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: August 31, 2022

Item 1. Reports to Stockholders.

(a) The Report to Shareholders is attached herewith.

AUGUST 31, 2022

2022 Annual Report

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

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

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

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

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

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

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

Rob Kapito

President, BlackRock, Inc.

Rob Kapito

President, BlackRock, Inc.

Total Returns as of August 31, 2022
	6-Month		12-Month
U.S. large cap equities (S&P 500® Index)		(8.84)%		(11.23)%
U.S. small cap equities (Russell 2000® Index)		(9.31)		(17.88)
International equities (MSCI Europe, Australasia, Far East Index)		(13.97)		(19.80)
Emerging market equities (MSCI Emerging Markets Index)		(13.30)		(21.80)
3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)		0.36		0.39
U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)		(9.71)		(13.27)
U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)		(7.76)		(11.52)
Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)		(5.72)		(8.63)
U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)		(7.78)		(10.61)
Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.

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
Annual Report:
Market Overview		4
Fund Summary		5
About Fund Performance		15
Disclosure of Expenses		15
Schedules of Investments		16
Financial Statements
Statements of Assets and Liabilities		32
Statements of Operations		34
Statements of Changes in Net Assets		36
Financial Highlights		39
Notes to Financial Statements		44
Report of Independent Registered Public Accounting Firm		54
Important Tax Information		55
Board Review and Approval of Investment Advisory Contract		56
Supplemental Information		60
Director and Officer Information		61
General Information		64
Glossary of Terms Used in this Report		65

Market Overview

iShares, Inc.

Global Market Overview

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

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

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

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

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

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

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Fund Summary as of August 31, 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
	1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		(28.58	)%		(2.80	)%		4.30	%		(28.58	)%		(13.23	)%		52.35	%
Fund Market		(28.42	)		(2.81	)		4.38			(28.42	)		(13.26	)		53.49
Index		(28.36	)		(2.70	)		4.44			(28.36	)		(12.80	)		54.46

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

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

Expense Example

	Actual					Hypothetical 5% Return
Beginning Account Value (03/01/22)			Ending Account Value (08/31/22)	Expenses Paid During the Period	(a)	Beginning Account Value (03/01/22)	Ending Account Value (08/31/22)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
		$      1,000.00	$      792.90	$      2.26		$      1,000.00	$      1,022.70	$      2.55		0.50	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (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 “Disclosure of Expenses” for more information.

F U N D   S U M M A R Y 5

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

Portfolio Management Commentary

Austrian stocks declined substantially for the reporting period amid high inflation and disruption to Europe’s energy supplies. While Austria’s economy rebounded from a late 2021 contraction to grow in the first half of 2022, the war in Ukraine sent Austrian stocks sharply lower. Austria’s reliance on Russian natural gas led the government to institute measures to conserve gas and build its reserves, including allowing a utilities company to convert a gas power plant to run on coal. High inflation also pressured Austrian stocks, as prices grew at the fastest rate in 47 years. In response, the government delayed implementation of a carbon emission tax and passed an aid measure providing rebates to taxpayers. The declining value of the euro relative to the U.S. dollar also significantly diminished the value of Austrian stocks in U.S. dollar terms.

The financials sector was the largest detractor from the Index’s return, particularly the banking industry. The E.U. and other countries instituted economic sanctions on Russia in response to its invasion of Ukraine. These sanctions negatively impacted banks with exposure to Russian-related businesses, and Austrian banks were among the most affected in Europe.

The materials sector also detracted from the Index’s performance, driven primarily by weakness in the steel industry. Steel production is highly energy intensive, and the disruption of Europe’s fuel supplies due to sanctions on Russia forced steelmakers to secure alternative sources of power. In addition, the economic slowdown and China’s renewed COVID-19 lockdowns pressured steel prices amid a sharp decline in European business confidence. The construction materials industry also declined, as rising interest rates and increased costs weighed on European homebuilding and construction activity.

Portfolio Information

SECTOR ALLOCATION

Sector	Percent of    Total Investments(a)
Financials		30.2%
Utilities		16.1
Energy		14.7
Industrials		13.7
Materials		11.7
Real Estate		7.0
Information Technology		2.9
Communication Services		2.8
Consumer Staples		0.9

TEN LARGEST HOLDINGS

Security	Percent of    Total Investments(a)
Erste Group Bank AG		16.8%
Verbund AG		14.1
OMV AG		12.9
BAWAG Group AG		4.6
Wienerberger AG		4.6
voestalpine AG		4.6
ANDRITZ AG		4.4
Raiffeisen Bank International AG		4.1
CA Immobilien Anlagen AG		3.5
AT&S Austria Technologie & Systemtechnik AG		2.9

^(a)  Excludes money market funds.

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Fund Summary as of August 31, 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
	1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		(24.77	)%		(2.19	)%		5.73	%		(24.77	)%		(10.48	)%		74.63	%
Fund Market		(24.74	)		(2.22	)		5.73			(24.74	)		(10.63	)		74.58
Index		(24.78	)		(3.06	)		5.03			(24.78	)		(14.39	)		63.35

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

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

Expense Example

	Actual					Hypothetical 5% Return
Beginning Account Value (03/01/22)			Ending Account Value (08/31/22)	Expenses Paid During the Period	(a)	Beginning Account Value (03/01/22)	Ending Account Value (08/31/22)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
		$      1,000.00	$      814.50	$      2.29		$    1,000.00	$      1,022.70	$      2.55		0.50	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (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 “Disclosure of Expenses” for more information.

F U N D   S U M M A R Y 7

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

Portfolio Management Commentary

Belgian stocks declined substantially for the reporting period amid high inflation and disruption to Europe’s energy supplies. While Belgium’s economy continued to grow in the first half of 2022, albeit at a slower pace than 2021, consumer confidence fell substantially amid the country’s highest inflation in 46 years. The Belgian wage system triggered automatic wage increases for many public and private sector employees as prices rose, further exacerbating inflationary pressure. While Belgium has less reliance on Russian natural gas than other European countries, its economy is highly integrated into the European market, and concerns about a wider European economic downturn weighed on Belgian stocks. The declining value of the euro relative to the U.S. dollar also significantly diminished the value of Belgian stocks in U.S. dollar terms.

The financials sector detracted the most from the Index’s return, led by the banking industry. While the industry had relatively little direct exposure to Russia and Ukraine, the war still created a challenging environment by increasing inflation and stifling economic growth in areas where the industry operates. Amid this heightened geopolitical environment, banks increased their reserves, adding to expenses. Stocks in the diversified financial services industry also retreated, pressured by the rising cost of capital and a decline in net asset value of investments.

The consumer staples sector further detracted from the Index’s performance amid weakness in the beverages industry. A large beverage maker was slow to raise prices in some international markets, even as costs rose due to inflation. Meanwhile, shifting consumer tastes in the large U.S. beverage market pressured sales volumes. The materials sector also declined, as customers’ production difficulties weighed on demand for cathode materials in the chemicals industry.

Portfolio Information

SECTOR ALLOCATION

Sector	Percent of    Total Investments(a)
Consumer Staples		23.2%
Health Care		20.2
Financials		19.8
Real Estate		11.0
Materials		9.4
Industrials		3.5
Utilities		3.1
Communication Services		2.6
Consumer Discretionary		2.6
Information Technology		2.6
Energy		2.0

TEN LARGEST HOLDINGS

Security	Percent of    Total Investments(a)
Anheuser-Busch InBev SA/NV		21.8%
Argenx SE		12.5
KBC Group NV		7.4
UCB SA		4.5
Groupe Bruxelles Lambert SA		4.5
Ageas SA/NV		4.2
Umicore SA		4.0
Solvay SA		3.7
Elia Group SA/NV		3.1
Warehouses De Pauw CVA		2.8

^(a)  Excludes money market funds.

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Fund Summary as of August 31, 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
	1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		(19.40	)%(a)		2.61	%		6.37	%		(19.40	)%(a)		13.75	%		85.39	%
Fund Market		(18.91	)		2.66			6.46			(18.91	)		14.01			87.02
Index		(20.47	)		2.30			6.19			(20.47	)		12.03			82.25

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

^(a)  The NAV total return presented in the table for the one-year 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 not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” for more information.

Expense Example

	Actual					Hypothetical 5% Return
Beginning Account Value (03/01/22)			Ending Account Value (08/31/22)	Expenses Paid During the Period	(a)	Beginning Account Value (03/01/22)	Ending Account Value (08/31/22)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
		$      1,000.00	$      855.80	$      3.65		$      1,000.00	$      1,021.30	$      3.97		0.78	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (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 “Disclosure of Expenses” for more information.

F U N D   S U M M A R Y 9

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

Portfolio Management Commentary

French stocks declined sharply during the reporting period. Russia’s invasion of Ukraine disrupted supply chains across the Eurozone and contributed to high inflation as commodities and energy prices soared. Many nations, including France, imposed sanctions against Russia, and some French companies suspended business operations in the country or stopped buying Russian commodities and products. Rising inflation, which led the ECB to increase interest rates in July 2022 for the first time in 11 years, weakened business confidence and the economic outlook. The declining value of the euro relative to the U.S. dollar also diminished the value of French stocks in U.S. dollar terms.

The industrials sector detracted the most from the Index’s return. Coronavirus-related lockdowns in China disrupted production at a French electrical equipment company with Chinese operations and limited the supply of critical parts. The aerospace and defense industry was also negatively impacted by shortages in the supply of key parts, including engines and microchips.

Consumer discretionary companies further detracted from the Index’s performance, as China’s lockdowns shuttered stores and led to declining sales of luxury brand products in the apparel, accessories, and luxury goods industry. The economic downturn in the U.S., where growth turned negative in the first two quarters of 2022, also weighed on sales of French luxury goods.

The consumer staples sector also weighed on the Index’s return. The personal products industry faced headwinds, as increased marketing costs diminished profit margins and online sales slowed.

Healthcare stocks also detracted from the Index’s performance. The stock of a large pharmaceuticals company retreated after it suspended testing of a new drug following disappointing trial performance. On the upside, stocks in the energy sector contributed to the Index’s performance as soaring oil and gas prices boosted profits.

Portfolio Information

SECTOR ALLOCATION

Sector	Percent of    Total Investments(a)
Consumer Discretionary		22.7%
Industrials		21.2
Consumer Staples		11.3
Financials		9.2
Energy		8.3
Health Care		8.0
Information Technology		6.7
Materials		5.5
Communication Services		3.1
Utilities		2.9
Real Estate		1.1

TEN LARGEST HOLDINGS

Security	Percent of    Total Investments(a)
LVMH Moet Hennessy Louis Vuitton SE		11.9%
TotalEnergies SE		8.3
Sanofi		6.2
L’Oreal SA		5.5
Air Liquide SA		4.4
Schneider Electric SE		4.3
Airbus SE		3.9
BNP Paribas SA		3.4
Vinci SA		3.3
AXA SA		2.9

^(a)  Excludes money market funds.

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Fund Summary as of August 31, 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
	1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		(34.09	)%		4.13	%		8.52	%		(34.09	)%		22.41	%		126.45	%
Fund Market		(34.21	)		4.06			8.54			(34.21	)		22.01			126.86
Index		(33.58	)		4.68			8.90			(33.58	)		25.70			134.60

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

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

Expense Example

	Actual					Hypothetical 5% Return
Beginning Account Value (03/01/22)			Ending Account Value (08/31/22)	Expenses Paid During the Period	(a)	Beginning Account Value (03/01/22)	Ending Account Value (08/31/22)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
		$      1,000.00	$      802.10	$      2.27		$      1,000.00	$      1,022.70	$      2.55		0.50	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (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 “Disclosure of Expenses” for more information.

F U N D   S U M M A R Y 11

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

Portfolio Management Commentary

Stocks in the Netherlands declined sharply during the reporting period. Russia’s invasion of Ukraine disrupted supply chains across the Eurozone and contributed to record-high inflation as commodities and energy prices soared. Many nations, including the Netherlands, imposed sanctions against Russia while some Dutch companies stopped business operations in Russia. Rising inflation, which led the ECB to raise interest rates in July 2022 for the first time in 11 years, weakened business confidence and the economic outlook. The declining value of the euro relative to the U.S. dollar also diminished the value of Dutch stocks in U.S. dollar terms.

The information technology sector detracted the most from the Index’s return. A global supply shortage of microprocessors slowed production for semiconductor equipment manufacturers, while the weakening global economy diminished the sales outlook for many products that use microprocessors, such as personal computers and cell phones. In addition, the U.S. pressured the Netherlands to block chip manufacturers from selling some high-tech equipment to China, citing their use in military applications.

Consumer discretionary stocks also detracted from the Index’s performance. The Chinese assets of a Dutch internet and direct marketing retail company declined when investors became concerned about new Chinese restrictions on technology companies. The stock of a grocery and food delivery company in the industry also fell as consumers increasingly returned to shopping in grocery stores or eating out in restaurants.

In the industrials sector, the capital goods industry also weighed on the Index’s return, as rising costs for raw materials reduced profit margins. Geopolitical disruptions, including the war in Ukraine and coronavirus-related lockdowns in China, negatively impacted supply chains and sales, leading to longer wait times for products to get to market and larger inventory costs.

Portfolio Information

SECTOR ALLOCATION

Sector	Percent of    Total Investments(a)
Information Technology		31.0%
Industrials		15.5
Financials		12.6
Consumer Staples		12.1
Consumer Discretionary		10.5
Materials		8.0
Communication Services		4.7
Health Care		3.2
Real Estate		1.2
Energy		1.1
Utilities		0.1

TEN LARGEST HOLDINGS

Security	Percent of    Total Investments(a)
ASML Holding NV		21.5%
Prosus NV		9.1
ING Groep NV		5.9
Adyen NV		5.8
Koninklijke Ahold Delhaize NV		4.7
Wolters Kluwer NV		4.4
Koninklijke DSM NV		3.9
Heineken NV		3.6
Koninklijke Philips NV		2.7
Universal Music Group NV		2.6

^(a)  Excludes money market funds.

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

Fund Summary as of August 31, 2022 iShares^® MSCI 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
	1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		(33.28	)%		1.04	%		4.74	%		(33.28	)%		5.33	%		58.91	%
Fund Market		(33.37	)		1.00			4.76			(33.37	)		5.10			59.24
Index		(33.26	)		0.74			4.29			(33.26	)		3.75			52.18

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

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

Expense Example

	Actual					Hypothetical 5% Return
Beginning Account Value (03/01/22)			Ending Account Value (08/31/22)	Expenses Paid During the Period	(a)	Beginning Account Value (03/01/22)	Ending Account Value (08/31/22)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
		$    1,000.00	$      816.10	$      2.56		$      1,000.00	$      1,022.40	$      2.85		0.56	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (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 “Disclosure of Expenses” for more information.

F U N D   S U M M A R Y 13

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

Portfolio Management Commentary

Stocks in Sweden declined sharply during the reporting period. Russia’s invasion of Ukraine disrupted supply chains across Europe and contributed to record high inflation as commodities and oil prices soared. Many nations, including Sweden, imposed sanctions against Russia while some Swedish companies halted Russian business operations. Rising inflation led the Swedish central bank to raise interest rates into positive territory for the first time since 2014. The declining value of the Swedish krona relative to the U.S. dollar also diminished the value of Swedish stocks in U.S. dollar terms.

The industrials sector detracted the most from the Index’s performance, led by the machinery industry. Coronavirus-related restrictions and lockdowns in many major cities across China disrupted the supply chain of key products and services and also slowed business operations across Sweden. A global shortage of microprocessors interfered with production and increased costs for truck manufacturers, while shipping bottlenecks impaired deliveries of products and parts. The stock prices of several major companies in the industrials sector dropped sharply following the invasion of Ukraine and their subsequent decision to end business operations in Russia.

The financials sector also detracted from the Index’s performance. The stock prices of investment holding companies with controlling stakes in many businesses fell, following the decline in the broader stock market. Online companies faced headwinds as consumers returned to shopping in stores and investors shifted away from growth-oriented businesses, weakening the performance of the multi-sector holdings industry.

Information technology stocks also weighed on the Index’ return. The electronic equipment, instruments, and components industry faced pressure as the war in Ukraine and the coronavirus-related lockdowns in China disrupted supplies and increased costs.

Portfolio Information

SECTOR ALLOCATION

Sector	Percent of    Total Investments(a)
Industrials		37.5%
Financials		28.1
Information Technology		9.1
Consumer Staples		6.3
Consumer Discretionary		6.3
Materials		5.0
Communication Services		4.3
Health Care		1.7
Real Estate		1.7

TEN LARGEST HOLDINGS

Security	Percent of    Total Investments(a)
Nordea Bank Abp		6.9%
Investor AB, Class B		6.3
Atlas Copco AB, Class A		6.0
Volvo AB, Class B		5.2
Telefonaktiebolaget LM Ericsson, Class B		4.8
Assa Abloy AB, Class B		4.5
Hexagon AB, Class B		4.4
Sandvik AB		3.6
Skandinaviska Enskilda Banken AB, Class A		3.6
Swedish Match AB		3.4

^(a)  Excludes money market funds.

14 2 0 2 2   I S H A R E S   A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

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.

Disclosure of 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 the Period.”

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

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

A B O U T   F U N D   P E R F O R M A N C E 15

Schedule of Investments August 31, 2022 iShares^® MSCI Austria ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 0.8%
FACC AG(a)(b)		66,760	$	472,988
Air Freight & Logistics — 2.5%
Oesterreichische Post AG(b)		55,721		1,555,635
Banks — 25.1%
BAWAG Group AG(c)		63,281		2,855,120
Erste Group Bank AG		460,384		10,353,000
Raiffeisen Bank International AG		198,568		2,507,437
				15,715,557
Chemicals — 2.5%
Lenzing AG		21,244		1,571,234
Commercial Services & Supplies — 1.7%
DO & CO AG(a)(b)		13,087		1,035,334
Construction & Engineering — 2.2%
Porr AG		49,071		563,165
Strabag SE		20,755		797,809
				1,360,974
Construction Materials — 4.6%
Wienerberger AG		121,901		2,850,456
Diversified Telecommunication Services — 2.7%
Telekom Austria AG		271,316		1,695,940
Electric Utilities — 15.9%
EVN AG		62,007		1,202,877
Verbund AG		91,177		8,712,659
				9,915,536
Electronic Equipment, Instruments & Components — 2.8%
AT&S Austria Technologie & Systemtechnik AG		39,876		1,774,871
Energy Equipment & Services — 1.8%
Schoeller-Bleckmann Oilfield Equipment AG		19,102		1,155,203
Food Products — 0.9%
Agrana Beteiligungs AG		35,607		576,110
Insurance — 4.7%
UNIQA Insurance Group AG		208,698		1,379,573
Vienna Insurance Group AG Wiener Versicherung Gruppe		65,019		1,541,416
				2,920,989

Security	Shares		Value
Machinery — 6.4%
ANDRITZ AG		59,343	$	2,733,121
Palfinger AG		30,880		805,303
Semperit AG Holding(b)		26,911		489,015
				4,027,439
Metals & Mining — 4.5%
voestalpine AG		140,180		2,820,773
Oil, Gas & Consumable Fuels — 12.7%
OMV AG		197,232		7,946,924
Real Estate Management & Development — 7.0%
CA Immobilien Anlagen AG		67,171		2,139,368
IMMOFINANZ AG		52,074		774,511
S IMMO AG		62,833		1,435,760
				4,349,639
Total Long-Term Investments — 98.8% (Cost: $84,049,823)				61,745,602
Short-Term Securities
Money Market Funds — 3.1%
BlackRock Cash Funds: Institutional, SL Agency Shares, 2.42%(d)(e)(f)		1,915,593		1,916,168
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.07%(d)(e)		20,000		20,000
Total Short-Term Securities — 3.1% (Cost: $1,935,214)				1,936,168
Total Investments in Securities — 101.9% (Cost: $85,985,037)				63,681,770
Liabilities in Excess of Other Assets — (1.9)%				(1,179,311	)
Net Assets — 100.0%			$	62,502,459

^(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.

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

Schedule of Investments  (continued) August 31, 2022 iShares^® MSCI Austria ETF

Affiliates

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

Affiliated Issuer	Value at 08/31/21		Purchases at Cost		Proceeds from Sale			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 08/31/22		Shares Held at 08/31/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	2,252,894	$	—		$(335,753)	(a)	$	(1,603	)	$	630	$	1,916,168		1,915,593	$	36,201	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		30,000		—		(10,000)	(a)		—			—		20,000		20,000		193			—
								$	(1,603	)	$	630	$	1,936,168			$	36,394		$	—

^(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		21		09/16/22	$	740	$	5,469

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:

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)	$	—	$	—	$	5,469	$	—	$	—	$	—	$	5,469

^(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 August 31, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Commodity Contracts		Credit Contracts		Equity Contracts			Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Net Realized Gain (Loss) from
Futures contracts	$	—	$	—	$	(92,322	)	$	—	$	—	$	—	$	(92,322	)
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	(9,370	)	$	—	$	—	$	—	$	(9,370	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts
Average notional value of contracts — long	$948,320

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 17

Schedule of Investments  (continued) August 31, 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	$	5,685,826	$	56,059,776	$	—	$	61,745,602
Money Market Funds		1,936,168		—		—		1,936,168
	$	7,621,994	$	56,059,776	$	—	$	63,681,770
Derivative financial instruments(a)
Assets
Futures Contracts	$	—	$	5,469	$	—	$	5,469

^(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   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 August 31, 2022 iShares^® MSCI Belgium ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Air Freight & Logistics — 0.5%
bpost SA		14,456	$	87,815
Banks — 8.2%
KBC Ancora		4,588		151,042
KBC Group NV		27,386		1,306,107
				1,457,149
Beverages — 21.6%
Anheuser-Busch InBev SA/NV		79,703		3,849,218
Biotechnology — 13.9%
Argenx SE(a)		5,870		2,210,417
Galapagos NV(a)		5,565		279,231
				2,489,648
Capital Markets — 0.8%
Gimv NV		2,672		136,705
Chemicals — 8.5%
Recticel SA		6,236		86,894
Solvay SA		8,041		649,119
Tessenderlo Group SA(a)		2,688		87,275
Umicore SA		22,054		701,010
				1,524,298
Construction & Engineering — 3.0%
Ackermans & van Haaren NV		2,749		401,885
Deme Group NV(a)		1,117		127,834
				529,719
Distributors — 2.3%
D’ieteren Group		2,703		407,481
Diversified Financial Services — 6.5%
Groupe Bruxelles Lambert SA		10,472		791,644
Sofina SA		1,799		360,618
				1,152,262
Diversified Telecommunication Services — 1.3%
Proximus SADP		18,463		235,016
Electric Utilities — 3.1%
Elia Group SA/NV		3,808		553,194
Electronic Equipment, Instruments & Components — 1.1%
Barco NV		8,956		199,586
Entertainment — 0.5%
Kinepolis Group NV(a)		2,103		92,203
Equity Real Estate Investment Trusts (REITs) — 9.1%
Aedifica SA		3,974		375,995
Cofinimmo SA		3,182		322,798
Intervest Offices & Warehouses NV		3,395		84,954
Montea NV		1,395		125,891
Retail Estates NV		1,494		96,728
Warehouses De Pauw CVA		16,386		498,578
Xior Student Housing NV		2,910		117,613
				1,622,557
Food & Staples Retailing — 1.0%
Etablissements Franz Colruyt NV		6,707		186,408
Health Care Equipment & Supplies — 0.4%
Ion Beam Applications		3,949		70,243

Security	Shares		Value
Health Care Providers & Services — 0.6%
Fagron		8,375	$	107,522
Health Care Technology — 0.4%
AGFA-Gevaert NV(a)		22,025		79,637
Insurance — 4.2%
Ageas SA/NV		18,409		746,955
IT Services — 0.3%
Econocom Group SA/NV		19,181		59,784
Media — 0.5%
Telenet Group Holding NV		5,960		84,631
Metals & Mining — 0.8%
Bekaert SA		4,751		145,727
Oil, Gas & Consumable Fuels — 2.0%
Euronav NV		21,887		352,911
Personal Products — 0.3%
Ontex Group NV(a)		10,266		58,946
Pharmaceuticals — 4.6%
Mithra Pharmaceuticals SA(a)(b)		3,504		25,057
UCB SA		11,377		799,426
				824,483
Real Estate Management & Development — 1.8%
Immobel SA		796		48,099
Shurgard Self Storage SA		2,573		124,209
VGP NV		973		141,465
				313,773
Semiconductors & Semiconductor Equipment — 1.1%
Melexis NV		2,567		193,569
Textiles, Apparel & Luxury Goods — 0.3%
Van de Velde NV		1,456		51,289
Wireless Telecommunication Services — 0.3%
Orange Belgium SA(a)		3,002		55,903
Total Long-Term Investments — 99.0% (Cost: $26,958,919)				17,668,632
Short-Term Securities
Money Market Funds — 0.2%
BlackRock Cash Funds: Institutional, SL Agency Shares, 2.42%(c)(d)(e)		26,005		26,013
Total Short-Term Securities — 0.2% (Cost: $25,999)				26,013
Total Investments in Securities — 99.2% (Cost: $26,984,918)				17,694,645
Other Assets Less Liabilities — 0.8%				149,900
Net Assets — 100.0%			$	17,844,545

^(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 19

Schedule of Investments  (continued) August 31, 2022 iShares^® MSCI Belgium ETF

Affiliates

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

Affiliated Issuer	Value at 08/31/21		Purchases at Cost		Proceeds from Sale			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 08/31/22		Shares Held at 08/31/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	125,177	$	—		$(99,139)	(a)	$	(1	)	$	(24	)	$	26,013		26,005	$	8,349	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares(c)		10,000		—		(10,000)	(a)		—			—			—		—		32			—
								$	(1	)	$	(24	)	$	26,013			$	8,381		$	—

^(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		5		09/16/22	$	176	$	4,795

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:

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)	$	—	$	—	$	4,795	$	—	$	—	$	—	$	4,795

^(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 August 31, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Commodity Contracts		Credit Contracts		Equity Contracts			Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Net Realized Gain (Loss) from
Futures contracts	$	—	$	—	$	(5,982	)	$	—	$	—	$	—	$	(5,982	)
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	1,999		$	—	$	—	$	—	$	1,999

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts
Average notional value of contracts — long	$158,862

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   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  (continued) August 31, 2022 iShares^® MSCI Belgium 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	$	408,922	$	17,259,710	$	—	$	17,668,632
Money Market Funds		26,013		—		—		26,013
	$	434,935	$	17,259,710	$	—	$	17,694,645
Derivative financial instruments(a)
Assets
Futures Contracts	$	—	$	4,795	$	—	$	4,795

^(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   August 31, 2022 iShares^® MSCI France ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 7.3%
Airbus SE		310,417	$	30,418,723
Dassault Aviation SA		13,088		1,797,370
Safran SA		179,591		18,310,107
Thales SA		56,134		6,767,558
				57,293,758
Auto Components — 1.4%
Cie. Generale des Etablissements Michelin SCA(a)		356,556		8,671,893
Valeo		109,227		2,086,422
				10,758,315
Automobiles — 0.4%
Renault SA(b)		101,533		2,891,962
Banks — 5.3%
BNP Paribas SA		583,466		27,113,777
Credit Agricole SA		636,493		5,858,070
Societe Generale SA		417,990		9,214,759
				42,186,606
Beverages — 2.8%
Pernod Ricard SA		110,035		20,190,145
Remy Cointreau SA(a)		12,159		2,255,042
				22,445,187
Building Products — 1.3%
Cie. de Saint-Gobain		261,375		10,527,594
Capital Markets — 0.6%
Amundi SA(c)		32,314		1,638,440
Euronext NV(c)		44,822		3,312,478
				4,950,918
Chemicals — 4.7%
Air Liquide SA		274,654		34,417,678
Arkema SA		31,095		2,625,091
				37,042,769
Construction & Engineering — 4.2%
Bouygues SA		120,084		3,527,464
Eiffage SA		43,581		3,833,163
Vinci SA		280,253		25,854,300
				33,214,927
Diversified Financial Services — 0.3%
Eurazeo SE		23,100		1,379,534
Wendel SE		14,009		1,100,715
				2,480,249
Diversified Telecommunication Services — 1.3%
Orange SA		1,047,779		10,611,253
Electric Utilities — 0.5%
Electricite de France SA		295,339		3,531,141
Electrical Equipment — 5.6%
Legrand SA		140,459		10,162,865
Schneider Electric SE		284,916		33,864,361
				44,027,226
Entertainment — 0.6%
Bollore SE		460,826		2,202,192
Ubisoft Entertainment SA(b)		49,110		2,264,710
				4,466,902
Equity Real Estate Investment Trusts (REITs) — 1.1%
Covivio		25,021		1,396,862

Security	Shares		Value
Equity Real Estate Investment Trusts (REITs) (continued)
Gecina SA		23,951	$	2,131,589
Klepierre SA		113,933		2,337,023
Unibail-Rodamco-Westfield(a)(b)		61,645		3,169,136
				9,034,610
Food & Staples Retailing — 0.7%
Carrefour SA		317,468		5,298,695
Food Products — 2.3%
Danone SA		337,467		17,757,611
Health Care Equipment & Supplies — 0.3%
BioMerieux		22,016		2,013,356
Hotels, Restaurants & Leisure — 0.9%
Accor SA(b)		88,817		2,118,389
La Francaise des Jeux SAEM(c)		55,714		1,807,038
Sodexo SA		46,283		3,539,718
				7,465,145
Household Durables — 0.1%
SEB SA		13,175		975,808
Insurance — 2.9%
AXA SA		983,273		23,157,672
IT Services — 3.4%
Capgemini SE		85,931		14,846,985
Edenred		131,222		6,637,127
Worldline SA/France(b)(c)		125,659		5,383,568
				26,867,680
Life Sciences Tools & Services — 1.3%
Eurofins Scientific SE		70,406		4,871,264
Sartorius Stedim Biotech		14,553		5,322,925
				10,194,189
Machinery — 0.4%
Alstom SA(a)		166,030		3,402,493
Media — 1.2%
Publicis Groupe SA		119,345		5,827,055
Vivendi SE		377,021		3,417,490
				9,244,545
Metals & Mining — 0.8%
ArcelorMittal SA		278,552		6,611,184
Multi-Utilities — 2.4%
Engie SA		959,245		11,393,049
Veolia Environnement SA		349,515		7,789,784
				19,182,833
Oil, Gas & Consumable Fuels — 8.3%
TotalEnergies SE		1,302,202		65,930,078
Personal Products — 5.5%
L’Oreal SA		126,741		43,528,462
Pharmaceuticals — 6.4%
Ipsen SA		19,973		1,914,155
Sanofi		598,052		48,890,634
				50,804,789
Professional Services — 1.6%
Bureau Veritas SA		153,852		3,818,592
Teleperformance		30,856		8,788,009
				12,606,601

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

Schedule of Investments  (continued) August 31, 2022 iShares^® MSCI France ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Semiconductors & Semiconductor Equipment — 1.6%
STMicroelectronics NV(a)		358,944	$	12,509,259
Software — 1.7%
Dassault Systemes SE		350,075		13,500,004
Textiles, Apparel & Luxury Goods — 20.0%
EssilorLuxottica SA		151,082		22,501,764
Hermes International		16,629		21,297,845
Kering SA		39,292		19,714,857
LVMH Moet Hennessy Louis Vuitton SE		145,808		94,085,058
				157,599,524
Transportation Infrastructure — 0.8%
Aeroports de Paris(a)(b)		15,694		2,148,985
Getlink SE		230,227		4,335,412
				6,484,397
Total Long-Term Investments — 100.0% (Cost: $954,254,582)				790,597,742
Short-Term Securities
Money Market Funds — 1.3%
BlackRock Cash Funds: Institutional, SL Agency Shares, 2.42%(d)(e)(f)		2,434,070		2,434,800

Security	Shares		Value
Money Market Funds (continued)
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.07%(d)(e)		7,730,000	$	7,730,000
Total Short-Term Securities — 1.3% (Cost: $10,163,657)				10,164,800
Total Investments in Securities — 101.3% (Cost: $964,418,239)				800,762,542
Liabilities in Excess of Other Assets — (1.3)%				(10,600,536	)
Net Assets — 100.0%			$	790,162,006

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

^(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)  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 year ended August 31, 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 Sale		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 08/31/22		Shares Held at 08/31/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	21,424	$	2,410,618	(a)		$        —	$	1,615	$	1,143	$	2,434,800		2,434,070	$	40,850	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		350,000		7,380,000	(a)		—		—		—		7,730,000		7,730,000		37,592			—
								$	1,615	$	1,143	$	10,164,800			$	78,442		$	—

^(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
CAC 40 10 Euro Index		6		09/16/22	$	367	$	(28,983	)

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  (continued) August 31, 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:

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	—	$	—	$	28,983	$	—	$	—	$	—	$	28,983

^(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 August 31, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Commodity Contracts		Credit Contracts		Equity Contracts			Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Net Realized Gain (Loss) from
Futures contracts	$	—	$	—	$	(545,219	)	$	—	$	—	$	—	$	(545,219	)
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	3,410		$	—	$	—	$	—	$	3,410

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts
Average notional value of contracts — long	$	1,852,129

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	$	—	$	790,597,742		$	—	$	790,597,742
Money Market Funds		10,164,800		—			—		10,164,800
	$	10,164,800	$	790,597,742		$	—	$	800,762,542
Derivative financial instruments(a)
Liabilities
Futures Contracts	$	—	$	(28,983	)	$	—	$	(28,983	)

^(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   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 August 31, 2022 iShares^® MSCI Netherlands ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Air Freight & Logistics — 0.8%
InPost SA(a)		253,617	$	1,304,807
PostNL NV		539,381		1,149,348
				2,454,155
Banks — 6.9%
ABN AMRO Bank NV, CVA(b)		296,907		2,852,352
ING Groep NV		2,074,097		18,178,300
				21,030,652
Beverages — 6.4%
Coca-Cola Europacific Partners PLC		121,340		5,966,288
Heineken Holding NV		38,800		2,752,395
Heineken NV		121,835		10,950,416
				19,669,099
Biotechnology — 0.5%
Pharming Group NV(a)(c)		1,227,430		1,475,895
Capital Markets — 0.7%
Flow Traders(b)		55,954		1,119,679
Van Lanschot Kempen NV		54,138		1,140,610
				2,260,289
Chemicals — 7.6%
Akzo Nobel NV		104,429		6,579,168
Corbion NV		55,969		1,589,196
Koninklijke DSM NV		94,474		12,046,922
OCI NV		81,451		3,057,901
				23,273,187
Construction & Engineering — 2.5%
Arcadis NV		60,699		1,935,041
Boskalis Westminster		71,964		2,386,971
Fugro NV(a)		165,931		2,113,563
Koninklijke BAM Groep NV(a)		432,544		1,152,950
				7,588,525
Distributors — 0.1%
B&S Group Sarl(b)(c)		60,062		305,181
Diversified Financial Services — 0.0%
SNS Real NV(c)(d)		63,320		1
Diversified Telecommunication Services — 2.0%
Koninklijke KPN NV		1,977,396		6,292,264
Electric Utilities — 0.1%
Fastned BV(a)(c)		8,668		264,731
Electrical Equipment — 2.1%
Alfen Beheer BV(a)(b)		20,526		2,320,412
Signify NV(b)		91,718		2,607,162
TKH Group NV		41,655		1,453,244
				6,380,818
Energy Equipment & Services — 0.6%
SBM Offshore NV		137,088		1,914,416
Entertainment — 2.6%
Universal Music Group NV		407,393		8,089,990
Equity Real Estate Investment Trusts (REITs) — 1.2%
Eurocommercial Properties NV		59,063		1,236,112
NSI NV		34,866		1,051,748
Vastned Retail NV		21,887		486,097

Security	Shares		Value
Equity Real Estate Investment Trusts (REITs) (continued)
Wereldhave NV(c)		66,632	$	901,827
				3,675,784
Food & Staples Retailing — 4.9%
Koninklijke Ahold Delhaize NV		517,993		14,248,335
Sligro Food Group NV(a)		45,176		748,328
				14,996,663
Food Products — 0.8%
JDE Peet’s NV		76,436		2,356,923
Health Care Equipment & Supplies — 2.7%
Koninklijke Philips NV		492,873		8,185,633
Hotels, Restaurants & Leisure — 0.6%
Basic-Fit NV(a)(b)(c)		46,856		1,788,524
Insurance — 4.9%
Aegon NV		1,084,225		4,845,427
ASR Nederland NV		90,164		3,679,975
NN Group NV		161,033		6,618,128
				15,143,530
Internet & Direct Marketing Retail — 9.8%
Just Eat Takeaway.com NV(a)(b)		131,477		2,187,178
Prosus NV		451,856		27,928,971
				30,116,149
IT Services — 5.8%
Adyen NV(a)(b)		11,516		17,770,853
Machinery — 1.0%
Aalberts NV		71,611		2,625,975
Ebusco Holding NV(a)(c)		30,293		612,109
				3,238,084
Metals & Mining — 0.4%
AMG Advanced Metallurgical Group NV		43,535		1,111,542
Oil, Gas & Consumable Fuels — 0.5%
Koninklijke Vopak NV		71,298		1,569,375
Professional Services — 6.3%
Brunel International NV		41,241		386,137
Intertrust NV(a)(b)		90,488		1,769,582
Randstad NV		77,623		3,614,960
Wolters Kluwer NV		137,361		13,432,918
				19,203,597
Semiconductors & Semiconductor Equipment — 24.6%
ASM International NV		26,719		7,264,609
ASML Holding NV		134,501		65,652,003
BE Semiconductor Industries NV		52,271		2,483,068
				75,399,680
Software — 0.4%
CM.Com NV(a)(c)		26,411		313,363
TomTom NV(a)		134,139		1,079,774
				1,393,137
Trading Companies & Distributors — 2.8%
AerCap Holdings NV(a)(c)		85,718		3,775,878
IMCD NV		34,841		4,806,518
				8,582,396
Total Long-Term Investments — 99.6%     (Cost: $411,567,493)			305,531,073

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  (continued) August 31, 2022 iShares^® MSCI Netherlands ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Short-Term Securities
Money Market Funds — 1.1%
BlackRock Cash Funds: Institutional, SL Agency Shares, 2.42%(e)(f)(g)		3,282,598	$	3,283,583
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.07%(e)(f)		20,000		20,000
Total Short-Term Securities — 1.1% (Cost: $3,301,854)				3,303,583
Total Investments in Securities — 100.7% (Cost: $414,869,347)				308,834,656
Liabilities in Excess of Other Assets — (0.7)%				(2,175,453	)
Net Assets — 100.0%			$	306,659,203

^(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 year ended August 31, 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 Sale			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 08/31/22		Shares Held at 08/31/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	3,087,917	$	198,298	(a)	$	—		$	(3,959	)	$	1,327	$	3,283,583		3,282,598	$	113,628	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		120,000		—			(100,000)	(a)		—			—		20,000		20,000		834			—
									$	(3,959	)	$	1,327	$	3,303,583			$	114,462		$	—

^(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		37		09/16/22	$	1,304	$	(89,288	)

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

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	—	$	—	$	89,288	$	—	$	—	$	—	$	89,288

^(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   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  (continued) August 31, 2022 iShares^® MSCI Netherlands ETF

Futures Contracts (continued)

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

	Commodity Contracts		Credit Contracts		Equity Contracts			Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Net Realized Gain (Loss) from
Futures contracts	$	—	$	—	$	(212,104	)	$	—	$	—	$	—	$	(212,104	)
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	(89,655	)	$	—	$	—	$	—	$	(89,655	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts
Average notional value of contracts — long	$	963,849

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	$	10,228,263	$	295,302,809		$	1	$	305,531,073
Money Market Funds		3,303,583		—			—		3,303,583
	$	13,531,846	$	295,302,809		$	1	$	308,834,656
Derivative financial instruments(a)
Liabilities
Futures Contracts	$	—	$	(89,288	)	$	—	$	(89,288	)

^(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   August 31, 2022 iShares^® MSCI Sweden ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Automobiles — 0.8%
Volvo Car AB, Class B(a)(b)		524,976	$	3,197,846
Banks — 15.4%
Nordea Bank Abp		3,001,041		27,825,189
Skandinaviska Enskilda Banken AB, Class A		1,431,558		14,270,763
Svenska Handelsbanken AB, Class A		1,282,593		10,504,652
Swedbank AB, Class A		796,271		10,291,723
				62,892,327
Biotechnology — 0.8%
Swedish Orphan Biovitrum AB(a)		148,808		3,285,951
Building Products — 7.4%
Assa Abloy AB, Class B		881,306		17,849,945
Nibe Industrier AB, Class B		1,332,245		12,476,130
				30,326,075
Capital Markets — 1.4%
EQT AB		262,158		5,871,771
Commercial Services & Supplies — 0.6%
Securitas AB, Class B		275,852		2,415,551
Communications Equipment — 4.7%
Telefonaktiebolaget LM Ericsson, Class B		2,568,159		19,205,778
Construction & Engineering — 1.1%
Skanska AB, Class B		299,716		4,427,608
Diversified Financial Services — 10.8%
Industrivarden AB, Class A		114,884		2,546,051
Industrivarden AB, Class C		135,670		2,976,323
Investor AB, Class A		438,202		7,283,223
Investor AB, Class B		1,603,245		25,269,067
Kinnevik AB, Class B(a)		213,417		3,037,139
L E Lundbergforetagen AB, Class B		66,993		2,766,892
				43,878,695
Diversified Telecommunication Services — 2.0%
Telia Co. AB		2,336,337		8,223,284
Electronic Equipment, Instruments & Components — 4.3%
Hexagon AB, Class B		1,711,460		17,489,472
Entertainment — 0.9%
Embracer Group AB(a)(b)		589,134		3,655,262
Health Care Equipment & Supplies — 0.9%
Getinge AB, Class B		200,562		3,714,717
Hotels, Restaurants & Leisure — 3.2%
Evolution AB(c)		160,864		12,869,645
Household Durables — 0.6%
Electrolux AB, Class B(b)		193,362		2,445,073
Household Products — 2.9%
Essity AB, Class B		535,687		11,883,285
Industrial Conglomerates — 1.4%
Investment AB Latour, Class B		130,437		2,569,516
Lifco AB, Class B		204,155		3,171,159
				5,740,675
Machinery — 26.3%
Alfa Laval AB		255,404		6,810,964

Security	Shares		Value
Machinery (continued)
Atlas Copco AB, Class A		2,363,756	$	23,994,539
Atlas Copco AB, Class B		1,372,657		12,499,124
Epiroc AB, Class A		579,320		8,864,068
Epiroc AB, Class B		343,580		4,677,440
Husqvarna AB, Class B		369,059		2,483,187
Indutrade AB		240,643		4,455,743
Sandvik AB		938,141		14,626,086
SKF AB, Class B		337,699		5,062,975
Volvo AB, Class A		176,416		2,936,017
Volvo AB, Class B		1,326,878		21,018,131
				107,428,274
Metals & Mining — 2.1%
Alleima AB, NVS		187,377		752,320
Boliden AB		240,883		7,713,591
				8,465,911
Paper & Forest Products — 2.8%
Holmen AB, Class B		82,647		3,545,930
Svenska Cellulosa AB SCA, Class B		532,422		7,977,547
				11,523,477
Real Estate Management & Development — 1.6%
Fastighets AB Balder, Class B(a)		555,866		3,069,606
Sagax AB, Class B		167,712		3,606,980
				6,676,586
Specialty Retail — 1.6%
H & M Hennes & Mauritz AB, Class B		641,688		6,664,141
Tobacco — 3.3%
Swedish Match AB		1,340,911		13,461,591
Wireless Telecommunication Services — 1.3%
Tele2 AB, Class B		500,012		5,325,011
Total Long-Term Investments — 98.2% (Cost: $575,255,659)				401,068,006
Short-Term Securities
Money Market Funds — 3.8%
BlackRock Cash Funds: Institutional, SL Agency Shares, 2.42%(d)(e)(f)		9,746,013		9,748,937
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.07%(d)(e)		5,850,000		5,850,000
Total Short-Term Securities — 3.8% (Cost: $15,595,231)				15,598,937
Total Investments in Securities — 102.0% (Cost: $590,850,890)				416,666,943
Liabilities in Excess of Other Assets — (2.0)%				(8,112,002	)
Net Assets — 100.0%			$	408,554,941

^(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.

28 2 0 2 2   I S H A R E S   A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments  (continued) August 31, 2022 iShares^® MSCI Sweden ETF

Affiliates

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

Affiliated Issuer	Value at 08/31/21		Purchases at Cost			Proceeds from Sale		Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 08/31/22		Shares Held at 08/31/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	—	$	9,746,820	(a)		$        —	$	(1,589	)	$	3,706	$	9,748,937		9,746,013	$	61,154	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		260,000		5,590,000	(a)		—		—			—		5,850,000		5,850,000		32,762			—
								$	(1,589	)	$	3,706	$	15,598,937			$	93,916		$	—

^(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		420		09/16/22	$	7,533	$	(532,520	)

Forward Foreign Currency Exchange Contracts

Currency Purchased		Currency Sold			Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
USD	2,746,911		EUR	2,584,364	Standard Chartered Bank		09/16/22	$	147,373
USD	492,292		SEK	4,886,739	Standard Chartered Bank		09/16/22		33,566
									180,939
EUR	283,000		USD	294,854	Standard Chartered Bank		09/16/22		(10,192	)
SEK	25,160,725		USD	2,529,663	Standard Chartered Bank		09/16/22		(167,788	)
									(177,980	)
									$2,959

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:

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Assets — Derivative Financial Instruments
Forward foreign currency exchange contracts
Unrealized appreciation on forward foreign currency exchange contracts	$	—	$	—	$	—	$	180,939	$	—	$	—	$	180,939

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  (continued) August 31, 2022 iShares^® MSCI Sweden ETF

Derivative Financial Instruments Categorized by Risk Exposure (continued)

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	—	$	—	$	532,520	$	—	$	—	$	—	$	532,520
Forward foreign currency exchange contracts
Unrealized depreciation on forward foreign currency exchange contracts	$	—	$	—	$	—	$	177,980	$	—	$	—	$	177,980
	$	—	$	—	$	532,520	$	177,980	$	—	$	—	$	710,500

^(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 August 31, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Commodity Contracts		Credit Contracts		Equity Contracts			Foreign Currency Exchange Contracts			Interest Rate Contracts		Other Contracts		Total
Net Realized Gain (Loss) from
Futures contracts	$	—	$	—	$	(946,539	)	$	—		$	—	$	—	$	(946,539	)
Forward foreign currency exchange contracts		—		—		—			810,322			—		—		810,322
	$	—	$	—	$	(946,539	)	$	810,322		$	—	$	—	$	(136,217	)
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	(459,793	)	$	—		$	—	$	—	$	(459,793	)
Forward foreign currency exchange contracts		—		—		—			(374,571	)		—		—		(374,571	)
	$	—	$	—	$	(459,793	)	$	(374,571	)	$	—	$	—	$	(834,364	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts
Average notional value of contracts — long	$	8,083,227
Forward foreign currency exchange contracts
Average amounts purchased — in USD	$	4,148,111
Average amounts sold — in USD	$	7,857,311

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	$	—	$	532,520
Forward foreign currency exchange contracts		180,939		177,980
Total derivative assets and liabilities in the Statement of Assets and Liabilities		180,939		710,500
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)		—		(532,520	)
Total derivative assets and liabilities subject to an MNA		180,939		177,980

30 2 0 2 2   I S H A R E S   A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments  (continued) August 31, 2022 iShares^® MSCI Sweden ETF

Derivative Financial Instruments - Offsetting as of Period End (continued)

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	$	180,939	$(177,980)		$	—	$	—	$	2,959
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	$	177,980	$(177,980)		$	—	$	—	$	—

^(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	$	752,320	$	400,315,686		$	—	$	401,068,006
Money Market Funds		15,598,937		—			—		15,598,937
	$	16,351,257	$	400,315,686		$	—	$	416,666,943
Derivative financial instruments(a)
Assets
Forward Foreign Currency Exchange Contracts	$	—	$	180,939		$	—	$	180,939
Liabilities
Forward Foreign Currency Exchange Contracts		—		(177,980	)		—		(177,980	)
Futures Contracts		—		(532,520	)		—		(532,520	)
	$	—	$	(529,561	)	$	—	$	(529,561	)

^(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 31

Statements of Assets and Liabilities  

August 31, 2022

	iShares MSCI Austria ETF			iShares MSCI Belgium ETF			iShares MSCI France ETF			iShares MSCI Netherlands ETF
ASSETS
Investments, at value — unaffiliated(a)(b)	$	61,745,602		$	17,668,632		$	790,597,742		$	305,531,073
Investments, at value — affiliated(c)		1,936,168			26,013			10,164,800			3,303,583
Cash		3,530			3,959			6,164			6,366
Foreign currency, at value(d)		25,584			11,886			53,540			788,273
Foreign currency collateral pledged for futures contracts(e)		78,386			19,094			34,168			162,802
Receivables:
Investments sold		1,073,124			385,873			2,257,428			5,407,001
Securities lending income — affiliated		3,047			395			11,775			17,405
Capital shares sold		—			—			315,261			—
Dividends — unaffiliated		—			6,314			102,537			747,981
Dividends — affiliated		32			5			12,653			149
Tax reclaims		639,023			151,553			941,747			—
Total assets		65,504,496			18,273,724			804,497,815			315,964,633
LIABILITIES
Collateral on securities loaned, at value		1,919,564			26,010			2,431,981			3,289,126
Payables:
Investments purchased		1,044,152			392,674			2,805,553			5,682,411
Variation margin on futures contracts		10,339			2,449			7,150			20,886
Capital shares redeemed		—			—			—			157,166
Investment advisory fees		27,982			8,046			326,476			155,841
Professional fees		—			—			22,667			—
IRS compliance fee for foreign withholding tax claims		—			—			8,741,982			—
Total liabilities		3,002,037			429,179			14,335,809			9,305,430
NET ASSETS	$	62,502,459		$	17,844,545		$	790,162,006		$	306,659,203
NET ASSETS CONSIST OF
Paid-in capital	$	131,125,386		$	47,386,938		$	1,044,504,630		$	438,995,619
Accumulated loss		(68,622,927	)		(29,542,393	)		(254,342,624	)		(132,336,416	)
NET ASSETS	$	62,502,459		$	17,844,545		$	790,162,006		$	306,659,203
NET ASSET VALUE
Shares outstanding		3,600,000			1,120,000			26,800,000			8,950,000
Net asset value	$	17.36		$	15.93		$	29.48		$	34.26
Shares authorized		100 million			136.2 million			340.2 million			255 million
Par value	$	0.001		$	0.001		$	0.001		$	0.001
(a)  Investments, at cost — unaffiliated	$	84,049,823		$	26,958,919		$	954,254,582		$	411,567,493
(b)  Securities loaned, at value	$	1,858,891		$	24,799		$	2,162,917		$	3,170,675
(c)   Investments, at cost — affiliated	$	1,935,214		$	25,999		$	10,163,657		$	3,301,854
(d)  Foreign currency, at cost	$	17,672		$	11,824		$	46,946		$	799,873
(e)  Foreign currency collateral pledged, at cost	$	88,846		$	19,157		$	40,980		$	165,538

See notes to financial statements.

32 2 0 2 2   I S H A R E S   A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Statements of Assets and Liabilities  (continued)

August 31, 2022

	iShares MSCI Sweden ETF
ASSETS
Investments, at value — unaffiliated(a)(b)	$	401,068,006
Investments, at value — affiliated(c)		15,598,937
Cash		7,162
Foreign currency, at value(d)		217,386
Foreign currency collateral pledged for futures contracts(e)		640,620
Receivables:
Investments sold		1,617,661
Securities lending income — affiliated		19,963
Capital shares sold		199,999
Dividends — affiliated		10,137
Tax reclaims		1,997,396
Foreign withholding tax claims		6,608,299
Unrealized appreciation on forward foreign currency exchange contracts		180,939
Total assets		428,166,505
LIABILITIES
Collateral on securities loaned, at value		9,746,821
Payables:
Investments purchased		1,629,648
Variation margin on futures contracts		106,039
Capital shares redeemed		56,124
Investment advisory fees		196,777
Professional fees		1,506,141
IRS compliance fee for foreign withholding tax claims		6,192,034
Unrealized depreciation on forward foreign currency exchange contracts		177,980
Total liabilities		19,611,564
NET ASSETS	$	408,554,941
NET ASSETS CONSIST OF
Paid-in capital	$	653,850,979
Accumulated loss		(245,296,038	)
NET ASSETS	$	408,554,941
NET ASSET VALUE
Shares outstanding		13,575,000
Net asset value	$	30.10
Shares authorized		63.6 million
Par value	$	0.001
(a) Investments, at cost — unaffiliated	$	575,255,659
(b) Securities loaned, at value	$	8,685,681
(c)  Investments, at cost — affiliated	$	15,595,231
(d) Foreign currency, at cost	$	72,615
(e) Foreign currency collateral pledged, at cost	$	746,342

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 Operations

Year Ended August 31, 2022

	iShares MSCI Austria ETF			iShares MSCI Belgium ETF			iShares MSCI France ETF			iShares MSCI Netherlands ETF
INVESTMENT INCOME
Dividends — unaffiliated	$	4,263,354		$	812,324		$	21,899,231		$	9,791,635
Dividends — affiliated		357			40			37,597			1,365
Interest — unaffiliated		10,616			—			—			—
Securities lending income — affiliated — net		36,037			8,341			40,845			113,097
Other income — unaffiliated		—			—			4,974,921			—
Foreign taxes withheld		(530,203	)		(121,986	)		(1,745,084	)		(1,406,956	)
Foreign withholding tax claims		—			—			14,173,745			—
IRS Compliance fee for foreign withholding tax claims		—			—			(7,064,969	)		—
Total investment income		3,780,161			698,719			32,316,286			8,499,141
EXPENSES
Investment advisory fees		390,497			127,813			3,673,413			1,735,773
Professional fees		217			217			1,947,564			217
Total expenses		390,714			128,030			5,620,977			1,735,990
Net investment income		3,389,447			570,689			26,695,309			6,763,151
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(4,646,947	)		(1,471,682	)		(23,250,721	)		(5,920,619	)
Investments — affiliated		(1,603	)		(1	)		1,615			(3,959	)
In-kind redemptions — unaffiliated(a)		5,466,868			1,916,580			16,093,844			22,401,207
Futures contracts		(92,322	)		(5,982	)		(545,219	)		(212,104	)
Foreign currency transactions		(16,144	)		(6,762	)		(108,462	)		(157,382	)
		709,852			432,153			(7,808,943	)		16,107,143
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated		(27,958,045	)		(7,803,392	)		(191,139,575	)		(177,348,161	)
Investments — affiliated		630			(24	)		1,143			1,327
Futures contracts		(9,370	)		1,999			3,410			(89,655	)
Foreign currency translations		(98,703	)		(15,945	)		(167,511	)		(25,943	)
		(28,065,488	)		(7,817,362	)		(191,302,533	)		(177,462,432	)
Net realized and unrealized loss		(27,355,636	)		(7,385,209	)		(199,111,476	)		(161,355,289	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(23,966,189	)	$	(6,814,520	)	$	(172,416,167	)	$	(154,592,138	)
(a) See Note 2 of the Notes to Financial Statements.

See notes to financial statements.

34 2 0 2 2   I S H A R E S   A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Statements of Operations  (continued)

Year Ended August 31, 2022

	iShares MSCI Sweden ETF
INVESTMENT INCOME
Dividends — unaffiliated	$	20,315,847
Dividends — affiliated		32,762
Non-cash dividends — unaffiliated		2,526,879
Securities lending income — affiliated — net		61,154
Other income — unaffiliated		219,359
Foreign taxes withheld		(221,577	)
Foreign withholding tax claims		2,692,132
IRS Compliance fee for foreign withholding tax claims		(580,125	)
Total investment income		25,046,431
EXPENSES
Investment advisory fees		2,965,851
Professional fees		243,301
Total expenses		3,209,152
Net investment income		21,837,279
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(31,333,037	)
Investments — affiliated		(1,589	)
In-kind redemptions — unaffiliated(a)		48,072,349
Futures contracts		(946,539	)
Forward foreign currency exchange contracts		810,322
Foreign currency transactions		(1,046,432	)
		15,555,074
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated		(254,666,197	)
Investments — affiliated		3,706
Futures contracts		(459,793	)
Forward foreign currency exchange contracts		(374,571	)
Foreign currency translations		(1,095,591	)
		(256,592,446	)
Net realized and unrealized loss		(241,037,372	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(219,200,093	)
(a) See Note 2 of the Notes to Financial Statements.

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

Statements of Changes in Net Assets

	iShares MSCI Austria ETF							iShares MSCI Belgium ETF
	Year Ended 08/31/22			Year Ended 08/31/21				Year Ended 08/31/22			Year Ended 08/31/21
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	3,389,447			$	1,595,649		$	570,689		$	552,137
Net realized gain (loss)		709,852				(40,021	)		432,153			2,042,739
Net change in unrealized appreciation (depreciation)		(28,065,488	)			27,074,882			(7,817,362	)		5,680,438
Net increase (decrease) in net assets resulting from operations		(23,966,189	)			28,630,510			(6,814,520	)		8,275,314
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(3,126,620	)			(1,309,857	)		(1,236,736	)		(778,166	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		(156,589	)			19,326,873			(15,105,822	)		819,739
NET ASSETS
Total increase (decrease) in net assets		(27,249,398	)			46,647,526			(23,157,078	)		8,316,887
Beginning of year		89,751,857				43,104,331			41,001,623			32,684,736
End of year	$	62,502,459			$	89,751,857		$	17,844,545		$	41,001,623

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

See notes to financial statements.

36 2 0 2 2   I S H A R E S   A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Statements of Changes in Net Assets (continued)

	iShares MSCI France ETF							iShares MSCI Netherlands ETF
	Year Ended 08/31/22			Year Ended 08/31/21				Year Ended 08/31/22			Year Ended 08/31/21
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	26,695,309			$	17,152,439		$	6,763,151		$	2,487,402
Net realized gain (loss)		(7,808,943	)			74,041,475			16,107,143			43,329,778
Net change in unrealized appreciation (depreciation)		(191,302,533	)			146,352,924			(177,462,432	)		71,011,334
Net increase (decrease) in net assets resulting from operations		(172,416,167	)			237,546,838			(154,592,138	)		116,828,514
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(40,550,194	)			(13,737,972	)		(5,799,889	)		(2,794,712	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		241,592,781				(347,207,800	)		136,616,774			28,881,932
NET ASSETS
Total increase (decrease) in net assets		28,626,420				(123,398,934	)		(23,775,253	)		142,915,734
Beginning of year		761,535,586				884,934,520			330,434,456			187,518,722
End of year	$	790,162,006			$	761,535,586		$	306,659,203		$	330,434,456

^(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 37

Statements of Changes in Net Assets (continued)

	iShares MSCI Sweden ETF
	Year Ended 08/31/22			Year Ended 08/31/21
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	21,837,279			$	10,194,996
Net realized gain		15,555,074				35,585,909
Net change in unrealized appreciation (depreciation)		(256,592,446	)			93,813,419
Net increase (decrease) in net assets resulting from operations		(219,200,093	)			139,594,324
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(35,964,040	)			(14,882,668	)
CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		10,322,580				282,181,881
NET ASSETS
Total increase (decrease) in net assets		(244,841,553	)			406,893,537
Beginning of year		653,396,494				246,502,957
End of year	$	408,554,941			$	653,396,494

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

See notes to financial statements.

38 2 0 2 2   I S H A R E S   A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Financial Highlights

(For a share outstanding throughout each period)

			iShares MSCI Austria ETF
	Year Ended 08/31/22				Year Ended 08/31/21				Year Ended 08/31/20				Year Ended 08/31/19				Year Ended 08/31/18
Net asset value, beginning of year		$	25.28			$	15.67			$	18.89			$	22.88			$	22.87
Net investment income(a)			0.97				0.54				0.06				0.48				0.58
Net realized and unrealized gain (loss)(b)			(8.01	)			9.50				(3.16	)			(3.69	)			0.11
Net increase (decrease) from investment operations			(7.04	)			10.04				(3.10	)			(3.21	)			0.69
Distributions from net investment income(c)			(0.88	)			(0.43	)			(0.12	)			(0.78	)			(0.68	)
Net asset value, end of year		$	17.36			$	25.28			$	15.67			$	18.89			$	22.88
Total Return(d)
Based on net asset value			(28.58	)%			64.50	%			(16.58	)%			(14.07	)%			3.03	%
Ratios to Average Net Assets(e)
Total expenses			0.50	%			0.50	%			0.51	%			0.49	%			0.47	%
Net investment income			4.32	%			2.55	%			0.32	%			2.34	%			2.37	%
Supplemental Data
Net assets, end of year (000)		$	62,502			$	89,752			$	43,104			$	54,767			$	146,463
Portfolio turnover rate(f)			19	%			14	%			16	%			17	%			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)  Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(f)  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 Belgium ETF
	Year Ended 08/31/22				Year Ended 08/31/21				Year Ended 08/31/20				Year Ended 08/31/19				Year Ended 08/31/18
Net asset value, beginning of year		$	22.28			$	17.76			$	18.48			$	19.70			$	20.59
Net investment income(a)			0.44				0.31				0.24				0.44				0.50
Net realized and unrealized gain (loss)(b)			(5.80	)			4.64				(0.60	)			(1.22	)			(0.77	)
Net increase (decrease) from investment operations			(5.36	)			4.95				(0.36	)			(0.78	)			(0.27	)
Distributions from net investment income(c)			(0.99	)			(0.43	)			(0.36	)			(0.44	)			(0.62	)
Net asset value, end of year		$	15.93			$	22.28			$	17.76			$	18.48			$	19.70
Total Return(d)
Based on net asset value			(24.77	)%			27.96	%(e)			(2.02	)%			(3.80	)%			(1.34	)%
Ratios to Average Net Assets(f)
Total expenses			0.50	%			0.50	%			0.51	%			0.49	%			0.47	%
Net investment income			2.22	%			1.52	%			1.34	%			2.43	%			2.40	%
Supplemental Data
Net assets, end of year (000)		$	17,845			$	41,002			$	32,685			$	47,305			$	59,903
Portfolio turnover rate(g)			7	%			16	%			18	%			11	%			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)  Includes payment received from a settlement of litigation, which impacted the Fund’ total return. Excluding the payment from a settlement of litigation, the Fund’s total return is 22.73%.

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

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

See notes to financial statements.

40 2 0 2 2   I S H A R E S   A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Financial Highlights (continued)

(For a share outstanding throughout each period)

		iShares MSCI France ETF
	Year Ended 08/31/22				Year Ended 08/31/21				Year Ended 08/31/20				Year Ended 08/31/19				Year Ended 08/31/18
Net asset value, beginning of year		$	38.85			$	29.30			$	29.41			$	31.10			$	29.64
Net investment income(a)			1.27	(b)			0.72	(b)			0.32				0.83				0.80
Net realized and unrealized gain (loss)(c)			(8.65	)			9.43				(0.18	)			(1.67	)			1.40
Net increase (decrease) from investment operations			(7.38	)			10.15				0.14				(0.84	)			2.20
Distributions from net investment income(d)			(1.99	)			(0.60	)			(0.25	)			(0.85	)			(0.74	)
Net asset value, end of year		$	29.48			$	38.85			$	29.30			$	29.41			$	31.10
Total Return(e)
Based on net asset value			(19.71	)%(b)			34.74	%(b)			0.50	%			(2.64	)%			7.46	%
Ratios to Average Net Assets(f)
Total expenses			0.76	%			0.60	%			0.51	%			0.50	%			0.47	%
Total expenses excluding professional fees for foreign withholding tax claims			0.50	%			0.50	%			N/A				N/A				N/A
Net investment income			3.62	%(b)			2.13	%(b)			1.09	%			2.84	%			2.53	%
Supplemental Data
Net assets, end of year (000)		$	790,162			$	761,536			$	884,935			$	1,129,200			$	939,218
Portfolio turnover rate(g)			9	%			4	%			2	%			2	%			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 years ended August 31, 2022 and August 31, 2021:

• Net investment income per share by $0.58 and $0.30.

• Total return by 1.24% and 1.25%.

• Ratio of net investment income to average net assets by 1.66% 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)  Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(g)  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 41

Financial Highlights (continued)

(For a share outstanding throughout each period)

		iShares MSCI Netherlands ETF
	Year Ended 08/31/22				Year Ended 08/31/21				Year Ended 08/31/20				Year Ended 08/31/19				Year Ended 08/31/18
Net asset value, beginning of year		$	52.87			$	35.38			$	30.58			$	31.12			$	30.56
Net investment income(a)			0.84				0.40				0.33				0.88				0.62
Net realized and unrealized gain (loss)(b)			(18.78	)			17.55				4.80				(0.56	)			0.62
Net increase (decrease) from investment operations			(17.94	)			17.95				5.13				0.32				1.24
Distributions from net investment income(c)			(0.67	)			(0.46	)			(0.33	)			(0.86	)			(0.68	)
Net asset value, end of year		$	34.26			$	52.87			$	35.38			$	30.58			$	31.12
Total Return(d)
Based on net asset value			(34.09	)%			50.92	%			16.88	%			1.16	%			4.08	%
Ratios to Average Net Assets(e)
Total expenses			0.50	%			0.50	%			0.51	%			0.50	%			0.47	%
Net investment income			1.94	%			0.90	%			1.03	%			2.97	%			1.95	%
Supplemental Data
Net assets, end of year (000)		$	306,659			$	330,434			$	187,519			$	133,042			$	129,168
Portfolio turnover rate(f)			10	%			36	%			19	%			13	%			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)  Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

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

See notes to financial statements.

42 2 0 2 2   I S H A R E S   A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Financial Highlights (continued)

(For a share outstanding throughout each period)

		iShares MSCI Sweden ETF
	Year Ended 08/31/22				Year Ended 08/31/21				Year Ended 08/31/20				Year Ended 08/31/19				Year Ended 08/31/18
Net asset value, beginning of year		$	47.87			$	35.73			$	28.25			$	31.85			$	34.68
Net investment income(a)			1.46				0.99				0.34				0.95				1.14
Net realized and unrealized gain (loss)(b)			(16.83	)			12.57				7.65				(3.58	)			(2.19	)
Net increase (decrease) from investment operations			(15.37	)			13.56				7.99				(2.63	)			(1.05	)
Distributions from net investment income(c)			(2.40	)			(1.42	)			(0.51	)			(0.97	)			(1.78	)
Net asset value, end of year		$	30.10			$	47.87			$	35.73			$	28.25			$	31.85
Total Return(d)
Based on net asset value			(33.28	)%			38.09	%			28.51	%			(8.41	)%			(2.88	)%
Ratios to Average Net Assets(e)
Total expenses			0.54	%			0.54	%			0.55	%			0.55	%			0.53	%
Total expenses excluding professional fees for foreign withholding tax claims			0.50	%			0.50	%			0.51	%			0.49	%			0.47	%
Net investment income			3.67	%			2.27	%			1.09	%			3.16	%			3.34	%
Supplemental Data
Net assets, end of year (000)		$	408,555			$	653,396			$	246,503			$	205,516			$	248,468
Portfolio turnover rate(f)			18	%			11	%			8	%			4	%			5	%

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

^(f)  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 43

Notes to Financial Statements  

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 August 31, 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.

Collateralization: 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.

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.

44 2 0 2 2   I S H A R E S   A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Notes to Financial Statements  (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. The Board of Directors of the Company (the “Board”) of each Fund has approved the designation of BlackRock Fund Advisors (“BFA”), the Funds’ investment adviser, as the valuation designee for each Fund. Each Fund determines the fair values of its financial instruments using various independent dealers or pricing services under BFA’s policies. 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 BFA’s policies and procedures as reflecting fair value. BFA has formed a committee (the “Valuation Committee”) to develop pricing policies and procedures and to oversee the pricing function for all financial instruments, with assistance from other BlackRock pricing committees.

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 at the mean between the bid and ask prices and are determined as of the close of trading on the NYSE 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 Valuation Committee, in accordance with BFA’s policies and procedures as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the 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 Valuation Committee 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 Valuation Committee deems relevant and consistent with the principles of fair value measurement.

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 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

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 45

Notes to Financial Statements  (continued)

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 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 BFA, 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		Securities Loaned at Value		Cash Collateral Received	(a)		Non-Cash Collateral Received, at Fair Value	(a)		Net Amount
MSCI Austria
Goldman Sachs & Co. LLC	$	321,064	$	(321,064	)	$	—		$	—
Morgan Stanley		46,543		(46,543	)		—			—
UBS AG		1,491,284		(1,491,284	)		—			—
	$	1,858,891	$	(1,858,891	)	$	—		$	—
MSCI Belgium
Barclays Capital, Inc.	$	1,830	$	(1,830	)	$	—		$	—
BNP Paribas SA		1,187		(1,187	)		—			—
BofA Securities, Inc.		21,246		(21,246	)		—			—
UBS AG		536		(536	)		—			—
	$	24,799	$	(24,799	)	$	—		$	—
MSCI France
BofA Securities, Inc.	$	588,769	$	(588,769	)	$	—		$	—
Goldman Sachs & Co. LLC		1,498,244		(1,498,244	)		—			—
Morgan Stanley		75,904		(75,904	)		—			—
	$	2,162,917	$	(2,162,917	)	$	—		$	—

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Notes to Financial Statements  (continued)

iShares ETF and Counterparty		Securities Loaned at Value		Cash Collateral Received	(a)		Non-Cash Collateral Received, at Fair Value	(a)		Net Amount
MSCI Netherlands
Barclays Capital, Inc.	$	188,120	$	(188,120	)	$	—		$	—
BNP Paribas SA		29,804		(29,804	)		—			—
BofA Securities, Inc.		1,764,618		(1,764,618	)		—			—
Citigroup Global Markets, Inc.		303,429		(303,429	)		—			—
J.P. Morgan Securities LLC		1,637		(1,637	)		—			—
Morgan Stanley		597,102		(597,102	)		—			—
Scotia Capital (USA), Inc.		138,736		(138,736	)		—			—
UBS AG		147,229		(147,229	)		—			—
	$	3,170,675	$	(3,170,675	)	$	—		$	—
MSCI Sweden
J.P. Morgan Securities LLC	$	3,482,392	$	(3,482,392	)	$	—		$	—
Morgan Stanley		2,487,535		(2,487,535	)		—			—
UBS AG		2,715,754		(2,715,754	)		—			—
	$	8,685,681	$	(8,685,681	)	$	—		$	—

^(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.

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

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Notes to Financial Statements  (continued)

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 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 Fees
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.

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Notes to Financial Statements  (continued)

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 year ended August 31, 2022, the Funds paid BTC the following amounts for securities lending agent services:

iShares ETF	Fees Paid to BTC
MSCI Austria	$	8,835
MSCI Belgium		1,905
MSCI France		9,737
MSCI Netherlands		26,216
MSCI Sweden		15,009

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 year ended August 31, 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	$	3,465,121	$	2,524,799	$	(715,469	)
MSCI Belgium		155,439		446,128		(387,383	)
MSCI France		7,034,103		3,439,112		(4,461,789	)
MSCI Netherlands		16,614,700		6,068,967		(2,246,947	)
MSCI Sweden		18,940,215		29,762,884		(11,103,911	)

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 year ended August 31, 2022, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows:

iShares ETF	Purchases		Sales
MSCI Austria	$	15,116,429	$	14,822,758
MSCI Belgium		1,754,171		2,561,600
MSCI France		73,461,810		64,796,222
MSCI Netherlands		38,085,031		33,532,438
MSCI Sweden		103,140,051		110,670,241

For the year ended August 31, 2022, in-kind transactions were as follows:

iShares ETF	In-kind Purchases		In-kind   Sales
MSCI Austria	$	41,806,389	$	42,016,350
MSCI Belgium		4,720,524		19,730,554
MSCI France		340,660,678		106,939,629
MSCI Netherlands		289,321,661		156,901,606
MSCI Sweden		333,294,366		330,332,467

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 49

Notes to Financial Statements  (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 August 31, 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.

U.S. GAAP requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or NAV per share. As of August 31, 2022, permanent differences attributable to realized gains (losses) from in-kind redemptions were reclassified to the following accounts:

iShares ETF	Paid-in Capital		Accumulated Earnings (Loss)
MSCI Austria	$	4,375,427	$	(4,375,427	)
MSCI Belgium		1,180,811		(1,180,811)
MSCI France		14,371,301		(14,371,301	)
MSCI Netherlands		21,179,104		(21,179,104	)
MSCI Sweden		30,692,163		(30,692,163	)

The tax character of distributions paid was as follows:

iShares ETF	Year Ended 08/31/22		Year Ended 08/31/21
MSCI Austria
Ordinary income	$	3,126,620	$	1,309,857
MSCI Belgium
Ordinary income	$	1,236,736	$	778,166
MSCI France
Ordinary income	$	40,550,194	$	13,737,972
MSCI Netherlands
Ordinary income	$	5,799,889	$	2,794,712
MSCI Sweden
Ordinary income	$	35,964,040	$	14,882,668

As of August 31, 2022, the tax components of accumulated net earnings (losses) were as follows:

iShares ETF		Undistributed Ordinary Income		Non-expiring Capital Loss Carryforwards	(a)		Net Unrealized Gains (Losses)	(b)		Qualified Late-Year Losses	(c)		Total
MSCI Austria	$	959,983	$	(46,096,951	)	$	(23,485,959	)	$	—		$	(68,622,927	)
MSCI Belgium		—		(19,521,335	)		(9,758,792	)		(262,266	)		(29,542,393	)
MSCI France		700,287		(75,649,889	)		(179,393,022	)		—			(254,342,624	)
MSCI Netherlands		1,289,528		(24,475,991	)		(109,149,953	)		—			(132,336,416	)
MSCI Sweden		583,890		(61,327,087	)		(184,552,841	)		—			(245,296,038	)

^(a)  Amounts available to offset future realized capital gains.

^(b)  The difference between book-basis and tax-basis unrealized gains (losses) was attributable primarily to the tax deferral of losses on wash sales, the realization for tax purposes of unrealized gains (losses) on certain foreign currency contracts and futures contracts, the characterization of corporate actions, the realization for tax purposes of unrealized gains on investments in passive foreign investment companies and foreign tax withholding reclaims.

^(c)  The Funds have elected to defer certain qualified late-year losses and recognize such losses in the next taxable year.

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  (continued)

As of August 31, 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	$	87,093,468	$	876,502	$	(24,288,200	)	$	(23,411,698	)
MSCI Belgium		27,437,143		649,541		(10,392,039	)		(9,742,498	)
MSCI France		979,929,877		19,617,357		(198,813,675	)		(179,196,318	)
MSCI Netherlands		417,963,533		1,059,067		(110,187,944	)		(109,128,877	)
MSCI Sweden		593,453,980		2,696,924		(180,016,481	)		(177,319,557	)

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

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 51

Notes to Financial Statements  (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:

	Year Ended 08/31/22						Year Ended 08/31/21
iShares ETF	Shares			Amount			Shares			Amount
MSCI Austria
Shares sold		2,000,000		$	42,379,768			950,000		$	22,686,385
Shares redeemed		(1,950,000	)		(42,536,357	)		(150,000	)		(3,359,512	)
		50,000		$	(156,589	)		800,000		$	19,326,873
MSCI Belgium
Shares sold		240,000		$	4,759,217			720,000		$	14,720,313
Shares redeemed		(960,000	)		(19,865,039	)		(720,000	)		(13,900,574	)
		(720,000	)	$	(15,105,822	)		—		$	819,739

52 2 0 2 2   I S H A R E S   A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Notes to Financial Statements  (continued)

	Year Ended 08/31/22						Year Ended 08/31/21
iShares ETF	Shares			Amount			Shares			Amount
MSCI France
Shares sold		10,200,000		$	348,855,840			4,800,000		$	167,669,958
Shares redeemed		(3,000,000	)		(107,263,059	)		(15,400,000	)		(514,877,758	)
		7,200,000		$	241,592,781			(10,600,000	)	$	(347,207,800	)
MSCI Netherlands
Shares sold		6,650,000		$	293,965,547			3,750,000		$	154,457,636
Shares redeemed		(3,950,000	)		(157,348,773	)		(2,800,000	)		(125,575,704	)
		2,700,000		$	136,616,774			950,000		$	28,881,932
MSCI Sweden
Shares sold		8,550,000		$	345,947,502			8,850,000		$	382,010,407
Shares redeemed		(8,625,000	)		(335,624,922	)		(2,100,000	)		(99,828,526	)
		(75,000	)	$	10,322,580			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 August 31, 2022, is $5,102,158 or $0.38 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.

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 53

Report of Independent Registered Public Accounting Firm

To the Board of Directors of

iShares, Inc. and Shareholders of each of the five funds listed in the table below

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of each of the funds listed in the table below (five of the funds constituting iShares, Inc., hereafter collectively referred to as the “Funds”) as of August 31, 2022, the related statements of operations for the year ended August 31, 2022, the statements of changes in net assets for each of the two years in the period ended August 31, 2022, including the related notes, and the financial highlights for each of the five years in the period ended August 31, 2022 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of August 31, 2022, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended August 31, 2022 and each of the financial highlights for each of the five years in the period ended August 31, 2022 in conformity with accounting principles generally accepted in the United States of America.

iShares MSCI Austria ETF

iShares MSCI Belgium ETF

iShares MSCI France ETF

iShares MSCI Netherlands ETF

iShares MSCI Sweden ETF

Basis for Opinions

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of August 31, 2022 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

October 21, 2022

We have served as the auditor of one or more BlackRock investment companies since 2000.

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Important Tax Information (unaudited)

The following amounts, or maximum amounts allowable by law, are hereby designated as qualified dividend income for individuals for the fiscal year ended August 31, 2022:

iShares ETF	Qualified Dividend   Income
MSCI Austria	$	3,982,216
MSCI Belgium		723,584
MSCI France		29,430,526
MSCI Netherlands		9,696,346
MSCI Sweden		23,887,114

The Funds intend to pass through to their shareholders the following amounts, or maximum amounts allowable by law, of foreign source income earned and foreign taxes paid for the fiscal year ended August 31, 2022:

iShares ETF	Foreign Source Income Earned		Foreign   Taxes Paid
MSCI Austria	$	4,263,357	$	529,843
MSCI Belgium		812,687		123,139
MSCI France		32,009,747		—
MSCI Netherlands		9,795,742		1,357,578
MSCI Sweden		26,757,290		—

I M P O R T A N T   T A X   I N F O R M A T I O N 55

Board Review and Approval of Investment Advisory Contract  

iShares MSCI Austria ETF, iShares MSCI Belgium ETF, iShares MSCI Netherlands ETF, iShares MSCI Sweden ETF (each the “Fund”)

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Company’s Board of Directors (the “Board”), including a majority of Board Members who are not “interested persons” of the Company (as that term is defined in the 1940 Act) (the “Independent Board Members”), is required annually to consider and approve the Investment Advisory Agreement between the Company and BFA (the “Advisory Agreement”) on behalf of the Fund. The Board’s consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings on May 3, 2022 and May 18, 2022, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 13-15, 2022, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The material factors, none of which was controlling, and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.

Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of another fund in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund’s applicable expense peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the investment advisory fee rate and overall expenses (net of waivers and reimbursements) for the Fund were lower than the median of the investment advisory fee rates and overall expenses (net of waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds.

In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund’s performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2021, to that of such relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

Based on this review, the other factors considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Nature, Extent and Quality of Services Provided: Based on management’s representations, including information about recent enhancements and initiatives with respect to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies, provided at the May 3, 2022 meeting and throughout the year, and matters related to BFA’s portfolio compliance program.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreement supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates: The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA

56 2 0 2 2   I S H A R E S   A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Board Review and Approval of Investment Advisory Contract  (continued)

and its affiliates from the Fund’s operations for the last calendar year. The Board reviewed BlackRock’s methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA’s estimated profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the information considered with respect to the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability, including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Agreement for the Fund already provided for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund, on an aggregated basis with the assets of certain other iShares funds, increase. The Board noted that it would continue to assess the appropriateness of adding new or revised breakpoints in the future.

The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds, and institutional separate accounts (collectively, the “Other Accounts”). The Board acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts.

The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board noted that BFA and its affiliates do not manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund. The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.

The Board considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement and noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

Other Benefits to BFA and/or its Affiliates: The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services or other services, and BlackRock’s profile in the investment community. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.

Conclusion: Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund’s investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.

iShares MSCI France ETF (the “Fund”)

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Company’s Board of Directors (the “Board”), including a majority of Board Members who are not “interested persons” of the Company (as that term is defined in the 1940 Act) (the “Independent Board Members”), is required annually to consider and approve the

B O A R D   R E V I E W   A N D   A P P R O V A L   O F   I N V E S T M E N T   A D V I S O R Y   C O N T R A C T 57

Board Review and Approval of Investment Advisory Contract  (continued)

Investment Advisory Agreement between the Company and BFA (the “Advisory Agreement”) on behalf of the Fund. The Board’s consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings on May 3, 2022 and May 18, 2022, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 13-15, 2022, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The material factors, none of which was controlling, and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.

Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of another fund in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund’s applicable expense peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the investment advisory fee rate and overall expenses (net of waivers and reimbursements) for the Fund were lower than the median of the investment advisory fee rates and overall expenses (net of waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds.

In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund’s performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2021, to that of such relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

Based on this review, the other factors considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Nature, Extent and Quality of Services Provided: Based on management’s representations, including information about recent enhancements and initiatives with respect to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies, provided at the May 3, 2022 meeting and throughout the year, and matters related to BFA’s portfolio compliance program.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreement supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates: The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA and its affiliates from the Fund’s operations for the last calendar year. The Board reviewed BlackRock’s methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue,

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Board Review and Approval of Investment Advisory Contract  (continued)

including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA’s estimated profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the information considered with respect to the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability, including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Agreement for the Fund already provided for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund, on an aggregated basis with the assets of certain other iShares funds, increase. The Board noted that it would continue to assess the appropriateness of adding new or revised breakpoints in the future.

The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds, and institutional separate accounts (collectively, the “Other Accounts”). The Board acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts.

The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board noted that BFA and its affiliates manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund. The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.

The Board considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement and noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

Other Benefits to BFA and/or its Affiliates: The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services or other services, and BlackRock’s profile in the investment community. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.

Conclusion: Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund’s investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.

B O A R D   R E V I E W   A N D   A P P R O V A L   O F   I N V E S T M E N T   A D V I S O R Y   C O N T R A C T 59

Supplemental Information (unaudited)

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.

August 31, 2022

	Total Cumulative Distributions for the Fiscal Year								% Breakdown of the Total Cumulative Distributions for the Fiscal Year
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)	$	2.195776	$	—	$	0.204183	$	2.399959		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.

Premium/Discount Information

Information on the Fund’s net asset value, market price, premiums and discounts, and bid-ask spreads can be found at iShares.com.

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Director and Officer Information (unaudited)

The Board of Directors has responsibility for the overall management and operations of the Funds, including general supervision of the duties performed by BFA and other service providers. Each Director serves until he or she resigns, is removed, dies, retires or becomes incapacitated. Each officer shall hold office until his or her successor is elected and qualifies or until his or her death, resignation or removal. Directors who are not “interested persons” (as defined in the 1940 Act) of the Company are referred to as independent directors (“Independent Directors”).

The registered investment companies advised by BFA or its affiliates (the “BlackRock-advised Funds”) are organized into one complex of open-end equity, multi-asset, index and money market funds and ETFs (the “BlackRock Multi-Asset Complex”), one complex of closed-end funds and open-end non-index fixed-income funds (including ETFs) (the “BlackRock Fixed-Income Complex”) and one complex of ETFs (“Exchange-Traded Fund Complex”) (each, a “BlackRock Fund Complex”). Each Fund is included in the Exchange-Traded Fund Complex. Each Director also serves as a Trustee of iShares Trust and a Trustee of iShares U.S. ETF Trust and, as a result, oversees all of the funds within the Exchange-Traded Fund Complex, which consists of 378 funds as of August 31, 2022. With the exception of Robert S. Kapito, Salim Ramji and Charles Park, the address of each Director and officer is c/o BlackRock, Inc., 400 Howard Street, San Francisco, CA 94105. The address of Mr. Kapito, Mr. Ramji and Mr. Park is c/o BlackRock, Inc., Park Avenue Plaza, 55 East 52nd Street, New York, NY 10055. The Board has designated John E. Kerrigan as its Independent Board Chair. Additional information about the Funds’ Directors and officers may be found in the Funds’ combined Statement of Additional Information, which is available without charge, upon request, by calling toll-free 1-800-iShares (1-800-474-2737).

		Interested Directors
Name (Age)	Position(s)	Principal Occupation(s) During Past 5 Years	Other Directorships Held by Director
Robert S. Kapito(a) (65)	Director (since 2009).	President, BlackRock, Inc. (since 2006); Vice Chairman of BlackRock, Inc. and Head of BlackRock’s Portfolio Management Group (since its formation in 1998) and BlackRock, Inc.’s predecessor entities (since 1988); Trustee, University of Pennsylvania (since 2009); President of Board of Directors, Hope & Heroes Children’s Cancer Fund (since 2002).	Director of BlackRock, Inc. (since 2006); Trustee of iShares U.S. ETF Trust (since 2011); Trustee of iShares Trust (since 2009).
Salim Ramji(b) (52)	Director (since 2019).	Senior Managing Director, BlackRock, Inc. (since 2014); Global Head of BlackRock’s ETF and Index Investments Business (since 2019); Head of BlackRock’s U.S. Wealth Advisory Business (2015-2019); Global Head of Corporate Strategy, BlackRock, Inc. (2014-2015); Senior Partner, McKinsey & Company (2010-2014).	Trustee of iShares U.S. ETF Trust (since 2019); Trustee of iShares Trust (since 2019).
(a)  Robert S. Kapito is deemed to be an “interested person” (as defined in the 1940 Act) of the Company due to his affiliations with BlackRock, Inc. and its affiliates. (b)  Salim Ramji is deemed to be an “interested person” (as defined in the 1940 Act) of the Company due to his affiliations with BlackRock, Inc. and its affiliates.
		Independent Directors
Name (Age)	Position(s)	Principal Occupation(s) During Past 5 Years	Other Directorships Held by Director
John E. Kerrigan (67)	Director (since 2005); Independent Board Chair (since 2022).	Chief Investment Officer, Santa Clara University (since 2002).	Trustee of iShares U.S. ETF Trust (since 2011); Trustee of iShares Trust (since 2005); Independent Board Chair of iShares Trust and iShares U.S. ETF Trust (since 2022).
Jane D. Carlin (66)	Director (since 2015); Risk Committee Chair (since 2016).	Consultant (since 2012); Member of the Audit Committee (2012-2018), Chair of the Nominating and Governance Committee (2017-2018) and Director of PHH Corporation (mortgage solutions) (2012-2018); Managing Director and Global Head of Financial Holding Company Governance & Assurance and the Global Head of Operational Risk Management of Morgan Stanley (2006-2012).	Trustee of iShares U.S. ETF Trust (since 2015); Trustee of iShares Trust (since 2015); Member of the Audit Committee (since 2016), Chair of the Audit Committee (since 2020) and Director of The Hanover Insurance Group, Inc. (since 2016).
Richard L. Fagnani (67)	Director (since 2017); Audit Committee Chair (since 2019).	Partner, KPMG LLP (2002-2016).	Trustee of iShares U.S. ETF Trust (since 2017); Trustee of iShares Trust (since 2017).

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Director and Officer Information (unaudited) (continued)

		Independent Directors (continued)
Name (Age)	Position(s)	Principal Occupation(s) During Past 5 Years	Other Directorships Held by Director
Cecilia H. Herbert (73)	Director (since 2005); Nominating and Governance and Equity Plus Committee Chairs (since 2022).	Chair of the Finance Committee (since 2019) and Trustee and Member of the Finance, Audit and Quality Committees of Stanford Health Care (since 2016); Trustee of WNET, New York’s public media company (since 2011) and Member of the Audit Committee (since 2018) and Investment Committee (since 2011); Chair (1994-2005) and Member (since 1992) of the Investment Committee, Archdiocese of San Francisco; Trustee of Forward Funds (14 portfolios) (2009-2018); Trustee of Salient MF Trust (4 portfolios) (2015-2018); Director (1998-2013) and President (2007-2011) of the Board of Directors, Catholic Charities CYO; Trustee (2002-2011) and Chair of the Finance and Investment Committee (2006-2010) of the Thacher School; Director of the Senior Center of Jackson Hole (since 2020).	Trustee of iShares U.S. ETF Trust (since 2011); Trustee of iShares Trust (since 2005); Trustee of Thrivent Church Loan and Income Fund (since 2019).
Drew E. Lawton (63)	Director (since 2017); 15(c) Committee Chair (since 2017).	Senior Managing Director of New York Life Insurance Company (2010-2015).	Trustee of iShares U.S. ETF Trust (since 2017); Trustee of iShares Trust (since 2017).
John E. Martinez (61)	Director (since 2003); Securities Lending Committee Chair (since 2019).	Director of Real Estate Equity Exchange, Inc. (since 2005); Director of Cloudera Foundation (2017-2020); and Director of Reading Partners (2012-2016).	Trustee of iShares U.S. ETF Trust (since 2011); Trustee of iShares Trust (since 2003).
Madhav V. Rajan (58)	Director (since 2011); Fixed Income Plus Committee Chair (since 2019).	Dean, and George Pratt Shultz Professor of Accounting, University of Chicago Booth School of Business (since 2017); Advisory Board Member (since 2016) and Director (since 2020) of C.M. Capital Corporation; Chair of the Board for the Center for Research in Security Prices, LLC (since 2020); Robert K. Jaedicke Professor of Accounting, Stanford University Graduate School of Business (2001-2017); Professor of Law (by courtesy), Stanford Law School (2005-2017); Senior Associate Dean for Academic Affairs and Head of MBA Program, Stanford University Graduate School of Business (2010-2016).	Trustee of iShares U.S. ETF Trust (since 2011); Trustee of iShares Trust (since 2011).

Officers
Name (Age)	Position(s)	Principal Occupation(s) During Past 5 Years
Armando Senra (51)	President (since 2019).	Managing Director, BlackRock, Inc. (since 2007); Head of U.S., Canada and Latam iShares, BlackRock, Inc. (since 2019); Head of Latin America Region, BlackRock, Inc. (2006-2019); Managing Director, Bank of America Merrill Lynch (1994-2006).
Trent Walker (48)	Treasurer and Chief Financial Officer (since 2020).	Managing Director, BlackRock, Inc. (since September 2019); Chief Financial Officer of iShares Delaware Trust Sponsor LLC, BlackRock Funds, BlackRock Funds II, BlackRock Funds IV, BlackRock Funds V and BlackRock Funds VI (since 2021); Executive Vice President of PIMCO (2016-2019); Senior Vice President of PIMCO (2008-2015); Treasurer (2013-2019) and Assistant Treasurer (2007-2017) of PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, 2 PIMCO-sponsored interval funds and 21 PIMCO-sponsored closed-end funds.
Charles Park (55)	Chief Compliance Officer (since 2006).	Chief Compliance Officer of BlackRock Advisors, LLC and the BlackRock-advised Funds in the BlackRock Multi-Asset Complex and the BlackRock Fixed-Income Complex (since 2014); Chief Compliance Officer of BFA (since 2006).
Marisa Rolland (42)	Secretary (since 2022).	Director, BlackRock, Inc. (since 2018); Vice President, BlackRock, Inc. (2010-2017).
Rachel Aguirre (40)	Executive Vice President (since 2022).	Managing Director, BlackRock, Inc. (since 2018); Director, BlackRock, Inc. (2009-2018); Head of U.S. iShares Product (since 2022); Head of EII U.S. Product Engineering (since 2021); Co-Head of EII’s Americas Portfolio Engineering (2020-2021); Head of Developed Markets Portfolio Engineering (2016-2019).
Jennifer Hsui (46)	Executive Vice President (since 2022).	Managing Director, BlackRock, Inc. (since 2009); Co-Head of Index Equity (since 2022).
James Mauro (51)	Executive Vice President (since 2022).	Managing Director, BlackRock, Inc. (since 2010); Head of Fixed Income Index Investments in the Americas and Head of San Francisco Core Portfolio Management (since 2020).

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Director and Officer Information (unaudited) (continued)

Effective March 18, 2022, Rachel Aguirre, Jennifer Hsui, and James Mauro have replaced Scott Radell, Alan Mason, and Marybeth Leithead as Executive Vice Presidents.

Effective June 15, 2022, Marisa Rolland replaced Deepa Damre Smith as Secretary.

D I R E C T O R   A N D   O F F I C E R   I N F O R M A T I O N 63

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

NVS	Non-Voting Shares
Currency Abbreviations
EUR	Euro
SEK	Swedish Krona
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 65

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-AR-802-0822

AUGUST 31, 2022

2022 Annual Report

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

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

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

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

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

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

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

Rob Kapito

President, BlackRock, Inc.

Rob Kapito

President, BlackRock, Inc.

Total Returns as of August 31, 2022
	6-Month		12-Month
U.S. large cap equities (S&P 500® Index)	(8.84)	%	(11.23)	%
U.S. small cap equities (Russell 2000® Index)	(9.31)		(17.88)
International equities (MSCI Europe, Australasia, Far East Index)	(13.97)		(19.80)
Emerging market equities (MSCI Emerging Markets Index)	(13.30)		(21.80)
3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)	0.36		0.39
U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)	(9.71)		(13.27)
U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)	(7.76)		(11.52)
Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)	(5.72)		(8.63)
U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)	(7.78)		(10.61)
Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.

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
Annual Report:
Market Overview	4
Fund Summary	5
About Fund Performance	15
Disclosure of Expenses	15
Schedules of Investments	16
Financial Statements
Statements of Assets and Liabilities	30
Statements of Operations	32
Statements of Changes in Net Assets	34
Financial Highlights	37
Notes to Financial Statements	42
Report of Independent Registered Public Accounting Firm	51
Important Tax Information	52
Board Review and Approval of Investment Advisory Contract	53
Supplemental Information	59
Director and Officer Information	61
General Information	64
Glossary of Terms Used in this Report	65

Market Overview

iShares, Inc.

Global Market Overview

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

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

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

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

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

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

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Fund Summaryas of August 31, 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
	1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		(27.98	)%		(0.66	)%		4.61	%		(27.98	)%		(3.28	)%		56.94	%
Fund Market		(27.79	)		(0.66	)		4.66			(27.79	)		(3.28	)		57.74
Index		(27.92	)		(0.72	)		4.64			(27.92	)		(3.57	)		57.39

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

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

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value (03/01/22)	Ending Account Value (08/31/22)	Expenses Paid During the Period	(a)		Beginning Account Value (03/01/22)	Ending Account Value (08/31/22)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$      1,000.00	$        817.40	$        2.61			$      1,000.00	$      1,022.30	$        2.91		0.57	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (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 “Disclosure of Expenses” for more information.

F U N D   S U M M A R Y 5

Fund Summaryas of August 31, 2022   (continued) iShares^® MSCI Eurozone ETF

Portfolio Management Commentary

Stocks in the eurozone declined sharply during the reporting period. Russia’s invasion of Ukraine disrupted supply chains and contributed to high inflation across the eurozone as commodities and energy prices soared. Many nations imposed sanctions against Russia while some companies halted Russian business operations. Rising inflation, which led the ECB to raise interest rates in July 2022 for the first time in 11 years, weakened business confidence and the economic outlook. The declining value of the euro relative to the U.S. dollar also diminished the value of eurozone stocks in U.S. dollar terms.

German equities detracted the most from the Index’s performance, led by the consumer discretionary sector. Textiles, apparel, and luxury goods companies reported weaker earnings due to the lingering effects of coronavirus-related shutdowns of shoe manufacturing plants in Vietnam. Slowing sales in China and growing competition from local brands also weakened the outlook for textiles, apparel, and luxury goods companies. Stocks in Germany’s industrials sector fell as supply chain disruptions and escalating input prices drove lower earnings outlooks. Information technology stocks also declined as many firms discontinued business operations in Russia and the economic outlook across Europe weakened.

Stocks in France also detracted from the Index’s return. Coronavirus-related lockdowns in China disrupted production of a French industrials company with Chinese operations and limited the supply of critical parts. The aerospace and defense industry was also negatively impacted by shortages in the supply of key parts, including engines and microchips. In the consumer discretionary sector, China’s lockdowns shuttered stores and led to declining sales of luxury brand products in the apparel, accessories, and luxury goods industry. The economic downturn in the U.S., where growth turned negative in the first two quarters of 2022, also weighed on sales of French luxury goods.

Stocks in the Netherlands also detracted from the Index’s performance. A global supply shortage of microprocessors slowed production for semiconductor equipment manufacturers, while the slowing worldwide economy diminished the sales outlook for many products that use microprocessors.

Portfolio Information

SECTOR ALLOCATION

Sector	Percent of    Total Investments(a)
Consumer Discretionary	16.5%
Industrials	15.4
Financials	14.5
Information Technology	12.9
Consumer Staples	8.6
Health Care	7.7
Utilities	6.6
Materials	6.5
Energy	5.2
Communication Services	4.9
Real Estate	1.2

GEOGRAPHIC ALLOCATION

Country/Geographic Region	Percent of    Total Investments(a)
France	36.1%
Germany	24.2
Netherlands	15.2
Spain	7.9
Italy	6.1
Finland	3.3
Belgium	2.6
Ireland	2.0
Switzerland	0.7
Portugal	0.6

^(a)  Excludes money market funds.

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Fund Summaryas of August 31, 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
	1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		(35.02	)%		(4.09	)%		2.57	%		(35.02	)%		(18.83	)%		28.87	%
Fund Market		(35.02	)		(4.12	)		2.62			(35.02	)		(18.99	)		29.53
Index		(34.96	)		(3.92	)		2.75			(34.96	)		(18.11	)		31.17

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

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

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value (03/01/22)	Ending Account Value (08/31/22)	Expenses Paid During the Period	(a)		Beginning Account Value (03/01/22)	Ending Account Value (08/31/22)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$      1,000.00	$        768.00	$        2.23			$      1,000.00	$      1,022.70	$        2.55		0.50	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (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 “Disclosure of Expenses” for more information.

F U N D   S U M M A R Y 7

Fund Summaryas of August 31, 2022   (continued) iShares^® MSCI Germany ETF

Portfolio Management Commentary

Stocks in Germany declined sharply during the reporting period. Russia’s invasion of Ukraine disrupted supply chains and contributed to record-high inflation as prices for commodities and energy soared. Many nations, including Germany, imposed sanctions against Russia while some companies suspended Russian business operations. Germany’s economic growth slowed despite the lifting of many coronavirus-related restrictions. Rising inflation rates led the ECB to raise interest rates in July 2022 for the first time in 11 years, further weakening business confidence and the economic outlook. The declining value of the euro relative to the U.S. dollar also diminished the value of German stocks in U.S. dollar terms.

The consumer discretionary sector detracted the most from the Index’s performance. Sales in the apparel, accessories, and luxury goods industry weakened after coronavirus-related restrictions forced the shutdown of shoe manufacturing plants in Vietnam. Stocks of automobile manufacturers also declined, as a global shortage of microprocessors forced automakers to curtail vehicle production while rising commodities prices, stemming from the war in Ukraine, increased costs.

The industrials sector also detracted notably from the Index’s return. Germany’s industrial production contracted over most of the reporting period, particularly in the second half. Supply chain disruptions and escalating input prices negatively affected the earnings outlook for the industrial conglomerates industry. In addition, sanctions against Russia forced a production halt in the country while also negatively affecting business operations in other areas.

The information technology sector further detracted from the Index’s performance, as many firms in the sector discontinued business operations in Russia and as the economic outlook across Europe weakened. The cost of investments in infrastructure to support cloud computing, such as computer servers and data centers, led to lower profit margins.

Portfolio Information

SECTOR ALLOCATION

Sector	Percent of    Total Investments(a)
Industrials	17.4%
Financials	16.6
Consumer Discretionary	16.4
Health Care	12.9
Information Technology	12.6
Communication Services	7.0
Materials	6.8
Utilities	4.4
Consumer Staples	3.2
Real Estate	2.7

TEN LARGEST HOLDINGS

Security	Percent of    Total Investments(a)
SAP SE	8.8%
Siemens AG	7.7
Allianz SE	6.8
Deutsche Telekom AG	6.0
Bayer AG	5.1
Mercedes-Benz Group AG	4.4
BASF SE	3.8
Deutsche Post AG	3.6
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen	3.3
Deutsche Boerse AG	3.2

^(a)  Excludes money market funds.

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Fund Summaryas of August 31, 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
	1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		(26.50	)%		(2.07	)%		2.75	%		(26.50	)%		(9.94	)%		31.17	%
Fund Market		(26.59	)		(2.13	)		2.79			(26.59	)		(10.19	)		31.62
Index		(26.08	)		(1.85	)		2.85			(26.08	)		(8.93	)		32.41

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

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

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value (03/01/22)	Ending Account Value (08/31/22)	Expenses Paid During the Period	(a)		Beginning Account Value (03/01/22)	Ending Account Value (08/31/22)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$      1,000.00	$        782.10	$        2.25			$      1,000.00	$      1,022.70	$        2.55		0.50	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (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 “Disclosure of Expenses” for more information.

F U N D   S U M M A R Y 9

Fund Summaryas of August 31, 2022   (continued) iShares^® MSCI Italy ETF

Portfolio Management Commentary

Stocks in Italy declined sharply during the reporting period. Russia’s invasion of Ukraine disrupted supply chains and contributed to heightened inflation in Italy as prices for commodities and energy climbed. The weaker euro, which fell below parity with the U.S. dollar for the first time in nearly 20 years, contributed to higher inflation rates. The declining value of the euro relative to the U.S. dollar also diminished the value of Italian stocks in U.S. dollar terms. Rising inflation rates led the ECB to raise interest rates in July 2022 for the first time in 11 years. Italy’s economy grew during the reporting period, boosted by stronger consumer consumption as coronavirus-related restrictions eased. However, rising interest rates and inflationary pressures weakened business confidence and increased expectations that Italian economic growth will contract and fall into a recession.

The utilities sector detracted the most from the Index’s performance. Many nations, including Italy, imposed sanctions against Russia following the Ukrainian invasion, leading some Italian utilities to suspend Russian business operations. Russia responded to the sanctions by restricting oil and gas flow to Western Europe, raising supply uncertainties and increasing energy costs. A large Italian utilities company raised debt to fund a transition from Russian sources of energy which, combined with rising interest rates, prompted credit rating agencies to downgrade its credit rating.

The financials sector also detracted from the Index’s return. Although higher interest rates supported banking profits, stock prices dropped sharply after the ECB raised interest rates. Higher interest rates weakened the value of the banks’ investments in government debt and raised concerns about the strength of the financials sector. Banks halted further business activities in Russia following the invasion and wrote down the value of their assets in the country.

Portfolio Information

SECTOR ALLOCATION

Sector	Percent of    Total Investments(a)
Financials	27.0%
Utilities	19.2
Consumer Discretionary	18.9
Industrials	11.9
Energy	11.6
Health Care	4.9
Communication Services	2.6
Consumer Staples	2.1
Information Technology	1.8

TEN LARGEST HOLDINGS

Security	Percent of    Total Investments(a)
Enel SpA	11.8%
Eni SpA	9.0
Stellantis NV	8.9
Intesa Sanpaolo SpA	8.6
Ferrari NV	6.6
UniCredit SpA	4.8
CNH Industrial NV	4.6
Assicurazioni Generali SpA	4.6
Atlantia SpA	4.2
Terna - Rete Elettrica Nazionale	3.8

^(a)  Excludes money market funds.

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Fund Summaryas of August 31, 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
	1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		(19.89	)%		(5.29	)%		1.68	%		(19.89	)%		(23.79	)%		18.12	%
Fund Market		(20.02	)		(5.35	)		1.71			(20.02	)		(24.04	)		18.43
Index		(19.19	)		(4.97	)		2.07			(19.19	)		(22.51	)		22.73

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

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

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value (03/01/22)	Ending Account Value (08/31/22)	Expenses Paid During the Period	(a)		Beginning Account Value (03/01/22)	Ending Account Value (08/31/22)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$      1,000.00	$        860.70	$        2.44			$      1,000.00	$      1,022.60	$        2.65		0.52	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (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 “Disclosure of Expenses” for more information.

F U N D   S U M M A R Y 11

Fund Summaryas of August 31, 2022   (continued) iShares^® MSCI Spain ETF

Portfolio Management Commentary

Stocks in Spain declined during the reporting period. Russia’s invasion of Ukraine disrupted supply chains, which contributed to elevated inflation as prices for commodities and oil climbed, sending stocks across Europe lower. The weaker euro, which fell below parity with the U.S. dollar for the first time in nearly 20 years, contributed to higher inflation rates. The declining value of the euro relative to the U.S. dollar also diminished the value of Spanish stocks in U.S. dollar terms. Rising inflation rates led the ECB to raise interest rates in July 2022 for the first time in 11 years. Spain’s economy grew steadily during the reporting period, boosted by stronger consumer consumption as coronavirus-related restrictions eased. However, rising interest rates and inflationary pressures weakened business confidence and the economic outlook.

Stocks in the financials sector detracted the most from the Index’s return. Bank stocks dropped sharply in July 2022 when the Spanish government announced new taxes on the largest lenders. While rising interest rates increased interest income, they also led to higher funding costs, and the weakening global economy raised the costs of provisions for loans that were expected to become delinquent. Rising inflation rates also drove banking industry operating costs higher.

Stocks in the utilities sector further detracted from the Index’s performance. The Spanish government discussed raising revenues by increasing taxes on select industries, including utilities companies. Profit margins diminished as soaring energy prices forced utilities to buy electricity at high wholesale prices to supply to consumers with services previously locked in at much lower prices.

Stocks in the industrials sector also detracted from the Index’s return. Supply chain disruptions, escalating raw material costs, and volatility in customer orders sent earnings and stock prices lower.

Portfolio Information

SECTOR ALLOCATION

Sector	Percent of    Total Investments(a)
Utilities	33.4%
Financials	28.8
Industrials	13.7
Communication Services	8.9
Energy	4.7
Information Technology	4.5
Consumer Discretionary	4.1
Health Care	1.9

TEN LARGEST HOLDINGS

Security	Percent of    Total Investments(a)
Iberdrola SA	20.3%
Banco Santander SA	13.8
Banco Bilbao Vizcaya Argentaria SA	10.2
CaixaBank SA	4.8
Repsol SA	4.7
Telefonica SA	4.6
Amadeus IT Group SA	4.5
Ferrovial SA	4.4
Cellnex Telecom SA	4.3
Industria de Diseno Textil SA	4.1

^(a)  Excludes money market funds.

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Fund Summaryas of August 31, 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
	1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		(18.24	)%		5.58	%		7.78	%		(18.24	)%		31.17	%		111.47	%
Fund Market		(18.49	)		5.50			7.81			(18.49	)		30.73			112.12
Index		(17.87	)		5.80			8.01			(17.87	)		32.57			116.08

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

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

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value (03/01/22)	Ending Account Value (08/31/22)	Expenses Paid During the Period	(a)		Beginning Account Value (03/01/22)	Ending Account Value (08/31/22)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$      1,000.00	$        859.20	$        2.34			$      1,000.00	$      1,022.70	$        2.55		0.50	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (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 “Disclosure of Expenses” for more information.

F U N D   S U M M A R Y 13

Fund Summaryas of August 31, 2022   (continued) iShares^® MSCI Switzerland ETF

Portfolio Management Commentary

Stocks in Switzerland declined during the reporting period. Russia’s invasion of Ukraine disrupted supply chains and contributed to rising inflation rates in Switzerland as prices for food and energy climbed. In June 2022, elevated inflation led the Swiss National Bank to raise interest rates for the first time since 2007. Business confidence and the economic outlook weakened despite the easing of coronavirus-related restrictions that benefited tourism and the service industries.

The healthcare sector detracted the most from the Index’s return. The stock price of a large pharmaceuticals company dropped sharply following the disappointing clinical trial performance of a lung cancer drug. Analysts noted that the trial results suggested the drug’s effectiveness in fighting other types of cancer was limited. In addition, a decision by the U.S. Medicare program to restrict coverage for new treatments for Alzheimer’s disease dimmed prospects for new drugs to combat the disease. The U.S. passed legislation in August 2022 that gives Medicare new powers to negotiate prices for certain drugs and penalize companies that raise Medicare drug prices faster than the rate of inflation.

The industrials sector also detracted from the Index’s performance. Machinery companies contended with rising materials costs and construction delays in end markets such as China, where regulatory curbs on borrowing weakened the property market. A global slowdown in construction also negatively impacted earnings for the machinery industry. International sanctions against Russia following the invasion of Ukraine led the electrical equipment industry to exit the Russian market, weakening earnings. A global shortage of microprocessors also diminished revenues and profits in the industry. The materials sector also declined, most notably the chemicals industry, which was pressured by rising raw material costs, slowing sales in Western Europe, and supply chain disruptions.

Portfolio Information

SECTOR ALLOCATION

Sector	Percent of    Total Investments(a)
Health Care	32.4%
Consumer Staples	23.9
Financials	16.8
Industrials	9.5
Materials	8.6
Consumer Discretionary	5.5
Information Technology	1.4
Communication Services	1.2
Real Estate	0.7

TEN LARGEST HOLDINGS

Security	Percent of    Total Investments(a)
Nestle SA	21.1%
Roche Holding AG	13.8
Novartis AG	10.1
Zurich Insurance Group AG	4.7
Cie. Financiere Richemont SA, Class A	4.4
UBS Group AG	4.2
ABB Ltd.	3.4
Lonza Group AG	3.0
Alcon Inc.	2.6
Sika AG	2.5

^(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.

Disclosure of 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 the Period.”

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

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

A B O U T   F U N D   P E R F O R M A N C E / S H A R E H O L D E R   E X P E N S E S 15

Schedule of Investments August 31, 2022 iShares^® MSCI Eurozone ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Austria — 0.6%
Erste Group Bank AG		400,634	$	9,009,357
OMV AG		171,598		6,914,072
Verbund AG		81,190		7,758,325
voestalpine AG		138,919		2,795,398
				26,477,152
Belgium — 2.6%
Ageas SA/NV		189,197		7,676,769
Anheuser-Busch InBev SA/NV		1,015,494		49,042,796
D’ieteren Group		29,002		4,372,095
Elia Group SA/NV		39,472		5,734,156
Groupe Bruxelles Lambert SA		118,416		8,951,801
KBC Group NV		291,444		13,899,691
Proximus SADP		182,130		2,318,334
Sofina SA		18,255		3,659,304
Solvay SA		86,362		6,971,678
UCB SA		148,458		10,431,671
Umicore SA		244,036		7,756,942
Warehouses De Pauw CVA		173,317		5,273,530
				126,088,767
Finland — 3.3%
Elisa OYJ		167,608		8,963,386
Fortum OYJ		526,375		5,414,530
Kesko OYJ, Class B		318,238		6,694,970
Kone OYJ, Class B		396,026		15,838,067
Neste OYJ		492,942		24,320,187
Nokia OYJ		6,326,669		31,882,394
Orion OYJ, Class B		125,756		5,701,788
Sampo OYJ, Class A		559,829		25,326,843
Stora Enso OYJ, Class R		648,334		9,651,082
UPM-Kymmene OYJ		621,886		21,128,137
Wartsila OYJ Abp		563,694		4,647,795
				159,569,179
France — 36.0%
Accor SA(a)		198,330		4,730,402
Aeroports de Paris(a)		34,448		4,716,976
Air Liquide SA		611,366		76,612,022
Airbus SE		691,066		67,719,697
Alstom SA(b)		369,707		7,576,495
Amundi SA(c)		70,850		3,592,358
ArcelorMittal SA		615,762		14,614,564
Arkema SA		69,259		5,846,958
AXA SA		2,185,122		51,463,164
BioMerieux		49,166		4,496,214
BNP Paribas SA		1,298,772		60,354,183
Bollore SE		1,044,722		4,992,511
Bouygues SA		267,415		7,855,307
Bureau Veritas SA		342,596		8,503,201
Capgemini SE		191,457		33,079,555
Carrefour SA		705,833		11,780,695
Cie. de Saint-Gobain		582,483		23,461,099
Cie. Generale des Etablissements Michelin SCA		794,091		19,313,299
Covivio		55,675		3,108,201
Credit Agricole SA		1,415,063		13,023,770
Danone SA		750,574		39,495,420
Dassault Aviation SA		29,589		4,063,446
Dassault Systemes SE		779,631		30,065,048
Edenred		292,623		14,800,688
Eiffage SA		97,063		8,537,168

Security	Shares		Value
France (continued)
Electricite de France SA		664,293	$	7,942,439
Engie SA		2,135,919		25,368,523
EssilorLuxottica SA		336,352		50,095,400
Eurazeo SE		51,297		3,063,461
Eurofins Scientific SE		158,086		10,937,684
Gecina SA		53,381		4,750,798
Getlink SE		512,665		9,654,011
Hermes International		37,066		47,472,843
Ipsen SA		43,765		4,194,311
Kering SA		87,369		43,837,610
Klepierre SA		253,227		5,194,257
La Francaise des Jeux SAEM(c)		123,673		4,011,233
Legrand SA		312,954		22,643,684
L’Oreal SA		282,132		96,896,601
LVMH Moet Hennessy Louis Vuitton SE		324,557		209,425,850
Orange SA		2,324,507		23,541,160
Pernod Ricard SA		244,640		44,888,600
Publicis Groupe SA		267,957		13,083,081
Remy Cointreau SA(b)		27,091		5,024,371
Renault SA(a)		223,575		6,368,081
Safran SA		399,600		40,741,010
Sanofi		1,331,290		108,832,697
Sartorius Stedim Biotech		32,233		11,789,586
Schneider Electric SE		634,286		75,389,553
SEB SA		29,319		2,171,516
Societe Generale SA		926,611		20,427,516
Sodexo SA		103,098		7,884,921
Teleperformance		68,777		19,588,180
Thales SA		124,335		14,989,924
TotalEnergies SE		2,898,587		146,754,549
Ubisoft Entertainment SA(a)		111,382		5,136,387
Unibail-Rodamco-Westfield(a)(b)		137,269		7,056,924
Valeo		240,251		4,589,203
Veolia Environnement SA		778,966		17,361,135
Vinci SA		623,904		57,557,284
Vivendi SE		839,570		7,610,244
Wendel SE		31,681		2,489,240
Worldline SA/France(a)(c)		280,171		12,003,276
				1,724,569,584
Germany — 22.6%
adidas AG		202,120		29,970,986
Allianz SE, Registered		477,534		80,720,629
Aroundtown SA(b)		1,178,453		3,437,062
BASF SE		1,074,840		45,464,498
Bayer AG, Registered		1,148,577		60,745,921
Bayerische Motoren Werke AG		387,090		28,520,270
Bechtle AG		96,869		3,711,009
Beiersdorf AG		118,429		11,954,222
Brenntag SE		181,519		11,901,740
Carl Zeiss Meditec AG, Bearer		47,535		5,916,158
Commerzbank AG(a)		1,240,305		8,252,897
Continental AG		128,174		7,379,532
Covestro AG(c)		225,115		6,787,653
Daimler Truck Holding AG(a)		531,211		13,582,448
Deutsche Bank AG, Registered		2,408,092		20,090,425
Deutsche Boerse AG		221,987		37,532,338
Deutsche Lufthansa AG, Registered(a)(b)		703,466		4,182,308
Deutsche Post AG, Registered		1,157,611		42,251,793
Deutsche Telekom AG, Registered		3,789,370		71,419,126
E.ON SE		2,615,890		22,312,476

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

Schedule of Investments   (continued) August 31, 2022 iShares^® MSCI Eurozone ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Germany (continued)
Evonik Industries AG		244,343	$	4,555,804
Fresenius Medical Care AG & Co. KGaA		238,988		8,182,800
Fresenius SE & Co. KGaA		492,085		12,173,339
GEA Group AG		178,763		6,218,595
Hannover Rueck SE		70,268		10,356,519
HeidelbergCement AG		168,737		7,619,736
HelloFresh SE(a)		192,545		4,597,198
Henkel AG & Co. KGaA		122,121		7,637,368
Infineon Technologies AG		1,525,962		37,338,559
KION Group AG		83,776		3,347,425
Knorr-Bremse AG		85,549		4,146,125
LEG Immobilien SE		84,876		6,414,395
Mercedes-Benz Group AG		938,466		52,615,743
Merck KGaA		151,173		25,968,495
MTU Aero Engines AG		62,810		11,077,319
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Registered		163,652		39,099,862
Nemetschek SE		68,509		4,035,874
Puma SE		123,021		7,519,483
Rational AG		5,968		3,218,906
Rheinmetall AG		50,758		8,057,576
RWE AG		751,049		28,673,093
SAP SE		1,220,832		103,977,484
Scout24 SE(c)		93,457		5,384,341
Siemens AG, Registered		894,381		90,595,546
Siemens Healthineers AG(c)		328,582		16,056,534
Symrise AG		154,725		16,189,525
Telefonica Deutschland Holding AG		1,207,772		3,135,308
Uniper SE(b)		105,888		572,948
United Internet AG, Registered		114,687		2,594,288
Volkswagen AG		34,293		6,343,191
Vonovia SE		837,403		22,669,776
Zalando SE(a)(c)		259,521		6,008,651
				1,082,515,297
Ireland — 2.0%
CRH PLC		895,434		33,066,228
Flutter Entertainment PLC, Class DI(a)		195,224		24,461,365
Kerry Group PLC, Class A		185,455		19,124,440
Kingspan Group PLC		181,308		10,265,436
Smurfit Kappa Group PLC		289,698		9,713,449
				96,630,918
Italy — 6.1%
Amplifon SpA		147,356		3,840,232
Assicurazioni Generali SpA		1,298,445		19,043,964
Atlantia SpA		577,305		13,219,397
DiaSorin SpA		29,277		3,840,662
Enel SpA		9,514,877		44,711,089
Eni SpA		2,940,725		34,738,562
Ferrari NV		147,362		28,447,106
FinecoBank Banca Fineco SpA		710,633		7,683,573
Infrastrutture Wireless Italiane SpA(c)		389,976		3,614,262
Intesa Sanpaolo SpA		19,309,187		33,240,574
Mediobanca Banca di Credito Finanziario SpA		705,261		5,582,763
Moncler SpA		241,520		10,745,644
Nexi SpA(a)(c)		610,627		5,009,882
Poste Italiane SpA(c)		616,310		4,925,544
Prysmian SpA		296,811		9,106,978
Recordati Industria Chimica e Farmaceutica SpA		121,226		4,946,018
Snam SpA		2,391,515		11,366,643
Telecom Italia SpA/Milano(a)(b)		11,956,065		2,466,046

Security	Shares		Value
Italy (continued)
Tenaris SA		550,210	$	7,526,590
Terna - Rete Elettrica Nazionale		1,651,904		11,743,734
UniCredit SpA		2,426,152		23,742,052
				289,541,315
Netherlands — 15.1%
ABN AMRO Bank NV, CVA(c)		490,875		4,715,780
Adyen NV(a)(c)		25,336		39,097,111
Aegon NV		2,086,040		9,322,562
AerCap Holdings NV(a)(b)		156,933		6,912,899
Akzo Nobel NV		213,160		13,429,369
Argenx SE(a)		64,368		24,238,525
ASM International NV		55,027		14,961,250
ASML Holding NV		475,210		231,957,297
Davide Campari-Milano NV		609,043		5,975,228
Euronext NV(c)		101,156		7,475,726
EXOR NV		126,391		7,609,387
Heineken Holding NV		117,465		8,332,736
Heineken NV		303,082		27,240,726
IMCD NV		66,413		9,162,058
ING Groep NV		4,567,690		40,033,248
JDE Peet’s NV		121,200		3,737,232
Just Eat Takeaway.com NV(a)(c)		217,191		3,613,069
Koninklijke Ahold Delhaize NV		1,222,577		33,629,194
Koninklijke DSM NV		204,413		26,065,874
Koninklijke KPN NV		3,876,431		12,335,176
Koninklijke Philips NV		1,034,574		17,182,202
NN Group NV		326,186		13,405,581
OCI NV		124,006		4,655,536
Prosus NV		967,914		59,826,231
QIAGEN NV(a)		268,963		12,199,220
Randstad NV		139,328		6,488,607
Stellantis NV		2,572,913		34,272,565
Universal Music Group NV		845,148		16,782,906
Wolters Kluwer NV		306,901		30,012,712
				724,670,007
Portugal — 0.6%
EDP - Energias de Portugal SA		3,234,428		15,446,320
Galp Energia SGPS SA		584,051		6,307,156
Jeronimo Martins SGPS SA		334,405		7,414,339
				29,167,815
South Korea — 0.2%
Delivery Hero SE(a)(c)		192,216		7,977,196
Spain — 7.9%
Acciona SA		29,916		5,859,534
ACS Actividades de Construccion y Servicios SA		269,979		6,015,016
Aena SME SA(a)(c)		89,103		10,943,778
Amadeus IT Group SA(a)		526,711		27,804,745
Banco Bilbao Vizcaya Argentaria SA		7,812,960		35,058,259
Banco Santander SA		19,969,532		48,340,173
CaixaBank SA		5,257,214		15,874,163
Cellnex Telecom SA(c)		635,769		24,758,573
EDP Renovaveis SA		339,176		8,225,754
Enagas SA		213,004		3,889,475
Endesa SA		377,513		6,475,110
Ferrovial SA		565,819		14,187,850
Grifols SA(a)(b)		360,601		4,359,140
Iberdrola SA		6,961,848		72,484,645
Industria de Diseno Textil SA		1,279,552		27,627,355
Naturgy Energy Group SA		172,181		4,747,829

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   (continued) August 31, 2022 iShares^® MSCI Eurozone ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Spain (continued)
Red Electrica Corp. SA		392,304	$	7,172,405
Repsol SA		1,715,001		22,274,569
Siemens Gamesa Renewable Energy SA(a)		283,083		5,100,570
Telefonica SA		6,125,675		25,280,751
				376,479,694
Switzerland — 0.7%
Siemens Energy AG(a)		507,999		7,472,311
STMicroelectronics NV		799,171		27,851,245
				35,323,556
United Kingdom — 0.6%
CNH Industrial NV		1,200,844		14,620,356
Coca-Cola Europacific Partners PLC		241,120		11,855,870
				26,476,226
Total Common Stocks — 98.3% (Cost: $6,578,339,589)				4,705,486,706
Preferred Stocks
Germany — 1.5%
Bayerische Motoren Werke AG, Preference
Shares, NVS		69,450		4,828,450
Henkel AG & Co. KGaA, Preference Shares, NVS		207,597		13,396,984
Porsche Automobil Holding SE, Preference
Shares, NVS		179,954		12,688,473
Sartorius AG, Preference Shares, NVS		28,369		11,819,239
Volkswagen AG, Preference Shares, NVS		216,963		30,860,629
				73,593,775
Total Preferred Stocks — 1.5% (Cost: $118,347,854)				73,593,775
Total Long-Term Investments — 99.8% (Cost: $6,696,687,443)				4,779,080,481

Security	Shares		Value
Short-Term Securities
Money Market Funds — 0.8%
BlackRock Cash Funds: Institutional, SL Agency Shares, 2.42%(d)(e)(f)		13,205,592	$	13,209,554
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.07%(d)(e)		24,890,000		24,890,000
Total Short-Term Securities — 0.8% (Cost: $38,094,349)				38,099,554
Total Investments in Securities — 100.6% (Cost: $6,734,781,792)				4,817,180,035
Liabilities in Excess of Other Assets — (0.6)%				(29,208,066	)
Net Assets — 100.0%			$	4,787,971,969

^(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 year ended August 31, 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 Sale			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 08/31/22		Shares Held at 08/31/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	7,962,763	$	5,253,846	(a)	$	—		$	(6,626	)	$	(429	)	$	13,209,554		13,205,592	$	289,200	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		27,350,000		—			(2,460,000	)(a)		—			—			24,890,000		24,890,000		126,611			—
									$	(6,626	)	$	(429	)	$	38,099,554			$	415,811		$	—

^(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.

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

Schedule of Investments   (continued) August 31, 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		302		09/16/22	$	10,644	$	(57,244	)

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:

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	—	$	—	$	57,244	$	—	$	—	$	—	$	57,244

^(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 August 31, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Commodity Contracts		Credit Contracts		Equity Contracts			Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Net Realized Gain (Loss) from
Futures contracts	$	—	$	—	$	(2,284,831	)	$	—	$	—	$	—	$	(2,284,831	)
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	(69,622	)	$	—	$	—	$	—	$	(69,622	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts
Average notional value of contracts — long	$	14,484,932

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	$	18,768,769	$	4,686,717,937		$	—	$	4,705,486,706
Preferred Stocks		—		73,593,775			—		73,593,775
Money Market Funds		38,099,554		—			—		38,099,554
	$	56,868,323	$	4,760,311,712		$	—	$	4,817,180,035
Derivative financial instruments(a)
Liabilities
Futures Contracts	$	—	$	(57,244	)	$	—	$	(57,244	)

^(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 19

Schedule of Investments August 31, 2022 iShares^® MSCI Germany ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 1.6%
MTU Aero Engines AG		62,899	$	11,093,015
Rheinmetall AG		51,273		8,139,330
				19,232,345
Air Freight & Logistics — 3.5%
Deutsche Post AG, Registered		1,166,485		42,575,686
Airlines — 0.4%
Deutsche Lufthansa AG, Registered(a)(b)		703,427		4,182,076
Auto Components — 0.6%
Continental AG		129,461		7,453,630
Automobiles — 7.3%
Bayerische Motoren Werke AG		389,639		28,708,077
Mercedes-Benz Group AG		942,989		52,869,328
Volkswagen AG		34,742		6,426,243
				88,003,648
Banks — 0.7%
Commerzbank AG(a)		1,252,680		8,335,239
Capital Markets — 4.8%
Deutsche Bank AG, Registered		2,432,124		20,290,921
Deutsche Boerse AG		223,590		37,803,365
				58,094,286
Chemicals — 6.1%
BASF SE		1,079,240		45,650,613
Covestro AG(c)		227,367		6,855,555
Evonik Industries AG		246,772		4,601,093
Symrise AG		156,261		16,350,243
				73,457,504
Construction Materials — 0.6%
HeidelbergCement AG		170,423		7,695,871
Diversified Telecommunication Services — 6.5%
Deutsche Telekom AG, Registered		3,814,920		71,900,673
Telefonica Deutschland Holding AG		1,225,139		3,180,392
United Internet AG, Registered		114,155		2,582,253
				77,663,318
Electrical Equipment — 0.6%
Siemens Energy AG(a)		513,066		7,546,843
Food & Staples Retailing — 0.4%
HelloFresh SE(a)		194,475		4,643,279
Health Care Equipment & Supplies — 1.8%
Carl Zeiss Meditec AG, Bearer		47,372		5,895,871
Siemens Healthineers AG(c)		331,862		16,216,815
				22,112,686
Health Care Providers & Services — 1.7%
Fresenius Medical Care AG & Co. KGaA		241,377		8,264,598
Fresenius SE & Co. KGaA		492,937		12,194,416
				20,459,014
Household Products — 0.6%
Henkel AG & Co. KGaA		122,302		7,648,688
Independent Power and Renewable Electricity Producers — 2.5%
RWE AG		755,982		28,861,422
Uniper SE		107,134		579,689
				29,441,111

Security	Shares		Value
Industrial Conglomerates — 7.6%
Siemens AG, Registered		899,564	$	91,120,554
Insurance — 10.9%
Allianz SE, Registered		480,807		81,273,886
Hannover Rueck SE		70,972		10,460,278
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Registered		164,922		39,403,291
				131,137,455
Interactive Media & Services — 0.5%
Scout24 SE(c)		94,395		5,438,382
Internet & Direct Marketing Retail — 1.2%
Delivery Hero SE(a)(c)		191,985		7,967,609
Zalando SE(a)(b)(c)		262,106		6,068,501
				14,036,110
IT Services — 0.3%
Bechtle AG		96,396		3,692,889
Life Sciences Tools & Services — 1.0%
QIAGEN NV(a)		267,524		12,133,952
Machinery — 2.5%
Daimler Truck Holding AG(a)		532,652		13,619,293
GEA Group AG		178,094		6,195,322
KION Group AG		84,926		3,393,375
Knorr-Bremse AG		85,377		4,137,789
Rational AG		6,030		3,252,347
				30,598,126
Multi-Utilities — 1.9%
E.ON SE		2,642,013		22,535,295
Personal Products — 1.0%
Beiersdorf AG		118,634		11,974,915
Pharmaceuticals — 7.2%
Bayer AG, Registered		1,154,817		61,075,942
Merck KGaA		152,102		26,128,079
				87,204,021
Real Estate Management & Development — 2.7%
Aroundtown SA		1,175,687		3,428,995
LEG Immobilien SE		85,735		6,479,313
Vonovia SE		843,547		22,836,103
				32,744,411
Semiconductors & Semiconductor Equipment — 3.1%
Infineon Technologies AG		1,537,648		37,624,502
Software — 9.0%
Nemetschek SE		67,966		4,003,885
SAP SE		1,227,926		104,581,676
				108,585,561
Textiles, Apparel & Luxury Goods — 3.1%
adidas AG		202,997		30,101,030
Puma SE		124,245		7,594,299
				37,695,329
Trading Companies & Distributors — 1.0%
Brenntag SE		181,814		11,921,083
Total Common Stocks — 92.7% (Cost: $1,954,235,556)				1,116,987,809

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

Schedule of Investments   (continued) August 31, 2022 iShares^® MSCI Germany ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Preferred Stocks
Automobiles — 4.0%
Bayerische Motoren Werke AG, Preference Shares, NVS		69,972	$	4,864,742
Porsche Automobil Holding SE, Preference Shares, NVS		180,201		12,705,889
Volkswagen AG, Preference Shares, NVS		218,409		31,066,307
				48,636,938
Household Products — 1.1%
Henkel AG & Co. KGaA, Preference Shares, NVS		209,667		13,530,568
Life Sciences Tools & Services — 1.0%
Sartorius AG, Preference Shares, NVS		28,653		11,937,561
Total Preferred Stocks — 6.1% (Cost: $116,989,872)				74,105,067
Total Long-Term Investments — 98.8% (Cost: $2,071,225,428)				1,191,092,876
Short-Term Securities
Money Market Funds — 0.8%
BlackRock Cash Funds: Institutional, SL Agency Shares, 2.42%(d)(e)(f)		8,460,146		8,462,684

Security	Shares		Value
Money Market Funds (continued)
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.07%(d)(e)		920,000	$	920,000
Total Short-Term Securities — 0.8% (Cost: $9,379,853)				9,382,684
Total Investments in Securities — 99.6% (Cost: $2,080,605,281)				1,200,475,560
Other Assets Less Liabilities — 0.4%				4,641,959
Net Assets — 100.0%			$	1,205,117,519

^(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 year ended August 31, 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 Sale			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 08/31/22		Shares Held at 08/31/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	5,585,515	$	2,875,738	(a)	$	—		$	(1,400	)	$	2,831	$	8,462,684		8,460,146	$	139,757	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		1,620,000		—			(700,000	)(a)		—			—		920,000		920,000		5,140			—
									$	(1,400	)	$	2,831	$	9,382,684			$	144,897		$	—

^(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
DAX Index		43		09/16/22	$	13,848	$	(611,467	)

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   (continued) August 31, 2022 iShares^® MSCI Germany 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:

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	—	$	—	$	611,467	$	—	$	—	$	—	$	611,467

^(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 August 31, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Commodity Contracts		Credit Contracts		Equity Contracts			Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Net Realized Gain (Loss) from
Futures contracts	$	—	$	—	$	(3,165,330	)	$	—	$	—	$	—	$	(3,165,330	)
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	(736,572	)	$	—	$	—	$	—	$	(736,572	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts
Average notional value of contracts — long	$	18,242,215

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	$	—	$	1,116,987,809		$	—	$	1,116,987,809
Preferred Stocks		—		74,105,067			—		74,105,067
Money Market Funds		9,382,684		—			—		9,382,684
	$	9,382,684	$	1,191,092,876		$	—	$	1,200,475,560
Derivative financial instruments(a)
Liabilities
Futures Contracts	$	—	$	(611,467	)	$	—	$	(611,467	)

^(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   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   August 31, 2022 iShares^® MSCI Italy ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Automobiles — 15.4%
Ferrari NV		65,900	$	12,721,490
Stellantis NV		1,293,779		17,233,822
				29,955,312
Banks — 17.9%
FinecoBank Banca Fineco SpA		469,910		5,080,805
Intesa Sanpaolo SpA		9,629,554		16,577,181
Mediobanca Banca di Credito Finanziario SpA		496,356		3,929,096
UniCredit SpA		944,165		9,239,493
				34,826,575
Beverages — 2.1%
Davide Campari-Milano NV		421,643		4,136,675
Diversified Financial Services — 2.6%
EXOR NV		83,438		5,023,396
Diversified Telecommunication Services — 2.6%
Infrastrutture Wireless Italiane SpA(a)		304,288		2,820,113
Telecom Italia SpA/Milano(b)(c)		10,491,782		2,164,025
				4,984,138
Electric Utilities — 15.6%
Enel SpA		4,882,425		22,942,865
Terna - Rete Elettrica Nazionale		1,022,771		7,271,095
				30,213,960
Electrical Equipment — 3.0%
Prysmian SpA		191,658		5,880,595
Energy Equipment & Services — 2.6%
Tenaris SA		372,270		5,092,462
Gas Utilities — 3.6%
Snam SpA		1,472,738		6,999,784
Health Care Equipment & Supplies — 1.6%
DiaSorin SpA		22,857		2,998,463
Health Care Providers & Services — 1.5%
Amplifon SpA		110,916		2,890,573
Insurance — 6.4%
Assicurazioni Generali SpA		603,078		8,845,192
Poste Italiane SpA(a)		444,094		3,549,196
				12,394,388

Security	Shares		Value
IT Services — 1.9%
Nexi SpA(a)(b)		437,502	$	3,589,480
Machinery — 4.6%
CNH Industrial NV		730,341		8,891,950
Oil, Gas & Consumable Fuels — 9.0%
Eni SpA		1,473,762		17,409,439
Pharmaceuticals — 1.8%
Recordati Industria Chimica e Farmaceutica SpA		87,730		3,579,382
Textiles, Apparel & Luxury Goods — 3.4%
Moncler SpA		150,312		6,687,642
Transportation Infrastructure — 4.2%
Atlantia SpA		357,910		8,195,588
Total Long-Term Investments — 99.8% (Cost: $295,031,093)				193,749,802
Short-Term Securities
Money Market Funds — 0.2%
BlackRock Cash Funds: Institutional, SL Agency Shares, 2.42%(d)(e)(f)		371,957		372,069
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.07%(d)(e)		40,000		40,000
Total Short-Term Securities — 0.2% (Cost: $411,927)				412,069
Total Investments in Securities — 100.0% (Cost: $295,443,020)				194,161,871
Other Assets Less Liabilities — 0.0%				86,398
Net Assets — 100.0%			$	194,248,269

^(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 year ended August 31, 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 Sale			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 08/31/22		Shares Held at 08/31/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	—	$	372,631	(a)	$	—		$	(704	)	$	142	$	372,069		371,957	$	1,680	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		450,000		—			(410,000	)(a)		—			—		40,000		40,000		946			—
									$	(704	)	$	142	$	412,069			$	2,626		$	—

^(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   (continued) August 31, 2022 iShares^® MSCI Italy 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
FTSE/MIB Index		4		09/16/22	$	431	$	6,482

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:

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)	$	—	$	—	$	6,482	$	—	$	—	$	—	$	6,482

^(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 August 31, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Commodity Contracts		Credit Contracts		Equity Contracts			Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Net Realized Gain (Loss) from
Futures contracts	$	—	$	—	$	(85,809	)	$	—	$	—	$	—	$	(85,809	)
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	7,720		$	—	$	—	$	—	$	7,720

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts
Average notional value of contracts — long	$	1,035,339

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	$	—	$	193,749,802	$	—	$	193,749,802
Money Market Funds		412,069		—		—		412,069
	$	412,069	$	193,749,802	$	—	$	194,161,871
Derivative financial instruments(a)
Assets
Futures Contracts	$	—	$	6,482	$	—	$	6,482

^(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   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   August 31, 2022 iShares^® MSCI Spain ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Banks — 28.7%
Banco Bilbao Vizcaya Argentaria SA		9,393,549	$	42,150,667
Banco Santander SA		23,577,170		57,073,169
CaixaBank SA		6,568,641		19,834,018
				119,057,854
Biotechnology — 1.9%
Grifols SA(a)		634,478		7,669,913
Construction & Engineering — 7.2%
ACS Actividades de Construccion y Servicios SA		515,710		11,489,798
Ferrovial SA		730,557		18,318,637
				29,808,435
Diversified Telecommunication Services — 8.9%
Cellnex Telecom SA(b)		460,871		17,947,569
Telefonica SA		4,611,962		19,033,635
				36,981,204
Electric Utilities — 28.5%
Acciona SA		48,472		9,494,028
Endesa SA		657,839		11,283,266
Iberdrola SA		8,070,686		84,029,528
Red Electrica Corp. SA		747,742		13,670,798
				118,477,620
Electrical Equipment — 2.6%
Siemens Gamesa Renewable Energy SA(a)		605,642		10,912,417
Gas Utilities — 4.8%
Enagas SA		530,048		9,678,731
Naturgy Energy Group SA(c)		366,812		10,114,709
				19,793,440
IT Services — 4.5%
Amadeus IT Group SA(a)		350,140		18,483,672
Oil, Gas & Consumable Fuels — 4.7%
Repsol SA		1,499,108		19,470,534

Security	Shares		Value
Specialty Retail — 4.1%
Industria de Diseno Textil SA		790,994	$	17,078,690
Transportation Infrastructure — 3.8%
Aena SME SA(a)(b)		129,631		15,921,494
Total Long-Term Investments — 99.7% (Cost: $630,021,215)				413,655,273
Short-Term Securities
Money Market Funds — 0.9%
BlackRock Cash Funds: Institutional, SL Agency Shares, 2.42%(d)(e)(f)		786,222		786,458
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.07%(d)(e)		2,900,000		2,900,000
Total Short-Term Securities — 0.9% (Cost: $3,686,282)				3,686,458
Total Investments in Securities — 100.6% (Cost: $633,707,497)				417,341,731
Liabilities in Excess of Other Assets — (0.6)%				(2,286,168	)
Net Assets — 100.0%			$	415,055,563

^(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.

