N-CSRS

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT

OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-09102

iShares, Inc.

(Exact name of registrant as specified in charter)

c/o: State Street Bank and Trust Company

100 Summer Street, 4^th Floor, Boston, MA 02110

(Address of principal executive offices) (Zip code)

The Corporation Trust Incorporated

2405 York Road, Suite 201, Lutherville-Timonium, Maryland 21093

(Name and address of agent for service)

Registrant’s telephone number, including area code: (415) 670-2000

Date of fiscal year end: August 31, 2022

Date of reporting period: February 28, 2022

Item 1. Reports to Stockholders.

(a) The Report to Shareholders is attached herewith.

FEBRUARY 28, 2022

2022 Semi-Annual Report

(Unaudited)

iShares, Inc.

· iShares MSCI Austria ETF | EWO | NYSE Arca

· iShares MSCI Belgium ETF | EWK | NYSE Arca

· iShares MSCI France ETF | EWQ | NYSE Arca

· iShares MSCI Netherlands ETF | EWN | NYSE Arca

· iShares MSCI Sweden ETF | EWD | NYSE Arca

The Markets in Review

Dear Shareholder,

The 12-month reporting period as of February 28, 2022 saw a continuation of the resurgent growth that followed the initial coronavirus (or “COVID-19”) pandemic reopening, albeit at a slower pace. The global economy weathered the emergence of several variant strains and the resulting peaks and troughs in infections amid optimism that increasing vaccinations and economic adaptation could help contain the pandemic’s disruptions. However, rapid changes in consumer spending led to supply constraints and elevated inflation. Moreover, while the foremost effect of Russia’s invasion of Ukraine has been a severe humanitarian crisis, the invasion has presented challenges for both investors and policymakers. Equity prices were mixed, as persistently high inflation drove investors’ expectations for higher interest rates, which particularly weighed on relatively high valuation growth stocks and economically sensitive small-capitalization stocks. Overall, small-capitalization U.S. stocks declined, while large-capitalization U.S. stocks posted a solid advance. International equities from developed markets gained slightly, although emerging market stocks declined, pressured by rising interest rates and a strengthening U.S. dollar.

The 10-year U.S. Treasury yield (which is inversely related to bond prices) rose during the reporting period as the economy expanded rapidly and inflation reached its highest annualized reading in decades. In the corporate bond market, the improving economy assuaged credit concerns and led to modest returns for high-yield corporate bonds, outpacing the negative return of investment-grade corporate bonds. The U.S. Federal Reserve (the “Fed”) maintained accommodative monetary policy during the reporting period by keeping near-zero interest rates. However, the Fed’s tone shifted during the period, as it reduced its bond-buying program and raised the prospect of higher rates in 2022. Continued high inflation and the Fed’s new stance led many analysts to anticipate that the Fed will raise interest rates multiple times throughout the year.

Looking ahead, however, the horrific war in Ukraine has significantly clouded the outlook for the global economy. Sanctions on Russia and general wartime disruption are likely to drive already-high commodity prices even further upwards, and we have already seen spikes in energy and metal markets. While this will exacerbate inflationary pressure, it could also constrain economic growth, making the Fed’s way forward less clear. Its challenge will be combating inflation without stifling a recovery that is now facing additional supply shocks.

In this environment, we favor an overweight to equities, as we believe low interest rates and continued economic growth will support further gains, albeit likely more modest than what we saw in 2021. Sectors that are better poised to manage the transition to a lower-carbon world, such as technology and health care, are particularly attractive in the long term. U.S. and other developed market equities have room for further growth, while we believe Chinese equities stand to gain from a more accommodative monetary and fiscal environment. We are underweight long-term credit, but inflation-protected U.S. Treasuries, Asian fixed income, and emerging market local-currency bonds offer potential opportunities. We believe that international diversification and a focus on sustainability can help provide portfolio resilience, and the disruption created by the coronavirus appears to be accelerating the shift toward sustainable investments.

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

Sincerely,

Rob Kapito

President, BlackRock, Inc.

Rob Kapito

President, BlackRock, Inc.

Total Returns as of February 28, 2022
	6-Month	12-Month
U.S. large cap equities (S&P 500® Index)	(2.62)%	16.39%
U.S. small cap equities (Russell 2000® Index)	(9.46)	(6.01)
International equities (MSCI Europe, Australasia, Far East Index)	(6.78)	2.83
Emerging market equities (MSCI Emerging Markets Index)	(9.81)	(10.69)
3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)	0.02	0.04
U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)	(3.94)	(1.67)
U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)	(4.07)	(2.64)
Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)	(3.09)	(0.66)
U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)	(3.07)	0.64
Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.

2 THIS PAGE IS NOT PART OF YOUR FUND REPORT

Table of Contents

	Page
The Markets in Review		2
Fund Summary		4
About Fund Performance		9
Shareholder Expenses		9
Schedules of Investments		10
Financial Statements
Statements of Assets and Liabilities		26
Statements of Operations		28
Statements of Changes in Net Assets		30
Financial Highlights		33
Notes to Financial Statements		38
Statement Regarding Liquidity Risk Management Program		47
Supplemental Information		48
General Information		49
Glossary of Terms Used in this Report		50

3

Fund Summary  as of February 28, 2022 iShares^® MSCI Austria ETF

Investment Objective

The iShares MSCI Austria ETF (the “Fund”) seeks to track the investment results of a broad-based index composed of Austrian equities, as represented by the MSCI Austria 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.

Performance

				Average Annual Total Returns									Cumulative Total Returns
	6 Months			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		(9.93	)%		7.60	%		7.75	%		5.51	%		7.60	%		45.27	%		71.03	%
Fund Market		(10.98	)		6.93			7.61			5.37			6.93			44.28			68.74
Index		(9.26	)		8.48			7.95			5.66			8.48			46.59			73.47

Index performance through February 11, 2013 reflects the performance of the MSCI Austria Investable Market Index. Index performance beginning on February 12, 2013 reflects the performance of the MSCI Austria IMI 25/50 Index.

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

Expense Example

Actual						Hypothetical 5% Return
Beginning Account Value (09/01/21)		Ending Account Value (02/28/22)		Expenses Paid During the Period (a)		Beginning Account Value (09/01/21)		Ending Account Value (02/28/22)		Expenses Paid During the Period (a)		Annualized Expense Ratio
$	1,000.00	$	900.70	$	2.31	$	1,000.00	$	1,022.40	$	2.46		0.49	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” for more information.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of Total Investments (a)
Financials		31.3	%
Utilities		15.0
Industrials		13.6
Energy		12.4
Materials		12.1
Real Estate		9.2
Information Technology		2.8
Communication Services		2.7
Consumer Staples		0.9

^(a)  Excludes money market funds.

TEN LARGEST HOLDINGS

Security	Percent of Total Investments (a)
Erste Group Bank AG		19.6	%
Verbund AG		12.8
OMV AG		11.1
voestalpine AG		4.9
BAWAG Group AG		4.5
ANDRITZ AG		4.4
Wienerberger AG		4.4
IMMOFINANZ AG		4.0
Raiffeisen Bank International AG		2.9
Lenzing AG		2.9

4 2022 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Fund Summary  as of February 28, 2022 iShares^® MSCI Belgium ETF

Investment Objective

The iShares MSCI Belgium ETF (the “Fund”) seeks to track the investment results of a broad-based index composed of Belgian equities, as represented by the MSCI Belgium 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.

Performance

				Average Annual Total Returns									Cumulative Total Returns
	6 Months			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		(7.64	)%		7.29	%		5.13	%		8.32	%		7.29	%		28.43	%		122.27	%
Fund Market		(8.13	)		6.95			5.07			8.28			6.95			28.03			121.62
Index		(7.29	)		2.95			4.26			8.22			2.95			23.17			120.33

Index performance through November 8, 2012 reflects the performance of the MSCI Belgium Investable Market Index. Index performance beginning on November 9, 2012 reflects the performance of the MSCI Belgium IMI 25/50 Index.

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

Expense Example

Actual						Hypothetical 5% Return
Beginning Account Value (09/01/21)		Ending Account Value (02/28/22)		Expenses Paid During the Period (a)		Beginning Account Value (09/01/21)		Ending Account Value (02/28/22)		Expenses Paid During the Period (a)		Annualized Expense Ratio
$	1,000.00	$	923.60	$	2.38	$	1,000.00	$	1,022.30	$	2.51		0.50	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” for more information.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of Total Investments (a)
Consumer Staples		24.0	%
Financials		22.1
Health Care		16.7
Real Estate		12.1
Materials		9.8
Communication Services		3.5
Industrials		3.5
Utilities		2.4
Information Technology		2.4
Consumer Discretionary		2.3
Energy		1.2

^(a)  Excludes money market funds.

TEN LARGEST HOLDINGS

Security	Percent of Total Investments (a)
Anheuser-Busch InBev SA/NV		22.5	%
KBC Group NV		8.8
UCB SA		6.7
Argenx SE		6.5
Groupe Bruxelles Lambert SA		4.5
Solvay SA		4.0
Ageas SA/NV		4.0
Umicore SA		3.9
Sofina SA		3.2
Warehouses De Pauw CVA		2.9

FUND SUMMARY 5

Fund Summary  as of February 28, 2022 iShares^® MSCI France ETF

Investment Objective

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

Performance

				Average Annual Total Returns									Cumulative Total Returns
	6 Months			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		(5.81	)%(a)		8.34	%		9.93	%		7.59	%		8.34	%		60.51	%		107.77	%
Fund Market		(6.11	)		8.39			9.89			7.58			8.39			60.22			107.69
Index		(5.78	)		7.96			9.84			7.52			7.96			59.87			106.54

^(a)  The NAV total return presented in the table for the six-months period differs from the same period return disclosed in the financial highlights. The total return in the financial highlights is calculated in the same manner but differs due to certain adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles.

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

Expense Example

Actual						Hypothetical 5% Return
Beginning Account Value (09/01/21)		Ending Account Value (02/28/22)		Expenses Paid During the Period (a)		Beginning Account Value (09/01/21)		Ending Account Value (02/28/22)		Expenses Paid During the Period (a)		Annualized Expense Ratio
$	1,000.00	$	941.90	$	3.56	$	1,000.00	$	1,021.10	$	3.71		0.74	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” for more information.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of Total Investments (a)
Consumer Discretionary		22.3	%
Industrials		21.7
Consumer Staples		11.0
Financials		9.7
Health Care		8.4
Energy		7.0
Information Technology		6.4
Materials		5.8
Communication Services		3.2
Utilities		3.1
Real Estate		1.4

^(a)  Excludes money market funds.

TEN LARGEST HOLDINGS

Security	Percent of Total Investments (a)
LVMH Moet Hennessy Louis Vuitton SE		11.1	%
TotalEnergies SE		7.0
Sanofi		6.5
L’Oreal SA		5.4
Schneider Electric SE		4.6
Air Liquide SA		4.3
Airbus SE		4.1
BNP Paribas SA		3.6
Vinci SA		3.1
AXA SA		2.9

6 2022 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Fund Summary  as of February 28, 2022 iShares^® MSCI Netherlands ETF

Investment Objective

The iShares MSCI Netherlands ETF (the “Fund”) seeks to track the investment results of a broad-based index composed of Dutch equities, as represented by the MSCI Netherlands 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.

Performance

				Average Annual Total Returns									Cumulative Total Returns
	6 Months			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		(17.83	)%		(0.83	)%		13.10	%		10.85	%		(0.83	)%		85.07	%		180.13	%
Fund Market		(18.81	)		(1.69	)		12.90			10.78			(1.69	)		83.40			178.43
Index		(17.33	)		(0.06	)		13.71			11.26			(0.06	)		90.08			190.73

Index performance through August 31, 2017 reflects the performance of the MSCI Netherlands Investable Market Index. Index performance beginning on September 1, 2017 reflects the performance of the MSCI Netherlands IMI 25/50.

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

Expense Example

Actual						Hypothetical 5% Return
Beginning Account Value (09/01/21)		Ending Account Value (02/28/22)		Expenses Paid During the Period (a)		Beginning Account Value (09/01/21)		Ending Account Value (02/28/22)		Expenses Paid During the Period (a)		Annualized Expense Ratio
$	1,000.00	$	821.70	$	2.21	$	1,000.00	$	1,022.40	$	2.46		0.49	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” for more information.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of Total Investments (a)
Information Technology		33.6	%
Industrials		14.1
Financials		12.0
Consumer Staples		11.3
Consumer Discretionary		10.0
Materials		8.5
Health Care		4.3
Communication Services		3.8
Real Estate		1.2
Energy		1.1
Utilities		0.1

^(a)  Excludes money market funds.

TEN LARGEST HOLDINGS

Security	Percent of Total Investments (a)
ASML Holding NV		24.4	%
Prosus NV		7.7
ING Groep NV		6.1
Adyen NV		5.5
Koninklijke DSM NV		4.5
Koninklijke Ahold Delhaize NV		4.4
Koninklijke Philips NV		4.0
Wolters Kluwer NV		3.7
Heineken NV		3.3
Akzo Nobel NV		2.5

FUND SUMMARY 7

Fund Summary  as of February 28, 2022 iShares^® MSCI Sweden ETF

Investment Objective

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

Performance

				Average Annual Total Returns									Cumulative Total Returns
	6 Months			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		(18.25	)%		(5.03	)%		8.52	%		6.43	%		(5.03	)%		50.48	%		86.43	%
Fund Market		(18.58	)		(5.00	)		8.51			6.45			(5.00	)		50.46			86.83
Index		(17.19	)		(4.47	)		8.27			6.06			(4.47	)		48.80			80.13

Index performance through November 30, 2016 reflects the performance of the MSCI Sweden Index. Index performance beginning on December 1, 2016 reflects the performance of the MSCI Sweden 25/50 Index.

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

Expense Example

Actual						Hypothetical 5% Return
Beginning Account Value (09/01/21)		Ending Account Value (02/28/22)		Expenses Paid During the Period (a)		Beginning Account Value (09/01/21)		Ending Account Value (02/28/22)		Expenses Paid During the Period (a)		Annualized Expense Ratio
$	1,000.00	$	817.50	$	2.34	$	1,000.00	$	1,022.20	$	2.61		0.52	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” for more information.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of Total Investments (a)
Industrials		37.4	%
Financials		28.4
Information Technology		10.3
Consumer Discretionary		6.4
Consumer Staples		4.9
Materials		3.9
Communication Services		3.8
Real Estate		2.0
Health Care		1.6
Energy		1.3

^(a)  Excludes money market funds.

TEN LARGEST HOLDINGS

Security	Percent of Total Investments (a)
Investor AB, Class B		6.6	%
Nordea Bank Abp		6.3
Atlas Copco AB, Class A		6.2
Volvo AB, Class B		4.9
Telefonaktiebolaget LM Ericsson, Class B		4.8
Assa Abloy AB, Class B		4.7
Hexagon AB, Class B		4.7
Sandvik AB		4.3
Evolution AB		3.5
Skandinaviska Enskilda Banken AB, Class A		3.3

8 2022 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

About Fund Performance

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

Net asset value or “NAV” is the value of one share of a fund as calculated in accordance with the standard formula for valuing mutual fund shares. Beginning August 10, 2020, the price used to calculate market return (“Market Price”) is the closing price. Prior to August 10, 2020, Market Price was determined using the midpoint between the highest bid and the lowest ask on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. 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.

Shareholder Expenses

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

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

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

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

ABOUT FUND PERFORMANCE / SHAREHOLDER EXPENSES 9

Schedule of Investments  (unaudited) February 28, 2022 iShares^® MSCI Austria ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 0.9%
FACC AG(a)(b)		62,356	$	595,554
Air Freight & Logistics — 2.7%
Oesterreichische Post AG(b)		47,597		1,934,476
Banks — 26.7%
BAWAG Group AG(c)		58,692		3,168,772
Erste Group Bank AG		385,242		13,694,128
Raiffeisen Bank International AG		123,544		2,013,140
				18,876,040
Chemicals — 2.8%
Lenzing AG(a)		18,149		2,000,166
Commercial Services & Supplies — 1.6%
DO & CO AG(a)(b)		11,633		1,150,903
Construction & Engineering — 0.9%
Poor AG.(a)		44,881		602,918
Construction Materials — 4.3%
Wienerberger AG		102,238		3,057,394
Diversified Telecommunication Services — 2.7%
Telekom Austria AG		234,251		1,914,747
Electric Utilities — 14.8%
EVN AG		54,643		1,516,670
Verbund AG		73,928		8,916,938
				10,433,608
Electrical Equipment — 0.9%
Zumtobel Group AG		69,492		626,460
Electronic Equipment, Instruments & Components — 2.8%
AT&S Austria Technologie & Systemtechnik AG		35,851		1,967,125
Energy Equipment & Services — 1.3%
Schoeller-Bleckmann Oilfield Equipment AG(a)		21,110		904,064
Food Products — 0.9%
Agrana Beteiligungs AG		32,835		608,940
Insurance — 4.2%
UNIQA Insurance Group AG		182,954		1,464,254
Vienna Insurance Group AG Wiener Versicherung Gruppe		57,097		1,495,031
				2,959,285

Security	Shares		Value
Machinery — 6.5%
ANDRITZ AG		68,869	$	3,087,341
Palfinger AG		26,395		785,309
Semperit AG Holding		22,973		722,971
				4,595,621
Metals & Mining — 4.8%
voestalpine AG		102,953		3,402,701
Oil, Gas & Consumable Fuels — 10.9%
OMV AG		162,166		7,719,666
Real Estate Management & Development — 9.1%
CA Immobilien Anlagen AG		57,375		1,962,994
IMMOFINANZ AG		107,502		2,769,931
S IMMO AG		66,366		1,701,064
				6,433,989
Total Common Stocks — 98.8% (Cost: $74,939,601)				69,783,657
Short-Term Investments
Money Market Funds — 3.0%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.09%(d)(e)(f)		2,040,642		2,041,050
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.03%(d)(e)		80,000		80,000
				2,121,050
Total Short-Term Investments — 3.0% (Cost: $2,120,983)				2,121,050
Total Investments in Securities — 101.8% (Cost: $77,060,584)				71,904,707
Other Assets, Less Liabilities — (1.8)%				(1,271,748	)
Net Assets — 100.0%			$	70,632,959

^(a)  Non-income producing security.

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

^(c)  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.

^(d)  Affiliate of the Fund.

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

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

10 2022 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) February 28, 2022 iShares^® MSCI Austria ETF

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 08/31/21		Purchases at Cost			Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 02/28/22		Shares Held at 02/28/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	2,252,894	$	—		$	(210,992)(a)	$	(595	)	$	(257	)	$	2,041,050		2,040,642	$	22,798	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		30,000		50,000	(a)		—		—			—			80,000		80,000		2			—
								$	(595	)	$	(257	)	$	2,121,050			$	22,800		$	—

^(a)  Represents net amount purchased (sold).

^(b)  All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
Euro STOXX 50 Index		19		03/18/22	$	831	$	(59,819	)

Derivative Financial Instruments Categorized by Risk Exposure

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

	Equity Contracts
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	59,819

^(a)  Net cumulative unrealized appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).

For the period ended February 28, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	45,780
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(74,658	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	1,035,402

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

SCHEDULES OF INVESTMENTS 11

Schedule of Investments  (unaudited) (continued) February 28, 2022 iShares^® MSCI Austria ETF

Fair Value Hierarchy as of Period End

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.

	Level 1		Level 2			Level 3		Total
Investments
Assets
Common Stocks	$	5,920,078	$	63,863,579		$	—	$	69,783,657
Money Market Funds		2,121,050		—			—		2,121,050
	$	8,041,128	$	63,863,579		$	—	$	71,904,707
Derivative financial instruments(a)
Liabilities
Futures Contracts	$	—	$	(59,819	)	$	—	$	(59,819	)

^(a) Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

See notes to financial statements.

12 2022 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (unaudited) February 28, 2022 iShares^® MSCI Belgium ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Air Freight & Logistics — 0.4%
bpost SA(a)		15,458	$	104,129
Banks — 9.7%
KBC Ancora		4,987		224,493
KBC Group NV		29,353		2,114,794
				2,339,287
Beverages — 22.4%
Anheuser-Busch InBev SA/NV		87,362		5,390,917
Biotechnology — 8.2%
Argenx SE(a)		5,370		1,554,847
Galapagos NV(a)		6,146		405,976
				1,960,823
Capital Markets — 0.7%
Gimv NV		2,872		170,424
Chemicals — 8.9%
Recticel SA		6,966		144,588
Solvay SA		8,605		959,634
Tessenderlo Group SA(a)		2,874		105,488
Umicore SA		22,682		927,913
				2,137,623
Construction & Engineering — 3.0%
Ackermans & van Haaren NV		3,045		568,425
Cie d’Entreprises CFE		1,231		163,621
				732,046
Distributors — 2.0%
D’ieteren Group		2,897		467,995
Diversified Financial Services — 7.6%
Groupe Bruxelles Lambert SA		10,374		1,077,197
Sofina SA		1,952		758,070
				1,835,267
Diversified Telecommunication Services — 1.7%
Proximus SADP		20,118		399,951
Electric Utilities — 2.4%
Elia Group SA/NV		4,022		579,019
Electronic Equipment, Instruments & Components — 0.9%
Barco NV		9,727		221,961
Entertainment — 0.6%
Kinepolis Group NV(a)		2,305		148,163
Equity Real Estate Investment Trusts (REITs) — 10.0%
Aedifica SA		4,258		481,895
Befimmo SA		3,541		188,166
Cofinimmo SA		3,410		445,911
Intervest Offices & Warehouses NV		3,632		106,900
Montea NV		1,500		186,822
Retail Estates NV		1,630		129,781
Warehouses De Pauw CVA		17,542		689,666
Xior Student Housing NV		3,128		170,278
				2,399,419
Food & Staples Retailing — 1.2%
Etablissements Franz Colruyt NV		7,207		288,257
Health Care Equipment & Supplies — 0.4%
Ion Beam Applications		4,213		87,010

Security	Shares		Value
Health Care Providers & Services — 0.7%
Fagron		8,986	$	156,311
Health Care Technology — 0.4%
AGFA-Gevaert NV(a)		23,524		95,381
Insurance — 4.0%
Ageas SA/NV		19,823		953,608
IT Services — 0.4%
Econocom Group SA/NV		24,388		99,047
Media — 0.9%
Telenet Group Holding NV		6,406		222,988
Metals & Mining — 0.9%
Bekaert SA		5,105		222,111
Oil, Gas & Consumable Fuels — 1.2%
Euronav NV		26,728		297,600
Personal Products — 0.3%
Ontex Group NV(a)		10,943		78,051
Pharmaceuticals — 7.0%
Mithra Pharmaceuticals SA(a)		3,736		75,571
UCB SA		14,805		1,615,769
				1,691,340
Real Estate Management & Development — 2.0%
Immobel SA		856		69,770
Shurgard Self Storage SA		2,762		158,222
VGP NV		1,022		260,964
				488,956
Semiconductors & Semiconductor Equipment — 1.0%
Melexis NV		2,747		250,752
Textiles, Apparel & Luxury Goods — 0.3%
Van de Velde NV		1,837		71,643
Wireless Telecommunication Services — 0.3%
Orange Belgium SA		3,195		69,754
Total Common Stocks — 99.5% (Cost: $29,911,177)				23,959,833
Short-Term Investments
Money Market Funds — 0.3%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.09%(b)(c)		79,565		79,581
Total Short-Term Investments — 0.3% (Cost: $79,581)				79,581
Total Investments in Securities — 99.8% (Cost: $29,990,758)				24,039,414
Other Assets, Less Liabilities — 0.2%				39,161
Net Assets — 100.0%			$	24,078,575

^(a)  Non-income producing security.

^(b)  Affiliate of the Fund.

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

SCHEDULES OF INVESTMENTS 13

Schedule of Investments  (unaudited) (continued) February 28, 2022 iShares^® MSCI Belgium ETF

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 08/31/21		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value at 02/28/22		Shares Held at 02/28/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	125,177	$	—	$	(45,568	)(a)	$	10	$	(38	)	$	79,581		79,565	$	5,984	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares(c)		10,000		—		(10,000	)(a)		—		—			—		—		—			—
								$	10	$	(38	)	$	79,581			$	5,984		$	—

^(a)  Represents net amount purchased (sold).

^(b)  All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

^(c)  As of period end, the entity is no longer held.

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
Euro STOXX 50 Index		2		03/18/22	$	88	$	(8,032	)

Derivative Financial Instruments Categorized by Risk Exposure

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

	Equity Contracts
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	8,032

^(a)  Net cumulative unrealized appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).

For the period ended February 28, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	4,269
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(10,828	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	124,642

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

Fair Value Hierarchy as of Period End

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.

14 2022 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) February 28, 2022 iShares^® MSCI Belgium ETF

Fair Value Hierarchy as of Period End (continued)

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.

	Level 1		Level 2			Level 3		Total
Investments
Assets
Common Stocks	$	277,178	$	23,682,655		$	—	$	23,959,833
Money Market Funds		79,581		—			—		79,581
	$	356,759	$	23,682,655		$	—	$	24,039,414
Derivative financial instruments(a)
Liabilities
Futures Contracts	$	—	$	(8,032	)	$	—	$	(8,032	)

^(a)  Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

See notes to financial statements.

SCHEDULES OF INVESTMENTS 15

Schedule of Investments  (unaudited) February 28, 2022 iShares^® MSCI France ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 7.3%
Airbus SE(a)		250,280	$	31,955,516
Dassault Aviation SA		10,638		1,583,040
Safran SA		145,267		18,470,283
Thales SA		45,140		5,160,534
				57,169,373
Auto Components — 1.8%
Cie. Generale des Etablissements Michelin SCA		71,926		9,901,156
Faurecia SE		51,488		1,938,730
Valeo		98,544		2,173,298
				14,013,184
Automobiles — 0.3%
Renault SA(a)		81,337		2,548,938
Banks — 5.7%
BNP Paribas SA		477,617		27,713,498
Credit Agricole SA		526,119		6,701,885
Societe Generale SA		344,158		9,731,939
				44,147,322
Beverages — 2.7%
Pernod Ricard SA		88,845		19,394,882
Remy Cointreau SA		9,614		1,850,242
				21,245,124
Building Products — 1.7%
Cie. de Saint-Gobain		214,651		13,309,452
Capital Markets — 0.7%
Amundi SA(b)		26,169		1,814,974
Euronext NV(b)		36,250		3,272,338
				5,087,312
Chemicals — 4.7%
Air Liquide SA		201,161		33,413,867
Arkema SA		25,976		3,444,864
				36,858,731
Construction & Engineering — 4.0%
Bouygues SA		97,888		3,500,284
Eiffage SA		35,244		3,590,094
Vinci SA		228,614		23,970,499
				31,060,877
Diversified Financial Services — 0.3%
Eurazeo SE		16,757		1,294,321
Wendel SE		11,596		1,177,208
				2,471,529
Diversified Telecommunication Services — 1.3%
Orange SA		847,793		10,251,251
Electric Utilities — 0.2%
Electricite de France SA		200,448		1,812,156
Electrical Equipment — 5.9%
Legrand SA		113,558		10,713,067
Schneider Electric SE		229,510		35,559,383
				46,272,450
Entertainment — 0.5%
Bollore SA		374,183		1,893,406
Ubisoft Entertainment SA(a)		40,014		2,145,429
				4,038,835

Security	Shares		Value
Equity Real Estate Investment Trusts (REITs) — 1.4%
Covivio		22,012	$	1,800,811
Gecina SA		19,421		2,468,042
Klepierre SA		85,997		2,458,185
Unibail-Rodamco-Westfield(a)		53,280		4,061,311
				10,788,349
Food & Staples Retailing — 0.7%
Carrefour SA		263,506		5,297,590
Food Products — 2.2%
Danone SA		277,076		16,857,090
Health Care Equipment & Supplies — 0.3%
BioMerieux		17,525		1,926,195
Health Care Providers & Services — 0.1%
Orpea SA		21,866		905,476
Hotels, Restaurants & Leisure — 0.9%
Accor SA(a)		72,012		2,459,444
La Francaise des Jeux SAEM(b)		40,408		1,675,004
Sodexo SA		37,435		3,125,326
				7,259,774
Household Durables — 0.2%
SEB SA		11,702		1,701,889
Insurance — 3.1%
AXA SA		826,458		22,361,980
CNP Assurances		72,636		1,770,376
				24,132,356
IT Services — 3.1%
Capgemini SE		68,024		14,239,432
Edenred		105,619		4,806,178
Worldline SA/France(a)(b)		100,883		5,144,348
				24,189,958
Life Sciences Tools & Services — 1.3%
Eurofins Scientific SE		57,053		5,789,616
Sartorius Stedim Biotech		11,697		4,485,453
				10,275,069
Machinery — 0.4%
Alstom SA		134,268		3,415,765
Media — 1.4%
Publicis Groupe SA		97,039		6,440,063
Vivendi SE		328,296		4,144,334
				10,584,397
Metals & Mining — 1.1%
ArcelorMittal SA		271,194		8,414,777
Multi-Utilities — 2.8%
Engie SA		775,511		12,355,788
Veolia Environnement SA		278,506		9,710,580
				22,066,368
Oil, Gas & Consumable Fuels — 7.0%
TotalEnergies SE		1,064,866		54,249,811
Personal Products — 5.4%
L’Oreal SA		106,534		42,115,469
Pharmaceuticals — 6.7%
Ipsen SA		16,220		1,887,353

16 2022 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) February 28, 2022 iShares^® MSCI France ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Pharmaceuticals (continued)
Sanofi		482,750	$	50,463,065
				52,350,418
Professional Services — 1.6%
Bureau Veritas SA		124,429		3,557,777
Teleperformance		24,946		9,256,514
				12,814,291
Semiconductors & Semiconductor Equipment — 1.6%
STMicroelectronics NV		289,847		12,167,198
Software — 1.8%
Dassault Systemes SE		282,129		13,608,849
Textiles, Apparel & Luxury Goods — 19.0%
EssilorLuxottica SA		122,020		21,301,058
Hermes International		13,459		18,560,454
Kering SA		31,868		22,104,713
LVMH Moet Hennessy Louis Vuitton SE		117,853		86,610,753
				148,576,978
Transportation Infrastructure — 0.6%
Aeroports de Paris(a)		12,762		1,804,413
Getlink SE		186,190		3,036,635
				4,841,048
Total Common Stocks — 99.8% (Cost: $810,589,725)				778,825,649

Security	Shares		Value
Short-Term Investments
Money Market Funds — 0.6%
BlackRock Cash Funds: Treasury, SL Agency Shares,
0.03%(c)(d)		4,800,000	$	4,800,000
Total Short-Term Investments — 0.6% (Cost: $4,800,000)				4,800,000
Total Investments in Securities — 100.4% (Cost: $815,389,725)				783,625,649
Other Assets, Less Liabilities — (0.4)%				(3,311,450	)
Net Assets — 100.0%			$	780,314,199

^(a)  Non-income producing security.

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

^(c)  Affiliate of the Fund.

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 08/31/21		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 02/28/22		Shares Held at 02/28/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares(a)	$	21,424	$	—		$	(21,363	)(b)	$	(61	)	$	—	$	—		—	$	9,038	(c)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		350,000		4,450,000	(b)		—			—			—		4,800,000		4,800,000		243			—
									$	(61	)	$	—	$	4,800,000			$	9,281		$	—

^(a)  As of period end, the entity is no longer held.

^(b)  Represents net amount purchased (sold).

^(c)  All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
CAC 40 10 Euro Index		24		03/18/22	$	1,777	$	(86,459	)

SCHEDULES OF INVESTMENTS 17

Schedule of Investments  (unaudited) (continued) February 28, 2022 iShares^® MSCI France ETF

Derivative Financial Instruments Categorized by Risk Exposure

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

	Equity Contracts
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	86,459

^(a)  Net cumulative unrealized appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).

For the period ended February 28, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	(199,474	)
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(54,066	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	1,552,389

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

Fair Value Hierarchy as of Period End

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.

	Level 1		Level 2			Level 3		Total
Investments
Assets
Common Stocks	$	—	$	778,825,649		$	—	$	778,825,649
Money Market Funds		4,800,000		—			—		4,800,000
	$	4,800,000	$	778,825,649		$	—	$	783,625,649
Derivative financial instruments(a)
Liabilities
Futures Contracts	$	—	$	(86,459	)	$	—	$	(86,459	)

^(a)  Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

See notes to financial statements.

18 2022 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (unaudited) February 28, 2022 iShares^® MSCI Netherlands ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Air Freight & Logistics — 0.7%
InPost SA(a)		151,096	$	933,109
PostNL NV		468,017		1,881,655
				2,814,764
Banks — 7.1%
ABN AMRO Bank NV, CVA(b)		271,274		3,609,903
ING Groep NV		1,969,195		22,997,223
				26,607,126
Beverages — 6.0%
Coca-Cola Europacific Partners PLC		117,139		5,998,688
Heineken Holding NV		50,690		4,139,800
Heineken NV		122,185		12,394,259
				22,532,747
Biotechnology — 0.3%
Pharming Group NV(a)(c)		1,186,867		1,061,668
Capital Markets — 0.7%
Flow Traders(b)		40,411		1,387,070
Van Lanschot Kempen NV		51,836		1,311,434
				2,698,504
Chemicals — 8.1%
Akzo Nobel NV		100,462		9,558,166
Corbion NV		47,042		1,741,380
Koninklijke DSM NV		90,519		16,996,212
OCI NV(a)		78,713		2,231,217
				30,526,975
Construction & Engineering — 1.9%
Arcadis NV		56,833		2,597,463
Boskalis Westminster		69,299		2,001,290
Fugro NV(a)		160,464		1,544,722
Koninklijke BAM Groep NV(a)		385,789		1,085,375
				7,228,850
Distributors — 0.1%
B&S Group Sarl(b)		55,571		450,701
Diversified Financial Services — 0.0%
SNS REAAL NV(c)(d)		63,320		1
Diversified Telecommunication Services — 1.7%
Koninklijke KPN NV		1,914,076		6,550,222
Electric Utilities — 0.1%
Fastned BV(a)(c)		7,875		303,568
Electrical Equipment — 2.2%
Alfen Beheer BV(a)(b)(c)		19,855		1,934,967
SIF Holding NV		24,026		297,046
Signify NV(b)		80,502		4,117,982
TKH Group NV		35,814		1,983,800
				8,333,795
Energy Equipment & Services — 0.5%
SBM Offshore NV		131,381		2,001,236
Entertainment — 2.1%
Universal Music Group NV		338,765		7,734,861
Equity Real Estate Investment Trusts (REITs) — 1.2%
Eurocommercial Properties NV		56,573		1,405,020
NSI NV		33,300		1,324,587
Vastned Retail NV		21,511		611,169

Security	Shares		Value
Equity Real Estate Investment Trusts (REITs) (continued)
Wereldhave NV		64,583	$	1,179,072
				4,519,848
Food & Staples Retailing — 4.7%
Koninklijke Ahold Delhaize NV		542,325		16,683,133
Sligro Food Group NV(a)		45,883		1,170,279
				17,853,412
Food Products — 0.6%
ForFarmers NV		60,836		248,164
JDE Peet’s NV		65,178		2,139,745
				2,387,909
Health Care Equipment & Supplies — 4.0%
Koninklijke Philips NV		442,299		15,108,345
Hotels, Restaurants & Leisure — 0.5%
Basic-Fit NV(a)(b)(c)		44,107		2,012,673
Insurance — 4.3%
Aegon NV		1,046,145		5,167,739
ASR Nederland NV		87,271		3,771,938
NN Group NV		148,610		7,132,519
				16,072,196
Internet & Direct Marketing Retail — 8.9%
Just Eat Takeaway.com NV(a)(b)		107,601		4,354,845
Prosus NV		468,522		29,086,604
				33,441,449
IT Services — 5.5%
Adyen NV(a)(b)		9,926		20,688,487
Leisure Products — 0.5%
Accell Group NV(a)		26,930		1,737,979
Machinery — 1.0%
Aalberts NV		64,130		3,578,030
Metals & Mining — 0.4%
AMG Advanced Metallurgical Group NV		38,677		1,532,107
Oil, Gas & Consumable Fuels — 0.6%
Koninklijke Vopak NV		57,316		2,123,983
Professional Services — 5.7%
Brunel International NV		38,155		453,982
Intertrust NV(a)(b)		87,327		1,900,915
Randstad NV		71,353		4,862,612
Wolters Kluwer NV		137,939		14,054,569
				21,272,078
Semiconductors & Semiconductor Equipment — 27.7%
ASM International NV		25,815		8,337,403
ASML Holding NV		137,683		92,113,201
BE Semiconductor Industries NV		43,805		3,741,872
				104,192,476
Software — 0.4%
CM.Com NV(a)		21,680		487,460
TomTom NV(a)(c)		124,853		1,042,325
				1,529,785
Trading Companies & Distributors — 2.6%
AerCap Holdings NV(a)(c)		80,121		4,360,986

SCHEDULES OF INVESTMENTS 19

Schedule of Investments  (unaudited) (continued) February 28, 2022 iShares^® MSCI Netherlands ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Trading Companies & Distributors (continued)
IMCD NV		33,720	$	5,477,521
				9,838,507
Total Common Stocks — 100.1% (Cost: $389,049,224)				376,734,282
Short-Term Investments
Money Market Funds — 1.5%
BlackRock Cash Funds: Institutional, SL Agency Shares,
0.09%(e)(f)(g)		5,594,376		5,595,494
BlackRock Cash Funds: Treasury, SL Agency Shares,
0.03%(e)(f)		140,000		140,000
				5,735,494
Total Short-Term Investments — 1.5% (Cost: $5,735,402)				5,735,494
Total Investments in Securities — 101.6% (Cost: $394,784,626)				382,469,776
Other Assets, Less Liabilities — (1.6)%				(5,966,698	)
Net Assets — 100.0%			$	376,503,078

^(a)  Non-income producing security.

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

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

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

^(e)  Affiliate of the Fund.

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

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 08/31/21		Purchases at Cost			Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 02/28/22		Shares Held at 02/28/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	3,087,917	$	2,508,823	(a)	$	—	$	(936	)	$	(310	)	$	5,595,494		5,594,376	$	49,454	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		120,000		20,000	(a)		—		—			—			140,000		140,000		6			—
								$	(936	)	$	(310	)	$	5,735,494			$	49,460		$	—

^(a)  Represents net amount purchased (sold).

^(b)  All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

For the period ended February 28, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	(5,396	)
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(367	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	466,377

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

20 2022 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) February 28, 2022 iShares^® MSCI Netherlands ETF

Fair Value Hierarchy as of Period End

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.

	Level 1		Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	10,359,674	$	366,374,607	$	1	$	376,734,282
Money Market Funds		5,735,494		—		—		5,735,494
	$	16,095,168	$	366,374,607	$	1	$	382,469,776

See notes to financial statements.

SCHEDULES OF INVESTMENTS 21

Schedule of Investments  (unaudited) February 28, 2022 iShares^® MSCI Sweden ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Banks — 14.6%
Nordea Bank Abp		3,445,785	$	38,122,523
Skandinaviska Enskilda Banken AB, Class A		1,749,393		20,153,650
Svenska Handelsbanken AB, Class A		1,569,128		14,917,397
Swedbank AB, Class A		974,034		15,737,541
				88,931,111
Building Products — 6.9%
Assa Abloy AB, Class B		1,077,356		28,278,107
Nibe Industrier AB, Class B		1,534,982		13,664,049
				41,942,156
Capital Markets — 1.7%
EQT AB		317,683		10,632,860
Commercial Services & Supplies — 0.7%
Securitas AB, Class B		338,109		4,093,444
Communications Equipment — 4.7%
Telefonaktiebolaget LM Ericsson, Class B		3,137,354		28,869,601
Construction & Engineering — 1.4%
Skanska AB, Class B		365,251		8,266,830
Diversified Financial Services — 11.6%
Industrivarden AB, Class A		140,344		3,875,592
Industrivarden AB, Class C		174,661		4,734,143
Investor AB		535,465		11,840,462
Investor AB, Class B		1,958,376		39,877,377
Kinnevik AB, Class B(a)		259,981		6,619,199
L E Lundbergforetagen AB, Class B		82,048		3,961,876
				70,908,649
Diversified Telecommunication Services — 1.7%
Telia Co. AB		2,859,933		10,633,723
Electronic Equipment, Instruments & Components — 4.6%
Hexagon AB, Class B		2,091,931		28,261,305
Entertainment — 0.9%
Embracer Group AB(a)		601,382		5,162,344
Health Care Equipment & Supplies — 1.6%
Getinge AB, Class B		246,085		9,551,674
Hotels, Restaurants & Leisure — 3.5%
Evolution AB(b)		185,028		21,215,140
Household Durables — 0.7%
Electrolux AB, Class B		241,978		4,332,654
Household Products — 2.8%
Essity AB, Class B		654,156		16,835,310
Industrial Conglomerates — 1.7%
Investment AB Latour, Class B		158,924		4,389,938
Lifco AB, Class B		250,280		5,689,252
				10,079,190
Machinery — 26.3%
Alfa Laval AB		337,773		10,954,287
Atlas Copco AB, Class A		721,801		37,016,919
Atlas Copco AB, Class B		419,602		18,959,795
Epiroc AB, Class A		709,025		13,323,042

Security	Shares		Value
Machinery (continued)
Epiroc AB, Class B		418,706	$	6,787,381
Husqvarna AB, Class B		449,260		5,410,938
Sandvik AB		1,213,490		26,153,760
SKF AB, Class B		410,382		7,577,368
Volvo AB, Class A		214,605		4,193,712
Volvo AB, Class B		1,536,676		29,556,222
				159,933,424
Metals & Mining — 2.1%
Boliden AB		293,667		13,062,435
Oil, Gas & Consumable Fuels — 1.3%
Lundin Energy AB		214,897		7,929,493
Paper & Forest Products — 1.7%
Svenska Cellulosa AB SCA, Class B		652,010		10,637,893
Real Estate Management & Development — 1.9%
Fastighets AB Balder, Class B(a)(c)		113,034		7,046,440
Sagax AB, Class B		172,782		4,698,188
				11,744,628
Software — 0.8%
Sinch AB(a)(b)		560,803		4,730,597
Specialty Retail — 2.2%
H & M Hennes & Mauritz AB, Class B		784,167		13,087,042
Tobacco — 2.0%
Swedish Match AB		1,700,643		12,363,238
Wireless Telecommunication Services — 1.2%
Tele2 AB, Class B		537,742		7,125,706
Total Common Stocks — 98.6% (Cost: $680,180,187)				600,330,447
Short-Term Investments
Money Market Funds — 1.6%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.09%(d)(e)(f)		901,732		901,912
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.03%(d)(e)		9,120,000		9,120,000
				10,021,912
Total Short-Term Investments — 1.6% (Cost: $10,021,912)				10,021,912
Total Investments in Securities — 100.2% (Cost: $690,202,099)				610,352,359
Other Assets, Less Liabilities — (0.2)%				(1,412,979	)
Net Assets — 100.0%			$	608,939,380

^(a)  Non-income producing security.

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

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

^(d)  Affiliate of the Fund.

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

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

22 2022 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) February 28, 2022 iShares^® MSCI Sweden ETF

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 08/31/21		Purchases at Cost			Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 02/28/22		Shares Held at 02/28/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	—	$	901,912	(a)	$	—	$	—	$	—	$	901,912		901,732	$	81	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		260,000		8,860,000	(a)		—		—		—		9,120,000		9,120,000		328			—
								$	—	$	—	$	10,021,912			$	409		$	—

^(a)  Represents net amount purchased (sold).

^(b)  All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
OMXS30 Index		386		03/18/22	$	8,620	$	(549,191	)

Forward Foreign Currency Exchange Contracts

Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
USD	1,495,243	EUR	1,323,593	SCB		03/18/22	$	10,208
USD	7,211,573	SEK	65,533,800	SCB		03/18/22		290,082
								300,290
EUR	164,384	USD	186,027	SCB		03/18/22		(1,592	)
SEK	76,679,016	USD	8,467,665	SCB		03/18/22		(369,049	)
								(370,641	)
	Net unrealized depreciation						$	(70,351	)

Derivative Financial Instruments Categorized by Risk Exposure

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

	Equity Contracts		Foreign Currency Exchange Contracts		Total
Assets — Derivative Financial Instruments
Forward foreign currency exchange contracts
Unrealized appreciation on forward foreign currency exchange contracts	$	—	$	300,290	$	300,290

SCHEDULES OF INVESTMENTS 23

Schedule of Investments  (unaudited) (continued) February 28, 2022 iShares^® MSCI Sweden ETF

Derivative Financial Instruments Categorized by Risk Exposure (continued)

	Equity Contracts		Foreign Currency Exchange Contracts		Total
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	549,191	$	—	$	549,191
Forward foreign currency exchange contracts
Unrealized depreciation on forward foreign currency exchange contracts	$	—	$	370,641	$	370,641
	$	549,191	$	370,641	$	919,832

^(a)  Net cumulative unrealized appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).

For the period ended February 28, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts			Foreign Currency Exchange Contracts			Total
Net Realized Gain (Loss) from:
Futures contracts	$	(301,910	)	$	—		$	(301,910	)
Forward foreign currency exchange contracts		—			865,231			865,231
	$	(301,910	)	$	865,231		$	563,321
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(476,464	)	$	—		$	(476,464	)
Forward foreign currency exchange contracts		—			(447,881	)		(447,881	)
	$	(476,464	)	$	(447,881	)	$	(924,345	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	9,291,651
Forward foreign currency exchange contracts:
Average amounts purchased — in USD	$	4,151,075
Average amounts sold — in USD	$	10,150,222

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

Derivative Financial Instruments — Offsetting as of Period End

The Fund’s derivative assets and liabilities (by type) were as follows:

	Assets		Liabilities
Derivative Financial Instruments:
Futures contracts	$	—	$	549,191
Forward foreign currency exchange contracts		300,290		370,641
Total derivative assets and liabilities in the Statement of Assets and Liabilities		300,290		919,832
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)		—		(549,191	)
Total derivative assets and liabilities subject to an MNA		300,290		370,641

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

Counterparty	Derivative Assets Subject to an MNA by Counterparty		Derivatives Available for Offset (a)			Non-Cash Collateral Received		Cash Collateral Received		Net Amount of Derivative Assets  (b)
Standard Chartered Bank	$	300,290	$	(300,290	)	$	—	$	—	$	—

24 2022 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) February 28, 2022 iShares^® MSCI Sweden ETF

Counterparty	Derivative Liabilities Subject to an MNA by Counterparty		Derivatives Available for Offset (a)			Non-Cash Collateral Pledged		Cash Collateral Pledged		Net Amount of Derivative Liabilities (c)
Standard Chartered Bank	$	370,641	$	(300,290	)	$	—	$	—	$	70,351

^(a)  The amount of derivatives available for offset is limited to the amount of derivative assets and/or liabilities that are subject to an MNA.

^(b)  Net amount represents the net amount receivable from the counterparty in the event of default.

^(c)  Net amount represents the net amount payable due to the counterparty in the event of default.

Fair Value Hierarchy as of Period End

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.

	Level 1		Level 2			Level 3		Total
Investments
Assets
Common Stocks	$	—	$	600,330,447		$	—	$	600,330,447
Money Market Funds		10,021,912		—			—		10,021,912
	$	10,021,912	$	600,330,447		$	—	$	610,352,359
Derivative financial instruments(a)
Assets
Forward Foreign Currency Exchange Contracts	$	—	$	300,290		$	—	$	300,290
Liabilities
Forward Foreign Currency Exchange Contracts		—		(370,641	)		—		(370,641	)
Futures Contracts		—		(549,191	)		—		(549,191	)
	$	—	$	(619,542	)	$	—	$	(619,542	)

^(a)  Derivative financial instruments are futures contracts and forward foreign currency exchange contracts. Futures contracts and forward foreign currency exchange contracts are valued at the unrealized appreciation (depreciation) on the instrument.

See notes to financial statements.

SCHEDULES OF INVESTMENTS 25

Statements of Assets and Liabilities  (unaudited)

February 28, 2022

	iShares MSCI Austria ETF			iShares MSCI Belgium ETF			iShares MSCI France ETF			iShares MSCI Netherlands ETF
ASSETS
Investments in securities, at value (including securities on loan)(a):
Unaffiliated(b)	$	69,783,657		$	23,959,833		$	778,825,649		$	376,734,282
Affiliated(c)		2,121,050			79,581			4,800,000			5,735,494
Cash		—			9,297			6,675			3,214
Foreign currency, at value(d)		86,566			9,635			1,578,101			309,536
Foreign currency collateral pledged:
Futures contracts(e)		74,002			7,848			230,977			28,031
Receivables:
Investments sold		687,529			271,047			503,033			12,951,829
Securities lending income — Affiliated		2,812			360			—			10,582
Dividends		—			14,562			142			3
Tax reclaims		687,797			77,930			1,040,272			—
Total assets		73,443,413			24,430,093			786,984,849			395,772,971
LIABILITIES
Bank overdraft		46,624			—			—			—
Collateral on securities loaned, at value		2,044,324			79,581			—			5,599,651
Payables:
Investments purchased		677,713			261,085			1,430,503			13,513,331
Variation margin on futures contracts		12,466			1,307			53,287			6,746
Investment advisory fees		29,327			9,545			314,987			150,165
Professional fees		—			—			990			—
IRS compliance fee for foreign withholding tax claims		—			—			4,870,883			—
Total liabilities		2,810,454			351,518			6,670,650			19,269,893
NET ASSETS	$	70,632,959		$	24,078,575		$	780,314,199		$	376,503,078
NET ASSETS CONSIST OF:
Paid-in capital	$	116,449,364		$	47,910,237		$	883,008,696		$	399,058,314
Accumulated loss		(45,816,405	)		(23,831,662	)		(102,694,497	)		(22,555,236	)
NET ASSETS	$	70,632,959		$	24,078,575		$	780,314,199		$	376,503,078
Shares outstanding		3,150,000			1,200,000			22,000,000			8,700,000
Net asset value	$	22.42		$	20.07		$	35.47		$	43.28
Shares authorized		100 million			136.2 million			340.2 million			255 million
Par value	$	0.001		$	0.001		$	0.001		$	0.001
(a) Securities loaned, at value	$	1,935,108		$	—		$	—		$	5,309,647
(b) Investments, at cost — Unaffiliated	$	74,939,601		$	29,911,177		$	810,589,725		$	389,049,224
(c)  Investments, at cost — Affiliated	$	2,120,983		$	79,581		$	4,800,000		$	5,735,402
(d) Foreign currency, at cost	$	79,025		$	9,773		$	1,601,278		$	310,707
(e) Foreign currency collateral pledged, at cost	$	82,607		$	8,015		$	239,731		$	28,296

See notes to financial statements.

26 2022 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Statements of Assets and Liabilities  (unaudited) (continued)

February 28, 2022

	iShares MSCI Sweden ETF
ASSETS
Investments in securities, at value (including securities on loan)(a):
Unaffiliated(b)	$	600,330,447
Affiliated(c)		10,021,912
Cash		9,846
Foreign currency, at value(d)		142,631
Foreign currency collateral pledged:
Futures contracts(e)		664,896
Receivables:
Investments sold		867,178
Securities lending income — Affiliated		28
Variation margin on futures contracts		130,239
Dividends		275
Tax reclaims		3,284,354
Foreign withholding tax claims		5,411,649
Unrealized appreciation on:
Forward foreign currency exchange contracts		300,290
Total assets		621,163,745
LIABILITIES
Collateral on securities loaned, at value		901,912
Payables:
Investments purchased		93,360
Investment advisory fees		249,200
Professional fees		1,739,234
IRS compliance fee for foreign withholding tax claims		8,870,018
Unrealized depreciation on:
Forward foreign currency exchange contracts		370,641
Total liabilities		12,224,365
NET ASSETS	$	608,939,380
NET ASSETS CONSIST OF:
Paid-in capital	$	711,751,336
Accumulated loss		(102,811,956	)
NET ASSETS	$	608,939,380
Shares outstanding		16,050,000
Net asset value	$	37.94
Shares authorized		63.6 million
Par value	$	0.001
(a) Securities loaned, at value	$	870,753
(b) Investments, at cost — Unaffiliated	$	680,180,187
(c)  Investments, at cost — Affiliated	$	10,021,912
(d) Foreign currency, at cost	$	92,154
(e) Foreign currency collateral pledged, at cost	$	783,428

See notes to financial statements.

FINANCIAL STATEMENTS 27

Statements of Operations  (unaudited))

Six Months Ended February 28, 2022

	iShares MSCI Austria ETF			iShares MSCI Belgium ETF			iShares MSCI France ETF			iShares MSCI Netherlands ETF
INVESTMENT INCOME
Dividends — Unaffiliated	$	1,367,449		$	218,908	(a)	$	3,371,168		$	1,766,111
Dividends — Affiliated		166			8			248			537
Interest — Unaffiliated		492			—			—			—
Securities lending income — Affiliated — net		22,634			5,976			9,033			48,923
Other income — Unaffiliated		—			—			1,041,223			—
Foreign taxes withheld		(131,730	)		(33,469	)		(1,618,755	)		(231,741	)
Foreign withholding tax claims		—			—			8,161,260			—
IRS Compliance fee for foreign withholding tax claims		—			—			(3,203,371	)		—
Total investment income		1,259,011			191,423			7,760,806			1,583,830
EXPENSES
Investment advisory fees		214,369			76,776			1,832,775			887,758
Professional fees		217			217			920,757			217
Total expenses		214,586			76,993			2,753,532			887,975
Net investment income		1,044,425			114,430			5,007,274			695,855
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		(1,575,879	)		(598,644	)		(10,680,428	)		(714,597	)
Investments — Affiliated		(595	)		10			(61	)		(936	)
In-kind redemptions — Unaffiliated		4,122,921			2,197,438			9,091,102			13,163,406
Futures contracts		45,780			4,269			(199,474	)		(5,396	)
Foreign currency transactions		(434	)		(3,672	)		(20,159	)		(19,821	)
Net realized gain (loss)		2,591,793			1,599,401			(1,809,020	)		12,422,656
Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated		(10,809,768	)		(4,464,449	)		(59,246,811	)		(83,626,683	)
Investments — Affiliated		(257	)		(38	)		—			(310	)
Futures contracts		(74,658	)		(10,828	)		(54,066	)		(367	)
Foreign currency translations		(41,714	)		(4,742	)		(89,244	)		(7,393	)
Net change in unrealized appreciation (depreciation)		(10,926,397	)		(4,480,057	)		(59,390,121	)		(83,634,753	)
Net realized and unrealized loss		(8,334,604	)		(2,880,656	)		(61,199,141	)		(71,212,097	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(7,290,179	)	$	(2,766,226	)	$	(56,191,867	)	$	(70,516,242	)

^(a)  Includes $122,197 related to a special distribution from KBC Group NV.

See notes to financial statements.

28 2022 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Statements of Operations  (unaudited) (continued)

Six Months Ended February 28, 2022

	iShares MSCI Sweden ETF
INVESTMENT INCOME
Dividends — Unaffiliated	$	7,243,407
Dividends — Affiliated		328
Securities lending income — Affiliated — net		81
Other income — Unaffiliated		219,359
Foreign taxes withheld		(1,042,323	)
Foreign withholding tax claims		694,433
Total investment income		7,115,285
EXPENSES
Investment advisory fees		1,617,781
Professional fees		97,324
Total expenses		1,715,105
Net investment income		5,400,180
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		(7,715,604	)
In-kind redemptions — Unaffiliated		41,676,319
Futures contracts		(301,910	)
Forward foreign currency exchange contracts		865,231
Foreign currency transactions		(934,931	)
Net realized gain		33,589,105
Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated		(160,328,284	)
Futures contracts		(476,464	)
Forward foreign currency exchange contracts		(447,881	)
Foreign currency translations		(330,708	)
Net change in unrealized appreciation (depreciation)		(161,583,337	)
Net realized and unrealized loss		(127,994,232	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(122,594,052	)

See notes to financial statements.

FINANCIAL STATEMENTS 29

Statements of Changes in Net Assets

	iShares MSCI Austria ETF						iShares MSCI Belgium ETF
	Six Months Ended 02/28/22 (unaudited)			Year Ended 08/31/21			Six Months Ended 02/28/22 (unaudited)			Year Ended 08/31/21
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	1,044,425		$	1,595,649		$	114,430		$	552,137
Net realized gain (loss)		2,591,793			(40,021	)		1,599,401			2,042,739
Net change in unrealized appreciation (depreciation)		(10,926,397	)		27,074,882			(4,480,057	)		5,680,438
Net increase (decrease) in net assets resulting from operations		(7,290,179	)		28,630,510			(2,766,226	)		8,275,314
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(1,371,535	)		(1,309,857	)		(755,110	)		(778,166	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		(10,457,184	)		19,326,873			(13,401,712	)		819,739
NET ASSETS
Total increase (decrease) in net assets		(19,118,898	)		46,647,526			(16,923,048	)		8,316,887
Beginning of period		89,751,857			43,104,331			41,001,623			32,684,736
End of period	$	70,632,959		$	89,751,857		$	24,078,575		$	41,001,623

^(a)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to financial statements.

30 2022 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Statements of Changes in Net Assets  (continued)

	iShares MSCI France ETF						iShares MSCI Netherlands ETF
	Six Months Ended 02/28/22 (unaudited)			Year Ended 08/31/21			Six Months Ended 02/28/22 (unaudited)			Year Ended 08/31/21
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	5,007,274		$	17,152,439		$	695,855		$	2,487,402
Net realized gain (loss)		(1,809,020	)		74,041,475			12,422,656			43,329,778
Net change in unrealized appreciation (depreciation)		(59,390,121	)		146,352,924			(83,634,753	)		71,011,334
Net increase (decrease) in net assets resulting from operations		(56,191,867	)		237,546,838			(70,516,242	)		116,828,514
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(19,497,668	)		(13,737,972	)		(1,273,709	)		(2,794,712	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		94,468,148			(347,207,800	)		117,858,573			28,881,932
NET ASSETS
Total increase (decrease) in net assets		18,778,613			(123,398,934	)		46,068,622			142,915,734
Beginning of period		761,535,586			884,934,520			330,434,456			187,518,722
End of period	$	780,314,199		$	761,535,586		$	376,503,078		$	330,434,456

(a) Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to financial statements.

FINANCIAL STATEMENTS 31

Statements of Changes in Net Assets  (continued)

	iShares MSCI Sweden ETF
	Six Months Ended 02/28/22 (unaudited)			Year Ended 08/31/21
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	5,400,180		$	10,194,996
Net realized gain		33,589,105			35,585,909
Net change in unrealized appreciation (depreciation)		(161,583,337	)		93,813,419
Net increase (decrease) in net assets resulting from operations		(122,594,052	)		139,594,324
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(20,778,162	)		(14,882,668	)
CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		98,915,100			282,181,881
NET ASSETS
Total increase (decrease) in net assets		(44,457,114	)		406,893,537
Beginning of period		653,396,494			246,502,957
End of period	$	608,939,380		$	653,396,494

(a) Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to financial statements.

32 2022 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights

(For a share outstanding throughout each period)

	iShares MSCI Austria ETF
	Six Months Ended 02/28/22 (unaudited)			Year Ended 08/31/21			Year Ended 08/31/20			Year Ended 08/31/19			Year Ended 08/31/18			Year Ended 08/31/17
Net asset value, beginning of period	$	25.28		$	15.67		$	18.89		$	22.88		$	22.87		$	15.58
Net investment income(a)		0.30			0.54			0.06			0.48			0.58			0.53
Net realized and unrealized gain (loss)(b)		(2.78	)		9.50			(3.16	)		(3.69	)		0.11			7.13
Net increase (decrease) from investment operations		(2.48	)		10.04			(3.10	)		(3.21	)		0.69			7.66
Distributions(c)
From net investment income		(0.38	)		(0.43	)		(0.12	)		(0.78	)		(0.68	)		(0.37	)
Total distributions		(0.38	)		(0.43	)		(0.12	)		(0.78	)		(0.68	)		(0.37	)
Net asset value, end of period	$	22.42		$	25.28		$	15.67		$	18.89		$	22.88		$	22.87
Total Return(d)
Based on net asset value		(9.93	)%(e)		64.50	%		(16.58	)%		(14.07	)%		3.03	%		49.52	%
Ratios to Average Net Assets(f)
Total expenses		0.49	%(g)		0.50	%		0.51	%		0.49	%		0.47	%		0.49	%
Net investment income		2.41	%(g)		2.55	%		0.32	%		2.34	%		2.37	%		2.75	%
Supplemental Data
Net assets, end of period (000)	$	70,633		$	89,752		$	43,104		$	54,767		$	146,463		$	233,322
Portfolio turnover rate(h)		9	%(e)		14	%		16	%		17	%		19	%		18	%

^(a)  Based on average shares outstanding.

^(b)  The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(c)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(d)  Where applicable, assumes the reinvestment of distributions.

^(e)  Not annualized.

^(f)  Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(g)  Annualized.

^(h)  Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

FINANCIAL HIGHLIGHTS 33

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	iShares MSCI Belgium ETF
	Six Months Ended 02/28/22 (unaudited)			Year Ended 08/31/21			Year Ended 08/31/20			Year Ended 08/31/19			Year Ended 08/31/18			Year Ended 08/31/17
Net asset value, beginning of period	$	22.28		$	17.76		$	18.48		$	19.70		$	20.59		$	18.16
Net investment income(a)		0.08	(b)		0.31			0.24			0.44			0.50			0.43
Net realized and unrealized gain (loss)(c)		(1.77	)		4.64			(0.60	)		(1.22	)		(0.77	)		2.51
Net increase (decrease) from investment operations		(1.69	)		4.95			(0.36	)		(0.78	)		(0.27	)		2.94
Distributions(d)
From net investment income		(0.52	)		(0.43	)		(0.36	)		(0.44	)		(0.62	)		(0.51	)
Total distributions		(0.52	)		(0.43	)		(0.36	)		(0.44	)		(0.62	)		(0.51	)
Net asset value, end of period	$	20.07		$	22.28		$	17.76		$	18.48		$	19.70		$	20.59
Total Return(e)
Based on net asset value		(7.64	)%(f)		27.96	%(g)		(2.02	)%		(3.80	)%		(1.34	)%		16.44	%
Ratios to Average Net Assets(h)
Total expenses		0.50	%(i)		0.50	%		0.51	%		0.49	%		0.47	%		0.49	%
Net investment income		0.74	%(b)(i)		1.52	%		1.34	%		2.43	%		2.40	%		2.31	%
Supplemental Data
Net assets, end of period (000)	$	24,079		$	41,002		$	32,685		$	47,305		$	59,903		$	74,128
Portfolio turnover rate(j)		2	%(f)		16	%		18	%		11	%		13	%		8	%

^(a)  Based on average shares outstanding.

^(b)  Includes a special distribution from KBC Group NV. Excluding such special distribution, the net investment income would have been $(0.01) per share and (0.05)% of average net assets.

^(c)  The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(d)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(e)  Where applicable, assumes the reinvestment of distributions.

^(f)  Not annualized.

^(g)  Includes payment received from a settlement of litigation, which impacted the Fund’s total return. Excluding the payment from a settlement of litigation, the Fund’s total return is 22.73%.

^(h)  Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

⁽ⁱ⁾  Annualized.

^(j)  Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

34 2022 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	iShares MSCI France ETF
	Six Months Ended 02/28/22 (unaudited)			Year Ended 08/31/21			Year Ended 08/31/20			Year Ended 08/31/19			Year Ended 08/31/18			Year Ended 08/31/17
Net asset value, beginning of period	$	38.85		$	29.30		$	29.41		$	31.10		$	29.64		$	23.84
Net investment income(a)		0.26	(b)		0.72	(b)		0.32			0.83			0.80			0.69
Net realized and unrealized gain (loss)(c)		(2.60	)		9.43			(0.18	)		(1.67	)		1.40			5.69
Net increase (decrease) from investment operations		(2.34	)		10.15			0.14			(0.84	)		2.20			6.38
Distributions(d)
From net investment income		(1.04	)		(0.60	)		(0.25	)		(0.85	)		(0.74	)		(0.58	)
Total distributions		(1.04	)		(0.60	)		(0.25	)		(0.85	)		(0.74	)		(0.58	)
Net asset value, end of period	$	35.47		$	38.85		$	29.30		$	29.41		$	31.10		$	29.64
Total Return(e)
Based on net asset value		(6.18	)%(b)(f)		34.74	%(b)		0.50	%		(2.64	)%		7.46	%		26.93	%
Ratios to Average Net Assets(g)
Total expenses		0.74	%(h)		0.60	%		0.51	%		0.50	%		0.47	%		0.49	%
Total expenses excluding professional fees for foreign withholding tax claims		0.49	%(h)		0.50	%		N/A			N/A			N/A			N/A
Net investment income		1.35	%(b)(h)		2.13	%(b)		1.09	%		2.84	%		2.53	%		2.57	%
Supplemental Data
Net assets, end of period (000)	$	780,314		$	761,536		$	884,935		$	1,129,200		$	939,218		$	640,201
Portfolio turnover rate(i)		5	%(f)		4	%		2	%		2	%		4	%		6	%

^(a)  Based on average shares outstanding.

^(b)  Reflects the one-time, positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the six months ended February 28, 2022 and year ended August 31, 2021:

• Net investment income per share by $0.37 and $0.30.

• Total return by 1.24% and 1.25%.

• Ratio of net investment income to average net assets by 1.95% and 0.89%.

^(c)  The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(d)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(e)  Where applicable, assumes the reinvestment of distributions.

^(f)  Not annualized.

^(g)  Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(h)  Annualized.

⁽ⁱ⁾  Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

FINANCIAL HIGHLIGHTS 35

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	iShares MSCI Netherlands ETF
	Six Months Ended 02/28/22 (unaudited)			Year Ended 08/31/21			Year Ended 08/31/20			Year Ended 08/31/19			Year Ended 08/31/18			Year Ended 08/31/17
Net asset value, beginning of period	$	52.87		$	35.38		$	30.58		$	31.12		$	30.56		$	24.78
Net investment income(a)		0.09			0.40			0.33			0.88			0.62			0.46
Net realized and unrealized gain (loss)(b)		(9.50	)		17.55			4.80			(0.56	)		0.62			5.98
Net increase (decrease) from investment operations		(9.41	)		17.95			5.13			0.32			1.24			6.44
Distributions(c)
From net investment income		(0.18	)		(0.46	)		(0.33	)		(0.86	)		(0.68	)		(0.66	)
Total distributions		(0.18	)		(0.46	)		(0.33	)		(0.86	)		(0.68	)		(0.66	)
Net asset value, end of period	$	43.28		$	52.87		$	35.38		$	30.58		$	31.12		$	30.56
Total Return(d)
Based on net asset value		(17.83	)%(e)		50.92	%		16.88	%		1.16	%		4.08	%		26.44	%
Ratios to Average Net Assets(f)
Total expenses		0.49	%(g)		0.50	%		0.51	%		0.50	%		0.47	%		0.49	%
Net investment income		0.39	%(g)		0.90	%		1.03	%		2.97	%		1.95	%		1.74	%
Supplemental Data
Net assets, end of period (000)	$	376,503		$	330,434		$	187,519		$	133,042		$	129,168		$	192,540
Portfolio turnover rate(h)		6	%(e)		36	%		19	%		13	%		7	%		14	%

^(a)  Based on average shares outstanding.

^(b)  The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(c)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(d)  Where applicable, assumes the reinvestment of distributions.

^(e)  Not annualized.

^(f)  Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(g)  Annualized.

^(h)  Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

36 2022 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	iShares MSCI Sweden ETF
	Six Months Ended 02/28/22 (unaudited)			Year Ended 08/31/21			Year Ended 08/31/20			Year Ended 08/31/19			Year Ended 08/31/18			Year Ended 08/31/17
Net asset value, beginning of period	$	47.87		$	35.73		$	28.25		$	31.85		$	34.68		$	28.54
Net investment income(a)		0.37			0.99			0.34			0.95			1.14			0.86
Net realized and unrealized gain (loss)(b)		(8.89	)		12.57			7.65			(3.58	)		(2.19	)		6.04
Net increase (decrease) from investment operations		(8.52	)		13.56			7.99			(2.63	)		(1.05	)		6.90
Distributions(c)
From net investment income		(1.41	)		(1.42	)		(0.51	)		(0.97	)		(1.78	)		(0.76	)
Total distributions		(1.41	)		(1.42	)		(0.51	)		(0.97	)		(1.78	)		(0.76	)
Net asset value, end of period	$	37.94		$	47.87		$	35.73		$	28.25		$	31.85		$	34.68
Total Return(d)
Based on net asset value		(18.25	)%(e)		38.09	%		28.51	%		(8.41	)%		(2.88	)%		24.30	%
Ratios to Average Net Assets(f)
Total expenses		0.52	%(g)		0.54	%		0.55	%		0.55	%		0.53	%		0.53	%
Total expenses excluding professional fees for foreign withholding tax claims		0.49	%(g)		0.50	%		0.51	%		0.49	%		0.47	%		0.49	%
Net investment income		1.65	%(g)		2.27	%		1.09	%		3.16	%		3.34	%		2.74	%
Supplemental Data
Net assets, end of period (000)	$	608,939		$	653,396		$	246,503		$	205,516		$	248,468		$	460,315
Portfolio turnover rate(h)		9	%(e)		11	%		8	%		4	%		5	%		9	%

^(a)  Based on average shares outstanding.

^(b)  The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(c)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(d)  Where applicable, assumes the reinvestment of distributions.

^(e)  Not annualized.

^(f)  Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(g)  Annualized.

^(h)  Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

FINANCIAL HIGHLIGHTS 37

Notes to Financial Statements  (unaudited)

1. ORGANIZATION

iShares, Inc. (the “Company”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Company is organized as a Maryland corporation and is authorized to have multiple series or portfolios.

These financial statements relate only to the following funds (each, a “Fund” and collectively, the “Funds”):

iShares ETF	Diversification Classification
MSCI Austria	Non-diversified
MSCI Belgium	Non-diversified
MSCI France	Non-diversified
MSCI Netherlands	Non-diversified
MSCI Sweden	Non-diversified

2. SIGNIFICANT ACCOUNTING POLICIES

The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. Each Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. Below is a summary of significant accounting policies:

Investment Transactions and Income Recognition: For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are recorded on the ex-dividend date. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Dividends from foreign securities where the ex-dividend date may have passed are subsequently recorded when the Funds are informed of the ex-dividend date. Under the applicable foreign tax laws, a withholding tax at various rates may be imposed on capital gains, dividends and interest. Upon notification from issuers or as estimated by management, a portion of the dividend income received from a real estate investment trust may be redesignated as a reduction of cost of the related investment and/or realized gain. Interest income, including amortization and accretion of premiums and discounts on debt securities, is recognized daily on an accrual basis.

Foreign Currency Translation: Each Fund’s books and records are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars using prevailing market rates as quoted by one or more data service providers. Purchases and sales of investments are recorded at the rates of exchange prevailing on the respective dates of such transactions. Generally, when the U.S. dollar rises in value against a foreign currency, the investments denominated in that currency will lose value; the opposite effect occurs if the U.S. dollar falls in relative value.

Each Fund does not isolate the effect of fluctuations in foreign exchange rates from the effect of fluctuations in the market prices of investments for financial reporting purposes. Accordingly, the effects of changes in exchange rates on investments are not segregated in the Statements of Operations from the effects of changes in market prices of those investments, but are included as a component of net realized and unrealized gain (loss) from investments. Each Fund reports realized currency gains (losses) on foreign currency related transactions as components of net realized gain (loss) for financial reporting purposes, whereas such components are generally treated as ordinary income for U.S. federal income tax purposes.

Foreign Taxes: The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which each Fund invests. These foreign taxes, if any, are paid by each Fund and are reflected in its Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “Other foreign taxes”, and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of February 28, 2022, if any, are disclosed in the Statements of Assets and Liabilities.

The Funds file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. The Funds may record a reclaim receivable based on collectability, which includes factors such as the jurisdiction’s applicable laws, payment history and market convention. The Statements of Operations includes tax reclaims recorded as well as professional and other fees, if any, associated with recovery of foreign withholding taxes.

Segregation and Collateralization: In cases where a Fund enters into certain investments (e.g., futures contracts and forward foreign currency exchange contracts) that would be treated as “senior securities” for 1940 Act purposes, a Fund may segregate or designate on its books and record cash or liquid assets having a market value at least equal to the amount of its future obligations under such investments. Doing so allows the investment to be excluded from treatment as a “senior security.” Furthermore, if required by an exchange or counterparty agreement, the Funds may be required to deliver/deposit cash and/or securities to/with an exchange, or broker-dealer or custodian as collateral for certain investments or obligations.

In-kind Redemptions: For financial reporting purposes, in-kind redemptions are treated as sales of securities resulting in realized capital gains or losses to the Funds. Because such gains or losses are not taxable to the Funds and are not distributed to existing Fund shareholders, the gains or losses are reclassified from accumulated net realized gain (loss) to paid-in capital at the end of the Funds’ tax year. These reclassifications have no effect on net assets or net asset value (“NAV”) per share.

38 2022 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements  (unaudited) (continued)

Distributions: Dividends and distributions paid by each Fund are recorded on the ex-dividend dates. Distributions are determined on a tax basis and may differ from net investment income and net realized capital gains for financial reporting purposes. Dividends and distributions are paid in U.S. dollars and cannot be automatically reinvested in additional shares of the Funds. The character and timing of distributions are determined in accordance with U.S. federal income tax regulations, which may differ from U.S. GAAP.

Indemnifications: In the normal course of business, each Fund enters into contracts that contain a variety of representations that provide general indemnification. The Funds’ maximum exposure under these arrangements is unknown because it involves future potential claims against the Funds, which cannot be predicted with any certainty.

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

Investment Valuation Policies: Each Fund’s investments are valued at fair value (also referred to as “market value” within the financial statements) each day that the Fund’s listing exchange is open and, for financial reporting purposes, as of the report date. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. Each Fund determines the fair values of its financial instruments using various independent dealers or pricing services under policies approved by the Board of Directors of the Company (the “Board”). If a security’s market price is not readily available or does not otherwise accurately represent the fair value of the security, the security will be valued in accordance with a policy approved by the Board as reflecting fair value. The BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) is the committee formed by management to develop global pricing policies and procedures and to oversee the pricing function for all financial instruments.

Fair Value Inputs and Methodologies: The following methods and inputs are used to establish the fair value of each Fund’s assets and liabilities:

• Equity investments traded on a recognized securities exchange are valued at that day’s official closing price, as applicable, on the exchange where the stock is primarily traded. Equity investments traded on a recognized exchange for which there were no sales on that day are valued at the last traded price.

• Investments in open-end U.S. mutual funds (including money market funds) are valued at that day’s published NAV.

• Futures contracts are valued based on that day’s last reported settlement or trade price on the exchange where the contract is traded.

• Forward foreign currency exchange contracts are valued based on that day’s prevailing forward exchange rate for the underlying currencies.

Generally, trading in foreign instruments is substantially completed each day at various times prior to the close of trading on the New York Stock Exchange (“NYSE”). Each business day, the Funds use current market factors supplied by independent pricing services to value certain foreign instruments (“Systematic Fair Value Price”). The Systematic Fair Value Price is designed to value such foreign securities at fair value as of the close of trading on the NYSE, which follows the close of the local markets.

If events (e.g., market volatility, company announcement or a natural disaster) occur that are expected to materially affect the value of such investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Global Valuation Committee, in accordance with a policy approved by the Board as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Global Valuation Committee include market approach, income approach and cost approach. Valuation techniques such as discounted cash flow, use of market comparables and matrix pricing are types of valuation approaches and are typically used in determining fair value. When determining the price for Fair Valued Investments, the Global Valuation Committee, or its delegate, seeks to determine the price that each Fund might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm’s-length transaction. Fair value determinations shall be based upon all available factors that the Global Valuation Committee, or its delegate, deems relevant and consistent with the principles of fair value measurement. The pricing of all Fair Valued Investments is subsequently reported to the Board or a committee thereof on a quarterly basis.

Fair value pricing could result in a difference between the prices used to calculate a fund’s NAV and the prices used by the fund’s underlying index, which in turn could result in a difference between the fund’s performance and the performance of the fund’s underlying index.

Fair Value Hierarchy: Various inputs are used in determining the fair value of financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:

• Level 1 — Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that each Fund has the ability to access;

• Level 2 — Other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs); and

• Level 3 — Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, (including the Global Valuation Committee’s assumptions used in determining the fair value of financial instruments).

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Global Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds that may not have a secondary market and/or may have a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.

NOTES TO FINANCIAL STATEMENTS 39

Notes to Financial Statements  (unaudited) (continued)

4. SECURITIES AND OTHER INVESTMENTS

Securities Lending: Each Fund may lend its securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund collateral consisting of cash, an irrevocable letter of credit issued by an approved bank, or securities issued or guaranteed by the U.S. government. The initial collateral received by each Fund is required to have a value of at least 102% of the current market value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter at a value equal to at least 100% of the current value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Fund and any additional required collateral is delivered to the Fund or excess collateral is returned by the Fund, on the next business day. During the term of the loan, each Fund is entitled to all distributions made on or in respect of the loaned securities but does not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

As of period end, any securities on loan were collateralized by cash and/or U.S. Government obligations. Cash collateral invested in money market funds managed by BlackRock Fund Advisors (“BFA”), the Funds’ investment adviser, or its affiliates is disclosed in the Schedule of Investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Fund, except in the event of borrower default. The securities on loan, if any, are also disclosed in each Fund’s Schedule of Investments. The market value of any securities on loan and the value of any related cash collateral are disclosed in the Statements of Assets and Liabilities.

Securities lending transactions are entered into by the Funds under Master Securities Lending Agreements (each, an “MSLA”) which provide the right, in the event of default (including bankruptcy or insolvency) for the non-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral. In the event that a borrower defaults, the Funds, as lender, would offset the market value of the collateral received against the market value of the securities loaned. When the value of the collateral is greater than that of the market value of the securities loaned, the lender is left with a net amount payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty’s bankruptcy or insolvency. Under the MSLA, absent an event of default, the borrower can resell or re-pledge the loaned securities, and the Funds can reinvest cash collateral received in connection with loaned securities. Upon an event of default, the parties’ obligations to return the securities or collateral to the other party are extinguished, and the parties can resell or re-pledge the loaned securities or the collateral received in connection with the loaned securities in order to satisfy the defaulting party’s net payment obligation for all transactions under the MSLA. The defaulting party remains liable for any deficiency.

As of period end, the following table is a summary of the securities on loan by counterparty which are subject to offset under an MSLA:

iShares ETF and Counterparty	Market Value of Securities on Loan		Cash Collateral Received (a)		Non-Cash Collateral Received		Net Amount
MSCI Austria
BofA Securities, Inc.	$	155,708	$	155,708	$	—	$	—
Goldman Sachs & Co. LLC		358,242		358,242		—		—
Morgan Stanley		1,421,158		1,421,158		—		—
	$	1,935,108	$	1,935,108	$	—	$	—
MSCI Netherlands
Barclays Capital, Inc.	$	3,051,792	$	3,051,792	$	—	$	—
BofA Securities, Inc.		236,515		236,515		—		—
Citigroup Global Markets, Inc.		222,197		217,403		—		(4,794	)(b)
J.P. Morgan Securities LLC		1,031,898		1,031,898		—		—
Macquarie Bank Ltd.		41,616		41,616		—		—
Morgan Stanley		689,386		689,386		—		—
UBS AG		36,243		36,243		—		—
	$	5,309,647	$	5,304,853	$	—	$	(4,794	)
MSCI Sweden
Morgan Stanley	$	870,753	$	870,753	$	—	$	—
	$	870,753	$	870,753	$	—	$	—

^(a)  Collateral received in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by each Fund is disclosed in the Fund’s statement of assets and liabilities.

^(b)  The market value of the loaned securities is determined as of February 28, 2022. Additional collateral is delivered to the Fund on the next business day in accordance with the MSLA. The net amount would be subject to the borrower default indemnity in the event of default by a counterparty.

The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, each Fund benefits from a borrower default indemnity provided by BlackRock, Inc. (“BlackRock”). BlackRock’s indemnity allows for full replacement of the securities loaned to the extent the collateral received does not cover the value of the securities loaned in the event of borrower default. Each Fund could incur a loss if the value of an investment purchased with cash collateral falls below the market value of the loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received. Such losses are borne entirely by each Fund.

40 2022 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements  (unaudited) (continued)

5. DERIVATIVE FINANCIAL INSTRUMENTS

Futures Contracts: Futures contracts are purchased or sold to gain exposure to, or manage exposure to, changes in interest rates (interest rate risk) and changes in the value of equity securities (equity risk) or foreign currencies (foreign currency exchange rate risk).

Futures contracts are exchange-traded agreements between the Funds and a counterparty to buy or sell a specific quantity of an underlying instrument at a specified price and on a specified date. Depending on the terms of a contract, it is settled either through physical delivery of the underlying instrument on the settlement date or by payment of a cash amount on the settlement date. Upon entering into a futures contract, the Funds are required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on a contract’s size and risk profile. The initial margin deposit must then be maintained at an established level over the life of the contract. Amounts pledged, which are considered restricted, are included in cash pledged for futures contracts in the Statements of Assets and Liabilities.

Securities deposited as initial margin are designated in the Schedule of Investments and cash deposited, if any, are shown as cash pledged for futures contracts in the Statements of Assets and Liabilities. Pursuant to the contract, the Funds agree to receive from or pay to the broker an amount of cash equal to the daily fluctuation in market value of the contract (“variation margin”). Variation margin is recorded as unrealized appreciation (depreciation) and, if any, shown as variation margin receivable (or payable) on futures contracts in the Statements of Assets and Liabilities. When the contract is closed, a realized gain or loss is recorded in the Statements of Operations equal to the difference between the notional amount of the contract at the time it was opened and the notional amount at the time it was closed. The use of futures contracts involves the risk of an imperfect correlation in the movements in the price of futures contracts and interest rates, foreign currency exchange rates or underlying assets.

Forward Foreign Currency Exchange Contracts: Forward foreign currency exchange contracts are entered into to gain or reduce exposure to foreign currencies (foreign currency exchange rate risk).

A forward foreign currency exchange contract is an agreement between two parties to buy and sell a currency at a set exchange rate on a specified date. These contracts help to manage the overall exposure to the currencies in which some of the investments held by the Funds are denominated and in some cases, may be used to obtain exposure to a particular market. The contracts are traded over-the-counter (“OTC”) and not on an organized exchange.

The contract is marked-to-market daily and the change in market value is recorded as unrealized appreciation or depreciation in the Statements of Assets and Liabilities. When the contract is closed, a realized gain or loss is recorded in the Statements of Operations equal to the difference between the value at the time it was opened and the value at the time it was closed. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in cash without the delivery of foreign currency. The use of forward foreign currency exchange contracts involves the risk that the value of a contract changes unfavorably due to movements in the value of the referenced foreign currencies, and such value may exceed the amount(s) reflected in the Statements of Assets and Liabilities. Cash amounts pledged for forward foreign currency exchange contracts are considered restricted and are included in cash pledged as collateral for OTC derivatives in the Statements of Assets and Liabilities. A Fund’s risk of loss from counterparty credit risk on OTC derivatives is generally limited to the aggregate unrealized gain netted against any collateral held by the Fund.

Master Netting Arrangements: In order to define its contractual rights and to secure rights that will help mitigate its counterparty risk, a Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar agreement with its derivative contract counterparties. An ISDA Master Agreement is a bilateral agreement between a Fund and a counterparty that governs certain OTC derivatives and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, a Fund may, under certain circumstances, offset with the counterparty certain derivative financial instruments’ payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency, or other events.

For derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the mark-to-market amount for each transaction under such agreement, and comparing that amount to the value of any collateral currently pledged by a Fund and the counterparty.

Cash collateral that has been pledged to cover obligations of the Funds and cash collateral received from the counterparty, if any, is reported separately in the Statements of Assets and Liabilities as cash pledged as collateral and cash received as collateral, respectively. Non-cash collateral pledged by the Funds, if any, is noted in the Schedules of Investments. Generally, the amount of collateral due from or to a counterparty is subject to a certain minimum transfer amount threshold before a transfer is required, which is determined at the close of business of the Funds. Any additional required collateral is delivered to/pledged by the Funds on the next business day. Typically, the counterparty is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. A Fund generally agrees not to use non-cash collateral that it receives but may, absent default or certain other circumstances defined in the underlying ISDA Master Agreement, be permitted to use cash collateral received. In such cases, interest may be paid pursuant to the collateral arrangement with the counterparty. To the extent amounts due to the Funds from the counterparty are not fully collateralized, each Fund bears the risk of loss from counterparty non-performance. Likewise, to the extent the Funds have delivered collateral to a counterparty and stand ready to perform under the terms of their agreement with such counterparty, each Fund bears the risk of loss from a counterparty in the amount of the value of the collateral in the event the counterparty fails to return such collateral. Based on the terms of agreements, collateral may not be required for all derivative contracts.

For financial reporting purposes, each Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements, if any, in the Statements of Assets and Liabilities.

NOTES TO FINANCIAL STATEMENTS 41

Notes to Financial Statements  (unaudited) (continued)

6. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

Investment Advisory Fees: Pursuant to an Investment Advisory Agreement with the Company, BFA manages the investment of each Fund’s assets. BFA is a California corporation indirectly owned by BlackRock. Under the Investment Advisory Agreement, BFA is responsible for substantially all expenses of the Funds, except (i) interest and taxes; (ii) brokerage commissions and other expenses connected with the execution of portfolio transactions; (iii) distribution fees; (iv) the advisory fee payable to BFA; and (v) litigation expenses and any extraordinary expenses (in each case as determined by a majority of the independent directors).

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

Aggregate Average Daily Net Assets	Investment Advisory Fee
First $7 billion		0.59	%
Over $7 billion, up to and including $11 billion		0.54
Over $11 billion, up to and including $24 billion		0.49
Over $24 billion, up to and including $48 billion		0.44
Over $48 billion, up to and including $72 billion		0.40
Over $72 billion, up to and including $96 billion		0.36
Over $96 billion		0.32

Distributor: BlackRock Investments, LLC, an affiliate of BFA, is the distributor for each Fund. Pursuant to the distribution agreement, BFA is responsible for any fees or expenses for distribution services provided to the Funds.

Securities Lending: The U.S. Securities and Exchange Commission (the “SEC”) has issued an exemptive order which permits BlackRock Institutional Trust Company, N.A. (“BTC”), an affiliate of BFA, to serve as securities lending agent for the Funds, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending, including any custodial costs. Each Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan (the “collateral investment fees”). The cash collateral is invested in a money market fund, BlackRock Cash Funds: Institutional or BlackRock Cash Funds: Treasury, managed by BFA, or its affiliates. However, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees each Fund bears to an annual rate of 0.04%. The SL Agency Shares of such money market fund will not be subject to a sales load, distribution fee or service fee. The money market fund in which the cash collateral has been invested may, under certain circumstances, impose a liquidity fee of up to 2% of the value redeemed or temporarily restrict redemptions for up to 10 business days during a 90 day period, in the event that the money market fund’s weekly liquid assets fall below certain thresholds.

Securities lending income is equal to the total of income earned from the reinvestment of cash collateral, net of fees and other payments to and from borrowers of securities, and less the collateral investment fees. Each Fund retains a portion of securities lending income and remits the remaining portion to BTC as compensation for its services as securities lending agent.

Pursuant to the current securities lending agreement, each Fund retains 82% of securities lending income (which excludes collateral investment fees) and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across all 1940 Act iShares exchange-traded funds (the “iShares ETF Complex”) in that calendar year exceeds a specified threshold, each Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar year 85% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

The share of securities lending income earned by each Fund is shown as securities lending income – affiliated – net in its Statements of Operations. For the six months ended February 28, 2022, the Funds paid BTC the following amounts for securities lending agent services:

iShares ETF	Fees Paid to BTC
MSCI Austria	$	5,491
MSCI Belgium		1,370
MSCI France		2,016
MSCI Netherlands		11,381
MSCI Sweden		31

Officers and Directors: Certain officers and/or directors of the Company are officers and/or directors of BlackRock or its affiliates.

42 2022 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements  (unaudited) (continued)

Other Transactions: Cross trading is the buying or selling of portfolio securities between funds to which BFA (or an affiliate) serves as investment adviser. At its regularly scheduled quarterly meetings, the Board reviews such transactions as of the most recent calendar quarter for compliance with the requirements and restrictions set forth by Rule 17a-7.

For the six months ended February 28, 2022, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:

iShares ETF	Purchases		Sales		Net Realized Gain (Loss)
MSCI Austria	$	1,743,652	$	1,813,206	$	(529,041	)
MSCI Belgium		2,550		218,879		(26,421	)
MSCI France		2,465,398		2,150,998		(2,025,145	)
MSCI Netherlands		13,899,731		1,439,794		(329,057	)
MSCI Sweden		12,433,007		21,780,558		(3,500,949	)

Each Fund may invest its positive cash balances in certain money market funds managed by BFA or an affiliate. The income earned on these temporary cash investments is shown as dividends – affiliated in the Statements of Operations.

A fund, in order to improve its portfolio liquidity and its ability to track its underlying index, may invest in shares of other iShares funds that invest in securities in the fund’s underlying index.

7. PURCHASES AND SALES

For the six months ended February 28, 2022, purchases and sales of investments, excluding short-term investments and in-kind transactions, were as follows:

iShares ETF	Purchases		Sales
MSCI Austria	$	7,370,952	$	7,795,914
MSCI Belgium		691,606		1,382,132
MSCI France		40,224,061		41,206,384
MSCI Netherlands		22,134,222		21,254,917
MSCI Sweden		54,944,008		61,284,325

For the six months ended February 28, 2022, in-kind transactions were as follows:

iShares ETF	In-kind Purchases		In-kind Sales
MSCI Austria	$	5,925,988	$	16,255,316
MSCI Belgium		3,361,753		16,690,372
MSCI France		147,150,517		53,014,048
MSCI Netherlands		157,615,425		40,009,041
MSCI Sweden		234,973,588		144,683,650

8. INCOME TAX INFORMATION

Each Fund is treated as an entity separate from the Company’s other funds for federal income tax purposes. It is each Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute substantially all of its taxable income to its shareholders. Therefore, no U.S. federal income tax provision is required.

Management has analyzed tax laws and regulations and their application to the Funds as of February 28, 2022, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements.

As of August 31, 2021, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:

iShares ETF	Non-Expiring
MSCI Austria	$	42,339,628
MSCI Belgium		18,348,892
MSCI France		57,740,289
MSCI Netherlands		20,655,123
MSCI Sweden		37,687,462

A fund may own shares in certain foreign investment entities, referred to, under U.S. tax law, as “passive foreign investment companies.” Such fund may elect to mark-to-market annually the shares of each passive foreign investment company and would be required to distribute to shareholders any such marked-to-market gains.

NOTES TO FINANCIAL STATEMENTS 43

Notes to Financial Statements  (unaudited) (continued)

As of February 28, 2022, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:

iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
MSCI Austria	$	78,244,769	$	6,413,622	$	(12,813,503	)	$	(6,399,881	)
MSCI Belgium		31,139,218		971,263		(8,079,099	)		(7,107,836	)
MSCI France		826,263,059		59,225,668		(101,949,537	)		(42,723,869	)
MSCI Netherlands		396,707,692		29,990,520		(44,228,436	)		(14,237,916	)
MSCI Sweden		704,276,612		6,175,640		(100,719,435	)		(94,543,795	)

9. PRINCIPAL RISKS

In the normal course of business, each Fund invests in securities or other instruments and may enter into certain transactions, and such activities subject the Fund to various risks, including, among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation or international tax treaties between various countries; or (iv) currency, interest rate or price fluctuations. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Funds and their investments. Each Fund’s prospectus provides details of the risks to which the Fund is subject.

BFA uses a “passive” or index approach to try to achieve each Fund’s investment objective following the securities included in its underlying index during upturns as well as downturns. BFA does not take steps to reduce market exposure or to lessen the effects of a declining market. Divergence from the underlying index and the composition of the portfolio is monitored by BFA.

The Funds may be exposed to additional risks when reinvesting cash collateral in money market funds that do not seek to maintain a stable NAV per share of $1.00, which may be subject to redemption gates or liquidity fees under certain circumstances.

Market Risk: An outbreak of respiratory disease caused by a novel coronavirus has developed into a global pandemic and has resulted in closing borders, quarantines, disruptions to supply chains and customer activity, as well as general concern and uncertainty. The impact of this pandemic, and other global health crises that may arise in the future, could affect the economies of many nations, individual companies and the market in general in ways that cannot necessarily be foreseen at the present time. This pandemic may result in substantial market volatility and may adversely impact the prices and liquidity of a fund’s investments. Although vaccines have been developed and approved for use by various governments, the duration of this pandemic and its effects cannot be determined with certainty.

Valuation Risk: The market values of equities, such as common stocks and preferred securities or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company. They may also decline due to factors which affect a particular industry or industries. A fund may invest in illiquid investments. An illiquid investment is any investment that a fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. A fund may experience difficulty in selling illiquid investments in a timely manner at the price that it believes the investments are worth. Prices may fluctuate widely over short or extended periods in response to company, market or economic news. Markets also tend to move in cycles, with periods of rising and falling prices. This volatility may cause a fund’s NAV to experience significant increases or decreases over short periods of time. If there is a general decline in the securities and other markets, the NAV of a fund may lose value, regardless of the individual results of the securities and other instruments in which a fund invests.

The price each Fund could receive upon the sale of any particular portfolio investment may differ from each Fund’s valuation of the investment, particularly for securities that trade in thin or volatile markets or that are valued using a fair valuation technique or a price provided by an independent pricing service. Changes to significant unobservable inputs and assumptions (i.e., publicly traded company multiples, growth rate, time to exit) due to the lack of observable inputs.

Counterparty Credit Risk: The Funds may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to unsettled or open transactions, including making timely interest and/or principal payments or otherwise honoring its obligations. The Funds manage counterparty credit risk by entering into transactions only with counterparties that the Manager believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Funds to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Funds’ exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded in the Statements of Assets and Liabilities, less any collateral held by the Funds.

A derivative contract may suffer a mark-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform under the contract.

With exchange-traded futures, there is less counterparty credit risk to the Funds since the exchange or clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, a Fund does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency). Additionally, credit risk exists in exchange-traded futures with respect to initial and variation margin that is held in a clearing broker’s customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into

44 2022 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements  (unaudited) (continued)

bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro rata basis across all the clearing broker’s customers, potentially resulting in losses to the Funds.

Concentration Risk: A diversified portfolio, where this is appropriate and consistent with a fund’s objectives, minimizes the risk that a price change of a particular investment will have a material impact on the NAV of a fund. The investment concentrations within each Fund’s portfolio are disclosed in its Schedule of Investments.

Certain Funds invest a significant portion of their assets in issuers located in a single country or a limited number of countries. When a Fund concentrates its investments in this manner, it assumes the risk that economic, regulatory, political and social conditions in that country or those countries may have a significant impact on the fund and could affect the income from, or the value or liquidity of, the Fund’s portfolio. Unanticipated or sudden political or social developments may cause uncertainty in the markets and as a result adversely affect the Fund’s investments. Foreign issuers may not be subject to the same uniform accounting, auditing and financial reporting standards and practices as used in the United States. Foreign securities markets may also be more volatile and less liquid than U.S. securities and may be less subject to governmental supervision not typically associated with investing in U.S. securities. Investment percentages in specific countries are presented in the Schedule of Investments.

Certain Funds invest a significant portion of their assets in securities of issuers located in Europe or with significant exposure to European issuers or countries. The European financial markets have recently experienced volatility and adverse trends due to concerns about economic downturns in, or rising government debt levels of, several European countries as well as acts of war in the region. These events may spread to other countries in Europe and may affect the value and liquidity of certain of the Funds’ investments.

Responses to the financial problems by European governments, central banks and others, including austerity measures and reforms, may not work, may result in social unrest and may limit future growth and economic recovery or have other unintended consequences. Further defaults or restructurings by governments and others of their debt could have additional adverse effects on economies, financial markets and asset valuations around the world. The United Kingdom has withdrawn from the European Union, and one or more other countries may withdraw from the European Union and/or abandon the Euro, the common currency of the European Union. The impact of these actions, especially if they occur in a disorderly fashion, is not clear but could be significant and far reaching. In addition, Russia launched a large-scale invasion of Ukraine on February 24, 2022. The extent and duration of the military action, resulting sanctions and resulting future market disruptions in the region are impossible to predict, but could be significant and have a severe adverse effect on the region, including significant negative impacts on the economy and the markets for certain securities and commodities, such as oil and natural gas, as well as other sectors.

Certain Funds invest a significant portion of their assets in securities within a single or limited number of market sectors. When a Fund concentrates its investments in this manner, it assumes the risk that economic, regulatory, political and social conditions affecting such sectors may have a significant impact on the fund and could affect the income from, or the value or liquidity of, the fund’s portfolio. Investment percentages in specific sectors are presented in the Schedule of Investments.

Significant Shareholder Redemption Risk: Certain shareholders may own or manage a substantial amount of fund shares and/or hold their fund investments for a limited period of time. Large redemptions of fund shares by these shareholders may force a Fund to sell portfolio securities, which may negatively impact the fund’s NAV, increase the fund’s brokerage costs, and/or accelerate the realization of taxable income/gains and cause the fund to make additional taxable distributions to shareholders.

LIBOR Transition Risk: The United Kingdom’s Financial Conduct Authority announced a phase out of the London Interbank Offered Rate (“LIBOR”). Although many LIBOR rates ceased to be published or no longer are representative of the underlying market they seek to measure after December 31, 2021, a selection of widely used USD LIBOR rates will continue to be published through June 2023 in order to assist with the transition. The Funds may be exposed to financial instruments tied to LIBOR to determine payment obligations, financing terms, hedging strategies or investment value. The transition process away from LIBOR might lead to increased volatility and illiquidity in markets for, and reduce the effectiveness of new hedges placed against, instruments whose terms currently include LIBOR. The ultimate effect of the LIBOR transition process on the Funds is uncertain.

10. CAPITAL SHARE TRANSACTIONS

Capital shares are issued and redeemed by each Fund only in aggregations of a specified number of shares or multiples thereof (“Creation Units”) at NAV. Except when aggregated in Creation Units, shares of each Fund are not redeemable.

Transactions in capital shares were as follows:

	Six Months Ended 02/28/22						Year Ended 08/31/21
iShares ETF	Shares			Amount			Shares			Amount
MSCI Austria
Shares sold		250,000		$	6,002,433			950,000		$	22,686,385
Shares redeemed		(650,000	)		(16,459,617	)		(150,000	)		(3,359,512	)
Net increase (decrease)		(400,000	)	$	(10,457,184	)		800,000		$	19,326,873
MSCI Belgium
Shares sold		160,000		$	3,383,071			720,000		$	14,720,313
Shares redeemed		(800,000	)		(16,784,783	)		(720,000	)		(13,900,574	)
Net increase (decrease)		(640,000	)	$	(13,401,712	)		—		$	819,739

NOTES TO FINANCIAL STATEMENTS 45

Notes to Financial Statements  (unaudited) (continued)

	Six Months Ended 02/28/22						Year Ended 08/31/21
iShares ETF	Shares			Amount			Shares			Amount
MSCI France
Shares sold		3,800,000		$	147,643,058			4,800,000		$	167,669,958
Shares redeemed		(1,400,000	)		(53,174,910	)		(15,400,000	)		(514,877,758	)
Net increase (decrease)		2,400,000		$	94,468,148			(10,600,000	)	$	(347,207,800	)
MSCI Netherlands
Shares sold		3,250,000		$	157,949,750			3,750,000		$	154,457,636
Shares redeemed		(800,000	)		(40,091,177	)		(2,800,000	)		(125,575,704	)
Net increase		2,450,000		$	117,858,573			950,000		$	28,881,932
MSCI Sweden
Shares sold		5,625,000		$	245,792,872			8,850,000		$	382,010,407
Shares redeemed		(3,225,000	)		(146,877,772	)		(2,100,000	)		(99,828,526	)
Net increase		2,400,000		$	98,915,100			6,750,000		$	282,181,881

The consideration for the purchase of Creation Units of a fund in the Company generally consists of the in-kind deposit of a designated portfolio of securities and a specified amount of cash. Certain funds in the Company may be offered in Creation Units solely or partially for cash in U.S. dollars. Investors purchasing and redeeming Creation Units may pay a purchase transaction fee and a redemption transaction fee directly to State Street Bank and Trust Company, the Company’s administrator, to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash. Investors transacting in Creation Units for cash may also pay an additional variable charge to compensate the relevant fund for certain transaction costs (i.e., stamp taxes, taxes on currency or other financial transactions, and brokerage costs) and market impact expenses relating to investing in portfolio securities. Such variable charges, if any, are included in shares sold in the table above.

From time to time, settlement of securities related to in-kind contributions or in-kind redemptions may be delayed. In such cases, securities related to in-kind transactions are reflected as a receivable or a payable in the Statements of Assets and Liabilities.

11. FOREIGN WITHHOLDING TAX CLAIMS

The iShares MSCI Sweden ETF has filed claims to recover taxes withheld by Sweden on dividend income based upon certain provisions in the Treaty on the Functioning of the European Union. The Fund has recorded receivables for all recoverable taxes withheld by Sweden based upon previous determinations made by the Swedish tax authorities. Professional and other fees associated with the filing of these claims for foreign withholding taxes have been approved by the Board as appropriate expenses of the Fund. Swedish tax claim receivables and related liabilities are disclosed in the Statements of Assets and Liabilities. Collection of these receivables, and any payment of associated liabilities, depends upon future determinations made by the Swedish tax authorities, the outcome of which is uncertain. If such future determinations are unfavorable, the potential negative impact to the Fund, as of February 28, 2022, is $3,672,415 or $0.23 per share.

The iShares MSCI France ETF is expected to seek and the iShares MSCI Sweden ETF is seeking a closing agreement with the Internal Revenue Service (“IRS”) to address any prior years’ U.S. income tax liabilities attributable to Fund shareholders resulting from the recovery of foreign taxes. The closing agreement would result in the Fund paying a compliance fee to the IRS, on behalf of its shareholders, representing the estimated tax savings generated from foreign tax credits claimed by Fund shareholders on their tax returns in prior years. The Fund has accrued a liability for the estimated IRS compliance fee related to foreign withholding tax claims, which is disclosed in the Statements of Assets and Liabilities. The actual IRS compliance fee may differ from the estimate and that difference may be material.

12. SUBSEQUENT EVENTS

Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were available to be issued and has determined that there were no subsequent events requiring adjustment or additional disclosure in the financial statements.

46 2022 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Statement Regarding Liquidity Risk Management Program  (unaudited)

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), iShares, Inc. (the “Company”) has adopted and implemented a liquidity risk management program (the “Program”) for iShares MSCI Austria ETF, iShares MSCI Belgium ETF, iShares MSCI France ETF, iShares MSCI Netherlands ETF and iShares MSCI Sweden ETF (the “Funds” or “ETFs”), each a series of the Company, which is reasonably designed to assess and manage each Fund’s liquidity risk.

The Board of Directors (the “Board”) of the Company, on behalf of the Funds, met on December 9, 2021 (the “Meeting”) to review the Program. The Board previously appointed BlackRock Fund Advisors (“BlackRock”), the investment adviser to the Funds, as the program administrator for each Fund’s Program. BlackRock also previously delegated oversight of the Program to the 40 Act Liquidity Risk Management Committee (the “Committee”). At the Meeting, the Committee, on behalf of BlackRock, provided the Board with a report that addressed the operation of the Program and assessed its adequacy and effectiveness of implementation, including the management of each Fund’s Highly Liquid Investment Minimum (“HLIM”) where applicable, and any material changes to the Program (the “Report”). The Report covered the period from October 1, 2020 through September 30, 2021 (the “Program Reporting Period”).

The Report described the Program’s liquidity classification methodology for categorizing each Fund’s investments (including derivative transactions) into one of four liquidity buckets. It also referenced the methodology used by BlackRock to establish each Fund’s HLIM and noted that the Committee reviews and ratifies the HLIM assigned to each Fund no less frequently than annually. The Report also discussed notable events affecting liquidity over the Program Reporting Period, including extended market holidays and the imposition of capital controls in certain non-U.S. countries.

The Report noted that the Program complied with the key factors for consideration under the Liquidity Rule for assessing, managing and periodically reviewing each Fund’s liquidity risk, as follows:

a) The Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions. During the Program Reporting Period, the Committee reviewed whether each Fund’s strategy is appropriate for an open-end fund structure, with a focus on funds with more significant and consistent holdings of less liquid and illiquid assets. The Committee also factored a fund’s concentration in an issuer into the liquidity classification methodology by taking issuer position sizes into account. Derivative exposure was also considered in the calculation of a fund’s liquidity bucketing. Finally, a factor for consideration under the Liquidity Rule is a Fund’s use of borrowings for investment purposes. However, the Funds do not borrow for investment purposes.

b) Short-term and long-term cash flow projections during both normal and reasonably foreseeable stressed conditions. During the Program Reporting Period, the Committee reviewed historical redemption activity and used this information as a component to establish each ETF’s reasonably anticipated trading size (“RATS”). The Committee may also take into consideration a fund’s shareholder ownership concentration (which, depending on product type and distribution channel, may or may not be available), a fund’s distribution channels, and the degree of certainty associated with a fund’s short-term and long-term cash flow projections.

c) Holdings of cash and cash equivalents, as well as borrowing arrangements. The Committee considered that ETFs generally do not hold more than de minimis amounts of cash. While the ETFs generally do not engage in borrowing, certain of the ETFs have the flexibility to draw on a line of credit to meet redemption requests or facilitate settlements.

d) The relationship between an ETF’s portfolio liquidity and the way in which, and the prices and spreads at which, ETF shares trade, including the efficiency of the arbitrage function and the level of active participation by market participants, including authorized participants. The Committee monitored the prevailing bid/ask spread and the ETF price premium (or discount) to NAV for all ETFs and reviewed any persistent deviations from long-term averages.

e) The effect of the composition of baskets on the overall liquidity of an ETF’s portfolio. In reviewing the linkage between the composition of custom baskets accepted by an ETF and any significant change in the liquidity profile of such ETF, the Committee reviewed changes in the proportion of each ETF’s portfolio comprised of less liquid and illiquid holdings to determine if applicable thresholds were met requiring enhanced review.

As part of BlackRock’s continuous review of the effectiveness of the Program, the Committee made the following material changes to the Program: (1) updates to certain model components in the Program’s methodology; and (2) certain iShares Funds entered into a $800 million credit agreement with a group of lenders that replaced a previous liquidity facility. The Report provided to the Board stated that the Committee concluded that based on the operation of the functions, as described in the Report, the Program is operating as intended and is effective in implementing the requirements of the Liquidity Rule.

STATEMENT REGARDING LIQUIDITY RISK MANAGEMENT PROGRAM 47

Supplemental Information  (unaudited)

Regulation Regarding Derivatives

On October 28, 2020, the Securities and Exchange Commission (the “SEC”) adopted regulations governing the use of derivatives by registered investment companies (“Rule 18f-4”). The Funds will be required to implement and comply with Rule 18f-4 by August 19, 2022. Once implemented, Rule 18f-4 will impose limits on the amount of derivatives a fund can enter into, eliminate the asset segregation framework currently used by funds to comply with Section 18 of the 1940 Act, treat derivatives as senior securities and require funds whose use of derivatives is more than a limited specified exposure amount to establish and maintain a comprehensive derivatives risk management program and appoint a derivatives risk manager.

Section 19(a) Notices

The amounts and sources of distributions reported are estimates and are being provided pursuant to regulatory requirements and are not being provided for tax reporting purposes. The actual amounts and sources for tax reporting purposes will depend upon each Fund’s investment experience during the year and may be subject to changes based on tax regulations. Shareholders will receive a Form 1099-DIV each calendar year that will inform them how to report these distributions for federal income tax purposes.

February 28, 2022

	Total Cumulative Distributions for the Fiscal Year-to-Date								% Breakdown of the Total Cumulative Distributions for the Fiscal Year-to-Date
iShares ETF	Net Investment Income		Net Realized Capital Gains		Return of Capital		Total Per Share		Net Investment Income			Net Realized Capital Gains			Return of Capital			Total Per Share
MSCI Sweden(a)	$	1.157127	$	—	$	0.250291	$	1.407418		82	%		—	%		18	%		100	%

^(a)  The Fund estimates that it has distributed more than its net investment income and net realized capital gains; therefore, a portion of the distribution may be a return of capital. A return of capital may occur, for example, when some or all of the shareholder’s investment in the Fund is returned to the shareholder. A return of capital does not necessarily reflect the Fund’s investment performance and should not be confused with “yield” or “income”. When distributions exceed total return performance, the difference will incrementally reduce the Fund’s net asset value per share.

48 2022 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

General Information

Electronic Delivery

Shareholders can sign up for e-mail notifications announcing that the shareholder report or prospectus has been posted on the iShares website at iShares.com. Once you have enrolled, you will no longer receive prospectuses and shareholder reports in the mail.

To enroll in electronic delivery:

• Go to icsdelivery.com.

• If your brokerage firm is not listed, electronic delivery may not be available. Please contact your broker-dealer or financial advisor.

Householding

Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents and Rule 30e-3 notices can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.

Availability of Quarterly Schedule of Investments

The Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT. The Funds’ Forms N-PORT are available on the SEC’s website at sec.gov. Additionally, each Fund makes its portfolio holdings for the first and third quarters of each fiscal year available at iShares.com/fundreports.

Availability of Proxy Voting Policies and Proxy Voting Records

A description of the policies and procedures that the iShares Funds use to determine how to vote proxies relating to portfolio securities and information about how the iShares Funds voted proxies relating to portfolio securities during the most recent twelve-month period ending June 30 is available without charge, upon request (1) by calling toll-free 1-800-474-2737; (2) on the iShares website at iShares.com; and (3) on the SEC website at sec.gov.

A description of the Company’s policies and procedures with respect to the disclosure of the Fund’s portfolio securities is available in the Fund Prospectus. The Fund discloses its portfolio holdings daily and provides information regarding its top holdings in Fund fact sheets at iShares.com.

GENERAL INFORMATION 49

Glossary of Terms Used in this Report

Counterparty Abbreviations
SCB	Standard Chartered Bank
Currency Abbreviations
EUR	Euro
SEK	Swedish Krona
USD	United States Dollar

50 2022 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Want to know more?

iShares.com    |     1-800-474-2737

This report is intended for the Funds’ shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by the current prospectus.

Investing involves risk, including possible loss of principal.

The iShares Funds are distributed by BlackRock Investments, LLC (together with its affiliates, “BlackRock”).

The iShares Funds are not sponsored, endorsed, issued, sold or promoted by MSCI Inc., nor does this company make any representation regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the company listed above.

^©2022 BlackRock, Inc. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.

iS-SAR-802-0222

FEBRUARY 28, 2022

2022 Semi-Annual Report

(Unaudited)

iShares, Inc.

· iShares MSCI Eurozone ETF | EZU | Cboe BZX

· iShares MSCI Germany ETF | EWG | NYSE Arca

· iShares MSCI Italy ETF | EWI | NYSE Arca

· iShares MSCI Spain ETF | EWP | NYSE Arca

· iShares MSCI Switzerland ETF | EWL | NYSE Arca

The Markets in Review

Dear Shareholder,

The 12-month reporting period as of February 28, 2022 saw a continuation of the resurgent growth that followed the initial coronavirus (or “COVID-19”) pandemic reopening, albeit at a slower pace. The global economy weathered the emergence of several variant strains and the resulting peaks and troughs in infections amid optimism that increasing vaccinations and economic adaptation could help contain the pandemic’s disruptions. However, rapid changes in consumer spending led to supply constraints and elevated inflation. Moreover, while the foremost effect of Russia’s invasion of Ukraine has been a severe humanitarian crisis, the invasion has presented challenges for both investors and policymakers.

Equity prices were mixed, as persistently high inflation drove investors’ expectations for higher interest rates, which particularly weighed on relatively high valuation growth stocks and economically sensitive small-capitalization stocks. Overall, small-capitalization U.S. stocks declined, while large-capitalization U.S. stocks posted a solid advance. International equities from developed markets gained slightly, although emerging market stocks declined, pressured by rising interest rates and a strengthening U.S. dollar.

The 10-year U.S. Treasury yield (which is inversely related to bond prices) rose during the reporting period as the economy expanded rapidly and inflation reached its highest annualized reading in decades. In the corporate bond market, the improving economy assuaged credit concerns and led to modest returns for high-yield corporate bonds, outpacing the negative return of investment-grade corporate bonds.

The U.S. Federal Reserve (the “Fed”) maintained accommodative monetary policy during the reporting period by keeping near-zero interest rates. However, the Fed’s tone shifted during the period, as it reduced its bond-buying program and raised the prospect of higher rates in 2022. Continued high inflation and the Fed’s new stance led many analysts to anticipate that the Fed will raise interest rates multiple times throughout the year.

Looking ahead, however, the horrific war in Ukraine has significantly clouded the outlook for the global economy. Sanctions on Russia and general wartime disruption are likely to drive already-high commodity prices even further upwards, and we have already seen spikes in energy and metal markets. While this will exacerbate inflationary pressure, it could also constrain economic growth, making the Fed’s way forward less clear. Its challenge will be combating inflation without stifling a recovery that is now facing additional supply shocks.

In this environment, we favor an overweight to equities, as we believe low interest rates and continued economic growth will support further gains, albeit likely more modest than what we saw in 2021. Sectors that are better poised to manage the transition to a lower-carbon world, such as technology and health care, are particularly attractive in the long term. U.S. and other developed market equities have room for further growth, while we believe Chinese equities stand to gain from a more accommodative monetary and fiscal environment. We are underweight long-term credit, but inflation-protected U.S. Treasuries, Asian fixed income, and emerging market local-currency bonds offer potential opportunities. We believe that international diversification and a focus on sustainability can help provide portfolio resilience, and the disruption created by the coronavirus appears to be accelerating the shift toward sustainable investments.

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

Sincerely,

Rob Kapito

President, BlackRock, Inc.

Rob Kapito

President, BlackRock, Inc.

Total Returns as of February 28, 2022
	6-Month	12-Month
U.S. large cap equities (S&P 500® Index)	(2.62)%	16.39%
U.S. small cap equities (Russell 2000® Index)	(9.46)	(6.01)
International equities (MSCI Europe, Australasia, Far East Index)	(6.78)	2.83
Emerging market equities (MSCI Emerging Markets Index)	(9.81)	(10.69)
3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)	0.02	0.04
U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)	(3.94)	(1.67)
U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)	(4.07)	(2.64)
Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)	(3.09)	(0.66)
U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)	(3.07)	0.64
Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.

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

Table of Contents

	Page
The Markets in Review		2
Fund Summary		4
About Fund Performance		9
Shareholder Expenses		9
Schedules of Investments		10
Financial Statements
Statements of Assets and Liabilities		24
Statements of Operations		26
Statements of Changes in Net Assets		28
Financial Highlights		31
Notes to Financial Statements		36
Statement Regarding Liquidity Risk Management Program		44
Supplemental Information		45
General Information		46
Glossary of Terms Used in this Report		47

Fund Summaryas of February 28, 2022 iShares^® MSCI Eurozone ETF

Investment Objective

The iShares MSCI Eurozone ETF (the “Fund”) seeks to track the investment results of an index composed of large- and mid-capitalization equities from developed market countries that use the euro as their official currency, as represented by the MSCI EMU 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.

Performance

			Average Annual Total Returns							Cumulative Total Returns
	6 Months			1 Year		5 Years		10 Years			1 Year		5 Years		10 Years
Fund NAV	(11.90	)%		0.60	%	7.14	%	6.16	%		0.60	%	41.18	%	81.73	%
Fund Market	(12.37	)		0.41		7.09		6.13			0.41		40.84		81.38
Index	(11.15	)		1.15		7.23		6.25			1.15		41.74		83.31

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

Expense Example

Actual							Hypothetical 5% Return
	Beginning Account Value (09/01/21)		Ending Account Value (02/28/22)		Expenses Paid During the Period	(a)		Beginning Account Value (09/01/21)		Ending Account Value (02/28/22)		Expenses Paid During the Period	(a)	Annualized Expense Ratio
$	1,000.00	$	881.00	$	2.38		$	1,000.00	$	1,022.30	$	2.56		0.51	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” for more information.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of Total Investments	(a)
Consumer Discretionary	16.6	%
Industrials	15.4
Financials	15.0
Information Technology	13.4
Consumer Staples	8.1
Health Care	7.7
Materials	7.1
Utilities	6.5
Communication Services	4.3
Energy	4.3
Real Estate	1.6

^(a)  Excludes money market funds.

TEN LARGEST GEOGRAPHIC ALLOCATION

Country/Geographic Region	Percent of Total Investments	(a)
France	34.5	%
Germany	26.0
Netherlands	16.2
Spain	7.3
Italy	6.2
Finland	3.0
Belgium	2.7
Ireland	2.0
Austria	0.7
Liechtenstein	0.5

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

Fund Summaryas of February 28, 2022 iShares^® MSCI Germany ETF

Investment Objective

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

Performance

			Average Annual Total Returns							Cumulative Total Returns
	6 Months			1 Year		5 Years		10 Years			1 Year		5 Years		10 Years
Fund NAV	(15.40	)%		(6.55	)%	3.69	%	4.82	%		(6.55	)%	19.84	%	60.12	%
Fund Market	(16.08	)		(6.81	)	3.59		4.78			(6.81	)	19.27		59.51
Index	(14.67	)		(5.69	)	4.03		5.07			(5.69	)	21.84		63.96

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

Expense Example

Actual							Hypothetical 5% Return
	Beginning Account Value (09/01/21)		Ending Account Value (02/28/22)		Expenses Paid During the Period	(a)		Beginning Account Value (09/01/21)		Ending Account Value (02/28/22)		Expenses Paid During the Period	(a)	Annualized Expense Ratio
$	1,000.00	$	846.00	$	2.29		$	1,000.00	$	1,022.30	$	2.51		0.50	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” for more information.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of Total Investments	(a)
Consumer Discretionary	18.5	%
Industrials	17.1
Financials	15.3
Information Technology	12.6
Health Care	11.6
Materials	8.1
Communication Services	5.1
Utilities	4.7
Real Estate	4.0
Consumer Staples	3.0

^(a)  Excludes money market funds.

TEN LARGEST HOLDINGS

Security	Percent of Total Investments	(a)
SAP SE	8.7	%
Siemens AG	7.9
Allianz SE	6.8
Mercedes-Benz Group AG	4.9
BASF SE	4.5
Deutsche Telekom AG	4.3
Bayer AG	4.2
Deutsche Post AG	3.7
adidas AG	3.3
Infineon Technologies AG	3.3

F U N D   S U M M A R Y 5

Fund Summaryas of February 28, 2022 iShares^® MSCI Italy ETF

Investment Objective

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

Performance

			Average Annual Total Returns							Cumulative Total Returns
	6 Months			1 Year		5 Years		10 Years			1 Year		5 Years		10 Years
Fund NAV	(6.02	)%		4.01	%	8.37	%	4.20	%		4.01	%	49.45	%	50.83	%
Fund Market	(6.89	)		3.79		8.26		4.14			3.79		48.72		50.04
Index	(5.34	)		4.75		8.63		4.31			4.75		51.30		52.49

Index performance through February 11, 2013 reflects the performance of the MSCI Italy Index. Index performance beginning on February 12, 2013 reflects the performance of the MSCI Italy 25/50 Index.

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

Expense Example

Actual							Hypothetical 5% Return
	Beginning Account Value (09/01/21)		Ending Account Value (02/28/22)		Expenses Paid During the Period	(a)		Beginning Account Value (09/01/21)		Ending Account Value (02/28/22)		Expenses Paid During the Period	(a)	Annualized Expense Ratio
$	1,000.00	$	939.80	$	2.36		$	1,000.00	$	1,022.40	$	2.46		0.49	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” for more information.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of Total Investments	(a)
Financials	28.0	%
Utilities	21.7
Consumer Discretionary	17.5
Energy	11.9
Industrials	9.3
Health Care	4.9
Communication Services	2.7
Information Technology	2.2
Consumer Staples	1.8

^(a)  Excludes money market funds.

TEN LARGEST HOLDINGS

Security	Percent of Total Investments	(a)
Enel SpA	15.1	%
Intesa Sanpaolo SpA	10.7
Eni SpA	9.9
Stellantis NV	9.4
Ferrari NV	4.7
Assicurazioni Generali SpA	4.4
CNH Industrial NV	4.0
UniCredit SpA	3.5
Moncler SpA	3.5
Terna - Rete Elettrica Nazionale	3.4

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Fund Summaryas of February 28, 2022 iShares^® MSCI Spain ETF

Investment Objective

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

Performance

			Average Annual Total Returns							Cumulative Total Returns
	6 Months			1 Year		5 Years		10 Years			1 Year		5 Years		10 Years
Fund NAV	(6.92	)%		(2.43	)%	1.85	%	1.72	%		(2.43	)%	9.60	%	18.62	%
Fund Market	(7.41	)		(2.33	)	1.84		1.71			(2.33	)	9.55		18.45
Index	(5.89	)		(1.61	)	2.29		2.13			(1.61	)	11.98		23.51

Index performance through February 11, 2013 reflects the performance of the MSCI Spain Index. Index performance beginning on February 12, 2013 reflects the performance of the MSCI Spain 25/50 Index.

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

Expense Example

Actual							Hypothetical 5% Return
	Beginning Account Value (09/01/21)		Ending Account Value (02/28/22)		Expenses Paid During the Period	(a)		Beginning Account Value (09/01/21)		Ending Account Value (02/28/22)		Expenses Paid During the Period	(a)	Annualized Expense Ratio
$	1,000.00	$	930.80	$	2.35		$	1,000.00	$	1,022.40	$	2.46		0.49	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” for more information.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of Total Investments	(a)
Financials	30.6	%
Utilities	29.5
Industrials	14.6
Communication Services	9.3
Energy	4.5
Information Technology	4.4
Consumer Discretionary	4.2
Health Care	2.9

^(a)   Excludes money market funds.

TEN LARGEST HOLDINGS

Security	Percent of Total Investments	(a)
Iberdrola SA	17.9	%
Banco Santander SA	15.6
Banco Bilbao Vizcaya Argentaria SA	10.9
Cellnex Telecom SA	4.8
Telefonica SA	4.5
Repsol SA	4.5
Ferrovial SA	4.5
Aena SME SA	4.4
Amadeus IT Group SA	4.4
Industria de Diseno Textil SA	4.3

F U N D   S U M M A R Y 7

Fund Summaryas of February 28, 2022 iShares^® MSCI Switzerland ETF

Investment Objective

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

Performance

			Average Annual Total Returns							Cumulative Total Returns
	6 Months			1 Year		5 Years		10 Years			1 Year		5 Years		10 Years
Fund NAV	(4.84	)%		13.60	%	11.38	%	9.45	%		13.60	%	71.44	%	146.73	%
Fund Market	(5.70	)		12.94		11.31		9.42			12.94		70.84		145.96
Index	(4.33	)		14.20		11.62		9.69			14.20		73.29		152.18

Index performance through February 11, 2013 reflects the performance of the MSCI Switzerland Index. Index performance beginning on February 12, 2013 reflects the performance of the MSCI Switzerland 25/50 Index.

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

Expense Example

Actual							Hypothetical 5% Return
	Beginning Account Value (09/01/21)		Ending Account Value (02/28/22)		Expenses Paid During the Period	(a)		Beginning Account Value (09/01/21)		Ending Account Value (02/28/22)		Expenses Paid During the Period	(a)	Annualized Expense Ratio
$	1,000.00	$	951.60	$	2.37		$	1,000.00	$	1,022.40	$	2.46		0.49	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” for more information.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of Total Investments	(a)
Health Care	34.5	%
Consumer Staples	23.2
Financials	16.3
Industrials	9.6
Materials	8.1
Consumer Discretionary	5.2
Information Technology	1.4
Communication Services	1.1
Real Estate	0.6

^(a)  Excludes money market funds.

TEN LARGEST HOLDINGS

Security	Percent of Total Investments	(a)
Nestle SA	20.8	%
Roche Holding AG	14.8
Novartis AG	10.3
Zurich Insurance Group AG	4.3
Cie. Financiere Richemont SA, Class A	4.2
UBS Group AG	4.1
ABB Ltd.	3.5
Lonza Group AG	3.3
Sika AG	3.0
Givaudan SA	2.5

8 2 0 2 2  I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

About Fund Performance

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

Net asset value or “NAV” is the value of one share of a fund as calculated in accordance with the standard formula for valuing mutual fund shares. Beginning August 10, 2020, the price used to calculate market return (“Market Price”) is the closing price. Prior to August 10, 2020, Market Price was determined using the midpoint between the highest bid and the lowest ask on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. 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.

Shareholder Expenses

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

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

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

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

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

Schedule of Investments(unaudited) February 28, 2022 iShares^® MSCI Eurozone ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Austria — 0.7%
Erste Group Bank AG		457,592	$	16,265,940
OMV AG		196,030		9,331,710
Raiffeisen Bank International AG		199,539		3,251,472
Verbund AG		90,629		10,931,355
voestalpine AG		150,873		4,986,506
				44,766,983
Belgium — 2.6%
Ageas SA/NV		228,793		11,006,352
Anheuser-Busch InBev SA/NV		1,150,755		71,010,567
Elia Group SA/NV		40,283		5,799,262
Etablissements Franz Colruyt NV		68,403		2,735,906
Groupe Bruxelles Lambert SA		144,497		15,004,033
KBC Group NV		331,279		23,867,635
Proximus SADP		202,418		4,024,126
Sofina SA		20,504		7,962,839
Solvay SA		98,613		10,997,375
UCB SA		167,339		18,262,830
Umicore SA		259,405		10,612,174
				181,283,099
Finland — 3.0%
Elisa Oyj		189,289		10,487,962
Fortum Oyj		591,222		12,372,977
Kesko Oyj, Class B		363,479		10,697,077
Kone Oyj, Class B		450,853		26,308,893
Neste Oyj		560,421		21,853,405
Nokia Oyj(a)		7,136,734		38,590,739
Orion Oyj, Class B		141,270		6,633,879
Sampo Oyj, Class A		659,282		31,107,901
Stora Enso Oyj, Class R		774,206		14,744,020
UPM-Kymmene Oyj		707,363		24,441,664
Wartsila OYJ Abp		619,418		6,937,217
				204,175,734
France — 34.5%
Accor SA(a)		222,713		7,606,374
Aeroports de Paris(a)		38,692		5,470,644
Air Liquide SA		628,054		104,322,968
Airbus SE(a)		781,419		99,770,845
Alstom SA		421,255		10,716,687
Amundi SA(b)		79,425		5,508,591
Arkema SA		81,677		10,831,776
AXA SA		2,569,437		69,522,830
BioMerieux		55,114		6,057,651
BNP Paribas SA		1,490,746		86,499,822
Bollore SA		1,176,774		5,954,604
Bouygues SA		304,331		10,882,283
Bureau Veritas SA		391,304		11,188,488
Capgemini SE		212,242		44,428,517
Carrefour SA		819,797		16,481,402
Cie. de Saint-Gobain		669,817		41,532,055
Cie. Generale des Etablissements Michelin SCA		224,861		30,953,813
CNP Assurances		228,434		5,567,681
Covivio		67,817		5,548,136
Credit Agricole SA		1,637,814		20,863,038
Danone SA		865,480		52,655,136
Dassault Aviation SA		32,510		4,837,812
Dassault Systemes SE		882,532		42,570,046
Edenred		330,850		15,055,285
Eiffage SA		110,843		11,290,908

Security	Shares		Value
France (continued)
Electricite de France SA		630,150	$	5,696,888
Engie SA		2,417,154		38,511,178
EssilorLuxottica SA		381,270		66,558,387
Eurazeo SE		52,718		4,071,970
Eurofins Scientific SE		177,915		18,054,431
Faurecia SE		156,125		5,878,733
Gecina SA		61,094		7,763,895
Getlink SE		585,548		9,549,897
Hermes International		41,966		57,872,651
Ipsen SA		50,183		5,839,274
Kering SA		99,309		68,884,051
Klepierre SA		270,477		7,731,461
La Francaise des Jeux SAEM(b)		127,111		5,269,041
Legrand SA		355,042		33,494,678
L’Oreal SA		332,578		131,476,135
LVMH Moet Hennessy Louis Vuitton SE		368,066		270,493,524
Orange SA		2,637,084		31,886,806
Orpea SA		69,573		2,881,034
Pernod Ricard SA		277,639		60,608,652
Publicis Groupe SA		301,805		20,029,505
Remy Cointreau SA		30,243		5,820,350
Renault SA(a)		255,814		8,016,697
Safran SA		452,868		57,580,868
Sanofi		1,507,756		157,609,507
Sartorius Stedim Biotech		36,827		14,122,066
Schneider Electric SE		716,064		110,944,160
SEB SA		36,799		5,351,891
Societe Generale SA		1,071,997		30,313,430
Sodexo SA		117,713		9,827,474
Teleperformance		77,928		28,916,125
Thales SA		141,960		16,229,273
TotalEnergies SE		3,324,985		169,392,026
Ubisoft Entertainment SA(a)		124,779		6,690,270
Unibail-Rodamco-Westfield(a)		166,000		12,653,485
Valeo		305,599		6,739,706
Veolia Environnement SA		866,226		30,202,428
Vinci SA		714,318		74,897,245
Vivendi SE		1,032,448		13,033,389
Wendel SE		36,281		3,683,192
Worldline SA/France(a)(b)		316,626		16,145,777
				2,356,838,942
Germany — 24.3%
adidas AG		252,334		59,662,271
Allianz SE, Registered		541,306		122,019,743
Aroundtown SA		1,307,751		8,063,777
BASF SE		1,216,320		80,990,181
Bayer AG, Registered		1,302,394		75,230,138
Bayerische Motoren Werke AG		438,353		42,216,538
Bechtle AG		108,395		5,560,249
Beiersdorf AG		134,132		13,596,691
Brenntag SE		205,595		17,235,539
Carl Zeiss Meditec AG, Bearer		53,546		8,403,223
Commerzbank AG(a)		1,333,351		11,142,967
Continental AG(a)		146,383		12,473,755
Covestro AG(b)		257,076		13,595,647
Daimler Truck Holding AG(a)		547,501		16,685,403
Delivery Hero SE(a)(b)		215,595		11,556,026
Deutsche Bank AG, Registered(a)		2,733,689		33,746,810
Deutsche Boerse AG		252,166		42,924,362
Deutsche Lufthansa AG, Registered(a)		792,095		6,015,994

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Schedule of Investments(unaudited) (continued) February 28, 2022 iShares^® MSCI Eurozone ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Germany (continued)
Deutsche Post AG, Registered		1,313,791	$	66,034,024
Deutsche Telekom AG, Registered		4,299,935		77,074,925
E.ON SE		2,980,300		40,536,678
Evonik Industries AG		279,077		8,400,670
Fresenius Medical Care AG & Co. KGaA		272,802		17,502,609
Fresenius SE & Co. KGaA		554,370		19,343,206
GEA Group AG		204,153		8,927,359
Hannover Rueck SE		80,204		14,765,698
HeidelbergCement AG		198,022		12,849,036
HelloFresh SE(a)		219,971		11,998,531
Henkel AG & Co. KGaA		138,292		10,632,873
Infineon Technologies AG		1,730,620		58,557,088
KION Group AG		96,002		7,696,118
Knorr-Bremse AG		96,531		8,510,174
LANXESS AG		106,923		5,208,401
LEG Immobilien SE		95,942		12,337,206
Mercedes-Benz Group AG		1,134,173		88,601,002
Merck KGaA		170,937		33,904,921
MTU Aero Engines AG		71,027		17,002,883
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Registered		185,937		51,009,418
Nemetschek SE		76,838		6,817,941
Puma SE		140,486		12,883,185
Rational AG		6,778		4,988,347
RWE AG		849,930		39,354,212
SAP SE		1,384,503		156,177,462
Scout24 SE(b)		109,294		6,375,157
Siemens AG, Registered		1,014,035		142,859,624
Siemens Healthineers AG(b)		373,898		23,993,196
Symrise AG		175,809		20,911,873
Telefonica Deutschland Holding AG		1,385,510		3,780,842
Uniper SE		121,742		3,894,667
United Internet AG, Registered		128,016		4,353,610
Volkswagen AG		43,188		11,170,112
Vonovia SE		979,103		51,973,743
Zalando SE(a)(b)		295,846		19,581,057
				1,661,127,162
Ireland — 2.0%
CRH PLC		1,022,357		46,474,536
Flutter Entertainment PLC, Class DI(a)		220,940		31,817,142
Kerry Group PLC, Class A		210,881		25,124,175
Kingspan Group PLC		204,978		20,018,605
Smurfit Kappa Group PLC		327,478		16,354,981
				139,789,439
Italy — 6.2%
Amplifon SpA		165,680		7,110,069
Assicurazioni Generali SpA		1,462,505		28,923,726
Atlantia SpA(a)		659,656		12,134,540
DiaSorin SpA		33,487		5,011,476
Enel SpA		10,786,935		79,488,258
Eni SpA		3,343,804		52,011,891
Ferrari NV		166,764		35,835,639
FinecoBank Banca Fineco SpA		775,708		12,927,811
Infrastrutture Wireless Italiane SpA(b)		447,240		4,566,906
Intesa Sanpaolo SpA		21,888,787		55,954,875
Mediobanca Banca di Credito Finanziario SpA		826,576		8,608,149
Moncler SpA		271,584		16,308,642
Nexi SpA(a)(b)		697,251		9,523,027
Poste Italiane SpA(b)		685,013		7,856,767

Security	Shares		Value
Italy (continued)
Prysmian SpA		335,053	$	11,029,731
Recordati Industria Chimica e Farmaceutica SpA		139,132		6,805,152
Snam SpA		2,684,302		14,914,664
Telecom Italia SpA/Milano		13,174,980		5,535,411
Terna - Rete Elettrica Nazionale		1,872,494		15,340,952
UniCredit SpA		2,803,274		35,418,005
				425,305,691
Liechtenstein — 0.5%
ArcelorMittal SA		846,252		26,258,035
Tenaris SA		619,119		7,978,753
				34,236,788
Netherlands — 16.1%
ABN AMRO Bank NV, CVA(b)		562,943		7,491,206
Adyen NV(a)(b)		26,319		54,855,962
Aegon NV		2,378,569		11,749,637
AerCap Holdings NV(a)		178,661		9,724,518
Akzo Nobel NV		248,520		23,644,716
Argenx SE(a)		60,711		17,578,455
ASM International NV		62,096		20,054,984
ASML Holding NV		547,834		366,513,971
CNH Industrial NV		1,355,588		19,282,571
Davide Campari-Milano NV		695,635		7,570,487
Euronext NV(b)		114,016		10,292,383
EXOR NV		142,654		10,808,266
Heineken Holding NV		153,300		12,519,852
Heineken NV		342,909		34,784,163
IMCD NV		75,812		12,315,001
ING Groep NV		5,174,979		60,435,938
InPost SA(a)		272,904		1,685,347
JDE Peet’s NV		135,248		4,440,090
Just Eat Takeaway.com NV(a)(b)		238,918		9,669,528
Koninklijke Ahold Delhaize NV		1,388,193		42,703,928
Koninklijke DSM NV		231,399		43,448,409
Koninklijke KPN NV		4,471,591		15,302,377
Koninklijke Philips NV		1,217,846		41,599,997
NN Group NV		359,445		17,251,521
Prosus NV		1,235,880		76,725,431
QIAGEN NV(a)		303,971		15,272,228
Randstad NV		157,423		10,728,169
Stellantis NV		2,701,861		49,097,887
STMicroelectronics NV		903,810		37,940,137
Universal Music Group NV		961,602		21,955,803
Wolters Kluwer NV		347,146		35,370,615
				1,102,813,577
Portugal — 0.5%
EDP - Energias de Portugal SA		3,694,388		18,037,687
Galp Energia SGPS SA		656,624		7,268,372
Jeronimo Martins SGPS SA		371,332		8,095,663
				33,401,722
Spain — 7.3%
ACS Actividades de Construccion y Servicios SA		341,504		8,298,743
Aena SME SA(a)(b)		99,801		16,288,041
Amadeus IT Group SA(a)		599,520		39,554,289
Banco Bilbao Vizcaya Argentaria SA		8,897,796		52,797,066
Banco Santander SA		23,077,733		76,849,201
CaixaBank SA		5,900,107		19,379,393
Cellnex Telecom SA(b)		678,047		30,669,564
EDP Renovaveis SA		383,585		9,323,867
Enagas SA		213,004		4,501,538

S C H E D U L E   O F   I N V E S T M E N T S 11

Schedule of Investments(unaudited) (continued) February 28, 2022 iShares^® MSCI Eurozone ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Spain (continued)
Endesa SA		422,746	$	9,292,557
Ferrovial SA		646,170		17,604,387
Grifols SA		413,967		7,848,857
Iberdrola SA		7,842,046		88,972,598
Industria de Diseno Textil SA		1,467,501		38,280,887
Naturgy Energy Group SA		268,955		7,215,964
Red Electrica Corp. SA		392,304		7,771,721
Repsol SA		1,931,068		25,057,609
Siemens Gamesa Renewable Energy SA(a)		317,296		7,300,915
Telefonica SA		7,019,734		33,525,676
				500,532,873
Switzerland — 0.2%
Siemens Energy AG(a)		531,490		12,640,798
United Kingdom — 0.2%
Coca-Cola Europacific Partners PLC		271,983		13,928,249
Total Common Stocks — 98.1% (Cost: $7,337,243,953)				6,710,841,057
Preferred Stocks
Germany — 1.7%
Bayerische Motoren Werke AG, Preference Shares, NVS		76,175		6,160,121
Fuchs Petrolub SE, Preference Shares, NVS		91,426		3,612,304
Henkel AG & Co. KGaA, Preference Shares, NVS		235,771		18,712,600
Porsche Automobil Holding SE, Preference Shares, NVS		202,727		20,233,838

Security	Shares		Value
Germany (continued)
Sartorius AG, Preference Shares, NVS		34,900	$	15,408,807
Volkswagen AG, Preference Shares, NVS		246,290		48,415,094
				112,542,764
Total Preferred Stocks — 1.7% (Cost: $138,584,227)				112,542,764
Short-Term Investments
Money Market Funds — 0.3%
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.03%(c)(d)		20,330,000		20,330,000
Total Short-Term Investments — 0.3% (Cost: $20,330,000)				20,330,000
Total Investments in Securities — 100.1% (Cost: $7,496,158,180)				6,843,713,821
Other Assets, Less Liabilities — (0.1)%				(5,236,005	)
Net Assets — 100.0%			$	6,838,477,816

^(a)  Non-income producing security.

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

^(c)  Affiliate of the Fund.

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 08/31/21		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value at 02/28/22		Shares Held at 02/28/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares(a)	$	7,962,763	$	—	$	(7,961,296	)(b)	$	4,167	$	(5,634	)	$	—		—	$	150,765	(c)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		27,350,000		—		(7,020,000	)(b)		—		—			20,330,000		20,330,000		1,012			—
								$	4,167	$	(5,634	)	$	20,330,000			$	151,777		$	—

^(a)  As of period end, the entity is no longer held.

^(b)  Represents net amount purchased (sold).

^(c)  All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

12 2 0 2 2   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S 

Schedule of Investments(unaudited) (continued) February 28, 2022 iShares^® MSCI Eurozone ETF

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
Euro STOXX 50 Index		294		03/18/22	$	12,968	$	(441,634	)

Derivative Financial Instruments Categorized by Risk Exposure

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

	Equity Contracts
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	441,634

^(a)  Net cumulative unrealized appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).

For the period ended February 28, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	659,542
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(454,012	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	5,618,473

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

Fair Value Hierarchy as of Period End

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.

	Level 1		Level 2			Level 3		Total
Investments
Assets
Common Stocks	$	40,338,170	$	6,670,502,887		$	—	$	6,710,841,057
Preferred Stocks		—		112,542,764			—		112,542,764
Money Market Funds		20,330,000		—			—		20,330,000
	$	60,668,170	$	6,783,045,651		$	—	$	6,843,713,821
Derivative financial instruments(a)
Liabilities
Futures Contracts	$	—	$	(441,634	)	$	—	$	(441,634	)

^(a)  Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

See notes to financial statements.

S C H E D U L E   O F   I N V E S T M E N T S 13

Schedule of Investments(unaudited)  February 28, 2022 iShares^® MSCI Germany ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 0.9%
MTU Aero Engines AG		85,469	$	20,460,098
Air Freight & Logistics — 3.6%
Deutsche Post AG, Registered		1,583,128		79,571,494
Airlines — 0.3%
Deutsche Lufthansa AG, Registered(a)		950,477		7,218,911
Auto Components — 0.7%
Continental AG(a)		175,207		14,929,939
Automobiles — 7.8%
Bayerische Motoren Werke AG		528,799		50,927,137
Mercedes-Benz Group AG		1,366,916		106,782,763
Volkswagen AG		51,701		13,371,908
				171,081,808
Banks — 0.6%
Commerzbank AG(a)		1,601,418		13,383,234
Capital Markets — 4.2%
Deutsche Bank AG, Registered(a)		3,300,856		40,748,366
Deutsche Boerse AG		303,451		51,654,230
				92,402,596
Chemicals — 7.1%
BASF SE		1,466,908		97,675,894
Covestro AG(b)		307,718		16,273,885
Evonik Industries AG		335,265		10,092,020
LANXESS AG		131,727		6,416,646
Symrise AG		212,124		25,231,417
				155,689,862
Construction Materials — 0.7%
HeidelbergCement AG		237,020		15,379,496
Diversified Telecommunication Services — 4.7%
Deutsche Telekom AG, Registered		5,175,363		92,766,685
Telefonica Deutschland Holding AG		1,677,290		4,577,064
United Internet AG, Registered		155,924		5,302,714
				102,646,463
Electrical Equipment — 0.7%
Siemens Energy AG(a)		636,544		15,139,371
Food & Staples Retailing — 0.7%
HelloFresh SE(a)		263,075		14,349,681
Health Care Equipment & Supplies — 1.8%
Carl Zeiss Meditec AG, Bearer		64,009		10,045,230
Siemens Healthineers AG(b)		450,755		28,925,143
				38,970,373
Health Care Providers & Services — 2.0%
Fresenius Medical Care AG & Co. KGaA		328,128		21,052,250
Fresenius SE & Co. KGaA		669,404		23,356,999
				44,409,249
Household Products — 0.6%
Henkel AG & Co. KGaA		166,365		12,791,325
Independent Power and Renewable Electricity Producers — 0.2%
Uniper SE		145,720		4,661,751
Industrial Conglomerates — 7.9%
Siemens AG, Registered		1,221,787		172,128,212

Security	Shares		Value
Insurance — 10.3%
Allianz SE, Registered		652,302	$	147,040,162
Hannover Rueck SE		96,041		17,681,318
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Registered		223,753		61,383,750
				226,105,230
Interactive Media & Services — 0.4%
Scout24 SE(b)		139,357		8,128,743
Internet & Direct Marketing Retail — 1.7%
Delivery Hero SE(a)(b)		260,473		13,961,515
Zalando SE(a)(b)		355,671		23,540,673
				37,502,188
IT Services — 0.3%
Bechtle AG		130,058		6,671,478
Life Sciences Tools & Services — 0.8%
QIAGEN NV(a)		368,689		18,523,814
Machinery — 2.6%
Daimler Truck Holding AG(a)		658,165		20,057,951
GEA Group AG		244,255		10,680,970
KION Group AG		114,692		9,194,425
Knorr-Bremse AG		116,079		10,233,526
Rational AG		8,119		5,975,271
				56,142,143
Multi-Utilities — 4.4%
E.ON SE		3,585,698		48,771,024
RWE AG		1,025,996		47,506,577
				96,277,601
Personal Products — 0.7%
Beiersdorf AG		160,549		16,274,529
Pharmaceuticals — 6.0%
Bayer AG, Registered		1,569,035		90,632,113
Merck KGaA		206,415		40,941,892
				131,574,005
Real Estate Management & Development — 4.0%
Aroundtown SA		1,586,373		9,781,800
LEG Immobilien SE		116,016		14,918,527
Vonovia SE		1,178,293		62,547,349
				87,247,676
Semiconductors & Semiconductor Equipment — 3.2%
Infineon Technologies AG		2,085,695		70,571,371
Software — 9.0%
Nemetschek SE		92,458		8,203,926
SAP SE		1,667,744		188,128,177
				196,332,103
Textiles, Apparel & Luxury Goods — 4.0%
adidas AG		304,083		71,897,890
Puma SE		168,157		15,420,738
				87,318,628
Trading Companies & Distributors — 1.0%
Brenntag SE		247,199		20,723,306
Total Common Stocks — 92.9% (Cost: $2,538,789,975)				2,034,606,678

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Schedule of Investments(unaudited) (continued) February 28, 2022 iShares^® MSCI Germany ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Preferred Stocks
Automobiles — 4.1%
Bayerische Motoren Werke AG, Preference Shares, NVS .		92,332	$	7,466,705
Porsche Automobil Holding SE, Preference Shares, NVS .		244,891		24,442,155
Volkswagen AG, Preference Shares, NVS		296,399		58,265,401
				90,174,261
Chemicals — 0.2%
Fuchs Petrolub SE, Preference Shares, NVS		110,819		4,378,535
Health Care Equipment & Supplies — 0.9%
Sartorius AG, Preference Shares, NVS		41,744		18,430,522
Household Products — 1.0%
Henkel AG & Co. KGaA, Preference Shares, NVS		283,767		22,521,932
Total Preferred Stocks — 6.2% (Cost: $162,136,666)				135,505,250
Short-Term Investments
Money Market Funds — 0.1%
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.03%(c)(d)		1,010,000		1,010,000
Total Short-Term Investments — 0.1% (Cost: $1,010,000)				1,010,000
Total Investments in Securities — 99.2% (Cost: $2,701,936,641)				2,171,121,928
Other Assets, Less Liabilities — 0.8%				17,967,443
Net Assets — 100.0%			$	2,189,089,371

^(a) Non-income producing security.

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

^(c)  Affiliate of the Fund.

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 08/31/21		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 02/28/22		Shares Held at 02/28/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares(a)	$	5,585,515	$	—	$	(5,585,452	)(b)	$	(63	)	$	—	$	—		—	$	77,057	(c)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		1,620,000		—		(610,000	)(b)		—			—		1,010,000		1,010,000		63			—
								$	(63	)	$	—	$	1,010,000			$	77,120		$	—

^(a) As of period end, the entity is no longer held.

^(b) Represents net amount purchased (sold).

^(c) All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

S C H E D U L E   O F   I N V E S T M E N T S 15

Schedule of Investments(unaudited) (continued) February 28, 2022 iShares^® MSCI Germany ETF

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
DAX Index		46		03/18/22	$	18,564	$	(1,536,160	)

Derivative Financial Instruments Categorized by Risk Exposure

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

	Equity Contracts
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	1,536,160

^(a) Net cumulative unrealized appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).

For the period ended February 28, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	155,775
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(1,661,265	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	18,432,854

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

Fair Value Hierarchy as of Period End

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.

	Level 1		Level 2			Level 3		Total
Investments
Assets
Common Stocks	$	20,057,951	$	2,014,548,727		$	—	$	2,034,606,678
Preferred Stocks		—		135,505,250			—		135,505,250
Money Market Funds		1,010,000		—			—		1,010,000
	$	21,067,951	$	2,150,053,977		$	—	$	2,171,121,928
Derivative financial instruments(a)
Liabilities
Futures Contracts	$	—	$	(1,536,160	)	$	—	$	(1,536,160	)

^(a) Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

See notes to financial statements.

16 2 0 2 2   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S 

Schedule of Investments(unaudited) February 28, 2022 iShares^® MSCI Italy ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Automobiles — 14.0%
Ferrari NV		115,178	$	24,750,409
Stellantis NV		2,739,309		49,778,388
				74,528,797
Banks — 19.2%
FinecoBank Banca Fineco SpA		965,364		16,088,584
Intesa Sanpaolo SpA		22,201,361		56,753,916
Mediobanca Banca di Credito Finanziario SpA		1,022,618		10,649,775
UniCredit SpA		1,493,127		18,864,934
				102,357,209
Beverages — 1.8%
Davide Campari-Milano NV		889,188		9,676,894
Diversified Financial Services — 2.5%
EXOR NV		171,924		13,025,926
Diversified Telecommunication Services — 2.7%
Infrastrutture Wireless Italiane SpA(a)		673,007		6,872,283
Telecom Italia SpA/Milano		18,117,197		7,611,863
				14,484,146
Electric Utilities — 18.5%
Enel SpA		10,929,675		80,540,100
Terna - Rete Elettrica Nazionale		2,177,308		17,838,230
				98,378,330
Electrical Equipment — 2.5%
Prysmian SpA		409,136		13,468,497
Energy Equipment & Services — 2.0%
Tenaris SA		825,071		10,632,912
Gas Utilities — 3.3%
Snam SpA		3,112,843		17,295,747
Health Care Equipment & Supplies — 1.4%
DiaSorin SpA		49,951		7,475,385
Health Care Providers & Services — 1.8%
Amplifon SpA		222,226		9,536,710
Insurance — 6.3%
Assicurazioni Generali SpA		1,188,830		23,511,299

Security	Shares		Value
Insurance (continued)
Poste Italiane SpA(a)		878,195	$	10,072,470
				33,583,769
IT Services — 2.2%
Nexi SpA(a)(b)		854,412		11,669,526
Machinery — 4.0%
CNH Industrial NV		1,510,477		21,485,790
Oil, Gas & Consumable Fuels — 9.9%
Eni SpA		3,395,886		52,822,011
Pharmaceuticals — 1.7%
Recordati Industria Chimica e Farmaceutica SpA		183,525		8,976,479
Textiles, Apparel & Luxury Goods — 3.5%
Moncler SpA		310,516		18,646,512
Transportation Infrastructure — 2.7%
Atlantia SpA(b)		782,884		14,401,350
Total Common Stocks — 100.0% (Cost: $594,745,250)				532,445,990
Short-Term Investments
Money Market Funds — 0.0%
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.03%(c)(d)		210,000		210,000
Total Short-Term Investments — 0.0% (Cost: $210,000)				210,000
Total Investments in Securities — 100.0% (Cost: $594,955,250)				532,655,990
Other Assets, Less Liabilities — (0.0)%				(98,355	)
Net Assets — 100.0%			$	532,557,635

^(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.

S C H E D U L E   O F   I N V E S T M E N T S 17

Schedule of Investments(unaudited) (continued) February 28, 2022 iShares^® MSCI Italy ETF

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 08/31/21		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 02/28/22		Shares Held at 02/28/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares(a)	$	—	$	713	(b)	$	—		$	(713	)	$	—	$	—		—	$	1,604	(c)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		450,000		—			(240,000	)(b)		—			—		210,000		210,000		16			—
									$	(713	)	$	—	$	210,000			$	1,620		$	—

^(a)  As of period end, the entity is no longer held.

^(b)  Represents net amount purchased (sold).

^(c)  All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

Derivative Financial Instruments Categorized by Risk Exposure

For the period ended February 28, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	(61,242	)
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	1,238

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	1,186,818

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

Fair Value Hierarchy as of Period End

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.

	Level 1		Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	—	$	532,445,990	$	—	$	532,445,990
Money Market Funds		210,000		—		—		210,000
	$	210,000	$	532,445,990	$	—	$	532,655,990

See notes to financial statements.

18 2 0 2 2   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S 

Schedule of Investments(unaudited) February 28, 2022 iShares^® MSCI Spain ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Banks — 30.6%
Banco Bilbao Vizcaya Argentaria SA		9,635,943	$	57,177,027
Banco Santander SA		24,730,112		82,351,648
CaixaBank SA		6,655,667		21,861,093
				161,389,768
Biotechnology — 2.9%
Grifols SA		805,902		15,279,985
Construction & Engineering — 7.2%
ACS Actividades de Construccion y Servicios SA		602,967		14,652,444
Ferrovial SA		867,455		23,633,120
				38,285,564
Diversified Telecommunication Services — 9.3%
Cellnex Telecom SA(a)		555,066		25,106,861
Telefonica SA		4,979,608		23,782,201
				48,889,062
Electric Utilities — 24.5%
Endesa SA		755,792		16,613,380
Iberdrola SA		8,329,523		94,503,310
Red Electrica Corp. SA		916,571		18,157,690
				129,274,380
Electrical Equipment — 2.9%
Siemens Gamesa Renewable Energy SA(b)		672,350		15,470,634
Gas Utilities — 5.0%
Enagas SA		583,681		12,335,271
Naturgy Energy Group SA(c)		518,502		13,911,218
				26,246,489
IT Services — 4.3%
Amadeus IT Group SA(b)		348,203		22,973,249
Oil, Gas & Consumable Fuels — 4.5%
Repsol SA		1,829,286		23,736,882

Security	Shares		Value
Specialty Retail — 4.2%
Industria de Diseno Textil SA		858,539	$	22,395,647
Transportation Infrastructure — 4.4%
Aena SME SA(a)(b)		141,188		23,042,614
Total Common Stocks — 99.8% (Cost: $684,626,243)				526,984,274
Short-Term Investments
Money Market Funds — 0.8%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.09%(d)(e)(f)		965,169		965,362
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.03%(d)(e)		3,100,000		3,100,000
				4,065,362
Total Short-Term Investments — 0.8% (Cost: $4,065,454)				4,065,362
Total Investments in Securities — 100.6% (Cost: $688,691,697)				531,049,636
Other Assets, Less Liabilities — (0.6)%				(3,146,130	)
Net Assets — 100.0%			$	527,903,506

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

^(d)  Affiliate of the Fund.

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

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 08/31/21		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 02/28/22		Shares Held at 02/28/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	—	$	966,407	(a)	$	—		$	(953	)	$	(92	)	$	965,362		965,169	$	229,310	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		3,290,000		—			(190,000	)(a)		—			—			3,100,000		3,100,000		169			—
									$	(953	)	$	(92	)	$	4,065,362			$	229,479		$	—

^(a) Represents net amount purchased (sold).

^(b)  All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

S C H E D U L E   O F   I N V E S T M E N T S 19

Schedule of Investments(unaudited) (continued) February 28, 2022 iShares^® MSCI Spain ETF

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
IBEX 35 Index		9		03/18/22	$	851	$	(23,957	)

Derivative Financial Instruments Categorized by Risk Exposure

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

	Equity Contracts
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	23,957

^(a)  Net cumulative unrealized appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).

For the period ended February 28, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	1,833
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(21,853	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	1,028,428

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

Fair Value Hierarchy as of Period End

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.

	Level 1		Level 2			Level 3		Total
Investments
Assets
Common Stocks	$	—	$	526,984,274		$	—	$	526,984,274
Money Market Funds		4,065,362		—			—		4,065,362
	$	4,065,362	$	526,984,274		$	—	$	531,049,636
Derivative financial instruments(a)
Liabilities
Futures Contracts	$	—	$	(23,957	)	$	—	$	(23,957	)

^(a)  Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

See notes to financial statements.

20 2 0 2 2   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S 

Schedule of Investments(unaudited)  February 28, 2022 iShares^® MSCI Switzerland ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Building Products — 1.6%
Geberit AG, Registered		40,069	$	26,212,222
Capital Markets — 8.2%
Credit Suisse Group AG, Registered		2,696,516		22,588,998
Julius Baer Group Ltd.		266,629		15,612,837
Partners Group Holding AG		23,077		31,195,224
UBS Group AG, Registered		3,727,548		68,574,840
				137,971,899
Chemicals — 6.4%
Clariant AG, Registered		315,660		5,698,536
EMS-Chemie Holding AG, Registered		9,920		9,812,177
Givaudan SA, Registered		9,945		41,524,414
Sika AG, Registered		151,072		50,130,926
				107,166,053
Construction Materials — 1.7%
Holcim Ltd.		576,237		29,006,623
Diversified Telecommunication Services — 1.1%
Swisscom AG, Registered		30,985		18,560,390
Electrical Equipment — 3.5%
ABB Ltd., Registered		1,746,666		59,024,926
Food Products — 23.1%
Barry Callebaut AG, Registered		4,764		10,988,928
Chocoladefabriken Lindt & Spruengli AG, Participation Certificates, NVS		1,308		13,874,861
Chocoladefabriken Lindt & Spruengli AG, Registered		129		14,479,586
Nestle SA, Registered		2,681,619		349,403,476
				388,746,851
Health Care Equipment & Supplies — 5.0%
Alcon Inc.		533,338		41,204,387
Sonova Holding AG, Registered		62,954		24,375,421
Straumann Holding AG, Registered		11,808		18,756,572
				84,336,380
Insurance — 8.0%
Baloise Holding AG, Registered		61,054		10,241,351
Swiss Life Holding AG, Registered		35,973		21,949,907
Swiss Re AG		316,735		30,265,818
Zurich Insurance Group AG		158,832		72,903,257
				135,360,333
Life Sciences Tools & Services — 3.5%
Bachem Holding AG, Class B, Registered		6,408		3,813,562
Lonza Group AG, Registered		79,117		54,741,197
				58,554,759
Machinery — 1.7%
Schindler Holding AG, Participation Certificates, NVS		50,009		11,474,331
Schindler Holding AG, Registered		29,185		6,541,858
VAT Group AG(a)		27,586		10,424,609
				28,440,798

Security	Shares		Value
Marine — 1.1%
Kuehne + Nagel International AG, Registered		64,476	$	17,583,581
Pharmaceuticals — 25.9%
Novartis AG, Registered		1,969,674		173,117,403
Roche Holding AG, NVS		654,256		247,788,547
Roche Holding AG, Bearer		7,888		3,292,523
Vifor Pharma AG		64,644		11,346,914
				435,545,387
Professional Services — 1.7%
Adecco Group AG, Registered		194,999		9,209,535
SGS SA, Registered		6,950		19,886,380
				29,095,915
Real Estate Management & Development — 0.6%
Swiss Prime Site AG, Registered		102,529		10,047,173
Software — 0.5%
Temenos AG, Registered		87,772		8,822,355
Technology Hardware, Storage & Peripherals — 0.8%
Logitech International SA, Registered		187,498		14,030,266
Textiles, Apparel & Luxury Goods — 5.2%
Cie. Financiere Richemont SA, Class A, Registered		530,099		70,983,710
Swatch Group AG (The), Bearer		37,579		11,556,155
Swatch Group AG (The), Registered		95,999		5,687,244
				88,227,109
Total Common Stocks — 99.6% (Cost: $1,468,700,529)				1,676,733,020
Short-Term Investments
Money Market Funds — 0.0%
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.03%(b)(c)		840,000		840,000
Total Short-Term Investments — 0.0% (Cost: $840,000)				840,000
Total Investments in Securities — 99.6% (Cost: $1,469,540,529)				1,677,573,020
Other Assets, Less Liabilities — 0.4%				6,312,702
Net Assets — 100.0%			$	1,683,885,722

^(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) Affiliate of the Fund.

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

S C H E D U L E   O F   I N V E S T M E N T S 21

Schedule of Investments(unaudited) (continued) February 28, 2022 iShares^® MSCI Switzerland ETF

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 08/31/21		Purchases at Cost			Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 02/28/22		Shares Held at 02/28/22		Income		Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Treasury, SL Agency Shares	$	730,000		$110,000	(a)	$	—	$	—	$	—	$	840,000		840,000	$	37	$	—

^(a)  Represents net amount purchased (sold).

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
Swiss Market Index		54		03/18/22	$	6,958	$	(385,880	)

Derivative Financial Instruments Categorized by Risk Exposure

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

	Equity Contracts
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	385,880

^(a) Net cumulative unrealized appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).

For the period ended February 28, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	292,053
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(563,312	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	10,760,642

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

Fair Value Hierarchy as of Period End

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.

22 2 0 2 2   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S 

Schedule of Investments(unaudited) (continued) February 28, 2022 iShares^® MSCI Switzerland ETF

Fair Value Hierarchy as of Period End (continued)

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.

	Level 1		Level 2			Level 3		Total
Investments
Assets
Common Stocks	$	—	$	1,676,733,020		$	—	$	1,676,733,020
Money Market Funds		840,000		—			—		840,000
	$	840,000	$	1,676,733,020		$	—	$	1,677,573,020
Derivative financial instruments(a)
Liabilities
Futures Contracts	$	—	$	(385,880	)	$	—	$	(385,880	)

^(a)  Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

See notes to financial statements.

S C H E D U L E   O F   I N V E S T M E N T S 23

Statement of Assets and Liabilities(unaudited) 

February 28, 2022

	iShares MSCI Eurozone ETF			iShares MSCI Germany ETF			iShares MSCI Italy ETF			iShares MSCI Spain ETF
ASSETS
Investments in securities, at value (including securities on loan)(a):
Unaffiliated(b)	$	6,823,383,821		$	2,170,111,928		$	532,445,990		$	526,984,274
Affiliated(c)		20,330,000			1,010,000			210,000			4,065,362
Cash		2,040			2,622			9,063			9,609
Foreign currency, at value(d)		1,246,138			5,788,059			1,024,627			818,411
Foreign currency collateral pledged:
Futures contracts(e)		605,475			1,797,588			143,520			102,034
Receivables:
Investments sold		28,772,255			3,390,697			15,668,700			16,215,254
Securities lending income — Affiliated		—			9			566			227
Dividends		51,214			60,697			6			91
Tax reclaims		6,536,605			13,917,988			—			58,372
Total assets		6,880,927,548			2,196,079,588			549,502,472			548,253,634
LIABILITIES
Collateral on securities loaned, at value		—			—			—			965,580
Payables:
Investments purchased		19,762,157			5,885,583			15,983,669			15,829,363
Variation margin on futures contracts		117,387			203,878			19,401			6,445
Capital shares redeemed		—			—			709,177			449,770
Investment advisory fees		2,752,565			900,756			232,590			213,024
IRS compliance fee for foreign withholding tax claims		19,817,623			—			—			2,885,946
Total liabilities		42,449,732			6,990,217			16,944,837			20,350,128
NET ASSETS	$	6,838,477,816		$	2,189,089,371		$	532,557,635		$	527,903,506
NET ASSETS CONSIST OF:
Paid-in capital	$	8,175,908,352		$	3,053,930,897		$	804,416,353		$	1,061,232,507
Accumulated loss		(1,337,430,536	)		(864,841,526	)		(271,858,718	)		(533,329,001	)
NET ASSETS	$	6,838,477,816		$	2,189,089,371		$	532,557,635		$	527,903,506
Shares outstanding		155,000,000			74,700,000			17,475,000			20,550,000
Net asset value	$	44.12		$	29.31		$	30.48		$	25.69
Shares authorized		1 billion			482.2 million			295.4 million			127.8 million
Par value	$	0.001		$	0.001		$	0.001		$	0.001
(a) Securities loaned, at value	$	—		$	—		$	—		$	892,085
(b) Investments, at cost — Unaffiliated	$	7,475,828,180		$	2,700,926,641		$	594,745,250		$	684,626,243
(c)  Investments, at cost — Affiliated	$	20,330,000		$	1,010,000		$	210,000		$	4,065,454
(d) Foreign currency, at cost	$	1,220,879		$	5,785,390		$	1,034,222		$	826,401
(e) Foreign currency collateral pledged, at cost	$	625,732		$	1,885,172		$	145,241		$	103,754

See notes to financial statements.

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Statement of Assets and Liabilities(unaudited) (continued)

February 28, 2022

	iShares MSCI Switzerland ETF
ASSETS
Investments in securities, at value:
Unaffiliated(a)	$	1,676,733,020
Affiliated(b)		840,000
Cash		2,674
Foreign currency, at value(c)		861,789
Foreign currency collateral pledged:
Futures contracts(d)		427,196
Receivables:
Investments sold		12,882,383
Variation margin on futures contracts		149,037
Dividends		21
Tax reclaims		5,314,585
Total assets		1,697,210,705
LIABILITIES
Payables:
Investments purchased		12,685,548
Investment advisory fees		639,435
Total liabilities		13,324,983
NET ASSETS	$	1,683,885,722
NET ASSETS CONSIST OF:
Paid-in capital	$	1,489,682,989
Accumulated earnings		194,202,733
NET ASSETS	$	1,683,885,722
Shares outstanding		34,875,000
Net asset value	$	48.28
Shares authorized		318.625 million
Par value	$	0.001
(a) Investments, at cost — Unaffiliated	$	1,468,700,529
(b) Investments, at cost — Affiliated	$	840,000
(c)  Foreign currency, at cost	$	802,510
(d) Foreign currency collateral pledged, at cost	$	486,768

See notes to financial statements.

F I N A N C I A L   S T A T E M E N T S 25

Statement of Operations(unaudited) 

Six Months Ended February 28, 2022

	iShares MSCI Eurozone ETF			iShares MSCI Germany ETF			iShares MSCI Italy ETF			iShares MSCI Spain ETF
INVESTMENT INCOME
Dividends — Unaffiliated	$	42,942,361		$	6,766,068		$	12,023,914		$	5,324,879
Dividends — Affiliated		1,292			70			49			256
Non-cash dividends — Unaffiliated		2,993,139			—			—			3,494,926
Securities lending income — Affiliated — net		150,485			77,050			1,571			229,223
Other income — Unaffiliated		3,021,227			—			—			—
Foreign taxes withheld		(10,405,157	)		(1,021,054	)		(1,787,288	)		(799,888	)
Foreign withholding tax claims		1,179,051			—			—			—
IRS Compliance fee for foreign withholding tax claims		(283,775	)		—			—			(41,460	)
Total investment income		39,598,623			5,822,134			10,238,246			8,207,936
EXPENSES
Investment advisory fees		18,643,922			6,380,333			1,505,477			1,537,084
Professional fees		425,613			46,645			217			217
Total expenses		19,069,535			6,426,978			1,505,694			1,537,301
Net investment income (loss)		20,529,088			(604,844	)		8,732,552			6,670,635
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		(59,449,206	)		(16,398,642	)		(6,646,576	)		(22,643,516	)
Investments — Affiliated		4,167			(63	)		(713	)		(953	)
In-kind redemptions — Unaffiliated		184,372,291			70,252,174			12,066,946			9,553,242
Futures contracts		659,542			155,775			(61,242	)		1,833
Foreign currency transactions		(87,062	)		(412,736	)		(183	)		(37,267	)
Net realized gain (loss)		125,499,732			53,596,508			5,358,232			(13,126,661	)
Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated		(1,085,219,935	)		(465,216,699	)		(49,713,996	)		(39,328,660	)
Investments — Affiliated		(5,634	)		—			—			(92	)
Futures contracts		(454,012	)		(1,661,265	)		1,238			(21,853	)
Foreign currency translations		(354,239	)		(794,786	)		(16,898	)		(8,945	)
Net change in unrealized appreciation (depreciation)		(1,086,033,820	)		(467,672,750	)		(49,729,656	)		(39,359,550	)
Net realized and unrealized loss		(960,534,088	)		(414,076,242	)		(44,371,424	)		(52,486,211	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(940,005,000	)	$	(414,681,086	)	$	(35,638,872	)	$	(45,815,576	)

See notes to financial statements.

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Statement of Operations(unaudited) (continued)

Six Months Ended February 28, 2022

	iShares MSCI Switzerland ETF
INVESTMENT INCOME
Dividends — Unaffiliated	$	1,494,192
Dividends — Affiliated		37
Foreign taxes withheld		(325,607	)
Total investment income		1,168,622
EXPENSES
Investment advisory fees		4,135,609
Professional fees		217
Total expenses		4,135,826
Net investment loss		(2,967,204	)
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		(2,618,852	)
In-kind redemptions — Unaffiliated		78,697,768
Futures contracts		292,053
Foreign currency transactions		256,054
Net realized gain		76,627,023
Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated		(164,566,200	)
Futures contracts		(563,312	)
Foreign currency translations		(257,763	)
Net change in unrealized appreciation (depreciation)		(165,387,275	)
Net realized and unrealized loss		(88,760,252	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(91,727,456	)

See notes to financial statements.

F I N A N C I A L   S T A T E M E N T S 27

Statement of Changes in Net Assets

	iShares MSCI Eurozone ETF						iShares MSCI Germany ETF
	Six Months Ended						Six Months Ended
	02/28/22 (unaudited)			Year Ended 08/31/21			02/28/22 (unaudited)			Year Ended 08/31/21
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income (loss)	$	20,529,088		$	150,910,071		$	(604,844	)	$	48,767,475
Net realized gain		125,499,732			165,896,622			53,596,508			187,396,899
Net change in unrealized appreciation (depreciation)		(1,086,033,820	)		1,076,571,572			(467,672,750	)		227,425,973
Net increase (decrease) in net assets resulting from operations		(940,005,000	)		1,393,378,265			(414,681,086	)		463,590,347
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(108,880,897	)		(148,429,017	)		(21,379,767	)		(87,044,205	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		(356,579,011	)		2,521,753,816			(247,247,440	)		(418,000,085	)
NET ASSETS
Total increase (decrease) in net assets		(1,405,464,908	)		3,766,703,064			(683,308,293	)		(41,453,943	)
Beginning of period		8,243,942,724			4,477,239,660			2,872,397,664			2,913,851,607
End of period	$	6,838,477,816		$	8,243,942,724		$	2,189,089,371		$	2,872,397,664

^(a)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to financial statements.

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Statement of Changes in Net Assets(continued)

	iShares MSCI Italy ETF						iShares MSCI Spain ETF
	Six Months Ended 02/28/22 (unaudited)			Year Ended 08/31/21			Six Months Ended 02/28/22 (unaudited)			Year Ended 08/31/21
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	8,732,552		$	9,657,021		$	6,670,635		$	15,971,063
Net realized gain (loss)		5,358,232			25,177,673			(13,126,661	)		(38,570,977	)
Net change in unrealized appreciation (depreciation)		(49,729,656	)		30,551,365			(39,359,550	)		109,186,541
Net increase (decrease) in net assets resulting from operations		(35,638,872	)		65,386,059			(45,815,576	)		86,586,627
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(8,742,446	)		(9,237,069	)		(9,336,370	)		(17,641,966	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		(17,605,823	)		329,750,788			(124,590,604	)		169,877,395
NET ASSETS
Total increase (decrease) in net assets		(61,987,141	)		385,899,778			(179,742,550	)		238,822,056
Beginning of period		594,544,776			208,644,998			707,646,056			468,824,000
End of period	$	532,557,635		$	594,544,776		$	527,903,506		$	707,646,056

^(a)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to financial statements.

F I N A N C I A L   S T A T E M E N T S 29

Statement of Changes in Net Assets(continued)

	iShares MSCI Switzerland ETF
	Six Months Ended 02/28/22 (unaudited)			Year Ended 08/31/21
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income (loss)	$	(2,967,204	)	$	27,948,334
Net realized gain		76,627,023			144,899,114
Net change in unrealized appreciation (depreciation)		(165,387,275	)		173,640,457
Net increase (decrease) in net assets resulting from operations		(91,727,456	)		346,487,905
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		—			(30,852,327	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		12,233,317			(273,957,210	)
NET ASSETS
Total increase (decrease) in net assets		(79,494,139	)		41,678,368
Beginning of period		1,763,379,861			1,721,701,493
End of period	$	1,683,885,722		$	1,763,379,861

^(a)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to financial statements.

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Financial Highlights

(For a share outstanding throughout each period)

	iShares MSCI Eurozone ETF
		Six Months Ended 02/28/22 (unaudited)				Year Ended 08/31/21			Year Ended 08/31/20			Year Ended 08/31/19			Year Ended 08/31/18			Year Ended 08/31/17
Net asset value, beginning of period			$	50.86		$	39.52		$	37.91		$	41.29		$	41.71		$	34.20
Net investment income(a)				0.13	(b)		1.21	(b)		0.55			1.05			1.03			0.99
Net realized and unrealized gain (loss)(c)				(6.15	)		11.24			1.55			(3.22	)		(0.23	)		7.38
Net increase (decrease) from investment operations				(6.02	)		12.45			2.10			(2.17	)		0.80			8.37
Distributions(d)
From net investment income				(0.72	)		(1.11	)		(0.49	)		(1.21	)		(1.22	)		(0.86	)
Total distributions				(0.72	)		(1.11	)		(0.49	)		(1.21	)		(1.22	)		(0.86	)
Net asset value, end of period			$	44.12		$	50.86		$	39.52		$	37.91		$	41.29		$	41.71
Total Return(e)
Based on net asset value				(11.90	)%(b)(f)		31.72	%(b)		5.61	%		(5.22	)%		1.87	%		24.72	%
Ratios to Average Net Assets(g)
Total expenses				0.51	%(h)		0.65	%		0.51	%		0.49	%		0.47	%		0.49	%
Total expenses excluding professional fees for foreign withholding tax claims				0.49	%(h)		0.50	%		0.51	%		0.49	%		N/A			0.49	%
Net investment income				0.54	%(b)(h)		2.64	%(b)		1.46	%		2.74	%		2.36	%		2.63	%
Supplemental Data
Net assets, end of period (000)			$	6,838,478		$	8,243,943		$	4,477,240		$	5,231,511		$	9,558,234		$	13,286,216
Portfolio turnover rate(i)				3	%(f)		5	%		5	%		6	%		5	%		4	%

^(a)  Based on average shares outstanding.

^(b)  Reflects the one-time, positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the six months ended February 28, 2022 and for the year ended August 31, 2021, respectively:

• Net investment income per share by $0.00 and $0.53, respectively.

• Total return by 0.00% and 1.07%, respectively.

• Ratio of net investment income to average net assets by 0.02% and 1.16%, respectively.

^(c) The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(d)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(e)  Where applicable, assumes the reinvestment of distributions.

^(f)  Not annualized.

^(g) Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(h)  Annualized.

⁽ⁱ⁾ Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

F I N A N C I A L   H I G H L I G H T S 31

Financial Highlights(continued)

(For a share outstanding throughout each period)

	iShares MSCI Germany ETF
		Six Months Ended 02/28/22 (unaudited)				Year Ended 08/31/21			Year Ended 08/31/20			Year Ended 08/31/19			Year Ended 08/31/18			Year Ended 08/31/17
Net asset value, beginning of period			$	34.94		$	30.16		$	26.28		$	30.36		$	30.71		$	26.18
Net investment income (loss)(a)				(0.01	)		0.56			0.50			0.65			0.64			0.59
Net realized and unrealized gain (loss)(b)				(5.34	)		5.21			3.66			(3.99	)		(0.16	)		4.54
Net increase (decrease) from investment operations				(5.35	)		5.77			4.16			(3.34	)		0.48			5.13
Distributions(c)
From net investment income				(0.28	)		(0.99	)		(0.28	)		(0.74	)		(0.83	)		(0.60	)
Total distributions				(0.28	)		(0.99	)		(0.28	)		(0.74	)		(0.83	)		(0.60	)
Net asset value, end of period			$	29.31		$	34.94		$	30.16		$	26.28		$	30.36		$	30.71
Total Return(d)
Based on net asset value				(15.40	)%(e)		19.30	%		15.98	%		(11.07	)%		1.52	%		19.63	%
Ratios to Average Net Assets(f)
Total expenses				0.50	%(g)		0.50	%		0.51	%		0.49	%		0.47	%		0.49	%
Net investment income (loss)				(0.05	)%(g)		1.72	%		1.85	%		2.38	%		1.99	%		2.08	%
Supplemental Data
Net assets, end of period (000)			$	2,189,089		$	2,872,398		$	2,913,852		$	2,002,685		$	3,351,228		$	4,809,899
Portfolio turnover rate(h)				3	%(e)		6	%		4	%		9	%		6	%		3	%

^(a) Based on average shares outstanding.

^(b)  The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(c) Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(d)  Where applicable, assumes the reinvestment of distributions.

^(e)  Not annualized.

^(f) Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(g)  Annualized.

^(h) Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

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Financial Highlights(continued)

(For a share outstanding throughout each period)

	iShares MSCI Italy ETF
		Six Months Ended 02/28/22 (unaudited)					Year Ended 08/31/21			Year Ended 08/31/20			Year Ended 08/31/19			Year Ended 08/31/18			Year Ended 08/31/17	(a)
Net asset value, beginning of period			$	32.89		$	25.76		$	26.83		$	27.18		$	30.21		$	22.60
Net investment income(b)				0.46			0.83			0.43			1.00			0.82			0.57
Net realized and unrealized gain (loss)(c)				(2.42	)		6.95			(1.05	)		(0.12	)		(2.86	)		7.76
Net increase (decrease) from investment operations				(1.96	)		7.78			(0.62	)		0.88			(2.04	)		8.33
Distributions(d)
From net investment income				(0.45	)		(0.65	)		(0.45	)		(1.23	)		(0.99	)		(0.72	)
Total distributions				(0.45	)		(0.65	)		(0.45	)		(1.23	)		(0.99	)		(0.72	)
Net asset value, end of period			$	30.48		$	32.89		$	25.76		$	26.83		$	27.18		$	30.21
Total Return(e)
Based on net asset value				(6.02	)%(f)		30.30	%		(2.29	)%		3.46	%		(6.98	)%		37.37	%
Ratios to Average Net Assets(g)
Total expenses				0.49	%(h)		0.50	%		0.51	%		0.49	%		0.47	%		0.49	%
Net investment income				2.87	%(h)		2.70	%		1.64	%		3.72	%		2.64	%		2.59	%
Supplemental Data
Net assets, end of period (000)			$	532,558		$	594,545		$	208,645		$	235,457		$	405,625		$	840,630
Portfolio turnover rate(i)				6	%(f)		13	%		16	%		13	%		10	%		18	%

^(a)  Per share amounts reflect a one-for-two reverse stock split effective after the close of trading on November 4, 2016.

^(b)  Based on average shares outstanding.

^(c)  The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(d)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(e)  Where applicable, assumes the reinvestment of distributions.

^(f) Not annualized.

^(g) Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(h)  Annualized.

⁽ⁱ⁾ Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

F I N A N C I A L   H I G H L I G H T S 33

Financial Highlights(continued)

(For a share outstanding throughout each period)

	iShares MSCI Spain ETF
		Six Months Ended 02/28/22 (unaudited)				Year Ended 08/31/21			Year Ended 08/31/20			Year Ended 08/31/19			Year Ended 08/31/18			Year Ended 08/31/17
Net asset value, beginning of period			$	28.08		$	23.15		$	26.71		$	29.85		$	33.63		$	26.49
Net investment income(a)				0.29			0.84	(b)		0.77			1.04			0.99			0.94
Net realized and unrealized gain (loss)(c)				(2.24	)		5.00			(3.44	)		(3.26	)		(3.72	)		7.19
Net increase (decrease) from investment operations				(1.95	)		5.84			(2.67	)		(2.22	)		(2.73	)		8.13
Distributions(d)
From net investment income				(0.44	)		(0.91	)		(0.89	)		(0.92	)		(1.05	)		(0.99	)
Total distributions				(0.44	)		(0.91	)		(0.89	)		(0.92	)		(1.05	)		(0.99	)
Net asset value, end of period			$	25.69		$	28.08		$	23.15		$	26.71		$	29.85		$	33.63
Total Return(e)
Based on net asset value				(6.92	)%(f)		25.25	%(b)		(10.44	)%		(7.53	)%		(8.28	)%		31.48	%
Ratios to Average Net Assets(g)
Total expenses				0.49	%(h)		0.62	%		0.51	%		0.50	%		0.47	%		0.49	%
Total expenses excluding professional fees for foreign withholding tax claims				N/A			0.50	%		0.51	%		N/A			N/A			N/A
Net investment income				2.14	%(h)		3.10	%(b)		2.99	%		3.65	%		3.02	%		3.10	%
Supplemental Data
Net assets, end of period (000)			$	527,904		$	707,646		$	468,824		$	825,211		$	875,442		$	1,528,533
Portfolio turnover rate(i)				7	%(f)		34	%		19	%		12	%		21	%		16	%

^(a) Based on average shares outstanding.

^(b) Reflects the one-time, positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the year ended August 31, 2021:

• Net investment income per share by $0.18.

• Total return by 0.63%.

• Ratio of net investment income to average net assets by 0.65%.

^(c)  The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(d) Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(e)  Where applicable, assumes the reinvestment of distributions.

^(f) Not annualized.

^(g)  Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(h)  Annualized.

⁽ⁱ⁾ Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

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Financial Highlights(continued)

(For a share outstanding throughout each period)

	iShares MSCI Switzerland ETF
		Six Months Ended 02/28/22 (unaudited)				Year Ended 08/31/21			Year Ended 08/31/20			Year Ended 08/31/19			Year Ended 08/31/18			Year Ended 08/31/17
Net asset value, beginning of period			$	50.74		$	41.87		$	37.31		$	34.91		$	34.27		$	30.22
Net investment income (loss)(a)				(0.09)			0.75			0.73			0.72			0.66			0.69
Net realized and unrealized gain (loss)(b)				(2.37	)		9.06			4.45			2.43			0.79			4.11
Net increase (decrease) from investment operations				(2.46	)		9.81			5.18			3.15			1.45			4.80
Distributions(c)
From net investment income				—			(0.94	)		(0.62	)		(0.75	)		(0.81	)		(0.75	)
Total distributions				—			(0.94	)		(0.62	)		(0.75	)		(0.81	)		(0.75	)
Net asset value, end of period			$	48.28		$	50.74		$	41.87		$	37.31		$	34.91		$	34.27
Total Return(d)
Based on net asset value				(4.84	)%(e)		23.49	%		14.07	%		9.07	%		4.43	%		15.90	%
Ratios to Average Net Assets(f)
Total expenses				0.49	%(g)		0.50	%		0.51	%		0.50	%		0.47	%		0.49	%
Net investment income (loss)				(0.35	)%(g)		1.66	%		1.89	%		2.06	%		1.91	%		2.18	%
Supplemental Data
Net assets, end of period (000)			$	1,683,886		$	1,763,380		$	1,721,701		$	1,138,036		$	1,034,086		$	1,259,258
Portfolio turnover rate(h)				2	%(e)		7	%		16	%		11	%		9	%		13	%

^(a) Based on average shares outstanding.

^(b) The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(c) Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(d)  Where applicable, assumes the reinvestment of distributions.

^(e)  Not annualized.

^(f)  Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(g) Annualized.

^(h)  Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

F I N A N C I A L   H I G H L I G H T S 35

Notes to Financial Statements(unaudited) 

1. ORGANIZATION

iShares, Inc. (the “Company”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Company is organized as a Maryland corporation and is authorized to have multiple series or portfolios.

These financial statements relate only to the following funds (each, a “Fund” and collectively, the “Funds”):

iShares ETF	Diversification   Classification
MSCI Eurozone		Diversified
MSCI Germany		Non-diversified
MSCI Italy		Non-diversified
MSCI Spain		Non-diversified
MSCI Switzerland		Non-diversified

2. SIGNIFICANT ACCOUNTING POLICIES

The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. Each Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. Below is a summary of significant accounting policies:

Investment Transactions and Income Recognition: For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are recorded on the ex-dividend date. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Dividends from foreign securities where the ex-dividend date may have passed are subsequently recorded when the Funds are informed of the ex-dividend date. Under the applicable foreign tax laws, a withholding tax at various rates may be imposed on capital gains, dividends and interest.

Foreign Currency Translation: Each Fund’s books and records are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars using prevailing market rates as quoted by one or more data service providers. Purchases and sales of investments are recorded at the rates of exchange prevailing on the respective dates of such transactions. Generally, when the U.S. dollar rises in value against a foreign currency, the investments denominated in that currency will lose value; the opposite effect occurs if the U.S. dollar falls in relative value.

Each Fund does not isolate the effect of fluctuations in foreign exchange rates from the effect of fluctuations in the market prices of investments for financial reporting purposes. Accordingly, the effects of changes in exchange rates on investments are not segregated in the Statements of Operations from the effects of changes in market prices of those investments, but are included as a component of net realized and unrealized gain (loss) from investments. Each Fund reports realized currency gains (losses) on foreign currency related transactions as components of net realized gain (loss) for financial reporting purposes, whereas such components are generally treated as ordinary income for U.S. federal income tax purposes.

Foreign Taxes: The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which each Fund invests. These foreign taxes, if any, are paid by each Fund and are reflected in its Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “Other foreign taxes”, and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of February 28, 2022, if any, are disclosed in the Statements of Assets and Liabilities.

The Funds file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. The Funds may record a reclaim receivable based on collectability, which includes factors such as the jurisdiction’s applicable laws, payment history and market convention. The Statements of Operations includes tax reclaims recorded as well as professional and other fees, if any, associated with recovery of foreign withholding taxes.

Segregation and Collateralization: In cases where a Fund enters into certain investments (e.g., futures contracts) that would be treated as “senior securities” for 1940 Act purposes, a Fund may segregate or designate on its books and record cash or liquid assets having a market value at least equal to the amount of its future obligations under such investments. Doing so allows the investment to be excluded from treatment as a “senior security.” Furthermore, if required by an exchange or counterparty agreement, the Funds may be required to deliver/deposit cash and/or securities to/with an exchange, or broker-dealer or custodian as collateral for certain investments or obligations.

In-kind Redemptions: For financial reporting purposes, in-kind redemptions are treated as sales of securities resulting in realized capital gains or losses to the Funds. Because such gains or losses are not taxable to the Funds and are not distributed to existing Fund shareholders, the gains or losses are reclassified from accumulated net realized gain (loss) to paid-in capital at the end of the Funds’ tax year. These reclassifications have no effect on net assets or net asset value (“NAV”) per share.

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Notes to Financial Statements(unaudited) (continued)

Distributions: Dividends and distributions paid by each Fund are recorded on the ex-dividend dates. Distributions are determined on a tax basis and may differ from net investment income and net realized capital gains for financial reporting purposes. Dividends and distributions are paid in U.S. dollars and cannot be automatically reinvested in additional shares of the Funds. The character and timing of distributions are determined in accordance with U.S. federal income tax regulations, which may differ from U.S. GAAP.

Indemnifications: In the normal course of business, each Fund enters into contracts that contain a variety of representations that provide general indemnification. The Funds’ maximum exposure under these arrangements is unknown because it involves future potential claims against the Funds, which cannot be predicted with any certainty.

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

Investment Valuation Policies: Each Fund’s investments are valued at fair value (also referred to as “market value” within the financial statements) each day that the Fund’s listing exchange is open and, for financial reporting purposes, as of the report date. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. Each Fund determines the fair values of its financial instruments using various independent dealers or pricing services under policies approved by the Board of Directors of the Company (the “Board”). If a security’s market price is not readily available or does not otherwise accurately represent the fair value of the security, the security will be valued in accordance with a policy approved by the Board as reflecting fair value. The BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) is the committee formed by management to develop global pricing policies and procedures and to oversee the pricing function for all financial instruments.

Fair Value Inputs and Methodologies: The following methods and inputs are used to establish the fair value of each Fund’s assets and liabilities:

• Equity investments traded on a recognized securities exchange are valued at that day’s official closing price, as applicable, on the exchange where the stock is primarily traded. Equity investments traded on a recognized exchange for which there were no sales on that day are valued at the last traded price.

• Investments in open-end U.S. mutual funds (including money market funds) are valued at that day’s published NAV.

• Futures contracts are valued based on that day’s last reported settlement or trade price on the exchange where the contract is traded.

Generally, trading in foreign instruments is substantially completed each day at various times prior to the close of trading on the New York Stock Exchange (“NYSE”). Each business day, the Funds use current market factors supplied by independent pricing services to value certain foreign instruments (“Systematic Fair Value Price”). The Systematic Fair Value Price is designed to value such foreign securities at fair value as of the close of trading on the NYSE, which follows the close of the local markets.

If events (e.g., market volatility, company announcement or a natural disaster) occur that are expected to materially affect the value of such investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Global Valuation Committee, in accordance with a policy approved by the Board as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Global Valuation Committee include market approach, income approach and cost approach. Valuation techniques such as discounted cash flow, use of market comparables and matrix pricing are types of valuation approaches and are typically used in determining fair value. When determining the price for Fair Valued Investments, the Global Valuation Committee, or its delegate, seeks to determine the price that each Fund might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm’s-length transaction. Fair value determinations shall be based upon all available factors that the Global Valuation Committee, or its delegate, deems relevant and consistent with the principles of fair value measurement. The pricing of all Fair Valued Investments is subsequently reported to the Board or a committee thereof on a quarterly basis.

Fair value pricing could result in a difference between the prices used to calculate a fund’s NAV and the prices used by the fund’s underlying index, which in turn could result in a difference between the fund’s performance and the performance of the fund’s underlying index.

Fair Value Hierarchy: Various inputs are used in determining the fair value of financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:

• Level 1 – Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that each Fund has the ability to access;

• Level 2 – Other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs); and

• Level 3 – Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, (including the Global Valuation Committee’s assumptions used in determining the fair value of financial instruments).

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Global Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds that may not have a secondary market and/or may have a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.

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Notes to Financial Statements(unaudited) (continued)

4. SECURITIES AND OTHER INVESTMENTS

Securities Lending: Each Fund may lend its securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund collateral consisting of cash, an irrevocable letter of credit issued by an approved bank, or securities issued or guaranteed by the U.S. government. The initial collateral received by each Fund is required to have a value of at least 102% of the current market value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter at a value equal to at least 100% of the current value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Fund and any additional required collateral is delivered to the Fund or excess collateral is returned by the Fund, on the next business day. During the term of the loan, each Fund is entitled to all distributions made on or in respect of the loaned securities but does not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

As of period end, any securities on loan were collateralized by cash and/or U.S. Government obligations. Cash collateral invested in money market funds managed by BlackRock Fund Advisors (“BFA”), the Funds’ investment adviser, or its affiliates is disclosed in the Schedule of Investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Fund, except in the event of borrower default. The securities on loan, if any, are also disclosed in each Fund’s Schedule of Investments. The market value of any securities on loan and the value of any related cash collateral are disclosed in the Statements of Assets and Liabilities.

Securities lending transactions are entered into by the Funds under Master Securities Lending Agreements (each, an “MSLA”) which provide the right, in the event of default (including bankruptcy or insolvency) for the non-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral. In the event that a borrower defaults, the Funds, as lender, would offset the market value of the collateral received against the market value of the securities loaned. When the value of the collateral is greater than that of the market value of the securities loaned, the lender is left with a net amount payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty’s bankruptcy or insolvency. Under the MSLA, absent an event of default, the borrower can resell or re-pledge the loaned securities, and the Funds can reinvest cash collateral received in connection with loaned securities. Upon an event of default, the parties’ obligations to return the securities or collateral to the other party are extinguished, and the parties can resell or re-pledge the loaned securities or the collateral received in connection with the loaned securities in order to satisfy the defaulting party’s net payment obligation for all transactions under the MSLA. The defaulting party remains liable for any deficiency.

As of period end, the following table is a summary of the securities on loan by counterparty which are subject to offset under an MSLA:

iShares ETF and Counterparty	Market Value of   Securities on Loan				Cash Collateral Received	(a)		Non-Cash Collateral Received		Net Amount
MSCI Spain
Morgan Stanley		$	892,085	$	892,085		$	—	$	—

^(a) Collateral received in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by each Fund is disclosed in the Fund’s statement of assets and liabilities.

The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, each Fund benefits from a borrower default indemnity provided by BlackRock, Inc. (“BlackRock”). BlackRock’s indemnity allows for full replacement of the securities loaned to the extent the collateral received does not cover the value of the securities loaned in the event of borrower default. Each Fund could incur a loss if the value of an investment purchased with cash collateral falls below the market value of the loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received. Such losses are borne entirely by each Fund.

5. DERIVATIVE FINANCIAL INSTRUMENTS

Futures Contracts: Futures contracts are purchased or sold to gain exposure to, or manage exposure to, changes in interest rates (interest rate risk) and changes in the value of equity securities (equity risk) or foreign currencies (foreign currency exchange rate risk).

Futures contracts are exchange-traded agreements between the Funds and a counterparty to buy or sell a specific quantity of an underlying instrument at a specified price and on a specified date. Depending on the terms of a contract, it is settled either through physical delivery of the underlying instrument on the settlement date or by payment of a cash amount on the settlement date. Upon entering into a futures contract, the Funds are required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on a contract’s size and risk profile. The initial margin deposit must then be maintained at an established level over the life of the contract. Amounts pledged, which are considered restricted, are included in cash pledged for futures contracts in the Statements of Assets and Liabilities.

Securities deposited as initial margin are designated in the Schedule of Investments and cash deposited, if any, are shown as cash pledged for futures contracts in the Statements of Assets and Liabilities. Pursuant to the contract, the Funds agree to receive from or pay to the broker an amount of cash equal to the daily fluctuation in market value of the contract (“variation margin”). Variation margin is recorded as unrealized appreciation (depreciation) and, if any, shown as variation margin receivable (or payable) on futures contracts in the Statements of Assets and Liabilities. When the contract is closed, a realized gain or loss is recorded in the Statements of Operations equal to the difference between the notional amount of the contract at the time it was opened and the notional amount at the time it was closed. The use of futures contracts involves the risk of an imperfect correlation in the movements in the price of futures contracts and interest rates, foreign currency exchange rates or underlying assets.

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Notes to Financial Statements(unaudited) (continued)

6. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

Investment Advisory Fees: Pursuant to an Investment Advisory Agreement with the Company, BFA manages the investment of each Fund’s assets. BFA is a California corporation indirectly owned by BlackRock. Under the Investment Advisory Agreement, BFA is responsible for substantially all expenses of the Funds, except (i) interest and taxes; (ii) brokerage commissions and other expenses connected with the execution of portfolio transactions; (iii) distribution fees; (iv) the advisory fee payable to BFA; and (v) litigation expenses and any extraordinary expenses (in each case as determined by a majority of the independent directors).

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

Aggregate Average Daily Net Assets	Investment Advisory Fee
First $7 billion		0.59	%
Over $7 billion, up to and including $11 billion		0.54
Over $11 billion, up to and including $24 billion		0.49
Over $24 billion, up to and including $48 billion		0.44
Over $48 billion, up to and including $72 billion		0.40
Over $72 billion, up to and including $96 billion		0.36
Over $96 billion		0.32

Distributor: BlackRock Investments, LLC, an affiliate of BFA, is the distributor for each Fund. Pursuant to the distribution agreement, BFA is responsible for any fees or expenses for distribution services provided to the Funds.

Securities Lending: The U.S. Securities and Exchange Commission (the “SEC”) has issued an exemptive order which permits BlackRock Institutional Trust Company, N.A. (“BTC”), an affiliate of BFA, to serve as securities lending agent for the Funds, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending, including any custodial costs. Each Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan (the “collateral investment fees”). The cash collateral is invested in a money market fund, BlackRock Cash Funds: Institutional or BlackRock Cash Funds: Treasury, managed by BFA, or its affiliates. However, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees each Fund bears to an annual rate of 0.04%. The SL Agency Shares of such money market fund will not be subject to a sales load, distribution fee or service fee. The money market fund in which the cash collateral has been invested may, under certain circumstances, impose a liquidity fee of up to 2% of the value redeemed or temporarily restrict redemptions for up to 10 business days during a 90 day period, in the event that the money market fund’s weekly liquid assets fall below certain thresholds.

Securities lending income is equal to the total of income earned from the reinvestment of cash collateral, net of fees and other payments to and from borrowers of securities, and less the collateral investment fees. Each Fund retains a portion of securities lending income and remits the remaining portion to BTC as compensation for its services as securities lending agent.

Pursuant to the current securities lending agreement, each Fund retains 82% of securities lending income (which excludes collateral investment fees) and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across all 1940 Act iShares exchange-traded funds (the “iShares ETF Complex”) in that calendar year exceeds a specified threshold, each Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar year 85% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

The share of securities lending income earned by each Fund is shown as securities lending income – affiliated – net in its Statements of Operations. For the six months ended February 28, 2022, the Funds paid BTC the following amounts for securities lending agent services:

iShares ETF	Fees Paid to BTC
MSCI Eurozone	$	35,618
MSCI Germany		18,691
MSCI Italy		624
MSCI Spain		51,504

Officers and Directors: Certain officers and/or directors of the Company are officers and/or directors of BlackRock or its affiliates.

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Notes to Financial Statements(unaudited) (continued)

Other Transactions: Cross trading is the buying or selling of portfolio securities between funds to which BFA (or an affiliate) serves as investment adviser. At its regularly scheduled quarterly meetings, the Board reviews such transactions as of the most recent calendar quarter for compliance with the requirements and restrictions set forth by Rule 17a-7.

For the six months ended February 28, 2022, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:

iShares ETF	Purchases		Sales		Net Realized Gain (Loss)
MSCI Eurozone	$	22,434,477	$	13,570,931	$	(12,233,771	)
MSCI Germany		6,942,826		1,873,088		(5,244,372	)
MSCI Italy		16,725,454		9,466,269		(587,957	)
MSCI Spain		11,637,240		7,747,747		(1,847,059	)
MSCI Switzerland		21,585,341		5,830,288		(295,388	)

Each Fund may invest its positive cash balances in certain money market funds managed by BFA or an affiliate. The income earned on these temporary cash investments is shown as dividends – affiliated in the Statements of Operations.

A fund, in order to improve its portfolio liquidity and its ability to track its underlying index, may invest in shares of other iShares funds that invest in securities in the fund’s underlying index.

7. PURCHASES AND SALES

For the six months ended February 28, 2022, purchases and sales of investments, excluding short-term investments and in-kind transactions, were as follows:

iShares ETF	Purchases		Sales
MSCI Eurozone	$	190,830,861	$	232,992,457
MSCI Germany		86,388,024		93,878,690
MSCI Italy		45,466,096		37,659,175
MSCI Spain		43,152,501		52,756,970
MSCI Switzerland		43,715,222		40,426,129

For the six months ended February 28, 2022, in-kind transactions were as follows:

iShares ETF	In-kind Purchases		In-kind Sales
MSCI Eurozone	$	333,205,231	$	696,648,685
MSCI Germany		166,797,295		409,672,189
MSCI Italy		117,024,951		141,269,163
MSCI Spain		71,796,838		192,401,489
MSCI Switzerland		274,683,348		263,138,106

8. INCOME TAX INFORMATION

Each Fund is treated as an entity separate from the Company’s other funds for federal income tax purposes. It is each Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute substantially all of its taxable income to its shareholders. Therefore, no U.S. federal income tax provision is required.

Management has analyzed tax laws and regulations and their application to the Funds as of February 28, 2022, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements.

As of August 31, 2021, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:

iShares ETF	Non-Expiring
MSCI Eurozone	$	724,614,576
MSCI Germany		332,181,041
MSCI Italy		215,057,389
MSCI Spain		351,575,831
MSCI Switzerland		76,944,921

A fund may own shares in certain foreign investment entities, referred to, under U.S. tax law, as “passive foreign investment companies.” Such fund may elect to mark-to-market annually the shares of each passive foreign investment company and would be required to distribute to shareholders any such marked-to-market gains.

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Notes to Financial Statements(unaudited) (continued)

As of February 28, 2022, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:

iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
MSCI Eurozone	$	7,582,352,525	$	499,701,694	$	(1,238,782,032	)	$	(739,080,338	)
MSCI Germany		2,755,141,494		74,701,943		(660,257,669	)		(585,555,726	)
MSCI Italy		597,871,549		5,318,535		(70,534,094	)		(65,215,559	)
MSCI Spain		701,890,506		783,319		(171,648,146	)		(170,864,827	)
MSCI Switzerland		1,479,553,709		243,702,466		(46,069,035	)		197,633,431

9. PRINCIPAL RISKS

In the normal course of business, each Fund invests in securities or other instruments and may enter into certain transactions, and such activities subject the Fund to various risks, including, among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation or international tax treaties between various countries; or (iv) currency, interest rate or price fluctuations. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Funds and their investments. Each Fund’s prospectus provides details of the risks to which the Fund is subject.

BFA uses a “passive” or index approach to try to achieve each Fund’s investment objective following the securities included in its underlying index during upturns as well as downturns. BFA does not take steps to reduce market exposure or to lessen the effects of a declining market. Divergence from the underlying index and the composition of the portfolio is monitored by BFA.

The Funds may be exposed to additional risks when reinvesting cash collateral in money market funds that do not seek to maintain a stable NAV per share of $1.00, which may be subject to redemption gates or liquidity fees under certain circumstances.

Market Risk: An outbreak of respiratory disease caused by a novel coronavirus has developed into a global pandemic and has resulted in closing borders, quarantines, disruptions to supply chains and customer activity, as well as general concern and uncertainty. The impact of this pandemic, and other global health crises that may arise in the future, could affect the economies of many nations, individual companies and the market in general in ways that cannot necessarily be foreseen at the present time. This pandemic may result in substantial market volatility and may adversely impact the prices and liquidity of a fund’s investments. Although vaccines have been developed and approved for use by various governments, the duration of this pandemic and its effects cannot be determined with certainty.

Valuation Risk: The market values of equities, such as common stocks and preferred securities or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company. They may also decline due to factors which affect a particular industry or industries. A fund may invest in illiquid investments. An illiquid investment is any investment that a fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. A fund may experience difficulty in selling illiquid investments in a timely manner at the price that it believes the investments are worth. Prices may fluctuate widely over short or extended periods in response to company, market or economic news. Markets also tend to move in cycles, with periods of rising and falling prices. This volatility may cause a fund’s NAV to experience significant increases or decreases over short periods of time. If there is a general decline in the securities and other markets, the NAV of a fund may lose value, regardless of the individual results of the securities and other instruments in which a fund invests.

Counterparty Credit Risk: The Funds may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to unsettled or open transactions, including making timely interest and/or principal payments or otherwise honoring its obligations. The Funds manage counterparty credit risk by entering into transactions only with counterparties that the Manager believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Funds to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Funds’ exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded in the Statements of Assets and Liabilities, less any collateral held by the Funds.

A derivative contract may suffer a mark-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform under the contract.

With exchange-traded futures, there is less counterparty credit risk to the Funds since the exchange or clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, a Fund does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency). Additionally, credit risk exists in exchange-traded futures with respect to initial and variation margin that is held in a clearing broker’s customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro rata basis across all the clearing broker’s customers, potentially resulting in losses to the Funds.

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Notes to Financial Statements(unaudited) (continued)

Concentration Risk: A diversified portfolio, where this is appropriate and consistent with a fund’s objectives, minimizes the risk that a price change of a particular investment will have a material impact on the NAV of a fund. The investment concentrations within each Fund’s portfolio are disclosed in its Schedule of Investments.

Certain Funds invest a significant portion of their assets in issuers located in a single country or a limited number of countries. When a Fund concentrates its investments in this manner, it assumes the risk that economic, regulatory, political and social conditions in that country or those countries may have a significant impact on the fund and could affect the income from, or the value or liquidity of, the Fund’s portfolio. Unanticipated or sudden political or social developments may cause uncertainty in the markets and as a result adversely affect the Fund’s investments. Foreign issuers may not be subject to the same uniform accounting, auditing and financial reporting standards and practices as used in the United States. Foreign securities markets may also be more volatile and less liquid than U.S. securities and may be less subject to governmental supervision not typically associated with investing in U.S. securities. Investment percentages in specific countries are presented in the Schedule of Investments.

Certain Funds invest a significant portion of their assets in securities of issuers located in Europe or with significant exposure to European issuers or countries. The European financial markets have recently experienced volatility and adverse trends due to concerns about economic downturns in, or rising government debt levels of, several European countries as well as acts of war in the region. These events may spread to other countries in Europe and may affect the value and liquidity of certain of the Funds’ investments.

Responses to the financial problems by European governments, central banks and others, including austerity measures and reforms, may not work, may result in social unrest and may limit future growth and economic recovery or have other unintended consequences. Further defaults or restructurings by governments and others of their debt could have additional adverse effects on economies, financial markets and asset valuations around the world. The United Kingdom has withdrawn from the European Union, and one or more other countries may withdraw from the European Union and/or abandon the Euro, the common currency of the European Union. The impact of these actions, especially if they occur in a disorderly fashion, is not clear but could be significant and far reaching. In addition, Russia launched a large-scale invasion of Ukraine on February 24, 2022. The extent and duration of the military action, resulting sanctions and resulting future market disruptions in the region are impossible to predict, but could be significant and have a severe adverse effect on the region, including significant negative impacts on the economy and the markets for certain securities and commodities, such as oil and natural gas, as well as other sectors.

Certain Funds invest a significant portion of their assets in securities within a single or limited number of market sectors. When a Fund concentrates its investments in this manner, it assumes the risk that economic, regulatory, political and social conditions affecting such sectors may have a significant impact on the fund and could affect the income from, or the value or liquidity of, the fund’s portfolio. Investment percentages in specific sectors are presented in the Schedule of Investments.

Significant Shareholder Redemption Risk: Certain shareholders may own or manage a substantial amount of fund shares and/or hold their fund investments for a limited period of time. Large redemptions of fund shares by these shareholders may force a Fund to sell portfolio securities, which may negatively impact the fund’s NAV, increase the fund’s brokerage costs, and/or accelerate the realization of taxable income/gains and cause the fund to make additional taxable distributions to shareholders.

LIBORTransition Risk: The United Kingdom’s Financial Conduct Authority announced a phase out of the London Interbank Offered Rate (“LIBOR”). Although many LIBOR rates ceased to be published or no longer are representative of the underlying market they seek to measure after December 31, 2021, a selection of widely used USD LIBOR rates will continue to be published through June 2023 in order to assist with the transition. The Funds may be exposed to financial instruments tied to LIBOR to determine payment obligations, financing terms, hedging strategies or investment value. The transition process away from LIBOR might lead to increased volatility and illiquidity in markets for, and reduce the effectiveness of new hedges placed against, instruments whose terms currently include LIBOR. The ultimate effect of the LIBOR transition process on the Funds is uncertain.

10. CAPITAL SHARE TRANSACTIONS

Capital shares are issued and redeemed by each Fund only in aggregations of a specified number of shares or multiples thereof (“Creation Units”) at NAV. Except when aggregated in Creation Units, shares of each Fund are not redeemable.

Transactions in capital shares were as follows:

	Six Months Ended 02/28/22						Year Ended 08/31/21
iShares ETF	Shares			Amount			Shares			Amount
MSCI Eurozone
Shares sold		7,200,000		$	345,485,071			70,100,000		$	3,444,946,850
Shares redeemed		(14,300,000	)		(702,064,082	)		(21,300,000	)		(923,193,034	)
Net increase (decrease)		(7,100,000	)	$	(356,579,011	)		48,800,000		$	2,521,753,816
MSCI Germany
Shares sold		5,100,000		$	168,469,123			22,500,000		$	730,874,698
Shares redeemed		(12,600,000	)		(415,716,563	)		(36,900,000	)		(1,148,874,783	)
Net decrease		(7,500,000	)	$	(247,247,440	)		(14,400,000	)	$	(418,000,085	)
MSCI Italy
Shares sold		3,900,000		$	128,247,173			22,125,000		$	697,979,291
Shares redeemed		(4,500,000	)		(145,852,996	)		(12,150,000	)		(368,228,503	)
Net increase (decrease)		(600,000	)	$	(17,605,823	)		9,975,000		$	329,750,788

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Notes to Financial Statements(unaudited) (continued)

	Six Months Ended 02/28/22						Year Ended 08/31/21
iShares ETF	Shares			Amount			Shares			Amount
MSCI Spain
Shares sold		2,925,000		$	79,053,402			17,175,000		$	478,809,053
Shares redeemed		(7,575,000	)		(203,644,006	)		(12,225,000	)		(308,931,658	)
Net increase (decrease)		(4,650,000	)	$	(124,590,604	)		4,950,000		$	169,877,395
MSCI Switzerland
Shares sold		5,625,000		$	280,916,699			5,375,000		$	251,082,659
Shares redeemed		(5,500,000	)		(268,683,382	)		(11,750,000	)		(525,039,869	)
Net increase (decrease)		125,000		$	12,233,317			(6,375,000	)	$	(273,957,210	)

The consideration for the purchase of Creation Units of a fund in the Company generally consists of the in-kind deposit of a designated portfolio of securities and a specified amount of cash. Certain funds in the Company may be offered in Creation Units solely or partially for cash in U.S. dollars. Investors purchasing and redeeming Creation Units may pay a purchase transaction fee and a redemption transaction fee directly to State Street Bank and Trust Company, the Company’s administrator, to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash. Investors transacting in Creation Units for cash may also pay an additional variable charge to compensate the relevant fund for certain transaction costs (i.e., stamp taxes, taxes on currency or other financial transactions, and brokerage costs) and market impact expenses relating to investing in portfolio securities. Such variable charges, if any, are included in shares sold in the table above.

From time to time, settlement of securities related to in-kind contributions or in-kind redemptions may be delayed. In such cases, securities related to in-kind transactions are reflected as a receivable or a payable in the Statements of Assets and Liabilities.

11. FOREIGN WITHHOLDING TAX CLAIMS

The iShares MSCI Eurozone ETF and iShares MSCI Spain ETF are expected to seek a closing agreement with the Internal Revenue Service (“IRS”) to address any prior years’ U.S. income tax liabilities attributable to Fund shareholders resulting from the recovery of foreign taxes. The closing agreement would result in the Funds paying a compliance fee to the IRS, on behalf of its shareholders, representing the estimated tax savings generated from foreign tax credits claimed by Fund shareholders on their tax returns in prior years. The Funds have accrued a liability for the estimated IRS compliance fee related to foreign withholding tax claims, which is disclosed in the Statements of Assets and Liabilities. The actual IRS compliance fee may differ from the estimate and that difference may be material.

12. SUBSEQUENT EVENTS

Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were available to be issued and has determined that there were no subsequent events requiring adjustment or additional disclosure in the financial statements.

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Statement Regarding Liquidity Risk Management Program (unaudited)

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), iShares, Inc. (the “Company”) has adopted and implemented a liquidity risk management program (the “Program”) for iShares MSCI Eurozone ETF, iShares MSCI Germany ETF, iShares MSCI Italy ETF, iShares MSCI Spain ETF and iShares MSCI Switzerland ETF (the “Funds” or “ETFs”), each a series of the Company, which is reasonably designed to assess and manage each Fund’s liquidity risk.

The Board of Directors (the “Board”) of the Company, on behalf of the Funds, met on December 9, 2021 (the “Meeting”) to review the Program. The Board previously appointed BlackRock Fund Advisors (“BlackRock”), the investment adviser to the Funds, as the program administrator for each Fund’s Program. BlackRock also previously delegated oversight of the Program to the 40 Act Liquidity Risk Management Committee (the “Committee”). At the Meeting, the Committee, on behalf of BlackRock, provided the Board with a report that addressed the operation of the Program and assessed its adequacy and effectiveness of implementation, including the management of each Fund’s Highly Liquid Investment Minimum (“HLIM”) where applicable, and any material changes to the Program (the “Report”). The Report covered the period from October 1, 2020 through September 30, 2021 (the “Program Reporting Period”).

The Report described the Program’s liquidity classification methodology for categorizing each Fund’s investments (including derivative transactions) into one of four liquidity buckets. It also referenced the methodology used by BlackRock to establish each Fund’s HLIM and noted that the Committee reviews and ratifies the HLIM assigned to each Fund no less frequently than annually. The Report also discussed notable events affecting liquidity over the Program Reporting Period, including extended market holidays and the imposition of capital controls in certain non-U.S. countries.

The Report noted that the Program complied with the key factors for consideration under the Liquidity Rule for assessing, managing and periodically reviewing each Fund’s liquidity risk, as follows:

a) The Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions. During the Program Reporting Period, the Committee reviewed whether each Fund’s strategy is appropriate for an open-end fund structure, with a focus on funds with more significant and consistent holdings of less liquid and illiquid assets. The Committee also factored a fund’s concentration in an issuer into the liquidity classification methodology by taking issuer position sizes into account. Derivative exposure was also considered in the calculation of a fund’s liquidity bucketing. Finally, a factor for consideration under the Liquidity Rule is a Fund’s use of borrowings for investment purposes. However, the Funds do not borrow for investment purposes.

b) Short-term and long-term cash flow projections during both normal and reasonably foreseeable stressed conditions. During the Program Reporting Period, the Committee reviewed historical redemption activity and used this information as a component to establish each ETF’s reasonably anticipated trading size (“RATS”). The Committee may also take into consideration a fund’s shareholder ownership concentration (which, depending on product type and distribution channel, may or may not be available), a fund’s distribution channels, and the degree of certainty associated with a fund’s short-term and long-term cash flow projections.

c) Holdings of cash and cash equivalents, as well as borrowing arrangements. The Committee considered that ETFs generally do not hold more than de minimis amounts of cash. While the ETFs generally do not engage in borrowing, certain of the ETFs have the flexibility to draw on a line of credit to meet redemption requests or facilitate settlements.

d) The relationship between an ETF’s portfolio liquidity and the way in which, and the prices and spreads at which, ETF shares trade, including the efficiency of the arbitrage function and the level of active participation by market participants, including authorized participants. The Committee monitored the prevailing bid/ask spread and the ETF price premium (or discount) to NAV for all ETFs and reviewed any persistent deviations from long-term averages.

e) The effect of the composition of baskets on the overall liquidity of an ETF’s portfolio. In reviewing the linkage between the composition of custom baskets accepted by an ETF and any significant change in the liquidity profile of such ETF, the Committee reviewed changes in the proportion of each ETF’s portfolio comprised of less liquid and illiquid holdings to determine if applicable thresholds were met requiring enhanced review.

As part of BlackRock’s continuous review of the effectiveness of the Program, the Committee made the following material changes to the Program: (1) updates to certain model components in the Program’s methodology; and (2) certain iShares Funds entered into a $800 million credit agreement with a group of lenders that replaced a previous liquidity facility. The Report provided to the Board stated that the Committee concluded that based on the operation of the functions, as described in the Report, the Program is operating as intended and is effective in implementing the requirements of the Liquidity Rule.

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Supplemental Information  (unaudited)

Regulation Regarding Derivatives

On October 28, 2020, the Securities and Exchange Commission (the “SEC”) adopted regulations governing the use of derivatives by registered investment companies (“Rule 18f-4”). The Funds will be required to implement and comply with Rule 18f-4 by August 19, 2022. Once implemented, Rule 18f-4 will impose limits on the amount of derivatives a fund can enter into, eliminate the asset segregation framework currently used by funds to comply with Section 18 of the 1940 Act, treat derivatives as senior securities and require funds whose use of derivatives is more than a limited specified exposure amount to establish and maintain a comprehensive derivatives risk management program and appoint a derivatives risk manager.

Section 19(a) Notices

The amounts and sources of distributions reported are estimates and are being provided pursuant to regulatory requirements and are not being provided for tax reporting purposes. The actual amounts and sources for tax reporting purposes will depend upon each Fund’s investment experience during the year and may be subject to changes based on tax regulations. Shareholders will receive a Form 1099-DIV each calendar year that will inform them how to report these distributions for federal income tax purposes.

February 28, 2022

	Total Cumulative Distributions for the Fiscal Year-to-Date								% Breakdown of the Total Cumulative Distributions for the Fiscal Year-to-Date
iShares ETF	Net Investment Income		Net Realized Capital Gains		Return of Capital		Total Per Share		Net Investment Income			Net Realized Capital Gains			Return of Capital			Total Per Share
MSCI Eurozone(a)	$	0.707026	$	—	$	0.013661	$	0.720687		98	%		—	%		2	%		100	%
MSCI Germany(a)		0.277504		—		0.005568		0.283072		98			—			2			100
MSCI Spain(a)		0.398769		—		0.036493		0.435262		92			—			8			100

^(a)  The Fund estimates that it has distributed more than its net investment income and net realized capital gains; therefore, a portion of the distribution may be a return of capital. A return of capital may occur, for example, when some or all of the shareholder’s investment in the Fund is returned to the shareholder. A return of capital does not necessarily reflect the Fund’s investment performance and should not be confused with “yield” or “income”. When distributions exceed total return performance, the difference will incrementally reduce the Fund’s net asset value per share.

S U P P L E M E N T A L   I N F O R M A T I O N 45

General Information

Electronic Delivery

Shareholders can sign up for e-mail notifications announcing that the shareholder report or prospectus has been posted on the iShares website at iShares.com. Once you have enrolled, you will no longer receive prospectuses and shareholder reports in the mail.

To enroll in electronic delivery:

• Go to icsdelivery.com.

• If your brokerage firm is not listed, electronic delivery may not be available. Please contact your broker-dealer or financial advisor.

Householding

Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents and Rule 30e-3 notices can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.

Availability of Quarterly Schedule of Investments

The Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT. The Funds’ Forms N-PORT are available on the SEC’s website at sec.gov. Additionally, each Fund makes its portfolio holdings for the first and third quarters of each fiscal year available at iShares.com/fundreports.

Availability of Proxy Voting Policies and Proxy Voting Records

A description of the policies and procedures that the iShares Funds use to determine how to vote proxies relating to portfolio securities and information about how the iShares Funds voted proxies relating to portfolio securities during the most recent twelve-month period ending June 30 is available without charge, upon request (1) by calling toll-free 1-800-474-2737; (2) on the iShares website at iShares.com; and (3) on the SEC website at sec.gov.

A description of the Company’s policies and procedures with respect to the disclosure of the Fund’s portfolio securities is available in the Fund Prospectus. The Fund discloses its portfolio holdings daily and provides information regarding its top holdings in Fund fact sheets at iShares.com.

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Glossary of Terms Used in this Report

Portfolio Abbreviations - Equity
NVS	Non-Voting Shares

G L O S S A R Y   O F    T E R M S   U S E D   I N   T H I S   R E P O R T 47

Want to know more?

iShares.com    |     1-800-474-2737

This report is intended for the Funds’ shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by the current prospectus.

Investing involves risk, including possible loss of principal.

The iShares Funds are distributed by BlackRock Investments, LLC (together with its affiliates, “BlackRock”).

The iShares Funds are not sponsored, endorsed, issued, sold or promoted by MSCI Inc., nor does this company make any representation regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the company listed above.

©2022 BlackRock, Inc. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.

iS-SAR-807-0222

FEBRUARY 28, 2022

2022 Semi-Annual Report

(Unaudited)

iShares, Inc.

·  iShares MSCI Hong Kong ETF | EWH | NYSE Arca

·  iShares MSCI Japan Small-Cap ETF | SCJ | NYSE Arca

·  iShares MSCI Malaysia ETF | EWM | NYSE Arca

·  iShares MSCI Pacific ex Japan ETF | EPP | NYSE Arca

·  iShares MSCI Singapore ETF | EWS | NYSE Arca

·  iShares MSCI Taiwan ETF | EWT | NYSE Arca

·  iShares MSCI Thailand ETF | THD | NYSE Arca

The Markets in Review

Dear Shareholder,

The 12-month reporting period as of February 28, 2022 saw a continuation of the resurgent growth that followed the initial coronavirus (or “COVID-19”) pandemic reopening, albeit at a slower pace. The global economy weathered the emergence of several variant strains and the resulting peaks and troughs in infections amid optimism that increasing vaccinations and economic adaptation could help contain the pandemic’s disruptions. However, rapid changes in consumer spending led to supply constraints and elevated inflation. Moreover, while the foremost effect of Russia’s invasion of Ukraine has been a severe humanitarian crisis, the invasion has presented challenges for both investors and policymakers.

Equity prices were mixed, as persistently high inflation drove investors’ expectations for higher interest rates, which particularly weighed on relatively high valuation growth stocks and economically sensitive small-capitalization stocks. Overall, small-capitalization U.S. stocks declined, while large-capitalization U.S. stocks posted a solid advance. International equities from developed markets gained slightly, although emerging market stocks declined, pressured by rising interest rates and a strengthening U.S. dollar.

The 10-year U.S. Treasury yield (which is inversely related to bond prices) rose during the reporting period as the economy expanded rapidly and inflation reached its highest annualized reading in decades. In the corporate bond market, the improving economy assuaged credit concerns and led to modest returns for high-yield corporate bonds, outpacing the negative return of investment-grade corporate bonds.

The U.S. Federal Reserve (the “Fed”) maintained accommodative monetary policy during the reporting period by keeping near-zero interest rates. However, the Fed’s tone shifted during the period, as it reduced its bond-buying program and raised the prospect of higher rates in 2022. Continued high inflation and the Fed’s new stance led many analysts to anticipate that the Fed will raise interest rates multiple times throughout the year.

Looking ahead, however, the horrific war in Ukraine has significantly clouded the outlook for the global economy. Sanctions on Russia and general wartime disruption are likely to drive already-high commodity prices even further upwards, and we have already seen spikes in energy and metal markets. While this will exacerbate inflationary pressure, it could also constrain economic growth, making the Fed’s way forward less clear. Its challenge will be combating inflation without stifling a recovery that is now facing additional supply shocks.

In this environment, we favor an overweight to equities, as we believe low interest rates and continued economic growth will support further gains, albeit likely more modest than what we saw in 2021. Sectors that are better poised to manage the transition to a lower-carbon world, such as technology and health care, are particularly attractive in the long term. U.S. and other developed market equities have room for further growth, while we believe Chinese equities stand to gain from a more accommodative monetary and fiscal environment. We are underweight long-term credit, but inflation-protected U.S. Treasuries, Asian fixed income, and emerging market local-currency bonds offer potential opportunities. We believe that international diversification and a focus on sustainability can help provide portfolio resilience, and the disruption created by the coronavirus appears to be accelerating the shift toward sustainable investments.

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

Sincerely,

Rob Kapito

President, BlackRock, Inc.

Rob Kapito

President, BlackRock, Inc.

Total Returns as of February 28, 2022
	6-Month	12-Month
U.S. large cap equities (S&P 500® Index)	(2.62)%	16.39%
U.S. small cap equities (Russell 2000® Index)	(9.46)	(6.01)
International equities (MSCI Europe, Australasia, Far East Index)	(6.78)	2.83
Emerging market equities (MSCI Emerging Markets Index)	(9.81)	(10.69)
3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)	0.02	0.04
U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)	(3.94)	(1.67)
U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)	(4.07)	(2.64)
Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)	(3.09)	(0.66)
U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)	(3.07)	0.64
Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.

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Table of Contents

	Page
The Markets in Review	2
Fund Summary	4
About Fund Performance	11
Shareholder Expenses	11
Schedules of Investments	12
Financial Statements
Statements of Assets and Liabilities	40
Statements of Operations	42
Statements of Changes in Net Assets	44
Financial Highlights	48
Notes to Financial Statements	55
Statement Regarding Liquidity Risk Management Program	64
Supplemental Information	65
General Information	66
Glossary of Terms Used in this Report	67

Fund Summary as of February 28, 2022 iShares^® MSCI Hong Kong ETF

Investment Objective

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.

Performance

				Average Annual Total Returns									Cumulative Total Returns
	6 Months			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		(10.83	)%		(11.66	)%		4.21	%		5.34	%		(11.66	)%		22.91	%		68.28	%
Fund Market		(11.00	)		(11.59	)		4.10			5.36			(11.59	)		22.22			68.56
Index		(10.78	)		(11.36	)		4.72			5.89			(11.36	)		25.92			77.31

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 no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 11 for more information.

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value (09/01/21)	Ending Account Value (02/28/22)	Expenses Paid During the Period	(a)		Beginning Account Value (09/01/21)	Ending Account Value (02/28/22)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$      1,000.00	$      891.70	$        2.30			$      1,000.00	$      1,022.40	$        2.46		0.49	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” for more information.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of Total Investments	(a)
Financials	41.7	%
Real Estate	21.2
Industrials	16.1
Utilities	11.3
Consumer Discretionary	5.7
Consumer Staples	2.7
Communication Services	1.3

TEN LARGEST HOLDINGS

Security	Percent of Total Investments	(a)
AIA Group Ltd.	22.3	%
Hong Kong Exchanges & Clearing Ltd.	12.6
Techtronic Industries Co. Ltd.	4.7
CK Hutchison Holdings Ltd.	4.1
Hong Kong & China Gas Co. Ltd.	3.8
CLP Holdings Ltd.	3.8
Link REIT	3.7
Sun Hung Kai Properties Ltd.	3.4
Hang Seng Bank Ltd.	3.2
BOC Hong Kong Holdings Ltd.	3.0

^(a)  Excludes money market funds.

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Fund Summary as of February 28, 2022 iShares^® MSCI Japan Small-Cap ETF

Investment Objective

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.

Performance

				Average Annual Total Returns									Cumulative Total Returns
	6 Months			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		(9.75	)%		(5.50	)%		4.04	%		7.05	%		(5.50	)%		21.92	%		97.58	%
Fund Market		(9.20	)		(5.90	)		4.22			7.14			(5.90	)		22.97			99.27
Index		(10.36	)		(5.75	)		4.24			7.33			(5.75	)		23.07			102.95

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 11 for more information.

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value (09/01/21)	Ending Account Value (02/28/22)	Expenses Paid During the Period	(a)		Beginning Account Value (09/01/21)	Ending Account Value (02/28/22)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$      1,000.00	$      902.50	$        2.31			$      1,000.00	$      1,022.40	$        2.46		0.49	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” for more information.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of Total Investments	(a)
Industrials	25.2	%
Consumer Discretionary	15.5
Information Technology	11.6
Real Estate	10.7
Materials	10.4
Consumer Staples	8.6
Financials	6.9
Health Care	5.5
Utilities	2.5
Communication Services	2.4
Energy	0.7

TEN LARGEST HOLDINGS

Security	Percent of Total Investments	(a)
BayCurrent Consulting Inc.	0.7	%
Ebara Corp.	0.7
Taiyo Yuden Co. Ltd.	0.6
MatsukiyoCocokara & Co.	0.5
Sojitz Corp.	0.5
SCREEN Holdings Co. Ltd.	0.5
Advance Residence Investment Corp.	0.5
Food & Life Companies Ltd.	0.5
Nagoya Railroad Co. Ltd.	0.4
Tokyu Fudosan Holdings Corp.	0.4

^(a)  Excludes money market funds.

F U N D   S U M M A R Y 5

Fund Summary as of February 28, 2022 iShares^® MSCI Malaysia ETF

Investment Objective

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.

Performance

				Average Annual Total Returns									Cumulative Total Returns
	6 Months			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		(0.37	)%		(0.80	)%		1.35	%		(1.53	)%		(0.80	)%		6.92	%		(14.30	)%
Fund Market		0.91			1.57			1.60			(1.43	)		1.57			8.24			(13.39	)
Index		(0.28	)		(0.75	)		1.64			(1.24	)		(0.75	)		8.47			(11.75	)

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 11 for more information.

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value (09/01/21)	Ending Account Value (02/28/22)	Expenses Paid During the Period	(a)		Beginning Account Value (09/01/21)	Ending Account Value (02/28/22)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$      1,000.00	$      996.30	$      2.47			$      1,000.00	$      1,022.30	$      2.51		0.50	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” for more information.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of Total Investments	(a)
Financials	38.4	%
Consumer Staples	13.0
Materials	9.7
Communication Services	8.3
Utilities	7.5
Industrials	6.7
Health Care	6.5
Consumer Discretionary	4.0
Energy	3.8
Information Technology	2.1

TEN LARGEST HOLDINGS

Security	Percent of Total Investments	(a)
Public Bank Bhd	13.9	%
Malayan Banking Bhd	8.9
CIMB Group Holdings Bhd	8.2
Petronas Chemicals Group Bhd	4.9
Press Metal Aluminium Holdings Bhd	4.7
Tenaga Nasional Bhd	4.5
Petronas Gas Bhd	3.0
Hong Leong Bank Bhd	2.8
DiGi.Com Bhd	2.7
IOI Corp. Bhd	2.5

^(a)  Excludes money market funds.

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Fund Summary as of February 28, 2022 iShares^® MSCI Pacific ex Japan ETF

Investment Objective

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.

Performance

				Average Annual Total Returns									Cumulative Total Returns
	6 Months			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		(6.05	)%		(1.92	)%		5.49	%		4.62	%		(1.92	)%		30.65	%		57.07	%
Fund Market		(5.73	)		(1.54	)		5.53			4.76			(1.54	)		30.89			59.14
Index		(6.53	)		(1.93	)		5.84			5.01			(1.93	)		32.80			63.11

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 11 for more information.

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value (09/01/21)	Ending Account Value (02/28/22)	Expenses Paid During the Period	(a)		Beginning Account Value (09/01/21)	Ending Account Value (02/28/22)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$      1,000.00	$      939.50	$      2.26			$      1,000.00	$      1,022.50	$      2.36		0.47	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” for more information.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of Total Investments	(a)
Financials	36.8	%
Materials	15.8
Real Estate	10.5
Industrials	7.9
Health Care	7.0
Consumer Discretionary	5.4
Communication Services	5.0
Consumer Staples	4.1
Utilities	3.7
Energy	2.4
Information Technology	1.4

GEOGRAPHIC ALLOCATION

Country/Geographic Region	Percent of Total Investments	(a)
Australia	60.6	%
Hong Kong	23.2
Singapore	12.0
New Zealand	2.2
Cayman Islands	1.3
Ireland	0.7
Malta	0.0

^(a) Excludes money market funds.

F U N D   S U M M A R Y 7

Fund Summary as of February 28, 2022 iShares^® MSCI Singapore ETF

Investment Objective

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.

Performance

				Average Annual Total Returns									Cumulative Total Returns
	6 Months			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		(4.70	)%(a)		(0.15	)%		2.98	%		1.86	%		(0.15	)%		15.81	%		20.29	%
Fund Market		(4.80	)		0.81			3.00			1.93			0.81			15.92			21.11
Index		(5.54	)		(0.46	)		3.33			2.24			(0.46	)		17.77			24.84

^(a)  The NAV total return presented in the table for the six-months period differs from the same period return disclosed in the financial highlights. The total return in the financial highlights is calculated in the same manner but differs due to certain adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles.

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.

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 11 for more information.

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value (09/01/21)	Ending Account Value (02/28/22)	Expenses Paid During the Period	(a)		Beginning Account Value (09/01/21)	Ending Account Value (02/28/22)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$      1,000.00	$      953.00	$      2.37			$      1,000.00	$      1,022.40	$      2.46		0.49	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” for more information.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of Total Investments	(a)
Financials	35.5	%
Communication Services	21.4
Real Estate	19.4
Industrials	14.1
Consumer Staples	3.9
Information Technology	2.9
Consumer Discretionary	2.8

TEN LARGEST HOLDINGS

Security	Percent of Total Investments	(a)
DBS Group Holdings Ltd.	17.2	%
Sea Ltd.	16.7
Oversea-Chinese Banking Corp. Ltd.	10.5
Singapore Telecommunications Ltd.	4.7
United Overseas Bank Ltd.	4.3
Ascendas Real Estate Investment Trust	4.3
Keppel Corp. Ltd.	4.1
Wilmar International Ltd.	3.9
Singapore Exchange Ltd.	3.5
Singapore Airlines Ltd.	3.5

^(a)  Excludes money market funds.

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Fund Summary as of February 28, 2022 iShares^® MSCI Taiwan ETF

Investment Objective

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.

Performance

				Average Annual Total Returns									Cumulative Total Returns
	6 Months			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		1.57	%		12.93	%		17.48	%		11.50	%		12.93	%		123.80	%		196.99	%
Fund Market		1.11			12.37			17.58			11.57			12.37			124.78			198.91
Index		0.52			12.64			17.89			12.04			12.64			127.75			211.61

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.

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 11 for more information.

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value (09/01/21)	Ending Account Value (02/28/22)	Expenses Paid During the Period	(a)		Beginning Account Value (09/01/21)	Ending Account Value (02/28/22)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$        1,000.00	$      1,015.70	$      2.90			$      1,000.00	$      1,021.90	$      2.91		0.58	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” for more information.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of Total Investments	(a)
Information Technology	58.8	%
Financials	18.9
Materials	7.1
Industrials	4.9
Consumer Discretionary	3.8
Communication Services	2.9
Consumer Staples	1.8
Other (each representing less than 1%)	1.8

TEN LARGEST HOLDINGS

Security	Percent of Total Investments	(a)
Taiwan Semiconductor Manufacturing Co. Ltd.	21.7	%
MediaTek Inc.	5.3
Hon Hai Precision Industry Co. Ltd.	4.1
United Microelectronics Corp.	2.1
Fubon Financial Holding Co. Ltd.	2.0
Cathay Financial Holding Co. Ltd.	1.8
CTBC Financial Holding Co. Ltd.	1.7
Delta Electronics Inc.	1.7
Chunghwa Telecom Co. Ltd.	1.6
Nan Ya Plastics Corp.	1.6

^(a)  Excludes money market funds.

F U N D   S U M M A R Y 9

Fund Summary as of February 28, 2022 iShares^® MSCI Thailand ETF

Investment Objective

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.

