — 7.5%
CK Infrastructure Holdings Ltd.		1,257,000		7,643,828
CLP Holdings Ltd.		2,994,700		25,803,205
HK Electric Investments & HK Electric Investments Ltd., Class SS		6,111,000		5,099,832
Power Assets Holdings Ltd.		2,648,500		15,841,221


				54,388,086

Equity Real Estate Investment Trusts (REITs) — 4.0%
Link REIT		3,742,300		28,961,742


Food Products — 1.5%
WH Group Ltd.^(a)		16,003,500		10,903,553


Gas Utilities — 2.7%
Hong Kong & China Gas Co. Ltd.		20,365,495		20,077,980


Hotels, Restaurants & Leisure — 4.4%
Galaxy Entertainment Group Ltd.		3,931,000		21,973,040
Sands China Ltd.^(b)		4,543,200		10,159,035


				32,132,075

Industrial Conglomerates — 6.8%
CK Hutchison Holdings Ltd.		4,739,767		30,607,768
Jardine Matheson Holdings Ltd.		359,600		19,070,185


				49,677,953

Insurance — 23.0%
AIA Group Ltd.		17,450,400		167,894,423


Machinery — 3.9%
Techtronic Industries Co. Ltd.		2,410,647		28,431,736


Security	Shares		Value

Marine — 0.9%
SITC International Holdings Co. Ltd.		2,494,000	$	6,324,364


Real Estate Management & Development — 19.1%
CK Asset Holdings Ltd.		3,721,267		25,117,668
ESR Group Ltd.^(a)(b)		3,639,800		10,191,815
Hang Lung Properties Ltd.		4,030,000		6,701,930
Henderson Land Development Co. Ltd.		2,860,762		9,569,592
Hongkong Land Holdings Ltd.		2,281,000		11,026,559
New World Development Co. Ltd.		2,963,266		9,656,039
Sino Land Co. Ltd.		6,500,000		9,505,108
Sun Hung Kai Properties Ltd.		2,538,500		29,822,856
Swire Pacific Ltd., Class A		1,069,000		7,394,035
Swire Properties Ltd.		2,521,600		5,811,584
Wharf Real Estate Investment Co. Ltd.		3,167,150		14,411,120


				139,208,306

Road & Rail — 2.1%
MTR Corp. Ltd.		2,934,583		15,028,938


Specialty Retail — 1.0%
Chow Tai Fook Jewellery Group Ltd.		3,813,400		7,675,255


Total Long-Term Investments — 99.3% (Cost: $918,542,087)				723,859,629


Short-Term Securities

Money Market Funds — 0.2%
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.07%^(c)(d)		1,540,000		1,540,000


Total Short-Term Securities — 0.2% (Cost: $1,540,000)				1,540,000


Total Investments in Securities — 99.5% (Cost: $920,082,087)				725,399,629

Other Assets Less Liabilities — 0.5%				3,359,712


Net Assets — 100.0%			$	728,759,341

^(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)	Non-income producing security.

^(c)	Affiliate of the Fund.

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

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

Air Freight & Logistics — 0.6%
Hitachi Transport System Ltd.		4,000	$	252,529
Konoike Transport Co. Ltd.		2,000		18,981
Maruwa Unyu Kikan Co. Ltd.		3,000		36,076
Mitsui-Soko Holdings Co. Ltd.		2,000		48,340
SBS Holdings Inc.		1,000		20,701


				376,627

Auto Components — 3.2%
Exedy Corp.		2,000		25,769
FCC Co. Ltd.		3,000		31,049
G-Tekt Corp.		2,000		20,003
JTEKT Corp.		17,000		119,671
KYB Corp.		1,000		23,652
Musashi Seimitsu Industry Co. Ltd.		4,000		48,459
NGK Spark Plug Co. Ltd.		13,000		266,729
NHK Spring Co. Ltd.		17,000		114,818
Nifco Inc./Japan		7,000		157,989
Nippon Seiki Co. Ltd.		4,000		23,646
NOK Corp.		7,000		62,214
Pacific Industrial Co. Ltd.		4,000		31,145
Piolax Inc.		2,000		28,934
Shoei Co. Ltd.		2,000		79,251
Stanley Electric Co. Ltd.		11,000		203,051
Sumitomo Riko Co. Ltd.		3,000		12,531
Sumitomo Rubber Industries Ltd.		14,000		120,135
Tokai Rika Co. Ltd.		4,000		42,941
Topre Corp.		3,000		26,724
Toyo Tire Corp.		9,000		109,078
Toyoda Gosei Co. Ltd.		5,000		86,988
Toyota Boshoku Corp.		6,000		87,136
TS Tech Co. Ltd.		7,000		78,307
Yokohama Rubber Co. Ltd. (The)		10,000		163,547


				1,963,767

Automobiles — 0.4%
Mitsubishi Motors Corp.^(a)		56,000		224,009
Nissan Shatai Co. Ltd.		6,000		33,156


				257,165

Banks — 3.9%
77 Bank Ltd. (The)		5,000		63,782
Aozora Bank Ltd.		10,000		193,024
Awa Bank Ltd. (The)		3,000		40,894
Bank of Kyoto Ltd. (The)		5,000		194,884
Chugoku Bank Ltd. (The)		12,000		80,369
Daishi Hokuetsu Financial Group Inc.		3,000		56,445
Fukuoka Financial Group Inc.		14,000		250,175
Gunma Bank Ltd. (The)		29,000		81,098
Hachijuni Bank Ltd. (The)		29,000		99,448
Hirogin Holdings Inc.		21,000		92,408
Hokkoku Financial Holdings Inc.		2,000		70,758
Hokuhoku Financial Group Inc.		10,000		59,421
Hyakugo Bank Ltd. (The)		17,000		38,904
Iyo Bank Ltd. (The)		19,000		88,354
Juroku Financial Group Inc.		3,000		53,084
Keiyo Bank Ltd. (The)		8,000		27,820
Kiyo Bank Ltd. (The)		5,000		53,729
Kyushu Financial Group Inc.		29,000		79,207
Mebuki Financial Group Inc.		78,000		149,492
Musashino Bank Ltd. (The)		2,000		24,378
Nanto Bank Ltd. (The)		2,000		28,187