Affiliates

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

Affiliated Issuer	Value at 08/31/21		Purchases at Cost			Proceeds from Sale			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 08/31/22		Shares Held at 08/31/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	—	$	787,448	(a)	$	—		$	(1,166	)	$	176	$	786,458		786,222	$	230,734	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		3,290,000		—			(390,000	)(a)		—			—		2,900,000		2,900,000		15,081			—
									$	(1,166	)	$	176	$	3,686,458			$	245,815		$	—

^(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 25

Schedule of Investments   (continued) August 31, 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		21		09/16/22	$	1,661	$	(89,619	)

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:

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	—	$	—	$	89,619	$	—	$	—	$	—	$	89,619

^(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 August 31, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Commodity Contracts		Credit Contracts		Equity Contracts				Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Net Realized Gain (Loss) from
Futures contracts	$	—	$	—		$	(33,140	)	$	—	$	—	$	—	$	(33,140	)
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—		$	(87,515	)	$	—	$	—	$	—	$	(87,515	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts
Average notional value of contracts — long	$	1,214,780

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	$	—	$	413,655,273		$	—	$	413,655,273
Money Market Funds		3,686,458		—			—		3,686,458
	$	3,686,458	$	413,655,273		$	—	$	417,341,731
Derivative financial instruments(a)
Liabilities
Futures Contracts	$	—	$	(89,619	)	$	—	$	(89,619	)

^(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   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 August 31, 2022 iShares^® MSCI Switzerland ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Building Products — 1.4%
Geberit AG, Registered		40,132	$	18,542,794
Capital Markets — 8.1%
Credit Suisse Group AG, Registered		3,089,254		15,940,930
Julius Baer Group Ltd.		270,330		13,062,259
Partners Group Holding AG		24,537		23,684,424
UBS Group AG, Registered		3,553,832		56,316,567
				109,004,180
Chemicals — 5.8%
Clariant AG, Registered(a)		360,547		6,656,896
EMS-Chemie Holding AG, Registered		10,573		7,424,751
Givaudan SA, Registered		9,667		30,843,287
Sika AG, Registered		151,378		34,059,247
				78,984,181
Construction Materials — 1.9%
Holcim AG		590,958		26,194,509
Containers & Packaging — 0.7%
SIG Group AG		405,183		9,525,427
Diversified Telecommunication Services — 1.1%
Swisscom AG, Registered		30,226		15,627,744
Electrical Equipment — 3.4%
ABB Ltd., Registered		1,672,146		46,090,389
Food Products — 23.7%
Barry Callebaut AG, Registered		4,757		9,733,461
Chocoladefabriken Lindt & Spruengli AG, Participation
Certificates, NVS		1,305		13,802,157
Chocoladefabriken Lindt & Spruengli AG, Registered		130		14,156,204
Nestle SA, Registered		2,416,513		282,787,424
				320,479,246
Health Care Equipment & Supplies — 4.8%
Alcon Inc.		519,448		34,201,986
Sonova Holding AG, Registered		61,256		16,139,337
Straumann Holding AG, Registered		131,316		14,389,967
				64,731,290
Insurance — 8.6%
Baloise Holding AG, Registered		62,154		8,969,984
Swiss Life Holding AG, Registered		35,559		18,585,865
Swiss Re AG		325,605		25,317,632
Zurich Insurance Group AG		141,830		62,958,243
				115,831,724
Life Sciences Tools & Services — 3.4%
Bachem Holding AG, Class A		75,500		5,228,122
Lonza Group AG, Registered		76,521		40,810,157
				46,038,279
Machinery — 1.8%
Schindler Holding AG, Participation Certificates, NVS		54,857		9,556,459

Security	Shares		Value
Machinery (continued)
Schindler Holding AG, Registered		38,826	$	6,557,349
VAT Group AG(b)		36,824		8,804,857
				24,918,665
Marine — 1.1%
Kuehne + Nagel International AG, Registered		63,403		14,653,128
Pharmaceuticals — 23.9%
Novartis AG, Registered		1,679,914		135,884,920
Roche Holding AG, NVS		572,907		184,614,329
Roche Holding AG, Bearer		5,312		2,028,963
				322,528,212
Professional Services — 1.8%
Adecco Group AG, Registered		241,920		7,668,995
SGS SA, Registered		7,334		16,150,814
				23,819,809
Real Estate Management & Development — 0.7%
Swiss Prime Site AG, Registered		105,436		9,067,711
Software — 0.6%
Temenos AG, Registered		96,079		7,868,302
Technology Hardware, Storage & Peripherals — 0.8%
Logitech International SA, Registered		219,216		10,907,295
Textiles, Apparel & Luxury Goods — 5.4%
Cie. Financiere Richemont SA, Class A, Registered		527,035		58,937,493
Swatch Group AG (The), Bearer		39,286		9,526,670
Swatch Group AG (The), Registered		113,368		5,155,838
				73,620,001
Total Long-Term Investments — 99.0% (Cost: $1,405,849,477)				1,338,432,886
Short-Term Securities
Money Market Funds — 0.0%
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.07%(c)(d)		50,000		50,000
Total Short-Term Securities — 0.0% (Cost: $50,000)				50,000
Total Investments in Securities — 99.0% (Cost: $1,405,899,477)				1,338,482,886
Other Assets Less Liabilities — 1.0%				13,325,613
Net Assets — 100.0%			$	1,351,808,499

^(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 27

Schedule of Investments   (continued) August 31, 2022 iShares^® MSCI Switzerland ETF

Affiliates

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

Affiliated Issuer	Value at 08/31/21		Purchases at Cost		Proceeds from Sale			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 08/31/22		Shares Held at 08/31/22		Income		Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Treasury, SL Agency Shares	$	730,000	$	—	$	(680,000	)(a)	$	—	$	—	$	50,000		50,000	$	2,984	$	—

^(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		124		09/16/22	$	13,739	$	(109,237	)

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:

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	—	$	—	$	109,237	$	—	$	—	$	—	$	109,237

^(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 August 31, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Commodity Contracts		Credit Contracts		Equity Contracts			Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Net Realized Gain (Loss) from
Futures contracts	$	—	$	—	$	(989,359	)	$	—	$	—	$	—	$	(989,359	)
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	(286,669	)	$	—	$	—	$	—	$	(286,669	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts
Average notional value of contracts — long	$	11,988,081

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   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   (continued) August 31, 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	$	—	$	1,338,432,886		$	—	$	1,338,432,886
Money Market Funds		50,000		—			—		50,000
	$	50,000	$	1,338,432,886		$	—	$	1,338,482,886
Derivative financial instruments(a)
Liabilities
Futures Contracts	$	—	$	(109,237	)	$	—	$	(109,237	)

^(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

Statements of Assets and Liabilities

August 31, 2022

	iShares MSCI Eurozone ETF			iShares MSCI Germany ETF			iShares MSCI Italy ETF			iShares MSCI Spain ETF
ASSETS
Investments, at value — unaffiliated(a)(b)	$	4,779,080,481		$	1,191,092,876		$	193,749,802		$	413,655,273
Investments, at value — affiliated(c)		38,099,554			9,382,684			412,069			3,686,458
Cash		9,906			3,771			561			7,495
Foreign currency, at value(d)		4,468,109			2,178,599			385,886			940,064
Foreign currency collateral pledged for futures contracts(e)		1,323,520			1,572,948			55,273			144,712
Receivables:
Investments sold		8,564,065			277,487			6,050,953			7,722,084
Securities lending income — affiliated		16,577			10,423			74			208
Capital shares sold		361,435			—			—			—
Dividends — unaffiliated		1,432,536			—			—			13,533
Dividends — affiliated		42,533			667			75			5,023
Tax reclaims		6,182,356			11,132,599			81,467			187,398
Total assets		4,839,581,072			1,215,652,054			200,736,160			426,362,248
LIABILITIES
Collateral on securities loaned, at value		13,215,141			8,461,190			371,917			786,620
Payables:
Investments purchased		12,234,265			1,125,839			6,017,699			7,400,974
Variation margin on futures contracts		165,054			137,602			7,524			17,994
Capital shares redeemed		—			236,857			1			—
Investment advisory fees		2,164,712			573,047			90,750			185,825
Professional fees		360,473			—			—			22,667
IRS compliance fee for foreign withholding tax claims		23,469,458			—			—			2,892,605
Total liabilities		51,609,103			10,534,535			6,487,891			11,306,685
NET ASSETS	$	4,787,971,969		$	1,205,117,519		$	194,248,269		$	415,055,563
NET ASSETS CONSIST OF
Paid-in capital	$	7,624,643,207		$	2,508,605,001		$	528,455,426		$	1,020,001,081
Accumulated loss		(2,836,671,238	)		(1,303,487,482	)		(334,207,157	)		(604,945,518	)
NET ASSETS	$	4,787,971,969		$	1,205,117,519		$	194,248,269		$	415,055,563
NET ASSET VALUE
Shares outstanding		135,900,000			55,200,000			8,400,000			19,050,000
Net asset value	$	35.23		$	21.83		$	23.12		$	21.79
Shares authorized		1 billion			482.2 million			295.4 million			127.8 million
Par value	$	0.001		$	0.001		$	0.001		$	0.001
(a) Investments, at cost — unaffiliated	$	6,696,687,443		$	2,071,225,428		$	295,031,093		$	630,021,215
(b) Securities loaned, at value	$	12,195,064		$	6,800,189		$	333,527		$	734,533
(c)  Investments, at cost — affiliated	$	38,094,349		$	9,379,853		$	411,927		$	3,686,282
(d) Foreign currency, at cost	$	4,542,736		$	2,151,613		$	389,682		$	952,869
(e)   Foreign currency collateral pledged, at cost	$	1,373,587		$	1,677,613		$	55,807		$	147,173

See notes to financial statements.

30 2 0 2 2   I S H A R E S   A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Statements of Assets and Liabilities  (continued)

August 31, 2022

	iShares MSCI Switzerland ETF
ASSETS
Investments, at value — unaffiliated(a)	$	1,338,432,886
Investments, at value — affiliated(b)		50,000
Cash		711
Foreign currency, at value(c)		2,348,256
Foreign currency collateral pledged for futures contracts(d)		958,723
Receivables:
Investments sold		18,873,772
Dividends — affiliated		364
Tax reclaims		10,182,847
Total assets		1,370,847,559
LIABILITIES
Payables:
Investments purchased		18,339,879
Variation margin on futures contracts		88,501
Investment advisory fees		610,680
Total liabilities		19,039,060
NET ASSETS	$	1,351,808,499
NET ASSETS CONSIST OF
Paid-in capital	$	1,521,536,150
Accumulated loss		(169,727,651	)
NET ASSETS	$	1,351,808,499
NET ASSET VALUE
Shares outstanding		33,250,000
Net asset value	$	40.66
Shares authorized		318.625 million
Par value	$	0.001
(a) Investments, at cost — unaffiliated	$	1,405,849,477
(b) Investments, at cost — affiliated	$	50,000
(c)  Foreign currency, at cost	$	2,353,789
(d) Foreign currency collateral pledged, at cost	$	1,059,309

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

Year Ended August 31, 2022

	iShares MSCI Eurozone ETF			iShares MSCI Germany ETF			iShares MSCI Italy ETF			iShares MSCI Spain ETF
INVESTMENT INCOME
Dividends — unaffiliated	$	194,561,221		$	59,617,870		$	22,014,293		$	13,022,756
Dividends — affiliated		126,891			5,146			979			15,168
Non-cash dividends — unaffiliated		—			—			—			7,228,004
Securities lending income — affiliated — net		288,920			139,751			1,647			230,647
Other income — unaffiliated		6,309,249			—			—			—
Foreign taxes withheld		(22,860,888	)		(8,095,748	)		(3,207,831	)		(1,954,067	)
Foreign withholding tax claims		16,416,018			—			—			—
IRS Compliance fee for foreign withholding tax claims		(3,926,110	)		—			—			(38,619	)
Total investment income		190,915,301			51,667,019			18,809,088			18,503,889
EXPENSES
Investment advisory fees		32,501,567			10,384,431			2,306,981			2,703,739
Professional fees		2,314,007			23,432			217			32,384
Total expenses		34,815,574			10,407,863			2,307,198			2,736,123
Net investment income		156,099,727			41,259,156			16,501,890			15,767,766
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(151,737,651	)		(47,520,203	)		(19,851,808	)		(37,102,829	)
Investments — affiliated		(6,626	)		(1,400	)		(704	)		(1,166	)
In-kind redemptions — unaffiliated(a)		262,512,486			(29,763,781	)		(25,740,164	)		6,087,927
Futures contracts		(2,284,831	)		(3,165,330	)		(85,809	)		(33,140	)
Foreign currency transactions		(1,417,844	)		(513,939	)		(23,106	)		(117,274	)
		107,065,534			(80,964,653	)		(45,701,591	)		(31,166,482	)
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated		(2,350,382,538	)		(814,534,538	)		(88,696,027	)		(98,052,633	)
Investments — affiliated		(429	)		2,831			142			176
Futures contracts		(69,622	)		(736,572	)		7,720			(87,515	)
Foreign currency translations		(1,156,196	)		(1,962,934	)		(17,711	)		(34,893	)
		(2,351,608,785	)		(817,231,213	)		(88,705,876	)		(98,174,865	)
Net realized and unrealized loss		(2,244,543,251	)		(898,195,866	)		(134,407,467	)		(129,341,347	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(2,088,443,524	)	$	(856,936,710	)	$	(117,905,577	)	$	(113,573,581	)

^(a)  See Note 2 of the Notes to Financial Statements.

See notes to financial statements.

32 2 0 2 2   I S H A R E S   A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Statements of Operations   (continued)

Year Ended August 31, 2022

	iShares MSCI Switzerland ETF
INVESTMENT INCOME
Dividends — unaffiliated	$	40,932,000
Dividends — affiliated		2,984
Foreign taxes withheld		(7,546,381	)
Total investment income		33,388,603
EXPENSES
Investment advisory fees		7,872,434
Professional fees		217
Total expenses		7,872,651
Net investment income		25,515,952
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(17,094,099	)
In-kind redemptions — unaffiliated(a)		110,935,068
Futures contracts		(989,359	)
Foreign currency transactions		(650	)
		92,850,960
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated		(440,015,282	)
Futures contracts		(286,669	)
Foreign currency translations		(910,906	)
		(441,212,857	)
Net realized and unrealized loss		(348,361,897	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(322,845,945	)

^(a)  See Note 2 of the Notes to Financial Statements.

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

	iShares MSCI Eurozone ETF						iShares MSCI Germany ETF
	Year Ended 08/31/22			Year Ended 08/31/21			Year Ended 08/31/22			Year Ended 08/31/21
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	156,099,727		$	150,910,071		$	41,259,156		$	48,767,475
Net realized gain (loss)		107,065,534			165,896,622			(80,964,653	)		187,396,899
Net change in unrealized appreciation (depreciation)		(2,351,608,785	)		1,076,571,572			(817,231,213	)		227,425,973
Net increase (decrease) in net assets resulting from operations		(2,088,443,524	)		1,393,378,265			(856,936,710	)		463,590,347
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(235,713,618	)		(148,429,017	)		(70,317,271	)		(87,044,205	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		(1,131,813,613	)		2,521,753,816			(740,026,164	)		(418,000,085	)
NET ASSETS
Total increase (decrease) in net assets		(3,455,970,755	)		3,766,703,064			(1,667,280,145	)		(41,453,943	)
Beginning of year		8,243,942,724			4,477,239,660			2,872,397,664			2,913,851,607
End of year	$	4,787,971,969		$	8,243,942,724		$	1,205,117,519		$	2,872,397,664

^(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   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 Italy ETF						iShares MSCI Spain ETF
	Year Ended 08/31/22			Year Ended 08/31/21			Year Ended 08/31/22			Year Ended 08/31/21
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	16,501,890		$	9,657,021		$	15,767,766		$	15,971,063
Net realized gain (loss)		(45,701,591	)		25,177,673			(31,166,482	)		(38,570,977	)
Net change in unrealized appreciation (depreciation)		(88,705,876	)		30,551,365			(98,174,865	)		109,186,541
Net increase (decrease) in net assets resulting from operations		(117,905,577	)		65,386,059			(113,573,581	)		86,586,627
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(18,046,739	)		(9,237,069	)		(16,400,476	)		(17,641,966	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		(264,344,191	)		329,750,788			(162,616,436	)		169,877,395
NET ASSETS
Total increase (decrease) in net assets		(400,296,507	)		385,899,778			(292,590,493	)		238,822,056
Beginning of year		594,544,776			208,644,998			707,646,056			468,824,000
End of year	$	194,248,269		$	594,544,776		$	415,055,563		$	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 35

Statements of Changes in Net Assets (continued)

	iShares MSCI Switzerland ETF
	Year Ended 08/31/22			Year Ended 08/31/21
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	25,515,952		$	27,948,334
Net realized gain		92,850,960			144,899,114
Net change in unrealized appreciation (depreciation)		(441,212,857	)		173,640,457
Net increase (decrease) in net assets resulting from operations		(322,845,945	)		346,487,905
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(28,291,725	)		(30,852,327	)
CAPITAL SHARE TRANSACTIONS
Net decrease in net assets derived from capital share transactions		(60,433,692	)		(273,957,210	)
NET ASSETS
Total increase (decrease) in net assets		(411,571,362	)		41,678,368
Beginning of year		1,763,379,861			1,721,701,493
End of year	$	1,351,808,499		$	1,763,379,861

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

See notes to financial statements.

36 2 0 2 2   I S H A R E S   A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Financial Highlights

(For a share outstanding throughout each period)

	iShares MSCI Eurozone ETF
	Year Ended 08/31/22			Year Ended 08/31/21			Year Ended 08/31/20			Year Ended 08/31/19			Year Ended 08/31/18
Net asset value, beginning of year	$	50.86		$	39.52		$	37.91		$	41.29		$	41.71
Net investment income(a)		1.06	(b)		1.21	(b)		0.55			1.05			1.03
Net realized and unrealized gain (loss)(c)		(15.04	)		11.24			1.55			(3.22	)		(0.23	)
Net increase (decrease) from investment operations		(13.98	)		12.45			2.10			(2.17	)		0.80
Distributions from net investment income(d)		(1.65	)		(1.11	)		(0.49	)		(1.21	)		(1.22	)
Net asset value, end of year	$	35.23		$	50.86		$	39.52		$	37.91		$	41.29
Total Return(e)
Based on net asset value		(27.98	)%(b)		31.72	%(b)		5.61	%		(5.22	)%		1.87	%
Ratios to Average Net Assets(f)
Total expenses		0.53	%		0.65	%		0.51	%		0.49	%		0.47	%
Total expenses excluding professional fees for foreign withholding tax claims		0.50	%		0.50	%		0.51	%		0.49	%		N/A
Net investment income		2.39	%(b)		2.64	%(b)		1.46	%		2.74	%		2.36	%
Supplemental Data
Net assets, end of year (000)	$	4,787,972		$	8,243,943		$	4,477,240		$	5,231,511		$	9,558,234
Portfolio turnover rate(g)		6	%		5	%		5	%		6	%		5	%

^(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, 2022 and for the year ended August 31, 2021, respectively:

• Net investment income per share by $0.10 and $0.53, respectively.

• Total return by 0.22% and 1.07%, respectively.

• Ratio of net investment income to average net assets by 0.22% 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)  Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(g)  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 Germany ETF
	Year Ended 08/31/22			Year Ended 08/31/21			Year Ended 08/31/20			Year Ended 08/31/19			Year Ended 08/31/18
Net asset value, beginning of year	$	34.94		$	30.16		$	26.28		$	30.36		$	30.71
Net investment income(a)		0.59			0.56			0.50			0.65			0.64
Net realized and unrealized gain (loss)(b)		(12.63	)		5.21			3.66			(3.99	)		(0.16	)
Net increase (decrease) from investment operations		(12.04	)		5.77			4.16			(3.34	)		0.48
Distributions from net investment income(c)		(1.07	)		(0.99	)		(0.28	)		(0.74	)		(0.83	)
Net asset value, end of year	$	21.83		$	34.94		$	30.16		$	26.28		$	30.36
Total Return(d)
Based on net asset value		(35.02	)%		19.30	%		15.98	%		(11.07	)%		1.52	%
Ratios to Average Net Assets(e)
Total expenses		0.50	%		0.50	%		0.51	%		0.49	%		0.47	%
Net investment income		1.98	%		1.72	%		1.85	%		2.38	%		1.99	%
Supplemental Data
Net assets, end of year (000)	$	1,205,118		$	2,872,398		$	2,913,852		$	2,002,685		$	3,351,228
Portfolio turnover rate(f)		7	%		6	%		4	%		9	%		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)  Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

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

See notes to financial statements.

38 2 0 2 2   I S H A R E S   A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Financial Highlights(continued)

(For a share outstanding throughout each period)

	iShares MSCI Italy ETF
	Year Ended 08/31/22				Year Ended 08/31/21				Year Ended 08/31/20				Year Ended 08/31/19				Year Ended 08/31/18
Net asset value, beginning of year		$	32.89			$	25.76			$	26.83			$	27.18			$	30.21
Net investment income(a)			1.08				0.83				0.43				1.00				0.82
Net realized and unrealized gain (loss)(b)			(9.58	)			6.95				(1.05	)			(0.12	)			(2.86	)
Net increase (decrease) from investment operations			(8.50	)			7.78				(0.62	)			0.88				(2.04	)
Distributions from net investment income(c)			(1.27	)			(0.65	)			(0.45	)			(1.23	)			(0.99	)
Net asset value, end of year		$	23.12			$	32.89			$	25.76			$	26.83			$	27.18
Total Return(d)
Based on net asset value			(26.50	)%			30.30	%			(2.29	)%			3.46	%			(6.98	)%
Ratios to Average Net Assets(e)
Total expenses			0.50	%			0.50	%			0.51	%			0.49	%			0.47	%
Net investment income			3.56	%			2.70	%			1.64	%			3.72	%			2.64	%
Supplemental Data
Net assets, end of year (000)		$	194,248			$	594,545			$	208,645			$	235,457			$	405,625
Portfolio turnover rate(f)			14	%			13	%			16	%			13	%			10	%

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

^(f)  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 Spain ETF
	Year Ended 08/31/22				Year Ended 08/31/21				Year Ended 08/31/20				Year Ended 08/31/19				Year Ended 08/31/18
Net asset value, beginning of year		$	28.08			$	23.15			$	26.71			$	29.85			$	33.63
Net investment income(a)			0.75				0.84	(b)			0.77				1.04				0.99
Net realized and unrealized gain (loss)(c)			(6.23	)			5.00				(3.44	)			(3.26	)			(3.72	)
Net increase (decrease) from investment operations			(5.48	)			5.84				(2.67	)			(2.22	)			(2.73	)
Distributions from net investment income(d)			(0.81	)			(0.91	)			(0.89	)			(0.92	)			(1.05	)
Net asset value, end of year		$	21.79			$	28.08			$	23.15			$	26.71			$	29.85
Total Return(e)
Based on net asset value			(19.89	)%			25.25	%(b)			(10.44	)%			(7.53	)%			(8.28	)%
Ratios to Average Net Assets(f)
Total expenses			0.50	%			0.62	%			0.51	%			0.50	%			0.47	%
Total expenses excluding professional fees for foreign withholding tax claims			0.50	%			0.50	%			0.51	%			N/A				N/A
Net investment income			2.90	%			3.10	%(b)			2.99	%			3.65	%			3.02	%
Supplemental Data
Net assets, end of year (000)		$	415,056			$	707,646			$	468,824			$	825,211			$	875,442
Portfolio turnover rate(g)			14	%			34	%			19	%			12	%			21	%

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

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

See notes to financial statements.

40 2 0 2 2   I S H A R E S   A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Financial Highlights(continued)

(For a share outstanding throughout each period)

	iShares MSCI Switzerland ETF
	Year Ended 08/31/22			Year Ended 08/31/21			Year Ended 08/31/20			Year Ended 08/31/19			Year Ended 08/31/18
Net asset value, beginning of year	$	50.74		$	41.87		$	37.31		$	34.91		$	34.27
Net investment income(a)		0.76			0.75			0.73			0.72			0.66
Net realized and unrealized gain (loss)(b)		(9.98	)		9.06			4.45			2.43			0.79
Net increase (decrease) from investment operations		(9.22	)		9.81			5.18			3.15			1.45
Distributions from net investment income(c)		(0.86	)		(0.94	)		(0.62	)		(0.75	)		(0.81	)
Net asset value, end of year	$	40.66		$	50.74		$	41.87		$	37.31		$	34.91
Total Return(d)
Based on net asset value		(18.24	)%		23.49	%		14.07	%		9.07	%		4.43	%
Ratios to Average Net Assets(e)
Total expenses		0.50	%		0.50	%		0.51	%		0.50	%		0.47	%
Net investment income		1.62	%		1.66	%		1.89	%		2.06	%		1.91	%
Supplemental Data
Net assets, end of year (000)	$	1,351,808		$	1,763,380		$	1,721,701		$	1,138,036		$	1,034,086
Portfolio turnover rate(f)		8	%		7	%		16	%		11	%		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)  Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(f)  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 41

Notes to Financial Statements  

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 August 31, 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.

Collateralization: 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.

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.

42 2 0 2 2   I S H A R E S   A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Notes to Financial Statements  (continued)

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. The Board of Directors of the Company (the “Board”) of each Fund has approved the designation of BlackRock Fund Advisors (“BFA”), the Funds’ investment adviser, as the valuation designee for each Fund. Each Fund determines the fair values of its financial instruments using various independent dealers or pricing services under BFA’s policies. 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 BFA’s policies and procedures as reflecting fair value. BFA has formed a committee (the “Valuation Committee”) to develop pricing policies and procedures and to oversee the pricing function for all financial instruments, with assistance from other BlackRock pricing committees.

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 Valuation Committee, in accordance with BFA’s policies and procedures as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the 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 Valuation Committee 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 Valuation Committee deems relevant and consistent with the principles of fair value measurement.

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 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 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 43

Notes to Financial Statements  (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 BFA, 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		Securities Loaned at Value		Cash Collateral Received	(a)		Non-Cash Collateral Received, at Fair Value	(a)		Net Amount
MSCI Eurozone
BofA Securities, Inc.	$	3,489,133	$	(3,489,133	)	$	—		$	—
Citigroup Global Markets, Inc.		7,029,162		(7,029,162	)		—			—
Morgan Stanley		954,017		(954,017	)		—			—
UBS AG		555,362		(555,362	)		—			—
Virtu Americas LLC		167,390		(167,390	)		—			—
	$	12,195,064	$	(12,195,064	)	$	—		$	—
MSCI Germany
J.P. Morgan Securities LLC	$	3,382,492	$	(3,382,492	)	$	—		$	—
Morgan Stanley		3,417,697		(3,417,697	)		—			—
	$	6,800,189	$	(6,800,189	)	$	—		$	—
MSCI Italy
BofA Securities, Inc.	$	333,527	$	(333,527	)	$	—		$	—
MSCI Spain
Morgan Stanley	$	734,533	$	(734,533	)	$	—		$	—

^(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).

44 2 0 2 2   I S H A R E S   A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Notes to Financial Statements  (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 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 Fees
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.

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 45

Notes to Financial Statements  (continued)

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 year ended August 31, 2022, the Funds paid BTC the following amounts for securities lending agent services:

iShares ETF	Fees Paid to BTC
MSCI Eurozone	$	70,922
MSCI Germany		35,111
MSCI Italy		653
MSCI Spain		52,002

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 year ended August 31, 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	$	50,411,687	$	26,162,990		$  (25,878,052	)
MSCI Germany		15,203,257		5,833,162		(7,750,110	)
MSCI Italy		19,483,821		18,593,263		(6,927,730	)
MSCI Spain		22,079,239		17,576,766		(6,087,240	)
MSCI Switzerland		52,177,376		37,874,780		(3,567,929	)

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 year ended August 31, 2022, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows:

iShares ETF	Purchases		Sales
MSCI Eurozone	$	382,383,163	$	390,974,581
MSCI Germany		148,729,821		159,192,562
MSCI Italy		65,796,126		65,342,327
MSCI Spain		74,830,968		89,293,640
MSCI Switzerland		132,835,778		138,408,469

For the year ended August 31, 2022, in-kind transactions were as follows:

iShares ETF	In-kind Purchases		In-kind Sales
MSCI Eurozone	$	401,569,982	$	1,566,620,932
MSCI Germany		340,720,709		1,078,499,742
MSCI Italy		185,496,437		451,089,213
MSCI Spain		87,861,998		244,021,557
MSCI Switzerland		363,468,772		423,674,851

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 August 31, 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.

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Notes to Financial Statements   (continued)

U.S. GAAP requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or NAV per share. As of August 31, 2022, the following permanent differences attributable to distributions paid in excess of taxable income and realized gains (losses) from in-kind redemptions were reclassified to the following accounts:

iShares ETF	Paid-in Capital			Accumulated Earnings (Loss)
MSCI Eurozone	$	223,969,457		$	(223,969,457	)
MSCI Germany		(52,547,172	)		52,547,172
MSCI Italy		(29,222,559	)		29,222,559
MSCI Spain		(3,205,594	)		3,205,594
MSCI Switzerland		104,520,170			(104,520,170	)

The tax character of distributions paid was as follows:

iShares ETF	Year Ended 08/31/22		Year Ended 08/31/21
MSCI Eurozone
Ordinary income	$	235,713,618	$	148,429,017
MSCI Germany
Ordinary income	$	70,317,271	$	87,044,205
MSCI Italy
Ordinary income	$	18,046,739	$	9,237,069
MSCI Spain
Ordinary income	$	16,400,476	$	17,641,966
MSCI Switzerland
Ordinary income	$	28,291,725	$	30,852,327

As of August 31, 2022, the tax components of accumulated net earnings (losses) were as follows:

iShares ETF		Undistributed Ordinary Income		Non-expiring Capital Loss Carryforwards	(a)		Net Unrealized Gains (Losses)	(b)		Qualified Late-Year Losses	(c)		Total
MSCI Eurozone	$	8,584,500	$	(838,371,199	)	$	(2,006,884,539	)	$	—		$	(2,836,671,238)
MSCI Germany		—		(382,927,043	)		(919,516,679	)		(1,043,760	)		(1,303,487,482)
MSCI Italy		1,664,967		(230,600,363	)		(105,271,761	)		—			(334,207,157)
MSCI Spain		4,162,653		(383,538,120	)		(225,570,051	)		—			(604,945,518)
MSCI Switzerland		—		(87,369,974	)		(82,356,471	)		(1,206	)		(169,727,651)

^(a)  Amounts available to offset future realized capital gains.

^(b)  The difference between book-basis and tax-basis unrealized gains (losses) was attributable primarily to the tax deferral of losses on wash sales, the realization for tax purposes of unrealized gains (losses) on certain futures contracts, the characterization of corporate actions, the realization for tax purposes of unrealized gains on investments in passive foreign investment companies and foreign tax withholding reclaims.

^(c)  The Funds have elected to defer certain qualified late-year losses and recognize such losses in the next taxable year.

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 August 31, 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	$	6,822,815,561	$	126,175,937	$	(2,131,811,464	)	$	(2,005,635,527	)
MSCI Germany		2,118,613,636		30,378,298		(948,516,374	)		(918,138,076	)
MSCI Italy		299,429,810		402,516		(105,663,973	)		(105,261,457	)
MSCI Spain		642,787,997		1,540,667		(227,076,552	)		(225,535,885	)
MSCI Switzerland		1,420,218,050		46,065,207		(127,800,371	)		(81,735,164	)

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  (continued)

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.

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.

48 2 0 2 2   I S H A R E S   A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Notes to Financial Statements  (continued)

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:

	Year Ended 08/31/22						Year Ended 08/31/21
iShares ETF	Shares			Amount			Shares			Amount
MSCI Eurozone
Shares sold		10,000,000		$	449,784,384			70,100,000		$	3,444,946,850
Shares redeemed		(36,200,000	)		(1,581,597,997	)		(21,300,000	)		(923,193,034	)
		(26,200,000	)	$	(1,131,813,613	)		48,800,000		$	2,521,753,816
MSCI Germany
Shares sold		12,300,000		$	352,508,408			22,500,000		$	730,874,698
Shares redeemed		(39,300,000	)		(1,092,534,572	)		(36,900,000	)		(1,148,874,783	)
		(27,000,000	)	$	(740,026,164	)		(14,400,000	)	$	(418,000,085	)
MSCI Italy
Shares sold		6,375,000		$	198,941,840			22,125,000		$	697,979,291
Shares redeemed		(16,050,000	)		(463,286,031	)		(12,150,000	)		(368,228,503	)
		(9,675,000	)	$	(264,344,191	)		9,975,000		$	329,750,788
MSCI Spain
Shares sold		3,675,000		$	96,182,803			17,175,000		$	478,809,053
Shares redeemed		(9,825,000	)		(258,799,239	)		(12,225,000	)		(308,931,658	)
		(6,150,000	)	$	(162,616,436	)		4,950,000		$	169,877,395
MSCI Switzerland
Shares sold		7,625,000		$	371,978,601			5,375,000		$	251,082,659
Shares redeemed		(9,125,000	)		(432,412,293	)		(11,750,000	)		(525,039,869	)
		(1,500,000	)	$	(60,433,692	)		(6,375,000	)	$	(273,957,210	)

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 49

Notes to Financial Statements  (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.

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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Report of Independent Registered Public Accounting Firm

To the Board of Directors of

iShares, Inc. and Shareholders of each of the five funds listed in the table below

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of each of the funds listed in the table below (five of the funds constituting iShares, Inc., hereafter collectively referred to as the “Funds”) as of August 31, 2022, the related statements of operations for the year ended August 31, 2022, the statements of changes in net assets for each of the two years in the period ended August 31, 2022, including the related notes, and the financial highlights for each of the five years in the period ended August 31, 2022 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of August 31, 2022, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended August 31, 2022 and each of the financial highlights for each of the five years in the period ended August 31, 2022 in conformity with accounting principles generally accepted in the United States of America.

iShares MSCI Eurozone ETF

iShares MSCI Germany ETF

iShares MSCI Italy ETF

iShares MSCI Spain ETF

iShares MSCI Switzerland ETF

Basis for Opinions

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of August 31, 2022 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

October 21, 2022

We have served as the auditor of one or more BlackRock investment companies since 2000.

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Important Tax Information (unaudited)

The following amounts, or maximum amounts allowable by law, are hereby designated as qualified dividend income for individuals for the fiscal year ended August 31, 2022:

iShares ETF	Qualified Dividend     Income
MSCI Eurozone	$	240,049,363
MSCI Germany		79,557,759
MSCI Italy		21,586,610
MSCI Spain		20,154,613
MSCI Switzerland		40,846,407

The Funds intend to pass through to their shareholders the following amounts, or maximum amounts allowable by law, of foreign source income earned and foreign taxes paid for the fiscal year ended August 31, 2022:

iShares ETF	Foreign Source Income Earned		Foreign     Taxes Paid
MSCI Eurozone	$	247,913,703	$	—
MSCI Germany		82,169,924		8,077,268
MSCI Italy		22,023,951		3,207,831
MSCI Spain		20,278,560		1,951,246
MSCI Switzerland		40,968,520		7,546,292

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Board Review and Approval of Investment Advisory Contract

iShares MSCI Eurozone ETF (the “Fund”)

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Company’s Board of Directors (the “Board”), including a majority of Board Members who are not “interested persons” of the Company (as that term is defined in the 1940 Act) (the “Independent Board Members”), is required annually to consider and approve the Investment Advisory Agreement between the Company and BFA (the “Advisory Agreement”) on behalf of the Fund. The Board’s consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings on May 3, 2022 and May 18, 2022, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 13-15, 2022, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The material factors, none of which was controlling, and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.

Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of another fund in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund’s applicable expense peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the investment advisory fee rate and overall expenses (net of waivers and reimbursements) for the Fund were higher than the median of the investment advisory fee rates and overall expenses (net of waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds.

In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund’s performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2021, to that of such relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

Based on this review, the other factors considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Nature, Extent and Quality of Services Provided: Based on management’s representations, including information about recent enhancements and initiatives with respect to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies, provided at the May 3, 2022 meeting and throughout the year, and matters related to BFA’s portfolio compliance program.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreement supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates: The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA

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Board Review and Approval of Investment Advisory Contract(continued)

and its affiliates from the Fund’s operations for the last calendar year. The Board reviewed BlackRock’s methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA’s estimated profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the information considered with respect to the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability, including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Agreement for the Fund already provided for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund, on an aggregated basis with the assets of certain other iShares funds, increase. The Board noted that it would continue to assess the appropriateness of adding new or revised breakpoints in the future.

The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds, and institutional separate accounts (collectively, the “Other Accounts”). The Board acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts.

The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board noted that BFA and its affiliates manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund. The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.

The Board considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement and noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

Other Benefits to BFA and/or its Affiliates: The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services or other services, and BlackRock’s profile in the investment community. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.

Conclusion: Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund’s investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.

iShares MSCI Germany ETF (the “Fund”)

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Company’s Board of Directors (the “Board”), including a majority of Board Members who are not “interested persons” of the Company (as that term is defined in the 1940 Act) (the “Independent Board Members”), is required annually to consider and approve the

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Board Review and Approval of Investment Advisory Contract(continued)

Investment Advisory Agreement between the Company and BFA (the “Advisory Agreement”) on behalf of the Fund. The Board’s consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings on May 3, 2022 and May 18, 2022, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 13-15, 2022, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The material factors, none of which was controlling, and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.

Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of another fund in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund’s applicable expense peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the investment advisory fee rate and overall expenses (net of waivers and reimbursements) for the Fund were higher than the median of the investment advisory fee rates and overall expenses (net of waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds.

In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund’s performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2021, to that of such relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

Based on this review, the other factors considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Nature, Extent and Quality of Services Provided: Based on management’s representations, including information about recent enhancements and initiatives with respect to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies, provided at the May 3, 2022 meeting and throughout the year, and matters related to BFA’s portfolio compliance program.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreement supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates: The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA and its affiliates from the Fund’s operations for the last calendar year. The Board reviewed BlackRock’s methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue,

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Board Review and Approval of Investment Advisory Contract(continued)

including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA’s estimated profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the information considered with respect to the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability, including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Agreement for the Fund already provided for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund, on an aggregated basis with the assets of certain other iShares funds, increase. The Board noted that it would continue to assess the appropriateness of adding new or revised breakpoints in the future.

The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds, and institutional separate accounts (collectively, the “Other Accounts”). The Board acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts.

The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board noted that BFA and its affiliates do not manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund. The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.

The Board considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement and noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

Other Benefits to BFA and/or its Affiliates: The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services or other services, and BlackRock’s profile in the investment community. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.

Conclusion: Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund’s investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.

iShares MSCI Italy ETF, iShares MSCI Spain ETF, iShares MSCI Switzerland ETF (each the “Fund”)

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Company’s Board of Directors (the “Board”), including a majority of Board Members who are not “interested persons” of the Company (as that term is defined in the 1940 Act) (the “Independent Board Members”), is required annually to consider and approve the Investment Advisory Agreement between the Company and BFA (the “Advisory Agreement”) on behalf of the Fund. The Board’s consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board

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Board Review and Approval of Investment Advisory Contract(continued)

Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings on May 3, 2022 and May 18, 2022, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 13-15, 2022, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The material factors, none of which was controlling, and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.

Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of another fund in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund’s applicable expense peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the investment advisory fee rate and overall expenses (net of waivers and reimbursements) for the Fund were lower than the median of the investment advisory fee rates and overall expenses (net of waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds.

In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund’s performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2021, to that of such relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

Based on this review, the other factors considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Nature, Extent and Quality of Services Provided: Based on management’s representations, including information about recent enhancements and initiatives with respect to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies, provided at the May 3, 2022 meeting and throughout the year, and matters related to BFA’s portfolio compliance program.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreement supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates: The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA and its affiliates from the Fund’s operations for the last calendar year. The Board reviewed BlackRock’s methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue,

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Board Review and Approval of Investment Advisory Contract(continued)

including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA’s estimated profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the information considered with respect to the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability, including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Agreement for the Fund already provided for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund, on an aggregated basis with the assets of certain other iShares funds, increase. The Board noted that it would continue to assess the appropriateness of adding new or revised breakpoints in the future.

The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds, and institutional separate accounts (collectively, the “Other Accounts”). The Board acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts.

The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board noted that BFA and its affiliates manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund. The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.

The Board considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement and noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

Other Benefits to BFA and/or its Affiliates: The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services or other services, and BlackRock’s profile in the investment community. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.

Conclusion: Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund’s investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.

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Supplemental Information(unaudited)

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.

August 31, 2022

	Total Cumulative Distributions for the Fiscal Year								% Breakdown of the Total Cumulative Distributions for the Fiscal Year
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	$	1.648505	$	—	$	—	$	1.648505		100	%		—	%		—	%		100	%
MSCI Germany(a)		1.029620		—		0.045321		1.074941		96			—			4			100
MSCI Spain(a)		0.797827		—		0.009720		0.807547		99			—			1			100
MSCI Switzerland(a)		0.805852		—		0.051473		0.857325		94			—			6			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.

Premium/Discount Information

Information on the Fund’s net asset value, market price, premiums and discounts, and bid-ask spreads can be found at iShares.com.

Regulation under the Alternative Investment Fund Managers Directive

The Alternative Investment Fund Managers Directive and the Alternative Investment Fund Managers Regulations 2013 (as amended) and the “Guidelines on sound remuneration policies under the AIFMD” issued by the European Securities and Markets Authority (together the “Regulations”) impose detailed and prescriptive obligations on fund managers established in the European Union (the “EU”) and the UK. These do not currently apply to managers established outside of the EU or UK, such as BFA (the “Company”). Rather, non-EU and non-UK managers are only required to comply with certain disclosure, reporting and transparency obligations of the Regulations if such managers market a fund to EU investors.

The Company has registered the iShares MSCI Germany ETF (the “Fund”) to be marketed to United Kingdom and EU investors in the Netherlands, Finland and Sweden.

Report on Remuneration

The Company is required under the Regulations to make quantitative disclosures of remuneration. These disclosures are made in line with BlackRock’s interpretation of currently available regulatory guidance on quantitative remuneration disclosures. As market or regulatory practice develops BlackRock may consider it appropriate to make changes to the way in which quantitative remuneration disclosures are calculated. Where such changes are made, this may result in disclosures in relation to a fund not being comparable to the disclosures made in the prior year, or in relation to other BlackRock fund disclosures in that same year.

Disclosures are provided in relation to (a) the staff of the Company; (b) staff who are senior management; and (c) staff who have the ability to materially affect the risk profile of the Fund.

All individuals included in the aggregated figures disclosed are rewarded in line with BlackRock’s remuneration policy for their responsibilities across the relevant BlackRock business area. As all individuals have a number of areas of responsibilities, only the portion of remuneration for those individuals’ services attributable to the Fund is included in the aggregate figures disclosed.

BlackRock has a clear and well defined pay-for-performance philosophy, and compensation programmes which support that philosophy.

BlackRock operates a total compensation model for remuneration which includes a base salary, which is contractual, and a discretionary bonus scheme. Although all employees are eligible to receive a discretionary bonus, there is no contractual obligation to make a discretionary bonus award to any employees. For senior management, a significant percentage of variable remuneration is deferred over time. All employees are subject to a claw-back policy.

Remuneration decisions for employees are made once annually in January following the end of the performance year, based on BlackRock’s full-year financial results and other non-financial goals and objectives. Alongside financial performance, individual total compensation is also based on strategic and operating results and other considerations such as management and leadership capabilities. No set formulas are established and no fixed benchmarks are used in determining annual incentive awards.

S U P P L E M E N T A L   I N F O R M A T I O N 59

Supplemental Information(unaudited) (continued)

Annual incentive awards are paid from a bonus pool which is reviewed throughout the year by BlackRock’s independent compensation committee, taking into account both actual and projected financial information together with information provided by the Enterprise Risk and Regulatory Compliance departments in relation to any activities, incidents or events that warrant consideration in making compensation decisions. Individuals are not involved in setting their own remuneration.

Each of the control functions (Enterprise Risk, Legal & Compliance, and Internal Audit) each have their own organisational structures which are independent of the business units. Functional bonus pools for those control functions are determined with reference to the performance of each individual function and the remuneration of the senior members of control functions is directly overseen by BlackRock’s independent remuneration committee.

Members of staff and senior management of the Company typically provide both AIFMD and non-AIFMD related services in respect of multiple funds, clients and functions of the Company and across the broader BlackRock group. Therefore, the figures disclosed are a sum of each individual’s portion of remuneration attributable to the Fund according to an objective apportionment methodology which acknowledges the multiple-service nature of the Company. Accordingly the figures are not representative of any individual’s actual remuneration or their remuneration structure.

The amount of total & aggregate remuneration awarded by the Company to its staff which has been attributed to the Fund in respect of the Company’s financial year ending December 31, 2021 were as follows:

iShares ETF	Total Remuneration		Fixed Remuneration		Variable Remuneration		No. of Beneficiaries		Senior Management Remuneration		Risk Taker   Remuneration
MSCI Germany		$220,177		$102,947		$117,230		661		$26,950		$2,785

Disclosures Under the EU Sustainable Finance Disclosure Regulation

The iShares MSCI Germany ETF (the “Fund”) is registered under the Alternative Investment Fund Managers Directive to be marketed to European Union (“EU”) investors, as noted above. As a result, certain disclosures are required under the EU Sustainable Finance Disclosure Regulation (“SFDR”).

The Fund has not been categorized under the SFDR as an “Article 8” or “Article 9” product. In addition, the Fund’s investments do not take into account the criteria for environmentally sustainable economic activities under the EU sustainable investment taxonomy regulation.

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Director and Officer Information(unaudited)

The Board of Directors has responsibility for the overall management and operations of the Funds, including general supervision of the duties performed by BFA and other service providers. Each Director serves until he or she resigns, is removed, dies, retires or becomes incapacitated. Each officer shall hold office until his or her successor is elected and qualifies or until his or her death, resignation or removal. Directors who are not “interested persons” (as defined in the 1940 Act) of the Company are referred to as independent directors (“Independent Directors”).

The registered investment companies advised by BFA or its affiliates (the “BlackRock-advised Funds”) are organized into one complex of open-end equity, multi-asset, index and money market funds and ETFs (the “BlackRock Multi-Asset Complex”), one complex of closed-end funds and open-end non-index fixed-income funds (including ETFs) (the “BlackRock Fixed-Income Complex”) and one complex of ETFs (“Exchange-Traded Fund Complex”) (each, a “BlackRock Fund Complex”). Each Fund is included in the Exchange-Traded Fund Complex. Each Director also serves as a Trustee of iShares Trust and a Trustee of iShares U.S. ETF Trust and, as a result, oversees all of the funds within the Exchange-Traded Fund Complex, which consists of 378 funds as of August 31, 2022. With the exception of Robert S. Kapito, Salim Ramji and Charles Park, the address of each Director and officer is c/o BlackRock, Inc., 400 Howard Street, San Francisco, CA 94105. The address of Mr. Kapito, Mr. Ramji and Mr. Park is c/o BlackRock, Inc., Park Avenue Plaza, 55 East 52nd Street, New York, NY 10055. The Board has designated John E. Kerrigan as its Independent Board Chair. Additional information about the Funds’ Directors and officers may be found in the Funds’ combined Statement of Additional Information, which is available without charge, upon request, by calling toll-free 1-800-iShares (1-800-474-2737).

		Interested Directors
Name (Age)	Position(s)	Principal Occupation(s) During Past 5 Years	Other Directorships Held by Director
Robert S. Kapito(a) (65)	Director (since 2009).	President, BlackRock, Inc. (since 2006); Vice Chairman of BlackRock, Inc. and Head of BlackRock’s Portfolio Management Group (since its formation in 1998) and BlackRock, Inc.’s predecessor entities (since 1988); Trustee, University of Pennsylvania (since 2009); President of Board of Directors, Hope & Heroes Children’s Cancer Fund (since 2002).	Director of BlackRock, Inc. (since 2006); Trustee of iShares U.S. ETF Trust (since 2011); Trustee of iShares Trust (since 2009).
Salim Ramji(b) (52)	Director (since 2019).	Senior Managing Director, BlackRock, Inc. (since 2014); Global Head of BlackRock’s ETF and Index Investments Business (since 2019); Head of BlackRock’s U.S. Wealth Advisory Business (2015-2019); Global Head of Corporate Strategy, BlackRock, Inc. (2014-2015); Senior Partner, McKinsey & Company (2010-2014).	Trustee of iShares U.S. ETF Trust (since 2019); Trustee of iShares Trust (since 2019).
(a) Robert S. Kapito is deemed to be an “interested person” (as defined in the 1940 Act) of the Company due to his affiliations with BlackRock, Inc. and its affiliates.
(b) Salim Ramji is deemed to be an “interested person” (as defined in the 1940 Act) of the Company due to his affiliations with BlackRock, Inc. and its affiliates.
		Independent Directors
Name (Age)	Position(s)	Principal Occupation(s) During Past 5 Years	Other Directorships Held by Director
John E. Kerrigan (67)	Director (since 2005); Independent Board Chair (since 2022).	Chief Investment Officer, Santa Clara University (since 2002).	Trustee of iShares U.S. ETF Trust (since 2011); Trustee of iShares Trust (since 2005); Independent Board Chair of iShares Trust and iShares U.S. ETF Trust (since 2022).
Jane D. Carlin (66)	Director (since 2015); Risk Committee Chair (since 2016).	Consultant (since 2012); Member of the Audit Committee (2012-2018), Chair of the Nominating and Governance Committee (2017-2018) and Director of PHH Corporation (mortgage solutions) (2012-2018); Managing Director and Global Head of Financial Holding Company Governance & Assurance and the Global Head of Operational Risk Management of Morgan Stanley (2006-2012).	Trustee of iShares U.S. ETF Trust (since 2015); Trustee of iShares Trust (since 2015); Member of the Audit Committee (since 2016), Chair of the Audit Committee (since 2020) and Director of The Hanover Insurance Group, Inc. (since 2016).
Richard L. Fagnani (67)	Director (since 2017); Audit Committee Chair (since 2019).	Partner, KPMG LLP (2002-2016).	Trustee of iShares U.S. ETF Trust (since 2017); Trustee of iShares Trust (since 2017).

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Director and Officer Information(unaudited) (continued)

		Independent Directors (continued)
Name (Age)	Position(s)	Principal Occupation(s) During Past 5 Years	Other Directorships Held by Director
Cecilia H. Herbert (73)	Director (since 2005); Nominating and Governance and Equity Plus Committee Chairs (since 2022).	Chair of the Finance Committee (since 2019) and Trustee and Member of the Finance, Audit and Quality Committees of Stanford Health Care (since 2016); Trustee of WNET, New York’s public media company (since 2011) and Member of the Audit Committee (since 2018) and Investment Committee (since 2011); Chair (1994-2005) and Member (since 1992) of the Investment Committee, Archdiocese of San Francisco; Trustee of Forward Funds (14 portfolios) (2009-2018); Trustee of Salient MF Trust (4 portfolios) (2015-2018); Director (1998-2013) and President (2007-2011) of the Board of Directors, Catholic Charities CYO; Trustee (2002-2011) and Chair of the Finance and Investment Committee (2006-2010) of the Thacher School; Director of the Senior Center of Jackson Hole (since 2020).	Trustee of iShares U.S. ETF Trust (since 2011); Trustee of iShares Trust (since 2005); Trustee of Thrivent Church Loan and Income Fund (since 2019).
Drew E. Lawton (63)	Director (since 2017); 15(c) Committee Chair (since 2017).	Senior Managing Director of New York Life Insurance Company (2010-2015).	Trustee of iShares U.S. ETF Trust (since 2017); Trustee of iShares Trust (since 2017).
John E. Martinez (61)	Director (since 2003); Securities Lending Committee Chair (since 2019).	Director of Real Estate Equity Exchange, Inc. (since 2005); Director of Cloudera Foundation (2017-2020); and Director of Reading Partners (2012-2016).	Trustee of iShares U.S. ETF Trust (since 2011); Trustee of iShares Trust (since 2003).
Madhav V. Rajan (58)	Director (since 2011); Fixed Income Plus Committee Chair (since 2019).	Dean, and George Pratt Shultz Professor of Accounting, University of Chicago Booth School of Business (since 2017); Advisory Board Member (since 2016) and Director (since 2020) of C.M. Capital Corporation; Chair of the Board for the Center for Research in Security Prices, LLC (since 2020); Robert K. Jaedicke Professor of Accounting, Stanford University Graduate School of Business (2001-2017); Professor of Law (by courtesy), Stanford Law School (2005-2017); Senior Associate Dean for Academic Affairs and Head of MBA Program, Stanford University Graduate School of Business (2010-2016).	Trustee of iShares U.S. ETF Trust (since 2011); Trustee of iShares Trust (since 2011).
		Officers
Name (Age)	Position(s)	Principal Occupation(s) During Past 5 Years
Armando Senra (51)	President (since 2019).	Managing Director, BlackRock, Inc. (since 2007); Head of U.S., Canada and Latam iShares, BlackRock, Inc. (since 2019); Head of Latin America Region, BlackRock, Inc. (2006-2019); Managing Director, Bank of America Merrill Lynch (1994-2006).
Trent Walker (48)	Treasurer and Chief Financial Officer (since 2020).	Managing Director, BlackRock, Inc. (since September 2019); Chief Financial Officer of iShares Delaware Trust Sponsor LLC, BlackRock Funds, BlackRock Funds II, BlackRock Funds IV, BlackRock Funds V and BlackRock Funds VI (since 2021); Executive Vice President of PIMCO (2016-2019); Senior Vice President of PIMCO (2008-2015); Treasurer (2013-2019) and Assistant Treasurer (2007-2017) of PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, 2 PIMCO-sponsored interval funds and 21 PIMCO-sponsored closed-end funds.
Charles Park (55)	Chief Compliance Officer (since 2006).	Chief Compliance Officer of BlackRock Advisors, LLC and the BlackRock-advised Funds in the BlackRock Multi-Asset Complex and the BlackRock Fixed-Income Complex (since 2014); Chief Compliance Officer of BFA (since 2006).
Marisa Rolland (42)	Secretary (since 2022).	Director, BlackRock, Inc. (since 2018); Vice President, BlackRock, Inc. (2010-2017).
Rachel Aguirre (40)	Executive Vice President (since 2022).	Managing Director, BlackRock, Inc. (since 2018); Director, BlackRock, Inc. (2009-2018); Head of U.S. iShares Product (since 2022); Head of EII U.S. Product Engineering (since 2021); Co-Head of EII’s Americas Portfolio Engineering (2020-2021); Head of Developed Markets Portfolio Engineering (2016-2019).
Jennifer Hsui (46)	Executive Vice President (since 2022).	Managing Director, BlackRock, Inc. (since 2009); Co-Head of Index Equity (since 2022).
James Mauro (51)	Executive Vice President (since 2022).	Managing Director, BlackRock, Inc. (since 2010); Head of Fixed Income Index Investments in the Americas and Head of San Francisco Core Portfolio Management (since 2020).

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Director and Officer Information(unaudited) (continued)

Effective March 18, 2022, Rachel Aguirre, Jennifer Hsui, and James Mauro have replaced Scott Radell, Alan Mason, and Marybeth Leithead as Executive Vice Presidents.

Effective June 15, 2022, Marisa Rolland replaced Deepa Damre Smith as Secretary.

D I R E C T O R   A N D   O F F I C E R   I N F O R M A T I O N 63

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
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 65

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-AR-807-0822

        

AUGUST 31, 2022

2022 Annual Report

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

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

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

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

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

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

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

Rob Kapito

President, BlackRock, Inc.

Rob Kapito

President, BlackRock, Inc.

Total Returns as of August 31, 2022
	6-Month	12-Month
U.S. large cap equities (S&P 500® Index)	(8.84)%	(11.23)%
U.S. small cap equities (Russell 2000® Index)	(9.31)	(17.88)
International equities (MSCI Europe, Australasia, Far East Index)	(13.97)	(19.80)
Emerging market equities (MSCI Emerging Markets Index)	(13.30)	(21.80)
3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)	0.36	0.39
U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)	(9.71)	(13.27)
U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)	(7.76)	(11.52)
Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)	(5.72)	(8.63)
U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)	(7.78)	(10.61)

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

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
Annual Report:
Market Overview		4
Fund Summary		5
About Fund Performance		19
Disclosure of Expenses		19
Schedules of Investments		20
Financial Statements
Statements of Assets and Liabilities		48
Statements of Operations		50
Statements of Changes in Net Assets		52
Financial Highlights		56
Notes to Financial Statements		63
Report of Independent Registered Public Accounting Firm		73
Important Tax Information		74
Board Review and Approval of Investment Advisory Contract		75
Supplemental Information		85
Director and Officer Information		87
General Information		90
Glossary of Terms Used in this Report		91

Market Overview

iShares, Inc.

Global Market Overview

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

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

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

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

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

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

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Fund Summary as of August 31, 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
	1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		(18.61	)%		(0.73	)%		4.97	%		(18.61	)%		(3.62	)%		62.46	%
Fund Market		(18.57	)		(0.76	)		4.93			(18.57	)		(3.76	)		61.87
Index		(17.95	)		(0.15	)		5.59			(17.95	)		(0.75	)		72.27

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

Index performance through August 31, 2020 reflects the performance of the MSCI Hong Kong Index. Index performance beginning on September 1, 2020 reflects the performance of the MSCI Hong Kong 25/50 Index.

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

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value (03/01/22)	Ending Account Value (08/31/22)	Expenses Paid During the Period	(a)		Beginning Account Value (03/01/22)	Ending Account Value (08/31/22)	Expenses Paid During the Period(a)	Annualized     Expense     Ratio
	$       1,000.00	$       912.80	$       2.41			$       1,000.00	$       1,022.70	$       2.55	0.50%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (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 “Disclosure of Expenses” for more information.

F U N D     S U M M A R Y 5

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

Portfolio Management Commentary

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

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

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

Portfolio Information

SECTOR ALLOCATION

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

TEN LARGEST HOLDINGS

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

^(a)  Excludes money market funds.

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Fund Summary as of August 31, 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
	1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		(21.70	)%		(0.96	)%		6.11	%		(21.70	)%		(4.69	)%		80.99	%
Fund Market		(21.70	)		(1.07	)		6.06			(21.70	)		(5.25	)		80.03
Index		(20.95	)		(0.47	)		6.57			(20.95	)		(2.32	)		89.02

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

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

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value (03/01/22)	Ending Account Value (08/31/22)	Expenses Paid During the Period	(a)		Beginning Account Value (03/01/22)	Ending Account Value (08/31/22)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$         1,000.00	$          867.60	$        2.35			$         1,000.00	$        1,022.70	$          2.55		0.50	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (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 “Disclosure of Expenses” for more information.

F U N D   S U M M A R Y 7

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

Portfolio Management Commentary

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

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

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

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

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

Portfolio Information

SECTOR ALLOCATION

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

TEN LARGEST HOLDINGS

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

^(a)  Excludes money market funds.

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Fund Summary  as of August 31, 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
	1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		(10.92	)%		(2.70	)%		(2.56	)%		(10.92	)%		(12.78	)%		(22.88	)%
Fund Market		(11.36	)		(2.80	)		(2.68	)		(11.36	)		(13.23	)		(23.81	)
Index		(10.22	)		(2.33	)		(2.24	)		(10.22	)		(11.11	)		(20.25	)

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

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

Expense Example

Actual							Hypothetical 5% Return
	Beginning Account Value (03/01/22)		Ending Account Value (08/31/22)		Expenses Paid During the Period	(a)		Beginning Account Value (03/01/22)		Ending Account Value (08/31/22)		Expenses Paid During the Period	(a)	Annualized Expense Ratio
$	1,000.00	$	894.20	$	2.39		$	1,000.00	$	1,022.70	$	2.55		0.50	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (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 “Disclosure of Expenses” for more information.

F U N D   S U M M A R Y 9

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

Portfolio Management Commentary

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

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

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

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

Portfolio Information

SECTOR ALLOCATION

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

TEN LARGEST HOLDINGS

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

^(a)  Excludes money market funds.

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Fund Summary  as of August 31, 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
	1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		(13.22	)%		2.10	%		3.94	%		(13.22	)%		10.97	%		47.13	%
Fund Market		(13.42	)		1.94			3.86			(13.42	)		10.10			46.11
Index		(12.41	)		2.70			4.46			(12.41	)		14.26			54.77

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

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

Expense Example

Actual						Hypothetical 5% Return
	Beginning Account Value (03/01/22)		Ending Account Value (08/31/22)		Expenses Paid During the Period(a)		Beginning Account Value (03/01/22)		Ending Account Value (08/31/22)		Expenses Paid During the Period(a)	Annualized Expense Ratio
$	1,000.00	$	923.70	$	2.33	$	1,000.00	$	1,022.80	$	2.45	0.48	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (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 “Disclosure of Expenses” for more information.

F U N D    S U M M A R Y 11

Fund Summary as ofAugust 31, 2022 (continued) iShares^® MSCI Pacific ex Japan ETF

Portfolio Management Commentary

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

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

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

Portfolio Information

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

^(a)  Excludes money market funds.

^(b)  Rounds to less than 0.1%.

GEOGRAPHIC ALLOCATION

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

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Fund Summary as of August 31, 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
	1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		(15.92	)%		(1.82	)%		0.34	%		(15.92	)%		(8.76	)%		3.45	%
Fund Market		(16.40	)		(1.93	)		0.29			(16.40	)		(9.31	)		2.93
Index		(15.56	)		(1.26	)		0.83			(15.56	)		(6.17	)		8.65

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

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

Expense Example

Actual							Hypothetical 5% Return
	Beginning Account Value (03/01/22)		Ending Account Value (08/31/22)		Expenses Paid During the Period	(a)		Beginning Account Value (03/01/22)		Ending Account Value (08/31/22)		Expenses Paid During the Period	(a)	Annualized Expense Ratio
$	1,000.00	$	882.20	$	2.37		$	1,000.00	$	1,022.70	$	2.55		0.50	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (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 “Disclosure of Expenses” for more information.

F U N D    S U M M A R Y 13

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

Portfolio Management Commentary

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

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

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

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

Portfolio Information

SECTOR ALLOCATION

Sector	Percent of Total Investments	(a)
Financials	41.7	%
Real Estate	20.1
Industrials	15.0
Communication Services	12.8
Consumer Staples	4.1
Information Technology	3.2
Consumer Discretionary	3.1

TEN LARGEST HOLDINGS

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

^(a)  Excludes money market funds.

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Fund Summary as of August 31, 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
	1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		(19.96	)%		9.02	%		9.85	%		(19.96	)%		53.98	%		155.80	%
Fund Market		(20.55	)		8.83			9.72			(20.55	)		52.69			152.90
Index		(19.09	)		9.80			10.60			(19.09	)		59.62			173.96

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

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

Expense Example

Actual							Hypothetical 5% Return
	Beginning Account Value (03/01/22)		Ending Account Value (08/31/22)		Expenses Paid During the Period	(a)		Beginning Account Value (03/01/22)		Ending Account Value (08/31/22)		Expenses Paid During the Period	(a)	Annualized Expense Ratio
$	1,000.00	$	788.00	$	2.61		$	1,000.00	$	1,022.30	$	2.96		0.58	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (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 “Disclosure of Expenses” for more information.

F U N D    S U M M A R Y 15

Fund Summary as ofAugust 31, 2022    (continued) iShares^® MSCI Taiwan ETF

Portfolio Management Commentary

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

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

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

Portfolio Information

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

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

^(a)  Excludes money market funds.

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Fund Summary as of August 31, 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
	1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		(9.07	)%		(0.66	)%		2.58	%		(9.07	)%		(3.26	)%		29.07	%
Fund Market		(9.32	)		(0.83	)		2.47			(9.32	)		(4.10	)		27.66
Index		(8.73	)		(0.36	)		2.82			(8.73	)		(1.77	)		32.10

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

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

Expense Example

Actual							Hypothetical 5% Return
	Beginning Account Value (03/01/22)		Ending Account Value (08/31/22)		Expenses Paid During the Period	(a)		Beginning Account Value (03/01/22)		Ending Account Value (08/31/22)		Expenses Paid During the Period	(a)	Annualized Expense Ratio
$	1,000.00	$	901.70	$	2.78		$	1,000.00	$	1,022.30	$	2.96		0.58	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (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 “Disclosure of Expenses” for more information.

F U N D    S U M M A R Y 17

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

Portfolio Management Commentary

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

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

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

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

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

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

Portfolio Information

SECTOR ALLOCATION

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

TEN LARGEST HOLDINGS

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

^(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.

Disclosure of 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 the Period.”

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

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

A B O U T    F U N D    P E R F O  R M A N C E / S H A R E H O L D E R    E X P E N S E S 19

Schedule of Investments August 31, 2022 iShares^® MSCI Hong Kong ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Banks — 6.3%
BOC Hong Kong Holdings Ltd.		6,882,000	$	23,686,470
Hang Seng Bank Ltd.		1,401,700		21,945,888
				45,632,358
Beverages — 1.4%
Budweiser Brewing Co. APAC Ltd.(a)		3,419,700		10,052,002
Building Products — 0.9%
Xinyi Glass Holdings Ltd.		3,705,000		6,842,729
Capital Markets — 12.4%
Futu Holdings Ltd., ADR(b)		114,482		5,619,921
Hong Kong Exchanges & Clearing Ltd.		2,102,926		84,736,400
				90,356,321
Diversified Telecommunication Services — 1.4%
HKT Trust & HKT Ltd., Class SS		7,656,500		10,271,808
Electric Utilities — 7.5%
CK Infrastructure Holdings Ltd.		1,257,000		7,643,828
CLP Holdings Ltd.		2,994,700		25,803,205
HK Electric Investments & HK Electric Investments Ltd., Class SS		6,111,000		5,099,832
Power Assets Holdings Ltd.		2,648,500		15,841,221
				54,388,086
Equity Real Estate Investment Trusts (REITs) — 4.0%
Link REIT		3,742,300		28,961,742
Food Products — 1.5%
WH Group Ltd.(a)		16,003,500		10,903,553
Gas Utilities — 2.7%
Hong Kong & China Gas Co. Ltd.		20,365,495		20,077,980
Hotels, Restaurants & Leisure — 4.4%
Galaxy Entertainment Group Ltd.		3,931,000		21,973,040
Sands China Ltd.(b)		4,543,200		10,159,035
				32,132,075
Industrial Conglomerates — 6.8%
CK Hutchison Holdings Ltd.		4,739,767		30,607,768
Jardine Matheson Holdings Ltd.		359,600		19,070,185
				49,677,953
Insurance — 23.0%
AIA Group Ltd.		17,450,400		167,894,423
Machinery — 3.9%
Techtronic Industries Co. Ltd.		2,410,647		28,431,736

Security	Shares		Value
Marine — 0.9%
SITC International Holdings Co. Ltd.		2,494,000	$	6,324,364
Real Estate Management & Development — 19.1%
CK Asset Holdings Ltd.		3,721,267		25,117,668
ESR Group Ltd.(a)(b)		3,639,800		10,191,815
Hang Lung Properties Ltd.		4,030,000		6,701,930
Henderson Land Development Co. Ltd.		2,860,762		9,569,592
Hongkong Land Holdings Ltd.		2,281,000		11,026,559
New World Development Co. Ltd.		2,963,266		9,656,039
Sino Land Co. Ltd.		6,500,000		9,505,108
Sun Hung Kai Properties Ltd.		2,538,500		29,822,856
Swire Pacific Ltd., Class A		1,069,000		7,394,035
Swire Properties Ltd.		2,521,600		5,811,584
Wharf Real Estate Investment Co. Ltd.		3,167,150		14,411,120
				139,208,306
Road & Rail — 2.1%
MTR Corp. Ltd.		2,934,583		15,028,938
Specialty Retail — 1.0%
Chow Tai Fook Jewellery Group Ltd.		3,813,400		7,675,255
Total Long-Term Investments — 99.3% (Cost: $918,542,087)				723,859,629
Short-Term Securities
Money Market Funds — 0.2%
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.07%(c)(d)		1,540,000		1,540,000
Total Short-Term Securities — 0.2% (Cost: $1,540,000)				1,540,000
Total Investments in Securities — 99.5% (Cost: $920,082,087)				725,399,629
Other Assets Less Liabilities — 0.5%				3,359,712
Net Assets — 100.0%			$	728,759,341

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

^(b)  Non-income producing security.

^(c)  Affiliate of the Fund.

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

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Schedule of Investments (continued) August 31, 2022 iShares^® MSCI Hong Kong ETF     

Affiliates

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

Affiliated Issuer	Value at 08/31/21		Purchases at Cost		Proceeds from Sale			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 08/31/22		Shares Held at 08/31/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares(a)	$	14,915,960	$	—	$	(14,913,708	)(b)	$	(2,252	)	$	—	$	—		—	$	525,674	(c)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		1,700,000		—		(160,000	)(b)		—			—		1,540,000		1,540,000		7,762			—
								$	(2,252	)	$	—	$	1,540,000			$	533,436		$	—

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

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:

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	—	$	—	$	112,952	$	—	$	—	$	—	$	112,952

^(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 August 31, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Commodity Contracts		Credit Contracts		Equity Contracts			Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Net Realized Gain (Loss) from
Futures contracts	$	—	$	—	$	(1,064,973	)	$	—	$	—	$	—	$	(1,064,973	)
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	(138,903	)	$	—	$	—	$	—	$	(138,903	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts
Average notional value of contracts — long	$	4,101,571

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  (continued) August 31, 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	$	10,719,753		$	713,139,876	$	—	$	723,859,629
Money Market Funds		1,540,000			—		—		1,540,000
	$	12,259,753		$	713,139,876	$	—	$	725,399,629
Derivative financial instruments(a)
Liabilities
Futures Contracts	$	(112,952	)	$	—	$	—	$	(112,952	)

^(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   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 August 31, 2022 iShares^® MSCI Japan Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Air Freight & Logistics — 0.6%
Hitachi Transport System Ltd.		4,000	$	252,529
Konoike Transport Co. Ltd.		2,000		18,981
Maruwa Unyu Kikan Co. Ltd.		3,000		36,076
Mitsui-Soko Holdings Co. Ltd.		2,000		48,340
SBS Holdings Inc.		1,000		20,701
				376,627
Auto Components — 3.2%
Exedy Corp.		2,000		25,769
FCC Co. Ltd.		3,000		31,049
G-Tekt Corp.		2,000		20,003
JTEKT Corp.		17,000		119,671
KYB Corp.		1,000		23,652
Musashi Seimitsu Industry Co. Ltd.		4,000		48,459
NGK Spark Plug Co. Ltd.		13,000		266,729
NHK Spring Co. Ltd.		17,000		114,818
Nifco Inc./Japan		7,000		157,989
Nippon Seiki Co. Ltd.		4,000		23,646
NOK Corp.		7,000		62,214
Pacific Industrial Co. Ltd.		4,000		31,145
Piolax Inc.		2,000		28,934
Shoei Co. Ltd.		2,000		79,251
Stanley Electric Co. Ltd.		11,000		203,051
Sumitomo Riko Co. Ltd.		3,000		12,531
Sumitomo Rubber Industries Ltd.		14,000		120,135
Tokai Rika Co. Ltd.		4,000		42,941
Topre Corp.		3,000		26,724
Toyo Tire Corp.		9,000		109,078
Toyoda Gosei Co. Ltd.		5,000		86,988
Toyota Boshoku Corp.		6,000		87,136
TS Tech Co. Ltd.		7,000		78,307
Yokohama Rubber Co. Ltd. (The)		10,000		163,547
				1,963,767
Automobiles — 0.4%
Mitsubishi Motors Corp.(a)		56,000		224,009
Nissan Shatai Co. Ltd.		6,000		33,156
				257,165
Banks — 3.9%
77 Bank Ltd. (The)		5,000		63,782
Aozora Bank Ltd.		10,000		193,024
Awa Bank Ltd. (The)		3,000		40,894
Bank of Kyoto Ltd. (The)		5,000		194,884
Chugoku Bank Ltd. (The)		12,000		80,369
Daishi Hokuetsu Financial Group Inc.		3,000		56,445
Fukuoka Financial Group Inc.		14,000		250,175
Gunma Bank Ltd. (The)		29,000		81,098
Hachijuni Bank Ltd. (The)		29,000		99,448
Hirogin Holdings Inc.		21,000		92,408
Hokkoku Financial Holdings Inc.		2,000		70,758
Hokuhoku Financial Group Inc.		10,000		59,421
Hyakugo Bank Ltd. (The)		17,000		38,904
Iyo Bank Ltd. (The)		19,000		88,354
Juroku Financial Group Inc.		3,000		53,084
Keiyo Bank Ltd. (The)		8,000		27,820
Kiyo Bank Ltd. (The)		5,000		53,729
Kyushu Financial Group Inc.		29,000		79,207
Mebuki Financial Group Inc.		78,000		149,492
Musashino Bank Ltd. (The)		2,000		24,378
Nanto Bank Ltd. (The)		2,000		28,187

Security	Shares		Value
Banks (continued)
Nishi-Nippon Financial Holdings Inc.		10,000	$	53,056
North Pacific Bank Ltd.		23,000		38,070
Ogaki Kyoritsu Bank Ltd. (The)		3,000		37,211
Okinawa Financial Group Inc.		2,000		30,702
San-in Godo Bank Ltd. (The)		12,000		59,000
Seven Bank Ltd.		50,000		94,979
Shiga Bank Ltd. (The)		3,000		55,347
Shinsei Bank Ltd.		5,000		70,411
Suruga Bank Ltd.		14,000		37,732
Toho Bank Ltd. (The)		17,000		24,905
TOMONY Holdings Inc.		12,000		27,196
Yamaguchi Financial Group Inc.		17,000		93,274
				2,447,744
Beverages — 0.5%
Coca-Cola Bottlers Japan Holdings Inc.		11,000		112,497
Sapporo Holdings Ltd.		5,000		109,592
Takara Holdings Inc.		12,000		91,050
				313,139
Biotechnology — 0.4%
AnGes Inc.(a)		13,000		32,704
GNI Group Ltd.(a)		3,097		34,531
PeptiDream Inc.(a)		8,000		95,393
Pharma Foods International Co. Ltd.		2,000		21,464
SanBio Co. Ltd.(a)		3,000		25,414
Takara Bio Inc.		4,000		56,025
				265,531
Building Products — 0.8%
Bunka Shutter Co. Ltd.		4,000		30,678
Central Glass Co. Ltd.		3,000		72,382
Nichias Corp.		4,000		69,078
Nichiha Corp.		2,000		39,855
Nitto Boseki Co. Ltd.		2,000		36,230
Noritz Corp.		2,000		22,180
Sanwa Holdings Corp.		15,000		148,424
Sekisui Jushi Corp.		2,000		24,730
Takara Standard Co. Ltd.		2,000		19,004
Takasago Thermal Engineering Co. Ltd.		4,000		47,261
				509,822
Capital Markets — 0.6%
GMO Financial Holdings Inc.		3,000		16,322
JAFCO Group Co. Ltd.		6,000		86,834
M&A Capital Partners Co. Ltd.(a)		1,000		24,677
Matsui Securities Co. Ltd.		10,000		56,968
Monex Group Inc.		14,000		49,928
Okasan Securities Group Inc.		13,000		31,172
SPARX Group Co. Ltd.		7,000		15,068
Strike Co. Ltd.		1,000		28,223
Tokai Tokyo Financial Holdings Inc.		17,000		46,060
WealthNavi Inc.(a)		2,000		26,679
				381,931
Chemicals — 6.6%
ADEKA Corp.		6,000		101,246
Aica Kogyo Co. Ltd.		4,000		88,247
Air Water Inc.		15,000		187,651
C Uyemura & Co. Ltd.		1,000		46,799
C.I. Takiron Corp.		4,000		15,716
Chugoku Marine Paints Ltd.		3,000		19,022
Daicel Corp.		21,000		131,884
Denka Co. Ltd.		6,000		143,737

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  (continued) August 31, 2022 iShares^® MSCI Japan Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Chemicals (continued)
DIC Corp.		6,000	$	107,585
Fujimi Inc.		1,000		47,867
Fujimori Kogyo Co. Ltd.		1,000		25,301
Fuso Chemical Co. Ltd.		1,000		25,263
JCU Corp.		2,000		47,149
Kaneka Corp.		4,000		107,287
Kansai Paint Co. Ltd.		15,000		229,897
Kanto Denka Kogyo Co. Ltd.		3,000		21,554
KeePer Technical Laboratory Co. Ltd.		1,000		29,353
KH Neochem Co. Ltd.		3,000		55,206
Konishi Co. Ltd.		3,000		35,097
Kumiai Chemical Industry Co. Ltd.		6,049		47,130
Kuraray Co. Ltd.		27,000		205,087
Kureha Corp.		1,400		94,014
Lintec Corp.		3,000		49,999
Mitsubishi Gas Chemical Co. Inc.		13,000		193,229
Nihon Parkerizing Co. Ltd.		7,000		48,181
Nippon Kayaku Co. Ltd.		11,000		95,569
Nippon Shokubai Co. Ltd.		2,000		79,307
Nippon Soda Co. Ltd.		2,000		66,135
NOF Corp.		6,000		227,377
Okamoto Industries Inc.		1,000		27,947
Osaka Organic Chemical Industry Ltd.		1,000		18,411
Osaka Soda Co. Ltd.		1,000		27,142
Sakata INX Corp.		4,000		28,036
Sanyo Chemical Industries Ltd.		1,000		34,167
Shikoku Chemicals Corp.		2,000		17,851
Shin-Etsu Polymer Co. Ltd.		3,000		28,704
Showa Denko KK		15,000		230,603
Sumitomo Bakelite Co. Ltd.		3,000		94,566
T Hasegawa Co. Ltd.		3,000		64,759
Taiyo Holdings Co. Ltd.		3,000		58,812
Takasago International Corp.		1,000		19,906
Teijin Ltd.		15,000		158,587
Tenma Corp.		1,000		16,125
Toagosei Co. Ltd.		7,000		54,540
Tokai Carbon Co. Ltd.		17,000		124,096
Tokuyama Corp.		5,000		65,855
Tokyo Ohka Kogyo Co. Ltd.		3,000		147,097
Toyo Gosei Co. Ltd.		400		23,530
Toyo Ink SC Holdings Co. Ltd.		3,000		41,140
Toyobo Co. Ltd.		7,000		53,039
UBE Corp.		8,000		117,875
Zeon Corp.		11,000		105,537
				4,130,214
Commercial Services & Supplies — 1.7%
Aeon Delight Co. Ltd.		2,000		40,883
Daiseki Co. Ltd.		4,012		120,310
Duskin Co. Ltd.		3,000		61,843
Japan Elevator Service Holdings Co. Ltd.		5,000		66,673
Kokuyo Co. Ltd.		7,000		90,154
Matsuda Sangyo Co. Ltd.		1,060		18,417
Midac Holdings Co. Ltd.		1,000		22,895
Mitsubishi Pencil Co. Ltd.		3,000		30,080
Nippon Kanzai Co. Ltd.		1,000		19,071
Nippon Parking Development Co. Ltd.		16,000		18,493
Okamura Corp.		5,000		47,744
Park24 Co. Ltd.(a)		11,000		156,738
Pilot Corp.		2,000		71,585
Prestige International Inc.		8,000		38,427

Security	Shares		Value
Commercial Services & Supplies (continued)
Raksul Inc.(a)		2,000	$	30,432
Sato Holdings Corp.		2,000		27,473
Sohgo Security Services Co. Ltd.		6,000		155,449
TRE Holdings Corp.		4,000		48,989
				1,065,656
Construction & Engineering — 3.7%
Chiyoda Corp.(a)		13,000		37,035
Chudenko Corp.		2,000		30,555
COMSYS Holdings Corp.		9,000		167,148
Daiho Corp.		1,000		29,098
EXEO Group Inc.		8,000		122,739
Hazama Ando Corp.		14,000		86,827
INFRONEER Holdings Inc.		21,040		150,396
JDC Corp.		4,000		17,361
JGC Holdings Corp.		18,000		242,539
JTOWER Inc.(a)		1,000		54,728
Kandenko Co. Ltd.		9,000		54,157
Kinden Corp.		10,000		105,522
Kumagai Gumi Co. Ltd.		3,000		57,392
Kyudenko Corp.		4,000		80,524
MIRAIT ONE Corp.		8,000		89,913
Nippon Densetsu Kogyo Co. Ltd.		3,000		38,601
Nippon Road Co. Ltd. (The)		400		17,807
Nishimatsu Construction Co. Ltd.		3,000		87,118
Okumura Corp.		3,000		63,189
Penta-Ocean Construction Co. Ltd.		23,000		121,378
Raito Kogyo Co. Ltd.		3,000		39,839
Raiznext Corp.		2,000		17,268
Sanki Engineering Co. Ltd.		3,000		35,436
SHO-BOND Holdings Co. Ltd.		3,000		129,485
Sumitomo Densetsu Co. Ltd.		1,000		18,884
Sumitomo Mitsui Construction Co. Ltd.		12,000		39,977
Taihei Dengyo Kaisha Ltd.		1,000		25,539
Taikisha Ltd.		2,000		45,888
Takamatsu Construction Group Co. Ltd.		1,000		13,745
Toa Corp./Tokyo		1,000		17,547
Toda Corp.		18,000		88,796
Toenec Corp.		1,000		26,396
Tokyu Construction Co. Ltd.		7,040		33,115
Totetsu Kogyo Co. Ltd.		2,000		33,344
Toyo Construction Co. Ltd.		5,000		30,847
Yokogawa Bridge Holdings Corp.		2,000		27,965
Yurtec Corp.		3,000		16,142
				2,294,240
Construction Materials — 0.4%
Maeda Kosen Co. Ltd.		1,000		23,217
Mitani Sekisan Co. Ltd.		1,000		25,904
Sumitomo Osaka Cement Co. Ltd.		3,000		75,991
Taiheiyo Cement Corp.		10,000		149,715
				274,827
Consumer Finance — 1.1%
AEON Financial Service Co. Ltd.		9,000		92,434
Aiful Corp.		26,000		73,355
Credit Saison Co. Ltd.		12,000		150,971
Jaccs Co. Ltd.		2,000		55,000
Marui Group Co. Ltd.		15,000		269,035
Orient Corp.		43,000		37,604
				678,399

24 2 0 2 2  I S H A R E S   A N N U A L  R E P O R T  T O  S H A R E H O L D E R  S

Schedule of Investments  (continued) August 31, 2022 iShares^® MSCI Japan Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Containers & Packaging — 0.6%
FP Corp.		4,100	$	96,246
Fuji Seal International Inc.		3,000		33,279
Rengo Co. Ltd.		16,000		94,264
Toyo Seikan Group Holdings Ltd.		11,000		130,173
				353,962
Distributors — 0.2%
Arata Corp.		1,000		29,630
Doshisha Co. Ltd.		2,000		21,866
Paltac Corp.		3,000		86,294
				137,790
Diversified Consumer Services — 0.3%
Benesse Holdings Inc.		6,000		94,306
LITALICO Inc.		2,000		41,785
Riso Kyoiku Co. Ltd.		9,000		20,182
				156,273
Diversified Financial Services — 0.9%
eGuarantee Inc.		3,000		49,253
Financial Products Group Co. Ltd.		5,000		44,891
Fuyo General Lease Co. Ltd.		1,500		88,578
Japan Securities Finance Co. Ltd.		8,000		47,787
Mizuho Leasing Co. Ltd.		2,000		48,308
Ricoh Leasing Co. Ltd.		1,000		25,741
Tokyo Century Corp.		3,000		107,145
Zenkoku Hosho Co. Ltd.		4,000		132,176
				543,879
Diversified Telecommunication Services — 0.3%
ARTERIA Networks Corp.		2,000		18,703
Internet Initiative Japan Inc.		4,000		144,463
Usen-Next Holdings Co. Ltd.		1,000		15,096
Vision Inc./Tokyo Japan(a)		3,000		28,777
				207,039
Electric Utilities — 1.2%
Chugoku Electric Power Co. Inc. (The)		23,000		137,937
Hokkaido Electric Power Co. Inc.		14,000		51,387
Hokuriku Electric Power Co.		14,000		51,328
Kyushu Electric Power Co. Inc.		34,000		204,339
Okinawa Electric Power Co. Inc. (The)		4,092		33,366
Shikoku Electric Power Co. Inc.		13,000		75,825
Tohoku Electric Power Co. Inc.		38,000		188,976
				743,158
Electrical Equipment — 1.3%
Daihen Corp.		2,000		59,222
Fujikura Ltd.		20,000		142,026
Furukawa Electric Co. Ltd.		6,000		105,109
GS Yuasa Corp.		5,000		90,731
Idec Corp./Japan		2,000		41,784
Mabuchi Motor Co. Ltd.		4,000		113,566
Nippon Carbon Co. Ltd.		1,000		29,422
Nissin Electric Co. Ltd.		4,000		42,627
Nitto Kogyo Corp.		2,000		36,896
Sanyo Denki Co. Ltd.		1,000		38,916
Toyo Tanso Co. Ltd.		1,000		24,232
Ushio Inc.		8,000		97,121
				821,652
Electronic Equipment, Instruments & Components — 3.9%
Ai Holdings Corp.		3,000		45,887
Alps Alpine Co. Ltd.		16,000		143,133
Amano Corp.		4,000		73,995

Security	Shares		Value
Electronic Equipment, Instruments & Components (continued)
Anritsu Corp.		11,000	$	129,665
Canon Electronics Inc.		2,000		23,316
Canon Marketing Japan Inc.		4,000		90,707
Citizen Watch Co. Ltd.		20,000		85,452
CONEXIO Corp.		1,000		9,483
Daiwabo Holdings Co. Ltd.		7,000		98,540
Dexerials Corp.		5,000		139,018
Hioki E.E. Corp.		1,000		48,558
Horiba Ltd.		3,000		136,661
Hosiden Corp.		4,000		45,447
Iriso Electronics Co. Ltd.		2,000		59,671
Japan Aviation Electronics Industry Ltd.		3,000		50,169
Japan Display Inc.(a)		48,000		21,620
Kaga Electronics Co. Ltd.		1,000		29,602
Koa Corp.		2,000		33,819
Macnica Holdings Inc.		3,000		64,369
Maruwa Co. Ltd./Aichi		1,000		125,796
Meiko Electronics Co. Ltd.		2,000		46,464
Nichicon Corp.		4,000		42,072
Nippon Ceramic Co. Ltd.		2,000		37,791
Nippon Electric Glass Co. Ltd.		7,000		131,831
Nippon Signal Company Ltd.		3,000		20,053
Nissha Co. Ltd.		3,000		39,012
Nohmi Bosai Ltd.		2,000		23,670
Oki Electric Industry Co. Ltd.		6,000		32,378
Optex Group Co. Ltd.		3,000		44,587
Restar Holdings Corp.		1,000		14,735
Riken Keiki Co. Ltd.		1,000		31,424
Ryosan Co. Ltd.		2,000		31,989
Ryoyo Electro Corp.		1,000		16,316
Siix Corp.		2,000		15,916
Taiyo Yuden Co. Ltd.		10,000		309,058
Topcon Corp.		9,000		121,403
Yokowo Co. Ltd.		1,000		15,806
				2,429,413
Energy Equipment & Services — 0.0%
Modec Inc.(a)		2,000		20,748
Entertainment — 0.9%
Avex Inc.		3,000		33,769
Bushiroad Inc.		1,000		12,384
COLOPL Inc.		5,000		25,265
Daiichikosho Co. Ltd.		3,000		87,526
DeNA Co. Ltd.		7,000		95,794
GungHo Online Entertainment Inc.		4,000		66,054
Mixi Inc.		3,000		51,508
Shochiku Co. Ltd.(a)		1,000		87,832
Toei Animation Co. Ltd.		700		63,857
Toei Co. Ltd.		500		66,063
				590,052
Equity Real Estate Investment Trusts (REITs) — 9.1%
Activia Properties Inc.		60		186,384
Advance Logistics Investment Corp.		40		45,672
Advance Residence Investment Corp.		110		290,870
AEON REIT Investment Corp.		140		158,071
Comforia Residential REIT Inc.		50		122,692
CRE Logistics REIT Inc.		40		61,468
Daiwa Office Investment Corp.		30		151,591
Daiwa Securities Living Investments Corp.		160		142,876
Frontier Real Estate Investment Corp.		40		153,108

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  (continued) August 31, 2022 iShares^® MSCI Japan Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Equity Real Estate Investment Trusts (REITs) (continued)
Fukuoka REIT Corp.		50	$	61,163
Global One Real Estate Investment Corp.		80		64,277
Hankyu Hanshin REIT Inc.		50		55,877
Heiwa Real Estate REIT Inc.		70		79,443
Hoshino Resorts REIT Inc.		20		93,275
Hulic Reit Inc.		110		131,176
Ichigo Office REIT Investment Corp.		100		62,076
Industrial & Infrastructure Fund Investment Corp.		160		211,136
Invincible Investment Corp.		510		156,835
Japan Excellent Inc.		100		94,281
Japan Hotel REIT Investment Corp.		370		182,409
Japan Logistics Fund Inc.		70		166,135
Japan Prime Realty Investment Corp.		70		207,334
Kenedix Office Investment Corp.		40		206,650
Kenedix Residential Next Investment Corp.		80		129,956
Kenedix Retail REIT Corp.		50		102,368
LaSalle Logiport REIT		150		185,345
Mirai Corp.		150		55,030
Mitsubishi Estate Logistics REIT Investment Corp.		40		137,483
Mitsui Fudosan Logistics Park Inc.		51		199,782
Mori Hills REIT Investment Corp.		120		134,811
Mori Trust Hotel Reit Inc.		30		28,509
Mori Trust Sogo REIT Inc.		80		83,440
Nippon Accommodations Fund Inc.		40		196,336
NIPPON REIT Investment Corp.		40		109,682
NTT UD REIT Investment Corp.		120		129,712
One REIT Inc.		20		39,071
Orix JREIT Inc.		220		302,567
Samty Residential Investment Corp.		30		27,408
Sekisui House Reit Inc.		350		212,110
SOSiLA Logistics REIT Inc.		50		56,650
Star Asia Investment Corp.		130		53,806
Starts Proceed Investment Corp.		20		36,860
Takara Leben Real Estate Investment Corp.		50		38,487
Tokyu REIT Inc.		70		99,798
United Urban Investment Corp.		240		255,345
				5,699,355
Food & Staples Retailing — 3.4%
Aeon Hokkaido Corp.		2,000		16,624
Ain Holdings Inc.		2,000		114,306
Arcs Co. Ltd.		3,000		43,866
Axial Retailing Inc.		1,000		24,959
Belc Co. Ltd.		1,000		40,092
Cawachi Ltd.		1,000		15,183
Cosmos Pharmaceutical Corp.		2,000		210,647
Create SD Holdings Co. Ltd.		2,000		44,851
Daikokutenbussan Co. Ltd.		500		21,232
Fuji Co. Ltd./Ehime		2,000		28,760
G-7 Holdings Inc.		2,000		21,444
Genky DrugStores Co. Ltd.		1,000		26,297
Halows Co. Ltd.		1,000		21,962
Heiwado Co. Ltd.		2,000		28,587
Inageya Co. Ltd.		2,000		17,674
Kato Sangyo Co. Ltd.		2,000		49,186
Kusuri no Aoki Holdings Co. Ltd.		1,400		61,755
Lawson Inc.		4,000		132,563
Life Corp.		1,000		18,774
MatsukiyoCocokara & Co.		9,000		357,100
Maxvalu Tokai Co. Ltd.		1,000		19,454
Mitsubishi Shokuhin Co. Ltd.		1,000		24,546

Security	Shares		Value
Food & Staples Retailing (continued)
Oisix ra daichi Inc.(a)		2,000	$	27,208
Retail Partners Co. Ltd.		2,000		15,392
San-A Co. Ltd.		2,000		59,726
Shoei Foods Corp.		1,000		29,003
Sugi Holdings Co. Ltd.		3,000		127,301
Sundrug Co. Ltd.		6,000		146,800
Tsuruha Holdings Inc.		3,000		166,520
United Super Markets Holdings Inc.		4,000		30,361
Valor Holdings Co. Ltd.		3,000		38,244
Yaoko Co. Ltd.		2,000		92,801
Yokorei Co. Ltd.		4,000		26,526
				2,099,744
Food Products — 4.1%
Ariake Japan Co. Ltd.		2,000		68,027
Calbee Inc.		7,000		138,906
DyDo Group Holdings Inc.		1,000		33,364
Ezaki Glico Co. Ltd.		4,000		104,079
Fuji Oil Holdings Inc.		4,000		68,087
Fujicco Co. Ltd.		2,000		28,018
Fujiya Co. Ltd.		1,000		17,084
Hokuto Corp.		2,000		27,662
House Foods Group Inc.		5,000		106,080
Itoham Yonekyu Holdings Inc.		13,000		62,868
J-Oil Mills Inc.		2,000		22,989
Kagome Co. Ltd.		6,000		132,336
Kameda Seika Co. Ltd.		1,000		32,667
Kewpie Corp.		8,000		131,433
Kotobuki Spirits Co. Ltd.		2,000		115,164
Maruha Nichiro Corp.		4,000		71,523
Megmilk Snow Brand Co. Ltd.		4,000		49,300
Mitsui DM Sugar Holdings Co. Ltd.		1,000		13,458
Morinaga & Co. Ltd./Japan		3,000		85,689
Morinaga Milk Industry Co. Ltd.		3,000		91,726
NH Foods Ltd.		7,000		200,376
Nichirei Corp.		9,000		160,893
Nippn Corp., New		4,000		45,115
Nippon Suisan Kaisha Ltd.		24,000		98,209
Nisshin Oillio Group Ltd. (The)		2,000		46,808
Prima Meat Packers Ltd.		2,000		31,217
Riken Vitamin Co. Ltd.		2,000		24,637
S Foods Inc.		2,000		42,768
Sakata Seed Corp.		2,000		74,253
Showa Sangyo Co. Ltd.		1,000		18,588
Toyo Suisan Kaisha Ltd.		7,000		287,136
Yamazaki Baking Co. Ltd.		10,000		117,772
				2,548,232
Gas Utilities — 0.5%
Nippon Gas Co. Ltd.		9,000		143,263
Saibu Gas Holdings Co. Ltd.		2,000		26,271
Shizuoka Gas Co. Ltd.		3,000		22,454
Toho Gas Co. Ltd.		6,000		134,235
				326,223
Health Care Equipment & Supplies — 1.6%
CYBERDYNE Inc.(a)		9,000		25,304
Eiken Chemical Co. Ltd.		3,000		41,001
Hogy Medical Co. Ltd.		2,000		50,021
Japan Lifeline Co. Ltd.		5,000		36,298
Jeol Ltd.		4,000		160,204
Mani Inc.		6,000		75,212

26 2 0 2 2  I S H A R E S   A N N U A L  R E P O R T  T O  S H A R E H O L D E R  S

Schedule of Investments  (continued) August 31, 2022 iShares^® MSCI Japan Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Health Care Equipment & Supplies (continued)
Menicon Co. Ltd.		5,000	$	120,042
Nagaileben Co. Ltd.		2,000		27,968
Nakanishi Inc.		6,000		116,346
Nihon Kohden Corp.		7,000		159,863
Nipro Corp.		12,000		97,695
Paramount Bed Holdings Co. Ltd.		3,000		56,525
PHC Holdings Corp.		2,000		23,113
				989,592
Health Care Providers & Services — 1.7%
Alfresa Holdings Corp.		16,000		191,463
Amvis Holdings Inc.		1,000		39,661
As One Corp.		2,000		91,725
BML Inc.		2,000		51,180
Elan Corp.		3,000		24,359
H.U. Group Holdings Inc.		4,000		81,245
Medipal Holdings Corp.		15,000		205,227
Ship Healthcare Holdings Inc.		6,000		112,172
Solasto Corp.		4,000		25,626
Suzuken Co. Ltd.		6,000		143,792
Toho Holdings Co. Ltd.		5,000		66,224
Tokai Corp./Gifu		2,000		26,469
				1,059,143
Health Care Technology — 0.3%
EM Systems Co. Ltd.		3,000		21,966
JMDC Inc.		2,200		104,519
Medley Inc.(a)		2,000		44,179
MedPeer Inc.(a)		1,000		11,371
				182,035
Hotels, Restaurants & Leisure — 3.4%
Airtrip Corp.		1,000		18,800
Arcland Service Holdings Co. Ltd.		1,000		14,878
Atom Corp.(a)		10,000		56,786
Colowide Co. Ltd.		6,000		80,659
Create Restaurants Holdings Inc.		10,000		65,461
Curves Holdings Co. Ltd.		4,000		23,712
Doutor Nichires Holdings Co. Ltd.		3,000		34,697
Food & Life Companies Ltd.		9,000		141,631
Fuji Kyuko Co. Ltd.		2,000		58,838
Fujio Food Group Inc.		1,000		9,395
Heiwa Corp.		5,016		76,304
Hiday Hidaka Corp.		2,084		31,386
HIS Co. Ltd.(a)		4,000		59,340
Ichibanya Co. Ltd.		1,000		32,695
Kappa Create Co. Ltd.(a)		2,000		20,345
KFC Holdings Japan Ltd.		1,000		20,114
Kisoji Co. Ltd.		2,000		31,233
KOMEDA Holdings Co. Ltd.		4,000		66,000
Koshidaka Holdings Co. Ltd.		4,000		25,002
Kura Sushi Inc.		2,000		46,387
Kyoritsu Maintenance Co. Ltd.		2,080		81,340
Matsuyafoods Holdings Co. Ltd.		1,000		27,461
Monogatari Corp. (The)		1,000		50,711
MOS Food Services Inc.		2,000		45,653
Ohsho Food Service Corp.		1,000		46,643
Open Door Inc.(a)		1,000		14,609
Plenus Co. Ltd.		2,000		27,450
Resorttrust Inc.		7,000		112,330
Ringer Hut Co. Ltd.		2,000		31,690
Round One Corp.		6,000		86,335

Security	Shares		Value
Hotels, Restaurants & Leisure (continued)
Royal Holdings Co. Ltd.		2,000	$	31,339
Saizeriya Co. Ltd.		2,000		37,281
Skylark Holdings Co. Ltd.(a)		19,000		209,012
Tokyotokeiba Co. Ltd.		1,000		30,245
Toridoll Holdings Corp.		4,000		85,308
Tosho Co. Ltd.		1,000		8,264
Yoshinoya Holdings Co. Ltd.		5,000		88,164
Zensho Holdings Co. Ltd.		8,000		209,737
				2,137,235
Household Durables — 2.4%
Casio Computer Co. Ltd.		16,000		151,116
Chofu Seisakusho Co. Ltd.		1,000		14,285
ES-Con Japan Ltd.		3,000		17,298
Fujitsu General Ltd.		5,000		105,786
Haseko Corp.		19,000		217,726
Ki-Star Real Estate Co. Ltd.		1,000		35,102
Nagawa Co. Ltd.		1,000		58,452
Nikon Corp.		25,000		285,380
Pressance Corp.		2,000		21,626
Rinnai Corp.		3,000		229,750
Sangetsu Corp.		3,000		35,041
Sumitomo Forestry Co. Ltd.		12,000		202,890
Tama Home Co. Ltd.		1,000		16,860
Tamron Co. Ltd.		1,000		21,849
Token Corp.		1,000		63,694
Zojirushi Corp.		3,000		34,424
				1,511,279
Household Products — 0.7%
Earth Corp.		1,000		39,120
Lion Corp.		20,000		233,514
Pigeon Corp.		10,000		148,950
				421,584
Independent Power and Renewable Electricity Producers — 0.6%
Electric Power Development Co. Ltd.		12,000		184,850
eRex Co. Ltd.		2,000		40,199
RENOVA Inc.(a)		3,000		65,174
West Holdings Corp.		2,080		65,734
				355,957
Industrial Conglomerates — 0.7%
Katakura Industries Co. Ltd.		1,000		14,589
Keihan Holdings Co. Ltd.		8,000		202,842
Mie Kotsu Group Holdings Inc.		4,000		13,888
Nisshinbo Holdings Inc.		11,000		85,123
Noritsu Koki Co. Ltd.		2,000		37,173
TOKAI Holdings Corp.		8,000		51,129
				404,744
Insurance — 0.0%
Anicom Holdings Inc.		6,000		27,694
Interactive Media & Services — 0.1%
Bengo4.com Inc.(a)		1,000		27,291
Gree Inc.		5,000		30,540
Infocom Corp.		2,000		28,975
				86,806
Internet & Direct Marketing Retail — 0.4%
ASKUL Corp.		3,000		39,632
Belluna Co. Ltd.		4,000		21,198
Demae-Can Co. Ltd.(a)		3,000		12,698

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  (continued) August 31, 2022 iShares^® MSCI Japan Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Internet & Direct Marketing Retail (continued)
Mercari Inc.(a)		9,000	$	144,939
				218,467
IT Services — 2.5%
Argo Graphics Inc.		1,000		27,830
Bell System24 Holdings Inc.		3,000		31,992
BIPROGY Inc.		6,000		132,880
Change Inc.		3,000		40,067
Comture Corp.		2,000		34,836
Digital Garage Inc.		3,000		83,625
DTS Corp.		3,000		77,293
Future Corp.		4,000		48,663
GMO GlobalSign Holdings KK		400		14,536
GMO internet Inc.		6,000		110,663
Infomart Corp.		17,000		50,891
Information Services International-Dentsu Ltd.		2,000		64,920
Kanematsu Electronics Ltd.		1,000		30,507
Mitsubishi Research Institute Inc.		1,000		29,937
NEC Networks & System Integration Corp.		6,000		74,770
NET One Systems Co. Ltd.		7,000		154,234
NS Solutions Corp.		3,000		81,610
NSD Co. Ltd.		5,000		89,865
Relia Inc.		3,000		21,766
SB Technology Corp.		1,000		17,800
SHIFT Inc.(a)		1,000		143,292
Simplex Holdings Inc.		2,000		30,157
TechMatrix Corp.		3,000		36,963
TKC Corp.		2,000		49,986
Transcosmos Inc.		2,000		55,167
Zuken Inc.		1,000		25,148
				1,559,398
Leisure Products — 0.9%
GLOBERIDE Inc.		1,000		19,598
Mizuno Corp.		2,000		38,480
Roland Corp.		1,000		29,222
Sankyo Co. Ltd.		4,000		117,210
Sega Sammy Holdings Inc.		13,000		192,983
Snow Peak Inc.		2,000		31,188
Tomy Co. Ltd.		7,000		66,359
Universal Entertainment Corp.(a)		2,000		22,865
Yonex Co. Ltd.		5,000		56,533
				574,438
Machinery — 6.9%
Aichi Corp.		2,000		11,959
Aida Engineering Ltd.		4,000		24,646
Amada Co. Ltd.		29,000		226,909
CKD Corp.		4,000		52,625
Daiwa Industries Ltd.		2,000		16,031
DMG Mori Co. Ltd.		9,000		116,806
Ebara Corp.		8,000		303,053
Fuji Corp./Aichi		6,000		87,273
Fujitec Co. Ltd.		5,000		100,763
Fukushima Galilei Co. Ltd.		1,000		26,084
Furukawa Co. Ltd.		2,000		18,132
Giken Ltd.		1,000		23,278
Glory Ltd.		4,000		63,155
Harmonic Drive Systems Inc.		4,000		145,868
Hino Motors Ltd.		24,000		109,494
Hirata Corp.		1,000		32,601
Hitachi Zosen Corp.		13,000		82,063

Security	Shares		Value
Machinery (continued)
IHI Corp.		12,000	$	320,476
Japan Steel Works Ltd. (The)		5,000		106,753
Kawasaki Heavy Industries Ltd.		13,000		252,305
Kitz Corp.		5,000		29,154
Kyokuto Kaihatsu Kogyo Co. Ltd.		3,000		29,440
Makino Milling Machine Co. Ltd.		2,000		63,111
Max Co. Ltd.		2,000		28,749
Meidensha Corp.		3,000		43,002
METAWATER Co. Ltd.		2,000		29,420
Mitsubishi Logisnext Co. Ltd.		2,000		11,979
Mitsuboshi Belting Ltd.		2,000		45,977
Miura Co. Ltd.		7,000		148,494
Morita Holdings Corp.		2,000		18,196
Nabtesco Corp.		9,000		213,125
Nachi-Fujikoshi Corp.		1,000		27,132
Nikkiso Co. Ltd.		4,000		29,158
Nitta Corp.		2,000		42,034
Noritake Co. Ltd./Nagoya Japan		1,000		30,057
NSK Ltd.		32,000		173,467
NTN Corp.(a)		34,000		64,361
Obara Group Inc.		1,000		23,667
Oiles Corp.		2,096		22,686
OKUMA Corp.		2,000		75,589
Organo Corp.		600		39,910
OSG Corp.		7,000		96,399
Shibaura Machine Co. Ltd.		2,000		43,750
Shibuya Corp.		1,000		17,983
Shima Seiki Manufacturing Ltd.		2,000		31,728
Shinmaywa Industries Ltd.		4,000		30,484
Star Micronics Co. Ltd.		3,000		39,450
Sumitomo Heavy Industries Ltd.		9,000		188,919
Tadano Ltd.		8,000		54,655
Takeuchi Manufacturing Co. Ltd.		3,000		56,857
Takuma Co. Ltd.		5,000		50,235
THK Co. Ltd.		10,000		202,984
Tocalo Co. Ltd.		4,000		36,860
Tsubakimoto Chain Co.		2,000		46,215
Tsugami Corp.		3,000		26,844
Union Tool Co.		1,000		25,534
YAMABIKO Corp.		3,000		24,491
				4,282,370
Marine — 0.5%
Iino Kaiun Kaisha Ltd.		6,000		35,257
Kawasaki Kisen Kaisha Ltd.		4,000		253,072
NS United Kaiun Kaisha Ltd.		1,000		34,486
				322,815
Media — 0.7%
Direct Marketing MiX Inc.		2,000		26,484
Fuji Media Holdings Inc.		4,000		31,655
Kadokawa Corp.		8,016		173,740
Nippon Television Holdings Inc.		4,000		33,990
Septeni Holdings Co. Ltd.		5,000		17,819
SKY Perfect JSAT Holdings Inc.		14,000		55,639
TBS Holdings Inc.		3,000		34,746
TV Asahi Holdings Corp.		2,000		20,841
ValueCommerce Co. Ltd.		1,000		18,263
Vector Inc.		2,000		16,710
Zenrin Co. Ltd.		3,000		20,522
				450,409

28 2 0 2 2  I S H A R E S   A N N U A L  R E P O R T  T O  S H A R E H O L D E R  S

Schedule of Investments (continued) August 31, 2022 iShares^® MSCI Japan Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Metals & Mining — 2.0%
Asahi Holdings Inc.		6,000	$	89,429
Daido Steel Co. Ltd.		2,000		56,104
Daiki Aluminium Industry Co. Ltd.		2,000		19,310
Dowa Holdings Co. Ltd.		4,000		150,776
Kobe Steel Ltd.		28,000		127,399
Kyoei Steel Ltd.		2,000		22,002
Maruichi Steel Tube Ltd.		5,000		106,590
Mitsubishi Materials Corp.		10,000		149,250
Mitsui Mining & Smelting Co. Ltd.		5,000		118,078
Nippon Light Metal Holdings Co. Ltd.		5,000		57,533
Pacific Metals Co. Ltd.		1,000		17,435
Sanyo Special Steel Co. Ltd.		2,000		30,062
Toho Titanium Co. Ltd.		3,000		47,521
Tokyo Steel Manufacturing Co. Ltd.		5,000		52,976
UACJ Corp.		3,014		52,039
Yamato Kogyo Co. Ltd.		3,000		106,202
Yodogawa Steel Works Ltd.		2,000		35,967
				1,238,673
Multiline Retail — 1.5%
H2O Retailing Corp.		6,035		42,519
Isetan Mitsukoshi Holdings Ltd.		28,000		221,255
Izumi Co. Ltd.		3,000		64,744
J Front Retailing Co. Ltd.		20,000		158,510
Kintetsu Department Store Co. Ltd.(a)		1,000		16,391
Ryohin Keikaku Co. Ltd.		21,000		194,764
Seria Co. Ltd.		4,000		78,018
Takashimaya Co. Ltd.		12,000		132,748
				908,949
Oil, Gas & Consumable Fuels — 0.8%
Cosmo Energy Holdings Co. Ltd.		6,000		179,645
Itochu Enex Co. Ltd.		4,000		31,383
Iwatani Corp.		4,000		163,209
Japan Petroleum Exploration Co. Ltd.		3,000		85,471
Mitsuuroko Group Holdings Co. Ltd.		2,000		14,125
San-Ai Obbli Co. Ltd.		4,000		31,651
				505,484
Paper & Forest Products — 0.3%
Daiken Corp.		1,000		13,972
Daio Paper Corp.		7,000		65,432
Hokuetsu Corp.		10,000		53,816
Nippon Paper Industries Co. Ltd.		8,000		52,199
Tokushu Tokai Paper Co. Ltd.		1,000		22,765
				208,184
Personal Products — 1.1%
Euglena Co. Ltd.(a)		8,000		56,060
Fancl Corp.		6,000		121,310
Mandom Corp.		3,000		32,269
Milbon Co. Ltd.		2,000		84,235
Noevir Holdings Co. Ltd.		1,000		41,431
Pola Orbis Holdings Inc.		8,000		88,245
Rohto Pharmaceutical Co. Ltd.		8,000		240,805
YA-MAN Ltd.		2,000		23,126
				687,481
Pharmaceuticals — 1.9%
Hisamitsu Pharmaceutical Co. Inc.		4,000		96,867
JCR Pharmaceuticals Co. Ltd.		5,000		77,516
Kaken Pharmaceutical Co. Ltd.		3,000		83,255
Kissei Pharmaceutical Co. Ltd.		2,000		35,610
KYORIN Holdings Inc.		3,000		37,714

Security	Shares		Value
Pharmaceuticals (continued)
Mochida Pharmaceutical Co. Ltd.		2,000	$	49,238
Nichi-Iko Pharmaceutical Co. Ltd.(a)		5,050		12,557
Santen Pharmaceutical Co. Ltd.		30,000		215,535
Sawai Group Holdings Co. Ltd.		3,000		88,658
Sosei Group Corp.(a)		6,000		74,451
Sumitomo Pharma Co., Ltd.		15,000		111,734
Taisho Pharmaceutical Holdings Co. Ltd.		3,000		111,547
Torii Pharmaceutical Co. Ltd.		1,000		21,494
Towa Pharmaceutical Co. Ltd.		2,000		31,717
Tsumura & Co.		5,000		114,457
ZERIA Pharmaceutical Co. Ltd.		2,000		29,873
				1,192,223
Professional Services — 2.6%
BayCurrent Consulting Inc.		1,200		352,644
Benefit One Inc.		6,000		88,823
BeNext-Yumeshin Group Co.		5,016		59,118
Dip Corp.		3,000		77,594
en Japan Inc.		3,000		51,269
Fullcast Holdings Co. Ltd.		2,000		34,993
Funai Soken Holdings Inc.		3,000		51,391
Insource Co. Ltd.		2,000		40,136
IR Japan Holdings Ltd.		1,000		18,336
JAC Recruitment Co. Ltd.		1,000		14,154
Link And Motivation Inc.		3,000		13,733
Management Solutions Co. Ltd.(a)		1,000		19,975
Meitec Corp.		6,000		105,492
Nomura Co. Ltd.		7,000		47,364
Outsourcing Inc.		9,000		78,122
Pasona Group Inc.		2,000		29,938
SMS Co. Ltd.		6,000		136,611
S-Pool Inc.		5,000		38,563
TechnoPro Holdings Inc.		9,000		202,444
UT Group Co. Ltd.		2,000		39,835
Visional Inc.(a)		1,000		53,290
WDB Holdings Co. Ltd.		1,000		18,474
Weathernews Inc.		400		23,001
				1,595,300
Real Estate Management & Development — 2.0%
Aeon Mall Co. Ltd.		9,000		107,346
Goldcrest Co. Ltd.		1,000		12,460
Heiwa Real Estate Co. Ltd.		3,000		84,596
Ichigo Inc.		22,000		48,081
Katitas Co. Ltd.		4,000		96,126
Keihanshin Building Co. Ltd.		2,000		18,053
Leopalace21 Corp.(a)		14,000		33,234
Relo Group Inc.		9,000		144,671
SAMTY Co. Ltd.		2,000		31,671
SRE Holdings Corp.(a)		1,000		20,369
Starts Corp. Inc.		3,000		57,632
Sun Frontier Fudousan Co. Ltd.		2,000		17,254
TKP Corp.(a)		1,000		17,345
TOC Co. Ltd.		3,000		15,884
Tokyo Tatemono Co. Ltd.		16,000		239,836
Tokyu Fudosan Holdings Corp.		52,000		279,437
Tosei Corp.		2,000		19,978
				1,243,973
Road & Rail — 2.9%
Fukuyama Transporting Co. Ltd.		2,000		45,424
Hamakyorex Co. Ltd.		1,000		22,771

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 (continued) August 31, 2022 iShares^® MSCI Japan Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Road & Rail (continued)
Keikyu Corp.		18,000	$	184,971
Kyushu Railway Co.		11,000		231,392
Maruzen Showa Unyu Co. Ltd.		1,000		22,835
Nagoya Railroad Co. Ltd.		15,000		232,058
Nankai Electric Railway Co. Ltd.		9,000		179,019
Nikkon Holdings Co. Ltd.		5,000		84,635
Nishi-Nippon Railroad Co. Ltd.		5,000		103,459
Sakai Moving Service Co. Ltd.		1,000		33,000
Sankyu Inc.		4,000		123,029
Seibu Holdings Inc.		19,000		192,484
Seino Holdings Co. Ltd.		11,000		87,349
Senko Group Holdings Co. Ltd.		9,000		61,489
Sotetsu Holdings Inc.		7,000		120,461
Trancom Co. Ltd.		1,000		54,667
				1,779,043
Semiconductors & Semiconductor Equipment — 1.9%
Ferrotec Holdings Corp.		4,000		91,047
Japan Material Co. Ltd.		6,000		83,042
Megachips Corp.		1,000		19,659
Micronics Japan Co. Ltd.		2,000		20,487
Mimasu Semiconductor Industry Co. Ltd.		1,000		15,208
Mitsui High-Tec Inc.		1,600		98,955
Optorun Co. Ltd.		2,000		32,470
Rorze Corp.		1,000		60,678
RS Technologies Co. Ltd.		1,000		48,888
Sanken Electric Co. Ltd.		2,000		70,273
SCREEN Holdings Co. Ltd.		3,008		199,800
Shinko Electric Industries Co. Ltd.		6,000		167,014
Tokyo Seimitsu Co. Ltd.		3,000		99,934
Tri Chemical Laboratories Inc.		2,000		35,275
Ulvac Inc.		4,000		155,105
				1,197,835
Software — 1.4%
Alpha Systems Inc.		1,000		33,238
Appier Group Inc.(a)		4,000		34,135
Cybozu Inc.		2,000		19,293
Digital Arts Inc.		1,000		46,474
Freee KK(a)		3,000		62,772
Fuji Soft Inc.		2,000		116,772
Fukui Computer Holdings Inc.		1,000		25,470
Justsystems Corp.		3,000		75,322
Money Forward Inc.(a)		4,000		98,541
OBIC Business Consultants Co. Ltd.		3,000		108,155
PKSHA Technology Inc.(a)		1,000		14,323
Plaid Inc.(a)		1,000		3,764
Plus Alpha Consulting Co. Ltd.		1,000		15,820
Rakus Co. Ltd.		7,000		82,386
Sansan Inc.(a)		6,000		55,796
Systena Corp.		23,000		70,469
				862,730
Specialty Retail — 2.8%
ABC-Mart Inc.		3,000		120,681
Adastria Co. Ltd.		2,000		28,954
Alpen Co. Ltd.		1,000		15,052
AOKI Holdings Inc.		3,000		15,166
Arcland Sakamoto Co. Ltd.		2,000		21,446
Autobacs Seven Co. Ltd.		6,000		61,503
Bic Camera Inc.		8,000		65,486
DCM Holdings Co. Ltd.		8,000		59,328

Security	Shares		Value
Specialty Retail (continued)
EDION Corp.		7,000	$	60,215
Geo Holdings Corp.		2,000		23,703
IDOM Inc.		4,000		23,673
JINS Holdings Inc.		1,000		30,503
Joshin Denki Co. Ltd.		1,000		13,776
Joyful Honda Co. Ltd.		4,000		49,896
Keiyo Co. Ltd.		3,000		19,648
Kohnan Shoji Co. Ltd.		2,000		49,575
Komeri Co. Ltd.		2,000		37,563
K’s Holdings Corp.		13,000		119,774
Nafco Co. Ltd.		1,000		11,602
Nextage Co. Ltd.		4,000		86,844
Nishimatsuya Chain Co. Ltd.		3,000		35,139
Nojima Corp.		3,000		60,441
PAL GROUP Holdings Co. Ltd.		2,000		33,159
Sanrio Co. Ltd.		4,000		105,196
Shimamura Co. Ltd.		2,000		181,280
T-Gaia Corp.		2,000		23,780
United Arrows Ltd.		2,000		26,256
VT Holdings Co. Ltd.		6,000		20,776
Workman Co. Ltd.		2,000		80,080
Yamada Holdings Co. Ltd.		61,000		211,123
Yellow Hat Ltd.		3,000		38,732
				1,730,350
Technology Hardware, Storage & Peripherals — 0.7%
Eizo Corp.		1,000		27,219
Elecom Co. Ltd.		4,000		48,676
Konica Minolta Inc.		38,000		131,574
Maxell Ltd.		4,000		42,426
MCJ Co. Ltd.		6,000		41,710
Riso Kagaku Corp.		2,000		35,518
Toshiba TEC Corp.		2,000		59,521
Wacom Co. Ltd.		13,000		78,013
				464,657
Textiles, Apparel & Luxury Goods — 1.0%
Asics Corp.		14,000		255,978
Descente Ltd.		2,000		48,848
Goldwin Inc.		2,000		119,099
Gunze Ltd.		1,000		28,263
Japan Wool Textile Co. Ltd. (The)		4,000		29,399
Seiko Holdings Corp.		2,000		41,212
Seiren Co. Ltd.		4,000		60,748
Wacoal Holdings Corp.		3,000		47,944
				631,491
Trading Companies & Distributors — 1.8%
Hanwa Co. Ltd.		3,000		74,216
Inaba Denki Sangyo Co. Ltd.		4,000		78,883
Inabata & Co. Ltd.		4,000		69,994
Japan Pulp & Paper Co. Ltd.		1,000		31,367
Kanamoto Co. Ltd.		3,000		46,183
Kanematsu Corp.		6,000		64,908
MARUKA FURUSATO Corp.		2,000		48,742
Nagase & Co. Ltd.		8,000		114,807
Nichiden Corp.		1,000		13,565
Nippon Steel Trading Corp.		1,044		40,167
Nishio Rent All Co. Ltd.		2,000		41,726
Sojitz Corp.		20,000		336,519
Trusco Nakayama Corp.		4,000		55,939
Wakita & Co. Ltd.		3,000		24,129

30 2 0 2 2  I S H A R E S   A N N U A L  R E P O R T  T O  S H A R E H O L D E R  S

Schedule of Investments (continued) August 31, 2022 iShares^® MSCI Japan Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Trading Companies & Distributors (continued)
Yamazen Corp.		4,000	$	26,785
Yuasa Trading Co. Ltd.		1,000		25,194
				1,093,124
Transportation Infrastructure — 0.9%
Japan Airport Terminal Co. Ltd.(a)		5,000		206,336
Kamigumi Co. Ltd.		9,000		176,120
Mitsubishi Logistics Corp.		4,000		103,936
Sumitomo Warehouse Co. Ltd. (The)		4,000		62,769
				549,161
Wireless Telecommunication Services — 0.1%
Okinawa Cellular Telephone Co.		1,000		37,432
Total Long-Term Investments — 99.7% (Cost: $82,458,492)				62,146,638
Short-Term Securities
Money Market Funds — 0.0%
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.07%(b)(c)		10,000		10,000
Total Short-Term Securities — 0.0% (Cost: $10,000)				10,000
Total Investments in Securities — 99.7% (Cost: $82,468,492)				62,156,638
Other Assets Less Liabilities — 0.3%			212,403
Net Assets — 100.0%			$62,369,041

^(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 year ended August 31, 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 Sale			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 08/31/22		Shares Held at 08/31/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares(a)	$	—	$	—	$	(1	)(b)	$	1	$	—	$	—		—	$	83	(c)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		30,000		—		(20,000	)(b)		—		—		10,000		10,000		114			—
								$	1	$	—	$	10,000			$	197		$	—

^(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
Mini TOPIX Index		18		09/08/22	$	252	$	2,536

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 (continued) August 31, 2022 iShares^® MSCI Japan Small-Cap 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:

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)	$	—	$	—	$	2,536	$	—	$	—	$	—	$	2,536

^(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 August 31, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Commodity Contracts		Credit Contracts		Equity Contracts			Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Net Realized Gain (Loss) from
Futures contracts	$	—	$	—	$	(36,628	)	$	—	$	—	$	—	$	(36,628	)
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	(2,165	)	$	—	$	—	$	—	$	(2,165	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts
Average notional value of contracts — long	$	404,572

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	$	53,806	$	62,092,832	$	—	$	62,146,638
Money Market Funds		10,000		—		—		10,000
	$	63,806	$	62,092,832	$	—	$	62,156,638
Derivative financial instruments(a)
Assets
Futures Contracts	$	—	$	2,536	$	—	$	2,536

^(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   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 August 31, 2022 iShares^® MSCI Malaysia ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Banks — 41.4%
AMMB Holdings Bhd		4,364,437	$	4,056,508
CIMB Group Holdings Bhd		16,281,012		19,469,959
Hong Leong Bank Bhd		1,555,140		7,238,458
Hong Leong Financial Group Bhd		547,500		2,366,678
Malayan Banking Bhd		11,449,881		22,905,457
Public Bank Bhd		34,813,500		36,555,567
RHB Bank Bhd		3,466,302		4,429,171
				97,021,798
Chemicals — 4.8%
Petronas Chemicals Group Bhd		5,739,300		11,257,458
Diversified Telecommunication Services — 1.5%
Telekom Malaysia Bhd		2,703,100		3,593,437
Electric Utilities — 5.3%
Tenaga Nasional Bhd		6,161,912		12,377,520
Energy Equipment & Services — 2.0%
Dialog Group Bhd		8,772,554		4,745,578
Food Products — 12.8%
IOI Corp. Bhd		6,012,030		5,682,245
Kuala Lumpur Kepong Bhd		1,034,000		5,346,165
Nestle Malaysia Bhd		168,200		4,991,061
PPB Group Bhd		1,530,919		6,020,372
QL Resources Bhd		2,613,150		2,977,782
Sime Darby Plantation Bhd		4,961,355		4,931,593
				29,949,218
Gas Utilities — 3.1%
Petronas Gas Bhd		1,892,700		7,314,363
Health Care Equipment & Supplies — 1.6%
Hartalega Holdings Bhd		4,111,900		1,525,138
Top Glove Corp. Bhd		12,793,800		2,290,669
				3,815,807
Health Care Providers & Services — 2.5%
IHH Healthcare Bhd		4,209,500		5,809,846
Hotels, Restaurants & Leisure — 4.3%
Genting Bhd		5,099,100		5,329,504
Genting Malaysia Bhd		7,100,000		4,712,799
				10,042,303
Industrial Conglomerates — 2.4%
HAP Seng Consolidated Bhd		1,484,600		2,305,434
Sime Darby Bhd		6,526,355		3,325,175
				5,630,609

Security	Shares		Value
Marine — 2.1%
MISC Bhd		3,202,320	$	5,066,841
Metals & Mining — 4.0%
Press Metal Aluminium Holdings Bhd		8,866,700		9,397,783
Oil, Gas & Consumable Fuels — 1.6%
Petronas Dagangan Bhd		711,700		3,737,001
Semiconductors & Semiconductor Equipment — 1.7%
Inari Amertron Bhd		6,664,100		3,966,263
Specialty Retail — 1.2%
MR DIY Group M Bhd(a)		5,651,000		2,728,011
Transportation Infrastructure — 0.9%
Malaysia Airports Holdings Bhd(b)		1,593,100		2,081,720
Wireless Telecommunication Services — 6.6%
Axiata Group Bhd		6,587,100		4,466,947
DiGi.Com Bhd		7,437,100		6,207,233
Maxis Bhd		5,613,100		4,811,664
				15,485,844
Total Long-Term Investments — 99.8% (Cost: $144,517,307)				234,021,400
Short-Term Securities
Money Market Funds — 0.1%
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.07%(c)(d)		110,000		110,000
Total Short-Term Securities — 0.1% (Cost: $110,000)				110,000
Total Investments in Securities — 99.9% (Cost: $144,627,307)				234,131,400
Other Assets Less Liabilities — 0.1%				255,780
Net Assets — 100.0%			$	234,387,180

^(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 33

Schedule of Investments (continued) August 31, 2022 iShares^® MSCI Malaysia ETF     

Affiliates

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

Affiliated Issuer	Value at 08/31/21		Purchases at Cost		Proceeds from Sale			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value at 08/31/22		Shares Held at 08/31/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares(a)	$	8,505,154	$	—	$	(8,504,669	)(b)	$	1,132	$	(1,617	)	$	—		—	$	213,003	(c)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		360,000		—		(250,000	)(b)		—		—			110,000		110,000		1,163			—
								$	1,132	$	(1,617	)	$	110,000			$	214,166		$	—

^(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
MSCI Emerging Markets Index		5		09/16/22	$	245	$	(3,006	)

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:

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	—	$	—	$	3,006	$	—	$	—	$	—	$	3,006

^(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 August 31, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Commodity Contracts		Credit Contracts		Equity Contracts			Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Net Realized Gain (Loss) from
Futures contracts	$	—	$	—	$	(110,867	)	$	—	$	—	$	—	$	(110,867	)
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	4,477		$	—	$	—	$	—	$	4,477

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts
Average notional value of contracts — long	$	822,475

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

34 2 0 2 2   I S H A R E S   A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments (continued) August 31, 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	$	39,971,657		$	194,049,743	$	—	$	234,021,400
Money Market Funds		110,000			—		—		110,000
	$	40,081,657		$	194,049,743	$	—	$	234,131,400
Derivative financial instruments(a)
Liabilities
Futures Contracts	$	(3,006	)	$	—	$	—	$	(3,006	)

^(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 35

Schedule of Investments August 31, 2022 iShares^® MSCI Pacific ex Japan ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Australia — 62.2%
Ampol Ltd.		290,392	$	6,825,482
APA Group		1,424,883		10,744,790
Aristocrat Leisure Ltd.		727,914		17,569,243
ASX Ltd.		234,203		12,467,157
Aurizon Holdings Ltd.		2,210,289		5,590,111
Australia & New Zealand Banking Group Ltd.		3,612,526		55,844,392
BHP Group Ltd.		6,130,517		167,240,520
BlueScope Steel Ltd.		580,842		6,516,944
Brambles Ltd.		1,735,800		14,608,884
Cochlear Ltd.		79,708		11,603,649
Coles Group Ltd.		1,620,615		19,397,419
Commonwealth Bank of Australia		2,066,455		136,555,902
Computershare Ltd.		656,178		10,943,538
CSL Ltd.		583,350		116,680,268
Dexus		1,306,765		7,729,482
Domino’s Pizza Enterprises Ltd.		72,693		3,133,220
Endeavour Group Ltd./Australia		1,632,018		8,076,553
Evolution Mining Ltd.		2,201,047		3,537,198
Fortescue Metals Group Ltd.		2,050,759		25,485,951
Goodman Group		2,036,190		27,077,222
GPT Group (The)		2,334,183		6,651,262
IDP Education Ltd.(a)		250,667		4,934,778
Insurance Australia Group Ltd.		2,992,704		9,456,657
James Hardie Industries PLC		539,054		12,217,860
Lendlease Corp. Ltd.		827,109		5,763,721
Lottery Corp. Ltd. (The)(b)		2,695,330		8,101,329
Macquarie Group Ltd.		441,371		52,811,468
Medibank Pvt Ltd.		3,306,964		8,330,135
Mineral Resources Ltd.		206,306		8,790,166
Mirvac Group		4,803,963		6,841,476
National Australia Bank Ltd.		3,887,152		80,604,491
Newcrest Mining Ltd.		1,083,092		13,020,561
Northern Star Resources Ltd.		1,399,066		7,394,398
Orica Ltd.		539,965		5,648,112
Origin Energy Ltd.		2,137,528		9,103,855
Qantas Airways Ltd.(b)		1,109,720		3,988,032
QBE Insurance Group Ltd.		1,788,991		14,667,502
Ramsay Health Care Ltd.		221,126		10,776,769
REA Group Ltd.		63,458		5,472,521
Reece Ltd.		279,391		3,024,807
Rio Tinto Ltd.		448,546		28,488,668
Santos Ltd.		3,901,548		20,827,567
Scentre Group		6,285,642		12,491,424
SEEK Ltd.		410,487		5,791,431
Sonic Healthcare Ltd.		551,523		12,753,961
South32 Ltd.		5,619,241		15,473,743
Stockland		2,866,479		7,051,148
Suncorp Group Ltd.		1,524,767		11,260,783
Telstra Corp. Ltd.		4,917,889		13,299,168
Transurban Group		3,712,198		35,219,339
Treasury Wine Estates Ltd.		866,785		7,775,293
Vicinity Centres		4,646,355		6,083,051
Washington H Soul Pattinson & Co. Ltd.		259,994		4,531,207
Wesfarmers Ltd.		1,373,459		43,935,496
Westpac Banking Corp.		4,239,896		62,231,152
WiseTech Global Ltd.		176,245		6,961,584
Woodside Energy Group Ltd.		2,299,402		53,411,686

Security	Shares		Value
Australia (continued)
Woolworths Group Ltd.		1,470,046	$	36,240,643
				1,329,055,169
Hong Kong — 23.6%
AIA Group Ltd.		14,586,414		140,339,337
BOC Hong Kong Holdings Ltd.		4,469,000		15,381,406
Budweiser Brewing Co. APAC Ltd.(a)(c)		2,101,300		6,176,645
Chow Tai Fook Jewellery Group Ltd.		2,401,800		4,834,119
CK Asset Holdings Ltd.		2,421,232		16,342,741
CK Hutchison Holdings Ltd.		3,253,732		21,011,471
CK Infrastructure Holdings Ltd.		757,208		4,604,588
CLP Holdings Ltd.		1,984,000		17,094,721
ESR Group Ltd.(a)(b)(c)		2,453,000		6,868,653
Futu Holdings Ltd., ADR(a)(b)		73,168		3,591,817
Galaxy Entertainment Group Ltd.		2,635,000		14,728,812
Hang Lung Properties Ltd.		2,429,736		4,040,675
Hang Seng Bank Ltd.		924,000		14,466,719
Henderson Land Development Co. Ltd.		1,744,442		5,835,368
HK Electric Investments & HK Electric Investments Ltd., Class SS		3,259,000		2,719,743
HKT Trust & HKT Ltd., Class SS		4,550,338		6,104,643
Hong Kong & China Gas Co. Ltd.		13,538,253		13,347,123
Hong Kong Exchanges & Clearing Ltd.		1,455,000		58,628,531
Hongkong Land Holdings Ltd.(a)		1,371,100		6,628,021
Jardine Matheson Holdings Ltd.		192,800		10,224,504
Link REIT		2,558,886		19,803,275
MTR Corp. Ltd.		1,878,786		9,621,864
New World Development Co. Ltd.		1,814,480		5,912,628
Power Assets Holdings Ltd.		1,683,000		10,066,367
Sands China Ltd.(b)		2,962,400		6,624,213
Sino Land Co. Ltd.		4,206,800		6,151,706
SITC International Holdings Co. Ltd.		1,611,000		4,085,224
Sun Hung Kai Properties Ltd.		1,758,000		20,653,370
Swire Pacific Ltd., Class A		612,000		4,233,068
Swire Properties Ltd.		1,400,000		3,226,609
Techtronic Industries Co. Ltd.		1,662,207		19,604,459
WH Group Ltd.(c)		10,161,000		6,922,923
Wharf Real Estate Investment Co. Ltd.		2,029,600		9,235,057
Xinyi Glass Holdings Ltd.		2,224,000		4,107,484
				503,217,884
Malta — 0.0%
BGP Holdings PLC, NVS(d)		27,004,595		271
New Zealand — 1.9%
Auckland International Airport Ltd.(b)		1,524,328		7,029,839
Fisher & Paykel Healthcare Corp. Ltd.		701,038		8,392,606
Mercury NZ Ltd.		837,490		2,963,872
Meridian Energy Ltd.		1,544,300		4,711,341
Spark New Zealand Ltd.		2,244,775		7,425,526
Xero Ltd.(b)		163,352		9,609,854
				40,133,038
Singapore — 11.6%
Ascendas Real Estate Investment Trust		4,080,780		8,224,428
CapitaLand Integrated Commercial Trust		6,411,138		9,482,222
Capitaland Investment Ltd./Singapore		3,159,800		8,319,046
City Developments Ltd.		491,500		2,853,749
DBS Group Holdings Ltd.		2,188,700		50,960,562
Genting Singapore Ltd.		7,424,300		4,108,667
Grab Holdings Ltd., Class A(a)(b)		1,572,243		4,480,892
Keppel Corp. Ltd.		1,769,900		9,192,010
Mapletree Logistics Trust		3,930,684		4,688,699

36 2 0 2 2  I S H A R E S   A N N U A L  R E P O R T  T O  S H A R E H O L D E R  S

Schedule of Investments  (continued) August 31, 2022 iShares^® MSCI Pacific ex Japan ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Singapore (continued)
Mapletree Pan Asia Commercial Trust		2,851,300	$	3,749,444
Oversea-Chinese Banking Corp. Ltd.		4,100,524		35,342,996
Sea Ltd., ADR(a)(b)		437,594		27,130,828
Singapore Airlines Ltd.(b)		1,634,950		6,207,664
Singapore Exchange Ltd.		1,014,100		6,881,693
Singapore Technologies Engineering Ltd.		1,874,800		4,995,874
Singapore Telecommunications Ltd.(a)		10,022,128		18,815,115
United Overseas Bank Ltd.		1,429,100		27,866,671
UOL Group Ltd.		570,500		2,822,715
Venture Corp. Ltd.		341,000		4,455,111
Wilmar International Ltd.(a)		2,340,800		6,756,479
				247,334,865
Total Long-Term Investments — 99.3% (Cost: $2,242,102,739)				2,119,741,227
Short-Term Securities
Money Market Funds — 1.6%
BlackRock Cash Funds: Institutional, SL Agency Shares, 2.42%(e)(f)(g)		34,023,180		34,033,387

Security	Shares		Value
Money Market Funds (continued)
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.07%(e)(f)		910,000	$	910,000
Total Short-Term Securities — 1.6% (Cost: $34,930,002)				34,943,387
Total Investments in Securities — 100.9% (Cost: $2,277,032,741)				2,154,684,614
Liabilities in Excess of Other Assets — (0.9)%				(19,676,880	)
Net Assets — 100.0%			$	2,135,007,734

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

^(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) 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 year ended August 31, 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 Sale			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 08/31/22		Shares Held at 08/31/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	24,751,750	$	9,290,549	(a)	$	—		$	(20,312	)	$	11,400	$	34,033,387		34,023,180	$	661,560	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		930,000		—			(20,000	)(a)		—			—		910,000		910,000		4,755			—
									$	(20,312	)	$	11,400	$	34,943,387			$	666,315		$	—

^(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
SPI 200 Index		89		09/15/22	$	10,407	$	(10,272	)
MSCI Singapore Index		217		09/29/22		4,475		(100,216	)
							$	(110,488	)

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  (continued) August 31, 2022 iShares^® MSCI Pacific ex 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:

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	—	$	—	$	110,488	$	—	$	—	$	—	$	110,488

^(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 August 31, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Commodity Contracts		Credit Contracts		Equity Contracts			Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Net Realized Gain (Loss) from
Futures contracts	$	—	$	—	$	(1,153,959	)	$	—	$	—	$	—	$	(1,153,959	)
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	(57,003	)	$	—	$	—	$	—	$	(57,003	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts
Average notional value of contracts — long	$	19,416,040

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	$	37,923,280	$	2,081,817,676		$	271	$	2,119,741,227
Money Market Funds		34,943,387		—			—		34,943,387
	$	72,866,667	$	2,081,817,676		$	271	$	2,154,684,614
Derivative financial instruments(a)
Liabilities
Futures Contracts	$	—	$	(110,488	)	$	—	$	(110,488	)

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

See notes to financial statements.