Performance

				Average Annual Total Returns									Cumulative Total Returns
	6 Months			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		0.84	%		4.84	%		3.70	%		3.56	%		4.84	%		19.92	%		41.82	%
Fund Market		2.06			5.82			3.92			3.70			5.82			21.17			43.76
Index		0.42			2.40			3.88			3.72			2.40			20.97			44.15

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.

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 11 for more information.

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value (09/01/21)	Ending Account Value (02/28/22)	Expenses Paid During the Period	(a)		Beginning Account Value (09/01/21)	Ending Account Value (02/28/22)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$      1,000.00	$      1,008.40	$      2.84			$      1,000.00	$      1,022.00	$      2.86		0.57	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” for more information.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of Total Investments	(a)
Energy	13.9	%
Consumer Staples	12.1
Materials	11.2
Utilities	9.8
Financials	9.2
Industrials	9.1
Consumer Discretionary	8.7
Communication Services	8.6
Health Care	6.9
Real Estate	6.4
Information Technology	4.1

TEN LARGEST HOLDINGS

Security	Percent of Total Investments	(a)
CP ALL PCL	6.8	%
PTT PCL	6.7
Siam Cement PCL (The)	5.2
Airports of Thailand PCL	4.7
Advanced Info Service PCL	4.6
Bangkok Dusit Medical Services PCL	3.8
PTT Exploration & Production PCL	3.2
Gulf Energy Development PCL	2.5
Energy Absolute PCL	2.4
Delta Electronics Thailand PCL	2.2

^(a)  Excludes money market funds.

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About Fund Performance

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

Net asset value or “NAV” is the value of one share of a fund as calculated in accordance with the standard formula for valuing mutual fund shares. Beginning August 10, 2020, the price used to calculate market return (“Market Price”) is the closing price. Prior to August 10, 2020, Market Price was determined using the midpoint between the highest bid and the lowest ask on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. 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.

Shareholder Expenses

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

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

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

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

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 11

Schedule of Investments (unaudited)  February 28, 2022 iShares^® MSCI Hong Kong ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Banks — 6.2%
BOC Hong Kong Holdings Ltd.		7,245,000	$	26,046,238
Hang Seng Bank Ltd.		1,474,600		27,193,229
				53,239,467
Beverages — 1.3%
Budweiser Brewing Co. APAC Ltd.(a)		3,585,900		11,130,524
Building Products — 1.2%
Xinyi Glass Holdings Ltd.		3,907,000		10,407,235
Capital Markets — 13.2%
Futu Holdings Ltd., ADR(b)(c)		108,967		4,658,339
Hong Kong Exchanges & Clearing Ltd.		2,220,426		107,594,413
				112,252,752
Diversified Telecommunication Services — 1.3%
HKT Trust & HKT Ltd., Class SS		8,070,500		10,885,147
Electric Utilities — 7.5%
CK Infrastructure Holdings Ltd.		1,318,500		8,185,249
CLP Holdings Ltd.		3,150,700		32,097,089
HK Electric Investments & HK Electric Investments Ltd., Class SS		6,418,000		6,332,094
Power Assets Holdings Ltd.		2,790,000		17,584,049
				64,198,481
Equity Real Estate Investment Trusts (REITs) — 3.7%
Link REIT		3,934,800		31,796,326
Food Products — 1.4%
WH Group Ltd.(a)		16,853,000		11,769,724
Gas Utilities — 3.8%
Hong Kong & China Gas Co. Ltd.		21,453,495		32,442,969
Hotels, Restaurants & Leisure — 4.7%
Galaxy Entertainment Group Ltd.(b)		4,138,000		23,078,580
Melco Resorts & Entertainment Ltd., ADR(b)		477,838		4,787,937
Sands China Ltd.(b)		4,788,400		12,629,314
				40,495,831
Industrial Conglomerates — 7.0%
CK Hutchison Holdings Ltd.		4,989,767		34,983,571
Jardine Matheson Holdings Ltd.		420,400		25,013,800
				59,997,371
Insurance — 22.3%
AIA Group Ltd.		18,301,400		190,038,896
Machinery — 4.7%
Techtronic Industries Co. Ltd.		2,375,147		39,798,095
Marine — 1.3%
SITC International Holdings Co. Ltd.		2,630,000		10,843,903

Security	Shares		Value
Real Estate Management & Development — 17.5%
CK Asset Holdings Ltd.		3,918,767	$	24,751,103
ESR Cayman Ltd.(a)(b)		3,818,200		11,779,246
Hang Lung Properties Ltd.		4,247,000		8,902,037
Henderson Land Development Co. Ltd.		3,000,762		12,475,784
Hongkong Land Holdings Ltd.		2,401,000		13,002,368
New World Development Co. Ltd.		3,115,266		12,459,945
Sino Land Co. Ltd.		6,836,000		8,628,391
Sun Hung Kai Properties Ltd.		2,496,500		29,023,761
Swire Pacific Ltd., Class A		1,127,500		6,230,805
Swire Properties Ltd.		2,655,000		6,904,374
Wharf Real Estate Investment Co. Ltd.		3,335,150		14,972,438
				149,130,252
Road & Rail — 1.9%
MTR Corp. Ltd.		3,094,083		16,038,185
Specialty Retail — 1.0%
Chow Tai Fook Jewellery Group Ltd.(b)		4,014,200		8,335,640
Total Common Stocks — 100.0% (Cost: $975,239,202)				852,800,798
Short-Term Investments
Money Market Funds — 0.2%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.09%(d)(e)(f)		1,036,519		1,036,726
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.03%(d)(e)		710,000		710,000
				1,746,726
Total Short-Term Investments — 0.2% (Cost: $1,746,807)				1,746,726
Total Investments in Securities — 100.2% (Cost: $976,986,009)				854,547,524
Other Assets, Less Liabilities — (0.2)%				(1,420,721	)
Net Assets — 100.0%			$	853,126,803

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

^(d)  Affiliate of the Fund.

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

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

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Schedule of Investments (unaudited) (continued) February 28, 2022 iShares^® MSCI Hong Kong ETF

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 08/31/21		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 02/28/22		Shares Held at 02/28/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	14,915,960	$	—	$	(13,879,130	)(a)	$	(23	)	$	(81	)	$	1,036,726		1,036,519	$	517,214	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		1,700,000		—		(990,000	)(a)		—			—			710,000		710,000		61			—
								$	(23	)	$	(81	)	$	1,746,726			$	517,275		$	—

^(a)  Represents net amount purchased (sold).

^(b)  All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
MSCI EAFE Index		3		03/18/22	$	324	$	(14,688	)

Derivative Financial Instruments Categorized by Risk Exposure

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

	Equity Contracts
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	14,688

^(a)  Net cumulative unrealized appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).

For the period ended February 28, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	(228,556	)
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(40,639	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	2,536,465

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

S C H E D U L E   O F   I N V E S T M E N T S 13

Schedule of Investments (unaudited) (continued) February 28, 2022 iShares^® MSCI Hong Kong ETF

Fair Value Hierarchy as of Period End

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.

	Level 1			Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	60,579,354		$	792,221,444	$	—	$	852,800,798
Money Market Funds		1,746,726			—		—		1,746,726
	$	62,326,080		$	792,221,444	$	—	$	854,547,524
Derivative financial instruments(a)
Liabilities
Futures Contracts	$	(14,688	)	$	—	$	—	$	(14,688	)

^(a)  Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

See notes to financial statements.

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Schedule of Investments (unaudited)  February 28, 2022 iShares^® MSCI Japan Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Air Freight & Logistics — 0.3%
Kintetsu World Express Inc.		3,000	$	78,622
Konoike Transport Co. Ltd.		3,000		31,376
Maruwa Unyu Kikan Co. Ltd.		3,000		27,728
Mitsui-Soko Holdings Co. Ltd.		2,000		41,629
SBS Holdings Inc.		2,000		58,102
				237,457
Auto Components — 3.0%
Eagle Industry Co. Ltd.		2,000		18,049
Exedy Corp.		3,000		43,653
FCC Co. Ltd.		3,000		36,914
G-Tekt Corp.		2,000		25,303
Ichikoh Industries Ltd.		3,000		13,234
JTEKT Corp.		18,000		155,275
KYB Corp.		2,000		53,722
Musashi Seimitsu Industry Co. Ltd.		4,000		62,436
NGK Spark Plug Co. Ltd.		14,000		252,289
NHK Spring Co. Ltd.		17,000		135,486
Nifco Inc./Japan		7,000		199,052
Nippon Seiki Co. Ltd.		4,000		33,898
NOK Corp.		8,000		83,745
Pacific Industrial Co. Ltd.		4,000		35,461
Piolax Inc.		2,000		30,059
Shoei Co. Ltd.		2,000		79,408
Sumitomo Riko Co. Ltd.		3,000		16,412
Sumitomo Rubber Industries Ltd.		15,000		145,143
Tokai Rika Co. Ltd.		5,000		66,358
Topre Corp.		3,000		31,113
Toyo Tire Corp.		10,000		132,541
Toyoda Gosei Co. Ltd.		6,000		114,189
Toyota Boshoku Corp.		6,000		109,800
TPR Co. Ltd.		2,000		24,207
TS Tech Co. Ltd.		8,000		107,948
Yokohama Rubber Co. Ltd. (The)		11,000		154,224
				2,159,919
Automobiles — 0.3%
Mitsubishi Motors Corp.(a)		59,000		154,835
Nissan Shatai Co. Ltd.		6,000		34,288
				189,123
Banks — 4.3%
77 Bank Ltd. (The)		5,000		67,516
Aozora Bank Ltd.		11,000		247,679
Awa Bank Ltd. (The)		3,000		60,468
Bank of Kyoto Ltd. (The)		5,000		222,176
Chugoku Bank Ltd. (The)		13,000		102,296
Daishi Hokuetsu Financial Group Inc.		3,000		69,391
Fukuoka Financial Group Inc.		15,000		295,717
Gunma Bank Ltd. (The)		32,000		105,784
Hachijuni Bank Ltd. (The)		33,000		124,711
Hirogin Holdings Inc.		25,000		147,272
Hokkoku Financial Holdings Inc.		2,000		52,812
Hokuhoku Financial Group Inc.		10,000		81,326
Hyakugo Bank Ltd. (The)		18,000		55,503
Iyo Bank Ltd. (The)		20,000		107,184
Juroku Financial Group Inc.		2,000		42,361
Keiyo Bank Ltd. (The)		10,000		44,541
Kiyo Bank Ltd. (The)		5,000		64,123
Kyushu Financial Group Inc.		32,000		114,204
Mebuki Financial Group Inc.		87,000		204,009

Security	Shares		Value
Banks (continued)
Musashino Bank Ltd. (The)		2,000	$	33,039
Nanto Bank Ltd. (The)		2,000		37,040
Nishi-Nippon Financial Holdings Inc.		11,000		78,613
North Pacific Bank Ltd.		23,000		50,695
Ogaki Kyoritsu Bank Ltd. (The)		3,000		52,987
Okinawa Financial Group Inc.		2,000		40,867
San-in Godo Bank Ltd. (The)		13,000		76,605
Seven Bank Ltd.		54,000		115,276
Shiga Bank Ltd. (The)		3,000		58,224
Shinsei Bank Ltd.		6,000		112,452
Suruga Bank Ltd.		14,000		54,902
Toho Bank Ltd. (The)		17,000		31,268
TOMONY Holdings Inc.		12,000		35,985
Yamaguchi Financial Group Inc.		17,500		108,040
				3,095,066
Beverages — 0.5%
Coca-Cola Bottlers Japan Holdings Inc.		11,000		140,051
Sapporo Holdings Ltd.		6,000		118,687
Takara Holdings Inc.		13,000		129,166
				387,904
Biotechnology — 0.6%
AnGes Inc.(a)		13,000		35,793
GNI Group Ltd.(a)		4,097		45,436
HEALIOS K.K.(a)		2,000		22,119
PeptiDream Inc.(a)		9,000		160,199
Pharma Foods International Co. Ltd.		2,000		28,071
SanBio Co. Ltd.(a)		3,000		48,884
Takara Bio Inc.		4,000		83,588
				424,090
Building Products — 1.2%
Aica Kogyo Co. Ltd.		5,000		139,993
Bunka Shutter Co. Ltd.		5,000		47,364
Central Glass Co. Ltd.		3,000		53,835
Nichias Corp.		5,000		113,266
Nichiha Corp.		2,000		45,050
Nippon Sheet Glass Co. Ltd.(a)		8,000		33,389
Nitto Boseki Co. Ltd.		2,000		53,139
Noritz Corp.		2,000		26,914
Sanwa Holdings Corp.		16,000		178,811
Sekisui Jushi Corp.		2,000		33,386
Shin Nippon Air Technologies Co. Ltd.		1,000		17,896
Sinko Industries Ltd.		2,000		30,271
Takara Standard Co. Ltd.		3,000		35,633
Takasago Thermal Engineering Co. Ltd.		4,000		67,419
				876,366
Capital Markets — 0.7%
GMO Financial Holdings Inc.		3,000		21,315
JAFCO Group Co. Ltd.		7,000		105,294
M&A Capital Partners Co. Ltd.(a)		1,000		43,887
Matsui Securities Co. Ltd.		10,000		70,262
Monex Group Inc.		14,000		63,827
Okasan Securities Group Inc.		13,000		44,248
SPARX Group Co. Ltd.		8,000		17,728
Strike Co. Ltd.		1,000		38,960
Tokai Tokyo Financial Holdings Inc.		17,000		62,154
Uzabase Inc.(a)		2,000		17,363
WealthNavi Inc.(a)		2,000		30,169
				515,207

S C H E D U L E   O F   I N V E S T M E N T S 15

Schedule of Investments (unaudited) (continued) February 28, 2022 iShares^® MSCI Japan Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Chemicals — 6.6%
ADEKA Corp.		7,000	$	162,346
Air Water Inc.		16,000		232,938
C.I. Takiron Corp.		4,000		19,512
Chugoku Marine Paints Ltd.		3,000		24,043
Daicel Corp.		23,000		176,999
Denka Co. Ltd.		7,000		214,989
DIC Corp.		7,000		159,456
Fujimi Inc.		2,000		119,322
Fujimori Kogyo Co. Ltd.		1,000		34,705
Fuso Chemical Co. Ltd.		2,000		80,704
JCU Corp.		2,000		86,523
JSP Corp.		1,000		14,033
Kaneka Corp.		4,000		130,836
Kanto Denka Kogyo Co. Ltd.		4,000		41,861
KeePer Technical Laboratory Co. Ltd.		1,000		18,889
KH Neochem Co. Ltd.		3,000		74,182
Konishi Co. Ltd.		3,000		41,691
Kumiai Chemical Industry Co. Ltd.		7,049		50,022
Kuraray Co. Ltd.		27,000		253,439
Kureha Corp.		1,400		112,349
Lintec Corp.		4,000		89,162
Nihon Parkerizing Co. Ltd.		7,000		60,209
Nippon Kayaku Co. Ltd.		12,000		118,861
Nippon Shokubai Co. Ltd.		2,000		97,527
Nippon Soda Co. Ltd.		2,000		58,591
NOF Corp.		6,000		261,026
Okamoto Industries Inc.		1,000		34,901
Osaka Organic Chemical Industry Ltd.		1,000		26,473
Osaka Soda Co. Ltd.		1,000		27,362
Sakata INX Corp.		4,000		33,455
Sanyo Chemical Industries Ltd.		1,000		44,677
Shikoku Chemicals Corp.		3,000		38,067
Shin-Etsu Polymer Co. Ltd.		4,000		38,294
Showa Denko KK		16,000		292,489
Sumitomo Bakelite Co. Ltd.		3,000		125,156
T. Hasegawa Co. Ltd.		3,000		62,991
Taiyo Holdings Co. Ltd.		3,000		80,514
Takasago International Corp.		1,000		24,030
Taki Chemical Co. Ltd.		400		16,627
Teijin Ltd.		16,000		192,478
Tenma Corp.		1,000		22,663
Toagosei Co. Ltd.		9,000		85,613
Tokai Carbon Co. Ltd.		17,000		163,171
Tokuyama Corp.		5,000		77,047
Tokyo Ohka Kogyo Co. Ltd.		3,000		191,289
Toyo Gosei Co. Ltd.		400		33,568
Toyo Ink SC Holdings Co. Ltd.		3,000		50,286
Toyobo Co. Ltd.		7,000		75,770
Ube Industries Ltd.		9,000		165,886
Zeon Corp.		12,000		140,828
				4,777,850
Commercial Services & Supplies — 1.5%
Aeon Delight Co. Ltd.		2,000		51,927
Daiseki Co. Ltd.		4,012		163,441
Duskin Co. Ltd.		3,000		73,238
Japan Elevator Service Holdings Co. Ltd.		5,000		65,597
Kokuyo Co. Ltd.		7,000		98,133
Matsuda Sangyo Co. Ltd.		1,060		22,958
Midac Holdings Co. Ltd.		1,000		20,461
Mitsubishi Pencil Co. Ltd.		3,000		33,526

Security	Shares		Value
Commercial Services & Supplies (continued)
Nippon Kanzai Co. Ltd.		2,000	$	49,665
Nippon Parking Development Co. Ltd.		16,000		19,523
Okamura Corp.		5,000		51,519
Park24 Co. Ltd.(a)		10,000		149,458
Pilot Corp.		2,000		82,265
Prestige International Inc.		8,000		48,725
Raksul Inc.(a)		2,000		54,631
Sato Holdings Corp.		2,000		35,525
TRE Holdings Corp.		4,000		59,952
				1,080,544
Construction & Engineering — 4.1%
Chiyoda Corp.(a)		14,000		43,811
Chudenko Corp.		2,000		38,089
COMSYS Holdings Corp.		10,000		241,821
Dai-Dan Co. Ltd.		1,000		20,308
Daiho Corp.		1,000		31,254
EXEO Group Inc.		9,000		187,347
Hazama Ando Corp.		12,000		96,658
INFRONEER Holdings Inc.		18,840		167,153
JDC Corp.		4,000		18,680
JGC Holdings Corp.		20,000		200,458
JTOWER Inc.(a)		1,000		36,122
Kandenko Co. Ltd.		9,000		68,437
Kinden Corp.		11,000		156,009
Kumagai Gumi Co. Ltd.		3,000		75,418
Kyudenko Corp.		4,000		107,387
Mirait Holdings Corp.		8,000		135,960
Nippon Densetsu Kogyo Co. Ltd.		3,000		41,598
Nippon Koei Co. Ltd.		1,000		26,738
Nippon Road Co. Ltd. (The)		900		76,376
Nishimatsu Construction Co. Ltd.		3,000		99,796
Okumura Corp.		3,000		84,725
Penta-Ocean Construction Co. Ltd.		25,000		131,598
Raito Kogyo Co. Ltd.		4,000		68,150
Raiznext Corp.		2,000		19,803
Sanki Engineering Co. Ltd.		4,000		51,909
Shinnihon Corp.		2,000		13,053
SHO-BOND Holdings Co. Ltd.		4,000		179,193
Sumitomo Densetsu Co. Ltd.		1,000		20,152
Sumitomo Mitsui Construction Co. Ltd.		13,000		49,942
Taihei Dengyo Kaisha Ltd.		1,000		22,785
Taikisha Ltd.		2,000		54,073
Takamatsu Construction Group Co. Ltd.		1,000		17,727
Toa Corp./Tokyo		1,000		22,507
Toda Corp.		20,000		133,554
Toenec Corp.		1,000		30,965
Tokyu Construction Co. Ltd.		7,040		43,635
Totetsu Kogyo Co. Ltd.		2,000		43,673
Toyo Construction Co. Ltd.		6,000		31,264
Yokogawa Bridge Holdings Corp.		3,000		54,801
Yurtec Corp.		3,000		19,258
				2,962,187
Construction Materials — 0.5%
Maeda Kosen Co. Ltd.		2,000		57,907
Mitani Sekisan Co. Ltd.		1,000		53,697
Sumitomo Osaka Cement Co. Ltd.		3,000		89,118
Taiheiyo Cement Corp.		10,000		192,284
				393,006

16 2 0 2 2   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) February 28, 2022 iShares^® MSCI Japan Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Consume Finance — 1.0%
AEON Financial Service Co. Ltd.		10,000	$	102,996
Aiful Corp.		28,000		89,773
Credit Saison Co. Ltd.		13,000		146,340
Jaccs Co. Ltd.		2,000		56,483
Marui Group Co. Ltd.		15,000		295,214
Orient Corp.		47,000		51,645
				742,451
Containers & Packaging — 0.7%
FP Corp.		4,100		116,503
Fuji Seal International Inc.		4,000		63,207
Pack Corp. (The)		1,000		23,922
Rengo Co. Ltd.		16,000		119,757
Toyo Seikan Group Holdings Ltd.		13,000		173,685
				497,074
Distributors — 0.2%
Arata Corp.		1,000		34,857
Doshisha Co. Ltd.		2,000		27,117
Paltac Corp.		3,000		116,742
				178,716
Diversified Consumer Services — 0.3%
Benesse Holdings Inc.		6,000		122,210
LITALICO Inc.		2,000		49,771
Riso Kyoiku Co. Ltd.		10,000		31,343
				203,324
Diversified Financial Services — 0.8%
eGuarantee Inc.		3,000		53,392
Financial Products Group Co. Ltd.		6,000		44,685
Fuyo General Lease Co. Ltd.		1,500		98,258
Japan Securities Finance Co. Ltd.		8,000		63,832
Mizuho Leasing Co. Ltd.		2,000		54,024
Ricoh Leasing Co. Ltd.		1,000		32,359
Zenkoku Hosho Co. Ltd.		5,000		210,263
				556,813
Diversified Telecommunication Services — 0.3%
ARTERIA Networks Corp.		2,000		23,164
Internet Initiative Japan Inc.		5,000		160,691
Usen-Next Holdings Co. Ltd.		1,000		21,169
Vision Inc./Tokyo Japan(a)		3,000		30,479
				235,503
Electric Utilities — 1.4%
Chugoku Electric Power Co. Inc. (The)		26,000		203,528
Hokkaido Electric Power Co. Inc.		16,000		70,050
Hokuriku Electric Power Co.		15,000		73,454
Kyushu Electric Power Co. Inc.		36,000		271,489
Okinawa Electric Power Co. Inc. (The)		4,092		51,525
Shikoku Electric Power Co. Inc.		14,000		107,645
Tohoku Electric Power Co. Inc.		39,000		253,243
				1,030,934
Electrical Equipment — 1.3%
Daihen Corp.		2,000		75,297
Fujikura Ltd.(a)		21,000		113,544
Furukawa Electric Co. Ltd.		6,000		118,787
GS Yuasa Corp.		6,000		129,198
Idec Corp./Japan		2,000		44,411
Mabuchi Motor Co. Ltd.		4,000		138,277
Nippon Carbon Co. Ltd.		1,000		35,667
Nissin Electric Co. Ltd.		4,000		50,903
Nitto Kogyo Corp.		2,000		28,117

Security	Shares		Value
Electrical Equipment (continued)
Sanyo Denki Co. Ltd.		1,000	$	44,319
Toyo Tanso Co. Ltd.		1,000		26,978
Ushio Inc.		8,000		130,698
				936,196
Electronic Equipment, Instruments & Components — 4.2%
Ai Holdings Corp.		3,000		45,220
Alps Alpine Co. Ltd.		19,000		190,766
Amano Corp.		5,000		98,023
Anritsu Corp.		12,000		168,582
Canon Electronics Inc.		2,000		27,914
Canon Marketing Japan Inc.		4,000		83,601
Citizen Watch Co. Ltd.		24,000		104,546
CONEXIO Corp.		1,000		12,117
Daiwabo Holdings Co. Ltd.		8,000		123,835
Dexerials Corp.		5,000		142,756
ESPEC Corp.		1,000		18,011
Hioki E.E. Corp.		1,000		60,043
Horiba Ltd.		3,000		172,606
Hosiden Corp.		4,000		41,320
Iriso Electronics Co. Ltd.		2,000		71,437
Japan Aviation Electronics Industry Ltd.		4,000		63,038
Japan Display Inc.(a)		48,000		17,659
Kaga Electronics Co. Ltd.		1,000		26,319
Koa Corp.		3,000		38,017
Macnica Fuji Electronics Holdings Inc.		4,000		94,146
Maruwa Co. Ltd./Aichi		1,000		130,595
Meiko Electronics Co. Ltd.		2,000		70,072
Nichicon Corp.		4,000		42,530
Nippon Ceramic Co. Ltd.		2,000		43,969
Nippon Electric Glass Co. Ltd.		7,000		168,496
Nippon Signal Company Ltd.		4,000		30,295
Nissha Co. Ltd.		3,000		34,485
Nohmi Bosai Ltd.		2,000		34,797
Oki Electric Industry Co. Ltd.		8,000		58,944
Optex Group Co. Ltd.		3,000		43,704
Restar Holdings Corp.		1,000		17,280
Riken Keiki Co. Ltd.		1,000		42,188
Ryosan Co. Ltd.		2,000		40,832
Ryoyo Electro Corp.		1,000		19,034
Siix Corp.		3,000		29,336
Taiyo Yuden Co. Ltd.		10,000		452,116
Tamura Corp.		6,000		31,474
Topcon Corp.		9,000		118,676
Yokowo Co. Ltd.		1,000		23,899
				3,032,678
Energy Equipment & Services — 0.0%
Modec Inc.		2,000		20,457
Entertainment — 0.8%
Avex Inc.		3,000		36,149
Bushiroad Inc.(a)		1,000		10,703
COLOPL Inc.		5,000		28,182
Daiichikosho Co. Ltd.		3,000		91,425
DeNA Co. Ltd.		8,000		122,938
GungHo Online Entertainment Inc.		4,000		88,780
Shochiku Co. Ltd.(a)		1,000		104,176
Toei Co. Ltd.		500		77,776
				560,129

S C H E D U L E   O F   I N V E S T M E N T S 17

Schedule of Investments (unaudited) (continued) February 28, 2022 iShares^® MSCI Japan Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Equity Real Estate Investment Trusts (REITs) — 8.6%
Activia Properties Inc.		60	$	203,648
Advance Residence Investment Corp.		120		336,102
AEON REIT Investment Corp.		140		174,568
Comforia Residential REIT Inc.		60		161,951
CRE Logistics REIT Inc.		50		82,911
Daiwa Office Investment Corp.		30		185,508
Daiwa Securities Living Investments Corp.		170		155,334
Frontier Real Estate Investment Corp.		40		164,660
Fukuoka REIT Corp.		60		81,918
Global One Real Estate Investment Corp.		90		86,902
Hankyu Hanshin REIT Inc.		60		75,593
Heiwa Real Estate REIT Inc.		80		96,332
Hoshino Resorts REIT Inc.		20		113,146
Hulic Reit Inc.		110		149,511
Ichigo Office REIT Investment Corp.		110		79,490
Industrial & Infrastructure Fund Investment Corp.		170		255,739
Invincible Investment Corp.		550		188,611
Itochu Advance Logistics Investment Corp.		50		63,787
Japan Excellent Inc.		110		122,825
Japan Hotel REIT Investment Corp.		400		204,702
Japan Logistics Fund Inc.		70		183,698
Japan Prime Realty Investment Corp.		70		227,917
Kenedix Office Investment Corp.		40		237,178
Kenedix Residential Next Investment Corp.		80		131,427
Kenedix Retail REIT Corp.		50		114,060
LaSalle Logiport REIT		160		229,526
Mirai Corp.		150		63,932
Mitsubishi Estate Logistics REIT Investment Corp.		32		118,730
Mitsui Fudosan Logistics Park Inc.		51		232,897
Mori Hills REIT Investment Corp.		140		168,267
Mori Trust Hotel Reit Inc.		30		32,026
Mori Trust Sogo REIT Inc.		90		107,653
Nippon Accommodations Fund Inc.		40		210,499
NIPPON REIT Investment Corp.		40		125,209
NTT UD REIT Investment Corp.		120		157,274
One REIT Inc.		20		49,863
Samty Residential Investment Corp.		30		30,747
Sekisui House Reit Inc.		360		239,238
SOSiLA Logistics REIT Inc.		60		77,196
Star Asia Investment Corp.		130		65,683
Starts Proceed Investment Corp.		20		39,306
Takara Leben Real Estate Investment Corp.		50		49,846
Tokyu REIT Inc.		70		110,003
United Urban Investment Corp.		260		298,095
				6,283,508
Food & Staples Retailing — 2.7%
Aeon Hokkaido Corp.		2,000		20,414
Ain Holdings Inc.		2,200		122,763
Arcs Co. Ltd.		4,000		75,757
Axial Retailing Inc.		1,000		28,954
Belc Co. Ltd.		1,000		47,889
Cawachi Ltd.		1,000		21,356
Create SD Holdings Co. Ltd.		2,000		54,862
Daikokutenbussan Co. Ltd.		500		20,759
Fuji Co. Ltd./Ehime		1,000		27,386
G-7 Holdings Inc.		2,000		28,931
Genky DrugStores Co. Ltd.		1,000		34,365
Halows Co. Ltd.		1,000		25,451
Heiwado Co. Ltd.		3,000		52,290
Inageya Co. Ltd.		2,000		25,020

Security	Shares		Value
Food & Staples Retailing (continued)
JM Holdings Co. Ltd.		1,000	$	15,547
Kato Sangyo Co. Ltd.		2,000		53,913
Kusuri no Aoki Holdings Co. Ltd.		1,400		82,317
Life Corp.		1,000		26,483
MatsukiyoCocokara & Co.		10,000		385,522
Maxvalu Tokai Co. Ltd.		1,000		22,697
Mitsubishi Shokuhin Co. Ltd.		1,000		26,956
Nihon Chouzai Co. Ltd.		1,000		12,116
Qol Holdings Co. Ltd.		2,000		22,374
Retail Partners Co. Ltd.		2,000		22,386
San-A Co. Ltd.		2,000		74,260
Shoei Foods Corp.		1,000		36,784
Sugi Holdings Co. Ltd.		3,000		170,907
Sundrug Co. Ltd.		6,000		163,331
United Super Markets Holdings Inc.		5,000		46,184
Valor Holdings Co. Ltd.		3,000		58,101
Yaoko Co. Ltd.		2,000		114,593
Yokorei Co. Ltd.		4,000		30,409
				1,951,077
Food Products — 4.0%
Ariake Japan Co. Ltd.		2,000		99,872
Calbee Inc.		8,000		179,886
DyDo Group Holdings Inc.		1,000		44,888
Ezaki Glico Co. Ltd.		4,000		136,457
Fuji Oil Holdings Inc.		4,000		77,599
Fujicco Co. Ltd.		2,000		34,780
Fujiya Co. Ltd.		1,000		22,235
Hokuto Corp.		2,000		34,310
House Foods Group Inc.		5,000		129,262
Itoham Yonekyu Holdings Inc.		13,000		78,117
J-Oil Mills Inc.		2,000		30,231
Kagome Co. Ltd.		7,000		186,872
Kameda Seika Co. Ltd.		1,000		35,933
Kewpie Corp.		9,000		192,110
Kotobuki Spirits Co. Ltd.		2,000		106,668
Maruha Nichiro Corp.		4,000		87,273
Megmilk Snow Brand Co. Ltd.		4,000		70,439
Mitsui DM Sugar Holdings Co. Ltd.		1,000		17,851
Morinaga & Co. Ltd./Japan		3,000		97,608
Morinaga Milk Industry Co. Ltd.		3,000		150,387
NH Foods Ltd.		7,000		262,729
Nichirei Corp.		10,000		220,358
Nippn Corp., New		4,000		59,338
Nippon Suisan Kaisha Ltd.		25,000		118,384
Nisshin Oillio Group Ltd. (The)		2,000		53,161
Prima Meat Packers Ltd.		2,000		42,219
Riken Vitamin Co. Ltd.		2,000		30,243
S Foods Inc.		2,000		57,511
Sakata Seed Corp.		2,000		58,761
Showa Sangyo Co. Ltd.		1,000		23,843
Yamazaki Baking Co. Ltd.		11,000		148,920
Yukiguni Maitake Co. Ltd.		2,000		20,869
				2,909,114
Gas Utilities — 0.6%
Nippon Gas Co. Ltd.		10,000		150,471
Saibu Gas Holdings Co. Ltd.		2,000		39,956
Shizuoka Gas Co. Ltd.		4,000		30,196
Toho Gas Co. Ltd.		7,000		187,227
				407,850

18 2 0 2 2   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) February 28, 2022 iShares^® MSCI Japan Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Health Care Equipment & Supplies — 1.5%
CYBERDYNE Inc.(a)(b)		10,000	$	30,209
Eiken Chemical Co. Ltd.		3,000		45,579
Hogy Medical Co. Ltd.		2,000		58,324
Japan Lifeline Co. Ltd.		6,000		57,309
Jeol Ltd.		3,000		174,949
Mani Inc.		7,000		99,041
Menicon Co. Ltd.		5,000		130,810
Nagaileben Co. Ltd.		2,000		38,207
Nakanishi Inc.		6,000		112,143
Nihon Kohden Corp.		7,000		190,990
Nipro Corp.		12,000		114,600
Paramount Bed Holdings Co. Ltd.		3,000		52,883
				1,105,044
Health Care Providers & Services — 1.5%
Alfresa Holdings Corp.		17,000		261,618
As One Corp.		2,400		145,086
BML Inc.		2,000		58,013
Elan Corp.		3,000		25,556
H.U. Group Holdings Inc.		5,000		132,331
Japan Medical Dynamic Marketing Inc.		1,000		14,007
Ship Healthcare Holdings Inc.		7,000		139,339
Solasto Corp.		5,000		44,770
Suzuken Co. Ltd.		6,000		193,417
Toho Holdings Co. Ltd.		5,000		82,265
Tokai Corp./Gifu		2,000		32,766
				1,129,168
Health Care Technology — 0.3%
EM Systems Co. Ltd.		3,000		18,844
JMDC Inc.(a)		2,200		122,102
Medical Data Vision Co. Ltd.		2,000		18,729
Medley Inc.(a)		2,000		39,131
MedPeer Inc.(a)		1,000		27,817
				226,623
Hotels, Restaurants & Leisure — 3.5%
Airtrip Corp.		1,000		27,045
Arcland Service Holdings Co. Ltd.		1,000		19,779
Atom Corp.		10,000		67,155
Colowide Co. Ltd.		7,000		105,343
Create Restaurants Holdings Inc.		10,000		63,054
Curves Holdings Co. Ltd.		5,000		30,815
Doutor Nichires Holdings Co. Ltd.		3,000		42,300
Food & Life Companies Ltd.		10,000		332,870
Fuji Kyuko Co. Ltd.		2,000		69,978
Fujio Food Group Inc.		1,000		11,433
Hiday Hidaka Corp.		2,084		32,518
HIS Co. Ltd.(a)		4,000		68,851
Ichibanya Co. Ltd.		1,000		40,704
Kappa Create Co. Ltd.(a)		2,000		24,168
KFC Holdings Japan Ltd.		1,000		25,305
Kisoji Co. Ltd.		2,000		37,637
KOMEDA Holdings Co. Ltd.		4,000		73,620
Koshidaka Holdings Co. Ltd.		4,000		22,220
Kura Sushi Inc.		2,000		64,672
Kyoritsu Maintenance Co. Ltd.		3,080		114,100
Matsuyafoods Holdings Co. Ltd.		1,000		32,067
Monogatari Corp. (The)		1,000		55,298
MOS Food Services Inc.		2,000		53,033
Ohsho Food Service Corp.		1,000		52,637
Open Door Inc.(a)		1,000		16,943

Security	Shares		Value
Hotels, Restaurants & Leisure (continued)
Plenus Co. Ltd.		2,000	$	34,795
Resorttrust Inc.		7,000		118,204
Ringer Hut Co. Ltd.		2,000		39,036
Round One Corp.		5,000		56,172
Royal Holdings Co. Ltd.		2,000		34,307
Saizeriya Co. Ltd.		3,000		76,720
Skylark Holdings Co. Ltd.		20,000		262,426
Tokyotokeiba Co. Ltd.		1,000		35,538
Toridoll Holdings Corp.		4,000		84,994
Tosho Co. Ltd.		1,000		15,124
Yoshinoya Holdings Co. Ltd.		6,000		124,796
Zensho Holdings Co. Ltd.		8,000		192,182
				2,557,839
Household Durables — 2.1%
Casio Computer Co. Ltd.		17,000		199,179
Chofu Seisakusho Co. Ltd.		1,000		17,401
ES-Con Japan Ltd.		3,000		19,801
Fujitsu General Ltd.		5,000		108,428
Haseko Corp.		23,000		293,593
Ki-Star Real Estate Co. Ltd.		1,000		44,182
Nagawa Co. Ltd.		1,000		84,818
Nikon Corp.		27,000		282,226
Pressance Corp.		2,000		31,352
Sangetsu Corp.		4,000		56,104
Sumitomo Forestry Co. Ltd.		13,000		250,686
Tama Home Co. Ltd.		1,000		20,143
Tamron Co. Ltd.		1,000		20,550
Token Corp.		1,000		79,207
Zojirushi Corp.		3,000		37,909
				1,545,579
Household Products — 0.3%
Earth Corp.		1,000		48,917
Pigeon Corp.		10,000		184,137
				233,054
Independent Power and Renewable Electricity Producers — 0.5%
Electric Power Development Co. Ltd.		13,000		206,260
eRex Co. Ltd.		2,000		32,316
RENOVA Inc.(a)		3,000		37,419
West Holdings Corp.		2,080		78,542
				354,537
Industrial Conglomerates — 0.7%
Katakura Industries Co. Ltd.		2,000		40,941
Keihan Holdings Co. Ltd.		9,000		240,175
Mie Kotsu Group Holdings Inc.		4,000		16,135
Nisshinbo Holdings Inc.		13,000		114,750
Noritsu Koki Co. Ltd.		2,000		35,978
TOKAI Holdings Corp.		9,000		71,630
				519,609
Insurance — 0.1%
Anicom Holdings Inc.		7,000		45,083
LIFENET INSURANCE CO.(a)		4,000		20,175
				65,258
Interactive Media & Services — 0.4%
Bengo4.com Inc.(a)		1,000		37,705
Dip Corp.		3,000		89,011
giftee Inc.(a)		1,000		7,486
Gree Inc.		10,000		82,317

S C H E D U L E   O F   I N V E S T M E N T S 19

Schedule of Investments (unaudited) (continued) February 28, 2022 iShares^® MSCI Japan Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Interactive Media & Services (continued)
Mixi Inc.		4,000	$	77,804
				294,323
Internet & Direct Marketing Retail — 0.2%
ASKUL Corp.		3,000		43,568
Belluna Co. Ltd.		4,000		25,725
Demae-Can Co. Ltd.(a)		4,000		25,828
Media Do Co. Ltd.		1,000		21,917
Oisix ra daichi Inc.(a)		2,000		44,929
				161,967
IT Services — 2.8%
Argo Graphics Inc.		1,000		27,768
BASE Inc.(a)		7,000		25,658
Bell System24 Holdings Inc.		3,000		35,023
Change Inc.(a)		3,000		46,334
Comture Corp.		2,000		51,496
Digital Garage Inc.		3,000		104,492
DTS Corp.		3,000		71,881
Future Corp.		4,000		49,732
GMO GlobalSign Holdings KK		400		15,364
GMO internet Inc.		6,000		136,592
Hennge KK(a)		1,000		7,464
Infocom Corp.		2,000		35,451
Infomart Corp.		17,000		101,293
Information Services International-Dentsu Ltd.		2,000		65,098
JIG-SAW Inc.(a)		500		24,684
Kanematsu Electronics Ltd.		1,000		34,064
Mitsubishi Research Institute Inc.		1,000		33,811
NEC Networks & System Integration Corp.		6,000		92,253
NET One Systems Co. Ltd.		8,000		196,828
Nihon Unisys Ltd.		6,000		164,377
NS Solutions Corp.		3,000		95,548
NSD Co. Ltd.		6,000		112,657
Oro Co. Ltd.		1,000		20,887
Relia Inc.		3,000		27,580
SB Technology Corp.		1,000		22,911
SHIFT Inc.(a)		1,000		193,838
TechMatrix Corp.		3,000		46,937
TKC Corp.		3,000		81,908
Transcosmos Inc.		2,000		55,314
Uchida Yoko Co. Ltd.		1,000		41,540
Zuken Inc.		1,000		28,102
				2,046,885
Leisure Products — 1.1%
GLOBERIDE Inc.		1,000		25,051
Heiwa Corp.		5,016		84,621
Mizuno Corp.		2,000		39,522
Roland Corp.		1,000		33,892
Sankyo Co. Ltd.		4,000		111,672
Sega Sammy Holdings Inc.		15,000		273,591
Snow Peak Inc.		2,000		49,427
Tomy Co. Ltd.		7,000		76,555
Universal Entertainment Corp.(a)		2,000		41,140
Yonex Co. Ltd.		5,000		39,811
				775,282
Life Sciences Tools & Services — 0.0%
CellSource Co. Ltd.(a)		1,000		30,541
Machinery — 7.1%
Aichi Corp.		2,000		15,354

Security	Shares		Value
Machinery (continued)
Aida Engineering Ltd.		4,000	$	34,634
Amada Co. Ltd.		30,000		265,823
CKD Corp.		5,000		87,206
Daiwa Industries Ltd.		3,000		28,989
DMG Mori Co. Ltd.		10,000		139,693
Ebara Corp.		9,000		469,721
Fuji Corp./Aichi		6,000		122,013
Fujitec Co. Ltd.		6,000		143,844
Fukushima Galilei Co. Ltd.		1,000		34,413
Furukawa Co. Ltd.		3,000		34,755
Giken Ltd.		1,000		31,146
Glory Ltd.		4,000		72,546
Harmonic Drive Systems Inc.		4,000		163,615
Hirata Corp.		1,000		45,628
Hitachi Zosen Corp.		14,000		97,044
Hosokawa Micron Corp.		1,000		23,395
IHI Corp.		12,000		277,714
Japan Steel Works Ltd. (The)		5,000		163,291
Kawasaki Heavy Industries Ltd.		13,000		239,845
Kitz Corp.		5,000		28,537
Kyokuto Kaihatsu Kogyo Co. Ltd.		3,000		37,876
Makino Milling Machine Co. Ltd.		2,000		65,312
Max Co. Ltd.		2,000		30,856
Meidensha Corp.		3,000		58,727
METAWATER Co. Ltd.		2,000		36,919
Mitsubishi Logisnext Co. Ltd.		2,000		16,241
Mitsuboshi Belting Ltd.		2,000		37,699
Morita Holdings Corp.		3,000		32,001
Nabtesco Corp.		10,000		277,155
Nachi-Fujikoshi Corp.		1,000		36,361
Nikkiso Co. Ltd.		4,000		27,711
Nissei ASB Machine Co. Ltd.		1,000		26,239
Nitta Corp.		2,000		48,483
Nittoku Co. Ltd.		1,000		23,123
Noritake Co. Ltd./Nagoya Japan		1,000		39,934
NSK Ltd.		34,000		219,355
NTN Corp.(a)		36,000		68,095
Obara Group Inc.		1,000		27,036
Oiles Corp.		2,096		29,240
OKUMA Corp.		2,000		81,569
Organo Corp.		1,000		71,178
OSG Corp.		7,000		116,993
Shibaura Machine Co. Ltd.		2,000		53,402
Shibuya Corp.		1,000		21,517
Shima Seiki Manufacturing Ltd.		2,000		31,132
Shinmaywa Industries Ltd.		5,000		40,633
Sodick Co. Ltd.		4,000		27,106
Star Micronics Co. Ltd.		3,000		38,273
Sumitomo Heavy Industries Ltd.		10,000		242,308
Tadano Ltd.		9,000		76,847
Takeuchi Manufacturing Co. Ltd.		3,000		67,066
Takuma Co. Ltd.		6,000		76,253
Teikoku Sen-I Co. Ltd.		2,000		33,160
THK Co. Ltd.		10,000		229,730
Tocalo Co. Ltd.		5,000		58,718
Tsubaki Nakashima Co. Ltd.		4,000		34,011
Tsubakimoto Chain Co.		2,000		57,196
Tsugami Corp.		3,000		33,261
Tsukishima Kikai Co. Ltd.		2,000		18,229
Union Tool Co.		1,000		32,374

20 2 0 2 2   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) February 28, 2022 iShares^® MSCI Japan Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Machinery (continued)
YAMABIKO Corp.		3,000	$	34,744
				5,133,269
Marine — 0.5%
Iino Kaiun Kaisha Ltd.		7,000		54,147
Kawasaki Kisen Kaisha Ltd.(a)		4,000		281,808
NS United Kaiun Kaisha Ltd.		1,000		36,547
				372,502
Media — 0.8%
Direct Marketing MiX Inc.		2,000		27,995
Fuji Media Holdings Inc.		4,000		43,415
Gakken Holdings Co. Ltd.		2,000		17,984
Kadokawa Corp.		8,016		203,427
Nippon Television Holdings Inc.		5,000		57,199
Proto Corp.		2,000		20,128
Septeni Holdings Co. Ltd.		6,000		33,625
SKY Perfect JSAT Holdings Inc.		13,000		48,886
TBS Holdings Inc.		3,000		48,576
TV Asahi Holdings Corp.		2,000		27,335
ValueCommerce Co. Ltd.		1,000		31,297
Vector Inc.		3,000		29,117
Zenrin Co. Ltd.		3,000		29,179
				618,163
Metals & Mining — 2.1%
Aichi Steel Corp.		1,000		22,922
Asahi Holdings Inc.		7,000		135,943
Daido Steel Co. Ltd.		2,000		71,922
Daiki Aluminium Industry Co. Ltd.		2,000		30,315
Dowa Holdings Co. Ltd.		4,000		180,522
Kobe Steel Ltd.		30,000		159,324
Kyoei Steel Ltd.		2,000		27,684
Maruichi Steel Tube Ltd.		5,000		124,098
Mitsubishi Materials Corp.		10,000		179,993
Mitsui Mining & Smelting Co. Ltd.		5,000		146,413
Nippon Light Metal Holdings Co. Ltd.		5,000		80,124
Sanyo Special Steel Co. Ltd.		2,000		37,053
Toho Titanium Co. Ltd.		3,000		28,426
Tokyo Steel Manufacturing Co. Ltd.		8,000		78,270
UACJ Corp.(a)		3,014		61,786
Yamato Kogyo Co. Ltd.		4,000		128,622
Yodogawa Steel Works Ltd.		2,000		48,035
				1,541,452
Multiline Retail — 1.1%
H2O Retailing Corp.		8,035		60,080
Isetan Mitsukoshi Holdings Ltd.		30,000		241,936
Izumi Co. Ltd.		3,000		83,881
J Front Retailing Co. Ltd.		22,000		184,268
Kintetsu Department Store Co. Ltd.(a)		1,000		21,984
Matsuya Co. Ltd.(a)		2,000		12,038
Seria Co. Ltd.		4,000		102,620
Takashimaya Co. Ltd.		13,000		126,892
				833,699
Oil, Gas & Consumable Fuels — 0.7%
Cosmo Energy Holdings Co. Ltd.		5,000		113,014
Itochu Enex Co. Ltd.		4,000		36,401
Iwatani Corp.		4,200		199,619
Japan Petroleum Exploration Co. Ltd.		3,000		71,211
Mitsuuroko Group Holdings Co. Ltd.		3,000		28,265

Security	Shares		Value
Oil, Gas & Consumable Fuels (continued)
San-Ai Oil Co. Ltd.		5,000	$	41,571
				490,081
Paper & Forest Products — 0.4%
Daiken Corp.		1,000		19,558
Daio Paper Corp.		7,000		103,992
Hokuetsu Corp.		11,000		68,597
Nippon Paper Industries Co. Ltd.		9,000		85,907
Tokushu Tokai Paper Co. Ltd.		1,000		28,859
				306,913
Personal Products — 1.1%
Euglena Co. Ltd.(a)		9,000		60,026
Fancl Corp.		7,000		198,751
Kitanotatsujin Corp.		6,000		11,754
Mandom Corp.		3,000		35,975
Milbon Co. Ltd.		2,000		105,884
Noevir Holdings Co. Ltd.		1,000		45,070
Premier Anti-Aging Co. Ltd.(a)		300		16,965
Rohto Pharmaceutical Co. Ltd.		8,000		268,335
YA-MAN Ltd.		3,000		24,890
				767,650
Pharmaceuticals — 1.5%
Hisamitsu Pharmaceutical Co. Inc.		5,000		159,772
JCR Pharmaceuticals Co. Ltd.		6,000		114,534
Kaken Pharmaceutical Co. Ltd.		3,000		110,257
Kissei Pharmaceutical Co. Ltd.		2,000		42,277
KYORIN Holdings Inc.		4,000		65,091
Mochida Pharmaceutical Co. Ltd.		2,000		66,785
Nichi-Iko Pharmaceutical Co. Ltd.		5,050		37,137
Sawai Group Holdings Co. Ltd.		3,000		119,228
Seikagaku Corp.		3,000		23,809
Sosei Group Corp.(a)		7,000		87,288
Torii Pharmaceutical Co. Ltd.		1,000		25,429
Towa Pharmaceutical Co. Ltd.		2,000		51,828
Tsumura & Co.		5,000		138,874
ZERIA Pharmaceutical Co. Ltd.		2,000		34,508
				1,076,817
Professional Services — 2.6%
Altech Corp.		1,080		18,228
BayCurrent Consulting Inc.		1,200		479,872
BeNext-Yumeshin Group Co.		5,016		71,454
en Japan Inc.		3,000		79,247
Fullcast Holdings Co. Ltd.		2,000		41,291
Funai Soken Holdings Inc.		3,000		58,335
Insource Co. Ltd.		2,000		34,425
IR Japan Holdings Ltd.		1,000		35,662
JAC Recruitment Co. Ltd.		1,000		15,939
Link And Motivation Inc.		3,000		10,884
Makuake Inc.(a)		400		6,385
Meitec Corp.		2,000		118,031
Nomura Co. Ltd.		7,000		56,613
Outsourcing Inc.		10,000		123,945
Pasona Group Inc.		2,000		44,007
SMS Co. Ltd.		6,000		163,418
S-Pool Inc.		6,000		52,871
TechnoPro Holdings Inc.		10,000		290,356
UT Group Co. Ltd.		2,000		60,855
Visional Inc.(a)		1,000		73,119
WDB Holdings Co. Ltd.		1,000		22,680
Weathernews Inc.		400		27,737

S C H E D U L E   O F   I N V E S T M E N T S 21

Schedule of Investments (unaudited) (continued) February 28, 2022 iShares^® MSCI Japan Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Professional Services (continued)
World Holdings Co. Ltd.		1,000	$	18,753
				1,904,107
Real Estate Management & Development — 2.0%
Aeon Mall Co. Ltd.		9,000		126,558
Goldcrest Co. Ltd.		1,000		16,234
Heiwa Real Estate Co. Ltd.		3,000		107,270
Ichigo Inc.		22,000		51,194
Katitas Co. Ltd.		5,000		157,828
Keihanshin Building Co. Ltd.		3,000		38,992
Leopalace21 Corp.(a)		18,000		32,029
Relo Group Inc.		10,000		150,510
SAMTY Co. Ltd.		2,000		37,930
SRE Holdings Corp.(a)		600		19,462
Starts Corp. Inc.		3,000		67,800
Sun Frontier Fudousan Co. Ltd.		2,000		18,805
TKP Corp.(a)		1,000		12,623
TOC Co. Ltd.		3,000		18,608
Tokyo Tatemono Co. Ltd.		17,000		260,602
Tokyu Fudosan Holdings Corp.		55,000		305,109
Tosei Corp.		3,000		28,590
				1,450,144
Road & Rail — 3.2%
Fukuyama Transporting Co. Ltd.		2,000		69,068
Hamakyorex Co. Ltd.		1,000		25,336
Hitachi Transport System Ltd.		4,000		211,982
Keikyu Corp.		20,000		209,563
Kyushu Railway Co.		12,000		265,488
Maruzen Showa Unyu Co. Ltd.		1,000		27,830
Nagoya Railroad Co. Ltd.(a)		17,000		312,184
Nankai Electric Railway Co. Ltd.		9,000		183,515
Nikkon Holdings Co. Ltd.		5,000		95,242
Nishi-Nippon Railroad Co. Ltd.		5,000		113,335
Sakai Moving Service Co. Ltd.		1,000		38,507
Sankyu Inc.		5,000		173,364
Seibu Holdings Inc.(a)		20,000		209,298
Seino Holdings Co. Ltd.		11,000		115,073
Senko Group Holdings Co. Ltd.		10,000		82,143
Sotetsu Holdings Inc.(a)		7,000		132,874
Trancom Co. Ltd.		1,000		63,562
				2,328,364
Semiconductors & Semiconductor Equipment — 2.3%
Ferrotec Holdings Corp.		4,000		84,652
Japan Material Co. Ltd.		6,000		88,064
Megachips Corp.		1,000		31,874
Micronics Japan Co. Ltd.		2,000		28,805
Mimasu Semiconductor Industry Co. Ltd.		1,000		21,342
Mitsui High-Tec Inc.		2,000		147,516
Optorun Co. Ltd.		2,000		32,383
Rorze Corp.		1,000		95,052
RS Technologies Co. Ltd.		1,000		48,884
Sanken Electric Co. Ltd.		2,000		90,793
SCREEN Holdings Co. Ltd.		3,408		336,327
Shinko Electric Industries Co. Ltd.		6,000		256,265
Tokyo Seimitsu Co. Ltd.		3,000		124,912
Tri Chemical Laboratories Inc.		2,300		53,987
Ulvac Inc.		4,000		199,653
				1,640,509
Software — 1.5%
Alpha Systems Inc.		1,000		32,552

Security	Shares		Value
Software (continued)
Broadleaf Co. Ltd.		8,000	$	24,313
Cybozu Inc.		2,000		24,179
Digital Arts Inc.		1,000		56,307
Freee KK(a)		3,000		100,863
Fuji Soft Inc.		2,000		98,073
Fukui Computer Holdings Inc.		1,000		27,502
Justsystems Corp.		3,000		145,966
Miroku Jyoho Service Co. Ltd.		2,000		26,605
Money Forward Inc.(a)		4,000		178,129
OBIC Business Consultants Co. Ltd.		3,000		110,287
Optim Corp.(a)		1,000		8,373
PKSHA Technology Inc.(a)		1,000		17,653
Plaid Inc.(a)		1,000		10,206
Plus Alpha Consulting Co. Ltd.		1,000		20,201
Rakus Co. Ltd.		6,000		99,509
Sansan Inc.(a)		6,000		52,811
Systena Corp.		24,000		87,705
				1,121,234
Specialty Retail — 2.6%
ABC-Mart Inc.		3,000		130,171
Adastria Co. Ltd.		2,000		29,486
Alpen Co. Ltd.		1,000		18,432
AOKI Holdings Inc.		3,000		15,653
Arcland Sakamoto Co. Ltd.		2,000		27,371
Autobacs Seven Co. Ltd.		6,000		75,177
Bic Camera Inc.		8,000		69,603
DCM Holdings Co. Ltd.		11,000		106,904
EDION Corp.		7,000		72,977
Geo Holdings Corp.		2,000		26,416
IDOM Inc.		5,000		28,640
JINS Holdings Inc.		1,000		56,194
Joshin Denki Co. Ltd.		1,000		18,259
Joyful Honda Co. Ltd.		5,000		69,495
Keiyo Co. Ltd.		3,000		23,285
Kohnan Shoji Co. Ltd.		2,000		63,599
Komeri Co. Ltd.		3,000		73,765
K’s Holdings Corp.		15,000		162,540
Nafco Co. Ltd.		1,000		14,530
Nextage Co. Ltd.		4,000		85,894
Nishimatsuya Chain Co. Ltd.		3,000		37,415
Nojima Corp.		3,000		66,633
PAL GROUP Holdings Co. Ltd.		2,000		27,753
Sanrio Co. Ltd.		4,000		81,996
Shimamura Co. Ltd.		2,000		181,420
T-Gaia Corp.		2,000		30,248
United Arrows Ltd.		2,000		29,686
VT Holdings Co. Ltd.		7,000		30,047
Xebio Holdings Co. Ltd.		2,000		16,749
Yamada Holdings Co. Ltd.		62,000		215,267
Yellow Hat Ltd.		3,000		42,594
				1,928,199
Technology Hardware, Storage & Peripherals — 0.8%
Eizo Corp.		1,000		32,133
Elecom Co. Ltd.		4,000		55,143
Konica Minolta Inc.		40,000		169,464
Maxell Ltd.		4,000		41,204
MCJ Co. Ltd.		6,000		52,532
Riso Kagaku Corp.		2,000		39,940
Sun Corp.		1,000		15,773

22 2 0 2 2   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) February 28, 2022 iShares^® MSCI Japan Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Technology Hardware, Storage & Peripherals (continued)
Toshiba TEC Corp.		2,000	$	85,105
Wacom Co. Ltd.		13,000		98,719
				590,013
Textiles, Apparel & Luxury Goods — 1.0%
Asics Corp.		14,000		280,401
Descente Ltd.(a)		3,000		79,295
Goldwin Inc.		2,000		105,658
Gunze Ltd.		1,000		34,353
Japan Wool Textile Co. Ltd. (The)		4,000		31,495
Onward Holdings Co. Ltd.		9,000		21,569
Seiko Holdings Corp.		2,000		41,796
Seiren Co. Ltd.		4,000		80,306
Wacoal Holdings Corp.		3,000		51,496
				726,369
Trading Companies & Distributors — 1.8%
Advan Group Co. Ltd.		1,000		8,235
Daiichi Jitsugyo Co. Ltd		1,000		38,029
Hanwa Co. Ltd.		3,000		87,262
Inaba Denki Sangyo Co. Ltd.		4,000		93,116
Inabata & Co. Ltd.		4,000		80,778
Japan Pulp & Paper Co. Ltd.		1,000		36,663
Kanamoto Co. Ltd.		3,000		59,439
Kanematsu Corp.		7,000		85,461
Nagase & Co. Ltd.		9,000		143,995
Nichiden Corp.		1,000		19,938
Nippon Steel Trading Corp.		1,044		49,523
Nishio Rent All Co. Ltd.		2,000		50,001
Sojitz Corp.		21,000		346,859
Trusco Nakayama Corp.		4,000		87,644
Wakita & Co. Ltd.		3,000		25,953
Yamazen Corp.		5,000		44,815
Yuasa Trading Co. Ltd.		1,000		26,012
				1,283,723

Security	Shares		Value
Transportation Infrastructure — 0.9%
Japan Airport Terminal Co. Ltd.(a)		5,000	$	233,482
Kamigumi Co. Ltd.		9,000		174,891
Mitsubishi Logistics Corp.		5,000		119,571
Sumitomo Warehouse Co. Ltd. (The)		5,000		92,735
				620,679
Wireless Telecommunication Services — 0.1%
Okinawa Cellular Telephone Co.		1,000		45,012
Total Common Stocks — 99.6% (Cost: $85,859,628)				72,469,151
Short-Term Investments
Money Market Funds — 0.1%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.09%(c)(d)(e)		9,029		9,031
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.03%(c)(d)		30,000		30,000
				39,031
Total Short-Term Investments — 0.1% (Cost: $39,031)				39,031
Total Investments in Securities — 99.7% (Cost: $85,898,659)				72,508,182
Other Assets, Less Liabilities — 0.3%				249,704
Net Assets — 100.0%			$	72,757,886

^(a)  Non-income producing security.

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

^(c)  Affiliate of the Fund.

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

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 08/31/21		Purchases at Cost			Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 02/28/22		Shares Held at 02/28/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	—	$	9,031	(a)	$	—	$	—	$	—	$	9,031		9,029	$	8	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		30,000		0	(a)		—		—		—		30,000		30,000		2			—
								$	—	$	—	$	39,031			$	10		$	—

^(a)  Represents net amount purchased (sold).

^(b) All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

S C H E D U L E   O F   I N V E S T M E N T S 23

Schedule of Investments (unaudited) (continued) February 28, 2022 iShares^® MSCI Japan Small-Cap ETF

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
Mini TOPIX Index		15		03/10/22	$	247	$	(5,621	)

Derivative Financial Instruments Categorized by Risk Exposure

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

	Equity Contracts
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	5,621

^(a)  Net cumulative unrealized appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).

For the period ended February 28, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	(10,308	)
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(10,322	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	313,726

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

Fair Value Hierarchy as of Period End

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.

	Level 1		Level 2			Level 3		Total
Investments
Assets
Common Stocks	$	1,185,889	$	71,283,262		$	—	$	72,469,151
Money Market Funds		39,031		—			—		39,031
	$	1,224,920	$	71,283,262		$	—	$	72,508,182
Derivative financial instruments(a)
Liabilities
Futures Contracts	$	—	$	(5,621	)	$	—	$	(5,621	)

^(a)  Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

See notes to financial statements.

24 2 0 2 2   I S H A R E S   S E  M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments (unaudited) February 28, 2022 iShares^® MSCI Malaysia ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Banks — 38.3%
AMMB Holdings Bhd(a)		4,406,937	$	3,534,335
CIMB Group Holdings Bhd		16,064,212		21,882,567
Hong Leong Bank Bhd		1,572,240		7,527,040
Hong Leong Financial Group Bhd		553,800		2,548,390
Malayan Banking Bhd		11,483,181		23,993,621
Public Bank Bhd		35,199,900		37,383,887
RHB Bank Bhd		4,507,302		6,352,120
				103,221,960
Beverages — 0.6%
Fraser & Neave Holdings Bhd(b)		310,200		1,669,768
Chemicals — 4.9%
Petronas Chemicals Group Bhd		5,802,700		13,198,948
Diversified Telecommunication Services — 1.2%
Telekom Malaysia Bhd		2,741,300		3,303,794
Electric Utilities — 4.5%
Tenaga Nasional Bhd		5,537,812		12,105,599
Electronic Equipment, Instruments & Components — 2.1%
Inari Amertron Bhd		7,149,400		5,535,589
Energy Equipment & Services — 2.4%
Dialog Group Bhd		9,555,654		6,437,780
Food Products — 12.3%
IOI Corp. Bhd		6,084,130		6,685,268
Kuala Lumpur Kepong Bhd		1,045,500		6,474,455
Nestle Malaysia Bhd		170,000		5,432,606
PPB Group Bhd		1,547,619		6,612,906
QL Resources Bhd		2,640,950		3,113,660
Sime Darby Plantation Bhd		4,180,055		4,904,199
				33,223,094
Gas Utilities — 3.0%
Petronas Gas Bhd		1,913,400		7,943,287
Health Care Equipment & Supplies — 4.0%
Hartalega Holdings Bhd(b)		4,151,700		4,568,502
Top Glove Corp. Bhd(b)		12,898,300		6,297,848
				10,866,350
Health Care Providers & Services — 2.5%
IHH Healthcare Bhd		4,254,100		6,674,153
Hotels, Restaurants & Leisure — 4.0%
Genting Bhd		5,156,900		5,716,193
Genting Malaysia Bhd		7,183,600		5,141,425
				10,857,618

Security	Shares		Value
Industrial Conglomerates — 2.3%
HAP Seng Consolidated Bhd(b)		1,508,700	$	2,723,817
Sime Darby Bhd		6,578,755		3,562,650
				6,286,467
Marine — 2.1%
MISC Bhd		3,237,820		5,678,973
Metals & Mining — 4.7%
Press Metal Aluminium Holdings Bhd		7,810,600		12,706,061
Oil, Gas & Consumable Fuels — 1.4%
Petronas Dagangan Bhd		721,300		3,697,124
Transportation Infrastructure — 2.3%
Malaysia Airports Holdings Bhd(a)		2,613,000		3,827,545
Westports Holdings Bhd		2,483,100		2,312,474
				6,140,019
Wireless Telecommunication Services — 7.0%
Axiata Group Bhd		6,655,100		6,229,497
DiGi.Com Bhd		7,519,700		7,269,702
Maxis Bhd		5,678,700		5,444,392
				18,943,591
Total Common Stocks — 99.6% (Cost: $150,417,280)				268,490,175
Short-Term Investments
Money Market Funds — 1.4%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.09%(c)(d)(e)		3,426,950		3,427,635
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.03%(c)(d)		230,000		230,000
				3,657,635
Total Short-Term Investments — 1.4% (Cost: $3,657,310)				3,657,635
Total Investments in Securities — 101.0% (Cost: $154,074,590)				272,147,810
Other Assets, Less Liabilities — (1.0)%				(2,732,344	)
Net Assets — 100.0%			$	269,415,466

^(a)  Non-income producing security.

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

^(c)  Affiliate of the Fund.

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

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

S C H E D U L E   O F   I N V E S T M E N T S 25

Schedule of Investments (unaudited) (continued) February 28, 2022 iShares^® MSCI Malaysia ETF

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 08/31/21		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value at 02/28/22		Shares Held at 02/28/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	8,505,154	$	—	$	(5,076,844	)(a)	$	617	$	(1,292	)	$	3,427,635		3,426,950	$	147,531	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		360,000		—		(130,000	)(a)		—		—			230,000		230,000		13			—
								$	617	$	(1,292	)	$	3,657,635			$	147,544		$	—

^(a)  Represents net amount purchased (sold).

^(b)  All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
MSCI Emerging Markets Index		11		03/18/22	$	647	$	(12,251	)

Derivative Financial Instruments Categorized by Risk Exposure

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

	Equity Contracts
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	12,251

^(a)  Net cumulative unrealized appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).

For the period ended February 28, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	(74,588	)
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(4,768	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$668,708

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

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Schedule of Investments (unaudited) (continued) February 28, 2022 iShares^® MSCI Malaysia ETF

Fair Value Hierarchy as of Period End

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.

	Level 1			Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	79,284,789		$	189,205,386	$	—	$	268,490,175
Money Market Funds		3,657,635			—		—		3,657,635
	$	82,942,424		$	189,205,386	$	—	$	272,147,810
Derivative financial instruments(a)
Liabilities
Futures Contracts	$	(12,251	)	$	—	$	—	$	(12,251	)

^(a)  Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

See notes to financial statements.

S C H E D U L E   O F   I N V E S T M E N T S 27

Schedule of Investments (unaudited) February 28, 2022 iShares^® MSCI Pacific ex Japan ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Australia — 59.8%
Ampol Ltd.		273,313	$	5,903,656
APA Group		1,359,563		9,939,048
Aristocrat Leisure Ltd.		692,078		18,983,697
ASX Ltd.		222,319		13,352,802
Aurizon Holdings Ltd.		2,106,208		5,372,749
Australia & New Zealand Banking Group Ltd.		3,237,310		61,288,241
BHP Group Ltd.		5,813,425		198,506,148
BlueScope Steel Ltd.		567,669		8,405,960
Brambles Ltd.		1,647,369		11,865,538
Cochlear Ltd.		75,836		12,379,773
Coles Group Ltd.		1,531,846		19,379,517
Commonwealth Bank of Australia		1,959,571		132,944,067
Computershare Ltd.		623,975		9,859,015
Crown Resorts Ltd.(a)		433,932		3,921,786
CSL Ltd.		549,781		104,526,576
Dexus		1,235,148		9,777,408
Domino’s Pizza Enterprises Ltd.		69,246		3,998,415
Endeavour Group Ltd./Australia		1,540,278		8,044,432
Evolution Mining Ltd.		2,100,565		6,495,341
Fortescue Metals Group Ltd.		1,944,687		25,907,775
Goodman Group		1,930,621		31,236,764
GPT Group/The		2,199,794		7,849,031
IDP Education Ltd.		238,296		4,608,547
Insurance Australia Group Ltd.		2,830,850		9,450,678
Lendlease Corp. Ltd.		788,500		6,083,095
Macquarie Group Ltd.		389,182		51,217,615
Medibank Pvt Ltd.		3,162,617		7,294,608
Mineral Resources Ltd.		195,183		6,414,702
Mirvac Group		4,527,646		8,443,671
National Australia Bank Ltd.		3,757,834		78,925,917
Newcrest Mining Ltd.		939,319		17,425,119
Northern Star Resources Ltd.		1,270,535		9,469,279
Orica Ltd.		465,457		4,962,579
Origin Energy Ltd.		2,022,524		8,398,854
Qantas Airways Ltd.(a)		1,076,753		3,989,882
QBE Insurance Group Ltd.		1,695,584		14,149,677
Ramsay Health Care Ltd.		210,273		9,808,753
REA Group Ltd.		60,564		5,837,707
Reece Ltd.		331,865		4,698,283
Rio Tinto Ltd.		426,294		36,762,319
Santos Ltd.		3,694,966		19,678,776
Scentre Group		5,960,480		13,241,810
SEEK Ltd.		386,110		7,537,956
Sonic Healthcare Ltd.		523,297		13,353,282
South32 Ltd.		5,355,616		18,798,277
Stockland		2,741,359		8,295,060
Suncorp Group Ltd.		1,449,939		11,278,676
Tabcorp Holdings Ltd.		2,556,012		9,243,626
Telstra Corp. Ltd.		4,758,677		13,674,689
Transurban Group		3,525,225		32,560,397
Treasury Wine Estates Ltd.		828,950		6,992,350
Vicinity Centres		4,433,555		5,773,109
Washington H Soul Pattinson & Co. Ltd.		246,935		4,530,260
Wesfarmers Ltd.		1,302,069		45,663,378
Westpac Banking Corp.		4,212,904		69,623,471
WiseTech Global Ltd.		167,397		5,359,385
Woodside Petroleum Ltd.		1,116,800		23,336,953

Security	Shares		Value
Australia (continued)
Woolworths Group Ltd.		1,391,797	$	35,988,637
				1,342,809,116
Cayman Islands — 1.3%
CK Hutchison Holdings Ltd.		3,083,732		21,620,239
Grab Holdings Ltd., Class A(a)		1,246,513		7,179,915
				28,800,154
Hong Kong — 23.0%
AIA Group Ltd.		13,891,414		144,246,286
BOC Hong Kong Holdings Ltd.		4,284,500		15,403,051
Budweiser Brewing Co. APAC Ltd.(b)		1,977,100		6,136,858
Chow Tai Fook Jewellery Group Ltd.(a)		2,330,000		4,838,334
CK Asset Holdings Ltd.		2,317,732		14,638,896
CK Infrastructure Holdings Ltd.		770,708		4,784,556
CLP Holdings Ltd.		1,886,000		19,213,226
ESR Cayman Ltd.(a)(b)		2,274,800		7,017,817
Futu Holdings Ltd., ADR(a)(c)		61,722		2,638,616
Galaxy Entertainment Group Ltd.(a)		2,501,000		13,948,654
Hang Lung Properties Ltd.		2,308,736		4,839,287
Hang Seng Bank Ltd.		878,200		16,194,964
Henderson Land Development Co. Ltd.		1,690,442		7,028,078
HK Electric Investments & HK Electric Investments Ltd., Class SS		3,088,000		3,046,667
HKT Trust & HKT Ltd., Class SS		4,350,338		5,867,551
Hong Kong & China Gas Co. Ltd.		12,857,253		19,443,333
Hong Kong Exchanges & Clearing Ltd.		1,368,500		66,312,930
Hongkong Land Holdings Ltd.(c)		1,324,000		7,169,986
Jardine Matheson Holdings Ltd.		247,700		14,738,150
Link REIT		2,400,786		19,400,268
Melco Resorts & Entertainment Ltd., ADR(a)		251,304		2,518,066
MTR Corp. Ltd.		1,778,286		9,217,749
New World Development Co. Ltd.		1,712,480		6,849,305
Power Assets Holdings Ltd.		1,593,000		10,039,925
Sands China Ltd.(a)		2,788,000		7,353,297
Sino Land Co. Ltd.		3,800,800		4,797,365
SITC International Holdings Co. Ltd.(c)		1,535,000		6,329,046
Sun Hung Kai Properties Ltd.		1,497,500		17,409,606
Swire Pacific Ltd., Class A		579,500		3,202,440
Swire Properties Ltd.		1,363,000		3,544,506
Techtronic Industries Co. Ltd.		1,580,207		26,478,037
WH Group Ltd.(b)		9,577,000		6,688,343
Wharf Real Estate Investment Co. Ltd.		1,920,600		8,622,120
Xinyi Glass Holdings Ltd.		2,081,000		5,543,244
				515,500,557
Ireland — 0.7%
James Hardie Industries PLC		511,171		16,688,223
Malta — 0.0%
BGP Holdings PLC(a)(d)		27,004,595		303
New Zealand — 2.1%
Auckland International Airport Ltd.(a)		1,437,387		6,959,861
Fisher & Paykel Healthcare Corp. Ltd.		662,668		12,452,864
Mercury NZ Ltd.		791,665		3,083,779
Meridian Energy Ltd.		1,492,579		5,067,444
Ryman Healthcare Ltd.		495,172		3,368,104
Spark New Zealand Ltd.		2,139,767		6,569,727
Xero Ltd.(a)		153,711		10,568,860
				48,070,639
Singapore — 11.8%
Ascendas Real Estate Investment Trust(c)		3,853,880		7,902,154

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Schedule of Investments (unaudited) (continued) February 28, 2022 iShares^® MSCI Pacific ex Japan ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Singapore (continued)
CapitaLand Integrated Commercial Trust		5,590,238	$	8,748,807
Capitaland Investment Ltd/Singapore(a)		3,030,000		8,302,987
City Developments Ltd.		471,700		2,496,005
DBS Group Holdings Ltd.		2,080,100		52,293,989
Genting Singapore Ltd.		6,873,900		3,929,612
Keppel Corp. Ltd.		1,660,100		7,390,686
Mapletree Commercial Trust		2,499,600		3,352,029
Mapletree Logistics Trust(c)		3,633,584		4,724,134
Oversea-Chinese Banking Corp. Ltd.		3,888,524		33,695,694
Sea Ltd., ADR(a)		367,459		53,502,030
Singapore Airlines Ltd.(a)(c)		1,535,450		5,813,956
Singapore Exchange Ltd.(c)		916,700		6,359,869
Singapore Technologies Engineering Ltd.		1,783,700		5,054,868
Singapore Telecommunications Ltd.		9,482,428		17,786,928
United Overseas Bank Ltd.		1,355,300		30,122,055
UOL Group Ltd.		540,800		2,802,676
Venture Corp. Ltd.		322,600		4,208,120
Wilmar International Ltd.		2,206,000		7,169,572
				265,656,171
Total Common Stocks — 98.7% (Cost: $2,141,758,881)				2,217,525,163
Short-Term Investments
Money Market Funds — 0.4%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.09%(e)(f)(g)		7,097,787		7,099,206

Security	Shares		Value
Money Market Funds (continued)
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.03%(e)(f)		830,000	$	830,000
				7,929,206
Total Short-Term Investments — 0.4% (Cost: $7,927,763)				7,929,206
Total Investments in Securities — 99.1% (Cost: $2,149,686,644)				2,225,454,369
Other Assets, Less Liabilities — 0.9%				21,286,968
Net Assets — 100.0%			$	2,246,741,337

^(a) Non-income producing security.

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

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

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

^(e) Affiliate of the Fund.

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

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 08/31/21		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 02/28/22		Shares Held at 02/28/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	24,751,750	$	—	$	(17,647,440	)(a)	$	(4,562	)	$	(542	)	$	7,099,206		7,097,787	$	621,261	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		930,000		—		(100,000	)(a)		—			—			830,000		830,000		47			—
								$	(4,562	)	$	(542	)	$	7,929,206			$	621,308		$	—

^(a)  Represents net amount purchased (sold).

^(b)  All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
ASX SPI 200 Index		195		03/17/22	$	24,946	$	(124,820	)

S C H E D U L E   O F   I N V E S T M E N T S 29

Schedule of Investments (unaudited) (continued) February 28, 2022 iShares^® MSCI Pacific ex Japan ETF

Futures Contracts (continued)

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
MSCI Singapore Index		388		03/30/22	$	9,551	$	(150,121	)
							$	(274,941	)

Derivative Financial Instruments Categorized by Risk Exposure

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

	Equity Contracts
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	274,941

^(a)  Net cumulative unrealized appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).

For the period ended February 28, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	(948,370	)
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(221,456	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	22,032,648

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

Fair Value Hierarchy as of Period End

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.

	Level 1		Level 2			Level 3		Total
Investments
Assets
Common Stocks	$	94,330,282	$	2,123,194,578		$	303	$	2,217,525,163
Money Market Funds		7,929,206		—			—		7,929,206
	$	102,259,488	$	2,123,194,578		$	303	$	2,225,454,369
Derivative financial instruments(a)
Liabilities
Futures Contracts	$	—	$	(274,941	)	$	—	$	(274,941	)

^(a)  Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

See notes to financial statements.

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Schedule of Investments (unaudited) February 28, 2022 iShares^® MSCI Singapore ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 3.3%
Singapore Technologies Engineering Ltd.		7,190,900	$	20,378,455
Airlines — 3.5%
Singapore Airlines Ltd.(a)(b)		5,757,367		21,800,176
Banks — 32.4%
DBS Group Holdings Ltd.		4,302,700		108,170,446
Oversea-Chinese Banking Corp. Ltd.		7,631,250		66,127,987
United Overseas Bank Ltd.		1,214,100		26,983,832
				201,282,265
Capital Markets — 3.5%
Singapore Exchange Ltd.		3,155,700		21,893,572
Diversified Telecommunication Services — 4.7%
Singapore Telecommunications Ltd.		15,603,268		29,268,264
Electronic Equipment, Instruments & Components — 2.9%
Venture Corp. Ltd.		1,379,800		17,998,651
Entertainment — 16.9%
Sea Ltd., ADR(a)		721,403		105,036,277
Equity Real Estate Investment Trusts (REITs) — 12.6%
Ascendas Real Estate Investment Trust		13,040,294		26,738,355
CapitaLand Integrated Commercial Trust		9,834,494		15,391,132
Mapletree Commercial Trust		12,284,200		16,473,432
Mapletree Logistics Trust		15,010,913		19,516,146
				78,119,065
Food Products — 4.0%
Wilmar International Ltd.		7,577,700		24,627,771
Hotels, Restaurants & Leisure — 2.9%
Genting Singapore Ltd.		31,061,242		17,756,826
Industrial Conglomerates — 4.1%
Keppel Corp. Ltd.		5,790,700		25,779,921

Security	Shares		Value
Real Estate Management & Development — 7.0%
Capitaland Investment Ltd/Singapore(a)		5,255,900	$	14,402,531
City Developments Ltd.		2,706,800		14,323,057
UOL Group Ltd.		2,861,300		14,828,581
				43,554,169
Road & Rail — 3.3%
Grab Holdings Ltd., Class A(a)		3,597,596		20,722,153
Total Common Stocks — 101.1% (Cost: $635,631,162)				628,217,565
Short-Term Investments
Money Market Funds — 0.2%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.09%(c)(d)(e)		564,659		564,772
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.03%(c)(d)		1,030,000		1,030,000
				1,594,772
Total Short-Term Investments — 0.2% (Cost: $1,594,339)				1,594,772
Total Investments in Securities — 101.3% (Cost: $637,225,501)				629,812,337
Other Assets, Less Liabilities — (1.3)%				(8,339,783	)
Net Assets — 100.0%			$	621,472,554

^(a) Non-income producing security.

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

^(c) Affiliate of the Fund.

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

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 08/31/21		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 02/28/22		Shares Held at 02/28/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares		$20,464,697	$	—		$	(19,895,259	)(a)	$	(3,093	)	$	(1,573	)	$	564,772		564,659	$	29,474	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		300,000		730,000	(a)		—			—			—			1,030,000		1,030,000		24			—
									$	(3,093	)	$	(1,573	)	$	1,594,772			$	29,498		$	—

^(a) Represents net amount purchased (sold).

^(b) All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

S C H E D U L E   O F   I N V E S T M E N T S 31

Schedule of Investments (unaudited) (continued) February 28, 2022 iShares^® MSCI Singapore ETF

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
MSCI Singapore Index		80		03/30/22	$	1,969	$	(53,965	)

Derivative Financial Instruments Categorized by Risk Exposure

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

	Equity Contracts
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	53,965

^(a)  Net cumulative unrealized appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).

For the period ended February 28, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	(190,681	)
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	26,256

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	2,630,814

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

Fair Value Hierarchy as of Period End

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.

	Level 1		Level 2			Level 3		Total
Investments
Assets
Common Stocks	$	125,758,430	$	502,459,135		$	—	$	628,217,565
Money Market Funds		1,594,772		—			—		1,594,772
	$	127,353,202	$	502,459,135		$	—	$	629,812,337
Derivative financial instruments(a)
Liabilities
Futures Contracts	$	—	$	(53,965	)	$	—	$	(53,965	)

^(a)  Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

See notes to financial statements.

32 2 0 2 2   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments (unaudited) February 28, 2022 iShares^® MSCI Taiwan ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Auto Components — 0.4%
Cheng Shin Rubber Industry Co. Ltd.(a)		22,599,670	$	28,911,765
Banks — 10.5%
Chang Hwa Commercial Bank Ltd.		58,965,840		37,436,479
CTBC Financial Holding Co. Ltd.		121,265,325		118,534,124
E.Sun Financial Holding Co Ltd(a)		85,553,789		90,434,868
First Financial Holding Co. Ltd.		76,791,123		70,704,462
Hua Nan Financial Holdings Co. Ltd.		76,068,924		60,317,333
Mega Financial Holding Co. Ltd.(a)		76,193,271		102,678,120
Shanghai Commercial & Savings Bank Ltd/The		28,925,306		47,647,105
SinoPac Financial Holdings Co. Ltd.		99,799,724		61,283,125
Taishin Financial Holding Co. Ltd.		96,580,978		67,686,382
Taiwan Cooperative Financial Holding Co. Ltd.		78,339,460		74,319,367
				731,041,365
Chemicals — 4.1%
Formosa Chemicals & Fibre Corp.		25,534,610		72,392,480
Formosa Plastics Corp.		27,003,518		101,965,689
Nan Ya Plastics Corp.		34,563,938		109,014,653
				283,372,822
Communications Equipment — 0.6%
Accton Technology Corp.(a)		4,569,000		41,434,279
Construction Materials — 1.5%
Asia Cement Corp.		22,683,136		36,661,760
Taiwan Cement Corp.(a)		37,905,646		64,349,493
				101,011,253
Diversified Financial Services — 2.3%
Chailease Holding Co. Ltd.(a)		10,197,017		92,543,130
Yuanta Financial Holding Co. Ltd.		74,718,657		66,745,620
				159,288,750
Diversified Telecommunication Services — 1.6%
Chunghwa Telecom Co. Ltd.		24,843,648		110,420,493
Electrical Equipment — 0.4%
Voltronic Power Technology Corp.		508,000		26,382,079
Ya Hsin Industrial Co. Ltd.(b)		6,845,461		2
				26,382,081
Electronic Equipment, Instruments & Components — 13.8%
AU Optronics Corp.(a)		73,182,830		54,790,284
Delta Electronics Inc.(a)		13,273,180		118,292,001
E Ink Holdings Inc.		6,566,000		35,386,131
Foxconn Technology Co. Ltd.(a)		13,884,499		31,958,673
Hon Hai Precision Industry Co. Ltd.(a)		76,038,002		282,447,573
Innolux Corp.(a)		78,492,873		47,763,967
Largan Precision Co. Ltd.(a)		711,794		51,728,067
Nan Ya Printed Circuit Board Corp.(a)		2,986,000		57,180,753
Pacific Electric Wire & Cable Co. Ltd.(b)		197		—
Synnex Technology International Corp.		17,178,364		44,474,213
Unimicron Technology Corp.		11,338,000		105,418,402
WPG Holdings Ltd.		21,015,604		41,941,031
Yageo Corp.(a)		3,688,125		60,510,162
Zhen Ding Technology Holding Ltd.(a)		6,623,072		21,967,325
				953,858,582
Food & Staples Retailing — 0.7%
President Chain Store Corp.		4,980,215		46,537,665
Food Products — 1.2%
Uni-President Enterprises Corp.(a)		33,099,189		79,633,081

Security	Shares		Value
Household Durables — 0.4%
Nien Made Enterprise Co. Ltd.(a)		2,309,000	$	29,933,314
Industrial Conglomerates — 0.5%
Far Eastern New Century Corp.		34,563,843		36,639,173
Insurance — 6.0%
Cathay Financial Holding Co. Ltd.		56,061,315		126,061,465
China Development Financial Holding Corp.		148,947,587		102,001,470
Fubon Financial Holding Co. Ltd.		51,843,689		139,981,278
Shin Kong Financial Holding Co. Ltd.(a)		124,949,273		50,671,242
				418,715,455
Internet & Direct Marketing Retail — 0.0%
momo.com Inc.		10,000		355,990
Leisure Products — 0.5%
Giant Manufacturing Co. Ltd.(a)		3,479,590		36,124,405
Machinery — 1.0%
Airtac International Group(a)		1,249,826		41,571,830
Hiwin Technologies Corp.		3,143,591		30,013,648
				71,585,478
Marine — 2.5%
Evergreen Marine Corp. Taiwan Ltd.(a)		19,324,533		101,516,734
Wan Hai Lines Ltd.(a)		4,373,200		29,787,859
Yang Ming Marine Transport Corp.(a)(c)		10,712,000		45,274,232
				176,578,825
Metals & Mining — 1.6%
China Steel Corp.(a)		83,163,977		108,142,645
Oil, Gas & Consumable Fuels — 0.6%
Formosa Petrochemical Corp.(a)		11,364,950		39,977,162
Pharmaceuticals — 0.4%
Oneness Biotech Co. Ltd.(a)(c)		3,455,000		30,501,605
Real Estate Management & Development — 0.7%
Ruentex Development Co. Ltd.(a)		18,847,459		48,664,629
Semiconductors & Semiconductor Equipment — 37.5%
ASE Technology Holding Co. Ltd.(a)		22,818,432		82,472,829
ASMedia Technology Inc.(a)		422,000		26,125,310
eMemory Technology Inc.		438,000		29,559,416
Globalwafers Co. Ltd.(a)		1,996,000		49,405,823
MediaTek Inc.(a)		9,354,175		369,637,968
Nanya Technology Corp.(a)		12,539,000		35,114,224
Novatek Microelectronics Corp.(a)		4,414,544		73,186,362
Parade Technologies Ltd.		438,000		30,240,246
Realtek Semiconductor Corp.(a)		3,634,063		59,918,278
Silergy Corp.(a)		631,000		84,081,467
Taiwan Semiconductor Manufacturing Co. Ltd.		69,792,882		1,500,515,984
United Microelectronics Corp.(a)		77,763,501		146,533,741
Vanguard International Semiconductor Corp.(a)		8,853,000		40,178,135
Win Semiconductors Corp.(a)		2,944,000		32,230,114
Winbond Electronics Corp.(a)		35,142,000		42,321,197
				2,601,521,094
Specialty Retail — 0.8%
Hotai Motor Co. Ltd.(a)		2,477,000		56,082,842
Technology Hardware, Storage & Peripherals — 6.9%
Acer Inc.(a)		36,322,737		37,696,764
Advantech Co. Ltd.(a)		3,528,827		46,469,386
Asustek Computer Inc.(a)		5,490,857		73,250,636

S C H E D U L E   O F   I N V E S T M E N T S 33

Schedule of Investments (unaudited) (continued) February 28, 2022 iShares^® MSCI Taiwan ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Technology Hardware, Storage & Peripherals (continued)
Catcher Technology Co. Ltd.		2,944,743	$	15,114,806
Compal Electronics Inc.(a)		41,383,554		37,700,895
Inventec Corp.(a)		37,264,868		34,414,094
Lite-On Technology Corp.		19,443,071		47,808,165
Micro-Star International Co. Ltd.(a)		7,086,000		39,942,199
Pegatron Corp.		15,964,037		39,567,771
Quanta Computer Inc.		20,431,240		68,319,948
Wiwynn Corp.(a)		1,087,000		38,822,856
				479,107,520
Textiles, Apparel & Luxury Goods — 1.6%
Eclat Textile Co. Ltd.		2,081,601		43,147,799
Feng TAY Enterprise Co. Ltd.		4,737,747		35,316,850
Pou Chen Corp.		30,547,103		35,227,306
				113,691,955
Transportation Infrastructure — 0.4%
Taiwan High Speed Rail Corp.(a)		29,047,000		30,742,522
Wireless Telecommunication Services — 1.3%
Far EasTone Telecommunications Co. Ltd.(a)		16,203,259		40,076,030
Taiwan Mobile Co. Ltd.		12,963,609		47,938,007
				88,014,037
Total Common Stocks — 99.8% (Cost: $2,784,948,911)				6,928,270,787

Security	Shares		Value
Short-Term Investments
Money Market Funds — 8.3%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.09%(d)(e)(f)		572,474,767	$	572,589,262
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.03%(d)(e)		1,680,000		1,680,000
				574,269,262
Total Short-Term Investments — 8.3% (Cost: $574,285,708)				574,269,262
Total Investments in Securities — 108.1% (Cost: $3,359,234,619)				7,502,540,049
Other Assets, Less Liabilities — (8.1)%				(565,238,473	)
Net Assets — 100.0%			$	6,937,301,576

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

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

^(c)  Non-income producing security.

^(d)  Affiliate of the Fund.

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

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 08/31/21		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 02/28/22		Shares Held at 02/28/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	836,443,148	$	—	$	(263,644,310	)(a)	$	(133,896	)	$	(75,680	)	$	572,589,262		572,474,767	$	5,667,039	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		46,300,000		—		(44,620,000	)(a)		—			—			1,680,000		1,680,000		217			—
								$	(133,896	)	$	(75,680	)	$	574,269,262			$	5,667,256		$	—

^(a)  Represents net amount purchased (sold).

^(b)  All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
FTSE Taiwan Index		147		03/30/22	$	9,167	$	(173,233	)

34 2 0 2 2   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) February 28, 2022 iShares^® MSCI Taiwan ETF

Derivative Financial Instruments Categorized by Risk Exposure

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

	Equity Contracts
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	173,233

^(a)  Net cumulative unrealized appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).

For the period ended February 28, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	2,583,934
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(2,764,482	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	33,872,721

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

Fair Value Hierarchy as of Period End

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.

	Level 1		Level 2			Level 3		Total
Investments
Assets
Common Stocks	$	30,501,605	$	6,897,769,180		$	2	$	6,928,270,787
Money Market Funds		574,269,262		—			—		574,269,262
	$	604,770,867	$	6,897,769,180		$	2	$	7,502,540,049
Derivative financial instruments(a)
Liabilities
Futures Contracts	$	—	$	(173,233	)	$	—	$	(173,233	)

^(a)  Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

See notes to financial statements.

S C H E D U L E   O F   I N V E S T M E N T S 35

Schedule of Investments (unaudited) February 28, 2022 iShares^® MSCI Thailand ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Airlines — 0.2%
Asia Aviation PCL, NVDR(a)(b)		7,820,247	$	606,126
Bangkok Airways PCL, NVDR(a)		1,872,600		543,594
				1,149,720
Auto Components — 0.4%
Sri Trang Agro-Industry PCL, NVDR		2,350,345		1,930,105
Banks — 3.4%
Kiatnakin Phatra Bank PCL, NVDR		543,973		1,139,382
Krung Thai Bank PCL, NVDR		8,933,700		3,843,526
Siam Commercial Bank PCL (The), NVDR		2,170,100		8,385,821
Thanachart Capital PCL, NVDR		737,200		945,886
Tisco Financial Group PCL, NVDR		514,800		1,544,356
				15,858,971
Beverages — 1.3%
Carabao Group PCL, NVDR(b)		766,200		2,508,504
Osotspa PCL, NVDR		3,071,600		3,324,905
				5,833,409
Building Products — 0.2%
Dynasty Ceramic PCL, NVDR		10,561,040		969,644
Capital Markets — 0.7%
Bangkok Commercial Asset Management PCL, NVDR		4,544,700		3,059,573
Chemicals — 3.9%
Eastern Polymer Group PCL, NVDR		2,494,600		756,655
Indorama Ventures PCL, NVDR		4,319,910		5,985,010
PTT Global Chemical PCL, NVDR		5,763,907		9,393,248
TOA Paint Thailand PCL, NVDR(b)		1,565,000		1,394,920
Vinythai PCL, NVDR		540,300		587,303
				18,117,136
Construction & Engineering — 0.6%
CH Karnchang PCL, NVDR		2,805,000		1,809,691
Sino-Thai Engineering & Construction PCL, NVDR(b)		2,743,528		1,191,445
				3,001,136
Construction Materials — 5.8%
Siam Cement PCL (The), NVDR		1,995,300		24,012,705
Siam City Cement PCL, NVDR		229,000		1,128,355
Tipco Asphalt PCL, NVDR(b)		1,800,400		1,008,334
TPI Polene PCL, NVDR		14,756,500		783,175
				26,932,569
Consumer Finance — 4.1%
AEON Thana Sinsap Thailand PCL, NVDR(b)		224,400		1,360,090
JMT Network Services PCL, NVDR		1,397,900		2,925,021
Krungthai Card PCL, NVDR		2,307,300		4,490,010
Muangthai Capital PCL, NVDR		1,897,200		3,004,868
Ngern Tid Lor PCL, NVDR(a)		2,668,400		3,075,185
Ratchthani Leasing PCL, NVDR		5,756,527		771,364
Srisawad Corp. PCL, NVDR		1,931,160		3,428,428
				19,054,966
Containers & Packaging — 1.5%
Polyplex Thailand PCL, NVDR(b)		686,700		572,688
SCG Packaging PCL, NVDR		3,292,600		6,193,091
				6,765,779
Diversified Telecommunication Services — 1.2%
Jasmine International PCL, NVDR(a)(b)		11,029,868		1,219,179
True Corp. PCL, NVDR		29,863,418		4,590,522
				5,809,701

Security	Shares		Value
Electronic Equipment, Instruments & Components — 4.1%
Delta Electronics Thailand PCL, NVDR		798,400	$	9,996,210
Hana Microelectronics PCL, NVDR		1,440,500		2,267,254
Jay Mart PCL, NVDR(b)		1,229,200		2,136,792
KCE Electronics PCL, NVDR		2,113,200		3,934,302
Synnex Thailand PCL, NVDR(b)		647,900		527,993
				18,862,551
Entertainment — 0.3%
Major Cineplex Group PCL, NVDR		1,362,100		842,064
RS PCL, NVDR(a)(b)		1,231,200		639,740
				1,481,804
Food & Staples Retailing — 7.4%
Berli Jucker PCL, NVDR		3,073,500		3,160,372
CP ALL PCL, NVDR		14,942,000		31,217,065
				34,377,437
Food Products — 3.4%
Charoen Pokphand Foods PCL, NVDR		9,907,700		7,676,645
GFPT PCL, NVDR(b)		1,296,700		519,870
Ichitan Group PCL, NVDR(b)		1,325,800		418,986
Khon Kaen Sugar Industry PCL, NVDR(a)		3,933,378		409,197
R&B Food Supply PCL, NVDR(b)		1,290,400		626,523
Thai Union Group PCL, NVDR		7,320,200		4,570,224
Thai Vegetable Oil PCL, NVDR		1,132,553		1,126,487
Thaifoods Group PCL, NVDR(b)		2,864,600		372,636
				15,720,568
Health Care Equipment & Supplies — 0.4%
Sri Trang Gloves Thailand PCL, NVDR(b)		2,557,300		2,015,317
Health Care Providers & Services — 6.2%
Bangkok Chain Hospital PCL, NVDR		3,499,925		2,045,863
Bangkok Dusit Medical Services PCL, NVDR		24,407,200		17,745,573
Bumrungrad Hospital PCL, NVDR		1,218,876		5,743,712
Chularat Hospital PCL, NVDR(b)		12,736,200		1,365,546
Thonburi Healthcare Group PCL, NVDR		1,301,400		1,981,474
				28,882,168
Hotels, Restaurants & Leisure — 2.8%
Asset World Corp. PCL, NVDR(a)		20,449,200		3,012,603
Central Plaza Hotel PCL, NVDR(a)		1,042,500		1,101,733
Minor International PCL, NVDR(a)		7,975,710		7,553,382
MK Restaurants Group PCL, NVDR		827,100		1,371,063
				13,038,781
Independent Power and Renewable Electricity Producers — 9.4%
Absolute Clean Energy PCL, NVDR(b)		5,122,600		494,101
B Grimm Power PCL, NVDR(b)		1,996,600		2,118,307
Banpu Power PCL, NVDR(b)		1,959,500		1,003,596
BCPG PCL, NVDR		2,215,950		849,412
CK Power PCL, NVDR		5,244,560		821,463
Electricity Generating PCL, NVDR		672,400		3,703,830
Energy Absolute PCL, NVDR(b)		3,815,100		11,150,160
Global Power Synergy PCL, NVDR		1,802,500		4,160,858
Gulf Energy Development PCL, NVDR		7,513,400		11,681,326
Gunkul Engineering PCL, NVDR		10,272,722		1,960,743
Ratch Group PCL, NVDR		2,038,500		2,874,739
SPCG PCL, NVDR		1,224,500		668,112
Super Energy Corp. PCL, NVDR		42,126,750		1,188,721
TPI Polene Power PCL, NVDR(b)		6,437,500		804,373
				43,479,741
Industrial Conglomerates — 0.2%
Thoresen Thai Agencies PCL, NVDR		3,516,400		1,077,050

36 2 0 2 2   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) February 28, 2022 iShares^® MSCI Thailand ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Insurance — 0.9%
Bangkok Life Assurance PCL, NVDR(b)		1,316,000	$	1,765,391
Dhipaya Group Holdings PCL(a)		910,600		1,665,137
TQM Corp. PCL, NVDR(b)		693,800		960,809
				4,391,337
Marine — 0.5%
Precious Shipping PCL, NVDR		1,984,900		1,068,642
Regional Container Lines PCL, NVDR		844,700		1,228,516
				2,297,158
Media — 0.9%
BEC World PCL, NVDR(a)(b)		2,300,500		1,167,739
Plan B Media PCL, NVDR(a)		5,321,060		1,298,467
VGI PCL, NVDR(b)		8,777,500		1,565,691
				4,031,897
Multiline Retail — 1.2%
Central Retail Corp. PCL, NVDR		4,626,034		5,439,517
Oil, Gas & Consumable Fuels — 13.8%
Bangchak Corp. PCL, NVDR		2,634,200		2,511,151
Banpu PCL, NVDR		13,841,300		4,638,915
Esso Thailand PCL, NVDR(a)(b)		2,685,400		620,032
IRPC PCL, NVDR(b)		28,738,700		3,368,771
Prima Marine PCL, NVDR		2,532,900		446,807
PTT Exploration & Production PCL, NVDR		3,557,784		14,979,171
PTT PCL, NVDR		25,581,900		31,140,041
Siamgas & Petrochemicals PCL, NVDR		1,402,500		598,560
Star Petroleum Refining PCL, NVDR(a)		4,449,900		1,223,589
Thai Oil PCL, NVDR		2,868,800		4,769,029
				64,296,066
Pharmaceuticals — 0.3%
Mega Lifesciences PCL, NVDR		896,200		1,180,509
Real Estate Management & Development — 6.4%
Amata Corp. PCL, NVDR		2,217,800		1,456,901
AP Thailand PCL, NVDR		6,067,186		1,972,139
Bangkok Land PCL, NVDR(b)		28,889,400		919,510
Central Pattana PCL, NVDR		5,174,100		8,798,721
Land & Houses PCL, NVDR		21,389,400		6,299,211
MBK PCL, NVDR(a)		2,235,700		859,009
Origin Property PCL, NVDR		1,874,700		686,463
Pruksa Holding PCL, NVDR		1,978,800		872,390
Quality Houses PCL, NVDR		19,178,232		1,341,518
Sansiri PCL, NVDR(b)		30,579,237		1,158,218
SC Asset Corp. PCL, NVDR		3,744,704		446,897
Singha Estate PCL, NVDR(a)(b)		7,788,400		464,801
Supalai PCL, NVDR		3,281,600		2,210,050
WHA Corp. PCL, NVDR		20,983,640		2,190,269
				29,676,097
Road & Rail — 1.3%
BTS Group Holdings PCL, NVDR		20,195,600		5,887,026
Specialty Retail — 4.3%
Com7 PCL, NVDR		1,380,800		3,505,346
Dohome PCL, NVDR(b)		1,559,910		1,131,019
Home Product Center PCL, NVDR		15,132,473		7,086,214
PTG Energy PCL, NVDR(b)		2,142,500		947,979
PTT Oil & Retail Business PCL, NVDR		7,670,400		6,078,093

Security	Shares		Value
Specialty Retail (continued)
Singer Thailand PCL, NVDR		715,524	$	1,062,875
				19,811,526
Transportation Infrastructure — 5.9%
Airports of Thailand PCL, NVDR(a)		10,967,800		21,669,436
Bangkok Aviation Fuel Services PCL, NVDR(a)(b)		491,800		388,409
Bangkok Expressway & Metro PCL, NVDR(b)		19,542,253		5,343,274
				27,401,119
Water Utilities — 0.4%
Eastern Water Resources Development and Management PCL, NVDR(b)		1,494,700		349,945
TTW PCL, NVDR(b)		3,576,666		1,258,811
WHA Utilities and Power PCL, NVDR(b)		2,945,100		368,385
				1,977,141
Wireless Telecommunication Services — 6.1%
Advanced Info Service PCL, NVDR		3,044,219		21,429,220
Intouch Holdings PCL, NVDR		2,876,000		6,687,700
				28,116,920
Total Common Stocks — 99.5% (Cost: $512,847,245)				461,924,439
Rights
Food Products — 0.0%
Khon Kaen Sugar, (Expires 02/28/22)(a)		35,671		—
Media — 0.0%
VGI PCL, (Expires 03/25/22)(a)		2,385,750		58,412
Oil, Gas & Consumable Fuels — 0.0%
Bangchak Corp. PCL, (Expires 02/28/22)(a)		117,773		—
Total Rights — 0.0% (Cost: $0)				58,412
Short-Term Investments
Money Market Funds — 3.0%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.09%(c)(d)(e)		12,971,255		12,973,849
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.03%(c)(d)		1,080,000		1,080,000
				14,053,849
Total Short-Term Investments — 3.0% (Cost: $14,051,763)				14,053,849
Total Investments in Securities — 102.5% (Cost: $526,899,008)				476,036,700
Other Assets, Less Liabilities — (2.5)%				(11,435,215	)
Net Assets — 100.0%			$	464,601,485

^(a)  Non-income producing security.

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

^(c)  Affiliate of the Fund.

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

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

S C H E D U L E   O F   I N V E S T M E N T S 37

Schedule of Investments (unaudited) (continued) February 28, 2022 iShares^® MSCI Thailand ETF

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 08/31/21		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 02/28/22		Shares Held at 02/28/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	33,250,286	$	—	$	(20,267,365	)(a)	$	(6,515	)	$	(2,557	)	$	12,973,849		12,971,255	$	1,273,311	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		1,130,000		—		(50,000	)(a)		—			—			1,080,000		1,080,000		50			—
								$	(6,515	)	$	(2,557	)	$	14,053,849			$	1,273,361		$	—

^(a)  Represents net amount purchased (sold).

^(b)  All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
MSCI Emerging Markets Index		35		03/18/22	$	2,057	$	(46,645	)

Derivative Financial Instruments Categorized by Risk Exposure

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

	Equity Contracts
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	46,645

^(a)  Net cumulative unrealized appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).

For the period ended February 28, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	(341	)
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(72,558	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	1,605,215

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

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Schedule of Investments (unaudited) (continued) February 28, 2022 iShares^® MSCI Thailand ETF

Fair Value Hierarchy as of Period End

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.

	Level 1			Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	22,399,333		$	439,525,106	$	—	$	461,924,439
Rights		—			58,412		—		58,412
Money Market Funds		14,053,849			—		—		14,053,849
	$	36,453,182		$	439,583,518	$	—	$	476,036,700
Derivative financial instruments(a)
Liabilities
Futures Contracts	$	(46,645	)	$	—	$	—	$	(46,645	)

^(a)  Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

See notes to financial statements.

S C H E D U L E   O F   I N V E S T M E N T S 39

Statements of Assets and Liabilities(unaudited)

February 28, 2022

	iShares MSCI Hong Kong ETF			iShares MSCI Japan Small-Cap ETF			iShares MSCI Malaysia ETF			iShares MSCI Pacific ex Japan ETF
ASSETS
Investments in securities, at value (including securities on loan)(a):
Unaffiliated(b)	$	852,800,798		$	72,469,151		$	268,490,175		$	2,217,525,163
Affiliated(c)		1,746,726			39,031			3,657,635			7,929,206
Cash		3,065			5,062			1,214			—
Foreign currency, at value(d)		52,195			14,397			150,228			5,166,613
Cash pledged:
Futures contracts(e)		15,000			—			19,000			—
Foreign currency collateral pledged:
Futures contracts(e)		—			9,490			—			2,341,760
Receivables:
Investments sold		7,511,989			988,297			869,273			48,761,588
Securities lending income — Affiliated		281			7			6,200			47,207
Variation margin on futures contracts		—			4,235			—			459,504
Capital shares sold		—			—			9,631,870			—
Dividends		22			228,255			340,055			16,286,359
Tax reclaims		—			810			—			—
Total assets		862,130,076			73,758,735			283,165,650			2,298,517,400
LIABILITIES
Bank overdraft		—			—			—			104,392
Collateral on securities loaned, at value		1,036,830			9,031			3,432,098			7,136,638
Payables:
Investments purchased		7,608,538			964,264			10,220,061			43,713,981
Variation margin on futures contracts		6,308			—			2,559			—
Investment advisory fees		351,597			27,554			95,466			821,052
Total liabilities		9,003,273			1,000,849			13,750,184			51,776,063
NET ASSETS	$	853,126,803		$	72,757,886		$	269,415,466		$	2,246,741,337
NET ASSETS CONSIST OF:
Paid-in capital	$	1,471,908,959		$	98,772,177		$	290,922,821		$	2,825,774,249
Accumulated loss		(618,782,156	)		(26,014,291	)		(21,507,355	)		(579,032,912	)
NET ASSETS	$	853,126,803		$	72,757,886		$	269,415,466		$	2,246,741,337
Shares outstanding		37,500,000			1,000,000			10,500,000			48,300,000
Net asset value	$	22.75		$	72.76		$	25.66		$	46.52
Shares authorized		375 million			500 million			300 million			1 billion
Par value	$	0.001		$	0.001		$	0.001		$	0.001
(a) Securities loaned, at value	$	1,042,929		$	8,661		$	4,113,207		$	6,954,948
(b) Investments, at cost — Unaffiliated	$	975,239,202		$	85,859,628		$	150,417,280		$	2,141,758,881
(c)  Investments, at cost — Affiliated	$	1,746,807		$	39,031		$	3,657,310		$	7,927,763
(d) Foreign currency, at cost	$	52,200		$	14,283		$	150,174		$	5,151,231
(e) Foreign currency collateral pledged, at cost	$	—		$	9,556		$	—		$	2,333,982

See notes to financial statements.

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Statements of Assets and Liabilities(unaudited)(continued)

February 28, 2022

	iShares MSCI Singapore ETF			iShares MSCI Taiwan ETF		iShares MSCI Thailand ETF
ASSETS
Investments in securities, at value (including securities on loan)(a):
Unaffiliated(b)	$	628,217,565		$	6,928,270,787	$	461,982,851
Affiliated(c)		1,594,772			574,269,262		14,053,849
Cash		6,856			1,418		7,579
Foreign currency, at value(d)		1,581,087			10,607,816		130,374
Cash pledged:
Futures contracts		—			441,000		63,000
Foreign currency collateral pledged:
Futures contracts(e)		114,598			—		—
Receivables:
Investments sold		60,426,930			189,699,442		—
Securities lending income — Affiliated		2,076			971,025		144,962
Variation margin on futures contracts		4,832			107,240		—
Capital shares sold		626,675			—		33,302
Dividends		773,249			398,340		1,480,023
Total assets		693,348,640			7,704,766,330		477,895,940
LIABILITIES
Collateral on securities loaned, at value		580,540			572,842,804		12,986,536
Payables:
Investments purchased		71,065,472			129,266,209		107,566
Variation margin on futures contracts		—			—		11,125
Capital shares redeemed		—			61,578,386		—
Investment advisory fees		230,074			3,134,738		189,228
Foreign taxes		—			642,617		—
Total liabilities		71,876,086			767,464,754		13,294,455
NET ASSETS	$	621,472,554		$	6,937,301,576	$	464,601,485
NET ASSETS CONSIST OF:
Paid-in capital	$	882,252,917		$	2,935,832,565	$	634,196,709
Accumulated earnings (loss)		(260,780,363	)		4,001,469,011		(169,595,224	)
NET ASSETS	$	621,472,554		$	6,937,301,576	$	464,601,485
Shares outstanding		29,700,000			108,300,000		5,850,000
Net asset value	$	20.93		$	64.06	$	79.42
Shares authorized		300 million			900 million		200 million
Par value	$	0.001		$	0.001	$	0.001
(a) Securities loaned, at value	$	557,920		$	528,494,208	$	11,754,235
(b) Investments, at cost — Unaffiliated	$	635,631,162		$	2,784,948,911	$	512,847,245
(c)  Investments, at cost — Affiliated	$	1,594,339		$	574,285,708	$	14,051,763
(d) Foreign currency, at cost	$	1,588,312		$	10,655,234	$	130,344
(e) Foreign currency collateral pledged, at cost	$	117,852		$	—	$	—

See notes to financial statements.

F I N A N C I A L   S T A T E M E N T S 41

Statements of Operations (unaudited)

Six Months Ended February 28, 2022

	iShares MSCI Hong Kong ETF			iShares MSCI Japan Small-Cap ETF			iShares MSCI Malaysia ETF			iShares MSCI Pacific ex Japan ETF
INVESTMENT INCOME
Dividends — Unaffiliated	$	8,016,465		$	853,484		$	5,233,123		$	50,029,365
Dividends — Affiliated		61			2			314			395
Securities lending income — Affiliated — net		517,214			8			147,230			620,913
Foreign taxes withheld		—			(84,911	)		—			(697,539	)
Total investment income		8,533,740			768,583			5,380,667			49,953,134
EXPENSES
Investment advisory fees		2,334,311			188,839			603,137			5,416,272
Commitment fees		—			—			1,183			—
Professional fees		217			217			217			217
Total expenses		2,334,528			189,056			604,537			5,416,489
Net investment income		6,199,212			579,527			4,776,130			44,536,645
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		(21,029,471	)		(906,322	)		(9,647,507	)		(74,805,478	)
Investments — Affiliated		(23	)		—			617			(4,562	)
In-kind redemptions — Unaffiliated		136,785			—			—			6,381,192
Futures contracts		(228,556	)		(10,308	)		(74,588	)		(948,370	)
Foreign currency transactions		(3,851	)		(16,629	)		(56,093	)		(522,738	)
Net realized loss		(21,125,116	)		(933,259	)		(9,777,571	)		(69,899,956	)
Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated		(93,180,024	)		(8,089,380	)		2,570,907			(121,627,286	)
Investments — Affiliated		(81	)		—			(1,292	)		(542	)
Futures contracts		(40,639	)		(10,322	)		(4,768	)		(221,456	)
Foreign currency translations		(3,655	)		179			(4,148	)		124,244
Net change in unrealized appreciation (depreciation)		(93,224,399	)		(8,099,523	)		2,560,699			(121,725,040	)
Net realized and unrealized loss		(114,349,515	)		(9,032,782	)		(7,216,872	)		(191,624,996	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(108,150,303	)	$	(8,453,255	)	$	(2,440,742	)	$	(147,088,351	)

See notes to financial statements.

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Statements of Operations(unaudited)(continued)

Six Months Ended February 28, 2022

	iShares MSCI Singapore ETF			iShares MSCI Taiwan ETF			iShares MSCI Thailand ETF
INVESTMENT INCOME
Dividends — Unaffiliated	$	4,612,163		$	29,348,674		$	4,060,808
Dividends — Affiliated		116			63,819			2,295
Securities lending income — Affiliated — net(a)		29,382			5,603,437			1,271,066
Foreign taxes withheld		(133,784	)		(6,146,415	)		(385,221	)
Other foreign taxes		—			(1,101,857	)		—
Total investment income		4,507,877			27,767,658			4,948,948
EXPENSES
Investment advisory fees		1,469,685			20,493,791			1,133,796
Commitment fees		—			19,090			—
Professional fees		217			217			217
Total expenses		1,469,902			20,513,098			1,134,013
Net investment income		3,037,975			7,254,560			3,814,935
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		(9,177,922	)		31,861,520			(3,159,046	)
Investments — Affiliated		(3,093	)		(133,896	)		(6,515	)
In-kind redemptions — Unaffiliated		8,397,180			—			2,586,901
Futures contracts		(190,681	)		2,583,934			(341	)
Foreign currency transactions		(364,448	)		(1,241,912	)		(9,285	)
Net realized gain (loss)		(1,338,964	)		33,069,646			(588,286	)
Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated		(30,220,007	)		49,352,091			419,841
Investments — Affiliated		(1,573	)		(75,680	)		(2,557	)
Futures contracts		26,256			(2,764,482	)		(72,558	)
Foreign currency translations		(142,855	)		(392,720	)		(44,253	)
Net change in unrealized appreciation (depreciation)		(30,338,179	)		46,119,209			300,473
Net realized and unrealized gain (loss)		(31,677,143	)		79,188,855			(287,813	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(28,639,168	)	$	86,443,415		$	3,527,122
(a) Net of securities lending income tax paid of	$	—		$	1,399,592		$	—

See notes to financial statements.

F I N A N C I A L   S T A T E M E N T S 43

Statements of Changes in Net Assets

	iShares MSCI Hong Kong ETF						iShares MSCI Japan Small-Cap ETF
	Six Months Ended 02/28/22 (unaudited)			Year Ended 08/31/21			Six Months Ended 02/28/22 (unaudited)			Year Ended 08/31/21
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	6,199,212		$	28,969,140		$	579,527		$	892,504
Net realized gain (loss)		(21,125,116	)		55,547,845			(933,259	)		(3,561,252	)
Net change in unrealized appreciation (depreciation)		(93,224,399	)		120,477,914			(8,099,523	)		13,425,992
Net increase (decrease) in net assets resulting from operations		(108,150,303	)		204,994,899			(8,453,255	)		10,757,244
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(10,473,189	)		(29,103,228	)		(818,006	)		(534,743	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		(52,022,756	)		(480,399,865	)		8,692,269			192,888
NET ASSETS
Total increase (decrease) in net assets		(170,646,248	)		(304,508,194	)		(578,992	)		10,415,389
Beginning of period		1,023,773,051			1,328,281,245			73,336,878			62,921,489
End of period	$	853,126,803		$	1,023,773,051		$	72,757,886		$	73,336,878

^(a) Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to financial statements.

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Statements of Changes in Net Assets (continued)

	iShares MSCI Malaysia ETF						iShares MSCI Pacific ex Japan ETF
	Six Months Ended 02/28/22 (unaudited)			Year Ended 08/31/21			Six Months Ended 02/28/22 (unaudited)			Year Ended 08/31/21
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	4,776,130		$	11,760,680		$	44,536,645		$	59,989,395
Net realized gain (loss)		(9,777,571	)		17,588			(69,899,956	)		28,747,225
Net change in unrealized appreciation (depreciation)		2,560,699			1,061,655			(121,725,040	)		324,866,037
Net increase (decrease) in net assets resulting from operations		(2,440,742	)		12,839,923			(147,088,351	)		413,602,657
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(6,979,020	)		(8,199,614	)		(74,045,047	)		(55,488,183	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		13,536,163			(81,263,223	)		27,111,010			200,269,201
NET ASSETS
Total increase (decrease) in net assets		4,116,401			(76,622,914	)		(194,022,388	)		558,383,675
Beginning of period		265,299,065			341,921,979			2,440,763,725			1,882,380,050
End of period	$	269,415,466		$	265,299,065		$	2,246,741,337		$	2,440,763,725

^(a) Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to financial statements.

F I N A N C I A L   S T A T E M E N T S 45

Statements of Changes in Net Assets (continued)

	iShares MSCI Singapore ETF						iShares MSCI Taiwan ETF
	Six Months Ended 02/28/22 (unaudited)			Year Ended 08/31/21			Six Months Ended 02/28/22 (unaudited)			Year Ended 08/31/21
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	3,037,975		$	18,463,333		$	7,254,560		$	132,498,576
Net realized gain (loss)		(1,338,964	)		(755,655	)		33,069,646			109,814,384
Net change in unrealized appreciation (depreciation)		(30,338,179	)		112,664,961			46,119,209			2,042,034,196
Net increase (decrease) in net assets resulting from operations		(28,639,168	)		130,372,639			86,443,415			2,284,347,156
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(25,731,003	)		(19,029,698	)		(190,635,508	)		(99,705,133	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		57,604,705			(18,837,564	)		(513,570,532	)		1,138,966,691
NET ASSETS
Total increase (decrease) in net assets		3,234,534			92,505,377			(617,762,625	)		3,323,608,714
Beginning of period		618,238,020			525,732,643			7,555,064,201			4,231,455,487
End of period	$	621,472,554		$	618,238,020		$	6,937,301,576		$	7,555,064,201

^(a) Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to financial statements.

46 2 0 2 2   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Statements of Changes in Net Assets (continued)

	iShares MSCI Thailand ETF
	Six Months Ended 02/28/22 (unaudited)			Year Ended 08/31/21
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	3,814,935		$	9,439,648
Net realized loss		(588,286	)		(12,016,117	)
Net change in unrealized appreciation (depreciation)		300,473			81,676,622
Net increase in net assets resulting from operations		3,527,122			79,100,153
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(5,789,084	)		(8,978,515	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		55,125,254			(95,172,234	)
NET ASSETS
Total increase (decrease) in net assets		52,863,292			(25,050,596	)
Beginning of period		411,738,193			436,788,789
End of period	$	464,601,485		$	411,738,193

^(a) Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to financial statements.

F I N A N C I A L   S T A T E M E N T S 47

Financial Highlights

(For a share outstanding throughout each period)

	iShares MSCI Hong Kong ETF
	Six Months Ended 02/28/22 (unaudited)				Year Ended 08/31/21			Year Ended 08/31/20			Year Ended 08/31/19			Year Ended 08/31/18			Year Ended 08/31/17
Net asset value, beginning of period		$	25.80		$	22.91		$	23.00		$	24.18		$	24.69		$	21.08
Net investment income(a)			0.16			0.57			0.54			0.62			0.71			0.68
Net realized and unrealized gain (loss)(b)			(2.95	)		2.92			(0.01	)		(1.08	)		(0.12	)		3.54
Net increase (decrease) from investment operations			(2.79	)		3.49			0.53			(0.46	)		0.59			4.22
Distributions(c)
From net investment income			(0.26	)		(0.60	)		(0.62	)		(0.72	)		(1.10	)		(0.61	)
Total distributions			(0.26	)		(0.60	)		(0.62	)		(0.72	)		(1.10	)		(0.61	)
Net asset value, end of period		$	22.75		$	25.80		$	22.91		$	23.00		$	24.18		$	24.69
Total Return(d)
Based on net asset value			(10.83	)%(e)		15.24	%		2.46	%		(2.00	)%		2.33	%		20.38	%
Ratios to Average Net Assets(f)
Total expenses			0.49	%(g)		0.50	%		0.51	%		0.49	%		0.48	%		0.49	%
Net investment income			1.31	%(g)		2.26	%		2.37	%		2.52	%		2.83	%		3.08	%
Supplemental Data
Net assets, end of period (000)		$	853,127		$	1,023,773		$	1,328,281		$	1,424,663		$	2,729,621		$	1,855,447
Portfolio turnover rate(h)			5	%(e)		21	%		16	%		12	%		7	%		8	%

^(a)  Based on average shares outstanding.

^(b) The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(c) Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(d)  Where applicable, assumes the reinvestment of distributions.

^(e) Not annualized.

^(f) Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(g)  Annualized.

^(h) Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

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Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares MSCI Japan Small-Cap ETF
	Six Months Ended
	02/28/22 (unaudited)				Year Ended 08/31/21				Year Ended 08/31/20				Year Ended 08/31/19				Year Ended 08/31/18				Year Ended 08/31/17
Net asset value, beginning of period		$	81.49			$	69.91			$	68.75			$	77.00			$	72.78			$	60.95
Net investment income(a)			0.58				1.04				1.21				1.37				0.94				1.02
Net realized and unrealized gain (loss)(b)			(8.49	)			11.13				2.78				(7.90	)			4.24				12.62
Net increase (decrease) from investment operations			(7.91	)			12.17				3.99				(6.53	)			5.18				13.64
Distributions(c)
From net investment income			(0.82	)			(0.59	)			(2.83	)			(1.72	)			(0.96	)			(1.81	)
Total distributions			(0.82	)			(0.59	)			(2.83	)			(1.72	)			(0.96	)			(1.81	)
Net asset value, end of period		$	72.76			$	81.49			$	69.91			$	68.75			$	77.00			$	72.78
Total Return(d)
Based on net asset value			(9.75	)%(e)			17.41	%			5.72	%			(8.42	)%			7.09	%			22.81	%
Ratios to Average Net Assets(f)
Total expenses			0.49	%(g)			0.50	%			0.51	%			0.49	%			0.47	%			0.49	%
Net investment income			1.52	%(g)			1.33	%			1.75	%			1.94	%			1.18	%			1.53	%
Supplemental Data
Net assets, end of period (000)		$	72,758			$	73,337			$	62,921			$	109,995			$	284,912			$	189,216
Portfolio turnover rate(h)			8	%(e)			21	%			10	%			10	%			9	%			8	%

^(a)  Based on average shares outstanding.

^(b)  The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(c)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(d)  Where applicable, assumes the reinvestment of distributions.

^(e)  Not annualized.

^(f)  Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(g)  Annualized.

^(h)  Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

F I N A N C I A L   H I G H L I G H T S 49

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares MSCI Malaysia ETF
	Six Months Ended
	02/28/22				Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
			(unaudited)			08/31/21			08/31/20			08/31/19			08/31/18			08/31/17	(a)
Net asset value, beginning of period		$	26.60		$	26.51		$	28.02		$	32.87		$	32.03		$	33.13
Net investment income(b)			0.49			0.98			0.76			1.03			0.91			0.56
Net realized and unrealized gain (loss)(c)			(0.65	)		(0.05	)		(1.41	)		(4.85	)		2.06			(0.05	)
Net increase (decrease) from investment operations			(0.16	)		0.93			(0.65	)		(3.82	)		2.97			0.51
Distributions(d)
From net investment income			(0.78	)		(0.84	)		(0.86	)		(1.03	)		(2.13	)		(1.61	)
Total distributions			(0.78	)		(0.84	)		(0.86	)		(1.03	)		(2.13	)		(1.61	)
Net asset value, end of period		$	25.66		$	26.60		$	26.51		$	28.02		$	32.87		$	32.03
Total Return(e)
Based on net asset value			(0.37	)%(f)		3.51	%		(2.27	)%		(11.69	)%		9.59	%		2.14	%
Ratios to Average Net Assets(g)
Total expenses			0.50	%(h)		0.50	%		0.51	%		0.49	%		0.47	%		0.49	%
Net investment income			3.91	%(h)		3.62	%		2.86	%		3.41	%		2.69	%		2.73	%
Supplemental Data
Net assets, end of period (000)		$	269,415		$	265,299		$	341,922		$	390,889		$	557,220		$	437,224
Portfolio turnover rate			17	%(f)		28	%(i)		58	%(i)		48	%(i)		63	%(i)		24	%(i)
(a) Per share amounts reflect a one-for-four reverse stock split effective after the close of trading on November 4, 2016. (b) Based on average shares outstanding. (c)  The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital   share transactions in relation to the fluctuating market values of the Fund’s underlying securities. (d) Distributions for annual periods determined in accordance with U.S. federal income tax regulations. (e) Where applicable, assumes the reinvestment of distributions. (f)  Not annualized. (g) Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. (h) Annualized.
(i)  Portfolio turnover rate excluding cash creations was as follows:			6	%		7	%		16	%		9	%		17	%		10	%

See notes to financial statements.

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Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares MSCI Pacific ex Japan ETF
	Six Months Ended
		02/28/22 (unaudited)			Year Ended 08/31/21			Year Ended 08/31/20			Year Ended 08/31/19			Year Ended 08/31/18			Year Ended 08/31/17
Net asset value, beginning of period		$	51.17		$	42.98		$	44.17		$	46.02		$	46.43		$	40.94
Net investment income(a)			0.94			1.30			1.29			1.74			1.66			1.60
Net realized and unrealized gain (loss)(b)			(4.03	)		8.06			(0.98	)		(1.58	)		0.03			5.55
Net increase (decrease) from investment operations			(3.09	)		9.36			0.31			0.16			1.69			7.15
Distributions(c)
From net investment income			(1.56	)		(1.17	)		(1.50	)		(2.01	)		(2.10	)		(1.66	)
Total distributions			(1.56	)		(1.17	)		(1.50	)		(2.01	)		(2.10	)		(1.66	)
Net asset value, end of period		$	46.52		$	51.17		$	42.98		$	44.17		$	46.02		$	46.43
Total Return(d)
Based on net asset value			(6.05	)%(e)		21.82	%		0.72	%		0.56	%		3.63	%		18.06	%
Ratios to Average Net Assets(f)
Total expenses			0.47	%(g)		0.47	%		0.48	%		0.48	%		0.48	%		0.49	%
Net investment income			3.86	%(g)		2.66	%		3.04	%		3.89	%		3.52	%		3.69	%
Supplemental Data
Net assets, end of period (000)		$	2,246,741		$	2,440,764		$	1,882,380		$	2,266,116		$	2,374,834		$	3,120,426
Portfolio turnover rate(h)			10	%(e)		9	%		8	%		7	%		6	%		3	%

^(a)  Based on average shares outstanding.

^(b)  The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(c)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(d)  Where applicable, assumes the reinvestment of distributions.

^(e)  Not annualized.

^(f)  Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(g)  Annualized.

^(h)  Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

F I N A N C I A L   H I G H L I G H T S 51

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares MSCI Singapore ETF
	Six Months Ended
			02/28/22 (unaudited)			Year Ended 08/31/21			Year Ended 08/31/20			Year Ended 08/31/19			Year Ended 08/31/18			Year Ended 08/31/17	(a)
Net asset value, beginning of period		$	23.03		$	19.12		$	22.83		$	23.84		$	24.70		$	21.22
Net investment income(b)			0.11			0.63			0.76			0.91			1.04			0.56
Net realized and unrealized gain (loss)(c)			(1.21	)		3.92			(3.57	)		(1.02	)		(0.77	)		3.84
Net increase (decrease) from investment operations			(1.10	)		4.55			(2.81	)		(0.11	)		0.27			4.40
Distributions(d)
From net investment income			(1.00	)		(0.64	)		(0.90	)		(0.90	)		(1.13	)		(0.92	)
Total distributions			(1.00	)		(0.64	)		(0.90	)		(0.90	)		(1.13	)		(0.92	)
Net asset value, end of period		$	20.93		$	23.03		$	19.12		$	22.83		$	23.84		$	24.70
Total Return(e)
Based on net asset value			(4.80	)%(f)		23.91	%		(12.84	)%		(0.41	)%		0.91	%		21.51	%
Ratios to Average Net Assets(g)
Total expenses			0.49	%(h)		0.50	%		0.51	%		0.50	%		0.47	%		0.49	%
Net investment income			1.02	%(h)		2.87	%		3.59	%		3.86	%		4.03	%		3.00	%
Supplemental Data
Net assets, end of period (000)		$	621,473		$	618,238		$	525,733		$	513,651		$	579,292		$	600,268
Portfolio turnover rate(i)			28	%(f)		17	%		22	%		9	%		26	%		12	%

^(a)  Per share amounts reflect a one-for-two reverse stock split effective after the close of trading on November 4, 2016.

^(b)  Based on average shares outstanding.

^(c)  The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(d)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(e)  Where applicable, assumes the reinvestment of distributions.

^(f)  Not annualized.

^(g)  Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(h)  Annualized.

⁽ⁱ⁾  Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

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Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares MSCI Taiwan ETF
	Six Months Ended
			02/28/22 (unaudited)			Year Ended 08/31/21			Year Ended 08/31/20			Year Ended 08/31/19			Year Ended 08/31/18			Year Ended 08/31/17	(a)
Net asset value, beginning of period		$	64.79		$	44.08		$	34.94		$	37.91		$	37.35		$	30.30
Net investment income(b)			0.07			1.22			1.05			0.92			0.98			0.87
Net realized and unrealized gain (loss)(c)			0.96			20.46			9.11			(2.89	)		0.60			6.88
Net increase (decrease) from investment operations			1.03			21.68			10.16			(1.97	)		1.58			7.75
Distributions(d)
From net investment income			(1.39	)		(0.97	)		(1.02	)		(1.00	)		(1.02	)		(0.70	)
From net realized gain			(0.37	)		—			—			—			—			—
Total distributions			(1.76	)		(0.97	)		(1.02	)		(1.00	)		(1.02	)		(0.70	)
Net asset value, end of period		$	64.06		$	64.79		$	44.08		$	34.94		$	37.91		$	37.35
Total Return(e)
Based on net asset value			1.57	%(f)		49.79	%		29.34	%		(4.92	)%		4.43	%		26.17	%
Ratios to Average Net Assets(g)
Total expenses			0.58	%(h)		0.57	%		0.59	%		0.59	%		0.59	%		0.62	%
Net investment income			0.20	%(h)		2.16	%		2.68	%		2.70	%		2.65	%		3.10	%
Supplemental Data
Net assets, end of period (000)		$	6,937,302		$	7,555,064		$	4,231,455		$	2,662,495		$	4,082,891		$	3,764,790
Portfolio turnover rate(i)			6	%(f)		12	%		15	%		7	%		12	%(j)		11	%(j)
(a) Per share amounts reflect a one-for-two reverse stock split effective after the close of trading on November 4, 2016. (b) Based on average shares outstanding. (c)  The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market  values of the Fund’s underlying securities. (d) Distributions for annual periods determined in accordance with U.S. federal income tax regulations. (e) Where applicable, assumes the reinvestment of distributions. (f)  Not annualized. (g) Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. (h) Annualized. (i)  Portfolio turnover rate includes portfolio transactions that are executed as a result of the Fund offering and redeeming Creation Units solely for cash in U.S. dollars (“cash creations”)
(j)  Portfolio turnover rate  excluding cash creations was as follows:			5	%		12	%		14	%		6	%		11	%		8	%

See notes to financial statements.

F I N A N C I A L   H I G H L I G H T S 53

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares MSCI Thailand ETF
	Six Months Ended
		02/28/22 (unaudited)			Year Ended 08/31/21			Year Ended 08/31/20			Year Ended 08/31/19			Year Ended 08/31/18			Year Ended 08/31/17
Net asset value, beginning of period		$	79.95		$	68.25		$	90.53		$	90.80		$	82.70		$	75.94
Net investment income(a)			0.74			1.70			1.97			2.10			2.12			1.99
Net realized and unrealized gain (loss)(b)			(0.15	)		11.73			(22.24	)		(0.33	)		8.13			6.90
Net increase (decrease) from investment operations			0.59			13.43			(20.27	)		1.77			10.25			8.89
Distributions(c)
From net investment income			(1.12	)		(1.73	)		(2.01	)		(2.04	)		(2.15	)		(2.13	)
Total distributions			(1.12	)		(1.73	)		(2.01	)		(2.04	)		(2.15	)		(2.13	)
Net asset value, end of period		$	79.42		$	79.95		$	68.25		$	90.53		$	90.80		$	82.70
Total Return(d)
Based on net asset value			0.84	%(e)		19.65	%		(22.57	)%		2.03	%		12.55	%		12.01	%
Ratios to Average Net Assets(f)
Total expenses			0.57	%(g)		0.57	%		0.59	%		0.59	%		0.59	%		0.62	%
Net investment income			1.93	%(g)		2.26	%		2.57	%		2.36	%		2.30	%		2.63	%
Supplemental Data
Net assets, end of period (000)		$	464,601		$	411,738		$	436,789		$	466,237		$	435,842		$	355,590
Portfolio turnover rate(h)			2	%(e)		17	%		11	%		17	%		10	%		7	%

^(a)  Based on average shares outstanding.

^(b)  The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(c)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(d)  Where applicable, assumes the reinvestment of distributions.

^(e)  Not annualized.

^(f)  Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(g)  Annualized.

^(h)  Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

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Notes to Financial Statements (unaudited)

1.   ORGANIZATION

iShares, Inc. (the “Company”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Company is organized as a Maryland corporation and is authorized to have multiple series or portfolios.

These financial statements relate only to the following funds (each, a “Fund” and collectively, the “Funds”):

iShares ETF	Diversification     Classification
MSCI Hong Kong	Non-diversified
MSCI Japan Small-Cap	Diversified
MSCI Malaysia	Non-diversified
MSCI Pacific ex Japan	Diversified
MSCI Singapore	Non-diversified
MSCI Taiwan	Non-diversified
MSCI Thailand	Non-diversified

2.   SIGNIFICANT ACCOUNTING POLICIES

The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. Each Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. Below is a summary of significant accounting policies:

Investment Transactions and Income Recognition: For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are recorded on the ex-dividend date. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Dividends from foreign securities where the ex-dividend date may have passed are subsequently recorded when the Funds are informed of the ex-dividend date. Under the applicable foreign tax laws, a withholding tax at various rates may be imposed on capital gains, dividends and interest. Upon notification from issuers or as estimated by management, a portion of the dividend income received from a real estate investment trust may be redesignated as a reduction of cost of the related investment and/or realized gain.

Foreign Currency Translation: Each Fund’s books and records are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars using prevailing market rates as quoted by one or more data service providers. Purchases and sales of investments are recorded at the rates of exchange prevailing on the respective dates of such transactions. Generally, when the U.S. dollar rises in value against a foreign currency, the investments denominated in that currency will lose value; the opposite effect occurs if the U.S. dollar falls in relative value.

Each Fund does not isolate the effect of fluctuations in foreign exchange rates from the effect of fluctuations in the market prices of investments for financial reporting purposes. Accordingly, the effects of changes in exchange rates on investments are not segregated in the Statements of Operations from the effects of changes in market prices of those investments, but are included as a component of net realized and unrealized gain (loss) from investments. Each Fund reports realized currency gains (losses) on foreign currency related transactions as components of net realized gain (loss) for financial reporting purposes, whereas such components are generally treated as ordinary income for U.S. federal income tax purposes.

Foreign Taxes: The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which each Fund invests. These foreign taxes, if any, are paid by each Fund and are reflected in its Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “Other foreign taxes”, and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of February 28, 2022, if any, are disclosed in the Statements of Assets and Liabilities.

The Funds file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. The Funds may record a reclaim receivable based on collectability, which includes factors such as the jurisdiction’s applicable laws, payment history and market convention. The Statements of Operations includes tax reclaims recorded as well as professional and other fees, if any, associated with recovery of foreign withholding taxes.

Segregation and Collateralization: In cases where a Fund enters into certain investments (e.g., futures contracts) that would be treated as “senior securities” for 1940 Act purposes, a Fund may segregate or designate on its books and record cash or liquid assets having a market value at least equal to the amount of its future obligations under such investments. Doing so allows the investment to be excluded from treatment as a “senior security.” Furthermore, if required by an exchange or counterparty agreement, the Funds may be required to deliver/deposit cash and/or securities to/with an exchange, or broker-dealer or custodian as collateral for certain investments or obligations.

In-kind Redemptions: For financial reporting purposes, in-kind redemptions are treated as sales of securities resulting in realized capital gains or losses to the Funds. Because such gains or losses are not taxable to the Funds and are not distributed to existing Fund shareholders, the gains or losses are reclassified from accumulated net realized gain (loss) to paid-in capital at the end of the Funds’ tax year. These reclassifications have no effect on net assets or net asset value (“NAV”) per share.

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Notes to Financial Statements (unaudited) (continued)

Distributions: Dividends and distributions paid by each Fund are recorded on the ex-dividend dates. Distributions are determined on a tax basis and may differ from net investment income and net realized capital gains for financial reporting purposes. Dividends and distributions are paid in U.S. dollars and cannot be automatically reinvested in additional shares of the Funds. The character and timing of distributions are determined in accordance with U.S. federal income tax regulations, which may differ from U.S. GAAP.

Indemnifications: In the normal course of business, each Fund enters into contracts that contain a variety of representations that provide general indemnification. The Funds’ maximum exposure under these arrangements is unknown because it involves future potential claims against the Funds, which cannot be predicted with any certainty.

3.   INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

Investment Valuation Policies: Each Fund’s investments are valued at fair value (also referred to as “market value” within the financial statements) each day that the Fund’s listing exchange is open and, for financial reporting purposes, as of the report date. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. Each Fund determines the fair values of its financial instruments using various independent dealers or pricing services under policies approved by the Board of Directors of the Company (the “Board”). If a security’s market price is not readily available or does not otherwise accurately represent the fair value of the security, the security will be valued in accordance with a policy approved by the Board as reflecting fair value. The BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) is the committee formed by management to develop global pricing policies and procedures and to oversee the pricing function for all financial instruments.

Fair Value Inputs and Methodologies: The following methods and inputs are used to establish the fair value of each Fund’s assets and liabilities:

• Equity investments traded on a recognized securities exchange are valued at that day’s official closing price, as applicable, on the exchange where the stock is primarily traded. Equity investments traded on a recognized exchange for which there were no sales on that day are valued at the last traded price.

• Investments in open-end U.S. mutual funds (including money market funds) are valued at that day’s published NAV.

• Futures contracts are valued based on that day’s last reported settlement or trade price on the exchange where the contract is traded.

Generally, trading in foreign instruments is substantially completed each day at various times prior to the close of trading on the New York Stock Exchange (“NYSE”). Each business day, the Funds use current market factors supplied by independent pricing services to value certain foreign instruments (“Systematic Fair Value Price”). The Systematic Fair Value Price is designed to value such foreign securities at fair value as of the close of trading on the NYSE, which follows the close of the local markets.

If events (e.g., market volatility, company announcement or a natural disaster) occur that are expected to materially affect the value of such investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Global Valuation Committee, in accordance with a policy approved by the Board as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Global Valuation Committee include market approach, income approach and cost approach. Valuation techniques such as discounted cash flow, use of market comparables and matrix pricing are types of valuation approaches and are typically used in determining fair value. When determining the price for Fair Valued Investments, the Global Valuation Committee, or its delegate, seeks to determine the price that each Fund might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm’s-length transaction. Fair value determinations shall be based upon all available factors that the Global Valuation Committee, or its delegate, deems relevant and consistent with the principles of fair value measurement. The pricing of all Fair Valued Investments is subsequently reported to the Board or a committee thereof on a quarterly basis.

Fair value pricing could result in a difference between the prices used to calculate a fund’s NAV and the prices used by the fund’s underlying index, which in turn could result in a difference between the fund’s performance and the performance of the fund’s underlying index.

Fair Value Hierarchy: Various inputs are used in determining the fair value of financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:

• Level 1 – Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that each Fund has the ability to access;

• Level 2 – Other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs); and

• Level 3 – Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, (including the Global Valuation Committee’s assumptions used in determining the fair value of financial instruments).

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Global Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds that may not have a secondary market and/or may have a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.

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Notes to Financial Statements (unaudited) (continued)

4.   SECURITIES AND OTHER INVESTMENTS

Securities Lending: Each Fund may lend its securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund collateral consisting of cash, an irrevocable letter of credit issued by an approved bank, or securities issued or guaranteed by the U.S. government. The initial collateral received by each Fund is required to have a value of at least 102% of the current market value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter at a value equal to at least 100% of the current value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Fund and any additional required collateral is delivered to the Fund or excess collateral is returned by the Fund, on the next business day. During the term of the loan, each Fund is entitled to all distributions made on or in respect of the loaned securities but does not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

As of period end, any securities on loan were collateralized by cash and/or U.S. Government obligations. Cash collateral invested in money market funds managed by BlackRock Fund Advisors (“BFA”), the Funds’ investment adviser, or its affiliates is disclosed in the Schedule of Investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Fund, except in the event of borrower default. The securities on loan, if any, are also disclosed in each Fund’s Schedule of Investments. The market value of any securities on loan and the value of any related cash collateral are disclosed in the Statements of Assets and Liabilities.

Securities lending transactions are entered into by the Funds under Master Securities Lending Agreements (each, an “MSLA”) which provide the right, in the event of default (including bankruptcy or insolvency) for the non-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral. In the event that a borrower defaults, the Funds, as lender, would offset the market value of the collateral received against the market value of the securities loaned. When the value of the collateral is greater than that of the market value of the securities loaned, the lender is left with a net amount payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty’s bankruptcy or insolvency. Under the MSLA, absent an event of default, the borrower can resell or re-pledge the loaned securities, and the Funds can reinvest cash collateral received in connection with loaned securities. Upon an event of default, the parties’ obligations to return the securities or collateral to the other party are extinguished, and the parties can resell or re-pledge the loaned securities or the collateral received in connection with the loaned securities in order to satisfy the defaulting party’s net payment obligation for all transactions under the MSLA. The defaulting party remains liable for any deficiency.

As of period end, the following table is a summary of the securities on loan by counterparty which are subject to offset under an MSLA:

iShares ETF and Counterparty		Market Value of Securities on Loan		Cash Collateral Received	(a)		Non-Cash Collateral Received		Net Amount
MSCI Hong Kong
BNP Paribas SA	$	1,042,929	$	1,036,726		$	—	$	(6,203	)(b)
MSCI Japan Small-Cap
BNP Paribas SA	$	8,661	$	8,661		$	—	$	—
MSCI Malaysia
Morgan Stanley	$	2,923,083	$	2,436,640		$	—	$	(486,443	)(b)
UBS AG		1,190,124		990,995			—		(199,129	)(b)
	$	4,113,207	$	3,427,635		$	—	$	(685,572	)
MSCI Pacific ex Japan
BNP Paribas SA	$	1,749,073	$	1,729,724		$	—	$	(19,349	)(b)
BofA Securities, Inc.		2,563,297		2,563,297			—		—
HSBC Bank PLC		39,099		39,099			—		—
Morgan Stanley		2,188,804		2,188,804			—		—
UBS Securities LLC		414,675		409,123			—		(5,552	)(b)
	$	6,954,948	$	6,930,047		$	—	$	(24,901	)
MSCI Singapore
Morgan Stanley	$	47,123	$	47,123		$	—	$	—
State Street Bank & Trust Co.		510,797		510,797			—		—
	$	557,920	$	557,920		$	—	$	—
MSCI Taiwan
Citigroup Global Markets Ltd.	$	41,929,595	$	41,929,595		$	—	$	—
Goldman Sachs International		93,661,291		93,661,291			—		—
J.P. Morgan Securities PLC		148,270,180		148,270,180			—		—
Macquarie Bank Ltd.		11,711,921		11,711,921			—		—
Morgan Stanley		232,921,221		232,921,221			—		—
	$	528,494,208	$	528,494,208		$	—	$	—

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Notes to Financial Statements (unaudited) (continued)

iShares ETF and Counterparty		Market Value of Securities on Loan		Cash Collateral Received	(a)		Non-Cash Collateral Received		Net Amount
MSCI Thailand
Barclays Capital, Inc.	$	2,044,113	$	2,044,113		$	—	$	—
BofA Securities, Inc.		72,529		72,529			—		—
Citigroup Global Markets, Inc.		254,416		254,416			—		—
Credit Suisse Securities (USA) LLC		469,519		469,519			—		—
Goldman Sachs & Co. LLC		156,633		156,633			—		—
J.P. Morgan Securities LLC		5,296,857		5,296,857			—		—
Morgan Stanley		1,309,353		1,309,353			—		—
SG Americas Securities LLC		1,951,810		1,951,810			—		—
UBS AG		199,005		199,005			—		—
	$	11,754,235	$	11,754,235		$	—	$	—

^(a)  Collateral received in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by each Fund is disclosed in the Fund’s statement of assets and liabilities.

^(b)  The market value of the loaned securities is determined as of February 28, 2022. Additional collateral is delivered to the Fund on the next business day in accordance with the MSLA. The net amount would be subject to the borrower default indemnity in the event of default by a counterparty.

The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, each Fund benefits from a borrower default indemnity provided by BlackRock, Inc. (“BlackRock”). BlackRock’s indemnity allows for full replacement of the securities loaned to the extent the collateral received does not cover the value of the securities loaned in the event of borrower default. Each Fund could incur a loss if the value of an investment purchased with cash collateral falls below the market value of the loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received. Such losses are borne entirely by each Fund.

5.   DERIVATIVE FINANCIAL INSTRUMENTS

Futures Contracts: Futures contracts are purchased or sold to gain exposure to, or manage exposure to, changes in interest rates (interest rate risk) and changes in the value of equity securities (equity risk) or foreign currencies (foreign currency exchange rate risk).

Futures contracts are exchange-traded agreements between the Funds and a counterparty to buy or sell a specific quantity of an underlying instrument at a specified price and on a specified date. Depending on the terms of a contract, it is settled either through physical delivery of the underlying instrument on the settlement date or by payment of a cash amount on the settlement date. Upon entering into a futures contract, the Funds are required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on a contract’s size and risk profile. The initial margin deposit must then be maintained at an established level over the life of the contract. Amounts pledged, which are considered restricted, are included in cash pledged for futures contracts in the Statements of Assets and Liabilities.

Securities deposited as initial margin are designated in the Schedule of Investments and cash deposited, if any, are shown as cash pledged for futures contracts in the Statements of Assets and Liabilities. Pursuant to the contract, the Funds agree to receive from or pay to the broker an amount of cash equal to the daily fluctuation in market value of the contract (“variation margin”). Variation margin is recorded as unrealized appreciation (depreciation) and, if any, shown as variation margin receivable (or payable) on futures contracts in the Statements of Assets and Liabilities. When the contract is closed, a realized gain or loss is recorded in the Statements of Operations equal to the difference between the notional amount of the contract at the time it was opened and the notional amount at the time it was closed. The use of futures contracts involves the risk of an imperfect correlation in the movements in the price of futures contracts and interest rates, foreign currency exchange rates or underlying assets.

6.   INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

Investment Advisory Fees: Pursuant to an Investment Advisory Agreement with the Company, BFA manages the investment of each Fund’s assets. BFA is a California corporation indirectly owned by BlackRock. Under the Investment Advisory Agreement, BFA is responsible for substantially all expenses of the Funds, except (i) interest and taxes; (ii) brokerage commissions and other expenses connected with the execution of portfolio transactions; (iii) distribution fees; (iv) the advisory fee payable to BFA; and (v) litigation expenses and any extraordinary expenses (in each case as determined by a majority of the independent directors).

For its investment advisory services to each of the iShares MSCI Hong Kong, iShares MSCI Japan Small-Cap, iShares MSCI Malaysia and iShares MSCI Singapore ETFs, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Funds, based on each Fund’s allocable portion of the aggregate of the average daily net assets of the Fund and certain other iShares funds, as follows:

Aggregate Average Daily Net Assets	Investment Advisory Fee
First $7 billion		0.59	%
Over $7 billion, up to and including $11 billion		0.54
Over $11 billion, up to and including $24 billion		0.49
Over $24 billion, up to and including $48 billion		0.44
Over $48 billion, up to and including $72 billion		0.40
Over $72 billion, up to and including $96 billion		0.36
Over $96 billion		0.32

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Notes to Financial Statements (unaudited) (continued)

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

Aggregate Average Daily Net Assets	Investment Advisory Fee
First $46 billion		0.5000	%
Over $46 billion, up to and including $81 billion		0.4750
Over $81 billion, up to and including $111 billion		0.4513
Over $111 billion, up to and including $141 billion		0.4287
Over $141 billion, up to and including $171 billion		0.4073
Over $171 billion		0.3869

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

Aggregate Average Daily Net Assets	Investment Advisory Fee
First $2 billion		0.7400	%
Over $2 billion, up to and including $4 billion		0.6900
Over $4 billion, up to and including $8 billion		0.6400
Over $8 billion, up to and including $16 billion		0.5700
Over $16 billion, up to and including $24 billion		0.5100
Over $24 billion, up to and including $32 billion		0.4800
Over $32 billion, up to and including $40 billion		0.4500
Over $40 billion		0.4275

Distributor: BlackRock Investments, LLC, an affiliate of BFA, is the distributor for each Fund. Pursuant to the distribution agreement, BFA is responsible for any fees or expenses for distribution services provided to the Funds.

Securities Lending: The U.S. Securities and Exchange Commission (the “SEC”) has issued an exemptive order which permits BlackRock Institutional Trust Company, N.A. (“BTC”), an affiliate of BFA, to serve as securities lending agent for the Funds, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending, including any custodial costs. Each Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan (the “collateral investment fees”). The cash collateral is invested in a money market fund, BlackRock Cash Funds: Institutional or BlackRock Cash Funds: Treasury, managed by BFA, or its affiliates. However, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees each Fund bears to an annual rate of 0.04%. The SL Agency Shares of such money market fund will not be subject to a sales load, distribution fee or service fee. The money market fund in which the cash collateral has been invested may, under certain circumstances, impose a liquidity fee of up to 2% of the value redeemed or temporarily restrict redemptions for up to 10 business days during a 90 day period, in the event that the money market fund’s weekly liquid assets fall below certain thresholds.

Securities lending income is equal to the total of income earned from the reinvestment of cash collateral, net of fees and other payments to and from borrowers of securities, and less the collateral investment fees. Each Fund retains a portion of securities lending income and remits the remaining portion to BTC as compensation for its services as securities lending agent.

Pursuant to the current securities lending agreement, each Fund retains 82% of securities lending income (which excludes collateral investment fees) and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across all 1940 Act iShares exchange-traded funds (the “iShares ETF Complex”) in that calendar year exceeds a specified threshold, each Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar year 85% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

The share of securities lending income earned by each Fund is shown as securities lending income – affiliated – net in its Statements of Operations. For the six months ended February 28, 2022, the Funds paid BTC the following amounts for securities lending agent services:

iShares ETF	Fees Paid to BTC
MSCI Hong Kong	$	112,481
MSCI Japan Small-Cap		2
MSCI Malaysia		33,225
MSCI Pacific ex Japan		141,656
MSCI Singapore		10,316
MSCI Taiwan		1,677,861
MSCI Thailand		284,377

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Notes to Financial Statements (unaudited) (continued)

Officers and Directors: Certain officers and/or directors of the Company are officers and/or directors of BlackRock or its affiliates.

Other Transactions: Cross trading is the buying or selling of portfolio securities between funds to which BFA (or an affiliate) serves as investment adviser. At its regularly scheduled quarterly meetings, the Board reviews such transactions as of the most recent calendar quarter for compliance with the requirements and restrictions set forth by Rule 17a-7.

For the six months ended February 28, 2022, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:

iShares ETF	Purchases		Sales		Net Realized     Gain (Loss)
MSCI Hong Kong	$	9,313,881	$	3,628,158	$	(8,037,151)
MSCI Japan Small-Cap		3,205,313		1,767,434		851,227
MSCI Pacific ex Japan		6,281,153		18,182,613		(11,764,569)
MSCI Singapore		5,918,418		66,436,926		4,317,134
MSCI Taiwan		19,430,316		7,167,171		920,874

Each Fund may invest its positive cash balances in certain money market funds managed by BFA or an affiliate. The income earned on these temporary cash investments is shown as dividends – affiliated in the Statements of Operations.

A fund, in order to improve its portfolio liquidity and its ability to track its underlying index, may invest in shares of other iShares funds that invest in securities in the fund’s underlying index.

7.   PURCHASES AND SALES

For the six months ended February 28, 2022, purchases and sales of investments, excluding short-term investments and in-kind transactions, were as follows:

iShares ETF	Purchases		Sales
MSCI Hong Kong	$	76,713,293	$	49,741,050
MSCI Japan Small-Cap		5,901,748		5,986,462
MSCI Malaysia		54,763,106		43,927,553
MSCI Pacific ex Japan		234,427,263		258,110,616
MSCI Singapore		172,837,645		165,584,066
MSCI Taiwan		428,762,444		1,049,234,124
MSCI Thailand		10,865,227		8,515,261

For the six months ended February 28, 2022, in-kind transactions were as follows:

iShares ETF	In-kind Purchases		In-kind     Sales
MSCI Hong Kong	$	2,012,097	$	83,631,354
MSCI Japan Small-Cap		8,449,537		—
MSCI Pacific ex Japan		41,463,371		26,900,613
MSCI Singapore		104,141,614		53,771,213
MSCI Thailand		74,153,338		22,999,985

8.   INCOME TAX INFORMATION

Each Fund is treated as an entity separate from the Company’s other funds for federal income tax purposes. It is each Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute substantially all of its taxable income to its shareholders. Therefore, no U.S. federal income tax provision is required.

Management has analyzed tax laws and regulations and their application to the Funds as of February 28, 2022, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements.

As of August 31, 2021, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:

iShares ETF	Non-Expiring
MSCI Hong Kong	$	464,534,433
MSCI Japan Small-Cap		10,918,565
MSCI Malaysia		102,921,977
MSCI Pacific ex Japan		510,753,366
MSCI Singapore		215,141,841
MSCI Thailand		113,015,960

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Notes to Financial Statements (unaudited) (continued)

A fund may own shares in certain foreign investment entities, referred to, under U.S. tax law, as “passive foreign investment companies.” Such fund may elect to mark-to-market annually the shares of each passive foreign investment company and would be required to distribute to shareholders any such marked-to-market gains.

As of February 28, 2022, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:

iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
MSCI Hong Kong	$	986,843,175	$	77,022,460	$	(209,332,799	)	$	(132,310,339	)
MSCI Japan Small-Cap		86,882,923		4,124,105		(18,504,467	)		(14,380,362	)
MSCI Malaysia		181,807,593		121,604,696		(31,276,730	)		90,327,966
MSCI Pacific ex Japan		2,229,729,162		339,002,429		(343,552,163	)		(4,549,734	)
MSCI Singapore		651,316,269		54,883,520		(76,441,417	)		(21,557,897	)
MSCI Taiwan		3,536,611,737		4,154,169,776		(188,414,697	)		3,965,755,079
MSCI Thailand		532,108,611		21,498,207		(77,616,763	)		(56,118,556	)

9.   LINE OF CREDIT

The iShares MSCI Malaysia ETF and iShares MSCI Taiwan ETF, along with certain other iShares funds (“Participating Funds”), are parties to a $800 million credit agreement (“Syndicated Credit Agreement”) with a group of lenders, which expires on August 12, 2022. The line of credit may be used for temporary or emergency purposes, including redemptions, settlement of trades and rebalancing of portfolio holdings in certain target markets. The Funds may borrow up to the aggregate commitment amount subject to asset coverage and other limitations as specified in the Syndicated Credit Agreement. The Syndicated Credit Agreement has the following terms: a commitment fee of 0.15% per annum on the unused portion of the credit agreement and interest at a rate equal to the higher of (a) the one-month LIBOR rate (not less than zero) plus 1.00% per annum or (b) the U.S. Federal Funds rate (not less than zero) plus 1.00% per annum on amounts borrowed. The commitment fee is generally allocated to each Participating Fund based on the lesser of a Participating Fund’s relative exposure to certain target markets or a Participating Fund’s maximum borrowing amount as set forth by the terms of the Syndicated Credit Agreement.

During the six months ended February 28, 2022, the Funds did not borrow under the Syndicated Credit Agreement.

10.   PRINCIPAL RISKS

In the normal course of business, each Fund invests in securities or other instruments and may enter into certain transactions, and such activities subject the Fund to various risks, including, among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation or international tax treaties between various countries; or (iv) currency, interest rate or price fluctuations. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Funds and their investments. Each Fund’s prospectus provides details of the risks to which the Fund is subject.

BFA uses a “passive” or index approach to try to achieve each Fund’s investment objective following the securities included in its underlying index during upturns as well as downturns. BFA does not take steps to reduce market exposure or to lessen the effects of a declining market. Divergence from the underlying index and the composition of the portfolio is monitored by BFA.

The Funds may be exposed to additional risks when reinvesting cash collateral in money market funds that do not seek to maintain a stable NAV per share of $1.00, which may be subject to redemption gates or liquidity fees under certain circumstances.

Market Risk: An outbreak of respiratory disease caused by a novel coronavirus has developed into a global pandemic and has resulted in closing borders, quarantines, disruptions to supply chains and customer activity, as well as general concern and uncertainty. The impact of this pandemic, and other global health crises that may arise in the future, could affect the economies of many nations, individual companies and the market in general in ways that cannot necessarily be foreseen at the present time. This pandemic may result in substantial market volatility and may adversely impact the prices and liquidity of a fund’s investments. Although vaccines have been developed and approved for use by various governments, the duration of this pandemic and its effects cannot be determined with certainty.

Valuation Risk: The market values of equities, such as common stocks and preferred securities or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company. They may also decline due to factors which affect a particular industry or industries. A fund may invest in illiquid investments. An illiquid investment is any investment that a fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. A fund may experience difficulty in selling illiquid investments in a timely manner at the price that it believes the investments are worth. Prices may fluctuate widely over short or extended periods in response to company, market or economic news. Markets also tend to move in cycles, with periods of rising and falling prices. This volatility may cause a fund’s NAV to experience significant increases or decreases over short periods of time. If there is a general decline in the securities and other markets, the NAV of a fund may lose value, regardless of the individual results of the securities and other instruments in which a fund invests.

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Notes to Financial Statements (unaudited) (continued)

The price each Fund could receive upon the sale of any particular portfolio investment may differ from each Fund’s valuation of the investment, particularly for securities that trade in thin or volatile markets or that are valued using a fair valuation technique or a price provided by an independent pricing service. Changes to significant unobservable inputs and assumptions (i.e., publicly traded company multiples, growth rate, time to exit) due to the lack of observable inputs.

Counterparty Credit Risk: The Funds may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to unsettled or open transactions, including making timely interest and/or principal payments or otherwise honoring its obligations. The Funds manage counterparty credit risk by entering into transactions only with counterparties that the Manager believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Funds to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Funds’ exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded in the Statements of Assets and Liabilities, less any collateral held by the Funds.

A derivative contract may suffer a mark-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform under the contract.

With exchange-traded futures, there is less counterparty credit risk to the Funds since the exchange or clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, a Fund does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency). Additionally, credit risk exists in exchange-traded futures with respect to initial and variation margin that is held in a clearing broker’s customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro rata basis across all the clearing broker’s customers, potentially resulting in losses to the Funds.

Concentration Risk: A diversified portfolio, where this is appropriate and consistent with a fund’s objectives, minimizes the risk that a price change of a particular investment will have a material impact on the NAV of a fund. The investment concentrations within each Fund’s portfolio are disclosed in its Schedule of Investments.

Certain Funds invest a significant portion of their assets in issuers located in a single country or a limited number of countries. When a Fund concentrates its investments in this manner, it assumes the risk that economic, regulatory, political and social conditions in that country or those countries may have a significant impact on the fund and could affect the income from, or the value or liquidity of, the Fund’s portfolio. Unanticipated or sudden political or social developments may cause uncertainty in the markets and as a result adversely affect the Fund’s investments. Foreign issuers may not be subject to the same uniform accounting, auditing and financial reporting standards and practices as used in the United States. Foreign securities markets may also be more volatile and less liquid than U.S. securities and may be less subject to governmental supervision not typically associated with investing in U.S. securities. Investment percentages in specific countries are presented in the Schedule of Investments.

Certain Funds invest a significant portion of their assets in securities of issuers located in Asia or with significant exposure to Asian issuers or countries. The Asian financial markets have recently experienced volatility and adverse trends due to concerns in several Asian countries regarding monetary policy, government intervention in the markets, rising government debt levels or economic downturns. These events may spread to other countries in Asia and may affect the value and liquidity of certain of the Funds’ investments.

Certain Funds invest a significant portion of their assets in securities within a single or limited number of market sectors. When a Fund concentrates its investments in this manner, it assumes the risk that economic, regulatory, political and social conditions affecting such sectors may have a significant impact on the fund and could affect the income from, or the value or liquidity of, the fund’s portfolio. Investment percentages in specific sectors are presented in the Schedule of Investments.

Significant Shareholder Redemption Risk: Certain shareholders may own or manage a substantial amount of fund shares and/or hold their fund investments for a limited period of time. Large redemptions of fund shares by these shareholders may force a Fund to sell portfolio securities, which may negatively impact the fund’s NAV, increase the fund’s brokerage costs, and/or accelerate the realization of taxable income/gains and cause the fund to make additional taxable distributions to shareholders.

LIBORTransition Risk: The United Kingdom’s Financial Conduct Authority announced a phase out of the London Interbank Offered Rate (“LIBOR”). Although many LIBOR rates ceased to be published or no longer are representative of the underlying market they seek to measure after December 31, 2021, a selection of widely used USD LIBOR rates will continue to be published through June 2023 in order to assist with the transition. The Funds may be exposed to financial instruments tied to LIBOR to determine payment obligations, financing terms, hedging strategies or investment value. The transition process away from LIBOR might lead to increased volatility and illiquidity in markets for, and reduce the effectiveness of new hedges placed against, instruments whose terms currently include LIBOR. The ultimate effect of the LIBOR transition process on the Funds is uncertain.

11.   CAPITAL SHARE TRANSACTIONS

Capital shares are issued and redeemed by each Fund only in aggregations of a specified number of shares or multiples thereof (“Creation Units”) at NAV. Except when aggregated in Creation Units, shares of each Fund are not redeemable.

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Notes to Financial Statements (unaudited) (continued)

Transactions in capital shares were as follows:

	Six Months Ended 02/28/22						Year Ended 08/31/21
iShares ETF	Shares			Amount			Shares			Amount
MSCI Hong Kong
Shares sold		2,025,000		$	48,791,689			8,700,000		$	209,932,705
Shares redeemed		(4,200,000	)		(100,814,445	)		(27,000,000	)		(690,332,570	)
Net decrease		(2,175,000	)	$	(52,022,756	)		(18,300,000	)	$	(480,399,865	)
MSCI Japan Small-Cap
Shares sold		100,000		$	8,692,269			200,000		$	15,401,017
Shares redeemed		—			—			(200,000	)		(15,208,129	)
Net increase		100,000		$	8,692,269			—		$	192,888
MSCI Malaysia
Shares sold		1,875,000		$	47,336,875			2,550,000		$	68,530,419
Shares redeemed		(1,350,000	)		(33,800,712	)		(5,475,000	)		(149,793,642	)
Net increase (decrease)		525,000		$	13,536,163			(2,925,000	)	$	(81,263,223	)
MSCI Pacific ex Japan
Shares sold		1,200,000		$	55,442,378			9,300,000		$	467,556,958
Shares redeemed		(600,000	)		(28,331,368	)		(5,400,000	)		(267,287,757	)
Net increase		600,000		$	27,111,010			3,900,000		$	200,269,201
MSCI Singapore
Shares sold		5,350,000		$	114,314,496			5,800,000		$	122,874,810
Shares redeemed		(2,500,000	)		(56,709,791	)		(6,450,000	)		(141,712,374	)
Net increase (decrease)		2,850,000		$	57,604,705			(650,000	)	$	(18,837,564	)
MSCI Taiwan
Shares sold		1,000,000		$	67,752,959			20,600,000		$	1,138,966,691
Shares redeemed		(9,300,000	)		(581,323,491	)		—			—
Net increase (decrease)		(8,300,000	)	$	(513,570,532	)		20,600,000		$	1,138,966,691
MSCI Thailand
Shares sold		1,000,000		$	78,350,999			1,450,000		$	109,985,794
Shares redeemed		(300,000	)		(23,225,745	)		(2,700,000	)		(205,158,028	)
Net increase (decrease)		700,000		$	55,125,254			(1,250,000	)	$	(95,172,234	)

The consideration for the purchase of Creation Units of a fund in the Company generally consists of the in-kind deposit of a designated portfolio of securities and a specified amount of cash. Certain funds in the Company may be offered in Creation Units solely or partially for cash in U.S. dollars. Investors purchasing and redeeming Creation Units may pay a purchase transaction fee and a redemption transaction fee directly to State Street Bank and Trust Company, the Company’s administrator, to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash. Investors transacting in Creation Units for cash may also pay an additional variable charge to compensate the relevant fund for certain transaction costs (i.e., stamp taxes, taxes on currency or other financial transactions, and brokerage costs) and market impact expenses relating to investing in portfolio securities. Such variable charges, if any, are included in shares sold in the table above.

From time to time, settlement of securities related to in-kind contributions or in-kind redemptions may be delayed. In such cases, securities related to in-kind transactions are reflected as a receivable or a payable in the Statements of Assets and Liabilities.

12.   SUBSEQUENT EVENTS

Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were available to be issued and has determined that there were no subsequent events requiring adjustment or additional disclosure in the financial statements.

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Statement Regarding Liquidity Risk Management Program (unaudited)

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), iShares, Inc. (the “Company”) has adopted and implemented a liquidity risk management program (the “Program”) for iShares MSCI Hong Kong ETF, iShares MSCI Japan Small-Cap ETF, iShares MSCI Malaysia ETF, iShares MSCI Pacific ex Japan ETF, iShares MSCI Singapore ETF, iShares MSCI Taiwan ETF and iShares MSCI Thailand ETF (the “Funds” or “ETFs”), each a series of the Company, which is reasonably designed to assess and manage each Fund’s liquidity risk.

The Board of Directors (the “Board”) of the Company, on behalf of the Funds, met on December 9, 2021 (the “Meeting”) to review the Program. The Board previously appointed BlackRock Fund Advisors (“BlackRock”), the investment adviser to the Funds, as the program administrator for each Fund’s Program. BlackRock also previously delegated oversight of the Program to the 40 Act Liquidity Risk Management Committee (the “Committee”). At the Meeting, the Committee, on behalf of BlackRock, provided the Board with a report that addressed the operation of the Program and assessed its adequacy and effectiveness of implementation, including the management of each Fund’s Highly Liquid Investment Minimum (“HLIM”) where applicable, and any material changes to the Program (the “Report”). The Report covered the period from October 1, 2020 through September 30, 2021 (the “Program Reporting Period”).

The Report described the Program’s liquidity classification methodology for categorizing each Fund’s investments (including derivative transactions) into one of four liquidity buckets. It also referenced the methodology used by BlackRock to establish each Fund’s HLIM and noted that the Committee reviews and ratifies the HLIM assigned to each Fund no less frequently than annually. The Report also discussed notable events affecting liquidity over the Program Reporting Period, including extended market holidays and the imposition of capital controls in certain non-U.S. countries.

The Report noted that the Program complied with the key factors for consideration under the Liquidity Rule for assessing, managing and periodically reviewing each Fund’s liquidity risk, as follows:

a) The Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions. During the Program Reporting Period, the Committee reviewed whether each Fund’s strategy is appropriate for an open-end fund structure, with a focus on funds with more significant and consistent holdings of less liquid and illiquid assets. The Committee also factored a fund’s concentration in an issuer into the liquidity classification methodology by taking issuer position sizes into account. Derivative exposure was also considered in the calculation of a fund’s liquidity bucketing. Finally, a factor for consideration under the Liquidity Rule is a Fund’s use of borrowings for investment purposes. However, the Funds do not borrow for investment purposes.

b) Short-term and long-term cash flow projections during both normal and reasonably foreseeable stressed conditions. During the Program Reporting Period, the Committee reviewed historical redemption activity and used this information as a component to establish each ETF’s reasonably anticipated trading size (“RATS”). The Committee may also take into consideration a fund’s shareholder ownership concentration (which, depending on product type and distribution channel, may or may not be available), a fund’s distribution channels, and the degree of certainty associated with a fund’s short-term and long-term cash flow projections.

c) Holdings of cash and cash equivalents, as well as borrowing arrangements. The Committee considered that ETFs generally do not hold more than de minimis amounts of cash. While the ETFs generally do not engage in borrowing, certain of the ETFs have the flexibility to draw on a line of credit to meet redemption requests or facilitate settlements.

d) The relationship between an ETF’s portfolio liquidity and the way in which, and the prices and spreads at which, ETF shares trade, including the efficiency of the arbitrage function and the level of active participation by market participants, including authorized participants. The Committee monitored the prevailing bid/ask spread and the ETF price premium (or discount) to NAV for all ETFs and reviewed any persistent deviations from long-term averages.

e) The effect of the composition of baskets on the overall liquidity of an ETF’s portfolio. In reviewing the linkage between the composition of custom baskets accepted by an ETF and any significant change in the liquidity profile of such ETF, the Committee reviewed changes in the proportion of each ETF’s portfolio comprised of less liquid and illiquid holdings to determine if applicable thresholds were met requiring enhanced review.

As part of BlackRock’s continuous review of the effectiveness of the Program, the Committee made the following material changes to the Program: (1) updates to certain model components in the Program’s methodology; and (2) certain iShares Funds entered into a $800 million credit agreement with a group of lenders that replaced a previous liquidity facility. The Report provided to the Board stated that the Committee concluded that based on the operation of the functions, as described in the Report, the Program is operating as intended and is effective in implementing the requirements of the Liquidity Rule.

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Supplemental Information (unaudited)

Regulation Regarding Derivatives

On October 28, 2020, the Securities and Exchange Commission (the “SEC”) adopted regulations governing the use of derivatives by registered investment companies (“Rule 18f-4”). The Funds will be required to implement and comply with Rule 18f-4 by August 19, 2022. Once implemented, Rule 18f-4 will impose limits on the amount of derivatives a fund can enter into, eliminate the asset segregation framework currently used by funds to comply with Section 18 of the 1940 Act, treat derivatives as senior securities and require funds whose use of derivatives is more than a limited specified exposure amount to establish and maintain a comprehensive derivatives risk management program and appoint a derivatives risk manager.

Section 19(a) Notices

The amounts and sources of distributions reported are estimates and are being provided pursuant to regulatory requirements and are not being provided for tax reporting purposes. The actual amounts and sources for tax reporting purposes will depend upon each Fund’s investment experience during the year and may be subject to changes based on tax regulations. Shareholders will receive a Form 1099-DIV each calendar year that will inform them how to report these distributions for federal income tax purposes.

February 28, 2022

	Total Cumulative Distributions for the Fiscal Year-to-Date								% Breakdown of the Total Cumulative Distributions for the Fiscal Year-to-Date
iShares ETF	Net Investment Income		Net Realized Capital Gains		Return of Capital		Total Per Share		Net Investment Income			Net Realized Capital Gains			Return of Capital			Total Per Share
MSCI Hong Kong(a)	$	0.257000	$	—	$	0.005408	$	0.262408		98	%		—	%		2	%		100	%
MSCI Pacific ex Japan(a)		1.196722		—		0.367275		1.563997		77			—			23			100
MSCI Singapore(a)		0.550878		—		0.452280		1.003158		55			—			45			100
MSCI Thailand(a)		0.850090		—		0.274004		1.124094		76			—			24			100

^(a)  The Fund estimates that it has distributed more than its net investment income and net realized capital gains; therefore, a portion of the distribution may be a return of capital. A return of capital may occur, for example, when some or all of the shareholder’s investment in the Fund is returned to the shareholder. A return of capital does not necessarily reflect the Fund’s investment performance and should not be confused with “yield” or “income”. When distributions exceed total return performance, the difference will incrementally reduce the Fund’s net asset value per share.

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General Information

Electronic Delivery

Shareholders can sign up for e-mail notifications announcing that the shareholder report or prospectus has been posted on the iShares website at iShares.com. Once you have enrolled, you will no longer receive prospectuses and shareholder reports in the mail.

To enroll in electronic delivery:

• Go to icsdelivery.com.

• If your brokerage firm is not listed, electronic delivery may not be available. Please contact your broker-dealer or financial advisor.

Householding

Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents and Rule 30e-3 notices can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.

Availability of Quarterly Schedule of Investments

The Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT. The Funds’ Forms N-PORT are available on the SEC’s website at sec.gov. Additionally, each Fund makes its portfolio holdings for the first and third quarters of each fiscal year available at iShares.com/fundreports.

Availability of Proxy Voting Policies and Proxy Voting Records

A description of the policies and procedures that the iShares Funds use to determine how to vote proxies relating to portfolio securities and information about how the iShares Funds voted proxies relating to portfolio securities during the most recent twelve-month period ending June 30 is available without charge, upon request (1) by calling toll-free 1-800-474-2737; (2) on the iShares website at iShares.com; and (3) on the SEC website at sec.gov.

A description of the Company’s policies and procedures with respect to the disclosure of the Fund’s portfolio securities is available in the Fund Prospectus. The Fund discloses its portfolio holdings daily and provides information regarding its top holdings in Fund fact sheets at iShares.com.

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Glossary of Terms Used in this Report

Portfolio Abbreviations - Equity
ADR	American Depositary Receipt
NVDR	Non-Voting Depositary Receipt
REIT	Real Estate Investment Trust

G L O S S A R Y   O F   T E R M S   U S E D   I N   T H I S   R E P O R T 67

Want to know more?

iShares.com    |     1-800-474-2737

This report is intended for the Funds’ shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by the current prospectus.

Investing involves risk, including possible loss of principal.

The iShares Funds are distributed by BlackRock Investments, LLC (together with its affiliates, “BlackRock”).

The iShares Funds are not sponsored, endorsed, issued, sold or promoted by MSCI Inc., nor does this company make any representation regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the company listed above.

^©2022 BlackRock, Inc. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.

iS-SAR-803-0222

FEBRUARY 28, 2022

2022 Semi-Annual Report (Unaudited)

iShares, Inc.

· iShares MSCI Brazil ETF | EWZ | NYSE Arca

· iShares MSCI Chile ETF | ECH | Cboe BZX

· iShares MSCI Colombia ETF | ICOL | NYSE Arca

· iShares MSCI Israel ETF | EIS | NYSE Arca

· iShares MSCI South Africa ETF | EZA | NYSE Arca

· iShares MSCI Turkey ETF | TUR | NASDAQ

· iShares MSCI USA Equal Weighted ETF | EUSA | NYSE Arca

The Markets in Review

Dear Shareholder,

The 12-month reporting period as of February 28, 2022 saw a continuation of the resurgent growth that followed the initial coronavirus (or “COVID-19”) pandemic reopening, albeit at a slower pace. The global economy weathered the emergence of several variant strains and the resulting peaks and troughs in infections amid optimism that increasing vaccinations and economic adaptation could help contain the pandemic’s disruptions. However, rapid changes in consumer spending led to supply constraints and elevated inflation. Moreover, while the foremost effect of Russia’s invasion of Ukraine has been a severe humanitarian crisis, the invasion has presented challenges for both investors and policymakers. Equity prices were mixed, as persistently high inflation drove investors’ expectations for higher interest rates, which particularly weighed on relatively high valuation growth stocks and economically sensitive small-capitalization stocks. Overall, small-capitalization U.S. stocks declined, while large-capitalization U.S. stocks posted a solid advance. International equities from developed markets gained slightly, although emerging market stocks declined, pressured by rising interest rates and a strengthening U.S. dollar.

The 10-year U.S. Treasury yield (which is inversely related to bond prices) rose during the reporting period as the economy expanded rapidly and inflation reached its highest annualized reading in decades. In the corporate bond market, the improving economy assuaged credit concerns and led to modest returns for high-yield corporate bonds, outpacing the negative return of investment-grade corporate bonds. The U.S. Federal Reserve (the “Fed”) maintained accommodative monetary policy during the reporting period by keeping near-zero interest rates. However, the Fed’s tone shifted during the period, as it reduced its bond-buying program and raised the prospect of higher rates in 2022. Continued high inflation and the Fed’s new stance led many analysts to anticipate that the Fed will raise interest rates multiple times throughout the year.

Looking ahead, however, the horrific war in Ukraine has significantly clouded the outlook for the global economy. Sanctions on Russia and general wartime disruption are likely to drive already-high commodity prices even further upwards, and we have already seen spikes in energy and metal markets. While this will exacerbate inflationary pressure, it could also constrain economic growth, making the Fed’s way forward less clear. Its challenge will be combating inflation without stifling a recovery that is now facing additional supply shocks.

In this environment, we favor an overweight to equities, as we believe low interest rates and continued economic growth will support further gains, albeit likely more modest than what we saw in 2021. Sectors that are better poised to manage the transition to a lower-carbon world, such as technology and health care, are particularly attractive in the long term. U.S. and other developed market equities have room for further growth, while we believe Chinese equities stand to gain from a more accommodative monetary and fiscal environment. We are underweight long-term credit, but inflation-protected U.S. Treasuries, Asian fixed income, and emerging market local-currency bonds offer potential opportunities. We believe that international diversification and a focus on sustainability can help provide portfolio resilience, and the disruption created by the coronavirus appears to be accelerating the shift toward sustainable investments.

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

Sincerely,

Rob Kapito

President, BlackRock, Inc.

Rob Kapito

President, BlackRock, Inc.

Total Returns as of February 28, 2022
	6-Month	12-Month
U.S. large cap equities (S&P 500® Index)	(2.62)%	16.39%
U.S. small cap equities (Russell 2000® Index)	(9.46)	(6.01)
International equities (MSCI Europe, Australasia, Far East Index)	(6.78)	2.83
Emerging market equities (MSCI Emerging Markets Index)	(9.81)	(10.69)
3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)	0.02	0.04
U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)	(3.94)	(1.67)
U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)	(4.07)	(2.64)
Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)	(3.09)	(0.66)
U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)	(3.07)	0.64
Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.

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Table of Contents

	Page
The Markets in Review		2
Fund Summary		4
About Fund Performance		11
Shareholder Expenses		11
Schedules of Investments		12
Financial Statements
Statements of Assets and Liabilities		38
Statements of Operations		40
Statements of Changes in Net Assets		42
Financial Highlights		46
Notes to Financial Statements		53
Statement Regarding Liquidity Risk Management Program		63
Supplemental Information		64
General Information		65
Glossary of Terms Used in this Report		66

Fund Summaryas of February 28, 2022 iShares^® MSCI Brazil ETF

Investment Objective

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

Performance

			Average Annual Total Returns							Cumulative Total Returns
	6 Months			1 Year		5 Years		10 Years			1 Year		5 Years		10 Years
Fund NAV	(2.42	)%		12.87	%	0.73	%	(3.96	)%		12.87	%	3.73	%	(33.25	)%
Fund Market	(2.78	)		12.64		0.97		(4.06	)		12.64		4.96		(33.92	)
Index	(3.50	)		13.04		1.34		(3.41	)		13.04		6.88		(29.32	)

Index performance through February 11, 2013 reflects the performance of the MSCI Brazil Index. Index performance beginning on February 12, 2013 reflects the performance of the MSCI Brazil 25/50 Index.

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 11 for more information.

Expense Example

Actual							Hypothetical 5% Return
	Beginning Account Value (09/01/21)		Ending Account Value (02/28/22)		Expenses Paid During the Period	(a)		Beginning Account Value (09/01/21)		Ending Account Value (02/28/22)		Expenses Paid During the Period	(a)	Annualized Expense Ratio
$	1,000.00	$	975.80	$	2.84		$	1,000.00	$	1,021.90	$	2.91		0.58	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” for more information.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of Total Investments	(a)
Materials	26.5	%
Financials	22.3
Energy	17.8
Consumer Staples	9.1
Industrials	6.7
Utilities	5.6
Consumer Discretionary	4.9
Health Care	4.2
Communication Services	2.2
Information Technology	0.7

^(a) Excludes money market funds.

TEN LARGEST HOLDINGS

Security	Percent of Total Investments	(a)
Vale SA	20.1	%
Petroleo Brasileiro SA (Preferred)	8.2
Petroleo Brasileiro SA	6.9
Itau Unibanco Holding SA (Preferred)	6.2
B3 SA - Brasil, Bolsa, Balcao	4.4
Banco Bradesco SA (Preferred)	4.0
Ambev SA	3.5
WEG SA	2.7
Hapvida Participacoes e Investimentos SA	2.4
Suzano SA	2.3

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Fund Summaryas of February 28, 2022 iShares^® MSCI Chile ETF

Investment Objective

The iShares MSCI Chile ETF (the “Fund”) seeks to track the investment results of a broad-based index composed of Chilean equities, as represented by the MSCI Chile 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.

Performance

			Average Annual Total Returns							Cumulative Total Returns
	6 Months			1 Year		5 Years		10 Years			1 Year		5 Years		10 Years
Fund NAV	(5.54	)%(a)		(14.45	)%	(5.97	)%	(7.13	)%		(14.45	)%	(26.50	)%	(52.26	)%
Fund Market	(5.96	)		(12.98	)	(5.92	)	(7.18	)		(12.98	)	(26.29	)	(52.53	)
Index	(4.77	)		(13.81	)	(5.75	)	(6.90	)		(13.81	)	(25.64	)	(51.09	)

^(a)  The NAV total return presented in the table for the six-months period differs from the same period return disclosed in the financial highlights. The total return in the financial highlights is calculated in the same manner but differs due to certain adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles.

Index performance through February 11, 2013 reflects the performance of the MSCI Chile Investable Market Index. Index performance beginning on February 12, 2013 reflects the performance of the MSCI Chile IMI 25/50 Index.

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 11 for more information.

Expense Example

Actual							Hypothetical 5% Return
	Beginning Account Value (09/01/21)		Ending Account Value (02/28/22)		Expenses Paid During the Period	(a)		Beginning Account Value (09/01/21)		Ending Account Value (02/28/22)		Expenses Paid During the Period	(a)	Annualized Expense Ratio
$	1,000.00	$	944.60	$	2.80		$	1,000.00	$	1,021.90	$	2.91		0.58	%

(a) Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” for more information.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of Total Investments	(a)
Materials	30.4	%
Financials	23.8
Utilities	17.6
Consumer Staples	14.5
Energy	4.3
Consumer Discretionary	4.0
Real Estate	3.2
Communication Services	2.2

^(a) Excludes money market funds.

TEN LARGEST HOLDINGS

Security	Percent of Total Investments	(a)
Sociedad Quimica y Minera de Chile SA (Preferred), Class B	23.2	%
Banco de Chile	12.8
Enel Americas SA	7.1
Banco Santander Chile	4.5
Banco de Credito e Inversiones SA	4.3
Empresas COPEC SA	4.3
Empresas CMPC SA	4.2
Falabella SA	4.0
Cencosud SA	4.0
Cia. Cervecerias Unidas SA	3.7

F U N D   S U M M A R Y 5

Fund Summaryas of February 28, 2022 iShares^® MSCI Colombia ETF

Investment Objective

The iShares MSCI Colombia ETF (the “Fund”) seeks to track the investment results of a broad-based index composed of Colombian equities, as represented by the MSCI All Colombia 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.

Performance

			Average Annual Total Returns							Cumulative Total Returns
	6 Months			1 Year		5 Years		Since Inception			1 Year		5 Years		Since Inception
Fund NAV	8.71	%		10.30	%	(1.09	)%	(7.05	)%		10.30	%	(5.31	)%	(47.05	)%
Fund Market	7.66			10.64		(1.38	)	(7.16	)		10.64		(6.70	)	(47.60	)
Index	10.12			12.23		(0.44	)	(6.58	)		12.23		(2.20	)	(44.70	)

The inception date of the Fund was 6/18/13. The first day of secondary market trading was 6/20/13.

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 11 for more information.

Expense Example

Actual							Hypothetical 5% Return
	Beginning Account Value (09/01/21)		Ending Account Value (02/28/22)		Expenses Paid During the Period	(a)		Beginning Account Value (09/01/21)		Ending Account Value (02/28/22)		Expenses Paid During the Period	(a)	Annualized Expense Ratio
$	1,000.00	$	1,087.10	$	3.16		$	1,000.00	$	1,021.80	$	3.06		0.61	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” for more information.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of Total Investments	(a)
Financials	39.0	%
Energy	23.1
Utilities	19.8
Consumer Staples	6.4
Materials	5.5
Industrials	2.8
Communication Services	1.9
Consumer Discretionary	1.5

^(a) Excludes money market funds.

TEN LARGEST HOLDINGS

Security	Percent of Total Investments	(a)
Ecopetrol SA	14.5	%
Bancolombia SA (Preferred)	14.1
Interconexion Electrica SA ESP	9.4
Bancolombia SA	8.8
Grupo Energia Bogota SA ESP	4.4
Banco Davivienda SA (Preferred)	4.4
Grupo Nutresa SA	4.1
Canacol Energy Ltd.	3.0
Parex Resources Inc.	3.0
Enel Americas SA	2.8

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Fund Summaryas of February 28, 2022 iShares^® MSCI Israel ETF

Investment Objective

The iShares MSCI Israel ETF (the “Fund”) seeks to track the investment results of a broad-based index composed of Israeli equities, as represented by the MSCI Israel Capped 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.

Performance

			Average Annual Total Returns							Cumulative Total Returns
	6 Months			1 Year		5 Years		10 Years			1 Year		5 Years		10 Years
Fund NAV	3.52	%		15.86	%	9.35	%	8.02	%		15.86	%	56.37	%	116.30	%
Fund Market	3.78			16.79		9.42		8.05			16.79		56.83		116.80
Index	3.66			16.52		9.92		8.40			16.52		60.43		123.97

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 11 for more information.

Expense Example

Actual							Hypothetical 5% Return
	Beginning Account Value (09/01/21)		Ending Account Value (02/28/22)		Expenses Paid During the Period	(a)		Beginning Account Value (09/01/21)		Ending Account Value (02/28/22)		Expenses Paid During the Period	(a)	Annualized Expense Ratio
$	1,000.00	$	1,035.20	$	2.93		$	1,000.00	$	1,021.90	$	2.91		0.58	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” for more information.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of Total Investments	(a)
Information Technology	28.7	%
Financials	24.9
Real Estate	11.5
Industrials	9.9
Health Care	5.9
Materials	4.8
Consumer Discretionary	4.2
Communication Services	2.9
Utilities	2.7
Consumer Staples	2.5
Energy	2.0

^(a) Excludes money market funds.

TEN LARGEST HOLDINGS

Security	Percent of Total Investments	(a)
Bank Leumi Le-Israel BM	7.6	%
Check Point Software Technologies Ltd.	7.3
Nice Ltd.	6.8
Bank Hapoalim BM	5.8
Teva Pharmaceutical Industries Ltd.	4.3
ICL Group Ltd.	3.8
Israel Discount Bank Ltd., Class A	3.6
CyberArk Software Ltd.	3.2
Mizrahi Tefahot Bank Ltd.	2.6
Elbit Systems Ltd.	2.6

F U N D   S U M M A R Y 7

Fund Summaryas of February 28, 2022 iShares^® MSCI South Africa ETF

Investment Objective

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

Performance

			Average Annual Total Returns							Cumulative Total Returns
	6 Months			1 Year		5 Years		10 Years			1 Year		5 Years		10 Years
Fund NAV	6.55	%		15.31	%	3.91	%	0.92	%		15.31	%	21.11	%	9.56	%
Fund Market	7.66			16.09		4.28		1.20			16.09		23.34		12.63
Index	5.86			14.88		4.29		1.42			14.88		23.38		15.11

Index performance through August 31, 2017 reflects the performance of the MSCI South Africa Index. Index performance beginning on September 1, 2017 reflects the performance of the MSCI South Africa 25/50 Index.

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 11 for more information.

Expense Example

Actual							Hypothetical 5% Return
	Beginning Account Value (09/01/21)		Ending Account Value (02/28/22)		Expenses Paid During the Period	(a)		Beginning Account Value (09/01/21)		Ending Account Value (02/28/22)		Expenses Paid During the Period	(a)	Annualized Expense Ratio
$	1,000.00	$	1,065.50	$	2.92		$	1,000.00	$	1,022.00	$	2.86		0.57	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” for more information.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of Total Investments	(a)
Financials	31.5	%
Materials	30.1
Consumer Discretionary	12.9
Communication Services	10.9
Consumer Staples	8.2
Real Estate	2.1
Health Care	1.8
Industrials	1.4
Energy	1.1

^(a) Excludes money market funds.

TEN LARGEST HOLDINGS

Security	Percent of Total Investments	(a)
Naspers Ltd., Class N	9.8	%
FirstRand Ltd.	7.8
MTN Group Ltd.	7.6
Impala Platinum Holdings Ltd.	5.6
Standard Bank Group Ltd.	5.1
Sasol Ltd.	4.7
Sibanye Stillwater Ltd.	4.5
Gold Fields Ltd.	4.4
Capitec Bank Holdings Ltd.	3.9
AngloGold Ashanti Ltd.	3.5

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Fund Summaryas of February 28, 2022 iShares^® MSCI Turkey ETF

Investment Objective

The iShares MSCI Turkey ETF (the “Fund”) seeks to track the investment results of a broad-based index composed of Turkish equities, as represented by the MSCI Turkey 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.

Performance

			Average Annual Total Returns							Cumulative Total Returns
	6 Months			1 Year		5 Years		10 Years			1 Year		5 Years		10 Years
Fund NAV	(20.12	)%		(26.38	)%	(9.13	)%	(7.39	)%		(26.38	)%	(38.05	)%	(53.59	)%
Fund Market	(20.96	)		(27.53	)	(9.26	)	(7.42	)		(27.53	)	(38.48	)	(53.75	)
Index	(20.17	)		(26.41	)	(8.97	)	(7.15	)		(26.41	)	(37.48	)	(52.35	)

Index performance through May 28, 2019 reflects the performance of MSCI Turkey Investable Market Index. Index performance beginning on May 29, 2019 reflects the performance of the MSCI Turkey IMI 25/50 Index.

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 11 for more information.

Expense Example

Actual							Hypothetical 5% Return
	Beginning Account Value (09/01/21)		Ending Account Value (02/28/22)		Expenses Paid During the Period	(a)		Beginning Account Value (09/01/21)		Ending Account Value (02/28/22)		Expenses Paid During the Period	(a)	Annualized Expense Ratio
$	1,000.00	$	798.80	$	2.54		$	1,000.00	$	1,022.00	$	2.86		0.57	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” for more information.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of Total Investments	(a)
Industrials	21.9	%
Financials	20.3
Materials	19.6
Consumer Staples	13.6
Consumer Discretionary	10.5
Energy	5.4
Communication Services	5.2
Utilities	1.7
Real Estate	1.0
Health Care	0.8

^(a) Excludes money market funds.

TEN LARGEST HOLDINGS

Security	Percent of Total Investments	(a)
Eregli Demir ve Celik Fabrikalari TAS	9.9	%
BIM Birlesik Magazalar AS	7.6
Turkiye Petrol Rafinerileri AS	5.4
KOC Holding AS	5.4
Turkcell Iletisim Hizmetleri AS	5.2
Akbank TAS	5.0
Ford Otomotiv Sanayi AS	4.7
Turkiye Garanti Bankasi AS	4.4
Turkiye Sise ve Cam Fabrikalari AS	3.8
Turk Hava Yollari AO	3.5

F U N D   S U M M A R Y 9

Fund Summaryas of February 28, 2022 iShares^® MSCI USA Equal Weighted ETF

Investment Objective

The iShares MSCI USA Equal Weighted ETF (the “Fund”) seeks to track the investment results of an index composed of equal weighted U.S. equities, as represented by the MSCI USA Equal Weighted 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.

Performance

			Average Annual Total Returns							Cumulative Total Returns
	6 Months			1 Year		5 Years		10 Years			1 Year		5 Years		10 Years
Fund NAV	(4.36	)%		12.00	%	12.54	%	12.97	%		12.00	%	80.51	%	238.53	%
Fund Market	(4.36	)		11.77		12.54		12.96			11.77		80.50		238.37
Index	(4.32	)		12.16		12.69		13.13			12.16		81.73		243.34

Index performance through August 31, 2015 reflects the performance of the MSCI USA Index. Index performance beginning on September 1, 2015 reflects the performance of the MSCI USA Equal Weighted Index.

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 11 for more information.

Expense Example

Actual							Hypothetical 5% Return
	Beginning Account Value (09/01/21)		Ending Account Value (02/28/22)		Expenses Paid During the Period	(a)		Beginning Account Value (09/01/21)		Ending Account Value (02/28/22)		Expenses Paid During the Period	(a)	Annualized Expense Ratio
$	1,000.00	$	956.40	$	0.44		$	1,000.00	$	1,024.30	$	0.45		0.09	%

(a) Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” for more information.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of Total Investments	(a)
Information Technology	18.4	%
Financials	13.8
Industrials	13.3
Health Care	13.2
Consumer Discretionary	10.7
Real Estate	5.8
Communication Services	5.6
Consumer Staples	5.4
Utilities	5.4
Materials	5.0
Energy	3.4

^(a) Excludes money market funds.

TEN LARGEST HOLDINGS

Security	Percent of Total Investments	(a)
S&P Global Inc.	0.3	%
SolarEdge Technologies Inc.	0.2
Block Inc.	0.2
Cheniere Energy Inc.	0.2
Leidos Holdings Inc.	0.2
L3Harris Technologies Inc.	0.2
Mosaic Co. (The)	0.2
Palo Alto Networks Inc.	0.2
Northrop Grumman Corp.	0.2
Lockheed Martin Corp.	0.2

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About Fund Performance

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

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

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

Shareholder Expenses

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

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

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

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

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 11

Schedule of Investments(unaudited)  February 28, 2022 iShares^® MSCI Brazil ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Banks — 3.0%
Banco Bradesco SA		4,188,471	$	13,737,557
Banco do Brasil SA		14,448,019		97,684,151
Banco Inter SA		3,553,044		13,776,933
Banco Santander Brasil SA		7,404,855		43,890,358
				169,088,999
Beverages — 3.5%
Ambev SA		66,621,961		195,519,607
Capital Markets — 5.8%
B3 SA - Brasil, Bolsa, Balcao		87,239,280		245,437,673
Banco BTG Pactual SA		15,507,593		77,046,178
XP Inc.(a)		1		32
				322,483,883
Containers & Packaging — 1.0%
Klabin SA		12,421,579		55,793,218
Diversified Telecommunication Services — 1.4%
Telefonica Brasil SA		7,832,634		76,811,931
Electric Utilities — 2.6%
Centrais Eletricas Brasileiras SA		5,520,424		37,255,994
Energisa SA		2,491,305		21,257,535
Equatorial Energia SA		17,407,287		86,084,145
				144,597,674
Electrical Equipment — 2.6%
WEG SA		26,183,745		148,351,533
Food & Staples Retailing — 2.0%
Atacadao SA		8,273,221		30,496,357
Raia Drogasil SA		17,831,632		80,726,270
				111,222,627
Food Products — 2.4%
BRF SA(a)		11,171,469		35,229,794
JBS SA		14,422,106		101,023,903
				136,253,697
Health Care Providers & Services — 3.3%
Hapvida Participacoes e Investimentos SA(b)		58,063,249		135,914,179
Rede D’Or Sao Luiz SA(b)		5,008,014		49,333,787
				185,247,966
Independent Power and Renewable Electricity Producers — 0.6%
Engie Brasil Energia SA		4,186,947		32,436,966
Insurance — 1.0%
BB Seguridade Participacoes SA		12,238,698		53,966,714
Internet & Direct Marketing Retail — 1.0%
Americanas SA		9,656,811		56,590,511
Metals & Mining — 21.0%
Cia. Siderurgica Nacional SA		11,600,572		57,094,918
Vale SA		60,104,783		1,115,164,732
				1,172,259,650
Multiline Retail — 2.4%
Lojas Renner SA		16,020,660		79,187,451
Magazine Luiza SA		45,787,266		52,824,775
				132,012,226
Oil, Gas & Consumable Fuels — 9.6%
Cosan SA		17,549,806		71,950,389
Petro Rio SA(a)		8,566,306		43,534,951

Security	Shares		Value
Oil, Gas & Consumable Fuels (continued)
Petroleo Brasileiro SA		53,653,691	$	381,500,124
Ultrapar Participacoes SA		13,490,840		37,940,971
				534,926,435
Paper & Forest Products — 2.3%
Suzano SA		11,963,865		128,958,094
Personal Products — 1.1%
Natura & Co. Holding SA(a)		14,147,753		63,133,693
Pharmaceuticals — 0.8%
Hypera SA		6,900,446		44,763,175
Road & Rail — 3.1%
Localiza Rent a Car SA		9,839,852		109,540,601
Rumo SA(a)		22,025,366		65,985,161
				175,525,762
Software — 0.7%
TOTVS SA		6,204,367		39,746,595
Specialty Retail — 1.2%
Vibra Energia SA		15,282,135		69,608,845
Transportation Infrastructure — 0.9%
CCR SA		22,076,552		50,224,981
Water Utilities — 0.9%
Cia. de Saneamento Basico do Estado de Sao Paulo		6,142,865		49,291,683
Wireless Telecommunication Services — 0.8%
TIM SA		16,220,756		43,025,356
Total Common Stocks — 75.0% (Cost: $2,733,928,979)				4,191,841,821
Preferred Stocks
Banks — 12.4%
Banco Bradesco SA, Preference Shares, NVS		56,988,329		223,241,217
Itau Unibanco Holding SA, Preference Shares, NVS		69,835,057		342,831,027
Itausa SA, Preference Shares, NVS		64,041,813		124,024,503
				690,096,747
Chemicals — 0.4%
Braskem SA, Class A, Preference Shares, NVS		2,270,462		21,275,563
Electric Utilities — 1.5%
Centrais Eletricas Brasileiras SA, Class B, Preference Shares, NVS		5,122,610		34,023,165
Cia. Energetica de Minas Gerais, Preference Shares, NVS		20,181,721		49,591,907
				83,615,072
Metals & Mining — 1.7%
Gerdau SA, Preference Shares, NVS		18,775,509		93,123,044
Oil, Gas & Consumable Fuels — 8.1%
Petroleo Brasileiro SA, Preference Shares, NVS		68,886,720		452,823,859
Textiles, Apparel & Luxury Goods — 0.2%
Alpargatas SA, Preference Shares, NVS		2,745,526		13,670,454
Total Preferred Stocks — 24.3% (Cost: $945,631,686)				1,354,604,739

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Schedule of Investments(unaudited) (continued) February 28, 2022 iShares^® MSCI Brazil ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Rights
Internet & Direct Marketing Retail — 0.0%
Americanas SA, (Expires 03/03/22)(a)		215,430	$	283,103
Total Rights — 0.0% (Cost: $0)				283,103
Short-Term Investments
Money Market Funds — 0.0%
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.03%(c)(d)		1,850,000		1,850,000
Total Short-Term Investments — 0.0% (Cost: $1,850,000)				1,850,000
Total Investments in Securities — 99.3% (Cost: $3,681,410,665)				5,548,579,663
Other Assets, Less Liabilities — 0.7%				38,321,754
Net Assets — 100.0%			$	5,586,901,417

^(a)  Non-income producing security.

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

^(c)  Affiliate of the Fund.

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 08/31/21		Purchases at Cost			Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 02/28/22		Shares Held at 02/28/22		Income		Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Treasury, SL Agency Shares	$	—	$	1,850,000	(a)	$	—	$	—	$	—	$	1,850,000		1,850,000	$	302	$	—

^(a) Represents net amount purchased (sold).

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
MSCI Brazil Index		651		03/18/22	$	32,190	$	2,119,975

Derivative Financial Instruments Categorized by Risk Exposure

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

	Equity Contracts
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)	$	2,119,975

^(a)  Net cumulative unrealized appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).

S C H E D U L E   O F   I N V E S T M E N T S 13

Schedule of Investments(unaudited) (continued) February 28, 2022 iShares^® MSCI Brazil ETF

For the period ended February 28, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	(5,611,194	)
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	607,061

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	33,471,638

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

Fair Value Hierarchy as of Period End

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.

		Level 1		Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	—	$	4,191,841,821	$	—	$	4,191,841,821
Preferred Stocks		—		1,354,604,739		—		1,354,604,739
Rights		—		283,103		—		283,103
Money Market Funds		1,850,000		—		—		1,850,000
	$	1,850,000	$	5,546,729,663	$	—	$	5,548,579,663
Derivative financial instruments(a)
Assets
Futures Contracts	$	2,119,975	$	—	$	—	$	2,119,975

^(a) Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

See notes to financial statements.

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Schedule of Investments(unaudited) February 28, 2022 iShares^® MSCI Chile ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Banks — 23.7%
Banco de Chile		502,893,775	$	53,317,854
Banco de Credito e Inversiones SA		501,577		17,931,127
Banco Santander Chile		378,328,135		18,577,344
Itau CorpBanca Chile SA(a)		4,644,004,315		9,112,749
				98,939,074
Beverages — 6.1%
Cia. Cervecerias Unidas SA		1,934,484		15,336,692
Vina Concha y Toro SA		6,812,272		10,007,016
				25,343,708
Electric Utilities — 11.5%
Enel Americas SA		250,176,355		29,293,508
Enel Chile SA		382,099,959		12,526,300
Engie Energia Chile SA		10,419,307		6,323,028
				48,142,836
Food & Staples Retailing — 5.4%
Cencosud SA		8,985,911		16,528,140
SMU SA		59,382,766		5,951,710
				22,479,850
Independent Power and Renewable Electricity Producers — 2.3%
Colbun SA		129,841,040		9,455,391
Metals & Mining — 3.0%
CAP SA		1,063,045		12,292,057
Multiline Retail — 4.0%
Falabella SA		5,083,458		16,728,597
Oil, Gas & Consumable Fuels — 4.2%
Empresas COPEC SA		2,273,892		17,640,303
Paper & Forest Products — 4.2%
Empresas CMPC SA		10,585,360		17,488,625

Security	Shares		Value
Real Estate Management & Development — 3.2%
Cencosud Shopping SA		2,265,192	$	2,431,850
Parque Arauco SA(a)		8,481,040		8,463,957
Plaza SA		2,341,696		2,517,381
				13,413,188
Water Utilities — 3.7%
Aguas Andinas SA, Class A		46,449,398		9,796,880
Inversiones Aguas Metropolitanas SA		11,561,976		5,793,928
				15,590,808
Wireless Telecommunication Services — 2.2%
Empresa Nacional de Telecomunicaciones SA		2,456,719		9,129,699
Total Common Stocks — 73.5% (Cost: $300,975,869)				306,644,136
Preferred Stocks
Beverages — 2.9%
Embotelladora Andina SA, Class B, Preference Shares		5,583,649		12,158,986
Chemicals — 23.1%
Sociedad Quimica y Minera de Chile SA, Class B, Preference Shares		1,448,847		96,220,650
Total Preferred Stocks — 26.0% (Cost: $55,346,476)				108,379,636
Total Investments in Securities — 99.5% (Cost: $356,322,345)				415,023,772
Other Assets, Less Liabilities — 0.5%				2,202,532
Net Assets — 100.0%			$	417,226,304

^(a) Non-income producing security.

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 08/31/21		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 02/28/22		Shares Held at 02/28/22		Income		Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Treasury, SL Agency Shares(a)	$	1,120,000	$	—	$	(1,120,000	)(b)	$	—	$	—	$	—		—	$	38	$	—

^(a)  As of period end, the entity is no longer held.

^(b)  Represents net amount purchased (sold).

S C H E D U L E   O F   I N V E S T M E N T S 15

Schedule of Investments(unaudited) (continued) February 28, 2022 iShares^® MSCI Chile ETF

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
MSCI Emerging Markets Index		9		03/18/22	$	529	$	(45,420	)

Derivative Financial Instruments Categorized by Risk Exposure

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

	Equity Contracts
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	45,420

(a) Net cumulative unrealized appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).

For the period ended February 28, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	(65,866	)
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(32,962	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	1,131,825

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

Fair Value Hierarchy as of Period End

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.

		Level 1			Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	163,818,825		$	142,825,311	$	—	$	306,644,136
Preferred Stocks		—			108,379,636		—		108,379,636
	$	163,818,825		$	251,204,947	$	—	$	415,023,772
Derivative financial instruments(a)
Liabilities
Futures Contracts	$	(45,420	)	$	—	$	—	$	(45,420	)

^(a) Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

See notes to financial statements.

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Schedule of Investments(unaudited)  February 28, 2022 iShares^® MSCI Colombia ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Banks — 11.7%
Banco de Bogota SA		6,315	$	115,794
Bancolombia SA		341,354		3,384,924
Grupo Aval Acciones y Valores SA		357,995		96,841
Grupo Bolivar SA		46,052		935,894
				4,533,453
Building Products — 2.8%
Tecnoglass Inc.(a)		52,188		1,071,420
Capital Markets — 1.1%
Bolsa de Valores de Colombia		169,179		429,715
Construction Materials — 3.3%
Cementos Argos SA		296,975		457,870
Grupo Argos SA		249,517		817,568
				1,275,438
Diversified Financial Services — 3.5%
Corp. Financiera Colombiana SA(b)		48,233		339,358
Grupo de Inversiones Suramericana SA		127,041		1,030,977
				1,370,335
Electric Utilities — 12.5%
Celsia SA ESP		133,060		141,273
Enel Americas SA		9,215,287		1,079,031
Interconexion Electrica SA ESP		590,416		3,644,168
				4,864,472
Food & Staples Retailing — 2.3%
Cia Brasileira de Distribuicao(a)		198,796		904,522
Food Products — 4.1%
Grupo Nutresa SA		140,681		1,580,113
Gas Utilities — 4.7%
Grupo Energia Bogota SA ESP		2,731,472		1,699,796
Promigas SA ESP		78,153		143,125
				1,842,921
Independent Power and Renewable Electricity Producers — 2.3%
Brookfield Renewable Corp., Class A		24,376		913,499
Metals & Mining — 1.4%
Mineros SA		603,950		555,320
Oil, Gas & Consumable Fuels — 22.9%
Canacol Energy Ltd		456,480		1,156,056
Ecopetrol SA		6,740,224		5,586,315
Empresas COPEC SA		131,563		1,020,634
Parex Resources Inc.		51,665		1,139,279
				8,902,284
Specialty Retail — 1.5%
Organizacion Terpel SA(b)		198,536		574,377

Security	Shares		Value
Wireless Telecommunication Services — 1.9%
Millicom International Cellular SA, SDR(b)		31,138	$	722,331
Total Common Stocks — 76.0% (Cost: $24,047,070)				29,540,200
Preferred Stocks
Banks — 20.6%
Banco Davivienda SA, Preference Shares, NVS		207,323		1,685,123
Bancolombia SA, Preference Shares, NVS		616,349		5,448,036
Grupo Aval Acciones y Valores SA, Preference Shares, NVS		3,316,566		892,953
				8,026,112
Construction Materials — 0.8%
Cementos Argos SA, Preference Shares, NVS		127,820		136,326
Grupo Argos SA/Colombia, Preference Shares, NVS		65,996		162,433
				298,759
Diversified Financial Services — 1.8%
Corp. Financiera Colombiana SA, Preference Shares, NVS(b)		23,910		138,529
Grupo de Inversiones Suramericana SA, Preference Shares, NVS		95,164		557,157
				695,686
Total Preferred Stocks — 23.2% (Cost: $7,845,348)				9,020,557
Short-Term Investments
Money Market Funds — 3.5%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.09%(c)(d)(e)		1,312,123		1,312,385
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.03%(c)(d)		50,000		50,000
				1,362,385
Total Short-Term Investments — 3.5% (Cost: $1,362,385)				1,362,385
Total Investments in Securities — 102.7% (Cost: $33,254,803)				39,923,142
Other Assets, Less Liabilities — (2.7)%				(1,032,742	)
Net Assets — 100.0%			$	38,890,400

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

^(b)  Non-income producing security.

^(c) Affiliate of the Fund.

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

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

S C H E D U L E   O F   I N V E S T M E N T S 17

Schedule of Investments(unaudited) (continued) February 28, 2022 iShares^® MSCI Colombia ETF

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 08/31/21		Purchases at Cost			Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 02/28/22		Shares Held at 02/28/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	—	$	1,312,578	(a)	$	—	$	(193	)	$	—	$	1,312,385		1,312,123	$	3,640	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		10,000		40,000	(a)		—		—			—		50,000		50,000		3			—
								$	(193	)	$	—	$	1,362,385			$	3,643		$	—

(a) Represents net amount purchased (sold).

(b) All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

Derivative Financial Instruments Categorized by Risk Exposure

For the period ended February 28, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	(2,894	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	40,410

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

Fair Value Hierarchy as of Period End

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.

	Level 1		Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	27,738,838	$	1,801,362	$	—	$	29,540,200
Preferred Stocks		9,020,557		—		—		9,020,557
Money Market Funds		1,362,385		—		—		1,362,385
	$	38,121,780	$	1,801,362	$	—	$	39,923,142

See notes to financial statements.

18 2 0 2 2   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S 

Schedule of Investments(unaudited) February 28, 2022 iShares^® MSCI Israel ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 2.6%
Elbit Systems Ltd.		22,849	$	4,697,221
Banks — 21.3%
Bank Hapoalim BM		999,461		10,592,776
Bank Leumi Le-Israel BM		1,278,285		13,847,559
FIBI Holdings Ltd.		15,393		730,455
First International Bank Of Israel Ltd. (The)		47,548		2,045,316
Israel Discount Bank Ltd., Class A		1,002,779		6,612,474
Mizrahi Tefahot Bank Ltd.		121,365		4,742,863
				38,571,443
Biotechnology — 0.1%
UroGen Pharma Ltd.(a)(b)		17,083		102,498
Building Products — 0.2%
Caesarstone Ltd.		20,845		249,932
Capital Markets — 0.2%
Altshuler Shaham Provident Funds & Pension Ltd.(b)		49,866		214,194
Electreon Wireless Ltd.(a)		3,758		162,306
				376,500
Chemicals — 4.8%
ICL Group Ltd.		608,448		6,909,852
Israel Corp. Ltd. (The)(a)		3,318		1,743,602
				8,653,454
Communications Equipment — 1.3%
AudioCodes Ltd.		22,249		631,577
Gilat Satellite Networks Ltd.		26,197		213,137
Ituran Location and Control Ltd.		14,179		291,662
Radware Ltd.(a)		35,683		1,227,852
				2,364,228
Construction & Engineering — 3.0%
Ashtrom Group Ltd.(b)		34,718		963,648
Elco Ltd.		8,308		717,678
Electra Ltd./Israel		1,813		1,355,193
Shapir Engineering and Industry Ltd.(b)		122,990		1,212,856
Shikun & Binui Ltd.(a)		203,766		1,233,956
				5,483,331
Consumer Finance — 0.5%
Isracard Ltd.		171,928		902,344
Distributors — 0.2%
Tadiran Group Ltd.		2,606		373,038
Diversified Telecommunication Services — 1.6%
Bezeq The Israeli Telecommunication Corp. Ltd.(a)		1,786,714		2,933,359
Electronic Equipment, Instruments & Components — 0.1%
Nayax Ltd.(a)		70,987		143,826
Equity Real Estate Investment Trusts (REITs) — 0.6%
REIT 1 Ltd.(b)		154,056		1,019,415
Food & Staples Retailing — 1.7%
M Yochananof & Sons Ltd.		4,377		333,563
Rami Levy Chain Stores Hashikma Marketing 2006 Ltd.		7,654		633,290
Shufersal Ltd.		228,596		2,044,381
				3,011,234
Food Products — 0.8%
Mehadrin Ltd.(a)		1		33

Security	Shares		Value
Food Products (continued)
Strauss Group Ltd.		45,048	$	1,481,092
				1,481,125
Health Care Equipment & Supplies — 1.2%
Inmode Ltd.(a)		42,790		1,826,705
Nano-X Imaging Ltd.(a)(b)		29,077		295,132
Sisram Medical Ltd.(c)		121,200		123,919
				2,245,756
Hotels, Restaurants & Leisure — 0.5%
Fattal Holdings 1998 Ltd.(a)(b)		5,291		691,595
NEOGAMES SA(a)		8,824		199,422
				891,017
Household Durables — 1.0%
Azorim-Investment Development & Construction Co. Ltd.(a)(b)		73,202		365,815
Electra Consumer Products 1970 Ltd.		9,396		546,918
Maytronics Ltd.(b)		37,583		810,564
				1,723,297
Independent Power and Renewable Electricity Producers — 2.7%
Doral Group Renewable Energy Resources Ltd.(a)(b)		49,499		198,115
Energix-Renewable Energies Ltd.		190,407		776,252
Enlight Renewable Energy Ltd.(a)		793,875		1,918,690
Kenon Holdings Ltd./Singapore(b)		20,860		1,182,347
OPC Energy Ltd.(a)(b)		78,067		886,440
				4,961,844
Industrial Conglomerates — 0.2%
Arad Investment & Industrial Development Ltd.		2,813		394,719
Insurance — 3.0%
Clal Insurance Enterprises Holdings Ltd.(a)		52,459		1,226,218
Harel Insurance Investments & Financial Services Ltd.		101,493		1,228,760
IDI Insurance Co. Ltd.		6,992		242,343
Menora Mivtachim Holdings Ltd.		21,978		514,330
Migdal Insurance & Financial Holdings Ltd.		314,483		550,386
Phoenix Holdings Ltd. (The)		133,401		1,652,367
				5,414,404
Interactive Media & Services — 0.2%
Taboola.com Ltd.(a)(b)		49,546		327,499
Internet & Direct Marketing Retail — 1.1%
Fiverr International Ltd.(a)(b)		25,269		1,993,977
IT Services — 3.8%
Formula Systems 1985 Ltd.(b)		7,892		802,451
Malam - Team Ltd.		6,591		213,203
Matrix IT Ltd.(b)		29,895		808,870
One Software Technologies Ltd.		33,654		598,799
Wix.com Ltd.(a)		49,098		4,496,395
				6,919,718
Life Sciences Tools & Services — 0.1%
Compugen Ltd.(a)(b)		72,561		224,213
Machinery — 2.1%
Kornit Digital Ltd.(a)(b)		40,101		3,802,778
Marine — 1.4%
ZIM Integrated Shipping Services Ltd.		35,805		2,498,831
Media — 0.4%
Perion Network Ltd.(a)		33,992		772,938

S C H E D U L E   O F   I N V E S T M E N T S 19

Schedule of Investments(unaudited) (continued) February 28, 2022 iShares^® MSCI Israel ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Oil, Gas & Consumable Fuels — 2.0%
Delek Group Ltd.(a)		7,886	$	974,156
Equital Ltd.(a)		17,103		683,431
Naphtha Israel Petroleum Corp. Ltd.(a)		27,979		221,440
Oil Refineries Ltd.(a)		1,531,089		548,631
Paz Oil Co. Ltd.(a)		8,722		1,258,326
				3,685,984
Pharmaceuticals — 4.5%
Taro Pharmaceutical Industries Ltd.(a)(b)		8,195		400,326
Teva Pharmaceutical Industries Ltd., ADR(a)		950,240		7,725,451
				8,125,777
Professional Services — 0.5%
Danel Adir Yeoshua Ltd.		4,411		953,412
Real Estate Management & Development — 10.9%
AFI Properties Ltd.		9,265		540,486
Airport City Ltd.(a)		58,997		1,333,428
Alony Hetz Properties & Investments Ltd.		127,204		2,227,439
Amot Investments Ltd.		191,018		1,466,938
Azrieli Group Ltd.		36,560		3,119,003
Big Shopping Centers Ltd.		9,104		1,343,721
Blue Square Real Estate Ltd.		4,527		360,237
Brack Capital Properties NV(a)		0		43
Electra Real Estate Ltd.(b)		19,766		386,294
Gav-Yam Lands Corp. Ltd.		120,126		1,469,946
Gazit-Globe Ltd.		59,306		517,407
Israel Canada T.R Ltd.		100,812		568,840
Isras Investment Co. Ltd.		1,399		336,154
Mega Or Holdings Ltd.		20,524		808,251
Melisron Ltd.(a)		18,402		1,461,120
Mivne Real Estate KD Ltd.		516,367		2,025,505
Prashkovsky Investments and Construction Ltd.		6,356		262,125
Property & Building Corp. Ltd.(a)		2,562		336,297
Summit Real Estate Holdings Ltd.(a)(b)		31,590		703,868
YH Dimri Construction & Development Ltd.(b)		6,400		576,726
				19,843,828
Semiconductors & Semiconductor Equipment — 4.2%
Camtek Ltd./Israel(a)		24,471		811,182
Nova Ltd.(a)		24,560		2,690,551
Tower Semiconductor Ltd.(a)		88,353		4,130,670
				7,632,403
Software — 18.9%
Cellebrite DI Ltd.(a)(b)		32,507		230,800
Check Point Software Technologies Ltd.(a)		91,527		13,260,432
Cognyte Software Ltd.(a)		56,842		634,357
CyberArk Software Ltd.(a)(b)		34,253		5,827,805
Hilan Ltd.		12,726		767,316
Magic Software Enterprises Ltd.		23,420		418,785

Security	Shares		Value
Software (continued)
Nice Ltd.(a)		54,381	$	12,301,421
Riskified Ltd.(a)(b)		19,298		145,314
Sapiens International Corp. NV		25,856		707,718
				34,293,948
Specialty Retail — 1.1%
Delek Automotive Systems Ltd.		43,870		696,552
Fox Wizel Ltd.		6,447		1,092,365
Retailors Ltd.(a)		10,517		267,721
				2,056,638
Technology Hardware, Storage & Peripherals — 0.4%
Nano Dimension Ltd., ADR(a)(b)		220,633		781,041
Textiles, Apparel & Luxury Goods — 0.3%
Delta-Galil Industries Ltd.(b)		7,766		537,035
Wireless Telecommunication Services — 0.7%
Cellcom Israel Ltd.(a)(b)		77,942		398,754
Partner Communications Co. Ltd.(a)		118,555		910,178
				1,308,932
Total Common Stocks — 100.2% (Cost: $170,741,960)				181,752,937
Short-Term Investments
Money Market Funds — 5.3%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.09%(d)(e)(f)		9,554,118		9,556,029
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.03%(d)(e)		90,000		90,000
				9,646,029
Total Short-Term Investments — 5.3% (Cost: $9,645,818)				9,646,029
Total Investments in Securities — 105.5% (Cost: $180,387,778)				191,398,966
Other Assets, Less Liabilities — (5.5)%				(9,910,800	)
Net Assets — 100.0%			$	181,488,166

^(a)  Non-income producing security.

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

^(c)  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.

^(d)  Affiliate of the Fund.

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

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

20 2 0 2 2   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S 

Schedule of Investments(unaudited) (continued) February 28, 2022 iShares^® MSCI Israel ETF

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 08/31/21		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 02/28/22		Shares Held at 02/28/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	23,201,200	$	—		$	(13,642,360	)(a)	$	(2,236	)	$	(575	)	$	9,556,029		9,554,118	$	56,197	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		90,000		0	(a)		—			—			—			90,000		90,000		6			—
									$	(2,236	)	$	(575	)	$	9,646,029			$	56,203		$	—

^(a)  Represents net amount purchased (sold).

^(b)  All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
Euro STOXX 50 Index		6		03/18/22	$	263	$	(6,316	)

Derivative Financial Instruments Categorized by Risk Exposure

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

	Equity Contracts
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	6,316

^(a)  Net cumulative unrealized appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).

For the period ended February 28, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	(3,560	)
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(9,842	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	512,182

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

S C H E D U L E   O F   I N V E S T M E N T S 21

Schedule of Investments(unaudited) (continued) February 28, 2022 iShares^® MSCI Israel ETF

Fair Value Hierarchy as of Period End

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.

	Level 1		Level 2			Level 3		Total
Investments
Assets
Common Stocks	$	46,902,659	$	134,850,278		$	—	$	181,752,937
Money Market Funds		9,646,029		—			—		9,646,029
	$	56,548,688	$	134,850,278		$	—	$	191,398,966
Derivative financial instruments(a)
Liabilities
Futures Contracts	$	—	$	(6,316	)	$	—	$	(6,316	)

^(a) Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

See notes to financial statements.

22 2 0 2 2   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S 

Schedule of Investments(unaudited)  February 28, 2022 iShares^® MSCI South Africa ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Banks — 14.3%
Absa Group Ltd.		992,041	$	11,396,415
Capitec Bank Holdings Ltd.		111,428		15,044,193
Nedbank Group Ltd.		630,511		8,963,395
Standard Bank Group Ltd.		1,847,527		19,576,414
				54,980,417
Capital Markets — 1.0%
Reinet Investments SCA		188,666		3,889,332
Chemicals — 4.6%
Sasol Ltd.(a)		779,434		17,884,066
Diversified Financial Services — 9.5%
FirstRand Ltd.		6,950,389		29,925,979
Remgro Ltd.		727,969		6,615,339
				36,541,318
Equity Real Estate Investment Trusts (REITs) — 1.1%
Growthpoint Properties Ltd.		4,719,263		4,112,714
Food & Staples Retailing — 7.5%
Bid Corp. Ltd.		461,753		9,381,458
Clicks Group Ltd.		336,992		6,551,907
Shoprite Holdings Ltd.		691,987		10,321,866
SPAR Group Ltd (The)		264,935		2,827,122
				29,082,353
Food Products — 0.6%
Tiger Brands Ltd.		234,992		2,496,291
Industrial Conglomerates — 1.4%
Bidvest Group Ltd (The)		398,189		5,455,710
Insurance — 6.7%
Discovery Ltd.(a)		595,770		6,101,304
Old Mutual Ltd.		6,482,327		5,311,914
Rand Merchant Investment Holdings Ltd.		1,053,549		3,314,898
Sanlam Ltd.		2,606,018		10,982,112
				25,710,228
Internet & Direct Marketing Retail — 9.8%
Naspers Ltd., Class N		299,787		37,752,343
Media — 1.1%
MultiChoice Group		517,830		4,244,009
Metals & Mining — 25.4%
African Rainbow Minerals Ltd.		154,380		2,747,389
Anglo American Platinum Ltd.		73,046		11,401,376
AngloGold Ashanti Ltd.		574,644		13,444,885
Gold Fields Ltd.		1,222,131		17,016,664
Harmony Gold Mining Co. Ltd.		766,663		3,274,103

Security	Shares		Value
Metals & Mining (continued)
Impala Platinum Holdings Ltd.		1,125,142	$	21,461,389
Kumba Iron Ore Ltd.		88,607		3,502,527
Northam Platinum Holdings Ltd.(a)		464,120		7,493,835
Sibanye Stillwater Ltd.		3,673,049		17,328,072
				97,670,240
Multiline Retail — 1.2%
Woolworths Holdings Ltd.		1,376,562		4,532,592
Oil, Gas & Consumable Fuels — 1.1%
Exxaro Resources Ltd.		339,825		4,383,320
Pharmaceuticals — 1.8%
Aspen Pharmacare Holdings Ltd.		534,142		6,982,362
Real Estate Management & Development — 1.0%
NEPI Rockcastle PLC		586,886		3,750,856
Specialty Retail — 1.9%
Mr. Price Group Ltd.		352,745		4,808,871
Pepkor Holdings Ltd.(b)		1,780,037		2,541,050
				7,349,921
Wireless Telecommunication Services — 9.8%
MTN Group Ltd.(a)		2,334,687		29,142,835
Vodacom Group Ltd.		884,610		8,515,153
				37,657,988
Total Common Stocks — 99.8% (Cost: $405,221,202)				384,476,060
Short-Term Investments
Money Market Funds — 0.1%
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.03%(c)(d)		220,000		220,000
Total Short-Term Investments — 0.1% (Cost: $220,000)				220,000
Total Investments in Securities — 99.9% (Cost: $405,441,202)				384,696,060
Other Assets, Less Liabilities — 0.1%				359,803
Net Assets — 100.0%			$	385,055,863

^(a)  Non-income producing security.

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

^(c)  Affiliate of the Fund.

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

S C H E D U L E   O F   I N V E S T M E N T S 23

Schedule of Investments(unaudited) (continued) February 28, 2022 iShares^® MSCI South Africa ETF

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 08/31/21		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 02/28/22		Shares Held at 02/28/22		Income		Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Treasury, SL Agency Shares	$	310,000	$	—	$	(90,000	)(a)	$	—	$	—	$	220,000		220,000	$	6	$	—

^(a) Represents net amount purchased (sold).

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
FTSE/JSE Top 40 Index		8		03/17/22	$	361	$	19,093

Derivative Financial Instruments Categorized by Risk Exposure

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

		Equity Contracts
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)	$	19,093

^(a)  Net cumulative unrealized appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).

For the period ended February 28, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

		Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	(10,553	)
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	2,386

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	614,751

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

Fair Value Hierarchy as of Period End

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.

24 2 0 2 2   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S 

Schedule of Investments(unaudited) (continued) February 28, 2022 iShares^® MSCI South Africa ETF

Fair Value Hierarchy as of Period End (continued)

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.

	Level 1		Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	113,594,830	$	270,881,230	$	—	$	384,476,060
Money Market Funds		220,000		—		—		220,000
	$	113,814,830	$	270,881,230	$	—	$	384,696,060
Derivative financial instruments(a)
Assets
Futures Contracts	$	—	$	19,093	$	—	$	19,093

^(a) Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

See notes to financial statements.

S C H E D U L E   O F   I N V E S T M E N T S 25

Schedule of Investments(unaudited) February 28, 2022 iShares^® MSCI Turkey ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 3.4%
Aselsan Elektronik Sanayi Ve Ticaret AS		5,693,758	$	9,149,342
Airlines — 4.6%
Pegasus Hava Tasimaciligi AS(a)(b)		415,769		2,812,420
Turk Hava Yollari AO(a)		5,214,564		9,652,797
				12,465,217
Automobiles — 6.8%
Ford Otomotiv Sanayi AS		657,607		12,809,801
Tofas Turk Otomobil Fabrikasi AS		1,008,916		5,853,648
				18,663,449
Banks — 19.4%
Akbank TAS		26,506,319		13,529,559
Haci Omer Sabanci Holding AS		8,533,018		9,580,976
Turkiye Garanti Bankasi AS		15,096,607		12,085,794
Turkiye Halk Bankasi AS(a)(b)		4,503,015		1,428,231
Turkiye Is Bankasi AS, Class C		13,028,793		7,543,927
Turkiye Vakiflar Bankasi TAO, Class D(a)(b)		5,533,097		1,337,684
Yapi ve Kredi Bankasi AS		28,693,195		7,411,128
			52,917,299
Beverages — 3.6%
Anadolu Efes Biracilik Ve Malt Sanayii AS		2,214,912		3,871,021
Coca-Cola Icecek AS		770,092		6,063,253
			9,934,274
Capital Markets — 0.4%
Is Yatirim Menkul Degerler AS		812,581		1,031,875
Chemicals — 4.3%
Gubre Fabrikalari TAS(a)		369,256		2,030,338
Hektas Ticaret TAS(a)(b)		2,802,150		2,624,655
Petkim Petrokimya Holding AS(a)(b)		12,459,932		6,977,076
				11,632,069
Construction & Engineering — 1.0%
Tekfen Holding AS		2,082,901		2,782,498
Construction Materials — 0.7%
Nuh Cimento Sanayi AS		410,123		1,244,570
Oyak Cimento Fabrikalari AS(a)(b)		1,525,825		800,520
				2,045,090
Diversified Financial Services — 0.3%
Turkiye Sinai Kalkinma Bankasi AS		8,106,151		756,567
Electric Utilities — 1.0%
Enerjisa Enerji AS(b)(c)		2,870,664		2,746,164
Equity Real Estate Investment Trusts (REITs) — 1.0%
Emlak Konut Gayrimenkul Yatirim Ortakligi AS		19,309,879		2,776,443
Food & Staples Retailing — 9.2%
BIM Birlesik Magazalar AS		3,899,346		20,595,162
Migros Ticaret AS(a)(b)		1,040,011		2,705,182
Sok Marketler Ticaret AS(b)		2,276,466		1,858,642
				25,158,986
Food Products — 0.7%
Ulker Biskuvi Sanayi AS		1,722,697		1,848,381
Health Care Providers & Services — 0.9%
MLP Saglik Hizmetleri AS(a)(c)		1,088,294		2,327,523

Security	Shares		Value
Household Durables — 0.6%
Vestel Elektronik Sanayi ve Ticaret AS(b)		963,297	$	1,566,358
Independent Power and Renewable Electricity Producers — 0.7%
Aksa Enerji Uretim AS(a)(b)		2,014,342		1,882,109
Industrial Conglomerates — 9.8%
Bera Holding AS(a)(b)		2,753,368		1,624,479
Enka Insaat ve Sanayi AS		1		1
KOC Holding AS		6,453,482		14,753,215
Turkiye Sise ve Cam Fabrikalari AS(b)		11,553,932		10,334,906
				26,712,601
Insurance — 0.2%
Anadolu Anonim Turk Sigorta Sirketi		1,779,918		673,213
Machinery — 1.4%
Jantsa Jant Sanayi Ve Ticaret AS		179,497		748,323
Otokar Otomotiv Ve Savunma Sanayi AS		59,928		1,755,016
Turk Traktor ve Ziraat Makineleri AS		91,077		1,406,307
				3,909,646
Metals & Mining — 14.5%
Eregli Demir ve Celik Fabrikalari TAS		11,965,652		26,870,358
Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS, Class D(a)(b)		7,433,680		6,300,252
Koza Altin Isletmeleri AS(a)(b)		406,198		3,360,465
Koza Anadolu Metal Madencilik Isletmeleri AS(a)		2,217,213		3,143,131
				39,674,206
Oil, Gas & Consumable Fuels — 5.4%
Turkiye Petrol Rafinerileri AS(a)		1,059,155		14,762,089
Specialty Retail — 0.8%
Dogan Sirketler Grubu Holding AS(b)		12,287,969		2,264,035
Textiles, Apparel & Luxury Goods — 2.3%
Aksa Akrilik Kimya Sanayii AS		1,615,871		4,208,745
Mavi Giyim Sanayi Ve Ticaret AS, Class B(c)		485,884		1,960,703
				6,169,448
Transportation Infrastructure — 1.7%
TAV Havalimanlari Holding AS(a)(b)		1,878,208		4,570,585
Wireless Telecommunication Services — 5.2%
Turkcell Iletisim Hizmetleri AS		9,514,273		14,106,167
Total Common Stocks — 99.9% (Cost: $405,523,152)				272,525,634
Short-Term Investments
Money Market Funds — 4.1%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.09%(d)(e)(f)		11,130,209		11,132,435
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.03%(d)(e)		120,000		120,000
				11,252,435
Total Short-Term Investments — 4.1% (Cost: $11,250,506)				11,252,435
Total Investments in Securities — 104.0% (Cost: $416,773,658)				283,778,069
Other Assets, Less Liabilities — (4.0)%				(10,912,679	)
Net Assets — 100.0%			$	272,865,390

26 2 0 2 2   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S 

Schedule of Investments(unaudited) (continued) February 28, 2022 iShares^® MSCI Turkey ETF

^(a)  Non-income producing security.

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

^(c)  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.

^(d)  Affiliate of the Fund.

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

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 08/31/21		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value at 02/28/22		Shares Held at 02/28/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	11,942,050	$	—	$	(806,237	)(a)	$	129	$	(3,507	)	$	11,132,435		11,130,209	$	399,887	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		350,000		—		(230,000	)(a)		—		—			120,000		120,000		8			—
								$	129	$	(3,507	)	$	11,252,435			$	399,895		$	—

^(a)  Represents net amount purchased (sold).

^(b)  All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

Derivative Financial Instruments Categorized by Risk Exposure

For the period ended February 28, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	(39,425	)
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(4,632	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	189,087

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

Fair Value Hierarchy as of Period End

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.

S C H E D U L E   O F   I N V E S T M E N T S 27

Schedule of Investments(unaudited) (continued) February 28, 2022 iShares^® MSCI Turkey ETF

Fair Value Hierarchy as of Period End (continued)

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.

	Level 1		Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	205,152,033	$	67,373,601	$	—	$	272,525,634
Money Market Funds		11,252,435		—		—		11,252,435
	$	216,404,468	$	67,373,601	$	—	$	283,778,069

See notes to financial statements.