Security	Shares		Value

Banks (continued)
Nishi-Nippon Financial Holdings Inc.		10,000	$	53,056
North Pacific Bank Ltd.		23,000		38,070
Ogaki Kyoritsu Bank Ltd. (The)		3,000		37,211
Okinawa Financial Group Inc.		2,000		30,702
San-in Godo Bank Ltd. (The)		12,000		59,000
Seven Bank Ltd.		50,000		94,979
Shiga Bank Ltd. (The)		3,000		55,347
Shinsei Bank Ltd.		5,000		70,411
Suruga Bank Ltd.		14,000		37,732
Toho Bank Ltd. (The)		17,000		24,905
TOMONY Holdings Inc.		12,000		27,196
Yamaguchi Financial Group Inc.		17,000		93,274


				2,447,744

Beverages — 0.5%
Coca-Cola Bottlers Japan Holdings Inc.		11,000		112,497
Sapporo Holdings Ltd.		5,000		109,592
Takara Holdings Inc.		12,000		91,050


				313,139

Biotechnology — 0.4%
AnGes Inc.^(a)		13,000		32,704
GNI Group Ltd.^(a)		3,097		34,531
PeptiDream Inc.^(a)		8,000		95,393
Pharma Foods International Co. Ltd.		2,000		21,464
SanBio Co. Ltd.^(a)		3,000		25,414
Takara Bio Inc.		4,000		56,025


				265,531

Building Products — 0.8%
Bunka Shutter Co. Ltd.		4,000		30,678
Central Glass Co. Ltd.		3,000		72,382
Nichias Corp.		4,000		69,078
Nichiha Corp.		2,000		39,855
Nitto Boseki Co. Ltd.		2,000		36,230
Noritz Corp.		2,000		22,180
Sanwa Holdings Corp.		15,000		148,424
Sekisui Jushi Corp.		2,000		24,730
Takara Standard Co. Ltd.		2,000		19,004
Takasago Thermal Engineering Co. Ltd.		4,000		47,261


				509,822

Capital Markets — 0.6%
GMO Financial Holdings Inc.		3,000		16,322
JAFCO Group Co. Ltd.		6,000		86,834
M&A Capital Partners Co. Ltd.^(a)		1,000		24,677
Matsui Securities Co. Ltd.		10,000		56,968
Monex Group Inc.		14,000		49,928
Okasan Securities Group Inc.		13,000		31,172
SPARX Group Co. Ltd.		7,000		15,068
Strike Co. Ltd.		1,000		28,223
Tokai Tokyo Financial Holdings Inc.		17,000		46,060
WealthNavi Inc.^(a)		2,000		26,679


				381,931

Chemicals — 6.6%
ADEKA Corp.		6,000		101,246
Aica Kogyo Co. Ltd.		4,000		88,247
Air Water Inc.		15,000		187,651
C Uyemura & Co. Ltd.		1,000		46,799
C.I. Takiron Corp.		4,000		15,716
Chugoku Marine Paints Ltd.		3,000		19,022
Daicel Corp.		21,000		131,884
Denka Co. Ltd.		6,000		143,737


Security	Shares		Value

Chemicals (continued)
DIC Corp.		6,000	$	107,585
Fujimi Inc.		1,000		47,867
Fujimori Kogyo Co. Ltd.		1,000		25,301
Fuso Chemical Co. Ltd.		1,000		25,263
JCU Corp.		2,000		47,149
Kaneka Corp.		4,000		107,287
Kansai Paint Co. Ltd.		15,000		229,897
Kanto Denka Kogyo Co. Ltd.		3,000		21,554
KeePer Technical Laboratory Co. Ltd.		1,000		29,353
KH Neochem Co. Ltd.		3,000		55,206
Konishi Co. Ltd.		3,000		35,097
Kumiai Chemical Industry Co. Ltd.		6,049		47,130
Kuraray Co. Ltd.		27,000		205,087
Kureha Corp.		1,400		94,014
Lintec Corp.		3,000		49,999
Mitsubishi Gas Chemical Co. Inc.		13,000		193,229
Nihon Parkerizing Co. Ltd.		7,000		48,181
Nippon Kayaku Co. Ltd.		11,000		95,569
Nippon Shokubai Co. Ltd.		2,000		79,307
Nippon Soda Co. Ltd.		2,000		66,135
NOF Corp.		6,000		227,377
Okamoto Industries Inc.		1,000		27,947
Osaka Organic Chemical Industry Ltd.		1,000		18,411
Osaka Soda Co. Ltd.		1,000		27,142
Sakata INX Corp.		4,000		28,036
Sanyo Chemical Industries Ltd.		1,000		34,167
Shikoku Chemicals Corp.		2,000		17,851
Shin-Etsu Polymer Co. Ltd.		3,000		28,704
Showa Denko KK		15,000		230,603
Sumitomo Bakelite Co. Ltd.		3,000		94,566
T Hasegawa Co. Ltd.		3,000		64,759
Taiyo Holdings Co. Ltd.		3,000		58,812
Takasago International Corp.		1,000		19,906
Teijin Ltd.		15,000		158,587
Tenma Corp.		1,000		16,125
Toagosei Co. Ltd.		7,000		54,540
Tokai Carbon Co. Ltd.		17,000		124,096
Tokuyama Corp.		5,000		65,855
Tokyo Ohka Kogyo Co. Ltd.		3,000		147,097
Toyo Gosei Co. Ltd.		400		23,530
Toyo Ink SC Holdings Co. Ltd.		3,000		41,140
Toyobo Co. Ltd.		7,000		53,039
UBE Corp.		8,000		117,875
Zeon Corp.		11,000		105,537