38 2 0 2 2   I S H A R E S   A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments  August 31, 2022 iShares^® MSCI Singapore ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 3.4%
Singapore Technologies Engineering Ltd.		7,086,800	$	18,884,556
Airlines — 3.9%
Singapore Airlines Ltd.(a)(b)		5,703,567		21,655,605
Banks — 37.2%
DBS Group Holdings Ltd.		4,192,200		97,609,022
Oversea-Chinese Banking Corp. Ltd.		7,294,650		62,873,619
United Overseas Bank Ltd.		2,342,100		45,669,673
				206,152,314
Capital Markets — 4.2%
Singapore Exchange Ltd.		3,429,700		23,273,979
Diversified Telecommunication Services — 4.5%
Singapore Telecommunications Ltd.(b)		13,371,068		25,102,273
Electronic Equipment, Instruments & Components — 3.2%
Venture Corp. Ltd.		1,359,100		17,756,425
Entertainment — 8.2%
Sea Ltd., ADR(a)(b)		735,885		45,624,870
Equity Real Estate Investment Trusts (REITs) — 13.0%
Ascendas Real Estate Investment Trust		11,937,294		24,058,493
CapitaLand Integrated Commercial Trust		9,178,694		13,575,502
Mapletree Logistics Trust(b)		15,145,613		18,066,377
Mapletree Pan Asia Commercial Trust		12,132,500		15,954,170
				71,654,542
Food Products — 4.1%
Wilmar International Ltd.(b)		7,817,200		22,563,546
Hotels, Restaurants & Leisure — 3.0%
Genting Singapore Ltd.		30,365,342		16,804,423
Industrial Conglomerates — 4.8%
Keppel Corp. Ltd.		5,106,500		26,520,708

Security	Shares		Value
Real Estate Management & Development — 7.1%
Capitaland Investment Ltd./Singapore		4,206,300	$	11,074,246
City Developments Ltd.(b)		2,450,300		14,226,938
UOL Group Ltd.		2,771,500		13,712,804
				39,013,988
Road & Rail — 2.8%
Grab Holdings Ltd., Class A(a)(b)		5,413,439		15,428,301
Total Long-Term Investments — 99.4% (Cost: $647,142,948)				550,435,530
Short-Term Securities
Money Market Funds — 9.6%
BlackRock Cash Funds: Institutional, SL Agency Shares, 2.42%(c)(d)(e)		52,755,125		52,770,952
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.07%(c)(d)		180,000		180,000
Total Short-Term Securities — 9.6% (Cost: $52,932,399)				52,950,952
Total Investments in Securities — 109.0% (Cost: $700,075,347)				603,386,482
Liabilities in Excess of Other Assets — (9.0)%				(49,897,553	)
Net Assets — 100.0%			$	553,488,929

^(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 year ended August 31, 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 Sale			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 08/31/22		Shares Held at 08/31/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	20,464,697	$	32,281,253	(a)	$	—		$	8,455	$	16,547	$	52,770,952		52,755,125	$	106,287	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		300,000		—			(120,000	)(a)		—		—		180,000		180,000		1,399			—
									$	8,455	$	16,547	$	52,950,952			$	107,686		$	—

^(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 39

Schedule of Investments  (continued) August 31, 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		186		09/29/22	$	3,835	$	(85,800	)

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:

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	—	$	—	$	85,800	$	—	$	—	$	—	$	85,800

^(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 August 31, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Commodity Contracts		Credit Contracts		Equity Contracts			Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Net Realized Gain (Loss) from
Futures contracts	$	—	$	—	$	(920,062	)	$	—	$	—	$	—	$	(920,062	)
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	(5,579	)	$	—	$	—	$	—	$	(5,579	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts
Average notional value of contracts — long	$	2,896,640

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	$	61,053,171	$	489,382,359		$	—	$	550,435,530
Money Market Funds		52,950,952		—			—		52,950,952
	$	114,004,123	$	489,382,359		$	—	$	603,386,482
Derivative financial instruments(a)
Liabilities
Futures Contracts	$	—	$	(85,800	)	$	—	$	(85,800	)

^(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   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 August 31, 2022 iShares^® MSCI Taiwan ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Airlines — 0.5%
China Airlines Ltd.		11,685,000	$	8,643,689
Eva Airways Corp.(a)		10,378,000		11,357,365
				20,001,054
Auto Components — 0.4%
Cheng Shin Rubber Industry Co. Ltd.		13,491,670		15,629,356
Banks — 12.3%
Chang Hwa Commercial Bank Ltd.		37,125,708		21,444,203
CTBC Financial Holding Co. Ltd.		86,487,325		66,245,486
E.Sun Financial Holding Co. Ltd.(a)		66,211,771		61,008,106
First Financial Holding Co. Ltd.		58,784,385		51,000,071
Hua Nan Financial Holdings Co. Ltd.		54,070,387		41,040,121
Mega Financial Holding Co. Ltd.(a)		53,363,652		62,591,613
Shanghai Commercial & Savings Bank Ltd. (The)		21,172,306		34,462,309
SinoPac Financial Holdings Co. Ltd.		66,074,441		37,458,407
Taishin Financial Holding Co. Ltd.		69,847,207		34,667,036
Taiwan Cooperative Financial Holding Co. Ltd.		54,581,933		49,292,403
				459,209,755
Chemicals — 3.9%
Formosa Chemicals & Fibre Corp.		16,989,610		38,168,820
Formosa Plastics Corp.		18,584,518		55,411,489
Nan Ya Plastics Corp.(a)		23,816,938		53,497,511
				147,077,820
Communications Equipment — 0.8%
Accton Technology Corp.(a)		3,111,000		28,647,960
Construction Materials — 1.6%
Asia Cement Corp.(a)		16,186,136		22,913,560
Taiwan Cement Corp.(a)		28,153,645		36,241,845
				59,155,405
Diversified Financial Services — 2.2%
Chailease Holding Co. Ltd.		7,432,167		47,719,775
Yuanta Financial Holding Co. Ltd.(a)		52,501,306		34,850,113
				82,569,888
Diversified Telecommunication Services — 1.9%
Chunghwa Telecom Co. Ltd.		17,539,648		69,598,874
Electrical Equipment — 0.9%
Voltronic Power Technology Corp.		339,000		19,129,300
Walsin Lihwa Corp.(a)		11,717,178		15,131,954
Ya Hsin Industrial Co. Ltd.(b)		6,845,461		2
				34,261,256
Electronic Equipment, Instruments & Components — 14.0%
AUO Corp.		52,708,830		28,780,568
Delta Electronics Inc.(a)		9,193,180		78,708,761
E Ink Holdings Inc.(a)		4,378,000		34,042,611
Hon Hai Precision Industry Co. Ltd.		53,472,296		190,403,022
Innolux Corp.(a)		50,384,873		19,846,224
Largan Precision Co. Ltd.(a)		533,794		33,954,722
Nan Ya Printed Circuit Board Corp.(a)		1,656,000		14,447,318
Pacific Electric Wire & Cable Co. Ltd.(b)		197		—
Synnex Technology International Corp.		11,437,364		20,847,824
Unimicron Technology Corp.(a)		7,045,000		34,518,565
WPG Holdings Ltd.(a)		14,350,604		24,133,821
Yageo Corp.(a)		2,357,125		25,209,959
Zhen Ding Technology Holding Ltd.(a)		4,927,072		18,285,255
				523,178,650

Security	Shares		Value
Food & Staples Retailing — 0.8%
President Chain Store Corp.		3,452,215	$	30,336,563
Food Products — 1.3%
Uni-President Enterprises Corp.		22,970,189		49,639,996
Household Durables — 0.4%
Nien Made Enterprise Co. Ltd.(a)		1,484,000		13,704,340
Industrial Conglomerates — 0.7%
Far Eastern New Century Corp.		24,202,843		25,934,788
Insurance — 5.0%
Cathay Financial Holding Co. Ltd.(a)		39,737,315		57,810,889
China Development Financial Holding Corp.(a)		89,349,587		39,036,213
Fubon Financial Holding Co. Ltd.(a)		35,182,689		65,969,245
Shin Kong Financial Holding Co. Ltd.(a)		90,520,273		26,004,780
				188,821,127
Internet & Direct Marketing Retail — 0.2%
momo.com Inc(a)		274,800		6,516,185
Leisure Products — 0.5%
Giant Manufacturing Co. Ltd.(a)		2,490,590		19,455,020
Machinery — 0.7%
Airtac International Group(a)(c)		943,826		25,307,682
Marine — 1.8%
Evergreen Marine Corp. Taiwan Ltd.		13,377,533		38,336,202
Wan Hai Lines Ltd.(a)		2,909,830		8,201,040
Yang Ming Marine Transport Corp.(a)		7,934,000		20,325,103
				66,862,345
Metals & Mining — 1.5%
China Steel Corp.(a)		60,051,977		56,873,193
Oil, Gas & Consumable Fuels — 0.5%
Formosa Petrochemical Corp.(a)		7,431,950		20,371,813
Real Estate Management & Development — 0.6%
Ruentex Development Co. Ltd.(a)		10,675,459		22,013,341
Semiconductors & Semiconductor Equipment — 35.1%
ASE Technology Holding Co. Ltd.		15,945,432		44,360,352
ASMedia Technology Inc.		298,000		8,994,849
eMemory Technology Inc.(a)		327,000		14,624,830
Globalwafers Co. Ltd.(a)		1,464,000		23,161,755
MediaTek Inc.		6,574,175		142,243,610
Nanya Technology Corp.(a)		8,628,000		14,985,023
Novatek Microelectronics Corp.(a)		3,054,544		26,132,549
Parade Technologies Ltd.		307,000		8,594,046
Powerchip Semiconductor Manufacturing Corp.		11,994,000		13,449,365
Realtek Semiconductor Corp.(a)		2,773,063		31,160,058
Silergy Corp.		2,104,000		36,069,895
Taiwan Semiconductor Manufacturing Co. Ltd.		50,993,882		834,758,699
United Microelectronics Corp.(a)		53,497,501		71,176,636
Vanguard International Semiconductor Corp.(a)		6,832,000		16,516,524
Win Semiconductors Corp.(a)		1,882,000		10,931,288
Winbond Electronics Corp.(a)		26,749,000		19,272,757
				1,316,432,236
Specialty Retail — 0.9%
Hotai Motor Co. Ltd.(a)		1,662,000		33,302,678
Technology Hardware, Storage & Peripherals — 7.2%
Acer Inc.(a)		21,568,737		15,491,134

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  (continued) August 31, 2022 iShares^® MSCI Taiwan ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Technology Hardware, Storage & Peripherals (continued)
Advantech Co. Ltd.(a)		2,508,827	$	26,764,179
Asustek Computer Inc.(a)		3,790,857		31,543,867
Catcher Technology Co. Ltd.(a)(c)		4,370,743		26,494,524
Compal Electronics Inc.(a)		29,216,554		21,753,634
Inventec Corp.(a)		23,737,868		17,971,214
Lite-On Technology Corp.(a)		13,374,071		28,781,390
Micro-Star International Co. Ltd.(a)		5,295,000		19,822,497
Pegatron Corp.		11,459,037		23,832,780
Quanta Computer Inc.(a)		14,799,240		38,365,676
Wiwynn Corp.(a)		803,000		20,101,906
				270,922,801
Textiles, Apparel & Luxury Goods — 1.5%
Eclat Textile Co. Ltd.(a)		1,486,601		21,531,092
Feng TAY Enterprise Co. Ltd.		3,123,747		17,525,333
Pou Chen Corp.		19,369,103		18,348,191
				57,404,616
Transportation Infrastructure — 0.4%
Taiwan High Speed Rail Corp.(a)		17,274,000		16,515,097
Wireless Telecommunication Services — 1.5%
Far EasTone Telecommunications Co. Ltd.		10,669,259		26,166,947
Taiwan Mobile Co. Ltd.(a)		9,203,609		30,083,289
				56,250,236
Total Long-Term Investments — 99.1% (Cost: $1,517,789,711)				3,715,994,075

Security	Shares		Value
Short-Term Securities
Money Market Funds — 10.9%
BlackRock Cash Funds: Institutional, SL Agency Shares, 2.42%(d)(e)(f)		407,439,851	$	407,562,083
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.07%(d)(e)		3,220,000		3,220,000
Total Short-Term Securities — 10.9% (Cost: $410,656,039)				410,782,083
Total Investments in Securities — 110.0% (Cost: $1,928,445,750)				4,126,776,158
Liabilities in Excess of Other Assets — (10.0)%				(376,624,700	)
Net Assets — 100.0%			$	3,750,151,458

^(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 year ended August 31, 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 Sale			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 08/31/22		Shares Held at 08/31/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	836,443,148	$	—	$	(428,721,939	)(a)	$	(225,936	)	$	66,810	$	407,562,083		407,439,851	$	10,137,737	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		46,300,000		—		(43,080,000	)(a)		—			—		3,220,000		3,220,000		12,912			—
								$	(225,936	)	$	66,810	$	410,782,083			$	10,150,649		$	—

^(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		676		09/29/22	$	35,034	$	(495,765	)

42 2 0 2 2   I S H A R E S   A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments  (continued) August 31, 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:

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	—	$	—	$	495,765	$	—	$	—	$	—	$	495,765

^(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 August 31, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Commodity Contracts		Credit Contracts		Equity Contracts			Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Net Realized Gain (Loss) from
Futures contracts	$	—	$	—	$	5,583,513		$	—	$	—	$	—	$	5,583,513
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	(3,087,014	)	$	—	$	—	$	—	$	(3,087,014	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts
Average notional value of contracts — long	$	29,284,561

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	$	—	$	3,715,994,073		$	2	$	3,715,994,075
Money Market Funds		410,782,083		—			—		410,782,083
	$	410,782,083	$	3,715,994,073		$	2	$	4,126,776,158
Derivative financial instruments(a)
Liabilities
Futures Contracts	$	—	$	(495,765	)	$	—	$	(495,765	)

^(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 43

Schedule of Investments August 31, 2022 iShares^® MSCI Thailand ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Air Freight & Logistics — 0.1%
Kerry Express Thailand PCL, NVS(a)		860,100	$	511,322
Airlines — 0.3%
Asia Aviation PCL, NVDR(a)(b)		6,866,347		533,458
Bangkok Airways PCL, NVDR(b)		1,474,100		427,899
				961,357
Auto Components — 0.3%
Sri Trang Agro-Industry PCL, NVDR		1,819,545		1,126,190
Banks — 4.7%
Kasikornbank PCL, NVDR		1,171,000		4,929,681
Kiatnakin Phatra Bank PCL, NVDR		417,473		828,641
Krung Thai Bank PCL, NVDR		6,898,300		3,189,577
SCB X PCL, NVS(a)		1,661,900		5,023,684
Thanachart Capital PCL, NVDR		565,500		627,246
Tisco Financial Group PCL, NVDR		395,200		1,015,216
				15,614,045
Beverages — 1.2%
Carabao Group PCL, NVDR		592,300		1,638,755
Osotspa PCL, NVDR		2,965,200		2,538,806
				4,177,561
Building Products — 0.2%
Dynasty Ceramic PCL, NVDR(a)		7,206,740		533,388
Capital Markets — 0.7%
Bangkok Commercial Asset Management PCL, NVDR(a)		3,509,600		1,768,859
Beyond Securities PC, NVS(a)(b)		1,964,800		618,783
				2,387,642
Chemicals — 3.3%
Eastern Polymer Group PCL, NVDR(a)		1,656,100		435,607
Indorama Ventures PCL, NVDR		3,325,410		3,938,318
PTT Global Chemical PCL, NVDR		4,450,907		5,787,193
TOA Paint Thailand PCL, NVDR		1,201,800		1,013,071
				11,174,189
Construction & Engineering — 0.9%
CH Karnchang PCL, NVDR		2,173,800		1,251,085
PSG Corp. PCL, NVS(a)(b)		25,645,500		947,429
Sino-Thai Engineering & Construction PCL, NVDR(a)		2,249,728		757,607
				2,956,121
Construction Materials — 5.1%
Siam Cement PCL (The), NVDR		1,540,000		15,107,355
Siam City Cement PCL, NVDR		176,100		764,957
Tipco Asphalt PCL, NVDR(a)		1,417,700		648,897
TPI Polene PCL, NVDR		11,328,500		527,776
				17,048,985
Consumer Finance — 3.8%
AEON Thana Sinsap Thailand PCL, NVDR(a)		172,800		783,852
Asia Sermkij Leasing PCL, NVS(a)		415,400		406,807
JMT Network Services PCL, NVDR		1,296,300		2,769,489
Krungthai Card PCL, NVDR(a)		1,781,600		2,937,555
Muangthai Capital PCL, NVDR(a)		1,464,900		1,704,253
Ngern Tid Lor PCL, NVDR		2,218,708		1,746,268
Ratchthani Leasing PCL, NVDR(a)		3,913,027		510,044
Srisawad Corp. PCL, NVDR(a)		1,355,560		1,807,783
				12,666,051
Containers & Packaging — 1.3%
Polyplex Thailand PCL, NVDR		435,300		273,173

Security	Shares		Value
Containers & Packaging (continued)
SCG Packaging PCL, NVDR		2,542,700	$	3,949,748
				4,222,921
Diversified Telecommunication Services — 1.0%
Jasmine International PCL, NVDR(a)(b)		6,864,768		481,045
True Corp. PCL, NVDR		23,057,618		2,881,927
				3,362,972
Electrical Equipment — 0.2%
STARK Corp. PCL, NVS(a)(b)		5,965,500		683,266
Electronic Equipment, Instruments & Components — 4.4%
Delta Electronics Thailand PCL, NVDR		615,700		8,822,433
Forth Corp. PCL, NVS(a)		468,800		744,189
Hana Microelectronics PCL, NVDR(a)		1,112,400		1,298,905
Jay Mart PCL, NVDR(a)		975,200		1,388,140
KCE Electronics PCL, NVDR		1,516,600		2,247,769
Synnex Thailand PCL, NVDR(a)		503,700		286,498
				14,787,934
Entertainment — 0.3%
Major Cineplex Group PCL, NVDR		1,134,500		590,448
RS PCL, NVDR		956,200		403,180
				993,628
Food & Staples Retailing — 6.5%
Berli Jucker PCL, NVDR		2,373,800		2,181,455
CP ALL PCL, NVDR		11,528,000		19,431,073
				21,612,528
Food Products — 3.2%
Charoen Pokphand Foods PCL, NVDR		7,650,500		5,451,021
GFPT PCL, NVDR(a)		860,200		395,810
Ichitan Group PCL, NVDR(a)		1,264,700		315,328
Khon Kaen Sugar Industry PCL, NVDR		3,894,378		383,973
R&B Food Supply PCL, NVDR(a)		979,300		378,204
Thai Union Group PCL, NVDR(a)		5,652,600		2,710,499
Thai Vegetable Oil PCL, NVDR		798,988		668,334
Thaifoods Group PCL, NVDR(a)		2,230,700		382,284
				10,685,453
Health Care Equipment & Supplies — 0.2%
Sri Trang Gloves Thailand PCL, NVDR		1,978,500		770,201
Health Care Providers & Services — 8.3%
Bangkok Chain Hospital PCL, NVDR		2,707,925		1,386,012
Bangkok Dusit Medical Services PCL, NVDR		20,394,200		16,344,940
Bumrungrad Hospital PCL, NVDR		1,177,376		6,971,541
Chularat Hospital PCL, NVDR		9,772,800		980,965
Thonburi Healthcare Group PCL, NVDR		752,900		1,408,240
Vibhavadi Medical Center PCL, NVDR(a)		9,481,000		696,429
				27,788,127
Hotels, Restaurants & Leisure — 3.0%
Asset World Corp. PCL, NVDR		15,794,800		2,419,147
Central Plaza Hotel PCL, NVDR(a)(b)		932,900		1,091,231
Minor International PCL, NVDR(b)		6,227,910		5,577,078
MK Restaurants Group PCL, NVDR		543,900		878,844
				9,966,300
Independent Power and Renewable Electricity Producers — 9.1%
Absolute Clean Energy PCL, NVDR(a)		3,935,600		291,095
B Grimm Power PCL, NVDR		1,801,400		1,824,800
Banpu Power PCL, NVDR		1,488,100		644,474
BCPG PCL, NVDR(a)		2,563,050		758,154
CK Power PCL, NVDR		4,012,460		560,646
Electricity Generating PCL, NVDR		519,700		2,605,813

44 2 0 2 2  I S H A R E S   A N N U A L  R E P O R T  T O  S H A R E H O L D E R  S

Schedule of Investments(continued) August 31, 2022 iShares^® MSCI Thailand ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Independent Power and Renewable Electricity Producers (continued)
Energy Absolute PCL, NVDR(a)		3,313,900	$	7,736,942
Global Power Synergy PCL, NVDR		1,391,800		2,590,781
Gulf Energy Development PCL, NVDR(a)		5,791,200		8,126,517
Gunkul Engineering PCL, NVDR(a)		7,891,522		1,075,972
Ratch Group PCL, NVDR		2,147,100		2,590,025
SPCG PCL, NVDR		934,300		404,545
Super Energy Corp. PCL, NVDR		32,126,950		669,633
TPI Polene Power PCL, NVDR(a)		4,937,200		506,024
				30,385,421
Industrial Conglomerates — 0.2%
Thoresen Thai Agencies PCL, NVDR(a)		2,366,100		537,717
Insurance — 0.9%
Bangkok Life Assurance PCL, NVDR		1,179,900		1,148,754
Dhipaya Group Holdings PCL, NVDR(a)		704,000		1,201,566
TQM Corp. PCL, NVDR(a)		528,200		619,222
				2,969,542
IT Services — 0.1%
Ditto Thailand PCL, NVS(a)		260,100		411,710
Machinery — 0.1%
Sabuy Technology PCL, NVDR(a)		833,800		433,045
Marine — 0.4%
Precious Shipping PCL, NVDR(a)		1,847,100		717,838
Regional Container Lines PCL, NVDR(a)		734,200		653,093
				1,370,931
Media — 0.7%
BEC World PCL, NVDR		1,561,100		598,456
Plan B Media PCL, NVDR(b)		4,634,460		837,402
VGI PCL, NVDR(a)		8,840,550		1,060,439
				2,496,297
Multiline Retail — 1.2%
Central Retail Corp. PCL, NVDR		3,572,134		3,959,563
Oil, Gas & Consumable Fuels — 14.3%
Bangchak Corp. PCL, NVDR		2,038,800		1,969,227
Banpu PCL, NVDR(a)		11,354,600		4,507,852
Esso Thailand PCL, NVDR(b)		1,708,200		659,812
IRPC PCL, NVDR		22,189,100		2,077,161
Prima Marine PCL, NVDR		1,975,800		335,714
PTT Exploration & Production PCL, NVDR		2,743,284		12,687,774
PTT Public Company Ltd., NVDR		19,737,200		20,278,440
Siamgas & Petrochemicals PCL, NVDR		1,097,800		336,769
Star Petroleum Refining PCL, NVDR		3,424,200		1,209,880
Thai Oil PCL, NVDR(a)		2,215,200		3,685,626
				47,748,255
Pharmaceuticals — 0.3%
Mega Lifesciences PCL, NVDR		688,500		928,351
Real Estate Management & Development — 6.4%
Amata Corp. PCL, NVDR		1,588,700		909,687
AP Thailand PCL, NVDR		4,658,186		1,275,443
Bangkok Land PCL, NVDR		22,519,500		623,101
Central Pattana PCL, NVDR		3,987,300		7,561,556
Land & Houses PCL, NVDR		16,514,700		4,028,941
MBK PCL, NVDR(a)(b)		1,775,500		792,254
Origin Property PCL, NVDR		1,695,800		478,051
Pruksa Holding PCL, NVDR		1,295,900		457,427
Quality Houses PCL, NVDR		14,807,432		876,654
Sansiri PCL, NVDR		23,341,537		703,271

Security	Shares		Value
Real Estate Management & Development (continued)
SC Asset Corp. PCL, NVDR		2,895,004	$	278,947
Singha Estate PCL, NVDR(b)		4,605,400		242,611
Supalai PCL, NVDR		2,750,200		1,469,902
WHA Corp. PCL, NVDR		16,230,240		1,555,805
				21,253,650
Road & Rail — 1.1%
BTS Group Holdings PCL, NVDR		15,598,100		3,590,571
Specialty Retail — 3.9%
Com7 PCL, NVDR(a)		2,132,200		2,009,935
Dohome PCL, NVDR(a)		1,717,192		714,991
Home Product Center PCL, NVDR		11,683,973		4,450,962
PTG Energy PCL, NVDR		1,803,200		754,904
PTT Oil & Retail Business PCL, NVDR		5,922,900		4,421,650
Singer Thailand PCL, NVDR(a)		560,924		718,956
				13,071,398
Transportation Infrastructure — 6.2%
Airports of Thailand PCL, NVDR(a)(b)		8,461,300		16,861,276
Bangkok Aviation Fuel Services PCL, NVDR(a)(b)		436,200		340,509
Bangkok Expressway & Metro PCL, NVDR		15,088,653		3,617,919
				20,819,704
Water Utilities — 0.3%
TTW PCL, NVDR(a)		2,749,866		791,871
WHA Utilities and Power PCL, NVDR(a)		2,272,200		244,028
				1,035,899
Wireless Telecommunication Services — 5.0%
Advanced Info Service PCL, NVDR		2,348,619		12,356,351
Intouch Holdings PCL, NVDR		2,215,700		4,413,524
				16,769,875
Total Common Stocks — 99.2% (Cost: $425,081,533)				331,812,110
Rights
Oil, Gas & Consumable Fuels — 0.0%
Thai Oil PCL, (Expires 09/14/22)(b)		191,636		—
Total Rights — 0.0% (Cost: $0)				—
Total Long-Term Investments — 99.2% (Cost: $425,081,533)				331,812,110
Short-Term Securities
Money Market Funds — 8.1%
BlackRock Cash Funds: Institutional, SL Agency Shares, 2.42%(c)(d)(e)		26,486,609		26,494,555
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.07%(c)(d)		600,000		600,000
Total Short-Term Securities — 8.1% (Cost: $27,080,494)				27,094,555
Total Investments in Securities — 107.3% (Cost: $452,162,027)				358,906,665
Liabilities in Excess of Other Assets — (7.3)%				(24,371,909	)
Net Assets — 100.0%			$	334,534,756

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

^(b)  Non-income producing security.

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(continued) August 31, 2022 iShares^® MSCI Thailand ETF     

^(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 year ended August 31, 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 Sale			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 08/31/22		Shares Held at 08/31/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	33,250,286	$	—	$	(6,754,926	)(a)	$	(10,223	)	$	9,418	$	26,494,555		26,486,609	$	2,078,000	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		1,130,000		—		(530,000	)(a)		—			—		600,000		600,000		1,339			—
								$	(10,223	)	$	9,418	$	27,094,555			$	2,079,339		$	—

^(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		45		09/16/22	$	2,209	$	(38,395	)

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:

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	—	$	—	$	38,395	$	—	$	—	$	—	$	38,395

^(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 August 31, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Commodity Contracts		Credit Contracts		Equity Contracts			Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Net Realized Gain (Loss) from
Futures contracts	$	—	$	—	$	(454,732	)	$	—	$	—	$	—	$	(454,732	)
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	(64,308	)	$	—	$	—	$	—	$	(64,308	)

46 2 0 2 2   I S H A R E S   A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments(continued) August 31, 2022 iShares^® MSCI Thailand ETF     

Derivative Financial Instruments Categorized by Risk Exposure (continued)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts
Average notional value of contracts — long	$	1,745,240

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	$	9,189,238		$	322,622,872	$	—	$	331,812,110
Rights		—			—		—		—
Money Market Funds		27,094,555			—		—		27,094,555
	$	36,283,793		$	322,622,872	$	—	$	358,906,665
Derivative financial instruments(a)
Liabilities
Futures Contracts	$	(38,395	)	$	—	$	—	$	(38,395	)

^(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 47

Statements of Assets and Liabilities

August 31, 2022

	iShares MSCI Hong Kong ETF			iShares MSCI Japan Small-Cap ETF			iShares MSCI Malaysia ETF			iShares MSCI Pacific ex Japan ETF
ASSETS
Investments, at value — unaffiliated(a)(b)	$	723,859,629		$	62,146,638		$	234,021,400		$	2,119,741,227
Investments, at value — affiliated(c)		1,540,000			10,000			110,000			34,943,387
Cash		3,192			1,868			7,728			2,705
Foreign currency, at value(d)		18,592			90,014			402,301			5,002,044
Cash pledged for futures contracts		226,000			—			11,000			—
Foreign currency collateral pledged for futures contracts(e)		—			8,998			—			1,110,214
Receivables:
Investments sold		2,101,527			81,165			503,302			4,395,093
Securities lending income — affiliated		—			13			72			5,554
Variation margin on futures contracts		—			—			700			—
Dividends — unaffiliated		3,496,596			158,176			119,306			10,597,664
Dividends — affiliated		2,306			16			235			858
Tax reclaims		—			670			—			1,035
Total assets		731,247,842			62,497,558			235,176,044			2,175,799,781
LIABILITIES
Collateral on securities loaned, at value		—			—			—			34,074,628
Payables:
Investments purchased		2,131,886			100,880			688,326			5,731,806
Variation margin on futures contracts		35,936			63			—			92,154
Investment advisory fees		320,679			27,574			100,538			893,459
Total liabilities		2,488,501			128,517			788,864			40,792,047
NET ASSETS	$	728,759,341		$	62,369,041		$	234,387,180		$	2,135,007,734
NET ASSETS CONSIST OF
Paid-in capital	$	1,419,925,255		$	98,772,177		$	293,224,664		$	2,966,433,121
Accumulated loss		(691,165,914	)		(36,403,136	)		(58,837,484	)		(831,425,387	)
NET ASSETS	$	728,759,341		$	62,369,041		$	234,387,180		$	2,135,007,734
NET ASSET VALUE
Shares outstanding		35,625,000			1,000,000			10,425,000			51,000,000
Net asset value	$	20.46		$	62.37		$	22.48		$	41.86
Shares authorized		375 million			500 million			300 million			1 billion
Par value	$	0.001		$	0.001		$	0.001		$	0.001
(a) Investments, at cost — unaffiliated	$	918,542,087		$	82,458,492		$	144,517,307		$	2,242,102,739
(b) Securities loaned, at value	$	—		$	—		$	—		$	33,203,027
(c)  Investments, at cost — affiliated	$	1,540,000		$	10,000		$	110,000		$	34,930,002
(d) Foreign currency, at cost	$	18,565		$	91,832		$	408,109		$	5,004,437
(e) Foreign currency collateral pledged, at cost	$	—		$	9,267		$	—		$	1,140,369

See notes to financial statements.

48 2 0 2 2   I S H A R E S   A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Statements of Assets and Liabilities  (continued)

August 31, 2022

	iShares MSCI Singapore ETF			iShares MSCI Taiwan ETF		iShares MSCI Thailand ETF
ASSETS
Investments, at value — unaffiliated(a)(b)	$	550,435,530		$	3,715,994,075	$	331,812,110
Investments, at value — affiliated(c)		52,950,952			410,782,083		27,094,555
Cash		7,214			3,981		5,202
Foreign currency, at value(d)		3,111,530			11,437,216		587,786
Cash pledged for futures contracts		—			1,953,000		84,000
Foreign currency collateral pledged for futures contracts(e)		312,970			—		—
Receivables:
Investments sold		7,223,022			119,693,817		6,453,841
Securities lending income — affiliated		8,374			723,379		144,560
Variation margin on futures contracts		—			—		3,434
Dividends — unaffiliated		1,941,971			19,891,846		1,269,221
Dividends — affiliated		244			4,144		125
Total assets		615,991,807			4,280,483,541		367,454,834
LIABILITIES
Collateral on securities loaned, at value		52,757,052			407,765,175		26,498,975
Payables:
Investments purchased		8,917,005			39,456,813		6,253,187
Variation margin on futures contracts		22,760			219,368		—
Capital shares redeemed		550,200			80,321,111		—
Investment advisory fees		255,861			2,088,606		167,916
Foreign taxes		—			481,010		—
Total liabilities		62,502,878			530,332,083		32,920,078
NET ASSETS	$	553,488,929		$	3,750,151,458	$	334,534,756
NET ASSETS CONSIST OF
Paid-in capital	$	906,564,742		$	1,148,661,356	$	556,872,619
Accumulated earnings (loss)		(353,075,813	)		2,601,490,102		(222,337,863	)
NET ASSETS	$	553,488,929		$	3,750,151,458	$	334,534,756
NET ASSET VALUE
Shares outstanding		30,400,000			74,300,000		4,750,000
Net asset value	$	18.21		$	50.47	$	70.43
Shares authorized		300 million			900 million		200 million
Par value	$	0.001		$	0.001	$	0.001
(a) Investments, at cost — unaffiliated	$	647,142,948		$	1,517,789,711	$	425,081,533
(b) Securities loaned, at value	$	48,491,502		$	380,023,406	$	24,551,660
(c)  Investments, at cost — affiliated	$	52,932,399		$	410,656,039	$	27,080,494
(d) Foreign currency, at cost	$	3,120,773		$	11,437,192	$	594,834
(e) Foreign currency collateral pledged, at cost	$	320,055		$	—	$	—

See notes to financial statements.

F I N A N C I A L   S T A T E M E N T S 49

Statements of Operations

Year Ended August 31, 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	$	27,312,719		$	1,864,896		$	10,467,066		$	94,397,885
Dividends — affiliated		7,762			114			1,464			5,103
Securities lending income — affiliated — net		525,674			83			212,702			661,212
Foreign taxes withheld		—			(185,158	)		—			(939,285	)
Total investment income		27,846,155			1,679,935			10,681,232			94,124,915
EXPENSES
Investment advisory fees		4,336,666			353,226			1,274,694			10,878,419
Commitment fees		—			—			2,787			—
Professional fees		217			217			217			217
Total expenses		4,336,883			353,443			1,277,698			10,878,636
Net investment income		23,509,272			1,326,492			9,403,534			83,246,279
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(31,379,310	)		(4,239,156	)		(17,636,055	)		(107,631,096	)
Investments — affiliated		(2,252	)		1			1,132			(20,312	)
In-kind redemptions — unaffiliated(a)		(7,410,824	)		—			—			12,724,401
Futures contracts		(1,064,973	)		(36,628	)		(110,867	)		(1,153,959	)
Foreign currency transactions		(9,140	)		(110,427	)		(366,173	)		64,453
		(39,866,499	)		(4,386,210	)		(18,111,963	)		(96,016,513	)
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated		(165,424,078	)		(15,010,757	)		(25,997,895	)		(319,755,080	)
Investments — affiliated		—			—			(1,617	)		11,400
Futures contracts		(138,903	)		(2,165	)		4,477			(57,003	)
Foreign currency translations		(4,486	)		(4,798	)		(8,803	)		(188,182	)
		(165,567,467	)		(15,017,720	)		(26,003,838	)		(319,988,865	)
Net realized and unrealized loss		(205,433,966	)		(19,403,930	)		(44,115,801	)		(416,005,378	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(181,924,694	)	$	(18,077,438	)	$	(34,712,267	)	$	(332,759,099	)

^(a)  See Note 2 of the Notes to Financial Statements.

See notes to financial statements.

50 2 0 2 2   I S H A R E S   A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Statements of Operations  (continued)

Year Ended August 31, 2022

	iShares MSCI Singapore ETF			iShares MSCI Taiwan ETF			iShares MSCI Thailand ETF
INVESTMENT INCOME
Dividends — unaffiliated	$	22,522,742		$	239,037,993		$	11,861,646
Dividends — affiliated		1,491			76,514			3,584
Interest — unaffiliated		—			1,975			166
Securities lending income — affiliated — net(a)		106,195			10,074,135			2,075,755
Foreign taxes withheld		(304,356	)		(46,662,629	)		(1,156,280	)
Other foreign taxes		—			(1,582,107	)		—
Total investment income		22,326,072			200,945,881			12,784,871
EXPENSES
Investment advisory fees		2,972,384			36,042,811			2,279,485
Commitment fees		—			43,057			—
Professional fees		217			217			217
Total expenses		2,972,601			36,086,085			2,279,702
Net investment income		19,353,471			164,859,796			10,505,169
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(18,098,042	)		477,568,493			(13,817,286	)
Investments — affiliated		8,455			(225,936	)		(10,223	)
In-kind redemptions — unaffiliated(b)		15,430,690			—			6,169,467
Futures contracts		(920,062	)		5,583,513			(454,732	)
Foreign currency transactions		(484,774	)		(3,912,630	)		(264,638	)
		(4,063,733	)		479,013,440			(8,377,412	)
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated		(119,513,828	)		(1,895,765,421	)		(41,985,188	)
Investments — affiliated		16,547			66,810			9,418
Futures contracts		(5,579	)		(3,087,014	)		(64,308	)
Foreign currency translations		(83,219	)		(623,905	)		(57,720	)
		(119,586,079	)		(1,899,409,530	)		(42,097,798	)
Net realized and unrealized loss		(123,649,812	)		(1,420,396,090	)		(50,475,210	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(104,296,341	)	$	(1,255,536,294	)	$	(39,970,041	)
(a) Net of securities lending income tax paid of	$	—		$	2,503,932		$	—
(b) See Note 2 of the Notes to Financial Statements.

See notes to financial statements.

F I N A N C I A L   S T A T E M E N T S 51

Statements of Changes in Net Assets

	iShares MSCI Hong Kong ETF						iShares MSCI Japan Small-Cap ETF
	Year Ended 08/31/22			Year Ended 08/31/21			Year Ended 08/31/22			Year Ended 08/31/21
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	23,509,272		$	28,969,140		$	1,326,492		$	892,504
Net realized gain (loss)		(39,866,499	)		55,547,845			(4,386,210	)		(3,561,252	)
Net change in unrealized appreciation (depreciation)		(165,567,467	)		120,477,914			(15,017,720	)		13,425,992
Net increase (decrease) in net assets resulting from operations		(181,924,694	)		204,994,899			(18,077,438	)		10,757,244
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(22,238,487	)		(29,103,228	)		(1,582,668	)		(534,743	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		(90,850,529	)		(480,399,865	)		8,692,269			192,888
NET ASSETS
Total increase (decrease) in net assets		(295,013,710	)		(304,508,194	)		(10,967,837	)		10,415,389
Beginning of year		1,023,773,051			1,328,281,245			73,336,878			62,921,489
End of year	$	728,759,341		$	1,023,773,051		$	62,369,041		$	73,336,878

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

See notes to financial statements.

52 2 0 2 2   I S H A R E S   A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Statements of Changes in Net Assets  (continued)

	iShares MSCI Malaysia ETF						iShares MSCI Pacific ex Japan ETF
	Year Ended 08/31/22			Year Ended 08/31/21			Year Ended 08/31/22			Year Ended 08/31/21
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	9,403,534		$	11,760,680		$	83,246,279		$	59,989,395
Net realized gain (loss)		(18,111,963	)		17,588			(96,016,513	)		28,747,225
Net change in unrealized appreciation (depreciation)		(26,003,838	)		1,061,655			(319,988,865	)		324,866,037
Net increase (decrease) in net assets resulting from operations		(34,712,267	)		12,839,923			(332,759,099	)		413,602,657
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(12,037,624	)		(8,199,614	)		(133,885,979	)		(55,488,183	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		15,838,006			(81,263,223	)		160,889,087			200,269,201
NET ASSETS
Total increase (decrease) in net assets		(30,911,885	)		(76,622,914	)		(305,755,991	)		558,383,675
Beginning of year		265,299,065			341,921,979			2,440,763,725			1,882,380,050
End of year	$	234,387,180		$	265,299,065		$	2,135,007,734		$	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 53

Statements of Changes in Net Assets  (continued)

	iShares MSCI Singapore ETF						iShares MSCI Taiwan ETF
	Year Ended 08/31/22			Year Ended 08/31/21			Year Ended 08/31/22			Year Ended 08/31/21
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	19,353,471		$	18,463,333		$	164,859,796		$	132,498,576
Net realized gain (loss)		(4,063,733	)		(755,655	)		479,013,440			109,814,384
Net change in unrealized appreciation (depreciation)		(119,586,079	)		112,664,961			(1,899,409,530	)		2,042,034,196
Net increase (decrease) in net assets resulting from operations		(104,296,341	)		130,372,639			(1,255,536,294	)		2,284,347,156
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(34,423,217	)		(19,029,698	)		(190,635,508	)		(99,705,133	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		73,970,467			(18,837,564	)		(2,358,740,941	)		1,138,966,691
NET ASSETS
Total increase (decrease) in net assets		(64,749,091	)		92,505,377			(3,804,912,743	)		3,323,608,714
Beginning of year		618,238,020			525,732,643			7,555,064,201			4,231,455,487
End of year	$	553,488,929		$	618,238,020		$	3,750,151,458		$	7,555,064,201

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

See notes to financial statements.

54 2 0 2 2   I S H A R E S   A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Statements of Changes in Net Assets  (continued)

	iShares MSCI Thailand ETF
	Year Ended 08/31/22			Year Ended 08/31/21
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	10,505,169		$	9,439,648
Net realized loss		(8,377,412	)		(12,016,117	)
Net change in unrealized appreciation (depreciation)		(42,097,798	)		81,676,622
Net increase (decrease) in net assets resulting from operations		(39,970,041	)		79,100,153
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(12,119,104	)		(8,978,515	)
CAPITAL SHARE TRANSACTIONS
Net decrease in net assets derived from capital share transactions		(25,114,292	)		(95,172,234	)
NET ASSETS
Total decrease in net assets		(77,203,437	)		(25,050,596	)
Beginning of year		411,738,193			436,788,789
End of year	$	334,534,756		$	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 55

Financial Highlights

(For a share outstanding throughout each period)

	iShares MSCI Hong Kong ETF
	Year Ended 08/31/22			Year Ended 08/31/21			Year Ended 08/31/20			Year Ended 08/31/19			Year Ended 08/31/18
Net asset value, beginning of year	$	25.80		$	22.91		$	23.00		$	24.18		$	24.69
Net investment income(a)		0.62			0.57			0.54			0.62			0.71
Net realized and unrealized gain (loss)(b)		(5.37	)		2.92			(0.01	)		(1.08	)		(0.12	)
Net increase (decrease) from investment operations		(4.75	)		3.49			0.53			(0.46	)		0.59
Distributions from net investment income(c)		(0.59	)		(0.60	)		(0.62	)		(0.72	)		(1.10	)
Net asset value, end of year	$	20.46		$	25.80		$	22.91		$	23.00		$	24.18
Total Return(d)
Based on net asset value		(18.61	)%		15.24	%		2.46	%		(2.00	)%		2.33	%
Ratios to Average Net Assets(e)
Total expenses		0.50	%		0.50	%		0.51	%		0.49	%		0.48	%
Net investment income		2.70	%		2.26	%		2.37	%		2.52	%		2.83	%
Supplemental Data
Net assets, end of year (000)	$	728,759		$	1,023,773		$	1,328,281		$	1,424,663		$	2,729,621
Portfolio turnover rate(f)		8	%		21	%		16	%		12	%		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) Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

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

See notes to financial statements.

56 2 0 2 2   I S H A R E S   A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares MSCI Japan Small-Cap ETF
	Year Ended 08/31/22			Year Ended 08/31/21			Year Ended 08/31/20			Year Ended 08/31/19			Year Ended 08/31/18
Net asset value, beginning of year	$	81.49		$	69.91		$	68.75		$	77.00		$	72.78
Net investment income(a)		1.33			1.04			1.21			1.37			0.94
Net realized and unrealized gain (loss)(b)		(18.87	)		11.13			2.78			(7.90	)		4.24
Net increase (decrease) from investment operations		(17.54	)		12.17			3.99			(6.53	)		5.18
Distributions from net investment income(c)		(1.58	)		(0.59	)		(2.83	)		(1.72	)		(0.96	)
Net asset value, end of year	$	62.37		$	81.49		$	69.91		$	68.75		$	77.00
Total Return(d)
Based on net asset value		(21.70	)%		17.41	%		5.72	%		(8.42	)%		7.09	%
Ratios to Average Net Assets(e)
Total expenses		0.50	%		0.50	%		0.51	%		0.49	%		0.47	%
Net investment income		1.87	%		1.33	%		1.75	%		1.94	%		1.18	%
Supplemental Data
Net assets, end of year (000)	$	62,369		$	73,337		$	62,921		$	109,995		$	284,912
Portfolio turnover rate(f)		16	%		21	%		10	%		10	%		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) Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(f) 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 57

Financial Highlights (continued)

(For a share outstanding throughout each period)

		iShares MSCI Malaysia ETF
			Year Ended 08/31/22			Year Ended 08/31/21			Year Ended 08/31/20			Year Ended 08/31/19			Year Ended 08/31/18
Net asset value, beginning of year		$	26.60		$	26.51		$	28.02		$	32.87		$	32.03
Net investment income(a)			0.90			0.98			0.76			1.03			0.91
Net realized and unrealized gain (loss)(b)			(3.77	)		(0.05	)		(1.41	)		(4.85	)		2.06
Net increase (decrease) from investment operations			(2.87	)		0.93			(0.65	)		(3.82	)		2.97
Distributions from net investment income(c)			(1.25	)		(0.84	)		(0.86	)		(1.03	)		(2.13	)
Net asset value, end of year		$	22.48		$	26.60		$	26.51		$	28.02		$	32.87
Total Return(d)
Based on net asset value			(10.92	)%		3.51	%		(2.27	)%		(11.69	)%		9.59	%
Ratios to Average Net Assets(e)
Total expenses			0.50	%		0.50	%		0.51	%		0.49	%		0.47	%
Net investment income			3.68	%		3.62	%		2.86	%		3.41	%		2.69	%
Supplemental Data
Net assets, end of year (000)		$	234,387		$	265,299		$	341,922		$	390,889		$	557,220
Portfolio turnover rate(f)			48	%(g)		28	%(g)		58	%(g)		48	%(g)		63	%(g)
(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)	Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(f)	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”).
(g)	Portfolio turnover rate excluding cash creations was as follows:		11	%		7	%		16	%		9	%		17	%

See notes to financial statements.

58 2 0 2 2   I S H A R E S   A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares MSCI Pacific ex Japan ETF
	Year Ended 08/31/22			Year Ended 08/31/21			Year Ended 08/31/20			Year Ended 08/31/19			Year Ended 08/31/18
Net asset value, beginning of year	$	51.17		$	42.98		$	44.17		$	46.02		$	46.43
Net investment income(a)		1.69			1.30			1.29			1.74			1.66
Net realized and unrealized gain (loss)(b)		(8.28	)		8.06			(0.98	)		(1.58	)		0.03
Net increase (decrease) from investment operations		(6.59	)		9.36			0.31			0.16			1.69
Distributions from net investment income(c)		(2.72	)		(1.17	)		(1.50	)		(2.01	)		(2.10	)
Net asset value, end of year	$	41.86		$	51.17		$	42.98		$	44.17		$	46.02
Total Return(d)
Based on net asset value		(13.22	)%		21.82	%		0.72	%		0.56	%		3.63	%
Ratios to Average Net Assets(e)
Total expenses		0.47	%		0.47	%		0.48	%		0.48	%		0.48	%
Net investment income		3.61	%		2.66	%		3.04	%		3.89	%		3.52	%
Supplemental Data
Net assets, end of year (000)	$	2,135,008		$	2,440,764		$	1,882,380		$	2,266,116		$	2,374,834
Portfolio turnover rate(f)		15	%		9	%		8	%		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) Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(f) 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 59

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares MSCI Singapore ETF
	Year Ended 08/31/22			Year Ended 08/31/21			Year Ended 08/31/20			Year Ended 08/31/19			Year Ended 08/31/18
Net asset value, beginning of year	$	23.03		$	19.12		$	22.83		$	23.84		$	24.70
Net investment income(a)		0.67			0.63			0.76			0.91			1.04
Net realized and unrealized gain (loss)(b)		(4.21	)		3.92			(3.57	)		(1.02	)		(0.77	)
Net increase (decrease) from investment operations		(3.54	)		4.55			(2.81	)		(0.11	)		0.27
Distributions from net investment income(c)		(1.28	)		(0.64	)		(0.90	)		(0.90	)		(1.13	)
Net asset value, end of year	$	18.21		$	23.03		$	19.12		$	22.83		$	23.84
Total Return(d)
Based on net asset value		(15.92	)%		23.91	%		(12.84	)%		(0.41	)%		0.91	%
Ratios to Average Net Assets(e)
Total expenses		0.50	%		0.50	%		0.51	%		0.50	%		0.47	%
Net investment income		3.25	%		2.87	%		3.59	%		3.86	%		4.03	%
Supplemental Data
Net assets, end of year (000)	$	553,489		$	618,238		$	525,733		$	513,651		$	579,292
Portfolio turnover rate(f)		36	%		17	%		22	%		9	%		26	%

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

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

See notes to financial statements.

60 2 0 2 2   I S H A R E S   A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Financial Highlights (continued)

(For a share outstanding throughout each period)

		iShares MSCI Taiwan ETF
			Year Ended 08/31/22			Year Ended 08/31/21			Year Ended 08/31/20			Year Ended 08/31/19			Year Ended 08/31/18
Net asset value, beginning of year		$	64.79		$	44.08		$	34.94		$	37.91		$	37.35
Net investment income(a)			1.60			1.22			1.05			0.92			0.98
Net realized and unrealized gain (loss)(b)			(14.16	)		20.46			9.11			(2.89	)		0.60
Net increase (decrease) from investment operations			(12.56	)		21.68			10.16			(1.97	)		1.58
Distributions(c)
From net investment income			(1.39	)		(0.97	)		(1.02	)		(1.00	)		(1.02	)
From net realized gain			(0.37	)		—			—			—			—
Total distributions			(1.76	)		(0.97	)		(1.02	)		(1.00	)		(1.02	)
Net asset value, end of year		$	50.47		$	64.79		$	44.08		$	34.94		$	37.91
Total Return(d)
Based on net asset value			(19.96	)%		49.79	%		29.34	%		(4.92	)%		4.43	%
Ratios to Average Net Assets(e)
Total expenses			0.58	%		0.57	%		0.59	%		0.59	%		0.59	%
Net investment income			2.65	%		2.16	%		2.68	%		2.70	%		2.65	%
Supplemental Data
Net assets, end of year (000)		$	3,750,151		$	7,555,064		$	4,231,455		$	2,662,495		$	4,082,891
Portfolio turnover rate(f)			12	%(g)		12	%		15	%		7	%		12	%(g)
(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)	Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(f)	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”).
(g)	Portfolio turnover rate excluding cash creations was as follows:		12	%		12	%		14	%		6	%		11	%

See notes to financial statements.

F I N A N C I A L   H I G H L I G H T S 61

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares MSCI Thailand ETF
	Year Ended 08/31/22			Year Ended 08/31/21			Year Ended 08/31/20			Year Ended 08/31/19			Year Ended 08/31/18
Net asset value, beginning of year	$	79.95		$	68.25		$	90.53		$	90.80		$	82.70
Net investment income(a)		2.00			1.70			1.97			2.10			2.12
Net realized and unrealized gain (loss)(b)		(9.17	)		11.73			(22.24	)		(0.33	)		8.13
Net increase (decrease) from investment operations		(7.17	)		13.43			(20.27	)		1.77			10.25
Distributions from net investment income(c)		(2.35	)		(1.73	)		(2.01	)		(2.04	)		(2.15	)
Net asset value, end of year	$	70.43		$	79.95		$	68.25		$	90.53		$	90.80
Total Return(d)
Based on net asset value		(9.07	)%		19.65	%		(22.57	)%		2.03	%		12.55	%
Ratios to Average Net Assets(e)
Total expenses		0.58	%		0.57	%		0.59	%		0.59	%		0.59	%
Net investment income		2.67	%		2.26	%		2.57	%		2.36	%		2.30	%
Supplemental Data
Net assets, end of year (000)	$	334,535		$	411,738		$	436,789		$	466,237		$	435,842
Portfolio turnover rate(f)		9	%		17	%		11	%		17	%		10	%

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

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

See notes to financial statements.

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Notes to Financial Statements

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 August 31, 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.

Collateralization: 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.

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 63

Notes to Financial Statements  (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. The Board of Directors of the Company (the “Board”) of each Fund has approved the designation of BlackRock Fund Advisors (“BFA”), the Funds’ investment adviser, as the valuation designee for each Fund. Each Fund determines the fair values of its financial instruments using various independent dealers or pricing services under BFA’s policies. 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 BFA’s policies and procedures as reflecting fair value. BFA has formed a committee (the “Valuation Committee”) to develop pricing policies and procedures and to oversee the pricing function for all financial instruments, with assistance from other BlackRock pricing committees.

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 Valuation Committee, in accordance with BFA’s policies and procedures as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the 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 Valuation Committee 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 Valuation Committee deems relevant and consistent with the principles of fair value measurement.

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 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 Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies

64 2 0 2 2  I S H A R E S   A N N U A L  R E P O R T  T O  S H A R E H O L D E R  S

Notes to Financial Statements  (continued)

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 BFA, 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	Securities Loaned at Value		Cash Collateral Received(a)			Non-Cash Collateral Received, at Fair Value(a)		Net Amount
MSCI Pacific ex Japan
BNP Paribas SA	$	22,883,890	$	(22,883,890	)	$	—	$	—
BofA Securities, Inc.		1,909,125		(1,909,125	)		—		—
HSBC Bank PLC		34,902		(34,902	)		—		—
J.P. Morgan Securities LLC		3,626,381		(3,486,843	)		—		139,538	(b)
Morgan Stanley		4,469,729		(4,469,729	)		—		—
Scotia Capital (USA), Inc.		279,000		(279,000	)		—		—
	$	33,203,027	$	(33,063,489	)	$	—	$	139,538
MSCI Singapore
Barclays Bank PLC	$	3,279,800	$	(3,279,800	)	$	—	$	—
BNP Paribas SA		15,648,800		(15,648,800	)		—		—
BofA Securities, Inc.		7,475,398		(7,475,398	)		—		—
Citigroup Global Markets, Inc.		8,190,200		(8,190,200	)		—		—
Goldman Sachs & Co. LLC		455,622		(455,622	)		—		—
J.P. Morgan Securities LLC		8,770,763		(8,770,763	)		—		—
Morgan Stanley		4,317,519		(4,317,519	)		—		—
Scotia Capital (USA), Inc.		353,400		(353,400	)		—		—
	$	48,491,502	$	(48,491,502	)	$	—	$	—
MSCI Taiwan
Citigroup Global Markets Ltd.	$	11,523,170	$	(11,523,170	)	$	—	$	—
Goldman Sachs International		83,577,218		(83,577,218	)		—		—
J.P. Morgan Securities PLC		107,858,371		(107,858,371	)		—		—
Macquarie Bank Ltd.		9,362,629		(9,362,629	)		—		—
Morgan Stanley		167,702,018		(167,702,018	)		—		—
	$	380,023,406	$	(380,023,406	)	$	—	$	—

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 65

Notes to Financial Statements  (continued)

iShares ETF and Counterparty	Securities Loaned at Value		Cash Collateral Received(a)			Non-Cash Collateral Received, at Fair Value(a)		Net Amount
MSCI Thailand
Barclays Capital, Inc.	$	1,509,090	$	(1,509,090	)	$	—	$	—
BofA Securities, Inc.		4,324,571		(4,324,571	)		—		—
Citigroup Global Markets, Inc.		250,743		(250,743	)		—		—
Credit Suisse Securities (USA) LLC		3,030,091		(3,030,091	)		—		—
Goldman Sachs & Co. LLC		2,924,207		(2,924,207	)		—		—
J.P. Morgan Securities LLC		2,944,070		(2,944,070	)		—		—
Morgan Stanley		7,121,438		(7,121,438	)		—		—
SG Americas Securities LLC		1,577,737		(1,577,737	)		—		—
UBS AG		869,713		(869,713	)		—		—
	$	24,551,660	$	(24,551,660	)	$	—	$	—

^(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 August 31, 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 Fees
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  (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 Fees
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 Fees
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 year ended August 31, 2022, the Funds paid BTC the following amounts for securities lending agent services:

iShares ETF	Fees Paid  to BTC
MSCI Hong Kong	$	114,691
MSCI Japan Small-Cap		19
MSCI Malaysia.		47,832
MSCI Pacific ex Japan		154,152
MSCI Singapore		34,448
MSCI Taiwan		3,019,192
MSCI Thailand		465,244

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 67

Notes to Financial Statements  (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 year ended August 31, 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	$	12,532,150	$	4,798,468	$	(10,928,852	)
MSCI Japan Small-Cap		7,099,312		2,027,138		772,803
MSCI Pacific ex Japan		6,900,392		26,024,894		(14,860,440	)
MSCI Singapore		18,120,205		84,442,911		2,788,059
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 year ended August 31, 2022, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows:

iShares ETF	Purchases		Sales
MSCI Hong Kong	$	93,188,466	$	71,705,999
MSCI Japan Small-Cap		11,286,781		11,439,798
MSCI Malaysia		135,704,414		122,780,285
MSCI Pacific ex Japan		379,464,457		351,256,528
MSCI Singapore		223,991,367		214,357,179
MSCI Taiwan		760,461,858		3,093,808,929
MSCI Thailand		35,418,148		34,885,698

For the year ended August 31, 2022, in-kind transactions were as follows:

iShares ETF	In-kind Purchases		In-kind     Sales
MSCI Hong Kong	$	2,012,097	$	116,941,246
MSCI Japan Small-Cap		8,449,537		—
MSCI Pacific ex Japan		165,127,906		52,313,800
MSCI Singapore		170,502,391		109,703,234
MSCI Thailand		118,721,620		146,440,789

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 August 31, 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.

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Notes to Financial Statements  (continued)

U.S. GAAP requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or NAV per share. As of August 31, 2022, permanent differences attributable to distributions paid in excess of taxable income, certain deemed distributions and realized gains (losses) from in-kind redemptions were reclassified to the following accounts:

iShares ETF	Paid-in Capital			Accumulated Earnings (Loss)
MSCI Hong Kong	$	(13,155,931	)	$	13,155,931
MSCI Pacific ex Japan		6,880,795			(6,880,795	)
MSCI Singapore		7,946,063			(7,946,063	)
MSCI Taiwan		57,999,200			(57,999,200	)
MSCI Thailand		2,915,456			(2,915,456	)

The tax character of distributions paid was as follows:

iShares ETF	Year Ended 08/31/22		Year Ended 08/31/21
MSCI Hong Kong
Ordinary income	$	22,238,487	$	29,103,228
MSCI Japan Small-Cap
Ordinary income	$	1,582,668	$	534,743
MSCI Malaysia
Ordinary income	$	12,037,624	$	8,199,614
MSCI Pacific ex Japan
Ordinary income	$	133,885,979	$	55,488,183
MSCI Singapore
Ordinary income	$	34,423,217	$	19,029,698
MSCI Taiwan
Ordinary income	$	150,879,986	$	99,705,133
Long-term capital gains		39,755,522		—
	$	190,635,508	$	99,705,133
MSCI Thailand
Ordinary income	$	12,119,104	$	8,978,515

As of August 31, 2022, the tax components of accumulated net earnings (losses) were as follows:

iShares ETF		Undistributed Ordinary Income		Undistributed Long-Term Capital Gains		Non-expiring Capital Loss Carryforwards	(a)		Net Unrealized Gains (Losses)	(b)		Qualified Late-Year (Losses)	(c)		Total
MSCI Hong Kong	$	5,040,570	$	—	$	(490,801,361	)	$	(205,405,123	)	$	—		$	(691,165,914	)
MSCI Japan Small-Cap		—		—		(15,018,782	)		(20,977,763	)		(406,591	)		(36,403,136	)
MSCI Malaysia		—		—		(120,857,520	)		62,717,790			(697,754	)		(58,837,484	)
MSCI Pacific ex Japan		4,443,683		—		(604,135,134	)		(231,733,936	)		—			(831,425,387	)
MSCI Singapore		—		—		(242,407,265	)		(106,860,778	)		(3,807,770	)		(353,075,813	)
MSCI Taiwan		191,308,977		324,397,085		—			2,085,784,040			—			2,601,490,102
MSCI Thailand		900,919		—		(124,796,565	)		(98,442,217	)		—			(222,337,863	)

^(a) Amounts available to offset future realized capital gains.

^(b) The difference between book-basis and tax-basis unrealized gains (losses) was attributable primarily to the tax deferral of losses on wash sales, the realization for tax purposes of unrealized gains (losses) on certain futures contracts, the characterization of corporate actions and the realization for tax purposes of unrealized gains on investments in passive foreign investment companies.

^(c) The Funds have elected to defer certain qualified late-year losses and recognize such losses in the next taxable year.

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 69

Notes to Financial Statements  (continued)

As of August 31, 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	$	930,804,048	$	39,862,290	$	(245,266,709	)	$	(205,404,419	)
MSCI Japan Small-Cap		83,132,299		2,210,222		(23,183,347	)		(20,973,125	)
MSCI Malaysia		171,407,983		78,264,221		(15,540,804	)		62,723,417
MSCI Pacific ex Japan		2,386,155,712		250,461,690		(482,043,276	)		(231,581,586	)
MSCI Singapore		710,122,463		35,366,346		(142,188,127	)		(106,821,781	)
MSCI Taiwan		2,040,169,235		2,160,446,930		(74,335,772	)		2,086,111,158
MSCI Thailand		457,325,946		7,636,071		(106,055,352	)		(98,419,281	)

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 11, 2023. 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) Daily Simple Secured Overnight Financing Rate (“SOFR”) plus 0.10% and 1.00% per annum or (b) the U.S. Federal Funds rate 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 year ended August 31, 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.

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.

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Notes to Financial Statements  (continued)

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.

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:

	Year Ended 08/31/22						Year Ended 08/31/21
iShares ETF	Shares			Amount			Shares			Amount
MSCI Hong Kong
Shares sold		2,025,000		$	48,803,341			8,700,000		$	209,932,705
Shares redeemed		(6,075,000	)		(139,653,870	)		(27,000,000	)		(690,332,570	)
		(4,050,000	)	$	(90,850,529	)		(18,300,000	)	$	(480,399,865	)

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 71

Notes to Financial Statements  (continued)

	Year Ended 08/31/22						Year Ended 08/31/21
iShares ETF	Shares			Amount			Shares			Amount
MSCI Japan Small-Cap
Shares sold		100,000		$	8,692,269			200,000		$	15,401,017
Shares redeemed		—			—			(200,000	)		(15,208,129	)
		100,000		$	8,692,269			—		$	192,888
MSCI Malaysia
Shares sold		4,650,000		$	117,878,462			2,550,000		$	68,530,419
Shares redeemed		(4,200,000	)		(102,040,456	)		(5,475,000	)		(149,793,642	)
		450,000		$	15,838,006			(2,925,000	)	$	(81,263,223	)
MSCI Pacific ex Japan
Shares sold		4,500,000		$	215,646,290			9,300,000		$	467,556,958
Shares redeemed		(1,200,000	)		(54,757,203	)		(5,400,000	)		(267,287,757	)
		3,300,000		$	160,889,087			3,900,000		$	200,269,201
MSCI Singapore
Shares sold		9,250,000		$	189,839,642			5,800,000		$	122,874,810
Shares redeemed		(5,700,000	)		(115,869,175	)		(6,450,000	)		(141,712,374	)
		3,550,000		$	73,970,467			(650,000	)	$	(18,837,564	)
MSCI Taiwan
Shares sold		1,000,000		$	76,329,985			20,600,000		$	1,138,966,691
Shares redeemed		(43,300,000	)		(2,435,070,926	)		—			—
		(42,300,000	)	$	(2,358,740,941	)		20,600,000		$	1,138,966,691
MSCI Thailand
Shares sold		1,600,000		$	124,280,513			1,450,000		$	109,985,794
Shares redeemed		(2,000,000	)		(149,394,805	)		(2,700,000	)		(205,158,028	)
		(400,000	)	$	(25,114,292	)		(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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Report of Independent Registered Public Accounting Firm

To the Board of Directors of

iShares, Inc. and Shareholders of each of the seven funds listed in the table below

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of each of the funds listed in the table below (seven of the funds constituting iShares, Inc., hereafter collectively referred to as the “Funds”) as of August 31, 2022, the related statements of operations for the year ended August 31, 2022, the statements of changes in net assets for each of the two years in the period ended August 31, 2022, including the related notes, and the financial highlights for each of the five years in the period ended August 31, 2022 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of August 31, 2022, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended August 31, 2022 and each of the financial highlights for each of the five years in the period ended August 31, 2022 in conformity with accounting principles generally accepted in the United States of America.

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

iShares MSCI Thailand ETF

Basis for Opinions

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of August 31, 2022 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

October 21, 2022

We have served as the auditor of one or more BlackRock investment companies since 2000.

R E P O R T  O F  I N D E P E N D E N T  R E G I S T E R E D  P U B L I C  A C C O U N T I N G   F I R M 73

Important Tax Information  (unaudited)

The following amounts, or maximum amounts allowable by law, are hereby designated as qualified dividend income for individuals for the fiscal year ended August 31, 2022:

iShares ETF	Qualified Dividend Income
MSCI Japan Small-Cap	$	1,508,803
MSCI Pacific ex Japan		90,115,043
MSCI Thailand		7,321,528

The Funds hereby designate the following amounts, or maximum amounts allowable by law, as capital gain dividends, subject to a long-term capital gains tax rate as noted below, for the fiscal year ended August 31, 2022:

iShares ETF	20% Rate Long-Term Capital Gain Dividends
MSCI Taiwan	$	97,754,722

The Funds intend to pass through to their shareholders the following amounts, or maximum amounts allowable by law, of foreign source income earned and foreign taxes paid for the fiscal year ended August 31, 2022:

iShares ETF	Foreign Source Income Earned		Foreign Taxes Paid
MSCI Hong Kong	$	27,312,269	$	—
MSCI Japan Small-Cap		1,865,078		184,136
MSCI Malaysia		10,467,261		—
MSCI Pacific ex Japan		124,816,403		802,518
MSCI Singapore		34,100,125		276,237
MSCI Taiwan		239,037,992		56,769,425
MSCI Thailand		11,861,645		1,132,628

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Board Review and Approval of Investment Advisory Contract

iShares MSCI Hong Kong ETF (the “Fund”)

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Company’s Board of Directors (the “Board”), including a majority of Board Members who are not “interested persons” of the Company (as that term is defined in the 1940 Act) (the “Independent Board Members”), is required annually to consider and approve the Investment Advisory Agreement between the Company and BFA (the “Advisory Agreement”) on behalf of the Fund. The Board’s consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings on May 3, 2022 and May 18, 2022, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 13-15, 2022, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The material factors, none of which was controlling, and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.

Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of another fund in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund’s applicable expense peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the investment advisory fee rate and overall expenses (net of waivers and reimbursements) for the Fund were lower than the median of the investment advisory fee rates and overall expenses (net of waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds.

In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund’s performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2021, to that of such relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

Based on this review, the other factors considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Nature, Extent and Quality of Services Provided: Based on management’s representations, including information about recent enhancements and initiatives with respect to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies, provided at the May 3, 2022 meeting and throughout the year, and matters related to BFA’s portfolio compliance program.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreement supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates: The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA

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Board Review and Approval of Investment Advisory Contract  (continued)

and its affiliates from the Fund’s operations for the last calendar year. The Board reviewed BlackRock’s methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA’s estimated profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the information considered with respect to the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability, including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Agreement for the Fund already provided for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund, on an aggregated basis with the assets of certain other iShares funds, increase. The Board noted that it would continue to assess the appropriateness of adding new or revised breakpoints in the future.

The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds, and institutional separate accounts (collectively, the “Other Accounts”). The Board acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts.

The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board noted that BFA and its affiliates manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund. The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.

The Board considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement and noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

Other Benefits to BFA and/or its Affiliates: The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services or other services, and BlackRock’s profile in the investment community. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.

Conclusion: Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund’s investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.

iShares MSCI Japan Small-Cap ETF (the “Fund”)

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Company’s Board of Directors (the “Board”), including a majority of Board Members who are not “interested persons” of the Company (as that term is defined in the 1940 Act) (the “Independent Board Members”), is required annually to consider and approve the

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Board Review and Approval of Investment Advisory Contract  (continued)

Investment Advisory Agreement between the Company and BFA (the “Advisory Agreement”) on behalf of the Fund. The Board’s consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings on May 3, 2022 and May 18, 2022, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 13-15, 2022, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The material factors, none of which was controlling, and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.

Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of another fund in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund’s applicable expense peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the investment advisory fee rate and overall expenses (net of waivers and reimbursements) for the Fund were higher than the median of the investment advisory fee rates and overall expenses (net of waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds.

In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund’s performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2021, to that of such relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

Based on this review, the other factors considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Nature, Extent and Quality of Services Provided: Based on management’s representations, including information about recent enhancements and initiatives with respect to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies, provided at the May 3, 2022 meeting and throughout the year, and matters related to BFA’s portfolio compliance program.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreement supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates: The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA and its affiliates from the Fund’s operations for the last calendar year. The Board reviewed BlackRock’s methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue,

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Board Review and Approval of Investment Advisory Contract  (continued)

including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA’s estimated profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the information considered with respect to the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability, including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Agreement for the Fund already provided for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund, on an aggregated basis with the assets of certain other iShares funds, increase. The Board noted that it would continue to assess the appropriateness of adding new or revised breakpoints in the future.

The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds, and institutional separate accounts (collectively, the “Other Accounts”). The Board acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts.

The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board noted that BFA and its affiliates do not manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund. The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.

The Board considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement and noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

Other Benefits to BFA and/or its Affiliates: The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services or other services, and BlackRock’s profile in the investment community. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.

Conclusion: Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund’s investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.

iShares MSCI Malaysia ETF, iShares MSCI Taiwan ETF, iShares MSCI Thailand ETF (each the “Fund”)

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Company’s Board of Directors (the “Board”), including a majority of Board Members who are not “interested persons” of the Company (as that term is defined in the 1940 Act) (the “Independent Board Members”), is required annually to consider and approve the Investment Advisory Agreement between the Company and BFA (the “Advisory Agreement”) on behalf of the Fund. The Board’s consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board

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Board Review and Approval of Investment Advisory Contract  (continued)

Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings on May 3, 2022 and May 18, 2022, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 13-15, 2022, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The material factors, none of which was controlling, and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.

Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of another fund in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund’s applicable expense peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the investment advisory fee rate and overall expenses (net of waivers and reimbursements) for the Fund were lower than the median of the investment advisory fee rates and overall expenses (net of waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds.

In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund’s performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2021, to that of such relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

Based on this review, the other factors considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Nature, Extent and Quality of Services Provided: Based on management’s representations, including information about recent enhancements and initiatives with respect to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies, provided at the May 3, 2022 meeting and throughout the year, and matters related to BFA’s portfolio compliance program.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreement supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates: The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA and its affiliates from the Fund’s operations for the last calendar year. The Board reviewed BlackRock’s methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue,

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Board Review and Approval of Investment Advisory Contract  (continued)

including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA’s estimated profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the information considered with respect to the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability, including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Agreement for the Fund already provided for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund, on an aggregated basis with the assets of certain other iShares funds, increase. The Board noted that it would continue to assess the appropriateness of adding new or revised breakpoints in the future.

The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds, and institutional separate accounts (collectively, the “Other Accounts”). The Board acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts.

The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board noted that BFA and its affiliates do not manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund. The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.

The Board considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement and noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

Other Benefits to BFA and/or its Affiliates: The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services or other services, and BlackRock’s profile in the investment community. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.

Conclusion: Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund’s investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.

iShares MSCI Pacific ex Japan ETF (the “Fund”)

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Company’s Board of Directors (the “Board”), including a majority of Board Members who are not “interested persons” of the Company (as that term is defined in the 1940 Act) (the “Independent Board Members”), is required annually to consider and approve the Investment Advisory Agreement between the Company and BFA (the “Advisory Agreement”) on behalf of the Fund. The Board’s consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board

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Board Review and Approval of Investment Advisory Contract  (continued)

Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings on May 3, 2022 and May 18, 2022, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 13-15, 2022, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The material factors, none of which was controlling, and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.

Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of another fund in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund’s applicable expense peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the investment advisory fee rate and overall expenses (net of waivers and reimbursements) for the Fund were within range of the median of the investment advisory fee rates and overall expenses (net of waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds.

In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund’s performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2021, to that of such relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

Based on this review, the other factors considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Nature, Extent and Quality of Services Provided: Based on management’s representations, including information about recent enhancements and initiatives with respect to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies, provided at the May 3, 2022 meeting and throughout the year, and matters related to BFA’s portfolio compliance program.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreement supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates: The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA and its affiliates from the Fund’s operations for the last calendar year. The Board reviewed BlackRock’s methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue,

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Board Review and Approval of Investment Advisory Contract  (continued)

including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA’s estimated profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the information considered with respect to the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability, including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Agreement for the Fund already provided for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund, on an aggregated basis with the assets of certain other iShares funds, increase. The Board noted that it would continue to assess the appropriateness of adding new or revised breakpoints in the future.

The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds, and institutional separate accounts (collectively, the “Other Accounts”). The Board acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts.

The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board noted that BFA and its affiliates manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund. The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.

The Board considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement and noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

Other Benefits to BFA and/or its Affiliates: The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services or other services, and BlackRock’s profile in the investment community. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.

Conclusion: Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund’s investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.

iShares MSCI Singapore ETF (the “Fund”)

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Company’s Board of Directors (the “Board”), including a majority of Board Members who are not “interested persons” of the Company (as that term is defined in the 1940 Act) (the “Independent Board Members”), is required annually to consider and approve the Investment Advisory Agreement between the Company and BFA (the “Advisory Agreement”) on behalf of the Fund. The Board’s consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board

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Board Review and Approval of Investment Advisory Contract  (continued)

Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings on May 3, 2022 and May 18, 2022, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 13-15, 2022, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The material factors, none of which was controlling, and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.

Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of another fund in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund’s applicable expense peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the investment advisory fee rate and overall expenses (net of waivers and reimbursements) for the Fund were higher than the median of the investment advisory fee rates and overall expenses (net of waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds.

In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund’s performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2021, to that of such relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

Based on this review, the other factors considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Nature, Extent and Quality of Services Provided: Based on management’s representations, including information about recent enhancements and initiatives with respect to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies, provided at the May 3, 2022 meeting and throughout the year, and matters related to BFA’s portfolio compliance program.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreement supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates: The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA and its affiliates from the Fund’s operations for the last calendar year. The Board reviewed BlackRock’s methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue,

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Board Review and Approval of Investment Advisory Contract  (continued)

including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA’s estimated profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the information considered with respect to the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability, including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Agreement for the Fund already provided for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund, on an aggregated basis with the assets of certain other iShares funds, increase. The Board noted that it would continue to assess the appropriateness of adding new or revised breakpoints in the future.

The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds, and institutional separate accounts (collectively, the “Other Accounts”). The Board acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts.

The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board noted that BFA and its affiliates manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund. The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.

The Board considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement and noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

Other Benefits to BFA and/or its Affiliates: The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services or other services, and BlackRock’s profile in the investment community. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.

Conclusion: Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund’s investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.

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Supplemental Information  (unaudited)

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.

August 31, 2022

	Total Cumulative Distributions for the Fiscal Year								% Breakdown of the Total Cumulative Distributions for the Fiscal Year
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	$	0.592662	$	—	$	—	$	0.592662		100	%		—	%		—	%		100	%
MSCI Pacific ex Japan		2.723705		—		—		2.723705		100			—			—			100
MSCI Singapore(a)		0.961859		—		0.317681		1.279540		75			—			25			100
MSCI Taiwan		1.393167		0.367087		—		1.760254		79			21			—			100
MSCI Thailand(a)		2.088717		—		0.264507		2.353224		89			—			11			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.

Premium/Discount Information

Information on the Fund’s net asset value, market price, premiums and discounts, and bid-ask spreads can be found at iShares.com.

Regulation under the Alternative Investment Fund Managers Directive

The Alternative Investment Fund Managers Directive and the Alternative Investment Fund Managers Regulations 2013 (as amended) and the “Guidelines on sound remuneration policies under the AIFMD” issued by the European Securities and Markets Authority (together the “Regulations”) impose detailed and prescriptive obligations on fund managers established in the European Union (the “EU”) and the UK. These do not currently apply to managers established outside of the EU or UK, such as BFA (the “Company”). Rather, non-EU and non-UK managers are only required to comply with certain disclosure, reporting and transparency obligations of the Regulations if such managers market a fund to EU investors.

The Company has registered the iShares MSCI Hong Kong ETF, iShares MSCI Japan Small-Cap ETF, iShares MSCI Malaysia ETF, iShares MSCI Taiwan ETF and iShares MSCI Thailand ETF (each a “Fund”, collectively the “Funds”) to be marketed to United Kingdom and EU investors in the Netherlands, Finland and Sweden.

Report on Remuneration

The Company is required under the Regulations to make quantitative disclosures of remuneration. These disclosures are made in line with BlackRock’s interpretation of currently available regulatory guidance on quantitative remuneration disclosures. As market or regulatory practice develops BlackRock may consider it appropriate to make changes to the way in which quantitative remuneration disclosures are calculated. Where such changes are made, this may result in disclosures in relation to a fund not being comparable to the disclosures made in the prior year, or in relation to other BlackRock fund disclosures in that same year.

Disclosures are provided in relation to (a) the staff of the Company; (b) staff who are senior management; and (c) staff who have the ability to materially affect the risk profile of the Funds.

All individuals included in the aggregated figures disclosed are rewarded in line with BlackRock’s remuneration policy for their responsibilities across the relevant BlackRock business area. As all individuals have a number of areas of responsibilities, only the portion of remuneration for those individuals’ services attributable to the Funds is included in the aggregate figures disclosed.

BlackRock has a clear and well defined pay-for-performance philosophy, and compensation programmes which support that philosophy.

BlackRock operates a total compensation model for remuneration which includes a base salary, which is contractual, and a discretionary bonus scheme. Although all employees are eligible to receive a discretionary bonus, there is no contractual obligation to make a discretionary bonus award to any employees. For senior management, a significant percentage of variable remuneration is deferred over time. All employees are subject to a claw-back policy.

Remuneration decisions for employees are made once annually in January following the end of the performance year, based on BlackRock’s full-year financial results and other non-financial goals and objectives. Alongside financial performance, individual total compensation is also based on strategic and operating results and other considerations such as management and leadership capabilities. No set formulas are established and no fixed benchmarks are used in determining annual incentive awards.

S U P P L E M E N T A L    I N F O R M A T I O N 85

Supplemental Information  (unaudited)(continued)

Annual incentive awards are paid from a bonus pool which is reviewed throughout the year by BlackRock’s independent compensation committee, taking into account both actual and projected financial information together with information provided by the Enterprise Risk and Regulatory Compliance departments in relation to any activities, incidents or events that warrant consideration in making compensation decisions. Individuals are not involved in setting their own remuneration.

Each of the control functions (Enterprise Risk, Legal & Compliance, and Internal Audit) each have their own organisational structures which are independent of the business units. Functional bonus pools for those control functions are determined with reference to the performance of each individual function and the remuneration of the senior members of control functions is directly overseen by BlackRock’s independent remuneration committee.

Members of staff and senior management of the Company typically provide both AIFMD and non-AIFMD related services in respect of multiple funds, clients and functions of the Company and across the broader BlackRock group. Therefore, the figures disclosed are a sum of each individual’s portion of remuneration attributable to the Funds according to an objective apportionment methodology which acknowledges the multiple-service nature of the Company. Accordingly the figures are not representative of any individual’s actual remuneration or their remuneration structure.

The amount of total & aggregate remuneration awarded by the Company to its staff which has been attributed to the Funds in respect of the Company’s financial year ending December 31, 2021 were as follows:

iShares ETF	Total Remuneration		Fixed Remuneration		Variable Remuneration		No. of Beneficiaries		Senior Management Remuneration		Risk Taker Remuneration
MSCI Hong Kong	$	83,257	$	38,928	$	44,329		661	$	10,191	$	1,053
MSCI Japan Small-Cap		6,713		3,139		3,574		661		822		85
MSCI Malaysia		21,691		10,142		11,549		661		2,655		274
MSCI Taiwan		647,505		302,751		344,754		661		79,256		8,191
MSCI Thailand		35,157		16,438		18,719		661		4,303		445

Disclosures Under the EU Sustainable Finance Disclosure Regulation

The iShares MSCI Hong Kong ETF, iShares MSCI Japan Small-Cap ETF, iShares MSCI Malaysia ETF, iShares MSCI Taiwan ETF and iShares MSCI Thailand ETF (the “Funds”) are registered under the Alternative Investment Fund Managers Directive to be marketed to European Union (“EU”) investors, as noted above. As a result, certain disclosures are required under the EU Sustainable Finance Disclosure Regulation (“SFDR”).

Each Fund has not been categorized under the SFDR as an “Article 8” or “Article 9” product. In addition, each Fund’s investments do not take into account the criteria for environmentally sustainable economic activities under the EU sustainable investment taxonomy regulation.

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Director and Officer Information  (unaudited)

The Board of Directors has responsibility for the overall management and operations of the Funds, including general supervision of the duties performed by BFA and other service providers. Each Director serves until he or she resigns, is removed, dies, retires or becomes incapacitated. Each officer shall hold office until his or her successor is elected and qualifies or until his or her death, resignation or removal. Directors who are not “interested persons” (as defined in the 1940 Act) of the Company are referred to as independent directors (“Independent Directors”).

The registered investment companies advised by BFA or its affiliates (the “BlackRock-advised Funds”) are organized into one complex of open-end equity, multi-asset, index and money market funds and ETFs (the “BlackRock Multi-Asset Complex”), one complex of closed-end funds and open-end non-index fixed-income funds (including ETFs) (the “BlackRock Fixed-Income Complex”) and one complex of ETFs (“Exchange-Traded Fund Complex”) (each, a “BlackRock Fund Complex”). Each Fund is included in the Exchange-Traded Fund Complex. Each Director also serves as a Trustee of iShares Trust and a Trustee of iShares U.S. ETF Trust and, as a result, oversees all of the funds within the Exchange-Traded Fund Complex, which consists of 378 funds as of August 31, 2022. With the exception of Robert S. Kapito, Salim Ramji and Charles Park, the address of each Director and officer is c/o BlackRock, Inc., 400 Howard Street, San Francisco, CA 94105. The address of Mr. Kapito, Mr. Ramji and Mr. Park is c/o BlackRock, Inc., Park Avenue Plaza, 55 East 52^nd Street, New York, NY 10055. The Board has designated John E. Kerrigan as its Independent Board Chair. Additional information about the Funds’ Directors and officers may be found in the Funds’ combined Statement of Additional Information, which is available without charge, upon request, by calling toll-free 1-800-iShares (1-800-474-2737).

Interested Directors
Name (Age)	Position(s)	Principal Occupation(s) During Past 5 Years	Other Directorships Held by Director
Robert S. Kapito(a)(65)	Director (since 2009).	President, BlackRock, Inc. (since 2006); Vice Chairman of BlackRock, Inc. and Head of BlackRock’s Portfolio Management Group (since its formation in 1998) and BlackRock, Inc.’s predecessor entities (since 1988); Trustee, University of Pennsylvania (since 2009); President of Board of Directors, Hope & Heroes Children’s Cancer Fund (since 2002).	Director of BlackRock, Inc. (since 2006); Trustee of iShares U.S. ETF Trust (since 2011); Trustee of iShares Trust (since 2009).
Salim Ramji(b) (52)	Director (since 2019).	Senior Managing Director, BlackRock, Inc. (since 2014); Global Head of BlackRock’s ETF and Index Investments Business (since 2019); Head of BlackRock’s U.S. Wealth Advisory Business (2015-2019); Global Head of Corporate Strategy, BlackRock, Inc. (2014-2015); Senior Partner, McKinsey & Company (2010-2014).	Trustee of iShares U.S. ETF Trust (since 2019); Trustee of iShares Trust (since 2019).

^(a) Robert S. Kapito is deemed to be an “interested person” (as defined in the 1940 Act) of the Company due to his affiliations with BlackRock, Inc. and its affiliates.

^(b) Salim Ramji is deemed to be an “interested person” (as defined in the 1940 Act) of the Company due to his affiliations with BlackRock, Inc. and its affiliates.

Independent Directors
Name (Age)	Position(s)	Principal Occupation(s) During Past 5 Years	Other Directorships Held by Director
John E. Kerrigan (67)	Director (since 2005); Independent Board Chair (since 2022).	Chief Investment Officer, Santa Clara University (since 2002).	Trustee of iShares U.S. ETF Trust (since 2011); Trustee of iShares Trust (since 2005); Independent Board Chair of iShares Trust and iShares U.S. ETF Trust (since 2022).
Jane D. Carlin (66)	Director (since 2015); Risk Committee Chair (since 2016).	Consultant (since 2012); Member of the Audit Committee (2012-2018), Chair of the Nominating and Governance Committee (2017-2018) and Director of PHH Corporation (mortgage solutions) (2012-2018); Managing Director and Global Head of Financial Holding Company Governance & Assurance and the Global Head of Operational Risk Management of Morgan Stanley (2006-2012).	Trustee of iShares U.S. ETF Trust (since 2015); Trustee of iShares Trust (since 2015); Member of the Audit Committee (since 2016), Chair of the Audit Committee (since 2020) and Director of The Hanover Insurance Group, Inc. (since 2016).
Richard L. Fagnani (67)	Director (since 2017); Audit Committee Chair (since 2019).	Partner, KPMG LLP (2002-2016).	Trustee of iShares U.S. ETF Trust (since 2017); Trustee of iShares Trust (since 2017).

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Director and Officer Information (unaudited) (continued)   

Independent Directors (continued)
Name (Age)	Position(s)	Principal Occupation(s) During Past 5 Years	Other Directorships Held by Director
Cecilia H. Herbert (73)	Director (since 2005); Nominating and Governance and Equity Plus Committee Chairs (since 2022).	Chair of the Finance Committee (since 2019) and Trustee and Member of the Finance, Audit and Quality Committees of Stanford Health Care (since 2016); Trustee of WNET, New York’s public media company (since 2011) and Member of the Audit Committee (since 2018) and Investment Committee (since 2011); Chair (1994-2005) and Member (since 1992) of the Investment Committee, Archdiocese of San Francisco; Trustee of Forward Funds (14 portfolios) (2009-2018); Trustee of Salient MF Trust (4 portfolios) (2015-2018); Director (1998-2013) and President (2007-2011) of the Board of Directors, Catholic Charities CYO; Trustee (2002-2011) and Chair of the Finance and Investment Committee (2006-2010) of the Thacher School; Director of the Senior Center of Jackson Hole (since 2020).	Trustee of iShares U.S. ETF Trust (since 2011); Trustee of iShares Trust (since 2005); Trustee of Thrivent Church Loan and Income Fund (since 2019).
Drew E. Lawton (63)	Director (since 2017); 15(c) Committee Chair (since 2017).	Senior Managing Director of New York Life Insurance Company (2010-2015).	Trustee of iShares U.S. ETF Trust (since 2017); Trustee of iShares Trust (since 2017).
John E. Martinez (61)	Director (since 2003); Securities Lending Committee Chair (since 2019).	Director of Real Estate Equity Exchange, Inc. (since 2005); Director of Cloudera Foundation (2017-2020); and Director of Reading Partners (2012-2016).	Trustee of iShares U.S. ETF Trust (since 2011); Trustee of iShares Trust (since 2003).
Madhav V. Rajan (58)	Director (since 2011); Fixed Income Plus Committee Chair (since 2019).	Dean, and George Pratt Shultz Professor of Accounting, University of Chicago Booth School of Business (since 2017); Advisory Board Member (since 2016) and Director (since 2020) of C.M. Capital Corporation; Chair of the Board for the Center for Research in Security Prices, LLC (since 2020); Robert K. Jaedicke Professor of Accounting, Stanford University Graduate School of Business (2001-2017); Professor of Law (by courtesy), Stanford Law School (2005-2017); Senior Associate Dean for Academic Affairs and Head of MBA Program, Stanford University Graduate School of Business (2010-2016).	Trustee of iShares U.S. ETF Trust (since 2011); Trustee of iShares Trust (since 2011).

Officers
Name (Age)	Position(s)	Principal Occupation(s) During Past 5 Years
Armando Senra (51)	President (since 2019).	Managing Director, BlackRock, Inc. (since 2007); Head of U.S., Canada and Latam iShares, BlackRock, Inc. (since 2019); Head of Latin America Region, BlackRock, Inc. (2006-2019); Managing Director, Bank of America Merrill Lynch (1994-2006).
Trent Walker (48)	Treasurer and Chief Financial Officer (since 2020).	Managing Director, BlackRock, Inc. (since September 2019); Chief Financial Officer of iShares Delaware Trust Sponsor LLC, BlackRock Funds, BlackRock Funds II, BlackRock Funds IV, BlackRock Funds V and BlackRock Funds VI (since 2021); Executive Vice President of PIMCO (2016-2019); Senior Vice President of PIMCO (2008-2015); Treasurer (2013-2019) and Assistant Treasurer (2007-2017) of PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, 2 PIMCO-sponsored interval funds and 21 PIMCO-sponsored closed-end funds.
Charles Park (55)	Chief Compliance Officer (since 2006).	Chief Compliance Officer of BlackRock Advisors, LLC and the BlackRock-advised Funds in the BlackRock Multi-Asset Complex and the BlackRock Fixed-Income Complex (since 2014); Chief Compliance Officer of BFA (since 2006).
Marisa Rolland (42)	Secretary (since 2022).	Director, BlackRock, Inc. (since 2018); Vice President, BlackRock, Inc. (2010-2017).
Rachel Aguirre (40)	Executive Vice President (since 2022).	Managing Director, BlackRock, Inc. (since 2018); Director, BlackRock, Inc. (2009-2018); Head of U.S. iShares Product (since 2022); Head of EII U.S. Product Engineering (since 2021); Co-Head of EII’s Americas Portfolio Engineering (2020-2021); Head of Developed Markets Portfolio Engineering (2016-2019).
Jennifer Hsui (46)	Executive Vice President (since 2022).	Managing Director, BlackRock, Inc. (since 2009); Co-Head of Index Equity (since 2022).
James Mauro (51)	Executive Vice President (since 2022).	Managing Director, BlackRock, Inc. (since 2010); Head of Fixed Income Index Investments in the Americas and Head of San Francisco Core Portfolio Management (since 2020).

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Director and Officer Information  (unaudited) (continued)

Effective March 18, 2022, Rachel Aguirre, Jennifer Hsui, and James Mauro have replaced Scott Radell, Alan Mason, and Marybeth Leithead as Executive Vice Presidents.

Effective June 15, 2022, Marisa Rolland replaced Deepa Damre Smith as Secretary.

D I R E C T O R   A N D    O F F I C E R    I N F O R M A T I O N 89

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.

90 2 0 2 2    I S H A R E S   A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Glossary of Terms Used in this Report

Portfolio Abbreviations
ADR	American Depositary Receipt
NVDR	Non-Voting Depositary Receipt
NVS	Non-Voting Shares
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 91

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-AR-803-0822

AUGUST 31, 2022

2022 Annual Report

iShares, Inc.

· iShares MSCI Brazil ETF | EWZ | NYSE Arca

· iShares MSCI Chile ETF | ECH | Cboe BZX

· iShares MSCI Israel ETF | EIS | NYSE Arca

· iShares MSCI South Africa ETF | EZA | NYSE Arca

· iShares MSCI Turkey ETF | TUR | NASDAQ

The Markets in Review

Dear Shareholder,

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

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

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

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

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

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

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

Rob Kapito

President, BlackRock, Inc.

Rob Kapito

President, BlackRock, Inc.

Total Returns as of August 31, 2022
	6-Month	12-Month
U.S. large cap equities (S&P 500® Index)	(8.84)%	(11.23)%
U.S. small cap equities (Russell 2000® Index)	(9.31)	(17.88)
International equities (MSCI Europe, Australasia, Far East Index)	(13.97)	(19.80)
Emerging market equities (MSCI Emerging Markets Index)	(13.30)	(21.80)
3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)	0.36	0.39
U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)	(9.71)	(13.27)
U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)	(7.76)	(11.52)
Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)	(5.72)	(8.63)
U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)	(7.78)	(10.61)
Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.

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
Annual Report:
Market Overview	4
Fund Summary	5
About Fund Performance	15
Disclosure of Expenses	15
Schedules of Investments	16
Financial Statements
Statements of Assets and Liabilities	30
Statements of Operations	32
Statements of Changes in Net Assets	34
Financial Highlights	37
Notes to Financial Statements	42
Report of Independent Registered Public Accounting Firm	51
Important Tax Information	52
Board Review and Approval of Investment Advisory Contract	53
Supplemental Information	55
Director and Officer Information	57
General Information	60
Glossary of Terms Used in this Report	61

Market Overview

iShares, Inc.

Global Market Overview

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

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

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

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

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

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

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Fund Summary as of August 31, 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
	1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		(6.05	)%		(0.97	)%		(1.88	)%		(6.05	)%		(4.77	)%		(17.30	)%
Fund Market		(5.48	)		(0.93	)		(1.89	)		(5.48	)		(4.56	)		(17.36	)
Index		(5.72	)		(0.15	)		(1.14	)		(5.72	)		(0.74	)		(10.83	)

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

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

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value (03/01/22)	Ending Account Value (08/31/22)	Expenses Paid During the Period	(a)		Beginning Account Value (03/01/22)	Ending Account Value (08/31/22)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$       1,000.00	$        962.80	$         2.87			$       1,000.00	$       1,022.30	$         2.96		0.58	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (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 “Disclosure of Expenses” for more information.

F U N D   S U M M A R Y 5

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

Portfolio Management Commentary

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

The materials sector was the largest detractor from the Index’s return. Metals and mining stocks declined as prices for iron ore, a key steelmaking ingredient, fell sharply amid concerns about demand from China, where a property market slump and pandemic-related restrictions drove steelmakers to reduce production. Lower prices and higher costs for logistics and fuel pressured margins and weighed on mining companies’ earnings.

The consumer discretionary sector also detracted solidly from the Index’s return amid high inflation, supply-chain disruptions, and weakening consumer sentiment. Retailers declined amid rising interest rates and high levels of consumer debt, while inflation pressured margins and profits. E-commerce sales also showed signs of slowing as customers returned to brick-and-mortar stores.

Conversely, the energy sector was the largest contributor to the Index’s return, advancing as oil, coal, and natural gas prices rose sharply in early 2022 and remained historically high as supply failed to keep pace with demand. Supply constraints following Russia’s invasion of Ukraine and the resulting international sanctions against Russia, a key exporter of natural gas and oil, further supported prices. Sharp increases in prices drove stronger margins and profits for the integrated oil and gas industry, while large dividends further supported the industry.

Portfolio Information

SECTOR ALLOCATION
Sector	Percent of Total Investments	(a)
Financials	24.5	%
Materials	20.0
Energy	19.4
Consumer Staples	8.9
Utilities	8.7
Industrials	8.3
Consumer Discretionary	4.0
Health Care	3.5
Communication Services	2.0
Information Technology	0.7

^(a)  Excludes money market funds.

TEN LARGEST HOLDINGS
Security	Percent of Total Investments	(a)
Vale SA	14.4	%
Petroleo Brasileiro SA (Preferred)	8.8
Petroleo Brasileiro SA	7.7
Itau Unibanco Holding SA (Preferred)	6.9
Banco Bradesco SA (Preferred)	4.9
B3 SA - Brasil, Bolsa, Balcao	4.0
Ambev SA	3.9
WEG SA	2.8
Localiza Rent a Car SA	2.7
Centrais Eletricas Brasileiras SA	2.7

6 2 0 2 2   I S H A R E S   A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Fund Summary as of August 31, 2022  iShares^® MSCI 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
	1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		3.93	%(a)		(7.64	)%		(5.29	)%		3.93	%(a)		(32.78	)%		(41.92	)%
Fund Market		4.39			(7.57	)		(5.20	)		4.39			(32.55	)		(41.37	)
Index		3.84			(7.59	)		(5.16	)		3.84			(32.60	)		(41.10	)

^(a)  The NAV total return presented in the table for the one-year 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.

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

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

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value (03/01/22)	Ending Account Value (08/31/22)	Expenses Paid During the Period	(a)		Beginning Account Value (03/01/22)	Ending Account Value (08/31/22)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$       1,000.00	$       1,100.20	$         3.07			$      1,000.00	$      1,022.30	$         2.96		0.58	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (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 “Disclosure of Expenses” for more information.

F U N D   S U M M A R Y 7

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

Portfolio Management Commentary

Stocks in Chile advanced modestly during the reporting period, supported by surging prices for raw materials, as exports of raw materials comprise a significant portion of Chile’s economic output. However, those higher prices also contributed to inflation, leading to interest rate increases and constraining domestic demand. Currency weakness exacerbated price pressures. In July 2022, Chile’s central bank intervened to aid the Chilean peso, which had fallen to a record low relative to the U.S. dollar. Late in the reporting period, amid heightened uncertainty regarding a scheduled constitutional referendum in September 2022, inflation reached its highest level in almost three decades and recession concerns mounted.

The Chilean materials sector contributed the most to the Index’s performance, particularly the chemicals industry. Prices for fertilizer and agricultural chemicals surged amid the imposition of economic and trade sanctions on Russia and Belarus, the world’s second- and third-largest producers of potash, a key fertilizer nutrient. Lithium prices also rose considerably, lifting profits for a large Chilean exporter of that important component of electric vehicle batteries. Prices for mineral salts reached record highs, supporting substantial revenue gains for all related products. Sales volumes of industrial chemicals also increased, as did sales and prices for iodine and associated products.

On the downside, the consumer staples, utilities, and consumer discretionary sectors detracted from the Index’s return. Profit margins declined in the beverages industry amid rising raw material and packaging costs and the depreciation of local currencies against the U.S. dollar. Rising costs also constrained margins for the electric utilities industry, as companies had to pay considerably more for raw materials to generate power. In the consumer discretionary sector, reduced consumer spending and rising costs for goods from suppliers similarly pressured margins at department stores.

Portfolio Information

SECTOR ALLOCATION
Sector	Percent of Total Investments	(a)
Materials	29.6	%
Financials	21.7
Utilities	14.0
Consumer Staples	13.4
Energy	8.0
Real Estate	4.3
Consumer Discretionary	3.9
Industrials	3.3
Communication Services	1.8

^(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	10.2
Empresas COPEC SA	8.0
Banco de Credito e Inversiones SA	4.6
Banco Santander Chile	4.5
Empresas CMPC SA	4.3
Falabella SA	3.9
Enel Americas SA	3.9
Cencosud SA	3.8
Cia. Sud Americana de Vapores SA	3.3

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Fund Summary as of August 31, 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
	1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		(6.38	)%		8.01	%		7.73	%		(6.38	)%		46.97	%		110.59	%
Fund Market		(6.34	)		7.91			7.77			(6.34	)		46.35			111.35
Index		(5.47	)		8.70			8.21			(5.47	)		51.73			120.13

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

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

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value (03/01/22)	Ending Account Value (08/31/22)	Expenses Paid During the Period	(a)		Beginning Account Value (03/01/22)	Ending Account Value (08/31/22)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$       1,000.00	$         904.30	$        2.78			$      1,000.00	$      1,022.30	$        2.96		0.58	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (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 “Disclosure of Expenses” for more information.

F U N D   S U M M A R Y 9

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

Portfolio Management Commentary

Stocks in Israel declined for the reporting period amid rising inflation, higher interest rates, and inconsistent economic growth. Israel’s economy contracted in the first quarter of 2022 but rebounded late in the reporting period. Recession fears receded as private consumption increased, and the country’s tourism and hospitality businesses bounced back from pandemic-related shutdowns. Although the country’s inflation rate remained lower than many other developed nations, the Bank of Israel joined other central banks in raising interest rates significantly.

The information technology sector detracted the most from the Index’s return. The IT services industry declined as website creators adjusted to slowing global economic growth and reduced online spending. Israel’s exit from the Russian market and the negative foreign exchange impacts of gains in the U.S. dollar led to revenue declines, prompting expense-reduction measures, including plans to reduce jobs. The application software industry also declined substantially as investors shifted away from high-valuation growth stocks. Growth stocks, which advanced during much of the coronavirus pandemic, declined as economic uncertainty intensified.

The consumer discretionary sector also weighed on the Index’s return. Within the internet and direct marketing retail industry, an online marketplace for freelance work sharply decreased its earnings expectations. Uncertainty regarding revenue from its European markets increased after Russia’s invasion of Ukraine.

On the upside, the financials sector contributed to the Index’s performance as earnings increased at the nation’s largest banks. Net interest income, the difference banks earn from making loans and paying out interest on deposits, increased amid rising interest rates. Banks also benefited from reducing asset provisions set aside during the pandemic to protect against potential loan defaults. The materials sector also contributed as earnings for fertilizer and agricultural chemicals distributors increased, reflecting sharp increases in product prices.

Portfolio Information

SECTOR ALLOCATION
Sector	Percent of Total Investments	(a)
Financials	27.2	%
Information Technology	26.7
Real Estate	11.5
Industrials	8.8
Health Care	6.7
Materials	4.4
Consumer Discretionary	3.6
Communication Services	3.2
Utilities	3.0
Energy	2.5
Consumer Staples	2.4

^(a)  Excludes money market funds.

TEN LARGEST HOLDINGS
Security	Percent of Total Investments	(a)
Bank Leumi Le-Israel BM	8.3	%
Nice Ltd.	6.9
Bank Hapoalim BM	6.7
Check Point Software Technologies Ltd.	6.2
Teva Pharmaceutical Industries Ltd.	5.1
Israel Discount Bank Ltd., Class A	3.8
ICL Group Ltd.	3.4
Mizrahi Tefahot Bank Ltd.	3.2
CyberArk Software Ltd.	3.0
Elbit Systems Ltd.	2.9

10 2 0 2 2   I S H A R E S   A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Fund Summary as of August 31, 2022  iShares^® MSCI 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
	1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		(16.34	)%		(3.57	)%		(0.74	)%		(16.34	)%		(16.63	)%		(7.11	)%
Fund Market		(16.73	)		(3.60	)		(0.80	)		(16.73	)		(16.74	)		(7.70	)
Index		(15.59	)		(3.00	)		(0.12	)		(15.59	)		(14.13	)		(1.20	)

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

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

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value (03/01/22)	Ending Account Value (08/31/22)	Expenses Paid During the Period	(a)		Beginning Account Value (03/01/22)	Ending Account Value (08/31/22)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$        1,000.00	$        785.20	$        2.61			$      1,000.00	$      1,022.30	$        2.96		0.58	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (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 “Disclosure of Expenses” for more information.

F U N D   S U M M A R Y 11

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

Portfolio Management Commentary

South Africa’s stock market declined substantially for the reporting period amid weak economic growth and interest rate increases targeting high inflation. The nation’s economic output fluctuated between slow growth and contraction. Exports increased, but high unemployment persisted. Power outages from the country’s severely strained electrical grid and challenging operating conditions in the country’s commodities-intensive industries further limited economic output. Meanwhile, the South African Reserve Bank raised interest rates, prompting recession concerns. The declining value of the South African rand relative to the U.S. dollar also diminished the value of South African stocks in U.S. dollar terms.

The materials sector detracted the most from the Index’s return, driven by the metals and mining industry. Prices for precious metals, used for products ranging from semiconductors to catalytic converters, advanced sharply in the wake of Russia’s invasion of Ukraine. However, rising production costs made it difficult for miners to take advantage of the price increases. In addition, labor strikes affected gold mining operations. A decline in metals prices late the reporting period further weighed on the industry’s earnings.

The consumer discretionary sector detracted meaningfully from the Index’s performance, driven by the internet and direct marketing retail industry. Earnings for a leading internet and multimedia company declined sharply, mainly due to its stake in a similar firm in China, where a regulatory crackdown on technology companies slowed online advertising growth. Rising capital costs further pressured the company.

The financials sector also detracted. Although insurance companies benefited from lower coronavirus-related claims, substantial claims from floods in April 2022 reduced earnings. The diversified financial services industry also declined. Rising interest rates prompted significant outflows from the bond market in the second quarter of 2022, adversely affecting the industry.

Portfolio Information

SECTOR ALLOCATION

Sector	Percent of Total Investments	(a)
Financials	33.5	%
Materials	23.0
Consumer Discretionary	18.9
Communication Services	8.9
Consumer Staples	8.8
Real Estate	2.3
Industrials	1.7
Health Care	1.5
Energy	1.4

TEN LARGEST HOLDINGS

Security	Percent of Total Investments	(a)
Naspers Ltd., Class N	14.1	%
FirstRand Ltd.	8.6
MTN Group Ltd.	5.6
Standard Bank Group Ltd.	5.5
Sasol Ltd.	5.0
Capitec Bank Holdings Ltd.	4.8
Impala Platinum Holdings Ltd.	4.1
Absa Group Ltd.	3.8
Gold Fields Ltd.	3.3
Shoprite Holdings Ltd.	3.1

^(a)  Excludes money market funds.

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Fund Summary as of August 31, 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
	1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		(2.41	)%		(10.75	)%		(6.36	)%		(2.41	)%		(43.36	)%		(48.16	)%
Fund Market		(2.35	)		(10.85	)		(6.34	)		(2.35	)		(43.69	)		(48.07	)
Index		(1.98	)		(10.52	)		(6.07	)		(1.98	)		(42.65	)		(46.53	)

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

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

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value (03/01/22)	Ending Account Value (08/31/22)	Expenses Paid During the Period	(a)		Beginning Account Value (03/01/22)	Ending Account Value (08/31/22)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$      1,000.00	$      1,221.60	$      3.25			$      1,000.00	$      1,022.30	$      2.96		0.58	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (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 “Disclosure of Expenses” for more information.

F U N D   S U M M A R Y 13

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

Portfolio Management Commentary

Stocks in Turkey declined modestly for the reporting period. While central banks around the world, led by the Fed, raised interest rates in response to rising prices, Turkey’s central bank lowered interest rates. That allowed the country’s economy to grow at a relatively strong rate despite losing some momentum in the first half of 2022. However, it also fed the nation’s soaring inflation and sharply decelerating currency. As inflation rose to 80%, Turkish citizens bought stocks as a hedge against the currency’s weakened buying power. Consequently, Turkey’s stock market advanced sharply, particularly in the latter half of the reporting period, outperforming most other global equity markets. However, the Turkish lira’s 54% decline relative to the U.S. dollar weighed notably on Turkey’s market performance in U.S. dollar terms.

The consumer staples sector detracted the most from the Index’s return due to currency effects, even as the food retail industry strengthened domestically. Ahead-of-expectations revenue and earnings propelled the stock of the nation’s leading grocery chain in local currency terms, however, it declined in U.S. dollar terms.

The Turkish lira’s decline also led the communication services sector to detract from the Index’s return. Although the country’s largest wireless telecommunication services provider reported significantly increased revenue and earnings, its stock fell as currency effects diminished the value of those gains in U.S. dollar terms.

On the upside, the industrials sector contributed as Turkey’s leading airline benefited from the currency weakness. Vacation travel increased amid the easing of coronavirus pandemic-related restrictions. The weak currency attracted foreign visitors to the country, improving the industry outlook. The energy sector also contributed as the nation’s largest refining business benefited from elevated fuel prices, significantly boosting revenue and earnings.

Portfolio Information

SECTOR ALLOCATION

Sector	Percent of Total Investments	(a)
Industrials	25.5	%
Materials	19.3
Consumer Staples	14.4
Financials	13.7
Consumer Discretionary	9.3
Energy	6.6
Communication Services	4.5
Real Estate	2.7
Utilities	2.5
Other (each representing less than 1%)	1.5

TEN LARGEST HOLDINGS

Security	Percent of Total Investments	(a)
BIM Birlesik Magazalar AS	7.4	%
Turkiye Petrol Rafinerileri AS	6.6
Eregli Demir ve Celik Fabrikalari TAS	6.1
Akbank TAS	5.2
KOC Holding AS	5.0
Turkiye Sise ve Cam Fabrikalari AS	5.0
Turk Hava Yollari AO	4.6
Turkcell Iletisim Hizmetleri AS	4.4
Ford Otomotiv Sanayi AS	3.9
Turkiye Is Bankasi AS, Class C	3.8

^(a)  Excludes money market funds.

14 2 0 2 2   I S H A R E S   A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

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.

Disclosure of 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 the Period.”

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

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

A B O U T   F U N D   P E R F O R M A N C E / S H A R E H O L D E R   E X P E N S E S 15

Schedule of Investments August 31, 2022 iShares^® MSCI Brazil ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Banks — 3.4%
Banco Bradesco SA		10,464,515	$	31,861,817
Banco do Brasil SA		13,662,575		109,486,536
Banco Santander Brasil SA		6,962,097		39,304,319
				180,652,672
Beverages — 3.7%
Ambev SA		66,417,743		194,948,281
Capital Markets — 5.2%
B3 SA - Brasil, Bolsa, Balcao		86,489,831		197,006,093
Banco BTG Pactual SA		15,735,176		76,976,055
XP Inc.(a)		1		19
				273,982,167
Containers & Packaging — 0.9%
Klabin SA		12,307,809		44,547,909
Diversified Telecommunication Services — 1.2%
Telefonica Brasil SA		7,760,909		61,372,404
Electric Utilities — 4.7%
Centrais Eletricas Brasileiras SA		14,911,883		132,167,255
CPFL Energia SA		2,588,232		17,397,830
Energisa SA		2,467,074		20,054,698
Equatorial Energia SA		16,646,731		77,371,589
				246,991,372
Electrical Equipment — 2.7%
WEG SA		25,943,809		141,079,186
Food & Staples Retailing — 2.0%
Atacadao SA		8,192,755		31,102,359
Raia Drogasil SA		17,658,163		73,858,532
				104,960,891
Food Products — 2.0%
BRF SA(a)		11,062,822		33,704,776
JBS SA		12,731,914		72,416,065
				106,120,841
Health Care Providers & Services — 2.3%
Hapvida Participacoes e Investimentos SA(b)		62,209,318		87,052,867
Rede D’Or Sao Luiz SA(b)		4,962,112		31,790,557
				118,843,424
Independent Power and Renewable Electricity Producers — 0.6%
Engie Brasil Energia SA		4,043,843		31,480,786
Insurance — 1.2%
BB Seguridade Participacoes SA		11,799,567		64,141,887
Internet & Direct Marketing Retail — 0.6%
Americanas SA		9,778,493		30,712,859
Metals & Mining — 14.3%
Cia. Siderurgica Nacional SA		11,487,732		30,472,609
Vale SA		58,039,067		719,575,546
				750,048,155
Multiline Retail — 0.7%
Magazine Luiza SA(a)		45,341,842		37,215,452
Oil, Gas & Consumable Fuels — 10.1%
Cosan SA		17,389,123		66,783,538
Petro Rio SA(a)		8,840,340		46,407,367
Petroleo Brasileiro SA		53,384,359		381,419,465

Security	Shares		Value
Oil, Gas & Consumable Fuels (continued)
Ultrapar Participacoes SA		13,359,600	$	34,744,615
				529,354,985
Paper & Forest Products — 1.9%
Suzano SA		11,847,474		100,793,710
Personal Products — 0.7%
Natura & Co. Holding SA		14,018,321		38,855,949
Pharmaceuticals — 1.1%
Hypera SA		6,837,225		56,604,506
Road & Rail — 4.2%
Localiza Rent a Car SA		11,529,046		134,783,288
Rumo SA		21,289,349		82,703,703
				217,486,991
Software — 0.7%
TOTVS SA		6,289,919		34,518,143
Specialty Retail — 2.6%
Lojas Renner SA		15,873,867		80,766,811
Vibra Energia SA		15,151,289		53,471,026
				134,237,837
Transportation Infrastructure — 1.1%
CCR SA		20,895,261		55,387,062
Water Utilities — 1.1%
Cia. de Saneamento Basico do Estado de Sao Paulo		5,952,713		56,238,629
Wireless Telecommunication Services — 0.7%
Tim SA		16,062,995		36,526,455
Total Common Stocks — 69.7% (Cost: $2,695,611,766)				3,647,102,553
Preferred Stocks
Banks — 13.4%
Banco Bradesco SA, Preference Shares, NVS		67,353,934		245,469,512
Itau Unibanco Holding SA, Preference Shares, NVS		69,325,753		343,936,968
Itausa SA, Preference Shares, NVS		63,791,238		112,196,261
				701,602,741
Chemicals — 0.3%
Braskem SA, Class A, Preference Shares, NVS		2,778,645		16,263,598
Electric Utilities — 1.9%
Centrais Eletricas Brasileiras SA, Class B, Preference Shares, NVS		4,572,040		42,096,093
Cia. Energetica de Minas Gerais, Preference Shares, NVS		23,831,642		55,428,815
				97,524,908
Metals & Mining — 1.6%
Gerdau SA, Preference Shares, NVS		18,602,252		83,385,460
Oil, Gas & Consumable Fuels — 8.3%
Petroleo Brasileiro SA, Preference Shares, NVS		68,501,689		437,550,193
Total Preferred Stocks — 25.5% (Cost: $929,231,659)				1,336,326,900
Total Long-Term Investments — 95.2% (Cost: $3,624,843,425)				4,983,429,453

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Schedule of Investments   (continued) August 31, 2022 iShares^® MSCI Brazil ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Short-Term Securities
Money Market Funds — 0.1%
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.07%(c)(d)		6,880,000	$	6,880,000
Total Short-Term Securities — 0.1% (Cost: $6,880,000)				6,880,000
Total Investments in Securities — 95.3% (Cost: $3,631,723,425)				4,990,309,453
Other Assets Less Liabilities — 4.7%				245,863,442
Net Assets — 100.0%			$	5,236,172,895

^(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 year ended August 31, 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 Sale		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 08/31/22		Shares Held at 08/31/22		Income		Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Treasury, SL Agency Shares	$	—	$	6,880,000	(a)	$	—	$	—	$	—	$	6,880,000		6,880,000	$	43,168	$	—

^(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		5,229		09/16/22	$	255,883	$	(5,559,353	)

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:

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	—	$	—	$	5,559,353	$	—	$	—	$	—	$	5,559,353

^(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 17

Schedule of Investments   (continued) August 31, 2022 iShares^® MSCI Brazil ETF

Derivative Financial Instruments Categorized by Risk Exposure (continued)

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

	Commodity Contracts		Credit Contracts		Equity Contracts			Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Net Realized Gain (Loss) from
Futures contracts	$	—	$	—	$	(34,367,672	)	$	—	$	—	$	—	$	(34,367,672	)
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	(7,072,267	)	$	—	$	—	$	—	$	(7,072,267	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts
Average notional value of contracts — long	$102,628,368

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	$	3,647,102,553		$	—	$	—	$	3,647,102,553
Preferred Stocks		1,336,326,900			—		—		1,336,326,900
Money Market Funds		6,880,000			—		—		6,880,000
	$	4,990,309,453		$	—	$	—	$	4,990,309,453
Derivative financial instruments(a)
Liabilities
Futures Contracts	$	(5,559,353	)	$	—	$	—	$	(5,559,353	)

^(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   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 August 31, 2022 iShares^® MSCI Chile ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Banks — 21.5%
Banco de Chile		523,392,569	$	49,655,866
Banco de Credito e Inversiones SA		766,533		22,579,048
Banco Santander Chile		547,261,898		21,982,068
Itau CorpBanca Chile SA		5,223,741,240		11,656,884
				105,873,866
Beverages — 4.7%
Cia. Cervecerias Unidas SA		2,236,808		12,155,757
Vina Concha y Toro SA		8,917,950		10,851,789
				23,007,546
Electric Utilities — 6.3%
Enel Americas SA		173,606,206		18,808,550
Enel Chile SA		75,176,503		2,467,718
Engie Energia Chile SA		17,306,167		9,558,218
				30,834,486
Food & Staples Retailing — 5.6%
Cencosud SA		13,288,788		18,578,356
SMU SA		80,637,314		8,791,154
				27,369,510
Independent Power and Renewable Electricity Producers — 3.2%
Colbun SA		162,759,566		15,871,895
Marine — 3.3%
Cia. Sud Americana de Vapores SA		171,802,940		16,169,124
Metals & Mining — 2.0%
CAP SA		1,248,215		10,070,675
Multiline Retail — 3.9%
Falabella SA		8,050,277		18,970,360
Oil, Gas & Consumable Fuels — 7.9%
Empresas COPEC SA		4,540,335		39,164,664
Paper & Forest Products — 4.3%
Empresas CMPC SA		11,159,216		21,166,714

Security	Shares		Value
Real Estate Management & Development — 4.2%
Cencosud Shopping SA		3,055,636	$	4,329,883
Parque Arauco SA		11,710,466		12,380,756
Plaza SA		3,633,421		4,072,269
				20,782,908
Water Utilities — 4.4%
Aguas Andinas SA, Class A		60,848,955		13,330,080
Inversiones Aguas Metropolitanas SA		16,677,361		8,429,208
				21,759,288
Wireless Telecommunication Services — 1.8%
Empresa Nacional de Telecomunicaciones SA		2,845,821		9,049,472
Total Common Stocks — 73.1% (Cost: $374,478,045)				360,090,508
Preferred Stocks
Beverages — 3.1%
Embotelladora Andina SA, Class B, Preference Shares, NVS		7,413,541		15,189,384
Chemicals — 22.9%
Sociedad Quimica y Minera de Chile SA, Class B, Preference Shares		1,131,544		113,125,362
Total Preferred Stocks — 26.0% (Cost: $51,718,326)				128,314,746
Total Investments in Securities — 99.1% (Cost: $426,196,371)				488,405,254
Other Assets Less Liabilities — 0.9%				4,674,082
Net Assets — 100.0%			$	493,079,336

Affiliates

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

Affiliated Issuer	Value at 08/31/21		Purchases at Cost		Proceeds from Sale			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 08/31/22		Shares Held at 08/31/22		Income		Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Treasury, SL Agency Shares(a)	$	1,120,000	$	—	$	(1,120,000	)(b)	$	—	$	—	$	—		—	$	3,459	$	—

^(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 19

Schedule of Investments   (continued) August 31, 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		42		09/16/22	$	2,062	$	(32,763	)

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:

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	—	$	—	$	32,763	$	—	$	—	$	—	$	32,763

^(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 August 31, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Commodity Contracts		Credit Contracts		Equity Contracts			Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Net Realized Gain (Loss) from
Futures contracts	$	—	$	—	$	(508,278	)	$	—	$	—	$	—	$	(508,278	)
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	(20,305	)	$	—	$	—	$	—	$	(20,305	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts
Average notional value of contracts — long	$	1,857,069

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	$	360,090,508		$	—	$	—	$	360,090,508
Preferred Stocks		128,314,746			—		—		128,314,746
	$	488,405,254		$	—	$	—	$	488,405,254
Derivative financial instruments(a)
Liabilities
Futures Contracts	$	(32,763	)	$	—	$	—	$	(32,763	)

^(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   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 August 31, 2022 iShares^® MSCI Israel ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 3.1%
Elbit Systems Ltd.		21,785	$	4,650,798
RADA Electronic Industries Ltd.(a)(b)		34,347		344,500
				4,995,298
Banks — 23.6%
Bank Hapoalim BM		1,039,720		10,779,244
Bank Leumi Le-Israel BM		1,263,778		13,359,676
FIBI Holdings Ltd.		14,596		767,227
First International Bank Of Israel Ltd. (The)		45,149		2,101,047
Israel Discount Bank Ltd., Class A		1,013,248		6,194,642
Mizrahi Tefahot Bank Ltd.		126,097		5,128,449
				38,330,285
Capital Markets — 0.1%
Altshuler Shaham Penn Ltd.		57,152		174,893
Chemicals — 4.3%
ICL Group Ltd.		579,874		5,537,029
Israel Corp Ltd.(a)		3,144		1,519,668
				7,056,697
Communications Equipment — 1.1%
AudioCodes Ltd.		20,824		462,578
Gilat Satellite Networks Ltd.(a)		35,156		228,474
Ituran Location and Control Ltd.		12,460		309,756
Radware Ltd.(a)(b)		33,359		715,884
				1,716,692
Construction & Engineering — 2.8%
Ashtrom Group Ltd.		33,227		845,668
Elco Ltd.		7,812		548,949
Electra Ltd./Israel		1,726		1,095,527
Shapir Engineering and Industry Ltd.		117,373		1,121,173
Shikun & Binui Ltd.(a)		204,011		922,422
				4,533,739
Consumer Finance — 0.3%
Isracard Ltd.		164,724		548,319
Distributors — 0.3%
Tadiran Group Ltd.		2,795		471,138
Diversified Telecommunication Services — 1.8%
Bezeq The Israeli Telecommunication Corp. Ltd.		1,698,963		2,864,300
Electrical Equipment — 0.1%
Electreon Wireless Ltd.(a)		3,313		72,962
Electronic Equipment, Instruments & Components — 0.1%
Nayax Ltd.(a)		66,081		186,648
Equity Real Estate Investment Trusts (REITs) — 0.9%
Reit 1 Ltd.		152,017		966,606
Sella Capital Real Estate Ltd.		168,339		536,983
				1,503,589
Food & Staples Retailing — 1.4%
M Yochananof & Sons Ltd.		4,176		262,683
Rami Levy Chain Stores Hashikma Marketing 2006 Ltd.		7,373		570,605
Shufersal Ltd.(b)		217,399		1,488,888
				2,322,176
Food Products — 0.9%
Mehadrin Ltd.(a)		0		29
Neto Malinda Trading Ltd.(a)		9,518		368,588

Security	Shares		Value
Food Products (continued)
Strauss Group Ltd.		42,786	$	1,118,882
				1,487,499
Health Care Equipment & Supplies — 1.5%
Inmode Ltd.(a)		57,844		1,847,537
Nano-X Imaging Ltd.(a)(b)		31,995		425,854
Sisram Medical Ltd.(c)		117,600		137,397
				2,410,788
Hotels, Restaurants & Leisure — 0.4%
Fattal Holdings 1998 Ltd.(a)		5,056		622,592
Household Durables — 0.9%
Azorim-Investment Development & Construction Co. Ltd.		69,890		285,696
Danya Cebus Ltd.		6,457		162,523
Electra Consumer Products 1970 Ltd.		9,834		454,637
Maytronics Ltd.(b)		40,488		581,623
				1,484,479
Independent Power and Renewable Electricity Producers — 3.0%
Doral Group Renewable Energy Resources Ltd.(a)		48,738		180,548
Energix-Renewable Energies Ltd.		190,435		868,090
Enlight Renewable Energy Ltd.(a)		783,592		1,912,431
Kenon Holdings Ltd./Singapore		15,462		628,133
OPC Energy Ltd.(a)(b)		74,741		891,148
OY Nofar Energy Ltd.(a)(b)		12,290		412,395
				4,892,745
Industrial Conglomerates — 0.2%
Arad Investment & Industrial Development Ltd.		2,570		362,299
Insurance — 3.1%
Clal Insurance Enterprises Holdings Ltd.(a)		51,460		1,111,195
Harel Insurance Investments & Financial Services Ltd.		95,819		1,089,459
IDI Insurance Co. Ltd.		6,645		216,880
Menora Mivtachim Holdings Ltd.(a)		20,494		472,056
Migdal Insurance & Financial Holdings Ltd.		347,215		573,688
Phoenix Holdings Ltd. (The)		123,514		1,489,909
				4,953,187
Interactive Media & Services — 0.1%
Taboola.com Ltd.(a)(b)		47,180		118,422
Internet & Direct Marketing Retail — 0.5%
Fiverr International Ltd.(a)(b)		25,509		882,101
IT Services — 3.2%
Formula Systems 1985 Ltd.		8,188		813,284
Malam - Team Ltd.		6,302		151,092
Matrix IT Ltd.		28,327		743,403
One Software Technologies Ltd.		32,121		592,181
Wix.com Ltd.(a)		46,779		2,960,643
				5,260,603
Machinery — 0.8%
Kornit Digital Ltd.(a)(b)		40,506		1,258,926
Marine — 1.5%
ZIM Integrated Shipping Services Ltd.		68,884		2,486,024
Media — 0.4%
Perion Network Ltd.(a)		32,298		657,116
Oil, Gas & Consumable Fuels — 2.4%
Delek Group Ltd.(a)		7,476		1,298,477
Equital Ltd.(a)(b)		17,936		666,117
Naphtha Israel Petroleum Corp. Ltd.(a)		26,926		162,115

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(continued) August 31, 2022 iShares^® MSCI Israel ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Oil, Gas & Consumable Fuels (continued)
Oil Refineries Ltd.(b)		1,716,219	$	736,937
Paz Oil Co. Ltd.(a)(b)		8,248		1,081,137
				3,944,783
Pharmaceuticals — 5.2%
Taro Pharmaceutical Industries Ltd.(a)		7,791		262,245
Teva Pharmaceutical Industries Ltd., ADR(a)		908,619		8,213,916
				8,476,161
Professional Services — 0.3%
Danel Adir Yeoshua Ltd.		4,459		544,657
Real Estate Management & Development — 10.5%
AFI Properties Ltd.		4,656		230,134
Africa Israel Residences Ltd.(b)		5,237		276,644
Airport City Ltd.(a)		55,997		1,171,833
Alony Hetz Properties & Investments Ltd.		121,465		1,958,821
Amot Investments Ltd.		192,359		1,374,759
Azrieli Group Ltd.		34,763		2,883,806
Big Shopping Centers Ltd.		9,808		1,402,427
Blue Square Real Estate Ltd.		3,889		336,110
Brack Capital Properties NV(a)		0		31
Electra Real Estate Ltd.		21,230		373,077
G City Ltd.		66,974		435,948
Gav-Yam Lands Corp. Ltd.		0		1
Israel Canada T.R Ltd.		107,041		441,966
Israel Land Development - Urban Renewal Ltd.		13,383		238,490
Isras Investment Co. Ltd.		1,555		372,446
Mega Or Holdings Ltd.		19,387		670,545
Melisron Ltd.		19,443		1,587,745
Mivne Real Estate KD Ltd.		493,768		1,812,160
Prashkovsky Investments and Construction Ltd.		6,100		203,912
Property & Building Corp. Ltd.(a)		2,444		250,639
Summit Real Estate Holdings Ltd.		30,172		568,827
YH Dimri Construction & Development Ltd.		6,109		484,295
				17,074,616
Semiconductors & Semiconductor Equipment — 4.4%
Camtek Ltd./Israel(a)(b)		23,376		627,326
Nova Ltd.(a)		23,474		2,303,490
Tower Semiconductor Ltd.(a)		89,347		4,188,009
				7,118,825
Software — 17.4%
Cellebrite DI Ltd.(a)(b)		30,744		149,108
Check Point Software Technologies Ltd.(a)(b)		83,951		10,094,268
Cognyte Software Ltd.(a)(b)		55,190		288,092
CyberArk Software Ltd.(a)(b)		33,351		4,811,882
Hilan Ltd.		12,020		731,369
Magic Software Enterprises Ltd.		21,964		377,141

Security	Shares		Value
Software (continued)
Nice Ltd.(a)		51,956	$	11,101,016
Sapiens International Corp. NV		27,083		608,918
SimilarWeb Ltd.(a)		15,511		119,745
				28,281,539
Specialty Retail — 1.2%
Delek Automotive Systems Ltd.		42,085		648,982
Fox Wizel Ltd.		6,703		972,994
Retailors Ltd.(b)		10,037		258,698
				1,880,674
Technology Hardware, Storage & Peripherals — 0.4%
Nano Dimension Ltd., ADR(a)(b)		211,253		627,421
Textiles, Apparel & Luxury Goods — 0.3%
Delta Galil Industries Ltd.(b)		9,399		498,628
Wireless Telecommunication Services — 0.9%
Cellcom Israel Ltd.(a)(b)		73,126		457,459
Partner Communications Co. Ltd.(a)		113,821		984,454
				1,441,913
Total Long-Term Investments — 99.4% (Cost: $166,416,966)				161,542,734
Short-Term Securities
Money Market Funds — 4.4%
BlackRock Cash Funds: Institutional, SL Agency Shares, 2.42%(d)(e)(f)		7,066,350		7,068,470
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.07%(d)(e)		80,000		80,000
Total Short-Term Securities — 4.4% (Cost: $7,144,241)				7,148,470
Total Investments in Securities — 103.8% (Cost: $173,561,207)				168,691,204
Liabilities in Excess of Other Assets — (3.8)%				(6,128,934	)
Net Assets — 100.0%			$	162,562,270

^(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.

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

Schedule of Investments(continued) August 31, 2022 iShares^® MSCI Israel ETF

Affiliates

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

Affiliated Issuer	Value at 08/31/21		Purchases at Cost		Proceeds from Sale			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 08/31/22		Shares Held at 08/31/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	23,201,200	$	—	$	(16,132,192	)(a)	$	(3,981	)	$	3,443	$	7,068,470		7,066,350	$	106,784	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		90,000		—		(10,000	)(a)		—			—		80,000		80,000		537			—
								$	(3,981	)	$	3,443	$	7,148,470			$	107,321		$	—

^(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		29		09/16/22	$	1,022	$	(42,032	)

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:

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	—	$	—	$	42,032	$	—	$	—	$	—	$	42,032

^(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 August 31, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Commodity Contracts		Credit Contracts		Equity Contracts			Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Net Realized Gain (Loss) from
Futures contracts	$	—	$	—	$	(40,593	)	$	—	$	—	$	—	$	(40,593	)
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	(45,558	)	$	—	$	—	$	—	$	(45,558	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts
Average notional value of contracts — long	$	682,642

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 23

Schedule of Investments(continued) August 31, 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	$	35,916,324	$	125,626,410		$	—	$	161,542,734
Money Market Funds		7,148,470		—			—		7,148,470
	$	43,064,794	$	125,626,410		$	—	$	168,691,204
Derivative financial instruments(a)
Liabilities
Futures Contracts	$	—	$	(42,032	)	$	—	$	(42,032	)

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

See notes to financial statements.

24 2 0 2 2   I S H A R E S   A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments August 31, 2022 iShares^® MSCI South Africa ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Banks — 16.5%
Absa Group Ltd.		1,162,081	$	12,035,853
Capitec Bank Holdings Ltd.		125,748		14,952,110
Nedbank Group Ltd.		664,569		7,844,217
Standard Bank Group Ltd.		1,938,568		17,298,957
				52,131,137
Capital Markets — 1.0%
Reinet Investments SCA		197,673		3,244,359
Chemicals — 5.0%
Sasol Ltd.(a)		817,752		15,727,535
Diversified Financial Services — 10.4%
FirstRand Ltd.		7,290,151		27,229,508
Remgro Ltd.		764,608		5,669,901
				32,899,409
Equity Real Estate Investment Trusts (REITs) — 1.2%
Growthpoint Properties Ltd.		4,963,871		3,692,022
Food & Staples Retailing — 8.8%
Bid Corp. Ltd.		484,203		9,188,656
Clicks Group Ltd.		352,445		6,132,126
Shoprite Holdings Ltd.		725,492		9,837,686
SPAR Group Ltd. (The)		277,576		2,537,421
				27,695,889
Industrial Conglomerates — 1.7%
Bidvest Group Ltd. (The)		418,015		5,245,702
Insurance — 5.4%
Discovery Ltd.(a)		723,079		5,180,819
Old Mutual Ltd.		6,785,964		4,020,156
Sanlam Ltd.		2,572,097		7,996,251
				17,197,226
Internet & Direct Marketing Retail — 14.0%
Naspers Ltd., Class N		314,439		44,337,923
Media — 1.1%
MultiChoice Group		542,084		3,658,780
Metals & Mining — 18.0%
African Rainbow Minerals Ltd.		161,744		2,231,154
Anglo American Platinum Ltd.		76,671		5,352,368
AngloGold Ashanti Ltd.		604,079		8,067,271
Gold Fields Ltd.		1,287,886		10,401,420
Harmony Gold Mining Co. Ltd.		799,681		2,036,468
Impala Platinum Holdings Ltd.		1,227,521		12,862,391
Kumba Iron Ore Ltd.		92,838		2,055,369

Security	Shares		Value
Metals & Mining (continued)
Northam Platinum Holdings Ltd.(a)		487,327	$	4,586,272
Sibanye Stillwater Ltd.		4,084,451		9,124,750
				56,717,463
Multiline Retail — 1.5%
Woolworths Holdings Ltd.		1,445,038		4,724,345
Oil, Gas & Consumable Fuels — 1.4%
Exxaro Resources Ltd.		352,391		4,489,546
Pharmaceuticals — 1.5%
Aspen Pharmacare Holdings Ltd.		550,830		4,727,110
Real Estate Management & Development — 1.1%
NEPI Rockcastle SA		658,261		3,507,572
Specialty Retail — 3.3%
Foschini Group Ltd. (The)		479,003		3,556,011
Mr. Price Group Ltd.		371,483		4,024,203
Pepkor Holdings Ltd.(b)		2,404,320		2,822,790
				10,403,004
Wireless Telecommunication Services — 7.8%
MTN Group Ltd.		2,448,816		17,724,637
Vodacom Group Ltd.		927,974		6,830,498
				24,555,135
Total Long-Term Investments — 99.7% (Cost: $437,983,439)				314,954,157
Short-Term Securities
Money Market Funds — 0.1%
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.07%(c)(d)		180,000		180,000
Total Short-Term Securities — 0.1% (Cost: $180,000)				180,000
Total Investments in Securities — 99.8% (Cost: $438,163,439)				315,134,157
Other Assets Less Liabilities — 0.2%				627,072
Net Assets — 100.0%			$	315,761,229

^(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 year ended August 31, 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 Sale			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 08/31/22		Shares Held at 08/31/22		Income		Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Treasury, SL Agency Shares	$	310,000	$	—	$	(130,000	)(a)	$	—	$	—	$	180,000		180,000	$	1,105	$	—

^(a)  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 25

Schedule of Investments(continued) August 31, 2022 iShares^® MSCI South Africa 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
FTSE/JSE Top 40 Index		11		09/15/22	$	389	$	(18,202	)

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:

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	—	$	—	$	18,202	$	—	$	—	$	—	$	18,202

^(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 August 31, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Commodity Contracts		Credit Contracts		Equity Contracts			Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Net Realized Gain (Loss) from
Futures contracts	$	—	$	—	$	(91,770	)	$	—	$	—	$	—	$	(91,770	)
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	(34,909	)	$	—	$	—	$	—	$	(34,909	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts
Average notional value of contracts — long	$	588,659

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	$	51,619,638	$	263,334,519		$	—	$	314,954,157
Money Market Funds		180,000		—			—		180,000
	$	51,799,638	$	263,334,519		$	—	$	315,134,157
Derivative financial instruments(a)
Liabilities
Futures Contracts	$	—	$	(18,202	)	$	—	$	(18,202	)

^(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   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 August 31, 2022 iShares^® MSCI Turkey ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 3.1%
Aselsan Elektronik Sanayi Ve Ticaret AS		6,229,598	$	8,911,630
Airlines — 6.2%
Pegasus Hava Tasimaciligi AS(a)(b)		395,059		4,526,571
Turk Hava Yollari AO(a)		3,331,404		13,361,109
				17,887,680
Automobiles — 3.9%
Ford Otomotiv Sanayi AS		628,048		11,411,670
Banks — 12.6%
Akbank TAS		23,576,586		15,189,171
Haci Omer Sabanci Holding AS(b)		7,432,296		10,401,762
Turkiye Is Bankasi AS, Class C(b)		25,103,956		10,874,371
				36,465,304
Beverages — 3.8%
Anadolu Efes Biracilik Ve Malt Sanayii AS		2,087,973		4,717,852
Coca-Cola Icecek AS		731,390		6,415,999
				11,133,851
Capital Markets — 0.4%
Is Yatirim Menkul Degerler AS		687,091		1,072,727
Chemicals — 7.2%
Gubre Fabrikalari TAS(a)(b)		523,637		3,358,092
Hektas Ticaret TAS(a)(b)		3,593,887		8,094,786
Petkim Petrokimya Holding AS(a)(b)		11,840,412		9,403,420
				20,856,298
Construction & Engineering — 1.1%
Tekfen Holding AS		1,981,438		3,240,096
Construction Materials — 2.0%
Nuh Cimento Sanayi AS		653,551		2,730,352
Oyak Cimento Fabrikalari AS(a)		3,669,487		2,970,102
				5,700,454
Diversified Financial Services — 0.7%
Turkiye Sinai Kalkinma Bankasi AS(a)(b)		8,043,543		2,171,387
Electric Utilities — 0.9%
Enerjisa Enerji AS(b)(c)		2,732,153		2,563,112
Electronic Equipment, Instruments & Components — 0.7%
Penta Teknoloji Urunleri Dagitim Ticaret AS(a)		99,815		2,058,547
Equity Real Estate Investment Trusts (REITs) — 2.7%
Emlak Konut Gayrimenkul Yatirim Ortakligi AS(b)		20,732,943		4,563,436
Is Gayrimenkul Yatirim Ortakligi AS(a)(b)		1,767,050		1,756,195
Kizilbuk Gayrimenkul Yatirim Ortakligi AS, NVS(a)(b)		784,973		1,467,098
				7,786,729
Food & Staples Retailing — 9.9%
BIM Birlesik Magazalar AS		3,588,545		21,529,276
Migros Ticaret AS(a)(b)		980,897		4,401,519
Sok Marketler Ticaret AS(a)		2,981,834		2,762,499
				28,693,294
Food Products — 0.7%
Ulker Biskuvi Sanayi AS(a)		1,939,725		1,918,020
Health Care Providers & Services — 0.8%
MLP Saglik Hizmetleri AS(a)(c)		1,030,155		2,288,808
Household Durables — 1.4%
Vestel Beyaz Esya Sanayi ve Ticaret AS(b)		3,802,095		1,965,969

Security	Shares		Value
Household Durables (continued)
Vestel Elektronik Sanayi ve Ticaret AS(b)		1,205,081	$	1,971,836
				3,937,805
Independent Power and Renewable Electricity Producers — 1.6%
Aksa Enerji Uretim AS(b)		3,034,549		4,733,624
Industrial Conglomerates — 11.4%
Alarko Holding AS(b)		1,576,526		4,271,436
Enka Insaat ve Sanayi AS		1		1
KOC Holding AS		5,851,656		14,599,301
Turkiye Sise ve Cam Fabrikalari AS(b)		10,524,259		14,335,681
				33,206,419
Machinery — 1.5%
Jantsa Jant Sanayi Ve Ticaret AS		311,805		1,342,484
Otokar Otomotiv Ve Savunma Sanayi AS(b)		35,938		943,702
Turk Traktor ve Ziraat Makineleri AS(b)		154,056		2,068,152
				4,354,338
Metals & Mining — 10.1%
Eregli Demir ve Celik Fabrikalari TAS(b)		11,187,876		17,678,682
Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS, Class D(b)		7,142,586		4,626,965
Koza Altin Isletmeleri AS(b)		454,420		3,957,917
Koza Anadolu Metal Madencilik Isletmeleri AS(a)(b)		2,111,730		3,140,459
				29,404,023
Oil, Gas & Consumable Fuels — 6.6%
Turkiye Petrol Rafinerileri AS(a)		970,633		19,136,837
Specialty Retail — 1.1%
Dogan Sirketler Grubu Holding AS		11,556,660		3,351,967
Textiles, Apparel & Luxury Goods — 2.8%
Aksa Akrilik Kimya Sanayii AS(b)		1,539,595		4,658,187
Mavi Giyim Sanayi Ve Ticaret AS, Class B(c)		922,351		3,546,578
				8,204,765
Transportation Infrastructure — 2.1%
TAV Havalimanlari Holding AS(a)(b)		1,785,721		6,094,770
Wireless Telecommunication Services — 4.4%
Turkcell Iletisim Hizmetleri AS		10,864,609		12,838,717
Total Long-Term Investments — 99.7% (Cost: $349,870,671)				289,422,872
Short-Term Securities
Money Market Funds — 11.7%
BlackRock Cash Funds: Institutional, SL Agency Shares, 2.42%(d)(e)(f)		33,770,426		33,780,557
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.07%(d)(e)		260,000		260,000
Total Short-Term Securities — 11.7% (Cost: $34,030,640)				34,040,557
Total Investments in Securities — 111.4% (Cost: $383,901,311)				323,463,429
Liabilities in Excess of Other Assets — (11.4)%				(33,055,194	)
Net Assets — 100.0%			$	290,408,235

^(a)  Non-income producing security.