28 2 0 2 2   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S 

Schedule of Investments(unaudited)  February 28, 2022 iShares^® MSCI USA Equal Weighted ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 1.9%
Boeing Co. (The)(a)		3,581	$	735,322
General Dynamics Corp.		3,657		857,384
HEICO Corp.(b)		2,281		336,470
HEICO Corp., Class A		3,841		472,136
Howmet Aerospace Inc.		21,943		788,192
Huntington Ingalls Industries Inc.		4,294		877,693
L3Harris Technologies Inc.		3,538		892,673
Lockheed Martin Corp.		2,026		878,879
Northrop Grumman Corp.		1,992		880,743
Raytheon Technologies Corp.		8,274		849,740
Textron Inc.		10,859		794,119
TransDigm Group Inc.(a)		1,174		782,577
				9,145,928
Air Freight & Logistics — 0.7%
CH Robinson Worldwide Inc.		8,672		838,409
Expeditors International of Washington Inc.		7,301		754,632
FedEx Corp.		3,423		760,830
United Parcel Service Inc., Class B		3,641		766,139
				3,120,010
Airlines — 0.3%
Delta Air Lines Inc.(a)		17,654		704,748
Southwest Airlines Co.(a)		16,533		724,145
				1,428,893
Auto Components — 0.4%
Aptiv PLC(a)		5,360		693,798
BorgWarner Inc.		17,338		711,031
Lear Corp.		4,466		702,681
				2,107,510
Automobiles — 0.8%
Ford Motor Co.		43,532		764,422
General Motors Co.(a)		15,546		726,309
Lucid Group Inc.(a)(b)		27,035		783,474
Rivian Automotive Inc., Class A(a)(b)		11,834		799,505
Tesla Inc.(a)		849		738,995
				3,812,705
Banks — 2.8%
Bank of America Corp.		16,443		726,781
Citigroup Inc.		11,710		693,583
Citizens Financial Group Inc.		14,195		744,102
Fifth Third Bancorp.		15,835		757,546
First Citizens BancShares Inc./NC, Class A		995		784,508
First Republic Bank/CA		4,477		775,685
Huntington Bancshares Inc./OH		48,425		751,556
JPMorgan Chase & Co.		5,051		716,232
KeyCorp.		29,463		738,637
M&T Bank Corp.		4,213		767,735
PNC Financial Services Group Inc. (The)		3,759		748,981
Regions Financial Corp.		31,062		751,390
Signature Bank/New York NY		2,241		772,898
SVB Financial Group(a)		1,199		726,594
Truist Financial Corp.		12,116		753,858
U.S. Bancorp.		13,379		756,449
Webster Financial Corp.		12,649		761,596
Wells Fargo & Co.		13,485		719,694
				13,447,825
Beverages — 1.2%
Brown-Forman Corp., Class B, NVS		11,772		767,888

Security	Shares		Value
Beverages (continued)
Coca-Cola Co. (The)		12,874	$	801,278
Constellation Brands Inc., Class A		3,549		765,235
Keurig Dr Pepper Inc.		20,675		799,502
Molson Coors Beverage Co., Class B		15,858		827,471
Monster Beverage Corp.(a)		9,421		795,132
PepsiCo Inc.		4,714		771,870
				5,528,376
Biotechnology — 2.4%
AbbVie Inc.		5,375		794,264
Alnylam Pharmaceuticals Inc.(a)		5,115		807,403
Amgen Inc.		3,521		797,436
Biogen Inc.(a)		3,654		771,031
BioMarin Pharmaceutical Inc.(a)		8,458		660,739
Exact Sciences Corp.(a)		10,003		780,834
Gilead Sciences Inc.		12,666		765,026
Horizon Therapeutics PLC(a)(b)		8,025		731,639
Incyte Corp.(a)		11,558		789,411
Moderna Inc.(a)		5,164		793,190
Neurocrine Biosciences Inc.(a)		9,130		820,513
Novavax Inc.(a)(b)		9,058		755,165
Regeneron Pharmaceuticals Inc.(a)		1,243		768,622
Seagen Inc.(a)		6,093		785,205
Vertex Pharmaceuticals Inc.(a)		3,325		764,817
				11,585,295
Building Products — 1.4%
A O Smith Corp.		10,841		743,476
Allegion PLC		6,803		779,080
Carrier Global Corp.		17,174		770,769
Fortune Brands Home & Security Inc.		8,605		747,775
Johnson Controls International PLC		11,617		754,640
Lennox International Inc.		2,993		798,921
Masco Corp.		13,361		748,750
Owens Corning		7,778		724,832
Trane Technologies PLC		5,137		790,738
				6,858,981
Capital Markets — 4.5%
Ameriprise Financial Inc.		2,512		753,072
Bank of New York Mellon Corp. (The)		12,544		666,714
BlackRock Inc.(c)		1,000		743,890
Blackstone Inc., NVS		6,184		788,274
Carlyle Group Inc. (The)		16,371		767,309
Cboe Global Markets Inc.		6,468		758,632
Charles Schwab Corp. (The)		8,777		741,305
CME Group Inc.		3,281		776,055
Coinbase Global Inc., Class A(a)		3,770		719,203
FactSet Research Systems Inc.		1,901		771,977
Franklin Resources Inc.		24,984		742,774
Goldman Sachs Group Inc. (The)		2,177		742,988
Intercontinental Exchange Inc.		6,236		798,956
Invesco Ltd.		33,249		706,209
KKR & Co. Inc.		12,605		757,813
MarketAxess Holdings Inc.		2,092		797,952
Moody’s Corp.		2,371		763,533
Morgan Stanley		7,751		703,326
MSCI Inc.		1,442		723,437
Nasdaq Inc.		4,489		768,292
Northern Trust Corp.		6,208		707,091
Raymond James Financial Inc.		6,951		762,177
Robinhood Markets Inc., Class A(a)(b)		58,032		696,964

S C H E D U L E   O F   I N V E S T M E N T S 29

Schedule of Investments(unaudited) (continued) February 28, 2022 iShares^® MSCI USA Equal Weighted ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Capital Markets (continued)
S&P Global Inc.		4,063	$	1,526,554
SEI Investments Co.		12,882		754,628
State Street Corp.		7,818		667,110
T Rowe Price Group Inc.		5,364		775,420
Tradeweb Markets Inc., Class A		9,340		789,043
				21,670,698
Chemicals — 2.7%
Air Products and Chemicals Inc.		3,196		755,215
Albemarle Corp.		3,187		624,301
Celanese Corp.		5,023		699,604
CF Industries Holdings Inc.		10,535		855,337
Corteva Inc.		15,235		792,677
Dow Inc.		12,629		744,606
DuPont de Nemours Inc.		9,547		738,651
Eastman Chemical Co.		6,309		747,427
Ecolab Inc.		4,289		755,979
FMC Corp.		6,556		768,691
International Flavors & Fragrances Inc.		5,703		758,499
Linde PLC(a)		2,580		756,559
LyondellBasell Industries NV, Class A		7,601		739,045
Mosaic Co. (The)		16,937		888,007
PPG Industries Inc.		5,162		688,869
RPM International Inc.		9,044		764,851
Sherwin-Williams Co. (The)		2,876		756,762
				12,835,080
Commercial Services & Supplies — 1.0%
Cintas Corp.		2,071		777,288
Copart Inc.(a)		6,180		759,398
Republic Services Inc.		6,670		802,268
Rollins Inc.		24,992		815,489
Waste Connections Inc.		6,560		810,094
Waste Management Inc.		5,499		794,056
				4,758,593
Communications Equipment — 0.8%
Arista Networks Inc.(a)(b)		5,920		726,561
Cisco Systems Inc.		14,452		805,988
F5 Inc.(a)		3,842		771,666
Juniper Networks Inc.		22,561		762,336
Motorola Solutions Inc.		3,548		782,086
				3,848,637
Construction Materials — 0.3%
Martin Marietta Materials Inc.		2,005		760,697
Vulcan Materials Co.		4,089		741,949
				1,502,646
Consumer Finance — 1.1%
Ally Financial Inc.		15,543		775,596
American Express Co.		3,952		768,822
Capital One Financial Corp.		4,935		756,387
Discover Financial Services		6,182		763,106
SoFi Technologies Inc.(a)(b)		59,939		686,302
Synchrony Financial		17,481		747,837
Upstart Holdings Inc.(a)(b)		5,297		836,873
				5,334,923
Containers & Packaging — 1.3%
Amcor PLC		66,611		774,686
Avery Dennison Corp.		4,245		747,969
Ball Corp.		8,518		764,405
Crown Holdings Inc.		6,321		775,397

Security	Shares		Value
Containers & Packaging (continued)
International Paper Co.		16,835	$	732,828
Packaging Corp. of America		5,280		777,163
Sealed Air Corp.		12,223		820,530
Westrock Co.		16,624		752,569
				6,145,547
Distributors — 0.5%
Genuine Parts Co.		6,033		736,991
LKQ Corp.		14,027		658,568
Pool Corp.		1,704		781,420
				2,176,979
Diversified Financial Services — 0.5%
Apollo Global Management Inc.		11,536		752,839
Berkshire Hathaway Inc., Class B(a)		2,484		798,482
Equitable Holdings Inc.		22,666		740,272
				2,291,593
Diversified Telecommunication Services — 0.6%
AT&T Inc.		32,749		775,824
Liberty Global PLC, Class A(a)		8,714		224,647
Liberty Global PLC, Class C, NVS(a)		18,362		475,025
Lumen Technologies Inc.		79,514		823,765
Verizon Communications Inc.		14,682		787,983
				3,087,244
Electric Utilities — 2.6%
Alliant Energy Corp.		13,918		812,811
American Electric Power Co. Inc.		9,179		832,076
Constellation Energy Corp.		16,610		763,728
Duke Energy Corp.		7,879		791,130
Edison International		13,084		829,787
Entergy Corp.		7,541		793,389
Evergy Inc.		12,737		794,916
Eversource Energy		9,602		785,444
Exelon Corp.		18,667		794,468
FirstEnergy Corp.		19,085		798,707
NextEra Energy Inc.		10,421		815,652
NRG Energy Inc.		20,056		758,919
PG&E Corp.(a)		66,781		759,300
PPL Corp.		27,772		726,793
Southern Co. (The)		12,086		782,810
Xcel Energy Inc.		11,890		800,554
				12,640,484
Electrical Equipment — 1.3%
AMETEK Inc.		5,948		771,991
Eaton Corp. PLC		4,993		770,370
Emerson Electric Co.		8,178		759,900
Generac Holdings Inc.(a)		2,478		781,734
Plug Power Inc.(a)		32,804		829,613
Rockwell Automation Inc.		2,872		765,618
Sensata Technologies Holding PLC(a)		13,248		767,192
Sunrun Inc.(a)(b)		31,844		868,704
				6,315,122
Electronic Equipment, Instruments & Components — 1.8%
Amphenol Corp., Class A		10,189		774,466
Arrow Electronics Inc.(a)		6,139		748,221
CDW Corp./DE		4,245		732,093
Cognex Corp.		12,227		826,056
Corning Inc.		18,495		747,198
IPG Photonics Corp.(a)		5,574		726,571
Keysight Technologies Inc.(a)		4,608		725,161

30 2 0 2 2   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S 

Schedule of Investments(unaudited) (continued) February 28, 2022 iShares^® MSCI USA Equal Weighted ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Electronic Equipment, Instruments & Components (continued)
TE Connectivity Ltd.		5,236	$	745,763
Teledyne Technologies Inc.(a)		1,844		791,777
Trimble Inc.(a)		11,430		797,243
Zebra Technologies Corp., Class A(a)		1,819		751,865
				8,366,414
Energy Equipment & Services — 0.5%
Baker Hughes Co.		26,389		775,309
Halliburton Co.		23,354		783,060
Schlumberger NV		18,806		737,947
				2,296,316
Entertainment — 1.4%
Activision Blizzard Inc.		9,624		784,356
AMC Entertainment Holdings Inc., Class A(a)		39,857		751,703
Electronic Arts Inc.		5,882		765,189
Liberty Media Corp.-Liberty Formula One, Class C, NVS(a)		12,380		751,837
Live Nation Entertainment Inc.(a)		6,520		787,746
Netflix Inc.(a)		1,969		776,810
Roku Inc.(a)		4,856		677,558
Take-Two Interactive Software Inc.(a)		4,720		764,640
Walt Disney Co. (The)(a)		5,014		744,379
				6,804,218
Equity Real Estate Investment Trusts (REITs) — 5.5%
Alexandria Real Estate Equities Inc.		4,191		793,775
American Tower Corp.		3,375		765,686
AvalonBay Communities Inc.		3,268		779,712
Boston Properties Inc.		6,396		782,295
Camden Property Trust		4,787		790,382
Crown Castle International Corp.		4,761		793,135
Digital Realty Trust Inc.		5,825		785,909
Duke Realty Corp.		14,554		771,362
Equinix Inc.		1,164		826,126
Equity LifeStyle Properties Inc.		10,125		755,527
Equity Residential		9,092		775,548
Essex Property Trust Inc.		2,456		778,970
Extra Space Storage Inc.		4,110		773,296
Healthpeak Properties Inc.		24,485		760,504
Host Hotels & Resorts Inc.(a)		40,601		741,780
Invitation Homes Inc.		19,382		732,640
Iron Mountain Inc.		17,814		876,093
Kimco Realty Corp.		32,304		760,113
Medical Properties Trust Inc.		37,966		772,228
Mid-America Apartment Communities Inc.		3,757		768,720
Prologis Inc.		5,430		791,965
Public Storage		2,229		791,340
Realty Income Corp.		11,668		771,138
Regency Centers Corp.		11,655		767,948
SBA Communications Corp.		2,580		782,746
Simon Property Group Inc.		5,450		749,702
Sun Communities Inc.		4,086		739,566
UDR Inc.		14,237		781,184
Ventas Inc.		14,956		807,624
VICI Properties Inc.		27,241		761,658
Vornado Realty Trust		17,422		754,024
Welltower Inc.		9,346		778,428
Weyerhaeuser Co.		18,729		728,184
WP Carey Inc.		10,227		791,570
				26,380,878
Food & Staples Retailing — 0.8%
Costco Wholesale Corp.		1,530		794,453

Security	Shares		Value
Food & Staples Retailing (continued)
Kroger Co. (The)		17,590	$	823,212
Sysco Corp.		9,162		798,010
Walgreens Boots Alliance Inc.		16,374		754,678
Walmart Inc.		5,871		793,524
				3,963,877
Food Products — 2.1%
Archer-Daniels-Midland Co.		10,195		799,798
Bunge Ltd.		7,629		797,612
Campbell Soup Co.		17,953		807,346
Conagra Brands Inc.		22,128		773,816
General Mills Inc.		11,744		791,898
Hershey Co. (The)		3,869		782,544
Hormel Foods Corp.		16,642		792,825
JM Smucker Co. (The)		5,777		778,451
Kellogg Co.		12,189		779,364
Kraft Heinz Co. (The)		21,409		839,661
McCormick & Co. Inc./MD, NVS		7,968		758,314
Mondelez International Inc., Class A		11,931		781,242
Tyson Foods Inc., Class A		8,301		769,171
				10,252,042
Gas Utilities — 0.3%
Atmos Energy Corp.		7,390		811,496
UGI Corp.		20,643		793,517
				1,605,013
Health Care Equipment & Supplies — 3.7%
Abbott Laboratories		6,339		764,610
ABIOMED Inc.(a)		2,409		748,573
Align Technology Inc.(a)		1,489		761,564
Baxter International Inc.		9,210		782,574
Becton Dickinson and Co.		2,892		784,542
Boston Scientific Corp.(a)		17,742		783,664
Cooper Companies Inc. (The)		1,954		799,225
DENTSPLY SIRONA Inc.		13,844		749,514
Dexcom Inc.(a)(b)		1,895		784,359
Edwards Lifesciences Corp.(a)		7,091		796,816
Hologic Inc.(a)		11,036		785,432
IDEXX Laboratories Inc.(a)		1,543		821,416
Insulet Corp.(a)		3,107		822,392
Intuitive Surgical Inc.(a)		2,693		781,859
Masimo Corp.(a)		5,437		856,056
Medtronic PLC		7,601		798,029
Novocure Ltd.(a)(b)		9,456		774,068
ResMed Inc.		3,300		814,275
STERIS PLC		3,365		807,600
Stryker Corp.		3,020		795,317
Teleflex Inc.		2,398		806,471
Zimmer Biomet Holdings Inc.		6,432		818,086
				17,436,442
Health Care Providers & Services — 2.6%
AmerisourceBergen Corp.		5,493		782,917
Anthem Inc.		1,710		772,664
Cardinal Health Inc.		14,375		776,394
Centene Corp.(a)		9,309		769,110
Cigna Corp.		3,424		814,159
CVS Health Corp.		7,543		781,832
DaVita Inc.(a)		6,533		736,726
HCA Healthcare Inc.		3,111		778,714
Henry Schein Inc.(a)		9,308		804,025
Humana Inc.		1,829		794,371

S C H E D U L E   O F   I N V E S T M E N T S 31

Schedule of Investments(unaudited) (continued) February 28, 2022 iShares^® MSCI USA Equal Weighted ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Health Care Providers & Services (continued)
Laboratory Corp. of America Holdings(a)		2,908	$	788,824
McKesson Corp.		2,842		781,436
Molina Healthcare Inc.(a)(b)		2,432		746,308
Quest Diagnostics Inc.		5,952		781,319
UnitedHealth Group Inc.		1,633		777,096
Universal Health Services Inc., Class B		5,689		818,818
				12,504,713
Health Care Technology — 0.5%
Cerner Corp.		8,529		795,329
Teladoc Health Inc.(a)		10,628		806,772
Veeva Systems Inc., Class A(a)(b)		3,418		782,893
				2,384,994
Hotels, Restaurants & Leisure — 3.1%
Airbnb Inc., Class A(a)		4,201		636,410
Aramark		20,486		757,163
Booking Holdings Inc.(a)		290		629,953
Caesars Entertainment Inc.(a)(b)		9,178		772,696
Carnival Corp.(a)		33,634		683,779
Chipotle Mexican Grill Inc.(a)		498		758,628
Darden Restaurants Inc.		5,267		764,874
Domino’s Pizza Inc.		1,809		781,868
DraftKings Inc., Class A(a)(b)		34,102		807,535
Expedia Group Inc.(a)		3,667		719,135
Hilton Worldwide Holdings Inc.(a)		5,015		746,533
Las Vegas Sands Corp.(a)		16,467		705,776
Marriott International Inc./MD, Class A(a)		4,278		727,859
McDonald’s Corp.		3,098		758,297
MGM Resorts International(b)		17,357		768,742
Royal Caribbean Cruises Ltd.(a)		9,005		726,884
Starbucks Corp.		8,237		756,074
Vail Resorts Inc.		2,846		741,525
Wynn Resorts Ltd.(a)(b)		8,320		719,846
Yum! Brands Inc.		6,356		779,118
				14,742,695
Household Durables — 1.3%
DR Horton Inc.		9,191		784,911
Garmin Ltd.		6,556		724,045
Lennar Corp., Class A		8,520		765,778
Mohawk Industries Inc.(a)		5,221		735,012
Newell Brands Inc.		30,143		715,896
NVR Inc.(a)		153		758,641
PulteGroup Inc.		16,001		794,610
Whirlpool Corp.		3,799		764,625
				6,043,518
Household Products — 0.8%
Church & Dwight Co. Inc.		8,164		798,847
Clorox Co. (The)		5,549		808,989
Colgate-Palmolive Co.		10,008		770,116
Kimberly-Clark Corp.		5,984		778,817
Procter & Gamble Co. (The)		4,962		773,526
				3,930,295
Independent Power and Renewable Electricity Producers — 0.3%
AES Corp. (The)		35,816		760,373
Vistra Corp.		36,096		823,711
				1,584,084
Industrial Conglomerates — 0.6%
3M Co.		5,038		748,899
General Electric Co.		7,731		738,388

Security	Shares		Value
Industrial Conglomerates (continued)
Honeywell International Inc.		4,147	$	786,893
Roper Technologies Inc.		1,762		789,763
				3,063,943
Insurance — 4.5%
Aflac Inc.		12,151		742,305
Alleghany Corp.(a)		1,131		748,631
Allstate Corp. (The)		6,349		776,864
American Financial Group Inc./OH		5,561		752,904
American International Group Inc.		12,994		795,752
Aon PLC, Class A		2,750		803,385
Arch Capital Group Ltd.(a)		16,453		775,101
Arthur J Gallagher & Co.		5,019		793,956
Assurant Inc.		4,690		795,940
Brown & Brown Inc.		11,770		795,770
Chubb Ltd.		3,826		779,127
Cincinnati Financial Corp.		6,118		751,229
Erie Indemnity Co., Class A, NVS		4,250		744,175
Everest Re Group Ltd.		2,587		771,495
Fidelity National Financial Inc.		16,143		769,052
Globe Life Inc.		7,404		747,508
Hartford Financial Services Group Inc. (The)		11,008		764,836
Lincoln National Corp.		10,665		719,034
Loews Corp.		12,633		774,908
Markel Corp.(a)		615		764,390
Marsh & McLennan Companies Inc.		5,093		791,503
MetLife Inc.		10,961		740,415
Principal Financial Group Inc.		10,364		732,113
Progressive Corp. (The)		7,391		782,929
Prudential Financial Inc.		6,635		740,864
Travelers Companies Inc. (The)		4,551		781,998
W R Berkley Corp.		8,620		778,386
Willis Towers Watson PLC		3,472		771,826
				21,486,396
Interactive Media & Services — 1.3%
Alphabet Inc., Class A(a)		146		394,367
Alphabet Inc., Class C, NVS(a)		139		374,997
IAC/InterActiveCorp.(a)		6,486		744,333
Match Group Inc.(a)		6,682		744,976
Meta Platforms Inc, Class A(a)		3,621		764,140
Pinterest Inc., Class A(a)		30,471		815,099
Snap Inc., Class A, NVS(a)		19,595		782,624
Twitter Inc.(a)		21,634		769,089
ZoomInfo Technologies Inc.(a)		13,945		762,652
				6,152,277
Internet & Direct Marketing Retail — 1.2%
Amazon.com Inc.(a)		248		761,672
Chewy Inc., Class A(a)(b)		15,819		745,708
DoorDash Inc., Class A(a)(b)		8,262		867,097
eBay Inc.		13,599		742,369
Etsy Inc.(a)(b)		5,584		864,906
MercadoLibre Inc.(a)(b)		691		778,515
Wayfair Inc., Class A(a)		5,742		808,876
				5,569,143
IT Services — 4.2%
Accenture PLC, Class A		2,349		742,331
Affirm Holdings Inc.(a)(b)		18,267		764,291
Akamai Technologies Inc.(a)		7,499		811,842
Automatic Data Processing Inc.		3,839		784,845
Block Inc.(a)(b)		7,193		917,108

32 2 0 2 2   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S 

Schedule of Investments(unaudited) (continued) February 28, 2022 iShares^® MSCI USA Equal Weighted ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
IT Services (continued)
Broadridge Financial Solutions Inc.		5,371	$	785,294
Cloudflare Inc., Class A(a)		7,001		815,056
Cognizant Technology Solutions Corp., Class A		8,768		755,188
EPAM Systems Inc.(a)		1,741		361,693
Fidelity National Information Services Inc.		7,806		743,365
Fiserv Inc.(a)(b)		8,098		790,932
FleetCor Technologies Inc.(a)		3,209		751,548
Gartner Inc.(a)		2,629		737,224
Global Payments Inc.		5,434		724,787
GoDaddy Inc., Class A(a)		9,305		776,130
International Business Machines Corp.		6,069		743,513
Jack Henry & Associates Inc.		4,624		817,523
Mastercard Inc., Class A		2,047		738,599
MongoDB Inc.(a)		1,798		686,818
Okta Inc.(a)		4,158		760,249
Paychex Inc.		6,532		777,700
PayPal Holdings Inc.(a)		7,093		793,919
Snowflake Inc., Class A(a)		2,573		683,543
Twilio Inc., Class A(a)		4,193		732,936
VeriSign Inc.(a)		3,694		789,482
Visa Inc., Class A		3,426		740,427
Western Union Co. (The)		39,536		718,764
				20,245,107
Leisure Products — 0.3%
Hasbro Inc.		8,079		784,067
Peloton Interactive Inc., Class A(a)		24,462		710,866
				1,494,933
Life Sciences Tools & Services — 2.3%
10X Genomics Inc., Class A(a)		8,254		672,453
Agilent Technologies Inc.		5,801		756,218
Avantor Inc.(a)		22,097		766,545
Bio-Rad Laboratories Inc., Class A(a)		1,280		801,229
Bio-Techne Corp.		1,903		798,137
Charles River Laboratories International Inc.(a)		2,568		747,699
Danaher Corp.		2,929		803,747
Illumina Inc.(a)		2,348		766,857
IQVIA Holdings Inc.(a)		3,377		777,115
Mettler-Toledo International Inc.(a)		536		755,085
PerkinElmer Inc.		4,310		774,119
Thermo Fisher Scientific Inc.		1,425		775,200
Waters Corp.(a)		2,453		776,939
West Pharmaceutical Services Inc.		2,067		800,094
				10,771,437
Machinery — 2.7%
Caterpillar Inc.		3,850		722,183
Cummins Inc.		3,511		716,665
Deere & Co.		2,007		722,560
Dover Corp.		4,811		754,653
Fortive Corp.		11,995		776,676
IDEX Corp.		4,127		791,971
Illinois Tool Works Inc.		3,562		770,603
Ingersoll Rand Inc.		14,275		721,173
Nordson Corp.		3,334		755,118
Otis Worldwide Corp.		9,940		778,600
PACCAR Inc.		8,254		757,800
Parker-Hannifin Corp.		2,527		748,978
Pentair PLC		13,228		766,034
Snap-on Inc.		3,590		754,546
Stanley Black & Decker Inc.		4,690		763,063

Security	Shares		Value
Machinery (continued)
Westinghouse Air Brake Technologies Corp.		8,209	$	761,959
Xylem Inc./NY		8,647		769,151
				12,831,733
Media — 2.1%
Cable One Inc.		520		745,082
Charter Communications Inc., Class A(a)(b)		1,286		773,889
Comcast Corp., Class A		16,303		762,328
Discovery Inc., Class A(a)		9,372		262,885
Discovery Inc., Class C, NVS(a)		17,372		485,895
DISH Network Corp., Class A(a)		24,818		793,183
Fox Corp., Class A, NVS		12,816		536,093
Fox Corp., Class B		5,983		228,910
Interpublic Group of Companies Inc. (The)		21,421		788,293
Liberty Broadband Corp., Class A(a)		740		107,159
Liberty Broadband Corp., Class C, NVS(a)		4,385		643,279
Liberty Media Corp.-Liberty SiriusXM, Class A(a)(b)		4,924		247,973
Liberty Media Corp.-Liberty SiriusXM, Class C, NVS(a)		10,043		505,364
News Corp., Class A, NVS		33,108		738,971
Omnicom Group Inc.		9,080		761,721
Paramount Global, Class B, NVS		26,505		811,318
Sirius XM Holdings Inc.(b)		127,068		782,739
				9,975,082
Metals & Mining — 0.7%
Freeport-McMoRan Inc.		17,718		831,860
Newmont Corp.		12,197		807,442
Nucor Corp.		6,392		841,315
Steel Dynamics Inc.		12,195		860,723
				3,341,340
Mortgage Real Estate Investment — 0.3%
AGNC Investment Corp.		56,648		731,326
Annaly Capital Management Inc.		107,693		749,543
				1,480,869
Multi-Utilities — 1.7%
Ameren Corp.		9,281		797,702
CenterPoint Energy Inc.		29,167		797,717
CMS Energy Corp.		12,662		810,495
Consolidated Edison Inc.		9,670		829,396
Dominion Energy Inc.		9,966		792,596
DTE Energy Co.		6,730		818,301
NiSource Inc.		27,606		798,642
Public Service Enterprise Group Inc.		12,101		784,508
Sempra Energy		5,798		836,187
WEC Energy Group Inc.		8,797		799,471
				8,065,015
Multiline Retail — 0.5%
Dollar General Corp.		3,973		788,005
Dollar Tree Inc.(a)		5,733		814,545
Target Corp.		3,773		753,732
				2,356,282
Oil, Gas & Consumable Fuels — 2.9%
Cheniere Energy Inc.		6,824		906,910
Chevron Corp.		5,838		840,672
ConocoPhillips		8,691		824,428
Coterra Energy Inc.		34,281		799,776
Devon Energy Corp.		14,559		866,989
Diamondback Energy Inc.		6,039		833,986
EOG Resources Inc.		7,014		806,049
Exxon Mobil Corp.		10,006		784,671

S C H E D U L E   O F   I N V E S T M E N T S 33

Schedule of Investments(unaudited) (continued) February 28, 2022 iShares^® MSCI USA Equal Weighted ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Oil, Gas & Consumable Fuels (continued)
Hess Corp.		8,317	$	840,516
Kinder Morgan Inc.		45,768		796,363
Marathon Petroleum Corp.		10,044		782,126
Occidental Petroleum Corp.		19,773		864,673
ONEOK Inc.		12,514		817,164
Phillips 66		8,879		747,967
Pioneer Natural Resources Co.		3,524		844,350
Valero Energy Corp.		8,906		743,740
Williams Companies Inc. (The)		26,125		817,190
			13,917,570
Personal Products — 0.2%
Estee Lauder Companies Inc. (The), Class A		2,540		752,678
Pharmaceuticals — 1.8%
Bristol-Myers Squibb Co.		11,598		796,435
Catalent Inc.(a)		7,846		800,606
Elanco Animal Health Inc.(a)		30,282		860,312
Eli Lilly & Co.		3,193		798,090
Jazz Pharmaceuticals PLC(a)		5,422		745,091
Johnson & Johnson		4,689		771,669
Merck & Co. Inc.		10,153		777,517
Pfizer Inc.		15,781		740,760
Royalty Pharma PLC, Class A		19,358		759,995
Viatris Inc.		51,410		566,024
Zoetis Inc.		4,019		778,279
			8,394,778
Professional Services — 1.4%
Booz Allen Hamilton Holding Corp.		10,599		855,233
Clarivate PLC(a)(b)		47,031		704,524
CoStar Group Inc.(a)		11,651		710,828
Equifax Inc.		3,536		772,050
Jacobs Engineering Group Inc.		6,444		792,612
Leidos Holdings Inc.		8,837		899,960
Robert Half International Inc.		6,298		757,586
TransUnion		7,698		698,671
Verisk Analytics Inc.		4,040		716,454
			6,907,918
Real Estate Management & Development — 0.3%
CBRE Group Inc., Class A(a)		7,713		747,004
Zillow Group Inc., Class A(a)(b)		3,279		187,788
Zillow Group Inc., Class C, NVS(a)(b)		9,003		517,853
			1,452,645
Road & Rail — 1.5%
AMERCO		1,308		755,514
CSX Corp.		22,292		755,922
JB Hunt Transport Services Inc.		4,105		833,028
Knight-Swift Transportation Holdings Inc.		14,500		789,960
Lyft Inc., Class A(a)		17,892		696,714
Norfolk Southern Corp.		2,833		726,721
Old Dominion Freight Line Inc.		2,637		828,097
Uber Technologies Inc.(a)(b)		21,433		772,231
Union Pacific Corp.		3,089		759,740
			6,917,927
Semiconductors & Semiconductor Equipment — 3.5%
Advanced Micro Devices Inc.(a)		6,662		821,691
Analog Devices Inc.		4,657		746,471
Applied Materials Inc.		5,562		746,420
Broadcom Inc.		1,313		771,309
Enphase Energy Inc.(a)		5,090		848,503

Security	Shares		Value
Semiconductors & Semiconductor Equipment (continued)
Entegris Inc.		5,791	$	755,610
Intel Corp.		16,256		775,411
KLA Corp.		2,033		708,501
Lam Research Corp.		1,326		744,350
Marvell Technology Inc.		10,874		743,020
Microchip Technology Inc.		10,384		730,307
Micron Technology Inc.		8,162		725,275
Monolithic Power Systems Inc.		1,608		737,590
NVIDIA Corp.		2,957		721,065
NXP Semiconductors NV		3,927		746,601
ON Semiconductor Corp.(a)		12,423		777,804
Qorvo Inc.(a)		5,731		783,886
QUALCOMM Inc.		4,542		781,179
Skyworks Solutions Inc.		5,592		772,647
SolarEdge Technologies Inc.(a)		2,939		938,775
Teradyne Inc.		6,582		776,149
Texas Instruments Inc.		4,660		792,153
			16,944,717
Software — 7.0%
Adobe Inc.(a)		1,641		767,463
ANSYS Inc.(a)		2,423		785,512
Asana Inc., Class A(a)(b)		10,576		579,459
Autodesk Inc.(a)		3,354		738,651
Avalara Inc.(a)		7,704		800,523
Bentley Systems Inc., Class B		19,542		750,217
Bill.com Holdings Inc.(a)		3,052		726,010
Black Knight Inc.(a)		12,972		728,897
Cadence Design Systems Inc.(a)		5,375		813,936
Ceridian HCM Holding Inc.(a)		11,033		804,416
Citrix Systems Inc.		7,690		788,225
Coupa Software Inc.(a)		6,087		736,588
Crowdstrike Holdings Inc., Class A(a)		4,278		835,108
Datadog Inc., Class A(a)		4,508		726,284
DocuSign Inc.(a)		6,526		772,874
Dropbox Inc., Class A(a)		31,486		714,417
Dynatrace Inc.(a)		17,928		796,362
Fair Isaac Corp.(a)		1,533		722,334
Fortinet Inc.(a)		2,447		843,040
Guidewire Software Inc.(a)		8,214		724,064
HubSpot Inc.(a)		1,444		758,100
Intuit Inc.		1,484		703,965
Microsoft Corp.		2,618		782,232
NortonLifeLock Inc.		27,185		787,821
Nuance Communications Inc.(a)		14,182		787,385
Oracle Corp.		9,900		752,103
Palantir Technologies Inc., Class A(a)(b)		56,121		665,034
Palo Alto Networks Inc.(a)(b)		1,489		884,838
Paycom Software Inc.(a)		2,276		772,042
PTC Inc.(a)		6,838		760,933
RingCentral Inc., Class A(a)		4,753		621,882
salesforce.com Inc.(a)		3,703		779,593
ServiceNow Inc.(a)		1,327		769,554
Splunk Inc.(a)		6,346		749,463
SS&C Technologies Holdings Inc.		10,279		770,617
Synopsys Inc.(a)		2,556		798,469
Trade Desk Inc. (The), Class A(a)		9,690		826,751
Tyler Technologies Inc.(a)		1,669		714,766
Unity Software Inc.(a)(b)		7,109		756,753
VMware Inc., Class A		6,227		730,552
Workday Inc., Class A(a)		3,434		786,558

34 2 0 2 2   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S 

Schedule of Investments(unaudited) (continued) February 28, 2022 iShares^® MSCI USA Equal Weighted ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Software (continued)
Zendesk Inc.(a)		6,644	$	775,155
Zoom Video Communications Inc., Class A(a)		5,660		750,516
Zscaler Inc.(a)		2,791		667,468
			33,306,930
Specialty Retail — 2.2%
Advance Auto Parts Inc.		3,525		720,792
AutoZone Inc.(a)		407		758,400
Bath & Body Works Inc.		14,139		754,599
Best Buy Co. Inc.		7,869		760,460
Burlington Stores Inc.(a)		3,421		772,770
CarMax Inc.(a)		7,155		782,256
Carvana Co.(a)		5,656		851,058
Home Depot Inc. (The)		2,239		707,143
Lowe’s Companies Inc.		3,454		763,541
O’Reilly Automotive Inc.(a)		1,156		750,522
Ross Stores Inc.		8,192		748,667
TJX Companies Inc. (The)		11,684		772,312
Tractor Supply Co.		3,646		743,018
Ulta Beauty Inc.(a)		2,044		765,478
			10,651,016
Technology Hardware, Storage & Peripherals — 1.0%
Apple Inc.		4,544		750,305
Dell Technologies Inc., Class C(a)		13,004		662,684
Hewlett Packard Enterprise Co.		44,445		707,564
HP Inc.		20,692		710,977
NetApp Inc.		8,564		671,246
Seagate Technology Holdings PLC		7,009		723,049
Western Digital Corp.(a)		13,903		708,219
			4,934,044
Textiles, Apparel & Luxury Goods — 0.5%
Lululemon Athletica Inc.(a)		2,450		783,853
Nike Inc., Class B		5,352		730,816
VF Corp.		12,863		746,311
			2,260,980
Tobacco — 0.3%
Altria Group Inc.		15,491		794,533
Philip Morris International Inc.		7,027		710,219
			1,504,752

Security	Shares		Value
Trading Companies & Distributors — 0.5%
Fastenal Co.		14,979	$	770,819
United Rentals Inc.(a)		2,411		775,426
WW Grainger Inc.		1,651		787,626
			2,333,871
Water Utilities — 0.3%
American Water Works Co. Inc.		5,359		809,691
Essential Utilities Inc.		17,428		821,033
			1,630,724
Wireless Telecommunication Services — 0.2%
T-Mobile U.S. Inc.(a)		6,151		757,865
Total Common Stocks — 99.8% (Cost: $416,725,779)				477,440,540
Short-Term Investments
Money Market Funds — 3.2%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.09%(c)(d)(e)		14,492,812		14,495,711
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.03%(c)(d)		800,000		800,000
			15,295,711
Total Short-Term Investments — 3.2% (Cost: $15,294,642)				15,295,711
Total Investments in Securities — 103.0% (Cost: $432,020,421)				492,736,251
Other Assets, Less Liabilities — (3.0)%				(14,537,984	)
Net Assets — 100.0%			$	478,198,267

^(a)  Non-income producing security.

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

^(c) Affiliate of the Fund.

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

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

S C H E D U L E   O F   I N V E S T M E N T S 35

Schedule of Investments(unaudited) (continued) February 28, 2022 iShares^® MSCI USA Equal Weighted ETF

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 08/31/21		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 02/28/22		Shares Held at 02/28/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	7,018,524	$	7,481,180	(a)	$	—		$	(2,706	)	$	(1,287	)	$	14,495,711		14,492,812	$	24,049	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		920,000		—			(120,000	)(a)		—			—			800,000		800,000		38			—
BlackRock Inc.		774,441		203,280			(55,751	)		15,403			(193,483	)		743,890		1,000		7,038			—
									$	12,697		$	(194,770	)	$	16,039,601			$	31,125		$	—

^(a)  Represents net amount purchased (sold).

^(b)  All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
S&P 500 E-Mini Index		3		03/18/22	$	655	$	(47,348	)
S&P MidCap 400 E-Mini Index		1		03/18/22		266		6,218
							$	(41,130	)

Derivative Financial Instruments Categorized by Risk Exposure

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

	Equity Contracts
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)		$	6,218
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)		$	47,348

^(a) Net cumulative unrealized appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).

For the period ended February 28, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts		$	30,982
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts		$	(58,764	)

36 2 0 2 2   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S 

Schedule of Investments(unaudited) (continued) February 28, 2022 iShares^® MSCI USA Equal Weighted ETF

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	942,515

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

Fair Value Hierarchy as of Period End

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.

	Level 1			Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	477,440,540		$	—	$	—	$	477,440,540
Money Market Funds		15,295,711			—		—		15,295,711
	$	492,736,251		$	—	$	—	$	492,736,251
Derivative financial instruments(a)
Assets
Futures Contracts	$	6,218		$	—	$	—	$	6,218
Liabilities
Futures Contracts		(47,348	)		—		—		(47,348	)
	$	(41,130	)	$	—	$	—	$	(41,130	)
(a) Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

See notes to financial statements.

S C H E D U L E   O F   I N V E S T M E N T S 37

Statements of Assets and Liabilities (unaudited)

February 28, 2022

	iShares MSCI Brazil ETF				iShares MSCI Chile ETF				iShares MSCI Colombia ETF				iShares MSCI Israel ETF
ASSETS
Investments in securities, at value (including securities on loan)(a):
Unaffiliated(b)		$	5,546,729,663			$	415,023,772			$	38,560,757			$	181,752,937
Affiliated(c)			1,850,000				—				1,362,385				9,646,029
Cash			849,026				222,797				7,849				—
Foreign currency, at value(d)			9,140,321				1,573,547				35,186				291,314
Cash pledged:
Futures contracts			4,442,000				24,000				—				—
Foreign currency collateral pledged:
Futures contracts(e)			—				—				—				31,395
Receivables:
Investments sold			193,683,627				15,547,094				1,181,607				288,914
Securities lending income — Affiliated			—				—				718				9,107
Variation margin on futures contracts			499,499				—				—				—
Dividends			21,688,078				186,916				10,188				71,327
Total assets			5,778,882,214				432,578,126				41,158,690				192,091,023
LIABILITIES
Bank overdraft			—				—				—				6,683
Collateral on securities loaned, at value			—				—				1,312,578				9,550,823
Deferred foreign capital gain tax			—				—				—				56,659
Payables:
Investments purchased			189,567,816				6,261,338				937,853				365,447
Variation margin on futures contracts			—				6,628				—				4,971
Capital shares redeemed			—				8,883,084				—				529,900
Investment advisory fees			2,412,981				200,772				17,859				85,154
Foreign taxes			—				—				—				3,220
Total liabilities			191,980,797				15,351,822				2,268,290				10,602,857
NET ASSETS		$	5,586,901,417			$	417,226,304			$	38,890,400			$	181,488,166
NET ASSETS CONSIST OF:
Paid-in capital		$	8,357,560,909			$	719,581,234			$	51,375,723			$	211,682,857
Accumulated loss			(2,770,659,492	)			(302,354,930	)			(12,485,323	)			(30,194,691	)
NET ASSETS		$	5,586,901,417			$	417,226,304			$	38,890,400			$	181,488,166
Shares outstanding			168,450,000				15,950,000				3,500,000				2,450,000
Net asset value		$	33.17			$	26.16			$	11.11			$	74.08
Shares authorized			800 million				200 million				50 million				500 million
Par value		$	0.001			$	0.001			$	0.001			$	0.001
(a)   Securities loaned, at value		$	—			$	—			$	1,237,052			$	9,091,601
(b)   Investments, at cost — Unaffiliated		$	3,679,560,665			$	356,322,345			$	31,892,418			$	170,741,960
(c)   Investments, at cost — Affiliated		$	1,850,000			$	—			$	1,362,385			$	9,645,818
(d)   Foreign currency, at cost		$	9,183,135			$	1,556,528			$	35,237			$	285,621
(e)   Foreign currency collateral pledged, at cost		$	—			$	—			$	—			$	32,247

See notes to financial statements.

38 2 0 2 2   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S 

Statements of Assets and Liabilities (unaudited) (continued)

February 28, 2022

	iShares MSCI South Africa ETF				iShares MSCI Turkey ETF				iShares MSCI USA Equal Weighted ETF
ASSETS
Investments in securities, at value (including securities on loan)(a):
Unaffiliated(b)		$	384,476,060			$	272,525,634			$	476,696,650
Affiliated(c)			220,000				11,252,435				16,039,601
Cash			1,557				9,679				33,784
Foreign currency, at value(d)			371,788				197,853				—
Cash pledged:
Futures contracts			—				—				64,000
Receivables:
Investments sold			951,133				3,934,455				32,850,116
Securities lending income — Affiliated			—				57,523				5,367
Variation margin on futures contracts			11,585				—				—
Capital shares sold			16,746				—				—
Dividends			3				2				631,818
Total assets			386,048,872				287,977,581				526,321,336
LIABILITIES
Collateral on securities loaned, at value			—				11,133,304				14,501,289
Payables:
Investments purchased			836,446				3,847,124				33,559,765
Variation margin on futures contracts			—				—				2,122
Capital shares redeemed			—				3,303				25,938
Investment advisory fees			156,563				128,460				33,955
Total liabilities			993,009				15,112,191				48,123,069
NET ASSETS		$	385,055,863			$	272,865,390			$	478,198,267
NET ASSETS CONSIST OF:
Paid-in capital		$	676,843,669			$	683,100,870			$	414,816,246
Accumulated earnings (loss)			(291,787,806	)			(410,235,480	)			63,382,021
NET ASSETS		$	385,055,863			$	272,865,390			$	478,198,267
Shares outstanding			7,400,000				14,350,000				5,750,000
Net asset value		$	52.03			$	19.02			$	83.16
Shares authorized			400 million				200 million				500 million
Par value		$	0.001			$	0.001			$	0.001
(a)   Securities loaned, at value		$	—			$	9,775,199			$	14,515,829
(b)   Investments, at cost — Unaffiliated		$	405,221,202			$	405,523,152			$	416,121,014
(c)   Investments, at cost — Affiliated		$	220,000			$	11,250,506			$	15,899,407
(d)   Foreign currency, at cost		$	373,691			$	202,731			$	—

See notes to financial statements.

F I N A N C I A L   S T A T E M E N T S 39

Statements of Operations (unaudited) 

Six Months Ended February 28, 2022

	iShares MSCI Brazil ETF				iShares MSCI Chile ETF				iShares MSCI Colombia ETF				iShares MSCI Israel ETF
INVESTMENT INCOME
Dividends — Unaffiliated		$	221,523,085			$	23,612,124			$	515,282			$	1,618,068
Dividends — Affiliated			302				38				108				574
Securities lending income — Affiliated — net			—				—				3,535				55,629
Foreign taxes withheld			(8,207,392	)			(6,620,312	)			(64,234	)			(379,988	)
Total investment income			213,315,995				16,991,850				454,691				1,294,283
EXPENSES
Investment advisory fees			14,092,639				1,312,194				110,833				534,929
Commitment fees			19,090				2,074				170				—
Professional fees			217				217				217				217
Total expenses			14,111,946				1,314,485				111,220				535,146
Net investment income			199,204,049				15,677,365				343,471				759,137
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated(a)			(180,481,313	)			(52,170,568	)			144,255				(2,192,251	)
Investments — Affiliated			—				—				(193	)			(2,236	)
In-kind redemptions — Unaffiliated			—				—				—				9,107,964
Futures contracts			(5,611,194	)			(65,866	)			(2,894	)			(3,560	)
Foreign currency transactions			(3,323,306	)			143,944				(19,745	)			13,530
Net realized gain (loss)			(189,415,813	)			(52,092,490	)			121,423				6,923,447
Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated(b)			(118,713,607	)			2,651,938				2,662,383				(1,700,309	)
Investments — Affiliated			—				—				—				(575	)
Futures contracts			607,061				(32,962	)			—				(9,842	)
Foreign currency translations			16,334,610				9,011				(1,617	)			2,308
Net change in unrealized appreciation (depreciation)			(101,771,936	)			2,627,987				2,660,766				(1,708,418	)
Net realized and unrealized gain (loss)			(291,187,749	)			(49,464,503	)			2,782,189				5,215,029
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		$	(91,983,700	)		$	(33,787,138	)		$	3,125,660			$	5,974,166
(a)   Net of foreign capital gain tax and capital gain tax refund, if applicable		$	—			$	—			$	—			$	(6,716	)
(b)   Net of increase in deferred foreign capital gain tax of		$	—			$	—			$	—			$	(22,342	)

See notes to financial statements.

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Statements of Operations (unaudited) (continued)

Six Months Ended February 28, 2022

	iShares MSCI South Africa ETF			iShares MSCI Turkey ETF			iShares MSCI USA Equal Weighted ETF
INVESTMENT INCOME
Dividends — Unaffiliated	$	4,813,268		$	1,529,580		$	3,898,525
Dividends — Affiliated		6			810			8,320
Securities lending income — Affiliated — net		—			399,085			22,805
Foreign taxes withheld		(703,584	)		(229,437	)		(830	)
Total investment income		4,109,690			1,700,038			3,928,820
EXPENSES
Investment advisory fees		882,012			797,785			254,738
Professional fees		217			217			217
Total expenses		882,229			798,002			254,955
Less:
Investment advisory fees waived		—			—			(37,394	)
Total expenses after fees waived		882,229			798,002			217,561
Net investment income		3,227,461			902,036			3,711,259
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		(1,909,243	)		(5,536,771	)		(2,405,285	)
Investments — Affiliated		—			129			(2,772	)
In-kind redemptions — Unaffiliated		3,634,390			7,431,871			20,360,253
In-kind redemptions — Affiliated		—			—			15,469
Futures contracts		(10,553	)		(39,425	)		30,982
Foreign currency transactions		(32,472	)		(218,909	)		—
Net realized gain		1,682,122			1,636,895			17,998,647
Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated		15,305,534			(64,070,945	)		(44,695,743	)
Investments — Affiliated		—			(3,507	)		(194,770	)
Futures contracts		2,386			(4,632	)		(58,764	)
Foreign currency translations		(38,627	)		(5,288	)		—
Net change in unrealized appreciation (depreciation)		15,269,293			(64,084,372	)		(44,949,277	)
Net realized and unrealized gain (loss)		16,951,415			(62,447,477	)		(26,950,630	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	20,178,876		$	(61,545,441	)	$	(23,239,371	)

See notes to financial statements.

F I N A N C I A L   S T A T E M E N T S 41

Statements of Changes in Net Assets

	iShares MSCI Brazil ETF						iShares MSCI Chile ETF
	Six Months Ended 02/28/22 (unaudited)			Year Ended 08/31/21			Six Months Ended 02/28/22 (unaudited)			Year Ended 08/31/21
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	199,204,049		$	228,372,987		$	15,677,365		$	10,222,554
Net realized loss		(189,415,813	)		(72,572,187	)		(52,092,490	)		(27,205,073	)
Net change in unrealized appreciation (depreciation)		(101,771,936	)		1,255,170,696			2,627,987			78,210,744
Net increase (decrease) in net assets resulting from operations		(91,983,700	)		1,410,971,496			(33,787,138	)		61,228,225
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(362,674,348	)		(151,639,298	)		(14,791,436	)		(9,611,528	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		996,874,119			(1,527,014,184	)		(10,480,753	)		(16,754,254	)
NET ASSETS
Total increase (decrease) in net assets		542,216,071			(267,681,986	)		(59,059,327	)		34,862,443
Beginning of period		5,044,685,346			5,312,367,332			476,285,631			441,423,188
End of period	$	5,586,901,417		$	5,044,685,346		$	417,226,304		$	476,285,631

^(a) Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to financial statements.

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Statements of Changes in Net Assets(continued)

	iShares MSCI Colombia ETF						iShares MSCI Israel ETF
	Six Months Ended 02/28/22 (unaudited)			Year Ended 08/31/21			Six Months Ended 02/28/22 (unaudited)			Year Ended 08/31/21
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	343,471		$	536,256		$	759,137		$	554,236
Net realized gain (loss)		121,423			(750,264	)		6,923,447			2,854,312
Net change in unrealized appreciation (depreciation)		2,660,766			3,509,759			(1,708,418	)		28,900,213
Net increase in net assets resulting from operations		3,125,660			3,295,751			5,974,166			32,308,761
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(245,473	)		(545,967	)		(1,768,270	)		(278,315	)
CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		—			14,648,968			14,796,808			25,551,674
NET ASSETS
Total increase in net assets		2,880,187			17,398,752			19,002,704			57,582,120
Beginning of period		36,010,213			18,611,461			162,485,462			104,903,342
End of period	$	38,890,400		$	36,010,213		$	181,488,166		$	162,485,462

^(a) Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to financial statements.

F I N A N C I A L   S T A T E M E N T S 43

Statements of Changes in Net Assets(continued)

	iShares MSCI South Africa ETF						iShares MSCI Turkey ETF
	Six Months Ended 02/28/22 (unaudited)			Year Ended 08/31/21			Six Months Ended 02/28/22 (unaudited)			Year Ended 08/31/21
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	3,227,461		$	5,947,329		$	902,036		$	7,964,471
Net realized gain (loss)		1,682,122			45,034,598			1,636,895			(44,785,505	)
Net change in unrealized appreciation (depreciation)		15,269,293			71,338,100			(64,084,372	)		96,747,851
Net increase (decrease) in net assets resulting from operations		20,178,876			122,320,027			(61,545,441	)		59,926,817
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(3,020,530	)		(19,459,609	)		(1,358,092	)		(8,492,284	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		91,524,178			(149,905,407	)		34,507,267			70,879,769
NET ASSETS
Total increase (decrease) in net assets		108,682,524			(47,044,989	)		(28,396,266	)		122,314,302
Beginning of period		276,373,339			323,418,328			301,261,656			178,947,354
End of period	$	385,055,863		$	276,373,339		$	272,865,390		$	301,261,656

^(a) Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to financial statements.

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Statements of Changes in Net Assets(continued)

	iShares MSCI USA Equal Weighted ETF
	Six Months Ended 02/28/22 (unaudited)			Year Ended 08/31/21
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	3,711,259		$	4,609,340
Net realized gain		17,998,647			21,309,459
Net change in unrealized appreciation (depreciation)		(44,949,277	)		87,259,076
Net increase (decrease) in net assets resulting from operations		(23,239,371	)		113,177,875
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(3,555,272	)		(4,084,783	)
CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		31,901,091			137,937,095
NET ASSETS
Total increase in net assets		5,106,448			247,030,187
Beginning of period		473,091,819			226,061,632
End of period	$	478,198,267		$	473,091,819

^(a) Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to financial statements.

F I N A N C I A L   S T A T E M E N T S 45

Financial Highlights

(For a share outstanding throughout each period)

		iShares MSCI Brazil ETF
	Six Months Ended 02/28/22 (unaudited)				Year Ended 08/31/21			Year Ended 08/31/20			Year Ended 08/31/19			Year Ended 08/31/18			Year Ended 08/31/17
Net asset value, beginning of period		$	36.58		$	29.62		$	40.92		$	32.03		$	40.06		$	33.52
Net investment income(a)			1.25			1.34			0.86			1.12			1.14			0.76
Net realized and unrealized gain (loss)(b)			(2.52	)		6.52			(11.13	)		8.88			(8.22	)		6.45
Net increase (decrease) from investment operations			(1.27	)		7.86			(10.27	)		10.00			(7.08	)		7.21
Distributions(c)
From net investment income			(2.14	)		(0.90	)		(1.03	)		(1.11	)		(0.95	)		(0.67	)
Total distributions			(2.14	)		(0.90	)		(1.03	)		(1.11	)		(0.95	)		(0.67	)
Net asset value, end of period		$	33.17		$	36.58		$	29.62		$	40.92		$	32.03		$	40.06
Total Return(d)
Based on net asset value			(2.42	)%(e)		26.35	%		(25.63	)%		31.36	%		(17.87	)%		22.03	%
Ratios to Average Net Assets(f)
Total expenses			0.58	%(g)		0.57	%		0.59	%		0.59	%		0.59	%		0.62	%
Net investment income			8.12	%(g)		3.84	%		2.35	%		2.75	%		2.86	%		2.10	%
Supplemental Data
Net assets, end of period (000)		$	5,586,901		$	5,044,685		$	5,312,367		$	8,205,744		$	5,501,031		$	6,327,919
Portfolio turnover rate(h)			15	%(e)(i)		17	%(i)		29	%(i)		16	%(i)		30	%(i)		20	%(i)
(a)   Based on average shares outstanding.
(b)   The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to
the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.
(c)   Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(d)   Where applicable, assumes the reinvestment of distributions.
(e)   Not annualized.
(f)   Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(g)   Annualized.
(h)   Portfolio turnover rate includes portfolio transactions that are executed as a result of the Fund offering and redeeming Creation Units solely for cash
in U.S. dollars (“cash creations”).
(i) Portfolio turnover rate excluding cash creations was as follows:			13	%		12	%		11	%		10	%		13	%		13	%

See notes to financial statements.

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Financial Highlights(continued)

(For a share outstanding throughout each period)

	iShares MSCI Chile ETF
	Six Months Ended 02/28/22 (unaudited)				Year Ended 08/31/21			Year Ended 08/31/20			Year Ended 08/31/19			Year Ended 08/31/18			Year Ended 08/31/17
Net asset value, beginning of period		$	28.52		$	25.37		$	35.88		$	43.71		$	47.96		$	36.77
Net investment income(a)			0.87			0.63			0.61			0.74			0.78			0.69
Net realized and unrealized gain (loss)(b)			(2.46	)		3.16			(10.54	)		(7.76	)		(4.06	)		11.21
Net increase (decrease) from investment operations			(1.59	)		3.79			(9.93	)		(7.02	)		(3.28	)		11.90
Distributions(c)
From net investment income			(0.77	)		(0.64	)		(0.58	)		(0.79	)		(0.92	)		(0.67	)
Return of capital			—			—			—			(0.02	)		(0.05	)		(0.04	)
Total distributions			(0.77	)		(0.64	)		(0.58	)		(0.81	)		(0.97	)		(0.71	)
Net asset value, end of period		$	26.16		$	28.52		$	25.37		$	35.88		$	43.71		$	47.96
Total Return(d)
Based on net asset value			(5.31	)%(e)		14.90	%		(27.72	)%		(16.22	)%		(7.03	)%		32.65	%
Ratios to Average Net Assets(f)
Total expenses			0.58	%(g)		0.57	%		0.59	%		0.59	%		0.59	%		0.62	%
Net investment income			6.87	%(g)		2.17	%		2.10	%		1.74	%		1.55	%		1.68	%
Supplemental Data
Net assets, end of period (000)		$	417,226		$	476,286		$	441,423		$	330,140		$	393,351		$	467,645
Portfolio turnover rate(h)			50	%(e)(i)		62	%(i)		51	%(i)		75	%(i)		54	%(i)		54	%(i)
(a)   Based on average shares outstanding.
(b)   The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to
the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.
(c)   Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(d)   Where applicable, assumes the reinvestment of distributions.
(e)   Not annualized.
(f)   Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(g)   Annualized.
(h)   Portfolio turnover rate includes portfolio transactions that are executed as a result of the Fund offering and redeeming Creation Units solely for cash
in U.S. dollars (“cash creations”).
(i) Portfolio turnover rate excluding cash creations was as follows:			16	%		17	%		21	%		12	%		11	%		8	%

See notes to financial statements.

F I N A N C I A L   H I G H L I G H T S 47

Financial Highlights(continued)

(For a share outstanding throughout each period)

	iShares MSCI Colombia ETF
	Six Months Ended 02/28/22 (unaudited)				Year Ended 08/31/21			Year Ended 08/31/20			Year Ended 08/31/19			Year Ended 08/31/18			Year Ended 08/31/17
Net asset value, beginning of period		$	10.29		$	8.86		$	12.42		$	13.96		$	14.58		$	13.18
Net investment income(a)			0.10			0.20			0.37			0.35			0.30			0.23
Net realized and unrealized gain (loss)(b)			0.79			1.45			(3.60	)		(1.50	)		(0.70	)		1.34
Net increase (decrease) from investment operations			0.89			1.65			(3.23	)		(1.15	)		(0.40	)		1.57
Distributions(c)
From net investment income			(0.07	)		(0.22	)		(0.33	)		(0.39	)		(0.22	)		(0.17	)
Total distributions			(0.07	)		(0.22	)		(0.33	)		(0.39	)		(0.22	)		(0.17	)
Net asset value, end of period		$	11.11		$	10.29		$	8.86		$	12.42		$	13.96		$	14.58
Total Return(d)
Based on net asset value			8.71	%(e)		18.56	%		(26.40	)%		(8.18	)%		(2.69	)%		12.05	%
Ratios to Average Net Assets(f)
Total expenses			0.61	%(g)		0.61	%		0.61	%		0.61	%		0.61	%		0.61	%
Net investment income			1.89	%(g)		2.04	%		3.43	%		2.71	%		2.01	%		1.72	%
Supplemental Data
Net assets, end of period (000)		$	38,890		$	36,010		$	18,611		$	23,605		$	25,834		$	22,594
Portfolio turnover rate(h)			17	%(e)		52	%		75	%		88	%		26	%		14	%

^(a) Based on average shares outstanding.

^(b) The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(c) Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(d) Where applicable, assumes the reinvestment of distributions.

^(e)  Not annualized.

^(f) Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(g) Annualized.

^(h) Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

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Financial Highlights(continued)

(For a share outstanding throughout each period)

	iShares MSCI Israel ETF
	Six Months Ended 02/28/22 (unaudited)				Year Ended 08/31/21			Year Ended 08/31/20			Year Ended 08/31/19			Year Ended 08/31/18			Year Ended 08/31/17
Net asset value, beginning of period		$	72.22		$	56.70		$	53.28		$	56.62		$	48.19		$	49.36
Net investment income(a)			0.30			0.26			0.23			0.33			0.59			0.62
Net realized and unrealized gain (loss)(b)			2.25			15.38			4.31			(3.42	)		8.88			(0.98	)
Net increase (decrease) from investment operations			2.55			15.64			4.54			(3.09	)		9.47			(0.36	)
Distributions(c)
From net investment income			(0.69	)		(0.12	)		(1.12	)		(0.25	)		(1.04	)		(0.81	)
Total distributions			(0.69	)		(0.12	)		(1.12	)		(0.25	)		(1.04	)		(0.81	)
Net asset value, end of period		$	74.08		$	72.22		$	56.70		$	53.28		$	56.62		$	48.19
Total Return(d)
Based on net asset value			3.52	%(e)		27.59	%		8.53	%		(5.45	)%		19.91	%		(0.77	)%
Ratios to Average Net Assets(f)
Total expenses			0.58	%(g)		0.57	%		0.59	%		0.59	%		0.59	%		0.62	%
Net investment income			0.82	%(g)		0.40	%		0.43	%		0.60	%		1.15	%		1.25	%
Supplemental Data
Net assets, end of period (000)		$	181,488		$	162,485		$	104,903		$	114,553		$	121,735		$	89,152
Portfolio turnover rate(h)			5	%(e)		21	%		7	%		17	%		6	%		28	%

^(a)  Based on average shares outstanding.

^(b) The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(c)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(d)  Where applicable, assumes the reinvestment of distributions.

^(e)  Not annualized.

^(f) Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(g)  Annualized.

^(h)  Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

F I N A N C I A L   H I G H L I G H T S 49

Financial Highlights(continued)

(For a share outstanding throughout each period)

	iShares MSCI South Africa ETF
	Six Months Ended 02/28/22 (unaudited)				Year Ended 08/31/21			Year Ended 08/31/20			Year Ended 08/31/19			Year Ended 08/31/18			Year Ended 08/31/17
Net asset value, beginning of period		$	49.35		$	37.17		$	47.96		$	54.87		$	62.62		$	52.78
Net investment income(a)			0.50			0.77			4.94			1.31			1.41			1.07
Net realized and unrealized gain (loss)(b)			2.64			13.67			(10.38	)		(5.84	)		(7.69	)		9.79
Net increase (decrease) from investment operations			3.14			14.44			(5.44	)		(4.53	)		(6.28	)		10.86
Distributions(c)
From net investment income			(0.46	)		(2.26	)		(5.35	)		(2.38	)		(1.47	)		(1.02	)
Total distributions			(0.46	)		(2.26	)		(5.35	)		(2.38	)		(1.47	)		(1.02	)
Net asset value, end of period		$	52.03		$	49.35		$	37.17		$	47.96		$	54.87		$	62.62
Total Return(d)
Based on net asset value			6.55	%(e)		39.49	%		(13.09	)%		(8.45	)%		(10.20	)%		20.91	%
Ratios to Average Net Assets(f)
Total expenses			0.57	%(g)		0.57	%		0.59	%		0.59	%		0.59	%		0.62	%
Net investment income			2.10	%(g)		1.69	%		11.79	%		2.48	%		2.20	%		1.91	%
Supplemental Data
Net assets, end of period (000)		$	385,056		$	276,373		$	323,418		$	374,067		$	373,114		$	419,587
Portfolio turnover rate(h)			2	%(e)		20	%		46	%		12	%		15	%		13	%

^(a) Based on average shares outstanding.

^(b)  The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(c) Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(d)  Where applicable, assumes the reinvestment of distributions.

^(e) Not annualized.

^(f) Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(g)  Annualized.

^(h)  Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

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Financial Highlights(continued)

(For a share outstanding throughout each period)

	iShares MSCI Turkey ETF
	Six Months Ended 02/28/22 (unaudited)			Year Ended 08/31/21			Year Ended 08/31/20			Year Ended 08/31/19			Year Ended 08/31/18			Year Ended 08/31/17
Net asset value, beginning of period	$	23.91		$	19.99		$	24.08		$	20.09		$	46.17		$	38.16
Net investment income(a)		0.07			0.70			0.30			0.60			1.01			0.97
Net realized and unrealized gain (loss)(b)		(4.87	)		3.99			(3.94	)		4.06			(26.05	)		8.12
Net increase (decrease) from investment operations		(4.80	)		4.69			(3.64	)		4.66			(25.04	)		9.09
Distributions(c)
From net investment income.		(0.09	)		(0.77	)		(0.45	)		(0.67	)		(1.04	)		(1.08	)
Total distributions		(0.09	)		(0.77	)		(0.45	)		(0.67	)		(1.04	)		(1.08	)
Net asset value, end of period	$	19.02		$	23.91		$	19.99		$	24.08		$	20.09		$	46.17
Total Return(d)
Based on net asset value		(20.12	)%(e)		23.59	%		(15.48	)%		23.38	%		(54.97	)%		24.23	%
Ratios to Average Net Assets(f)
Total expenses		0.57	%(g)		0.57	%		0.59	%		0.59	%		0.59	%		0.62	%
Net investment income		0.65	%(g)		2.98	%		1.22	%		2.43	%		2.76	%		2.58	%
Supplemental Data
Net assets, end of period (000)	$	272,865		$	301,262		$	178,947		$	314,190		$	386,797		$	424,727
Portfolio turnover rate(h)		2	%(e)		22	%		12	%		20	%		7	%		6	%

^(a)  Based on average shares outstanding.

^(b)  The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(c) Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(d)  Where applicable, assumes the reinvestment of distributions.

^(e)  Not annualized.

^(f)  Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(g)  Annualized.

^(h)  Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

F I N A N C I A L   H I G H L I G H T S 51

Financial Highlights(continued)

(For a share outstanding throughout each period)

	iShares MSCI USA Equal Weighted ETF
	Six Months Ended 02/28/22 (unaudited)			Year Ended 08/31/21			Year Ended 08/31/20			Year Ended 08/31/19			Year Ended 08/31/18			Year Ended 08/31/17
Net asset value, beginning of period	$	87.61		$	62.79		$	58.13		$	59.33		$	51.30		$	46.05
Net investment income(a)		0.66			1.03			1.09			0.92			0.98			0.85
Net realized and unrealized gain (loss)(b)		(4.46	)		24.72			4.65			(1.11	)		7.94			5.18
Net increase (decrease) from investment operations		(3.80	)		25.75			5.74			(0.19	)		8.92			6.03
Distributions(c)
From net investment income		(0.65	)		(0.93	)		(1.08	)		(1.01	)		(0.89	)		(0.78	)
Total distributions		(0.65	)		(0.93	)		(1.08	)		(1.01	)		(0.89	)		(0.78	)
Net asset value, end of period	$	83.16		$	87.61		$	62.79		$	58.13		$	59.33		$	51.30
Total Return(d)
Based on net asset value		(4.36	)%(e)		41.36	%		10.18	%		(0.23	)%		17.55	%		13.22	%
Ratios to Average Net Assets(f)
Total expenses		0.11	%(g)		0.15	%		0.15	%		0.15	%		0.15	%		0.15	%
Total expenses after fees waived		0.09	%(g)		0.15	%		0.15	%		0.15	%		0.15	%		0.15	%
Net investment income		1.54	%(g)		1.34	%		1.84	%		1.63	%		1.76	%		1.72	%
Supplemental Data
Net assets, end of period (000)	$	478,198		$	473,092		$	226,062		$	308,090		$	192,820		$	135,945
Portfolio turnover rate(h)		13	%(e)		30	%		30	%		24	%		23	%		27	%

^(a)  Based on average shares outstanding.

^(b)  The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(c)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(d)  Where applicable, assumes the reinvestment of distributions.

^(e)  Not annualized.

^(f)  Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(g)  Annualized.

^(h)  Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

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Notes to Financial Statements(unaudited) 

1. ORGANIZATION

iShares, Inc. (the “Company”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Company is organized as a Maryland corporation and is authorized to have multiple series or portfolios.

These financial statements relate only to the following funds (each, a “Fund” and collectively, the “Funds”):

iShares ETF	Diversification     Classification
MSCI Brazil	Non-diversified
MSCI Chile.	Non-diversified
MSCI Colombia	Non-diversified
MSCI Israel	Non-diversified
MSCI South Africa	Non-diversified
MSCI Turkey	Non-diversified
MSCI USA Equal Weighted	Diversified

2. SIGNIFICANT ACCOUNTING POLICIES

The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. Each Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. Below is a summary of significant accounting policies:

Investment Transactions and Income Recognition: For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are recorded on the ex-dividend date. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Dividends from foreign securities where the ex-dividend date may have passed are subsequently recorded when the Funds are informed of the ex-dividend date. Under the applicable foreign tax laws, a withholding tax at various rates may be imposed on capital gains, dividends and interest. Upon notification from issuers or as estimated by management, a portion of the dividend income received from a real estate investment trust may be redesignated as a reduction of cost of the related investment and/or realized gain.

Foreign Currency Translation: Each Fund’s books and records are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars using prevailing market rates as quoted by one or more data service providers. Purchases and sales of investments are recorded at the rates of exchange prevailing on the respective dates of such transactions. Generally, when the U.S. dollar rises in value against a foreign currency, the investments denominated in that currency will lose value; the opposite effect occurs if the U.S. dollar falls in relative value.

Each Fund does not isolate the effect of fluctuations in foreign exchange rates from the effect of fluctuations in the market prices of investments for financial reporting purposes. Accordingly, the effects of changes in exchange rates on investments are not segregated in the Statements of Operations from the effects of changes in market prices of those investments, but are included as a component of net realized and unrealized gain (loss) from investments. Each Fund reports realized currency gains (losses) on foreign currency related transactions as components of net realized gain (loss) for financial reporting purposes, whereas such components are generally treated as ordinary income for U.S. federal income tax purposes.

Foreign Taxes: The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which each Fund invests. These foreign taxes, if any, are paid by each Fund and are reflected in its Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “Other foreign taxes”, and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of February 28, 2022, if any, are disclosed in the Statements of Assets and Liabilities.

The Funds file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. The Funds may record a reclaim receivable based on collectability, which includes factors such as the jurisdiction’s applicable laws, payment history and market convention. The Statements of Operations includes tax reclaims recorded as well as professional and other fees, if any, associated with recovery of foreign withholding taxes.

Segregation and Collateralization: In cases where a Fund enters into certain investments (e.g., futures contracts) that would be treated as “senior securities” for 1940 Act purposes, a Fund may segregate or designate on its books and record cash or liquid assets having a market value at least equal to the amount of its future obligations under such investments. Doing so allows the investment to be excluded from treatment as a “senior security.” Furthermore, if required by an exchange or counterparty agreement, the Funds may be required to deliver/deposit cash and/or securities to/with an exchange, or broker-dealer or custodian as collateral for certain investments or obligations.

In-kind Redemptions: For financial reporting purposes, in-kind redemptions are treated as sales of securities resulting in realized capital gains or losses to the Funds. Because such gains or losses are not taxable to the Funds and are not distributed to existing Fund shareholders, the gains or losses are reclassified from accumulated net realized gain (loss) to paid-in capital at the end of the Funds’ tax year. These reclassifications have no effect on net assets or net asset value (“NAV”) per share.

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Notes to Financial Statements(unaudited) (continued)

Distributions: Dividends and distributions paid by each Fund are recorded on the ex-dividend dates. Distributions are determined on a tax basis and may differ from net investment income and net realized capital gains for financial reporting purposes. Dividends and distributions are paid in U.S. dollars and cannot be automatically reinvested in additional shares of the Funds. The character and timing of distributions are determined in accordance with U.S. federal income tax regulations, which may differ from U.S. GAAP.

Indemnifications: In the normal course of business, each Fund enters into contracts that contain a variety of representations that provide general indemnification. The Funds’ maximum exposure under these arrangements is unknown because it involves future potential claims against the Funds, which cannot be predicted with any certainty.

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

Investment Valuation Policies: Each Fund’s investments are valued at fair value (also referred to as “market value” within the financial statements) each day that the Fund’s listing exchange is open and, for financial reporting purposes, as of the report date. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. Each Fund determines the fair values of its financial instruments using various independent dealers or pricing services under policies approved by the Board of Directors of the Company (the “Board”). If a security’s market price is not readily available or does not otherwise accurately represent the fair value of the security, the security will be valued in accordance with a policy approved by the Board as reflecting fair value. The BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) is the committee formed by management to develop global pricing policies and procedures and to oversee the pricing function for all financial instruments.

Fair Value Inputs and Methodologies: The following methods and inputs are used to establish the fair value of each Fund’s assets and liabilities:

• Equity investments traded on a recognized securities exchange are valued at that day’s official closing price, as applicable, on the exchange where the stock is primarily traded. Equity investments traded on a recognized exchange for which there were no sales on that day are valued at the last traded price.

• Investments in open-end U.S. mutual funds (including money market funds) are valued at that day’s published NAV.

• Futures contracts are valued based on that day’s last reported settlement or trade price on the exchange where the contract is traded.

Generally, trading in foreign instruments is substantially completed each day at various times prior to the close of trading on the New York Stock Exchange (“NYSE”). Each business day, the Funds use current market factors supplied by independent pricing services to value certain foreign instruments (“Systematic Fair Value Price”). The Systematic Fair Value Price is designed to value such foreign securities at fair value as of the close of trading on the NYSE, which follows the close of the local markets.

If events (e.g., market volatility, company announcement or a natural disaster) occur that are expected to materially affect the value of such investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Global Valuation Committee, in accordance with a policy approved by the Board as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Global Valuation Committee include market approach, income approach and cost approach. Valuation techniques such as discounted cash flow, use of market comparables and matrix pricing are types of valuation approaches and are typically used in determining fair value. When determining the price for Fair Valued Investments, the Global Valuation Committee, or its delegate, seeks to determine the price that each Fund might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm’s-length transaction. Fair value determinations shall be based upon all available factors that the Global Valuation Committee, or its delegate, deems relevant and consistent with the principles of fair value measurement. The pricing of all Fair Valued Investments is subsequently reported to the Board or a committee thereof on a quarterly basis.

Fair value pricing could result in a difference between the prices used to calculate a fund’s NAV and the prices used by the fund’s underlying index, which in turn could result in a difference between the fund’s performance and the performance of the fund’s underlying index.

Fair Value Hierarchy: Various inputs are used in determining the fair value of financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:

• Level 1 – Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that each Fund has the ability to access;

• Level 2 – Other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs); and

• Level 3 – Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, (including the Global Valuation Committee’s assumptions used in determining the fair value of financial instruments).

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Global Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds that may not have a secondary market and/or may have a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.

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Notes to Financial Statements(unaudited) (continued)

4. SECURITIES AND OTHER INVESTMENTS

Securities Lending: Each Fund may lend its securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund collateral consisting of cash, an irrevocable letter of credit issued by an approved bank, or securities issued or guaranteed by the U.S. government. The initial collateral received by each Fund is required to have a value of at least 102% of the current market value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter at a value equal to at least 100% of the current value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Fund and any additional required collateral is delivered to the Fund or excess collateral is returned by the Fund, on the next business day. During the term of the loan, each Fund is entitled to all distributions made on or in respect of the loaned securities but does not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

As of period end, any securities on loan were collateralized by cash and/or U.S. Government obligations. Cash collateral invested in money market funds managed by BlackRock Fund Advisors (“BFA”), the Funds’ investment adviser, or its affiliates is disclosed in the Schedule of Investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Fund, except in the event of borrower default. The securities on loan, if any, are also disclosed in each Fund’s Schedule of Investments. The market value of any securities on loan and the value of any related cash collateral are disclosed in the Statements of Assets and Liabilities.

Securities lending transactions are entered into by the Funds under Master Securities Lending Agreements (each, an “MSLA”) which provide the right, in the event of default (including bankruptcy or insolvency) for the non-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral. In the event that a borrower defaults, the Funds, as lender, would offset the market value of the collateral received against the market value of the securities loaned. When the value of the collateral is greater than that of the market value of the securities loaned, the lender is left with a net amount payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty’s bankruptcy or insolvency. Under the MSLA, absent an event of default, the borrower can resell or re-pledge the loaned securities, and the Funds can reinvest cash collateral received in connection with loaned securities. Upon an event of default, the parties’ obligations to return the securities or collateral to the other party are extinguished, and the parties can resell or re-pledge the loaned securities or the collateral received in connection with the loaned securities in order to satisfy the defaulting party’s net payment obligation for all transactions under the MSLA. The defaulting party remains liable for any deficiency.

As of period end, the following table is a summary of the securities on loan by counterparty which are subject to offset under an MSLA:

iShares ETF and Counterparty		Market Value of Securities on Loan		Cash Collateral Received	(a)		Non-Cash Collateral Received		Net Amount
MSCI Colombia
Citigroup Global Markets, Inc.	$	77	$	77		$	—	$	—
J.P. Morgan Securities LLC		1,236,975		1,236,975			—		—
	$	1,237,052	$	1,237,052		$	—	$	—
MSCI Israel
Barclays Capital, Inc.	$	42,195	$	42,195		$	—	$	—
BNP Paribas SA		868,094		868,094			—		—
BofA Securities, Inc.		1,883,121		1,883,121			—		—
Citigroup Global Markets, Inc.		646,317		646,317			—		—
Goldman Sachs & Co. LLC		1,108,742		1,092,650			—		(16,092	)(b)
J.P. Morgan Securities LLC		1,272,947		1,272,947			—		—
Morgan Stanley		1,147,259		1,147,259			—		—
UBS AG		965,996		965,996			—		—
UBS Securities LLC		16,992		16,992			—		—
Virtu Americas LLC		1,139,938		1,087,667			—		(52,271	)(b)
	$	9,091,601	$	9,023,238		$	—	$	(68,363	)
MSCI Turkey
BofA Securities, Inc.	$	2,413,324	$	2,413,324		$	—	$	—
Goldman Sachs & Co. LLC		2,212,486		2,212,486			—		—
HSBC Bank PLC.		470,869		470,869			—		—
J.P. Morgan Securities LLC		119,264		119,264			—		—
Morgan Stanley		4,360,598		4,360,598			—		—
SG Americas Securities LLC		198,658		198,658			—		—
	$	9,775,199	$	9,775,199		$	—	$	—

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Notes to Financial Statements(unaudited) (continued)

iShares ETF and Counterparty		Market Value of Securities on Loan		Cash Collateral Received	(a)		Non-Cash Collateral Received		Net Amount
MSCI USA Equal Weighted
Barclays Bank PLC	$	1,949,190	$	1,921,862		$	—	$	(27,328	)(b)
Barclays Capital, Inc.		8,693		8,285			—		(408	)(b)
BNP Paribas SA		3,023,068		2,953,339			—		(69,729	)(b)
Citigroup Global Markets, Inc.		299,152		298,722			—		(430	)(b)
Credit Suisse Securities (USA) LLC		1,883,422		1,883,422			—		—
Goldman Sachs & Co. LLC		1,704,707		1,669,973			—		(34,734	)(b)
Morgan Stanley		1,884,022		1,884,022			—		—
Natixis SA		678,578		665,241			—		(13,337	)(b)
RBC Capital Markets LLC		153,426		153,426			—		—
Scotia Capital (USA), Inc.		995,727		979,882			—		(15,845	)(b)
SG Americas Securities LLC		22,905		22,905			—		—
State Street Bank & Trust Co.		1,178,747		1,178,747			—		—
UBS AG		527,369		527,369			—		—
UBS Securities LLC		42,717		42,595			—		(122	)(b)
Wells Fargo Bank N.A.		164,106		164,106			—		—
	$	14,515,829	$	14,353,896		$	—	$	(161,933	)

^(a)  Collateral received in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by each Fund is disclosed in the Fund’s statement of assets and liabilities.

^(b)  The market value of the loaned securities is determined as of February 28, 2022. Additional collateral is delivered to the Fund on the next business day in accordance with the MSLA. The net amount would be subject to the borrower default indemnity in the event of default by a counterparty.

The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, each Fund benefits from a borrower default indemnity provided by BlackRock, Inc. (“BlackRock”). BlackRock’s indemnity allows for full replacement of the securities loaned to the extent the collateral received does not cover the value of the securities loaned in the event of borrower default. Each Fund could incur a loss if the value of an investment purchased with cash collateral falls below the market value of the loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received. Such losses are borne entirely by each Fund.

5. DERIVATIVE FINANCIAL INSTRUMENTS

Futures Contracts: Futures contracts are purchased or sold to gain exposure to, or manage exposure to, changes in interest rates (interest rate risk) and changes in the value of equity securities (equity risk) or foreign currencies (foreign currency exchange rate risk).

Futures contracts are exchange-traded agreements between the Funds and a counterparty to buy or sell a specific quantity of an underlying instrument at a specified price and on a specified date. Depending on the terms of a contract, it is settled either through physical delivery of the underlying instrument on the settlement date or by payment of a cash amount on the settlement date. Upon entering into a futures contract, the Funds are required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on a contract’s size and risk profile. The initial margin deposit must then be maintained at an established level over the life of the contract. Amounts pledged, which are considered restricted, are included in cash pledged for futures contracts in the Statements of Assets and Liabilities.

Securities deposited as initial margin are designated in the Schedule of Investments and cash deposited, if any, are shown as cash pledged for futures contracts in the Statements of Assets and Liabilities. Pursuant to the contract, the Funds agree to receive from or pay to the broker an amount of cash equal to the daily fluctuation in market value of the contract (“variation margin”). Variation margin is recorded as unrealized appreciation (depreciation) and, if any, shown as variation margin receivable (or payable) on futures contracts in the Statements of Assets and Liabilities. When the contract is closed, a realized gain or loss is recorded in the Statements of Operations equal to the difference between the notional amount of the contract at the time it was opened and the notional amount at the time it was closed. The use of futures contracts involves the risk of an imperfect correlation in the movements in the price of futures contracts and interest rates, foreign currency exchange rates or underlying assets.

6. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

Investment Advisory Fees: Pursuant to an Investment Advisory Agreement with the Company, BFA manages the investment of each Fund’s assets. BFA is a California corporation indirectly owned by BlackRock. Under the Investment Advisory Agreement, BFA is responsible for substantially all expenses of the Funds, except (i) interest and taxes; (ii) brokerage commissions and other expenses connected with the execution of portfolio transactions; (iii) distribution fees; (iv) the advisory fee payable to BFA; and (v) litigation expenses and any extraordinary expenses (in each case as determined by a majority of the independent directors).

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Notes to Financial Statements(unaudited) (continued)

For its investment advisory services to each of the iShares MSCI Brazil, iShares MSCI Chile, iShares MSCI Israel, iShares MSCI South Africa and iShares MSCI Turkey ETFs, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Funds, based on each Fund’s allocable portion of the aggregate of the average daily net assets of the Fund and certain other iShares funds, as follows:

Aggregate Average Daily Net Assets	Investment Advisory Fee
First $2 billion	0.7400%
Over $2 billion, up to and including $4 billion	0.6900
Over $4 billion, up to and including $8 billion	0.6400
Over $8 billion, up to and including $16 billion	0.5700
Over $16 billion, up to and including $24 billion	0.5100
Over $24 billion, up to and including $32 billion	0.4800
Over $32 billion, up to and including $40 billion	0.4500
Over $40 billion	0.4275

For its investment advisory services to the iShares MSCI Colombia ETF, BFA is entitled to an annual investment advisory fee of 0.61%, accrued daily and paid monthly by the Fund, based on the average daily net assets of the Fund.

Effective October 20, 2021, for its investment advisory services to the iShares MSCI USA Equal Weighted ETF, BFA is entitled to an annual investment advisory fee of 0.09%, accrued daily and paid monthly by the Fund, based on the average daily net assets of the Fund. Prior to October 20, 2021, BFA was entitled to an annual investment advisory fee of 0.15%, accrued daily and paid monthly by the Fund, based on the average daily net assets of the Fund.

Expense Waivers: The total of the investment advisory fee and any fund other expenses are a fund’s total annual operating expenses. For the iShares MSCI USA Equal Weighted ETF, BFA had contractually agreed to waive a portion of its investment advisory fee through December 31, 2022 in order to limit the Fund’s total annual operating expenses after fee waiver to 0.09% of average daily net assets. The contractual waiver was discontinued on October 20, 2021.

This amount is included in investment advisory fees waived in the Statements of Operations. For the six months ended February 28, 2022, the amounts waived in investment advisory fees pursuant to this arrangement were as follows:

iShares ETF	Amounts waived
MSCI USA Equal Weighted	$             37,394

Distributor: BlackRock Investments, LLC, an affiliate of BFA, is the distributor for each Fund. Pursuant to the distribution agreement, BFA is responsible for any fees or expenses for distribution services provided to the Funds.

Securities Lending: The U.S. Securities and Exchange Commission (the “SEC”) has issued an exemptive order which permits BlackRock Institutional Trust Company, N.A. (“BTC”), an affiliate of BFA, to serve as securities lending agent for the Funds, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending, including any custodial costs. Each Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan (the “collateral investment fees”). The cash collateral is invested in a money market fund, BlackRock Cash Funds: Institutional or BlackRock Cash Funds: Treasury, managed by BFA, or its affiliates. However, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees each Fund bears to an annual rate of 0.04%. The SL Agency Shares of such money market fund will not be subject to a sales load, distribution fee or service fee. The money market fund in which the cash collateral has been invested may, under certain circumstances, impose a liquidity fee of up to 2% of the value redeemed or temporarily restrict redemptions for up to 10 business days during a 90 day period, in the event that the money market fund’s weekly liquid assets fall below certain thresholds.

Securities lending income is equal to the total of income earned from the reinvestment of cash collateral, net of fees and other payments to and from borrowers of securities, and less the collateral investment fees. Each Fund retains a portion of securities lending income and remits the remaining portion to BTC as compensation for its services as securities lending agent.

Pursuant to the current securities lending agreement, the iShares MSCI USA Equal Weighted ETF (the “Group 1 Fund”), retains 81% of securities lending income (which excludes collateral investment fees) and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

Pursuant to the current securities lending agreement, each of iShares MSCI Brazil ETF, iShares MSCI Chile ETF, iShares MSCI Colombia ETF, iShares MSCI Israel ETF, iShares MSCI South Africa ETF and iShares MSCI Turkey ETF (the “Group 2 Funds”), retains 82% of securities lending income (which excludes collateral investment fees) and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across all 1940 Act iShares exchange-traded funds (the “iShares ETF Complex”) in a given calendar year exceeds a specified threshold: (1) the Group 1 Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar year 81% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees, and (2) each Group 2 Fund will retain for the remainder of that calendar year 85% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

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Notes to Financial Statements(unaudited) (continued)

Prior to January 1, 2022, the Group 1 Fund retained 77% of securities lending income (which excludes collateral investment fees) and the amount retained was not less than 70% of the total of securities lending income plus the collateral investment fees. Each Group 2 Fund retained 82% of securities lending income (which excludes collateral investment fees) and the amount retained was not less than 70% of the total of securities lending income plus the collateral investment fees. In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across the iShares ETF Complex in a calendar year exceeded a specified threshold: (1) the Group 1 Fund, pursuant to the securities lending agreement, retained for the remainder of that calendar year 81% of securities lending income (which excludes collateral investment fees), and the amount retained could never be less than 70% of the total of securities lending income plus the collateral investment fees, and (2) each Group 2 Fund, pursuant to the securities lending agreement, retained for the remainder of that calendar year 85% of securities lending income (which excludes collateral investment fees), and the amount retained could never be less than 70% of the total of securities lending income plus the collateral investment fees.

The share of securities lending income earned by each Fund is shown as securities lending income – affiliated – net in its Statements of Operations. For the six months ended February 28, 2022, the Funds paid BTC the following amounts for securities lending agent services:

iShares ETF	Fees Paid   to BTC
MSCI Colombia	$	857
MSCI Israel		14,732
MSCI Turkey		90,106
MSCI USA Equal Weighted		7,818

Officers and Directors: Certain officers and/or directors of the Company are officers and/or directors of BlackRock or its affiliates.

Other Transactions: Cross trading is the buying or selling of portfolio securities between funds to which BFA (or an affiliate) serves as investment adviser. At its regularly scheduled quarterly meetings, the Board reviews such transactions as of the most recent calendar quarter for compliance with the requirements and restrictions set forth by Rule 17a-7.

For the six months ended February 28, 2022, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:

iShares ETF	Purchases		Sales		Net Realized   Gain (Loss)
MSCI Israel	$	102,817	$	1,260,188	$	(790,899)
MSCI USA Equal Weighted		16,399,682		25,079,624		(229,193)

Each Fund may invest its positive cash balances in certain money market funds managed by BFA or an affiliate. The income earned on these temporary cash investments is shown as dividends – affiliated in the Statements of Operations.

A fund, in order to improve its portfolio liquidity and its ability to track its underlying index, may invest in shares of other iShares funds that invest in securities in the fund’s underlying index.

7. PURCHASES AND SALES

For the six months ended February 28, 2022, purchases and sales of investments, excluding short-term investments and in-kind transactions, were as follows:

iShares ETF	Purchases		Sales
MSCI Brazil	$	1,642,932,029	$	726,033,261
MSCI Chile.		225,826,868		236,121,491
MSCI Colombia		6,137,231		6,384,285
MSCI Israel		10,539,783		9,780,362
MSCI South Africa		8,944,834		7,122,978
MSCI Turkey		7,255,413		5,776,506
MSCI USA Equal Weighted		62,454,972		61,671,191

For the six months ended February 28, 2022, in-kind transactions were as follows:

iShares ETF	In-kind Purchases		In-kind Sales
MSCI Israel	$	39,376,255	$	25,633,924
MSCI South Africa		122,922,048		31,616,606
MSCI Turkey		116,126,421		83,567,125
MSCI USA Equal Weighted		78,321,636		46,421,252

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Notes to Financial Statements(unaudited) (continued)

8. INCOME TAX INFORMATION

Each Fund is treated as an entity separate from the Company’s other funds for federal income tax purposes. It is each Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute substantially all of its taxable income to its shareholders. Therefore, no U.S. federal income tax provision is required.

Management has analyzed tax laws and regulations and their application to the Funds as of February 28, 2022, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements.

As of August 31, 2021, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:

iShares ETF	Non-Expiring
MSCI Brazil	$	3,814,461,403
MSCI Chile		192,032,509
MSCI Colombia		15,937,379
MSCI Israel		45,162,177
MSCI South Africa		254,638,720
MSCI Turkey		272,048,859
MSCI USA Equal Weighted		15,106,785

A fund may own shares in certain foreign investment entities, referred to, under U.S. tax law, as “passive foreign investment companies.” Such fund may elect to mark-to-market annually the shares of each passive foreign investment company and would be required to distribute to shareholders any such marked-to-market gains.

As of February 28, 2022, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:

iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
MSCI Brazil	$	4,330,638,864	$	1,944,051,655	$	(723,990,881	)	$	1,220,060,774
MSCI Chile		474,804,468		84,872,909		(144,699,025	)		(59,826,116	)
MSCI Colombia		36,627,047		7,469,546		(4,173,451	)		3,296,095
MSCI Israel		182,975,290		43,130,527		(34,713,167	)		8,417,360
MSCI South Africa		421,606,653		34,452,365		(71,343,865	)		(36,891,500	)
MSCI Turkey		423,950,328		5,874,739		(146,046,998	)		(140,172,259	)
MSCI USA Equal Weighted		433,331,680		79,514,829		(20,151,388	)		59,363,441

9. LINE OF CREDIT

The iShares MSCI Brazil ETF, iShares MSCI Chile ETF and iShares MSCI Colombia ETF, along with certain other iShares funds (“Participating Funds”), are parties to a $800 million credit agreement (“Syndicated Credit Agreement”) with a group of lenders, which expires on August 12, 2022. The line of credit may be used for temporary or emergency purposes, including redemptions, settlement of trades and rebalancing of portfolio holdings in certain target markets. The Funds may borrow up to the aggregate commitment amount subject to asset coverage and other limitations as specified in the Syndicated Credit Agreement. The Syndicated Credit Agreement has the following terms: a commitment fee of 0.15% per annum on the unused portion of the credit agreement and interest at a rate equal to the higher of (a) the one-month LIBOR rate (not less than zero) plus 1.00% per annum or (b) the U.S. Federal Funds rate (not less than zero) plus 1.00% per annum on amounts borrowed. The commitment fee is generally allocated to each Participating Fund based on the lesser of a Participating Fund’s relative exposure to certain target markets or a Participating Fund’s maximum borrowing amount as set forth by the terms of the Syndicated Credit Agreement.

During the six months ended February 28, 2022, the Funds did not borrow under the Syndicated Credit Agreement.

10. PRINCIPAL RISKS

In the normal course of business, each Fund invests in securities or other instruments and may enter into certain transactions, and such activities subject the Fund to various risks, including, among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation or international tax treaties between various countries; or (iv) currency, interest rate or price fluctuations. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Funds and their investments. Each Fund’s prospectus provides details of the risks to which the Fund is subject.

BFA uses a “passive” or index approach to try to achieve each Fund’s investment objective following the securities included in its underlying index during upturns as well as downturns. BFA does not take steps to reduce market exposure or to lessen the effects of a declining market. Divergence from the underlying index and the composition of the portfolio is monitored by BFA.

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Notes to Financial Statements(unaudited) (continued)

The Funds may be exposed to additional risks when reinvesting cash collateral in money market funds that do not seek to maintain a stable NAV per share of $1.00, which may be subject to redemption gates or liquidity fees under certain circumstances.

Market Risk: An outbreak of respiratory disease caused by a novel coronavirus has developed into a global pandemic and has resulted in closing borders, quarantines, disruptions to supply chains and customer activity, as well as general concern and uncertainty. The impact of this pandemic, and other global health crises that may arise in the future, could affect the economies of many nations, individual companies and the market in general in ways that cannot necessarily be foreseen at the present time. This pandemic may result in substantial market volatility and may adversely impact the prices and liquidity of a fund’s investments. Although vaccines have been developed and approved for use by various governments, the duration of this pandemic and its effects cannot be determined with certainty.

Valuation Risk: The market values of equities, such as common stocks and preferred securities or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company. They may also decline due to factors which affect a particular industry or industries. A fund may invest in illiquid investments. An illiquid investment is any investment that a fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. A fund may experience difficulty in selling illiquid investments in a timely manner at the price that it believes the investments are worth. Prices may fluctuate widely over short or extended periods in response to company, market or economic news. Markets also tend to move in cycles, with periods of rising and falling prices. This volatility may cause a fund’s NAV to experience significant increases or decreases over short periods of time. If there is a general decline in the securities and other markets, the NAV of a fund may lose value, regardless of the individual results of the securities and other instruments in which a fund invests.

Counterparty Credit Risk: The Funds may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to unsettled or open transactions, including making timely interest and/or principal payments or otherwise honoring its obligations. The Funds manage counterparty credit risk by entering into transactions only with counterparties that the Manager believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Funds to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Funds’ exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded in the Statements of Assets and Liabilities, less any collateral held by the Funds.

A derivative contract may suffer a mark-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform under the contract.

With exchange-traded futures, there is less counterparty credit risk to the Funds since the exchange or clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, a Fund does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency). Additionally, credit risk exists in exchange-traded futures with respect to initial and variation margin that is held in a clearing broker’s customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro rata basis across all the clearing broker’s customers, potentially resulting in losses to the Funds.

Concentration Risk: A diversified portfolio, where this is appropriate and consistent with a fund’s objectives, minimizes the risk that a price change of a particular investment will have a material impact on the NAV of a fund. The investment concentrations within each Fund’s portfolio are disclosed in its Schedule of Investments.

Certain Funds invest a significant portion of their assets in issuers located in a single country or a limited number of countries. When a Fund concentrates its investments in this manner, it assumes the risk that economic, regulatory, political and social conditions in that country or those countries may have a significant impact on the fund and could affect the income from, or the value or liquidity of, the Fund’s portfolio. Unanticipated or sudden political or social developments may cause uncertainty in the markets and as a result adversely affect the Fund’s investments. Foreign issuers may not be subject to the same uniform accounting, auditing and financial reporting standards and practices as used in the United States. Foreign securities markets may also be more volatile and less liquid than U.S. securities and may be less subject to governmental supervision not typically associated with investing in U.S. securities.

Certain Funds invest a significant portion of their assets in securities of issuers located in Europe or with significant exposure to European issuers or countries. The European financial markets have recently experienced volatility and adverse trends due to concerns about economic downturns in, or rising government debt levels of, several European countries as well as acts of war in the region. These events may spread to other countries in Europe and may affect the value and liquidity of certain of the Funds’ investments.

Responses to the financial problems by European governments, central banks and others, including austerity measures and reforms, may not work, may result in social unrest and may limit future growth and economic recovery or have other unintended consequences. Further defaults or restructurings by governments and others of their debt could have additional adverse effects on economies, financial markets and asset valuations around the world. The United Kingdom has withdrawn from the European Union, and one or more other countries may withdraw from the European Union and/or abandon the Euro, the common currency of the European Union. The impact of these actions, especially if they occur in a disorderly fashion, is not clear but could be significant and far reaching. In addition, Russia launched a large-scale invasion of Ukraine on February 24, 2022. The extent and duration of the military action, resulting sanctions and resulting future market disruptions in the region are impossible to predict, but could be significant and have a severe adverse effect on the region, including significant negative impacts on the economy and the markets for certain securities and commodities, such as oil and natural gas, as well as other sectors.

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Notes to Financial Statements(unaudited) (continued)

Certain Funds invest a significant portion of their assets in securities of issuers located in Asia or with significant exposure to Asian issuers or countries. The Asian financial markets have recently experienced volatility and adverse trends due to concerns in several Asian countries regarding monetary policy, government intervention in the markets, rising government debt levels or economic downturns. These events may spread to other countries in Asia and may affect the value and liquidity of certain of the Funds’ investments.

Certain Funds invest a significant portion of their assets in securities within a single or limited number of market sectors. When a Fund concentrates its investments in this manner, it assumes the risk that economic, regulatory, political and social conditions affecting such sectors may have a significant impact on the fund and could affect the income from, or the value or liquidity of, the fund’s portfolio. Investment percentages in specific sectors are presented in the Schedule of Investments.

Significant Shareholder Redemption Risk: Certain shareholders may own or manage a substantial amount of fund shares and/or hold their fund investments for a limited period of time. Large redemptions of fund shares by these shareholders may force a Fund to sell portfolio securities, which may negatively impact the fund’s NAV, increase the fund’s brokerage costs, and/or accelerate the realization of taxable income/gains and cause the fund to make additional taxable distributions to shareholders.

LIBOR Transition Risk: The United Kingdom’s Financial Conduct Authority announced a phase out of the London Interbank Offered Rate (“LIBOR”). Although many LIBOR rates ceased to be published or no longer are representative of the underlying market they seek to measure after December 31, 2021, a selection of widely used USD LIBOR rates will continue to be published through June 2023 in order to assist with the transition. The Funds may be exposed to financial instruments tied to LIBOR to determine payment obligations, financing terms, hedging strategies or investment value. The transition process away from LIBOR might lead to increased volatility and illiquidity in markets for, and reduce the effectiveness of new hedges placed against, instruments whose terms currently include LIBOR. The ultimate effect of the LIBOR transition process on the Funds is uncertain.

11. CAPITAL SHARE TRANSACTIONS

Capital shares are issued and redeemed by each Fund only in aggregations of a specified number of shares or multiples thereof (“Creation Units”) at NAV. Except when aggregated in Creation Units, shares of each Fund are not redeemable.

Transactions in capital shares were as follows:

	Six Months Ended 02/28/22						Year Ended 08/31/21
iShares ETF	Shares			Amount			Shares			Amount
MSCI Brazil
Shares sold		33,200,000		$	1,071,563,900			5,900,000		$	220,351,653
Shares redeemed		(2,650,000	)		(74,689,781	)		(47,350,000	)		(1,747,365,837	)
Net increase (decrease)		30,550,000		$	996,874,119			(41,450,000	)	$	(1,527,014,184	)
MSCI Chile
Shares sold		5,850,000		$	151,857,377			6,950,000		$	208,750,168
Shares redeemed		(6,600,000	)		(162,338,130	)		(7,650,000	)		(225,504,422	)
Net decrease		(750,000	)	$	(10,480,753	)		(700,000	)	$	(16,754,254	)
MSCI Colombia
Shares sold		—		$	—			2,050,000		$	20,933,465
Shares redeemed		—			—			(650,000	)		(6,284,497	)
Net increase		—		$	—			1,400,000		$	14,648,968
MSCI Israel
Shares sold		600,000		$	43,838,758			1,100,000		$	70,222,892
Shares redeemed		(400,000	)		(29,041,950	)		(700,000	)		(44,671,218	)
Net increase		200,000		$	14,796,808			400,000		$	25,551,674
MSCI South Africa
Shares sold		2,500,000		$	123,198,837			2,700,000		$	120,672,480
Shares redeemed		(700,000	)		(31,674,659	)		(5,800,000	)		(270,577,887	)
Net increase (decrease)		1,800,000		$	91,524,178			(3,100,000	)	$	(149,905,407	)
MSCI Turkey
Shares sold		5,900,000		$	118,246,194			9,650,000		$	215,650,990
Shares redeemed		(4,150,000	)		(83,738,927	)		(6,000,000	)		(144,771,221	)
Net increase		1,750,000		$	34,507,267			3,650,000		$	70,879,769
MSCI USA Equal Weighted
Shares sold		900,000		$	78,601,113			2,250,000		$	176,562,414
Shares redeemed		(550,000	)		(46,700,022	)		(450,000	)		(38,625,319	)
Net increase		350,000		$	31,901,091			1,800,000		$	137,937,095

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Notes to Financial Statements(unaudited) (continued)

The consideration for the purchase of Creation Units of a fund in the Company generally consists of the in-kind deposit of a designated portfolio of securities and a specified amount of cash. Certain funds in the Company may be offered in Creation Units solely or partially for cash in U.S. dollars. Investors purchasing and redeeming Creation Units may pay a purchase transaction fee and a redemption transaction fee directly to State Street Bank and Trust Company, the Company’s administrator, to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash. Investors transacting in Creation Units for cash may also pay an additional variable charge to compensate the relevant fund for certain transaction costs (i.e., stamp taxes, taxes on currency or other financial transactions, and brokerage costs) and market impact expenses relating to investing in portfolio securities. Such variable charges, if any, are included in shares sold in the table above.

From time to time, settlement of securities related to in-kind contributions or in-kind redemptions may be delayed. In such cases, securities related to in-kind transactions are reflected as a receivable or a payable in the Statements of Assets and Liabilities.

12. SUBSEQUENT EVENTS

Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were available to be issued and has determined that there were no subsequent events requiring adjustment or additional disclosure in the financial statements.

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Statement Regarding Liquidity Risk Management Program  (unaudited)

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), iShares, Inc. (the “Company”) has adopted and implemented a liquidity risk management program (the “Program”) for iShares MSCI Brazil ETF, iShares MSCI Chile ETF, iShares MSCI Colombia ETF, iShares MSCI Israel ETF, iShares MSCI South Africa ETF, iShares MSCI Turkey ETF and iShares MSCI USA Equal Weighted ETF (the “Funds” or “ETFs”), each a series of the Company, which is reasonably designed to assess and manage each Fund’s liquidity risk.

The Board of Directors (the “Board”) of the Company, on behalf of the Funds, met on December 9, 2021 (the “Meeting”) to review the Program. The Board previously appointed BlackRock Fund Advisors (“BlackRock”), the investment adviser to the Funds, as the program administrator for each Fund’s Program. BlackRock also previously delegated oversight of the Program to the 40 Act Liquidity Risk Management Committee (the “Committee”). At the Meeting, the Committee, on behalf of BlackRock, provided the Board with a report that addressed the operation of the Program and assessed its adequacy and effectiveness of implementation, including the management of each Fund’s Highly Liquid Investment Minimum (“HLIM”) where applicable, and any material changes to the Program (the “Report”). The Report covered the period from October 1, 2020 through September 30, 2021 (the “Program Reporting Period”).

The Report described the Program’s liquidity classification methodology for categorizing each Fund’s investments (including derivative transactions) into one of four liquidity buckets. It also referenced the methodology used by BlackRock to establish each Fund’s HLIM and noted that the Committee reviews and ratifies the HLIM assigned to each Fund no less frequently than annually. The Report also discussed notable events affecting liquidity over the Program Reporting Period, including extended market holidays and the imposition of capital controls in certain non-U.S. countries.

The Report noted that the Program complied with the key factors for consideration under the Liquidity Rule for assessing, managing and periodically reviewing each Fund’s liquidity risk, as follows:

a) The Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions. During the Program Reporting Period, the Committee reviewed whether each Fund’s strategy is appropriate for an open-end fund structure, with a focus on funds with more significant and consistent holdings of less liquid and illiquid assets. The Committee also factored a fund’s concentration in an issuer into the liquidity classification methodology by taking issuer position sizes into account. Derivative exposure was also considered in the calculation of a fund’s liquidity bucketing. Finally, a factor for consideration under the Liquidity Rule is a Fund’s use of borrowings for investment purposes. However, the Funds do not borrow for investment purposes.

b) Short-term and long-term cash flow projections during both normal and reasonably foreseeable stressed conditions. During the Program Reporting Period, the Committee reviewed historical redemption activity and used this information as a component to establish each ETF’s reasonably anticipated trading size (“RATS”). The Committee may also take into consideration a fund’s shareholder ownership concentration (which, depending on product type and distribution channel, may or may not be available), a fund’s distribution channels, and the degree of certainty associated with a fund’s short-term and long-term cash flow projections.

c) Holdings of cash and cash equivalents, as well as borrowing arrangements. The Committee considered that ETFs generally do not hold more than de minimis amounts of cash. While the ETFs generally do not engage in borrowing, certain of the ETFs have the flexibility to draw on a line of credit to meet redemption requests or facilitate settlements.

d) The relationship between an ETF’s portfolio liquidity and the way in which, and the prices and spreads at which, ETF shares trade, including the efficiency of the arbitrage function and the level of active participation by market participants, including authorized participants. The Committee monitored the prevailing bid/ask spread and the ETF price premium (or discount) to NAV for all ETFs and reviewed any persistent deviations from long-term averages.

e) The effect of the composition of baskets on the overall liquidity of an ETF’s portfolio. In reviewing the linkage between the composition of custom baskets accepted by an ETF and any significant change in the liquidity profile of such ETF, the Committee reviewed changes in the proportion of each ETF’s portfolio comprised of less liquid and illiquid holdings to determine if applicable thresholds were met requiring enhanced review.

As part of BlackRock’s continuous review of the effectiveness of the Program, the Committee made the following material changes to the Program: (1) updates to certain model components in the Program’s methodology; and (2) certain iShares Funds entered into a $800 million credit agreement with a group of lenders that replaced a previous liquidity facility. The Report provided to the Board stated that the Committee concluded that based on the operation of the functions, as described in the Report, the Program is operating as intended and is effective in implementing the requirements of the Liquidity Rule.

S T A T E M E N T    R E G A R D I N G     L I Q U I D I T Y    R IS K    M A N A G E M E N  T    P R O G R A M 63

Supplemental Information (unaudited)

Regulation Regarding Derivatives

On October 28, 2020, the Securities and Exchange Commission (the “SEC”) adopted regulations governing the use of derivatives by registered investment companies (“Rule 18f-4”). The Funds will be required to implement and comply with Rule 18f-4 by August 19, 2022. Once implemented, Rule 18f-4 will impose limits on the amount of derivatives a fund can enter into, eliminate the asset segregation framework currently used by funds to comply with Section 18 of the 1940 Act, treat derivatives as senior securities and require funds whose use of derivatives is more than a limited specified exposure amount to establish and maintain a comprehensive derivatives risk management program and appoint a derivatives risk manager.

Section 19(a) Notices

The amounts and sources of distributions reported are estimates and are being provided pursuant to regulatory requirements and are not being provided for tax reporting purposes. The actual amounts and sources for tax reporting purposes will depend upon each Fund’s investment experience during the year and may be subject to changes based on tax regulations. Shareholders will receive a Form 1099-DIV each calendar year that will inform them how to report these distributions for federal income tax purposes.

February 28, 2022

	Total Cumulative Distributions for the Fiscal Year-to-Date								% Breakdown of the Total Cumulative Distributions for the Fiscal Year-to-Date
iShares ETF	Net Investment Income		Net Realized Capital Gains		Return of Capital		Total Per Share		Net Investment Income			Net Realized Capital Gains			Return of Capital			Total Per Share
MSCI Chile	$	0.770751	$	—	$	—	$	0.770751		100	%		—	%		—	%		100	%
MSCI Israel(a)		0.518453		—		0.174986		0.693439		75			—			25			100
MSCI USA Equal Weighted(a)		0.550398		—		0.099237		0.649635		85			—			15			100

^(a)  The Fund estimates that it has distributed more than its net investment income and net realized capital gains; therefore, a portion of the distribution may be a return of capital. A return of capital may occur, for example, when some or all of the shareholder’s investment in the Fund is returned to the shareholder. A return of capital does not necessarily reflect the Fund’s investment performance and should not be confused with “yield” or “income”. When distributions exceed total return performance, the difference will incrementally reduce the Fund’s net asset value per share.

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General Information

Electronic Delivery

Shareholders can sign up for e-mail notifications announcing that the shareholder report or prospectus has been posted on the iShares website at iShares.com. Once you have enrolled, you will no longer receive prospectuses and shareholder reports in the mail.

To enroll in electronic delivery:

• Go to icsdelivery.com.

• If your brokerage firm is not listed, electronic delivery may not be available. Please contact your broker-dealer or financial advisor.

Householding

Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents and Rule 30e-3 notices can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.

Availability of Quarterly Schedule of Investments

The Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT. The Funds’ Forms N-PORT are available on the SEC’s website at sec.gov. Additionally, each Fund makes its portfolio holdings for the first and third quarters of each fiscal year available at iShares.com/fundreports.

Availability of Proxy Voting Policies and Proxy Voting Records

A description of the policies and procedures that the iShares Funds use to determine how to vote proxies relating to portfolio securities and information about how the iShares Funds voted proxies relating to portfolio securities during the most recent twelve-month period ending June 30 is available without charge, upon request (1) by calling toll-free 1-800-474-2737; (2) on the iShares website at iShares.com; and (3) on the SEC website at sec.gov.

A description of the Company’s policies and procedures with respect to the disclosure of the Fund’s portfolio securities is available in the Fund Prospectus. The Fund discloses its portfolio holdings daily and provides information regarding its top holdings in Fund fact sheets at iShares.com.

G E N E R A L    I N F O R M A T I O  N 65

Glossary of Terms Used in this Report

Portfolio Abbreviations - Equity

ADR	American Depositary Receipt
NVS	Non-Voting Shares
REIT	Real Estate Investment Trust
SDR	Swedish Depositary Receipt

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Want to know more?

iShares.com    |     1-800-474-2737

This report is intended for the Funds’ shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by the current prospectus.

Investing involves risk, including possible loss of principal.

The iShares Funds are distributed by BlackRock Investments, LLC (together with its affiliates, “BlackRock”).

The iShares Funds are not sponsored, endorsed, issued, sold or promoted by MSCI Inc., nor does this company make any representation regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the company listed above.

©2022 BlackRock, Inc. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.

iS-SAR-804-0222

FEBRUARY 28, 2022

2022 Semi-Annual Report

(Unaudited)

iShares, Inc.

· iShares MSCI Australia ETF | EWA | NYSE Arca

· iShares MSCI Canada ETF | EWC | NYSE Arca

· iShares MSCI Japan ETF | EWJ | NYSE Arca

· iShares MSCI Mexico ETF | EWW | NYSE Arca

· iShares MSCI South Korea ETF | EWY | NYSE Arca

The Markets in Review

Dear Shareholder,

The 12-month reporting period as of February 28, 2022 saw a continuation of the resurgent growth that followed the initial coronavirus (or “COVID-19”) pandemic reopening, albeit at a slower pace. The global economy weathered the emergence of several variant strains and the resulting peaks and troughs in infections amid optimism that increasing vaccinations and economic adaptation could help contain the pandemic’s disruptions. However, rapid changes in consumer spending led to supply constraints and elevated inflation. Moreover, while the foremost effect of Russia’s invasion of Ukraine has been a severe humanitarian crisis, the invasion has presented challenges for both investors and policymakers.

Equity prices were mixed, as persistently high inflation drove investors’ expectations for higher interest rates, which particularly weighed on relatively high valuation growth stocks and economically sensitive small-capitalization stocks. Overall, small-capitalization U.S. stocks declined, while large-capitalization U.S. stocks posted a solid advance. International equities from developed markets gained slightly, although emerging market stocks declined, pressured by rising interest rates and a strengthening U.S. dollar.

The 10-year U.S. Treasury yield (which is inversely related to bond prices) rose during the reporting period as the economy expanded rapidly and inflation reached its highest annualized reading in decades. In the corporate bond market, the improving economy assuaged credit concerns and led to modest returns for high-yield corporate bonds, outpacing the negative return of investment-grade corporate bonds.

The U.S. Federal Reserve (the “Fed”) maintained accommodative monetary policy during the reporting period by keeping near-zero interest rates. However, the Fed’s tone shifted during the period, as it reduced its bond-buying program and raised the prospect of higher rates in 2022. Continued high inflation and the Fed’s new stance led many analysts to anticipate that the Fed will raise interest rates multiple times throughout the year.

Looking ahead, however, the horrific war in Ukraine has significantly clouded the outlook for the global economy. Sanctions on Russia and general wartime disruption are likely to drive already-high commodity prices even further upwards, and we have already seen spikes in energy and metal markets. While this will exacerbate inflationary pressure, it could also constrain economic growth, making the Fed’s way forward less clear. Its challenge will be combating inflation without stifling a recovery that is now facing additional supply shocks.

In this environment, we favor an overweight to equities, as we believe low interest rates and continued economic growth will support further gains, albeit likely more modest than what we saw in 2021. Sectors that are better poised to manage the transition to a lower-carbon world, such as technology and health care, are particularly attractive in the long term. U.S. and other developed market equities have room for further growth, while we believe Chinese equities stand to gain from a more accommodative monetary and fiscal environment. We are underweight long-term credit, but inflation-protected U.S. Treasuries, Asian fixed income, and emerging market local-currency bonds offer potential opportunities. We believe that international diversification and a focus on sustainability can help provide portfolio resilience, and the disruption created by the coronavirus appears to be accelerating the shift toward sustainable investments.

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

Sincerely,

Rob Kapito

President, BlackRock, Inc.

Rob Kapito

President, BlackRock, Inc.

Total Returns as of February 28, 2022
	6-Month	12-Month
U.S. large cap equities (S&P 500® Index)	(2.62)%	16.39%
U.S. small cap equities (Russell 2000® Index)	(9.46)	(6.01)
International equities (MSCI Europe, Australasia, Far East Index)	(6.78)	2.83
Emerging market equities (MSCI Emerging Markets Index)	(9.81)	(10.69)
3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)	0.02	0.04
U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)	(3.94)	(1.67)
U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)	(4.07)	(2.64)
Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)	(3.09)	(0.66)
U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)	(3.07)	0.64
Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.

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

Table of Contents

	Page
The Markets in Review		2
Fund Summary		4
About Fund Performance		9
Shareholder Expenses		9
Schedules of Investments		10
Financial Statements
Statements of Assets and Liabilities		28
Statements of Operations		30
Statements of Changes in Net Assets		32
Financial Highlights		35
Notes to Financial Statements		40
Statement Regarding Liquidity Risk Management Program		49
Supplemental Information		50
General Information		51
Glossary of Terms Used in this Report		52

Fund Summary as of February 28, 2022 iShares^® MSCI Australia ETF

Investment Objective

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

Performance

				Average Annual Total Returns								Cumulative Total Returns
	6 Months			1 Year			5 Years			10 Years		1 Year			5 Years			10 Years
Fund NAV		(3.93	)%		2.88	%		6.30	%		4.70%		2.88	%		35.72	%		58.37%
Fund Market		(3.83	)		3.12			6.34			4.85		3.12			36.01			60.62
Index		(4.49	)		2.91			6.62			5.06		2.91			37.80			63.88

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

Expense Example

Actual						Hypothetical 5% Return
Beginning Account Value (09/01/21)		Ending Account Value (02/28/22)		Expenses Paid During the Period (a)		Beginning Account Value (09/01/21)		Ending Account Value (02/28/22)		Expenses Paid During the Period (a)		Annualized Expense Ratio
	$      1,000.00		$      960.70		$      2.38		$      1,000.00		$      1,022.40		$      2.46		0.49	%

^(a) Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” for more information.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of     Total Investments(a)
Financials	32.8%
Materials	25.5
Health Care	10.2
Real Estate	6.6
Consumer Discretionary	6.3
Consumer Staples	5.2
Industrials	4.3
Energy	3.9
Communication Services	2.0
Information Technology	1.9
Utilities	1.3

^(a)  Excludes money market funds.

TEN LARGEST HOLDINGS

Security	Percent of     Total Investments(a)
BHP Group Ltd.	14.5%
Commonwealth Bank of Australia	9.7
CSL Ltd.	7.6
National Australia Bank Ltd.	5.8
Westpac Banking Corp.	5.1
Australia & New Zealand Banking Group Ltd.	4.5
Macquarie Group Ltd.	3.7
Wesfarmers Ltd.	3.3
Rio Tinto Ltd.	2.7
Woolworths Group Ltd.	2.6

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Fund Summary as of February 28, 2022 iShares^® MSCI Canada ETF

Investment Objective

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

Performance

				Average Annual Total Returns								Cumulative Total Returns
	6 Months			1 Year			5 Years			10 Years		1 Year			5 Years			10 Years
Fund NAV		3.58	%		20.23	%		9.81	%		4.99%		20.23	%		59.68	%	62.78%
Fund Market		3.68			21.08			9.81			5.05		21.08			59.67		63.61
Index		3.76			20.43			9.94			5.15		20.43			60.61		65.17

Index performance through August 31, 2017 reflects the performance of the MSCI Canada Index. Index performance beginning on September 1, 2017 reflects the performance of the MSCI Canada Custom Capped Index.

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

Expense Example

Actual						Hypothetical 5% Return
Beginning Account Value (09/01/21)		Ending Account Value (02/28/22)		Expenses Paid During the Period (a)		Beginning Account Value (09/01/21)		Ending Account Value (02/28/22)		Expenses Paid During the Period (a)		Annualized Expense Ratio
	$      1,000.00		$      1,035.80		$      2.47		$      1,000.00		$      1,022.40		$      2.46		0.49	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” for more information.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of     Total Investments(a)
Financials	38.7%
Energy	16.5
Materials	11.6
Industrials	11.2
Information Technology	7.6
Consumer Staples	3.9
Utilities	3.6
Consumer Discretionary	3.4
Communication Services	2.5
Other (each representing less than 1%)	1.0

^(a)  Excludes money market funds.

TEN LARGEST HOLDINGS

Security	Percent of     Total Investments(a)
Royal Bank of Canada	7.8%
Toronto-Dominion Bank (The)	7.3
Bank of Nova Scotia (The)	4.4
Canadian National Railway Co.	4.3
Enbridge Inc.	4.3
Shopify Inc., Class A	3.9
Brookfield Asset Management Inc., Class A	3.8
Bank of Montreal	3.7
Canadian Natural Resources Ltd.	3.3
Canadian Pacific Railway Ltd.	3.2

F U N D    S U M M A R Y 5

Fund Summary as of February 28, 2022 iShares^® MSCI Japan ETF

Investment Objective

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

Performance

				Average Annual Total Returns								Cumulative Total Returns
	6 Months			1 Year			5 Years			10 Years		1 Year			5 Years			10 Years
Fund NAV		(7.03	)%		(5.06	)%		5.82	%		6.29%		(5.06	)%		32.69	%		84.13%
Fund Market		(6.76	)		(5.83	)		5.92			6.33		(5.83	)		33.29			84.70
Index		(7.37	)		(5.00	)		6.13			6.66		(5.00	)		34.64			90.48
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 9 for more information.

Expense Example

Actual						Hypothetical 5% Return
Beginning Account Value (09/01/21)		Ending Account Value (02/28/22)		Expenses Paid During the Period (a)		Beginning Account Value (09/01/21)		Ending Account Value (02/28/22)		Expenses Paid During the Period (a)		Annualized Expense Ratio
	$      1,000.00		$      929.70		$      2.34		$      1,000.00		$      1,022.40		$      2.46		0.49	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” for more information.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of      Total Investments(a)
Industrials	22.0%
Consumer Discretionary	19.4
Information Technology	14.0
Financials	10.1
Health Care	9.4
Communication Services	8.1
Consumer Staples	6.9
Materials	5.0
Real Estate	3.4
Other (each representing less than 1%)	1.7

^(a)  Excludes money market funds.

TEN LARGEST HOLDINGS

Security	Percent of      Total Investments(a)
Toyota Motor Corp.	5.3%
Sony Group Corp.	3.5
Keyence Corp.	2.5
Mitsubishi UFJ Financial Group Inc.	2.0
Tokyo Electron Ltd.	2.0
Recruit Holdings Co. Ltd.	1.6
Nintendo Co. Ltd.	1.5
Shin-Etsu Chemical Co. Ltd.	1.5
SoftBank Group Corp.	1.5
KDDI Corp.	1.4

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Fund Summary as of February 28, 2022 iShares^® MSCI Mexico ETF

Investment Objective

The iShares MSCI Mexico ETF (the “Fund”) seeks to track the investment results of a broad-based index composed of Mexican equities, as represented by the MSCI Mexico 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.

Performance

				Average Annual Total Returns								Cumulative Total Returns
	6 Months			1 Year			5 Years			10 Years		1 Year			5 Years			10 Years
Fund NAV		(0.35	)%		26.07	%		3.94	%		0.22%		26.07	%		21.29	%		2.25%
Fund Market		(0.11	)		26.54			4.06			0.28		26.54			21.99			2.80
Index		(0.11	)		26.89			4.35			0.45		26.89			23.74			4.61
Index performance through February 11, 2013 reflects the performance of the MSCI Mexico Investable Market Index. Index performance beginning on February 12, 2013 reflects the performance of the MSCI Mexico IMI 25/50 Index. Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 9 for more information.

Expense Example

Actual						Hypothetical 5% Return
Beginning Account Value (09/01/21)		Ending Account Value (02/28/22)		Expenses Paid During the Period (a)		Beginning Account Value (09/01/21)		Ending Account Value (02/28/22)		Expenses Paid During the Period (a)		Annualized Expense Ratio
	$      1,000.00		$      996.50		$      2.43		$      1,000.00		$      1,022.40		$      2.46		0.49	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” for more information.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of     Total Investments(a)
Consumer Staples	30.7%
Communication Services	20.9
Financials	15.9
Industrials	12.4
Materials	12.3
Real Estate	5.9
Consumer Discretionary	1.3
Health Care	0.6

TEN LARGEST HOLDINGS

Security	Percent of     Total Investments(a)
America Movil SAB de CV, Series L	15.9%
Wal-Mart de Mexico SAB de CV	10.8
Grupo Financiero Banorte SAB de CV, Class O	9.4
Fomento Economico Mexicano SAB de CV	8.4
Grupo Mexico SAB de CV, Series B	4.5
Cemex SAB de CV	4.0
Grupo Aeroportuario del Pacifico SAB de CV, Class B	3.2
Grupo Televisa SAB de CV	3.1
Grupo Bimbo SAB de CV, Series A	2.9
Grupo Aeroportuario del Sureste SAB de CV, Class B	2.8

^(a)   Excludes money market funds.

F U N D   S U M M A R Y 7

Fund Summary as of February 28, 2022 iShares^® MSCI South Korea ETF

Investment Objective

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

Performance

				Average Annual Total Returns								Cumulative Total Returns
	6 Months			1 Year			5 Years			10 Years		1 Year			5 Years			10 Years
Fund NAV		(15.39	)%		(16.56	)%		5.99	%		3.49%		(16.56	)%		33.75	%		40.87%
Fund Market		(14.68	)		(15.92	)		6.31			3.58		(15.92	)		35.82			42.15
Index		(16.12	)		(16.85	)		6.26			3.94		(16.85	)		35.46			47.12
Index performance through February 11, 2013 reflects the performance of the MSCI Korea Index. Index performance beginning on February 12, 2013 reflects the performance of the MSCI Korea 25/50 Index. Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 9 for more information.

Expense Example

Actual						Hypothetical 5% Return
Beginning Account Value (09/01/21)		Ending Account Value (02/28/22)		Expenses Paid During the Period (a)		Beginning Account Value (09/01/21)		Ending Account Value (02/28/22)		Expenses Paid During the Period (a)		Annualized Expense Ratio
	$      1,000.00		$      846.10		$      2.65		$      1,000.00		$      1,021.90		$      2.91		0.58	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” for more information.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of     Total Investments(a)
Information Technology	35.1%
Financials	11.2
Consumer Discretionary	11.1
Communication Services	10.5
Industrials	10.4
Materials	8.9
Health Care	5.5
Consumer Staples	4.3
Energy	2.3
Utilities	0.7

^(a)  Excludes money market funds.

TEN LARGEST HOLDINGS

Security	Percent of     Total Investments(a)
Samsung Electronics Co. Ltd.	22.0%
SK Hynix Inc.	6.5
NAVER Corp.	3.8
Samsung SDI Co. Ltd.	3.0
Kakao Corp.	2.7
LG Chem Ltd.	2.6
Hyundai Motor Co.	2.5
KB Financial Group Inc.	2.4
POSCO	2.2
Kia Corp.	2.1

8 2 0 2 2  I S H A R E S    S E M I - A N N U A L    R E P  O R T    T O    S H A R E H O L D E R S

About Fund Performance

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

Net asset value or “NAV” is the value of one share of a fund as calculated in accordance with the standard formula for valuing mutual fund shares. Beginning August 10, 2020, the price used to calculate market return (“Market Price”) is the closing price. Prior to August 10, 2020, Market Price was determined using the midpoint between the highest bid and the lowest ask on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. 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.

Shareholder Expenses

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

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

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

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

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

Schedule of Investments (unaudited) February 28, 2022 iShares^® MSCI Australia ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Airlines — 0.3%
Qantas Airways Ltd.(a)		1,080,188	$	4,002,610
Banks — 24.5%
Australia & New Zealand Banking Group Ltd.		3,305,259		62,574,641
Commonwealth Bank of Australia		2,000,701		135,734,468
National Australia Bank Ltd.		3,836,708		80,582,510
Westpac Banking Corp.		4,301,330		71,084,820
				349,976,439
Beverages — 0.5%
Treasury Wine Estates Ltd.		851,863		7,185,625
Biotechnology — 7.5%
CSL Ltd.		561,320		106,720,417
Capital Markets — 4.6%
ASX Ltd.		227,464		13,661,819
Macquarie Group Ltd.		397,351		52,292,682
				65,954,501
Chemicals — 0.4%
Orica Ltd.		476,314		5,078,333
Commercial Services & Supplies — 0.9%
Brambles Ltd.		1,685,372		12,139,263
Construction Materials — 1.2%
James Hardie Industries PLC		521,901		17,038,526
Diversified Consumer Services — 0.3%
IDP Education Ltd.		243,996		4,718,783
Diversified Telecommunication Services — 1.0%
Telstra Corp. Ltd.		4,865,652		13,982,096
Electric Utilities — 0.6%
Origin Energy Ltd.		2,075,579		8,619,173
Equity Real Estate Investment Trusts (REITs) — 6.0%
BGP Holdings PLC(a)(b)		18,888,372		212
Dexus		1,257,153		9,951,599
Goodman Group		1,971,399		31,896,538
GPT Group/The		2,245,966		8,013,776
Mirvac Group		4,608,306		8,594,094
Scentre Group		6,095,947		13,542,764
Stockland		2,814,924		8,517,660
Vicinity Centres		4,522,709		5,889,200
				86,405,843
Food & Staples Retailing — 4.5%
Coles Group Ltd.		1,564,828		19,796,775
Endeavour Group Ltd./Australia		1,580,952		8,256,860
Woolworths Group Ltd.		1,421,010		36,744,017
				64,797,652
Gas Utilities — 0.7%
APA Group		1,379,095		10,081,837
Health Care Equipment & Supplies — 0.9%
Cochlear Ltd.		77,363		12,629,047
Health Care Providers & Services — 1.7%
Ramsay Health Care Ltd.		214,020		9,983,542
Sonic Healthcare Ltd.		534,280		13,633,541
				23,617,083

Security	Shares		Value
Hotels, Restaurants & Leisure — 2.6%
Aristocrat Leisure Ltd.		706,944	$	19,391,471
Crown Resorts Ltd.(a)		435,316		3,934,294
Domino’s Pizza Enterprises Ltd.		70,801		4,088,204
Tabcorp Holdings Ltd.		2,616,653		9,462,930
				36,876,899
Insurance — 3.0%
Insurance Australia Group Ltd.		2,881,282		9,619,043
Medibank Pvt Ltd.		3,220,193		7,427,408
QBE Insurance Group Ltd.		1,732,495		14,457,700
Suncorp Group Ltd.		1,480,372		11,515,406
				43,019,557
Interactive Media & Services — 1.0%
REA Group Ltd.		61,770		5,953,952
SEEK Ltd.		396,184		7,734,629
				13,688,581
IT Services — 0.7%
Computershare Ltd.		635,091		10,034,652
Metals & Mining — 23.4%
BHP Group Ltd.		5,935,444		202,672,628
BlueScope Steel Ltd.		579,584		8,582,395
Evolution Mining Ltd.		2,142,151		6,623,933
Fortescue Metals Group Ltd.		1,985,504		26,451,553
Mineral Resources Ltd.		199,280		6,549,350
Newcrest Mining Ltd.		959,317		17,796,098
Northern Star Resources Ltd.		1,302,042		9,704,101
Rio Tinto Ltd.		435,242		37,533,968
South32 Ltd.		5,461,494		19,169,910
				335,083,936
Multiline Retail — 3.3%
Wesfarmers Ltd.		1,329,399		46,621,838
Oil, Gas & Consumable Fuels — 3.8%
Ampol Ltd.		278,535		6,016,454
Santos Ltd.		3,772,520		20,091,815
Washington H Soul Pattinson & Co. Ltd.		253,074		4,642,886
Woodside Petroleum Ltd.		1,136,869		23,756,320
				54,507,475
Real Estate Management & Development — 0.4%
Lendlease Corp. Ltd.		804,840		6,209,155
Road & Rail — 0.4%
Aurizon Holdings Ltd.		2,151,469		5,488,205
Software — 1.1%
WiseTech Global Ltd.		170,909		5,471,825
Xero Ltd.(a)		156,938		10,790,742
				16,262,567
Trading Companies & Distributors — 0.3%
Reece Ltd.		339,770		4,810,196
Transportation Infrastructure — 2.3%
Transurban Group		3,599,217		33,243,817
Total Common Stocks — 97.9%
(Cost: $1,545,455,782)				1,398,794,106

10 2 0 2 2    I S H A R E S    S  E M I - A N N U A L    R E P O R T    T O    S H  A R E H O L D E R S

Schedule of Investments (unaudited) (continued) February 28, 2022 iShares^® MSCI Australia ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Short-Term Investments
Money Market Funds — 0.0%
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.03%(c)(d)		670,000	$	670,000
Total Short-Term Investments — 0.0% (Cost: $670,000)				670,000
Total Investments in Securities — 97.9% (Cost: $1,546,125,782)				1,399,464,106
Other Assets, Less Liabilities — 2.1%				30,067,626
Net Assets — 100.0%			$	1,429,531,732

^(a)  Non-income producing security.

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

^(c)  Affiliate of the Fund.

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 08/31/21		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 02/28/22		Shares Held at 02/28/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares(a)	$	—	$	5,510	(b)	$	—		$	(5,510	)	$	—	$	—		—	$	222,041	(c)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		750,000		—			(80,000	)(b)		—			—		670,000		670,000		43			—
									$	(5,510	)	$	—	$	670,000			$	222,084		$	—

^(a)  As of period end, the entity is no longer held.

^(b)  Represents net amount purchased (sold).

^(c)  All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts ASX SPI 200 Index		245		03/17/22	$	31,342	$	34,310

Derivative Financial Instruments Categorized by Risk Exposure

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

	Equity Contracts
Assets — Derivative Financial Instruments
Futures contracts Unrealized appreciation on futures contracts(a)	$	34,310

^(a) Net cumulative unrealized appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).

S C H E D U L E    O F    I N V E S T  M E N T S 11

Schedule of Investments (unaudited) (continued) February 28, 2022 iShares^® MSCI Australia ETF

For the period ended February 28, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	(813,355	)
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(30,978	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	18,616,023

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

Fair Value Hierarchy as of Period End

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.

	Level 1		Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	—	$	1,398,793,894	$	212	$	1,398,794,106
Money Market Funds		670,000		—		—		670,000
	$	670,000	$	1,398,793,894	$	212	$	1,399,464,106
Derivative financial instruments(a)
Assets
Futures Contracts	$	—	$	34,310	$	—	$	34,310

^(a) Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

See notes to financial statements.

12 2 0 2 2    I S H A R E S    S  E M I - A N N U A L    R E P O R T    T O    S H  A R E H O L D E R S

Schedule of Investments (unaudited) February 28, 2022 iShares^® MSCI Canada ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 0.4%
CAE Inc.(a)		680,470	$	18,204,921
Airlines — 0.2%
Air Canada(a)(b)		377,043		7,124,402
Auto Components — 1.0%
Magna International Inc.		614,319		45,641,357
Banks — 27.2%
Bank of Montreal		1,391,000		158,831,897
Bank of Nova Scotia (The)		2,612,610		189,324,046
Canadian Imperial Bank of Commerce		967,683		122,481,565
National Bank of Canada		726,309		58,236,516
Royal Bank of Canada		3,063,336		338,864,174
Toronto-Dominion Bank (The)		3,917,517		316,121,214
				1,183,859,412
Capital Markets — 4.5%
Brookfield Asset Management Inc., Class A		3,031,875		165,694,660
IGM Financial Inc.		180,026		6,395,717
Onex Corp.		160,376		10,770,181
TMX Group Ltd.		120,450		12,167,588
				195,028,146
Chemicals — 2.4%
Nutrien Ltd.		1,227,221		105,545,847
Commercial Services & Supplies — 0.5%
GFL Environmental Inc.		345,827		10,111,518
Ritchie Bros Auctioneers Inc.		237,694		12,457,603
				22,569,121
Construction & Engineering — 0.7%
WSP Global Inc.		253,032		31,044,581
Containers & Packaging — 0.3%
CCL Industries Inc., Class B, NVS		325,773		14,686,130
Diversified Telecommunication Services — 0.8%
BCE Inc.		156,335		8,210,825
TELUS Corp.		974,744		24,616,612
				32,827,437
Electric Utilities — 2.1%
Emera Inc.		554,451		25,939,995
Fortis Inc.		1,016,739		46,589,508
Hydro One Ltd.(c)		707,446		17,469,870
				89,999,373
Electrical Equipment — 0.1%
Ballard Power Systems Inc.(a)(b)		529,294		6,055,040
Equity Real Estate Investment Trusts (REITs) — 0.3%
Canadian Apartment Properties REIT		187,112		7,788,583
RioCan REIT		334,319		6,625,715
				14,414,298
Food & Staples Retailing — 3.6%
Alimentation Couche-Tard Inc.		1,829,444		71,806,579
Empire Co. Ltd., Class A, NVS		364,381		11,286,468
George Weston Ltd.		161,108		17,469,573
Loblaw Companies Ltd.		360,412		28,113,558
Metro Inc.		525,830		27,446,874
				156,123,052

Security	Shares		Value
Food Products — 0.3%
Saputo Inc.		534,588	$	13,100,042
Gas Utilities — 0.3%
AltaGas Ltd.		602,398		13,269,390
Hotels, Restaurants & Leisure — 0.8%
Restaurant Brands International Inc.		609,255		34,103,860
Independent Power and Renewable Electricity Producers — 0.6%
Brookfield Renewable Corp., Class A		277,700		10,406,903
Northland Power Inc.		486,931		15,481,909
				25,888,812
Insurance — 6.9%
Fairfax Financial Holdings Ltd.		53,738		26,050,741
Great-West Lifeco Inc.		600,184		18,055,239
iA Financial Corp. Inc.		231,419		13,750,032
Intact Financial Corp.		378,588		54,298,629
Manulife Financial Corp.		4,176,248		84,612,267
Power Corp. of Canada		1,203,760		37,124,243
Sun Life Financial Inc.		1,259,619		66,245,525
				300,136,676
IT Services — 5.0%
CGI Inc.(a)		470,254		38,555,263
Nuvei Corp.(a)(c)		143,596		7,795,535
Shopify Inc., Class A(a)		244,130		169,479,187
				215,829,985
Media — 0.8%
Quebecor Inc., Class B		359,525		7,862,748
Shaw Communications Inc., Class B, NVS		973,329		29,188,351
				37,051,099
Metals & Mining — 8.4%
Agnico Eagle Mines Ltd.		995,392		50,283,984
Barrick Gold Corp.		3,825,671		86,473,747
First Quantum Minerals Ltd.		1,262,957		37,036,775
Franco-Nevada Corp.		411,057		60,534,832
Ivanhoe Mines Ltd., Class A(a)(b)		1,299,605		13,226,749
Kinross Gold Corp.		2,695,351		13,439,541
Lundin Mining Corp.		1,422,628		13,726,817
Pan American Silver Corp.		452,235		10,696,651
Teck Resources Ltd., Class B		1,016,775		36,611,922
Wheaton Precious Metals Corp.		968,629		42,443,909
				364,474,927
Multi-Utilities — 0.7%
Algonquin Power & Utilities Corp.		1,444,730		20,904,417
Canadian Utilities Ltd., Class A, NVS		274,741		7,651,564
				28,555,981
Multiline Retail — 1.2%
Canadian Tire Corp. Ltd., Class A, NVS		123,378		18,189,859
Dollarama Inc.		622,477		32,167,451
				50,357,310
Oil, Gas & Consumable Fuels — 16.4%
Cameco Corp.		855,730		21,043,869
Canadian Natural Resources Ltd.		2,530,396		141,362,794
Cenovus Energy Inc.		2,819,918		44,340,012
Enbridge Inc.		4,356,057		188,195,409
Imperial Oil Ltd.		523,706		23,505,826
Keyera Corp.		475,286		11,133,129
Parkland Corp.		332,814		8,709,618
Pembina Pipeline Corp.		1,182,571		40,212,079

S C H E D U L E    O F    I N V E S T  M E N T S 13

Schedule of Investments (unaudited) (continued) February 28, 2022 iShares^® MSCI Canada ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Oil, Gas & Consumable Fuels (continued)
Suncor Energy Inc.		3,133,897	$	95,834,199
TC Energy Corp.		2,109,198		113,322,591
Tourmaline Oil Corp.		671,174		26,476,292
				714,135,818
Paper & Forest Products — 0.5%
West Fraser Timber Co. Ltd.		202,839		20,247,093
Pharmaceuticals — 0.4%
Bausch Health Cos Inc.(a)		656,741		15,798,054
Canopy Growth Corp.(a)(b)		510,997		3,644,507
				19,442,561
Professional Services — 0.8%
Thomson Reuters Corp.		366,449		37,052,547
Real Estate Management & Development — 0.3%
FirstService Corp.		84,998		12,100,228
Road & Rail — 8.0%
Canadian National Railway Co.		1,519,456		188,496,459
Canadian Pacific Railway Ltd.		1,998,137		140,697,221
TFI International Inc.		179,392		18,699,227
				347,892,907
Software — 2.6%
BlackBerry Ltd.(a)		1,161,350		7,971,397
Constellation Software Inc.		43,283		72,946,283
Lightspeed Commerce Inc.(a)		238,427		6,263,999
Open Text Corp.		584,340		25,429,739
				112,611,418
Textiles, Apparel & Luxury Goods — 0.4%
Gildan Activewear Inc.		417,055		16,372,905
Trading Companies & Distributors — 0.3%
Toromont Industries Ltd.		177,991		15,087,458

Security	Shares		Value
Wireless Telecommunication Services — 0.9%
Rogers Communications Inc., Class B, NVS		761,997	$	39,371,348
Total Common Stocks — 99.7% (Cost: $4,113,837,431)				4,340,205,482
Short-Term Investments
Money Market Funds — 0.3%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.09%(d)(e)(f)		11,935,826		11,938,213
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.03%(d)(e)		1,780,000		1,780,000
				13,718,213
Total Short-Term Investments — 0.3% (Cost: $13,718,908)				13,718,213
Total Investments in Securities — 100.0% (Cost: $4,127,556,339)				4,353,923,695
Other Assets, Less Liabilities — (0.0)%				(280,763	)
Net Assets — 100.0%			$	4,353,642,932

^(a) Non-income producing security.

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

^(c) 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.

^(d)  Affiliate of the Fund.

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

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 08/31/21		Purchases at Cost			Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 02/28/22		Shares Held at 02/28/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	9,373,472	$	2,569,237	(a)	$	—	$	(3,801	)	$	(695	)	$	11,938,213		11,935,826	$	19,791	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		1,600,000		180,000	(a)		—		—			—			1,780,000		1,780,000		102			—
								$	(3,801	)	$	(695	)	$	13,718,213			$	19,893		$	—

^(a) Represents net amount purchased (sold).

^(b) All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

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Schedule of Investments (unaudited) (continued) February 28, 2022 iShares^® MSCI Canada ETF

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
S&P/TSE 60 Index		62		03/17/22	$	12,477	$	168,203

Derivative Financial Instruments Categorized by Risk Exposure

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

	Equity Contracts
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)	$	168,203

^(a)  Net cumulative unrealized appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).

For the period ended February 28, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	774,679
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(95,364	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	10,919,732

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

Fair Value Hierarchy as of Period End

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.

	Level 1		Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	4,340,205,482	$	—	$	—	$	4,340,205,482
Money Market Funds		13,718,213		—		—		13,718,213
	$	4,353,923,695	$	—	$	—	$	4,353,923,695
Derivative financial instruments(a)
Assets
Futures Contracts	$	168,203	$	—	$	—	$	168,203

^(a) Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

See notes to financial statements.

S C H E D U L E    O F    I N V E S T  M E N T S 15

Schedule of Investments (unaudited) February 28, 2022 iShares^® MSCI Japan ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Air Freight & Logistics — 0.3%
SG Holdings Co. Ltd.		942,300	$	19,972,215
Yamato Holdings Co. Ltd.		855,900		16,808,846
				36,781,061
Airlines — 0.2%
ANA Holdings Inc.(a)		471,100		10,372,767
Japan Airlines Co. Ltd.(a)		423,100		8,389,508
				18,762,275
Auto Components — 2.1%
Aisin Corp.		431,500		15,717,069
Bridgestone Corp.		1,675,500		68,998,639
Denso Corp.		1,272,100		89,454,242
Koito Manufacturing Co. Ltd.		304,800		15,765,132
Stanley Electric Co. Ltd.		383,900		9,122,527
Sumitomo Electric Industries Ltd.		2,212,900		29,376,506
				228,434,115
Automobiles — 8.1%
Honda Motor Co. Ltd.		4,784,900		145,369,528
Isuzu Motors Ltd.		1,709,500		23,120,309
Mazda Motor Corp.(a)		1,663,600		12,304,579
Nissan Motor Co. Ltd.(a)		6,810,000		32,478,181
Subaru Corp.		1,806,800		29,632,950
Suzuki Motor Corp.		1,081,600		43,067,080
Toyota Motor Corp.		31,126,000		569,486,821
Yamaha Motor Co. Ltd.		873,300		19,631,452
				875,090,900
Banks — 5.1%
Chiba Bank Ltd/The		1,553,100		9,762,690
Concordia Financial Group Ltd.		3,176,100		12,921,271
Japan Post Bank Co. Ltd.		1,184,600		10,394,067
Mitsubishi UFJ Financial Group Inc.		35,076,380		215,333,315
Mizuho Financial Group Inc.		7,084,158		93,362,986
Resona Holdings Inc.		6,039,200		27,009,078
Shizuoka Bank Ltd/The		1,300,700		9,616,283
Sumitomo Mitsui Financial Group Inc.		3,833,400		135,940,992
Sumitomo Mitsui Trust Holdings Inc.		990,332		35,188,484
				549,529,166
Beverages — 1.1%
Asahi Group Holdings Ltd.		1,338,900		54,010,369
Ito En Ltd.		159,700		9,184,629
Kirin Holdings Co. Ltd.		2,415,700		40,162,113
Suntory Beverage & Food Ltd.		405,100		16,142,866
				119,499,977
Building Products — 1.8%
AGC Inc.		567,800		25,189,050
Daikin Industries Ltd.		731,700		135,221,475
Lixil Corp.		779,400		17,370,769
TOTO Ltd.		413,700		17,415,437
				195,196,731
Capital Markets — 1.0%
Daiwa Securities Group Inc.		4,240,500		25,071,938
Japan Exchange Group Inc.		1,497,700		28,046,024
Nomura Holdings Inc.		9,011,400		41,119,721
SBI Holdings Inc/Japan		720,810		18,908,213
				113,145,896
Chemicals — 3.8%
Asahi Kasei Corp.		3,681,200		34,547,424

Security	Shares		Value
Chemicals (continued)
JSR Corp.		599,500	$	18,858,962
Kansai Paint Co. Ltd.		516,300		10,362,513
Mitsubishi Chemical Holdings Corp.		3,754,200		26,669,209
Mitsubishi Gas Chemical Co. Inc.		465,500		8,258,918
Mitsui Chemicals Inc.		539,200		13,784,405
Nippon Paint Holdings Co. Ltd.		2,433,600		21,780,947
Nippon Sanso Holdings Corp.		445,700		8,710,719
Nissan Chemical Corp.		357,900		20,343,163
Nitto Denko Corp.		415,800		30,344,424
Shin-Etsu Chemical Co. Ltd.		1,039,600		162,373,155
Sumitomo Chemical Co. Ltd.		4,362,900		20,829,482
Toray Industries Inc.		4,065,900		23,186,571
Tosoh Corp.		763,900		11,854,261
				411,904,153
Commercial Services & Supplies — 0.8%
Dai Nippon Printing Co. Ltd.		650,500		16,981,100
Secom Co. Ltd.		616,700		45,294,379
Sohgo Security Services Co. Ltd.		207,800		7,502,444
TOPPAN INC.		768,200		15,136,849
				84,914,772
Construction & Engineering — 0.6%
Kajima Corp.		1,317,200		17,727,517
Obayashi Corp.		1,901,300		15,919,570
Shimizu Corp.		1,614,900		10,689,283
Taisei Corp.		560,200		18,627,458
				62,963,828
Diversified Financial Services — 0.8%
Mitsubishi HC Capital Inc.		1,932,200		10,048,299
ORIX Corp.		3,587,800		71,121,420
Tokyo Century Corp.		108,300		4,748,033
				85,917,752
Diversified Telecommunication Services — 0.9%
Nippon Telegraph & Telephone Corp.		3,505,600		100,754,057
Electric Utilities — 0.5%
Chubu Electric Power Co. Inc.		1,889,600		18,874,575
Kansai Electric Power Co Inc/The		2,064,700		20,817,878
Tokyo Electric Power Co. Holdings Inc.(a)		4,446,300		13,956,899
				53,649,352
Electrical Equipment — 1.8%
Fuji Electric Co. Ltd.		374,600		19,273,781
Mitsubishi Electric Corp.		5,359,800		64,829,559
Nidec Corp.		1,313,100		114,152,519
				198,255,859
Electronic Equipment, Instruments & Components — 5.8%
Azbil Corp.		363,800		13,809,441
Hamamatsu Photonics KK		409,600		20,755,016
Hirose Electric Co. Ltd.		94,058		14,142,813
Ibiden Co. Ltd.		308,500		15,066,676
Keyence Corp.		571,104		270,132,553
Kyocera Corp.		942,400		54,237,936
Murata Manufacturing Co. Ltd.		1,686,300		114,609,669
Omron Corp.		543,900		37,011,587
Shimadzu Corp.		696,500		25,085,782
TDK Corp.		1,142,200		46,228,487
Yokogawa Electric Corp.		669,100		10,795,472
				621,875,432

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Schedule of Investments (unaudited) (continued) February 28, 2022 iShares^® MSCI Japan ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Entertainment — 2.4%
Capcom Co. Ltd.		514,700	$	12,492,195
Koei Tecmo Holdings Co. Ltd.		171,760		5,964,462
Konami Holdings Corp.		276,600		15,735,982
Nexon Co. Ltd.		1,447,600		31,626,195
Nintendo Co. Ltd.		323,800		163,989,090
Square Enix Holdings Co. Ltd.		253,300		12,353,086
Toho Co. Ltd./Tokyo.		328,700		13,708,564
				255,869,574
Equity Real Estate Investment Trusts (REITs) — 1.3%
Daiwa House REIT Investment Corp.		6,427		17,430,178
GLP J-Reit		12,532		18,710,386
Japan Metropolitan Fund Invest		20,487		16,581,006
Japan Real Estate Investment Corp.		3,676		19,636,278
Nippon Building Fund Inc.		4,358		24,972,737
Nippon Prologis REIT Inc.		6,089		17,901,966
Nomura Real Estate Master Fund Inc.		12,463		16,435,713
Orix JREIT Inc.		7,700		10,772,446
				142,440,710
Food & Staples Retailing — 1.8%
Aeon Co. Ltd.		1,920,200		43,499,604
Cosmos Pharmaceutical Corp.		57,200		7,930,674
Kobe Bussan Co. Ltd.		400,500		13,260,476
Lawson Inc.		148,800		6,204,324
Seven & i Holdings Co. Ltd.		2,211,880		107,625,047
Tsuruha Holdings Inc.		116,300		9,349,912
Welcia Holdings Co. Ltd.		279,700		7,458,814
				195,328,851
Food Products — 1.4%
Ajinomoto Co. Inc.		1,371,500		39,966,889
Kikkoman Corp.		425,500		31,720,111
MEIJI Holdings Co. Ltd.		359,756		21,591,827
Nisshin Seifun Group Inc.		580,575		8,240,703
Nissin Foods Holdings Co. Ltd.		184,500		14,741,028
Toyo Suisan Kaisha Ltd.		262,400		11,030,475
Yakult Honsha Co. Ltd.		378,900		20,562,456
				147,853,489
Gas Utilities — 0.4%
Osaka Gas Co. Ltd.		1,099,500		20,122,250
Tokyo Gas Co. Ltd.		1,097,600		22,356,269
				42,478,519
Health Care Equipment & Supplies — 3.0%
Asahi Intecc Co. Ltd.		633,300		13,675,047
Hoya Corp.		1,084,500		141,276,354
Olympus Corp.		3,243,800		65,883,091
Sysmex Corp.		494,300		39,568,958
Terumo Corp.		1,894,200		61,520,536
				321,923,986
Health Care Providers & Services — 0.1%
Medipal Holdings Corp.		539,800		9,879,412
Health Care Technology — 0.5%
M3 Inc.		1,298,600		48,857,869
Hotels, Restaurants & Leisure — 1.1%
McDonald’s Holdings Co. Japan Ltd.		234,700		10,091,691
Oriental Land Co. Ltd./Japan		587,300		108,571,071
				118,662,762
Household Durables — 4.9%
Iida Group Holdings Co. Ltd.		432,180		8,020,887

Security	Shares		Value
Household Durables (continued)
Open House Group Co. Ltd.		241,500	$	10,980,803
Panasonic Corp.		6,485,215		67,727,092
Rinnai Corp.		102,700		8,448,792
Sekisui Chemical Co. Ltd.		1,106,300		18,116,712
Sekisui House Ltd.		1,809,500		36,892,248
Sharp Corp./Japan		624,300		5,903,427
Sony Group Corp.		3,701,800		378,221,019
				534,310,980
Household Products — 0.5%
Lion Corp.		658,500		8,631,065
Unicharm Corp.		1,184,800		44,660,036
				53,291,101
Industrial Conglomerates — 1.7%
Hitachi Ltd.		2,844,100		140,648,419
Toshiba Corp.		1,142,700		45,559,226
				186,207,645
Insurance — 3.2%
Dai-ichi Life Holdings Inc.		2,952,500		61,317,929
Japan Post Holdings Co. Ltd.		7,191,000		59,438,663
Japan Post Insurance Co. Ltd.		589,000		10,059,406
MS&AD Insurance Group Holdings Inc.		1,307,240		44,232,686
Sompo Holdings Inc.		918,550		39,881,654
T&D Holdings Inc.		1,555,500		22,591,262
Tokio Marine Holdings Inc.		1,842,600		104,845,881
				342,367,481
Interactive Media & Services — 0.4%
Kakaku.com Inc.		397,700		8,749,747
Z Holdings Corp.		7,863,600		38,491,117
				47,240,864
Internet & Direct Marketing Retail — 0.4%
Mercari Inc.(a)		300,300		9,405,407
Rakuten Group Inc.		2,546,600		21,647,697
ZOZO Inc.		367,600		10,467,563
				41,520,667
IT Services — 2.5%
Fujitsu Ltd.		577,200		83,857,911
GMO Payment Gateway Inc.		124,248		12,018,235
Itochu Techno-Solutions Corp.		284,700		7,380,400
NEC Corp.		727,700		31,484,393
Nomura Research Institute Ltd.		984,512		34,559,107
NTT Data Corp.		1,854,200		35,218,890
Obic Co. Ltd.		203,500		32,729,718
Otsuka Corp.		333,900		12,969,853
SCSK Corp.		457,500		7,832,604
TIS Inc.		626,000		14,816,555
				272,867,666
Leisure Products — 1.0%
Bandai Namco Holdings Inc.		587,898		43,099,506
Shimano Inc.		216,800		50,485,730
Yamaha Corp.		396,900		18,622,016
				112,207,252
Machinery — 5.2%
Daifuku Co. Ltd.		295,000		21,336,412
FANUC Corp.		563,100		103,442,651
Hino Motors Ltd.		845,400		7,944,039
Hitachi Construction Machinery Co. Ltd.		314,500		7,696,331
Hoshizaki Corp.		162,200		11,308,820
Komatsu Ltd.		2,574,000		59,212,091

S C H E D U L E    O F    I N V E S T  M E N T S 17

Schedule of Investments (unaudited) (continued) February 28, 2022 iShares^® MSCI Japan ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Machinery (continued)
Kubota Corp.		3,017,400	$	54,137,192
Kurita Water Industries Ltd.		288,400		11,918,072
Makita Corp.		656,600		23,402,008
MINEBEA MITSUMI Inc.		1,068,800		23,461,104
MISUMI Group Inc.		837,300		26,841,882
Mitsubishi Heavy Industries Ltd.		943,200		27,817,397
Miura Co. Ltd.		258,700		7,090,357
NGK Insulators Ltd.		752,200		11,681,581
SMC Corp.		168,600		100,716,427
Toyota Industries Corp.		429,300		32,653,019
Yaskawa Electric Corp.		706,300		28,277,993
				558,937,376
Marine — 0.7%
Mitsui OSK Lines Ltd.		339,600		27,589,823
Nippon Yusen KK		475,700		44,568,800
				72,158,623
Media — 0.5%
CyberAgent Inc.		1,185,800		15,516,969
Dentsu Group Inc.		632,700		25,244,841
Hakuhodo DY Holdings Inc.		685,900		9,114,538
				49,876,348
Metals & Mining — 1.1%
Hitachi Metals Ltd.(a)		626,900		11,174,808
JFE Holdings Inc.		1,441,850		21,465,623
Nippon Steel Corp.		2,512,870		46,008,051
Sumitomo Metal Mining Co. Ltd.		728,600		36,344,366
				114,992,848
Multiline Retail — 0.3%
Pan Pacific International Holdings Corp.		1,208,700		19,784,055
Ryohin Keikaku Co. Ltd.		737,300		10,858,712
				30,642,767
Oil, Gas & Consumable Fuels — 0.8%
ENEOS Holdings Inc.		9,000,295		35,639,273
Idemitsu Kosan Co. Ltd.		614,929		16,484,120
Inpex Corp.		3,002,500		30,948,316
				83,071,709
Paper & Forest Products — 0.1%
Oji Holdings Corp.		2,376,500		12,141,869
Personal Products — 1.5%
Kao Corp.		1,394,400		65,183,838
Kobayashi Pharmaceutical Co. Ltd.		159,100		13,626,789
Kose Corp.		97,400		11,165,862
Pola Orbis Holdings Inc.		274,200		4,319,416
Shiseido Co. Ltd.		1,174,300		67,388,488
				161,684,393
Pharmaceuticals — 5.8%
Astellas Pharma Inc.		5,469,350		91,251,820
Chugai Pharmaceutical Co. Ltd.		1,971,500		65,401,795
Daiichi Sankyo Co. Ltd.		5,143,207		125,470,635
Eisai Co. Ltd.		697,700		34,616,227
Kyowa Kirin Co. Ltd.		792,900		20,291,039
Nippon Shinyaku Co. Ltd.		146,200		9,522,021
Ono Pharmaceutical Co. Ltd.		1,086,700		26,754,545
Otsuka Holdings Co. Ltd.		1,147,600		39,562,578
Santen Pharmaceutical Co. Ltd.		1,056,800		12,044,462
Shionogi & Co. Ltd.		776,900		51,657,908
Sumitomo Dainippon Pharma Co. Ltd.		526,500		5,778,169

Security	Shares		Value
Pharmaceuticals (continued)
Taisho Pharmaceutical Holdings Co. Ltd.		112,800	$	5,599,417
Takeda Pharmaceutical Co. Ltd.		4,643,500		141,581,683
				629,532,299
Professional Services — 1.8%
Benefit One Inc.		234,900		5,440,739
Nihon M&A Center Holdings Inc.		888,600		13,143,335
Persol Holdings Co. Ltd.		518,200		11,608,544
Recruit Holdings Co. Ltd.		3,985,600		168,232,931
				198,425,549
Real Estate Management & Development — 2.1%
Daito Trust Construction Co. Ltd.		190,200		21,043,695
Daiwa House Industry Co. Ltd.		1,661,000		47,106,409
Hulic Co. Ltd.		1,113,900		10,147,677
Mitsubishi Estate Co. Ltd.		3,473,200		53,029,759
Mitsui Fudosan Co. Ltd.		2,692,200		59,917,747
Nomura Real Estate Holdings Inc.		346,800		8,634,842
Sumitomo Realty & Development Co. Ltd.		908,900		26,738,326
				226,618,455
Road & Rail — 2.4%
Central Japan Railway Co.		421,800		56,992,018
East Japan Railway Co.		886,900		52,689,614
Hankyu Hanshin Holdings Inc.		673,100		20,137,168
Keio Corp.		299,000		12,234,196
Keisei Electric Railway Co. Ltd.		381,700		10,689,785
Kintetsu Group Holdings Co. Ltd.(a)		506,800		15,225,446
Nippon Express Holdings Inc.		225,500		13,669,760
Odakyu Electric Railway Co. Ltd.		863,400		14,244,791
Tobu Railway Co. Ltd.		555,100		13,644,682
Tokyu Corp.		1,467,800		19,575,132
West Japan Railway Co.		631,400		27,241,051
				256,343,643
Semiconductors & Semiconductor Equipment — 3.8%
Advantest Corp.		587,200		47,190,247
Disco Corp.		83,200		23,556,743
Lasertec Corp.		221,200		41,004,416
Renesas Electronics Corp.(a)		3,687,700		43,443,665
Rohm Co. Ltd.		258,900		20,648,206
SUMCO Corp.		974,500		16,263,477
Tokyo Electron Ltd.		437,752		214,838,813
				406,945,567
Software — 0.3%
Oracle Corp. Japan		113,200		8,085,383
Trend Micro Inc/Japan		395,600		22,100,817
				30,186,200
Specialty Retail — 1.3%
Fast Retailing Co. Ltd.		170,700		92,077,186
Hikari Tsushin Inc.		58,100		7,219,680
Nitori Holdings Co. Ltd.		235,800		35,482,743
USS Co. Ltd.		645,600		10,724,756
				145,504,365
Technology Hardware, Storage & Peripherals — 1.6%
Brother Industries Ltd.		693,800		12,627,773
Canon Inc.		2,937,250		69,122,138
FUJIFILM Holdings Corp.		1,057,600		67,225,412
Ricoh Co. Ltd.		1,964,200		16,756,200
Seiko Epson Corp.		819,400		12,602,726
				178,334,249

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Schedule of Investments (unaudited) (continued) February 28, 2022 iShares^® MSCI Japan ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Tobacco — 0.6%
Japan Tobacco Inc.		3,524,800	$	64,825,157
Trading Companies & Distributors — 4.6%
ITOCHU Corp.		3,489,600		113,721,177
Marubeni Corp.		4,593,200		48,213,152
Mitsubishi Corp.		3,707,100		124,646,324
Mitsui & Co. Ltd.		4,579,500		114,179,318
MonotaRO Co. Ltd.		733,800		13,812,315
Sumitomo Corp.		3,308,200		53,975,300
Toyota Tsusho Corp.		627,200		26,038,207
				494,585,793
Wireless Telecommunication Services — 3.9%
KDDI Corp.		4,734,500		154,066,503
SoftBank Corp.		8,438,200		106,611,451
SoftBank Group Corp.		3,539,900		158,856,522
				419,534,476
Total Common Stocks — 99.7%     (Cost: $11,587,171,817)			10,764,325,840

Security	Shares		Value
Short-Term Investments
Money Market Funds — 0.1%
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.03%(b)(c)		5,820,000	$	5,820,000
Total Short-Term Investments — 0.1% (Cost: $5,820,000)				5,820,000
Total Investments in Securities — 99.8% (Cost: $11,592,991,817)				10,770,145,840
Other Assets, Less Liabilities — 0.2%				22,796,364
Net Assets — 100.0%			$	10,792,942,204

^(a) Non-income producing security.

^(b) Affiliate of the Fund.

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 08/31/21		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 02/28/22		Shares Held at 02/28/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares(a)	$	11,457,264	$	—		$	(11,455,059	)(b)	$	(2,293	)	$	88	$	—		—	$	10,985	(c)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		5,320,000		500,000	(b)		—			—			—		5,820,000		5,820,000		278			—
									$	(2,293	)	$	88	$	5,820,000			$	11,263		$	—

^(a) As of period end, the entity is no longer held.

^(b) Represents net amount purchased (sold).

^(c) All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
TOPIX Index		174		03/10/22	$	28,666	$	(713,327	)

S C H E D U L E    O F    I N V E S T  M E N T S 19

Schedule of Investments (unaudited) (continued) February 28, 2022 iShares^® MSCI Japan ETF

Derivative Financial Instruments Categorized by Risk Exposure

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

	Equity Contracts
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	713,327

^(a) Net cumulative unrealized appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).

For the period ended February 28, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	(2,383,097	)
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(841,547	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	52,948,945

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

Fair Value Hierarchy as of Period End

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.

	Level 1		Level 2			Level 3		Total
Investments
Assets
Common Stocks	$	—	$	10,764,325,840		$	—	$	10,764,325,840
Money Market Funds		5,820,000		—			—		5,820,000
	$	5,820,000	$	10,764,325,840		$	—	$	10,770,145,840
Derivative financial instruments(a)
Liabilities
Futures Contracts	$	—	$	(713,327	)	$	—	$	(713,327	)

^(a) Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

See notes to financial statements.

20 2 0 2 2    I S H A R E S    S  E M I - A N N U A L    R E P O R T    T O    S H  A R E H O L D E R S

Schedule of Investments (unaudited) February 28, 2022 iShares^® MSCI Mexico ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Airlines — 1.1%
Controladora Vuela Cia. de Aviacion SAB de CV, Class A(a)(b)		4,327,405	$	8,240,261
Auto Components — 0.4%
Nemak SAB de CV(a)(c)		13,733,089		2,863,156
Banks — 13.8%
Banco del Bajio SA(c)		3,569,360		8,670,263
Grupo Financiero Banorte SAB de CV, Class O		10,094,161		68,280,116
Grupo Financiero Inbursa SAB de CV, Class O(a)		10,103,466		16,466,662
Regional SAB de CV		1,182,300		6,995,318
				100,412,359
Beverages — 12.2%
Arca Continental SAB de CV		2,059,529		13,587,401
Becle SAB de CV		2,836,630		7,113,389
Coca-Cola Femsa SAB de CV		1,385,278		7,607,835
Fomento Economico Mexicano SAB de CV		7,497,110		60,409,553
				88,718,178
Building Products — 0.4%
Grupo Rotoplas SAB de CV, NVS		1,990,671		2,556,254
Capital Markets — 0.7%
Bolsa Mexicana de Valores SAB de CV		2,621,487		5,020,005
Chemicals — 1.7%
Orbia Advance Corp. SAB de CV		4,911,242		12,546,076
Construction Materials — 4.8%
Cemex SAB de CV, NVS(a)		56,596,129		29,070,420
GCC SAB de CV		902,400		5,960,044
				35,030,464
Consumer Finance — 0.6%
Gentera SAB de CV(a)		6,224,177		4,613,203
Diversified Telecommunication Services — 1.3%
Axtel SAB de CV, CPO(a)		10,794,257		1,644,357
Telesites SAB de CV		6,734,746		7,467,706
				9,112,063
Equity Real Estate Investment Trusts (REITs) — 5.0%
Concentradora Fibra Danhos SA de CV		2,487,454		2,838,328
Fibra Uno Administracion SA de CV		14,395,700		16,222,487
Macquarie Mexico Real Estate Management SA de CV(c)		4,419,600		5,325,703
PLA Administradora Industrial S. de RL de CV		4,329,104		5,702,809
Prologis Property Mexico SA de CV		2,530,902		6,088,450
				36,177,777
Food & Staples Retailing — 11.9%
Grupo Comercial Chedraui SA de CV		1,481,700		3,343,067
La Comer SAB de CV(b)		2,748,771		4,980,562
Wal-Mart de Mexico SAB de CV(b)		20,508,533		78,004,723
				86,328,352
Food Products — 5.1%
Gruma SAB de CV, Class B		981,070		13,305,591
Grupo Bimbo SAB de CV, Series A(b)		6,912,404		21,286,330
Grupo Herdez SAB de CV		1,580,824		2,232,187
				36,824,108
Hotels, Restaurants & Leisure — 0.9%
Alsea SAB de CV(a)		2,920,866		6,326,332

Security	Shares		Value
Household Products — 1.4%
Kimberly-Clark de Mexico SAB de CV, Class A		7,228,854	$	10,143,902
Industrial Conglomerates — 1.8%
Alfa SAB de CV, Class A		8,194,100		6,137,273
Grupo Carso SAB de CV, Series A1		2,344,120		7,138,459
				13,275,732
Insurance — 0.7%
Qualitas Controladora SAB de CV		941,320		5,168,734
Media — 3.8%
Grupo Televisa SAB de CV, CPO		10,483,747		22,471,388
Megacable Holdings SAB de CV, CPO		1,712,000		5,042,129
				27,513,517
Metals & Mining — 5.7%
Grupo Mexico SAB de CV, Series B		6,363,686		32,646,476
Industrias Penoles SAB de CV		694,893		8,672,846
				41,319,322
Pharmaceuticals — 0.6%
Genomma Lab Internacional SAB de CV, Class B		4,833,213		4,408,204
Real Estate Management & Development — 0.9%
Corp Inmobiliaria Vesta SAB de CV		3,544,049		6,383,476
Road & Rail — 0.5%
Grupo Traxion SAB de CV(a)(c)		1,958,700		3,304,188
Transportation Infrastructure — 8.6%
Grupo Aeroportuario del Centro Norte SAB de CV		1,400,705		10,116,317
Grupo Aeroportuario del Pacifico SAB de CV, Class B		1,602,649		23,311,614
Grupo Aeroportuario del Sureste SAB de CV, Class B		926,190		20,029,237
Promotora y Operadora de Infraestructura SAB de CV		1,140,935		8,922,033
				62,379,201
Wireless Telecommunication Services — 15.9%
America Movil SAB de CV, Series L, NVS		127,411,418		115,149,912
Total Common Stocks — 99.8% (Cost: $923,505,816)				723,814,776
Short-Term Investments
Money Market Funds — 0.9%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.09%(d)(e)(f)		6,024,425		6,025,630
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.03%(d)(e)		260,000		260,000
				6,285,630
Total Short-Term Investments — 0.9% (Cost: $6,284,980)				6,285,630
Total Investments in Securities — 100.7% (Cost: $929,790,796)				730,100,406
Other Assets, Less Liabilities — (0.7)%				(5,117,092	)
Net Assets — 100.0%			$	724,983,314

^(a) Non-income producing security.

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

^(c) 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.

^(d) Affiliate of the Fund.

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

S C H E D U L E    O F    I N V E S T  M E N T S 21

Schedule of Investments (unaudited) (continued) February 28, 2022 iShares^® MSCI Mexico ETF

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 08/31/21		Purchases at Cost			Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 02/28/22		Shares Held at 02/28/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	5,378,609	$	647,657	(a)	$	—	$	(253	)	$	(383	)	$	6,025,630		6,024,425	$	10,261	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		180,000		80,000	(a)		—		—			—			260,000		260,000		22			—
								$	(253	)	$	(383	)	$	6,285,630			$	10,283		$	—

^(a)  Represents net amount purchased (sold).

^(b)  All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
Mexican BOLSA Index		60		03/18/22	$	1,568	$	(16,006	)

Derivative Financial Instruments Categorized by Risk Exposure

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

	Equity Contracts
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	16,006

^(a)  Net cumulative unrealized appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).

For the period ended February 28, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	12,613
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(32,150	)

22 2 0 2 2    I S H A R E S    S  E M I - A N N U A L    R E P O R T    T O    S H  A R E H O L D E R S

Schedule of Investments (unaudited) (continued) February 28, 2022 iShares^® MSCI Mexico ETF

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	2,297,849

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

Fair Value Hierarchy as of Period End

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.

	Level 1			Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	723,814,776		$	—	$	—	$	723,814,776
Money Market Funds		6,285,630			—		—		6,285,630
	$	730,100,406		$	—	$	—	$	730,100,406
Derivative financial instruments(a)
Liabilities
Futures Contracts	$	(16,006	)	$	—	$	—	$	(16,006	)

^(a)  Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

See notes to financial statements.

S C H E D U L E    O F    I N V E S T  M E N T S 23

Schedule of Investments (unaudited) February 28, 2022 iShares^® MSCI South Korea ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 0.4%
Korea Aerospace Industries Ltd.(a)		574,430	$	17,871,599
Air Freight & Logistics — 0.4%
Hyundai Glovis Co. Ltd.		139,654		20,601,106
Airlines — 0.8%
Korean Air Lines Co. Ltd.(a)		1,444,371		35,584,866
Auto Components — 2.3%
Hankook Tire & Technology Co. Ltd.		595,426		17,543,168
Hanon Systems		1,504,231		14,567,302
Hyundai Mobis Co. Ltd.		393,314		73,850,986
				105,961,456
Automobiles — 4.5%
Hyundai Motor Co.		783,298		115,259,726
Kia Corp.		1,534,962		95,160,452
				210,420,178
Banks — 7.3%
Hana Financial Group Inc.		1,753,956		71,259,433
Industrial Bank of Korea		1,930,844		17,345,838
KakaoBank Corp.(a)(b)		427,670		17,266,584
KB Financial Group Inc.		2,265,414		111,762,930
Shinhan Financial Group Co. Ltd.		2,597,314		84,505,546
Woori Financial Group Inc.		3,425,324		40,972,341
				343,112,672
Biotechnology — 2.3%
Alteogen Inc.(a)		156,613		7,053,913
Celltrion Inc.		557,370		74,397,683
Green Cross Corp.		24,977		3,800,453
Seegene Inc.(b)		206,962		8,870,396
SK Bioscience Co. Ltd.(a)(b)		102,957		12,607,981
				106,730,426
Capital Markets — 1.9%
Korea Investment Holdings Co. Ltd.(a)		302,994		20,129,463
Meritz Securities Co. Ltd.		3,540,918		17,339,747
Mirae Asset Securities Co. Ltd.		2,908,327		21,461,676
NH Investment & Securities Co. Ltd.(a)		1,331,382		12,883,688
Samsung Securities Co. Ltd.		491,146		17,407,114
				89,221,688
Chemicals — 4.7%
Hanwha Solutions Corp.(a)		995,817		28,310,575
Kumho Petrochemical Co. Ltd.(a)(b)		182,231		24,584,901
LG Chem Ltd.		253,104		120,109,005
Lotte Chemical Corp.		117,874		21,724,148
SK Chemicals Co. Ltd.		64,560		6,781,908
SK IE Technology Co. Ltd.(a)(b)(c)		72,986		7,580,129
SKC Co. Ltd.		90,445		10,518,210
				219,608,876
Commercial Services & Supplies — 0.2%
S-1 Corp.		156,011		9,081,919
Construction & Engineering — 1.3%
GS Engineering & Construction Corp.(b)		515,350		18,521,205
Hyundai Engineering & Construction Co. Ltd.		559,038		20,366,992
Samsung Engineering Co. Ltd.(a)		1,187,293		23,193,842
				62,082,039
Construction Materials — 0.5%
POSCO Chemical Co. Ltd.(b)		268,623		25,731,194

Security	Shares		Value
Diversified Financial Services — 0.1%
Meritz Financial Group Inc.		122,329	$	3,749,178
Diversified Telecommunication Services — 0.4%
LG Uplus Corp.		1,522,992		16,729,075
Electric Utilities — 0.7%
Korea Electric Power Corp.(a)		1,573,368		30,490,783
Electrical Equipment — 1.7%
Doosan Heavy Industries & Construction Co. Ltd.(a)(b)		1,757,221		30,810,446
Ecopro BM Co. Ltd.(b)		48,897		15,473,544
LG Energy Solution(a)		100,473		34,428,308
				80,712,298
Electronic Equipment, Instruments & Components — 5.7%
Iljin Materials Co. Ltd.(b)		95,433		7,305,078
L&F Co. Ltd.(a)		100,885		16,599,164
LG Display Co. Ltd.(b)		1,593,126		25,054,135
LG Innotek Co. Ltd.(b)		116,243		32,089,185
Samsung Electro-Mechanics Co. Ltd.		345,117		48,250,191
Samsung SDI Co. Ltd.		299,321		137,939,101
				267,236,854
Entertainment — 3.0%
CJ ENM Co. Ltd.		94,860		10,351,450
HYBE Co. Ltd.(a)		74,496		18,101,427
Kakao Games Corp.(a)(b)		120,759		7,502,950
Krafton Inc.(a)(b)		102,736		25,487,220
NCSoft Corp.		103,605		38,379,941
Netmarble Corp.(b)(c)		196,296		16,867,316
Pearl Abyss Corp.(a)(b)		275,190		22,071,083
				138,761,387
Food & Staples Retailing — 0.6%
BGF retail Co. Ltd.		75,277		10,664,221
E-MART Inc.		162,604		17,732,675
				28,396,896
Food Products — 0.7%
CJ CheilJedang Corp.		65,064		20,609,374
Orion Corp./Republic of Korea		178,352		13,648,251
				34,257,625
Health Care Equipment & Supplies — 0.1%
SD Biosensor Inc.		149,959		6,809,799
Health Care Providers & Services — 0.5%
Celltrion Healthcare Co. Ltd.		402,610		21,413,852
Hotels, Restaurants & Leisure — 0.4%
Kangwon Land Inc.(a)		839,011		18,661,277
Household Durables — 1.9%
Coway Co. Ltd.		348,444		20,927,124
LG Electronics Inc.		643,446		67,173,415
				88,100,539
Industrial Conglomerates — 3.1%
CJ Corp.		137,892		9,713,870
LG Corp.		524,852		32,987,060
Samsung C&T Corp.		506,978		46,822,272
SK Inc.		279,638		53,413,636
				142,936,838
Insurance — 1.6%
DB Insurance Co. Ltd.		395,004		20,302,946
Meritz Fire & Marine Insurance Co. Ltd.		114,154		3,902,133

24 2 0 2 2    I S H A R E S    S  E M I - A N N U A L    R E P O R T    T O    S H  A R E H O L D E R S

Schedule of Investments (unaudited) (continued) February 28, 2022 iShares^® MSCI South Korea ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Insurance (continued)
Samsung Fire & Marine Insurance Co. Ltd.		190,020	$	30,217,087
Samsung Life Insurance Co. Ltd.		453,961		22,697,839
				77,120,005
Interactive Media & Services — 6.4%
Kakao Corp.		1,549,950		122,751,034
NAVER Corp.		661,909		176,370,424
				299,121,458
IT Services — 0.5%
Samsung SDS Co. Ltd.		212,209		24,912,932
Leisure Products — 0.4%
HLB Inc.(a)(b)		716,513		18,773,582
Life Sciences Tools & Services — 1.4%
Samsung Biologics Co. Ltd.(a)(c)		101,399		65,965,419
Machinery — 1.2%
Doosan Bobcat Inc.		455,042		14,604,511
Korea Shipbuilding & Offshore Engineering Co. Ltd.(a)		254,712		18,883,322
Samsung Heavy Industries Co. Ltd.(a)		4,239,874		20,668,420
				54,156,253
Marine — 1.0%
HMM Co. Ltd.(a)		1,225,225		29,678,961
Pan Ocean Co. Ltd.		2,860,259		15,784,041
				45,463,002
Media — 0.3%
Cheil Worldwide Inc.		626,347		11,776,528
Metals & Mining — 3.2%
Hyundai Steel Co.		621,276		20,720,097
Korea Zinc Co. Ltd.		57,865		26,539,237
POSCO		432,527		102,908,442
				150,167,776
Multiline Retail — 0.2%
Lotte Shopping Co. Ltd.		110,280		7,879,813
Oil, Gas & Consumable Fuels — 2.3%
GS Holdings Corp.		394,357		13,186,923
Hyundai Heavy Industries Holdings Co. Ltd.		354,888		15,281,257
SK Innovation Co. Ltd.(a)		331,760		56,006,412
S-Oil Corp.		310,913		22,143,028
			106,617,620
Personal Products — 1.8%
Amorepacific Corp.(b)		200,485		30,947,015
AMOREPACIFIC Group		232,659		9,505,609
LG Household & Health Care Ltd.		54,425		43,183,156
				83,635,780
Pharmaceuticals — 1.1%
Celltrion Pharm Inc.(a)(b)		96,339		7,088,417
Hanmi Pharm Co. Ltd.(a)		56,637		12,545,094
SK Biopharmaceuticals Co. Ltd.(a)		155,072		11,007,031
Yuhan Corp.		416,563		20,240,044
				50,880,586
Road & Rail — 0.2%
CJ Logistics Corp.(a)		89,101		9,238,141
Semiconductors & Semiconductor Equipment — 6.6%
SK Hynix Inc.		2,850,025		297,127,937
SK Square Co. Ltd.(a)		197,010		9,143,060
				306,270,997

Security	Shares		Value
Software — 0.0%
Douzone Bizon Co. Ltd.		6,367	$	257,840
Specialty Retail — 0.3%
Hotel Shilla Co. Ltd.(b)		227,790		15,395,610
Technology Hardware, Storage & Peripherals — 21.6%
Samsung Electronics Co. Ltd.		16,753,942		1,009,481,577
Textiles, Apparel & Luxury Goods — 0.2%
F&F Co. Ltd./New(a)		14,895		11,133,087
Tobacco — 1.0%
KT&G Corp.		679,509		45,171,413
Wireless Telecommunication Services — 0.3%
SK Telecom Co. Ltd.		304,468		13,893,814
Total Common Stocks — 97.1% (Cost: $2,038,409,833)				4,531,577,653
Preferred Stocks
Automobiles — 0.7%
Hyundai Motor Co.
Preference Shares, NVS		198,530		14,561,528
Series 2, Preference Shares, NVS		260,543		19,273,810
				33,835,338
Chemicals — 0.3%
LG Chem Ltd., Preference Shares, NVS		68,744		15,580,791
Personal Products — 0.2%
LG Household & Health Care Ltd., Preference Shares, NVS		17,825		7,812,834
Technology Hardware, Storage & Peripherals — 0.1%
Samsung Electronics Co. Ltd., Preference Shares, NVS		70,860		3,916,254
Total Preferred Stocks — 1.3% (Cost: $35,941,860)				61,145,217
Rights
Life Sciences Tools & Services — 0.0%
Samsung Biologics Co. Ltd., (Expires 04/08/22)(a)		6,718		782,219
Total Rights — 0.0% (Cost: $0)				782,219
Short-Term Investments
Money Market Funds — 2.9%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.09%(d)(e)(f)		132,426,439		132,452,924

S C H E D U L E    O F   I N V E S T M  E N T S 25

Schedule of Investments (unaudited) (continued) February 28, 2022 iShares^® MSCI South Korea ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Money Market Funds (continued)
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.03%(d)(e)		2,630,000	$	2,630,000
				135,082,924
Total Short-Term Investments — 2.9% (Cost: $135,058,770)				135,082,924
Total Investments in Securities — 101.3% (Cost: $2,209,410,463)				4,728,588,013
Other Assets, Less Liabilities — (1.3)%				(59,262,367	)
Net Assets — 100.0%			$	4,669,325,646

^(a)  Non-income producing security.

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

^(c)  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.

^(d)  Affiliate of the Fund.

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

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 08/31/21		Purchases at Cost			Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 02/28/22		Shares Held at 02/28/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	122,734,315	$	9,755,412	(a)	$	—	$	(877	)	$	(35,926	)	$	132,452,924		132,426,439	$	1,961,646	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		1,140,000		1,490,000	(a)		—		—			—			2,630,000		2,630,000		126			—
								$	(877	)	$	(35,926	)	$	135,082,924			$	1,961,772		$	—

^(a) Represents net amount purchased (sold).

^(b) All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

Derivative Financial Instruments Outstanding as of Period End

Futures Contract

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
KOSPI2 Index		819		03/10/22	$	61,976	$	(3,761,429	)

Derivative Financial Instruments Categorized by Risk Exposure

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

	Equity Contracts
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	3,761,429

^(a)  Net cumulative unrealized appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).

26 2 0 2 2    I S H A R E S     S E M I - A N N U A L    R E P O R T    T O     S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) February 28, 2022 iShares^® MSCI South Korea ETF

For the period ended February 28, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	(1,302,572	)
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(3,289,665	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	30,355,735

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

Fair Value Hierarchy as of Period End

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.

	Level 1		Level 2			Level 3		Total
Investments
Assets
Common Stocks	$	70,684,113	$	4,460,893,540		$	—	$	4,531,577,653
Preferred Stocks		—		61,145,217			—		61,145,217
Rights		—		782,219			—		782,219
Money Market Funds		135,082,924		—			—		135,082,924
	$	205,767,037	$	4,522,820,976		$	—	$	4,728,588,013
Derivative financial instruments(a)
Liabilities
Futures Contracts	$	—	$	(3,761,429	)	$	—	$	(3,761,429	)

^(a)  Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

See notes to financial statements.

S C H E D U L E   O F   I N V E S  T M E N T S 27

Statements of Assets and Liabilities  (unaudited)

February 28, 2022

	iShares MSCI Australia ETF			iShares MSCI Canada ETF			iShares MSCI Japan ETF			iShares MSCI Mexico ETF
ASSETS
Investments in securities, at value (including securities on loan)(a):
Unaffiliated(b)	$	1,398,794,106		$	4,340,205,482		$	10,764,325,840		$	723,814,776
Affiliated(c)		670,000			13,718,213			5,820,000			6,285,630
Cash		2,392			744			3,764			3,795
Foreign currency, at value(d)		1,778,049			8,902,186			5,094,639			1,878,408
Foreign currency collateral pledged:
Futures contracts(e)		2,510,092			758,974			1,059,505			—
Receivables:
Investments sold		20,995,264			49,714,514			29,514,922			17,037,586
Securities lending income — Affiliated		51,002			2,546			—			540
Variation margin on futures contracts		440,027			—			449,653			28,757
Capital shares sold		—			911,203			—			159,588
Dividends		16,465,131			5,506,325			18,480,203			62,666
Total assets		1,441,706,063			4,419,720,187			10,824,748,526			749,271,746
LIABILITIES
Collateral on securities loaned, at value		—			11,942,709			—			6,031,778
Payables:
Investments purchased		11,615,224			52,517,346			27,594,218			17,852,982
Variation margin on futures contracts		—			22,124			—			—
Capital shares redeemed		—			—			—			100,482
Investment advisory fees		559,107			1,595,076			4,212,104			303,190
Total liabilities		12,174,331			66,077,255			31,806,322			24,288,432
NET ASSETS	$	1,429,531,732		$	4,353,642,932		$	10,792,942,204		$	724,983,314
NET ASSETS CONSIST OF:
Paid-in capital	$	1,898,691,607		$	4,833,073,730		$	12,953,355,945		$	1,330,273,959
Accumulated loss		(469,159,875	)		(479,430,798	)		(2,160,413,741	)		(605,290,645	)
NET ASSETS	$	1,429,531,732		$	4,353,642,932		$	10,792,942,204		$	724,983,314
Shares outstanding		59,400,000			113,900,000			171,600,000			14,400,000
Net asset value	$	24.07		$	38.22		$	62.90		$	50.35
Shares authorized		627.8 million			340.2 million			2.5246 billion			255 million
Par value	$	0.001		$	0.001		$	0.001		$	0.001
(a) Securities loaned, at value	$	—		$	11,940,229		$	—		$	5,901,966
(b) Investments, at cost — Unaffiliated	$	1,545,455,782		$	4,113,837,431		$	11,587,171,817		$	923,505,816
(c) Investments, at cost — Affiliated	$	670,000		$	13,718,908		$	5,820,000		$	6,284,980
(d) Foreign currency, at cost	$	1,758,587		$	8,845,851		$	5,084,250		$	1,876,659
(e) Foreign currency collateral pledged, at cost	$	2,484,390		$	773,573		$	1,073,818		$	1,152

See notes to financial statements.

28 2 0 2 2   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Statements of Assets and Liabilities  (unaudited) (continued)

February 28, 2022

	iShares MSCI South Korea ETF
ASSETS
Investments in securities, at value (including securities on loan)(a):
Unaffiliated(b)	$	4,593,505,089
Affiliated(c)		135,082,924
Cash		3,457
Foreign currency, at value(d)		7,258,498
Receivables:
Investments sold		19,154,320
Securities lending income — Affiliated		213,878
Variation margin on futures contracts		7,190,430
Dividends		53,840,892
Total assets		4,816,249,488
LIABILITIES
Collateral on securities loaned, at value		132,607,521
Payables:
Investments purchased		12,305,537
Investment advisory fees		1,982,407
Foreign taxes		28,377
Total liabilities		146,923,842
NET ASSETS	$	4,669,325,646
NET ASSETS CONSIST OF:
Paid-in capital	$	2,778,988,143
Accumulated earnings		1,890,337,503
NET ASSETS	$	4,669,325,646
Shares outstanding		64,800,000
Net asset value	$	72.06
Shares authorized		300 million
Par value	$	0.001
(a) Securities loaned, at value	$	128,621,535
(b) Investments, at cost — Unaffiliated	$	2,074,351,693
(c) Investments, at cost — Affiliated	$	135,058,770
(d) Foreign currency, at cost	$	7,613,492

See notes to financial statements.

F I N A N C I A L   S T A T E M E N T S 29

Statements of Operations  (unaudited)

Six Months Ended February 28, 2022

	iShares MSCI Australia ETF			iShares MSCI Canada ETF			iShares MSCI Japan ETF			iShares MSCI Mexico ETF
INVESTMENT INCOME
Dividends — Unaffiliated	$	42,247,131		$	53,419,181		$	126,232,791		$	13,318,245
Dividends — Affiliated		43			1,489			1,167			214
Interest — Unaffiliated		—			—			—			2,860
Securities lending income — Affiliated — net		222,041			18,404			10,096			10,069
Foreign taxes withheld		(353,001	)		(7,937,727	)		(12,616,173	)		(1,058,364	)
Total investment income		42,116,214			45,501,347			113,627,881			12,273,024
EXPENSES
Investment advisory fees		3,512,249			9,894,051			29,881,897			2,238,844
Professional fees		217			217			217			217
Total expenses		3,512,466			9,894,268			29,882,114			2,239,061
Net investment income		38,603,748			35,607,079			83,745,767			10,033,963
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		(59,851,271	)		(35,064,423	)		(108,488,324	)		(15,069,708	)
Investments — Affiliated		(5,510	)		(3,801	)		(2,293	)		(253	)
In-kind redemptions — Unaffiliated		45,311,903			172,093,108			293,622,659			42,016,242
Futures contracts		(813,355	)		774,679			(2,383,097	)		12,613
Foreign currency transactions		(340,720	)		(97,807	)		(1,653,006	)		25,036
Net realized gain (loss)		(15,698,953	)		137,701,756			181,095,939			26,983,930
Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated		(78,146,590	)		(43,686,871	)		(1,138,998,165	)		(62,147,075	)
Investments — Affiliated		—			(695	)		88			(383	)
Futures contracts		(30,978	)		(95,364	)		(841,547	)		(32,150	)
Foreign currency translations		171,641			87,091			(8,360	)		(7,758	)
Net change in unrealized appreciation (depreciation)		(78,005,927	)		(43,695,839	)		(1,139,847,984	)		(62,187,366	)
Net realized and unrealized gain (loss)		(93,704,880	)		94,005,917			(958,752,045	)		(35,203,436	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(55,101,132	)	$	129,612,996		$	(875,006,278	)	$	(25,169,473	)

See notes to financial statements.

30 2 0 2 2   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Statements of Operations  (unaudited) (continued)

Six Months Ended February 28, 2022

	iShares MSCI South Korea ETF
INVESTMENT INCOME
Dividends — Unaffiliated	$	74,988,942
Dividends — Affiliated		10,442
Interest — Unaffiliated		340
Securities lending income — Affiliated — net		1,951,330
Foreign taxes withheld		(12,780,478	)
Other foreign taxes		(206	)
Total investment income		64,170,370
EXPENSES
Investment advisory fees		14,295,486
Commitment fees		19,090
Professional fees		217
Total expenses		14,314,793
Net investment income		49,855,577
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		345,479,091
Investments — Affiliated		(877	)
Futures contracts		(1,302,572	)
Foreign currency transactions		(710,501	)
Net realized gain		343,465,141
Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated		(1,268,216,912	)
Investments — Affiliated		(35,926	)
Futures contracts		(3,289,665	)
Foreign currency translations		(950,757	)
Net change in unrealized appreciation (depreciation)		(1,272,493,260	)
Net realized and unrealized loss		(929,028,119	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(879,172,542	)

See notes to financial statements.

F I N A N C I A L   S T A T E M E N T S 31

Statements of Changes in Net Assets  

	iShares MSCI Australia ETF						iShares MSCI Canada ETF
	Six Months Ended 02/28/22 (unaudited)			Year Ended 08/31/21			Six Months Ended 02/28/22 (unaudited)			Year Ended 08/31/21
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	38,603,748		$	40,723,200		$	35,607,079		$	62,935,570
Net realized gain (loss)		(15,698,953	)		143,445,640			137,701,756			267,166,327
Net change in unrealized appreciation (depreciation)		(78,005,927	)		171,942,118			(43,695,839	)		562,530,030
Net increase (decrease) in net assets resulting from operations		(55,101,132	)		356,110,958			129,612,996			892,631,927
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(50,636,342	)		(36,969,676	)		(49,140,764	)		(59,006,354	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		29,389,264			(76,520,145	)		116,035,199			1,057,475,515
NET ASSETS
Total increase (decrease) in net assets		(76,348,210	)		242,621,137			196,507,431			1,891,101,088
Beginning of period		1,505,879,942			1,263,258,805			4,157,135,501			2,266,034,413
End of period	$	1,429,531,732		$	1,505,879,942		$	4,353,642,932		$	4,157,135,501

^(a) Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to financial statements.

32 2 0 2 2   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Statements of Changes in Net Assets  (continued)

	iShares MSCI Japan ETF						iShares MSCI Mexico ETF
	Six Months Ended 02/28/22 (unaudited)			Year Ended 08/31/21			Six Months Ended 02/28/22 (unaudited)			Year Ended 08/31/21
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	83,745,767		$	165,636,754		$	10,033,963		$	20,753,654
Net realized gain		181,095,939			579,936,954			26,983,930			112,964,679
Net change in unrealized appreciation (depreciation)		(1,139,847,984	)		1,343,869,178			(62,187,366	)		321,244,128
Net increase (decrease) in net assets resulting from operations		(875,006,278	)		2,089,442,886			(25,169,473	)		454,962,461
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(161,063,101	)		(137,658,060	)		(10,917,604	)		(24,414,850	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		(77,282,614	)		45,483,023			(417,455,530	)		(86,949,018	)
NET ASSETS
Total increase (decrease) in net assets		(1,113,351,993	)		1,997,267,849			(453,542,607	)		343,598,593
Beginning of period		11,906,294,197			9,909,026,348			1,178,525,921			834,927,328
End of period	$	10,792,942,204		$	11,906,294,197		$	724,983,314		$	1,178,525,921

^(a) Distributions for annual periods determined in accordance with U.S. federal income tax regulations.    

See notes to financial statements.    

F I N A N C I A L   S T A T E M E N T S 33

Statements of Changes in Net Assets  (continued)

	iShares MSCI South Korea ETF
	Six Months Ended 02/28/22 (unaudited)			Year Ended 08/31/21
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	49,855,577		$	95,977,504
Net realized gain		343,465,141			295,325,601
Net change in unrealized appreciation (depreciation)		(1,272,493,260	)		1,635,731,972
Net increase (decrease) in net assets resulting from operations		(879,172,542	)		2,027,035,077
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(97,857,600	)		(52,784,945	)
CAPITAL SHARE TRANSACTIONS
Net decrease in net assets derived from capital share transactions		(490,367,922	)		(695,007,957	)
NET ASSETS
Total increase (decrease) in net assets		(1,467,398,064	)		1,279,242,175
Beginning of period		6,136,723,710			4,857,481,535
End of period	$	4,669,325,646		$	6,136,723,710

^(a) Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to financial statements.

34 2 0 2 2   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Financial Highlights  

(For a share outstanding throughout each period)

	iShares MSCI Australia ETF
	Six Months Ended 02/28/22 (unaudited)			Year Ended 08/31/21			Year Ended 08/31/20			Year Ended 08/31/19			Year Ended 08/31/18			Year Ended 08/31/17
Net asset value, beginning of period	$	25.96		$	21.12		$	21.67		$	22.56		$	22.58		$	20.30
Net investment income(a)		0.67			0.65			0.67			1.00			0.90			0.84
Net realized and unrealized gain (loss)(b)		(1.67	)		4.77			(0.48	)		(0.70	)		0.07			2.45
Net increase (decrease) from investment operations		(1.00	)		5.42			0.19			0.30			0.97			3.29
Distributions(c)
From net investment income		(0.89	)		(0.58	)		(0.74	)		(1.19	)		(0.99	)		(1.01	)
Total distributions		(0.89	)		(0.58	)		(0.74	)		(1.19	)		(0.99	)		(1.01	)
Net asset value, end of period	$	24.07		$	25.96		$	21.12		$	21.67		$	22.56		$	22.58
Total Return(d)
Based on net asset value		(3.93	)%(e)		25.69	%		0.99	%		1.75	%		4.43	%		16.70	%
Ratios to Average Net Assets(f)
Total expenses		0.49	%(g)		0.50	%		0.51	%		0.50	%		0.47	%		0.49	%
Net investment income		5.43	%(g)		2.69	%		3.23	%		4.68	%		3.95	%		3.90	%
Supplemental Data
Net assets, end of period (000)	$	1,429,532		$	1,505,880		$	1,263,259		$	1,399,590		$	1,362,770		$	1,765,912
Portfolio turnover rate(h)		11	%(e)		4	%		8	%		9	%		3	%		4	%

^(a)  Based on average shares outstanding.    

^(b)  The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.    

^(c)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.    

^(d)  Where applicable, assumes the reinvestment of distributions.    

^(e)  Not annualized.    

^(f)  Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.    

^(g)  Annualized.    

^(h)  Portfolio turnover rate excludes in-kind transactions.    

See notes to financial statements.    

F I N A N C I A L   H I G H L I G H T S 35

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	iShares MSCI Canada ETF
	Six Months Ended 02/28/22 (unaudited)			Year Ended 08/31/21			Year Ended 08/31/20			Year Ended 08/31/19			Year Ended 08/31/18			Year Ended 08/31/17
Net asset value, beginning of period	$	37.38		$	28.76		$	28.22		$	28.79		$	27.83		$	25.33
Net investment income(a)		0.34			0.64			0.65			0.62			0.58			0.51
Net realized and unrealized gain (loss)(b)		0.98			8.60			0.54			(0.53	)		0.97			2.47
Net increase from investment operations		1.32			9.24			1.19			0.09			1.55			2.98
Distributions(c)
From net investment income		(0.48	)		(0.62	)		(0.65	)		(0.66	)		(0.59	)		(0.48	)
Total distributions		(0.48	)		(0.62	)		(0.65	)		(0.66	)		(0.59	)		(0.48	)
Net asset value, end of period	$	38.22		$	37.38		$	28.76		$	28.22		$	28.79		$	27.83
Total Return(d)
Based on net asset value		3.58	%(e)		32.41	%		4.32	%		0.56	%		5.61	%		11.88	%
Ratios to Average Net Assets(f)
Total expenses		0.49	%(g)		0.50	%		0.51	%		0.49	%		0.47	%		0.49	%
Net investment income		1.78	%(g)		1.91	%		2.37	%		2.26	%		2.01	%		1.93	%
Supplemental Data
Net assets, end of period (000)	$	4,353,643		$	4,157,136		$	2,266,034		$	2,618,586		$	2,994,627		$	3,127,920
Portfolio turnover rate(h)		4	%(e)		8	%		9	%		6	%		3	%		6	%

^(a)  Based on average shares outstanding.    

^(b)  The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.    

^(c)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.    

^(d)  Where applicable, assumes the reinvestment of distributions.    

^(e)  Not annualized.    

^(f)  Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.    

^(g)  Annualized.    

^(h)  Portfolio turnover rate excludes in-kind transactions.    

See notes to financial statements.    

36 2 0 2 2   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	iShares MSCI Japan ETF
		Six Months Ended 02/28/22 (unaudited)			Year Ended 08/31/21			Year Ended 08/31/20			Year Ended 08/31/19			Year Ended 08/31/18			Year Ended 08/31/17	(a)
Net asset value, beginning of period	$	68.55		$	58.15		$	54.05		$	58.45		$	54.57		$	49.05
Net investment income(b)		0.47			0.91			0.90			0.92			0.87			0.49
Net realized and unrealized gain (loss)(c)		(5.23	)		10.25			4.36			(4.43	)		3.87			5.96
Net increase (decrease) from investment operations		(4.76	)		11.16			5.26			(3.51	)		4.74			6.45
Distributions(d)
From net investment income		(0.89	)		(0.76	)		(1.16	)		(0.89	)		(0.86	)		(0.93	)
Total distributions		(0.89	)		(0.76	)		(1.16	)		(0.89	)		(0.86	)		(0.93	)
Net asset value, end of period	$	62.90		$	68.55		$	58.15		$	54.05		$	58.45		$	54.57
Total Return(e)
Based on net asset value		(7.03	)%(f)		19.21	%		9.76	%		(5.96	)%		8.67	%		13.31	%
Ratios to Average Net Assets(g)
Total expenses		0.49	%(h)		0.50	%		0.51	%		0.49	%		0.47	%		0.49	%
Net investment income		1.38	%(h)		1.37	%		1.60	%		1.68	%		1.46	%		1.45	%
Supplemental Data
Net assets, end of period (000)	$	10,792,942		$	11,906,294		$	9,909,026		$	12,170,174		$	16,973,038		$	16,017,689
Portfolio turnover rate(i)		2	%(f)		6	%		4	%		7	%		4	%		4	%

^(a)  Per share amounts reflect a one-for-four reverse stock split effective after the close of trading on November 4, 2016.    

^(b)  Based on average shares outstanding.    

^(c)  The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.    

^(d)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.    

^(e)  Where applicable, assumes the reinvestment of distributions.    

^(f)  Not annualized.    

^(g)  Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.    

^(h)  Annualized.    

⁽ⁱ⁾  Portfolio turnover rate excludes in-kind transactions.    

See notes to financial statements.    

F I N A N C I A L   H I G H L I G H T S 37

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	iShares MSCI Mexico ETF
	Six Months Ended 02/28/22 (unaudited)			Year Ended 08/31/21			Year Ended 08/31/20			Year Ended 08/31/19			Year Ended 08/31/18			Year Ended 08/31/17
Net asset value, beginning of period	$	51.24		$	33.00		$	41.47		$	50.38		$	56.68		$	50.48
Net investment income(a)		0.54			0.80			0.61			1.09			0.95			0.88
Net realized and unrealized gain (loss)(b)		(0.77	)		18.32			(8.52	)		(8.75	)		(6.17	)		6.10
Net increase (decrease) from investment operations		(0.23	)		19.12			(7.91	)		(7.66	)		(5.22	)		6.98
Distributions(c)
From net investment income		(0.66	)		(0.88	)		(0.56	)		(1.25	)		(1.08	)		(0.78	)
Total distributions		(0.66	)		(0.88	)		(0.56	)		(1.25	)		(1.08	)		(0.78	)
Net asset value, end of period	$	50.35		$	51.24		$	33.00		$	41.47		$	50.38		$	56.68
Total Return(d)
Based on net asset value		(0.35	)%(e)		58.30	%		(19.36	)%		(15.23	)%		(9.02	)%		14.03	%
Ratios to Average Net Assets(f)
Total expenses		0.49	%(g)		0.50	%		0.51	%		0.49	%		0.47	%		0.49	%
Net investment income		2.21	%(g)		1.85	%		1.59	%		2.46	%		1.87	%		1.79	%
Supplemental Data
Net assets, end of period (000)	$	724,983		$	1,178,526		$	834,927		$	626,243		$	1,168,930		$	1,320,642
Portfolio turnover rate(h)		4	%(e)		15	%		12	%		5	%		7	%		8	%

^(a)  Based on average shares outstanding.    

^(b)  The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.    

^(c)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.    

^(d)  Where applicable, assumes the reinvestment of distributions.    

^(e)  Not annualized.    

^(f)  Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.    

^(g)  Annualized.    

^(h)  Portfolio turnover rate excludes in-kind transactions.    

See notes to financial statements.    

38 2 0 2 2   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Financial Highlights  (continued)

(For a share outstanding throughout each period)

		iShares MSCI South Korea ETF
		Six Months Ended 02/28/22 (unaudited)			Year Ended 08/31/21			Year Ended 08/31/20			Year Ended 08/31/19			Year Ended 08/31/18			Year Ended 08/31/17
Net asset value, beginning of period		$	86.98		$	63.04		$	53.34		$	67.65		$	68.19		$	56.89
Net investment income(a)			0.78			1.23			0.83			0.97			0.94			0.64
Net realized and unrealized gain (loss)(b)			(14.02	)		23.34			10.18			(14.49	)		0.70			11.31
Net increase (decrease) from investment operations			(13.24	)		24.57			11.01			(13.52	)		1.64			11.95
Distributions(c)
From net investment income			(1.68	)		(0.63	)		(1.31	)		(0.79	)		(2.18	)		(0.65	)
Total distributions			(1.68	)		(0.63	)		(1.31	)		(0.79	)		(2.18	)		(0.65	)
Net asset value, end of period		$	72.06		$	86.98		$	63.04		$	53.34		$	67.65		$	68.19
Total Return(d)
Based on net asset value			(15.39	)%(e)		39.05	%		20.77	%		(20.08	)%		2.15	%		21.28	%
Ratios to Average Net Assets(f)
Total expenses			0.58	%(g)		0.57	%		0.59	%		0.59	%		0.59	%		0.62	%
Net investment income			2.00	%(g)		1.45	%		1.45	%		1.62	%		1.31	%		1.05	%
Supplemental Data
Net assets, end of period (000)		$	4,669,326		$	6,136,724		$	4,857,482		$	3,848,564		$	3,906,891		$	3,784,638
Portfolio turnover rate(h)			15	%(e)(i)		20	%(i)		15	%(i)		16	%(i)		18	%(i)		16	%(i)
(a)	Based on average shares outstanding.
(b)	The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.
(c)	Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(d)	Where applicable, assumes the reinvestment of distributions.
(e)	Not annualized.
(f)	Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(g)	Annualized.
(h)	Portfolio turnover rate includes portfolio transactions that are executed as a result of the Fund offering and redeeming Creation Units solely for cash in U.S. dollars (“cash creations”).
(i)	Portfolio turnover rate excluding cash creations was as follows:		5	%		8	%		9	%		5	%		11	%		6	%

See notes to financial statements.    

F I N A N C I A L   H I G H L I G H T S 39

Notes to Financial Statements  (unaudited)

1. ORGANIZATION

iShares, Inc. (the “Company”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Company is organized as a Maryland corporation and is authorized to have multiple series or portfolios.

These financial statements relate only to the following funds (each, a “Fund” and collectively, the “Funds”):

iShares ETF	Diversification Classification
MSCI Australia	Non-diversified
MSCI Canada	Diversified
MSCI Japan	Diversified
MSCI Mexico	Non-diversified
MSCI South Korea	Non-diversified

2. SIGNIFICANT ACCOUNTING POLICIES

The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. Each Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. Below is a summary of significant accounting policies:

Investment Transactions and Income Recognition: For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are recorded on the ex-dividend date. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Dividends from foreign securities where the ex-dividend date may have passed are subsequently recorded when the Funds are informed of the ex-dividend date. Under the applicable foreign tax laws, a withholding tax at various rates may be imposed on capital gains, dividends and interest. Upon notification from issuers or as estimated by management, a portion of the dividend income received from a real estate investment trust may be redesignated as a reduction of cost of the related investment and/or realized gain. Interest income, including amortization and accretion of premiums and discounts on debt securities, is recognized daily on an accrual basis.

Foreign Currency Translation: Each Fund’s books and records are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars using prevailing market rates as quoted by one or more data service providers. Purchases and sales of investments are recorded at the rates of exchange prevailing on the respective dates of such transactions. Generally, when the U.S. dollar rises in value against a foreign currency, the investments denominated in that currency will lose value; the opposite effect occurs if the U.S. dollar falls in relative value.

Each Fund does not isolate the effect of fluctuations in foreign exchange rates from the effect of fluctuations in the market prices of investments for financial reporting purposes. Accordingly, the effects of changes in exchange rates on investments are not segregated in the Statements of Operations from the effects of changes in market prices of those investments, but are included as a component of net realized and unrealized gain (loss) from investments. Each Fund reports realized currency gains (losses) on foreign currency related transactions as components of net realized gain (loss) for financial reporting purposes, whereas such components are generally treated as ordinary income for U.S. federal income tax purposes.

Foreign Taxes: The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which each Fund invests. These foreign taxes, if any, are paid by each Fund and are reflected in its Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “Other foreign taxes”, and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of February 28, 2022, if any, are disclosed in the Statements of Assets and Liabilities.

The Funds file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. The Funds may record a reclaim receivable based on collectability, which includes factors such as the jurisdiction’s applicable laws, payment history and market convention. The Statements of Operations includes tax reclaims recorded as well as professional and other fees, if any, associated with recovery of foreign withholding taxes.

Segregation and Collateralization: In cases where a Fund enters into certain investments (e.g., futures contracts) that would be treated as “senior securities” for 1940 Act purposes, a Fund may segregate or designate on its books and record cash or liquid assets having a market value at least equal to the amount of its future obligations under such investments. Doing so allows the investment to be excluded from treatment as a “senior security.” Furthermore, if required by an exchange or counterparty agreement, the Funds may be required to deliver/deposit cash and/or securities to/with an exchange, or broker-dealer or custodian as collateral for certain investments or obligations.

In-kind Redemptions: For financial reporting purposes, in-kind redemptions are treated as sales of securities resulting in realized capital gains or losses to the Funds. Because such gains or losses are not taxable to the Funds and are not distributed to existing Fund shareholders, the gains or losses are reclassified from accumulated net realized gain (loss) to paid-in capital at the end of the Funds’ tax year. These reclassifications have no effect on net assets or net asset value (“NAV”) per share.

40 2 0 2 2    I S H A R E S     S E M I - A N N U A L    R E P O R T    T O     S H A R E H O L D E R S

Notes to Financial Statements  (unaudited) (continued)

Distributions: Dividends and distributions paid by each Fund are recorded on the ex-dividend dates. Distributions are determined on a tax basis and may differ from net investment income and net realized capital gains for financial reporting purposes. Dividends and distributions are paid in U.S. dollars and cannot be automatically reinvested in additional shares of the Funds. The character and timing of distributions are determined in accordance with U.S. federal income tax regulations, which may differ from U.S. GAAP.

Indemnifications: In the normal course of business, each Fund enters into contracts that contain a variety of representations that provide general indemnification. The Funds’ maximum exposure under these arrangements is unknown because it involves future potential claims against the Funds, which cannot be predicted with any certainty.

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

Investment Valuation Policies: Each Fund’s investments are valued at fair value (also referred to as “market value” within the financial statements) each day that the Fund’s listing exchange is open and, for financial reporting purposes, as of the report date. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. Each Fund determines the fair values of its financial instruments using various independent dealers or pricing services under policies approved by the Board of Directors of the Company (the “Board”). If a security’s market price is not readily available or does not otherwise accurately represent the fair value of the security, the security will be valued in accordance with a policy approved by the Board as reflecting fair value. The BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) is the committee formed by management to develop global pricing policies and procedures and to oversee the pricing function for all financial instruments.

Fair Value Inputs and Methodologies: The following methods and inputs are used to establish the fair value of each Fund’s assets and liabilities:

• Equity investments traded on a recognized securities exchange are valued at that day’s official closing price, as applicable, on the exchange where the stock is primarily traded. Equity investments traded on a recognized exchange for which there were no sales on that day are valued at the last traded price.

• Investments in open-end U.S. mutual funds (including money market funds) are valued at that day’s published NAV.

• Futures contracts are valued based on that day’s last reported settlement or trade price on the exchange where the contract is traded.

Generally, trading in foreign instruments is substantially completed each day at various times prior to the close of trading on the New York Stock Exchange (“NYSE”). Each business day, the Funds use current market factors supplied by independent pricing services to value certain foreign instruments (“Systematic Fair Value Price”). The Systematic Fair Value Price is designed to value such foreign securities at fair value as of the close of trading on the NYSE, which follows the close of the local markets.

If events (e.g., market volatility, company announcement or a natural disaster) occur that are expected to materially affect the value of such investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Global Valuation Committee, in accordance with a policy approved by the Board as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Global Valuation Committee include market approach, income approach and cost approach. Valuation techniques such as discounted cash flow, use of market comparables and matrix pricing are types of valuation approaches and are typically used in determining fair value. When determining the price for Fair Valued Investments, the Global Valuation Committee, or its delegate, seeks to determine the price that each Fund might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm’s-length transaction. Fair value determinations shall be based upon all available factors that the Global Valuation Committee, or its delegate, deems relevant and consistent with the principles of fair value measurement. The pricing of all Fair Valued Investments is subsequently reported to the Board or a committee thereof on a quarterly basis.

Fair value pricing could result in a difference between the prices used to calculate a fund’s NAV and the prices used by the fund’s underlying index, which in turn could result in a difference between the fund’s performance and the performance of the fund’s underlying index.

Fair Value Hierarchy: Various inputs are used in determining the fair value of financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:

• Level 1 – Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that each Fund has the ability to access;

• Level 2 – Other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs); and

• Level 3 – Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, (including the Global Valuation Committee’s assumptions used in determining the fair value of financial instruments).

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Global Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds that may not have a secondary market and/or may have a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.

N O T E S   T O   F I N A N C I A L   S T A T E M E N T S 41

Notes to Financial Statements  (unaudited) (continued)

4. SECURITIES AND OTHER INVESTMENTS

Securities Lending: Each Fund may lend its securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund collateral consisting of cash, an irrevocable letter of credit issued by an approved bank, or securities issued or guaranteed by the U.S. government. The initial collateral received by each Fund is required to have a value of at least 102% of the current market value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter at a value equal to at least 100% of the current value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Fund and any additional required collateral is delivered to the Fund or excess collateral is returned by the Fund, on the next business day. During the term of the loan, each Fund is entitled to all distributions made on or in respect of the loaned securities but does not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

As of period end, any securities on loan were collateralized by cash and/or U.S. Government obligations. Cash collateral invested in money market funds managed by BlackRock Fund Advisors (“BFA”), the Funds’ investment adviser, or its affiliates is disclosed in the Schedule of Investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Fund, except in the event of borrower default. The securities on loan, if any, are also disclosed in each Fund’s Schedule of Investments. The market value of any securities on loan and the value of any related cash collateral are disclosed in the Statements of Assets and Liabilities.

Securities lending transactions are entered into by the Funds under Master Securities Lending Agreements (each, an “MSLA”) which provide the right, in the event of default (including bankruptcy or insolvency) for the non-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral. In the event that a borrower defaults, the Funds, as lender, would offset the market value of the collateral received against the market value of the securities loaned. When the value of the collateral is greater than that of the market value of the securities loaned, the lender is left with a net amount payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty’s bankruptcy or insolvency. Under the MSLA, absent an event of default, the borrower can resell or re-pledge the loaned securities, and the Funds can reinvest cash collateral received in connection with loaned securities. Upon an event of default, the parties’ obligations to return the securities or collateral to the other party are extinguished, and the parties can resell or re-pledge the loaned securities or the collateral received in connection with the loaned securities in order to satisfy the defaulting party’s net payment obligation for all transactions under the MSLA. The defaulting party remains liable for any deficiency.

As of period end, the following table is a summary of the securities on loan by counterparty which are subject to offset under an MSLA:

iShares ETF and Counterparty		Market Value of Securities on Loan		Cash Collateral Received	(a)		Non-Cash Collateral Received		Net Amount
MSCI Canada
Barclays Capital, Inc.	$	3,472,986	$	3,472,986		$	—	$	—
BMO Capital Markets Corp.		89,145		89,145			—		—
BofA Securities, Inc.		331,531		331,531			—		—
Citigroup Global Markets, Inc.		295,949		295,949			—		—
Goldman Sachs & Co. LLC		3,844,176		3,844,176			—		—
J.P. Morgan Securities LLC		3,854,655		3,459,174			—		(395,481	)(b)
SG Americas Securities LLC		51,787		51,787			—		—
	$	11,940,229	$	11,544,748		$	—	$	(395,481	)
MSCI Mexico
BofA Securities, Inc	$	124,321	$	124,321		$	—	$	—
Credit Suisse Securities (USA) LLC		18,477		18,477			—		—
Goldman Sachs & Co. LLC		5,759,168		5,759,168			—		—
	$	5,901,966	$	5,901,966		$	—	$	—
MSCI South Korea
Barclays Capital, Inc.	$	22,398,161	$	22,240,142		$	—	$	(158,019	)(b)
BNP Paribas SA		5,630,256		5,630,256			—		—
BofA Securities, Inc.		8,380,938		8,380,938			—		—
Goldman Sachs & Co. LLC		18,995,751		18,995,751			—		—
HSBC Bank PLC		3,827,333		3,827,333			—		—
J.P. Morgan Securities LLC		54,989,923		54,989,923			—		—
Jefferies LLC		1,118,369		1,118,369			—		—
Macquarie Bank Ltd.		3,044,448		3,044,448			—		—
Morgan Stanley		7,823,397		7,823,397			—		—
SG Americas Securities LLC		2,412,959		2,412,959			—		—
	$	128,621,535	$	128,463,516		$	—	$	(158,019	)

^(a) Collateral received in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by each Fund is disclosed in the Fund’s statement of assets and liabilities.

^(b) The market value of the loaned securities is determined as of February 28, 2022. Additional collateral is delivered to the Fund on the next business day in accordance with the MSLA. The net amount would be subject to the borrower default indemnity in the event of default by a counterparty.

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Notes to Financial Statements  (unaudited) (continued)

The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, each Fund benefits from a borrower default indemnity provided by BlackRock, Inc. (“BlackRock”). BlackRock’s indemnity allows for full replacement of the securities loaned to the extent the collateral received does not cover the value of the securities loaned in the event of borrower default. Each Fund could incur a loss if the value of an investment purchased with cash collateral falls below the market value of the loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received. Such losses are borne entirely by each Fund.

5. DERIVATIVE FINANCIAL INSTRUMENTS

Futures Contracts: Futures contracts are purchased or sold to gain exposure to, or manage exposure to, changes in interest rates (interest rate risk) and changes in the value of equity securities (equity risk) or foreign currencies (foreign currency exchange rate risk).

Futures contracts are exchange-traded agreements between the Funds and a counterparty to buy or sell a specific quantity of an underlying instrument at a specified price and on a specified date. Depending on the terms of a contract, it is settled either through physical delivery of the underlying instrument on the settlement date or by payment of a cash amount on the settlement date. Upon entering into a futures contract, the Funds are required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on a contract’s size and risk profile. The initial margin deposit must then be maintained at an established level over the life of the contract. Amounts pledged, which are considered restricted, are included in cash pledged for futures contracts in the Statements of Assets and Liabilities.

Securities deposited as initial margin are designated in the Schedule of Investments and cash deposited, if any, are shown as cash pledged for futures contracts in the Statements of Assets and Liabilities. Pursuant to the contract, the Funds agree to receive from or pay to the broker an amount of cash equal to the daily fluctuation in market value of the contract (“variation margin”). Variation margin is recorded as unrealized appreciation (depreciation) and, if any, shown as variation margin receivable (or payable) on futures contracts in the Statements of Assets and Liabilities. When the contract is closed, a realized gain or loss is recorded in the Statements of Operations equal to the difference between the notional amount of the contract at the time it was opened and the notional amount at the time it was closed. The use of futures contracts involves the risk of an imperfect correlation in the movements in the price of futures contracts and interest rates, foreign currency exchange rates or underlying assets.

6. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

Investment Advisory Fees: Pursuant to an Investment Advisory Agreement with the Company, BFA manages the investment of each Fund’s assets. BFA is a California corporation indirectly owned by BlackRock. Under the Investment Advisory Agreement, BFA is responsible for substantially all expenses of the Funds, except (i) interest and taxes; (ii) brokerage commissions and other expenses connected with the execution of portfolio transactions; (iii) distribution fees; (iv) the advisory fee payable to BFA; and (v) litigation expenses and any extraordinary expenses (in each case as determined by a majority of the independent directors).

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

Aggregate Average Daily Net Assets	Investment Advisory Fee
First $7 billion		0.59	%
Over $7 billion, up to and including $11 billion		0.54
Over $11 billion, up to and including $24 billion		0.49
Over $24 billion, up to and including $48 billion		0.44
Over $48 billion, up to and including $72 billion		0.40
Over $72 billion, up to and including $96 billion		0.36
Over $96 billion		0.32

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

Aggregate Average Daily Net Assets	Investment Advisory Fee
First $2 billion		0.7400	%
Over $2 billion, up to and including $4 billion		0.6900
Over $4 billion, up to and including $8 billion		0.6400
Over $8 billion, up to and including $16 billion		0.5700
Over $16 billion, up to and including $24 billion		0.5100
Over $24 billion, up to and including $32 billion		0.4800
Over $32 billion, up to and including $40 billion		0.4500
Over $40 billion		0.4275

Distributor: BlackRock Investments, LLC, an affiliate of BFA, is the distributor for each Fund. Pursuant to the distribution agreement, BFA is responsible for any fees or expenses for distribution services provided to the Funds.

Securities Lending: The U.S. Securities and Exchange Commission (the “SEC”) has issued an exemptive order which permits BlackRock Institutional Trust Company, N.A. (“BTC”), an affiliate of BFA, to serve as securities lending agent for the Funds, subject to applicable conditions. As securities lending agent, BTC bears all operational

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Notes to Financial Statements  (unaudited) (continued)

costs directly related to securities lending, including any custodial costs. Each Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan (the “collateral investment fees”). The cash collateral is invested in a money market fund, BlackRock Cash Funds: Institutional or BlackRock Cash Funds: Treasury, managed by BFA, or its affiliates. However, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees each Fund bears to an annual rate of 0.04%. The SL Agency Shares of such money market fund will not be subject to a sales load, distribution fee or service fee. The money market fund in which the cash collateral has been invested may, under certain circumstances, impose a liquidity fee of up to 2% of the value redeemed or temporarily restrict redemptions for up to 10 business days during a 90 day period, in the event that the money market fund’s weekly liquid assets fall below certain thresholds.

Securities lending income is equal to the total of income earned from the reinvestment of cash collateral, net of fees and other payments to and from borrowers of securities, and less the collateral investment fees. Each Fund retains a portion of securities lending income and remits the remaining portion to BTC as compensation for its services as securities lending agent.

Pursuant to the current securities lending agreement, each Fund retains 82% of securities lending income (which excludes collateral investment fees) and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across all 1940 Act iShares exchange-traded funds (the “iShares ETF Complex”) in that calendar year exceeds a specified threshold, each Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar year 85% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

The share of securities lending income earned by each Fund is shown as securities lending income – affiliated – net in its Statements of Operations. For the six months ended February 28, 2022, the Funds paid BTC the following amounts for securities lending agent services:

iShares ETF	Fees Paid   to BTC
MSCI Australia	$	50,266
MSCI Canada		6,924
MSCI Japan		3,765
MSCI Mexico		2,991
MSCI South Korea		452,184

Officers and Directors: Certain officers and/or directors of the Company are officers and/or directors of BlackRock or its affiliates.

Other Transactions: Cross trading is the buying or selling of portfolio securities between funds to which BFA (or an affiliate) serves as investment adviser. At its regularly scheduled quarterly meetings, the Board reviews such transactions as of the most recent calendar quarter for compliance with the requirements and restrictions set forth by Rule 17a-7.

For the six months ended February 28, 2022, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:

iShares ETF	Purchases		Sales		Net Realized Gain (Loss)
MSCI Australia	$	8,448,858	$	5,483,539	$	(7,190,525	)
MSCI Japan		89,396,924		55,809,339		(30,553,994	)
MSCI South Korea		17,309,374		12,738,771		(10,190,322	)

Each Fund may invest its positive cash balances in certain money market funds managed by BFA or an affiliate. The income earned on these temporary cash investments is shown as dividends – affiliated in the Statements of Operations.

A fund, in order to improve its portfolio liquidity and its ability to track its underlying index, may invest in shares of other iShares funds that invest in securities in the fund’s underlying index.

7. PURCHASES AND SALES

For the six months ended February 28, 2022, purchases and sales of investments, excluding short-term investments and in-kind transactions, were as follows:

iShares ETF	Purchases		Sales
MSCI Australia	$	155,596,741	$	168,532,383
MSCI Canada		171,884,212		155,298,207
MSCI Japan		197,960,914		279,203,706
MSCI Mexico		39,394,921		39,867,113
MSCI South Korea		756,625,514		1,342,706,983

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Notes to Financial Statements  (unaudited) (continued)

For the six months ended February 28, 2022, in-kind transactions were as follows:

iShares ETF	In-kind Purchases		In-kind   Sales
MSCI Australia	$	312,288,199	$	299,881,968
MSCI Canada		714,795,233		617,395,496
MSCI Japan		1,284,980,962		1,360,953,063
MSCI Mexico		494,842,064		910,911,348

8. INCOME TAX INFORMATION

Each Fund is treated as an entity separate from the Company’s other funds for federal income tax purposes. It is each Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute substantially all of its taxable income to its shareholders. Therefore, no U.S. federal income tax provision is required.

Management has analyzed tax laws and regulations and their application to the Funds as of February 28, 2022, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements.

As of August 31, 2021, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:

iShares ETF	Non-Expiring
MSCI Australia	$	280,327,098
MSCI Canada		821,885,352
MSCI Japan		1,418,588,683
MSCI Mexico		424,209,539
MSCI South Korea		376,227,471

A fund may own shares in certain foreign investment entities, referred to, under U.S. tax law, as “passive foreign investment companies.” Such fund may elect to mark-to-market annually the shares of each passive foreign investment company and would be required to distribute to shareholders any such marked-to-market gains.

As of February 28, 2022, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:

iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
MSCI Australia	$	1,587,837,429	$	55,050,550	$	(243,389,563	)	$	(188,339,013	)
MSCI Canada		4,148,831,345		513,188,905		(307,928,352	)		205,260,553
MSCI Japan		11,660,025,001		912,427,970		(1,803,020,458	)		(890,592,488	)
MSCI Mexico		940,157,630		19,167,224		(229,240,454	)		(210,073,230	)
MSCI South Korea		2,831,005,350		2,613,471,806		(719,650,572	)		1,893,821,234

9. LINE OF CREDIT

The iShares MSCI South Korea ETF, along with certain other iShares funds (“Participating Funds”), is a party to a $800 million credit agreement (“Syndicated Credit Agreement”) with a group of lenders, which expires on August 12, 2022. The line of credit may be used for temporary or emergency purposes, including redemptions, settlement of trades and rebalancing of portfolio holdings in certain target markets. The Funds may borrow up to the aggregate commitment amount subject to asset coverage and other limitations as specified in the Syndicated Credit Agreement. The Syndicated Credit Agreement has the following terms: a commitment fee of 0.15% per annum on the unused portion of the credit agreement and interest at a rate equal to the higher of (a) the one-month LIBOR rate (not less than zero) plus 1.00% per annum or (b) the U.S. Federal Funds rate (not less than zero) plus 1.00% per annum on amounts borrowed. The commitment fee is generally allocated to each Participating Fund based on the lesser of a Participating Fund’s relative exposure to certain target markets or a Participating Fund’s maximum borrowing amount as set forth by the terms of the Syndicated Credit Agreement.

During the six months ended February 28, 2022, the Fund did not borrow under the Syndicated Credit Agreement.

10. PRINCIPAL RISKS

In the normal course of business, each Fund invests in securities or other instruments and may enter into certain transactions, and such activities subject the Fund to various risks, including, among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation or international tax treaties between various countries; or (iv) currency, interest rate or price fluctuations. Local, regional or global events

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Notes to Financial Statements  (unaudited) (continued)

such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Funds and their investments. Each Fund’s prospectus provides details of the risks to which the Fund is subject.

BFA uses a “passive” or index approach to try to achieve each Fund’s investment objective following the securities included in its underlying index during upturns as well as downturns. BFA does not take steps to reduce market exposure or to lessen the effects of a declining market. Divergence from the underlying index and the composition of the portfolio is monitored by BFA.

The Funds may be exposed to additional risks when reinvesting cash collateral in money market funds that do not seek to maintain a stable NAV per share of $1.00, which may be subject to redemption gates or liquidity fees under certain circumstances.

Market Risk: An outbreak of respiratory disease caused by a novel coronavirus has developed into a global pandemic and has resulted in closing borders, quarantines, disruptions to supply chains and customer activity, as well as general concern and uncertainty. The impact of this pandemic, and other global health crises that may arise in the future, could affect the economies of many nations, individual companies and the market in general in ways that cannot necessarily be foreseen at the present time. This pandemic may result in substantial market volatility and may adversely impact the prices and liquidity of a fund’s investments. Although vaccines have been developed and approved for use by various governments, the duration of this pandemic and its effects cannot be determined with certainty.

Valuation Risk: The market values of equities, such as common stocks and preferred securities or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company. They may also decline due to factors which affect a particular industry or industries. A fund may invest in illiquid investments. An illiquid investment is any investment that a fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. A fund may experience difficulty in selling illiquid investments in a timely manner at the price that it believes the investments are worth. Prices may fluctuate widely over short or extended periods in response to company, market or economic news. Markets also tend to move in cycles, with periods of rising and falling prices. This volatility may cause a fund’s NAV to experience significant increases or decreases over short periods of time. If there is a general decline in the securities and other markets, the NAV of a fund may lose value, regardless of the individual results of the securities and other instruments in which a fund invests.

The price each Fund could receive upon the sale of any particular portfolio investment may differ from each Fund’s valuation of the investment, particularly for securities that trade in thin or volatile markets or that are valued using a fair valuation technique or a price provided by an independent pricing service. Changes to significant unobservable inputs and assumptions (i.e., publicly traded company multiples, growth rate, time to exit) due to the lack of observable inputs.

Counterparty Credit Risk: The Funds may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to unsettled or open transactions, including making timely interest and/or principal payments or otherwise honoring its obligations. The Funds manage counterparty credit risk by entering into transactions only with counterparties that the Manager believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Funds to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Funds’ exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded in the Statements of Assets and Liabilities, less any collateral held by the Funds.

A derivative contract may suffer a mark-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform under the contract.

With exchange-traded futures, there is less counterparty credit risk to the Funds since the exchange or clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, a Fund does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency). Additionally, credit risk exists in exchange-traded futures with respect to initial and variation margin that is held in a clearing broker’s customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro rata basis across all the clearing broker’s customers, potentially resulting in losses to the Funds.

Concentration Risk: A diversified portfolio, where this is appropriate and consistent with a fund’s objectives, minimizes the risk that a price change of a particular investment will have a material impact on the NAV of a fund. The investment concentrations within each Fund’s portfolio are disclosed in its Schedule of Investments.

Certain Funds invest a significant portion of their assets in issuers located in a single country or a limited number of countries. When a Fund concentrates its investments in this manner, it assumes the risk that economic, regulatory, political and social conditions in that country or those countries may have a significant impact on the fund and could affect the income from, or the value or liquidity of, the Fund’s portfolio. Unanticipated or sudden political or social developments may cause uncertainty in the markets and as a result adversely affect the Fund’s investments. Foreign issuers may not be subject to the same uniform accounting, auditing and financial reporting standards and practices as used in the United States. Foreign securities markets may also be more volatile and less liquid than U.S. securities and may be less subject to governmental supervision not typically associated with investing in U.S. securities.

Certain Funds invest a significant portion of their assets in securities of issuers located in Asia or with significant exposure to Asian issuers or countries. The Asian financial markets have recently experienced volatility and adverse trends due to concerns in several Asian countries regarding monetary policy, government intervention in the markets, rising government debt levels or economic downturns. These events may spread to other countries in Asia and may affect the value and liquidity of certain of the Funds’ investments.

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Notes to Financial Statements  (unaudited) (continued)

Certain Funds invest a significant portion of their assets in securities within a single or limited number of market sectors. When a Fund concentrates its investments in this manner, it assumes the risk that economic, regulatory, political and social conditions affecting such sectors may have a significant impact on the fund and could affect the income from, or the value or liquidity of, the fund’s portfolio. Investment percentages in specific sectors are presented in the Schedule of Investments.

Significant Shareholder Redemption Risk: Certain shareholders may own or manage a substantial amount of fund shares and/or hold their fund investments for a limited period of time. Large redemptions of fund shares by these shareholders may force a Fund to sell portfolio securities, which may negatively impact the fund’s NAV, increase the fund’s brokerage costs, and/or accelerate the realization of taxable income/gains and cause the fund to make additional taxable distributions to shareholders.

LIBOR Transition Risk: The United Kingdom’s Financial Conduct Authority announced a phase out of the London Interbank Offered Rate (“LIBOR”). Although many LIBOR rates ceased to be published or no longer are representative of the underlying market they seek to measure after December 31, 2021, a selection of widely used USD LIBOR rates will continue to be published through June 2023 in order to assist with the transition. The Funds may be exposed to financial instruments tied to LIBOR to determine payment obligations, financing terms, hedging strategies or investment value. The transition process away from LIBOR might lead to increased volatility and illiquidity in markets for, and reduce the effectiveness of new hedges placed against, instruments whose terms currently include LIBOR. The ultimate effect of the LIBOR transition process on the Funds is uncertain.

11. CAPITAL SHARE TRANSACTIONS

Capital shares are issued and redeemed by each Fund only in aggregations of a specified number of shares or multiples thereof (“Creation Units”) at NAV. Except when aggregated in Creation Units, shares of each Fund are not redeemable.

Transactions in capital shares were as follows:

	Six Months Ended 02/28/22						Year Ended 08/31/21
iShares ETF	Shares			Amount			Shares			Amount
MSCI Australia
Shares sold		13,600,000		$	332,525,816			28,800,000		$	681,267,872
Shares redeemed		(12,200,000	)		(303,136,552	)		(30,600,000	)		(757,788,017	)
Net increase (decrease)		1,400,000		$	29,389,264			(1,800,000	)	$	(76,520,145	)
MSCI Canada
Shares sold		19,000,000		$	736,330,816			66,800,000		$	2,253,894,680
Shares redeemed		(16,300,000	)		(620,295,617	)		(34,400,000	)		(1,196,419,165	)
Net increase		2,700,000		$	116,035,199			32,400,000		$	1,057,475,515
MSCI Japan
Shares sold		18,150,000		$	1,286,334,633			51,450,000		$	3,315,951,747
Shares redeemed		(20,250,000	)		(1,363,617,247	)		(48,150,000	)		(3,270,468,724	)
Net increase (decrease)		(2,100,000	)	$	(77,282,614	)		3,300,000		$	45,483,023
MSCI Mexico
Shares sold		10,300,000		$	497,192,692			33,400,000		$	1,427,604,083
Shares redeemed		(18,900,000	)		(914,648,222	)		(35,700,000	)		(1,514,553,101	)
Net decrease		(8,600,000	)	$	(417,455,530	)		(2,300,000	)	$	(86,949,018	)
MSCI South Korea
Shares sold		7,200,000		$	533,717,950			10,400,000		$	828,773,237
Shares redeemed		(12,950,000	)		(1,024,085,872	)		(16,900,000	)		(1,523,781,194	)
Net decrease		(5,750,000	)	$	(490,367,922	)		(6,500,000	)	$	(695,007,957	)

The consideration for the purchase of Creation Units of a fund in the Company generally consists of the in-kind deposit of a designated portfolio of securities and a specified amount of cash. Certain funds in the Company may be offered in Creation Units solely or partially for cash in U.S. dollars. Investors purchasing and redeeming Creation Units may pay a purchase transaction fee and a redemption transaction fee directly to State Street Bank and Trust Company, the Company’s administrator, to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash. Investors transacting in Creation Units for cash may also pay an additional variable charge to compensate the relevant fund for certain transaction costs (i.e., stamp taxes, taxes on currency or other financial transactions, and brokerage costs) and market impact expenses relating to investing in portfolio securities. Such variable charges, if any, are included in shares sold in the table above.