				4,130,214

Commercial Services & Supplies — 1.7%
Aeon Delight Co. Ltd.		2,000		40,883
Daiseki Co. Ltd.		4,012		120,310
Duskin Co. Ltd.		3,000		61,843
Japan Elevator Service Holdings Co. Ltd.		5,000		66,673
Kokuyo Co. Ltd.		7,000		90,154
Matsuda Sangyo Co. Ltd.		1,060		18,417
Midac Holdings Co. Ltd.		1,000		22,895
Mitsubishi Pencil Co. Ltd.		3,000		30,080
Nippon Kanzai Co. Ltd.		1,000		19,071
Nippon Parking Development Co. Ltd.		16,000		18,493
Okamura Corp.		5,000		47,744
Park24 Co. Ltd.^(a)		11,000		156,738
Pilot Corp.		2,000		71,585
Prestige International Inc.		8,000		38,427


Security	Shares		Value

Commercial Services & Supplies (continued)
Raksul Inc.^(a)		2,000	$	30,432
Sato Holdings Corp.		2,000		27,473
Sohgo Security Services Co. Ltd.		6,000		155,449
TRE Holdings Corp.		4,000		48,989


				1,065,656

Construction & Engineering — 3.7%
Chiyoda Corp.^(a)		13,000		37,035
Chudenko Corp.		2,000		30,555
COMSYS Holdings Corp.		9,000		167,148
Daiho Corp.		1,000		29,098
EXEO Group Inc.		8,000		122,739
Hazama Ando Corp.		14,000		86,827
INFRONEER Holdings Inc.		21,040		150,396
JDC Corp.		4,000		17,361
JGC Holdings Corp.		18,000		242,539
JTOWER Inc.^(a)		1,000		54,728
Kandenko Co. Ltd.		9,000		54,157
Kinden Corp.		10,000		105,522
Kumagai Gumi Co. Ltd.		3,000		57,392
Kyudenko Corp.		4,000		80,524
MIRAIT ONE Corp.		8,000		89,913
Nippon Densetsu Kogyo Co. Ltd.		3,000		38,601
Nippon Road Co. Ltd. (The)		400		17,807
Nishimatsu Construction Co. Ltd.		3,000		87,118
Okumura Corp.		3,000		63,189
Penta-Ocean Construction Co. Ltd.		23,000		121,378
Raito Kogyo Co. Ltd.		3,000		39,839
Raiznext Corp.		2,000		17,268
Sanki Engineering Co. Ltd.		3,000		35,436
SHO-BOND Holdings Co. Ltd.		3,000		129,485
Sumitomo Densetsu Co. Ltd.		1,000		18,884
Sumitomo Mitsui Construction Co. Ltd.		12,000		39,977
Taihei Dengyo Kaisha Ltd.		1,000		25,539
Taikisha Ltd.		2,000		45,888
Takamatsu Construction Group Co. Ltd.		1,000		13,745
Toa Corp./Tokyo		1,000		17,547
Toda Corp.		18,000		88,796
Toenec Corp.		1,000		26,396
Tokyu Construction Co. Ltd.		7,040		33,115
Totetsu Kogyo Co. Ltd.		2,000		33,344
Toyo Construction Co. Ltd.		5,000		30,847
Yokogawa Bridge Holdings Corp.		2,000		27,965
Yurtec Corp.		3,000		16,142


				2,294,240

Construction Materials — 0.4%
Maeda Kosen Co. Ltd.		1,000		23,217
Mitani Sekisan Co. Ltd.		1,000		25,904
Sumitomo Osaka Cement Co. Ltd.		3,000		75,991
Taiheiyo Cement Corp.		10,000		149,715


				274,827

Consumer Finance — 1.1%
AEON Financial Service Co. Ltd.		9,000		92,434
Aiful Corp.		26,000		73,355
Credit Saison Co. Ltd.		12,000		150,971
Jaccs Co. Ltd.		2,000		55,000
Marui Group Co. Ltd.		15,000		269,035
Orient Corp.		43,000		37,604


				678,399


Security	Shares		Value

Containers & Packaging — 0.6%
FP Corp.		4,100	$	96,246
Fuji Seal International Inc.		3,000		33,279
Rengo Co. Ltd.		16,000		94,264
Toyo Seikan Group Holdings Ltd.		11,000		130,173


				353,962

Distributors — 0.2%
Arata Corp.		1,000		29,630
Doshisha Co. Ltd.		2,000		21,866
Paltac Corp.		3,000		86,294


				137,790

Diversified Consumer Services — 0.3%
Benesse Holdings Inc.		6,000		94,306
LITALICO Inc.		2,000		41,785
Riso Kyoiku Co. Ltd.		9,000		20,182


				156,273

Diversified Financial Services — 0.9%
eGuarantee Inc.		3,000		49,253
Financial Products Group Co. Ltd.		5,000		44,891
Fuyo General Lease Co. Ltd.		1,500		88,578
Japan Securities Finance Co. Ltd.		8,000		47,787
Mizuho Leasing Co. Ltd.		2,000		48,308
Ricoh Leasing Co. Ltd.		1,000		25,741
Tokyo Century Corp.		3,000		107,145
Zenkoku Hosho Co. Ltd.		4,000		132,176


				543,879

Diversified Telecommunication Services — 0.3%
ARTERIA Networks Corp.		2,000		18,703
Internet Initiative Japan Inc.		4,000		144,463
Usen-Next Holdings Co. Ltd.		1,000		15,096
Vision Inc./Tokyo Japan^(a)		3,000		28,777