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

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  (continued) August 31, 2022 iShares^® MSCI Turkey ETF

^(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 year ended August 31, 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 Sale			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 08/31/22		Shares Held at 08/31/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	11,942,050	$	21,838,745	(a)	$	—		$	(4,719	)	$	4,481	$	33,780,557		33,770,426	$	979,669	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		350,000		—			(90,000	)(a)		—			—		260,000		260,000		1,477			—
									$	(4,719	)	$	4,481	$	34,040,557			$	981,146		$	—

^(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		13		09/16/22	$	638	$	(5,405	)

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:

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	—	$	—	$	5,405	$	—	$	—	$	—	$	5,405

^(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).

28 2 0 2 2   I S H A R E S   A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments(continued) August 31, 2022 iShares^® MSCI Turkey ETF

Derivative Financial Instruments Categorized by Risk Exposure (continued)

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

	Commodity Contracts		Credit Contracts		Equity Contracts			Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Net Realized Gain (Loss) from
Futures contracts	$	—	$	—	$	(90,237	)	$	—	$	—	$	—	$	(90,237	)
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	(10,037	)	$	—	$	—	$	—	$	(10,037	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts
Average notional value of contracts — long	$	368,695

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	$	50,370,539		$	239,052,333	$	—	$	289,422,872
Money Market Funds		34,040,557			—		—		34,040,557
	$	84,411,096		$	239,052,333	$	—	$	323,463,429
Derivative financial instruments(a)
Liabilities
Futures Contracts	$	(5,405	)	$	—	$	—	$	(5,405	)

^(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

Statements of Assets and Liabilities  

August 31, 2022

	iShares MSCI Brazil ETF			iShares MSCI Chile ETF			iShares MSCI Israel ETF			iShares MSCI South Africa ETF
ASSETS
Investments, at value — unaffiliated(a)(b)	$	4,983,429,453		$	488,405,254		$	161,542,734		$	314,954,157
Investments, at value — affiliated(c)		6,880,000			—			7,148,470			180,000
Cash		3,559			—			6,218			7,229
Foreign currency, at value(d)		92,882,256			2,674,117			280,586			650,231
Cash pledged for futures contracts		26,793,000			91,000			—			—
Foreign currency collateral pledged for futures contracts(e)		—			—			96,475			74,203
Receivables:
Investments sold		59,571,180			26,122,852			335,290			71,720
Securities lending income — affiliated		—			—			12,152			—
Variation margin on futures contracts		—			5,867			—			—
Capital shares sold		—			—			—			23,761
Dividends — unaffiliated		137,474,661			997,268			718,101			395,122
Dividends — affiliated		11,561			—			102			237
Total assets		5,307,045,670			518,296,358			170,140,128			316,356,660
LIABILITIES
Bank overdraft		—			344,547			—			—
Collateral on securities loaned, at value		—			—			7,060,991			—
Deferred foreign capital gain tax		—			—			49,912			—
Payables:
Investments purchased		62,652,654			24,646,560			368,231			416,852
Variation margin on futures contracts		5,506,251			—			12,948			20,188
Investment advisory fees		2,713,870			225,915			82,124			158,391
Foreign taxes		—			—			3,652			—
Total liabilities		70,872,775			25,217,022			7,577,858			595,431
NET ASSETS	$	5,236,172,895		$	493,079,336		$	162,562,270		$	315,761,229
NET ASSETS CONSIST OF
Paid-in capital	$	8,490,928,313		$	777,074,928		$	222,429,716		$	719,132,438
Accumulated loss		(3,254,755,418	)		(283,995,592	)		(59,867,446	)		(403,371,209	)
NET ASSETS	$	5,236,172,895		$	493,079,336		$	162,562,270		$	315,761,229
NET ASSET VALUE
Shares outstanding		171,800,000			17,850,000			2,450,000			7,900,000
Net asset value	$	30.48		$	27.62		$	66.35		$	39.97
Shares authorized		800 million			200 million			500 million			400 million
Par value	$	0.001		$	0.001		$	0.001		$	0.001
(a) Investments, at cost — unaffiliated	$	3,624,843,425		$	426,196,371		$	166,416,966		$	437,983,439
(b) Securities loaned, at value	$	—		$	—		$	6,692,160		$	—
(c)  Investments, at cost — affiliated	$	6,880,000		$	—		$	7,144,241		$	180,000
(d) Foreign currency, at cost	$	93,126,721		$	2,733,423		$	284,171		$	666,077
(e) Foreign currency collateral pledged, at cost	$	—		$	—		$	97,596		$	80,027

See notes to financial statements.

30 2 0 2 2   I S H A R E S   A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Statements of Assets and Liabilities  (continued)

August 31, 2022

	iShares MSCI Turkey ETF
ASSETS
Investments, at value — unaffiliated(a)(b)	$	289,422,872
Investments, at value — affiliated(c)		34,040,557
Cash		32
Foreign currency, at value(d)		167,086
Cash pledged for futures contracts		20,000
Receivables:
Investments sold		4,241,977
Securities lending income — affiliated		144,355
Dividends — unaffiliated		145,759
Dividends — affiliated		427
Total assets		328,183,065
LIABILITIES
Collateral on securities loaned, at value		33,778,285
Payables:
Investments purchased		3,859,665
Variation margin on futures contracts		91
Investment advisory fees		136,789
Total liabilities		37,774,830
NET ASSETS	$	290,408,235
NET ASSETS CONSIST OF
Paid-in capital	$	659,328,583
Accumulated loss		(368,920,348	)
NET ASSETS	$	290,408,235
NET ASSET VALUE
Shares outstanding		12,850,000
Net asset value	$	22.60
Shares authorized		200 million
Par value	$	0.001
(a) Investments, at cost — unaffiliated	$	349,870,671
(b) Securities loaned, at value	$	31,564,488
(c)  Investments, at cost — affiliated	$	34,030,640
(d) Foreign currency, at cost	$	169,489

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

Year Ended August 31, 2022

	iShares MSCI Brazil ETF			iShares MSCI Chile ETF			iShares MSCI Israel ETF			iShares MSCI South Africa ETF
INVESTMENT INCOME
Dividends — unaffiliated	$	736,335,409		$	51,978,213		$	4,856,508		$	14,177,539
Dividends — affiliated		43,168			3,459			1,105			1,105
Interest — unaffiliated		—			324			—			—
Securities lending income — affiliated — net		—			—			106,216			—
Foreign taxes withheld		(19,823,645	)		(11,441,368	)		(1,125,455	)		(2,034,014	)
Total investment income		716,554,932			40,540,628			3,838,374			12,144,630
EXPENSES
Investment advisory fees		30,544,859			2,645,666			1,000,650			1,956,101
Commitment fees		43,057			4,900			—			—
Professional fees		217			217			217			217
Total expenses		30,588,133			2,650,783			1,000,867			1,956,318
Net investment income		685,966,799			37,889,845			2,837,507			10,188,312
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated(a)		(326,024,079	)		(39,550,288	)		(8,333,361	)		(11,703,332	)
Investments — affiliated		—			—			(3,981	)		—
In-kind redemptions — unaffiliated(b)		—			—			12,462,945			14,648,331
Futures contracts		(34,367,672	)		(508,278	)		(40,593	)		(91,770	)
Foreign currency transactions		(321,165	)		(798,842	)		9,226			(45,334	)
		(360,712,916	)		(40,857,408	)		4,094,236			2,807,895
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated(c)		(627,296,577	)		6,159,394			(17,578,771	)		(86,978,606	)
Investments — affiliated		—			—			3,443			—
Futures contracts		(7,072,267	)		(20,305	)		(45,558	)		(34,909	)
Foreign currency translations		(3,644,062	)		(106,959	)		(10,404	)		(59,200	)
		(638,012,906	)		6,032,130			(17,631,290	)		(87,072,715	)
Net realized and unrealized loss		(998,725,822	)		(34,825,278	)		(13,537,054	)		(84,264,820	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(312,759,023	)	$	3,064,567		$	(10,699,547	)	$	(74,076,508	)
(a) Net of foreign capital gain tax and capital gain tax refund, if applicable	$	(697,306	)	$	—		$	(16,170	)	$	—
(b) See Note 2 of the Notes to Financial Statements.
(c)  Net of increase in deferred foreign capital gain tax of	$	—		$	—		$	(15,595	)	$	—

See notes to financial statements.

32 2 0 2 2   I S H A R E S   A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Statements of Operations  (continued)

Year Ended August 31, 2022

	iShares MSCI Turkey ETF
INVESTMENT INCOME
Dividends — unaffiliated	$	10,306,942
Dividends — affiliated		2,279
Securities lending income — affiliated — net		978,867
Foreign taxes withheld		(1,093,467	)
Total investment income		10,194,621
EXPENSES
Investment advisory fees		1,549,872
Professional fees		217
Total expenses		1,550,089
Net investment income		8,644,532
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(34,109,866	)
Investments — affiliated		(4,719	)
In-kind redemptions — unaffiliated(a)		14,193,382
Futures contracts		(90,237	)
Foreign currency transactions		(368,438	)
		(20,379,878	)
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated		8,478,774
Investments — affiliated		4,481
Futures contracts		(10,037	)
Foreign currency translations		(10,637	)
		8,462,581
Net realized and unrealized loss		(11,917,297	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(3,272,765	)

^(a)  See Note 2 of the Notes to Financial Statements.

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

	iShares MSCI Brazil ETF						iShares MSCI Chile ETF
	Year Ended 08/31/22			Year Ended 08/31/21			Year Ended 08/31/22			Year Ended 08/31/21
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	685,966,799		$	228,372,987		$	37,889,845		$	10,222,554
Net realized loss		(360,712,916	)		(72,572,187	)		(40,857,408	)		(27,205,073	)
Net change in unrealized appreciation (depreciation)		(638,012,906	)		1,255,170,696			6,032,130			78,210,744
Net increase (decrease) in net assets resulting from operations		(312,759,023	)		1,410,971,496			3,064,567			61,228,225
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(625,994,951	)		(151,639,298	)		(33,283,803	)		(9,611,528	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		1,130,241,523			(1,527,014,184	)		47,012,941			(16,754,254	)
NET ASSETS
Total increase (decrease) in net assets		191,487,549			(267,681,986	)		16,793,705			34,862,443
Beginning of year		5,044,685,346			5,312,367,332			476,285,631			441,423,188
End of year	$	5,236,172,895		$	5,044,685,346		$	493,079,336		$	476,285,631

^(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   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 Israel ETF						iShares MSCI South Africa ETF
	Year Ended 08/31/22			Year Ended 08/31/21			Year Ended 08/31/22			Year Ended 08/31/21
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	2,837,507		$	554,236		$	10,188,312		$	5,947,329
Net realized gain		4,094,236			2,854,312			2,807,895			45,034,598
Net change in unrealized appreciation (depreciation)		(17,631,290	)		28,900,213			(87,072,715	)		71,338,100
Net increase (decrease) in net assets resulting from operations		(10,699,547	)		32,308,761			(74,076,508	)		122,320,027
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(3,115,054	)		(278,315	)		(10,603,688	)		(19,459,609	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		13,891,409			25,551,674			124,068,086			(149,905,407	)
NET ASSETS
Total increase (decrease) in net assets		76,808			57,582,120			39,387,890			(47,044,989	)
Beginning of year		162,485,462			104,903,342			276,373,339			323,418,328
End of year	$	162,562,270		$	162,485,462		$	315,761,229		$	276,373,339

^(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

Statements of Changes in Net Assets (continued)

	iShares MSCI Turkey ETF
	Year Ended 08/31/22			Year Ended 08/31/21
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	8,644,532		$	7,964,471
Net realized loss		(20,379,878	)		(44,785,505	)
Net change in unrealized appreciation (depreciation)		8,462,581			96,747,851
Net increase (decrease) in net assets resulting from operations		(3,272,765	)		59,926,817
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(7,792,049	)		(8,492,284	)
CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		211,393			70,879,769
NET ASSETS
Total increase (decrease) in net assets		(10,853,421	)		122,314,302
Beginning of year		301,261,656			178,947,354
End of year	$	290,408,235		$	301,261,656

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

See notes to financial statements.

36 2 0 2 2   I S H A R E S   A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Financial Highlights

(For a share outstanding throughout each period)

	iShares MSCI Brazil ETF
	Year Ended 08/31/22			Year Ended 08/31/21			Year Ended 08/31/20			Year Ended 08/31/19			Year Ended 08/31/18
Net asset value, beginning of year	$	36.58		$	29.62		$	40.92		$	32.03		$	40.06
Net investment income(a)		4.10			1.34			0.86			1.12			1.14
Net realized and unrealized gain (loss)(b)		(6.56	)		6.52			(11.13	)		8.88			(8.22	)
Net increase (decrease) from investment operations		(2.46	)		7.86			(10.27	)		10.00			(7.08	)
Distributions from net investment income(c)		(3.64	)		(0.90	)		(1.03	)		(1.11	)		(0.95	)
Net asset value, end of year	$	30.48		$	36.58		$	29.62		$	40.92		$	32.03
Total Return(d)
Based on net asset value		(6.05	)%		26.35	%		(25.63	)%		31.36	%		(17.87	)%
Ratios to Average Net Assets(e)
Total expenses		0.58	%		0.57	%		0.59	%		0.59	%		0.59	%
Net investment income		13.01	%		3.84	%		2.35	%		2.75	%		2.86	%
Supplemental Data
Net assets, end of year (000)	$	5,236,173		$	5,044,685		$	5,312,367		$	8,205,744		$	5,501,031
Portfolio turnover rate(f)		27	%(g)		17	%(g)		29	%(g)		16	%(g)		30	%(g)
(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)   Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. (f)  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”).
(g)   Portfolio turnover rate excluding cash creations was as follows:		22	%		12	%		11	%		10	%		13	%

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 Chile ETF
	Year Ended 08/31/22				Year Ended 08/31/21				Year Ended 08/31/20				Year Ended 08/31/19				Year Ended 08/31/18
Net asset value, beginning of year		$	28.52			$	25.37			$	35.88			$	43.71			$	47.96
Net investment income(a)			2.17				0.63				0.61				0.74				0.78
Net realized and unrealized gain (loss)(b)			(1.16	)			3.16				(10.54	)			(7.76	)			(4.06	)
Net increase (decrease) from investment operations			1.01				3.79				(9.93	)			(7.02	)			(3.28	)
Distributions(c)
From net investment income			(1.91	)			(0.64	)			(0.58	)			(0.79	)			(0.92	)
Return of capital			—				—				—				(0.02	)			(0.05	)
Total distributions			(1.91	)			(0.64	)			(0.58	)			(0.81	)			(0.97	)
Net asset value, end of year		$	27.62			$	28.52			$	25.37			$	35.88			$	43.71
Total Return(d)
Based on net asset value			4.03	%			14.90	%			(27.72	)%			(16.22	)%			(7.03	)%
Ratios to Average Net Assets(e)
Total expenses			0.58	%			0.57	%			0.59	%			0.59	%			0.59	%
Net investment income			8.30	%			2.17	%			2.10	%			1.74	%			1.55	%
Supplemental Data
Net assets, end of year (000)		$	493,079			$	476,286			$	441,423			$	330,140			$	393,351
Portfolio turnover rate(f)			94	%(g)			62	%(g)			51	%(g)			75	%(g)			54	%(g)
(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)   Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. (f)  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”).
(g)   Portfolio turnover rate excluding cash creations was as follows:			36	%			17	%			21	%			12	%			11	%

See notes to financial statements.

38 2 0 2 2   I S H A R E S   A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Financial Highlights (continued)

(For a share outstanding throughout each period)

		iShares MSCI Israel ETF
	Year Ended 08/31/22				Year Ended 08/31/21				Year Ended 08/31/20				Year Ended 08/31/19				Year Ended 08/31/18
Net asset value, beginning of year		$	72.22			$	56.70			$	53.28			$	56.62			$	48.19
Net investment income(a)			1.16				0.26				0.23				0.33				0.59
Net realized and unrealized gain (loss)(b)			(5.74	)			15.38				4.31				(3.42	)			8.88
Net increase (decrease) from investment operations			(4.58	)			15.64				4.54				(3.09	)			9.47
Distributions from net investment income(c)			(1.29	)			(0.12	)			(1.12	)			(0.25	)			(1.04	)
Net asset value, end of year		$	66.35			$	72.22			$	56.70			$	53.28			$	56.62
Total Return(d)
Based on net asset value			(6.38	)%			27.59	%			8.53	%			(5.45	)%			19.91	%
Ratios to Average Net Assets(e)
Total expenses			0.58	%			0.57	%			0.59	%			0.59	%			0.59	%
Net investment income			1.64	%			0.40	%			0.43	%			0.60	%			1.15	%
Supplemental Data
Net assets, end of year (000)		$	162,562			$	162,485			$	104,903			$	114,553			$	121,735
Portfolio turnover rate(f)			13	%			21	%			7	%			17	%			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)  Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(f)  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 South Africa ETF
	Year Ended 08/31/22				Year Ended 08/31/21				Year Ended 08/31/20				Year Ended 08/31/19				Year Ended 08/31/18
Net asset value, beginning of year		$	49.35			$	37.17			$	47.96			$	54.87			$	62.62
Net investment income(a)			1.43				0.77				4.94				1.31				1.41
Net realized and unrealized gain (loss)(b)			(9.35	)			13.67				(10.38	)			(5.84	)			(7.69	)
Net increase (decrease) from investment operations			(7.92	)			14.44				(5.44	)			(4.53	)			(6.28	)
Distributions from net investment income(c)			(1.46	)			(2.26	)			(5.35	)			(2.38	)			(1.47	)
Net asset value, end of year		$	39.97			$	49.35			$	37.17			$	47.96			$	54.87
Total Return(d)
Based on net asset value			(16.34	)%			39.49	%			(13.09	)%			(8.45	)%			(10.20	)%
Ratios to Average Net Assets(e)
Total expenses			0.58	%			0.57	%			0.59	%			0.59	%			0.59	%
Net investment income			3.02	%			1.69	%			11.79	%			2.48	%			2.20	%
Supplemental Data
Net assets, end of year (000)		$	315,761			$	276,373			$	323,418			$	374,067			$	373,114
Portfolio turnover rate(f)			8	%			20	%			46	%			12	%			15	%

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

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

See notes to financial statements.

40 2 0 2 2   I S H A R E S   A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares MSCI Turkey ETF
	Year Ended 08/31/22				Year Ended 08/31/21				Year Ended 08/31/20				Year Ended 08/31/19				Year Ended 08/31/18
Net asset value, beginning of year		$	23.91			$	19.99			$	24.08			$	20.09			$	46.17
Net investment income(a)			0.66				0.70				0.30				0.60				1.01
Net realized and unrealized gain (loss)(b)			(1.33	)			3.99				(3.94	)			4.06				(26.05	)
Net increase (decrease) from investment operations			(0.67	)			4.69				(3.64	)			4.66				(25.04	)
Distributions from net investment income(c)			(0.64	)			(0.77	)			(0.45	)			(0.67	)			(1.04	)
Net asset value, end of year		$	22.60			$	23.91			$	19.99			$	24.08			$	20.09
Total Return(d)
Based on net asset value			(2.41	)%			23.59	%			(15.48	)%			23.38	%			(54.97	)%
Ratios to Average Net Assets(e)
Total expenses			0.58	%			0.57	%			0.59	%			0.59	%			0.59	%
Net investment income			3.23	%			2.98	%			1.22	%			2.43	%			2.76	%
Supplemental Data
Net assets, end of year (000)		$	290,408			$	301,262			$	178,947			$	314,190			$	386,797
Portfolio turnover rate(f)			18	%			22	%			12	%			20	%			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)  Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(f)  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 41

Notes to Financial Statements

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 Israel		Non-diversified
MSCI South Africa		Non-diversified
MSCI Turkey		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 August 31, 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.

Collateralization: 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.

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.

42 2 0 2 2   I S H A R E S   A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Notes to Financial Statements  (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. The Board of Directors of the Company (the “Board”) of each Fund has approved the designation of BlackRock Fund Advisors (“BFA”), the Funds’ investment adviser, as the valuation designee for each Fund. Each Fund determines the fair values of its financial instruments using various independent dealers or pricing services under BFA’s policies. 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 BFA’s policies and procedures as reflecting fair value. BFA has formed a committee (the “Valuation Committee”) to develop pricing policies and procedures and to oversee the pricing function for all financial instruments, with assistance from other BlackRock pricing committees.

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 Valuation Committee, in accordance with BFA’s policies and procedures as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the 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 Valuation Committee 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 Valuation Committee deems relevant and consistent with the principles of fair value measurement.

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 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 Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies

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 43

Notes to Financial Statements  (continued)

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 BFA, 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		Securities Loaned at Value		Cash Collateral Received	(a)		Non-Cash Collateral Received, at Fair Value	(a)		Net Amount
MSCI Israel
Barclays Capital, Inc.	$	468,904	$	(468,904	)	$	—		$	—
BNP Paribas SA		2,573,136		(2,573,136	)		—			—
BofA Securities, Inc.		380,149		(380,149	)		—			—
Goldman Sachs & Co. LLC		1,166,684		(1,166,684	)		—			—
J.P. Morgan Securities LLC		1,111,355		(1,111,355	)		—			—
Jefferies LLC		83,372		(83,372	)		—			—
Morgan Stanley		151,313		(151,313	)		—			—
Scotia Capital (USA), Inc.		93,240		(93,240	)		—			—
State Street Bank & Trust Co.		22,627		(22,627	)		—			—
UBS AG		641,380		(641,380	)		—			—
	$	6,692,160	$	(6,692,160	)	$	—		$	—
MSCI Turkey
BofA Securities, Inc.	$	10,198,548	$	(10,198,548	)	$	—		$	—
Goldman Sachs & Co. LLC		5,007,176		(5,007,176	)		—			—
HSBC Bank PLC		658,170		(658,170	)		—			—
Morgan Stanley		15,075,872		(15,075,872	)		—			—
SG Americas Securities LLC		521,119		(400,331	)		—			120,788	(b)
UBS AG		103,603		(103,603	)		—			—
	$	31,564,488	$	(31,443,700	)	$	—		$	120,788

^(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 August 31, 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

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Notes to Financial Statements  (continued)

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 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 Fees
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.

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Notes to Financial Statements  (continued)

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 year ended August 31, 2022, the Funds paid BTC the following amounts for securities lending agent services:

iShares ETF	Fees Paid     to BTC
MSCI Israel	$	27,382
MSCI Turkey		220,794

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 year ended August 31, 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	$	946,686	$	1,872,278		$	(2,811,301)

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 year ended August 31, 2022, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows:

iShares ETF	Purchases		Sales
MSCI Brazil	$	2,386,276,748	$	1,391,082,873
MSCI Chile		476,844,676		429,885,552
MSCI Israel		22,217,186		22,322,239
MSCI South Africa		28,928,263		26,214,794
MSCI Turkey		52,872,589		48,780,776

For the year ended August 31, 2022, in-kind transactions were as follows:

iShares ETF	In-kind   Purchases		In-kind     Sales
MSCI Israel	$	52,690,670	$	39,706,905
MSCI South Africa		239,497,585		115,944,612
MSCI Turkey		152,825,404		156,719,911

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 August 31, 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.

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Notes to Financial Statements  (continued)

U.S. GAAP requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or NAV per share. As of August 31, 2022, permanent differences attributable to realized gains (losses) from in-kind redemptions were reclassified to the following accounts:

iShares ETF	Paid-in Capital		Accumulated     Earnings (Loss)
MSCI Israel	$	11,652,258	$	(11,652,258	)
MSCI South Africa		9,744,861		(9,744,861	)
MSCI Turkey		10,523,587		(10,523,587	)

The tax character of distributions paid was as follows:

iShares ETF	Year Ended 08/31/22		Year Ended 08/31/21
MSCI Brazil
Ordinary income	$	625,994,951	$	151,639,298
MSCI Chile
Ordinary income	$	33,283,803	$	9,611,528
MSCI Israel
Ordinary income	$	3,115,054	$	278,315
MSCI South Africa
Ordinary income	$	10,603,688	$	19,459,609
MSCI Turkey
Ordinary income	$	7,792,049	$	8,492,284

As of August 31, 2022, the tax components of accumulated net earnings (losses) were as follows:

iShares ETF		Undistributed Ordinary Income		Non-expiring Capital Loss Carryforwards	(a)		Net Unrealized Gains (Losses)	(b)		Total
MSCI Brazil	$	223,207,389	$	(4,000,561,732	)	$	522,598,925		$	(3,254,755,418	)
MSCI Chile		4,490,050		(232,039,320	)		(56,446,322	)		(283,995,592	)
MSCI Israel		750,347		(52,397,432	)		(8,220,361	)		(59,867,446	)
MSCI South Africa		980,088		(268,477,240	)		(135,874,057	)		(403,371,209	)
MSCI Turkey		1,931,674		(294,462,822	)		(76,389,200	)		(368,920,348	)

^(a)  Amounts available to offset future realized capital gains.

^(b)  The difference between book-basis and tax-basis unrealized gains (losses) was attributable primarily to the tax deferral of losses on wash sales, the realization for tax purposes of unrealized gains (losses) on certain futures contracts, the characterization of corporate actions and the realization for tax purposes of unrealized gains on investments in passive foreign investment companies.

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 August 31, 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	$	4,464,575,871	$	966,677,302	$	(440,943,720	)	$	525,733,582
MSCI Chile		544,750,554		—		(56,345,300	)		(56,345,300	)
MSCI Israel		176,854,477		27,776,829		(35,940,102	)		(8,163,273	)
MSCI South Africa		450,965,521		3,308,478		(139,158,044	)		(135,849,566	)
MSCI Turkey		399,842,402		19,414,093		(95,793,066	)		(76,378,973	)

9. LINE OF CREDIT

The iShares MSCI Brazil ETF and iShares MSCI Chile 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 11, 2023. 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

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  (continued)

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) Daily Simple Secured Overnight Financing Rate (“SOFR”) plus 0.10% and 1.00% per annum or (b) the U.S. Federal Funds rate 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 year ended August 31, 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.

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

48 2 0 2 2   I S H A R E S   A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Notes to Financial Statements  (continued)

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.

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:

	Year Ended 08/31/22						Year Ended 08/31/21
iShares ETF	Shares			Amount			Shares			Amount
MSCI Brazil
Shares sold		42,250,000		$	1,382,799,589			5,900,000		$	220,351,653
Shares redeemed		(8,350,000	)		(252,558,066	)		(47,350,000	)		(1,747,365,837	)
		33,900,000		$	1,130,241,523			(41,450,000	)	$	(1,527,014,184	)
MSCI Chile
Shares sold		11,650,000		$	314,296,499			6,950,000		$	208,750,168
Shares redeemed		(10,500,000	)		(267,283,558	)		(7,650,000	)		(225,504,422	)
		1,150,000		$	47,012,941			(700,000	)	$	(16,754,254	)
MSCI Israel
Shares sold		850,000		$	59,552,306			1,100,000		$	70,222,892
Shares redeemed		(650,000	)		(45,660,897	)		(700,000	)		(44,671,218	)
		200,000		$	13,891,409			400,000		$	25,551,674

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Notes to Financial Statements  (continued)

	Year Ended 08/31/22						Year Ended 08/31/21
iShares ETF	Shares			Amount			Shares			Amount
MSCI South Africa
Shares sold		4,800,000		$	240,296,504			2,700,000		$	120,672,480
Shares redeemed		(2,500,000	)		(116,228,418	)		(5,800,000	)		(270,577,887	)
		2,300,000		$	124,068,086			(3,100,000	)	$	(149,905,407	)
MSCI Turkey
Shares sold		7,900,000		$	157,544,620			9,650,000		$	215,650,990
Shares redeemed		(7,650,000	)		(157,333,227	)		(6,000,000	)		(144,771,221	)
		250,000		$	211,393			3,650,000		$	70,879,769

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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Report of Independent Registered Public Accounting Firm

To the Board of Directors of

iShares, Inc. and Shareholders of each of the five funds listed in the table below

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of each of the funds listed in the table below (five of the funds constituting iShares, Inc., hereafter collectively referred to as the “Funds”) as of August 31, 2022, the related statements of operations for the year ended August 31, 2022, the statements of changes in net assets for each of the two years in the period ended August 31, 2022, including the related notes, and the financial highlights for each of the five years in the period ended August 31, 2022 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of August 31, 2022, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended August 31, 2022 and each of the financial highlights for each of the five years in the period ended August 31, 2022 in conformity with accounting principles generally accepted in the United States of America.

iShares MSCI Brazil ETF

iShares MSCI Chile ETF

iShares MSCI Israel ETF

iShares MSCI South Africa ETF

iShares MSCI Turkey ETF

Basis for Opinions

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of August 31, 2022 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

October 21, 2022

We have served as the auditor of one or more BlackRock investment companies since 2000.

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Important Tax Information (unaudited)

The following amounts, or maximum amounts allowable by law, are hereby designated as qualified dividend income for individuals for the fiscal year ended August 31, 2022:

iShares ETF	Qualified Dividend     Income
MSCI Israel	$	4,446,552
MSCI South Africa		15,807,091
MSCI Turkey		10,176,817

The Funds intend to pass through to their shareholders the following amounts, or maximum amounts allowable by law, of foreign source income earned and foreign taxes paid for the fiscal year ended August 31, 2022:

iShares ETF	Foreign Source   Income Earned		Foreign        Taxes Paid
MSCI Brazil	$	796,449,193	$	18,275,868
MSCI Chile		51,978,717		10,853,402
MSCI Israel		4,858,191		1,015,583
MSCI South Africa		16,730,104		1,960,889
MSCI Turkey		10,306,864		1,075,544

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Board Review and Approval of Investment Advisory Contract

iShares MSCI Brazil ETF, iShares MSCI Chile ETF, iShares MSCI Israel ETF, iShares MSCI South Africa ETF and iShares MSCI Turkey ETF (each the “Fund”)

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Company’s Board of Directors (the “Board”), including a majority of Board Members who are not “interested persons” of the Company (as that term is defined in the 1940 Act) (the “Independent Board Members”), is required annually to consider and approve the Investment Advisory Agreement between the Company and BFA (the “Advisory Agreement”) on behalf of the Fund. The Board’s consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings on May 3, 2022 and May 18, 2022, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 13-15, 2022, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The material factors, none of which was controlling, and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.

Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of another fund in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund’s applicable expense peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the investment advisory fee rate and overall expenses (net of waivers and reimbursements) for the Fund were lower than the median of the investment advisory fee rates and overall expenses (net of waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds.

In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund’s performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2021, to that of such relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

Based on this review, the other factors considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Nature, Extent and Quality of Services Provided: Based on management’s representations, including information about recent enhancements and initiatives with respect to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies, provided at the May 3, 2022 meeting and throughout the year, and matters related to BFA’s portfolio compliance program.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreement supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates: The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA

B O A R D   R E V I E W   A N D   A P P R O V A L   O F   I N V E S T M E N T   A D V I S O R Y   C O N T R A C T 53

Board Review and Approval of Investment Advisory Contract  (continued)

and its affiliates from the Fund’s operations for the last calendar year. The Board reviewed BlackRock’s methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA’s estimated profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the information considered with respect to the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability, including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Agreement for the Fund already provided for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund, on an aggregated basis with the assets of certain other iShares funds, increase. The Board noted that it would continue to assess the appropriateness of adding new or revised breakpoints in the future.

The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds, and institutional separate accounts (collectively, the “Other Accounts”). The Board acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts.

The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board noted that BFA and its affiliates do not manage Other Accounts withsubstantially the same investment objective and strategy as the Fund and that track the same index as the Fund. The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.

The Board considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement and noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

Other Benefits to BFA and/or its Affiliates: The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services or other services, and BlackRock’s profile in the investment community. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.

Conclusion: Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund’s investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.

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Supplemental Information (unaudited)

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.

August 31, 2022

	Total Cumulative Distributions for the Fiscal Year								% Breakdown of the Total Cumulative Distributions for the Fiscal Year
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	$	1.905252	$	—		$          —	$	1.905252		100	%		—	%		—	%		100	%
MSCI Israel(a)		1.114093		—		0.177917		1.292010		86			—			14			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.

Premium/Discount Information

Information on the Fund’s net asset value, market price, premiums and discounts, and bid-ask spreads can be found at iShares.com.

Regulation under the Alternative Investment Fund Managers Directive

The Alternative Investment Fund Managers Directive and the Alternative Investment Fund Managers Regulations 2013 (as amended) and the “Guidelines on sound remuneration policies under the AIFMD” issued by the European Securities and Markets Authority (together the “Regulations”) impose detailed and prescriptive obligations on fund managers established in the European Union (the “EU”) and the UK. These do not currently apply to managers established outside of the EU or UK, such as BFA (the “Company”). Rather, non-EU and non-UK managers are only required to comply with certain disclosure, reporting and transparency obligations of the Regulations if such managers market a fund to EU investors.

The Company has registered the iShares MSCI Brazil ETF (the “Fund”) to be marketed to United Kingdom and EU investors in the Netherlands, Finland and Sweden.

Report on Remuneration

The Company is required under the Regulations to make quantitative disclosures of remuneration. These disclosures are made in line with BlackRock’s interpretation of currently available regulatory guidance on quantitative remuneration disclosures. As market or regulatory practice develops BlackRock may consider it appropriate to make changes to the way in which quantitative remuneration disclosures are calculated. Where such changes are made, this may result in disclosures in relation to a fund not being comparable to the disclosures made in the prior year, or in relation to other BlackRock fund disclosures in that same year.

Disclosures are provided in relation to (a) the staff of the Company; (b) staff who are senior management; and (c) staff who have the ability to materially affect the risk profile of the Fund.

All individuals included in the aggregated figures disclosed are rewarded in line with BlackRock’s remuneration policy for their responsibilities across the relevant BlackRock business area. As all individuals have a number of areas of responsibilities, only the portion of remuneration for those individuals’ services attributable to the Fund is included in the aggregate figures disclosed.

BlackRock has a clear and well defined pay-for-performance philosophy, and compensation programmes which support that philosophy.

BlackRock operates a total compensation model for remuneration which includes a base salary, which is contractual, and a discretionary bonus scheme. Although all employees are eligible to receive a discretionary bonus, there is no contractual obligation to make a discretionary bonus award to any employees. For senior management, a significant percentage of variable remuneration is deferred over time. All employees are subject to a claw-back policy.

Remuneration decisions for employees are made once annually in January following the end of the performance year, based on BlackRock’s full-year financial results and other non-financial goals and objectives. Alongside financial performance, individual total compensation is also based on strategic and operating results and other considerations such as management and leadership capabilities. No set formulas are established and no fixed benchmarks are used in determining annual incentive awards.

Annual incentive awards are paid from a bonus pool which is reviewed throughout the year by BlackRock’s independent compensation committee, taking into account both actual and projected financial information together with information provided by the Enterprise Risk and Regulatory Compliance departments in relation to any activities, incidents or events that warrant consideration in making compensation decisions. Individuals are not involved in setting their own remuneration.

S U P P L E M E N T A L   I N F O R M A T I O N 55

Supplemental Information (unaudited)(continued)

Each of the control functions (Enterprise Risk, Legal & Compliance, and Internal Audit) each have their own organisational structures which are independent of the business units. Functional bonus pools for those control functions are determined with reference to the performance of each individual function and the remuneration of the senior members of control functions is directly overseen by BlackRock’s independent remuneration committee.

Members of staff and senior management of the Company typically provide both AIFMD and non-AIFMD related services in respect of multiple funds, clients and functions of the Company and across the broader BlackRock group. Therefore, the figures disclosed are a sum of each individual’s portion of remuneration attributable to the Fund according to an objective apportionment methodology which acknowledges the multiple-service nature of the Company. Accordingly the figures are not representative of any individual’s actual remuneration or their remuneration structure.

The amount of total & aggregate remuneration awarded by the Company to its staff which has been attributed to the Fund in respect of the Company’s financial year ending December 31, 2021 were as follows:

iShares ETF	Total Remuneration		Fixed Remuneration		Variable Remuneration		No. of Beneficiaries		Senior Management Remuneration		Risk Taker Remuneration
MSCI Brazil		$426,430		$199,384		$227,046		661		$52,196		$5,394

Disclosures Under the EU Sustainable Finance Disclosure Regulation

The iShares MSCI Brazil ETF (the “Fund”) is registered under the Alternative Investment Fund Managers Directive to be marketed to European Union (“EU”) investors, as noted above. As a result, certain disclosures are required under the EU Sustainable Finance Disclosure Regulation (“SFDR”).

The Fund has not been categorized under the SFDR as an “Article 8” or “Article 9” product. In addition, the Fund’s investments do not take into account the criteria for environmentally sustainable economic activities under the EU sustainable investment taxonomy regulation.

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Director and Officer Information (unaudited)

The Board of Directors has responsibility for the overall management and operations of the Funds, including general supervision of the duties performed by BFA and other service providers. Each Director serves until he or she resigns, is removed, dies, retires or becomes incapacitated. Each officer shall hold office until his or her successor is elected and qualifies or until his or her death, resignation or removal. Directors who are not “interested persons” (as defined in the 1940 Act) of the Company are referred to as independent directors (“Independent Directors”).

The registered investment companies advised by BFA or its affiliates (the “BlackRock-advised Funds”) are organized into one complex of open-end equity, multi-asset, index and money market funds and ETFs (the “BlackRock Multi-Asset Complex”), one complex of closed-end funds and open-end non-index fixed-income funds (including ETFs) (the “BlackRock Fixed-Income Complex”) and one complex of ETFs (“Exchange-Traded Fund Complex”) (each, a “BlackRock Fund Complex”). Each Fund is included in the Exchange-Traded Fund Complex. Each Director also serves as a Trustee of iShares Trust and a Trustee of iShares U.S. ETF Trust and, as a result, oversees all of the funds within the Exchange-Traded Fund Complex, which consists of 378 funds as of August 31, 2022. With the exception of Robert S. Kapito, Salim Ramji and Charles Park, the address of each Director and officer is c/o BlackRock, Inc., 400 Howard Street, San Francisco, CA 94105. The address of Mr. Kapito, Mr. Ramji and Mr. Park is c/o BlackRock, Inc., Park Avenue Plaza, 55 East 52nd Street, New York, NY 10055. The Board has designated John E. Kerrigan as its Independent Board Chair. Additional information about the Funds’ Directors and officers may be found in the Funds’ combined Statement of Additional Information, which is available without charge, upon request, by calling toll-free 1-800-iShares (1-800-474-2737).

Interested Directors
Name (Age)	Position(s)	Principal Occupation(s) During Past 5 Years	Other Directorships Held by Director
Robert S. Kapito(a) (65)	Director (since 2009).	President, BlackRock, Inc. (since 2006); Vice Chairman of BlackRock, Inc. and Head of BlackRock’s Portfolio Management Group (since its formation in 1998) and BlackRock, Inc.’s predecessor entities (since 1988); Trustee, University of Pennsylvania (since 2009); President of Board of Directors, Hope & Heroes Children’s Cancer Fund (since 2002).	Director of BlackRock, Inc. (since 2006); Trustee of iShares U.S. ETF Trust (since 2011); Trustee of iShares Trust (since 2009).
Salim Ramji(b) (52)	Director (since 2019).	Senior Managing Director, BlackRock, Inc. (since 2014); Global Head of BlackRock’s ETF and Index Investments Business (since 2019); Head of BlackRock’s U.S. Wealth Advisory Business (2015-2019); Global Head of Corporate Strategy, BlackRock, Inc. (2014-2015); Senior Partner, McKinsey & Company (2010-2014).	Trustee of iShares U.S. ETF Trust (since 2019); Trustee of iShares Trust (since 2019).
(a)   Robert S. Kapito is deemed to be an “interested person” (as defined in the 1940 Act) of the Company due to his affiliations with BlackRock, Inc. and its affiliates. (b)   Salim Ramji is deemed to be an “interested person” (as defined in the 1940 Act) of the Company due to his affiliations with BlackRock, Inc. and its affiliates.
Independent Directors
Name (Age)	Position(s)	Principal Occupation(s) During Past 5 Years	Other Directorships Held by Director
John E. Kerrigan (67)	Director (since 2005); Independent Board Chair (since 2022).	Chief Investment Officer, Santa Clara University (since 2002).	Trustee of iShares U.S. ETF Trust (since 2011); Trustee of iShares Trust (since 2005); Independent Board Chair of iShares Trust and iShares U.S. ETF Trust (since 2022).
Jane D. Carlin (66)	Director (since 2015); Risk Committee Chair (since 2016).	Consultant (since 2012); Member of the Audit Committee (2012-2018), Chair of the Nominating and Governance Committee (2017-2018) and Director of PHH Corporation (mortgage solutions) (2012-2018); Managing Director and Global Head of Financial Holding Company Governance & Assurance and the Global Head of Operational Risk Management of Morgan Stanley (2006-2012).	Trustee of iShares U.S. ETF Trust (since 2015); Trustee of iShares Trust (since 2015); Member of the Audit Committee (since 2016), Chair of the Audit Committee (since 2020) and Director of The Hanover Insurance Group, Inc. (since 2016).
Richard L. Fagnani (67)	Director (since 2017); Audit Committee Chair (since 2019).	Partner, KPMG LLP (2002-2016).	Trustee of iShares U.S. ETF Trust (since 2017); Trustee of iShares Trust (since 2017).

D I R E C T O R   A N D   O F F I C E R   I N F O R M A T I O N 57

Director and Officer Information (unaudited)(continued)

Independent Directors (continued)
Name (Age)	Position(s)	Principal Occupation(s) During Past 5 Years	Other Directorships Held by Director
Cecilia H. Herbert (73)	Director (since 2005); Nominating and Governance and Equity Plus Committee Chairs (since 2022).	Chair of the Finance Committee (since 2019) and Trustee and Member of the Finance, Audit and Quality Committees of Stanford Health Care (since 2016); Trustee of WNET, New York’s public media company (since 2011) and Member of the Audit Committee (since 2018) and Investment Committee (since 2011); Chair (1994-2005) and Member (since 1992) of the Investment Committee, Archdiocese of San Francisco; Trustee of Forward Funds (14 portfolios) (2009-2018); Trustee of Salient MF Trust (4 portfolios) (2015-2018); Director (1998-2013) and President (2007-2011) of the Board of Directors, Catholic Charities CYO; Trustee (2002-2011) and Chair of the Finance and Investment Committee (2006-2010) of the Thacher School; Director of the Senior Center of Jackson Hole (since 2020).	Trustee of iShares U.S. ETF Trust (since 2011); Trustee of iShares Trust (since 2005); Trustee of Thrivent Church Loan and Income Fund (since 2019).
Drew E. Lawton (63)	Director (since 2017); 15(c) Committee Chair (since 2017).	Senior Managing Director of New York Life Insurance Company (2010-2015).	Trustee of iShares U.S. ETF Trust (since 2017); Trustee of iShares Trust (since 2017).
John E. Martinez (61)	Director (since 2003); Securities Lending Committee Chair (since 2019).	Director of Real Estate Equity Exchange, Inc. (since 2005); Director of Cloudera Foundation (2017-2020); and Director of Reading Partners (2012-2016).	Trustee of iShares U.S. ETF Trust (since 2011); Trustee of iShares Trust (since 2003).
Madhav V. Rajan (58)	Director (since 2011); Fixed Income Plus Committee Chair (since 2019).	Dean, and George Pratt Shultz Professor of Accounting, University of Chicago Booth School of Business (since 2017); Advisory Board Member (since 2016) and Director (since 2020) of C.M. Capital Corporation; Chair of the Board for the Center for Research in Security Prices, LLC (since 2020); Robert K. Jaedicke Professor of Accounting, Stanford University Graduate School of Business (2001-2017); Professor of Law (by courtesy), Stanford Law School (2005-2017); Senior Associate Dean for Academic Affairs and Head of MBA Program, Stanford University Graduate School of Business (2010-2016).	Trustee of iShares U.S. ETF Trust (since 2011); Trustee of iShares Trust (since 2011).
Officers
Name (Age)	Position(s)	Principal Occupation(s) During Past 5 Years
Armando Senra (51)	President (since 2019).	Managing Director, BlackRock, Inc. (since 2007); Head of U.S., Canada and Latam iShares, BlackRock, Inc. (since 2019); Head of Latin America Region, BlackRock, Inc. (2006-2019); Managing Director, Bank of America Merrill Lynch (1994-2006).
Trent Walker (48)	Treasurer and Chief Financial Officer (since 2020).	Managing Director, BlackRock, Inc. (since September 2019); Chief Financial Officer of iShares Delaware Trust Sponsor LLC, BlackRock Funds, BlackRock Funds II, BlackRock Funds IV, BlackRock Funds V and BlackRock Funds VI (since 2021); Executive Vice President of PIMCO (2016-2019); Senior Vice President of PIMCO (2008-2015); Treasurer (2013-2019) and Assistant Treasurer (2007-2017) of PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, 2 PIMCO-sponsored interval funds and 21 PIMCO-sponsored closed-end funds.
Charles Park (55)	Chief Compliance Officer (since 2006).	Chief Compliance Officer of BlackRock Advisors, LLC and the BlackRock-advised Funds in the BlackRock Multi-Asset Complex and the BlackRock Fixed-Income Complex (since 2014); Chief Compliance Officer of BFA (since 2006).
Marisa Rolland (42)	Secretary (since 2022).	Director, BlackRock, Inc. (since 2018); Vice President, BlackRock, Inc. (2010-2017).
Rachel Aguirre (40)	Executive Vice President (since 2022).	Managing Director, BlackRock, Inc. (since 2018); Director, BlackRock, Inc. (2009-2018); Head of U.S. iShares Product (since 2022); Head of EII U.S. Product Engineering (since 2021); Co-Head of EII’s Americas Portfolio Engineering (2020-2021); Head of Developed Markets Portfolio Engineering (2016-2019).
Jennifer Hsui (46)	Executive Vice President (since 2022).	Managing Director, BlackRock, Inc. (since 2009); Co-Head of Index Equity (since 2022).
James Mauro (51)	Executive Vice President (since 2022).	Managing Director, BlackRock, Inc. (since 2010); Head of Fixed Income Index Investments in the Americas and Head of San Francisco Core Portfolio Management (since 2020).

58 2 0 2 2   I S H A R E S   A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Director and Officer Information (unaudited)(continued)

Effective March 18, 2022, Rachel Aguirre, Jennifer Hsui, and James Mauro have replaced Scott Radell, Alan Mason, and Marybeth Leithead as Executive Vice Presidents.

Effective June 15, 2022, Marisa Rolland replaced Deepa Damre Smith as Secretary.

D I R E C T O R   A N D   O F F I C E R   I N F O R M A T I O N 59

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.

60 2 0 2 2   I S H A R E S   A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Glossary of Terms Used in this Report

Portfolio Abbreviations
ADR	American Depositary Receipt
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 61

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-AR-804-0822

                

AUGUST 31, 2022

2022 Annual Report

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

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

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

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

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

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

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

Rob Kapito

President, BlackRock, Inc.

Rob Kapito

President, BlackRock, Inc.

Total Returns as of August 31, 2022

	6-Month		12-Month
U.S. large cap equities (S&P 500® Index)		(8.84)%		(11.23)%
U.S. small cap equities (Russell 2000® Index)		(9.31)		(17.88)
International equities (MSCI Europe, Australasia, Far East Index)		(13.97)		(19.80)
Emerging market equities (MSCI Emerging Markets Index)		(13.30)		(21.80)
3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)		0.36		0.39
U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)		(9.71)		(13.27)
U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)		(7.76)		(11.52)
Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)		(5.72)		(8.63)
U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)		(7.78)		(10.61)
Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.

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
Annual Report:
Market Overview	4
Fund Summary	5
About Fund Performance	15
Disclosure of Expenses	15
Schedules of Investments	16
Financial Statements
Statements of Assets and Liabilities	34
Statements of Operations	36
Statements of Changes in Net Assets	38
Financial Highlights	41
Notes to Financial Statements	46
Report of Independent Registered Public Accounting Firm	55
Important Tax Information	56
Board Review and Approval of Investment Advisory Contract	57
Supplemental Information	63
Director and Officer Information	65
General Information	68
Glossary of Terms Used in this Report	69

Market Overview

iShares, Inc.

Global Market Overview

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

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

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

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

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

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

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

Fund Summary as of August 31, 2022 iShares^® MSCI 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
	1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		(9.53	)%		4.06	%		4.17	%		(9.53	)%		22.02	%		50.46	%
Fund Market		(9.56	)		3.93			4.10			(9.56	)		21.24			49.42
Index		(8.41	)		4.72			4.70			(8.41	)		25.94			58.25

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

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

Expense Example

Actual						Hypothetical 5% Return
	Beginning Account Value (03/01/22)	Ending Account Value (08/31/22	)	Expenses Paid During the Period	(a)		Beginning Account Value (03/01/22	)	Ending Account Value (08/31/22	)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$       1,000.00	$       941.70		$       2.45			$      1,000.00		$      1,022.70		$       2.55		0.50	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (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 “Disclosure of Expenses” for more information.

F U N D    S U M M A R Y 5

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

Portfolio Management Commentary

Stocks in Australia declined during the reporting period. Russia’s invasion of Ukraine disrupted supply chains and contributed to rising inflation in Australia as prices for food and energy climbed. Heightened inflation led the Australian central bank to raise interest rates in May 2022 for the first time since 2010, followed by three further increases. Rising interest and mortgage rates sent housing prices lower late in the reporting period.

Stocks in the financials sector detracted the most from the Index’s return. The banking industry declined as profit margins on interest income fell and expenses rose. Efforts to maintain market share by offering more competitively priced mortgage rates pressured banks’ net interest margins.

Consumer discretionary stocks also detracted from the Index’s performance. Rising inflation and concerns about the domestic economy weakened stocks in the hotels, restaurants, and leisure industry. In addition, supply chain disruptions and extended coronavirus-related lockdowns in several cities across Australia pressured stocks in the multiline retail industry.

Stocks in the healthcare sector detracted from the Index’s return, particularly in the biotechnology industry, as COVID-19-related restrictions limited the availability of donated blood plasma. Increased costs for wages and marketing also weighed on biotechnology stocks.

The information technology sector further detracted from the Index’s performance. Stocks in the sector declined as regulators began investigating companies that allow consumers to defer payments for purchases. In addition, rising expenses and slowing growth for online services weakened information technology stocks.

On the upside, the energy sector contributed to the Index’s return, as higher oil and gas prices lifted stock prices of companies in the oil, gas, and consumable fuels industry. One major company in the industry posted stronger revenues and rewarded shareholders with higher dividend payments.

Portfolio Information

SECTOR ALLOCATION
Sector	Percent of    Total Investments(a)
Financials	33.2%
Materials	22.0
Health Care	11.3
Energy	6.4
Real Estate	5.9
Consumer Discretionary	5.8
Consumer Staples	5.3
Industrials	4.7
Information Technology	2.1
Communication Services	1.8
Utilities	1.5

^(a) Excludes money market funds.

TEN LARGEST HOLDINGS
Security	Percent of    Total Investments(a)
BHP Group Ltd.	12.5%
Commonwealth Bank of Australia	10.2
CSL Ltd.	8.7
National Australia Bank Ltd.	6.0
Westpac Banking Corp.	4.7
Australia & New Zealand Banking Group Ltd.	4.2
Woodside Energy Group Ltd.	4.0
Macquarie Group Ltd.	3.9
Wesfarmers Ltd.	3.3
Woolworths Group Ltd.	2.7

6 2 0 2 2   I S H A R E S   A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Fund Summary as of August 31, 2022 iShares^® MSCI 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
	1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		(7.94	)%		6.19	%		4.27	%		(7.94	)%		35.05	%		51.95	%
Fund Market		(7.93	)		6.14			4.26			(7.93	)		34.68			51.80
Index		(7.37	)		6.39			4.46			(7.37	)		36.33			54.72

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

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

Expense Example

Actual						Hypothetical 5% Return
	Beginning Account Value (03/01/22)	Ending Account Value (08/31/22	)	Expenses Paid During the Period	(a)		Beginning Account Value (03/01/22	)	Ending Account Value (08/31/22	)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$       1,000.00	$         888.80		$       2.38			$      1,000.00		$      1,022.70		$       2.55		0.50	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (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 “Disclosure of Expenses” for more information.

F U N D   S U M M A R Y 7

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

Portfolio Management Commentary

Stocks in Canada declined for the reporting period. The war in Ukraine disrupted supply chains, which contributed to soaring inflation as prices for commodities and oil climbed, sending stocks lower. Canada’s central bank raised interest rates four times during the second half of the reporting period to curb the highest inflation since 1983. The country’s economy grew steadily during the reporting period, boosted by stronger consumer consumption as coronavirus-related restrictions eased.

Stocks in the information technology sector detracted the most from the Index’s performance. The software and services industry declined as e-commerce dropped sharply amid easing restrictions and consumers returning to in-store shopping. Rising interest rates and supply chain shortages also weighed on the industry, in addition to investors’ concerns about the impact of inflation on consumer spending.

The financials sector also detracted from the Index’s performance as bank stocks dropped on concerns about the economy’s resilience amid rising interest rates. Some banks increased their expenses for loans expected to become delinquent, while revenues from services such as commercial and personal banking dropped. The capital markets industry declined despite continued growth in assets under management. In addition, stocks in the materials sector retreated, driven primarily by a decline in the metals and mining industry as costs for energy and raw materials rose.

On the upside, stocks in the energy sector contributed to the Index’s performance. Rising oil and natural gas prices strengthened the revenues and profits of Canadian energy companies. Strong cash flows allowed the oil, gas, and consumable fuels industry to reduce debt levels while also rewarding shareholders by buying back stock and increasing dividend payments.

Portfolio Information

SECTOR ALLOCATION
Sector	Percent of    Total Investments(a)
Financials	36.5%
Energy	19.6
Industrials	11.8
Materials	10.6
Information Technology	5.7
Consumer Staples	4.7
Utilities	4.2
Consumer Discretionary	3.7
Communication Services	2.5
Other (each representing less than 1%)	0.7

^(a) Excludes money market funds.

TEN LARGEST HOLDINGS
Security	Percent of    Total Investments(a)
Royal Bank of Canada	7.5%
Toronto-Dominion Bank (The)	6.6
Enbridge Inc.	4.7
Canadian National Railway Co.	4.0
Canadian Pacific Railway Ltd.	3.9
Brookfield Asset Management Inc., Class A	3.8
Bank of Nova Scotia (The)	3.8
Canadian Natural Resources Ltd.	3.6
Bank of Montreal	3.5
Nutrien Ltd.	2.9

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

Fund Summary as of August 31, 2022 iShares^® MSCI 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
	1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		(19.81	)%		1.41	%		5.73	%		(19.81	)%		7.23	%		74.54	%
Fund Market		(19.84	)		1.29			5.64			(19.84	)		6.64			73.05
Index		(18.96	)		1.97			6.23			(18.96	)		10.23			83.08

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

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

Expense Example

Actual						Hypothetical 5% Return
	Beginning Account Value (03/01/22)	Ending Account Value (08/31/22	)	Expenses Paid During the Period	(a)		Beginning Account Value (03/01/22	)	Ending Account Value (08/31/22	)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$       1,000.00	$         862.50		$       2.35			$      1,000.00		$      1,022.70		$       2.55		0.50	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (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 “Disclosure of Expenses” for more information.

F U N D   S U M M A R Y 9

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

Portfolio Management Commentary

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

The industrials sector detracted the most from the Index’s performance amid a notable slowdown in industrial production. Although currency weakness has historically aided industrial exporters, recent increases in offshore production limited the benefits. Japanese exports to China, the country’s largest export market, slowed amid China’s coronavirus pandemic-related restrictions, which idled factories and warehouses and slowed deliveries of goods. Industrial machinery stocks detracted notably as Japan’s industrial production fell significantly amid ongoing parts and labor shortages. Professional services companies that rely heavily on internet technology also declined, despite strong earnings growth, as their close identification with the information technology sector made them vulnerable to its stock price volatility.

The information technology sector detracted meaningfully from the Index’s return, most notably the technology hardware and equipment industry. A decline in demand for sensors and smart technology among retailers and automobile manufacturers amid changes in consumer purchasing behavior and reduced automobile production negatively affected makers of electronic equipment and instruments.

Consumer discretionary stocks also detracted notably from performance. Consumer electronics companies declined as production slowed amid the global semiconductor shortage and investor concerns about the risk of recession and the outlook for profits. Automobile manufacturers also declined as cost pressures outweighed strong vehicle sales and the export benefits of a weaker currency.

Portfolio Information

SECTOR ALLOCATION
Sector	Percent of    Total Investments(a)
Industrials	22.6%
Consumer Discretionary	18.9
Information Technology	13.5
Financials	10.2
Health Care	9.8
Communication Services	8.4
Consumer Staples	6.5
Materials	4.6
Real Estate	3.5
Utilities	1.1
Energy	0.9

^(a) Excludes money market funds.

TEN LARGEST HOLDINGS
Security	Percent of    Total Investments(a)
Toyota Motor Corp.	5.1%
Sony Group Corp.	3.3
Keyence Corp.	2.4
Mitsubishi UFJ Financial Group Inc.	2.0
Daiichi Sankyo Co. Ltd.	1.7
KDDI Corp.	1.6
Hitachi Ltd.	1.6
SoftBank Group Corp.	1.6
Tokyo Electron Ltd.	1.5
Recruit Holdings Co. Ltd.	1.5

10 2 0 2 2   I S H A R E S   A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Fund Summary as of August 31, 2022 iShares^® MSCI 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
	1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		(10.98	)%		(2.60	)%		(1.20	)%		(10.98	)%		(12.36	)%		(11.40	)%
Fund Market		(10.85	)		(2.56	)		(1.28	)		(10.85	)		(12.14	)		(12.10	)
Index		(10.65	)		(2.20	)		(0.96	)		(10.65	)		(10.52	)		(9.22	)

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

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

Expense Example

Actual						Hypothetical 5% Return
	Beginning Account Value (03/01/22)	Ending Account Value (08/31/22	)	Expenses Paid During the Period	(a)		Beginning Account Value (03/01/22	)	Ending Account Value (08/31/22	)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$       1,000.00	$         893.30		$       2.39			$      1,000.00		$      1,022.70		$       2.55		0.50	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (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 “Disclosure of Expenses” for more information.

F U N D   S U M M A R Y 11

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

Portfolio Management Commentary

Mexican stocks declined for the reporting period, as deceleration in global economic growth, ongoing supply-chain bottlenecks, higher inflation, and less accommodative monetary policy led to weak economic growth and declining growth expectations. Rising food prices drove inflation higher, sapping economic growth, as food represents a significant portion of household budgets in Mexico. To combat inflation, the Mexican central bank raised interest rates, while food and grocery companies agreed to limit price increases on certain staples.

The materials sector was the largest detractor from the Index’s performance, as rising energy prices and supply chain constraints drove up input costs. One of the world’s largest suppliers of concrete declined sharply, as the company contended with disruptions to shipping and fuel shortages, in addition to rising energy costs. Although the company increased prices to offset higher production costs, weakening demand for its products reduced profits and prompted the company to lower its earnings forecast.

The communication sector also detracted from the Index’s return, driven by the media and telecommunication industries. Mexico’s largest broadcaster merged the content arm of its business with a U.S.-based television network, helping the company’s strategic shift toward providing broadband services. However, the stock fell sharply amid modest investor expectations for post-merger growth in the content business and a broad-based reassessment of investment risk and valuation. Similarly, a multinational wireless communications company declined despite strong operating performance, reflecting concerns about inflation and exposure to the Mexican peso.

On the upside, a large Mexican bank in the financials sector boosted performance. Investors reacted positively to the bank’s proposed strategic shifts, including selling its private equity business, acquiring a prominent U.S. bank’s Mexican banking operations, and expanding its stock buyback program.

Portfolio Information

SECTOR ALLOCATION
Sector	Percent of    Total Investments(a)
Consumer Staples	30.1%
Communication Services	18.7
Financials	16.9
Industrials	13.6
Materials	12.0
Real Estate	6.7
Consumer Discretionary	1.4
Health Care	0.6

^(a) Excludes money market funds.

TEN LARGEST HOLDINGS
Security	Percent of    Total Investments(a)
America Movil SAB de CV, Series L	15.4%
Wal-Mart de Mexico SAB de CV	10.8
Grupo Financiero Banorte SAB de CV, Class O	9.6
Fomento Economico Mexicano SAB de CV	7.4
Grupo Mexico SAB de CV, Series B	4.7
Cemex SAB de CV	4.0
Grupo Aeroportuario del Pacifico SAB de CV, Class B	3.7
Grupo Bimbo SAB de CV, Series A	3.2
Grupo Aeroportuario del Sureste SAB de CV, Class B	3.0
Grupo Financiero Inbursa SAB de CV, Class O	2.5

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

Fund Summary as of August 31, 2022 iShares^® MSCI 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
	1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		(31.39	)%		(1.22	)%		2.06	%		(31.39	)%		(5.94	)%		22.64	%
Fund Market		(31.76	)		(1.46	)		1.91			(31.76	)		(7.11	)		20.77
Index		(30.70	)		(0.66	)		2.68			(30.70	)		(3.27	)		30.23

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

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

Expense Example

Actual						Hypothetical 5% Return
	Beginning Account Value (03/01/22)	Ending Account Value (08/31/22	)	Expenses Paid During the Period	(a)		Beginning Account Value (03/01/22	)	Ending Account Value (08/31/22	)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$       1,000.00	$         810.90		$       2.65			$      1,000.00		$      1,022.30		$       2.96		0.58	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (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 “Disclosure of Expenses” for more information.

F U N D   S U M M A R Y 13

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

Portfolio Management Commentary

Stocks in South Korea declined sharply during the reporting period as economic growth slowed amid surging inflation, rising interest rates, and an unsteady export market. Trade accounts for approximately 80% of South Korea’s economic output, and exports fluctuated widely amid global economic uncertainty and renewed COVID-19 pandemic restrictions in China. South Korea’s inflation rate, mirroring global price gains, neared the highest level in almost a quarter-century. The Bank of Korea responded by steadily raising interest rates. The declining value of the South Korean won relative to the U.S. dollar also diminished South Korean equity values in U.S. dollar terms.

The information technology sector detracted the most from the Index’s return, driven by the technology hardware, storage, and peripherals industry. South Korea’s exports of technology products declined for the first time since the height of the coronavirus pandemic as global demand cooled while economic concerns mounted. Earnings at the country’s largest electronics company fell short of expectations as renewed pandemic restrictions reduced sales. Microchip revenue decreased late in the period as consumer demand for smartphones, televisions, and personal computers weakened.

The communications sector also detracted from the Index’s performance, particularly the interactive media and services industry. Profits declined for online search, content, and product platforms. Sales decreased as business normalized following strong pandemic-related growth. Subscription sales on messaging apps also fell, partly due to billing changes instituted by a large provider of smartphone operating systems. The consumer discretionary sector also weighed on performance. Investors grew concerned about the impact of microchip shortages, inflation, and the war in Ukraine on large automakers, and their stocks declined.

Portfolio Information

SECTOR ALLOCATION
Sector	Percent of    Total Investments(a)
Information Technology	34.6%
Consumer Discretionary	12.3
Industrials	11.7
Financials	10.2
Materials	9.6
Communication Services	8.3
Health Care	6.3
Consumer Staples	4.0
Energy	2.3
Utilities	0.7

^(a) Excludes money market funds.

TEN LARGEST HOLDINGS
Security	Percent of    Total Investments(a)
Samsung Electronics Co. Ltd.	22.2%
SK Hynix Inc.	5.4
Samsung SDI Co. Ltd.	3.6
LG Chem Ltd.	3.2
NAVER Corp.	3.2
Hyundai Motor Co.	3.0
Kia Corp.	2.4
Kakao Corp.	2.3
POSCO Holdings Inc.	2.2
KB Financial Group Inc.	2.1

14 2 0 2 2   I S H A R E S   A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

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.

Disclosure of 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 the Period.”

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

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

A B O U T   F U N D   P E R F O R M A N C E / S H A R E H O L D E R   E X P E N S E S 15

Schedule of Investments August 31, 2022 iShares^® MSCI Australia ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Airlines — 0.3%
Qantas Airways Ltd.(a)		1,333,264	$	4,791,388
Banks — 24.8%
Australia & New Zealand Banking Group Ltd.		4,317,356		66,740,038
Commonwealth Bank of Australia		2,471,908		163,349,130
National Australia Bank Ltd.		4,649,689		96,416,558
Westpac Banking Corp.		5,074,285		74,477,911
				400,983,637
Beverages — 0.6%
Treasury Wine Estates Ltd.		1,042,026		9,347,252
Biotechnology — 8.6%
CSL Ltd.		697,810		139,574,283
Capital Markets — 4.8%
ASX Ltd.		280,724		14,943,575
Macquarie Group Ltd.		527,569		63,125,338
				78,068,913
Chemicals — 0.4%
Orica Ltd.		649,826		6,797,274
Commercial Services & Supplies — 1.1%
Brambles Ltd.		2,080,509		17,510,032
Construction Materials — 0.9%
James Hardie Industries PLC		646,116		14,644,460
Diversified Consumer Services — 0.4%
IDP Education Ltd.		301,217		5,929,935
Diversified Telecommunication Services — 1.0%
Telstra Corp. Ltd.		5,882,425		15,907,508
Electric Utilities — 0.7%
Origin Energy Ltd.		2,541,348		10,823,748
Equity Real Estate Investment Trusts (REITs) — 5.5%
BGP Holdings PLC, NVS(b)		18,888,372		190
Dexus		1,552,152		9,180,939
Goodman Group		2,433,551		32,361,323
GPT Group (The)		2,789,844		7,949,670
Mirvac Group		5,690,647		8,104,231
Scentre Group		7,530,795		14,965,910
Stockland		3,473,550		8,544,460
Vicinity Centres		5,582,930		7,309,223
				88,415,946
Food & Staples Retailing — 4.7%
Coles Group Ltd.		1,934,577		23,155,284
Endeavour Group Ltd./Australia		1,953,664		9,668,320
Woolworths Group Ltd.		1,758,501		43,351,846
				76,175,450
Gas Utilities — 0.8%
APA Group		1,712,308		12,912,210
Health Care Equipment & Supplies — 0.9%
Cochlear Ltd.		95,477		13,899,252
Health Care Providers & Services — 1.8%
Ramsay Health Care Ltd.		265,715		12,949,853
Sonic Healthcare Ltd.		660,929		15,283,973
				28,233,826

Security	Shares		Value
Hotels, Restaurants & Leisure — 2.1%
Aristocrat Leisure Ltd.		872,272	$	21,053,529
Domino’s Pizza Enterprises Ltd.		87,438		3,768,760
Lottery Corp. Ltd. (The)(a)		3,236,989		9,729,388
				34,551,677
Insurance — 3.3%
Insurance Australia Group Ltd.		3,557,044		11,239,917
Medibank Pvt Ltd.		3,976,660		10,017,077
QBE Insurance Group Ltd.		2,144,632		17,583,316
Suncorp Group Ltd.		1,832,214		13,531,356
				52,371,666
Interactive Media & Services — 0.8%
REA Group Ltd.		76,251		6,575,770
SEEK Ltd.		490,489		6,920,154
				13,495,924
IT Services — 0.8%
Computershare Ltd.		788,589		13,151,849
Metals & Mining — 20.5%
BHP Group Ltd.		7,333,364		200,054,189
BlueScope Steel Ltd.		694,751		7,794,982
Evolution Mining Ltd.		2,645,093		4,250,803
Fortescue Metals Group Ltd.		2,450,774		30,457,166
Mineral Resources Ltd.		245,695		10,468,430
Newcrest Mining Ltd.		1,295,192		15,570,355
Northern Star Resources Ltd.		1,695,257		8,959,838
Rio Tinto Ltd.		538,043		34,172,924
South32 Ltd.		6,737,408		18,552,847
				330,281,534
Multiline Retail — 3.3%
Wesfarmers Ltd.		1,643,759		52,582,107
Oil, Gas & Consumable Fuels — 6.3%
Ampol Ltd.		347,216		8,161,095
Santos Ltd.		4,657,557		24,863,357
Washington H Soul Pattinson & Co. Ltd.		312,434		5,445,137
Woodside Energy Group Ltd.		2,750,675		63,894,086
				102,363,675
Real Estate Management & Development — 0.4%
Lendlease Corp. Ltd.		993,684		6,924,501
Road & Rail — 0.4%
Aurizon Holdings Ltd.		2,656,571		6,718,817
Software — 1.2%
WiseTech Global Ltd.		213,854		8,447,120
Xero Ltd.(a)		194,346		11,433,203
				19,880,323
Trading Companies & Distributors — 0.2%
Reece Ltd.		325,034		3,518,958
Transportation Infrastructure — 2.6%
Transurban Group		4,450,325		42,222,291
Total Long-Term Investments — 99.2% (Cost: $1,925,949,943)				1,602,078,436

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

Schedule of Investments  (continued) August 31, 2022 iShares^® MSCI Australia ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Short-Term Securities
Money Market Funds — 0.0%
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.07%(c)(d)		130,000	$	130,000
Total Short-Term Securities — 0.0% (Cost: $130,000)				130,000
Total Investments in Securities — 99.2% (Cost: $1,926,079,943)				1,602,208,436
Other Assets Less Liabilities — 0.8%				13,201,273
Net Assets — 100.0%			$	1,615,409,709

^(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 year ended August 31, 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 Sale			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 08/31/22		Shares Held at 08/31/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares(a)	$	—	$	5,510	(b)	$	—		$	(5,510	)	$	—	$	—		—	$	222,041	(c)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		750,000		—			(620,000	)(b)		—			—		130,000		130,000		4,841			—
									$	(5,510	)	$	—	$	130,000			$	226,882		$	—

^(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
SPI 200 Index		121		09/15/22	$	14,150	$	4,557

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:

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)	$	—	$	—	$	4,557	$	—	$	—	$	—	$	4,557

^(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 17

Schedule of Investments  (continued) August 31, 2022 iShares^® MSCI Australia ETF

Derivative Financial Instruments Categorized by Risk Exposure (continued)

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

	Commodity Contracts		Credit Contracts		Equity Contracts			Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Net Realized Gain (Loss) from
Futures contracts	$	—	$	—	$	141,105		$	—	$	—	$	—	$	141,105
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	(60,731	)	$	—	$	—	$	—	$	(60,731	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts
Average notional value of contracts — long	$	15,903,956

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	$	—	$	1,602,078,246	$	190	$	1,602,078,436
Money Market Funds		130,000		—		—		130,000
	$	130,000	$	1,602,078,246	$	190	$	1,602,208,436
Derivative financial instruments(a)
Assets
Futures Contracts	$	—	$	4,557	$	—	$	4,557

^(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   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 August 31, 2022 iShares^® MSCI Canada ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 0.3%
CAE Inc.(a)		657,462	$	12,004,370
Airlines — 0.1%
Air Canada(a)(b)		364,977		4,916,011
Auto Components — 0.9%
Magna International Inc.		580,158		33,514,743
Banks — 24.9%
Bank of Montreal		1,386,622		128,014,556
Bank of Nova Scotia (The)		2,476,098		136,912,656
Canadian Imperial Bank of Commerce		1,864,190		88,159,928
National Bank of Canada		696,608		46,086,930
Royal Bank of Canada		2,930,541		272,514,541
Toronto-Dominion Bank (The)		3,760,783		241,937,454
				913,626,065
Capital Markets — 4.5%
Brookfield Asset Management Inc., Class A		2,909,469		139,962,882
IGM Financial Inc.		174,193		4,741,615
Onex Corp.		152,041		7,518,988
TMX Group Ltd.		115,134		11,562,930
				163,786,415
Chemicals — 2.9%
Nutrien Ltd.		1,139,963		104,652,483
Commercial Services & Supplies — 0.7%
GFL Environmental Inc.		374,200		10,542,049
Ritchie Bros Auctioneers Inc.		228,758		15,846,806
				26,388,855
Construction & Engineering — 0.8%
WSP Global Inc.		256,597		30,578,290
Containers & Packaging — 0.4%
CCL Industries Inc., Class B, NVS		311,426		15,275,489
Diversified Telecommunication Services — 0.8%
BCE Inc.		150,271		7,251,819
TELUS Corp.		941,711		21,209,739
				28,461,558
Electric Utilities — 2.4%
Emera Inc.		545,092		25,221,945
Fortis Inc.		986,029		43,499,844
Hydro One Ltd.(b)(c)		681,097		18,441,245
				87,163,034
Equity Real Estate Investment Trusts (REITs) — 0.3%
Canadian Apartment Properties REIT		177,397		6,033,673
RioCan REIT		316,989		4,858,559
				10,892,232
Food & Staples Retailing — 4.3%
Alimentation Couche-Tard Inc.		1,715,638		73,727,954
Empire Co. Ltd., Class A, NVS		338,774		9,649,778
George Weston Ltd.		150,958		17,258,418
Loblaw Companies Ltd.		343,688		30,374,132
Metro Inc.		497,053		26,144,151
				157,154,433
Food Products — 0.4%
Saputo Inc.		516,274		13,109,786

Security	Shares		Value
Gas Utilities — 0.3%
AltaGas Ltd.		576,252	$	12,425,825
Hotels, Restaurants & Leisure — 1.0%
Restaurant Brands International Inc.		605,922		35,768,936
Independent Power and Renewable Electricity Producers — 0.7%
Brookfield Renewable Corp., Class A		265,961		10,220,468
Northland Power Inc.		477,408		16,343,141
				26,563,609
Insurance — 6.9%
Fairfax Financial Holdings Ltd.		47,970		23,914,324
Great-West Lifeco Inc.		575,802		13,525,330
iA Financial Corp. Inc.		223,131		11,986,060
Intact Financial Corp.		363,494		52,655,220
Manulife Financial Corp.		3,982,435		68,893,230
Power Corp. of Canada		1,153,365		29,656,326
Sun Life Financial Inc.		1,210,456		53,326,976
				253,957,466
IT Services — 3.1%
CGI Inc.(a)		450,621		35,683,240
Nuvei Corp.(a)(c)		135,871		4,157,807
Shopify Inc., Class A(a)		2,361,184		74,753,897
				114,594,944
Leisure Products — 0.2%
BRP Inc.		78,417		5,438,767
Media — 0.9%
Quebecor Inc., Class B		335,237		7,241,538
Shaw Communications Inc., Class B, NVS		985,735		25,278,528
				32,520,066
Metals & Mining — 7.0%
Agnico Eagle Mines Ltd.		943,060		38,889,960
Barrick Gold Corp.		3,680,912		54,652,441
First Quantum Minerals Ltd.		1,212,833		21,461,331
Franco-Nevada Corp.		395,913		47,599,393
Ivanhoe Mines Ltd., Class A(a)		1,249,997		8,032,874
Kinross Gold Corp.		2,663,241		8,739,916
Lundin Mining Corp.		1,366,748		7,107,693
Pan American Silver Corp.		433,896		6,455,498
Teck Resources Ltd., Class B		989,637		33,516,621
Wheaton Precious Metals Corp.		934,352		28,521,089
				254,976,816
Multi-Utilities — 0.7%
Algonquin Power & Utilities Corp.		1,396,188		19,177,852
Canadian Utilities Ltd., Class A, NVS		263,670		8,066,593
				27,244,445
Multiline Retail — 1.3%
Canadian Tire Corp. Ltd., Class A, NVS		116,064		13,650,897
Dollarama Inc.		574,386		34,978,789
				48,629,686
Oil, Gas & Consumable Fuels — 19.6%
ARC Resources Ltd.		1,418,806		19,585,756
Cameco Corp.		823,590		24,005,045
Canadian Natural Resources Ltd.		2,387,713		130,898,341
Cenovus Energy Inc.		2,869,490		53,835,028
Enbridge Inc.		4,190,302		172,799,906
Imperial Oil Ltd.		483,767		23,743,572
Keyera Corp.		454,733		11,204,294
Parkland Corp.		319,012		7,831,078

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  (continued) August 31, 2022 iShares^® MSCI Canada ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Oil, Gas & Consumable Fuels (continued)
Pembina Pipeline Corp.		1,136,854	$	40,147,172
Suncor Energy Inc.		2,969,666		96,075,767
TC Energy Corp.		2,027,977		97,727,692
Tourmaline Oil Corp.		656,859		38,835,879
				716,689,530
Paper & Forest Products — 0.3%
West Fraser Timber Co. Ltd.		126,004		11,273,057
Pharmaceuticals — 0.1%
Bausch Health Companies Inc.(a)		557,169		3,342,972
Professional Services — 1.1%
Thomson Reuters Corp.		352,595		38,826,123
Real Estate Management & Development — 0.3%
FirstService Corp.		82,140		10,275,083
Road & Rail — 8.3%
Canadian National Railway Co.		1,215,176		144,514,668
Canadian Pacific Railway Ltd.		1,922,439		143,917,617
TFI International Inc.		171,003		17,060,588
				305,492,873
Software — 2.5%
BlackBerry Ltd.(a)		1,119,669		6,649,726
Constellation Software Inc.		41,609		62,635,113
Lightspeed Commerce Inc.(a)		278,728		5,333,258
Open Text Corp.		558,534		17,593,598
				92,211,695
Textiles, Apparel & Luxury Goods — 0.3%
Gildan Activewear Inc.		388,300		11,483,285
Trading Companies & Distributors — 0.4%
Toromont Industries Ltd.		169,745		13,139,130

Security	Shares		Value
Wireless Telecommunication Services — 0.9%
Rogers Communications Inc., Class B, NVS		730,546	$	31,455,725
Total Long-Term Investments — 99.6% (Cost: $4,200,090,386)				3,647,833,797
Short-Term Securities
Money Market Funds — 0.3%
BlackRock Cash Funds: Institutional, SL Agency Shares, 2.42%(d)(e)(f)		9,237,393		9,240,164
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.07%(d)(e)		1,160,000		1,160,000
Total Short-Term Securities — 0.3% (Cost: $10,394,532)				10,400,164
Total Investments in Securities — 99.9% (Cost: $4,210,484,918)				3,658,233,961
Other Assets Less Liabilities — 0.1%				3,990,617
Net Assets — 100.0%			$	3,662,224,578

^(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 year ended August 31, 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 Sale			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 08/31/22		Shares Held at 08/31/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	9,373,472	$	—	$	(132,475	)(a)	$	(6,465	)	$	5,632	$	9,240,164		9,237,393	$	129,542(b	)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		1,600,000		—		(440,000	)(a)		—			—		1,160,000		1,160,000		9,242			—
								$	(6,465	)	$	5,632	$	10,400,164			$	138,784		$	—

^(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.

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

Schedule of Investments  (continued) August 31, 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/TSX 60 Index		85		09/15/22	$	15,080	$	(70,094	)

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:

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	—	$	—	$	70,094	$	—	$	—	$	—	$	70,094

^(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 August 31, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Commodity Contracts		Credit Contracts		Equity Contracts			Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Net Realized Gain (Loss) from
Futures contracts	$	—	$	—	$	(481,462	)	$	—	$	—	$	—	$	(481,462	)
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	(333,661	)	$	—	$	—	$	—	$	(333,661	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts
Average notional value of contracts — long	$	12,739,076

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	$	3,647,833,797		$	—	$	—	$	3,647,833,797
Money Market Funds		10,400,164			—		—		10,400,164
	$	3,658,233,961		$	—	$	—	$	3,658,233,961
Derivative financial instruments(a)
Liabilities
Futures Contracts	$	(70,094	)	$	—	$	—	$	(70,094	)

^(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 August 31, 2022 iShares^® MSCI Japan ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Air Freight & Logistics — 0.4%
Nippon Express Holdings Inc.		238,600	$	13,128,417
SG Holdings Co. Ltd.		896,600		14,871,662
Yamato Holdings Co. Ltd.		905,200		14,111,217
				42,111,296
Airlines — 0.2%
ANA Holdings Inc.(a)		496,800		9,551,649
Japan Airlines Co. Ltd.(a)		448,900		8,210,527
				17,762,176
Auto Components — 2.0%
Aisin Corp.		457,600		13,606,583
Bridgestone Corp.		1,779,200		68,275,341
Denso Corp.		1,350,000		73,683,938
Koito Manufacturing Co. Ltd.		325,500		11,120,524
Sumitomo Electric Industries Ltd.		2,229,400		25,536,864
				192,223,250
Automobiles — 8.2%
Honda Motor Co. Ltd.		5,090,000		135,507,325
Isuzu Motors Ltd.		1,818,900		22,590,151
Mazda Motor Corp.		1,769,300		15,669,102
Nissan Motor Co. Ltd.		7,238,300		28,476,866
Subaru Corp.		1,915,100		34,811,530
Suzuki Motor Corp.		1,149,200		40,165,838
Toyota Motor Corp.		33,109,600		495,486,982
Yamaha Motor Co. Ltd.		925,200		19,174,110
				791,881,904
Banks — 5.1%
Chiba Bank Ltd. (The)		1,653,200		8,930,316
Concordia Financial Group Ltd.		3,393,900		10,762,879
Japan Post Bank Co. Ltd.(b)		1,285,200		9,368,402
Mitsubishi UFJ Financial Group Inc.		37,321,580		193,473,103
Mizuho Financial Group Inc.		7,516,658		86,068,547
Resona Holdings Inc.		6,737,900		24,803,853
Shizuoka Bank Ltd. (The)		1,390,500		8,046,624
Sumitomo Mitsui Financial Group Inc.		4,068,300		122,713,191
Sumitomo Mitsui Trust Holdings Inc.		1,051,332		32,699,777
				496,866,692
Beverages — 1.2%
Asahi Group Holdings Ltd.		1,421,900		47,673,806
Ito En Ltd.		164,600		7,223,822
Kirin Holdings Co. Ltd.		2,564,000		42,207,973
Suntory Beverage & Food Ltd.		433,100		15,819,690
				112,925,291
Building Products — 1.9%
AGC Inc.		602,300		20,441,430
Daikin Industries Ltd.		777,900		135,795,731
Lixil Corp.		929,400		16,161,772
TOTO Ltd.		440,600		15,186,957
				187,585,890
Capital Markets — 0.9%
Daiwa Securities Group Inc.		4,232,100		18,474,068
Japan Exchange Group Inc.		1,567,700		23,362,200
Nomura Holdings Inc.		9,069,900		32,841,114
SBI Holdings Inc/Japan		761,810		14,969,683
				89,647,065
Chemicals — 3.5%
Asahi Kasei Corp.		3,906,900		28,550,796
JSR Corp.		562,200		12,540,896

Security	Shares		Value
Chemicals (continued)
Mitsubishi Chemical Group Corp.		3,979,900	$	20,894,307
Mitsui Chemicals Inc.		572,000		12,850,278
Nippon Paint Holdings Co. Ltd.		2,578,300		19,884,725
Nippon Sanso Holdings Corp.		540,800		9,835,601
Nissan Chemical Corp.		399,800		20,142,953
Nitto Denko Corp.		444,200		27,377,275
Shin-Etsu Chemical Co. Ltd.		1,170,800		135,968,207
Sumitomo Chemical Co. Ltd.		4,636,100		18,249,198
Toray Industries Inc.		4,330,200		24,710,016
Tosoh Corp.		811,300		10,489,975
				341,494,227
Commercial Services & Supplies — 0.7%
Dai Nippon Printing Co. Ltd.		689,500		14,513,172
Secom Co. Ltd.		655,400		41,755,018
Toppan Inc.		815,100		12,800,852
				69,069,042
Construction & Engineering — 0.6%
Kajima Corp.		1,380,900		14,530,567
Obayashi Corp.		2,020,200		13,972,891
Shimizu Corp.		1,720,600		9,434,846
Taisei Corp.		591,700		17,940,060
				55,878,364
Diversified Financial Services — 0.7%
Mitsubishi HC Capital Inc.		2,057,700		9,972,163
ORIX Corp.		3,743,300		61,530,033
				71,502,196
Diversified Telecommunication Services — 1.1%
Nippon Telegraph & Telephone Corp.		3,724,200		100,941,728
Electric Utilities — 0.6%
Chubu Electric Power Co. Inc.		2,003,100		20,369,143
Kansai Electric Power Co. Inc. (The)		2,189,800		21,222,766
Tokyo Electric Power Co. Holdings Inc.(a)		4,751,000		18,554,877
				60,146,786
Electrical Equipment — 1.8%
Fuji Electric Co. Ltd.		394,300		17,034,606
Mitsubishi Electric Corp.		6,021,900		60,882,221
Nidec Corp.		1,393,900		92,599,539
				170,516,366
Electronic Equipment, Instruments & Components — 5.6%
Azbil Corp.		378,500		10,784,745
Hamamatsu Photonics KK		436,800		18,519,730
Hirose Electric Co. Ltd.		98,958		14,022,101
Ibiden Co. Ltd.		349,600		11,095,968
Keyence Corp.		607,504		228,101,832
Kyocera Corp.		999,700		55,567,093
Murata Manufacturing Co. Ltd.		1,790,000		96,385,079
Omron Corp.		578,600		30,449,559
Shimadzu Corp.		737,800		21,548,230
TDK Corp.		1,208,800		42,262,327
Yokogawa Electric Corp.		711,500		12,418,033
				541,154,697
Entertainment — 2.4%
Capcom Co. Ltd.		548,100		14,960,231
Koei Tecmo Holdings Co. Ltd.		183,160		6,140,696
Konami Group Corp.		289,600		14,697,106
Nexon Co. Ltd.		1,542,800		30,720,364
Nintendo Co. Ltd.		344,100		140,856,217
Square Enix Holdings Co. Ltd.		266,000		11,549,987

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

Schedule of Investments  (continued) August 31, 2022 iShares^® MSCI Japan ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Entertainment (continued)
Toho Co. Ltd./Tokyo		347,200	$	13,186,232
				232,110,833
Equity Real Estate Investment Trusts (REITs) — 1.3%
Daiwa House REIT Investment Corp.		6,846		15,826,559
GLP J-Reit		13,243		16,132,458
Japan Metropolitan Fund Invest		21,746		17,270,170
Japan Real Estate Investment Corp.		3,875		17,947,357
Nippon Building Fund Inc.		4,767		23,744,233
Nippon Prologis REIT Inc.		6,675		16,792,504
Nomura Real Estate Master Fund Inc.		13,177		16,116,289
				123,829,570
Food & Staples Retailing — 1.6%
Aeon Co. Ltd.		2,034,900		39,692,230
Kobe Bussan Co. Ltd.		466,900		11,889,796
Seven & i Holdings Co. Ltd.		2,348,180		93,282,592
Welcia Holdings Co. Ltd.		289,500		6,063,111
				150,927,729
Food Products — 1.3%
Ajinomoto Co. Inc.		1,454,300		40,196,620
Kikkoman Corp.		453,800		27,749,189
MEIJI Holdings Co. Ltd.		357,056		17,009,749
Nisshin Seifun Group Inc.		617,275		6,946,767
Nissin Foods Holdings Co. Ltd.		194,300		13,901,463
Yakult Honsha Co. Ltd.		398,600		23,575,474
				129,379,262
Gas Utilities — 0.4%
Osaka Gas Co. Ltd.		1,170,100		19,708,454
Tokyo Gas Co. Ltd.		1,236,800		23,203,853
				42,912,307
Health Care Equipment & Supplies — 3.2%
Asahi Intecc Co. Ltd.		675,100		12,008,397
Hoya Corp.		1,142,000		116,457,465
Olympus Corp.		3,845,900		81,907,043
Sysmex Corp.		521,900		31,902,166
Terumo Corp.		2,011,800		64,582,123
				306,857,194
Health Care Technology — 0.5%
M3 Inc.		1,374,300		44,021,372
Hotels, Restaurants & Leisure — 1.1%
McDonald’s Holdings Co. Japan Ltd.		266,400		9,521,888
Oriental Land Co. Ltd./Japan		623,000		92,881,477
				102,403,365
Household Durables — 4.6%
Iida Group Holdings Co. Ltd.		458,880		6,990,056
Open House Group Co. Ltd.		254,400		9,956,695
Panasonic Holdings Corp.		6,882,015		55,843,313
Sekisui Chemical Co. Ltd.		1,172,500		15,985,055
Sekisui House Ltd.		1,919,100		32,633,574
Sharp Corp./Japan		761,000		5,447,651
Sony Group Corp.		3,937,300		313,028,339
				439,884,683
Household Products — 0.5%
Unicharm Corp.		1,255,200		43,620,336
Industrial Conglomerates — 2.0%
Hitachi Ltd.		3,023,000		151,035,248
Toshiba Corp.		1,214,800		44,988,848
				196,024,096

Security	Shares		Value
Insurance — 3.3%
Dai-ichi Life Holdings Inc.		3,059,000	$	52,853,422
Japan Post Holdings Co. Ltd.		7,422,900		51,208,965
Japan Post Insurance Co. Ltd.		617,600		9,460,153
MS&AD Insurance Group Holdings Inc.		1,387,740		41,404,499
Sompo Holdings Inc.		973,750		41,750,729
T&D Holdings Inc.		1,647,800		17,995,974
Tokio Marine Holdings Inc.		1,910,700		105,889,776
				320,563,518
Interactive Media & Services — 0.3%
Kakaku.com Inc.		412,400		7,591,413
Z Holdings Corp.		8,296,200		24,389,773
				31,981,186
Internet & Direct Marketing Retail — 0.2%
Rakuten Group Inc.		2,707,200		13,138,743
ZOZO Inc.		388,200		8,580,469
				21,719,212
IT Services — 2.5%
Fujitsu Ltd.		612,600		72,086,606
GMO Payment Gateway Inc.		130,848		10,376,804
Itochu Techno-Solutions Corp.		298,100		7,523,176
NEC Corp.		767,300		27,984,700
Nomura Research Institute Ltd.		1,046,812		28,173,676
NTT Data Corp.		1,965,500		27,659,218
Obic Co. Ltd.		217,100		32,108,904
Otsuka Corp.		353,500		11,426,511
SCSK Corp.		485,100		7,899,026
TIS Inc.		703,900		20,044,766
				245,283,387
Leisure Products — 1.1%
Bandai Namco Holdings Inc.		621,498		46,635,097
Shimano Inc.		229,400		40,583,013
Yamaha Corp.		438,600		17,109,288
				104,327,398
Machinery — 5.1%
Daifuku Co. Ltd.		316,000		18,434,818
FANUC Corp.		597,700		96,288,977
Hitachi Construction Machinery Co. Ltd.		334,700		6,880,644
Hoshizaki Corp.		338,700		10,062,260
Komatsu Ltd.		2,880,500		60,256,414
Kubota Corp.		3,179,800		49,383,018
Kurita Water Industries Ltd.		325,700		12,672,136
Makita Corp.		695,200		16,346,753
MINEBEA MITSUMI Inc.		1,126,500		19,361,241
MISUMI Group Inc.		882,400		21,659,496
Mitsubishi Heavy Industries Ltd.		998,300		38,485,066
NGK Insulators Ltd.		790,300		11,283,486
SMC Corp.		178,800		84,827,959
Toyota Industries Corp.		457,200		25,554,191
Yaskawa Electric Corp.		746,100		24,295,169
				495,791,628
Marine — 0.7%
Mitsui OSK Lines Ltd.		1,070,200		27,882,555
Nippon Yusen KK		503,200		38,381,157
				66,263,712
Media — 0.4%
CyberAgent Inc.		1,335,200		13,017,226
Dentsu Group Inc.		672,500		21,657,867

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  (continued) August 31, 2022 iShares^® MSCI Japan ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Media (continued)
Hakuhodo DY Holdings Inc.		720,400	$	6,427,043
				41,102,136
Metals & Mining — 0.9%
Hitachi Metals Ltd.(a)		666,600		10,030,160
JFE Holdings Inc.		1,528,350		16,419,908
Nippon Steel Corp.		2,516,870		39,756,742
Sumitomo Metal Mining Co. Ltd.		768,200		24,172,656
				90,379,466
Multiline Retail — 0.2%
Pan Pacific International Holdings Corp.		1,184,800		21,273,793
Oil, Gas & Consumable Fuels — 0.9%
ENEOS Holdings Inc.		9,563,795		36,140,855
Idemitsu Kosan Co. Ltd.		646,729		17,052,467
Inpex Corp.		3,243,700		37,285,122
				90,478,444
Paper & Forest Products — 0.1%
Oji Holdings Corp.		2,525,800		10,077,629
Personal Products — 1.4%
Kao Corp.		1,479,700		64,071,421
Kobayashi Pharmaceutical Co. Ltd.		165,400		9,373,455
Kose Corp.		103,900		9,784,686
Shiseido Co. Ltd.		1,246,400		47,081,274
				130,310,836
Pharmaceuticals — 6.2%
Astellas Pharma Inc.		5,731,750		81,263,487
Chugai Pharmaceutical Co. Ltd.		2,088,600		53,902,738
Daiichi Sankyo Co. Ltd.		5,459,907		164,079,972
Eisai Co. Ltd.		785,000		32,006,941
Kyowa Kirin Co. Ltd.		842,300		18,879,914
Nippon Shinyaku Co. Ltd.		152,900		8,363,561
Ono Pharmaceutical Co. Ltd.		1,152,500		27,510,362
Otsuka Holdings Co. Ltd.		1,216,500		39,734,018
Shionogi & Co. Ltd.		825,500		40,304,936
Takeda Pharmaceutical Co. Ltd.		4,683,500		129,452,168
				595,498,097
Professional Services — 1.7%
Nihon M&A Center Holdings Inc.		943,900		11,697,983
Persol Holdings Co. Ltd.		552,000		11,080,957
Recruit Holdings Co. Ltd.		4,500,800		143,083,101
				165,862,041
Real Estate Management & Development — 2.2%
Daito Trust Construction Co. Ltd.		200,000		19,675,502
Daiwa House Industry Co. Ltd.		1,865,100		41,698,440
Hulic Co. Ltd.		1,199,600		9,090,517
Mitsubishi Estate Co. Ltd.		3,678,300		49,535,160
Mitsui Fudosan Co. Ltd.		2,840,400		57,491,423
Nomura Real Estate Holdings Inc.		368,300		9,048,346
Sumitomo Realty & Development Co. Ltd.		962,600		23,541,260
				210,080,648
Road & Rail — 2.5%
Central Japan Railway Co.		449,600		52,931,400
East Japan Railway Co.		942,200		48,802,795
Hankyu Hanshin Holdings Inc.		713,200		21,387,812
Keio Corp.		320,600		12,198,939
Keisei Electric Railway Co. Ltd.		428,600		11,956,351
Kintetsu Group Holdings Co. Ltd.		535,400		18,180,411
Odakyu Electric Railway Co. Ltd.		916,400		12,518,977

Security	Shares		Value
Road & Rail (continued)
Tobu Railway Co. Ltd.		586,500	$	13,856,717
Tokyu Corp.		1,658,300		19,713,444
West Japan Railway Co.		685,000		26,659,089
				238,205,935
Semiconductors & Semiconductor Equipment — 3.1%
Advantest Corp.		589,700		33,397,857
Disco Corp.		90,900		22,071,409
Lasertec Corp.		235,100		32,548,991
Renesas Electronics Corp.(a)		3,629,600		34,367,037
Rohm Co. Ltd.		271,900		20,343,005
SUMCO Corp.		1,088,300		14,771,356
Tokyo Electron Ltd.		466,252		146,233,843
				303,733,498
Software — 0.3%
Oracle Corp. Japan		119,900		7,142,593
Trend Micro Inc/Japan		416,500		25,643,093
				32,785,686
Specialty Retail — 1.6%
Fast Retailing Co. Ltd.		183,000		107,005,885
Hikari Tsushin Inc.		65,000		8,217,646
Nitori Holdings Co. Ltd.		249,500		23,852,566
USS Co. Ltd.		683,600		12,063,400
				151,139,497
Technology Hardware, Storage & Peripherals — 1.8%
Brother Industries Ltd.		735,200		14,069,896
Canon Inc.		3,116,850		74,646,366
FUJIFILM Holdings Corp.		1,122,100		56,965,406
Ricoh Co. Ltd.		1,788,400		14,055,835
Seiko Epson Corp.		869,100		13,656,874
				173,394,377
Tobacco — 0.7%
Japan Tobacco Inc.		3,738,800		63,348,042
Trading Companies & Distributors — 4.9%
ITOCHU Corp.		3,703,800		101,931,246
Marubeni Corp.		4,876,900		50,828,427
Mitsubishi Corp.		3,935,100		128,837,639
Mitsui & Co. Ltd.		4,349,400		102,076,600
MonotaRO Co. Ltd.		778,800		13,973,450
Sumitomo Corp.		3,509,400		49,361,800
Toyota Tsusho Corp.		661,800		23,168,377
				470,177,539
Wireless Telecommunication Services — 4.2%
KDDI Corp.		5,035,800		154,101,135
SoftBank Corp.		8,950,000		98,120,921
SoftBank Group Corp.		3,765,600		149,161,174
				401,383,230
Total Long-Term Investments — 99.7% (Cost: $11,918,363,126)				9,628,838,652
Short-Term Securities
Money Market Funds — 0.0%
BlackRock Cash Funds: Institutional, SL Agency Shares, 2.42%(c)(d)(e)		1,574,704		1,575,176

24 2 0 2 2   I S H A R E S   A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments  (continued) August 31, 2022 iShares^® MSCI Japan ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Money Market Funds (continued)
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.07%(c)(d)		1,910,000	$	1,910,000
Total Short-Term Securities — 0.0% (Cost: $3,484,658)				3,485,176
Total Investments in Securities — 99.7% (Cost: $11,921,847,784)				9,632,323,828
Other Assets Less Liabilities — 0.3%				29,195,744
Net Assets — 100.0%			$	9,661,519,572

^(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 year ended August 31, 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 Sale			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 08/31/22		Shares Held at 08/31/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	11,457,264	$	—	$	(9,881,336	)(a)	$	(1,358	)	$	606	$	1,575,176		1,574,704	$	23,995	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		5,320,000		—		(3,410,000	)(a)		—			—		1,910,000		1,910,000		20,389			—
								$	(1,358	)	$	606	$	3,485,176			$	44,384		$	—

^(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		249		09/08/22	$	34,918	$	411,513

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:

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)	$	—	$	—	$	411,513	$	—	$	—	$	—	$	411,513

^(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 25

Schedule of Investments  (continued) August 31, 2022 iShares^® MSCI Japan ETF

Derivative Financial Instruments Categorized by Risk Exposure (continued)

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

	Commodity Contracts		Credit Contracts		Equity Contracts			Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Net Realized Gain (Loss) from
Futures contracts	$	—	$	—	$	(5,482,315	)	$	—	$	—	$	—	$	(5,482,315	)
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	283,293		$	—	$	—	$	—	$	283,293

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts
Average notional value of contracts — long	$	62,061,151

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	$	—	$	9,628,838,652	$	—	$	9,628,838,652
Money Market Funds		3,485,176		—		—		3,485,176
	$	3,485,176	$	9,628,838,652	$	—	$	9,632,323,828
Derivative financial instruments(a)
Assets
Futures Contracts	$	—	$	411,513	$	—	$	411,513

^(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   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   August 31, 2022 iShares^® MSCI Mexico ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Airlines — 0.6%
Controladora Vuela Cia. de Aviacion SAB de CV, Class A(a)(b)		5,840,905	$	5,212,790
Auto Components — 0.5%
Nemak SAB de CV(a)(c)		18,341,789		3,878,392
Banks — 14.4%
Banco del Bajio SA(c)		4,982,660		10,392,444
Grupo Financiero Banorte SAB de CV, Class O		13,030,961		76,957,474
Grupo Financiero Inbursa SAB de CV, Class O(a)(b)		12,728,166		20,052,713
Regional SAB de CV(b)		1,674,900		9,042,706
				116,445,337
Beverages — 10.9%
Arca Continental SAB de CV		2,648,129		18,027,493
Coca-Cola Femsa SAB de CV		1,726,578		10,556,667
Fomento Economico Mexicano SAB de CV		9,517,210		59,649,969
				88,234,129
Building Products — 0.4%
Grupo Rotoplas SAB de CV(b)		2,302,170		3,083,044
Capital Markets — 0.7%
Bolsa Mexicana de Valores SAB de CV		3,316,487		5,990,468
Chemicals — 1.5%
Orbia Advance Corp. SAB de CV		6,226,842		11,751,149
Construction Materials — 4.8%
Cemex SAB de CV, NVS(a)		86,272,829		31,988,585
GCC SAB de CV		1,211,100		6,926,412
				38,914,997
Consumer Finance — 0.8%
Gentera SAB de CV		8,124,577		6,327,383
Diversified Telecommunication Services — 1.1%
Operadora De Sites Mexicanos SAB de CV(b)		8,741,546		8,704,014
Equity Real Estate Investment Trusts (REITs) — 5.6%
Concentradora Fibra Danhos SA de CV(b)		3,150,454		3,682,684
FIBRA Macquarie Mexico(c)		5,503,000		6,935,258
Fibra Uno Administracion SA de CV		18,234,900		19,088,876
PLA Administradora Industrial S. de RL de CV(b)		5,536,604		7,411,819
Prologis Property Mexico SA de CV		3,191,402		8,256,316
				45,374,953
Food & Staples Retailing — 12.1%
Grupo Comercial Chedraui SA de CV		1,616,400		4,605,334
La Comer SAB de CV(b)		3,609,271		6,012,317
Wal-Mart de Mexico SAB de CV(b)		26,580,033		86,865,181
				97,482,832
Food Products — 5.3%
Gruma SAB de CV, Class B(b)		1,269,260		13,830,722
Grupo Bimbo SAB de CV, Series A(b)		7,737,404		25,432,253
Grupo Herdez SAB de CV		2,003,024		3,154,690
				42,417,665
Hotels, Restaurants & Leisure — 0.9%
Alsea SAB de CV(a)		3,900,066		7,077,478
Household Products — 1.6%
Kimberly-Clark de Mexico SAB de CV, Class A(b)		9,458,554		12,812,346

Security	Shares		Value
Industrial Conglomerates — 2.7%
Alfa SAB de CV, Class A		18,401,500	$	11,709,589
Grupo Carso SAB de CV, Series A1(b)		2,901,020		9,983,258
				21,692,847
Insurance — 0.8%
Qualitas Controladora SAB de CV		1,498,920		6,566,633
Media — 2.2%
Grupo Televisa SAB, CPO(b)		14,153,547		17,837,270
Metals & Mining — 5.6%
Grupo Mexico SAB de CV, Series B		9,922,986		37,571,061
Industrias Penoles SAB de CV		938,618		7,714,777
				45,285,838
Pharmaceuticals — 0.6%
Genomma Lab Internacional SAB de CV, Class B		6,271,513		5,127,035
Real Estate Management & Development — 1.0%
Corp Inmobiliaria Vesta SAB de CV		4,327,949		7,974,262
Road & Rail — 0.4%
Grupo Traxion SAB de CV(a)(b)(c)		2,817,600		3,086,612
Transportation Infrastructure — 9.5%
Grupo Aeroportuario del Centro Norte SAB de CV		1,838,405		12,021,516
Grupo Aeroportuario del Pacifico SAB de CV, Class B		2,090,449		29,763,204
Grupo Aeroportuario del Sureste SAB de CV, Class B		1,136,120		24,063,424
Promotora y Operadora de Infraestructura SAB de CV		1,475,635		10,372,257
				76,220,401
Wireless Telecommunication Services — 15.4%
America Movil SAB de CV, Series L, NVS		145,213,418		123,759,183
Total Long-Term Investments — 99.4% (Cost: $1,119,299,047)				801,257,058
Short-Term Securities
Money Market Funds — 2.3%
BlackRock Cash Funds: Institutional, SL Agency Shares, 2.42%(d)(e)(f)		18,520,135		18,525,691
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.07%(d)(e)		250,000		250,000
Total Short-Term Securities — 2.3% (Cost: $18,766,718)				18,775,691
Total Investments in Securities — 101.7% (Cost: $1,138,065,765)				820,032,749
Liabilities in Excess of Other Assets — (1.7)%				(13,889,430	)
Net Assets — 100.0%			$	806,143,319

^(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.

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  (continued) August 31, 2022 iShares^® MSCI Mexico ETF

Affiliates

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

Affiliated Issuer	Value at 08/31/21		Purchases at Cost			Proceeds from Sale		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 08/31/22		Shares Held at 08/31/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	5,378,609	$	13,138,073	(a)	$	—	$	1,069	$	7,940	$	18,525,691		18,520,135	$	45,406	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		180,000		70,000	(a)		—		—		—		250,000		250,000		3,059			—
								$	1,069	$	7,940	$	18,775,691			$	48,465		$	—

^(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		245		09/15/22	$	5,458	$	(351,773	)

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:

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	—	$	—	$	351,773	$	—	$	—	$	—	$	351,773

^(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 August 31, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Commodity Contracts		Credit Contracts		Equity Contracts			Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Net Realized Gain (Loss) from
Futures contracts	$	—	$	—	$	(408,283	)	$	—	$	—	$	—	$	(408,283	)
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	(367,917	)	$	—	$	—	$	—	$	(367,917	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts
Average notional value of contracts — long	$	3,646,530

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

28 2 0 2 2   I S H A R E S   A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments  (continued) August 31, 2022 iShares^® MSCI Mexico 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	$	801,257,058		$	—	$	—	$	801,257,058
Money Market Funds		18,775,691			—		—		18,775,691
	$	820,032,749		$	—	$	—	$	820,032,749
Derivative financial instruments(a)
Liabilities
Futures Contracts	$	(351,773	)	$	—	$	—	$	(351,773	)

^(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   August 31, 2022 iShares^® MSCI South Korea ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 0.6%
Korea Aerospace Industries Ltd.(a)		420,577	$	19,084,010
Air Freight & Logistics — 0.5%
Hyundai Glovis Co. Ltd.		110,493		14,477,565
Airlines — 0.7%
Korean Air Lines Co. Ltd.(b)		969,674		19,272,351
Auto Components — 2.4%
Hankook Tire & Technology Co. Ltd.		482,188		13,593,752
Hanon Systems		1,190,130		9,101,158
Hyundai Mobis Co. Ltd.		305,782		48,764,047
				71,458,957
Automobiles — 5.4%
Hyundai Motor Co.		613,715		89,161,881
Kia Corp.		1,186,599		71,122,166
				160,284,047
Banks — 6.7%
Hana Financial Group Inc.		1,369,233		39,908,555
Industrial Bank of Korea		1,527,661		10,877,449
KakaoBank Corp.(a)(b)		251,721		5,097,018
KB Financial Group Inc.		1,696,940		62,292,868
Shinhan Financial Group Co. Ltd.		2,031,040		55,027,917
Woori Financial Group Inc.		2,704,663		24,466,173
				197,669,980
Biotechnology — 2.7%
Alteogen Inc.(a)(b)		95,625		4,508,537
Celltrion Inc.		441,371		62,126,262
Green Cross Corp.(a)		19,735		2,409,144
Seegene Inc.(a)		163,596		3,832,716
SK Bioscience Co. Ltd.(a)(b)		81,486		6,821,907
				79,698,566
Capital Markets — 1.6%
Korea Investment Holdings Co. Ltd.		239,758		10,109,407
Meritz Securities Co. Ltd.		2,602,373		9,379,062
Mirae Asset Securities Co. Ltd.		2,247,546		10,960,918
NH Investment & Securities Co. Ltd.		769,706		5,698,001
Samsung Securities Co. Ltd.		388,589		9,782,782
				45,930,170
Chemicals — 5.2%
Hanwha Solutions Corp.(b)		617,659		24,083,683
Kumho Petrochemical Co. Ltd.		130,576		12,594,966
LG Chem Ltd.		200,486		93,846,750
Lotte Chemical Corp.(a)		93,261		12,109,427
SK Chemicals Co. Ltd.		51,175		3,709,819
SKC Co. Ltd.		71,625		6,436,226
				152,780,871
Commercial Services & Supplies — 0.2%
S-1 Corp.		123,371		5,356,755
Construction & Engineering — 1.4%
GS Engineering & Construction Corp.		407,467		9,114,362
Hyundai Engineering & Construction Co. Ltd.		442,428		15,820,269
Samsung Engineering Co. Ltd.(a)(b)		928,260		16,139,701
				41,074,332
Construction Materials — 0.6%
POSCO Chemical Co. Ltd.(a)		154,333		19,185,729

Security	Shares		Value
Diversified Financial Services — 0.1%
Meritz Financial Group Inc.(a)		111,508	$	2,555,790
Diversified Telecommunication Services — 0.4%
LG Uplus Corp.		1,204,974		10,319,380
Electric Utilities — 0.7%
Korea Electric Power Corp.(b)		1,232,062		19,211,388
Electrical Equipment — 2.1%
Doosan Enerbility Co. Ltd.(a)(b)		1,390,293		20,894,223
Ecopro BM Co. Ltd.(a)		163,531		13,531,012
LG Energy Solution(a)(b)		79,617		27,286,111
				61,711,346
Electronic Equipment, Instruments & Components — 6.2%
L&F Co. Ltd.(a)(b)		76,891		13,040,922
LG Display Co. Ltd.(a)		1,217,262		14,067,860
LG Innotek Co. Ltd.(a)		92,003		23,420,094
Samsung Electro-Mechanics Co. Ltd.		273,330		28,299,651
Samsung SDI Co. Ltd.(a)		236,724		104,656,042
				183,484,569
Entertainment — 2.2%
CJ ENM Co. Ltd.		74,985		5,465,415
HYBE Co. Ltd.(a)(b)		58,941		7,898,418
Krafton Inc.(a)(b)		81,284		14,848,556
NCSoft Corp.		82,067		23,061,831
Netmarble Corp.(a)(c)		115,495		5,445,188
Pearl Abyss Corp.(a)(b)		217,802		9,158,825
				65,878,233
Food & Staples Retailing — 0.6%
BGF retail Co. Ltd.		59,495		7,126,232
E-MART Inc.		128,670		9,341,205
				16,467,437
Food Products — 0.9%
CJ CheilJedang Corp.(a)		51,134		15,510,873
Orion Corp./Republic of Korea		141,146		10,339,584
				25,850,457
Health Care Providers & Services — 0.6%
Celltrion Healthcare Co. Ltd.		314,820		16,847,325
Hotels, Restaurants & Leisure — 0.4%
Kangwon Land Inc.(b)		663,812		13,088,072
Household Durables — 1.7%
Coway Co. Ltd.(a)		275,685		13,079,714
LG Electronics Inc.		509,548		38,129,481
				51,209,195
Industrial Conglomerates — 3.3%
CJ Corp.		109,042		6,344,334
LG Corp.		415,441		25,350,619
Samsung C&T Corp.		392,218		35,117,963
SK Inc.		186,579		32,272,365
				99,085,281
Insurance — 1.8%
DB Insurance Co. Ltd.		301,973		13,447,998
Meritz Fire & Marine Insurance Co. Ltd.		90,195		2,575,109
Samsung Fire & Marine Insurance Co. Ltd.		149,445		21,719,452
Samsung Life Insurance Co. Ltd.		356,321		16,445,654
				54,188,213
Interactive Media & Services — 5.4%
Kakao Corp.(a)		1,227,233		66,643,235

30 2 0 2 2   I S H A R E S   A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments  (continued) August 31, 2022 iShares^® MSCI South Korea ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Interactive Media & Services (continued)
NAVER Corp.		524,109	$	93,001,352
			159,644,587
IT Services — 0.5%
Samsung SDS Co. Ltd.		167,897		16,023,846
Leisure Products — 0.7%
HLB Inc.(a)(b)		538,860		19,673,428
Life Sciences Tools & Services — 1.8%
Samsung Biologics Co. Ltd.(a)(b)(c)		85,124		52,943,641
Machinery — 1.4%
Doosan Bobcat Inc.		360,024		9,256,334
Hyundai Heavy Industries Co. Ltd.(a)(b)		29,843		3,175,617
Korea Shipbuilding & Offshore Engineering Co. Ltd.(b)		201,525		14,544,248
Samsung Heavy Industries Co. Ltd.(b)		3,354,538		14,883,551
				41,859,750
Marine — 0.8%
HMM Co. Ltd.(a)		957,912		15,786,490
Pan Ocean Co. Ltd.		2,262,997		8,659,047
				24,445,537
Media — 0.3%
Cheil Worldwide Inc.		495,854		8,084,157
Metals & Mining — 3.4%
Hyundai Steel Co.		491,546		11,986,210
Korea Zinc Co. Ltd.		46,563		23,292,053
POSCO Holdings Inc.		338,981		64,123,401
				99,401,664
Multiline Retail — 0.2%
Lotte Shopping Co. Ltd.		87,243		6,403,791
Oil, Gas & Consumable Fuels — 2.7%
GS Holdings Corp.		312,131		10,716,085
HD Hyundai Co. Ltd.		280,783		13,183,693
SK Innovation Co. Ltd.(b)		262,706		36,982,514
S-Oil Corp.		237,566		18,019,370
				78,901,662
Personal Products — 1.4%
Amorepacific Corp.(a)		158,621		14,456,879
AMOREPACIFIC Group		184,053		4,764,437
LG H&H Co. Ltd.		43,083		22,814,217
				42,035,533
Pharmaceuticals — 1.2%
Celltrion Pharm Inc.(a)(b)		76,264		4,435,918
Hanmi Pharm Co. Ltd.		44,844		10,276,462
SK Biopharmaceuticals Co. Ltd.(a)(b)		122,618		6,519,240
Yuhan Corp.(a)		329,686		13,942,722
				35,174,342
Road & Rail — 0.2%
CJ Logistics Corp.(b)		70,526		6,216,303
Semiconductors & Semiconductor Equipment — 5.5%
SK Hynix Inc.(a)		2,253,413		158,432,798
SK Square Co. Ltd.(b)		155,729		4,679,496
				163,112,294
Specialty Retail — 0.3%
Hotel Shilla Co. Ltd.(a)		180,292		9,876,238

Security	Shares		Value
Technology Hardware, Storage & Peripherals — 22.1%
Samsung Electronics Co. Ltd.(a)		14,789,238	$	655,174,233
Textiles, Apparel & Luxury Goods — 0.2%
F&F Co. Ltd./New		59,072		6,232,956
Tobacco — 1.1%
KT&G Corp.		538,017		33,420,240
Total Common Stocks — 98.2% (Cost: $1,341,973,457)				2,904,794,221
Preferred Stocks
Automobiles — 0.8%
Hyundai Motor Co.
Preference Shares, NVS		148,810		10,098,096
Series 2, Preference Shares, NVS		202,997		14,083,018
				24,181,114
Chemicals — 0.4%
LG Chem Ltd., Preference Shares, NVS		54,332		12,139,776
Personal Products — 0.0%
LG H&H Co. Ltd., Preference Shares, NVS		5,728		1,561,133
Technology Hardware, Storage & Peripherals — 0.1%
Samsung Electronics Co. Ltd., Preference Shares, NVS		53,082		2,147,281
Total Preferred Stocks — 1.3% (Cost: $18,257,388)				40,029,304
Total Long-Term Investments — 99.5% (Cost: $1,360,230,845)				2,944,823,525
Short-Term Securities
Money Market Funds — 4.6%
BlackRock Cash Funds: Institutional, SL Agency Shares, 2.42%(d)(e)(f)		132,894,793		132,934,661
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.07%(d)(e)		1,750,000		1,750,000
Total Short-Term Securities — 4.6% (Cost: $134,639,389)				134,684,661
Total Investments in Securities — 104.1% (Cost: $1,494,870,234)				3,079,508,186
Liabilities in Excess of Other Assets — (4.1)%				(120,060,050	)
Net Assets — 100.0%			$	2,959,448,136

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

^(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)  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 31

Schedule of Investments  (continued) August 31, 2022 iShares^® MSCI South Korea ETF

Affiliates

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

Affiliated Issuer	Value at 08/31/21		Purchases at Cost			Proceeds from Sale		Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 08/31/22		Shares Held at 08/31/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	122,734,315	$	10,217,462	(a)	$	—	$	(2,308	)	$	(14,808	)	$	132,934,661		132,894,793	$	3,709,075	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		1,140,000		610,000	(a)		—		—			—			1,750,000		1,750,000		7,165			—
								$	(2,308	)	$	(14,808	)	$	134,684,661			$	3,716,240		$	—

^(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
KOSPI 200 Index		201		09/08/22	$	11,965	$	168,252

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:

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)	$	—	$	—	$	168,252	$	—	$	—	$	—	$	168,252

^(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 August 31, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Commodity Contracts		Credit Contracts		Equity Contracts			Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Net Realized Gain (Loss) from
Futures contracts	$	—	$	—	$	(8,665,720	)	$	—	$	—	$	—	$	(8,665,720	)
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	640,016		$	—	$	—	$	—	$	640,016

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts
Average notional value of contracts — long	$	22,830,866

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

32 2 0 2 2   I S H A R E S   A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments  (continued) August 31, 2022 iShares^® MSCI South Korea 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	$	—	$	2,904,794,221	$	—	$	2,904,794,221
Preferred Stocks		—		40,029,304		—		40,029,304
Money Market Funds		134,684,661		—		—		134,684,661
	$	134,684,661	$	2,944,823,525	$	—	$	3,079,508,186
Derivative financial instruments(a)
Assets
Futures Contracts	$	—	$	168,252	$	—	$	168,252

^(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 33

Statements of Assets and Liabilities

August 31, 2022

	iShares MSCI Australia ETF			iShares MSCI Canada ETF			iShares MSCI Japan ETF			iShares MSCI Mexico ETF
ASSETS
Investments, at value — unaffiliated(a)(b)	$	1,602,078,436		$	3,647,833,797		$	9,628,838,652		$	801,257,058
Investments, at value — affiliated(c)		130,000			10,400,164			3,485,176			18,775,691
Cash		9,088			522			1,755			6,576
Foreign currency, at value(d)		4,178,261			11,118,283			19,143,051			5,232,260
Cash pledged for futures contracts		—			—			—			1,152
Foreign currency collateral pledged for futures contracts(e)		1,125,592			1,097,195			1,373,511			—
Receivables:
Investments sold		1,218,149			10,149,666			7,277,821			12,233,602
Securities lending income — affiliated		—			2,585			531			10,774
Variation margin on futures contracts		—			—			39,611			—
Dividends — unaffiliated		9,760,402			6,855,586			13,019,485			131,508
Dividends — affiliated		531			1,493			3,303			1,107
Tax reclaims		—			—			33,510			—
Total assets		1,618,500,459			3,687,459,291			9,673,216,406			837,649,728
LIABILITIES
Collateral on securities loaned, at value		—			9,240,997			1,573,722			18,522,193
Payables:
Investments purchased		1,974,170			14,169,302			5,815,364			12,285,378
Variation margin on futures contracts		93,089			193,778			—			135,495
Capital shares redeemed		258,333			—			—			170,319
Investment advisory fees		765,158			1,630,636			4,307,748			393,024
Total liabilities		3,090,750			25,234,713			11,696,834			31,506,409
NET ASSETS	$	1,615,409,709		$	3,662,224,578		$	9,661,519,572		$	806,143,319
NET ASSETS CONSIST OF
Paid-in capital	$	2,340,488,521		$	5,097,760,647		$	13,724,900,404		$	1,581,690,060
Accumulated loss		(725,078,812	)		(1,435,536,069	)		(4,063,380,832	)		(775,546,741	)
NET ASSETS	$	1,615,409,709		$	3,662,224,578		$	9,661,519,572		$	806,143,319
NET ASSET VALUE
Shares outstanding		73,600,000			108,600,000			179,850,000			18,200,000
Net asset value	$	21.95		$	33.72		$	53.72		$	44.29
Shares authorized		627.8 million			340.2 million			2.5246 billion			255 million
Par value	$	0.001		$	0.001		$	0.001		$	0.001
(a) Investments, at cost — unaffiliated	$	1,925,949,943		$	4,200,090,386		$	11,918,363,126		$	1,119,299,047
(b) Securities loaned, at value	$	—		$	4,818,711		$	1,495,642		$	17,013,849
(c)  Investments, at cost — affiliated	$	130,000		$	10,394,532		$	3,484,658		$	18,766,718
(d) Foreign currency, at cost	$	4,199,196		$	11,284,988		$	19,516,054		$	5,258,341
(e) Foreign currency collateral pledged, at cost	$	1,150,612		$	1,132,560		$	1,428,021		$	—

See notes to financial statements.

34 2 0 2 2   I S H A R E S   A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Statements of Assets and Liabilities  (continued)

August 31, 2022

	iShares MSCI South Korea ETF
ASSETS
Investments, at value — unaffiliated(a)(b)	$	2,944,823,525
Investments, at value — affiliated(c)		134,684,661
Cash		6,024
Foreign currency, at value(d)		9,916,698
Receivables:
Investments sold		48,204,176
Securities lending income — affiliated		177,204
Variation margin on futures contracts		5,932,446
Dividends — unaffiliated		1,411,386
Dividends — affiliated		1,067
Total assets		3,145,157,187
LIABILITIES
Collateral on securities loaned, at value		133,069,572
Payables:
Investments purchased		51,098,165
Investment advisory fees		1,512,937
Foreign taxes		28,377
Total liabilities		185,709,051
NET ASSETS	$	2,959,448,136
NET ASSETS CONSIST OF
Paid-in capital	$	1,857,125,904
Accumulated earnings		1,102,322,232
NET ASSETS	$	2,959,448,136
NET ASSET VALUE
Shares outstanding		50,650,000
Net asset value	$	58.43
Shares authorized		300 million
Par value	$	0.001
(a) Investments, at cost — unaffiliated	$	1,360,230,845
(b) Securities loaned, at value	$	121,836,807
(c)  Investments, at cost — affiliated	$	134,639,389
(d) Foreign currency, at cost	$	10,445,197

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

Statements of Operations

Year Ended August 31, 2022

	iShares MSCI Australia ETF			iShares MSCI Canada ETF			iShares MSCI Japan ETF			iShares MSCI Mexico ETF
INVESTMENT INCOME
Dividends — unaffiliated	$	70,048,539		$	124,114,868		$	264,184,892		$	33,696,460
Dividends — affiliated		4,841			10,629			21,278			3,251
Securities lending income — affiliated — net		222,041			128,155			23,106			45,214
Foreign taxes withheld		(813,726	)		(18,541,814	)		(26,355,515	)		(2,669,011	)
Total investment income		69,461,695			105,711,838			237,873,761			31,075,914
EXPENSES
Investment advisory fees		7,964,743			20,700,812			54,893,309			4,354,076
Professional fees		217			217			217			217
Total expenses		7,964,960			20,701,029			54,893,526			4,354,293
Net investment income		61,496,735			85,010,809			182,980,235			26,721,621
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(83,507,841	)		(66,980,396	)		(247,429,616	)		(35,315,642	)
Investments — affiliated		(5,510	)		(6,465	)		(1,358	)		1,069
In-kind redemptions — unaffiliated(a)		91,853,983			393,730,591			343,560,754			57,015,726
Futures contracts		141,105			(481,462	)		(5,482,315	)		(408,283	)
Foreign currency transactions		434,537			(201,127	)		(14,595,978	)		112,939
		8,916,274			326,061,141			76,051,487			21,405,809
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated		(255,356,421	)		(822,311,511	)		(2,605,676,662	)		(180,498,024	)
Investments — affiliated		—			5,632			606			7,940
Futures contracts		(60,731	)		(333,661	)		283,293			(367,917	)
Foreign currency translations		(225,885	)		(277,263	)		(645,015	)		(34,348	)
		(255,643,037	)		(822,916,803	)		(2,606,037,778	)		(180,892,349	)
Net realized and unrealized loss		(246,726,763	)		(496,855,662	)		(2,529,986,291	)		(159,486,540	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(185,230,028	)	$	(411,844,853	)	$	(2,347,006,056	)	$	(132,764,919	)

^(a)  See Note 2 of the Notes to Financial Statements.

See notes to financial statements.

36 2 0 2 2   I S H A R E S   A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Statements of Operations  (continued)

Year Ended August 31, 2022

	iShares MSCI South Korea ETF
INVESTMENT INCOME
Dividends — unaffiliated	$	95,107,959
Dividends — affiliated		17,481
Interest — unaffiliated		932
Securities lending income — affiliated — net		3,698,759
Foreign taxes withheld		(15,900,128	)
Other foreign taxes		(93,606	)
Total investment income		82,831,397
EXPENSES
Investment advisory fees		24,851,293
Commitment fees		39,850
Professional fees		217
Total expenses		24,891,360
Net investment income		57,940,037
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		490,932,731
Investments — affiliated		(2,308	)
Futures contracts		(8,665,720	)
Foreign currency transactions		(4,781,707	)
		477,482,996
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated		(2,202,777,628	)
Investments — affiliated		(14,808	)
Futures contracts		640,016
Foreign currency translations		(458,426	)
		(2,202,610,846	)
Net realized and unrealized loss		(1,725,127,850	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(1,667,187,813	)

See notes to financial statements.

F I N A N C I A L   S T A T E M E N T S 37

Statements of Changes in Net Assets

	iShares MSCI Australia ETF						iShares MSCI Canada ETF
	Year Ended 08/31/22			Year Ended 08/31/21			Year Ended 08/31/22			Year Ended 08/31/21
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	61,496,735		$	40,723,200		$	85,010,809		$	62,935,570
Net realized gain		8,916,274			143,445,640			326,061,141			267,166,327
Net change in unrealized appreciation (depreciation)		(255,643,037	)		171,942,118			(822,916,803	)		562,530,030
Net increase (decrease) in net assets resulting from operations		(185,230,028	)		356,110,958			(411,844,853	)		892,631,927
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(106,984,698	)		(36,969,676	)		(82,366,108	)		(59,006,354	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		401,744,493			(76,520,145	)		(699,962	)		1,057,475,515
NET ASSETS
Total increase (decrease) in net assets		109,529,767			242,621,137			(494,910,923	)		1,891,101,088
Beginning of year		1,505,879,942			1,263,258,805			4,157,135,501			2,266,034,413
End of year	$	1,615,409,709		$	1,505,879,942		$	3,662,224,578		$	4,157,135,501

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

See notes to financial statements.

38 2 0 2 2   I S H A R E S   A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Statements of Changes in Net Assets (continued)

	iShares MSCI Japan ETF						iShares MSCI Mexico ETF
	Year Ended 08/31/22			Year Ended 08/31/21			Year Ended 08/31/22			Year Ended 08/31/21
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	182,980,235		$	165,636,754		$	26,721,621		$	20,753,654
Net realized gain		76,051,487			579,936,954			21,405,809			112,964,679
Net change in unrealized appreciation (depreciation)		(2,606,037,778	)		1,343,869,178			(180,892,349	)		321,244,128
Net increase (decrease) in net assets resulting from operations		(2,347,006,056	)		2,089,442,886			(132,764,919	)		454,962,461
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(257,114,030	)		(137,658,060	)		(23,801,719	)		(24,414,850	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		359,345,461			45,483,023			(215,815,964	)		(86,949,018	)
NET ASSETS
Total increase (decrease) in net assets		(2,244,774,625	)		1,997,267,849			(372,382,602	)		343,598,593
Beginning of year		11,906,294,197			9,909,026,348			1,178,525,921			834,927,328
End of year	$	9,661,519,572		$	11,906,294,197		$	806,143,319		$	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 39

Statements of Changes in Net Assets (continued)

	iShares MSCI South Korea ETF
	Year Ended 08/31/22			Year Ended 08/31/21
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	57,940,037		$	95,977,504
Net realized gain		477,482,996			295,325,601
Net change in unrealized appreciation (depreciation)		(2,202,610,846	)		1,635,731,972
Net increase (decrease) in net assets resulting from operations		(1,667,187,813	)		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		(1,412,230,161	)		(695,007,957	)
NET ASSETS
Total increase (decrease) in net assets		(3,177,275,574	)		1,279,242,175
Beginning of year		6,136,723,710			4,857,481,535
End of year	$	2,959,448,136		$	6,136,723,710

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

See notes to financial statements.

40 2 0 2 2   I S H A R E S   A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Financial Highlights

(For a share outstanding throughout each period)

	iShares MSCI Australia ETF
	Year Ended 08/31/22			Year Ended 08/31/21			Year Ended 08/31/20			Year Ended 08/31/19			Year Ended 08/31/18
Net asset value, beginning of year	$	25.96		$	21.12		$	21.67		$	22.56		$	22.58
Net investment income(a)		0.93			0.65			0.67			1.00			0.90
Net realized and unrealized gain (loss)(b)		(3.31	)		4.77			(0.48	)		(0.70	)		0.07
Net increase (decrease) from investment operations		(2.38	)		5.42			0.19			0.30			0.97
Distributions from net investment income(c)		(1.63	)		(0.58	)		(0.74	)		(1.19	)		(0.99	)
Net asset value, end of year	$	21.95		$	25.96		$	21.12		$	21.67		$	22.56
Total Return(d)
Based on net asset value		(9.53	)%		25.69	%		0.99	%		1.75	%		4.43	%
Ratios to Average Net Assets(e)
Total expenses		0.50	%		0.50	%		0.51	%		0.50	%		0.47	%
Net investment income		3.86	%		2.69	%		3.23	%		4.68	%		3.95	%
Supplemental Data
Net assets, end of year (000)	$	1,615,410		$	1,505,880		$	1,263,259		$	1,399,590		$	1,362,770
Portfolio turnover rate(f)		15	%		4	%		8	%		9	%		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)  Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(f)  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 41

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares MSCI Canada ETF
	Year Ended 08/31/22			Year Ended 08/31/21			Year Ended 08/31/20			Year Ended 08/31/19			Year Ended 08/31/18
Net asset value, beginning of year	$	37.38		$	28.76		$	28.22		$	28.79		$	27.83
Net investment income(a)		0.77			0.64			0.65			0.62			0.58
Net realized and unrealized gain (loss)(b)		(3.68	)		8.60			0.54			(0.53	)		0.97
Net increase (decrease) from investment operations		(2.91	)		9.24			1.19			0.09			1.55
Distributions from net investment income(c)		(0.75	)		(0.62	)		(0.65	)		(0.66	)		(0.59	)
Net asset value, end of year	$	33.72		$	37.38		$	28.76		$	28.22		$	28.79
Total Return(d)
Based on net asset value		(7.94	)%		32.41	%		4.32	%		0.56	%		5.61	%
Ratios to Average Net Assets(e)
Total expenses		0.50	%		0.50	%		0.51	%		0.49	%		0.47	%
Net investment income		2.05	%		1.91	%		2.37	%		2.26	%		2.01	%
Supplemental Data
Net assets, end of year (000)	$	3,662,225		$	4,157,136		$	2,266,034		$	2,618,586		$	2,994,627
Portfolio turnover rate(f)		5	%		8	%		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)  Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

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

See notes to financial statements.

42 2 0 2 2   I S H A R E S   A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares MSCI Japan ETF
	Year Ended 08/31/22			Year Ended 08/31/21			Year Ended 08/31/20			Year Ended 08/31/19			Year Ended 08/31/18
Net asset value, beginning of year	$	68.55		$	58.15		$	54.05		$	58.45		$	54.57
Net investment income(a)		1.04			0.91			0.90			0.92			0.87
Net realized and unrealized gain (loss)(b)		(14.44	)		10.25			4.36			(4.43	)		3.87
Net increase (decrease) from investment operations		(13.40	)		11.16			5.26			(3.51	)		4.74
Distributions from net investment income(c)		(1.43	)		(0.76	)		(1.16	)		(0.89	)		(0.86	)
Net asset value, end of year	$	53.72		$	68.55		$	58.15		$	54.05		$	58.45
Total Return(d)
Based on net asset value		(19.81	)%		19.21	%		9.76	%		(5.96	)%		8.67	%
Ratios to Average Net Assets(e)
Total expenses		0.50	%		0.50	%		0.51	%		0.49	%		0.47	%
Net investment income		1.66	%		1.37	%		1.60	%		1.68	%		1.46	%
Supplemental Data
Net assets, end of year (000)	$	9,661,520		$	11,906,294		$	9,909,026		$	12,170,174		$	16,973,038
Portfolio turnover rate(f)		4	%		6	%		4	%		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)  Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(f)  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 43

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares MSCI Mexico ETF
	Year Ended 08/31/22			Year Ended 08/31/21			Year Ended 08/31/20			Year Ended 08/31/19			Year Ended 08/31/18
Net asset value, beginning of year	$	51.24		$	33.00		$	41.47		$	50.38		$	56.68
Net investment income(a)		1.50			0.80			0.61			1.09			0.95
Net realized and unrealized gain (loss)(b)		(7.04	)		18.32			(8.52	)		(8.75	)		(6.17	)
Net increase (decrease) from investment operations		(5.54	)		19.12			(7.91	)		(7.66	)		(5.22	)
Distributions from net investment income(c)		(1.41	)		(0.88	)		(0.56	)		(1.25	)		(1.08	)
Net asset value, end of year	$	44.29		$	51.24		$	33.00		$	41.47		$	50.38
Total Return(d)
Based on net asset value		(10.98	)%		58.30	%		(19.36	)%		(15.23	)%		(9.02	)%
Ratios to Average Net Assets(e)
Total expenses		0.50	%		0.50	%		0.51	%		0.49	%		0.47	%
Net investment income		3.06	%		1.85	%		1.59	%		2.46	%		1.87	%
Supplemental Data
Net assets, end of year (000)	$	806,143		$	1,178,526		$	834,927		$	626,243		$	1,168,930
Portfolio turnover rate(f)		11	%		15	%		12	%		5	%		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)  Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

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

See notes to financial statements.

44 2 0 2 2   I S H A R E S   A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares MSCI South Korea ETF
	Year Ended 08/31/22			Year Ended 08/31/21			Year Ended 08/31/20			Year Ended 08/31/19			Year Ended 08/31/18
Net asset value, beginning of year	$	86.98		$	63.04		$	53.34		$	67.65		$	68.19
Net investment income(a)		0.97			1.23			0.83			0.97			0.94
Net realized and unrealized gain (loss)(b)		(27.84	)		23.34			10.18			(14.49	)		0.70
Net increase (decrease) from investment operations		(26.87	)		24.57			11.01			(13.52	)		1.64
Distributions from net investment income(c)		(1.68	)		(0.63	)		(1.31	)		(0.79	)		(2.18	)
Net asset value, end of year	$	58.43		$	86.98		$	63.04		$	53.34		$	67.65
Total Return(d)
Based on net asset value		(31.39	)%		39.05	%		20.77	%		(20.08	)%		2.15	%
Ratios to Average Net Assets(e)
Total expenses		0.58	%		0.57	%		0.59	%		0.59	%		0.59	%
Net investment income		1.35	%		1.45	%		1.45	%		1.62	%		1.31	%
Supplemental Data
Net assets, end of year (000)	$	2,959,448		$	6,136,724		$	4,857,482		$	3,848,564		$	3,906,891
Portfolio turnover rate(f)		24	%(g)		20	%(g)		15	%(g)		16	%(g)		18	%(g)
(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)   Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. (f)   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”).
(g)   Portfolio turnover rate excluding cash creations was as follows:		10	%		8	%		9	%		5	%		11	%

See notes to financial statements.