From time to time, settlement of securities related to in-kind contributions or in-kind redemptions may be delayed. In such cases, securities related to in-kind transactions are reflected as a receivable or a payable in the Statements of Assets and Liabilities.

N O T E S   T O   F I N A N C I A L   S T A T E M E N T S 47

Notes to Financial Statements  (unaudited) (continued)

12. SUBSEQUENT EVENTS

Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were available to be issued and has determined that there were no subsequent events requiring adjustment or additional disclosure in the financial statements.

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Statement Regarding Liquidity Risk Management Program (unaudited)

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), iShares, Inc. (the “Company”) has adopted and implemented a liquidity risk management program (the “Program”) for iShares MSCI Australia ETF, iShares MSCI Canada ETF, iShares MSCI Japan ETF, iShares MSCI Mexico ETF and iShares MSCI South Korea ETF (the “Funds” or “ETFs”), each a series of the Company, which is reasonably designed to assess and manage each Fund’s liquidity risk.

The Board of Directors (the “Board”) of the Company, on behalf of the Funds, met on December 9, 2021 (the “Meeting”) to review the Program. The Board previously appointed BlackRock Fund Advisors (“BlackRock”), the investment adviser to the Funds, as the program administrator for each Fund’s Program. BlackRock also previously delegated oversight of the Program to the 40 Act Liquidity Risk Management Committee (the “Committee”). At the Meeting, the Committee, on behalf of BlackRock, provided the Board with a report that addressed the operation of the Program and assessed its adequacy and effectiveness of implementation, including the management of each Fund’s Highly Liquid Investment Minimum (“HLIM”) where applicable, and any material changes to the Program (the “Report”). The Report covered the period from October 1, 2020 through September 30, 2021 (the “Program Reporting Period”).

The Report described the Program’s liquidity classification methodology for categorizing each Fund’s investments (including derivative transactions) into one of four liquidity buckets. It also referenced the methodology used by BlackRock to establish each Fund’s HLIM and noted that the Committee reviews and ratifies the HLIM assigned to each Fund no less frequently than annually. The Report also discussed notable events affecting liquidity over the Program Reporting Period, including extended market holidays and the imposition of capital controls in certain non-U.S. countries.

The Report noted that the Program complied with the key factors for consideration under the Liquidity Rule for assessing, managing and periodically reviewing each Fund’s liquidity risk, as follows:

a) The Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions. During the Program Reporting Period, the Committee reviewed whether each Fund’s strategy is appropriate for an open-end fund structure, with a focus on funds with more significant and consistent holdings of less liquid and illiquid assets. The Committee also factored a fund’s concentration in an issuer into the liquidity classification methodology by taking issuer position sizes into account. Derivative exposure was also considered in the calculation of a fund’s liquidity bucketing. Finally, a factor for consideration under the Liquidity Rule is a Fund’s use of borrowings for investment purposes. However, the Funds do not borrow for investment purposes.

b) Short-term and long-term cash flow projections during both normal and reasonably foreseeable stressed conditions. During the Program Reporting Period, the Committee reviewed historical redemption activity and used this information as a component to establish each ETF’s reasonably anticipated trading size (“RATS”). The Committee may also take into consideration a fund’s shareholder ownership concentration (which, depending on product type and distribution channel, may or may not be available), a fund’s distribution channels, and the degree of certainty associated with a fund’s short-term and long-term cash flow projections.

c) Holdings of cash and cash equivalents, as well as borrowing arrangements. The Committee considered that ETFs generally do not hold more than de minimis amounts of cash. While the ETFs generally do not engage in borrowing, certain of the ETFs have the flexibility to draw on a line of credit to meet redemption requests or facilitate settlements.

d) The relationship between an ETF’s portfolio liquidity and the way in which, and the prices and spreads at which, ETF shares trade, including the efficiency of the arbitrage function and the level of active participation by market participants, including authorized participants. The Committee monitored the prevailing bid/ask spread and the ETF price premium (or discount) to NAV for all ETFs and reviewed any persistent deviations from long-term averages.

e) The effect of the composition of baskets on the overall liquidity of an ETF’s portfolio. In reviewing the linkage between the composition of custom baskets accepted by an ETF and any significant change in the liquidity profile of such ETF, the Committee reviewed changes in the proportion of each ETF’s portfolio comprised of less liquid and illiquid holdings to determine if applicable thresholds were met requiring enhanced review.

As part of BlackRock’s continuous review of the effectiveness of the Program, the Committee made the following material changes to the Program: (1) updates to certain model components in the Program’s methodology; and (2) certain iShares Funds entered into a $800 million credit agreement with a group of lenders that replaced a previous liquidity facility. The Report provided to the Board stated that the Committee concluded that based on the operation of the functions, as described in the Report, the Program is operating as intended and is effective in implementing the requirements of the Liquidity Rule.

S T A T E M E N T    R E G A R D I N G     L I Q U I D I T Y    R I S K    M A N A G E M E  N T    P R O G R A M 49

Supplemental Information  (unaudited)

Regulation Regarding Derivatives

On October 28, 2020, the Securities and Exchange Commission (the “SEC”) adopted regulations governing the use of derivatives by registered investment companies (“Rule 18f-4”). The Funds will be required to implement and comply with Rule 18f-4 by August 19, 2022. Once implemented, Rule 18f-4 will impose limits on the amount of derivatives a fund can enter into, eliminate the asset segregation framework currently used by funds to comply with Section 18 of the 1940 Act, treat derivatives as senior securities and require funds whose use of derivatives is more than a limited specified exposure amount to establish and maintain a comprehensive derivatives risk management program and appoint a derivatives risk manager.

Section 19(a) Notices

The amounts and sources of distributions reported are estimates and are being provided pursuant to regulatory requirements and are not being provided for tax reporting purposes. The actual amounts and sources for tax reporting purposes will depend upon each Fund’s investment experience during the year and may be subject to changes based on tax regulations. Shareholders will receive a Form 1099-DIV each calendar year that will inform them how to report these distributions for federal income tax purposes.

February 28, 2022

	Total Cumulative Distributions for the Fiscal Year-to-Date								% Breakdown of the Total Cumulative Distributions for the Fiscal Year-to-Date
iShares ETF	Net Investment Income		Net Realized Capital Gains		Return of Capital		Total Per Share		Net Investment Income			Net Realized Capital Gains			Return of Capital			Total Per Share
MSCI Australia(a)	$	0.669029	$	—	$	0.216871	$	0.885900		76	%		—	%		24	%		100	%
MSCI Canada(a)		0.335281		—		0.142742		0.478023		70			—			30			100
MSCI Japan(a)		0.678142		—		0.209992		0.888134		76			—			24			100
MSCI South Korea(a)		1.415512		—		0.263006		1.678518		84			—			16			100

^(a)  The Fund estimates that it has distributed more than its net investment income and net realized capital gains; therefore, a portion of the distribution may be a return of capital. A return of capital may occur, for example, when some or all of the shareholder’s investment in the Fund is returned to the shareholder. A return of capital does not necessarily reflect the Fund’s investment performance and should not be confused with “yield” or “income”. When distributions exceed total return performance, the difference will incrementally reduce the Fund’s net asset value per share.

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General Information

Electronic Delivery

Shareholders can sign up for e-mail notifications announcing that the shareholder report or prospectus has been posted on the iShares website at iShares.com. Once you have enrolled, you will no longer receive prospectuses and shareholder reports in the mail.

To enroll in electronic delivery:

• Go to icsdelivery.com.

• If your brokerage firm is not listed, electronic delivery may not be available. Please contact your broker-dealer or financial advisor.

Householding

Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents and Rule 30e-3 notices can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.

Availability of Quarterly Schedule of Investments

The Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT. The Funds’ Forms N-PORT are available on the SEC’s website at sec.gov. Additionally, each Fund makes its portfolio holdings for the first and third quarters of each fiscal year available at iShares.com/fundreports.

Availability of Proxy Voting Policies and Proxy Voting Records

A description of the policies and procedures that the iShares Funds use to determine how to vote proxies relating to portfolio securities and information about how the iShares Funds voted proxies relating to portfolio securities during the most recent twelve-month period ending June 30 is available without charge, upon request (1) by calling toll-free 1-800-474-2737; (2) on the iShares website at iShares.com; and (3) on the SEC website at sec.gov.

A description of the Company’s policies and procedures with respect to the disclosure of the Fund’s portfolio securities is available in the Fund Prospectus. The Fund discloses its portfolio holdings daily and provides information regarding its top holdings in Fund fact sheets at iShares.com.

G E N E R A L    I N F O R M A T I O  N 51

Glossary of Terms Used in this Report

Portfolio Abbreviations - Equity
CPO	Certificates of Participation (Ordinary)
NVS	Non-Voting Shares
REIT	Real Estate Investment Trust

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Want to know more?

iShares.com    |     1-800-474-2737

This report is intended for the Funds’ shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by the current prospectus.

Investing involves risk, including possible loss of principal.

The iShares Funds are distributed by BlackRock Investments, LLC (together with its affiliates, “BlackRock”).

The iShares Funds are not sponsored, endorsed, issued, sold or promoted by MSCI Inc., nor does this company make any representation regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the company listed above.

©2022 BlackRock, Inc. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.

iS-SAR-815-0222

FEBRUARY 28, 2022

2022 Semi-Annual Report

(Unaudited)

iShares, Inc.

· iShares MSCI Russia ETF | ERUS | NYSE Arca

The Markets in Review

Dear Shareholder,

The 12-month reporting period as of February 28, 2022 saw a continuation of the resurgent growth that followed the initial coronavirus (or “COVID-19”) pandemic reopening, albeit at a slower pace. The global economy weathered the emergence of several variant strains and the resulting peaks and troughs in infections amid optimism that increasing vaccinations and economic adaptation could help contain the pandemic’s disruptions. However, rapid changes in consumer spending led to supply constraints and elevated inflation. Moreover, while the foremost effect of Russia’s invasion of Ukraine has been a severe humanitarian crisis, the invasion has presented challenges for both investors and policymakers.

Equity prices were mixed, as persistently high inflation drove investors’ expectations for higher interest rates, which particularly weighed on relatively high valuation growth stocks and economically sensitive small-capitalization stocks. Overall, small-capitalization U.S. stocks declined, while large-capitalization U.S. stocks posted a solid advance. International equities from developed markets gained slightly, although emerging market stocks declined, pressured by rising interest rates and a strengthening U.S. dollar.

The U.S. Federal Reserve (the “Fed”) maintained accommodative monetary policy during the reporting period by keeping near-zero interest rates. However, the Fed’s tone shifted during the period, as it reduced its bond-buying program and raised the prospect of higher rates in 2022. Continued high inflation and the Fed’s new stance led many analysts to anticipate that the Fed will raise interest rates multiple times throughout the year.

In this environment, as we look ahead, we favor an overweight to equities, as we believe low interest rates and continued economic growth will support further gains, albeit likely more modest than what we saw in 2021. Sectors that are better poised to manage the transition to a lower-carbon world, such as technology and health care, are particularly attractive in the long term. U.S. and other developed market equities have room for further growth, while we believe Chinese equities stand to gain from a more accommodative monetary and fiscal environment. We are underweight long-term credit, but inflation-protected U.S. Treasuries, Asian fixed income, and emerging market local-currency bonds offer potential opportunities. We believe that international diversification and a focus on sustainability can help provide portfolio resilience, and the disruption created by the coronavirus appears to be accelerating the shift toward sustainable investments.

The horrific war in Ukraine has significantly clouded the outlook for the global economy. Sanctions on Russia and general wartime disruption are likely to drive already-high commodity prices even further upwards, and we have already seen spikes in energy and metal markets. While this will exacerbate inflationary pressure, it could also constrain economic growth, making the Fed’s way forward less clear. Its challenge will be combating inflation without stifling a recovery that is now facing additional supply shocks.

In light of these circumstances, effective March 1, 2022, the iShares MSCI Russia ETF (“ERUS”) temporarily suspended new creations of its shares until further notice and NYSE Arca, Inc. halted trading on March 4, 2022. We are monitoring regulatory and market developments, but it is incredibly difficult to predict when, or if, circumstances will change that would allow ERUS to re-open for creation orders or to resume trading.

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

Sincerely,

Rob Kapito

President, BlackRock, Inc.

Rob Kapito

President, BlackRock, Inc.

Total Returns as of February 28, 2022
	6-Month			12-Month
U.S. large cap equities (S&P 500® Index)		(2.62	)%		16.39	%
U.S. small cap equities (Russell 2000® Index)		(9.46	)		(6.01	)
International equities (MSCI Europe, Australasia, Far East Index)		(6.78	)		2.83
Emerging market equities (MSCI Emerging Markets Index)		(9.81	)		(10.69	)
3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)		0.02			0.04
U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)		(3.94	)		(1.67	)
U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)		(4.07	)		(2.64	)
Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)		(3.09	)		(0.66	)
U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)		(3.07	)		0.64
Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.

  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

Table of Contents

	Page
The Markets in Review		2
Fund Summary		4
About Fund Performance		5
Shareholder Expenses		5
Schedule of Investments		6
Financial Statements
Statement of Assets and Liabilities		9
Statement of Operations		10
Statements of Changes in Net Assets		11
Statement of Cash Flows		12
Financial Highlights		13
Notes to Financial Statements		14
Statement Regarding Liquidity Risk Management Program		21
Supplemental Information		22
General Information		23
Glossary of Terms Used in this Report		24

Fund Summary as of February 28, 2022 iShares^® MSCI Russia ETF

Investment Objective

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

Performance

				Average Annual Total Returns									Cumulative Total Returns
	6 Months			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		(82.46	)%		(78.61	)%		(20.74	)%		(13.87	)%		(78.61	)%		(68.71	)%		(77.54	)%
Fund Market		(58.47	)		(49.26	)		(5.80	)		(6.14	)		(49.26	)		(25.83	)		(46.93	)
Index		(56.86	)		(47.23	)		(4.74	)		(5.22	)		(47.23	)		(21.55	)		(41.48	)

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 5 for more information.

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value (09/01/21)	Ending Account Value (02/28/22)	Expenses Paid During the Period	(a)		Beginning Account Value (09/01/21)	Ending Account Value (02/28/22)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$      1,000.00	$      175.40	$      1.69			$      1,000.00	$      1,021.90	$      2.91		0.58	%

^(a) Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” for more information.

Portfolio Management Commentary

Russian stocks experienced a substantial decline for the reporting period ended February 28, 2022. On February 24, 2022, Russia launched an invasion of Ukraine in one the most significant military actions in decades. Russian stocks fell more than 30% in local currency terms on the day after the invasion, one of the largest single-day downturns in the history of the global equity markets. Russia’s central bank closed the stock market on February 28, 2022 and the nation’s government instituted capital controls to restrict the flow of funds in and out of the country.

The invasion prompted sanctions by the United States, the United Kingdom, the European Union and others, all of which implemented expansive measures to block Russia’s access to global capital markets and limit the operational activities of Russian companies. In addition, the sanctions prevented select Russian banks from using the SWIFT global payments system. Many high-profile global corporations also responded to the invasion by shutting down their operations in the country. In addition, major index providers removed Russian stocks from their global benchmarks. Russian exchanges remained closed as of the end of the period.

In light of these circumstances, effective March 1, 2022, the Fund temporarily suspended new creations of its shares until further notice. Additionally, on March 4, 2022, NYSE Arca, Inc. announced a trading halt of the Fund.

Portfolio Information

ALLOCATION BY SECTOR
Sector	Percent of Total Investments	(a)
Energy	48.7	%
Materials	23.3
Financials	13.3
Communication Services	10.0
Consumer Staples	3.0
Utilities	1.3
Consumer Discretionary	0.4

TEN LARGEST HOLDINGS
Security	Percent of Total Investments	(a)
Gazprom PJSC	19.0	%
LUKOIL PJSC	14.4
Sberbank of Russia PJSC	8.0
Mobile TeleSystems PJSC	7.3
MMC Norilsk Nickel PJSC	6.3
Novatek PJSC	4.6
Tatneft PJSC	4.3
Polyus PJSC	3.2
TCS Group Holding PLC	3.2
Severstal PAO	2.8

^(a)  Excludes money market funds.

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About Fund Performance

Past performance is not an indication of future results. Financial markets have experienced extreme volatility and trading in many instruments has been disrupted. These circumstances may continue for an extended period of time and may continue to affect adversely the value and liquidity of the 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.

Shareholder Expenses

Shareholders of the 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 example shown (which is based on a hypothetical investment of $1,000 invested at the beginning of the period and held through the end of the period) is intended to assist shareholders both in calculating expenses based on an investment in the Fund and in comparing these expenses with similar costs of investing in other funds.

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

The expense example also provides information about hypothetical account values and hypothetical expenses based on the 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 Fund and other funds, compare the 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

The expenses shown in the expense example 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 example is 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.

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  5

Schedule of Investments (unaudited)  February 28, 2022 iShares^® MSCI Russia ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Banks — 11.7%
Sberbank of Russia PJSC(a)		18,835,860	$	8,325,800
TCS Group Holding PLC, GDR(a)		289,152		3,329,930
VTB Bank PJSC(a)		8,307,845,016		555,177
				12,210,907
Capital Markets — 1.5%
Moscow Exchange MICEX-RTS PJSC(a)		4,737,800		1,594,638
Chemicals — 2.6%
PhosAgro PJSC, GDR		449,283		2,748,667
Electric Utilities — 1.3%
Inter RAO UES PJSC(a)		136,938,300		1,321,903
Food & Staples Retailing — 3.1%
Magnit PJSC, GDR		990,696		1,572,370
X5 Retail Group NV, GDR(a)		374,475		1,610,856
				3,183,226
Interactive Media & Services — 2.6%
VK Co. Ltd.(a)(b)		393,252		399,597
Yandex NV(a)(b)		361,376		2,362,363
				2,761,960
Internet & Direct Marketing Retail — 0.4%
Ozon Holdings PLC, ADR(a)(b)		110,854		406,640
Metals & Mining — 20.5%
Alrosa PJSC(a)		7,486,250		2,180,684
MMC Norilsk Nickel PJSC(a)		96,437		6,532,865
Novolipetsk Steel PJSC(a)		4,388,590		2,787,124
Polymetal International PLC(a)		834,056		2,529,544
Polyus PJSC(a)		89,129		3,358,227
Severstal PAO(a)		604,068		2,884,928
United Co. RUSAL International PJSC(a)(b)		5,811,330		1,226,291
				21,499,663
Oil, Gas & Consumable Fuels — 46.1%
Gazprom PJSC(a)		24,553,290		19,793,229
LUKOIL PJSC(a)		856,438		14,949,553

Security	Shares		Value
Oil, Gas & Consumable Fuels (continued)
Novatek PJSC, GDR		125,086	$	4,818,576
Rosneft Oil Co. PJSC(a)		2,566,222		2,677,164
Surgutneftegas PJSC(a)		21,799,946		1,646,239
Tatneft PJSC(a)		3,516,781		4,465,713
				48,350,474
Wireless Telecommunication Services — 7.3%
Mobile TeleSystems PJSC, ADR		1,388,222		7,635,221
Total Common Stocks — 97.1% (Cost: $453,478,287)				101,713,299
Preferred Stocks
Oil, Gas & Consumable Fuels — 2.2%
Surgutneftegas PJSC, Preference Shares, NVS(a)		21,745,700		2,334,870
Total Preferred Stocks — 2.2% (Cost: $11,913,761)				2,334,870
Short-Term Investments
Money Market Funds — 0.9%
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.03%(c)(d)		920,000		920,000
Total Short-Term Investments — 0.9% (Cost: $920,000)				920,000
Total Investments in Securities — 100.2% (Cost: $466,312,048)				104,968,169
Other Assets, Less Liabilities — (0.2)%				(163,302	)
Net Assets — 100.0%			$	104,804,867

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

^(b) Non-income producing security.

^(c) Affiliate of the Fund.

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 08/31/21		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 02/28/22		Shares Held at 02/28/22		Income		Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Treasury, SL Agency Shares	$	970,000	$	—	$	(50,000	)(a)	$	—	$	—	$	920,000		920,000	$	72	$	—

^(a)  Represents net amount purchased (sold).

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Schedule of Investments (unaudited) (continued) February 28, 2022 iShares^® MSCI Russia ETF

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
MSCI Emerging Markets Index		10		03/18/22	$	588	$	(43,674	)

Derivative Financial Instruments Categorized by Risk Exposure

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

	Equity Contracts
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	43,674

^(a) Net cumulative unrealized appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statement of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).

For the period ended February 28, 2022, the effect of derivative financial instruments in the Statement of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	(91,204	)
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(41,628	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	740,075

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

Fair Value Hierarchy as of Period End

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.

	Level 1			Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	16,774,834		$	—	$	84,938,465	$	101,713,299
Preferred Stocks		—			—		2,334,870		2,334,870
Money Market Funds		920,000			—		—		920,000
	$	17,694,834		$	—	$	87,273,335	$	104,968,169
Derivative financial instruments(a)
Liabilities
Futures Contracts	$	(43,674	)	$	—	$	—	$	(43,674	)

^(a)  Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

S C H E D U L E    O F    I N V E S T M E N T S 7

Schedule of Investments (unaudited) (continued) February 28, 2022 iShares^® MSCI Russia ETF

A reconciliation of Level 3 financial instruments is presented when the Fund had a significant amount of Level 3 investments and derivative financial instruments at the beginning and/or end of the period in relation to net assets. The following table is a reconciliation of Level 3 investments for which significant unobservable inputs were used in determining fair value:

	Common Stocks			Preferred Stocks			Total
Assets:
Opening balance, as of August 31, 2021	$	—		$	—		$	—
Transfers into Level 3(a)		511,933,597			11,100,929			523,034,526
Transfers out of Level 3		—			—			—
Accrued discounts/premiums		—			—			—
Net realized gain (loss)		(1,062,812	)		(61,247	)		(1,124,059	)
Net change in unrealized appreciation (depreciation)(b)(c)		(443,573,197	)		(9,053,076	)		(452,626,273	)
Purchases		36,287,146			586,461			36,873,607
Sales		(18,646,269	)		(238,197	)		(18,884,466	)
Closing balance, as of February 28, 2022	$	84,938,465		$	2,334,870		$	87,273,335
Net change in unrealized appreciation (depreciation) on investment still held at February 28, 2022	$	(439,068,322	)	$	(9,064,778	)	$	(448,133,100	)

^(a) As of August 31, 2021, local Russian equities were valued using a Systematic Fair Value Price, which resulted in these investments being classified as level 2. As of February 28, 2022, the Global Valuation Committee determined that the Systematic Fair Value Price for local Russian equities were unreliable and valued the securities using unobservable inputs which resulted in a transfer from level 2 to level 3. Additionally, as of August 31, 2021, Russian exposed ADR and GDR securities were valued using the exchange close price which resulted in these investments being classified as level 1. As of February 28, 2022, certain Russian exposed ADR and GDR securities were halted or suspended. The Global Valuation Committee valued those securities using unobservable inputs which resulted in a transfer from level 1 to level 3.

^(b) Included in the related net change in unrealized appreciation (depreciation) in the Statement of Operations.

^(c) Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on investments still held at February 28, 2022 is generally due to investments no longer held or categorized as Level 3 at period end.

The following table summarizes the valuation approaches used and unobservable inputs utilized by the BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) to determine the value of certain of the Fund’s Level 3 instruments as of period end.

		Value	Valuation Approach	Unobservable Inputs	Range of Unobservable Inputs Utilized	(a)
Common Stocks	$	84,938,465	Market	Liquidity Discount	25%
Preferred Stocks		2,334,870	Market	Liquidity Discount	25%
	$	87,273,335

^(a)  A significant change in unobservable input would have resulted in a correlated (inverse) significant change to value.

See notes to financial statements.

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Statement of Assets and Liabilities (unaudited) 

February 28, 2022

	iShares MSCI Russia ETF
ASSETS
Investments in securities, at value:
Unaffiliated(a)	$	104,048,169
Affiliated(b)		920,000
Cash		29,326
Cash pledged:
Futures contracts		26,000
Receivables:
Capital shares sold		88,052
Dividends		4,292
Total assets		105,115,839
LIABILITIES
Payables:
Investments purchased		88,052
Variation margin on futures contracts		7,350
Investment advisory fees		215,570
Total liabilities		310,972
NET ASSETS	$	104,804,867
NET ASSETS CONSIST OF:
Paid-in capital	$	616,756,637
Accumulated loss		(511,951,770	)
NET ASSETS	$	104,804,867
Shares outstanding		13,750,000
Net asset value	$	7.62
Shares authorized		1 billion
Par value	$	0.001
(a)   Investments, at cost — Unaffiliated	$	465,392,048
(b) Investments, at cost — Affiliated	$	920,000

See notes to financial statements.

F I N A N C I A L    S T A T E M E N T S 9

Statement of Operations (unaudited) 

Six Months Ended February 28, 2022

		iShares MSCI Russia ETF
INVESTMENT INCOME
Dividends — Unaffiliated	$	14,523,812
Dividends — Affiliated		72
Foreign taxes withheld		(1,548,350	)
Total investment income		12,975,534
EXPENSES
Investment advisory fees		1,647,114
Commitment fees		2,774
Professional fees		217
Total expenses		1,650,105
Net investment income		11,325,429
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		(955,043	)
Futures contracts		(91,204	)
Foreign currency transactions		(106,948	)
Net realized loss		(1,153,195	)
Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated		(502,253,442	)
Futures contracts		(41,628	)
Foreign currency translations		560
Net change in unrealized appreciation (depreciation)		(502,294,510	)
Net realized and unrealized loss		(503,447,705	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(492,122,276	)

See notes to financial statements.

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Statements of Changes in Net Assets

	iShares MSCI Russia ETF
	Six Months Ended 02/28/22 (unaudited)			Year Ended 08/31/21
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	11,325,429		$	25,976,989
Net realized loss		(1,153,195	)		(4,659,173	)
Net change in unrealized appreciation (depreciation)		(502,294,510	)		133,025,100
Net increase (decrease) in net assets resulting from operations		(492,122,276	)		154,342,916
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(22,039,990	)		(23,598,232	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		32,469,779			(11,450,216	)
NET ASSETS
Total increase (decrease) in net assets		(481,692,487	)		119,294,468
Beginning of period		586,497,354			467,202,886
End of period	$	104,804,867		$	586,497,354

^(a)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to financial statements.

F I N A N C I A L   S T A T E M E N T S 11

Statement of Cash Flows (unaudited) 

Six Months Ended February 28, 2022

		iShares MSCI Russia ETF
CASH PROVIDED BY (USED FOR) OPERATING ACTIVITIES
Net decrease in net assets resulting from operations	$	(492,122,276	)
Adjustments to reconcile net increase in net assets resulting from operations to net cash provided by operating activities:
Proceeds from sales of long-term investments(a)		42,361,588
Purchases of long term investments(a)		(48,835,714	)
Net proceeds from sales of short-term securities		50,000
Net realized (gain) loss on investments		955,043
Net change in unrealized (appreciation) depreciation on investments		502,253,442
(Increase) decrease in assets:
Receivables:
Dividends		16,837
Variation margin on futures contracts		12,350
Increase (decrease) in liabilities:
Payables:
Investment advisory fees		(63,708	)
Variation margin on futures contracts		7,350
Net cash provided by operating activities		4,634,912
CASH PROVIDED BY (USED FOR) FINANCING ACTIVITIES
Cash dividends paid to shareholders		(22,039,990	)
Proceeds from issuance of capital shares(a)		17,405,467
Net cash used for financing activities		(4,634,523	)
CASH
Net increase in restricted and unrestricted cash	$	389
Restricted and unrestricted cash at beginning of period		54,937
Restricted and unrestricted cash at end of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . .	$	55,326
RECONCILIATION OF RESTRICTED AND UNRESTRICTED CASH AT THE END OF PERIOD TO THE STATEMENT OF ASSETS AND LIABILITIES
Cash	$	29,326
Cash pledged
Futures contracts		26,000
	$	55,326

^(a)  Excludes in-kind transactions, if any.

See notes to financial statements.

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Financial Highlights

(For a share outstanding throughout each period)

	iShares MSCI Russia ETF
		Six Months Ended 02/28/22 (unaudited)				Year Ended 08/31/21				Year Ended 08/31/20				Year Ended 08/31/19				Year Ended 08/31/18					Year Ended 08/31/17	(a)
Net asset value, beginning of period			$	45.29			$	34.87			$	37.81			$	32.47			$	32.13		$	27.92
Net investment income(b)				0.86				2.05				1.87				2.33				1.21			1.14
Net realized and unrealized gain (loss)(c)				(36.83	)			10.24				(1.99	)			5.04				0.22			4.07
Net increase (decrease) from investment operations				(35.97	)			12.29				(0.12	)			7.37				1.43			5.21
Distributions(d)
From net investment income				(1.70	)			(1.87	)			(2.82	)			(2.03	)			(1.09	)		(1.00	)
Total distributions				(1.70	)			(1.87	)			(2.82	)			(2.03	)			(1.09	)		(1.00	)
Net asset value, end of period			$	7.62			$	45.29			$	34.87			$	37.81			$	32.47		$	32.13
Total Return(e)
Based on net asset value				(82.46	)%(f)			36.07	%			(1.28	)%			23.64	%			4.37	%		18.73	%
Ratios to Average Net Assets(g)
Total expenses				0.58	%(h)			0.57	%			0.59	%			0.59	%			0.59	%		0.62	%
Net investment income				3.95	%(h)			5.26	%			4.97	%			6.60	%			3.50	%		4.27	%
Supplemental Data
Net assets, end of period (000)			$	104,805			$	586,497			$	467,203			$	627,581			$	478,860		$	530,076
Portfolio turnover rate(i)				4	%(f)			25	%			30	%			18	%			32	%		18	%

^(a) Per share amounts reflect a one-for-two reverse stock split effective after the close of trading on November 4, 2016.

^(b) Based on average shares outstanding.

^(c) The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(d) Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(e) Where applicable, assumes the reinvestment of distributions.

^(f) Not annualized.

^(g) Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(h) Annualized.

⁽ⁱ⁾ Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

F I N A N C I A L    H I G H L I G H T S 13

Notes to Financial Statements (unaudited)

1. ORGANIZATION

iShares, Inc. (the “Company”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Company is organized as a Maryland corporation and is authorized to have multiple series or portfolios.

These financial statements relate only to the following fund (the “Fund”):

iShares ETF	Diversification   Classification
MSCI Russia		Non-diversified

2. SIGNIFICANT ACCOUNTING POLICIES

The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. The Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. Below is a summary of significant accounting policies:

Investment Transactions and Income Recognition: For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are recorded on the ex-dividend date. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Dividends from foreign securities where the ex-dividend date may have passed are subsequently recorded when the Fund is informed of the ex-dividend date. Under the applicable foreign tax laws, a withholding tax at various rates may be imposed on capital gains, dividends and interest.

Foreign Currency Translation: The Fund’s books and records are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars using prevailing market rates as quoted by one or more data service providers. Purchases and sales of investments are recorded at the rates of exchange prevailing on the respective dates of such transactions. Generally, when the U.S. dollar rises in value against a foreign currency, the investments denominated in that currency will lose value; the opposite effect occurs if the U.S. dollar falls in relative value.

The Fund does not isolate the effect of fluctuations in foreign exchange rates from the effect of fluctuations in the market prices of investments for financial reporting purposes. Accordingly, the effects of changes in exchange rates on investments are not segregated in the Statement of Operations from the effects of changes in market prices of those investments, but are included as a component of net realized and unrealized gain (loss) from investments. The Fund reports realized currency gains (losses) on foreign currency related transactions as components of net realized gain (loss) for financial reporting purposes, whereas such components are generally treated as ordinary income for U.S. federal income tax purposes.

Foreign Taxes: The Fund may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Fund invests. These foreign taxes, if any, are paid by the Fund and are reflected in its Statement of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “Other foreign taxes”, and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of February 28, 2022, if any, are disclosed in the Statement of Assets and Liabilities.

The Fund files withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. The Fund may record a reclaim receivable based on collectability, which includes factors such as the jurisdiction’s applicable laws, payment history and market convention. The Statement of Operations includes tax reclaims recorded as well as professional and other fees, if any, associated with recovery of foreign withholding taxes.

Segregation and Collateralization: In cases where the Fund enters into certain investments (e.g., futures contracts) that would be treated as “senior securities” for 1940 Act purposes, the Fund may segregate or designate on its books and record cash or liquid assets having a market value at least equal to the amount of its future obligations under such investments. Doing so allows the investment to be excluded from treatment as a “senior security.” Furthermore, if required by an exchange or counterparty agreement, the Fund may be required to deliver/deposit cash and/or securities to/with an exchange, or broker-dealer or custodian as collateral for certain investments or obligations.

In-kind Redemptions: For financial reporting purposes, in-kind redemptions are treated as sales of securities resulting in realized capital gains or losses to the Fund. Because such gains or losses are not taxable to the Fund and are not distributed to existing Fund shareholders, the gains or losses are reclassified from accumulated net realized gain (loss) to paid-in capital at the end of the Fund’s tax year. These reclassifications have no effect on net assets or net asset value (“NAV”) per share.

Distributions: Dividends and distributions paid by the Fund are recorded on the ex-dividend dates. Distributions are determined on a tax basis and may differ from net investment income and net realized capital gains for financial reporting purposes. Dividends and distributions are paid in U.S. dollars and cannot be automatically reinvested in additional shares of the Fund. The character and timing of distributions are determined in accordance with U.S. federal income tax regulations, which may differ from U.S. GAAP.

14 2 0 2 2   I S H A R E S   S E M I - A N N U A L    R E P O R T    T O    S H A R E H O L D E R S

Notes to Financial Statements (unaudited) (continued)

Indemnifications: In the normal course of business, the Fund enters into contracts that contain a variety of representations that provide general indemnification. The Fund’s maximum exposure under these arrangements is unknown because it involves future potential claims against the Fund, which cannot be predicted with any certainty.

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

Investment Valuation Policies: The Fund’s investments are valued at fair value (also referred to as “market value” within the financial statements) each day that the Fund’s listing exchange is open and, for financial reporting purposes, as of the report date. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Fund determines the fair values of its financial instruments using various independent dealers or pricing services under policies approved by the Board of Directors of the Company (the “Board”). If a security’s market price is not readily available or does not otherwise accurately represent the fair value of the security, the security will be valued in accordance with a policy approved by the Board as reflecting fair value. The BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) is the committee formed by management to develop global pricing policies and procedures and to oversee the pricing function for all financial instruments.

Fair Value Inputs and Methodologies: The following methods and inputs are used to establish the fair value of the Fund’s assets and liabilities:

• Equity investments traded on a recognized securities exchange are valued at that day’s official closing price, as applicable, on the exchange where the stock is primarily traded. Equity investments traded on a recognized exchange for which there were no sales on that day are valued at the last traded price.

• Investments in open-end U.S. mutual funds (including money market funds) are valued at that day’s published NAV.

• Futures contracts are valued based on that day’s last reported settlement or trade price on the exchange where the contract is traded.

Generally, trading in foreign instruments is substantially completed each day at various times prior to the close of trading on the New York Stock Exchange (“NYSE”). Each business day, the Fund uses current market factors supplied by independent pricing services to value certain foreign instruments (“Systematic Fair Value Price”). The Systematic Fair Value Price is designed to value such foreign securities at fair value as of the close of trading on the NYSE, which follows the close of the local markets.

If events (e.g., market volatility, company announcement or a natural disaster) occur that are expected to materially affect the value of such investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Global Valuation Committee, in accordance with a policy approved by the Board as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Global Valuation Committee include market approach, income approach and cost approach. Valuation techniques such as discounted cash flow, use of market comparables and matrix pricing are types of valuation approaches and are typically used in determining fair value. When determining the price for Fair Valued Investments, the Global Valuation Committee, or its delegate, seeks to determine the price that the Fund might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm’s-length transaction. Fair value determinations shall be based upon all available factors that the Global Valuation Committee, or its delegate, deems relevant and consistent with the principles of fair value measurement. The pricing of all Fair Valued Investments is subsequently reported to the Board or a committee thereof on a quarterly basis.

Fair value pricing could result in a difference between the prices used to calculate a fund’s NAV and the prices used by the fund’s underlying index, which in turn could result in a difference between the fund’s performance and the performance of the fund’s underlying index.

Fair Value Hierarchy: Various inputs are used in determining the fair value of financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:

• Level 1 – Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that the Fund has the ability to access;

• Level 2 – Other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs); and

• Level 3 – Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, (including the Global Valuation Committee’s assumptions used in determining the fair value of financial instruments).

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Global Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds that may not have a secondary market and/or may have a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.

4. DERIVATIVE FINANCIAL INSTRUMENTS

Futures Contracts: Futures contracts are purchased or sold to gain exposure to, or manage exposure to, changes in interest rates (interest rate risk) and changes in the value of equity securities (equity risk) or foreign currencies (foreign currency exchange rate risk).

Futures contracts are exchange-traded agreements between the Fund and a counterparty to buy or sell a specific quantity of an underlying instrument at a specified price and on a specified date. Depending on the terms of a contract, it is settled either through physical delivery of the underlying instrument on the settlement date or by payment of a cash amount on the settlement date. Upon entering into a futures contract, the Fund is required to deposit initial margin with the broker in the form of cash or securities

N O T E S    T O    F I N A N C I A L    S T A T E M E N T S 15

Notes to Financial Statements (unaudited) (continued)

in an amount that varies depending on a contract’s size and risk profile. The initial margin deposit must then be maintained at an established level over the life of the contract. Amounts pledged, which are considered restricted, are included in cash pledged for futures contracts in the Statement of Assets and Liabilities.

Securities deposited as initial margin are designated in the Schedule of Investments and cash deposited, if any, are shown as cash pledged for futures contracts in the Statement of Assets and Liabilities. Pursuant to the contract, the Fund agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in market value of the contract (“variation margin”). Variation margin is recorded as unrealized appreciation (depreciation) and, if any, shown as variation margin receivable (or payable) on futures contracts in the Statement of Assets and Liabilities. When the contract is closed, a realized gain or loss is recorded in the Statement of Operations equal to the difference between the notional amount of the contract at the time it was opened and the notional amount at the time it was closed. The use of futures contracts involves the risk of an imperfect correlation in the movements in the price of futures contracts and interest rates, foreign currency exchange rates or underlying assets.

5. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

Investment Advisory Fees: Pursuant to an Investment Advisory Agreement with the Company, BlackRock Fund Advisors (“BFA”) manages the investment of the Fund’s assets. BFA is a California corporation indirectly owned by BlackRock, Inc. (“BlackRock”). Under the Investment Advisory Agreement, BFA is responsible for substantially all expenses of the Fund, except (i) interest and taxes; (ii) brokerage commissions and other expenses connected with the execution of portfolio transactions; (iii) distribution fees; (iv) the advisory fee payable to BFA; and (v) litigation expenses and any extraordinary expenses (in each case as determined by a majority of the independent directors).

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

Aggregate Average Daily Net Assets	Investment Advisory Fee
First $2 billion		0.7400%
Over $2 billion, up to and including $4 billion		0.6900
Over $4 billion, up to and including $8 billion		0.6400
Over $8 billion, up to and including $16 billion		0.5700
Over $16 billion, up to and including $24 billion		0.5100
Over $24 billion, up to and including $32 billion		0.4800
Over $32 billion, up to and including $40 billion		0.4500
Over $40 billion		0.4275

Distributor: BlackRock Investments, LLC, an affiliate of BFA, is the distributor for the Fund. Pursuant to the distribution agreement, BFA is responsible for any fees or expenses for distribution services provided to the Fund.

Officers and Directors: Certain officers and/or directors of the Company are officers and/or directors of BlackRock or its affiliates.

Other Transactions: Cross trading is the buying or selling of portfolio securities between funds to which BFA (or an affiliate) serves as investment adviser. At its regularly scheduled quarterly meetings, the Board reviews such transactions as of the most recent calendar quarter for compliance with the requirements and restrictions set forth by Rule 17a-7.

For the six months ended February 28, 2022, transactions executed by the Fund pursuant to Rule 17a-7 under the 1940 Act were as follows:

iShares ETF	Purchases		Sales		Net Realized   Gain (Loss)
MSCI Russia	$	2,217,982	$	766,239	$	218,151

The Fund may invest its positive cash balances in certain money market funds managed by BFA or an affiliate. The income earned on these temporary cash investments is shown as dividends – affiliated in the Statement of Operations.

A fund, in order to improve its portfolio liquidity and its ability to track its underlying index, may invest in shares of other iShares funds that invest in securities in the fund’s underlying index.

6. PURCHASES AND SALES

For the six months ended February 28, 2022, purchases and sales of investments, excluding short-term investments and in-kind transactions, were as follows:

iShares ETF	Purchases		Sales
MSCI Russia	$	27,810,825	$	20,618,897

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Notes to Financial Statements (unaudited) (continued)

For the six months ended February 28, 2022, in-kind transactions were as follows:

iShares ETF	In-kind Purchases		In-kind   Sales
MSCI Russia	$	15,064,312	$	—

7. INCOME TAX INFORMATION

The Fund is treated as an entity separate from the Company’s other funds for federal income tax purposes. It is the Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute substantially all of its taxable income to its shareholders. Therefore, no U.S. federal income tax provision is required.

Management has analyzed tax laws and regulations and their application to the Fund as of February 28, 2022, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Fund’s financial statements.

As of August 31, 2021, the Fund had non-expiring capital loss carryforwards available to offset future realized capital gains of $121,773,631.

A fund may own shares in certain foreign investment entities, referred to, under U.S. tax law, as “passive foreign investment companies.” Such fund may elect to mark-to-market annually the shares of each passive foreign investment company and would be required to distribute to shareholders any such marked-to-market gains.

As of February 28, 2022, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:

iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized  Depreciation		Net Unrealized   Appreciation    (Depreciation)
MSCI Russia	$	492,392,339	$	—	$	(387,467,844)	$	(387,467,844)

8. LINE OF CREDIT

The Fund, along with certain other iShares funds (“Participating Funds”), is a party to a $800 million credit agreement (“Syndicated Credit Agreement”) with a group of lenders, which expires on August 12, 2022. The line of credit may be used for temporary or emergency purposes, including redemptions, settlement of trades and rebalancing of portfolio holdings in certain target markets. The Funds may borrow up to the aggregate commitment amount subject to asset coverage and other limitations as specified in the Syndicated Credit Agreement. The Syndicated Credit Agreement has the following terms: a commitment fee of 0.15% per annum on the unused portion of the credit agreement and interest at a rate equal to the higher of (a) the one-month LIBOR rate (not less than zero) plus 1.00% per annum or (b) the U.S. Federal Funds rate (not less than zero) plus 1.00% per annum on amounts borrowed. The commitment fee is generally allocated to each Participating Fund based on the lesser of a Participating Fund’s relative exposure to certain target markets or a Participating Fund’s maximum borrowing amount as set forth by the terms of the Syndicated Credit Agreement.

During the six months ended February 28, 2022, the Fund did not borrow under the Syndicated Credit Agreement.

9. PRINCIPAL RISKS

In the normal course of business, the Fund invests in securities or other instruments and may enter into certain transactions, and such activities subject the Fund to various risks, including, among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation or international tax treaties between various countries; or (iv) currency, interest rate or price fluctuations. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Fund and its investments. The Fund’s prospectus provides details of the risks to which the Fund is subject.

BFA uses a “passive” or index approach to try to achieve the Fund’s investment objective following the securities included in its underlying index during upturns as well as downturns. BFA does not take steps to reduce market exposure or to lessen the effects of a declining market. Divergence from the underlying index and the composition of the portfolio is monitored by BFA.

Market Risk: An outbreak of respiratory disease caused by a novel coronavirus has developed into a global pandemic and has resulted in closing borders, quarantines, disruptions to supply chains and customer activity, as well as general concern and uncertainty. The impact of this pandemic, and other global health crises that may arise in the future, could affect the economies of many nations, individual companies and the market in general in ways that cannot necessarily be foreseen at the present time. This pandemic may result in substantial market volatility and may adversely impact the prices and liquidity of a fund’s investments. Although vaccines have been developed and approved for use by various governments, the duration of this pandemic and its effects cannot be determined with certainty.

Valuation Risk: The market values of equities, such as common stocks and preferred securities or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company. They may also decline due to factors which affect a particular industry or

N O T E S    T O    F I N A N C I A L    S T A T E M E N T S 17

Notes to Financial Statements (unaudited) (continued)

industries. A fund may invest in illiquid investments. An illiquid investment is any investment that a fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. A fund may experience difficulty in selling illiquid investments in a timely manner at the price that it believes the investments are worth. Prices may fluctuate widely over short or extended periods in response to company, market or economic news. Markets also tend to move in cycles, with periods of rising and falling prices. This volatility may cause a fund’s NAV to experience significant increases or decreases over short periods of time. If there is a general decline in the securities and other markets, the NAV of a fund may lose value, regardless of the individual results of the securities and other instruments in which a fund invests.

The price the Fund could receive upon the sale of any particular portfolio investment may differ from the Fund’s valuation of the investment, particularly for securities that trade in thin or volatile markets or that are valued using a fair valuation technique or a price provided by an independent pricing service. Changes to significant unobservable inputs and assumptions (i.e., publicly traded company multiples, growth rate, time to exit) due to the lack of observable inputs.

Counterparty Credit Risk: The Fund may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to unsettled or open transactions, including making timely interest and/or principal payments or otherwise honoring its obligations. The Fund manages counterparty credit risk by entering into transactions only with counterparties that the Manager believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Fund to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Fund’s exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded in the Statement of Assets and Liabilities, less any collateral held by the Fund.

A derivative contract may suffer a mark-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform under the contract.

With exchange-traded futures, there is less counterparty credit risk to the Fund since the exchange or clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, the Fund does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency). Additionally, credit risk exists in exchange-traded futures with respect to initial and variation margin that is held in a clearing broker’s customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro rata basis across all the clearing broker’s customers, potentially resulting in losses to the Fund.

Concentration Risk: A diversified portfolio, where this is appropriate and consistent with a fund’s objectives, minimizes the risk that a price change of a particular investment will have a material impact on the NAV of a fund. The investment concentrations within the Fund’s portfolio are disclosed in its Schedule of Investments.

The Fund invests a significant portion of its assets in issuers located in a single country or a limited number of countries. When a Fund concentrates its investments in this manner, it assumes the risk that economic, regulatory, political and social conditions in that country or those countries may have a significant impact on the fund and could affect the income from, or the value or liquidity of, the Fund’s portfolio. Unanticipated or sudden political or social developments may cause uncertainty in the markets and as a result adversely affect the Fund’s investments. Foreign issuers may not be subject to the same uniform accounting, auditing and financial reporting standards and practices as used in the United States. Foreign securities markets may also be more volatile and less liquid than U.S. securities and may be less subject to governmental supervision not typically associated with investing in U.S. securities.

The Fund invests a significant portion of its assets in securities of issuers located in Europe or with significant exposure to European issuers or countries. The European financial markets have recently experienced volatility and adverse trends due to concerns about economic downturns in, or rising government debt levels of, several European countries as well as acts of war in the region. These events may spread to other countries in Europe and may affect the value and liquidity of certain of the Fund’s investments.

Responses to the financial problems by European governments, central banks and others, including austerity measures and reforms, may not work, may result in social unrest and may limit future growth and economic recovery or have other unintended consequences. Further defaults or restructurings by governments and others of their debt could have additional adverse effects on economies, financial markets and asset valuations around the world. The United Kingdom has withdrawn from the European Union, and one or more other countries may withdraw from the European Union and/or abandon the Euro, the common currency of the European Union. The impact of these actions, especially if they occur in a disorderly fashion, is not clear but could be significant and far reaching. In addition, Russia launched a large-scale invasion of Ukraine on February 24, 2022. The extent and duration of the military action, resulting sanctions and resulting future market disruptions in the region are impossible to predict, but could be significant and have a severe adverse effect on the region, including significant negative impacts on the economy and the markets for certain securities and commodities, such as oil and natural gas, as well as other sectors.

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

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Notes to Financial Statements (unaudited) (continued)

The Fund invests a significant portion of its assets in securities within a single or limited number of market sectors. When a Fund concentrates its investments in this manner, it assumes the risk that economic, regulatory, political and social conditions affecting such sectors may have a significant impact on the fund and could affect the income from, or the value or liquidity of, the fund’s portfolio. Investment percentages in specific sectors are presented in the Schedule of Investments.

Significant Shareholder Redemption Risk: Certain shareholders may own or manage a substantial amount of fund shares and/or hold their fund investments for a limited period of time. Large redemptions of fund shares by these shareholders may force a Fund to sell portfolio securities, which may negatively impact the fund’s NAV, increase the fund’s brokerage costs, and/or accelerate the realization of taxable income/gains and cause the fund to make additional taxable distributions to shareholders.

LIBORTransition Risk: The United Kingdom’s Financial Conduct Authority announced a phase out of the London Interbank Offered Rate (“LIBOR”). Although many LIBOR rates ceased to be published or no longer are representative of the underlying market they seek to measure after December 31, 2021, a selection of widely used USD LIBOR rates will continue to be published through June 2023 in order to assist with the transition. The Fund may be exposed to financial instruments tied to LIBOR to determine payment obligations, financing terms, hedging strategies or investment value. The transition process away from LIBOR might lead to increased volatility and illiquidity in markets for, and reduce the effectiveness of new hedges placed against, instruments whose terms currently include LIBOR. The ultimate effect of the LIBOR transition process on the Fund is uncertain.

10. CAPITAL SHARE TRANSACTIONS

Capital shares are issued and redeemed by the Fund only in aggregations of a specified number of shares or multiples thereof (“Creation Units”) at NAV. Except when aggregated in Creation Units, shares of the Fund are not redeemable.

Transactions in capital shares were as follows:

	Six Months Ended 02/28/22				Year Ended 08/31/21
iShares ETF	Shares		Amount		Shares			Amount
MSCI Russia
Shares sold		800,000	$	32,469,779		900,000		$	38,349,193
Shares redeemed		—		—		(1,350,000	)		(49,799,409	)
Net increase (decrease)		800,000	$	32,469,779		(450,000	)	$	(11,450,216	)

The consideration for the purchase of Creation Units of a fund in the Company generally consists of the in-kind deposit of a designated portfolio of securities and a specified amount of cash. Certain funds in the Company may be offered in Creation Units solely or partially for cash in U.S. dollars. Investors purchasing and redeeming Creation Units may pay a purchase transaction fee and a redemption transaction fee directly to State Street Bank and Trust Company, the Company’s administrator, to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash. Investors transacting in Creation Units for cash may also pay an additional variable charge to compensate the relevant fund for certain transaction costs (i.e., stamp taxes, taxes on currency or other financial transactions, and brokerage costs) and market impact expenses relating to investing in portfolio securities. Such variable charges, if any, are included in shares sold in the table above.

From time to time, settlement of securities related to in-kind contributions or in-kind redemptions may be delayed. In such cases, securities related to in-kind transactions are reflected as a receivable or a payable in the Statement of Assets and Liabilities.

11. SUBSEQUENT EVENTS

Management’s evaluation of the impact of all subsequent events on the Fund’s financial statements was completed through the date the financial statements were available to be issued and the following items were noted:

Russia’s large-scale invasion of Ukraine has created circumstances that have continued to significantly impact the Fund’s operations since February 28, 2022. The United States, and many other countries, have imposed economic sanctions on certain Russian individuals and Russian corporate banking entities, including banning Russia from global payment systems that facilitate cross-border payments. In response, the Russian government imposed capital controls to restrict movements of capital from entering and exiting the country and have closed trading sessions for local Russian equities to non-residents, which have been in effect since February 28, 2022. In addition, trading of depository receipts for several Russia-based companies was halted on primary trading platforms in early March 2022.

The consequences of Russia’s invasion and unprecedented market and policy responses of various governments and regulators precipitated the absence of a functioning or orderly market to facilitate the liquidation and repatriation of securities for any Russian-based companies held by the Fund. As a result, the fair value of Russian securities and currency experienced significant declines.

Beginning in early March 2022, the following developments occurred: (i) the Fund temporarily suspended new creations of its shares until further notice; (ii) NYSE Arca, Inc. announced a trading halt of the Fund; (iii) BFA wrote down the value of all Russian equity securities to a nominal investment value; (iv) the index provider, similarly, and separately, wrote down the represented value of all Russian equities comprising the Fund’s benchmark, MSCI Russia 25/50 Index, to nominal investment values; (v) BFA implemented a voluntary waiver of its investment advisory fee for the Fund that may be eliminated at any time; (vi) Russia signed into law a requirement of Russian issuers

N O T E S    T O    F I N A N C I A L    S T A T E M E N T S 19

Notes to Financial Statements (unaudited) (continued)

to terminate deposit agreements related to their depository receipt program, with holders receiving local shares of the respective Russian issuers in place of the depository receipts; and (vii) the Fund was removed as a borrower from the line of credit facility as the trading halt by NYSE Arca, Inc. resulted in technical default under the Syndicated Credit Agreement.

As of March 7, 2022, the Fund’s net assets are composed primarily of cash, which is invested in an affiliated money market fund, instead of Russian equity securities of its underlying index. As a result, during this time, the Fund will not meet its investment objective and will likely experience increased tracking error.

Refer to the table below for changes in key measures reported on the Statement of Assets and Liabilities as of March 7, 2022 (date by which all material aforementioned subsequent events impacting net asset value were realized).

iShares MSCI Russia ETF	February 28, 2022		March 7, 2022
ASSETS
Investments in Securities, at value
Unaffiliated	$	104,048,169	$	49,286
Affiliated		920,000		910,000
Other Assets		147,670		123,246
LIABILITIES
Investment advisory fees payable		215,570		—
Other Liabilities		95,402		88,052
NET ASSETS	$	104,804,867	$	994,480
Net asset value	$	7.62	$	0.07

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Statement Regarding Liquidity Risk Management Program (unaudited)

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), iShares, Inc. (the “Company”) has adopted and implemented a liquidity risk management program (the “Program”) for iShares MSCI Russia ETF (the “Fund” or “ETF”), each a series of the Company, which is reasonably designed to assess and manage the Fund’s liquidity risk.

The Board of Directors (the “Board”) of the Company, on behalf of the Fund, met on December 9, 2021 (the “Meeting”) to review the Program. The Board previously appointed BlackRock Fund Advisors (“BlackRock”), the investment adviser to the Fund, as the program administrator for the Fund’s Program. BlackRock also previously delegated oversight of the Program to the 40 Act Liquidity Risk Management Committee (the “Committee”). At the Meeting, the Committee, on behalf of BlackRock, provided the Board with a report that addressed the operation of the Program and assessed its adequacy and effectiveness of implementation, including the management of the Fund’s Highly Liquid Investment Minimum (“HLIM”) where applicable, and any material changes to the Program (the “Report”). The Report covered the period from October 1, 2020 through September 30, 2021 (the “Program Reporting Period”).

The Report described the Program’s liquidity classification methodology for categorizing the Fund’s investments (including derivative transactions) into one of four liquidity buckets. It also referenced the methodology used by BlackRock to establish the Fund’s HLIM and noted that the Committee reviews and ratifies the HLIM assigned to the Fund no less frequently than annually. The Report also discussed notable events affecting liquidity over the Program Reporting Period, including extended market holidays and the imposition of capital controls in certain non-U.S. countries.

The Report noted that the Program complied with the key factors for consideration under the Liquidity Rule for assessing, managing and periodically reviewing the Fund’s liquidity risk, as follows:

a) The Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions. During the Program Reporting Period, the Committee reviewed whether the Fund’s strategy is appropriate for an open-end fund structure, with a focus on funds with more significant and consistent holdings of less liquid and illiquid assets. The Committee also factored a fund’s concentration in an issuer into the liquidity classification methodology by taking issuer position sizes into account. Derivative exposure was also considered in the calculation of a fund’s liquidity bucketing. Finally, a factor for consideration under the Liquidity Rule is a Fund’s use of borrowings for investment purposes. However, the Funds do not borrow for investment purposes.

b) Short-term and long-term cash flow projections during both normal and reasonably foreseeable stressed conditions. During the Program Reporting Period, the Committee reviewed historical redemption activity and used this information as a component to establish each ETF’s reasonably anticipated trading size (“RATS”). The Committee may also take into consideration a fund’s shareholder ownership concentration (which, depending on product type and distribution channel, may or may not be available), a fund’s distribution channels, and the degree of certainty associated with a fund’s short-term and long-term cash flow projections.

c) Holdings of cash and cash equivalents, as well as borrowing arrangements. The Committee considered that ETFs generally do not hold more than de minimis amounts of cash. While the ETFs generally do not engage in borrowing, certain of the ETFs have the flexibility to draw on a line of credit to meet redemption requests or facilitate settlements.

d) The relationship between an ETF’s portfolio liquidity and the way in which, and the prices and spreads at which, ETF shares trade, including the efficiency of the arbitrage function and the level of active participation by market participants, including authorized participants. The Committee monitored the prevailing bid/ask spread and the ETF price premium (or discount) to NAV for all ETFs and reviewed any persistent deviations from long-term averages.

e) The effect of the composition of baskets on the overall liquidity of an ETF’s portfolio. In reviewing the linkage between the composition of custom baskets accepted by an ETF and any significant change in the liquidity profile of such ETF, the Committee reviewed changes in the proportion of each ETF’s portfolio comprised of less liquid and illiquid holdings to determine if applicable thresholds were met requiring enhanced review.

As part of BlackRock’s continuous review of the effectiveness of the Program, the Committee made the following material changes to the Program: (1) updates to certain model components in the Program’s methodology; and (2) certain iShares Funds entered into a $800 million credit agreement with a group of lenders that replaced a previous liquidity facility. The Report provided to the Board stated that the Committee concluded that based on the operation of the functions, as described in the Report, the Program is operating as intended and is effective in implementing the requirements of the Liquidity Rule.

S T A T E M E N T   R E G A R D I N G   L I Q U I D I T Y   R I S K   M A N A G E M E N T   P R O G R A M 21

Supplemental Information (unaudited)

Regulation Regarding Derivatives

On October 28, 2020, the Securities and Exchange Commission (the “SEC”) adopted regulations governing the use of derivatives by registered investment companies (“Rule 18f-4”). The Fund will be required to implement and comply with Rule 18f-4 by August 19, 2022. Once implemented, Rule 18f-4 will impose limits on the amount of derivatives a fund can enter into, eliminate the asset segregation framework currently used by funds to comply with Section 18 of the 1940 Act, treat derivatives as senior securities and require funds whose use of derivatives is more than a limited specified exposure amount to establish and maintain a comprehensive derivatives risk management program and appoint a derivatives risk manager.

Section 19(a) Notices

The amounts and sources of distributions reported are estimates and are being provided pursuant to regulatory requirements and are not being provided for tax reporting purposes. The actual amounts and sources for tax reporting purposes will depend upon the Fund’s investment experience during the year and may be subject to changes based on tax regulations. Shareholders will receive a Form 1099-DIV each calendar year that will inform them how to report these distributions for federal income tax purposes.

February 28, 2022

	Total Cumulative Distributions for the Fiscal Year-to-Date								% Breakdown of the Total Cumulative Distributions for the Fiscal Year-to-Date
iShares ETF	Net Investment Income		Net Realized Capital Gains		Return of Capital		Total Per Share		Net Investment Income			Net Realized Capital Gains			Return of Capital			Total Per Share
MSCI Russia(a)	$	1.427702	$	—	$	0.272784	$	1.700486		84	%		—	%		16	%		100	%

^(a) The Fund estimates that it has distributed more than its net investment income and net realized capital gains; therefore, a portion of the distribution may be a return of capital. A return of capital may occur, for example, when some or all of the shareholder’s investment in the Fund is returned to the shareholder. A return of capital does not necessarily reflect the Fund’s investment performance and should not be confused with “yield” or “income”. When distributions exceed total return performance, the difference will incrementally reduce the Fund’s net asset value per share.

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General Information

Electronic Delivery

Shareholders can sign up for e-mail notifications announcing that the shareholder report or prospectus has been posted on the iShares website at iShares.com. Once you have enrolled, you will no longer receive prospectuses and shareholder reports in the mail.

To enroll in electronic delivery:

• Go to icsdelivery.com.

• If your brokerage firm is not listed, electronic delivery may not be available. Please contact your broker-dealer or financial advisor.

Householding

Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents and Rule 30e-3 notices can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.

Availability of Quarterly Schedule of Investments

The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Fund’s Forms N-PORT are available on the SEC’s website at sec.gov. Additionally, the Fund makes its portfolio holdings for the first and third quarters of each fiscal year available at iShares.com/fundreports.

Availability of Proxy Voting Policies and Proxy Voting Records

A description of the policies and procedures that the iShares Funds use to determine how to vote proxies relating to portfolio securities and information about how the iShares Funds voted proxies relating to portfolio securities during the most recent twelve-month period ending June 30 is available without charge, upon request (1) by calling toll-free 1-800-474-2737; (2) on the iShares website at iShares.com; and (3) on the SEC website at sec.gov.

A description of the Company’s policies and procedures with respect to the disclosure of the Fund’s portfolio securities is available in the Fund Prospectus. The Fund discloses its portfolio holdings daily and provides information regarding its top holdings in Fund fact sheets at iShares.com.

G E N E R A L   I N F O R M A T I O N 23

Glossary of Terms Used in this Report

Portfolio Abbreviations - Equity
ADR	American Depositary Receipt
GDR	Global Depositary Receipt
NVS	Non-Voting Shares
PJSC	Public Joint Stock Company

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Want to know more?

iShares.com     |    1-800-474-2737

This report is intended for the Fund’s shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by the current prospectus.

Investing involves risk, including possible loss of principal.

The iShares Funds are distributed by BlackRock Investments, LLC (together with its affiliates, “BlackRock”).

The iShares Funds are not sponsored, endorsed, issued, sold or promoted by MSCI Inc., nor does this company make any representation regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the company listed above.

©2022 BlackRock, Inc. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.

iS-SAR-821-0222

FEBRUARY 28, 2022

2022 Semi-Annual Report

(Unaudited)

iShares, Inc.

·   iShares Core MSCI Emerging Markets ETF | IEMG | NYSE Arca

·   iShares MSCI BRIC ETF | BKF | NYSE Arca

·   iShares MSCI Emerging Markets Asia ETF | EEMA | NASDAQ

·   iShares MSCI Emerging Markets Small-Cap ETF | EEMS | NYSE Arca

The Markets in Review

Dear Shareholder,

The 12-month reporting period as of February 28, 2022 saw a continuation of the resurgent growth that followed the initial coronavirus (or “COVID-19”) pandemic reopening, albeit at a slower pace. The global economy weathered the emergence of several variant strains and the resulting peaks and troughs in infections amid optimism that increasing vaccinations and economic adaptation could help contain the pandemic’s disruptions. However, rapid changes in consumer spending led to supply constraints and elevated inflation. Moreover, while the foremost effect of Russia’s invasion of Ukraine has been a severe humanitarian crisis, the invasion has presented challenges for both investors and policymakers.

Equity prices were mixed, as persistently high inflation drove investors’ expectations for higher interest rates, which particularly weighed on relatively high valuation growth stocks and economically sensitive small-capitalization stocks. Overall, small-capitalization U.S. stocks declined, while large-capitalization U.S. stocks posted a solid advance. International equities from developed markets gained slightly, although emerging market stocks declined, pressured by rising interest rates and a strengthening U.S. dollar.

The 10-year U.S. Treasury yield (which is inversely related to bond prices) rose during the reporting period as the economy expanded rapidly and inflation reached its highest annualized reading in decades. In the corporate bond market, the improving economy assuaged credit concerns and led to modest returns for high-yield corporate bonds, outpacing the negative return of investment-grade corporate bonds.

The U.S. Federal Reserve (the “Fed”) maintained accommodative monetary policy during the reporting period by keeping near-zero interest rates. However, the Fed’s tone shifted during the period, as it reduced its bond-buying program and raised the prospect of higher rates in 2022. Continued high inflation and the Fed’s new stance led many analysts to anticipate that the Fed will raise interest rates multiple times throughout the year.

Looking ahead, however, the horrific war in Ukraine has significantly clouded the outlook for the global economy. Sanctions on Russia and general wartime disruption are likely to drive already-high commodity prices even further upwards, and we have already seen spikes in energy and metal markets. While this will exacerbate inflationary pressure, it could also constrain economic growth, making the Fed’s way forward less clear. Its challenge will be combating inflation without stifling a recovery that is now facing additional supply shocks.

In this environment, we favor an overweight to equities, as we believe low interest rates and continued economic growth will support further gains, albeit likely more modest than what we saw in 2021. Sectors that are better poised to manage the transition to a lower-carbon world, such as technology and health care, are particularly attractive in the long term. U.S. and other developed market equities have room for further growth, while we believe Chinese equities stand to gain from a more accommodative monetary and fiscal environment. We are underweight long-term credit, but inflation-protected U.S. Treasuries, Asian fixed income, and emerging market local-currency bonds offer potential opportunities. We believe that international diversification and a focus on sustainability can help provide portfolio resilience, and the disruption created by the coronavirus appears to be accelerating the shift toward sustainable investments.

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

Sincerely,

Rob Kapito

President, BlackRock, Inc.

Rob Kapito

President, BlackRock, Inc.

Total Returns as of February 28, 2022
	6-Month			12-Month
U.S. large cap equities (S&P 500® Index)		(2.62	)%		16.39	%
U.S. small cap equities (Russell 2000® Index)		(9.46	)		(6.01	)
International equities (MSCI Europe, Australasia, Far East Index)		(6.78	)		2.83
Emerging market equities (MSCI Emerging Markets Index)		(9.81	)		(10.69	)
3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)		0.02			0.04
U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)		(3.94	)		(1.67	)
U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)		(4.07	)		(2.64	)
Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)		(3.09	)		(0.66	)
U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)		(3.07	)		0.64
Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.

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

Table of Contents

	Page
The Markets in Review	2
Fund Summary	4
About Fund Performance	8
Shareholder Expenses	8
Schedules of Investments	9
Financial Statements
Statements of Assets and Liabilities	69
Statements of Operations	70
Statements of Changes in Net Assets	71
Financial Highlights	73
Notes to Financial Statements	77
Statement Regarding Liquidity Risk Management Program	87
Supplemental Information	88
General Information	89
Glossary of Terms Used in this Report	90

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

Investment Objective

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.

Performance

				Average Annual Total Returns									Cumulative Total Returns
	6 Months			1 Year			5 Years			Since Inception			1 Year			5 Years			Since Inception
Fund NAV		(9.58	)%		(9.49	)%		6.96	%		4.03	%		(9.49	)%		39.97	%		44.74	%
Fund Market		(8.65	)		(8.92	)		7.24			4.11			(8.92	)		41.81			45.89
Index		(9.52	)		(9.06	)		7.08			4.08			(9.06	)		40.75			45.44

The inception date of the Fund was 10/18/12. The first day of secondary market trading was 10/22/12.

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 8 for more information.

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value (09/01/21)	Ending Account Value (02/28/22)	Expenses Paid During the Period	(a)		Beginning Account Value (09/01/21)	Ending Account Value (02/28/22)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$      1,000.00	$         904.20	$        0.52			$      1,000.00	$      1,024.20	$       0.55		0.11	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” for more information.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of Total Investments	(a)
Information Technology	21.6	%
Financials	19.9
Consumer Discretionary	12.7
Communication Services	9.6
Materials	9.6
Industrials	6.6
Consumer Staples	5.9
Energy	4.4
Health Care	4.4
Real Estate	2.7
Utilities	2.6

TEN LARGEST GEOGRAPHIC ALLOCATION

Country/Geographic Region	Percent of Total Investments	(a)
China	29.3	%
Taiwan	17.0
India	13.6
South Korea	12.8
Brazil	5.1
Saudi Arabia	3.8
South Africa	3.8
Thailand	2.1
Mexico	2.1
Indonesia	1.7

^(a)  Excludes money market funds.

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

Fund Summary as of February 28, 2022 iShares^® MSCI BRIC ETF

Investment Objective

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

In response to recent negative developments that led to a material deterioration in the accessibility of the Russian equity market to 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.

Performance

				Average Annual Total Returns									Cumulative Total Returns
	6 Months			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		(16.95	)%		(22.90	)%		4.82	%		1.46	%		(22.90	)%		26.54	%		15.54	%
Fund Market		(14.84	)		(21.81	)		5.20			1.68			(21.81	)		28.86			18.13
Index		(15.84	)		(21.03	)		5.73			2.20			(21.03	)		32.10			24.30

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 8 for more information.

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value (09/01/21)	Ending Account Value (02/28/22)	Expenses Paid During the Period	(a)		Beginning Account Value (09/01/21)	Ending Account Value (02/28/22)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$      1,000.00	$         830.50	$        3.13			$      1,000.00	$      1,021.40	$      3.46		0.69	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” for more information.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of Total Investments	(a)
Consumer Discretionary	20.4	%
Financials	19.0
Communication Services	12.6
Information Technology	8.8
Materials	7.8
Consumer Staples	6.8
Energy	6.7
Industrials	5.8
Health Care	5.6
Utilities	3.6
Real Estate	2.9

GEOGRAPHIC ALLOCATION

Country/Geographic Region	Percent of Total Investments	(a)
China	63.9	%
India	24.8
Brazil	10.0
Russia	1.3

^(a)  Excludes money market funds.

F U N D   S U M M A R Y 5

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

Investment Objective

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.

Performance

				Average Annual Total Returns									Cumulative Total Returns
	6 Months			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		(9.99	)%		(13.41	)%		8.05	%		5.35	%		(13.41	)%		47.25	%		68.37	%
Fund Market		(9.52	)		(14.11	)		8.01			5.41			(14.11	)		47.02			69.40
Index		(10.32	)		(13.00	)		8.57			5.76			(13.00	)		50.89			75.13

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.

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 8 for more information.

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value (09/01/21)	Ending Account Value (02/28/22)	Expenses Paid During the Period	(a)		Beginning Account Value (09/01/21)	Ending Account Value (02/28/22)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$      1,000.00	$         900.10	$        2.31			$      1,000.00	$      1,022.40	$      2.46		0.49	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” for more information.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of Total Investments	(a)
Information Technology	27.8	%
Financials	16.9
Consumer Discretionary	14.9
Communication Services	10.5
Materials	6.1
Industrials	5.8
Consumer Staples	5.4
Health Care	4.4
Energy	3.5
Utilities	2.4
Real Estate	2.3

GEOGRAPHIC ALLOCATION

Country/Geographic Region	Percent of Total Investments	(a)
China	40.7	%
Taiwan	20.5
India	15.7
South Korea	15.7
Thailand	2.4
Indonesia	2.1
Malaysia	1.9
Philippines	1.0

^(a)  Excludes money market funds.

6 2 0 2 2   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Fund Summary as of February 28, 2022 iShares^® MSCI Emerging Markets Small-Cap ETF

Investment Objective

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.

Performance

				Average Annual Total Returns									Cumulative Total Returns
	6 Months			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		(6.92	)%		4.26	%		7.77	%		4.42	%		4.26	%		45.40	%		54.15	%
Fund Market		(6.43	)		3.82			7.85			4.39			3.82			45.91			53.60
Index		(7.45	)		4.36			7.81			4.69			4.36			45.63			58.13

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 8 for more information.

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value (09/01/21)	Ending Account Value (02/28/22)	Expenses Paid During the Period	(a)		Beginning Account Value (09/01/21)	Ending Account Value (02/28/22)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$      1,000.00	$         930.80	$        3.35			$      1,000.00	$      1,021.30	$       3.51		0.70	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” for more information.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of Total Investments	(a)
Information Technology	18.6	%
Industrials	15.5
Materials	12.9
Consumer Discretionary	11.9
Financials	11.1
Health Care	8.2
Real Estate	6.6
Consumer Staples	5.7
Communication Services	4.1
Utilities	3.4
Energy	2.0

TEN LARGEST GEOGRAPHIC ALLOCATION

Country/Geographic Region	Percent of Total Investments	(a)
Taiwan	22.8	%
India	21.2
South Korea	15.6
China	8.8
Brazil	6.2
South Africa	3.9
Thailand	3.9
Malaysia	2.8
Saudi Arabia	2.5
Indonesia	2.0

^(a) Excludes money market funds.

F U N D   S U M M A R Y 7

About Fund Performance

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

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

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

Shareholder Expenses

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

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

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

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

8 2 0 2 2   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Consolidated Schedule of Investments (unaudited)  February 28, 2022 iShares^® Core MSCI Emerging Markets ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Brazil — 3.9%
3R Petroleum Oleo E Gas SA(a)		1,394,830	$	9,244,057
AES Brasil Energia SA		2,007,017		4,464,448
Aliansce Sonae Shopping Centers SA		1,537,476		6,556,572
Alupar Investimento SA		1,725,541		8,613,332
Ambev SA		40,088,258		117,649,501
Americanas SA		5,521,429		32,356,488
Anima Holding SA(a)		2,980,163		4,129,482
Arezzo Industria e Comercio SA		574,268		9,004,929
Atacadao SA		3,353,082		12,359,973
B3 SA - Brasil, Bolsa, Balcao		51,816,519		145,779,812
Banco Bradesco SA		12,556,115		41,182,176
Banco BTG Pactual SA		10,001,886		49,692,244
Banco do Brasil SA		7,003,555		47,351,566
Banco Inter SA		3,011,818		11,678,328
Banco Santander Brasil SA		3,431,063		20,336,736
BB Seguridade Participacoes SA		5,491,609		24,215,329
BR Malls Participacoes SA(a)		6,650,472		12,055,016
BR Properties SA		2,615,828		3,802,016
BRF SA(a)		5,726,052		18,057,395
Camil Alimentos SA		1,635,078		2,899,947
CCR SA		10,266,954		23,357,704
Centrais Eletricas Brasileiras SA		2,797,400		18,878,970
Cia Brasileira de Distribuicao		1,537,733		7,050,156
Cia. de Locacao das Americas, NVS		2,996,540		14,621,575
Cia. de Saneamento Basico do Estado de Sao Paulo		2,787,604		22,368,340
Cia. de Saneamento de Minas Gerais-COPASA		1,924,860		5,285,404
Cia. de Saneamento do Parana		1,729,880		6,760,274
Cia. Siderurgica Nacional SA		6,085,320		29,950,320
Cielo SA, NVS		12,264,777		6,103,182
Cogna Educacao(a)		17,174,257		7,535,411
Cosan SA		8,915,784		36,552,776
CVC Brasil Operadora e Agencia de Viagens SA(a)		2,248,345		5,389,046
Cyrela Brazil Realty SA Empreendimentos e Participacoes, NVS		2,462,727		7,190,585
Dexco SA		3,422,159		9,117,804
EcoRodovias Infraestrutura e Logistica SA(a)		3,062,023		3,835,791
EDP - Energias do Brasil SA		2,753,055		11,055,008
Embraer SA(a)		6,365,599		21,678,641
Enauta Participacoes SA		1,367,701		4,585,431
Energisa SA		1,382,816		11,799,141
Eneva SA(a)		6,047,235		15,717,893
Engie Brasil Energia SA		1,365,162		10,576,134
Equatorial Energia SA		7,877,967		38,958,860
Ez Tec Empreendimentos e Participacoes SA		1,116,320		3,763,556
Fleury SA		1,951,768		6,774,641
GPS Participacoes e Empreendimentos SA(b)		2,020,423		5,922,933
Grendene SA		3,592,452		5,815,674
GRUPO DE MODA SOMA SA(a)		4,242,424		10,658,510
Grupo Mateus SA(a)		4,401,587		5,071,219
Grupo SBF SA(a)		1,099,661		4,855,036
Guararapes Confeccoes SA		980,061		2,300,162
Hapvida Participacoes e Investimentos SA(b)		35,730,419		83,637,595
Hypera SA		3,073,139		19,935,444
Iguatemi SA(a)		1,704,628		6,293,084
Instituto Hermes Pardini SA		634,769		2,266,580
Iochpe Maxion SA, NVS		1,298,788		3,273,419
IRB Brasil Resseguros S/A(a)		8,959,356		5,286,175

Security	Shares		Value
Brazil (continued)
JBS SA		6,562,122	$	45,966,323
JHSF Participacoes SA		3,605,330		3,827,258
Klabin SA		6,236,373		28,011,521
Light SA		3,113,445		5,917,302
Localiza Rent a Car SA		5,212,082		58,022,681
Locaweb Servicos de Internet SA(a)(b)		3,882,427		7,548,184
LOG Commercial Properties e Participacoes SA		709,082		3,794,183
Lojas Quero Quero S/A		1,990,574		3,089,533
Lojas Renner SA		8,321,051		41,129,568
M. Dias Branco SA		1,035,960		4,575,053
Magazine Luiza SA		25,524,203		29,447,277
Marfrig Global Foods SA		3,388,138		14,580,628
Meliuz SA(b)		5,389,457		2,439,946
Minerva SA		2,896,325		6,095,818
Movida Participacoes SA		1,633,254		5,158,283
MRV Engenharia e Participacoes SA		3,073,348		7,064,041
Multiplan Empreendimentos Imobiliarios SA, NVS		2,321,227		9,867,086
Natura & Co. Holding SA(a)		7,662,429		34,193,235
Odontoprev SA		2,639,366		5,882,823
Omega Energia SA(a)		3,083,905		6,483,043
Pet Center Comercio e Participacoes SA		2,470,363		8,326,721
Petro Rio SA(a)		5,813,410		29,544,417
Petroleo Brasileiro SA		32,110,752		228,320,842
Qualicorp Consultoria e Corretora de Seguros SA		2,025,035		5,027,582
Raia Drogasil SA		9,296,836		42,088,065
Rede D’Or Sao Luiz SA(b)		3,310,989		32,616,447
Rumo SA(a)		11,031,537		33,049,065
Santos Brasil Participacoes SA, NVS		4,803,787		5,992,780
Sao Martinho SA		1,720,441		13,299,999
Sendas Distribuidora SA		6,793,679		17,684,337
SIMPAR SA		3,813,956		7,746,415
SLC Agricola SA		1,151,348		9,780,979
Smartfit Escola de Ginastica e Danca SA(a)		1,290,007		4,594,703
Sul America SA		2,399,213		16,342,176
Suzano SA		6,429,372		69,301,982
Telefonica Brasil SA		4,082,016		40,030,918
TIM SA		6,752,696		17,911,443
TOTVS SA		4,443,117		28,463,624
Transmissora Alianca de Energia Eletrica SA		1,688,876		12,941,907
Ultrapar Participacoes SA		6,072,091		17,076,848
Vale SA		34,314,764		636,665,049
Vamos Locacao de Caminhoes Maquinas e Equipamentos SA		2,030,937		4,320,931
Via S/A(a)		10,640,317		7,795,845
Vibra Energia SA		10,076,905		45,899,458
Vivara Participacoes SA		1,106,075		5,597,007
WEG SA		14,378,921		81,467,910
YDUQS Participacoes SA		2,517,365		10,330,416
				2,820,963,473
Chile — 0.4%
Aguas Andinas SA, Class A		27,965,298		5,898,304
Banco de Chile		369,662,817		39,192,428
Banco de Credito e Inversiones SA		452,644		16,181,797
Banco Santander Chile		532,273,604		26,136,650
CAP SA		682,382		7,890,426
Cencosud SA		12,271,510		22,571,471
Cencosud Shopping SA		4,241,835		4,553,922
Cia. Cervecerias Unidas SA		1,059,183		8,397,259
Colbun SA		68,884,951		5,016,397
Empresa Nacional de Telecomunicaciones SA		1,635,047		6,076,188

S C H E D U L E   O F   I N V E S T M E N T S 9

Consolidated Schedule of Investments (unaudited) (continued) February 28, 2022 iShares^® Core MSCI Emerging Markets ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Chile (continued)
Empresas CMPC SA		9,320,811	$	15,399,398
Empresas COPEC SA		3,367,265		26,122,426
Enel Americas SA		179,597,321		21,029,308
Enel Chile SA		201,216,096		6,596,424
Engie Energia Chile SA		6,957,015		4,221,912
Falabella SA		6,173,993		20,317,319
Inversiones Aguas Metropolitanas SA		5,823,303		2,918,169
Itau CorpBanca Chile SA(a)		2,989,053,113		5,865,302
Parque Arauco SA(a)		5,637,665		5,626,309
SMU SA		22,133,721		2,218,379
Vina Concha y Toro SA		4,799,923		7,050,938
				259,280,726
China — 29.3%
360 DigiTech Inc., ADR		726,075		13,613,906
360 Security Technology Inc., Class A(a)		4,624,588		7,697,806
361 Degrees International Ltd.(a)		9,639,000		4,738,807
3SBio Inc.(a)(b)		10,494,000		8,340,311
51job Inc., ADR(a)(c)		253,087		13,109,907
AAC Technologies Holdings Inc.		6,081,500		16,628,038
Advanced Micro-Fabrication Equipment Inc., Class A(a)		356,217		7,267,483
AECC Aviation Power Co. Ltd., Class A		1,425,316		11,444,044
Agile Group Holdings Ltd.(c)		9,726,500		4,431,609
Agora Inc., ADR(a)(c)		446,804		5,397,392
Agricultural Bank of China Ltd., Class A		41,256,235		19,490,978
Agricultural Bank of China Ltd., Class H		212,728,000		80,564,149
Aier Eye Hospital Group Co. Ltd., Class A		2,814,524		16,273,909
Air China Ltd., Class A(a)		3,445,500		5,396,140
Air China Ltd., Class H(a)(c)		16,206,000		12,463,693
AK Medical Holdings Ltd.(b)(c)		4,722,000		3,252,217
Akeso Inc.(a)(b)(c)		2,473,000		6,530,562
Alibaba Group Holding Ltd.(a)		129,439,504		1,703,925,292
Alibaba Health Information Technology Ltd.(a)(c)		34,234,000		23,971,729
Alibaba Pictures Group Ltd.(a)(c)		111,730,000		11,170,684
A-Living Smart City Services Co. Ltd., Class A(b)		4,680,000		8,388,996
Alphamab Oncology(a)(b)(c)		3,773,000		4,484,062
Aluminum Corp. of China Ltd., Class A(a)		6,753,100		6,987,309
Aluminum Corp. of China Ltd., Class H(a)(c)		34,736,000		24,552,230
Anhui Conch Cement Co. Ltd., Class A		2,174,429		13,920,101
Anhui Conch Cement Co. Ltd., Class H		10,187,500		54,671,477
Anhui Gujing Distillery Co. Ltd., Class A		227,155		7,981,219
Anhui Gujing Distillery Co. Ltd., Class B		901,180		13,213,883
Anhui Kouzi Distillery Co. Ltd., Class A		482,708		5,798,603
Anjoy Foods Group Co Ltd., Class A		174,100		3,415,262
ANTA Sports Products Ltd.(c)		9,199,200		140,501,235
Ascentage Pharma Group International(a)(b)(c)		1,545,700		3,627,821
Asia Cement China Holdings Corp		5,390,000		3,369,456
Asymchem Laboratories Tianjin Co. Ltd., Class A		153,600		8,277,447
Autobio Diagnostics Co. Ltd., Class A		408,237		3,352,214
Autohome Inc., ADR		643,580		19,687,112
Avary Holding Shenzhen Co. Ltd., Class A		837,100		4,613,042
AVIC Electromechanical Systems Co. Ltd., Class A		2,255,200		4,462,529
AVIC Industry-Finance Holdings Co. Ltd., Class A		10,176,091		6,284,775
AviChina Industry & Technology Co. Ltd., Class H		21,661,000		13,447,959
Baidu Inc., ADR(a)		2,367,640		360,923,042
Bank of Beijing Co. Ltd., Class A		16,831,506		12,036,701
Bank of Chengdu Co. Ltd., Class A		3,466,008		7,926,539
Bank of China Ltd., Class A		18,391,100		9,031,981
Bank of China Ltd., Class H		683,868,000		266,230,969

Security	Shares		Value
China (continued)
Bank of Communications Co. Ltd., Class A		19,740,080	$	14,964,311
Bank of Communications Co. Ltd., Class H		71,342,000		48,907,029
Bank of Hangzhou Co. Ltd., Class A		4,350,997		9,889,711
Bank of Jiangsu Co. Ltd., Class A		11,371,008		12,003,573
Bank of Nanjing Co. Ltd., Class A		7,519,222		11,642,591
Bank of Ningbo Co. Ltd., Class A		3,473,193		21,000,826
Bank of Shanghai Co. Ltd., Class A		10,237,235		11,346,450
Baoshan Iron & Steel Co. Ltd., Class A		12,174,673		13,954,180
Baozun Inc., ADR(a)(c)		515,945		5,432,901
BBMG Corp., Class A		17,920,236		8,195,166
BeiGene Ltd., ADR(a)(c)		403,270		84,896,400
Beijing Capital International Airport Co. Ltd., Class H(a)		16,424,000		10,519,727
Beijing Chunlizhengda Medical Instruments Co. Ltd., Class H(a)(c)		1,042,000		1,431,866
Beijing Energy International Holding Co. Ltd.(a)		67,348,852		2,246,938
Beijing Enlight Media Co. Ltd., Class A		2,371,294		3,552,947
Beijing Enterprises Holdings Ltd.		3,695,000		12,631,365
Beijing Enterprises Water Group Ltd.		36,918,000		14,585,704
Beijing Gas Blue Sky Holdings Ltd.(a)(d)		92,816,000		716,317
Beijing Kingsoft Office Software Inc., Class A		237,051		8,042,346
Beijing New Building Materials PLC, Class A		1,158,519		5,494,732
Beijing Roborock Technology Co. Ltd., Class A		43,779		4,393,286
Beijing Shiji Information Technology Co. Ltd., Class A		819,559		3,113,313
Beijing Shunxin Agriculture Co. Ltd., Class A		626,600		2,711,972
Beijing Sinnet Technology Co. Ltd., Class A		1,643,687		3,915,072
Beijing Tiantan Biological Products Corp. Ltd., Class A		939,197		4,079,516
Beijing Tong Ren Tang Chinese Medicine Co. Ltd.		2,780,000		3,856,269
Beijing Wantai Biological Pharmacy Enterprise Co. Ltd., Class A		241,493		9,626,383
Beijing-Shanghai High Speed Railway Co. Ltd., Class A		20,708,000		16,965,392
BEST Inc., ADR(a)(c)		1,982,911		1,388,236
Betta Pharmaceuticals Co. Ltd., Class A		297,194		2,848,183
BGI Genomics Co. Ltd., Class A		338,400		4,577,679
Bilibili Inc., ADR(a)(c)		1,416,811		44,785,396
Bit Digital Inc.(a)		529,840		2,082,271
BOC Aviation Ltd.(b)		1,727,000		15,012,810
BOE Technology Group Co. Ltd., Class A		18,817,100		14,043,953
Bosideng International Holdings Ltd.(c)		28,046,000		15,957,254
Burning Rock Biotech Ltd., ADR(a)(c)		419,281		3,534,539
BYD Co. Ltd., Class A		1,027,586		41,321,088
BYD Co. Ltd., Class H		7,025,500		217,701,584
BYD Electronic International Co. Ltd.		5,800,500		16,367,918
By-Health Co Ltd, Class A		1,247,700		4,912,447
C&D International Investment Group Ltd.(c)		5,093,000		9,471,151
Caitong Securities Co. Ltd., Class A		4,266,331		6,352,962
Canaan Inc., ADR(a)(c)		847,615		4,466,931
CanSino Biologics Inc., Class H(a)(b)(c)		684,200		12,365,792
Canvest Environmental Protection Group Co. Ltd.		11,492,000		5,593,721
Central China Management Co. Ltd.		11,308,000		1,515,677
Central China Real Estate Ltd.		9,984,000		819,702
CGN New Energy Holdings Co. Ltd.(c)		12,680,000		8,439,002
CGN Power Co. Ltd., Class H(b)		88,055,000		24,964,560
Changchun High & New Technology Industry Group Inc., Class A		216,842		6,292,089
Changjiang Securities Co. Ltd., Class A		6,991,896		7,668,294

10 2 0 2 2   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Consolidated Schedule of Investments (unaudited) (continued) February 28, 2022 iShares^® Core MSCI Emerging Markets ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
China (continued)
Changzhou Xingyu Automotive Lighting Systems Co. Ltd., Class A		243,536	$	5,975,729
Chaozhou Three-Circle Group Co. Ltd., Class A		1,460,253		8,087,234
China Aircraft Leasing Group Holdings Ltd.		5,002,000		3,614,998
China Animal Healthcare Ltd.(a)(d)		1,237,000		2
China Aoyuan Group Ltd.		10,262,000		1,710,525
China BlueChemical Ltd., Class H		20,554,000		6,154,501
China Bohai Bank Co. Ltd., Class H(b)		23,488,000		3,907,353
China Cinda Asset Management Co. Ltd., Class H		67,607,000		12,203,978
China CITIC Bank Corp. Ltd., Class H		71,709,000		33,696,999
China Coal Energy Co. Ltd., Class H		17,670,000		11,014,310
China Communications Services Corp. Ltd., Class H		20,898,000		11,465,083
China Conch Venture Holdings Ltd.		14,168,500		68,182,194
China Construction Bank Corp., Class A		4,843,268		4,633,611
China Construction Bank Corp., Class H		820,279,000		615,180,174
China CSSC Holdings Ltd., Class A		2,711,701		9,427,329
China Datang Corp. Renewable Power Co. Ltd., Class H		22,535,000		8,539,579
China Dongxiang Group Co. Ltd.(c)		39,790,000		3,004,133
China East Education Holdings Ltd.(b)(c)		5,145,500		2,993,881
China Education Group Holdings Ltd.		7,793,000		6,676,460
China Energy Engineering Corp. Ltd.(a)		16,610,625		7,099,906
China Everbright Bank Co. Ltd., Class A		20,483,182		10,854,543
China Everbright Bank Co. Ltd., Class H		22,767,000		8,467,223
China Everbright Environment Group Ltd.		32,024,148		22,992,548
China Everbright Greentech Ltd.(b)(c)		14,308,000		4,729,506
China Everbright Ltd.		8,100,000		8,920,475
China Everbright Water Ltd.(c)		10,957,800		2,546,070
China Evergrande Group(c)		33,656,000		6,888,347
China Feihe Ltd.(b)		30,090,000		35,905,180
China Fiber Optic Network System Group Ltd.(d)		10,394,800		13
China Foods Ltd.		10,448,000		4,502,943
China Galaxy Securities Co. Ltd., Class H		35,197,500		20,146,454
China Gas Holdings Ltd.		25,927,000		40,974,308
China Greatwall Technology Group Co. Ltd., Class A		2,178,600		4,608,804
China Harmony Auto Holding Ltd.		7,952,500		3,755,115
China High Speed Transmission Equipment Group Co. Ltd.(a)(c)		5,069,000		3,845,767
China Hongqiao Group Ltd.		20,002,000		28,002,966
China Huishan Dairy Holdings Co. Ltd.(a)(d)		16,599,187		21
China Huiyuan Juice Group Ltd.(a)(d)		10,877,000		14
China International Capital Corp. Ltd., Class H(b)		13,896,800		33,809,830
China Jinmao Holdings Group Ltd.		46,732,000		15,540,420
China Jushi Co. Ltd., Class A		2,854,975		7,750,882
China Kepei Education Group Ltd.(c)		8,308,000		2,492,311
China Lesso Group Holdings Ltd.		9,765,000		15,034,044
China Life Insurance Co. Ltd., Class A		1,626,721		7,428,772
China Life Insurance Co. Ltd., Class H		63,029,000		104,415,718
China Lilang Ltd.		5,456,000		3,030,857
China Literature Ltd.(a)(b)(c)		3,543,400		19,230,557
China Logistics Property Holdings Co. Ltd.(a)(b)(c)		13,857,000		7,678,040
China Longyuan Power Group Corp. Ltd., Class H		28,831,000		59,495,354
China Lumena New Materials Corp.(a)(c)(d)		64,600		—
China Maple Leaf Educational Systems Ltd.(a)		19,056,000		1,004,940
China Medical System Holdings Ltd.		11,772,000		20,961,850
China Meidong Auto Holdings Ltd.		5,022,000		23,646,027
China Mengniu Dairy Co. Ltd.		27,005,000		175,597,785
China Merchants Bank Co. Ltd., Class A		10,985,716		86,839,064

Security	Shares		Value
China (continued)
China Merchants Bank Co. Ltd., Class H		33,033,464	$	278,449,182
China Merchants Land Ltd.		26,226,000		2,620,996
China Merchants Port Holdings Co. Ltd.		12,018,270		22,659,202
China Merchants Securities Co. Ltd., Class A		3,866,381		9,728,374
China Merchants Shekou Industrial Zone Holdings Co. Ltd., Class A		4,929,366		10,573,852
China Metal Recycling Holdings Ltd.(a)(d)		62,400		—
China Minsheng Banking Corp. Ltd., Class A		18,128,617		11,235,030
China Minsheng Banking Corp. Ltd., Class H		45,819,220		17,846,518
China Modern Dairy Holdings Ltd.(c)		28,392,000		5,246,889
China Molybdenum Co. Ltd., Class A		11,286,071		10,826,667
China Molybdenum Co. Ltd., Class H		26,298,000		15,828,838
China National Building Material Co. Ltd., Class H		34,482,850		44,235,571
China National Chemical Engineering Co. Ltd., Class A		4,722,422		7,836,045
China National Nuclear Power Co. Ltd., Class A		10,094,009		11,874,077
China New Higher Education Group Ltd.(b)		10,035,000		3,686,533
China Northern Rare Earth Group High-Tech Co. Ltd., Class A		2,004,000		15,763,348
China Oilfield Services Ltd., Class H		14,966,000		17,061,186
China Oriental Group Co. Ltd.		13,828,000		4,019,518
China Overseas Grand Oceans Group Ltd.		15,649,500		9,028,109
China Overseas Land & Investment Ltd.		32,124,000		98,079,929
China Overseas Property Holdings Ltd.		11,745,000		12,751,946
China Pacific Insurance Group Co. Ltd., Class A		3,805,642		16,005,167
China Pacific Insurance Group Co. Ltd., Class H		22,028,600		61,340,326
China Petroleum & Chemical Corp., Class A		17,338,050		11,975,469
China Petroleum & Chemical Corp., Class H		203,330,200		101,154,081
China Power International Development Ltd.		46,662,000		26,449,758
China Railway Group Ltd., Class A		11,416,266		11,263,527
China Railway Group Ltd., Class H		32,737,000		19,221,721
China Renaissance Holdings Ltd.(a)(b)		1,742,400		2,599,743
China Renewable Energy Investment Ltd.(d)		8,046		—
China Resources Beer Holdings Co. Ltd.		12,564,000		99,625,002
China Resources Cement Holdings Ltd.		19,794,000		16,937,523
China Resources Gas Group Ltd.		7,938,000		36,459,149
China Resources Land Ltd.		27,391,777		133,241,755
China Resources Medical Holdings Co. Ltd.		9,194,000		5,182,934
China Resources Microelectronics Ltd.		562,966		5,228,789
China Resources Mixc Lifestyle Services Ltd.(b)		4,902,400		25,216,287
China Resources Power Holdings Co. Ltd.		16,690,000		37,278,281
China Resources Sanjiu Medical & Pharmaceutical Co. Ltd., Class A		1,053,527		5,972,455
China Ruyi Holdings Ltd.(a)(c)		25,303,200		7,530,835
China SCE Group Holdings Ltd.		19,545,200		3,924,152
China Shenhua Energy Co. Ltd., Class A		3,751,429		15,019,706
China Shenhua Energy Co. Ltd., Class H		28,530,000		78,628,232
China Shineway Pharmaceutical Group Ltd.		4,310,000		3,529,803
China South City Holdings Ltd.		45,770,000		3,820,728
China Southern Airlines Co. Ltd., Class A(a)		6,598,384		7,244,876
China Southern Airlines Co. Ltd., Class H(a)(c)		13,020,000		8,237,300
China State Construction Engineering Corp. Ltd., Class A		19,634,319		15,861,498
China State Construction International Holdings Ltd.		17,448,000		24,572,304
China Suntien Green Energy Corp. Ltd., Class H		15,239,000		10,151,160
China Taiping Insurance Holdings Co. Ltd.		13,052,508		15,449,046
China Three Gorges Renewables Group Co. Ltd.		14,634,632		16,518,637
China Tobacco International HK Co. Ltd.(c)		3,470,000		6,488,705

S C H E D U L E   O F   I N V E S T M E N T S 11

Consolidated Schedule of Investments (unaudited) (continued) February 28, 2022 iShares^® Core MSCI Emerging Markets ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
China (continued)
China Tourism Group Duty Free Corp. Ltd., Class A		1,013,579	$	32,737,478
China Tower Corp. Ltd., Class H(b)		340,900,000		39,733,089
China Traditional Chinese Medicine Holdings Co. Ltd.		23,474,000		13,381,580
China Travel International Investment Hong Kong Ltd.(a)		31,628,000		6,212,401
China United Network Communications Ltd., Class A		15,823,925		9,587,065
China Vanke Co. Ltd., Class A		5,379,668		16,374,041
China Vanke Co. Ltd., Class H		13,742,087		32,639,954
China Vast Industrial Urban Development Co. Ltd.(b)		972,000		211,878
China Water Affairs Group Ltd.(c)		9,026,000		9,971,604
China Yangtze Power Co. Ltd., Class A		11,911,330		43,823,129
China Yuchai International Ltd.		133,281		1,648,686
China Yuhua Education Corp. Ltd.(b)(c)		14,946,000		3,869,498
China Zhenhua Group Science & Technology Co. Ltd., Class A		310,300		5,783,614
China Zheshang Bank Co. Ltd., Class A		19,060,700		10,357,735
China Zhongwang Holdings Ltd.(a)(c)(d)		15,649,600		2,460,908
Chinasoft International Ltd.		22,718,000		20,727,921
Chindata Group Holdings Ltd., ADR(a)(c)		930,165		5,106,606
Chongqing Brewery Co. Ltd., Class A(a)		317,900		6,750,266
Chongqing Changan Automobile Co. Ltd., Class A		3,453,096		7,139,832
Chongqing Zhifei Biological Products Co. Ltd., Class A		832,576		17,039,549
CIFI Ever Sunshine Services Group Ltd.		6,574,000		11,955,262
CIFI Holdings Group Co. Ltd.		29,306,500		20,418,169
CIMC Enric Holdings Ltd.(c)		7,368,000		8,812,668
CITIC Ltd.		49,570,000		57,844,434
CITIC Securities Co. Ltd., Class A		6,849,106		25,383,680
CITIC Securities Co. Ltd., Class H		21,718,900		52,618,408
CMGE Technology Group Ltd.(a)(c)		14,908,000		5,271,485
COFCO Joycome Foods Ltd.(a)(c)		21,791,000		9,506,652
Colour Life Services Group Co. Ltd.(c)		4,454,000		445,964
Concord New Energy Group Ltd.		78,670,000		7,377,298
Contemporary Amperex Technology Co. Ltd., Class A		1,240,247		106,238,687
COSCO SHIPPING Holdings Co. Ltd., Class A(a)		6,870,246		19,290,114
COSCO SHIPPING Holdings Co. Ltd., Class H(a)		28,485,100		57,574,789
COSCO SHIPPING International Hong Kong Co. Ltd.		11,888,000		3,747,212
COSCO SHIPPING Ports Ltd.		16,030,000		13,209,899
Country Garden Holdings Co. Ltd.		65,131,733		50,602,904
Country Garden Services Holdings Co. Ltd.		16,940,000		101,334,362
CPMC Holdings Ltd.		7,749,000		4,285,354
CRRC Corp. Ltd., Class A		12,430,200		11,425,829
CRRC Corp. Ltd., Class H		37,530,000		16,679,608
CSC Financial Co. Ltd., Class A		2,367,992		9,695,294
CSPC Pharmaceutical Group Ltd.		76,783,760		91,016,602
CStone Pharmaceuticals(a)(b)(c)		5,802,000		4,809,698
Dada Nexus Ltd., ADR(a)		515,949		4,287,536
Dali Foods Group Co. Ltd.(b)		18,016,000		9,488,707
Daqin Railway Co. Ltd., Class A		7,615,200		8,209,776
Daqo New Energy Corp., ADR(a)		500,805		24,018,608
DaShenLin Pharmaceutical Group Co. Ltd., Class A		670,374		3,789,953
DHC Software Co. Ltd., Class A		3,668,498		4,809,638
DiDi Global Inc., ADR(a)		1,896,225		7,774,522

Security	Shares		Value
China (continued)
Differ Group Holding Co. Ltd.(a)(c)		29,544,000	$	9,121,677
Digital China Holdings Ltd.		9,098,000		4,966,754
Dongfeng Motor Group Co. Ltd., Class H		23,056,000		19,844,903
Dongxing Securities Co. Ltd., Class A		3,514,467		5,750,070
Dongyue Group Ltd.		12,773,000		18,530,297
DouYu International Holdings Ltd., ADR(a)(c)		1,247,098		2,569,022
East Money Information Co. Ltd., Class A		5,581,993		23,791,970
Ecovacs Robotics Co. Ltd., Class A		300,000		6,433,796
EHang Holdings Ltd., ADR(a)(c)		258,882		3,846,987
ENN Energy Holdings Ltd.		6,780,100		98,192,072
Eve Energy Co. Ltd., Class A		1,027,831		14,750,156
Everbright Securities Co. Ltd., Class A		2,541,786		5,367,567
Everest Medicines Ltd.(a)(b)(c)		1,316,500		4,067,282
Excellence Commercial Property & Facilities Management Group Ltd.(a)		4,223,000		2,531,304
Fangda Carbon New Material Co. Ltd., Class A		3,056,284		5,011,085
Fanhua Inc., ADR		440,827		2,944,724
Far East Horizon Ltd.		14,392,000		12,265,595
Fiberhome Telecommunication Technologies Co. Ltd., Class A		1,342,698		3,669,220
FinVolution Group, ADR		1,023,213		4,164,477
Fire Rock Holdings Ltd.		19,116,000		1,214,800
First Capital Securities Co. Ltd., Class A		3,750,900		3,793,705
Flat Glass Group Co. Ltd., Class A		775,200		6,069,029
Flat Glass Group Co. Ltd., Class H(c)		3,565,000		14,741,894
Focus Media Information Technology Co. Ltd., Class A		8,530,999		10,379,405
Foshan Haitian Flavouring & Food Co. Ltd., Class A		1,825,305		28,767,307
Fosun International Ltd.		22,133,500		24,014,924
Founder Securities Co. Ltd., Class A		7,751,587		8,848,272
Foxconn Industrial Internet Co. Ltd., Class A		4,645,334		8,233,149
Fu Shou Yuan International Group Ltd.		9,795,000		7,260,845
Fufeng Group Ltd.(a)		17,086,400		6,397,572
Fuyao Glass Industry Group Co. Ltd., Class A		1,177,100		8,261,424
Fuyao Glass Industry Group Co. Ltd., Class H(b)		5,071,600		24,881,746
Ganfeng Lithium Co. Ltd., Class A		654,084		15,904,103
Ganfeng Lithium Co. Ltd., Class H(b)(c)		2,182,200		37,036,720
Gaotu Techedu Inc., ADR(a)(c)		1,129,144		1,976,002
GDS Holdings Ltd., ADR(a)(c)		762,824		33,960,924
Geely Automobile Holdings Ltd.		50,252,000		93,601,517
Gemdale Corp., Class A		3,115,396		6,268,472
Gemdale Properties & Investment Corp. Ltd., NVS		64,586,000		7,107,716
Genertec Universal Medical Group Co. Ltd.(b)(c)		11,355,500		8,025,765
Genscript Biotech Corp.(a)		10,040,000		39,808,781
GF Securities Co. Ltd., Class A		2,901,330		8,593,133
GF Securities Co. Ltd., Class H		10,074,800		15,125,117
Gigadevice Semiconductor Beijing Inc., Class A		382,035		9,354,597
Ginlong Technologies Co. Ltd., Class A		144,900		5,850,678
Glory Sun Financial Group Ltd.(a)(c)		151,896,000		3,382,119
GoerTek Inc., Class A		1,878,562		13,152,662
GOME Retail Holdings Ltd.(a)(c)		107,665,000		8,011,981
Gotion High-tech Co. Ltd., Class A(a)		940,400		6,453,007
Grand Pharmaceutical Group Ltd., Class A		12,761,000		10,097,936
Great Wall Motor Co. Ltd., Class A		1,278,900		7,469,314
Great Wall Motor Co. Ltd., Class H		26,359,000		55,493,608
Gree Electric Appliances Inc. of Zhuhai, Class A		1,514,800		8,817,629
Greenland Holdings Corp. Ltd., Class A		6,017,803		4,125,132
Greenland Hong Kong Holdings Ltd.		9,314,000		1,594,399
Greentown China Holdings Ltd.		7,322,500		10,999,002

12 2 0 2 2   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Consolidated Schedule of Investments (unaudited) (continued) February 28, 2022 iShares^® Core MSCI Emerging Markets ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
China (continued)
Greentown Management Holdings Co. Ltd.(b)		6,828,000	$	5,567,580
Greentown Service Group Co. Ltd.		12,444,000		12,500,280
Guangdong Haid Group Co. Ltd., Class A		1,009,920		10,572,309
Guangdong Investment Ltd.		24,860,000		33,453,968
Guangdong Kinlong Hardware Products Co. Ltd., Class A		237,400		3,985,236
Guangzhou Automobile Group Co. Ltd., Class H		25,169,200		24,918,812
Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class A		1,674,488		7,896,878
Guangzhou Kingmed Diagnostics Group Co. Ltd., Class A		317,300		4,229,461
Guangzhou R&F Properties Co. Ltd., Class H(c)		11,916,000		5,072,642
Guangzhou Shiyuan Electronic Technology Co. Ltd., Class A		469,783		6,398,086
Guangzhou Tinci Materials Technology Co. Ltd., Class A		581,498		9,868,759
Guosen Securities Co. Ltd., Class A		5,632,567		9,265,964
Guotai Junan Securities Co. Ltd., Class A		3,581,425		9,513,221
Guoyuan Securities Co. Ltd., Class A		4,492,071		5,050,947
Haidilao International Holding Ltd.(b)(c)		9,203,000		21,191,550
Haier Smart Home Co. Ltd., Class A		4,091,337		16,586,423
Haier Smart Home Co. Ltd., Class H		19,076,400		66,845,223
Hainan Meilan International Airport Co. Ltd., Class H(a)		1,756,000		4,967,145
Haitian International Holdings Ltd.		5,463,000		14,555,068
Haitong Securities Co. Ltd., Class A		6,040,131		10,784,059
Haitong Securities Co. Ltd., Class H		20,654,400		17,772,875
Hangzhou First Applied Material Co. Ltd., Class A		594,200		11,276,485
Hangzhou Robam Appliances Co. Ltd., Class A		817,809		4,325,492
Hangzhou Silan Microelectronics Co. Ltd., Class A		838,900		7,668,188
Hangzhou Steam Turbine Co. Ltd., Class B		3,907,263		7,439,930
Hangzhou Tigermed Consulting Co. Ltd., Class A		244,774		3,971,093
Hangzhou Tigermed Consulting Co. Ltd., Class H(b)		980,500		11,031,654
Hansoh Pharmaceutical Group Co. Ltd.(b)		10,030,000		21,410,979
Harbin Electric Co. Ltd., Class H		8,374,000		2,959,180
Hefei Meiya Optoelectronic Technology Inc., Class A		602,460		3,457,329
Hello Group Inc., ADR		1,285,907		12,254,694
Henan Shuanghui Investment & Development Co. Ltd., Class A		1,799,747		8,236,370
Hengan International Group Co. Ltd.		5,262,500		27,908,471
Hengli Petrochemical Co. Ltd., Class A		3,196,930		12,716,224
Hengyi Petrochemical Co. Ltd., Class A		3,286,961		5,241,476
Hi Sun Technology China Ltd.(a)(c)		25,368,000		3,217,720
Hithink RoyalFlush Information Network Co. Ltd., Class A		361,702		6,211,997
Hongfa Technology Co. Ltd., Class A		420,620		4,203,687
Hope Education Group Co. Ltd.(b)(c)		31,332,000		3,183,302
Hopson Development Holdings Ltd.(c)		6,313,490		12,996,656
Hoshine Silicon Industry Co. Ltd., Class A		254,500		6,053,741
Hua Han Health Industry Holdings Ltd.(a)(d)		22,424,288		29
Hua Hong Semiconductor Ltd.(a)(b)		4,479,000		23,334,555
Hua Medicine(a)(b)		6,793,000		3,303,227
Huabao International Holdings Ltd.(c)		8,359,000		4,795,625
Huadong Medicine Co. Ltd., Class A		1,193,051		7,197,787
Huafon Chemical Co. Ltd., Class A		3,409,866		5,215,293
Hualan Biological Engineering Inc., Class A		1,103,320		4,505,057
Huaneng Power International Inc., Class H		36,994,000		21,716,055
Huatai Securities Co. Ltd., Class A		3,958,551		9,977,122

Security	Shares		Value
China (continued)
Huatai Securities Co. Ltd., Class H(b)		12,229,400	$	20,023,225
Huaxia Bank Co. Ltd., Class A		12,091,018		10,792,855
Huaxin Cement Co. Ltd., Class A		1,292,269		4,204,561
Huayu Automotive Systems Co. Ltd., Class A		1,945,810		7,848,940
Huazhu Group Ltd., ADR(a)		1,565,252		64,738,823
Huizhou Desay Sv Automotive Co. Ltd., Class A		258,000		5,434,832
Humanwell Healthcare Group Co. Ltd., Class A		958,900		2,839,888
Hundsun Technologies Inc., Class A		1,104,787		9,181,707
Hutchmed China Ltd, ADR(a)(c)		753,688		20,537,998
HUYA Inc., ADR(a)(c)		691,475		3,630,244
Hygeia Healthcare Holdings Co. Ltd.(b)(c)		2,967,200		16,199,204
iClick Interactive Asia Group Ltd., ADR(a)(c)		724,513		1,753,321
Iflytek Co. Ltd., Class A		1,294,284		10,113,888
I-Mab, ADR(a)(c)		345,655		8,544,592
IMAX China Holding Inc.(b)		1,404,900		1,959,590
Imeik Technology Development Co. Ltd., Class A		118,100		9,127,584
Industrial & Commercial Bank of China Ltd., Class A		32,604,380		24,087,023
Industrial & Commercial Bank of China Ltd., Class H		489,560,000		292,245,318
Industrial Bank Co. Ltd., Class A		10,821,079		37,910,258
Industrial Securities Co. Ltd., Class A		5,874,924		7,641,689
Ingenic Semiconductor Co. Ltd., Class A		272,303		4,831,280
Inner Mongolia BaoTou Steel Union Co. Ltd., Class A(a)		26,188,100		11,177,714
Inner Mongolia Junzheng Energy & Chemical Industry Group Co. Ltd., Class A		5,658,600		4,453,941
Inner Mongolia Yili Industrial Group Co. Ltd., Class A		3,184,262		19,972,980
Inner Mongolia Yitai Coal Co. Ltd., Class B		10,508,195		10,123,143
Innovent Biologics Inc.(a)(b)(c)		9,997,000		45,116,264
Inspur Electronic Information Industry Co. Ltd., Class A		1,387,772		7,256,744
Inspur International Ltd.(a)		6,426,000		3,070,379
Intco Medical Technology Co. Ltd., Class A		347,450		2,817,861
iQIYI Inc., ADR(a)(c)		2,419,029		10,014,780
JA Solar Technology Co. Ltd., Class A		862,300		13,064,056
Jafron Biomedical Co. Ltd., Class A		558,173		4,062,937
Jason Furniture Hangzhou Co. Ltd., Class A		605,259		6,775,248
JCET Group Co. Ltd., Class A		1,171,000		5,231,286
JD Health International Inc.(a)(b)		3,016,800		22,516,522
JDcom Inc, Class A(a)		17,150,063		612,590,331
Jiangsu Eastern Shenghong Co. Ltd., Class A		2,264,100		6,870,800
Jiangsu Expressway Co. Ltd., Class H		9,706,000		10,384,859
Jiangsu Hengli Hydraulic Co. Ltd., Class A		793,296		8,455,742
Jiangsu Hengrui Medicine Co. Ltd., Class A		3,274,983		20,856,644
Jiangsu King’s Luck Brewery JSC Ltd., Class A		891,856		7,399,184
Jiangsu Yanghe Brewery Joint-Stock Co. Ltd., Class A		791,351		20,756,376
Jiangsu Zhongtian Technology Co. Ltd., Class A		1,753,500		5,211,763
Jiangxi Copper Co. Ltd., Class H		11,557,000		20,802,603
Jiangxi Zhengbang Technology Co. Ltd., Class A		2,661,200		2,913,797
Jiayuan International Group Ltd.		16,534,000		5,239,911
Jinchuan Group International Resources Co. Ltd.(c)		36,103,000		6,450,834
Jinke Properties Group Co. Ltd., Class A		3,826,200		2,725,731
JinkoSolar Holding Co. Ltd., ADR(a)(c)		322,585		16,326,027
Jinmao Property Services Co. Ltd.		705,921		179,403
Jinxin Fertility Group Ltd.(a)(b)(c)		10,966,500		12,822,925
JiuGui Liquor Co. Ltd., Class A		215,400		5,853,150

S C H E D U L E   O F   I N V E S T M E N T S 13

Consolidated Schedule of Investments (unaudited) (continued) February 28, 2022 iShares^® Core MSCI Emerging Markets ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
China (continued)
Jiumaojiu International Holdings Ltd.(b)(c)		6,366,000	$	14,301,224
JNBY Design Ltd.		2,573,500		3,474,002
Jonjee Hi-Tech Industrial And Commercial Holding Co. Ltd., Class A		610,442		3,348,473
JOYY Inc., ADR		476,741		22,068,341
Juewei Food Co. Ltd., Class A		462,300		3,883,243
JW Cayman Therapeutics Co. Ltd.(a)(b)(c)		2,056,500		2,612,581
Kaisa Group Holdings Ltd.(c)		27,556,000		2,510,140
Kangji Medical Holdings Ltd.(c)		3,802,500		3,810,047
Kanzhun Ltd.(a)(c)		643,791		20,794,449
KE Holdings Inc., ADR(a)		3,050,306		59,206,439
Kingboard Holdings Ltd.		5,990,200		28,023,042
Kingboard Laminates Holdings Ltd.		8,596,000		14,323,915
Kingdee International Software Group Co. Ltd.(a)(c)		22,385,000		55,327,702
Kingfa Sci & Tech Co. Ltd., Class A		1,979,800		3,384,355
Kingsoft Cloud Holdings Ltd., ADR(a)(c)		709,226		4,780,183
Kingsoft Corp. Ltd.		8,202,000		30,673,899
Konka Group Co. Ltd., Class B		9,737,118		2,689,329
Koolearn Technology Holding Ltd.(a)(b)(c)		3,614,000		2,267,142
Kuaishou Technology(a)(b)		4,042,200		46,778,002
Kuang-Chi Technologies Co. Ltd., Class A(a)		1,419,500		4,574,606
Kunlun Energy Co. Ltd.		34,056,000		33,500,321
Kweichow Moutai Co. Ltd., Class A		655,592		186,443,323
KWG Group Holdings Ltd.		10,939,000		5,121,896
KWG Living Group Holdings Ltd.		11,406,999		4,725,370
LB Group Co. Ltd., Class A		1,587,607		6,705,969
Lee & Man Paper Manufacturing Ltd.		12,846,000		8,258,114
Legend Biotech Corp., ADR(a)		390,062		15,442,555
Lenovo Group Ltd.(c)		62,478,000		69,573,562
Lens Technology Co. Ltd., Class A		2,831,515		6,550,307
Lepu Medical Technology Beijing Co. Ltd., Class A		1,468,900		5,016,883
LexinFintech Holdings Ltd., ADR(a)(c)		1,016,005		3,606,818
Li Auto Inc., ADR(a)(c)		4,759,198		144,917,579
Li Ning Co. Ltd.		19,995,500		199,718,038
Lifetech Scientific Corp., NVS(a)		32,488,000		12,893,204
Lingyi iTech Guangdong Co., Class A(a)		4,866,633		4,644,725
Logan Group Co. Ltd.(c)		11,087,000		3,688,762
Longfor Group Holdings Ltd.(b)		15,549,000		83,148,639
LONGi Green Energy Technology Co. Ltd., Class A		2,824,985		35,164,002
Lonking Holdings Ltd.		21,099,000		5,623,424
Lufax Holding Ltd., ADR(a)		5,175,127		33,483,072
Luxshare Precision Industry Co. Ltd., Class A		4,168,716		28,910,394
Luye Pharma Group Ltd., NVS(a)(b)		16,001,000		6,463,975
Luzhou Laojiao Co. Ltd., Class A		771,108		26,632,641
LVGEM China Real Estate Investment Co. Ltd.(a)(c)		11,842,000		2,030,594
Mango Excellent Media Co. Ltd., Class A		1,098,932		5,988,038
Maoyan Entertainment(a)(b)(c)		5,452,400		5,958,832
Maxscend Microelectronics Co. Ltd., Class A		189,420		8,139,920
Meinian Onehealth Healthcare Holdings Co. Ltd., Class A(a)		2,707,928		3,087,152
Meitu Inc.(a)(b)(c)		23,040,000		3,715,276
Meituan, Class B(a)(b)		34,909,900		775,528,923
Metallurgical Corp. of China Ltd., Class A		12,647,000		8,202,585
MH Development Ltd.(a)(d)		4,108,000		262,405
Microport Scientific Corp.(c)		5,572,300		15,499,805
Midea Real Estate Holding Ltd.(b)		2,701,000		3,957,687
Ming Yang Smart Energy Group Ltd., Class A		1,145,800		4,711,557
Ming Yuan Cloud Group Holdings Ltd.(c)		4,488,000		8,857,888

Security	Shares		Value
China (continued)
Minth Group Ltd.		6,502,000	$	23,509,962
MMG Ltd.(a)		25,143,999		9,107,899
Mobvista Inc.(a)(b)(c)		5,875,000		4,727,141
Montage Technology Co. Ltd., Class A		555,600		6,829,779
Muyuan Foods Co. Ltd., Class A		2,763,562		25,146,063
Nanjing Securities Co. Ltd., Class A		3,396,487		4,779,708
NARI Technology Co. Ltd., Class A		3,171,756		17,902,017
National Silicon Industry Group Co. Ltd., Class A(a)		1,342,419		5,217,414
NAURA Technology Group Co. Ltd., Class A		280,675		13,605,980
NavInfo Co. Ltd., Class A(a)		1,958,250		5,331,727
NetDragon Websoft Holdings Ltd.		2,800,000		6,278,883
NetEase Inc.		17,611,635		340,638,918
New China Life Insurance Co. Ltd., Class A		1,207,801		7,307,834
New China Life Insurance Co. Ltd., Class H		6,519,100		18,656,836
New Hope Liuhe Co. Ltd., Class A(a)		2,879,144		7,043,338
New Oriental Education & Technology Group Inc., ADR(a)		13,169,013		19,885,210
Newborn Town Inc.(a)		6,424,000		3,623,911
Nexteer Automotive Group Ltd.(c)		7,664,000		7,676,103
Nine Dragons Paper Holdings Ltd.		14,252,000		13,652,942
Ninestar Corp., Class A		1,120,500		8,916,455
Ningbo Tuopu Group Co. Ltd., Class A		622,200		6,014,068
Ningxia Baofeng Energy Group Co. Ltd., Class A		3,748,100		10,439,937
NIO Inc., ADR(a)(c)		11,235,982		256,629,829
Niu Technologies, ADR(a)(c)		314,761		3,915,627
Noah Holdings Ltd., ADR(a)(c)		291,618		8,270,286
Nongfu Spring Co. Ltd., Class H(b)		14,873,600		93,279,996
Offshore Oil Engineering Co. Ltd., Class A		2,570,800		2,013,060
OFILM Group Co. Ltd., Class A(a)		2,393,989		3,044,678
OneConnect Financial Technology Co. Ltd., ADR(a)		1,271,215		2,008,520
Oppein Home Group Inc., Class A		379,580		7,612,219
Orient Securities Co. Ltd., Class A		4,042,168		7,906,561
Ovctek China Inc., Class A		573,165		3,741,062
Peijia Medical Ltd.(a)(b)(c)		2,249,000		3,539,874
People’s Insurance Co. Group of China Ltd. (The), Class H		75,459,000		24,266,520
Perfect World Co. Ltd., Class A		1,323,186		2,778,767
PetroChina Co. Ltd., Class A		11,234,800		10,357,979
PetroChina Co. Ltd., Class H		180,422,000		96,638,646
Pharmaron Beijing Co. Ltd., Class A		388,700		7,459,806
Pharmaron Beijing Co. Ltd., Class H(b)		1,124,700		13,635,913
PICC Property & Casualty Co. Ltd., Class H		57,385,040		60,574,864
Pinduoduo Inc., ADR(a)(c)		3,743,351		194,130,183
Ping An Bank Co. Ltd., Class A		10,198,836		25,520,798
Ping An Healthcare and Technology Co. Ltd.(a)(b)(c)		3,966,000		12,290,288
Ping An Insurance Group Co. of China Ltd., Class A		5,875,612		47,363,937
Ping An Insurance Group Co. of China Ltd., Class H		54,004,500		418,732,660
Poly Developments and Holdings Group Co. Ltd., Class A		6,484,211		16,239,382
Poly Property Group Co. Ltd.		17,531,000		4,755,934
Postal Savings Bank of China Co. Ltd., Class A		12,910,500		11,436,968
Postal Savings Bank of China Co. Ltd., Class H(b)		68,325,000		56,100,555
Pou Sheng International Holdings Ltd.(a)		24,527,000		3,624,517
Power Construction Corp. of China Ltd., Class A		8,474,044		10,346,706
Powerlong Commercial Management Holdings Ltd.(c)		2,208,500		3,864,989
Powerlong Real Estate Holdings Ltd.		10,688,000		5,122,973

14 2 0 2 2   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Consolidated Schedule of Investments (unaudited) (continued) February 28, 2022 iShares^® Core MSCI Emerging Markets ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
China (continued)
Q Technology Group Co. Ltd.		4,707,000	$	4,445,191
Redco Properties Group Ltd.(b)(c)		10,976,000		3,005,738
Redsun Properties Group Ltd.(c)		16,239,000		4,654,795
RiseSun Real Estate Development Co. Ltd., Class A		6,375,562		3,982,183
RLX Technology Inc., ADR(a)(c)		5,052,579		15,561,943
Road King Infrastructure Ltd.		3,428,000		3,261,522
Rongsheng Petrochemical Co. Ltd., Class A		5,335,300		16,033,747
Ronshine China Holdings Ltd.(c)		6,932,500		2,220,099
SAIC Motor Corp. Ltd., Class A		3,953,900		11,401,275
Sangfor Technologies Inc., Class A		282,200		6,545,409
Sany Heavy Equipment International Holdings Co. Ltd.		10,583,000		10,974,536
Sany Heavy Industry Co. Ltd., Class A		4,454,211		13,918,631
Satellite Chemical Co. Ltd., Class A		999,600		7,167,805
SDIC Capital Co. Ltd., Class A		5,820,140		6,848,029
SDIC Power Holdings Co. Ltd., Class A		4,755,228		7,542,962
Seazen Group Ltd.		18,340,000		9,677,217
Seazen Holdings Co. Ltd., Class A		1,454,526		6,957,065
SF Holding Co. Ltd., Class A		2,489,092		23,881,557
SG Micro Corp., Class A		155,400		8,600,851
Shaanxi Coal Industry Co. Ltd., Class A		5,679,190		12,830,755
Shandong Gold Mining Co. Ltd., Class A		2,351,601		7,676,115
Shandong Gold Mining Co. Ltd., Class H(b)(c)		4,631,500		8,697,015
Shandong Hualu Hengsheng Chemical Co. Ltd., Class A		1,486,950		8,353,142
Shandong Linglong Tyre Co. Ltd., Class A		929,741		4,139,635
Shandong Weigao Group Medical Polymer Co. Ltd., Class H		21,503,600		29,692,015
Shanghai Bairun Investment Holding Group Co. Ltd., Class A		566,260		4,080,664
Shanghai Baosight Software Co. Ltd., Class A		827,467		7,078,248
Shanghai Baosight Software Co. Ltd., Class B		3,327,447		14,369,760
Shanghai Chlor-Alkali Chemical Co. Ltd., Class B		6,792,409		4,348,507
Shanghai Construction Group Co. Ltd., Class A		9,871,400		5,118,793
Shanghai Electric Group Co. Ltd., Class A		7,068,100		4,946,744
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class A		1,060,100		7,147,736
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class H		4,240,500		17,002,322
Shanghai Haixin Group Co., Class B		7,336,491		2,494,407
Shanghai Industrial Holdings Ltd.		4,992,000		7,588,995
Shanghai Industrial Urban Development Group Ltd.		28,906,200		2,750,531
Shanghai International Airport Co. Ltd., Class A(a)		706,703		5,879,442
Shanghai International Port Group Co. Ltd., Class A		9,105,900		8,242,790
Shanghai Jinjiang International Hotels Co. Ltd., Class A		717,678		6,420,216
Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd., Class B		10,700,113		9,533,801
Shanghai M&G Stationery Inc., Class A		668,947		5,766,311
Shanghai Pharmaceuticals Holding Co. Ltd., Class H		7,309,100		13,193,390
Shanghai Pudong Development Bank Co. Ltd., Class A		15,054,733		20,039,049
Shanghai Putailai New Energy Technology Co. Ltd., Class A		425,960		9,908,884
Shanghai RAAS Blood Products Co. Ltd., Class A		5,365,234		5,682,254
Shanxi Meijin Energy Co. Ltd., Class A(a)		2,804,943		6,411,586

Security	Shares		Value
China (continued)
Shanxi Xinghuacun Fen Wine Factory Co. Ltd., Class A		651,419	$	30,318,978
Shengyi Technology Co. Ltd., Class A		1,676,308		5,183,731
Shennan Circuits Co. Ltd., Class A		309,671		5,772,704
Shenwan Hongyuan Group Co. Ltd., Class A		13,746,692		10,009,926
Shenzhen Goodix Technology Co. Ltd., Class A		307,952		4,459,596
Shenzhen Inovance Technology Co. Ltd., Class A		1,391,982		14,167,342
Shenzhen International Holdings Ltd.		9,296,250		9,578,684
Shenzhen Investment Ltd.		26,516,000		5,977,572
Shenzhen Kangtai Biological Products Co. Ltd., Class A		401,700		5,369,736
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A		635,846		33,064,498
Shenzhen Overseas Chinese Town Co. Ltd., Class A		6,060,902		6,630,625
Shenzhen Sunway Communication Co. Ltd., Class A		877,900		2,970,000
Shenzhen Transsion Holding Co. Ltd., Class A		386,966		8,295,804
Shenzhou International Group Holdings Ltd.		7,045,300		118,337,141
Shimao Group Holdings Ltd.(c)		9,565,500		5,740,236
Shimao Services Holdings Ltd.(b)(c)		7,149,000		5,224,635
Shoucheng Holdings Ltd.		23,920,800		3,956,966
Shougang Fushan Resources Group Ltd.		30,050,000		9,936,481
Shui On Land Ltd.		45,217,666		6,604,328
Sichuan Chuantou Energy Co. Ltd., Class A		3,626,946		6,919,788
Sichuan Kelun Pharmaceutical Co. Ltd., Class A		1,536,320		4,234,097
Sichuan Swellfun Co. Ltd., Class A		332,800		5,265,824
Sihuan Pharmaceutical Holdings Group Ltd.(c)		35,429,000		7,596,983
Silergy Corp.		680,000		90,610,773
Sino Biopharmaceutical Ltd.		88,561,000		56,534,219
Sinofert Holdings Ltd.		32,008,000		4,594,487
Sinolink Securities Co. Ltd., Class A		2,824,700		4,551,420
Sinoma Science & Technology Co. Ltd., Class A		979,400		4,658,648
Sino-Ocean Group Holding Ltd.(c)		28,290,500		6,085,205
Sinopec Engineering Group Co. Ltd., Class H		15,110,500		7,228,645
Sinopec Kantons Holdings Ltd.		12,946,000		4,845,610
Sinopharm Group Co. Ltd., Class H		11,286,000		27,359,332
Sinotruk Hong Kong Ltd.		5,990,000		8,941,075
Skshu Paint Co. Ltd., Class A		299,680		4,219,459
Skyfame Realty Holdings Ltd.		51,006,000		5,547,961
Skyworth Group Ltd.(a)(c)		14,526,000		8,206,136
Smoore International Holdings Ltd.(b)		15,384,000		57,106,252
SOHO China Ltd.(a)		19,623,000		3,992,600
Sohu.com Ltd., ADR(a)(c)		291,441		5,345,028
Songcheng Performance Development Co. Ltd., Class A		2,146,656		5,267,409
SOS Ltd., ADR(a)(c)		2,031,915		1,479,234
SSY Group Ltd.(c)		12,052,411		5,628,366
StarPower Semiconductor Ltd., Class A		95,900		5,530,453
Sun Art Retail Group Ltd.		17,394,500		6,275,625
Sun King Technology Group Ltd.		9,396,000		3,831,396
Sunac China Holdings Ltd.		26,108,000		21,340,659
Sunac Services Holdings Ltd.(a)(b)		8,321,000		7,111,679
Sungrow Power Supply Co. Ltd., Class A		785,200		15,204,612
Suningcom Co Ltd, Class A(a)		7,050,071		4,021,734
Sunny Optical Technology Group Co. Ltd.		6,119,000		146,635,413
Sunwoda Electronic Co. Ltd., Class A		1,112,200		6,523,956
Superb Summit International Group Ltd.(a)(d)		1,998,771		624
Suzhou Dongshan Precision Manufacturing Co. Ltd., Class A		1,388,200		4,905,986

S C H E D U L E   O F   I N V E S T M E N T S 15

Consolidated Schedule of Investments (unaudited) (continued) February 28, 2022 iShares^® Core MSCI Emerging Markets ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
China (continued)
Suzhou Maxwell Technologies Co. Ltd., Class A		63,600	$	5,552,791
SuZhou TA&A Ultra Clean Technology Co. Ltd., Class A		363,800		5,193,700
SY Holdings Group Ltd.(c)		7,269,000		6,753,121
TAL Education Group, ADR(a)		3,570,146		10,139,215
TBEA Co. Ltd., Class A		2,094,201		6,748,168
TCL Electronics Holdings Ltd.		9,417,000		4,414,575
TCL Technology Group Corp., Class A		8,899,400		7,865,253
Tencent Holdings Ltd.		49,154,900		2,652,462,865
Tencent Music Entertainment Group, ADR(a)		5,711,087		30,782,759
Thunder Software Technology Co. Ltd., Class A		338,000		7,529,843
Tian Lun Gas Holdings Ltd.(c)		4,131,500		3,416,649
Tiangong International Co. Ltd.(c)		12,774,000		6,028,929
Tianjin Port Development Holdings Ltd.		47,558,000		3,831,880
Tianjin Zhonghuan Semiconductor Co. Ltd., Class A		1,794,991		13,743,098
Tianli Education International Holdings Ltd.(a)(d)		14,731,000		2,921,770
Tianma Microelectronics Co. Ltd., Class A		3,201,832		5,949,800
Tianneng Power International Ltd.(c)		5,996,000		5,500,654
Tianshui Huatian Technology Co. Ltd., Class A		2,787,007		5,311,772
Times Neighborhood Holdings Ltd.(c)		7,626,000		2,603,690
Tingyi Cayman Islands Holding Corp.		16,990,000		37,588,711
Toly Bread Co. Ltd., Class A		846,026		3,341,994
Tong Ren Tang Technologies Co. Ltd., Class H		6,922,000		5,990,576
Tongcheng Travel Holdings Ltd.(a)		8,269,600		15,401,702
Tongdao Liepin Group(a)		2,192,800		5,275,336
Tongwei Co. Ltd., Class A		2,362,659		16,203,668
Topchoice Medical Corp., Class A(a)		190,099		4,877,308
Topsports International Holdings Ltd.(b)		12,080,000		12,557,493
Towngas Smart Energy Co. Ltd.(a)		10,653,000		7,568,938
TravelSky Technology Ltd., Class H		7,765,000		14,626,571
Trina Solar Co. Ltd.		885,150		10,830,364
Trip.com Group Ltd., ADR(a)		4,355,774		112,466,085
Truly International Holdings Ltd.		16,942,000		5,878,681
Tsingtao Brewery Co. Ltd., Class A		477,800		7,123,811
Tsingtao Brewery Co. Ltd., Class H		4,432,000		42,639,564
Unigroup Guoxin Microelectronics Co. Ltd., Class A		355,010		12,467,404
Uni-President China Holdings Ltd.		11,145,000		11,589,401
Unisplendour Corp. Ltd., Class A		1,915,261		6,676,441
Untrade Cteg(d)		33,362,000		526,690
Untrade SMI Holdings(a)(d)		12,533,884		16
Up Fintech Holding Ltd., ADR(a)(c)		883,680		3,985,397
Uxin Ltd., ADR(a)(c)		2,184,871		2,250,417
Venus MedTech Hangzhou Inc., Class H(a)(b)(c)		2,035,500		5,659,146
Vinda International Holdings Ltd.(c)		3,419,000		9,734,695
Vipshop Holdings Ltd., ADR(a)		3,878,995		33,630,887
Viva Biotech Holdings(b)(c)		7,861,000		3,026,018
Vnet Group Inc., ADR(a)(c)		846,401		6,661,176
Walvax Biotechnology Co. Ltd., Class A		926,689		6,906,608
Wanhua Chemical Group Co. Ltd., Class A		1,714,386		25,956,671
Want Want China Holdings Ltd.(c)		42,493,000		45,234,882
Weibo Corp., ADR(a)(c)		521,731		14,311,081
Weichai Power Co. Ltd., Class A		3,961,200		9,584,415
Weichai Power Co. Ltd., Class H		16,206,000		27,422,642
Weimob Inc.(a)(b)(c)		16,582,000		10,966,568
Wens Foodstuffs Group Co. Ltd., Class A(a)		3,923,641		12,133,512
West China Cement Ltd.		28,416,000		4,878,282
Western Securities Co. Ltd., Class A		5,692,581		6,872,242
Wharf Holdings Ltd. (The)		12,061,000		43,636,586

Security	Shares		Value
China (continued)
Will Semiconductor Co. Ltd. Shanghai, Class A		467,303	$	18,338,289
Wingtech Technology Co. Ltd., Class A		729,400		13,592,959
Winning Health Technology Group Co. Ltd., Class A		1,929,785		3,507,930
Wisdom Education International Holdings Co. Ltd.(c)		7,518,000		413,008
Wuhan Guide Infrared Co. Ltd., Class A		1,977,257		7,032,169
Wuhu Sanqi Interactive Entertainment Network Technology Group Co. Ltd., Class A		1,395,037		4,632,832
Wuliangye Yibin Co. Ltd., Class A		2,012,015		60,906,116
WUS Printed Circuit Kunshan Co. Ltd., Class A		1,940,836		5,189,124
WuXi AppTec Co. Ltd., Class A		1,442,419		23,875,319
WuXi AppTec Co. Ltd., Class H(b)		2,876,307		40,942,655
Wuxi Biologics Cayman Inc., New(a)(b)		30,614,500		253,225,287
Wuxi Lead Intelligent Equipment Co. Ltd., Class A		606,287		6,535,749
Wuxi Shangji Automation Co. Ltd., Class A		164,100		4,143,048
XCMG Construction Machinery Co. Ltd., Class A		7,110,278		6,251,360
XD Inc.(a)(c)		1,812,600		5,894,964
Xiabuxiabu Catering Management China Holdings Co. Ltd.(b)		4,879,000		3,070,131
Xiaomi Corp., Class B(a)(b)		121,626,800		228,928,031
Xinjiang Goldwind Science & Technology Co. Ltd., Class A		1,782,006		4,253,558
Xinjiang Goldwind Science & Technology Co. Ltd., Class H		6,851,434		11,210,180
Xinyi Solar Holdings Ltd.(c)		41,780,800		75,889,215
XPeng Inc., ADR(a)(c)		3,345,332		121,669,725
Xtep International Holdings Ltd.(c)		11,594,000		19,235,328
Yadea Group Holdings Ltd.(b)		10,096,000		14,977,756
Yankuang Energy Group Co Ltd, Class H(c)		13,386,000		32,820,075
Yankuang Energy Group Co. Ltd., Class A		1,279,206		6,419,521
Yantai Jereh Oilfield Services Group Co. Ltd., Class A		768,868		5,508,331
Yeahka Ltd.(a)(c)		1,850,800		5,115,889
Yealink Network Technology Corp. Ltd., Class A		683,593		8,286,553
Yifeng Pharmacy Chain Co. Ltd., Class A		583,214		4,584,161
Yihai International Holding Ltd.(c)		4,048,000		16,937,228
Yihai Kerry Arawana Holdings Co. Ltd., Class A		828,600		7,049,006
Yonghui Superstores Co. Ltd., Class A		7,010,234		4,060,056
Yonyou Network Technology Co. Ltd., Class A		1,942,783		9,695,286
Youdao Inc., ADR(a)(c)		328,144		3,891,788
Youyuan International Holdings Ltd.(d)		5,307,000		79,456
Yuexiu Property Co. Ltd.		9,823,576		9,826,235
Yuexiu REIT		22,078,000		8,984,214
Yuexiu Transport Infrastructure Ltd.		13,692,000		8,497,709
Yum China Holdings Inc.		3,657,860		190,281,877
Yunda Holding Co. Ltd., Class A		2,031,537		6,257,205
Yunnan Baiyao Group Co. Ltd., Class A		716,552		10,237,591
Yunnan Energy New Material Co. Ltd., Class A		505,232		20,937,901
Yuzhou Group Holdings Co. Ltd.		22,573,921		1,793,510
Zai Lab Ltd., ADR(a)(c)		675,479		36,948,701
Zepp Health Corp., ADR(a)		332,416		1,209,994
Zhangzhou Pientzehuang Pharmaceutical Co. Ltd., Class A		322,169		18,546,900
Zhaojin Mining Industry Co. Ltd., Class H		10,636,500		9,385,807
Zhejiang Century Huatong Group Co. Ltd., Class A(a)		5,620,395		5,827,477
Zhejiang Chint Electrics Co. Ltd., Class A		1,283,373		10,228,913
Zhejiang Dahua Technology Co. Ltd., Class A		2,347,029		6,988,897
Zhejiang Dingli Machinery Co. Ltd., Class A		383,300		3,503,305

16 2 0 2 2   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Consolidated Schedule of Investments (unaudited) (continued) February 28, 2022 iShares^® Core MSCI Emerging Markets ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
China (continued)
Zhejiang Expressway Co. Ltd., Class H		13,000,000	$	11,727,397
Zhejiang Huahai Pharmaceutical Co. Ltd., Class A		1,204,562		4,416,422
Zhejiang Huayou Cobalt Co. Ltd., Class A		678,932		13,427,460
Zhejiang Jingsheng Mechanical & Electrical Co. Ltd., Class A		829,594		8,598,190
Zhejiang Longsheng Group Co. Ltd., Class A		3,125,874		6,110,604
Zhejiang NHU Co. Ltd., Class A		1,824,649		9,834,373
Zhejiang Sanhua Intelligent Controls Co. Ltd., Class A		2,171,616		6,948,005
Zhejiang Supor Co. Ltd., Class A		503,340		4,042,036
Zhejiang Wolwo Bio-Pharmaceutical Co. Ltd., Class A		360,498		2,610,953
Zhenro Properties Group Ltd.(c)		15,414,000		1,327,090
Zheshang Securities Co. Ltd., Class A		2,679,800		4,917,510
ZhongAn Online P&C Insurance Co. Ltd., Class H(a)(b)(c)		4,143,000		13,636,412
Zhongji Innolight Co. Ltd., Class A		707,374		4,312,415
Zhongsheng Group Holdings Ltd.		5,032,000		35,138,067
Zhou Hei Ya International Holdings Co. Ltd.(a)(b)(c)		8,099,500		5,411,336
Zhuguang Holdings Group Co. Ltd.		21,530,000		4,187,751
Zhuzhou CRRC Times Electric Co. Ltd.		4,701,400		24,506,146
Zijin Mining Group Co. Ltd., Class A		10,556,000		18,891,630
Zijin Mining Group Co. Ltd., Class H		49,526,000		73,505,568
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class A		3,603,700		4,036,929
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class H		11,517,400		7,661,416
ZTE Corp., Class A		1,967,239		9,103,750
ZTE Corp., Class H		6,551,240		16,139,282
ZTO Express Cayman Inc., ADR		3,714,493		109,354,674
				21,288,430,727
Colombia — 0.2%
Bancolombia SA		2,018,602		20,016,795
Cementos Argos SA		4,671,717		7,202,765
Corp. Financiera Colombiana SA(a)		962,141		6,769,437
Ecopetrol SA		40,086,075		33,223,443
Grupo Argos SA		2,909,116		9,532,016
Grupo de Inversiones Suramericana SA		2,050,011		16,636,466
Interconexion Electrica SA ESP		3,937,432		24,302,636
				117,683,558
Cyprus — 0.0%
Ros Agro PLC, GDR(d)(e)		300,309		879,658
Czech Republic — 0.1%
CEZ AS(c)		1,378,949		52,510,146
Komercni Banka AS(a)		660,807		25,996,419
Moneta Money Bank AS(b)		3,749,733		14,847,069
				93,353,634
Egypt — 0.1%
Commercial International Bank Egypt SAE(a)		14,645,212		44,606,628
Eastern Co. SAE		8,995,960		6,219,389
Egyptian Financial Group-Hermes Holding Co.(a)		7,461,846		8,245,806
EISewedy Electric Co.		7,321,416		3,876,622
Fawry for Banking & Payment Technology Services SAE(a)		4,549,919		2,807,455
Heliopolis Housing		5,875,237		1,859,722
Juhayna Food Industries		3,531,698		1,397,505
Palm Hills Developments SAE, NVS		18,657,826		1,796,384
Six of October Development & Investment		837,697		697,459

Security	Shares		Value
Egypt (continued)
Talaat Moustafa Group		7,956,441	$	4,751,730
Telecom Egypt Co.		4,044,325		4,559,494
				80,818,194
Greece — 0.3%
Alpha Services and Holdings SA(a)		19,046,203		25,989,298
Athens Water Supply & Sewage Co. SA		418,034		3,375,965
Eurobank Ergasias Services and Holdings SA, Class A(a)		22,707,102		24,874,056
FF Group(a)(d)		343,633		3,853
GEK Terna Holding Real Estate Construction SA(a)		618,752		6,022,940
Hellenic Telecommunications Organization SA		1,997,301		39,949,959
Holding Co. ADMIE IPTO SA		1,565,026		4,171,755
JUMBO SA		901,366		12,950,130
LAMDA Development SA(a)		606,984		4,575,947
Motor Oil Hellas Corinth Refineries SA		619,359		9,938,028
Mytilineos SA		808,294		13,023,456
National Bank of Greece SA(a)		4,941,105		18,326,907
OPAP SA		1,792,171		26,120,393
Piraeus Financial Holdings SA(a)		5,275,763		8,355,499
Public Power Corp. SA(a)(c)		1,350,707		12,840,188
Sarantis SA		250,656		2,038,330
Terna Energy SA		493,504		7,153,651
Titan Cement International SA(a)		373,805		5,448,652
				225,159,007
Hong Kong — 0.0%
China Youzan Ltd.(a)(c)		124,612,000		4,005,058
Hungary — 0.2%
Magyar Telekom Telecommunications PLC		4,975,157		6,252,213
MOL Hungarian Oil & Gas PLC		3,416,719		26,651,432
Opus Global Nyrt(a)(c)		2,034,983		1,061,554
OTP Bank Nyrt(a)		1,925,618		73,480,047
Richter Gedeon Nyrt		1,191,980		25,027,623
				132,472,869
India — 13.5%
3M India Ltd.(a)		28,333		8,004,150
Aarti Industries Ltd.		1,685,181		20,820,461
Aavas Financiers Ltd.(a)		303,506		11,317,171
ACC Ltd.		672,671		18,735,958
Adani Enterprises Ltd.		2,383,731		52,419,974
Adani Green Energy Ltd.(a)		3,388,499		83,381,007
Adani Ports & Special Economic Zone Ltd.		4,525,267		42,789,468
Adani Power Ltd.(a)		7,505,467		12,495,205
Adani Total Gas Ltd.		2,418,460		50,986,744
Adani Transmission Ltd.(a)		2,377,600		67,753,621
Aditya Birla Capital Ltd.(a)		5,889,746		8,310,219
Aditya Birla Fashion and Retail Ltd.(a)		2,935,467		10,544,852
Aegis Logistics Ltd.		1,521,758		3,431,866
Affle India Ltd.(a)		586,280		9,577,359
AIA Engineering Ltd.		395,323		8,540,575
Ajanta Pharma Ltd.		286,554		6,568,683
Alembic Pharmaceuticals Ltd.		539,768		5,215,623
Alkyl Amines Chemicals		138,581		5,554,324
Amara Raja Batteries Ltd.		1,045,460		7,820,212
Amber Enterprises India Ltd.(a)		272,959		12,653,378
Ambuja Cements Ltd.		6,240,983		26,156,608
APL Apollo Tubes Ltd.(a)		792,548		9,031,862
Apollo Hospitals Enterprise Ltd.		874,571		55,976,857
Apollo Tyres Ltd.		3,470,978		8,566,569

S C H E D U L E   O F   I N V E S T M E N T S 17

Consolidated Schedule of Investments (unaudited) (continued) February 28, 2022 iShares^® Core MSCI Emerging Markets ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
India (continued)
Ashok Leyland Ltd., NVS		12,892,017	$	20,435,685
Asian Paints Ltd.		3,351,775		141,649,741
Astral Ltd.		823,740		21,350,142
AstraZeneca Pharma India Ltd.		68,801		2,382,822
Atul Ltd.		122,842		15,159,742
AU Small Finance Bank Ltd.(a)(b)		732,376		11,765,661
Aurobindo Pharma Ltd.		2,508,127		20,878,775
Avanti Feeds Ltd.		649,954		4,148,386
Avenue Supermarts Ltd.(a)(b)		1,439,065		83,256,128
Axis Bank Ltd.(a)		19,365,916		192,132,118
Bajaj Auto Ltd.		598,805		28,178,348
Bajaj Consumer Care Ltd.		1,154,251		2,494,188
Bajaj Electricals Ltd.(a)		493,938		7,548,023
Bajaj Finance Ltd.		2,329,623		218,111,431
Bajaj Finserv Ltd.		336,813		72,208,830
Balkrishna Industries Ltd.		804,745		19,568,720
Balrampur Chini Mills Ltd.		1,492,745		7,919,684
Bandhan Bank Ltd.(b)		5,637,229		23,058,116
BASF India Ltd.		122,668		4,498,640
Bata India Ltd.		553,728		13,388,206
Bayer CropScience Ltd./India		125,031		7,331,834
Berger Paints India Ltd.		2,152,232		19,766,858
Bharat Electronics Ltd.		10,642,034		29,907,164
Bharat Forge Ltd.		2,020,559		18,303,687
Bharat Heavy Electricals Ltd.(a)		8,657,912		5,774,294
Bharat Petroleum Corp. Ltd.		7,349,585		34,281,729
Bharti Airtel Ltd.(a)		21,208,577		193,937,422
Biocon Ltd.(a)		3,572,869		16,605,233
Birla Corp. Ltd.		238,075		3,478,734
Birlasoft Ltd.		1,422,178		7,752,461
Blue Dart Express Ltd.		70,277		5,616,433
Blue Star Ltd.		526,240		7,502,680
Brigade Enterprises Ltd.		903,337		5,984,079
Brightcom Group Ltd.		3,204,566		5,095,153
Britannia Industries Ltd.		947,246		43,237,221
Can Fin Homes Ltd.		525,143		4,073,389
Canara Bank(a)		3,600,612		10,578,856
Carborundum Universal Ltd.		903,803		9,698,703
Ceat Ltd.		248,137		3,231,623
Central Depository Services India Ltd.		449,193		8,136,099
CESC Ltd.		6,065,320		6,326,273
CG Power and Industrial Solutions Ltd.(a)		4,888,120		11,202,543
Chambal Fertilizers and Chemicals Ltd.		1,809,764		9,132,339
Cholamandalam Financial Holdings Ltd.		933,186		8,000,153
Cholamandalam Investment and Finance Co. Ltd.		3,680,836		33,957,627
Cipla Ltd.		4,147,873		51,052,195
City Union Bank Ltd.		3,768,500		6,287,993
Clean Science and Technology(a)		193,747		4,737,127
Coal India Ltd.		12,847,590		29,059,200
Coforge Ltd.		206,453		12,497,014
Colgate-Palmolive India Ltd.		1,042,868		20,118,427
Computer Age Management Services Ltd.		214,936		7,158,356
Container Corp. of India Ltd.		2,296,570		18,380,785
Coromandel International Ltd.		826,952		8,521,590
CreditAccess Grameen Ltd.(a)		418,166		4,179,886
CRISIL Ltd.		193,833		7,441,069
Crompton Greaves Consumer Electricals Ltd.		4,341,855		24,832,778
Cummins India Ltd.		1,129,918		14,433,617
Cyient Ltd.		950,858		10,380,073
Dabur India Ltd.		5,411,775		40,574,413

Security	Shares		Value
India (continued)
Dalmia Bharat Ltd.		694,532	$	14,503,992
Deepak Nitrite Ltd.		636,038		16,995,543
Dhani Services Ltd.(a)		2,425,428		2,544,557
Dilip Buildcon Ltd.(b)		403,182		1,448,908
Divi’s Laboratories Ltd.		1,163,858		66,143,792
Dixon Technologies India Ltd.		285,960		16,462,373
DLF Ltd.		5,482,405		25,724,945
Dr Lal PathLabs Ltd.(b)		265,812		8,923,848
Dr. Reddy’s Laboratories Ltd.		994,638		53,703,569
Edelweiss Financial Services Ltd., NVS		4,737,362		3,454,280
Eicher Motors Ltd.		1,179,583		40,743,329
EIH Ltd.(a)		1,671,089		2,895,186
Emami Ltd.		1,806,866		11,916,733
Embassy Office Parks REIT		3,673,940		18,285,615
Endurance Technologies Ltd.(b)		331,433		5,819,762
Engineers India Ltd.		3,311,691		2,723,372
Escorts Ltd.		634,446		15,640,695
Exide Industries Ltd.		4,600,338		9,143,885
Federal Bank Ltd.		13,594,760		17,624,239
Finolex Cables Ltd.		844,015		4,649,308
Finolex Industries Ltd.		2,165,282		4,422,978
Firstsource Solutions Ltd.		2,549,570		4,328,458
Fortis Healthcare Ltd.(a)		4,480,033		14,685,452
GAIL India Ltd.		13,821,030		26,724,439
Gillette India Ltd.		66,039		4,552,065
GlaxoSmithKline Pharmaceuticals Ltd.		294,243		5,947,304
Glenmark Pharmaceuticals Ltd.		1,389,649		8,296,566
GMM Pfaudler Ltd.		74,614		4,352,229
GMR Infrastructure Ltd.(a)		22,560,024		11,430,627
GMR Power and Urban Infrastructure Ltd., NVS(a)		2,260,525		1,005,044
Godrej Consumer Products Ltd.(a)		3,302,797		33,777,461
Godrej Industries Ltd.(a)		893,924		6,183,549
Godrej Properties Ltd.(a)		1,060,887		21,251,741
Granules India Ltd.		1,513,212		5,869,604
Graphite India Ltd.		675,728		4,209,640
Grasim Industries Ltd.		2,522,515		53,832,059
Great Eastern Shipping Co. Ltd. (The)		1,075,656		4,661,374
Grindwell Norton Ltd.		382,935		8,212,862
Gujarat Fluorochemicals Ltd.(a)		278,178		9,557,249
Gujarat Gas Ltd.		1,600,095		12,440,507
Gujarat Pipavav Port Ltd.		3,157,699		3,536,470
Gujarat State Petronet Ltd.		2,443,661		9,432,557
Happiest Minds Technologies Ltd.		589,919		7,727,157
Havells India Ltd.		2,276,222		35,960,717
HCL Technologies Ltd.		9,293,604		139,750,038
HDFC Asset Management Co. Ltd.(b)		448,138		12,461,382
HDFC Life Insurance Co. Ltd.(b)		7,816,396		54,487,485
Hero MotoCorp Ltd.		1,036,080		35,096,344
HFCL Ltd.		5,523,994		5,389,116
Hindalco Industries Ltd.		14,009,181		107,662,295
Hindustan Petroleum Corp. Ltd.		5,726,090		20,830,567
Hindustan Unilever Ltd.		7,055,237		204,025,550
Housing Development Finance Corp. Ltd.		14,681,211		464,011,415
ICICI Bank Ltd.		43,846,853		434,291,387
ICICI Lombard General Insurance Co. Ltd.(b)		1,978,063		33,293,216
ICICI Prudential Life Insurance Co. Ltd.(b)		3,149,730		20,122,028
ICICI Securities Ltd.(b)		815,663		7,242,498
IDFC First Bank Ltd.(a)		23,248,194		13,090,016
IDFC Ltd.(a)		11,585,993		8,951,684
IIFL Wealth Management Ltd.		346,807		7,088,605

18 2 0 2 2   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Consolidated Schedule of Investments (unaudited) (continued) February 28, 2022 iShares^® Core MSCI Emerging Markets ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
India (continued)
India Cements Ltd. (The)		1,775,030	$	4,790,687
Indiabulls Housing Finance Ltd.		2,663,466		5,342,518
IndiaMART Intermesh Ltd.(b)		113,949		7,268,960
Indian Energy Exchange Ltd., NVS(b)		4,299,458		11,839,290
Indian Hotels Co. Ltd. (The)		6,897,272		18,410,769
Indian Oil Corp. Ltd.		16,074,663		24,672,882
Indian Railway Catering & Tourism Corp. Ltd.		2,168,896		23,534,526
Indraprastha Gas Ltd.		2,566,702		11,867,290
Indus Towers Ltd.(a)		5,543,767		15,911,768
Info Edge India Ltd.		680,934		40,477,340
Infosys Ltd.		28,848,328		657,449,549
Inox Leisure Ltd.(a)		613,043		3,351,951
Intellect Design Arena Ltd.(a)		768,256		6,714,853
InterGlobe Aviation Ltd.(a)(b)		877,877		21,976,723
Ipca Laboratories Ltd.		1,229,112		16,054,101
IRB Infrastructure Developers Ltd.(a)		1,318,038		3,791,594
ITC Ltd.		25,440,745		73,254,224
Jindal Steel & Power Ltd.(a)		3,799,344		21,666,828
JK Cement Ltd.		291,184		11,034,434
JM Financial Ltd.		3,935,766		3,573,667
JSW Steel Ltd.		7,468,902		62,662,074
Jubilant Foodworks Ltd.		725,932		28,223,737
Jubilant Pharmova Ltd.		846,218		4,463,774
Just Dial Ltd.(a)		338,392		3,369,367
Jyothy Labs Ltd.		1,593,877		2,905,210
Kajaria Ceramics Ltd.		803,539		11,585,780
Kansai Nerolac Paints Ltd.		1,154,401		6,981,767
Karur Vysya Bank Ltd. (The)		4,188,744		2,653,459
Kaveri Seed Co. Ltd.		328,500		2,130,154
KEC International Ltd.		1,093,073		6,785,121
KEI Industries Ltd.		738,477		9,756,146
Kotak Mahindra Bank Ltd.		4,762,820		117,242,019
KPIT Technologies Ltd.		1,427,370		10,872,663
KPR Mill Ltd.		762,477		6,434,394
L&T Finance Holdings Ltd.(a)		8,945,804		7,881,195
L&T Technology Services Ltd.(b)		261,198		15,820,555
Lakshmi Machine Works Ltd.		48,915		6,745,985
Larsen & Toubro Infotech Ltd.(b)		465,007		36,343,520
Larsen & Toubro Ltd.		5,932,804		143,827,110
Laurus Labs Ltd.(b)		2,876,703		20,788,868
LIC Housing Finance Ltd.		2,616,332		11,988,397
Linde India Ltd.		189,474		6,950,035
Lupin Ltd.		1,969,382		19,564,820
Mahanagar Gas Ltd.		632,169		6,128,546
Mahindra & Mahindra Financial Services Ltd.		5,359,293		10,411,766
Mahindra & Mahindra Ltd.		7,481,405		78,978,650
Mahindra CIE Automotive Ltd.(a)		1,089,661		2,828,037
Manappuram Finance Ltd.		4,721,114		7,174,607
Marico Ltd.		4,736,273		32,424,898
Maruti Suzuki India Ltd.		1,172,730		129,977,839
Max Financial Services Ltd.(a)		1,859,629		20,567,003
Max Healthcare Institute Ltd.(a)		2,112,658		10,536,685
Metropolis Healthcare Ltd.(b)		254,312		6,636,664
Minda Industries Ltd.		701,513		8,625,109
Mindspace Business Parks REIT(b)		1,434,878		6,794,139
Mindtree Ltd.		571,101		29,634,926
Motherson Sumi Systems Ltd.		11,218,733		22,555,711
Motherson Sumi Wiring India Ltd.(a)		11,155,134		6,879,844
Motilal Oswal Financial Services Ltd.		371,763		4,365,049
Mphasis Ltd.		770,405		32,006,696

Security	Shares		Value
India (continued)
MRF Ltd.		16,313	$	14,273,954
Multi Commodity Exchange of India Ltd.		211,585		3,597,760
Muthoot Finance Ltd.		1,074,187		19,461,514
Narayana Hrudayalaya Ltd.(a)		623,469		5,691,605
Natco Pharma Ltd., NVS		862,854		9,980,668
National Aluminium Co. Ltd.		9,577,842		15,574,577
Navin Fluorine International Ltd.		301,738		15,649,614
Nestle India Ltd.		296,623		69,663,322
Nippon Life India Asset Management Ltd.(b)		1,508,033		6,187,807
NTPC Ltd.		40,892,441		72,793,955
Nuvoco Vistas Corp. Ltd.(a)		945,269		4,363,545
Oberoi Realty Ltd.(a)		1,030,517		12,478,778
Oil & Natural Gas Corp. Ltd.		21,746,797		46,837,476
Oil India Ltd.		2,734,345		8,155,705
Oracle Financial Services Software Ltd.		149,769		6,770,484
Orient Electric Ltd.		1,102,081		4,847,316
Page Industries Ltd.		49,380		27,795,691
Persistent Systems Ltd.		436,509		22,946,680
Petronet LNG Ltd.		6,403,596		18,375,173
Phoenix Mills Ltd. (The)		673,593		8,603,793
PI Industries Ltd.		765,932		25,207,910
Pidilite Industries Ltd.		1,403,775		44,937,186
Piramal Enterprises Ltd.		941,504		26,028,349
PNB Housing Finance Ltd.(a)(b)		650,075		3,543,949
Polycab India Ltd.		396,249		12,552,733
Power Grid Corp. of India Ltd.		27,184,439		75,695,503
Praj Industries Ltd.		990,456		4,505,704
Prestige Estates Projects Ltd.		1,528,016		9,270,682
Procter & Gamble Health Ltd.		66,283		4,026,020
PVR Ltd.(a)		469,230		10,281,159
Quess Corp. Ltd.(b)		784,415		6,610,029
Radico Khaitan Ltd.		789,941		9,451,329
Rajesh Exports Ltd.		632,804		5,903,261
Rallis India Ltd.		1,073,371		3,345,426
Ramco Cements Ltd. (The)		1,076,858		11,292,182
RBL Bank Ltd.(a)(b)		3,727,614		6,653,556
REC Ltd.		7,892,998		12,857,383
Redington India Ltd.		5,240,038		10,729,725
Relaxo Footwears Ltd.		532,815		8,631,760
Reliance Industries Ltd.		24,379,105		767,495,677
Route Mobile Ltd.		243,631		4,843,240
Sanofi India Ltd.		88,275		8,510,583
SBI Cards & Payment Services Ltd.(a)		2,037,198		21,359,970
SBI Life Insurance Co. Ltd.(b)		3,937,450		55,679,421
Schaeffler India Ltd.		390,670		9,494,718
Sheela Foam Ltd.(a)		128,080		5,829,588
Shree Cement Ltd.		96,583		31,443,030
Shriram Transport Finance Co. Ltd.		1,754,964		26,378,891
Siemens Ltd.		653,163		20,434,036
SKF India Ltd.		102,663		4,910,426
Solar Industries India Ltd.		236,991		7,306,478
Sonata Software Ltd.		545,910		5,352,146
SRF Ltd.		1,319,543		41,993,597
State Bank of India		15,485,685		100,040,683
Sterlite Technologies Ltd.		1,762,921		4,157,847
Strides Pharma Science Ltd.		577,413		2,461,505
Sun Pharma Advanced Research Co. Ltd.(a)		1,054,438		3,782,080
Sun Pharmaceutical Industries Ltd.		7,290,091		81,892,701
Sun TV Network Ltd.		745,732		4,451,943
Sundaram Finance Ltd.		551,062		13,982,391

S C H E D U L E   O F   I N V E S T M E N T S 19

Consolidated Schedule of Investments (unaudited) (continued) February 28, 2022 iShares^® Core MSCI Emerging Markets ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
India (continued)
Sundram Fasteners Ltd.		813,779	$	9,261,072
Sunteck Realty Ltd.		632,293		4,109,483
Supreme Industries Ltd.		575,592		15,678,401
Suven Pharmaceuticals Ltd.		1,170,469		7,991,372
Symphony Ltd.		172,031		2,252,147
Syngene International Ltd.(a)(b)		1,208,481		8,724,540
Tanla Platforms Ltd.		546,961		11,468,928
Tata Chemicals Ltd.		1,467,276		16,484,528
Tata Communications Ltd.		917,289		14,476,195
Tata Consultancy Services Ltd.		7,890,096		373,767,441
Tata Consumer Products Ltd.		5,442,525		52,114,343
Tata Elxsi Ltd.		311,347		26,720,500
Tata Motors Ltd.(a)		14,249,186		86,381,150
Tata Power Co. Ltd. (The)		12,594,319		37,556,454
Tata Steel Ltd.		6,261,582		102,525,422
Tata Teleservices Maharastra Ltd.(a)		4,269,550		6,674,101
TeamLease Services Ltd.(a)		115,521		6,317,309
Tech Mahindra Ltd.		5,434,597		102,321,515
Thermax Ltd.		427,370		10,333,422
Titan Co. Ltd.		3,101,100		105,333,494
Torrent Pharmaceuticals Ltd.		452,548		16,562,857
Torrent Power Ltd.		1,674,634		10,602,387
Trent Ltd.		1,658,830		24,532,779
Trident Ltd.		9,052,614		6,125,582
TTK Prestige Ltd.		591,960		6,248,974
Tube Investments of India Ltd.		865,365		17,527,663
TV18 Broadcast Ltd.(a)		5,566,139		4,559,962
TVS Motor Co. Ltd.		1,624,812		13,369,446
UltraTech Cement Ltd.		895,104		78,341,079
United Spirits Ltd.(a)		2,669,409		31,519,532
UPL Ltd.		4,425,134		39,328,266
UTI Asset Management Co. Ltd.		385,097		4,286,009
Vardhman Textiles Ltd.		203,539		6,926,045
Varun Beverages Ltd.		1,379,527		17,355,415
Vedanta Ltd.		10,062,611		51,215,502
V-Guard Industries Ltd.		1,925,129		5,016,509
Vinati Organics Ltd.		284,673		7,030,072
VIP Industries Ltd.(a)		518,623		4,447,606
V-Mart Retail Ltd.(a)		116,626		5,296,212
Vodafone Idea Ltd.(a)		77,635,297		10,712,162
Voltas Ltd.		1,955,413		32,874,835
Welspun India Ltd.		3,396,420		4,763,575
Westlife Development Ltd.(a)		479,964		2,959,021
Whirlpool of India Ltd.		271,554		6,053,778
Wipro Ltd.		11,772,820		87,057,011
Yes Bank Ltd., (Acquired 03/16/20, Cost: $35,983,750)(a)(f)		12,578,231		1,976,583
Yes Bank Ltd.(a)		81,660,435		14,426,313
Zee Entertainment Enterprises Ltd.		7,455,175		22,837,177
Zensar Technologies Ltd.		871,520		4,044,809
Zomato Ltd.(a)		13,489,196		14,410,881
				9,840,653,254
Indonesia — 1.7%
Ace Hardware Indonesia Tbk PT		81,750,700		6,109,093
Adaro Energy Tbk PT		127,794,600		21,895,243
AKR Corporindo Tbk PT		103,912,500		5,496,745
Aneka Tambang Tbk		75,698,943		11,793,771
Astra Agro Lestari Tbk PT		6,039,200		4,792,596
Astra International Tbk PT		172,729,800		70,047,968
Bank Aladin Syariah Tbk PT(a)		47,069,000		7,371,424

Security	Shares		Value
Indonesia (continued)
Bank BTPN Syariah Tbk PT		25,137,500	$	6,308,649
Bank Central Asia Tbk PT		471,768,300		266,344,207
Bank Jago Tbk PT(a)		33,413,300		37,799,443
Bank Mandiri Persero Tbk PT		159,692,800		86,336,488
Bank Negara Indonesia Persero Tbk PT		64,499,500		36,139,940
Bank Pembangunan Daerah Jawa Barat Dan Banten Tbk PT		32,899,700		3,194,479
Bank Rakyat Indonesia Persero Tbk PT		580,294,695		185,555,114
Bank Tabungan Negara Persero Tbk PT(a)		47,135,776		5,859,404
Barito Pacific Tbk PT		249,149,500		15,535,781
Berkah Beton Sadaya Tbk(a)		19,506,400		6,019,520
BFI Finance Indonesia Tbk PT		69,909,400		6,252,772
Bukit Asam Tbk PT		36,589,200		8,038,124
Bumi Serpong Damai Tbk PT(a)		85,708,100		5,506,520
Charoen Pokphand Indonesia Tbk PT		66,195,500		26,803,942
Ciputra Development Tbk PT		107,370,527		6,925,551
Digital Mediatama Maxima Tbk PT(a)		23,859,500		3,155,359
Gudang Garam Tbk PT		3,884,500		8,512,543
Hanson International Tbk PT(a)(d)		783,666,700		1
Indah Kiat Pulp & Paper Tbk PT		24,577,400		13,889,101
Indo Tambangraya Megah Tbk PT		3,425,800		6,360,633
Indocement Tunggal Prakarsa Tbk PT		13,288,100		10,179,799
Indofood CBP Sukses Makmur Tbk PT		19,537,300		11,581,417
Indofood Sukses Makmur Tbk PT		37,560,700		16,246,071
Inti Agri Resources Tbk PT(a)(d)		291,349,000		—
Japfa Comfeed Indonesia Tbk PT		46,708,500		5,130,329
Jasa Marga Persero Tbk PT(a)		22,110,480		5,219,656
Kalbe Farma Tbk PT		177,818,600		20,359,964
Medco Energi Internasional Tbk PT(a)		101,086,080		4,267,661
Media Nusantara Citra Tbk PT		60,482,900		3,681,669
Merdeka Copper Gold Tbk PT(a)		97,124,200		26,298,833
Mitra Adiperkasa Tbk PT(a)		96,753,800		5,317,927
Pabrik Kertas Tjiwi Kimia Tbk PT		13,440,600		7,011,654
Pakuwon Jati Tbk PT(a)		185,006,800		5,956,354
Panin Financial Tbk PT(a)		206,424,000		2,428,180
Perusahaan Gas Negara Tbk PT(a)		95,459,700		9,651,711
Perusahaan Perkebunan London Sumatra Indonesia Tbk PT		37,122,700		3,680,695
Pool Advista Indonesia Tbk PT(a)(d)		12,679,400		—
PP Persero Tbk PT(a)		35,189,850		2,370,011
Sarana Menara Nusantara Tbk PT		203,594,000		14,722,738
Semen Indonesia Persero Tbk PT		24,901,000		12,578,269
Smartfren Telecom Tbk PT(a)		880,710,900		4,875,092
Sugih Energy Tbk PT(a)(d)		27,492,211		19
Summarecon Agung Tbk PT(a)		120,487,441		5,850,820
Surya Citra Media Tbk PT(a)		235,462,800		4,250,919
Telkom Indonesia Persero Tbk PT		423,095,300		127,737,929
Tower Bersama Infrastructure Tbk PT		73,828,500		15,182,786
Trada Alam Minera Tbk PT(a)(d)		280,960,700		—
Transcoal Pacific Tbk PT(a)		8,747,300		5,485,423
Unilever Indonesia Tbk PT		61,215,100		15,752,232
United Tractors Tbk PT		14,267,500		24,896,566
Waskita Karya Persero Tbk PT(a)		122,602,144		4,895,970
Wijaya Karya Persero Tbk PT(a)		39,434,623		2,799,768
XL Axiata Tbk PT		35,538,700		7,100,309
				1,247,555,182
Kuwait — 0.7%
Agility Public Warehousing Co. KSC		10,711,358		36,454,310
Boubyan Bank KSCP(a)		11,780,928		32,072,759
Boubyan Petrochemicals Co. KSCP		3,902,966		12,129,962

20 2 0 2 2   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Consolidated Schedule of Investments (unaudited) (continued) February 28, 2022 iShares^® Core MSCI Emerging Markets ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Kuwait (continued)
Gulf Bank KSCP		12,928,346	$	13,273,159
Humansoft Holding Co. KSC		876,531		10,669,241
Kuwait Finance House KSCP		40,550,417		126,850,222
Kuwait International Bank KSCP(a)		8,362,122		6,386,446
Mabanee Co. KPSC(a)		5,109,237		14,308,563
Mobile Telecommunications Co. KSCP		18,982,362		38,918,168
National Bank of Kuwait SAKP		58,757,646		205,972,716
National Industries Group Holding SAK(a)		15,113,923		14,410,786
National Real Estate Co. KPSC(a)		7,169,622		5,246,776
Qurain Petrochemical Industries Co		5,878,120		7,643,517
Shamal Az-Zour Al-Oula for the First Phase of Az-Zour Power Plant KSC		5,794,994		4,229,503
Warba Bank KSCP(a)		13,330,846		12,234,353
				540,800,481
Malaysia — 1.6%
AEON Credit Service M Bhd(c)		2,322,700		8,121,290
Alliance Bank Malaysia Bhd		10,748,700		8,798,161
AMMB Holdings Bhd(a)		14,324,800		11,488,397
Axiata Group Bhd		23,796,000		22,274,212
Berjaya Sports Toto Bhd		7,708,122		3,512,078
Bermaz Auto Bhd		9,661,100		4,118,940
British American Tobacco Malaysia Bhd(c)		1,436,800		4,175,053
Bursa Malaysia Bhd		5,536,100		8,326,409
Carlsberg Brewery Malaysia Bhd(c)		1,587,000		7,635,441
CIMB Group Holdings Bhd		55,788,200		75,994,331
CTOS Digital BHD		9,466,600		3,593,482
D&O Green Technologies Bhd(c)		5,240,900		5,920,273
Dialog Group Bhd		33,564,496		22,612,877
DiGi.Com Bhd		27,391,000		26,480,368
DRB-Hicom Bhd		9,559,000		3,378,665
Fraser & Neave Holdings Bhd(c)		1,329,400		7,155,994
Frontken Corp. Bhd(c)		11,850,700		8,233,367
Gamuda Bhd, NVS		15,689,200		10,773,277
Genting Bhd		17,429,300		19,319,602
Genting Malaysia Bhd		25,915,700		18,548,308
Genting Plantations Bhd		4,581,100		9,940,174
Greatech Technology Bhd(a)(c)		3,920,000		3,936,311
HAP Seng Consolidated Bhd(c)		5,715,100		10,318,080
Hartalega Holdings Bhd		14,354,800		15,795,921
Hong Leong Bank Bhd		5,745,000		27,503,970
Hong Leong Financial Group Bhd		2,443,000		11,241,815
Hong Seng Consolidated Bhd(a)(c)		12,249,200		9,341,400
IGB REIT, NVS(c)		14,978,800		5,066,070
IHH Healthcare Bhd		16,616,400		26,069,064
IJM Corp. Bhd		24,896,000		9,152,958
Inari Amertron Bhd		24,282,800		18,801,521
IOI Corp. Bhd		20,603,900		22,639,655
Kossan Rubber Industries Bhd(c)		11,479,100		4,729,985
KPJ Healthcare Bhd		33,708,500		8,349,849
Kuala Lumpur Kepong Bhd		3,785,400		23,441,801
Lotte Chemical Titan Holding Bhd(b)(c)		5,025,400		2,609,354
Magnum Bhd, NVS(c)		10,464,386		4,721,830
Mah Sing Group Bhd(c)		13,123,223		2,109,843
Malayan Banking Bhd		36,814,100		76,921,503
Malaysia Airports Holdings Bhd(a)		9,502,200		13,918,907
Malaysia Building Society Bhd		30,506,800		4,214,349
Malaysian Pacific Industries Bhd		957,000		8,238,878
Malaysian Resources Corp. Bhd		29,531,900		2,497,040
Maxis Bhd		20,546,400		19,698,637
Mega First Corp BHD		6,895,400		5,841,840

Security	Shares		Value
Malaysia (continued)
MISC Bhd		10,880,000	$	19,082,971
My EG Services Bhd(c)		52,583,900		12,067,457
Nestle Malaysia Bhd		543,300		17,361,968
Padini Holdings Bhd		3,617,300		2,911,273
Pentamaster Corp. Bhd		6,729,800		5,241,412
Petronas Chemicals Group Bhd		21,300,400		48,450,356
Petronas Dagangan Bhd		2,540,100		13,019,638
Petronas Gas Bhd		6,616,800		27,468,977
PPB Group Bhd		5,921,420		25,301,959
Press Metal Aluminium Holdings Bhd		28,309,300		46,052,761
Public Bank Bhd		121,762,000		129,316,754
QL Resources Bhd		10,663,543		12,572,237
RHB Bank Bhd		13,603,566		19,171,444
Scientex BHD		8,605,800		9,080,313
Serba Dinamik Holdings Bhd(a)(c)(d)		33,894,920		2,375,187
Sime Darby Bhd		22,753,700		12,322,008
Sime Darby Plantation Bhd		16,806,100		19,717,552
Sime Darby Property Bhd(c)		34,798,300		5,097,286
SKP Resources Bhd		11,018,225		3,929,073
SP Setia Bhd Group(a)		19,448,500		5,928,608
Sunway Construction Group Bhd		6,904,270		2,483,136
Sunway REIT		21,271,900		7,042,501
Supermax Corp. Bhd		13,863,627		3,467,145
Telekom Malaysia Bhd		9,509,600		11,460,897
Tenaga Nasional Bhd		16,816,300		36,760,256
TIME dotCom Bhd		11,714,200		11,857,890
Top Glove Corp. Bhd(c)		45,110,600		22,026,136
UMW Holdings Bhd		3,239,800		2,373,051
UWC BHD(c)		3,735,600		3,615,789
ViTrox Corp. Bhd		4,036,000		7,192,310
VS Industry Bhd		29,263,350		8,056,388
Westports Holdings Bhd		8,974,500		8,357,817
Yinson Holdings BHD(c)		5,989,700		7,519,201
				1,196,243,031
Mexico — 2.1%
Alfa SAB de CV, Class A		24,007,200		17,981,077
Alsea SAB de CV(a)		4,943,195		10,706,515
America Movil SAB de CV, Series L, NVS		268,740,372		242,877,998
Arca Continental SAB de CV		3,227,538		21,293,147
Banco del Bajio SA(b)		6,801,797		16,522,113
Becle SAB de CV		4,543,275		11,393,126
Bolsa Mexicana de Valores SAB de CV		4,516,478		8,648,809
Cemex SAB de CV, NVS(a)		129,918,283		66,732,110
Coca-Cola Femsa SAB de CV		4,030,300		22,134,082
Controladora Vuela Cia. de Aviacion SAB de CV, Class A(a)		7,275,459		13,853,957
Corp Inmobiliaria Vesta SAB de CV		5,010,000		9,023,920
Fibra Uno Administracion SA de CV		28,173,300		31,748,438
Fomento Economico Mexicano SAB de CV		16,263,245		131,044,545
GCC SAB de CV(c)		1,740,857		11,497,765
Genomma Lab Internacional SAB de CV, Class B(c)		8,014,924		7,310,130
Gentera SAB de CV(a)		10,030,892		7,434,644
Gruma SAB de CV, Class B		1,688,630		22,901,751
Grupo Aeroportuario del Centro Norte SAB de CV		2,380,352		17,191,625
Grupo Aeroportuario del Pacifico SAB de CV, Class B		3,158,600		45,943,974
Grupo Aeroportuario del Sureste SAB de CV, Class B		1,777,025		38,428,892
Grupo Bimbo SAB de CV, Series A		13,373,302		41,182,274

S C H E D U L E   O F   I N V E S T M E N T S 21

Consolidated Schedule of Investments (unaudited) (continued) February 28, 2022 iShares^® Core MSCI Emerging Markets ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Mexico (continued)
Grupo Carso SAB de CV, Series A1		4,130,336	$	12,577,953
Grupo Comercial Chedraui SA de CV		3,647,759		8,230,211
Grupo Financiero Banorte SAB de CV, Class O		21,993,878		148,773,588
Grupo Financiero Inbursa SAB de CV, Class O(a)		19,199,142		31,290,824
Grupo Herdez SAB de CV		3,029,800		4,278,200
Grupo Mexico SAB de CV, Series B		26,595,120		136,436,173
Grupo Televisa SAB de CV, CPO		20,694,456		44,357,532
Industrias Penoles SAB de CV		1,190,420		14,857,437
Kimberly-Clark de Mexico SAB de CV, Class A		12,060,275		16,923,602
La Comer SAB de CV(c)		5,594,996		10,137,703
Macquarie Mexico Real Estate Management SA de CV(b)		9,641,100		11,617,711
Megacable Holdings SAB de CV, CPO		2,780,477		8,188,974
Nemak SAB de CV(a)(b)		13,781,224		2,873,191
Orbia Advance Corp. SAB de CV		9,233,083		23,586,490
PLA Administradora Industrial S. de RL de CV		7,753,849		10,214,289
Prologis Property Mexico SA de CV		3,831,358		9,216,884
Promotora y Operadora de Infraestructura SAB de CV		1,684,870		13,175,567
Qualitas Controladora SAB de CV		1,691,078		9,285,613
Regional SAB de CV		1,974,547		11,682,809
Telesites SAB de CV(c)		12,643,695		14,019,741
Wal-Mart de Mexico SAB de CV		43,702,896		166,225,067
				1,503,800,451
Peru — 0.2%
Cia. de Minas Buenaventura SAA, ADR(a)		1,892,491		18,735,661
Credicorp Ltd.		568,920		86,049,150
Intercorp Financial Services Inc.		273,739		8,841,769
Southern Copper Corp.		716,238		49,699,755
				163,326,335
Philippines — 0.8%
Aboitiz Equity Ventures Inc.		17,776,490		20,768,710
AC Energy Corp.		58,172,100		9,644,292
Alliance Global Group Inc.		38,400,000		9,586,893
Ayala Corp.		2,431,155		40,305,866
Ayala Land Inc.		68,993,240		52,596,050
Bank of the Philippine Islands		15,365,063		30,029,633
BDO Unibank Inc.		17,389,896		44,068,859
Bloomberry Resorts Corp.(a)		41,871,300		6,043,449
Cebu Air Inc.(a)		2,824,830		2,551,672
Cosco Capital Inc., NVS		31,994,700		3,180,746
D&L Industries Inc.		31,990,300		5,016,741
DMCI Holdings Inc.		34,280,100		5,669,890
Filinvest Land Inc.		110,021,000		2,360,505
Globe Telecom Inc.		263,820		13,256,124
GT Capital Holdings Inc.		850,530		9,632,013
International Container Terminal Services Inc.		9,339,010		38,361,527
JG Summit Holdings Inc.		27,177,501		32,100,759
Jollibee Foods Corp.		3,952,050		18,577,025
Manila Electric Co.		1,799,040		12,945,344
Manila Water Co. Inc., NVS		11,782,100		4,596,099
Megaworld Corp.		107,401,200		6,748,113
Metro Pacific Investments Corp.		130,838,800		9,900,572
Metropolitan Bank & Trust Co.		14,898,073		16,592,158
Monde Nissin Corp.(a)(b)		38,006,200		12,246,195
PLDT Inc.		702,975		24,666,511
Puregold Price Club Inc.		9,097,350		6,237,017
Robinsons Land Corp.		21,492,913		8,091,940
Security Bank Corp.		2,994,730		6,835,407

Security	Shares		Value
Philippines (continued)
Semirara Mining & Power Corp.		10,170,000	$	5,494,617
SM Investments Corp.		2,129,812		37,054,658
SM Prime Holdings Inc.		88,401,996		68,996,999
Universal Robina Corp.		7,842,000		18,354,593
Vista Land & Lifescapes Inc.		48,255,300		2,880,071
Wilcon Depot Inc.		13,466,200		7,682,589
				593,073,637
Poland — 0.7%
Alior Bank SA(a)		964,369		10,742,607
Allegro.eu SA(a)(b)(c)		3,000,954		22,364,871
AmRest Holdings SE(a)(c)		736,867		4,042,358
Asseco Poland SA		550,686		9,707,185
Bank Millennium SA(a)(c)		6,408,391		10,687,203
Bank Polska Kasa Opieki SA		1,578,202		43,296,420
Budimex SA(c)		126,076		6,858,182
CCC SA(a)(c)		342,932		4,363,493
CD Projekt SA(c)		589,706		23,422,919
Cyfrowy Polsat SA		2,306,816		14,957,487
Dino Polska SA(a)(b)		431,776		30,361,141
Enea SA(a)		2,578,659		5,378,561
Eurocash SA		890,139		2,013,837
Grupa Azoty SA(a)(c)		450,418		3,490,589
Grupa Lotos SA(a)		797,318		10,229,864
Jastrzebska Spolka Weglowa SA(a)		549,945		6,424,122
KGHM Polska Miedz SA		1,200,529		47,141,153
KRUK SA		165,264		10,306,364
LPP SA		10,227		21,033,265
mBank SA(a)		141,947		13,872,758
Orange Polska SA(a)		5,532,924		10,267,146
PGE Polska Grupa Energetyczna SA(a)		7,183,831		13,935,450
Polski Koncern Naftowy ORLEN SA		2,477,849		41,855,409
Polskie Gornictwo Naftowe i Gazownictwo SA		14,509,373		19,122,030
Powszechna Kasa Oszczednosci Bank Polski SA(a)		7,522,747		72,297,580
Powszechny Zaklad Ubezpieczen SA		4,958,220		37,199,792
Santander Bank Polska SA		304,362		22,816,275
Tauron Polska Energia SA(a)(c)		10,047,657		5,901,835
TEN Square Games SA(c)		42,494		2,174,574
Warsaw Stock Exchange		419,574		3,841,942
				530,106,412
Qatar — 0.9%
Al Meera Consumer Goods Co. QSC		1,196,887		6,541,101
Barwa Real Estate Co.		14,120,345		14,046,000
Commercial Bank PSQC (The)		17,879,031		33,910,365
Doha Bank QPSC		13,262,020		10,352,493
Gulf International Services QSC, NVS(a)		8,828,046		4,330,955
Industries Qatar QSC		14,408,064		72,239,148
Masraf Al Rayan QSC(a)		38,893,152		53,282,670
Medicare Group		1,719,872		3,685,070
Mesaieed Petrochemical Holding Co.		39,910,072		29,202,140
Ooredoo QPSC		6,236,660		13,115,151
Qatar Aluminum Manufacturing Co.		28,021,350		17,127,542
Qatar Electricity & Water Co. QSC		4,261,963		21,042,862
Qatar Fuel QSC		3,655,997		18,632,091
Qatar Gas Transport Co. Ltd.		20,231,865		20,912,221
Qatar Insurance Co. SAQ(a)		14,539,675		9,999,338
Qatar International Islamic Bank QSC		6,705,711		18,849,734
Qatar Islamic Bank SAQ		10,037,854		58,004,313
Qatar National Bank QPSC		38,531,491		230,668,665

22 2 0 2 2   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Consolidated Schedule of Investments (unaudited) (continued) February 28, 2022 iShares^® Core MSCI Emerging Markets ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Qatar (continued)
Qatar National Cement Co. QSC		2,743,568	$	4,657,812
Qatar Navigation QSC		3,550,856		8,240,609
United Development Co. QSC		18,061,009		8,259,261
Vodafone Qatar QSC		21,932,486		10,468,365
				667,567,906
Russia — 0.6%
Aeroflot PJSC(a)(d)		12,448,217		1,551,619
Alrosa PJSC(d)		22,555,750		6,570,308
Credit Bank of Moscow PJSC(a)(d)		131,641,331		2,299,426
Detsky Mir PJSC(a)(b)(d)		5,639,776		1,635,180
Federal Grid Co. Unified Energy System PJSC(a)(d)		2,175,770,000		670,636
Gazprom PJSC(d)		101,307,770		81,667,585
Globaltrans Investment PLC, GDR(a)(d)		1,523,220		1,832,591
Inter RAO UES PJSC(d)		270,997,905		2,616,018
LSR Group PJSC(a)(d)		498,324		877,698
LUKOIL PJSC(d)		3,545,225		61,883,673
Magnit PJSC, GDR		2,913,032		4,623,381
MMC Norilsk Nickel PJSC(d)		542,170		36,727,848
Mobile TeleSystems PJSC, ADR		3,808,646		20,947,553
Moscow Exchange MICEX-RTS PJSC(d)		12,320,031		4,146,647
Novatek PJSC, GDR		779,296		30,020,125
Novolipetsk Steel PJSC(d)		12,759,568		8,103,399
OGK-2 PJSC(d)		319,608,000		416,891
Ozon Holdings PLC, ADR(a)(d)		453,223		1,662,534
PhosAgro PJSC, GDR		1,235,107		7,556,259
Polymetal International PLC(d)		3,035,664		9,206,632
Polyus PJSC(d)		290,787		10,956,352
Rosneft Oil Co. PJSC(d)		9,721,202		10,141,465
Rostelecom PJSC(a)(d)		8,098,021		1,947,454
Sberbank of Russia PJSC(d)		91,862,230		40,604,811
Segezha Group PJSC(a)(b)(d)		34,454,100		903,258
Severstal PAO(d)		1,835,503		8,766,055
Sistema PJSFC, GDR(a)(d)		1,537,435		3,110,906
Sovcomflot PJSC(a)(d)		4,464,400		686,060
Surgutneftegas PJSC(d)		60,550,132		4,572,488
Tatneft PJSC(d)		11,775,415		14,952,770
TCS Group Holding PLC, GDR(d)		1,042,828		12,009,408
Unipro PJSC(a)(d)		160,829,082		898,287
United Co. RUSAL International PJSC(a)(d)		26,465,860		5,584,754
VK Co. Ltd.(a)(d)		956,753		972,190
VTB Bank PJSC(d)		25,685,534,000		1,716,452
X5 Retail Group NV, GDR(d)		1,023,928		4,404,566
Yandex NV(a)(d)		2,640,123		17,258,835
				424,502,114
Saudi Arabia — 3.8%
Abdullah Al Othaim Markets Co.		390,516		11,614,770
Advanced Petrochemical Co.		939,527		18,849,716
Al Hammadi Co. for Development and Investment, NVS		733,408		8,020,294
Al Rajhi Bank		10,476,000		449,438,304
Aldrees Petroleum and Transport Services Co.		540,038		12,089,571
Alinma Bank		8,256,634		78,289,966
Almarai Co. JSC		2,052,483		27,518,437
Alujain Holding		412,452		6,727,677
Arab National Bank		5,305,577		39,663,547
Arabian Cement Co./Saudi Arabia		622,758		6,670,997
Arriyadh Development Co.		1,382,630		9,634,678
Bank AlBilad(a)		3,320,824		52,261,817

Security	Shares		Value
Saudi Arabia (continued)
Bank Al-Jazira		3,272,062	$	23,510,034
Banque Saudi Fransi		5,235,961		74,364,468
Bupa Arabia for Cooperative Insurance Co.		545,483		23,654,081
City Cement Co.		1,040,899		5,912,473
Co for Cooperative Insurance (The)		556,220		11,689,990
Dallah Healthcare Co.		411,248		9,009,917
Dar Al Arkan Real Estate Development Co.(a)		3,676,485		10,742,563
Dr Sulaiman Al Habib Medical Services Group Co.		461,271		21,093,830
Eastern Province Cement Co.		604,184		6,744,654
Emaar Economic City(a)		3,714,309		12,307,169
Etihad Etisalat Co.(a)		3,187,450		29,707,785
Fawaz Abdulaziz Al Hokair & Co.(a)		821,322		3,440,281
Herfy Food Services Co.		392,551		6,074,442
Jarir Marketing Co.		487,050		27,194,346
Leejam Sports Co. JSC		308,242		10,453,053
Mobile Telecommunications Co.(a)		3,546,549		12,739,016
Mouwasat Medical Services Co.		448,608		24,885,181
National Agriculture Development Co. (The)(a)		679,770		5,604,845
National Gas & Industrialization Co.		318,859		4,697,957
National Industrialization Co.(a)		3,058,208		18,525,780
National Medical Care Co.		280,923		5,266,234
National Petrochemical Co.		505,442		6,099,471
Qassim Cement Co. (The)		495,453		10,181,898
Rabigh Refining & Petrochemical Co.(a)		1,945,121		12,769,256
Riyad Bank(a)		11,795,356		111,801,400
SABIC Agri-Nutrients Co.		1,850,410		78,842,018
Sahara International Petrochemical Co.		3,249,126		40,640,537
Saudi Airlines Catering Co.(a)		564,825		12,786,834
Saudi Arabian Mining Co.(a)		3,772,934		107,704,235
Saudi Arabian Oil Co.(b)		18,055,313		200,314,749
Saudi Basic Industries Corp.		7,627,742		254,288,451
Saudi British Bank (The)(a)		7,078,747		73,240,524
Saudi Cement Co.		624,767		9,285,986
Saudi Ceramic Co.		339,022		4,440,604
Saudi Electricity Co.		6,918,795		51,065,137
Saudi Ground Services Co.(a)		733,819		6,872,141
Saudi Industrial Investment Group		1,967,116		18,573,334
Saudi Kayan Petrochemical Co.(a)		6,477,140		35,410,290
Saudi National Bank (The)		18,850,659		343,399,375
Saudi Pharmaceutical Industries & Medical Appliances Corp.		751,417		7,794,349
Saudi Real Estate Co.(a)		826,185		4,660,700
Saudi Research & Media Group(a)		329,872		22,002,736
Saudi Telecom Co.		5,041,022		153,807,954
Saudia Dairy & Foodstuff Co.		189,219		8,638,846
Savola Group (The)		2,055,515		18,622,228
Seera Group Holding(a)		1,740,793		9,850,889
Southern Province Cement Co.		592,726		10,743,228
United Electronics Co.		339,886		11,813,567
United International Transportation Co.		676,377		8,810,459
Yamama Cement Co.(a)		1,243,836		8,724,560
Yanbu Cement Co.		886,405		8,992,194
Yanbu National Petrochemical Co.		2,269,381		41,656,071
				2,762,231,894
South Africa — 3.8%
Absa Group Ltd.		6,126,178		70,376,593
Adcock Ingram Holdings Ltd.		708,568		2,386,595
AECI Ltd.		1,224,191		8,623,973
African Rainbow Minerals Ltd.		1,022,388		18,194,700
Anglo American Platinum Ltd.		461,134		71,976,041

S C H E D U L E   O F   I N V E S T M E N T S 23

Consolidated Schedule of Investments (unaudited) (continued) February 28, 2022 iShares^® Core MSCI Emerging Markets ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
South Africa (continued)
AngloGold Ashanti Ltd.		3,559,717	$	83,286,326
Aspen Pharmacare Holdings Ltd.		3,314,759		43,330,888
Astral Foods Ltd.		442,791		4,679,524
AVI Ltd.		2,337,509		10,903,843
Barloworld Ltd.		1,507,272		12,042,492
Bid Corp. Ltd.		2,846,629		57,835,096
Bidvest Group Ltd. (The)		2,331,913		31,950,257
Capitec Bank Holdings Ltd.		691,160		93,315,365
Clicks Group Ltd.		2,122,960		41,275,271
Coronation Fund Managers Ltd.		2,696,668		8,058,655
DataTec Ltd.		1,932,252		4,599,328
Dis-Chem Pharmacies Ltd.(b)		3,352,019		7,547,152
Discovery Ltd.(a)(c)		3,643,860		37,316,913
Distell Group Holdings Ltd.(a)		931,154		10,373,575
DRDGOLD Ltd.(c)		4,558,705		4,253,204
Equites Property Fund Ltd.		4,997,719		6,841,849
Exxaro Resources Ltd.		2,148,641		27,714,798
FirstRand Ltd.		42,185,769		181,637,376
Fortress REIT Ltd., Series A		11,649,882		9,720,705
Foschini Group Ltd. (The)		2,812,719		22,783,458
Gold Fields Ltd.		7,624,543		106,162,340
Growthpoint Properties Ltd.		29,182,015		25,431,363
Harmony Gold Mining Co. Ltd.		4,776,443		20,398,230
Impala Platinum Holdings Ltd.		6,990,905		133,347,199
Imperial Logistics Ltd., NVS		1,609,987		6,887,567
Investec Ltd., NVS		2,747,935		15,449,735
JSE Ltd.		914,840		7,106,316
KAP Industrial Holdings Ltd.		27,651,292		8,416,099
Kumba Iron Ore Ltd.		545,687		21,570,344
Life Healthcare Group Holdings Ltd.(c)		11,456,239		16,704,260
Massmart Holdings Ltd.(a)		1,088,344		3,736,521
Momentum Metropolitan Holdings(c)		8,345,197		10,127,230
Motus Holdings Ltd.		1,515,255		10,837,997
Mr. Price Group Ltd.		2,151,599		29,332,131
MTN Group Ltd.(a)		14,527,343		181,338,206
MultiChoice Group		3,273,707		26,830,505
Naspers Ltd., Class N		1,850,547		233,040,410
Nedbank Group Ltd.		3,834,511		54,511,715
NEPI Rockcastle PLC		3,611,091		23,078,901
Netcare Ltd.		9,744,414		9,277,829
Ninety One Ltd.		1,487,927		4,857,747
Northam Platinum Holdings Ltd.(a)		3,044,487		49,157,290
Oceana Group Ltd.		786,058		2,760,053
Old Mutual Ltd.		40,094,134		32,854,961
Pepkor Holdings Ltd.(b)		10,805,345		15,424,913
Pick n Pay Stores Ltd.		2,808,375		8,401,610
PSG Group Ltd., NVS(a)		1,563,409		8,320,218
Rand Merchant Investment Holdings Ltd.		6,766,289		21,289,525
Redefine Properties Ltd.		49,423,041		13,564,116
Reinet Investments SCA		1,299,286		26,784,663
Remgro Ltd.		4,341,493		39,452,846
Resilient REIT Ltd.(c)		3,170,907		12,012,378
Reunert Ltd., NVS		1,763,564		5,378,003
Royal Bafokeng Platinum Ltd.		1,511,332		17,889,768
Sanlam Ltd.		15,520,612		65,405,957
Santam Ltd.		181,226		3,229,391
Sappi Ltd.(a)(c)		4,983,340		16,502,832
Sasol Ltd.(a)		4,846,707		111,207,401
Shoprite Holdings Ltd.		4,309,675		64,284,284
Sibanye Stillwater Ltd.		23,111,506		109,031,442

Security	Shares		Value
South Africa (continued)
SPAR Group Ltd. (The)		1,440,867	$	15,375,495
Standard Bank Group Ltd.		11,527,676		122,147,368
Steinhoff International Holdings NV(a)(c)		38,882,361		9,179,284
Super Group Ltd./South Africa		3,891,937		7,946,078
Telkom SA SOC Ltd.(a)		2,809,489		7,557,139
Thungela Resources Ltd.(a)(c)		1,119,245		9,955,724
Tiger Brands Ltd.		1,325,346		14,078,986
Transaction Capital Ltd.		3,803,198		10,952,320
Truworths International Ltd.		3,478,425		13,249,742
Vodacom Group Ltd.		5,286,958		50,891,645
Vukile Property Fund Ltd.		7,803,345		6,374,117
Wilson Bayly Holmes-Ovcon Ltd.		621,506		3,375,059
Woolworths Holdings Ltd.		8,384,622		27,607,963
				2,741,109,193
South Korea — 12.2%
ABLBio Inc.(a)(c)		283,626		6,284,112
Ace Technologies Corp.(a)(c)		317,697		2,859,730
AfreecaTV Co. Ltd.		80,950		9,460,495
Ahnlab Inc.(c)		70,158		3,817,011
Alteogen Inc.(a)(c)		243,911		10,985,850
Amicogen Inc.(a)(c)		163,816		3,514,524
Amorepacific Corp.(c)		275,352		42,503,541
AMOREPACIFIC Group		238,060		9,726,274
Ananti Inc.(a)(c)		591,319		4,622,517
AptaBio Therapeutics Inc.(a)(c)		162,170		3,330,734
Asiana Airlines Inc.(a)		325,038		5,252,199
BGF retail Co. Ltd.		77,212		10,938,345
BH Co. Ltd.(c)		254,490		4,134,754
Binex Co. Ltd.(a)(c)		273,805		3,038,410
Binggrae Co. Ltd.(a)(c)		66,990		2,989,953
Bioneer Corp.(a)(c)		192,896		6,221,308
BNC Korea Co. Ltd.(a)(c)		361,263		4,717,286
BNK Financial Group Inc.		2,182,079		14,364,733
Boryung Pharmaceutical Co. Ltd.		323,966		3,380,791
Bukwang Pharmaceutical Co. Ltd.(a)(c)		401,097		4,175,977
Cafe24 Corp.(a)(c)		149,507		2,450,508
Cellid Co. Ltd.(a)(c)		69,950		1,931,357
Cellivery Therapeutics Inc.(a)(c)		127,919		3,238,698
Celltrion Healthcare Co. Ltd.		733,468		39,011,389
Celltrion Inc.(c)		833,049		111,195,284
Celltrion Pharm Inc.(a)(c)		144,349		10,620,890
Chabiotech Co. Ltd.(a)(c)		444,053		6,437,214
Cheil Worldwide Inc.		568,245		10,684,099
Chong Kun Dang Pharmaceutical Corp.(a)		67,476		5,421,741
Chunbo Co. Ltd.(c)		42,141		10,068,176
CJ CGV Co. Ltd.(a)(c)		242,918		5,286,801
CJ CheilJedang Corp.		69,668		22,067,716
CJ Corp.		124,529		8,772,507
CJ ENM Co. Ltd.		85,566		9,337,257
CJ Logistics Corp.(a)		77,906		8,077,425
CMG Pharmaceutical Co. Ltd.(a)(c)		1,173,505		3,175,761
Com2uSCorp.(c)		72,389		6,738,269
Cosmax Inc.(a)(c)		82,720		5,961,428
CosmoAM&T Co. Ltd.(a)		228,730		7,466,446
Coway Co. Ltd.		454,237		27,280,923
Creative & Innovative System(a)(c)		478,449		5,547,994
CS Wind Corp.		205,882		10,344,782
Cuckoo Holdings Co. Ltd.(a)		88,875		1,319,457
Cuckoo Homesys Co. Ltd.(a)		64,252		2,074,647
Daeduck Electronics Co. Ltd./New		362,848		7,607,641

24 2 0 2 2   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Consolidated Schedule of Investments (unaudited) (continued) February 28, 2022 iShares^® Core MSCI Emerging Markets ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
South Korea (continued)
Daejoo Electronic Materials Co. Ltd.(c)		112,171	$	8,480,250
Daesang Corp.(a)(c)		231,127		4,304,520
Daewoo Engineering & Construction Co. Ltd.(a)		1,657,826		8,719,983
Daewoo Shipbuilding & Marine Engineering Co. Ltd.(a)		346,760		7,739,108
Daewoong Co. Ltd.(a)(c)		202,360		5,103,855
Daewoong Pharmaceutical Co. Ltd.(a)(c)		49,348		6,869,728
Daishin Securities Co. Ltd.		411,498		5,842,869
Daou Technology Inc.		278,802		5,022,810
Dawonsys Co. Ltd.(c)		223,516		5,397,067
DB HiTek Co. Ltd.		324,698		19,032,311
DB Insurance Co. Ltd.		406,039		20,870,138
Devsisters Co. Ltd.(c)		50,277		2,415,324
DGB Financial Group Inc.		1,470,098		11,636,466
DL E&C Co. Ltd.(c)		124,600		13,432,585
DL Holdings Co. Ltd.		103,686		5,249,821
Dong-A Socio Holdings Co. Ltd.		37,730		3,262,480
Dong-A ST Co. Ltd.(c)		70,787		4,027,746
Dongjin Semichem Co. Ltd.(a)		326,348		9,762,819
DongKook Pharmaceutical Co. Ltd.(c)		279,406		4,934,364
Dongkuk Steel Mill Co. Ltd.		603,272		8,383,264
Dongsuh Cos. Inc.		296,745		6,797,091
Dongwon F&B Co. Ltd.(c)		11,785		1,702,517
Dongwon Industries Co. Ltd.(c)		14,345		2,513,093
Doosan Bobcat Inc.		437,634		14,045,803
Doosan Co. Ltd.(a)(c)		57,689		5,520,540
Doosan Fuel Cell Co. Ltd.(a)(c)		361,753		11,845,307
Doosan Heavy Industries & Construction Co. Ltd.(a)(c)		2,990,251		52,429,927
DoubleUGames Co. Ltd.		97,511		4,052,163
Douzone Bizon Co. Ltd.		166,113		6,726,958
Duk San Neolux Co. Ltd.(a)(c)		123,538		4,030,459
Echo Marketing Inc.(c)		194,177		2,861,106
Ecopro BM Co. Ltd.		95,170		30,116,717
Ecopro Co. Ltd.(c)		163,551		12,020,010
Ecopro HN Co. Ltd.(c)		106,434		4,692,536
E-MART Inc.		159,170		17,358,182
Enzychem Lifesciences Corp.(a)(c)		116,516		3,211,186
Eo Technics Co. Ltd.(a)		90,379		7,562,300
Eubiologics Co. Ltd.(a)(c)		280,940		5,648,749
Eugene Technology Co. Ltd.(c)		173,407		6,331,429
F&F Co. Ltd./New(a)		29,766		22,248,236
Fila Holdings Corp.		405,752		11,990,243
Foosung Co. Ltd.(c)		544,651		9,724,028
GC Cell Corp.(a)(c)		85,393		4,851,163
GemVax & Kael Co. Ltd.(a)(c)		327,503		4,168,595
Geneone Life Science Inc., NVS(a)(c)		617,254		7,520,914
Genexine Inc.(a)		169,025		6,588,794
GOLFZON Co. Ltd.(a)		34,135		4,341,340
Grand Korea Leisure Co. Ltd., NVS(a)(c)		358,604		4,395,154
Green Cross Corp.		49,061		7,465,029
Green Cross Holdings Corp.		194,532		3,628,528
GS Engineering & Construction Corp.(c)		493,988		17,753,475
GS Holdings Corp.		367,501		12,288,884
GS Retail Co. Ltd.		309,601		6,884,731
Halla Holdings Corp.		78,928		2,675,786
Hana Financial Group Inc.		2,530,058		102,790,776
Hana Tour Service Inc.(a)(c)		107,476		7,057,097
Hanall Biopharma Co. Ltd.(a)		315,431		4,949,654
Handsome Co. Ltd.		133,118		3,991,874

Security	Shares		Value
South Korea (continued)
Hanil Cement Co. Ltd./New		247,229	$	3,761,709
Hanjin Transportation Co. Ltd.(a)(c)		72,471		1,728,431
Hankook & Co. Co. Ltd.(c)		261,949		2,941,526
Hankook Tire & Technology Co. Ltd.		622,217		18,332,517
Hanmi Pharm Co. Ltd.(a)		55,560		12,306,539
Hanmi Semiconductor Co. Ltd.		274,596		7,741,023
Hanon Systems		1,592,103		15,418,274
Hansae Co. Ltd.(c)		193,319		3,668,757
Hansol Chemical Co. Ltd.(c)		83,885		15,142,160
Hanssem Co. Ltd.		102,581		6,274,423
Hanwha Aerospace Co. Ltd.		312,336		13,638,392
Hanwha Corp.(c)		339,989		8,672,906
Hanwha Investment & Securities Co. Ltd.(a)		1,051,858		4,260,918
Hanwha Life Insurance Co. Ltd.(a)		3,135,054		7,742,173
Hanwha Solutions Corp.(a)(c)		1,039,193		29,543,733
Hanwha Systems Co. Ltd.(c)		557,797		7,370,481
HDC Holdings Co. Ltd.(a)(c)		356,654		2,282,277
HDC Hyundai Development Co-Engineering & Construction, Class E(a)(c)		387,354		5,213,046
Helixmith Co. Ltd.(a)(c)		334,316		5,641,182
Hite Jinro Co. Ltd.(a)(c)		317,333		9,442,632
HLB Inc.(a)(c)		808,331		21,179,334
HLB Life Science Co. Ltd., NVS(a)(c)		775,826		6,914,459
HMM Co. Ltd.(a)(c)		2,285,801		55,369,585
Hotel Shilla Co. Ltd.(c)		242,854		16,413,739
Huchems Fine Chemical Corp., NVS		215,607		4,011,405
Hugel Inc., NVS(a)(c)		57,961		7,147,053
Huons Co. Ltd.(c)		105,491		4,097,334
Huons Global Co. Ltd.(c)		74,085		1,877,332
Hwaseung Enterprise Co. Ltd.(a)(c)		208,380		2,840,363
HYBE Co. Ltd.(a)		145,756		35,416,553
Hyosung Advanced Materials Corp.(c)		24,079		9,445,933
Hyosung Chemical Corp.(a)		20,255		4,706,127
Hyosung Corp.		92,537		6,603,982
Hyosung TNC Corp.(c)		22,682		9,223,342
Hyundai Autoever Corp.		60,742		5,507,220
Hyundai Bioscience Co. Ltd.(a)(c)		330,814		8,818,222
Hyundai Construction Equipment Co. Ltd.		133,335		3,753,901
Hyundai Department Store Co. Ltd.		128,614		8,379,275
Hyundai Doosan Infracore Co. Ltd.(a)		1,051,756		5,957,242
Hyundai Elevator Co. Ltd.(a)		248,981		7,878,545
Hyundai Engineering & Construction Co. Ltd.		639,913		23,313,447
Hyundai Glovis Co. Ltd.		156,486		23,084,084
Hyundai Greenfood Co. Ltd.(c)		694,497		4,880,454
Hyundai Heavy Industries Holdings Co. Ltd.		401,314		17,280,332
Hyundai Home Shopping Network Corp.		55,973		2,721,609
Hyundai Marine & Fire Insurance Co. Ltd.		465,450		11,179,682
Hyundai Mipo Dockyard Co. Ltd.(a)(c)		215,112		14,449,369
Hyundai Mobis Co. Ltd.		555,674		104,336,669
Hyundai Motor Co.(c)		1,181,943		173,919,027
Hyundai Rotem Co. Ltd.(a)(c)		617,940		10,298,297
Hyundai Steel Co.		746,443		24,894,525
Hyundai Wia Corp.		145,103		7,458,547
Iljin Materials Co. Ltd.(c)		202,943		15,534,610
Ilyang Pharmaceutical Co. Ltd.		132,158		2,782,372
Industrial Bank of Korea		1,916,253		17,214,759
Innocean Worldwide Inc.		89,683		3,739,875
Innox Advanced Materials Co. Ltd.(c)		165,741		5,853,340
iNtRON Biotechnology Inc.(a)(c)		273,815		4,212,899
IS Dongseo Co. Ltd.(a)(c)		163,624		7,236,133

S C H E D U L E   O F   I N V E S T M E N T S 25

Consolidated Schedule of Investments (unaudited) (continued) February 28, 2022 iShares^® Core MSCI Emerging Markets ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
South Korea (continued)
ITM Semiconductor Co. Ltd.(c)		87,422	$	2,563,923
JB Financial Group Co. Ltd.		1,169,379		8,009,580
JW Pharmaceutical Corp.(c)		180,304		3,793,413
JYP Entertainment Corp.(a)(c)		257,717		10,830,482
Kakao Corp.		2,675,808		211,915,351
Kakao Games Corp.(a)(c)		255,552		15,877,855
KakaoBank Corp.(a)(c)		826,025		33,349,615
Kangwon Land Inc.(a)		809,851		18,012,700
KB Financial Group Inc.		3,358,603		165,694,796
KCC Corp.(c)		41,621		11,653,483
KCC Glass Corp.		99,758		4,846,170
KEPCO Engineering & Construction Co. Inc.(a)(c)		127,762		9,588,733
KEPCO Plant Service & Engineering Co. Ltd.(a)		218,830		6,802,644
Kginicis Co. Ltd.		233,305		3,405,946
Kia Corp.		2,226,215		138,014,899
KIWOOM Securities Co. Ltd.(a)		113,155		9,608,555
KMW Co. Ltd.(a)(c)		243,578		6,352,001
Koh Young Technology Inc.(c)		530,731		8,488,233
Kolmar BNH Co. Ltd.(a)(c)		122,397		3,655,342
Kolmar Korea Co. Ltd.(a)		146,937		5,671,256
Kolon Industries Inc.		158,581		7,822,137
Komipharm International Co. Ltd.(a)(c)		382,778		2,661,673
KONA I Co. Ltd.(a)(c)		118,007		2,652,166
Korea Aerospace Industries Ltd.(a)		618,477		19,241,985
Korea Electric Power Corp.(a)		2,069,038		40,096,525
Korea Investment Holdings Co. Ltd.(a)		350,043		23,255,172
Korea Line Corp.(a)		1,336,730		3,113,499
Korea Petrochemical Ind. Co Ltd.(a)(c)		30,267		4,329,411
Korea REIT & Trust Co. Ltd.		2,116,731		3,875,409
Korea Shipbuilding & Offshore Engineering Co. Ltd.(a)		330,902		24,531,742
Korea United Pharm Inc.(a)(c)		95,906		3,681,112
Korea Zinc Co. Ltd.		73,987		33,933,440
Korean Air Lines Co. Ltd.(a)		1,463,320		36,051,712
Korean Reinsurance Co.		828,994		6,693,820
Krafton Inc.(a)(c)		191,973		47,625,547
KT Skylife Co. Ltd.		270,336		1,919,661
KT&G Corp.		919,578		61,130,372
Kuk-Il Paper Manufacturing Co. Ltd.(a)(c)		1,057,047		3,308,889
Kumho Petrochemical Co. Ltd.(a)(c)		156,755		21,147,917
Kumho Tire Co. Inc.(a)		886,599		2,940,787
Kyung Dong Navien Co. Ltd.		82,064		3,047,761
L&C Bio Co. Ltd.(c)		156,139		4,147,166
L&F Co. Ltd.(a)(c)		200,233		32,945,436
LEENO Industrial Inc.		90,911		13,729,413
LegoChem Biosciences Inc.(a)(c)		192,858		7,115,036
LF Corp.		196,293		2,925,704
LG Chem Ltd.		392,681		186,344,444
LG Corp.		735,864		46,249,209
LG Display Co. Ltd.(c)		1,944,012		30,572,308
LG Electronics Inc.		903,297		94,300,912
LG Energy Solution(a)		179,836		61,623,015
LG Household & Health Care Ltd.(c)		78,625		62,384,486
LG Innotek Co. Ltd.		121,204		33,458,682
LG Uplus Corp.		1,708,000		18,761,267
LIG Nex1 Co. Ltd.(c)		137,391		7,840,335
Lock&Lock Co. Ltd.(a)		264,195		2,210,040
Lotte Chemical Corp.		142,086		26,186,414
Lotte Chilsung Beverage Co. Ltd.(c)		44,958		6,181,628
Lotte Confectionery Co. Ltd.		18,657		1,798,243

Security	Shares		Value
South Korea (continued)
LOTTE Fine Chemical Co. Ltd.		173,519	$	11,543,456
LOTTE Himart Co. Ltd.		93,154		1,808,927
LOTTE Reit Co. Ltd.		1,743,512		7,921,117
Lotte Shopping Co. Ltd.(c)		98,943		7,069,753
Lotte Tour Development Co. Ltd.(a)(c)		411,793		6,151,883
LS Corp.(c)		159,054		6,491,171
LS Electric Co. Ltd.		175,419		6,324,017
Lx Hausys Ltd.		67,105		3,093,679
LX Holdings Corp.(a)(c)		401,750		3,285,535
Lx International Corp.		296,553		7,369,384
LX Semicon Co. Ltd.(c)		107,223		10,299,088
Maeil Dairies Co. Ltd.		48,610		2,762,223
Mando Corp.(c)		273,896		10,471,749
Mcnex Co. Ltd.		132,639		5,100,375
MedPacto Inc.(a)(c)		125,379		3,670,967
Medytox Inc.(a)(c)		46,625		4,752,845
MegaStudyEdu Co. Ltd.(a)(c)		93,270		6,477,761
Meritz Financial Group Inc.(c)		348,381		10,712,429
Meritz Fire & Marine Insurance Co. Ltd.		437,188		15,024,869
Meritz Securities Co. Ltd.(c)		2,433,793		11,918,196
Mezzion Pharma Co. Ltd.(a)(c)		65,828		9,022,871
Mirae Asset Life Insurance Co. Ltd.		749,463		2,556,675
Mirae Asset Securities Co. Ltd.(c)		2,225,771		16,424,830
Myoung Shin Industrial Co. Ltd.(a)(c)		193,861		3,868,004
Namhae Chemical Corp.(a)(c)		288,944		2,336,482
Naturecell Co. Ltd.(a)(c)		470,097		6,460,371
NAVER Corp.		1,046,290		278,791,512
NCSoft Corp.		140,869		52,184,198
NEPES Corp.(a)		192,440		4,611,594
Netmarble Corp.(b)(c)		176,805		15,192,494
Nexen Tire Corp.(a)		301,974		1,589,692
Next Science Co. Ltd.(a)		364,277		5,241,776
NH Investment & Securities Co. Ltd.(a)		935,104		9,048,934
NHN Corp.(a)		201,434		6,014,850
NHN KCP Corp.(a)		274,029		5,390,216
NICE Holdings Co. Ltd.		245,447		3,420,221
NICE Information Service Co. Ltd.(a)(c)		360,977		5,603,551
NKMax Co. Ltd.(a)(c)		336,819		4,420,651
NongShim Co. Ltd.		32,649		8,359,394
OCI Co. Ltd.(a)(c)		170,224		15,057,907
Orion Corp./Republic of Korea		200,953		15,377,776
Orion Holdings Corp.		266,771		3,144,876
Oscotec Inc.(a)(c)		224,194		5,622,092
Osstem Implant Co. Ltd.(a)(d)		104,101		10,639,709
Ottogi Corp.		13,947		5,032,169
Pan Ocean Co. Ltd.		2,329,926		12,857,453
Paradise Co. Ltd., NVS(a)(c)		503,557		7,024,248
Park Systems Corp.		42,119		4,205,184
Partron Co. Ltd.(c)		452,306		4,355,000
Pearl Abyss Corp.(a)(c)		259,214		20,789,758
People & Technology Inc.(a)(c)		162,370		5,831,689
PharmaResearch Co. Ltd.(c)		63,021		4,620,419
Pharmicell Co. Ltd.(a)		543,510		4,994,488
PI Advanced Materials Co. Ltd.(a)		174,144		6,354,842
Poongsan Corp.		273,806		7,292,485
POSCO		630,383		149,983,082
POSCO Chemical Co. Ltd.(c)		278,964		26,721,750
Posco ICT Co. Ltd.(c)		597,766		2,878,365
Posco International Corp.(c)		455,659		7,906,279
RFHIC Corp.(c)		189,246		4,500,261

26 2 0 2 2   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Consolidated Schedule of Investments (unaudited) (continued) February 28, 2022 iShares^® Core MSCI Emerging Markets ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
South Korea (continued)
S&S Tech Corp.(c)		181,645	$	4,265,548
S-1 Corp.		125,316		7,295,061
Sam Chun Dang Pharm Co. Ltd.(a)(c)		139,430		4,253,607
Sam Kang M&T Co. Ltd.(a)(c)		253,161		3,914,533
Samsung Biologics Co. Ltd.(a)(b)(c)		141,520		92,066,254
Samsung C&T Corp.		701,309		64,769,833
Samsung Electro-Mechanics Co. Ltd.		470,712		65,809,404
Samsung Electronics Co. Ltd.		40,681,031		2,451,169,483
Samsung Engineering Co. Ltd.(a)		1,349,061		26,353,990
Samsung Fire & Marine Insurance Co. Ltd.		260,574		41,436,624
Samsung Heavy Industries Co. Ltd.(a)		5,352,984		26,094,577
Samsung Life Insurance Co. Ltd.		572,132		28,606,334
Samsung SDI Co. Ltd.		469,538		216,381,910
Samsung SDS Co. Ltd.		288,024		33,813,469
Samsung Securities Co. Ltd.		507,744		17,995,377
Samwha Capacitor Co. Ltd.		100,355		4,750,575
Samyang Foods Co. Ltd.(c)		53,049		3,881,063
Samyang Holdings Corp.		54,003		3,761,037
SD Biosensor Inc.		303,223		13,769,681
Sebang Global Battery Co. Ltd.		63,484		3,390,545
Seegene Inc.(c)		306,836		13,150,998
Seobu T&D(c)		439,361		3,286,578
Seojin System Co. Ltd.(a)(c)		130,783		3,726,930
Seoul Semiconductor Co. Ltd.(a)(c)		423,506		4,741,430
SFA Engineering Corp.(c)		184,873		5,832,762
SFA Semicon Co. Ltd.(a)(c)		843,940		4,631,578
Shin Poong Pharmaceutical Co. Ltd.(a)(c)		277,735		8,111,980
Shinhan Financial Group Co. Ltd.		3,627,254		118,015,411
Shinsegae Inc.		58,520		12,844,410
Shinsegae International Inc.(c)		28,567		3,639,014
SillaJen Inc.(a)(c)(d)		540,819		3,265,560
SIMMTECH Co. Ltd.(c)		170,411		7,650,283
SK Biopharmaceuticals Co. Ltd.(a)(c)		225,233		15,987,067
SK Bioscience Co. Ltd.(a)(c)		192,558		23,580,404
SK Chemicals Co. Ltd.		99,849		10,488,951
SK D&D Co. Ltd.		78,541		1,960,223
SK Discovery Co. Ltd.		97,764		3,312,025
SK Gas Ltd.		45,497		4,523,213
SK Hynix Inc.		4,637,746		483,505,900
SK IE Technology Co. Ltd.(a)(b)(c)		186,999		19,421,211
SK Inc.(c)		343,399		65,592,621
SK Innovation Co. Ltd.(a)		436,137		73,626,924
SK Networks Co. Ltd.		1,352,507		4,990,324
SK Square Co. Ltd.(a)		679,272		31,524,413
SK Telecom Co. Ltd.		269,674		12,306,056
SKC Co. Ltd.		193,813		22,539,288
SL Corp.(a)(c)		142,347		2,837,576
SM Entertainment Co. Ltd.(c)		178,348		11,152,098
SNT Motiv Co. Ltd.		87,073		3,148,305
S-Oil Corp.		380,006		27,063,788
SOLUM Co. Ltd.(a)		311,628		5,941,092
Solus Advanced Materials Co Ltd.		114,757		6,081,076
Soulbrain Co. Ltd./New(c)		41,549		7,933,199
Soulbrain Holdings Co. Ltd.(c)		61,068		1,470,187
ST Pharm Co. Ltd.		90,283		7,528,587
STIC Investments Inc.		303,241		2,594,179
Taihan Electric Wire Co. Ltd.(a)(c)		2,812,786		3,778,659
Tera Resource Co. Ltd.(a)(d)		49,111		—
TES Co. Ltd./Korea(c)		190,641		4,068,955
Tokai Carbon Korea Co. Ltd.(c)		55,096		5,441,342

Security	Shares		Value
South Korea (continued)
Tongyang Life Insurance Co. Ltd.		766,059	$	3,933,425
TY Holdings Co. Ltd./Korea(a)		215,836		4,920,978
Vaxcell-Bio Therapeutics Co. Ltd.(a)(c)		81,699		2,354,769
Vidente Co. Ltd.(a)		333,093		4,587,757
Webzen Inc.(a)(c)		153,451		2,986,222
Wemade Co. Ltd.(c)		162,437		15,077,929
Wonik Holdings Co. Ltd.(a)		1		4
WONIK IPS Co. Ltd.(c)		271,189		8,187,876
Woori Financial Group Inc.		4,343,216		51,951,795
Woori Investment Bank Co. Ltd.(c)		3,425,208		2,484,717
Woori Technology Investment Co. Ltd., NVS(a)(c)		596,125		4,269,487
Wysiwyg Studious Co. Ltd.(a)(c)		212,794		6,414,677
Y2 Solution Co. Ltd.(a)(c)(d)		278,963		339,670
YG Entertainment Inc.(c)		114,521		6,335,729
Youlchon Chemical Co. Ltd.(c)		111,418		2,225,922
Youngone Corp.(a)		205,702		7,315,568
Youngone Holdings Co. Ltd.(a)		65,667		2,547,670
Yuanta Securities Korea Co. Ltd.(a)		1,163,826		3,458,940
Yuhan Corp.		434,193		21,096,654
Yungjin Pharmaceutical Co. Ltd.(a)(c)		922,869		3,742,517
Zinus Inc.(a)(c)		96,279		6,043,981
				8,878,055,724
Taiwan — 17.0%
AcBel Polytech Inc.(c)		6,154,000		7,425,567
Accton Technology Corp.(c)		4,386,000		39,774,732
Acer Inc.(c)		24,773,872		25,711,025
Actron Technology Corp.(c)		498,000		4,083,425
ADATA Technology Co. Ltd.(c)		2,249,820		7,569,671
Adimmune Corp.(c)		2,605,000		3,716,783
Advanced Ceramic X Corp.(c)		438,000		4,246,644
Advanced Energy Solution Holding Co. Ltd.(c)		257,000		12,203,959
Advanced Wireless Semiconductor Co.(c)		1,439,000		5,326,485
Advantech Co. Ltd.(c)		3,210,110		42,272,358
Airtac International Group(c)		1,170,292		38,926,362
Alchip Technologies Ltd., NVS(c)		600,000		23,440,522
Amazing Microelectronic Corp.(c)		660,000		4,536,112
AmTRAN Technology Co. Ltd.(c)		8,504,672		4,924,346
Andes Technology Corp.(c)		341,000		5,171,115
AP Memory Technology Corp.(c)		709,000		9,419,655
Apex International Co. Ltd.(c)		1,254,000		4,519,877
Arcadyan Technology Corp.(c)		1,312,391		5,435,972
Ardentec Corp.(c)		4,540,546		8,321,500
ASE Technology Holding Co. Ltd.(c)		27,988,222		101,158,040
Asia Cement Corp.		16,590,050		26,813,772
Asia Optical Co. Inc.(a)(c)		2,588,000		7,588,889
Asia Pacific Telecom Co. Ltd.(a)		18,761,173		5,362,250
Asia Vital Components Co. Ltd.(c)		3,011,000		12,038,807
ASMedia Technology Inc.(c)		235,000		14,548,455
ASPEED Technology Inc., NVS(c)		193,000		18,969,004
ASROCK Inc.(c)		511,000		4,178,237
Asustek Computer Inc.(c)		5,922,000		79,002,288
AU Optronics Corp.(c)		69,596,000		52,104,908
AURAS Technology Co. Ltd.(c)		698,000		6,470,840
Bank of Kaohsiung Co. Ltd.(c)		26,879,903		12,977,270
BES Engineering Corp.(c)		17,022,000		5,386,971
Bizlink Holding Inc.(c)		1,049,926		11,368,758
Brighton-Best International Taiwan Inc.(c)		4,588,000		6,567,214
Capital Securities Corp.(c)		23,423,050		13,254,002
Career Technology MFG. Co. Ltd.(a)(c)		4,536,498		3,880,721
Catcher Technology Co. Ltd.		5,110,000		26,228,659

S C H E D U L E   O F   I N V E S T M E N T S 27

Consolidated Schedule of Investments (unaudited) (continued) February 28, 2022 iShares^® Core MSCI Emerging Markets ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Taiwan (continued)
Cathay Financial Holding Co. Ltd.		67,329,872	$	151,400,342
Cathay Real Estate Development Co. Ltd.(c)		8,036,900		5,519,824
Center Laboratories Inc.(c)		3,450,007		7,281,303
Century Iron & Steel Industrial Co. Ltd.(c)		1,446,000		5,654,607
Chailease Holding Co. Ltd.(c)		11,279,721		102,369,221
Chang Hwa Commercial Bank Ltd.		37,908,182		24,067,305
Charoen Pokphand Enterprise		2,113,000		6,393,766
Cheng Loong Corp.(c)		7,251,000		8,948,347
Cheng Shin Rubber Industry Co. Ltd.(c)		13,063,650		16,712,331
Cheng Uei Precision Industry Co. Ltd.(c)		3,335,000		4,582,425
Chicony Electronics Co. Ltd.(c)		4,063,787		13,071,889
Chicony Power Technology Co. Ltd.(c)		1,136,000		3,226,694
Chief Telecom Inc.(c)		260,000		2,528,482
China Airlines Ltd.(a)(c)		23,062,000		23,514,806
China Bills Finance Corp.(c)		15,250,000		9,300,787
China Development Financial Holding Corp.		127,522,649		87,329,361
China General Plastics Corp.(c)		4,485,386		5,582,726
China Man-Made Fiber Corp.(c)		18,449,574		6,403,753
China Metal Products(c)		4,343,146		5,577,897
China Motor Corp.(c)		2,534,800		5,659,193
China Petrochemical Development Corp.(a)(c)		31,915,490		13,788,092
China Steel Chemical Corp.(c)		1,456,000		6,262,744
China Steel Corp.		100,611,529		130,830,646
Chin-Poon Industrial Co. Ltd.(c)		4,204,000		5,486,051
Chipbond Technology Corp.(c)		3,712,000		9,236,419
ChipMOS Technologies Inc.(c)		5,300,000		10,010,547
Chlitina Holding Ltd.		497,000		3,747,469
Chong Hong Construction Co. Ltd.(c)		1,548,122		4,229,855
Chroma ATE Inc.(c)		3,001,000		20,432,301
Chung Hung Steel Corp.(c)		7,846,000		11,651,503
Chung-Hsin Electric & Machinery Manufacturing Corp.(c)		3,591,000		5,399,170
Chunghwa Precision Test Tech Co. Ltd.(c)		178,000		4,040,891
Chunghwa Telecom Co. Ltd.		30,869,000		137,200,873
Cleanaway Co. Ltd.(c)		887,000		6,741,185
Clevo Co.		4,601,175		5,071,986
Compal Electronics Inc.(c)		33,615,000		30,623,652
Compeq Manufacturing Co. Ltd.(c)		7,366,000		12,764,344
Continental Holdings Corp.(c)		4,768,600		4,013,614
Coretronic Corp.(c)		3,505,200		8,982,778
Co-Tech Development Corp.(c)		2,429,000		6,602,175
CSBC Corp. Taiwan(a)(c)		6,410,316		4,837,491
CTBC Financial Holding Co. Ltd.		156,202,599		152,684,522
CTCI Corp.		5,342,000		7,862,492
Cub Elecparts Inc.(c)		535,979		3,027,270
Darfon Electronics Corp.(c)		2,788,000		4,558,134
Delta Electronics Inc.(c)		16,471,000		146,791,315
E Ink Holdings Inc.		7,587,000		40,888,604
E.Sun Financial Holding Co Ltd.(c)		98,848,472		104,488,050
Eclat Textile Co. Ltd.(c)		1,573,683		32,619,583
EirGenix Inc.(a)(c)		1,407,000		5,244,569
Elan Microelectronics Corp.(c)		2,355,100		13,987,034
Elite Material Co. Ltd.(c)		2,412,000		23,652,684
Elite Semiconductor Microelectronics Technology Inc.(c)		2,295,000		12,083,525
eMemory Technology Inc.(c)		556,000		37,522,911
Ennoconn Corp.(c)		585,219		4,281,013
ENNOSTAR Inc.(a)(c)		4,871,185		13,981,293
Episil Technologies Inc.(a)(c)		2,194,929		8,620,437
Episil-Precision Inc.(c)		1,136,000		4,413,907

Security	Shares		Value
Taiwan (continued)
Eternal Materials Co. Ltd.(c)		8,034,915	$	10,444,296
Eva Airways Corp.(a)(c)		20,638,326		24,311,066
Evergreen Marine Corp. Taiwan Ltd.(c)		21,722,449		114,113,603
Everlight Chemical Industrial Corp.(c)		5,816,781		5,410,080
Everlight Electronics Co. Ltd.(c)		3,604,000		6,491,235
Far Eastern Department Stores Ltd.		9,916,167		7,548,304
Far Eastern International Bank(c)		27,237,397		10,837,519
Far Eastern New Century Corp.		21,100,916		22,367,886
Far EasTone Telecommunications Co. Ltd.		11,702,000		28,942,925
Faraday Technology Corp.(c)		1,874,000		18,779,667
Farglory Land Development Co. Ltd.(c)		2,511,782		5,495,289
Feng Hsin Steel Co. Ltd.(c)		4,721,000		14,238,041
Feng TAY Enterprise Co. Ltd.		3,454,387		25,750,228
First Financial Holding Co. Ltd.		86,213,984		79,380,443
Fitipower Integrated Technology Inc.(c)		979,161		7,942,557
FLEXium Interconnect Inc.(a)(c)		2,288,616		7,812,486
FocalTech Systems Co. Ltd.(c)		1,482,000		8,221,594
Formosa Chemicals & Fibre Corp.		28,877,210		81,868,995
Formosa International Hotels Corp.(c)		580,000		3,706,160
Formosa Petrochemical Corp.(c)		8,918,000		31,369,810
Formosa Plastics Corp.		32,990,800		124,573,755
Formosa Sumco Technology Corp.(c)		732,000		6,810,921
Formosa Taffeta Co. Ltd.(c)		6,582,000		6,719,422
Foxconn Technology Co. Ltd.(c)		7,317,424		16,842,895
Foxsemicon Integrated Technology Inc.(c)		689,000		5,409,722
Fubon Financial Holding Co. Ltd.(c)		64,227,022		173,417,069
Fulgent Sun International Holding Co. Ltd.(c)		1,084,221		4,581,583
Fusheng Precision Co. Ltd.(c)		859,000		6,061,050
General Interface Solution Holding Ltd., NVS(c)		2,158,000		7,021,959
Genius Electronic Optical Co. Ltd., NVS(c)		618,287		10,226,613
Getac Holdings Corp.(c)		4,004,000		8,460,565
Giant Manufacturing Co. Ltd.(c)		2,629,000		27,293,751
Gigabyte Technology Co. Ltd.(c)		4,421,000		22,654,065
Ginko International Co. Ltd.(c)		407,250		4,027,832
Global Mixed Mode Technology Inc.		597,000		5,166,665
Global PMX Co. Ltd.(c)		385,000		2,239,840
Global Unichip Corp.(c)		744,000		12,343,461
Globalwafers Co. Ltd.(c)		1,850,000		45,791,971
Gold Circuit Electronics Ltd.(c)		3,619,000		10,605,801
Goldsun Building Materials Co. Ltd.(c)		9,069,425		8,605,746
Gourmet Master Co. Ltd.(c)		851,471		3,482,355
Grand Pacific Petrochemical(c)		8,602,000		8,822,840
Grape King Bio Ltd.(c)		985,000		5,341,754
Great Wall Enterprise Co. Ltd.(c)		5,414,202		10,509,122
Greatek Electronics Inc.(c)		3,118,000		8,160,654
Gudeng Precision Industrial Co. Ltd.(c)		549,356		5,109,011
Hannstar Board Corp.(c)		3,228,000		5,207,035
HannStar Display Corp.(c)		19,504,640		11,249,467
Highwealth Construction Corp.(c)		5,167,153		9,052,453
Hiwin Technologies Corp.(c)		2,274,555		21,716,468
Holtek Semiconductor Inc.		2,065,000		8,067,612
Holy Stone Enterprise Co. Ltd.(c)		1,316,330		5,544,777
Hon Hai Precision Industry Co. Ltd.		106,216,928		394,548,945
Hota Industrial Manufacturing Co. Ltd.(c)		2,392,261		6,836,965
Hotai Finance Co. Ltd.		1,648,000		7,323,777
Hotai Motor Co. Ltd.(c)		2,594,000		58,731,891
Hsin Kuang Steel Co. Ltd.(c)		3,090,000		6,942,802
HTC Corp.(a)(c)		6,149,000		12,936,197
Hua Nan Financial Holdings Co. Ltd.		72,923,002		57,822,837
Huaku Development Co. Ltd.		2,368,000		7,687,174

28 2 0 2 2   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Consolidated Schedule of Investments (unaudited) (continued) February 28, 2022 iShares^® Core MSCI Emerging Markets ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Taiwan (continued)
IBF Financial Holdings Co. Ltd.(c)		19,507,706	$	11,040,264
Innodisk Corp.(c)		1,000,740		7,600,469
Innolux Corp.(c)		80,207,241		48,807,183
International CSRC Investment Holdings Co.(c)		7,567,685		6,941,291
International Games System Co. Ltd.(c)		485,000		11,987,497
Inventec Corp.(c)		19,280,000		17,805,074
ITE Technology Inc.(c)		1,618,000		6,345,953
ITEQ Corp.(c)		1,726,604		8,058,224
Jentech Precision Industrial Co. Ltd.(c)		655,000		9,083,939
Johnson Health Tech Co. Ltd.(c)		1,080,000		2,174,152
Kenda Rubber Industrial Co. Ltd.(c)		5,305,337		5,724,881
Kindom Development Co. Ltd.(c)		3,598,300		4,798,231
King Slide Works Co. Ltd., NVS		612,000		9,409,122
King Yuan Electronics Co. Ltd.(c)		8,107,000		12,771,565
King’s Town Bank Co. Ltd.		6,359,000		9,188,424
Kinpo Electronics(c)		14,412,000		7,950,507
Kinsus Interconnect Technology Corp.(c)		2,555,000		21,258,359
LandMark Optoelectronics Corp.(c)		825,900		5,391,292
Largan Precision Co. Ltd.(c)		819,000		59,519,028
Lien Hwa Industrial Holdings Corp.(c)		7,977,427		19,158,526
Lite-On Technology Corp.		17,992,238		44,240,742
Longchen Paper & Packaging Co. Ltd.(c)		6,971,720		5,431,845
Lotes Co. Ltd.		591,848		15,371,960
Lotus Pharmaceutical Co. Ltd.(c)		863,000		3,478,762
Macronix International Co. Ltd.(c)		14,685,554		23,247,159
Makalot Industrial Co. Ltd.(c)		1,654,510		13,070,027
Marketech International Corp.(c)		1,019,000		5,484,393
MediaTek Inc.(c)		12,879,572		508,946,948
Medigen Vaccine Biologics Corp.(a)(c)		1,273,000		10,602,657
Mega Financial Holding Co. Ltd.		89,994,958		121,277,286
Mercuries Life Insurance Co. Ltd.(a)(c)		15,110,158		4,817,446
Merida Industry Co. Ltd.(c)		1,703,850		17,353,544
Merry Electronics Co. Ltd.(c)		1,747,751		5,129,005
Microbio Co. Ltd.(a)(c)		3,037,928		6,855,808
Micro-Star International Co. Ltd.(c)		6,038,000		34,034,857
Mitac Holdings Corp.(c)		8,372,053		10,120,462
momo.com Inc.(c)		397,400		14,147,061
Nan Kang Rubber Tire Co. Ltd.(c)		4,343,000		6,264,948
Nan Pao Resins Chemical Co. Ltd.(c)		439,000		2,113,623
Nan Ya Plastics Corp.		44,575,440		140,590,928
Nan Ya Printed Circuit Board Corp.(c)		1,949,000		37,322,602
Nantex Industry Co. Ltd.(c)		2,515,000		6,699,314
Nanya Technology Corp		10,355,000		28,998,149
Nien Made Enterprise Co. Ltd.		1,286,000		16,671,391
Novatek Microelectronics Corp.(c)		4,901,000		81,251,056
Nuvoton Technology Corp.(c)		1,521,000		7,605,044
OBI Pharma Inc.(a)(c)		1,329,258		5,584,661
Oneness Biotech Co. Ltd.(a)(c)		1,939,000		17,117,978
Oriental Union Chemical Corp.(a)(c)		6,709,000		5,237,832
Pan Jit International Inc.(c)		2,632,200		9,680,644
Pan-International Industrial Corp.(c)		4,558,366		6,141,823
Parade Technologies Ltd.		673,000		46,465,036
PChome Online Inc.(c)		852,000		3,464,526
Pegatron Corp.		15,707,000		38,930,691
Pharmally International Holding Co. Ltd.(a)(d)		597,543		—
Phison Electronics Corp.(c)		1,245,000		23,035,153
Pixart Imaging Inc.(c)		1,249,000		6,042,650
Pou Chen Corp.		18,023,000		20,784,352
Powertech Technology Inc.(c)		4,915,000		16,671,381
Poya International Co. Ltd.(c)		467,050		6,767,737

Security	Shares		Value
Taiwan (continued)
President Chain Store Corp.		4,682,000	$	43,750,992
President Securities Corp.(c)		9,488,603		7,338,151
Primax Electronics Ltd.(c)		3,895,000		7,354,985
Prince Housing & Development Corp.(c)		12,966,995		6,410,739
Qisda Corp.(c)		13,291,000		14,688,995
Quanta Computer Inc.		22,447,000		75,060,440
Radiant Opto-Electronics Corp.(c)		2,971,000		10,742,624
RDC Semiconductor Co. Ltd.(a)(c)		492,000		7,537,602
Realtek Semiconductor Corp.(c)		3,930,110		64,799,489
Rexon Industrial Corp. Ltd.(c)		1,210,000		1,863,967
RichWave Technology Corp.(c)		762,200		5,901,693
Ritek Corp.(a)		1		—
Ruentex Development Co. Ltd.(c)		10,110,120		26,104,592
Ruentex Industries Ltd.(c)		3,869,225		16,096,585
Sanyang Motor Co. Ltd.(c)		4,963,000		5,030,418
ScinoPharm Taiwan Ltd.(c)		2,791,027		2,355,816
SDI Corp.(c)		1,372,000		6,557,394
Sensortek Technology Corp.(c)		241,000		3,790,181
Sercomm Corp.(c)		2,386,000		6,233,343
Shanghai Commercial & Savings Bank Ltd/The		29,793,346		49,076,981
Shin Kong Financial Holding Co. Ltd.(c)		93,557,255		37,940,696
Shin Zu Shing Co. Ltd.(c)		1,547,904		5,028,365
Shinkong Synthetic Fibers Corp.		13,541,000		9,903,106
Sigurd Microelectronics Corp.(c)		5,050,700		10,376,227
Simplo Technology Co. Ltd.		1,302,400		14,615,198
Sinbon Electronics Co. Ltd.(c)		1,932,809		18,581,406
Sino-American Silicon Products Inc.(c)		4,341,000		28,547,179
SinoPac Financial Holdings Co. Ltd.		88,939,660		54,614,382
Sinyi Realty Inc.		4,546,704		5,519,642
Sitronix Technology Corp.(c)		1,008,000		10,679,491
Soft-World International Corp.(c)		897,000		2,991,531
Solar Applied Materials Technology Corp., NVS(c)		4,246,710		7,946,602
Sonix Technology Co. Ltd.(c)		1,443,000		4,554,383
Sporton International Inc.		757,050		5,450,353
St. Shine Optical Co. Ltd.(c)		428,000		4,426,846
Standard Foods Corp.(c)		4,074,096		7,398,587
Sunny Friend Environmental Technology Co. Ltd.(c)		627,000		4,461,083
Sunplus Technology Co. Ltd.(c)		4,133,000		5,094,176
Supreme Electronics Co. Ltd.(c)		4,836,512		9,287,166
Synnex Technology International Corp.		11,341,250		29,362,119
Systex Corp.(c)		1,588,000		4,681,630
TA Chen Stainless Pipe(c)		12,520,466		23,937,247
Taichung Commercial Bank Co. Ltd.(c)		24,996,559		11,991,002
TaiDoc Technology Corp.(c)		523,000		3,357,945
Taigen Biopharmaceuticals Holdings Ltd.(a)(c)		2,920,000		1,776,089
TaiMed Biologics Inc.(a)(c)		1,660,000		4,118,483
Tainan Spinning Co. Ltd.(c)		11,437,894		9,605,626
Taishin Financial Holding Co. Ltd.		88,529,681		62,043,830
Taiwan Business Bank		41,044,853		16,338,957
Taiwan Cement Corp.(c)		42,936,574		72,890,111
Taiwan Cogeneration Corp.(c)		5,047,000		6,680,924
Taiwan Cooperative Financial Holding Co. Ltd.		79,722,953		75,631,865
Taiwan Fertilizer Co. Ltd.		6,691,000		16,455,659
Taiwan Glass Industry Corp.(c)		9,706,053		8,077,353
Taiwan High Speed Rail Corp.		14,138,000		14,963,259
Taiwan Hon Chuan Enterprise Co. Ltd.(c)		3,550,674		9,562,788
Taiwan Mask Corp.(c)		2,025,000		7,261,925
Taiwan Mobile Co. Ltd.		12,766,000		47,207,270
Taiwan Paiho Ltd.(c)		2,635,000		7,419,862

S C H E D U L E   O F   I N V E S T M E N T S 29

Consolidated Schedule of Investments (unaudited) (continued) February 28, 2022 iShares^® Core MSCI Emerging Markets ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Taiwan (continued)
Taiwan Secom Co. Ltd.(c)		2,610,185	$	9,582,569
Taiwan Semiconductor Co. Ltd.(c)		2,066,000		5,106,698
Taiwan Semiconductor Manufacturing Co. Ltd.		210,024,000		4,515,422,776
Taiwan Shin Kong Security Co. Ltd.(c)		5,731,577		8,057,431
Taiwan Surface Mounting Technology Corp.(c)		2,195,000		9,261,529
Taiwan TEA Corp.(a)(c)		8,964,000		6,885,995
Taiwan Union Technology Corp.(c)		2,265,000		7,017,910
Tanvex BioPharma Inc.(a)		1,569,950		3,331,884
Tatung Co. Ltd.(a)(c)		15,030,000		16,962,713
TCI Co. Ltd.(c)		885,444		6,209,215
Teco Electric and Machinery Co. Ltd.		14,835,000		16,024,349
Test Research Inc.		1,932,400		4,335,907
Thinking Electronic Industrial Co. Ltd.		791,000		3,977,456
Ton Yi Industrial Corp.(c)		10,896,000		5,711,786
Tong Hsing Electronic Industries Ltd.(c)		1,273,762		13,343,955
Tong Yang Industry Co. Ltd.(c)		4,648,400		5,428,624
Topco Scientific Co. Ltd.		1,921,639		11,902,891
TPK Holding Co. Ltd.(c)		3,077,000		4,263,260
Transcend Information Inc.		2,449,000		6,211,378
Tripod Technology Corp.(c)		3,159,000		14,483,504
TSEC Corp.(a)(c)		3,798,000		5,248,761
TSRC Corp.(c)		6,601,900		8,372,542
TTY Biopharm Co. Ltd.(c)		2,164,124		5,285,739
Tung Ho Steel Enterprise Corp.(c)		5,318,560		13,396,463
Tung Thih Electronic Co. Ltd.(c)		624,000		3,234,756
TXC Corp.(c)		2,471,000		8,637,529
U-Ming Marine Transport Corp.(c)		4,096,000		8,973,222
Unimicron Technology Corp.		10,326,000		96,009,034
Union Bank of Taiwan(a)(c)		11,047,860		5,450,587
Uni-President Enterprises Corp.		39,450,369		94,913,335
United Integrated Services Co. Ltd.(c)		1,262,400		7,992,060
United Microelectronics Corp.(c)		101,070,000		190,451,369
United Renewable Energy Co. Ltd.(a)		12,490,238		9,260,447
Universal Vision Biotechnology Co. Ltd.(c)		385,000		3,740,442
UPC Technology Corp.(c)		9,167,365		6,935,763
USI Corp.(c)		7,960,300		8,164,318
Vanguard International Semiconductor Corp.(c)		7,634,000		34,645,869
VIA Labs Inc.(c)		208,000		3,342,868
Via Technologies Inc.(c)		1,725,000		3,956,097
Visual Photonics Epitaxy Co. Ltd.(c)		1,412,000		5,743,693
Voltronic Power Technology Corp.(c)		542,493		28,173,412
Wafer Works Corp.(c)		4,545,839		11,950,843
Wah Lee Industrial Corp.(c)		2,492,580		9,537,640
Walsin Lihwa Corp.(c)		20,782,000		21,016,807
Walsin Technology Corp.(c)		2,557,597		13,547,101
Wan Hai Lines Ltd.(c)		5,267,800		35,881,387
Win Semiconductors Corp.(c)		2,934,427		32,125,311
Winbond Electronics Corp.(c)		26,585,480		32,016,656
Wisdom Marine Lines Co. Ltd.(c)		3,646,000		11,861,705
Wistron Corp.		21,941,004		23,122,889
Wistron NeWeb Corp.(c)		2,950,654		7,515,685
Wiwynn Corp.(c)		648,000		23,143,708
WPG Holdings Ltd.		12,166,200		24,280,195
WT Microelectronics Co. Ltd.(c)		4,366,734		13,085,241
XinTec Inc.(c)		1,521,000		6,567,445
XPEC Entertainment Inc.(d)		31,000		—
Xxentria Technology Materials Corp.(c)		1,636,000		4,067,859
Yageo Corp.(c)		3,710,286		60,873,752
Yang Ming Marine Transport Corp.(a)(c)		14,956,677		63,214,345
YFY Inc.(c)		10,978,000		13,260,832

Security	Shares		Value
Taiwan (continued)
Yieh Phui Enterprise Co. Ltd.(a)(c)		9,567,026	$	8,351,775
Yuanta Financial Holding Co. Ltd.		80,249,388		71,686,181
Yulon Finance Corp.		1,951,658		14,201,218
Yulon Motor Co. Ltd.(c)		5,487,088		8,078,314
YungShin Global Holding Corp.(c)		3,393,650		5,152,912
Zhen Ding Technology Holding Ltd.(c)		5,064,950		16,799,365
				12,358,022,503
Thailand — 2.1%
Advanced Info Service PCL, NVDR		10,110,500		71,171,008
Airports of Thailand PCL, NVDR(a)		36,550,700		72,214,395
Amata Corp. PCL, NVDR		12,786,630		8,399,702
AP Thailand PCL, NVDR		33,512,390		10,893,203
Asset World Corp. PCL, NVDR(a)		59,984,700		8,837,023
B Grimm Power PCL, NVDR(c)		8,285,000		8,790,029
Bangchak Corp. PCL, NVDR		13,531,800		12,899,699
Bangkok Airways PCL, NVDR(a)(c)		15,066,200		4,373,547
Bangkok Chain Hospital PCL, NVDR(c)		17,950,450		10,492,841
Bangkok Commercial Asset Management PCL, NVDR		15,776,300		10,620,885
Bangkok Dusit Medical Services PCL, NVDR		81,495,500		59,252,366
Bangkok Expressway & Metro PCL, NVDR(c)		64,498,485		17,635,279
Bangkok Land PCL, NVDR(c)		165,587,400		5,270,418
Banpu PCL, NVDR		43,586,400		14,607,991
BCPG PCL, NVDR(c)		12,225,325		4,686,181
Berli Jucker PCL, NVDR		10,084,000		10,369,024
BTS Group Holdings PCL, NVDR		69,482,700		20,254,236
Bumrungrad Hospital PCL, NVDR		3,817,700		17,990,155
Carabao Group PCL, NVDR(c)		2,838,400		9,292,794
Central Pattana PCL, NVDR		17,367,900		29,534,662
Central Retail Corp. PCL, NVDR		16,360,717		19,237,731
CH Karnchang PCL, NVDR(c)		12,976,800		8,372,194
Charoen Pokphand Foods PCL, NVDR(c)		30,125,900		23,342,030
Chularat Hospital PCL, NVDR(c)		72,030,000		7,722,892
CK Power PCL, NVDR(c)		27,078,700		4,241,375
Com7 PCL, NVDR		4,363,200		11,076,569
CP ALL PCL, NVDR		49,662,600		103,755,897
Delta Electronics Thailand PCL, NVDR		2,698,100		33,781,030
Dynasty Ceramic PCL, NVDR(c)		70,934,020		6,512,687
Eastern Polymer Group PCL, NVDR(c)		15,353,800		4,657,073
Electricity Generating PCL, NVDR		1,932,100		10,642,727
Energy Absolute PCL, NVDR(c)		13,299,600		38,869,930
Esso Thailand PCL, NVDR(a)(c)		19,751,800		4,560,494
GFPT PCL, NVDR		9,826,700		3,939,702
Global Power Synergy PCL, NVDR		5,904,800		13,630,533
Gulf Energy Development PCL, NVDR		25,975,944		40,385,640
Gunkul Engineering PCL, NVDR(c)		47,496,541		9,065,614
Hana Microelectronics PCL, NVDR(c)		5,231,200		8,233,572
Home Product Center PCL, NVDR		52,918,375		24,780,544
Indorama Ventures PCL, NVDR(c)		15,392,600		21,325,643
Intouch Holdings PCL, NVDR		10,751,225		25,000,336
IRPC PCL, NVDR		93,856,100		11,001,880
Jasmine International PCL, NVDR(a)		66,500,900		7,350,634
JMT Network Services PCL, NVDR		5,156,400		10,789,456
KCE Electronics PCL, NVDR		7,379,700		13,739,336
Khon Kaen Sugar Industry PCL, NVDR(a)(c)		26,009,886		2,705,857
Kiatnakin Phatra Bank PCL, NVDR		3,613,800		7,569,304
Krung Thai Bank PCL, NVDR		28,797,300		12,389,400
Krungthai Card PCL, NVDR(c)		7,456,900		14,511,140
Land & Houses PCL, NVDR		62,437,400		18,387,911
Major Cineplex Group PCL, NVDR		10,004,800		6,185,064

30 2 0 2 2   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Consolidated Schedule of Investments (unaudited) (continued) February 28, 2022 iShares^® Core MSCI Emerging Markets ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Thailand (continued)
MBK PCL, NVDR(a)(c)		11,305,200	$	4,343,727
Mega Lifesciences PCL, NVDR		5,109,700		6,730,693
Minor International PCL, NVDR(a)		28,397,860		26,894,143
Muangthai Capital PCL, NVDR(c)		6,500,000		10,294,984
Ngern Tid Lor PCL, NVDR(a)		8,908,400		10,266,444
Origin Property PCL, NVDR		16,647,200		6,095,741
Osotspa PCL, NVDR		8,431,300		9,126,602
Plan B Media PCL, NVDR(a)(c)		29,443,288		7,184,876
Precious Shipping PCL, NVDR(c)		8,381,700		4,512,587
Prima Marine PCL, NVDR(c)		15,262,200		2,692,270
PTG Energy PCL, NVDR(c)		10,966,100		4,852,105
PTT Exploration & Production PCL, NVDR		11,332,501		47,712,698
PTT Global Chemical PCL, NVDR		19,593,100		31,930,226
PTT Oil & Retail Business PCL, NVDR		26,087,700		20,672,124
PTT PCL, NVDR		84,043,500		102,303,505
Quality Houses PCL, NVDR		114,371,817		8,000,311
Ratch Group PCL, NVDR		6,963,600		9,820,227
Ratchthani Leasing PCL, NVDR(c)		33,415,825		4,477,659
Regional Container Lines PCL, NVDR(c)		3,533,400		5,138,912
RS PCL, NVDR(a)(c)		6,689,300		3,475,808
SCG Packaging PCL, NVDR		12,062,300		22,688,125
Siam Cement PCL (The), NVDR		6,568,100		79,044,679
Siam Commercial Bank PCL (The), NVDR		7,222,600		27,909,971
Siamgas & Petrochemicals PCL, NVDR		12,291,700		5,245,862
Singha Estate PCL, NVDR(a)(c)		54,439,000		3,248,846
Sino-Thai Engineering & Construction PCL, NVDR(c)		13,073,528		5,677,504
Sri Trang Agro-Industry PCL, NVDR(c)		8,452,260		6,941,003
Sri Trang Gloves Thailand PCL, NVDR(c)		9,110,500		7,179,660
Srisawad Corp. PCL, NVDR		6,531,549		11,595,594
Supalai PCL, NVDR		14,959,400		10,074,667
Super Energy Corp. PCL, NVDR		197,576,200		5,575,150
Thai Oil PCL, NVDR		9,291,400		15,445,816
Thai Union Group PCL, NVDR		23,547,400		14,701,361
Thai Vegetable Oil PCL, NVDR(c)		6,147,100		6,114,177
Thanachart Capital PCL, NVDR		3,719,700		4,772,668
Thonburi Healthcare Group PCL, NVDR		7,464,400		11,365,077
Thoresen Thai Agencies PCL, NVDR(c)		14,691,200		4,499,818
TPI Polene PCL, NVDR(c)		72,245,500		3,834,300
True Corp. PCL, NVDR		103,201,711		15,863,880
TTW PCL, NVDR(c)		25,244,300		8,884,757
WHA Corp. PCL, NVDR(c)		92,549,000		9,660,249
				1,542,198,439
Turkey — 0.4%
Akbank TAS		24,808,802		12,663,100
Aksa Akrilik Kimya Sanayii AS		2,172,805		5,659,351
Anadolu Efes Biracilik Ve Malt Sanayii AS		2,164,859		3,783,543
Aselsan Elektronik Sanayi Ve Ticaret AS		5,102,040		8,198,506
Bera Holding AS(a)(c)		3,003,403		1,771,999
BIM Birlesik Magazalar AS		3,806,071		20,102,512
Coca-Cola Icecek AS		908,671		7,154,342
Dogan Sirketler Grubu Holding AS		11,980,381		2,207,363
Emlak Konut Gayrimenkul Yatirim Ortakligi AS(c)		32,386,031		4,656,578
Enerjisa Enerji AS(b)		2,662,156		2,546,699
Eregli Demir ve Celik Fabrikalari TAS		12,311,543		27,647,099
Ford Otomotiv Sanayi AS		635,477		12,378,721
Gubre Fabrikalari TAS(a)		572,508		3,147,910
Haci Omer Sabanci Holding AS		8,048,860		9,037,357
Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS, Class D(a)		8,912,604		7,553,682

Security	Shares		Value
Turkey (continued)
KOC Holding AS		6,087,169	$	13,915,791
Koza Altin Isletmeleri AS(a)(c)		394,993		3,267,766
Koza Anadolu Metal Madencilik Isletmeleri AS(a)(c)		2,666,680		3,780,297
Mavi Giyim Sanayi Ve Ticaret AS, Class B(b)		396,448		1,599,799
Migros Ticaret AS(a)(c)		1,130,372		2,940,221
MLP Saglik Hizmetleri AS(a)(b)(c)		864,455		1,848,801
Pegasus Hava Tasimaciligi AS(a)(c)		424,393		2,870,755
Petkim Petrokimya Holding AS(a)(c)		13,652,428		7,644,827
Sok Marketler Ticaret AS(c)		2,238,397		1,827,560
TAV Havalimanlari Holding AS(a)(c)		1,945,999		4,735,554
Tekfen Holding AS(c)		2,195,586		2,933,031
Tofas Turk Otomobil Fabrikasi AS		1,075,764		6,241,495
Turk Hava Yollari AO(a)		5,119,981		9,477,713
Turkcell Iletisim Hizmetleri AS		9,871,705		14,636,107
Turkiye Garanti Bankasi AS		18,226,420		14,591,408
Turkiye Is Bankasi AS, Class C		14,338,835		8,302,467
Turkiye Petrol Rafinerileri AS(a)		1,033,155		14,399,711
Turkiye Sinai Kalkinma Bankasi AS		14,377,797		1,341,916
Turkiye Sise ve Cam Fabrikalari AS		11,492,231		10,279,715
Ulker Biskuvi Sanayi AS(c)		1,934,410		2,075,540
Yapi ve Kredi Bankasi AS(c)		27,278,109		7,045,627
				264,264,863
United Arab Emirates — 1.2%
Abu Dhabi Commercial Bank PJSC		24,062,665		70,573,938
Abu Dhabi Islamic Bank PJSC		11,597,042		27,978,245
Abu Dhabi National Oil Co. for Distribution PJSC		21,032,051		23,613,409
Air Arabia PJSC, NVS(a)		27,181,305		12,178,924
Al Yah Satellite Communications Co.(a)		8,398,777		6,008,883
Aldar Properties PJSC		32,374,806		36,999,836
Amanat Holdings PJSC(a)		22,009,016		6,856,413
Aramex PJSC		7,394,746		8,076,781
Dana Gas PJSC		42,735,787		12,353,267
Dubai Financial Market PJSC(a)		14,962,255		9,542,844
Dubai Investments PJSC, NVS		20,657,420		12,715,040
Dubai Islamic Bank PJSC		19,801,564		32,908,592
Emaar Development PJSC(a)		6,489,095		7,590,943
Emaar Properties PJSC		32,888,730		45,557,336
Emirates NBD Bank PJSC		22,347,175		87,177,218
Emirates Telecommunications Group Co. PJSC		29,996,621		286,480,597
First Abu Dhabi Bank PJSC		37,423,770		210,703,248
				897,315,514
Total Common Stocks — 97.8% (Cost: $58,122,444,243)				71,173,873,837
Preferred Stocks
Brazil — 1.3%
Alpargatas SA, Preference Shares, NVS		1,645,446		8,192,963
Azul SA, Preference Shares, NVS(a)		2,479,333		11,980,798
Banco ABC Brasil SA, Preference Shares, NVS		1,302,239		3,914,534
Banco Bradesco SA, Preference Shares, NVS		40,773,260		159,721,690
Banco do Estado do Rio Grande do Sul SA, Class B, Preference Shares, NVS		2,157,286		4,168,603
Banco Pan SA, Preference Shares, NVS		2,977,721		5,746,626
Bradespar SA, Preference Shares, NVS		2,212,956		12,738,337
Braskem SA, Class A, Preference Shares, NVS		1,643,396		15,399,586
Centrais Eletricas Brasileiras SA, Class B, Preference Shares, NVS		2,138,552		14,203,757

S C H E D U L E   O F   I N V E S T M E N T S 31

Consolidated Schedule of Investments (unaudited) (continued) February 28, 2022 iShares^® Core MSCI Emerging Markets ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Brazil (continued)
Cia. de Saneamento do Parana, Preference Shares, NVS		2,777,657	$	2,146,582
Cia. Energetica de Minas Gerais, Preference Shares, NVS		8,615,236		21,169,948
Cia. Energetica de Sao Paulo, Class B, Preference Shares, NVS		1,881,868		8,302,564
Cia. Paranaense de Energia, Preference Shares, NVS		8,357,136		11,166,748
Gerdau SA, Preference Shares, NVS		9,951,211		49,356,162
Gol Linhas Aereas Inteligentes SA, Preference Shares, NVS(a)		1,985,072		6,486,447
Itau Unibanco Holding SA, Preference Shares, NVS		40,869,290		200,633,625
Itausa SA, Preference Shares, NVS		39,276,242		76,063,062
Marcopolo SA, Preference Shares, NVS		5,956,679		3,333,302
Metalurgica Gerdau SA, Preference Shares, NVS		7,092,458		14,254,440
Petroleo Brasileiro SA, Preference Shares, NVS		40,184,202		264,149,105
Randon SA Implementos e Participacoes, Preference Shares, NVS		2,268,702		4,630,690
Unipar Carbocloro SA, Class B, Preference Shares, NVS		555,794		10,142,320
				907,901,889
Chile — 0.1%
Embotelladora Andina SA, Class B, Preference Shares		4,341,598		9,454,289
Sociedad Quimica y Minera de Chile SA, Class B, Preference Shares		1,172,346		77,857,699
				87,311,988
Colombia — 0.1%
Bancolombia SA, Preference Shares, NVS		4,018,554		35,520,828
Russia — 0.0%
Surgutneftegas PJSC, Preference Shares, NVS(d)		58,972,077		6,331,924
South Korea — 0.6%
Hyundai Motor Co.
Preference Shares, NVS		184,381		13,523,745
Series 2, Preference Shares, NVS		305,876		22,627,344
LG Chem Ltd., Preference Shares, NVS		66,384		15,045,898
LG Household & Health Care Ltd., Preference Shares, NVS		16,872		7,395,126
Samsung Electronics Co. Ltd., Preference Shares, NVS		7,024,500		388,226,438
				446,818,551
Total Preferred Stocks — 2.1% (Cost: $1,307,161,191)				1,483,885,180
Rights
Brazil — 0.0%
Americanas SA (Expires 03/03/22)(a)		125,467		164,880

Security	Shares		Value
South Korea — 0.0%
BNC Korea Co. Ltd. (Expires 03/08/22)(a)(c)		85,255	$	81,543
Samsung Biologics Co. Ltd. (Expires 04/08/22)(a)		9,376		1,091,723
Taihan Electric Wire Co. Ltd. (Expires 03/10/22)(a)(c)		1,284,557		325,854
				1,499,120
Thailand — 0.0%
Bangchak Corp. PCL (Expires 03/03/22)(a)		657,271		—
Khon Kaen Sugar (Expires 03/03/22)(a)		255,528		—
				—
Total Rights — 0.0% (Cost: $6,874,191)				1,664,000
Short-Term Investments
Money Market Funds — 4.2%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.09%(g)(h)(i)		2,765,254,890		2,765,807,941
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.03%(g)(h)		307,790,000		307,790,000
				3,073,597,941
Total Short-Term Investments — 4.2% (Cost: $3,073,295,234)				3,073,597,941
Total Investments in Securities — 104.1% (Cost: $62,509,774,859)				75,733,020,958
Other Assets, Less Liabilities — (4.1)%				(2,952,217,695	)
Net Assets — 100.0%			$	72,780,803,263

^(a)  Non-income producing security.