				207,039

Electric Utilities — 1.2%
Chugoku Electric Power Co. Inc. (The)		23,000		137,937
Hokkaido Electric Power Co. Inc.		14,000		51,387
Hokuriku Electric Power Co.		14,000		51,328
Kyushu Electric Power Co. Inc.		34,000		204,339
Okinawa Electric Power Co. Inc. (The)		4,092		33,366
Shikoku Electric Power Co. Inc.		13,000		75,825
Tohoku Electric Power Co. Inc.		38,000		188,976


				743,158

Electrical Equipment — 1.3%
Daihen Corp.		2,000		59,222
Fujikura Ltd.		20,000		142,026
Furukawa Electric Co. Ltd.		6,000		105,109
GS Yuasa Corp.		5,000		90,731
Idec Corp./Japan		2,000		41,784
Mabuchi Motor Co. Ltd.		4,000		113,566
Nippon Carbon Co. Ltd.		1,000		29,422
Nissin Electric Co. Ltd.		4,000		42,627
Nitto Kogyo Corp.		2,000		36,896
Sanyo Denki Co. Ltd.		1,000		38,916
Toyo Tanso Co. Ltd.		1,000		24,232
Ushio Inc.		8,000		97,121


				821,652

Electronic Equipment, Instruments & Components — 3.9%
Ai Holdings Corp.		3,000		45,887
Alps Alpine Co. Ltd.		16,000		143,133
Amano Corp.		4,000		73,995


Security	Shares		Value

Electronic Equipment, Instruments & Components (continued)
Anritsu Corp.		11,000	$	129,665
Canon Electronics Inc.		2,000		23,316
Canon Marketing Japan Inc.		4,000		90,707
Citizen Watch Co. Ltd.		20,000		85,452
CONEXIO Corp.		1,000		9,483
Daiwabo Holdings Co. Ltd.		7,000		98,540
Dexerials Corp.		5,000		139,018
Hioki E.E. Corp.		1,000		48,558
Horiba Ltd.		3,000		136,661
Hosiden Corp.		4,000		45,447
Iriso Electronics Co. Ltd.		2,000		59,671
Japan Aviation Electronics Industry Ltd.		3,000		50,169
Japan Display Inc.^(a)		48,000		21,620
Kaga Electronics Co. Ltd.		1,000		29,602
Koa Corp.		2,000		33,819
Macnica Holdings Inc.		3,000		64,369
Maruwa Co. Ltd./Aichi		1,000		125,796
Meiko Electronics Co. Ltd.		2,000		46,464
Nichicon Corp.		4,000		42,072
Nippon Ceramic Co. Ltd.		2,000		37,791
Nippon Electric Glass Co. Ltd.		7,000		131,831
Nippon Signal Company Ltd.		3,000		20,053
Nissha Co. Ltd.		3,000		39,012
Nohmi Bosai Ltd.		2,000		23,670
Oki Electric Industry Co. Ltd.		6,000		32,378
Optex Group Co. Ltd.		3,000		44,587
Restar Holdings Corp.		1,000		14,735
Riken Keiki Co. Ltd.		1,000		31,424
Ryosan Co. Ltd.		2,000		31,989
Ryoyo Electro Corp.		1,000		16,316
Siix Corp.		2,000		15,916
Taiyo Yuden Co. Ltd.		10,000		309,058
Topcon Corp.		9,000		121,403
Yokowo Co. Ltd.		1,000		15,806


				2,429,413

Energy Equipment & Services — 0.0%
Modec Inc.^(a)		2,000		20,748


Entertainment — 0.9%
Avex Inc.		3,000		33,769
Bushiroad Inc.		1,000		12,384
COLOPL Inc.		5,000		25,265
Daiichikosho Co. Ltd.		3,000		87,526
DeNA Co. Ltd.		7,000		95,794
GungHo Online Entertainment Inc.		4,000		66,054
Mixi Inc.		3,000		51,508
Shochiku Co. Ltd.^(a)		1,000		87,832
Toei Animation Co. Ltd.		700		63,857
Toei Co. Ltd.		500		66,063


				590,052

Equity Real Estate Investment Trusts (REITs) — 9.1%
Activia Properties Inc.		60		186,384
Advance Logistics Investment Corp.		40		45,672
Advance Residence Investment Corp.		110		290,870
AEON REIT Investment Corp.		140		158,071
Comforia Residential REIT Inc.		50		122,692
CRE Logistics REIT Inc.		40		61,468
Daiwa Office Investment Corp.		30		151,591
Daiwa Securities Living Investments Corp.		160		142,876
Frontier Real Estate Investment Corp.		40		153,108


Security	Shares		Value

Equity Real Estate Investment Trusts (REITs) (continued)
Fukuoka REIT Corp.		50	$	61,163
Global One Real Estate Investment Corp.		80		64,277
Hankyu Hanshin REIT Inc.		50		55,877
Heiwa Real Estate REIT Inc.		70		79,443
Hoshino Resorts REIT Inc.		20		93,275
Hulic Reit Inc.		110		131,176
Ichigo Office REIT Investment Corp.		100		62,076
Industrial & Infrastructure Fund Investment Corp.		160		211,136
Invincible Investment Corp.		510		156,835
Japan Excellent Inc.		100		94,281
Japan Hotel REIT Investment Corp.		370		182,409
Japan Logistics Fund Inc.		70		166,135
Japan Prime Realty Investment Corp.		70		207,334
Kenedix Office Investment Corp.		40		206,650
Kenedix Residential Next Investment Corp.		80		129,956
Kenedix Retail REIT Corp.		50		102,368
LaSalle Logiport REIT		150		185,345
Mirai Corp.		150		55,030
Mitsubishi Estate Logistics REIT Investment Corp.		40		137,483
Mitsui Fudosan Logistics Park Inc.		51		199,782
Mori Hills REIT Investment Corp.		120		134,811
Mori Trust Hotel Reit Inc.		30		28,509
Mori Trust Sogo REIT Inc.		80		83,440
Nippon Accommodations Fund Inc.		40		196,336
NIPPON REIT Investment Corp.		40		109,682
NTT UD REIT Investment Corp.		120		129,712
One REIT Inc.		20		39,071
Orix JREIT Inc.		220		302,567
Samty Residential Investment Corp.		30		27,408
Sekisui House Reit Inc.		350		212,110
SOSiLA Logistics REIT Inc.		50		56,650
Star Asia Investment Corp.		130		53,806
Starts Proceed Investment Corp.		20		36,860
Takara Leben Real Estate Investment Corp.		50		38,487
Tokyu REIT Inc.		70		99,798
United Urban Investment Corp.		240		255,345