F I N A N C I A L   H I G H L I G H T S 45

Notes to Financial Statements

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 August 31, 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.

Collateralization: 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.

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.

46 2 0 2 2   I S H A R E S   A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Notes to Financial Statements  (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. The Board of Directors of the Company (the “Board”) of each Fund has approved the designation of BlackRock Fund Advisors (“BFA”), the Funds’ investment adviser, as the valuation designee for each Fund. Each Fund determines the fair values of its financial instruments using various independent dealers or pricing services under BFA’s policies. 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 BFA’s policies and procedures as reflecting fair value. BFA has formed a committee (the “Valuation Committee”) to develop pricing policies and procedures and to oversee the pricing function for all financial instruments, with assistance from other BlackRock pricing committees.

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 Valuation Committee, in accordance with BFA’s policies and procedures as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the 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 Valuation Committee 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 Valuation Committee deems relevant and consistent with the principles of fair value measurement.

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 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 Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies

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  (continued)

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 BFA, 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		Securities Loaned at Value		Cash Collateral Received	(a)		Non-Cash Collateral Received, at Fair Value	(a)		Net Amount
MSCI Canada
Barclays Capital, Inc.	$	33,795	$	(33,795	)	$	—		$	—
BofA Securities, Inc.		4,784,916		(4,784,916	)		—			—
	$	4,818,711	$	(4,818,711	)	$	—		$	—
MSCI Japan
Morgan Stanley	$	1,495,642	$	(1,495,642	)	$	—		$	—
MSCI Mexico
Barclays Capital, Inc.	$	5,506	$	(5,506	)	$	—		$	—
BofA Securities, Inc.		142,412		(142,412	)		—			—
Goldman Sachs & Co. LLC		7,963,853		(7,963,853	)		—			—
Morgan Stanley		8,902,078		(8,902,078	)		—			—
	$	17,013,849	$	(17,013,849	)	$	—		$	—
MSCI South Korea
Barclays Capital, Inc.	$	1,171,397	$	(1,171,397	)	$	—		$	—
BofA Securities, Inc.		14,443,052		(14,443,052	)		—			—
Citigroup Global Markets, Inc.		9,465,702		(9,465,702	)		—			—
Goldman Sachs & Co. LLC		25,897,562		(25,897,562	)		—			—
J.P. Morgan Securities LLC		38,148,452		(38,148,452	)		—			—
Jefferies LLC		3,736,900		(3,736,900	)		—			—
Morgan Stanley		27,314,835		(27,314,835	)		—			—
SG Americas Securities LLC		1,658,907		(1,658,907	)		—			—
	$	121,836,807	$	(121,836,807	)	$	—		$	—

^(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

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Notes to Financial Statements  (continued)

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 Fees
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 Fees
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

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Notes to Financial Statements  (continued)

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 year ended August 31, 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		35,121
MSCI Japan		8,701
MSCI Mexico		13,862
MSCI South Korea		871,879

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 year ended August 31, 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	$	8,850,883	$	11,524,535	$	(8,863,859)
MSCI Japan		153,332,079		122,875,073		(91,792,359)
MSCI South Korea		65,916,935		15,685,800		(10,415,089)

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 year ended August 31, 2022, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows:

iShares ETF	Purchases		Sales
MSCI Australia	$	256,446,001	$	242,996,423
MSCI Canada		273,856,952		217,658,858
MSCI Japan		417,065,146		462,497,468
MSCI Mexico		94,891,048		94,473,587
MSCI South Korea		1,009,011,685		2,454,667,642

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Notes to Financial Statements  (continued)

For the year ended August 31, 2022, in-kind transactions were as follows:

iShares ETF	In-kind Purchases		In-kind   Sales
MSCI Australia	$	1,191,711,482	$	820,522,182
MSCI Canada		1,754,737,170		1,800,400,233
MSCI Japan		2,043,856,254		1,735,444,316
MSCI Mexico		1,268,208,132		1,484,127,388

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 August 31, 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.

U.S. GAAP requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or NAV per share. As of August 31, 2022, permanent differences attributable to realized gains (losses) from in-kind redemptions were reclassified to the following accounts:

iShares ETF	Paid-in Capital		Accumulated   Earnings (Loss)
MSCI Australia	$	69,441,685	$	(69,441,685)
MSCI Canada		381,422,078		(381,422,078)
MSCI Japan		334,916,384		(334,916,384)
MSCI Mexico		49,776,535		(49,776,535)

The tax character of distributions paid was as follows:

iShares ETF	Year Ended 08/31/22		Year Ended 08/31/21
MSCI Australia
Ordinary income	$	106,984,698	$	36,969,676
MSCI Canada
Ordinary income	$	82,366,108	$	59,006,354
MSCI Japan
Ordinary income	$	257,114,030	$	137,658,060
MSCI Mexico
Ordinary income	$	23,801,719	$	24,414,850
MSCI South Korea
Ordinary income	$	97,857,600	$	52,784,945

As of August 31, 2022, the tax components of accumulated net earnings (losses) were as follows:

iShares ETF		Undistributed Ordinary Income		Non-expiring Capital Loss Carryforwards	(a)		Net Unrealized Gains (Losses)	(b)		Qualified Late-Year Losses	(c)		Total
MSCI Australia	$	3,583,611	$	(351,439,179	)	$	(377,223,244	)	$	—		$	(725,078,812	)
MSCI Canada		16,008,482		(885,682,966	)		(565,861,585	)		—			(1,435,536,069	)
MSCI Japan		—		(1,673,845,141	)		(2,338,867,852	)		(50,667,839	)		(4,063,380,832	)
MSCI Mexico		6,108,174		(454,243,024	)		(327,411,891	)		—			(775,546,741	)
MSCI South Korea		—		(157,839,433	)		1,265,181,982			(5,020,317	)		1,102,322,232

^(a)  Amounts available to offset future realized capital gains.

^(b)  The difference between book-basis and tax-basis unrealized gains (losses) was attributable primarily to the tax deferral of losses on wash sales, the timing and recognition of partnership income, the characterization of corporate actions and the realization for tax purposes of unrealized gains on investments in passive foreign investment companies.

^(c)  The Funds have elected to defer certain qualified late-year losses and recognize such losses in the next taxable year.

For the year ended August 31, 2022, the iShares MSCI South Korea ETF utilized $218,388,038 of its capital loss carryforwards.

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Notes to Financial Statements  (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 August 31, 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	$	1,979,251,892	$	36,510,887	$	(413,549,786	)	$	(377,038,899	)
MSCI Canada		4,223,727,747		102,064,772		(667,628,652	)		(565,563,880	)
MSCI Japan		11,970,982,136		222,963,382		(2,561,210,177	)		(2,338,246,795	)
MSCI Mexico		1,147,068,030		3,786,406		(331,173,460	)		(327,387,054	)
MSCI South Korea		1,813,909,835		1,480,744,621		(214,978,018	)		1,265,766,603

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 11, 2023. 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) Daily Simple Secured Overnight Financing Rate (“SOFR”) plus 0.10% and 1.00% per annum or (b) the U.S. Federal Funds rate 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 year ended August 31, 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 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.

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Notes to Financial Statements  (continued)

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.

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:

	Year Ended 08/31/22						Year Ended 08/31/21
iShares ETF	Shares			Amount			Shares			Amount
MSCI Australia
Shares sold		50,400,000		$	1,230,056,700			28,800,000		$	681,267,872
Shares redeemed		(34,800,000	)		(828,312,207	)		(30,600,000	)		(757,788,017	)
		15,600,000		$	401,744,493			(1,800,000	)	$	(76,520,145	)

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 53

Notes to Financial Statements  (continued)

	Year Ended 08/31/22						Year Ended 08/31/21
iShares ETF	Shares			Amount			Shares			Amount
MSCI Canada
Shares sold		46,800,000		$	1,807,843,156			66,800,000		$	2,253,894,680
Shares redeemed		(49,400,000	)		(1,808,543,118	)		(34,400,000	)		(1,196,419,165	)
		(2,600,000	)	$	(699,962	)		32,400,000		$	1,057,475,515
MSCI Japan
Shares sold		32,550,000		$	2,097,875,029			51,450,000		$	3,315,951,747
Shares redeemed		(26,400,000	)		(1,738,529,568	)		(48,150,000	)		(3,270,468,724	)
		6,150,000		$	359,345,461			3,300,000		$	45,483,023
MSCI Mexico
Shares sold		25,800,000		$	1,275,235,600			33,400,000		$	1,427,604,083
Shares redeemed		(30,600,000	)		(1,491,051,564	)		(35,700,000	)		(1,514,553,101	)
		(4,800,000	)	$	(215,815,964	)		(2,300,000	)	$	(86,949,018	)
MSCI South Korea
Shares sold		7,900,000		$	580,748,793			10,400,000		$	828,773,237
Shares redeemed		(27,800,000	)		(1,992,978,954	)		(16,900,000	)		(1,523,781,194	)
		(19,900,000	)	$	(1,412,230,161	)		(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.

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.

54 2 0 2 2   I S H A R E S   A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Report of Independent Registered Public Accounting Firm

To the Board of Directors of

iShares, Inc. and Shareholders of each of the five funds listed in the table below

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of each of the funds listed in the table below (five of the funds constituting iShares, Inc., hereafter collectively referred to as the “Funds”) as of August 31, 2022, the related statements of operations for the year ended August 31, 2022, the statements of changes in net assets for each of the two years in the period ended August 31, 2022, including the related notes, and the financial highlights for each of the five years in the period ended August 31, 2022 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of August 31, 2022, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended August 31, 2022 and each of the financial highlights for each of the five years in the period ended August 31, 2022 in conformity with accounting principles generally accepted in the United States of America.

  iShares MSCI Australia ETF

  iShares MSCI Canada ETF

  iShares MSCI Japan ETF

  iShares MSCI Mexico ETF

  iShares MSCI South Korea ETF

Basis for Opinions

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of August 31, 2022 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

October 21, 2022

We have served as the auditor of one or more BlackRock investment companies since 2000.

R E P O R T   O F   I N D E P E N D E N T   R E G I S T E R E D   P U B L I C   A C C O U N T I N G   F I R M 55

Important Tax Information (unaudited)

The following amounts, or maximum amounts allowable by law, are hereby designated as qualified dividend income for individuals for the fiscal year ended August 31, 2022:

iShares ETF	Qualified Dividend Income
MSCI Australia	$	96,468,744
MSCI Canada		123,673,330
MSCI Japan		246,376,596
MSCI Mexico		31,822,158
MSCI South Korea		106,789,517

The Funds intend to pass through to their shareholders the following amounts, or maximum amounts allowable by law, of foreign source income earned and foreign taxes paid for the fiscal year ended August 31, 2022:

iShares ETF	Foreign Source Income Earned		Foreign Taxes Paid
MSCI Australia	$	97,612,723	$	709,045
MSCI Canada		124,114,268		18,431,965
MSCI Japan		264,254,508		26,429,777
MSCI Mexico		33,693,074		2,711,772
MSCI South Korea		110,005,434		16,147,025

56 2 0 2 2   I S H A R E S   A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Board Review and Approval of Investment Advisory Contract

iShares MSCI Australia ETF, iShares MSCI Canada ETF, iShares MSCI Japan ETF (each the “Fund”)

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Company’s Board of Directors (the “Board”), including a majority of Board Members who are not “interested persons” of the Company (as that term is defined in the 1940 Act) (the “Independent Board Members”), is required annually to consider and approve the Investment Advisory Agreement between the Company and BFA (the “Advisory Agreement”) on behalf of the Fund. The Board’s consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings on May 3, 2022 and May 18, 2022, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 13-15, 2022, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The material factors, none of which was controlling, and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.

Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of another fund in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund’s applicable expense peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the investment advisory fee rate and overall expenses (net of waivers and reimbursements) for the Fund were higher than the median of the investment advisory fee rates and overall expenses (net of waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds.

In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund’s performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2021, to that of such relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

Based on this review, the other factors considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Nature, Extent and Quality of Services Provided: Based on management’s representations, including information about recent enhancements and initiatives with respect to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies, provided at the May 3, 2022 meeting and throughout the year, and matters related to BFA’s portfolio compliance program.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreement supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates: The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA

B O A R D   R E V I E W   A N D   A P P R O V A L   O F   I N V E S T M E N T   A D V I S O R Y   C O N T R A C T 57

Board Review and Approval of Investment Advisory Contract  (continued)

and its affiliates from the Fund’s operations for the last calendar year. The Board reviewed BlackRock’s methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA’s estimated profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the information considered with respect to the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability, including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Agreement for the Fund already provided for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund, on an aggregated basis with the assets of certain other iShares funds, increase. The Board noted that it would continue to assess the appropriateness of adding new or revised breakpoints in the future.

The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds, and institutional separate accounts (collectively, the “Other Accounts”). The Board acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts.

The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board noted that BFA and its affiliates manage Other Accounts withsubstantially the same investment objective and strategy as the Fund and that track the same index as the Fund. The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.

The Board considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement and noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

Other Benefits to BFA and/or its Affiliates: The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services or other services, and BlackRock’s profile in the investment community. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.

Conclusion: Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund’s investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.

iShares MSCI Mexico ETF (the “Fund”)

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Company’s Board of Directors (the “Board”), including a majority of Board Members who are not “interested persons” of the Company (as that term is defined in the 1940 Act) (the “Independent Board Members”), is required annually to consider and approve the

58 2 0 2 2   I S H A R E S   A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Board Review and Approval of Investment Advisory Contract  (continued)

Investment Advisory Agreement between the Company and BFA (the “Advisory Agreement”) on behalf of the Fund. The Board’s consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings on May 3, 2022 and May 18, 2022, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 13-15, 2022, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The material factors, none of which was controlling, and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.

Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of another fund in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund’s applicable expense peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the investment advisory fee rate and overall expenses (net of waivers and reimbursements) for the Fund were lower than the median of the investment advisory fee rates and overall expenses (net of waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds.

In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund’s performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2021, to that of such relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

Based on this review, the other factors considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Nature, Extent and Quality of Services Provided: Based on management’s representations, including information about recent enhancements and initiatives with respect to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies, provided at the May 3, 2022 meeting and throughout the year, and matters related to BFA’s portfolio compliance program.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreement supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates: The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA and its affiliates from the Fund’s operations for the last calendar year. The Board reviewed BlackRock’s methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue,

B O A R D   R E V I E W   A N D   A P P R O V A L   O F   I N V E S T M E N T   A D V I S O R Y   C O N T R A C T 59

Board Review and Approval of Investment Advisory Contract  (continued)

including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA’s estimated profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the information considered with respect to the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability, including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Agreement for the Fund already provided for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund, on an aggregated basis with the assets of certain other iShares funds, increase. The Board noted that it would continue to assess the appropriateness of adding new or revised breakpoints in the future.

The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds, and institutional separate accounts (collectively, the “Other Accounts”). The Board acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts.

The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board noted that BFA and its affiliates manage Other Accounts withsubstantially the same investment objective and strategy as the Fund and that track the same index as the Fund. The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.

The Board considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement and noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

Other Benefits to BFA and/or its Affiliates: The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services or other services, and BlackRock’s profile in the investment community. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.

Conclusion: Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund’s investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.

iShares MSCI South Korea ETF (the “Fund”)

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Company’s Board of Directors (the “Board”), including a majority of Board Members who are not “interested persons” of the Company (as that term is defined in the 1940 Act) (the “Independent Board Members”), is required annually to consider and approve the Investment Advisory Agreement between the Company and BFA (the “Advisory Agreement”) on behalf of the Fund. The Board’s consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board

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Board Review and Approval of Investment Advisory Contract  (continued)

Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings on May 3, 2022 and May 18, 2022, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 13-15, 2022, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The material factors, none of which was controlling, and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.

Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of another fund in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund’s applicable expense peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the investment advisory fee rate and overall expenses (net of waivers and reimbursements) for the Fund were higher than the median of the investment advisory fee rates and overall expenses (net of waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds.

In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund’s performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2021, to that of such relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund’s short-and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

Based on this review, the other factors considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Nature, Extent and Quality of Services Provided: Based on management’s representations, including information about recent enhancements and initiatives with respect to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies, provided at the May 3, 2022 meeting and throughout the year, and matters related to BFA’s portfolio compliance program.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreement supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates: The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA and its affiliates from the Fund’s operations for the last calendar year. The Board reviewed BlackRock’s methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue,

B O A R D   R E V I E W   A N D   A P P R O V A L   O F   I N V E S T M E N T   A D V I S O R Y   C O N T R A C T 61

Board Review and Approval of Investment Advisory Contract  (continued)

including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA’s estimated profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the information considered with respect to the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability, including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Agreement for the Fund already provided for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund, on an aggregated basis with the assets of certain other iShares funds, increase. The Board noted that it would continue to assess the appropriateness of adding new or revised breakpoints in the future.

The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds, and institutional separate accounts (collectively, the “Other Accounts”). The Board acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts.

The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board noted that BFA and its affiliates do not manage Other Accounts withsubstantially the same investment objective and strategy as the Fund and that track the same index as the Fund. The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.

The Board considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement and noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

Other Benefits to BFA and/or its Affiliates: The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services or other services, and BlackRock’s profile in the investment community. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.

Conclusion: Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund’s investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.

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Supplemental Information  (unaudited)

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.

August 31, 2022

	Total Cumulative Distributions for the Fiscal Year								% Breakdown of the Total Cumulative Distributions for the Fiscal Year
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	$	1.629282	$	—	$	—	$	1.629282		100	%		—	%		—	%		100	%
MSCI Canada(a)		0.693395		—		0.060586		0.753981		92			—			8			100
MSCI Japan(a)		1.241416		—		0.192617		1.434033		87			—			13			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.

Premium/Discount Information

Information on the Fund’s net asset value, market price, premiums and discounts, and bid-ask spreads can be found at iShares.com.

Regulation under the Alternative Investment Fund Managers Directive

The Alternative Investment Fund Managers Directive and the Alternative Investment Fund Managers Regulations 2013 (as amended) and the “Guidelines on sound remuneration policies under the AIFMD” issued by the European Securities and Markets Authority (together the “Regulations”) impose detailed and prescriptive obligations on fund managers established in the European Union (the “EU”) and the UK. These do not currently apply to managers established outside of the EU or UK, such as BFA (the “Company”). Rather, non-EU and non-UK managers are only required to comply with certain disclosure, reporting and transparency obligations of the Regulations if such managers market a fund to EU investors.

The Company has registered the iShares MSCI Canada ETF, iShares MSCI Japan ETF, iShares MSCI Mexico ETF and iShares MSCI South Korea ETF (each a “Fund”, collectively the “Funds”) to be marketed to United Kingdom and EU investors in the Netherlands, Finland and Sweden.

Report on Remuneration

The Company is required under the Regulations to make quantitative disclosures of remuneration. These disclosures are made in line with BlackRock’s interpretation of currently available regulatory guidance on quantitative remuneration disclosures. As market or regulatory practice develops BlackRock may consider it appropriate to make changes to the way in which quantitative remuneration disclosures are calculated. Where such changes are made, this may result in disclosures in relation to a fund not being comparable to the disclosures made in the prior year, or in relation to other BlackRock fund disclosures in that same year.

Disclosures are provided in relation to (a) the staff of the Company; (b) staff who are senior management; and (c) staff who have the ability to materially affect the risk profile of the Funds.

All individuals included in the aggregated figures disclosed are rewarded in line with BlackRock’s remuneration policy for their responsibilities across the relevant BlackRock business area. As all individuals have a number of areas of responsibilities, only the portion of remuneration for those individuals’ services attributable to the Funds is included in the aggregate figures disclosed.

BlackRock has a clear and well defined pay-for-performance philosophy, and compensation programmes which support that philosophy.

BlackRock operates a total compensation model for remuneration which includes a base salary, which is contractual, and a discretionary bonus scheme. Although all employees are eligible to receive a discretionary bonus, there is no contractual obligation to make a discretionary bonus award to any employees. For senior management, a significant percentage of variable remuneration is deferred over time. All employees are subject to a claw-back policy.

Remuneration decisions for employees are made once annually in January following the end of the performance year, based on BlackRock’s full-year financial results and other non-financial goals and objectives. Alongside financial performance, individual total compensation is also based on strategic and operating results and other considerations such as management and leadership capabilities. No set formulas are established and no fixed benchmarks are used in determining annual incentive awards.

S U P P L E M E N T A L   I N F O R M A T I O N 63

Supplemental Information  (unaudited)  (continued)

Annual incentive awards are paid from a bonus pool which is reviewed throughout the year by BlackRock’s independent compensation committee, taking into account both actual and projected financial information together with information provided by the Enterprise Risk and Regulatory Compliance departments in relation to any activities, incidents or events that warrant consideration in making compensation decisions. Individuals are not involved in setting their own remuneration.

Each of the control functions (Enterprise Risk, Legal & Compliance, and Internal Audit) each have their own organisational structures which are independent of the business units. Functional bonus pools for those control functions are determined with reference to the performance of each individual function and the remuneration of the senior members of control functions is directly overseen by BlackRock’s independent remuneration committee.

Members of staff and senior management of the Company typically provide both AIFMD and non-AIFMD related services in respect of multiple funds, clients and functions of the Company and across the broader BlackRock group. Therefore, the figures disclosed are a sum of each individual’s portion of remuneration attributable to the Funds according to an objective apportionment methodology which acknowledges the multiple-service nature of the Company. Accordingly the figures are not representative of any individual’s actual remuneration or their remuneration structure.

The amount of total & aggregate remuneration awarded by the Company to its staff which has been attributed to the Funds in respect of the Company’s financial year ending December 31, 2021 were as follows:

iShares ETF	Total Remuneration		Fixed Remuneration		Variable Remuneration		No. of Beneficiaries		Senior Management Remuneration		Risk Taker Remuneration
MSCI Canada		$    352,156		$164,656		$187,500		661		$    43,105		$    4,455
MSCI Japan		1,055,864		493,685		562,179		661		129,240		13,357
MSCI Mexico		83,901		39,229		44,672		661		10,270		1,061
MSCI South Korea		403,860		188,831		215,029		661		49,433		5,109

Disclosures Under the EU Sustainable Finance Disclosure Regulation

The iShares MSCI Canada ETF, iShares MSCI Japan ETF, iShares MSCI Mexico ETF and iShares MSCI South Korea ETF (the “Funds”) are registered under the Alternative Investment Fund Managers Directive to be marketed to European Union (“EU”) investors, as noted above. As a result, certain disclosures are required under the EU Sustainable Finance Disclosure Regulation (“SFDR”).

Each Fund has not been categorized under the SFDR as an “Article 8” or “Article 9” product. In addition, each Fund’s investments do not take into account the criteria for environmentally sustainable economic activities under the EU sustainable investment taxonomy regulation.

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Director and Officer Information (unaudited)

The Board of Directors has responsibility for the overall management and operations of the Funds, including general supervision of the duties performed by BFA and other service providers. Each Director serves until he or she resigns, is removed, dies, retires or becomes incapacitated. Each officer shall hold office until his or her successor is elected and qualifies or until his or her death, resignation or removal. Directors who are not “interested persons” (as defined in the 1940 Act) of the Company are referred to as independent directors (“Independent Directors”).

The registered investment companies advised by BFA or its affiliates (the “BlackRock-advised Funds”) are organized into one complex of open-end equity, multi-asset, index and money market funds and ETFs (the “BlackRock Multi-Asset Complex”), one complex of closed-end funds and open-end non-index fixed-income funds (including ETFs) (the “BlackRock Fixed-Income Complex”) and one complex of ETFs (“Exchange-Traded Fund Complex”) (each, a “BlackRock Fund Complex”). Each Fund is included in the Exchange-Traded Fund Complex. Each Director also serves as a Trustee of iShares Trust and a Trustee of iShares U.S. ETF Trust and, as a result, oversees all of the funds within the Exchange-Traded Fund Complex, which consists of 378 funds as of August 31, 2022. With the exception of Robert S. Kapito, Salim Ramji and Charles Park, the address of each Director and officer is c/o BlackRock, Inc., 400 Howard Street, San Francisco, CA 94105. The address of Mr. Kapito, Mr. Ramji and Mr. Park is c/o BlackRock, Inc., Park Avenue Plaza, 55 East 52nd Street, New York, NY 10055. The Board has designated John E. Kerrigan as its Independent Board Chair. Additional information about the Funds’ Directors and officers may be found in the Funds’ combined Statement of Additional Information, which is available without charge, upon request, by calling toll-free 1-800-iShares (1-800-474-2737).

Interested Directors
Name (Age)	Position(s)	Principal Occupation(s) During Past 5 Years	Other Directorships Held by Director
Robert S. Kapito(a) (65)	Director (since 2009).	President, BlackRock, Inc. (since 2006); Vice Chairman of BlackRock, Inc. and Head of BlackRock’s Portfolio Management Group (since its formation in 1998) and BlackRock, Inc.’s predecessor entities (since 1988); Trustee, University of Pennsylvania (since 2009); President of Board of Directors, Hope & Heroes Children’s Cancer Fund (since 2002).	Director of BlackRock, Inc. (since 2006); Trustee of iShares U.S. ETF Trust (since 2011); Trustee of iShares Trust (since 2009).
Salim Ramji(b) (52)	Director (since 2019).	Senior Managing Director, BlackRock, Inc. (since 2014); Global Head of BlackRock’s ETF and Index Investments Business (since 2019); Head of BlackRock’s U.S. Wealth Advisory Business (2015-2019); Global Head of Corporate Strategy, BlackRock, Inc. (2014-2015); Senior Partner, McKinsey & Company (2010-2014).	Trustee of iShares U.S. ETF Trust (since 2019); Trustee of iShares Trust (since 2019).
(a) Robert S. Kapito is deemed to be an “interested person” (as defined in the 1940 Act) of the Company due to his affiliations with BlackRock, Inc. and its affiliates. (b) Salim Ramji is deemed to be an “interested person” (as defined in the 1940 Act) of the Company due to his affiliations with BlackRock, Inc. and its affiliates.

Independent Directors
Name (Age)	Position(s)	Principal Occupation(s) During Past 5 Years	Other Directorships Held by Director
John E. Kerrigan (67)	Director (since 2005); Independent Board Chair (since 2022).	Chief Investment Officer, Santa Clara University (since 2002).	Trustee of iShares U.S. ETF Trust (since 2011); Trustee of iShares Trust (since 2005); Independent Board Chair of iShares Trust and iShares U.S. ETF Trust (since 2022).
Jane D. Carlin (66)	Director (since 2015); Risk Committee Chair (since 2016).	Consultant (since 2012); Member of the Audit Committee (2012-2018), Chair of the Nominating and Governance Committee (2017-2018) and Director of PHH Corporation (mortgage solutions) (2012-2018); Managing Director and Global Head of Financial Holding Company Governance & Assurance and the Global Head of Operational Risk Management of Morgan Stanley (2006-2012).	Trustee of iShares U.S. ETF Trust (since 2015); Trustee of iShares Trust (since 2015); Member of the Audit Committee (since 2016), Chair of the Audit Committee (since 2020) and Director of The Hanover Insurance Group, Inc. (since 2016).
Richard L. Fagnani (67)	Director (since 2017); Audit Committee Chair (since 2019).	Partner, KPMG LLP (2002-2016).	Trustee of iShares U.S. ETF Trust (since 2017); Trustee of iShares Trust (since 2017).

D I R E C T O R   A N D   O F F I C E R   I N F O R M A T I O N 65

Director and Officer Information (unaudited) (continued)

		Independent Directors (continued)
Name (Age)	Position(s)	Principal Occupation(s) During Past 5 Years	Other Directorships Held by Director
Cecilia H. Herbert (73)	Director (since 2005); Nominating and Governance and Equity Plus Committee Chairs (since 2022).	Chair of the Finance Committee (since 2019) and Trustee and Member of the Finance, Audit and Quality Committees of Stanford Health Care (since 2016); Trustee of WNET, New York’s public media company (since 2011) and Member of the Audit Committee (since 2018) and Investment Committee (since 2011); Chair (1994-2005) and Member (since 1992) of the Investment Committee, Archdiocese of San Francisco; Trustee of Forward Funds (14 portfolios) (2009-2018); Trustee of Salient MF Trust (4 portfolios) (2015-2018); Director (1998-2013) and President (2007-2011) of the Board of Directors, Catholic Charities CYO; Trustee (2002-2011) and Chair of the Finance and Investment Committee (2006-2010) of the Thacher School; Director of the Senior Center of Jackson Hole (since 2020).	Trustee of iShares U.S. ETF Trust (since 2011); Trustee of iShares Trust (since 2005); Trustee of Thrivent Church Loan and Income Fund (since 2019).
Drew E. Lawton (63)	Director (since 2017); 15(c) Committee Chair (since 2017).	Senior Managing Director of New York Life Insurance Company (2010-2015).	Trustee of iShares U.S. ETF Trust (since 2017); Trustee of iShares Trust (since 2017).
John E. Martinez (61)	Director (since 2003); Securities Lending Committee Chair (since 2019).	Director of Real Estate Equity Exchange, Inc. (since 2005); Director of Cloudera Foundation (2017-2020); and Director of Reading Partners (2012-2016).	Trustee of iShares U.S. ETF Trust (since 2011); Trustee of iShares Trust (since 2003).
Madhav V. Rajan (58)	Director (since 2011); Fixed Income Plus Committee Chair (since 2019).	Dean, and George Pratt Shultz Professor of Accounting, University of Chicago Booth School of Business (since 2017); Advisory Board Member (since 2016) and Director (since 2020) of C.M. Capital Corporation; Chair of the Board for the Center for Research in Security Prices, LLC (since 2020); Robert K. Jaedicke Professor of Accounting, Stanford University Graduate School of Business (2001-2017); Professor of Law (by courtesy), Stanford Law School (2005-2017); Senior Associate Dean for Academic Affairs and Head of MBA Program, Stanford University Graduate School of Business (2010-2016).	Trustee of iShares U.S. ETF Trust (since 2011); Trustee of iShares Trust (since 2011).

Officers
Name (Age)	Position(s)	Principal Occupation(s) During Past 5 Years
Armando Senra (51)	President (since 2019).	Managing Director, BlackRock, Inc. (since 2007); Head of U.S., Canada and Latam iShares, BlackRock, Inc. (since 2019); Head of Latin America Region, BlackRock, Inc. (2006-2019); Managing Director, Bank of America Merrill Lynch (1994-2006).
Trent Walker (48)	Treasurer and Chief Financial Officer (since 2020).	Managing Director, BlackRock, Inc. (since September 2019); Chief Financial Officer of iShares Delaware Trust Sponsor LLC, BlackRock Funds, BlackRock Funds II, BlackRock Funds IV, BlackRock Funds V and BlackRock Funds VI (since 2021); Executive Vice President of PIMCO (2016-2019); Senior Vice President of PIMCO (2008-2015); Treasurer (2013-2019) and Assistant Treasurer (2007-2017) of PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, 2 PIMCO-sponsored interval funds and 21 PIMCO-sponsored closed-end funds.
Charles Park (55)	Chief Compliance Officer (since 2006).	Chief Compliance Officer of BlackRock Advisors, LLC and the BlackRock-advised Funds in the BlackRock Multi-Asset Complex and the BlackRock Fixed-Income Complex (since 2014); Chief Compliance Officer of BFA (since 2006).
Marisa Rolland (42)	Secretary (since 2022).	Director, BlackRock, Inc. (since 2018); Vice President, BlackRock, Inc. (2010-2017).
Rachel Aguirre (40)	Executive Vice President (since 2022).	Managing Director, BlackRock, Inc. (since 2018); Director, BlackRock, Inc. (2009-2018); Head of U.S. iShares Product (since 2022); Head of EII U.S. Product Engineering (since 2021); Co-Head of EII’s Americas Portfolio Engineering (2020-2021); Head of Developed Markets Portfolio Engineering (2016-2019).
Jennifer Hsui (46)	Executive Vice President (since 2022).	Managing Director, BlackRock, Inc. (since 2009); Co-Head of Index Equity (since 2022).
James Mauro (51)	Executive Vice President (since 2022).	Managing Director, BlackRock, Inc. (since 2010); Head of Fixed Income Index Investments in the Americas and Head of San Francisco Core Portfolio Management (since 2020).

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Director and Officer Information (unaudited) (continued)

Effective March 18, 2022, Rachel Aguirre, Jennifer Hsui, and James Mauro have replaced Scott Radell, Alan Mason, and Marybeth Leithead as Executive Vice Presidents.

Effective June 15, 2022, Marisa Rolland replaced Deepa Damre Smith as Secretary.

D I R E C T O R   A N D   O F F I C E R   I N F O R M A T I O N 67

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
CPO	Certificates of Participation (Ordinary)
NVS	Non-Voting Shares
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 69

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-AR-815-0822

AUGUST 31, 2022

2022 Annual Report

iShares, Inc.

·  iShares MSCI Russia ETF | ERUS |

Table of Contents

	Page
Annual Report:
Market Overview	3
Fund Summary	4
About Fund Performance	6
Disclosure of Expenses	6
Schedule of Investments	7
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
Report of Independent Registered Public Accounting Firm	21
Important Tax Information	22
Board Review and Approval of Investment Advisory Contract	23
Supplemental Information	25
Director and Officer Information	26
General Information	29
Glossary of Terms Used in this Report	30

Market Overview

iShares, Inc.

Global Market Overview

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

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

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

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

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

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

M A R K E T   O V E R V I E W 3

Fund Summary as of August 31, 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”). Effective June 1, 2022, the index was discontinued by the index provider, MSCI, Inc. Due to the discontinuation of the Fund’s underlying index and ongoing restrictions relating to Russian securities, the Fund will be unable to meet its investment objective. The Fund is in the process of liquidating its assets and winding up its business pursuant to a plan of liquidation.

Performance

	Average Annual Total Returns									Cumulative Total Returns
	1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		(99.85	)%		(69.46	)%		(45.36	)%		(99.85	)%		(99.73	)%		(99.76	)%
Fund Market(a)		(81.42	)		(22.27	)		(12.32	)		(81.42	)		(67.86	)		(71.34	)
Index(b)		(99.99	)		(91.92	)		(71.67	)		(99.99	)		(99.99	)		(99.99	)

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

^(a)  Effective March 4, 2022, the NYSE Arca, Inc. halted trading of the Fund and the Fund Market returns are as follows: 1 Year return, 5 Years return, and 10 Years return from September 1, 2021, September 1, 2017, and September 1, 2012, respectively through March 4, 2022.

^(b)  Effective June 1, 2022, the Index was discontinued by the index provider, MSCI, Inc and the Index returns are as follows: 1 Year return, 5 Years return, and 10 Years return from September 1, 2021, September 1, 2017, and September 1, 2012, respectively through May 31, 2022.

^(c)  Rounds to less than $1.

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

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value (03/01/22)	Ending Account Value (08/31/22)	Expenses Paid During the Period	(a)		Beginning Account Value (03/01/22)	Ending Account Value (08/31/22)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$        1,000.00	$            8.70	$        0.00			$      1,000.00	$      1,025.20	$        0.00		0.00	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (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 “Disclosure of Expenses” for more information. Effective March 3, 2022, BlackRock Fund Advisors (“BFA”) implemented a voluntary waiver of its investment advisory fee for the Fund which was applied to management fees starting with February 1, 2022.

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

Portfolio Management Commentary

The Index lost nearly all of its value in the wake of the international community’s response to Russia’s invasion of Ukraine. The invasion of Ukraine led many countries, particularly members of the North American Treaty Alliance (“NATO”), to impose heavy sanctions against Russian institutions, companies, individuals, and products, including gold and luxury goods. Many international companies subsequently suspended or ended operations in Russia. Select Russian banks were banned from a key international payments and settlements system and Russia’s overseas assets were frozen, including $630 billion in foreign currency reserves held by central banks. The U.S., the world’s largest exporter of oil and second largest exporter of natural gas, banned all Russian energy imports, whereas the E.U., which imports 40% of its natural gas from Russia, announced incremental moves away from its dependence on Russian energy. Sanctions substantially altered Russia’s economic structure, and the country’s economy fell into a deep recession.

The wide range of sanctions and other capital controls prevented BlackRock and other non-Russian investors from buying and selling Russian securities. On March 1, 2022, BlackRock suspended the creation of new shares for the Fund, while the NYSE Arca, Inc. halted trading on the Fund on March 4, 2022. After receiving Board and regulatory approval for liquidating the Fund, BlackRock began the liquidation process on August 17, 2022, by distributing a portion of the Fund’s current liquid assets to shareholders, less anticipated transaction costs. Refer to Notes to Financial Statements for additional information about the plan of liquidation.

Portfolio Information

TEN LARGEST HOLDINGS
Security	Percent of Net Assets
BlackRock Cash Funds: Treasury, SL Agency Shares		88.7	%
Inter RAO UES PJSC		4.6
Gazprom PJSC		0.8
Surgutneftegas PJSC		0.7
Surgutneftegas PJSC(Preferred)		0.7
Sberbank of Russia PJSC		0.6
VTB Bank PJSC		0.3
Alrosa PJSC		0.3
United Co. RUSAL International PJSC		0.2
Moscow Exchange MICEX-RTS PJSC		0.2

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 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. The NYSE ARCA, Inc. halted trading of the Fund effective March 4, 2022, and delisted the Fund effective August 29, 2022.

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. Effective June  1, 2022, the index was discontinued by the index provider, MSCI, Inc.

Disclosure of 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 the Period.”

The expense example also provides information about hypothetical account values and hypothetical expenses based on a fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses. In order to assist shareholders in comparing the ongoing expenses of investing in the 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.

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Schedule of Investments   August 31, 2022 iShares^® MSCI Russia ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Banks — 0.9%
Sberbank of Russia PJSC(a)(b)		18,835,860	$	3,088
TCS Group Holding PLC, GDR(a)(b)		289,152		47
VTB Bank PJSC(a)		8,307,845,016		1,362
				4,497
Capital Markets — 0.2%
Moscow Exchange MICEX-RTS PJSC(a)(b)		4,737,800		777
Chemicals — 0.0%
PhosAgro PJSC(a)		148,802		24
PhosAgro PJSC, New(a)		2,875		29
PhosAgro PJSC, GDR(a)		2		—
				53
Electric Utilities — 4.6%
Inter RAO UES PJSC(a)		136,938,300		22,449
Food & Staples Retailing — 0.0%
Magnit PJSC, GDR(a)		1		—
Magnit PJSC(a)		198,139		33
X5 Retail Group NV, GDR(a)		374,475		61
				94
Interactive Media & Services — 0.0%
VK Co. Ltd.(a)(b)		393,252		65
Yandex NV(a)(b)		361,376		59
				124
Internet & Direct Marketing Retail — 0.0%
Ozon Holdings PLC, ADR(a)(b)		106,824		17
Metals & Mining — 0.7%
Alrosa PJSC(a)		7,486,250		1,227
MMC Norilsk Nickel PJSC(a)		96,437		16
Novolipetsk Steel PJSC(a)		4,388,590		719
Polymetal International PLC(a)		834,056		137
Polyus PJSC(a)		89,129		14
Severstal PAO(a)		604,068		99
United Co. RUSAL International PJSC(a)(b)		5,811,330		953
				3,165
Oil, Gas & Consumable Fuels — 1.9%
Gazprom PJSC(a)(b)		24,553,290		4,025

Security	Shares		Value
Oil, Gas & Consumable Fuels (continued)
LUKOIL PJSC(a)		856,438	$	140
Novatek PJSC(a)		1,250,860		205
Rosneft Oil Co. PJSC(a)		2,566,222		421
Surgutneftegas PJSC(a)		21,799,946		3,574
Tatneft PJSC(a)		3,516,781		577
				8,942
Wireless Telecommunication Services — 0.1%
Mobile TeleSystems PJSC(a)		2,776,444		455
Total Common Stocks — 8.4% (Cost: $453,537,815)				40,573
Preferred Stocks
Oil, Gas & Consumable Fuels — 0.7%
Surgutneftegas PJSC, Preference Shares, NVS(a)		21,745,700		3,565
Total Preferred Stocks — 0.7% (Cost: $11,913,761)				3,565
Total Long-Term Investments — 9.1% (Cost: $465,451,576)				44,138
Short-Term Securities
Money Market Funds — 88.7%
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.07%(c)(d)		430,000		430,000
Total Short-Term Securities — 88.7% (Cost: $430,000)				430,000
Total Investments in Securities — 97.8% (Cost: $465,881,576)				474,138
Other Assets Less Liabilities — 2.2%				10,833
Net Assets — 100.0%			$	484,971

^(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 year ended August 31, 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 Sale			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 08/31/22		Shares Held at 08/31/22		Income		Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Treasury, SL Agency Shares	$	970,000	$	—	$	(540,000	)(e)	$	—	$	—	$	430,000		430,000	$	4,361	$	—

^(e)  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 7

Schedule of Investments   (continued) August 31, 2022 iShares^® MSCI Russia ETF

Derivative Financial Instruments Categorized by Risk Exposure

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

	Commodity Contracts		Credit Contracts		Equity Contracts			Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Net Realized Gain (Loss) from
Futures contracts	$	—	$	—	$	(161,867	)	$	—	$	—	$	—	$	(161,867	)
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	2,046		$	—	$	—	$	—	$	2,046

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts
Average notional value of contracts — long	$	444,045

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	$	—	$	—	$	40,573	$	40,573
Preferred Stocks		—		—		3,565		3,565
Money Market Funds		430,000		—		—		430,000
	$	430,000	$	—	$	44,138	$	474,138

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 year 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)		525,814,204			11,100,930			536,915,134
Transfers out of Level 3		—			—			—
Accrued discounts/premiums		—			—			—
Net realized gain (loss)		(1,077,438	)		(61,247	)		(1,138,685	)
Net change in unrealized appreciation (depreciation)(b)(c)		(581,094,125	)		(11,384,383	)		(592,478,508	)
Purchases		94,873,013			586,462			95,459,475
Sales		(38,475,081	)		(238,197	)		(38,713,278	)
Closing balance, as of August 31, 2022	$	40,573		$	3,565		$	44,138
Net change in unrealized appreciation (depreciation) on investment still held at August 31, 2022	$	(581,094,125	)	$	(11,384,383	)	$	(592,478,508	)

^(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. 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. During the year, the Valuation Committee determined that the local Russian equities and Russian exposed ADR and GDR securities did not have a market for which the Fund could transact and deemed them illiquid. As of August 31, 2022, the securities are being fair valued at a nominal value using a discount rate of 99% or higher due to illiquidity and uncertainty measures which resulted in a transfer 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 August 31, 2022 is generally due to investments no longer held or categorized as Level 3 at period end.

See notes to financial statements.

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

Statement of Assets and Liabilities

August 31, 2022

	iShares MSCI Russia ETF
ASSETS
Investments, at value — unaffiliated(a)	$	44,138
Investments, at value — affiliated(b)		430,000
Cash		9,440
Foreign currency, at value(c)		247
Receivables:
Dividends — affiliated		1,146
Total assets		484,971
NET ASSETS	$	484,971
NET ASSETS CONSIST OF
Paid-in capital	$	615,262,124
Accumulated loss		(614,777,153	)
NET ASSETS	$	484,971
NET ASSET VALUE
Shares outstanding		13,750,000
Net asset value	$	0.04
Shares authorized		1 billion
Par value	$	0.001
(a) Investments, at cost — unaffiliated	$	465,451,576
(b) Investments, at cost — affiliated	$	430,000
(c)  Foreign currency, at cost	$	250

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

Year Ended August 31, 2022

	iShares MSCI Russia ETF
INVESTMENT INCOME
Dividends — unaffiliated	$	14,523,741
Dividends — affiliated		4,361
Foreign taxes withheld		(1,548,340	)
Total investment income		12,979,762
EXPENSES
Investment advisory fees		1,652,948
Commitment fees		2,777
Professional fees		217
Total expenses		1,655,942
Less:
Investment advisory fees waived		(221,404	)
Total expenses after fees waived		1,434,538
Net investment income		11,545,224
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(954,200	)
Futures contracts		(161,867	)
Foreign currency transactions		(107,161	)
		(1,223,228	)
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated		(606,317,001	)
Futures contracts		2,046
Foreign currency translations		787
		(606,314,168	)
Net realized and unrealized loss		(607,537,396	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(595,992,172	)

See notes to financial statements.

10 2 0 2 2   I S H A R E S   A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Statements of Changes in Net Assets

	iShares MSCI Russia ETF
	Year Ended 08/31/22			Year Ended 08/31/21
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	11,545,224		$	25,976,989
Net realized loss		(1,223,228	)		(4,659,173	)
Net change in unrealized appreciation (depreciation)		(606,314,168	)		133,025,100
Net increase (decrease) in net assets resulting from operations		(595,992,172	)		154,342,916
DISTRIBUTIONS TO SHAREHOLDERS(a)
From net investment income		(22,039,990	)		(23,598,232	)
Liquidating distribution		(450,000	)		—
Decrease in net assets resulting from distributions to shareholders		(22,489,990	)		(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		(586,012,383	)		119,294,468
Beginning of year		586,497,354			467,202,886
End of year	$	484,971		$	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

Year Ended August 31, 2022

	iShares MSCI Russia ETF
CASH PROVIDED BY (USED FOR) OPERATING ACTIVITIES
Net decrease in net assets resulting from operations		$	(595,992,172	)
Adjustments to reconcile net decrease in net assets resulting from operations to net cash provided by operating activities:
Proceeds from sales of long-term investments(a)			42,214,850
Purchases of long term investments(a)			(48,835,714	)
Net proceeds from sales of short-term securities			540,000
Net realized (gain) loss on investments			954,200
Net change in unrealized (appreciation) depreciation on investments			606,317,001
(Increase) decrease in assets:
Receivables:
Dividends — unaffiliated			21,123
Dividends — affiliated			(1,140	)
Variation margin on futures contracts			12,350
Increase (decrease) in liabilities:
Payables:
Investment advisory fees			(279,278	)
Net cash provided by operating activities			4,951,220
CASH PROVIDED BY (USED FOR) FINANCING ACTIVITIES
Cash dividends paid to shareholders			(22,489,990	)
Proceeds from issuance of capital shares(a)			17,493,520
Net cash used for financing activities			(4,996,470	)
CASH AND FOREIGN CURRENCY
Net decrease in restricted and unrestricted cash and foreign currency		$	(45,250	)
Restricted and unrestricted cash at beginning of year			54,937
Restricted and unrestricted cash and foreign currency at end of year		$	9,687
RECONCILIATION OF RESTRICTED AND UNRESTRICTED CASH AND FOREIGN CURRENCY AT THE END OF YEAR TO THE STATEMENT OF ASSETS AND LIABILITIES
Cash		$	9,440
Foreign currency, at value			247
		$	9,687

^(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
	Year Ended 08/31/22				Year Ended 08/31/21				Year Ended 08/31/20				Year Ended 08/31/19				Year Ended 08/31/18
Net asset value, beginning of year		$	45.29			$	34.87			$	37.81			$	32.47			$	32.13
Net investment income(a)			0.86				2.05				1.87				2.33				1.21
Net realized and unrealized gain (loss)(b)			(44.38	)			10.24				(1.99	)			5.04				0.22
Net increase (decrease) from investment operations			(43.52	)			12.29				(0.12	)			7.37				1.43
Distributions(c)
From net investment income			(1.70	)			(1.87	)			(2.82	)			(2.03	)			(1.09	)
Liquidating distribution			(0.03	)			—				—				—				—
Total distributions			(1.73	)			(1.87	)			(2.82	)			(2.03	)			(1.09	)
Net asset value, end of year		$	0.04			$	45.29			$	34.87			$	37.81			$	32.47
Total Return(d)
Based on net asset value			(99.85	)%			36.07	%			(1.28	)%			23.64	%			4.37	%
Ratios to Average Net Assets(e)
Total expenses			0.58	%			0.57	%			0.59	%			0.59	%			0.59	%
Total expenses after fees waived(f)			0.50	%			0.57	%			0.59	%			0.59	%			0.59	%
Net investment income			4.01	%			5.26	%			4.97	%			6.60	%			3.50	%
Supplemental Data
Net assets, end of year (000)		$	485			$	586,497			$	467,203			$	627,581			$	478,860
Portfolio turnover rate(g)			7	%			25	%			30	%			18	%			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)  Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(f)  Effective March 3, 2022, BFA implemented a voluntary waiver of it’s investment advisory fee for the Fund which was applied to management fees starting with February 1, 2022.

^(g)  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

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. PLAN OF LIQUIDATION

Russia’s large-scale invasion of Ukraine has created circumstances that have significantly impacted the Fund’s operations during the year ended August 31, 2022. The United States, and many other countries, imposed economic sanctions on certain Russian individuals and Russian corporate and 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 has closed trading sessions for local Russian equities to non-residents. In addition, trading of depository receipts for Russian-based companies halted on primary trading platforms subsequent to Russia’s invasion.

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 company held by the Fund. As a result, the fair value of Russian securities and currency experienced significant declines.

Additionally, during the year ended August 31, 2022, the following events occurred: (i) the Fund suspended new creations of its shares; (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) BFA implemented a voluntary waiver of its investment advisory fee for the Fund; (v) Russia signed into law a requirement of Russian issuers to terminate deposit agreements related to their depository receipt program, with holders receiving local shares of most Russian issuers in place of the depository receipts; (vi) 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; (vii) the Fund’s underlying index, the MSCI Russia 25/50 Index, was discontinued by the index provider, (viii) the Fund suspended redemptions pursuant to an order of the SEC; and (ix) NYSE Arca, Inc. delisted the Fund.

On June 15, 2022, the Board unanimously voted to close and liquidate the Fund, contingent on receiving any necessary relief from the SEC, due to the discontinuation of the MSCI Russia 25/50 Index and ongoing restrictions relating to Russian securities. On August 3, 2022, the SEC granted exemptive relief to the Fund permitting the Fund to suspend the right of redemption with respect to shares of the Fund.

BlackRock expects that the Fund will remain in existence until at least December 31, 2023, to allow the Fund to sell the securities and depositary receipts, if conditions permit. The Fund may be terminated at the discretion of the Fund’s Board upon the recommendation of BFA on or after December 31, 2023. If the Fund’s Russian securities and depositary receipts have not been sold or are unable to be converted as of the date the Fund is terminated, the Fund’s remaining portfolio assets will be permanently written off, in each case as determined by BFA and approved by the Board. The Fund may be terminated sooner if all of the Russian securities and depositary receipts have been sold before that date (or they cease to represent valid interests in their issuers). While the Fund is in the process of liquidating its portfolio, the Fund will hold cash and securities that may not be consistent with the Fund’s investment objective and prior investment strategies. As a result of the delisting by NYSE Arca, Inc. the Fund is no longer considered an exchange-traded fund.

On August 17, 2022, the Fund made an initial liquidating distribution to shareholders of available cash, less a reserve estimated to meet the Fund’s expected transaction costs associated with the liquidation.

3. 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

14 2 0 2 2   I S H A R E S   A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Notes to Financial Statements   (continued)

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 August 31, 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.

Collateralization: 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.

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. On August 17, 2022, the Fund made an initial liquidating distribution to shareholders of available cash, less a reserve estimated to meet the fund’s expected transaction costs associated with the liquidation. Distribution is shown as a Liquidating Distribution on the Statements of Changes in Net Assets and the Financial Highlights.

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.

4. 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 Board of Directors of the Company (the “Board”) of the Fund has approved the designation of BFA, the Fund’s investment adviser, as the valuation designee for the Fund. The Fund determines the fair values of its financial instruments using various independent dealers or pricing services under BFA’s policies. 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 BFA’s policies and procedures as reflecting fair value. BFA has formed a committee (the “Valuation Committee”) to develop pricing policies and procedures and to oversee the pricing function for all financial instruments, with assistance from other BlackRock pricing committees.

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, war 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 Valuation Committee, in accordance with BFA’s policies and procedures as reflecting fair value (“Fair Valued

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   (continued)

Investments”). The fair valuation approaches that may generally be used by the 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 Valuation Committee 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 Valuation Committee deems relevant and consistent with the principles of fair value measurement.

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.

During the year, the Valuation Committee determined that the local Russian equities and Russian exposed ADR and GDR securities did not have a market for which the Fund could transact and deemed them illiquid. As of August 31, 2022, the securities are being fair valued at a nominal value using a discount of 99% or higher due to illiquidity and uncertainty measures.

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 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 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.

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 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 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.

6. 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).

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

Notes to Financial Statements   (continued)

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 Fees
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

Expense Waivers: BFA implemented a voluntary waiver of its management fee for the Fund beginning on March 3, 2022, which was applied to management fees from February 1, 2022 to the present.

This amount is included in investment advisory fees waived in the Statement of Operations. For the year ended August 31, 2022, the amounts waived in investment advisory fees pursuant to this arrangement were as follows:

iShares ETF	Amounts Waived
MSCI Russia	$	221,404

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 year ended August 31, 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.

7. PURCHASES AND SALES

For the year ended August 31, 2022, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows:

iShares ETF	Purchases		Sales
MSCI Russia	$	27,810,825	$	20,618,897

For the year ended August 31, 2022, in-kind transactions were as follows:

iShares ETF	In-kind Purchases		In-kind   Sales
MSCI Russia	$	14,976,259	$	—

8. 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 August 31, 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.

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   (continued)

U.S. GAAP requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or NAV per share. As of August 31, 2022, permanent differences attributable to distributions paid in excess of taxable income were reclassified to the following accounts:

iShares ETF	Paid-in Capital			Accumulated   Earnings (Loss)
MSCI Russia		$  (1,044,513	)		$1,044,513

The tax character of distributions paid was as follows:

iShares ETF	Year Ended 08/31/22		Year Ended 08/31/21
MSCI Russia
Ordinary income	$	22,039,990	$	23,598,232
Liquidating distribution		450,000		—
	$	22,489,990	$	23,598,232

As of August 31, 2022, the tax components of accumulated net earnings (losses) were as follows:

iShares ETF	Non-expiring Capital Loss Carryforwards	(a)	Net Unrealized Gains (Losses)	(b)	Qualified Late-Year Losses	(c)	Total
MSCI Russia	$(122,219,861	)	$(491,879,111	)	$        (678,181	)	$(614,777,153	)

^(a)  Amounts available to offset future realized capital gains.

^(b)  The difference between book-basis and tax-basis unrealized gains (losses) was attributable primarily to the tax deferral of losses on wash sales.

^(c)  The Fund has elected to defer certain qualified late-year losses and recognize such losses in the next taxable year.

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 August 31, 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		$492,353,246		$                    —		$    (491,879,108	)		$(491,879,108	)

9. LINE OF CREDIT

The Fund, along with certain other iShares funds (“Participating Funds”), was a party to a $800 million credit agreement (“Syndicated Credit Agreement”) with a group of lenders. Effective April 21, 2022, the Fund was no longer a participating borrower under the Syndicated Credit Agreement. In light of market conditions involving the Fund and the ongoing issues related to Russia’s invasion of Ukraine, the Fund did not meet the requirements under the line of credit, and the banks terminated their commitment to make loans to the Fund. The terms of the Syndicated Credit Agreement included 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 was 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 year ended August 31, 2022, the Fund did not borrow under the Syndicated Credit Agreement.

10. 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.

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

Notes to Financial Statements   (continued)

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 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, 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 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

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   (continued)

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.

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.

11. 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:

iShares ETF	Year Ended 08/31/22				Year Ended 08/31/21
	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	)
		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.

12. SUBSEQUENT EVENTS

Management has evaluated the impact of all subsequent events on the Fund 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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Report of Independent Registered Public Accounting Firm

To the Board of Directors of

iShares, Inc. and Shareholders of iShares MSCI Russia ETF

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of iShares MSCI Russia ETF (one of the funds constituting iShares, Inc., referred to hereafter as the “Fund”) as of August 31, 2022, the related statements of operations and cash flows for the year ended August 31, 2022, the statements of changes in net assets for each of the two years in the period ended August 31, 2022, including the related notes, and the financial highlights for each of the five years in the period ended August 31, 2022 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of August 31, 2022, the results of its operations and its cash flows for the year then ended, the changes in its net assets for each of the two years in the period ended August 31, 2022 and the financial highlights for each of the five years in the period ended August 31, 2022 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of August 31, 2022 by correspondence with the custodian and transfer agent. We believe that our audits provide a reasonable basis for our opinion.

Emphasis of Matter

As discussed in Note 2 to the financial statements, on June 15, 2022, the Board unanimously voted to close and liquidate the Fund, contingent on receiving any necessary relief from the SEC, due to the discontinuation of the MSCI Russia 25/50 Index and ongoing restrictions relating to Russian securities. On August 3, 2022, the SEC granted exemptive relief to the Fund permitting the Fund to suspend the right of redemption with respect to shares of the Fund. The Fund may be terminated at the discretion of the Fund’s Board based on the facts and circumstances as discussed in Note 2.

/s/PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

October 24, 2022

We have served as the auditor of one or more BlackRock investment companies since 2000.

R E P O R T   O F   I N D E P E N D E N T   R E G I S T E R E D   P U B L I C   A C C O U N T I N G   F I R M 21

Important Tax Information (unaudited)

The following amount, or maximum amount allowable by law, are hereby designated as qualified dividend income for individuals for the fiscal year ended August 31, 2022:

iShares ETF	Qualified Dividend Income
MSCI Russia	$	14,166,644

The Fund intends to pass through to its shareholders the following amount, or maximum amount allowable by law, of foreign source income earned and foreign taxes paid for the fiscal year ended August 31, 2022:

iShares ETF	Foreign Source Income Earned		Foreign Taxes Paid
MSCI Russia	$	14,523,745	$	1,551,267

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

Board Review and Approval of Investment Advisory Contract

iShares MSCI Russia ETF (the “Fund”)

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Company’s Board of Directors (the “Board”), including a majority of Board Members who are not “interested persons” of the Company (as that term is defined in the 1940 Act) (the “Independent Board Members”), is required annually to consider and approve the Investment Advisory Agreement between the Company and BFA (the “Advisory Agreement”) on behalf of the Fund. The Board’s consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings on May 3, 2022 and May 18, 2022, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 13-15, 2022, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The material factors, none of which was controlling, and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.

Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of another fund in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund’s applicable expense peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the investment advisory fee rate and overall expenses (net of waivers and reimbursements) for the Fund were higher than the median of the investment advisory fee rates and overall expenses (net of waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds.

In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund’s performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2021, to that of such relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

Based on this review, the other factors considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Nature, Extent and Quality of Services Provided: Based on management’s representations, including information about recent enhancements and initiatives with respect to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies, provided at the May 3, 2022 meeting and throughout the year, and matters related to BFA’s portfolio compliance program.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreement supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates: The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA

B O A R D   R E V I E W   A N D   A P P R O V A L   O F   I N V E S T M E N T   A D V I S O R Y   C O N T R A C T 23

Board Review and Approval of Investment Advisory Contract  (continued)

and its affiliates from the Fund’s operations for the last calendar year. The Board reviewed BlackRock’s methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA’s estimated profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the information considered with respect to the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability, including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Agreement for the Fund already provided for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund, on an aggregated basis with the assets of certain other iShares funds, increase. The Board noted that it would continue to assess the appropriateness of adding new or revised breakpoints in the future.

The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds, and institutional separate accounts (collectively, the “Other Accounts”). The Board acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts.

The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board noted that BFA and its affiliates do not manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund. The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.

The Board considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement and noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

Other Benefits to BFA and/or its Affiliates: The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services or other services, and BlackRock’s profile in the investment community. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.

Conclusion: Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund’s investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.

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Supplemental Information (unaudited)

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.

August 31, 2022

	Total Cumulative Distributions for the Fiscal Year								% Breakdown of the Total Cumulative Distributions for the Fiscal Year
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)	$	1.700486	$	—	$	0.032727	$	1.733213		98	%		—	%		2	%		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.

Premium/Discount Information

Information on the Fund’s net asset value, market price, premiums and discounts, and bid-ask spreads can be found at iShares.com

S U P P L E M E N T A L   I N F O R M A T I O N 25

Director and Officer Information (unaudited) 

The Board of Directors has responsibility for the overall management and operations of the Funds, including general supervision of the duties performed by BFA and other service providers. Each Director serves until he or she resigns, is removed, dies, retires or becomes incapacitated. Each officer shall hold office until his or her successor is elected and qualifies or until his or her death, resignation or removal. Directors who are not “interested persons” (as defined in the 1940 Act) of the Company are referred to as independent directors (“Independent Directors”).

The registered investment companies advised by BFA or its affiliates (the “BlackRock-advised Funds”) are organized into one complex of open-end equity, multi-asset, index and money market funds and ETFs (the “BlackRock Multi-Asset Complex”), one complex of closed-end funds and open-end non-index fixed-income funds (including ETFs) (the “BlackRock Fixed-Income Complex”) and one complex of ETFs (“Exchange-Traded Fund Complex”) (each, a “BlackRock Fund Complex”). Each Fund is included in the Exchange-Traded Fund Complex. Each Director also serves as a Trustee of iShares Trust and a Trustee of iShares U.S. ETF Trust and, as a result, oversees all of the funds within the Exchange-Traded Fund Complex, which consists of 378 funds as of August 31, 2022. With the exception of Robert S. Kapito, Salim Ramji and Charles Park, the address of each Director and officer is c/o BlackRock, Inc., 400 Howard Street, San Francisco, CA 94105. The address of Mr. Kapito, Mr. Ramji and Mr. Park is c/o BlackRock, Inc., Park Avenue Plaza, 55 East 52nd Street, New York, NY 10055. The Board has designated John E. Kerrigan as its Independent Board Chair. Additional information about the Funds’ Directors and officers may be found in the Funds’ combined Statement of Additional Information, which is available without charge, upon request, by calling toll-free 1-800-iShares (1-800-474-2737).

Interested Directors
Name (Age)	Position(s)	Principal Occupation(s) During Past 5 Years	Other Directorships Held by Director
Robert S. Kapito(a) (65)	Director (since 2009).	President, BlackRock, Inc. (since 2006); Vice Chairman of BlackRock, Inc. and Head of BlackRock’s Portfolio Management Group (since its formation in 1998) and BlackRock, Inc.’s predecessor entities (since 1988); Trustee, University of Pennsylvania (since 2009); President of Board of Directors, Hope & Heroes Children’s Cancer Fund (since 2002).	Director of BlackRock, Inc. (since 2006); Trustee of iShares U.S. ETF Trust (since 2011); Trustee of iShares Trust (since 2009).
Salim Ramji(b) (52)	Director (since 2019).	Senior Managing Director, BlackRock, Inc. (since 2014); Global Head of BlackRock’s ETF and Index Investments Business (since 2019); Head of BlackRock’s U.S. Wealth Advisory Business (2015-2019); Global Head of Corporate Strategy, BlackRock, Inc. (2014-2015); Senior Partner, McKinsey & Company (2010-2014).	Trustee of iShares U.S. ETF Trust (since 2019); Trustee of iShares Trust (since 2019).
(a)   Robert S. Kapito is deemed to be an “interested person” (as defined in the 1940 Act) of the Company due to his affiliations with BlackRock, Inc. and its affiliates.
(b)   Salim Ramji is deemed to be an “interested person” (as defined in the 1940 Act) of the Company due to his affiliations with BlackRock, Inc. and its affiliates.
Independent Directors
Name (Age)	Position(s)	Principal Occupation(s) During Past 5 Years	Other Directorships Held by Director
John E. Kerrigan (67)	Director (since 2005); Independent Board Chair (since 2022).	Chief Investment Officer, Santa Clara University (since 2002).	Trustee of iShares U.S. ETF Trust (since 2011); Trustee of iShares Trust (since 2005); Independent Board Chair of iShares Trust and iShares U.S. ETF Trust (since 2022).
Jane D. Carlin (66)	Director (since 2015); Risk Committee Chair (since 2016).	Consultant (since 2012); Member of the Audit Committee (2012-2018), Chair of the Nominating and Governance Committee (2017-2018) and Director of PHH Corporation (mortgage solutions) (2012-2018); Managing Director and Global Head of Financial Holding Company Governance & Assurance and the Global Head of Operational Risk Management of Morgan Stanley (2006-2012).	Trustee of iShares U.S. ETF Trust (since 2015); Trustee of iShares Trust (since 2015); Member of the Audit Committee (since 2016), Chair of the Audit Committee (since 2020) and Director of The Hanover Insurance Group, Inc. (since 2016).
Richard L. Fagnani (67)	Director (since 2017); Audit Committee Chair (since 2019).	Partner, KPMG LLP (2002-2016).	Trustee of iShares U.S. ETF Trust (since 2017); Trustee of iShares Trust (since 2017).

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Director and Officer Information (unaudited)  (continued)

Independent Directors (continued)
Name (Age)	Position(s)	Principal Occupation(s) During Past 5 Years	Other Directorships Held by Director
Cecilia H. Herbert (73)	Director (since 2005); Nominating and Governance and Equity Plus Committee Chairs (since 2022).	Chair of the Finance Committee (since 2019) and Trustee and Member of the Finance, Audit and Quality Committees of Stanford Health Care (since 2016); Trustee of WNET, New York’s public media company (since 2011) and Member of the Audit Committee (since 2018) and Investment Committee (since 2011); Chair (1994-2005) and Member (since 1992) of the Investment Committee, Archdiocese of San Francisco; Trustee of Forward Funds (14 portfolios) (2009-2018); Trustee of Salient MF Trust (4 portfolios) (2015-2018); Director (1998-2013) and President (2007-2011) of the Board of Directors, Catholic Charities CYO; Trustee (2002-2011) and Chair of the Finance and Investment Committee (2006-2010) of the Thacher School; Director of the Senior Center of Jackson Hole (since 2020).	Trustee of iShares U.S. ETF Trust (since 2011); Trustee of iShares Trust (since 2005); Trustee of Thrivent Church Loan and Income Fund (since 2019).
Drew E. Lawton (63)	Director (since 2017); 15(c) Committee Chair (since 2017).	Senior Managing Director of New York Life Insurance Company (2010-2015).	Trustee of iShares U.S. ETF Trust (since 2017); Trustee of iShares Trust (since 2017).
John E. Martinez (61)	Director (since 2003); Securities Lending Committee Chair (since 2019).	Director of Real Estate Equity Exchange, Inc. (since 2005); Director of Cloudera Foundation (2017-2020); and Director of Reading Partners (2012-2016).	Trustee of iShares U.S. ETF Trust (since 2011); Trustee of iShares Trust (since 2003).
Madhav V. Rajan (58)	Director (since 2011); Fixed Income Plus Committee Chair (since 2019).	Dean, and George Pratt Shultz Professor of Accounting, University of Chicago Booth School of Business (since 2017); Advisory Board Member (since 2016) and Director (since 2020) of C.M. Capital Corporation; Chair of the Board for the Center for Research in Security Prices, LLC (since 2020); Robert K. Jaedicke Professor of Accounting, Stanford University Graduate School of Business (2001-2017); Professor of Law (by courtesy), Stanford Law School (2005-2017); Senior Associate Dean for Academic Affairs and Head of MBA Program, Stanford University Graduate School of Business (2010-2016).	Trustee of iShares U.S. ETF Trust (since 2011); Trustee of iShares Trust (since 2011).
Officers
Name (Age)	Position(s)	Principal Occupation(s) During Past 5 Years
Armando Senra (51)	President (since 2019).	Managing Director, BlackRock, Inc. (since 2007); Head of U.S., Canada and Latam iShares, BlackRock, Inc. (since 2019); Head of Latin America Region, BlackRock, Inc. (2006-2019); Managing Director, Bank of America Merrill Lynch (1994-2006).
Trent Walker (48)	Treasurer and Chief Financial Officer (since 2020).	Managing Director, BlackRock, Inc. (since September 2019); Chief Financial Officer of iShares Delaware Trust Sponsor LLC, BlackRock Funds, BlackRock Funds II, BlackRock Funds IV, BlackRock Funds V and BlackRock Funds VI (since 2021); Executive Vice President of PIMCO (2016-2019); Senior Vice President of PIMCO (2008-2015); Treasurer (2013-2019) and Assistant Treasurer (2007-2017) of PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, 2 PIMCO-sponsored interval funds and 21 PIMCO-sponsored closed-end funds.
Charles Park (55)	Chief Compliance Officer (since 2006).	Chief Compliance Officer of BlackRock Advisors, LLC and the BlackRock-advised Funds in the BlackRock Multi-Asset Complex and the BlackRock Fixed-Income Complex (since 2014); Chief Compliance Officer of BFA (since 2006).
Marisa Rolland (42)	Secretary (since 2022).	Director, BlackRock, Inc. (since 2018); Vice President, BlackRock, Inc. (2010-2017).
Rachel Aguirre (40)	Executive Vice President (since 2022).	Managing Director, BlackRock, Inc. (since 2018); Director, BlackRock, Inc. (2009-2018); Head of U.S. iShares Product (since 2022); Head of EII U.S. Product Engineering (since 2021); Co-Head of EII’s Americas Portfolio Engineering (2020-2021); Head of Developed Markets Portfolio Engineering (2016-2019).
Jennifer Hsui (46)	Executive Vice President (since 2022).	Managing Director, BlackRock, Inc. (since 2009); Co-Head of Index Equity (since 2022).
James Mauro (51)	Executive Vice President (since 2022).	Managing Director, BlackRock, Inc. (since 2010); Head of Fixed Income Index Investments in the Americas and Head of San Francisco Core Portfolio Management (since 2020).

D I R E C T O R   A N D   O F F I C E R   I N F O R M A T I O N 27

Director and Officer Information (unaudited)  (continued)

Effective March 18, 2022, Rachel Aguirre, Jennifer Hsui, and James Mauro have replaced Scott Radell, Alan Mason, and Marybeth Leithead as Executive Vice Presidents.

Effective June 15, 2022, Marisa Rolland replaced Deepa Damre Smith as Secretary.

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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 29

Glossary of Terms Used in this Report

Portfolio Abbreviations

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-AR-821-0822

          

AUGUST 31, 2022

2022 Annual Report

iShares, Inc.

· iShares Core MSCI Emerging Markets ETF | IEMG | NYSE Arca

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

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

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

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

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

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

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

Rob Kapito

President, BlackRock, Inc.

Rob Kapito

President, BlackRock, Inc.

Total Returns as of August 31, 2022
	6-Month			12-Month
U.S. large cap equities (S&P 500® Index)		(8.84	)%		(11.23	)%
U.S. small cap equities (Russell 2000® Index)		(9.31	)		(17.88	)
International equities (MSCI Europe, Australasia, Far East Index)		(13.97	)		(19.80	)
Emerging market equities (MSCI Emerging Markets Index)		(13.30	)		(21.80	)
3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)		0.36			0.39
U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)		(9.71	)		(13.27	)
U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)		(7.76	)		(11.52	)
Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)		(5.72	)		(8.63	)
U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)		(7.78	)		(10.61	)
Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.

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

Market Overview

iShares, Inc.

Global Market Overview

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

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

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

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

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

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

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Fund Summary as of August 31, 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
	1 Year			5 Years			Since Inception			1 Year			5 Years			Since Inception
Fund NAV		(21.40	)%		0.77	%		2.35	%		(21.40	)%		3.93	%		25.83	%
Fund Market		(21.74	)		0.61			2.29			(21.74	)		3.09			25.00
Index		(21.15	)		0.93			2.43			(21.15	)		4.75			26.76

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

The inception date of the Fund was October 18, 2012. The first day of secondary market trading was October 22, 2012.

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

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value (03/01/22)	Ending Account Value (08/31/22)	Expenses Paid During the Period	(a)		Beginning Account Value (03/01/22)	Ending Account Value (08/31/22)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$        1,000.00	$        869.40	$        0.42			$        1,000.00	$        1,024.80	$        0.46		0.09	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (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 “Disclosure of Expenses” for more information.

F U N D    S U M M A R Y 5

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

Portfolio Management Commentary

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

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

Within China, the consumer discretionary sector detracted significantly from the Index’s return. The government’s campaign to rein in large internet firms, which included billions of dollars in anti-trust fines and restrictions on listings on foreign stock exchanges, weighed on investor sentiment. The internet and direct marketing retail industry declined as competitive advantages weakened, while concerns surrounding customer growth and slowing consumption pressured margins and earnings.

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

Chinese healthcare stocks also detracted from the Index’s performance after the U.S. Commerce Department added several pharmaceuticals, biotechnology, and life sciences companies to a list of firms with restricted access to U.S. technology, meaning U.S. companies must conduct stricter due diligence in any dealings with them.

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

Portfolio Information

SECTOR ALLOCATION

Sector	Percent of Total Investments	(a)
Financials	20.2	%
Information Technology	18.9
Consumer Discretionary	14.1
Communication Services	9.3
Materials	9.0
Industrials	7.0
Consumer Staples	6.2
Energy	4.9
Health Care	4.6
Utilities	3.2
Real Estate	2.6

GEOGRAPHIC ALLOCATION

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

^(a)  Excludes money market funds.

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

Investment Objective

The iShares MSCI BIC ETF (the “Fund”) (formerly the iShares MSCI BRIC ETF) seeks to track the investment results of an index composed of Chinese equities that are available to international investors, and Brazilian, and Indian equities, as represented by the MSCI BIC Index (the “Index”) (formerly the MSCI BRIC Index). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

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

Performance

	Average Annual Total Returns									Cumulative Total Returns
	1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		(26.03	)%		(1.21	)%		2.21	%		(26.03	)%		(5.90	)%		24.39	%
Fund Market		(26.07	)		(1.41	)		2.15			(26.07	)		(6.83	)		23.65
Index		(25.49	)		(0.53	)		2.86			(25.49	)		(2.61	)		32.53

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

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

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value (03/01/22)	Ending Account Value (08/31/22)	Expenses Paid During the Period	(a)		Beginning Account Value (03/01/22)	Ending Account Value (08/31/22)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$        1,000.00	$        890.70	$        3.29			$        1,000.00	$        1,021.70	$        3.52		0.69	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (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 “Disclosure of Expenses” for more information.

F U N D    S U M M A R Y 7

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

Portfolio Management Commentary

The Index declined sharply during the reporting period, especially in the wake of Russia’s February 2022 invasion of Ukraine. Leading up to the invasion, Russian equities and the Russian ruble lost substantial value as investors fled due to geopolitical concerns and expectations that Western nations would impose sanctions on Russian companies. After the attack, the country’s currency and stock market posted even steeper declines. BlackRock suspended the purchase of Russian securities in its active and index funds on Monday, February 28, 2022, in response to the Russian attack on Ukraine. All major index providers began the removal of Russian securities from their indexes beginning the week of March 7.

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

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

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

Portfolio Information

SECTOR ALLOCATION

Sector	Percent of Total Investments	(a)
Consumer Discretionary	22.1	%
Financials	18.6
Communication Services	12.4
Information Technology	7.7
Energy	7.2
Consumer Staples	7.0
Materials	6.7
Industrials	5.8
Health Care	5.4
Utilities	4.5
Real Estate	2.6

GEOGRAPHIC ALLOCATION

Country/Geographic Region	Percent of Total Investments	(a)
China	62.4	%
India	27.5
Brazil	10.1
Russia	0.0	(b)

^(a)  Excludes money market funds.

^(b)  Rounds to less than 0.1%

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Fund Summary as of August 31, 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
	1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		(22.77	)%		1.07	%		4.77	%		(22.77	)%		5.48	%		59.34	%
Fund Market		(22.84	)		0.86			4.63			(22.84	)		4.35			57.29
Index		(21.93	)		1.79			5.31			(21.93	)		9.29			67.73

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

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

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value (03/01/22)	Ending Account Value (08/31/22)	Expenses Paid During the Period	(a)		Beginning Account Value (03/01/22)	Ending Account Value (08/31/22)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$        1,000.00	$        858.10	$        2.29			$        1,000.00	$        1,022.70	$        2.50		0.49	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (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 “Disclosure of Expenses” for more information.

F U N D    S U M M A R Y 9

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

Portfolio Management Commentary

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

Chinese equities were the largest detractors from the Index’s return, led by the consumer discretionary sector. The government’s campaign to rein in large internet firms, which included billions of dollars in anti-trust fines and restrictions on listings on foreign stock exchanges, weighed on investor sentiment. The internet and direct marketing retail industry declined as competitive advantages weakened, while concerns surrounding customer growth and slowing consumption pressured margins and earnings. Automobiles stocks, including those of electric carmakers, declined along with vehicle sales as restrictions slowed production and kept customers home.

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

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

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

Portfolio Information

SECTOR ALLOCATION

Sector	Percent of Total Investments	(a)
Information Technology	24.2	%
Financials	17.0
Consumer Discretionary	16.8
Communication Services	10.5
Industrials	6.1
Materials	6.0
Consumer Staples	5.7
Health Care	4.5
Energy	4.3
Utilities	2.9
Real Estate	2.0

GEOGRAPHIC ALLOCATION

Country/Geographic Region	Percent of Total Investments	(a)
China	41.0	%
Taiwan	18.3
India	18.3
South Korea	14.5
Thailand	2.5
Indonesia	2.5
Malaysia	1.9
Philippines	1.0

^(a) Excludes money market funds.    

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Fund Summary as of August 31, 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
	1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		(17.00	)%		3.12	%		4.24	%		(17.00	)%		16.63	%		51.48	%
Fund Market		(17.15	)		2.90			4.17			(17.15	)		15.38			50.46
Index		(16.37	)		3.42			4.63			(16.37	)		18.33			57.29

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

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

Expense Example

	Actual					Hypothetical 5% Return
Beginning Account Value (03/01/22)			Ending Account Value (08/31/22)	Expenses Paid During the Period	(a)	Beginning Account Value (03/01/22)	Ending Account Value (08/31/22)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
		$      1,000.00	$      891.80	$      3.39		$      1,000.00	$      1,021.60	$      3.62		0.71	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (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 “Disclosure of Expenses” for more information.

F U N D    S U M M A R Y 11

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

Portfolio Management Commentary

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

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

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

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

Portfolio Information

SECTOR ALLOCATION

Sector	Percent of Total Investments	(a)
Information Technology	16.9	%
Industrials	15.6
Materials	13.2
Consumer Discretionary	12.1
Financials	10.7
Health Care	8.6
Real Estate	6.7
Consumer Staples	6.4
Communication Services	3.8
Utilities	3.5
Energy	2.5

GEOGRAPHIC ALLOCATION

Country/Geographic Region	Percent of Total Investments	(a)
India	23.6	%
Taiwan	20.4
South Korea	14.4
China	8.9
Brazil	6.6
Thailand	3.9
South Africa	3.8
Saudi Arabia	3.2
Malaysia	2.9
Indonesia	2.7
Mexico	1.9
Kuwait	1.2
Turkey	1.2
Qatar	1.0
Other (each representing less than 1%)	4.3

^(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.

Disclosure of 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 the Period.”

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

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

A B O U T   F U N D   P E R F O R M A N C E / S H A R E H O L D E R   E X P E N S E S 13

Consolidated Schedule of Investments   August 31, 2022 iShares^® Core MSCI Emerging Markets ETF (Percentages shown are based on Net Assets)

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

Security	Shares		Value
Brazil (continued)
Intelbras SA Industria de Telecomunicacao Eletronica Brasileira		530,845	$	2,818,303
Iochpe Maxion SA		1,416,291		3,702,437
IRB Brasil Resseguros S/A(a)		9,315,480		2,936,604
JBS SA		6,735,718		38,311,144
JHSF Participacoes SA		3,748,630		4,467,458
Klabin SA		6,492,350		23,498,952
Light SA		2,854,425		3,105,499
Localiza Rent a Car SA		6,446,947		75,369,698
Locaweb Servicos de Internet SA(a)(b)		4,405,863		7,918,426
LOG Commercial Properties e Participacoes SA		713,719		3,669,841
Lojas Quero Quero S/A		2,171,404		2,817,349
Lojas Renner SA		8,651,762		44,020,479
M. Dias Branco SA		1,005,633		8,170,865
Magazine Luiza SA(a)		26,306,535		21,591,747
Marfrig Global Foods SA		2,920,640		7,382,442
Meliuz SA(a)(b)		9,294,722		2,340,475
Minerva SA		2,768,827		8,222,816
Movida Participacoes SA		1,789,934		4,727,374
MRV Engenharia e Participacoes SA		3,266,813		6,448,979
Multiplan Empreendimentos Imobiliarios SA		2,400,628		11,120,855
Natura & Co. Holding SA		7,891,204		21,872,821
Odontoprev SA		3,056,235		5,281,323
Omega Energia SA(a)		3,206,465		6,927,700
Pet Center Comercio e Participacoes SA		3,377,730		7,031,527
Petro Rio SA(a)		6,197,606		32,534,334
Petroleo Brasileiro SA		32,767,940		234,119,700
Petroreconcavo SA		779,650		4,088,277
Qualicorp Consultoria e Corretora de Seguros SA		1,775,021		3,282,274
Raia Drogasil SA		9,666,388		40,431,455
Rede D’Or Sao Luiz SA(b)		3,486,015		22,333,707
Rumo SA		11,443,860		44,456,484
Santos Brasil Participacoes SA		4,950,467		7,669,684
Sao Martinho SA		1,606,114		9,835,997
Sendas Distribuidora SA		7,063,704		24,969,536
SIMPAR SA		3,860,305		7,939,655
SLC Agricola SA		1,124,380		10,503,781
Smartfit Escola de Ginastica e Danca SA(a)		1,731,118		5,537,022
Sul America SA		2,436,749		11,569,218
Suzano SA		6,647,026		56,550,317
Telefonica Brasil SA		4,299,864		34,002,846
Tim SA		7,026,001		15,976,778
TOTVS SA		4,757,537		26,108,658
Transmissora Alianca de Energia Eletrica SA		1,755,937		14,068,017
Ultrapar Participacoes SA		6,240,926		16,230,918
Vale SA		34,822,681		431,735,914
Vamos Locacao de Caminhoes Maquinas e Equipamentos SA		2,675,929		7,257,681
Via S/A(a)		11,063,247		6,847,543
Vibra Energia SA		10,238,471		36,133,002
Vivara Participacoes SA		1,261,013		6,144,602
WEG SA		14,826,040		80,622,150
YDUQS Participacoes SA		2,573,277		6,088,928
				2,606,762,503
Chile — 0.4%
Aguas Andinas SA, Class A		29,077,016		6,369,854
Banco de Chile		384,358,314		36,465,258
Banco de Credito e Inversiones SA		504,921		14,872,987
Banco Santander Chile		553,433,470		22,229,964
CAP SA		709,495		5,724,249

14 2 0 2 2    I S H A R E S     A N N U A L    R E P O R T    T O    S H A R E  H O L D E R S

Consolidated Schedule of Investments   (continued) August 31, 2022 iShares^® Core MSCI Emerging Markets ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Chile (continued)
Cencosud SA		11,996,919	$	16,772,262
Cencosud Shopping SA		4,410,461		6,249,691
Cia. Cervecerias Unidas SA		1,101,254		5,984,678
Cia. Sud Americana de Vapores SA		127,610,363		12,009,968
Colbun SA		71,623,364		6,984,527
Empresa Nacional de Telecomunicaciones SA		1,622,417		5,159,150
Empresas CMPC SA		9,613,932		18,235,631
Empresas COPEC SA		3,454,396		29,797,417
Enel Americas SA		186,736,963		20,231,140
Enel Chile SA		209,215,194		6,867,627
Engie Energia Chile SA		6,371,533		3,519,006
Falabella SA		6,211,800		14,638,016
Inversiones Aguas Metropolitanas SA		5,028,707		2,541,650
Itau CorpBanca Chile SA		2,404,419,018		5,365,510
Parque Arauco SA		5,861,709		6,197,224
SMU SA		23,013,575		2,508,961
Vina Concha y Toro SA		4,990,732		6,072,962
				254,797,732
China — 29.1%
360 DigiTech Inc.		754,888		12,063,110
360 Security Technology Inc., Class A		4,803,088		5,070,280
361 Degrees International Ltd.(a)		9,639,000		4,925,330
37 Interactive Entertainment Network Technology Group Co. Ltd., Class A		1,446,037		4,235,930
3SBio Inc.(b)		10,918,000		7,258,924
AAC Technologies Holdings Inc.(c)		5,930,000		10,986,057
Advanced Micro-Fabrication Equipment Inc., Class A(a)		396,217		7,030,574
AECC Aviation Power Co. Ltd., Class A		1,476,277		9,791,079
Agile Group Holdings Ltd.		10,066,500		3,525,289
Agora Inc., ADR(a)(c)		575,126		2,381,023
Agricultural Bank of China Ltd., Class A		44,083,535		18,170,458
Agricultural Bank of China Ltd., Class H		253,982,000		82,991,572
Aier Eye Hospital Group Co. Ltd., Class A		3,785,175		16,051,166
Air China Ltd., Class A(a)		3,581,500		5,324,096
Air China Ltd., Class H(a)(c)		16,716,000		13,390,392
AK Medical Holdings Ltd.(b)(c)		4,992,000		4,328,174
Akeso Inc.(a)(b)(c)		3,799,000		12,162,568
Alibaba Group Holding Ltd.(a)		132,016,004		1,575,022,380
Alibaba Health Information Technology Ltd.(a)		40,288,000		23,087,595
Alibaba Pictures Group Ltd.(a)(c)		115,980,000		9,123,818
A-Living Smart City Services Co. Ltd., Class A(b)(c)		4,952,500		5,101,493
Alphamab Oncology(a)(b)(c)		4,136,000		4,163,080
Aluminum Corp. of China Ltd., Class A		7,016,600		4,554,327
Aluminum Corp. of China Ltd., Class H		35,144,000		12,986,063
Amlogic Shanghai Co. Ltd.(a)		217,786		2,707,545
Anhui Conch Cement Co. Ltd., Class A		2,247,829		10,357,706
Anhui Conch Cement Co. Ltd., Class H		10,563,000		40,254,038
Anhui Gujing Distillery Co. Ltd., Class A		235,655		8,678,920
Anhui Gujing Distillery Co. Ltd., Class B		935,180		14,279,196
Anhui Kouzi Distillery Co. Ltd., Class A		412,148		3,008,179
Anhui Yingjia Distillery Co. Ltd., Class A		348,800		2,695,702
Anjoy Foods Group Co. Ltd., Class A		174,100		3,897,799
ANTA Sports Products Ltd.(c)		10,438,600		125,706,160
Ascentage Pharma Group International(a)(b)(c)		1,794,500		3,728,103
Asia Cement China Holdings Corp.		5,602,500		2,801,383
Asymchem Laboratories Tianjin Co. Ltd., Class A		215,040		5,327,146
Autohome Inc., ADR		669,163		23,828,894
Avary Holding Shenzhen Co. Ltd., Class A		862,600		3,683,018

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

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  (continued) August 31, 2022 iShares^® Core MSCI Emerging Markets ETF (Percentages shown are based on Net Assets)

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

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

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

Consolidated Schedule of Investments  (continued) August 31, 2022 iShares^® Core MSCI Emerging Markets ETF (Percentages shown are based on Net Assets)

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

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

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  (continued) August 31, 2022 iShares^® Core MSCI Emerging Markets ETF (Percentages shown are based on Net Assets)

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

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

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

Consolidated Schedule of Investments  (continued) August 31, 2022 iShares^® Core MSCI Emerging Markets ETF (Percentages shown are based on Net Assets)

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

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

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  (continued) August 31, 2022 iShares^® Core MSCI Emerging Markets ETF (Percentages shown are based on Net Assets)

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

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

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

Consolidated Schedule of Investments  (continued) August 31, 2022 iShares^® Core MSCI Emerging Markets ETF (Percentages shown are based on Net Assets)

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

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

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  (continued) August 31, 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		12,938,000	$	9,857,587
Zhejiang Huahai Pharmaceutical Co. Ltd., Class A		1,168,262		3,365,705
Zhejiang Huayou Cobalt Co. Ltd., Class A		932,291		10,033,858
Zhejiang Jingsheng Mechanical & Electrical Co. Ltd., Class A		855,094		9,340,461
Zhejiang Jiuzhou Pharmaceutical Co. Ltd., Class A		440,300		2,609,907
Zhejiang NHU Co. Ltd., Class A		2,271,254		7,371,090
Zhejiang Supor Co. Ltd., Class A		423,040		2,800,307
Zhejiang Wolwo Bio-Pharmaceutical Co. Ltd., Class A		368,998		2,467,200
Zhenro Properties Group Ltd.(a)(c)		16,009,000		741,166
Zheshang Securities Co. Ltd., Class A		2,781,800		4,382,754
ZhongAn Online P&C Insurance Co. Ltd., Class H(a)(b)(c)		5,995,200		17,569,303
Zhongji Innolight Co. Ltd., Class A		732,874		3,099,109
Zhongsheng Group Holdings Ltd.		5,241,500		24,783,740
Zhongtai Securities Co. Ltd.		4,310,700		4,609,664
Zhou Hei Ya International Holdings Co. Ltd.(b)		8,397,000		4,195,035
Zhuguang Holdings Group Co. Ltd.(a)(c)		22,166,000		2,824,162
Zhuzhou CRRC Times Electric Co. Ltd.(c)		4,879,900		23,596,763
Zijin Mining Group Co. Ltd., Class A		10,972,500		13,896,691
Zijin Mining Group Co. Ltd., Class H		50,854,000		57,463,646
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class A		3,739,700		3,110,028
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class H		11,857,400		5,345,271
ZTE Corp., Class A		2,043,739		7,214,805
ZTE Corp., Class H		6,782,440		14,319,823
ZTO Express Cayman Inc., ADR		3,710,213		96,651,049
				19,014,395,757
Colombia — 0.1%
Bancolombia SA		2,096,529		16,189,048
Cementos Argos SA		4,857,428		3,826,499
Corp. Financiera Colombiana SA(a)		1,000,387		4,404,504
Ecopetrol SA		41,613,045		21,205,835
Grupo Argos SA		3,016,906		6,641,416
Interconexion Electrica SA ESP		4,093,905		17,719,611
				69,986,913
Czech Republic — 0.1%
CEZ AS(c)		1,433,685		58,081,491
Komercni Banka AS		653,500		15,305,638
Moneta Money Bank AS(b)		3,663,928		11,613,013
				85,000,142
Egypt — 0.1%
Commercial International Bank Egypt SAE		14,645,212		29,005,244
Eastern Co. SAE		8,995,960		4,557,581
E-Finance for Digital & Financial Investments, NVS		4,530,997		3,303,284
Egyptian Financial Group-Hermes Holding Co.(a)		8,954,215		5,963,270
EISewedy Electric Co.(a)		7,321,416		2,702,472
Fawry for Banking & Payment Technology Services SAE(a)		9,021,996		1,716,689
Juhayna Food Industries		3,753,664		1,421,623
Talaat Moustafa Group		7,956,441		3,176,858
Telecom Egypt Co.		4,044,325		3,273,492
				55,120,513
Greece — 0.3%
Alpha Services and Holdings SA(a)		19,046,203		17,589,229
Athens Water Supply & Sewage Co. SA		418,034		3,262,424

Security	Shares		Value
Greece (continued)
Eurobank Ergasias Services and Holdings SA, Class A(a)		22,707,102	$	21,067,817
FF Group(a)(d)		343,633		3,453
GEK Terna Holding Real Estate Construction SA(a)		623,455		6,037,319
Hellenic Telecommunications Organization SA		1,917,461		30,504,601
Holding Co. ADMIE IPTO SA		1,596,760		2,885,808
JUMBO SA		901,366		12,885,706
LAMDA Development SA(a)		659,480		3,915,849
Motor Oil Hellas Corinth Refineries SA		622,072		11,728,316
Mytilineos SA		808,294		12,639,851
National Bank of Greece SA(a)		4,845,462		15,637,437
OPAP SA		1,792,171		23,606,315
Piraeus Financial Holdings SA(a)		5,562,355		5,821,592
Public Power Corp. SA(a)		1,432,700		7,479,258
Sarantis SA		250,656		1,522,302
Terna Energy SA		496,520		8,855,584
Titan Cement International SA		373,805		4,447,354
				189,890,215
Hong Kong — 0.0%
Untradelumena Newmat, NVS(d)		43,450		—
Hungary — 0.1%
Magyar Telekom Telecommunications PLC		5,194,839		4,410,759
MOL Hungarian Oil & Gas PLC		3,552,539		24,478,240
Opus Global Nyrt(a)(c)		2,034,983		786,363
OTP Bank Nyrt		1,910,277		40,625,870
Richter Gedeon Nyrt		1,185,415		23,900,470
				94,201,702
India — 15.4%
3M India Ltd.(a)		29,618		8,615,314
Aarti Industries Ltd.		1,792,154		18,494,035
Aavas Financiers Ltd.(a)		349,764		9,899,981
ACC Ltd.		697,993		20,000,564
Adani Enterprises Ltd.		2,433,058		96,552,860
Adani Green Energy Ltd.(a)		2,770,159		83,702,676
Adani Ports & Special Economic Zone Ltd.		4,533,345		47,430,122
Adani Power Ltd.(a)		6,751,951		34,479,851
Adani Total Gas Ltd.		2,441,171		113,849,987
Adani Transmission Ltd.(a)		2,438,486		119,579,709
Aditya Birla Capital Ltd.(a)		5,187,859		7,327,440
Aditya Birla Fashion and Retail Ltd.(a)		3,052,079		11,591,408
Aegis Logistics Ltd.		1,521,758		5,564,618
Affle India Ltd.(a)		611,799		9,845,327
AIA Engineering Ltd.		412,405		13,410,497
Ajanta Pharma Ltd.		456,546		7,829,716
Alembic Pharmaceuticals Ltd.		557,801		4,513,913
Alkyl Amines Chemicals		151,785		5,603,117
Alok Industries Ltd.(a)		7,913,333		1,899,984
Amara Raja Batteries Ltd.		1,114,437		7,069,795
Amber Enterprises India Ltd.(a)		175,677		4,944,204
Ambuja Cements Ltd.		5,451,706		27,955,457
Angel One Ltd.		219,734		3,537,151
APL Apollo Tubes Ltd.(a)		1,155,153		13,584,385
Apollo Hospitals Enterprise Ltd.		896,479		48,166,365
Apollo Tyres Ltd.		3,628,085		11,319,187
Ashok Leyland Ltd.		13,404,444		25,639,108
Asian Paints Ltd.		3,404,937		143,343,831
Astral Ltd.		855,143		22,235,524
AstraZeneca Pharma India Ltd.		74,328		2,867,495
Atul Ltd.		122,842		14,049,724

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

Consolidated Schedule of Investments  (continued) August 31, 2022 iShares^® Core MSCI Emerging Markets ETF (Percentages shown are based on Net Assets)

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

Security	Shares		Value
India (continued)
Dalmia Bharat Ltd.		694,213	$	13,284,264
Deepak Fertilisers & Petrochemicals Corp. Ltd.		518,447		5,859,961
Deepak Nitrite Ltd.		639,873		15,702,065
Devyani International Ltd.(a)		1,923,160		4,379,456
Dhani Services Ltd.(a)		3,103,495		2,506,404
Dilip Buildcon Ltd.(b)		403,182		1,206,757
Divi’s Laboratories Ltd.		1,183,230		53,421,368
Dixon Technologies India Ltd.		290,158		14,754,649
DLF Ltd.		5,700,329		27,535,593
Dr Lal PathLabs Ltd.(b)		265,812		8,468,402
Dr. Reddy’s Laboratories Ltd.		1,022,503		54,035,480
Edelweiss Financial Services Ltd.		4,925,623		3,730,755
Eicher Motors Ltd.		1,225,133		51,131,216
EID Parry India Ltd.		536,398		3,548,447
EIH Ltd.(a)		1,767,867		3,520,744
Emami Ltd.		1,842,637		11,154,399
Embassy Office Parks REIT		5,108,957		23,265,156
Endurance Technologies Ltd.(b)		356,972		6,663,726
Engineers India Ltd.		3,408,048		2,887,169
Exide Industries Ltd.		4,366,835		8,720,132
Federal Bank Ltd.		14,026,416		20,341,324
Fine Organic Industries Ltd.		62,621		4,824,519
Finolex Cables Ltd.		877,503		5,038,472
Finolex Industries Ltd.		2,381,435		4,499,210
Firstsource Solutions Ltd.		2,823,511		3,754,521
Fortis Healthcare Ltd.(a)		4,364,318		16,006,274
GAIL India Ltd.		14,357,317		24,387,738
GHCL Ltd.		559,037		4,157,752
Gillette India Ltd.		67,595		4,655,014
GlaxoSmithKline Pharmaceuticals Ltd.		311,139		5,676,409
Glenmark Pharmaceuticals Ltd.		1,462,607		6,774,133
GMM Pfaudler Ltd.		242,904		5,025,915
GMR Infrastructure Ltd.(a)		21,620,114		9,654,922
Godrej Consumer Products Ltd.(a)		3,434,027		39,556,152
Godrej Industries Ltd.(a)		929,450		5,571,287
Godrej Properties Ltd.(a)		1,106,708		19,302,923
Granules India Ltd.		1,584,648		6,033,158
Graphite India Ltd.		702,586		3,597,373
Grasim Industries Ltd.		2,458,105		51,230,433
Great Eastern Shipping Co. Ltd. (The)		1,087,288		7,734,400
Grindwell Norton Ltd.		398,148		10,920,013
Gujarat Fluorochemicals Ltd.		277,845		11,519,798
Gujarat Gas Ltd.		1,622,316		9,546,523
Gujarat Narmada Valley Fertilizers & Chemicals Ltd.		780,161		7,260,278
Gujarat Pipavav Port Ltd.		3,326,438		3,612,166
Gujarat State Fertilizers & Chemicals Ltd.		1,433,032		2,809,868
Gujarat State Petronet Ltd.		2,546,236		7,673,758
Happiest Minds Technologies Ltd.		662,106		8,415,283
Havells India Ltd.		2,331,620		40,364,199
HCL Technologies Ltd.		9,340,984		108,652,793
HDFC Life Insurance Co. Ltd.(b)		8,127,049		58,240,109
Hero MotoCorp Ltd.		988,656		34,825,596
HFCL Ltd.		6,583,341		6,044,962
Hindalco Industries Ltd.		12,076,231		65,496,640
Hindustan Petroleum Corp. Ltd.		5,418,616		16,446,824
Hindustan Unilever Ltd.		7,237,469		239,603,370
Hitachi Energy India Ltd.		90,623		4,220,497
Housing Development Finance Corp. Ltd.		15,059,619		455,936,183
ICICI Bank Ltd.		45,133,028		494,899,212

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  (continued) August 31, 2022 iShares^® Core MSCI Emerging Markets ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
India (continued)
ICICI Lombard General Insurance Co. Ltd.(b)		1,979,837	$	31,803,131
ICICI Prudential Life Insurance Co. Ltd.(b)		3,158,190		23,315,025
ICICI Securities Ltd.(b)		815,663		5,084,300
IDFC First Bank Ltd.(a)		24,069,931		14,651,510
IDFC Ltd.		11,136,809		9,487,093
IIFL Finance Ltd.		1,038,624		4,448,807
IIFL Wealth Management Ltd.		360,575		7,528,810
India Cements Ltd. (The)		1,898,493		5,375,660
Indiabulls Housing Finance Ltd.(a)		2,804,492		4,730,037
Indiabulls Real Estate Ltd.(a)		3,173,916		3,411,911
IndiaMART Intermesh Ltd.(b)		146,561		8,007,580
Indian Bank		1,685,744		4,056,573
Indian Energy Exchange Ltd.(b)		4,208,869		8,388,062
Indian Hotels Co. Ltd. (The)		6,853,755		24,252,765
Indian Oil Corp. Ltd.		23,458,975		20,932,644
Indian Railway Catering & Tourism Corp. Ltd.		2,240,370		19,651,144
Indraprastha Gas Ltd.		2,668,694		13,952,794
Indus Towers Ltd.		5,764,071		14,333,822
Info Edge India Ltd.		658,320		35,412,966
Infosys Ltd.		29,208,668		538,347,600
Inox Leisure Ltd.(a)		646,741		4,050,650
Intellect Design Arena Ltd.		805,341		5,911,238
InterGlobe Aviation Ltd.(a)(b)		912,725		22,793,006
Ipca Laboratories Ltd.		1,274,824		14,425,434
IRB Infrastructure Developers Ltd.		1,370,394		4,024,297
ITC Ltd.		26,049,872		104,102,570
Jindal Steel & Power Ltd.		3,742,011		20,134,722
JK Cement Ltd.		302,742		10,220,018
JM Financial Ltd.		4,081,997		3,241,432
JSW Steel Ltd.		6,584,456		54,605,787
Jubilant Foodworks Ltd.		3,649,263		27,797,303
Jubilant Ingrevia Ltd.		545,319		3,166,359
Jubilant Pharmova Ltd.		685,346		2,999,479
Just Dial Ltd.(a)		233,205		1,709,819
Jyothy Labs Ltd.		1,635,675		3,855,970
Kajaria Ceramics Ltd.		833,426		12,085,391
Kansai Nerolac Paints Ltd.		1,211,233		7,644,582
Karur Vysya Bank Ltd. (The)		4,355,247		3,700,117
Kaveri Seed Co. Ltd.		339,134		1,931,303
KEC International Ltd.		1,158,524		5,881,250
KEI Industries Ltd.		738,477		13,457,301
Kotak Mahindra Bank Ltd.		4,895,206		116,134,697
KPIT Technologies Ltd.		1,484,061		10,253,346
KPR Mill Ltd.		839,259		6,311,828
Krishna Institute Of Medical Sciences Ltd.(a)(b)		220,079		3,306,027
L&T Finance Holdings Ltd.		6,975,441		6,850,966
Lakshmi Machine Works Ltd.		48,915		7,331,861
Larsen & Toubro Infotech Ltd.(b)		464,184		26,562,159
Larsen & Toubro Ltd.		6,079,702		145,105,672
Laurus Labs Ltd.(b)		2,995,043		21,559,567
Lemon Tree Hotels Ltd.(a)(b)		3,065,109		2,654,626
LIC Housing Finance Ltd.		2,703,491		13,736,817
Linde India Ltd.		205,034		8,751,443
Lupin Ltd.		1,680,198		14,040,477
Mahanagar Gas Ltd.		667,797		7,256,077
Mahindra & Mahindra Financial Services Ltd.		5,032,369		12,816,883
Mahindra & Mahindra Ltd.		7,758,474		125,924,917
Mahindra CIE Automotive Ltd.		1,136,701		3,883,415
Mahindra Lifespace Developers Ltd.		664,952		4,296,616
Manappuram Finance Ltd.		4,908,780		6,448,985

Security	Shares		Value
India (continued)
Marico Ltd.		4,838,533	$	31,764,297
Maruti Suzuki India Ltd.		1,070,508		120,750,524
Mastek Ltd.		121,165		2,839,204
Max Financial Services Ltd.(a)		1,933,490		19,869,488
Max Healthcare Institute Ltd.(a)		4,321,266		20,884,169
Medplus Health Services Ltd.(a)		257,384		2,356,745
Metropolis Healthcare Ltd.(b)		265,129		4,725,285
Mindspace Business Parks REIT(b)		1,519,935		7,040,032
Mindtree Ltd.		554,871		22,577,676
Motherson Sumi Wiring India Ltd.		11,287,104		11,467,446
Motilal Oswal Financial Services Ltd.		380,421		3,646,274
Mphasis Ltd.		755,852		19,884,551
MRF Ltd.		16,908		18,022,593
Multi Commodity Exchange of India Ltd.		221,375		3,546,717
Muthoot Finance Ltd.		1,112,484		14,574,955
Narayana Hrudayalaya Ltd.		681,458		5,958,013
Natco Pharma Ltd.		937,321		7,208,355
National Aluminium Co. Ltd.		8,512,719		8,477,042
Navin Fluorine International Ltd.		313,199		16,688,272
Nestle India Ltd.		302,587		75,337,768
NIIT Ltd.		634,327		2,729,308
Nippon Life India Asset Management Ltd.(b)		1,573,708		5,917,788
NTPC Ltd.		34,887,667		71,514,758
Nuvoco Vistas Corp. Ltd.(a)		1,013,130		4,533,969
Oberoi Realty Ltd.		1,030,517		12,880,868
Oil & Natural Gas Corp. Ltd.		21,523,243		37,259,176
Oil India Ltd.		2,817,277		6,783,684
Oracle Financial Services Software Ltd.		155,717		6,151,881
Orient Electric Ltd.		1,174,905		3,808,230
Page Industries Ltd.		51,409		32,753,547
PB Fintech Ltd.(a)		1,129,815		7,035,923
Persistent Systems Ltd.		460,012		20,005,931
Petronet LNG Ltd.		6,658,151		18,368,230
Phoenix Mills Ltd. (The)		673,593		11,780,345
PI Industries Ltd.		726,925		31,082,762
Pidilite Industries Ltd.		1,440,020		49,155,803
Piramal Enterprises Ltd.		1,012,675		13,362,117
Piramal Pharma Ltd., NVS		4,050,700		10,882,495
PNB Housing Finance Ltd.(a)(b)		562,220		2,438,555
Polycab India Ltd.		411,972		12,636,203
Polyplex Corporation Ltd.		132,182		3,535,831
Poonawalla Fincorp Ltd.		2,021,952		7,644,814
Power Grid Corp. of India Ltd.		28,010,209		80,195,222
Praj Industries Ltd.		1,112,303		5,785,212
Prestige Estates Projects Ltd.		1,588,702		9,022,067
Procter & Gamble Health Ltd.		68,675		3,622,774
PVR Ltd.(a)		485,671		11,033,183
Quess Corp. Ltd.(b)		815,523		5,803,625
Radico Khaitan Ltd.		803,608		10,463,457
Rain Industries Ltd.		1,338,425		3,295,311
Rajesh Exports Ltd.		674,074		4,966,862
Rallis India Ltd.		1,024,886		2,882,354
Ramco Cements Ltd. (The)		1,104,422		10,420,954
Raymond Ltd.		250,650		2,986,217
RBL Bank Ltd.(a)(b)		3,937,185		5,943,101
REC Ltd.		9,137,223		12,406,633
Redington India Ltd.		5,236,636		9,770,890
Relaxo Footwears Ltd.		606,666		7,568,727
Reliance Industries Ltd.		26,525,504		868,976,701
Reliance Power Ltd.(a)		19,521,707		4,055,456

24 2 0 2 2    I S H A R E S     A N N U A L    R E P O R T    T O    S H A R E  H O L D E R S

Consolidated Schedule of Investments  (continued) August 31, 2022 iShares^® Core MSCI Emerging Markets ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
India (continued)
Route Mobile Ltd.		297,143	$	5,580,069
Samvardhana Motherson International Ltd.		11,282,060		17,208,187
Sanofi India Ltd.		92,845		7,198,168
Saregama India Ltd.		512,448		2,563,039
SBI Cards & Payment Services Ltd.		2,123,497		24,348,585
SBI Life Insurance Co. Ltd.(b)		4,096,535		67,698,249
Schaeffler India Ltd.		391,020		14,798,995
Sheela Foam Ltd.(a)		138,900		5,178,866
Shree Cement Ltd.		100,177		27,500,626
Shree Renuka Sugars Ltd.(a)		5,632,599		3,270,018
Shriram City Union Finance Ltd.		158,064		3,757,264
Shriram Transport Finance Co. Ltd.		1,698,496		28,508,083
Siemens Ltd.		678,265		24,352,757
SKF India Ltd.		123,973		7,523,002
Solar Industries India Ltd.		246,341		10,245,448
Sonata Software Ltd.		591,810		5,240,026
SRF Ltd.		1,372,974		43,328,055
State Bank of India		15,914,722		104,782,043
Sterlite Technologies Ltd.		1,854,298		3,953,856
Strides Pharma Science Ltd.		585,647		2,409,249
Sumitomo Chemical India Ltd.		697,856		4,260,950
Sun Pharma Advanced Research Co. Ltd.(a)		1,123,520		3,207,851
Sun Pharmaceutical Industries Ltd.		7,945,473		88,673,190
Sun TV Network Ltd.		780,289		4,873,702
Sundram Fasteners Ltd.		813,779		8,486,202
Sunteck Realty Ltd.		641,087		3,795,659
Supreme Industries Ltd.		596,519		14,641,127
Suven Pharmaceuticals Ltd.		1,216,960		7,453,623
Suzlon Energy Ltd.(a)		40,276,202		4,088,530
Symphony Ltd.		181,509		2,114,826
Syngene International Ltd.(b)		1,213,590		9,067,169
Tanla Platforms Ltd.		602,549		5,333,678
Tata Chemicals Ltd.		1,328,424		18,667,743
Tata Communications Ltd.		953,750		14,263,404
Tata Consultancy Services Ltd.		7,898,363		314,999,235
Tata Consumer Products Ltd.		5,249,207		53,054,070
Tata Elxsi Ltd.		309,909		34,568,461
Tata Motors Ltd.(a)		14,628,867		85,192,553
Tata Power Co. Ltd. (The)		13,021,227		38,182,987
Tata Steel Ltd.		64,617,852		86,756,079
Tata Teleservices Maharashtra Ltd.(a)		4,439,198		6,058,926
TeamLease Services Ltd.(a)		117,242		4,966,910
Tech Mahindra Ltd.		5,052,994		67,323,706
Thermax Ltd.		413,589		12,450,165
Timken India Ltd.		166,794		6,281,847
Titan Co. Ltd.		3,156,939		102,298,373
Torrent Pharmaceuticals Ltd.		904,444		17,476,363
Torrent Power Ltd.		1,549,715		11,247,768
Trent Ltd.		1,729,305		30,245,690
Trident Ltd.		10,793,511		4,889,960
TTK Prestige Ltd.		597,688		7,152,677
Tube Investments of India Ltd.		904,959		25,515,952
TV18 Broadcast Ltd.(a)		5,211,229		2,634,246
TVS Motor Co. Ltd.		1,689,323		20,679,297
UltraTech Cement Ltd.		908,520		75,529,688
United Spirits Ltd.(a)		2,727,922		27,573,509
UNO Minda Ltd.		1,454,488		10,441,252
UPL Ltd.		4,519,082		43,284,009
UTI Asset Management Co. Ltd.		413,291		4,236,668
Vardhman Textiles Ltd.		1,158,721		4,783,546

Security	Shares		Value
India (continued)
Vedanta Ltd.		6,911,942	$	23,164,747
V-Guard Industries Ltd.		1,981,758		5,603,869
Vinati Organics Ltd.(a)		290,341		7,967,829
VIP Industries Ltd.		549,175		4,053,210
V-Mart Retail Ltd.		120,389		4,390,792
Vodafone Idea Ltd.(a)		78,408,430		8,791,894
Voltas Ltd.		1,952,472		24,311,418
Welspun Corp. Ltd.		1,059,793		2,971,559
Welspun India Ltd.		2,598,841		2,491,671
Westlife Development Ltd.(a)		499,379		4,021,344
Whirlpool of India Ltd.		322,122		7,323,208
Wipro Ltd.		11,740,064		60,111,259
Yes Bank Ltd., (Acquired 03/16/20, Cost: $35,983,750)(a)(e)		12,578,231		2,460,091
Yes Bank Ltd.(a)		85,258,979		17,475,126
Zee Entertainment Enterprises Ltd		7,719,392		24,593,605
Zensar Technologies Ltd.		1,001,744		2,846,099
Zomato Ltd.(a)		20,615,583		14,736,543
				10,026,513,840
Indonesia — 2.1%
Ace Hardware Indonesia Tbk PT		68,589,300		3,327,222
Adaro Energy Indonesia Tbk PT		129,425,200		30,854,544
Adaro Minerals Indonesia Tbk PT(a)		69,542,900		8,020,176
AKR Corporindo Tbk PT		108,043,100		8,732,031
Aneka Tambang Tbk		75,671,943		10,118,595
Astra Agro Lestari Tbk PT		5,900,600		3,636,989
Astra International Tbk PT		177,122,600		83,109,302
Bank Aladin Syariah Tbk PT(a)		44,209,400		5,018,888
Bank BTPN Syariah Tbk PT		26,132,000		5,207,563
Bank Central Asia Tbk PT		479,412,400		264,742,474
Bank Jago Tbk PT(a)		37,246,000		21,105,102
Bank Mandiri Persero Tbk PT		164,742,200		98,035,598
Bank Negara Indonesia Persero Tbk PT		66,675,800		38,242,958
Bank Neo Commerce Tbk PT(a)		36,310,300		2,991,626
Bank Pembangunan Daerah Jawa Barat Dan Banten Tbk PT		36,576,419		3,425,008
Bank Rakyat Indonesia Persero Tbk PT		592,507,695		173,029,431
Bank Tabungan Negara Persero Tbk PT		49,005,576		4,964,969
Barito Pacific Tbk PT		259,051,200		14,300,318
Berkah Beton Sadaya Tbk PT		34,571,800		10,644,644
BFI Finance Indonesia Tbk PT		75,191,300		6,326,708
Bukit Asam Tbk PT		38,042,500		10,885,090
Bumi Resources Minerals Tbk PT(a)		398,199,300		6,653,423
Bumi Serpong Damai Tbk PT(a)		89,107,900		5,515,861
Charoen Pokphand Indonesia Tbk PT		68,093,400		26,952,921
Ciputra Development Tbk PT		94,870,527		6,072,225
Digital Mediatama Maxima Tbk PT(a)		25,268,200		2,341,556
Gudang Garam Tbk PT		3,782,400		6,048,397
Hanson International Tbk PT(a)(d)		783,666,700		1
Harum Energy Tbk PT		21,936,100		2,509,010
Indah Kiat Pulp & Paper Tbk PT		24,573,400		13,764,751
Indika Energy Tbk PT		14,153,800		2,734,332
Indo Tambangraya Megah Tbk PT		3,561,600		9,433,891
Indocement Tunggal Prakarsa Tbk PT		13,814,900		8,785,618
Indofood CBP Sukses Makmur Tbk PT		19,870,600		11,121,484
Indofood Sukses Makmur Tbk PT		36,555,000		15,335,382
Industri Jamu Dan Farmasi Sido Muncul Tbk PT		14,531,700		695,133
Inti Agri Resources Tbk PT(a)(d)		291,349,000		—
Japfa Comfeed Indonesia Tbk PT		48,816,000		5,209,348
Jasa Marga Persero Tbk PT(a)		20,908,880		4,842,875

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  (continued) August 31, 2022 iShares^® Core MSCI Emerging Markets ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Indonesia (continued)
Kalbe Farma Tbk PT		182,175,500	$	20,600,207
Matahari Department Store Tbk PT		9,021,800		2,330,632
Medco Energi Internasional Tbk PT		105,097,880		6,091,903
Media Nusantara Citra Tbk PT		62,879,700		3,872,510
Medikaloka Hermina Tbk PT		36,767,700		3,695,214
Merdeka Copper Gold Tbk PT(a)		107,478,285		30,907,547
Metro Healthcare Indonesia TBK PT(a)		156,632,200		5,044,311
Mitra Adiperkasa Tbk PT(a)		100,595,600		6,834,976
Pabrik Kertas Tjiwi Kimia Tbk PT		13,967,600		6,369,293
Pakuwon Jati Tbk PT		192,358,700		6,269,921
Panin Financial Tbk PT		210,468,400		5,416,805
Perusahaan Gas Negara Tbk PT		97,842,500		12,104,773
Perusahaan Perkebunan London Sumatra Indonesia Tbk PT		37,122,700		2,949,989
Pool Advista Indonesia Tbk PT(a)(d)		12,679,400		—
PP Persero Tbk PT(a)		36,583,850		2,485,884
Sarana Menara Nusantara Tbk PT		210,451,500		17,594,224
Semen Indonesia Persero Tbk PT		25,887,000		11,495,388
Smartfren Telecom Tbk PT(a)		915,719,800		6,108,409
Sugih Energy Tbk PT(a)(d)		27,492,211		—
Sumber Alfaria Trijaya Tbk PT		139,584,200		20,485,655
Summarecon Agung Tbk PT		125,272,541		5,053,430
Surya Citra Media Tbk PT		244,820,500		3,725,351
Surya Esa Perkasa Tbk PT		69,398,600		5,205,289
Telkom Indonesia Persero Tbk PT		427,753,600		130,991,313
Tower Bersama Infrastructure Tbk PT		55,120,100		10,464,833
Trada Alam Minera Tbk PT(a)(d)		280,960,700		—
Transcoal Pacific Tbk PT		9,496,800		5,310,658
Unilever Indonesia Tbk PT		63,645,900		19,668,296
United Tractors Tbk PT		14,794,900		33,688,975
Vale Indonesia Tbk PT(a)		19,380,000		7,943,318
Waskita Karya Persero Tbk PT(a)		127,472,244		4,843,578
Wijaya Karya Persero Tbk PT(a)		40,998,423		2,952,153
XL Axiata Tbk PT		36,949,500		6,542,517
				1,341,782,796
Kuwait — 0.9%
Agility Public Warehousing Co. KSC		13,181,789		35,961,914
Al Ahli Bank of Kuwait KSCP		4,867,981		5,525,131
Boubyan Bank KSCP		12,785,319		34,655,872
Boubyan Petrochemicals Co. KSCP		4,058,079		12,073,012
Gulf Bank KSCP		14,114,330		16,026,191
Gulf Cable & Electrical Industries Co. KSCP		932,666		4,382,150
Humansoft Holding Co. KSC		778,089		8,739,494
Jazeera Airways Co. KSCP		744,178		4,522,587
Kuwait Finance House KSCP		46,256,448		135,021,678
Kuwait International Bank KSCP		9,042,312		6,306,312
Kuwait Projects Co. Holding KSCP		4,511,732		2,360,381
Mabanee Co. KPSC		5,630,592		15,132,757
Mobile Telecommunications Co. KSCP		19,626,783		38,531,125
National Bank of Kuwait SAKP		63,145,548		216,009,020
National Industries Group Holding SAK		19,101,832		17,342,702
National Investments Co. KSCP		2,290,051		2,141,779
National Real Estate Co. KPSC(a)		9,033,827		4,890,994
Qurain Petrochemical Industries Co.		6,111,767		6,267,235
Shamal Az-Zour Al-Oula for the First Phase of Az-Zour Power Plant KSC		6,025,326		3,931,474
Warba Bank KSCP(a)		13,860,781		11,239,944
				581,061,752
Malaysia — 1.7%
AEON Credit Service M Bhd		2,407,700		7,585,425

Security	Shares		Value
Malaysia (continued)
Alliance Bank Malaysia Bhd		11,173,700	$	8,786,116
AMMB Holdings Bhd		14,851,700		13,803,851
Axiata Group Bhd		24,063,000		16,317,978
Bermaz Auto Bhd		9,661,100		3,921,019
British American Tobacco Malaysia Bhd(c)		1,487,800		3,424,051
Bursa Malaysia Bhd		5,748,600		8,215,626
Carlsberg Brewery Malaysia Bhd(c)		1,646,500		8,500,250
CIMB Group Holdings Bhd		57,942,500		69,291,643
CTOS Digital Bhd		10,235,700		3,268,165
D&O Green Technologies Bhd(c)		5,626,000		4,800,872
Dagang NeXchange Bhd(c)		25,192,100		4,752,315
Dialog Group Bhd		31,796,996		17,200,821
DiGi.Com Bhd		27,979,500		23,352,552
DRB-Hicom Bhd		9,933,000		3,187,160
Fraser & Neave Holdings Bhd		1,380,400		6,882,987
Frontken Corp. Bhd(c)		12,318,200		7,466,277
Gamuda Bhd		16,287,800		13,878,155
Genting Bhd		18,117,800		18,936,455
Genting Malaysia Bhd		26,415,300		17,533,804
Genting Plantations Bhd		4,759,600		7,135,944
Greatech Technology Bhd(a)(c)		4,073,000		3,218,608
HAP Seng Consolidated Bhd		5,936,100		9,218,164
Hartalega Holdings Bhd(c)		14,520,200		5,385,662
Hibiscus Petroleum Bhd(c)		14,651,800		3,432,708
Hong Leong Bank Bhd		5,695,700		26,510,852
Hong Leong Financial Group Bhd		2,470,700		10,680,094
Hong Seng Consolidated Bhd(a)(c)		25,962,200		2,700,225
IGB Real Estate Investment Trust		16,083,600		5,811,870
IHH Healthcare Bhd		16,186,900		22,340,754
IJM Corp. Bhd		25,882,000		9,851,179
Inari Amertron Bhd		25,243,300		15,024,019
IOI Corp. Bhd		21,359,100		20,187,464
Kossan Rubber Industries Bhd		11,929,600		2,684,407
KPJ Healthcare Bhd		32,635,200		6,367,113
Kuala Lumpur Kepong Bhd		3,887,000		20,097,236
Lotte Chemical Titan Holding Bhd(b)(c)		5,220,900		1,994,803
Magnum Bhd		10,939,786		3,973,368
Mah Sing Group Bhd(c)		13,641,723		1,853,449
Malayan Banking Bhd		39,312,200		78,643,953
Malaysia Airports Holdings Bhd(a)		6,778,200		8,857,142
Malaysia Building Society Bhd(c)		31,713,800		4,087,987
Malaysian Pacific Industries Bhd		957,000		6,425,584
Malaysian Resources Corp. Bhd		30,704,700		2,384,545
Maxis Bhd(c)		20,572,300		17,634,996
Mega First Corp. Bhd		7,293,300		5,900,005
MISC Bhd		11,305,000		17,887,233
MR DIY Group M Bhd(b)		16,888,050		8,152,677
My EG Services Bhd		54,666,400		9,693,072
Nestle Malaysia Bhd		545,000		16,171,986
Padini Holdings Bhd		3,714,200		2,771,853
Pentamaster Corp. Bhd(c)		6,497,600		5,757,951
Petronas Chemicals Group Bhd		21,807,500		42,774,733
Petronas Dagangan Bhd		2,633,600		13,828,533
Petronas Gas Bhd		6,828,600		26,389,211
PPB Group Bhd		6,100,120		23,988,853
Press Metal Aluminium Holdings Bhd		30,735,900		32,576,867
Public Bank Bhd		126,085,700		132,395,028
QL Resources Bhd		10,916,743		12,440,038
RHB Bank Bhd		11,754,366		15,019,493
Scientex Bhd		8,883,800		6,982,296

26 2 0 2 2    I S H A R E S     A N N U A L    R E P O R T    T O    S H A R E  H O L D E R S

Consolidated Schedule of Investments  (continued) August 31, 2022 iShares^® Core MSCI Emerging Markets ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Malaysia (continued)
Sime Darby Bhd		23,215,800	$	11,828,438
Sime Darby Plantation Bhd		17,469,100		17,364,309
Sime Darby Property Bhd		36,175,300		3,865,297
SKP Resources Bhd(c)		11,018,225		4,143,847
SP Setia Bhd Group(c)		20,213,500		3,370,531
Sports Toto Bhd(c)		8,013,922		3,232,476
Sunway Construction Group Bhd		7,176,270		2,478,083
Sunway REIT		22,253,400		7,398,561
Supermax Corp. Bhd(c)		13,863,627		2,255,386
Telekom Malaysia Bhd		9,663,800		12,846,828
Tenaga Nasional Bhd		19,368,600		38,905,980
TIME dotCom Bhd		11,984,300		12,772,899
Top Glove Corp. Bhd(c)		46,895,600		8,396,434
UMW Holdings Bhd		3,239,800		2,220,155
UWC Bhd(c)		4,123,000		3,553,299
ViTrox Corp. Bhd		3,724,800		5,919,949
VS Industry Bhd(c)		31,560,550		7,062,314
Yinson Holdings Bhd		16,771,160		7,873,530
YTL Corp. Bhd		7,052,600		926,668
YTL Power International Bhd		4,157,700		698,588
				1,087,451,049
Mexico — 2.0%
Alfa SAB de CV, Class A		24,481,300		15,578,401
Alsea SAB de CV(a)		4,990,995		9,057,195
America Movil SAB de CV, Series L, NVS		242,645,172		206,796,099
Arca Continental SAB de CV		3,309,538		22,530,124
Banco del Bajio SA(b)		7,014,097		14,629,457
Bolsa Mexicana de Valores SAB de CV		3,939,478		7,115,757
Cemex SAB de CV, NVS(a)		134,958,583		50,040,484
Coca-Cola Femsa SAB de CV		4,142,800		25,329,963
Controladora Vuela Cia. de Aviacion SAB de CV, Class A(a)(c)		7,193,859		6,420,251
Corp Inmobiliaria Vesta SAB de CV		5,165,700		9,517,821
FIBRA Macquarie Mexico(b)		9,558,800		12,046,655
Fibra Uno Administracion SA de CV		30,999,000		32,450,744
Fomento Economico Mexicano SAB de CV		16,659,045		104,412,062
GCC SAB de CV		1,611,857		9,218,384
Genomma Lab Internacional SAB de CV, Class B(c)		8,329,424		6,809,402
Gentera SAB de CV		10,421,892		8,116,521
Gruma SAB de CV, Class B(c)		1,749,475		19,063,472
Grupo Aeroportuario del Centro Norte SAB de CV		2,442,052		15,968,825
Grupo Aeroportuario del Pacifico SAB de CV, Class B		3,252,000		46,301,029
Grupo Aeroportuario del Sureste SAB de CV, Class B		1,720,455		36,439,846
Grupo Bimbo SAB de CV, Series A(c)		12,136,902		39,893,066
Grupo Carso SAB de CV, Series A1(c)		4,291,836		14,769,463
Grupo Comercial Chedraui SA de CV		3,213,159		9,154,708
Grupo Financiero Banorte SAB de CV, Class O		22,434,378		132,491,614
Grupo Financiero Inbursa SAB de CV, Class O(a)		19,292,242		30,394,151
Grupo Herdez SAB de CV(c)		2,313,100		3,643,048
Grupo Mexico SAB de CV, Series B		27,454,920		103,951,619
Grupo Televisa SAB, CPO(c)		21,421,156		26,996,409
Industrias Penoles SAB de CV		1,230,430		10,113,265
Kimberly-Clark de Mexico SAB de CV, Class A		12,441,975		16,853,622
La Comer SAB de CV(c)		5,219,296		8,694,293
Nemak SAB de CV(a)(b)		14,325,224		3,029,085
Operadora De Sites Mexicanos SAB de CV(c)		12,030,195		11,978,543
Orbia Advance Corp. SAB de CV		8,705,183		16,428,216
PLA Administradora Industrial S. de RL de CV(c)		8,059,849		10,789,672

Security	Shares		Value
Mexico (continued)
Prologis Property Mexico SA de CV		3,831,358	$	9,911,914
Promotora y Operadora de Infraestructura SAB de CV		1,714,575		12,051,769
Qualitas Controladora SAB de CV		1,666,478		7,300,690
Regional SAB de CV(c)		2,038,347		11,004,939
Wal-Mart de Mexico SAB de CV(c)		45,180,396		147,652,310
				1,284,944,888
Panama — 0.0%
Intercorp Financial Services Inc.		284,617		6,136,343
Peru — 0.2%
Cia. de Minas Buenaventura SAA, ADR		1,946,075		10,353,119
Credicorp Ltd.		607,538		78,305,573
Southern Copper Corp.		741,592		34,906,735
				123,565,427
Philippines — 0.8%
Aboitiz Equity Ventures Inc.		15,639,540		15,598,677
ACEN Corp.		69,380,735		9,239,542
Alliance Global Group Inc.		38,080,200		6,800,405
Ayala Corp.		2,243,795		27,961,073
Ayala Land Inc.		64,195,740		32,587,830
Bank of the Philippine Islands		15,975,323		26,972,555
BDO Unibank Inc.		18,080,886		41,344,598
Bloomberry Resorts Corp.(a)		43,528,800		5,485,144
Cebu Air Inc.(a)		2,935,330		2,149,324
Converge Information and Communications Technology Solutions Inc.(a)		18,634,700		5,746,052
Cosco Capital Inc.		33,194,600		2,549,565
D&L Industries Inc.		33,256,800		4,465,348
DMCI Holdings Inc.		35,639,900		6,021,473
Globe Telecom Inc.		246,125		9,183,298
GT Capital Holdings Inc.		883,680		7,568,620
International Container Terminal Services Inc.		9,709,590		31,271,306
JG Summit Holdings Inc.		28,255,191		25,694,026
Jollibee Foods Corp.		4,108,450		17,511,371
Manila Electric Co.		1,870,420		10,017,320
Manila Water Co. Inc.		12,249,400		3,375,288
Megaworld Corp.		111,651,200		4,956,339
Metro Pacific Investments Corp.		136,021,800		9,025,673
Metropolitan Bank & Trust Co.		15,489,633		14,477,069
Monde Nissin Corp.(a)(b)		50,257,000		14,749,642
PLDT Inc.		730,600		21,777,494
Puregold Price Club Inc.		9,454,350		5,757,317
Robinsons Land Corp.		22,342,913		7,460,436
Security Bank Corp.		3,113,710		4,977,289
Semirara Mining & Power Corp.		7,592,800		5,553,601
SM Investments Corp.		2,213,962		32,680,172
SM Prime Holdings Inc.		91,946,896		61,808,744
Universal Robina Corp.		7,796,430		16,921,903
Vista Land & Lifescapes Inc.		50,125,300		1,796,914
Wilcon Depot Inc.		13,466,200		7,182,133
				500,667,541
Poland — 0.6%
Alior Bank SA(a)(c)		912,648		5,039,315
Allegro.eu SA (a)(b)(c)		3,087,665		16,195,371
AmRest Holdings SE(a)(c)		766,105		3,231,334
Asseco Poland SA		569,972		8,689,279
Bank Millennium SA(a)(c)		6,663,116		5,355,145
Bank Polska Kasa Opieki SA(c)		1,610,828		22,284,369
Budimex SA		131,006		7,039,806

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  (continued) August 31, 2022 iShares^® Core MSCI Emerging Markets ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Poland (continued)
CCC SA(a)(c)		356,530	$	2,859,334
CD Projekt SA(c)		553,601		9,872,392
Cyfrowy Polsat SA		2,088,382		8,613,070
Dino Polska SA(a)(b)		448,861		32,746,000
Enea SA(a)		2,603,659		4,189,258
Eurocash SA(a)		925,497		2,265,706
Grupa Azoty SA(a)(c)		472,164		3,268,048
Jastrzebska Spolka Weglowa SA(a)(c)		514,533		5,197,545
KGHM Polska Miedz SA		1,241,762		23,269,857
KRUK SA(c)		164,526		10,578,432
LPP SA		9,957		17,928,797
mBank SA(a)(c)		139,771		6,421,236
Orange Polska SA		5,612,012		7,151,673
PGE Polska Grupa Energetyczna SA(a)		7,469,409		11,386,043
Polski Koncern Naftowy ORLEN SA		3,458,099		44,790,048
Polskie Gornictwo Naftowe i Gazownictwo SA(a)		15,084,153		17,918,895
Powszechna Kasa Oszczednosci Bank Polski SA		7,594,101		37,883,491
Powszechny Zaklad Ubezpieczen SA		5,121,531		30,656,600
Santander Bank Polska SA		311,732		14,164,967
Tauron Polska Energia SA(a)(c)		10,447,042		5,118,473
Warsaw Stock Exchange(c)		436,232		3,190,293
				367,304,777
Qatar — 1.1%
Al Meera Consumer Goods Co. QSC		1,244,400		6,176,614
Baladna		6,456,571		2,946,884
Barwa Real Estate Co.		14,681,643		14,668,947
Commercial Bank PSQC (The)		28,119,032		55,870,126
Doha Bank QPSC		13,755,523		9,417,368
Gulf International Services QSC(a)		9,170,753		5,237,020
Industries Qatar QSC		13,776,099		67,789,672
Masraf Al Rayan QSC		44,678,047		54,798,274
Medicare Group		1,719,872		3,488,945
Mesaieed Petrochemical Holding Co.		41,496,649		29,271,358
Ooredoo QPSC		6,484,585		15,996,314
Qatar Aluminum Manufacturing Co.		29,032,536		14,785,348
Qatar Electricity & Water Co. QSC		4,431,356		22,753,611
Qatar Fuel QSC		3,661,760		18,911,408
Qatar Gas Transport Co. Ltd.		21,036,077		22,821,776
Qatar Insurance Co. SAQ		15,117,633		9,522,505
Qatar International Islamic Bank QSC		6,972,251		22,527,657
Qatar Islamic Bank SAQ		13,748,365		95,506,937
Qatar National Bank QPSC		40,063,247		224,300,883
Qatar National Cement Co. QSC		2,852,615		3,840,066
Qatar Navigation QSC		3,550,856		10,736,930
United Development Co. QSC		18,778,952		8,162,876
Vodafone Qatar QSC		22,804,352		10,176,366
				729,707,885
Romania — 0.0%
NEPI Rockcastle SA		3,754,644		20,006,782
Russia — 0.0%
Aeroflot PJSC(a)(d)		12,448,217		2,041
Alrosa PJSC(d)		22,555,750		3,698
Credit Bank of Moscow PJSC(a)(d)		131,641,331		21,580
Detsky Mir PJSC(b)(d)		5,639,776		924
Federal Grid Co. Unified Energy System PJSC(a)(d)		2,175,770,000		357
Gazprom PJSC(a)(d)		101,307,770		16,608
Globaltrans Investment PLC, GDR(d)(f)		1,523,220		250
Inter RAO UES PJSC(d)		270,997,905		44,426

Security	Shares		Value
Russia (continued)
LSR Group PJSC(a)(d)		498,324	$	82
LUKOIL PJSC(d)		3,545,225		581
Magnit PJSC(d)		582,606		95
Magnit PJSC, GDR(d)(f)		2		—
MMC Norilsk Nickel PJSC(d)		542,170		89
Mobile TeleSystems PJSC(d)		7,617,292		1,249
Moscow Exchange MICEX-RTS PJSC(a)(d)		12,320,031		2,020
Novatek PJSC(d)		7,792,960		1,277
Novolipetsk Steel PJSC(d)		12,759,568		2,092
OGK-2 PJSC(d)		319,608,000		52,395
Ozon Holdings PLC, ADR(a)(d)		453,223		74
PhosAgro PJSC(d)		409,067		67
PhosAgro PJSC, GDR(d)(f)		1		—
PhosAgro PJSC, New(d)		7,905		79
Polymetal International PLC(d)		3,035,664		498
Polyus PJSC(d)		290,787		48
Ros Agro PLC, GDR(d)(f)		300,309		49
Rosneft Oil Co. PJSC(d)		9,721,202		1,593
Rostelecom PJSC(d)		8,098,021		1,327
Sberbank of Russia PJSC(a)(d)		91,862,230		15,059
Segezha Group PJSC(b)(d)		34,454,100		5,648
Severstal PAO(d)		1,835,503		301
Sistema PJSFC(d)		30,748,700		5,041
Sovcomflot PJSC(d)		4,464,400		732
Surgutneftegas PJSC(d)		60,550,132		9,926
Tatneft PJSC(d)		11,775,415		1,930
TCS Group Holding PLC, GDR(a)(d)(f)		1,042,828		171
Unipro PJSC(d)		160,829,082		26,365
United Co. RUSAL International PJSC(a)(d)		26,465,860		4,339
VK Co. Ltd.(a)(d)		956,753		157
VTB Bank PJSC(d)		25,685,534,000		4,211
X5 Retail Group NV, GDR(d)		1,023,928		168
Yandex NV(a)(d)		2,640,123		433
				227,980
Saudi Arabia — 4.5%
Abdullah Al Othaim Markets Co.		405,986		13,824,450
ACWA Power Co.		650,088		30,211,327
Advanced Petrochemical Co.		1,171,630		15,543,516
Al Hammadi Holding		989,568		11,763,212
Al Moammar Information Systems Co.		104,589		2,854,797
Al Rajhi Bank		17,187,750		411,471,045
Aldrees Petroleum and Transport Services Co.		561,456		10,441,038
Alinma Bank		8,584,795		86,489,761
Almarai Co. JSC		2,134,075		30,035,308
Alujain Corp.		428,772		7,106,353
AngloGold Ashanti Ltd.		3,682,489		49,178,399
Arab National Bank		5,430,913		43,293,262
Arabian Cement Co./Saudi Arabia		647,491		6,807,894
Arabian Contracting Services Co.		108,271		3,125,057
Arriyadh Development Co.		1,218,264		7,368,472
Astra Industrial Group		275,269		3,778,387
Bank AlBilad(a)		4,603,758		61,855,981
Bank Al-Jazira		3,402,102		21,242,922
Banque Saudi Fransi		5,341,350		70,487,311
Bupa Arabia for Cooperative Insurance Co.		567,156		24,804,588
City Cement Co.		860,354		5,529,987
Co. for Cooperative Insurance (The)(a)		578,318		11,661,613
Dallah Healthcare Co.		427,566		13,429,856
Dar Al Arkan Real Estate Development Co.(a)		3,822,590		14,331,964
Dr Sulaiman Al Habib Medical Services Group Co.		738,193		39,221,908