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

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

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

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

^(f)  Restricted security as to resale, excluding 144A securities. The Fund held restricted securities with a current value of $1,976,583, representing less than 0.05% of its net assets as of period end, and an original cost of $35,983,750.

^(g)  Affiliate of the Fund.

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

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

32 2 0 2 2   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Consolidated Schedule of Investments (unaudited) (continued) February 28, 2022 iShares^® Core MSCI Emerging Markets ETF

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 08/31/21		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 02/28/22		Shares Held at 02/28/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	3,768,443,333	$	—		$	(1,001,652,438	)(a)	$	(392,780	)	$	(590,174	)	$	2,765,807,941		2,765,254,890	$	40,181,673	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		179,420,000		128,370,000	(a)		—			—			—			307,790,000		307,790,000		19,148			—
									$	(392,780	)	$	(590,174	)	$	3,073,597,941			$	40,200,821		$	—

^(a)  Represents net amount purchased (sold).

^(b)  All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
MSCI Emerging Markets Index		1,041		03/18/22	$	61,185	$	(626,179	)

Derivative Financial Instruments Categorized by Risk Exposure

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

	Equity Contracts
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	626,179

^(a)  Net cumulative unrealized appreciation (depreciation) on futures contracts are reported in the Consolidated Schedule of Investments. In the Consolidated Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).

For the period ended February 28, 2022, the effect of derivative financial instruments in the Consolidated Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	(6,381,509	)
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(2,570,565	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	112,242,793

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

S C H E D U L E   O F   I N V E S T M E N T S 33

Consolidated Schedule of Investments (unaudited) (continued) February 28, 2022 iShares^® Core MSCI Emerging Markets ETF

Fair Value Hierarchy as of Period End

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 Consolidated 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.

	Level 1			Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	7,636,286,225		$	63,151,760,894	$	385,826,718	$	71,173,873,837
Preferred Stocks		35,520,828			1,442,032,428		6,331,924		1,483,885,180
Rights		—			1,664,000		—		1,664,000
Money Market Funds		3,073,597,941			—		—		3,073,597,941
	$	10,745,404,994		$	64,595,457,322	$	392,158,642	$	75,733,020,958
Derivative financial instruments(a)
Liabilities
Futures Contracts	$	(626,179	)	$	—	$	—	$	(626,179	)

^(a)  Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

See notes to financial statements.

34 2 0 2 2   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments (unaudited) February 28, 2022 iShares^® MSCI BRIC ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Brazil — 7.5%
Ambev SA		153,558	$	450,656
Americanas SA		19,608		114,906
Atacadao SA		20,520		75,640
B3 SA - Brasil, Bolsa, Balcao		176,301		496,003
Banco Bradesco SA		45,315		148,626
Banco BTG Pactual SA		38,648		192,014
Banco do Brasil SA		20,805		140,664
Banco Inter SA		14,706		57,023
Banco Santander Brasil SA		8,493		50,340
BB Seguridade Participacoes SA		22,230		98,024
BRF SA(a)		19,722		62,194
CCR SA		22,458		51,093
Centrais Eletricas Brasileiras SA		13,395		90,400
Cia. de Saneamento Basico do Estado de Sao Paulo		9,975		80,042
Cia. Siderurgica Nacional SA		22,800		112,216
Cosan SA		34,770		142,549
Energisa SA		5,187		44,259
Engie Brasil Energia SA		9,483		73,466
Equatorial Energia SA		31,749		157,008
Hapvida Participacoes e Investimentos SA(b)		123,156		288,283
Hypera SA		13,395		86,893
JBS SA		28,614		200,435
Klabin SA		20,292		91,144
Localiza Rent a Car SA		18,468		205,592
Lojas Renner SA		32,170		159,011
Magazine Luiza SA		97,413		112,385
Natura & Co. Holding SA(a)		30,096		134,302
Petro Rio SA(a)		10,431		53,012
Petroleo Brasileiro SA		118,389		841,795
Raia Drogasil SA		32,205		145,797
Rede D’Or Sao Luiz SA(b)		11,685		115,109
Rumo SA(a)		35,910		107,582
Suzano SA		25,266		272,341
Telefonica Brasil SA		13,509		132,478
TIM SA		34,327		91,052
TOTVS SA		16,929		108,451
Ultrapar Participacoes SA		28,956		81,434
Vale SA		127,509		2,365,761
Vibra Energia SA		37,341		170,085
WEG SA		53,010		300,343
				8,700,408
China — 63.8%
360 DigiTech Inc., ADR		2,166		40,613
360 Security Technology Inc., Class A(a)		28,531		47,491
3SBio Inc.(a)(b)		28,500		22,651
51job Inc., ADR(a)		1,026		53,147
AAC Technologies Holdings Inc.		29,500		80,659
Advanced Micro-Fabrication Equipment Inc., Class A(a)		2,300		46,924
AECC Aviation Power Co. Ltd., Class A		5,700		45,766
Agricultural Bank of China Ltd., Class A		136,800		64,629
Agricultural Bank of China Ltd., Class H		684,000		259,044
Aier Eye Hospital Group Co. Ltd., Class A		12,491		72,224
Air China Ltd., Class A(a)		11,400		17,854
Air China Ltd., Class H(a)		114,000		87,675
Akeso Inc.(a)(b)		11,000		29,048
Alibaba Group Holding Ltd.(a)		473,120		6,228,092
Alibaba Health Information Technology Ltd.(a)(c)		148,000		103,634
A-Living Smart City Services Co. Ltd., Class A(b)		14,250		25,543

Security	Shares		Value
China (continued)
Aluminum Corp. of China Ltd., Class A(a)		34,200	$	35,386
Aluminum Corp. of China Ltd., Class H(a)		114,000		80,578
Anhui Conch Cement Co. Ltd., Class A		5,700		36,490
Anhui Conch Cement Co. Ltd., Class H		28,500		152,946
Anhui Gujing Distillery Co. Ltd., Class B		4,300		62,883
ANTA Sports Products Ltd.(c)		35,440		541,282
Autohome Inc., ADR		2,223		68,002
AVIC Electromechanical Systems Co. Ltd., Class A		11,400		22,558
AVIC Industry-Finance Holdings Co. Ltd., Class A		51,399		31,744
AviChina Industry & Technology Co. Ltd., Class H		86,000		53,392
Baidu Inc., ADR(a)		8,607		1,312,051
Bank of Beijing Co. Ltd., Class A		63,990		45,761
Bank of Chengdu Co. Ltd., Class A		11,400		26,071
Bank of China Ltd., Class A		68,400		33,592
Bank of China Ltd., Class H		2,394,000		931,988
Bank of Communications Co. Ltd., Class A		102,600		77,778
Bank of Communications Co. Ltd., Class H		228,200		156,438
Bank of Hangzhou Co. Ltd., Class A		22,899		52,049
Bank of Jiangsu Co. Ltd., Class A		39,960		42,183
Bank of Nanjing Co. Ltd., Class A		28,500		44,129
Bank of Ningbo Co. Ltd., Class A		12,310		74,433
Bank of Shanghai Co. Ltd., Class A		45,690		50,641
Baoshan Iron & Steel Co. Ltd., Class A		39,900		45,732
BBMG Corp., Class A		22,800		10,427
BeiGene Ltd., ADR(a)		1,482		311,991
Beijing Capital International Airport Co. Ltd., Class H(a)		114,000		73,018
Beijing Dabeinong Technology Group Co. Ltd., Class A		17,100		22,494
Beijing Enlight Media Co. Ltd., Class A		11,400		17,081
Beijing Enterprises Holdings Ltd.		28,500		97,427
Beijing Enterprises Water Group Ltd.		228,000		90,079
Beijing Kingsoft Office Software Inc., Class A		378		12,824
Beijing New Building Materials PLC, Class A		5,700		27,035
Beijing Originwater Technology Co. Ltd., Class A		28,500		30,224
Beijing Roborock Technology Co. Ltd., Class A		358		35,926
Beijing Sinnet Technology Co. Ltd., Class A		11,400		27,153
Beijing-Shanghai High Speed Railway Co. Ltd., Class A		79,800		65,378
Bilibili Inc., ADR(a)(c)		4,845		153,150
BOC Aviation Ltd.(b)		5,700		49,550
BOE Technology Group Co. Ltd., Class A		114,000		85,083
Bosideng International Holdings Ltd.		114,000		64,862
BYD Co. Ltd., Class A		3,900		156,826
BYD Co. Ltd., Class H		25,500		790,177
BYD Electronic International Co. Ltd.		29,500		83,243
Caitong Securities Co. Ltd., Class A		11,400		16,976
CanSino Biologics Inc., Class H(a)(b)		2,600		46,991
CGN Power Co. Ltd., Class H(b)		342,000		96,961
Changchun High & New Technology Industry Group Inc., Class A		810		23,504
Changjiang Securities Co. Ltd., Class A		28,500		31,257
Chaozhou Three-Circle Group Co. Ltd., Class A		5,700		31,568
China Baoan Group Co. Ltd., Class A		17,100		37,501
China Bohai Bank Co. Ltd., Class H(b)		116,500		19,380
China Cinda Asset Management Co. Ltd., Class H		171,000		30,868
China CITIC Bank Corp. Ltd., Class H		228,000		107,140
China Communications Services Corp. Ltd., Class H		54,800		30,064
China Conch Venture Holdings Ltd.		57,000		274,298
China Construction Bank Corp., Class A		17,100		16,360
China Construction Bank Corp., Class H		2,907,370		2,180,424
China CSSC Holdings Ltd., Class A		5,700		19,816
China Eastern Airlines Corp. Ltd., Class A(a)		28,500		24,405

S C H E D U L E   O F   I N V E S T M E N T S 35

Schedule of Investments (unaudited) (continued) February 28, 2022 iShares^® MSCI BRIC ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
China (continued)
China Education Group Holdings Ltd.		31,000	$	26,558
China Energy Engineering Corp. Ltd.(a)		102,600		43,854
China Everbright Bank Co. Ltd., Class A		91,200		48,329
China Everbright Environment Group Ltd.		114,000		81,849
China Evergrande Group		114,000		23,332
China Feihe Ltd.(b)		116,000		138,418
China Galaxy Securities Co. Ltd., Class H		114,000		65,252
China Gas Holdings Ltd.		92,400		146,026
China Greatwall Technology Group Co. Ltd., Class A		11,400		24,117
China Hongqiao Group Ltd.		85,500		119,701
China Huishan Dairy Holdings Co. Ltd.(a)(d)		51,450		—
China International Capital Corp. Ltd., Class H(b)		45,600		110,941
China Jinmao Holdings Group Ltd.		172,000		57,197
China Jushi Co. Ltd., Class A		11,473		31,148
China Lesso Group Holdings Ltd.		57,000		87,756
China Life Insurance Co. Ltd., Class A		5,493		25,085
China Life Insurance Co. Ltd., Class H		228,000		377,712
China Literature Ltd.(a)(b)		11,400		61,870
China Longyuan Power Group Corp. Ltd., Class H		128,000		264,139
China Medical System Holdings Ltd.		57,000		101,497
China Mengniu Dairy Co. Ltd.		106,000		689,256
China Merchants Bank Co. Ltd., Class A		38,300		302,751
China Merchants Bank Co. Ltd., Class H		129,456		1,091,224
China Merchants Port Holdings Co. Ltd.		48,000		90,499
China Merchants Securities Co. Ltd., Class A		17,150		43,152
China Merchants Shekou Industrial Zone Holdings Co. Ltd., Class A		12,581		26,987
China Minsheng Banking Corp. Ltd., Class A		57,000		35,325
China Minsheng Banking Corp. Ltd., Class H		171,000		66,604
China Molybdenum Co. Ltd., Class A		28,500		27,340
China Molybdenum Co. Ltd., Class H		108,000		65,006
China National Building Material Co. Ltd., Class H		150,000		192,424
China National Chemical Engineering Co. Ltd., Class A		11,400		18,916
China National Nuclear Power Co. Ltd., Class A		34,200		40,231
China Northern Rare Earth Group High-Tech Co. Ltd., Class A		5,700		44,836
China Oilfield Services Ltd., Class H		68,000		77,520
China Overseas Land & Investment Ltd.		114,300		348,977
China Pacific Insurance Group Co. Ltd., Class A		17,100		71,916
China Pacific Insurance Group Co. Ltd., Class H		79,800		222,209
China Petroleum & Chemical Corp., Class A		57,000		39,370
China Petroleum & Chemical Corp., Class H		798,600		397,293
China Power International Development Ltd.		171,000		96,929
China Railway Group Ltd., Class A		39,900		39,366
China Railway Group Ltd., Class H		114,000		66,936
China Renewable Energy Investment Ltd.(d)		7,709		—
China Resources Beer Holdings Co. Ltd.		38,000		301,317
China Resources Cement Holdings Ltd.		116,000		99,260
China Resources Gas Group Ltd.		15,000		68,895
China Resources Land Ltd.		114,444		556,690
China Resources Mixc Lifestyle Services Ltd.(b)		12,000		61,724
China Resources Power Holdings Co. Ltd.		74,200		165,731
China Ruyi Holdings Ltd.(a)(c)		108,000		32,143
China Shenhua Energy Co. Ltd., Class A		17,100		68,464
China Shenhua Energy Co. Ltd., Class H		114,000		314,182
China Southern Airlines Co. Ltd., Class A(a)		45,600		50,068
China State Construction Engineering Corp. Ltd., Class A		102,600		82,885
China State Construction International Holdings Ltd.		18,000		25,350
China Suntien Green Energy Corp. Ltd., Class H		57,000		37,969

Security	Shares		Value
China (continued)
China Taiping Insurance Holdings Co. Ltd.		57,040	$	67,513
China Three Gorges Renewables Group Co. Ltd.		68,400		77,206
China Tourism Group Duty Free Corp. Ltd., Class A		4,000		129,196
China Tower Corp. Ltd., Class H(b)		1,026,000		119,584
China Traditional Chinese Medicine Holdings Co. Ltd.		114,000		64,987
China United Network Communications Ltd., Class A		57,000		34,534
China Vanke Co. Ltd., Class A		17,138		52,163
China Vanke Co. Ltd., Class H		51,301		121,849
China Yangtze Power Co. Ltd., Class A		39,956		147,003
China Zheshang Bank Co. Ltd., Class A		28,500		15,487
Chinasoft International Ltd.		114,000		104,014
Chindata Group Holdings Ltd., ADR(a)(c)		1,653		9,075
Chongqing Changan Automobile Co. Ltd., Class A		11,440		23,654
Chongqing Zhifei Biological Products Co. Ltd., Class A		4,300		88,004
CIFI Ever Sunshine Services Group Ltd.		28,000		50,920
CIFI Holdings Group Co. Ltd.		119,700		83,396
CITIC Ltd.		191,000		222,883
CITIC Securities Co. Ltd., Class A		32,775		121,468
CITIC Securities Co. Ltd., Class H		65,550		158,808
Contemporary Amperex Technology Co. Ltd., Class A		5,700		488,258
COSCO SHIPPING Holdings Co. Ltd., Class A(a)		22,770		63,933
COSCO SHIPPING Holdings Co. Ltd., Class H(a)		113,849		230,114
COSCO SHIPPING Ports Ltd.		114,000		93,944
Country Garden Holdings Co. Ltd.		234,046		181,838
Country Garden Services Holdings Co. Ltd.		57,000		340,972
CRRC Corp. Ltd., Class A		45,600		41,915
CRRC Corp. Ltd., Class H		114,000		50,665
CSC Financial Co. Ltd., Class A		11,400		46,675
CSPC Pharmaceutical Group Ltd.		304,160		360,540
Dada Nexus Ltd., ADR(a)		2,280		18,947
Dali Foods Group Co. Ltd.(b)		57,000		30,021
Daqo New Energy Corp., ADR(a)		1,938		92,946
DHC Software Co. Ltd., Class A		28,500		37,365
DiDi Global Inc., ADR(a)		7,467		30,615
Dongfang Electric Corp. Ltd., Class A		11,400		29,548
Dongfeng Motor Group Co. Ltd., Class H		114,000		98,123
Dongxing Securities Co. Ltd., Class A		11,499		18,814
Dongyue Group Ltd.		57,000		82,692
East Money Information Co. Ltd., Class A		22,812		97,231
ENN Energy Holdings Ltd.		23,500		340,336
ENN Natural Gas Co. Ltd., Class A		11,400		32,381
Eve Energy Co. Ltd., Class A		2,700		38,747
Everbright Securities Co. Ltd., Class A		11,497		24,279
Fangda Carbon New Material Co. Ltd., Class A		11,440		18,757
Far East Horizon Ltd.		61,000		51,987
Fiberhome Telecommunication Technologies Co. Ltd., Class A		5,700		15,577
First Capital Securities Co. Ltd., Class A		11,400		11,530
Flat Glass Group Co. Ltd., Class A		3,600		28,184
Focus Media Information Technology Co. Ltd., Class A		39,939		48,593
Foshan Haitian Flavouring & Food Co. Ltd., Class A		5,774		91,000
Fosun International Ltd.		57,000		61,845
Founder Securities Co. Ltd., Class A		34,299		39,152
Foxconn Industrial Internet Co. Ltd., Class A		22,800		40,410
Fujian Sunner Development Co. Ltd., Class A		5,700		17,846
Fuyao Glass Industry Group Co. Ltd., Class A		5,700		40,005
Fuyao Glass Industry Group Co. Ltd., Class H(b)		23,600		115,784
Ganfeng Lithium Co. Ltd., Class H(b)		11,400		193,483
GD Power Development Co. Ltd., Class A		34,200		15,346
GDS Holdings Ltd., ADR(a)		2,679		119,269

36 2 0 2 2   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) February 28, 2022 iShares^® MSCI BRIC ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
China (continued)
Geely Automobile Holdings Ltd.		171,000	$	318,512
GEM Co. Ltd., Class A		17,199		26,275
Gemdale Corp., Class A		11,400		22,938
Genscript Biotech Corp.(a)		42,000		166,531
GF Securities Co. Ltd., Class A		17,100		50,647
GF Securities Co. Ltd., Class H		22,800		34,229
GoerTek Inc., Class A		5,700		39,908
GOME Retail Holdings Ltd.(a)		405,400		30,168
Great Wall Motor Co. Ltd., Class A		5,700		33,290
Great Wall Motor Co. Ltd., Class H		85,500		180,003
Gree Electric Appliances Inc. of Zhuhai, Class A		5,700		33,180
Greenland Holdings Corp. Ltd., Class A		78		53
Greentown China Holdings Ltd.		28,500		42,743
Greentown Service Group Co. Ltd.		56,000		56,253
Guangdong Haid Group Co. Ltd., Class A		5,700		59,670
Guangdong Investment Ltd.		114,000		153,409
Guanghui Energy Co. Ltd., Class A(a)		11,400		12,986
Guangzhou Automobile Group Co. Ltd., Class H		114,235		113,099
Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class A		5,700		26,881
Guangzhou R&F Properties Co. Ltd., Class H(c)		45,600		19,412
Guosen Securities Co. Ltd., Class A		22,800		37,508
Guotai Junan Securities Co. Ltd., Class A		22,800		60,563
Guoyuan Securities Co. Ltd., Class A		16,920		19,025
Haidilao International Holding Ltd.(b)(c)		30,000		69,080
Haier Smart Home Co. Ltd., Class A		17,179		69,644
Haier Smart Home Co. Ltd., Class H		68,400		239,679
Haitian International Holdings Ltd.		28,000		74,600
Haitong Securities Co. Ltd., Class A		28,500		50,884
Haitong Securities Co. Ltd., Class H		45,600		39,238
Hangzhou Tigermed Consulting Co. Ltd., Class A		100		1,622
Hangzhou Tigermed Consulting Co. Ltd., Class H(b)		5,700		64,131
Hansoh Pharmaceutical Group Co. Ltd.(b)		50,000		106,735
Hello Group Inc., ADR		4,788		45,630
Henan Shuanghui Investment & Development Co. Ltd., Class A		11,400		52,171
Hengan International Group Co. Ltd.		28,500		151,143
Hengli Petrochemical Co. Ltd., Class A		17,100		68,018
Hengyi Petrochemical Co. Ltd., Class A		13,530		21,575
Hesteel Co. Ltd., Class A		28,500		11,620
Hopson Development Holdings Ltd.		24,690		50,826
Huadian Power International Corp. Ltd., Class A		17,100		11,688
Huadong Medicine Co. Ltd., Class A		5,700		34,389
Hualan Biological Engineering Inc., Class A		2,250		9,187
Huaneng Power International Inc., Class A		17,100		23,936
Huaneng Power International Inc., Class H		114,000		66,920
Huatai Securities Co. Ltd., Class A		22,800		57,465
Huatai Securities Co. Ltd., Class H(b)		22,800		37,331
Huaxia Bank Co. Ltd., Class A		45,600		40,704
Huaxin Cement Co. Ltd., Class A		5,700		18,546
Huayu Automotive Systems Co. Ltd., Class A		11,499		46,384
Huazhu Group Ltd., ADR(a)		5,871		242,825
Hunan Valin Steel Co. Ltd., Class A		17,100		15,825
Hundsun Technologies Inc., Class A		5,700		47,372
Hutchmed China Ltd, ADR(a)(c)		2,622		71,450
Hygeia Healthcare Holdings Co. Ltd.(b)		11,400		62,237
Iflytek Co. Ltd., Class A		5,729		44,768
I-Mab, ADR(a)		1,311		32,408
Industrial & Commercial Bank of China Ltd., Class A		114,000		84,219
Industrial & Commercial Bank of China Ltd., Class H		1,653,050		986,797

Security	Shares		Value
China (continued)
Industrial Bank Co. Ltd., Class A		39,900	$	139,785
Industrial Securities Co. Ltd., Class A		17,100		22,242
Inner Mongolia BaoTou Steel Union Co. Ltd., Class A(a)		91,200		38,926
Inner Mongolia Junzheng Energy & Chemical Industry Group Co. Ltd., Class A		17,100		13,460
Inner Mongolia Yili Industrial Group Co. Ltd., Class A		11,400		71,505
Innovent Biologics Inc.(a)(b)		28,500		128,620
Inspur Electronic Information Industry Co. Ltd., Class A		8,383		43,835
iQIYI Inc., ADR(a)(c)		8,855		36,660
JA Solar Technology Co. Ltd., Class A		5,700		86,356
JD Health International Inc.(a)(b)		11,400		85,086
JDcom Inc, Class A(a)		62,584		2,235,464
Jiangsu Eastern Shenghong Co. Ltd., Class A		5,700		17,298
Jiangsu Expressway Co. Ltd., Class H		38,000		40,658
Jiangsu Hengrui Medicine Co. Ltd., Class A		13,968		88,955
Jiangsu Yanghe Brewery Joint-Stock Co. Ltd., Class A		2,900		76,064
Jiangsu Zhongtian Technology Co. Ltd., Class A		5,700		16,942
Jiangxi Copper Co. Ltd., Class H		36,000		64,800
Jiangxi Zhengbang Technology Co. Ltd., Class A		11,400		12,482
Jinke Properties Group Co. Ltd., Class A		5,700		4,061
Jinmao Property Services Co. Ltd.		2,598		660
Jinxin Fertility Group Ltd.(a)(b)		57,000		66,649
Jiumaojiu International Holdings Ltd.(b)		28,000		62,902
JOYY Inc., ADR		1,539		71,240
Kanzhun Ltd.(a)(c)		1,995		64,439
KE Holdings Inc., ADR(a)		10,431		202,466
Kingboard Holdings Ltd.		28,500		133,327
Kingboard Laminates Holdings Ltd.		28,500		47,491
Kingdee International Software Group Co. Ltd.(a)(c)		89,000		219,976
Kingsoft Cloud Holdings Ltd., ADR(a)		1,254		8,452
Kingsoft Corp. Ltd.		31,600		118,178
Kuaishou Technology(a)(b)		17,100		197,888
Kunlun Energy Co. Ltd.		114,000		112,140
Kweichow Moutai Co. Ltd., Class A		2,400		682,534
KWG Group Holdings Ltd.		28,500		13,344
LB Group Co. Ltd., Class A		5,700		24,077
Lee & Man Paper Manufacturing Ltd.		57,000		36,643
Legend Biotech Corp., ADR(a)		1,254		49,646
Lenovo Group Ltd.(c)		228,000		253,894
Lens Technology Co. Ltd., Class A		17,100		39,558
Lepu Medical Technology Beijing Co. Ltd., Class A		5,700		19,468
Li Auto Inc., ADR(a)		17,556		534,580
Li Ning Co. Ltd.		71,000		709,159
Lingyi iTech Guangdong Co., Class A(a)		45,600		43,521
Longfor Group Holdings Ltd.(b)		57,000		304,809
LONGi Green Energy Technology Co. Ltd., Class A		11,820		147,129
Lufax Holding Ltd., ADR(a)		6,669		43,148
Luxshare Precision Industry Co. Ltd., Class A		17,602		122,071
Luzhou Laojiao Co. Ltd., Class A		2,800		96,707
Mango Excellent Media Co. Ltd., Class A		5,700		31,059
Meinian Onehealth Healthcare Holdings Co. Ltd., Class A(a)		22,853		26,053
Meituan, Class B(a)(b)		125,400		2,785,781
Metallurgical Corp. of China Ltd., Class A		34,200		22,181
Microport Scientific Corp.		22,800		63,420
Ming Yuan Cloud Group Holdings Ltd.		15,000		29,605
Minth Group Ltd.		32,000		115,706
Muyuan Foods Co. Ltd., Class A		11,178		101,710
Nanjing King-Friend Biochemical Pharmaceutical Co. Ltd., Class A		2,535		13,982

S C H E D U L E   O F   I N V E S T M E N T S 37

Schedule of Investments (unaudited) (continued) February 28, 2022 iShares^® MSCI BRIC ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
China (continued)
Nanjing Securities Co. Ltd., Class A		11,400	$	16,043
NARI Technology Co. Ltd., Class A		13,920		78,567
National Silicon Industry Group Co. Ltd., Class A(a)		12,177		47,327
NavInfo Co. Ltd., Class A(a)		5,708		15,541
NetEase Inc.		65,375		1,264,463
New China Life Insurance Co. Ltd., Class A		5,700		34,488
New China Life Insurance Co. Ltd., Class H		11,400		32,625
New Hope Liuhe Co. Ltd., Class A(a)		11,400		27,888
New Oriental Education & Technology Group Inc., ADR(a)		46,630		70,411
Nine Dragons Paper Holdings Ltd.		57,000		54,604
Ningxia Baofeng Energy Group Co. Ltd., Class A		11,400		31,754
NIO Inc., ADR(a)		40,584		926,939
Noah Holdings Ltd., ADR(a)		798		22,631
Nongfu Spring Co. Ltd., Class H(b)		57,000		357,476
Offshore Oil Engineering Co. Ltd., Class A		5,724		4,482
OFILM Group Co. Ltd., Class A(a)		17,100		21,748
Orient Securities Co. Ltd., Class A		17,100		33,448
Pangang Group Vanadium Titanium & Resources Co. Ltd., Class A(a)		28,500		19,083
People’s Insurance Co. Group of China Ltd. (The), Class A		28,500		20,952
People’s Insurance Co. Group of China Ltd. (The), Class H		114,000		36,661
Perfect World Co. Ltd., Class A		8,950		18,796
PetroChina Co. Ltd., Class A		28,500		26,276
PetroChina Co. Ltd., Class H		570,000		305,307
Pharmaron Beijing Co. Ltd., Class H(b)		5,700		69,107
PICC Property & Casualty Co. Ltd., Class H		228,322		241,014
Pinduoduo Inc., ADR(a)		13,566		703,533
Ping An Bank Co. Ltd., Class A		34,200		85,580
Ping An Healthcare and Technology Co. Ltd.(a)(b)(c)		17,700		54,851
Ping An Insurance Group Co. of China Ltd., Class A		22,800		183,793
Ping An Insurance Group Co. of China Ltd., Class H		200,000		1,550,733
Poly Developments and Holdings Group Co. Ltd., Class A		17,100		42,826
Postal Savings Bank of China Co. Ltd., Class A		51,300		45,445
Postal Savings Bank of China Co. Ltd., Class H(b)		228,000		187,207
Power Construction Corp. of China Ltd., Class A		34,200		41,758
RiseSun Real Estate Development Co. Ltd., Class A		5,700		3,560
RLX Technology Inc., ADR(a)(c)		19,608		60,393
Rongsheng Petrochemical Co. Ltd., Class A		18,850		56,648
SAIC Motor Corp. Ltd., Class A		17,100		49,309
Sany Heavy Equipment International Holdings Co. Ltd.		57,000		59,109
Sany Heavy Industry Co. Ltd., Class A		17,153		53,600
SDIC Capital Co. Ltd., Class A		17,104		20,125
SDIC Power Holdings Co. Ltd., Class A		22,899		36,323
Sealand Securities Co. Ltd., Class A		45,700		28,401
SF Holding Co. Ltd., Class A		11,400		109,377
Shaanxi Coal Industry Co. Ltd., Class A		22,805		51,522
Shandong Gold Mining Co. Ltd., Class A		8,180		26,701
Shandong Gold Mining Co. Ltd., Class H(b)		28,500		53,517
Shandong Hualu Hengsheng Chemical Co. Ltd., Class A		7,740		43,481
Shandong Nanshan Aluminum Co. Ltd., Class A		34,200		26,525
Shandong Weigao Group Medical Polymer Co. Ltd., Class H		68,400		94,446
Shanghai Baosight Software Co. Ltd., Class A		90		770
Shanghai Baosight Software Co. Ltd., Class B		11,400		49,232
Shanghai Construction Group Co. Ltd., Class A		17,100		8,867
Shanghai Electric Group Co. Ltd., Class A		57,000		39,893
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class A		5,700		38,432

Security	Shares		Value
China (continued)
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class H		23,000	$	92,219
Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd., Class B		34,276		30,540
Shanghai Pharmaceuticals Holding Co. Ltd., Class A		11,400		33,859
Shanghai Pharmaceuticals Holding Co. Ltd., Class H		28,500		51,444
Shanghai Pudong Development Bank Co. Ltd., Class A		62,700		83,459
Shanghai RAAS Blood Products Co. Ltd., Class A		33,900		35,903
Shanghai Yuyuan Tourist Mart Group Co. Ltd., Class A		11,400		18,952
Shanxi Coking Coal Energy Group Co. Ltd., Class A		15,300		25,752
Shanxi Lu’an Environmental Energy Development Co. Ltd., Class A		52		115
Shanxi Meijin Energy Co. Ltd., Class A(a)		11,400		26,058
Shanxi Securities Co. Ltd., Class A		16,860		15,811
Shanxi Taigang Stainless Steel Co. Ltd., Class A		17,100		19,862
Shanxi Xinghuacun Fen Wine Factory Co. Ltd., Class A		2,360		109,841
Shenghe Resources Holding Co. Ltd., Class A		5,700		17,816
Shengyi Technology Co. Ltd., Class A		5,700		17,626
Shenwan Hongyuan Group Co. Ltd., Class A		51,394		37,424
Shenzhen Energy Group Co. Ltd., Class A		12,820		14,724
Shenzhen Inovance Technology Co. Ltd., Class A		5,797		59,001
Shenzhen International Holdings Ltd.		28,500		29,366
Shenzhen Kaifa Technology Co. Ltd., Class A		5,700		12,350
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A		3,100		161,202
Shenzhen Overseas Chinese Town Co. Ltd., Class A		39,900		43,651
Shenzhen Transsion Holding Co. Ltd., Class A		1,254		26,883
Shenzhou International Group Holdings Ltd.		22,800		382,963
Shimao Group Holdings Ltd.(c)		28,500		17,103
Sichuan Chuantou Energy Co. Ltd., Class A		5,705		10,884
Sichuan Kelun Pharmaceutical Co. Ltd., Class A		11,400		31,418
Sichuan Road & Bridge Co. Ltd., Class A		5,620		11,137
Sino Biopharmaceutical Ltd.		302,000		192,786
Sinolink Securities Co. Ltd., Class A		5,700		9,184
Sinopec Shanghai Petrochemical Co. Ltd., Class A		22,800		14,749
Sinopharm Group Co. Ltd., Class H		45,600		110,543
Sinotruk Hong Kong Ltd.		28,500		42,541
Smoore International Holdings Ltd.(b)		57,000		211,587
Songcheng Performance Development Co. Ltd., Class A		11,380		27,924
SooChow Securities Co. Ltd., Class A		22,152		27,639
Southwest Securities Co. Ltd., Class A		34,200		25,543
Sun Art Retail Group Ltd.(c)		57,000		20,565
Sunac China Holdings Ltd.		114,000		93,184
Sunac Services Holdings Ltd.(a)(b)		24,000		20,512
Sungrow Power Supply Co. Ltd., Class A		5,700		110,375
Suningcom Co Ltd, Class A(a)		22,800		13,006
Sunny Optical Technology Group Co. Ltd.		22,900		548,774
Sunwoda Electronic Co. Ltd., Class A		5,700		33,435
Suzhou Dongshan Precision Manufacturing Co. Ltd., Class A		5,700		20,144
TAL Education Group, ADR(a)		10,431		29,624
TBEA Co. Ltd., Class A		5,700		18,367
TCL Technology Group Corp., Class A		51,300		45,339
Tencent Holdings Ltd.		176,700		9,534,964
Tencent Music Entertainment Group, ADR(a)		18,924		102,000
Tianjin Zhonghuan Semiconductor Co. Ltd., Class A		11,400		87,283
Tianma Microelectronics Co. Ltd., Class A		5,700		10,592
Tianshui Huatian Technology Co. Ltd., Class A		22,800		43,455
Tingyi Cayman Islands Holding Corp.		64,000		141,594
Tongcheng Travel Holdings Ltd.(a)		45,600		84,928

38 2 0 2 2   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) February 28, 2022 iShares^® MSCI BRIC ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
China (continued)
TongFu Microelectronics Co. Ltd., Class A		11,400	$	32,980
Tongling Nonferrous Metals Group Co. Ltd., Class A		34,200		21,678
Tongwei Co. Ltd., Class A		11,495		78,835
Topsports International Holdings Ltd.(b)		57,000		59,253
Transfar Zhilian Co. Ltd., Class A		17,100		20,935
TravelSky Technology Ltd., Class H		30,000		56,510
Trina Solar Co. Ltd.		4,902		59,979
Trip.com Group Ltd., ADR(a)		15,732		406,200
Tsingtao Brewery Co. Ltd., Class H		16,000		153,933
Uni-President China Holdings Ltd.		57,000		59,273
Unisplendour Corp. Ltd., Class A		8,180		28,515
Venus MedTech Hangzhou Inc., Class H(a)(b)		8,500		23,632
Vipshop Holdings Ltd., ADR(a)		13,395		116,135
Walvax Biotechnology Co. Ltd., Class A		5,700		42,482
Wanhua Chemical Group Co. Ltd., Class A		6,400		96,899
Want Want China Holdings Ltd.		114,000		121,356
Weibo Corp., ADR(a)(c)		1,653		45,342
Weichai Power Co. Ltd., Class A		13,400		32,422
Weichai Power Co. Ltd., Class H		57,100		96,621
Weimob Inc.(a)(b)		57,000		37,697
Wens Foodstuffs Group Co. Ltd., Class A(a)		14,240		44,036
Western Securities Co. Ltd., Class A		34,200		41,287
Wharf Holdings Ltd. (The)		57,000		206,225
Will Semiconductor Co. Ltd. Shanghai, Class A		2,500		98,107
Wingtech Technology Co. Ltd., Class A		3,000		55,907
Winning Health Technology Group Co. Ltd., Class A		5,750		10,452
Wuhan Guide Infrared Co. Ltd., Class A		5,700		20,272
Wuhu Sanqi Interactive Entertainment Network Technology Group Co. Ltd., Class A		5,700		18,929
Wuliangye Yibin Co. Ltd., Class A		8,200		248,224
WUS Printed Circuit Kunshan Co. Ltd., Class A		17,160		45,880
WuXi AppTec Co. Ltd., Class A		5,728		94,811
WuXi AppTec Co. Ltd., Class H(b)		11,487		163,511
Wuxi Biologics Cayman Inc., New(a)(b)		115,000		951,213
XCMG Construction Machinery Co. Ltd., Class A		39,400		34,641
Xiamen C & D Inc., Class A		5,700		9,034
Xiaomi Corp., Class B(a)(b)		444,600		836,834
Xinjiang Goldwind Science & Technology Co. Ltd., Class A		11,453		27,338
Xinjiang Goldwind Science & Technology Co. Ltd., Class H		23,434		38,342
Xinyi Solar Holdings Ltd.		156,000		283,353
XPeng Inc., ADR(a)		12,141		441,568
Yadea Group Holdings Ltd.(b)		52,000		77,144
Yankuang Energy Group Co Ltd, Class H(c)		58,000		142,206
Yankuang Energy Group Co. Ltd., Class A		5,700		28,605
Yihai International Holding Ltd.(c)		19,000		79,498
Yihai Kerry Arawana Holdings Co. Ltd., Class A		5,700		48,491
Yonghui Superstores Co. Ltd., Class A		22,893		13,259
Yonyou Network Technology Co. Ltd., Class A		10,230		51,052
Youngor Group Co. Ltd., Class A		5,700		6,122
Yuexiu Property Co. Ltd.		50,400		50,414
Yum China Holdings Inc.		13,395		696,808
Yunda Holding Co. Ltd., Class A		7,830		24,117
Yunnan Baiyao Group Co. Ltd., Class A		5,720		81,723
Yunnan Energy New Material Co. Ltd., Class A		1,700		69,972
Zai Lab Ltd., ADR(a)(c)		2,394		130,952
Zhangzhou Pientzehuang Pharmaceutical Co. Ltd., Class A		1,400		80,596
Zhejiang Century Huatong Group Co. Ltd., Class A(a)		11,400		11,820

Security	Shares		Value
China (continued)
Zhejiang Chint Electrics Co. Ltd., Class A		5,700	$	45,431
Zhejiang Dahua Technology Co. Ltd., Class A		11,400		33,947
Zhejiang Juhua Co. Ltd., Class A		5,700		13,270
Zhejiang Longsheng Group Co. Ltd., Class A		22,800		44,571
Zhejiang NHU Co. Ltd., Class A		8,536		46,007
Zhejiang Sanhua Intelligent Controls Co. Ltd., Class A		13,530		43,289
Zheshang Securities Co. Ltd., Class A		11,400		20,919
ZhongAn Online P&C Insurance Co. Ltd., Class H(a)(b)(c)		17,100		56,284
Zhongsheng Group Holdings Ltd.		28,500		199,013
Zhongtai Securities Co. Ltd.		11,400		15,526
Zhuzhou CRRC Times Electric Co. Ltd.		17,100		89,134
Zijin Mining Group Co. Ltd., Class A		39,900		71,407
Zijin Mining Group Co. Ltd., Class H		177,000		262,700
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class A		28,600		32,038
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class H		45,600		30,333
ZTE Corp., Class A		5,700		26,378
ZTE Corp., Class H		22,848		56,287
ZTO Express Cayman Inc., ADR		13,110		385,958
				74,035,121
India — 24.8%
ACC Ltd.		2,451		68,268
Adani Enterprises Ltd.		8,226		180,896
Adani Green Energy Ltd.(a)		12,084		297,352
Adani Ports & Special Economic Zone Ltd.		15,561		147,140
Adani Total Gas Ltd.		7,980		168,237
Adani Transmission Ltd.(a)		8,037		229,028
Ambuja Cements Ltd.		22,290		93,420
Apollo Hospitals Enterprise Ltd.		2,508		160,524
Asian Paints Ltd.		12,654		534,772
Aurobindo Pharma Ltd.		5,757		47,924
Avenue Supermarts Ltd.(a)(b)		5,130		296,793
Axis Bank Ltd.(a)		69,369		688,220
Bajaj Auto Ltd.		1,995		93,880
Bajaj Finance Ltd.		8,664		811,169
Bajaj Finserv Ltd.		1,254		268,843
Balkrishna Industries Ltd.		2,907		70,689
Bandhan Bank Ltd.(b)		25,251		103,285
Berger Paints India Ltd.		7,524		69,103
Bharat Electronics Ltd.		39,403		110,734
Bharat Forge Ltd.		7,439		67,388
Bharat Petroleum Corp. Ltd.		20,349		94,917
Bharti Airtel Ltd.(a)		77,762		711,078
Biocon Ltd.(a)		17,400		80,868
Britannia Industries Ltd.		2,565		117,080
Cholamandalam Investment and Finance Co. Ltd.		13,267		122,395
Cipla Ltd.		14,250		175,390
Coal India Ltd.		36,433		82,406
Colgate-Palmolive India Ltd.		2,640		50,929
Container Corp. of India Ltd.		10,426		83,445
Dabur India Ltd.		16,644		124,787
Divi’s Laboratories Ltd.		3,990		226,758
DLF Ltd.		28,443		133,462
Dr. Reddy’s Laboratories Ltd.		3,192		172,346
Eicher Motors Ltd.		3,819		131,910
GAIL India Ltd.		48,735		94,234
Godrej Consumer Products Ltd.(a)		11,286		115,421
Godrej Properties Ltd.(a)		4,902		98,197
Grasim Industries Ltd.		8,094		172,731

S C H E D U L E   O F   I N V E S T M E N T S 39

Schedule of Investments (unaudited) (continued) February 28, 2022 iShares^® MSCI BRIC ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
India (continued)
Havells India Ltd.		8,265	$	130,574
HCL Technologies Ltd.		34,099		512,754
HDFC Asset Management Co. Ltd.(b)		1,539		42,795
HDFC Life Insurance Co. Ltd.(b)		26,847		187,148
Hero MotoCorp Ltd.		2,109		71,441
Hindalco Industries Ltd.		50,616		388,990
Hindustan Petroleum Corp. Ltd.		19,551		71,123
Hindustan Unilever Ltd.		25,137		726,920
Housing Development Finance Corp. Ltd.		52,896		1,671,820
ICICI Bank Ltd.		159,258		1,577,408
ICICI Lombard General Insurance Co. Ltd.(b)		6,213		104,572
ICICI Prudential Life Insurance Co. Ltd.(b)		10,830		69,187
Indian Oil Corp. Ltd.		47,595		73,053
Indian Railway Catering & Tourism Corp. Ltd.		7,638		82,879
Indraprastha Gas Ltd.		12,476		57,683
Indus Towers Ltd.(a)		22,287		63,968
Info Edge India Ltd.		2,508		149,085
Infosys Ltd.		104,025		2,370,716
InterGlobe Aviation Ltd.(a)(b)		2,964		74,201
ITC Ltd.		94,278		271,465
JSW Steel Ltd.		26,619		223,326
Jubilant Foodworks Ltd.		2,394		93,077
Kotak Mahindra Bank Ltd.		17,442		429,354
Larsen & Toubro Infotech Ltd.(b)		1,770		138,338
Larsen & Toubro Ltd.		21,147		512,660
Lupin Ltd.		4,731		47,000
Mahindra & Mahindra Ltd.		25,764		271,982
Marico Ltd.		12,768		87,411
Maruti Suzuki India Ltd.		3,762		416,956
Mindtree Ltd.		2,223		115,353
Motherson Sumi Systems Ltd.		41,040		82,513
Motherson Sumi Wiring India Ltd.(a)		41,040		25,311
Mphasis Ltd.		2,736		113,668
MRF Ltd.		81		70,875
Muthoot Finance Ltd.		4,275		77,452
Nestle India Ltd.		912		214,188
NTPC Ltd.		147,744		263,004
Oil & Natural Gas Corp. Ltd.		83,505		179,850
Page Industries Ltd.		171		96,255
Petronet LNG Ltd.		20,520		58,882
PI Industries Ltd.		2,736		90,046
Pidilite Industries Ltd.		5,643		180,642
Piramal Enterprises Ltd.		3,819		105,578
Power Grid Corp. of India Ltd.		89,661		249,663
Reliance Industries Ltd.		88,806		2,795,764
SBI Cards & Payment Services Ltd.(a)		7,626		79,958
SBI Life Insurance Co. Ltd.(b)		13,167		186,194
Shree Cement Ltd.		342		111,340
Shriram Transport Finance Co. Ltd.		6,270		94,244
Siemens Ltd.		3,047		95,325
SRF Ltd.		4,617		146,933
State Bank of India		56,088		362,340
Sun Pharmaceutical Industries Ltd.		25,650		288,137
Tata Consultancy Services Ltd.		27,987		1,325,792
Tata Consumer Products Ltd.		18,867		180,659
Tata Motors Ltd.(a)		52,841		320,332
Tata Power Co. Ltd. (The)		46,740		139,379
Tata Steel Ltd.		22,857		374,254
Tech Mahindra Ltd.		20,235		380,981
Titan Co. Ltd.		10,545		358,177

Security	Shares		Value
India (continued)
Torrent Pharmaceuticals Ltd.		2,052	$	75,101
Trent Ltd.		6,099		90,199
UltraTech Cement Ltd.		3,078		269,392
United Spirits Ltd.(a)		11,343		133,935
UPL Ltd.		18,069		160,588
Vedanta Ltd.		37,527		191,001
Wipro Ltd.		43,092		318,654
Yes Bank Ltd.(a)		454,720		80,332
Zomato Ltd.(a)		52,497		56,084
				28,752,280
Russia — 1.2%
Alrosa PJSC(d)		83,790		24,407
Gazprom PJSC(d)		376,774		303,730
Inter RAO UES PJSC(d)		1,065,900		10,289
LUKOIL PJSC(d)		12,996		226,852
Magnit PJSC, GDR		10,659		16,917
MMC Norilsk Nickel PJSC(d)		1,995		135,146
Mobile TeleSystems PJSC, ADR		8,322		45,771
Moscow Exchange MICEX-RTS PJSC(d)		41,040		13,813
Novatek PJSC, GDR		2,917		112,369
Novolipetsk Steel PJSC(d)		41,610		26,426
Ozon Holdings PLC, ADR(a)(d)		1,881		6,900
PhosAgro PJSC, GDR		4,421		27,047
Polymetal International PLC(d)		10,488		31,808
Polyus PJSC(d)		1,083		40,806
Rosneft Oil Co. PJSC(d)		37,278		38,890
Sberbank of Russia PJSC(d)		331,170		146,383
Severstal PAO(d)		6,669		31,850
Surgutneftegas PJSC(d)		182,410		13,775
Tatneft PJSC(d)		41,097		52,186
TCS Group Holding PLC, GDR(d)		3,884		44,729
United Co. RUSAL International PJSC(a)(d)		95,760		20,207
VK Co. Ltd.(a)(d)		4,446		4,518
VTB Bank PJSC(d)		153,340,001		10,247
X5 Retail Group NV, GDR(d)		2,622		11,279
Yandex NV(a)(d)		9,690		63,345
				1,459,690
Total Common Stocks — 97.3% (Cost: $135,402,431)				112,947,499
Preferred Stocks
Brazil — 2.6%
Alpargatas SA, Preference Shares, NVS		5,700		28,381
Banco Bradesco SA, Preference Shares, NVS		153,729		602,205
Braskem SA, Class A, Preference Shares, NVS		7,980		74,777
Centrais Eletricas Brasileiras SA, Class B, Preference Shares, NVS		4,065		26,999
Cia. Energetica de Minas Gerais, Preference Shares, NVS		33,209		81,604
Gerdau SA, Preference Shares, NVS		37,563		186,306
Itau Unibanco Holding SA, Preference Shares, NVS		147,003		721,660
Itausa SA, Preference Shares, NVS		133,825		259,167
Petroleo Brasileiro SA, Preference Shares, NVS		146,718		964,444
				2,945,543

40 2 0 2 2   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) February 28, 2022 iShares^® MSCI BRIC ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Russia — 0.0%
Surgutneftegas PJSC, Preference Shares, NVS(d)		193,800	$	20,809
Total Preferred Stocks — 2.6% (Cost: $2,154,759)				2,966,352
Rights
Brazil — 0.0%
Americanas SA (Expires 03/03/22)(a)		436		573
Total Rights — 0.0% (Cost: $0)				573
Short-Term Investments
Money Market Funds — 2.5%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.09%(e)(f)(g)		1,923,349		1,923,734
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.03%(e)(f)		980,000		980,000
				2,903,734
Total Short-Term Investments — 2.5% (Cost: $2,903,240)				2,903,734
Total Investments in Securities — 102.4% (Cost: $140,460,430)				118,818,158
Other Assets, Less Liabilities — (2.4)%				(2,730,627	)
Net Assets — 100.0%			$	116,087,531

^(a)  Non-income producing security.

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

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

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

^(e)  Affiliate of the Fund.

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

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 08/31/21		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 02/28/22		Shares Held at 02/28/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	2,056,503	$	—		$	(131,978	)(a)	$	(428	)	$	(363	)	$	1,923,734		1,923,349	$	12,690	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		520,000		460,000	(a)		—			—			—			980,000		980,000		61			—
									$	(428	)	$	(363	)	$	2,903,734			$	12,751		$	—

^(a)  Represents net amount purchased (sold).

^(b)  All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

S C H E D U L E   O F   I N V E S T M E N T S 41

Schedule of Investments (unaudited) (continued) February 28, 2022 iShares^® MSCI BRIC ETF

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
MSCI China Index		2		03/18/22	$	57	$	(4,316	)
MSCI Emerging Markets Index		1		03/18/22		59		(3,397	)
							$	(7,713	)

Derivative Financial Instruments Categorized by Risk Exposure

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

	Equity Contracts
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	7,713

^(a)  Net cumulative unrealized appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).

For the period ended February 28, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	(37,057	)
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(7,319	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	231,485

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

Fair Value Hierarchy as of Period End

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.

	Level 1			Level 2			Level 3		Total
Investments
Assets
Common Stocks	$	9,056,779		$	102,633,134		$	1,257,586	$	112,947,499
Preferred Stocks		—			2,945,543			20,809		2,966,352
Rights		—			573			—		573
Money Market Funds		2,903,734			—			—		2,903,734
	$	11,960,513		$	105,579,250		$	1,278,395	$	118,818,158
Derivative financial instruments(a)
Liabilities
Futures Contracts	$	(3,397	)	$	(4,316	)	$	—	$	(7,713	)

^(a)  Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

42 2 0 2 2   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) February 28, 2022 iShares^® MSCI BRIC ETF

A reconciliation of Level 3 financial instruments is presented when the Fund had a significant amount of Level 3 investments and derivative financial instruments at the beginning and/or end of the period in relation to net assets. The following table is a reconciliation of Level 3 investments for which significant unobservable inputs were used in determining fair value:

	Common Stocks			Preferred Stocks			Total
Assets:
Opening balance, as of August 31, 2021	$	44,066		$	—		$	44,066
Transfers into Level 3(a)		9,028,611			129,604			9,158,215
Transfers out of Level 3		(—	)		(—	)		(—	)
Accrued discounts/premiums		—			—			—
Net realized gain (loss)		(42,595	)		(2,899	)		(45,494	)
Net change in unrealized appreciation (depreciation)(b)(c)		(6,711,017	)		(78,540	)		(6,789,557	)
Purchases		202,167			—			202,167
Sales		(1,263,646	)		(27,356	)		(1,291,002	)
Closing balance, as of February 28, 2022	$	1,257,586		$	20,809		$	1,278,395
Net change in unrealized appreciation (depreciation) on investment still held at February 28, 2022	$	(6,881,887	)	$	(82,297	)	$	(6,964,184	)

^(a)  As of August 31, 2021, the Fund used observable inputs in determining the value of certain investments. As of February 28, 2022, the Fund used significant unobservable inputs in determining the value of the same investments. As a result, investments at beginning of period value were transferred from Level 1 or Level 2 to Level 3 in the fair value hierarchy.

^(b)  Included in the related net change in unrealized appreciation (depreciation) in the Statement of Operations.

^(c)  Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on investments still held at February 28, 2022 is generally due to investments no longer held or categorized as Level 3 at period end.

The following table summarizes the valuation approaches used and unobservable inputs utilized by the BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) to determine the value of certain of the Fund’s Level 3 instruments as of period end.

	Value	Valuation          Approach	Unobservable Inputs	Range of Unobservable Inputs Utilized	(a)
Common Stocks	$1,257,586	Market	Liquidity Discount	25%
Preferred Stocks	20,809	Market	Liquidity Discount	25%
	$1,278,395

^(a) A significant change in unobservable input would have resulted in a correlated (inverse) significant change to value.

See notes to financial statements.

S C H E D U L E   O F   I N V E S T M E N T S 43

Schedule of Investments (unaudited) February 28, 2022 iShares^® MSCI Emerging Markets Asia ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
China — 40.6%
360 DigiTech Inc., ADR		11,552	$	216,600
360 Security Technology Inc., Class A(a)		90,099		149,973
3SBio Inc.(a)(b)		189,000		150,211
51job Inc., ADR(a)		4,574		236,933
AAC Technologies Holdings Inc.		100,500		274,787
AECC Aero-Engine Control Co. Ltd., Class A		41,600		167,518
AECC Aviation Power Co. Ltd., Class A		23,000		184,670
Agile Group Holdings Ltd.(c)		128,000		58,320
Agricultural Bank of China Ltd., Class A		610,000		288,187
Agricultural Bank of China Ltd., Class H		3,233,000		1,224,399
Aier Eye Hospital Group Co. Ltd., Class A		45,852		265,122
Air China Ltd., Class A(a)		138,700		217,224
Air China Ltd., Class H(a)(c)		106,000		81,522
Akeso Inc.(a)(b)(c)		36,000		95,067
Alibaba Group Holding Ltd.(a)		1,996,920		26,287,203
Alibaba Health Information Technology Ltd.(a)		540,000		378,125
Alibaba Pictures Group Ltd.(a)		1,550,000		154,968
A-Living Smart City Services Co. Ltd., Class A(b)		75,000		134,439
Aluminum Corp. of China Ltd., Class A(a)		123,600		127,887
Aluminum Corp. of China Ltd., Class H(a)		520,000		367,548
Anhui Conch Cement Co. Ltd., Class A		41,500		265,672
Anhui Conch Cement Co. Ltd., Class H		155,500		834,495
Anhui Gujing Distillery Co. Ltd., Class B		20,325		298,023
ANTA Sports Products Ltd.(c)		147,000		2,245,161
Apeloa Pharmaceutical Co. Ltd., Class A		31,200		140,076
Asymchem Laboratories Tianjin Co. Ltd., Class A		2,300		123,946
Autohome Inc., ADR		9,906		303,025
AVIC Electromechanical Systems Co. Ltd., Class A		72,800		144,055
AVIC Industry-Finance Holdings Co. Ltd., Class A		178,500		110,242
AviChina Industry & Technology Co. Ltd., Class H		345,000		214,189
Baidu Inc., ADR(a)		36,638		5,585,097
Bank of Chengdu Co. Ltd., Class A		60,600		138,588
Bank of China Ltd., Class A		401,000		196,934
Bank of China Ltd., Class H		10,186,000		3,965,427
Bank of Communications Co. Ltd., Class A		403,400		305,804
Bank of Communications Co. Ltd., Class H		1,000,000		685,529
Bank of Hangzhou Co. Ltd., Class A		73,900		167,973
Bank of Jiangsu Co. Ltd., Class A		165,658		174,873
Bank of Nanjing Co. Ltd., Class A		118,600		183,638
Bank of Ningbo Co. Ltd., Class A		70,000		423,258
Bank of Shanghai Co. Ltd., Class A		187,870		208,226
Baoshan Iron & Steel Co. Ltd., Class A		188,400		215,937
BBMG Corp., Class A		269,500		123,246
BeiGene Ltd., ADR(a)		6,201		1,305,435
Beijing Capital International Airport Co. Ltd., Class H(a)		268,000		171,657
Beijing Dabeinong Technology Group Co. Ltd., Class A		52,000		68,404
Beijing Enlight Media Co. Ltd., Class A		51,300		76,864
Beijing Enterprises Holdings Ltd.		69,000		235,877
Beijing Enterprises Water Group Ltd.		518,000		204,653
Beijing Shiji Information Technology Co. Ltd., Class A		11,782		44,757
Beijing Sinnet Technology Co. Ltd., Class A		28,100		66,931
Beijing-Shanghai High Speed Railway Co. Ltd., Class A		471,721		386,466
Betta Pharmaceuticals Co. Ltd., Class A		5,300		50,793
Bilibili Inc., ADR(a)(c)		21,507		679,836
BOC Aviation Ltd.(b)		28,400		246,881
BOE Technology Group Co. Ltd., Class A		338,300		252,487
Bosideng International Holdings Ltd.(c)		468,000		266,277
BYD Co. Ltd., Class A		14,500		583,071

Security	Shares		Value
China (continued)
BYD Co. Ltd., Class H		106,000	$	3,284,658
BYD Electronic International Co. Ltd.		92,000		259,607
Caitong Securities Co. Ltd., Class A		62,600		93,217
CanSino Biologics Inc., Class H(a)(b)		11,000		198,807
CGN Power Co. Ltd., Class H(b)		849,000		240,701
Changchun High & New Technology Industry Group Inc., Class A		3,400		98,658
Changjiang Securities Co. Ltd., Class A		118,500		129,964
Chaozhou Three-Circle Group Co. Ltd., Class A		24,099		133,466
China Bohai Bank Co. Ltd., Class H(b)		439,000		73,030
China Cinda Asset Management Co. Ltd., Class H		763,000		137,732
China CITIC Bank Corp. Ltd., Class H		1,049,000		492,939
China Coal Energy Co. Ltd., Class H		280,000		174,533
China Communications Services Corp. Ltd., Class H		324,000		177,753
China Conch Venture Holdings Ltd.		227,500		1,094,784
China Construction Bank Corp., Class A		118,800		113,657
China Construction Bank Corp., Class H		12,554,000		9,415,055
China Eastern Airlines Corp. Ltd., Class A(a)		138,372		118,492
China Education Group Holdings Ltd.		123,000		105,377
China Everbright Bank Co. Ltd., Class A		516,800		273,865
China Everbright Bank Co. Ltd., Class H		181,000		67,315
China Everbright Environment Group Ltd.		516,481		370,821
China Evergrande Group		518,000		106,019
China Feihe Ltd.(b)		478,000		570,378
China Galaxy Securities Co. Ltd., Class H		472,500		270,451
China Gas Holdings Ltd.		397,200		627,724
China Great Wall Securities Co. Ltd., Class A		40,700		69,609
China Hongqiao Group Ltd.		316,000		442,403
China Huishan Dairy Holdings Co. Ltd.(a)(d)		20,200		—
China International Capital Corp. Ltd., Class H(b)		185,200		450,577
China Jinmao Holdings Group Ltd.		784,000		260,714
China Lesso Group Holdings Ltd.		174,000		267,888
China Life Insurance Co. Ltd., Class A		39,200		179,015
China Life Insurance Co. Ltd., Class H		921,000		1,525,756
China Literature Ltd.(a)(b)		53,800		291,981
China Longyuan Power Group Corp. Ltd., Class H		460,000		949,251
China Medical System Holdings Ltd.		201,000		357,911
China Meidong Auto Holdings Ltd.		76,000		357,845
China Mengniu Dairy Co. Ltd.		429,000		2,789,537
China Merchants Bank Co. Ltd., Class A		177,400		1,402,298
China Merchants Bank Co. Ltd., Class H		518,331		4,369,171
China Merchants Port Holdings Co. Ltd.		206,000		388,392
China Merchants Securities Co. Ltd., Class A		69,270		174,293
China Merchants Shekou Industrial Zone Holdings Co. Ltd., Class A		77,975		167,262
China Minsheng Banking Corp. Ltd., Class A		350,400		217,157
China Minsheng Banking Corp. Ltd., Class H		614,660		239,409
China Molybdenum Co. Ltd., Class A		183,100		175,647
China Molybdenum Co. Ltd., Class H		429,000		258,216
China National Building Material Co. Ltd., Class H		546,000		700,424
China National Chemical Engineering Co. Ltd., Class A		72,300		119,969
China National Nuclear Power Co. Ltd., Class A		157,500		185,275
China Northern Rare Earth Group High-Tech Co. Ltd., Class A		32,700		257,216
China Oilfield Services Ltd., Class H		258,000		294,119
China Overseas Land & Investment Ltd.		505,500		1,543,376
China Overseas Property Holdings Ltd.		165,000		179,146
China Pacific Insurance Group Co. Ltd., Class A		62,400		262,432
China Pacific Insurance Group Co. Ltd., Class H		324,600		903,874
China Petroleum & Chemical Corp., Class A		278,200		192,154

44 2 0 2 2   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) February 28, 2022 iShares^® MSCI Emerging Markets Asia ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
China (continued)
China Petroleum & Chemical Corp., Class H		3,128,600	$	1,556,437
China Power International Development Ltd.		715,000		405,289
China Railway Group Ltd., Class A		210,796		207,976
China Railway Group Ltd., Class H		455,000		267,156
China Renewable Energy Investment Ltd.(d)		2,513		—
China Resources Beer Holdings Co. Ltd.		202,000		1,601,739
China Resources Cement Holdings Ltd.		322,000		275,532
China Resources Gas Group Ltd.		124,000		569,531
China Resources Land Ltd.		429,777		2,090,563
China Resources Mixc Lifestyle Services Ltd.(b)		75,800		389,890
China Resources Power Holdings Co. Ltd.		266,000		594,130
China Resources Sanjiu Medical & Pharmaceutical Co. Ltd., Class A		21,590		122,394
China Ruyi Holdings Ltd.(a)(c)		408,000		121,431
China Shenhua Energy Co. Ltd., Class A		70,700		283,064
China Shenhua Energy Co. Ltd., Class H		431,500		1,189,207
China Southern Airlines Co. Ltd., Class A(a)		138,000		151,521
China Southern Airlines Co. Ltd., Class H(a)		202,000		127,798
China State Construction Engineering Corp. Ltd., Class A		361,140		291,745
China State Construction International Holdings Ltd.		292,000		411,228
China Suntien Green Energy Corp. Ltd., Class H		261,000		173,860
China Taiping Insurance Holdings Co. Ltd.		216,300		256,014
China Three Gorges Renewables Group Co. Ltd.		250,000		282,184
China Tourism Group Duty Free Corp. Ltd., Class A		15,900		513,552
China Tower Corp. Ltd., Class H(b)		5,372,000		626,125
China Traditional Chinese Medicine Holdings Co. Ltd.		410,000		233,724
China United Network Communications Ltd., Class A		286,700		173,700
China Vanke Co. Ltd., Class A		93,100		283,368
China Vanke Co. Ltd., Class H		184,100		437,271
China Yangtze Power Co. Ltd., Class A		187,200		688,730
Chinasoft International Ltd.		350,000		319,340
Chindata Group Holdings Ltd., ADR(a)(c)		15,613		85,715
Chongqing Brewery Co. Ltd., Class A(a)		5,199		110,395
Chongqing Changan Automobile Co. Ltd., Class A		58,240		120,421
Chongqing Zhifei Biological Products Co. Ltd., Class A		14,200		290,618
CIFI Ever Sunshine Services Group Ltd.		100,000		181,857
CIFI Holdings Group Co. Ltd.		522,900		364,310
CITIC Ltd.		770,000		898,532
CITIC Securities Co. Ltd., Class A		129,490		479,907
CITIC Securities Co. Ltd., Class H		300,725		728,567
Contemporary Amperex Technology Co. Ltd., Class A		19,100		1,636,093
COSCO SHIPPING Holdings Co. Ltd., Class A(a)		120,650		338,758
COSCO SHIPPING Holdings Co. Ltd., Class H(a)		446,950		903,386
COSCO SHIPPING Ports Ltd.		268,000		220,852
Country Garden Holdings Co. Ltd.		1,013,828		787,675
Country Garden Services Holdings Co. Ltd.		236,000		1,411,742
CRRC Corp. Ltd., Class A		221,100		203,235
CRRC Corp. Ltd., Class H		485,000		215,550
CSC Financial Co. Ltd., Class A		38,200		156,403
CSPC Pharmaceutical Group Ltd.		1,201,200		1,423,858
Dada Nexus Ltd., ADR(a)(c)		7,994		66,430
Dali Foods Group Co. Ltd.(b)		352,000		185,392
Daqo New Energy Corp., ADR(a)		8,176		392,121
DHC Software Co. Ltd., Class A		71,200		93,348
DiDi Global Inc., ADR(a)(c)		19,281		79,052
Dong-E-E-Jiao Co. Ltd., Class A		10,300		62,001
Dongfang Electric Corp. Ltd., Class A		36,700		95,125
Dongfeng Motor Group Co. Ltd., Class H		362,000		311,583
Dongxing Securities Co. Ltd., Class A		67,000		109,620
Dongyue Group Ltd.		205,000		297,402

Security	Shares		Value
China (continued)
East Money Information Co. Ltd., Class A		90,096	$	384,014
ENN Energy Holdings Ltd.		107,400		1,555,409
Eve Energy Co. Ltd., Class A		16,600		238,223
Everbright Securities Co. Ltd., Class A		37,700		79,612
Fangda Carbon New Material Co. Ltd., Class A		48,140		78,930
Far East Horizon Ltd.		208,000		177,268
First Capital Securities Co. Ltd., Class A		63,600		64,326
Flat Glass Group Co. Ltd., Class H		71,000		293,597
Focus Media Information Technology Co. Ltd., Class A		154,600		188,097
Foshan Haitian Flavouring & Food Co. Ltd., Class A		28,777		453,533
Fosun International Ltd.		287,500		311,938
Founder Securities Co. Ltd., Class A		128,034		146,148
Foxconn Industrial Internet Co. Ltd., Class A		98,900		175,285
Fuyao Glass Industry Group Co. Ltd., Class A		18,800		131,947
Fuyao Glass Industry Group Co. Ltd., Class H(b)		84,000		412,112
Ganfeng Lithium Co. Ltd., Class A		10,800		262,603
Ganfeng Lithium Co. Ltd., Class H(b)		34,200		580,449
G-Bits Network Technology Xiamen Co. Ltd., Class A		1,000		55,658
GDS Holdings Ltd., ADR(a)		12,600		560,952
Geely Automobile Holdings Ltd.		794,000		1,478,938
GEM Co. Ltd., Class A		72,300		110,452
Gemdale Corp., Class A		49,200		98,995
Genscript Biotech Corp.(a)		154,000		610,613
GF Securities Co. Ltd., Class A		65,000		192,516
GF Securities Co. Ltd., Class H		107,800		161,838
Giant Network Group Co. Ltd., Class A		42,600		64,667
GoerTek Inc., Class A		33,100		231,748
GOME Retail Holdings Ltd.(a)(c)		1,823,000		135,660
Gotion High-tech Co. Ltd., Class A(a)		24,000		164,688
Great Wall Motor Co. Ltd., Class H		453,500		954,754
Gree Electric Appliances Inc. of Zhuhai, Class A		30,000		174,630
Greenland Holdings Corp. Ltd., Class A		86,360		59,199
Greentown China Holdings Ltd.		116,500		174,993
Greentown Service Group Co. Ltd.		208,000		208,941
Guangdong Haid Group Co. Ltd., Class A		20,000		208,587
Guangdong Investment Ltd.		408,000		549,043
Guanghui Energy Co. Ltd., Class A(a)		82,700		94,206
Guangzhou Automobile Group Co. Ltd., Class H		408,800		404,733
Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class A		26,600		125,445
Guangzhou Haige Communications Group Inc. Co., Class A		84,300		133,397
Guangzhou R&F Properties Co. Ltd., Class H(c)		170,000		72,369
Guangzhou Tinci Materials Technology Co. Ltd., Class A		9,300		157,833
Guosen Securities Co. Ltd., Class A		103,800		170,758
Guotai Junan Securities Co. Ltd., Class A		90,000		239,064
Guoyuan Securities Co. Ltd., Class A		79,440		89,323
Haidilao International Holding Ltd.(b)(c)		143,000		329,283
Haier Smart Home Co. Ltd., Class A		70,000		283,782
Haier Smart Home Co. Ltd., Class H		288,800		1,011,978
Haitian International Holdings Ltd.		102,000		271,759
Haitong Securities Co. Ltd., Class A		110,800		197,822
Haitong Securities Co. Ltd., Class H		200,000		172,098
Hangzhou First Applied Material Co. Ltd., Class A		9,400		178,389
Hangzhou Robam Appliances Co. Ltd., Class A		20,300		107,369
Hangzhou Silan Microelectronics Co. Ltd., Class A		14,700		134,369
Hangzhou Tigermed Consulting Co. Ltd., Class A		3,200		51,915
Hangzhou Tigermed Consulting Co. Ltd., Class H(b)		16,300		183,392
Hansoh Pharmaceutical Group Co. Ltd.(b)		144,000		307,396
Hello Group Inc., ADR		19,585		186,645

S C H E D U L E   O F   I N V E S T M E N T S 45

Schedule of Investments (unaudited) (continued) February 28, 2022 iShares^® MSCI Emerging Markets Asia ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
China (continued)
Henan Shuanghui Investment & Development Co. Ltd., Class A		32,256	$	147,616
Hengan International Group Co. Ltd.		84,000		445,475
Hengli Petrochemical Co. Ltd., Class A		60,000		238,658
Hengyi Petrochemical Co. Ltd., Class A		60,090		95,821
Hesteel Co. Ltd., Class A		196,200		79,993
Hithink RoyalFlush Information Network Co. Ltd., Class A		6,000		103,046
Hongfa Technology Co. Ltd., Class A		11,600		115,931
Hopson Development Holdings Ltd.		95,900		197,415
Hua Hong Semiconductor Ltd.(a)(b)		72,000		375,103
Huabao International Holdings Ltd.		124,000		71,140
Huadian Power International Corp. Ltd., Class A		102,400		69,994
Huadong Medicine Co. Ltd., Class A		18,572		112,047
Huaneng Power International Inc., Class H		632,000		370,994
Huatai Securities Co. Ltd., Class A		89,100		224,567
Huatai Securities Co. Ltd., Class H(b)		142,400		233,152
Huaxi Securities Co. Ltd., Class A		67,400		95,146
Huaxia Bank Co. Ltd., Class A		171,200		152,819
Huayu Automotive Systems Co. Ltd., Class A		32,900		132,711
Huazhu Group Ltd., ADR(a)		23,763		982,838
Hunan Valin Steel Co. Ltd., Class A		76,800		71,073
Hundsun Technologies Inc., Class A		18,512		153,850
Hutchmed China Ltd, ADR(a)		12,439		338,963
Hygeia Healthcare Holdings Co. Ltd.(b)(c)		47,400		258,777
Iflytek Co. Ltd., Class A		23,500		183,635
I-Mab, ADR(a)		5,415		133,859
Imeik Technology Development Co. Ltd., Class A		2,000		154,574
Industrial & Commercial Bank of China Ltd., Class A		507,300		374,776
Industrial & Commercial Bank of China Ltd., Class H		7,362,000		4,394,783
Industrial Bank Co. Ltd., Class A		170,000		595,573
Industrial Securities Co. Ltd., Class A		87,200		113,424
Inner Mongolia BaoTou Steel Union Co. Ltd., Class A(a)		417,700		178,284
Inner Mongolia Junzheng Energy & Chemical Industry Group Co. Ltd., Class A		93,000		73,201
Inner Mongolia Yili Industrial Group Co. Ltd., Class A		57,100		358,154
Innovent Biologics Inc.(a)(b)		158,000		713,051
iQIYI Inc., ADR(a)(c)		37,788		156,442
JA Solar Technology Co. Ltd., Class A		15,300		231,799
JD Health International Inc.(a)(b)		47,650		355,646
JDcom Inc, Class A(a)		265,172		9,471,790
Jiangsu Expressway Co. Ltd., Class H		150,000		160,491
Jiangsu Hengli Hydraulic Co. Ltd., Class A		13,820		147,307
Jiangsu Hengrui Medicine Co. Ltd., Class A		53,376		339,924
Jiangsu Yanghe Brewery Joint-Stock Co. Ltd., Class A		12,503		327,942
Jiangsu Yangnong Chemical Co. Ltd., Class A		10,400		205,716
Jiangsu Zhongtian Technology Co. Ltd., Class A		31,700		94,219
Jiangxi Copper Co. Ltd., Class A		42,100		149,237
Jiangxi Copper Co. Ltd., Class H		116,000		208,800
Jinke Properties Group Co. Ltd., Class A		64,000		45,593
Jinmao Property Services Co. Ltd.		11,842		3,010
Jinxin Fertility Group Ltd.(a)(b)		180,000		210,471
Jiumaojiu International Holdings Ltd.(b)(c)		104,000		233,636
Joincare Pharmaceutical Group Industry Co. Ltd., Class A		40,529		78,851
Jointown Pharmaceutical Group Co. Ltd., Class A		32,200		68,046
JOYY Inc., ADR		7,567		350,276
Kanzhun Ltd.(a)(c)		10,317		333,239
KE Holdings Inc., ADR(a)		47,994		931,564
Kingboard Holdings Ltd		95,000		444,424
Kingboard Laminates Holdings Ltd.		151,000		251,618
Kingdee International Software Group Co. Ltd.(a)		356,000		879,904

Security	Shares		Value
China (continued)
Kingsoft Cloud Holdings Ltd., ADR(a)(c)		13,713	$	92,426
Kingsoft Corp. Ltd.		131,200		490,663
Kuaishou Technology(a)(b)		64,000		740,634
Kunlun Energy Co. Ltd.		538,000		529,222
Kweichow Moutai Co. Ltd., Class A		10,218		2,905,889
KWG Group Holdings Ltd.		136,000		63,678
LB Group Co. Ltd., Class A		26,500		111,935
Lee & Man Paper Manufacturing Ltd.		215,000		138,214
Legend Biotech Corp., ADR(a)		6,395		253,178
Lenovo Group Ltd.		1,000,000		1,113,569
Lens Technology Co. Ltd., Class A		59,100		136,719
Lepu Medical Technology Beijing Co. Ltd., Class A		25,300		86,410
Li Auto Inc., ADR(a)		73,877		2,249,555
Li Ning Co. Ltd.		305,500		3,051,380
Logan Group Co. Ltd.(c)		192,000		63,880
Longfor Group Holdings Ltd.(b)		243,500		1,302,122
LONGi Green Energy Technology Co. Ltd., Class A		46,140		574,328
Lufax Holding Ltd., ADR(a)		79,600		515,012
Luxshare Precision Industry Co. Ltd., Class A		59,141		410,148
Luzhou Laojiao Co. Ltd., Class A		12,100		417,912
Mango Excellent Media Co. Ltd., Class A		17,100		93,177
Maxscend Microelectronics Co. Ltd., Class A		3,200		137,513
Meinian Onehealth Healthcare Holdings Co. Ltd., Class A(a)		56,184		64,052
Meituan, Class B(a)(b)		538,800		11,969,527
Metallurgical Corp. of China Ltd., Class A		260,400		168,890
Microport Scientific Corp.		87,200		242,554
Ming Yuan Cloud Group Holdings Ltd.		81,000		159,868
Minth Group Ltd.		96,000		347,117
MMG Ltd.(a)		420,000		152,136
Muyuan Foods Co. Ltd., Class A		44,411		404,102
NARI Technology Co. Ltd., Class A		54,840		309,528
NAURA Technology Group Co. Ltd., Class A		4,600		222,989
NavInfo Co. Ltd., Class A(a)		34,927		95,096
NetEase Inc.		270,500		5,231,929
New China Life Insurance Co. Ltd., Class A		20,000		121,011
New China Life Insurance Co. Ltd., Class H		85,300		244,118
New Hope Liuhe Co. Ltd., Class A(a)		46,500		113,754
New Oriental Education & Technology Group Inc., ADR(a)		209,426		316,233
Nine Dragons Paper Holdings Ltd.		242,000		231,828
Ninestar Corp., Class A		19,000		151,194
NIO Inc., ADR(a)		173,870		3,971,191
Noah Holdings Ltd., ADR(a)		4,614		130,853
Nongfu Spring Co. Ltd., Class H(b)		238,200		1,493,875
OFILM Group Co. Ltd., Class A(a)		52,700		67,024
Oppein Home Group Inc., Class A		8,100		162,440
Orient Securities Co. Ltd., Class A		59,332		116,055
Ovctek China Inc., Class A		10,200		66,576
People’s Insurance Co. Group of China Ltd. (The), Class H		903,000		290,392
Perfect World Co. Ltd., Class A		20,596		43,253
PetroChina Co. Ltd., Class A		170,000		156,732
PetroChina Co. Ltd., Class H		2,636,000		1,411,909
Pharmaron Beijing Co. Ltd., Class A		6,600		126,665
Pharmaron Beijing Co. Ltd., Class H(b)		17,000		206,109
PICC Property & Casualty Co. Ltd., Class H		888,740		938,142
Pinduoduo Inc., ADR(a)		57,627		2,988,536
Ping An Bank Co. Ltd., Class A		155,936		390,202
Ping An Healthcare and Technology Co. Ltd.(a)(b)(c)		62,600		193,992
Ping An Insurance Group Co. of China Ltd., Class A		100,500		810,141

46 2 0 2 2   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) February 28, 2022 iShares^® MSCI Emerging Markets Asia ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
China (continued)
Ping An Insurance Group Co. of China Ltd., Class H		832,500	$	6,454,924
Poly Developments and Holdings Group Co. Ltd., Class A		103,800		259,962
Postal Savings Bank of China Co. Ltd., Class A		240,000		212,006
Postal Savings Bank of China Co. Ltd., Class H(b)		1,023,000		839,969
Power Construction Corp. of China Ltd., Class A		138,100		168,618
Powerlong Real Estate Holdings Ltd.		171,000		81,964
RiseSun Real Estate Development Co. Ltd., Class A		110,718		69,155
RLX Technology Inc., ADR(a)		82,054		252,726
Rongsheng Petrochemical Co. Ltd., Class A		95,528		287,083
SAIC Motor Corp. Ltd., Class A		71,022		204,796
Sany Heavy Equipment International Holdings Co. Ltd.		163,000		169,030
Sany Heavy Industry Co. Ltd., Class A		79,000		246,861
SDIC Capital Co. Ltd., Class A		98,528		115,929
SDIC Power Holdings Co. Ltd., Class A		80,709		128,024
Seazen Group Ltd.		228,000		120,306
Seazen Holdings Co. Ltd., Class A		22,500		107,619
SF Holding Co. Ltd., Class A		40,300		386,658
Shaanxi Coal Industry Co. Ltd., Class A		95,573		215,924
Shandong Buchang Pharmaceuticals Co. Ltd., Class A		33,353		110,254
Shandong Gold Mining Co. Ltd., Class A		40,160		131,091
Shandong Gold Mining Co. Ltd., Class H(b)(c)		73,000		137,079
Shandong Hualu Hengsheng Chemical Co. Ltd., Class A		41,600		233,694
Shandong Linglong Tyre Co. Ltd., Class A		17,005		75,714
Shandong Nanshan Aluminum Co. Ltd., Class A		148,800		115,409
Shandong Weigao Group Medical Polymer Co. Ltd., Class H		343,200		473,888
Shanghai Baosight Software Co. Ltd., Class A		20,800		177,926
Shanghai Baosight Software Co. Ltd., Class B		52,600		227,156
Shanghai Electric Group Co. Ltd., Class A		178,200		124,717
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class A		20,000		134,850
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class H		62,500		250,594
Shanghai International Airport Co. Ltd., Class A(a)		10,700		89,019
Shanghai International Port Group Co. Ltd., Class A		115,300		104,371
Shanghai Jinjiang International Hotels Co. Ltd., Class A		10,856		97,116
Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd., Class B		231,916		206,637
Shanghai Pharmaceuticals Holding Co. Ltd., Class A		39,300		116,725
Shanghai Pharmaceuticals Holding Co. Ltd., Class H		102,400		184,839
Shanghai Pudong Development Bank Co. Ltd., Class A		247,200		329,043
Shanghai Putailai New Energy Technology Co. Ltd., Class A		10,400		241,930
Shanxi Coking Coal Energy Group Co. Ltd., Class A		49,180		82,777
Shanxi Lu’an Environmental Energy Development Co. Ltd., Class A		39,000		85,942
Shanxi Meijin Energy Co. Ltd., Class A(a)		53,200		121,605
Shanxi Securities Co. Ltd., Class A		88,230		82,741
Shanxi Taigang Stainless Steel Co. Ltd., Class A		66,700		77,474
Shanxi Xinghuacun Fen Wine Factory Co. Ltd., Class A		10,520		489,632
Shenwan Hongyuan Group Co. Ltd., Class A		225,300		164,057
Shenzhen Energy Group Co. Ltd., Class A		50,820		58,366
Shenzhen Goodix Technology Co. Ltd., Class A		5,800		83,992
Shenzhen Inovance Technology Co. Ltd., Class A		26,150		266,150
Shenzhen International Holdings Ltd.		142,000		146,314
Shenzhen Kangtai Biological Products Co. Ltd., Class A		6,700		89,562
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A		10,200		530,408
Shenzhen Overseas Chinese Town Co. Ltd., Class A		89,000		97,366
Shenzhou International Group Holdings Ltd.		112,200		1,884,579
Shijiazhuang Yiling Pharmaceutical Co. Ltd., Class A		24,420		93,168
Shimao Group Holdings Ltd.		151,000		90,615

Security	Shares		Value
China (continued)
Shimao Services Holdings Ltd.(b)(c)		76,000	$	55,542
Sichuan Chuantou Energy Co. Ltd., Class A		55,400		105,697
Sichuan Kelun Pharmaceutical Co. Ltd., Class A		31,100		85,712
Sichuan Swellfun Co. Ltd., Class A		4,100		64,873
Silergy Corp.		10,000		1,332,511
Sino Biopharmaceutical Ltd.		1,302,250		831,310
Sinolink Securities Co. Ltd., Class A		46,800		75,409
Sinopharm Group Co. Ltd., Class H		173,600		420,838
Sinotruk Hong Kong Ltd.		101,000		150,759
Smoore International Holdings Ltd.(b)		242,000		898,317
Songcheng Performance Development Co. Ltd., Class A		34,400		84,410
SooChow Securities Co. Ltd., Class A		59,436		74,158
Sun Art Retail Group Ltd.		229,500		82,799
Sunac China Holdings Ltd.		432,000		353,116
Sunac Services Holdings Ltd.(a)(b)		143,000		122,217
Sungrow Power Supply Co. Ltd., Class A		12,900		249,796
Suningcom Co Ltd, Class A(a)		116,832		66,647
Sunny Optical Technology Group Co. Ltd.		97,200		2,329,296
Sunwoda Electronic Co. Ltd., Class A		21,200		124,355
Suzhou Dongshan Precision Manufacturing Co. Ltd., Class A		23,800		84,111
TAL Education Group, ADR(a)		55,500		157,620
TBEA Co. Ltd., Class A		36,700		118,259
TCL Technology Group Corp., Class A		158,200		139,817
Tencent Holdings Ltd.		760,000		41,010,597
Tencent Music Entertainment Group, ADR(a)		84,631		456,161
Thunder Software Technology Co. Ltd., Class A		10,400		231,687
Tianjin Zhonghuan Semiconductor Co. Ltd., Class A		33,400		255,722
Tianma Microelectronics Co. Ltd., Class A		20,000		37,165
Tingyi Cayman Islands Holding Corp.		272,000		601,773
Toly Bread Co. Ltd., Class A		20,180		79,716
Tongcheng Travel Holdings Ltd.(a)		142,800		265,958
Tongling Nonferrous Metals Group Co. Ltd., Class A		139,200		88,234
Tongwei Co. Ltd., Class A		39,500		270,900
Topsports International Holdings Ltd.(b)		212,000		220,380
Transfar Zhilian Co. Ltd., Class A		62,955		77,074
TravelSky Technology Ltd., Class H		133,000		250,526
Trina Solar Co. Ltd.		20,000		244,712
Trip.com Group Ltd., ADR(a)		66,921		1,727,900
Tsingtao Brewery Co. Ltd., Class A		9,400		140,150
Tsingtao Brewery Co. Ltd., Class H		64,000		615,734
Unigroup Guoxin Microelectronics Co. Ltd., Class A		6,200		217,734
Uni-President China Holdings Ltd.		211,000		219,414
Unisplendour Corp. Ltd., Class A		30,080		104,856
Venus MedTech Hangzhou Inc., Class H(a)(b)(c)		30,500		84,797
Vinda International Holdings Ltd.		48,000		136,667
Vipshop Holdings Ltd., ADR(a)		57,726		500,484
Walvax Biotechnology Co. Ltd., Class A		15,000		111,795
Wanhua Chemical Group Co. Ltd., Class A		27,700		419,392
Want Want China Holdings Ltd.		686,000		730,264
Weibo Corp., ADR(a)(c)		8,627		236,639
Weichai Power Co. Ltd., Class A		78,824		190,720
Weichai Power Co. Ltd., Class H		238,200		403,065
Weimob Inc.(a)(b)(c)		267,000		176,581
Wens Foodstuffs Group Co. Ltd., Class A(a)		68,060		210,470
Western Securities Co. Ltd., Class A		112,000		135,210
Wharf Holdings Ltd. (The)		186,000		672,946
Will Semiconductor Co. Ltd. Shanghai, Class A		7,800		306,094
Wingtech Technology Co. Ltd., Class A		12,700		236,675
Winning Health Technology Group Co. Ltd., Class A		36,200		65,804

S C H E D U L E   O F   I N V E S T M E N T S 47

Schedule of Investments (unaudited) (continued) February 28, 2022 iShares^® MSCI Emerging Markets Asia ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
China (continued)
Wuhan Guide Infrared Co. Ltd., Class A		40,021	$	142,336
Wuhu Sanqi Interactive Entertainment Network Technology Group Co. Ltd., Class A		25,500		84,684
Wuliangye Yibin Co. Ltd., Class A		32,200		974,733
WuXi AppTec Co. Ltd., Class A		24,904		412,218
WuXi AppTec Co. Ltd., Class H(b)		38,796		552,240
Wuxi Biologics Cayman Inc., New(a)(b)		485,000		4,011,637
Wuxi Lead Intelligent Equipment Co. Ltd., Class A		11,020		118,795
XCMG Construction Machinery Co. Ltd., Class A		129,100		113,505
Xiamen C & D Inc., Class A		87,000		137,891
Xiaomi Corp., Class B(a)(b)		1,881,000		3,540,450
Xinjiang Goldwind Science & Technology Co. Ltd., Class A		55,302		132,003
Xinjiang Goldwind Science & Technology Co. Ltd., Class H		76,962		125,924
Xinyi Solar Holdings Ltd.		662,000		1,202,434
XPeng Inc., ADR(a)(c)		51,807		1,884,221
Yadea Group Holdings Ltd.(b)		162,000		240,332
Yankuang Energy Group Co Ltd, Class H(c)		190,000		465,846
Yankuang Energy Group Co. Ltd., Class A		28,300		142,020
Yantai Jereh Oilfield Services Group Co. Ltd., Class A		13,000		93,135
Yihai International Holding Ltd.(c)		65,000		271,966
Yonghui Superstores Co. Ltd., Class A		168,800		97,762
Yonyou Network Technology Co. Ltd., Class A		33,218		165,771
Yuexiu Property Co. Ltd.		189,600		189,651
Yum China Holdings Inc.		55,656		2,895,225
Yunda Holding Co. Ltd., Class A		33,680		103,736
Yunnan Baiyao Group Co. Ltd., Class A		12,100		172,876
Yunnan Energy New Material Co. Ltd., Class A		8,200		339,826
Zai Lab Ltd., ADR(a)(c)		10,546		576,866
Zhangzhou Pientzehuang Pharmaceutical Co. Ltd., Class A		5,100		293,601
Zhejiang Chint Electrics Co. Ltd., Class A		21,200		168,971
Zhejiang Dahua Technology Co. Ltd., Class A		43,400		129,235
Zhejiang Expressway Co. Ltd., Class H		232,000		209,289
Zhejiang Huayou Cobalt Co. Ltd., Class A		11,200		221,506
Zhejiang Jingsheng Mechanical & Electrical Co. Ltd., Class A		20,800		215,578
Zhejiang Longsheng Group Co. Ltd., Class A		55,939		109,352
Zhejiang NHU Co. Ltd., Class A		32,000		172,471
Zhejiang Semir Garment Co. Ltd., Class A		65,100		73,126
ZhongAn Online P&C Insurance Co. Ltd., Class H(a)(b)(c)		70,000		230,400
Zhongsheng Group Holdings Ltd.		81,000		565,617
Zhuzhou CRRC Times Electric Co. Ltd.		75,800		395,109
Zijin Mining Group Co. Ltd., Class A		190,000		340,035
Zijin Mining Group Co. Ltd., Class H		754,000		1,119,073
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class A		113,400		127,033
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class H		100,000		66,520
ZTE Corp., Class A		29,200		135,128
ZTE Corp., Class H		108,160		266,457
ZTO Express Cayman Inc., ADR		57,419		1,690,415
				316,278,844
India — 15.7%
ACC Ltd.		9,719		270,704
Adani Enterprises Ltd.		36,936		812,249
Adani Green Energy Ltd.(a)		52,526		1,292,511
Adani Ports & Special Economic Zone Ltd.		65,366		618,080
Adani Total Gas Ltd.		36,936		778,697

Security	Shares		Value
India (continued)
Adani Transmission Ltd.(a)		36,935	$	1,052,524
Ambuja Cements Ltd.		93,388		391,399
Apollo Hospitals Enterprise Ltd.		13,586		869,571
Asian Paints Ltd.		51,058		2,157,768
Aurobindo Pharma Ltd.		35,172		292,788
Avenue Supermarts Ltd.(a)(b)		21,787		1,260,472
Axis Bank Ltd.(a)		292,918		2,906,083
Bajaj Auto Ltd.		9,488		446,483
Bajaj Finance Ltd.		35,940		3,364,890
Bajaj Finserv Ltd.		5,185		1,111,604
Balkrishna Industries Ltd.		11,619		282,535
Bandhan Bank Ltd.(b)		91,040		372,383
Berger Paints India Ltd.		38,668		355,141
Bharat Electronics Ltd.		160,989		452,425
Bharat Forge Ltd.		36,213		328,044
Bharat Petroleum Corp. Ltd.		108,578		506,456
Bharti Airtel Ltd.(a)		326,530		2,985,886
Biocon Ltd.(a)		57,418		266,855
Britannia Industries Ltd.		13,605		621,003
Cholamandalam Investment and Finance Co. Ltd.		55,075		508,096
Cipla Ltd.		58,800		723,713
Coal India Ltd.		191,067		432,163
Colgate-Palmolive India Ltd.		14,584		281,346
Container Corp. of India Ltd.		35,587		284,823
Dabur India Ltd.		77,936		584,320
Divi’s Laboratories Ltd.		17,033		968,011
DLF Ltd.		84,721		397,534
Dr. Reddy’s Laboratories Ltd.		14,231		768,376
Eicher Motors Ltd.		17,708		611,642
GAIL India Ltd.		208,295		402,761
Godrej Consumer Products Ltd.(a)		48,480		495,801
Godrej Properties Ltd.(a)		16,641		333,353
Grasim Industries Ltd.		35,420		755,885
Havells India Ltd.		33,295		526,009
HCL Technologies Ltd.		141,830		2,132,730
HDFC Asset Management Co. Ltd.(b)		6,561		182,442
HDFC Life Insurance Co. Ltd.(b)		114,506		798,212
Hero MotoCorp Ltd.		15,756		533,721
Hindalco Industries Ltd.		208,900		1,605,422
Hindustan Petroleum Corp. Ltd.		84,039		305,720
Hindustan Unilever Ltd.		107,456		3,107,446
Housing Development Finance Corp. Ltd.		227,132		7,178,689
ICICI Bank Ltd.		676,964		6,705,148
ICICI Lombard General Insurance Co. Ltd.(b)		28,066		472,385
ICICI Prudential Life Insurance Co. Ltd.(b)		48,500		309,842
Indian Oil Corp. Ltd.		232,534		356,915
Indian Railway Catering & Tourism Corp. Ltd.		33,290		361,227
Indraprastha Gas Ltd.		37,541		173,573
Indus Towers Ltd.(a)		92,757		266,232
Info Edge India Ltd.		10,120		601,572
Infosys Ltd.		438,725		9,998,484
InterGlobe Aviation Ltd.(a)(b)		12,416		310,821
ITC Ltd.		391,150		1,126,280
JSW Steel Ltd.		113,086		948,761
Jubilant Foodworks Ltd.		10,139		394,197
Kotak Mahindra Bank Ltd.		73,129		1,800,150
Larsen & Toubro Infotech Ltd.(b)		7,082		553,507
Larsen & Toubro Ltd.		90,612		2,196,678
Lupin Ltd.		28,138		279,537
Mahindra & Mahindra Ltd.		115,213		1,216,264

48 2 0 2 2   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) February 28, 2022 iShares^® MSCI Emerging Markets Asia ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
India (continued)
Marico Ltd.		69,462	$	475,542
Maruti Suzuki India Ltd.		17,700		1,961,754
Mindtree Ltd.		8,526		442,422
Motherson Sumi Systems Ltd.		165,483		332,710
Motherson Sumi Wiring India Ltd.(a)		165,483		102,060
Mphasis Ltd.		11,083		460,446
MRF Ltd.		219		191,626
Muthoot Finance Ltd.		16,435		297,760
Nestle India Ltd.		4,360		1,023,967
NTPC Ltd.		623,375		1,109,690
Oil & Natural Gas Corp. Ltd.		329,638		709,963
Page Industries Ltd.		741		417,104
Petronet LNG Ltd.		98,332		282,165
PI Industries Ltd.		11,704		385,195
Pidilite Industries Ltd.		20,512		656,623
Piramal Enterprises Ltd.		17,535		484,764
Power Grid Corp. of India Ltd.		406,101		1,130,795
Reliance Industries Ltd.		375,860		11,832,712
SBI Cards & Payment Services Ltd.(a)		29,772		312,159
SBI Life Insurance Co. Ltd.(b)		58,770		831,066
Shree Cement Ltd.		1,506		490,285
Shriram Transport Finance Co. Ltd.		28,318		425,648
Siemens Ltd.		10,416		325,862
SRF Ltd.		19,846		631,586
State Bank of India		237,807		1,536,282
Sun Pharmaceutical Industries Ltd.		108,126		1,214,625
Tata Consultancy Services Ltd.		119,088		5,641,404
Tata Consumer Products Ltd.		82,878		793,590
Tata Motors Ltd.(a)		218,922		1,327,145
Tata Power Co. Ltd. (The)		197,806		589,861
Tata Steel Ltd.		95,074		1,556,716
Tech Mahindra Ltd.		82,674		1,556,570
Titan Co. Ltd.		46,634		1,583,993
Torrent Pharmaceuticals Ltd.		6,241		228,415
Trent Ltd.		26,285		388,734
UltraTech Cement Ltd.		13,567		1,187,408
United Spirits Ltd.(a)		42,373		500,327
UPL Ltd.		67,458		599,531
Vedanta Ltd.		149,253		759,650
Wipro Ltd.		177,935		1,315,784
Yes Bank Ltd.(a)		1,479,333		261,342
Zomato Ltd.(a)		195,406		208,758
				122,350,378
Indonesia — 2.1%
Adaro Energy Tbk PT		1,838,800		315,044
Aneka Tambang Tbk		1,170,300		182,331
Astra International Tbk PT		2,639,200		1,070,288
Bank Central Asia Tbk PT		7,130,000		4,025,354
Bank Jago Tbk PT(a)		536,800		607,265
Bank Mandiri Persero Tbk PT		2,396,000		1,295,376
Bank Negara Indonesia Persero Tbk PT		952,700		533,811
Bank Rakyat Indonesia Persero Tbk PT		8,939,177		2,858,392
Barito Pacific Tbk PT		4,128,700		257,446
Charoen Pokphand Indonesia Tbk PT		956,600		387,347
Gudang Garam Tbk PT		63,000		138,059
Indah Kiat Pulp & Paper Tbk PT		401,600		226,951
Indocement Tunggal Prakarsa Tbk PT		213,500		163,559
Indofood CBP Sukses Makmur Tbk PT		330,100		195,678
Indofood Sukses Makmur Tbk PT		574,700		248,574
Kalbe Farma Tbk PT		2,872,600		328,908

Security	Shares		Value
Indonesia (continued)
Merdeka Copper Gold Tbk PT(a)		1,564,300	$	423,574
Sarana Menara Nusantara Tbk PT		3,034,600		219,445
Semen Indonesia Persero Tbk PT		405,500		204,831
Telkom Indonesia Persero Tbk PT		6,479,200		1,956,154
Tower Bersama Infrastructure Tbk PT		1,117,400		229,793
Unilever Indonesia Tbk PT		1,001,100		257,609
United Tractors Tbk PT		216,300		377,440
				16,503,229
Malaysia — 1.9%
AMMB Holdings Bhd(a)		264,700		212,288
Axiata Group Bhd		393,700		368,522
CIMB Group Holdings Bhd		815,300		1,110,596
Dialog Group Bhd		527,378		355,302
DiGi.Com Bhd		449,100		434,169
Fraser & Neave Holdings Bhd		31,600		170,099
Genting Bhd		262,500		290,970
Genting Malaysia Bhd		394,200		282,136
HAP Seng Consolidated Bhd(c)		115,100		207,802
Hartalega Holdings Bhd		233,700		257,162
Hong Leong Bank Bhd		81,200		388,742
Hong Leong Financial Group Bhd		45,500		209,375
IHH Healthcare Bhd		235,400		369,313
Inari Amertron Bhd		479,400		371,187
IOI Corp. Bhd		277,900		305,358
Kuala Lumpur Kepong Bhd		54,100		335,024
Malayan Banking Bhd		574,200		1,199,767
Malaysia Airports Holdings Bhd(a)		128,756		188,603
Maxis Bhd		308,300		295,579
MISC Bhd		133,700		234,503
Nestle Malaysia Bhd		8,800		281,217
Petronas Chemicals Group Bhd		324,000		736,978
Petronas Dagangan Bhd		44,300		227,066
Petronas Gas Bhd		94,700		393,138
PPB Group Bhd		79,080		337,905
Press Metal Aluminium Holdings Bhd		430,300		700,000
Public Bank Bhd		1,888,650		2,005,832
QL Resources Bhd		225,850		266,275
RHB Bank Bhd		238,462		336,063
Sime Darby Bhd		313,700		169,881
Sime Darby Plantation Bhd		232,700		273,012
Telekom Malaysia Bhd		175,900		211,993
Tenaga Nasional Bhd		264,600		578,413
Top Glove Corp. Bhd		716,900		350,040
Westports Holdings Bhd		116,400		108,402
				14,562,712
Philippines — 1.0%
Aboitiz Equity Ventures Inc.		274,650		320,880
AC Energy Corp.		1,105,300		183,247
Ayala Corp.		35,380		586,561
Ayala Land Inc.		1,032,760		787,310
Bank of the Philippine Islands		194,902		380,918
BDO Unibank Inc.		266,559		675,504
Globe Telecom Inc.		3,555		178,628
GT Capital Holdings Inc.		14,680		166,247
International Container Terminal Services Inc.		134,460		552,317
JG Summit Holdings Inc.		413,565		488,483
Jollibee Foods Corp.		63,150		296,843
Manila Electric Co.		34,320		246,956
Metro Pacific Investments Corp.		1,717,400		129,956

S C H E D U L E   O F   I N V E S T M E N T S 49

Schedule of Investments (unaudited) (continued) February 28, 2022 iShares^® MSCI Emerging Markets Asia ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Philippines (continued)
Metropolitan Bank & Trust Co.		256,532	$	285,703
Monde Nissin Corp.(a)(b)		576,400		185,725
PLDT Inc.		9,760		342,466
SM Investments Corp.		32,444		564,464
SM Prime Holdings Inc.		1,288,550		1,005,702
Universal Robina Corp.		133,730		313,002
				7,690,912
South Korea — 14.8%
Alteogen Inc.(a)		3,883		174,892
Amorepacific Corp.		4,205		649,087
AMOREPACIFIC Group.		5,136		209,839
BGF retail Co. Ltd.		1,344		190,400
Celltrion Healthcare Co. Ltd.		11,616		617,827
Celltrion Inc.		12,977		1,732,168
Celltrion Pharm Inc.(a)		2,290		168,493
Cheil Worldwide Inc.		10,533		198,041
CJ CheilJedang Corp.		1,042		330,059
CJ Corp.		1,895		133,494
CJ ENM Co. Ltd.		1,511		164,886
CJ Logistics Corp.(a)		970		100,571
Coway Co. Ltd.		7,828		470,140
DB Insurance Co. Ltd.		6,258		321,657
Doosan Bobcat Inc.		7,521		241,386
Doosan Heavy Industries & Construction Co. Ltd.(a)		47,192		827,447
Douzone Bizon Co. Ltd.		144		5,831
Ecopro BM Co. Ltd.		1,514		479,108
E-MART Inc.		2,531		276,017
F&F Co. Ltd./New(a)		456		340,832
Green Cross Corp.		741		112,749
GS Engineering & Construction Corp.		8,943		321,403
GS Holdings Corp.		5,351		178,932
Hana Financial Group Inc.		39,603		1,608,984
Hankook Tire & Technology Co. Ltd.		9,842		289,977
Hanmi Pharm Co. Ltd.(a)		953		211,090
Hanon Systems		27,085		262,297
Hanwha Solutions Corp.(a)		16,791		477,360
HLB Inc.(a)		12,779		334,827
HMM Co. Ltd.(a)		35,522		860,459
Hotel Shilla Co. Ltd.		4,503		304,344
HYBE Co. Ltd.(a)		2,260		549,147
Hyundai Engineering & Construction Co. Ltd.		10,509		382,866
Hyundai Glovis Co. Ltd.		2,352		346,956
Hyundai Heavy Industries Holdings Co. Ltd.		6,508		280,230
Hyundai Mobis Co. Ltd.		8,621		1,618,730
Hyundai Motor Co.		18,233		2,682,926
Hyundai Steel Co.		11,227		374,430
Iljin Materials Co. Ltd.		3,191		244,260
Industrial Bank of Korea		34,774		312,394
Kakao Corp.		41,128		3,257,205
Kakao Games Corp.(a)		4,131		256,666
KakaoBank Corp.(a)		12,277		495,667
Kangwon Land Inc.(a)		12,560		279,359
KB Financial Group Inc.		52,031		2,566,920
Kia Corp.		34,618		2,146,154
Korea Aerospace Industries Ltd.(a)		9,769		303,932
Korea Electric Power Corp.(a)		31,261		605,817
Korea Investment Holdings Co. Ltd.(a)		5,341		354,830
Korea Shipbuilding & Offshore Engineering Co. Ltd.(a)		5,353		396,850
Korea Zinc Co. Ltd.		1,126		516,429
Korean Air Lines Co. Ltd.(a)		23,226		572,217

Security	Shares		Value
South Korea (continued)
Krafton Inc.(a)		2,837	$	703,816
KT&G Corp.		14,805		984,185
Kumho Petrochemical Co. Ltd.(a)		2,351		317,175
L&F Co. Ltd.(a)		3,136		515,983
LG Chem Ltd.		6,068		2,879,534
LG Corp.		11,627		730,759
LG Display Co. Ltd.		30,172		474,497
LG Electronics Inc.		14,117		1,473,763
LG Energy Solution(a)		2,782		953,287
LG Household & Health Care Ltd.		1,251		992,598
LG Innotek Co. Ltd.		1,960		541,063
LG Uplus Corp.		25,500		280,101
Lotte Chemical Corp.		2,158		397,719
Lotte Shopping Co. Ltd.		1,604		114,610
Meritz Financial Group Inc.		5,100		156,306
Meritz Fire & Marine Insurance Co. Ltd.		5,800		198,262
Meritz Securities Co. Ltd.		44,627		218,537
Mirae Asset Securities Co. Ltd.		33,302		245,748
NAVER Corp.		16,191		4,314,209
NCSoft Corp.		2,116		783,861
Netmarble Corp.(b)		2,932		251,941
NH Investment & Securities Co. Ltd.(a)		20,365		197,071
Orion Corp./Republic of Korea		3,562		272,579
Pan Ocean Co. Ltd.		37,966		209,511
Pearl Abyss Corp.(a)		3,921		314,476
POSCO		9,442		2,246,476
POSCO Chemical Co. Ltd.		4,118		394,460
S-1 Corp.		2,483		144,544
Samsung Biologics Co. Ltd.(a)(b)		2,257		1,468,298
Samsung C&T Corp.		10,603		979,247
Samsung Electro-Mechanics Co. Ltd.		7,280		1,017,804
Samsung Electronics Co. Ltd.		626,936		37,775,011
Samsung Engineering Co. Ltd.(a)		20,921		408,693
Samsung Fire & Marine Insurance Co. Ltd.		3,939		626,382
Samsung Heavy Industries Co. Ltd.(a)		85,932		418,899
Samsung Life Insurance Co. Ltd.		8,304		415,196
Samsung SDI Co. Ltd.		7,251		3,341,551
Samsung SDS Co. Ltd.		4,164		488,846
Samsung Securities Co. Ltd.		7,681		272,229
SD Biosensor Inc.		5,550		252,031
Seegene Inc.		4,975		213,229
Shinhan Financial Group Co. Ltd.		55,439		1,803,749
SK Biopharmaceuticals Co. Ltd.(a)		3,453		245,094
SK Bioscience Co. Ltd.(a)		3,094		378,887
SK Chemicals Co. Ltd.		1,580		165,976
SK Hynix Inc.		72,263		7,533,743
SK IE Technology Co. Ltd.(a)(b)		3,483		361,735
SK Inc.		5,594		1,068,510
SK Innovation Co. Ltd.(a)		6,744		1,138,495
SK Square Co. Ltd.(a)		12,325		571,992
SK Telecom Co. Ltd.		3,329		151,913
SKC Co. Ltd.		2,889		335,973
S-Oil Corp.		6,024		429,026
Woori Financial Group Inc.		64,673		773,592
Yuhan Corp.		6,019		292,452
				115,374,206
Taiwan — 20.5%
Accton Technology Corp.		68,000		616,663
Acer Inc.		402,062		417,271
Advantech Co. Ltd.		54,604		719,053

50 2 0 2 2   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) February 28, 2022 iShares^® MSCI Emerging Markets Asia ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Taiwan (continued)
Airtac International Group.		18,161	$	604,073
ASE Technology Holding Co. Ltd.		449,484		1,624,573
Asia Cement Corp.		255,229		412,515
ASMedia Technology Inc.		4,000		247,633
Asustek Computer Inc.		91,000		1,213,983
AU Optronics Corp.		1,119,000		837,769
Catcher Technology Co. Ltd.		78,000		400,359
Cathay Financial Holding Co. Ltd.		1,046,624		2,353,476
Chailease Holding Co. Ltd.		175,443		1,592,235
Chang Hwa Commercial Bank Ltd.		543,212		344,877
Cheng Shin Rubber Industry Co. Ltd.		251,776		322,097
China Development Financial Holding Corp.		1,994,400		1,365,794
China Steel Corp.		1,580,867		2,055,687
Chunghwa Telecom Co. Ltd.		479,000		2,128,971
Compal Electronics Inc.		535,000		487,391
CTBC Financial Holding Co. Ltd.		2,426,265		2,371,619
Delta Electronics Inc.		262,000		2,334,972
E Ink Holdings Inc.		81,000		436,533
E.Sun Financial Holding Co Ltd.		1,607,974		1,699,713
Eclat Textile Co. Ltd.		25,604		530,724
eMemory Technology Inc.		9,000		607,385
Evergreen Marine Corp. Taiwan Ltd.		342,867		1,801,168
Far Eastern New Century Corp.		226,460		240,057
Far EasTone Telecommunications Co. Ltd.		165,000		408,100
Feng TAY Enterprise Co. Ltd.		57,564		429,103
First Financial Holding Co. Ltd.		1,359,236		1,251,499
Formosa Chemicals & Fibre Corp.		450,950		1,278,476
Formosa Petrochemical Corp.		139,000		488,944
Formosa Plastics Corp.		517,400		1,953,710
Foxconn Technology Co. Ltd.		127,521		293,522
Fubon Financial Holding Co. Ltd.		1,010,570		2,728,604
Giant Manufacturing Co. Ltd.		42,000		436,036
Globalwafers Co. Ltd.		30,000		742,573
Hiwin Technologies Corp.		36,453		348,038
Hon Hai Precision Industry Co. Ltd.		1,664,651		6,183,443
Hotai Motor Co. Ltd.		41,000		928,299
Hua Nan Financial Holdings Co. Ltd.		1,178,941		934,818
Innolux Corp.		1,290,620		785,360
Inventec Corp.		340,980		314,895
Largan Precision Co. Ltd.		13,000		944,746
Lite-On Technology Corp.		288,032		708,236
MediaTek Inc.		204,176		8,068,184
Mega Financial Holding Co. Ltd.		1,428,542		1,925,105
Micro-Star International Co. Ltd.		92,000		518,583
momo.com Inc.		6,000		213,594
Nan Ya Plastics Corp.		702,090		2,214,392
Nan Ya Printed Circuit Board Corp.		31,000		593,638
Nanya Technology Corp.		174,000		487,270
Nien Made Enterprise Co. Ltd.		26,000		337,058
Novatek Microelectronics Corp.		77,000		1,276,542
Oneness Biotech Co. Ltd.(a)		30,000		264,848
Parade Technologies Ltd.		10,000		690,417
Pegatron Corp.		248,000		614,682
Pou Chen Corp.		268,000		309,061
President Chain Store Corp.		72,000		672,805
Quanta Computer Inc.		354,000		1,183,739
Realtek Semiconductor Corp.		63,140		1,041,050
Ruentex Development Co. Ltd.		167,921		433,576
Shanghai Commercial & Savings Bank Ltd/The		488,980		805,471
Shin Kong Financial Holding Co. Ltd.		1,510,033		612,371

Security	Shares		Value
Taiwan (continued)
SinoPac Financial Holdings Co. Ltd.		1,367,699	$	839,851
Synnex Technology International Corp.		183,050		473,910
Taishin Financial Holding Co. Ltd.		1,445,445		1,013,004
Taiwan Cement Corp.		684,182		1,161,483
Taiwan Cooperative Financial Holding Co. Ltd.		1,318,510		1,250,849
Taiwan High Speed Rail Corp.		213,000		225,433
Taiwan Mobile Co. Ltd.		195,000		721,089
Taiwan Semiconductor Manufacturing Co. Ltd.		3,254,000		69,959,556
Unimicron Technology Corp.		161,000		1,496,945
Uni-President Enterprises Corp.		615,650		1,481,188
United Microelectronics Corp.		1,592,000		2,999,887
Vanguard International Semiconductor Corp.		127,000		576,372
Voltronic Power Technology Corp.		8,000		415,466
Wan Hai Lines Ltd.		80,000		544,916
Win Semiconductors Corp.		47,000		514,543
Winbond Electronics Corp.		430,000		517,845
Wiwynn Corp.		11,000		392,872
WPG Holdings Ltd.		105,320		210,188
Yageo Corp.		57,151		937,662
Yang Ming Marine Transport Corp.(a)		236,000		997,453
Yuanta Financial Holding Co. Ltd.		1,089,648		973,374
Zhen Ding Technology Holding Ltd.		89,455		296,703
				159,187,968
Thailand — 2.4%
Advanced Info Service PCL, NVDR		155,400		1,093,910
Airports of Thailand PCL, NVDR(a)		532,200		1,051,485
Bangkok Dusit Medical Services PCL, NVDR		1,321,600		960,887
Bangkok Expressway & Metro PCL, NVDR		1,086,300		297,018
Berli Jucker PCL, NVDR		203,100		208,841
BTS Group Holdings PCL, NVDR		1,253,100		365,279
Bumrungrad Hospital PCL, NVDR		75,600		356,250
Central Pattana PCL, NVDR		279,200		474,788
Central Retail Corp. PCL, NVDR		295,874		347,903
Charoen Pokphand Foods PCL, NVDR		468,900		363,311
CP ALL PCL, NVDR		747,100		1,560,853
Delta Electronics Thailand PCL, NVDR		37,700		472,015
Electricity Generating PCL, NVDR		46,200		254,487
Energy Absolute PCL, NVDR		201,600		589,204
Global Power Synergy PCL, NVDR		120,100		277,237
Gulf Energy Development PCL, NVDR		413,200		642,415
Home Product Center PCL, NVDR		883,349		413,653
Indorama Ventures PCL, NVDR		257,100		356,199
Intouch Holdings PCL, NVDR		161,100		374,614
Krung Thai Bank PCL, NVDR		581,850		250,328
Krungthai Card PCL, NVDR		79,400		153,697
Land & Houses PCL, NVDR		1,246,400		367,067
Minor International PCL, NVDR(a)		421,480		399,162
Muangthai Capital PCL, NVDR		136,400		216,036
PTT Exploration & Production PCL, NVDR		181,210		762,940
PTT Global Chemical PCL, NVDR		323,400		527,034
PTT Oil & Retail Business PCL, NVDR		372,800		295,410
PTT PCL, NVDR		1,307,100		1,591,092
Ratch Group PCL, NVDR		150,600		212,380
SCG Packaging PCL, NVDR		194,800		366,402
Siam Cement PCL (The), NVDR		103,200		1,241,974
Siam Commercial Bank PCL (The), NVDR		113,800		439,752
Srisawad Corp. PCL, NVDR		120,000		213,038
Thai Oil PCL, NVDR		169,300		281,441
Thai Union Group PCL, NVDR		423,300		264,279

S C H E D U L E   O F   I N V E S T M E N T S 51

Schedule of Investments (unaudited) (continued) February 28, 2022 iShares^® MSCI Emerging Markets Asia ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Thailand (continued)
True Corp. PCL, NVDR		1,768,705	$	271,880
				18,314,261
Total Common Stocks — 99.0% (Cost: $688,055,846)				770,262,510
Preferred Stocks
South Korea — 0.9%
Hyundai Motor Co.
Preference Shares, NVS		2,965		217,473
Series 2, Preference Shares, NVS		4,992		369,286
LG Chem Ltd., Preference Shares, NVS		968		219,397
LG Household & Health Care Ltd., Preference Shares, NVS		300		131,492
Samsung Electronics Co. Ltd., Preference Shares, NVS		108,883		6,017,689
				6,955,337
Total Preferred Stocks — 0.9% (Cost: $7,143,970)				6,955,337
Rights
South Korea — 0.0%
Samsung Biologics Co. Ltd. (Expires 04/08/22)(a)		150		17,411
Total Rights — 0.0% (Cost: $0)				17,411

Security	Shares		Value
Short-Term Investments
Money Market Funds — 1.4%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.09%(e)(f)(g)		8,608,344	$	8,610,066
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.03%(e)(f)		2,100,000		2,100,000
				10,710,066
Total Short-Term Investments — 1.4% (Cost: $10,708,637)				10,710,066
Total Investments in Securities — 101.3% (Cost: $705,908,453)				787,945,324
Other Assets, Less Liabilities — (1.3)%				(9,928,955	)
Net Assets — 100.0%			$	778,016,369

^(a)  Non-income producing security.

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

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

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

^(e)  Affiliate of the Fund.

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

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 08/31/21		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value at 02/28/22		Shares Held at 02/28/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	12,508,212	$	—	$	(3,896,067	)(a)	$	171	$	(2,250	)	$	8,610,066		8,608,344	$	65,323	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		2,400,000		—		(300,000	)(a)		—		—			2,100,000		2,100,000		176			—
								$	171	$	(2,250	)	$	10,710,066			$	65,499		$	—

^(a)  Represents net amount purchased (sold).

^(b)  All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
MSCI China Index		2		03/18/22	$	58	$	(4,129	)

52 2 0 2 2   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) February 28, 2022 iShares^® MSCI Emerging Markets Asia ETF

Futures Contracts (continued)

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
MSCI Emerging Markets Index		8		03/18/22	$	470	$	(26,916	)
							$	(31,045	)

Derivative Financial Instruments Categorized by Risk Exposure

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

	Equity Contracts
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	31,045

^(a)  Net cumulative unrealized appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).

For the period ended February 28, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts		$	(19,320	)
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts		$	(58,286	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	630,653

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

Fair Value Hierarchy as of Period End

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.

	Level 1			Level 2			Level 3		Total
Investments
Assets
Common Stocks	$	49,974,792		$	720,287,718		$	—	$	770,262,510
Preferred Stocks		—			6,955,337			—		6,955,337
Rights		—			17,411			—		17,411
Money Market Funds		10,710,066			—			—		10,710,066
	$	60,684,858		$	727,260,466		$	—	$	787,945,324
Derivative financial instruments(a)
Liabilities
Futures Contracts	$	(26,916	)	$	(4,129	)	$	—	$	(31,045	)

^(a) Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

See notes to financial statements.

S C H E D U L E   O F   I N V E S T M E N T S 53

Consolidated Schedule of Investments (unaudited)  February 28, 2022 iShares^® MSCI Emerging Markets Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Brazil — 5.2%
3R Petroleum Oleo E Gas SA(a)		59,094	$	391,638
Aeris Industria E Comercio De Equipamentos Para Geracao De Energia SA(a)		147,771		161,822
AES Brasil Energia SA		98,624		219,381
Aliansce Sonae Shopping Centers SA		53,649		228,786
Alupar Investimento SA		44,594		222,599
Ambipar Participacoes e Empreendimentos S/A		19,564		128,957
Anima Holding SA(a)		145,658		201,832
Arezzo Industria e Comercio SA		20,100		315,182
Armac Locacao Logistica E Servicos SA		49,111		144,943
Boa Vista Servicos SA		161,336		160,686
BR Malls Participacoes SA(a)		288,100		522,226
BR Properties SA		69,309		100,738
C&A Modas Ltda(a)		104,587		104,154
Cia Brasileira de Aluminio(a)		54,136		206,717
Cia Brasileira de Distribuicao		60,300		276,462
Cia Paranaense de Energia		32,562		220,011
Cia. de Locacao das Americas, NVS		126,027		614,947
Cia. de Saneamento de Minas Gerais-COPASA		70,082		192,436
Cia. de Saneamento do Parana		59,362		231,983
Cielo SA, NVS		618,745		307,899
CM Hospitalar SA		43,483		140,785
Cogna Educacao(a)		961,651		421,936
Cyrela Brazil Realty SA Empreendimentos e Participacoes, NVS		109,009		318,281
Dexco SA		132,660		353,452
EcoRodovias Infraestrutura e Logistica SA(a)		168,237		210,750
EDP - Energias do Brasil SA		90,179		362,118
Embraer SA(a)		258,821		881,439
Enauta Participacoes SA		38,793		130,060
Eneva SA(a)		252,389		656,006
Ez Tec Empreendimentos e Participacoes SA		49,781		167,831
Fleury SA		69,345		240,698
GPS Participacoes e Empreendimentos SA(b)		100,366		294,226
Grendene SA		131,119		212,263
GRUPO DE MODA SOMA SA(a)		162,066		407,169
Grupo Mateus SA(a)		211,117		243,235
Grupo SBF SA(a)		40,200		177,484
Guararapes Confeccoes SA		34,550		81,087
Iguatemi SA(a)		46,416		171,357
Instituto Hermes Pardini SA		22,780		81,341
Intelbras SA Industria de Telecomunicacao Eletronica Brasileira		27,068		174,629
Iochpe Maxion SA, NVS		47,017		118,500
IRB Brasil Resseguros S/A(a)		591,208		348,823
JHSF Participacoes SA		111,868		118,754
LOG Commercial Properties e Participacoes SA		20,172		107,937
Lojas Quero Quero S/A		91,053		141,322
M. Dias Branco SA		30,887		136,405
Mahle-Metal Leve SA		16,951		88,125
Marfrig Global Foods SA		143,581		617,891
Minerva SA		102,376		215,468
Movida Participacoes SA		53,600		169,284
MRV Engenharia e Participacoes SA		114,012		262,055
Multiplan Empreendimentos Imobiliarios SA, NVS		110,215		468,503
Odontoprev SA		100,500		224,002
Omega Energia SA(a)		114,414		240,523
Pet Center Comercio e Participacoes SA		105,391		355,236

Security	Shares		Value
Brazil (continued)
Qualicorp Consultoria e Corretora de Seguros SA		82,812	$	205,598
Santos Brasil Participacoes SA, NVS		201,112		250,889
Sao Martinho SA		68,854		532,281
Sendas Distribuidora SA		302,505		787,438
Sequoia Logistica e Transportes SA(a)		50,786		146,431
SIMPAR SA		109,023		221,433
SLC Agricola SA		39,945		339,344
Smartfit Escola de Ginastica e Danca SA(a)		99,699		355,104
Sul America SA		103,046		701,895
Transmissora Alianca de Energia Eletrica SA		64,870		497,101
Tupy SA		26,800		95,529
Vamos Locacao de Caminhoes Maquinas e Equipamentos SA		108,339		230,497
Via S/A(a)		446,454		327,104
Vivara Participacoes SA		40,200		203,422
YDUQS Participacoes SA		127,970		525,146
				19,711,586
Chile — 0.6%
Aguas Andinas SA, Class A		930,094		196,171
CAP SA		27,001		312,214
Cencosud Shopping SA		239,257		256,860
Colbun SA		3,290,906		239,653
Empresa Nacional de Telecomunicaciones SA		52,528		195,205
Engie Energia Chile SA		228,923		138,923
Itau CorpBanca Chile SA(a)		105,386,858		206,797
Parque Arauco SA(a)		209,576		209,154
Plaza SA		173,492		186,508
Vina Concha y Toro SA		160,398		235,620
				2,177,105
China — 8.7%
361 Degrees International Ltd.(a)		335,000		164,696
Anxin-China Holdings Ltd.(a)(c)		1,084,000		1
Asia Cement China Holdings Corp.		290,000		181,288
Baozun Inc., ADR(a)(d)		20,301		213,770
Beijing Gas Blue Sky Holdings Ltd.(a)(c)		2,912,000		22,474
Beijing Jingneng Clean Energy Co. Ltd., Class H		536,000		163,717
Beijing Tong Ren Tang Chinese Medicine Co. Ltd.(d)		134,000		185,878
Binjiang Service Group Co. Ltd.		41,000		122,093
BOE Varitronix Ltd., Class A		134,000		156,453
Boshiwa International Holding Ltd.(a)(c)		32,000		—
Burning Rock Biotech Ltd., ADR(a)		31,356		264,331
C&D International Investment Group Ltd.		163,000		303,121
Canvest Environmental Protection Group Co. Ltd.		335,000		163,061
Central China Management Co. Ltd.		670,000		89,804
Central China New Life Ltd.(a)		469,000		286,324
CGN New Energy Holdings Co. Ltd.(d)		484,000		322,120
Changsha Broad Homes Industrial Group Co Ltd., Class H(a)(b)(d)		80,400		113,083
China Animal Healthcare Ltd.(a)(c)		126,000		—
China Aoyuan Group Ltd.		603,000		100,511
China BlueChemical Ltd., Class H		938,000		280,866
China Datang Corp. Renewable Power Co. Ltd., Class H(d)		871,000		330,063
China Dongxiang Group Co. Ltd.		1,876,000		141,637
China Everbright Greentech Ltd.(b)		536,000		177,175
China Everbright Ltd.		402,000		442,720
China Foods Ltd.		536,000		231,009
China Harmony Auto Holding Ltd.		368,500		174,003

54 2 0 2 2   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Consolidated Schedule of Investments (unaudited) (continued) February 28, 2022 iShares^® MSCI Emerging Markets Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
China (continued)
China High Speed Transmission Equipment Group Co. Ltd.(a)(d)		225,000	$	170,704
China Huiyuan Juice Group Ltd.(a)(c)		379,000		—
China Isotope & Radiation Corp.(d)		33,800		99,480
China Lilang Ltd.		201,000		111,657
China Logistics Property Holdings Co. Ltd.(a)(b)		402,000		222,745
China Lumena New Materials Corp.(a)(c)(d)		5,249		—
China Metal Recycling Holdings Ltd.(a)(c)		12,000		—
China Modern Dairy Holdings Ltd.		1,742,000		321,924
China Oriental Group Co. Ltd.		670,000		194,755
China Overseas Grand Oceans Group Ltd.		682,000		393,442
China Renaissance Holdings Ltd.(a)(b)		127,300		189,938
China Shineway Pharmaceutical Group Ltd.		167,000		136,770
China South City Holdings Ltd.		2,546,000		212,532
China Tobacco International HK Co. Ltd.		94,000		175,775
China Travel International Investment Hong Kong Ltd.(a)		1,074,000		210,956
China Water Affairs Group Ltd.(d)		288,000		318,172
China Youran Dairy Group Ltd.(a)(b)		402,000		218,747
China Zhongwang Holdings Ltd.(a)(c)(d)		696,800		109,572
CIMC Enric Holdings Ltd.		268,000		320,548
CMGE Technology Group Ltd.(a)(d)		602,000		212,868
COFCO Joycome Foods Ltd.(a)(d)		938,000		409,217
Concord New Energy Group Ltd.		2,680,000		251,318
Cosmopolitan International Holdings Ltd.(a)		938,000		161,763
CPMC Holdings Ltd.		335,000		185,262
CStone Pharmaceuticals(a)(b)		435,500		361,017
Dexin China Holdings Co. Ltd.(a)		670,000		247,780
Differ Group Holding Co. Ltd.(a)(d)		1,120,000		345,799
Digital China Holdings Ltd.		466,000		254,397
DouYu International Holdings Ltd., ADR(a)(d)		47,101		97,028
EHang Holdings Ltd., ADR(a)(d)		20,100		298,686
Everest Medicines Ltd.(a)(b)(d)		100,500		310,491
Excellence Commercial Property & Facilities Management Group Ltd.(a)		402,000		240,962
FIH Mobile Ltd., NVS(a)(d)		1,340,000		197,682
FinVolution Group, ADR		39,664		161,432
Fu Shou Yuan International Group Ltd.		636,000		471,455
Fufeng Group Ltd.(a)		670,400		251,014
Ganglong China Property Group Ltd.(d)		278,000		167,562
Gaotu Techedu Inc., ADR(a)(d)		41,138		71,992
GCL New Energy Holdings Ltd.(a)		8,308,000		183,709
Gemdale Properties & Investment Corp. Ltd., NVS		3,268,000		359,645
Genertec Universal Medical Group Co. Ltd.(b)		469,000		331,477
Grand Pharmaceutical Group Ltd., Class A		502,500		397,634
Greatview Aseptic Packaging Co. Ltd.		335,000		119,174
Greentown Management Holdings Co. Ltd.(b)		201,000		163,896
Haichang Ocean Park Holdings Ltd.(a)(b)		503,000		185,636
Hangzhou Steam Turbine Co. Ltd., Class B		107,280		204,275
Harbin Electric Co. Ltd., Class H		268,000		94,705
Hi Sun Technology China Ltd.(a)		1,005,000		127,476
Hua Han Health Industry Holdings Ltd.(a)(c)		1,112,400		1
Hua Medicine(a)(b)		402,000		195,480
Huanxi Media Group Ltd.(a)(d)		1,070,000		201,024
HUYA Inc., ADR(a)(d)		27,202		142,810
iDreamSky Technology Holdings Ltd.(a)(b)		241,200		174,368
Inner Mongolia Yitai Coal Co. Ltd., Class B		415,400		400,178
IVD Medical Holding Ltd.		402,000		170,700
JH Educational Technology Inc.(a)		268,000		113,859
Jiayuan International Group Ltd.		536,000		169,868
Jinchuan Group International Resources Co. Ltd.		1,340,000		239,429

Security	Shares		Value
China (continued)
JinkoSolar Holding Co. Ltd., ADR(a)(d)		15,611	$	790,073
JNBY Design Ltd.		100,500		135,666
Joy Spreader Group Inc.(a)(d)		737,000		215,749
Kangji Medical Holdings Ltd.(d)		234,500		234,965
Lifetech Scientific Corp., NVS(a)		1,474,000		584,972
Lonking Holdings Ltd.		950,000		253,199
Luoyang Glass Co. Ltd., Class H, NVS(a)		134,000		231,972
Luye Pharma Group Ltd., NVS(a)(b)		837,500		338,328
LVGEM China Real Estate Investment Co. Ltd.(a)(d)		1,000,000		171,474
Maoyan Entertainment(a)(b)		263,600		288,084
Meitu Inc.(a)(b)(d)		1,038,500		167,462
MH Development Ltd.(a)(c)		164,000		10,476
Midea Real Estate Holding Ltd.(b)		268,000		392,692
Mobvista Inc.(a)(b)(d)		268,000		215,638
National Agricultural Holdings Ltd.(a)(c)(d)		354,000		453
NetDragon Websoft Holdings Ltd.		115,500		259,004
New Horizon Health Ltd.(a)(b)		67,000		251,384
Newborn Town Inc.(a)		268,000		151,184
Nexteer Automotive Group Ltd.(d)		402,000		402,635
Poly Property Group Co. Ltd.		750,000		203,465
Pou Sheng International Holdings Ltd.(a)		1,102,000		162,850
Powerlong Commercial Management Holdings Ltd.		91,500		160,130
Q Technology Group Co. Ltd.(d)		284,000		268,204
Radiance Holdings Group Co. Ltd.(a)(d)		268,000		148,153
Redco Properties Group Ltd.(b)(d)		522,000		142,948
ReneSola Ltd., ADR(a)(d)		35,349		212,447
Road King Infrastructure Ltd.		134,000		127,492
Shanghai Industrial Holdings Ltd.		201,000		305,566
Shanghai Jin Jiang Capital Co. Ltd., Class H		536,000		203,711
Shoucheng Holdings Ltd.		933,200		154,369
Shougang Fushan Resources Group Ltd.		804,000		265,855
Shui On Land Ltd.		1,409,500		205,866
Sino-Ocean Group Holding Ltd.		1,072,000		230,584
Sinopec Engineering Group Co. Ltd., Class H		626,000		299,469
Sinopec Kantons Holdings Ltd.		402,000		150,466
Skyfame Realty Holdings Ltd.		1,742,000		189,479
Skyworth Group Ltd.(a)(d)		584,000		329,918
SOHO China Ltd.(a)		1,005,000		204,483
Sohu.com Ltd., ADR(a)(d)		11,055		202,749
SSY Group Ltd.(d)		670,000		312,884
Sun King Technology Group Ltd.		442,000		180,234
Superb Summit International Group Ltd.(a)(c)		11,913		4
SY Holdings Group Ltd.		220,000		204,387
TCL Electronics Holdings Ltd.		670,000		314,088
Tian Lun Gas Holdings Ltd.		167,500		138,518
Tiangong International Co. Ltd.(d)		536,000		252,975
Tianjin Port Development Holdings Ltd.		806,000		64,942
Tianli Education International Holdings Ltd.(a)(c)		455,000		90,245
Tianneng Power International Ltd.(d)		296,000		271,547
Tong Ren Tang Technologies Co. Ltd., Class H		268,000		231,938
Tongdao Liepin Group(a)		80,400		193,423
Towngas Smart Energy Co. Ltd.(a)		402,000		285,620
Truly International Holdings Ltd.		670,000		232,482
Untrade SMI Holdings(a)(c)		468,800		1
Up Fintech Holding Ltd., ADR(a)(d)		64,639		291,522
Uxin Ltd., ADR(a)(d)		242,607		249,885
Vnet Group Inc., ADR(a)		34,180		268,997
West China Cement Ltd.		938,000		161,030
Wuling Motors Holdings Ltd.(d)		670,000		100,977
Xtep International Holdings Ltd.		469,000		778,107

S C H E D U L E   O F   I N V E S T M E N T S 55

Consolidated Schedule of Investments (unaudited) (continued) February 28, 2022 iShares^® MSCI Emerging Markets Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
China (continued)
Yeahka Ltd.(a)		114,800	$	317,324
Yixin Group Ltd.(a)(b)		1,440,500		216,162
Youdao Inc., ADR(a)(d)		22,981		272,555
Yuexiu REIT		804,000		327,172
Yuexiu Transport Infrastructure Ltd		402,000		249,495
Zhaojin Mining Industry Co. Ltd., Class H		402,000		354,731
Zhengzhou Coal Mining Machinery Group Co. Ltd., Class H		134,000		140,687
Zhenro Properties Group Ltd.(d)		603,000		51,916
Zhou Hei Ya International Holdings Co. Ltd.(a)(b)(d)		402,000		268,579
Zhuguang Holdings Group Co. Ltd.		670,000		130,320
				32,927,345
Colombia — 0.2%
Cementos Argos SA		177,791		274,115
Corp. Financiera Colombiana SA(a)		33,768		237,585
Grupo Argos SA		112,225		367,717
				879,417
Czech Republic — 0.0%
Philip Morris CR AS		134		96,739
Egypt — 0.3%
Cairo Investment & Real Estate Development Co. SAE		105,860		74,793
Cleopatra Hospital(a)		470,267		141,437
Egyptian Financial Group-Hermes Holding Co.(a)		231,708		256,052
EISewedy Electric Co.		267,345		141,557
Heliopolis Housing		145,350		46,008
Juhayna Food Industries		208,550		82,524
Palm Hills Developments SAE, NVS		487,050		46,893
Talaat Moustafa Group		296,550		177,105
Telecom Egypt Co.		105,650		119,108
				1,085,477
Greece — 0.9%
Aegean Airlines SA(a)		16,104		104,312
Athens Water Supply & Sewage Co. SA		17,008		137,353
GEK Terna Holding Real Estate Construction SA(a)		18,832		183,311
Hellenic Petroleum Holdings SA		15,460		122,431
Holding Co. ADMIE IPTO SA		43,270		115,341
LAMDA Development SA(a)		27,750		209,202
Motor Oil Hellas Corinth Refineries SA		20,806		333,846
Mytilineos SA		36,046		580,783
National Bank of Greece SA(a)		186,930		693,337
Piraeus Financial Holdings SA(a)		266,995		422,854
Sarantis SA		15,003		122,004
Terna Energy SA		15,095		218,812
Titan Cement International SA(a)		13,350		194,592
				3,438,178
Hungary — 0.1%
Magyar Telekom Telecommunications PLC		185,121		232,639
India — 21.1%
3M India Ltd.(a)		1,139		321,771
Aarti Drugs Ltd.		10,720		65,006
Aarti Industries Ltd.		70,216		867,521
Aavas Financiers Ltd.(a)		15,416		574,834
Adani Power Ltd.(a)		286,559		477,067
Aditya Birla Capital Ltd.(a)		174,870		246,735
Aditya Birla Fashion and Retail Ltd.(a)		117,049		420,466
Advanced Enzyme Technologies Ltd.		21,574		91,989
Aegis Logistics Ltd.		57,419		129,491
Affle India Ltd.(a)		22,110		361,185

Security	Shares		Value
India (continued)
AIA Engineering Ltd.		17,219	$	372,000
Ajanta Pharma Ltd.		10,586		242,663
Alembic Pharmaceuticals Ltd.		21,239		205,226
Alkyl Amines Chemicals		4,824		193,346
Allcargo Logistics Ltd.		27,939		120,032
Alok Industries Ltd.(a)		455,399		146,857
Amara Raja Batteries Ltd.		32,897		246,075
Amber Enterprises India Ltd.(a)		6,767		313,693
Angel One Ltd.		9,179		163,849
APL Apollo Tubes Ltd.(a)		42,064		479,361
Apollo Tyres Ltd.		121,873		300,789
Ashok Leyland Ltd., NVS		528,764		838,166
Aster DM Healthcare Ltd.(a)(b)		57,486		131,129
Astral Ltd.		32,941		853,783
AstraZeneca Pharma India Ltd.		2,010		69,613
Atul Ltd.		5,628		694,543
AU Small Finance Bank Ltd.(a)(b)		28,877		463,911
Avanti Feeds Ltd.		27,269		174,047
Bajaj Consumer Care Ltd.		46,096		99,608
Bajaj Electricals Ltd.(a)		17,085		261,081
Balaji Amines Ltd., NVS		3,752		143,193
Balrampur Chini Mills Ltd.		51,427		272,843
BASF India Ltd.		3,990		146,326
Bata India Ltd.		19,765		477,884
Bayer CropScience Ltd./India		5,293		310,382
BEML Ltd.		6,164		128,464
Bharat Heavy Electricals Ltd.(a)		324,950		216,722
Birla Corp. Ltd.		10,117		147,829
Birlasoft Ltd.		56,146		306,059
Blue Dart Express Ltd.		2,077		165,991
Blue Star Ltd.		22,378		319,046
Borosil Renewables Ltd.(a)		18,425		144,365
Brigade Enterprises Ltd.		34,505		228,575
Brightcom Group Ltd.		131,186		208,581
Brookfield India Real Estate Trust(b)		49,890		201,567
BSE Ltd.		8,844		231,863
Can Fin Homes Ltd.		22,914		177,738
Canara Bank(a)		131,923		387,599
Carborundum Universal Ltd.		39,932		428,510
Castrol India Ltd.		157,048		225,951
CCL Products India Ltd.		26,599		159,025
Ceat Ltd.		7,236		94,238
Central Depository Services India Ltd.		18,157		328,872
Century Plyboards India Ltd.		17,755		141,154
Century Textiles & Industries Ltd.		22,780		233,124
CESC Ltd.		218,420		227,817
CG Power and Industrial Solutions Ltd.(a)		196,377		450,055
Chambal Fertilizers and Chemicals Ltd.		66,196		334,035
Cholamandalam Financial Holdings Ltd.		37,855		324,529
City Union Bank Ltd.		123,146		205,477
Clean Science and Technology(a)		9,514		232,618
Coforge Ltd.		7,638		462,343
Computer Age Management Services Ltd.		10,251		341,405
Coromandel International Ltd.		40,401		416,325
CreditAccess Grameen Ltd.(a)		20,502		204,933
CRISIL Ltd.		5,762		221,198
Crompton Greaves Consumer Electricals Ltd.		192,156		1,099,016
Cummins India Ltd.		44,890		573,427
Cyient Ltd.		33,366		364,241
Dalmia Bharat Ltd.		27,805		580,655

56 2 0 2 2   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Consolidated Schedule of Investments (unaudited) (continued) February 28, 2022 iShares^® MSCI Emerging Markets Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
India (continued)
Deepak Nitrite Ltd.		25,661	$	685,686
Devyani International Ltd.(a)		90,115		186,618
Dhani Services Ltd.(a)		123,005		129,047
Dilip Buildcon Ltd.(b)		23,155		83,212
Dixon Technologies India Ltd.		11,725		674,994
Dr Lal PathLabs Ltd.(b)		12,328		413,876
eClerx Services Ltd.		6,097		175,011
Edelweiss Financial Services Ltd., NVS		202,297		147,506
EID Parry India Ltd.		32,428		178,814
Emami Ltd.		73,968		487,837
Embassy Office Parks REIT		157,718		784,980
Endurance Technologies Ltd.(b)		14,338		251,767
Engineers India Ltd.		163,078		134,107
EPL Ltd.		38,860		81,984
Eris Lifesciences Ltd.(b)		16,415		147,737
Escorts Ltd.		24,455		602,877
Exide Industries Ltd.		167,098		332,133
Federal Bank Ltd.		573,654		743,685
Fine Organic Industries Ltd.		2,412		137,872
Finolex Cables Ltd.		24,455		134,712
Finolex Industries Ltd.		97,954		200,089
Firstsource Solutions Ltd.		117,317		199,171
Fortis Healthcare Ltd.(a)		171,922		563,557
Gillette India Ltd.		4,288		295,572
GlaxoSmithKline Pharmaceuticals Ltd.		10,385		209,904
Glenmark Pharmaceuticals Ltd.		52,729		314,806
GMM Pfaudler Ltd.		2,814		164,140
GMR Infrastructure Ltd.(a)		782,359		396,403
GMR Power and Urban Infrastructure Ltd., NVS(a)		78,235		34,784
Godrej Industries Ltd.(a)		25,728		177,969
Granules India Ltd.		52,461		203,491
Graphite India Ltd.		23,450		146,088
Great Eastern Shipping Co. Ltd. (The)		42,277		183,208
Grindwell Norton Ltd.		14,405		308,946
Gujarat Fluorochemicals Ltd.(a)		9,112		313,057
Gujarat Gas Ltd.		63,449		493,307
Gujarat Narmada Valley Fertilizers & Chemicals Ltd.		28,207		208,405
Gujarat State Petronet Ltd.		103,314		398,793
Happiest Minds Technologies Ltd.		22,244		291,367
HEG Ltd.		5,180		78,601
HFCL Ltd.		229,006		223,414
ICICI Securities Ltd.(b)		30,680		272,416
IDFC First Bank Ltd.(a)		1,110,324		625,174
IDFC Ltd.(a)		402,469		310,960
IIFL Finance Ltd.		46,699		185,554
IIFL Wealth Management Ltd.		14,204		290,324
India Cements Ltd. (The)		57,687		155,693
Indiabulls Housing Finance Ltd.		122,971		246,662
Indiabulls Real Estate Ltd.(a)		75,040		108,473
IndiaMART Intermesh Ltd.(b)		4,824		307,729
Indian Energy Exchange Ltd., NVS(b)		154,770		426,186
Indian Hotels Co. Ltd. (The)		272,094		726,296
Indigo Paints Ltd.(a)		3,752		89,446
Inox Leisure Ltd.(a)		29,413		160,822
Intellect Design Arena Ltd.(a)		29,413		257,081
Ipca Laboratories Ltd.		49,580		647,591
IRB Infrastructure Developers Ltd.(a)		41,547		119,518
JB Chemicals & Pharmaceuticals Ltd.		13,112		281,756
Jindal Stainless Hisar Ltd.(a)		39,061		183,978
Jindal Stainless Ltd.(a)		72,963		188,994

Security	Shares		Value
India (continued)
Jindal Steel & Power Ltd.(a)		145,323	$	828,745
JK Cement Ltd.		13,199		500,177
JK Lakshmi Cement Ltd.		25,192		150,054
JM Financial Ltd.		248,240		225,401
Johnson Controls-Hitachi Air Conditioning India Ltd.(a)		4,154		100,293
Jubilant Ingrevia Ltd.		27,146		181,139
Jubilant Pharmova Ltd.		25,594		135,008
Just Dial Ltd.(a)		11,053		110,055
Kajaria Ceramics Ltd.		29,078		419,259
Kansai Nerolac Paints Ltd.		50,212		303,680
Karur Vysya Bank Ltd. (The)		150,214		95,157
Kaveri Seed Co. Ltd.		12,127		78,637
KEC International Ltd.		42,009		260,766
KEI Industries Ltd.		22,445		296,525
KNR Constructions Ltd.		61,908		255,968
KPIT Technologies Ltd.		58,223		443,500
KPR Mill Ltd.		32,679		275,772
L&T Finance Holdings Ltd.(a)		253,285		223,142
L&T Technology Services Ltd.(b)		9,782		592,488
Laurus Labs Ltd.(b)		117,049		845,870
LIC Housing Finance Ltd.		114,277		523,633
Linde India Ltd.		7,035		258,049
Lux Industries Ltd.		2,680		88,413
Mahanagar Gas Ltd.		17,487		169,527
Mahindra & Mahindra Financial Services Ltd.		225,857		438,784
Mahindra CIE Automotive Ltd.(a)		54,270		140,849
Manappuram Finance Ltd.		191,419		290,897
Mastek Ltd.		6,164		230,996
Max Financial Services Ltd.(a)		76,782		849,189
Max Healthcare Institute Ltd.(a)		97,284		485,195
Metropolis Healthcare Ltd.(b)		10,117		264,019
Minda Industries Ltd.		29,413		361,633
Mindspace Business Parks REIT(b)		53,600		253,796
Motilal Oswal Financial Services Ltd.		15,544		182,510
Multi Commodity Exchange of India Ltd.		8,169		138,904
Narayana Hrudayalaya Ltd.(a)		26,130		238,539
Natco Pharma Ltd., NVS		33,567		388,271
National Aluminium Co. Ltd.		302,706		492,232
Navin Fluorine International Ltd.		11,792		611,591
NBCC India Ltd.		262,506		136,578
NCC Ltd./India		166,175		138,668
NIIT Ltd.		27,872		157,135
Nippon Life India Asset Management Ltd.(b)		44,287		181,720
Nuvoco Vistas Corp. Ltd.(a)		45,426		209,695
Oberoi Realty Ltd.(a)		45,292		548,452
Oil India Ltd.		90,651		270,384
Olectra Greentech Ltd.(a)		12,998		110,110
Oracle Financial Services Software Ltd.		7,772		351,342
Orient Electric Ltd.		57,352		252,253
Paisalo Digital Ltd.		11,323		99,963
Persistent Systems Ltd.		17,889		940,400
Phoenix Mills Ltd. (The)		34,438		439,876
PNB Housing Finance Ltd.(a)(b)		20,301		110,673
Poly Medicure Ltd.		10,854		115,012
Polycab India Ltd.		12,462		394,782
Poonawalla Fincorp Ltd.(a)		56,146		178,715
Praj Industries Ltd.		43,349		197,200
Prestige Estates Projects Ltd.		52,930		321,134
Procter & Gamble Health Ltd.		3,082		187,200
PVR Ltd.(a)		17,755		389,025

S C H E D U L E   O F   I N V E S T M E N T S 57

Consolidated Schedule of Investments (unaudited) (continued) February 28, 2022 iShares^® MSCI Emerging Markets Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
India (continued)
Quess Corp. Ltd.(b)		27,068	$	228,094
Radico Khaitan Ltd.		29,212		349,510
Rain Industries Ltd.		65,190		161,562
Rajesh Exports Ltd.		22,579		210,634
Ramco Cements Ltd. (The)		47,637		499,533
Ratnamani Metals & Tubes Ltd.		7,303		217,419
RBL Bank Ltd.(a)(b)		182,010		324,876
REC Ltd.		359,187		585,101
Redington India Ltd.		195,171		399,640
Relaxo Footwears Ltd.		19,229		311,515
Reliance Power Ltd.(a)		922,657		161,523
Route Mobile Ltd.		7,303		145,179
Sanofi India Ltd.		2,814		271,297
Saregama India Ltd.		2,881		150,577
Schaeffler India Ltd.		16,080		390,803
Sheela Foam Ltd.(a)		4,690		213,466
Shriram City Union Finance Ltd.		8,308		175,506
SKF India Ltd.		8,040		384,557
Sobha Ltd.		15,477		159,705
Solar Industries India Ltd.		10,385		320,172
Solara Active Pharma Sciences Ltd.		6,877		62,713
Sonata Software Ltd.		22,579		221,366
Spandana Sphoorty Financial Ltd.(a)		16,021		79,542
SpiceJet Ltd.(a)		151,010		121,588
Sterlite Technologies Ltd.		68,407		161,338
Strides Pharma Science Ltd.		35,528		151,455
Sumitomo Chemical India Ltd.		27,414		137,675
Sun TV Network Ltd.		25,996		155,193
Sundaram Finance Ltd.		22,780		578,009
Sundram Fasteners Ltd.		36,850		419,365
Suprajit Engineering Ltd.		25,460		106,578
Supreme Industries Ltd.		23,115		629,623
Supreme Petrochem Ltd.		12,395		109,410
Suven Pharmaceuticals Ltd.		38,793		264,859
Suzlon Energy Ltd.(a)		1,916,267		241,283
Syngene International Ltd.(a)(b)		46,632		336,656
Tanla Platforms Ltd.		23,718		497,330
Tata Chemicals Ltd.		60,501		679,716
Tata Communications Ltd.		40,482		638,867
Tata Elxsi Ltd.		12,447		1,068,230
Tata Teleservices Maharastra Ltd.(a)		165,624		258,901
TCI Express Ltd.		4,757		112,081
TeamLease Services Ltd.(a)		5,092		278,458
Tejas Networks Ltd.(a)(b)		26,130		142,442
Thermax Ltd.		15,410		372,600
Thyrocare Technologies Ltd.(b)		9,045		103,476
Timken India Ltd.		6,834		184,598
Torrent Power Ltd.		59,094		374,134
Trident Ltd.		384,245		260,005
TTK Prestige Ltd.		17,420		183,893
Tube Investments of India Ltd.		37,319		755,883
TV18 Broadcast Ltd.(a)		163,815		134,203
TVS Motor Co. Ltd.		67,268		553,502
UTI Asset Management Co. Ltd.		16,147		179,711
Vaibhav Global Ltd.		18,291		100,178
Vakrangee Ltd.		185,121		77,349
Vardhman Textiles Ltd.		8,678		295,296
Varun Beverages Ltd.		59,111		743,658
V-Guard Industries Ltd.		62,444		162,717
Vinati Organics Ltd.		10,921		269,697

Security	Shares		Value
India (continued)
VIP Industries Ltd.(a)		27,269	$	233,853
V-Mart Retail Ltd.(a)		4,824		219,067
Vodafone Idea Ltd.(a)		3,149,804		434,612
Voltas Ltd.		76,198		1,281,058
Welspun India Ltd.		107,401		150,633
Whirlpool of India Ltd.		11,658		259,893
Wockhardt Ltd., NVS(a)		13,659		61,745
Yes Bank Ltd., (Acquired 03/16/20, Cost: $336,376)(a)(e)		433,083		68,056
Yes Bank Ltd.(a)		100		18
Zee Entertainment Enterprises Ltd.		311,923		955,503
Zensar Technologies Ltd.		40,468		187,816
				79,469,473
Indonesia — 2.0%
Ace Hardware Indonesia Tbk PT		2,472,300		184,751
AKR Corporindo Tbk PT		3,518,000		186,095
Astra Agro Lestari Tbk PT		214,400		170,144
Bank Aladin Syariah Tbk PT(a)		1,862,600		291,700
Bank BTPN Syariah Tbk PT		844,200		211,865
Bank Pembangunan Daerah Jawa Barat Dan Banten Tbk PT		1,058,800		102,807
Bank Tabungan Negara Persero Tbk PT(a)		1,688,400		209,883
Berkah Beton Sadaya Tbk(a)		938,000		289,459
BFI Finance Indonesia Tbk PT		2,927,900		261,875
Bukit Asam Tbk PT		1,212,700		266,413
Bumi Serpong Damai Tbk PT(a)		2,887,700		185,527
Ciputra Development Tbk PT		3,678,563		237,273
Digital Mediatama Maxima Tbk PT(a)		1,072,000		141,769
Erajaya Swasembada Tbk PT		2,894,400		112,721
Hanson International Tbk PT(a)(c)		25,794,200		—
Indo Tambangraya Megah Tbk PT		147,500		273,861
Indosat Tbk PT		509,200		193,921
Industri Jamu Dan Farmasi Sido Muncul Tbk PT		2,071,657		140,796
Inti Agri Resources Tbk PT(a)(c)		12,327,500		—
Japfa Comfeed Indonesia Tbk PT		1,742,000		191,336
Jasa Marga Persero Tbk PT(a)		844,200		199,292
Lippo Karawaci Tbk PT(a)		9,060,800		81,987
M Cash Integrasi PT(a)		174,200		143,378
Medco Energi Internasional Tbk PT(a)		3,570,412		150,736
Media Nusantara Citra Tbk PT		2,546,300		154,996
Metro Healthcare Indonesia TBK PT(a)		5,272,900		205,965
Mitra Adiperkasa Tbk PT(a)		3,584,500		197,017
Pabrik Kertas Tjiwi Kimia Tbk PT		589,600		307,581
Pacific Strategic Financial Tbk PT(a)		2,673,300		214,913
Pakuwon Jati Tbk PT(a)		6,552,600		210,963
Panin Financial Tbk PT(a)		7,457,600		87,724
Pelayaran Tamarin Samudra Tbk PT(a)		2,224,400		7,741
Perusahaan Gas Negara Tbk PT(a)		3,966,400		401,034
Perusahaan Perkebunan London Sumatra Indonesia Tbk PT		1,433,800		142,161
Smartfren Telecom Tbk PT(a)		35,362,600		195,746
Sugih Energy Tbk PT(a)(c)		1,824,800		1
Summarecon Agung Tbk PT(a)		3,966,450		192,609
Surya Citra Media Tbk PT(a)		7,477,200		134,989
Timah Tbk PT(a)		964,800		107,385
Transcoal Pacific Tbk PT(a)		355,100		222,683
Waskita Karya Persero Tbk PT(a)		5,808,994		231,975
XL Axiata Tbk PT		1,172,600		234,275
				7,477,347

58 2 0 2 2   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Consolidated Schedule of Investments (unaudited) (continued) February 28, 2022 iShares^® MSCI Emerging Markets Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Kuwait — 1.0%
Boubyan Petrochemicals Co. KSCP		182,709	$	567,838
Boursa Kuwait Securities Co. KPSC		38,391		303,844
Burgan Bank SAK		98,825		89,285
Gulf Bank KSCP		471,345		483,916
Humansoft Holding Co. KSC		38,927		473,824
Kuwait International Bank KSCP(a)		371,448		283,688
National Industries Group Holding SAK(a)		548,008		522,513
National Real Estate Co. KPSC(a)		297,118		217,433
Qurain Petrochemical Industries Co		223,747		290,946
Shamal Az-Zour Al-Oula for the First Phase of Az-Zour Power Plant KSC		330,042		240,883
Warba Bank KSCP(a)		534,278		490,333
				3,964,503
Malaysia — 2.8%
Alliance Bank Malaysia Bhd		368,700		301,793
Axis Real Estate Investment Trust		562,800		250,670
Berjaya Sports Toto Bhd		395,400		180,157
Bermaz Auto Bhd		475,800		202,854
BIMB Holdings Bhd		281,400		200,402
British American Tobacco Malaysia Bhd		60,444		175,638
Bumi Armada Bhd(a)		938,000		107,166
Bursa Malaysia Bhd		254,750		383,149
Carlsberg Brewery Malaysia Bhd		67,000		322,353
D&O Green Technologies Bhd(d)		180,900		204,350
DRB-Hicom Bhd		448,900		158,665
Dufu Technology Corp. Bhd		160,000		110,606
Frontken Corp. Bhd		418,350		290,652
Gamuda Bhd, NVS		542,700		372,655
Greatech Technology Bhd(a)		154,200		154,842
Heineken Malaysia Bhd(d)		40,500		212,797
Hong Seng Consolidated Bhd(a)		529,300		403,651
IGB REIT, NVS		710,200		240,201
IJM Corp. Bhd		1,065,300		391,655
IOI Properties Group Bhd(d)		495,800		121,632
Kossan Rubber Industries Bhd		596,300		245,707
Lotte Chemical Titan Holding Bhd(b)		234,500		121,760
Magnum Bhd, NVS(d)		375,350		169,369
Mah Sing Group Bhd(d)		408,857		65,733
Malaysia Building Society Bhd		1,199,400		165,691
Malaysian Pacific Industries Bhd		33,500		288,404
My EG Services Bhd(d)		2,045,000		469,306
Padini Holdings Bhd		221,100		177,946
Pentamaster Corp. Bhd		274,750		213,985
Scientex BHD		342,500		361,385
Serba Dinamik Holdings Bhd(a)(c)		637,120		44,646
Sime Darby Property Bhd(d)		1,199,800		175,748
SKP Resources Bhd		442,200		157,687
SP Setia Bhd Group(a)		676,800		206,313
Sunway Bhd		493,800		199,943
Sunway Construction Group Bhd		308,320		110,888
Sunway REIT		837,500		277,272
Supermax Corp. Bhd		882,316		220,658
Syarikat Takaful Malaysia Keluarga Bhd		133,544		118,472
TIME dotCom Bhd		434,200		439,526
UMW Holdings Bhd		140,800		103,132
Unisem M Bhd		147,400		104,239
United Plantations BHD		13,400		48,583
UWC BHD		134,000		129,702
ViTrox Corp. Bhd		161,000		286,908
VS Industry Bhd		1,192,850		328,399

Security	Shares		Value
Malaysia (continued)
Yinson Holdings BHD		248,000	$	311,328
YTL Corp. Bhd		1,054,300		139,368
				10,467,986
Mexico — 1.9%
Alsea SAB de CV(a)		201,100		435,564
Banco del Bajio SA(b)		268,000		650,994
Bolsa Mexicana de Valores SAB de CV		127,300		243,773
Concentradora Fibra Danhos SA de CV(d)		93,800		107,031
Controladora Vuela Cia. de Aviacion SAB de CV, Class A(a)		314,900		599,634
Corp Inmobiliaria Vesta SAB de CV		234,500		422,377
GCC SAB de CV		67,020		442,644
Genomma Lab Internacional SAB de CV, Class B		301,600		275,079
Gentera SAB de CV(a)		395,300		292,986
Grupo Aeroportuario del Centro Norte SAB de CV		104,808		756,955
Grupo Comercial Chedraui SA de CV		67,000		151,168
Grupo Herdez SAB de CV(d)		73,700		104,067
Grupo Rotoplas SAB de CV, NVS		78,467		100,761
Grupo Traxion SAB de CV(a)(b)(d)		87,100		146,932
La Comer SAB de CV(d)		174,200		315,637
Macquarie Mexico Real Estate Management SA de CV(b)		294,900		355,360
Nemak SAB de CV(a)(b)		562,896		117,356
PLA Administradora Industrial S. de RL de CV(d)		288,100		379,519
Prologis Property Mexico SA de CV		167,531		403,020
Qualitas Controladora SAB de CV		53,600		294,315
Regional SAB de CV		80,400		475,703
				7,070,875
Peru — 0.1%
Intercorp Financial Services Inc.		12,127		391,702
Philippines — 1.0%
Alliance Global Group Inc.		1,373,500		342,906
Bloomberry Resorts Corp.(a)		1,661,600		239,825
Cebu Air Inc.(a)		100,510		90,791
Century Pacific Food Inc.		361,800		188,768
Cosco Capital Inc., NVS		1,675,000		166,520
D&L Industries Inc.		938,100		147,114
DMCI Holdings Inc.		1,815,700		300,315
First Gen Corp.		241,250		131,283
LT Group Inc.		964,800		182,159
Manila Water Co. Inc., NVS		449,000		175,151
Megaworld Corp.		4,020,000		252,580
Puregold Price Club Inc.		268,000		183,737
Robinsons Land Corp.		743,700		279,998
Robinsons Retail Holdings Inc.		116,040		139,646
Security Bank Corp.		133,040		303,661
Semirara Mining & Power Corp.		314,900		170,133
Vista Land & Lifescapes Inc.		1,474,100		87,980
Wilcon Depot Inc.		643,300		367,009
				3,749,576
Poland — 1.1%
Alior Bank SA(a)		35,175		391,833
AmRest Holdings SE(a)(d)		39,863		218,683
Asseco Poland SA		23,986		422,812
Bank Millennium SA(a)(d)		236,443		394,314
Budimex SA(d)		4,623		251,478
CCC SA(a)(d)		18,762		238,729
Ciech SA		10,519		101,231
Enea SA(a)		81,941		170,912

S C H E D U L E   O F   I N V E S T M E N T S 59

Consolidated Schedule of Investments (unaudited) (continued) February 28, 2022 iShares^® MSCI Emerging Markets Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Poland (continued)
Grupa Azoty SA(a)		18,894	$	146,422
Grupa Lotos SA(a)		33,165		425,518
Jastrzebska Spolka Weglowa SA(a)		21,124		246,758
KRUK SA		6,499		405,297
LiveChat Software SA		6,834		158,416
Neuca SA(d)		938		167,081
Tauron Polska Energia SA(a)		380,091		223,260
Warsaw Stock Exchange(d)		9,380		85,891
				4,048,635
Qatar — 0.9%
Aamal Co.		690,837		226,954
Al Meera Consumer Goods Co. QSC		32,293		176,484
Baladna		416,606		167,767
Doha Bank QPSC		469,134		366,212
Gulf International Services QSC, NVS(a)		242,684		119,058
Gulf Warehousing Co.		135,340		165,034
Medicare Group		67,335		144,275
Qatar Aluminum Manufacturing Co.		957,229		585,089
Qatar Insurance Co. SAQ(a)		603,804		415,253
Qatar National Cement Co. QSC		103,783		176,194
Qatar Navigation QSC		192,972		447,838
United Development Co. QSC		625,964		286,252
Vodafone Qatar QSC		636,366		303,737
				3,580,147
Russia — 0.2%
Credit Bank of Moscow PJSC(a)(c)		4,743,600		82,858
Detsky Mir PJSC(a)(b)(c)		238,520		69,156
Federal Grid Co. Unified Energy System PJSC(a)(c)		142,040,000		43,781
Globaltrans Investment PLC, GDR(a)(c)		36,180		43,528
Lenta PJSC, GDR(a)(c)		58,692		23,995
LSR Group PJSC(a)(c)		16,818		29,621
Mosenergo PJSC(a)(c)		4,900,000		28,331
QIWI PJSC, Class B, ADR(a)(c)		20,971		26,779
Rostelecom PJSC(a)(c)		373,860		89,908
Segezha Group PJSC(a)(b)(c)		1,675,000		43,912
Sistema PJSFC, GDR(a)(c)		93,264		188,714
Sovcomflot PJSC(a)(c)		338,350		51,995
Unipro PJSC(a)(c)		4,288,000		23,950
United Medical Group(a)(c)		11,658		28,036
				774,564
Saudi Arabia — 2.5%
Al Hammadi Co. for Development and Investment, NVS		28,073		306,997
Al Jouf Agricultural Development Co.		5,360		81,656
Al Moammar Information Systems Co.		4,891		199,115
Al Rajhi Co. for Co-operative Insurance(a)		7,906		179,370
Aldrees Petroleum and Transport Services Co.		16,080		359,975
Alujain Holding		11,677		190,468
Arabian Cement Co./Saudi Arabia		21,306		228,230
Arriyadh Development Co.		40,183		280,010
Aseer Trading Tourism & Manufacturing Co.(a)		17,554		96,730
City Cement Co.		34,706		197,136
Dallah Healthcare Co.		11,323		248,072
Dur Hospitality Co.(a)		19,430		170,479
Eastern Province Cement Co.		21,105		235,600
Fawaz Abdulaziz Al Hokair & Co.(a)		32,830		137,515
Halwani Brothers Co.		3,752		89,039
Herfy Food Services Co.		9,715		150,333
Leejam Sports Co. JSC		10,077		341,730
Maharah Human Resources Co.		10,720		222,114

Security	Shares		Value
Saudi Arabia (continued)
National Agriculture Development Co. (The)(a)		22,981	$	189,483
National Gas & Industrialization Co.		16,080		236,917
Qassim Cement Co. (The)		19,095		392,415
Saudi Airlines Catering Co.(a)		5,561		125,893
Saudi Arabia Refineries Co.		2,412		85,689
Saudi Cement Co.		26,175		387,912
Saudi Ceramic Co.		17,073		223,627
Saudi Chemical Co. Holding		23,249		214,106
Saudi Fisheries Co.(a)		9,182		115,182
Saudi Ground Services Co.(a)		37,922		355,136
Saudi Industrial Services Co.		15,216		118,182
Saudi Pharmaceutical Industries & Medical Appliances Corp.		25,929		268,958
Saudi Public Transport Co.(a)		25,460		147,862
Saudi Real Estate Co.(a)		43,550		245,676
Saudia Dairy & Foodstuff Co.		7,504		342,597
Seera Group Holding(a)		61,305		346,916
Southern Province Cement Co.		25,996		471,181
United Electronics Co.		12,328		428,490
United International Transportation Co.		15,142		197,239
Yamama Cement Co.(a)		51,456		360,925
Yanbu Cement Co.		33,031		335,085
				9,304,040
South Africa — 3.9%
Adcock Ingram Holdings Ltd.		24,321		81,918
AECI Ltd.		38,123		268,562
Astral Foods Ltd.		16,683		176,310
AVI Ltd.		107,736		502,559
Barloworld Ltd.		56,682		452,866
Coronation Fund Managers Ltd.		84,286		251,878
Dis-Chem Pharmacies Ltd.(b)(d)		114,972		258,862
Distell Group Holdings Ltd.(a)		56,347		627,737
DRDGOLD Ltd.		174,669		162,964
Equites Property Fund Ltd.		210,983		288,835
Fortress REIT Ltd., Series A		399,186		333,082
Foschini Group Ltd. (The)		118,791		962,225
Hyprop Investments Ltd.		120,361		269,741
Imperial Logistics Ltd., NVS		66,799		285,768
Investec Ltd., NVS		96,949		545,077
Investec Property Fund Ltd.		244,617		192,496
JSE Ltd.		33,031		256,579
Life Healthcare Group Holdings Ltd.		493,790		719,992
Momentum Metropolitan Holdings		316,374		383,933
Motus Holdings Ltd.		57,620		412,132
Netcare Ltd.		360,326		343,073
Ninety One Ltd.		60,032		195,991
Oceana Group Ltd.		30,150		105,865
Pick n Pay Stores Ltd.		134,335		401,880
PSG Group Ltd., NVS(a)		58,826		313,063
Redefine Properties Ltd.		2,318,441		636,294
Resilient REIT Ltd.(d)		104,453		395,700
Reunert Ltd., NVS		66,799		203,704
Royal Bafokeng Platinum Ltd.		59,177		700,483
Santam Ltd.		14,090		251,079
Sappi Ltd.(a)		222,507		736,854
Steinhoff International Holdings NV(a)		1,615,839		381,465
Super Group Ltd./South Africa		144,988		296,019
Telkom SA SOC Ltd.(a)		111,086		298,806
Thungela Resources Ltd.(a)(d)		46,967		417,773
Transaction Capital Ltd.		204,752		589,638

60 2 0 2 2   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Consolidated Schedule of Investments (unaudited) (continued) February 28, 2022 iShares^® MSCI Emerging Markets Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
South Africa (continued)
Truworths International Ltd.		145,524	$	554,319
Vukile Property Fund Ltd.		361,063		294,932
Wilson Bayly Holmes-Ovcon Ltd.		20,435		110,971
				14,661,425
South Korea — 15.5%
ABLBio Inc.(a)		11,524		255,330
AfreecaTV Co. Ltd.		3,015		352,358
Ahnlab Inc.		2,647		144,012
Amicogen Inc.(a)		9,045		194,052
Ananti Inc.(a)		31,021		242,500
AptaBio Therapeutics Inc.(a)(d)		8,509		174,762
Asiana Airlines Inc.(a)		13,788		222,796
BGF Co. Ltd.		17,420		73,456
BH Co. Ltd.(d)		10,117		164,373
Binex Co. Ltd.(a)		12,127		134,573
Bioneer Corp.(a)(d)		8,771		282,883
BNC Korea Co. Ltd.(a)(d)		16,080		209,969
BNK Financial Group Inc.		101,505		668,212
Boryung Pharmaceutical Co. Ltd		12,346		128,838
Bukwang Pharmaceutical Co. Ltd.(a)(d)		25,996		270,655
Cellivery Therapeutics Inc.(a)		8,693		220,092
Chabiotech Co. Ltd.(a)		18,772		272,128
Chong Kun Dang Pharmaceutical Corp.(a)(d)		3,082		247,641
Chunbo Co. Ltd.		1,541		368,170
CJ CGV Co. Ltd.(a)(d)		13,132		285,801
CMG Pharmaceutical Co. Ltd.(a)		78,870		213,439
Com2uSCorp		3,216		299,359
Cosmax Inc.(a)		4,355		313,854
CosmoAM&T Co. Ltd.(a)		8,040		262,450
COWELL FASHION Co. Ltd.(d)		16,750		110,472
Creative & Innovative System(a)		17,688		205,106
CS Wind Corp.		10,084		506,682
Cuckoo Homesys Co. Ltd.(a)		4,355		140,620
Daeduck Electronics Co. Ltd./New		15,142		317,474
Daejoo Electronic Materials Co. Ltd.		4,154		314,047
Daesang Corp.(a)		10,586		197,154
Daewoo Engineering & Construction Co. Ltd.(a)(d)		69,684		366,530
Daewoo Shipbuilding & Marine Engineering Co. Ltd.(a)(d)		17,487		390,281
Daewoong Co. Ltd.(a)		9,045		228,130
Daewoong Pharmaceutical Co. Ltd.(a)		1,809		251,831
Daishin Securities Co. Ltd.		14,338		203,586
Daou Technology Inc.		11,063		199,308
Dawonsys Co. Ltd.(d)		8,576		207,078
DB HiTek Co. Ltd.		13,686		802,211
Dentium Co. Ltd.(a)		3,685		186,945
Devsisters Co. Ltd.(d)		2,345		112,655
DGB Financial Group Inc.		63,115		499,583
DIO Corp.(a)		5,844		161,064
DL E&C Co. Ltd.		5,896		635,622
Dong-A Socio Holdings Co. Ltd.		1,675		144,836
Dong-A ST Co. Ltd.		3,149		179,177
Dongjin Semichem Co. Ltd.(a)		12,765		381,870
DongKook Pharmaceutical Co. Ltd.		11,218		198,112
Dongkuk Steel Mill Co. Ltd.		23,271		323,381
Dongsuh Cos. Inc.		11,212		256,816
Dongwha Enterprise Co. Ltd.(a)		1,876		112,651
Dongwon F&B Co. Ltd.		757		109,360
Doosan Co. Ltd.(a)(d)		2,546		243,639
Doosan Fuel Cell Co. Ltd.(a)		15,611		511,170
DoubleUGames Co. Ltd.		4,288		178,192

Security	Shares		Value
South Korea (continued)
Douzone Bizon Co. Ltd.		6,895	$	276,981
Duk San Neolux Co. Ltd.(a)(d)		5,561		181,429
Ecopro Co. Ltd.(d)		7,237		531,876
Ecopro HN Co. Ltd.		3,953		174,283
Enzychem Lifesciences Corp.(a)(d)		6,566		180,959
Eo Technics Co Ltd.(a)(d)		3,685		308,336
Eoflow Co. Ltd.(a)		9,514		164,074
Eubiologics Co. Ltd.(a)		11,591		233,056
Eugene Technology Co. Ltd.(d)		6,700		244,630
Fila Holdings Corp.		18,291		540,511
Fine Semitech Corp.		5,092		88,560
Foosung Co. Ltd.		19,713		351,950
GC Cell Corp.(a)(d)		4,020		228,376
GemVax & Kael Co. Ltd.(a)		16,080		204,673
Geneone Life Science Inc., NVS(a)		30,351		369,811
GOLFZON Co. Ltd.(a)		1,273		161,902
Grand Korea Leisure Co. Ltd., NVS(a)(d)		14,750		180,780
Green Cross Holdings Corp.		10,787		201,206
GS Retail Co. Ltd.		15,075		335,229
Hana Materials Inc.		3,283		143,161
Hana Tour Service Inc.(a)		3,800		249,516
Hanall Biopharma Co. Ltd.(a)(d)		16,482		258,631
Handsome Co. Ltd.(d)		6,568		196,958
Hanil Cement Co. Ltd./New		8,576		130,488
Hanjin Transportation Co. Ltd.(a)		4,757		113,454
Hankook & Co. Co. Ltd.		8,805		98,875
Hanmi Semiconductor Co. Ltd.		7,772		219,097
Hansae Co. Ltd.(d)		6,030		114,436
Hansol Chemical Co. Ltd.		3,350		604,712
Hanssem Co. Ltd.		4,020		245,885
Hanwha Aerospace Co. Ltd.		13,296		580,580
Hanwha Corp.		12,931		329,862
Hanwha Investment & Securities Co. Ltd.(a)		45,694		185,100
Hanwha Life Insurance Co. Ltd.(a)(d)		114,302		282,275
Hanwha Systems Co. Ltd.		16,817		222,212
HDC Hyundai Development Co-Engineering & Construction, Class E(a)(d)		23,355		314,314
Helixmith Co. Ltd.(a)(d)		16,286		274,807
Hite Jinro Co. Ltd.(a)		12,060		358,860
HLB Life Science Co. Ltd., NVS(a)		30,900		275,393
Huchems Fine Chemical Corp., NVS(d)		8,201		152,581
Hugel Inc., NVS(a)		2,546		313,942
Huons Global Co. Ltd.		102		2,585
Hwaseung Enterprise Co. Ltd.(a)(d)		9,849		134,249
Hyosung Advanced Materials Corp.		951		373,067
Hyosung Chemical Corp.(a)		938		217,939
Hyosung Corp.		2,825		201,609
Hyosung Heavy Industries Corp.(a)		2,381		111,690
Hyosung TNC Corp.		1,005		408,670
Hyundai Autoever Corp.		2,479		224,760
Hyundai Bioscience Co. Ltd.(a)(d)		12,998		346,476
Hyundai Department Store Co. Ltd.		5,398		351,683
Hyundai Electric & Energy System Co. Ltd., NVS(a)		7,483		128,370
Hyundai Elevator Co. Ltd.(a)		9,916		313,774
Hyundai Home Shopping Network Corp.		2,010		97,733
Hyundai Marine & Fire Insurance Co. Ltd.		20,291		487,371
Hyundai Mipo Dockyard Co. Ltd.(a)(d)		8,888		597,019
Hyundai Rotem Co. Ltd.(a)(d)		27,872		464,502
Hyundai Wia Corp.		6,069		311,957
Ilyang Pharmaceutical Co. Ltd.		8,375		176,322

S C H E D U L E   O F   I N V E S T M E N T S 61

Consolidated Schedule of Investments (unaudited) (continued) February 28, 2022 iShares^® MSCI Emerging Markets Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
South Korea (continued)
Innocean Worldwide Inc.(d)		3,838	$	160,049
iNtRON Biotechnology Inc.(a)		10,050		154,629
IS Dongseo Co. Ltd.(a)		6,164		272,598
ITM Semiconductor Co. Ltd.		3,216		94,319
JB Financial Group Co. Ltd.		43,970		301,169
Jin Air Co. Ltd.(a)		13,869		194,947
Jusung Engineering Co. Ltd.		13,199		288,657
JW Pharmaceutical Corp.		7,330		154,216
JYP Entertainment Corp.(a)		10,727		450,799
KCC Corp.		1,675		468,984
KCC Glass Corp.		3,944		191,597
KEPCO Engineering & Construction Co. Inc.(a)		4,958		372,105
KEPCO Plant Service & Engineering Co. Ltd.(a)		8,710		270,763
KIWOOM Securities Co. Ltd.(a)		6,030		512,037
KMW Co. Ltd.(a)		15,946		415,838
Koh Young Technology Inc.		20,606		329,562
Kolmar Korea Co. Ltd.(a)		9,112		351,691
Kolon Industries Inc.		6,901		340,397
KoMiCo Ltd.		1,943		88,139
KONA I Co. Ltd.(a)(d)		5,470		122,936
Korea Electric Terminal Co. Ltd.		2,523		122,929
Korea Line Corp.(a)		92,460		215,357
Korea REIT & Trust Co. Ltd.		87,033		159,344
Korea United Pharm Inc.(a)		3,819		146,583
Korean Reinsurance Co.		37,690		304,333
Kumho Tire Co. Inc.(a)		31,155		103,339
Kyung Dong Navien Co. Ltd.		3,286		122,038
L&C Bio Co. Ltd.		6,365		169,059
LEENO Industrial Inc.		3,632		548,506
LegoChem Biosciences Inc.(a)		8,174		301,560
LIG Nex1 Co. Ltd.		4,466		254,856
LOTTE Fine Chemical Co. Ltd.		6,729		447,651
LOTTE Reit Co. Ltd.		47,302		214,902
Lotte Rental Co. Ltd.		7,035		223,671
Lotte Tour Development Co. Ltd.(a)		20,502		306,285
LS Corp.		6,266		255,722
LS Electric Co. Ltd.		6,633		239,126
Lx Hausys Ltd.		2,814		129,731
Lx International Corp.		10,653		264,729
LX Semicon Co. Ltd.		4,355		418,311
Maeil Dairies Co. Ltd.		1,273		72,337
Mando Corp.		12,264		468,884
Mcnex Co. Ltd.		5,113		196,611
Medytox Inc.(a)		2,077		211,725
MegaStudyEdu Co. Ltd.(a)(d)		3,149		218,703
Mezzion Pharma Co. Ltd.(a)(d)		2,680		367,341
Myoung Shin Industrial Co. Ltd.(a)(d)		8,911		177,796
Namhae Chemical Corp.(a)		18,559		150,073
Naturecell Co. Ltd.(a)(d)		19,404		266,662
NEPES Corp.(a)		7,640		183,083
Neptune Co., NVS(a)		7,102		117,944
Next Science Co. Ltd.(a)		19,296		277,660
NEXTIN Inc.(a)		2,010		93,677
NHN Corp.(a)		7,788		232,551
NHN KCP Corp.(a)(d)		9,904		194,814
NICE Information Service Co. Ltd.(a)(d)		13,235		205,451
NKMax Co. Ltd.(a)		14,003		183,785
NongShim Co. Ltd.		1,340		343,091
OCI Co. Ltd.(a)		7,370		651,946
OliX Pharmaceuticals Inc.(a)		7,370		171,217

Security	Shares		Value
South Korea (continued)
Orion Holdings Corp.		7,906	$	93,201
Oscotec Inc.(a)(d)		8,777		220,100
Osstem Implant Co. Ltd.(a)(c)		4,094		418,430
Ottogi Corp.		268		96,696
Paradise Co. Ltd., NVS(a)		18,626		259,819
Park Systems Corp.		1,742		173,922
Partron Co. Ltd.(d)		14,807		142,568
People & Technology Inc.(a)		6,499		233,418
PharmaResearch Co. Ltd.		1,876		137,540
Pharmicell Co. Ltd.(a)		23,048		211,795
PI Advanced Materials Co. Ltd.(a)		7,169		261,610
Poongsan Corp.		7,390		196,824
Posco ICT Co. Ltd.(d)		24,140		116,239
Posco International Corp.(d)		19,028		330,161
PSK Inc.		3,618		144,353
RFHIC Corp.		6,919		164,534
S&S Tech Corp.		6,365		149,469
Sam Chun Dang Pharm Co. Ltd.(a)		8,576		261,629
Sam Kang M&T Co. Ltd.(a)(d)		9,849		152,291
Samwha Capacitor Co. Ltd.		4,023		190,440
Samyang Holdings Corp.		1,407		97,990
Sang-A Frontec Co. Ltd., NVS		4,399		152,538
Sebang Global Battery Co. Ltd.		2,479		132,398
Seojin System Co. Ltd.(a)		5,226		148,926
Seoul Semiconductor Co. Ltd.(a)(d)		16,852		188,669
SFA Engineering Corp.		7,839		247,321
SFA Semicon Co. Ltd.(a)(d)		29,748		163,258
Shin Poong Pharmaceutical Co. Ltd.(a)		12,024		347,014
Shinsegae Inc.(d)		2,613		573,521
Shinsegae International Inc.		1,005		128,022
SillaJen Inc.(a)(c)		19,774		119,399
SIMMTECH Co. Ltd.		7,705		345,902
SK Networks Co. Ltd.		48,575		179,226
SL Corp.(a)		6,005		119,705
SM Entertainment Co. Ltd.		7,318		457,594
SNT Motiv Co. Ltd.		4,087		147,774
SOLUM Co. Ltd.(a)		11,323		215,870
Solus Advanced Materials Co Ltd.		4,154		220,124
Soulbrain Co. Ltd./New		1,657		316,381
ST Pharm Co. Ltd.		3,484		290,526
STIC Investments Inc.		10,988		94,001
Taekwang Industrial Co. Ltd.(a)		134		113,543
Taihan Electric Wire Co. Ltd.(a)(d)		110,081		147,881
TES Co. Ltd./Korea(d)		5,896		125,842
Tesna Inc.(d)		4,690		174,282
Tokai Carbon Korea Co. Ltd.		1,876		185,276
Tongyang Life Insurance Co. Ltd		20,931		107,473
TY Holdings Co. Ltd./Korea(a)(d)		10,929		249,177
Unid Co. Ltd.(d)		1,943		141,696
UniTest Inc.(a)		7,169		158,389
Vidente Co. Ltd.(a)		14,542		200,290
Webzen Inc.(a)(d)		11,122		216,439
Wemade Co. Ltd.		6,767		628,135
WONIK IPS Co. Ltd.(d)		11,659		352,014
Wonik QnC Corp.(a)(d)		6,566		141,343
Woori Technology Investment Co. Ltd., NVS(a)		21,842		156,434
Wysiwyg Studious Co. Ltd.(a)		9,246		278,721
Y2 Solution Co. Ltd.(a)(c)		8,823		10,743
YG Entertainment Inc.(d)		4,434		245,305
Youngone Corp.(a)(d)		9,056		322,067

62 2 0 2 2   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Consolidated Schedule of Investments (unaudited) (continued) February 28, 2022 iShares^® MSCI Emerging Markets Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
South Korea (continued)
Zinus Inc.(a)(d)		4,221	$	264,976
				58,380,862
Taiwan — 22.7%
AcBel Polytech Inc.		134,000		161,688
ADATA Technology Co. Ltd.		85,000		285,988
Adimmune Corp.		105,000		149,813
Advanced Ceramic X Corp.		18,000		174,520
Advanced Energy Solution Holding Co. Ltd.		11,000		522,348
Advanced Wireless Semiconductor Co.		67,596		250,208
Alchip Technologies Ltd., NVS		26,000		1,015,756
AmTRAN Technology Co. Ltd.		313,471		181,505
AP Memory Technology Corp.		29,000		385,289
Arcadyan Technology Corp.		67,541		279,757
Ardentec Corp.		201,000		368,375
Asia Optical Co. Inc.(a)		67,000		196,467
Asia Pacific Telecom Co. Ltd.(a)		737,910		210,907
Asia Vital Components Co. Ltd.		134,000		535,769
ASPEED Technology Inc., NVS		8,000		786,280
BES Engineering Corp.		536,000		169,629
Bizlink Holding Inc.		53,770		582,230
Brighton-Best International Taiwan Inc.		134,000		191,806
Capital Securities Corp.		737,530		417,334
Career Technology MFG. Co. Ltd.(a)		201,369		172,260
Cathay Real Estate Development Co. Ltd.		201,300		138,255
Center Laboratories Inc.		148,319		313,030
Century Iron & Steel Industrial Co. Ltd.		67,000		262,005
Chang Wah Electromaterials Inc.		134,000		182,546
Chang Wah Technology Co. Ltd.		67,000		242,702
Charoen Pokphand Enterprise		67,000		202,737
Cheng Loong Corp.		268,000		330,735
Cheng Uei Precision Industry Co. Ltd.		134,000		184,121
Chicony Electronics Co. Ltd.		201,000		646,552
Chicony Power Technology Co. Ltd.		67,000		190,307
China Airlines Ltd.(a)		938,000		956,417
China General Plastics Corp.		140,700		175,122
China Man-Made Fiber Corp.		557,031		193,343
China Motor Corp.		67,200		150,031
China Petrochemical Development Corp.(a)		1,353,145		584,584
China Steel Chemical Corp.		67,000		288,189
Chin-Poon Industrial Co. Ltd.		134,000		174,865
Chipbond Technology Corp.		252,000		627,041
ChipMOS Technologies Inc.		268,000		506,194
Chong Hong Construction Co. Ltd.		67,424		184,219
Chroma ATE Inc.		134,000		912,339
Chung Hung Steel Corp.		335,000		497,483
Chung Hwa Pulp Corp.(a)		134,000		108,128
Chung-Hsin Electric & Machinery Manufacturing Corp.		134,000		201,473
Cleanaway Co. Ltd.		29,000		220,400
Clevo Co.		134,000		147,711
Compeq Manufacturing Co. Ltd.		335,000		580,513
Coretronic Corp.		134,400		344,427
Co-Tech Development Corp.		67,000		182,110
CSBC Corp. Taiwan(a)		201,548		152,097
CTCI Corp.		201,000		295,837
Cub Elecparts Inc.		30,361		171,482
Darfon Electronics Corp.		134,000		219,078
Dynapack International Technology Corp.		67,000		239,672
EirGenix Inc.(a)		48,000		178,919
Elan Microelectronics Corp.		110,000		653,294
Elite Material Co. Ltd.		103,000		1,010,044

Security	Shares		Value
Taiwan (continued)
Elite Semiconductor Microelectronics Technology Inc.		91,000	$	479,129
ENNOSTAR Inc.(a)		201,184		577,439
Episil Technologies Inc(a)		86,963		341,541
Eternal Materials Co. Ltd.		335,399		435,973
Eva Airways Corp.(a)		871,000		1,026,001
Evergreen International Storage & Transport Corp.		201,000		273,807
Everlight Electronics Co. Ltd.		134,000		241,350
Far Eastern Department Stores Ltd.		469,000		357,008
Far Eastern International Bank		1,024,319		407,567
Faraday Technology Corp.		67,000		671,418
Farglory Land Development Co. Ltd.		67,000		146,583
Feng Hsin Steel Co. Ltd.		187,000		563,972
First Copper Technology Co. Ltd.		67,000		104,685
Fitipower Integrated Technology Inc.		42,512		344,840
FLEXium Interconnect Inc.(a)		134,418		458,853
FocalTech Systems Co. Ltd.		67,000		371,691
Formosa Sumco Technology Corp.		25,000		232,613
Formosa Taffeta Co. Ltd.		335,000		341,994
Foxsemicon Integrated Technology Inc.		29,200		229,265
Fulgent Sun International Holding Co. Ltd.		67,330		284,516
Fusheng Precision Co. Ltd.		54,000		381,021
General Interface Solution Holding Ltd., NVS		67,000		218,013
Genius Electronic Optical Co. Ltd., NVS		27,585		456,262
Getac Holdings Corp.		134,000		283,146
Gigabyte Technology Co. Ltd.		193,000		988,970
Global Mixed Mode Technology Inc.		24,000		207,705
Global Unichip Corp.		31,000		514,311
Gold Circuit Electronics Ltd.		134,000		392,699
Goldsun Building Materials Co. Ltd.		335,426		318,277
Gourmet Master Co. Ltd.		49,821		203,758
Grand Pacific Petrochemical		335,000		343,600
Grape King Bio Ltd.		67,000		363,348
Great Wall Enterprise Co. Ltd.		268,842		521,830
Greatek Electronics Inc.		134,000		350,714
Hannstar Board Corp.		134,481		216,929
HannStar Display Corp.		804,320		463,898
Highwealth Construction Corp.		268,000		469,515
Holtek Semiconductor Inc.		67,000		261,758
Holy Stone Enterprise Co. Ltd.		67,050		282,435
Hota Industrial Manufacturing Co. Ltd.		67,773		193,692
Hotai Finance Co. Ltd.		67,000		297,751
Hsin Kuang Steel Co. Ltd.		96,000		215,699
HTC Corp.(a)		268,000		563,815
Huaku Development Co. Ltd.		96,080		311,902
IBF Financial Holdings Co. Ltd.		802,478		454,157
International CSRC Investment Holdings Co.		335,945		308,138
International Games System Co. Ltd.		21,000		519,046
ITE Technology Inc.		67,000		262,781
ITEQ Corp.		76,559		357,308
Jentech Precision Industrial Co. Ltd.		24,000		332,847
Jih Sun Financial Holdings Co. Ltd.		205,436		90,499
Johnson Health Tech Co. Ltd.		87,000		175,140
Kenda Rubber Industrial Co. Ltd.		268,675		289,922
Kindom Development Co. Ltd.		147,400		196,554
King Slide Works Co. Ltd., NVS		14,000		215,241
King Yuan Electronics Co. Ltd.		402,000		633,301
King’s Town Bank Co. Ltd.		335,000		484,058
Kinpo Electronics		469,000		258,728
Kinsus Interconnect Technology Corp.		110,000		915,233
KMC Kuei Meng International Inc.		27,000		186,843

S C H E D U L E   O F   I N V E S T M E N T S 63

Consolidated Schedule of Investments (unaudited) (continued) February 28, 2022 iShares^® MSCI Emerging Markets Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Taiwan (continued)
LandMark Optoelectronics Corp.		21,400	$	139,694
Lien Hwa Industrial Holdings Corp.		335,525		805,794
Longchen Paper & Packaging Co. Ltd.		268,357		209,084
Lotes Co. Ltd.		24,392		633,529
Lotus Pharmaceutical Co. Ltd.		48,000		193,489
Lung Yen Life Service Corp.		134,000		207,910
Macronix International Co. Ltd.		670,000		1,060,607
Makalot Industrial Co. Ltd.		65,391		516,565
Medigen Vaccine Biologics Corp.(a)		54,000		449,759
Mercuries & Associates Holding Ltd.		134,579		102,711
Mercuries Life Insurance Co. Ltd.(a)		493,651		157,387
Merida Industry Co. Ltd.		71,000		723,128
Merry Electronics Co. Ltd.		68,616		201,363
Microbio Co. Ltd.(a)		128,766		290,591
Mitac Holdings Corp.		469,383		567,408
Nan Kang Rubber Tire Co. Ltd.		174,000		251,002
Nantex Industry Co. Ltd.		115,000		306,330
Nuvoton Technology Corp.		67,000		335,002
OBI Pharma Inc.(a)		67,184		282,263
Oriental Union Chemical Corp.(a)		268,000		209,232
Pan Jit International Inc.		122,000		448,689
Pan-International Industrial Corp.		134,722		181,521
PChome Online Inc.		40,305		163,894
Pharmally International Holding Co. Ltd.(a)(c)		21,603		—
Phison Electronics Corp.		61,000		1,128,630
Pixart Imaging Inc.		67,635		327,217
Powertech Technology Inc.		201,000		681,780
Poya International Co. Ltd.		17,976		260,479
President Securities Corp.		348,623		269,613
Primax Electronics Ltd.		134,000		253,034
Prince Housing & Development Corp.		536,917		265,446
Qisda Corp.		603,000		666,426
Radiant Opto-Electronics Corp.		187,000		676,160
RDC Semiconductor Co. Ltd.(a)		18,000		275,766
Rexon Industrial Corp. Ltd.		105,000		161,749
RichWave Technology Corp.		34,000		263,261
Ruentex Industries Ltd.		173,000		719,707
Run Long Construction Co. Ltd.		141,800		281,834
Sanyang Motor Co. Ltd.		201,820		204,562
ScinoPharm Taiwan Ltd.		134,708		113,703
SDI Corp.		58,000		277,208
Sercomm Corp.		67,000		175,035
Shin Zu Shing Co. Ltd.		67,856		220,430
Shinkong Synthetic Fibers Corp.		469,135		343,098
Sigurd Microelectronics Corp.		134,124		275,546
Simplo Technology Co. Ltd.		67,600		758,590
Sinbon Electronics Co. Ltd.		67,000		644,117
Sincere Navigation Corp.		134,000		136,799
Sino-American Silicon Products Inc.		189,000		1,242,897
Sinyi Realty Inc.		134,778		163,619
Sitronix Technology Corp.		47,000		497,952
Solar Applied Materials Technology Corp., NVS		134,943		252,510
Sonix Technology Co. Ltd.		67,000		211,465
Standard Foods Corp.		201,000		365,017
Sunny Friend Environmental Technology Co. Ltd.		20,000		142,299
Sunplus Technology Co. Ltd.		201,000		247,745
Supreme Electronics Co. Ltd.		152,705		293,227
Systex Corp.		67,000		197,525
TA Chen Stainless Pipe		529,235		1,011,818
Taichung Commercial Bank Co. Ltd.		1,062,902		509,881

Security	Shares		Value
Taiwan (continued)
TaiMed Biologics Inc.(a)		67,000	$	166,228
Tainan Spinning Co. Ltd.		402,190		337,762
Taita Chemical Co. Ltd.		73,700		87,109
Taiwan Business Bank		2,078,340		827,337
Taiwan Cogeneration Corp.		201,000		266,072
Taiwan Fertilizer Co. Ltd.		311,000		764,865
Taiwan Glass Industry Corp.		335,000		278,786
Taiwan Hon Chuan Enterprise Co. Ltd.		134,004		360,904
Taiwan Mask Corp.		67,000		240,271
Taiwan Paiho Ltd.		67,050		188,805
Taiwan Secom Co. Ltd.		134,450		493,596
Taiwan Semiconductor Co. Ltd.		67,000		165,609
Taiwan Shin Kong Security Co. Ltd.		201,366		283,080
Taiwan Surface Mounting Technology Corp.		84,000		354,428
Taiwan TEA Corp.(a)		268,000		205,873
Taiwan Union Technology Corp.		67,000		207,594
Tanvex BioPharma Inc.(a)		73,862		156,756
Tatung Co. Ltd.(a)		613,000		691,826
TCI Co. Ltd.		34,528		242,129
Teco Electric and Machinery Co. Ltd.		670,000		723,715
Test Research Inc.		67,000		150,334
Tong Hsing Electronic Industries Ltd.		67,641		708,608
Tong Yang Industry Co. Ltd.		134,133		156,647
Topco Scientific Co. Ltd.		59,000		365,454
TPK Holding Co. Ltd.		134,000		185,660
Transcend Information Inc.		134,000		339,863
Tripod Technology Corp.		134,000		614,368
TSEC Corp.(a)		134,000		185,185
TSRC Corp.		268,000		339,878
TTY Biopharm Co. Ltd.		67,450		164,742
Tung Ho Steel Enterprise Corp.		223,750		563,585
TXC Corp.		134,000		468,405
U-Ming Marine Transport Corp.		154,000		337,372
Union Bank of Taiwan(a)		641,226		316,356
United Integrated Services Co. Ltd.		67,400		426,699
United Renewable Energy Co. Ltd.(a)		570,059		422,650
UPC Technology Corp.		268,741		203,322
USI Corp.		268,070		274,941
Visual Photonics Epitaxy Co. Ltd.		67,425		274,269
Wafer Works Corp.		210,918		554,496
Wah Lee Industrial Corp.		68,340		261,497
Walsin Lihwa Corp.		871,000		880,841
Walsin Technology Corp.		134,000		709,772
Wisdom Marine Lines Co. Ltd.		156,000		507,522
Wistron Corp.		912,000		961,126
Wistron NeWeb Corp.		134,481		342,540
WT Microelectronics Co. Ltd.		134,757		403,809
XinTec Inc.		67,000		289,296
Xxentria Technology Materials Corp.		67,000		166,593
YFY Inc.		402,000		485,594
Yieh Phui Enterprise Co. Ltd.(a)		268,797		234,653
Yulon Finance Corp.		77,142		561,323
Yulon Motor Co. Ltd.		201,026		295,959
YungShin Global Holding Corp.		134,200		203,769
Yungtay Engineering Co. Ltd.		67,000		153,908
				85,583,898
Thailand — 3.9%
AEON Thana Sinsap Thailand PCL, NVDR		33,500		203,044
Amata Corp. PCL, NVDR(d)		408,776		268,530
AP Thailand PCL, NVDR		1,086,600		353,199

64 2 0 2 2   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Consolidated Schedule of Investments (unaudited) (continued) February 28, 2022 iShares^® MSCI Emerging Markets Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Thailand (continued)
Bangchak Corp. PCL, NVDR		509,300	$	485,509
Bangkok Chain Hospital PCL, NVDR(d)		629,800		368,146
Bangkok Land PCL, NVDR(d)		6,284,600		200,030
Bangkok Life Assurance PCL, NVDR(d)		218,900		293,650
Banpu PCL, NVDR(d)		1,963,100		657,933
Central Plaza Hotel PCL, NVDR(a)		207,700		219,501
CH Karnchang PCL, NVDR		455,700		294,002
Chularat Hospital PCL, NVDR(d)		2,586,200		277,286
CK Power PCL, NVDR		1,125,700		176,320
Com7 PCL, NVDR		218,300		554,184
Eastern Polymer Group PCL, NVDR		489,800		148,565
Eastern Water Resources Development and Management PCL, NVDR(d)		790,600		185,098
Esso Thailand PCL, NVDR(a)(d)		623,100		143,868
GFPT PCL, NVDR		542,800		217,618
Gunkul Engineering PCL, NVDR(d)		1,455,299		277,771
Hana Microelectronics PCL, NVDR		221,100		347,997
IRPC PCL, NVDR		4,133,900		484,579
Jasmine International PCL, NVDR(a)		2,304,800		254,760
Jay Mart PCL, NVDR		180,900		314,469
JMT Network Services PCL, NVDR(d)		198,600		415,559
KCE Electronics PCL, NVDR		321,900		599,305
Khon Kaen Sugar Industry PCL, NVDR(a)		1,031,930		107,354
Kiatnakin Phatra Bank PCL, NVDR		120,632		252,670
Major Cineplex Group PCL, NVDR		342,000		211,428
MBK PCL, NVDR(a)		569,500		218,815
Mega Lifesciences PCL, NVDR		174,200		229,463
Ngern Tid Lor PCL, NVDR(a)		411,400		474,116
Plan B Media PCL, NVDR(a)(d)		1,150,380		280,721
Pruksa Holding PCL, NVDR		509,200		224,490
PTG Energy PCL, NVDR(d)		368,600		163,092
Quality Houses PCL, NVDR		3,236,167		226,370
Sansiri PCL, NVDR		4,944,600		187,281
Siam Global House PCL, NVDR		1		1
Siamgas & Petrochemicals PCL, NVDR		422,200		180,187
Sino-Thai Engineering & Construction PCL, NVDR(d)		495,828		215,326
Sri Trang Agro-Industry PCL, NVDR		341,780		280,670
Star Petroleum Refining PCL, NVDR(a)		790,600		217,391
Supalai PCL, NVDR		509,300		342,997
Super Energy Corp. PCL, NVDR		7,584,400		214,015
Thai Vegetable Oil PCL, NVDR(d)		234,600		233,344
Thanachart Capital PCL, NVDR		120,600		154,739
Thonburi Healthcare Group PCL, NVDR		255,900		389,626
Thoresen Thai Agencies PCL, NVDR		580,500		177,803
Tipco Asphalt PCL, NVDR(d)		355,100		198,878
Tisco Financial Group PCL, NVDR		73,700		221,094
TOA Paint Thailand PCL, NVDR(d)		214,400		191,100
TPI Polene Power PCL, NVDR		2,090,400		261,198
TTW PCL, NVDR(d)		790,600		278,253
VGI PCL, NVDR(d)		1,775,500		316,706
WHA Corp. PCL, NVDR(d)		3,618,000		377,646
				14,567,697
Turkey — 1.1%
Anadolu Efes Biracilik Ve Malt Sanayii AS		95,006		166,043
Coca-Cola Icecek AS		32,160		253,209
Dogan Sirketler Grubu Holding AS		582,029		107,238
Emlak Konut Gayrimenkul Yatirim Ortakligi AS		872,494		125,450
Enerjisa Enerji AS(b)		90,115		86,207
Gubre Fabrikalari TAS(a)		19,669		108,149
Haci Omer Sabanci Holding AS		381,693		428,569

Security	Shares		Value
Turkey (continued)
Hektas Ticaret TAS(a)(d)		173,061	$	162,099
Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS, Class D(a)		309,741		262,514
Koza Altin Isletmeleri AS(a)		14,807		122,498
Koza Anadolu Metal Madencilik Isletmeleri AS(a)		91,924		130,312
Mavi Giyim Sanayi Ve Ticaret AS, Class B(b)		23,383		94,358
Migros Ticaret AS(a)(d)		50,515		131,395
MLP Saglik Hizmetleri AS(a)(b)		49,513		105,893
Nuh Cimento Sanayi AS		23,628		71,702
Otokar Otomotiv Ve Savunma Sanayi AS		4,087		119,689
Oyak Cimento Fabrikalari AS(a)(d)		185,389		97,264
Pegasus Hava Tasimaciligi AS(a)(d)		19,893		134,564
Petkim Petrokimya Holding AS(a)		458,079		256,506
TAV Havalimanlari Holding AS(a)		86,162		209,674
Tekfen Holding AS(d)		82,008		109,552
Tofas Turk Otomobil Fabrikasi AS		47,101		273,276
Turk Hava Yollari AO(a)		195,631		362,137
Turkiye Halk Bankasi AS(a)(d)		397,578		126,101
Yapi ve Kredi Bankasi AS		1,024,430		264,599
				4,308,998
United Arab Emirates — 0.8%
Agthia Group PJSC		103,180		137,085
Air Arabia PJSC, NVS(a)		1,037,403		464,821
Al Waha Capital PJSC		314,833		137,037
Al Yah Satellite Communications Co.(a)		351,482		251,467
Amanat Holdings PJSC(a)		363,877		113,358
Aramex PJSC		204,314		223,158
Dana Gas PJSC		1,181,813		341,616
Drake & Scull International PJSC(a)(c)		241,185		7,289
Dubai Financial Market PJSC(a)		585,111		373,181
Dubai Investments PJSC, NVS		778,308		479,064
Emaar Development PJSC(a)		313,359		366,567
Ras Al Khaimah Ceramics, NVS		176,746		153,311
				3,047,954
Total Common Stocks — 98.5% (Cost: $344,679,091)				371,398,168
Preferred Stocks
Brazil — 0.9%
Azul SA, Preference Shares, NVS(a)		115,843		559,784
Banco ABC Brasil SA, Preference Shares, NVS		32,911		98,931
Banco do Estado do Rio Grande do Sul SA, Class B, Preference Shares, NVS		28,922		55,887
Banco Pan SA, Preference Shares, NVS		129,444		249,811
Bradespar SA, Preference Shares, NVS		89,914		517,568
Cia. de Saneamento do Parana, Preference Shares, NVS		129,377		99,983
Cia. Energetica de Sao Paulo, Class B, Preference Shares, NVS		63,315		279,338
Cia. Paranaense de Energia, Preference Shares, NVS		221,552		296,036
Gol Linhas Aereas Inteligentes SA, Preference Shares, NVS(a)		88,239		288,331
Marcopolo SA, Preference Shares, NVS		216,424		121,109
Metalurgica Gerdau SA, Preference Shares, NVS		288,435		579,697
Randon SA Implementos e Participacoes, Preference Shares, NVS		84,956		173,405
Unipar Carbocloro SA, Class B, Preference Shares, NVS		17,113		312,284
				3,632,164

S C H E D U L E   O F   I N V E S T M E N T S 65

Consolidated Schedule of Investments (unaudited) (continued) February 28, 2022 iShares^® MSCI Emerging Markets Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Chile — 0.1%
Embotelladora Andina SA, Class B, Preference Shares		120,466	$	262,327
Total Preferred Stocks — 1.0% (Cost: $3,743,606)				3,894,491
Rights
South Korea — 0.0%
BNC Korea Co. Ltd. (Expires 03/08/22)(a)		4,120		3,941
Taihan Electric Wire Co. Ltd. (Expires 03/22/22)(a)		50,272		12,752
				16,693
Thailand — 0.0%
Bangchak Corp. PCL (Expires 03/03/22)(a)		24,666		—
Khon Kaen Sugar (Expires 03/03/22)(a)		10,138		—
VGI PCL (Expires 03/25/22)(a)		532,650		13,041
				13,041
Total Rights — 0.0% (Cost: $325,896)				29,734
Short-Term Investments
Money Market Funds — 5.2%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.09%(f)(g)(h)		19,703,271		19,707,212
Total Short-Term Investments — 5.2% (Cost: $19,706,122)				19,707,212
Total Investments in Securities — 104.7% (Cost: $368,454,715)				395,029,605
Other Assets, Less Liabilities — (4.7)%				(17,848,704	)
Net Assets — 100.0%			$	377,180,901

^(a)  Non-income producing security.