				5,699,355

Food & Staples Retailing — 3.4%
Aeon Hokkaido Corp.		2,000		16,624
Ain Holdings Inc.		2,000		114,306
Arcs Co. Ltd.		3,000		43,866
Axial Retailing Inc.		1,000		24,959
Belc Co. Ltd.		1,000		40,092
Cawachi Ltd.		1,000		15,183
Cosmos Pharmaceutical Corp.		2,000		210,647
Create SD Holdings Co. Ltd.		2,000		44,851
Daikokutenbussan Co. Ltd.		500		21,232
Fuji Co. Ltd./Ehime		2,000		28,760
G-7 Holdings Inc.		2,000		21,444
Genky DrugStores Co. Ltd.		1,000		26,297
Halows Co. Ltd.		1,000		21,962
Heiwado Co. Ltd.		2,000		28,587
Inageya Co. Ltd.		2,000		17,674
Kato Sangyo Co. Ltd.		2,000		49,186
Kusuri no Aoki Holdings Co. Ltd.		1,400		61,755
Lawson Inc.		4,000		132,563
Life Corp.		1,000		18,774
MatsukiyoCocokara & Co.		9,000		357,100
Maxvalu Tokai Co. Ltd.		1,000		19,454
Mitsubishi Shokuhin Co. Ltd.		1,000		24,546


Security	Shares		Value

Food & Staples Retailing (continued)
Oisix ra daichi Inc.^(a)		2,000	$	27,208
Retail Partners Co. Ltd.		2,000		15,392
San-A Co. Ltd.		2,000		59,726
Shoei Foods Corp.		1,000		29,003
Sugi Holdings Co. Ltd.		3,000		127,301
Sundrug Co. Ltd.		6,000		146,800
Tsuruha Holdings Inc.		3,000		166,520
United Super Markets Holdings Inc.		4,000		30,361
Valor Holdings Co. Ltd.		3,000		38,244
Yaoko Co. Ltd.		2,000		92,801
Yokorei Co. Ltd.		4,000		26,526


				2,099,744

Food Products — 4.1%
Ariake Japan Co. Ltd.		2,000		68,027
Calbee Inc.		7,000		138,906
DyDo Group Holdings Inc.		1,000		33,364
Ezaki Glico Co. Ltd.		4,000		104,079
Fuji Oil Holdings Inc.		4,000		68,087
Fujicco Co. Ltd.		2,000		28,018
Fujiya Co. Ltd.		1,000		17,084
Hokuto Corp.		2,000		27,662
House Foods Group Inc.		5,000		106,080
Itoham Yonekyu Holdings Inc.		13,000		62,868
J-Oil Mills Inc.		2,000		22,989
Kagome Co. Ltd.		6,000		132,336
Kameda Seika Co. Ltd.		1,000		32,667
Kewpie Corp.		8,000		131,433
Kotobuki Spirits Co. Ltd.		2,000		115,164
Maruha Nichiro Corp.		4,000		71,523
Megmilk Snow Brand Co. Ltd.		4,000		49,300
Mitsui DM Sugar Holdings Co. Ltd.		1,000		13,458
Morinaga & Co. Ltd./Japan		3,000		85,689
Morinaga Milk Industry Co. Ltd.		3,000		91,726
NH Foods Ltd.		7,000		200,376
Nichirei Corp.		9,000		160,893
Nippn Corp., New		4,000		45,115
Nippon Suisan Kaisha Ltd.		24,000		98,209
Nisshin Oillio Group Ltd. (The)		2,000		46,808
Prima Meat Packers Ltd.		2,000		31,217
Riken Vitamin Co. Ltd.		2,000		24,637
S Foods Inc.		2,000		42,768
Sakata Seed Corp.		2,000		74,253
Showa Sangyo Co. Ltd.		1,000		18,588
Toyo Suisan Kaisha Ltd.		7,000		287,136
Yamazaki Baking Co. Ltd.		10,000		117,772


				2,548,232

Gas Utilities — 0.5%
Nippon Gas Co. Ltd.		9,000		143,263
Saibu Gas Holdings Co. Ltd.		2,000		26,271
Shizuoka Gas Co. Ltd.		3,000		22,454
Toho Gas Co. Ltd.		6,000		134,235


				326,223

Health Care Equipment & Supplies — 1.6%
CYBERDYNE Inc.^(a)		9,000		25,304
Eiken Chemical Co. Ltd.		3,000		41,001
Hogy Medical Co. Ltd.		2,000		50,021
Japan Lifeline Co. Ltd.		5,000		36,298
Jeol Ltd.		4,000		160,204
Mani Inc.		6,000		75,212


Security	Shares		Value

Health Care Equipment & Supplies (continued)
Menicon Co. Ltd.		5,000	$	120,042
Nagaileben Co. Ltd.		2,000		27,968
Nakanishi Inc.		6,000		116,346
Nihon Kohden Corp.		7,000		159,863
Nipro Corp.		12,000		97,695
Paramount Bed Holdings Co. Ltd.		3,000		56,525
PHC Holdings Corp.		2,000		23,113