28 2 0 2 2    I S H A R E S     A N N U A L    R E P O R T    T O    S H A R E  H O L D E R S

Consolidated Schedule of Investments  (continued) August 31, 2022 iShares^® Core MSCI Emerging Markets ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Saudi Arabia (continued)
Eastern Province Cement Co.		625,325	$	7,301,171
Elm Co.		194,058		17,712,384
Emaar Economic City(a)		3,861,942		10,348,451
Etihad Etisalat Co.		3,314,092		32,234,600
Fawaz Abdulaziz Al Hokair & Co.(a)		466,062		2,745,727
Herfy Food Services Co.(a)		327,000		3,816,050
Jarir Marketing Co.		506,345		23,118,546
Leejam Sports Co. JSC		274,227		6,097,792
Methanol Chemicals Co.(a)		229,149		2,266,823
Middle East Healthcare Co.(a)		109,001		941,826
Middle East Paper Co.		214,000		3,363,814
Mobile Telecommunications Co.(a)		3,687,469		11,330,492
Mouwasat Medical Services Co.		452,521		29,002,155
National Agriculture Development Co. (The)(a)		706,713		5,762,928
National Gas & Industrialization Co.		331,522		5,130,408
National Industrialization Co.(a)		2,966,621		12,514,057
National Medical Care Co.		292,056		4,874,557
Qassim Cement Co. (The)		515,086		10,989,598
Rabigh Refining & Petrochemical Co.(a)		3,857,760		17,744,527
Reinet Investments SCA		1,262,322		20,718,183
Riyad Bank		12,197,862		114,868,886
SABIC Agri-Nutrients Co.		1,897,614		87,601,225
Sahara International Petrochemical Co.		3,299,658		41,677,055
Saudi Airlines Catering Co.(a)		533,304		10,731,835
Saudi Arabian Mining Co.(a)		7,735,559		152,636,791
Saudi Arabian Oil Co.(b)		20,763,142		206,821,315
Saudi Basic Industries Corp.		7,801,249		207,242,012
Saudi British Bank (The)		7,849,738		83,269,396
Saudi Cement Co.		649,585		9,593,209
Saudi Ceramic Co.		352,452		4,047,760
Saudi Electricity Co.		7,193,833		48,154,532
Saudi Ground Services Co.(a)		762,972		5,965,935
Saudi Industrial Investment Group		2,730,356		18,517,845
Saudi Investment Bank (The)		3,995,788		21,245,113
Saudi Kayan Petrochemical Co.(a)		6,536,586		25,419,201
Saudi National Bank (The)		19,344,215		358,716,452
Saudi Pharmaceutical Industries & Medical Appliances Corp.		781,250		5,805,819
Saudi Real Estate Co.(a)		1,342,175		4,963,688
Saudi Research & Media Group(a)		338,024		18,947,661
Saudi Tadawul Group Holding Co.		250,496		15,132,698
Saudi Telecom Co.		13,021,214		144,568,148
Saudia Dairy & Foodstuff Co.		196,699		10,399,444
Savola Group (The)		2,137,194		18,513,441
Seera Group Holding(a)		1,809,977		8,641,841
Southern Province Cement Co.		616,269		9,508,941
Theeb Rent A Car Co.		111,504		1,980,226
United Electronics Co.		353,316		11,226,753
United International Transportation Co.		703,235		8,625,227
Yamama Cement Co.(a)		1,206,025		9,463,971
Yanbu Cement Co.		921,593		9,766,092
Yanbu National Petrochemical Co.		2,181,832		28,992,886
				2,926,917,895
South Africa — 3.3%
Absa Group Ltd.		7,107,242		73,610,807
Adcock Ingram Holdings Ltd.		736,701		2,128,546
AECI Ltd.		1,282,762		6,215,821
African Rainbow Minerals Ltd.		1,054,970		14,552,627
Anglo American Platinum Ltd.		472,938		33,015,589
Aspen Pharmacare Holdings Ltd.		3,350,110		28,749,954

Security	Shares		Value
South Africa (continued)
Astral Foods Ltd.		460,384	$	5,562,103
AVI Ltd.		2,417,693		10,388,511
Barloworld Ltd.		1,391,239		7,066,353
Bid Corp. Ltd.		2,959,756		56,166,894
Bidvest Group Ltd. (The)		2,424,557		30,425,952
Capitec Bank Holdings Ltd.		738,835		87,851,435
Clicks Group Ltd.		2,211,215		38,472,527
Coronation Fund Managers Ltd.		2,557,210		4,707,684
DataTec Ltd.		2,009,001		4,975,867
Dis-Chem Pharmacies Ltd.(b)		3,540,599		7,328,367
Discovery Ltd.(a)		4,480,596		32,103,209
Distell Group Holdings Ltd.(a)		968,127		9,721,541
DRDGOLD Ltd.(c)		4,897,667		2,653,874
Equites Property Fund Ltd.		5,168,558		5,407,316
Exxaro Resources Ltd.		2,204,260		28,082,800
FirstRand Ltd.		43,877,551		163,887,430
Fortress REIT Ltd., Series A		11,917,786		7,249,994
Foschini Group Ltd. (The)		2,924,486		21,710,728
Gold Fields Ltd.		7,864,494		63,516,420
Growthpoint Properties Ltd.		31,125,513		23,150,495
Harmony Gold Mining Co. Ltd.		4,891,599		12,456,949
Impala Platinum Holdings Ltd.		7,292,455		76,412,874
Investec Ltd.		2,831,094		13,315,212
JSE Ltd.		951,133		5,962,645
KAP Industrial Holdings Ltd.		28,201,731		7,470,925
Kumba Iron Ore Ltd.		567,360		12,560,954
Life Healthcare Group Holdings Ltd.		11,734,237		13,749,901
Massmart Holdings Ltd.(a)		1,131,605		3,839,302
Momentum Metropolitan Holdings		9,858,191		9,562,683
Motus Holdings Ltd.		1,435,184		9,719,410
Mr. Price Group Ltd.		2,237,103		24,234,100
MTN Group Ltd.		14,830,299		107,342,350
MultiChoice Group		3,400,893		22,954,228
Naspers Ltd., Class N		1,901,738		268,157,298
Nedbank Group Ltd.		3,974,988		46,918,636
Netcare Ltd.		9,659,418		8,276,204
Ninety One Ltd.		1,939,884		4,377,232
Northam Platinum Holdings Ltd.(a)		3,078,272		28,969,858
Oceana Group Ltd.		786,058		2,514,944
Old Mutual Ltd.		41,259,088		24,442,803
Omnia Holdings Ltd.		1,149,143		4,143,146
Pepkor Holdings Ltd.(b)		11,818,050		13,874,975
Pick n Pay Stores Ltd.		2,919,972		10,536,873
PSG Group Ltd.(a)		1,281,065		6,748,332
Rand Merchant Investment Holdings Ltd.		7,035,209		11,110,116
Redefine Properties Ltd.		52,499,490		11,646,971
Remgro Ltd.		4,520,583		33,522,093
Resilient REIT Ltd.(c)		3,303,425		10,416,288
Reunert Ltd.		1,833,600		4,817,164
Royal Bafokeng Platinum Ltd.		926,793		7,860,189
Sanlam Ltd.		15,971,459		49,652,792
Santam Ltd.		208,402		2,958,103
Sappi Ltd.(a)		5,145,838		13,716,737
Sasol Ltd.(a)		4,984,957		95,873,918
Shoprite Holdings Ltd.		4,457,429		60,442,827
Sibanye Stillwater Ltd.		24,004,931		53,627,521
SPAR Group Ltd. (The)		1,481,725		13,544,976
Standard Bank Group Ltd.		11,667,308		104,114,096
Steinhoff International Holdings NV(a)		38,882,361		5,286,448
Super Group Ltd./South Africa		4,046,625		6,859,817

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  (continued) August 31, 2022 iShares^® Core MSCI Emerging Markets ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
South Africa (continued)
Telkom SA SOC Ltd.(a)		2,921,169	$	7,497,020
Thungela Resources Ltd.(c)		1,163,696		22,180,309
Tiger Brands Ltd.(c)		1,339,236		13,035,243
Transaction Capital Ltd.		3,954,318		8,694,132
Truworths International Ltd.		3,403,473		11,349,886
Vodacom Group Ltd.		5,465,775		40,231,694
Vukile Property Fund Ltd.		8,683,508		6,815,005
Wilson Bayly Holmes-Ovcon Ltd.		646,154		3,325,931
Woolworths Holdings Ltd.		8,732,422		28,549,406
				2,134,373,360
South Korea — 11.2%
ABLBio Inc.(a)(c)		296,417		5,016,779
Ace Technologies Corp.(a)(c)		330,277		1,731,060
Advanced Nano Products Co. Ltd.(c)		84,727		6,094,116
AfreecaTV Co. Ltd.(c)		83,857		4,759,330
Ahnlab Inc.(c)		61,698		3,839,797
Alteogen Inc.(a)(c)		253,599		11,956,710
Amicogen Inc.(a)(c)		171,746		2,970,972
Amorepacific Corp.(c)		256,966		23,420,143
AMOREPACIFIC Group(c)		241,860		6,260,842
Ananti Inc.(a)(c)		677,618		3,429,377
AptaBio Therapeutics Inc.(a)(c)		170,989		2,221,137
Asiana Airlines Inc.(a)		348,648		3,922,607
BGF retail Co. Ltd.		72,241		8,652,932
BH Co. Ltd.(c)		264,603		6,187,533
Binex Co. Ltd.(a)(c)		275,950		3,058,997
Binggrae Co. Ltd.(c)		72,243		2,463,252
Bioneer Corp.(a)(c)		224,805		5,016,858
BNC Korea Co. Ltd.(a)(c)		559,744		4,574,421
BNK Financial Group Inc.		2,148,030		10,710,742
Boryung(c)		339,190		2,557,990
Bukwang Pharmaceutical Co. Ltd.		426,595		2,856,249
Cafe24 Corp.(a)(c)		159,653		1,466,175
Cellivery Therapeutics Inc.(a)(c)		273,384		2,881,675
Celltrion Healthcare Co. Ltd.		748,873		40,075,302
Celltrion Inc.(c)		860,589		121,134,325
Celltrion Pharm Inc.(a)		149,371		8,688,208
Chabiotech Co. Ltd.(a)		468,531		5,939,364
Cheil Worldwide Inc.		590,768		9,631,588
Chong Kun Dang Pharmaceutical Corp.(c)		71,055		4,543,587
Chunbo Co. Ltd.(c)		45,424		7,616,756
CJ CGV Co. Ltd.(a)		254,314		3,871,448
CJ CheilJedang Corp.(c)		71,054		21,553,361
CJ Corp.		128,290		7,464,231
CJ ENM Co. Ltd.		88,964		6,484,300
CJ Logistics Corp.(a)		77,184		6,803,153
CMG Pharmaceutical Co. Ltd.(a)(c)		1,231,289		2,576,259
Com2uSCorp.(c)		78,788		4,723,159
Cosmax Inc.(c)		85,950		4,000,261
CosmoAM&T Co. Ltd.(a)		187,442		8,950,964
Coway Co. Ltd.(c)		473,914		22,484,573
Creative & Innovative System(a)(c)		506,137		5,411,177
CS Wind Corp.		214,040		10,904,782
Cuckoo Holdings Co. Ltd.(c)		88,875		1,176,352
Cuckoo Homesys Co. Ltd.(c)		71,844		1,697,687
Daeduck Electronics Co. Ltd./New		357,099		7,830,732
Daejoo Electronic Materials Co. Ltd.(c)		117,723		8,558,997
Daesang Corp.(c)		240,305		4,044,969
Daewoo Engineering & Construction Co. Ltd.(a)(c)		1,715,286		6,614,931

Security	Shares		Value
South Korea (continued)
Daewoo Shipbuilding & Marine Engineering Co. Ltd.(a)(c)		360,528	$	5,378,853
Daewoong Co. Ltd.(c)		204,307		3,686,325
Daewoong Pharmaceutical Co. Ltd.(c)		51,515		6,718,534
Daishin Securities Co. Ltd.		412,300		4,722,577
Danal Co. Ltd.(a)(c)		587,373		3,175,947
Daou Technology Inc.		289,850		4,052,841
Dawonsys Co. Ltd.(c)		273,683		4,706,138
DB HiTek Co. Ltd.		336,662		11,555,818
DB Insurance Co. Ltd.		406,381		18,097,681
Dentium Co. Ltd.		57,319		3,728,136
Devsisters Co. Ltd.(c)		56,598		1,636,539
DGB Financial Group Inc.		1,296,051		7,183,353
DL E&C Co. Ltd.(c)		246,540		7,483,031
DL Holdings Co. Ltd.(c)		107,766		5,348,375
Dong-A Socio Holdings Co. Ltd.		39,733		3,215,054
Dong-A ST Co. Ltd.(c)		75,296		3,161,261
Dongjin Semichem Co. Ltd.(c)		299,880		7,651,470
DongKook Pharmaceutical Co. Ltd.(c)		297,352		4,097,281
Dongkuk Steel Mill Co. Ltd.(c)		627,240		6,144,595
Dongsuh Cos. Inc.(c)		308,475		5,615,641
Dongwon F&B Co. Ltd.		11,785		1,361,694
Dongwon Industries Co. Ltd.(c)		14,855		2,502,583
Doosan Bobcat Inc.		444,302		11,423,149
Doosan Co. Ltd.		62,208		3,806,995
Doosan Enerbility Co. Ltd.(a)(c)		3,491,017		52,465,263
Doosan Fuel Cell Co. Ltd.(a)(c)		376,116		10,640,214
DoubleUGames Co. Ltd.		102,995		3,285,420
Douzone Bizon Co. Ltd.		199,825		5,355,394
Duk San Neolux Co. Ltd.(a)(c)		130,672		3,491,266
Echo Marketing Inc.		201,827		2,422,616
Ecopro BM Co. Ltd.(c)		417,592		34,552,728
Ecopro Co. Ltd.		170,011		14,409,336
Ecopro HN Co. Ltd.(c)		122,575		4,842,218
E-MART Inc.		164,823		11,965,846
Enchem Co. Ltd.(a)(c)		73,189		3,212,425
Eo Technics Co. Ltd.		93,949		5,234,450
Eubiologics Co. Ltd.(a)(c)		269,415		3,172,973
Eugene Technology Co. Ltd.(c)		180,992		3,670,521
F&F Co. Ltd./New		154,363		16,287,544
Fila Holdings Corp.(c)		414,858		9,582,316
Foosung Co. Ltd.(c)		502,472		6,010,872
GC Cell Corp.(a)(c)		93,489		4,058,960
GemVax & Kael Co. Ltd.(a)		347,028		3,501,897
Geneone Life Science Inc.(a)		682,546		5,471,221
Genexine Inc.(a)(c)		178,737		4,032,115
GOLFZON Co. Ltd.(c)		39,550		3,887,304
Grand Korea Leisure Co. Ltd.(a)(c)		377,584		4,479,696
Green Cross Corp.		51,653		6,305,525
Green Cross Holdings Corp.(c)		202,182		2,829,125
GS Engineering & Construction Corp.		508,781		11,380,589
GS Holdings Corp.		364,638		12,518,756
GS Retail Co. Ltd.(c)		321,841		6,083,928
HAESUNG DS Co. Ltd.		90,766		3,947,208
Halla Holdings Corp.		81,988		2,343,117
Hana Financial Group Inc.		2,557,199		74,533,784
Hana Materials Inc.(c)		63,056		1,772,479
Hana Micron Inc.(a)(c)		276,036		2,615,773
Hana Tour Service Inc.(a)(c)		126,720		5,497,174
Hanall Biopharma Co. Ltd.(a)		333,449		4,349,845

30 2 0 2 2    I S H A R E S     A N N U A L    R E P O R T    T O    S H A R E  H O L D E R S

Consolidated Schedule of Investments  (continued) August 31, 2022 iShares^® Core MSCI Emerging Markets ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
South Korea (continued)
Handsome Co. Ltd.(c)		138,388	$	2,917,997
Hanil Cement Co. Ltd./New(c)		257,004		2,913,721
Hanjin Transportation Co. Ltd.(c)		73,444		1,406,825
Hankook & Co. Co. Ltd.(c)		272,319		2,654,300
Hankook Tire & Technology Co. Ltd.		633,966		17,872,649
Hanmi Pharm Co. Ltd.		57,685		13,219,109
Hanmi Semiconductor Co. Ltd.		436,331		3,876,376
Hanon Systems		1,655,339		12,658,703
Hansae Co. Ltd.(c)		200,969		2,357,277
Hansol Chemical Co. Ltd.(c)		86,137		13,911,535
Hanssem Co. Ltd.(c)		93,886		3,754,651
Hanwha Aerospace Co. Ltd.(c)		318,928		19,294,290
Hanwha Corp.(c)		345,835		8,178,334
Hanwha Investment & Securities Co. Ltd.		1,093,591		2,519,335
Hanwha Life Insurance Co. Ltd.(a)(c)		3,129,397		5,368,669
Hanwha Solutions Corp.(a)(c)		998,031		38,915,101
Hanwha Systems Co. Ltd.(c)		587,343		6,777,436
HD Hyundai Co. Ltd.		417,209		19,589,346
HDC Holdings Co. Ltd.(c)		375,054		1,944,880
HDC Hyundai Development Co-Engineering & Construction, Class E(c)		378,323		3,495,772
Helixmith Co. Ltd.(a)(c)		355,963		4,379,096
Hite Jinro Co. Ltd.(c)		331,770		7,530,906
HK inno N Corp.(c)		45,097		1,356,054
HLB Inc.(a)(c)		858,230		31,333,419
HLB Life Science Co. Ltd.(a)(c)		778,245		8,501,556
HMM Co. Ltd.(c)		2,365,217		38,979,023
Hotel Shilla Co. Ltd.(c)		252,459		13,829,484
Hugel Inc.(a)(c)		65,646		5,941,099
Huons Co. Ltd.(c)		112,377		2,982,460
Hwaseung Enterprise Co. Ltd.		218,467		2,148,611
HYBE Co. Ltd.(a)(c)		151,534		20,306,389
Hyosung Advanced Materials Corp.(c)		24,436		7,660,029
Hyosung Chemical Corp.(a)		19,627		2,520,399
Hyosung Corp.		96,192		5,345,140
Hyosung TNC Corp.(c)		23,532		5,472,564
Hyundai Autoever Corp.		67,713		6,038,993
Hyundai Bioscience Co. Ltd.(a)(c)		342,231		8,771,867
Hyundai Construction Equipment Co. Ltd.		138,605		4,184,687
Hyundai Department Store Co. Ltd.(c)		134,873		6,204,676
Hyundai Doosan Infracore Co. Ltd.(a)(c)		1,098,291		5,024,821
Hyundai Electric & Energy System Co. Ltd.(a)		199,041		4,712,321
Hyundai Elevator Co. Ltd.(c)		258,841		5,628,248
Hyundai Engineering & Construction Co. Ltd.(c)		665,326		23,790,619
Hyundai Glovis Co. Ltd.		162,689		21,316,649
Hyundai Greenfood Co. Ltd.(c)		722,035		4,134,768
Hyundai Heavy Industries Co. Ltd.(a)(c)		138,774		14,767,052
Hyundai Home Shopping Network Corp.		58,183		2,167,329
Hyundai Marine & Fire Insurance Co. Ltd.(c)		473,632		11,110,433
Hyundai Mipo Dockyard Co. Ltd.(a)		222,591		17,670,554
Hyundai Mobis Co. Ltd.		529,944		84,511,888
Hyundai Motor Co.		1,213,489		176,298,382
Hyundai Rotem Co. Ltd.(a)(c)		642,503		14,428,282
Hyundai Steel Co.		772,597		18,839,558
Hyundai Wia Corp.(c)		150,798		8,487,066
Il Dong Pharmaceutical Co. Ltd.(a)		150,046		4,150,650
Iljin Hysolus Co. Ltd.(a)(c)		81,240		2,216,145
Iljin Materials Co. Ltd.(c)		210,576		11,539,551
Ilyang Pharmaceutical Co. Ltd.(c)		139,044		2,251,989
Industrial Bank of Korea		1,813,599		12,913,422

Security	Shares		Value
South Korea (continued)
Innocean Worldwide Inc		93,168	$	2,945,939
Innox Advanced Materials Co. Ltd.(c)		147,323		3,771,555
Intellian Technologies Inc.(c)		57,237		3,121,576
INTOPS Co. Ltd.		94,181		2,100,348
iNtRON Biotechnology Inc.(a)(c)		290,177		2,469,486
IS Dongseo Co. Ltd.		160,713		4,413,893
ITM Semiconductor Co. Ltd.(c)		92,896		2,226,217
JB Financial Group Co. Ltd.		1,215,787		6,868,790
Jeju Air Co. Ltd.(a)		154,651		1,783,728
Jusung Engineering Co. Ltd.(c)		358,691		4,217,906
JW Pharmaceutical Corp.		189,339		3,077,447
JYP Entertainment Corp.(c)		267,917		12,129,485
Kakao Corp.		2,730,274		148,263,851
Kakao Games Corp.(a)(c)		291,083		11,353,569
KakaoBank Corp.(a)(c)		1,002,632		20,301,973
Kangwon Land Inc.(a)(c)		841,979		16,600,907
KB Financial Group Inc.		3,419,925		125,541,821
KCC Corp.(c)		41,106		8,975,870
KCC Glass Corp.		103,668		3,883,390
KEPCO Engineering & Construction Co. Inc.(c)		130,155		7,084,852
KEPCO Plant Service & Engineering Co. Ltd.(c)		230,232		7,065,901
Kginicis Co. Ltd.		233,305		2,318,968
Kia Corp.		2,287,400		137,101,786
KIWOOM Securities Co. Ltd.(c)		117,575		7,471,132
KMW Co. Ltd.(a)(c)		256,679		6,095,681
Koh Young Technology Inc.(c)		541,534		5,669,875
Kolmar BNH Co. Ltd.(c)		122,397		2,354,916
Kolmar Korea Co. Ltd.(c)		152,717		4,342,131
Kolon Industries Inc.(c)		165,406		6,429,308
Komipharm International Co. Ltd.(a)(c)		411,550		2,169,326
Korea Aerospace Industries Ltd.(c)		643,040		29,178,443
Korea Electric Power Corp.(a)		2,191,284		34,168,416
Korea Investment Holdings Co. Ltd.		350,653		14,785,300
Korea Line Corp.(a)		1,493,505		2,524,220
Korea Petrochemical Ind Co. Ltd.(c)		31,457		2,841,530
Korea REIT & Trust Co. Ltd.		2,528,147		3,063,595
Korea Shipbuilding & Offshore Engineering Co. Ltd.(a)		343,992		24,826,225
Korea United Pharm Inc.		105,995		1,942,040
Korea Zinc Co. Ltd.(c)		76,877		38,455,923
Korean Air Lines Co. Ltd.(a)		1,519,442		30,199,035
Korean Reinsurance Co.		861,887		5,361,601
Krafton Inc.(a)(c)		207,035		37,820,121
KT Skylife Co. Ltd.		281,046		1,789,816
KT&G Corp.		913,219		56,726,828
Kuk-Il Paper Manufacturing Co. Ltd.(a)(c)		1,172,731		2,227,978
Kumho Petrochemical Co. Ltd.		159,783		15,412,185
Kumho Tire Co. Inc.(a)(c)		921,787		2,380,546
Kyung Dong Navien Co. Ltd.		82,064		2,640,970
L&C Bio Co. Ltd.(c)		172,364		3,353,698
L&F Co. Ltd.(a)(c)		204,669		34,712,417
LEENO Industrial Inc.		88,706		9,441,063
LegoChem Biosciences Inc.(a)(c)		208,511		6,959,809
LF Corp.		204,028		2,570,329
LG Chem Ltd.		428,848		200,742,152
LG Corp.		765,102		46,687,277
LG Display Co. Ltd.(c)		2,010,398		23,234,108
LG Electronics Inc.		919,803		68,828,867
LG Energy Solution(a)(c)		186,974		64,079,197
LG H&H Co. Ltd.		79,511		42,104,338

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  (continued) August 31, 2022 iShares^® Core MSCI Emerging Markets ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
South Korea (continued)
LG Innotek Co. Ltd.(c)		126,644	$	32,238,236
LG Uplus Corp.		1,598,160		13,686,619
LIG Nex1 Co. Ltd.(c)		128,086		10,102,844
Lock&Lock Co. Ltd.(a)		277,526		1,603,840
Lotte Chemical Corp.		142,485		18,500,892
Lotte Chilsung Beverage Co. Ltd.(c)		44,958		5,173,029
Lotte Confectionery Co. Ltd.		19,771		1,841,753
LOTTE Fine Chemical Co. Ltd.(c)		159,010		8,319,798
LOTTE Himart Co. Ltd.		96,809		1,132,651
LOTTE Reit Co. Ltd.		1,848,502		7,072,505
Lotte Rental Co. Ltd.		86,258		2,291,124
Lotte Shopping Co. Ltd.		102,853		7,549,593
Lotte Tour Development Co. Ltd.(a)(c)		439,402		4,107,445
LS Corp.(c)		165,344		8,239,371
LS Electric Co. Ltd.(c)		182,387		7,564,755
Lutronic Corp.		181,864		2,545,354
LX Hausys Ltd.		69,740		2,331,178
LX Holdings Corp.(a)(c)		434,214		2,709,188
LX International Corp.		280,399		9,030,003
LX Semicon Co. Ltd.(c)		102,915		7,241,029
Maeil Dairies Co. Ltd.(c)		51,948		2,220,572
Mando Corp.(c)		279,759		11,181,485
Mcnex Co. Ltd.		138,878		3,807,568
MedPacto Inc.(a)(c)		145,137		3,192,016
Medytox Inc.(a)(c)		47,197		4,298,295
MegaStudyEdu Co. Ltd.(c)		97,463		5,669,475
Meritz Financial Group Inc.(c)		321,216		7,362,347
Meritz Fire & Marine Insurance Co. Ltd.(c)		332,236		9,485,490
Meritz Securities Co. Ltd.(c)		2,475,002		8,920,012
Mezzion Pharma Co. Ltd.(a)(c)		246,988		3,270,053
Mirae Asset Life Insurance Co. Ltd.		749,463		1,694,368
Mirae Asset Securities Co. Ltd.		1,966,218		9,588,927
Myoung Shin Industrial Co. Ltd.(a)(c)		256,462		4,133,537
Namhae Chemical Corp.(c)		288,944		2,313,119
Naturecell Co. Ltd.(a)(c)		491,202		9,639,115
NAVER Corp.		1,127,628		200,093,738
NCSoft Corp.		143,011		40,187,840
NEPES Corp.(a)(c)		207,041		3,346,991
Netmarble Corp.(b)(c)		170,134		8,021,227
Nexen Tire Corp.		313,957		1,553,287
Nexon Games Co. Ltd.(a)(c)		278,293		3,452,481
NH Investment & Securities Co. Ltd.		969,109		7,174,147
NHN Corp.(a)		186,277		3,498,345
NHN KCP Corp.(a)(c)		295,709		2,779,668
NICE Holdings Co. Ltd.		255,137		2,598,073
NICE Information Service Co. Ltd.(c)		375,257		4,012,311
NKMax Co. Ltd.(a)(c)		339,543		4,671,921
NongShim Co. Ltd.(c)		33,924		7,584,063
OCI Co. Ltd.(c)		174,625		15,194,566
Orion Corp./Republic of Korea		208,297		15,258,700
Orion Holdings Corp.		266,771		2,900,987
Oscotec Inc.(a)(c)		237,211		3,574,976
Ottogi Corp.(c)		14,634		5,236,388
Pan Ocean Co. Ltd.		2,404,913		9,202,070
Paradise Co. Ltd.(a)(c)		533,208		6,322,795
Park Systems Corp.(c)		46,168		3,329,586
Partron Co. Ltd.(c)		470,239		3,030,112
Pearl Abyss Corp.(a)(c)		264,678		11,130,015
People & Technology Inc.(c)		190,619		7,106,022
PharmaResearch Co. Ltd.(c)		67,062		3,359,781

Security	Shares		Value
South Korea (continued)
Pharmicell Co. Ltd.(a)		571,723	$	5,328,490
PI Advanced Materials Co. Ltd.(c)		166,881		4,609,097
Poongsan Corp.(c)		284,684		6,574,651
POSCO Chemical Co. Ltd.(c)		248,898		30,941,467
POSCO Holdings Inc.		655,371		123,973,372
Posco ICT Co. Ltd.(c)		620,180		3,056,938
Posco International Corp.(c)		451,321		9,009,054
PSK Inc.(c)		40,335		1,021,885
RFHIC Corp.(c)		190,749		3,582,254
S&S Tech Corp.(c)		191,290		3,136,959
S-1 Corp.		131,239		5,698,382
Sam Chun Dang Pharm Co. Ltd.(a)(c)		147,078		3,830,945
Sam Kang M&T Co. Ltd.(a)(c)		318,674		6,388,062
Samsung Biologics Co. Ltd.(a)(b)(c)		155,736		96,861,413
Samsung C&T Corp.		729,185		65,288,926
Samsung Electro-Mechanics Co. Ltd.		482,738		49,981,037
Samsung Electronics Co. Ltd.		41,464,916		1,836,926,590
Samsung Engineering Co. Ltd.(a)(c)		1,404,274		24,416,178
Samsung Fire & Marine Insurance Co. Ltd.		266,157		38,681,683
Samsung Heavy Industries Co. Ltd.(a)		5,576,106		24,740,295
Samsung Life Insurance Co. Ltd.(c)		594,825		27,453,578
Samsung SDI Co. Ltd.		481,337		212,799,823
Samsung SDS Co. Ltd.		280,452		26,765,931
Samsung Securities Co. Ltd.		495,341		12,470,278
Samwha Capacitor Co. Ltd.		104,265		3,238,824
Samyang Foods Co. Ltd.(c)		53,350		4,431,007
Samyang Holdings Corp.(c)		42,133		2,153,864
SD Biosensor Inc.(c)		315,208		8,240,980
Sebang Global Battery Co. Ltd.		58,215		2,250,081
Seegene Inc.(c)		318,991		7,473,299
Seobu T&D(c)		471,178		2,804,435
Seojin System Co. Ltd.(c)		275,565		3,088,491
Seoul Semiconductor Co. Ltd.(c)		440,334		3,766,691
SFA Engineering Corp.(c)		192,183		5,867,128
SFA Semicon Co. Ltd.(a)(c)		888,946		3,387,986
Shin Poong Pharmaceutical Co. Ltd.(a)(c)		302,204		6,267,435
Shinhan Financial Group Co. Ltd.		3,832,806		103,844,006
Shinsegae Inc.(c)		60,815		10,079,198
Shinsegae International Inc.(c)		148,037		3,069,115
SillaJen Inc.(a)(c)(d)		540,819		2,446,230
SIMMTECH Co. Ltd.(c)		190,216		5,452,293
SK Biopharmaceuticals Co. Ltd.(a)(c)		234,158		12,449,496
SK Bioscience Co. Ltd.(a)(c)		201,684		16,884,734
SK Chemicals Co. Ltd.		103,759		7,521,780
SK D&D Co. Ltd.		80,645		1,607,439
SK Discovery Co. Ltd.		97,764		2,639,923
SK Gas Ltd.		37,045		3,211,083
SK Hynix Inc.		4,726,382		332,302,124
SK IE Technology Co. Ltd.(a)(b)(c)		210,064		12,921,513
SK Inc.		324,283		56,090,874
SK Innovation Co. Ltd.(a)		475,877		66,991,723
SK Networks Co. Ltd.		1,406,223		4,754,680
SK Square Co. Ltd.(a)		862,148		25,906,658
SKC Co. Ltd.(c)		194,119		17,443,541
SL Corp.(c)		142,347		4,057,859
SM Entertainment Co. Ltd.(c)		177,977		9,133,837
SNT Motiv Co. Ltd.		90,473		3,256,186
S-Oil Corp.		384,973		29,200,185
SOLUM Co. Ltd.(a)		337,690		5,180,883
Solus Advanced Materials Co. Ltd.		147,530		4,554,463

32 2 0 2 2    I S H A R E S     A N N U A L    R E P O R T    T O    S H A R E  H O L D E R S

Consolidated Schedule of Investments  (continued) August 31, 2022 iShares^® Core MSCI Emerging Markets ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
South Korea (continued)
Soulbrain Co. Ltd.(c)		43,164	$	6,934,108
ST Pharm Co. Ltd.(c)		93,853		6,851,430
Taihan Electric Wire Co. Ltd.(a)(c)		4,897,799		6,803,482
Tera Resource Co. Ltd.(a)(d)		49,111		—
TES Co. Ltd./Korea(c)		198,204		2,923,670
Tesna Inc.(c)		93,535		1,992,261
TKG Huchems Co. Ltd.		225,966		3,570,838
Tokai Carbon Korea Co. Ltd.		55,096		4,578,181
Tongyang Life Insurance Co. Ltd.		633,193		2,654,291
TY Holdings Co. Ltd./Korea(a)		228,203		2,868,915
Unid Co. Ltd.		39,748		3,069,548
Vaxcell-Bio Therapeutics Co. Ltd.(a)(c)		109,085		5,753,887
Vidente Co. Ltd.(a)(c)		476,373		3,079,690
Webzen Inc.(a)		156,475		2,154,588
Wemade Co. Ltd.(c)		168,812		7,726,479
Wonik Holdings Co. Ltd.(a)		1		3
WONIK IPS Co. Ltd.(c)		259,789		5,376,123
Wonik QnC Corp.(c)		112,915		2,289,430
Woori Financial Group Inc.		4,432,126		40,092,671
Woori Investment Bank Co. Ltd.(c)		3,781,847		2,488,730
Woori Technology Investment Co. Ltd.(a)(c)		619,753		2,690,787
Wysiwyg Studious Co. Ltd.(a)(c)		270,945		4,542,170
YG Entertainment Inc.(c)		121,124		5,439,845
Youlchon Chemical Co. Ltd.(c)		117,702		2,754,874
Youngone Corp.		213,860		7,080,748
Youngone Holdings Co. Ltd.		63,422		2,498,911
Yuanta Securities Korea Co. Ltd.		1,056,489		2,245,902
Yuhan Corp.(c)		451,446		19,092,064
Yungjin Pharmaceutical Co. Ltd.(a)		977,925		2,446,982
Zinus Inc.		104,537		3,371,660
				7,335,333,344
Taiwan — 15.1%
AcBel Polytech Inc.(c)		6,324,000		6,237,614
Accton Technology Corp.(c)		4,502,000		41,457,124
Acer Inc.(c)		25,708,872		18,464,669
Actron Technology Corp.(c)		592,000		3,587,366
ADATA Technology Co. Ltd.(c)		2,621,820		5,221,496
Adimmune Corp.(c)		2,833,000		3,777,093
Advanced Ceramic X Corp.(c)		444,000		2,749,844
Advanced Energy Solution Holding Co. Ltd.(c)		217,000		6,874,450
Advanced Wireless Semiconductor Co.(c)		1,478,000		3,943,968
Advantech Co. Ltd.(c)		3,313,110		35,344,275
Airtac International Group(a)(c)		1,195,292		32,050,473
Alchip Technologies Ltd.(c)		629,000		17,395,486
Amazing Microelectronic Corp.(c)		854,000		3,051,998
AmTRAN Technology Co. Ltd.(c)		8,059,672		3,364,507
Andes Technology Corp.(c)		416,000		5,101,781
AP Memory Technology Corp.(c)		790,000		5,204,360
Apex International Co. Ltd.(c)		1,327,000		2,672,046
Arcadyan Technology Corp.(c)		1,363,391		5,128,136
Ardentec Corp.(c)		4,751,546		7,094,678
ASE Technology Holding Co. Ltd.(c)		28,426,222		79,082,034
Asia Cement Corp.(c)		17,744,050		25,118,988
Asia Optical Co. Inc.(c)		2,734,000		5,866,704
Asia Pacific Telecom Co. Ltd.(a)		19,793,173		4,547,339
Asia Vital Components Co. Ltd.(c)		3,096,000		10,905,828
ASMedia Technology Inc.(c)		235,000		7,093,254
ASPEED Technology Inc.(c)		217,800		14,334,578
ASROCK Inc.(c)		556,000		1,743,445
Asustek Computer Inc.(c)		6,086,000		50,641,840

Security	Shares		Value
Taiwan (continued)
AUO Corp.(c)		71,221,000	$	38,888,756
AURAS Technology Co. Ltd.(c)		796,000		4,014,821
Bank of Kaohsiung Co. Ltd.(c)		23,497,720		10,711,382
BES Engineering Corp.(c)		17,617,000		5,398,226
Bizlink Holding Inc.(c)		1,049,926		11,632,589
Brighton-Best International Taiwan Inc.(c)		4,758,000		5,358,797
Capital Securities Corp.(c)		24,273,050		9,477,212
Career Technology MFG. Co. Ltd.(a)(c)		4,706,498		4,060,241
Catcher Technology Co. Ltd.(a)(c)		5,407,000		32,776,096
Cathay Financial Holding Co. Ltd.		67,694,872		98,484,277
Cathay Real Estate Development Co. Ltd.(c)		8,339,900		4,728,738
Center Laboratories Inc.(c)		3,564,007		7,337,448
Century Iron & Steel Industrial Co. Ltd.(c)		1,570,000		4,478,381
Chailease Holding Co. Ltd.(c)		12,068,957		77,491,250
Chang Hwa Commercial Bank Ltd.		40,236,203		23,240,858
Charoen Pokphand Enterprise(c)		2,383,700		6,298,148
Cheng Loong Corp.(c)		7,654,000		7,090,886
Cheng Shin Rubber Industry Co. Ltd.(c)		13,511,650		15,652,501
Cheng Uei Precision Industry Co. Ltd.(c)		3,568,000		4,350,503
Chicony Electronics Co. Ltd.(c)		4,148,787		11,076,094
Chicony Power Technology Co. Ltd.(c)		1,205,000		2,798,958
Chief Telecom Inc.		260,000		2,459,120
China Airlines Ltd.(c)		24,062,000		17,799,269
China Bills Finance Corp.(c)		15,845,000		8,443,058
China Development Financial Holding Corp.(c)		134,832,649		58,907,446
China General Plastics Corp.(c)		4,140,386		3,199,797
China Man-Made Fiber Corp.(c)		17,739,574		4,761,206
China Metal Products(c)		4,513,146		4,400,760
China Motor Corp.(c)		2,619,800		3,985,733
China Petrochemical Development Corp.(c)		31,274,490		10,472,893
China Steel Chemical Corp.		1,491,000		5,704,479
China Steel Corp.(c)		102,643,529		97,210,209
Chin-Poon Industrial Co. Ltd.(c)		4,382,000		4,464,291
Chipbond Technology Corp.(c)		3,508,000		6,547,365
ChipMOS Technologies Inc.(c)		4,295,000		5,004,854
Chlitina Holding Ltd.		513,000		2,892,044
Chong Hong Construction Co. Ltd.(c)		1,569,122		3,820,416
Chroma ATE Inc.(c)		3,081,000		18,906,655
Chung Hung Steel Corp.(c)		7,598,000		6,411,119
Chung-Hsin Electric & Machinery Manufacturing Corp.(c)		3,676,000		7,943,423
Chunghwa Precision Test Tech Co. Ltd.(c)		185,000		2,786,615
Chunghwa Telecom Co. Ltd.		31,947,000		126,768,520
Cleanaway Co. Ltd.(c)		929,000		5,384,089
Clevo Co.(c)		4,771,175		5,394,376
Compal Electronics Inc.(c)		34,722,000		25,852,798
Compeq Manufacturing Co. Ltd.(c)		7,621,000		13,068,560
Continental Holdings Corp.(c)		4,938,600		4,839,033
Coretronic Corp.(c)		3,110,200		6,377,972
Co-Tech Development Corp.(c)		2,543,000		3,562,951
CSBC Corp. Taiwan(a)(c)		6,532,316		3,917,485
CTBC Financial Holding Co. Ltd.		150,982,599		115,646,029
CTCI Corp.		5,663,000		8,353,425
Cub Elecparts Inc.(c)		560,979		3,055,001
Darfon Electronics Corp.(c)		2,935,000		3,960,823
Delta Electronics Inc.(c)		16,972,000		145,308,271
E Ink Holdings Inc.		7,750,000		60,262,730
E.Sun Financial Holding Co. Ltd.(c)		112,947,374		104,070,699
Eclat Textile Co. Ltd.(c)		1,663,683		24,095,849
EirGenix Inc.(a)(c)		1,465,000		6,145,561

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  (continued) August 31, 2022 iShares^® Core MSCI Emerging Markets ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Taiwan (continued)
Elan Microelectronics Corp.(c)		2,321,100	$	7,340,681
Elite Material Co. Ltd.(c)		2,497,000		13,143,253
Elite Semiconductor Microelectronics Technology Inc.(c)		2,174,000		5,593,080
eMemory Technology Inc.(c)		578,000		25,850,616
Ennoconn Corp.(c)		590,219		4,247,884
ENNOSTAR Inc.		4,974,185		8,355,784
Episil Technologies Inc(c)		2,409,036		9,014,253
Episil-Precision Inc.(c)		1,170,077		3,402,209
Eternal Materials Co. Ltd.(c)		8,059,915		8,937,573
Etron Technology Inc.(a)(c)		2,018,000		3,441,925
Eva Airways Corp.(c)		21,804,326		23,861,985
Evergreen International Storage & Transport Corp.(c)		3,822,000		3,713,538
Evergreen Marine Corp. Taiwan Ltd.		22,207,449		63,640,228
Everlight Chemical Industrial Corp.(c)		5,986,781		4,125,477
Everlight Electronics Co. Ltd.(c)		3,689,000		4,739,538
Far Eastern Department Stores Ltd.(c)		10,379,167		6,900,370
Far Eastern International Bank(c)		28,257,397		11,372,929
Far Eastern New Century Corp.(c)		27,346,916		29,303,849
Far EasTone Telecommunications Co. Ltd.(c)		13,051,000		32,008,299
Faraday Technology Corp.(c)		1,874,000		11,314,804
Farglory Land Development Co. Ltd.(c)		2,596,782		5,428,660
Feng Hsin Steel Co. Ltd.(c)		4,511,000		9,881,603
Feng TAY Enterprise Co. Ltd.		3,621,387		20,317,270
First Financial Holding Co. Ltd.		92,547,783		80,292,471
Fitipower Integrated Technology Inc.(c)		1,092,161		4,513,767
FLEXium Interconnect Inc.(c)		2,305,616		7,045,052
FocalTech Systems Co. Ltd.(c)		1,604,000		4,007,076
Formosa Chemicals & Fibre Corp.		29,907,210		67,189,471
Formosa International Hotels Corp.(c)		600,000		3,409,568
Formosa Petrochemical Corp.(c)		9,137,000		25,045,547
Formosa Plastics Corp.		34,265,800		102,166,708
Formosa Sumco Technology Corp.(c)		736,000		4,356,484
Formosa Taffeta Co. Ltd.		7,149,000		6,461,358
Foxconn Technology Co. Ltd.(c)		7,029,424		11,621,791
Foxsemicon Integrated Technology Inc.(c)		694,000		4,626,870
Fubon Financial Holding Co. Ltd.(c)		61,207,022		114,766,129
Fulgent Sun International Holding Co. Ltd.		1,084,221		6,708,566
Fusheng Precision Co. Ltd.(c)		859,000		5,550,751
General Interface Solution Holding Ltd.(c)		2,243,000		5,895,687
Genesys Logic Inc.(c)		681,000		2,724,304
Genius Electronic Optical Co. Ltd.(c)		618,287		9,007,552
Getac Holdings Corp.(c)		4,408,000		6,860,732
Giant Manufacturing Co. Ltd.(c)		2,714,000		21,200,167
Gigabyte Technology Co. Ltd.(c)		4,570,000		12,746,293
Global Mixed Mode Technology Inc.(c)		654,000		3,177,254
Global PMX Co. Ltd.(c)		411,000		2,111,531
Global Unichip Corp.(c)		744,000		13,044,647
Globalwafers Co. Ltd.		1,869,000		29,569,208
Gold Circuit Electronics Ltd.		3,572,000		9,713,603
Goldsun Building Materials Co. Ltd.(c)		9,409,425		7,802,314
Gourmet Master Co. Ltd.(c)		1,074,471		3,562,944
Grand Pacific Petrochemical(c)		9,443,000		5,799,537
Grape King Bio Ltd.		1,015,000		4,956,160
Great Tree Pharmacy Co. Ltd.(c)		443,719		4,484,470
Great Wall Enterprise Co. Ltd.(c)		5,863,412		9,459,299
Greatek Electronics Inc.(c)		3,225,000		6,253,163
Gudeng Precision Industrial Co. Ltd.(c)		647,356		5,998,985
Hannstar Board Corp.(c)		3,313,000		3,541,739

Security	Shares		Value
Taiwan (continued)
HannStar Display Corp.(c)		20,029,640	$	7,787,521
Highwealth Construction Corp.(c)		5,337,153		8,462,568
Hiwin Technologies Corp.(c)		2,431,498		16,411,525
Holtek Semiconductor Inc.(c)		1,855,000		4,481,003
Holy Stone Enterprise Co. Ltd.(c)		1,339,330		3,909,874
Hon Hai Precision Industry Co. Ltd.		107,740,928		383,641,620
Hota Industrial Manufacturing Co. Ltd.(c)		2,487,261		7,133,842
Hotai Finance Co. Ltd.(c)		1,701,000		5,832,073
Hotai Motor Co. Ltd.(c)		2,679,000		53,681,031
Hsin Kuang Steel Co. Ltd.(c)		2,803,000		3,493,001
HTC Corp.(a)(c)		5,979,000		12,056,958
Hua Nan Financial Holdings Co. Ltd.		78,912,650		59,895,719
Huaku Development Co. Ltd		2,480,000		7,551,218
IBF Financial Holdings Co. Ltd.(c)		21,009,191		9,195,708
Innodisk Corp.(c)		1,036,488		5,810,216
Innolux Corp.(c)		83,562,241		32,914,540
International CSRC Investment Holdings Co.(c)		8,433,685		5,745,664
International Games System Co. Ltd.(c)		970,000		11,827,071
Inventec Corp.(c)		20,346,000		15,403,335
ITE Technology Inc.(c)		1,697,000		3,879,992
ITEQ Corp.(c)		1,864,604		4,128,170
Jentech Precision Industrial Co. Ltd.(c)		667,000		8,656,925
Johnson Health Tech Co. Ltd.(c)		1,080,000		1,980,455
Kenda Rubber Industrial Co. Ltd.(c)		5,550,337		6,332,106
Kindom Development Co. Ltd.(c)		3,706,300		3,431,014
King Slide Works Co. Ltd.		616,000		9,187,303
King Yuan Electronics Co. Ltd.(c)		8,014,000		9,762,160
King’s Town Bank Co. Ltd.(c)		6,272,000		7,234,785
Kinik Co.(c)		1,132,000		5,838,128
Kinpo Electronics(c)		12,003,000		5,283,859
Kinsus Interconnect Technology Corp.(c)		2,593,000		10,299,768
LandMark Optoelectronics Corp.(c)		775,900		4,481,252
Largan Precision Co. Ltd.(c)		856,000		54,450,297
Lien Hwa Industrial Holdings Corp.(c)		8,644,048		16,119,828
Lite-On Technology Corp.(c)		17,626,238		37,932,177
Longchen Paper & Packaging Co. Ltd.(c)		7,020,720		3,793,712
Lotes Co. Ltd.(c)		591,848		14,031,594
Lotus Pharmaceutical Co. Ltd.(c)		874,000		4,947,753
Macronix International Co. Ltd.(c)		14,796,554		15,882,137
Makalot Industrial Co. Ltd.(c)		1,612,510		9,474,775
Marketech International Corp.(c)		1,047,000		4,227,598
MediaTek Inc.(c)		13,186,572		285,314,219
Medigen Vaccine Biologics Corp.(a)(c)		1,887,607		9,116,328
Mega Financial Holding Co. Ltd.(c)		96,628,131		113,337,644
Mercuries Life Insurance Co. Ltd.(a)(c)		17,384,297		4,055,376
Merida Industry Co. Ltd.(c)		1,703,850		12,394,919
Merry Electronics Co. Ltd.(c)		1,747,751		4,827,124
Microbio Co. Ltd.(c)		3,422,533		8,785,977
Micro-Star International Co. Ltd.(c)		6,096,000		22,821,141
Mitac Holdings Corp.(c)		9,483,053		8,718,593
momo.com Inc(c)		476,880		11,307,999
Nan Kang Rubber Tire Co. Ltd.(a)(c)		4,606,000		5,844,494
Nan Pao Resins Chemical Co. Ltd.(c)		457,000		2,117,975
Nan Ya Plastics Corp.(c)		40,999,440		92,092,779
Nan Ya Printed Circuit Board Corp.(c)		1,981,000		17,282,692
Nantex Industry Co. Ltd.(c)		2,385,000		3,332,534
Nanya Technology Corp.(c)		9,843,000		17,095,223
Nien Made Enterprise Co. Ltd.		1,286,000		11,875,863
Novatek Microelectronics Corp.(c)		5,023,000		42,973,286
Nuvoton Technology Corp.(c)		1,640,000		6,657,133

34 2 0 2 2    I S H A R E S     A N N U A L    R E P O R T    T O    S H A R E  H O L D E R S

Consolidated Schedule of Investments  (continued) August 31, 2022 iShares^® Core MSCI Emerging Markets ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Taiwan (continued)
OBI Pharma Inc.(a)(c)		1,543,339	$	4,413,056
Oneness Biotech Co. Ltd.(a)(c)		1,939,000		18,771,547
Oriental Union Chemical Corp.(c)		7,164,000		4,284,131
Pan Jit International Inc.(c)		3,047,200		6,904,991
Pan-International Industrial Corp.(c)		4,328,366		4,879,495
Parade Technologies Ltd.		678,000		18,979,685
PChome Online Inc.(c)		1,030,000		2,087,968
Pegatron Corp.		16,614,000		34,554,195
Pegavision Corp.(c)		224,000		3,099,555
Pharmally International Holding Co. Ltd.(d)		597,543		—
Phison Electronics Corp.(c)		1,245,000		12,655,924
Pixart Imaging Inc.(c)		1,249,000		3,850,619
Pou Chen Corp.		18,040,000		17,089,143
Powerchip Semiconductor Manufacturing Corp.		22,260,000		24,961,053
Powertech Technology Inc.(c)		4,706,000		13,131,764
Poya International Co. Ltd.(c)		478,790		6,696,237
President Chain Store Corp.		4,946,000		43,463,296
President Securities Corp.(c)		8,075,603		4,425,617
Primax Electronics Ltd.(c)		3,980,000		8,707,797
Prince Housing & Development Corp.(c)		13,590,995		5,332,607
Qisda Corp.(c)		13,084,000		12,528,817
Quanta Computer Inc.(c)		23,189,000		60,115,361
Radiant Opto-Electronics Corp.(c)		3,056,000		10,042,387
Raydium Semiconductor Corp.(c)		466,000		4,192,884
RDC Semiconductor Co. Ltd.(a)(c)		525,000		5,537,034
Realtek Semiconductor Corp.		4,015,110		45,116,559
Rexon Industrial Corp. Ltd.(c)		1,210,000		1,356,836
RichWave Technology Corp.(c)		765,200		3,488,310
Ruentex Development Co. Ltd.(c)		10,449,120		21,546,618
Ruentex Industries Ltd.(c)		3,772,225		8,034,879
Sanyang Motor Co. Ltd.(c)		5,175,000		6,160,236
ScinoPharm Taiwan Ltd.(c)		2,864,027		2,661,036
SDI Corp.(c)		1,379,000		5,315,778
Sensortek Technology Corp.(c)		245,000		2,438,440
Sercomm Corp.		2,552,000		8,085,442
Shanghai Commercial & Savings Bank Ltd. (The)(c)		31,181,346		50,754,093
Shin Kong Financial Holding Co. Ltd.		98,836,255		28,393,806
Shin Zu Shing Co. Ltd.(c)		1,559,904		4,492,360
Shinkong Synthetic Fibers Corp.(c)		12,742,000		7,545,887
Shiny Chemical Industrial Co. Ltd.(c)		763,750		3,346,717
Sigurd Microelectronics Corp.(c)		5,220,700		8,704,489
Silergy Corp.(c)		2,834,000		48,584,641
Simplo Technology Co. Ltd.(c)		1,302,400		12,289,242
Sinbon Electronics Co. Ltd.(c)		1,932,809		17,860,921
Sino-American Silicon Products Inc.(c)		4,506,000		24,565,871
SinoPac Financial Holdings Co. Ltd.		93,919,406		53,244,057
Sinyi Realty Inc.(c)		4,716,704		4,804,977
Sitronix Technology Corp.(c)		1,008,000		6,232,309
Soft-World International Corp.(c)		907,000		2,295,968
Solar Applied Materials Technology Corp.(c)		4,419,710		5,593,363
Sonix Technology Co. Ltd.(c)		1,539,000		2,983,186
Sporton International Inc.(c)		762,050		5,736,605
St. Shine Optical Co. Ltd.		436,000		3,827,086
Standard Foods Corp.(c)		4,313,096		5,803,771
Sunny Friend Environmental Technology Co. Ltd.(c)		647,000		3,851,292
Sunplus Technology Co. Ltd.(c)		4,429,000		3,791,720
Supreme Electronics Co. Ltd.(c)		5,401,512		6,645,854
Synnex Technology International Corp.(c)		11,826,250		21,556,679

Security	Shares		Value
Taiwan (continued)
Systex Corp.(c)		1,600,000	$	3,840,347
T3EX Global Holdings Corp.(c)		884,000		2,266,122
TA Chen Stainless Pipe(c)		13,500,010		17,403,503
Ta Ya Electric Wire & Cable(c)		4,288,760		3,059,848
Taichung Commercial Bank Co. Ltd.(c)		27,015,636		12,062,293
TaiDoc Technology Corp.(c)		529,000		3,863,531
Taigen Biopharmaceuticals Holdings Ltd.(a)(c)		3,402,000		2,108,482
TaiMed Biologics Inc.(a)(c)		1,733,000		4,135,159
Tainan Spinning Co. Ltd.(c)		10,518,894		6,481,657
Taishin Financial Holding Co. Ltd.		93,732,553		46,521,972
Taiwan Business Bank(c)		46,226,790		19,375,178
Taiwan Cement Corp.(c)		49,737,189		64,026,079
Taiwan Cogeneration Corp.(c)		5,288,000		6,446,186
Taiwan Cooperative Financial Holding Co. Ltd.		86,427,031		78,051,396
Taiwan Fertilizer Co. Ltd.		6,935,000		14,261,003
Taiwan Glass Industry Corp.(c)		10,046,053		5,765,444
Taiwan High Speed Rail Corp.		14,473,000		13,837,154
Taiwan Hon Chuan Enterprise Co. Ltd.		3,691,674		9,051,459
Taiwan Mask Corp.(c)		2,261,000		5,538,015
Taiwan Mobile Co. Ltd.(c)		13,528,000		44,218,168
Taiwan Paiho Ltd.(c)		2,720,000		5,647,228
Taiwan Secom Co. Ltd.		2,716,185		9,122,127
Taiwan Semiconductor Co. Ltd.(c)		2,086,000		6,482,095
Taiwan Semiconductor Manufacturing Co. Ltd.		214,139,000		3,505,408,610
Taiwan Shin Kong Security Co. Ltd.		5,901,577		7,787,320
Taiwan Surface Mounting Technology Corp.(c)		2,290,000		7,631,850
Taiwan TEA Corp.(a)(c)		9,372,000		6,110,517
Taiwan Union Technology Corp.(c)		2,350,000		4,411,310
Taiwan-Asia Semiconductor Corp.(c)		2,364,000		3,017,170
Tanvex BioPharma Inc.(a)		1,717,950		2,961,688
Tatung Co. Ltd.(a)(c)		15,625,000		17,623,089
TCI Co. Ltd.(c)		929,444		4,457,208
Teco Electric and Machinery Co. Ltd.(c)		15,280,000		14,780,378
Test Research Inc.(c)		1,915,400		3,743,160
Thinking Electronic Industrial Co. Ltd.(c)		791,000		3,695,695
Ton Yi Industrial Corp.(c)		11,321,000		7,511,065
Tong Hsing Electronic Industries Ltd.		1,273,762		8,830,670
Tong Yang Industry Co. Ltd.(c)		5,806,400		10,350,382
Topco Scientific Co. Ltd.(c)		1,927,639		10,295,554
TPK Holding Co. Ltd.(c)		3,162,000		3,747,389
Transcend Information Inc.(c)		2,596,000		5,624,683
Tripod Technology Corp.(c)		3,085,000		10,128,965
TSEC Corp.(a)(c)		4,224,749		5,369,952
TSRC Corp.(c)		5,962,900		5,487,429
TTY Biopharm Co. Ltd.(c)		2,270,124		5,650,019
Tung Ho Steel Enterprise Corp.(c)		5,210,560		9,212,286
Tung Thih Electronic Co. Ltd.		624,000		3,701,561
TXC Corp.(c)		2,668,000		7,551,379
U-Ming Marine Transport Corp.(c)		3,985,000		4,956,222
Unimicron Technology Corp.(c)		10,713,000		52,490,757
Union Bank of Taiwan(c)		12,652,775		6,822,057
Uni-President Enterprises Corp.		41,324,369		89,304,512
United Integrated Services Co. Ltd.(c)		1,262,400		6,537,406
United Microelectronics Corp.(c)		102,617,000		136,528,487
United Renewable Energy Co. Ltd.(a)		12,564,238		9,462,406
Universal Vision Biotechnology Co. Ltd.(c)		460,950		4,799,714
UPC Technology Corp.(c)		8,976,365		4,120,591
UPI Semiconductor Corp.(a)(c)		386,000		3,768,699
USI Corp.(c)		7,135,300		5,532,743
Vanguard International Semiconductor Corp.(c)		7,880,000		19,050,089

S C H E D U L E    O F    I N V E S T  M E N T S 35

Consolidated Schedule of Investments  (continued) August 31, 2022 iShares^® Core MSCI Emerging Markets ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Taiwan (continued)
VIA Labs Inc.(c)		299,000	$	2,455,625
Via Technologies Inc.(c)		1,892,000		5,548,234
Visual Photonics Epitaxy Co. Ltd.(c)		1,554,000		3,846,004
Voltronic Power Technology Corp.		542,493		30,612,127
Wafer Works Corp.(c)		4,715,839		8,001,879
Wah Lee Industrial Corp.(c)		2,532,580		7,551,940
Walsin Lihwa Corp.(c)		22,974,570		29,670,125
Walsin Technology Corp.(c)		2,605,597		7,873,994
Wan Hai Lines Ltd.(c)		6,258,620		17,639,241
Win Semiconductors Corp.(c)		2,917,427		16,945,396
Winbond Electronics Corp.(c)		26,101,480		18,806,217
Wisdom Marine Lines Co. Ltd.(c)		3,714,000		6,998,854
Wistron Corp.(c)		22,486,004		20,385,702
Wistron NeWeb Corp.(c)		3,078,654		8,537,411
Wiwynn Corp.(c)		674,000		16,872,583
WPG Holdings Ltd.(c)		12,870,200		21,644,184
WT Microelectronics Co. Ltd.		3,426,734		7,226,538
XinTec Inc.(c)		1,532,000		6,558,764
XPEC Entertainment Inc.(d)		31,000		—
Xxentria Technology Materials Corp.(c)		1,650,000		3,526,072
Yageo Corp.		3,823,286		40,890,867
Yang Ming Marine Transport Corp.(c)		15,332,677		39,278,830
YFY Inc.(c)		9,963,000		8,059,463
Yieh Phui Enterprise Co. Ltd.(c)		9,913,077		5,068,948
Yuanta Financial Holding Co. Ltd.(c)		84,332,519		55,979,517
Yulon Finance Corp.(c)		2,058,187		10,882,673
Yulon Motor Co. Ltd.(c)		5,688,088		7,663,799
YungShin Global Holding Corp.(c)		3,504,650		4,752,415
Zhen Ding Technology Holding Ltd.		5,335,950		19,802,675
				9,846,656,766
Thailand — 2.2%
Advanced Info Service PCL, NVDR		10,547,700		55,492,645
Airports of Thailand PCL, NVDR(a)		37,995,700		75,716,023
Amata Corp. PCL, NVDR		13,288,130		7,608,762
AP Thailand PCL, NVDR		34,838,390		9,538,988
Asset World Corp. PCL, NVDR		62,364,500		9,551,809
B Grimm Power PCL, NVDR		8,840,700		8,955,538
Bangchak Corp. PCL, NVDR		13,453,300		12,994,214
Bangkok Airways PCL, NVDR(a)		15,661,200		4,546,110
Bangkok Chain Hospital PCL, NVDR		18,655,950		9,548,779
Bangkok Commercial Asset Management PCL, NVDR(c)		16,182,500		8,156,074
Bangkok Dusit Medical Services PCL, NVDR		87,433,000		70,073,212
Bangkok Expressway & Metro PCL, NVDR		67,056,785		16,078,706
Bangkok Land PCL, NVDR		172,166,000		4,763,732
Banpu PCL, NVDR(c)		49,431,600		19,624,677
BCPG PCL, NVDR(c)		15,809,525		4,676,484
Berli Jucker PCL, NVDR		10,483,500		9,634,040
BTS Group Holdings PCL, NVDR(c)		72,011,400		16,576,508
Bumrungrad Hospital PCL, NVDR		5,177,500		30,657,284
Carabao Group PCL, NVDR		3,051,400		8,442,505
Central Pattana PCL, NVDR		18,056,200		34,241,961
Central Retail Corp. PCL, NVDR		17,006,717		18,851,244
CH Karnchang PCL, NVDR		13,530,600		7,787,257
Charoen Pokphand Foods PCL, NVDR		31,445,000		22,404,725
Chularat Hospital PCL, NVDR(c)		74,885,800		7,516,819
CK Power PCL, NVDR		27,963,300		3,907,206
Com7 PCL, NVDR(c)		9,668,100		9,113,710
CP ALL PCL, NVDR		51,844,000		87,385,890
Delta Electronics Thailand PCL, NVDR		2,758,900		39,532,581

Security	Shares		Value
Thailand (continued)
Dynasty Ceramic PCL, NVDR(c)		73,747,320	$	5,458,220
Eastern Polymer Group PCL, NVDR		15,702,700		4,130,312
Electricity Generating PCL, NVDR		2,008,600		10,071,265
Energy Absolute PCL, NVDR(c)		14,807,900		34,571,913
Esso Thailand PCL, NVDR(a)		20,533,800		7,931,412
GFPT PCL, NVDR(c)		9,987,900		4,595,805
Global Power Synergy PCL, NVDR		6,134,300		11,418,760
Gulf Energy Development PCL, NVDR		27,004,444		37,894,060
Gunkul Engineering PCL, NVDR		49,383,341		6,733,184
Hana Microelectronics PCL, NVDR(c)		5,498,400		6,420,260
Home Product Center PCL, NVDR		55,017,675		20,958,761
Indorama Ventures PCL, NVDR		15,996,100		18,944,348
Intouch Holdings PCL, NVDR		11,081,825		22,074,246
IRPC PCL, NVDR		97,578,900		9,134,536
Jasmine International PCL, NVDR(a)(c)		69,144,200		4,845,241
JMT Network Services PCL, NVDR		5,859,600		12,518,781
Kasikornbank PCL, NVDR		5,200,000		21,890,984
KCE Electronics PCL, NVDR(c)		7,220,800		10,702,025
Khon Kaen Sugar Industry PCL, NVDR(c)		26,009,886		2,564,489
Kiatnakin Phatra Bank PCL, NVDR		3,749,800		7,442,965
Krung Thai Bank PCL, NVDR		29,936,300		13,841,691
Krungthai Card PCL, NVDR(c)		7,745,900		12,771,672
Land & Houses PCL, NVDR		64,919,200		15,837,748
Major Cineplex Group PCL, NVDR(c)		10,395,800		5,410,474
MBK PCL, NVDR(a)(c)		11,305,200		5,044,547
Mega Lifesciences PCL, NVDR		5,109,700		6,889,753
Minor International PCL, NVDR(a)		29,519,860		26,434,960
Muangthai Capital PCL, NVDR(c)		6,755,000		7,858,714
Ngern Tid Lor PCL, NVDR(c)		9,968,938		7,846,204
Origin Property PCL, NVDR(c)		16,647,200		4,692,894
Osotspa PCL, NVDR		11,423,900		9,781,151
Plan B Media PCL, NVDR(a)(c)		29,838,888		5,391,595
Precious Shipping PCL, NVDR(c)		8,477,000		3,294,413
Prima Marine PCL, NVDR(c)		19,025,800		3,232,726
PTG Energy PCL, NVDR		10,966,100		4,590,925
PTT Exploration & Production PCL, NVDR		11,782,801		54,495,820
PTT Global Chemical PCL, NVDR		20,070,300		26,095,964
PTT Oil & Retail Business PCL, NVDR		27,124,500		20,249,376
PTT Public Company Ltd., NVDR		87,116,900		89,505,849
Quality Houses PCL, NVDR		118,910,617		7,039,946
Ratch Group PCL, NVDR		7,235,600		8,728,229
Ratchthani Leasing PCL, NVDR		33,415,825		4,355,588
Regional Container Lines PCL, NVDR(c)		4,126,300		3,670,467
RS PCL, NVDR(c)		6,689,300		2,820,530
SCB X PCL, NVS(c)		7,229,000		21,852,224
SCG Packaging PCL, NVDR		12,538,300		19,476,593
Siam Cement PCL (The), NVDR		6,823,100		66,934,411
Siamgas & Petrochemicals PCL, NVDR(c)		12,291,700		3,770,693
Singha Estate PCL, NVDR(a)(c)		57,022,400		3,003,916
Sino-Thai Engineering & Construction PCL, NVDR(c)		13,591,828		4,577,116
Sri Trang Agro-Industry PCL, NVDR(c)		8,783,760		5,436,623
Sri Trang Gloves Thailand PCL, NVDR		9,467,500		3,685,560
Srisawad Corp. PCL, NVDR(c)		6,786,549		9,050,583
Supalai PCL, NVDR		15,545,900		8,308,831
Super Energy Corp. PCL, NVDR		205,802,700		4,289,614
Thai Oil PCL, NVDR(c)		9,542,500		15,876,711
Thai Union Group PCL, NVDR(c)		24,327,100		11,665,177
Thai Vegetable Oil PCL, NVDR		7,023,610		5,875,080
Thanachart Capital PCL, NVDR		3,864,200		4,286,122

36 2 0 2 2    I S H A R E S     A N N U A L    R E P O R T    T O    S H A R E  H O L D E R S

Consolidated Schedule of Investments  (continued) August 31, 2022 iShares^® Core MSCI Emerging Markets ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Thailand (continued)
Thonburi Healthcare Group PCL, NVDR		7,314,600	$	13,681,385
Thoresen Thai Agencies PCL, NVDR(c)		14,691,200		3,338,707
TPI Polene PCL, NVDR		73,867,600		3,441,366
True Corp. PCL, NVDR(c)		106,767,111		13,344,617
TTW PCL, NVDR(c)		26,447,200		7,615,923
WHA Corp. PCL, NVDR		96,220,800		9,223,570
				1,462,295,108
Turkey — 0.4%
Akbank TAS(c)		24,825,562		15,993,821
Aksa Akrilik Kimya Sanayii AS(c)		1,396,857		4,226,320
Aksa Enerji Uretim AS(c)		2,602,482		4,059,639
Anadolu Efes Biracilik Ve Malt Sanayii AS		2,237,949		5,056,728
Aselsan Elektronik Sanayi Ve Ticaret AS		4,962,309		7,098,735
BIM Birlesik Magazalar AS		3,892,574		23,353,281
Coca-Cola Icecek AS		917,439		8,048,084
Dogan Sirketler Grubu Holding AS(c)		11,980,381		3,474,866
Emlak Konut Gayrimenkul Yatirim Ortakligi AS(c)		46,221,465		10,173,601
Enerjisa Enerji AS(b)(c)		2,767,973		2,596,716
Eregli Demir ve Celik Fabrikalari TAS(c)		12,614,416		19,932,849
Ford Otomotiv Sanayi AS		615,526		11,184,144
Gubre Fabrikalari TAS(a)(c)		595,201		3,817,033
Haci Omer Sabanci Holding AS(c)		8,243,156		11,536,589
Hektas Ticaret TAS(a)(c)		3,466,313		7,807,441
Is Gayrimenkul Yatirim Ortakligi AS(a)(c)		3,686,069		3,663,426
Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS, Class D(c)		8,450,779		5,474,412
KOC Holding AS		6,161,277		15,371,774
Koza Altin Isletmeleri AS(c)		410,633		3,576,540
Koza Anadolu Metal Madencilik Isletmeleri AS(a)(c)		2,666,680		3,965,752
Mavi Giyim Sanayi Ve Ticaret AS, Class B(b)		792,896		3,048,804
Migros Ticaret AS(a)(c)		1,175,250		5,273,628
MLP Saglik Hizmetleri AS(a)(b)		864,455		1,920,654
Pegasus Hava Tasimaciligi AS(a)(c)		441,221		5,055,493
Petkim Petrokimya Holding AS(a)(c)		11,891,422		9,443,931
Sok Marketler Ticaret AS(a)		2,238,397		2,073,747
TAV Havalimanlari Holding AS(a)(c)		2,023,343		6,905,787
Tekfen Holding AS		2,282,790		3,732,875
Turk Hava Yollari AO(a)(c)		4,982,462		19,982,932
Turkcell Iletisim Hizmetleri AS(c)		9,245,756		10,925,717
Turkiye Is Bankasi AS, Class C(c)		29,507,202		12,781,741
Turkiye Petrol Rafinerileri AS(a)(c)		1,064,204		20,981,667
Turkiye Sinai Kalkinma Bankasi AS(a)(c)		14,949,295		4,035,623
Turkiye Sise ve Cam Fabrikalari AS(c)		11,949,072		16,276,499
Ulker Biskuvi Sanayi AS(a)		2,011,244		1,988,739
				294,839,588
United Arab Emirates — 1.2%
Abu Dhabi Commercial Bank PJSC		25,019,185		61,719,913
Abu Dhabi Islamic Bank PJSC		12,098,965		29,104,449
Abu Dhabi National Oil Co. for Distribution PJSC		24,380,368		29,458,674
Agthia Group PJSC		2,441,572		3,323,585
Air Arabia PJSC		23,360,075		14,087,503
Al Yah Satellite Communications Co.		9,651,637		7,146,854
Aldar Properties PJSC		33,661,780		44,084,221
Amanat Holdings PJSC		22,738,110		6,178,803
Aramex PJSC		5,047,284		5,359,072
Dana Gas PJSC		37,874,590		10,032,936
Dubai Investments PJSC		21,478,628		14,301,131
Dubai Islamic Bank PJSC		21,935,104		34,886,884
Emaar Properties PJSC		34,196,104		58,114,999
Emirates NBD Bank PJSC		16,964,447		61,541,722

Security	Shares		Value
United Arab Emirates (continued)
Emirates Telecommunications Group Co. PJSC		30,550,659	$	213,923,648
First Abu Dhabi Bank PJSC		38,880,125		201,922,047
				795,186,441
Total Common Stocks — 96.9% (Cost: $60,573,562,067)				63,235,129,039
Preferred Stocks
Brazil — 1.4%
Alpargatas SA, Preference Shares, NVS		2,054,087		8,149,384
Azul SA, Preference Shares, NVS(a)		2,493,465		7,903,513
Banco ABC Brasil SA, Preference Shares, NVS		1,354,000		5,046,529
Banco Bradesco SA, Preference Shares, NVS		46,307,350		168,765,830
Banco do Estado do Rio Grande do Sul SA, Class B, Preference Shares, NVS		2,243,043		4,828,941
Banco Pan SA, Preference Shares, NVS		3,159,389		4,457,542
Bradespar SA, Preference Shares, NVS		2,217,438		9,330,255
Braskem SA, Class A, Preference Shares, NVS		1,665,674		9,749,303
Centrais Eletricas Brasileiras SA, Class B, Preference Shares, NVS		2,223,546		20,472,831
Cia. de Saneamento do Parana, Preference Shares, NVS		2,109,169		1,435,195
Cia. Energetica de Minas Gerais, Preference Shares, NVS		11,677,594		27,160,327
Cia. Ferro Ligas da Bahia-Ferbasa, Preference Shares, NVS		331,092		3,357,761
Cia. Paranaense de Energia, Preference Shares, NVS		8,689,292		11,641,620
Gerdau SA, Preference Shares, NVS		10,323,581		46,275,932
Gol Linhas Aereas Inteligentes SA, Preference Shares, NVS(a)		2,403,621		4,666,418
Itau Unibanco Holding SA, Preference Shares, NVS		41,559,656		206,184,592
Itausa SA, Preference Shares, NVS		40,619,942		71,442,501
Marcopolo SA, Preference Shares, NVS		6,193,471		3,119,117
Metalurgica Gerdau SA, Preference Shares, NVS		7,136,237		13,676,050
Petroleo Brasileiro SA, Preference Shares, NVS		40,988,911		261,814,069
Randon SA Implementos e Participacoes, Preference Shares, NVS		2,348,191		4,287,985
Unipar Carbocloro SA, Class B, Preference Shares, NVS		514,556		10,138,011
				903,903,706
Chile — 0.2%
Embotelladora Andina SA, Class B, Preference Shares, NVS		4,514,136		9,248,879
Sociedad Quimica y Minera de Chile SA, Class B, Preference Shares		1,252,359		125,203,761
			134,452,640
Colombia — 0.1%
Bancolombia SA, Preference Shares, NVS		4,171,098		28,799,317
Russia — 0.0%
Surgutneftegas PJSC, Preference Shares, NVS(d)		58,972,077		9,668
South Korea — 0.5%
Hyundai Motor Co. Preference Shares, NVS		191,689		13,007,822
Series 2, Preference Shares, NVS		298,713		20,723,363
LG Chem Ltd., Preference Shares, NVS		68,790		15,370,227
LG H&H Co. Ltd., Preference Shares, NVS(c)		17,467		4,760,529

S C H E D U L E    O F    I N V E S T  M E N T S 37

Consolidated Schedule of Investments  (continued) August 31, 2022 iShares^® Core MSCI Emerging Markets ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
South Korea (continued)
Samsung Electronics Co. Ltd., Preference Shares, NVS		7,184,796	$	290,640,495
				344,502,436
Total Preferred Stocks — 2.2% (Cost: $1,336,034,498)				1,411,667,767
Rights
Brazil — 0.0%
AES Brasil Energia SA (Expires 09/12/22)		524,147		8,060
China — 0.0%
Kangmei Pharmaceutical Co. Ltd. (Expires 12/31/49)(a)		576,845		1
Thailand — 0.0%
Thai Oil PCL (Expires 09/14/22)(a)		810,164		—
Total Rights — 0.0% (Cost: $—)				8,061
Total Long-Term Investments — 99.1% (Cost: $61,909,596,565)				64,646,804,867
Short-Term Securities
Money Market Funds — 5.0%
BlackRock Cash Funds: Institutional, SL Agency Shares, 2.42%(g)(h)(i)		2,637,337,412		2,638,128,613

Security	Shares		Value
Money Market Funds (continued)
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.07%(g)(h)		589,510,000	$	589,510,000
Total Short-Term Securities — 5.0% (Cost: $3,226,436,606)				3,227,638,613
Total Investments in Securities — 104.1% (Cost: $65,136,033,171)				67,874,443,480
Liabilities in Excess of Other Assets — (4.1)%				(2,642,360,436	)
Net Assets — 100.0%			$	65,232,083,044

^(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)  Restricted security as to resale, excluding 144A securities. The Fund held restricted securities with a current value of $2,460,091, representing less than 0.05% of its net assets as of period end, and an original cost of $35,983,750.

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

^(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.

Affiliates

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

Affiliated Issuer	Value at 08/31/21		Purchases at Cost			Proceeds from Sale			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 08/31/22		Shares Held at 08/31/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	3,768,443,333	$	—		$	(1,129,572,357	)(a)	$	(1,051,489	)	$	309,126	$	2,638,128,613		2,637,337,412	$	75,405,527	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		179,420,000		410,090,000	(a)		—			—			—		589,510,000		589,510,000		1,503,399			—
									$	(1,051,489	)	$	309,126	$	3,227,638,613			$	76,908,926		$	—

^(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		11,859		09/16/22	$	582,218	$	(7,445,889	)

38 2 0 2 2    I S H A R E S     A N N U A L    R E P O R T    T O    S H A R E  H O L D E R S

Consolidated Schedule of Investments  (continued) August 31, 2022 iShares^® Core MSCI Emerging Markets ETF

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:

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	—	$	—	$	7,445,889	$	—	$	—	$	—	$	7,445,889

^(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 August 31, 2022, the effect of derivative financial instruments in the Consolidated Statements of Operations was as follows:

	Commodity Contracts		Credit Contracts		Equity Contracts			Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Net Realized Gain (Loss) from
Futures contracts	$	—	$	—	$	(22,010,681	)	$	—	$	—	$	—	$	(22,010,681	)
Forward foreign currency exchange contracts		—		—		—			9		—		—		9
	$	—	$	—	$	(22,010,681	)	$	9	$	—	$	—	$	(22,010,672	)
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	(9,390,275	)	$	—	$	—	$	—	$	(9,390,275	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts
Average notional value of contracts — long	$	246,959,850

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 39

Consolidated Schedule of Investments  (continued) August 31, 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	$	7,900,420,755		$	55,310,837,996	$	23,870,288	$	63,235,129,039
Preferred Stocks		1,067,155,663			344,502,436		9,668		1,411,667,767
Rights		8,060			1		—		8,061
Money Market Funds		3,227,638,613			—		—		3,227,638,613
	$	12,195,223,091		$	55,655,340,433	$	23,879,956	$	67,874,443,480
Derivative financial instruments(a)
Liabilities
Futures Contracts	$	(7,445,889	)	$	—	$	—	$	(7,445,889	)

^(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     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 August 31, 2022 iShares^® MSCI BIC ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Brazil — 7.3%
Ambev SA		135,058	$	396,420
Americanas SA		17,944		56,360
Atacadao SA		7,450		28,283
B3 SA - Brasil, Bolsa, Balcao		163,250		371,850
Banco Bradesco SA		36,550		111,286
Banco BTG Pactual SA		33,902		165,848
Banco do Brasil SA		22,450		179,906
Banco Santander Brasil SA		9,300		52,503
BB Seguridade Participacoes SA		19,500		106,001
BRF SA(a)		14,650		44,634
CCR SA		30,500		80,846
Centrais Eletricas Brasileiras SA		28,000		248,170
Cia. de Saneamento Basico do Estado de Sao Paulo		8,750		82,666
Cia. Siderurgica Nacional SA		16,950		44,962
Cosan SA		33,750		129,618
CPFL Energia SA		6,150		41,340
Energisa SA		4,550		36,987
Engie Brasil Energia SA		8,321		64,778
Equatorial Energia SA		27,850		129,443
Hapvida Participacoes e Investimentos SA(b)		122,500		171,421
Hypera SA		11,750		97,277
JBS SA		22,150		125,984
Klabin SA		20,650		74,742
Localiza Rent a Car SA		19,750		230,892
Lojas Renner SA		25,750		131,017
Magazine Luiza SA(a)		79,250		65,046
Natura & Co. Holding SA		22,250		61,672
Petro Rio SA(a)		21,100		110,764
Petroleo Brasileiro SA		98,850		706,261
Raia Drogasil SA		24,850		103,940
Rede D’Or Sao Luiz SA(b)		10,250		65,668
Rumo SA		31,500		122,369
Suzano SA		20,200		171,854
Telefonica Brasil SA		11,650		92,127
Tim SA		22,200		50,482
TOTVS SA		14,850		81,495
Ultrapar Participacoes SA		18,400		47,853
Vale SA		106,900		1,325,359
Vibra Energia SA		29,650		104,639
WEG SA		46,500		252,861
				6,565,624
China — 62.1%
360 DigiTech Inc.		1,900		30,362
360 Security Technology Inc., Class A		25,031		26,423
37 Interactive Entertainment Network Technology Group Co. Ltd., Class A		5,000		14,647
3SBio Inc.(b)		50,000		33,243
AAC Technologies Holdings Inc.		26,000		48,168
Advanced Micro-Fabrication Equipment Inc., Class A(a)		2,300		40,812
AECC Aviation Power Co. Ltd., Class A		5,000		33,161
Agricultural Bank of China Ltd., Class A		120,000		49,462
Agricultural Bank of China Ltd., Class H		750,000		245,071
Aier Eye Hospital Group Co. Ltd., Class A		14,409		61,102
Air China Ltd., Class A(a)		20,000		29,731
Alibaba Group Holding Ltd.(a)		405,020		4,832,108
Alibaba Health Information Technology Ltd.(a)		134,000		76,791
A-Living Smart City Services Co. Ltd., Class A(b)		12,500		12,876
Aluminum Corp. of China Ltd., Class A		30,000		19,472

Security	Shares		Value
China (continued)
Aluminum Corp. of China Ltd., Class H		100,000	$	36,951
Anhui Conch Cement Co. Ltd., Class A		5,000		23,039
Anhui Conch Cement Co. Ltd., Class H		25,000		95,271
ANTA Sports Products Ltd.(c)		31,240		376,206
Autohome Inc., ADR		1,950		69,440
AVIC Electromechanical Systems Co. Ltd., Class A		11,400		18,253
AVIC Industry-Finance Holdings Co. Ltd., Class A		45,099		22,019
AviChina Industry & Technology Co. Ltd., Class H		79,000		38,452
Baidu Inc.(a)		60,006		1,071,142
Bank of Beijing Co. Ltd., Class A		35,090		20,949
Bank of Chengdu Co. Ltd., Class A		15,000		33,974
Bank of China Ltd., Class A		10,000		4,396
Bank of China Ltd., Class H		2,050,000		715,385
Bank of Communications Co. Ltd., Class A		70,000		46,344
Bank of Communications Co. Ltd., Class H		200,200		114,068
Bank of Hangzhou Co. Ltd., Class A		15,099		31,254
Bank of Jiangsu Co. Ltd., Class A		20,060		20,990
Bank of Nanjing Co. Ltd., Class A		25,000		38,371
Bank of Ningbo Co. Ltd., Class A		10,910		46,903
Bank of Shanghai Co. Ltd., Class A		40,090		34,238
Baoshan Iron & Steel Co. Ltd., Class A		50,000		38,477
BBMG Corp., Class A		20,000		7,569
BeiGene Ltd., ADR(a)(c)		1,300		223,159
Beijing Dabeinong Technology Group Co. Ltd., Class A(a)		15,000		18,718
Beijing Enlight Media Co. Ltd., Class A		10,000		13,336
Beijing Enterprises Water Group Ltd.		100,000		25,688
Beijing Kingsoft Office Software Inc., Class A		378		9,815
Beijing New Building Materials PLC, Class A		5,000		18,949
Beijing Originwater Technology Co. Ltd., Class A		25,000		19,854
Beijing Sinnet Technology Co. Ltd., Class A		10,000		13,391
Beijing-Shanghai High Speed Railway Co. Ltd., Class A		115,000		76,887
Bilibili Inc., ADR(a)		4,590		114,566
Bilibili, Inc.(a)		255		6,342
BOC Aviation Ltd.(b)		5,000		40,022
BOE Technology Group Co. Ltd., Class A		75,000		40,040
Bosideng International Holdings Ltd.		100,000		56,149
BYD Co. Ltd., Class A		3,900		161,328
BYD Co. Ltd., Class H		25,000		770,383
BYD Electronic International Co. Ltd.		26,000		68,695
Caitong Securities Co. Ltd., Class A		13,420		14,678
CanSino Biologics Inc., Class H(b)(c)		2,600		16,228
CGN Power Co. Ltd., Class H(b)		300,000		71,348
Changchun High & New Technology Industry Group Inc., Class A		810		20,677
Changjiang Securities Co. Ltd., Class A		25,000		20,500
Chaozhou Three-Circle Group Co. Ltd., Class A		10,000		39,084
China Baoan Group Co. Ltd., Class A		10,000		21,251
China Cinda Asset Management Co. Ltd., Class H		150,000		20,598
China CITIC Bank Corp. Ltd., Class H		200,000		85,742
China Coal Energy Co. Ltd., Class H		50,000		44,463
China Communications Services Corp. Ltd., Class H		100,800		43,283
China Conch Venture Holdings Ltd.		50,000		102,039
China Construction Bank Corp., Class A		10,000		7,978
China Construction Bank Corp., Class H		2,550,370		1,576,595
China CSSC Holdings Ltd., Class A		10,000		36,121
China Eastern Airlines Corp. Ltd., Class A(a)		25,000		17,718
China Energy Engineering Corp. Ltd.		40,000		13,047
China Everbright Bank Co. Ltd., Class A		80,000		33,178
China Everbright Environment Group Ltd.		100,000		49,426
China Evergrande Group(a)(d)		114,000		15,726

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  (continued) August 31, 2022 iShares^® MSCI BIC ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
China (continued)
China Feihe Ltd.(b)		102,000	$	84,421
China Galaxy Securities Co. Ltd., Class H		50,000		27,336
China Gas Holdings Ltd.		81,200		114,906
China Greatwall Technology Group Co. Ltd., Class A		10,000		13,089
China Hongqiao Group Ltd.		75,000		72,725
China International Capital Corp. Ltd., Class H(b)		40,000		70,372
China Jinmao Holdings Group Ltd.		158,000		33,270
China Jushi Co. Ltd., Class A		10,073		20,955
China Life Insurance Co. Ltd., Class A		5,093		22,574
China Life Insurance Co. Ltd., Class H		200,000		286,745
China Literature Ltd.(a)(b)		10,000		40,523
China Longyuan Power Group Corp. Ltd., Class H		100,000		161,516
China Medical System Holdings Ltd.		50,000		73,999
China Mengniu Dairy Co. Ltd.		99,000		448,299
China Merchants Bank Co. Ltd., Class A		34,100		172,225
China Merchants Bank Co. Ltd., Class H		100,456		513,743
China Merchants Port Holdings Co. Ltd.		48,000		72,061
China Merchants Securities Co. Ltd., Class A		15,050		28,793
China Merchants Shekou Industrial Zone Holdings Co. Ltd., Class A		11,181		23,593
China Minsheng Banking Corp. Ltd., Class A		50,000		26,027
China Minsheng Banking Corp. Ltd., Class H		150,000		47,715
China National Building Material Co. Ltd., Class H		100,000		94,427
China National Chemical Engineering Co. Ltd., Class A		20,000		24,847
China National Nuclear Power Co. Ltd., Class A		40,000		36,765
China Northern Rare Earth Group High-Tech Co. Ltd., Class A		10,000		43,403
China Oilfield Services Ltd., Class H		68,000		70,627
China Overseas Land & Investment Ltd.		100,300		269,553
China Pacific Insurance Group Co. Ltd., Class A		10,000		30,232
China Pacific Insurance Group Co. Ltd., Class H		60,000		127,099
China Petroleum & Chemical Corp., Class A		50,000		30,903
China Petroleum & Chemical Corp., Class H		600,600		282,429
China Power International Development Ltd.		150,000		83,738
China Railway Group Ltd., Class A		35,000		29,080
China Railway Group Ltd., Class H		100,000		57,249
China Renewable Energy Investment Ltd.(d)		7,709		—
China Resources Beer Holdings Co. Ltd.		38,000		264,899
China Resources Cement Holdings Ltd.(c)		102,000		62,874
China Resources Gas Group Ltd.		20,000		77,868
China Resources Land Ltd.		100,444		411,242
China Resources Mixc Lifestyle Services Ltd.(b)		20,000		90,695
China Resources Power Holdings Co. Ltd.		74,200		147,535
China Ruyi Holdings Ltd.(a)		200,000		50,753
China Shenhua Energy Co. Ltd., Class A		10,000		43,826
China Shenhua Energy Co. Ltd., Class H		100,000		313,627
China Southern Airlines Co. Ltd., Class A(a)		40,000		37,169
China State Construction Engineering Corp. Ltd., Class A		75,000		55,699
China State Construction International Holdings Ltd.		100,000		115,465
China Suntien Green Energy Corp. Ltd., Class H		50,000		22,425
China Taiping Insurance Holdings Co. Ltd.		40,040		40,880
China Three Gorges Renewables Group Co. Ltd., Class A		60,000		52,816
China Tourism Group Duty Free Corp. Ltd., Class A		4,000		112,792
China Tower Corp. Ltd., Class H(b)		1,000,000		124,698
China Traditional Chinese Medicine Holdings Co. Ltd.		100,000		43,123
China United Network Communications Ltd., Class A		57,000		29,238
China Vanke Co. Ltd., Class A		15,038		36,152
China Vanke Co. Ltd., Class H		45,001		87,852
China Yangtze Power Co. Ltd., Class A		40,056		138,727
China Zheshang Bank Co. Ltd., Class A(a)		30,000		14,096

Security	Shares		Value
China (continued)
Chinasoft International Ltd.		100,000	$	78,170
Chongqing Changan Automobile Co. Ltd., Class A		19,552		40,896
Chongqing Zhifei Biological Products Co. Ltd., Class A		4,300		58,341
CIFI Holdings Group Co. Ltd.(c)		109,928		27,822
CITIC Ltd.		150,000		154,632
CITIC Securities Co. Ltd., Class A		20,175		56,756
CITIC Securities Co. Ltd., Class H		50,050		101,443
CMOC Group Ltd., Class A		45,000		31,927
CMOC Group Ltd., Class H		108,000		48,159
Contemporary Amperex Technology Co. Ltd., Class A(a)		4,300		298,052
COSCO SHIPPING Holdings Co. Ltd., Class A		20,170		41,213
COSCO SHIPPING Holdings Co. Ltd., Class H		75,349		112,486
Country Garden Holdings Co. Ltd.		206,046		60,824
Country Garden Services Holdings Co. Ltd.		50,000		98,258
CRRC Corp. Ltd., Class A		45,600		32,996
CRRC Corp. Ltd., Class H		114,000		42,623
CSC Financial Co. Ltd., Class A		10,000		38,376
CSPC Pharmaceutical Group Ltd.		200,160		203,047
Dali Foods Group Co. Ltd.(b)		75,000		34,286
Daqin Railway Co. Ltd., Class A		25,000		23,311
Daqo New Energy Corp., ADR(a)		1,950		130,007
DHC Software Co. Ltd., Class A		25,000		20,960
Dongfang Electric Corp. Ltd., Class A		10,000		28,383
Dongfeng Motor Group Co. Ltd., Class H		100,000		63,405
Dongxing Securities Co. Ltd., Class A		10,099		12,116
Dongyue Group Ltd.		50,000		56,117
East Money Information Co. Ltd., Class A		24,574		78,421
ENN Energy Holdings Ltd.		20,700		300,718
ENN Natural Gas Co. Ltd., Class A		10,000		29,628
Eve Energy Co. Ltd., Class A		5,000		68,023
Everbright Securities Co. Ltd., Class A		10,097		23,380
Fangda Carbon New Material Co. Ltd., Class A(a)		20,040		20,149
Far East Horizon Ltd.		54,000		40,908
Fiberhome Telecommunication Technologies Co. Ltd., Class A		5,000		10,383
First Capital Securities Co. Ltd., Class A		10,000		8,876
Flat Glass Group Co. Ltd., Class A(a)		10,000		57,709
Focus Media Information Technology Co. Ltd., Class A		35,039		30,596
Foshan Haitian Flavouring & Food Co. Ltd., Class A		5,651		65,749
Fosun International Ltd.		50,000		36,907
Founder Securities Co. Ltd., Class A		30,099		30,204
Foxconn Industrial Internet Co. Ltd., Class A		20,000		26,825
Fujian Sunner Development Co. Ltd., Class A		5,000		16,114
Fuyao Glass Industry Group Co. Ltd., Class A		5,000		28,228
Fuyao Glass Industry Group Co. Ltd., Class H(b)		20,800		99,254
Ganfeng Lithium Co. Ltd., Class H(b)		14,000		122,996
GD Power Development Co. Ltd., Class A(a)		55,000		34,511
GDS Holdings Ltd., ADR(a)		536		14,601
GDS Holdings Ltd., Class A(a)(c)		17,144		58,552
Geely Automobile Holdings Ltd.		150,000		301,383
GEM Co. Ltd., Class A		15,099		18,179
Gemdale Corp., Class A		10,000		16,851
Genscript Biotech Corp.(a)		42,000		134,912
GF Securities Co. Ltd., Class A		15,000		35,464
GF Securities Co. Ltd., Class H		20,000		26,126
GoerTek Inc., Class A		10,000		46,858
Great Wall Motor Co. Ltd., Class A		5,000		24,108
Great Wall Motor Co. Ltd., Class H		75,000		112,525
Gree Electric Appliances Inc. of Zhuhai, Class A		5,000		23,025
Greentown China Holdings Ltd.		25,000		47,170

42 2 0 2 2    I S H A R E S     A N N U A L    R E P O R T    T O    S H A R E  H O L D E R S

Schedule of Investments  (continued) August 31, 2022 iShares^® MSCI BIC ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
China (continued)
Greentown Service Group Co. Ltd.		56,000	$	40,457
Guangdong Haid Group Co. Ltd., Class A		5,000		44,077
Guangdong Investment Ltd.		100,000		91,615
Guanghui Energy Co. Ltd., Class A		20,000		36,677
Guangzhou Automobile Group Co. Ltd., Class H		100,235		86,183
Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class A		5,000		19,664
Guosen Securities Co. Ltd., Class A		20,000		26,669
Guotai Junan Securities Co. Ltd., Class A		20,000		42,667
Guoyuan Securities Co. Ltd., Class A		15,020		15,868
H World Group Ltd., ADR		5,150		193,795
Haier Smart Home Co. Ltd., Class A		10,079		37,559
Haier Smart Home Co. Ltd., Class H		60,000		196,020
Haitian International Holdings Ltd.		28,000		68,599
Haitong Securities Co. Ltd., Class A		15,000		20,512
Haitong Securities Co. Ltd., Class H		40,000		26,189
Hangzhou Tigermed Consulting Co. Ltd., Class A		100		1,560
Hangzhou Tigermed Consulting Co. Ltd., Class H(b)		5,000		49,504
Henan Shuanghui Investment & Development Co. Ltd., Class A		5,000		19,358
Hengan International Group Co. Ltd.		25,000		119,638
Hengli Petrochemical Co. Ltd., Class A		10,000		27,711
Hengyi Petrochemical Co. Ltd., Class A		30,030		39,241
Hesteel Co. Ltd., Class A		60,000		20,978
Hopson Development Holdings Ltd.(c)		24,078		33,107
Huadian Power International Corp. Ltd., Class A		15,000		11,809
Huadong Medicine Co. Ltd., Class A		5,000		30,367
Hualan Biological Engineering Inc., Class A		5,050		14,376
Huaneng Power International Inc., Class A(a)		15,000		17,686
Huaneng Power International Inc., Class H(a)		100,000		51,107
Huatai Securities Co. Ltd., Class A		20,000		37,891
Huatai Securities Co. Ltd., Class H(b)		10,000		13,366
Huaxia Bank Co. Ltd., Class A		25,000		18,570
Huaxin Cement Co. Ltd., Class A		5,000		12,538
Huayu Automotive Systems Co. Ltd., Class A		10,099		27,201
Hunan Valin Steel Co. Ltd., Class A		15,000		9,643
Hundsun Technologies Inc., Class A		6,500		31,506
Hutchmed China Ltd., ADR(a)(c)		3,100		39,866
Hygeia Healthcare Holdings Co. Ltd.(a)(b)(c)		10,000		53,975
Iflytek Co. Ltd., Class A		5,029		27,162
Industrial & Commercial Bank of China Ltd., Class A		100,000		63,332
Industrial & Commercial Bank of China Ltd., Class H		1,400,050		711,285
Industrial Bank Co. Ltd., Class A		35,000		86,335
Industrial Securities Co. Ltd., Class A(a)		19,500		17,446
Inner Mongolia BaoTou Steel Union Co. Ltd., Class A		80,000		23,205
Inner Mongolia Junzheng Energy & Chemical Industry Group Co. Ltd., Class A		65,000		40,839
Inner Mongolia Yili Industrial Group Co. Ltd., Class A		10,000		51,648
Inner Mongolia Yitai Coal Co. Ltd., Class B		30,000		50,488
Innovent Biologics Inc.(a)(b)		25,000		105,388
Inspur Electronic Information Industry Co. Ltd., Class A		7,683		25,682
iQIYI Inc., ADR(a)(c)		7,770		28,438
JA Solar Technology Co. Ltd., Class A		7,000		66,053
JD Health International Inc.(a)(b)		30,000		206,659
JD.com Inc., Class A		57,520		1,820,803
Jiangsu Eastern Shenghong Co. Ltd., Class A		10,000		27,723
Jiangsu Expressway Co. Ltd., Class H		38,000		32,547
Jiangsu Hengrui Medicine Co. Ltd., Class A		12,568		62,864
Jiangsu Yanghe Brewery Joint-Stock Co. Ltd., Class A		2,900		68,790
Jiangsu Zhongtian Technology Co. Ltd., Class A		10,000		32,058
Jiangxi Copper Co. Ltd., Class H		50,000		61,409

Security	Shares		Value
China (continued)
Jiangxi Zhengbang Technology Co. Ltd., Class A(a)		10,000	$	8,623
Jinke Properties Group Co. Ltd., Class A(a)		5,000		1,803
Jinxin Fertility Group Ltd.(b)		50,000		32,559
Jiumaojiu International Holdings Ltd.(b)		28,000		55,087
JOYY Inc., ADR		1,350		40,932
Kanzhun Ltd., ADR(a)		5,200		122,148
KE Holdings Inc., ADR(a)(c)		17,600		317,504
Kingboard Holdings Ltd.		25,000		78,942
Kingboard Laminates Holdings Ltd.		25,000		23,848
Kingdee International Software Group Co. Ltd.(a)		50,000		97,045
Kingsoft Corp. Ltd.		28,800		87,531
Kuaishou Technology(a)(b)		45,000		389,902
Kunlun Energy Co. Ltd.		100,000		87,073
Kweichow Moutai Co. Ltd., Class A		2,000		555,968
LB Group Co. Ltd., Class A		5,000		12,672
Legend Biotech Corp., ADR(a)		1,500		69,735
Lenovo Group Ltd.		200,000		164,722
Lens Technology Co. Ltd., Class A		15,000		23,465
Lepu Medical Technology Beijing Co. Ltd., Class A		10,000		27,334
Li Auto Inc., ADR(a)(c)		14,850		427,235
Li Ning Co. Ltd.		64,000		582,932
Lingyi iTech Guangdong Co., Class A(a)		20,000		15,864
Longfor Group Holdings Ltd.(b)		50,000		162,288
LONGi Green Energy Technology Co. Ltd., Class A		15,148		111,459
Lufax Holding Ltd., ADR		19,000		83,030
Luxshare Precision Industry Co. Ltd., Class A		15,502		83,762
Luzhou Laojiao Co. Ltd., Class A		2,800		94,649
Mango Excellent Media Co. Ltd., Class A		5,000		19,998
Meinian Onehealth Healthcare Holdings Co. Ltd., Class A(a)		20,053		13,983
Meituan, Class B(a)(b)		115,000		2,761,979
Metallurgical Corp. of China Ltd., Class A		30,000		13,898
Microport Scientific Corp.(a)		20,000		39,742
Ming Yuan Cloud Group Holdings Ltd.		15,000		12,294
Muyuan Foods Co. Ltd., Class A		10,478		88,524
Nanjing King-Friend Biochemical Pharmaceutical Co. Ltd., Class A		6,545		16,958
Nanjing Securities Co. Ltd., Class A		10,000		12,279
NARI Technology Co. Ltd., Class A		15,024		59,396
National Silicon Industry Group Co. Ltd., Class A(a)		10,777		31,981
NavInfo Co. Ltd., Class A		10,008		18,872
NetEase Inc.		55,075		983,495
New China Life Insurance Co. Ltd., Class A		5,000		20,779
New China Life Insurance Co. Ltd., Class H		15,000		35,305
New Hope Liuhe Co. Ltd., Class A(a)		10,000		22,650
New Oriental Education & Technology Group Inc.(a)		35,030		101,114
Nine Dragons Paper Holdings Ltd.		50,000		39,234
Ningbo Shanshan Co. Ltd.		5,000		17,909
Ningxia Baofeng Energy Group Co. Ltd., Class A		15,000		29,379
NIO Inc., ADR(a)		36,950		735,674
Nongfu Spring Co. Ltd., Class H(b)(c)		50,000		297,292
Offshore Oil Engineering Co. Ltd., Class A		5,024		3,266
OFILM Group Co. Ltd., Class A(a)		15,000		13,867
Orient Overseas International Ltd.		4,000		111,500
Orient Securities Co. Ltd., Class A		19,788		24,701
Pangang Group Vanadium Titanium & Resources Co. Ltd., Class A(a)		25,000		20,679
People’s Insurance Co. Group of China Ltd. (The), Class A		25,000		18,008
People’s Insurance Co. Group of China Ltd. (The), Class H		150,000		46,360

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  (continued) August 31, 2022 iShares^® MSCI BIC ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
China (continued)
Perfect World Co. Ltd., Class A		10,050	$	21,435
PetroChina Co. Ltd., Class A		25,000		19,370
PetroChina Co. Ltd., Class H		500,000		232,509
Pharmaron Beijing Co. Ltd., Class H(b)		8,050		53,248
PICC Property & Casualty Co. Ltd., Class H		200,322		216,674
Pinduoduo Inc., ADR(a)		13,200		941,160
Ping An Bank Co. Ltd., Class A		30,000		55,137
Ping An Healthcare and Technology Co. Ltd.(a)(b)(c)		15,600		42,231
Ping An Insurance Group Co. of China Ltd., Class A		15,000		94,786
Ping An Insurance Group Co. of China Ltd., Class H		175,500		1,032,228
Poly Developments and Holdings Group Co. Ltd., Class A		15,000		37,481
Pop Mart International Group Ltd.(b)(c)		20,000		51,686
Postal Savings Bank of China Co. Ltd., Class A		45,000		29,288
Postal Savings Bank of China Co. Ltd., Class H(b)		200,000		119,394
Power Construction Corp. of China Ltd., Class A		30,000		33,392
RLX Technology Inc., ADR(a)		17,200		24,596
Rongsheng Petrochemical Co. Ltd., Class A		20,050		40,931
SAIC Motor Corp. Ltd., Class A		15,000		33,446
Sany Heavy Equipment International Holdings Co. Ltd.		50,000		51,793
Sany Heavy Industry Co. Ltd., Class A		15,053		34,178
SDIC Power Holdings Co. Ltd., Class A		20,099		32,395
Sealand Securities Co. Ltd., Class A		15,000		7,728
SF Holding Co. Ltd., Class A		10,000		71,252
Shaanxi Coal Industry Co. Ltd., Class A		20,005		63,715
Shandong Gold Mining Co. Ltd., Class A		10,080		26,033
Shandong Gold Mining Co. Ltd., Class H(b)(c)		25,000		42,381
Shandong Hualu Hengsheng Chemical Co. Ltd., Class A		7,040		29,653
Shandong Nanshan Aluminum Co. Ltd., Class A		55,000		26,874
Shandong Weigao Group Medical Polymer Co. Ltd., Class H		60,000		81,394
Shanghai Baosight Software Co. Ltd., Class B		19,500		59,058
Shanghai Construction Group Co. Ltd., Class A		15,000		5,875
Shanghai Electric Group Co. Ltd., Class A(a)		50,000		30,611
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class A		5,000		29,146
Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd., Class B		30,076		25,055
Shanghai Pharmaceuticals Holding Co. Ltd., Class A		5,000		12,483
Shanghai Pharmaceuticals Holding Co. Ltd., Class H		25,000		36,345
Shanghai Pudong Development Bank Co. Ltd., Class A		45,000		47,265
Shanghai RAAS Blood Products Co. Ltd., Class A		30,400		25,655
Shanghai Yuyuan Tourist Mart Group Co. Ltd., Class A		10,000		11,589
Shanxi Coking Coal Energy Group Co. Ltd., Class A		15,000		27,758
Shanxi Lu’an Environmental Energy Development Co. Ltd., Class A		10,052		23,042
Shanxi Meijin Energy Co. Ltd., Class A		10,000		16,347
Shanxi Securities Co. Ltd., Class A		15,460		12,971
Shanxi Taigang Stainless Steel Co. Ltd., Class A		15,000		10,624
Shanxi Xinghuacun Fen Wine Factory Co. Ltd., Class A		2,360		99,922
Shenghe Resources Holding Co. Ltd., Class A		5,000		12,478
Shengyi Technology Co. Ltd., Class A		10,000		22,945
Shenwan Hongyuan Group Co. Ltd., Class A		65,094		39,259
Shenzhen Energy Group Co. Ltd., Class A		11,420		10,490
Shenzhen Inovance Technology Co. Ltd., Class A		5,097		44,061
Shenzhen International Holdings Ltd.		25,000		21,550
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A		2,200		94,690
Shenzhen Overseas Chinese Town Co. Ltd., Class A		15,000		11,575
Shenzhen Transsion Holding Co. Ltd., Class A		2,100		20,657
Shenzhou International Group Holdings Ltd.		20,000		209,026
Shimao Group Holdings Ltd.(d)		28,500		8,170
Sichuan Chuantou Energy Co. Ltd., Class A		15,005		28,610

Security	Shares		Value
China (continued)
Sichuan Kelun Pharmaceutical Co. Ltd., Class A		10,000	$	31,002
Sichuan Road & Bridge Co. Ltd., Class A		15,020		23,137
Sino Biopharmaceutical Ltd.		267,000		140,233
Sinolink Securities Co. Ltd., Class A		20,000		24,914
Sinopec Shanghai Petrochemical Co. Ltd., Class A		20,000		9,110
Sinopharm Group Co. Ltd., Class H		40,000		89,112
Sinotruk Hong Kong Ltd.		25,000		24,926
Smoore International Holdings Ltd.(b)		50,000		89,264
Songcheng Performance Development Co. Ltd., Class A		10,180		18,618
SooChow Securities Co. Ltd., Class A		20,052		19,845
Sunac China Holdings Ltd.(d)		114,000		29,049
Sunny Optical Technology Group Co. Ltd.		20,100		274,414
Sunwoda Electronic Co. Ltd., Class A		3,000		11,753
Suzhou Dongshan Precision Manufacturing Co. Ltd., Class A		5,000		18,612
TAL Education Group, ADR(a)		9,150		52,887
TBEA Co. Ltd., Class A		10,000		35,711
TCL Technology Group Corp., Class A		25,000		14,958
TCL Zhonghuan Renewable Energy Technology Co. Ltd., Class A		5,000		34,646
Tencent Holdings Ltd.		167,200		6,910,500
Tencent Music Entertainment Group, ADR(a)		16,600		84,826
Tianma Microelectronics Co. Ltd., Class A		15,000		20,424
Tianshui Huatian Technology Co. Ltd., Class A		25,200		34,881
Tingyi Cayman Islands Holding Corp.		64,000		113,646
Tongcheng Travel Holdings Ltd.(a)		40,000		81,926
TongFu Microelectronics Co. Ltd., Class A(a)		15,000		40,094
Tongling Nonferrous Metals Group Co. Ltd., Class A		55,000		22,946
Tongwei Co. Ltd., Class A		10,095		77,001
Topsports International Holdings Ltd.(b)		50,000		39,465
Transfar Zhilian Co. Ltd., Class A		15,000		12,062
TravelSky Technology Ltd., Class H		30,000		52,286
Trina Solar Co. Ltd.		4,300		44,233
Trip.com Group Ltd., ADR(a)		14,500		372,940
Tsingtao Brewery Co. Ltd., Class H(c)		16,000		155,376
Uni-President China Holdings Ltd.		50,000		43,047
Unisplendour Corp. Ltd., Class A		7,480		18,648
Vipshop Holdings Ltd., ADR(a)		11,750		136,418
Walvax Biotechnology Co. Ltd., Class A		5,000		31,458
Wanhua Chemical Group Co. Ltd., Class A		5,700		72,816
Want Want China Holdings Ltd.		100,000		70,442
Weibo Corp., ADR(a)		1,450		30,001
Weichai Power Co. Ltd., Class A		12,000		20,099
Weichai Power Co. Ltd., Class H		50,100		66,934
Wens Foodstuffs Group Co. Ltd., Class A(a)		15,040		51,513
Western Securities Co. Ltd., Class A		15,000		14,018
Wharf Holdings Ltd. (The)		50,000		188,298
Will Semiconductor Co. Ltd. Shanghai, Class A		3,375		45,541
Wingtech Technology Co. Ltd., Class A		3,000		27,918
Winning Health Technology Group Co. Ltd., Class A		15,050		15,351
Wuhan Guide Infrared Co. Ltd., Class A		17,280		35,609
Wuliangye Yibin Co. Ltd., Class A		6,400		154,229
WUS Printed Circuit Kunshan Co. Ltd., Class A		15,060		25,946
WuXi AppTec Co. Ltd., Class A		5,028		64,922
WuXi AppTec Co. Ltd., Class H(b)		10,087		113,872
Wuxi Biologics Cayman Inc., New(a)(b)		100,000		882,210
XCMG Construction Machinery Co. Ltd., Class A(a)		35,200		26,461
Xiamen C & D Inc., Class A		10,000		16,961
Xiaomi Corp., Class B(a)(b)		410,000		598,870
Xinjiang Goldwind Science & Technology Co. Ltd., Class A		11,453		21,150

44 2 0 2 2    I S H A R E S     A N N U A L    R E P O R T    T O    S H A R E  H O L D E R S

Schedule of Investments  (continued) August 31, 2022 iShares^® MSCI BIC ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
China (continued)
Xinjiang Goldwind Science & Technology Co. Ltd., Class H		23,434	$	34,920
Xinyi Solar Holdings Ltd.		142,000		195,281
XPeng Inc., ADR(a)		11,450		212,054
Xtep International Holdings Ltd.		50,000		69,384
Yankuang Energy Group Co. Ltd., Class H		58,000		229,588
Yihai International Holding Ltd.		19,000		47,850
Yihai Kerry Arawana Holdings Co. Ltd., Class A		5,000		32,944
Yonyou Network Technology Co. Ltd., Class A		9,530		27,563
Youngor Group Co. Ltd., Class A		5,000		4,623
Yuexiu Property Co. Ltd.		50,400		63,039
Yum China Holdings Inc.		11,350		568,748
Yunda Holding Co. Ltd., Class A		7,130		17,318
Yunnan Baiyao Group Co. Ltd., Class A		5,008		37,874
Yunnan Energy New Material Co. Ltd., Class A		1,700		47,324
Zai Lab Ltd., ADR(a)		2,450		113,215
Zhangzhou Pientzehuang Pharmaceutical Co. Ltd., Class A		1,400		60,798
Zhejiang Century Huatong Group Co. Ltd., Class A(a)		50,000		32,966
Zhejiang Chint Electrics Co. Ltd., Class A		5,000		22,793
Zhejiang Dahua Technology Co. Ltd., Class A		10,000		21,231
Zhejiang Juhua Co. Ltd., Class A		10,000		22,641
Zhejiang NHU Co. Ltd., Class A		9,543		30,971
Zheshang Securities Co. Ltd., Class A		10,000		15,755
ZhongAn Online P&C Insurance Co. Ltd., Class H(a)(b)		20,000		58,611
Zhongsheng Group Holdings Ltd.		25,000		118,209
Zhongtai Securities Co. Ltd.		20,000		21,387
Zhuzhou CRRC Times Electric Co. Ltd.		15,000		72,533
Zijin Mining Group Co. Ltd., Class A		35,000		44,328
Zijin Mining Group Co. Ltd., Class H		163,000		184,186
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class A		25,100		20,874
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class H		40,000		18,032
ZTE Corp., Class A		5,000		17,651
ZTE Corp., Class H		20,048		42,328
ZTO Express Cayman Inc., ADR		11,500		299,575
				55,912,450
India — 27.4%
ACC Ltd.		2,150		61,607
Adani Enterprises Ltd.		7,218		286,437
Adani Green Energy Ltd.(a)		8,400		253,813
Adani Ports & Special Economic Zone Ltd.		13,650		142,813
Adani Power Ltd.(a)		20,600		105,197
Adani Total Gas Ltd.		7,450		347,449
Adani Transmission Ltd.(a)		7,450		365,337
Ambuja Cements Ltd.		16,350		83,840
Apollo Hospitals Enterprise Ltd.		2,700		145,067
Asian Paints Ltd.		10,500		442,038
AU Small Finance Bank Ltd.(b)		7,950		62,521
Aurobindo Pharma Ltd.		6,900		46,977
Avenue Supermarts Ltd.(a)(b)		4,500		252,955
Axis Bank Ltd.		63,050		587,594
Bajaj Auto Ltd.		1,750		89,134
Bajaj Finance Ltd.		7,300		658,834
Bajaj Finserv Ltd.		950		199,163
Balkrishna Industries Ltd.		2,550		64,778
Bandhan Bank Ltd.(b)		20,805		71,802
Berger Paints India Ltd.		11,300		94,506
Bharat Electronics Ltd.		34,566		132,076
Bharat Forge Ltd.		6,529		60,104

Security	Shares		Value
India (continued)
Bharat Petroleum Corp. Ltd.		17,800	$	72,916
Bharti Airtel Ltd.		58,650		531,278
Biocon Ltd.		12,050		46,624
Britannia Industries Ltd.		2,550		119,318
Cholamandalam Investment and Finance Co. Ltd.		11,643		114,068
Cipla Ltd.		12,500		161,979
Coal India Ltd.		39,650		115,857
Colgate-Palmolive India Ltd.		2,950		61,941
Container Corp. of India Ltd.		6,700		58,119
Dabur India Ltd.		14,600		106,453
Divi’s Laboratories Ltd.		3,500		158,021
DLF Ltd.		17,700		85,500
Dr. Reddy’s Laboratories Ltd.		3,213		169,795
Eicher Motors Ltd.		3,700		154,420
GAIL India Ltd.		36,100		61,320
Godrej Consumer Products Ltd.(a)		9,900		114,037
Godrej Properties Ltd.(a)		3,500		61,046
Grasim Industries Ltd.		7,100		147,974
Havells India Ltd.		7,250		125,509
HCL Technologies Ltd.		27,850		323,947
HDFC Life Insurance Co. Ltd.(b)		25,400		182,022
Hero MotoCorp Ltd.		2,700		95,108
Hindalco Industries Ltd.		38,900		210,978
Hindustan Petroleum Corp. Ltd.		20,600		62,526
Hindustan Unilever Ltd.		22,050		729,986
Housing Development Finance Corp. Ltd.		45,950		1,391,155
ICICI Bank Ltd.		137,000		1,502,252
ICICI Lombard General Insurance Co. Ltd.(b)		7,182		115,368
ICICI Prudential Life Insurance Co. Ltd.(b)		10,830		79,951
Indian Oil Corp. Ltd.		75,300		67,191
Indian Railway Catering & Tourism Corp. Ltd.		8,250		72,364
Indraprastha Gas Ltd.		10,950		57,250
Indus Towers Ltd.		19,550		48,616
Info Edge India Ltd.		1,900		102,207
Infosys Ltd.		88,950		1,639,445
InterGlobe Aviation Ltd.(a)(b)		2,600		64,928
ITC Ltd.		79,000		315,706
Jindal Steel & Power Ltd.		10,900		58,650
JSW Steel Ltd.		18,100		150,106
Jubilant Foodworks Ltd.		10,500		79,981
Kotak Mahindra Bank Ltd.		14,850		352,304
Larsen & Toubro Infotech Ltd.(b)		1,553		88,868
Larsen & Toubro Ltd.		17,900		427,223
Lupin Ltd.		4,150		34,679
Mahindra & Mahindra Ltd.		22,600		366,812
Marico Ltd.		13,100		86,000
Maruti Suzuki India Ltd.		3,150		355,312
Mindtree Ltd.		1,950		79,345
Mphasis Ltd.		1,950		51,300
MRF Ltd.		50		53,296
Muthoot Finance Ltd.		3,750		49,130
Nestle India Ltd.		900		224,081
NTPC Ltd.		77,650		159,171
Oil & Natural Gas Corp. Ltd.		57,300		99,193
Page Industries Ltd.		150		95,568
Petronet LNG Ltd.		18,000		49,658
PI Industries Ltd.		2,400		102,622
Pidilite Industries Ltd.		4,400		150,196
Piramal Pharma Ltd., NVS		13,400		36,000
Power Grid Corp. of India Ltd.		78,650		225,181

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  (continued) August 31, 2022 iShares^® MSCI BIC ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
India (continued)
Reliance Industries Ltd.		80,950	$	2,651,926
Samvardhana Motherson International Ltd.		36,000		54,910
SBI Cards & Payment Services Ltd.		5,350		61,345
SBI Life Insurance Co. Ltd.(b)		11,550		190,872
Shree Cement Ltd.		300		82,356
Shriram Transport Finance Co. Ltd.		4,600		77,208
Siemens Ltd.		2,100		75,399
SRF Ltd.		4,500		142,010
State Bank of India		48,000		316,030
Sun Pharmaceutical Industries Ltd.		25,700		286,818
Tata Consultancy Services Ltd.		23,100		921,265
Tata Consumer Products Ltd.		12,250		123,812
Tata Elxsi Ltd.		900		100,389
Tata Motors Ltd.(a)		43,950		255,947
Tata Power Co. Ltd. (The)		41,000		120,227
Tata Steel Ltd.		190,000		255,094
Tech Mahindra Ltd.		14,700		195,856
Titan Co. Ltd.		9,700		314,322
Torrent Pharmaceuticals Ltd.		2,800		54,104
Trent Ltd.		5,350		93,572
UltraTech Cement Ltd.		2,700		224,464
United Spirits Ltd.(a)		8,200		82,885
UPL Ltd.		13,950		133,614
Vedanta Ltd.		21,600		72,390
Wipro Ltd.		35,600		182,278
Yes Bank Ltd.(a)		315,250		64,615
Zomato Ltd.(a)		72,100		51,539
				24,641,140
Russia — 0.0%
Alrosa PJSC(d)		83,790		14
Gazprom PJSC(a)(d)		376,774		62
Inter RAO UES PJSC(d)		1,065,900		175
LUKOIL PJSC(d)		12,996		2
Magnit PJSC(d)		2,131		—
Magnit PJSC, GDR(d)		4		—
MMC Norilsk Nickel PJSC(d)		1,995		—
Mobile TeleSystems PJSC(d)		16,644		3
Moscow Exchange MICEX-RTS PJSC(a)(d)		41,040		7
Novatek PJSC(d)		29,170		5
Novolipetsk Steel PJSC(d)		41,610		7
Ozon Holdings PLC, ADR(a)(d)		1,881		—
PhosAgro PJSC(d)		1,464		—
PhosAgro PJSC, GDR(d)(e)		1		—
PhosAgro PJSC, New(d)		28		—
Polymetal International PLC(d)		10,488		2
Polyus PJSC(d)		1,083		—
Rosneft Oil Co. PJSC(d)		37,278		6
Sberbank of Russia PJSC(a)(d)		331,170		54
Severstal PAO(d)		6,669		1
Surgutneftegas PJSC(d)		182,410		30
Tatneft PJSC(d)		41,097		7
TCS Group Holding PLC, GDR(a)(d)(e)		3,884		1
United Co. RUSAL International PJSC(a)(d)		95,760		16
VK Co. Ltd.(a)(d)		4,446		1
VTB Bank PJSC(d)		153,340,001		25
X5 Retail Group NV, GDR(d)		2,622		—

Security	Shares		Value
Russia (continued)
Yandex NV(a)(d)		9,690	$	1
				419
Total Common Stocks — 96.8% (Cost: $120,348,161)				87,119,633
Preferred Stocks
Brazil — 2.8%
Banco Bradesco SA, Preference Shares, NVS		148,339		540,617
Braskem SA, Class A, Preference Shares, NVS		5,550		32,485
Centrais Eletricas Brasileiras SA, Class B, Preference Shares, NVS		5,500		50,640
Cia. Energetica de Minas Gerais, Preference Shares, NVS		37,873		88,086
Gerdau SA, Preference Shares, NVS		30,750		137,838
Itau Unibanco Holding SA, Preference Shares, NVS		126,300		626,596
Itausa SA, Preference Shares, NVS		117,395		206,475
Petroleo Brasileiro SA, Preference Shares, NVS		126,850		810,246
				2,492,983
Russia — 0.0%
Surgutneftegas PJSC, Preference Shares, NVS(d)		193,800		32
Total Preferred Stocks — 2.8% (Cost: $1,833,481)				2,493,015
Rights
China — 0.0%
Kangmei Pharmaceutical Co. Ltd. (Expires 12/31/49)(a)		2,454		—
Total Rights — 0.0% (Cost: $—)				—
Total Long-Term Investments — 99.6% (Cost: $122,181,642)				89,612,648
Short-Term Securities
Money Market Funds — 2.4%
BlackRock Cash Funds: Institutional, SL Agency Shares, 2.42%(f)(g)(h)		1,972,912		1,973,504
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.07%(f)(g)		160,000		160,000
Total Short-Term Securities — 2.4% (Cost: $2,132,532)				2,133,504
Total Investments in Securities — 102.0% (Cost: $124,314,174)				91,746,152
Liabilities in Excess of Other Assets — (2.0)%				(1,765,816	)
Net Assets — 100.0%			$	89,980,336

^(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)  Affiliate of the Fund.

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

46 2 0 2 2    I S H A R E S     A N N U A L    R E P O R T    T O    S H A R E  H O L D E R S

Schedule of Investments  (continued) August 31, 2022 iShares^® MSCI BIC ETF

^(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 year ended August 31, 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 Sale			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 08/31/22		Shares Held at 08/31/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	2,056,503	$	—	$	(81,799	)(a)	$	(1,315	)	$	115	$	1,973,504		1,972,912	$	18,132	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		520,000		—		(360,000	)(a)		—			—		160,000		160,000		2,109			—
								$	(1,315	)	$	115	$	2,133,504			$	20,241		$	—

^(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		8		09/16/22	$	195	$	(854	)
MSCI Emerging Markets Index		3		09/16/22		147		(4,846	)
							$	(5,700	)

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:

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	—	$	—	$	5,700	$	—	$	—	$	—	$	5,700

^(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 August 31, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Commodity Contracts		Credit Contracts		Equity Contracts				Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Net Realized Gain (Loss) from
Futures contracts	$	—	$	—		$	(58,738	)	$	—	$	—	$	—	$	(58,738	)
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—		$	(5,306	)	$	—	$	—	$	—	$	(5,306	)

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  (continued) August 31, 2022 iShares^® MSCI BIC ETF

Derivative Financial Instruments Categorized by Risk Exposure (continued)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts
Average notional value of contracts — long	$	280,166

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	$	12,106,251		$	74,960,018		$	53,364	$	87,119,633
Preferred Stocks		2,492,983			—			32		2,493,015
Rights		—			—			—		—
Money Market Funds		2,133,504			—			—		2,133,504
	$	16,732,738		$	74,960,018		$	53,396	$	91,746,152
Derivative financial instruments(a)
Liabilities
Futures Contracts	$	(4,846	)	$	(854	)	$	—	$	(5,700	)

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

See notes to financial statements.