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

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

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

^(e)  Restricted security as to resale, excluding 144A securities. The Fund held restricted securities with a current value of $68,056, representing less than 0.05% of its net assets as of period end, and an original cost of $336,376.

^(f)  Affiliate of the Fund.

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

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 08/31/21		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 02/28/22		Shares Held at 02/28/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	20,739,436	$	—	$	(1,027,148	)(a)	$	(2,296	)	$	(2,780	)	$	19,707,212		19,703,271	$	406,888	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares(c)		2,250,000		—		(2,250,000	)(a)		—			—			—		—		85			—
								$	(2,296	)	$	(2,780	)	$	19,707,212			$	406,973		$	—

^(a)  Represents net amount purchased (sold).

^(b)  All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

^(c)  As of period end, the entity is no longer held.

66 2 0 2 2   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Consolidated Schedule of Investments (unaudited) (continued) February 28, 2022 iShares^® MSCI Emerging Markets Small-Cap ETF

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
MSCI Emerging Markets Index		26		03/18/22	$	1,528	$	(39,473	)

Derivative Financial Instruments Categorized by Risk Exposure

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

	Equity Contracts
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	39,473

^(a)  Net cumulative unrealized appreciation (depreciation) on futures contracts are reported in the Consolidated Schedule of Investments. In the Consolidated Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).

For the period ended February 28, 2022, the effect of derivative financial instruments in the Consolidated Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts		$	(57,884	)
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts		$	(67,705	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	1,345,102

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

Fair Value Hierarchy as of Period End

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 Consolidated Financial Statements.

S C H E D U L E   O F   I N V E S T M E N T S 67

Consolidated Schedule of Investments (unaudited) (continued) February 28, 2022 iShares^® MSCI Emerging Markets Small-Cap ETF

Fair Value Hierarchy as of Period End (continued)

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.

	Level 1			Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	52,944,803		$	316,845,066	$	1,608,299	$	371,398,168
Preferred Stocks		—			3,894,491		—		3,894,491
Rights		—			29,734		—		29,734
Money Market Funds		19,707,212			—		—		19,707,212
	$	72,652,015		$	320,769,291	$	1,608,299	$	395,029,605
Derivative financial instruments(a)
Liabilities
Futures Contracts	$	(39,473	)	$	—	$	—	$	(39,473	)

^(a)  Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

See notes to financial statements.

68 2 0 2 2   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Statements of Assets and Liabilities (unaudited)

February 28, 2022

	iShares Core MSCI Emerging Markets ETF (Consolidated)		iShares MSCI BRIC ETF			iShares MSCI Emerging Markets Asia ETF			iShares MSCI Emerging Markets Small-Cap ETF (Consolidated)
ASSETS
Investments in securities, at value (including securities on loan)(a):
Unaffiliated(b)	$	72,659,423,017	$	115,914,424		$	777,235,258		$	375,322,393
Affiliated(c)		3,073,597,941		2,903,734			10,710,066			19,707,212
Cash		4,820,161		6,562			95,966			548,231
Foreign currency, at value(d)		59,247,472		55,388			466,492			970,199
Cash pledged:
Futures contracts		5,737,000		3,000			21,000			47,000
Receivables:
Investments sold		224,449,002		672,554			3,661,176			8,537,034
Securities lending income — Affiliated		6,050,904		1,277			7,350			58,831
Dividends		132,534,913		61,071			1,481,182			849,417
Tax reclaims		1,263,778		—			—			6,751
Total assets		76,167,124,188		119,618,010			793,678,490			406,047,068
LIABILITIES
Collateral on securities loaned, at value		2,766,498,123		1,922,961			8,611,614			19,749,274
Deferred foreign capital gain tax		295,357,466		812,019			2,517,218			—
Payables:
Investments purchased		313,349,644		728,342			4,225,978			8,218,990
Variation margin on futures contracts		1,988,624		484			5,624			10,856
Bank borrowings		—		—			—			682,139
Investment advisory fees		6,414,823		66,673			301,435			204,319
Foreign taxes		2,712,245		—			252			589
Total liabilities		3,386,320,925		3,530,479			15,662,121			28,866,167
NET ASSETS	$	72,780,803,263	$	116,087,531		$	778,016,369		$	377,180,901
NET ASSETS CONSIST OF:
Paid-in capital	$	68,915,424,204	$	354,808,460		$	790,070,226		$	366,158,331
Accumulated earnings (loss)		3,865,379,059		(238,720,929	)		(12,053,857	)		11,022,570
NET ASSETS	$	72,780,803,263	$	116,087,531		$	778,016,369		$	377,180,901
Shares outstanding		1,282,800,000		2,850,000			10,000,000			6,700,000
Net asset value	$	56.74	$	40.73		$	77.80		$	56.30
Shares authorized		4.30 billion		500 million			500 million			500 million
Par value	$	0.001	$	0.001		$	0.001		$	0.001
(a) Securities loaned, at value	$	2,612,132,173	$	1,794,898		$	8,126,855		$	18,480,113
(b) Investments, at cost — Unaffiliated	$	59,436,479,625	$	137,557,190		$	695,199,816		$	348,748,593
(c)  Investments, at cost — Affiliated	$	3,073,295,234	$	2,903,240		$	10,708,637		$	19,706,122
(d) Foreign currency, at cost	$	59,230,481	$	55,644		$	468,691		$	979,818

See notes to financial statements.

F I N A N C I A L   S T A T E M E N T S 69

Statements of Operations (unaudited)

Six Months Ended February 28, 2022

	iShares Core MSCI Emerging Markets ETF (Consolidated)			iShares MSCI BRIC ETF			iShares MSCI Emerging Markets Asia ETF			iShares MSCI Emerging Markets Small-Cap ETF (Consolidated)
INVESTMENT INCOME
Dividends — Unaffiliated	$	745,987,159		$	1,200,290		$	5,305,121		$	3,615,065
Dividends — Affiliated		303,268			239			708			1,365
Interest — Unaffiliated		—			—			49			—
Securities lending income — Affiliated — net(a)		39,897,553			12,512			64,791			405,608
Other income — Unaffiliated		7,486			—			—			—
Mauritius income taxes refund		—			—			6,128			—
Foreign taxes withheld		(83,581,977	)		(89,430	)		(764,244	)		(489,701	)
Other foreign taxes		(1,042,856	)		—			(18,582	)		(14,387	)
Total investment income		701,570,633			1,123,611			4,593,971			3,517,950
EXPENSES
Investment advisory fees		42,604,982			475,639			2,033,519			1,351,172
Commitment fees		19,090			1,086			6,601			3,154
Professional fees		217			217			217			217
Mauritius income taxes		294			194			—			295
Interest expense		—			183			116			19,911
Total expenses		42,624,583			477,319			2,040,453			1,374,749
Less:
Investment advisory fees waived		(19,601	)		—			—			—
Total expenses after fees waived		42,604,982			477,319			2,040,453			1,374,749
Net investment income		658,965,651			646,292			2,553,518			2,143,201
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated(b)		(779,691,355	)		4,636,679			(39,268,015	)		19,496,077
Investments — Affiliated		(392,780	)		(428	)		171			(2,296	)
In-kind redemptions — Unaffiliated		—			852,335			2,511,930			730,123
Futures contracts		(6,381,509	)		(37,057	)		(19,320	)		(57,884	)
Foreign currency transactions		(6,259,215	)		(5,527	)		(86,043	)		(468,668	)
Net realized gain (loss)		(792,724,859	)		5,446,002			(36,861,277	)		19,697,352
Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated(c)		(7,631,818,026	)		(30,020,662	)		(52,991,707	)		(50,126,125	)
Investments — Affiliated		(590,174	)		(363	)		(2,250	)		(2,780	)
Futures contracts		(2,570,565	)		(7,319	)		(58,286	)		(67,705	)
Foreign currency translations		7,358,191			26,371			(30,761	)		(22,226	)
Net change in unrealized appreciation (depreciation)		(7,627,620,574	)		(30,001,973	)		(53,083,004	)		(50,218,836	)
Net realized and unrealized loss		(8,420,345,433	)		(24,555,971	)		(89,944,281	)		(30,521,484	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(7,761,379,782	)	$	(23,909,679	)	$	(87,390,763	)	$	(28,378,283	)
(a) Net of securities lending income tax paid of	$	3,989,646		$	—		$	—		$	—
(b) Net of foreign capital gain tax and capital gain tax refund, if applicable	$	(106,913	)	$	(187,334	)	$	(457,394	)	$	(2,828,966	)
(c)  Net of reduction in deferred foreign capital gain tax of	$	18,467,881		$	572,486		$	613,055		$	2,131,776

See notes to financial statements.

70 2 0 2 2   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Statements of Changes in Net Assets

	iShares Core MSCI Emerging Markets ETF (Consolidated)								iShares MSCI BRIC ETF
	Six Months Ended 02/28/22 (unaudited)				Year Ended 08/31/21			Six Months Ended 02/28/22 (unaudited)				Year Ended 08/31/21
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income		$	658,965,651		$	1,530,049,822			$	646,292		$	2,235,278
Net realized gain (loss)			(792,724,859	)		(911,776,306	)			5,446,002			31,233,685
Net change in unrealized appreciation (depreciation)			(7,627,620,574	)		12,040,223,767				(30,001,973	)		(8,170,900	)
Net increase (decrease) in net assets resulting from operations			(7,761,379,782	)		12,658,497,283				(23,909,679	)		25,298,063
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders			(1,730,803,862	)		(1,363,503,586	)			(3,263,803	)		(1,832,595	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions			1,673,664,777			14,675,947,414				(15,081,440	)		(12,245,845	)
NET ASSETS
Total increase (decrease) in net assets			(7,818,518,867	)		25,970,941,111				(42,254,922	)		11,219,623
Beginning of period			80,599,322,130			54,628,381,019				158,342,453			147,122,830
End of period		$	72,780,803,263		$	80,599,322,130			$	116,087,531		$	158,342,453

^(a)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to financial statements.

F I N A N C I A L   S T A T E M E N T S 71

Statements of Changes in Net Assets (continued)

		iShares MSCI Emerging Markets Asia ETF							iShares MSCI Emerging Markets Small-Cap ETF (Consolidated)
	Six Months Ended 02/28/22 (unaudited)				Year Ended 08/31/21			Six Months Ended 02/28/22 (unaudited)				Year Ended 08/31/21
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income		$	2,553,518		$	11,902,973			$	2,143,201		$	5,136,327
Net realized gain (loss)			(36,861,277	)		44,989,063				19,697,352			23,493,196
Net change in unrealized appreciation (depreciation)			(53,083,004	)		26,216,229				(50,218,836	)		66,286,938
Net increase (decrease) in net assets resulting from operations			(87,390,763	)		83,108,265				(28,378,283	)		94,916,461
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders			(16,088,918	)		(7,205,739	)			(11,439,379	)		(6,293,337	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions			(432,726	)		247,467,812				(275,843	)		116,140,101
NET ASSETS
Total increase (decrease) in net assets			(103,912,407	)		323,370,338				(40,093,505	)		204,763,225
Beginning of period			881,928,776			558,558,438				417,274,406			212,511,181
End of period		$	778,016,369		$	881,928,776			$	377,180,901		$	417,274,406

^(a)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to financial statements.

72 2 0 2 2   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Financial Highlights

(For a share outstanding throughout each period)

	iShares Core MSCI Emerging Markets ETF (Consolidated)
	Six Months Ended 02/28/22 (unaudited)				Year Ended 08/31/21			Year Ended 08/31/20			Year Ended 08/31/19			Year Ended 08/31/18			Year Ended 08/31/17
Net asset value, beginning of period		$	64.18		$	53.34		$	48.31		$	52.27		$	53.91		$	44.60
Net investment income(a)			0.52			1.33			1.46			1.40			1.39			1.31
Net realized and unrealized gain (loss)(b)			(6.60	)		10.70			5.21			(4.01	)		(1.61	)		8.95
Net increase (decrease) from investment operations			(6.08	)		12.03			6.67			(2.61	)		(0.22	)		10.26
Distributions(c)
From net investment income			(1.36	)		(1.19	)		(1.64	)		(1.35	)		(1.42	)		(0.95	)
Total distributions			(1.36	)		(1.19	)		(1.64	)		(1.35	)		(1.42	)		(0.95	)
Net asset value, end of period		$	56.74		$	64.18		$	53.34		$	48.31		$	52.27		$	53.91
Total Return(d)
Based on net asset value			(9.58	)%(e)		22.67	%		13.97	%		(4.93	)%(f)		(0.52	)%		23.45	%
Ratios to Average Net Assets(g)
Total expenses			0.11	%(h)		0.12	%		0.14	%		0.14	%		0.14	%		0.15	%
Total expenses after fees waived			0.11	%(h)		0.12	%		0.14	%		0.14	%		0.14	%		0.14	%
Total expenses excluding professional fees for foreign withholding tax claims			N/A			0.11	%		0.14	%		0.14	%		N/A			N/A
Net investment income			1.70	%(h)		2.12	%		2.97	%		2.79	%		2.48	%		2.74	%
Supplemental Data
Net assets, end of period (000)		$	72,780,803		$	80,599,322		$	54,628,381		$	53,020,298		$	49,079,726		$	36,775,298
Portfolio turnover rate(i)			4	%(e)		9	%		15	%		15	%		6	%		4	%

^(a)  Based on average shares outstanding.

^(b)  The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(c)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(d)  Where applicable, assumes the reinvestment of distributions.

^(e)  Not annualized.

^(f)  Reflects the one-time, positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the year ended August 31, 2019:

• Total return by 0.01%.

^(g)  Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(h)  Annualized.

⁽ⁱ⁾  Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

F I N A N C I A L   H I G H L I G H T S 73

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares MSCI BRIC ETF
		Six Months Ended 02/28/22				Year Ended				Year Ended				Year Ended				Year Ended				Year Ended
		(unaudited)						08/31/21				08/31/20	(a)			08/31/19	(a)			08/31/18	(a)			08/31/17	(a)
Net asset value, beginning of period			$	50.27			$	47.46			$	40.23			$	41.01			$	42.21			$	33.48
Net investment income(b)				0.22				0.62				0.55				0.69				0.68				0.70
Net realized and unrealized gain (loss)(c)				(8.61	)			2.74				7.34				(0.59	)			(1.13	)			8.57
Net increase (decrease) from investment operations				(8.39	)			3.36				7.89				0.10				(0.45	)			9.27
Distributions(d)
From net investment income				(1.15	)			(0.55	)			(0.66	)			(0.88	)			(0.75	)			(0.54	)
Total distributions				(1.15	)			(0.55	)			(0.66	)			(0.88	)			(0.75	)			(0.54	)
Net asset value, end of period			$	40.73			$	50.27			$	47.46			$	40.23			$	41.01			$	42.21
Total Return(e)
Based on net asset value				(16.95	)%(f)			7.09	%			19.78	%			0.35	%			(1.16	)%			28.15	%
Ratios to Average Net Assets(g)
Total expenses				0.69	%(h)			0.70	%			0.70	%			0.69	%			0.67	%			0.70	%
Net investment income				0.93	%(h)			1.20	%			1.29	%			1.69	%			1.51	%			1.96	%
Supplemental Data
Net assets, end of period (000)			$	116,088			$	158,342			$	147,123			$	160,926			$	205,064			$	261,702
Portfolio turnover rate(i)				6	%(f)			80	%			42	%			53	%			22	%			24	%

^(a)  Consolidated Financial Highlights.

^(b)  Based on average shares outstanding.

^(c)  The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(d)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(e)  Where applicable, assumes the reinvestment of distributions.

^(f)  Not annualized.

^(g)  Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(h)  Annualized.

⁽ⁱ⁾  Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

74 2 0 2 2   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares MSCI Emerging Markets Asia ETF
	Six Months Ended 02/28/22				Year Ended				Year Ended				Year Ended				Year Ended				Year Ended
	(unaudited)						08/31/21				08/31/20	(a)			08/31/19	(a)			08/31/18	(a)			08/31/17	(a)
Net asset value, beginning of period		$	88.19			$	75.48			$	62.82			$	69.38			$	69.15			$	56.33
Net investment income(b)			0.26				1.28				1.12				1.26				1.16				1.31
Net realized and unrealized gain (loss)(c)			(8.97	)			12.32				12.79				(6.52	)			0.42				12.43
Net increase (decrease) from investment operations			(8.71	)			13.60				13.91				(5.26	)			1.58				13.74
Distributions(d)
From net investment income			(1.68	)			(0.89	)			(1.25	)			(1.30	)			(1.35	)			(0.92	)
Total distributions			(1.68	)			(0.89	)			(1.25	)			(1.30	)			(1.35	)			(0.92	)
Net asset value, end of period		$	77.80			$	88.19			$	75.48			$	62.82			$	69.38			$	69.15
Total Return(e)
Based on net asset value			(9.99	)%(f)			18.11	%			22.31	%			(7.52	)%			2.22	%			24.80	%
Ratios to Average Net Assets(g)
Total expenses			0.49	%(h)			0.50	%			0.50	%			0.50	%			0.50	%			0.49	%
Net investment income			0.62	%(h)			1.46	%			1.68	%			1.94	%			1.58	%			2.16	%
Supplemental Data
Net assets, end of period (000)		$	778,016			$	881,929			$	558,558			$	452,328			$	440,538			$	501,330
Portfolio turnover rate(i)			16	%(f)			48	%			20	%			16	%			33	%			15	%

^(a)  Consolidated Financial Highlights.

^(b)  Based on average shares outstanding.

^(c)  The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(d)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(e)  Where applicable, assumes the reinvestment of distributions.

^(f)  Not annualized.

^(g)  Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(h)  Annualized.

⁽ⁱ⁾  Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

F I N A N C I A L   H I G H L I G H T S 75

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares MSCI Emerging Markets Small-Cap ETF (Consolidated)
	Six Months Ended 02/28/22 (unaudited)				Year Ended 08/31/21				Year Ended 08/31/20				Year Ended 08/31/19				Year Ended 08/31/18				Year Ended 08/31/17
Net asset value, beginning of period		$	62.28			$	44.74			$	41.51			$	47.64			$	49.23			$	43.27
Net investment income(a)			0.33				0.96				0.85				0.99				1.10				1.04
Net realized and unrealized gain (loss)(b)			(4.55	)			17.81				3.52				(5.98	)			(1.22	)			5.81
Net increase (decrease) from investment operations			(4.22	)			18.77				4.37				(4.99	)			(0.12	)			6.85
Distributions(c)
From net investment income			(1.76	)			(1.23	)			(1.14	)			(1.14	)			(1.47	)			(0.89	)
Total distributions			(1.76	)			(1.23	)			(1.14	)			(1.14	)			(1.47	)			(0.89	)
Net asset value, end of period		$	56.30			$	62.28			$	44.74			$	41.51			$	47.64			$	49.23
Total Return(d)
Based on net asset value			(6.92	)%(e)			42.38	%			10.68	%			(10.50	)%			(0.38	)%			16.17	%
Ratios to Average Net Assets(f)
Total expenses			0.70	%(g)			0.69	%			0.71	%			0.69	%			0.67	%			0.69	%
Net investment income			1.09	%(g)			1.72	%			2.07	%			2.25	%			2.14	%			2.32	%
Supplemental Data
Net assets, end of period (000)		$	377,181			$	417,274			$	212,511			$	238,702			$	262,024			$	253,519
Portfolio turnover rate(h)			39	%(e)			34	%			46	%			29	%			39	%			19	%

^(a)  Based on average shares outstanding.

^(b)  The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(c)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(d)  Where applicable, assumes the reinvestment of distributions.

^(e)  Not annualized.

^(f)  Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(g)  Annualized.

^(h)  Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

76 2 0 2 2   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Notes to Financial Statements (unaudited)

1. ORGANIZATION

iShares, Inc. (the “Company”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Company is organized as a Maryland corporation and is authorized to have multiple series or portfolios.

These consolidated financial statements relate only to the following funds (each, a “Fund” and collectively, the “Funds”):

iShares ETF	Diversification   Classification
Core MSCI Emerging Markets		Diversified
MSCI BRIC(a)		Diversified
MSCI Emerging Markets Asia		Diversified
MSCI Emerging Markets Small-Cap		Diversified

^(a)  The Fund intends to be diversified in approximately the same proportion as its underlying index is diversified. The Fund may become non-diversified, as defined in the 1940 Act, solely as a result of a change in relative market capitalization or index weighting of one or more constituents of its underlying index. Shareholder approval will not be sought if the Fund crosses from diversified to non-diversified status due solely to a change in its relative market capitalization or index weighting of one or more constituents of its underlying index.

Basis of Consolidation: The accompanying consolidated financial statements for each Fund includes the accounts of its subsidiary in the Republic of Mauritius, which is a wholly-owned subsidiary (each, a “Subsidiary”) of the Fund that invests in Indian securities. Through this investment structure, each Fund expects to obtain certain benefits under a current tax treaty between Mauritius and India. The net assets of the Subsidiary of iShares Core MSCI Emerging Markets ETF and iShares MSCI Emerging Markets Small-Cap ETF as of period end were $9,577,563,031 and $121,032, which is 13.2% and 0.0% of each respective Fund’s consolidated net assets. Intercompany accounts and transactions, if any, have been eliminated.

As of period end, MSCI Emerging Markets Small-Cap no longer invests in the Subsidiary. Effective February 10, 2022, MSCI Emerging Markets Small-Cap transferred substantially all of the assets of MSCI Emerging Markets Small-Cap’s wholly owned Mauritius Subsidiary to MSCI Emerging Markets Small-Cap through on-exchange transactions in India. MSCI Emerging Markets Small-Cap recognized a realized gain/loss of $23,157,500 as a result of this transaction. After the transfer, MSCI Emerging Markets Small-Cap began making new investments in India directly.

2. SIGNIFICANT ACCOUNTING POLICIES

The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. Each Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. Below is a summary of significant accounting policies:

Investment Transactions and Income Recognition: For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are recorded on the ex-dividend date. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Dividends from foreign securities where the ex-dividend date may have passed are subsequently recorded when the Funds are informed of the ex-dividend date. Under the applicable foreign tax laws, a withholding tax at various rates may be imposed on capital gains, dividends and interest. Upon notification from issuers or as estimated by management, a portion of the dividend income received from a real estate investment trust may be redesignated as a reduction of cost of the related investment and/or realized gain. Interest income, including amortization and accretion of premiums and discounts on debt securities, is recognized daily on an accrual basis.

Foreign Currency Translation: Each Fund’s books and records are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars using prevailing market rates as quoted by one or more data service providers. Purchases and sales of investments are recorded at the rates of exchange prevailing on the respective dates of such transactions. Generally, when the U.S. dollar rises in value against a foreign currency, the investments denominated in that currency will lose value; the opposite effect occurs if the U.S. dollar falls in relative value.

Each Fund does not isolate the effect of fluctuations in foreign exchange rates from the effect of fluctuations in the market prices of investments for financial reporting purposes. Accordingly, the effects of changes in exchange rates on investments are not segregated in the Consolidated Statements of Operations from the effects of changes in market prices of those investments, but are included as a component of net realized and unrealized gain (loss) from investments. Each Fund reports realized currency gains (losses) on foreign currency related transactions as components of net realized gain (loss) for financial reporting purposes, whereas such components are generally treated as ordinary income for U.S. federal income tax purposes.

Foreign Taxes: The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which each Fund invests. These foreign taxes, if any, are paid by each Fund and are reflected in its Consolidated Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “Other foreign taxes”, and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of February 28, 2022, if any, are disclosed in the Consolidated Statements of Assets and Liabilities.

The Funds file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. The Funds may record a reclaim receivable based on collectability, which includes factors such as the jurisdiction’s applicable laws, payment history and market convention. The Consolidated Statements of Operations includes tax reclaims recorded as well as professional and other fees, if any, associated with recovery of foreign withholding taxes.

Each of the iShares Core MSCI Emerging Markets ETF and iShares MSCI Emerging Markets Small-Cap ETF has conducted investment activities in India through its Subsidiary and expects to obtain benefits under the Double Tax Avoidance Agreement (“DTAA”) between India and Mauritius. In order to be eligible to claim benefits under

N O T E S   T O   F I N A N C I A L   S T A T E M E N T S 77

Notes to Financial Statements (unaudited) (continued)

the DTAA, each Subsidiary must have commercial substance, on an annual basis, to satisfy certain tests and conditions, including the establishment and maintenance of valid tax residence in Mauritius, have the place of effective management outside of India, and related requirements. Each Fund has obtained a current tax residence certificate issued by the Mauritian Revenue Authorities.

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

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

Segregation and Collateralization: In cases where a Fund enters into certain investments (e.g., futures contracts) that would be treated as “senior securities” for 1940 Act purposes, a Fund may segregate or designate on its books and record cash or liquid assets having a market value at least equal to the amount of its future obligations under such investments. Doing so allows the investment to be excluded from treatment as a “senior security.” Furthermore, if required by an exchange or counterparty agreement, the Funds may be required to deliver/deposit cash and/or securities to/with an exchange, or broker-dealer or custodian as collateral for certain investments or obligations.

In-kind Redemptions: For financial reporting purposes, in-kind redemptions are treated as sales of securities resulting in realized capital gains or losses to the Funds. Because such gains or losses are not taxable to the Funds and are not distributed to existing Fund shareholders, the gains or losses are reclassified from accumulated net realized gain (loss) to paid-in capital at the end of the Funds’ tax year. These reclassifications have no effect on net assets or net asset value (“NAV”) per share.

Distributions: Dividends and distributions paid by each Fund are recorded on the ex-dividend dates. Distributions are determined on a tax basis and may differ from net investment income and net realized capital gains for financial reporting purposes. Dividends and distributions are paid in U.S. dollars and cannot be automatically reinvested in additional shares of the Funds. The character and timing of distributions are determined in accordance with U.S. federal income tax regulations, which may differ from U.S. GAAP.

Indemnifications: In the normal course of business, each Fund enters into contracts that contain a variety of representations that provide general indemnification. The Funds’ maximum exposure under these arrangements is unknown because it involves future potential claims against the Funds, which cannot be predicted with any certainty.

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

Investment Valuation Policies: Each Fund’s investments are valued at fair value (also referred to as “market value” within the financial statements) each day that the Fund’s listing exchange is open and, for financial reporting purposes, as of the report date. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. Each Fund determines the fair values of its financial instruments using various independent dealers or pricing services under policies approved by the Board of Directors of the Company (the “Board”). If a security’s market price is not readily available or does not otherwise accurately represent the fair value of the security, the security will be valued in accordance with a policy approved by the Board as reflecting fair value. The BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) is the committee formed by management to develop global pricing policies and procedures and to oversee the pricing function for all financial instruments.

Fair Value Inputs and Methodologies: The following methods and inputs are used to establish the fair value of each Fund’s assets and liabilities:

• Equity investments traded on a recognized securities exchange are valued at that day’s official closing price, as applicable, on the exchange where the stock is primarily traded. Equity investments traded on a recognized exchange for which there were no sales on that day are valued at the last traded price.

• Investments in open-end U.S. mutual funds (including money market funds) are valued at that day’s published NAV.

• Futures contracts are valued based on that day’s last reported settlement or trade price on the exchange where the contract is traded.

Generally, trading in foreign instruments is substantially completed each day at various times prior to the close of trading on the New York Stock Exchange (“NYSE”). Each business day, the Funds use current market factors supplied by independent pricing services to value certain foreign instruments (“Systematic Fair Value Price”). The Systematic Fair Value Price is designed to value such foreign securities at fair value as of the close of trading on the NYSE, which follows the close of the local markets.

If events (e.g., market volatility, company announcement or a natural disaster) occur that are expected to materially affect the value of such investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Global Valuation Committee, in accordance with a policy approved by the Board as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Global Valuation Committee include market approach, income approach and cost approach. Valuation techniques such as discounted cash flow, use of market comparables and matrix pricing are types of valuation approaches and are typically used in determining fair value. When determining the price for Fair Valued Investments, the Global Valuation Committee, or its delegate, seeks to determine the price that each Fund might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm’s-length transaction. Fair value determinations shall be based upon all available factors that the Global Valuation Committee, or its delegate, deems relevant and consistent with the principles of fair value measurement. The pricing of all Fair Valued Investments is subsequently reported to the Board or a committee thereof on a quarterly basis.

Fair value pricing could result in a difference between the prices used to calculate a fund’s NAV and the prices used by the fund’s underlying index, which in turn could result in a difference between the fund’s performance and the performance of the fund’s underlying index.

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Notes to Financial Statements (unaudited) (continued)

Fair Value Hierarchy: Various inputs are used in determining the fair value of financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:

• Level 1 – Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that each Fund has the ability to access;

• Level 2 – Other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs); and

• Level 3 – Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, (including the Global Valuation Committee’s assumptions used in determining the fair value of financial instruments).

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Global Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds that may not have a secondary market and/or may have a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.

4. SECURITIES AND OTHER INVESTMENTS

Securities Lending: Each Fund may lend its securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund collateral consisting of cash, an irrevocable letter of credit issued by an approved bank, or securities issued or guaranteed by the U.S. government. The initial collateral received by each Fund is required to have a value of at least 102% of the current market value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter at a value equal to at least 100% of the current value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Fund and any additional required collateral is delivered to the Fund or excess collateral is returned by the Fund, on the next business day. During the term of the loan, each Fund is entitled to all distributions made on or in respect of the loaned securities but does not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

As of period end, any securities on loan were collateralized by cash and/or U.S. Government obligations. Cash collateral invested in money market funds managed by BlackRock Fund Advisors (“BFA”), the Funds’ investment adviser, or its affiliates is disclosed in the Schedule of Investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Fund, except in the event of borrower default. The securities on loan, if any, are also disclosed in each Fund’s Schedule of Investments. The market value of any securities on loan and the value of any related cash collateral are disclosed in the Statements of Assets and Liabilities.

Securities lending transactions are entered into by the Funds under Master Securities Lending Agreements (each, an “MSLA”) which provide the right, in the event of default (including bankruptcy or insolvency) for the non-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral. In the event that a borrower defaults, the Funds, as lender, would offset the market value of the collateral received against the market value of the securities loaned. When the value of the collateral is greater than that of the market value of the securities loaned, the lender is left with a net amount payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty’s bankruptcy or insolvency. Under the MSLA, absent an event of default, the borrower can resell or re-pledge the loaned securities, and the Funds can reinvest cash collateral received in connection with loaned securities. Upon an event of default, the parties’ obligations to return the securities or collateral to the other party are extinguished, and the parties can resell or re-pledge the loaned securities or the collateral received in connection with the loaned securities in order to satisfy the defaulting party’s net payment obligation for all transactions under the MSLA. The defaulting party remains liable for any deficiency.

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Notes to Financial Statements (unaudited) (continued)

As of period end, the following table is a summary of the securities on loan by counterparty which are subject to offset under an MSLA:

iShares ETF and Counterparty		Market Value of Securities on Loan		Cash Collateral Received	(a)		Non-Cash Collateral Received		Net Amount
Core MSCI Emerging Markets
Barclays Bank PLC	$	3,032,799	$	3,032,799		$	—	$	—
Barclays Capital, Inc.		85,380,608		85,380,608			—		—
BNP Paribas SA		38,091,768		38,042,756			—		(49,012	)(b)
BofA Securities, Inc.		188,569,981		188,569,981			—		—
Citigroup Global Markets Ltd.		74,381,481		74,381,481			—		—
Citigroup Global Markets, Inc.		55,291,546		55,291,546			—		—
Credit Suisse Securities (USA) LLC		12,706,892		12,506,313			—		(200,579	)(b)
Deutsche Bank Securities, Inc.		1,425,060		1,334,266			—		(90,794	)(b)
Goldman Sachs & Co. LLC		132,936,444		132,936,444			—		—
Goldman Sachs International		383,511,939		383,511,939			—		—
HSBC Bank PLC		14,431,165		14,431,165			—		—
J.P. Morgan Securities LLC		197,117,000		197,117,000			—		—
J.P. Morgan Securities PLC		412,739,311		412,739,311			—		—
Jefferies LLC		8,350,182		8,350,182			—		—
Macquarie Bank Ltd.		57,452,239		57,452,239			—		—
Morgan Stanley		874,020,661		874,020,661			—		—
National Financial Services LLC		5,973,535		5,973,535			—		—
Nomura Securities International, Inc.		1,156,976		1,156,976			—		—
Scotia Capital (USA), Inc.		411,219		411,219			—		—
SG Americas Securities LLC		18,272,451		18,272,451			—		—
State Street Bank & Trust Co.		510,779		493,614			—		(17,165	)(b)
Toronto Dominion Bank		12,564,490		11,831,477			—		(733,013	)(b)
UBS AG		16,009,822		16,009,822			—		—
UBS Europe SE		3,934,410		3,934,410			—		—
UBS Securities LLC		1,971,850		1,971,850			—		—
Wells Fargo Securities LLC		11,887,565		11,887,565			—		—
	$	2,612,132,173	$	2,611,041,610		$	—	$	(1,090,563	)
MSCI BRIC
BNP Paribas SA	$	165,930	$	165,930		$	—	$	—
BofA Securities, Inc.		567,687		567,687			—		—
Credit Suisse Securities (USA) LLC		8,982		8,982			—		—
Goldman Sachs & Co. LLC		115,901		115,901			—		—
J.P. Morgan Securities LLC		151,601		151,601			—		—
Macquarie Bank Ltd.		85,162		85,162			—		—
Morgan Stanley		639,849		639,849			—		—
RBC Capital Markets LLC		59,786		59,786			—		—
	$	1,794,898	$	1,794,898		$	—	$	—
MSCI Emerging Markets Asia
Barclays Capital, Inc.	$	193,721	$	193,721		$	—	$	—
BNP Paribas SA		1,746,625		1,732,468			—		(14,157	)(b)
BofA Securities, Inc.		2,499,985		2,499,985			—		—
Citigroup Global Markets, Inc.		336,782		336,782			—		—
Credit Suisse Securities (USA) LLC		201,814		201,814			—		—
Deutsche Bank Securities, Inc.		33,948		33,948			—		—
Goldman Sachs & Co. LLC		885,569		885,569			—		—
J.P. Morgan Securities LLC		983,734		983,734			—		—
Macquarie Bank Ltd.		701,482		701,482			—		—
UBS AG		479,923		479,923			—		—
UBS Securities LLC		63,272		63,272			—		—
	$	8,126,855	$	8,112,698		$	—	$	(14,157	)

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Notes to Financial Statements (unaudited) (continued)

iShares ETF and Counterparty		Market Value of Securities on Loan		Cash Collateral Received	(a)		Non-Cash Collateral Received		Net Amount
MSCI Emerging Markets Small-Cap
Barclays Bank PLC	$	234,070	$	226,969		$	—	$	(7,101	)(b)
Barclays Capital, Inc.		872,272		872,272			—		—
BNP Paribas SA		1,039,673		1,007,770			—		(31,903	)(b)
BofA Securities, Inc.		1,461,216		1,461,216			—		—
Citigroup Global Markets, Inc.		279,683		279,683			—		—
Credit Suisse Securities (USA) LLC		157,833		157,833			—		—
Goldman Sachs & Co. LLC		4,038,003		4,038,003			—		—
HSBC Bank PLC		245,150		245,150			—		—
J.P. Morgan Securities LLC		2,454,490		2,454,490			—		—
Macquarie Bank Ltd.		712,451		712,451			—		—
Morgan Stanley		5,630,497		5,630,497			—		—
SG Americas Securities LLC		733,120		733,120			—		—
UBS AG		570,153		570,153			—		—
UBS Securities LLC		17,806		17,806			—		—
Wells Fargo Securities LLC		33,696		33,696			—		—
	$	18,480,113	$	18,441,109		$	—	$	(39,004	)

^(a)  Collateral received in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by each Fund is disclosed in the Fund’s statement of assets and liabilities.

^(b)  The market value of the loaned securities is determined as of February 28, 2022. Additional collateral is delivered to the Fund on the next business day in accordance with the MSLA. The net amount would be subject to the borrower default indemnity in the event of default by a counterparty.

The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, each Fund benefits from a borrower default indemnity provided by BlackRock, Inc. (“BlackRock”). BlackRock’s indemnity allows for full replacement of the securities loaned to the extent the collateral received does not cover the value of the securities loaned in the event of borrower default. Each Fund could incur a loss if the value of an investment purchased with cash collateral falls below the market value of the loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received. Such losses are borne entirely by each Fund.

5. DERIVATIVE FINANCIAL INSTRUMENTS

Futures Contracts: Futures contracts are purchased or sold to gain exposure to, or manage exposure to, changes in interest rates (interest rate risk) and changes in the value of equity securities (equity risk) or foreign currencies (foreign currency exchange rate risk).

Futures contracts are exchange-traded agreements between the Funds and a counterparty to buy or sell a specific quantity of an underlying instrument at a specified price and on a specified date. Depending on the terms of a contract, it is settled either through physical delivery of the underlying instrument on the settlement date or by payment of a cash amount on the settlement date. Upon entering into a futures contract, the Funds are required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on a contract’s size and risk profile. The initial margin deposit must then be maintained at an established level over the life of the contract. Amounts pledged, which are considered restricted, are included in cash pledged for futures contracts in the Consolidated Statements of Assets and Liabilities.

Securities deposited as initial margin are designated in the Consolidated Schedule of Investments and cash deposited, if any, are shown as cash pledged for futures contracts in the Consolidated Statements of Assets and Liabilities. Pursuant to the contract, the Funds agree to receive from or pay to the broker an amount of cash equal to the daily fluctuation in market value of the contract (“variation margin”). Variation margin is recorded as unrealized appreciation (depreciation) and, if any, shown as variation margin receivable (or payable) on futures contracts in the Consolidated Statements of Assets and Liabilities. When the contract is closed, a realized gain or loss is recorded in the Consolidated Statements of Operations equal to the difference between the notional amount of the contract at the time it was opened and the notional amount at the time it was closed. The use of futures contracts involves the risk of an imperfect correlation in the movements in the price of futures contracts and interest rates, foreign currency exchange rates or underlying assets.

6. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

Investment Advisory Fees: Pursuant to an Investment Advisory Agreement with the Company, BFA manages the investment of each Fund’s assets. BFA is a California corporation indirectly owned by BlackRock. Under the Investment Advisory Agreement, BFA is responsible for substantially all expenses of the Funds, except (i) interest and taxes; (ii) brokerage commissions and other expenses connected with the execution of portfolio transactions; (iii) distribution fees; (iv) the advisory fee payable to BFA; and (v) litigation expenses and any extraordinary expenses (in each case as determined by a majority of the independent directors).

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

iShares ETF	Investment Advisory Fee
Core MSCI Emerging Markets		0.11	%
MSCI Emerging Markets Asia		0.49

For its investment advisory services to the iShares Core MSCI Emerging Markets ETF, BFA is entitled to an annual investment advisory fee of 0.11%, accrued daily and paid monthly by the Fund, based on the average daily net assets of the Fund.

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Notes to Financial Statements (unaudited) (continued)

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

Aggregate Average Daily Net Assets	Investment Advisory Fee
First $14 billion		0.75	%
Over $14 billion, up to and including $28 billion		0.68
Over $28 billion, up to and including $42 billion		0.61
Over $42 billion, up to and including $56 billion		0.54
Over $56 billion, up to and including $70 billion		0.47
Over $70 billion, up to and including $84 billion		0.41
Over $84 billion		0.35

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

Expense Waivers: The total of the investment advisory fee and any fund other expenses are a fund’s total annual operating expenses. For the iShares Core MSCI Emerging Markets ETF, BFA has contractually agreed to waive a portion of its investment advisory fee through December 31, 2025 in order to limit the Fund’s total annual operating expenses after fee waiver to 0.11% of average daily net assets.

This amount is included in investment advisory fees waived in the Consolidated Statements of Operations. For the six months ended February 28, 2022, the amounts waived in investment advisory fees pursuant to this arrangement were as follows:

iShares ETF	Amounts waived
Core MSCI Emerging Markets	$	19,601

Distributor: BlackRock Investments, LLC, an affiliate of BFA, is the distributor for each Fund. Pursuant to the distribution agreement, BFA is responsible for any fees or expenses for distribution services provided to the Funds.

Securities Lending: The U.S. Securities and Exchange Commission (the “SEC”) has issued an exemptive order which permits BlackRock Institutional Trust Company, N.A. (“BTC”), an affiliate of BFA, to serve as securities lending agent for the Funds, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending, including any custodial costs. Each Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan (the “collateral investment fees”). The cash collateral is invested in a money market fund, BlackRock Cash Funds: Institutional or BlackRock Cash Funds: Treasury, managed by BFA, or its affiliates. However, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees each Fund bears to an annual rate of 0.04%. The SL Agency Shares of such money market fund will not be subject to a sales load, distribution fee or service fee. The money market fund in which the cash collateral has been invested may, under certain circumstances, impose a liquidity fee of up to 2% of the value redeemed or temporarily restrict redemptions for up to 10 business days during a 90 day period, in the event that the money market fund’s weekly liquid assets fall below certain thresholds.

Securities lending income is equal to the total of income earned from the reinvestment of cash collateral, net of fees and other payments to and from borrowers of securities, and less the collateral investment fees. Each Fund retains a portion of securities lending income and remits the remaining portion to BTC as compensation for its services as securities lending agent.

Pursuant to the current securities lending agreement, each Fund retains 82% of securities lending income (which excludes collateral investment fees) and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across all 1940 Act iShares exchange-traded funds (the “iShares ETF Complex”) in that calendar year exceeds a specified threshold, each Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar year 85% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

The share of securities lending income earned by each Fund is shown as securities lending income – affiliated – net in its Consolidated Statements of Operations. For the six months ended February 28, 2022, the Funds paid BTC the following amounts for securities lending agent services:

iShares ETF	Fees Paid to BTC
Core MSCI Emerging Markets	$	10,304,844
MSCI BRIC		3,233
MSCI Emerging Markets Asia		15,683
MSCI Emerging Markets Small-Cap		92,508

Officers and Directors: Certain officers and/or directors of the Company are officers and/or directors of BlackRock or its affiliates.

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Notes to Financial Statements (unaudited) (continued)

Other Transactions: Cross trading is the buying or selling of portfolio securities between funds to which BFA (or an affiliate) serves as investment adviser. At its regularly scheduled quarterly meetings, the Board reviews such transactions as of the most recent calendar quarter for compliance with the requirements and restrictions set forth by Rule 17a-7.

For the six months ended February 28, 2022, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:

iShares ETF	Purchases		Sales		Net Realized Gain (Loss)
Core MSCI Emerging Markets	$	17,521,325	$	72,453,028	$	(14,243,403	)
MSCI BRIC		321,535		425,173		(377,598	)
MSCI Emerging Markets Asia		2,346,173		2,171,065		(612,622	)
MSCI Emerging Markets Small-Cap		6,638,182		10,299,733		6,977,239

Each Fund may invest its positive cash balances in certain money market funds managed by BFA or an affiliate. The income earned on these temporary cash investments is shown as dividends – affiliated in the Statements of Operations.

A fund, in order to improve its portfolio liquidity and its ability to track its underlying index, may invest in shares of other iShares funds that invest in securities in the fund’s underlying index.

7. PURCHASES AND SALES

For the six months ended February 28, 2022, purchases and sales of investments, excluding short-term investments and in-kind transactions, were as follows:

iShares ETF	Purchases		Sales
Core MSCI Emerging Markets	$	3,558,285,403	$	3,034,525,363
MSCI BRIC		7,729,985		16,367,034
MSCI Emerging Markets Asia		135,765,720		138,972,499
MSCI Emerging Markets Small-Cap		152,406,680		163,161,413

For the six months ended February 28, 2022, in-kind transactions were as follows:

iShares ETF	In-kind Purchases		In-kind Sales
Core MSCI Emerging Markets	$	207,555,963	$	—
MSCI BRIC		—		8,099,092
MSCI Emerging Markets Asia		3,025,593		12,093,509
MSCI Emerging Markets Small-Cap		1,944,591		2,882,904

8. INCOME TAX INFORMATION

Each Fund is treated as an entity separate from the Company’s other funds for federal income tax purposes. It is each Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute substantially all of its taxable income to its shareholders. Therefore, no U.S. federal income tax provision is required.

Management has analyzed tax laws and regulations and their application to the Funds as of February 28, 2022, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements.

As of August 31, 2021, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:

iShares ETF	Non-Expiring
Core MSCI Emerging Markets	$	6,442,750,309
MSCI BRIC		222,988,191
MSCI Emerging Markets Asia		52,695,377
MSCI Emerging Markets Small-Cap		18,944,995

A fund may own shares in certain foreign investment entities, referred to, under U.S. tax law, as “passive foreign investment companies.” Such fund may elect to mark-to-market annually the shares of each passive foreign investment company and would be required to distribute to shareholders any such marked-to-market gains.

N O T E S   T O   F I N A N C I A L   S T A T E M E N T S 83

Notes to Financial Statements (unaudited) (continued)

As of February 28, 2022, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:

iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
Core MSCI Emerging Markets	$	64,131,945,289	$	21,518,376,739	$	(9,917,927,249	)	$	11,600,449,490
MSCI BRIC		137,172,525		19,504,995		(37,867,075	)		(18,362,080	)
MSCI Emerging Markets Asia		703,083,749		173,853,518		(89,022,988	)		84,830,530
MSCI Emerging Markets Small-Cap		381,290,555		62,164,809		(48,465,232	)		13,699,577

9. LINE OF CREDIT

The Funds, along with certain other iShares funds (“Participating Funds”), are parties to a $800 million credit agreement (“Syndicated Credit Agreement”) with a group of lenders, which expires on August 12, 2022. The line of credit may be used for temporary or emergency purposes, including redemptions, settlement of trades and rebalancing of portfolio holdings in certain target markets. The Funds may borrow up to the aggregate commitment amount subject to asset coverage and other limitations as specified in the Syndicated Credit Agreement. The Syndicated Credit Agreement has the following terms: a commitment fee of 0.15% per annum on the unused portion of the credit agreement and interest at a rate equal to the higher of (a) the one-month LIBOR rate (not less than zero) plus 1.00% per annum or (b) the U.S. Federal Funds rate (not less than zero) plus 1.00% per annum on amounts borrowed. The commitment fee is generally allocated to each Participating Fund based on the lesser of a Participating Fund’s relative exposure to certain target markets or a Participating Fund’s maximum borrowing amount as set forth by the terms of the Syndicated Credit Agreement.

During the six months ended February 28, 2022, the iShares Core MSCI Emerging Markets ETF did not borrow under the Syndicated Credit Agreement.

For the six months ended February 28, 2022, the maximum amount borrowed, the average daily borrowing and the weighted average interest rate, if any, under the Syndicated Credit Agreement were as follows:

iShares ETF	Maximum Amount Borrowed		Average Borrowing		Weighted Average Interest Rates
MSCI BRIC	$	996,000	$	33,017		1.10	%
MSCI Emerging Markets Asia		508,000		21,017		1.09
MSCI Emerging Markets Small-Cap		89,720,000		3,442,766		1.13

The iShares Core MSCI Emerging Markets ETF, along with certain other iShares funds (“Mauritius Participating Funds”), is a party to a $750,000,000 unsecured and uncommitted line of credit (“Uncommitted Liquidity Facility”) with State Street Bank and Trust Company, which may be used solely to facilitate trading associated with the closure of the Fund’s Mauritius subsidiary. The Uncommitted Liquidity Facility has interest at a rate equal to the higher of (a) the U.S. Federal Funds rate (not less than zero) plus 1.25% per annum or (b) the Overnight Bank Funding rate (not less than zero) plus 1.25% per annum on amounts borrowed. Each Mauritius Participating Fund will be removed from the Uncommitted Liquidity Facility once trading out of its holdings in the Mauritius subsidiary is complete. During the six months ended February 28, 2022, the Fund did not borrow under the Uncommitted Liquidity Facility.

10. PRINCIPAL RISKS

In the normal course of business, each Fund invests in securities or other instruments and may enter into certain transactions, and such activities subject the Fund to various risks, including, among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation or international tax treaties between various countries; or (iv) currency, interest rate or price fluctuations. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Funds and their investments. Each Fund’s prospectus provides details of the risks to which the Fund is subject.

BFA uses a “passive” or index approach to try to achieve each Fund’s investment objective following the securities included in its underlying index during upturns as well as downturns. BFA does not take steps to reduce market exposure or to lessen the effects of a declining market. Divergence from the underlying index and the composition of the portfolio is monitored by BFA.

The Funds may be exposed to additional risks when reinvesting cash collateral in money market funds that do not seek to maintain a stable NAV per share of $1.00, which may be subject to redemption gates or liquidity fees under certain circumstances.

Market Risk: Investments in the securities of issuers domiciled in countries with emerging capital markets involve certain additional risks that do not generally apply to investments in securities of issuers in more developed capital markets, such as (i) low or nonexistent trading volume, resulting in a lack of liquidity and increased volatility in prices for such securities; (ii) uncertain national policies and social, political and economic instability, increasing the potential for expropriation of assets, confiscatory taxation, high rates of inflation or unfavorable diplomatic developments; (iii) lack of publicly available or reliable information about issuers as a result of not being subject to the same degree of regulatory requirements and accounting, auditing and financial reporting standards; and (iv) possible fluctuations in exchange rates, differing legal systems and the existence or possible imposition of exchange controls, custodial restrictions or other foreign or U.S. governmental laws or restrictions applicable to such investments.

An outbreak of respiratory disease caused by a novel coronavirus has developed into a global pandemic and has resulted in closing borders, quarantines, disruptions to supply chains and customer activity, as well as general concern and uncertainty. The impact of this pandemic, and other global health crises that may arise in the future, could affect the economies of many nations, individual companies and the market in general in ways that cannot necessarily be foreseen at the present time. This pandemic

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Notes to Financial Statements (unaudited) (continued)

may result in substantial market volatility and may adversely impact the prices and liquidity of a fund’s investments. Although vaccines have been developed and approved for use by various governments, the duration of this pandemic and its effects cannot be determined with certainty.

Valuation Risk: The market values of equities, such as common stocks and preferred securities or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company. They may also decline due to factors which affect a particular industry or industries. A fund may invest in illiquid investments. An illiquid investment is any investment that a fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. A fund may experience difficulty in selling illiquid investments in a timely manner at the price that it believes the investments are worth. Prices may fluctuate widely over short or extended periods in response to company, market or economic news. Markets also tend to move in cycles, with periods of rising and falling prices. This volatility may cause a fund’s NAV to experience significant increases or decreases over short periods of time. If there is a general decline in the securities and other markets, the NAV of a fund may lose value, regardless of the individual results of the securities and other instruments in which a fund invests.

The price each Fund could receive upon the sale of any particular portfolio investment may differ from each Fund’s valuation of the investment, particularly for securities that trade in thin or volatile markets or that are valued using a fair valuation technique or a price provided by an independent pricing service. Changes to significant unobservable inputs and assumptions (i.e., publicly traded company multiples, growth rate, time to exit) due to the lack of observable inputs.

Counterparty Credit Risk: The Funds may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to unsettled or open transactions, including making timely interest and/or principal payments or otherwise honoring its obligations. The Funds manage counterparty credit risk by entering into transactions only with counterparties that the Manager believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Funds to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Funds’ exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded in the Statements of Assets and Liabilities, less any collateral held by the Funds.

A derivative contract may suffer a mark-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform under the contract.

With exchange-traded futures, there is less counterparty credit risk to the Funds since the exchange or clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, a Fund does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency). Additionally, credit risk exists in exchange-traded futures with respect to initial and variation margin that is held in a clearing broker’s customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro rata basis across all the clearing broker’s customers, potentially resulting in losses to the Funds.

Concentration Risk: A diversified portfolio, where this is appropriate and consistent with a fund’s objectives, minimizes the risk that a price change of a particular investment will have a material impact on the NAV of a fund. The investment concentrations within each Fund’s portfolio are disclosed in its Schedule of Investments.

Certain Funds invest a significant portion of their assets in issuers located in a single country or a limited number of countries. When a Fund concentrates its investments in this manner, it assumes the risk that economic, regulatory, political and social conditions in that country or those countries may have a significant impact on the fund and could affect the income from, or the value or liquidity of, the Fund’s portfolio. Unanticipated or sudden political or social developments may cause uncertainty in the markets and as a result adversely affect the Fund’s investments. Foreign issuers may not be subject to the same uniform accounting, auditing and financial reporting standards and practices as used in the United States. Foreign securities markets may also be more volatile and less liquid than U.S. securities and may be less subject to governmental supervision not typically associated with investing in U.S. securities. Investment percentages in specific countries are presented in the Schedule of Investments.

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

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

Certain Funds invest a significant portion of their assets in securities of issuers located in Asia or with significant exposure to Asian issuers or countries. The Asian financial markets have recently experienced volatility and adverse trends due to concerns in several Asian countries regarding monetary policy, government intervention in the markets, rising government debt levels or economic downturns. These events may spread to other countries in Asia and may affect the value and liquidity of certain of the Funds’ investments.

Certain Funds invest a significant portion of their assets in securities within a single or limited number of market sectors. When a Fund concentrates its investments in this manner, it assumes the risk that economic, regulatory, political and social conditions affecting such sectors may have a significant impact on the fund and could affect the income from, or the value or liquidity of, the fund’s portfolio.

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Notes to Financial Statements (unaudited) (continued)

Significant Shareholder Redemption Risk: Certain shareholders may own or manage a substantial amount of fund shares and/or hold their fund investments for a limited period of time. Large redemptions of fund shares by these shareholders may force a Fund to sell portfolio securities, which may negatively impact the fund’s NAV, increase the fund’s brokerage costs, and/or accelerate the realization of taxable income/gains and cause the fund to make additional taxable distributions to shareholders.

LIBOR Transition Risk: The United Kingdom’s Financial Conduct Authority announced a phase out of the London Interbank Offered Rate (“LIBOR”). Although many LIBOR rates ceased to be published or no longer are representative of the underlying market they seek to measure after December 31, 2021, a selection of widely used USD LIBOR rates will continue to be published through June 2023 in order to assist with the transition. The Funds may be exposed to financial instruments tied to LIBOR to determine payment obligations, financing terms, hedging strategies or investment value. The transition process away from LIBOR might lead to increased volatility and illiquidity in markets for, and reduce the effectiveness of new hedges placed against, instruments whose terms currently include LIBOR. The ultimate effect of the LIBOR transition process on the Funds is uncertain.

11. CAPITAL SHARE TRANSACTIONS

Capital shares are issued and redeemed by each Fund only in aggregations of a specified number of shares or multiples thereof (“Creation Units”) at NAV. Except when aggregated in Creation Units, shares of each Fund are not redeemable.

Transactions in capital shares were as follows:

	Six Months Ended 02/28/22						Year Ended 08/31/21
iShares ETF	Shares			Amount			Shares			Amount
Core MSCI Emerging Markets
Shares sold		27,000,000		$	1,673,664,777			237,000,000		$	14,957,078,135
Shares redeemed		—			—			(5,400,000	)		(281,130,721	)
Net increase		27,000,000		$	1,673,664,777			231,600,000		$	14,675,947,414
MSCI BRIC
Shares sold		—		$	4,500			2,350,000		$	108,060,901
Shares redeemed		(300,000	)		(15,085,940	)		(2,300,000	)		(120,306,746	)
Net increase (decrease)		(300,000	)	$	(15,081,440	)		50,000		$	(12,245,845	)
MSCI Emerging Markets Asia
Shares sold		400,000		$	32,589,236			4,900,000		$	437,028,671
Shares redeemed		(400,000	)		(33,021,962	)		(2,300,000	)		(189,560,859	)
Net increase (decrease)		—		$	(432,726	)		2,600,000		$	247,467,812
MSCI Emerging Markets Small-Cap
Shares sold		200,000		$	11,860,096			2,100,000		$	123,013,305
Shares redeemed		(200,000	)		(12,135,939	)		(150,000	)		(6,873,204	)
Net increase (decrease)		—		$	(275,843	)		1,950,000		$	116,140,101

The consideration for the purchase of Creation Units of a fund in the Company generally consists of the in-kind deposit of a designated portfolio of securities and a specified amount of cash. Certain funds in the Company may be offered in Creation Units solely or partially for cash in U.S. dollars. Investors purchasing and redeeming Creation Units may pay a purchase transaction fee and a redemption transaction fee directly to State Street Bank and Trust Company, the Company’s administrator, to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash. Investors transacting in Creation Units for cash may also pay an additional variable charge to compensate the relevant fund for certain transaction costs (i.e., stamp taxes, taxes on currency or other financial transactions, and brokerage costs) and market impact expenses relating to investing in portfolio securities. Such variable charges, if any, are included in shares sold in the table above.

From time to time, settlement of securities related to in-kind contributions or in-kind redemptions may be delayed. In such cases, securities related to in-kind transactions are reflected as a receivable or a payable in the Statements of Assets and Liabilities.

12. SUBSEQUENT EVENTS

Management’s evaluation of the impact of all subsequent events on the Funds’ financial statements was completed through the date the financial statements were available to be issued and the following items were noted:

In response to recent negative developments that led to a material deterioration in the accessibility of the Russian equity market to 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 in response to MSCI’s announcement, 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.

Effective March 31, 2022, BFA reduced the investment advisory fee for iShares Core MSCI Emerging Markets ETF from 0.11% to 0.09%.

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Statement Regarding Liquidity Risk Management Program (unaudited)

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), iShares, Inc. (the “Company”) has adopted and implemented a liquidity risk management program (the “Program”) for iShares Core MSCI Emerging Markets ETF, iShares MSCI BRIC ETF, iShares MSCI Emerging Markets Asia ETF and iShares MSCI Emerging Markets Small-Cap ETF (the “Funds” or “ETFs”), each a series of the Company, which is reasonably designed to assess and manage each Fund’s liquidity risk.

The Board of Directors (the “Board”) of the Company, on behalf of the Funds, met on December 9, 2021 (the “Meeting”) to review the Program. The Board previously appointed BlackRock Fund Advisors (“BlackRock”), the investment adviser to the Funds, as the program administrator for each Fund’s Program. BlackRock also previously delegated oversight of the Program to the 40 Act Liquidity Risk Management Committee (the “Committee”). At the Meeting, the Committee, on behalf of BlackRock, provided the Board with a report that addressed the operation of the Program and assessed its adequacy and effectiveness of implementation, including the management of each Fund’s Highly Liquid Investment Minimum (“HLIM”) where applicable, and any material changes to the Program (the “Report”). The Report covered the period from October 1, 2020 through September 30, 2021 (the “Program Reporting Period”).

The Report described the Program’s liquidity classification methodology for categorizing each Fund’s investments (including derivative transactions) into one of four liquidity buckets. It also referenced the methodology used by BlackRock to establish each Fund’s HLIM and noted that the Committee reviews and ratifies the HLIM assigned to each Fund no less frequently than annually. The Report also discussed notable events affecting liquidity over the Program Reporting Period, including extended market holidays and the imposition of capital controls in certain non-U.S. countries.

The Report noted that the Program complied with the key factors for consideration under the Liquidity Rule for assessing, managing and periodically reviewing each Fund’s liquidity risk, as follows:

a) The Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions. During the Program Reporting Period, the Committee reviewed whether each Fund’s strategy is appropriate for an open-end fund structure, with a focus on funds with more significant and consistent holdings of less liquid and illiquid assets. The Committee also factored a fund’s concentration in an issuer into the liquidity classification methodology by taking issuer position sizes into account. Derivative exposure was also considered in the calculation of a fund’s liquidity bucketing. Finally, a factor for consideration under the Liquidity Rule is a Fund’s use of borrowings for investment purposes. However, the Funds do not borrow for investment purposes.

b) Short-term and long-term cash flow projections during both normal and reasonably foreseeable stressed conditions. During the Program Reporting Period, the Committee reviewed historical redemption activity and used this information as a component to establish each ETF’s reasonably anticipated trading size (“RATS”). The Committee may also take into consideration a fund’s shareholder ownership concentration (which, depending on product type and distribution channel, may or may not be available), a fund’s distribution channels, and the degree of certainty associated with a fund’s short-term and long-term cash flow projections.

c) Holdings of cash and cash equivalents, as well as borrowing arrangements. The Committee considered that ETFs generally do not hold more than de minimis amounts of cash. While the ETFs generally do not engage in borrowing, certain of the ETFs have the flexibility to draw on a line of credit to meet redemption requests or facilitate settlements.

d) The relationship between an ETF’s portfolio liquidity and the way in which, and the prices and spreads at which, ETF shares trade, including the efficiency of the arbitrage function and the level of active participation by market participants, including authorized participants. The Committee monitored the prevailing bid/ask spread and the ETF price premium (or discount) to NAV for all ETFs and reviewed any persistent deviations from long-term averages.

e) The effect of the composition of baskets on the overall liquidity of an ETF’s portfolio. In reviewing the linkage between the composition of custom baskets accepted by an ETF and any significant change in the liquidity profile of such ETF, the Committee reviewed changes in the proportion of each ETF’s portfolio comprised of less liquid and illiquid holdings to determine if applicable thresholds were met requiring enhanced review.

As part of BlackRock’s continuous review of the effectiveness of the Program, the Committee made the following material changes to the Program: (1) updates to certain model components in the Program’s methodology; and (2) certain iShares Funds entered into a $800 million credit agreement with a group of lenders that replaced a previous liquidity facility. The Report provided to the Board stated that the Committee concluded that based on the operation of the functions, as described in the Report, the Program is operating as intended and is effective in implementing the requirements of the Liquidity Rule.

S T A T E M E N T   R E G A R D I N G   L I Q U I D I T Y   R I S K   M A N A G E M E N T   P R O G R A M 87

Supplemental Information (unaudited)

Regulation Regarding Derivatives

On October 28, 2020, the Securities and Exchange Commission (the “SEC”) adopted regulations governing the use of derivatives by registered investment companies (“Rule 18f-4”). The Funds will be required to implement and comply with Rule 18f-4 by August 19, 2022. Once implemented, Rule 18f-4 will impose limits on the amount of derivatives a fund can enter into, eliminate the asset segregation framework currently used by funds to comply with Section 18 of the 1940 Act, treat derivatives as senior securities and require funds whose use of derivatives is more than a limited specified exposure amount to establish and maintain a comprehensive derivatives risk management program and appoint a derivatives risk manager.

Section 19(a) Notices

The amounts and sources of distributions reported are estimates and are being provided pursuant to regulatory requirements and are not being provided for tax reporting purposes. The actual amounts and sources for tax reporting purposes will depend upon each Fund’s investment experience during the year and may be subject to changes based on tax regulations. Shareholders will receive a Form 1099-DIV each calendar year that will inform them how to report these distributions for federal income tax purposes.

February 28, 2022

	Total Cumulative Distributions for the Fiscal Year-to-Date								% Breakdown of the Total Cumulative Distributions for the Fiscal Year-to-Date
iShares ETF	Net Investment Income		Net Realized Capital Gains		Return of Capital		Total Per Share		Net Investment Income			Net Realized Capital Gains			Return of Capital			Total Per Share
Core MSCI Emerging Markets(a)	$	0.947898	$	—	$	0.413439	$	1.361337		70	%		—	%		30	%		100	%
MSCI BRIC(a)		0.274540		—		0.870654		1.145194		24			—			76			100
MSCI Emerging Markets Asia(a)		0.914858		—		0.761071		1.675929		55			—			45			100
MSCI Emerging Markets Small-Cap(a)		1.299271		—		0.459859		1.759130		74			—			26			100

^(a)  The Fund estimates that it has distributed more than its net investment income and net realized capital gains; therefore, a portion of the distribution may be a return of capital. A return of capital may occur, for example, when some or all of the shareholder’s investment in the Fund is returned to the shareholder. A return of capital does not necessarily reflect the Fund’s investment performance and should not be confused with “yield” or “income”. When distributions exceed total return performance, the difference will incrementally reduce the Fund’s net asset value per share.

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General Information

Electronic Delivery

Shareholders can sign up for e-mail notifications announcing that the shareholder report or prospectus has been posted on the iShares website at iShares.com. Once you have enrolled, you will no longer receive prospectuses and shareholder reports in the mail.

To enroll in electronic delivery:

• Go to icsdelivery.com.

• If your brokerage firm is not listed, electronic delivery may not be available. Please contact your broker-dealer or financial advisor.

Householding

Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents and Rule 30e-3 notices can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.

Availability of Quarterly Schedule of Investments

The Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT. The Funds’ Forms N-PORT are available on the SEC’s website at sec.gov. Additionally, each Fund makes its portfolio holdings for the first and third quarters of each fiscal year available at iShares.com/fundreports.

Availability of Proxy Voting Policies and Proxy Voting Records

A description of the policies and procedures that the iShares Funds use to determine how to vote proxies relating to portfolio securities and information about how the iShares Funds voted proxies relating to portfolio securities during the most recent twelve-month period ending June 30 is available without charge, upon request (1) by calling toll-free 1-800-474-2737; (2) on the iShares website at iShares.com; and (3) on the SEC website at sec.gov.

A description of the Company’s policies and procedures with respect to the disclosure of the Fund’s portfolio securities is available in the Fund Prospectus. The Fund discloses its portfolio holdings daily and provides information regarding its top holdings in Fund fact sheets at iShares.com.

G E N E R A L   I N F O R M A T I O N 89

Glossary of Terms Used in this Report

Portfolio Abbreviations - Equity

ADR	American Depositary Receipt
CPO	Certificates of Participation (Ordinary)
GDR	Global Depositary Receipt
JSC	Joint Stock Company
NVDR	Non-Voting Depositary Receipt
NVS	Non-Voting Shares
PJSC	Public Joint Stock Company
REIT	Real Estate Investment Trust

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Want to know more?

iShares.com    |    1-800-474-2737

This report is intended for the Funds’ shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by the current prospectus.

Investing involves risk, including possible loss of principal.

The iShares Funds are distributed by BlackRock Investments, LLC (together with its affiliates, “BlackRock”).

The iShares Funds are not sponsored, endorsed, issued, sold or promoted by MSCI Inc., nor does this company make any representation regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the company listed above.

©2022 BlackRock, Inc. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.

iS-SAR-810-0222

        

FEBRUARY 28, 2022

2022 Semi-Annual Report

(Unaudited)

iShares, Inc.

· iShares MSCI Frontier and Select EM ETF | FM | NYSE Arca

· iShares MSCI World ETF | URTH | NYSE Arca

The Markets in Review

Dear Shareholder,

The 12-month reporting period as of February 28, 2022 saw a continuation of the resurgent growth that followed the initial coronavirus (or “COVID-19”) pandemic reopening, albeit at a slower pace. The global economy weathered the emergence of several variant strains and the resulting peaks and troughs in infections amid optimism that increasing vaccinations and economic adaptation could help contain the pandemic’s disruptions. However, rapid changes in consumer spending led to supply constraints and elevated inflation. Moreover, while the foremost effect of Russia’s invasion of Ukraine has been a severe humanitarian crisis, the invasion has presented challenges for both investors and policymakers. Equity prices were mixed, as persistently high inflation drove investors’ expectations for higher interest rates, which particularly weighed on relatively high valuation growth stocks and economically sensitive small-capitalization stocks. Overall, small-capitalization U.S. stocks declined, while large-capitalization U.S. stocks posted a solid advance. International equities from developed markets gained slightly, although emerging market stocks declined, pressured by rising interest rates and a strengthening U.S. dollar.

The 10-year U.S. Treasury yield (which is inversely related to bond prices) rose during the reporting period as the economy expanded rapidly and inflation reached its highest annualized reading in decades. In the corporate bond market, the improving economy assuaged credit concerns and led to modest returns for high-yield corporate bonds, outpacing the negative return of investment-grade corporate bonds. The U.S. Federal Reserve (the “Fed”) maintained accommodative monetary policy during the reporting period by keeping near-zero interest rates. However, the Fed’s tone shifted during the period, as it reduced its bond-buying program and raised the prospect of higher rates in 2022. Continued high inflation and the Fed’s new stance led many analysts to anticipate that the Fed will raise interest rates multiple times throughout the year.

Looking ahead, however, the horrific war in Ukraine has significantly clouded the outlook for the global economy. Sanctions on Russia and general wartime disruption are likely to drive already-high commodity prices even further upwards, and we have already seen spikes in energy and metal markets. While this will exacerbate inflationary pressure, it could also constrain economic growth, making the Fed’s way forward less clear. Its challenge will be combating inflation without stifling a recovery that is now facing additional supply shocks.

In this environment, we favor an overweight to equities, as we believe low interest rates and continued economic growth will support further gains, albeit likely more modest than what we saw in 2021. Sectors that are better poised to manage the transition to a lower-carbon world, such as technology and health care, are particularly attractive in the long term. U.S. and other developed market equities have room for further growth, while we believe Chinese equities stand to gain from a more accommodative monetary and fiscal environment. We are underweight long-term credit, but inflation-protected U.S. Treasuries, Asian fixed income, and emerging market local-currency bonds offer potential opportunities. We believe that international diversification and a focus on sustainability can help provide portfolio resilience, and the disruption created by the coronavirus appears to be accelerating the shift toward sustainable investments.

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

Sincerely,

Rob Kapito

President, BlackRock, Inc.

Rob Kapito

President, BlackRock, Inc.

Total Returns as of February 28, 2022
	6-Month	12-Month
U.S. large cap equities (S&P 500 Index)	(2.62)%	16.39%
U.S. small cap equities (Russell 2000 Index)	(9.46)	(6.01)
International equities (MSCI Europe, Australasia, Far East Index)	(6.78)	2.83
Emerging market equities (MSCI Emerging Markets Index)	(9.81)	(10.69)
3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)	0.02	0.04
U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)	(3.94)	(1.67)
U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)	(4.07)	(2.64)
Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)	(3.09)	(0.66)
U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)	(3.07)	0.64
Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.

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Table of Contents

	Page
The Markets in Review		2
Fund Summary		4
About Fund Performance		6
Shareholder Expenses		6
Schedules of Investments		7
Financial Statements
Statements of Assets and Liabilities		28
Statements of Operations		29
Statements of Changes in Net Assets		30
Financial Highlights		31
Notes to Financial Statements		33
Statement Regarding Liquidity Risk Management Program		42
Supplemental Information		43
General Information		44
Glossary of Terms Used in this Report		45

Fund Summaryas of February 28, 2022 iShares^® MSCI Frontier and Select EM ETF

Investment Objective

The iShares MSCI Frontier and Select EM ETF (the “Fund”) seeks to track the investment results of an index composed primarily of frontier market equities along with select emerging market equities, as represented by the MSCI Frontier and Emerging Markets Select 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.

Performance

			Average Annual Total Returns							Cumulative Total Returns
	6 Months			1 Year		5 Years		Since Inception			1 Year		5 Years		Since Inception
Fund NAV	(0.44	)%		16.23	%	7.33	%	6.68	%		16.23	%	42.45	%	84.37	%
Fund Market	(0.55	)		19.53		7.67		6.76			19.53		44.73		85.74
Index	0.71			18.73		8.83		8.27			18.73		52.67		112.17

The inception date of the Fund was 9/12/12. The first day of secondary market trading was 9/13/12.

Index performance through February 28, 2021 reflects the performance of the MSCI Frontier Markets 100 Index. Index performance beginning on March 1, 2021 reflects the performance of the MSCI Frontier and Emerging Markets Select Index.

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 6 for more information.

Expense Example

Actual							Hypothetical 5% Return
	Beginning Account Value (09/01/21)		Ending Account Value (02/28/22)		Expenses Paid During the Period	(a)		Beginning Account Value (09/01/21)		Ending Account Value (02/28/22)		Expenses Paid During the Period	(a)	Annualized Expense Ratio
$	1,000.00	$	995.60	$	3.96		$	1,000.00	$	1,020.80	$	4.01		0.80	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” for more information.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of Total Investments	(a)
Financials	40.0	%
Real Estate	11.8
Materials	11.8
Consumer Staples	9.3
Industrials	7.8
Communication Services	7.3
Energy	5.9
Utilities	2.6
Health Care	2.6
Other (each representing less than 1%)	0.9

^(a) Excludes money market funds.

TEN LARGEST GEOGRAPHIC ALLOCATION

Country/Geographic Region	Percent of Total Investments	(a)
Vietnam	29.9	%
Nigeria	7.4
Bahrain	6.2
Morocco	6.1
Bangladesh	6.0
Colombia	5.4
Romania	5.3
Philippines	5.2
Peru	5.2
Kenya	5.0

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Fund Summaryas of February 28, 2022 iShares^® MSCI World ETF

Investment Objective

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

Performance

			Average Annual Total Returns							Cumulative Total Returns
	6 Months			1 Year		5 Years		10 Years			1 Year		5 Years		10 Years
Fund NAV	(4.66	)%		10.81	%	12.30	%	10.93	%		10.81	%	78.61	%	182.16	%
Fund Market	(4.90	)		10.74		12.25		10.90			10.74		78.22		181.43
Index	(4.65	)		10.74		12.05		10.73			10.74		76.65		176.99

The inception date of the Fund was 1/10/12. The first day of secondary market trading was 1/12/12.

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 6 for more information.

Expense Example

Actual							Hypothetical 5% Return
	Beginning Account Value (09/01/21)		Ending Account Value (02/28/22)		Expenses Paid During the Period	(a)		Beginning Account Value (09/01/21)		Ending Account Value (02/28/22)		Expenses Paid During the Period	(a)	Annualized Expense Ratio
$	1,000.00	$	953.40	$	1.16		$	1,000.00	$	1,023.60	$	1.20		0.24	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” for more information.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of Total Investments	(a)
Information Technology	22.4	%
Financials	14.0
Health Care	12.6
Consumer Discretionary	11.7
Industrials	10.1
Communication Services	8.0
Consumer Staples	7.2
Materials	4.4
Energy	4.1
Utilities	2.8
Real Estate	2.7

^(a) Excludes money market funds.

TEN LARGEST GEOGRAPHIC ALLOCATION

Country/Geographic Region	Percent of Total Investments	(a)
United States	67.8	%
Japan	6.4
Canada	3.9
United Kingdom	3.9
France	3.1
Switzerland	2.9
Germany	2.3
Australia	2.3
Netherlands	1.6
Sweden	0.9

F U N D   S U M M A R Y 5

About Fund Performance

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

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

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

Shareholder Expenses

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

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

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

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

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Schedule of Investments(unaudited) February 28, 2022 iShares^® MSCI Frontier and Select EM ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Bahrain — 6.1%
Ahli United Bank BSC		22,008,845	$	21,856,862
Aluminium Bahrain BSC		511,338		1,692,549
Bahrain Telecommunications Co. BSC		1,669,519		2,503,060
GFH Financial Group BSC		10,451,738		3,441,548
Ithmaar Holding BSC(a)(b)		7,341,331		524,173
				30,018,192
Bangladesh — 5.8%
Bangladesh Export Import Co. Ltd.		2,244,610		3,852,601
Beacon Pharmaceuticals Ltd.		594,004		1,552,098
Beximco Pharmaceuticals Ltd.		1,145,473		2,484,222
BRAC Bank Ltd.		2,801,703		1,759,311
British American Tobacco Bangladesh Co. Ltd.		394,180		2,814,884
City Bank Ltd. (The)		2,944,027		907,224
Eastern Bank Ltd.		2,236,651		990,946
GrameenPhone Ltd.		402,927		1,592,055
International Finance Investment & Commerce Bank Ltd.(b)		3,995,000		734,008
Islami Bank Bangladesh Ltd.		2,770,520		1,050,281
LafargeHolcim Bangladesh Ltd.		1,694,772		1,357,515
National Bank Ltd.(b)		9,114,618		794,926
Olympic Industries Ltd.		532,885		912,154
Renata Ltd.		94,032		1,487,542
Square Pharmaceuticals Ltd.		2,272,196		5,789,152
Summit Power Ltd.		1,689,028		746,358
				28,825,277
Colombia — 4.0%
Bancolombia SA		399,122		3,957,761
Cementos Argos SA		735,749		1,134,364
Corp. Financiera Colombiana SA(b)		154,838		1,089,410
Ecopetrol SA		7,717,656		6,396,413
Grupo Argos SA		473,067		1,550,052
Grupo de Inversiones Suramericana SA		185,860		1,508,311
Interconexion Electrica SA ESP		696,591		4,299,502
				19,935,813
Croatia — 0.2%
Valamar Riviera DD(b)		245,906		1,151,733
Egypt — 4.8%
Commercial International Bank Egypt SAE(b)		6,795,194		20,696,914
Eastern Co. SAE		4,079,246		2,820,201
				23,517,115
Estonia — 0.6%
LHV Group AS		39,032		1,684,938
Tallink Grupp AS(b)		1,151,067		749,508
Tallinna Sadam AS(c)		239,495		473,486
				2,907,932
Jordan — 1.3%
Arab Bank PLC		469,872		3,114,808
Jordan Islamic Bank		182,073		939,897
Jordan Petroleum Refinery Co.		254,431		1,270,361
Jordan Phosphate Mines Co.		33,068		903,164
				6,228,230
Kazakhstan — 4.3%
Halyk Savings Bank of Kazakhstan JSC, GDR		368,889		3,739,798
Kaspi.KZ JSC		180,342		10,807,265
NAC Kazatomprom JSC, GDR		237,413		6,968,767
				21,515,830

Security	Shares		Value
Kenya — 4.8%
East African Breweries Ltd.(b)		1,423,234	$	1,987,652
Equity Group Holdings PLC/Kenya(b)		10,373,666		4,555,848
KCB Group Ltd.		8,861,416		3,502,536
Safaricom PLC		43,892,205		13,904,019
				23,950,055
Lithuania — 0.5%
AB Ignitis Grupe		67,263		1,463,917
Siauliu Bankas AB		1,233,560		930,050
				2,393,967
Mauritius — 0.3%
Lighthouse Capital Ltd.(d)		2,380,863		1,424,531
Morocco — 6.0%
Attijariwafa Bank		158,338		7,808,710
Banque Centrale Populaire		90,346		2,601,723
Ciments du Maroc SA		13,142		2,460,608
Co. Sucrerie Marocaine et de Raffinage		102,623		2,589,889
Hightech Payment Systems SA		1,393		897,110
Itissalat Al-Maghrib		641,726		8,870,394
Label Vie		4,156		2,060,265
Societe d’Exploitation des Ports		80,314		2,320,397
				29,609,096
Nigeria — 7.2%
Access Bank PLC		98,285,949		2,234,100
Afriland Properties PLC		8,020		35
Dangote Cement PLC		14,311,534		8,554,143
FBN Holdings PLC		95,143,544		2,391,168
Guaranty Trust Holding Co. PLC		80,697,900		4,777,841
MTN Nigeria Communications PLC		13,381,351		5,877,992
Nestle Nigeria PLC		1,581,044		4,958,255
United Bank for Africa PLC		94,428,459		1,785,056
Zenith Bank PLC		86,002,243		5,093,450
				35,672,040
Oman — 1.7%
Bank Muscat SAOG		5,251,261		7,087,408
National Bank of Oman SAOG(b)		1,314,168		635,144
Omani Qatari Telecommunications Co. SAOG		900,900		838,047
				8,560,599
Pakistan — 3.1%
Engro Corp. Ltd./Pakistan		1,045,571		1,609,124
Engro Fertilizers Ltd.		2,111,089		1,053,580
Fauji Fertilizer Co. Ltd.		1,898,339		1,171,356
Habib Bank Ltd.		2,166,323		1,419,012
Hub Power Co. Ltd. (The)		3,772,432		1,529,606
Lucky Cement Ltd.(b)		470,427		1,721,988
Mari Petroleum Co. Ltd.		95,940		967,428
MCB Bank Ltd.		1,524,747		1,358,387
Pakistan Petroleum Ltd.		1,941,254		855,312
Pakistan State Oil Co. Ltd.		754,314		770,987
Systems Ltd.		252,500		919,706
TRG Pakistan		1,476,500		578,929
United Bank Ltd./Pakistan		1,796,416		1,502,061
				15,457,476
Peru — 5.0%
Cia. de Minas Buenaventura SAA, ADR(b)		275,327		2,725,738
Credicorp Ltd.		87,428		13,223,485
Intercorp Financial Services Inc.		45,208		1,460,218

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Schedule of Investments(unaudited) (continued) February 28, 2022 iShares^® MSCI Frontier and Select EM ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Peru (continued)
Southern Copper Corp.		108,285	$	7,513,896
				24,923,337
Philippines — 5.1%
Aboitiz Equity Ventures Inc.		788,110		920,768
AC Energy Corp.		2,952,200		489,442
Alliance Global Group Inc.		1,147,000		286,359
Ayala Corp.		109,960		1,823,015
Ayala Land Inc.		3,173,800		2,419,503
Bank of the Philippine Islands		719,360		1,405,924
BDO Unibank Inc.		772,270		1,957,059
Century Pacific Food Inc.		431,400		225,082
DMCI Holdings Inc.		1,499,100		247,950
Globe Telecom Inc.		10,710		538,144
GT Capital Holdings Inc.		40,120		454,348
International Container Terminal Services Inc.		403,170		1,656,087
JG Summit Holdings Inc.		1,157,980		1,367,750
Jollibee Foods Corp.		172,020		808,598
Manila Electric Co.		86,410		621,780
Megaworld Corp.		4,391,000		275,891
Metro Pacific Investments Corp.		5,002,000		378,501
Metropolitan Bank & Trust Co.		718,550		800,258
Monde Nissin Corp.(b)(c)		1,731,300		557,852
PLDT Inc.		29,975		1,051,785
Puregold Price Club Inc.		355,000		243,383
Robinsons Land Corp.		793,100		298,597
Robinsons Retail Holdings Inc.		176,890		212,875
Security Bank Corp.		183,090		417,899
SM Investments Corp.		93,375		1,624,547
SM Prime Holdings Inc.		3,953,300		3,085,517
Universal Robina Corp.		336,630		787,899
Wilcon Depot Inc.		528,300		301,400
				25,258,213
Romania — 5.2%
Banca Transilvania SA		17,300,077		9,942,579
BRD-Groupe Societe Generale SA		766,945		3,453,071
MED Life SA(b)		268,366		1,303,971
OMV Petrom SA		41,307,542		4,315,129
Societatea Energetica Electrica SA		504,445		1,107,728
Societatea Nationala de Gaze Naturale ROMGAZ SA		420,397		3,638,907
Teraplast SA		4,317,073		886,152
Transgaz SA Medias		18,675		840,914
				25,488,451
Slovenia — 0.1%
Pozavarovalnica Sava dd		17,491		517,751
Sri Lanka — 1.0%
Commercial Bank of Ceylon PLC		1,428,510		579,183
Expolanka Holdings PLC		992,043		1,452,459
John Keells Holdings PLC		2,732,474		2,012,190
Sampath Bank PLC		2,891,749		785,926
				4,829,758
Vietnam — 29.3%
An PHAT Holdings JSC(b)		453,897		524,034
Bank for Foreign Trade of Vietnam JSC		1,733,595		6,422,130
Bank for Investment and Development of Vietnam JSC		748,024		1,436,948
Bao Viet Holdings		276,310		718,336
Dat Xanh Group JSC(b)		1,093,080		2,039,857
Development Investment Construction(b)		731,400		2,769,901
Duc Giang Chemicals JSC		307,000		2,201,895

Security	Shares		Value
Vietnam (continued)
FLC Group JSC(b)		1,288,000	$	709,669
Gelex Group JSC(b)		1,529,384		2,782,741
Ha Do JSC		360,140		1,114,629
Hoa Phat Group JSC		8,031,503		16,677,449
Hoa Sen Group(b)		876,759		1,481,477
Hoang Huy Investment Financial Services JSC(b)		1,241,600		1,169,647
Khang Dien House Trading and Investment JSC(b)		1,152,270		2,677,390
KIDO Group Corp.		476,572		1,130,390
Kinh Bac City Development Share Holding Corp.(b)		738,620		1,869,587
Masan Group Corp.		1,513,180		10,386,074
No Va Land Investment Group Corp.(b)		2,475,033		8,188,056
PetroVietnam Drilling & Well Services JSC(b)		766,000		1,182,948
PetroVietnam Fertilizer & Chemicals JSC		640,100		1,624,287
PetroVietnam Gas JSC		209,100		1,087,092
PetroVietnam Power Corp.		1,696,540		1,294,926
PetroVietnam Technical Services Corp.		874,898		1,346,240
Phat Dat Real Estate Development Corp.(b)		714,154		2,661,249
Saigon - Hanoi Commercial Joint Stock Bank(b)		973,844		924,319
Saigon Beer Alcohol Beverage Corp.		232,980		1,734,327
Saigon Thuong Tin Commercial JSB(b)		2,068,480		2,990,832
Saigon-Hanoi Securities		588,600		1,141,414
SSI Securities Corp.		2,346,294		4,714,905
Thaiholdings JSC(b)		628,200		4,767,270
Thanh Thanh Cong - Bien Hoa JSC(b)		1,021,990		1,016,641
Van Phu Invest Investment(b)		395,600		1,130,928
Viet Capital Securities JSC		854,100		2,346,923
Vietjet Aviation JSC(b)		594,890		3,658,203
Vietnam Construction and Import-Export JSC		647,610		1,230,429
Vietnam Dairy Products JSC		2,673,274		9,199,178
Viglacera Corp. JSC		249,360		577,159
Vincom Retail JSC(b)		3,405,780		5,018,064
Vingroup JSC(b)		3,484,034		11,761,097
Vinh Hoan Corp.		366,500		1,229,165
Vinhomes JSC(c)		3,983,988		13,564,675
Vndirect Securities Corp.		1,192,800		4,132,643
				144,635,124
Total Common Stocks — 96.4% (Cost: $383,491,374)				476,820,520
Preferred Stocks
Colombia — 1.3%
Bancolombia SA, Preference Shares, NVS		714,491		6,315,534
Total Preferred Stocks — 1.3% (Cost: $5,740,257)				6,315,534
Short-Term Investments
Money Market Funds — 0.0%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.09%(e)(f)(g)		22,569		22,573
Total Short-Term Investments — 0.0% (Cost: $22,578)				22,573
Total Investments in Securities — 97.7% (Cost: $389,254,209)				483,158,627
Other Assets, Less Liabilities — 2.3%				11,140,137
Net Assets — 100.0%			$	494,298,764

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Schedule of Investments(unaudited) (continued) February 28, 2022 iShares^® MSCI Frontier and Select EM ETF

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

^(b)  Non-income producing security.

^(c)  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.

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

^(e)  Affiliate of the Fund.

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

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 08/31/21		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value at 02/28/22		Shares Held at 02/28/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	24,659	$	—	$	(2,079	)(a)	$	1	$	(8	)	$	22,573		22,569	$	36	(b)	$	—

^(a)  Represents net amount purchased (sold).

^(b)  All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
MSCI Emerging Markets Index		174		03/18/22	$	10,227	$	(393,237	)

Forward Foreign Currency Exchange Contracts

Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation (Depreciation)
USD	10,143,295	NGN	4,798,285,718	CITI	10/28/22	$	(743,571	)
	Net unrealized depreciation					$	(743,571	)

S C H E D U L E   O F   I N V E S T M E N T S 9

Schedule of Investments(unaudited) (continued) February 28, 2022 iShares^® MSCI Frontier and Select EM ETF

Derivative Financial Instruments Categorized by Risk Exposure

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

	Equity Contracts		Foreign Currency Exchange Contracts		Total
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	393,237	$	—	$	393,237
Forward foreign currency exchange contracts
Unrealized depreciation on forward foreign currency exchange contracts	$	—	$	743,571	$	743,571
	$	393,237	$	743,571	$	1,136,808

^(a)  Net cumulative unrealized appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).

For the period ended February 28, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts			Foreign Currency Exchange Contracts			Total
Net Realized Gain (Loss) from:
Futures contracts	$	(1,201,713	)	$	—		$	(1,201,713	)
Forward foreign currency exchange contracts		—			(733,549	)		(733,549	)
	$	(1,201,713	)	$	(733,549	)	$	(1,935,262	)
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	191,511		$	—		$	191,511
Forward foreign currency exchange contracts		—			(69,429	)		(69,429	)
	$	191,511		$	(69,429	)	$	122,082

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	11,178,740
Forward foreign currency exchange contracts:
Average amounts sold — in USD	$	10,371,299

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

Derivative Financial Instruments - Offsetting as of Period End

The Fund’s derivative assets and liabilities (by type) were as follows:

	Assets		Liabilities
Derivative Financial Instruments:
Futures contracts	$	—	$	393,237
Forward foreign currency exchange contracts		—		743,571
Total derivative assets and liabilities in the Statement of Assets and Liabilities		—		1,136,808
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)		—		(393,237	)
Total derivative assets and liabilities subject to an MNA		—		743,571

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Schedule of Investments(unaudited) (continued) February 28, 2022 iShares^® MSCI Frontier and Select EM ETF

The following table presents the Fund’s derivative liabilities by counterparty net of amounts available for offset under an MNA and net of the related collateral pledged by the Fund:

Counterparty		Derivative Liabilities Subject to an MNA by Counterparty		Derivatives Available for Offset		Non-Cash Collateral Pledged		Cash Collateral Pledged	(a)		Net Amount of Derivative Liabilities	(b)
Citibank N.A.	$	743,571	$	—	$	—	$	(420,000	)	$	323,571

^(a)  Excess of collateral pledged to the individual counterparty is not shown for financial reporting purposes.

^(b)  Net amount represents the net amount payable due to the counterparty in the event of default.

Fair Value Hierarchy as of Period End

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.

		Level 1			Level 2			Level 3		Total
Investments
Assets
Common Stocks	$	178,466,061		$	297,830,286		$	524,173	$	476,820,520
Preferred Stocks		6,315,534			—			—		6,315,534
Money Market Funds		22,573			—			—		22,573
	$	184,804,168		$	297,830,286		$	524,173	$	483,158,627
Derivative financial instruments(a)
Liabilities
Forward Foreign Currency Exchange Contracts	$	—		$	(743,571	)	$	—	$	(743,571	)
Futures Contracts		(393,237	)		—			—		(393,237	)
	$	(393,237	)	$	(743,571	)	$	—	$	(1,136,808	)

^(a)  Derivative financial instruments are futures contracts and forward foreign currency exchange contracts. Futures contracts and forward foreign currency exchange contracts are valued at the unrealized appreciation (depreciation) on the instrument.

See notes to financial statements.

S C H E D U L E   O F   I N V E S T M E N T S 11

Schedule of Investments(unaudited)  February 28, 2022 iShares^® MSCI World ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Australia — 2.3%
Ampol Ltd.		7,816	$	168,828
APA Group		38,637		282,455
Aristocrat Leisure Ltd.		19,682		539,877
ASX Ltd.		6,323		379,769
Aurizon Holdings Ltd.		60,457		154,220
Australia & New Zealand Banking Group Ltd.		93,482		1,769,786
BHP Group Ltd.		165,031		5,635,175
BlueScope Steel Ltd.		16,493		244,226
Brambles Ltd.		47,128		339,450
Cochlear Ltd.		2,141		349,505
Coles Group Ltd.		43,554		551,005
Commonwealth Bank of Australia		55,844		3,788,650
Computershare Ltd.		17,801		281,262
Crown Resorts Ltd.(a)		12,278		110,966
CSL Ltd.		15,616		2,968,977
Dexus		34,850		275,872
Domino’s Pizza Enterprises Ltd.		1,978		114,214
Endeavour Group Ltd./Australia		43,070		224,942
Evolution Mining Ltd.		60,111		185,875
Fortescue Metals Group Ltd.		56,153		748,089
Glencore PLC		328,817		1,933,446
Goodman Group		54,241		877,600
GPT Group/The		62,779		224,000
IDP Education Ltd.		6,838		132,244
Insurance Australia Group Ltd.		83,448		278,588
Lendlease Corp. Ltd.		22,592		174,292
Macquarie Group Ltd.		11,288		1,485,537
Medibank Pvt Ltd.		90,215		208,082
Mineral Resources Ltd.		5,562		182,796
Mirvac Group		129,027		240,624
National Australia Bank Ltd.		107,686		2,261,733
Newcrest Mining Ltd.		27,646		512,855
Northern Star Resources Ltd.		36,885		274,903
Orica Ltd.		13,789		147,015
Origin Energy Ltd.		57,721		239,696
Qantas Airways Ltd.(a)		30,432		112,765
QBE Insurance Group Ltd.		48,850		407,654
Ramsay Health Care Ltd.		6,386		297,892
REA Group Ltd.		1,724		166,175
Reece Ltd.		9,537		135,017
Rio Tinto Ltd.		12,199		1,052,005
Rio Tinto PLC		36,745		2,873,166
Santos Ltd.		102,634		546,612
Scentre Group		169,683		376,968
SEEK Ltd.		10,988		214,517
Sonic Healthcare Ltd.		14,847		378,860
South32 Ltd.		152,762		536,196
Stockland		83,837		253,682
Suncorp Group Ltd.		41,954		326,349
Tabcorp Holdings Ltd.		72,696		262,900
Telstra Corp. Ltd.		136,024		390,883
Transurban Group		99,491		918,939
Treasury Wine Estates Ltd.		24,550		207,084
Vicinity Centres		127,034		165,416
Washington H Soul Pattinson & Co. Ltd.		7,101		130,275
Wesfarmers Ltd.		36,969		1,296,498
Westpac Banking Corp.		119,617		1,976,820
WiseTech Global Ltd.		4,775		152,876

Security	Shares		Value
Australia (continued)
Woodside Petroleum Ltd.		31,471	$	657,626
Woolworths Group Ltd.		41,314		1,068,284
				43,192,013
Austria — 0.1%
Erste Group Bank AG		11,227		399,084
OMV AG		4,814		229,163
Raiffeisen Bank International AG		4,857		79,145
Verbund AG		2,224		268,251
voestalpine AG		3,802		125,660
				1,101,303
Belgium — 0.2%
Ageas SA/NV		5,625		270,597
Anheuser-Busch InBev SA/NV		28,425		1,754,044
Elia Group SA/NV		1,012		145,691
Etablissements Franz Colruyt NV		1,795		71,794
Groupe Bruxelles Lambert SA		3,693		383,467
KBC Group NV		8,221		592,298
Proximus SADP		5,013		99,660
Sofina SA		497		193,013
Solvay SA		2,439		271,999
UCB SA		4,128		450,516
Umicore SA		6,272		256,586
				4,489,665
Canada — 3.9%
Agnico Eagle Mines Ltd.		15,029		759,216
Air Canada(a)(b)		5,829		110,142
Algonquin Power & Utilities Corp.		21,572		312,134
Alimentation Couche-Tard Inc.		26,699		1,047,949
AltaGas Ltd.		9,259		203,954
Ballard Power Systems Inc.(a)(b)		7,909		90,478
Bank of Montreal		21,106		2,409,997
Bank of Nova Scotia (The)		39,640		2,872,532
Barrick Gold Corp.		58,000		1,311,006
Bausch Health Cos Inc.(a)		10,778		259,267
BCE Inc.		2,455		128,938
BlackBerry Ltd.(a)		18,100		124,237
Brookfield Asset Management Inc., Class A		46,042		2,516,236
Brookfield Renewable Corp., Class A		4,269		159,982
CAE Inc.(a)		10,443		279,386
Cameco Corp.		13,086		321,807
Canadian Apartment Properties REIT		2,811		117,009
Canadian Imperial Bank of Commerce		14,684		1,858,583
Canadian National Railway Co.		23,048		2,859,225
Canadian Natural Resources Ltd.		38,663		2,159,942
Canadian Pacific Railway Ltd.		29,670		2,089,189
Canadian Tire Corp. Ltd., Class A, NVS		1,886		278,057
Canadian Utilities Ltd., Class A, NVS		4,247		118,279
Canopy Growth Corp.(a)(b)		7,860		56,059
CCL Industries Inc., Class B, NVS		5,009		225,810
Cenovus Energy Inc.		42,958		675,466
CGI Inc.(a)		7,167		587,609
Constellation Software Inc.		651		1,097,152
Dollarama Inc.		9,493		490,565
Emera Inc.		7,979		373,298
Empire Co. Ltd., Class A, NVS		5,539		171,567
Enbridge Inc.		65,850		2,844,928
Fairfax Financial Holdings Ltd.		893		432,902
First Quantum Minerals Ltd.		19,269		565,072
FirstService Corp.		1,300		185,067

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Schedule of Investments(unaudited) (continued) February 28, 2022 iShares^® MSCI World ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Canada (continued)
Fortis Inc.		15,410	$	706,124
Franco-Nevada Corp.		6,238		918,647
George Weston Ltd.		2,499		270,976
GFL Environmental Inc.		5,087		148,737
Gildan Activewear Inc.		7,025		275,790
Great-West Lifeco Inc.		9,850		296,316
Hydro One Ltd.(c)		10,972		270,946
iA Financial Corp. Inc.		3,535		210,036
IGM Financial Inc.		2,781		98,800
Imperial Oil Ltd.		8,110		364,006
Intact Financial Corp.		5,724		820,959
Ivanhoe Mines Ltd., Class A(a)		20,035		203,907
Keyera Corp.		7,317		171,394
Kinross Gold Corp.		41,608		207,466
Lightspeed Commerce Inc.(a)		3,534		92,846
Loblaw Companies Ltd.		5,683		443,296
Lundin Mining Corp.		21,933		211,630
Magna International Inc.		9,411		699,198
Manulife Financial Corp.		63,917		1,294,981
Metro Inc.		8,021		418,674
National Bank of Canada		11,031		884,482
Northland Power Inc.		7,437		236,458
Nutrien Ltd.		18,635		1,602,684
Nuvei Corp.(a)(c)		1,877		101,899
Onex Corp.		2,517		169,031
Open Text Corp.		8,789		382,486
Pan American Silver Corp.		6,954		164,482
Parkland Corp.		5,038		131,843
Pembina Pipeline Corp.		18,010		612,411
Power Corp. of Canada		17,833		549,974
Quebecor Inc., Class B		5,554		121,465
Restaurant Brands International Inc.		9,361		523,994
RioCan REIT		5,439		107,793
Ritchie Bros Auctioneers Inc.		3,632		190,354
Rogers Communications Inc., Class B, NVS		11,604		599,563
Royal Bank of Canada		46,473		5,140,812
Saputo Inc.		8,150		199,715
Shaw Communications Inc., Class B, NVS		14,839		444,994
Shell PLC		254,402		6,708,782
Shopify Inc., Class A(a)		3,691		2,562,355
Sun Life Financial Inc.		19,275		1,013,705
Suncor Energy Inc.		48,475		1,482,360
TC Energy Corp.		31,941		1,716,120
Teck Resources Ltd., Class B		15,483		557,510
TELUS Corp.		14,275		360,507
TFI International Inc.		2,742		285,817
Thomson Reuters Corp.		5,675		573,813
TMX Group Ltd.		1,845		186,378
Toromont Industries Ltd.		2,714		230,053
Toronto-Dominion Bank (The)		59,434		4,795,984
Tourmaline Oil Corp.		10,171		401,223
Waste Connections Inc.		8,503		1,050,035
West Fraser Timber Co. Ltd.		3,136		313,031
Wheaton Precious Metals Corp.		14,733		645,579
WSP Global Inc.		3,841		471,254
				73,736,715
Cayman Islands — 0.0%
CK Hutchison Holdings Ltd.		83,500		585,424

Security	Shares		Value
Cayman Islands (continued)
Grab Holdings Ltd., Class A(a)		35,523	$	204,612
				790,036
Denmark — 0.7%
Ambu A/S, Class B(b)		5,205		95,984
AP Moller - Maersk A/S, Class A		100		299,847
AP Moller - Maersk A/S, Class B, NVS		185		585,250
Carlsberg A/S, Class B		3,278		480,717
Chr Hansen Holding A/S		3,709		270,402
Coloplast A/S, Class B		3,878		583,399
Danske Bank A/S		22,064		373,720
Demant A/S(a)		3,549		149,983
DSV A/S		6,647		1,223,425
Genmab A/S(a)		2,138		718,574
GN Store Nord AS		4,066		214,941
Novo Nordisk A/S, Class B		54,896		5,680,825
Novozymes A/S, Class B		6,705		440,066
Orsted AS(c)		6,255		809,485
Pandora A/S		3,265		334,327
Rockwool International A/S, Class B		276		94,616
Tryg A/S		11,783		266,600
Vestas Wind Systems A/S		33,170		1,069,623
				13,691,784
Finland — 0.3%
Elisa Oyj		4,645		257,366
Fortum Oyj		14,501		303,474
Kesko Oyj, Class B		8,691		255,773
Kone Oyj, Class B		11,078		646,441
Neste Oyj		13,807		538,399
Nokia Oyj(a)		178,799		966,827
Nordea Bank Abp		105,647		1,168,828
Orion Oyj, Class B		3,468		162,853
Sampo Oyj, Class A		16,265		767,456
Stora Enso Oyj, Class R		19,018		362,180
UPM-Kymmene Oyj		17,414		601,710
Wartsila OYJ Abp		15,744		176,326
				6,207,633
France — 3.1%
Accor SA(a)		5,581		190,609
Aeroports de Paris(a)		964		136,300
Air Liquide SA		15,441		2,564,829
Airbus SE(a)		19,495		2,489,103
Alstom SA		10,346		263,201
Amundi SA(c)		1,993		138,226
Arkema SA		1,996		264,704
AXA SA		63,096		1,707,227
BioMerieux		1,354		148,820
BNP Paribas SA		36,671		2,127,817
Bollore SA		29,086		147,178
Bouygues SA		7,482		267,542
Bureau Veritas SA		9,613		274,863
Capgemini SE		5,231		1,095,003
Carrefour SA		20,443		410,991
Cie. de Saint-Gobain		16,502		1,023,208
Cie. Generale des Etablissements Michelin SCA		5,529		761,109
CNP Assurances		5,635		137,343
Covivio		1,712		140,059
Credit Agricole SA		40,572		516,820
Danone SA		21,368		1,300,013
Dassault Aviation SA		828		123,215

S C H E D U L E   O F   I N V E S T M E N T S 13

Schedule of Investments(unaudited) (continued) February 28, 2022 iShares^® MSCI World ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
France (continued)
Dassault Systemes SE		21,678	$	1,045,666
Edenred		8,155		371,092
Eiffage SA		2,714		276,459
Electricite de France SA		15,537		140,463
Engie SA		59,602		949,606
EssilorLuxottica SA		9,344		1,631,184
Eurazeo SE		1,298		100,258
Eurofins Scientific SE		4,463		452,896
Faurecia SE		3,842		144,667
Gecina SA		1,497		190,240
Getlink SE		14,431		235,360
Hermes International		1,035		1,427,303
Ipsen SA		1,227		142,773
Kering SA		2,443		1,694,547
Klepierre SA		6,951		198,691
La Francaise des Jeux SAEM(c)		3,139		130,119
Legrand SA		8,720		822,645
L’Oreal SA		8,183		3,234,938
LVMH Moet Hennessy Louis Vuitton SE		9,047		6,648,685
Orange SA		65,145		787,713
Orpea SA		1,682		69,652
Pernod Ricard SA		6,785		1,481,167
Publicis Groupe SA		7,457		494,889
Remy Cointreau SA		742		142,800
Renault SA(a)		6,348		198,934
Safran SA		11,221		1,426,718
Sanofi		37,077		3,875,752
Sartorius Stedim Biotech		904		346,657
Schneider Electric SE		17,628		2,731,213
SEB SA		902		131,183
Societe Generale SA		26,466		748,393
Sodexo SA		2,881		240,525
Teleperformance		1,919		712,068
Thales SA		3,465		396,129
TotalEnergies SE		82,036		4,179,340
Ubisoft Entertainment SA(a)		3,041		163,049
Unibail-Rodamco-Westfield(a)(b)		4,131		314,889
Valeo		7,516		165,759
Veolia Environnement SA		21,396		746,008
Vinci SA		17,639		1,849,474
Vivendi SE		25,574		322,840
Wendel SE		878		89,133
Worldline SA/France(a)(c)		7,783		396,880
				58,076,937
Germany — 2.2%
adidas AG		6,202		1,466,411
Allianz SE, Registered		13,443		3,030,285
Aroundtown SA		32,702		201,645
BASF SE		30,199		2,010,838
Bayer AG, Registered		31,975		1,846,971
Bayerische Motoren Werke AG		10,790		1,039,154
Bechtle AG		2,680		137,474
Beiersdorf AG		3,290		333,501
Brenntag SE		5,040		422,516
Carl Zeiss Meditec AG, Bearer		1,316		206,526
Commerzbank AG(a)		32,793		274,055
Continental AG(a)		3,524		300,291
Covestro AG(c)		6,068		320,910
Daimler Truck Holding AG(a)		13,669		416,570
Delivery Hero SE(a)(c)		5,280		283,011

Security	Shares		Value
Germany (continued)
Deutsche Bank AG, Registered(a)		68,166	$	841,495
Deutsche Boerse AG		6,192		1,054,019
Deutsche Lufthansa AG, Registered(a)		21,359		162,222
Deutsche Post AG, Registered		32,319		1,624,424
Deutsche Telekom AG, Registered		108,678		1,948,018
E.ON SE		73,222		995,932
Evonik Industries AG		6,861		206,527
Fresenius Medical Care AG & Co. KGaA		6,693		429,414
Fresenius SE & Co. KGaA		13,127		458,030
GEA Group AG		5,016		219,343
Hannover Rueck SE		1,964		361,576
HeidelbergCement AG		4,701		305,033
HelloFresh SE(a)		5,455		297,548
Henkel AG & Co. KGaA		3,388		260,494
Infineon Technologies AG		42,623		1,442,188
KION Group AG		2,358		189,032
Knorr-Bremse AG		2,369		208,851
LANXESS AG		2,720		132,496
LEG Immobilien SE		2,378		305,788
Mercedes-Benz Group AG		27,906		2,180,002
Merck KGaA		4,213		835,638
MTU Aero Engines AG		1,767		422,995
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Registered		4,561		1,251,252
Nemetschek SE		1,883		167,081
Puma SE		3,445		315,922
Rational AG		165		121,434
RWE AG		20,961		970,555
SAP SE		34,036		3,839,397
Scout24 SE(c)		2,992		174,524
Siemens AG, Registered		24,933		3,512,619
Siemens Healthineers AG(c)		8,907		571,566
Symrise AG		4,196		499,100
Telefonica Deutschland Holding AG		34,328		93,676
Uniper SE		2,997		95,877
United Internet AG, Registered(d)		3,181		108,180
Volkswagen AG		1,058		273,640
Vonovia SE		23,640		1,254,883
Zalando SE(a)(c)		7,253		480,052
				40,900,981
Hong Kong — 0.8%
AIA Group Ltd.		394,200		4,093,312
BOC Hong Kong Holdings Ltd.		122,500		440,395
Budweiser Brewing Co. APAC Ltd.(c)		56,700		175,995
Chow Tai Fook Jewellery Group Ltd.(a)		64,600		134,144
CK Asset Holdings Ltd.		69,000		435,807
CK Infrastructure Holdings Ltd.		19,500		121,056
CLP Holdings Ltd.		56,000		570,488
ESR Cayman Ltd.(a)(c)		69,400		214,101
Futu Holdings Ltd., ADR(a)		1,689		72,205
Galaxy Entertainment Group Ltd.(a)		68,000		379,252
Hang Lung Properties Ltd.		59,000		123,669
Hang Seng Bank Ltd.		25,500		470,248
Henderson Land Development Co. Ltd.		48,000		199,562
HK Electric Investments & HK Electric Investments Ltd., Class SS		85,000		83,862
HKT Trust & HKT Ltd., Class SS		126,000		169,943
Hong Kong & China Gas Co. Ltd.		358,589		542,275
Hong Kong Exchanges & Clearing Ltd.		38,400		1,860,735
Hongkong Land Holdings Ltd.		38,800		210,117

14 2 0 2 2   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S 

Schedule of Investments(unaudited) (continued) February 28, 2022 iShares^® MSCI World ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Hong Kong (continued)
Jardine Matheson Holdings Ltd.		6,800	$	404,600
Link REIT		69,000		557,575
Melco Resorts & Entertainment Ltd., ADR(a)		6,948		69,619
MTR Corp. Ltd.		53,000		274,726
New World Development Co. Ltd.		45,333		181,316
Power Assets Holdings Ltd.		48,500		305,673
Sands China Ltd.(a)		77,200		203,614
Sino Land Co. Ltd.		118,000		148,939
SITC International Holdings Co. Ltd.(b)		42,000		173,173
Sun Hung Kai Properties Ltd.		46,000		534,786
Swire Pacific Ltd., Class A		14,500		80,130
Swire Properties Ltd.		37,200		96,739
Techtronic Industries Co. Ltd.		48,000		804,291
WH Group Ltd.(c)		275,500		192,402
Wharf Real Estate Investment Co. Ltd.		54,000		242,421
Xinyi Glass Holdings Ltd.		60,000		159,824
				14,726,994
Ireland — 0.6%
CRH PLC		25,495		1,158,957
Flutter Entertainment PLC, Class DI(a)		5,465		787,004
James Hardie Industries PLC		14,643		478,051
Kerry Group PLC, Class A		5,227		622,740
Kingspan Group PLC		5,111		499,152
Linde PLC(a)		16,828		4,934,643
Seagate Technology Holdings PLC		6,728		694,060
Smurfit Kappa Group PLC		8,104		404,732
STERIS PLC		3,273		785,520
Trane Technologies PLC		7,765		1,195,266
				11,560,125
Israel — 0.2%
Azrieli Group Ltd.		1,380		117,730
Bank Hapoalim BM		33,091		350,715
Bank Leumi Le-Israel BM		45,239		490,070
Check Point Software Technologies Ltd.(a)		3,463		501,719
CyberArk Software Ltd.(a)(b)		1,328		225,946
Elbit Systems Ltd.		869		178,646
Fiverr International Ltd.(a)(b)		948		74,807
ICL Group Ltd.		23,122		262,586
Inmode Ltd.(a)		1,622		69,243
Isracard Ltd.		1		5
Israel Discount Bank Ltd., Class A		38,075		251,072
Kornit Digital Ltd.(a)(b)		1,508		143,004
Mizrahi Tefahot Bank Ltd.		4,602		179,843
Nice Ltd.(a)		2,063		466,667
Teva Pharmaceutical Industries Ltd., ADR(a)(b)		36,282		294,973
Wix.com Ltd.(a)		1,775		162,555
				3,769,581
Italy — 0.6%
Amplifon SpA		4,075		174,876
Assicurazioni Generali SpA		36,115		714,240
Atlantia SpA(a)		15,982		293,993
DiaSorin SpA		813		121,669
Enel SpA		265,171		1,954,029
Eni SpA		82,324		1,280,526
Ferrari NV		4,104		881,902
FinecoBank Banca Fineco SpA		13,538		225,622
Infrastrutture Wireless Italiane SpA(c)		11,042		112,753
Intesa Sanpaolo SpA		538,518		1,376,628
Mediobanca Banca di Credito Finanziario SpA		20,356		211,992

Security	Shares		Value
Italy (continued)
Moncler SpA		6,698	$	402,215
Nexi SpA(a)(c)		15,317		209,199
Poste Italiane SpA(c)		17,111		196,255
Prysmian SpA		8,327		274,120
Recordati Industria Chimica e Farmaceutica SpA		3,414		166,984
Snam SpA		65,887		366,085
Telecom Italia SpA/Milano		335,060		140,774
Terna - Rete Elettrica Nazionale		46,012		376,967
UniCredit SpA		69,520		878,351
				10,359,180
Japan — 6.3%
Advantest Corp.		5,800		466,116
Aeon Co. Ltd.		20,700		468,931
AGC Inc.		5,600		248,430
Aisin Corp.		4,300		156,624
Ajinomoto Co. Inc.		15,200		442,943
ANA Holdings Inc.(a)		4,800		105,687
Asahi Group Holdings Ltd.		15,000		605,090
Asahi Intecc Co. Ltd.		6,300		136,038
Asahi Kasei Corp.		42,900		402,609
Astellas Pharma Inc.		62,200		1,037,758
Azbil Corp.		3,600		136,652
Bandai Namco Holdings Inc.		5,800		425,205
Benefit One Inc.		2,300		53,272
Bridgestone Corp.		18,200		749,493
Brother Industries Ltd.		8,500		154,708
Canon Inc.		32,300		760,114
Capcom Co. Ltd.		5,100		123,781
Central Japan Railway Co.		4,200		567,488
Chiba Bank Ltd./The		17,000		106,861
Chubu Electric Power Co. Inc.		20,400		203,769
Chugai Pharmaceutical Co. Ltd.		21,200		703,281
Concordia Financial Group Ltd.		33,900		137,915
Cosmos Pharmaceutical Corp.		600		83,189
CyberAgent Inc.		13,400		175,348
Dai Nippon Printing Co. Ltd.		6,500		169,680
Daifuku Co. Ltd.		3,000		216,980
Dai-ichi Life Holdings Inc.		32,300		670,811
Daiichi Sankyo Co. Ltd.		59,000		1,439,329
Daikin Industries Ltd.		7,900		1,459,956
Daito Trust Construction Co. Ltd.		1,900		210,216
Daiwa House Industry Co. Ltd.		18,100		513,321
Daiwa House REIT Investment Corp.		64		173,570
Daiwa Securities Group Inc.		48,500		286,756
Denso Corp.		14,200		998,546
Dentsu Group Inc.		6,300		251,371
Disco Corp.		900		254,821
East Japan Railway Co.		10,400		617,851
Eisai Co. Ltd.		8,400		416,764
ENEOS Holdings Inc.		103,800		411,026
FANUC Corp.		6,000		1,102,213
Fast Retailing Co. Ltd.		2,000		1,078,819
Fuji Electric Co. Ltd.		3,600		185,226
FUJIFILM Holdings Corp.		12,100		769,126
Fujitsu Ltd.		6,100		886,232
GLP J-Reit		140		209,021
GMO Payment Gateway Inc.		1,400		135,419
Hakuhodo DY Holdings Inc.		8,400		111,623
Hamamatsu Photonics KK		4,700		238,156
Hankyu Hanshin Holdings Inc.		8,300		248,312

S C H E D U L E   O F   I N V E S T M E N T S 15

Schedule of Investments(unaudited) (continued) February 28, 2022 iShares^® MSCI World ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Japan (continued)
Hikari Tsushin Inc.		600	$	74,558
Hino Motors Ltd.		10,000		93,968
Hirose Electric Co. Ltd.		1,100		165,399
Hitachi Construction Machinery Co. Ltd.		3,100		75,862
Hitachi Ltd.		31,400		1,552,815
Hitachi Metals Ltd.(a)		6,200		110,518
Honda Motor Co. Ltd.		55,500		1,686,139
Hoshizaki Corp.		1,600		111,554
Hoya Corp.		12,400		1,615,331
Hulic Co. Ltd.		12,700		115,698
Ibiden Co. Ltd.		3,100		151,399
Idemitsu Kosan Co. Ltd.		6,100		163,520
Iida Group Holdings Co. Ltd.		4,300		79,804
Inpex Corp.		33,000		340,148
Isuzu Motors Ltd.		18,600		251,558
Ito En Ltd.		1,600		92,019
ITOCHU Corp.		41,500		1,352,427
Itochu Techno-Solutions Corp.		2,800		72,586
Japan Airlines Co. Ltd.(a)		4,200		83,280
Japan Exchange Group Inc.		16,500		308,980
Japan Metropolitan Fund Invest		236		191,005
Japan Post Bank Co. Ltd.		13,400		117,576
Japan Post Holdings Co. Ltd.		81,800		676,134
Japan Post Insurance Co. Ltd.		5,800		99,057
Japan Real Estate Investment Corp.		36		192,303
Japan Tobacco Inc.		41,400		761,394
JFE Holdings Inc.		15,900		236,712
JSR Corp.		5,900		185,601
Kajima Corp.		14,700		197,840
Kakaku.com Inc.		3,900		85,803
Kansai Electric Power Co. Inc./The		23,700		238,961
Kansai Paint Co. Ltd.		5,200		104,368
Kao Corp.		15,400		719,902
KDDI Corp.		55,200		1,796,276
Keio Corp.		3,000		122,751
Keisei Electric Railway Co. Ltd.		3,800		106,422
Keyence Corp.		6,300		2,979,904
Kikkoman Corp.		4,600		342,920
Kintetsu Group Holdings Co. Ltd.(a)		5,000		150,212
Kirin Holdings Co. Ltd.		27,200		452,212
Kobayashi Pharmaceutical Co. Ltd.		1,600		137,039
Kobe Bussan Co. Ltd.		4,000		132,439
Koei Tecmo Holdings Co. Ltd.		1,700		59,033
Koito Manufacturing Co. Ltd.		3,000		155,169
Komatsu Ltd.		28,700		660,213
Konami Holdings Corp.		2,800		159,294
Kose Corp.		1,200		137,567
Kubota Corp.		33,100		593,869
Kurita Water Industries Ltd.		2,900		119,842
Kyocera Corp.		11,000		633,083
Kyowa Kirin Co. Ltd.		9,500		243,114
Lasertec Corp.		2,300		426,357
Lawson Inc.		1,500		62,544
Lion Corp.		6,500		85,197
Lixil Corp.		9,400		209,501
M3 Inc.		14,500		545,541
Makita Corp.		7,100		253,052
Marubeni Corp.		52,000		545,825
Mazda Motor Corp.(a)		18,200		134,614
McDonald’s Holdings Co. Japan Ltd.		2,300		98,896

Security	Shares		Value
Japan (continued)
Medipal Holdings Corp.		5,300	$	97,001
MEIJI Holdings Co. Ltd.		3,600		216,065
Mercari Inc.(a)		3,000		93,960
MINEBEA MITSUMI Inc.		12,200		267,801
MISUMI Group Inc.		9,900		317,371
Mitsubishi Chemical Holdings Corp.		43,700		310,437
Mitsubishi Corp.		43,700		1,469,355
Mitsubishi Electric Corp.		61,200		740,246
Mitsubishi Estate Co. Ltd.		40,900		624,472
Mitsubishi Gas Chemical Co. Inc.		4,600		81,613
Mitsubishi HC Capital Inc.		20,900		108,689
Mitsubishi Heavy Industries Ltd.		10,900		321,469
Mitsubishi UFJ Financial Group Inc.		391,200		2,401,570
Mitsui & Co. Ltd.		51,900		1,294,007
Mitsui Chemicals Inc.		5,400		138,049
Mitsui Fudosan Co. Ltd.		29,900		665,456
Mitsui OSK Lines Ltd.		3,800		308,720
Miura Co. Ltd.		2,600		71,260
Mizuho Financial Group Inc.		79,890		1,052,880
MonotaRO Co. Ltd.		8,900		167,525
MS&AD Insurance Group Holdings Inc.		14,600		494,016
Murata Manufacturing Co. Ltd.		18,300		1,243,763
NEC Corp.		7,800		337,472
Nexon Co. Ltd.		16,000		349,557
NGK Insulators Ltd.		9,100		141,322
Nidec Corp.		14,600		1,269,231
Nihon M&A Center Holdings Inc.		10,400		153,827
Nintendo Co. Ltd.		3,500		1,772,581
Nippon Building Fund Inc.		48		275,055
Nippon Express Holdings Inc.		2,200		133,364
Nippon Paint Holdings Co. Ltd.		23,900		213,907
Nippon Prologis REIT Inc.		60		176,403
Nippon Sanso Holdings Corp.		4,400		85,993
Nippon Shinyaku Co. Ltd.		1,400		91,182
Nippon Steel Corp.		28,647		524,497
Nippon Telegraph & Telephone Corp.		39,100		1,123,769
Nippon Yusen KK		5,100		477,824
Nissan Chemical Corp.		3,500		198,941
Nissan Motor Co. Ltd.(a)		77,200		368,181
Nisshin Seifun Group Inc.		5,800		82,325
Nissin Foods Holdings Co. Ltd.		1,800		143,815
Nitori Holdings Co. Ltd.		2,500		376,195
Nitto Denko Corp.		4,500		328,403
Nomura Holdings Inc.		103,900		474,104
Nomura Real Estate Holdings Inc.		3,500		87,145
Nomura Real Estate Master Fund Inc.		140		184,626
Nomura Research Institute Ltd.		11,400		400,172
NTT Data Corp.		20,000		379,882
Obayashi Corp.		20,500		171,646
Obic Co. Ltd.		2,200		353,835
Odakyu Electric Railway Co. Ltd.		10,200		168,285
Oji Holdings Corp.		26,900		137,436
Olympus Corp.		35,400		718,991
Omron Corp.		5,400		367,462
Ono Pharmaceutical Co. Ltd.		12,400		305,288
Open House Group Co. Ltd.		2,400		109,126
Oracle Corp. Japan		1,100		78,568
Oriental Land Co. Ltd./Japan		6,800		1,257,080
ORIX Corp.		42,000		832,571
Orix JREIT Inc.		92		128,710

16 2 0 2 2   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S 

Schedule of Investments(unaudited) (continued) February 28, 2022 iShares^® MSCI World ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Japan (continued)
Osaka Gas Co. Ltd.		12,500	$	228,766
Otsuka Corp.		3,300		128,184
Otsuka Holdings Co. Ltd.		13,000		448,164
Pan Pacific International Holdings Corp.		13,600		222,605
Panasonic Corp.		73,900		771,760
Persol Holdings Co. Ltd.		5,200		116,489
Pola Orbis Holdings Inc.		2,700		42,533
Rakuten Group Inc.		28,500		242,268
Recruit Holdings Co. Ltd.		44,300		1,869,911
Renesas Electronics Corp.(a)		43,000		506,570
Resona Holdings Inc.		69,100		309,036
Ricoh Co. Ltd.		21,100		180,000
Rinnai Corp.		1,100		90,493
Rohm Co. Ltd.		3,000		239,261
Ryohin Keikaku Co. Ltd.		9,000		132,549
Santen Pharmaceutical Co. Ltd.		12,100		137,905
SBI Holdings Inc./Japan		8,700		228,218
SCSK Corp.		4,600		78,754
Secom Co. Ltd.		7,100		521,469
Seiko Epson Corp.		9,700		149,190
Sekisui Chemical Co. Ltd.		12,600		206,337
Sekisui House Ltd.		19,600		399,607
Seven & i Holdings Co. Ltd.		25,200		1,226,175
SG Holdings Co. Ltd.		10,900		231,027
Sharp Corp./Japan		6,200		58,628
Shimadzu Corp.		8,500		306,144
Shimano Inc.		2,200		512,309
Shimizu Corp.		17,700		117,159
Shin-Etsu Chemical Co. Ltd.		11,873		1,854,421
Shionogi & Co. Ltd.		9,300		618,379
Shiseido Co. Ltd.		13,300		763,235
Shizuoka Bank Ltd./The		14,600		107,940
SMC Corp.		1,900		1,135,001
SoftBank Corp.		96,500		1,219,218
SoftBank Group Corp.		39,900		1,790,552
Sohgo Security Services Co. Ltd.		2,100		75,819
Sompo Holdings Inc.		10,800		468,915
Sony Group Corp.		41,500		4,240,146
Square Enix Holdings Co. Ltd.		2,500		121,921
Stanley Electric Co. Ltd.		3,800		90,299
Subaru Corp.		19,500		319,815
SUMCO Corp.		11,300		188,586
Sumitomo Chemical Co. Ltd.		49,800		237,757
Sumitomo Corp.		36,000		587,362
Sumitomo Dainippon Pharma Co. Ltd.		5,200		57,068
Sumitomo Electric Industries Ltd.		25,200		334,533
Sumitomo Metal Mining Co. Ltd.		8,800		438,966
Sumitomo Mitsui Financial Group Inc.		43,100		1,528,423
Sumitomo Mitsui Trust Holdings Inc.		11,400		405,065
Sumitomo Realty & Development Co. Ltd.		10,600		311,834
Suntory Beverage & Food Ltd.		4,100		163,381
Suzuki Motor Corp.		12,300		489,761
Sysmex Corp.		4,900		392,247
T&D Holdings Inc.		17,300		251,256
Taisei Corp.		5,600		186,208
Taisho Pharmaceutical Holdings Co. Ltd.		1,100		54,604
Takeda Pharmaceutical Co. Ltd.		52,126		1,589,337
TDK Corp.		12,900		522,104
Terumo Corp.		20,400		662,559
TIS Inc.		6,500		153,846

Security	Shares		Value
Japan (continued)
Tobu Railway Co. Ltd.		5,500	$	135,193
Toho Co. Ltd./Tokyo		3,200		133,457
Tokio Marine Holdings Inc.		19,900		1,132,331
Tokyo Century Corp.		1,100		48,226
Tokyo Electric Power Co. Holdings Inc.(a)		54,900		172,331
Tokyo Electron Ltd.		5,000		2,453,887
Tokyo Gas Co. Ltd.		12,500		254,604
Tokyu Corp.		16,200		216,049
TOPPAN INC		9,200		181,280
Toray Industries Inc.		46,800		266,886
Toshiba Corp.		13,900		554,190
Tosoh Corp.		9,000		139,663
TOTO Ltd.		4,100		172,597
Toyo Suisan Kaisha Ltd.		2,600		109,296
Toyota Industries Corp.		4,700		357,487
Toyota Motor Corp.		347,300		6,354,262
Toyota Tsusho Corp.		6,200		257,393
Trend Micro Inc./Japan		3,900		217,880
Tsuruha Holdings Inc.		1,200		96,474
Unicharm Corp.		13,400		505,102
USS Co. Ltd.		6,400		106,317
Welcia Holdings Co. Ltd.		2,700		72,001
West Japan Railway Co.		6,900		297,693
Yakult Honsha Co. Ltd.		4,200		227,929
Yamaha Corp.		4,300		201,750
Yamaha Motor Co. Ltd.		10,300		231,540
Yamato Holdings Co. Ltd.		10,100		198,352
Yaskawa Electric Corp.		8,600		344,316
Yokogawa Electric Corp.		8,300		133,915
Z Holdings Corp.		89,900		440,047
ZOZO Inc.		3,600		102,512
				119,595,077
Liechtenstein — 0.1%
ArcelorMittal SA		21,911		679,868
Tenaris SA		15,470		199,366
				879,234
Netherlands — 1.6%
ABN AMRO Bank NV, CVA(c)		14,184		188,750
Adyen NV(a)(c)		650		1,354,777
Aegon NV		63,733		314,828
AerCap Holdings NV(a)		4,408		239,927
Akzo Nobel NV		6,119		582,175
Argenx SE(a)(b)		1,536		444,738
ASM International NV		1,559		503,506
ASML Holding NV		13,503		9,033,828
CNH Industrial NV		33,438		475,639
Davide Campari-Milano NV		17,106		186,162
Euronext NV(c)		2,861		258,266
EXOR NV		3,625		274,650
Heineken Holding NV		3,849		314,344
Heineken NV		8,637		876,124
IMCD NV		1,898		308,314
ING Groep NV		129,347		1,510,578
InPost SA(a)		6,588		40,685
JDE Peet’s NV		3,370		110,635
Just Eat Takeaway.com NV(a)(c)		6,074		245,828
Koninklijke Ahold Delhaize NV		34,851		1,072,095
Koninklijke DSM NV		5,821		1,092,974
Koninklijke KPN NV		112,455		384,836

S C H E D U L E   O F   I N V E S T M E N T S 17

Schedule of Investments(unaudited) (continued) February 28, 2022 iShares^® MSCI World ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Netherlands (continued)
Koninklijke Philips NV		30,375	$	1,037,569
NN Group NV		9,019		432,866
NXP Semiconductors NV		8,778		1,668,873
Prosus NV		30,956		1,921,799
QIAGEN NV(a)		7,627		383,199
Randstad NV		4,099		279,341
Stellantis NV		67,880		1,233,507
STMicroelectronics NV		22,962		963,899
Universal Music Group NV		24,186		552,227
Wolters Kluwer NV		8,918		908,653
				29,195,592
New Zealand — 0.1%
Auckland International Airport Ltd.(a)		40,947		198,266
Fisher & Paykel Healthcare Corp. Ltd.		19,771		371,537
Mercury NZ Ltd.		22,412		87,301
Meridian Energy Ltd.		42,013		142,638
Ryman Healthcare Ltd.		13,953		94,907
Spark New Zealand Ltd.		61,207		187,924
Xero Ltd.(a)		4,360		299,785
				1,382,358
Norway — 0.2%
Adevinta ASA(a)		8,057		86,313
Aker BP ASA		4,130		129,354
DNB Bank ASA		30,347		679,417
Equinor ASA		31,527		991,067
Gjensidige Forsikring ASA		6,548		161,962
Mowi ASA		12,692		326,804
Norsk Hydro ASA		39,635		376,377
Orkla ASA		24,577		230,222
Schibsted ASA, Class A		2,395		68,827
Schibsted ASA, Class B		3,193		82,652
Telenor ASA		22,862		338,257
Yara International ASA		5,412		275,633
				3,746,885
Portugal — 0.0%
EDP - Energias de Portugal SA		90,669		442,687
Galp Energia SGPS SA		16,424		181,802
Jeronimo Martins SGPS SA		9,259		201,862
				826,351
Singapore — 0.4%
Ascendas Real Estate Investment Trust		110,816		227,222
CapitaLand Integrated Commercial Trust(b)		161,876		253,338
Capitaland Investment Ltd./Singapore(a)		88,300		241,965
City Developments Ltd.		13,500		71,435
DBS Group Holdings Ltd.		59,600		1,498,352
Genting Singapore Ltd.		200,500		114,620
Keppel Corp. Ltd.		47,500		211,468
Mapletree Commercial Trust		71,800		96,286
Mapletree Logistics Trust		103,900		135,084
Oversea-Chinese Banking Corp. Ltd.		111,600		967,061
Sea Ltd., ADR(a)		10,472		1,524,723
Singapore Airlines Ltd.(a)		44,700		169,256
Singapore Exchange Ltd.		7,500		52,033
Singapore Technologies Engineering Ltd.		51,200		145,097
Singapore Telecommunications Ltd.		276,500		518,652
United Overseas Bank Ltd.		40,100		891,238
UOL Group Ltd.		15,100		78,255
Venture Corp. Ltd.		9,700		126,531

Security	Shares		Value
Singapore (continued)
Wilmar International Ltd.		63,300	$	205,727
				7,528,343
Spain — 0.6%
ACS Actividades de Construccion y Servicios SA		8,187		198,949
Aena SME SA(a)(c)		2,445		399,037
Amadeus IT Group SA(a)		14,603		963,456
Banco Bilbao Vizcaya Argentaria SA		216,074		1,282,124
Banco Santander SA		567,421		1,889,521
CaixaBank SA		144,690		475,246
Cellnex Telecom SA(c)		16,900		764,424
EDP Renovaveis SA		9,414		228,828
Enagas SA		2,268		47,931
Endesa SA		10,386		228,299
Ferrovial SA		15,863		432,175
Grifols SA		9,768		185,202
Iberdrola SA		190,000		2,155,661
Industria de Diseno Textil SA		35,440		924,480
Naturgy Energy Group SA		6,387		171,361
Red Electrica Corp. SA		5,764		114,187
Repsol SA		47,345		614,350
Siemens Gamesa Renewable Energy SA(a)(b)		7,803		179,545
Telefonica SA		171,791		820,460
				12,075,236
Sweden — 0.9%
Alfa Laval AB		10,272		333,130
Assa Abloy AB, Class B		32,232		846,016
Atlas Copco AB, Class A		22,123		1,134,558
Atlas Copco AB, Class B		12,731		575,253
Boliden AB		8,755		389,426
Electrolux AB, Class B		7,384		132,212
Embracer Group AB(a)(b)		15,563		133,595
Epiroc AB, Class A		21,518		404,337
Epiroc AB, Class B		12,753		206,731
EQT AB		9,586		320,844
Essity AB, Class B		20,384		524,601
Evolution AB(c)		5,638		646,448
Fastighets AB Balder, Class B(a)		3,431		213,885
Getinge AB, Class B		7,472		290,022
H & M Hennes & Mauritz AB, Class B		24,979		416,877
Hexagon AB, Class B		64,572		872,347
Husqvarna AB, Class B		13,701		165,016
Industrivarden AB, Class A		3,716		102,617
Industrivarden AB, Class C		5,229		141,731
Investment AB Latour, Class B		4,849		133,943
Investor AB		16,288		360,168
Investor AB, Class B		59,387		1,209,266
Kinnevik AB, Class B(a)		7,916		201,544
L E Lundbergforetagen AB, Class B		2,494		120,428
Lifco AB, Class B		7,626		173,351
Lundin Energy AB		6,637		244,899
Nibe Industrier AB, Class B		47,033		418,677
Sagax AB, Class B		5,268		143,244
Sandvik AB		36,826		793,693
Securitas AB, Class B		10,272		124,362
Sinch AB(a)(b)(c)		17,102		144,262
Skandinaviska Enskilda Banken AB, Class A		53,109		611,835
Skanska AB, Class B		11,124		251,773
SKF AB, Class B		12,492		230,655
Svenska Cellulosa AB SCA, Class B		19,382		316,228

18 2 0 2 2   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S 

Schedule of Investments(unaudited) (continued) February 28, 2022 iShares^® MSCI World ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Sweden (continued)
Svenska Handelsbanken AB, Class A		47,152	$	448,265
Swedbank AB, Class A		29,559		477,587
Swedish Match AB		51,661		375,562
Tele2 AB, Class B		16,398		217,292
Telefonaktiebolaget LM Ericsson, Class B		93,256		858,132
Telia Co. AB		87,956		327,036
Volvo AB, Class A		6,567		128,329
Volvo AB, Class B		46,957		903,165
				17,063,342
Switzerland — 2.9%
ABB Ltd., Registered		52,955		1,789,503
Adecco Group AG, Registered		5,216		246,344
Alcon Inc.		16,036		1,238,902
Bachem Holding AG, Class B, Registered		197		117,240
Baloise Holding AG, Registered		1,557		261,175
Barry Callebaut AG, Registered		120		276,799
Chocoladefabriken Lindt & Spruengli AG, Participation Certificates, NVS		31		328,838
Chocoladefabriken Lindt & Spruengli AG, Registered		3		336,735
Cie. Financiere Richemont SA, Class A, Registered		17,306		2,317,386
Clariant AG, Registered		7,292		131,641
Coca-Cola HBC AG, Class DI		6,545		166,286
Credit Suisse Group AG, Registered		89,141		746,743
EMS-Chemie Holding AG, Registered		236		233,435
Geberit AG, Registered		1,196		782,396
Givaudan SA, Registered		300		1,252,622
Holcim Ltd.		16,814		846,383
Julius Baer Group Ltd.		7,447		436,070
Kuehne + Nagel International AG, Registered		1,825		497,705
Logitech International SA, Registered		5,815		435,130
Lonza Group AG, Registered		2,400		1,660,564
Nestle SA, Registered		92,093		11,999,324
Novartis AG, Registered		71,267		6,263,756
Partners Group Holding AG		754		1,019,249
Roche Holding AG, Bearer		1,118		466,663
Roche Holding AG, NVS		22,883		8,666,554
Schindler Holding AG, Participation Certificates, NVS		1,381		316,864
Schindler Holding AG, Registered		666		149,285
SGS SA, Registered		191		546,518
Siemens Energy AG(a)		13,058		310,568
Sika AG, Registered		4,567		1,515,489
Sonova Holding AG, Registered		1,839		712,050
Straumann Holding AG, Registered		327		519,427
Swatch Group AG (The), Bearer		968		297,676
Swatch Group AG (The), Registered		1,785		105,748
Swiss Life Holding AG, Registered		1,053		642,517
Swiss Prime Site AG, Registered		2,566		251,451
Swiss Re AG		9,678		924,788
Swisscom AG, Registered		876		524,735
Temenos AG, Registered		2,269		228,067
UBS Group AG, Registered		113,593		2,089,744
VAT Group AG(c)		908		343,129
Vifor Pharma AG		1,638		287,517
Zurich Insurance Group AG		5,010		2,299,570
				54,582,586
United Kingdom — 3.8%
3i Group PLC		31,736		565,349
abrdn plc		71,086		197,031
Admiral Group PLC		6,792		270,563

Security	Shares		Value
United Kingdom (continued)
Amcor PLC		51,579	$	599,864
Anglo American PLC		42,472		2,155,952
Antofagasta PLC		12,865		260,488
Aptiv PLC(a)		8,848		1,145,285
Ashtead Group PLC		14,588		947,955
Associated British Foods PLC		11,609		297,027
AstraZeneca PLC		50,496		6,137,603
Auto Trader Group PLC(c)		31,277		276,616
AVEVA Group PLC		3,925		129,972
Aviva PLC		127,773		715,960
BAE Systems PLC		104,548		1,003,764
Barclays PLC		551,775		1,348,295
Barratt Developments PLC		33,230		270,665
Berkeley Group Holdings PLC		3,658		190,239
BP PLC		655,879		3,196,828
British American Tobacco PLC		71,520		3,134,499
British Land Co. PLC/The		28,694		202,772
BT Group PLC		292,857		730,705
Bunzl PLC		10,993		434,419
Burberry Group PLC		13,195		342,096
Clarivate PLC(a)(b)		11,524		172,630
Coca-Cola Europacific Partners PLC		6,710		343,619
Compass Group PLC		58,653		1,325,737
Croda International PLC		4,545		454,950
DCC PLC		3,208		251,743
Diageo PLC		76,077		3,769,033
Entain PLC(a)		19,793		444,994
Experian PLC		30,049		1,173,848
Ferguson PLC		7,244		1,103,826
GlaxoSmithKline PLC		164,018		3,420,453
Halma PLC		12,380		399,305
Hargreaves Lansdown PLC		11,594		175,721
Hikma Pharmaceuticals PLC		5,658		157,518
HSBC Holdings PLC		668,333		4,639,756
Imperial Brands PLC		29,939		654,654
Informa PLC(a)		49,003		387,998
InterContinental Hotels Group PLC(a)		5,997		417,588
Intertek Group PLC		5,264		377,860
J Sainsbury PLC		56,998		210,215
JD Sports Fashion PLC		84,097		169,173
Johnson Matthey PLC		6,309		158,542
Kingfisher PLC		68,541		279,603
Land Securities Group PLC		22,977		243,481
Legal & General Group PLC		195,812		724,001
Lloyds Banking Group PLC		2,310,713		1,489,266
London Stock Exchange Group PLC		10,655		930,785
M&G PLC		84,745		233,292
Melrose Industries PLC		142,524		281,979
Mondi PLC		15,884		333,269
National Grid PLC		117,898		1,782,543
NatWest Group PLC		188,014		576,105
Next PLC		4,338		397,198
Ocado Group PLC(a)		15,593		286,738
Pearson PLC		24,584		212,674
Persimmon PLC		10,508		338,185
Phoenix Group Holdings PLC		22,855		189,429
Prudential PLC		85,622		1,294,473
Reckitt Benckiser Group PLC		23,278		1,971,114
RELX PLC		63,029		1,919,421
Rentokil Initial PLC		63,246		429,210

S C H E D U L E   O F   I N V E S T M E N T S 19

Schedule of Investments(unaudited) (continued) February 28, 2022 iShares^® MSCI World ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
United Kingdom (continued)
Rolls-Royce Holdings PLC(a)		272,470	$	375,862
Royalty Pharma PLC, Class A		11,201		439,751
Sage Group PLC/The		35,972		337,469
Schroders PLC		4,053		165,922
Segro PLC		39,156		680,964
Sensata Technologies Holding PLC(a)		5,204		301,364
Severn Trent PLC		8,157		313,824
Smith & Nephew PLC		28,660		512,610
Smiths Group PLC		12,931		263,800
Spirax-Sarco Engineering PLC		2,357		375,599
SSE PLC		34,035		772,415
St. James’s Place PLC		17,595		329,870
Standard Chartered PLC		85,792		611,405
Taylor Wimpey PLC		128,543		257,830
Tesco PLC		255,840		991,113
Unilever PLC		84,590		4,249,122
United Utilities Group PLC		22,236		319,146
Vodafone Group PLC		911,229		1,604,071
Whitbread PLC(a)		6,588		257,165
WPP PLC		38,868		546,674
				72,381,852
United States — 67.6%
10X Genomics Inc., Class A(a)		2,442		198,950
3M Co.		18,874		2,805,620
A O Smith Corp.		4,371		299,763
Abbott Laboratories		57,800		6,971,836
AbbVie Inc.		57,617		8,514,064
ABIOMED Inc.(a)		1,485		461,449
Accenture PLC, Class A		20,682		6,535,926
Activision Blizzard Inc.		25,418		2,071,567
Adobe Inc.(a)		15,534		7,264,941
Advance Auto Parts Inc.		2,063		421,842
Advanced Micro Devices Inc.(a)		53,461		6,593,880
AES Corp. (The)		21,724		461,201
Affirm Holdings Inc.(a)(b)		5,536		231,626
Aflac Inc.		20,823		1,272,077
Agilent Technologies Inc.		9,892		1,289,521
AGNC Investment Corp.		16,728		215,958
Air Products and Chemicals Inc.		7,219		1,705,850
Airbnb Inc., Class A(a)		9,648		1,461,576
Akamai Technologies Inc.(a)		5,405		585,145
Albemarle Corp.		3,864		756,919
Alexandria Real Estate Equities Inc.		4,722		894,347
Align Technology Inc.(a)		2,443		1,249,497
Alleghany Corp.(a)		452		299,188
Allegion PLC		2,952		338,063
Alliant Energy Corp.		8,437		492,721
Allstate Corp. (The)		9,656		1,181,508
Ally Financial Inc.		11,755		586,575
Alnylam Pharmaceuticals Inc.(a)		3,870		610,880
Alphabet Inc., Class A(a)		9,830		26,552,206
Alphabet Inc., Class C, NVS(a)		9,359		25,248,897
Altria Group Inc.		60,467		3,101,352
Amazon.com Inc.(a)		14,937		45,875,411
AMC Entertainment Holdings Inc., Class A(a)(b)		16,084		303,344
AMERCO		318		183,680
Ameren Corp.		8,433		724,816
American Electric Power Co. Inc.		16,338		1,481,040
American Express Co.		22,022		4,284,160
American Financial Group Inc./OH		2,364		320,062

Security	Shares		Value
United States (continued)
American International Group Inc.		27,023	$	1,654,889
American Tower Corp.		14,821		3,362,440
American Water Works Co. Inc.		5,921		894,604
Ameriprise Financial Inc.		3,713		1,113,120
AmerisourceBergen Corp.		5,097		726,475
AMETEK Inc.		7,549		979,785
Amgen Inc.		18,607		4,214,113
Amphenol Corp., Class A		19,434		1,477,178
Analog Devices Inc.		17,529		2,809,723
Annaly Capital Management Inc.		47,425		330,078
ANSYS Inc.(a)		2,851		924,266
Anthem Inc.		7,904		3,571,422
Aon PLC, Class A		7,372		2,153,656
Apollo Global Management Inc.		10,789		704,090
Apple Inc.		536,920		88,656,230
Applied Materials Inc.		29,445		3,951,519
Aramark		7,562		279,492
Arch Capital Group Ltd.(a)		12,929		609,085
Archer-Daniels-Midland Co.		18,481		1,449,834
Arista Networks Inc.(a)		7,517		922,561
Arrow Electronics Inc.(a)		2,362		287,881
Arthur J Gallagher & Co.		6,737		1,065,726
Asana Inc., Class A(a)(b)		2,191		120,045
Assurant Inc.		1,932		327,880
AT&T Inc.		232,832		5,515,790
Atmos Energy Corp.		4,313		473,611
Autodesk Inc.(a)		7,225		1,591,162
Automatic Data Processing Inc.		13,799		2,821,068
AutoZone Inc.(a)		708		1,319,280
Avalara Inc.(a)		2,834		294,481
AvalonBay Communities Inc.		4,554		1,086,539
Avantor Inc.(a)		17,448		605,271
Avery Dennison Corp.		2,709		477,326
Baker Hughes Co.		27,114		796,609
Ball Corp.		10,821		971,077
Bank of America Corp.		241,051		10,654,454
Bank of New York Mellon Corp. (The)		26,706		1,419,424
Bath & Body Works Inc.		8,758		467,414
Baxter International Inc.		16,374		1,391,299
Becton Dickinson and Co.		9,370		2,541,894
Bentley Systems Inc., Class B		5,815		223,238
Berkshire Hathaway Inc., Class B(a)		42,658		13,712,414
Best Buy Co. Inc.		7,367		711,947
Bill.com Holdings Inc.(a)		2,438		579,951
Biogen Inc.(a)		4,825		1,018,123
BioMarin Pharmaceutical Inc.(a)		6,159		481,141
Bio-Rad Laboratories Inc., Class A(a)		750		469,470
Bio-Techne Corp.		1,264		530,134
Black Knight Inc.(a)		5,275		296,402
BlackRock Inc.(e)		4,962		3,691,182
Blackstone Inc., NVS		22,523		2,871,007
Block Inc.(a)		15,867		2,023,043
Boeing Co. (The)(a)		18,204		3,738,009
Booking Holdings Inc.(a)		1,339		2,908,643
Booz Allen Hamilton Holding Corp.		4,678		377,468
BorgWarner Inc.		7,883		323,282
Boston Properties Inc.		4,851		593,326
Boston Scientific Corp.(a)		46,721		2,063,667
Bristol-Myers Squibb Co.		72,475		4,976,858
Broadcom Inc.		13,375		7,857,010

20 2 0 2 2   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S 

Schedule of Investments(unaudited) (continued) February 28, 2022 iShares^® MSCI World ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
United States (continued)
Broadridge Financial Solutions Inc.		3,848	$	562,616
Brown & Brown Inc.		7,840		530,062
Brown-Forman Corp., Class B, NVS		10,129		660,715
Bunge Ltd.		4,732		494,731
Burlington Stores Inc.(a)(b)		2,187		494,021
Cable One Inc.		169		242,152
Cadence Design Systems Inc.(a)		9,033		1,367,867
Caesars Entertainment Inc.(a)(b)		6,986		588,151
Camden Property Trust		3,217		531,159
Campbell Soup Co.		6,705		301,524
Capital One Financial Corp.		13,904		2,131,066
Cardinal Health Inc.		9,526		514,499
Carlyle Group Inc. (The)		5,238		245,505
CarMax Inc.(a)		5,295		578,902
Carnival Corp.(a)		27,122		551,390
Carrier Global Corp.		26,909		1,207,676
Carvana Co.(a)(b)		2,485		373,918
Catalent Inc.(a)		5,464		557,547
Caterpillar Inc.		17,900		3,357,682
Cboe Global Markets Inc.		3,491		409,459
CBRE Group Inc., Class A(a)		10,965		1,061,960
CDW Corp./DE		4,492		774,690
Celanese Corp.		3,618		503,915
Centene Corp.(a)		19,213		1,587,378
CenterPoint Energy Inc.		19,592		535,841
Ceridian HCM Holding Inc.(a)		4,533		330,501
Cerner Corp.		9,663		901,075
CF Industries Holdings Inc.		7,045		571,984
CH Robinson Worldwide Inc.		4,323		417,948
Charles River Laboratories International Inc.(a)		1,615		470,223
Charles Schwab Corp. (The)		47,465		4,008,894
Charter Communications Inc., Class A(a)		4,186		2,519,051
Cheniere Energy Inc.		8,003		1,063,599
Chevron Corp.		63,053		9,079,632
Chewy Inc., Class A(a)(b)		2,640		124,450
Chipotle Mexican Grill Inc.(a)		915		1,393,865
Chubb Ltd.		14,205		2,892,706
Church & Dwight Co. Inc.		8,034		786,127
Cigna Corp.		11,095		2,638,169
Cincinnati Financial Corp.		5,108		627,211
Cintas Corp.		3,007		1,128,587
Cisco Systems Inc.		137,405		7,663,077
Citigroup Inc.		66,113		3,915,873
Citizens Financial Group Inc.		13,949		731,207
Citrix Systems Inc.		3,924		402,210
Clorox Co. (The)		4,019		585,930
Cloudflare Inc., Class A(a)		7,743		901,440
CME Group Inc.		11,772		2,784,431
CMS Energy Corp.		9,647		617,504
Coca-Cola Co. (The)		133,811		8,328,397
Cognex Corp.		5,892		398,064
Cognizant Technology Solutions Corp., Class A		17,163		1,478,249
Coinbase Global Inc., Class A(a)		1,234		235,410
Colgate-Palmolive Co.		26,146		2,011,935
Comcast Corp., Class A		149,348		6,983,512
Conagra Brands Inc.		16,120		563,716
ConocoPhillips		43,680		4,143,485
Consolidated Edison Inc.		11,549		990,558
Constellation Brands Inc., Class A		5,495		1,184,832
Constellation Energy Corp.		10,751		494,331

Security	Shares		Value
United States (continued)
Cooper Companies Inc. (The)		1,625	$	664,658
Copart Inc.(a)		6,909		848,978
Corning Inc.		26,431		1,067,812
Corteva Inc.		23,979		1,247,627
CoStar Group Inc.(a)		12,898		786,907
Costco Wholesale Corp.		14,409		7,481,873
Coterra Energy Inc.		25,420		593,049
Coupa Software Inc.(a)(b)		2,490		301,315
Crowdstrike Holdings Inc., Class A(a)		6,166		1,203,665
Crown Castle International Corp.		14,156		2,358,248
Crown Holdings Inc.		4,308		528,462
CSX Corp.		73,551		2,494,114
Cummins Inc.		4,673		953,853
CVS Health Corp.		43,036		4,460,681
Danaher Corp.		20,985		5,758,494
Darden Restaurants Inc.		4,258		618,347
Datadog Inc., Class A(a)		7,155		1,152,742
DaVita Inc.(a)		2,451		276,399
Deere & Co.		9,607		3,458,712
Dell Technologies Inc., Class C(a)		9,124		464,959
Delta Air Lines Inc.(a)		5,287		211,057
DENTSPLY SIRONA Inc.		7,171		388,238
Devon Energy Corp.		21,037		1,252,753
Dexcom Inc.(a)		3,154		1,305,472
Diamondback Energy Inc.		5,622		776,398
Digital Realty Trust Inc.		9,218		1,243,693
Discover Financial Services		9,785		1,207,860
Discovery Inc., Class A(a)(b)		5,315		149,086
Discovery Inc., Class C, NVS(a)		10,354		289,601
DISH Network Corp., Class A(a)		8,101		258,908
DocuSign Inc.(a)		6,343		751,201
Dollar General Corp.		7,616		1,510,557
Dollar Tree Inc.(a)		7,346		1,043,720
Dominion Energy Inc.		26,230		2,086,072
Domino’s Pizza Inc.		1,202		519,516
DoorDash Inc., Class A(a)		3,506		367,955
Dover Corp.		4,786		750,732
Dow Inc.		24,668		1,454,425
DR Horton Inc.		11,118		949,477
DraftKings Inc., Class A(a)(b)		10,521		249,137
Dropbox Inc., Class A(a)		10,392		235,794
DTE Energy Co.		6,293		765,166
Duke Energy Corp.		25,095		2,519,789
Duke Realty Corp.		12,457		660,221
DuPont de Nemours Inc.		17,077		1,321,247
Dynatrace Inc.(a)		6,205		275,626
Eastman Chemical Co.		4,531		536,788
Eaton Corp. PLC		13,053		2,013,947
eBay Inc.		21,230		1,158,946
Ecolab Inc.		8,416		1,483,404
Edison International		12,612		799,853
Edwards Lifesciences Corp.(a)		20,339		2,285,493
Elanco Animal Health Inc.(a)		13,967		396,802
Electronic Arts Inc.		9,292		1,208,796
Eli Lilly & Co.		26,509		6,625,925
Emerson Electric Co.		19,515		1,813,334
Enphase Energy Inc.(a)		4,199		699,973
Entegris Inc.(b)		4,431		578,157
Entergy Corp.		6,596		693,965
EOG Resources Inc.		19,061		2,190,490

S C H E D U L E   O F   I N V E S T M E N T S 21

Schedule of Investments(unaudited) (continued) February 28, 2022 iShares^® MSCI World ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
United States (continued)
EPAM Systems Inc.(a)		1,828	$	379,767
Equifax Inc.		3,972		867,246
Equinix Inc.		2,927		2,077,380
Equitable Holdings Inc.		12,180		397,799
Equity LifeStyle Properties Inc.		5,832		435,184
Equity Residential		11,736		1,001,081
Erie Indemnity Co., Class A, NVS		842		147,434
Essential Utilities Inc.		7,670		361,334
Essex Property Trust Inc.		2,122		673,035
Estee Lauder Companies Inc. (The), Class A		7,604		2,253,293
Etsy Inc.(a)		4,130		639,696
Everest Re Group Ltd.		1,250		372,775
Evergy Inc.		7,664		478,310
Eversource Energy		11,364		929,575
Exact Sciences Corp.(a)		5,695		444,552
Exelon Corp.		32,233		1,371,836
Expedia Group Inc.(a)		4,754		932,307
Expeditors International of Washington Inc.		5,555		574,165
Extra Space Storage Inc.		4,369		822,027
Exxon Mobil Corp.		138,035		10,824,705
F5 Inc.(a)		1,973		396,277
FactSet Research Systems Inc.		1,242		504,364
Fair Isaac Corp.(a)		911		429,254
Fastenal Co.		18,772		966,007
FedEx Corp.		8,259		1,835,728
Fidelity National Financial Inc.		8,830		420,661
Fidelity National Information Services Inc.		20,153		1,919,170
Fifth Third Bancorp		22,529		1,077,787
First Citizens BancShares Inc./NC, Class A		389		306,707
First Republic Bank/CA		5,768		999,364
FirstEnergy Corp.		18,113		758,029
Fiserv Inc.(a)		19,451		1,899,779
FleetCor Technologies Inc.(a)		2,565		600,723
FMC Corp.		4,345		509,451
Ford Motor Co.		128,869		2,262,940
Fortinet Inc.(a)		4,567		1,573,423
Fortive Corp.		11,155		722,286
Fortune Brands Home & Security Inc.		4,516		392,440
Fox Corp., Class A, NVS		10,540		440,888
Fox Corp., Class B		4,991		190,956
Franklin Resources Inc.		9,915		294,773
Freeport-McMoRan Inc.		48,310		2,268,154
Garmin Ltd.		4,944		546,015
Gartner Inc.(a)		2,731		765,827
Generac Holdings Inc.(a)		2,066		651,761
General Dynamics Corp.		7,756		1,818,394
General Electric Co.		35,808		3,420,022
General Mills Inc.		19,797		1,334,912
General Motors Co.(a)		42,623		1,991,347
Genuine Parts Co.		4,683		572,075
Gilead Sciences Inc.		40,907		2,470,783
Global Payments Inc.		9,743		1,299,521
Globe Life Inc.		3,177		320,750
GoDaddy Inc., Class A(a)		5,534		461,591
Goldman Sachs Group Inc. (The)		11,090		3,784,906
Guidewire Software Inc.(a)		2,544		224,254
Halliburton Co.		29,158		977,668
Hartford Financial Services Group Inc. (The)		11,361		789,362
Hasbro Inc.		4,291		416,442
HCA Healthcare Inc.		8,357		2,091,841

Security	Shares		Value
United States (continued)
Healthpeak Properties Inc.		17,769	$	551,905
HEICO Corp.		1,425		210,202
HEICO Corp., Class A		2,397		294,639
Henry Schein Inc.(a)		4,585		396,052
Hershey Co. (The)		4,755		961,746
Hess Corp.		9,101		919,747
Hewlett Packard Enterprise Co.		42,758		680,707
Hilton Worldwide Holdings Inc.(a)		9,101		1,354,775
Hologic Inc.(a)		8,291		590,070
Home Depot Inc. (The)		34,174		10,793,174
Honeywell International Inc.		22,514		4,272,031
Horizon Therapeutics PLC(a)		6,798		619,774
Hormel Foods Corp.		9,780		465,919
Host Hotels & Resorts Inc.(a)		23,921		437,037
Howmet Aerospace Inc.		13,384		480,753
HP Inc.		39,217		1,347,496
HubSpot Inc.(a)		1,461		767,025
Humana Inc.		4,191		1,820,235
Huntington Bancshares Inc./OH		48,310		749,771
Huntington Ingalls Industries Inc.		1,320		269,808
IAC/InterActiveCorp.(a)(b)		2,595		297,802
IDEX Corp.		2,520		483,588
IDEXX Laboratories Inc.(a)		2,769		1,474,077
Illinois Tool Works Inc.		10,270		2,221,812
Illumina Inc.(a)		4,785		1,562,781
Incyte Corp.(a)		6,279		428,856
Ingersoll Rand Inc.		13,256		669,693
Insulet Corp.(a)		2,247		594,758
Intel Corp.		132,506		6,320,536
Intercontinental Exchange Inc.		18,366		2,353,052
International Business Machines Corp.		29,235		3,581,580
International Flavors & Fragrances Inc.		8,171		1,086,743
International Paper Co.		12,170		529,760
Interpublic Group of Companies Inc. (The)		12,910		475,088
Intuit Inc.		8,940		4,240,868
Intuitive Surgical Inc.(a)		11,640		3,379,441
Invesco Ltd.		11,398		242,094
Invitation Homes Inc.		18,846		712,379
IPG Photonics Corp.(a)		1,254		163,459
IQVIA Holdings Inc.(a)		6,309		1,451,827
Iron Mountain Inc.		9,484		466,423
Jack Henry & Associates Inc.		2,508		443,414
Jacobs Engineering Group Inc.		4,325		531,975
Jazz Pharmaceuticals PLC(a)		2,007		275,802
JB Hunt Transport Services Inc.		2,750		558,058
JM Smucker Co. (The)		3,512		473,242
Johnson & Johnson		85,819		14,123,233
Johnson Controls International PLC		23,092		1,500,056
JPMorgan Chase & Co.		96,715		13,714,187
Juniper Networks Inc.		10,683		360,979
Kellogg Co.		8,373		535,370
Keurig Dr Pepper Inc.		23,162		895,675
KeyCorp		31,306		784,841
Keysight Technologies Inc.(a)		5,999		944,063
Kimberly-Clark Corp.		10,988		1,430,088
Kimco Realty Corp.		20,173		474,671
Kinder Morgan Inc.		66,683		1,160,284
KKR & Co. Inc.		17,136		1,030,216
KLA Corp.		4,978		1,734,833
Knight-Swift Transportation Holdings Inc.		5,183		282,370

22 2 0 2 2   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S 

Schedule of Investments(unaudited) (continued) February 28, 2022 iShares^® MSCI World ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
United States (continued)
Kraft Heinz Co. (The)		22,368	$	877,273
Kroger Co. (The)		23,191		1,085,339
L3Harris Technologies Inc.		6,561		1,655,406
Laboratory Corp. of America Holdings(a)		3,147		853,655
Lam Research Corp.		4,658		2,614,768
Las Vegas Sands Corp.(a)		11,550		495,033
Lear Corp.		1,958		308,072
Leidos Holdings Inc.		4,524		460,724
Lennar Corp., Class A		8,975		806,673
Lennox International Inc.		1,070		285,615
Liberty Broadband Corp., Class A(a)		820		118,744
Liberty Broadband Corp., Class C, NVS(a)		4,748		696,532
Liberty Global PLC, Class A(a)		5,232		134,881
Liberty Global PLC, Class C, NVS(a)		11,381		294,426
Liberty Media Corp.-Liberty Formula One, Class C, NVS(a)		6,214		377,376
Liberty Media Corp.-Liberty SiriusXM, Class A(a)(b)		2,750		138,490
Liberty Media Corp.-Liberty SiriusXM, Class C, NVS(a)		5,559		279,729
Lincoln National Corp.		5,854		394,677
Live Nation Entertainment Inc.(a)		5,379		649,891
LKQ Corp.		9,142		429,217
Lockheed Martin Corp.		8,124		3,524,191
Loews Corp.		7,180		440,421
Lowe’s Companies Inc.		22,049		4,874,152
Lucid Group Inc.(a)(b)		13,258		384,217
Lululemon Athletica Inc.(a)		3,864		1,236,248
Lumen Technologies Inc.		30,861		319,720
Lyft Inc., Class A(a)		8,580		334,105
LyondellBasell Industries NV, Class A		8,697		845,609
M&T Bank Corp.		4,204		766,095
Marathon Petroleum Corp.		20,843		1,623,044
Markel Corp.(a)		448		556,824
MarketAxess Holdings Inc.		1,287		490,900
Marriott International Inc./MD, Class A(a)		9,030		1,536,364
Marsh & McLennan Companies Inc.		16,521		2,567,529
Martin Marietta Materials Inc.		2,041		774,355
Marvell Technology Inc.		26,870		1,836,027
Masco Corp.		8,091		453,420
Masimo Corp.(a)		1,751		275,695
Mastercard Inc., Class A		28,781		10,384,760
Match Group Inc.(a)		8,577		956,250
McCormick & Co. Inc./MD, NVS		8,143		774,969
McDonald’s Corp.		24,346		5,959,170
McKesson Corp.		5,050		1,388,548
Medical Properties Trust Inc.		19,536		397,362
Medtronic PLC		43,902		4,609,271
MercadoLibre Inc.(a)(b)		1,463		1,648,289
Merck & Co. Inc.		82,554		6,321,985
Meta Platforms Inc., Class A(a)		77,841		16,426,786
MetLife Inc.		23,769		1,605,596
Mettler-Toledo International Inc.(a)		750		1,056,555
MGM Resorts International		12,626		559,206
Microchip Technology Inc.		17,886		1,257,922
Micron Technology Inc.		36,915		3,280,267
Microsoft Corp.		233,107		69,650,041
Mid-America Apartment Communities Inc.		3,823		782,224
Moderna Inc.(a)		11,210		1,721,856
Mohawk Industries Inc.(a)(b)		1,927		271,283
Molina Healthcare Inc.(a)		1,909		585,815
Molson Coors Beverage Co., Class B		6,270		327,169

Security	Shares		Value
United States (continued)
Mondelez International Inc., Class A		45,799	$	2,998,919
MongoDB Inc.(a)		1,901		726,163
Monolithic Power Systems Inc.		1,413		648,143
Monster Beverage Corp.(a)		12,956		1,093,486
Moody’s Corp.		5,528		1,780,182
Morgan Stanley		44,912		4,075,315
Mosaic Co. (The)		12,151		637,077
Motorola Solutions Inc.		5,528		1,218,537
MSCI Inc.		2,689		1,349,044
Nasdaq Inc.		3,821		653,964
NetApp Inc.		7,452		584,088
Netflix Inc.(a)		14,429		5,692,529
Neurocrine Biosciences Inc.(a)		3,187		286,416
Newell Brands Inc.		12,606		299,393
Newmont Corp.		26,091		1,727,224
News Corp., Class A, NVS		12,887		287,638
NextEra Energy Inc.		63,973		5,007,167
Nike Inc., Class B		41,674		5,690,585
NiSource Inc.		12,895		373,052
Nordson Corp.		1,667		377,559
Norfolk Southern Corp.		8,112		2,080,890
Northern Trust Corp.		6,500		740,350
Northrop Grumman Corp.		4,947		2,187,267
NortonLifeLock Inc.		19,541		566,298
Novavax Inc.(a)(b)		2,305		192,168
Novocure Ltd.(a)		3,020		247,217
NRG Energy Inc.		8,041		304,271
Nuance Communications Inc.(a)		9,790		543,541
Nucor Corp.		9,700		1,276,714
NVIDIA Corp.		81,634		19,906,451
NVR Inc.(a)		109		540,470
Occidental Petroleum Corp.		30,524		1,334,815
Okta Inc.(a)		4,831		883,300
Old Dominion Freight Line Inc.		3,210		1,008,036
Omnicom Group Inc.		6,946		582,700
ON Semiconductor Corp.(a)		14,075		881,236
ONEOK Inc.		14,783		965,330
Oracle Corp.		54,626		4,149,937
O’Reilly Automotive Inc.(a)		2,237		1,452,350
Otis Worldwide Corp.		13,241		1,037,168
Owens Corning		3,389		315,821
PACCAR Inc.		11,351		1,042,135
Packaging Corp. of America		3,259		479,692
Palantir Technologies Inc., Class A(a)(b)		51,795		613,771
Palo Alto Networks Inc.(a)(b)		3,169		1,883,178
Paramount Global, Class B, NVS		19,911		609,476
Parker-Hannifin Corp.		4,212		1,248,395
Paychex Inc.		10,728		1,277,276
Paycom Software Inc.(a)		1,683		570,890
PayPal Holdings Inc.(a)		36,398		4,074,028
Peloton Interactive Inc., Class A(a)		9,202		267,410
Pentair PLC		5,419		313,814
PepsiCo Inc.		45,211		7,402,849
PerkinElmer Inc.		3,660		657,373
Pfizer Inc.		182,790		8,580,163
PG&E Corp.(a)(b)		47,566		540,825
Philip Morris International Inc.		50,826		5,136,984
Phillips 66		14,319		1,206,233
Pinterest Inc., Class A(a)		18,164		485,887
Pioneer Natural Resources Co.		7,552		1,809,459

S C H E D U L E   O F   I N V E S T M E N T S 23

Schedule of Investments(unaudited) (continued) February 28, 2022 iShares^® MSCI World ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
United States (continued)
Plug Power Inc.(a)(b)		16,919	$	427,882
PNC Financial Services Group Inc. (The)		13,859		2,761,406
Pool Corp.		1,330		609,911
PPG Industries Inc.		7,816		1,043,045
PPL Corp.		25,606		670,109
Principal Financial Group Inc.		8,792		621,067
Procter & Gamble Co. (The)		79,340		12,368,313
Progressive Corp. (The)		19,099		2,023,157
Prologis Inc.		24,113		3,516,881
Prudential Financial Inc.		12,590		1,405,799
PTC Inc.(a)		3,651		406,283
Public Service Enterprise Group Inc.		16,514		1,070,603
Public Storage		5,208		1,848,944
PulteGroup Inc.		8,512		422,706
Qorvo Inc.(a)		3,633		496,922
QUALCOMM Inc.		36,778		6,325,448
Quest Diagnostics Inc.		4,001		525,211
Raymond James Financial Inc.		6,191		678,843
Raytheon Technologies Corp.		49,179		5,050,683
Realty Income Corp.		17,996		1,189,356
Regency Centers Corp.		5,020		330,768
Regeneron Pharmaceuticals Inc.(a)		3,430		2,120,975
Regions Financial Corp.		31,260		756,179
Republic Services Inc.		7,277		875,278
ResMed Inc.		4,797		1,183,660
RingCentral Inc., Class A(a)		2,552		333,904
Rivian Automotive Inc., Class A(a)(b)		5,648		381,579
Robert Half International Inc.		3,667		441,103
Robinhood Markets Inc., Class A(a)(b)		6,022		72,324
Rockwell Automation Inc.		3,763		1,003,141
Roku Inc.(a)		3,763		525,051
Rollins Inc.		7,265		237,057
Roper Technologies Inc.		3,439		1,541,429
Ross Stores Inc.		11,661		1,065,699
Royal Caribbean Cruises Ltd.(a)		7,527		607,579
RPM International Inc.		4,205		355,617
S&P Global Inc.		11,414		4,288,107
salesforce.com Inc.(a)		31,922		6,720,539
SBA Communications Corp.		3,575		1,084,619
Schlumberger NV		46,096		1,808,807
Seagen Inc.(a)		4,465		575,405
Sealed Air Corp.		4,924		330,548
SEI Investments Co.		3,955		231,684
Sempra Energy		10,459		1,508,397
ServiceNow Inc.(a)		6,459		3,745,703
Sherwin-Williams Co. (The)		8,163		2,147,930
Signature Bank/New York NY		1,857		640,461
Simon Property Group Inc.		10,837		1,490,738
Sirius XM Holdings Inc.(b)		33,489		206,292
Skyworks Solutions Inc.		5,398		745,842
Snap Inc., Class A, NVS(a)(b)		34,607		1,382,204
Snap-on Inc.		1,803		378,955
Snowflake Inc., Class A(a)		6,872		1,825,616
SoFi Technologies Inc.(a)(b)		17,018		194,856
SolarEdge Technologies Inc.(a)		1,650		527,043
Southern Co. (The)		34,549		2,237,739
Southwest Airlines Co.(a)		4,881		213,788
Splunk Inc.(a)		5,364		633,488
SS&C Technologies Holdings Inc.		7,747		580,793
Stanley Black & Decker Inc.		5,310		863,937

Security	Shares		Value
United States (continued)
Starbucks Corp.		38,452	$	3,529,509
State Street Corp.		11,844		1,010,649
Steel Dynamics Inc.		6,984		492,931
Stryker Corp.		11,122		2,928,979
Sun Communities Inc.		3,786		685,266
Sunrun Inc.(a)		5,706		155,660
SVB Financial Group(a)		1,917		1,161,702
Synchrony Financial		18,634		797,163
Synopsys Inc.(a)		4,967		1,551,641
Sysco Corp.		16,882		1,470,422
T Rowe Price Group Inc.		7,508		1,085,356
Take-Two Interactive Software Inc.(a)		3,804		616,248
Target Corp.		15,915		3,179,340
TE Connectivity Ltd.		10,551		1,502,779
Teladoc Health Inc.(a)(b)		4,726		358,751
Teledyne Technologies Inc.(a)		1,516		650,940
Teleflex Inc.		1,539		517,581
Teradyne Inc.		5,308		625,919
Tesla Inc.(a)		27,936		24,316,332
Texas Instruments Inc.		30,104		5,117,379
Textron Inc.		7,277		532,167
Thermo Fisher Scientific Inc.		12,829		6,978,976
TJX Companies Inc. (The)		39,234		2,593,367
T-Mobile U.S. Inc.(a)		20,473		2,522,478
Tractor Supply Co.		3,725		759,118
Trade Desk Inc. (The), Class A(a)(b)		14,099		1,202,927
Tradeweb Markets Inc., Class A		3,456		291,963
TransDigm Group Inc.(a)		1,688		1,125,204
TransUnion		6,265		568,611
Travelers Companies Inc. (The)		8,142		1,399,040
Trimble Inc.(a)		8,225		573,694
Truist Financial Corp.		43,546		2,709,432
Twilio Inc., Class A(a)		5,446		951,961
Twitter Inc.(a)		26,388		938,093
Tyler Technologies Inc.(a)		1,334		571,299
Tyson Foods Inc., Class A		9,654		894,540
U.S. Bancorp.		45,879		2,593,999
Uber Technologies Inc.(a)		47,620		1,715,749
UDR Inc.		9,933		545,024
UGI Corp.		6,874		264,237
Ulta Beauty Inc.(a)		1,684		630,658
Union Pacific Corp.		21,267		5,230,619
United Parcel Service Inc., Class B		23,762		5,000,000
United Rentals Inc.(a)		2,365		760,631
UnitedHealth Group Inc.		30,788		14,651,086
Unity Software Inc.(a)(b)		1,855		197,465
Universal Health Services Inc., Class B		2,632		378,824
Upstart Holdings Inc.(a)(b)		637		100,640
Vail Resorts Inc.		1,326		345,489
Valero Energy Corp.		13,282		1,109,180
Veeva Systems Inc., Class A(a)		4,487		1,027,747
Ventas Inc.		12,875		695,250
VeriSign Inc.(a)		3,288		702,711
Verisk Analytics Inc.		4,987		884,395
Verizon Communications Inc.		134,991		7,244,967
Vertex Pharmaceuticals Inc.(a)		8,460		1,945,969
VF Corp.		11,136		646,111
Viatris Inc.		39,645		436,491
VICI Properties Inc.		20,108		562,220
Visa Inc., Class A		54,644		11,809,661

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Schedule of Investments(unaudited) (continued) February 28, 2022 iShares^® MSCI World ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
United States (continued)
Vistra Corp.		14,299	$	326,303
VMware Inc., Class A		6,783		795,782
Vornado Realty Trust		5,374		232,587
Vulcan Materials Co.		4,336		786,767
W R Berkley Corp.		4,665		421,250
Walgreens Boots Alliance Inc.		24,285		1,119,296
Walmart Inc.		50,250		6,791,790
Walt Disney Co. (The)(a)		59,356		8,811,992
Waste Management Inc.		13,741		1,984,200
Waters Corp.(a)		2,002		634,093
Wayfair Inc., Class A(a)(b)		2,421		341,046
Webster Financial Corp.		5,875		353,734
WEC Energy Group Inc.		10,290		935,155
Wells Fargo & Co.		130,487		6,964,091
Welltower Inc.		13,652		1,137,075
West Pharmaceutical Services Inc.		2,411		933,250
Western Digital Corp.(a)		9,948		506,751
Western Union Co. (The)		13,403		243,667
Westinghouse Air Brake Technologies Corp.		5,878		545,596
Westrock Co.		8,872		401,635
Weyerhaeuser Co.		24,490		952,171
Whirlpool Corp.		2,095		421,661
Williams Companies Inc. (The)		39,721		1,242,473
Willis Towers Watson PLC		4,214		936,772
Workday Inc., Class A(a)		6,236		1,428,356
WP Carey Inc.		6,155		476,397
WW Grainger Inc.		1,474		703,186
Wynn Resorts Ltd.(a)		3,501		302,907
Xcel Energy Inc.		17,749		1,195,040
Xylem Inc./NY		5,892		524,093
Yum! Brands Inc.		9,646		1,182,407
Zebra Technologies Corp., Class A(a)		1,769		731,198
Zendesk Inc.(a)		3,972		463,413
Zillow Group Inc., Class A(a)		2,027		116,086
Zillow Group Inc., Class C, NVS(a)		5,490		315,785
Zimmer Biomet Holdings Inc.		6,711		853,572
Zoetis Inc.		15,457		2,993,248
Zoom Video Communications Inc., Class A(a)		7,073		937,880
ZoomInfo Technologies Inc.(a)(b)		9,260		506,429
Zscaler Inc.(a)		2,685		642,118
				1,273,611,220
Total Common Stocks — 99.5% (Cost: $1,641,440,056)				1,875,471,023

Security	Shares		Value
Preferred Stocks
Germany — 0.1%
Bayerische Motoren Werke AG, Preference Shares, NVS		1,881	$	152,113
Fuchs Petrolub SE, Preference Shares, NVS		2,279		90,045
Henkel AG & Co. KGaA, Preference Shares, NVS		5,809		461,047
Porsche Automobil Holding SE, Preference Shares, NVS		4,997		498,742
Sartorius AG, Preference Shares, NVS		860		379,701
Volkswagen AG, Preference Shares, NVS		6,047		1,188,705
				2,770,353
Total Preferred Stocks — 0.1% (Cost: $2,657,714)				2,770,353
Short-Term Investments
Money Market Funds — 1.0%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.09%(e)(f)(g)		16,331,610		16,334,876
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.03%(e)(f)		2,180,000		2,180,000
				18,514,876
Total Short-Term Investments — 1.0% (Cost: $18,513,205)				18,514,876
Total Investments in Securities — 100.6% (Cost: $1,662,610,975)				1,896,756,252
Other Assets, Less Liabilities — (0.6)%				(12,190,728	)
Net Assets — 100.0%			$	1,884,565,524

^(a) Non-income producing security.

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

^(c)  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.

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

^(e) Affiliate of the Fund.

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

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

S C H E D U L E   O F   I N V E S T M E N T S 25

Schedule of Investments(unaudited) (continued) February 28, 2022 iShares^® MSCI World ETF

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 08/31/21		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 02/28/22		Shares Held at 02/28/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	9,947,642	$	6,390,708	(a)	$	—		$	(2,240	)	$	(1,234	)	$	16,334,876		16,331,610	$	31,840	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		810,000		1,370,000	(a)		—			—			—			2,180,000		2,180,000		102			—
BlackRock Inc.		3,794,856		1,184,362			(297,284	)		97,815			(1,088,567	)		3,691,182		4,962		35,745			—
									$	95,575		$	(1,089,801	)	$	22,206,058			$	67,687		$	—

^(a) Represents net amount purchased (sold).

^(b) All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
TOPIX Index		2		03/10/22	$	330	$	(13,109	)
Euro STOXX 50 Index		18		03/18/22		788		(58,172	)
FTSE 100 Index		5		03/18/22		497		8,032
S&P 500 E-Mini Index		20		03/18/22		4,368		(191,935	)
							$	(255,184	)

Derivative Financial Instruments Categorized by Risk Exposure

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

	Equity Contracts
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)	$	8,032
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	263,216

^(a)  Net cumulative unrealized appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).

For the period ended February 28, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	275,324
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(384,358	)

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Schedule of Investments(unaudited) (continued) February 28, 2022 iShares^® MSCI World ETF

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	5,569,615

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

Fair Value Hierarchy as of Period End

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.

	Level 1			Level 2			Level 3		Total
Investments
Assets
Common Stocks	$	1,357,784,649		$	517,686,374		$	—	$	1,875,471,023
Preferred Stocks		—			2,770,353			—		2,770,353
Money Market Funds		18,514,876			—			—		18,514,876
	$	1,376,299,525		$	520,456,727		$	—	$	1,896,756,252
Derivative financial instruments(a)
Assets
Futures Contracts	$	—		$	8,032		$	—	$	8,032
Liabilities
Futures Contracts		(191,935	)		(71,281	)		—		(263,216	)
	$	(191,935	)	$	(63,249	)	$	—	$	(255,184	)

^(a) Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

See notes to financial statements.

S C H E D U L E   O F   I N V E S T M E N T S 27

Statements of Assets and Liabilities  (unaudited) 

February 28, 2022

	iShares MSCI Frontier and Select EM ETF			iShares MSCI World ETF
ASSETS
Investments in securities, at value (including securities on loan)(a):
Unaffiliated(b)	$	483,136,054		$	1,874,550,194
Affiliated(c)		22,573			22,206,058
Cash		727,339			115,958
Foreign currency, at value(d)		13,073,246			2,171,832
Cash pledged:
Futures contracts		498,000			287,999
Collateral — OTC derivatives		420,000			—
Foreign currency collateral pledged:
Futures contracts(e)		—			144,216
Receivables:
Investments sold		8,551,426			2,725,031
Securities lending income — Affiliated		5			5,934
Dividends		229,687			2,709,680
Tax reclaims		—			511,361
Total assets		506,658,330			1,905,428,263
LIABILITIES
Collateral on securities loaned, at value		22,580			16,350,433
Deferred foreign capital gain tax		699,128			—
Payables:
Investments purchased		7,460,071			4,139,891
Variation margin on futures contracts		127,895			20,616
Bank borrowings		3,000,512			—
Investment advisory fees		305,589			351,799
Foreign taxes		220			—
Unrealized depreciation on:
Forward foreign currency exchange contracts		743,571			—
Total liabilities		12,359,566			20,862,739
NET ASSETS	$	494,298,764		$	1,884,565,524
NET ASSETS CONSIST OF:
Paid-in capital	$	545,741,124		$	1,648,120,712
Accumulated earnings (loss)		(51,442,360	)		236,444,812
NET ASSETS	$	494,298,764		$	1,884,565,524
Shares outstanding		14,750,000			15,100,000
Net asset value	$	33.51		$	124.81
Shares authorized		500 million			500 million
Par value	$	0.001		$	0.001
(a) Securities loaned, at value	$	21,110		$	16,374,715
(b) Investments, at cost — Unaffiliated	$	389,231,631		$	1,640,899,593
(c)  Investments, at cost — Affiliated	$	22,578		$	21,711,382
(d) Foreign currency, at cost	$	12,520,937		$	2,166,167
(e) Foreign currency collateral pledged, at cost	$	—		$	148,878

See notes to financial statements.    

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Statements of Operations  (unaudited) 

Six Months Ended February 28, 2022

	iShares MSCI Frontier and Select EM ETF			iShares MSCI World ETF
INVESTMENT INCOME
Dividends — Unaffiliated	$	3,851,581		$	14,113,385
Dividends — Affiliated		2			36,677
Securities lending income — Affiliated — net		34			31,010
Foreign taxes withheld		(320,453	)		(549,740	)
Total investment income		3,531,164			13,631,332
EXPENSES
Investment advisory fees		1,994,479			2,140,464
Commitment fees		2,419			—
Professional fees		217			217
Interest expense		14,781			—
Total expenses		2,011,896			2,140,681
Net investment income		1,519,268			11,490,651
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated(a)		30,485,449			(10,549,224	)
Investments — Affiliated		1			(8,393	)
In-kind redemptions — Unaffiliated		—			39,907,439
In-kind redemptions — Affiliated		—			103,968
Futures contracts		(1,201,713	)		275,324
Forward foreign currency exchange contracts		(733,549	)		—
Foreign currency transactions		(1,752,463	)		(87,964	)
Net realized gain		26,797,725			29,641,150
Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated(b)		(31,663,590	)		(140,423,601	)
Investments — Affiliated		(8	)		(1,089,801	)
Futures contracts		191,511			(384,358	)
Forward foreign currency exchange contracts		(69,429	)		—
Foreign currency translations		958,248			(5,259	)
Net change in unrealized appreciation (depreciation)		(30,583,268	)		(141,903,019	)
Net realized and unrealized loss		(3,785,543	)		(112,261,869	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(2,266,275	)	$	(100,771,218	)
(a) Net of foreign capital gain tax and capital gain tax refund, if applicable	$	(637,702	)	$	—
(b) Net of increase in deferred foreign capital gain tax of	$	(167,207	)	$	—

See notes to financial statements.    

F I N A N C I A L   S T A T E M E N T S 29

Statements of Changes in Net Assets

	iShares MSCI Frontier and Select EM ETF						iShares MSCI World ETF
	Six Months Ended 02/28/22 (unaudited)			Year Ended 08/31/21			Six Months Ended 02/28/22 (unaudited)			Year Ended 08/31/21
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	1,519,268		$	9,359,354		$	11,490,651		$	18,847,920
Net realized gain		26,797,725			32,240,921			29,641,150			15,189,250
Net change in unrealized appreciation (depreciation)		(30,583,268	)		86,573,585			(141,903,019	)		285,475,469
Net increase (decrease) in net assets resulting from operations		(2,266,275	)		128,173,860			(100,771,218	)		319,512,639
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(3,161,338	)		(9,715,012	)		(14,844,552	)		(18,261,968	)
CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		3,627,493			3,870,773			430,342,557			320,340,634
NET ASSETS
Total increase (decrease) in net assets		(1,800,120	)		122,329,621			314,726,787			621,591,305
Beginning of period		496,098,884			373,769,263			1,569,838,737			948,247,432
End of period	$	494,298,764		$	496,098,884		$	1,884,565,524		$	1,569,838,737

^(a)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to financial statements.

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Financial Highlights

(For a share outstanding throughout each period)

	iShares MSCI Frontier and Select EM ETF
	Six Months Ended 02/28/22 (unaudited)				Year Ended 08/31/21				Year Ended 08/31/20				Year Ended 08/31/19				Year Ended 08/31/18				Year Ended 08/31/17
Net asset value, beginning of period		$	33.86			$	25.69			$	28.97			$	28.29			$	30.62			$	24.20
Net investment income(a)			0.10				0.65				0.87				1.03				0.87				0.72
Net realized and unrealized gain (loss)(b)			(0.24	)			8.20				(3.36	)			0.76				(1.99	)			6.00
Net increase (decrease) from investment operations			(0.14	)			8.85				(2.49	)			1.79				(1.12	)			6.72
Distributions(c)
From net investment income			(0.21	)			(0.68	)			(0.79	)			(1.11	)			(1.21	)			(0.30	)
Total distributions			(0.21	)			(0.68	)			(0.79	)			(1.11	)			(1.21	)			(0.30	)
Net asset value, end of period		$	33.51			$	33.86			$	25.69			$	28.97			$	28.29			$	30.62
Total Return(d)
Based on net asset value			(0.44	)%(e)			34.77	%			(8.44	)%			6.45	%			(3.92	)%			27.91	%
Ratios to Average Net Assets(f)
Total expenses			0.80	%(g)			0.79	%			0.79	%			0.79	%			0.81	%			0.80	%
Net investment income			0.60	%(g)			2.17	%			3.27	%			3.63	%			2.69	%			2.65	%
Supplemental Data
Net assets, end of period (000)		$	494,299			$	496,099			$	373,769			$	496,868			$	523,445			$	627,626
Portfolio turnover rate(h)			23	%(e)			36	%			25	%			33	%			35	%			32	%

^(a)  Based on average shares outstanding.

^(b)  The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(c)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(d)  Where applicable, assumes the reinvestment of distributions.

^(e)  Not annualized.

^(f)  Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(g)  Annualized.

^(h)  Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

F I N A N C I A L   H I G H L I G H T S 31

Financial Highlights(continued)

(For a share outstanding throughout each period)

	iShares MSCI World ETF
	Six Months Ended 02/28/22 (unaudited)				Year Ended 08/31/21				Year Ended 08/31/20				Year Ended 08/31/19				Year Ended 08/31/18				Year Ended 08/31/17
Net asset value, beginning of period		$	131.92			$	103.07			$	89.79			$	91.33			$	82.22			$	72.15
Net investment income(a)			0.84				1.84				1.76				1.96				1.84				1.74
Net realized and unrealized gain (loss)(b)			(6.92	)			28.80				13.35				(1.52	)			9.15				9.90
Net increase (decrease) from investment operations			(6.08	)			30.64				15.11				0.44				10.99				11.64
Distributions(c)
From net investment income			(1.03	)			(1.79	)			(1.83	)			(1.98	)			(1.88	)			(1.57	)
Total distributions			(1.03	)			(1.79	)			(1.83	)			(1.98	)			(1.88	)			(1.57	)
Net asset value, end of period		$	124.81			$	131.92			$	103.07			$	89.79			$	91.33			$	82.22
Total Return(d)
Based on net asset value			(4.66	)%(e)			29.94	%			17.04	%			0.61	%			13.46	%			16.29	%
Ratios to Average Net Assets(f)
Total expenses			0.24	%(g)			0.24	%			0.24	%			0.24	%			0.24	%			0.24	%
Net investment income			1.29	%(g)			1.58	%			1.90	%			2.24	%			2.09	%			2.25	%
Supplemental Data
Net assets, end of period (000)		$	1,884,566			$	1,569,839			$	948,247			$	646,459			$	566,243			$	509,769
Portfolio turnover rate(h)			4	%(e)			5	%			7	%			4	%			3	%			3	%

^(a)  Based on average shares outstanding.

^(b)  The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(c)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(d)  Where applicable, assumes the reinvestment of distributions.

^(e)  Not annualized.

^(f)  Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(g)  Annualized.

^(h)  Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

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Notes to Financial Statements(unaudited) 

1. ORGANIZATION

iShares, Inc. (the “Company”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Company is organized as a Maryland corporation and is authorized to have multiple series or portfolios.

These financial statements relate only to the following funds (each, a “Fund” and collectively, the “Funds”):

iShares ETF	Diversification   Classification
MSCI Frontier and Select EM	Diversified
MSCI World	Diversified

2. SIGNIFICANT ACCOUNTING POLICIES

The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. Each Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. Below is a summary of significant accounting policies:

Investment Transactions and Income Recognition: For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are recorded on the ex-dividend date. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Dividends from foreign securities where the ex-dividend date may have passed are subsequently recorded when the Funds are informed of the ex-dividend date. Under the applicable foreign tax laws, a withholding tax at various rates may be imposed on capital gains, dividends and interest. Upon notification from issuers or as estimated by management, a portion of the dividend income received from a real estate investment trust may be redesignated as a reduction of cost of the related investment and/or realized gain.

Foreign Currency Translation: Each Fund’s books and records are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars using prevailing market rates as quoted by one or more data service providers. Purchases and sales of investments are recorded at the rates of exchange prevailing on the respective dates of such transactions. Generally, when the U.S. dollar rises in value against a foreign currency, the investments denominated in that currency will lose value; the opposite effect occurs if the U.S. dollar falls in relative value.

Each Fund does not isolate the effect of fluctuations in foreign exchange rates from the effect of fluctuations in the market prices of investments for financial reporting purposes. Accordingly, the effects of changes in exchange rates on investments are not segregated in the Statements of Operations from the effects of changes in market prices of those investments, but are included as a component of net realized and unrealized gain (loss) from investments. Each Fund reports realized currency gains (losses) on foreign currency related transactions as components of net realized gain (loss) for financial reporting purposes, whereas such components are generally treated as ordinary income for U.S. federal income tax purposes.

Foreign Taxes: The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which each Fund invests. These foreign taxes, if any, are paid by each Fund and are reflected in its Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “Other foreign taxes”, and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of February 28, 2022, if any, are disclosed in the Statements of Assets and Liabilities.

The Funds file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. The Funds may record a reclaim receivable based on collectability, which includes factors such as the jurisdiction’s applicable laws, payment history and market convention. The Statements of Operations includes tax reclaims recorded as well as professional and other fees, if any, associated with recovery of foreign withholding taxes.

Segregation and Collateralization: In cases where a Fund enters into certain investments (e.g.,futures contracts and forward foreign currency exchange contracts) that would be treated as “senior securities” for 1940 Act purposes, a Fund may segregate or designate on its books and record cash or liquid assets having a market value at least equal to the amount of its future obligations under such investments. Doing so allows the investment to be excluded from treatment as a “senior security.” Furthermore, if required by an exchange or counterparty agreement, the Funds may be required to deliver/deposit cash and/or securities to/with an exchange, or broker-dealer or custodian as collateral for certain investments or obligations.

In-kind Redemptions: For financial reporting purposes, in-kind redemptions are treated as sales of securities resulting in realized capital gains or losses to the Funds. Because such gains or losses are not taxable to the Funds and are not distributed to existing Fund shareholders, the gains or losses are reclassified from accumulated net realized gain (loss) to paid-in capital at the end of the Funds’ tax year. These reclassifications have no effect on net assets or net asset value (“NAV”) per share.

N O T E S   T O   F I N A N C I A L   S T A T E M E N T S 33

Notes to Financial Statements(unaudited) (continued)

Distributions: Dividends and distributions paid by each Fund are recorded on the ex-dividend dates. Distributions are determined on a tax basis and may differ from net investment income and net realized capital gains for financial reporting purposes. Dividends and distributions are paid in U.S. dollars and cannot be automatically reinvested in additional shares of the Funds. The character and timing of distributions are determined in accordance with U.S. federal income tax regulations, which may differ from U.S. GAAP.

Indemnifications: In the normal course of business, each Fund enters into contracts that contain a variety of representations that provide general indemnification. The Funds’ maximum exposure under these arrangements is unknown because it involves future potential claims against the Funds, which cannot be predicted with any certainty.

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

Investment Valuation Policies: Each Fund’s investments are valued at fair value (also referred to as “market value” within the financial statements) each day that the Fund’s listing exchange is open and, for financial reporting purposes, as of the report date. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. Each Fund determines the fair values of its financial instruments using various independent dealers or pricing services under policies approved by the Board of Directors of the Company (the “Board”). If a security’s market price is not readily available or does not otherwise accurately represent the fair value of the security, the security will be valued in accordance with a policy approved by the Board as reflecting fair value. The BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) is the committee formed by management to develop global pricing policies and procedures and to oversee the pricing function for all financial instruments.

Fair Value Inputs and Methodologies: The following methods and inputs are used to establish the fair value of each Fund’s assets and liabilities:

• Equity investments traded on a recognized securities exchange are valued at that day’s official closing price, as applicable, on the exchange where the stock is primarily traded. Equity investments traded on a recognized exchange for which there were no sales on that day are valued at the last traded price.

• Investments in open-end U.S. mutual funds (including money market funds) are valued at that day’s published NAV.

• Futures contracts are valued based on that day’s last reported settlement or trade price on the exchange where the contract is traded.

• Forward foreign currency exchange contracts are valued based on that day’s prevailing forward exchange rate for the underlying currencies.

Generally, trading in foreign instruments is substantially completed each day at various times prior to the close of trading on the New York Stock Exchange (“NYSE”). Each business day, the Funds use current market factors supplied by independent pricing services to value certain foreign instruments (“Systematic Fair Value Price”). The Systematic Fair Value Price is designed to value such foreign securities at fair value as of the close of trading on the NYSE, which follows the close of the local markets.

If events (e.g., market volatility, company announcement or a natural disaster) occur that are expected to materially affect the value of such investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Global Valuation Committee, in accordance with a policy approved by the Board as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Global Valuation Committee include market approach, income approach and cost approach. Valuation techniques such as discounted cash flow, use of market comparables and matrix pricing are types of valuation approaches and are typically used in determining fair value. When determining the price for Fair Valued Investments, the Global Valuation Committee, or its delegate, seeks to determine the price that each Fund might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm’s-length transaction. Fair value determinations shall be based upon all available factors that the Global Valuation Committee, or its delegate, deems relevant and consistent with the principles of fair value measurement. The pricing of all Fair Valued Investments is subsequently reported to the Board or a committee thereof on a quarterly basis.

Fair value pricing could result in a difference between the prices used to calculate a fund’s NAV and the prices used by the fund’s underlying index, which in turn could result in a difference between the fund’s performance and the performance of the fund’s underlying index.

Fair Value Hierarchy: Various inputs are used in determining the fair value of financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:

• Level 1 – Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that each Fund has the ability to access;

• Level 2 – Other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs); and

• Level 3 – Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, (including the Global Valuation Committee’s assumptions used in determining the fair value of financial instruments).

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Global Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds that may not have a secondary market and/or may have a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.

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Notes to Financial Statements(unaudited) (continued)

4. SECURITIES AND OTHER INVESTMENTS

Securities Lending: Each Fund may lend its securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund collateral consisting of cash, an irrevocable letter of credit issued by an approved bank, or securities issued or guaranteed by the U.S. government. The initial collateral received by each Fund is required to have a value of at least 102% of the current market value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter at a value equal to at least 100% of the current value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Fund and any additional required collateral is delivered to the Fund or excess collateral is returned by the Fund, on the next business day. During the term of the loan, each Fund is entitled to all distributions made on or in respect of the loaned securities but does not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

As of period end, any securities on loan were collateralized by cash and/or U.S. Government obligations. Cash collateral invested in money market funds managed by BlackRock Fund Advisors (“BFA”), the Funds’ investment adviser, or its affiliates is disclosed in the Schedule of Investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Fund, except in the event of borrower default. The securities on loan, if any, are also disclosed in each Fund’s Schedule of Investments. The market value of any securities on loan and the value of any related cash collateral are disclosed in the Statements of Assets and Liabilities.

Securities lending transactions are entered into by the Funds under Master Securities Lending Agreements (each, an “MSLA”) which provide the right, in the event of default (including bankruptcy or insolvency) for the non-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral. In the event that a borrower defaults, the Funds, as lender, would offset the market value of the collateral received against the market value of the securities loaned. When the value of the collateral is greater than that of the market value of the securities loaned, the lender is left with a net amount payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty’s bankruptcy or insolvency. Under the MSLA, absent an event of default, the borrower can resell or re-pledge the loaned securities, and the Funds can reinvest cash collateral received in connection with loaned securities. Upon an event of default, the parties’ obligations to return the securities or collateral to the other party are extinguished, and the parties can resell or re-pledge the loaned securities or the collateral received in connection with the loaned securities in order to satisfy the defaulting party’s net payment obligation for all transactions under the MSLA. The defaulting party remains liable for any deficiency.

As of period end, the following table is a summary of the securities on loan by counterparty which are subject to offset under an MSLA:

iShares ETF and Counterparty		Market Value of Securities on Loan		Cash Collateral Received	(a)		Non-Cash Collateral Received		Net Amount
MSCI Frontier and Select EM
Goldman Sachs & Co. LLC	$	21,110	$	21,110		$	—	$	—
MSCI World
Barclays Bank PLC	$	1,207,357	$	1,182,829		$	—	$	(24,528	)(b)
Barclays Capital, Inc.		111,334		111,334			—		—
BNP Paribas SA		4,680,345		4,680,345			—		—
BofA Securities, Inc.		197,924		192,857			—		(5,067	)(b)
Citigroup Global Markets, Inc.		277,937		277,937			—		—
Goldman Sachs & Co. LLC		1,638,736		1,584,374			—		(54,362	)(b)
J.P. Morgan Securities LLC		3,059,860		3,030,002			—		(29,858	)(b)
Jefferies LLC		8,375		7,796			—		(579	)(b)
Morgan Stanley		2,024,607		2,024,607			—		—
National Financial Services LLC		38,267		36,995			—		(1,272	)(b)
Scotia Capital (USA), Inc.		45,944		43,601			—		(2,343	)(b)
SG Americas Securities LLC		195,442		194,892			—		(550	)(b)
State Street Bank & Trust Co.		162,768		162,768			—		—
UBS AG		1,666,634		1,660,451			—		(6,183	)(b)
UBS Securities LLC		188,078		178,876			—		(9,202	)(b)
Wells Fargo Bank N.A.		523,691		523,691			—		—
Wells Fargo Securities LLC		347,416		330,400			—		(17,016	)(b)
	$	16,374,715	$	16,223,755		$	—	$	(150,960	)

^(a)  Collateral received in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by each Fund is disclosed in the Fund’s statement of assets and liabilities.

^(b)  The market value of the loaned securities is determined as of February 28, 2022. Additional collateral is delivered to the Fund on the next business day in accordance with the MSLA. The net amount would be subject to the borrower default indemnity in the event of default by a counterparty.

The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, each Fund benefits from a borrower default indemnity provided by BlackRock, Inc. (“BlackRock”). BlackRock’s indemnity allows for full replacement of the securities loaned to the extent the collateral received does not cover the value of the securities loaned in the event of borrower default. Each Fund could incur a loss if the value of an investment purchased with cash collateral falls below the market value of the loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received. Such losses are borne entirely by each Fund.

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Notes to Financial Statements(unaudited) (continued)

5. DERIVATIVE FINANCIAL INSTRUMENTS

Futures Contracts: Futures contracts are purchased or sold to gain exposure to, or manage exposure to, changes in interest rates (interest rate risk) and changes in the value of equity securities (equity risk) or foreign currencies (foreign currency exchange rate risk).

Futures contracts are exchange-traded agreements between the Funds and a counterparty to buy or sell a specific quantity of an underlying instrument at a specified price and on a specified date. Depending on the terms of a contract, it is settled either through physical delivery of the underlying instrument on the settlement date or by payment of a cash amount on the settlement date. Upon entering into a futures contract, the Funds are required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on a contract’s size and risk profile. The initial margin deposit must then be maintained at an established level over the life of the contract. Amounts pledged, which are considered restricted, are included in cash pledged for futures contracts in the Statements of Assets and Liabilities.

Securities deposited as initial margin are designated in the Schedule of Investments and cash deposited, if any, are shown as cash pledged for futures contracts in the Statements of Assets and Liabilities. Pursuant to the contract, the Funds agree to receive from or pay to the broker an amount of cash equal to the daily fluctuation in market value of the contract (“variation margin”). Variation margin is recorded as unrealized appreciation (depreciation) and, if any, shown as variation margin receivable (or payable) on futures contracts in the Statements of Assets and Liabilities. When the contract is closed, a realized gain or loss is recorded in the Statements of Operations equal to the difference between the notional amount of the contract at the time it was opened and the notional amount at the time it was closed. The use of futures contracts involves the risk of an imperfect correlation in the movements in the price of futures contracts and interest rates, foreign currency exchange rates or underlying assets.

Forward Foreign Currency Exchange Contracts: Forward foreign currency exchange contracts are entered into to gain or reduce exposure to foreign currencies (foreign currency exchange rate risk).

A forward foreign currency exchange contract is an agreement between two parties to buy and sell a currency at a set exchange rate on a specified date. These contracts help to manage the overall exposure to the currencies in which some of the investments held by the Funds are denominated and in some cases, may be used to obtain exposure to a particular market.The contracts are traded over-the-counter (“OTC”) and not on an organized exchange.

The contract is marked-to-market daily and the change in market value is recorded as unrealized appreciation or depreciation in the Statements of Assets and Liabilities. When the contract is closed, a realized gain or loss is recorded in the Statements of Operations equal to the difference between the value at the time it was opened and the value at the time it was closed. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in cash without the delivery of foreign currency. The use of forward foreign currency exchange contracts involves the risk that the value of a contract changes unfavorably due to movements in the value of the referenced foreign currencies, and such value may exceed the amount(s) reflected in the Statements of Assets and Liabilities. Cash amounts pledged for forward foreign currency exchange contracts are considered restricted and are included in cash pledged as collateral for OTC derivatives in the Statements of Assets and Liabilities. A Fund’s risk of loss from counterparty credit risk on OTC derivatives is generally limited to the aggregate unrealized gain netted against any collateral held by the Fund.

Master Netting Arrangements: In order to define its contractual rights and to secure rights that will help mitigate its counterparty risk, a Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar agreement with its derivative contract counterparties. An ISDA Master Agreement is a bilateral agreement between a Fund and a counterparty that governs certain OTC derivatives and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, a Fund may, under certain circumstances, offset with the counterparty certain derivative financial instruments’ payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency, or other events.

For derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the mark-to-market amount for each transaction under such agreement, and comparing that amount to the value of any collateral currently pledged by a Fund and the counterparty.

Cash collateral that has been pledged to cover obligations of the Funds and cash collateral received from the counterparty, if any, is reported separately in the Statements of Assets and Liabilities as cash pledged as collateral and cash received as collateral, respectively. Non-cash collateral pledged by the Funds, if any, is noted in the Schedules of Investments. Generally, the amount of collateral due from or to a counterparty is subject to a certain minimum transfer amount threshold before a transfer is required, which is determined at the close of business of the Funds. Any additional required collateral is delivered to/pledged by the Funds on the next business day. Typically, the counterparty is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. A Fund generally agrees not to use non-cash collateral that it receives but may, absent default or certain other circumstances defined in the underlying ISDA Master Agreement, be permitted to use cash collateral received. In such cases, interest may be paid pursuant to the collateral arrangement with the counterparty. To the extent amounts due to the Funds from the counterparty are not fully collateralized, each Fund bears the risk of loss from counterparty non-performance. Likewise, to the extent the Funds have delivered collateral to a counterparty and stand ready to perform under the terms of their agreement with such counterparty, each Fund bears the risk of loss from a counterparty in the amount of the value of the collateral in the event the counterparty fails to return such collateral. Based on the terms of agreements, collateral may not be required for all derivative contracts.

For financial reporting purposes, each Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements, if any, in the Statements of Assets and Liabilities.

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Notes to Financial Statements(unaudited) (continued)

6. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

Investment Advisory Fees: Pursuant to an Investment Advisory Agreement with the Company, BFA manages the investment of each Fund’s assets. BFA is a California corporation indirectly owned by BlackRock. Under the Investment Advisory Agreement, BFA is responsible for substantially all expenses of the Funds, except (i) interest and taxes; (ii) brokerage commissions and other expenses connected with the execution of portfolio transactions; (iii) distribution fees; (iv) the advisory fee payable to BFA; and (v) litigation expenses and any extraordinary expenses (in each case as determined by a majority of the independent directors).

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

iShares ETF	Investment Advisory Fee
MSCI Frontier and Select EM		0.79	%
MSCI World		0.24

Distributor: BlackRock Investments, LLC, an affiliate of BFA, is the distributor for each Fund. Pursuant to the distribution agreement, BFA is responsible for any fees or expenses for distribution services provided to the Funds.

Securities Lending: The U.S. Securities and Exchange Commission (the “SEC”) has issued an exemptive order which permits BlackRock Institutional Trust Company, N.A. (“BTC”), an affiliate of BFA, to serve as securities lending agent for the Funds, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending, including any custodial costs. Each Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan (the “collateral investment fees”). The cash collateral is invested in a money market fund, BlackRock Cash Funds: Institutional or BlackRock Cash Funds: Treasury, managed by BFA, or its affiliates. However, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees each Fund bears to an annual rate of 0.04%. The SL Agency Shares of such money market fund will not be subject to a sales load, distribution fee or service fee. The money market fund in which the cash collateral has been invested may, under certain circumstances, impose a liquidity fee of up to 2% of the value redeemed or temporarily restrict redemptions for up to 10 business days during a 90 day period, in the event that the money market fund’s weekly liquid assets fall below certain thresholds.

Securities lending income is equal to the total of income earned from the reinvestment of cash collateral, net of fees and other payments to and from borrowers of securities, and less the collateral investment fees. Each Fund retains a portion of securities lending income and remits the remaining portion to BTC as compensation for its services as securities lending agent.

Pursuant to the current securities lending agreement, each Fund retains 82% of securities lending income (which excludes collateral investment fees) and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across all 1940 Act iShares exchange-traded funds (the “iShares ETF Complex”) in that calendar year exceeds a specified threshold, each Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar year 85% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

The share of securities lending income earned by each Fund is shown as securities lending income – affiliated – net in its Statements of Operations. For the six months ended February 28, 2022, the Funds paid BTC the following amounts for securities lending agent services:

iShares ETF	Fees Paid to BTC
MSCI Frontier and Select EM	$	12
MSCI World		9,034

Officers and Directors: Certain officers and/or directors of the Company are officers and/or directors of BlackRock or its affiliates.

Other Transactions: Cross trading is the buying or selling of portfolio securities between funds to which BFA (or an affiliate) serves as investment adviser. At its regularly scheduled quarterly meetings, the Board reviews such transactions as of the most recent calendar quarter for compliance with the requirements and restrictions set forth by Rule 17a-7.

For the six months ended February 28, 2022, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:

iShares ETF	Purchases		Sales		Net Realized Gain (Loss)
MSCI Frontier and Select EM	$	3,951,421	$	579,509	$	1,795
MSCI World		30,263,518		31,638,158		(5,005,912	)

Each Fund may invest its positive cash balances in certain money market funds managed by BFA or an affiliate. The income earned on these temporary cash investments is shown as dividends – affiliated in the Statements of Operations.

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Notes to Financial Statements(unaudited) (continued)

A fund, in order to improve its portfolio liquidity and its ability to track its underlying index, may invest in shares of other iShares funds that invest in securities in the fund’s underlying index.

7. PURCHASES AND SALES

For the six months ended February 28, 2022, purchases and sales of investments, excluding short-term investments and in-kind transactions, were as follows:

iShares ETF	Purchases		Sales
MSCI Frontier and Select EM	$	116,265,425	$	117,136,121
MSCI World		87,954,264		74,951,223

For the six months ended February 28, 2022, in-kind transactions were as follows:

iShares ETF	In-kind Purchases		In-kind Sales
MSCI Frontier and Select EM	$	586,127	$	—
MSCI World		512,855,409		99,307,076

8. INCOME TAX INFORMATION

Each Fund is treated as an entity separate from the Company’s other funds for federal income tax purposes. It is each Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute substantially all of its taxable income to its shareholders. Therefore, no U.S. federal income tax provision is required.

Management has analyzed tax laws and regulations and their application to the Funds as of February 28, 2022, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements.

As of August 31, 2021, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:

iShares ETF	Non-Expiring
MSCI Frontier and Select EM	$	156,460,419
MSCI World		25,348,280

A fund may own shares in certain foreign investment entities, referred to, under U.S. tax law, as “passive foreign investment companies.” Such fund may elect to mark-to-market annually the shares of each passive foreign investment company and would be required to distribute to shareholders any such marked-to-market gains.

As of February 28, 2022, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:

iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
MSCI Frontier and Select EM	$	405,757,710	$	116,781,010	$	(40,516,901	)	$	76,264,109
MSCI World		1,667,303,683		301,491,169		(72,293,784	)		229,197,385

9. LINE OF CREDIT

The iShares MSCI Frontier and Select EM ETF, along with certain other iShares funds (“Participating Funds”), is a party to a $800 million credit agreement (“Syndicated Credit Agreement”) with a group of lenders, which expires on August 12, 2022. The line of credit may be used for temporary or emergency purposes, including redemptions, settlement of trades and rebalancing of portfolio holdings in certain target markets. The Funds may borrow up to the aggregate commitment amount subject to asset coverage and other limitations as specified in the Syndicated Credit Agreement. The Syndicated Credit Agreement has the following terms: a commitment fee of 0.15% per annum on the unused portion of the credit agreement and interest at a rate equal to the higher of (a) the one-month LIBOR rate (not less than zero) plus 1.00% per annum or (b) the U.S. Federal Funds rate (not less than zero) plus 1.00% per annum on amounts borrowed. The commitment fee is generally allocated to each Participating Fund based on the lesser of a Participating Fund’s relative exposure to certain target markets or a Participating Fund’s maximum borrowing amount as set forth by the terms of the Syndicated Credit Agreement.

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Notes to Financial Statements(unaudited) (continued)

For the six months ended February 28, 2022, the maximum amount borrowed, the average daily borrowing and the weighted average interest rate, if any, under the Syndicated Credit Agreement were as follows:

iShares ETF	Maximum Amount Borrowed		Average Borrowing		Weighted Average Interest Rates
MSCI Frontier and Select EM	$	3,000,000	$	2,667,845		1.25	%

10. PRINCIPAL RISKS

In the normal course of business, each Fund invests in securities or other instruments and may enter into certain transactions, and such activities subject the Fund to various risks, including, among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation or international tax treaties between various countries; or (iv) currency, interest rate or price fluctuations. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Funds and their investments. Each Fund’s prospectus provides details of the risks to which the Fund is subject.

BFA uses a “passive” or index approach to try to achieve each Fund’s investment objective following the securities included in its underlying index during upturns as well as downturns. BFA does not take steps to reduce market exposure or to lessen the effects of a declining market. Divergence from the underlying index and the composition of the portfolio is monitored by BFA.

The Funds may be exposed to additional risks when reinvesting cash collateral in money market funds that do not seek to maintain a stable NAV per share of $1.00, which may be subject to redemption gates or liquidity fees under certain circumstances.

Market Risk: Investments in the securities of issuers domiciled in countries with emerging capital markets involve certain additional risks that do not generally apply to investments in securities of issuers in more developed capital markets, such as (i) low or nonexistent trading volume, resulting in a lack of liquidity and increased volatility in prices for such securities; (ii) uncertain national policies and social, political and economic instability, increasing the potential for expropriation of assets, confiscatory taxation, high rates of inflation or unfavorable diplomatic developments; (iii) lack of publicly available or reliable information about issuers as a result of not being subject to the same degree of regulatory requirements and accounting, auditing and financial reporting standards; and (iv) possible fluctuations in exchange rates, differing legal systems and the existence or possible imposition of exchange controls, custodial restrictions or other foreign or U.S. governmental laws or restrictions applicable to such investments.

An outbreak of respiratory disease caused by a novel coronavirus has developed into a global pandemic and has resulted in closing borders, quarantines, disruptions to supply chains and customer activity, as well as general concern and uncertainty. The impact of this pandemic, and other global health crises that may arise in the future, could affect the economies of many nations, individual companies and the market in general in ways that cannot necessarily be foreseen at the present time. This pandemic may result in substantial market volatility and may adversely impact the prices and liquidity of a fund’s investments. Although vaccines have been developed and approved for use by various governments, the duration of this pandemic and its effects cannot be determined with certainty.

Valuation Risk: The market values of equities, such as common stocks and preferred securities or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company. They may also decline due to factors which affect a particular industry or industries. A fund may invest in illiquid investments. An illiquid investment is any investment that a fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. A fund may experience difficulty in selling illiquid investments in a timely manner at the price that it believes the investments are worth. Prices may fluctuate widely over short or extended periods in response to company, market or economic news. Markets also tend to move in cycles, with periods of rising and falling prices. This volatility may cause a fund’s NAV to experience significant increases or decreases over short periods of time. If there is a general decline in the securities and other markets, the NAV of a fund may lose value, regardless of the individual results of the securities and other instruments in which a fund invests.

The price each Fund could receive upon the sale of any particular portfolio investment may differ from each Fund’s valuation of the investment, particularly for securities that trade in thin or volatile markets or that are valued using a fair valuation technique or a price provided by an independent pricing service. Changes to significant unobservable inputs and assumptions (i.e., publicly traded company multiples, growth rate, time to exit) due to the lack of observable inputs.

Counterparty Credit Risk: The Funds may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to unsettled or open transactions, including making timely interest and/or principal payments or otherwise honoring its obligations. The Funds manage counterparty credit risk by entering into transactions only with counterparties that the Manager believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Funds to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Funds’ exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded in the Statements of Assets and Liabilities, less any collateral held by the Funds.

A derivative contract may suffer a mark-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform under the contract.

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Notes to Financial Statements(unaudited) (continued)

With exchange-traded futures, there is less counterparty credit risk to the Funds since the exchange or clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, a Fund does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency). Additionally, credit risk exists in exchange-traded futures with respect to initial and variation margin that is held in a clearing broker’s customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro rata basis across all the clearing broker’s customers, potentially resulting in losses to the Funds.

Concentration Risk: A diversified portfolio, where this is appropriate and consistent with a fund’s objectives, minimizes the risk that a price change of a particular investment will have a material impact on the NAV of a fund. The investment concentrations within each Fund’s portfolio are disclosed in its Schedule of Investments.

Certain Funds invest a significant portion of their assets in issuers located in a single country or a limited number of countries. When a Fund concentrates its investments in this manner, it assumes the risk that economic, regulatory, political and social conditions in that country or those countries may have a significant impact on the fund and could affect the income from, or the value or liquidity of, the Fund’s portfolio. Unanticipated or sudden political or social developments may cause uncertainty in the markets and as a result adversely affect the Fund’s investments. Foreign issuers may not be subject to the same uniform accounting, auditing and financial reporting standards and practices as used in the United States. Foreign securities markets may also be more volatile and less liquid than U.S. securities and may be less subject to governmental supervision not typically associated with investing in U.S. securities. Investment percentages in specific countries are presented in the Schedule of Investments.

Certain Funds invest a significant portion of their assets in securities of issuers located in Asia or with significant exposure to Asian issuers or countries. The Asian financial markets have recently experienced volatility and adverse trends due to concerns in several Asian countries regarding monetary policy, government intervention in the markets, rising government debt levels or economic downturns. These events may spread to other countries in Asia and may affect the value and liquidity of certain of the Funds’ investments.

Certain Funds invest a significant portion of their assets in securities within a single or limited number of market sectors. When a Fund concentrates its investments in this manner, it assumes the risk that economic, regulatory, political and social conditions affecting such sectors may have a significant impact on the fund and could affect the income from, or the value or liquidity of, the fund’s portfolio.

Significant Shareholder Redemption Risk: Certain shareholders may own or manage a substantial amount of fund shares and/or hold their fund investments for a limited period of time. Large redemptions of fund shares by these shareholders may force a Fund to sell portfolio securities, which may negatively impact the fund’s NAV, increase the fund’s brokerage costs, and/or accelerate the realization of taxable income/gains and cause the fund to make additional taxable distributions to shareholders.

LIBOR Transition Risk: The United Kingdom’s Financial Conduct Authority announced a phase out of the London Interbank Offered Rate (“LIBOR”). Although many LIBOR rates ceased to be published or no longer are representative of the underlying market they seek to measure after December 31, 2021, a selection of widely used USD LIBOR rates will continue to be published through June 2023 in order to assist with the transition. The Funds may be exposed to financial instruments tied to LIBOR to determine payment obligations, financing terms, hedging strategies or investment value. The transition process away from LIBOR might lead to increased volatility and illiquidity in markets for, and reduce the effectiveness of new hedges placed against, instruments whose terms currently include LIBOR. The ultimate effect of the LIBOR transition process on the Funds is uncertain.

11. CAPITAL SHARE TRANSACTIONS

Capital shares are issued and redeemed by each Fund only in aggregations of a specified number of shares or multiples thereof (“Creation Units”) at NAV. Except when aggregated in Creation Units, shares of each Fund are not redeemable.

Transactions in capital shares were as follows:

	Six Months Ended 02/28/22						Year Ended 08/31/21
iShares ETF	Shares			Amount			Shares			Amount
MSCI Frontier and Select EM
Shares sold		100,000		$	3,627,493			400,000		$	13,406,994
Shares redeemed		—			—			(300,000	)		(9,536,221	)
Net increase		100,000		$	3,627,493			100,000		$	3,870,773
MSCI World
Shares sold		4,000,000		$	530,582,568			3,100,000		$	365,815,188
Shares redeemed		(800,000	)		(100,240,011	)		(400,000	)		(45,474,554	)
Net increase		3,200,000		$	430,342,557			2,700,000		$	320,340,634

The consideration for the purchase of Creation Units of a fund in the Company generally consists of the in-kind deposit of a designated portfolio of securities and a specified amount of cash. Certain funds in the Company may be offered in Creation Units solely or partially for cash in U.S. dollars. Investors purchasing and redeeming Creation Units may pay a purchase transaction fee and a redemption transaction fee directly to State Street Bank and Trust Company, the Company’s administrator, to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash. Investors transacting in Creation Units for cash

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Notes to Financial Statements(unaudited) (continued)

may also pay an additional variable charge to compensate the relevant fund for certain transaction costs (i.e., stamp taxes, taxes on currency or other financial transactions, and brokerage costs) and market impact expenses relating to investing in portfolio securities. Such variable charges, if any, are included in shares sold in the table above.

From time to time, settlement of securities related to in-kind contributions or in-kind redemptions may be delayed. In such cases, securities related to in-kind transactions are reflected as a receivable or a payable in the Statements of Assets and Liabilities.

12. SUBSEQUENT EVENTS

Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were available to be issued and has determined that there were no subsequent events requiring adjustment or additional disclosure in the financial statements.

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Statement Regarding Liquidity Risk Management Program(unaudited)

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), iShares, Inc. (the “Company”) has adopted and implemented a liquidity risk management program (the “Program”) for iShares MSCI Frontier and Select EM ETF and iShares MSCI World ETF (the “Funds” or “ETFs”), each a series of the Company, which is reasonably designed to assess and manage each Fund’s liquidity risk.

The Board of Directors (the “Board”) of the Company, on behalf of the Funds, met on December 9, 2021 (the “Meeting”) to review the Program. The Board previously appointed BlackRock Fund Advisors (“BlackRock”), the investment adviser to the Funds, as the program administrator for each Fund’s Program. BlackRock also previously delegated oversight of the Program to the 40 Act Liquidity Risk Management Committee (the “Committee”). At the Meeting, the Committee, on behalf of BlackRock, provided the Board with a report that addressed the operation of the Program and assessed its adequacy and effectiveness of implementation, including the management of each Fund’s Highly Liquid Investment Minimum (“HLIM”) where applicable, and any material changes to the Program (the “Report”). The Report covered the period from October 1, 2020 through September 30, 2021 (the “Program Reporting Period”).

The Report described the Program’s liquidity classification methodology for categorizing each Fund’s investments (including derivative transactions) into one of four liquidity buckets. It also referenced the methodology used by BlackRock to establish each Fund’s HLIM and noted that the Committee reviews and ratifies the HLIM assigned to each Fund no less frequently than annually. The Report also discussed notable events affecting liquidity over the Program Reporting Period, including extended market holidays and the imposition of capital controls in certain non-U.S. countries.

The Report noted that the Program complied with the key factors for consideration under the Liquidity Rule for assessing, managing and periodically reviewing each Fund’s liquidity risk, as follows:

a) The Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions. During the Program Reporting Period, the Committee reviewed whether each Fund’s strategy is appropriate for an open-end fund structure, with a focus on funds with more significant and consistent holdings of less liquid and illiquid assets. The Committee also factored a fund’s concentration in an issuer into the liquidity classification methodology by taking issuer position sizes into account. Derivative exposure was also considered in the calculation of a fund’s liquidity bucketing. Finally, a factor for consideration under the Liquidity Rule is a Fund’s use of borrowings for investment purposes. However, the Funds do not borrow for investment purposes.

b) Short-term and long-term cash flow projections during both normal and reasonably foreseeable stressed conditions. During the Program Reporting Period, the Committee reviewed historical redemption activity and used this information as a component to establish each ETF’s reasonably anticipated trading size (“RATS”). The Committee may also take into consideration a fund’s shareholder ownership concentration (which, depending on product type and distribution channel, may or may not be available), a fund’s distribution channels, and the degree of certainty associated with a fund’s short-term and long-term cash flow projections.

c) Holdings of cash and cash equivalents, as well as borrowing arrangements. The Committee considered that ETFs generally do not hold more than de minimis amounts of cash. While the ETFs generally do not engage in borrowing, certain of the ETFs have the flexibility to draw on a line of credit to meet redemption requests or facilitate settlements.

d) The relationship between an ETF’s portfolio liquidity and the way in which, and the prices and spreads at which, ETF shares trade, including the efficiency of the arbitrage function and the level of active participation by market participants, including authorized participants. The Committee monitored the prevailing bid/ask spread and the ETF price premium (or discount) to NAV for all ETFs and reviewed any persistent deviations from long-term averages.

e) The effect of the composition of baskets on the overall liquidity of an ETF’s portfolio. In reviewing the linkage between the composition of custom baskets accepted by an ETF and any significant change in the liquidity profile of such ETF, the Committee reviewed changes in the proportion of each ETF’s portfolio comprised of less liquid and illiquid holdings to determine if applicable thresholds were met requiring enhanced review.

As part of BlackRock’s continuous review of the effectiveness of the Program, the Committee made the following material changes to the Program: (1) updates to certain model components in the Program’s methodology; and (2) certain iShares Funds entered into a $800 million credit agreement with a group of lenders that replaced a previous liquidity facility. The Report provided to the Board stated that the Committee concluded that based on the operation of the functions, as described in the Report, the Program is operating as intended and is effective in implementing the requirements of the Liquidity Rule.

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Supplemental Information  (unaudited)

Regulation Regarding Derivatives

On October 28, 2020, the Securities and Exchange Commission (the “SEC”) adopted regulations governing the use of derivatives by registered investment companies (“Rule 18f-4”). The Funds will be required to implement and comply with Rule 18f-4 by August 19, 2022. Once implemented, Rule 18f-4 will impose limits on the amount of derivatives a fund can enter into, eliminate the asset segregation framework currently used by funds to comply with Section 18 of the 1940 Act, treat derivatives as senior securities and require funds whose use of derivatives is more than a limited specified exposure amount to establish and maintain a comprehensive derivatives risk management program and appoint a derivatives risk manager.

Section 19(a) Notices

The amounts and sources of distributions reported are estimates and are being provided pursuant to regulatory requirements and are not being provided for tax reporting purposes. The actual amounts and sources for tax reporting purposes will depend upon each Fund’s investment experience during the year and may be subject to changes based on tax regulations. Shareholders will receive a Form 1099-DIV each calendar year that will inform them how to report these distributions for federal income tax purposes.

February 28, 2022

	Total Cumulative Distributions for the Fiscal Year-to-Date								% Breakdown of the Total Cumulative Distributions for the Fiscal Year-to-Date
iShares ETF	Net Investment Income		Net Realized Capital Gains		Return of Capital		Total Per Share		Net Investment Income			Net Realized Capital Gains			Return of Capital			Total Per Share
MSCI World(a)	$	0.934558	$	—	$	0.096558	$	1.031116		91	%		—	%		9	%		100	%

^(a)  The Fund estimates that it has distributed more than its net investment income and net realized capital gains; therefore, a portion of the distribution may be a return of capital. A return of capital may occur, for example, when some or all of the shareholder’s investment in the Fund is returned to the shareholder. A return of capital does not necessarily reflect the Fund’s investment performance and should not be confused with “yield” or “income”. When distributions exceed total return performance, the difference will incrementally reduce the Fund’s net asset value per share.

S U P P L E M E N T A L   I N F O R M A T I O N 43

General Information

Electronic Delivery

Shareholders can sign up for e-mail notifications announcing that the shareholder report or prospectus has been posted on the iShares website at iShares.com. Once you have enrolled, you will no longer receive prospectuses and shareholder reports in the mail.

To enroll in electronic delivery:

• Go to icsdelivery.com.

• If your brokerage firm is not listed, electronic delivery may not be available. Please contact your broker-dealer or financial advisor.

Householding

Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents and Rule 30e-3 notices can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.

Availability of Quarterly Schedule of Investments

The Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT. The Funds’ Forms N-PORT are available on the SEC’s website at sec.gov. Additionally, each Fund makes its portfolio holdings for the first and third quarters of each fiscal year available at iShares.com/fundreports.

Availability of Proxy Voting Policies and Proxy Voting Records

A description of the policies and procedures that the iShares Funds use to determine how to vote proxies relating to portfolio securities and information about how the iShares Funds voted proxies relating to portfolio securities during the most recent twelve-month period ending June 30 is available without charge, upon request (1) by calling toll-free 1-800-474-2737; (2) on the iShares website at iShares.com; and (3) on the SEC website at sec.gov.

A description of the Company’s policies and procedures with respect to the disclosure of the Fund’s portfolio securities is available in the Fund Prospectus. The Fund discloses its portfolio holdings daily and provides information regarding its top holdings in Fund fact sheets at iShares.com.

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Glossary of Terms Used in this Report

Portfolio Abbreviations - Equity
ADR	American Depositary Receipt
GDR	Global Depositary Receipt
JSC	Joint Stock Company
NVS	Non-Voting Shares
REIT	Real Estate Investment Trust

Counterparty Abbreviations
CITI	Citibank N.A.

Currency Abbreviations
NGN	Nigerian Naira
USD	United States Dollar

G L O S S A R Y   O F    T E R M S   U S E D   I N   T H I S   R E P O R T 45

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This report is intended for the Funds’ shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by the current prospectus.

Investing involves risk, including possible loss of principal.

The iShares Funds are distributed by BlackRock Investments, LLC (together with its affiliates, “BlackRock”).

The iShares Funds are not sponsored, endorsed, issued, sold or promoted by MSCI Inc., nor does this company make any representation regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the company listed above.

©2022 BlackRock, Inc. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.

iS-SAR-811-0222

FEBRUARY 28, 2022

2022 Semi-Annual Report

(Unaudited)

iShares, Inc.

· iShares MSCI Global Agriculture Producers ETF  |  VEGI  |  NYSE Arca

· iShares MSCI Global Energy Producers ETF  |  FILL  |  NYSE Arca

· iShares MSCI Global Gold Miners ETF  |  RING  |  NASDAQ

· iShares MSCI Global Metals & Mining Producers ETF  |  PICK  |  Cboe BZX

· iShares MSCI Global Silver and Metals Miners ETF  |  SLVP  |  Cboe BZX

The Markets in Review

Dear Shareholder,

The 12-month reporting period as of February 28, 2022 saw a continuation of the resurgent growth that followed the initial coronavirus (or “COVID-19”) pandemic reopening, albeit at a slower pace. The global economy weathered the emergence of several variant strains and the resulting peaks and troughs in infections amid optimism that increasing vaccinations and economic adaptation could help contain the pandemic’s disruptions. However, rapid changes in consumer spending led to supply constraints and elevated inflation. Moreover, while the foremost effect of Russia’s invasion of Ukraine has been a severe humanitarian crisis, the invasion has presented challenges for both investors and policymakers.

Equity prices were mixed, as persistently high inflation drove investors’ expectations for higher interest rates, which particularly weighed on relatively high valuation growth stocks and economically sensitive small-capitalization stocks. Overall, small-capitalization U.S. stocks declined, while large-capitalization U.S. stocks posted a solid advance. International equities from developed markets gained slightly, although emerging market stocks declined, pressured by rising interest rates and a strengthening U.S. dollar.

The 10-year U.S. Treasury yield (which is inversely related to bond prices) rose during the reporting period as the economy expanded rapidly and inflation reached its highest annualized reading in decades. In the corporate bond market, the improving economy assuaged credit concerns and led to modest returns for high-yield corporate bonds, outpacing the negative return of investment-grade corporate bonds.

The U.S. Federal Reserve (the “Fed”) maintained accommodative monetary policy during the reporting period by keeping near-zero interest rates. However, the Fed’s tone shifted during the period, as it reduced its bond-buying program and raised the prospect of higher rates in 2022. Continued high inflation and the Fed’s new stance led many analysts to anticipate that the Fed will raise interest rates multiple times throughout the year.

Looking ahead, however, the horrific war in Ukraine has significantly clouded the outlook for the global economy. Sanctions on Russia and general wartime disruption are likely to drive already-high commodity prices even further upwards, and we have already seen spikes in energy and metal markets. While this will exacerbate inflationary pressure, it could also constrain economic growth, making the Fed’s way forward less clear. Its challenge will be combating inflation without stifling a recovery that is now facing additional supply shocks.

In this environment, we favor an overweight to equities, as we believe low interest rates and continued economic growth will support further gains, albeit likely more modest than what we saw in 2021. Sectors that are better poised to manage the transition to a lower-carbon world, such as technology and health care, are particularly attractive in the long term. U.S. and other developed market equities have room for further growth, while we believe Chinese equities stand to gain from a more accommodative monetary and fiscal environment. We are underweight long-term credit, but inflation-protected U.S. Treasuries, Asian fixed income, and emerging market local-currency bonds offer potential opportunities. We believe that international diversification and a focus on sustainability can help provide portfolio resilience, and the disruption created by the coronavirus appears to be accelerating the shift toward sustainable investments.

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

Sincerely,

Rob Kapito

President, BlackRock, Inc.

Rob Kapito

President, BlackRock, Inc.

Total Returns as of February 28, 2022
	6-Month		12-Month
U.S. large cap equities (S&P 500® Index)		(2.62)%		16.39%
U.S. small cap equities (Russell 2000® Index)		(9.46)		(6.01)
International equities (MSCI Europe, Australasia, Far East Index)		(6.78)		2.83
Emerging market equities (MSCI Emerging Markets Index)		(9.81)		(10.69)
3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)		0.02		0.04
U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)		(3.94)		(1.67)
U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)		(4.07)		(2.64)
Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)		(3.09)		(0.66)
U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)		(3.07)		0.64
Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.

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

Table of Contents

	Page
The Markets in Review		2
Fund Summary		4
About Fund Performance		9
Shareholder Expenses		9
Schedules of Investments		10
Financial Statements
Statements of Assets and Liabilities		29
Statements of Operations		31
Statements of Changes in Net Assets		33
Financial Highlights		36
Notes to Financial Statements		41
Statement Regarding Liquidity Risk Management Program		50
Supplemental Information		51
General Information		52
Glossary of Terms Used in this Report		53

Fund Summaryas of February 28, 2022 iShares^® MSCI Global Agriculture Producers ETF

Investment Objective

The iShares MSCI Global Agriculture Producers ETF (the “Fund”) seeks to track the investment results of an index composed of global equities of companies primarily engaged in the business of agriculture, as represented by the MSCI ACWI Select Agriculture Producers 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.

Performance

				Average Annual Total Returns									Cumulative Total Returns
	6 Months			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		8.51	%		12.84	%		12.42	%		7.20	%		12.84	%		79.57	%		100.41	%
Fund Market		9.40			13.16			12.48			7.21			13.16			80.06			100.66
Index		8.51			13.05			12.45			7.28			13.05			79.79			101.87

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

Expense Example    

Actual					Hypothetical 5% Return
	Beginning Account Value (09/01/21)	Ending Account Value (02/28/22)	Expenses Paid During the Period	(a)		Beginning Account Value (09/01/21)	Ending Account Value (02/28/22)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$      1,000.00	$      1,085.10	$      2.02			$      1,000.00	$      1,022.90	$      1.96		0.39	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” for more information.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of Total Investments	(a)
Fertilizers & Agricultural Chemicals	36.8	%
Agricultural & Farm Machinery	29.2
Agricultural Products	19.2
Packaged Foods & Meats	14.8

TEN LARGEST GEOGRAPHIC ALLOCATION

Country/Geographic Region	Percent of Total Investments	(a)
United States	55.2	%
Canada	8.8
Norway	5.1
Japan	4.4
India	3.7
Netherlands	3.0
China	2.7
Saudi Arabia	2.3
Israel	1.8
Malaysia	1.7

^(a)  Excludes money market funds.

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Fund Summaryas of February 28, 2022 iShares^® MSCI Global Energy Producers ETF

Investment Objective

The iShares MSCI Global Energy Producers ETF (the “Fund”) seeks to track the investment results of an index composed of global equities of companies primarily engaged in the business of energy exploration and production, as represented by the MSCI ACWI Select Energy Producers 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.

Performance

				Average Annual Total Returns									Cumulative Total Returns
	6 Months			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		35.33	%		41.87	%		5.62	%		1.04	%		41.87	%		31.42	%		10.93	%
Fund Market		37.25			42.95			5.90			1.10			42.95			33.18			11.60
Index		36.27			42.70			5.43			0.90			42.70			30.28			9.43

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

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value (09/01/21)	Ending Account Value (02/28/22)	Expenses Paid During the Period	(a)		Beginning Account Value (09/01/21)	Ending Account Value (02/28/22)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$      1,000.00	$      1,353.30	$      2.28			$      1,000.00	$      1,022.90	$      1.96		0.39	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” for more information.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of Total Investments	(a)
Integrated Oil & Gas	57.1	%
Oil & Gas Exploration & Production	29.4
Oil & Gas Refining & Marketing	10.7
Coal & Consumable Fuels	2.8

TEN LARGEST GEOGRAPHIC ALLOCATION

Country/Geographic Region	Percent of Total Investments	(a)
United States	51.5	%
Canada	17.4
France	5.3
India	4.5
United Kingdom	4.4
Brazil	2.6
Australia	2.0
Italy	1.6
Norway	1.5
China	1.4

^(a)  Excludes money market funds.