				989,592

Health Care Providers & Services — 1.7%
Alfresa Holdings Corp.		16,000		191,463
Amvis Holdings Inc.		1,000		39,661
As One Corp.		2,000		91,725
BML Inc.		2,000		51,180
Elan Corp.		3,000		24,359
H.U. Group Holdings Inc.		4,000		81,245
Medipal Holdings Corp.		15,000		205,227
Ship Healthcare Holdings Inc.		6,000		112,172
Solasto Corp.		4,000		25,626
Suzuken Co. Ltd.		6,000		143,792
Toho Holdings Co. Ltd.		5,000		66,224
Tokai Corp./Gifu		2,000		26,469


				1,059,143

Health Care Technology — 0.3%
EM Systems Co. Ltd.		3,000		21,966
JMDC Inc.		2,200		104,519
Medley Inc.^(a)		2,000		44,179
MedPeer Inc.^(a)		1,000		11,371


				182,035

Hotels, Restaurants & Leisure — 3.4%
Airtrip Corp.		1,000		18,800
Arcland Service Holdings Co. Ltd.		1,000		14,878
Atom Corp.^(a)		10,000		56,786
Colowide Co. Ltd.		6,000		80,659
Create Restaurants Holdings Inc.		10,000		65,461
Curves Holdings Co. Ltd.		4,000		23,712
Doutor Nichires Holdings Co. Ltd.		3,000		34,697
Food & Life Companies Ltd.		9,000		141,631
Fuji Kyuko Co. Ltd.		2,000		58,838
Fujio Food Group Inc.		1,000		9,395
Heiwa Corp.		5,016		76,304
Hiday Hidaka Corp.		2,084		31,386
HIS Co. Ltd.^(a)		4,000		59,340
Ichibanya Co. Ltd.		1,000		32,695
Kappa Create Co. Ltd.^(a)		2,000		20,345
KFC Holdings Japan Ltd.		1,000		20,114
Kisoji Co. Ltd.		2,000		31,233
KOMEDA Holdings Co. Ltd.		4,000		66,000
Koshidaka Holdings Co. Ltd.		4,000		25,002
Kura Sushi Inc.		2,000		46,387
Kyoritsu Maintenance Co. Ltd.		2,080		81,340
Matsuyafoods Holdings Co. Ltd.		1,000		27,461
Monogatari Corp. (The)		1,000		50,711
MOS Food Services Inc.		2,000		45,653
Ohsho Food Service Corp.		1,000		46,643
Open Door Inc.^(a)		1,000		14,609
Plenus Co. Ltd.		2,000		27,450
Resorttrust Inc.		7,000		112,330
Ringer Hut Co. Ltd.		2,000		31,690
Round One Corp.		6,000		86,335


Security	Shares		Value

Hotels, Restaurants & Leisure (continued)
Royal Holdings Co. Ltd.		2,000	$	31,339
Saizeriya Co. Ltd.		2,000		37,281
Skylark Holdings Co. Ltd.^(a)		19,000		209,012
Tokyotokeiba Co. Ltd.		1,000		30,245
Toridoll Holdings Corp.		4,000		85,308
Tosho Co. Ltd.		1,000		8,264
Yoshinoya Holdings Co. Ltd.		5,000		88,164
Zensho Holdings Co. Ltd.		8,000		209,737


				2,137,235

Household Durables — 2.4%
Casio Computer Co. Ltd.		16,000		151,116
Chofu Seisakusho Co. Ltd.		1,000		14,285
ES-Con Japan Ltd.		3,000		17,298
Fujitsu General Ltd.		5,000		105,786
Haseko Corp.		19,000		217,726
Ki-Star Real Estate Co. Ltd.		1,000		35,102
Nagawa Co. Ltd.		1,000		58,452
Nikon Corp.		25,000		285,380
Pressance Corp.		2,000		21,626
Rinnai Corp.		3,000		229,750
Sangetsu Corp.		3,000		35,041
Sumitomo Forestry Co. Ltd.		12,000		202,890
Tama Home Co. Ltd.		1,000		16,860
Tamron Co. Ltd.		1,000		21,849
Token Corp.		1,000		63,694
Zojirushi Corp.		3,000		34,424


				1,511,279

Household Products — 0.7%
Earth Corp.		1,000		39,120
Lion Corp.		20,000		233,514
Pigeon Corp.		10,000		148,950


				421,584

Independent Power and Renewable Electricity Producers — 0.6%
Electric Power Development Co. Ltd.		12,000		184,850
eRex Co. Ltd.		2,000		40,199
RENOVA Inc.^(a)		3,000		65,174
West Holdings Corp.		2,080		65,734


				355,957

Industrial Conglomerates — 0.7%
Katakura Industries Co. Ltd.		1,000		14,589
Keihan Holdings Co. Ltd.		8,000		202,842
Mie Kotsu Group Holdings Inc.		4,000		13,888
Nisshinbo Holdings Inc.		11,000		85,123
Noritsu Koki Co. Ltd.		2,000		37,173
TOKAI Holdings Corp.		8,000		51,129


				404,744

Insurance — 0.0%
Anicom Holdings Inc.		6,000		27,694


Interactive Media & Services — 0.1%
Bengo4.com Inc.^(a)		1,000		27,291
Gree Inc.		5,000		30,540
Infocom Corp.		2,000		28,975


				86,806

Internet & Direct Marketing Retail — 0.4%
ASKUL Corp.		3,000		39,632
Belluna Co. Ltd.		4,000		21,198
Demae-Can Co. Ltd.^(a)		3,000		12,698