48 2 0 2 2    I S H A R E S     A N N U A L    R E P O R T    T O    S H A R E  H O L D E R S

Schedule of Investments   August 31, 2022 iShares^® MSCI Emerging Markets Asia ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
China — 41.2%
360 DigiTech Inc.		11,499	$	183,754
360 Security Technology Inc., Class A		77,499		81,810
37 Interactive Entertainment Network Technology Group Co. Ltd., Class A		14,100		41,304
3SBio Inc.(a)		168,000		111,696
AAC Technologies Holdings Inc.(b)		86,500		160,252
Advanced Micro-Fabrication Equipment Inc., Class A(c)		4,600		81,624
AECC Aero-Engine Control Co. Ltd., Class A		8,900		34,439
AECC Aviation Power Co. Ltd., Class A		20,200		133,972
Agricultural Bank of China Ltd., Class A		593,400		244,589
Agricultural Bank of China Ltd., Class H		3,215,000		1,050,539
Aier Eye Hospital Group Co. Ltd., Class A		51,811		219,706
Air China Ltd., Class A(c)		79,200		117,735
Air China Ltd., Class H(c)		172,000		137,781
Alibaba Group Holding Ltd.(c)		1,697,420		20,251,139
Alibaba Health Information Technology Ltd.(c)		484,000		277,363
Alibaba Pictures Group Ltd.(c)		1,410,000		110,921
A-Living Smart City Services Co. Ltd., Class A(a)		64,500		66,440
Aluminum Corp. of China Ltd., Class A		106,800		69,322
Aluminum Corp. of China Ltd., Class H		464,000		171,453
Amlogic Shanghai Co. Ltd.(c)		2,875		35,742
Anhui Conch Cement Co. Ltd., Class A		27,000		124,413
Anhui Conch Cement Co. Ltd., Class H		134,500		512,560
Anhui Gujing Distillery Co. Ltd., Class A		3,000		110,487
Anhui Gujing Distillery Co. Ltd., Class B		8,925		136,275
ANTA Sports Products Ltd.		137,600		1,657,039
Apeloa Pharmaceutical Co. Ltd., Class A		8,600		22,402
Asymchem Laboratories Tianjin Co. Ltd., Class A		3,220		79,768
Autohome Inc., ADR		8,520		303,398
Avary Holding Shenzhen Co. Ltd., Class A		13,800		58,921
AVIC Electromechanical Systems Co. Ltd., Class A		36,800		58,922
AVIC Industry-Finance Holdings Co. Ltd., Class A		60,200		29,392
AviChina Industry & Technology Co. Ltd., Class H(b)		303,000		147,480
Baidu Inc.(c)		265,392		4,737,400
Bank of Beijing Co. Ltd., Class A		141,400		84,416
Bank of Chengdu Co. Ltd., Class A		25,100		56,850
Bank of China Ltd., Class A		287,700		126,474
Bank of China Ltd., Class H		8,787,000		3,066,383
Bank of Communications Co. Ltd., Class A		264,000		174,785
Bank of Communications Co. Ltd., Class H		946,000		539,001
Bank of Hangzhou Co. Ltd., Class A		40,400		83,625
Bank of Jiangsu Co. Ltd., Class A		143,258		149,899
Bank of Nanjing Co. Ltd., Class A		68,000		104,370
Bank of Ningbo Co. Ltd., Class A		43,000		184,860
Bank of Shanghai Co. Ltd., Class A		95,470		81,535
Baoshan Iron & Steel Co. Ltd., Class A		163,200		125,589
BBMG Corp., Class A		56,500		21,382
BeiGene Ltd., ADR(c)		5,333		915,463
Beijing Capital International Airport Co. Ltd., Class H(c)		240,000		150,637
Beijing Dabeinong Technology Group Co. Ltd., Class A(c)		45,000		56,153
Beijing Enlight Media Co. Ltd., Class A		44,300		59,079
Beijing Enterprises Holdings Ltd.		62,000		184,414
Beijing Enterprises Water Group Ltd.		478,000		122,788
Beijing Kingsoft Office Software Inc., Class A		3,400		88,279
Beijing New Building Materials PLC, Class A		11,600		43,961
Beijing Shiji Information Technology Co. Ltd., Class A		14,774		27,828
Beijing Sinnet Technology Co. Ltd., Class A		25,300		33,878
Beijing Wantai Biological Pharmacy Enterprise Co. Ltd., Class A		4,400		81,312

Security	Shares		Value
China (Continued)
Beijing-Shanghai High Speed Railway Co. Ltd., Class A		275,221	$	184,008
Betta Pharmaceuticals Co. Ltd., Class A		5,300		34,688
Bilibili Inc., ADR(c)		20,440		510,182
Bilibili, Inc.(c)		3,647		90,707
Bloomage Biotechnology Corp. Ltd.		2,244		46,204
BOC Aviation Ltd.(a)		25,600		204,915
BOE Technology Group Co. Ltd., Class A		292,100		155,944
Bosideng International Holdings Ltd.		366,000		205,506
BYD Co. Ltd., Class A		13,100		541,897
BYD Co. Ltd., Class H		92,000		2,835,009
BYD Electronic International Co. Ltd.		85,000		224,581
Caitong Securities Co. Ltd., Class A		70,180		76,759
CanSino Biologics Inc., Class H(a)(b)		11,000		68,657
CGN Power Co. Ltd., Class H(a)		1,204,000		286,343
Changchun High & New Technology Industry Group Inc., Class A		3,400		86,794
Changjiang Securities Co. Ltd., Class A		37,400		30,668
Chaozhou Three-Circle Group Co. Ltd., Class A		21,299		83,244
Chengxin Lithium Group Co. Ltd., Class A		6,400		48,966
China Cinda Asset Management Co. Ltd., Class H		837,000		114,939
China CITIC Bank Corp. Ltd., Class H		995,000		426,566
China Coal Energy Co. Ltd., Class H		252,000		224,095
China Communications Services Corp. Ltd., Class H		296,000		127,101
China Conch Venture Holdings Ltd.		199,500		407,137
China Construction Bank Corp., Class A		103,300		82,416
China Construction Bank Corp., Class H		10,718,000		6,625,684
China CSSC Holdings Ltd., Class A		38,900		140,511
China Eastern Airlines Corp. Ltd., Class A(c)		120,172		85,167
China Energy Engineering Corp. Ltd.		216,500		70,616
China Everbright Bank Co. Ltd., Class A		277,800		115,209
China Everbright Bank Co. Ltd., Class H		339,000		103,925
China Everbright Environment Group Ltd.		360,481		178,172
China Evergrande Group(c)(d)		518,000		71,458
China Feihe Ltd.(a)		422,000		349,271
China Galaxy Securities Co. Ltd., Class H		409,500		223,880
China Gas Holdings Ltd.		344,000		486,795
China Great Wall Securities Co. Ltd., Class A		35,100		46,914
China Hongqiao Group Ltd.		274,000		265,687
China International Capital Corp. Ltd., Class A		8,600		51,685
China International Capital Corp. Ltd., Class H(a)		162,800		286,414
China Jinmao Holdings Group Ltd.		516,000		108,655
China Jushi Co. Ltd., Class A		26,800		55,753
China Lesso Group Holdings Ltd.		139,000		165,216
China Life Insurance Co. Ltd., Class A		18,800		83,330
China Life Insurance Co. Ltd., Class H		795,000		1,139,810
China Literature Ltd.(a)(c)		48,200		195,321
China Longyuan Power Group Corp. Ltd., Class H		387,000		625,069
China Medical System Holdings Ltd.		173,000		256,036
China Meidong Auto Holdings Ltd.		62,000		126,080
China Mengniu Dairy Co. Ltd.		355,000		1,607,538
China Merchants Bank Co. Ltd., Class A		146,200		738,397
China Merchants Bank Co. Ltd., Class H		430,331		2,200,760
China Merchants Energy Shipping Co. Ltd., Class A		17,400		18,867
China Merchants Port Holdings Co. Ltd.		164,000		246,208
China Merchants Securities Co. Ltd., Class A		60,270		115,307
China Merchants Shekou Industrial Zone Holdings Co. Ltd., Class A		51,675		109,040
China Minsheng Banking Corp. Ltd., Class A		301,400		156,890
China Minsheng Banking Corp. Ltd., Class H		616,660		196,158
China National Building Material Co. Ltd., Class H		444,000		419,256

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  (continued) August 31, 2022 iShares^® MSCI Emerging Markets Asia ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
China (continued)
China National Chemical Engineering Co. Ltd., Class A		62,500	$	77,647
China National Nuclear Power Co. Ltd., Class A		136,500		125,461
China Northern Rare Earth Group High-Tech Co. Ltd., Class A		28,500		123,698
China Oilfield Services Ltd., Class H		230,000		238,886
China Overseas Land & Investment Ltd.		426,500		1,146,206
China Overseas Property Holdings Ltd.		165,000		175,103
China Pacific Insurance Group Co. Ltd., Class A		54,000		163,254
China Pacific Insurance Group Co. Ltd., Class H		279,800		592,705
China Petroleum & Chemical Corp., Class A		240,400		148,584
China Petroleum & Chemical Corp., Class H		2,858,600		1,344,242
China Power International Development Ltd.		617,000		344,442
China Railway Group Ltd., Class A		181,396		150,716
China Railway Group Ltd., Class H		399,000		228,425
China Renewable Energy Investment Ltd.(d)		2,513		—
China Resources Beer Holdings Co. Ltd.		174,000		1,212,957
China Resources Cement Holdings Ltd.(b)		294,000		181,224
China Resources Gas Group Ltd.		107,600		418,930
China Resources Land Ltd.		365,777		1,497,581
China Resources Microelectronics Ltd.		7,681		57,958
China Resources Mixc Lifestyle Services Ltd.(a)		67,400		305,643
China Resources Power Holdings Co. Ltd.		214,000		425,505
China Resources Sanjiu Medical & Pharmaceutical Co. Ltd., Class A		7,290		41,564
China Ruyi Holdings Ltd.(c)		492,000		124,853
China Shenhua Energy Co. Ltd., Class A		44,400		194,588
China Shenhua Energy Co. Ltd., Class H		375,500		1,177,670
China Southern Airlines Co. Ltd., Class A(c)		119,800		111,320
China Southern Airlines Co. Ltd., Class H(c)		174,000		93,918
China State Construction Engineering Corp. Ltd., Class A		310,740		230,772
China State Construction International Holdings Ltd.		242,000		279,426
China Suntien Green Energy Corp. Ltd., Class H		233,000		104,499
China Taiping Insurance Holdings Co. Ltd.		136,700		139,567
China Three Gorges Renewables Group Co. Ltd., Class A		215,000		189,257
China Tourism Group Duty Free Corp. Ltd., Class A		14,500		408,873
China Tower Corp. Ltd., Class H(a)		4,988,000		621,993
China Traditional Chinese Medicine Holdings Co. Ltd.		354,000		152,657
China United Network Communications Ltd., Class A		286,700		147,061
China Vanke Co. Ltd., Class A		80,500		193,524
China Vanke Co. Ltd., Class H		172,000		335,783
China Yangtze Power Co. Ltd., Class A		162,000		561,057
China Zhenhua Group Science & Technology Co. Ltd., Class A		3,900		63,099
China Zheshang Bank Co. Ltd., Class A(c)		111,900		52,577
Chinasoft International Ltd.		322,000		251,707
Chongqing Brewery Co. Ltd., Class A		5,199		83,807
Chongqing Changan Automobile Co. Ltd., Class A		66,412		138,910
Chongqing Zhifei Biological Products Co. Ltd., Class A		12,800		173,668
CIFI Holdings Group Co. Ltd.(b)		486,216		123,059
CITIC Ltd.		672,000		692,750
CITIC Securities Co. Ltd., Class A		86,090		242,185
CITIC Securities Co. Ltd., Class H		215,725		437,239
CMOC Group Ltd., Class A		157,900		112,028
CMOC Group Ltd., Class H		387,000		172,570
Contemporary Amperex Technology Co. Ltd., Class A(c)		16,300		1,129,825
COSCO SHIPPING Holdings Co. Ltd., Class A		86,650		177,049
COSCO SHIPPING Holdings Co. Ltd., Class H		344,950		514,962
COSCO SHIPPING Ports Ltd.		240,000		155,299
Country Garden Holdings Co. Ltd.(b)		873,828		257,950
Country Garden Services Holdings Co. Ltd.		225,000		442,162
CRRC Corp. Ltd., Class A		221,100		159,988

Security	Shares		Value
China (continued)
CRRC Corp. Ltd., Class H		485,000	$	181,336
CSC Financial Co. Ltd., Class A		34,000		130,477
CSPC Pharmaceutical Group Ltd.		1,033,200		1,048,103
Dali Foods Group Co. Ltd.(a)		303,000		138,517
Daqin Railway Co. Ltd., Class A		99,700		92,963
Daqo New Energy Corp., ADR(c)		6,440		429,355
DHC Software Co. Ltd., Class A		61,400		51,477
Dong-E-E-Jiao Co. Ltd., Class A		8,900		43,961
Dongfang Electric Corp. Ltd., Class A		32,500		92,244
Dongfeng Motor Group Co. Ltd., Class H		334,000		211,772
Dongxing Securities Co. Ltd., Class A		58,600		70,305
Dongyue Group Ltd.		177,000		198,655
East Money Information Co. Ltd., Class A		94,115		300,342
Ecovacs Robotics Co. Ltd., Class A		3,600		42,349
ENN Energy Holdings Ltd.		86,100		1,250,811
Eve Energy Co. Ltd., Class A		15,200		206,789
Everbright Securities Co. Ltd., Class A		33,500		77,572
Fangda Carbon New Material Co. Ltd., Class A(c)		42,540		42,771
Far East Horizon Ltd.		180,000		136,360
First Capital Securities Co. Ltd., Class A		55,200		48,995
Flat Glass Group Co. Ltd., Class A(c)		11,600		66,942
Flat Glass Group Co. Ltd., Class H(c)		51,000		167,978
Focus Media Information Technology Co. Ltd., Class A		107,800		94,131
Foshan Haitian Flavouring & Food Co. Ltd., Class A		27,774		323,151
Fosun International Ltd.		252,500		186,378
Founder Securities Co. Ltd., Class A		55,634		55,828
Foxconn Industrial Internet Co. Ltd., Class A		86,000		115,345
Fuyao Glass Industry Group Co. Ltd., Class A		8,600		48,552
Fuyao Glass Industry Group Co. Ltd., Class H(a)		72,800		347,390
Ganfeng Lithium Co. Ltd., Class A		13,320		164,194
Ganfeng Lithium Co. Ltd., Class H(a)		40,480		355,635
G-Bits Network Technology Xiamen Co. Ltd., Class A		1,000		41,134
GD Power Development Co. Ltd., Class A(c)		162,800		102,152
GDS Holdings Ltd., ADR(c)		2,419		65,894
GDS Holdings Ltd., Class A(b)(c)		74,716		255,176
Geely Automobile Holdings Ltd.		678,000		1,362,250
GEM Co. Ltd., Class A		62,500		75,250
Gemdale Corp., Class A		25,800		43,474
Genscript Biotech Corp.(c)		136,000		436,858
GF Securities Co. Ltd., Class A		56,600		133,817
GF Securities Co. Ltd., Class H		93,800		122,532
Giant Network Group Co. Ltd., Class A		37,000		45,917
GigaDevice Semiconductor Inc., Class A		5,000		83,385
Ginlong Technologies Co. Ltd., Class A		1,800		59,395
GoerTek Inc., Class A		28,900		135,421
Gotion High-tech Co. Ltd., Class A		11,500		56,781
Great Wall Motor Co. Ltd., Class A		15,800		76,180
Great Wall Motor Co. Ltd., Class H		347,500		521,365
Gree Electric Appliances Inc. of Zhuhai, Class A		25,800		118,810
Greentown China Holdings Ltd.		102,500		193,396
Greentown Service Group Co. Ltd.		180,000		130,042
Guangdong Haid Group Co. Ltd., Class A		11,400		100,496
Guangdong Investment Ltd.		352,000		322,486
Guanghui Energy Co. Ltd., Class A		54,300		99,579
Guangzhou Automobile Group Co. Ltd., Class A		33,600		67,371
Guangzhou Automobile Group Co. Ltd., Class H		352,800		303,341
Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class A		9,500		37,362
Guangzhou Haige Communications Group Inc. Co., Class A		33,500		42,243

50 2 0 2 2    I S H A R E S     A N N U A L    R E P O R T    T O    S H A R E  H O L D E R S

Schedule of Investments  (continued) August 31, 2022 iShares^® MSCI Emerging Markets Asia ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
China (continued)
Guangzhou Shiyuan Electronic Technology Co. Ltd., Class A		5,000	$	48,812
Guangzhou Tinci Materials Technology Co. Ltd., Class A		17,200		117,778
Guosen Securities Co. Ltd., Class A		43,000		57,338
Guotai Junan Securities Co. Ltd., Class A		51,300		109,440
Guoyuan Securities Co. Ltd., Class A		43,240		45,680
H World Group Ltd., ADR		22,165		834,069
Haidilao International Holding Ltd.(a)(b)(c)		129,000		303,550
Haier Smart Home Co. Ltd., Class A		43,000		160,237
Haier Smart Home Co. Ltd., Class H		258,000		842,886
Haitian International Holdings Ltd.		88,000		215,596
Haitong Securities Co. Ltd., Class A		95,400		130,453
Haitong Securities Co. Ltd., Class H		240,800		157,657
Hangzhou First Applied Material Co. Ltd., Class A		12,160		113,494
Hangzhou Robam Appliances Co. Ltd., Class A		7,100		25,757
Hangzhou Silan Microelectronics Co. Ltd., Class A		13,300		75,878
Hangzhou Tigermed Consulting Co. Ltd., Class A		6,600		102,991
Hangzhou Tigermed Consulting Co. Ltd., Class H(a)		8,600		85,147
Hansoh Pharmaceutical Group Co. Ltd.(a)		144,000		287,300
Henan Shuanghui Investment & Development Co. Ltd., Class A		28,056		108,624
Hengan International Group Co. Ltd.		77,000		368,484
Hengli Petrochemical Co. Ltd., Class A		51,600		142,990
Hengyi Petrochemical Co. Ltd., Class A		51,690		67,544
Hesteel Co. Ltd., Class A		100,800		35,243
Hithink RoyalFlush Information Network Co. Ltd., Class A		6,000		73,544
Hongfa Technology Co. Ltd., Class A		14,440		78,439
Hopson Development Holdings Ltd.		72,590		99,810
Hoshine Silicon Industry Co. Ltd., Class A		3,700		59,850
Hua Hong Semiconductor Ltd.(a)(b)(c)		72,000		211,354
Huadian Power International Corp. Ltd., Class A		88,400		69,595
Huadong Medicine Co. Ltd., Class A		17,172		104,294
Huaneng Power International Inc., Class A(c)		87,000		102,578
Huaneng Power International Inc., Class H(c)		376,000		192,160
Huatai Securities Co. Ltd., Class A		50,100		94,916
Huatai Securities Co. Ltd., Class H(a)		157,200		210,117
Huaxi Securities Co. Ltd., Class A		59,000		68,186
Huaxia Bank Co. Ltd., Class A		86,100		63,956
Huayu Automotive Systems Co. Ltd., Class A		28,700		77,302
Huizhou Desay Sv Automotive Co. Ltd., Class A		4,100		90,354
Hunan Valin Steel Co. Ltd., Class A		67,000		43,074
Hundsun Technologies Inc., Class A		11,375		55,135
Hutchmed China Ltd., ADR(b)(c)		10,703		137,641
Hygeia Healthcare Holdings Co. Ltd.(a)(c)		41,800		225,615
Iflytek Co. Ltd., Class A		20,700		111,802
Imeik Technology Development Co. Ltd., Class A		1,500		120,793
Industrial & Commercial Bank of China Ltd., Class A		437,300		276,953
Industrial & Commercial Bank of China Ltd., Class H		6,291,000		3,196,098
Industrial Bank Co. Ltd., Class A		146,200		360,633
Industrial Securities Co. Ltd., Class A(c)		101,740		91,021
Ingenic Semiconductor Co. Ltd., Class A		3,600		42,231
Inner Mongolia BaoTou Steel Union Co. Ltd., Class A		360,300		104,509
Inner Mongolia Junzheng Energy & Chemical Industry Group Co. Ltd., Class A		80,400		50,515
Inner Mongolia Yili Industrial Group Co. Ltd., Class A		50,100		258,758
Inner Mongolia Yitai Coal Co. Ltd., Class B		137,600		231,574
Innovent Biologics Inc.(a)(c)		118,000		497,432
iQIYI Inc., ADR(b)(c)		38,185		139,757
JA Solar Technology Co. Ltd., Class A		19,220		181,361
JCET Group Co. Ltd., Class A		12,300		43,936
JD Health International Inc.(a)(c)		127,350		877,266

Security	Shares		Value
China (continued)
JD.com Inc., Class A		239,544	$	7,582,795
Jiangsu Eastern Shenghong Co. Ltd., Class A		35,100		97,309
Jiangsu Expressway Co. Ltd., Class H		150,000		128,476
Jiangsu Hengli Hydraulic Co. Ltd., Class A		12,420		87,695
Jiangsu Hengrui Medicine Co. Ltd., Class A		46,376		231,967
Jiangsu King’s Luck Brewery JSC Ltd., Class A		8,700		58,059
Jiangsu Yanghe Brewery Joint-Stock Co. Ltd., Class A		11,103		263,372
Jiangsu Yangnong Chemical Co. Ltd., Class A		2,300		37,820
Jiangsu Zhongtian Technology Co. Ltd., Class A		27,500		88,160
Jiangxi Copper Co. Ltd., Class A		31,700		74,736
Jiangxi Copper Co. Ltd., Class H		102,000		125,274
Jinke Properties Group Co. Ltd., Class A(c)		55,600		20,054
Jinxin Fertility Group Ltd.(a)		159,000		103,537
JiuGui Liquor Co. Ltd., Class A		2,400		51,664
Jiumaojiu International Holdings Ltd.(a)		90,000		177,065
Joincare Pharmaceutical Group Industry Co. Ltd., Class A		34,929		55,065
Jointown Pharmaceutical Group Co. Ltd., Class A		28,000		48,078
JOYY Inc., ADR		5,039		152,782
Kanzhun Ltd., ADR(c)		19,685		462,401
KE Holdings Inc., ADR(b)(c)		73,819		1,331,695
Kingboard Holdings Ltd.		86,000		271,562
Kingboard Laminates Holdings Ltd.		87,000		82,990
Kingdee International Software Group Co. Ltd.(b)(c)		297,000		576,448
Kingsoft Corp. Ltd.		105,800		321,556
Kuaishou Technology(a)(c)		193,200		1,673,979
Kunlun Energy Co. Ltd.		452,000		393,568
Kweichow Moutai Co. Ltd., Class A		8,618		2,395,664
LB Group Co. Ltd., Class A		23,700		60,065
Legend Biotech Corp., ADR(c)		5,335		248,024
Lenovo Group Ltd.		832,000		685,245
Lens Technology Co. Ltd., Class A		51,700		80,878
Lepu Medical Technology Beijing Co. Ltd., Class A		22,500		61,501
Li Auto Inc., ADR(b)(c)		61,223		1,761,386
Li Ning Co. Ltd.		263,500		2,400,039
Longfor Group Holdings Ltd.(a)		207,500		673,496
LONGi Green Energy Technology Co. Ltd., Class A		43,256		318,278
Lufax Holding Ltd., ADR		94,256		411,899
Luxshare Precision Industry Co. Ltd., Class A		51,741		279,573
Luzhou Laojiao Co. Ltd., Class A		10,700		361,693
Mango Excellent Media Co. Ltd., Class A		15,700		62,793
Maxscend Microelectronics Co. Ltd., Class A		5,120		74,966
Meinian Onehealth Healthcare Holdings Co. Ltd., Class A(c)		49,184		34,297
Meituan, Class B(a)(c)		490,800		11,787,645
Metallurgical Corp. of China Ltd., Class A		180,600		83,664
Microport Scientific Corp.(b)(c)		76,000		151,018
Ming Yang Smart Energy Group Ltd., Class A		14,700		56,803
Ming Yuan Cloud Group Holdings Ltd.		81,000		66,389
Minth Group Ltd.		96,000		271,649
MMG Ltd.(c)		364,000		99,576
Montage Technology Co. Ltd., Class A		8,400		67,251
Muyuan Foods Co. Ltd., Class A		38,811		327,896
NARI Technology Co. Ltd., Class A		45,328		179,200
National Silicon Industry Group Co. Ltd., Class A(c)		16,800		49,854
NAURA Technology Group Co. Ltd., Class A		4,600		186,388
NavInfo Co. Ltd., Class A		30,727		57,942
NetEase Inc.		231,400		4,132,199
New China Life Insurance Co. Ltd., Class A		17,200		71,481
New China Life Insurance Co. Ltd., Class H		74,100		174,408
New Hope Liuhe Co. Ltd., Class A(c)		40,900		92,640

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  (continued) August 31, 2022 iShares^® MSCI Emerging Markets Asia ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
China (continued)
New Oriental Education & Technology Group Inc.(c)		171,260	$	494,342
Nine Dragons Paper Holdings Ltd.		172,000		134,963
Ninestar Corp., Class A		18,200		116,011
Ningbo Deye Technology Co. Ltd., NVS		1,500		79,486
Ningbo Ronbay New Energy Technology Co. Ltd.		4,496		66,738
Ningbo Shanshan Co. Ltd.		15,000		53,727
Ningbo Tuopu Group Co. Ltd., Class A		8,200		93,259
Ningxia Baofeng Energy Group Co. Ltd., Class A		41,500		81,281
NIO Inc., ADR(b)(c)		152,107		3,028,450
Nongfu Spring Co. Ltd., Class H(a)		202,200		1,202,251
OFILM Group Co. Ltd., Class A(c)		45,700		42,248
Oppein Home Group Inc., Class A		3,800		71,617
Orient Overseas International Ltd.		14,500		404,187
Orient Securities Co. Ltd., Class A		68,844		85,938
Ovctek China Inc., Class A		8,800		54,110
People’s Insurance Co. Group of China Ltd. (The), Class H		863,000		266,722
Perfect World Co. Ltd., Class A		17,796		37,956
PetroChina Co. Ltd., Class A		146,200		113,273
PetroChina Co. Ltd., Class H		2,272,000		1,056,519
Pharmaron Beijing Co. Ltd., Class A		9,500		93,415
Pharmaron Beijing Co. Ltd., Class H(a)		23,300		154,122
PICC Property & Casualty Co. Ltd., Class H		776,740		840,146
Pinduoduo Inc., ADR(c)		56,287		4,013,263
Ping An Bank Co. Ltd., Class A		134,936		247,999
Ping An Healthcare and Technology Co. Ltd.(a)(b)(c)		54,200		146,726
Ping An Insurance Group Co. of China Ltd., Class A		77,400		489,094
Ping An Insurance Group Co. of China Ltd., Class H		720,500		4,237,724
Poly Developments and Holdings Group Co. Ltd., Class A		89,800		224,385
Pop Mart International Group Ltd.(a)		58,800		151,957
Postal Savings Bank of China Co. Ltd., Class A		206,400		134,334
Postal Savings Bank of China Co. Ltd., Class H(a)		883,000		527,126
Power Construction Corp. of China Ltd., Class A		119,900		133,459
Pylon Technologies Co. Ltd., NVS		870		54,033
Qinghai Salt Lake Industry Co. Ltd., Class A(c)		17,400		70,028
RLX Technology Inc., ADR(c)		56,384		80,629
Rongsheng Petrochemical Co. Ltd., Class A		82,928		169,293
SAIC Motor Corp. Ltd., Class A		61,222		136,508
Sany Heavy Equipment International Holdings Co. Ltd.(b)		149,000		154,344
Sany Heavy Industry Co. Ltd., Class A		68,800		156,209
Satellite Chemical Co. Ltd., Class A		16,909		53,500
SDIC Power Holdings Co. Ltd., Class A		69,509		112,032
Seazen Group Ltd.(c)		200,000		66,389
Seazen Holdings Co. Ltd., Class A(c)		19,700		59,185
SF Holding Co. Ltd., Class A		34,700		247,243
SG Micro Corp., Class A		2,700		62,206
Shaanxi Coal Industry Co. Ltd., Class A		77,473		246,747
Shandong Buchang Pharmaceuticals Co. Ltd., Class A		8,553		22,203
Shandong Gold Mining Co. Ltd., Class A		34,560		89,255
Shandong Gold Mining Co. Ltd., Class H(a)(b)		86,000		145,792
Shandong Hualu Hengsheng Chemical Co. Ltd., Class A		14,800		62,339
Shandong Linglong Tyre Co. Ltd., Class A		15,605		51,282
Shandong Nanshan Aluminum Co. Ltd., Class A		129,100		63,079
Shandong Weigao Group Medical Polymer Co. Ltd., Class H		264,000		358,134
Shanghai Baosight Software Co. Ltd., Class A		10,450		57,235
Shanghai Baosight Software Co. Ltd., Class B		68,180		206,492
Shanghai Electric Group Co. Ltd., Class A(c)		154,400		94,525
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class A		17,200		100,261
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class H		55,500		178,544

Security	Shares		Value
China (continued)
Shanghai International Airport Co. Ltd., Class A(c)		9,300	$	75,688
Shanghai International Port Group Co. Ltd., Class A		99,900		78,028
Shanghai Jinjiang International Hotels Co. Ltd., Class A		9,456		78,763
Shanghai Junshi Biosciences Co. Ltd., Class A(c)		5,200		39,723
Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd., Class B		145,216		120,975
Shanghai M&G Stationery Inc., Class A		6,900		44,254
Shanghai Pharmaceuticals Holding Co. Ltd., Class A		25,800		64,411
Shanghai Pharmaceuticals Holding Co. Ltd., Class H		71,200		103,510
Shanghai Pudong Development Bank Co. Ltd., Class A		213,600		224,350
Shanghai Putailai New Energy Technology Co. Ltd., Class A		9,400		85,708
Shanxi Coking Coal Energy Group Co. Ltd., Class A		25,980		48,076
Shanxi Lu’an Environmental Energy Development Co. Ltd., Class A		34,400		78,855
Shanxi Meijin Energy Co. Ltd., Class A		29,000		47,405
Shanxi Securities Co. Ltd., Class A		77,030		64,629
Shanxi Taigang Stainless Steel Co. Ltd., Class A		58,300		41,290
Shanxi Xinghuacun Fen Wine Factory Co. Ltd., Class A		9,120		386,139
Shennan Circuits Co. Ltd., Class A		3,800		46,514
Shenwan Hongyuan Group Co. Ltd., Class A		194,500		117,306
Shenzhen Dynanonic Co. Ltd.		1,200		55,411
Shenzhen Energy Group Co. Ltd., Class A		43,820		40,251
Shenzhen Inovance Technology Co. Ltd., Class A		17,650		152,575
Shenzhen International Holdings Ltd.		128,000		110,337
Shenzhen Kangtai Biological Products Co. Ltd., Class A		9,720		47,224
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A		8,800		378,758
Shenzhen Overseas Chinese Town Co. Ltd., Class A		77,400		59,728
Shenzhen Transsion Holding Co. Ltd., Class A		4,668		45,917
Shenzhou International Group Holdings Ltd.		88,200		921,805
Shijiazhuang Yiling Pharmaceutical Co. Ltd., Class A		13,020		40,246
Shimao Group Holdings Ltd.(d)		151,000		43,287
Sichuan Chuantou Energy Co. Ltd., Class A		48,400		92,284
Sichuan Kelun Pharmaceutical Co. Ltd., Class A		18,300		56,734
Sichuan Road & Bridge Co. Ltd., Class A		32,600		50,217
Sichuan Swellfun Co. Ltd., Class A		3,700		38,971
Sino Biopharmaceutical Ltd.		1,120,250		588,373
Sinolink Securities Co. Ltd., Class A		41,200		51,322
Sinopharm Group Co. Ltd., Class H		151,200		336,842
Sinotruk Hong Kong Ltd.		87,000		86,742
Smoore International Holdings Ltd.(a)		201,000		358,840
Songcheng Performance Development Co. Ltd., Class A		30,200		55,232
SooChow Securities Co. Ltd., Class A		51,836		51,300
StarPower Semiconductor Ltd., Class A		1,300		74,233
Sunac China Holdings Ltd.(b)(d)		432,000		110,082
Sungrow Power Supply Co. Ltd., Class A		11,500		184,015
Sunny Optical Technology Group Co. Ltd.		76,000		1,037,586
Sunwoda Electronic Co. Ltd., Class A		18,400		72,087
Suzhou Dongshan Precision Manufacturing Co. Ltd., Class A		21,000		78,172
Suzhou Maxwell Technologies Co. Ltd., Class A		1,300		87,531
SuZhou TA&A Ultra Clean Technology Co. Ltd., Class A		4,200		47,050
TAL Education Group, ADR(c)		46,870		270,909
TBEA Co. Ltd., Class A		32,500		116,062
TCL Technology Group Corp., Class A		137,200		82,088
TCL Zhonghuan Renewable Energy Technology Co. Ltd., Class A		22,100		153,134
Tencent Holdings Ltd.		698,500		28,869,526
Tencent Music Entertainment Group, ADR(c)		78,463		400,946
Thunder Software Technology Co. Ltd., Class A		3,200		56,578

52 2 0 2 2    I S H A R E S     A N N U A L    R E P O R T    T O    S H A R E  H O L D E R S

Schedule of Investments  (continued) August 31, 2022 iShares^® MSCI Emerging Markets Asia ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
China (continued)
Tianma Microelectronics Co. Ltd., Class A		17,200	$	23,420
Tianqi Lithium Corp., Class A(c)		8,700		143,885
Tingyi Cayman Islands Holding Corp.		228,000		404,865
Toly Bread Co. Ltd., Class A		25,452		51,641
Tongcheng Travel Holdings Ltd.(b)(c)		126,000		258,068
Tongling Nonferrous Metals Group Co. Ltd., Class A		120,400		50,230
Tongwei Co. Ltd., Class A		34,700		264,678
Topsports International Holdings Ltd.(a)		184,000		145,230
Transfar Zhilian Co. Ltd., Class A		54,555		43,870
TravelSky Technology Ltd., Class H		104,000		181,260
Trina Solar Co. Ltd.		17,200		176,933
Trip.com Group Ltd., ADR(c)		60,307		1,551,096
Tsingtao Brewery Co. Ltd., Class A		8,800		137,106
Tsingtao Brewery Co. Ltd., Class H		72,000		699,190
Unigroup Guoxin Microelectronics Co. Ltd., Class A		6,159		138,593
Uni-President China Holdings Ltd.		183,000		157,553
Unisplendour Corp. Ltd., Class A		25,880		64,520
Vinda International Holdings Ltd.		48,000		134,239
Vipshop Holdings Ltd., ADR(c)		49,006		568,960
Walvax Biotechnology Co. Ltd., Class A		13,600		85,567
Wanhua Chemical Group Co. Ltd., Class A		24,900		318,092
Want Want China Holdings Ltd.		602,000		424,062
Weibo Corp., ADR(b)(c)		7,423		153,582
Weichai Power Co. Ltd., Class A		68,924		115,444
Weichai Power Co. Ltd., Class H		210,200		280,830
Wens Foodstuffs Group Co. Ltd., Class A(c)		51,060		174,883
Western Securities Co. Ltd., Class A		30,500		28,503
Wharf Holdings Ltd. (The)		143,000		538,533
Will Semiconductor Co. Ltd. Shanghai, Class A		9,930		133,992
Wingtech Technology Co. Ltd., Class A		11,300		105,158
Winning Health Technology Group Co. Ltd., Class A		32,000		32,640
Wuhan Guide Infrared Co. Ltd., Class A		29,989		61,798
Wuliangye Yibin Co. Ltd., Class A		28,000		674,751
WuXi AppTec Co. Ltd., Class A		17,204		222,141
WuXi AppTec Co. Ltd., Class H(a)		40,896		461,675
Wuxi Biologics Cayman Inc., New(a)(c)		403,500		3,559,717
XCMG Construction Machinery Co. Ltd., Class A(c)		111,900		84,120
Xiamen C & D Inc., Class A		19,500		33,075
Xiamen Faratronic Co. Ltd.		1,700		43,578
Xiaomi Corp., Class B(a)(c)		1,703,800		2,488,670
Xinjiang Goldwind Science & Technology Co. Ltd., Class A		25,902		47,833
Xinjiang Goldwind Science & Technology Co. Ltd., Class H		96,162		143,297
Xinyi Solar Holdings Ltd.		558,000		767,372
XPeng Inc., ADR(b)(c)		47,049		871,347
Xtep International Holdings Ltd.		129,000		179,011
Yadea Group Holdings Ltd.(a)		148,000		282,295
Yankuang Energy Group Co. Ltd., Class A		16,900		117,072
Yankuang Energy Group Co. Ltd., Class H(b)		178,000		704,597
Yantai Jereh Oilfield Services Group Co. Ltd., Class A		11,600		63,667
Yealink Network Technology Corp. Ltd., Class A		6,700		69,154
Yihai International Holding Ltd.		55,000		138,512
Yihai Kerry Arawana Holdings Co. Ltd., Class A		9,800		64,569
YongXing Special Materials Technology Co. Ltd., Class A		3,000		57,982
Yonyou Network Technology Co. Ltd., Class A		25,818		74,673
Youngy Co. Ltd.(c)		1,900		32,775
YTO Express Group Co. Ltd., Class A		23,600		66,957
Yuexiu Property Co. Ltd.		172,600		215,883
Yum China Holdings Inc.(b)		47,270		2,368,700

Security	Shares		Value
China (continued)
Yunda Holding Co. Ltd., Class A		29,480	$	71,605
Yunnan Baiyao Group Co. Ltd., Class A		15,380		116,314
Yunnan Botanee Bio-Technology Group Co. Ltd.		2,100		56,541
Yunnan Energy New Material Co. Ltd., Class A		7,300		203,216
Zai Lab Ltd., ADR(b)(c)		9,632		445,095
Zhangzhou Pientzehuang Pharmaceutical Co. Ltd., Class A		5,100		221,478
Zhaojin Mining Industry Co. Ltd., Class H(c)		129,000		109,229
Zhejiang Chint Electrics Co. Ltd., Class A		18,400		83,877
Zhejiang Dahua Technology Co. Ltd., Class A		37,800		80,253
Zhejiang Expressway Co. Ltd., Class H		204,000		155,430
Zhejiang Huahai Pharmaceutical Co. Ltd., Class A		10,200		29,386
Zhejiang Huayou Cobalt Co. Ltd., Class A		12,920		139,053
Zhejiang Jingsheng Mechanical & Electrical Co. Ltd., Class A		8,600		93,941
Zhejiang NHU Co. Ltd., Class A		16,760		54,393
Zhejiang Semir Garment Co. Ltd., Class A		56,700		42,521
ZhongAn Online P&C Insurance Co. Ltd., Class H(a)(b)(c)		77,400		226,825
Zhongsheng Group Holdings Ltd.		69,000		326,257
Zhuzhou CRRC Times Electric Co. Ltd.		66,000		319,143
Zijin Mining Group Co. Ltd., Class A		137,600		174,271
Zijin Mining Group Co. Ltd., Class H		670,000		757,082
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class A		98,000		81,499
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class H		86,000		38,768
ZTE Corp., Class A		25,800		91,079
ZTE Corp., Class H		76,960		162,486
ZTO Express Cayman Inc., ADR		47,233		1,230,420
				235,244,326
India — 18.3%
ACC Ltd.		9,328		267,288
Adani Enterprises Ltd.		31,269		1,240,871
Adani Green Energy Ltd.(c)		35,522		1,073,327
Adani Ports & Special Economic Zone Ltd.		56,202		588,013
Adani Power Ltd.(c)		86,815		443,334
Adani Total Gas Ltd.		31,182		1,454,249
Adani Transmission Ltd.(c)		31,268		1,533,336
Ambuja Cements Ltd.		70,036		359,133
Apollo Hospitals Enterprise Ltd.		11,309		607,614
Asian Paints Ltd.		44,428		1,870,366
AU Small Finance Bank Ltd.(a)		17,418		136,979
Aurobindo Pharma Ltd.		27,390		186,477
Avenue Supermarts Ltd.(a)(c)		18,506		1,040,264
Axis Bank Ltd.		258,904		2,412,853
Bajaj Auto Ltd.		7,744		394,432
Bajaj Finance Ltd.		31,186		2,814,577
Bajaj Finserv Ltd.		4,522		948,016
Balkrishna Industries Ltd.		9,241		234,750
Bandhan Bank Ltd.(a)		69,691		240,516
Berger Paints India Ltd.		33,650		281,427
Bharat Electronics Ltd.		140,070		535,205
Bharat Forge Ltd.		28,897		266,016
Bharat Petroleum Corp. Ltd.		92,829		380,264
Bharti Airtel Ltd.		251,112		2,274,684
Biocon Ltd.		49,956		193,291
Britannia Industries Ltd.		12,359		578,295
Cholamandalam Investment and Finance Co. Ltd.		47,664		466,969
Cipla Ltd.		53,244		689,953
Coal India Ltd.		166,237		485,742
Colgate-Palmolive India Ltd.		12,699		266,640

S C H E D U L E    O F    I N V E S T  M E N T S 53

Schedule of Investments  (continued) August 31, 2022 iShares^® MSCI Emerging Markets Asia ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
India (continued)
Container Corp. of India Ltd.		30,972	$	268,666
Dabur India Ltd.		67,809		494,417
Divi’s Laboratories Ltd.		14,823		669,240
DLF Ltd.		68,316		330,002
Dr. Reddy’s Laboratories Ltd.		12,820		677,489
Eicher Motors Ltd.		15,407		643,015
GAIL India Ltd.		166,434		282,709
Godrej Consumer Products Ltd.(c)		46,103		531,055
Godrej Properties Ltd.(c)		14,483		252,609
Grasim Industries Ltd.		30,383		633,225
Havells India Ltd.		28,974		501,588
HCL Technologies Ltd.		119,540		1,390,470
HDFC Life Insurance Co. Ltd.(a)		106,668		764,405
Hero MotoCorp Ltd.		12,132		427,352
Hindalco Industries Ltd.		155,904		845,561
Hindustan Petroleum Corp. Ltd.		72,732		220,759
Hindustan Unilever Ltd.		93,494		3,095,209
Housing Development Finance Corp. Ltd.		195,434		5,916,845
ICICI Bank Ltd.		583,768		6,401,217
ICICI Lombard General Insurance Co. Ltd.(a)		26,541		426,342
ICICI Prudential Life Insurance Co. Ltd.(a)		42,545		314,084
Indian Oil Corp. Ltd.		279,710		249,588
Indian Railway Catering & Tourism Corp. Ltd.		29,406		257,931
Indraprastha Gas Ltd.		32,666		170,788
Indus Towers Ltd.		81,054		201,561
Info Edge India Ltd.		8,285		445,674
Infosys Ltd.		379,312		6,991,134
InterGlobe Aviation Ltd.(a)(c)		10,804		269,803
ITC Ltd.		333,869		1,334,234
Jindal Steel & Power Ltd.		46,809		251,866
JSW Steel Ltd.		84,998		704,900
Jubilant Foodworks Ltd.		40,458		308,178
Kotak Mahindra Bank Ltd.		62,557		1,484,113
Larsen & Toubro Infotech Ltd.(a)		5,915		338,476
Larsen & Toubro Ltd.		78,399		1,871,167
Lupin Ltd.		21,440		179,162
Mahindra & Mahindra Ltd.		98,323		1,595,844
Marico Ltd.		60,440		396,780
Maruti Suzuki India Ltd.		13,833		1,560,327
Mindtree Ltd.		6,546		266,356
Mphasis Ltd.		8,870		233,347
MRF Ltd.		193		205,723
Muthoot Finance Ltd.		14,303		187,388
Nestle India Ltd.		3,801		946,369
NTPC Ltd.		442,296		906,644
Oil & Natural Gas Corp. Ltd.		274,920		475,918
Page Industries Ltd.		737		469,555
Petronet LNG Ltd.		84,094		231,995
PI Industries Ltd.		9,364		400,398
Pidilite Industries Ltd.		17,847		609,216
Piramal Pharma Ltd., NVS		56,516		151,834
Power Grid Corp. of India Ltd.		353,308		1,011,546
Reliance Industries Ltd.		344,406		11,282,756
Samvardhana Motherson International Ltd.		146,073		222,801
SBI Cards & Payment Services Ltd.		25,911		297,102
SBI Life Insurance Co. Ltd.(a)		51,182		845,820
Shree Cement Ltd.		1,137		312,130
Shriram Transport Finance Co. Ltd.		22,029		369,742
Siemens Ltd.		8,281		297,325
SRF Ltd.		16,489		520,357

Security	Shares		Value
India (continued)
State Bank of India		202,011	$	1,330,034
Sun Pharmaceutical Industries Ltd.		106,601		1,189,690
Tata Consultancy Services Ltd.		102,367		4,082,558
Tata Consumer Products Ltd.		66,024		667,309
Tata Elxsi Ltd.		3,915		436,694
Tata Motors Ltd.(c)		186,289		1,084,871
Tata Power Co. Ltd. (The)		164,436		482,186
Tata Steel Ltd.		844,687		1,134,079
Tech Mahindra Ltd.		64,155		854,771
Titan Co. Ltd.		39,706		1,286,645
Torrent Pharmaceuticals Ltd.		10,870		210,039
Trent Ltd.		21,226		371,245
UltraTech Cement Ltd.		11,464		953,058
United Spirits Ltd.(c)		34,351		347,216
UPL Ltd.		57,565		551,361
Vedanta Ltd.		86,792		290,876
Wipro Ltd.		150,980		773,045
Yes Bank Ltd.(c)		1,287,024		263,795
Zomato Ltd.(c)		268,655		192,041
				104,708,501
Indonesia — 2.5%
Adaro Energy Indonesia Tbk PT		1,694,300		403,916
Adaro Minerals Indonesia Tbk PT(c)		903,000		104,140
Aneka Tambang Tbk		1,006,500		134,586
Astra International Tbk PT		2,270,400		1,065,315
Bank Central Asia Tbk PT		6,131,800		3,386,120
Bank Jago Tbk PT(c)		448,100		253,912
Bank Mandiri Persero Tbk PT		2,061,400		1,226,708
Bank Negara Indonesia Persero Tbk PT		818,400		469,406
Bank Rakyat Indonesia Persero Tbk PT		7,602,577		2,220,173
Barito Pacific Tbk PT		3,551,800		196,069
Charoen Pokphand Indonesia Tbk PT		823,600		326,000
Gudang Garam Tbk PT		54,600		87,310
Indah Kiat Pulp & Paper Tbk PT		302,600		169,501
Indofood CBP Sukses Makmur Tbk PT		283,900		158,898
Indofood Sukses Makmur Tbk PT		494,900		207,618
Kalbe Farma Tbk PT		2,264,400		256,056
Merdeka Copper Gold Tbk PT(c)		1,434,266		412,452
Sarana Menara Nusantara Tbk PT		2,610,400		218,235
Semen Indonesia Persero Tbk PT		349,500		155,199
Sumber Alfaria Trijaya Tbk PT		1,840,400		270,101
Telkom Indonesia Persero Tbk PT		5,486,800		1,680,227
Tower Bersama Infrastructure Tbk PT		635,200		120,596
Unilever Indonesia Tbk PT		852,500		263,445
United Tractors Tbk PT		186,900		425,584
Vale Indonesia Tbk PT(c)		301,600		123,617
				14,335,184
Malaysia — 1.9%
AMMB Holdings Bhd		228,300		212,192
Axiata Group Bhd		304,700		206,628
CIMB Group Holdings Bhd		727,700		870,234
Dialog Group Bhd		454,578		245,907
DiGi.Com Bhd		387,100		323,086
Genting Bhd		200,300		209,351
Genting Malaysia Bhd		339,600		225,418
HAP Seng Consolidated Bhd		99,700		154,824
Hartalega Holdings Bhd		201,500		74,738
Hong Leong Bank Bhd		70,000		325,818
Hong Leong Financial Group Bhd		34,200		147,836
IHH Healthcare Bhd		203,200		280,452

54 2 0 2 2    I S H A R E S     A N N U A L    R E P O R T    T O    S H A R E  H O L D E R S

Schedule of Investments  (continued) August 31, 2022 iShares^® MSCI Emerging Markets Asia ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Malaysia (continued)
Inari Amertron Bhd		292,600	$	174,146
IOI Corp. Bhd		283,100		267,571
Kuala Lumpur Kepong Bhd		55,700		287,990
Malayan Banking Bhd		528,800		1,057,863
Malaysia Airports Holdings Bhd(c)		86,056		112,450
Maxis Bhd(b)		266,300		228,278
MISC Bhd		115,500		182,749
MR DIY Group M Bhd(a)		283,800		137,004
Nestle Malaysia Bhd		8,700		258,158
Petronas Chemicals Group Bhd		279,200		547,642
Petronas Dagangan Bhd		38,700		203,206
Petronas Gas Bhd		82,100		317,276
PPB Group Bhd		68,880		270,872
Press Metal Aluminium Holdings Bhd		438,900		465,189
Public Bank Bhd		1,660,150		1,743,224
QL Resources Bhd		121,250		138,169
RHB Bank Bhd		153,562		196,218
Sime Darby Bhd		270,300		137,718
Sime Darby Plantation Bhd		226,300		224,943
Telekom Malaysia Bhd		152,100		202,198
Tenaga Nasional Bhd		254,000		510,213
Top Glove Corp. Bhd		617,500		110,560
				11,050,121
Philippines — 1.0%
Aboitiz Equity Ventures Inc.		186,340		185,853
ACEN Corp.		1,033,640		137,651
Ayala Corp.		27,900		347,676
Ayala Land Inc.		828,360		420,502
Bank of the Philippine Islands		180,602		304,926
BDO Unibank Inc.		229,319		524,372
Converge Information and Communications Technology Solutions Inc.(c)		240,800		74,251
Globe Telecom Inc.		3,065		114,360
GT Capital Holdings Inc.		10,140		86,848
International Container Terminal Services Inc.		115,700		372,631
JG Summit Holdings Inc.		355,685		323,444
Jollibee Foods Corp.		48,310		205,911
Manila Electric Co.		26,120		139,890
Metro Pacific Investments Corp.		1,479,400		98,165
Metropolitan Bank & Trust Co.		220,572		206,153
Monde Nissin Corp.(a)(c)		694,200		203,737
PLDT Inc.		9,290		276,913
SM Investments Corp.		27,964		412,775
SM Prime Holdings Inc.		1,212,550		815,103
Universal Robina Corp.		103,930		225,577
				5,476,738
South Korea — 13.8%
Alteogen Inc.(c)		3,351		157,993
Amorepacific Corp.		3,101		282,628
AMOREPACIFIC Group		3,734		96,659
BGF retail Co. Ltd.		949		113,670
Celltrion Healthcare Co. Ltd.		9,476		507,100
Celltrion Inc.		11,085		1,560,296
Celltrion Pharm Inc.(c)		1,978		115,051
Cheil Worldwide Inc.		9,063		147,759
CJ CheilJedang Corp.		988		299,698
CJ Corp.		1,637		95,245
CJ ENM Co. Ltd.		1,301		94,826
CJ Logistics Corp.(c)		844		74,392
Coway Co. Ltd.		6,736		319,586

Security	Shares		Value
South Korea (continued)
DB Insurance Co. Ltd.		4,874	$	217,058
Doosan Bobcat Inc.		5,697		146,472
Doosan Enerbility Co. Ltd.(c)		44,978		675,958
Ecopro BM Co. Ltd.		5,412		447,804
E-MART Inc.		2,181		158,337
F&F Co. Ltd./New		1,972		208,075
Green Cross Corp.		643		78,494
GS Engineering & Construction Corp.		6,923		154,856
GS Holdings Corp.		5,551		190,577
Hana Financial Group Inc.		33,591		979,065
Hankook Tire & Technology Co. Ltd.		8,470		238,785
Hanmi Pharm Co. Ltd.		827		189,515
Hanon Systems		20,639		157,830
Hanwha Solutions Corp.(c)		12,832		500,344
HD Hyundai Co. Ltd.		5,598		262,845
HLB Inc.(c)		11,001		401,639
HMM Co. Ltd.		29,606		487,910
Hotel Shilla Co. Ltd.		3,873		212,160
HYBE Co. Ltd.(c)		1,780		238,530
Hyundai Engineering & Construction Co. Ltd.		9,039		323,215
Hyundai Glovis Co. Ltd.		2,030		265,985
Hyundai Heavy Industries Co. Ltd.(c)		2,150		228,783
Hyundai Mobis Co. Ltd.		6,901		1,100,525
Hyundai Motor Co.		15,513		2,253,763
Hyundai Steel Co.		9,659		235,532
Iljin Materials Co. Ltd.		2,409		132,013
Industrial Bank of Korea		24,466		174,206
Kakao Corp.		34,682		1,883,359
Kakao Games Corp.(c)		4,073		158,866
KakaoBank Corp.(c)		13,235		267,991
Kangwon Land Inc.(c)		10,810		213,136
KB Financial Group Inc.		43,977		1,614,349
Kia Corp.		29,430		1,763,970
Korea Aerospace Industries Ltd.		8,411		381,656
Korea Electric Power Corp.(c)		28,355		442,136
Korea Investment Holdings Co. Ltd.		4,169		175,786
Korea Shipbuilding & Offshore Engineering Co. Ltd.(c)		4,955		357,607
Korea ZInc Co. Ltd.		1,058		529,240
Korean Air Lines Co. Ltd.(c)		18,946		376,553
Krafton Inc.(c)		2,703		493,771
KT&G Corp.		12,303		764,231
Kumho Petrochemical Co. Ltd.		2,287		220,597
L&F Co. Ltd.(c)		2,702		458,266
LG Chem Ltd.		5,572		2,608,232
LG Corp.		10,605		647,127
LG Display Co. Ltd.		24,324		281,112
LG Electronics Inc.		11,799		882,919
LG Energy Solution(b)(c)		2,404		823,892
LG H&H Co. Ltd.		1,083		573,493
LG Innotek Co. Ltd.		1,608		409,329
LG Uplus Corp.		21,930		187,808
Lotte Chemical Corp.		2,064		267,999
Lotte Shopping Co. Ltd.		1,396		102,469
Meritz Financial Group Inc.(b)		3,440		78,846
Meritz Fire & Marine Insurance Co. Ltd.		4,214		120,312
Meritz Securities Co. Ltd.		33,653		121,287
Mirae Asset Securities Co. Ltd.		28,640		139,673
NAVER Corp.		14,624		2,594,979
NCSoft Corp.		1,822		512,004
Netmarble Corp.(a)		2,526		119,092

S C H E D U L E    O F    I N V E S T  M E N T S 55

Schedule of Investments  (continued) August 31, 2022 iShares^® MSCI Emerging Markets Asia ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
South Korea (continued)
NH Investment & Securities Co. Ltd.		17,523	$	129,720
Orion Corp./Republic of Korea		2,728		199,838
Pan Ocean Co. Ltd.		32,660		124,969
Pearl Abyss Corp.(c)		3,375		141,923
POSCO Chemical Co. Ltd.		3,114		387,113
POSCO Holdings Inc.		8,814		1,667,302
S-1 Corp.		2,577		111,893
Samsung Biologics Co. Ltd.(a)(c)		1,984		1,233,967
Samsung C&T Corp.		9,377		839,587
Samsung Electro-Mechanics Co. Ltd.		6,272		649,381
Samsung Electronics Co. Ltd.		534,834		23,693,544
Samsung Engineering Co. Ltd.(b)(c)		17,995		312,880
Samsung Fire & Marine Insurance Co. Ltd.		3,393		493,118
Samsung Heavy Industries Co. Ltd.(c)		68,832		305,397
Samsung Life Insurance Co. Ltd.		8,432		389,171
Samsung SDI Co. Ltd.		6,243		2,760,040
Samsung SDS Co. Ltd.		3,498		333,844
Samsung Securities Co. Ltd.		6,617		166,584
SD Biosensor Inc.		4,178		109,232
Seegene Inc.		4,289		100,482
Shinhan Financial Group Co. Ltd.		50,005		1,354,809
SK Biopharmaceuticals Co. Ltd.(c)		3,837		204,002
SK Bioscience Co. Ltd.(c)		2,694		225,538
SK Chemicals Co. Ltd.(b)		1,370		99,315
SK Hynix Inc.		61,146		4,299,048
SK IE Technology Co. Ltd.(a)(c)		2,749		169,097
SK Inc.		4,216		729,237
SK Innovation Co. Ltd.(c)		6,150		865,768
SK Square Co. Ltd.(c)		11,291		339,283
SKC Co. Ltd.		2,494		224,111
S-Oil Corp.		4,840		367,114
Woori Financial Group Inc.		58,209		526,554
Yuhan Corp.		5,695		240,847
				78,891,974
Taiwan — 18.3%
Accton Technology Corp.		60,000		552,516
Acer Inc.		260,062		186,782
Advantech Co. Ltd.		49,604		529,176
Airtac International Group(c)		16,161		433,340
ASE Technology Holding Co. Ltd.		344,484		958,358
Asia Cement Corp.		227,229		321,672
ASMedia Technology Inc.		4,000		120,736
Asustek Computer Inc.		81,000		674,004
AUO Corp.		879,000		479,960
Catcher Technology Co. Ltd.(c)		78,000		472,820
Cathay Financial Holding Co. Ltd.		889,624		1,294,248
Chailease Holding Co. Ltd.		159,465		1,023,878
Chang Hwa Commercial Bank Ltd.		565,164		326,445
Cheng Shin Rubber Industry Co. Ltd.		223,776		259,232
China Airlines Ltd.		258,000		190,849
China Development Financial Holding Corp.		1,722,400		752,505
China Steel Corp.		1,344,867		1,273,678
Chunghwa Telecom Co. Ltd.		423,000		1,678,501
Compal Electronics Inc.		379,000		282,190
CTBC Financial Holding Co. Ltd.		1,958,265		1,499,945
Delta Electronics Inc.		222,000		1,900,686
E Ink Holdings Inc.		86,000		668,722
E.Sun Financial Holding Co. Ltd.		1,477,713		1,361,578
Eclat Textile Co. Ltd.		23,604		341,867
eMemory Technology Inc.		8,000		357,794

Security	Shares		Value
Taiwan (continued)
Eva Airways Corp.		258,000	$	282,347
Evergreen Marine Corp. Taiwan Ltd.		282,867		810,616
Far Eastern New Century Corp.		258,460		276,955
Far EasTone Telecommunications Co. Ltd.		151,000		370,336
Feng TAY Enterprise Co. Ltd.		57,564		322,955
First Financial Holding Co. Ltd.		1,190,100		1,032,505
Formosa Chemicals & Fibre Corp.		406,950		914,253
Formosa Petrochemical Corp.		125,000		342,639
Formosa Plastics Corp.		462,400		1,378,689
Fubon Financial Holding Co. Ltd.		784,570		1,471,107
Giant Manufacturing Co. Ltd.		38,000		296,834
Globalwafers Co. Ltd.		26,000		411,343
Hon Hai Precision Industry Co. Ltd.		1,376,651		4,901,950
Hotai Motor Co. Ltd.		36,000		721,358
Hua Nan Financial Holdings Co. Ltd.		1,056,032		801,542
Innolux Corp.		1,118,620		440,616
Inventec Corp.		298,980		226,349
Largan Precision Co. Ltd.		12,000		763,322
Lite-On Technology Corp.		189,032		406,802
MediaTek Inc.		171,176		3,703,688
Mega Financial Holding Co. Ltd.		1,265,455		1,484,285
Micro-Star International Co. Ltd.		80,000		299,490
momo.com Inc.		7,200		170,730
Nan Ya Plastics Corp.		530,090		1,190,686
Nan Ya Printed Circuit Board Corp.		28,000		244,278
Nanya Technology Corp.		160,000		277,886
Nien Made Enterprise Co. Ltd.		21,000		193,929
Novatek Microelectronics Corp.		69,000		590,316
Parade Technologies Ltd.		9,000		251,943
Pegatron Corp.		220,000		457,560
Pou Chen Corp.		154,000		145,883
Powerchip Semiconductor Manufacturing Corp.		344,000		385,741
President Chain Store Corp.		66,000		579,979
Quanta Computer Inc.		302,000		782,907
Realtek Semiconductor Corp.		54,140		608,355
Ruentex Development Co. Ltd.		137,921		284,400
Shanghai Commercial & Savings Bank Ltd. (The)		417,980		680,349
Shin Kong Financial Holding Co. Ltd.		1,376,033		395,308
Silergy Corp.		37,000		634,309
SinoPac Financial Holdings Co. Ltd.		1,186,215		672,480
Synnex Technology International Corp.		169,050		308,141
Taishin Financial Holding Co. Ltd.		1,255,629		623,202
Taiwan Cement Corp.		657,754		846,719
Taiwan Cooperative Financial Holding Co. Ltd.		1,154,405		1,042,532
Taiwan High Speed Rail Corp.		185,000		176,872
Taiwan Mobile Co. Ltd.		175,000		572,012
Taiwan Semiconductor Manufacturing Co. Ltd.		2,755,000		45,098,746
Unimicron Technology Corp.		142,000		695,761
Uni-President Enterprises Corp.		531,650		1,148,928
United Microelectronics Corp.		1,269,000		1,688,362
Vanguard International Semiconductor Corp.		113,000		273,180
Voltronic Power Technology Corp.		8,000		451,429
Walsin Lihwa Corp.		276,884		357,577
Wan Hai Lines Ltd.		86,000		242,382
Win Semiconductors Corp.		41,000		238,142
Winbond Electronics Corp.		288,000		207,505
Wiwynn Corp.		11,000		275,369
WPG Holdings Ltd.		177,320		298,204
Yageo Corp.		52,151		557,766
Yang Ming Marine Transport Corp.		199,000		509,793

56 2 0 2 2    I S H A R E S     A N N U A L    R E P O R T    T O    S H A R E  H O L D E R S

Schedule of Investments  (continued) August 31, 2022 iShares^® MSCI Emerging Markets Asia ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Taiwan (continued)
Yuanta Financial Holding Co. Ltd.		1,065,787	$	707,464
Zhen Ding Technology Holding Ltd.		78,455		291,161
				104,759,749
Thailand — 2.6%
Advanced Info Service PCL, NVDR		134,400		707,094
Airports of Thailand PCL, NVDR(c)		458,000		912,681
Asset World Corp. PCL, NVDR		928,800		142,256
B Grimm Power PCL, NVDR		30,600		31,051
Bangkok Dusit Medical Services PCL, NVDR		1,179,800		945,551
Bangkok Expressway & Metro PCL, NVDR		935,100		224,216
Berli Jucker PCL, NVDR		149,300		137,202
BTS Group Holdings PCL, NVDR(b)		670,800		154,413
Bumrungrad Hospital PCL, NVDR		61,200		362,381
Carabao Group PCL, NVDR		9,900		27,423
Central Pattana PCL, NVDR		223,600		424,037
Central Retail Corp. PCL, NVDR		229,474		254,362
Charoen Pokphand Foods PCL, NVDR		404,200		287,995
CP ALL PCL, NVDR		643,500		1,084,654
Delta Electronics Thailand PCL, NVDR		35,100		502,952
Electricity Generating PCL, NVDR		34,400		172,484
Energy Absolute PCL, NVDR		190,800		445,460
Global Power Synergy PCL, NVDR		86,100		160,272
Gulf Energy Development PCL, NVDR		338,600		475,141
Home Product Center PCL, NVDR		699,949		266,643
Indorama Ventures PCL, NVDR		204,900		242,665
Intouch Holdings PCL, NVDR		121,500		242,020
JMT Network Services PCL, NVDR		77,400		165,362
Kasikornbank PCL, NVDR		44,900		189,020
Krung Thai Bank PCL, NVDR		395,650		182,937
Krungthai Card PCL, NVDR(b)		103,400		170,489
Land & Houses PCL, NVDR		986,800		240,741
Minor International PCL, NVDR(c)		362,680		324,779
Muangthai Capital PCL, NVDR		101,000		117,503
Osotspa PCL, NVDR		189,200		161,993
PTT Exploration & Production PCL, NVDR		156,010		721,551
PTT Global Chemical PCL, NVDR		278,600		362,243
PTT Oil & Retail Business PCL, NVDR		364,000		271,739
PTT Public Company Ltd., NVDR		1,099,300		1,129,445
Ratch Group PCL, NVDR		129,600		156,335
SCB X PCL, NVS		102,800		310,750
SCG Packaging PCL, NVDR		152,600		237,044
Siam Cement PCL (The), NVDR		89,200		875,049
Srisawad Corp. PCL, NVDR(b)		86,000		114,690
Thai Oil PCL, NVDR		137,600		228,937
Thai Union Group PCL, NVDR		312,900		150,040
True Corp. PCL, NVDR		1,350,205		168,760
				14,482,360
Total Common Stocks — 99.6% (Cost: $627,805,486)				568,948,953

Security	Shares		Value
Preferred Stocks
South Korea — 0.7%
Hyundai Motor Co.
Preference Shares, NVS		2,559	$	173,651
Series 2, Preference Shares, NVS		3,956		274,449
LG Chem Ltd., Preference Shares, NVS		842		188,134
LG H&H Co. Ltd., Preference Shares, NVS		172		46,878
Samsung Electronics Co. Ltd., Preference Shares, NVS		90,553		3,663,064
				4,346,176
Total Preferred Stocks — 0.7% (Cost: $5,734,360)				4,346,176
Rights
China — 0.0%
Kangmei Pharmaceutical Co. Ltd. (Expires 12/31/49)(c)		1,493		—
Thailand — 0.0%
Thai Oil PCL (Expires 09/14/22)(c)		12,508		—
Total Rights — 0.0% (Cost: $—)				—
Total Long-Term Investments — 100.3% (Cost: $633,539,846)				573,295,129
Short-Term Securities
Money Market Funds — 2.5%
BlackRock Cash Funds: Institutional, SL Agency Shares, 2.42%(e)(f)(g)		9,194,945		9,197,703
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.07%(e)(f)		4,800,000		4,800,000
Total Short-Term Securities — 2.5% (Cost: $13,992,460)				13,997,703
Total Investments in Securities — 102.8% (Cost: $647,532,306)				587,292,832
Liabilities in Excess of Other Assets — (2.8)%				(15,912,138	)
Net Assets — 100.0%			$	571,380,694

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

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

^(c)  Non-income producing security.

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

^(e)  Affiliate of the Fund.

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

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

S C H E D U L E    O F    I N V E S T  M E N T S 57

Schedule of Investments  (continued) August 31, 2022 iShares^® MSCI Emerging Markets Asia ETF

Affiliates    

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

Affiliated Issuer	Value at 08/31/21		Purchases at Cost			Proceeds from Sale			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 08/31/22		Shares Held at 08/31/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	12,508,212	$	—		$	(3,307,073	)(a)	$	(5,000	)	$	1,564	$	9,197,703		9,194,945	$	113,899	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		2,400,000		2,400,000	(a)		—			—			—		4,800,000		4,800,000		7,517			—
									$	(5,000	)	$	1,564	$	13,997,703			$	121,416		$	—

^(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		3		09/16/22	$	73	$	(3,444	)

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:    

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	—	$	—	$	3,444	$	—	$	—	$	—	$	3,444

^(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 August 31, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:    

	Commodity Contracts		Credit Contracts		Equity Contracts			Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Net Realized Gain (Loss) from
Futures contracts	$	—	$	—	$	(128,245	)	$	—	$	—	$	—	$	(128,245	)
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	(30,685	)	$	—	$	—	$	—	$	(30,685	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts
Average notional value of contracts — long	$	609,090

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

58 2 0 2 2    I S H A R E S     A N N U A L    R E P O R T    T O    S H A R E  H O L D E R S

Schedule of Investments  (continued) August 31, 2022 iShares^® MSCI Emerging Markets Asia 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	$	26,198,241	$	542,525,885		$	224,827	$	568,948,953
Preferred Stocks		—		4,346,176			—		4,346,176
Rights		—		—			—		—
Money Market Funds		13,997,703		—			—		13,997,703
	$	40,195,944	$	546,872,061		$	224,827	$	587,292,832
Derivative financial instruments(a)
Liabilities
Futures Contracts	$	—	$	(3,444	)	$	—	$	(3,444	)

^(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 59

Consolidated Schedule of Investments   August 31, 2022 iShares^® MSCI Emerging Markets Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Brazil — 5.6%
3R Petroleum Oleo E Gas SA(a)		59,094	$	424,713
AES Brasil Energia SA		98,624		183,887
Aliansce Sonae Shopping Centers SA		53,649		181,291
Alupar Investimento SA		44,594		243,868
Ambipar Participacoes e Empreendimentos SA		38,793		204,091
Anima Holding SA(a)		67,000		65,166
Arezzo Industria e Comercio SA		20,100		356,997
Armac Locacao Logistica E Servicos SA		49,111		151,041
Auren Energia SA		97,765		288,837
Boa Vista Servicos SA		104,121		136,095
BR Malls Participacoes SA		288,100		456,871
BR Properties SA		69,309		108,978
Cia. Brasileira de Aluminio		54,136		133,717
Cia. Brasileira de Distribuicao		66,397		276,824
Cia. de Saneamento de Minas Gerais-COPASA		70,082		181,860
Cia. de Saneamento do Parana		59,362		197,516
Cia. Paranaense de Energia		32,562		216,250
Cielo SA		506,453		535,424
CM Hospitalar SA		43,483		148,777
Cogna Educacao(a)		650,996		310,332
CVC Brasil Operadora e Agencia de Viagens SA(a)		67,000		98,264
Cyrela Brazil Realty SA Empreendimentos e Participacoes		109,009		296,703
Dexco SA		132,660		250,918
EcoRodovias Infraestrutura e Logistica SA(a)		181,905		204,898
EDP - Energias do Brasil SA		90,179		393,311
Embraer SA(a)		253,595		673,667
Enauta Participacoes SA		38,793		124,602
Eneva SA(a)		354,497		1,056,186
Ez Tec Empreendimentos e Participacoes SA		59,697		207,237
Fleury SA		69,345		210,072
GPS Participacoes e Empreendimentos SA(b)		100,366		262,375
Grendene SA		131,119		192,555
Grupo De Moda Soma SA		210,708		547,993
Grupo Mateus SA(a)		134,000		165,362
Grupo SBF SA		46,565		196,109
Iguatemi SA		46,416		175,586
Infracommerce CXAAS SA(a)		52,229		57,225
Infracommerce CXAAS SA		31,387		3,017
Intelbras SA Industria de Telecomunicacao Eletronica Brasileira		27,068		143,706
Iochpe Maxion SA		47,017		122,911
IRB Brasil Resseguros S/A(a)		475,757		149,977
JHSF Participacoes SA		111,868		133,319
Light SA		90,219		98,155
Locaweb Servicos de Internet SA(a)(b)		201,052		361,340
LOG Commercial Properties e Participacoes SA		20,172		103,722
Lojas Quero Quero S/A		67,000		86,931
M. Dias Branco SA		30,887		250,960
Mahle-Metal Leve SA		16,951		79,177
Marfrig Global Foods SA		143,581		362,927
Meliuz SA(a)(b)		605,010		152,346
Minerva SA		102,376		304,034
Movida Participacoes SA		66,263		175,006
MRV Engenharia e Participacoes SA		67,000		132,264
Multiplan Empreendimentos Imobiliarios SA		110,215		510,568
Odontoprev SA		110,550		191,036
Omega Energia SA(a)		114,414		247,196
Pet Center Comercio e Participacoes SA		158,187		329,303

Security	Shares		Value
Brazil (continued)
Petroreconcavo SA		45,359	$	237,850
Santos Brasil Participacoes SA		201,112		311,580
Sao Martinho SA		68,854		421,669
Sendas Distribuidora SA		302,505		1,069,326
SIMPAR SA		146,677		301,677
SLC Agricola SA		39,945		373,160
Smartfit Escola de Ginastica e Danca SA(a)		81,441		260,491
Sul America SA		98,523		467,768
Transmissora Alianca de Energia Eletrica SA		64,870		519,718
Tupy SA		26,800		137,596
Vamos Locacao de Caminhoes Maquinas e
Equipamentos SA		108,339		293,838
Via S/A(a)		444,108		274,878
Vivara Participacoes SA		40,200		195,885
YDUQS Participacoes SA		101,828		240,947
				18,959,876
Chile — 0.6%
Aguas Andinas SA, Class A		1,022,822		224,068
CAP SA		30,016		242,171
Cencosud Shopping SA		239,257		339,031
Colbun SA		3,290,906		320,921
Empresa Nacional de Telecomunicaciones SA		52,528		167,035
Itau CorpBanca Chile SA		112,408,123		250,841
Plaza SA		173,492		194,446
Vina Concha y Toro SA		160,398		195,180
				1,933,693
China — 8.9%
361 Degrees International Ltd.(a)		335,000		171,178
Agora Inc., ADR(a)		23,517		97,361
AK Medical Holdings Ltd.(b)		268,000		232,362
Akeso Inc.(a)(b)		134,000		429,003
Alphamab Oncology(a)(b)		134,000		134,877
Antengene Corp. Ltd.(a)(b)		67,000		35,348
Anxin-China Holdings Ltd.(c)		1,084,000		1
Ascentage Pharma Group International(a)(b)(d)		46,900		97,436
Asia Cement China Holdings Corp.		290,000		145,007
Ausnutria Dairy Corp. Ltd.		134,000		107,730
Bairong Inc. (a)(b)		67,000		80,067
Baozun Inc., ADR(a)(d)		20,301		172,559
Beijing Jingneng Clean Energy Co. Ltd., Class H		536,000		112,404
Beijing Tong Ren Tang Chinese Medicine Co. Ltd.		134,000		166,732
Binjiang Service Group Co. Ltd.		41,000		113,360
BOE Varitronix Ltd.		67,000		152,833
Boshiwa International Holding Ltd.(c)		32,000		—
Brii Biosciences Ltd.(a)(d)		67,000		67,120
C&D International Investment Group Ltd.		163,000		325,995
Canaan Inc.(a)(d)		76,088		267,069
Canvest Environmental Protection Group Co. Ltd.		335,000		200,827
CARsgen Therapeutics Holdings Ltd., NVS(a)(b)(d)		33,500		80,697
Central China Management Co. Ltd.		804,000		78,742
Central China New Life Ltd.		134,000		57,852
CGN Mining Co. Ltd.(a)		335,000		43,646
CGN New Energy Holdings Co. Ltd.		484,000		185,522
Changsha Broad Homes Industrial Group Co Ltd., Class H(a)(b)(d)		80,400		82,565
China Animal Healthcare Ltd.(c)		126,000		—
China Aoyuan Group Ltd.(a)(c)		603,000		59,931
China BlueChemical Ltd., Class H(d)		938,000		244,243
China Conch Environment Protection Holdings Ltd.(a)		603,000		538,223
China Datang Corp. Renewable Power Co. Ltd., Class H		871,000		218,122

60 2 0 2 2    I S H A R E S     A N N U A L    R E P O R T    T O    S H A R E  H O L D E R S

Consolidated Schedule of Investments  (continued) August 31, 2022 iShares^® MSCI Emerging Markets Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
China (continued)
China Education Group Holdings Ltd.		335,000	$	291,844
China Everbright Greentech Ltd.(b)(d)		536,000		111,822
China Everbright Ltd.(d)		402,000		293,592
China Foods Ltd.		536,000		170,617
China Harmony Auto Holding Ltd.		368,500		96,814
China High Speed Transmission Equipment Group Co. Ltd.(a)(d)		359,000		202,958
China Huiyuan Juice Group Ltd.(c)		379,000		—
China Lilang Ltd.		201,000		98,153
China Metal Recycling Holdings Ltd.(c)		12,000		—
China Modern Dairy Holdings Ltd.(d)		1,742,000		230,449
China Nonferrous Mining Corp Ltd.		402,000		171,872
China Oriental Group Co. Ltd.		804,000		148,120
China Overseas Grand Oceans Group Ltd.		816,000		385,246
China Renaissance Holdings Ltd.(b)		154,100		174,335
China Shineway Pharmaceutical Group Ltd.		167,000		128,103
China South City Holdings Ltd.		2,278,000		143,221
China Tobacco International HK Co. Ltd.		94,000		138,719
China Travel International Investment Hong Kong Ltd.(a)(d)		1,074,000		195,107
China Water Affairs Group Ltd.		288,000		262,333
China XLX Fertiliser Ltd.		134,000		76,360
China Youran Dairy Group Ltd.(a)(b)(d)		402,000		121,706
China Youzan Ltd.(a)		4,556,000		72,671
China Yuhua Education Corp. Ltd.(a)(b)		670,000		105,280
China Zhongwang Holdings Ltd.(a)(c)(d)		696,800		81,212
Chindata Group Holdings Ltd., ADR(a)(d)		41,138		347,205
CIMC Enric Holdings Ltd.(d)		268,000		286,255
CMGE Technology Group Ltd.(a)		804,000		198,370
COFCO Joycome Foods Ltd.		938,000		359,075
Concord New Energy Group Ltd.		2,680,000		245,560
Cosmopolitan International Holdings Ltd.(a)		938,000		122,934
CStone Pharmaceuticals(a)(b)(d)		435,500		266,117
Dada Nexus Ltd., ADR(a)(d)		20,301		131,347
Dexin China Holdings Co. Ltd.		670,000		169,875
Differ Group Auto Ltd.(d)		1,388,000		349,871
Digital China Holdings Ltd.		466,000		207,871
Everest Medicines Ltd.(a)(b)		100,500		151,999
Excellence Commercial Property & Facilities Management Group Ltd.		402,000		167,136
FIH Mobile Ltd. (a)		1,340,000		173,573
FinVolution Group, ADR		45,962		226,133
Fu Shou Yuan International Group Ltd.		636,000		406,351
Fufeng Group Ltd.		670,400		376,704
Ganglong China Property Group Ltd.(a)		278,000		144,286
GCL New Energy Holdings Ltd.(a)		8,308,000		92,847
Gemdale Properties & Investment Corp. Ltd.		3,268,000		278,463
Genertec Universal Medical Group Co. Ltd.(b)		469,000		263,981
Golden Solar New Energy Technology Holdings Ltd. (a)		200,800		262,088
GOME Retail Holdings Ltd.(a)(d)		4,623,000		144,106
Grand Pharmaceutical Group Ltd., Class A		502,500		268,276
Greentown Management Holdings Co. Ltd.(b)		268,000		226,774
Guangzhou R&F Properties Co. Ltd., Class H(d)		160,800		33,260
Guizhou Zhongyida Co. Ltd.(a)		93,800		50,467
Haichang Ocean Park Holdings Ltd.(a)(b)		503,000		491,361
Hainan Meilan International Airport Co. Ltd., Class H(a)(d)		67,000		157,754
Hangzhou Steam Turbine Co. Ltd., Class B		139,464		209,675
Harbin Electric Co. Ltd., Class H(a)		402,000		109,252
Helens International Holdings Co. Ltd. (a)		67,000		103,493
Hello Group Inc., ADR		43,885		226,008
Hong Kong Aerospace Technology Group Ltd. (a)(d)		26,400		29,488

Security	Shares		Value
China (continued)
Hope Education Group Co. Ltd.(b)		1,206,000	$	103,959
Hua Han Health Industry Holdings Ltd.(c)		1,112,400		1
Hua Medicine(a)(b)(d)		402,000		202,043
Huabao International Holdings Ltd.(d)		268,000		137,041
iDreamSky Technology Holdings Ltd.(a)(b)		375,200		252,134
I-Mab, ADR(a)		14,003		85,838
Inspur International Ltd.(a)		134,000		43,449
International Alliance Financial Leasing Co. Ltd. (a)(b)(d)		257,200		135,806
IVD Medical Holding Ltd.(d)		402,000		122,122
JH Educational Technology Inc.(a)		268,000		108,925
Jiayuan International Group Ltd.(a)(d)		536,000		14,752
Jinchuan Group International Resources Co. Ltd.		1,675,000		180,757
JinkoSolar Holding Co. Ltd., ADR(a)(d)		15,410		938,007
Joy Spreader Group Inc.(a)(d)		737,000		113,265
JW Cayman Therapeutics Co. Ltd.(a)(b)		67,000		52,023
Kangji Medical Holdings Ltd.		234,500		186,924
Kingsoft Cloud Holdings Ltd., ADR(a)		37,587		129,299
Kintor Pharmaceutical Ltd. (a)(b)		67,000		124,384
Koolearn Technology Holding Ltd.(a)(b)(d)		134,000		507,267
KWG Group Holdings Ltd.		234,500		42,189
KWG Living Group Holdings Ltd.		134,000		23,770
Lee & Man Paper Manufacturing Ltd.		402,000		144,306
LexinFintech Holdings Ltd., ADR(a)		36,850		75,174
Lifetech Scientific Corp. (a)(d)		1,608,000		524,390
Lonking Holdings Ltd.(d)		950,000		160,856
Luoyang Glass Co. Ltd., Class H (a)		134,000		186,283
Meitu Inc.(a)(b)(d)		1,742,000		185,196
MH Development Ltd.(c)		164,000		6,844
Midea Real Estate Holding Ltd.(b)		174,200		185,866
Mobvista Inc.(a)(b)		268,000		161,566
National Agricultural Holdings Ltd.(c)(d)		354,000		451
Nayuki Holdings Ltd.(a)		100,500		72,895
NetDragon Websoft Holdings Ltd.		115,500		251,301
New Horizon Health Ltd.(a)(b)(d)		100,500		256,935
Nexteer Automotive Group Ltd.		201,000		149,370
Niu Technologies, ADR(a)(d)		10,184		61,206
Noah Holdings Ltd., ADR(a)(d)		3,618		64,075
Ocumension Therapeutics(a)(b)		67,000		117,692
Peijia Medical Ltd.(a)(b)		134,000		106,688
Pou Sheng International Holdings Ltd.		1,102,000		110,781
Powerlong Real Estate Holdings Ltd.		134,000		16,804
Radiance Holdings Group Co. Ltd.(d)		268,000		129,754
Redco Properties Group Ltd.(a)(b)(d)		522,000		118,332
ReneSola Ltd., ADR(a)(d)		34,009		198,613
Road King Infrastructure Ltd.		134,000		70,084
Shanghai Industrial Holdings Ltd.		201,000		279,413
Shenzhen Investment Ltd.		804,000		147,230
Shoucheng Holdings Ltd.		1,067,200		181,438
Shougang Fushan Resources Group Ltd.		804,000		255,019
Shui On Land Ltd.		1,409,500		177,296
Sihuan Pharmaceutical Holdings Group Ltd.		1,756,000		222,685
Sino-Ocean Group Holding Ltd.		1,273,000		185,804
Sinopec Engineering Group Co. Ltd., Class H		626,000		279,678
Sinopec Kantons Holdings Ltd.		402,000		122,692
Skyworth Group Ltd.		584,000		290,152
SOHO China Ltd.(a)		1,172,500		208,802
SSY Group Ltd.		670,000		315,504
Sunac Services Holdings Ltd.(b)		335,000		101,009
Superb Summit International Group Ltd.(c)		11,913		2
SY Holdings Group Ltd.		287,000		191,974

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  (continued) August 31, 2022 iShares^® MSCI Emerging Markets Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
China (continued)
TCL Electronics Holdings Ltd.(d)		603,000	$	288,075
Tiangong International Co. Ltd.		670,000		224,696
Tianjin Port Development Holdings Ltd.		806,000		60,469
Tianneng Power International Ltd.(d)		296,000		314,914
Tong Ren Tang Technologies Co. Ltd., Class H		268,000		189,445
Tongdao Liepin Group(a)		80,400		100,319
Towngas Smart Energy Co. Ltd.		402,000		176,356
Truly International Holdings Ltd.		804,000		176,133
Tuya Inc.(a)(d)		77,854		102,767
Untrade SMI Holdings(c)		468,800		1
Up Fintech Holding Ltd., ADR(a)(d)		55,744		210,155
Venus MedTech Hangzhou Inc., Class H(a)(b)		100,500		174,913
Vnet Group Inc., ADR(a)		34,180		182,863
Weimob Inc.(a)(b)(d)		670,000		308,721
West China Cement Ltd.		938,000		115,704
Wuling Motors Holdings Ltd.(d)		670,000		88,357
XD Inc.(a)(d)		80,400		199,223
Yeahka Ltd.(a)(d)		114,800		235,869
Yidu Tech Inc. (a)(b)		93,800		84,500
Yuexiu REIT(d)		938,000		287,793
Yuexiu Transport Infrastructure Ltd.		402,000		192,351
Zhengzhou Coal Mining Machinery Group Co. Ltd., Class H		134,000		155,364
Zhou Hei Ya International Holdings Co. Ltd.(b)		536,000		267,779
Zhuguang Holdings Group Co. Ltd.(a)		938,000		119,510
				29,751,693
Colombia — 0.2%
Cementos Argos SA		177,791		140,057
Corp. Financiera Colombiana SA(a)		33,768		148,674
Grupo Argos SA		112,225		247,052
				535,783
Czech Republic — 0.0%
Philip Morris CR AS		134		90,878
Egypt — 0.2%
Cairo Investment & Real Estate Development Co. SAE		105,860		61,792
Cleopatra Hospital(a)		470,267		98,098
E-Finance for Digital & Financial Investments, NVS		136,613		99,597
EISewedy Electric Co.(a)		267,345		98,682
Fawry for Banking & Payment Technology Services SAE(a)		339,221		64,546
Juhayna Food Industries		208,550		78,984
Talaat Moustafa Group		296,550		118,407
Telecom Egypt Co.		105,650		85,514
				705,620
Greece — 0.6%
Aegean Airlines SA(a)		16,104		78,982
Athens Water Supply & Sewage Co. SA		17,008		132,734
GEK Terna Holding Real Estate Construction SA(a)		18,832		182,363
Hellenic Petroleum Holdings SA		15,460		106,375
Holding Co. ADMIE IPTO SA		43,270		78,201
LAMDA Development SA(a)		27,750		164,773
Motor Oil Hellas Corinth Refineries SA		20,806		392,269
Piraeus Financial Holdings SA(a)		249,575		261,207
Sarantis SA		15,003		91,117
Terna Energy SA		15,095		269,224
Titan Cement International SA		13,350		158,832
				1,916,077
Hong Kong — 0.0%
Untradelumena Newmat, NVS(c)		5,249		—

Security	Shares		Value
Hungary — 0.0%
Magyar Telekom Telecommunications PLC		185,121	$	157,180
India — 23.5%
3M India Ltd.(a)		1,139		331,313
Aarti Drugs Ltd.		13,199		71,207
Aarti Industries Ltd.		70,216		724,590
Aavas Financiers Ltd.(a)		16,890		478,067
Aditya Birla Capital Ltd.(a)		174,870		246,990
Aditya Birla Fashion and Retail Ltd.(a)		113,029		429,270
Advanced Enzyme Technologies Ltd.		21,574		72,255
Aegis Logistics Ltd.		52,796		193,059
Affle India Ltd.(a)		22,110		355,803
AIA Engineering Ltd.		17,219		559,924
Ajanta Pharma Ltd.		15,879		272,323
Alembic Pharmaceuticals Ltd.		21,239		171,873
Alkyl Amines Chemicals		4,824		178,077
Allcargo Logistics Ltd.		42,880		190,504
Alok Industries Ltd.(a)		578,009		138,779
Amber Enterprises India Ltd.(a)		6,767		190,449
Angel One Ltd.		10,318		166,093
APL Apollo Tubes Ltd.(a)		49,848		586,203
Apollo Tyres Ltd.		121,873		380,229
Asahi India Glass Ltd.		21,105		167,522
Ashok Leyland Ltd.		528,764		1,011,384
Aster DM Healthcare Ltd.(a)(b)		57,486		158,522
Astral Ltd.		32,941		856,536
AstraZeneca Pharma India Ltd.		2,479		95,637
Atul Ltd.		5,628		643,687
Avanti Feeds Ltd.		27,269		157,594
Bajaj Electricals Ltd.		17,085		263,446
Balaji Amines Ltd.		3,752		161,022
Balrampur Chini Mills Ltd.		48,855		213,062
BASF India Ltd.		4,459		184,245
Bata India Ltd.		19,765		477,829
Bayer CropScience Ltd.		5,293		360,895
BEML Ltd.		8,107		186,070
Bharat Dynamics Ltd.		8,442		85,903
Bharat Heavy Electricals Ltd.(a)		324,950		237,391
Birla Corp. Ltd.		10,117		122,372
Birlasoft Ltd.		62,645		247,836
Blue Dart Express Ltd.		2,077		221,638
Blue Star Ltd.		22,378		306,994
Borosil Renewables Ltd.(a)		18,425		128,853
Brigade Enterprises Ltd.		42,612		270,614
Brightcom Group Ltd.		350,410		177,616
Brookfield India Real Estate Trust(b)		49,890		210,042
BSE Ltd.		25,192		203,861
Can Fin Homes Ltd.		26,398		207,667
Canara Bank		131,923		393,416
Carborundum Universal Ltd.		39,932		420,269
Castrol India Ltd.		157,048		223,629
CCL Products India Ltd.		26,599		159,123
CE Info Systems Ltd.		3,752		63,089
Ceat Ltd.		7,236		125,353
Central Depository Services India Ltd.		18,157		280,355
Century Plyboards India Ltd.		17,755		148,251
Century Textiles & Industries Ltd.		22,780		243,877
CESC Ltd.		218,420		221,701
CG Power and Industrial Solutions Ltd.(a)		190,615		530,763
Chambal Fertilisers and Chemicals Ltd.		66,196		288,296
Chemplast Sanmar Ltd.(a)		24,715		129,573

62 2 0 2 2    I S H A R E S     A N N U A L    R E P O R T    T O    S H A R E  H O L D E R S

Consolidated Schedule of Investments  (continued) August 31, 2022 iShares^® MSCI Emerging Markets Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
India (continued)
Cholamandalam Financial Holdings Ltd.		37,855	$	316,087
City Union Bank Ltd.		123,146		275,585
Clean Science and Technology		9,514		204,946
Coforge Ltd.		9,447		416,392
Computer Age Management Services Ltd.		10,251		293,121
Coromandel International Ltd.		40,401		530,435
CreditAccess Grameen Ltd.(a)		19,172		237,317
CRISIL Ltd.		5,762		235,584
Crompton Greaves Consumer Electricals Ltd.		207,098		1,053,790
Cummins India Ltd.		44,890		666,670
Cyient Ltd.		33,366		349,386
Dalmia Bharat Ltd.		27,805		532,069
Deepak Fertilisers & Petrochemicals Corp. Ltd.		16,147		182,508
Deepak Nitrite Ltd.		25,661		629,704
Delta Corp. Ltd.		63,248		165,250
Devyani International Ltd.(a)		90,115		205,212
Dixon Technologies India Ltd.		11,725		596,221
Dr Lal PathLabs Ltd.(b)		12,328		392,753
Easy Trip Planners Ltd.		23,383		113,039
eClerx Services Ltd.		6,097		160,065
EID Parry India Ltd.		32,428		214,522
Emami Ltd.		73,968		447,765
Embassy Office Parks REIT		157,718		718,216
Endurance Technologies Ltd.(b)		14,338		267,653
Engineers India Ltd.		163,078		138,153
EPL Ltd.		46,163		98,114
Eris Lifesciences Ltd.(b)		16,415		141,802
Exide Industries Ltd.		167,098		333,678
Federal Bank Ltd.		573,654		831,922
Fine Organic Industries Ltd.		2,412		185,828
Finolex Cables Ltd.		28,274		162,344
Finolex Industries Ltd.		97,954		185,063
Firstsource Solutions Ltd.		173,061		230,125
Fortis Healthcare Ltd.(a)		171,922		630,529
GHCL Ltd.		21,521		160,059
Gillette India Ltd.		4,288		295,298
GlaxoSmithKline Pharmaceuticals Ltd.		10,385		189,464
Glenmark Pharmaceuticals Ltd.		52,729		244,217
GMM Pfaudler Ltd.		12,060		249,533
GMR Infrastructure Ltd.(a)		782,359		349,379
Godawari Power and Ispat Ltd.		21,373		78,271
Godrej Industries Ltd.(a)		25,728		154,218
Granules India Ltd.		52,461		199,732
Graphite India Ltd.		35,309		180,789
Great Eastern Shipping Co. Ltd. (The)		42,277		300,737
Greaves Cotton Ltd.		39,262		82,734
Greenpanel Industries Ltd.		18,626		103,937
Grindwell Norton Ltd.		15,611		428,163
Gujarat Ambuja Exports Ltd.		28,609		97,465
Gujarat Fluorochemicals Ltd.		9,112		377,795
Gujarat Gas Ltd.		63,449		373,366
Gujarat Mineral Development Corp. Ltd.		21,909		45,149
Gujarat Narmada Valley Fertilizers & Chemicals Ltd.		28,207		262,498
Gujarat State Petronet Ltd.		103,314		311,364
Happiest Minds Technologies Ltd.		22,244		282,718
HFCL Ltd.		269,608		247,560
Hitachi Energy India Ltd.		2,546		118,572
ICICI Securities Ltd.(b)		30,680		191,239
IDFC First Bank Ltd.(a)		1,153,874		702,370
IDFC Ltd.		445,081		379,150

Security	Shares		Value
India (continued)
IIFL Finance Ltd.		46,699	$	200,029
IIFL Wealth Management Ltd.		14,204		296,580
India Cements Ltd. (The)		57,687		163,343
Indiabulls Real Estate Ltd.(a)		256,476		275,708
IndiaMART Intermesh Ltd.(b)		6,231		340,440
Indian Bank		86,452		208,038
Indian Energy Exchange Ltd.(b)		154,770		308,449
Indian Hotels Co. Ltd. (The)		261,845		926,567
Indigo Paints Ltd.		4,489		93,749
Inox Leisure Ltd.(a)		29,413		184,219
Intellect Design Arena Ltd.		33,500		245,891
Ipca Laboratories Ltd.		49,580		561,029
IRB Infrastructure Developers Ltd.		48,515		142,469
Jaiprakash Power Ventures Ltd.(a)		998,568		93,387
JB Chemicals & Pharmaceuticals Ltd.		13,112		291,793
JK Cement Ltd.		13,199		445,574
JK Lakshmi Cement Ltd.		25,192		148,037
JK Paper Ltd.		20,569		106,878
JM Financial Ltd.		372,793		296,027
Johnson Controls-Hitachi Air Conditioning India Ltd.(a)		4,154		82,636
Jubilant Ingrevia Ltd.		27,146		157,621
Jubilant Pharmova Ltd.		30,753		134,593
Just Dial Ltd.(a)		11,053		81,039
Kajaria Ceramics Ltd.		29,078		421,656
Kansai Nerolac Paints Ltd.		50,212		316,908
Karur Vysya Bank Ltd. (The)		150,214		127,618
Kaveri Seed Co. Ltd.		17,956		102,256
KEC International Ltd.		42,009		213,259
KEI Industries Ltd.		23,517		428,551
KNR Constructions Ltd.		61,908		200,826
KPIT Technologies Ltd.		58,223		402,261
KPR Mill Ltd.		32,679		245,769
Krishna Institute Of Medical Sciences Ltd.(a)(b)		12,127		182,172
L&T Finance Holdings Ltd.		279,281		274,297
Lakshmi Machine Works Ltd.		1,273		190,810
Laurus Labs Ltd.(b)		117,049		842,567
Laxmi Organic Industries Ltd.		23,651		96,874
Lemon Tree Hotels Ltd.(a)(b)		99,160		85,880
LIC Housing Finance Ltd.		117,895		599,041
Linde India Ltd.		7,035		300,274
Lloyds Metals & Energy Ltd.		26,934		46,602
Mahanagar Gas Ltd.		20,234		219,856
Mahindra & Mahindra Financial Services Ltd.		225,857		575,233
Mahindra CIE Automotive Ltd.		61,037		208,526
Mahindra Lifespace Developers Ltd.		22,981		148,493
Manappuram Finance Ltd.		149,946		196,994
Mastek Ltd.		6,164		144,438
Max Financial Services Ltd.(a)		76,782		789,049
Max Healthcare Institute Ltd.(a)		174,517		843,420
Medplus Health Services Ltd.(a)		12,998		119,017
Metropolis Healthcare Ltd.(b)		11,256		200,611
Mindspace Business Parks REIT(b)		53,600		248,264
Motherson Sumi Wiring India Ltd.		447,694		454,847
Motilal Oswal Financial Services Ltd.		15,544		148,987
Multi Commodity Exchange of India Ltd.		8,169		130,878
Narayana Hrudayalaya Ltd.		26,130		228,456
Natco Pharma Ltd.		33,567		258,143
National Aluminium Co. Ltd.		302,706		301,437
Navin Fluorine International Ltd.		11,792		628,317
Nazara Technologies Ltd.(a)		9,246		75,277

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  (continued) August 31, 2022 iShares^® MSCI Emerging Markets Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
India (continued)
NCC Ltd./India		233,778	$	202,974
Network18 Media & Investments Ltd.(a)		59,898		52,310
NIIT Ltd.		32,964		141,834
Nippon Life India Asset Management Ltd.(b)		48,709		183,166
Nuvoco Vistas Corp. Ltd.(a)		45,426		203,291
Oberoi Realty Ltd.		45,292		566,124
Oil India Ltd.		90,651		218,277
Olectra Greentech Ltd.(a)		20,636		158,623
Oracle Financial Services Software Ltd.		7,772		307,047
Orient Electric Ltd.		57,352		185,896
Paisalo Digital Ltd.		113,230		105,951
PB Fintech Ltd.(a)		50,183		312,515
Persistent Systems Ltd.		17,889		777,993
Phoenix Mills Ltd. (The)		34,438		602,280
Piramal Enterprises Ltd.		41,226		543,972
Poly Medicure Ltd.		10,854		115,289
Polycab India Ltd.		15,410		472,663
Polyplex Corporation Ltd.		4,489		120,079
Poonawalla Fincorp Ltd.		95,408		360,729
Praj Industries Ltd.		43,349		225,463
Prestige Estates Projects Ltd.		52,930		300,584
Procter & Gamble Health Ltd.		3,082		162,583
PVR Ltd.(a)		17,755		403,347
Quess Corp. Ltd.(b)		27,068		192,628
Radico Khaitan Ltd.		29,212		380,358
Rain Industries Ltd.		79,193		194,980
Rajesh Exports Ltd.		22,579		166,372
Ramco Cements Ltd. (The)		47,637		449,487
Ratnamani Metals & Tubes Ltd.		10,954		254,960
RattanIndia Enterprises Ltd.(a)		170,917		109,012
Raymond Ltd.		11,561		137,737
RBL Bank Ltd.(a)(b)		55,275		83,436
REC Ltd.		478,916		650,278
Redington India Ltd.		195,171		364,164
Relaxo Footwears Ltd.		19,229		239,900
Reliance Power Ltd.(a)		922,657		191,674
Rhi Magnesita India Ltd.		17,420		128,086
Route Mobile Ltd.		12,797		240,316
Sanofi India Ltd.		2,814		218,166
Saregama India Ltd.		28,810		144,095
Schaeffler India Ltd.		17,286		654,226
Sharda Cropchem Ltd.		7,236		46,720
Sheela Foam Ltd.(a)		5,025		187,356
Shoppers Stop Ltd.(a)		10,921		84,650
Shree Renuka Sugars Ltd.(a)		263,980		153,254
Shriram City Union Finance Ltd.		9,045		215,004
SKF India Ltd.		8,040		487,888
Sobha Ltd.		21,373		185,078
Solar Industries India Ltd.		10,385		431,917
Sonata Software Ltd.		22,579		199,920
SpiceJet Ltd.(a)		366,356		211,030
Sterlite Technologies Ltd.		92,326		196,864
Sumitomo Chemical India Ltd.		30,161		184,156
Sun TV Network Ltd.		30,954		193,339
Sundram Fasteners Ltd.		36,850		384,277
Suprajit Engineering Ltd.		32,830		138,879
Supreme Industries Ltd.		23,115		567,341
Supreme Petrochem Ltd.		12,395		120,658
Suven Pharmaceuticals Ltd.		38,793		237,599
Suzlon Energy Ltd.(a)		1,916,267		194,525

Security	Shares		Value
India (continued)
Syngene International Ltd.(b)		46,632	$	348,405
Tanla Platforms Ltd.		23,718		209,948
Tata Chemicals Ltd.		59,429		835,129
Tata Communications Ltd.		40,482		605,411
Tata Teleservices Maharashtra Ltd.(a)		184,920		252,392
TCI Express Ltd.		5,293		116,521
TeamLease Services Ltd.(a)		5,092		215,721
Tejas Networks Ltd.(a)(b)		26,130		198,536
Thermax Ltd.		15,410		463,883
Thyrocare Technologies Ltd.(b)		9,045		69,855
Timken India Ltd.		8,241		310,375
Torrent Power Ltd.		66,732		484,338
Trident Ltd.		447,426		202,705
Triveni Engineering & Industries Ltd.		37,788		110,520
TTK Prestige Ltd.		17,420		208,469
Tube Investments of India Ltd.		38,592		1,088,128
TV18 Broadcast Ltd.(a)		252,389		127,581
TVS Motor Co. Ltd.		67,268		823,439
UNO Minda Ltd.		65,660		471,350
UTI Asset Management Co. Ltd.		16,147		165,524
Vakrangee Ltd.		251,920		86,904
Vardhman Textiles Ltd.		33,500		138,298
V-Guard Industries Ltd.		62,444		176,575
Vijaya Diagnostic Centre Pvt Ltd.(a)		12,462		55,112
Vinati Organics Ltd.(a)		10,921		299,705
VIP Industries Ltd.		27,269		201,260
V-Mart Retail Ltd.		4,824		175,940
Vodafone Idea Ltd.(a)		3,149,804		353,186
Voltas Ltd.		76,198		948,788
Welspun Corp. Ltd.		35,108		98,440
Westlife Development Ltd.(a)		2,881		23,200
Whirlpool of India Ltd.		11,658		265,036
Yes Bank Ltd., (Acquired 03/16/20, Cost: $336,376)(a)(e)		433,083		84,704
Yes Bank Ltd.(a)		100		21
Zee Entertainment Enterprises Ltd.		311,923		993,771
Zensar Technologies Ltd.		40,468		114,975
ZF Commercial Vehicle Control Systems India Ltd.		268		32,209
				78,952,200
Indonesia — 2.7%
Ace Hardware Indonesia Tbk PT		2,345,000		113,754
Adi Sarana Armada Tbk PT(a)		676,700		66,471
AKR Corporindo Tbk PT		3,518,000		284,324
Astra Agro Lestari Tbk PT		214,400		132,151
Bank Aladin Syariah Tbk PT(a)		1,862,600		211,452
Bank BTPN Syariah Tbk PT		844,200		168,231
Bank Bukopin Tbk PT(a)		6,445,400		79,468
Bank Neo Commerce Tbk PT(a)		1,862,600		153,461
Bank Pembangunan Daerah Jawa Barat Dan Banten Tbk PT		1,132,264		106,025
Bank Tabungan Negara Persero Tbk PT		1,688,400		171,059
Berkah Beton Sadaya Tbk PT		1,313,200		404,334
BFI Finance Indonesia Tbk PT		2,927,900		246,358
Bukit Asam Tbk PT		1,386,900		396,833
Bumi Resources Minerals Tbk PT(a)		14,398,300		240,578
Bumi Serpong Damai Tbk PT(a)		2,887,700		178,751
Ciputra Development Tbk PT		3,678,563		235,448
Cisarua Mountain Dairy PT TBK		375,200		110,468
Digital Mediatama Maxima Tbk PT(a)		670,000		62,088
Erajaya Swasembada Tbk PT		2,894,400		95,090
Hanson International Tbk PT(a)(c)		25,794,200		—

64 2 0 2 2    I S H A R E S     A N N U A L    R E P O R T    T O    S H A R E  H O L D E R S

Consolidated Schedule of Investments  (continued) August 31, 2022 iShares^® MSCI Emerging Markets Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Indonesia (continued)
Harum Energy Tbk PT		938,000	$	107,287
Indika Energy Tbk PT		435,500		84,133
Indo Tambangraya Megah Tbk PT		147,500		390,695
Indocement Tunggal Prakarsa Tbk PT		442,200		281,218
Industri Jamu Dan Farmasi Sido Muncul Tbk PT		2,071,657		99,099
Inti Agri Resources Tbk PT(a)(c)		12,327,500		—
Japfa Comfeed Indonesia Tbk PT		1,742,000		185,896
Jasa Marga Persero Tbk PT(a)		844,200		195,532
Lippo Karawaci Tbk PT(a)		9,060,800		70,166
M Cash Integrasi PT(a)		174,200		134,384
Matahari Department Store Tbk PT		341,700		88,273
Medco Energi Internasional Tbk PT		3,570,412		206,956
Media Nusantara Citra Tbk PT		2,546,300		156,816
Medikaloka Hermina Tbk PT		1,132,300		113,798
Metro Healthcare Indonesia TBK PT(a)		7,403,500		238,428
Mitra Adiperkasa Tbk PT(a)		3,584,500		243,549
Pabrik Kertas Tjiwi Kimia Tbk PT		589,600		268,860
Pacific Strategic Financial Tbk PT(a)		2,673,300		215,233
Pakuwon Jati Tbk PT		6,552,600		213,582
Panin Financial Tbk PT		5,648,100		145,365
Perusahaan Gas Negara Tbk PT		3,966,400		490,711
Perusahaan Perkebunan London Sumatra Indonesia Tbk PT		1,433,800		113,938
Smartfren Telecom Tbk PT(a)		35,362,600		235,890
Sugih Energy Tbk PT(a)(c)		1,824,800		—
Summarecon Agung Tbk PT		3,966,450		160,005
Surya Citra Media Tbk PT		8,790,400		133,761
Surya Esa Perkasa Tbk PT		2,807,300		210,563
Timah Tbk PT		964,800		96,973
Transcoal Pacific Tbk PT		355,100		198,574
Waskita Karya Persero Tbk PT(a)		5,808,994		220,725
XL Axiata Tbk PT		1,172,600		207,628
				8,964,382
Kuwait — 1.2%
Al Ahli Bank of Kuwait KSCP		268,000		304,178
Boubyan Petrochemicals Co. KSCP		182,709		543,570
Boursa Kuwait Securities Co. KPSC		38,391		286,706
Burgan Bank SAK		136,964		107,998
Gulf Cable & Electrical Industries Co. KSCP		22,043		103,570
Humansoft Holding Co. KSC		38,927		437,228
Jazeera Airways Co. KSCP		23,182		140,884
Kuwait International Bank KSCP		386,305		269,418
Kuwait Projects Co. Holding KSCP		164,552		86,088
National Industries Group Holding SAK		798,994		725,413
National Investments Co. KSCP		14,271		13,347
National Real Estate Co. KPSC(a)		356,541		193,034
Qurain Petrochemical Industries Co.		223,747		229,439
Shamal Az-Zour Al-Oula for the First Phase of Az-Zour Power Plant KSC		356,909		232,880
Warba Bank KSCP(a)		534,278		433,255
				4,107,008
Malaysia — 2.9%
Alliance Bank Malaysia Bhd		368,700		289,917
Axis Real Estate Investment Trust		562,800		236,412
Bank Islam Malaysia Bhd(d)		281,400		163,723
Bermaz Auto Bhd		475,800		193,106
British American Tobacco Malaysia Bhd		60,444		139,107
Bumi Armada Bhd(a)(d)		938,000		86,209
Bursa Malaysia Bhd		254,750		364,077
Carlsberg Brewery Malaysia Bhd		67,000		345,895

Security	Shares		Value
Malaysia (continued)
Chin Hin Group Bhd, NVS(d)		268,000	$	154,567
D&O Green Technologies Bhd		180,900		154,369
Dagang NeXchange Bhd		830,800		156,725
DRB-Hicom Bhd		448,900		144,037
Fraser & Neave Holdings Bhd		6,700		33,408
Frontken Corp. Bhd		418,350		253,569
Gamuda Bhd		542,700		462,412
Genting Plantations Bhd		53,600		80,361
Greatech Technology Bhd(a)		214,500		169,504
Heineken Malaysia Bhd		40,500		212,915
Hibiscus Petroleum Bhd		274,700		64,358
Hong Seng Consolidated Bhd(a)		670,000		69,684
IGB Real Estate Investment Trust		710,200		256,633
IJM Corp. Bhd		1,065,300		405,473
IOI Properties Group Bhd		495,800		109,281
Kossan Rubber Industries Bhd(d)		596,300		134,180
Lotte Chemical Titan Holding Bhd(b)		234,500		89,598
Magnum Bhd		375,350		136,328
Mah Sing Group Bhd		402,000		54,618
Malaysia Building Society Bhd(d)		1,199,400		154,606
Malaysian Pacific Industries Bhd		33,500		224,929
My EG Services Bhd		2,045,000		362,605
Padini Holdings Bhd		201,000		150,003
Pentamaster Corp. Bhd		274,750		243,474
Scientex Bhd		342,500		269,191
Sime Darby Property Bhd		1,199,800		128,197
SKP Resources Bhd(d)		442,200		166,307
SP Setia Bhd Group(d)		676,800		112,854
Sports Toto Bhd(d)		395,400		159,488
Sunway Bhd		493,800		180,371
Sunway Construction Group Bhd		308,320		106,468
Sunway REIT		837,500		278,443
Supermax Corp. Bhd		855,516		139,178
Syarikat Takaful Malaysia Keluarga Bhd(d)		133,544		99,200
TIME dotCom Bhd		434,200		462,771
TSH Resources Bhd		154,100		38,085
UMW Holdings Bhd		140,800		96,487
Unisem M Bhd		147,400		89,272
United Plantations Bhd		13,400		44,249
UWC Bhd(d)		268,000		230,969
ViTrox Corp. Bhd		161,000		255,883
VS Industry Bhd(d)		1,125,850		251,932
Yinson Holdings Bhd		694,400		325,999
YTL Corp. Bhd		1,054,300		138,528
				9,669,955
Mexico — 1.9%
Alsea SAB de CV(a)		201,100		364,938
Banco del Bajio SA(b)		268,000		558,973
Bolsa Mexicana de Valores SAB de CV		127,300		229,938
Concentradora Fibra Danhos SA de CV(d)		93,800		109,646
Controladora Vuela Cia. de Aviacion SAB de CV, Class A(a)(d)		341,700		304,954
Corp Inmobiliaria Vesta SAB de CV		234,500		432,067
FIBRA Macquarie Mexico(b)		294,900		371,653
GCC SAB de CV		67,020		383,295
Genomma Lab Internacional SAB de CV, Class B(d)		301,600		246,561
Gentera SAB de CV		395,300		307,858
Grupo Aeroportuario del Centro Norte SAB de CV		104,808		685,350
Grupo Comercial Chedraui SA de CV		67,000		190,892
Grupo Rotoplas SAB de CV		78,467		105,082

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  (continued) August 31, 2022 iShares^® MSCI Emerging Markets Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Mexico (continued)
Grupo Traxion SAB de CV(a)(b)(d)		87,100	$	95,416
La Comer SAB de CV(d)		174,200		290,182
Nemak SAB de CV(a)(b)		643,296		136,026
PLA Administradora Industrial S. de RL de CV(d)		288,100		385,678
Prologis Property Mexico SA de CV		167,531		433,411
Qualitas Controladora SAB de CV		53,600		234,817
Regional SAB de CV(d)		80,400		434,076
				6,300,813
Panama — 0.1%
Intercorp Financial Services Inc.		12,127		261,458
Philippines — 0.9%
Alliance Global Group Inc.		1,373,500		245,281
AREIT Inc.		120,600		82,503
Bloomberry Resorts Corp.(a)		1,661,600		209,381
Century Pacific Food Inc.		415,400		183,455
Cosco Capital Inc.		1,675,000		128,651
D&L Industries Inc.		938,100		125,958
DMCI Holdings Inc.		1,701,800		287,525
LT Group Inc.		964,800		151,465
Manila Water Co. Inc.		449,000		123,721
Megaworld Corp.		4,020,000		178,453
Puregold Price Club Inc.		268,000		163,201
RL Commercial REIT Inc.		1,145,700		125,188
Robinsons Land Corp.		743,700		248,326
Robinsons Retail Holdings Inc.		116,040		123,985
Security Bank Corp.		133,040		212,665
Semirara Mining & Power Corp.		281,400		205,824
Wilcon Depot Inc.		643,300		343,101
				3,138,683
Poland — 0.9%
Alior Bank SA(a)		35,175		194,224
AmRest Holdings SE(a)(d)		39,863		168,137
Asseco Poland SA(d)		23,986		365,669
Bank Millennium SA(a)(d)		236,443		190,029
Budimex SA(d)		4,623		248,424
CCC SA(a)(d)		23,117		185,396
Ciech SA(a)		10,519		71,589
Enea SA(a)		81,941		131,842
Grupa Azoty SA(a)		18,894		130,773
Jastrzebska Spolka Weglowa SA(a)		18,894		190,857
KRUK SA(d)		6,499		417,863
LiveChat Software SA		6,834		151,511
Neuca SA		938		147,286
Tauron Polska Energia SA(a)(d)		380,091		186,224
Warsaw Stock Exchange		9,380		68,599
				2,848,423
Qatar — 1.0%
Aamal Co.		690,837		220,257
Al Meera Consumer Goods Co. QSC		32,293		160,287
Baladna		416,606		190,146
Doha Bank QPSC		469,134		321,181
Gulf International Services QSC(a)		242,684		138,586
Gulf Warehousing Co.		135,340		175,571
Medicare Group		67,335		136,596
Qatar Aluminum Manufacturing Co.		957,229		487,486
Qatar Insurance Co. SAQ		603,804		380,333
Qatar National Cement Co. QSC		103,783		139,708
Qatar Navigation QSC		192,972		583,501
United Development Co. QSC		625,964		272,095

Security	Shares		Value
Qatar (continued)
Vodafone Qatar QSC		636,366	$	283,976
				3,489,723
Russia — 0.0%
Credit Bank of Moscow PJSC(a)(c)		4,743,600		778
Detsky Mir PJSC(b)(c)		238,520		39
Federal Grid Co. Unified Energy System PJSC(a)(c)		142,040,000		23
Globaltrans Investment PLC, GDR(c)(f)		36,180		6
Lenta PJSC, GDR(a)(c)		58,692		10
LSR Group PJSC(a)(c)		16,818		3
Mosenergo PJSC(c)		4,900,000		803
QIWI PJSC, ADR(c)		20,971		3
Rostelecom PJSC(c)		373,860		61
Segezha Group PJSC(b)(c)		1,675,000		275
Sistema PJSFC(c)		1,865,280		306
Sovcomflot PJSC(c)		338,350		55
Unipro PJSC(c)		4,288,000		703
United Medical Group, GDR(c)		11,658		2
				3,067
Saudi Arabia — 3.2%
Abdullah Al Othaim Markets Co.		11,725		399,254
Al Hammadi Holding		37,430		444,939
Al Jouf Agricultural Development Co.		6,566		86,201
Al Moammar Information Systems Co.		5,869		160,197
Al Rajhi Co. for Co-operative Insurance(a)		7,906		210,322
Aldrees Petroleum and Transport Services Co.		16,080		299,029
AlKhorayef Water & Power Technologies Co.		1,675		56,016
Almunajem Foods Co.		6,365		117,586
Alujain Corp.		12,414		205,746
Arabian Cement Co./Saudi Arabia		21,306		224,017
Arabian Contracting Services Co.		2,948		85,089
Arriyadh Development Co.		40,183		243,040
Astra Industrial Group		6,767		92,885
City Cement Co.		34,706		223,075
Co. for Cooperative Insurance (The)(a)		12,998		262,101
Dallah Healthcare Co.		11,859		372,491
Dur Hospitality Co.(a)		19,430		119,104
Eastern Province Cement Co.		21,105		246,418
Fawaz Abdulaziz Al Hokair & Co.(a)		17,941		105,696
Halwani Brothers Co.		5,427		102,385
Herfy Food Services Co.(a)		9,715		113,373
Jadwa REIT Saudi Fund		56,950		199,720
Leejam Sports Co. JSC		10,077		224,075
Maharah Human Resources Co.		10,720		186,394
Methanol Chemicals Co.(a)		8,308		82,186
Middle East Paper Co.		6,432		101,103
National Agriculture Development Co. (The)(a)		25,259		205,976
National Gas & Industrialization Co.		16,080		248,843
National Medical Care Co.		4,489		74,924
Qassim Cement Co. (The)		19,095		407,401
Saudi Airlines Catering Co.(a)		13,802		277,742
Saudi Arabia Refineries Co.		2,412		67,762
Saudi Cement Co.		26,175		386,558
Saudi Ceramic Co.		17,073		196,076
Saudi Chemical Co. Holding		23,249		180,786
Saudi Fisheries Co.(a)		16,016		154,064
Saudi Ground Services Co.(a)		37,922		296,525
Saudi Industrial Services Co.		15,216		98,686
Saudi Pharmaceutical Industries & Medical Appliances Corp.		25,929		192,690
Saudi Public Transport Co.(a)		25,460		116,114

66 2 0 2 2    I S H A R E S     A N N U A L    R E P O R T    T O    S H A R E  H O L D E R S

Consolidated Schedule of Investments  (continued) August 31, 2022 iShares^® MSCI Emerging Markets Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Saudi Arabia (continued)
Saudi Real Estate Co.(a)		82,786	$	306,163
Saudia Dairy & Foodstuff Co.		7,504		396,735
Seera Group Holding(a)		61,305		292,704
Sinad Holding Co.(a)		17,554		74,475
Southern Province Cement Co.		25,996		401,114
United Electronics Co.		12,328		391,727
United International Transportation Co.		15,142		185,718
Yamama Cement Co.(a)		49,312		386,963
Yanbu Cement Co.		33,031		350,028
				10,652,216
South Africa — 3.8%
Adcock Ingram Holdings Ltd.		24,321		70,271
AECI Ltd.		38,123		184,731
Astral Foods Ltd.		16,683		201,555
AVI Ltd.		125,759		540,370
Barloworld Ltd.		56,682		287,898
Coronation Fund Managers Ltd.		84,286		155,166
Dis-Chem Pharmacies Ltd.(b)		127,032		262,932
Distell Group Holdings Ltd.(a)		56,347		565,814
DRDGOLD Ltd.		174,669		94,647
Equites Property Fund Ltd.		210,983		220,729
Fortress REIT Ltd., Series A		440,793		268,149
Hyprop Investments Ltd.		132,622		275,251
Investec Ltd.		96,949		455,971
Investec Property Fund Ltd.		263,524		157,541
JSE Ltd.		33,031		207,071
KAP Industrial Holdings Ltd.		732,426		194,027
Life Healthcare Group Holdings Ltd.		493,790		578,611
Momentum Metropolitan Holdings		340,561		330,352
Motus Holdings Ltd.		49,111		332,591
Netcare Ltd.		360,326		308,728
Ninety One Ltd.		73,363		165,539
Oceana Group Ltd.(d)		43,751		139,979
Omnia Holdings Ltd.		58,022		209,194
Pick n Pay Stores Ltd.		134,335		484,755
PSG Group Ltd.(a)		58,826		309,881
Rand Merchant Investment Holdings Ltd.		270,917		427,837
Redefine Properties Ltd.		2,542,556		564,064
Resilient REIT Ltd.(d)		104,453		329,359
Reunert Ltd.		53,600		140,816
Royal Bafokeng Platinum Ltd.		45,359		384,693
Santam Ltd.		14,090		199,997
Sappi Ltd.(a)		222,507		593,114
Steinhoff International Holdings NV(a)		1,615,839		219,690
Super Group Ltd./South Africa		144,988		245,783
Telkom SA SOC Ltd.(a)		111,086		285,096
Thungela Resources Ltd.(d)		46,163		879,877
Tiger Brands Ltd.		57,434		559,025
Transaction Capital Ltd.		204,752		450,176
Truworths International Ltd.		130,985		436,808
Vukile Property Fund Ltd.(d)		67,000		52,583
Wilson Bayly Holmes-Ovcon Ltd.		13,400		68,973
				12,839,644
South Korea — 14.3%
ABLBio Inc.(a)		11,524		195,041
Advanced Nano Products Co. Ltd.		1,608		115,658
AfreecaTV Co. Ltd.		3,015		171,117
Ahnlab Inc.		2,647		164,737
Amicogen Inc.(a)(d)		9,045		156,466
Ananti Inc.(a)		33,969		171,915

Security	Shares		Value
South Korea (continued)
Asiana Airlines Inc.(a)		15,262	$	171,711
BGF Co. Ltd.		17,420		52,406
BH Co. Ltd.		10,117		236,578
Binex Co. Ltd.(a)(d)		12,127		134,432
Bioneer Corp.(a)(d)		8,771		195,738
BNC Korea Co. Ltd.(a)(d)		23,900		195,319
BNK Financial Group Inc.		101,505		506,135
Boryung		12,346		93,107
Bukwang Pharmaceutical Co. Ltd.		28,274		189,307
Cellivery Therapeutics Inc.(a)		6,700		70,623
Chabiotech Co. Ltd.(a)		18,772		237,964
Chong Kun Dang Pharmaceutical Corp.(d)		3,082		197,077
Chunbo Co. Ltd.(d)		1,541		258,397
CJ CGV Co. Ltd.(a)		13,132		199,910
CMG Pharmaceutical Co. Ltd.(a)		53,069		111,038
Com2uSCorp.		3,216		192,792
Cosmax Inc.(d)		4,355		202,689
CosmoAM&T Co. Ltd.(a)		8,040		383,936
COWELL FASHION Co. Ltd.(d)		16,750		82,086
Creative & Innovative System(a)(d)		17,688		189,105
CS Wind Corp.		10,084		513,754
Cuckoo Homesys Co. Ltd.(d)		4,355		102,909
Daeduck Electronics Co. Ltd./New		15,142		332,045
Daejoo Electronic Materials Co. Ltd.(d)		4,154		302,015
Daesang Corp.(d)		10,586		178,190
Daewoo Engineering & Construction Co. Ltd.(a)		69,684		268,734
Daewoo Shipbuilding & Marine Engineering Co. Ltd.(a)(d)		15,879		236,905
Daewoong Co. Ltd.(d)		9,045		163,200
Daewoong Pharmaceutical Co. Ltd.		1,809		235,928
Daishin Securities Co. Ltd.		14,338		164,231
Danal Co. Ltd.(a)(d)		20,904		113,029
Daou Technology Inc.		11,063		154,689
Dawonsys Co. Ltd.(d)		9,401		161,656
DB HiTek Co. Ltd.(d)		13,686		469,768
Dentium Co. Ltd.		3,685		239,679
DGB Financial Group Inc.		63,115		349,814
DIO Corp.(a)		5,844		116,472
DL E&C Co. Ltd.(d)		12,864		390,451
DL Holdings Co. Ltd.(d)		3,551		176,234
Dong-A Socio Holdings Co. Ltd.		1,675		135,535
Dong-A ST Co. Ltd.		3,149		132,209
Dongjin Semichem Co. Ltd.(d)		12,765		325,700
DongKook Pharmaceutical Co. Ltd.(d)		11,218		154,575
Dongkuk Steel Mill Co. Ltd.(d)		23,271		227,968
Dongsuh Cos. Inc.(d)		11,212		204,109
Dongwha Enterprise Co. Ltd.(a)(d)		1,876		94,341
Dongwon F&B Co. Ltd.		757		87,467
Doosan Co. Ltd.		2,546		155,810
Doosan Fuel Cell Co. Ltd.(a)(d)		15,611		441,631
DoubleUGames Co. Ltd.		4,288		136,782
Douzone Bizon Co. Ltd.		7,431		199,154
Duk San Neolux Co. Ltd.(a)		3,886		103,825
Ecopro Co. Ltd.		7,237		613,374
Ecopro HN Co. Ltd.(d)		4,489		177,334
Enchem Co. Ltd.(a)		2,613		114,690
Eo Technics Co. Ltd.		3,015		167,983
Eoflow Co. Ltd.(a)		9,514		135,653
ESR Kendall Square REIT Co. Ltd.		44,823		184,965
Eubiologics Co. Ltd.(a)(d)		11,591		136,510
Eugene Technology Co. Ltd.		5,159		104,625

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  (continued) August 31, 2022 iShares^® MSCI Emerging Markets Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
South Korea (continued)
Fila Holdings Corp.		16,817	$	388,436
Foosung Co. Ltd.		19,713		235,819
GC Cell Corp.(a)(d)		4,020		174,534
GemVax & Kael Co. Ltd.(a)		11,658		117,642
Geneone Life Science Inc.(a)		30,753		246,513
Genexine Inc.(a)		10,497		236,801
Giantstep Inc., NVS(a)		6,164		108,711
GOLFZON Co. Ltd.		1,273		125,121
Grand Korea Leisure Co. Ltd.(a)		14,750		174,996
Green Cross Holdings Corp.(d)		10,787		150,942
GS Retail Co. Ltd.		15,075		284,971
HAESUNG DS Co. Ltd.		2,211		96,151
Hana Materials Inc.		3,283		92,284
Hana Tour Service Inc.(a)		4,678		202,934
Hanall Biopharma Co. Ltd.(a)(d)		16,482		215,008
Handsome Co. Ltd.(d)		6,568		138,490
Hanil Cement Co. Ltd./New		8,576		97,228
Hanjin Transportation Co. Ltd.		4,757		91,121
Hankook & Co. Co. Ltd.(d)		8,805		85,823
Hanmi Semiconductor Co. Ltd.		15,544		138,093
Hansae Co. Ltd.		6,030		70,729
Hansol Chemical Co. Ltd.(d)		3,350		541,041
Hanssem Co. Ltd.(d)		4,020		160,766
Hanwha Aerospace Co. Ltd.(d)		13,296		804,372
Hanwha Corp.		12,931		305,793
Hanwha Investment & Securities Co. Ltd.		45,694		105,266
Hanwha Life Insurance Co. Ltd.(a)		114,302		196,092
Hanwha Systems Co. Ltd.		16,817		194,054
HDC Hyundai Development Co-Engineering & Construction, Class E(d)		12,566		116,112
Helixmith Co. Ltd.(a)(d)		16,286		200,352
Hite Jinro Co. Ltd.		12,060		273,752
HLB Life Science Co. Ltd.(a)(d)		30,900		337,552
Hugel Inc.(a)		2,546		230,418
Hwaseung Enterprise Co. Ltd.		9,849		96,864
Hyosung Advanced Materials Corp.(d)		951		298,113
Hyosung Chemical Corp.(a)		938		120,453
Hyosung Corp.		2,825		156,978
Hyosung Heavy Industries Corp.(a)		2,381		130,550
Hyosung TNC Corp.		1,005		233,721
Hyundai Autoever Corp.		2,479		221,090
Hyundai Bioscience Co. Ltd.(a)(d)		14,405		369,221
Hyundai Department Store Co. Ltd.(d)		5,398		248,329
Hyundai Doosan Infracore Co. Ltd.(a)(d)		45,493		208,136
Hyundai Electric & Energy System Co. Ltd.(a)		7,483		177,161
Hyundai Elevator Co. Ltd.(d)		10,921		237,467
Hyundai Feed Inc.		3,015		52,859
Hyundai Marine & Fire Insurance Co. Ltd.		20,291		475,985
Hyundai Mipo Dockyard Co. Ltd.(a)		8,888		705,581
Hyundai Rotem Co. Ltd.(a)(d)		27,872		625,904
Hyundai Wia Corp.(d)		6,069		341,570
Il Dong Pharmaceutical Co. Ltd.(a)		5,561		153,831
Iljin Hysolus Co. Ltd.(a)		5,226		142,560
Ilyang Pharmaceutical Co. Ltd.		8,375		135,643
Innocean Worldwide Inc.		3,838		121,356
Innox Advanced Materials Co. Ltd.		3,216		82,331
Intellian Technologies Inc.		1,608		87,697
iNtRON Biotechnology Inc.(a)		6,700		57,019
IS Dongseo Co. Ltd.		6,164		169,291
JB Financial Group Co. Ltd.		43,970		248,416

Security	Shares		Value
South Korea (continued)
Jin Air Co. Ltd.(a)		12,864	$	166,160
Jusung Engineering Co. Ltd.(d)		13,199		155,209
JW Pharmaceutical Corp.		7,330		119,139
JYP Entertainment Corp.(d)		10,727		485,647
K Car Co. Ltd., NVS(d)		3,149		50,186
KCC Corp.		1,675		365,752
KCC Glass Corp.		3,944		147,742
KEPCO Engineering & Construction Co. Inc.(d)		4,958		269,884
KEPCO Plant Service & Engineering Co. Ltd.		8,710		267,313
KG Dongbu Steel Co. Ltd.(d)		12,261		114,173
KIWOOM Securities Co. Ltd.(d)		6,030		383,168
KMW Co. Ltd.(a)		11,993		284,813
Koh Young Technology Inc.		20,606		215,745
Kolmar Korea Co. Ltd.(d)		7,102		201,928
Kolon Industries Inc.		6,901		268,241
KoMiCo Ltd.		1,943		67,238
Korea Electric Terminal Co. Ltd.		2,523		124,959
Korea Line Corp.(a)		85,425		144,379
Korea REIT & Trust Co. Ltd.		87,033		105,466
Korean Reinsurance Co.		37,690		234,461
Kukjeon Pharmaceutical Co. Ltd., NVS		16,147		104,596
Kumho Tire Co. Inc.(a)(d)		39,530		102,088
Kyung Dong Navien Co. Ltd.		3,286		105,750
L&C Bio Co. Ltd.(d)		6,365		123,844
LEENO Industrial Inc.		3,632		386,557
LegoChem Biosciences Inc.(a)		8,174		272,837
LIG Nex1 Co. Ltd.		4,466		352,258
LOTTE Fine Chemical Co. Ltd.		6,729		352,078
LOTTE Reit Co. Ltd.		47,302		180,981
Lotte Rental Co. Ltd.		7,035		186,859
Lotte Tour Development Co. Ltd.(a)		22,177		207,306
LS Corp.		6,266		312,245
LS Electric Co. Ltd.		6,633		275,113
Lutronic Corp.		5,293		74,080
LX International Corp.		10,653		343,070
LX Semicon Co. Ltd.(d)		4,355		306,415
Maeil Dairies Co. Ltd.		1,273		54,416
Mando Corp.		12,264		490,171
Mcnex Co. Ltd.		5,113		140,181
MedPacto Inc.(a)		8,643		190,087
Medytox Inc.(a)(d)		2,077		189,155
MegaStudyEdu Co. Ltd.		3,149		183,179
Mezzion Pharma Co. Ltd.(a)(d)		6,700		88,706
Myoung Shin Industrial Co. Ltd.(a)(d)		10,519		169,540
Namhae Chemical Corp.		15,477		123,900
Naturecell Co. Ltd.(a)(d)		19,404		380,775
NEPES Corp.(a)(d)		9,918		160,333
Nexon Games Co. Ltd.(a)(d)		9,313		115,536
NEXTIN Inc.		2,010		84,493
NHN Corp.(a)		7,788		146,261
NICE Information Service Co. Ltd.		13,235		141,511
NKMax Co. Ltd.(a)(d)		14,003		192,673
NongShim Co. Ltd.(d)		1,340		299,571
OCI Co. Ltd.(d)		7,370		641,282
Orion Holdings Corp.		7,906		85,973
Oscotec Inc.(a)(d)		8,777		132,277
Ottogi Corp.		402		143,845
Paradise Co. Ltd.(a)(d)		18,626		220,868
Park Systems Corp.(d)		1,742		125,631
Partron Co. Ltd.(d)		14,807		95,413

68 2 0 2 2    I S H A R E S     A N N U A L    R E P O R T    T O    S H A R E  H O L D E R S

Consolidated Schedule of Investments  (continued) August 31, 2022 iShares^® MSCI Emerging Markets Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
South Korea (continued)
People & Technology Inc.		6,499	$	242,274
PharmaResearch Co. Ltd.		1,876		93,987
Pharmicell Co. Ltd.(a)		23,048		214,809
PI Advanced Materials Co. Ltd.		7,169		198,001
Poongsan Corp.		7,390		170,669
Posco ICT Co. Ltd.		24,140		118,989
Posco International Corp.		19,028		379,828
PSK Inc.		3,618		91,662
RFHIC Corp.		6,919		129,938
Sam Chun Dang Pharm Co. Ltd.(a)(d)		4,824		125,651
Sam Kang M&T Co. Ltd.(a)(d)		9,849		197,431
Samwha Capacitor Co. Ltd.		4,023		124,968
Samyang Holdings Corp.(d)		1,407		71,927
Sang-A Frontec Co. Ltd., NVS(d)		4,399		109,134
Sebang Global Battery Co. Ltd.		2,479		95,816
Seojin System Co. Ltd.(d)		10,452		117,144
Seoul Semiconductor Co. Ltd.(d)		16,852		144,155
SFA Engineering Corp.		7,839		239,316
SFA Semicon Co. Ltd.(a)		29,748		113,377
Shin Poong Pharmaceutical Co. Ltd.(a)(d)		14,771		306,337
Shinsegae Inc.(d)		2,613		433,067
Shinsegae International Inc.(d)		5,025		104,179
SillaJen Inc.(a)(c)(d)		19,774		89,443
SIMMTECH Co. Ltd.(d)		7,705		220,854
SK Networks Co. Ltd.		48,575		164,240
SL Corp.		6,005		171,183
SM Entertainment Co. Ltd.		7,318		375,562
SNT Motiv Co. Ltd.		4,087		147,094
SOLUM Co. Ltd.(a)		11,323		173,719
Solus Advanced Materials Co. Ltd.		6,711		207,178
Soulbrain Co. Ltd.		1,657		266,190
ST Pharm Co. Ltd.		3,484		254,338
Taekwang Industrial Co. Ltd.		134		82,399
Taihan Electric Wire Co. Ltd.(a)(d)		203,166		282,216
TES Co. Ltd./Korea(d)		5,896		86,971
Tesna Inc.(d)		4,690		99,895
TKG Huchems Co. Ltd.		8,201		129,597
Tokai Carbon Korea Co. Ltd.		1,876		155,885
Tongyang Life Insurance Co. Ltd.		20,931		87,741
TY Holdings Co. Ltd./Korea(a)		10,929		137,397
Unid Co. Ltd.(d)		1,943		150,049
UniTest Inc.(a)		7,169		103,214
Vaxcell-Bio Therapeutics Co. Ltd.(a)(d)		4,154		219,110
Vidente Co. Ltd.(a)(d)		23,721		153,353
Webzen Inc.(a)		11,122		153,145
Wemade Co. Ltd.(d)		6,567		300,570
WONIK IPS Co. Ltd.		11,659		241,274
Wonik QnC Corp.(d)		6,566		133,130
Woori Technology Investment Co. Ltd.(a)(d)		33,165		143,993
Wysiwyg Studious Co. Ltd.(a)		6,700		112,320
YG Entertainment Inc.(d)		4,434		199,137
Youngone Corp.		9,056		299,838
Zinus Inc.		4,221		136,141
				48,168,562
Taiwan — 20.3%
AcBel Polytech Inc.		134,000		132,170
ADATA Technology Co. Ltd.		85,000		169,282
Adimmune Corp.		105,000		139,991
Advanced Ceramic X Corp.		18,000		111,480
Advanced Energy Solution Holding Co. Ltd.		11,000		348,474

Security	Shares		Value
Taiwan (continued)
Advanced Wireless Semiconductor Co.		67,596	$	180,376
Alchip Technologies Ltd.		26,000		719,050
AmTRAN Technology Co. Ltd.		380,471		158,827
AP Memory Technology Corp.		29,000		191,046
Arcadyan Technology Corp.		67,541		254,043
Ardentec Corp.		201,000		300,119
Asia Optical Co. Inc.		67,000		143,771
Asia Pacific Telecom Co. Ltd.(a)		737,910		169,530
Asia Vital Components Co. Ltd.		134,000		472,022
ASPEED Technology Inc.		8,800		579,175
BES Engineering Corp.		536,000		164,242
Bizlink Holding Inc.		53,770		595,741
Brighton-Best International Taiwan Inc.		134,000		150,920
Capital Securities Corp.		670,530		261,803
Cathay Real Estate Development Co. Ltd.		201,300		114,137
Center Laboratories Inc.		148,319		305,354
Century Iron & Steel Industrial Co. Ltd.		67,000		191,116
Chang Wah Electromaterials Inc.		134,000		152,256
Chang Wah Technology Co. Ltd.		67,000		196,931
Charoen Pokphand Enterprise		80,300		212,167
Cheng Loong Corp.		268,000		248,283
Cheng Uei Precision Industry Co. Ltd.		134,000		163,388
Chicony Electronics Co. Ltd.		201,000		536,613
Chicony Power Technology Co. Ltd.		67,000		155,627
China General Plastics Corp.		140,700		108,737
China Man-Made Fiber Corp.		557,031		149,504
China Motor Corp.		67,200		102,237
China Petrochemical Development Corp.		1,353,145		453,128
China Steel Chemical Corp.		67,000		256,338
Chin-Poon Industrial Co. Ltd.		134,000		136,516
Chipbond Technology Corp.		252,000		470,335
ChipMOS Technologies Inc.		201,000		234,220
Chong Hong Construction Co. Ltd.		67,424		164,160
Chroma ATE Inc.		134,000		822,295
Chung Hung Steel Corp.		335,000		282,670
Chung Hwa Pulp Corp.		134,000		80,209
Chung-Hsin Electric & Machinery Manufacturing Corp.		134,000		289,559
Cleanaway Co. Ltd.		29,000		168,072
Clevo Co.		134,000		151,503
Compeq Manufacturing Co. Ltd.		335,000		574,461
Coretronic Corp.		134,400		275,609
Co-Tech Development Corp.		67,000		93,872
CSBC Corp. Taiwan(a)		201,548		120,870
CTCI Corp.		201,000		296,493
Cub Elecparts Inc.		30,361		165,341
Darfon Electronics Corp.		134,000		180,835
Dynapack International Technology Corp.		67,000		174,565
EirGenix Inc.(a)		67,000		281,758
Elan Microelectronics Corp.		110,000		347,885
Elite Material Co. Ltd.		103,000		542,153
Elite Semiconductor Microelectronics Technology Inc.		91,000		234,117
ENNOSTAR Inc.		215,184		361,473
Episil Technologies Inc.		87,425		327,131
Eternal Materials Co. Ltd.		335,399		371,921
Etron Technology Inc.(a)		67,000		114,276
Evergreen International Storage & Transport Corp.		201,000		195,296
Everlight Electronics Co. Ltd.		134,000		172,160
Far Eastern Department Stores Ltd.		469,000		311,805
Far Eastern International Bank		1,024,319		412,264
Faraday Technology Corp.		75,000		452,834

S C H E D U L E    O F    I N V E S T  M E N T S 69

Consolidated Schedule of Investments  (continued) August 31, 2022 iShares^® MSCI Emerging Markets Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Taiwan (continued)
Farglory Land Development Co. Ltd.		134,000	$	280,131
Feng Hsin Steel Co. Ltd.		187,000		409,634
First Copper Technology Co. Ltd.		67,000		60,573
Fitipower Integrated Technology Inc.		42,512		175,697
FLEXium Interconnect Inc.		134,418		410,728
Formosa Sumco Technology Corp.		25,000		147,978
Formosa Taffeta Co. Ltd.		335,000		302,777
Foxconn Technology Co. Ltd.		335,000		553,858
Foxsemicon Integrated Technology Inc.		29,200		194,675
Fulgent Sun International Holding Co. Ltd.		67,330		416,601
Fusheng Precision Co. Ltd.		54,000		348,941
General Interface Solution Holding Ltd.		67,000		176,108
Genius Electronic Optical Co. Ltd.		27,585		401,874
Getac Holdings Corp.		134,000		208,561
Gigabyte Technology Co. Ltd.		193,000		538,301
Global Mixed Mode Technology Inc.		24,000		116,596
Global Unichip Corp.		31,000		543,527
Gold Circuit Electronics Ltd.		134,000		364,396
Goldsun Building Materials Co. Ltd.		335,426		278,136
Gourmet Master Co. Ltd.		49,821		165,206
Grand Pacific Petrochemical		335,000		205,744
Grape King Bio Ltd.		67,000		327,155
Great Wall Enterprise Co. Ltd.		282,284		455,402
Greatek Electronics Inc.		134,000		259,821
Hannstar Board Corp.		134,481		143,766
HannStar Display Corp.		804,320		312,720
Highwealth Construction Corp.		335,000		531,175
Hiwin Technologies Corp.		92,044		621,256
Holtek Semiconductor Inc.		67,000		161,848
Holy Stone Enterprise Co. Ltd.		67,050		195,737
Hota Industrial Manufacturing Co. Ltd.		67,773		194,383
Hotai Finance Co. Ltd.		67,000		229,717
Hsin Kuang Steel Co. Ltd.		163,000		203,125
HTC Corp.(a)		268,000		540,436
Huaku Development Co. Ltd.		96,080		292,549
IBF Financial Holdings Co. Ltd.		842,601		368,806
International CSRC Investment Holdings Co.		335,945		228,871
International Games System Co. Ltd.		42,000		512,100
ITE Technology Inc.		67,000		153,188
ITEQ Corp.		76,559		169,499
Jentech Precision Industrial Co. Ltd.		24,000		311,494
Johnson Health Tech Co. Ltd.		87,000		159,537
Kenda Rubber Industrial Co. Ltd.		268,675		306,518
Kindom Development Co. Ltd.		147,400		136,452
King Slide Works Co. Ltd.		14,000		208,802
King Yuan Electronics Co. Ltd.		402,000		489,692
King’s Town Bank Co. Ltd.		335,000		386,424
Kinpo Electronics		469,000		206,459
Kinsus Interconnect Technology Corp.		110,000		436,936
KMC Kuei Meng International Inc.		27,000		144,530
Lien Hwa Industrial Holdings Corp.		352,301		656,988
Longchen Paper & Packaging Co. Ltd.		268,357		145,009
Lotes Co. Ltd.		28,392		673,121
Lotus Pharmaceutical Co. Ltd.		48,000		271,730
Lung Yen Life Service Corp.		134,000		183,620
Macronix International Co. Ltd.		670,000		719,156
Makalot Industrial Co. Ltd.		67,391		395,976
Medigen Vaccine Biologics Corp.(a)		80,071		386,708
Mercuries & Associates Holding Ltd.		134,579		79,973
Mercuries Life Insurance Co. Ltd.(a)		490,264		114,368

Security	Shares		Value
Taiwan (continued)
Merida Industry Co. Ltd.		71,000	$	516,500
Merry Electronics Co. Ltd.		68,616		189,511
Microbio Co. Ltd.		141,127		362,287
Mitac Holdings Corp.		469,383		431,545
Nan Kang Rubber Tire Co. Ltd.(a)		174,000		220,786
Nantex Industry Co. Ltd.		115,000		160,688
Nuvoton Technology Corp.		67,000		271,968
OBI Pharma Inc.(a)		74,769		213,796
Oneness Biotech Co. Ltd.(a)		67,000		648,630
Oriental Union Chemical Corp.		268,000		160,266
Pan Jit International Inc.		122,000		276,453
Pan-International Industrial Corp.		134,722		151,876
PChome Online Inc.		46,305		93,867
Pharmally International Holding Co. Ltd.(c)		21,603		—
Phison Electronics Corp.		67,000		681,082
Pixart Imaging Inc.		67,635		208,516
Powertech Technology Inc.		268,000		747,835
Poya International Co. Ltd.		18,155		253,911
President Securities Corp.		348,623		191,053
Primax Electronics Ltd.		134,000		293,177
Prince Housing & Development Corp.		536,917		210,667
Qisda Corp.		603,000		577,413
Radiant Opto-Electronics Corp.		134,000		440,340
Raydium Semiconductor Corp.		20,000		179,952
RDC Semiconductor Co. Ltd.(a)		18,000		189,841
RichWave Technology Corp.		34,000		154,995
Ruentex Industries Ltd.		173,000		368,492
Run Long Construction Co. Ltd.		62,800		150,039
Sanyang Motor Co. Ltd.		201,820		240,243
ScinoPharm Taiwan Ltd.		134,708		125,160
SDI Corp.		58,000		223,579
Sercomm Corp.		67,000		212,275
Shin Zu Shing Co. Ltd.		67,856		195,418
Shinkong Synthetic Fibers Corp.		469,135		277,824
Sigurd Microelectronics Corp.		134,124		223,625
Simplo Technology Co. Ltd.		67,600		637,863
Sinbon Electronics Co. Ltd.		67,000		619,141
Sincere Navigation Corp.		201,000		140,332
Sino-American Silicon Products Inc.		189,000		1,030,393
Sinyi Realty Inc.		134,778		137,300
Sitronix Technology Corp.		47,000		290,594
Solar Applied Materials Technology Corp.		134,943		170,777
Sonix Technology Co. Ltd.		67,000		129,872
Standard Foods Corp.		201,000		270,469
Sunny Friend Environmental Technology Co. Ltd.		20,000		119,051
Sunplus Technology Co. Ltd.		201,000		172,079
Supreme Electronics Co. Ltd.		152,705		187,884
Systex Corp.		67,000		160,815
TA Chen Stainless Pipe		534,527		689,084
Ta Ya Electric Wire & Cable		213,060		152,009
Taichung Commercial Bank Co. Ltd.		1,116,047		498,307
Tainan Spinning Co. Ltd.		402,190		247,826
Taita Chemical Co. Ltd.		77,385		57,149
Taiwan Business Bank		2,155,238		903,332
Taiwan Cogeneration Corp.		221,000		269,404
Taiwan Fertilizer Co. Ltd.		311,000		639,535
Taiwan Glass Industry Corp.		603,000		346,063
Taiwan Hon Chuan Enterprise Co. Ltd.		134,004		328,559
Taiwan Mask Corp.		67,000		164,107
Taiwan Paiho Ltd.		67,050		139,208

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Consolidated Schedule of Investments  (continued) August 31, 2022 iShares^® MSCI Emerging Markets Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Taiwan (continued)
Taiwan Secom Co. Ltd.		134,450	$	451,541
Taiwan Semiconductor Co. Ltd.		67,000		208,198
Taiwan Shin Kong Security Co. Ltd.		201,366		265,709
Taiwan Surface Mounting Technology Corp.		84,000		279,946
Taiwan TEA Corp.(a)		336,000		219,071
Taiwan Union Technology Corp.		134,000		251,539
Taiwan-Asia Semiconductor Corp.		134,000		171,024
Tanvex BioPharma Inc.(a)		73,862		127,336
Tatung Co. Ltd.(a)		613,000		691,389
TCI Co. Ltd.		37,528		179,968
Teco Electric and Machinery Co. Ltd.		670,000		648,092
Test Research Inc.		67,000		130,934
Ton Yi Industrial Corp.		268,000		178,740
Tong Hsing Electronic Industries Ltd.		67,641		468,938
Tong Yang Industry Co. Ltd.		134,133		239,103
Topco Scientific Co. Ltd.		59,000		315,120
TPK Holding Co. Ltd.		134,000		158,808
Transcend Information Inc.		67,000		145,167
Tripod Technology Corp.		134,000		439,962
TSEC Corp.(a)		140,931		179,133
TSRC Corp.		268,000		246,630
TTY Biopharm Co. Ltd.		67,450		167,874
Tung Ho Steel Enterprise Corp.		223,750		395,591
TXC Corp.		134,000		379,267
U-Ming Marine Transport Corp.		221,000		274,862
Union Bank of Taiwan		697,974		376,330
United Integrated Services Co. Ltd.		67,400		349,035
United Renewable Energy Co. Ltd.(a)		570,059		429,324
UPC Technology Corp.		335,741		154,122
UPI Semiconductor Corp.(a)		15,000		146,452
USI Corp.		268,070		207,863
Via Technologies Inc.		67,000		196,476
Visual Photonics Epitaxy Co. Ltd.		67,425		166,871
Wafer Works Corp.		210,918		357,888
Wah Lee Industrial Corp.		68,340		203,784
Walsin Technology Corp.		134,000		404,942
Wisdom Marine Lines Co. Ltd.		156,000		293,974
Wistron Corp.		979,000		887,557
Wistron NeWeb Corp.		134,481		372,929
WT Microelectronics Co. Ltd.		134,757		284,185
XinTec Inc.		67,000		286,839
Xxentria Technology Materials Corp.		67,000		143,180
YFY Inc.		402,000		325,194
Yieh Phui Enterprise Co. Ltd.		352,586		180,291
Yulon Finance Corp.		92,896		491,188
Yulon Motor Co. Ltd.		335,026		451,395
YungShin Global Holding Corp.		67,200		91,125
				68,369,274
Thailand — 3.9%
AEON Thana Sinsap Thailand PCL, NVDR		33,500		151,962
Amata Corp. PCL, NVDR		576,276		329,975
AP Thailand PCL, NVDR		1,086,600		297,518
Bangchak Corp. PCL, NVDR		509,300		491,920
Bangkok Chain Hospital PCL, NVDR(d)		629,800		322,354
Bangkok Land PCL, NVDR		6,284,600		173,891
Bangkok Life Assurance PCL, NVDR		218,900		213,122
Banpu PCL, NVDR		1,963,100		779,364
Central Plaza Hotel PCL, NVDR(a)		247,900		289,973
CH Karnchang PCL, NVDR(d)		455,700		262,269
Chularat Hospital PCL, NVDR(d)		2,586,200		259,595

Security	Shares		Value
Thailand (continued)
CK Power PCL, NVDR		1,125,700	$	157,290
Com7 PCL, NVDR(d)		448,900		423,159
Dhipaya Group Holdings PCL, NVDR(d)		132,700		226,488
Ditto Thailand PCL, NVS		26,800		42,422
Eastern Polymer Group PCL, NVDR		489,800		128,833
Esso Thailand PCL, NVDR(a)		582,900		225,152
GFPT PCL, NVDR		542,800		249,762
Gunkul Engineering PCL, NVDR(d)		1,770,199		241,358
Hana Microelectronics PCL, NVDR(d)		274,700		320,756
IRPC PCL, NVDR		4,133,900		386,982
Jasmine International PCL, NVDR(a)		2,304,800		161,508
Jay Mart PCL, NVDR(d)		207,700		295,649
KCE Electronics PCL, NVDR		321,900		477,091
Khon Kaen Sugar Industry PCL, NVDR(d)		1,762,230		173,750
Kiatnakin Phatra Bank PCL, NVDR		120,632		239,442
Major Cineplex Group PCL, NVDR(d)		342,000		177,993
MBK PCL, NVDR(a)(d)		569,500		254,119
Mega Lifesciences PCL, NVDR		174,200		234,886
Ngern Tid Lor PCL, NVDR		443,046		348,706
Plan B Media PCL, NVDR(a)(d)		1,498,780		270,815
Pruksa Holding PCL, NVDR		335,000		118,248
PSG Corp. PCL, NVS(a)(d)		3,805,600		140,591
PTG Energy PCL, NVDR		368,600		154,313
Quality Houses PCL, NVDR		3,236,167		191,593
Sabuy Technology PCL, NVDR(d)		107,200		55,676
Sansiri PCL, NVDR(d)		4,944,600		148,979
Siam Global House PCL, NVDR		1		1
Siamgas & Petrochemicals PCL, NVDR		422,200		129,517
Sino-Thai Engineering & Construction PCL, NVDR(d)		495,828		166,973
Sri Trang Agro-Industry PCL, NVDR(d)		375,280		232,276
Star Petroleum Refining PCL, NVDR		790,600		279,344
Supalai PCL, NVDR		509,300		272,206
Super Energy Corp. PCL, NVDR		7,584,400		158,084
Thai Vegetable Oil PCL, NVDR		258,060		215,861
Thanachart Capital PCL, NVDR		140,700		156,063
Thonburi Healthcare Group PCL, NVDR		180,900		338,359
Thoresen Thai Agencies PCL, NVDR		580,500		131,924
Tipco Asphalt PCL, NVDR(d)		355,100		162,533
Tisco Financial Group PCL, NVDR		73,700		189,325
TOA Paint Thailand PCL, NVDR		214,400		180,731
TPI Polene Power PCL, NVDR		2,090,400		214,250
TTW PCL, NVDR(d)		790,600		227,667
VGI PCL, NVDR(d)		2,308,150		276,867
WHA Corp. PCL, NVDR		3,618,000		346,816
				13,096,301
Turkey — 1.2%
Aksa Akrilik Kimya Sanayii AS		23,517		71,153
Alarko Holding AS		27,805		75,335
Anadolu Efes Biracilik Ve Malt Sanayii AS		95,006		214,670
Coca-Cola Icecek AS		32,160		282,118
Dogan Sirketler Grubu Holding AS		582,029		168,815
Emlak Konut Gayrimenkul Yatirim Ortakligi AS		1,267,459		278,975
Enerjisa Enerji AS(b)(d)		90,115		84,540
Gubre Fabrikalari TAS(a)(d)		19,669		126,138
Hektas Ticaret TAS(a)		173,061		389,798
Is Gayrimenkul Yatirim Ortakligi AS(a)(d)		130,851		130,047
Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS, Class D		295,046		191,131
Kizilbuk Gayrimenkul Yatirim Ortakligi AS, NVS(a)(d)		12,562		23,477
Koza Altin Isletmeleri AS(d)		14,807		128,966

S C H E D U L E    O F    I N V E S T  M E N T S 71

Consolidated Schedule of Investments  (continued) August 31, 2022 iShares^® MSCI Emerging Markets Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Turkey (continued)
Koza Anadolu Metal Madencilik Isletmeleri AS(a)(d)		91,924	$	136,705
Mavi Giyim Sanayi Ve Ticaret AS, Class B(b)		46,766		179,822
Migros Ticaret AS(a)(d)		50,515		226,673
MLP Saglik Hizmetleri AS(a)(b)		49,513		110,008
Nuh Cimento Sanayi AS		23,628		98,711
Otokar Otomotiv Ve Savunma Sanayi AS		4,087		107,321
Oyak Cimento Fabrikalari AS(a)		185,389		150,055
Pegasus Hava Tasimaciligi AS(a)		23,578		270,156
Petkim Petrokimya Holding AS(a)(d)		458,079		363,797
TAV Havalimanlari Holding AS(a)(d)		86,162		294,076
				4,102,487
United Arab Emirates — 0.7%
Agthia Group PJSC		26,288		35,785
Air Arabia PJSC		1,008,727		608,322
Al Waha Capital PJSC		322,546		119,325
Al Yah Satellite Communications Co.		351,482		260,266
Amanat Holdings PJSC		363,877		98,879
Aramex PJSC		204,314		216,935
Dana Gas PJSC		1,181,813		313,061
Drake & Scull International PJSC(a)(c)		241,185		4,859
Dubai Investments PJSC		778,308		518,221
Ras Al Khaimah Ceramics		176,746		141,786
				2,317,439
Total Common Stocks — 98.6% (Cost: $343,045,062)				331,332,435
Preferred Stocks
Brazil — 0.9%
Alpargatas SA, Preference Shares, NVS		89,646		355,662
Azul SA, Preference Shares, NVS(a)		39,731		125,935
Banco ABC Brasil SA, Preference Shares, NVS		32,911		122,663
Banco do Estado do Rio Grande do Sul SA, Class B, Preference Shares, NVS		28,922		62,265
Banco Pan SA, Preference Shares, NVS		194,032		273,757
Bradespar SA, Preference Shares, NVS		89,914		378,329
Cia. de Saneamento do Parana, Preference Shares, NVS		129,377		88,035
Cia. Paranaense de Energia, Preference Shares, NVS		221,552		296,828
Gol Linhas Aereas Inteligentes SA, Preference Shares, NVS(a)		53,600		104,060
Marcopolo SA, Preference Shares, NVS		216,424		108,994
Metalurgica Gerdau SA, Preference Shares, NVS		288,636		553,149
Randon SA Implementos e Participacoes, Preference Shares, NVS		84,956		155,136
Unipar Carbocloro SA, Class B, Preference Shares, NVS		18,824		370,879
				2,995,692

Security	Shares		Value
Chile — 0.0%
Embotelladora Andina SA, Class B, Preference Shares, NVS		120,466	$	246,819
Total Preferred Stocks — 0.9% (Cost: $2,842,125)				3,242,511
Rights
Brazil — 0.0%
AES Brasil Energia SA (Expires )		23,291		358
Total Rights — 0.0% (Cost: $—)				358
Total Long-Term Investments — 99.5% (Cost: $345,887,187)				334,575,304
Short-Term Securities
Money Market Funds — 7.8%
BlackRock Cash Funds: Institutional, SL Agency Shares, 2.42%(g)(h)(i)		25,509,345		25,516,997
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.07%(g)(h)		490,000		490,000
Total Short-Term Securities — 7.8% (Cost: $25,995,885)				26,006,997
Total Investments in Securities — 107.3% (Cost: $371,883,072)				360,582,301
Liabilities in Excess of Other Assets — (7.3)%				(24,448,485	)
Net Assets — 100.0%			$	336,133,816

^(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)  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 $84,704, representing less than 0.05% of its net assets as of period end, and an original cost of $336,376.