F U N D   S U M M A R Y 5

Fund Summaryas of February 28, 2022 iShares^® MSCI Global Gold Miners ETF

Investment Objective

The iShares MSCI Global Gold Miners ETF (the “Fund”) seeks to track the investment results of an index composed of global equities of companies primarily engaged in the business of gold mining, as represented by the MSCI ACWI Select Gold Miners 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.

Performance

				Average Annual Total Returns									Cumulative Total Returns
	6 Months			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		4.40	%		9.51	%		9.09	%		(4.68	)%		9.51	%		54.47	%		(38.08	)%
Fund Market		6.16			11.87			9.46			(4.46	)		11.87			57.14			(36.63	)
Index		6.10			11.18			9.63			(4.37	)		11.18			58.34			(36.07	)

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

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value (09/01/21)	Ending Account Value (02/28/22)	Expenses Paid During the Period	(a)		Beginning Account Value (09/01/21)	Ending Account Value (02/28/22)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$      1,000.00	$      1,044.00	$      1.98			$      1,000.00	$      1,022.90	$      1.96		0.39	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” for more information.

Portfolio Information

GEOGRAPHIC ALLOCATION

Country/Geographic Region	Percent of Total Investments	(a)
Canada	50.0	%
United States	22.8
South Africa	11.2
Australia	7.2
China	3.9
Peru	1.2
Russia	1.0
Other (each representing less than 1%)	2.7

TEN LARGEST HOLDINGS

Security	Percent of Total Investments	(a)
Newmont Corp.	21.7	%
Barrick Gold Corp.	16.4
Agnico Eagle Mines Ltd.	8.4
Gold Fields Ltd.	5.0
Newcrest Mining Ltd.	4.9
Wheaton Precious Metals Corp.	4.7
AngloGold Ashanti Ltd.	4.5
Zijin Mining Group Co. Ltd., Class H	3.9
Kinross Gold Corp.	2.9
Yamana Gold Inc.	2.3

^(a)  Excludes money market funds.

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Fund Summaryas of February 28, 2022 iShares^® MSCI Global Metals & Mining Producers ETF

Investment Objective

The iShares MSCI Global Metals & Mining Producers ETF (the “Fund”) seeks to track the investment results of an index composed of global equities of companies primarily engaged in mining, extraction or production of diversified metals, excluding gold and silver, as represented by the MSCI ACWI Select Metals & Mining Producers ex Gold & Silver 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.

Performance

				Average Annual Total Returns									Cumulative Total Returns
	6 Months			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		8.51	%		21.07	%		15.31	%		3.54	%		21.07	%		103.90	%		41.57	%
Fund Market		10.07			22.50			15.81			3.57			22.50			108.33			42.04
Index		8.59			21.95			15.77			3.75			21.95			107.97			44.55

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

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value (09/01/21)	Ending Account Value (02/28/22)	Expenses Paid During the Period	(a)		Beginning Account Value (09/01/21)	Ending Account Value (02/28/22)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$      1,000.00	$      1,085.10	$      2.02			$      1,000.00	$      1,022.90	$      1.96		0.39	%

(a) Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” for more information.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of Total Investments	(a)
Diversified Metals & Mining	49.0	%
Steel	31.5
Copper	10.3
Aluminum	5.6
Precious Metals & Minerals	3.6

TEN LARGEST GEOGRAPHIC ALLOCATION

Country/Geographic Region	Percent of Total Investments	(a)
Australia	36.4	%
United States	15.7
Brazil	7.1
United Kingdom	6.1
Canada	4.9
Japan	4.4
South Africa	3.9
India	3.4
China	2.9
South Korea	2.1

^(a)  Excludes money market funds.

F U N D   S U M M A R Y 7

Fund Summaryas of February 28, 2022 iShares^® MSCI Global Silver and Metals Miners ETF

Investment Objective

The iShares MSCI Global Silver and Metals Miners ETF (the “Fund”) seeks to track the investment results of an index composed of global equities of companies primarily engaged in the business of silver exploration or metals mining, as represented by the MSCI ACWI Select Silver Miners 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.

Performance

				Average Annual Total Returns									Cumulative Total Returns
	6 Months			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		(6.45	)%		(16.32	)%		3.68	%		(4.96	)%		(16.32	)%		19.79	%		(39.90	)%
Fund Market		(6.07	)		(16.39	)		3.76			(4.94	)		(16.39	)		20.26			(39.76	)
Index		(6.00	)		(15.92	)		3.71			(4.94	)		(15.92	)		20.00			(39.72	)

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

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value (09/01/21)	Ending Account Value (02/28/22)	Expenses Paid During the Period	(a)		Beginning Account Value (09/01/21)	Ending Account Value (02/28/22)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$      1,000.00	$         935.50	$      1.87			$      1,000.00	$      1,022.90	$      1.96		0.39	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” for more information.

Portfolio Information

GEOGRAPHIC ALLOCATION

Country/Geographic Region	Percent of Total Investments	(a)
Canada	67.8	%
United States	20.4
Mexico	5.0
Japan	4.6
Other (each representing less than 1%)	2.2

TEN LARGEST HOLDINGS

Security	Percent of Total Investments	(a)
Pan American Silver Corp.	17.6	%
Hecla Mining Co.	10.4
First Majestic Silver Corp.	8.7
Newmont Corp.	8.4
Industrias Penoles SAB de CV	5.0
MAG Silver Corp.	4.8
Asahi Holdings Inc.	4.6
SilverCrest Metals Inc.	4.4
Agnico Eagle Mines Ltd.	4.4
Fortuna Silver Mines Inc.	4.1

^(a)  Excludes money market funds.

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About Fund Performance

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

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

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

Shareholder Expenses

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

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

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

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

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

Schedule of Investments(unaudited)  February 28, 2022 iShares^® MSCI Global Agriculture Producers ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Australia — 1.0%
Australian Agricultural Co. Ltd.(a)		45,444	$	54,460
Costa Group Holdings Ltd.		69,342		137,276
Elders Ltd.		24,318		204,381
Inghams Group Ltd.		53,214		130,701
Nufarm Ltd./Australia		50,820		203,639
Select Harvests Ltd.		18,648		74,816
Tassal Group Ltd.		32,928		85,553
				890,826
Brazil — 0.4%
Sao Martinho SA		27,720		214,292
SLC Agricola SA		16,562		140,698
Tres Tentos Agroindustrial SA(a)		19,194		37,299
				392,289
Canada — 8.8%
Ag Growth International Inc.		2,982		88,225
Nutrien Ltd.		89,586		7,704,749
Rogers Sugar Inc.(b)		14,070		64,717
				7,857,691
China — 2.7%
Beijing Dabeinong Technology Group Co. Ltd., Class A		37,800		49,724
China BlueChemical Ltd., Class H		274,000		82,044
China Huishan Dairy Holdings Co. Ltd.(a)(c)		295,050		—
China Modern Dairy Holdings Ltd.		504,000		93,140
China Youran Dairy Group Ltd.(a)(d)		126,000		68,562
COFCO Joycome Foods Ltd.(a)		374,000		163,163
First Tractor Co. Ltd., Class H		64,000		30,824
Fujian Sunner Development Co. Ltd., Class A		12,600		39,449
Heilongjiang Agriculture Co. Ltd., Class A		16,800		39,147
Henan Shuanghui Investment & Development Co. Ltd., Class A		26,900		123,105
Inner Mongolia Yili Industrial Group Co. Ltd., Class A		61,700		387,007
Jiangsu Yangnong Chemical Co. Ltd., Class A		2,900		57,363
Jiangxi Zhengbang Technology Co. Ltd., Class A		25,200		27,592
Muyuan Foods Co. Ltd., Class A		50,166		456,468
New Hope Liuhe Co. Ltd., Class A(a)		42,000		102,746
Shandong Hualu Hengsheng Chemical Co. Ltd., Class A		19,880		111,679
Sichuan New Energy Power Co. Ltd.(a)		12,600		51,238
Sinofert Holdings Ltd.		336,000		48,230
Tongwei Co. Ltd., Class A		42,600		292,161
Wens Foodstuffs Group Co. Ltd., Class A(a)		58,820		181,896
Yuan Longping High-Tech Agriculture Co. Ltd., Class A(a)		12,600		38,073
				2,443,611
Cyprus — 0.0%
Ros Agro PLC, GDR(c)(e)		5,334		15,624
Egypt — 0.0%
Misr Fertilizers Production Co. SAE		7,040		39,829
Faeroe Islands — 0.6%
Bakkafrost P/F		7,854		533,733
France — 0.1%
Vilmorin & Cie SA		882		45,640
Germany — 1.2%
K+S AG, Registered(a)		29,988		769,257
KWS Saat SE & Co. KGaA		1,806		131,249

Security	Shares		Value
Germany (continued)
Suedzucker AG		11,298	$	153,922
				1,054,428
Hong Kong — 1.0%
WH Group Ltd.(d)		1,302,000		909,285
India — 3.7%
Balrampur Chini Mills Ltd.		19,782		104,952
Bayer CropScience Ltd./India		2,100		123,144
Chambal Fertilizers and Chemicals Ltd.		25,956		130,978
Coromandel International Ltd.		18,354		189,135
Deepak Fertilisers & Petrochemicals Corp. Ltd.		8,442		63,987
EID Parry India Ltd.		10,878		59,983
Escorts Ltd.		10,584		260,922
Gujarat Narmada Valley Fertilizers & Chemicals Ltd.		12,138		89,681
Gujarat State Fertilizers & Chemicals Ltd.		28,098		47,164
Kaveri Seed Co. Ltd.		3,822		24,784
PI Industries Ltd.		12,978		427,124
Rallis India Ltd.		12,306		38,355
Shree Renuka Sugars Ltd.(a)		82,740		36,535
Sumitomo Chemical India Ltd.		15,666		78,676
Tata Consumer Products Ltd.		93,576		896,027
Triveni Engineering & Industries Ltd.		11,214		37,231
UPL Ltd.		77,700		690,557
				3,299,235
Indonesia — 0.8%
Astra Agro Lestari Tbk PT		75,600		59,995
Charoen Pokphand Indonesia Tbk PT		1,155,000		467,684
Inti Agri Resources Tbk PT(a)(c)		2,230,700		—
Japfa Comfeed Indonesia Tbk PT		651,000		71,504
Perusahaan Perkebunan London Sumatra Indonesia Tbk PT		491,400		48,722
Sawit Sumbermas Sarana Tbk PT		508,200		39,810
				687,715
Ireland — 0.1%
Origin Enterprises PLC		19,698		79,753
Israel — 1.7%
ICL Group Ltd.		110,586		1,255,872
Israel Corp. Ltd. (The)(a)		588		308,993
				1,564,865
Japan — 4.4%
Hokuto Corp.		3,000		51,465
Kubota Corp.		160,600		2,881,432
Kumiai Chemical Industry Co. Ltd.		12,600		89,413
Maruha Nichiro Corp.		6,100		133,092
Mitsui DM Sugar Holdings Co. Ltd.		2,400		42,843
NH Foods Ltd.		13,100		491,679
Sakata Seed Corp.		4,400		129,273
Taki Chemical Co. Ltd.		800		33,253
YAMABIKO Corp.		5,300		61,381
Yukiguni Maitake Co. Ltd.		3,100		32,348
				3,946,179
Malaysia — 1.7%
Genting Plantations Bhd		42,000		91,133
IOI Corp. Bhd		386,400		424,578
Kuala Lumpur Kepong Bhd		69,000		427,295
QL Resources Bhd		172,207		203,031
Sime Darby Plantation Bhd		268,800		315,366
United Plantations BHD		16,800		60,910
				1,522,313

10 2 0 2 2   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S 

Schedule of Investments(unaudited) (continued) February 28, 2022 iShares^® MSCI Global Agriculture Producers ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Mauritius — 0.2%
Golden Agri-Resources Ltd.(b)		991,200	$	209,583
Netherlands — 3.0%
CNH Industrial NV		160,650		2,285,167
ForFarmers NV		5,166		21,073
OCI NV(a)		14,784		419,071
				2,725,311
Norway — 5.1%
Atlantic Sapphire ASA(a)(b)		11,382		40,298
Austevoll Seafood ASA		14,322		202,224
Grieg Seafood ASA(a)		8,274		104,206
Leroy Seafood Group ASA		46,452		405,544
Mowi ASA		68,964		1,775,741
Norway Royal Salmon ASA(b)		1,764		40,519
Salmar ASA		9,240		678,902
Yara International ASA		25,956		1,321,937
				4,569,371
Poland — 0.1%
Grupa Azoty SA(a)		7,770		60,215
Russia — 0.2%
PhosAgro PJSC, GDR		21,252		130,018
Saudi Arabia — 2.3%
Al Jouf Agricultural Development Co.		2,310		35,191
Almarai Co. JSC		39,060		523,693
National Agriculture Development Co. (The)(a)		7,728		63,719
SABIC Agri-Nutrients Co.		33,642		1,433,414
Saudi Fisheries Co.(a)		3,024		37,934
				2,093,951
Singapore — 1.3%
China XLX Fertiliser Ltd.		66,000		50,931
First Resources Ltd.		88,200		120,209
Japfa Ltd.		63,040		27,565
Wilmar International Ltd.		302,400		982,810
				1,181,515
South Africa — 0.1%
Astral Foods Ltd.		6,132		64,805
Oceana Group Ltd.		12,800		44,944
				109,749
South Korea — 0.1%
Dongwon Industries Co. Ltd.		168		29,432
Harim Holdings Co. Ltd.		7,308		63,779
Namhae Chemical Corp.(a)		3,402		27,510
				120,721
Sweden — 0.9%
Husqvarna AB, Class B		65,436		788,119
Taiwan — 0.5%
Charoen Pokphand Enterprise		26,000		78,674
Taiwan Fertilizer Co. Ltd.		113,000		277,909
Taiwan TEA Corp.(a)		84,000		64,527
				421,110
Thailand — 0.6%
Charoen Pokphand Foods PCL, NVDR		604,800		468,609
GFPT PCL, NVDR		79,800		31,993
Khon Kaen Sugar Industry PCL, NVDR(a)		235,254		24,474
Thaifoods Group PCL, NVDR(b)		180,600		23,493
				548,569

Security	Shares		Value
Turkey — 0.2%
Gubre Fabrikalari TAS(a)		7,938	$	43,647
Hektas Ticaret TAS(a)(b)		61,027		57,161
Turk Traktor ve Ziraat Makineleri AS		2,016		31,129
				131,937
United Kingdom — 0.4%
Cranswick PLC		8,274		388,403
United States — 55.0%
AGCO Corp.		9,996		1,201,119
American Vanguard Corp.		4,410		66,459
AppHarvest Inc.(a)(b)		8,358		31,927
Archer-Daniels-Midland Co.		87,822		6,889,636
Bunge Ltd.		22,050		2,305,327
Cal-Maine Foods Inc.		5,838		258,448
CF Industries Holdings Inc.		33,684		2,734,804
Corteva Inc.		114,408		5,952,648
Darling Ingredients Inc.(a)		25,368		1,838,673
Deere & Co.		46,200		16,632,924
FMC Corp.		19,908		2,334,213
Fresh Del Monte Produce Inc.		5,586		144,566
Hydrofarm Holdings Group Inc.(a)		4,116		83,349
Ingredion Inc.		10,458		928,043
Lamb Weston Holdings Inc.		22,848		1,517,793
Lindsay Corp.		1,722		225,944
Mosaic Co. (The)		57,960		3,038,843
Pilgrim’s Pride Corp.(a)		7,644		180,245
Sanderson Farms Inc.		3,150		562,558
Scotts Miracle-Gro Co. (The)		6,510		911,791
Toro Co. (The)		16,716		1,568,128
Vital Farms Inc.(a)(b)		2,436		34,713
				49,442,151
Total Common Stocks — 98.2% (Cost: $72,898,959)				88,203,739
Preferred Stocks
Chile — 1.6%
Sociedad Quimica y Minera de Chile SA, Class B, Preference Shares		21,294		1,414,175
Total Preferred Stocks — 1.6% (Cost: $897,029)				1,414,175
Rights
Thailand — 0.0%
Khon Kaen Sugar (Expires 02/28/22)(a)		2,201		—
Total Rights — 0.0% (Cost: $0)				—

S C H E D U L E   O F   I N V E S T M E N T S 11

Schedule of Investments(unaudited) (continued) February 28, 2022 iShares^® MSCI Global Agriculture Producers ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Short-Term Investments
Money Market Funds — 0.3%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.09%(f)(g)(h)		276,754	$	276,809
Total Short-Term Investments — 0.3% (Cost: $276,804)				276,809
Total Investments in Securities — 100.1% (Cost: $74,072,792)				89,894,723
Other Assets, Less Liabilities — (0.1)%				(55,263	)
Net Assets — 100.0%			$	89,839,460

^(a)  Non-income producing security.

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

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

^(d)  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.

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

^(f)  Affiliate of the Fund.

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

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 08/31/21		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 02/28/22		Shares Held at 02/28/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	1,825,834	$	—	$	(1,548,825	)(a)	$	(189	)	$	(11	)	$	276,809		276,754	$	55,566	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares(c)		80,000		—		(80,000	)(a)		—			—			—		—		5			—
								$	(189	)	$	(11	)	$	276,809			$	55,571		$	—

^(a)  Represents net amount purchased (sold).

^(b)  All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

^(c)  As of period end, the entity is no longer held.

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
Euro STOXX 50 Index		2		03/18/22	$	88	$	(9,529	)

Derivative Financial Instruments Categorized by Risk Exposure

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

	Equity Contracts
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	9,529

^(a)  Net cumulative unrealized appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).

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Schedule of Investments(unaudited) (continued) February 28, 2022 iShares^® MSCI Global Agriculture Producers ETF

For the period ended February 28, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	928
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(9,529	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	29,174

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

Fair Value Hierarchy as of Period End

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.

	Level 1		Level 2			Level 3		Total
Investments
Assets
Common Stocks	$	58,477,327	$	29,710,788		$	15,624	$	88,203,739
Preferred Stocks		—		1,414,175			—		1,414,175
Rights		—		—			—		—
Money Market Funds		276,809		—			—		276,809
	$	58,754,136	$	31,124,963		$	15,624	$	89,894,723
Derivative financial instruments(a)
Liabilities
Futures Contracts	$	—	$	(9,529	)	$	—	$	(9,529	)

^(a)  Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

See notes to financial statements.

S C H E D U L E   O F   I N V E S T M E N T S 13

Schedule of Investments(unaudited)  February 28, 2022 iShares^® MSCI Global Energy Producers ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Australia — 2.0%
Beach Energy Ltd.		70,870	$	78,940
Karoon Energy Ltd.(a)		24,035		36,172
New Hope Corp. Ltd.(b)		17,670		32,759
Paladin Energy Ltd.(a)(b)		93,860		54,017
Santos Ltd.		132,502		705,684
Washington H Soul Pattinson & Co. Ltd.		8,930		163,830
Whitehaven Coal Ltd.		37,430		87,593
Woodside Petroleum Ltd.		39,928		834,346
				1,993,341
Austria — 0.3%
OMV AG		6,080		289,429
Brazil — 1.3%
3R Petroleum Oleo E Gas SA(a)		6,650		44,072
Enauta Participacoes SA		4,275		14,333
Petro Rio SA(a)		26,901		136,714
Petroleo Brasileiro SA		151,698		1,078,636
				1,273,755
Canada — 17.3%
Advantage Energy Ltd.(a)		7,721		45,138
ARC Resources Ltd.		28,197		348,597
Baytex Energy Corp.(a)		23,275		106,321
Birchcliff Energy Ltd.		11,020		58,599
Cameco Corp.		16,340		401,829
Canacol Energy Ltd.		5,251		13,298
Canadian Natural Resources Ltd.		48,295		2,698,043
Cenovus Energy Inc.		53,693		844,262
Crescent Point Energy Corp.		23,815		170,416
Denison Mines Corp.(a)		31,255		46,852
Energy Fuels Inc./Canada(a)		6,270		51,595
Enerplus Corp.		10,450		133,562
Freehold Royalties Ltd.		5,035		56,209
Headwater Exploration Inc.(a)		7,885		44,728
Imperial Oil Ltd.		10,097		453,190
Kelt Exploration Ltd.(a)		6,175		28,013
MEG Energy Corp.(a)		11,400		148,852
NexGen Energy Ltd.(a)		16,435		87,264
NuVista Energy Ltd.(a)		7,410		56,474
Paramount Resources Ltd., Class A		3,040		67,444
Parex Resources Inc.		5,225		115,218
Peyto Exploration & Development Corp.		6,650		57,397
PrairieSky Royalty Ltd.		8,265		111,765
Shell PLC		315,833		8,328,766
Suncor Energy Inc.		59,795		1,828,524
Tamarack Valley Energy Ltd.		16,530		67,294
Tourmaline Oil Corp.		12,875		507,890
Vermilion Energy Inc.(a)		6,650		124,343
Whitecap Resources Inc.		24,772		188,990
				17,190,873
China — 1.4%
CGN Mining Co. Ltd.		90,000		10,512
China Coal Energy Co. Ltd., Class H		95,000		59,217
China Shenhua Energy Co. Ltd., Class A		19,000		76,071
China Shenhua Energy Co. Ltd., Class H		142,500		392,728
Guanghui Energy Co. Ltd., Class A(a)		19,000		21,643
Inner Mongolia Yitai Coal Co. Ltd., Class B		38,000		36,607
PetroChina Co. Ltd., Class A		47,500		43,793
PetroChina Co. Ltd., Class H		854,000		457,424

Security	Shares		Value
China (continued)
Shaanxi Coal Industry Co. Ltd., Class A		23,700	$	53,544
Shanxi Coking Coal Energy Group Co. Ltd., Class A		9,510		16,007
Shanxi Lu’an Environmental Energy Development Co. Ltd., Class A		9,500		20,935
Yankuang Energy Group Co. Ltd, Class H(b)		62,000		152,013
Yankuang Energy Group Co. Ltd., Class A		6,100		30,612
				1,371,106
Colombia — 0.2%
Ecopetrol SA		205,010		169,913
Finland — 0.7%
Neste Oyj		17,417		679,169
France — 5.3%
TotalEnergies SE		102,896		5,242,057
Greece — 0.1%
Hellenic Petroleum Holdings SA		2,535		20,075
Motor Oil Hellas Corinth Refineries SA		2,522		40,467
				60,542
Hungary — 0.1%
MOL Hungarian Oil & Gas PLC		17,290		134,867
India — 4.5%
Bharat Petroleum Corp. Ltd.		36,195		168,829
Coal India Ltd.		64,125		145,040
Hindustan Petroleum Corp. Ltd.		26,030		94,693
Indian Oil Corp. Ltd.		78,755		120,880
Oil & Natural Gas Corp. Ltd.		103,019		221,879
Oil India Ltd.		11,210		33,436
Reliance Industries Ltd.		77,180		2,429,758
Reliance Industries Ltd., GDR(c)		19,855		1,246,267
				4,460,782
Indonesia — 0.3%
Adaro Energy Tbk PT		579,500		99,287
Bukit Asam Tbk PT		126,100		27,702
Indika Energy Tbk PT(a)		66,500		10,322
Indo Tambangraya Megah Tbk PT		19,000		35,277
Medco Energi Internasional Tbk PT(a)		323,012		13,637
Sugih Energy Tbk PT(a)(d)		206,700		—
United Tractors Tbk PT		69,100		120,578
				306,803
Israel — 0.2%
Delek Group Ltd.(a)		380		46,941
Equital Ltd.(a)		856		34,187
Naphtha Israel Petroleum Corp. Ltd.(a)(b)		1,331		10,530
Oil Refineries Ltd.(a)		75,620		27,097
Paz Oil Co. Ltd.(a)		399		57,564
				176,319
Italy — 1.6%
Eni SpA		103,625		1,611,857
Saras SpA(a)		23,180		14,163
				1,626,020
Japan — 1.2%
Cosmo Energy Holdings Co. Ltd.		2,036		46,019
ENEOS Holdings Inc.		125,600		497,350
Idemitsu Kosan Co. Ltd.		8,668		232,359
Inpex Corp.		42,200		434,977
Japan Petroleum Exploration Co. Ltd.		1,300		30,858
				1,241,563

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Schedule of Investments(unaudited) (continued) February 28, 2022 iShares^® MSCI Global Energy Producers ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Norway — 1.5%
Aker BP ASA		5,225	$	163,650
BW Energy Ltd.(a)		3,040		8,047
DNO ASA		18,525		23,501
Equinor ASA		40,110		1,260,878
				1,456,076
Philippines — 0.0%
Semirara Mining & Power Corp.		38,000		20,531
Poland — 0.3%
Grupa Lotos SA(a)		3,800		48,755
Polski Koncern Naftowy ORLEN SA		12,445		210,219
				258,974
Portugal — 0.2%
Galp Energia SGPS SA		20,904		231,393
Russia — 0.4%
LUKOIL PJSC(d)		17,021		297,110
Rosneft Oil Co. PJSC(d)		47,821		49,888
Surgutneftegas PJSC(d)		285,010		21,523
Tatneft PJSC(d)		57,983		73,629
				442,150
Saudi Arabia — 1.1%
Rabigh Refining & Petrochemical Co.(a)		9,120		59,871
Saudi Arabian Oil Co.(c)		90,079		999,382
				1,059,253
South Africa — 0.2%
Exxaro Resources Ltd.		10,355		133,567
Thungela Resources Ltd.(a)		5,540		49,278
				182,845
South Korea — 0.6%
Hyundai Heavy Industries Holdings Co. Ltd.		1,710		73,102
SK Innovation Co. Ltd.(a)		2,113		356,708
S-Oil Corp.		1,805		128,551
				558,361
Spain — 0.8%
Repsol SA		59,886		777,083
Sweden — 0.3%
Lundin Energy AB		8,194		302,351
Thailand — 0.5%
Bangchak Corp. PCL, NVDR		38,000		36,225
Banpu PCL, NVDR		218,500		73,230
Esso Thailand PCL, NVDR(a)		47,500		10,967
IRPC PCL, NVDR		465,500		54,566
PTT Exploration & Production PCL, NVDR		57,031		240,115
Star Petroleum Refining PCL, NVDR(a)		76,000		20,898
Thai Oil PCL, NVDR		47,500		78,963
				514,964
Turkey — 0.1%
Turkiye Petrol Rafinerileri AS(a)		5,130		71,500
United Arab Emirates — 0.0%
Dana Gas PJSC		136,800		39,544
United Kingdom — 4.3%
BP PLC		810,315		3,949,566
Capricorn Energy PLC(a)		20,439		60,513
Diversified Energy Co. PLC		33,535		53,085
Energean PLC(a)		4,750		66,143

Security	Shares		Value
United Kingdom (continued)
Harbour Energy PLC(a)		16,993	$	89,988
Pantheon Resources PLC(a)		21,280		40,498
Serica Energy PLC		7,125		26,491
Tullow Oil PLC(a)		50,255		36,172
				4,322,456
United States — 51.2%
Antero Resources Corp.(a)		11,590		265,759
APA Corp.		14,908		531,172
Arch Resources Inc.		665		79,381
Berry Corp.		2,280		22,800
Brigham Minerals Inc., Class A		1,900		43,282
California Resources Corp.		1,615		66,586
Callon Petroleum Co.(a)		1,511		85,160
Centennial Resource Development Inc./DE, Class A(a)		7,505		65,894
Centrus Energy Corp., Class A(a)		438		19,828
Chesapeake Energy Corp.		3,123		241,252
Chevron Corp.		79,109		11,391,696
Civitas Resources Inc.		2,090		105,482
CNX Resources Corp.(a)		8,740		142,812
Comstock Resources Inc.(a)		3,325		27,597
ConocoPhillips		54,127		5,134,487
CONSOL Energy Inc.(a)		1,330		40,884
Coterra Energy Inc.		31,602		737,275
Crescent Energy Inc.(a)(b)		893		13,529
CVR Energy Inc.		1,235		21,477
Delek U.S. Holdings Inc.(a)		2,660		45,832
Denbury Inc.(a)		2,090		151,859
Devon Energy Corp.		26,428		1,573,787
Diamondback Energy Inc.		7,042		972,500
EOG Resources Inc.		24,000		2,758,080
EQT Corp.		13,205		305,564
Exxon Mobil Corp.		173,722		13,623,279
Gulfport Energy Corp.(a)		570		39,319
Hess Corp.		11,411		1,153,196
HollyFrontier Corp.		6,365		193,814
Kosmos Energy Ltd.(a)		18,620		90,493
Laredo Petroleum Inc.(a)		570		43,639
Magnolia Oil & Gas Corp., Class A(b)		5,985		133,765
Marathon Oil Corp.		31,950		720,792
Marathon Petroleum Corp.		25,263		1,967,230
Matador Resources Co.		4,845		240,312
Murphy Oil Corp.		6,322		219,184
Northern Oil and Gas Inc.		2,470		61,948
Oasis Petroleum Inc.		814		107,863
Occidental Petroleum Corp.		38,326		1,675,996
Ovintiv Inc.		10,784		494,446
Par Pacific Holdings Inc.(a)		1,900		25,840
PBF Energy Inc., Class A(a)		3,990		66,314
PDC Energy Inc.		4,085		263,564
Peabody Energy Corp.(a)		3,895		67,539
Pioneer Natural Resources Co.		9,488		2,273,325
Range Resources Corp.(a)		10,165		233,287
SM Energy Co.		4,750		168,672
Southwestern Energy Co.(a)		22,909		114,316
Talos Energy Inc.(a)		1,235		19,402
Tellurian Inc.(a)		15,770		60,084
Texas Pacific Land Corp.		255		303,126
Uranium Energy Corp.(a)		10,735		42,833
Valero Energy Corp.		16,738		1,397,790
Viper Energy Partners LP		2,375		69,849

S C H E D U L E   O F   I N V E S T M E N T S 15

Schedule of Investments(unaudited) (continued) February 28, 2022 iShares^® MSCI Global Energy Producers ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
United States (continued)
Whiting Petroleum Corp.		1,615	$	119,268
				50,834,460
Total Common Stocks — 98.0% (Cost: $76,020,952)				97,288,480
Preferred Stocks
Brazil — 1.3%
Petroleo Brasileiro SA, Preference Shares, NVS		194,968		1,281,614
Russia — 0.0%
Surgutneftegas PJSC, Preference Shares, NVS(d)		275,500		29,581
Total Preferred Stocks — 1.3% (Cost: $878,199)				1,311,195
Rights
Thailand — 0.0%
Bangchak Corp. PCL (Expires 03/03/22)(a)		1,801		—
Total Rights — 0.0% (Cost: $0)				—
Short-Term Investments
Money Market Funds — 0.5%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.09%(e)(f)(g)		385,055		385,132

Security	Shares		Value
Money Market Funds (continued)
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.03%(e)(f)		120,000	$	120,000
				505,132
Total Short-Term Investments — 0.5% (Cost: $505,062)				505,132
Total Investments in Securities — 99.8% (Cost: $77,404,213)				99,104,807
Other Assets, Less Liabilities — 0.2%				227,756
Net Assets — 100.0%			$	99,332,563

^(a)  Non-income producing security.

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

^(c)  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.

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

^(e)  Affiliate of the Fund.

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

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 08/31/21		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 02/28/22		Shares Held at 02/28/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	525,991	$	—		$	(140,624	)(a)	$	(216	)	$	(19	)	$	385,132		385,055	$	3,360	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		100,000		20,000	(a)		—			—			—			120,000		120,000		7			—
									$	(216	)	$	(19	)	$	505,132			$	3,367		$	—

^(a)  Represents net amount purchased (sold).

^(b)  All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
FTSE 100 Index		1		03/18/22	$	99	$	(1,122	)

16 2 0 2 2   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S 

Schedule of Investments(unaudited) (continued) February 28, 2022 iShares^® MSCI Global Energy Producers ETF

Futures Contracts (continued)    

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
S&P Select Sector Energy E-Mini Index		7		03/18/22	$	514	$	33,406
							$	32,284

Derivative Financial Instruments Categorized by Risk Exposure

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

	Equity Contracts
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)	$	33,406
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	1,122

^(a)  Net cumulative unrealized appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).

For the period ended February 28, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	46,096
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	53,082

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	584,134

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

Fair Value Hierarchy as of Period End

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.

S C H E D U L E   O F   I N V E S T M E N T S 17

Schedule of Investments(unaudited) (continued) February 28, 2022 iShares^® MSCI Global Energy Producers ETF

Fair Value Hierarchy as of Period End (continued)

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.

	Level 1		Level 2			Level 3		Total
Investments
Assets
Common Stocks	$	60,326,898	$	36,519,432		$	442,150	$	97,288,480
Preferred Stocks		—		1,281,614			29,581		1,311,195
Rights		—		—			—		—
Money Market Funds		505,132		—			—		505,132
	$	60,832,030	$	37,801,046		$	471,731	$	99,104,807
Derivative financial instruments(a)
Assets
Futures Contracts	$	33,406	$	—		$	—	$	33,406
Liabilities
Futures Contracts		—		(1,122	)		—		(1,122	)
	$	33,406	$	(1,122	)	$	—	$	32,284

^(a) Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

See notes to financial statements.

18 2 0 2 2   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S 

Schedule of Investments(unaudited)  February 28, 2022 iShares^® MSCI Global Gold Miners ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Australia — 7.2%
De Grey Mining Ltd.(a)(b)		3,979,321	$	3,275,565
Newcrest Mining Ltd.		1,329,667		24,666,387
St. Barbara Ltd.		2,818,062		2,712,322
West African Resources Ltd.(a)		3,593,664		2,859,413
Westgold Resources Ltd.		1,721,696		2,807,457
				36,321,144
Canada — 49.9%
Aclara Resources Inc.(a)		8,250		6,959
Agnico Eagle Mines Ltd.		834,580		42,160,282
Alamos Gold Inc., Class A		1,025,056		7,553,470
Argonaut Gold Inc.(a)		1,394,405		2,541,282
B2Gold Corp.		2,597,126		10,490,955
Barrick Gold Corp.		3,634,683		82,156,740
Calibre Mining Corp.(a)(b)		2,001,111		2,036,634
Centerra Gold Inc.		628,195		6,125,830
Eldorado Gold Corp.(a)		521,131		5,723,190
Equinox Gold Corp.(a)		755,177		5,356,246
IAMGOLD Corp.(a)		1,457,534		4,277,733
Kinross Gold Corp.		2,924,737		14,583,304
Lundin Gold Inc.(a)(b)		319,073		2,572,723
New Gold Inc.(a)		2,088,619		3,608,738
Pretium Resources Inc.(a)		498,131		7,266,621
SSR Mining Inc.		529,222		10,475,882
Torex Gold Resources Inc.(a)		296,943		3,767,135
Wesdome Gold Mines Ltd.(a)		427,894		4,817,394
Wheaton Precious Metals Corp.		539,541		23,641,899
Yamana Gold Inc.		2,358,938		11,594,622
				250,757,639
China — 3.9%
Zijin Mining Group Co. Ltd., Class H		13,250,000		19,665,403
Indonesia — 0.9%
Aneka Tambang Tbk		28,254,200		4,401,958
Jersey — 0.9%
Centamin PLC		3,542,037		4,701,486
Peru — 1.2%
Cia. de Minas Buenaventura SAA, ADR(a)		599,999		5,939,990
Russia — 0.9%
Polymetal International PLC(c)		822,891		2,495,683
Polyus PJSC(c)		62,547		2,356,663
				4,852,346

Security	Shares		Value
South Africa — 11.2%
AngloGold Ashanti Ltd.		959,099	$	22,439,939
DRDGOLD Ltd.		2,451,341		2,287,064
Gold Fields Ltd.		1,786,098		24,869,208
Harmony Gold Mining Co. Ltd.		1,550,480		6,621,464
				56,217,675
Turkey — 0.4%
Koza Altin Isletmeleri AS(a)(b)		223,668		1,850,399
United Kingdom — 0.5%
Hochschild Mining PLC		1,671,558		2,591,539
United States — 22.8%
Coeur Mining Inc.(a)(b)		804,590		3,459,737
McEwen Mining Inc.(a)(b)		2,431,007		1,925,601
Newmont Corp.		1,648,892		109,156,650
				114,541,988
Total Common Stocks — 99.8% (Cost: $485,757,085)				501,841,567
Short-Term Investments
Money Market Funds — 0.7%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.09%(d)(e)(f)		2,928,742		2,929,328
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.03%(d)(e)		400,000		400,000
				3,329,328
Total Short-Term Investments — 0.7% (Cost: $3,328,452)				3,329,328
Total Investments in Securities — 100.5% (Cost: $489,085,537)				505,170,895
Other Assets, Less Liabilities — (0.5)%				(2,411,215	)
Net Assets — 100.0%			$	502,759,680

^(a)  Non-income producing security.

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

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

^(d)  Affiliate of the Fund.

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

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

S C H E D U L E   O F   I N V E S T M E N T S 19

Schedule of Investments(unaudited) (continued) February 28, 2022 iShares^® MSCI Global Gold Miners ETF

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 08/31/21		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 02/28/22		Shares Held at 02/28/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	5,683,523	$	—		$	(2,753,331	)(a)	$	(476	)	$	(388	)	$	2,929,328		2,928,742	$	38,788	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		130,000		270,000	(a)		—			—			—			400,000		400,000		15			—
									$	(476	)	$	(388	)	$	3,329,328			$	38,803		$	—

^(a)  Represents net amount purchased (sold).

^(b)  All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
S&P/TSE 60 Index		3		03/17/22	$	604	$	15

Derivative Financial Instruments Categorized by Risk Exposure

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

	Equity Contracts
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)	$	15

^(a) Net cumulative unrealized appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).

For the period ended February 28, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:    

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	16,874
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(8,415	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	1,566,379

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

20 2 0 2 2   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S 

Schedule of Investments(unaudited) (continued) February 28, 2022 iShares^® MSCI Global Gold Miners ETF

Fair Value Hierarchy as of Period End

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.

	Level 1		Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	373,083,057	$	123,906,164	$	4,852,346	$	501,841,567
Money Market Funds		3,329,328		—		—		3,329,328
	$	376,412,385	$	123,906,164	$	4,852,346	$	505,170,895
Derivative financial instruments(a)
Assets
Futures Contracts	$	15	$	—	$	—	$	15

^(a)  Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

See notes to financial statements.

S C H E D U L E   O F   I N V E S T M E N T S 21

Schedule of Investments(unaudited)  February 28, 2022 iShares^® MSCI Global Metals & Mining Producers ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Australia — 36.1%
29Metals Ltd.(a)		298,528	$	590,696
Allkem Ltd.(a)		655,424		4,371,005
Alumina Ltd.		2,804,096		4,051,881
Australian Strategic Materials Ltd.(a)		101,536		605,782
AVZ Minerals Ltd.(a)		2,812,000		1,645,770
BHP Group Ltd.		5,784,892		197,531,855
BlueScope Steel Ltd.		574,560		8,508,000
Chalice Mining Ltd.(a)		359,328		1,952,426
Champion Iron Ltd.(b)		375,136		1,768,771
Deterra Royalties Ltd.		502,498		1,633,590
Fortescue Metals Group Ltd.		1,933,440		25,757,939
Glencore PLC		11,340,128		66,680,015
IGO Ltd.		775,808		6,223,827
Iluka Resources Ltd.		480,320		3,779,190
Imdex Ltd.		449,312		882,238
ionner Ltd.(a)		1,636,128		632,067
Liontown Resources Ltd.(a)		1,870,816		1,972,705
Lynas Rare Earths Ltd.(a)		1,029,952		7,796,062
Mineral Resources Ltd.		193,764		6,461,358
Nickel Mines Ltd.		1,130,438		1,268,764
OZ Minerals Ltd.		384,256		7,183,131
Perenti Global Ltd.		693,120		386,161
Pilbara Minerals Ltd.(a)		2,721,350		5,465,102
Rio Tinto Ltd.		425,552		36,698,331
Rio Tinto PLC		1,281,664		100,215,904
Sandfire Resources Ltd.		443,232		2,185,105
Sayona Mining Ltd.(a)(b)		5,963,400		509,715
Sims Ltd.		198,208		2,640,394
South32 Ltd.		5,324,864		18,690,337
Vulcan Energy Resources Ltd.(a)(b)		99,104		636,761
Western Areas Ltd.(a)		366,016		914,658
				519,639,540
Austria — 0.3%
voestalpine AG		131,936		4,360,619
Belgium — 0.1%
Bekaert SA		41,924		1,824,048
Brazil — 6.3%
Cia Brasileira de Aluminio(a)		167,808		640,769
Cia. Siderurgica Nacional SA		792,224		3,899,115
Vale SA		4,682,208		86,872,175
				91,412,059
Canada — 4.9%
Altius Minerals Corp.		45,600		786,802
Capstone Mining Corp.(a)		352,032		1,824,734
ERO Copper Corp.(a)		77,824		1,113,789
First Quantum Minerals Ltd.		670,624		19,666,346
Hudbay Minerals Inc.		254,144		2,071,249
Ivanhoe Mines Ltd., Class A(a)		693,728		7,060,427
Labrador Iron Ore Royalty Corp.		65,664		2,425,553
Largo Inc.(a)		39,520		406,269
Lithium Americas Corp.(a)(b)		121,600		3,472,915
Lundin Mining Corp.		755,744		7,292,110
New Pacific Metals Corp.(a)(b)		99,712		312,313
Solaris Resources Inc.(a)		61,408		675,851
Stelco Holdings Inc.		35,264		1,082,542
Teck Resources Ltd., Class B		538,688		19,397,018

Security	Shares		Value
Canada (continued)
Turquoise Hill Resources Ltd.(a)		114,912	$	2,363,515
Wallbridge Mining Co. Ltd.(a)		731,424		187,545
				70,138,978
Chile — 0.1%
CAP SA		77,216		892,853
China — 2.8%
Aluminum Corp. of China Ltd., Class A(a)		910,265		941,835
Aluminum Corp. of China Ltd., Class H(a)		4,512,000		3,189,189
Anhui Honglu Steel Construction Group Co. Ltd., Class A		35,500		277,025
Baoshan Iron & Steel Co. Ltd., Class A		1,579,093		1,809,901
Chengtun Mining Group Co. Ltd., Class A		182,400		318,910
China Hongqiao Group Ltd.		2,736,000		3,830,423
China Metal Recycling Holdings Ltd.(a)(c)		132,000		—
China Minmetals Rare Earth Co. Ltd., Class A		60,800		364,753
China Molybdenum Co. Ltd., Class A		1,153,400		1,106,450
China Molybdenum Co. Ltd., Class H		3,978,000		2,394,369
China Northern Rare Earth Group High-Tech Co. Ltd., Class A		243,270		1,913,548
China Oriental Group Co. Ltd.		1,180,000		342,769
China Zhongwang Holdings Ltd.(a)(c)		1,552,000		244,053
Ganfeng Lithium Co. Ltd., Class A		77,200		1,877,124
Ganfeng Lithium Co. Ltd., Class H(b)(d)		296,800		5,037,347
GEM Co. Ltd., Class A		364,817		557,328
Hesteel Co. Ltd., Class A		790,400		322,254
Hunan Valin Steel Co. Ltd., Class A		486,400		450,130
Inner Mongolia BaoTou Steel Union Co. Ltd., Class A(a)		3,100,821		1,323,505
Jiangxi Copper Co. Ltd., Class A		121,600		431,051
Jiangxi Copper Co. Ltd., Class H		1,346,000		2,422,800
Jinchuan Group International Resources Co. Ltd.(b)		3,648,000		651,820
MMG Ltd.(a)		3,466,000		1,255,488
Pangang Group Vanadium Titanium & Resources Co. Ltd., Class A(a)		608,000		407,106
Shandong Nanshan Aluminum Co. Ltd., Class A		851,200		660,188
Shanxi Meijin Energy Co. Ltd., Class A(a)		306,628		700,895
Shanxi Taigang Stainless Steel Co. Ltd., Class A		425,600		494,344
Shenghe Resources Holding Co. Ltd., Class A		121,600		380,081
Shougang Fushan Resources Group Ltd.		2,432,000		804,177
Tiangong International Co. Ltd.(b)		1,216,000		573,914
Tianshan Aluminum Group Co. Ltd., Class A		363,000		551,149
Tibet Summit Resources Co. Ltd., Class-A		60,800		330,314
Tongling Nonferrous Metals Group Co. Ltd., Class A		729,600		462,467
Western Superconducting Technologies Co. Ltd., Class A		24,450		335,099
Xiamen Tungsten Co. Ltd., Class A		121,699		426,254
Yintai Gold Co. Ltd., Class A		241,440		350,580
YongXing Special Materials Technology Co. Ltd., Class A		21,100		500,317
Yunnan Aluminium Co. Ltd., Class A(a)		243,200		559,952
Yunnan Tin Co. Ltd., Class A(a)		121,600		485,275
Zhejiang Huayou Cobalt Co. Ltd., Class A		79,900		1,580,208
				40,664,392
Cyprus — 0.0%
Atalaya Mining PLC		82,080		478,980
Finland — 0.2%
Outokumpu Oyj(a)		416,480		2,454,985

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Schedule of Investments(unaudited) (continued) February 28, 2022 iShares^® MSCI Global Metals & Mining Producers ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
France — 0.1%
Eramet SA(a)		10,944	$	1,434,009
Germany — 0.7%
Aurubis AG		35,872		4,197,261
Salzgitter AG(a)		41,344		1,805,974
thyssenkrupp AG(a)		461,472		4,892,406
				10,895,641
India — 3.4%
APL Apollo Tubes Ltd.(a)		128,288		1,461,967
Hindalco Industries Ltd.		1,797,248		13,812,074
Jindal Stainless Hisar Ltd.(a)		105,792		498,282
Jindal Stainless Ltd.(a)		195,168		505,538
Jindal Steel & Power Ltd.(a)		468,768		2,673,281
JSW Steel Ltd.		960,032		8,054,410
National Aluminium Co. Ltd.		943,616		1,534,419
Ratnamani Metals & Tubes Ltd.		19,456		579,229
Tata Steel Ltd.		694,756		11,375,744
Tata Steel Ltd., GDR(e)		136,668		2,217,377
Vedanta Ltd.		1,271,936		6,473,751
				49,186,072
Indonesia — 0.3%
Merdeka Copper Gold Tbk PT(a)		13,011,200		3,523,111
Timah Tbk PT(a)		2,979,200		331,593
				3,854,704
Japan — 4.4%
Daido Steel Co. Ltd.		28,600		1,028,485
Daiki Aluminium Industry Co. Ltd.		59,000		892,967
Dowa Holdings Co. Ltd.		60,800		2,743,936
Hitachi Metals Ltd.(a)		250,700		4,468,854
JFE Holdings Inc.		547,200		8,146,471
Kobe Steel Ltd.		425,600		2,260,273
Kyoei Steel Ltd.		18,400		254,694
Maruichi Steel Tube Ltd.		62,900		1,561,150
Mitsubishi Materials Corp.		129,000		2,321,907
Mitsui Mining & Smelting Co. Ltd.		63,600		1,862,377
Nippon Light Metal Holdings Co. Ltd.		65,440		1,048,658
Nippon Steel Corp.		972,805		17,811,053
Sumitomo Metal Mining Co. Ltd.		274,100		13,672,784
Toho Titanium Co. Ltd.		60,800		576,093
Tokyo Steel Manufacturing Co. Ltd.		121,600		1,189,710
UACJ Corp.(a)		33,638		689,565
Yamato Kogyo Co. Ltd.		60,800		1,955,062
Yodogawa Steel Works Ltd.		19,600		470,740
				62,954,779
Liechtenstein — 1.8%
APERAM SA		54,720		3,063,891
ArcelorMittal SA		731,434		22,695,390
				25,759,281
Malaysia — 0.4%
Press Metal Aluminium Holdings Bhd		3,707,000		6,030,442
Mexico — 1.3%
Grupo Mexico SAB de CV, Series B		3,585,400		18,393,534
Netherlands — 0.1%
AMG Advanced Metallurgical Group NV		35,264		1,396,908
Norway — 1.0%
Norsk Hydro ASA		1,490,340		14,152,396

Security	Shares		Value
Peru — 0.5%
Southern Copper Corp.		96,672	$	6,708,070
Poland — 0.5%
Jastrzebska Spolka Weglowa SA(a)		59,584		696,024
KGHM Polska Miedz SA		159,904		6,278,948
				6,974,972
Qatar — 0.1%
Qatar Aluminum Manufacturing Co.		3,130,592		1,913,518
Russia — 0.6%
Alrosa PJSC(c)		2,886,002		840,669
MMC Norilsk Nickel PJSC(c)		71,400		4,836,801
Novolipetsk Steel PJSC(c)		1,668,000		1,059,320
Severstal PAO(c)		233,400		1,114,679
United Co. RUSAL International PJSC(a)(c)		3,450,000		728,010
				8,579,479
Saudi Arabia — 1.0%
Saudi Arabian Mining Co.(a)		491,264		14,023,891
South Africa — 3.8%
African Rainbow Minerals Ltd.		129,504		2,304,689
Anglo American Platinum Ltd.		60,192		9,395,061
Impala Platinum Holdings Ltd.		930,848		17,755,351
Kumba Iron Ore Ltd.		73,568		2,908,054
Northam Platinum Holdings Ltd.(a)		387,616		6,258,576
Royal Bafokeng Platinum Ltd.		180,258		2,133,729
Sibanye Stillwater Ltd.		3,050,138		14,389,410
				55,144,870
South Korea — 2.1%
Dongkuk Steel Mill Co. Ltd.		70,528		980,080
Hyundai Steel Co.		98,496		3,284,928
KG Dongbu Steel Co. Ltd.		22,496		197,712
Korea Zinc Co. Ltd.		9,728		4,461,655
Poongsan Corp.		20,064		534,380
POSCO		84,494		20,103,129
Seah Besteel Corp.		15,808		234,360
SeAH Steel Holdings Corp.		1		106
Young Poong Corp.(a)		608		332,347
				30,128,697
Spain — 0.2%
Acerinox SA		187,264		2,380,818
Sweden — 1.4%
Boliden AB		311,296		13,846,581
Granges AB		120,992		1,293,374
SSAB AB, Class A(a)		305,824		1,913,886
SSAB AB, Class B(a)		664,544		3,594,078
				20,647,919
Switzerland — 0.0%
Swiss Steel Holding AG, Registered(a)		955,776		305,102
Taiwan — 2.0%
Century Iron & Steel Industrial Co. Ltd.		115,000		449,709
China Metal Products		208,011		267,148
China Steel Corp.		13,376,612		17,394,337
Chun Yuan Steel Industry Co. Ltd.		475,000		420,515
Chung Hung Steel Corp.		1,085,000		1,611,252
Feng Hsin Steel Co. Ltd.		608,000		1,833,664
Hsin Kuang Steel Co. Ltd.		200,000		449,372
TA Chen Stainless Pipe		1,806,005		3,452,810

S C H E D U L E   O F   I N V E S T M E N T S 23

Schedule of Investments(unaudited) (continued) February 28, 2022 iShares^® MSCI Global Metals & Mining Producers ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Taiwan (continued)
Tung Ho Steel Enterprise Corp.		475,700	$	1,198,200
YC INOX Co. Ltd.		370,263		441,994
Yieh Phui Enterprise Co. Ltd.(a)		1,216,644		1,062,100
				28,581,101
Turkey — 0.3%
Eregli Demir ve Celik Fabrikalari TAS		1,596,000		3,584,016
Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS, Class D(a)		842,688		714,202
Koza Anadolu Metal Madencilik Isletmeleri AS(a)		218,272		309,423
				4,607,641
United Kingdom — 6.0%
Anglo American PLC		1,464,842		74,357,911
Antofagasta PLC		451,136		9,134,531
Central Asia Metals PLC		203,320		570,056
Eurasia Mining PLC(a)		2,120,096		295,787
Ferrexpo PLC		334,400		758,498
Hill & Smith Holdings PLC		91,740		1,736,649
				86,853,432
United States — 15.6%
Alcoa Corp.		212,800		16,032,352
Allegheny Technologies Inc.(a)(b)		145,312		3,740,331
Alpha Metallurgical Resources Inc.(a)		18,848		1,786,413
Arconic Corp.(a)		118,560		3,639,792
Carpenter Technology Corp.		55,328		2,124,042
Century Aluminum Co.(a)		62,016		1,464,818
Cleveland-Cliffs Inc.(a)		542,944		12,140,228
Commercial Metals Co.		137,408		5,297,078
Compass Minerals International Inc.		38,912		2,281,022
Coronado Global Resources Inc.(a)(d)		862,752		1,037,305
Freeport-McMoRan Inc.		1,678,620		78,811,209
Kaiser Aluminum Corp.		18,240		1,760,160
Materion Corp.		23,104		1,930,339
MP Materials Corp.(a)(b)		71,136		3,245,224
Nucor Corp.		327,244		43,071,855
Piedmont Lithium Inc.(a)(b)		18,240		958,512
Reliance Steel & Aluminum Co.		71,744		13,693,777
Ryerson Holding Corp.		20,064		524,072
Schnitzer Steel Industries Inc., Class A		29,792		1,449,381
Steel Dynamics Inc.		228,070		16,097,181
SunCoke Energy Inc.		99,712		790,716
United States Steel Corp.		308,864		8,404,190
Warrior Met Coal Inc.		58,368		1,838,592
Worthington Industries Inc.		38,304		2,184,094
				224,302,683
Total Common Stocks — 98.4% (Cost: $1,229,806,802)				1,417,076,413

Security	Shares		Value
Preferred Stocks
Brazil — 0.7%
Bradespar SA, Preference Shares, NVS		288,192	$	1,658,906
Cia Ferro Ligas da Bahia-Ferbasa, Preference Shares, NVS		43,168		368,962
Gerdau SA, Preference Shares, NVS		1,307,808		6,486,485
Metalurgica Gerdau SA, Preference Shares, NVS		839,648		1,687,527
				10,201,880
Russia — 0.0%
Mechel PJSC, Preference Shares, NVS(c)		96,000		72,186
Total Preferred Stocks — 0.7% (Cost: $9,074,920)				10,274,066
Short-Term Investments
Money Market Funds — 0.4%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.09%(f)(g)(h)		3,989,688		3,990,486
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.03%(f)(g)		2,010,000		2,010,000
				6,000,486
Total Short-Term Investments — 0.4% (Cost: $6,000,347)				6,000,486
Total Investments in Securities — 99.5% (Cost: $1,244,882,069)				1,433,350,965
Other Assets, Less Liabilities — 0.5%				6,888,350
Net Assets — 100.0%			$	1,440,239,315

^(a)  Non-income producing security.

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

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

^(d)  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.

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

^(f)  Affiliate of the Fund.

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

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

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Schedule of Investments(unaudited) (continued) February 28, 2022 iShares^® MSCI Global Metals & Mining Producers ETF

Affiliates    

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:    

Affiliated Issuer	Value at 08/31/21		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 02/28/22		Shares Held at 02/28/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	6,852,782	$	—		$	(2,850,781	)(a)	$	(11,099	)	$	(416	)	$	3,990,486		3,989,688	$	127,457	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		—		2,010,000	(a)		—			—			—			2,010,000		2,010,000		69			—
									$	(11,099	)	$	(416	)	$	6,000,486			$	127,526		$	—

^(a)  Represents net amount purchased (sold).

^(b)  All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other

payments to and from borrowers of securities.

Derivative Financial Instruments Outstanding as of Period End    

Futures Contracts    

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
MSCI Emerging Markets Index		122		03/18/22	$	7,170	$	43,651
S&P Select Sector Energy E-Mini Index		41		03/18/22		3,011		140,968
							$	184,619

Derivative Financial Instruments Categorized by Risk Exposure

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

	Equity Contracts
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)	$	184,619

^(a) Net cumulative unrealized appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).

For the period ended February 28, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:    

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	475,957
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(94,353	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	8,405,260

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

S C H E D U L E   O F   I N V E S T M E N T S 25

Schedule of Investments(unaudited) (continued) February 28, 2022 iShares^® MSCI Global Metals & Mining Producers ETF

Fair Value Hierarchy as of Period End

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.

	Level 1		Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	351,473,774	$	1,056,779,107	$	8,823,532	$	1,417,076,413
Preferred Stocks		—		10,201,880		72,186		10,274,066
Money Market Funds		6,000,486		—		—		6,000,486
	$	357,474,260	$	1,066,980,987	$	8,895,718	$	1,433,350,965
Derivative financial instruments(a)
Assets
Futures Contracts	$	184,619	$	—	$	—	$	184,619

^(a) Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

See notes to financial statements.

26 2 0 2 2   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S 

Schedule of Investments(unaudited) February 28, 2022 iShares^® MSCI Global Silver and Metals Miners ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Canada — 67.7%
Aclara Resources Inc.(a)		4,153	$	3,503
Agnico Eagle Mines Ltd.		210,742		10,646,005
Aya Gold & Silver Inc.(a)		777,324		6,212,459
Dundee Precious Metals Inc.		354,305		2,096,479
Eldorado Gold Corp.(a)		285,094		3,130,973
Endeavour Silver Corp.(a)(b)		1,670,308		7,050,215
First Majestic Silver Corp.(b)		1,868,409		21,035,263
Fortuna Silver Mines Inc.(a)(b)		2,661,904		9,933,575
GoGold Resources Inc.(a)(b)		2,604,446		6,164,369
Kinross Gold Corp.		651,134		3,246,680
Lundin Gold Inc.(a)(b)		129,895		1,047,359
MAG Silver Corp.(a)(b)		688,300		11,686,167
New Gold Inc.(a)		1,190,488		2,056,938
Orla Mining Ltd.(a)		275,770		1,096,553
Pan American Silver Corp.		1,810,424		42,821,705
Seabridge Gold Inc.(a)(b)		121,281		2,096,463
Silvercorp Metals Inc.		1,740,176		6,452,724
SilverCrest Metals Inc.(a)(b)		1,234,204		10,740,253
SSR Mining Inc.		208,158		4,120,461
Victoria Gold Corp.(a)		74,842		948,294
Wheaton Precious Metals Corp.		217,137		9,514,626
Yamana Gold Inc.		541,615		2,662,139
				164,763,203
Japan — 4.6%
Asahi Holdings Inc.		575,200		11,170,647
Mexico — 5.0%
Industrias Penoles SAB de CV		979,898		12,229,946
Peru — 0.6%
Cia. de Minas Buenaventura SAA, ADR(a)		156,766		1,551,983
Russia — 0.2%
Polymetal International PLC(c)		183,040		555,128
South Africa — 0.7%
Harmony Gold Mining Co. Ltd.		380,216		1,623,747

Security	Shares		Value
United Kingdom — 0.7%
Hochschild Mining PLC		621,786	$	964,000
SolGold PLC(a)(b)		1,794,828		719,471
				1,683,471
United States — 20.3%
Coeur Mining Inc.(a)(b)		446,523		1,920,049
Gatos Silver Inc.(a)(b)		514,661		1,734,407
Hecla Mining Co.		4,395,051		25,315,494
Newmont Corp.		309,734		20,504,391
				49,474,341
Total Common Stocks — 99.8% (Cost: $254,132,650)				243,052,466
Short-Term Investments
Money Market Funds — 6.1%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.09%(d)(e)(f)		14,859,927		14,862,898
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.03%(d)(e)		80,000		80,000
				14,942,898
Total Short-Term Investments — 6.1% (Cost: $14,939,241)				14,942,898
Total Investments in Securities — 105.9% (Cost: $269,071,891)				257,995,364
Other Assets, Less Liabilities — (5.9)%				(14,418,662	)
Net Assets — 100.0%			$	243,576,702

^(a)  Non-income producing security.

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

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

^(d)  Affiliate of the Fund.

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

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 08/31/21		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 02/28/22		Shares Held at 02/28/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	22,991,219	$	—	$	(8,124,820	)(a)	$	(1,069	)	$	(2,432	)	$	14,862,898		14,859,927	$	109,815	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		140,000		—		(60,000	)(a)		—			—			80,000		80,000		5			—
								$	(1,069	)	$	(2,432	)	$	14,942,898			$	109,820		$	—

^(a)  Represents net amount purchased (sold).

^(b)  All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.     

S C H E D U L E   O F   I N V E S T M E N T S 27

Schedule of Investments(unaudited) (continued) February 28, 2022 iShares^® MSCI Global Silver and Metals Miners ETF

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
S&P/TSE 60 Index		2		03/17/22	$	402	$	(6,048	)

Derivative Financial Instruments Categorized by Risk Exposure

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

	Equity Contracts
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	6,048

^(a) Net cumulative unrealized appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).

For the period ended February 28, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:    

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	18,225
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(8,044	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	394,120

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

Fair Value Hierarchy as of Period End

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.

	Level 1			Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	228,015,970		$	14,481,368	$	555,128	$	243,052,466
Money Market Funds		14,942,898			—		—		14,942,898
	$	242,958,868		$	14,481,368	$	555,128	$	257,995,364
Derivative financial instruments(a)
Liabilities
Futures Contracts	$	(6,048	)	$	—	$	—	$	(6,048	)

^(a) Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

See notes to financial statements.

28 2 0 2 2   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S 

Statement of Assets and Liabilities  (unaudited)

February 28, 2022

	iShares MSCI Global Agriculture Producers ETF		iShares MSCI Global Energy Producers ETF		iShares MSCI Global Gold Miners ETF			iShares MSCI Global Metals & Mining Producers ETF
ASSETS
Investments in securities, at value (including securities on loan)(a):
Unaffiliated(b)	$	89,617,914	$	98,599,675	$	501,841,567		$	1,427,350,479
Affiliated(c)		276,809		505,132		3,329,328			6,000,486
Cash		151,504		24,189		27,266			425,440
Foreign currency, at value(d)		187,883		90,260		253,924			634,667
Cash pledged:
Futures contracts		—		36,000		—			556,000
Foreign currency collateral pledged:
Futures contracts(e)		7,831		8,049		—			—
Receivables:
Investments sold		82,379		346,532		26,795,957			4,291,909
Securities lending income — Affiliated		500		253		6,626			58,041
Variation margin on futures contracts		—		11,949		7			—
Capital shares sold		56,885		—		—			4,508,813
Dividends		132,334		557,446		425,565			10,610,914
Tax reclaims		2,197		29,757		536			76,312
Total assets		90,516,236		100,209,242		532,680,776			1,454,513,061
LIABILITIES
Cash received:
Futures contracts		5		—		—			—
Collateral on securities loaned, at value		276,456		384,598		2,935,121			3,999,583
Deferred foreign capital gain tax		84,240		80,504		—			1,320,801
Payables:
Investments purchased		289,373		382,257		26,509,340			8,546,046
Variation margin on futures contracts		1,291		—		—			16,738
Capital shares redeemed		—		—		322,371			—
Investment advisory fees		25,411		29,320		154,264			389,436
Professional fees		—		—		—			1,142
Total liabilities		676,776		876,679		29,921,096			14,273,746
NET ASSETS	$	89,839,460	$	99,332,563	$	502,759,680		$	1,440,239,315
NET ASSETS CONSIST OF:
Paid-in capital	$	76,907,252	$	84,260,400	$	539,138,292		$	1,320,382,866
Accumulated earnings (loss)		12,932,208		15,072,163		(36,378,612	)		119,856,449
NET ASSETS	$	89,839,460	$	99,332,563	$	502,759,680		$	1,440,239,315
Shares outstanding		2,100,000		4,750,000		18,100,000			30,400,000
Net asset value	$	42.78	$	20.91	$	27.78		$	47.38
Shares authorized		500 million		500 million		500 million			500 million
Par value	$	0.001	$	0.001	$	0.001		$	0.001
(a) Securities loaned, at value	$	264,598	$	378,509	$	2,655,128		$	3,853,904
(b) Investments, at cost — Unaffiliated	$	73,795,988	$	76,899,151	$	485,757,085		$	1,238,881,722
(c)  Investments, at cost — Affiliated	$	276,804	$	505,062	$	3,328,452		$	6,000,347
(d) Foreign currency, at cost	$	188,382	$	90,598	$	252,850		$	635,379
(e) Foreign currency collateral pledged, at cost	$	7,996	$	8,159	$	—		$	—

See notes to financial statements.     

F I N A N C I A L   S T A T E M E N T S 29

Statements of Assets and Liabilities  (unaudited) (continued)

February 28, 2022

	iShares MSCI Global Silver and Metals Miners ETF
ASSETS
Investments in securities, at value (including securities on loan)(a):
Unaffiliated(b)	$	243,052,466
Affiliated(c)		14,942,898
Cash		2,157
Foreign currency, at value(d)		411,108
Foreign currency collateral pledged:
Futures contracts(e)		21,301
Receivables:
Investments sold		3,172,113
Securities lending income — Affiliated		6,445
Dividends		989
Tax reclaims		11,309
Total assets		261,620,786
LIABILITIES
Collateral on securities loaned, at value		14,867,492
Payables:
Investments purchased		3,105,592
Variation margin on futures contracts		661
Investment advisory fees		70,339
Total liabilities		18,044,084
NET ASSETS	$	243,576,702
NET ASSETS CONSIST OF:
Paid-in capital	$	289,141,739
Accumulated loss		(45,565,037	)
NET ASSETS	$	243,576,702
Shares outstanding		18,800,000
Net asset value	$	12.96
Shares authorized		500 million
Par value	$	0.001
(a)   Securities loaned, at value	$	14,298,282
(b)   Investments, at cost — Unaffiliated	$	254,132,650
(c)   Investments, at cost — Affiliated	$	14,939,241
(d)   Foreign currency, at cost	$	411,976
(e)   Foreign currency collateral pledged, at cost	$	21,395

See notes to financial statements.     

30 2 0 2 2   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S 

Statements of Operations  (unaudited)

Six Months Ended February 28, 2022

	iShares MSCI Global Agriculture Producers ETF			iShares MSCI Global Energy Producers ETF			iShares MSCI Global Gold Miners ETF			iShares MSCI Global Metals & Mining Producers ETF
INVESTMENT INCOME
Dividends — Unaffiliated	$	713,346		$	2,149,229		$	5,745,175		$	39,624,885
Dividends — Affiliated		84			131			181			443
Securities lending income — Affiliated — net		55,487			3,236			38,622			127,083
Foreign taxes withheld		(68,046	)		(117,107	)		(330,053	)		(990,955	)
Foreign withholding tax claims		—			—			—			11,973
Total investment income		700,871			2,035,489			5,453,925			38,773,429
EXPENSES
Investment advisory fees		160,787			175,563			964,048			2,109,863
Commitment fees		274			326			—			6,342
Professional fees		217			217			217			1,414
Interest expense		—			—			—			528
Total expenses		161,278			176,106			964,265			2,118,147
Net investment income		539,593			1,859,383			4,489,660			36,655,282
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated(a)		(436,886	)		(801,868	)		(13,248,689	)		(18,340,504	)
Investments — Affiliated		(189	)		(216	)		(476	)		(11,099	)
In-kind redemptions — Unaffiliated		2,397,244			3,051,899			18,777,862			7,720,545
Futures contracts		928			46,096			16,874			475,957
Foreign currency transactions		(3,225	)		(5,450	)		(94,645	)		(436,210	)
Net realized gain (loss)		1,957,872			2,290,461			5,450,926			(10,591,311	)
Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated(b)		4,460,052			22,754,383			10,781,443			73,977,933
Investments — Affiliated		(11	)		(19	)		(388	)		(416	)
Futures contracts		(9,529	)		53,082			(8,415	)		(94,353	)
Foreign currency translations		(760	)		(4,016	)		7,177			17,491
Net change in unrealized appreciation (depreciation)		4,449,752			22,803,430			10,779,817			73,900,655
Net realized and unrealized gain		6,407,624			25,093,891			16,230,743			63,309,344
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	6,947,217		$	26,953,274		$	20,720,403		$	99,964,626
(a)   Net of foreign capital gain tax and capital gain tax refund, if applicable	$	(7,388	)	$	(9,723	)	$	—		$	(211,986	)
(b)   Net of reduction/increase in deferred foreign capital gain tax of	$	49,141		$	(2,544	)	$	—		$	360,792

See notes to financial statements.

F I N A N C I A L   S T A T E M E N T S 31

Statements of Operations  (unaudited) (continued)

Six Months Ended February 28, 2022

	iShares MSCI Global Silver and Metals Miners ETF
INVESTMENT INCOME
Dividends — Unaffiliated	$	1,166,743
Dividends — Affiliated		838
Securities lending income — Affiliated — net		108,982
Foreign taxes withheld		(82,308	)
Total investment income		1,194,255
EXPENSES
Investment advisory fees		482,866
Professional fees		217
Total expenses		483,083
Net investment income		711,172
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		(12,228,471	)
Investments — Affiliated		(1,069	)
In-kind redemptions — Unaffiliated		1,787,287
Futures contracts		18,225
Foreign currency transactions		(40,243	)
Net realized loss		(10,464,271	)
Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated		(8,208,378	)
Investments — Affiliated		(2,432	)
Futures contracts		(8,044	)
Foreign currency translations		(10,816	)
Net change in unrealized appreciation (depreciation)		(8,229,670	)
Net realized and unrealized loss		(18,693,941	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(17,982,769	)

See notes to financial statements.

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Statements of Changes in Net Assets

	iShares MSCI Global Agriculture Producers ETF						iShares MSCI Global Energy Producers ETF
	Six Months Ended 02/28/22 (unaudited)			Year Ended 08/31/21			Six Months Ended 02/28/22 (unaudited)			Year Ended 08/31/21
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	539,593		$	929,163		$	1,859,383		$	2,531,709
Net realized gain (loss)		1,957,872			1,043,316			2,290,461			(2,495,908	)
Net change in unrealized appreciation (depreciation)		4,449,752			10,285,535			22,803,430			16,848,585
Net increase in net assets resulting from operations		6,947,217			12,258,014			26,953,274			16,884,386
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(792,954	)		(743,435	)		(2,240,162	)		(2,192,248	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		(1,926,924	)		46,922,973			(5,466,373	)		15,409,142
NET ASSETS
Total increase in net assets		4,227,339			58,437,552			19,246,739			30,101,280
Beginning of period		85,612,121			27,174,569			80,085,824			49,984,544
End of period	$	89,839,460		$	85,612,121		$	99,332,563		$	80,085,824

^(a)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to financial statements.

F I N A N C I A L   S T A T E M E N T S 33

Statements of Changes in Net Assets(continued)

	iShares MSCI Global Gold Miners ETF						iShares MSCI Global Metals & Mining Producers ETF
	Six Months Ended 02/28/22 (unaudited)			Year Ended 08/31/21			Six Months Ended 02/28/22 (unaudited)			Year Ended 08/31/21
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	4,489,660		$	8,315,601		$	36,655,282		$	42,347,311
Net realized gain (loss)		5,450,926			22,658,655			(10,591,311	)		81,762,667
Net change in unrealized appreciation (depreciation)		10,779,817			(168,417,833	)		73,900,655			142,395,181
Net increase (decrease) in net assets resulting from operations		20,720,403			(137,443,577	)		99,964,626			266,505,159
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(6,065,097	)		(7,902,083	)		(44,150,490	)		(26,536,436	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		(70,038,108	)		130,863,348			278,365,382			568,697,109
NET ASSETS
Total increase (decrease) in net assets		(55,382,802	)		(14,482,312	)		334,179,518			808,665,832
Beginning of period		558,142,482			572,624,794			1,106,059,797			297,393,965
End of period	$	502,759,680		$	558,142,482		$	1,440,239,315		$	1,106,059,797

^(a)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to financial statements.

34 2 0 2 2   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S 

Statements of Changes in Net Assets(continued)

	iShares                      MSCI Global Silver and Metals Miners                 ETF
	Six Months Ended 02/28/22 (unaudited)			Year Ended     08/31/21
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	711,172		$     1,710,322
Net realized gain (loss)		(10,464,271	)	12,126,628
Net change in unrealized appreciation (depreciation)		(8,229,670	)	(72,828,176)
Net decrease in net assets resulting from operations		(17,982,769	)	(58,991,226)
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(1,179,053	)	(8,369,316)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		(4,589,648	)	84,032,695
NET ASSETS
Total increase (decrease) in net assets		(23,751,470	)	16,672,153
Beginning of period		267,328,172		250,656,019
End of period	$	243,576,702		$267,328,172

^(a)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to financial statements.

F I N A N C I A L   S T A T E M E N T S 35

Financial Highlights

(For a share outstanding throughout each period)

	iShares MSCI Global Agriculture Producers ETF
		Six Months Ended 02/28/22 (unaudited)			Year Ended 08/31/21			Year Ended 08/31/20			Year Ended 08/31/19			Year Ended 08/31/18			Year Ended 08/31/17
Net asset value, beginning of period	$	39.82		$	28.60		$	26.88		$	29.15		$	27.08		$	24.31
Net investment income(a)		0.26			0.60			0.49			0.53			0.53			0.45
Net realized and unrealized gain (loss)(b)		3.10			11.11			1.73			(2.25	)		2.03			2.81
Net increase (decrease) from investment operations		3.36			11.71			2.22			(1.72	)		2.56			3.26
Distributions(c)
From net investment income		(0.40	)		(0.49	)		(0.50	)		(0.55	)		(0.49	)		(0.49	)
Total distributions		(0.40	)		(0.49	)		(0.50	)		(0.55	)		(0.49	)		(0.49	)
Net asset value, end of period	$	42.78		$	39.82		$	28.60		$	26.88		$	29.15		$	27.08
Total Return(d)
Based on net asset value		8.51	%(e)		41.16	%		8.41	%		(5.88	)%		9.49	%		13.53	%
Ratios to Average Net Assets(f)
Total expenses		0.39	%(g)		0.39	%		0.39	%		0.39	%		0.39	%		0.39	%
Total expenses after fees waived		0.39	%(g)		0.39	%		0.39	%		0.39	%		0.37	%		0.37	%
Net investment income		1.31	%(g)		1.60	%		1.84	%		1.88	%		1.84	%		1.76	%
Supplemental Data
Net assets, end of period (000)	$	89,839		$	85,612		$	27,175		$	25,535		$	33,521		$	28,434
Portfolio turnover rate(h)		4	%(e)		6	%		9	%		13	%		25	%		16	%

^(a)  Based on average shares outstanding.

^(b)  The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(c)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(d)  Where applicable, assumes the reinvestment of distributions.

^(e)  Not annualized.

^(f)  Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(g)  Annualized.

^(h)  Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

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Financial Highlights(continued)

(For a share outstanding throughout each period)

	iShares MSCI Global Energy Producers ETF
		Six Months Ended 02/28/22 (unaudited)			Year Ended 08/31/21			Year Ended 08/31/20			Year Ended 08/31/19			Year Ended 08/31/18			Year Ended 08/31/17
Net asset value, beginning of period	$	15.86		$	12.04		$	17.97		$	22.80		$	18.57		$	18.72
Net investment income(a)		0.38			0.58			0.68			0.70			0.64			0.60
Net realized and unrealized gain (loss)(b)		5.13			3.76			(5.61	)		(4.90	)		4.23			(0.16	)
Net increase (decrease) from investment operations		5.51			4.34			(4.93	)		(4.20	)		4.87			0.44
Distributions(c)
From net investment income		(0.46	)		(0.52	)		(1.00	)		(0.63	)		(0.64	)		(0.59	)
Total distributions		(0.46	)		(0.52	)		(1.00	)		(0.63	)		(0.64	)		(0.59	)
Net asset value, end of period	$	20.91		$	15.86		$	12.04		$	17.97		$	22.80		$	18.57
Total Return(d)
Based on net asset value		35.33	%(e)		36.41	%		(28.92	)%		(18.56	)%		26.48	%		2.26	%
Ratios to Average Net Assets(f)
Total expenses		0.39	%(g)		0.39	%		0.39	%		0.39	%		0.39	%		0.39	%
Net investment income		4.13	%(g)		4.01	%		4.62	%		3.41	%		2.93	%		3.10	%
Supplemental Data
Net assets, end of period (000)	$	99,333		$	80,086		$	49,985		$	46,733		$	47,889		$	31,568
Portfolio turnover rate(h)		4	%(e)		8	%		12	%		6	%		5	%		4	%

^(a)  Based on average shares outstanding.

^(b)  The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(c)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(d)  Where applicable, assumes the reinvestment of distributions.

^(e)  Not annualized.

^(f)  Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(g)  Annualized.

^(h)  Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

F I N A N C I A L   H I G H L I G H T S 37

Financial Highlights(continued)

(For a share outstanding throughout each period)

	iShares MSCI Global Gold Miners ETF
		Six Months Ended 02/28/22 (unaudited)			Year Ended 08/31/21			Year Ended 08/31/20			Year Ended 08/31/19			Year Ended 08/31/18			Year Ended 08/31/17	(a)
Net asset value, beginning of period	$	26.96		$	35.13		$	24.01		$	14.43		$	19.96		$	21.20
Net investment income(b)		0.24			0.49			0.17			0.18			0.10			0.06
Net realized and unrealized gain (loss)(c)		0.91			(8.20	)		11.11			9.59			(5.51	)		(1.04	)
Net increase (decrease) from investment operations		1.15			(7.71	)		11.28			9.77			(5.41	)		(0.98	)
Distributions(d)
From net investment income		(0.33	)		(0.46	)		(0.16	)		(0.19	)		(0.12	)		(0.26	)
Total distributions		(0.33	)		(0.46	)		(0.16	)		(0.19	)		(0.12	)		(0.26	)
Net asset value, end of period	$	27.78		$	26.96		$	35.13		$	24.01		$	14.43		$	19.96
Total Return(e)
Based on net asset value		4.40	%(f)		(22.12	)%		47.22	%		68.13	%		(27.22	)%		(4.30	)%
Ratios to Average Net Assets(g)
Total expenses		0.39	%(h)		0.39	%		0.39	%		0.39	%		0.39	%		0.39	%
Net investment income		1.82	%(h)		1.63	%		0.66	%		1.04	%		0.56	%		0.38	%
Supplemental Data
Net assets, end of period (000)	$	502,760		$	558,142		$	572,625		$	325,284		$	232,989		$	391,247
Portfolio turnover rate(i)		13	%(f)		12	%		21	%		15	%		4	%		26	%

^(a)  Per share amounts reflect a one-for-two reverse stock split effective after the close of trading on November 4, 2016.

^(b)  Based on average shares outstanding.

^(c)  The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(d)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(e)  Where applicable, assumes the reinvestment of distributions.

^(f)  Not annualized.

^(g)  Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(h)  Annualized.

⁽ⁱ⁾  Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

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Financial Highlights(continued)

(For a share outstanding throughout each period)

	iShares MSCI Global Metals & Mining Producers ETF
		Six Months Ended 02/28/22 (unaudited)			Year Ended 08/31/21			Year Ended 08/31/20			Year Ended 08/31/19			Year Ended 08/31/18			Year Ended 08/31/17	(a)
Net asset value, beginning of period	$	45.61		$	27.79		$	25.60		$	30.93		$	31.86		$	21.67
Net investment income(b)		1.45			2.13			1.04			1.49			1.06			0.53
Net realized and unrealized gain (loss)(c)		2.13			16.86			2.26			(5.13	)		(1.05	)		10.26
Net increase (decrease) from investment operations		3.58			18.99			3.30			(3.64	)		0.01			10.79
Distributions(d)
From net investment income		(1.81	)		(1.17	)		(1.11	)		(1.69	)		(0.94	)		(0.60	)
Total distributions		(1.81	)		(1.17	)		(1.11	)		(1.69	)		(0.94	)		(0.60	)
Net asset value, end of period	$	47.38		$	45.61		$	27.79		$	25.60		$	30.93		$	31.86
Total Return(e)
Based on net asset value		8.51	%(f)		68.77	%		13.00	%		(12.16	)%		(0.10	)%		50.55	%
Ratios to Average Net Assets(g)
Total expenses		0.39	%(h)		0.39	%		0.39	%		0.39	%		0.39	%		0.39	%
Total expenses excluding professional fees for foreign withholding tax claims		0.39	%(h)		N/A			N/A			N/A			N/A			N/A
Net investment income		6.78	%(h)		5.11	%		4.03	%		5.05	%		3.15	%		2.31	%
Supplemental Data
Net assets, end of period (000)	$	1,440,239		$	1,106,060		$	297,394		$	221,470		$	403,636		$	347,259
Portfolio turnover rate(i)		7	%(f)		17	%		11	%		14	%		14	%		12	%

^(a)  Per share amounts reflect a one-for-two reverse stock split effective after the close of trading on November 4, 2016.

^(b)  Based on average shares outstanding.

^(c)  The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(d)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(e) Where applicable, assumes the reinvestment of distributions.

^(f)  Not annualized.

^(g)  Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(h) Annualized.

⁽ⁱ⁾  Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

F I N A N C I A L   H I G H L I G H T S 39

Financial Highlights(continued)

(For a share outstanding throughout each period)

	iShares MSCI Global Silver and Metals Miners ETF
		Six Months Ended 02/28/22 (unaudited)			Year Ended 08/31/21			Year Ended 08/31/20			Year Ended 08/31/19			Year Ended 08/31/18			Year Ended 08/31/17
Net asset value, beginning of period	$	13.92		$	17.29		$	10.84		$	8.43		$	11.47		$	13.61
Net investment income(a)		0.04			0.10			0.04			0.09			0.10			0.09
Net realized and unrealized gain (loss)(b)		(0.94	)		(2.93	)		6.62			2.40			(3.05	)		(1.94	)
Net increase (decrease) from investment operations		(0.90	)		(2.83	)		6.66			2.49			(2.95	)		(1.85	)
Distributions(c)
From net investment income		(0.06	)		(0.54	)		(0.21	)		(0.08	)		(0.09	)		(0.29	)
Total distributions		(0.06	)		(0.54	)		(0.21	)		(0.08	)		(0.09	)		(0.29	)
Net asset value, end of period	$	12.96		$	13.92		$	17.29		$	10.84		$	8.43		$	11.47
Total Return(d)
Based on net asset value		(6.45	)%(e)		(16.69	)%		62.71	%		29.89	%		(25.87	)%		(13.26	)%
Ratios to Average Net Assets(f)
Total expenses		0.39	%(g)		0.39	%		0.39	%		0.39	%		0.39	%		0.39	%
Net investment income		0.57	%(g)		0.63	%		0.35	%		0.98	%		0.94	%		0.79	%
Supplemental Data
Net assets, end of period (000)	$	243,577		$	267,328		$	250,656		$	99,757		$	50,577		$	64,258
Portfolio turnover rate(h)		31	%(e)		31	%		66	%		27	%		19	%		14	%

^(a)  Based on average shares outstanding.

^(b)  The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(c)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(d)  Where applicable, assumes the reinvestment of distributions.

^(e)  Not annualized.

^(f)  Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(g)  Annualized.

^(h)  Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

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Notes to Financial Statements(unaudited) 

1.   ORGANIZATION

iShares, Inc. (the “Company”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Company is organized as a Maryland corporation and is authorized to have multiple series or portfolios.

These financial statements relate only to the following funds (each, a “Fund” and collectively, the “Funds”):

iShares ETF	Diversification   Classification
MSCI Global Agriculture Producers	Non-diversified
MSCI Global Energy Producers	Non-diversified
MSCI Global Gold Miners	Non-diversified
MSCI Global Metals & Mining Producers	Non-diversified
MSCI Global Silver and Metals Miners	Non-diversified

2.   SIGNIFICANT ACCOUNTING POLICIES

The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. Each Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. Below is a summary of significant accounting policies:

Investment Transactions and Income Recognition: For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are recorded on the ex-dividend date. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Dividends from foreign securities where the ex-dividend date may have passed are subsequently recorded when the Funds are informed of the ex-dividend date. Under the applicable foreign tax laws, a withholding tax at various rates may be imposed on capital gains, dividends and interest.

Foreign Currency Translation: Each Fund’s books and records are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars using prevailing market rates as quoted by one or more data service providers. Purchases and sales of investments are recorded at the rates of exchange prevailing on the respective dates of such transactions. Generally, when the U.S. dollar rises in value against a foreign currency, the investments denominated in that currency will lose value; the opposite effect occurs if the U.S. dollar falls in relative value.

Each Fund does not isolate the effect of fluctuations in foreign exchange rates from the effect of fluctuations in the market prices of investments for financial reporting purposes. Accordingly, the effects of changes in exchange rates on investments are not segregated in the Statements of Operations from the effects of changes in market prices of those investments, but are included as a component of net realized and unrealized gain (loss) from investments. Each Fund reports realized currency gains (losses) on foreign currency related transactions as components of net realized gain (loss) for financial reporting purposes, whereas such components are generally treated as ordinary income for U.S. federal income tax purposes.

Foreign Taxes: The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which each Fund invests. These foreign taxes, if any, are paid by each Fund and are reflected in its Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “Other foreign taxes”, and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of February 28, 2022, if any, are disclosed in the Statements of Assets and Liabilities.

The Funds file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. The Funds may record a reclaim receivable based on collectability, which includes factors such as the jurisdiction’s applicable laws, payment history and market convention. The Statements of Operations includes tax reclaims recorded as well as professional and other fees, if any, associated with recovery of foreign withholding taxes.

Segregation and Collateralization: In cases where a Fund enters into certain investments (e.g., futures contracts) that would be treated as “senior securities” for 1940 Act purposes, a Fund may segregate or designate on its books and record cash or liquid assets having a market value at least equal to the amount of its future obligations under such investments. Doing so allows the investment to be excluded from treatment as a “senior security.” Furthermore, if required by an exchange or counterparty agreement, the Funds may be required to deliver/deposit cash and/or securities to/with an exchange, or broker-dealer or custodian as collateral for certain investments or obligations.

In-kind Redemptions: For financial reporting purposes, in-kind redemptions are treated as sales of securities resulting in realized capital gains or losses to the Funds. Because such gains or losses are not taxable to the Funds and are not distributed to existing Fund shareholders, the gains or losses are reclassified from accumulated net realized gain (loss) to paid-in capital at the end of the Funds’ tax year. These reclassifications have no effect on net assets or net asset value (“NAV”) per share.

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Notes to Financial Statements(unaudited) (continued)

Distributions: Dividends and distributions paid by each Fund are recorded on the ex-dividend dates. Distributions are determined on a tax basis and may differ from net investment income and net realized capital gains for financial reporting purposes. Dividends and distributions are paid in U.S. dollars and cannot be automatically reinvested in additional shares of the Funds. The character and timing of distributions are determined in accordance with U.S. federal income tax regulations, which may differ from U.S. GAAP.

Indemnifications: In the normal course of business, each Fund enters into contracts that contain a variety of representations that provide general indemnification. The Funds’ maximum exposure under these arrangements is unknown because it involves future potential claims against the Funds, which cannot be predicted with any certainty.

3.   INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

Investment Valuation Policies: Each Fund’s investments are valued at fair value (also referred to as “market value” within the financial statements) each day that the Fund’s listing exchange is open and, for financial reporting purposes, as of the report date. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. Each Fund determines the fair values of its financial instruments using various independent dealers or pricing services under policies approved by the Board of Directors of the Company (the “Board”). If a security’s market price is not readily available or does not otherwise accurately represent the fair value of the security, the security will be valued in accordance with a policy approved by the Board as reflecting fair value. The BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) is the committee formed by management to develop global pricing policies and procedures and to oversee the pricing function for all financial instruments.

Fair Value Inputs and Methodologies: The following methods and inputs are used to establish the fair value of each Fund’s assets and liabilities:

• Equity investments traded on a recognized securities exchange are valued at that day’s official closing price, as applicable, on the exchange where the stock is primarily traded. Equity investments traded on a recognized exchange for which there were no sales on that day are valued at the last traded price.

• Investments in open-end U.S. mutual funds (including money market funds) are valued at that day’s published NAV.

• Futures contracts are valued based on that day’s last reported settlement or trade price on the exchange where the contract is traded.

Generally, trading in foreign instruments is substantially completed each day at various times prior to the close of trading on the New York Stock Exchange (“NYSE”). Each business day, the Funds use current market factors supplied by independent pricing services to value certain foreign instruments (“Systematic Fair Value Price”). The Systematic Fair Value Price is designed to value such foreign securities at fair value as of the close of trading on the NYSE, which follows the close of the local markets.

If events (e.g., market volatility, company announcement or a natural disaster) occur that are expected to materially affect the value of such investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Global Valuation Committee, in accordance with a policy approved by the Board as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Global Valuation Committee include market approach, income approach and cost approach. Valuation techniques such as discounted cash flow, use of market comparables and matrix pricing are types of valuation approaches and are typically used in determining fair value. When determining the price for Fair Valued Investments, the Global Valuation Committee, or its delegate, seeks to determine the price that each Fund might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm’s-length transaction. Fair value determinations shall be based upon all available factors that the Global Valuation Committee, or its delegate, deems relevant and consistent with the principles of fair value measurement. The pricing of all Fair Valued Investments is subsequently reported to the Board or a committee thereof on a quarterly basis.

Fair value pricing could result in a difference between the prices used to calculate a fund’s NAV and the prices used by the fund’s underlying index, which in turn could result in a difference between the fund’s performance and the performance of the fund’s underlying index.

Fair Value Hierarchy: Various inputs are used in determining the fair value of financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:

• Level 1 – Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that each Fund has the ability to access;

• Level 2 – Other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs); and

• Level 3 – Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, (including the Global Valuation Committee’s assumptions used in determining the fair value of financial instruments).

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Global Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds that may not have a secondary market and/or may have a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.

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Notes to Financial Statements(unaudited) (continued)

4.    SECURITIES AND OTHER INVESTMENTS

Warrants: Warrants entitle a fund to purchase a specified number of shares of common stock and are non-income producing. The purchase price and number of shares are subject to adjustment under certain conditions until the expiration date of the warrants, if any. If the price of the underlying stock does not rise above the strike price before the warrant expires, the warrant generally expires without any value and a fund will lose any amount it paid for the warrant. Thus, investments in warrants may involve more risk than investments in common stock. Warrants may trade in the same markets as their underlying stock; however, the price of the warrant does not necessarily move with the price of the underlying stock.

Securities Lending: Each Fund may lend its securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund collateral consisting of cash, an irrevocable letter of credit issued by an approved bank, or securities issued or guaranteed by the U.S. government. The initial collateral received by each Fund is required to have a value of at least 102% of the current market value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter at a value equal to at least 100% of the current value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Fund and any additional required collateral is delivered to the Fund or excess collateral is returned by the Fund, on the next business day. During the term of the loan, each Fund is entitled to all distributions made on or in respect of the loaned securities but does not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

As of period end, any securities on loan were collateralized by cash and/or U.S. Government obligations. Cash collateral invested in money market funds managed by BlackRock Fund Advisors (“BFA”), the Funds’ investment adviser, or its affiliates is disclosed in the Schedule of Investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Fund, except in the event of borrower default. The securities on loan, if any, are also disclosed in each Fund’s Schedule of Investments. The market value of any securities on loan and the value of any related cash collateral are disclosed in the Statements of Assets and Liabilities.

Securities lending transactions are entered into by the Funds under Master Securities Lending Agreements (each, an “MSLA”) which provide the right, in the event of default (including bankruptcy or insolvency) for the non-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral. In the event that a borrower defaults, the Funds, as lender, would offset the market value of the collateral received against the market value of the securities loaned. When the value of the collateral is greater than that of the market value of the securities loaned, the lender is left with a net amount payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty’s bankruptcy or insolvency. Under the MSLA, absent an event of default, the borrower can resell or re-pledge the loaned securities, and the Funds can reinvest cash collateral received in connection with loaned securities. Upon an event of default, the parties’ obligations to return the securities or collateral to the other party are extinguished, and the parties can resell or re-pledge the loaned securities or the collateral received in connection with the loaned securities in order to satisfy the defaulting party’s net payment obligation for all transactions under the MSLA. The defaulting party remains liable for any deficiency.

As of period end, the following table is a summary of the securities on loan by counterparty which are subject to offset under an MSLA:

iShares ETF and Counterparty		Market Value of Securities on Loan		Cash Collateral Received	(a)		Non-Cash Collateral Received		Net Amount
MSCI Global Agriculture Producers
Barclays Capital, Inc.	$	6,682	$	6,682		$	—	$	—
BofA Securities, Inc.		23,259		23,259			—		—
Goldman Sachs & Co. LLC		106,166		106,166			—		—
J.P. Morgan Securities LLC		8,762		8,762			—		—
Morgan Stanley		58,711		58,711			—		—
Scotia Capital (USA), Inc.		61,018		61,018			—		—
	$	264,598	$	264,598		$	—	$	—
MSCI Global Energy Producers
BofA Securities, Inc.	$	4,100	$	4,100		$	—	$	—
J.P. Morgan Securities LLC		185,477		185,477			—		—
Morgan Stanley		65,471		65,471			—		—
Toronto Dominion Bank		123,461		119,485			—		(3,976	)(b)
	$	378,509	$	374,533		$	—	$	(3,976	)
MSCI Global Gold Miners
BNP Paribas SA	$	69,283	$	69,283		$	—	$	—
BofA Securities, Inc.		1,082,359		1,082,359			—		—
Citigroup Global Markets, Inc.		305,325		305,325			—		—
HSBC Bank PLC		135,567		135,567			—		—
J.P. Morgan Securities LLC		163,606		163,606			—		—
Morgan Stanley		622,564		622,564			—		—
SG Americas Securities LLC		794		794			—		—
State Street Bank & Trust Co.		275,630		275,630			—		—
	$	2,655,128	$	2,655,128		$	—	$	—

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Notes to Financial Statements(unaudited) (continued)

iShares ETF and Counterparty		Market Value of Securities on Loan		Cash Collateral Received	(a)		Non-Cash Collateral Received		Net Amount
MSCI Global Metals & Mining Producers
Barclays Bank PLC	$	180,614	$	180,614		$	—	$	—
BNP Paribas SA		281,830		281,830			—		—
BofA Securities, Inc.		1,405,560		1,405,560			—		—
Credit Suisse Securities (USA) LLC		336,109		336,109			—		—
J.P. Morgan Securities LLC		731,557		731,557			—		—
Morgan Stanley		768,509		768,509			—		—
Natixis SA		149,725		149,725			—		—
	$	3,853,904	$	3,853,904		$	—	$	—
MSCI Global Silver and Metals Miners
Barclays Capital, Inc.	$	92,632	$	92,632		$	—	$	—
BNP Paribas SA		236,192		236,192			—		—
BofA Securities, Inc.		2,056,653		2,056,653			—		—
Citigroup Global Markets, Inc.		3,602,722		3,602,722			—		—
Goldman Sachs & Co. LLC		316,186		315,002			—		(1,184	)(b)
J.P. Morgan Securities LLC		4,893,894		4,893,894			—		—
Morgan Stanley		4,932		4,932			—		—
Scotia Capital (USA), Inc.		1,410,841		1,410,841			—		—
State Street Bank & Trust Co.		1,583,467		1,583,467			—		—
Toronto Dominion Bank		100,763		100,763			—		—
	$	14,298,282	$	14,297,098		$	—	$	(1,184	)

^(a)  Collateral received in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by each Fund is disclosed in the Fund’s statement of assets and liabilities.

^(b)  The market value of the loaned securities is determined as of February 28, 2022. Additional collateral is delivered to the Fund on the next business day in accordance with the MSLA. The net amount would be subject to the borrower default indemnity in the event of default by a counterparty.

The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, each Fund benefits from a borrower default indemnity provided by BlackRock, Inc. (“BlackRock”). BlackRock’s indemnity allows for full replacement of the securities loaned to the extent the collateral received does not cover the value of the securities loaned in the event of borrower default. Each Fund could incur a loss if the value of an investment purchased with cash collateral falls below the market value of the loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received. Such losses are borne entirely by each Fund.

5.   DERIVATIVE FINANCIAL INSTRUMENTS

Futures Contracts: Futures contracts are purchased or sold to gain exposure to, or manage exposure to, changes in interest rates (interest rate risk) and changes in the value of equity securities (equity risk) or foreign currencies (foreign currency exchange rate risk).

Futures contracts are exchange-traded agreements between the Funds and a counterparty to buy or sell a specific quantity of an underlying instrument at a specified price and on a specified date. Depending on the terms of a contract, it is settled either through physical delivery of the underlying instrument on the settlement date or by payment of a cash amount on the settlement date. Upon entering into a futures contract, the Funds are required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on a contract’s size and risk profile. The initial margin deposit must then be maintained at an established level over the life of the contract. Amounts pledged, which are considered restricted, are included in cash pledged for futures contracts in the Statements of Assets and Liabilities.

Securities deposited as initial margin are designated in the Schedule of Investments and cash deposited, if any, are shown as cash pledged for futures contracts in the Statements of Assets and Liabilities. Pursuant to the contract, the Funds agree to receive from or pay to the broker an amount of cash equal to the daily fluctuation in market value of the contract (“variation margin”). Variation margin is recorded as unrealized appreciation (depreciation) and, if any, shown as variation margin receivable (or payable) on futures contracts in the Statements of Assets and Liabilities. When the contract is closed, a realized gain or loss is recorded in the Statements of Operations equal to the difference between the notional amount of the contract at the time it was opened and the notional amount at the time it was closed. The use of futures contracts involves the risk of an imperfect correlation in the movements in the price of futures contracts and interest rates, foreign currency exchange rates or underlying assets.

6.   INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

Investment Advisory Fees: Pursuant to an Investment Advisory Agreement with the Company, BFA manages the investment of each Fund’s assets. BFA is a California corporation indirectly owned by BlackRock. Under the Investment Advisory Agreement, BFA is responsible for substantially all expenses of the Funds, except (i) interest and taxes; (ii) brokerage commissions and other expenses connected with the execution of portfolio transactions; (iii) distribution fees; (iv) the advisory fee payable to BFA; and (v) litigation expenses and any extraordinary expenses (in each case as determined by a majority of the independent directors).

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Notes to Financial Statements(unaudited) (continued)

For its investment advisory services to each Fund, BFA is entitled to an annual investment advisory fee of 0.39%, accrued daily and paid monthly by the Funds, based on the average daily net assets of each Fund.

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

For each of the iShares MSCI Global Agriculture Producers and iShares MSCI Global Metals & Mining Producers ETFs, BFA has contractually agreed to waive a portion of its investment advisory fee for each Fund through December 31, 2023 in an amount equal to the acquired fund fees and expenses, if any, attributable to each Fund’s investments in other iShares funds.

For six months ended February 28, 2022, there were no fees waived by BFA pursuant to this arrangement.

Distributor: BlackRock Investments, LLC, an affiliate of BFA, is the distributor for each Fund. Pursuant to the distribution agreement, BFA is responsible for any fees or expenses for distribution services provided to the Funds.

Securities Lending: The U.S. Securities and Exchange Commission (the “SEC”) has issued an exemptive order which permits BlackRock Institutional Trust Company, N.A. (“BTC”), an affiliate of BFA, to serve as securities lending agent for the Funds, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending, including any custodial costs. Each Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan (the “collateral investment fees”). The cash collateral is invested in a money market fund, BlackRock Cash Funds: Institutional or BlackRock Cash Funds: Treasury, managed by BFA, or its affiliates. However, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees each Fund bears to an annual rate of 0.04%. The SL Agency Shares of such money market fund will not be subject to a sales load, distribution fee or service fee. The money market fund in which the cash collateral has been invested may, under certain circumstances, impose a liquidity fee of up to 2% of the value redeemed or temporarily restrict redemptions for up to 10 business days during a 90 day period, in the event that the money market fund’s weekly liquid assets fall below certain thresholds.

Securities lending income is equal to the total of income earned from the reinvestment of cash collateral, net of fees and other payments to and from borrowers of securities, and less the collateral investment fees. Each Fund retains a portion of securities lending income and remits the remaining portion to BTC as compensation for its services as securities lending agent.

Pursuant to the current securities lending agreement, each Fund retains 82% of securities lending income (which excludes collateral investment fees) and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across all 1940 Act iShares exchange-traded funds (the “iShares ETF Complex”) in that calendar year exceeds a specified threshold, each Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar year 85% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

The share of securities lending income earned by each Fund is shown as securities lending income – affiliated – net in its Statements of Operations. For the six months ended February 28, 2022, the Funds paid BTC the following amounts for securities lending agent services:

iShares ETF	Fees Paid to BTC
MSCI Global Agriculture Producers	$	12,345
MSCI Global Energy Producers		807
MSCI Global Gold Miners		9,201
MSCI Global Metals & Mining Producers		30,544
MSCI Global Silver and Metals Miners		26,568

Officers and Directors: Certain officers and/or directors of the Company are officers and/or directors of BlackRock or its affiliates.

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Notes to Financial Statements(unaudited) (continued)

Other Transactions: Cross trading is the buying or selling of portfolio securities between funds to which BFA (or an affiliate) serves as investment adviser. At its regularly scheduled quarterly meetings, the Board reviews such transactions as of the most recent calendar quarter for compliance with the requirements and restrictions set forth by Rule 17a-7.

For the six months ended February 28, 2022, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:

iShares ETF	Purchases		Sales		Net Realized Gain (Loss)
MSCI Global Agriculture Producers	$	206,193	$	96,454	$	(3,638	)
MSCI Global Energy Producers		214,587		426,954		(102,329	)
MSCI Global Gold Miners		3,201,775		5,903,080		(837,667	)
MSCI Global Metals & Mining Producers		749,328		7,452,863		(1,224,960	)
MSCI Global Silver and Metals Miners		4,475,826		89,663		(48,962	)

Each Fund may invest its positive cash balances in certain money market funds managed by BFA or an affiliate. The income earned on these temporary cash investments is shown as dividends – affiliated in the Statements of Operations.

A fund, in order to improve its portfolio liquidity and its ability to track its underlying index, may invest in shares of other iShares funds that invest in securities in the fund’s underlying index.

7.   PURCHASES AND SALES

For the six months ended February 28, 2022, purchases and sales of investments, excluding short-term investments and in-kind transactions, were as follows:

iShares ETF	Purchases		Sales
MSCI Global Agriculture Producers	$	3,084,961	$	3,650,659
MSCI Global Energy Producers		3,977,360		4,836,634
MSCI Global Gold Miners		65,410,894		68,563,595
MSCI Global Metals & Mining Producers		127,775,333		73,770,663
MSCI Global Silver and Metals Miners		75,564,814		75,725,386

For the six months ended February 28, 2022, in-kind transactions were as follows:

iShares ETF	In-kind Purchases		In-kind Sales
MSCI Global Agriculture Producers	$	3,482,226	$	5,175,599
MSCI Global Energy Producers		1,884,723		6,820,165
MSCI Global Gold Miners		18,677,470		85,890,490
MSCI Global Metals & Mining Producers		253,521,473		37,027,094
MSCI Global Silver and Metals Miners		2,730,217		7,229,775

8.   INCOME TAX INFORMATION

Each Fund is treated as an entity separate from the Company’s other funds for federal income tax purposes. It is each Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute substantially all of its taxable income to its shareholders. Therefore, no U.S. federal income tax provision is required.

Management has analyzed tax laws and regulations and their application to the Funds as of February 28, 2022, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements.

As of August 31, 2021, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:

iShares ETF	Non-Expiring
MSCI Global Agriculture Producers	$	4,297,399
MSCI Global Energy Producers		7,421,209
MSCI Global Gold Miners		54,956,433
MSCI Global Metals & Mining Producers		56,926,585
MSCI Global Silver and Metals Miners		18,280,288

A fund may own shares in certain foreign investment entities, referred to, under U.S. tax law, as “passive foreign investment companies.” Such fund may elect to mark-to-market annually the shares of each passive foreign investment company and would be required to distribute to shareholders any such marked-to-market gains.

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Notes to Financial Statements(unaudited) (continued)

As of February 28, 2022, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:

iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
MSCI Global Agriculture Producers	$	74,597,001	$	18,764,302	$	(3,476,109	)	$	15,288,193
MSCI Global Energy Producers		79,468,846		24,025,883		(4,357,638	)		19,668,245
MSCI Global Gold Miners		492,268,296		58,182,531		(45,279,917	)		12,902,614
MSCI Global Metals & Mining Producers		1,256,041,648		242,354,889		(64,860,953	)		177,493,936
MSCI Global Silver and Metals Miners		274,671,225		16,981,460		(33,663,369	)		(16,681,909	)

9.   LINE OF CREDIT

The iShares MSCI Global Agriculture Producers, iShares MSCI Global Energy Producers and iShares MSCI Global Metals & Mining Producers ETFs, along with certain other iShares funds (“Participating Funds”), are parties to a $800 million credit agreement (“Syndicated Credit Agreement”) with a group of lenders, which expires on August 12, 2022. The line of credit may be used for temporary or emergency purposes, including redemptions, settlement of trades and rebalancing of portfolio holdings in certain target markets. The Funds may borrow up to the aggregate commitment amount subject to asset coverage and other limitations as specified in the Syndicated Credit Agreement. The Syndicated Credit Agreement has the following terms: a commitment fee of 0.15% per annum on the unused portion of the credit agreement and interest at a rate equal to the higher of (a) the one-month LIBOR rate (not less than zero) plus 1.00% per annum or (b) the U.S. Federal Funds rate (not less than zero) plus 1.00% per annum on amounts borrowed. The commitment fee is generally allocated to each Participating Fund based on the lesser of a Participating Fund’s relative exposure to certain target markets or a Participating Fund’s maximum borrowing amount as set forth by the terms of the Syndicated Credit Agreement.

For the six months ended February 28, 2022, the maximum amount borrowed, the average daily borrowing and the weighted average interest rate, if any, under the Syndicated Credit Agreement were as follows:

iShares ETF	Maximum Amount Borrowed		Average Borrowing		Weighted Average Interest Rates
MSCI Global Metals & Mining Producers	$	2,105,000	$	96,530		1.09	%

10.   PRINCIPAL RISKS

In the normal course of business, each Fund invests in securities or other instruments and may enter into certain transactions, and such activities subject the Fund to various risks, including, among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation or international tax treaties between various countries; or (iv) currency, interest rate or price fluctuations. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Funds and their investments. Each Fund’s prospectus provides details of the risks to which the Fund is subject.

BFA uses a “passive” or index approach to try to achieve each Fund’s investment objective following the securities included in its underlying index during upturns as well as downturns. BFA does not take steps to reduce market exposure or to lessen the effects of a declining market. Divergence from the underlying index and the composition of the portfolio is monitored by BFA.

The Funds may be exposed to additional risks when reinvesting cash collateral in money market funds that do not seek to maintain a stable NAV per share of $1.00, which may be subject to redemption gates or liquidity fees under certain circumstances.

Market Risk: An outbreak of respiratory disease caused by a novel coronavirus has developed into a global pandemic and has resulted in closing borders, quarantines, disruptions to supply chains and customer activity, as well as general concern and uncertainty. The impact of this pandemic, and other global health crises that may arise in the future, could affect the economies of many nations, individual companies and the market in general in ways that cannot necessarily be foreseen at the present time. This pandemic may result in substantial market volatility and may adversely impact the prices and liquidity of a fund’s investments. Although vaccines have been developed and approved for use by various governments, the duration of this pandemic and its effects cannot be determined with certainty.

Valuation Risk: The market values of equities, such as common stocks and preferred securities or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company. They may also decline due to factors which affect a particular industry or industries. A fund may invest in illiquid investments. An illiquid investment is any investment that a fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. A fund may experience difficulty in selling illiquid investments in a timely manner at the price that it believes the investments are worth. Prices may fluctuate widely over short or extended periods in response to company, market or economic news. Markets also tend to move in cycles, with periods of rising and falling prices. This volatility may cause a fund’s NAV to experience significant increases or decreases over short periods of time. If there is a general decline in the securities and other markets, the NAV of a fund may lose value, regardless of the individual results of the securities and other instruments in which a fund invests.

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Notes to Financial Statements(unaudited) (continued)

The price each Fund could receive upon the sale of any particular portfolio investment may differ from each Fund’s valuation of the investment, particularly for securities that trade in thin or volatile markets or that are valued using a fair valuation technique or a price provided by an independent pricing service. Changes to significant unobservable inputs and assumptions (i.e., publicly traded company multiples, growth rate, time to exit) due to the lack of observable inputs.

Counterparty Credit Risk: The Funds may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to unsettled or open transactions, including making timely interest and/or principal payments or otherwise honoring its obligations. The Funds manage counterparty credit risk by entering into transactions only with counterparties that the Manager believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Funds to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Funds’ exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded in the Statements of Assets and Liabilities, less any collateral held by the Funds.

A derivative contract may suffer a mark-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform under the contract.

With exchange-traded futures, there is less counterparty credit risk to the Funds since the exchange or clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, a Fund does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency). Additionally, credit risk exists in exchange-traded futures with respect to initial and variation margin that is held in a clearing broker’s customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro rata basis across all the clearing broker’s customers, potentially resulting in losses to the Funds.

Concentration Risk: A diversified portfolio, where this is appropriate and consistent with a fund’s objectives, minimizes the risk that a price change of a particular investment will have a material impact on the NAV of a fund. The investment concentrations within each Fund’s portfolio are disclosed in its Schedule of Investments.

Certain Funds invest a significant portion of their assets in issuers located in a single country or a limited number of countries. When a Fund concentrates its investments in this manner, it assumes the risk that economic, regulatory, political and social conditions in that country or those countries may have a significant impact on the fund and could affect the income from, or the value or liquidity of, the Fund’s portfolio. Unanticipated or sudden political or social developments may cause uncertainty in the markets and as a result adversely affect the Fund’s investments. Foreign issuers may not be subject to the same uniform accounting, auditing and financial reporting standards and practices as used in the United States. Foreign securities markets may also be more volatile and less liquid than U.S. securities and may be less subject to governmental supervision not typically associated with investing in U.S. securities. Investment percentages in specific countries are presented in the Schedule of Investments.

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

Certain Funds invest a significant portion of their assets in securities within a single or limited number of market sectors. When a Fund concentrates its investments in this manner, it assumes the risk that economic, regulatory, political and social conditions affecting such sectors may have a significant impact on the fund and could affect the income from, or the value or liquidity of, the fund’s portfolio.

Significant Shareholder Redemption Risk: Certain shareholders may own or manage a substantial amount of fund shares and/or hold their fund investments for a limited period of time. Large redemptions of fund shares by these shareholders may force a Fund to sell portfolio securities, which may negatively impact the fund’s NAV, increase the fund’s brokerage costs, and/or accelerate the realization of taxable income/gains and cause the fund to make additional taxable distributions to shareholders.

LIBORTransition Risk: The United Kingdom’s Financial Conduct Authority announced a phase out of the London Interbank Offered Rate (“LIBOR”). Although many LIBOR rates ceased to be published or no longer are representative of the underlying market they seek to measure after December 31, 2021, a selection of widely used USD LIBOR rates will continue to be published through June 2023 in order to assist with the transition. The Funds may be exposed to financial instruments tied to LIBOR to determine payment obligations, financing terms, hedging strategies or investment value. The transition process away from LIBOR might lead to increased volatility and illiquidity in markets for, and reduce the effectiveness of new hedges placed against, instruments whose terms currently include LIBOR. The ultimate effect of the LIBOR transition process on the Funds is uncertain.

11.   CAPITAL SHARE TRANSACTIONS

Capital shares are issued and redeemed by each Fund only in aggregations of a specified number of shares or multiples thereof (“Creation Units”) at NAV. Except when aggregated in Creation Units, shares of each Fund are not redeemable.

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Notes to Financial Statements(unaudited) (continued)

Transactions in capital shares were as follows:    

	Six Months Ended 02/28/22						Year Ended 08/31/21
iShares ETF	Shares			Amount			Shares			Amount
MSCI Global Agriculture Producers
Shares sold		100,000		$	4,109,954			1,300,000		$	50,745,130
Shares redeemed		(150,000	)		(6,036,878	)		(100,000	)		(3,822,157	)
Net increase (decrease)		(50,000	)	$	(1,926,924	)		1,200,000		$	46,922,973
MSCI Global Energy Producers
Shares sold		100,000		$	2,085,722			1,300,000		$	19,625,290
Shares redeemed		(400,000	)		(7,552,095	)		(400,000	)		(4,216,148	)
Net increase (decrease)		(300,000	)	$	(5,466,373	)		900,000		$	15,409,142
MSCI Global Gold Miners
Shares sold		750,000		$	19,970,732			6,050,000		$	181,086,860
Shares redeemed		(3,350,000	)		(90,008,840	)		(1,650,000	)		(50,223,512	)
Net increase (decrease)		(2,600,000	)	$	(70,038,108	)		4,400,000		$	130,863,348
MSCI Global Metals & Mining Producers
Shares sold		7,250,000		$	324,017,191			22,250,000		$	927,307,523
Shares redeemed		(1,100,000	)		(45,651,809	)		(8,700,000	)		(358,610,414	)
Net increase		6,150,000		$	278,365,382			13,550,000		$	568,697,109
MSCI Global Silver and Metals Miners
Shares sold		200,000		$	2,760,691			7,400,000		$	122,697,342
Shares redeemed		(600,000	)		(7,350,339	)		(2,700,000	)		(38,664,647	)
Net increase (decrease)		(400,000	)	$	(4,589,648	)		4,700,000		$	84,032,695

The consideration for the purchase of Creation Units of a fund in the Company generally consists of the in-kind deposit of a designated portfolio of securities and a specified amount of cash. Certain funds in the Company may be offered in Creation Units solely or partially for cash in U.S. dollars. Investors purchasing and redeeming Creation Units may pay a purchase transaction fee and a redemption transaction fee directly to State Street Bank and Trust Company, the Company’s administrator, to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash. Investors transacting in Creation Units for cash may also pay an additional variable charge to compensate the relevant fund for certain transaction costs (i.e., stamp taxes, taxes on currency or other financial transactions, and brokerage costs) and market impact expenses relating to investing in portfolio securities. Such variable charges, if any, are included in shares sold in the table above.

From time to time, settlement of securities related to in-kind contributions or in-kind redemptions may be delayed. In such cases, securities related to in-kind transactions are reflected as a receivable or a payable in the Statements of Assets and Liabilities.

12.   FOREIGN WITHHOLDING TAX CLAIMS

The Internal Revenue Service (“IRS”) has issued guidance to address U.S. income tax liabilities attributable to fund shareholders resulting from the recovery of foreign taxes withheld in prior calendar years. These withheld foreign taxes were passed through to shareholders in the form of foreign tax credits in the year the taxes were withheld. Assuming there are sufficient foreign taxes paid which iShares MSCI Global Metals & Mining Producers ETF is able to pass through to shareholders as a foreign tax credit in the current year, iShares MSCI Global Metals & Mining Producers ETF will be able to offset the prior years’ withholding taxes recovered against the foreign taxes paid in the current year. Accordingly, no federal income tax liability is recorded by the Fund.

13.   SUBSEQUENT EVENTS

Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were available to be issued and has determined that there were no subsequent events requiring adjustment or additional disclosure in the financial statements.

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Statement Regarding Liquidity Risk Management Program (unaudited)

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), iShares, Inc. (the “Company”) has adopted and implemented a liquidity risk management program (the “Program”) for iShares MSCI Global Agriculture Producers ETF, iShares MSCI Global Energy Producers ETF, iShares MSCI Global Gold Miners ETF, iShares MSCI Global Metals & Mining Producers ETF and iShares MSCI Global Silver and Metals Miners ETF (the “Funds” or “ETFs”), each a series of the Company, which is reasonably designed to assess and manage each Fund’s liquidity risk.

The Board of Directors (the “Board”) of the Company, on behalf of the Funds, met on December 9, 2021 (the “Meeting”) to review the Program. The Board previously appointed BlackRock Fund Advisors (“BlackRock”), the investment adviser to the Funds, as the program administrator for each Fund’s Program. BlackRock also previously delegated oversight of the Program to the 40 Act Liquidity Risk Management Committee (the “Committee”). At the Meeting, the Committee, on behalf of BlackRock, provided the Board with a report that addressed the operation of the Program and assessed its adequacy and effectiveness of implementation, including the management of each Fund’s Highly Liquid Investment Minimum (“HLIM”) where applicable, and any material changes to the Program (the “Report”). The Report covered the period from October 1, 2020 through September 30, 2021 (the “Program Reporting Period”).

The Report described the Program’s liquidity classification methodology for categorizing each Fund’s investments (including derivative transactions) into one of four liquidity buckets. It also referenced the methodology used by BlackRock to establish each Fund’s HLIM and noted that the Committee reviews and ratifies the HLIM assigned to each Fund no less frequently than annually. The Report also discussed notable events affecting liquidity over the Program Reporting Period, including extended market holidays and the imposition of capital controls in certain non-U.S. countries.

The Report noted that the Program complied with the key factors for consideration under the Liquidity Rule for assessing, managing and periodically reviewing each Fund’s liquidity risk, as follows:

a) The Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions. During the Program Reporting Period, the Committee reviewed whether each Fund’s strategy is appropriate for an open-end fund structure, with a focus on funds with more significant and consistent holdings of less liquid and illiquid assets. The Committee also factored a fund’s concentration in an issuer into the liquidity classification methodology by taking issuer position sizes into account. Derivative exposure was also considered in the calculation of a fund’s liquidity bucketing. Finally, a factor for consideration under the Liquidity Rule is a Fund’s use of borrowings for investment purposes. However, the Funds do not borrow for investment purposes.

b) Short-term and long-term cash flow projections during both normal and reasonably foreseeable stressed conditions. During the Program Reporting Period, the Committee reviewed historical redemption activity and used this information as a component to establish each ETF’s reasonably anticipated trading size (“RATS”). The Committee may also take into consideration a fund’s shareholder ownership concentration (which, depending on product type and distribution channel, may or may not be available), a fund’s distribution channels, and the degree of certainty associated with a fund’s short-term and long-term cash flow projections.

c) Holdings of cash and cash equivalents, as well as borrowing arrangements. The Committee considered that ETFs generally do not hold more than de minimis amounts of cash. While the ETFs generally do not engage in borrowing, certain of the ETFs have the flexibility to draw on a line of credit to meet redemption requests or facilitate settlements.

d) The relationship between an ETF’s portfolio liquidity and the way in which, and the prices and spreads at which, ETF shares trade, including the efficiency of the arbitrage function and the level of active participation by market participants, including authorized participants. The Committee monitored the prevailing bid/ask spread and the ETF price premium (or discount) to NAV for all ETFs and reviewed any persistent deviations from long-term averages.

e) The effect of the composition of baskets on the overall liquidity of an ETF’s portfolio. In reviewing the linkage between the composition of custom baskets accepted by an ETF and any significant change in the liquidity profile of such ETF, the Committee reviewed changes in the proportion of each ETF’s portfolio comprised of less liquid and illiquid holdings to determine if applicable thresholds were met requiring enhanced review.

As part of BlackRock’s continuous review of the effectiveness of the Program, the Committee made the following material changes to the Program: (1) updates to certain model components in the Program’s methodology; and (2) certain iShares Funds entered into a $800 million credit agreement with a group of lenders that replaced a previous liquidity facility. The Report provided to the Board stated that the Committee concluded that based on the operation of the functions, as described in the Report, the Program is operating as intended and is effective in implementing the requirements of the Liquidity Rule.

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Supplemental Information (unaudited)

Regulation Regarding Derivatives

On October 28, 2020, the Securities and Exchange Commission (the “SEC”) adopted regulations governing the use of derivatives by registered investment companies (“Rule 18f-4”). The Funds will be required to implement and comply with Rule 18f-4 by August 19, 2022. Once implemented, Rule 18f-4 will impose limits on the amount of derivatives a fund can enter into, eliminate the asset segregation framework currently used by funds to comply with Section 18 of the 1940 Act, treat derivatives as senior securities and require funds whose use of derivatives is more than a limited specified exposure amount to establish and maintain a comprehensive derivatives risk management program and appoint a derivatives risk manager.

Section 19(a) Notices

The amounts and sources of distributions reported are estimates and are being provided pursuant to regulatory requirements and are not being provided for tax reporting purposes. The actual amounts and sources for tax reporting purposes will depend upon each Fund’s investment experience during the year and may be subject to changes based on tax regulations. Shareholders will receive a Form 1099-DIV each calendar year that will inform them how to report these distributions for federal income tax purposes.

February 28, 2022

	Total Cumulative Distributions for the Fiscal Year-to-Date								% Breakdown of the Total Cumulative Distributions for the Fiscal Year-to-Date
iShares ETF	Net Investment Income		Net Realized Capital Gains		Return of Capital		Total Per Share		Net Investment Income			Net Realized Capital Gains			Return of Capital			Total Per Share
MSCI Global Agriculture Producers(a)	$	0.332072	$	—	$	0.064405	$	0.396477		84	%		—	%		16	%		100	%
MSCI Global Energy Producers(a)		0.425148		—		0.036741		0.461889		92			—			8			100
MSCI Global Gold Miners(a)		0.323253		—		0.007270		0.330523		98			—			2			100
MSCI Global Metals & Mining Producers(a)		1.798636		—		0.007110		1.805746		100			—			—	(b)		100
MSCI Global Silver and Metals Miners(a)		0.056039		—		0.005370		0.061409		91			—			9			100

^(a)  The Fund estimates that it has distributed more than its net investment income and net realized capital gains; therefore, a portion of the distribution may be a return of capital. A return of capital may occur, for example, when some or all of the shareholder’s investment in the Fund is returned to the shareholder. A return of capital does not necessarily reflect the Fund’s investment performance and should not be confused with “yield” or “income”. When distributions exceed total return performance, the difference will incrementally reduce the Fund’s net asset value per share.

^(b)  Rounds to less than 1%.

S U P P L E M E N T A L   I N F O R M A T I O N 51

General Information

Electronic Delivery

Shareholders can sign up for e-mail notifications announcing that the shareholder report or prospectus has been posted on the iShares website at iShares.com. Once you have enrolled, you will no longer receive prospectuses and shareholder reports in the mail.

To enroll in electronic delivery:

• Go to icsdelivery.com.

• If your brokerage firm is not listed, electronic delivery may not be available. Please contact your broker-dealer or financial advisor.

Householding

Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents and Rule 30e-3 notices can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.

Availability of Quarterly Schedule of Investments

The Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT. The Funds’ Forms N-PORT are available on the SEC’s website at sec.gov. Additionally, each Fund makes its portfolio holdings for the first and third quarters of each fiscal year available at iShares.com/fundreports.

Availability of Proxy Voting Policies and Proxy Voting Records

A description of the policies and procedures that the iShares Funds use to determine how to vote proxies relating to portfolio securities and information about how the iShares Funds voted proxies relating to portfolio securities during the most recent twelve-month period ending June 30 is available without charge, upon request (1) by calling toll-free 1-800-474-2737; (2) on the iShares website at iShares.com; and (3) on the SEC website at sec.gov.

A description of the Company’s policies and procedures with respect to the disclosure of the Fund’s portfolio securities is available in the Fund Prospectus. The Fund discloses its portfolio holdings daily and provides information regarding its top holdings in Fund fact sheets at iShares.com.

52 2 0 2 2   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S 

Glossary of Terms Used in this Report

Portfolio Abbreviations - Equity

ADR	American Depositary Receipt
GDR	Global Depositary Receipt
JSC	Joint Stock Company
NVDR	Non-Voting Depositary Receipt
NVS	Non-Voting Shares
PJSC	Public Joint Stock Company

Portfolio Abbreviations - Fixed Income

S&P Standard & Poor’s

G L O S S A R Y   O F   T E R M S   U S E D   I N   T H I S   R E P O R T 53

Want to know more?

iShares.com    |     1-800-474-2737

This report is intended for the Funds’ shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by the current prospectus.

Investing involves risk, including possible loss of principal.

The iShares Funds are distributed by BlackRock Investments, LLC (together with its affiliates, “BlackRock”).

The iShares Funds are not sponsored, endorsed, issued, sold or promoted by MSCI Inc., nor does this company make any representation regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the company listed above.

^©2022 BlackRock, Inc. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.

iS-SAR-812-0222

FEBRUARY 28, 2022

2022 Semi-Annual Report

(Unaudited)

iShares, Inc.

·  iShares Currency Hedged MSCI Emerging Markets ETF | HEEM | Cboe BZX

·  iShares MSCI Emerging Markets ETF | EEM | NYSE Arca

The Markets in Review

Dear Shareholder,

The 12-month reporting period as of February 28, 2022 saw a continuation of the resurgent growth that followed the initial coronavirus (or “COVID-19”) pandemic reopening, albeit at a slower pace. The global economy weathered the emergence of several variant strains and the resulting peaks and troughs in infections amid optimism that increasing vaccinations and economic adaptation could help contain the pandemic’s disruptions. However, rapid changes in consumer spending led to supply constraints and elevated inflation. Moreover, while the foremost effect of Russia’s invasion of Ukraine has been a severe humanitarian crisis, the invasion has presented challenges for both investors and policymakers.

Equity prices were mixed, as persistently high inflation drove investors’ expectations for higher interest rates, which particularly weighed on relatively high valuation growth stocks and economically sensitive small-capitalization stocks. Overall, small-capitalization U.S. stocks declined, while large-capitalization U.S. stocks posted a solid advance. International equities from developed markets gained slightly, although emerging market stocks declined, pressured by rising interest rates and a strengthening U.S. dollar.

The 10-year U.S. Treasury yield (which is inversely related to bond prices) rose during the reporting period as the economy expanded rapidly and inflation reached its highest annualized reading in decades. In the corporate bond market, the improving economy assuaged credit concerns and led to modest returns for high-yield corporate bonds, outpacing the negative return of investment-grade corporate bonds.

The U.S. Federal Reserve (the “Fed”) maintained accommodative monetary policy during the reporting period by keeping near-zero interest rates. However, the Fed’s tone shifted during the period, as it reduced its bond-buying program and raised the prospect of higher rates in 2022. Continued high inflation and the Fed’s new stance led many analysts to anticipate that the Fed will raise interest rates multiple times throughout the year.

Looking ahead, however, the horrific war in Ukraine has significantly clouded the outlook for the global economy. Sanctions on Russia and general wartime disruption are likely to drive already-high commodity prices even further upwards, and we have already seen spikes in energy and metal markets. While this will exacerbate inflationary pressure, it could also constrain economic growth, making the Fed’s way forward less clear. Its challenge will be combating inflation without stifling a recovery that is now facing additional supply shocks.

In this environment, we favor an overweight to equities, as we believe low interest rates and continued economic growth will support further gains, albeit likely more modest than what we saw in 2021. Sectors that are better poised to manage the transition to a lower-carbon world, such as technology and health care, are particularly attractive in the long term. U.S. and other developed market equities have room for further growth, while we believe Chinese equities stand to gain from a more accommodative monetary and fiscal environment. We are underweight long-term credit, but inflation-protected U.S. Treasuries, Asian fixed income, and emerging market local-currency bonds offer potential opportunities. We believe that international diversification and a focus on sustainability can help provide portfolio resilience, and the disruption created by the coronavirus appears to be accelerating the shift toward sustainable investments.

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

Sincerely,

Rob Kapito

President, BlackRock, Inc.

Rob Kapito

President, BlackRock, Inc.

Total Returns as of February 28, 2022
	6-Month	12-Month
U.S. large cap equities (S&P 500® Index)	(2.62)%	16.39%
U.S. small cap equities (Russell 2000® Index)	(9.46)	(6.01)
International equities (MSCI Europe, Australasia, Far East Index)	(6.78)	2.83
Emerging market equities (MSCI Emerging Markets Index)	(9.81)	(10.69)
3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)	0.02	0.04
U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)	(3.94)	(1.67)
U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)	(4.07)	(2.64)
Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)	(3.09)	(0.66)
U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)	(3.07)	0.64
Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.

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

Table of Contents

	Page
The Markets in Review		2
Fund Summary		4
About Fund Performance		6
Shareholder Expenses		6
Schedules of Investments		7
Financial Statements
Statements of Assets and Liabilities		25
Statements of Operations		26
Statements of Changes in Net Assets		27
Financial Highlights		28
Notes to Financial Statements		30
Statement Regarding Liquidity Risk Management Program		40
Supplemental Information		41
General Information		42
Glossary of Terms Used in this Report		43

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

Investment Objective

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

Performance

				Average Annual Total Returns									Cumulative Total Returns
	6 Months			1 Year			5 Years			Since Inception			1 Year			5 Years			Since Inception
Fund NAV		(7.73	)%		(10.17	)%		7.47	%		4.96	%		(10.17	)%		43.34	%		43.34	%
Fund Market		(7.53	)		(9.63	)		7.53			5.02			(9.63	)		43.76			43.98
Index		(8.12	)		(9.67	)		7.80			5.40			(9.67	)		45.55			47.81

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

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 6 for more information.

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value (09/01/21)	Ending Account Value (02/28/22)	Expenses Paid During the Period	(a)		Beginning Account Value (09/01/21)	Ending Account Value (02/28/22)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$     1,000.00	$     922.70	$     0.00			$     1,000.00	$     1,024.80	$     0.00		0.00	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” for more information. The fees and expenses of the underlying funds in which the Fund invests are not included in the Fund’s annualized expense ratio.

Portfolio Information

ALLOCATION BY INVESTMENT TYPE

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

^(a) Rounds to less than 0.1%.

ALLOCATION BY SECTOR (of the UNDERLYING FUND)

Sector	Percent of Total Investment(a)
Information Technology	22.1	%
Financials	21.1
Consumer Discretionary	12.8
Communication Services	10.4
Materials	9.2
Consumer Staples	5.9
Industrials	5.3
Energy	4.7
Health Care	3.8
Utilities	2.5
Real Estate	2.2

^(a) Excludes money market funds.

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

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

Investment Objective

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

Performance

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

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 6 for more information.

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value (09/01/21)	Ending Account Value (02/28/22)	Expenses Paid During the Period	(a)		Beginning Account Value (09/01/21)	Ending Account Value (02/28/22)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$     1,000.00	$     895.00	$     3.24			$     1,000.00	$     1,021.40	$     3.46		0.69	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” for more information.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of Total Investments	(a)
Information Technology	22.1	%
Financials	21.1
Consumer Discretionary	12.8
Communication Services	10.4
Materials	9.2
Consumer Staples	5.9
Industrials	5.3
Energy	4.7
Health Care	3.8
Utilities	2.5
Real Estate	2.2

^(a) Excludes money market funds.

TEN LARGEST GEOGRAPHIC ALLOCATION

Country/Geographic Region	Percent of Total Investments	(a)
China	32.2	%
Taiwan	16.2
India	12.5
South Korea	12.5
Brazil	5.0
Saudi Arabia	4.0
South Africa	3.7
Mexico	2.1
Thailand	1.9
Indonesia	1.7

F U N D   S U M M A R Y 5

About Fund Performance

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

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

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

Shareholder Expenses

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

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

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

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

6 2 0 2 2   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments  (unaudited) February 28, 2022 iShares^® Currency Hedged MSCI Emerging Markets ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Investment Companies
Exchange-Traded Funds — 100.0%
iShares MSCI Emerging Markets ETF(a)		3,946,550	$	184,422,282
Total Investment Companies — 100.0% (Cost: $181,619,255)				184,422,282
Short-Term Investments
Money Market Funds — 0.1%
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.03%(a)(b)		90,000		90,000
Total Short-Term Investments — 0.1% (Cost: $90,000)				90,000
Total Investments in Securities — 100.1% (Cost: $181,709,255)				184,512,282
Other Assets, Less Liabilities — (0.1)%				(126,474	)
Net Assets — 100.0%			$	184,385,808

^(a)  Affiliate of the Fund.

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 08/31/21		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value at 02/28/22		Shares Held at 02/28/22		Income		Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Treasury, SL Agency Shares	$	370,000	$	—	$	(280,000	)(a)	$	—	$	—		$	90,000		90,000	$	14	$	—
iShares MSCI Emerging Markets ETF		202,917,841		40,646,077		(37,870,653	)		4,771,579		(26,042,562	)		184,422,282		3,946,550		2,937,483		—
								$	4,771,579	$	(26,042,562	)	$	184,512,282			$	2,937,497	$	—

^(a)  Represents net amount purchased (sold).

Derivative Financial Instruments Outstanding as of Period End

Forward Foreign Currency Exchange Contracts

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

S C H E D U L E    O F   I N V E S T M E N T S 7

Schedule of Investments  (unaudited) (continued) February 28, 2022 iShares^® Currency Hedged MSCI Emerging Markets ETF

Forward Foreign Currency Exchange Contracts (continued)

Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation (Depreciation)
USD	165,085	KRW	198,410,000	MS	03/04/22	$	74
USD	2,652,754	MYR	11,113,000	MS	03/04/22		4,775
USD	5,962,180	RUB	465,774,000	MS	03/04/22		1,651,111
USD	468,583	TRY	6,385,000	MS	03/04/22		10,876
USD	31,141,263	TWD	865,917,000	MS	03/04/22		250,330
USD	41,230	ZAR	632,000	MS	03/04/22		138
ZAR	98,839,000	USD	6,394,415	MS	03/04/22		32,045
INR	61,968,000	USD	816,787	MS	04/06/22		1,553
USD	1,185,251	CLP	946,138,000	MS	04/06/22		6,278
USD	2,558,770	EUR	2,275,000	MS	04/06/22		4,256
USD	43,700,554	HKD	341,465,000	MS	04/06/22		3,411
USD	34,926	INR	2,643,000	MS	04/06/22		23
USD	3,812,084	MXN	78,398,000	MS	04/06/22		6,829
USD	4,462	RUB	473,000	CITI	04/06/22		130
USD	3,944,837	RUB	424,070,000	JPM	04/06/22		60,955
USD	10,432	ZAR	161,000	MS	04/06/22		7
TWD	416,000	USD	14,852	MS	04/07/22		6
USD	9,788,419	CNY	61,921,320	MS	04/07/22		10,055
USD	46,151	TWD	1,292,000	MS	04/07/22		4
							2,435,107
CLP	902,886,000	USD	1,136,134	MS	03/04/22		(6,662	)
CNY	59,751,320	USD	9,468,356	MS	03/04/22		(11,318	)
EUR	2,312,000	USD	2,597,090	MS	03/04/22		(4,568	)
HKD	342,381,000	USD	43,818,376	MS	03/04/22		(5,430	)
INR	44,813,000	USD	598,680	MS	03/04/22		(3,983	)
MXN	75,968,000	USD	3,714,750	MS	03/04/22		(6,764	)
MYR	11,113,000	USD	2,648,505	MS	03/04/22		(526	)
RUB	424,070,000	USD	4,085,453	JPM	03/04/22		(160,384	)
RUB	41,704,000	USD	534,809	MS	03/04/22		(148,809	)
TRY	88,000	USD	6,479	MS	03/04/22		(171	)
TWD	26,097,000	USD	939,779	MS	03/04/22		(8,788	)
USD	8,703,079	BRL	46,551,000	MS	03/04/22		(330,713	)
USD	1,125,404	CLP	902,886,000	MS	03/04/22		(4,068	)
USD	10,298,260	CNY	65,808,320	MS	03/04/22		(117,439	)
USD	29,220,622	KRW	35,278,304,000	MS	03/04/22		(119,076	)
USD	3,942,350	MXN	81,810,000	MS	03/04/22		(50,783	)
USD	3,276,873	THB	109,247,000	MS	03/04/22		(66,538	)
USD	6,321,728	ZAR	98,207,000	MS	03/04/22		(63,639	)
EUR	319,000	USD	358,790	MS	04/06/22		(597	)
HKD	5,362,000	USD	686,227	MS	04/06/22		(54	)
RUB	169,728,000	USD	1,578,865	JPM	04/06/22		(24,397	)
USD	8,899,941	BRL	46,346,000	GS	04/06/22		(14,513	)
USD	221,680	BRL	1,155,000	MS	04/06/22		(479	)
USD	165,583	BRL	866,000	SSB	04/06/22		(988	)
USD	1,807	CLP	1,452,000	MS	04/06/22		(2	)
USD	198,661	EUR	177,000	MS	04/06/22		(86	)
USD	66,031	HKD	516,000	MS	04/06/22		(1	)
USD	23,508,531	INR	1,784,180,000	MS	04/06/22		(53,087	)
USD	27,059,978	KRW	32,594,897,000	MS	04/06/22		(33,395	)
USD	101,100	MXN	2,090,000	MS	04/06/22		(344	)

8 2 0 2 2   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments  (unaudited) (continued) February 28, 2022 iShares^® Currency Hedged MSCI Emerging Markets ETF

Forward Foreign Currency Exchange Contracts (continued)

Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation (Depreciation)
USD	2,729,558	MYR	11,472,000	MS	04/06/22	$	(4,977	)
USD	469,765	RUB	54,023,000	JPM	04/06/22		(25,009	)
USD	459,429	TRY	6,804,000	MS	04/06/22		(1,378	)
USD	6,745,050	ZAR	104,693,000	MS	04/06/22		(33,828	)
USD	3,444,951	THB	112,603,000	MS	04/07/22		(1,644	)
USD	30,032,904	TWD	842,163,000	MS	04/07/22		(46,673	)
							(1,351,111	)
	Net unrealized appreciation					$	1,083,996

Derivative Financial Instruments Categorized by Risk Exposure

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

	Foreign Currency Exchange Contracts
Assets — Derivative Financial Instruments
Forward foreign currency exchange contracts Unrealized appreciation on forward foreign currency exchange contracts	$	2,435,107
Liabilities — Derivative Financial Instruments
Forward foreign currency exchange contracts Unrealized depreciation on forward foreign currency exchange contracts	$	1,351,111

For the period ended February 28, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Foreign Currency Exchange Contracts
Net Realized Gain (Loss) from:
Forward foreign currency exchange contracts	$	1,504,392
Net Change in Unrealized Appreciation (Depreciation) on:
Forward foreign currency exchange contracts	$	1,844,966

Average Quarterly Balances of Outstanding Derivative Financial Instruments

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

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

Derivative Financial Instruments - Offsetting as of Period End

The Fund’s derivative assets and liabilities (by type) were as follows:

	Assets		Liabilities
Derivative Financial Instruments:
Forward foreign currency exchange contracts	$	2,435,107	$	1,351,111
Total derivative assets and liabilities in the Statement of Assets and Liabilities		2,435,107		1,351,111
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)		—		—
Total derivative assets and liabilities subject to an MNA		2,435,107		1,351,111

S C H E D U L E   O F   I N V E S T M E N T S 9

Schedule of Investments  (unaudited) (continued) February 28, 2022 iShares^® Currency Hedged MSCI Emerging Markets ETF

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

Counterparty		Derivative Assets Subject to an MNA by Counterparty		Derivatives Available for Offset	(a)		Non-Cash Collateral Received		Cash Collateral Received		Net Amount of Derivative Assets	(b)
Citibank N.A.	$	130	$	—		$	—	$	—	$	130
Goldman Sachs & Co.		12,226		(12,226	)		—		—		—
JPMorgan Chase Bank N.A.		60,955		(60,955	)		—		—		—
Morgan Stanley & Co. International PLC		2,361,796		(1,125,820	)		—		—		1,235,976
	$	2,435,107	$	(1,199,001	)	$	—	$	—	$	1,236,106
Counterparty		Derivative Liabilities Subject to an MNA by Counterparty		Derivatives Available for Offset	(a)		Non-Cash Collateral Pledged		Cash Collateral Pledged		Net Amount of Derivative Liabilities	(c)
Goldman Sachs & Co.	$	14,513	$	(12,226	)	$	—	$	—	$	2,287
JPMorgan Chase Bank N.A.		209,790		(60,955	)		—		—		148,835
Morgan Stanley & Co. International PLC		1,125,820		(1,125,820	)		—		—		—
State Street Bank and Trust Co.		988		—			—		—		988
	$	1,351,111	$	(1,199,001	)	$	—	$	—	$	152,110

^(a)  The amount of derivatives available for offset is limited to the amount of derivative assets and/or liabilities that are subject to an MNA.

^(b)  Net amount represents the net amount receivable from the counterparty in the event of default.

^(c)  Net amount represents the net amount payable due to the counterparty in the event of default.

Fair Value Hierarchy as of Period End

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.

	Level 1		Level 2			Level 3		Total
Investments
Assets
Investment Companies	$	184,422,282	$	—		$	—	$	184,422,282
Money Market Funds		90,000		—			—		90,000
	$	184,512,282	$	—		$	—	$	184,512,282
Derivative financial instruments(a)
Assets
Forward Foreign Currency Exchange Contracts	$	—	$	2,435,107		$	—	$	2,435,107
Liabilities
Forward Foreign Currency Exchange Contracts		—		(1,351,111	)		—		(1,351,111	)
	$	—	$	1,083,996		$	—	$	1,083,996

^(a)  Derivative financial instruments are forward foreign currency exchange contracts. Forward foreign currency exchange contracts are valued at the unrealized appreciation (depreciation) on the instrument.

See notes to financial statements.

10 2 0 2 2   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments  (unaudited) February 28, 2022 iShares® MSCI Emerging Markets ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Brazil — 3.7%
Ambev SA		17,275,318	$	50,698,949
Americanas SA		2,310,647		13,540,774
Atacadao SA		1,731,440		6,382,353
B3 SA - Brasil, Bolsa, Balcao		22,264,125		62,637,553
Banco Bradesco SA		5,231,312		17,157,919
Banco BTG Pactual SA		4,315,148		21,438,895
Banco do Brasil SA		3,093,693		20,916,693
Banco Inter SA		1,277,647		4,954,078
Banco Santander Brasil SA		1,445,219		8,566,161
BB Seguridade Participacoes SA		2,516,084		11,094,708
BRF SA(a)		2,592,994		8,177,138
CCR SA		4,281,207		9,739,906
Centrais Eletricas Brasileiras SA		1,179,804		7,962,209
Cia. de Saneamento Basico do Estado de Sao Paulo		1,255,921		10,077,783
Cia. Siderurgica Nacional SA		2,599,560		12,794,340
Cosan SA		3,919,585		16,069,446
Energisa SA		648,821		5,536,189
Engie Brasil Energia SA		736,927		5,709,095
Equatorial Energia SA		3,677,178		18,184,725
Hapvida Participacoes e Investimentos SA(b)		15,650,195		36,633,903
Hypera SA		1,425,029		9,244,159
JBS SA		2,662,019		18,646,899
Klabin SA		2,655,885		11,929,270
Localiza Rent a Car SA		2,228,173		24,804,785
Lojas Renner SA		3,651,190		18,047,223
Magazine Luiza SA		10,985,796		12,674,314
Natura & Co. Holding SA(a)		3,280,723		14,640,075
Petro Rio SA(a)		2,073,565		10,538,095
Petroleo Brasileiro SA		13,723,586		97,580,421
Raia Drogasil SA		3,980,259		18,019,184
Rede D’Or Sao Luiz SA(b)		1,447,064		14,254,981
Rumo SA(a)		4,649,724		13,929,975
Suzano SA		2,750,056		29,642,760
Telefonica Brasil SA		1,862,057		18,260,549
TIM SA		3,153,770		8,365,336
TOTVS SA		1,907,266		12,218,382
Ultrapar Participacoes SA		2,643,376		7,434,100
Vale SA		15,063,902		279,490,773
Vibra Energia SA		4,375,045		19,927,964
WEG SA		6,194,062		35,094,239
				1,023,016,301
Chile — 0.3%
Banco de Chile		165,801,244		17,578,596
Banco de Credito e Inversiones SA		205,225		7,336,691
Banco Santander Chile		245,620,889		12,060,916
Cencosud SA		5,499,692		10,115,800
Cia. Cervecerias Unidas SA		567,390		4,498,298
Empresas CMPC SA		4,163,537		6,878,797
Empresas COPEC SA		1,431,603		11,106,029
Enel Americas SA		79,573,627		9,317,390
Enel Chile SA		96,418,280		3,160,859
Falabella SA		2,792,395		9,189,188
				91,242,564
China — 32.1%
360 DigiTech Inc., ADR		323,963		6,074,306
360 Security Technology Inc., Class A(a)		2,176,306		3,622,546
3SBio Inc.(a)(b)		4,806,500		3,820,060

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

S C H E D U L E   O F   I N V E S T M E N T S 11

Schedule of Investments  (unaudited) (continued) February 28, 2022 iShares^® MSCI Emerging Markets ETF (Percentages shown are based on Net Assets)

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

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

12 2 0 2 2   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments  (unaudited) (continued) February 28, 2022 iShares^® MSCI Emerging Markets ETF (Percentages shown are based on Net Assets)

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

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

S C H E D U L E   O F   I N V E S T M E N T S 13

Schedule of Investments  (unaudited) (continued) February 28, 2022 iShares^® MSCI Emerging Markets ETF (Percentages shown are based on Net Assets)

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

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

14 2 0 2 2   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments  (unaudited) (continued) February 28, 2022 iShares^® MSCI Emerging Markets ETF (Percentages shown are based on Net Assets)

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

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

S C H E D U L E   O F   I N V E S T M E N T S 15

Schedule of Investments  (unaudited) (continued) February 28, 2022 iShares^® MSCI Emerging Markets ETF (Percentages shown are based on Net Assets)

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

Security	Shares		Value
China (continued)
Yifeng Pharmacy Chain Co. Ltd., Class A		250,756	$	1,970,985
Yihai International Holding Ltd.(c)		1,759,000		7,359,828
Yihai Kerry Arawana Holdings Co. Ltd., Class A		339,500		2,888,170
Yonghui Superstores Co. Ltd., Class A		3,051,400		1,767,253
Yonyou Network Technology Co. Ltd., Class A		853,551		4,259,570
Yuexiu Property Co. Ltd.		5,267,000		5,268,426
Yum China Holdings Inc.		1,567,027		81,516,745
Yunda Holding Co. Ltd., Class A		807,304		2,486,524
Yunnan Baiyao Group Co. Ltd., Class A		316,001		4,514,800
Yunnan Energy New Material Co. Ltd., Class A		217,200		9,001,235
Zai Lab Ltd., ADR(a)		283,080		15,484,476
Zhangzhou Pientzehuang Pharmaceutical Co. Ltd., Class A		141,050		8,120,087
Zhejiang Century Huatong Group Co. Ltd., Class A(a)		2,131,878		2,210,427
Zhejiang Chint Electrics Co. Ltd., Class A		546,823		4,358,363
Zhejiang Dahua Technology Co. Ltd., Class A		954,184		2,841,334
Zhejiang Expressway Co. Ltd., Class H		5,948,000		5,365,735
Zhejiang Huahai Pharmaceutical Co. Ltd., Class A		481,504		1,765,393
Zhejiang Huayou Cobalt Co. Ltd., Class A		295,058		5,835,459
Zhejiang Jingsheng Mechanical & Electrical Co. Ltd., Class A		342,600		3,550,821
Zhejiang Longsheng Group Co. Ltd., Class A		1,242,200		2,428,310
Zhejiang NHU Co. Ltd., Class A		781,573		4,212,471
Zhejiang Sanhua Intelligent Controls Co. Ltd., Class A		727,717		2,328,304
Zhejiang Supor Co. Ltd., Class A		194,782		1,564,183
Zhejiang Wolwo Bio-Pharmaceutical Co. Ltd., Class A		156,847		1,135,985
Zheshang Securities Co. Ltd., Class A		1,095,500		2,010,274
ZhongAn Online P&C Insurance Co. Ltd., Class H(a)(b)(c)		1,854,400		6,103,635
Zhongji Innolight Co. Ltd., Class A		279,300		1,702,717
Zhongsheng Group Holdings Ltd.		2,275,000		15,886,149
Zhuzhou CRRC Times Electric Co. Ltd.		2,052,200		10,697,135
Zijin Mining Group Co. Ltd., Class A		5,223,500		9,348,279
Zijin Mining Group Co. Ltd., Class H		20,604,000		30,580,074
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class A		2,099,554		2,351,958
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class H		4,408,000		2,932,217
ZTE Corp., Class A		910,800		4,214,890
ZTE Corp., Class H		2,770,400		6,825,008
ZTO Express Cayman Inc., ADR		1,597,542		47,031,636
				8,811,747,162
Colombia — 0.1%
Bancolombia SA		912,364		9,047,154
Ecopetrol SA		18,473,544		15,310,921
Grupo de Inversiones Suramericana SA		518,322		4,206,342
Interconexion Electrica SA ESP		1,700,373		10,495,050
				39,059,467
Czech Republic — 0.2%
CEZ AS		603,383		22,976,723
Komercni Banka AS(a)		278,444		10,954,101
Moneta Money Bank AS(b)		1,440,513		5,703,712
				39,634,536
Egypt — 0.1%
Commercial International Bank Egypt SAE(a)		6,154,530		18,745,569
Eastern Co. SAE		3,915,652		2,707,100

16 2 0 2 2   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments  (unaudited) (continued) February 28, 2022 iShares^® MSCI Emerging Markets ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Egypt (continued)
Fawry for Banking & Payment Technology Services SAE(a)		1,975,027	$	1,218,659
				22,671,328
Greece — 0.2%
Alpha Services and Holdings SA(a)		8,198,649		11,187,381
Eurobank Ergasias Services and Holdings SA, Class A(a)		9,691,458		10,616,321
FF Group(a)(d)		246,892		2,768
Hellenic Telecommunications Organization SA		835,654		16,714,728
JUMBO SA		411,364		5,910,160
OPAP SA		741,269		10,803,789
Public Power Corp. SA(a)		795,797		7,565,063
				62,800,210
Hungary — 0.2%
MOL Hungarian Oil & Gas PLC		1,481,515		11,556,261
OTP Bank Nyrt(a)		826,543		31,540,222
Richter Gedeon Nyrt		518,502		10,886,821
				53,983,304
India — 12.4%
ACC Ltd.		284,979		7,937,542
Adani Enterprises Ltd.		1,034,394		22,747,074
Adani Green Energy Ltd.(a)		1,441,223		35,464,265
Adani Ports & Special Economic Zone Ltd.		1,866,385		17,647,936
Adani Total Gas Ltd.		1,023,423		21,576,130
Adani Transmission Ltd.(a)		1,015,547		28,939,682
Ambuja Cements Ltd.		2,580,450		10,814,934
Apollo Hospitals Enterprise Ltd.		373,970		23,935,924
Asian Paints Ltd.		1,406,698		59,448,623
Aurobindo Pharma Ltd.		1,047,965		8,723,731
Avenue Supermarts Ltd.(a)(b)		600,541		34,743,892
Axis Bank Ltd.(a)		8,283,592		82,182,742
Bajaj Auto Ltd.		246,273		11,589,025
Bajaj Finance Ltd.		996,556		93,302,760
Bajaj Finserv Ltd.		142,585		30,568,582
Balkrishna Industries Ltd.		332,949		8,096,211
Bandhan Bank Ltd.(b)		2,338,164		9,563,858
Berger Paints India Ltd.		889,298		8,167,626
Bharat Electronics Ltd.		4,500,582		12,647,924
Bharat Forge Ltd.		880,561		7,976,759
Bharat Petroleum Corp. Ltd.		3,095,945		14,440,862
Bharti Airtel Ltd.(a)		9,065,297		82,895,723
Biocon Ltd.(a)		1,467,566		6,820,646
Britannia Industries Ltd.		390,870		17,841,334
Cholamandalam Investment and Finance Co. Ltd.		1,534,897		14,160,223
Cipla Ltd.		1,756,904		21,624,048
Coal India Ltd.		5,488,169		12,413,363
Colgate-Palmolive India Ltd.		409,712		7,903,935
Container Corp. of India Ltd.		899,808		7,201,687
Dabur India Ltd.		2,207,419		16,549,973
Divi’s Laboratories Ltd.		490,118		27,854,139
DLF Ltd.		2,321,252		10,891,950
Dr. Reddy’s Laboratories Ltd.		420,974		22,729,683
Eicher Motors Ltd.		489,867		16,920,227
GAIL India Ltd.		5,574,503		10,778,898
Godrej Consumer Products Ltd.(a)		1,327,981		13,581,164
Godrej Properties Ltd.(a)		462,966		9,274,158
Grasim Industries Ltd.		1,009,517		21,543,729
Havells India Ltd.		929,636		14,686,783
HCL Technologies Ltd.		3,965,802		59,634,667

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

S C H E D U L E   O F   I N V E S T M E N T S 17

Schedule of Investments  (unaudited) (continued) February 28, 2022 iShares^® MSCI Emerging Markets ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
India (continued)
UltraTech Cement Ltd.		370,398	$	32,417,886
United Spirits Ltd.(a)		1,093,194		12,908,087
UPL Ltd.		1,842,832		16,378,122
Vedanta Ltd.		4,175,840		21,253,702
Wipro Ltd.		4,997,394		36,954,458
Yes Bank Ltd.(a)		40,654,758		7,182,159
Zomato Ltd.(a)		5,802,990		6,199,495
				3,408,395,768
Indonesia — 1.7%
Adaro Energy Tbk PT		55,647,100		9,534,102
Aneka Tambang Tbk		32,146,300		5,008,341
Astra International Tbk PT		74,224,300		30,100,547
Bank Central Asia Tbk PT		202,706,400		114,441,083
Bank Jago Tbk PT(a)		12,194,600		13,795,378
Bank Mandiri Persero Tbk PT		68,339,700		36,947,249
Bank Negara Indonesia Persero Tbk PT		27,438,676		15,374,260
Bank Rakyat Indonesia Persero Tbk PT		249,078,808		79,645,475
Barito Pacific Tbk PT		106,537,700		6,643,186
Charoen Pokphand Indonesia Tbk PT		27,450,345		11,115,218
Gudang Garam Tbk PT		1,656,100		3,629,199
Indah Kiat Pulp & Paper Tbk PT		10,335,800		5,840,934
Indocement Tunggal Prakarsa Tbk PT		5,544,000		4,247,169
Indofood CBP Sukses Makmur Tbk PT		8,306,000		4,923,672
Indofood Sukses Makmur Tbk PT		15,849,700		6,855,446
Kalbe Farma Tbk PT		78,373,815		8,973,684
Merdeka Copper Gold Tbk PT(a)		46,142,800		12,494,330
Sarana Menara Nusantara Tbk PT		88,229,600		6,380,253
Semen Indonesia Persero Tbk PT		10,984,800		5,548,764
Telkom Indonesia Persero Tbk PT		182,560,500		55,117,370
Tower Bersama Infrastructure Tbk PT		30,990,600		6,373,198
Unilever Indonesia Tbk PT		26,844,800		6,907,863
United Tractors Tbk PT		6,179,853		10,783,747
				460,680,468
Kuwait — 0.7%
Agility Public Warehousing Co. KSC		4,501,923		15,321,540
Boubyan Bank KSCP(a)		4,589,198		12,493,773
Kuwait Finance House KSCP		17,136,336		53,606,058
Mabanee Co. KPSC(a)		2,280,145		6,385,611
Mobile Telecommunications Co. KSCP		7,321,465		15,010,672
National Bank of Kuwait SAKP		24,902,860		87,296,038
				190,113,692
Malaysia — 1.5%
AMMB Holdings Bhd(a)		6,707,975		5,379,753
Axiata Group Bhd		10,322,500		9,662,362
CIMB Group Holdings Bhd		24,180,100		32,937,978
Dialog Group Bhd		14,645,612		9,866,957
DiGi.Com Bhd		11,747,300		11,356,753
Fraser & Neave Holdings Bhd(c)		556,600		2,996,108
Genting Bhd		7,739,200		8,578,558
Genting Malaysia Bhd		11,326,500		8,106,569
HAP Seng Consolidated Bhd(c)		2,390,500		4,315,825
Hartalega Holdings Bhd(c)		6,164,100		6,782,932
Hong Leong Bank Bhd		2,315,300		11,084,411
Hong Leong Financial Group Bhd		939,700		4,324,164
IHH Healthcare Bhd		6,477,600		10,162,548
Inari Amertron Bhd		10,940,700		8,471,091
IOI Corp. Bhd		8,887,820		9,765,975
Kuala Lumpur Kepong Bhd		1,610,300		9,972,085
Malayan Banking Bhd		16,674,100		34,839,826

Security	Shares		Value
Malaysia (continued)
Malaysia Airports Holdings Bhd(a)		4,085,000	$	5,983,744
Maxis Bhd(c)		8,637,900		8,281,492
MISC Bhd		4,607,000		8,080,445
Nestle Malaysia Bhd		266,200		8,506,821
Petronas Chemicals Group Bhd		8,982,600		20,432,019
Petronas Dagangan Bhd		1,160,600		5,948,818
Petronas Gas Bhd		2,869,800		11,913,685
PPB Group Bhd		2,507,060		10,712,554
Press Metal Aluminium Holdings Bhd		12,517,800		20,363,600
Public Bank Bhd		52,912,750		56,195,735
QL Resources Bhd		4,296,800		5,065,895
RHB Bank Bhd		6,398,225		9,016,989
Sime Darby Bhd		9,564,973		5,179,803
Sime Darby Plantation Bhd		6,369,473		7,472,907
Telekom Malaysia Bhd		4,323,800		5,211,011
Tenaga Nasional Bhd		7,864,150		17,190,949
Top Glove Corp. Bhd(c)		19,344,300		9,445,234
Westports Holdings Bhd		3,639,400		3,389,319
				406,994,915
Mexico — 2.1%
Alfa SAB de CV, Class A		10,582,800		7,926,378
America Movil SAB de CV, Series L, NVS		112,935,100		102,066,730
Arca Continental SAB de CV		1,581,636		10,434,581
Becle SAB de CV		1,949,200		4,887,990
Cemex SAB de CV, NVS(a)		55,912,573		28,719,314
Coca-Cola Femsa SAB de CV		1,922,393		10,557,627
Fibra Uno Administracion SA de CV		11,586,800		13,057,143
Fomento Economico Mexicano SAB de CV		7,121,900		57,386,219
Gruma SAB de CV, Class B		775,190		10,513,380
Grupo Aeroportuario del Pacifico SAB de CV, Class B		1,358,000		19,753,029
Grupo Aeroportuario del Sureste SAB de CV, Class B		761,480		16,467,316
Grupo Bimbo SAB de CV, Series A		5,838,900		17,980,539
Grupo Carso SAB de CV, Series A1		1,814,441		5,525,447
Grupo Financiero Banorte SAB de CV, Class O		9,516,056		64,369,630
Grupo Financiero Inbursa SAB de CV, Class O(a)		8,378,700		13,655,632
Grupo Mexico SAB de CV, Series B		11,481,488		58,901,418
Grupo Televisa SAB de CV, CPO		8,821,800		18,909,088
Industrias Penoles SAB de CV		520,043		6,490,571
Kimberly-Clark de Mexico SAB de CV, Class A		5,562,900		7,806,150
Megacable Holdings SAB de CV, CPO		1,019,860		3,003,660
Orbia Advance Corp. SAB de CV		3,945,734		10,079,625
Promotora y Operadora de Infraestructura SAB de CV		707,255		5,530,685
Telesites SAB de CV(c)		5,105,100		5,660,701
Wal-Mart de Mexico SAB de CV		19,065,600		72,516,491
				572,199,344
Peru — 0.2%
Cia. de Minas Buenaventura SAA, ADR(a)		805,946		7,978,865
Credicorp Ltd.		245,352		37,109,490
Southern Copper Corp.		312,036		21,652,178
				66,740,533
Philippines — 0.8%
Aboitiz Equity Ventures Inc.		7,503,710		8,766,769
AC Energy Corp.		29,425,000		4,878,340
Ayala Corp.		1,010,206		16,748,100
Ayala Land Inc.		29,195,500		22,256,789
Bank of the Philippine Islands		6,049,484		11,823,172

18 2 0 2 2   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments  (unaudited) (continued) February 28, 2022 iShares^® MSCI Emerging Markets ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Philippines (continued)
BDO Unibank Inc.		7,164,031	$	18,154,834
Globe Telecom Inc.		102,715		5,161,105
GT Capital Holdings Inc.		365,392		4,137,962
International Container Terminal Services Inc.		3,830,690		15,735,192
JG Summit Holdings Inc.		11,095,223		13,105,144
Jollibee Foods Corp.		1,666,639		7,834,211
Manila Electric Co.		816,450		5,874,926
Metro Pacific Investments Corp.		46,177,500		3,494,251
Metropolitan Bank & Trust Co.		6,507,085		7,247,017
Monde Nissin Corp.(a)(b)		16,292,500		5,249,700
PLDT Inc.		285,583		10,020,749
SM Investments Corp.		876,892		15,256,245
SM Prime Holdings Inc.		36,400,725		28,410,453
Universal Robina Corp.		3,317,630		7,765,079
				211,920,038
Poland — 0.7%
Allegro.eu SA(a)(b)(c)		1,276,780		9,515,314
Bank Polska Kasa Opieki SA		682,163		18,714,471
CD Projekt SA(c)		252,215		10,017,893
Cyfrowy Polsat SA		933,051		6,049,940
Dino Polska SA(a)(b)		183,412		12,896,959
KGHM Polska Miedz SA		507,345		19,921,908
LPP SA		4,163		8,561,796
mBank SA(a)		55,890		5,462,239
Orange Polska SA(a)		2,481,791		4,605,324
PGE Polska Grupa Energetyczna SA(a)		3,086,276		5,986,867
Polski Koncern Naftowy ORLEN SA		1,085,130		18,329,834
Polskie Gornictwo Naftowe i Gazownictwo SA		6,254,129		8,242,371
Powszechna Kasa Oszczednosci Bank Polski SA(a)		3,213,899		30,887,271
Powszechny Zaklad Ubezpieczen SA		2,154,675		16,165,774
Santander Bank Polska SA		134,099		10,052,633
				185,410,594
Qatar — 0.9%
Barwa Real Estate Co.		6,832,377		6,796,404
Commercial Bank PSQC (The)		7,694,493		14,593,803
Industries Qatar QSC		5,546,858		27,810,835
Masraf Al Rayan QSC(a)		16,725,418		22,913,415
Mesaieed Petrochemical Holding Co.		17,052,734		12,477,460
Ooredoo QPSC		2,718,823		5,717,447
Qatar Electricity & Water Co. QSC		1,706,273		8,424,491
Qatar Fuel QSC		1,854,806		9,452,665
Qatar Gas Transport Co. Ltd.		9,403,955		9,720,191
Qatar International Islamic Bank QSC		2,575,069		7,238,511
Qatar Islamic Bank SAQ		4,155,943		24,015,354
Qatar National Bank QPSC		16,362,250		97,952,565
				247,113,141
Russia — 0.6%
Alrosa PJSC(d)		9,805,890		2,856,377
Gazprom PJSC(d)		43,696,315		35,225,062
Inter RAO UES PJSC(d)		121,651,300		1,174,334
LUKOIL PJSC(d)		1,533,792		26,773,105
Magnit PJSC, GDR		1,230,782		1,953,420
MMC Norilsk Nickel PJSC(d)		233,757		15,835,239
Mobile TeleSystems PJSC, ADR		1,581,331		8,697,320
Moscow Exchange MICEX-RTS PJSC(d)		5,279,850		1,777,080
Novatek PJSC, GDR		337,123		12,986,689
Novolipetsk Steel PJSC(d)		5,629,360		3,575,117
Ozon Holdings PLC, ADR(a)(d)		197,078		722,931

Security	Shares		Value
Russia (continued)
PhosAgro PJSC, GDR		526,116	$	3,218,724
Polymetal International PLC(d)		1,312,267		3,979,874
Polyus PJSC(d)		126,490		4,765,925
Rosneft Oil Co. PJSC(d)		4,281,715		4,466,820
Sberbank of Russia PJSC(d)		39,606,181		17,506,667
Severstal PAO(d)		805,849		3,848,600
Surgutneftegas PJSC(d)		26,192,370		1,977,936
Tatneft PJSC(d)		5,175,395		6,571,870
TCS Group Holding PLC, GDR(d)		445,207		5,127,089
United Co. RUSAL International PJSC(a)(d)		11,428,270		2,411,563
VK Co. Ltd.(a)(d)		404,870		411,402
VTB Bank PJSC(d)		11,783,971,998		787,471
X5 Retail Group NV, GDR(d)		424,766		1,827,189
Yandex NV(a)(d)		1,127,576		7,371,114
				175,848,918
Saudi Arabia — 4.0%
Abdullah Al Othaim Markets Co.		150,559		4,477,942
Advanced Petrochemical Co.		405,908		8,143,726
Al Rajhi Bank		4,512,569		193,596,923
Alinma Bank		3,662,763		34,730,568
Almarai Co. JSC		864,080		11,585,056
Arab National Bank		2,207,111		16,499,968
Bank AlBilad(a)		1,411,812		22,218,540
Bank Al-Jazira		1,573,023		11,302,299
Banque Saudi Fransi		2,191,858		31,130,170
Bupa Arabia for Cooperative Insurance Co.		225,521		9,779,392
Co for Cooperative Insurance (The)		220,855		4,641,676
Dar Al Arkan Real Estate Development Co.(a)		2,021,927		5,908,002
Dr Sulaiman Al Habib Medical Services Group Co.		203,437		9,303,133
Emaar Economic City(a)		1,549,045		5,132,680
Etihad Etisalat Co.(a)		1,354,255		12,621,976
Jarir Marketing Co.		215,793		12,048,762
Mobile Telecommunications Co.(a)		1,535,258		5,514,565
Mouwasat Medical Services Co.		185,150		10,270,640
National Industrialization Co.(a)		1,351,894		8,189,401
National Petrochemical Co.		471,399		5,688,653
Rabigh Refining & Petrochemical Co.(a)		870,740		5,716,201
Riyad Bank(a)		4,976,948		47,173,630
SABIC Agri-Nutrients Co.		795,364		33,888,761
Sahara International Petrochemical Co.		1,377,859		17,234,459
Saudi Arabian Mining Co.(a)		1,612,631		46,035,046
Saudi Arabian Oil Co.(b)		7,829,695		86,866,585
Saudi Basic Industries Corp.		3,274,947		109,177,945
Saudi British Bank (The)(a)		3,027,798		31,327,227
Saudi Electricity Co.		3,016,547		22,264,048
Saudi Industrial Investment Group		853,097		8,054,866
Saudi Kayan Petrochemical Co.(a)		2,818,579		15,409,069
Saudi National Bank (The)		8,044,325		146,542,154
Saudi Research & Media Group(a)		91,466		6,094,970
Saudi Telecom Co.		2,159,475		65,888,312
Savola Group (The)		885,061		8,018,335
Yanbu National Petrochemical Co.		913,561		16,769,049
				1,089,244,729
South Africa — 3.7%
Absa Group Ltd.		2,633,920		30,258,069
African Rainbow Minerals Ltd.		432,523		7,697,299
Anglo American Platinum Ltd.		197,080		30,761,206
AngloGold Ashanti Ltd.		1,535,025		35,914,819
Aspen Pharmacare Holdings Ltd.		1,441,907		18,848,764

S C H E D U L E   O F   I N V E S T M E N T S 19

Schedule of Investments  (unaudited) (continued) February 28, 2022 iShares^® MSCI Emerging Markets ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
South Africa (continued)
Bid Corp. Ltd.		1,243,221	$	25,258,580
Bidvest Group Ltd (The)		1,021,476		13,995,557
Capitec Bank Holdings Ltd.		298,396		40,287,244
Clicks Group Ltd.		915,905		17,807,320
Discovery Ltd.(a)		1,588,529		16,268,188
Exxaro Resources Ltd.		942,511		12,157,220
FirstRand Ltd.		18,340,251		78,966,797
Gold Fields Ltd.		3,283,667		45,721,005
Growthpoint Properties Ltd.		12,174,727		10,609,956
Harmony Gold Mining Co. Ltd.		2,075,977		8,865,647
Impala Platinum Holdings Ltd.		3,015,842		57,525,325
Kumba Iron Ore Ltd.		237,552		9,390,142
Mr. Price Group Ltd.		952,355		12,983,182
MTN Group Ltd.(a)		6,271,806		78,288,097
MultiChoice Group		1,357,453		11,125,354
Naspers Ltd., Class N		793,250		99,894,412
Nedbank Group Ltd.		1,673,091		23,784,795
NEPI Rockcastle PLC		1,587,276		10,144,465
Northam Platinum Holdings Ltd.(a)		1,267,707		20,468,815
Old Mutual Ltd.		17,182,421		14,080,059
Pepkor Holdings Ltd.(b)		4,863,145		6,942,267
Rand Merchant Investment Holdings Ltd.		3,058,418		9,623,040
Reinet Investments SCA		511,907		10,552,916
Remgro Ltd.		1,909,088		17,348,630
Sanlam Ltd.		6,844,695		28,844,470
Sasol Ltd.(a)		2,084,138		47,820,421
Shoprite Holdings Ltd.		1,862,615		27,783,272
Sibanye Stillwater Ltd.		9,822,856		46,340,561
SPAR Group Ltd (The)		681,489		7,272,171
Standard Bank Group Ltd.		4,811,358		50,981,197
Tiger Brands Ltd.		603,974		6,415,941
Vodacom Group Ltd.		2,280,882		21,955,506
Woolworths Holdings Ltd.		3,693,842		12,162,678
				1,025,145,387
South Korea — 11.7%
Alteogen Inc.(a)(c)		105,528		4,753,024
Amorepacific Corp.(c)		118,015		18,216,884
AMOREPACIFIC Group		111,064		4,537,675
BGF retail Co. Ltd.		31,218		4,422,541
Celltrion Healthcare Co. Ltd.		317,953		16,911,151
Celltrion Inc.		359,595		47,998,699
Celltrion Pharm Inc.(a)		63,700		4,686,910
Cheil Worldwide Inc.		265,159		4,985,499
CJ CheilJedang Corp.		30,256		9,583,752
CJ Corp.		52,790		3,718,818
CJ ENM Co. Ltd.		39,988		4,363,629
CJ Logistics Corp.(a)		29,273		3,035,074
Coway Co. Ltd.		207,765		12,478,114
DB Insurance Co. Ltd.		176,301		9,061,756
Doosan Bobcat Inc.		197,787		6,347,947
Doosan Heavy Industries & Construction Co. Ltd.(a)(c)		1,302,695		22,840,960
Douzone Bizon Co. Ltd.		4,111		166,480
Ecopro BM Co. Ltd.(c)		41,800		13,227,685
E-MART Inc.		70,375		7,674,701
F&F Co. Ltd./New(a)		13,259		9,910,279
Green Cross Corp.(c)		21,869		3,327,546
GS Engineering & Construction Corp.		237,637		8,540,455
GS Holdings Corp.		181,194		6,058,955
Hana Financial Group Inc.		1,098,777		44,640,929

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

20 2 0 2 2   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments  (unaudited) (continued) February 28, 2022 iShares^® MSCI Emerging Markets ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
South Korea (continued)
Samsung Electronics Co. Ltd.		17,487,705	$	1,053,693,276
Samsung Engineering Co. Ltd.(a)		599,607		11,713,360
Samsung Fire & Marine Insurance Co. Ltd.		113,475		18,044,858
Samsung Heavy Industries Co. Ltd.(a)		2,424,765		11,820,177
Samsung Life Insurance Co. Ltd.(c)		248,978		12,448,784
Samsung SDI Co. Ltd.		202,309		93,232,087
Samsung SDS Co. Ltd.		120,591		14,157,154
Samsung Securities Co. Ltd.		229,304		8,126,954
SD Biosensor Inc.		132,213		6,003,934
Seegene Inc.(c)		134,974		5,784,989
Shinhan Financial Group Co. Ltd.		1,587,515		51,650,983
SK Biopharmaceuticals Co. Ltd.(a)(c)		99,007		7,027,530
SK Bioscience Co. Ltd.(a)		84,865		10,392,458
SK Chemicals Co. Ltd.		43,171		4,535,033
SK Hynix Inc.		1,999,547		208,461,777
SK IE Technology Co. Ltd.(a)(b)(c)		93,026		9,661,429
SK Inc.(c)		153,650		29,348,676
SK Innovation Co. Ltd.(a)		187,271		31,614,350
SK Square Co. Ltd.(a)		353,143		16,389,054
SK Telecom Co. Ltd.		97,351		4,442,426
SKC Co. Ltd.		80,886		9,406,556
S-Oil Corp.(c)		167,901		11,957,803
Woori Financial Group Inc.		1,865,668		22,316,367
Yuhan Corp.		196,238		9,534,850
				3,214,351,892
Taiwan — 16.1%
Accton Technology Corp.(c)		1,870,000		16,958,219
Acer Inc.(c)		10,684,121		11,088,283
Advantech Co. Ltd.(c)		1,437,455		18,929,137
Airtac International Group		518,526		17,247,260
ASE Technology Holding Co. Ltd.		12,098,110		43,726,289
Asia Cement Corp.		8,011,077		12,947,953
ASMedia Technology Inc.(c)		103,000		6,376,557
Asustek Computer Inc.(c)		2,591,968		34,578,082
AU Optronics Corp.(c)		30,205,000		22,613,782
Catcher Technology Co. Ltd.		2,373,210		12,181,236
Cathay Financial Holding Co. Ltd.		29,007,710		65,227,767
Chailease Holding Co. Ltd.(c)		4,844,889		43,969,839
Chang Hwa Commercial Bank Ltd.		15,775,369		10,015,532
Cheng Shin Rubber Industry Co. Ltd.(c)		6,570,128		8,405,167
China Development Financial Holding Corp.		57,658,588		39,485,438
China Steel Corp.		43,739,313		56,876,609
Chunghwa Telecom Co. Ltd.		13,532,410		60,146,375
Compal Electronics Inc.(c)		14,671,908		13,366,277
CTBC Financial Holding Co. Ltd.		67,557,772		66,036,200
Delta Electronics Inc.(c)		7,134,000		63,578,972
E Ink Holdings Inc.		2,658,000		14,324,754
E.Sun Financial Holding Co Ltd(c)		43,867,640		46,370,410
Eclat Textile Co. Ltd.		725,427		15,036,781
eMemory Technology Inc.		242,000		16,331,915
Evergreen Marine Corp. Taiwan Ltd.		9,371,810		49,232,524
Far Eastern New Century Corp.		9,700,038		10,282,461
Far EasTone Telecommunications Co. Ltd.(c)		5,603,000		13,858,076
Feng TAY Enterprise Co. Ltd.		1,628,137		12,136,712
First Financial Holding Co. Ltd.		37,734,901		34,743,936
Formosa Chemicals & Fibre Corp.		12,690,090		35,977,330
Formosa Petrochemical Corp.(c)		4,177,000		14,692,947
Formosa Plastics Corp.		14,070,280		53,129,588
Foxconn Technology Co. Ltd.(c)		3,369,637		7,756,069
Fubon Financial Holding Co. Ltd.		27,844,974		75,183,212

Security	Shares		Value
Taiwan (continued)
Giant Manufacturing Co. Ltd.		1,129,203	$	11,723,159
Globalwafers Co. Ltd.(c)		806,000		19,950,448
Hiwin Technologies Corp.		1,010,527		9,648,075
Hon Hai Precision Industry Co. Ltd.		45,442,873		168,800,190
Hotai Motor Co. Ltd.(c)		1,128,000		25,539,542
Hua Nan Financial Holdings Co. Ltd.		32,577,114		25,831,372
Innolux Corp.(c)		34,978,002		21,284,584
Inventec Corp.		9,751,281		9,005,305
Largan Precision Co. Ltd.(c)		364,000		26,452,901
Lite-On Technology Corp.		7,857,246		19,320,020
MediaTek Inc.(c)		5,566,338		219,958,453
Mega Financial Holding Co. Ltd.(c)		39,543,162		53,288,400
Micro-Star International Co. Ltd.(c)		2,507,000		14,131,399
momo.com Inc.		174,000		6,194,234
Nan Ya Plastics Corp.		19,130,160		60,336,521
Nan Ya Printed Circuit Board Corp.(c)		857,000		16,411,221
Nanya Technology Corp.		4,458,000		12,484,186
Nien Made Enterprise Co. Ltd.		638,000		8,270,877
Novatek Microelectronics Corp.(c)		2,121,000		35,162,924
Oneness Biotech Co. Ltd.(a)(c)		863,000		7,618,780
Parade Technologies Ltd.		285,000		19,676,872
Pegatron Corp.		7,012,414		17,380,666
Pou Chen Corp.		8,418,220		9,707,998
President Chain Store Corp.		2,042,000		19,081,488
Quanta Computer Inc.		9,804,000		32,783,559
Realtek Semiconductor Corp.(c)		1,685,637		27,792,712
Ruentex Development Co. Ltd.		4,529,161		11,694,411
Shanghai Commercial & Savings Bank Ltd/The		13,318,318		21,938,551
Shin Kong Financial Holding Co. Ltd.		44,446,149		18,024,447
SinoPac Financial Holdings Co. Ltd.		39,101,626		24,010,786
Synnex Technology International Corp.		5,122,834		13,262,847
Taishin Financial Holding Co. Ltd.		38,725,610		27,139,883
Taiwan Cement Corp.(c)		19,243,725		32,668,588
Taiwan Cooperative Financial Holding Co. Ltd.		35,879,094		34,037,911
Taiwan High Speed Rail Corp.		6,975,000		7,382,142
Taiwan Mobile Co. Ltd.		5,945,600		21,986,178
Taiwan Semiconductor Manufacturing Co. Ltd.		90,289,000		1,941,173,423
Unimicron Technology Corp.(c)		4,474,000		41,598,336
Uni-President Enterprises Corp.(c)		17,290,839		41,599,895
United Microelectronics Corp.(c)		43,505,000		81,978,696
Vanguard International Semiconductor Corp.(c)		3,307,000		15,008,369
Voltronic Power Technology Corp.		230,000		11,944,642
Wan Hai Lines Ltd.(c)		2,283,600		15,554,641
Win Semiconductors Corp.(c)		1,239,000		13,564,236
Winbond Electronics Corp.		11,068,000		13,329,094
Wiwynn Corp.(c)		300,000		10,714,680
WPG Holdings Ltd.		5,911,449		11,797,532
Yageo Corp.(c)		1,601,861		26,281,340
Yang Ming Marine Transport Corp.(a)(c)		6,488,000		27,421,510
Yuanta Financial Holding Co. Ltd.		35,066,980		31,325,072
Zhen Ding Technology Holding Ltd.(c)		2,239,075		7,426,537
				4,423,511,322
Thailand — 1.9%
Advanced Info Service PCL, NVDR		4,325,500		30,448,563
Airports of Thailand PCL, NVDR(a)		15,427,000		30,479,621
Asset World Corp. PCL, NVDR(a)		31,166,800		4,591,533
B Grimm Power PCL, NVDR(c)		3,007,300		3,190,616
Bangkok Commercial Asset Management PCL, NVDR		6,531,700		4,397,256
Bangkok Dusit Medical Services PCL, NVDR		34,618,100		25,169,541

S C H E D U L E   O F   I N V E S T M E N T S 21

Schedule of Investments  (unaudited) (continued) February 28, 2022 iShares^® MSCI Emerging Markets ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Thailand (continued)
Bangkok Expressway & Metro PCL, NVDR(c)		27,240,700	$	7,448,196
Berli Jucker PCL, NVDR		4,321,800		4,443,955
BTS Group Holdings PCL, NVDR		27,193,600		7,926,946
Bumrungrad Hospital PCL, NVDR		1,776,400		8,370,933
Carabao Group PCL, NVDR(c)		1,178,400		3,858,029
Central Pattana PCL, NVDR		7,384,300		12,557,235
Central Retail Corp. PCL, NVDR		6,806,834		8,003,808
Charoen Pokphand Foods PCL, NVDR(c)		13,145,500		10,185,344
CP ALL PCL, NVDR		21,134,000		44,153,490
Delta Electronics Thailand PCL, NVDR		1,158,900		14,509,779
Electricity Generating PCL, NVDR		945,200		5,206,514
Energy Absolute PCL, NVDR		5,702,900		16,667,518
Global Power Synergy PCL, NVDR		2,658,800		6,137,526
Gulf Energy Development PCL, NVDR		10,980,900		17,072,360
Home Product Center PCL, NVDR		21,909,814		10,259,898
Indorama Ventures PCL, NVDR		6,514,380		9,025,333
Intouch Holdings PCL, NVDR		4,328,525		10,065,325
Krung Thai Bank PCL, NVDR		12,050,300		5,184,374
Krungthai Card PCL, NVDR(c)		3,427,300		6,669,532
Land & Houses PCL, NVDR		30,302,600		8,924,163
Minor International PCL, NVDR(a)		11,630,020		11,014,190
Muangthai Capital PCL, NVDR		2,886,200		4,571,290
Osotspa PCL, NVDR(c)		4,507,900		4,879,652
PTT Exploration & Production PCL, NVDR		5,134,739		21,618,551
PTT Global Chemical PCL, NVDR		8,196,430		13,357,450
PTT Oil & Retail Business PCL, NVDR		10,816,400		8,571,011
PTT PCL, NVDR		36,154,800		44,010,099
Ratch Group PCL, NVDR		2,989,300		4,215,579
SCG Packaging PCL, NVDR		4,945,700		9,302,427
Siam Cement PCL (The), NVDR		2,814,200		33,867,867
Siam Commercial Bank PCL (The), NVDR		3,118,200		12,049,521
Sri Trang Gloves Thailand PCL, NVDR(c)		3,446,400		2,715,985
Srisawad Corp. PCL, NVDR(c)		2,958,700		5,252,641
Thai Oil PCL, NVDR		4,202,700		6,986,475
Thai Union Group PCL, NVDR		10,908,500		6,810,510
True Corp. PCL, NVDR		44,061,601		6,773,027
				510,943,663
Turkey — 0.3%
Akbank TAS		11,067,377		5,649,096
Aselsan Elektronik Sanayi Ve Ticaret AS		2,422,632		3,892,945
BIM Birlesik Magazalar AS		1,604,701		8,475,544
Enka Insaat ve Sanayi AS		2		1
Eregli Demir ve Celik Fabrikalari TAS		5,300,249		11,902,367
Ford Otomotiv Sanayi AS		273,314		5,323,997
KOC Holding AS		2,724,274		6,227,924
Turkcell Iletisim Hizmetleri AS		4,306,815		6,385,423
Turkiye Garanti Bankasi AS		8,236,533		6,593,868
Turkiye Is Bankasi AS, Class C		5,471,285		3,167,982
Turkiye Petrol Rafinerileri AS(a)		483,726		6,741,984
Turkiye Sise ve Cam Fabrikalari AS		5,246,012		4,692,518
				69,053,649
United Arab Emirates — 1.3%
Abu Dhabi Commercial Bank PJSC		10,225,809		29,991,508
Abu Dhabi Islamic Bank PJSC		5,593,952		13,495,593
Abu Dhabi National Oil Co. for Distribution PJSC		9,402,123		10,556,088
Aldar Properties PJSC		14,077,213		16,088,269
Dubai Islamic Bank PJSC		9,910,559		16,470,545
Emaar Properties PJSC		14,578,415		20,193,962
Emirates NBD Bank PJSC		9,200,367		35,890,997

Security	Shares		Value
United Arab Emirates (continued)
Emirates Telecommunications Group Co. PJSC		12,826,771	$	122,501,165
First Abu Dhabi Bank PJSC		16,042,188		90,320,700
				355,508,827
Total Common Stocks — 97.5% (Cost: $22,466,964,986)				26,757,331,752
Preferred Stocks
Brazil — 1.3%
Alpargatas SA, Preference Shares, NVS		719,150		3,580,773
Banco Bradesco SA, Preference Shares, NVS		17,728,340		69,447,486
Braskem SA, Class A, Preference Shares, NVS		722,851		6,773,539
Centrais Eletricas Brasileiras SA, Class B, Preference Shares, NVS		978,580		6,499,497
Cia. Energetica de Minas Gerais, Preference Shares, NVS		4,049,821		9,951,498
Gerdau SA, Preference Shares, NVS		4,300,188		21,328,135
Itau Unibanco Holding SA, Preference Shares, NVS		17,641,704		86,605,836
Itausa SA, Preference Shares, NVS		17,082,678		33,082,615
Petroleo Brasileiro SA, Preference Shares, NVS		17,495,619		115,006,691
				352,276,070
Chile — 0.1%
Sociedad Quimica y Minera de Chile SA, Class B, Preference Shares		505,347		33,561,043
Colombia — 0.0%
Bancolombia SA, Preference Shares, NVS		1,676,132		14,815,677
Russia — 0.0%
Surgutneftegas PJSC, Preference Shares, NVS(d)		25,014,400		2,685,835
South Korea — 0.7%
Hyundai Motor Co.
Preference Shares, NVS		82,275		6,034,603
Series 2, Preference Shares, NVS		124,405		9,202,928
LG Chem Ltd., Preference Shares, NVS		28,199		6,391,288
LG Household & Health Care Ltd., Preference Shares, NVS		7,767		3,404,336
Samsung Electronics Co. Ltd., Preference Shares, NVS		3,026,820		167,284,724
				192,317,879
Total Preferred Stocks — 2.1% (Cost: $371,736,572)				595,656,504
Rights
Brazil — 0.0%
Americanas SA (Expires 04/08/22)(a)		51,710		67,954
South Korea — 0.0%
Samsung Biologics Co. Ltd. (Expires 03/03/22)(a)		4,058		472,499
Total Rights — 0.0% (Cost: $0)				540,453
Short-Term Investments
Money Market Funds — 2.5%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.09%(e)(f)(g)		669,337,148		669,471,015

22 2 0 2 2   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments  (unaudited) (continued) February 28, 2022 iShares^® MSCI Emerging Markets ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Money Market Funds (continued)
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.03%(e)(f)		11,270,000	$	11,270,000
				680,741,015
Total Short-Term Investments — 2.5% (Cost: $680,587,906)				680,741,015
Total Investments in Securities — 102.1% (Cost: $23,519,289,464)				28,034,269,724
Other Assets, Less Liabilities — (2.1)%				(584,803,004	)
Net Assets — 100.0%			$	27,449,466,720

^(a)  Non-income producing security.

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

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

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

^(e)  Affiliate of the Fund.

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

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 08/31/21		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 02/28/22		Shares Held at 02/28/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	930,601,386	$	—	$	(260,900,761	)(a)	$	(80,554	)	$	(149,056	)	$	669,471,015		669,337,148	$	7,187,285	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		25,200,000		—		(13,930,000	)(a)		—			—			11,270,000		11,270,000		4,544			—
								$	(80,554	)	$	(149,056	)	$	680,741,015			$	7,191,829		$	—

^(a)  Represents net amount purchased (sold).

^(b)  All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)	Value/ Unrealized Appreciation (Depreciation)
Long Contracts
MSCI Emerging Markets Index		1,339		03/18/22	$78,700	$	(1,444,602	)

Derivative Financial Instruments Categorized by Risk Exposure

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

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

^(a)  Net cumulative unrealized appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).

S C H E D U L E   O F   I N V E S T M E N T S 23

Schedule of Investments  (unaudited) (continued) February 28, 2022 iShares^® MSCI Emerging Markets ETF

For the period ended February 28, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	(16,447,268	)
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(1,444,602	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

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

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

Fair Value Hierarchy as of Period End

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.

	Level 1			Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	2,721,028,241		$	23,887,307,971	$	148,995,540	$	26,757,331,752
Preferred Stocks		14,815,677			578,154,992		2,685,835		595,656,504
Rights		—			540,453		—		540,453
Money Market Funds		680,741,015			—		—		680,741,015
	$	3,416,584,933		$	24,466,003,416	$	151,681,375	$	28,034,269,724
Derivative financial instruments(a)
Liabilities
Futures Contracts	$	(1,444,602	)	$	—	$	—	$	(1,444,602	)

^(a)  Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

See notes to financial statements.

24 2 0 2 2   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Statements of Assets and Liabilities  (unaudited)

February 28, 2022

	iShares Currency Hedged MSCI Emerging Markets ETF		iShares MSCI Emerging Markets ETF
ASSETS
Investments in securities, at value (including securities on loan)(a):
Unaffiliated(b)	$	—	$	27,353,528,709
Affiliated(c)		184,512,282		680,741,015
Cash		5,256		5,091,895
Foreign currency, at value(d)		—		30,664,848
Cash pledged:
Futures contracts		—		2,440,000
Receivables:
Investments sold		—		197,517,592
Securities lending income — Affiliated		—		1,012,083
Capital shares sold		2,127		—
Dividends		—		47,848,461
Tax reclaims		—		607,115
Unrealized appreciation on:
Forward foreign currency exchange contracts		2,435,107		—
Total assets		186,954,772		28,319,451,718
LIABILITIES
Collateral on securities loaned, at value		—		668,959,352
Payables:
Investments purchased		1,217,853		182,447,712
Variation margin on futures contracts		—		571,461
Bank borrowings		—		2,500,086
Investment advisory fees		—		15,182,451
Foreign taxes		—		323,936
Unrealized depreciation on:
Forward foreign currency exchange contracts		1,351,111		—
Total liabilities		2,568,964		869,984,998
NET ASSETS	$	184,385,808	$	27,449,466,720
NET ASSETS CONSIST OF:
Paid-in capital	$	183,319,814	$	34,361,697,303
Accumulated earnings (loss)		1,065,994		(6,912,230,583	)
NET ASSETS	$	184,385,808	$	27,449,466,720
Shares outstanding		6,480,000		592,200,000
Net asset value	$	28.45	$	46.35
Shares authorized		250 million		4 billion
Par value	$	0.001	$	0.001
(a) Securities loaned, at value	$	—	$	622,028,010
(b) Investments, at cost — Unaffiliated	$	—	$	22,838,701,558
(c)  Investments, at cost — Affiliated	$	181,709,255	$	680,587,906
(d) Foreign currency, at cost	$	—	$	30,743,554

See notes to financial statements.

F I N A N C I A L   S T A T E M E N T S 25

Statements of Operations  (unaudited)

Six Months Ended February 28, 2022

	iShares Currency Hedged MSCI Emerging Markets ETF			iShares MSCI Emerging Markets ETF (Consolidated)
INVESTMENT INCOME
Dividends — Unaffiliated	$	—		$	281,935,019
Dividends — Affiliated		2,937,497			64,876
Securities lending income — Affiliated — net(a)		—			7,126,953
Foreign taxes withheld		—			(31,191,024	)
Other foreign taxes		—			(393,487	)
Total investment income		2,937,497			257,542,337
EXPENSES
Investment advisory fees		753,102			100,657,939
Commitment fees		951			19,090
Professional fees		217			217
Mauritius income taxes		—			295
Interest expense		—			511,175
Total expenses		754,270			101,188,716
Less:
Investment advisory fees waived		(754,270	)		—
Total expenses after fees waived		—			101,188,716
Net investment income		2,937,497			156,353,621
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated(b)		—			1,361,650,222
Investments — Affiliated		(592,718	)		(80,554	)
In-kind redemptions — Affiliated		5,364,297			—
Futures contracts		—			(16,447,268	)
Forward foreign currency exchange contracts		1,504,392			—
Foreign currency transactions		(9,107	)		(14,932,084	)
Net realized gain		6,266,864			1,330,190,316
Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated(c)		—			(4,720,357,506	)
Investments — Affiliated		(26,042,562	)		(149,056	)
Futures contracts		—			(1,444,602	)
Forward foreign currency exchange contracts		1,844,966			—
Foreign currency translations		—			2,386,983
Net change in unrealized appreciation (depreciation)		(24,197,596	)		(4,719,564,181	)
Net realized and unrealized loss		(17,930,732	)		(3,389,373,865	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(14,993,235	)	$	(3,233,020,244	)
(a) Net of securities lending income tax paid of	$	—		$	664,039
(b) Net of foreign capital gain tax and capital gain tax refund, if applicable	$	—		$	(133,629,674	)
(c)  Net of reduction in deferred foreign capital gain tax of	$	—		$	109,498,234

See notes to financial statements.

26 2 0 2 2   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Statements of Changes in Net Assets

	iShares Currency Hedged MSCI Emerging Markets ETF						iShares MSCI Emerging Markets ETF (Consolidated)
	Six Months Ended 02/28/22 (unaudited)			Year Ended 08/31/21			Six Months Ended 02/28/22 (unaudited)			Year Ended 08/31/21
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	2,937,497		$	2,863,955		$	156,353,621		$	422,538,344
Net realized gain (loss)		6,266,864			1,206,589			1,330,190,316			(540,784,216	)
Net change in unrealized appreciation (depreciation)		(24,197,596	)		22,470,366			(4,719,564,181	)		4,851,060,910
Net increase (decrease) in net assets resulting from operations		(14,993,235	)		26,540,910			(3,233,020,244	)		4,732,815,038
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(2,937,497	)		(2,865,230	)		(432,075,862	)		(421,960,887	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		(863,104	)		(4,122,036	)		131,260,914			2,647,877,164
NET ASSETS
Total increase (decrease) in net assets		(18,793,836	)		19,553,644			(3,533,835,192	)		6,958,731,315
Beginning of period		203,179,644			183,626,000			30,983,301,912			24,024,570,597
End of period	$	184,385,808		$	203,179,644		$	27,449,466,720		$	30,983,301,912

^(a)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to financial statements.

F I N A N C I A L   S T A T E M E N T S 27

Financial Highlights

(For a share outstanding throughout each period)

	iShares Currency Hedged MSCI Emerging Markets ETF
	Six Months Ended 02/28/22 (unaudited)				Year Ended 08/31/21				Year Ended 08/31/20				Year Ended 08/31/19				Year Ended 08/31/18				Year Ended 08/31/17
Net asset value, beginning of period		$	31.31			$	27.41			$	24.38			$	25.70			$	25.57			$	21.72
Net investment income(a)			0.46				0.44				0.71				0.55				0.60				0.36
Net realized and unrealized gain (loss)(b)			(2.89	)			3.92				3.03				(1.27	)			0.12				3.83
Net increase (decrease) from investment operations			(2.43	)			4.36				3.74				(0.72	)			0.72				4.19
Distributions(c)
From net investment income			(0.43	)			(0.46	)			(0.71	)			(0.60	)			(0.59	)			(0.34	)
Total distributions			(0.43	)			(0.46	)			(0.71	)			(0.60	)			(0.59	)			(0.34	)
Net asset value, end of period		$	28.45			$	31.31			$	27.41			$	24.38			$	25.70			$	25.57
Total Return(d)
Based on net asset value			(7.73	)%(e)			15.96	%			15.49	%			(2.72	)%			2.77	%			19.55	%
Ratios to Average Net Assets(f)
Total expenses			0.78	%(g)			0.78	%			0.78	%			0.78	%			0.78	%			0.78	%
Total expenses after fees waived			0.00	%(g)			0.00	%(h)			0.00	%(h)			0.00	%			0.00	%			0.00	%
Net investment income			3.04	%(g)			1.41	%			2.84	%			2.22	%			2.25	%			1.56	%
Supplemental Data
Net assets, end of period (000)		$	184,386			$	203,180			$	183,626			$	180,376			$	344,328			$	393,757
Portfolio turnover rate(i)			2	%(e)			6	%			9	%			7	%			7	%			4	%

^(a)  Based on average shares outstanding.

^(b)  The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(c)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(d)  Where applicable, assumes the reinvestment of distributions.

^(e)  Not annualized.

^(f)  Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(g)  Annualized.

^(h)  Rounds to less than 0.01%.

⁽ⁱ⁾  Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

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Financial Highlights  (continued)

(For a share outstanding throughout each period)

	iShares MSCI Emerging Markets ETF (Consolidated)
	Six Months Ended 02/28/22 (unaudited)				Year Ended 08/31/21				Year Ended 08/31/20				Year Ended 08/31/19				Year Ended 08/31/18				Year Ended 08/31/17
Net asset value, beginning of period		$	52.56			$	44.56			$	40.22			$	43.24			$	44.76			$	36.74
Net investment income(a)			0.26				0.75				0.98				0.90				0.83	(b)			0.75
Net realized and unrealized gain (loss)(c)			(5.74	)			8.01				4.52				(3.02	)			(1.36	)			7.86
Net increase (decrease) from investment operations			(5.48	)			8.76				5.50				(2.12	)			(0.53	)			8.61
Distributions(d)
From net investment income			(0.73	)			(0.76	)			(1.16	)			(0.90	)			(0.99	)			(0.59	)
Total distributions			(0.73	)			(0.76	)			(1.16	)			(0.90	)			(0.99	)			(0.59	)
Net asset value, end of period		$	46.35			$	52.56			$	44.56			$	40.22			$	43.24			$	44.76
Total Return(e)
Based on net asset value			(10.50	)%(f)			19.72	%			13.82	%			(4.87	)%			(1.28	)%(b)			23.80	%
Ratios to Average Net Assets(g)
Total expenses			0.69	%(h)			0.69	%			0.70	%			0.68	%			0.67	%			0.69	%
Total expenses excluding professional fees for foreign withholding tax claims			N/A				0.68	%			0.70	%			0.68	%			0.67	%			0.69	%
Net investment income			1.07	%(h)			1.45	%			2.38	%			2.16	%			1.78	%(b)			1.92	%
Supplemental Data
Net assets, end of period (000)		$	27,449,467			$	30,983,302			$	24,024,571			$	24,631,575			$	31,149,012			$	35,891,890
Portfolio turnover rate(i)			16	%(f)			9	%			19	%			15	%			16	%			9	%

^(a)  Based on average shares outstanding.

^(b)  Reflects the one-time, positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the year ended August 31, 2018:

• Net investment income per share by $0.02.

• Total return by 0.07%.

• Ratio of net investment income to average net assets by 0.04%.

^(c)  The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(d)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(e)  Where applicable, assumes the reinvestment of distributions.

^(f)  Not annualized.

^(g)  Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(h)  Annualized.

⁽ⁱ⁾  Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

F I N A N C I A L   H I G H L I G H T S 29

Notes to Financial Statements  (unaudited)

1. ORGANIZATION

iShares, Inc. (the “Company”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Company is organized as a Maryland corporation and is authorized to have multiple series or portfolios.

These financial statements relate only to the following funds (each, a “Fund” and collectively, the “Funds”):

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

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

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

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

2. SIGNIFICANT ACCOUNTING POLICIES

The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. Each Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. Below is a summary of significant accounting policies:

Investment Transactions and Income Recognition: For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are recorded on the ex-dividend date. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Dividends from foreign securities where the ex-dividend date may have passed are subsequently recorded when the Funds are informed of the ex-dividend date. Under the applicable foreign tax laws, a withholding tax at various rates may be imposed on capital gains, dividends and interest.

Foreign Currency Translation: Each Fund’s books and records are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars using prevailing market rates as quoted by one or more data service providers. Purchases and sales of investments are recorded at the rates of exchange prevailing on the respective dates of such transactions. Generally, when the U.S. dollar rises in value against a foreign currency, the investments denominated in that currency will lose value; the opposite effect occurs if the U.S. dollar falls in relative value.

Each Fund does not isolate the effect of fluctuations in foreign exchange rates from the effect of fluctuations in the market prices of investments for financial reporting purposes. Accordingly, the effects of changes in exchange rates on investments are not segregated in the Statements of Operations from the effects of changes in market prices of those investments, but are included as a component of net realized and unrealized gain (loss) from investments. Each Fund reports realized currency gains (losses) on foreign currency related transactions as components of net realized gain (loss) for financial reporting purposes, whereas such components are generally treated as ordinary income for U.S. federal income tax purposes. However, the currency hedged fund has elected to treat realized gains (losses) from certain foreign currency contracts as capital gain (loss) for U.S. federal income tax purposes.

Foreign Taxes: Certain Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which each Fund invests. These foreign taxes, if any, are paid by each Fund and are reflected in its Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “Other foreign taxes”, and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of February 28, 2022, if any, are disclosed in the Statements of Assets and Liabilities.

The Funds file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. The Funds may record a reclaim receivable based on collectability, which includes factors such as the jurisdiction’s applicable laws, payment history and market convention. The Statements of Operations includes tax reclaims recorded as well as professional and other fees, if any, associated with recovery of foreign withholding taxes.

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Notes to Financial Statements  (unaudited) (continued)

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

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

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

Segregation and Collateralization: In cases where a Fund enters into certain investments (e.g., futures contracts and forward foreign currency exchange contracts) that would be treated as “senior securities” for 1940 Act purposes, a Fund may segregate or designate on its books and record cash or liquid assets having a market value at least equal to the amount of its future obligations under such investments. Doing so allows the investment to be excluded from treatment as a “senior security.” Furthermore, if required by an exchange or counterparty agreement, the Funds may be required to deliver/deposit cash and/or securities to/with an exchange, or broker-dealer or custodian as collateral for certain investments or obligations.

In-kind Redemptions: For financial reporting purposes, in-kind redemptions are treated as sales of securities resulting in realized capital gains or losses to the Funds. Because such gains or losses are not taxable to the Funds and are not distributed to existing Fund shareholders, the gains or losses are reclassified from accumulated net realized gain (loss) to paid-in capital at the end of the Funds’ tax year. These reclassifications have no effect on net assets or net asset value (“NAV”) per share.

Distributions: Dividends and distributions paid by each Fund are recorded on the ex-dividend dates. Distributions are determined on a tax basis and may differ from net investment income and net realized capital gains for financial reporting purposes. Dividends and distributions are paid in U.S. dollars and cannot be automatically reinvested in additional shares of the Funds. The character and timing of distributions are determined in accordance with U.S. federal income tax regulations, which may differ from U.S. GAAP.

Indemnifications: In the normal course of business, each Fund enters into contracts that contain a variety of representations that provide general indemnification. The Funds’ maximum exposure under these arrangements is unknown because it involves future potential claims against the Funds, which cannot be predicted with any certainty.

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

Investment Valuation Policies: Each Fund’s investments are valued at fair value (also referred to as “market value” within the financial statements) each day that the Fund’s listing exchange is open and, for financial reporting purposes, as of the report date. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. Each Fund determines the fair values of its financial instruments using various independent dealers or pricing services under policies approved by the Board of Directors of the Company (the “Board”). If a security’s market price is not readily available or does not otherwise accurately represent the fair value of the security, the security will be valued in accordance with a policy approved by the Board as reflecting fair value. The BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) is the committee formed by management to develop global pricing policies and procedures and to oversee the pricing function for all financial instruments.

Fair Value Inputs and Methodologies: The following methods and inputs are used to establish the fair value of each Fund’s assets and liabilities:

• Equity investments traded on a recognized securities exchange are valued at that day’s official closing price, as applicable, on the exchange where the stock is primarily traded. Equity investments traded on a recognized exchange for which there were no sales on that day are valued at the last traded price.

• Exchange-traded funds and closed-end funds traded on a recognized securities exchange are valued at that day’s last traded price or official closing price, as applicable, on the exchange where the fund is primarily traded. Funds traded on a recognized exchange for which there were no sales on that day may be valued at the last traded price.

• Investments in open-end U.S. mutual funds (including money market funds) are valued at that day’s published NAV.

• Futures contracts are valued based on that day’s last reported settlement or trade price on the exchange where the contract is traded.

• Forward foreign currency exchange contracts are valued based on that day’s prevailing forward exchange rate for the underlying currencies.

Generally, trading in foreign instruments is substantially completed each day at various times prior to the close of trading on the New York Stock Exchange (“NYSE”). Each business day, the Funds use current market factors supplied by independent pricing services to value certain foreign instruments (“Systematic Fair Value Price”). The Systematic Fair Value Price is designed to value such foreign securities at fair value as of the close of trading on the NYSE, which follows the close of the local markets.

N O T E S   T O   F I N A N C I A L   S T A T E M E N T S 31

Notes to Financial Statements  (unaudited) (continued)

If events (e.g., market volatility, company announcement or a natural disaster) occur that are expected to materially affect the value of such investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Global Valuation Committee, in accordance with a policy approved by the Board as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Global Valuation Committee include market approach, income approach and cost approach. Valuation techniques such as discounted cash flow, use of market comparables and matrix pricing are types of valuation approaches and are typically used in determining fair value. When determining the price for Fair Valued Investments, the Global Valuation Committee, or its delegate, seeks to determine the price that each Fund might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm’s-length transaction. Fair value determinations shall be based upon all available factors that the Global Valuation Committee, or its delegate, deems relevant and consistent with the principles of fair value measurement. The pricing of all Fair Valued Investments is subsequently reported to the Board or a committee thereof on a quarterly basis.

Fair value pricing could result in a difference between the prices used to calculate a fund’s NAV and the prices used by the fund’s underlying index, which in turn could result in a difference between the fund’s performance and the performance of the fund’s underlying index.

Fair Value Hierarchy: Various inputs are used in determining the fair value of financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:

• Level 1 – Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that each Fund has the ability to access;

• Level 2 – Other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs); and

• Level 3 – Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, (including the Global Valuation Committee’s assumptions used in determining the fair value of financial instruments).

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Global Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds that may not have a secondary market and/or may have a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.

4. SECURITIES AND OTHER INVESTMENTS

Securities Lending: Each Fund may lend its securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund collateral consisting of cash, an irrevocable letter of credit issued by an approved bank, or securities issued or guaranteed by the U.S. government. The initial collateral received by each Fund is required to have a value of at least 102% of the current market value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter at a value equal to at least 100% of the current value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Fund and any additional required collateral is delivered to the Fund or excess collateral is returned by the Fund, on the next business day. During the term of the loan, each Fund is entitled to all distributions made on or in respect of the loaned securities but does not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

As of period end, any securities on loan were collateralized by cash and/or U.S. Government obligations. Cash collateral invested in money market funds managed by BlackRock Fund Advisors (“BFA”), the Funds’ investment adviser, or its affiliates is disclosed in the Schedule of Investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Fund, except in the event of borrower default. The securities on loan, if any, are also disclosed in each Fund’s Schedule of Investments. The market value of any securities on loan and the value of any related cash collateral are disclosed in the Statements of Assets and Liabilities.

Securities lending transactions are entered into by the Funds under Master Securities Lending Agreements (each, an “MSLA”) which provide the right, in the event of default (including bankruptcy or insolvency) for the non-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral. In the event that a borrower defaults, the Funds, as lender, would offset the market value of the collateral received against the market value of the securities loaned. When the value of the collateral is greater than that of the market value of the securities loaned, the lender is left with a net amount payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty’s bankruptcy or insolvency. Under the MSLA, absent an event of default, the borrower can resell or re-pledge the loaned securities, and the Funds can reinvest cash collateral received in connection with loaned securities. Upon an event of default, the parties’ obligations to return the securities or collateral to the other party are extinguished, and the parties can resell or re-pledge the loaned securities or the collateral received in connection with the loaned securities in order to satisfy the defaulting party’s net payment obligation for all transactions under the MSLA. The defaulting party remains liable for any deficiency.

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Notes to Financial Statements  (unaudited) (continued)

As of period end, the following table is a summary of the securities on loan by counterparty which are subject to offset under an MSLA:

iShares ETF and Counterparty		Market Value of Securities on Loan		Cash Collateral Received	(a)		Non-Cash Collateral Received		Net Amount
MSCI Emerging Markets
Barclays Capital, Inc	$	12,486,167	$	12,486,167		$	—	$	—
BNP Paribas SA		7,003,453		7,003,453			—		—
BofA Securities, Inc		65,133,241		65,133,241			—		—
Citigroup Global Markets Ltd.		2,124,008		2,124,008			—		—
Citigroup Global Markets, Inc.		39,500,478		39,500,478			—		—
Credit Suisse Securities (USA) LLC		1,853,546		1,853,546			—		—
Goldman Sachs & Co. LLC		30,937,894		30,937,894			—		—
Goldman Sachs International		72,079,893		72,079,893			—		—
HSBC Bank PLC		7,578,346		7,578,346			—		—
J.P. Morgan Securities LLC		26,681,014		26,681,014			—		—
J.P. Morgan Securities PLC		21,061,745		21,061,745			—		—
Jefferies LLC		3,435,041		3,435,041			—		—
Macquarie Bank Ltd.		19,217,193		19,217,193			—		—
Morgan Stanley		289,884,872		289,884,872			—		—
Nomura Securities International, Inc.		67,680		67,680			—		—
RBC Capital Markets LLC		5,838,463		5,838,463			—		—
Scotia Capital (USA), Inc.		149,868		149,868			—		—
SG Americas Securities LLC		6,884,676		6,884,676			—		—
State Street Bank & Trust Co.		156,657		156,657			—		—
UBS AG		2,855,830		2,855,830			—		—
UBS Securities LLC		7,097,945		7,097,945			—		—
	$	622,028,010	$	622,028,010		$	—	$	—

^(a)  Collateral received in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by each Fund is disclosed in the Fund’s statement of assets and liabilities.

The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, each Fund benefits from a borrower default indemnity provided by BlackRock, Inc. (“BlackRock”). BlackRock’s indemnity allows for full replacement of the securities loaned to the extent the collateral received does not cover the value of the securities loaned in the event of borrower default. Each Fund could incur a loss if the value of an investment purchased with cash collateral falls below the market value of the loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received. Such losses are borne entirely by each Fund.

5. DERIVATIVE FINANCIAL INSTRUMENTS

Futures Contracts: Futures contracts are purchased or sold to gain exposure to, or manage exposure to, changes in interest rates (interest rate risk) and changes in the value of equity securities (equity risk) or foreign currencies (foreign currency exchange rate risk).

Futures contracts are exchange-traded agreements between the Funds and a counterparty to buy or sell a specific quantity of an underlying instrument at a specified price and on a specified date. Depending on the terms of a contract, it is settled either through physical delivery of the underlying instrument on the settlement date or by payment of a cash amount on the settlement date. Upon entering into a futures contract, the Funds are required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on a contract’s size and risk profile. The initial margin deposit must then be maintained at an established level over the life of the contract. Amounts pledged, which are considered restricted, are included in cash pledged for futures contracts in the Statements of Assets and Liabilities.

Securities deposited as initial margin are designated in the Schedule of Investments and cash deposited, if any, are shown as cash pledged for futures contracts in the Statements of Assets and Liabilities. Pursuant to the contract, the Funds agree to receive from or pay to the broker an amount of cash equal to the daily fluctuation in market value of the contract (“variation margin”). Variation margin is recorded as unrealized appreciation (depreciation) and, if any, shown as variation margin receivable (or payable) on futures contracts in the Statements of Assets and Liabilities. When the contract is closed, a realized gain or loss is recorded in the Statements of Operations equal to the difference between the notional amount of the contract at the time it was opened and the notional amount at the time it was closed. The use of futures contracts involves the risk of an imperfect correlation in the movements in the price of futures contracts and interest rates, foreign currency exchange rates or underlying assets.

Forward Foreign Currency Exchange Contracts: Forward foreign currency exchange contracts are entered into to gain or reduce exposure to foreign currencies (foreign currency exchange rate risk).

A forward foreign currency exchange contract is an agreement between two parties to buy and sell a currency at a set exchange rate on a specified date. These contracts help to manage the overall exposure to the currencies in which some of the investments held by the Funds are denominated and in some cases, may be used to obtain exposure to a particular market. The contracts are traded over-the-counter (“OTC”) and not on an organized exchange.

N O T E S   T O   F I N A N C I A L   S T A T E M E N T S 33

Notes to Financial Statements  (unaudited) (continued)

The contract is marked-to-market daily and the change in market value is recorded as unrealized appreciation or depreciation in the Statements of Assets and Liabilities. When the contract is closed, a realized gain or loss is recorded in the Statements of Operations equal to the difference between the value at the time it was opened and the value at the time it was closed. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in cash without the delivery of foreign currency. The use of forward foreign currency exchange contracts involves the risk that the value of a contract changes unfavorably due to movements in the value of the referenced foreign currencies, and such value may exceed the amount(s) reflected in the Statements of Assets and Liabilities. Cash amounts pledged for forward foreign currency exchange contracts are considered restricted and are included in cash pledged as collateral for OTC derivatives in the Statements of Assets and Liabilities. A Fund’s risk of loss from counterparty credit risk on OTC derivatives is generally limited to the aggregate unrealized gain netted against any collateral held by the Fund.

Master Netting Arrangements: In order to define its contractual rights and to secure rights that will help mitigate its counterparty risk, a Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar agreement with its derivative contract counterparties. An ISDA Master Agreement is a bilateral agreement between a Fund and a counterparty that governs certain OTC derivatives and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, a Fund may, under certain circumstances, offset with the counterparty certain derivative financial instruments’ payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency, or other events.

For derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the mark-to-market amount for each transaction under such agreement, and comparing that amount to the value of any collateral currently pledged by a Fund and the counterparty.

Cash collateral that has been pledged to cover obligations of the Funds and cash collateral received from the counterparty, if any, is reported separately in the Statements of Assets and Liabilities as cash pledged as collateral and cash received as collateral, respectively. Non-cash collateral pledged by the Funds, if any, is noted in the Schedules of Investments. Generally, the amount of collateral due from or to a counterparty is subject to a certain minimum transfer amount threshold before a transfer is required, which is determined at the close of business of the Funds. Any additional required collateral is delivered to/pledged by the Funds on the next business day. Typically, the counterparty is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. A Fund generally agrees not to use non-cash collateral that it receives but may, absent default or certain other circumstances defined in the underlying ISDA Master Agreement, be permitted to use cash collateral received. In such cases, interest may be paid pursuant to the collateral arrangement with the counterparty. To the extent amounts due to the Funds from the counterparty are not fully collateralized, each Fund bears the risk of loss from counterparty non-performance. Likewise, to the extent the Funds have delivered collateral to a counterparty and stand ready to perform under the terms of their agreement with such counterparty, each Fund bears the risk of loss from a counterparty in the amount of the value of the collateral in the event the counterparty fails to return such collateral. Based on the terms of agreements, collateral may not be required for all derivative contracts.

For financial reporting purposes, each Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements, if any, in the Statements of Assets and Liabilities.

6. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

Investment Advisory Fees: Pursuant to an Investment Advisory Agreement with the Company, BFA manages the investment of each Fund’s assets. BFA is a California corporation indirectly owned by BlackRock. Under the Investment Advisory Agreement, BFA is responsible for substantially all expenses of the Funds, except (i) interest and taxes; (ii) brokerage commissions and other expenses connected with the execution of portfolio transactions; (iii) distribution fees; (iv) the advisory fee payable to BFA; and (v) litigation expenses and any extraordinary expenses (in each case as determined by a majority of the independent directors).

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

iShares ETF	Investment Advisory Fee
Currency Hedged MSCI Emerging Markets		0.78	%

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

Aggregate Average Daily Net Assets	Investment Advisory Fee
First $14 billion		0.75	%
Over $14 billion, up to and including $28 billion		0.68
Over $28 billion, up to and including $42 billion		0.61
Over $42 billion, up to and including $56 billion		0.54
Over $56 billion, up to and including $70 billion		0.47
Over $70 billion, up to and including $84 billion		0.41
Over $84 billion		0.35

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

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Notes to Financial Statements  (unaudited) (continued)

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

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

This amount is included in investment advisory fees waived in the Statements of Operations. For the six months ended February 28, 2022, the amounts waived in investment advisory fees pursuant to this arrangement were as follows:

iShares ETF	Amounts waived
Currency Hedged MSCI Emerging Markets	$	754,270

Distributor: BlackRock Investments, LLC, an affiliate of BFA, is the distributor for each Fund. Pursuant to the distribution agreement, BFA is responsible for any fees or expenses for distribution services provided to the Funds.

Securities Lending: The U.S. Securities and Exchange Commission (the “SEC”) has issued an exemptive order which permits BlackRock Institutional Trust Company, N.A. (“BTC”), an affiliate of BFA, to serve as securities lending agent for the Funds, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending, including any custodial costs. Each Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan (the “collateral investment fees”). The cash collateral is invested in a money market fund, BlackRock Cash Funds: Institutional or BlackRock Cash Funds: Treasury, managed by BFA, or its affiliates. However, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees each Fund bears to an annual rate of 0.04%. The SL Agency Shares of such money market fund will not be subject to a sales load, distribution fee or service fee. The money market fund in which the cash collateral has been invested may, under certain circumstances, impose a liquidity fee of up to 2% of the value redeemed or temporarily restrict redemptions for up to 10 business days during a 90 day period, in the event that the money market fund’s weekly liquid assets fall below certain thresholds.

Securities lending income is equal to the total of income earned from the reinvestment of cash collateral, net of fees and other payments to and from borrowers of securities, and less the collateral investment fees. Each Fund retains a portion of securities lending income and remits the remaining portion to BTC as compensation for its services as securities lending agent.

Pursuant to the current securities lending agreement, each Fund retains 82% of securities lending income (which excludes collateral investment fees) and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across all 1940 Act iShares exchange-traded funds (the “iShares ETF Complex”) in that calendar year exceeds a specified threshold, each Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar year 85% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

The share of securities lending income earned by each Fund is shown as securities lending income – affiliated – net in its Statements of Operations. For the six months ended February 28, 2022, the Funds paid BTC the following amounts for securities lending agent services:

iShares ETF	Fees Paid to BTC
MSCI Emerging Markets	$	1,871,587

Officers and Directors: Certain officers and/or directors of the Company are officers and/or directors of BlackRock or its affiliates.

Other Transactions: Cross trading is the buying or selling of portfolio securities between funds to which BFA (or an affiliate) serves as investment adviser. At its regularly scheduled quarterly meetings, the Board reviews such transactions as of the most recent calendar quarter for compliance with the requirements and restrictions set forth by Rule 17a-7.

For the six months ended February 28, 2022, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:

iShares ETF	Purchases		Sales		Net Realized Gain (Loss)
MSCI Emerging Markets	$	48,381,859	$	52,231,646	$	(61,364,989	)

Each Fund may invest its positive cash balances in certain money market funds managed by BFA or an affiliate. The income earned on these temporary cash investments is shown as dividends – affiliated in the Statements of Operations.

A fund, in order to improve its portfolio liquidity and its ability to track its underlying index, may invest in shares of other iShares funds that invest in securities in the fund’s underlying index.

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Notes to Financial Statements  (unaudited) (continued)

7. PURCHASES AND SALES

For the six months ended February 28, 2022, purchases and sales of investments, excluding short-term investments and in-kind transactions, were as follows:

iShares ETF	Purchases		Sales
Currency Hedged MSCI Emerging Markets	$	8,219,335	$	4,532,786
MSCI Emerging Markets		4,619,017,163		4,851,641,102

For the six months ended February 28, 2022, in-kind transactions were as follows:

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

8. INCOME TAX INFORMATION

Each Fund is treated as an entity separate from the Company’s other funds for federal income tax purposes. It is each Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute substantially all of its taxable income to its shareholders. Therefore, no U.S. federal income tax provision is required.

Management has analyzed tax laws and regulations and their application to the Funds as of February 28, 2022, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements.

As of August 31, 2021, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:

iShares ETF	Non-Expiring
Currency Hedged MSCI Emerging Markets	$	8,227,708
MSCI Emerging Markets		11,976,796,425

A fund may own shares in certain foreign investment entities, referred to, under U.S. tax law, as “passive foreign investment companies.” Such fund may elect to mark-to-market annually the shares of each passive foreign investment company and would be required to distribute to shareholders any such marked-to-market gains.

As of February 28, 2022, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:

iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
Currency Hedged MSCI Emerging Markets	$	182,935,165	$	5,238,134	$	(2,577,021	)	$	2,661,113
MSCI Emerging Markets		24,271,862,679		8,418,981,409		(4,658,018,966	)		3,760,962,443

9. LINE OF CREDIT

The iShares Currency Hedged MSCI Emerging Markets ETF and iShares MSCI Emerging Markets ETF, along with certain other iShares funds (“Participating Funds”), are parties to a $800 million credit agreement (“Syndicated Credit Agreement”) with a group of lenders, which expires on August 12, 2022. The line of credit may be used for temporary or emergency purposes, including redemptions, settlement of trades and rebalancing of portfolio holdings in certain target markets. The Funds may borrow up to the aggregate commitment amount subject to asset coverage and other limitations as specified in the Syndicated Credit Agreement. The Syndicated Credit Agreement has the following terms: a commitment fee of 0.15% per annum on the unused portion of the credit agreement and interest at a rate equal to the higher of (a) the one-month LIBOR rate (not less than zero) plus 1.00% per annum or (b) the U.S. Federal Funds rate (not less than zero) plus 1.00% per annum on amounts borrowed. The commitment fee is generally allocated to each Participating Fund based on the lesser of a Participating Fund’s relative exposure to certain target markets or a Participating Fund’s maximum borrowing amount as set forth by the terms of the Syndicated Credit Agreement.

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

For the six months ended February 28, 2022, the maximum amount borrowed, the average daily borrowing and the weighted average interest rate, if any, under the Syndicated Credit Agreement were as follows:

iShares ETF	Maximum Amount Borrowed		Average           Borrowing		Weighted     Average             Interest Rates
MSCI Emerging Markets		$6,958,000		$244,464	1.11%

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Notes to Financial Statements  (unaudited) (continued)

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

For the six months ended February 28, 2022, the maximum amount borrowed, the average daily borrowing and the weighted average interest rate, if any, under the Uncommitted Liquidity Facility were as follows:

iShares ETF	Maximum Amount Borrowed		Average         Borrowing		Weighted Average Interest Rates
MSCI Emerging Markets		$600,000,000		$76,243,094		1.33	%

10. PRINCIPAL RISKS

In the normal course of business, each Fund invests in securities or other instruments and may enter into certain transactions, and such activities subject the Fund to various risks, including, among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation or international tax treaties between various countries; or (iv) currency, interest rate or price fluctuations. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Funds and their investments. Each Fund’s prospectus provides details of the risks to which the Fund is subject.

BFA uses a “passive” or index approach to try to achieve each Fund’s investment objective following the securities included in its underlying index during upturns as well as downturns. BFA does not take steps to reduce market exposure or to lessen the effects of a declining market. Divergence from the underlying index and the composition of the portfolio is monitored by BFA.

The Funds may be exposed to additional risks when reinvesting cash collateral in money market funds that do not seek to maintain a stable NAV per share of $1.00, which may be subject to redemption gates or liquidity fees under certain circumstances.

Market Risk: Investments in the securities of issuers domiciled in countries with emerging capital markets involve certain additional risks that do not generally apply to investments in securities of issuers in more developed capital markets, such as (i) low or nonexistent trading volume, resulting in a lack of liquidity and increased volatility in prices for such securities; (ii) uncertain national policies and social, political and economic instability, increasing the potential for expropriation of assets, confiscatory taxation, high rates of inflation or unfavorable diplomatic developments; (iii) lack of publicly available or reliable information about issuers as a result of not being subject to the same degree of regulatory requirements and accounting, auditing and financial reporting standards; and (iv) possible fluctuations in exchange rates, differing legal systems and the existence or possible imposition of exchange controls, custodial restrictions or other foreign or U.S. governmental laws or restrictions applicable to such investments.

An outbreak of respiratory disease caused by a novel coronavirus has developed into a global pandemic and has resulted in closing borders, quarantines, disruptions to supply chains and customer activity, as well as general concern and uncertainty. The impact of this pandemic, and other global health crises that may arise in the future, could affect the economies of many nations, individual companies and the market in general in ways that cannot necessarily be foreseen at the present time. This pandemic may result in substantial market volatility and may adversely impact the prices and liquidity of a fund’s investments. Although vaccines have been developed and approved for use by various governments, the duration of this pandemic and its effects cannot be determined with certainty.

Valuation Risk: The market values of equities, such as common stocks and preferred securities or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company. They may also decline due to factors which affect a particular industry or industries. A fund may invest in illiquid investments. An illiquid investment is any investment that a fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. A fund may experience difficulty in selling illiquid investments in a timely manner at the price that it believes the investments are worth. Prices may fluctuate widely over short or extended periods in response to company, market or economic news. Markets also tend to move in cycles, with periods of rising and falling prices. This volatility may cause a fund’s NAV to experience significant increases or decreases over short periods of time. If there is a general decline in the securities and other markets, the NAV of a fund may lose value, regardless of the individual results of the securities and other instruments in which a fund invests.

The price each Fund could receive upon the sale of any particular portfolio investment may differ from each Fund’s valuation of the investment, particularly for securities that trade in thin or volatile markets or that are valued using a fair valuation technique or a price provided by an independent pricing service. Changes to significant unobservable inputs and assumptions (i.e., publicly traded company multiples, growth rate, time to exit) due to the lack of observable inputs.

Counterparty Credit Risk: The Funds may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to unsettled or open transactions, including making timely interest and/or principal payments or otherwise honoring its obligations. The Funds manage counterparty credit risk by entering into transactions only with counterparties that the Manager believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Funds to market, issuer and counterparty credit risks, consist principally of financial

N O T E S   T O   F I N A N C I A L   S T A T E M E N T S 37

Notes to Financial Statements  (unaudited) (continued)

instruments and receivables due from counterparties. The extent of the Funds’ exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded in the Statements of Assets and Liabilities, less any collateral held by the Funds.

A derivative contract may suffer a mark-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform under the contract.

With exchange-traded futures, there is less counterparty credit risk to the Funds since the exchange or clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, a Fund does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency). Additionally, credit risk exists in exchange-traded futures with respect to initial and variation margin that is held in a clearing broker’s customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro rata basis across all the clearing broker’s customers, potentially resulting in losses to the Funds.

Concentration Risk: A diversified portfolio, where this is appropriate and consistent with a fund’s objectives, minimizes the risk that a price change of a particular investment will have a material impact on the NAV of a fund. The investment concentrations within each Fund’s portfolio are disclosed in its Schedule of Investments.

Certain Funds invest a significant portion of their assets in issuers located in a single country or a limited number of countries. When a Fund concentrates its investments in this manner, it assumes the risk that economic, regulatory, political and social conditions in that country or those countries may have a significant impact on the fund and could affect the income from, or the value or liquidity of, the Fund’s portfolio. Unanticipated or sudden political or social developments may cause uncertainty in the markets and as a result adversely affect the Fund’s investments. Foreign issuers may not be subject to the same uniform accounting, auditing and financial reporting standards and practices as used in the United States. Foreign securities markets may also be more volatile and less liquid than U.S. securities and may be less subject to governmental supervision not typically associated with investing in U.S. securities. Investment percentages in specific countries are presented in the Schedule of Investments.

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

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

Certain Funds invest a significant portion of their assets in securities of issuers located in Asia or with significant exposure to Asian issuers or countries. The Asian financial markets have recently experienced volatility and adverse trends due to concerns in several Asian countries regarding monetary policy, government intervention in the markets, rising government debt levels or economic downturns. These events may spread to other countries in Asia and may affect the value and liquidity of certain of the Funds’ investments.

Significant Shareholder Redemption Risk: Certain shareholders may own or manage a substantial amount of fund shares and/or hold their fund investments for a limited period of time. Large redemptions of fund shares by these shareholders may force a Fund to sell portfolio securities, which may negatively impact the fund’s NAV, increase the fund’s brokerage costs, and/or accelerate the realization of taxable income/gains and cause the fund to make additional taxable distributions to shareholders.

LIBOR Transition Risk: The United Kingdom’s Financial Conduct Authority announced a phase out of the London Interbank Offered Rate (“LIBOR”). Although many LIBOR rates ceased to be published or no longer are representative of the underlying market they seek to measure after December 31, 2021, a selection of widely used USD LIBOR rates will continue to be published through June 2023 in order to assist with the transition. The Funds may be exposed to financial instruments tied to LIBOR to determine payment obligations, financing terms, hedging strategies or investment value. The transition process away from LIBOR might lead to increased volatility and illiquidity in markets for, and reduce the effectiveness of new hedges placed against, instruments whose terms currently include LIBOR. The ultimate effect of the LIBOR transition process on the Funds is uncertain.

11. CAPITAL SHARE TRANSACTIONS

Capital shares are issued and redeemed by each Fund only in aggregations of a specified number of shares or multiples thereof (“Creation Units”) at NAV. Except when aggregated in Creation Units, shares of each Fund are not redeemable.

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Notes to Financial Statements  (unaudited) (continued)

Transactions in capital shares were as follows:

	Six Months Ended 02/28/22						Year Ended 08/31/21
iShares ETF	Shares			Amount			Shares			Amount
Currency Hedged MSCI Emerging Markets
Shares sold		1,080,000		$	32,431,965			1,320,000		$	41,187,291
Shares redeemed		(1,090,000	)		(33,295,069	)		(1,530,000	)		(45,309,327	)
Net decrease		(10,000	)	$	(863,104	)		(210,000	)	$	(4,122,036	)
MSCI Emerging Markets
Shares sold		2,700,000		$	131,260,914			50,400,000		$	2,647,877,164

The consideration for the purchase of Creation Units of a fund in the Company generally consists of the in-kind deposit of a designated portfolio of securities and a specified amount of cash. Certain funds in the Company may be offered in Creation Units solely or partially for cash in U.S. dollars. Investors purchasing and redeeming Creation Units may pay a purchase transaction fee and a redemption transaction fee directly to State Street Bank and Trust Company, the Company’s administrator, to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash. Investors transacting in Creation Units for cash may also pay an additional variable charge to compensate the relevant fund for certain transaction costs (i.e., stamp taxes, taxes on currency or other financial transactions, and brokerage costs) and market impact expenses relating to investing in portfolio securities. Such variable charges, if any, are included in shares sold in the table above.

From time to time, settlement of securities related to in-kind contributions or in-kind redemptions may be delayed. In such cases, securities related to in-kind transactions are reflected as a receivable or a payable in the Statements of Assets and Liabilities.

12. SUBSEQUENT EVENTS

Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were available to be issued and has determined that there were no subsequent events requiring adjustment or additional disclosure in the financial statements.

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Statement Regarding Liquidity Risk Management Program (unaudited)

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), iShares, Inc. (the “Company”) has adopted and implemented a liquidity risk management program (the “Program”) for iShares Currency Hedged MSCI Emerging Markets ETF and iShares MSCI Emerging Markets ETF (the “Funds” or “ETFs”), each a series of the Company, which is reasonably designed to assess and manage each Fund’s liquidity risk.

The Board of Directors (the “Board”) of the Company, on behalf of the Funds, met on December 9, 2021 (the “Meeting”) to review the Program. The Board previously appointed BlackRock Fund Advisors (“BlackRock”), the investment adviser to the Funds, as the program administrator for each Fund’s Program. BlackRock also previously delegated oversight of the Program to the 40 Act Liquidity Risk Management Committee (the “Committee”). At the Meeting, the Committee, on behalf of BlackRock, provided the Board with a report that addressed the operation of the Program and assessed its adequacy and effectiveness of implementation, including the management of each Fund’s Highly Liquid Investment Minimum (“HLIM”) where applicable, and any material changes to the Program (the “Report”). The Report covered the period from October 1, 2020 through September 30, 2021 (the “Program Reporting Period”).

The Report described the Program’s liquidity classification methodology for categorizing each Fund’s investments (including derivative transactions) into one of four liquidity buckets. It also referenced the methodology used by BlackRock to establish each Fund’s HLIM and noted that the Committee reviews and ratifies the HLIM assigned to each Fund no less frequently than annually. The Report also discussed notable events affecting liquidity over the Program Reporting Period, including extended market holidays and the imposition of capital controls in certain non-U.S. countries.

The Report noted that the Program complied with the key factors for consideration under the Liquidity Rule for assessing, managing and periodically reviewing each Fund’s liquidity risk, as follows:

a) The Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions. During the Program Reporting Period, the Committee reviewed whether each Fund’s strategy is appropriate for an open-end fund structure, with a focus on funds with more significant and consistent holdings of less liquid and illiquid assets. The Committee also factored a fund’s concentration in an issuer into the liquidity classification methodology by taking issuer position sizes into account. Derivative exposure was also considered in the calculation of a fund’s liquidity bucketing. Finally, a factor for consideration under the Liquidity Rule is a Fund’s use of borrowings for investment purposes. However, the Funds do not borrow for investment purposes.

b) Short-term and long-term cash flow projections during both normal and reasonably foreseeable stressed conditions. During the Program Reporting Period, the Committee reviewed historical redemption activity and used this information as a component to establish each ETF’s reasonably anticipated trading size (“RATS”). The Committee may also take into consideration a fund’s shareholder ownership concentration (which, depending on product type and distribution channel, may or may not be available), a fund’s distribution channels, and the degree of certainty associated with a fund’s short-term and long-term cash flow projections.

c) Holdings of cash and cash equivalents, as well as borrowing arrangements. The Committee considered that ETFs generally do not hold more than de minimis amounts of cash. While the ETFs generally do not engage in borrowing, certain of the ETFs have the flexibility to draw on a line of credit to meet redemption requests or facilitate settlements.

d) The relationship between an ETF’s portfolio liquidity and the way in which, and the prices and spreads at which, ETF shares trade, including the efficiency of the arbitrage function and the level of active participation by market participants, including authorized participants. The Committee monitored the prevailing bid/ask spread and the ETF price premium (or discount) to NAV for all ETFs and reviewed any persistent deviations from long-term averages.

e) The effect of the composition of baskets on the overall liquidity of an ETF’s portfolio. In reviewing the linkage between the composition of custom baskets accepted by an ETF and any significant change in the liquidity profile of such ETF, the Committee reviewed changes in the proportion of each ETF’s portfolio comprised of less liquid and illiquid holdings to determine if applicable thresholds were met requiring enhanced review.