Security	Shares		Value

Internet & Direct Marketing Retail (continued)
Mercari Inc.^(a)		9,000	$	144,939


				218,467

IT Services — 2.5%
Argo Graphics Inc.		1,000		27,830
Bell System24 Holdings Inc.		3,000		31,992
BIPROGY Inc.		6,000		132,880
Change Inc.		3,000		40,067
Comture Corp.		2,000		34,836
Digital Garage Inc.		3,000		83,625
DTS Corp.		3,000		77,293
Future Corp.		4,000		48,663
GMO GlobalSign Holdings KK		400		14,536
GMO internet Inc.		6,000		110,663
Infomart Corp.		17,000		50,891
Information Services International-Dentsu Ltd.		2,000		64,920
Kanematsu Electronics Ltd.		1,000		30,507
Mitsubishi Research Institute Inc.		1,000		29,937
NEC Networks & System Integration Corp.		6,000		74,770
NET One Systems Co. Ltd.		7,000		154,234
NS Solutions Corp.		3,000		81,610
NSD Co. Ltd.		5,000		89,865
Relia Inc.		3,000		21,766
SB Technology Corp.		1,000		17,800
SHIFT Inc.^(a)		1,000		143,292
Simplex Holdings Inc.		2,000		30,157
TechMatrix Corp.		3,000		36,963
TKC Corp.		2,000		49,986
Transcosmos Inc.		2,000		55,167
Zuken Inc.		1,000		25,148


				1,559,398

Leisure Products — 0.9%
GLOBERIDE Inc.		1,000		19,598
Mizuno Corp.		2,000		38,480
Roland Corp.		1,000		29,222
Sankyo Co. Ltd.		4,000		117,210
Sega Sammy Holdings Inc.		13,000		192,983
Snow Peak Inc.		2,000		31,188
Tomy Co. Ltd.		7,000		66,359
Universal Entertainment Corp.^(a)		2,000		22,865
Yonex Co. Ltd.		5,000		56,533


				574,438

Machinery — 6.9%
Aichi Corp.		2,000		11,959
Aida Engineering Ltd.		4,000		24,646
Amada Co. Ltd.		29,000		226,909
CKD Corp.		4,000		52,625
Daiwa Industries Ltd.		2,000		16,031
DMG Mori Co. Ltd.		9,000		116,806
Ebara Corp.		8,000		303,053
Fuji Corp./Aichi		6,000		87,273
Fujitec Co. Ltd.		5,000		100,763
Fukushima Galilei Co. Ltd.		1,000		26,084
Furukawa Co. Ltd.		2,000		18,132
Giken Ltd.		1,000		23,278
Glory Ltd.		4,000		63,155
Harmonic Drive Systems Inc.		4,000		145,868
Hino Motors Ltd.		24,000		109,494
Hirata Corp.		1,000		32,601
Hitachi Zosen Corp.		13,000		82,063


Security	Shares		Value

Machinery (continued)
IHI Corp.		12,000	$	320,476
Japan Steel Works Ltd. (The)		5,000		106,753
Kawasaki Heavy Industries Ltd.		13,000		252,305
Kitz Corp.		5,000		29,154
Kyokuto Kaihatsu Kogyo Co. Ltd.		3,000		29,440
Makino Milling Machine Co. Ltd.		2,000		63,111
Max Co. Ltd.		2,000		28,749
Meidensha Corp.		3,000		43,002
METAWATER Co. Ltd.		2,000		29,420
Mitsubishi Logisnext Co. Ltd.		2,000		11,979
Mitsuboshi Belting Ltd.		2,000		45,977
Miura Co. Ltd.		7,000		148,494
Morita Holdings Corp.		2,000		18,196
Nabtesco Corp.		9,000		213,125
Nachi-Fujikoshi Corp.		1,000		27,132
Nikkiso Co. Ltd.		4,000		29,158
Nitta Corp.		2,000		42,034
Noritake Co. Ltd./Nagoya Japan		1,000		30,057
NSK Ltd.		32,000		173,467
NTN Corp.^(a)		34,000		64,361
Obara Group Inc.		1,000		23,667
Oiles Corp.		2,096		22,686
OKUMA Corp.		2,000		75,589
Organo Corp.		600		39,910
OSG Corp.		7,000		96,399
Shibaura Machine Co. Ltd.		2,000		43,750
Shibuya Corp.		1,000		17,983
Shima Seiki Manufacturing Ltd.		2,000		31,728
Shinmaywa Industries Ltd.		4,000		30,484
Star Micronics Co. Ltd.		3,000		39,450
Sumitomo Heavy Industries Ltd.		9,000		188,919
Tadano Ltd.		8,000		54,655
Takeuchi Manufacturing Co. Ltd.		3,000		56,857
Takuma Co. Ltd.		5,000		50,235
THK Co. Ltd.		10,000		202,984
Tocalo Co. Ltd.		4,000		36,860
Tsubakimoto Chain Co.		2,000		46,215
Tsugami Corp.		3,000		26,844
Union Tool Co.		1,000		25,534
YAMABIKO Corp.		3,000		24,491


				4,282,370

Marine — 0.5%
Iino Kaiun Kaisha Ltd.		6,000		35,257
Kawasaki Kisen Kaisha Ltd.		4,000		253,072
NS United Kaiun Kaisha Ltd.		1,000		34,486


				322,815

Media — 0.7%
Direct Marketing MiX Inc.		2,000		26,484
Fuji Media Holdings Inc.		4,000		31,655
Kadokawa Corp.		8,016		173,740
Nippon Television Holdings Inc.		4,000		33,990
Septeni Holdings Co. Ltd.		5,000		17,819
SKY Perfect JSAT Holdings Inc.		14,000		55,639
TBS Holdings Inc.		3,000		34,746
TV Asahi Holdings Corp.		2,000		20,841
ValueCommerce Co. Ltd.		1,000		18,263
Vector Inc.		2,000		16,710
Zenrin Co. Ltd.		3,000		20,522