As part of BlackRock’s continuous review of the effectiveness of the Program, the Committee made the following material changes to the Program: (1) updates to certain model components in the Program’s methodology; and (2) certain iShares Funds entered into a $800 million credit agreement with a group of lenders that replaced a previous liquidity facility. The Report provided to the Board stated that the Committee concluded that based on the operation of the functions, as described in the Report, the Program is operating as intended and is effective in implementing the requirements of the Liquidity Rule.

40 2 0 2 2   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O  S H A R E H O L D E R S

Supplemental Information (unaudited)

Regulation Regarding Derivatives

On October 28, 2020, the Securities and Exchange Commission (the “SEC”) adopted regulations governing the use of derivatives by registered investment companies (“Rule 18f-4”). The Funds will be required to implement and comply with Rule 18f-4 by August 19, 2022. Once implemented, Rule 18f-4 will impose limits on the amount of derivatives a fund can enter into, eliminate the asset segregation framework currently used by funds to comply with Section 18 of the 1940 Act, treat derivatives as senior securities and require funds whose use of derivatives is more than a limited specified exposure amount to establish and maintain a comprehensive derivatives risk management program and appoint a derivatives risk manager.

Section 19(a) Notices

The amounts and sources of distributions reported are estimates and are being provided pursuant to regulatory requirements and are not being provided for tax reporting purposes. The actual amounts and sources for tax reporting purposes will depend upon each Fund’s investment experience during the year and may be subject to changes based on tax regulations. Shareholders will receive a Form 1099-DIV each calendar year that will inform them how to report these distributions for federal income tax purposes.

February 28, 2022

	Total Cumulative Distributions for the Fiscal Year-to-Date								% Breakdown of the Total Cumulative Distributions for the Fiscal Year-to-Date
iShares ETF	Net Investment Income		Net Realized Capital Gains		Return of Capital		Total Per Share		Net Investment Income			Net Realized Capital Gains			Return of Capital			Total Per Share
Currency Hedged MSCI Emerging Markets(a)	$	0.203421	$	—	$	0.225899	$	0.429320		47	%		—	%		53	%		100	%
MSCI Emerging Markets(a)		0.347253		—		0.385581		0.732834		47			—			53			100

^(a)  The Fund estimates that it has distributed more than its net investment income and net realized capital gains; therefore, a portion of the distribution may be a return of capital. A return of capital may occur, for example, when some or all of the shareholder’s investment in the Fund is returned to the shareholder. A return of capital does not necessarily reflect the Fund’s investment performance and should not be confused with “yield” or “income”. When distributions exceed total return performance, the difference will incrementally reduce the Fund’s net asset value per share.

S U P P L E M E N T A L   I N F O R M A T I O N 41

General Information

Electronic Delivery

Shareholders can sign up for e-mail notifications announcing that the shareholder report or prospectus has been posted on the iShares website at iShares.com. Once you have enrolled, you will no longer receive prospectuses and shareholder reports in the mail.

To enroll in electronic delivery:

• Go to icsdelivery.com.

• If your brokerage firm is not listed, electronic delivery may not be available. Please contact your broker-dealer or financial advisor.

Householding

Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents and Rule 30e-3 notices can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.

Availability of Quarterly Schedule of Investments

The Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT. The Funds’ Forms N-PORT are available on the SEC’s website at sec.gov. Additionally, each Fund makes its portfolio holdings for the first and third quarters of each fiscal year available at iShares.com/fundreports.

Availability of Proxy Voting Policies and Proxy Voting Records

A description of the policies and procedures that the iShares Funds use to determine how to vote proxies relating to portfolio securities and information about how the iShares Funds voted proxies relating to portfolio securities during the most recent twelve-month period ending June 30 is available without charge, upon request (1) by calling toll-free 1-800-474-2737; (2) on the iShares website at iShares.com; and (3) on the SEC website at sec.gov.

A description of the Company’s policies and procedures with respect to the disclosure of the Fund’s portfolio securities is available in the Fund Prospectus. The Fund discloses its portfolio holdings daily and provides information regarding its top holdings in Fund fact sheets at iShares.com.

42 2 0 2 2   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O  S H A R E H O L D E R S

Glossary of Terms Used in this Report

Portfolio Abbreviations - Equity
ADR	American Depositary Receipt
CPO	Certificates of Participation (Ordinary)
GDR	Global Depositary Receipt
JSC	Joint Stock Company
NVDR	Non-Voting Depositary Receipt
NVS	Non-Voting Shares
PJSC	Public Joint Stock Company
Currency Abbreviations
BRL	Brazilian Real
CLP	Chilean Peso
CNY	Chinese Yuan
EUR	Euro
HKD	Hong Kong Dollar
INR	Indian Rupee
KRW	South Korean Won
MXN	Mexican Peso
MYR	Malaysian Ringgit
RUB	Russian Ruble
THB	Thai Baht
TRY	Turkish Lira
TWD	New Taiwan Dollar
USD	United States Dollar
ZAR	South African Rand

Counterparty Abbreviations
CITI	Citibank N.A.
GS	Goldman Sachs & Co.
JPM	JPMorgan Chase Bank N.A.
MS	Morgan Stanley & Co. International PLC
SSB	State Street Bank and Trust Co.

G L O S S A R Y   O F   T E R M S   U S E D   I N   T H I S   R E P O R T 43

Want to know more?

iShares.com   |   1-800-474-2737

This report is intended for the Funds’ shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by the current prospectus.

Investing involves risk, including possible loss of principal.

The iShares Funds are distributed by BlackRock Investments, LLC (together with its affiliates, “BlackRock”).

The iShares Funds are not sponsored, endorsed, issued, sold or promoted by MSCI Inc., nor does this company make any representation regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the company listed above.

©2022 BlackRock, Inc. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.

iS-SAR-805-0222

FEBRUARY 28, 2022

2022 Semi-Annual Report

(Unaudited)

iShares, Inc.

·  iShares ESG Aware MSCI EM ETF | ESGE | NASDAQ

·   iShares MSCI Emerging Markets ex China ETF | EMXC | NASDAQ

·   iShares MSCI Emerging Markets Min Vol Factor ETF | EEMV | Cboe BZX

·   iShares MSCI Emerging Markets Multifactor ETF | EMGF | Cboe BZX

·   iShares MSCI Global Min Vol Factor ETF | ACWV | Cboe BZX

The Markets in Review

Dear Shareholder,

The 12-month reporting period as of February 28, 2022 saw a continuation of the resurgent growth that followed the initial coronavirus (or “COVID-19”) pandemic reopening, albeit at a slower pace. The global economy weathered the emergence of several variant strains and the resulting peaks and troughs in infections amid optimism that increasing vaccinations and economic adaptation could help contain the pandemic’s disruptions. However, rapid changes in consumer spending led to supply constraints and elevated inflation. Moreover, while the foremost effect of Russia’s invasion of Ukraine has been a severe humanitarian crisis, the invasion has presented challenges for both investors and policymakers.

Equity prices were mixed, as persistently high inflation drove investors’ expectations for higher interest rates, which particularly weighed on relatively high valuation growth stocks and economically sensitive small-capitalization stocks. Overall, small-capitalization U.S. stocks declined, while large-capitalization U.S. stocks posted a solid advance. International equities from developed markets gained slightly, although emerging market stocks declined, pressured by rising interest rates and a strengthening U.S. dollar.

The 10-year U.S. Treasury yield (which is inversely related to bond prices) rose during the reporting period as the economy expanded rapidly and inflation reached its highest annualized reading in decades. In the corporate bond market, the improving economy assuaged credit concerns and led to modest returns for high-yield corporate bonds, outpacing the negative return of investment-grade corporate bonds. The U.S. Federal Reserve (the “Fed”) maintained accommodative monetary policy during the reporting period by keeping near-zero interest rates. However, the Fed’s tone shifted during the period, as it reduced its bond-buying program and raised the prospect of higher rates in 2022. Continued high inflation and the Fed’s new stance led many analysts to anticipate that the Fed will raise interest rates multiple times throughout the year.

Looking ahead, however, the horrific war in Ukraine has significantly clouded the outlook for the global economy. Sanctions on Russia and general wartime disruption are likely to drive already-high commodity prices even further upwards, and we have already seen spikes in energy and metal markets. While this will exacerbate inflationary pressure, it could also constrain economic growth, making the Fed’s way forward less clear. Its challenge will be combating inflation without stifling a recovery that is now facing additional supply shocks.

In this environment, we favor an overweight to equities, as we believe low interest rates and continued economic growth will support further gains, albeit likely more modest than what we saw in 2021. Sectors that are better poised to manage the transition to a lower-carbon world, such as technology and health care, are particularly attractive in the long term. U.S. and other developed market equities have room for further growth, while we believe Chinese equities stand to gain from a more accommodative monetary and fiscal environment. We are underweight long-term credit, but inflation-protected U.S. Treasuries, Asian fixed income, and emerging market local-currency bonds offer potential opportunities. We believe that international diversification and a focus on sustainability can help provide portfolio resilience, and the disruption created by the coronavirus appears to be accelerating the shift toward sustainable investments.

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

Sincerely,

Rob Kapito

President, BlackRock, Inc.

Rob Kapito

President, BlackRock, Inc.

Total Returns as of February 28, 2022
	6-Month	12-Month
U.S. large cap equities (S&P 500® Index)	(2.62)%	16.39%
U.S. small cap equities (Russell 2000® Index)	(9.46)	(6.01)
International equities (MSCI Europe, Australasia, Far East Index)	(6.78)	2.83
Emerging market equities (MSCI Emerging Markets Index)	(9.81)	(10.69)
3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)	0.02	0.04
U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)	(3.94)	(1.67)
U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)	(4.07)	(2.64)
Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)	(3.09)	(0.66)
U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)	(3.07)	0.64
Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.

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

Table of Contents

	Page
The Markets in Review		2
Fund Summary		4
About Fund Performance		9
Shareholder Expenses		9
Schedules of Investments		10
Financial Statements
Statements of Assets and Liabilities		41
Statements of Operations		43
Statements of Changes in Net Assets		45
Financial Highlights		48
Notes to Financial Statements		53
Statement Regarding Liquidity Risk Management Program		64
Supplemental Information		65
General Information		66
Glossary of Terms Used in this Report		67

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

Investment Objective

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

Performance

				Average Annual Total Returns									Cumulative Total Returns
	6 Months			1 Year			5 Years			Since Inception			1 Year			5 Years			Since Inception
Fund NAV		(11.61	)%		(11.33	)%		7.19	%		9.42	%		(11.33	)%		41.49	%		66.63	%
Fund Market		(10.29	)		(10.77	)		7.37			9.61			(10.77	)		42.69			68.27
Index		(11.20	)		(10.47	)		7.67			10.07			(10.47	)		44.68			72.36

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

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

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

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value (09/01/21)	Ending Account Value (02/28/22)	Expenses Paid During the Period	(a)		Beginning Account Value (09/01/21)	Ending Account Value (02/28/22)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$       1,000.00	$         883.90	$       1.17			$      1,000.00	$      1,023.60	$        1.25		0.25	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” for more information.

Portfolio Information

ALLOCATION BY SECTOR
Sector	Percent of Total Investments	(a)
Financials	25.6	%
Information Technology	22.7
Consumer Discretionary	12.7
Communication Services	10.9
Materials	6.4
Consumer Staples	5.5
Health Care	4.5
Industrials	4.3
Energy	3.8
Utilities	1.8
Real Estate	1.8

TEN LARGEST GEOGRAPHIC ALLOCATION
Country/Geographic Region	Percent of Total Investments	(a)
China	29.9	%
Taiwan	17.4
South Korea	12.8
India	12.5
South Africa	4.4
Brazil	4.1
Saudi Arabia	3.1
Malaysia	2.8
Thailand	2.5
United Arab Emirates	1.8

^(a)  Excludes money market funds.

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

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

Investment Objective

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

Performance

				Average Annual Total Returns						Cumulative Total Returns
	6 Months			1 Year			Since Inception			1 Year			Since Inception
Fund NAV		(6.81	)%		1.64	%		5.41	%		1.64	%		27.56	%
Fund Market		(5.44	)		3.14			5.75			3.14			29.48
Index		(6.15	)		3.30			6.06			3.30			31.23

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

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

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value (09/01/21)	Ending Account Value (02/28/22)	Expenses Paid During the Period	(a)		Beginning Account Value (09/01/21)	Ending Account Value (02/28/22)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$       1,000.00	$         931.90	$       1.20			$      1,000.00	$      1,023.60	$      1.25		0.25	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” for more information.

Portfolio Information

ALLOCATION BY SECTOR
Sector	Percent of Total Investments	(a)
Information Technology	29.3	%
Financials	23.4
Materials	11.7
Communication Services	6.7
Energy	6.0
Consumer Staples	5.9
Consumer Discretionary	5.6
Industrials	5.1
Health Care	2.8
Utilities	2.4
Real Estate	1.1

TEN LARGEST GEOGRAPHIC ALLOCATION
Country/Geographic Region	Percent of Total Investments	(a)
Taiwan	23.8	%
India	18.3
South Korea	18.3
Brazil	7.4
Saudi Arabia	5.9
South Africa	5.5
Mexico	3.1
Thailand	2.7
Indonesia	2.5
Malaysia	2.2

^(a)  Excludes money market funds.

F U N D   S U M M A R Y 5

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

Investment Objective

The iShares MSCI Emerging Markets Min Vol Factor ETF (the “Fund”) seeks to track the investment results of an index composed of emerging market equities that, in the aggregate, have lower volatility characteristics relative to the broader emerging equity markets, as represented by the MSCI Emerging Markets Minimum Volatility (USD) Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

				Average Annual Total Returns									Cumulative Total Returns
	6 Months			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		(1.94	)%		1.18	%		6.10	%		3.41	%		1.18	%		34.48	%		39.84	%
Fund Market		(1.05	)		2.29			6.40			3.48			2.29			36.38			40.83
Index		(1.78	)		1.97			6.56			3.71			1.97			37.39			43.96

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

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value (09/01/21)	Ending Account Value (02/28/22)	Expenses Paid During the Period	(a)		Beginning Account Value (09/01/21)	Ending Account Value (02/28/22)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$       1,000.00	$         980.60	$       1.23			$      1,000.00	$      1,023.60	$      1.25		0.25	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” for more information.

Portfolio Information

ALLOCATION BY SECTOR
Sector	Percent of Total Investments	(a)
Financials	23.7	%
Communication Services	16.4
Information Technology	16.1
Consumer Staples	10.6
Consumer Discretionary	9.4
Health Care	8.2
Materials	5.4
Utilities	4.1
Industrials	3.9
Energy	1.5
Real Estate	0.7

TEN LARGEST GEOGRAPHIC ALLOCATION
Country/Geographic Region	Percent of Total Investments	(a)
China	28.2	%
Taiwan	18.3
India	13.8
Saudi Arabia	9.3
South Korea	6.5
Thailand	5.3
Malaysia	4.1
United Arab Emirates	3.7
Qatar	2.5
Philippines	2.0

^(a)  Excludes money market funds.

6 2 0 2 2   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

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

Investment Objective

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

Performance

				Average Annual Total Returns									Cumulative Total Returns
	6 Months			1 Year			5 Years			Since Inception			1 Year			5 Years			Since Inception
Fund NAV		(6.27	)%		(0.59	)%		7.25	%		8.70	%		(0.59	)%		41.90	%		68.10	%
Fund Market		(4.81	)		(0.01	)		7.44			8.89			(0.01	)		43.16			70.00
Index		(6.13	)		0.34			7.74			9.21			0.34			45.19			73.09

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

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

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value (09/01/21)	Ending Account Value (02/28/22)	Expenses Paid During the Period	(a)		Beginning Account Value (09/01/21)	Ending Account Value (02/28/22)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$       1,000.00	$         937.30	$       2.16			$      1,000.00	$      1,022.60	$      2.26		0.45	%

^(a) Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” for more information.

Portfolio Information

ALLOCATION BY SECTOR
Sector	Percent of Total Investments	(a)
Information Technology	23.4	%
Financials	14.7
Materials	13.1
Consumer Discretionary	12.9
Industrials	7.4
Health Care	6.5
Communication Services	5.8
Energy	5.3
Consumer Staples	4.8
Utilities	4.4
Real Estate	1.7

TEN LARGEST GEOGRAPHIC ALLOCATION
Country/Geographic Region	Percent of Total Investments	(a)
China	41.1	%
India	16.7
Taiwan	14.8
South Korea	10.3
Saudi Arabia	5.6
South Africa	2.7
Brazil	2.0
United Arab Emirates	1.0
Qatar	1.0
Indonesia	0.9

^(a)  Excludes money market funds.

F U N D   S U M M A R Y 7

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

Investment Objective

The iShares MSCI Global Min Vol Factor ETF (the “Fund”) seeks to track the investment results of an index composed of developed and emerging market equities that, in the aggregate, have lower volatility characteristics relative to the broader developed and emerging equity markets, as represented by the MSCI ACWI Minimum Volatility (USD) Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

				Average Annual Total Returns									Cumulative Total Returns
	6 Months			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		(4.00	)%		9.72	%		8.11	%		9.04	%		9.72	%		47.66	%		137.60	%
Fund Market		(4.12	)		9.74			8.12			8.99			9.74			47.76			136.61
Index		(4.06	)		9.70			7.91			8.79			9.70			46.35			132.32

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

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value (09/01/21)	Ending Account Value (02/28/22)	Expenses Paid During the Period	(a)		Beginning Account Value (09/01/21)	Ending Account Value (02/28/22)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$       1,000.00	$         960.00	$       0.97			$      1,000.00	$      1,023.80	$      1.00		0.20	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” for more information.

Portfolio Information

ALLOCATION BY SECTOR
Sector	Percent of Total Investments	(a)
Information Technology	17.5	%
Health Care	15.9
Communication Services	14.4
Consumer Staples	12.1
Financials	9.8
Utilities	8.0
Consumer Discretionary	7.5
Industrials	7.1
Materials	5.1
Real Estate	2.1
Energy	0.5

TEN LARGEST GEOGRAPHIC ALLOCATION
Country/Geographic Region	Percent of Total Investments	(a)
United States	55.8	%
Japan	10.2
Switzerland	6.1
Taiwan	4.9
China	4.3
India	3.9
Canada	2.3
Hong Kong	2.2
Denmark	1.6
Saudi Arabia	1.3

^(a)  Excludes money market funds.

8 2 0 2 2   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

About Fund Performance

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

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

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

Shareholder Expenses

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

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

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

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

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

Schedule of Investments (unaudited) February 28, 2022 iShares^® ESG Aware MSCI EM ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Brazil — 2.9%
Americanas SA		747,006	$	4,377,579
B3 SA - Brasil, Bolsa, Balcao		9,261,032		26,054,848
Banco do Brasil SA		4,425,322		29,919,937
Banco Santander Brasil SA		3,247,212		19,247,007
Cosan SA		3,503,113		14,362,002
Energisa SA		926,032		7,901,545
Localiza Rent a Car SA		2,171,061		24,168,994
Lojas Renner SA		2,254,944		11,145,812
Natura & Co. Holding SA(a)		2,767,832		12,351,322
Rumo SA(a)		2,111,891		6,326,954
Telefonica Brasil SA		1,343,576		13,175,985
Ultrapar Participacoes SA		4,203,826		11,822,632
Vibra Energia SA		1,443,285		6,574,042
				187,428,659
Chile — 0.6%
Banco de Chile		77,276,390		8,193,005
Banco Santander Chile		154,145,127		7,569,110
Enel Americas SA		200,688,465		23,498,900
				39,261,015
China — 29.8%
3SBio Inc.(a)(b)		8,745,000		6,950,260
AAC Technologies Holdings Inc.(c)		3,134,500		8,570,350
Agricultural Bank of China Ltd., Class H		21,797,000		8,254,939
Akeso Inc.(a)(b)		2,822,000		7,452,182
Alibaba Group Holding Ltd.(a)		13,254,268		174,477,511
Alibaba Health Information Technology Ltd.(a)		8,898,000		6,230,661
ANTA Sports Products Ltd.		417,200		6,371,980
Baidu Inc., ADR(a)		217,185		33,107,681
Bank of China Ltd., Class H		20,981,000		8,161,933
BeiGene Ltd., ADR(a)(c)		37,665		7,929,236
Bilibili Inc., ADR(a)(c)		183,625		5,804,386
BYD Co. Ltd., Class A		262,055		10,537,705
BYD Co. Ltd., Class H		743,000		23,023,596
CanSino Biologics Inc., Class H(a)(b)		426,200		7,702,865
China Construction Bank Corp., Class A		10,021,100		9,587,303
China Construction Bank Corp., Class H		94,065,000		70,545,416
China Eastern Airlines Corp. Ltd., Class A(a)		9,397,735		8,047,587
China Feihe Ltd.(b)		4,751,000		5,669,176
China Galaxy Securities Co. Ltd., Class A		4,507,700		7,239,054
China International Capital Corp. Ltd., Class A		1,004,813		6,785,460
China International Capital Corp. Ltd., Class H(b)		2,778,400		6,759,630
China Lesso Group Holdings Ltd.		8,835,000		13,602,230
China Medical System Holdings Ltd.		8,507,000		15,148,017
China Mengniu Dairy Co. Ltd.		2,275,000		14,793,000
China Merchants Bank Co. Ltd., Class A		1,851,240		14,633,543
China Merchants Bank Co. Ltd., Class H		4,515,000		38,058,317
China Molybdenum Co. Ltd., Class A		9,202,200		8,827,621
China Molybdenum Co. Ltd., Class H		22,683,000		13,652,959
China Resources Gas Group Ltd.		1,370,000		6,284,967
China Resources Land Ltd.		4,616,000		22,453,598
China Resources Mixc Lifestyle Services Ltd.(b)		1,197,800		6,161,078
China Suntien Green Energy Corp. Ltd., Class H		15,632,000		10,361,856
China Three Gorges Renewables Group Co. Ltd.		6,381,000		7,202,465
China Vanke Co. Ltd., Class H		2,961,600		7,034,338
CIFI Ever Sunshine Services Group Ltd.		3,480,000		6,341,361
Contemporary Amperex Technology Co. Ltd., Class A		192,303		16,472,540
COSCO SHIPPING Holdings Co. Ltd., Class H(a)		3,598,200		7,272,771
Country Garden Services Holdings Co. Ltd.		2,514,000		15,038,641

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

10 2 0 2 2   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) February 28, 2022 iShares^® ESG Aware MSCI EM ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
China (continued)
Tencent Holdings Ltd.		5,038,800	$	271,900,256
Tongcheng Travel Holdings Ltd.(a)		4,551,600		8,477,119
Topchoice Medical Corp., Class A(a)		286,209		7,343,170
Trip.com Group Ltd., ADR(a)		241,635		6,239,016
Unisplendour Corp. Ltd., Class A		2,838,440		9,894,566
Venus MedTech Hangzhou Inc., Class H(a)(b)(c)		2,158,500		6,001,113
Vipshop Holdings Ltd., ADR(a)		768,565		6,663,459
Wharf Holdings Ltd. (The)		1,994,000		7,214,273
Wuhu Sanqi Interactive Entertainment Network Technology Group Co. Ltd., Class A		2,145,800		7,126,070
WuXi AppTec Co. Ltd., Class A		449,889		7,446,687
WuXi AppTec Co. Ltd., Class H(b)		1,074,380		15,293,211
Wuxi Biologics Cayman Inc., New(a)(b)		4,578,500		37,870,681
Xiaomi Corp., Class B(a)(b)		6,448,000		12,136,535
Xinjiang Goldwind Science & Technology Co. Ltd., Class A		3,617,500		8,634,790
Xinjiang Goldwind Science & Technology Co. Ltd., Class H		4,075,536		6,668,311
Xinyi Solar Holdings Ltd.		7,916,000		14,378,352
XPeng Inc., ADR(a)		548,631		19,953,710
Yadea Group Holdings Ltd.(b)		9,952,000		14,764,127
Yum China Holdings Inc.		257,668		13,403,889
Yunnan Baiyao Group Co. Ltd., Class A		581,800		8,312,350
Zhejiang Huayou Cobalt Co. Ltd., Class A		404,200		7,878,854
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class H		9,871,200		6,566,358
				1,943,170,647
Colombia — 0.1%
Bancolombia SA		920,780		9,130,608
Czech Republic — 0.3%
Moneta Money Bank AS(b)		4,599,864		18,213,163
Greece — 0.4%
Alpha Services and Holdings SA(a)		4,413,364		6,022,210
OPAP SA		1,355,329		19,753,542
				25,775,752
Hungary — 0.5%
MOL Hungarian Oil & Gas PLC		3,908,154		30,484,773
India — 12.4%
Adani Green Energy Ltd.(a)		554,198		13,637,185
Adani Total Gas Ltd.		376,997		7,947,971
Asian Paints Ltd.		874,018		36,936,973
Axis Bank Ltd.(a)		2,601,917		25,814,004
Axis Bank Ltd., GDR(a)(d)		84,646		4,144,744
Bajaj Finance Ltd.		201,896		18,902,554
Bandhan Bank Ltd.(b)		1,752,960		7,170,182
Bharti Airtel Ltd.(a)		1,650,778		15,095,196
Colgate-Palmolive India Ltd.		1,350,663		26,056,236
Dabur India Ltd.		1,759,476		13,191,551
Eicher Motors Ltd.		457,547		15,803,880
Havells India Ltd.		773,338		12,217,521
HCL Technologies Ltd.		1,781,972		26,795,918
Hero MotoCorp Ltd.		280,449		9,499,975
Hindalco Industries Ltd.		3,015,182		23,172,048
Hindustan Unilever Ltd.		984,549		28,471,496
Housing Development Finance Corp. Ltd.		1,874,291		59,238,466
ICICI Bank Ltd.		4,774,656		47,291,694
Info Edge India Ltd.		179,884		10,692,998

Security	Shares		Value
India (continued)
Infosys Ltd.		3,173,861	$	72,331,869
Kotak Mahindra Bank Ltd.		680,587		16,753,393
Mahindra & Mahindra Ltd.		340,837		3,598,100
Mahindra & Mahindra Ltd., GDR		1,240,272		13,013,688
Marico Ltd.		1,269,837		8,693,404
Mphasis Ltd.		191,906		7,972,790
Nestle India Ltd.		98,628		23,163,255
Piramal Enterprises Ltd.		506,645		14,006,454
Power Grid Corp. of India Ltd.		2,615,925		7,261,299
Reliance Industries Ltd.		2,090,854		65,823,639
Reliance Industries Ltd., GDR(b)		91,955		5,771,869
Shriram Transport Finance Co. Ltd.		426,703		6,413,779
State Bank of India		2,982,708		19,268,902
Tata Consultancy Services Ltd.		1,233,682		58,441,642
Tata Consumer Products Ltd.		1,201,298		11,502,906
Tata Motors Ltd.(a)		1,048,759		6,357,767
Tech Mahindra Ltd.		762,625		14,271,227
Titan Co. Ltd.		455,877		15,484,543
United Spirits Ltd.(a)		715,036		8,442,918
UPL Ltd.		801,621		7,124,386
Wipro Ltd.		1,889,879		13,975,175
Zomato Ltd.(a)		6,045,466		6,414,745
				808,168,342
Indonesia — 1.7%
Bank Central Asia Tbk PT		74,156,400		41,866,161
Kalbe Farma Tbk PT		195,239,300		22,354,607
Telkom Indonesia Persero Tbk PT		103,755,000		31,324,973
Unilever Indonesia Tbk PT		45,462,500		11,698,680
				107,244,421
Kuwait — 0.4%
Kuwait Finance House KSCP		7,499,338		23,459,504
Malaysia — 2.8%
AMMB Holdings Bhd(a)		8,589,500		6,888,724
Axiata Group Bhd		8,951,300		8,378,852
CIMB Group Holdings Bhd		6,774,900		9,228,726
DiGi.Com Bhd		7,686,900		7,431,344
Hartalega Holdings Bhd		5,791,200		6,372,596
Malayan Banking Bhd		9,656,500		20,176,848
Maxis Bhd		19,354,900		18,556,299
Nestle Malaysia Bhd		915,100		29,243,395
Petronas Dagangan Bhd		4,468,800		22,905,460
Public Bank Bhd		27,736,300		29,457,206
RHB Bank Bhd		10,749,100		15,148,658
Sime Darby Plantation Bhd		6,374,800		7,479,156
				181,267,264
Mexico — 1.8%
Arca Continental SAB de CV		2,620,100		17,285,675
Cemex SAB de CV, NVS(a)		14,196,900		7,292,192
Coca-Cola Femsa SAB de CV		1,376,000		7,556,881
Fomento Economico Mexicano SAB de CV		4,368,600		35,200,921
Grupo Aeroportuario del Sureste SAB de CV, Class B		306,640		6,631,216
Grupo Financiero Banorte SAB de CV, Class O		4,177,700		28,259,292
Wal-Mart de Mexico SAB de CV		4,550,400		17,307,561
				119,533,738
Peru — 0.3%
Credicorp Ltd.		127,882		19,342,152
Philippines — 0.1%
Globe Telecom Inc.		127,680		6,415,518

S C H E D U L E   O F   I N V E S  T M E N T S 11

Schedule of Investments (unaudited) (continued) February 28, 2022 iShares^® ESG Aware MSCI EM ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Poland — 0.7%
Allegro.eu SA(a)(b)(c)		800,329	$	5,964,522
Bank Polska Kasa Opieki SA		453,581		12,443,549
KGHM Polska Miedz SA		218,881		8,594,797
Orange Polska SA(a)		3,265,177		6,059,011
Polski Koncern Naftowy ORLEN SA		579,843		9,794,610
				42,856,489
Qatar — 0.8%
Qatar National Bank QPSC		8,844,871		52,949,796
Russia — 0.7%
Gazprom PJSC(e)		7,224,690		5,824,064
LUKOIL PJSC(e)		725,046		12,656,040
Novatek PJSC, GDR		168,623		6,495,714
Novolipetsk Steel PJSC(e)		5,130,970		3,258,598
PhosAgro PJSC, GDR		754,049		4,613,195
Polymetal International PLC(e)		1,747,485		5,299,813
Polyus PJSC(e)		43,646		1,644,506
Rosneft Oil Co. PJSC(e)		759,129		791,947
Sberbank of Russia PJSC(e)		10,004,860		4,422,334
TCS Group Holding PLC, GDR(e)		124,025		1,428,296
Yandex NV(a)(e)		87,150		569,711
				47,004,218
Saudi Arabia — 3.1%
Al Rajhi Bank		829,908		35,604,471
Almarai Co. JSC		514,590		6,899,308
Bank AlBilad(a)		846,334		13,319,270
Dr Sulaiman Al Habib Medical Services Group Co.		392,078		17,929,648
SABIC Agri-Nutrients Co.		154,645		6,562,221
Sahara International Petrochemical Co.		1,087,716		13,605,309
Saudi Arabian Mining Co.(a)		882,391		25,189,216
Saudi Basic Industries Corp.		1,691,676		56,395,938
Saudi National Bank (The)		845,249		15,397,763
Savola Group (The)		1,123,450		10,178,054
				201,081,198
South Africa — 4.3%
Absa Group Ltd.		1,146,546		13,171,344
Aspen Pharmacare Holdings Ltd.		511,911		6,691,756
Bidvest Group Ltd (The)		1,209,188		16,567,457
Clicks Group Ltd.		630,341		12,255,292
FirstRand Ltd.		2,391,966		10,298,981
Gold Fields Ltd.		1,362,847		18,975,960
Growthpoint Properties Ltd.		10,660,261		9,290,139
Impala Platinum Holdings Ltd.		856,450		16,336,255
Kumba Iron Ore Ltd.		530,511		20,970,455
MTN Group Ltd.(a)		1,163,219		14,519,933
MultiChoice Group		1,041,982		8,539,831
Naspers Ltd., Class N		203,182		25,586,822
Nedbank Group Ltd.		663,144		9,427,308
NEPI Rockcastle PLC		1,583,039		10,117,386
Old Mutual Ltd.		23,367,030		19,148,009
Standard Bank Group Ltd.		1,380,840		14,631,394
Vodacom Group Ltd.		4,605,664		44,333,588
Woolworths Holdings Ltd.		3,676,506		12,105,596
				282,967,506
South Korea — 12.0%
Amorepacific Corp.		46,189		7,129,769
AMOREPACIFIC Group		347,541		14,199,273
CJ CheilJedang Corp.		46,546		14,743,697
Coway Co. Ltd.		236,073		14,178,258

Security	Shares		Value
South Korea (continued)
Hana Financial Group Inc.		183,295	$	7,424,183
HMM Co. Ltd.(a)		330,215		7,998,889
Kakao Corp.		357,516		28,314,112
KB Financial Group Inc.		640,828		31,614,890
LG Chem Ltd.		45,828		21,747,406
LG Corp.		1		63
LG Display Co. Ltd.		1,015,494		15,970,064
LG Electronics Inc.		137,353		14,339,152
LG Household & Health Care Ltd.		9,250		7,339,351
LG Innotek Co. Ltd.		25,840		7,027,638
NAVER Corp.		230,978		61,545,753
NCSoft Corp.		19,003		7,039,564
POSCO		115,470		27,473,054
Samsung C&T Corp.		108,177		9,990,755
Samsung Electro-Mechanics Co. Ltd.		69,433		9,707,304
Samsung Electronics Co. Ltd.		4,404,578		265,390,697
Samsung Engineering Co. Ltd.(a)		377,098		7,366,633
Samsung Fire & Marine Insurance Co. Ltd.		90,046		14,319,166
Samsung SDI Co. Ltd.		63,938		29,465,190
Samsung SDS Co. Ltd.		60,852		7,143,909
Samsung Securities Co. Ltd.		350,417		12,419,420
Shinhan Financial Group Co. Ltd.		1,154,098		37,549,438
SK Hynix Inc.		485,958		50,663,309
SK Inc.		92,094		17,590,869
SK Innovation Co. Ltd.(a)		69,389		11,713,977
SK Telecom Co. Ltd.		150,491		6,867,369
Woori Financial Group Inc.		1,158,144		13,774,241
				782,047,393
Taiwan — 17.4%
Acer Inc.		28,388,000		29,461,869
ASE Technology Holding Co. Ltd.		2,660,000		9,614,058
Asustek Computer Inc.		605,000		8,070,987
AU Optronics Corp.		9,854,000		7,377,461
Cathay Financial Holding Co. Ltd.		29,447,110		66,215,818
Chailease Holding Co. Ltd.		1,396,219		12,671,400
China Steel Corp.		15,377,000		19,995,550
CTBC Financial Holding Co. Ltd.		70,720,000		69,127,207
Delta Electronics Inc.		2,365,000		21,077,133
E.Sun Financial Holding Co Ltd.		47,501,132		50,211,202
Evergreen Marine Corp. Taiwan Ltd.		3,088,000		16,222,057
Far EasTone Telecommunications Co. Ltd.		5,524,000		13,662,683
First Financial Holding Co. Ltd.		55,149,689		50,778,383
Fubon Financial Holding Co. Ltd.		15,233,723		41,132,027
Hon Hai Precision Industry Co. Ltd.		4,476,000		16,626,362
Hotai Motor Co. Ltd.		452,000		10,233,930
Innolux Corp.		11,543,000		7,024,071
MediaTek Inc.		1,299,000		51,331,060
Mega Financial Holding Co. Ltd.		10,788,000		14,537,918
momo.com Inc.		171,000		6,087,437
Taishin Financial Holding Co. Ltd.		56,314,831		39,466,852
Taiwan Semiconductor Manufacturing Co. Ltd.		23,724,000		510,055,470
Unimicron Technology Corp.		965,000		8,972,372
United Microelectronics Corp.		12,332,000		23,237,818
Yageo Corp.		788,000		12,928,523
Yang Ming Marine Transport Corp.(a)		1,857,000		7,848,604
Yuanta Financial Holding Co. Ltd.		7,840,040		7,003,449
				1,130,971,701
Thailand — 2.5%
Asset World Corp. PCL, NVDR(a)		49,746,500		7,328,718

12 2 0 2 2   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) February 28, 2022 iShares^® ESG Aware MSCI EM ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Thailand (continued)
Bangkok Dusit Medical Services PCL, NVDR		29,382,500	$	21,362,930
BTS Group Holdings PCL, NVDR(c)		79,445,400		23,158,367
Delta Electronics Thailand PCL, NVDR		538,900		6,747,191
Energy Absolute PCL, NVDR		3,197,800		9,346,015
Home Product Center PCL, NVDR		15,297,100		7,163,305
Krungthai Card PCL, NVDR		4,058,000		7,896,875
Minor International PCL, NVDR(a)		9,745,600		9,229,553
PTT Exploration & Production PCL, NVDR		2,794,300		11,764,710
PTT PCL, NVDR		22,318,600		27,167,729
Siam Cement PCL (The), NVDR		1,843,100		22,181,034
Siam Commercial Bank PCL (The), NVDR		2,642,500		10,211,295
				163,557,722
Turkey — 0.2%
Turkcell Iletisim Hizmetleri AS		8,719,922		12,928,437
United Arab Emirates — 1.8%
Abu Dhabi Commercial Bank PJSC		10,034,053		29,429,103
Abu Dhabi National Oil Co. for Distribution PJSC		8,527,857		9,574,519
Emirates Telecommunications Group Co. PJSC		3,728,920		35,612,785
First Abu Dhabi Bank PJSC		8,086,547		45,528,864
				120,145,271
Total Common Stocks — 97.6% (Cost: $5,865,549,865)				6,355,405,287
Preferred Stocks
Brazil — 1.2%
Banco Bradesco SA, Preference Shares, NVS		8,579,280		33,607,739
Cia. Energetica de Minas Gerais, Preference Shares, NVS		7,251,938		17,819,959
Gerdau SA, Preference Shares, NVS		2,158,608		10,706,296
Itau Unibanco Holding SA, Preference Shares, NVS		2,814,960		13,819,071
				75,953,065
Colombia — 0.1%
Bancolombia SA, Preference Shares, NVS		902,326		7,975,845

Security	Shares		Value
South Korea — 0.8%
LG Household & Health Care Ltd., Preference Shares, NVS		8,100	$	3,550,292
Samsung Electronics Co. Ltd., Preference Shares, NVS		849,151		46,930,439
				50,480,731
Total Preferred Stocks — 2.1% (Cost: $ 120,898,371)				134,409,641
Short-Term Investments
Money Market Funds — 0.4%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.09%(f)(g)(h)		25,569,074		25,574,188
Total Short-Term Investments — 0.4% (Cost: $ 25,569,836)				25,574,188
Total Investments in Securities — 100.1% (Cost: $ 6,012,018,072)				6,515,389,116
Other Assets, Less Liabilities — (0.1)%				(4,122,347	)
Net Assets — 100.0%			$	6,511,266,769

^(a)  Non-income producing security.

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

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

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

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

^(f)  Affiliate of the Fund.

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

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 08/31/21		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 02/28/22		Shares Held at 02/28/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	41,185,570	$	—	$	(15,594,446	)(a)	$	(13,582	)	$	(3,354	)	$	25,574,188		25,569,074	$	600,356	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares(c)		6,140,000		—		(6,140,000	)(a)		—			—			—		—		1,003			—
								$	(13,582	)	$	(3,354	)	$	25,574,188			$	601,359		$	—

^(a)  Represents net amount purchased (sold).

^(b)  All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

^(c)  As of period end, the entity is no longer held.

S C H E D U L E   O F   I N V E S T M E N T S 13

Schedule of Investments (unaudited) (continued) February 28, 2022 iShares^® ESG Aware MSCI EM ETF

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
MSCI Emerging Markets Index		484		03/18/22	$	28,447	$	(488,507	)

Derivative Financial Instruments Categorized by Risk Exposure

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

	Equity Contracts
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	488,507

^(a)  Net cumulative unrealized appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).

For the period ended February 28, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	(1,844,828	)
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(563,596	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

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

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

Fair Value Hierarchy as of Period End

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.

	Level 1			Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	635,490,214		$	5,684,019,764	$	35,895,309	$	6,355,405,287
Preferred Stocks		7,975,845			126,433,796		—		134,409,641
Money Market Funds		25,574,188			—		—		25,574,188
	$	669,040,247		$	5,810,453,560	$	35,895,309	$	6,515,389,116
Derivative financial instruments(a)
Liabilities
Futures Contracts	$	(488,507	)	$	—	$	—	$	(488,507	)

^(a)  Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

See notes to financial statements.

14 2 0 2 2   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments (unaudited) February 28, 2022 iShares^® MSCI Emerging Markets ex China ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Brazil — 5.5%
Ambev SA		2,220,423	$	6,516,413
Americanas SA		269,853		1,581,383
Atacadao SA		247,724		913,149
B3 SA - Brasil, Bolsa, Balcao		2,880,666		8,104,422
Banco Bradesco SA		717,076		2,351,902
Banco BTG Pactual SA		554,113		2,752,993
Banco do Brasil SA		409,379		2,767,842
Banco Inter SA		164,145		636,472
Banco Santander Brasil SA		201,460		1,194,102
BB Seguridade Participacoes SA		336,517		1,483,877
BRF SA(a)		311,663		982,845
CCR SA		573,688		1,305,162
Centrais Eletricas Brasileiras SA		153,121		1,033,376
Cia. de Saneamento Basico do Estado de Sao Paulo		162,722		1,305,717
Cia. Siderurgica Nacional SA		322,544		1,587,475
Cosan SA		497,669		2,040,335
Energisa SA		90,286		770,383
Engie Brasil Energia SA		80,508		623,709
Equatorial Energia SA		479,942		2,373,454
Hapvida Participacoes e Investimentos SA(b)		1,904,893		4,458,964
Hypera SA		178,783		1,159,765
JBS SA		336,797		2,359,194
Klabin SA		337,365		1,515,321
Localiza Rent a Car SA		285,409		3,177,271
Lojas Renner SA		454,996		2,248,969
Magazine Luiza SA		1,403,476		1,619,191
Natura & Co. Holding SA(a)		422,619		1,885,918
Petro Rio SA(a)		331,521		1,684,828
Petroleo Brasileiro SA		1,749,159		12,437,250
Raia Drogasil SA		508,681		2,302,869
Rede D’Or Sao Luiz SA(b)		184,209		1,814,637
Rumo SA(a)		607,623		1,820,360
Suzano SA		350,796		3,781,218
Telefonica Brasil SA		238,652		2,340,378
TIM SA		406,520		1,078,289
TOTVS SA		249,781		1,600,154
Ultrapar Participacoes SA		356,716		1,003,210
Vale SA		1,921,270		35,646,623
Vibra Energia SA		556,043		2,532,729
WEG SA		787,543		4,462,051
XP Inc.(a)		1		32
				131,254,232
Chile — 0.5%
Banco de Chile		20,585,108		2,182,477
Banco de Credito e Inversiones SA		22,418		801,432
Banco Santander Chile		33,954,674		1,667,303
Cencosud SA		668,262		1,229,161
Cia. Cervecerias Unidas SA		78,610		623,224
Empresas CMPC SA		498,977		824,386
Empresas COPEC SA		177,198		1,374,659
Enel Americas SA		10,325,429		1,209,019
Enel Chile SA		15,637,529		512,642
Falabella SA		353,756		1,164,137
				11,588,440
China — 0.2%
Silergy Corp.		37,000		4,930,292

Security	Shares		Value
Colombia — 0.2%
Bancolombia SA		121,354	$	1,203,367
Ecopetrol SA		2,285,186		1,893,968
Grupo de Inversiones Suramericana SA		66,400		538,856
Interconexion Electrica SA ESP		218,547		1,348,917
				4,985,108
Czech Republic — 0.2%
CEZ AS(c)		76,561		2,915,430
Komercni Banka AS(a)		31,478		1,238,357
Moneta Money Bank AS(b)		184,719		731,395
				4,885,182
Egypt — 0.1%
Commercial International Bank Egypt SAE(a)		739,083		2,251,111
Eastern Co. SAE		247,449		171,075
Fawry for Banking & Payment Technology Services SAE(a)		207,263		127,888
				2,550,074
Greece — 0.3%
Alpha Services and Holdings SA(a)		1,030,566		1,406,248
Eurobank Ergasias Services and Holdings SA, Class A(a)		1,152,616		1,262,611
Hellenic Telecommunications Organization SA		98,444		1,969,074
JUMBO SA		49,390		709,597
OPAP SA		86,240		1,256,924
Public Power Corp. SA(a)		91,338		868,284
				7,472,738
Hungary — 0.3%
MOL Hungarian Oil & Gas PLC		196,761		1,534,795
OTP Bank Nyrt(a)		106,828		4,076,471
Richter Gedeon Nyrt		66,116		1,388,217
				6,999,483
India — 18.3%
ACC Ltd.		36,636		1,020,425
Adani Enterprises Ltd.		129,640		2,850,878
Adani Green Energy Ltd.(a)		184,739		4,545,884
Adani Ports & Special Economic Zone Ltd.		244,111		2,308,235
Adani Total Gas Ltd.		130,428		2,749,725
Adani Transmission Ltd.(a)		129,663		3,694,960
Ambuja Cements Ltd.		330,141		1,383,655
Apollo Hospitals Enterprise Ltd.		47,788		3,058,668
Asian Paints Ltd.		180,932		7,646,388
Aurobindo Pharma Ltd.		140,930		1,173,165
Avenue Supermarts Ltd.(a)(b)		77,181		4,465,254
Axis Bank Ltd.(a)		948,801		9,413,195
Bajaj Auto Ltd.		33,937		1,596,995
Bajaj Finance Ltd.		127,828		11,967,923
Bajaj Finserv Ltd.		17,919		3,841,627
Balkrishna Industries Ltd.		42,186		1,025,823
Bandhan Bank Ltd.(b)		283,274		1,158,684
Berger Paints India Ltd.		120,196		1,103,922
Bharat Electronics Ltd.		588,215		1,653,053
Bharat Forge Ltd.		113,342		1,026,734
Bharat Petroleum Corp. Ltd.		424,417		1,979,669
Bharti Airtel Ltd.(a)		1,166,603		10,667,759
Biocon Ltd.(a)		209,534		973,828
Britannia Industries Ltd.		51,412		2,346,710
Cholamandalam Investment and Finance Co. Ltd.		197,010		1,817,520
Cipla Ltd.		229,417		2,823,674
Coal India Ltd.		752,658		1,702,392
Colgate-Palmolive India Ltd.		58,386		1,126,350

S C H E D U L E   O F   I N V E S T M E N T S 15

Schedule of Investments (unaudited) (continued) February 28, 2022 iShares^® MSCI Emerging Markets ex China ETF (Percentages shown are based on Net Assets)

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

Security	Shares		Value
India (continued)
SRF Ltd.		69,186	$	2,201,799
State Bank of India		853,236		5,512,079
Sun Pharmaceutical Industries Ltd.		395,544		4,443,314
Tata Consultancy Services Ltd.		435,175		20,614,990
Tata Consumer Products Ltd.		289,970		2,776,578
Tata Motors Ltd.(a)		779,898		4,727,883
Tata Power Co. Ltd. (The)		682,574		2,035,446
Tata Steel Ltd.		339,789		5,563,612
Tech Mahindra Ltd.		296,397		5,580,504
Titan Co. Ltd.		168,507		5,723,592
Torrent Pharmaceuticals Ltd.		22,440		821,284
Trent Ltd.		89,862		1,328,988
UltraTech Cement Ltd.		47,609		4,166,824
United Spirits Ltd.(a)		132,204		1,561,023
UPL Ltd.		236,607		2,102,839
Vedanta Ltd.		526,983		2,682,176
Wipro Ltd.		643,772		4,760,530
Yes Bank Ltd.(a)		5,434,201		960,018
Zomato Ltd.(a)		741,792		792,477
				436,579,591
Indonesia — 2.5%
Adaro Energy Tbk PT		6,210,300		1,064,020
Aneka Tambang Tbk		3,986,500		621,090
Astra International Tbk PT		9,296,600		3,770,096
Bank Central Asia Tbk PT		25,894,400		14,619,090
Bank Jago Tbk PT(a)		1,837,900		2,079,160
Bank Mandiri Persero Tbk PT		8,929,300		4,827,546
Bank Negara Indonesia Persero Tbk PT		3,576,000		2,003,681
Bank Rakyat Indonesia Persero Tbk PT		32,298,471		10,327,764
Barito Pacific Tbk PT		13,202,900		823,270
Charoen Pokphand Indonesia Tbk PT		3,496,300		1,415,725
Gudang Garam Tbk PT		236,400		518,050
Indah Kiat Pulp & Paper Tbk PT		1,329,600		751,379
Indocement Tunggal Prakarsa Tbk PT		718,500		550,431
Indofood CBP Sukses Makmur Tbk PT		1,111,500		658,881
Indofood Sukses Makmur Tbk PT		2,014,100		871,156
Kalbe Farma Tbk PT		9,353,600		1,070,973
Merdeka Copper Gold Tbk PT(a)		5,486,400		1,485,582
Sarana Menara Nusantara Tbk PT		10,539,400		762,148
Semen Indonesia Persero Tbk PT		1,446,500		730,672
Telkom Indonesia Persero Tbk PT		23,260,200		7,022,554
Tower Bersama Infrastructure Tbk PT		3,751,700		771,535
Unilever Indonesia Tbk PT		3,614,500		930,105
United Tractors Tbk PT		809,900		1,413,263
				59,088,171
Kuwait — 1.0%
Agility Public Warehousing Co. KSC		600,345		2,043,173
Boubyan Bank KSCP(a)		590,596		1,607,857
Kuwait Finance House KSCP		2,214,449		6,927,262
Mabanee Co. KPSC(a)		246,609		690,635
Mobile Telecommunications Co. KSCP		1,104,002		2,263,456
National Bank of Kuwait SAKP		3,150,819		11,045,077
				24,577,460
Malaysia — 2.2%
AMMB Holdings Bhd(a)		960,600		770,395
Axiata Group Bhd		1,472,600		1,378,425
CIMB Group Holdings Bhd		3,180,400		4,332,321
Dialog Group Bhd		1,962,300		1,322,029
DiGi.Com Bhd		1,615,700		1,561,985

16 2 0 2 2   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) February 28, 2022 iShares^® MSCI Emerging Markets ex China ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Malaysia (continued)
Fraser & Neave Holdings Bhd		18,400	$	99,045
Genting Bhd		1,058,800		1,173,633
Genting Malaysia Bhd		1,475,700		1,056,184
HAP Seng Consolidated Bhd(c)		222,700		402,064
Hartalega Holdings Bhd		814,200		895,940
Hong Leong Bank Bhd		344,600		1,649,759
Hong Leong Financial Group Bhd		55,200		254,011
IHH Healthcare Bhd		873,500		1,370,413
Inari Amertron Bhd		1,468,100		1,136,710
IOI Corp. Bhd		1,302,100		1,430,753
Kuala Lumpur Kepong Bhd		211,100		1,307,276
Malayan Banking Bhd		2,137,300		4,465,798
Malaysia Airports Holdings Bhd(a)		533,744		781,833
Maxis Bhd		1,276,800		1,224,118
MISC Bhd		685,900		1,203,034
Nestle Malaysia Bhd		24,400		779,739
Petronas Chemicals Group Bhd		1,114,800		2,535,748
Petronas Dagangan Bhd		127,400		653,007
Petronas Gas Bhd		326,400		1,355,017
PPB Group Bhd		284,940		1,217,536
Press Metal Aluminium Holdings Bhd		1,544,600		2,512,711
Public Bank Bhd		6,994,100		7,428,051
QL Resources Bhd		308,200		363,365
RHB Bank Bhd		944,500		1,331,080
Sime Darby Bhd		1,469,400		795,737
Sime Darby Plantation Bhd		849,500		996,666
Telekom Malaysia Bhd		591,700		713,112
Tenaga Nasional Bhd		1,014,300		2,217,249
Top Glove Corp. Bhd		2,496,900		1,219,160
Westports Holdings Bhd		244,700		227,885
				52,161,789
Mexico — 3.1%
Alfa SAB de CV, Class A		1,422,600		1,065,509
America Movil SAB de CV, Series L, NVS		14,475,900		13,082,804
Arca Continental SAB de CV		202,700		1,337,280
Becle SAB de CV		224,600		563,227
Cemex SAB de CV, NVS(a)		7,084,500		3,638,931
Coca-Cola Femsa SAB de CV		247,900		1,361,447
Fibra Uno Administracion SA de CV		1,521,000		1,714,012
Fomento Economico Mexicano SAB de CV		912,900		7,355,885
Gruma SAB de CV, Class B		101,225		1,372,846
Grupo Aeroportuario del Pacifico SAB de CV, Class B		173,400		2,522,220
Grupo Aeroportuario del Sureste SAB de CV, Class B		100,215		2,167,190
Grupo Bimbo SAB de CV, Series A		724,300		2,230,438
Grupo Carso SAB de CV, Series A1		189,200		576,163
Grupo Financiero Banorte SAB de CV, Class O		1,225,900		8,292,378
Grupo Financiero Inbursa SAB de CV, Class O(a)		1,018,600		1,660,118
Grupo Mexico SAB de CV, Series B		1,473,800		7,560,772
Grupo Televisa SAB de CV, CPO		1,140,000		2,443,533
Industrias Penoles SAB de CV		70,255		876,841
Kimberly-Clark de Mexico SAB de CV, Class A		735,000		1,031,390
Megacable Holdings SAB de CV, CPO		136,800		402,899
Orbia Advance Corp. SAB de CV		504,700		1,289,288
Promotora y Operadora de Infraestructura SABde CV		113,825		890,104
Telesites SAB de CV		612,500		679,160

Security	Shares		Value
Mexico (continued)
Wal-Mart de Mexico SAB de CV		2,437,300	$	9,270,332
				73,384,767
Peru — 0.4%
Cia. de Minas Buenaventura SAA, ADR(a)		104,245		1,032,025
Credicorp Ltd.		31,907		4,825,934
Southern Copper Corp.		39,823		2,763,318
				8,621,277
Philippines — 1.1%
Aboitiz Equity Ventures Inc.		961,150		1,122,935
AC Energy Corp.		3,680,400		610,170
Ayala Corp.		131,930		2,187,254
Ayala Land Inc.		3,976,200		3,031,201
Bank of the Philippine Islands		777,580		1,519,710
BDO Unibank Inc.		961,740		2,437,207
Globe Telecom Inc.		11,980		601,957
GT Capital Holdings Inc.		49,624		561,978
International Container Terminal Services Inc.		445,780		1,831,115
JG Summit Holdings Inc.		1,505,540		1,778,271
Jollibee Foods Corp.		219,640		1,032,441
Manila Electric Co.		78,820		567,165
Metro Pacific Investments Corp.		7,266,600		549,864
Metropolitan Bank & Trust Co.		885,037		985,676
Monde Nissin Corp.(a)(b)		2,164,200		697,339
PLDT Inc.		35,120		1,232,317
SM Investments Corp.		122,365		2,128,917
SM Prime Holdings Inc.		4,878,000		3,807,237
Universal Robina Corp.		340,310		796,513
				27,479,267
Poland — 1.0%
Allegro.eu SA(a)(b)		166,346		1,239,708
Bank Polska Kasa Opieki SA		87,571		2,402,424
CD Projekt SA		33,448		1,328,543
Cyfrowy Polsat SA		134,546		872,402
Dino Polska SA(a)(b)		23,355		1,642,251
KGHM Polska Miedz SA		63,406		2,489,762
LPP SA		502		1,032,434
mBank SA(a)		7,252		708,752
Orange Polska SA(a)		322,668		598,758
PGE Polska Grupa Energetyczna SA(a)		409,705		794,760
Polski Koncern Naftowy ORLEN SA		141,841		2,395,954
Polskie Gornictwo Naftowe i Gazownictwo SA		820,511		1,081,359
Powszechna Kasa Oszczednosci Bank Polski SA(a)		412,433		3,963,699
Powszechny Zaklad Ubezpieczen SA		286,639		2,150,552
Santander Bank Polska SA		17,954		1,345,909
				24,047,267
Qatar — 1.3%
Barwa Real Estate Co.		656,706		653,248
Commercial Bank PSQC (The)		930,397		1,764,643
Industries Qatar QSC		730,005		3,660,099
Masraf Al Rayan QSC(a)		2,127,469		2,914,581
Mesaieed Petrochemical Holding Co.		2,180,903		1,595,763
Ooredoo QPSC		464,900		977,644
Qatar Electricity & Water Co. QSC		225,352		1,112,645
Qatar Fuel QSC		182,282		928,966
Qatar Gas Transport Co. Ltd.		1,151,918		1,190,655
Qatar International Islamic Bank QSC		306,038		860,272
Qatar Islamic Bank SAQ		562,744		3,251,848
Qatar National Bank QPSC		2,114,961		12,661,208
				31,571,572

S C H E D U L E   O F   I N V E S T M E N T S 17

Schedule of Investments (unaudited) (continued) February 28, 2022 iShares^® MSCI Emerging Markets ex China ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Russia — 0.9%
Alrosa PJSC(d)		1,271,273	$	370,312
Gazprom PJSC(d)		5,613,440		4,525,182
Inter RAO UES PJSC(d)		19,580,300		189,014
LUKOIL PJSC(d)		197,285		3,443,708
Magnit PJSC, GDR		133,326		211,607
MMC Norilsk Nickel PJSC(d)		29,789		2,017,976
Mobile TeleSystems PJSC, ADR		209,440		1,151,920
Moscow Exchange MICEX-RTS PJSC(d)		631,870		212,673
Novatek PJSC, GDR		43,315		1,668,585
Novolipetsk Steel PJSC(d)		785,210		498,674
Ozon Holdings PLC, ADR(a)(d)		539		1,977
PhosAgro PJSC, GDR		67,667		413,980
Polymetal International PLC(d)		137,561		417,198
Polyus PJSC(d)		13,397		504,776
Rosneft Oil Co. PJSC(d)		532,936		555,976
Sberbank of Russia PJSC(d)		4,933,827		2,180,843
Severstal PAO(d)		109,143		521,249
Surgutneftegas PJSC(d)		3,671,000		277,218
Tatneft PJSC(d)		685,605		870,602
TCS Group Holding PLC, GDR(d)		58,085		668,918
United Co. RUSAL International PJSC(a)(d)		1,500,930		316,722
VK Co. Ltd.(a)(d)		873		887
VTB Bank PJSC(d)		1,160,968,000		77,582
X5 Retail Group NV, GDR(d)		67,732		291,359
Yandex NV(a)(d)		149,219		975,464
				22,364,402
Saudi Arabia — 5.9%
Abdullah Al Othaim Markets Co.		24,442		726,957
Advanced Petrochemical Co.		50,284		1,008,847
Al Rajhi Bank		574,928		24,665,394
Alinma Bank		441,775		4,188,941
Almarai Co. JSC		125,580		1,683,700
Arab National Bank		297,131		2,221,298
Bank AlBilad(a)		174,532		2,746,716
Bank Al-Jazira		179,264		1,288,027
Banque Saudi Fransi		282,092		4,006,451
Bupa Arabia for Cooperative Insurance Co.		29,372		1,273,674
Co for Cooperative Insurance (The)		33,967		713,879
Dar Al Arkan Real Estate Development Co.(a)		220,021		642,894
Dr Sulaiman Al Habib Medical Services Group Co.		24,236		1,108,307
Emaar Economic City(a)		188,387		624,210
Etihad Etisalat Co.(a)		183,621		1,711,391
Jarir Marketing Co.		28,509		1,591,795
Mobile Telecommunications Co.(a)		179,092		643,289
Mouwasat Medical Services Co.		23,340		1,294,716
National Industrialization Co.(a)		149,832		907,641
National Petrochemical Co.		55,054		664,369
Rabigh Refining & Petrochemical Co.(a)		104,507		686,064
Riyad Bank(a)		648,744		6,149,071
SABIC Agri-Nutrients Co.		100,608		4,286,692
Sahara International Petrochemical Co.		168,033		2,101,781
Saudi Arabian Mining Co.(a)		203,124		5,798,489
Saudi Arabian Oil Co.(b)		1,011,049		11,217,088
Saudi Basic Industries Corp.		421,471		14,050,712
Saudi British Bank (The)(a)		390,554		4,040,882
Saudi Cement Co.		2,004		29,786
Saudi Electricity Co.		391,358		2,888,473
Saudi Industrial Investment Group		103,761		979,702
Saudi Kayan Petrochemical Co.(a)		338,927		1,852,902
Saudi National Bank (The)		1,037,082		18,892,353

Security	Shares		Value
Saudi Arabia (continued)
Saudi Research & Media Group(a)		16,902	$	1,126,289
Saudi Telecom Co.		284,192		8,671,057
Savola Group (The)		131,141		1,188,090
Yanbu National Petrochemical Co.		119,472		2,192,992
				139,864,919
South Africa — 5.5%
Absa Group Ltd.		345,535		3,969,453
African Rainbow Minerals Ltd.		37,505		667,449
Anglo American Platinum Ltd.		25,029		3,906,648
AngloGold Ashanti Ltd.		198,398		4,641,897
Aspen Pharmacare Holdings Ltd.		181,308		2,370,078
Bid Corp. Ltd.		155,895		3,167,326
Bidvest Group Ltd (The)		131,312		1,799,146
Capitec Bank Holdings Ltd.		38,264		5,166,125
Clicks Group Ltd.		114,376		2,223,735
Discovery Ltd.(a)		209,700		2,147,546
Exxaro Resources Ltd.		117,742		1,518,725
FirstRand Ltd.		2,350,075		10,118,613
Gold Fields Ltd.		422,288		5,879,839
Growthpoint Properties Ltd.		1,567,387		1,365,937
Harmony Gold Mining Co. Ltd.		268,586		1,147,021
Impala Platinum Holdings Ltd.		385,277		7,348,921
Kumba Iron Ore Ltd.		28,324		1,119,613
Mr. Price Group Ltd.		122,100		1,664,554
MTN Group Ltd.(a)		798,531		9,967,699
MultiChoice Group		182,079		1,492,275
Naspers Ltd., Class N		102,179		12,867,458
Nedbank Group Ltd.		219,593		3,121,752
NEPI Rockcastle PLC		208,010		1,329,416
Northam Platinum Holdings Ltd.(a)		161,539		2,608,262
Old Mutual Ltd.		2,279,747		1,868,129
Pepkor Holdings Ltd.(b)		631,618		901,651
Rand Merchant Investment Holdings Ltd.		380,204		1,196,278
Reinet Investments SCA		65,342		1,347,019
Remgro Ltd.		244,101		2,218,241
Sanlam Ltd.		875,993		3,691,553
Sasol Ltd.(a)		265,676		6,095,920
Shoprite Holdings Ltd.		239,225		3,568,345
Sibanye Stillwater Ltd.		1,264,664		5,966,212
SPAR Group Ltd (The)		91,910		980,772
Standard Bank Group Ltd.		617,991		6,548,239
Tiger Brands Ltd.		83,719		889,336
Vodacom Group Ltd.		294,698		2,836,729
Woolworths Holdings Ltd.		477,211		1,571,308
				131,289,220
South Korea — 17.2%
Alteogen Inc.(a)(c)		12,969		584,129
Amorepacific Corp.(c)		15,225		2,350,142
AMOREPACIFIC Group		15,591		636,992
BGF retail Co. Ltd.		3,888		550,799
Celltrion Healthcare Co. Ltd.		40,700		2,164,735
Celltrion Inc.		46,427		6,197,071
Celltrion Pharm Inc.(a)		8,013		589,579
Cheil Worldwide Inc.		30,326		570,187
CJ CheilJedang Corp.		4,096		1,297,430
CJ Corp.		6,537		460,502
CJ ENM Co. Ltd.		5,280		576,172
CJ Logistics Corp.(a)		4,574		474,240
Coway Co. Ltd.		26,664		1,601,407

18 2 0 2 2   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) February 28, 2022 iShares^® MSCI Emerging Markets ex China ETF (Percentages shown are based on Net Assets)

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

Security	Shares		Value
South Korea (continued)
Netmarble Corp.(b)		10,207	$	877,067
NH Investment & Securities Co. Ltd.(a)		81,045		784,267
Orion Corp./Republic of Korea		12,154		930,076
Pan Ocean Co. Ltd.		130,529		720,311
Pearl Abyss Corp.(a)		14,135		1,133,670
POSCO		34,929		8,310,438
POSCO Chemical Co. Ltd.		14,778		1,415,573
S-1 Corp.		4,376		254,742
Samsung Biologics Co. Ltd.(a)(b)		7,814		5,083,421
Samsung C&T Corp.		40,061		3,699,859
Samsung Electro-Mechanics Co. Ltd.		26,738		3,738,192
Samsung Electronics Co. Ltd.		2,247,380		135,412,234
Samsung Engineering Co. Ltd.(a)		74,720		1,459,660
Samsung Fire & Marine Insurance Co. Ltd.		14,247		2,265,566
Samsung Heavy Industries Co. Ltd.(a)		295,168		1,438,877
Samsung Life Insurance Co. Ltd.		33,756		1,687,784
Samsung SDI Co. Ltd.		25,881		11,927,001
Samsung SDS Co. Ltd.		16,864		1,979,801
Samsung Securities Co. Ltd.		29,840		1,057,584
SD Biosensor Inc.		17,484		793,967
Seegene Inc.		17,222		738,135
Shinhan Financial Group Co. Ltd.		207,089		6,737,795
SK Biopharmaceuticals Co. Ltd.(a)		12,971		920,683
SK Bioscience Co. Ltd.(a)		10,778		1,319,860
SK Chemicals Co. Ltd.		5,338		560,747
SK Hynix Inc.		257,209		26,815,196
SK IE Technology Co. Ltd.(a)(b)		10,760		1,117,505
SK Inc.		19,756		3,773,592
SK Innovation Co. Ltd.(a)		23,906		4,035,716
SK Square Co. Ltd.(a)		41,191		1,911,638
SK Telecom Co. Ltd.		6,895		314,640
SKC Co. Ltd.		9,477		1,102,118
S-Oil Corp.		21,457		1,528,154
Woori Financial Group Inc.		221,147		2,645,271
Yuhan Corp.		24,987		1,214,073
				412,059,437
Taiwan — 23.7%
Accton Technology Corp.		229,000		2,076,702
Acer Inc.		1,353,000		1,404,182
Advantech Co. Ltd.		172,299		2,268,921
Airtac International Group		63,439		2,110,114
ASE Technology Holding Co. Ltd.		1,550,000		5,602,177
Asia Cement Corp.		1,027,000		1,659,895
ASMedia Technology Inc.		13,000		804,808
Asustek Computer Inc.		322,000		4,295,633
AU Optronics Corp.		3,908,000		2,925,829
Catcher Technology Co. Ltd.		314,000		1,611,702
Cathay Financial Holding Co. Ltd.		3,815,063		8,578,686
Chailease Holding Co. Ltd.		627,939		5,698,867
Chang Hwa Commercial Bank Ltd.		1,994,974		1,266,577
Cheng Shin Rubber Industry Co. Ltd.		860,000		1,100,198
China Development Financial Holding Corp.		7,106,920		4,866,922
China Steel Corp.		5,615,000		7,301,490
Chunghwa Telecom Co. Ltd.		1,816,000		8,071,424
Compal Electronics Inc.		1,982,000		1,805,625
CTBC Financial Holding Co. Ltd.		8,635,000		8,440,518
Delta Electronics Inc.		915,000		8,154,578
E Ink Holdings Inc.		402,000		2,166,498
E.Sun Financial Holding Co Ltd.		5,692,772		6,017,560
Eclat Textile Co. Ltd.		88,000		1,824,080

S C H E D U L E   O F   I N V E S T M E N T S 19

Schedule of Investments (unaudited) (continued) February 28, 2022 iShares^® MSCI Emerging Markets ex China ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Taiwan (continued)
eMemory Technology Inc.		30,000	$	2,024,617
Evergreen Marine Corp. Taiwan Ltd.		1,197,000		6,288,148
Far Eastern New Century Corp.		1,377,000		1,459,680
Far EasTone Telecommunications Co. Ltd.		691,000		1,709,072
Feng TAY Enterprise Co. Ltd.		193,000		1,438,691
First Financial Holding Co. Ltd.		4,845,457		4,461,394
Formosa Chemicals & Fibre Corp.		1,702,000		4,825,294
Formosa Petrochemical Corp.		517,000		1,818,591
Formosa Plastics Corp.		1,779,000		6,717,531
Foxconn Technology Co. Ltd.		436,000		1,003,564
Fubon Financial Holding Co. Ltd.		3,523,230		9,512,946
Giant Manufacturing Co. Ltd.		137,000		1,422,307
Globalwafers Co. Ltd.		99,000		2,450,489
Hiwin Technologies Corp.		124,800		1,191,536
Hon Hai Precision Industry Co. Ltd.		5,878,200		21,834,915
Hotai Motor Co. Ltd.		137,600		3,115,462
Hua Nan Financial Holdings Co. Ltd.		4,304,035		3,412,799
Innolux Corp.		4,537,000		2,760,825
Inventec Corp.		1,257,000		1,160,839
Largan Precision Co. Ltd.		46,000		3,342,949
Lite-On Technology Corp.		939,000		2,308,888
MediaTek Inc.		712,000		28,135,269
Mega Financial Holding Co. Ltd.		5,173,000		6,971,139
Micro-Star International Co. Ltd.		301,000		1,696,670
momo.com Inc.		20,000		711,981
Nan Ya Plastics Corp.		2,496,000		7,872,383
Nan Ya Printed Circuit Board Corp.		103,000		1,972,410
Nanya Technology Corp.		597,000		1,671,839
Nien Made Enterprise Co. Ltd.		76,000		985,245
Novatek Microelectronics Corp.		267,000		4,426,450
Oneness Biotech Co. Ltd.(a)		104,000		918,138
Parade Technologies Ltd.		35,000		2,416,458
Pegatron Corp.		965,000		2,391,807
Pou Chen Corp.		995,000		1,147,447
President Chain Store Corp.		250,000		2,336,127
Quanta Computer Inc.		1,262,000		4,219,997
Realtek Semiconductor Corp.		217,000		3,577,887
Ruentex Development Co. Ltd.		506,400		1,307,538
Shanghai Commercial & Savings Bank Ltd/The		1,767,437		2,911,404
Shin Kong Financial Holding Co. Ltd.		6,063,897		2,459,119
SinoPac Financial Holdings Co. Ltd.		4,998,259		3,069,236
Synnex Technology International Corp.		629,000		1,628,460
Taishin Financial Holding Co. Ltd.		5,070,886		3,553,805
Taiwan Cement Corp.		2,395,983		4,067,476
Taiwan Cooperative Financial Holding Co. Ltd.		4,413,831		4,187,329
Taiwan High Speed Rail Corp.		898,000		950,418
Taiwan Mobile Co. Ltd.		752,000		2,780,814
Taiwan Semiconductor Manufacturing Co. Ltd.		11,577,000		248,900,361
Unimicron Technology Corp.		567,000		5,271,850
Uni-President Enterprises Corp.		2,363,000		5,685,123
United Microelectronics Corp.		5,541,000		10,441,190
Vanguard International Semiconductor Corp.		428,000		1,942,420
Voltronic Power Technology Corp.		27,000		1,402,197
Wan Hai Lines Ltd.		283,100		1,928,323
Win Semiconductors Corp.		155,000		1,696,898
Winbond Electronics Corp.		1,425,000		1,716,115
Wiwynn Corp.		36,000		1,285,762
WPG Holdings Ltd.		682,520		1,362,111
Yageo Corp.		205,000		3,363,385
Yang Ming Marine Transport Corp.(a)		814,000		3,440,368

Security	Shares		Value
Taiwan (continued)
Yuanta Financial Holding Co. Ltd.		4,815,320	$	4,301,490
Zhen Ding Technology Holding Ltd.		312,000		1,034,838
				566,452,800
Thailand — 2.7%
Advanced Info Service PCL, NVDR		540,100		3,801,935
Airports of Thailand PCL, NVDR(a)		2,004,400		3,960,158
Asset World Corp. PCL, NVDR(a)(c)		4,019,400		592,143
B Grimm Power PCL, NVDR(c)		401,100		425,550
Bangkok Commercial Asset Management PCL, NVDR(c)		912,400		614,244
Bangkok Dusit Medical Services PCL, NVDR		4,567,600		3,320,933
Bangkok Expressway & Metro PCL, NVDR		3,696,500		1,010,703
Berli Jucker PCL, NVDR		638,300		656,341
BTS Group Holdings PCL, NVDR		3,917,500		1,141,953
Bumrungrad Hospital PCL, NVDR		228,200		1,075,347
Carabao Group PCL, NVDR(c)		129,100		422,668
Central Pattana PCL, NVDR		978,900		1,664,650
Central Retail Corp. PCL, NVDR		889,400		1,045,800
Charoen Pokphand Foods PCL, NVDR		1,869,800		1,448,751
CP ALL PCL, NVDR		2,751,200		5,747,851
Delta Electronics Thailand PCL, NVDR		143,100		1,791,655
Electricity Generating PCL, NVDR		92,600		510,075
Energy Absolute PCL, NVDR(c)		691,400		2,020,713
Global Power Synergy PCL, NVDR		315,100		727,371
Gulf Energy Development PCL, NVDR		1,388,800		2,159,212
Home Product Center PCL, NVDR		2,929,700		1,371,916
Indorama Ventures PCL, NVDR		790,300		1,094,919
Intouch Holdings PCL, NVDR		538,050		1,251,153
Krung Thai Bank PCL, NVDR		1,133,800		487,792
Krungthai Card PCL, NVDR		427,200		831,332
Land & Houses PCL, NVDR		3,486,100		1,026,662
Minor International PCL, NVDR(a)		1,505,000		1,425,308
Muangthai Capital PCL, NVDR		375,100		594,100
Osotspa PCL, NVDR		617,200		668,098
PTT Exploration & Production PCL, NVDR		611,900		2,576,254
PTT Global Chemical PCL, NVDR		1,055,000		1,719,298
PTT Oil & Retail Business PCL, NVDR		1,528,000		1,210,801
PTT PCL, NVDR		4,684,000		5,701,686
Ratch Group PCL, NVDR		414,000		583,832
SCG Packaging PCL, NVDR		613,000		1,152,999
Siam Cement PCL (The), NVDR		365,700		4,401,066
Siam Commercial Bank PCL (The), NVDR		400,800		1,548,794
Sri Trang Gloves Thailand PCL, NVDR(c)		532,000		419,250
Srisawad Corp. PCL, NVDR		370,400		657,579
Thai Oil PCL, NVDR		573,500		953,374
Thai Union Group PCL, NVDR		1,387,700		866,383
True Corp. PCL, NVDR(c)		5,377,600		826,630
				65,507,279
Turkey — 0.4%
Akbank TAS		1,514,849		773,221
Aselsan Elektronik Sanayi Ve Ticaret AS		348,979		560,777
BIM Birlesik Magazalar AS		211,180		1,115,389
Eregli Demir ve Celik Fabrikalari TAS		612,449		1,375,330
Ford Otomotiv Sanayi AS		34,942		680,650
KOC Holding AS		384,439		878,860
Turkcell Iletisim Hizmetleri AS		570,314		845,566
Turkiye Garanti Bankasi AS		1,124,615		900,326
Turkiye Is Bankasi AS, Class C		704,332		407,822
Turkiye Petrol Rafinerileri AS(a)		56,691		790,137

20 2 0 2 2   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) February 28, 2022 iShares^® MSCI Emerging Markets ex China ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Turkey (continued)
Turkiye Sise ve Cam Fabrikalari AS		559,329	$	500,316
				8,828,394
United Arab Emirates — 1.9%
Abu Dhabi Commercial Bank PJSC		1,299,816		3,812,260
Abu Dhabi Islamic Bank PJSC		683,371		1,648,655
Abu Dhabi National Oil Co. for Distribution PJSC		1,105,781		1,241,498
Aldar Properties PJSC		1,887,805		2,157,495
Dubai Islamic Bank PJSC		1,373,687		2,282,956
Emaar Properties PJSC		1,815,900		2,515,377
Emirates NBD Bank PJSC		1,237,953		4,829,304
Emirates Telecommunications Group Co. PJSC		1,636,425		15,628,561
First Abu Dhabi Bank PJSC		2,056,205		11,576,842
				45,692,948
Total Common Stocks — 96.4% (Cost: $2,339,923,362)				2,304,236,109
Preferred Stocks
Brazil — 1.9%
Alpargatas SA, Preference Shares, NVS		90,052		448,385
Banco Bradesco SA, Preference Shares, NVS		2,264,060		8,869,035
Braskem SA, Class A, Preference Shares, NVS		88,703		831,199
Centrais Eletricas Brasileiras SA, Class B, Preference Shares, NVS		117,318		779,198
Cia. Energetica de Minas Gerais, Preference
Shares, NVS		505,297		1,241,650
Gerdau SA, Preference Shares, NVS		533,134		2,644,246
Itau Unibanco Holding SA, Preference Shares, NVS		2,282,893		11,207,073
Itausa SA, Preference Shares, NVS		2,135,104		4,134,880
Petroleo Brasileiro SA, Preference Shares, NVS		2,237,329		14,706,985
				44,862,651
Chile — 0.2%
Sociedad Quimica y Minera de Chile SA, Class B, Preference Shares		63,628		4,225,655
Colombia — 0.1%
Bancolombia SA, Preference Shares, NVS		213,347		1,885,818
Russia — 0.0%
Surgutneftegas PJSC, Preference Shares, NVS(d)		3,036,700		326,055
South Korea — 1.0%
Hyundai Motor Co.
Preference Shares, NVS		8,508		624,034
Series 2, Preference Shares, NVS		17,058		1,261,875
LG Chem Ltd., Preference Shares, NVS		3,298		747,490

Security	Shares		Value
South Korea (continued)
LG Household & Health Care Ltd., Preference Shares, NVS		548	$	240,193
Samsung Electronics Co. Ltd., Preference Shares, NVS		385,495		21,305,338
				24,178,930
Total Preferred Stocks — 3.2% (Cost: $75,029,830)				75,479,109
Rights
Brazil — 0.0%
Americanas SA (Expires 03/03/22)(a)		4,992		6,560
South Korea — 0.0%
Samsung Biologics Co. Ltd. (Expires 04/08/22)(a)		518		60,280
Total Rights — 0.0% (Cost: $0)				66,840
Short-Term Investments
Money Market Funds — 0.7%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.09%(e)(f)(g)		12,937,350		12,939,937
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.03%(e)(f)		4,450,000		4,450,000
				17,389,937
Total Short-Term Investments — 0.7% (Cost: $17,390,187)				17,389,937
Total Investments in Securities — 100.3% (Cost: $2,432,343,379)				2,397,171,995
Other Assets, Less Liabilities — (0.3)%				(6,091,722	)
Net Assets — 100.0%			$	2,391,080,273

^(a)  Non-income producing security.

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

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

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

^(e)  Affiliate of the Fund.

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

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

S C H E D U L E   O F   I N V E S T M E N T S 21

Schedule of Investments  (unaudited) (continued) February 28, 2022 iShares^® MSCI Emerging Markets ex China ETF

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 08/31/21		Purchases at Cost			Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 02/28/22		Shares Held at 02/28/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	5,479,242	$	7,463,585	(a)	$	—	$	(2,640	)	$	(250	)	$	12,939,937		12,937,350	$	133,858	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		—		4,450,000	(a)		—		—			—			4,450,000		4,450,000		134			—
								$	(2,640	)	$	(250	)	$	17,389,937			$	133,992		$	—

^(a)  Represents net amount purchased (sold).

^(b)  All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
MSCI Emerging Markets Index		120		03/18/22	$	7,053	$	(214,466	)

Derivative Financial Instruments Categorized by Risk Exposure

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

	Equity Contracts
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	214,466

^(a)  Net cumulative unrealized appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).

For the period ended February 28, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	90,316
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(359,146	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	6,187,483

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

22 2 0 2 2   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments  (unaudited) (continued) February 28, 2022 iShares^® MSCI Emerging Markets ex China ETF

Fair Value Hierarchy as of Period End

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.

	Level 1			Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	212,037,455		$	2,073,280,344	$	18,918,310	$	2,304,236,109
Preferred Stocks		1,885,818			73,267,236		326,055		75,479,109
Rights		—			66,840		—		66,840
Money Market Funds		17,389,937			—		—		17,389,937
	$	231,313,210		$	2,146,614,420	$	19,244,365	$	2,397,171,995
Derivative financial instruments(a)
Liabilities
Futures Contracts	$	(214,466	)	$	—	$	—	$	(214,466	)

^(a)  Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

See notes to financial statements.

S C H E D U L E   O F   I N V E S T M E N T S 23

Schedule of Investments (unaudited) February 28, 2022 iShares^® MSCI Emerging Markets Min Vol Factor  ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Brazil — 0.1%
Raia Drogasil SA		679,115	$	3,074,448
China — 28.1%
360 Security Technology Inc., Class A(a)		4,029,200		6,706,760
51job Inc., ADR(a)		55,142		2,856,356
Addsino Co. Ltd., Class A		831,000		1,980,592
Agricultural Bank of China Ltd., Class A		19,412,098		9,170,996
Agricultural Bank of China Ltd., Class H		75,375,000		28,545,949
Alibaba Group Holding Ltd.(a)		1,703,468		22,424,238
Anhui Gujing Distillery Co. Ltd., Class B		1,016,589		14,906,109
ANTA Sports Products Ltd.		574,800		8,779,036
Apeloa Pharmaceutical Co. Ltd., Class A		652,400		2,929,025
Bank of China Ltd., Class A		19,447,200		9,550,638
Bank of China Ltd., Class H		127,194,000		49,516,839
Bank of Communications Co. Ltd., Class A		13,568,274		10,285,666
Bank of Communications Co. Ltd., Class H		8,492,000		5,821,515
Bank of Ningbo Co. Ltd., Class A		469,865		2,841,061
Bank of Shanghai Co. Ltd., Class A		3,289,184		3,645,571
BeiGene Ltd., ADR(a)(b)		40,517		8,529,638
Beijing Capital International Airport Co. Ltd., Class H(a)		7,456,000		4,775,638
Beijing Sinnet Technology Co. Ltd., Class A		869,973		2,072,175
Beijing Tiantan Biological Products Corp. Ltd., Class A		743,195		3,228,158
Beijing-Shanghai High Speed Railway Co. Ltd., Class A		5,739,400		4,702,104
BOE Technology Group Co. Ltd., Class A		4,233,500		3,159,630
BYD Co. Ltd., Class H		240,500		7,452,456
CGN Power Co. Ltd., Class H(c)		45,785,000		12,980,551
Changchun High & New Technology Industry Group Inc., Class A		102,200		2,965,530
Chifeng Jilong Gold Mining Co. Ltd., Class A(a)		719,300		1,789,968
China CITIC Bank Corp. Ltd., Class H		14,368,000		6,751,712
China Conch Venture Holdings Ltd.		2,235,000		10,755,352
China Construction Bank Corp., Class A		5,409,884		5,175,699
China Construction Bank Corp., Class H		11,436,000		8,576,595
China Feihe Ltd.(c)		2,922,000		3,486,704
China Gas Holdings Ltd.		1,563,200		2,470,438
China Huishan Dairy Holdings Co. Ltd.(a)(d)		22,241,266		28
China Life Insurance Co. Ltd., Class H		1,212,000		2,007,835
China Mengniu Dairy Co. Ltd.		2,822,000		18,349,822
China Merchants Bank Co. Ltd., Class H		1,540,500		12,985,346
China Minsheng Banking Corp. Ltd., Class A		3,129,954		1,939,758
China National Medicines Corp. Ltd., Class A		417,300		1,841,866
China Petroleum & Chemical Corp., Class H		7,134,000		3,549,070
China Resources Beer Holdings Co. Ltd.		3,196,000		25,342,368
China Resources Gas Group Ltd.		2,186,000		10,040,275
China Shenhua Energy Co. Ltd., Class H		1,328,500		3,661,325
China Tourism Group Duty Free Corp. Ltd., Class A		429,081		13,858,840
China Tower Corp. Ltd., Class H(c)		181,440,000		21,147,467
China TransInfo Technology Co. Ltd., Class A		890,516		1,967,428
China United Network Communications Ltd., Class A		17,453,800		10,574,539
China Yangtze Power Co. Ltd., Class A		13,071,072		48,089,951
China Zhenhua Group Science & Technology Co. Ltd., Class A		126,200		2,352,214
Chongqing Zhifei Biological Products Co. Ltd., Class A		138,300		2,830,456
CSPC Pharmaceutical Group Ltd.		2,440,000		2,892,285
Daan Gene Co Ltd., Class A		791,400		2,326,542
Dali Foods Group Co. Ltd.(c)		3,724,000		1,961,365
DHC Software Co. Ltd., Class A		1,706,800		2,237,725
ENN Energy Holdings Ltd.		761,000		11,021,101

Security	Shares		Value
China (continued)
Foshan Haitian Flavouring & Food Co. Ltd., Class A		199,031	$	3,136,783
Founder Securities Co. Ltd., Class A		4,642,000		5,298,744
Fuyao Glass Industry Group Co. Ltd., Class A		262,203		1,840,260
GCL System Integration Technology Co. Ltd., Class A(a)		3,301,700		1,924,983
Giant Network Group Co. Ltd., Class A		1,107,553		1,681,276
Guangdong Haid Group Co. Ltd., Class A		921,822		9,650,059
Guangdong Investment Ltd.		7,920,000		10,657,901
Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class A		792,800		3,738,841
Guangzhou Haige Communications Group Inc. Co., Class A		1,299,300		2,056,019
Hangzhou Tigermed Consulting Co. Ltd., Class H(c)		577,300		6,495,231
Hansoh Pharmaceutical Group Co. Ltd.(c)		4,978,000		10,626,506
Hengan International Group Co. Ltd.		977,500		5,183,949
Hengtong Optic-Electric Co. Ltd., Class A		1,332,100		3,126,228
Huagong Tech Co. Ltd., Class A		566,315		2,211,684
Hualan Biological Engineering Inc., Class A		432,980		1,767,936
Huaxia Bank Co. Ltd., Class A		5,254,920		4,690,721
Hundsun Technologies Inc., Class A		551,600		4,584,259
Iflytek Co. Ltd., Class A		1,300,100		10,159,336
Industrial & Commercial Bank of China Ltd., Class A		2,624,000		1,938,523
Industrial & Commercial Bank of China Ltd., Class H		50,940,000		30,408,891
Industrial Bank Co. Ltd., Class A		1,423,912		4,988,492
Inner Mongolia BaoTou Steel Union Co. Ltd., Class A(a)		16,277,800		6,947,759
Inspur Electronic Information Industry Co. Ltd., Class A		819,422		4,284,807
JDcom Inc, Class A(a)		806,137		28,794,747
Jiangsu Expressway Co. Ltd., Class H		11,298,000		12,088,206
Jiangsu Hengrui Medicine Co. Ltd., Class A		2,191,657		13,957,510
Jiangsu Zhongtian Technology Co. Ltd., Class A		1,697,400		5,045,022
Jointown Pharmaceutical Group Co. Ltd., Class A		1,038,678		2,194,954
Kingdee International Software Group Co. Ltd.(a)(b)		1,595,000		3,942,269
Kweichow Moutai Co. Ltd., Class A		21,190		6,026,208
Legend Biotech Corp., ADR(a)(b)		75,466		2,987,699
Lenovo Group Ltd.		2,960,000		3,296,164
Meituan, Class B(a)(c)		187,800		4,172,007
NavInfo Co. Ltd., Class A(a)		1,279,300		3,483,150
NetEase Inc.		431,855		8,352,809
PetroChina Co. Ltd., Class A		2,772,000		2,555,659
Pharmaron Beijing Co. Ltd., Class H(c)		92,100		1,116,625
Pinduoduo Inc., ADR(a)		89,395		4,636,025
Ping An Insurance Group Co. of China Ltd., Class H		2,875,000		22,291,779
Postal Savings Bank of China Co. Ltd., Class H(c)		35,225,000		28,922,679
Sangfor Technologies Inc., Class A		97,600		2,263,756
SDIC Power Holdings Co. Ltd., Class A		3,856,272		6,116,997
SF Holding Co. Ltd., Class A		653,700		6,271,915
Shandong Gold Mining Co. Ltd., Class A		2,009,368		6,558,996
Shandong Gold Mining Co. Ltd., Class H(b)(c)		4,984,000		9,358,938
Shandong Weigao Group Medical Polymer Co. Ltd., Class H		2,604,800		3,596,689
Shanghai Baosight Software Co. Ltd., Class B		3,639,834		15,718,820
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class H		363,500		1,457,456
Shanghai International Airport Co. Ltd., Class A(a)		308,800		2,569,073
Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd., Class B		10,156,991		9,049,879
Shanghai M&G Stationery Inc., Class A		322,751		2,782,108
Shanghai Pharmaceuticals Holding Co. Ltd., Class H		2,625,600		4,739,375
Shanghai Pudong Development Bank Co. Ltd., Class A		3,117,568		4,149,731
Shanghai RAAS Blood Products Co. Ltd., Class A		3,801,200		4,025,805

24 2 0 2 2   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) February 28, 2022 iShares^® MSCI Emerging Markets Min Vol Factor  ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
China (continued)
Shenzhen Goodix Technology Co. Ltd., Class A		107,600	$	1,558,206
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A		147,900		7,690,918
Shenzhen Salubris Pharmaceuticals Co. Ltd., Class A(a)		428,229		1,699,957
Shenzhou International Group Holdings Ltd.		983,300		16,516,104
Sichuan Chuantou Energy Co. Ltd., Class A		2,044,157		3,900,012
Sino Biopharmaceutical Ltd.		9,571,000		6,109,789
Sinopec Shanghai Petrochemical Co. Ltd., Class A		2,803,264		1,813,397
Sinopharm Group Co. Ltd., Class H		853,200		2,068,313
Songcheng Performance Development Co. Ltd., Class A		1,449,259		3,556,154
Suningcom Co Ltd, Class A(a)		5,250,079		2,994,923
Tencent Holdings Ltd.		480,400		25,923,014
Thunder Software Technology Co. Ltd., Class A		85,800		1,911,422
Tianjin 712 Communication & Broadcasting Co. Ltd., Class A		435,292		2,373,957
Tianjin Zhonghuan Semiconductor Co. Ltd., Class A		682,400		5,224,700
Tianshui Huatian Technology Co. Ltd., Class A		1,195,500		2,278,510
Topchoice Medical Corp., Class A(a)		123,599		3,171,139
TravelSky Technology Ltd., Class H		1,270,000		2,392,240
Vipshop Holdings Ltd., ADR(a)		190,101		1,648,176
Walvax Biotechnology Co. Ltd., Class A		485,301		3,616,945
Want Want China Holdings Ltd.(b)		3,213,000		3,420,320
WuXi AppTec Co. Ltd., Class H(c)		512,064		7,288,951
Wuxi Biologics Cayman Inc., New(a)(c)		653,000		5,401,235
Xiaomi Corp., Class B(a)(c)		5,897,400		11,100,187
Yealink Network Technology Corp. Ltd., Class A		171,900		2,083,782
Yonyou Network Technology Co. Ltd., Class A		391,100		1,951,750
Yum China Holdings Inc.		750,908		39,062,234
Yunnan Baiyao Group Co. Ltd., Class A		157,067		2,244,063
Zhejiang Dahua Technology Co. Ltd., Class A		865,000		2,575,765
Zhejiang Jiuzhou Pharmaceutical Co. Ltd., Class A		217,900		1,659,435
Zhejiang Supor Co. Ltd., Class A		195,185		1,567,419
Zhongsheng Group Holdings Ltd.		857,500		5,987,856
ZTE Corp., Class A		2,189,100		10,130,452
ZTE Corp., Class H		1,229,200		3,028,191
ZTO Express Cayman Inc., ADR		469,408		13,819,371
				1,047,501,430
Czech Republic — 0.4%
CEZ AS		172,797		6,580,081
Komercni Banka AS(a)		200,532		7,889,011
				14,469,092
Egypt — 0.2%
Commercial International Bank Egypt SAE(a)		2,859,288		8,708,867
Greece — 0.6%
Hellenic Telecommunications Organization SA		1,154,221		23,086,696
Hungary — 0.5%
OTP Bank Nyrt(a)		96,175		3,669,961
Richter Gedeon Nyrt		730,597		15,340,112
				19,010,073
India — 13.8%
ACC Ltd.		274,910		7,657,090
Apollo Hospitals Enterprise Ltd.		52,770		3,377,540
Asian Paints Ltd.		772,073		32,628,664
Bajaj Auto Ltd.		185,175		8,713,898
Bharti Airtel Ltd.(a)		1,242,817		11,364,682
Britannia Industries Ltd.		244,888		11,177,959

Security	Shares		Value
India (continued)
Cipla Ltd.		1,303,355	$	16,041,748
Colgate-Palmolive India Ltd.		121,194		2,338,007
Dabur India Ltd.		2,653,524		19,894,615
Divi’s Laboratories Ltd.		183,241		10,413,860
Dr. Reddy’s Laboratories Ltd.		277,672		14,992,366
Eicher Motors Ltd.		401,744		13,876,419
HCL Technologies Ltd.		2,447,377		36,801,765
Hindustan Unilever Ltd.		896,387		25,922,000
Housing Development Finance Corp. Ltd.		268,246		8,478,129
Infosys Ltd.		2,088,953		47,606,960
ITC Ltd.		732,281		2,108,534
Lupin Ltd.		714,011		7,093,340
Marico Ltd.		2,609,300		17,863,473
Maruti Suzuki India Ltd.		27,380		3,034,623
Mindtree Ltd.		36,817		1,910,466
Mphasis Ltd.		105,710		4,391,752
MRF Ltd.		14,577		12,754,946
Nestle India Ltd.		28,066		6,591,434
Page Industries Ltd.		34,180		19,239,706
Pidilite Industries Ltd.		823,387		26,357,995
Reliance Industries Ltd.		367,184		11,559,577
Sun Pharmaceutical Industries Ltd.		1,315,934		14,782,448
Tata Consultancy Services Ltd.		931,052		44,105,537
Tech Mahindra Ltd.		1,377,200		25,929,649
Titan Co. Ltd.		476,532		16,186,121
UltraTech Cement Ltd.		23,994		2,099,997
Wipro Ltd.		3,225,210		23,849,608
Yes Bank Ltd.(a)		12,299,477		2,172,853
				513,317,761
Kuwait — 2.0%
Kuwait Finance House KSCP		3,607,340		11,284,517
Mobile Telecommunications Co. KSCP		12,859,440		26,364,783
National Bank of Kuwait SAKP		10,071,217		35,304,272
				72,953,572
Malaysia — 4.1%
DiGi.Com Bhd		10,785,600		10,427,025
Hong Leong Bank Bhd		3,331,600		15,949,909
IHH Healthcare Bhd		14,297,700		22,431,312
IOI Corp. Bhd		2,092,000		2,298,699
Malayan Banking Bhd		15,549,000		32,488,977
Malaysia Airports Holdings Bhd(a)		1,235,600		1,809,918
Maxis Bhd		6,095,100		5,843,611
Nestle Malaysia Bhd		661,900		21,152,009
Petronas Chemicals Group Bhd		3,235,300		7,359,084
Petronas Dagangan Bhd		947,600		4,857,057
PPB Group Bhd		2,505,200		10,704,606
Public Bank Bhd		3,314,100		3,519,724
Telekom Malaysia Bhd		2,594,500		3,126,871
Tenaga Nasional Bhd		4,243,300		9,275,809
Westports Holdings Bhd		2,859,800		2,663,289
				153,907,900
Mexico — 0.7%
Wal-Mart de Mexico SAB de CV		7,184,300		27,325,666
Peru — 0.7%
Cia. de Minas Buenaventura SAA, ADR(a)		364,459		3,608,144
Credicorp Ltd.		151,833		22,964,741
				26,572,885

S C H E D U L E   O F   I N V E S  T M E N T S 25

Schedule of Investments (unaudited) (continued) February 28, 2022 iShares^® MSCI Emerging Markets Min Vol Factor  ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Philippines — 2.0%
Bank of the Philippine Islands		6,926,868	$	13,537,940
BDO Unibank Inc.		5,912,363		14,982,901
Globe Telecom Inc.		238,445		11,981,110
International Container Terminal Services Inc.		3,299,890		13,554,844
Manila Electric Co.		1,273,130		9,161,056
Metropolitan Bank & Trust Co.		3,980,153		4,432,743
PLDT Inc.		56,375		1,978,128
SM Investments Corp.		120,815		2,101,950
Universal Robina Corp.		729,340		1,707,057
				73,437,729
Poland — 0.3%
Allegro.eu SA(a)(c)		196,741		1,466,229
Dino Polska SA(a)(c)		140,460		9,876,709
				11,342,938
Qatar — 2.5%
Masraf Al Rayan QSC(a)		20,487,768		28,067,742
Qatar Electricity & Water Co. QSC		2,553,453		12,607,327
Qatar Fuel QSC		924,748		4,712,802
Qatar Islamic Bank SAQ		3,133,124		18,104,936
Qatar National Bank QPSC		4,754,342		28,461,855
				91,954,662
Russia — 0.1%
Polymetal International PLC(d)		244,417		741,274
Polyus PJSC(d)		95,932		3,614,552
Rosneft Oil Co. PJSC(d)		759,070		791,886
Yandex NV(a)(d)		49,681		324,771
				5,472,483
Saudi Arabia — 9.2%
Abdullah Al Othaim Markets Co.		361,329		10,746,687
Advanced Petrochemical Co.		380,380		7,631,558
Al Rajhi Bank		1,449,745		62,196,538
Alinma Bank		4,531,753		42,970,391
Bank AlBilad(a)		207,188		3,260,643
Bank Al-Jazira		852,245		6,123,450
Bupa Arabia for Cooperative Insurance Co.		82,640		3,583,564
Co for Cooperative Insurance (The)		360,933		7,585,674
Dr Sulaiman Al Habib Medical Services Group Co.		91,941		4,204,443
Emaar Economic City(a)		857,160		2,840,155
Etihad Etisalat Co.(a)		2,722,203		25,371,573
Jarir Marketing Co.		543,282		30,334,049
Mobile Telecommunications Co.(a)		2,197,948		7,894,912
SABIC Agri-Nutrients Co.		544,645		23,206,160
Saudi Arabian Oil Co.(c)		1,036,023		11,494,162
Saudi Basic Industries Corp.		890,934		29,701,349
Saudi Electricity Co.		1,453,115		10,724,919
Saudi Telecom Co.		1,554,091		47,417,281
Yanbu National Petrochemical Co.		386,828		7,100,498
				344,388,006
South Korea — 6.0%
Amorepacific Corp.		12,823		1,979,368
Celltrion Healthcare Co. Ltd.(b)		27,101		1,441,437
Celltrion Inc.		26,186		3,495,304
CJ Logistics Corp.(a)		41,443		4,296,880
Coway Co. Ltd.		83,805		5,033,227
F&F Co. Ltd./New(a)		3,377		2,524,098
Hanon Systems		448,493		4,343,304
HLB Inc.(a)		65,280		1,710,422
Hotel Shilla Co. Ltd.(b)		213,665		14,440,946
Kakao Corp.		89,457		7,084,705

Security	Shares		Value
South Korea (continued)
Kia Corp.		27,144	$	1,682,801
KT&G Corp.		298,455		19,840,258
LG Household & Health Care Ltd.		1,909		1,514,683
LG Uplus Corp.		318,002		3,493,045
NAVER Corp.		110,316		29,394,493
NCSoft Corp.		16,411		6,079,371
Netmarble Corp.(c)		51,866		4,456,740
Orion Corp./Republic of Korea		28,215		2,159,131
Pearl Abyss Corp.(a)(b)		45,019		3,610,662
S-1 Corp.		158,216		9,210,279
Samsung Biologics Co. Ltd.(a)(c)		21,168		13,770,905
Samsung Electronics Co. Ltd.		513,118		30,917,092
Samsung SDS Co. Ltd.		89,440		10,500,086
SK Bioscience Co. Ltd.(a)		10,380		1,271,121
SK Hynix Inc.		143,286		14,938,211
SK Telecom Co. Ltd.		247,344		11,287,070
Yuhan Corp.		252,086		12,248,403
				222,724,042
Taiwan — 18.2%
Accton Technology Corp.		466,000		4,225,952
Advantech Co. Ltd.		2,624,855		34,565,423
Asustek Computer Inc.		1,949,000		26,000,584
Cathay Financial Holding Co. Ltd.		3,295,034		7,409,331
China Steel Corp.		7,196,000		9,357,350
Chunghwa Telecom Co. Ltd.		13,846,000		61,540,163
Compal Electronics Inc.		24,776,000		22,571,222
Delta Electronics Inc.		411,000		3,662,876
E.Sun Financial Holding Co Ltd.		18,929,459		20,009,437
Far EasTone Telecommunications Co. Ltd.		15,025,000		37,161,805
First Financial Holding Co. Ltd.		65,284,899		60,110,251
Formosa Petrochemical Corp.		2,074,000		7,295,468
Formosa Plastics Corp.		2,220,840		8,385,925
Hon Hai Precision Industry Co. Ltd.		2,265,000		8,413,474
Hua Nan Financial Holdings Co. Ltd.		55,045,089		43,646,903
Lite-On Technology Corp.		7,572,752		18,620,483
Mega Financial Holding Co. Ltd.		11,772,000		15,863,958
Pou Chen Corp.		3,018,000		3,480,396
President Chain Store Corp.		5,330,000		49,806,234
Quanta Computer Inc.		2,576,000		8,613,877
Synnex Technology International Corp.		9,834,000		25,459,899
Taiwan Cooperative Financial Holding Co. Ltd.		66,630,330		63,211,107
Taiwan High Speed Rail Corp.		7,001,000		7,409,660
Taiwan Mobile Co. Ltd.		15,535,000		57,446,729
Taiwan Semiconductor Manufacturing Co. Ltd.		2,597,000		55,834,347
Uni-President Enterprises Corp.		2,790,000		6,712,439
United Microelectronics Corp.		1,261,000		2,376,167
WPG Holdings Ltd.		5,607,440		11,190,819
				680,382,279
Thailand — 5.3%
Advanced Info Service PCL, NVDR		7,041,300		49,565,938
Airports of Thailand PCL, NVDR(a)		16,559,000		32,716,150
Bangkok Dusit Medical Services PCL, NVDR		34,316,500		24,950,259
Bangkok Expressway & Metro PCL, NVDR		6,915,400		1,890,820
Bumrungrad Hospital PCL, NVDR		2,517,100		11,861,335
CP ALL PCL, NVDR		13,780,600		28,790,650
Home Product Center PCL, NVDR		23,781,300		11,136,274
Intouch Holdings PCL, NVDR		7,810,900		18,163,058
PTT Oil & Retail Business PCL, NVDR		12,148,300		9,626,420
Siam Cement PCL (The), NVDR		422,400		5,083,429

26 2 0 2 2   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) February 28, 2022 iShares^® MSCI Emerging Markets Min Vol Factor ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Thailand (continued)
Sri Trang Gloves Thailand PCL, NVDR		2,146,000	$	1,691,186
Thai Union Group PCL, NVDR		3,111,800		1,942,792
				197,418,311
Turkey — 0.5%
BIM Birlesik Magazalar AS		2,095,462		11,067,594
Turkcell Iletisim Hizmetleri AS		2,316,687		3,434,795
Turkiye Petrol Rafinerileri AS(a)		168,804		2,352,724
Turkiye Sise ve Cam Fabrikalari AS		2,649,698		2,370,135
				19,225,248
United Arab Emirates — 3.7%
Abu Dhabi National Oil Co. for Distribution PJSC		23,528,422		26,416,172
Aldar Properties PJSC		10,921,738		12,482,006
Dubai Islamic Bank PJSC		3,408,592		5,664,803
Emirates Telecommunications Group Co. PJSC		7,514,943		71,770,929
First Abu Dhabi Bank PJSC		3,539,151		19,926,122
				136,260,032
Total Common Stocks — 99.0% (Cost: $3,346,167,878)				3,692,534,120
Preferred Stocks
Russia — 0.1%
Surgutneftegas PJSC, Preference Shares, NVS(d)		40,815,200		4,382,392
South Korea — 0.5%
LG Household & Health Care Ltd., Preference Shares, NVS		16,548		7,253,115
Samsung Electronics Co. Ltd., Preference Shares, NVS		195,153		10,785,615
				18,038,730
Total Preferred Stocks — 0.6% (Cost: $45,111,734)				22,421,122

Security	Shares		Value
Rights
South Korea — 0.0%
Samsung Biologics Co. Ltd. (Expires 04/08/22)(a)		1,495	$	174,096
Total Rights — 0.0% (Cost: $0)				174,096
Short-Term Investments
Money Market Funds — 1.3%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.09%(e)(f)(g)		43,082,941		43,091,558
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.03%(e)(f)		6,090,000		6,090,000
				49,181,558
Total Short-Term Investments — 1.3% (Cost: $49,174,925)				49,181,558
Total Investments in Securities — 100.9% (Cost: $3,440,454,537)				3,764,310,896
Other Assets, Less Liabilities — (0.9)%				(31,737,121	)
Net Assets — 100.0%			$	3,732,573,775

^(a)  Non-income producing security.

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

^(c)  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.

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

^(e)  Affiliate of the Fund.

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

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 08/31/21		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value at 02/28/22		Shares Held at 02/28/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	15,776,157	$	27,321,615	(a)	$	—		$	1,372	$	(7,586	)	$	43,091,558		43,082,941	$	182,713	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		7,590,000		—			(1,500,000	)(a)		—		—			6,090,000		6,090,000		353			—
									$	1,372	$	(7,586	)	$	49,181,558			$	183,066		$	—

^(a)  Represents net amount purchased (sold).

^(b)  All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

S C H E D U L E   O F   I N V E S T M E N T S 27

Schedule of Investments (unaudited) (continued) February 28, 2022 iShares^® MSCI Emerging Markets Min Vol Factor  ETF

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
MSCI Emerging Markets Index		186		03/18/22	$	10,932	$	(352,004	)
U.S. 2 Year Treasury Note		10		06/30/22		2,152		3,737
							$	(348,267	)

Derivative Financial Instruments Categorized by Risk Exposure

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

	Equity Contracts
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)	$	3,737
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	352,004

^(a)  Net cumulative unrealized appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).

For the period ended February 28, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts			Interest Rate Contracts			Total
Net Realized Gain (Loss) from:
Futures contracts	$	327,303		$	(22,263	)	$	305,040
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(606,864	)	$	(1,330	)	$	(608,194	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	16,838,191

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

Fair Value Hierarchy as of Period End

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.

28 2 0 2 2   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) February 28, 2022 iShares^® MSCI Emerging Markets Min Vol Factor  ETF

Fair Value Hierarchy as of Period End (continued)

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.

	Level 1			Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	334,882,772		$	3,352,178,837	$	5,472,511	$	3,692,534,120
Preferred Stocks		—			18,038,730		4,382,392		22,421,122
Rights		—			174,096		—		174,096
Money Market Funds		49,181,558			—		—		49,181,558
	$	384,064,330		$	3,370,391,663	$	9,854,903	$	3,764,310,896
Derivative financial instruments(a)
Assets
Futures Contracts	$	3,737		$	—	$	—	$	3,737
Liabilities
Futures Contracts		(352,004	)		—		—		(352,004	)
	$	(348,267	)	$	—	$	—	$	(348,267	)

^(a) Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

See notes to financial statements.

S C H E D U L E   O F   I N V E S  T M E N T S 29

Schedule of Investments  (unaudited)  February 28, 2022 iShares^® MSCI Emerging Markets Multifactor ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Brazil — 1.3%
BB Seguridade Participacoes SA		797,804	$	3,517,928
Telefonica Brasil SA		578,175		5,669,962
TIM SA		965,663		2,561,410
				11,749,300
Chile — 0.3%
Cencosud SA		1,631,582		3,001,033
China — 40.9%
360 DigiTech Inc., ADR		97,435		1,826,906
3SBio Inc.(a)(b)		1,448,000		1,150,826
Alibaba Group Holding Ltd.(b)		806,448		10,615,980
Aluminum Corp. of China Ltd., Class H(b)		4,496,000		3,177,880
Anhui Conch Cement Co. Ltd., Class H		1,407,000		7,550,701
Apeloa Pharmaceutical Co. Ltd., Class A		80,800		362,761
Bank of China Ltd., Class H		14,767,000		5,748,818
Bank of Communications Co. Ltd., Class H		9,976,000		6,838,840
Baoshan Iron & Steel Co. Ltd., Class A		1,525,400		1,748,360
Beijing Enterprises Holdings Ltd.		575,500		1,967,348
Bosideng International Holdings Ltd.		3,706,000		2,108,592
CECEP Solar Energy Co. Ltd., Class A		200,700		320,648
China Cinda Asset Management Co. Ltd., Class H		10,008,000		1,806,579
China CITIC Bank Corp. Ltd., Class H		10,177,000		4,782,306
China Coal Energy Co. Ltd., Class H		2,340,000		1,458,601
China Communications Services Corp. Ltd., Class H		2,730,000		1,497,735
China Conch Venture Holdings Ltd.		1,863,500		8,967,605
China Construction Bank Corp., Class H		38,566,000		28,923,133
China Everbright Bank Co. Ltd., Class H		3,604,000		1,340,355
China Hongqiao Group Ltd.		2,599,000		3,638,622
China Lesso Group Holdings Ltd.		1,238,000		1,906,006
China Longyuan Power Group Corp. Ltd., Class H		3,807,000		7,856,086
China Medical System Holdings Ltd.		1,552,000		2,763,574
China Meidong Auto Holdings Ltd.		638,000		3,004,015
China Merchants Port Holdings Co. Ltd.		1,706,000		3,216,486
China National Building Material Co. Ltd., Class H		4,676,000		5,998,505
China Power International Development Ltd.		4,476,000		2,537,163
China Railway Group Ltd., Class H		4,555,000		2,674,495
China Resources Cement Holdings Ltd.		2,776,000		2,375,395
China Resources Power Holdings Co. Ltd.		2,194,000		4,900,452
China Resources Sanjiu Medical & Pharmaceutical Co. Ltd., Class A		67,000		379,824
China Shenhua Energy Co. Ltd., Class H		3,849,500		10,609,162
China State Construction International Holdings Ltd.		2,302,000		3,241,944
China Taiping Insurance Holdings Co. Ltd.		1,843,800		2,182,335
China Tower Corp. Ltd., Class H(a)		22,284,000		2,597,278
China Traditional Chinese Medicine Holdings Co. Ltd.		3,150,000		1,795,688
China Zhenhua Group Science & Technology Co. Ltd., Class A		35,200		656,085
Chinasoft International Ltd.		2,972,000		2,711,655
COSCO SHIPPING Holdings Co. Ltd., Class H(b)		3,823,500		7,728,153
COSCO SHIPPING Ports Ltd.		2,086,000		1,719,017
Daan Gene Co Ltd., Class A		93,580		275,105
Dali Foods Group Co. Ltd.(a)		2,336,500		1,230,593
Daqo New Energy Corp., ADR(b)		23,365		1,120,586
Dongfeng Motor Group Co. Ltd., Class H		3,096,000		2,664,808
Dongyue Group Ltd.		1,670,000		2,422,735
Far East Horizon Ltd.		1,901,000		1,620,129
Fosun International Ltd.		2,861,500		3,104,737
GF Securities Co. Ltd., Class H		1,263,200		1,896,420

Security	Shares		Value
China (continued)
Haitian International Holdings Ltd.		725,000	$	1,931,617
Haitong Securities Co. Ltd., Class H		3,108,800		2,675,087
Hengan International Group Co. Ltd.		736,500		3,905,860
Hesteel Co. Ltd., Class A		737,700		300,767
Hopson Development Holdings Ltd.(c)		819,350		1,686,676
Huabao International Holdings Ltd.		1,046,000		600,098
Huadian Power International Corp. Ltd., Class A		453,200		309,779
Huaxi Securities Co. Ltd., Class A		184,700		260,733
Huaxin Cement Co. Ltd., Class A		94,000		305,841
Hunan Valin Steel Co. Ltd., Class A		468,420		433,491
Inner Mongolia Junzheng Energy & Chemical Industry Group Co. Ltd., Class A		568,700		447,630
Inner Mongolia Yuan Xing Energy Co. Ltd., Class A(b)		255,700		366,259
Intco Medical Technology Co. Ltd., Class A		37,350		302,913
JDcom Inc, Class A(b)		16,761		598,693
Jiangsu Expressway Co. Ltd., Class H		1,392,000		1,489,359
Jiangxi Copper Co. Ltd., Class H		1,268,000		2,282,400
Kingboard Holdings Ltd.		758,500		3,548,375
Kingboard Laminates Holdings Ltd.		1,067,000		1,777,992
Kunlun Energy Co. Ltd.		4,440,000		4,367,554
Lee & Man Paper Manufacturing Ltd.		1,476,000		948,854
Lenovo Group Ltd.		8,234,000		9,169,127
Li Ning Co. Ltd.		1,806,500		18,043,592
Luxi Chemical Group Co. Ltd., Class A		133,100		355,688
Metallurgical Corp. of China Ltd., Class A		1,218,800		790,489
Nine Dragons Paper Holdings Ltd.		1,876,000		1,797,146
Noah Holdings Ltd., ADR(b)(c)		38,933		1,104,140
North Industries Group Red Arrow Co. Ltd., Class A(b)		97,300		347,962
Northeast Securities Co. Ltd., Class A		154,800		203,185
Pangang Group Vanadium Titanium & Resources Co. Ltd., Class A(b)		598,400		400,678
PetroChina Co. Ltd., Class H		24,046,000		12,879,654
PICC Property & Casualty Co. Ltd., Class H		7,863,000		8,300,075
Postal Savings Bank of China Co. Ltd., Class H(a)		9,052,000		7,432,451
Sailun Group Co. Ltd., Class A		210,900		404,552
Sany Heavy Equipment International Holdings Co. Ltd.		1,256,000		1,302,468
Shaanxi Coal Industry Co. Ltd., Class A		664,800		1,501,955
Shandong Buchang Pharmaceuticals Co. Ltd., Class A		75,900		250,899
Shandong Hualu Hengsheng Chemical Co. Ltd., Class A		145,775		818,911
Shandong Sun Paper Industry JSC Ltd., Class A		183,300		357,841
Shandong Weigao Group Medical Polymer Co. Ltd., Class H		2,834,800		3,914,271
Shanghai Baosight Software Co. Ltd., Class B		441,041		1,904,659
Shanghai International Port Group Co. Ltd., Class A		642,300		581,419
Shanghai Medicilon Inc., Class A		4,289		263,982
Shanghai Pharmaceuticals Holding Co. Ltd., Class H		891,900		1,609,936
Shanxi Coking Coal Energy Group Co. Ltd., Class A		284,100		478,180
Shanxi Lu’an Environmental Energy Development Co. Ltd., Class A		208,000		458,359
Shanxi Taigang Stainless Steel Co. Ltd., Class A		382,500		444,283
Shenzhen International Holdings Ltd.		1,423,000		1,466,233
Shenzhen Salubris Pharmaceuticals Co. Ltd., Class A(b)		70,100		278,279
Shijiazhuang Yiling Pharmaceutical Co. Ltd., Class A		116,160		443,176
Sichuan Hebang Biotechnology Co. Ltd., Class A(b)		618,300		384,676
Sinopharm Group Co. Ltd., Class H		1,529,200		3,707,061
Sinotrans Ltd., Class A		292,300		199,416
Sinotruk Hong Kong Ltd.		791,500		1,181,446
Sun Art Retail Group Ltd.		1,568,000		565,706
Tencent Holdings Ltd.		366,300		19,766,028
Tibet Summit Resources Co. Ltd., Class-A		63,700		346,069

30 2 0 2 2   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments  (unaudited) (continued) February 28, 2022 iShares^® MSCI Emerging Markets Multifactor ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
China (continued)
Tingyi Cayman Islands Holding Corp.		2,244,000	$	4,964,630
Titan Wind Energy Suzhou Co. Ltd., Class A		125,300		414,113
Uni-President China Holdings Ltd.		1,480,000		1,539,014
Vinda International Holdings Ltd.(c)		413,000		1,175,908
Vipshop Holdings Ltd., ADR(b)		511,722		4,436,630
Want Want China Holdings Ltd.		5,455,000		5,806,987
Westone Information Industry Inc., Class A		58,200		426,073
Wharf Holdings Ltd. (The)		1,567,000		5,669,391
Wuchan Zhongda Group Co. Ltd., Class A		356,700		320,176
Xiamen Faratronic Co. Ltd.		15,500		525,938
Xinjiang Zhongtai Chemical Co. Ltd., Class A		166,000		285,391
Yadea Group Holdings Ltd.(a)		1,366,000		2,026,507
Yankuang Energy Group Co Ltd, Class H		1,732,000		4,246,554
YongXing Special Materials Technology Co. Ltd., Class A		28,000		663,928
Youngor Group Co. Ltd., Class A		310,600		333,616
Yuexiu Property Co. Ltd.		1,587,400		1,587,830
Yum China Holdings Inc.		144,295		7,506,226
Zhejiang Expressway Co. Ltd., Class H		1,634,000		1,474,044
Zhejiang Semir Garment Co. Ltd., Class A		182,900		205,448
Zhejiang Weixing New Building Materials Co. Ltd., Class A		110,700		407,736
Zhongsheng Group Holdings Ltd.		655,000		4,573,814
Zhuzhou CRRC Times Electric Co. Ltd.		623,800		3,251,571
Zhuzhou Kibing Group Co. Ltd., Class A		185,400		463,543
Zibo Qixiang Tengda Chemical Co. Ltd., Class-A		197,200		302,653
				365,622,718
Egypt — 0.1%
Eastern Co. SAE		1,153,966		797,798
Hungary — 0.7%
MOL Hungarian Oil & Gas PLC		319,779		2,494,372
Richter Gedeon Nyrt		159,311		3,345,002
				5,839,374
India — 16.7%
ACC Ltd.		85,662		2,385,950
Adani Enterprises Ltd.		313,368		6,891,190
Adani Total Gas Ltd.		313,368		6,606,524
Ambuja Cements Ltd.		792,077		3,319,677
Apollo Hospitals Enterprise Ltd.		106,942		6,844,815
Aurobindo Pharma Ltd.		333,903		2,779,559
Balkrishna Industries Ltd.		99,147		2,410,925
Cipla Ltd.		551,614		6,789,288
Colgate-Palmolive India Ltd.		139,494		2,691,040
Container Corp. of India Ltd.		278,142		2,226,132
Dr. Reddy’s Laboratories Ltd.		132,732		7,166,609
HCL Technologies Ltd.		1,237,127		18,602,960
HDFC Asset Management Co. Ltd.(a)		60,864		1,692,447
Hero MotoCorp Ltd.		136,626		4,628,092
Hindustan Petroleum Corp. Ltd.		727,536		2,646,655
Jubilant Foodworks Ltd.		90,056		3,501,315
Larsen & Toubro Infotech Ltd.(a)		59,895		4,681,209
Marico Ltd.		588,375		4,028,062
Mindtree Ltd.		75,130		3,898,561
Mphasis Ltd.		96,072		3,991,339
MRF Ltd.		2,167		1,896,136
NTPC Ltd.		3,670,115		6,533,290
Page Industries Ltd.		6,365		3,582,818
SRF Ltd.		168,807		5,372,173
Tata Steel Ltd.		629,363		10,305,017
Tech Mahindra Ltd.		717,995		13,518,268

Security	Shares		Value
India (continued)
Vedanta Ltd.		1,270,968	$	6,468,824
Wipro Ltd.		468,905		3,467,433
				148,926,308
Indonesia — 0.9%
Adaro Energy Tbk PT		16,404,800		2,810,659
Gudang Garam Tbk PT		546,200		1,196,950
Indofood Sukses Makmur Tbk PT		5,005,000		2,164,805
United Tractors Tbk PT		1,169,500		2,040,759
				8,213,173
Kuwait — 0.6%
Mobile Telecommunications Co. KSCP		2,465,817		5,055,487
Malaysia — 0.2%
Sime Darby Bhd		3,096,100		1,676,658
Philippines — 0.5%
Globe Telecom Inc.		30,300		1,522,480
PLDT Inc.		86,225		3,025,527
				4,548,007
Poland — 0.6%
Cyfrowy Polsat SA		328,006		2,126,804
Orange Polska SA(b)		750,270		1,392,235
PGE Polska Grupa Energetyczna SA(b)		960,920		1,864,027
				5,383,066
Qatar — 1.0%
Barwa Real Estate Co.		1,072,983		1,067,334
Commercial Bank PSQC (The)		2,245,961		4,259,814
Ooredoo QPSC		910,318		1,914,319
Qatar Electricity & Water Co. QSC		303,212		1,497,068
				8,738,535
Russia — 0.4%
Inter RAO UES PJSC(d)		41,455,000		400,177
PhosAgro PJSC, GDR		153,986		942,071
TCS Group Holding PLC, GDR(d)		135,475		1,560,156
United Co. RUSAL International PJSC(b)(d)		3,441,260		726,165
				3,628,569
Saudi Arabia — 5.6%
Abdullah Al Othaim Markets Co.		50,216		1,493,530
Advanced Petrochemical Co.		120,960		2,426,819
Arab National Bank		683,832		5,112,206
Banque Saudi Fransi		352,839		5,011,245
Bupa Arabia for Cooperative Insurance Co.		68,383		2,965,330
Co for Cooperative Insurance (The)		69,705		1,464,979
Dr Sulaiman Al Habib Medical Services Group Co.		59,846		2,736,745
Jarir Marketing Co.		67,016		3,741,826
Mobile Telecommunications Co.(b)		502,871		1,806,286
Mouwasat Medical Services Co.		55,846		3,097,889
National Petrochemical Co.		136,433		1,646,419
SABIC Agri-Nutrients Co.		244,146		10,402,540
Saudi Cement Co.		4,382		65,130
Saudi Industrial Investment Group		251,784		2,377,322
Yanbu National Petrochemical Co.		288,491		5,295,453
				49,643,719
South Africa — 2.7%
Aspen Pharmacare Holdings Ltd.		442,193		5,780,395
Exxaro Resources Ltd.		281,326		3,628,756
Kumba Iron Ore Ltd.		73,160		2,891,926
Mr. Price Group Ltd.		292,272		3,984,460
Rand Merchant Investment Holdings Ltd.		872,998		2,746,810

S C H E D U L E   O F   I N V E S  T M E N T S 31

Schedule of Investments  (unaudited) (continued) February 28, 2022 iShares^® MSCI Emerging Markets Multifactor ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
South Africa (continued)
Reinet Investments SCA		156,323	$	3,222,584
Tiger Brands Ltd.		190,937		2,028,300
				24,283,231
South Korea — 10.2%
BGF retail Co. Ltd.		8,912		1,262,531
Coway Co. Ltd.		63,083		3,788,688
DB Insurance Co. Ltd.		52,450		2,695,895
E-MART Inc.		22,243		2,425,696
F&F Co. Ltd./New(b)		3,919		2,929,209
GS Holdings Corp.		53,053		1,774,042
Hana Financial Group Inc.		182,809		7,427,134
Hankook Tire & Technology Co. Ltd.		84,710		2,495,829
Kia Corp.		292,033		18,104,678
Kumho Petrochemical Co. Ltd.(b)		20,835		2,810,863
LG Innotek Co. Ltd.		16,184		4,467,636
LG Uplus Corp.		243,831		2,678,325
POSCO		84,463		20,095,753
S-1 Corp.(c)		19,355		1,126,719
Samsung Electronics Co. Ltd.		233,146		14,047,834
SD Biosensor Inc.		41,280		1,874,569
SK Telecom Co. Ltd.		29,792		1,359,501
				91,364,902
Taiwan — 14.7%
Acer Inc.		653,000		677,702
Asustek Computer Inc.		804,000		10,725,741
AU Optronics Corp.		9,324,000		6,980,662
Catcher Technology Co. Ltd.		551,000		2,828,178
Compal Electronics Inc.		4,773,000		4,348,258
eMemory Technology Inc.		74,000		4,994,057
Innolux Corp.		10,772,000		6,554,907
Inventec Corp.		2,970,000		2,742,794
Lite-On Technology Corp.		2,411,718		5,930,124
momo.com Inc.		52,000		1,851,150
Nien Made Enterprise Co. Ltd.		183,000		2,372,368
Pegatron Corp.		2,283,000		5,658,545
Pou Chen Corp.		2,687,000		3,098,682
Synnex Technology International Corp.		1,521,000		3,937,818
Taiwan Semiconductor Manufacturing Co. Ltd.		1,969,000		42,332,626
United Microelectronics Corp.		9,495,000		17,891,914
Wan Hai Lines Ltd.		695,100		4,734,643
WPG Holdings Ltd.		1,818,160		3,628,518
				131,288,687
Thailand — 0.5%
Krung Thai Bank PCL, NVDR		3,972,700		1,709,166
Srisawad Corp. PCL, NVDR(c)		430,100		763,566

Security	Shares		Value
Thailand (continued)
Thai Union Group PCL, NVDR		3,265,900	$	2,039,001
				4,511,733
United Arab Emirates — 1.0%
Abu Dhabi Islamic Bank PJSC		1,655,784		3,994,634
Aldar Properties PJSC		4,390,984		5,018,275
				9,012,909
Total Common Stocks — 98.9% (Cost: $793,302,178)				883,285,207
Preferred Stocks
Brazil — 0.6%
Itausa SA, Preference Shares, NVS		3,022,960		5,854,317
Total Preferred Stocks — 0.6% (Cost: $5,750,334)				5,854,317
Short-Term Investments
Money Market Funds — 0.5%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.09%(e)(f)(g)		1,315,366		1,315,629
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.03%(e)(f)		2,860,000		2,860,000
				4,175,629
Total Short-Term Investments — 0.5% (Cost: $4,175,051)				4,175,629
Total Investments in Securities — 100.0% (Cost: $803,227,563)				893,315,153
Other Assets, Less Liabilities — (0.0)%				(280,220	)
Net Assets — 100.0%			$	893,034,933

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

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

^(e)  Affiliate of the Fund.

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

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

32 2 0 2 2   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments  (unaudited) (continued) February 28, 2022 iShares^® MSCI Emerging Markets Multifactor  ETF

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 08/31/21		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 02/28/22		Shares Held at 02/28/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	8,548,912	$	—		$	(7,231,927	)(a)	$	(470	)	$	(886	)	$	1,315,629		1,315,366	$	30,112	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		2,300,000		560,000	(a)		—			—			—			2,860,000		2,860,000		163			—
									$	(470	)	$	(886	)	$	4,175,629			$	30,275		$	—

^(a)  Represents net amount purchased (sold).

^(b)  All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
MSCI Emerging Markets Index		68		03/18/22	$	3,997	$	(142,620	)

Derivative Financial Instruments Categorized by Risk Exposure

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

	Equity Contracts
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	142,620

^(a)  Net cumulative unrealized appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).

For the period ended February 28, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	(121,309	)
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(142,620	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	2,362,688

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

S C H E D U L E   O F   I N V E S  T M E N T S 33

Schedule of Investments  (unaudited) (continued) February 28, 2022 iShares^® MSCI Emerging Markets Multifactor ETF

Fair Value Hierarchy as of Period End

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.

	Level 1			Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	73,586,933		$	807,011,776	$	2,686,498	$	883,285,207
Preferred Stocks		—			5,854,317		—		5,854,317
Money Market Funds		4,175,629			—		—		4,175,629
	$	77,762,562		$	812,866,093	$	2,686,498	$	893,315,153
Derivative financial instruments(a)
Liabilities
Futures Contracts	$	(142,620	)	$	—	$	—	$	(142,620	)

^(a)  Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

See notes to financial statements.

34 2 0 2 2   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments  (unaudited) February 28, 2022 iShares^® MSCI Global Min Vol Factor ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Belgium — 0.2%
Etablissements Franz Colruyt NV		87,235	$	3,489,127
Proximus SADP		237,566		4,722,878
				8,212,005
Canada — 2.3%
Agnico Eagle Mines Ltd.		48,846		2,467,542
BCE Inc.		116,409		6,113,883
CGI Inc.(a)		170,929		14,014,155
Franco-Nevada Corp.		295,531		43,521,749
Loblaw Companies Ltd.		149,616		11,670,638
Metro Inc.		113,959		5,948,345
TELUS Corp.		690,796		17,445,665
Thomson Reuters Corp.		27,120		2,742,169
Waste Connections Inc.		116,984		14,446,354
				118,370,500
China — 4.3%
Agricultural Bank of China Ltd., Class A		7,174,699		3,389,594
Agricultural Bank of China Ltd., Class H		6,648,000		2,517,724
Alibaba Group Holding Ltd.(a)		162,148		2,134,496
Bank of China Ltd., Class H		37,014,000		14,409,613
Bank of Communications Co. Ltd., Class H		5,623,000		3,854,731
BeiGene Ltd., ADR(a)		7,417		1,561,427
Beijing-Shanghai High Speed Railway Co. Ltd., Class A		3,914,600		3,207,105
China Conch Venture Holdings Ltd.		1,851,500		8,909,859
China Construction Bank Corp., Class H		14,556,000		10,916,484
China Feihe Ltd.(b)		1,729,000		2,063,146
China Huishan Dairy Holdings Co. Ltd.(a)(c)		2,093,055		3
China Meidong Auto Holdings Ltd.		564,000		2,655,587
China Merchants Bank Co. Ltd., Class A		1,124,000		8,884,911
China Resources Gas Group Ltd.		1,272,000		5,842,282
China State Construction Engineering Corp. Ltd., Class A		3,882,400		3,136,380
China Tourism Group Duty Free Corp. Ltd., Class A		187,300		6,049,582
China Tower Corp. Ltd., Class H(b)		64,960,000		7,571,316
China Yangtze Power Co. Ltd., Class A		2,128,900		7,832,464
Chongqing Zhifei Biological Products Co. Ltd., Class A		153,900		3,149,726
CITIC Securities Co. Ltd., Class A		988,408		3,663,169
COSCO SHIPPING Holdings Co. Ltd., Class A(a)		1,203,150		3,378,176
Country Garden Services Holdings Co. Ltd.		543,000		3,248,203
East Money Information Co. Ltd., Class A		986,500		4,204,731
Guangdong Investment Ltd.		2,063,147		2,776,366
Hansoh Pharmaceutical Group Co. Ltd.(b)		1,904,000		4,064,457
I-Mab, ADR(a)		49,332		1,219,487
Industrial & Commercial Bank of China Ltd., Class A		6,015,151		4,443,792
Industrial & Commercial Bank of China Ltd., Class H		17,682,000		10,555,359
JDcom Inc, Class A(a)		8,928		318,903
Jiangsu Hengrui Medicine Co. Ltd., Class A		615,540		3,920,050
LONGi Green Energy Technology Co. Ltd., Class A		268,380		3,340,660
Luxshare Precision Industry Co. Ltd., Class A		424,200		2,941,862
NAURA Technology Group Co. Ltd., Class A		48,200		2,336,540
Ping An Bank Co. Ltd., Class A		1,868,400		4,675,343
Postal Savings Bank of China Co. Ltd., Class H(b)		12,258,000		10,064,846
SF Holding Co. Ltd., Class A		405,000		3,885,767
Shanghai Pudong Development Bank Co. Ltd., Class A		2,716,800		3,616,277
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A		116,800		6,073,693
Tencent Holdings Ltd.		187,200		10,101,557
Will Semiconductor Co. Ltd. Shanghai, Class A		83,300		3,268,927
WuXi AppTec Co. Ltd., Class A		183,804		3,042,375

Security	Shares		Value
China (continued)
Wuxi Biologics Cayman Inc., New(a)(b)		495,500	$	4,098,487
Xiaomi Corp., Class B(a)(b)		4,787,800		9,011,679
Yadea Group Holdings Ltd.(b)		1,560,000		2,314,312
Zhangzhou Pientzehuang Pharmaceutical Co. Ltd., Class A		57,200		3,292,938
ZTO Express Cayman Inc., ADR		401,634		11,824,105
				223,768,491
Denmark — 1.6%
Coloplast A/S, Class B		183,718		27,638,179
Novo Nordisk A/S, Class B		509,843		52,760,289
Tryg A/S		212,877		4,816,513
				85,214,981
Finland — 0.2%
Elisa Oyj		225,276		12,481,898
France — 0.8%
Eurofins Scientific SE		22,369		2,269,958
Hermes International		16,385		22,595,515
Orange SA		1,512,720		18,291,344
				43,156,817
Germany — 0.8%
Deutsche Telekom AG, Registered		1,762,597		31,593,973
Symrise AG		49,265		5,859,902
Telefonica Deutschland Holding AG		1,611,810		4,398,379
				41,852,254
Hong Kong — 2.2%
CLP Holdings Ltd.		1,587,754		16,174,907
Hang Seng Bank Ltd.		1,180,200		21,764,173
HK Electric Investments & HK Electric Investments Ltd., Class SS		4,251,500		4,194,593
HKT Trust & HKT Ltd., Class SS		6,089,000		8,212,584
Hong Kong & China Gas Co. Ltd.		13,310,579		20,128,874
Jardine Matheson Holdings Ltd.		221,000		13,149,500
Link REIT		1,449,700		11,714,734
MTR Corp. Ltd.(d)		2,386,500		12,370,427
Power Assets Holdings Ltd.		1,088,000		6,857,149
				114,566,941
India — 3.9%
ACC Ltd.		119,771		3,335,991
Adani Green Energy Ltd.(a)		210,079		5,169,427
Adani Total Gas Ltd.		203,546		4,291,222
Adani Transmission Ltd.(a)		130,166		3,709,294
Ambuja Cements Ltd.		1,117,031		4,681,593
Asian Paints Ltd.		455,616		19,254,839
Avenue Supermarts Ltd.(a)(b)		130,488		7,549,295
Bajaj Auto Ltd.		72,358		3,404,996
Berger Paints India Ltd.		374,546		3,439,963
Bharat Petroleum Corp. Ltd.		690,221		3,219,497
Dabur India Ltd.		852,469		6,391,328
Dr. Reddy’s Laboratories Ltd.		65,116		3,515,813
Eicher Motors Ltd.		191,643		6,619,436
HCL Technologies Ltd.		952,296		14,319,892
HDFC Asset Management Co. Ltd.(b)		89,184		2,479,941
Hero MotoCorp Ltd.		81,429		2,758,339
Hindustan Petroleum Corp. Ltd.		985,591		3,585,417
Hindustan Unilever Ltd.		167,890		4,855,096
Indian Oil Corp. Ltd.		3,022,910		4,639,842
Infosys Ltd.		545,440		12,430,505
Larsen & Toubro Infotech Ltd.(b)		52,872		4,132,313

S C H E D U L E   O F   I N V E S  T M E N T S 35

Schedule of Investments  (unaudited) (continued) February 28, 2022 iShares^® MSCI Global Min Vol Factor ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
India (continued)
Larsen & Toubro Ltd.		213,618	$	5,178,674
Maruti Suzuki India Ltd.		40,471		4,485,545
MRF Ltd.		2,605		2,279,388
Petronet LNG Ltd.		1,195,746		3,431,203
PI Industries Ltd.		126,450		4,161,649
Pidilite Industries Ltd.		235,135		7,527,065
SBI Cards & Payment Services Ltd.(a)		195,957		2,054,604
Shree Cement Ltd.		11,346		3,693,741
Sun Pharmaceutical Industries Ltd.		434,932		4,885,777
Tata Consultancy Services Ltd.		254,673		12,064,299
Tech Mahindra Ltd.		389,647		7,336,196
UltraTech Cement Ltd.		79,492		6,957,280
Wipro Ltd.		591,633		4,374,976
Wipro Ltd., ADR		1,048,139		7,640,933
Yes Bank Ltd.(a)		16,352,348		2,888,842
				202,744,211
Ireland — 0.3%
Kerry Group PLC, Class A		142,614		16,990,906
Israel — 0.6%
Azrieli Group Ltd.		27,848		2,375,766
Bank Hapoalim BM		443,769		4,703,280
Bank Leumi Le-Israel BM		638,078		6,912,248
Check Point Software Technologies Ltd.(a)		74,315		10,766,757
Isracard Ltd.		—		1
Nice Ltd.(a)		21,867		4,946,492
				29,704,544
Italy — 0.3%
DiaSorin SpA		38,836		5,811,977
Ferrari NV		10,306		2,214,639
Infrastrutture Wireless Italiane SpA(b)		534,844		5,461,458
Recordati Industria Chimica e Farmaceutica SpA		93,869		4,591,271
				18,079,345
Japan — 10.2%
Ajinomoto Co. Inc.		90,500		2,637,261
Asahi Intecc Co. Ltd.		111,500		2,407,655
Canon Inc.		1,038,200		24,431,902
Capcom Co. Ltd.		99,400		2,412,520
Chubu Electric Power Co. Inc.		388,000		3,875,601
Chugai Pharmaceutical Co. Ltd.		581,100		19,277,191
CyberAgent Inc.		276,800		3,622,109
East Japan Railway Co.		74,200		4,408,129
FUJIFILM Holdings Corp.		184,100		11,702,154
Hamamatsu Photonics KK		216,300		10,960,230
Hankyu Hanshin Holdings Inc.		88,400		2,644,667
Hirose Electric Co. Ltd.		51,100		7,683,533
Itochu Techno-Solutions Corp.		83,600		2,167,199
Japan Post Bank Co. Ltd.		648,800		5,692,783
KDDI Corp.		571,700		18,603,827
Keio Corp.		125,400		5,130,997
Keyence Corp.		55,600		26,298,835
Kintetsu Group Holdings Co. Ltd.(a)		176,500		5,302,469
Kirin Holdings Co. Ltd.		165,000		2,743,200
Koei Tecmo Holdings Co. Ltd.		94,800		3,291,983
Lawson Inc.		79,600		3,318,979
McDonald’s Holdings Co. Japan Ltd.		123,700		5,318,885
MEIJI Holdings Co. Ltd.		103,700		6,223,864
Mizuho Financial Group Inc.		1,017,700		13,412,393
MonotaRO Co. Ltd.		401,800		7,563,080

Security	Shares		Value
Japan (continued)
NEC Corp.		140,000	$	6,057,187
Nexon Co. Ltd.		310,800		6,790,150
Nintendo Co. Ltd.		38,800		19,650,330
Nippon Paint Holdings Co. Ltd.		240,400		2,151,602
Nippon Prologis REIT Inc.		3,184		9,361,120
Nippon Telegraph & Telephone Corp.		1,116,200		32,080,579
Nissin Foods Holdings Co. Ltd.		36,900		2,948,205
Nitori Holdings Co. Ltd.		111,300		16,748,216
Nomura Research Institute Ltd.		143,690		5,043,918
NTT Data Corp.		690,000		13,105,940
Obic Co. Ltd.		95,100		15,295,313
Odakyu Electric Railway Co. Ltd.		134,700		2,222,346
Ono Pharmaceutical Co. Ltd.		127,400		3,136,587
Oracle Corp. Japan		61,600		4,399,819
Oriental Land Co. Ltd./Japan		160,200		29,615,334
Otsuka Corp.		71,600		2,781,196
Pan Pacific International Holdings Corp.		542,900		8,886,211
Rinnai Corp.		57,900		4,763,243
Secom Co. Ltd.		297,400		21,842,952
Seven & i Holdings Co. Ltd.		76,900		3,741,779
SG Holdings Co. Ltd.		290,500		6,157,199
Shimano Inc.		55,800		12,994,021
Shionogi & Co. Ltd.		48,629		3,233,457
SoftBank Corp.		3,392,600		42,863,408
Sohgo Security Services Co. Ltd.		110,100		3,975,068
Suntory Beverage & Food Ltd.		222,800		8,878,377
Sysmex Corp.		146,500		11,727,397
Tobu Railway Co. Ltd.		302,200		7,428,252
Toho Co. Ltd./Tokyo		158,300		6,601,964
Toyo Suisan Kaisha Ltd.		142,400		5,986,051
Tsuruha Holdings Inc.		60,900		4,896,042
USS Co. Ltd.		173,900		2,888,840
Welcia Holdings Co. Ltd.		154,700		4,125,415
				533,508,964
Kuwait — 0.2%
Mobile Telecommunications Co. KSCP		3,481,486		7,137,840
National Bank of Kuwait SAKP		1,425,988		4,998,747
				12,136,587
Malaysia — 0.5%
DiGi.Com Bhd		2,723,400		2,632,859
Hong Leong Bank Bhd		1,047,000		5,012,473
IHH Healthcare Bhd		1,995,100		3,130,063
Malayan Banking Bhd		2,976,500		6,219,271
Maxis Bhd		3,137,100		3,007,660
Petronas Chemicals Group Bhd		1,367,200		3,109,863
Petronas Gas Bhd		689,600		2,862,805
				25,974,994
Netherlands — 0.6%
Koninklijke Ahold Delhaize NV		610,297		18,774,104
Koninklijke KPN NV		1,732,702		5,929,536
QIAGEN NV(a)		90,234		4,533,571
				29,237,211
New Zealand — 0.2%
Fisher & Paykel Healthcare Corp. Ltd.		137,876		2,590,967
Spark New Zealand Ltd.		1,802,898		5,535,438
				8,126,405
Norway — 0.0%
Telenor ASA		175,832		2,601,542

36 2 0 2 2   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments  (unaudited) (continued) February 28, 2022 iShares^® MSCI Global Min Vol Factor ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Peru — 0.1%
Credicorp Ltd.		22,559	$	3,412,049
Philippines — 0.2%
BDO Unibank Inc.		2,683,349		6,800,048
Globe Telecom Inc.		39,640		1,991,785
PLDT Inc.		121,090		4,248,897
				13,040,730
Qatar — 0.3%
Qatar Islamic Bank SAQ		548,947		3,172,122
Qatar National Bank QPSC		2,006,735		12,013,313
				15,185,435
Russia — 0.1%
PhosAgro PJSC, GDR		126,400		773,302
Polymetal International PLC(c)		250,942		761,063
Polyus PJSC(c)		53,523		2,016,654
				3,551,019
Saudi Arabia — 1.3%
Alinma Bank		1,557,630		14,769,554
Bank AlBilad(a)		384,691		6,054,115
Jarir Marketing Co.		94,161		5,257,462
SABIC Agri-Nutrients Co.		306,103		13,042,395
Saudi Arabian Oil Co.(b)		556,901		6,178,541
Saudi Basic Industries Corp.		120,680		4,023,147
Saudi Telecom Co.		632,750		19,306,002
				68,631,216
Singapore — 0.6%
Oversea-Chinese Banking Corp. Ltd.(d)		513,700		4,451,426
Singapore Exchange Ltd.		1,183,200		8,208,789
Singapore Telecommunications Ltd.		10,181,500		19,098,232
				31,758,447
Sweden — 0.2%
Telefonaktiebolaget LM Ericsson, Class B		727,627		6,695,547
Telia Co. AB		725,681		2,698,207
				9,393,754
Switzerland — 6.1%
EMS-Chemie Holding AG, Registered		10,820		10,702,395
Givaudan SA, Registered		8,720		36,409,541
Kuehne + Nagel International AG, Registered		84,031		22,916,525
Logitech International SA, Registered		214,770		16,071,000
Nestle SA, Registered		542,904		70,738,067
Novartis AG, Registered		277,673		24,405,068
Roche Holding AG, Bearer		24,185		10,095,039
Roche Holding AG, NVS		205,174		77,706,230
Schindler Holding AG, Registered		32,356		7,252,642
SGS SA, Registered		3,019		8,638,415
Swiss Prime Site AG, Registered		83,275		8,160,406
Swisscom AG, Registered		40,305		24,143,183
				317,238,511
Taiwan — 4.9%
Acer Inc.		4,183,000		4,341,236
Advantech Co. Ltd.		595,482		7,841,609
Asia Cement Corp.		3,373,000		5,451,632
Asustek Computer Inc.		1,088,000		14,514,436
Chang Hwa Commercial Bank Ltd.		6,720,345		4,266,641
China Development Financial Holding Corp.		20,780,000		14,230,446
China Steel Corp.		7,877,000		10,242,892
Chunghwa Telecom Co. Ltd.		5,896,000		26,205,460
Compal Electronics Inc.		6,732,000		6,132,929

Security	Shares		Value
Taiwan (continued)
CTBC Financial Holding Co. Ltd.		3,829,000	$	3,742,761
E.Sun Financial Holding Co Ltd.		9,496,377		10,038,171
Far EasTone Telecommunications Co. Ltd.		2,568,000		6,351,515
First Financial Holding Co. Ltd.		15,993,644		14,725,947
Formosa Petrochemical Corp.		811,000		2,852,760
Hua Nan Financial Holdings Co. Ltd.		13,222,932		10,484,860
Inventec Corp.		4,149,000		3,831,600
Lite-On Technology Corp.		3,390,000		8,335,601
Mega Financial Holding Co. Ltd.		16,775,000		22,606,005
Nan Ya Plastics Corp.		1,065,000		3,359,010
Novatek Microelectronics Corp.		308,000		5,106,167
President Chain Store Corp.		628,000		5,868,352
Quanta Computer Inc.		4,044,000		13,522,717
Synnex Technology International Corp.		2,136,250		5,530,680
Taishin Financial Holding Co. Ltd.		9,803,694		6,870,676
Taiwan Cooperative Financial Holding Co. Ltd.		14,679,457		13,926,161
Taiwan Mobile Co. Ltd.		2,542,000		9,400,038
Taiwan Semiconductor Manufacturing Co. Ltd.		564,000		12,125,750
WPG Holdings Ltd.		2,561,760		5,112,527
				257,018,579
Thailand — 0.5%
Advanced Info Service PCL, NVDR		1,834,200		12,911,514
Bangkok Dusit Medical Services PCL, NVDR		7,567,400		5,501,977
Bumrungrad Hospital PCL, NVDR		700,100		3,299,083
Home Product Center PCL, NVDR		7,717,100		3,613,753
				25,326,327
United Arab Emirates — 0.5%
Abu Dhabi National Oil Co. for Distribution PJSC		2,786,367		3,128,350
Emirates Telecommunications Group Co. PJSC		2,178,904		20,809,468
				23,937,818
United Kingdom — 0.1%
AstraZeneca PLC		34,218		4,159,072
United States — 55.6%
Abbott Laboratories		94,668		11,418,854
Accenture PLC, Class A		39,474		12,474,573
Activision Blizzard Inc.		364,918		29,740,817
Adobe Inc.(a)		35,930		16,803,742
Akamai Technologies Inc.(a)		166,995		18,078,879
Alphabet Inc., Class C, NVS(a)		6,220		16,780,440
Amazon.com Inc.(a)		9,649		29,634,588
Ameren Corp.		65,741		5,650,439
American Electric Power Co. Inc.		188,948		17,128,136
American Tower Corp.		22,660		5,140,874
American Water Works Co. Inc.		98,002		14,807,122
Amgen Inc.		31,284		7,085,200
Amphenol Corp., Class A		206,370		15,686,184
Aon PLC, Class A		51,798		15,132,268
Arista Networks Inc.(a)		28,757		3,529,347
Arthur J Gallagher & Co.		61,659		9,753,837
AT&T Inc.		642,206		15,213,860
Automatic Data Processing Inc.		97,582		19,949,664
AutoZone Inc.(a)		13,493		25,142,721
Baxter International Inc.		162,686		13,823,429
Becton Dickinson and Co.		61,367		16,647,640
Berkshire Hathaway Inc., Class B(a)		95,474		30,690,117
BioMarin Pharmaceutical Inc.(a)(d)		158,971		12,418,814
Bio-Rad Laboratories Inc., Class A(a)		6,187		3,872,815
Black Knight Inc.(a)		241,944		13,594,833

S C H E D U L E   O F   I N V E S  T M E N T S 37

Schedule of Investments  (unaudited) (continued) February 28, 2022 iShares^® MSCI Global Min Vol Factor ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
United States (continued)
Booz Allen Hamilton Holding Corp.		133,558	$	10,776,795
Bristol-Myers Squibb Co.		100,956		6,932,649
Broadridge Financial Solutions Inc.		122,149		17,859,405
Brown & Brown Inc.		225,621		15,254,236
Campbell Soup Co.		156,501		7,037,850
Cboe Global Markets Inc.		121,342		14,232,203
CH Robinson Worldwide Inc.		203,423		19,666,936
Charter Communications Inc., Class A(a)		20,819		12,528,458
Church & Dwight Co. Inc.		213,481		20,889,116
Cisco Systems Inc.		698,474		38,953,895
Citrix Systems Inc.		191,616		19,640,640
Clorox Co. (The)		137,828		20,093,944
CME Group Inc.		77,733		18,386,186
CMS Energy Corp.		132,669		8,492,143
Cognizant Technology Solutions Corp., Class A		43,938		3,784,380
Colgate-Palmolive Co.		172,650		13,285,417
Comcast Corp., Class A		297,150		13,894,734
Consolidated Edison Inc.		546,467		46,870,475
Cooper Companies Inc. (The)		11,539		4,719,682
Costco Wholesale Corp.		26,678		13,852,551
Crown Castle International Corp.		97,599		16,259,017
Danaher Corp.		75,351		20,677,068
Dollar General Corp.		200,393		39,745,948
Dominion Energy Inc.		339,008		26,961,306
Domino’s Pizza Inc.		44,337		19,162,895
Duke Energy Corp.		401,398		40,304,373
Electronic Arts Inc.		210,501		27,384,075
Eli Lilly & Co.		131,723		32,924,164
Erie Indemnity Co., Class A, NVS		39,175		6,859,542
Evergy Inc.		56,939		3,553,563
Eversource Energy		94,727		7,748,669
Expeditors International of Washington Inc.		262,719		27,154,636
F5 Inc.(a)		38,669		7,766,669
Fidelity National Information Services Inc.		75,478		7,187,770
Fiserv Inc.(a)(d)		139,351		13,610,412
General Mills Inc.		178,192		12,015,487
Genuine Parts Co.		19,968		2,439,291
Gilead Sciences Inc.		746,797		45,106,539
Henry Schein Inc.(a)(d)		46,340		4,002,849
Hershey Co. (The)		199,915		40,434,808
Home Depot Inc. (The)		63,879		20,174,905
Horizon Therapeutics PLC(a)		88,298		8,050,129
Hormel Foods Corp.		460,457		21,936,171
Humana Inc.		14,871		6,458,773
Incyte Corp.(a)		236,900		16,180,270
Intel Corp.		54,717		2,610,001
Intercontinental Exchange Inc.		70,648		9,051,422
International Business Machines Corp.		39,659		4,858,624
Intuit Inc.		21,227		10,069,452
Jack Henry & Associates Inc.		114,336		20,214,605
JM Smucker Co. (The)		84,410		11,374,247
Johnson & Johnson		308,284		50,734,298
Juniper Networks Inc.		114,332		3,863,278
Kellogg Co.		296,670		18,969,080
Keysight Technologies Inc.(a)		284,540		44,778,060
Kimberly-Clark Corp.		126,058		16,406,449
Kroger Co. (The)		1,097,751		51,374,747
Liberty Broadband Corp., Class C, NVS(a)		188,278		27,620,383
MarketAxess Holdings Inc.		12,298		4,690,826
Marsh & McLennan Companies Inc.		219,817		34,161,760

Security	Shares		Value
United States (continued)
Masimo Corp.(a)		15,501	$	2,440,632
Mastercard Inc., Class A		42,654		15,390,416
McCormick & Co. Inc./MD, NVS		248,623		23,661,451
McDonald’s Corp.		188,410		46,117,116
Medtronic PLC		138,376		14,528,096
Merck & Co. Inc.		693,010		53,070,706
Microsoft Corp.		73,999		22,110,161
Mondelez International Inc., Class A		91,376		5,983,300
Motorola Solutions Inc.		212,948		46,940,128
Netflix Inc.(a)		40,307		15,901,918
Neurocrine Biosciences Inc.(a)		93,822		8,431,783
Newmont Corp.		1,002,949		66,395,224
NextEra Energy Inc.		672,796		52,659,743
Old Dominion Freight Line Inc.		11,323		3,555,762
Oracle Corp.		176,910		13,439,853
O’Reilly Automotive Inc.(a)		25,288		16,417,981
Palo Alto Networks Inc.(a)(d)		5,221		3,102,579
Paychex Inc.		377,676		44,966,105
PepsiCo Inc.		360,159		58,972,435
Pfizer Inc.		453,419		21,283,488
Pool Corp.		9,200		4,218,936
Procter & Gamble Co. (The)		269,877		42,071,126
Progressive Corp. (The)		171,908		18,210,214
Public Storage		143,176		50,830,343
Regeneron Pharmaceuticals Inc.(a)		104,188		64,425,692
Republic Services Inc.		344,623		41,451,254
Rollins Inc.		233,197		7,609,218
SBA Communications Corp.		9,570		2,903,442
Seagen Inc.(a)		136,586		17,601,838
Southern Co. (The)		509,122		32,975,832
Starbucks Corp.		97,702		8,968,067
Take-Two Interactive Software Inc.(a)		125,417		20,317,554
Target Corp.		134,198		26,808,734
T-Mobile U.S. Inc.(a)		306,867		37,809,083
Tradeweb Markets Inc., Class A		91,398		7,721,303
Tyler Technologies Inc.(a)(d)		63,166		27,051,471
United Parcel Service Inc., Class B		13,239		2,785,750
UnitedHealth Group Inc.		30,942		14,724,370
VeriSign Inc.(a)		118,380		25,300,174
Verizon Communications Inc.		1,593,990		85,549,443
Vertex Pharmaceuticals Inc.(a)		179,937		41,389,109
Visa Inc., Class A		240,641		52,007,333
Walmart Inc.		397,893		53,779,218
Walt Disney Co. (The)(a)		54,788		8,133,826
Waste Management Inc.		484,742		69,996,745
WEC Energy Group Inc.		415,005		37,715,654
West Pharmaceutical Services Inc.		57,140		22,117,751
Western Union Co. (The)		628,328		11,423,003
Xcel Energy Inc.		579,411		39,011,743
Zoom Video Communications Inc., Class A(a)		21,634		2,868,668
				2,905,373,220
Total Common Stocks — 99.7% (Cost: $4,448,390,934)				5,204,754,773
Short-Term Investments
Money Market Funds — 0.4%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.09%(e)(f)(g)		11,396,338		11,398,617

38 2 0 2 2   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments  (unaudited) (continued) February 28, 2022 iShares^® MSCI Global Min Vol Factor ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Money Market Funds (continued)
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.03%(e)(f)		9,430,000	$	9,430,000
				20,828,617
Total Short-Term Investments — 0.4% (Cost: $20,826,323)				20,828,617
Total Investments in Securities — 100.1% (Cost: $4,469,217,257)				5,225,583,390
Other Assets, Less Liabilities — (0.1)%				(2,643,592	)
Net Assets — 100.0%			$	5,222,939,798
(a)   Non-income producing security.

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

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

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

^(e)  Affiliate of the Fund.

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

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 08/31/21		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value at 02/28/22		Shares Held at 02/28/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	8,628,779	$	2,774,264	(a)	$	—		$	1,965	$	(6,391	)	$	11,398,617		11,396,338	$	21,164	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		9,940,000		—			(510,000	)(a)		—		—			9,430,000		9,430,000		539			—
									$	1,965	$	(6,391	)	$	20,828,617			$	21,703		$	—

^(a)  Represents net amount purchased (sold).

^(b)  All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
MSCI EAFE Index		34		03/18/22	$	3,672	$	(147,576	)
MSCI Emerging Markets Index		30		03/18/22		1,763		(58,062	)
S&P 500 E-Mini Index		33		03/18/22		7,207		(242,070	)
U.S. 2 Year Treasury Note		8		06/30/22		1,721		2,677
							$	(445,031	)

Derivative Financial Instruments Categorized by Risk Exposure

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

	Equity Contracts
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)	$	2,677

S C H E D U L E   O F   I N V E S  T M E N T S 39

Schedule of Investments  (unaudited) (continued) February 28, 2022 iShares^® MSCI Global Min Vol Factor ETF

Derivative Financial Instruments Categorized by Risk Exposure (continued)

	Equity Contracts
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	447,708

^(a)  Net cumulative unrealized appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).

For the period ended February 28, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts			Interest Rate Contracts			Total
Net Realized Gain (Loss) from:
Futures contracts	$	372,472		$	(21,083	)	$	351,389
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(862,718	)	$	(1,312	)	$	(864,030	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	14,969,112
Average notional value of contracts — short	$	(437,469	)

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

Fair Value Hierarchy as of Period End

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.

	Level 1			Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	3,104,470,287		$	2,097,506,766	$	2,777,720	$	5,204,754,773
Money Market Funds		20,828,617			—		—		20,828,617
	$	3,125,298,904		$	2,097,506,766	$	2,777,720	$	5,225,583,390
Derivative financial instruments(a)
Assets
Futures Contracts	$	2,677		$	—	$	—	$	2,677
Liabilities
Futures Contracts		(447,708	)		—		—		(447,708	)
	$	(445,031	)	$	—	$	—	$	(445,031	)

^(a)  Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

See notes to financial statements.

40 2 0 2 2   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Statements of Assets and Liabilities (unaudited) 

February 28, 2022

	iShares ESG Aware MSCI EM ETF		iShares MSCI Emerging Markets ex China ETF			iShares MSCI Emerging Markets Min Vol Factor ETF			iShares MSCI Emerging Markets Multifactor ETF
ASSETS
Investments in securities, at value (including securities on loan)(a):
Unaffiliated(b)	$	6,489,814,928	$	2,379,782,058		$	3,715,129,338		$	889,139,524
Affiliated(c)		25,574,188		17,389,937			49,181,558			4,175,629
Cash		72,210,235		—			3,390			835,380
Foreign currency, at value(d)		55,773,404		1,578,194			10,086,786			1,076,146
Cash pledged:
Futures contracts		2,210,000		312,000			493,000			195,000
Receivables:
Investments sold		274,794,597		18,572,217			904,247			4,197,991
Securities lending income — Affiliated		51,233		27,863			18,952			423
Capital shares sold		5,986,320		69,272			305,817			—
Dividends		11,088,215		5,139,533			4,518,865			2,184,821
Tax reclaims		55,061		15,912			39,600			671
Total assets		6,937,558,181		2,422,886,986			3,780,681,553			901,805,585
LIABILITIES
Bank overdraft		—		260,876			—			—
Collateral on securities loaned, at value		25,598,860		12,944,493			43,094,962			1,321,595
Deferred foreign capital gain tax		17,759,012		635,104			3,854,281			1,861,470
Payables:
Investments purchased		361,460,601		17,407,793			304,596			5,223,195
Variation margin on futures contracts		658,775		88,200			130,569			50,025
Bank borrowings		19,550,674		—			—			—
Investment advisory fees		1,263,474		470,247			723,370			314,367
Foreign taxes		16		—			—			—
Total liabilities		426,291,412		31,806,713			48,107,778			8,770,652
NET ASSETS	$	6,511,266,769	$	2,391,080,273		$	3,732,573,775		$	893,034,933
NET ASSETS CONSIST OF:
Paid-in capital	$	6,326,303,411	$	2,482,910,673		$	3,854,505,882		$	854,991,936
Accumulated earnings (loss)		184,963,358		(91,830,400	)		(121,932,107	)		38,042,997
NET ASSETS	$	6,511,266,769	$	2,391,080,273		$	3,732,573,775		$	893,034,933
Shares outstanding		173,500,000		41,400,000			60,300,000			18,100,000
Net asset value	$	37.53	$	57.76		$	61.90		$	49.34
Shares authorized		600 million		100 million			500 million			525 million
Par value	$	0.001	$	0.001		$	0.001		$	0.001
(a) Securities loaned, at value	$	24,238,355	$	4,825,342		$	36,418,053		$	1,125,209
(b) Investments, at cost — Unaffiliated	$	5,986,448,236	$	2,414,953,192		$	3,391,279,612		$	799,052,512
(c)  Investments, at cost — Affiliated	$	25,569,836	$	17,390,187		$	49,174,925		$	4,175,051
(d) Foreign currency, at cost	$	55,768,058	$	1,590,741		$	10,087,551		$	1,086,765

See notes to financial statements.

F I N A N C I A L   S T A T E M E N T S 41

Statements of Assets and Liabilities (unaudited) (continued)

February 28, 2022

	iShares MSCI Global Min Vol Factor ETF
ASSETS
Investments in securities, at value (including securities on loan)(a):
Unaffiliated(b)	$	5,204,754,773
Affiliated(c)		20,828,617
Foreign currency, at value(d)		4,474,346
Cash pledged:
Futures contracts		591,000
Receivables:
Investments sold		523,003
Securities lending income — Affiliated		1,788
Dividends		5,896,965
Tax reclaims		4,103,778
Total assets		5,241,174,270
LIABILITIES
Bank overdraft		219,272
Collateral on securities loaned, at value		11,316,839
Deferred foreign capital gain tax		5,130,332
Payables:
Investments purchased		213
Variation margin on futures contracts		107,964
Capital shares redeemed		649,091
Investment advisory fees		810,761
Total liabilities		18,234,472
NET ASSETS	$	5,222,939,798
NET ASSETS CONSIST OF:
Paid-in capital	$	4,605,301,365
Accumulated earnings		617,638,433
NET ASSETS	$	5,222,939,798
Shares outstanding		51,500,000
Net asset value	$	101.42
Shares authorized		500 million
Par value	$	0.001
(a) Securities loaned, at value	$	11,137,090
(b) Investments, at cost — Unaffiliated	$	4,448,390,934
(c)  Investments, at cost — Affiliated	$	20,826,323
(d) Foreign currency, at cost	$	4,502,639

See notes to financial statements.

42 2 0 2 2   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Statements of Operations (unaudited) 

Six Months Ended February 28, 2022

	iShares ESG Aware MSCI EM ETF			iShares MSCI Emerging Markets ex China ETF			iShares MSCI Emerging Markets Min Vol Factor ETF (Consolidated)			iShares MSCI Emerging Markets Multifactor ETF
INVESTMENT INCOME
Dividends — Unaffiliated	$	60,889,475		$	22,775,063		$	23,433,828		$	8,503,772
Dividends — Affiliated		6,779			1,149			1,297			662
Interest — Unaffiliated		—			—			78			—
Securities lending income — Affiliated — net		594,580			132,843			181,769			29,613
Foreign taxes withheld		(7,506,593	)		(2,805,050	)		(2,729,963	)		(1,111,652	)
Other foreign taxes		(265,254	)		(24,063	)		(138	)		(2,073	)
Total investment income		53,718,987			20,079,942			20,886,871			7,420,322
EXPENSES
Investment advisory fees		8,244,894			2,339,547			12,835,576			1,858,236
Commitment fees		19,090			14,979			19,090			6,574
Professional fees		217			217			217			217
Mauritius income taxes		—			—			298			—
Interest expense		14,212			5,028			2,902			7,702
Total expenses		8,278,413			2,359,771			12,858,083			1,872,729
Less:
Investment advisory fees waived		—			—			(8,180,720	)		—
Total expenses after fees waived		8,278,413			2,359,771			4,677,363			1,872,729
Net investment income		45,440,574			17,720,171			16,209,508			5,547,593
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated(a)		(85,006,682	)		(36,799,897	)		263,130,468			23,480,501
Investments — Affiliated		(13,582	)		(2,640	)		1,372			(470	)
In-kind redemptions — Unaffiliated		21,432,720			—			7,042,281			—
Futures contracts		(1,844,828	)		90,316			305,040			(121,309	)
Foreign currency transactions		(1,316,794	)		(569,959	)		34,106			(397,055	)
Net realized gain (loss)		(66,749,166	)		(37,282,180	)		270,513,267			22,961,667
Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated(b)		(816,743,734	)		(125,360,487	)		(358,232,153	)		(81,672,738	)
Investments — Affiliated		(3,354	)		(250	)		(7,586	)		(886	)
Futures contracts		(563,596	)		(359,146	)		(608,194	)		(142,620	)
Foreign currency translations		(4,576	)		532,648			(171,281	)		(25,490	)
Net change in unrealized appreciation (depreciation)		(817,315,260	)		(125,187,235	)		(359,019,214	)		(81,841,734	)
Net realized and unrealized loss		(884,064,426	)		(162,469,415	)		(88,505,947	)		(58,880,067	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(838,623,852	)	$	(144,749,244	)	$	(72,296,439	)	$	(53,332,474	)
(a) Net of foreign capital gain tax and capital gain tax refund, if applicable	$	(2,764,964	)	$	(1,051,410	)	$	(1,101,354	)	$	(1,534,084	)
(b) Net of reduction in deferred foreign capital gain tax of	$	7,802,457		$	3,173,836		$	4,134,800		$	2,497,231

See notes to financial statements.

F I N A N C I A L   S T A T E M E N T S 43

Statements of Operations (unaudited) (continued)

Six Months Ended February 28, 2022

	iShares MSCI Global Min Vol Factor ETF
INVESTMENT INCOME
Dividends — Unaffiliated	$	41,978,262
Dividends — Affiliated		894
Securities lending income — Affiliated — net		20,809
Foreign taxes withheld		(1,746,458	)
Other foreign taxes		(83,433	)
Total investment income		40,170,074
EXPENSES
Investment advisory fees		8,331,331
Commitment fees		16,943
Professional fees		217
Interest expense		3,610
Total expenses		8,352,101
Less:
Investment advisory fees waived		(3,063,589	)
Total expenses after fees waived		5,288,512
Net investment income		34,881,562
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated(a)		93,819,487
Investments — Affiliated		1,965
In-kind redemptions — Unaffiliated		30,232,770
Futures contracts		351,389
Foreign currency transactions		(902,041	)
Net realized gain		123,503,570
Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated(b)		(374,574,242	)
Investments — Affiliated		(6,391	)
Futures contracts		(864,030	)
Foreign currency translations		(105,326	)
Net change in unrealized appreciation (depreciation)		(375,549,989	)
Net realized and unrealized loss		(252,046,419	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(217,164,857	)
(a) Net of foreign capital gain tax and capital gain tax refund, if applicable	$	(17,702	)
(b) Net of reduction in deferred foreign capital gain tax of	$	400,937

See notes to financial statements.

44 2 0 2 2   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Statements of Changes in Net Assets

	iShares ESG Aware MSCI EM ETF								iShares MSCI Emerging Markets ex China ETF
	Six Months Ended 02/28/22 (unaudited)				Year Ended 08/31/21			Six Months Ended 02/28/22 (unaudited)				Year Ended 08/31/21
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income		$	45,440,574		$	113,247,754			$	17,720,171		$	11,581,156
Net realized gain (loss)			(66,749,166	)		61,224,537				(37,282,180	)		(15,405,558	)
Net change in unrealized appreciation (depreciation)			(817,315,260	)		864,277,615				(125,187,235	)		86,165,901
Net increase (decrease) in net assets resulting from operations			(838,623,852	)		1,038,749,906				(144,749,244	)		82,341,499
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders			(133,979,813	)		(85,824,734	)			(26,460,646	)		(4,756,653	)
CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions			378,426,970			2,498,038,201				1,280,823,566			1,130,275,959
NET ASSETS
Total increase (decrease) in net assets			(594,176,695	)		3,450,963,373				1,109,613,676			1,207,860,805
Beginning of period			7,105,443,464			3,654,480,091				1,281,466,597			73,605,792
End of period		$	6,511,266,769		$	7,105,443,464			$	2,391,080,273		$	1,281,466,597

^(a)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to financial statements.

F I N A N C I A L   S T A T E M E N T S 45

Statements of Changes in Net Assets (continued)

	iShares MSCI Emerging Markets Min Vol Factor ETF (Consolidated)							iShares MSCI Emerging Markets Multifactor ETF
	Six Months Ended 02/28/22 (unaudited)				Year Ended 08/31/21			Six Months Ended 02/28/22 (unaudited)				Year Ended 08/31/21
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income		$	16,209,508		$	87,105,453			$	5,547,593		$	16,623,722
Net realized gain			270,513,267			322,703,890				22,961,667			5,150,252
Net change in unrealized appreciation (depreciation)			(359,019,214	)		238,627,963				(81,841,734	)		117,257,997
Net increase (decrease) in net assets resulting from operations			(72,296,439	)		648,437,306				(53,332,474	)		139,031,971
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders			(48,413,834	)		(97,556,628	)			(15,540,802	)		(12,014,914	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions			(21,230,434	)		(924,624,509	)			200,709,002			92,574,411
NET ASSETS
Total increase (decrease) in net assets			(141,940,707	)		(373,743,831	)			131,835,726			219,591,468
Beginning of period			3,874,514,482			4,248,258,313				761,199,207			541,607,739
End of period		$	3,732,573,775		$	3,874,514,482			$	893,034,933		$	761,199,207

(a) Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to financial statements.

46 2 0 2 2   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Statements of Changes in Net Assets (continued)

	iShares MSCI Global Min Vol Factor ETF
	Six Months Ended 02/28/22 (unaudited)				Year Ended 08/31/21
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income		$	34,881,562			$	110,335,290
Net realized gain			123,503,570				425,892,769
Net change in unrealized appreciation (depreciation)			(375,549,989	)			291,860,683
Net increase (decrease) in net assets resulting from operations			(217,164,857	)			828,088,742
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders			(58,519,534	)			(97,299,099	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions			192,363,070				(1,349,346,257	)
NET ASSETS
Total decrease in net assets			(83,321,321	)			(618,556,614	)
Beginning of period			5,306,261,119				5,924,817,733
End of period		$	5,222,939,798			$	5,306,261,119

^(a)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to financial statements.

F I N A N C I A L   S T A T E M E N T S 47

Financial Highlights

(For a share outstanding throughout each period)

	iShares ESG Aware MSCI EM ETF
	Six Months Ended
		02/28/22			Year Ended			Year Ended			Year Ended				Year Ended				Year Ended
			(unaudited	)		08/31/21			08/31/20				08/31/19				08/31/18	(a)			08/31/17	(a)
Net asset value, beginning of period		$	43.35		$	35.93		$	32.03			$	33.65			$	34.58			$	28.23
Net investment income(b)			0.28			0.75			0.89				0.91				0.94				0.85
Net realized and unrealized gain (loss)(c)			(5.27	)		7.23			3.89				(1.85	)			(1.17	)			5.81
Net increase (decrease) from investment operations			(4.99	)		7.98			4.78				(0.94	)			(0.23	)			6.66
Distributions(d)
From net investment income			(0.83	)		(0.56	)		(0.88	)			(0.68	)			(0.70	)			(0.31	)
Total distributions			(0.83	)		(0.56	)		(0.88	)			(0.68	)			(0.70	)			(0.31	)
Net asset value, end of period		$	37.53		$	43.35		$	35.93			$	32.03			$	33.65			$	34.58
Total Return(e)
Based on net asset value			(11.61	)%(f)		22.30	%		15.11	%			(2.76	)%			(0.72	)%			23.75	%
Ratios to Average Net Assets(g)
Total expenses			0.25	%(h)		0.25	%		0.25	%			0.25	%			0.25	%			0.42	%
Net investment income			1.38	%(h)		1.76	%		2.75	%			2.76	%			2.63	%			2.73	%
Supplemental Data
Net assets, end of period (000)		$	6,511,267		$	7,105,443		$	3,654,480			$	672,543			$	329,753			$	96,812
Portfolio turnover rate(i)			20	%(f)		41	%		46	%			34	%			45	%			29	%

^(a)  Per share amounts reflect a two-for-one stock split effective after the close of trading on May 24, 2018.

^(b)  Based on average shares outstanding.

^(c)  The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(d)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(e)  Where applicable, assumes the reinvestment of distributions.

^(f)  Not annualized.

^(g)  Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(h)  Annualized.

⁽ⁱ⁾  Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

48 2 0 2 2   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares MSCI Emerging Markets ex China ETF
	Six Months Ended																			Period From
			02/28/22			Year Ended		Year Ended				Year Ended				Year Ended						07/18/17	(a)
		(unaudited)			08/31/21				08/31/20				08/31/19				08/31/18			to 08/31/17
Net asset value, beginning of period		$	62.82		$	46.00			$	46.25			$	49.59			$	51.14			$	50.22
Net investment income(b)			0.57			1.58				1.46				1.62				1.10				0.13
Net realized and unrealized gain (loss)(c)			(4.80	)		16.09				(0.05	)			(3.83	)			(1.80	)			0.79
Net increase (decrease) from investment operations			(4.23	)		17.67				1.41				(2.21	)			(0.70	)			0.92
Distributions(d)
From net investment income			(0.83	)		(0.85	)			(1.66	)			(1.13	)			(0.85	)			—
Total distributions			(0.83	)		(0.85	)			(1.66	)			(1.13	)			(0.85	)			—
Net asset value, end of period		$	57.76		$	62.82			$	46.00			$	46.25			$	49.59			$	51.14
Total Return(e)
Based on net asset value			(6.81	)%(f)		38.66	%			2.87	%			(4.42	)%			(1.41	)%			1.83	%(f)
Ratios to Average Net Assets(g)
Total expenses			0.25	%(h)		0.25	%			0.36	%			0.49	%			0.49	%			0.49	%(h)
Total expenses after fees waived			0.25	%(h)		0.22	%			0.16	%			0.26	%			0.41	%			0.41	%(h)
Net investment income			1.89	%(h)		2.65	%			3.24	%			3.38	%			2.09	%			2.07	%(h)
Supplemental Data
Net assets, end of period (000)		$	2,391,080		$	1,281,467			$	73,606			$	27,748			$	9,919			$	10,227
Portfolio turnover rate(i)			11	%(f)		51	%			18	%			10	%			9	%			0	%(f)(j)

^(a)  Commencement of operations.

^(b)  Based on average shares outstanding.

^(c)  The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(d)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(e)  Where applicable, assumes the reinvestment of distributions.

^(f)  Not annualized.

^(g)  Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(h)  Annualized.

⁽ⁱ⁾  Portfolio turnover rate excludes in-kind transactions.

^(j)  Rounds to less than 1%.

See notes to financial statements.

F I N A N C I A L   H I G H L I G H T S 49

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares MSCI Emerging Markets Min Vol Factor ETF (Consolidated)
	Six Months Ended 02/28/22 (unaudited)				Year Ended 08/31/21			Year Ended 08/31/20			Year Ended 08/31/19			Year Ended 08/31/18			Year Ended 08/31/17
Net asset value, beginning of period		$	63.94		$	55.97		$	56.84		$	59.22		$	58.01		$	53.40
Net investment income(a)			0.27			1.32	(b)		1.42			1.57			1.49			1.28
Net realized and unrealized gain (loss)(c)			(1.49	)		8.12			(0.82	)		(2.46	)		1.23			4.48
Net increase (decrease) from investment operations			(1.22	)		9.44			0.60			(0.89	)		2.72			5.76
Distributions(d)
From net investment income			(0.82	)		(1.47	)		(1.47	)		(1.49	)		(1.51	)		(1.15	)
Total distributions			(0.82	)		(1.47	)		(1.47	)		(1.49	)		(1.51	)		(1.15	)
Net asset value, end of period		$	61.90		$	63.94		$	55.97		$	56.84		$	59.22		$	58.01
Total Return(e)
Based on net asset value			(1.94	)%(f)		17.04	%(b)		1.07	%		(1.44	)%(g)		4.70	%		11.11	%
Ratios to Average Net Assets(h)
Total expenses			0.69	%(i)		0.69	%		0.70	%		0.68	%		0.67	%		0.69	%
Total expenses after fees waived			0.25	%(i)		0.25	%		0.25	%		0.25	%		0.25	%		0.25	%
Total expenses excluding professional fees for foreign withholding tax claims			N/A			0.69	%		N/A			N/A			N/A			N/A
Net investment income			0.87	%(i)		2.15	%(b)		2.59	%		2.71	%		2.47	%		2.40	%
Supplemental Data
Net assets, end of period (000)		$	3,732,574		$	3,874,514		$	4,248,258		$	5,417,265		$	4,666,697		$	4,037,428
Portfolio turnover rate(j)			12	%(f)		38	%		23	%		24	%		22	%		23	%

^(a)  Based on average shares outstanding.

^(b)  Reflects the one-time, positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the year ended August 31, 2021:

• Net investment income per share by $0.01.

• Total return by 0.02%.

• Ratio of net investment income to average net assets by 0.01%.

^(c)  The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(d)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(e)  Where applicable, assumes the reinvestment of distributions.

^(f)  Not annualized.

^(g)  Includes payment received from an affiliate, which had no impact on the Fund’s total return.

^(h)  Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

⁽ⁱ⁾  Annualized.

^(j)  Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

50 2 0 2 2   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Financial Highlights (continued)

(For a share outstanding throughout each period)

		iShares MSCI Emerging Markets Multifactor ETF
	Six Months Ended 02/28/22 (unaudited)				Year Ended 08/31/21				Year Ended 08/31/20				Year Ended 08/31/19				Year Ended 08/31/18				Year Ended 08/31/17
Net asset value, beginning of period		$	53.61			$	44.03			$	40.35			$	44.78			$	46.04			$	37.46
Net investment income(a)			0.34				1.23				1.11				1.47				1.39				0.91
Net realized and unrealized gain (loss)(b)			(3.68	)			9.24				3.73				(4.72	)			(1.63	)			8.53
Net increase (decrease) from investment operations			(3.34	)			10.47				4.84				(3.25	)			(0.24	)			9.44
Distributions(c)
From net investment income			(0.93	)			(0.89	)			(1.16	)			(1.18	)			(1.02	)			(0.86	)
Total distributions			(0.93	)			(0.89	)			(1.16	)			(1.18	)			(1.02	)			(0.86	)
Net asset value, end of period		$	49.34			$	53.61			$	44.03			$	40.35			$	44.78			$	46.04
Total Return(d)
Based on net asset value			(6.27	)%(e)			23.97	%			12.17	%			(7.16	)%			(0.65	)%			25.80	%
Ratios to Average Net Assets(f)
Total expenses			0.45	%(g)			0.45	%			0.45	%			0.45	%			0.45	%			0.50	%
Total expenses after fees waived			0.45	%(g)			0.45	%			0.45	%			0.45	%			0.42	%			0.42	%
Net investment income			1.34	%(g)			2.44	%			2.71	%			3.55	%			2.87	%			2.24	%
Supplemental Data
Net assets, end of period (000)		$	893,035			$	761,199			$	541,608			$	411,575			$	291,071			$	82,873
Portfolio turnover rate(h)			21	%(e)			49	%			45	%			53	%			39	%			36	%

^(a)  Based on average shares outstanding.

^(b)  The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(c)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(d)  Where applicable, assumes the reinvestment of distributions.

^(e)  Not annualized.

^(f)  Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(g)  Annualized.

^(h)  Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

F I N A N C I A L   H I G H L I G H T S 51

Financial Highlights (continued)

(For a share outstanding throughout each period)

		iShares MSCI Global Min Vol Factor ETF
	Six Months Ended 02/28/22 (unaudited)				Year Ended 08/31/21			Year Ended 08/31/20			Year Ended 08/31/19			Year Ended 08/31/18			Year Ended 08/31/17
Net asset value, beginning of period		$	106.77		$	93.16		$	93.54		$	87.04		$	81.13		$	75.82
Net investment income(a)			0.69			1.97			2.13			2.16			1.82			1.84
Net realized and unrealized gain (loss)(b)			(4.91	)		13.38			(0.18	)		6.36			5.85			5.40
Net increase (decrease) from investment operations			(4.22	)		15.35			1.95			8.52			7.67			7.24
Distributions(c)
From net investment income			(1.13	)		(1.74	)		(2.33	)		(2.02	)		(1.76	)		(1.93	)
Total distributions			(1.13	)		(1.74	)		(2.33	)		(2.02	)		(1.76	)		(1.93	)
Net asset value, end of period		$	101.42		$	106.77		$	93.16		$	93.54		$	87.04		$	81.13
Total Return(d)
Based on net asset value			(4.00	)%(e)		16.63	%		2.13	%		9.99	%		9.56	%		9.75	%
Ratios to Average Net Assets(f)
Total expenses			0.32	%(g)		0.32	%		0.32	%		0.32	%		0.31	%		0.32	%
Total expenses after fees waived			0.20	%(g)		0.20	%		0.20	%		0.20	%		0.20	%		0.20	%
Net investment income			1.32	%(g)		2.00	%		2.33	%		2.45	%		2.17	%		2.40	%
Supplemental Data
Net assets, end of period (000)		$	5,222,940		$	5,306,261		$	5,924,818		$	5,275,720		$	3,342,400		$	3,675,374
Portfolio turnover rate(h)			10	%(e)		25	%		22	%		21	%		23	%		24	%

^(a)  Based on average shares outstanding.

^(b)  The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(c)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(d)  Where applicable, assumes the reinvestment of distributions.

^(e)  Not annualized.

^(f)  Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(g)  Annualized.

^(h)  Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

52 2 0 2 2   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Notes to Financial Statements (unaudited)

1. ORGANIZATION

iShares, Inc. (the “Company”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Company is organized as a Maryland corporation and is authorized to have multiple series or portfolios.

These financial statements relate only to the following funds (each, a “Fund” and collectively, the “Funds”):

iShares ETF	Diversification     Classification
ESG Aware MSCI EM		Diversified
MSCI Emerging Markets ex China		Diversified
MSCI Emerging Markets Min Vol Factor		Diversified
MSCI Emerging Markets Multifactor		Diversified
MSCI Global Min Vol Factor		Diversified

Basis of Consolidation: The accompanying consolidated financial statements for the iShares MSCI Emerging Markets Min Vol Factor ETF includes the accounts of its subsidiary in the Republic of Mauritius, which is a wholly-owned subsidiary (the “Subsidiary”) of the Fund that invests in Indian securities. Through this investment structure, the Fund expects to obtain certain benefits under a current tax treaty between Mauritius and India. The net assets of the Subsidiary as of period end were $1,064, which is less than 0.1% of the Fund’s consolidated net assets. Intercompany accounts and transactions, if any, have been eliminated.

Effective June 15, 2021, MSCI Emerging Markets Min Vol Factor no longer invests in the Subsidiary. MSCI Emerging Markets Min Vol Factor transferred substantially all of the assets of MSCI Emerging Markets Min Vol Factor’s wholly owned Mauritius Subsidiary to MSCI Emerging Markets Min Vol Factor through on-exchange transactions in India. MSCI Emerging Markets Min Vol Factor recognized a net realized gain of $220,328,652 as a result of this transaction. After the transfer, MSCI Emerging Markets Min Vol Factor began making new investments in India directly.

2. SIGNIFICANT ACCOUNTING POLICIES

The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. Each Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. Below is a summary of significant accounting policies:

Investment Transactions and Income Recognition: For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are recorded on the ex-dividend date. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Dividends from foreign securities where the ex-dividend date may have passed are subsequently recorded when the Funds are informed of the ex-dividend date. Under the applicable foreign tax laws, a withholding tax at various rates may be imposed on capital gains, dividends and interest. Upon notification from issuers or as estimated by management, a portion of the dividend income received from a real estate investment trust may be redesignated as a reduction of cost of the related investment and/or realized gain. Interest income, including amortization and accretion of premiums and discounts on debt securities, is recognized daily on an accrual basis.

Foreign Currency Translation: Each Fund’s books and records are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars using prevailing market rates as quoted by one or more data service providers. Purchases and sales of investments are recorded at the rates of exchange prevailing on the respective dates of such transactions. Generally, when the U.S. dollar rises in value against a foreign currency, the investments denominated in that currency will lose value; the opposite effect occurs if the U.S. dollar falls in relative value.

Each Fund does not isolate the effect of fluctuations in foreign exchange rates from the effect of fluctuations in the market prices of investments for financial reporting purposes. Accordingly, the effects of changes in exchange rates on investments are not segregated in the Statements of Operations from the effects of changes in market prices of those investments, but are included as a component of net realized and unrealized gain (loss) from investments. Each Fund reports realized currency gains (losses) on foreign currency related transactions as components of net realized gain (loss) for financial reporting purposes, whereas such components are generally treated as ordinary income for U.S. federal income tax purposes.

Foreign Taxes: The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which each Fund invests. These foreign taxes, if any, are paid by each Fund and are reflected in its Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “Other foreign taxes”, and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of February 28, 2022, if any, are disclosed in the Statements of Assets and Liabilities.

The Funds file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. The Funds may record a reclaim receivable based on collectability, which includes factors such as the jurisdiction’s applicable laws, payment history and market convention. The Statements of Operations includes tax reclaims recorded as well as professional and other fees, if any, associated with recovery of foreign withholding taxes.

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Notes to Financial Statements (unaudited) (continued)

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

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

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

Segregation and Collateralization: In cases where a Fund enters into certain investments (e.g., futures contracts) that would be treated as “senior securities” for 1940 Act purposes, a Fund may segregate or designate on its books and record cash or liquid assets having a market value at least equal to the amount of its future obligations under such investments. Doing so allows the investment to be excluded from treatment as a “senior security.” Furthermore, if required by an exchange or counterparty agreement, the Funds may be required to deliver/deposit cash and/or securities to/with an exchange, or broker-dealer or custodian as collateral for certain investments or obligations.

In-kind Redemptions: For financial reporting purposes, in-kind redemptions are treated as sales of securities resulting in realized capital gains or losses to the Funds. Because such gains or losses are not taxable to the Funds and are not distributed to existing Fund shareholders, the gains or losses are reclassified from accumulated net realized gain (loss) to paid-in capital at the end of the Funds’ tax year. These reclassifications have no effect on net assets or net asset value (“NAV”) per share.

Distributions: Dividends and distributions paid by each Fund are recorded on the ex-dividend dates. Distributions are determined on a tax basis and may differ from net investment income and net realized capital gains for financial reporting purposes. Dividends and distributions are paid in U.S. dollars and cannot be automatically reinvested in additional shares of the Funds. The character and timing of distributions are determined in accordance with U.S. federal income tax regulations, which may differ from U.S. GAAP.

Indemnifications: In the normal course of business, each Fund enters into contracts that contain a variety of representations that provide general indemnification. The Funds’ maximum exposure under these arrangements is unknown because it involves future potential claims against the Funds, which cannot be predicted with any certainty.

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

Investment Valuation Policies: Each Fund’s investments are valued at fair value (also referred to as “market value” within the financial statements) each day that the Fund’s listing exchange is open and, for financial reporting purposes, as of the report date. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. Each Fund determines the fair values of its financial instruments using various independent dealers or pricing services under policies approved by the Board of Directors of the Company (the “Board”). If a security’s market price is not readily available or does not otherwise accurately represent the fair value of the security, the security will be valued in accordance with a policy approved by the Board as reflecting fair value. The BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) is the committee formed by management to develop global pricing policies and procedures and to oversee the pricing function for all financial instruments.

Fair Value Inputs and Methodologies: The following methods and inputs are used to establish the fair value of each Fund’s assets and liabilities:

• Equity investments traded on a recognized securities exchange are valued at that day’s official closing price, as applicable, on the exchange where the stock is primarily traded. Equity investments traded on a recognized exchange for which there were no sales on that day are valued at the last traded price.

• Exchange-traded funds and closed-end funds traded on a recognized securities exchange are valued at that day’s last traded price or official closing price, as applicable, on the exchange where the fund is primarily traded. Funds traded on a recognized exchange for which there were no sales on that day may be valued at the last traded price.

• Investments in open-end U.S. mutual funds (including money market funds) are valued at that day’s published NAV.

• Futures contracts are valued based on that day’s last reported settlement or trade price on the exchange where the contract is traded.

Generally, trading in foreign instruments is substantially completed each day at various times prior to the close of trading on the New York Stock Exchange (“NYSE”). Each business day, the Funds use current market factors supplied by independent pricing services to value certain foreign instruments (“Systematic Fair Value Price”). The Systematic Fair Value Price is designed to value such foreign securities at fair value as of the close of trading on the NYSE, which follows the close of the local markets.

If events (e.g., market volatility, company announcement or a natural disaster) occur that are expected to materially affect the value of such investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price

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Notes to Financial Statements (unaudited) (continued)

is not available, the investment will be valued by the Global Valuation Committee, in accordance with a policy approved by the Board as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Global Valuation Committee include market approach, income approach and cost approach. Valuation techniques such as discounted cash flow, use of market comparables and matrix pricing are types of valuation approaches and are typically used in determining fair value. When determining the price for Fair Valued Investments, the Global Valuation Committee, or its delegate, seeks to determine the price that each Fund might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm’s-length transaction. Fair value determinations shall be based upon all available factors that the Global Valuation Committee, or its delegate, deems relevant and consistent with the principles of fair value measurement. The pricing of all Fair Valued Investments is subsequently reported to the Board or a committee thereof on a quarterly basis.

Fair value pricing could result in a difference between the prices used to calculate a fund’s NAV and the prices used by the fund’s underlying index, which in turn could result in a difference between the fund’s performance and the performance of the fund’s underlying index.

Fair Value Hierarchy: Various inputs are used in determining the fair value of financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:

• Level 1 – Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that each Fund has the ability to access;

• Level 2 – Other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs); and

• Level 3 – Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, (including the Global Valuation Committee’s assumptions used in determining the fair value of financial instruments).

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Global Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds that may not have a secondary market and/or may have a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.

4. SECURITIES AND OTHER INVESTMENTS

Securities Lending: Each Fund may lend its securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund collateral consisting of cash, an irrevocable letter of credit issued by an approved bank, or securities issued or guaranteed by the U.S. government. The initial collateral received by each Fund is required to have a value of at least 102% of the current market value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter at a value equal to at least 100% of the current value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Fund and any additional required collateral is delivered to the Fund or excess collateral is returned by the Fund, on the next business day. During the term of the loan, each Fund is entitled to all distributions made on or in respect of the loaned securities but does not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

As of period end, any securities on loan were collateralized by cash and/or U.S. Government obligations. Cash collateral invested in money market funds managed by BlackRock Fund Advisors (“BFA”), the Funds’ investment adviser, or its affiliates is disclosed in the Schedule of Investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Fund, except in the event of borrower default. The securities on loan, if any, are also disclosed in each Fund’s Schedule of Investments. The market value of any securities on loan and the value of any related cash collateral are disclosed in the Statements of Assets and Liabilities.

Securities lending transactions are entered into by the Funds under Master Securities Lending Agreements (each, an “MSLA”) which provide the right, in the event of default (including bankruptcy or insolvency) for the non-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral. In the event that a borrower defaults, the Funds, as lender, would offset the market value of the collateral received against the market value of the securities loaned. When the value of the collateral is greater than that of the market value of the securities loaned, the lender is left with a net amount payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty’s bankruptcy or insolvency. Under the MSLA, absent an event of default, the borrower can resell or re-pledge the loaned securities, and the Funds can reinvest cash collateral received in connection with loaned securities. Upon an event of default, the parties’ obligations to return the securities or collateral to the other party are extinguished, and the parties can resell or re-pledge the loaned securities or the collateral received in connection with the loaned securities in order to satisfy the defaulting party’s net payment obligation for all transactions under the MSLA. The defaulting party remains liable for any deficiency.

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Notes to Financial Statements (unaudited) (continued)

As of period end, the following table is a summary of the securities on loan by counterparty which are subject to offset under an MSLA:

iShares ETF and Counterparty		Market Value of Securities on Loan		Cash Collateral Received	(a)		Non-Cash Collateral Received		Net Amount
ESG Aware MSCI EM
Barclays Bank PLC	$	7,097,050	$	7,097,050		$	—	$	—
BNP Paribas SA		1,837,851		1,837,851			—		—
Citigroup Global Markets, Inc.		3,862,327		3,862,327			—		—
Credit Suisse Securities (USA) LLC		104,804		104,804			—		—
J.P. Morgan Securities LLC		9,814,851		9,814,851			—		—
Macquarie Bank Ltd.		1,354,659		1,354,659			—		—
Scotia Capital (USA), Inc.		166,813		166,813			—		—
	$	24,238,355	$	24,238,355		$	—	$	—
MSCI Emerging Markets ex China
Barclays Capital, Inc.	$	334,247	$	334,247		$	—	$	—
BNP Paribas SA		771,804		771,804			—		—
BofA Securities, Inc.		199,005		199,005			—		—
Citigroup Global Markets, Inc.		1,077,264		1,077,264			—		—
Credit Suisse Securities (USA) LLC		499,210		499,210			—		—
Macquarie Bank Ltd.		196,699		196,699			—		—
Morgan Stanley		1,742,780		1,742,780			—		—
UBS AG		4,333		4,333			—		—
	$	4,825,342	$	4,825,342		$	—	$	—
MSCI Emerging Markets Min Vol Factor
BofA Securities, Inc.	$	10,426,557	$	10,426,557		$	—	$	—
J.P. Morgan Securities LLC		300,521		300,521			—		—
Macquarie Bank Ltd.		175,519		175,519			—		—
Morgan Stanley		25,258,121		25,258,121			—		—
Wells Fargo Bank N.A		257,335		257,335			—		—
	$	36,418,053	$	36,418,053		$	—	$	—
MSCI Emerging Markets Multifactor
Credit Suisse Securities (USA) LLC	$	493,362	$	493,362		$	—	$	—
HSBC Bank PLC		85,417		85,417			—		—
J.P. Morgan Securities LLC		488,217		488,217			—		—
Morgan Stanley		58,213		58,213			—		—
	$	1,125,209	$	1,125,209		$	—	$	—
MSCI Global Min Vol Factor
BNP Paribas SA	$	3,021,761	$	2,977,036		$	—	$	(44,725	)(b)
Citigroup Global Markets, Inc.		2,510,548		2,510,548			—		—
J.P. Morgan Securities LLC		5,321,765		5,321,765			—		—
Morgan Stanley		29,546		29,546			—		—
RBC Capital Markets LLC		253,470		253,470			—		—
	$	11,137,090	$	11,092,365		$	—	$	(44,725	)

^(a)  Collateral received in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by each Fund is disclosed in the Fund’s statement of assets and liabilities.

^(b)  The market value of the loaned securities is determined as of February 28, 2022. Additional collateral is delivered to the Fund on the next business day in accordance with the MSLA. The net amount would be subject to the borrower default indemnity in the event of default by a counterparty.

The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, each Fund benefits from a borrower default indemnity provided by BlackRock, Inc. (“BlackRock”). BlackRock’s indemnity allows for full replacement of the securities loaned to the extent the collateral received does not cover the value of the securities loaned in the event of borrower default. Each Fund could incur a loss if the value of an investment purchased with cash collateral falls below the market value of the loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received. Such losses are borne entirely by each Fund.

5. DERIVATIVE FINANCIAL INSTRUMENTS

Futures Contracts: Futures contracts are purchased or sold to gain exposure to, or manage exposure to, changes in interest rates (interest rate risk) and changes in the value of equity securities (equity risk) or foreign currencies (foreign currency exchange rate risk).

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Notes to Financial Statements (unaudited) (continued)

Futures contracts are exchange-traded agreements between the Funds and a counterparty to buy or sell a specific quantity of an underlying instrument at a specified price and on a specified date. Depending on the terms of a contract, it is settled either through physical delivery of the underlying instrument on the settlement date or by payment of a cash amount on the settlement date. Upon entering into a futures contract, the Funds are required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on a contract’s size and risk profile. The initial margin deposit must then be maintained at an established level over the life of the contract. Amounts pledged, which are considered restricted, are included in cash pledged for futures contracts in the Statements of Assets and Liabilities.

Securities deposited as initial margin are designated in the Schedule of Investments and cash deposited, if any, are shown as cash pledged for futures contracts in the Statements of Assets and Liabilities. Pursuant to the contract, the Funds agree to receive from or pay to the broker an amount of cash equal to the daily fluctuation in market value of the contract (“variation margin”). Variation margin is recorded as unrealized appreciation (depreciation) and, if any, shown as variation margin receivable (or payable) on futures contracts in the Statements of Assets and Liabilities. When the contract is closed, a realized gain or loss is recorded in the Statements of Operations equal to the difference between the notional amount of the contract at the time it was opened and the notional amount at the time it was closed. The use of futures contracts involves the risk of an imperfect correlation in the movements in the price of futures contracts and interest rates, foreign currency exchange rates or underlying assets.

6. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

Investment Advisory Fees: Pursuant to an Investment Advisory Agreement with the Company, BFA manages the investment of each Fund’s assets. BFA is a California corporation indirectly owned by BlackRock. Under the Investment Advisory Agreement, BFA is responsible for substantially all expenses of the Funds, except (i) interest and taxes; (ii) brokerage commissions and other expenses connected with the execution of portfolio transactions; (iii) distribution fees; (iv) the advisory fee payable to BFA; and (v) litigation expenses and any extraordinary expenses (in each case as determined by a majority of the independent directors).

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

iShares ETF	Investment Advisory Fee
ESG Aware MSCI EM		0.25	%
MSCI Emerging Markets ex China		0.25
MSCI Emerging Markets Multifactor		0.45

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

Aggregate Average Daily Net Assets	Investment Advisory Fee
First $14 billion		0.75	%
Over $14 billion, up to and including $28 billion		0.68
Over $28 billion, up to and including $42 billion		0.61
Over $42 billion, up to and including $56 billion		0.54
Over $56 billion, up to and including $70 billion		0.47
Over $70 billion, up to and including $84 billion		0.41
Over $84 billion		0.35

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

Aggregate Average Daily Net Assets	Investment Advisory Fee
First $30 billion		0.350	%
Over $30 billion, up to and including $60 billion		0.320
Over $60 billion, up to and including $90 billion		0.280
Over $90 billion, up to and including $120 billion		0.252
Over $120 billion, up to and including $150 billion		0.227
Over $150 billion		0.204

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

N O T E S   T O   F I N A N C I A L   S T A T E M E N T S 57

Notes to Financial Statements (unaudited) (continued)

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

For each of the iShares MSCI Emerging Markets Min Vol Factor and iShares MSCI Global Min Vol Factor ETFs, BFA has contractually agreed to waive a portion of its investment advisory fee for each Fund through December 31, 2023 in order to limit each Fund’s total annual operating expenses after fee waiver to 0.25% and 0.20%, respectively, of average daily net assets.

For each of the iShares MSCI Emerging Markets ex China and iShares MSCI Emerging Markets Multifactor ETFs, BFA has contractually agreed to waive a portion of its investment advisory fee for each Fund through December 31, 2022 and December 31, 2026, respectively, in an amount equal to the acquired fund fees and expenses, if any, attributable to each Fund’s investments in other iShares funds.

These amounts are included in investment advisory fees waived in the Statements of Operations. For the six months ended February 28, 2022, the amounts waived in investment advisory fees pursuant to this arrangement were as follows:

iShares ETF	Amounts waived
MSCI Emerging Markets Min Vol Factor	$	8,180,720
MSCI Global Min Vol Factor		3,063,589

Distributor: BlackRock Investments, LLC, an affiliate of BFA, is the distributor for each Fund. Pursuant to the distribution agreement, BFA is responsible for any fees or expenses for distribution services provided to the Funds.

Securities Lending: The U.S. Securities and Exchange Commission (the “SEC”) has issued an exemptive order which permits BlackRock Institutional Trust Company, N.A. (“BTC”), an affiliate of BFA, to serve as securities lending agent for the Funds, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending, including any custodial costs. Each Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan (the “collateral investment fees”). The cash collateral is invested in a money market fund, BlackRock Cash Funds: Institutional or BlackRock Cash Funds: Treasury, managed by BFA, or its affiliates. However, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees each Fund bears to an annual rate of 0.04%. The SL Agency Shares of such money market fund will not be subject to a sales load, distribution fee or service fee. The money market fund in which the cash collateral has been invested may, under certain circumstances, impose a liquidity fee of up to 2% of the value redeemed or temporarily restrict redemptions for up to 10 business days during a 90 day period, in the event that the money market fund’s weekly liquid assets fall below certain thresholds.

Securities lending income is equal to the total of income earned from the reinvestment of cash collateral, net of fees and other payments to and from borrowers of securities, and less the collateral investment fees. Each Fund retains a portion of securities lending income and remits the remaining portion to BTC as compensation for its services as securities lending agent.

Pursuant to the current securities lending agreement, each Fund retains 82% of securities lending income (which excludes collateral investment fees) and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across all 1940 Act iShares exchange-traded funds (the “iShares ETF Complex”) in that calendar year exceeds a specified threshold, each Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar year 85% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

The share of securities lending income earned by each Fund is shown as securities lending income – affiliated – net in its Statements of Operations. For the six months ended February 28, 2022, the Funds paid BTC the following amounts for securities lending agent services:

iShares ETF	Fees Paid to BTC
ESG Aware MSCI EM	$	140,824
MSCI Emerging Markets ex China		30,596
MSCI Emerging Markets Min Vol Factor		44,914
MSCI Emerging Markets Multifactor		7,611
MSCI Global Min Vol Factor		7,462

Officers and Directors: Certain officers and/or directors of the Company are officers and/or directors of BlackRock or its affiliates.

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Notes to Financial Statements (unaudited) (continued)

Other Transactions: Cross trading is the buying or selling of portfolio securities between funds to which BFA (or an affiliate) serves as investment adviser. At its regularly scheduled quarterly meetings, the Board reviews such transactions as of the most recent calendar quarter for compliance with the requirements and restrictions set forth by Rule 17a-7.

For the six months ended February 28, 2022, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:

iShares ETF	Purchases		Sales		Net Realized   Gain (Loss)
ESG Aware MSCI EM	$	60,870,045	$	47,519,509	$	(9,491,903	)
MSCI Emerging Markets ex China		1,573,882		5,263,490		(1,054,953	)
MSCI Emerging Markets Min Vol Factor		36,537,756		19,099,682		(2,928,529	)
MSCI Emerging Markets Multifactor		26,696,787		16,127,556		238,497
MSCI Global Min Vol Factor		82,262,754		108,245,429		18,683,326

Each Fund may invest its positive cash balances in certain money market funds managed by BFA or an affiliate. The income earned on these temporary cash investments is shown as dividends – affiliated in the Statements of Operations.

A fund, in order to improve its portfolio liquidity and its ability to track its underlying index, may invest in shares of other iShares funds that invest in securities in the fund’s underlying index.

7. PURCHASES AND SALES

For the six months ended February 28, 2022, purchases and sales of investments, excluding short-term investments and in-kind transactions, were as follows:

iShares ETF	Purchases		Sales
ESG Aware MSCI EM	$	1,573,860,040	$	1,288,290,379
MSCI Emerging Markets ex China		1,193,082,872		201,471,704
MSCI Emerging Markets Min Vol Factor		467,557,113		476,022,096
MSCI Emerging Markets Multifactor		342,759,403		173,776,713
MSCI Global Min Vol Factor		606,263,315		534,616,376

For the six months ended February 28, 2022, in-kind transactions were as follows:

iShares ETF	In-kind Purchases		In-kind   Sales
ESG Aware MSCI EM	$	116,845,242	$	110,034,352
MSCI Emerging Markets ex China		278,136,733		—
MSCI Emerging Markets Min Vol Factor		4,715,369		31,584,259
MSCI Emerging Markets Multifactor		20,397,815		—
MSCI Global Min Vol Factor		204,470,313		97,388,602

8. INCOME TAX INFORMATION

Each Fund is treated as an entity separate from the Company’s other funds for federal income tax purposes. It is each Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute substantially all of its taxable income to its shareholders. Therefore, no U.S. federal income tax provision is required.

Management has analyzed tax laws and regulations and their application to the Funds as of February 28, 2022, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements.

As of August 31, 2021, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:

iShares ETF	Non-Expiring
ESG Aware MSCI EM	$	96,635,574
MSCI Emerging Markets ex China		11,629,292
MSCI Emerging Markets Min Vol Factor		871,741,410
MSCI Emerging Markets Multifactor		62,842,118
MSCI Global Min Vol Factor		235,562,633

A fund may own shares in certain foreign investment entities, referred to, under U.S. tax law, as “passive foreign investment companies.” Such fund may elect to mark-to-market annually the shares of each passive foreign investment company and would be required to distribute to shareholders any such marked-to-market gains.

N O T E S   T O   F I N A N C I A L   S T A T E M E N T S 59

Notes to Financial Statements (unaudited) (continued)

As of February 28, 2022, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:

iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized    Appreciation    (Depreciation)
ESG Aware MSCI EM	$	6,124,145,007	$	1,158,608,481	$	(767,852,879	)	$	390,755,602
MSCI Emerging Markets ex China		2,439,306,369		169,097,504		(211,446,344	)		(42,348,840	)
MSCI Emerging Markets Min Vol Factor		3,272,783,751		781,298,885		(290,120,007	)		491,178,878
MSCI Emerging Markets Multifactor		813,892,992		153,426,808		(74,147,267	)		79,279,541
MSCI Global Min Vol Factor		4,491,927,928		1,009,068,255		(275,857,824	)		733,210,431

9. LINE OF CREDIT

The Funds, along with certain other iShares funds (“Participating Funds”), are parties to a $800 million credit agreement (“Syndicated Credit Agreement”) with a group of lenders, which expires on August 12, 2022. The line of credit may be used for temporary or emergency purposes, including redemptions, settlement of trades and rebalancing of portfolio holdings in certain target markets. The Funds may borrow up to the aggregate commitment amount subject to asset coverage and other limitations as specified in the Syndicated Credit Agreement. The Syndicated Credit Agreement has the following terms: a commitment fee of 0.15% per annum on the unused portion of the credit agreement and interest at a rate equal to the higher of (a) the one-month LIBOR rate (not less than zero) plus 1.00% per annum or (b) the U.S. Federal Funds rate (not less than zero) plus 1.00% per annum on amounts borrowed. The commitment fee is generally allocated to each Participating Fund based on the lesser of a Participating Fund’s relative exposure to certain target markets or a Participating Fund’s maximum borrowing amount as set forth by the terms of the Syndicated Credit Agreement.

For the six months ended February 28, 2022, the maximum amount borrowed, the average daily borrowing and the weighted average interest rate, if any, under the Syndicated Credit Agreement were as follows:

iShares ETF	Maximum Amount Borrowed		Average Borrowing		Weighted Average Interest Rates
ESG Aware MSCI EM	$	58,000,000	$	2,560,453		1.10	%
MSCI Emerging Markets ex China		18,900,000		918,232		1.09
MSCI Emerging Markets Min Vol Factor		15,800,000		523,757		1.10
MSCI Emerging Markets Multifactor		41,932,090		1,390,014		1.10
MSCI Global Min Vol Factor		19,653,000		651,481		1.10

10. PRINCIPAL RISKS

In the normal course of business, each Fund invests in securities or other instruments and may enter into certain transactions, and such activities subject the Fund to various risks, including, among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation or international tax treaties between various countries; or (iv) currency, interest rate or price fluctuations. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Funds and their investments. Each Fund’s prospectus provides details of the risks to which the Fund is subject.

BFA uses a “passive” or index approach to try to achieve each Fund’s investment objective following the securities included in its underlying index during upturns as well as downturns. BFA does not take steps to reduce market exposure or to lessen the effects of a declining market. Divergence from the underlying index and the composition of the portfolio is monitored by BFA.

The Funds may be exposed to additional risks when reinvesting cash collateral in money market funds that do not seek to maintain a stable NAV per share of $1.00, which may be subject to redemption gates or liquidity fees under certain circumstances.

Market Risk: Investments in the securities of issuers domiciled in countries with emerging capital markets involve certain additional risks that do not generally apply to investments in securities of issuers in more developed capital markets, such as (i) low or nonexistent trading volume, resulting in a lack of liquidity and increased volatility in prices for such securities; (ii) uncertain national policies and social, political and economic instability, increasing the potential for expropriation of assets, confiscatory taxation, high rates of inflation or unfavorable diplomatic developments; (iii) lack of publicly available or reliable information about issuers as a result of not being subject to the same degree of regulatory requirements and accounting, auditing and financial reporting standards; and (iv) possible fluctuations in exchange rates, differing legal systems and the existence or possible imposition of exchange controls, custodial restrictions or other foreign or U.S. governmental laws or restrictions applicable to such investments.

An outbreak of respiratory disease caused by a novel coronavirus has developed into a global pandemic and has resulted in closing borders, quarantines, disruptions to supply chains and customer activity, as well as general concern and uncertainty. The impact of this pandemic, and other global health crises that may arise in the future, could affect the economies of many nations, individual companies and the market in general in ways that cannot necessarily be foreseen at the present time. This pandemic

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Notes to Financial Statements (unaudited) (continued)

may result in substantial market volatility and may adversely impact the prices and liquidity of a fund’s investments. Although vaccines have been developed and approved for use by various governments, the duration of this pandemic and its effects cannot be determined with certainty.

Valuation Risk: The market values of equities, such as common stocks and preferred securities or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company. They may also decline due to factors which affect a particular industry or industries. A fund may invest in illiquid investments. An illiquid investment is any investment that a fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. A fund may experience difficulty in selling illiquid investments in a timely manner at the price that it believes the investments are worth. Prices may fluctuate widely over short or extended periods in response to company, market or economic news. Markets also tend to move in cycles, with periods of rising and falling prices. This volatility may cause a fund’s NAV to experience significant increases or decreases over short periods of time. If there is a general decline in the securities and other markets, the NAV of a fund may lose value, regardless of the individual results of the securities and other instruments in which a fund invests.

The price each Fund could receive upon the sale of any particular portfolio investment may differ from each Fund’s valuation of the investment, particularly for securities that trade in thin or volatile markets or that are valued using a fair valuation technique or a price provided by an independent pricing service. Changes to significant unobservable inputs and assumptions (i.e., publicly traded company multiples, growth rate, time to exit) due to the lack of observable inputs.

Counterparty Credit Risk: The Funds may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to unsettled or open transactions, including making timely interest and/or principal payments or otherwise honoring its obligations. The Funds manage counterparty credit risk by entering into transactions only with counterparties that the Manager believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Funds to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Funds’ exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded in the Statements of Assets and Liabilities, less any collateral held by the Funds.

A derivative contract may suffer a mark-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform under the contract.

With exchange-traded futures, there is less counterparty credit risk to the Funds since the exchange or clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, a Fund does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency). Additionally, credit risk exists in exchange-traded futures with respect to initial and variation margin that is held in a clearing broker’s customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro rata basis across all the clearing broker’s customers, potentially resulting in losses to the Funds.

Concentration Risk: A diversified portfolio, where this is appropriate and consistent with a fund’s objectives, minimizes the risk that a price change of a particular investment will have a material impact on the NAV of a fund. The investment concentrations within each Fund’s portfolio are disclosed in its Schedule of Investments.

Certain Funds invest a significant portion of their assets in issuers located in a single country or a limited number of countries. When a Fund concentrates its investments in this manner, it assumes the risk that economic, regulatory, political and social conditions in that country or those countries may have a significant impact on the fund and could affect the income from, or the value or liquidity of, the Fund’s portfolio. Unanticipated or sudden political or social developments may cause uncertainty in the markets and as a result adversely affect the Fund’s investments. Foreign issuers may not be subject to the same uniform accounting, auditing and financial reporting standards and practices as used in the United States. Foreign securities markets may also be more volatile and less liquid than U.S. securities and may be less subject to governmental supervision not typically associated with investing in U.S. securities. Investment percentages in specific countries are presented in the Schedule of Investments.

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

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

N O T E S   T O   F I N A N C I A L   S T A T E M E N T S 61

Notes to Financial Statements (unaudited) (continued)

Certain Funds invest a significant portion of their assets in securities of issuers located in Asia or with significant exposure to Asian issuers or countries. The Asian financial markets have recently experienced volatility and adverse trends due to concerns in several Asian countries regarding monetary policy, government intervention in the markets, rising government debt levels or economic downturns. These events may spread to other countries in Asia and may affect the value and liquidity of certain of the Funds’ investments.

Certain Funds invest a significant portion of their assets in securities within a single or limited number of market sectors. When a Fund concentrates its investments in this manner, it assumes the risk that economic, regulatory, political and social conditions affecting such sectors may have a significant impact on the fund and could affect the income from, or the value or liquidity of, the fund’s portfolio.

Significant Shareholder Redemption Risk: Certain shareholders may own or manage a substantial amount of fund shares and/or hold their fund investments for a limited period of time. Large redemptions of fund shares by these shareholders may force a Fund to sell portfolio securities, which may negatively impact the fund’s NAV, increase the fund’s brokerage costs, and/or accelerate the realization of taxable income/gains and cause the fund to make additional taxable distributions to shareholders.

LIBOR Transition Risk: The United Kingdom’s Financial Conduct Authority announced a phase out of the London Interbank Offered Rate (“LIBOR”). Although many LIBOR rates ceased to be published or no longer are representative of the underlying market they seek to measure after December 31, 2021, a selection of widely used USD LIBOR rates will continue to be published through June 2023 in order to assist with the transition. The Funds may be exposed to financial instruments tied to LIBOR to determine payment obligations, financing terms, hedging strategies or investment value. The transition process away from LIBOR might lead to increased volatility and illiquidity in markets for, and reduce the effectiveness of new hedges placed against, instruments whose terms currently include LIBOR. The ultimate effect of the LIBOR transition process on the Funds is uncertain.

11. CAPITAL SHARE TRANSACTIONS

Capital shares are issued and redeemed by each Fund only in aggregations of a specified number of shares or multiples thereof (“Creation Units”) at NAV. Except when aggregated in Creation Units, shares of each Fund are not redeemable.

Transactions in capital shares were as follows:

	Six Months Ended 02/28/22						Year Ended 08/31/21
iShares ETF	Shares			Amount			Shares			Amount
ESG Aware MSCI EM
Shares sold		17,200,000		$	679,753,097			76,700,000		$	3,110,611,419
Shares redeemed		(7,600,000	)		(301,326,127	)		(14,500,000	)		(612,573,218	)
Net increase		9,600,000		$	378,426,970			62,200,000		$	2,498,038,201
MSCI Emerging Markets ex China
Shares sold		21,000,000		$	1,280,823,566			18,800,000		$	1,130,275,959
MSCI Emerging Markets Min Vol Factor
Shares sold		1,400,000		$	86,911,885			600,000		$	39,620,351
Shares redeemed		(1,700,000	)		(108,142,319	)		(15,900,000	)		(964,244,860	)
Net decrease		(300,000	)	$	(21,230,434	)		(15,300,000	)	$	(924,624,509	)
MSCI Emerging Markets Multifactor
Shares sold		3,900,000		$	200,709,002			2,100,000		$	102,725,207
Shares redeemed		—			—			(200,000	)		(10,150,796	)
Net increase		3,900,000		$	200,709,002			1,900,000		$	92,574,411
MSCI Global Min Vol Factor
Shares sold		2,900,000		$	307,862,382			500,000		$	52,148,364
Shares redeemed		(1,100,000	)		(115,499,312	)		(14,400,000	)		(1,401,494,621	)
Net increase (decrease)		1,800,000		$	192,363,070			(13,900,000	)	$	(1,349,346,257	)

The consideration for the purchase of Creation Units of a fund in the Company generally consists of the in-kind deposit of a designated portfolio of securities and a specified amount of cash. Certain funds in the Company may be offered in Creation Units solely or partially for cash in U.S. dollars. Investors purchasing and redeeming Creation Units may pay a purchase transaction fee and a redemption transaction fee directly to State Street Bank and Trust Company, the Company’s administrator, to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash. Investors transacting in Creation Units for cash may also pay an additional variable charge to compensate the relevant fund for certain transaction costs (i.e., stamp taxes, taxes on currency or other financial transactions, and brokerage costs) and market impact expenses relating to investing in portfolio securities. Such variable charges, if any, are included in shares sold in the table above.

From time to time, settlement of securities related to in-kind contributions or in-kind redemptions may be delayed. In such cases, securities related to in-kind transactions are reflected as a receivable or a payable in the Statements of Assets and Liabilities.

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Notes to Financial Statements (unaudited) (continued)

12. SUBSEQUENT EVENTS

Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were available to be issued and has determined that there were no subsequent events requiring adjustment or additional disclosure in the financial statements.

N O T E S   T O   F I N A N C I A L   S T A T E M E N T S 63

Statement Regarding Liquidity Risk Management Program (unaudited)

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), iShares, Inc. (the “Company”) has adopted and implemented a liquidity risk management program (the “Program”) for iShares ESG Aware MSCI EM ETF, iShares MSCI Emerging Markets ex China ETF, iShares MSCI Emerging Markets Min Vol Factor ETF, iShares MSCI Emerging Markets Multifactor ETF and iShares MSCI Global Min Vol Factor ETF (the “Funds” or “ETFs”), each a series of the Company, which is reasonably designed to assess and manage each Fund’s liquidity risk.

The Board of Directors (the “Board”) of the Company, on behalf of the Funds, met on December 9, 2021 (the “Meeting”) to review the Program. The Board previously appointed BlackRock Fund Advisors (“BlackRock”), the investment adviser to the Funds, as the program administrator for each Fund’s Program. BlackRock also previously delegated oversight of the Program to the 40 Act Liquidity Risk Management Committee (the “Committee”). At the Meeting, the Committee, on behalf of BlackRock, provided the Board with a report that addressed the operation of the Program and assessed its adequacy and effectiveness of implementation, including the management of each Fund’s Highly Liquid Investment Minimum (“HLIM”) where applicable, and any material changes to the Program (the “Report”). The Report covered the period from October 1, 2020 through September 30, 2021 (the “Program Reporting Period”).

The Report described the Program’s liquidity classification methodology for categorizing each Fund’s investments (including derivative transactions) into one of four liquidity buckets. It also referenced the methodology used by BlackRock to establish each Fund’s HLIM and noted that the Committee reviews and ratifies the HLIM assigned to each Fund no less frequently than annually. The Report also discussed notable events affecting liquidity over the Program Reporting Period, including extended market holidays and the imposition of capital controls in certain non-U.S. countries.

The Report noted that the Program complied with the key factors for consideration under the Liquidity Rule for assessing, managing and periodically reviewing each Fund’s liquidity risk, as follows:

a) The Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions. During the Program Reporting Period, the Committee reviewed whether each Fund’s strategy is appropriate for an open-end fund structure, with a focus on funds with more significant and consistent holdings of less liquid and illiquid assets. The Committee also factored a fund’s concentration in an issuer into the liquidity classification methodology by taking issuer position sizes into account. Derivative exposure was also considered in the calculation of a fund’s liquidity bucketing. Finally, a factor for consideration under the Liquidity Rule is a Fund’s use of borrowings for investment purposes. However, the Funds do not borrow for investment purposes.

b) Short-term and long-term cash flow projections during both normal and reasonably foreseeable stressed conditions. During the Program Reporting Period, the Committee reviewed historical redemption activity and used this information as a component to establish each ETF’s reasonably anticipated trading size (“RATS”). The Committee may also take into consideration a fund’s shareholder ownership concentration (which, depending on product type and distribution channel, may or may not be available), a fund’s distribution channels, and the degree of certainty associated with a fund’s short-term and long-term cash flow projections.

c) Holdings of cash and cash equivalents, as well as borrowing arrangements. The Committee considered that ETFs generally do not hold more than de minimis amounts of cash. While the ETFs generally do not engage in borrowing, certain of the ETFs have the flexibility to draw on a line of credit to meet redemption requests or facilitate settlements.

d) The relationship between an ETF’s portfolio liquidity and the way in which, and the prices and spreads at which, ETF shares trade, including the efficiency of the arbitrage function and the level of active participation by market participants, including authorized participants. The Committee monitored the prevailing bid/ask spread and the ETF price premium (or discount) to NAV for all ETFs and reviewed any persistent deviations from long-term averages.

e) The effect of the composition of baskets on the overall liquidity of an ETF’s portfolio. In reviewing the linkage between the composition of custom baskets accepted by an ETF and any significant change in the liquidity profile of such ETF, the Committee reviewed changes in the proportion of each ETF’s portfolio comprised of less liquid and illiquid holdings to determine if applicable thresholds were met requiring enhanced review.

As part of BlackRock’s continuous review of the effectiveness of the Program, the Committee made the following material changes to the Program: (1) updates to certain model components in the Program’s methodology; and (2) certain iShares Funds entered into a $800 million credit agreement with a group of lenders that replaced a previous liquidity facility. The Report provided to the Board stated that the Committee concluded that based on the operation of the functions, as described in the Report, the Program is operating as intended and is effective in implementing the requirements of the Liquidity Rule.

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Supplemental Information (unaudited)

Regulation Regarding Derivatives

On October 28, 2020, the Securities and Exchange Commission (the “SEC”) adopted regulations governing the use of derivatives by registered investment companies (“Rule 18f-4”). The Funds will be required to implement and comply with Rule 18f-4 by August 19, 2022. Once implemented, Rule 18f-4 will impose limits on the amount of derivatives a fund can enter into, eliminate the asset segregation framework currently used by funds to comply with Section 18 of the 1940 Act, treat derivatives as senior securities and require funds whose use of derivatives is more than a limited specified exposure amount to establish and maintain a comprehensive derivatives risk management program and appoint a derivatives risk manager.

Section 19(a) Notices

The amounts and sources of distributions reported are estimates and are being provided pursuant to regulatory requirements and are not being provided for tax reporting purposes. The actual amounts and sources for tax reporting purposes will depend upon each Fund’s investment experience during the year and may be subject to changes based on tax regulations. Shareholders will receive a Form 1099-DIV each calendar year that will inform them how to report these distributions for federal income tax purposes.

February 28, 2022

	Total Cumulative Distributions for the Fiscal Year-to-Date								% Breakdown of the Total Cumulative Distributions for the Fiscal Year-to-Date
iShares ETF	Net Investment Income		Net Realized Capital Gains		Return of Capital		Total Per Share		Net Investment Income			Net Realized Capital Gains			Return of Capital			Total Per Share
ESG Aware MSCI EM(a)	$	0.532670	$	—	$	0.297955	$	0.830625		64	%		—	%		36	%		100	%
MSCI Emerging Markets ex China(a)		0.625853		—		0.199506		0.825359		76			—			24			100
MSCI Emerging Markets Min Vol Factor(a)		0.703039		—		0.116146		0.819185		86			—			14			100
MSCI Emerging Markets Multifactor(a)		0.755630		—		0.174098		0.929728		81			—			19			100
MSCI Global Min Vol Factor(a)		1.021488		—		0.106056		1.127544		91			—			9			100

^(a)  The Fund estimates that it has distributed more than its net investment income and net realized capital gains; therefore, a portion of the distribution may be a return of capital. A return of capital may occur, for example, when some or all of the shareholder’s investment in the Fund is returned to the shareholder. A return of capital does not necessarily reflect the Fund’s investment performance and should not be confused with “yield” or “income”. When distributions exceed total return performance, the difference will incrementally reduce the Fund’s net asset value per share.

S U P P L E M E N T A L   I N F O R M A T I O N 65

General Information

Electronic Delivery

Shareholders can sign up for e-mail notifications announcing that the shareholder report or prospectus has been posted on the iShares website at iShares.com. Once you have enrolled, you will no longer receive prospectuses and shareholder reports in the mail.

To enroll in electronic delivery:

• Go to icsdelivery.com.

• If your brokerage firm is not listed, electronic delivery may not be available. Please contact your broker-dealer or financial advisor.

Householding

Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents and Rule 30e-3 notices can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.

Availability of Quarterly Schedule of Investments

The Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT. The Funds’ Forms N-PORT are available on the SEC’s website at sec.gov. Additionally, each Fund makes its portfolio holdings for the first and third quarters of each fiscal year available at iShares.com/fundreports.

Availability of Proxy Voting Policies and Proxy Voting Records

A description of the policies and procedures that the iShares Funds use to determine how to vote proxies relating to portfolio securities and information about how the iShares Funds voted proxies relating to portfolio securities during the most recent twelve-month period ending June 30 is available without charge, upon request (1) by calling toll-free 1-800-474-2737; (2) on the iShares website at iShares.com; and (3) on the SEC website at sec.gov.

A description of the Company’s policies and procedures with respect to the disclosure of the Fund’s portfolio securities is available in the Fund Prospectus. The Fund discloses its portfolio holdings daily and provides information regarding its top holdings in Fund fact sheets at iShares.com.

66 2 0 2 2   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Glossary of Terms Used in this Report

Portfolio Abbreviations - Equity
ADR	American Depositary Receipt
CPO	Certificates of Participation (Ordinary)
GDR	Global Depositary Receipt
JSC	Joint Stock Company
NVDR	Non-Voting Depositary Receipt
NVS	Non-Voting Shares
PJSC	Public Joint Stock Company
REIT	Real Estate Investment Trust

G L O S S A R Y   O F   T E R M S   U S E D   I N   T H I S   R E P O R T 67

Want to know more?

iShares.com    |    1-800-474-2737

This report is intended for the Funds’ shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by the current prospectus.

Investing involves risk, including possible loss of principal.

The iShares Funds are distributed by BlackRock Investments, LLC (together with its affiliates, “BlackRock”).

The iShares Funds are not sponsored, endorsed, issued, sold or promoted by MSCI Inc., nor does this company make any representation regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the company listed above.

©2022 BlackRock, Inc. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.

iS-SAR-816-0222

        

(b) Not Applicable

Item 2. Code of Ethics.

Not applicable to this semi-annual report.

Item 3. Audit Committee Financial Expert.

Not applicable to this semi-annual report.

Item 4. Principal Accountant Fees and Services.

Not applicable to this semi-annual report.

Item 5. Audit Committee of Listed Registrants.

Not applicable to this semi-annual report.

Item 6. Investments.

(a) Schedules of investments are included as part of the reports to shareholders filed under Item 1 of this Form.

(b) Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable to the registrant.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable to the registrant.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable to the registrant.

Item 10. Submission of Matters to a Vote of Security Holders.

There were no material changes to the procedures by which shareholders may recommend nominees to the registrant’s Board of Directors.

Item 11. Controls and Procedures.

(a) The President (the registrant’s Principal Executive Officer) and Treasurer and Chief Financial Officer (the registrant’s Principal Financial Officer) have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) are effective as of a date within 90 days of the filing date of this report, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the Investment Company Act of 1940 and Rules 13a-15(b) or 15d-15(b) under the Exchange Act of 1934.

(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable to the registrant.

Item 13. Exhibits.

(a)(1) Not applicable to this semi-annual report.

(a)(2) Section 302 Certifications are attached.

(a)(3) Any written solicitation to purchase securities under Rule 23c-1 – Not Applicable

(a)(4) Change in Registrant’s independent public accountant – Not Applicable

(b) Section 906 Certifications are attached.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

iShares, Inc.

By:	/s/ Armando Senra
	Armando Senra, President (Principal Executive Officer)

Date: April 27, 2022

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:	/s/ Armando Senra
	Armando Senra, President (Principal Executive Officer)

Date: April 27, 2022

By:	/s/ Trent Walker
	Trent Walker, Treasurer and Chief Financial Officer (Principal Financial Officer)

Date: April 27, 2022

EX-99.CERT

EX-99.CERT

N-CSR Exhibit for Item 13(a)(2): SECTION 302 CERTIFICATIONS

I, Armando Senra, certify that:

1.            I have reviewed this report on Form N-CSR of iShares, Inc. for the following forty-eight series: iShares Core MSCI Emerging Markets ETF, iShares Currency Hedged MSCI Emerging Markets ETF, iShares ESG Aware MSCI EM ETF, iShares MSCI Australia ETF, iShares MSCI Austria ETF, iShares MSCI Belgium ETF, iShares MSCI BIC ETF (Formerly, iShares MSCI BRIC ETF), iShares MSCI Brazil ETF, iShares MSCI Canada ETF, iShares MSCI Chile ETF, iShares MSCI Colombia ETF, iShares MSCI Emerging Markets Asia ETF, iShares MSCI Emerging Markets ETF, iShares MSCI Emerging Markets ex China ETF, iShares MSCI Emerging Markets Min Vol Factor ETF, iShares MSCI Emerging Markets Multifactor ETF, iShares MSCI Emerging Markets Small-Cap ETF, iShares MSCI Eurozone ETF, iShares MSCI France ETF, iShares MSCI Frontier and Select EM ETF (Formerly, iShares MSCI Frontier 100 ETF), iShares MSCI Germany ETF, iShares MSCI Global Agriculture Producers ETF, iShares MSCI Global Energy Producers ETF, iShares MSCI Global Gold Miners ETF, iShares MSCI Global Metals & Mining Producers ETF, iShares MSCI Global Min Vol Factor ETF, iShares MSCI Global Silver and Metals Miners ETF, iShares MSCI Hong Kong ETF, iShares MSCI Israel ETF, iShares MSCI Italy ETF, iShares MSCI Japan ETF, iShares MSCI Japan Small-Cap ETF, iShares MSCI Malaysia ETF, iShares MSCI Mexico ETF, iShares MSCI Netherlands ETF, iShares MSCI Pacific ex Japan ETF, iShares MSCI Russia ETF, iShares MSCI Singapore ETF, iShares MSCI South Africa ETF, iShares MSCI South Korea ETF, iShares MSCI Spain ETF, iShares MSCI Sweden ETF, iShares MSCI Switzerland ETF, iShares MSCI Taiwan ETF, iShares MSCI Thailand ETF, iShares MSCI Turkey ETF, iShares MSCI USA Equal Weighted ETF and iShares MSCI World ETF;

2.            Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.            Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4.            The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a)            Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)            Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)            Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d)            Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.            The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a)            All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

(b)            Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date:     April 27, 2022	/s/ Armando Senra	President (Principal Executive Officer)
	Armando Senra [Signature]	[Title]

EX-99.CERT

N-CSR Exhibit for Item 13(a)(2): SECTION 302 CERTIFICATIONS

I, Trent Walker, certify that:

1.            I have reviewed this report on Form N-CSR of iShares, Inc. for the following forty-eight series: iShares Core MSCI Emerging Markets ETF, iShares Currency Hedged MSCI Emerging Markets ETF, iShares ESG Aware MSCI EM ETF, iShares MSCI Australia ETF, iShares MSCI Austria ETF, iShares MSCI Belgium ETF, iShares MSCI BIC ETF (Formerly, iShares MSCI BRIC ETF), iShares MSCI Brazil ETF, iShares MSCI Canada ETF, iShares MSCI Chile ETF, iShares MSCI Colombia ETF, iShares MSCI Emerging Markets Asia ETF, iShares MSCI Emerging Markets ETF, iShares MSCI Emerging Markets ex China ETF, iShares MSCI Emerging Markets Min Vol Factor ETF, iShares MSCI Emerging Markets Multifactor ETF, iShares MSCI Emerging Markets Small-Cap ETF, iShares MSCI Eurozone ETF, iShares MSCI France ETF, iShares MSCI Frontier and Select EM ETF (Formerly, iShares MSCI Frontier 100 ETF), iShares MSCI Germany ETF, iShares MSCI Global Agriculture Producers ETF, iShares MSCI Global Energy Producers ETF, iShares MSCI Global Gold Miners ETF, iShares MSCI Global Metals & Mining Producers ETF, iShares MSCI Global Min Vol Factor ETF, iShares MSCI Global Silver and Metals Miners ETF, iShares MSCI Hong Kong ETF, iShares MSCI Israel ETF, iShares MSCI Italy ETF, iShares MSCI Japan ETF, iShares MSCI Japan Small-Cap ETF, iShares MSCI Malaysia ETF, iShares MSCI Mexico ETF, iShares MSCI Netherlands ETF, iShares MSCI Pacific ex Japan ETF, iShares MSCI Russia ETF, iShares MSCI Singapore ETF, iShares MSCI South Africa ETF, iShares MSCI South Korea ETF, iShares MSCI Spain ETF, iShares MSCI Sweden ETF, iShares MSCI Switzerland ETF, iShares MSCI Taiwan ETF, iShares MSCI Thailand ETF, iShares MSCI Turkey ETF, iShares MSCI USA Equal Weighted ETF and iShares MSCI World ETF;

2.            Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.            Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4.            The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a)            Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)            Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)            Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d)            Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.            The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a)            All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

(b)            Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date:     April 27, 2022	/s/ Trent Walker	Treasurer and Chief Financial Officer (Principal Financial Officer)
	Trent Walker [Signature]	[Title]

EX-99.906 CERT

Ex.99.906 CERT

N-CSR Exhibit for Item 13(b): CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350, AS

ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002                

Armando Senra, President (Principal Executive Officer), and Trent Walker, Treasurer and Chief Financial Officer (Principal Financial Officer), of iShares, Inc. (the “Registrant”), each certify, to his knowledge, that:

1. The Registrant’s periodic report on Form N-CSR for the period ended February 28, 2022 (the “Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

Date:     April 27, 2022	/s/ Armando Senra	President (Principal Executive Officer)
	Armando Senra [Signature]	[Title]

Date:     April 27, 2022	/s/ Trent Walker	Treasurer and Chief Financial Officer (Principal Financial Officer)
	Trent Walker [Signature]	[Title]