				450,409


Security	Shares		Value

Metals & Mining — 2.0%
Asahi Holdings Inc.		6,000	$	89,429
Daido Steel Co. Ltd.		2,000		56,104
Daiki Aluminium Industry Co. Ltd.		2,000		19,310
Dowa Holdings Co. Ltd.		4,000		150,776
Kobe Steel Ltd.		28,000		127,399
Kyoei Steel Ltd.		2,000		22,002
Maruichi Steel Tube Ltd.		5,000		106,590
Mitsubishi Materials Corp.		10,000		149,250
Mitsui Mining & Smelting Co. Ltd.		5,000		118,078
Nippon Light Metal Holdings Co. Ltd.		5,000		57,533
Pacific Metals Co. Ltd.		1,000		17,435
Sanyo Special Steel Co. Ltd.		2,000		30,062
Toho Titanium Co. Ltd.		3,000		47,521
Tokyo Steel Manufacturing Co. Ltd.		5,000		52,976
UACJ Corp.		3,014		52,039
Yamato Kogyo Co. Ltd.		3,000		106,202
Yodogawa Steel Works Ltd.		2,000		35,967


				1,238,673

Multiline Retail — 1.5%
H2O Retailing Corp.		6,035		42,519
Isetan Mitsukoshi Holdings Ltd.		28,000		221,255
Izumi Co. Ltd.		3,000		64,744
J Front Retailing Co. Ltd.		20,000		158,510
Kintetsu Department Store Co. Ltd.^(a)		1,000		16,391
Ryohin Keikaku Co. Ltd.		21,000		194,764
Seria Co. Ltd.		4,000		78,018
Takashimaya Co. Ltd.		12,000		132,748


				908,949

Oil, Gas & Consumable Fuels — 0.8%
Cosmo Energy Holdings Co. Ltd.		6,000		179,645


	Average Annual Total Returns									Cumulative Total Returns

	1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		(18.61	)%		(0.73	)%		4.97	%		(18.61	)%		(3.62	)%		62.46	%
Fund Market		(18.57	)		(0.76	)		4.93			(18.57	)		(3.76	)		61.87
Index		(17.95	)		(0.15	)		5.59			(17.95	)		(0.75	)		72.27


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	$ 912.80	$ 2.41			$ 1,000.00	$ 1,022.70	$ 2.55	0.50%


	Average Annual Total Returns									Cumulative Total Returns

	1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		(21.70	)%		(0.96	)%		6.11	%		(21.70	)%		(4.69	)%		80.99	%
Fund Market		(21.70	)		(1.07	)		6.06			(21.70	)		(5.25	)		80.03
Index		(20.95	)		(0.47	)		6.57			(20.95	)		(2.32	)		89.02


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	$ 867.60	$ 2.35			$ 1,000.00	$ 1,022.70	$ 2.55		0.50	%


	Average Annual Total Returns									Cumulative Total Returns
	1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		(10.92	)%		(2.70	)%		(2.56	)%		(10.92	)%		(12.78	)%		(22.88	)%
Fund Market		(11.36	)		(2.80	)		(2.68	)		(11.36	)		(13.23	)		(23.81	)
Index		(10.22	)		(2.33	)		(2.24	)		(10.22	)		(11.11	)		(20.25	)

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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		19
Disclosure of Expenses		19
Schedules of Investments		20
Financial Statements
Statements of Assets and Liabilities		48
Statements of Operations		50
Statements of Changes in Net Assets		52
Financial Highlights		56
Notes to Financial Statements		63
Report of Independent Registered Public Accounting Firm		73
Important Tax Information		74
Board Review and Approval of Investment Advisory Contract		75
Supplemental Information		85
Director and Officer Information		87
General Information		90
Glossary of Terms Used in this Report		91


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^® MSCI Hong Kong ETF


Fund Summary as of August 31, 2022 (continued)		iShares^® MSCI Hong Kong ETF


Sector	Percent of Total Investments	^(a⁾
Financials	42.0	%
Real Estate	23.2
Industrials	14.7
Utilities	10.3
Consumer Discretionary	5.5
Consumer Staples	2.9
Communication Services	1.4


Fund Summary as of August 31, 2022		iShares^® MSCI Japan Small-Cap ETF


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


Fund Summary as of August 31, 2022		iShares^® MSCI Pacific ex Japan ETF


Country/Geographic Region	Percent of Total Investments^(a)
Australia	62.7	%
Hong Kong	23.7
Singapore	11.7
New Zealand	1.9
Malta	—	^(b)



		2022 Annual Report


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


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


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


Fund Summary as of August 31, 2022		iShares^® MSCI Thailand 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		19



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^(a)	$	14,915,960	$	—	$	(14,913,708	)^(b)	$	(2,252	)	$	—	$	—		—	$	525,674	^(c)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		1,700,000		—		(160,000	)^(b)		—			—		1,540,000		1,540,000		7,762			—

								$	(2,252	)	$	—	$	1,540,000			$	533,436		$	—



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

Long Contracts
MSCI EAFE Index		52		09/16/22	$	4,750	$	(112,952	)



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

Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts^(a)	$	—	$	—	$	112,952	$	—	$	—	$	—	$	112,952



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

Net Realized Gain (Loss) from
Futures contracts	$	—	$	—	$	(1,064,973	)	$	—	$	—	$	—	$	(1,064,973	)

Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	(138,903	)	$	—	$	—	$	—	$	(138,903	)


	Level 1			Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	10,719,753		$	713,139,876	$	—	$	723,859,629
Money Market Funds		1,540,000			—		—		1,540,000

	$	12,259,753		$	713,139,876	$	—	$	725,399,629

Derivative financial instruments^(a)
Liabilities
Futures Contracts	$	(112,952	)	$	—	$	—	$	(112,952	)