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

^(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.

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Consolidated Schedule of Investments  (continued) August 31, 2022 iShares^® MSCI Emerging Markets Small-Cap ETF

Affiliates

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

Affiliated Issuer	Value at 08/31/21		Purchases at Cost			Proceeds from Sale			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 08/31/22		Shares Held at 08/31/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	20,739,436	$	4,778,875	(a)	$	—		$	(8,556	)	$	7,242	$	25,516,997		25,509,345	$	837,345	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		2,250,000		—			(1,760,000	)(a)		—			—		490,000		490,000		2,752			—
									$	(8,556	)	$	7,242	$	26,006,997			$	840,097		$	—

^(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		21		09/16/22	$	1,031	$	(20,562	)

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:

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	—	$	—	$	20,562	$	—	$	—	$	—	$	20,562

^(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 August 31, 2022, the effect of derivative financial instruments in the Consolidated Statements of Operations was as follows:

	Commodity Contracts		Credit Contracts		Equity Contracts			Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Net Realized Gain (Loss) from
Futures contracts	$	—	$	—	$	(316,984	)	$	—	$	—	$	—	$	(316,984	)
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	(48,794	)	$	—	$	—	$	—	$	(48,794	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts
Average notional value of contracts — long	$	1,406,681

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 73

Consolidated Schedule of Investments  (continued) August 31, 2022 iShares^® MSCI Emerging Markets Small-Cap 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	$	51,245,691		$	279,840,932	$	245,812	$	331,332,435
Preferred Stocks		3,242,511			—		—		3,242,511
Rights		358			—		—		358
Money Market Funds		26,006,997			—		—		26,006,997
	$	80,495,557		$	279,840,932	$	245,812	$	360,582,301
Derivative financial instruments(a)
Liabilities
Futures Contracts	$	(20,562	)	$	—	$	—	$	(20,562	)

^(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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Statements of Assets and Liabilities

August 31, 2022

	iShares Core MSCI Emerging Markets ETF (Consolidated)			iShares MSCI BIC ETF			iShares MSCI Emerging Markets Asia ETF			iShares MSCI Emerging Markets Small-Cap ETF (Consolidated)
ASSETS
Investments, at value — unaffiliated(a)(b)	$	64,646,804,867		$	89,612,648		$	573,295,129		$	334,575,304
Investments, at value — affiliated(c)		3,227,638,613			2,133,504			13,997,703			26,006,997
Cash		—			10,421			—			1,207,007
Foreign currency, at value(d)		238,819,390			927,698			3,236,476			1,570,746
Cash pledged for futures contracts		29,136,000			11,000			—			69,000
Receivables:
Investments sold		196,054,366			767,343			5,395,070			980,240
Securities lending income — affiliated		6,205,486			655			7,270			89,526
Variation margin on futures contracts		2,252,914			4,172			889			6,725
Capital shares sold		1,534			—			—			—
Dividends — unaffiliated		163,249,878			296,578			644,086			639,724
Dividends — affiliated		849,481			305			2,325			666
Tax reclaims		727,181			—			—			9,598
Total assets		68,511,739,710			93,764,324			596,578,948			365,155,533
LIABILITIES
Bank overdraft		17,056			—			101,254			—
Collateral on securities loaned, at value		2,638,578,203			1,973,140			9,200,609			25,515,233
Deferred foreign capital gain tax		318,342,115			732,133			1,921,262			—
Payables:
Investments purchased		315,758,297			1,026,082			6,102,917			2,107,855
Bank borrowings		—			—			—			1,200,237
Due to custodian		—			—			3,436,854			—
Capital shares redeemed		—			—			4,132,867			—
Investment advisory fees		5,036,547			52,633			254,182			197,802
Foreign taxes		1,924,448			—			48,309			590
Total liabilities		3,279,656,666			3,783,988			25,198,254			29,021,717
NET ASSETS	$	65,232,083,044		$	89,980,336		$	571,380,694		$	336,133,816
NET ASSETS CONSIST OF
Paid-in capital	$	71,958,487,194		$	341,310,577		$	696,887,167		$	366,811,776
Accumulated loss		(6,726,404,150	)		(251,330,241	)		(125,506,473	)		(30,677,960	)
NET ASSETS	$	65,232,083,044		$	89,980,336		$	571,380,694		$	336,133,816
NET ASSET VALUE
Shares outstanding		1,338,000,000			2,500,000			8,600,000			6,700,000
Net asset value	$	48.75		$	35.99		$	66.44		$	50.17
Shares authorized		4.30 billion			500 million			500 million			500 million
Par value	$	0.001		$	0.001		$	0.001		$	0.001
(a)  Investments, at cost — unaffiliated	$	61,909,596,565		$	122,181,642		$	633,539,846		$	345,887,187
(b)  Securities loaned, at value	$	2,435,195,864		$	1,899,470		$	8,910,552		$	23,668,395
(c)  Investments, at cost — affiliated	$	3,226,436,606		$	2,132,532		$	13,992,460		$	25,995,885
(d)  Foreign currency, at cost	$	239,964,242		$	929,676		$	3,234,917		$	1,585,053

See notes to financial statements.

F I N A N C I A L    S T A T E M E N T  S 75

Statements of Operations

Year Ended August 31, 2022

	iShares Core MSCI Emerging Markets ETF (Consolidated)			iShares MSCI BIC ETF			iShares MSCI Emerging Markets Asia ETF			iShares MSCI Emerging Markets Small-Cap ETF (Consolidated)
INVESTMENT INCOME
Dividends — unaffiliated	$	2,419,326,520		$	3,622,837		$	18,204,174		$	11,561,889
Dividends — affiliated		1,787,519			2,287			8,049			4,032
Interest — unaffiliated		40,109			—			425			195
Securities lending income — affiliated — net(a)		75,121,407			17,954			113,367			836,065
Other income — unaffiliated		281,232			—			—			—
Mauritius income taxes refund		—			—			6,128			—
Foreign taxes withheld		(254,383,305	)		(249,274	)		(2,451,149	)		(1,521,960	)
Foreign withholding tax claims		4,046,809			—			—			—
Other foreign taxes		(2,087,702	)		—			(32,858	)		(28,604	)
Total investment income		2,244,132,589			3,393,804			15,848,136			10,851,617
EXPENSES
Investment advisory fees		74,660,097			821,384			3,671,287			2,572,626
Commitment fees		43,057			2,096			13,354			6,681
Professional fees		408,452			217			217			217
Mauritius income taxes		294			—			—			28,584
Interest expense		—			183			1,074			22,735
Total expenses		75,111,900			823,880			3,685,932			2,630,843
Less:
Investment advisory fees waived		(458,518	)		—			—			—
Total expenses after fees waived		74,653,382			823,880			3,685,932			2,630,843
Net investment income		2,169,479,207			2,569,924			12,162,204			8,220,774
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated(b)		(1,521,659,719	)		2,449,014			(18,100,732	)		10,865,917
Investments — affiliated		(1,051,489	)		(1,315	)		(5,000	)		(8,556	)
In-kind redemptions — unaffiliated(c)		—			(150,581	)		6,254,102			730,123
Futures contracts		(22,010,681	)		(58,738	)		(128,245	)		(316,984	)
Forward foreign currency exchange contracts		9			—			—			—
Foreign currency transactions		(17,420,202	)		(21,834	)		(334,913	)		(607,934	)
		(1,562,142,082	)		2,216,546			(12,314,788	)		10,662,566
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated(d)		(18,140,537,765	)		(40,867,003	)		(194,675,910	)		(88,011,808	)
Investments — affiliated		309,126			115			1,564			7,242
Futures contracts		(9,390,275	)		(5,306	)		(30,685	)		(48,794	)
Foreign currency translations		(5,445,780	)		(11,565	)		(16,485	)		(26,578	)
		(18,155,064,694	)		(40,883,759	)		(194,721,516	)		(88,079,938	)
Net realized and unrealized loss		(19,717,206,776	)		(38,667,213	)		(207,036,304	)		(77,417,372	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(17,547,727,569	)	$	(36,097,289	)	$	(194,874,100	)	$	(69,196,598	)
(a)  Net of securities lending income tax paid of	$	7,757,169		$	—		$	—		$	—
(b)  Net of foreign capital gain tax and capital gain tax refund, if applicable	$	(724,939	)	$	(305,697	)	$	(833,943	)	$	(2,843,684	)
(c)  See Note 2 of the Notes to Financial Statements.
(d)  Net of reduction/increase in deferred foreign capital gain tax of	$	(4,516,768	)	$	652,373		$	1,209,011		$	2,131,776

See notes to financial statements.

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Statements of Changes in Net Assets

	iShares Core MSCI Emerging Markets ETF (Consolidated)						iShares MSCI BIC ETF
		Year Ended 08/31/22			Year Ended 08/31/21			Year Ended 08/31/22			Year Ended 08/31/21	(a)
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	2,169,479,207		$	1,530,049,822		$	2,569,924		$	2,235,278
Net realized gain (loss)		(1,562,142,082	)		(911,776,306	)		2,216,546			31,233,685
Net change in unrealized appreciation (depreciation)		(18,155,064,694	)		12,040,223,767			(40,883,759	)		(8,170,900	)
Net increase (decrease) in net assets resulting from operations		(17,547,727,569	)		12,658,497,283			(36,097,289	)		25,298,063
DISTRIBUTIONS TO SHAREHOLDERS(b)
Decrease in net assets resulting from distributions to shareholders		(2,536,239,296	)		(1,363,503,586	)		(4,109,073	)		(1,832,595	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		4,716,727,779			14,675,947,414			(28,155,755	)		(12,245,845	)
NET ASSETS
Total increase (decrease) in net assets		(15,367,239,086	)		25,970,941,111			(68,362,117	)		11,219,623
Beginning of year		80,599,322,130			54,628,381,019			158,342,453			147,122,830
End of year	$	65,232,083,044		$	80,599,322,130		$	89,980,336		$	158,342,453

^(a)  Consolidated Statement of Changes in Net Assets.

^(b)  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 77

Statements of Changes in Net Assets (continued)

	iShares MSCI Emerging Markets Asia ETF						iShares MSCI Emerging Markets Small-Cap ETF (Consolidated)
		Year Ended 08/31/22			Year Ended 08/31/21	(a)		Year Ended 08/31/22			Year Ended 08/31/21
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	12,162,204		$	11,902,973		$	8,220,774		$	5,136,327
Net realized gain (loss)		(12,314,788	)		44,989,063			10,662,566			23,493,196
Net change in unrealized appreciation (depreciation)		(194,721,516	)		26,216,229			(88,079,938	)		66,286,938
Net increase (decrease) in net assets resulting from operations		(194,874,100	)		83,108,265			(69,196,598	)		94,916,461
DISTRIBUTIONS TO SHAREHOLDERS(b)
Decrease in net assets resulting from distributions to shareholders		(19,262,046	)		(7,205,739	)		(11,668,171	)		(6,293,337	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		(96,411,936	)		247,467,812			(275,821	)		116,140,101
NET ASSETS
Total increase (decrease) in net assets		(310,548,082	)		323,370,338			(81,140,590	)		204,763,225
Beginning of year		881,928,776			558,558,438			417,274,406			212,511,181
End of year	$	571,380,694		$	881,928,776		$	336,133,816		$	417,274,406

^(a)  Consolidated Statement of Changes in Net Assets.

^(b)  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 Core MSCI Emerging Markets ETF (Consolidated)
	Year Ended 08/31/22			Year Ended 08/31/21			Year Ended 08/31/20			Year Ended 08/31/19			Year Ended 08/31/18
Net asset value, beginning of year	$	64.18		$	53.34		$	48.31		$	52.27		$	53.91
Net investment income(a)		1.67			1.33			1.46			1.40			1.39
Net realized and unrealized gain (loss)(b)		(15.13	)		10.70			5.21			(4.01	)		(1.61	)
Net increase (decrease) from investment operations		(13.46	)		12.03			6.67			(2.61	)		(0.22	)
Distributions from net investment income(c)		(1.97	)		(1.19	)		(1.64	)		(1.35	)		(1.42	)
Net asset value, end of year	$	48.75		$	64.18		$	53.34		$	48.31		$	52.27
Total Return(d)
Based on net asset value		(21.40	)%		22.67	%		13.97	%		(4.93	)%(e)		(0.52	)%
Ratios to Average Net Assets(f)
Total expenses		0.10	%		0.12	%		0.14	%		0.14	%		0.14	%
Total expenses after fees waived		0.10	%		0.12	%		0.14	%		0.14	%		0.14	%
Total expenses excluding professional fees for foreign withholding tax claims		0.10	%		0.11	%		0.14	%		0.14	%		N/A
Net investment income		2.97	%		2.12	%		2.97	%		2.79	%		2.48	%
Supplemental Data
Net assets, end of year (000)	$	65,232,083		$	80,599,322		$	54,628,381		$	53,020,298		$	49,079,726
Portfolio turnover rate(g)		7	%		9	%		15	%		15	%		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)  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%.

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

^(g)  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 79

Financial Highlights (continued)

(For a share outstanding throughout each period)

		iShares MSCI BIC ETF
	Year Ended				Year Ended				Year Ended				Year Ended				Year Ended
			08/31/22				08/31/21	(a)			08/31/20	(a)			08/31/19	(a)			08/31/18	(a)
Net asset value, beginning of year		$	50.27			$	47.46			$	40.23			$	41.01			$	42.21
Net investment income(b)			0.91				0.62				0.55				0.69				0.68
Net realized and unrealized gain (loss)(c)			(13.74	)			2.74				7.34				(0.59	)			(1.13	)
Net increase (decrease) from investment operations			(12.83	)			3.36				7.89				0.10				(0.45	)
Distributions from net investment income(d)			(1.45	)			(0.55	)			(0.66	)			(0.88	)			(0.75	)
Net asset value, end of year		$	35.99			$	50.27			$	47.46			$	40.23			$	41.01
Total Return(e)
Based on net asset value			(26.03	)%			7.09	%			19.78	%			0.35	%			(1.16	)%
Ratios to Average Net Assets(f)
Total expenses			0.69	%			0.70	%			0.70	%			0.69	%			0.67	%
Net investment income			2.15	%			1.20	%			1.29	%			1.69	%			1.51	%
Supplemental Data
Net assets, end of year (000)		$	89,980			$	158,342			$	147,123			$	160,926			$	205,064
Portfolio turnover rate(g)			12	%			80	%			42	%			53	%			22	%

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

^(g)  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 Asia ETF
	Year Ended				Year Ended				Year Ended				Year Ended				Year Ended
			08/31/22				08/31/21	(a)			08/31/20	(a)			08/31/19	(a)			08/31/18	(a)
Net asset value, beginning of year		$	88.19			$	75.48			$	62.82			$	69.38			$	69.15
Net investment income(b)			1.25				1.28				1.12				1.26				1.16
Net realized and unrealized gain (loss)(c)			(20.98	)			12.32				12.79				(6.52	)			0.42
Net increase (decrease) from investment operations			(19.73	)			13.60				13.91				(5.26	)			1.58
Distributions from net investment income(d)			(2.02	)			(0.89	)			(1.25	)			(1.30	)			(1.35	)
Net asset value, end of year		$	66.44			$	88.19			$	75.48			$	62.82			$	69.38
Total Return(e)
Based on net asset value			(22.77	)%			18.11	%			22.31	%			(7.52	)%			2.22	%
Ratios to Average Net Assets(f)
Total expenses			0.49	%			0.50	%			0.50	%			0.50	%			0.50	%
Net investment income			1.62	%			1.46	%			1.68	%			1.94	%			1.58	%
Supplemental Data
Net assets, end of year (000)		$	571,381			$	881,929			$	558,558			$	452,328			$	440,538
Portfolio turnover rate(g)			24	%			48	%			20	%			16	%			33	%

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

^(g) 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 81

Financial Highlights (continued)

(For a share outstanding throughout each period)

		iShares MSCI Emerging Markets Small-Cap ETF (Consolidated)
	Year Ended				Year Ended				Year Ended				Year Ended				Year Ended
			08/31/22				08/31/21				08/31/20				08/31/19				08/31/18
Net asset value, beginning of year		$	62.28			$	44.74			$	41.51			$	47.64			$	49.23
Net investment income(a)			1.24				0.96				0.85				0.99				1.10
Net realized and unrealized gain (loss)(b)			(11.56	)			17.81				3.52				(5.98	)			(1.22	)
Net increase (decrease) from investment operations			(10.32	)			18.77				4.37				(4.99	)			(0.12	)
Distributions from net investment income(c)			(1.79	)			(1.23	)			(1.14	)			(1.14	)			(1.47	)
Net asset value, end of year		$	50.17			$	62.28			$	44.74			$	41.51			$	47.64
Total Return(d)
Based on net asset value			(17.00	)%			42.38	%			10.68	%			(10.50	)%			(0.38	)%
Ratios to Average Net Assets(e)
Total expenses			0.70	%			0.69	%			0.71	%			0.69	%			0.67	%
Net investment income			2.20	%			1.72	%			2.07	%			2.25	%			2.14	%
Supplemental Data
Net assets, end of year (000)		$	336,134			$	417,274			$	212,511			$	238,702			$	262,024
Portfolio turnover rate(f)			53	%			34	%			46	%			29	%			39	%

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

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

See notes to financial statements.

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Notes to Financial Statements

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 BIC		Diversified
MSCI Emerging Markets Asia		Diversified
MSCI Emerging Markets Small-Cap		Diversified

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 $9,743,075,404 and $119,001, which is 14.9% 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 August 31, 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 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.

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Notes to Financial Statements  (continued)

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.

Collateralization: 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.

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. The Board of Directors of the Company (the “Board”) of each Fund has approved the designation of BlackRock Fund Advisors (“BFA”), the Funds’ investment adviser, as the valuation designee for each Fund. Each Fund determines the fair values of its financial instruments using various independent dealers or pricing services under BFA’s policies. 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 BFA’s policies and procedures as reflecting fair value. BFA has formed a committee (the “Valuation Committee”) to develop pricing policies and procedures and to oversee the pricing function for all financial instruments, with assistance from other BlackRock pricing committees.

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 Valuation Committee, in accordance with BFA’s policies and procedures as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the 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 Valuation Committee 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 Valuation Committee deems relevant and consistent with the principles of fair value measurement.

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;

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Notes to Financial Statements  (continued)

• 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 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 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 BFA, 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  (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		Securities Loaned at Value		Cash Collateral Received	(a)		Non-Cash Collateral Received, at Fair Value	(a)		Net Amount
Core MSCI Emerging Markets
Barclays Bank PLC	$	691,759	$	(691,759	)	$	—		$	—
Barclays Capital, Inc.		53,240,036		(53,240,036	)		—			—
BNP Paribas SA		55,926,320		(55,926,320	)		—			—
BofA Securities, Inc.		127,804,955		(127,804,955	)		—			—
Citigroup Global Markets Ltd.		52,659,592		(52,659,592	)		—			—
Citigroup Global Markets, Inc.		44,838,690		(44,838,690	)		—			—
Credit Suisse Securities (USA) LLC		23,290,997		(23,290,997	)		—			—
Goldman Sachs & Co. LLC		275,396,288		(275,396,288	)		—			—
Goldman Sachs International		409,934,253		(409,934,253	)		—			—
HSBC Bank PLC		12,250,842		(12,250,842	)		—			—
J.P. Morgan Securities LLC		213,472,176		(213,472,176	)		—			—
J.P. Morgan Securities PLC		328,527,696		(328,527,696	)		—			—
Jefferies LLC		1,696,280		(1,672,229	)		—			24,051	(b)
Macquarie Bank Ltd.		30,573,124		(30,573,124	)		—			—
Morgan Stanley		711,017,985		(711,017,985	)		—			—
National Financial Services LLC		185,108		(185,108	)		—			—
Nomura Securities International, Inc.		4,235,009		(4,235,009	)		—			—
RBC Capital Markets LLC		46,722		(46,722	)		—			—
Scotia Capital (USA), Inc.		611,880		(611,880	)		—			—
SG Americas Securities LLC		22,417,308		(22,417,308	)		—			—
State Street Bank & Trust Co.		2,563,940		(2,563,940	)		—			—
Toronto-Dominion Bank		840,084		(840,084	)		—			—
UBS AG		47,736,321		(47,736,321	)		—			—
UBS Europe SE		11,984,438		(11,984,438	)		—			—
UBS Securities LLC		2,457,951		(2,457,951	)		—			—
Virtu Americas LLC		150,535		(150,535	)		—			—
Wells Fargo Bank N.A.		530,577		(514,589	)		—			15,988	(b)
Wells Fargo Securities LLC		114,998		(114,998	)		—			—
	$	2,435,195,864	$	(2,435,155,825	)	$	—		$	40,039
MSCI BIC
BNP Paribas SA	$	566,709	$	(566,709	)	$	—		$	—
BofA Securities, Inc.		689,782		(689,782	)		—			—
Citigroup Global Markets, Inc.		64		(64	)		—			—
Credit Suisse Securities (USA) LLC		26,431		(26,431	)		—			—
J.P. Morgan Securities LLC		55,537		(55,537	)		—			—
Morgan Stanley		340,021		(340,021	)		—			—
UBS AG		220,926		(217,719	)		—			3,207	(b)
	$	1,899,470	$	(1,896,263	)	$	—		$	3,207
MSCI Emerging Markets Asia
Barclays Bank PLC	$	121,823	$	(121,823	)	$	—		$	—
BNP Paribas SA		2,882,556		(2,882,556	)		—			—
BofA Securities, Inc.		2,052,192		(2,052,192	)		—			—
Citigroup Global Markets, Inc.		182,076		(182,076	)		—			—
Credit Suisse Securities (USA) LLC		116,906		(116,906	)		—			—
Goldman Sachs & Co. LLC		161,965		(161,965	)		—			—
HSBC Bank PLC		334,488		(334,488	)		—			—
J.P. Morgan Securities LLC		1,105,811		(1,105,811	)		—			—
Morgan Stanley		586,384		(586,384	)		—			—
Nomura Securities International, Inc.		104,578		(104,578	)		—			—
SG Americas Securities LLC		252,973		(252,973	)		—			—
State Street Bank & Trust Co.		894,661		(894,661	)		—			—
UBS AG		114,139		(114,139	)		—			—
	$	8,910,552	$	(8,910,552	)	$	—		$	—

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Notes to Financial Statements  (continued)

iShares ETF and Counterparty		Securities Loaned at Value		Cash Collateral Received	(a)		Non-Cash Collateral Received, at Fair Value	(a)		Net Amount
MSCI Emerging Markets Small-Cap
Barclays Capital, Inc.	$	764,763	$	(764,763	)	$	—		$	—
BMO Capital Markets Corp.		29,938		(29,764	)		—			174	(b)
BNP Paribas SA		744,943		(744,943	)		—			—
BofA Securities, Inc.		1,464,779		(1,464,779	)		—			—
Citigroup Global Markets, Inc.		96,238		(96,238	)		—			—
Credit Suisse Securities (USA) LLC		735,046		(735,046	)		—			—
Goldman Sachs & Co. LLC		5,234,229		(5,234,229	)		—			—
HSBC Bank PLC		48,403		(48,403	)		—			—
ING Financial Markets LLC		4,147		(4,123	)		—			24	(b)
J.P. Morgan Securities LLC		2,560,075		(2,560,075	)		—			—
J.P. Morgan Securities PLC		67,090		(67,090	)		—			—
Jefferies LLC		90,363		(90,363	)		—			—
Macquarie Bank Ltd.		84,378		(84,378	)		—			—
Morgan Stanley		9,419,576		(9,419,576	)		—			—
SG Americas Securities LLC		680,782		(680,782	)		—			—
State Street Bank & Trust Co.		16,499		(16,499	)		—			—
UBS AG		1,368,063		(1,368,063	)		—			—
UBS Securities LLC		222,896		(220,683	)		—			2,213	(b)
Wells Fargo Securities LLC		36,187		(36,000	)		—			187	(b)
	$	23,668,395	$	(23,665,797	)	$	—		$	2,598

^(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 August 31, 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).

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Notes to Financial Statements  (continued)

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 Fees
Core MSCI Emerging Markets		0.09	%
MSCI Emerging Markets Asia		0.49

Effective March 31, 2022, for its investment advisory services to the iShares Core MSCI Emerging Markets 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 March 31, 2022, BFA was 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.

For its investment advisory services to each of the iShares MSCI BIC 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 Fees
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. Effective March 31, 2022, 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 0.09% of average daily net assets. Prior to March 31, 2022, BFA had 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 year ended August 31, 2022, the amounts waived in investment    advisory fees pursuant to this arrangement were as follows:

iShares ETF	Amounts Waived
Core MSCI Emerging Markets	$	458,518

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.

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Notes to Financial Statements  (continued)

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 year ended August 31, 2022, the Funds paid BTC the following amounts for securities lending agent services:

iShares ETF	Fees Paid to BTC
Core MSCI Emerging Markets	$	19,438,820
MSCI BIC		4,765
MSCI Emerging Markets Asia		28,333
MSCI Emerging Markets Small-Cap		191,162

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 year ended August 31, 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	$	38,345,443	$	145,806,805	$	(36,023,563	)
MSCI BIC		478,936		708,137		(826,270	)
MSCI Emerging Markets Asia		2,992,638		4,242,806		(2,048,837	)
MSCI Emerging Markets Small-Cap		10,572,115		12,745,373		7,724,730

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 year ended August 31, 2022, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows:

iShares ETF	Purchases		Sales
Core MSCI Emerging Markets	$	8,295,867,554	$	5,031,812,469
MSCI BIC		14,534,796		29,040,689
MSCI Emerging Markets Asia		180,843,900		232,378,007
MSCI Emerging Markets Small-Cap		197,106,150		202,017,038

For the year ended August 31, 2022, in-kind transactions were as follows:

iShares ETF	In-kind Purchases		In-kind Sales
Core MSCI Emerging Markets	$	634,570,386	$	—
MSCI BIC		—		14,534,854
MSCI Emerging Markets Asia		3,960,889		52,030,779
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 August 31, 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.

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Notes to Financial Statements  (continued)

U.S. GAAP requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or NAV per share. As of August 31, 2022, permanent differences attributable to realized gains (losses) from in-kind redemptions were reclassified to    the following accounts:

iShares ETF	Paid-in Capital			Accumulated Earnings (Loss)
Core MSCI Emerging Markets	$	(12	)	$	12
MSCI BIC		(423,568	)		423,568
MSCI Emerging Markets Asia		2,796,151			(2,796,151	)
MSCI Emerging Markets Small-Cap		653,423			(653,423	)

The tax character of distributions paid was as follows:

iShares ETF	Year Ended 08/31/22		Year Ended 08/31/21
Core MSCI Emerging Markets
Ordinary income	$	2,536,239,296	$	1,363,503,586
MSCI BIC
Ordinary income	$	4,109,073	$	1,832,595
MSCI Emerging Markets Asia
Ordinary income	$	19,262,046	$	7,205,739
MSCI Emerging Markets Small-Cap
Ordinary income	$	11,668,171	$	6,293,337

As of August 31, 2022, the tax components of accumulated net earnings (losses) were as follows:

iShares ETF		Undistributed Ordinary Income		Non-expiring Capital Loss Carryforwards	(a)		Net Unrealized Gains (Losses)	(b)		Total
Core MSCI Emerging Markets	$	711,663,860	$	(7,947,439,378	)	$	509,371,368		$	(6,726,404,150	)
MSCI BIC		321,737		(225,356,121	)		(26,295,857	)		(251,330,241	)
MSCI Emerging Markets Asia		4,731,071		(86,856,550	)		(43,380,994	)		(125,506,473	)
MSCI Emerging Markets Small-Cap		1,150,128		(9,868,279	)		(21,959,809	)		(30,677,960	)

^(a)  Amounts available to offset future realized capital gains.

^(b)  The difference between book-basis and tax-basis unrealized gains (losses) was attributable primarily to the tax deferral of losses on wash sales, the realization for tax purposes of unrealized gains (losses) on certain futures contracts, the timing and recognition of partnership income, the characterization of corporate actions, the realization for tax purposes of unrealized gains on investments in passive foreign investment companies and the timing and recognition of realized gains/losses for tax purposes    

For the year ended August 31, 2022, the Funds listed below utilized the following amounts of their respective capital loss carryforwards:

iShares ETF	Utilized
MSCI Emerging Markets Small-Cap	$	9,076,716

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 August 31, 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	$	67,042,903,233	$	13,767,495,540	$	(12,935,955,293	)	$	831,540,247
MSCI BIC		117,303,517		12,542,426		(38,099,791	)		(25,557,365	)
MSCI Emerging Markets Asia		628,746,081		60,115,327		(101,568,548	)		(41,453,221	)
MSCI Emerging Markets Small-Cap		382,522,029		36,488,168		(58,427,896	)		(21,939,728	)

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 11, 2023. 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

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Notes to Financial Statements  (continued)

of the credit agreement and interest at a rate equal to the higher of (a) Daily Simple Secured Overnight Financing Rate (“SOFR”) plus 0.10% and 1.00% per annum or (b) the U.S. Federal Funds rate 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 year ended August 31, 2022, the iShares Core MSCI Emerging Markets ETF did not borrow under the Syndicated Credit Agreement.

For the year ended August 31, 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 BIC	$	996,000	$	16,373		1.10	%
MSCI Emerging Markets Asia		2,317,000		54,858		1.47
MSCI Emerging Markets Small-Cap		89,720,000		1,838,077		1.57

Effective April 21, 2022, the iShares Core MSCI Emerging Markets ETF, along with certain other iShares funds (“Mauritius Participating Funds”), is a party to a $1.50 billion 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 year ended August 31, 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 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

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Notes to Financial Statements  (continued)

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 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.

Transactions in capital shares were as follows:

	Year Ended 08/31/22				Year Ended 08/31/21
iShares ETF	Shares		Amount		Shares			Amount
Core MSCI Emerging Markets
Shares sold		82,200,000	$	4,716,727,779		237,000,000		$	14,957,078,135
Shares redeemed		—		—		(5,400,000	)		(281,130,721	)
		82,200,000	$	4,716,727,779		231,600,000		$	14,675,947,414

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Notes to Financial Statements  (continued)

	Year Ended 08/31/22						Year Ended 08/31/21
iShares ETF	Shares			Amount			Shares			Amount
MSCI BIC
Shares sold		—		$	(14,320	)		2,350,000		$	108,060,901
Shares redeemed		(650,000	)		(28,141,435	)		(2,300,000	)		(120,306,746	)
		(650,000	)	$	(28,155,755	)		50,000		$	(12,245,845	)
MSCI Emerging Markets Asia
Shares sold		600,000		$	46,304,002			4,900,000		$	437,028,671
Shares redeemed		(2,000,000	)		(142,715,938	)		(2,300,000	)		(189,560,859	)
		(1,400,000	)	$	(96,411,936	)		2,600,000		$	247,467,812
MSCI Emerging Markets Small-Cap
Shares sold		200,000		$	11,860,118			2,100,000		$	123,013,305
Shares redeemed		(200,000	)		(12,135,939	)		(150,000	)		(6,873,204	)
		—		$	(275,821	)		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. 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 Core MSCI Emerging Markets ETF is able to pass through to shareholders as a foreign tax credit in the current year, the Fund 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’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:

Subsequent to year-end, iShares Core MSCI Emerging Markets ETF began transferring the assets of iShares Core MSCI Emerging Markets ETF’s wholly owned Mauritius Subsidiary to iShares Core MSCI Emerging Markets ETF through on-exchange transactions in India.

N O T E S    T O    C O N S O L I D A  T E D    F I N A N C I A L    S T A T E M E N T S 93

Report of Independent Registered Public Accounting Firm

To the Board of Directors of

iShares, Inc. and Shareholders of each of the four funds listed in the table below

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of each of the funds listed in the table below (four of the funds constituting iShares, Inc., hereafter collectively referred to as the “Funds”) as of August 31, 2022, the related statements of operations and of changes in net assets for each of the periods indicated in the table below, including the related notes, and the financial highlights for each of the periods indicated in the table below (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of August 31, 2022, the results of each of their operations and the changes in each of their net assets for the periods indicated in the table below, and each of the financial highlights for each of the periods indicated in the table below, in conformity with accounting principles generally accepted in the United States of America.

iShares Core MSCI Emerging Markets ETF⁽¹⁾

iShares MSCI BIC ETF⁽²⁾

iShares MSCI Emerging Markets Asia ETF⁽²⁾

iShares MSCI Emerging Markets Small-Cap ETF⁽¹⁾

⁽¹⁾ Consolidated statement of assets and liabilities, including the consolidated schedule of investments as of August 31, 2022 and the related consolidated statement of operations for the year ended August 31, 2022, consolidated statements of changes in net assets for each of the two years in the period ended August 31, 2022 and the financial highlights (consolidated) for the years ended August 31, 2022, 2021, 2020, 2019 and 2018.

⁽²⁾ Statement of assets and liabilities, including the schedule of investments as of August 31, 2022 and the related statement of operations for the year ended August 31, 2022, statements of changes in net assets for each of the two years in the period ended August 31, 2022 and the financial highlights for the years ended August 31, 2022, 2021, 2020, 2019 and 2018.

Basis for Opinions

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of August 31, 2022 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

October 21, 2022

We have served as the auditor of one or more BlackRock investment companies since 2000.

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Important Tax Information (unaudited)

The following amounts, or maximum amounts allowable by law, are hereby designated as qualified dividend income for individuals for the fiscal year ended August 31, 2022:

iShares ETF	Qualified Dividend Income
Core MSCI Emerging Markets	$	1,029,636,749
MSCI BIC		1,589,227
MSCI Emerging Markets Asia		10,045,737
MSCI Emerging Markets Small-Cap		3,723,597

The Funds intend to pass through to their shareholders the following amounts, or maximum amounts allowable by law, of foreign source income earned and foreign taxes paid for the fiscal year ended August 31, 2022:

iShares ETF	Foreign Source Income Earned		Foreign Taxes Paid
Core MSCI Emerging Markets	$	2,499,956,519	$	256,421,680
MSCI BIC		4,081,992		548,665
MSCI Emerging Markets Asia		19,502,982		3,072,843
MSCI Emerging Markets Small-Cap		11,561,892		4,487,003

I M P O R T A N T    T A X    I N  F O R M A T I O N 95

Board Review and Approval of Investment Advisory Contract

iShares Core MSCI Emerging Markets ETF (the “Fund”)

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Company’s Board of Directors (the “Board”), including a majority of Board Members who are not “interested persons” of the Company (as that term is defined in the 1940 Act) (the “Independent Board Members”), is required annually to consider and approve the Investment Advisory Agreement between the Company and BFA (the “Advisory Agreement”) on behalf of the Fund. The Board’s consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings on May 3, 2022 and May 18, 2022, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 13-15, 2022, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The material factors, none of which was controlling, and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.

Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of another fund in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund’s applicable expense peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the investment advisory fee rate and overall expenses (net of waivers and reimbursements) for the Fund were lower than the median of the investment advisory fee rates and overall expenses (net of waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds.

In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund’s performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2021, to that of such relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

Based on this review, the other factors considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Nature, Extent and Quality of Services Provided: Based on management’s representations, including information about recent enhancements and initiatives with respect to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies, provided at the May 3, 2022 meeting and throughout the year, and matters related to BFA’s portfolio compliance program.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreement supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates: The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA

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Board Review and Approval of Investment Advisory Contract  (continued)

and its affiliates from the Fund’s operations for the last calendar year. The Board reviewed BlackRock’s methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA’s estimated profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the information considered with respect to the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability, including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Agreement for the Fund did not provide for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund increase. However, the Board noted that it would continue to assess the appropriateness of adding breakpoints in the future.

The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds, and institutional separate accounts (collectively, the “Other Accounts”). The Board acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts.

The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board noted that BFA and its affiliates manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund. The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.

The Board considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement and noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

Other Benefits to BFA and/or its Affiliates: The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services or other services, and BlackRock’s profile in the investment community. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.

Conclusion: Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund’s investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.

iShares MSCI BIC ETF (the “Fund”)

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Company’s Board of Directors (the “Board”), including a majority of Board Members who are not “interested persons” of the Company (as that term is defined in the 1940 Act) (the “Independent Board Members”), is required annually to consider and approve the

B O A R D   R E V I E W   A N D   A P P R O V A L   O F   I N V E S T M E N T   A D V I S O R Y   C O N T R A C T 97

Board Review and Approval of Investment Advisory Contract  (continued)

Investment Advisory Agreement between the Company and BFA (the “Advisory Agreement”) on behalf of the Fund. The Board’s consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings on May 3, 2022 and May 18, 2022, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 13-15, 2022, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The material factors, none of which was controlling, and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.

Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of another fund in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund’s applicable expense peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the investment advisory fee rate and overall expenses (net of waivers and reimbursements) for the Fund were higher than the median of the investment advisory fee rates and overall expenses (net of waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds.

In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund’s performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2021, to that of such relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

Based on this review, the other factors considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Nature, Extent and Quality of Services Provided: Based on management’s representations, including information about recent enhancements and initiatives with respect to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies, provided at the May 3, 2022 meeting and throughout the year, and matters related to BFA’s portfolio compliance program.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreement supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates: The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA and its affiliates from the Fund’s operations for the last calendar year. The Board reviewed BlackRock’s methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue,

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Board Review and Approval of Investment Advisory Contract  (continued)

including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA’s estimated profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the information considered with respect to the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability, including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Agreement for the Fund already provided for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund, on an aggregated basis with the assets of certain other iShares funds, increase. The Board noted that it would continue to assess the appropriateness of adding new or revised breakpoints in the future.

The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds, and institutional separate accounts (collectively, the “Other Accounts”). The Board acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts.

The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board noted that BFA and its affiliates do not manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund. The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.

The Board considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement and noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

Other Benefits to BFA and/or its Affiliates: The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services or other services, and BlackRock’s profile in the investment community. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.

Conclusion: Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund’s investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.

iShares MSCI Emerging Markets Asia ETF (the “Fund”)

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Company’s Board of Directors (the “Board”), including a majority of Board Members who are not “interested persons” of the Company (as that term is defined in the 1940 Act) (the “Independent Board Members”), is required annually to consider and approve the Investment Advisory Agreement between the Company and BFA (the “Advisory Agreement”) on behalf of the Fund. The Board’s consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board

B O A R D   R E V I E W   A N D   A P P R O V A L   O F   I N V E S T M E N T   A D V I S O R Y   C O N T R A C T 99

Board Review and Approval of Investment Advisory Contract  (continued)

Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings on May 3, 2022 and May 18, 2022, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 13-15, 2022, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The material factors, none of which was controlling, and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.

Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of another fund in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund’s applicable expense peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the investment advisory fee rate and overall expenses (net of waivers and reimbursements) for the Fund were higher than the median of the investment advisory fee rates and overall expenses (net of waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds.

In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund’s performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2021, to that of such relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

Based on this review, the other factors considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Nature, Extent and Quality of Services Provided: Based on management’s representations, including information about recent enhancements and initiatives with respect to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies, provided at the May 3, 2022 meeting and throughout the year, and matters related to BFA’s portfolio compliance program.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreement supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates: The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA and its affiliates from the Fund’s operations for the last calendar year. The Board reviewed BlackRock’s methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue,

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Board Review and Approval of Investment Advisory Contract  (continued)

including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA’s estimated profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the information considered with respect to the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability, including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Agreement for the Fund did not provide for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund increase. However, the Board noted that it would continue to assess the appropriateness of adding breakpoints in the future.

The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds, and institutional separate accounts (collectively, the “Other Accounts”). The Board acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts.

The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board noted that BFA and its affiliates do not manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund. The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.

The Board considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement and noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

Other Benefits to BFA and/or its Affiliates: The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services or other services, and BlackRock’s profile in the investment community. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.

Conclusion: Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund’s investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.

iShares MSCI Emerging Markets Small-Cap ETF (the “Fund”)

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Company’s Board of Directors (the “Board”), including a majority of Board Members who are not “interested persons” of the Company (as that term is defined in the 1940 Act) (the “Independent Board Members”), is required annually to consider and approve the Investment Advisory Agreement between the Company and BFA (the “Advisory Agreement”) on behalf of the Fund. The Board’s consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board

B O A R D   R E V I E W   A N D   A P P R O V A L   O F   I N V E S T M E N T   A D V I S O R Y   C O N T R A C T 101

Board Review and Approval of Investment Advisory Contract  (continued)

Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings on May 3, 2022 and May 18, 2022, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 13-15, 2022, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The material factors, none of which was controlling, and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.

Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of another fund in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund’s applicable expense peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the investment advisory fee rate and overall expenses (net of waivers and reimbursements) for the Fund were higher than the median of the investment advisory fee rates and overall expenses (net of waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds.

In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund’s performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2021, to that of such relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

Based on this review, the other factors considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Nature, Extent and Quality of Services Provided: Based on management’s representations, including information about recent enhancements and initiatives with respect to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies, provided at the May 3, 2022 meeting and throughout the year, and matters related to BFA’s portfolio compliance program.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreement supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates: The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA and its affiliates from the Fund’s operations for the last calendar year. The Board reviewed BlackRock’s methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue,

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Board Review and Approval of Investment Advisory Contract  (continued)

including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA’s estimated profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the information considered with respect to the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability, including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Agreement for the Fund already provided for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund, on an aggregated basis with the assets of certain other iShares funds, increase. The Board noted that it would continue to assess the appropriateness of adding new or revised breakpoints in the future.

The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds, and institutional separate accounts (collectively, the “Other Accounts”). The Board acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts.

The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board noted that BFA and its affiliates manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund. The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.

The Board considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement and noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

Other Benefits to BFA and/or its Affiliates: The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services or other services, and BlackRock’s profile in the investment community. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.

Conclusion: Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund’s investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.

B O A R D   R E V I E W   A N D   A P P R O V A L   O F   I N V E S T M E N T   A D V I S O R Y   C O N T R A C T 103

Supplemental Information (unaudited)

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.

August 31, 2022

	Total Cumulative Distributions for the Fiscal Year								% Breakdown of the Total Cumulative Distributions for the Fiscal Year
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)	$	1.671276	$	—	$	0.294470	$	1.965746		85	%		—	%		15	%		100	%
MSCI BIC(a)		0.605108		—		0.847457		1.452565		42			—			58			100
MSCI Emerging Markets Asia(a)		1.361746		—		0.659088		2.020834		67			—			33			100
MSCI Emerging Markets Small-Cap(a)		1.446807		—		0.346471		1.793278		81			—			19			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.

Premium/Discount Information

Information on the Fund’s net asset value, market price, premiums and discounts, and bid-ask spreads can be found at iShares.com.

Regulation under the Alternative Investment Fund Managers Directive

The Alternative Investment Fund Managers Directive and the Alternative Investment Fund Managers Regulations 2013 (as amended) and the “Guidelines on sound remuneration policies under the AIFMD” issued by the European Securities and Markets Authority (together the “Regulations”) impose detailed and prescriptive obligations on fund managers established in the European Union (the “EU”) and the UK. These do not currently apply to managers established outside of the EU or UK, such as BFA (the “Company”). Rather, non-EU and non-UK managers are only required to comply with certain disclosure, reporting and transparency obligations of the Regulations if such managers market a fund to EU investors.

The Company has registered the iShares Core MSCI Emerging Markets ETF and iShares MSCI BIC ETF (each a “Fund”, collectively the “Funds”) to be marketed to United Kingdom and EU investors in the Netherlands, Finland and Sweden.

Report on Remuneration

The Company is required under the Regulations to make quantitative disclosures of remuneration. These disclosures are made in line with BlackRock’s interpretation of currently available regulatory guidance on quantitative remuneration disclosures. As market or regulatory practice develops BlackRock may consider it appropriate to make changes to the way in which quantitative remuneration disclosures are calculated. Where such changes are made, this may result in disclosures in relation to a fund not being comparable to the disclosures made in the prior year, or in relation to other BlackRock fund disclosures in that same year.

Disclosures are provided in relation to (a) the staff of the Company; (b) staff who are senior management; and (c) staff who have the ability to materially affect the risk profile of the Funds.

All individuals included in the aggregated figures disclosed are rewarded in line with BlackRock’s remuneration policy for their responsibilities across the relevant BlackRock business area. As all individuals have a number of areas of responsibilities, only the portion of remuneration for those individuals’ services attributable to the Funds is included in the aggregate figures disclosed.

BlackRock has a clear and well defined pay-for-performance philosophy, and compensation programmes which support that philosophy.

BlackRock operates a total compensation model for remuneration which includes a base salary, which is contractual, and a discretionary bonus scheme. Although all employees are eligible to receive a discretionary bonus, there is no contractual obligation to make a discretionary bonus award to any employees. For senior management, a significant percentage of variable remuneration is deferred over time. All employees are subject to a claw-back policy.

Remuneration decisions for employees are made once annually in January following the end of the performance year, based on BlackRock’s full-year financial results and other non-financial goals and objectives. Alongside financial performance, individual total compensation is also based on strategic and operating results and other considerations such as management and leadership capabilities. No set formulas are established and no fixed benchmarks are used in determining annual incentive awards.

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Supplemental Information (unaudited) (continued)

Annual incentive awards are paid from a bonus pool which is reviewed throughout the year by BlackRock’s independent compensation committee, taking into account both actual and projected financial information together with information provided by the Enterprise Risk and Regulatory Compliance departments in relation to any activities, incidents or events that warrant consideration in making compensation decisions. Individuals are not involved in setting their own remuneration.

Each of the control functions (Enterprise Risk, Legal & Compliance, and Internal Audit) each have their own organisational structures which are independent of the business units. Functional bonus pools for those control functions are determined with reference to the performance of each individual function and the remuneration of the senior members of control functions is directly overseen by BlackRock’s independent remuneration committee.

Members of staff and senior management of the Company typically provide both AIFMD and non-AIFMD related services in respect of multiple funds, clients and functions of the Company and across the broader BlackRock group. Therefore, the figures disclosed are a sum of each individual’s portion of remuneration attributable to the Funds according to an objective apportionment methodology which acknowledges the multiple-service nature of the Company. Accordingly the figures are not representative of any individual’s actual remuneration or their remuneration structure.

The amount of total & aggregate remuneration awarded by the Company to its staff which has been attributed to the Funds in respect of the Company’s financial year ending December 31, 2021 were as follows:

iShares ETF	Total Remuneration		Fixed Remuneration		Variable Remuneration		No. of Beneficiaries		Senior Management Remuneration		Risk Taker Remuneration
Core MSCI Emerging Markets		$6,821,161		$3,189,339		$3,631,822		661		$834,924		$86,288
MSCI BIC		11,375		5,319		6,056		661		1,392		144

Disclosures Under the EU Sustainable Finance Disclosure Regulation

The iShares Core MSCI Emerging Markets ETF and iShares MSCI BIC ETF (the “Funds”) are registered under the Alternative Investment Fund Managers Directive to be marketed to European Union (“EU”) investors, as noted above. As a result, certain disclosures are required under the EU Sustainable Finance Disclosure Regulation (“SFDR”).

Each Fund has not been categorized under the SFDR as an “Article 8” or “Article 9” product. In addition, each Fund’s investments do not take into account the criteria for environmentally sustainable economic activities under the EU sustainable investment taxonomy regulation.

S U P P L E M E N T A L    I N F O R M  A T I O N 105

Director and Officer Information (unaudited)

The Board of Directors has responsibility for the overall management and operations of the Funds, including general supervision of the duties performed by BFA and other service providers. Each Director serves until he or she resigns, is removed, dies, retires or becomes incapacitated. Each officer shall hold office until his or her successor is elected and qualifies or until his or her death, resignation or removal. Directors who are not “interested persons” (as defined in the 1940 Act) of the Company are referred to as independent directors (“Independent Directors”).

The registered investment companies advised by BFA or its affiliates (the “BlackRock-advised Funds”) are organized into one complex of open-end equity, multi-asset, index and money market funds and ETFs (the “BlackRock Multi-Asset Complex”), one complex of closed-end funds and open-end non-index fixed-income funds (including ETFs) (the “BlackRock Fixed-Income Complex”) and one complex of ETFs (“Exchange-Traded Fund Complex”) (each, a “BlackRock Fund Complex”). Each Fund is included in the Exchange-Traded Fund Complex. Each Director also serves as a Trustee of iShares Trust and a Trustee of iShares U.S. ETF Trust and, as a result, oversees all of the funds within the Exchange-Traded Fund Complex, which consists of 378 funds as of August 31, 2022. With the exception of Robert S. Kapito, Salim Ramji and Charles Park, the address of each Director and officer is c/o BlackRock, Inc., 400 Howard Street, San Francisco, CA 94105. The address of Mr. Kapito, Mr. Ramji and Mr. Park is c/o BlackRock, Inc., Park Avenue Plaza, 55 East 52nd Street, New York, NY 10055. The Board has designated John E. Kerrigan as its Independent Board Chair. Additional information about the Funds’ Directors and officers may be found in the Funds’ combined Statement of Additional Information, which is available without charge, upon request, by calling toll-free 1-800-iShares (1-800-474-2737).

		Interested Directors
Name (Age)	Position(s)	Principal Occupation(s) During Past 5 Years	Other Directorships Held by Director
Robert S. Kapito(a) (65)	Director (since 2009).	President, BlackRock, Inc. (since 2006); Vice Chairman of BlackRock, Inc. and Head of BlackRock’s Portfolio Management Group (since its formation in 1998) and BlackRock, Inc.’s predecessor entities (since 1988); Trustee, University of Pennsylvania (since 2009); President of Board of Directors, Hope & Heroes Children’s Cancer Fund (since 2002).	Director of BlackRock, Inc. (since 2006); Trustee of iShares U.S. ETF Trust (since 2011); Trustee of iShares Trust (since 2009).
Salim Ramji(b) (52)	Director (since 2019).	Senior Managing Director, BlackRock, Inc. (since 2014); Global Head of BlackRock’s ETF and Index Investments Business (since 2019); Head of BlackRock’s U.S. Wealth Advisory Business (2015-2019); Global Head of Corporate Strategy, BlackRock, Inc. (2014-2015); Senior Partner, McKinsey & Company (2010-2014).	Trustee of iShares U.S. ETF Trust (since 2019); Trustee of iShares Trust (since 2019).

^(a) Robert S. Kapito is deemed to be an “interested person” (as defined in the 1940 Act) of the Company due to his affiliations with BlackRock, Inc. and its affiliates.

^(b) Salim Ramji is deemed to be an “interested person” (as defined in the 1940 Act) of the Company due to his affiliations with BlackRock, Inc. and its affiliates.

		Independent Directors
Name (Age)	Position(s)	Principal Occupation(s) During Past 5 Years	Other Directorships Held by Director
John E. Kerrigan (67)	Director (since 2005); Independent Board Chair (since 2022).	Chief Investment Officer, Santa Clara University (since 2002).	Trustee of iShares U.S. ETF Trust (since 2011); Trustee of iShares Trust (since 2005); Independent Board Chair of iShares Trust and iShares U.S. ETF Trust (since 2022).
Jane D. Carlin (66)	Director (since 2015); Risk Committee Chair (since 2016).	Consultant (since 2012); Member of the Audit Committee (2012-2018), Chair of the Nominating and Governance Committee (2017-2018) and Director of PHH Corporation (mortgage solutions) (2012-2018); Managing Director and Global Head of Financial Holding Company Governance & Assurance and the Global Head of Operational Risk Management of Morgan Stanley (2006-2012).	Trustee of iShares U.S. ETF Trust (since 2015); Trustee of iShares Trust (since 2015); Member of the Audit Committee (since 2016), Chair of the Audit Committee (since 2020) and Director of The Hanover Insurance Group, Inc. (since 2016).
Richard L. Fagnani (67)	Director (since 2017); Audit Committee Chair (since 2019).	Partner, KPMG LLP (2002-2016).	Trustee of iShares U.S. ETF Trust (since 2017); Trustee of iShares Trust (since 2017).

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Director and Officer Information (unaudited) (continued)

		Independent Directors (continued)
Name (Age)	Position(s)	Principal Occupation(s) During Past 5 Years	Other Directorships Held by Director
Cecilia H. Herbert (73)	Director (since 2005); Nominating and Governance and Equity Plus Committee Chairs (since 2022).	Chair of the Finance Committee (since 2019) and Trustee and Member of the Finance, Audit and Quality Committees of Stanford Health Care (since 2016); Trustee of WNET, New York’s public media company (since 2011) and Member of the Audit Committee (since 2018) and Investment Committee (since 2011); Chair (1994-2005) and Member (since 1992) of the Investment Committee, Archdiocese of San Francisco; Trustee of Forward Funds (14 portfolios) (2009-2018); Trustee of Salient MF Trust (4 portfolios) (2015-2018); Director (1998-2013) and President (2007-2011) of the Board of Directors, Catholic Charities CYO; Trustee (2002-2011) and Chair of the Finance and Investment Committee (2006-2010) of the Thacher School; Director of the Senior Center of Jackson Hole (since 2020).	Trustee of iShares U.S. ETF Trust (since 2011); Trustee of iShares Trust (since 2005); Trustee of Thrivent Church Loan and Income Fund (since 2019).
Drew E. Lawton (63)	Director (since 2017); 15(c) Committee Chair (since 2017).	Senior Managing Director of New York Life Insurance Company (2010-2015).	Trustee of iShares U.S. ETF Trust (since 2017); Trustee of iShares Trust (since 2017).
John E. Martinez (61)	Director (since 2003); Securities Lending Committee Chair (since 2019).	Director of Real Estate Equity Exchange, Inc. (since 2005); Director of Cloudera Foundation (2017-2020); and Director of Reading Partners (2012-2016).	Trustee of iShares U.S. ETF Trust (since 2011); Trustee of iShares Trust (since 2003).
Madhav V. Rajan (58)	Director (since 2011); Fixed Income Plus Committee Chair (since 2019).	Dean, and George Pratt Shultz Professor of Accounting, University of Chicago Booth School of Business (since 2017); Advisory Board Member (since 2016) and Director (since 2020) of C.M. Capital Corporation; Chair of the Board for the Center for Research in Security Prices, LLC (since 2020); Robert K. Jaedicke Professor of Accounting, Stanford University Graduate School of Business (2001-2017); Professor of Law (by courtesy), Stanford Law School (2005-2017); Senior Associate Dean for Academic Affairs and Head of MBA Program, Stanford University Graduate School of Business (2010-2016).	Trustee of iShares U.S. ETF Trust (since 2011); Trustee of iShares Trust (since 2011).
		Officers
Name (Age)	Position(s)	Principal Occupation(s) During Past 5 Years
Armando Senra (51)	President (since 2019).	Managing Director, BlackRock, Inc. (since 2007); Head of U.S., Canada and Latam iShares, BlackRock, Inc. (since 2019); Head of Latin America Region, BlackRock, Inc. (2006-2019); Managing Director, Bank of America Merrill Lynch (1994-2006).
Trent Walker (48)	Treasurer and Chief Financial Officer (since 2020).	Managing Director, BlackRock, Inc. (since September 2019); Chief Financial Officer of iShares Delaware Trust Sponsor LLC, BlackRock Funds, BlackRock Funds II, BlackRock Funds IV, BlackRock Funds V and BlackRock Funds VI (since 2021); Executive Vice President of PIMCO (2016-2019); Senior Vice President of PIMCO (2008-2015); Treasurer (2013-2019) and Assistant Treasurer (2007-2017) of PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, 2 PIMCO-sponsored interval funds and 21 PIMCO-sponsored closed-end funds.
Charles Park (55)	Chief Compliance Officer (since 2006).	Chief Compliance Officer of BlackRock Advisors, LLC and the BlackRock-advised Funds in the BlackRock Multi-Asset Complex and the BlackRock Fixed-Income Complex (since 2014); Chief Compliance Officer of BFA (since 2006).
Marisa Rolland (42)	Secretary (since 2022).	Director, BlackRock, Inc. (since 2018); Vice President, BlackRock, Inc. (2010-2017).
Rachel Aguirre (40)	Executive Vice President (since 2022).	Managing Director, BlackRock, Inc. (since 2018); Director, BlackRock, Inc. (2009-2018); Head of U.S. iShares Product (since 2022); Head of EII U.S. Product Engineering (since 2021); Co-Head of EII’s Americas Portfolio Engineering (2020-2021); Head of Developed Markets Portfolio Engineering (2016-2019).
Jennifer Hsui (46)	Executive Vice President (since 2022).	Managing Director, BlackRock, Inc. (since 2009); Co-Head of Index Equity (since 2022).
James Mauro (51)	Executive Vice President (since 2022).	Managing Director, BlackRock, Inc. (since 2010); Head of Fixed Income Index Investments in the Americas and Head of San Francisco Core Portfolio Management (since 2020).

D I R E C T O R    A N D    O F F I C  E R    I N F O R M A T I O N 107

Director and Officer Information (unaudited) (continued)

Effective March 18, 2022, Rachel Aguirre, Jennifer Hsui, and James Mauro have replaced Scott Radell, Alan Mason, and Marybeth Leithead as Executive Vice Presidents.

Effective June 15, 2022, Marisa Rolland replaced Deepa Damre Smith as Secretary.

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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
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-AR-810-0822

AUGUST 31, 2022

2022 Annual Report

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

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

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

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

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

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

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

Rob Kapito

President, BlackRock, Inc.

Rob Kapito

President, BlackRock, Inc.

Total Returns as of August 31, 2022
	6-Month	12-Month
U.S. large cap equities (S&P 500® Index)	(8.84)%	(11.23)%
U.S. small cap equities (Russell 2000® Index)	(9.31)	(17.88)
International equities (MSCI Europe, Australasia, Far East Index)	(13.97)	(19.80)
Emerging market equities (MSCI Emerging Markets Index)	(13.30)	(21.80)
3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)	0.36	0.39
U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)	(9.71)	(13.27)
U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)	(7.76)	(11.52)
Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)	(5.72)	(8.63)
U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)	(7.78)	(10.61)
Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.

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
Annual Report:
Market Overview	4
Fund Summary	5
About Fund Performance	9
Disclosure of Expenses	9
Schedules of Investments	10
Financial Statements
Statements of Assets and Liabilities	31
Statements of Operations	32
Statements of Changes in Net Assets	33
Financial Highlights	34
Notes to Financial Statements	36
Report of Independent Registered Public Accounting Firm	46
Important Tax Information	47
Board Review and Approval of Investment Advisory Contract	48
Supplemental Information	52
Director and Officer Information	54
General Information	57
Glossary of Terms Used in this Report	58

Market Overview

iShares, Inc.

Global Market Overview

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

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

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

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

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

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

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

Fund Summary as of August 31, 2022   iShares^® MSCI 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
	1 Year			5 Years			Since Inception			1 Year			5 Years			Since Inception
Fund NAV		(17.26	)%		0.87	%		4.37	%		(17.26	)%		4.42	%		53.22	%
Fund Market		(18.01	)		0.99			4.37			(18.01	)		5.06			53.13
Index		(14.24	)		2.55			6.11			(14.24	)		13.43			80.67

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

The inception date of the Fund was September 12, 2012. The first day of secondary market trading was September 13, 2012.

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

Expense Example

Actual					Hypothetical 5% Return
	Beginning     Account Value     (03/01/22)	Ending Account Value (08/31/22)	Expenses Paid During the Period	(a)		Beginning Account Value (03/01/22)	Ending Account Value (08/31/22)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$        1,000.00	$          831.10	$        3.65			$        1,000.00	$        1,021.20	$        4.02		0.79	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (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 “Disclosure of Expenses” for more information.

F U N D   S U M M A R Y 5

Fund Summary as of August 31, 2022  (continued) iShares^® MSCI Frontier and Select EM ETF

Portfolio Management Commentary

Stocks in frontier and select emerging markets declined considerably for the reporting period amid rising inflation, slowing economic growth, and the war in Ukraine. Frontier market central banks responded to the inflation surge by raising interest rates, prompting recession concerns as overall global consumer demand declined late in the reporting period. Rising costs, particularly for food and fuel, adversely affected most frontier market economies. Inflation in many low-income countries exceeded that of developed economies; food alone accounted for 45% of consumption, almost three times the percentage for developed economies. Frontier market investors grew concerned about the risk of sovereign debt defaults as many governments sought bailouts from the International Monetary Fund (“IMF”). Investors withdrew significant assets from less-developed financial markets as many currencies declined relative to the U.S. dollar. The declining currency values of most frontier markets also diminished their equity values in U.S. dollar terms. Additionally, some frontier markets (including Kenya, Nigeria and Sri Lanka) are experiencing a shortage of USD reserves and have recently restricted or delayed repatriation of local currency.

Stocks in Vietnam, which represented approximately 27% of the Index at the end of the reporting period, fell as economic uncertainty increased. Despite a relatively healthy economy, which benefited from strong exports and industrial production, government warnings about increased inflationary pressure weighed on stocks. In addition, the real estate sector weakened as credit tightened and prices cooled despite economic stimulus and accommodative monetary policy. In Nigeria, Africa’s largest crude oil producer, economic growth slowed as declining oil prices late in the reporting period reduced revenue in the country’s energy sector. In Kazakhstan, Central Asia’s largest oil producer, stocks fell amid considerable political unrest.

In Egypt, banks posted increased earnings, but their stocks declined as the government devalued the Egyptian pound after inflation soared. Despite the devaluation, large foreign banks still regarded Egypt’s currency as overvalued. Meanwhile, the country’s government began loan negotiations with the IMF as financial conditions worsened. Bangladesh also sought IMF assistance as the country’s economy slowed amid heightened supply disruptions and soaring commodities costs due to the war in Ukraine.

Portfolio Information

SECTOR ALLOCATION

Sector	Percent of    Total Investments(a)
Financials		41.1%
Real Estate		12.1
Materials		10.3
Consumer Staples		9.8
Energy		7.3
Industrials		6.4
Communication Services		6.4
Utilities		2.9
Health Care		2.7
Other (each representing less than 1%)		1.0

GEOGRAPHIC ALLOCATION

Country/Geographic Region	Percent of    Total Investments(a)
Vietnam		30.0%
Nigeria		6.9
Bahrain		6.7
Bangladesh		5.9
Morocco		5.9
Romania		5.6
Kazakhstan		5.4
Egypt		5.0
Philippines		5.0
Colombia		4.7

^(a)  Excludes money market funds.

6 2 0 2 2   I S H A R E S   A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Fund Summary as of August 31, 2022   iShares^® MSCI 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
	1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		(15.07	)%		8.07	%		9.66	%		(15.07	)%		47.43	%		151.44	%
Fund Market		(15.07	)		8.07			9.60			(15.07	)		47.42			150.15
Index		(15.08	)		7.85			9.47			(15.08	)		45.95			147.05

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

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

Expense Example

Actual					Hypothetical 5% Return
	Beginning     Account Value     (03/01/22)	Ending Account Value (08/31/22)	Expenses Paid During the Period	(a)		Beginning Account Value (03/01/22)	Ending Account Value (08/31/22)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$        1,000.00	$          890.70	$        1.14			$        1,000.00	$      1,024.00	$        1.22		0.24	%

^(a) Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (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 “Disclosure of Expenses” for more information.

F U N D   S U M M A R Y 7

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

Portfolio Management Commentary

Global developed market stocks declined substantially for the reporting period amid slowing economic growth, high inflation, rising interest rates, and volatility in commodities markets exacerbated by the war in Ukraine. U.S. stocks, which represented approximately 69% of the Index on average for the reporting period, detracted the most from the Index’s return, as the recovery from the COVID-19 pandemic slowed and the nation’s economy contracted in the first half of 2022.

In the U.S., the information technology sector detracted significantly from performance. Stocks in the software industry declined as growth for cloud services remained high but fell short of expectations, and demand for office-oriented applications, which surged early in the pandemic, normalized as more typical work and leisure routines resumed. Demand for microchips and electrical components declined as purchases of personal computers decreased.

The U.S. communication services sector also detracted, driven by the interactive media and services industry. A popular mobile platform changed the way users select privacy settings. That made targeted advertising more difficult, and ad revenue fell for many companies in the industry. In addition, the consumer discretionary sector weighed on performance. Operating costs for internet and direct marketing companies, including a large online seller of consumer goods, increased. Wages rose and fuel prices surged while uncertainty grew regarding the outlook for sales as the economy contracted.

Japanese stocks further detracted from performance as the country’s economy exhibited little growth. Industrial production slowed considerably as manufacturing costs increased and supply-chain disruptions persisted amid China’s renewed pandemic shutdowns. The Japanese yen weakened substantially relative to the U.S. dollar, which also reduced the value of the country’s stocks in U.S. dollar terms. Stocks in Germany also detracted, led by weakness in the consumer discretionary, industrials, and information technology sectors. The country’s economic growth slowed as energy prices and inflation surged, consumer confidence fell, and export demand declined in the wake of Russia’s invasion of Ukraine.

Portfolio Information

SECTOR ALLOCATION

Sector	Percent of    Total Investments(a)
Information Technology		21.7%
Financials		13.4
Health Care		13.2
Consumer Discretionary		11.2
Industrials		10.0
Consumer Staples		7.7
Communication Services		7.3
Energy		5.2
Materials		4.2
Utilities		3.2
Real Estate		2.9

GEOGRAPHIC ALLOCATION

Country/Geographic Region	Percent of    Total Investments(a)
United States		69.0%
Japan		6.1
United Kingdom		4.0
Canada		3.6
Switzerland		3.0
France		2.9
Australia		2.4
Germany		2.0
Netherlands		1.3
Sweden		0.8

^(a)  Excludes money market funds.

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

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.

Disclosure of 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 the Period.”

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

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

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 August 31, 2022 iShares^® MSCI Frontier and Select EM ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Bahrain — 6.3%
Ahli United Bank BSC		20,548,448	$	20,303,708
Aluminium Bahrain BSC		457,336		1,328,337
Ithmaar Holding BSC, NVS		7,341,331		407,977
				22,040,022
Bangladesh — 5.6%
Bangladesh Export Import Co. Ltd.		1,811,807		2,254,160
Beacon Pharmaceuticals Ltd./Bangladesh		485,171		1,318,485
Beximco Pharmaceuticals Ltd.		927,024		1,611,580
BRAC Bank Ltd.		2,400,934		974,665
British American Tobacco Bangladesh Co. Ltd.		314,507		1,715,677
City Bank Ltd. (The)		2,448,475		584,534
Eastern Bank Ltd.		2,368,527		804,579
GrameenPhone Ltd.		321,524		973,178
International Finance Investment & Commerce Bank Ltd.(a)		3,405,908		476,401
Islami Bank Bangladesh Ltd.		2,477,620		862,219
LafargeHolcim Bangladesh Ltd.		1,390,162		1,154,996
National Bank Ltd.(a)		7,174,163		626,235
Olympic Industries Ltd.		374,936		539,000
Renata Ltd.		79,609		1,096,869
Square Pharmaceuticals Ltd.		1,830,768		4,064,522
Summit Power Ltd.		1,314,517		486,651
				19,543,751
Colombia — 3.2%
Bancolombia SA		355,655		2,746,309
Cementos Argos SA		689,562		543,211
Corp. Financiera Colombiana SA(a)		143,091		630,001
Ecopetrol SA		7,091,509		3,613,803
Grupo Argos SA		423,405		932,084
Interconexion Electrica SA ESP		621,825		2,691,439
				11,156,847
Egypt — 4.7%
Commercial International Bank Egypt SAE		7,221,039		14,301,466
Eastern Co. SAE		4,238,697		2,147,431
				16,448,897
Estonia — 0.9%
Enefit Green AS, NVS		191,593		871,052
LHV Group AS, NVS		412,737		1,448,190
Tallink Grupp AS(a)		1,059,686		539,741
Tallinna Sadam AS(b)		240,629		339,999
				3,198,982
Jordan — 1.9%
Arab Bank PLC		288,846		1,954,317
Capital Bank of Jordan		174,254		596,600
Jordan Islamic Bank		132,994		699,013
Jordan Petroleum Refinery Co.		209,206		1,917,704
Jordan Phosphate Mines Co.		26,975		1,432,459
				6,600,093
Kazakhstan — 5.0%
Halyk Savings Bank of Kazakhstan JSC, GDR(a)		249,984		2,721,864
Kaspi.KZ JSC		147,997		8,897,607
NAC Kazatomprom JSC, GDR		193,167		6,058,461
				17,677,932
Kenya — 3.7%
Equity Group Holdings PLC/Kenya		8,677,066		3,132,043
KCB Group PLC		7,276,516		2,232,501

Security	Shares		Value
Kenya (continued)
Safaricom PLC		36,957,905	$	7,767,886
				13,132,430
Lithuania — 0.5%
AB Ignitis Grupe		64,576		1,223,298
Siauliu Bankas AB		955,030		545,631
				1,768,929
Malta — 0.4%
MAS Real Estate Inc.		1,284,262		1,523,532
Morocco — 5.5%
Attijariwafa Bank		127,208		5,258,446
Banque Centrale Populaire		51,818		1,256,259
Ciments du Maroc SA		10,262		1,554,930
Co. Sucrerie Marocaine et de Raffinage		83,852		1,747,008
Hightech Payment Systems SA		1,019		579,007
Itissalat Al-Maghrib		524,176		6,006,496
Label Vie		3,358		1,471,110
Societe d’Exploitation des Ports		62,701		1,526,041
				19,399,297
Nigeria — 6.5%
Access Bank PLC		87,072,126		1,384,480
Afriland Properties PLC(a)		8,020		31
Dangote Cement PLC		11,938,113		5,603,137
FBN Holdings PLC		84,216,832		1,798,884
Guaranty Trust Holding Co. PLC		63,861,123		2,428,435
MTN Nigeria Communications PLC		11,008,838		4,196,856
Nestle Nigeria PLC		1,310,924		3,390,321
United Bank for Africa PLC		79,997,106		1,103,408
Zenith Bank PLC		69,373,073		2,910,480
				22,816,032
Oman — 1.7%
Bank Muscat SAOG		2,823,498		4,429,016
National Bank of Oman SAOG		1,167,380		818,576
Omani Qatari Telecommunications Co. SAOG		760,575		770,353
				6,017,945
Pakistan — 3.2%
Engro Corp. Ltd./Pakistan		875,688		953,419
Engro Fertilizers Ltd.		1,882,968		723,917
Fauji Fertilizer Co. Ltd.		1,301,089		618,087
Habib Bank Ltd.		1,706,182		707,201
Hub Power Co. Ltd. (The)		3,190,405		964,876
Lucky Cement Ltd.(a)		316,626		748,003
Mari Petroleum Co. Ltd.		80,065		617,920
MCB Bank Ltd.		1,193,720		657,208
Millat Tractors Ltd.		170,891		651,755
Oil & Gas Development Co. Ltd.		1,708,497		642,078
Pakistan Oilfields Ltd.		378,890		725,322
Pakistan Petroleum Ltd.		1,661,142		526,614
Pakistan State Oil Co. Ltd.		747,100		581,729
Systems Ltd.		475,388		864,403
TRG Pakistan(a)		1,229,064		503,927
United Bank Ltd./Pakistan		1,460,773		779,457
				11,265,916
Panama — 0.2%
Intercorp Financial Services Inc.		36,132		779,006
Peru — 4.4%
Cia. de Minas Buenaventura SAA, ADR		236,652		1,258,989
Credicorp Ltd.		76,920		9,914,219

10 2 0 2 2   I S H A R E S   A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments   (continued) August 31, 2022 iShares^® MSCI Frontier and Select EM ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Peru (continued)
Southern Copper Corp.		92,333	$	4,346,114
				15,519,322
Philippines — 4.7%
Aboitiz Equity Ventures Inc.		535,470		534,071
ACEN Corp.		2,856,270		380,374
Alliance Global Group Inc.		924,800		165,152
Ayala Corp.		80,740		1,006,142
Ayala Land Inc.		2,433,400		1,235,272
Bank of the Philippine Islands		572,240		966,164
BDO Unibank Inc.		639,280		1,461,807
Century Pacific Food Inc.		366,700		161,947
Converge Information and Communications Technology Solutions Inc.(a)		669,000		206,288
DMCI Holdings Inc.		848,500		143,357
Globe Telecom Inc.		8,920		332,819
GT Capital Holdings Inc.		26,870		230,139
International Container Terminal Services Inc.		334,780		1,078,213
JG Summit Holdings Inc.		935,760		850,939
Jollibee Foods Corp.		144,010		613,811
Manila Electric Co.		73,120		391,605
Megaworld Corp.		3,417,000		151,685
Metro Pacific Investments Corp.		3,414,000		226,535
Metropolitan Bank & Trust Co.		570,630		533,328
Monde Nissin Corp.(a)(b)		2,030,000		595,773
PLDT Inc.		28,590		852,202
Puregold Price Club Inc.		309,400		188,412
RL Commercial REIT Inc.		968,000		105,771
Robinsons Land Corp.		561,900		187,622
Robinsons Retail Holdings Inc.		130,400		139,329
Security Bank Corp.		140,120		223,983
SM Prime Holdings Inc.		3,748,800		2,520,026
Universal Robina Corp.		281,180		610,292
Wilcon Depot Inc.		455,800		243,099
				16,336,157
Romania — 5.2%
Banca Transilvania SA		1,605,993		6,626,509
BRD-Groupe Societe Generale SA		608,300		1,678,458
MED Life SA(a)		233,594		905,251
OMV Petrom SA		41,499,691		4,076,229
Societatea Energetica Electrica SA		415,749		681,457
Societatea Nationala de Gaze Naturale ROMGAZ SA		343,855		3,185,078
Teraplast SA		3,209,873		391,981
Transgaz SA Medias		14,368		697,577
				18,242,540
Slovenia — 0.2%
Pozavarovalnica Sava dd		22,843		525,694
Sri Lanka — 0.6%
Commercial Bank of Ceylon PLC		1,482,825		213,774
Expolanka Holdings PLC		992,043		594,459
John Keells Holdings PLC		2,732,474		969,490
Sampath Bank PLC		2,891,749		257,044
				2,034,767
Vietnam — 28.2%
Bank for Foreign Trade of Vietnam JSC		1,398,295		5,004,065
Bank for Investment and Development of Vietnam JSC		598,724		1,018,713
Bao Viet Holdings		294,910		733,468
Dat Xanh Group JSC(a)		896,180		1,008,430
Development Investment Construction(a)		814,254		1,312,583

Security	Shares		Value
Vietnam (continued)
Digiworld Corp., NVS		229,400	$	698,015
Duc Giang Chemicals JSC		540,194		2,288,718
Gelex Group JSC		1,253,184		1,289,911
Ha Do Group JSC		365,748		846,641
Hoa Phat Group JSC		8,486,103		8,309,064
Hoa Sen Group(a)		752,159		663,406
Hoang Huy Investment Financial Services JSC		990,900		509,034
IDICO Corp. JSC		480,850		1,277,374
Khang Dien House Trading and Investment JSC(a)		1,038,897		1,636,568
KIDO Group Corp.		369,272		1,055,288
Kinh Bac City Development Share Holding Corp.(a)		1,099,060		1,620,208
Masan Group Corp.		1,681,856		8,191,868
Nam Long Investment Corp., NVS		516,200		916,783
National Citizen Commercial JSC, NVS(a)		504,200		511,835
No Va Land Investment Group Corp.(a)		2,023,533		7,062,608
PetroVietnam Drilling & Well Services JSC(a)		830,434		733,019
PetroVietnam Fertilizer & Chemicals JSC		413,000		957,210
PetroVietnam Gas JSC		172,900		860,276
PetroVietnam Power Corp.		1,782,140		1,061,141
PetroVietnam Technical Services Corp.		711,798		842,894
Phat Dat Real Estate Development Corp.(a)		792,536		1,863,896
Saigon - Hanoi Commercial Joint Stock Bank(a)		2,314,844		1,536,232
Saigon Beer Alcohol Beverage Corp.		188,080		1,507,368
Saigon Thuong Tin Commercial JSB(a)		1,671,080		1,762,355
Saigon-Hanoi Securities		1,197,750		674,357
SSI Securities Corp.		3,114,141		3,177,041
Tan Tao Investment & Industry JSC(a)		1,195,000		355,003
Thaiholdings JSC(a)		505,800		1,193,036
Thanh Thanh Cong - Bien Hoa JSC(a)		826,490		641,668
Van Phu - Invest Investment JSC(a)		253,800		708,981
Viet Capital Securities JSC		901,070		1,418,906
Vietjet Aviation JSC(a)		481,190		2,494,263
Vietnam Construction and Import-Export JSC		581,471		535,362
Vietnam Dairy Products JSC		2,165,174		6,965,369
Vincom Retail JSC(a)		2,769,280		3,260,163
Vingroup JSC(a)		2,832,934		7,687,460
Vinh Hoan Corp.		275,000		1,093,223
Vinhomes JSC(b)		3,228,188		8,379,455
VIX Securities JSC		1,217,728		704,034
Vndirect Securities Corp.		2,717,240		2,505,196
				98,872,488
Total Common Stocks — 92.6% (Cost: $311,605,415)				324,900,579
Preferred Stocks
Colombia — 1.3%
Bancolombia SA, Preference Shares, NVS		648,360		4,476,597
Total Preferred Stocks — 1.3% (Cost: $5,057,187)				4,476,597

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   (continued) August 31, 2022 iShares^® MSCI Frontier and Select EM ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Rights
Romania — 0.1%
OMV Petrom SA (Expires 12/31/22)		46,703,545	$	374,000
Total Rights — 0.1% (Cost: $—)				374,000
Total Investments in Securities — 94.0% (Cost: $316,662,602)				329,751,176
Other Assets Less Liabilities — 6.0%				20,890,456
Net Assets — 100.0%			$	350,641,632

^(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.

Affiliates

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

Affiliated Issuer	Value at 08/31/21		Purchases at Cost		Proceeds from Sale			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value at 08/31/22		Shares Held at 08/31/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares(a)	$	24,659	$	—	$	(24,672	)(b)	$	16	$	(3	)	$	—		—	$	730	(c)	$	—

^(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
MSCI Emerging Markets Index		438		09/16/22	$	21,504	$	(401,746	)

Forward Foreign Currency Exchange Contracts

Currency Purchased		Currency Sold			Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
USD	271,489		NGN	117,256,000	Citibank N.A.		10/28/22	$	1,196
USD	11,175,041		NGN	5,253,285,718	Citibank N.A.		10/28/22		(934,596	)
USD	2,983,207		NGN	1,303,000,000	Morgan Stanley & Co. International PLC		10/28/22		(20,410	)
									(955,006	)
									$(953,810	)

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

Schedule of Investments   (continued) August 31, 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:

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Assets — Derivative Financial Instruments
Forward foreign currency exchange contracts
Unrealized appreciation on forward foreign currency exchange contracts	$	—	$	—	$	—	$	1,196	$	—	$	—	$	1,196
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	—	$	—	$	401,746	$	—	$	—	$	—	$	401,746
Forward foreign currency exchange contracts
Unrealized depreciation on forward foreign currency exchange contracts	$	—	$	—	$	—	$	955,006	$	—	$	—	$	955,006
	$	—	$	—	$	401,746	$	955,006	$	—	$	—	$	1,356,752

^(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 August 31, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Commodity Contracts		Credit Contracts		Equity Contracts			Foreign Currency Exchange Contracts			Interest Rate Contracts		Other Contracts		Total
Net Realized Gain (Loss) from
Futures contracts	$	—	$	—	$	(3,631,677	)	$	—		$	—	$	—	$	(3,631,677	)
Forward foreign currency exchange contracts		—		—		—			(733,549	)		—		—		(733,549	)
	$	—	$	—	$	(3,631,677	)	$	(733,549	)	$	—	$	—	$	(4,365,226	)
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	183,002		$	—		$	—	$	—	$	183,002
Forward foreign currency exchange contracts		—		—		—			(279,668	)		—		—		(279,668	)
	$	—	$	—	$	183,002		$	(279,668	)	$	—	$	—	$	(96,666	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts
Average notional value of contracts — long	$	14,580,654
Forward foreign currency exchange contracts
Average amounts sold — in USD	$	11,498,722

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	$	—	$	401,746
Forward foreign currency exchange contracts		1,196		955,006
Total derivative assets and liabilities in the Statement of Assets and Liabilities		1,196		1,356,752
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)		—		(401,746	)
Total derivative assets and liabilities subject to an MNA		1,196		955,006

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   (continued) August 31, 2022 iShares^® MSCI Frontier and Select EM ETF

Derivative Financial Instruments - Offsetting as of Period End (continued)

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:

	Derivative
	Assets
	Subject to				Derivatives				Non-Cash			Cash			Net Amount
	an MNA by				Available				Collateral			Collateral			of Derivative
Counterparty		Counterparty					for Offset	(a)	Received			Received				Assets
Citibank N.A.			$	1,196		$	(1,196	)		$	—		$	—			$	—
	Derivative
	Liabilities
	Subject to				Derivatives				Non-Cash			Cash			Net Amount
	an MNA by				Available				Collateral			Collateral			of Derivative
Counterparty		Counterparty					for Offset	(a)	Pledged			Pledged						Liabilities	(b)
Citibank N.A.			$	934,596		$	(1,196	)		$	—		$	—			$	933,400
Morgan Stanley & Co. International PLC				20,410			—				—			—				20,410
			$	955,006		$	(1,196	)		$	—		$	—			$	953,810

^(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 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	$	88,743,883		$	236,156,696		$	—	$	324,900,579
Preferred Stocks		4,476,597			—			—		4,476,597
Rights		—			374,000			—		374,000
	$	93,220,480		$	236,530,696		$	—	$	329,751,176
Derivative financial instruments(a)
Assets
Forward Foreign Currency Exchange Contracts	$	—		$	1,196		$	—	$	1,196
Liabilities
Forward Foreign Currency Exchange Contracts		—			(955,006	)		—		(955,006	)
Futures Contracts		(401,746	)		—			—		(401,746	)
	$	(401,746	)	$	(953,810	)	$	—	$	(1,355,556	)

^(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.

14 2 0 2 2   I S H A R E S   A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments August 31, 2022 iShares^® MSCI World ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Australia — 2.4%
Ampol Ltd.		10,020	$	235,514
APA Group		49,391		372,449
Aristocrat Leisure Ltd.		25,096		605,728
ASX Ltd.		8,058		428,946
Aurizon Holdings Ltd.		77,702		196,519
Australia & New Zealand Banking Group Ltd.		126,769		1,959,664
BHP Group Ltd.		213,113		5,813,723
BlueScope Steel Ltd.		21,115		236,907
Brambles Ltd.		60,188		506,556
Cochlear Ltd.		2,715		395,241
Coles Group Ltd.		55,514		664,457
Commonwealth Bank of Australia		71,004		4,692,101
Computershare Ltd.		22,748		379,384
CSL Ltd.		19,839		3,968,149
Dexus		43,474		257,148
Domino’s Pizza Enterprises Ltd.		2,534		109,221
Endeavour Group Ltd./Australia		55,143		272,892
Evolution Mining Ltd.		77,237		124,124
Fortescue Metals Group Ltd.		71,503		888,609
Glencore PLC		418,055		2,285,741
Goodman Group		69,062		918,385
GPT Group (The)		78,446		223,532
IDP Education Ltd.(a)		8,794		173,124
Insurance Australia Group Ltd.		106,774		337,396
James Hardie Industries PLC		18,682		423,434
Lendlease Corp. Ltd.		28,988		202,003
Lottery Corp. Ltd. (The)(b)		93,021		279,592
Macquarie Group Ltd.		15,689		1,877,240
Medibank Pvt Ltd.		115,688		291,414
Mineral Resources Ltd.		7,115		303,152
Mirvac Group		161,210		229,584
National Australia Bank Ltd.		136,926		2,839,315
Newcrest Mining Ltd.		35,239		423,631
Northern Star Resources Ltd.		47,198		249,453
Orica Ltd.		17,434		182,362
Origin Energy Ltd.		73,825		314,425
Qantas Airways Ltd.(b)		39,295		141,216
QBE Insurance Group Ltd.		62,335		511,070
Ramsay Health Care Ltd.		8,144		396,905
REA Group Ltd.		2,198		189,552
Reece Ltd.		12,301		133,176
Rio Tinto Ltd.		15,517		985,537
Rio Tinto PLC		46,703		2,578,486
Santos Ltd.		130,803		698,263
Scentre Group		211,311		419,937
SEEK Ltd.		14,073		198,552
Sonic Healthcare Ltd.		18,955		438,334
South32 Ltd.		194,728		536,224
Stockland		104,701		257,550
Suncorp Group Ltd.		53,596		395,820
Telstra Corp. Ltd.		173,666		469,635
Transurban Group		126,652		1,201,606
Treasury Wine Estates Ltd.		31,468		282,276
Vicinity Centres		163,172		213,626
Washington H Soul Pattinson & Co. Ltd.		9,131		159,136
Wesfarmers Ltd.		47,015		1,503,960
Westpac Banking Corp.		147,140		2,159,650
WiseTech Global Ltd.		6,126		241,974

Security	Shares		Value
Australia (continued)
Woodside Energy Group Ltd.		78,588	$	1,825,482
Woolworths Group Ltd.		52,578		1,296,191
				50,895,273
Austria — 0.1%
Erste Group Bank AG		14,327		322,182
OMV AG		6,149		247,757
Verbund AG		2,839		271,288
voestalpine AG		4,896		98,520
				939,747
Belgium — 0.2%
Ageas SA/NV		7,178		291,251
Anheuser-Busch InBev SA/NV		36,145		1,745,605
D’ieteren Group		974		146,832
Elia Group SA/NV		1,385		201,201
Groupe Bruxelles Lambert SA		4,700		355,302
KBC Group NV		10,473		499,483
Proximus SADP		6,489		82,599
Sofina SA		620		124,282
Solvay SA		3,095		249,848
UCB SA		5,240		368,198
Umicore SA		8,017		254,829
Warehouses De Pauw CVA		6,300		191,691
				4,511,121
Brazil — 0.1%
MercadoLibre Inc.(a)(b)		1,873		1,602,089
Yara International ASA		6,911		292,318
				1,894,407
Canada — 3.6%
Agnico Eagle Mines Ltd.		19,128		788,801
Air Canada(b)		7,545		101,626
Algonquin Power & Utilities Corp.(a)		27,594		379,027
Alimentation Couche-Tard Inc.		33,951		1,459,013
AltaGas Ltd.		11,870		255,955
ARC Resources Ltd.		29,007		400,424
Bank of Montreal		26,841		2,477,992
Bank of Nova Scotia (The)		50,413		2,787,522
Barrick Gold Corp.		73,779		1,095,436
BCE Inc.		3,151		152,062
BlackBerry Ltd.(a)(b)		23,422		139,103
Brookfield Asset Management Inc., Class A		58,542		2,816,221
Brookfield Renewable Corp., Class A		5,687		218,543
BRP Inc.		1,429		99,111
CAE Inc.(a)(b)		13,368		244,082
Cameco Corp.		16,722		487,393
Canadian Apartment Properties REIT		3,623		123,226
Canadian Imperial Bank of Commerce		37,325		1,765,147
Canadian National Railway Co.		24,778		2,946,721
Canadian Natural Resources Ltd.		49,169		2,695,525
Canadian Pacific Railway Ltd.		39,207		2,935,114
Canadian Tire Corp. Ltd., Class A, NVS		2,419		284,511
Canadian Utilities Ltd., Class A, NVS		5,467		167,255
CCL Industries Inc., Class B, NVS		6,402		314,019
Cenovus Energy Inc.		60,091		1,127,378
CGI Inc.(b)		9,130		722,976
Constellation Software Inc.		815		1,226,841
Dollarama Inc.		12,100		736,862
Emera Inc.		12,830		593,657
Empire Co. Ltd., Class A, NVS		7,099		202,211
Enbridge Inc.		86,024		3,547,462

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   (continued) August 31, 2022 iShares^® MSCI World ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Canada (continued)
Fairfax Financial Holdings Ltd.		1,139	$	567,822
First Quantum Minerals Ltd.		24,572		434,807
FirstService Corp.		1,669		208,779
Fortis Inc.		19,628		865,913
Franco-Nevada Corp.		8,399		1,009,786
George Weston Ltd.		3,196		365,386
GFL Environmental Inc.		6,536		184,134
Gildan Activewear Inc.		8,993		265,952
Great-West Lifeco Inc.		12,605		296,086
Hydro One Ltd.(c)		14,034		379,982
iA Financial Corp. Inc.		4,518		242,696
IGM Financial Inc.		3,596		97,885
Imperial Oil Ltd.		10,348		507,886
Intact Financial Corp.		7,282		1,054,860
Ivanhoe Mines Ltd., Class A(b)		25,774		165,632
Keyera Corp.		9,395		231,486
Kinross Gold Corp.		53,392		175,216
Lightspeed Commerce Inc.(b)		4,582		87,673
Loblaw Companies Ltd.		7,241		639,938
Lundin Mining Corp.		28,172		146,507
Magna International Inc.		11,989		692,584
Manulife Financial Corp.		81,352		1,407,330
Metro Inc.		10,230		538,081
National Bank of Canada		14,033		928,410
Northland Power Inc.		9,518		325,830
Nutrien Ltd.		23,702		2,175,924
Nuvei Corp.(b)(c)		2,412		73,810
Onex Corp.		3,216		159,043
Open Text Corp.		11,220		353,425
Pan American Silver Corp.		8,925		132,786
Parkland Corp.		6,479		159,046
Pembina Pipeline Corp.		22,951		810,498
Power Corp. of Canada		22,740		584,711
Quebecor Inc., Class B		7,156		154,579
Restaurant Brands International Inc.		11,932		704,373
RioCan REIT		7,041		107,919
Ritchie Bros Auctioneers Inc.		4,650		322,120
Rogers Communications Inc., Class B, NVS		14,790		636,825
Royal Bank of Canada		59,218		5,506,753
Saputo Inc.(a)		10,468		265,815
Shaw Communications Inc., Class B, NVS		18,937		485,627
Shopify Inc., Class A(b)		46,760		1,480,398
Sun Life Financial Inc.		24,535		1,080,896
Suncor Energy Inc.		61,648		1,994,460
TC Energy Corp.		40,630		1,957,949
Teck Resources Ltd., Class B		19,735		668,377
TELUS Corp.		18,239		410,789
TFI International Inc.		3,485		347,691
Thomson Reuters Corp.		7,228		795,914
TMX Group Ltd.		2,339		234,906
Toromont Industries Ltd.		3,454		267,357
Toronto-Dominion Bank (The)		77,054		4,957,013
Tourmaline Oil Corp.		12,962		766,360
Waste Connections Inc.		10,799		1,503,005
West Fraser Timber Co. Ltd.		2,556		228,675
Wheaton Precious Metals Corp.		18,766		572,832
WSP Global Inc.		4,877		581,185
				75,592,938
Denmark — 0.7%
AP Moller - Maersk A/S, Class A		141		329,391

Security	Shares		Value
Denmark (continued)
AP Moller - Maersk A/S, Class B, NVS		226	$	542,209
Carlsberg A/S, Class B		4,180		542,774
Chr Hansen Holding A/S		4,734		275,836
Coloplast A/S, Class B		4,944		564,758
Danske Bank A/S		28,200		376,552
Demant A/S(b)		4,555		140,313
DSV A/S		8,451		1,248,788
Genmab A/S(b)		2,712		965,380
GN Store Nord AS		5,216		147,522
Novo Nordisk A/S, Class B		69,932		7,476,696
Novozymes A/S, Class B		8,549		490,658
Orsted A/S(c)		7,943		775,256
Pandora A/S		4,167		250,339
Rockwool A/S, Class B		358		73,689
Tryg A/S		15,077		340,676
Vestas Wind Systems A/S		42,225		1,056,516
				15,597,353
Finland — 0.3%
Elisa OYJ		5,919		316,538
Fortum OYJ		18,560		190,916
Kesko OYJ, Class B		11,118		233,896
Kone OYJ, Class B		14,107		564,174
Neste OYJ		17,585		867,588
Nokia OYJ		227,613		1,147,025
Nordea Bank Abp		134,447		1,246,572
Orion OYJ, Class B		4,443		201,446
Sampo OYJ, Class A		20,708		936,837
Stora Enso OYJ, Class R		24,287		361,536
UPM-Kymmene OYJ		22,190		753,889
Wartsila OYJ Abp		20,276		167,181
				6,987,598
France — 2.9%
Accor SA(b)		7,160		170,774
Aeroports de Paris(b)		1,210		165,686
Air Liquide SA		21,584		2,704,753
Airbus SE		24,817		2,431,895
Alstom SA(a)		13,239		271,310
Amundi SA(c)		2,554		129,497
ArcelorMittal SA		23,481		557,301
Arkema SA		2,529		213,502
AXA SA		80,224		1,889,405
BioMerieux		1,723		157,568
BNP Paribas SA		46,629		2,166,858
Bollore SE		37,455		178,990
Bouygues SA		9,565		280,972
Bureau Veritas SA		12,291		305,061
Capgemini SE		6,666		1,151,738
Carrefour SA		26,089		435,438
Cie. de Saint-Gobain		21,010		846,235
Cie. Generale des Etablissements Michelin SCA		28,181		685,398
Covivio		2,191		122,318
Credit Agricole SA		51,778		476,547
Danone SA		27,185		1,430,483
Dassault Aviation SA		1,033		141,861
Dassault Systemes SE		27,595		1,064,151
Edenred		10,401		526,076
Eiffage SA(a)		3,452		303,620
Electricite de France SA		22,827		272,925
Engie SA		75,910		901,591

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

Schedule of Investments   (continued) August 31, 2022 iShares^® MSCI World ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
France (continued)
EssilorLuxottica SA		11,886	$	1,770,270
Eurazeo SE		1,667		99,553
Eurofins Scientific SE		5,690		393,681
Gecina SA		1,907		169,719
Getlink SE		18,470		347,809
Hermes International		1,322		1,693,172
Ipsen SA		1,555		149,027
Kering SA		3,099		1,554,931
Klepierre SA		8,918		182,928
La Francaise des Jeux SAEM(c)		4,035		130,872
Legrand SA		11,098		802,992
L’Oreal SA		10,062		3,455,736
LVMH Moet Hennessy Louis Vuitton SE		11,702		7,550,912
Orange SA		82,958		840,147
Pernod Ricard SA		8,630		1,583,505
Publicis Groupe SA		9,505		464,084
Remy Cointreau SA		947		175,633
Renault SA(b)		8,148		232,079
Safran SA		14,255		1,453,361
Sanofi		47,153		3,854,748
Sartorius Stedim Biotech		1,150		420,626
Schneider Electric SE		22,420		2,664,782
SEB SA		1,148		85,027
Societe Generale SA		33,722		743,415
Sodexo SA		3,663		280,146
Teleperformance		2,452		698,347
Thales SA		4,408		531,432
TotalEnergies SE		104,287		5,280,018
Ubisoft Entertainment SA(b)		3,900		179,849
Unibail-Rodamco-Westfield(a)(b)		5,277		271,288
Valeo		9,669		184,694
Veolia Environnement SA		27,270		607,778
Vinci SA		22,431		2,069,337
Vivendi SE		32,682		296,244
Wendel SE		1,124		88,315
Worldline SA/France(b)(c)		9,935		425,642
				61,714,052
Germany — 1.8%
adidas AG		7,219		1,070,456
Allianz SE, Registered		17,092		2,889,170
Aroundtown SA(a)		42,000		122,497
BASF SE		38,394		1,624,022
Bayer AG, Registered		40,664		2,150,637
Bayerische Motoren Werke AG		13,737		1,012,124
Bechtle AG		3,438		131,708
Beiersdorf AG		4,192		423,140
Brenntag SE		6,423		421,140
Carl Zeiss Meditec AG, Bearer		1,685		209,713
Commerzbank AG(b)		42,010		279,531
Continental AG		4,499		259,027
Covestro AG(c)		7,748		233,617
Daimler Truck Holding AG(b)		17,447		446,100
Deutsche Bank AG, Registered		86,816		724,296
Deutsche Boerse AG		7,873		1,331,123
Deutsche Lufthansa AG, Registered(a)(b)		27,474		163,341
Deutsche Post AG, Registered		41,092		1,499,822
Deutsche Telekom AG, Registered		138,205		2,604,781
E.ON SE		93,246		795,350
Evonik Industries AG		8,802		164,114
Fresenius Medical Care AG & Co. KGaA		8,535		292,233

Security	Shares		Value
Germany (continued)
Fresenius SE & Co. KGaA		16,737	$	414,045
GEA Group AG		6,418		223,262
Hannover Rueck SE		2,497		368,023
HeidelbergCement AG		6,004		271,125
HelloFresh SE(b)		6,981		166,678
Henkel AG & Co. KGaA		4,328		270,670
Infineon Technologies AG		54,230		1,326,947
KION Group AG		3,023		120,790
Knorr-Bremse AG		3,027		146,703
LEG Immobilien SE		3,034		229,291
Mercedes-Benz Group AG		33,663		1,887,339
Merck KGaA		5,361		920,912
MTU Aero Engines AG		2,259		398,403
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Registered		5,791		1,383,590
Nemetschek SE		2,407		141,797
Puma SE		4,390		268,333
Rational AG		206		111,108
Rheinmetall AG		1,772		281,296
RWE AG		26,691		1,018,993
SAP SE		44,373		3,779,220
Scout24 SE(c)		3,817		219,909
Siemens AG, Registered		31,693		3,210,315
Siemens Healthineers AG(c)		11,351		554,680
Symrise AG		5,344		559,165
Telefonica Deutschland Holding AG		44,506		115,535
Uniper SE		3,900		21,102
United Internet AG, Registered(d)		4,105		92,858
Volkswagen AG		1,345		248,785
Vonovia SE		30,076		814,203
Zalando SE(b)(c)		9,255		214,280
				38,627,299
Hong Kong — 0.8%
AIA Group Ltd.		507,200		4,879,891
BOC Hong Kong Holdings Ltd.		163,500		562,734
Budweiser Brewing Co. APAC Ltd.(c)		76,300		224,279
Chow Tai Fook Jewellery Group Ltd.		81,000		163,029
CK Asset Holdings Ltd.		89,500		604,104
CK Hutchison Holdings Ltd.		104,000		671,596
CK Infrastructure Holdings Ltd.		19,500		118,580
CLP Holdings Ltd.		76,500		659,146
ESR Group Ltd.(b)(c)		85,800		240,249
Futu Holdings Ltd., ADR(a)(b)		2,300		112,907
Galaxy Entertainment Group Ltd.		115,000		642,814
Hang Lung Properties Ltd.		59,000		98,118
Hang Seng Bank Ltd.		33,700		527,628
Henderson Land Development Co. Ltd.		48,000		160,566
HK Electric Investments & HK Electric Investments Ltd., Class SS(a)		105,500		88,043
HKT Trust & HKT Ltd., Class SS		167,000		224,044
Hong Kong & China Gas Co. Ltd.		440,589		434,369
Hong Kong Exchanges & Clearing Ltd.		48,400		1,950,255
Hongkong Land Holdings Ltd.		51,100		247,022
Jardine Matheson Holdings Ltd.		6,500		344,706
Link REIT		92,700		717,407
MTR Corp. Ltd.		73,500		376,417
New World Development Co. Ltd.		45,333		147,721
Power Assets Holdings Ltd.		69,000		412,703
Sands China Ltd.(b)		93,600		209,299
Sino Land Co. Ltd.		118,000		172,554

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   (continued) August 31, 2022 iShares^® MSCI World ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Hong Kong (continued)
SITC International Holdings Co. Ltd.		42,000	$	106,505
Sun Hung Kai Properties Ltd.		66,500		781,257
Swire Pacific Ltd., Class A		14,500		100,293
Swire Properties Ltd.		45,400		104,634
Techtronic Industries Co. Ltd.		58,500		689,963
WH Group Ltd.(c)		373,500		254,474
Wharf Real Estate Investment Co. Ltd.		75,000		341,264
Xinyi Glass Holdings Ltd.		60,000		110,813
				17,479,384
Ireland — 0.6%
CRH PLC		32,419		1,197,156
Flutter Entertainment PLC, Class DI(b)		6,941		869,700
Kerry Group PLC, Class A		6,662		686,997
Kingspan Group PLC		6,505		368,305
Linde PLC		21,379		6,047,264
Seagate Technology Holdings PLC		8,570		573,847
Smurfit Kappa Group PLC		10,341		346,729
STERIS PLC		4,175		840,762
Trane Technologies PLC		9,856		1,518,514
				12,449,274
Israel — 0.2%
Azrieli Group Ltd.		1,752		145,339
Bank Hapoalim BM		46,167		478,634
Bank Leumi Le-Israel BM		64,449		681,305
Bezeq The Israeli Telecommunication Corp. Ltd.		83,069		140,389
Check Point Software Technologies Ltd.(b)		4,406		529,778
CyberArk Software Ltd.(a)(b)		1,697		244,843
Elbit Systems Ltd.		1,115		238,037
ICL Group Ltd.		29,569		282,345
Isracard Ltd.		1		3
Israel Discount Bank Ltd., Class A		48,792		298,297
Mizrahi Tefahot Bank Ltd.		5,896		239,794
Nice Ltd.(b)		2,637		563,426
Teva Pharmaceutical Industries Ltd., ADR(b)		47,392		428,424
Tower Semiconductor Ltd.(b)		4,639		217,447
Wix.com Ltd.(b)		2,267		143,479
ZIM Integrated Shipping Services Ltd.		3,412		123,139
				4,754,679
Italy — 0.5%
Amplifon SpA		5,221		136,064
Assicurazioni Generali SpA		45,993		674,568
Atlantia SpA		20,406		467,266
DiaSorin SpA		1,018		133,545
Enel SpA		337,254		1,584,781
Eni SpA		104,744		1,237,333
Ferrari NV		5,211		1,005,944
FinecoBank Banca Fineco SpA		22,039		238,292
Infrastrutture Wireless Italiane SpA(c)		14,248		132,049
Intesa Sanpaolo SpA		685,279		1,179,701
Mediobanca Banca di Credito Finanziario SpA		26,101		206,612
Moncler SpA		8,541		380,004
Nexi SpA(b)(c)		31,201		255,988
Poste Italiane SpA(c)		21,970		175,584
Prysmian SpA		10,641		326,495
Recordati Industria Chimica e Farmaceutica SpA		4,366		178,133
Snam SpA		84,114		399,786
Telecom Italia SpA/Milano(b)		433,435		89,400
Tenaris SA		19,796		270,799
Terna - Rete Elettrica Nazionale		58,713		417,403

Security	Shares		Value
Italy (continued)
UniCredit SpA		88,549	$	866,530
				10,356,277
Japan — 6.1%
Advantest Corp.		7,300		413,438
Aeon Co. Ltd.		24,800		483,742
AGC Inc.		8,300		281,693
Aisin Corp.		4,300		127,859
Ajinomoto Co. Inc.		19,300		533,449
ANA Holdings Inc.(b)		4,800		92,286
Asahi Group Holdings Ltd.		19,100		640,389
Asahi Intecc Co. Ltd.		6,300		112,062
Asahi Kasei Corp.		59,300		433,352
Astellas Pharma Inc.		82,700		1,172,502
Azbil Corp.		3,600		102,576
Bandai Namco Holdings Inc.		7,300		547,767
Bridgestone Corp.		22,300		855,744
Brother Industries Ltd.		12,600		241,133
Canon Inc.		40,500		969,947
Capcom Co. Ltd.		5,100		139,203
Central Japan Railway Co.		5,200		612,196
Chiba Bank Ltd. (The)		21,100		113,979
Chubu Electric Power Co. Inc.		24,500		249,136
Chugai Pharmaceutical Co. Ltd.		29,300		756,176
Concordia Financial Group Ltd.		42,100		133,509
CyberAgent Inc.		17,500		170,612
Dai Nippon Printing Co. Ltd.		6,500		136,817
Daifuku Co. Ltd.		3,000		175,014
Dai-ichi Life Holdings Inc.		40,500		699,759
Daiichi Sankyo Co. Ltd.		75,100		2,256,889
Daikin Industries Ltd.		11,100		1,937,695
Daito Trust Construction Co. Ltd.		1,900		186,917
Daiwa House Industry Co. Ltd.		22,200		496,330
Daiwa House REIT Investment Corp.		119		275,104
Daiwa Securities Group Inc.		64,900		283,303
Denso Corp.		18,300		998,827
Dentsu Group Inc.		10,600		341,373
Disco Corp.		1,300		315,653
East Japan Railway Co.		14,500		751,051
Eisai Co. Ltd.		12,500		509,665
ENEOS Holdings Inc.		140,700		531,695
FANUC Corp.		8,000		1,288,793
Fast Retailing Co. Ltd.		2,500		1,461,829
Fuji Electric Co. Ltd.		5,200		224,651
FUJIFILM Holdings Corp.		16,200		822,422
Fujitsu Ltd.		8,200		964,920
GLP J-Reit		181		220,492
GMO Payment Gateway Inc.		1,400		111,026
Hakuhodo DY Holdings Inc.		12,500		111,519
Hamamatsu Photonics KK		4,700		199,274
Hankyu Hanshin Holdings Inc.		12,400		371,858
Hikari Tsushin Inc.		600		75,855
Hirose Electric Co. Ltd.		1,100		155,867
Hitachi Construction Machinery Co. Ltd.		3,100		63,729
Hitachi Ltd.		39,600		1,978,497
Hitachi Metals Ltd.(b)		6,200		93,290
Honda Motor Co. Ltd.		70,400		1,874,207
Hoshizaki Corp.		3,200		95,067
Hoya Corp.		16,500		1,682,617
Hulic Co. Ltd.		16,800		127,310
Ibiden Co. Ltd.		3,100		98,391

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

Schedule of Investments   (continued) August 31, 2022 iShares^® MSCI World ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Japan (continued)
Idemitsu Kosan Co. Ltd.		6,100	$	160,840
Iida Group Holdings Co. Ltd.		4,300		65,501
Inpex Corp.		41,200		473,579
Isuzu Motors Ltd.		22,700		281,927
Ito En Ltd.		1,600		70,219
ITOCHU Corp.		51,500		1,417,317
Itochu Techno-Solutions Corp.		2,800		70,664
Japan Airlines Co. Ltd.(b)		4,200		76,819
Japan Exchange Group Inc.		20,600		306,986
Japan Metropolitan Fund Invest		318		252,548
Japan Post Bank Co. Ltd.(a)		17,500		127,565
Japan Post Holdings Co. Ltd.		81,200		560,181
Japan Post Insurance Co. Ltd.		5,800		88,842
Japan Real Estate Investment Corp.		56		259,368
Japan Tobacco Inc.		52,000		881,058
JFE Holdings Inc.		20,000		214,871
JSR Corp.		5,900		131,610
Kajima Corp.		18,800		197,824
Kakaku.com Inc.		3,900		71,791
Kansai Electric Power Co. Inc. (The)		31,900		309,163
Kao Corp.		19,500		844,355
KDDI Corp.		69,200		2,117,598
Keio Corp.		3,000		114,151
Keisei Electric Railway Co. Ltd.		3,800		106,006
Keyence Corp.		8,200		3,078,885
Kikkoman Corp.		6,400		391,350
Kintetsu Group Holdings Co. Ltd.		5,000		169,783
Kirin Holdings Co. Ltd.		35,400		582,747
Kobayashi Pharmaceutical Co. Ltd.		1,600		90,674
Kobe Bussan Co. Ltd.		4,000		101,862
Koei Tecmo Holdings Co. Ltd.		1,700		56,995
Koito Manufacturing Co. Ltd.		3,000		102,493
Komatsu Ltd.		36,900		771,901
Konami Group Corp.		4,400		223,299
Kose Corp.		1,200		113,009
Kubota Corp.		41,300		641,398
Kurita Water Industries Ltd.		2,900		112,831
Kyocera Corp.		15,100		839,315
Kyowa Kirin Co. Ltd.		13,600		304,840
Lasertec Corp.		2,900		401,498
Lixil Corp.		13,500		234,758
M3 Inc.		18,600		595,792
Makita Corp.		7,100		166,948
Marubeni Corp.		70,500		734,771
Mazda Motor Corp.		22,300		197,491
McDonald’s Holdings Co. Japan Ltd.		2,300		82,208
MEIJI Holdings Co. Ltd.		5,500		262,014
MINEBEA MITSUMI Inc.		16,300		280,149
MISUMI Group Inc.		14,000		343,646
Mitsubishi Chemical Group Corp.		60,100		315,522
Mitsubishi Corp.		53,200		1,741,801
Mitsubishi Electric Corp.		81,700		825,998
Mitsubishi Estate Co. Ltd.		57,300		771,651
Mitsubishi HC Capital Inc.		25,000		121,157
Mitsubishi Heavy Industries Ltd.		15,000		578,259
Mitsubishi UFJ Financial Group Inc.		517,700		2,683,729
Mitsui & Co. Ltd.		59,700		1,401,107
Mitsui Chemicals Inc.		5,400		121,314
Mitsui Fudosan Co. Ltd.		38,100		771,167
Mitsui OSK Lines Ltd.		14,900		388,199

Security	Shares		Value
Japan (continued)
Mizuho Financial Group Inc.		104,490	$	1,196,450
MonotaRO Co. Ltd.		13,000		233,250
MS&AD Insurance Group Holdings Inc.		18,700		557,932
Murata Manufacturing Co. Ltd.		23,700		1,276,160
NEC Corp.		10,300		375,658
Nexon Co. Ltd.		20,100		400,233
NGK Insulators Ltd.		13,200		188,463
Nidec Corp.		18,700		1,242,278
Nihon M&A Center Holdings Inc.		14,500		179,702
Nintendo Co. Ltd.		4,600		1,882,995
Nippon Building Fund Inc.		58		288,896
Nippon Express Holdings Inc.		2,200		121,050
Nippon Paint Holdings Co. Ltd.		32,100		247,566
Nippon Prologis REIT Inc.		112		281,762
Nippon Sanso Holdings Corp.		4,400		80,023
Nippon Shinyaku Co. Ltd.		1,400		76,579
Nippon Steel Corp.		28,447		449,352
Nippon Telegraph & Telephone Corp.		54,200		1,469,051
Nippon Yusen KK		6,400		488,155
Nissan Chemical Corp.		4,800		241,836
Nissan Motor Co. Ltd.		101,800		400,501
Nisshin Seifun Group Inc.		5,800		65,273
Nissin Foods Holdings Co. Ltd.		1,800		128,783
Nitori Holdings Co. Ltd.		3,600		344,165
Nitto Denko Corp.		6,000		369,797
Nomura Holdings Inc.		140,800		509,821
Nomura Real Estate Holdings Inc.		3,500		85,988
Nomura Real Estate Master Fund Inc.		181		221,374
Nomura Research Institute Ltd.		15,500		417,164
NTT Data Corp.		24,100		339,144
Obayashi Corp.		24,600		170,148
Obic Co. Ltd.		2,900		428,908
Odakyu Electric Railway Co. Ltd.		14,300		195,353
Oji Holdings Corp.		35,100		140,045
Olympus Corp.		52,900		1,126,624
Omron Corp.		7,000		368,384
Ono Pharmaceutical Co. Ltd.		16,500		393,858
Open House Group Co. Ltd.		2,400		93,931
Oracle Corp. Japan		1,100		65,528
Oriental Land Co. Ltd./Japan		8,400		1,252,335
ORIX Corp.		50,300		826,800
Osaka Gas Co. Ltd.		16,600		279,600
Otsuka Corp.		3,300		106,669
Otsuka Holdings Co. Ltd.		17,100		558,530
Pan Pacific International Holdings Corp.		17,700		317,814
Panasonic Holdings Corp.		98,500		799,267
Persol Holdings Co. Ltd.		5,200		104,386
Rakuten Group Inc.		36,700		178,115
Recruit Holdings Co. Ltd.		61,000		1,939,226
Renesas Electronics Corp.(b)		59,400		562,432
Resona Holdings Inc.		93,700		344,933
Ricoh Co. Ltd.		25,200		198,058
Rohm Co. Ltd.		3,000		224,454
SBI Holdings Inc/Japan		12,800		251,522
SCSK Corp.		4,600		74,903
Secom Co. Ltd.		8,700		554,270
Seiko Epson Corp.		13,800		216,851
Sekisui Chemical Co. Ltd.		16,700		227,676
Sekisui House Ltd.		23,700		403,010
Seven & i Holdings Co. Ltd.		33,400		1,326,831

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   (continued) August 31, 2022 iShares^® MSCI World ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Japan (continued)
SG Holdings Co. Ltd.		15,000	$	248,801
Sharp Corp./Japan		6,200		44,383
Shimadzu Corp.		12,600		367,996
Shimano Inc.		2,700		477,655
Shimizu Corp.		21,800		119,539
Shin-Etsu Chemical Co. Ltd.		16,373		1,901,441
Shionogi & Co. Ltd.		13,400		654,253
Shiseido Co. Ltd.		17,400		657,264
Shizuoka Bank Ltd. (The)		18,700		108,214
SMC Corp.		2,300		1,091,187
SoftBank Corp.		132,300		1,450,436
SoftBank Group Corp.		52,200		2,067,722
Sompo Holdings Inc.		14,900		638,856
Sony Group Corp.		53,800		4,277,277
Square Enix Holdings Co. Ltd.		2,500		108,553
Subaru Corp.		23,600		428,987
SUMCO Corp.		15,400		209,022
Sumitomo Chemical Co. Ltd.		66,200		260,585
Sumitomo Corp.		44,200		621,699
Sumitomo Electric Industries Ltd.		33,400		382,583
Sumitomo Metal Mining Co. Ltd.		12,900		405,919
Sumitomo Mitsui Financial Group Inc.		56,300		1,698,192
Sumitomo Mitsui Trust Holdings Inc.		15,500		482,099
Sumitomo Realty & Development Co. Ltd.		14,700		359,502
Suntory Beverage & Food Ltd.		4,100		149,759
Suzuki Motor Corp.		16,400		573,199
Sysmex Corp.		6,400		391,213
T&D Holdings Inc.		21,400		233,714
Taisei Corp.		5,600		169,789
Takeda Pharmaceutical Co. Ltd.		64,126		1,772,446
TDK Corp.		17,000		594,358
Terumo Corp.		26,800		860,325
TIS Inc.		10,000		284,767
Tobu Railway Co. Ltd.		5,500		129,944
Toho Co. Ltd./Tokyo		3,200		121,532
Tokio Marine Holdings Inc.		24,000		1,330,065
Tokyo Electric Power Co. Holdings Inc.(b)		75,400		294,472
Tokyo Electron Ltd.		6,200		1,944,549
Tokyo Gas Co. Ltd.		16,600		311,436
Tokyu Corp.		20,300		241,321
Toppan Inc.		13,300		208,872
Toray Industries Inc.		63,200		360,647
Toshiba Corp.		18,000		666,611
Tosoh Corp.		13,100		169,381
TOTO Ltd.		4,100		141,322
Toyota Industries Corp.		6,400		357,714
Toyota Motor Corp.		445,700		6,669,925
Toyota Tsusho Corp.		6,200		217,050
Trend Micro Inc/Japan		5,700		350,938
Unicharm Corp.		17,500		608,155
USS Co. Ltd.		6,400		112,940
Welcia Holdings Co. Ltd.		2,700		56,547
West Japan Railway Co.		10,200		396,967
Yakult Honsha Co. Ltd.		4,200		248,412
Yamaha Corp.		6,800		265,260
Yamaha Motor Co. Ltd.		14,400		298,430
Yamato Holdings Co. Ltd.		14,200		221,365
Yaskawa Electric Corp.		12,700		413,549
Yokogawa Electric Corp.		12,400		216,421
Z Holdings Corp.		122,700		360,722

Security	Shares		Value
Japan (continued)
ZOZO Inc.		3,600	$	79,572
				129,677,516
Netherlands — 1.3%
ABN AMRO Bank NV, CVA(c)		18,466		177,401
Adyen NV(b)(c)		939		1,449,013
Aegon NV		82,016		366,531
AerCap Holdings NV(b)		5,633		248,134
Akzo Nobel NV		7,833		493,490
Argenx SE(b)		2,358		887,933
ASM International NV		1,969		535,350
ASML Holding NV		16,973		8,284,782
Davide Campari-Milano NV		21,959		215,436
Euronext NV(c)		3,675		271,593
EXOR NV		4,666		280,917
Heineken Holding NV		3,074		218,064
Heineken NV		11,010		989,568
IMCD NV		2,431		335,371
ING Groep NV		164,889		1,445,160
JDE Peet’s NV		4,426		136,477
Just Eat Takeaway.com NV(b)(c)		7,902		131,453
Koninklijke Ahold Delhaize NV		44,449		1,222,650
Koninklijke DSM NV		7,415		945,529
Koninklijke KPN NV		144,428		459,584
Koninklijke Philips NV		38,763		643,776
NN Group NV		11,546		474,517
NXP Semiconductors NV		11,156		1,836,054
OCI NV		3,741		140,448
Prosus NV		35,527		2,195,904
QIAGEN NV(b)		9,786		443,859
Randstad NV		5,263		245,102
Stellantis NV		86,595		1,153,491
Universal Music Group NV		30,937		614,345
Wolters Kluwer NV		11,370		1,111,904
				27,953,836
New Zealand — 0.1%
Auckland International Airport Ltd.(b)		52,500		242,118
Fisher & Paykel Healthcare Corp. Ltd.		25,279		302,632
Mercury NZ Ltd.		29,095		102,967
Meridian Energy Ltd.		54,141		165,173
Spark New Zealand Ltd.		78,507		259,695
Xero Ltd.(b)		5,552		326,619
				1,399,204
Norway — 0.2%
Adevinta ASA(b)		10,535		85,235
Aker BP ASA		13,151		460,690
DNB Bank ASA		38,655		734,986
Equinor ASA		40,091		1,555,957
Gjensidige Forsikring ASA		8,414		170,741
Kongsberg Gruppen ASA		3,744		127,972
Mowi ASA		16,347		335,142
Norsk Hydro ASA		61,702		423,961
Orkla ASA		31,489		263,686
Salmar ASA		2,922		193,224
Telenor ASA		29,192		319,448
				4,671,042
Portugal — 0.1%
EDP - Energias de Portugal SA		106,361		507,937
Galp Energia SGPS SA		21,067		227,502

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

Schedule of Investments   (continued) August 31, 2022 iShares^® MSCI World ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Portugal (continued)
Jeronimo Martins SGPS SA		11,865	$	263,068
				998,507
Singapore — 0.4%
Ascendas Real Estate Investment Trust		139,516		281,181
CapitaLand Integrated Commercial Trust		206,976		306,122
Capitaland Investment Ltd./Singapore		112,900		297,240
City Developments Ltd.		17,600		102,189
DBS Group Holdings Ltd.		76,000		1,769,545
Genting Singapore Ltd.		253,800		140,455
Grab Holdings Ltd., Class A(a)(b)		45,153		128,686
Keppel Corp. Ltd.		59,800		310,573
Mapletree Logistics Trust		132,600		158,171
Mapletree Pan Asia Commercial Trust		92,300		121,374
Oversea-Chinese Banking Corp. Ltd.		140,300		1,209,266
Sea Ltd., ADR(a)(b)		15,638		969,556
Singapore Airlines Ltd.(b)		57,000		216,421
Singapore Exchange Ltd.		29,800		202,223
Singapore Technologies Engineering Ltd.		63,500		169,212
Singapore Telecommunications Ltd.		350,300		657,638
United Overseas Bank Ltd.		52,400		1,021,771
UOL Group Ltd.		19,200		94,998
Venture Corp. Ltd.		13,800		180,295
Wilmar International Ltd.		79,700		230,046
				8,566,962
South Korea — 0.0%
Delivery Hero SE(b)(c)		6,760		280,548
Spain — 0.6%
Acciona SA		1,077		210,948
ACS Actividades de Construccion y Servicios SA		11,166		248,774
Aena SME SA(b)(c)		3,101		380,870
Amadeus IT Group SA(b)		18,577		980,668
Banco Bilbao Vizcaya Argentaria SA		274,966		1,233,825
Banco Santander SA		721,662		1,746,925
CaixaBank SA		184,502		557,104
Cellnex Telecom SA(c)		23,528		916,244
EDP Renovaveis SA		11,071		268,496
Enagas SA		2,268		41,414
Endesa SA		13,303		228,173
Ferrovial SA		20,453		512,857
Grifols SA(a)(b)		12,531		151,481
Iberdrola SA		260,254		2,709,686
Industria de Diseno Textil SA		45,126		974,335
Naturgy Energy Group SA		8,184		225,671
Red Electrica Corp. SA		5,764		105,382
Repsol SA		60,316		783,389
Siemens Gamesa Renewable Energy SA(b)		10,035		180,810
Telefonica SA		225,773		931,768
				13,388,820
Sweden — 0.8%
Alfa Laval AB		13,122		349,930
Alleima AB, NVS		9,378		37,652
Assa Abloy AB, Class B		41,033		831,081
Atlas Copco AB, Class A		112,597		1,142,975
Atlas Copco AB, Class B		64,883		590,811
Boliden AB		11,163		357,463
Electrolux AB, Class B		9,526		120,457
Embracer Group AB(a)(b)		36,886		228,858
Epiroc AB, Class A		27,460		420,160

Security	Shares		Value
Sweden (continued)
Epiroc AB, Class B		16,335	$	222,382
EQT AB		12,238		274,105
Essity AB, Class B		25,988		576,499
Evolution AB(c)		7,155		572,423
Fastighets AB Balder, Class B(b)		26,322		145,356
Getinge AB, Class B		9,550		176,881
H & M Hennes & Mauritz AB, Class B		31,893		331,219
Hexagon AB, Class B		82,215		840,158
Holmen AB, Class B		3,209		137,681
Husqvarna AB, Class B		17,656		118,797
Industrivarden AB, Class A		4,795		106,266
Industrivarden AB, Class C		6,718		147,379
Indutrade AB		11,060		204,787
Investment AB Latour, Class B		6,234		122,805
Investor AB, Class A		20,796		345,644
Investor AB, Class B		75,573		1,191,121
Kinnevik AB, Class B(b)		10,157		144,544
L E Lundbergforetagen AB, Class B		3,196		131,999
Lifco AB, Class B		9,790		152,069
Nibe Industrier AB, Class B		59,965		561,557
Sagax AB, Class B		6,767		145,538
Sandvik AB		46,889		731,023
Securitas AB, Class B		13,254		116,061
Skandinaviska Enskilda Banken AB, Class A		67,683		674,711
Skanska AB, Class B		14,243		210,407
SKF AB, Class B		16,005		239,956
Svenska Cellulosa AB SCA, Class B		24,746		370,782
Svenska Handelsbanken AB, Class A		60,124		492,426
Swedbank AB, Class A		37,694		487,191
Swedish Match AB		65,929		661,870
Swedish Orphan Biovitrum AB(b)		7,119		157,200
Tele2 AB, Class B		21,014		223,794
Telefonaktiebolaget LM Ericsson, Class B		118,746		888,033
Telia Co. AB		112,364		395,491
Volvo AB, Class A		8,460		140,796
Volvo AB, Class B		66,398		1,051,764
Volvo Car AB, Class B(a)(b)		24,327		148,186
				17,718,288
Switzerland — 2.9%
ABB Ltd., Registered		68,433		1,886,261
Adecco Group AG, Registered		7,164		227,103
Alcon Inc.		22,077		1,453,615
Bachem Holding AG, Class A		1,238		85,727
Baloise Holding AG, Registered		2,116		305,378
Barry Callebaut AG, Registered		161		329,428
Chocoladefabriken Lindt & Spruengli AG, Participation Certificates, NVS		48		507,665
Chocoladefabriken Lindt & Spruengli AG, Registered		4		435,575
Cie. Financiere Richemont SA, Class A, Registered		22,097		2,471,073
Clariant AG, Registered(b)		10,029		185,169
Coca-Cola HBC AG, Class DI		8,308		189,583
Credit Suisse Group AG, Registered		107,597		555,214
EMS-Chemie Holding AG, Registered		318		223,311
Geberit AG, Registered		1,412		652,408
Givaudan SA, Registered		382		1,218,800
Holcim AG		23,139		1,025,648
Julius Baer Group Ltd.		10,239		494,745
Kuehne + Nagel International AG, Registered		2,091		483,253
Logitech International SA, Registered		7,987		397,401
Lonza Group AG, Registered		3,243		1,729,556

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   (continued) August 31, 2022 iShares^® MSCI World ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Switzerland (continued)
Nestle SA, Registered		118,160	$	13,827,429
Novartis AG, Registered		92,136		7,452,699
Partners Group Holding AG		1,000		965,253
Roche Holding AG, Bearer		1,125		429,703
Roche Holding AG, NVS		29,419		9,480,018
Schindler Holding AG, Participation Certificates, NVS		1,889		329,076
Schindler Holding AG, Registered		885		149,468
SGS SA, Registered		232		510,907
Siemens Energy AG(b)		16,711		245,807
SIG Group AG		11,811		277,664
Sika AG, Registered		6,227		1,401,042
Sonova Holding AG, Registered		2,204		580,696
STMicroelectronics NV		31,594		1,101,056
Straumann Holding AG, Registered		4,324		473,836
Swatch Group AG (The), Bearer		1,326		321,549
Swatch Group AG (The), Registered		2,431		110,559
Swiss Life Holding AG, Registered		1,233		644,460
Swiss Prime Site AG, Registered		3,508		301,695
Swiss Re AG		13,317		1,035,472
Swisscom AG, Registered		990		511,859
TE Connectivity Ltd		13,617		1,718,602
Temenos AG, Registered		3,110		254,691
UBS Group AG, Registered		146,597		2,323,081
VAT Group AG(c)		1,236		295,536
Zurich Insurance Group AG		6,353		2,820,092
				62,419,163
United Kingdom — 4.0%
3i Group PLC		36,503		513,827
abrdn PLC		80,506		136,816
Admiral Group PLC		8,637		212,460
Amcor PLC		65,699		789,045
Anglo American PLC		53,988		1,734,875
Antofagasta PLC		16,350		208,036
Ashtead Group PLC		18,560		911,813
Associated British Foods PLC		14,761		260,694
AstraZeneca PLC		65,022		8,042,723
Auto Trader Group PLC(c)		39,759		300,207
AVEVA Group PLC		4,991		161,851
Aviva PLC		123,454		598,905
BAE Systems PLC		132,905		1,196,956
Barclays PLC		701,494		1,337,532
Barratt Developments PLC		42,245		209,146
Berkeley Group Holdings PLC		4,642		196,510
BP PLC		824,494		4,213,103
British American Tobacco PLC		90,939		3,642,357
British Land Co. PLC (The)		36,479		181,965
BT Group PLC		294,486		515,144
Bunzl PLC		13,981		463,668
Burberry Group PLC		16,762		339,073
Clarivate PLC(a)(b)		14,788		172,576
CNH Industrial NV		42,619		518,889
Coca-Cola Europacific Partners PLC		8,552		420,502
Compass Group PLC		74,551		1,603,671
Croda International PLC		5,775		450,132
DCC PLC		4,069		234,189
Diageo PLC		98,985		4,300,540
Entain PLC		25,159		370,155
Experian PLC		38,203		1,159,288
Ferguson PLC		9,212		1,066,824
GSK PLC		172,503		2,757,463

Security	Shares		Value
United Kingdom (continued)
Haleon PLC(b)		208,514	$	627,015
Halma PLC		15,742		378,673
Hargreaves Lansdown PLC		14,746		139,603
Hikma Pharmaceuticals PLC		7,175		109,352
HSBC Holdings PLC		849,679		5,205,850
Imperial Brands PLC		38,052		836,834
Informa PLC		62,318		394,264
InterContinental Hotels Group PLC		7,637		414,583
Intertek Group PLC		6,699		307,475
J Sainsbury PLC		72,445		170,996
JD Sports Fashion PLC		106,919		139,853
Johnson Matthey PLC		8,031		187,370
Kingfisher PLC		87,145		234,095
Land Securities Group PLC		29,204		220,268
Legal & General Group PLC		239,745		702,230
Lloyds Banking Group PLC		2,937,726		1,488,710
London Stock Exchange Group PLC		13,561		1,272,043
M&G PLC		107,731		244,488
Melrose Industries PLC		181,203		285,948
Mondi PLC		20,189		342,717
National Grid PLC		149,899		1,866,520
NatWest Group PLC, NVS		221,950		633,371
Next PLC		5,527		372,198
Ocado Group PLC(b)		19,816		166,536
Pearson PLC		31,262		312,869
Persimmon PLC		13,373		228,827
Phoenix Group Holdings PLC		29,041		202,839
Prudential PLC		108,854		1,142,441
Reckitt Benckiser Group PLC		29,587		2,282,980
RELX PLC		80,116		2,101,051
Rentokil Initial PLC		80,415		485,664
Rolls-Royce Holdings PLC(b)		346,389		308,708
Royalty Pharma PLC, Class A		14,501		606,287
Sage Group PLC (The)		45,725		379,000
Schroders PLC		5,160		160,508
Segro PLC		49,770		543,139
Severn Trent PLC		10,371		335,000
Shell PLC		320,646		8,486,871
Smith & Nephew PLC		36,445		428,693
Smiths Group PLC		16,452		284,222
Spirax-Sarco Engineering PLC		3,013		367,816
SSE PLC		43,255		828,883
St. James’s Place PLC		22,387		286,552
Standard Chartered PLC		109,065		755,401
Taylor Wimpey PLC		163,414		205,008
Tesco PLC		325,249		939,407
Unilever PLC		107,535		4,878,037
United Utilities Group PLC		28,258		346,338
Vodafone Group PLC		1,093,743		1,464,360
Whitbread PLC		8,387		243,083
WPP PLC		49,400		425,485
				84,991,396
United States — 68.8%
3M Co.(a)		24,054		2,991,115
A O Smith Corp.		5,723		323,063
Abbott Laboratories		73,562		7,551,139
AbbVie Inc.		74,001		9,950,174
Abiomed Inc.(b)		1,895		491,336
Accenture PLC, Class A		26,658		7,689,767
Activision Blizzard Inc.		32,443		2,546,451

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

Schedule of Investments   (continued) August 31, 2022 iShares^® MSCI World ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
United States (continued)
Adobe Inc.(b)		19,752	$	7,376,187
Advance Auto Parts Inc.		2,656		447,908
Advanced Micro Devices Inc.(b)		68,053		5,775,658
AES Corp. (The)		28,099		715,120
Affirm Holdings Inc.(a)(b)		7,372		172,726
Aflac Inc.		26,636		1,582,712
Agilent Technologies Inc.		12,636		1,620,567
Air Products and Chemicals Inc.		9,206		2,324,055
Airbnb Inc., Class A(b)		15,795		1,786,730
Akamai Technologies Inc.(b)		6,958		628,168
Albemarle Corp.		4,940		1,323,722
Alcoa Corp.		7,678		379,907
Alexandria Real Estate Equities Inc.		6,677		1,024,252
Align Technology Inc.(b)		3,103		756,201
Alleghany Corp.(b)		575		483,678
Allegion PLC		3,772		358,717
Alliant Energy Corp.		10,898		665,214
Allstate Corp. (The)		11,346		1,367,193
Ally Financial Inc.		15,190		504,308
Alnylam Pharmaceuticals Inc.(b)		4,974		1,027,977
Alphabet Inc., Class A(b)		251,592		27,227,286
Alphabet Inc., Class C, NVS(b)		238,106		25,989,270
Altria Group Inc.		77,060		3,476,947
Amazon.com Inc.(b)		384,518		48,745,347
AMC Entertainment Holdings Inc., Class A(a)(b)		21,129		192,696
AMERCO		400		210,268
Ameren Corp.		10,827		1,002,797
American Electric Power Co. Inc.		21,804		2,184,761
American Express Co.		26,861		4,082,872
American Financial Group Inc./OH		3,061		390,828
American Homes 4 Rent, Class A		13,567		482,443
American International Group Inc.		31,790		1,645,132
American Tower Corp.		19,246		4,889,446
American Water Works Co. Inc.		7,580		1,125,251
Ameriprise Financial Inc.		4,738		1,269,831
AmerisourceBergen Corp.		6,529		956,890
AMETEK Inc.		9,676		1,162,668
Amgen Inc.		22,180		5,329,854
Amphenol Corp., Class A		24,846		1,826,926
Analog Devices Inc.		21,702		3,288,504
Annaly Capital Management Inc.		76,605		494,102
Ansys Inc.(b)		3,632		901,826
Aon PLC, Class A		8,966		2,503,845
APA Corp.		14,076		550,512
Apollo Global Management Inc.		16,830		935,411
Apple Inc.		679,429		106,819,827
Applied Materials Inc.		36,627		3,445,502
AppLovin Corp., Class A(b)		5,114		125,958
Aptiv PLC(b)		11,262		1,052,209
Aramark		9,918		354,172
Arch Capital Group Ltd.(b)		16,470		753,008
Archer-Daniels-Midland Co.		23,605		2,074,643
Arista Networks Inc.(b)		10,428		1,250,109
Arrow Electronics Inc.(b)		3,083		323,129
Arthur J Gallagher & Co.		8,618		1,564,770
Assurant Inc.		2,366		374,987
AT&T Inc.		296,507		5,200,733
Atmos Energy Corp.		5,562		630,620
Autodesk Inc.(a)(b)		9,229		1,861,858
Automatic Data Processing Inc.		17,566		4,293,306

Security	Shares		Value
United States (continued)
AutoZone Inc.(b)		860	$	1,822,521
Avalara Inc.(b)		3,713		340,074
AvalonBay Communities Inc.		5,822		1,169,698
Avantor Inc.(b)		25,769		641,906
Avery Dennison Corp.		3,485		639,916
Baker Hughes Co.		39,940		1,008,884
Ball Corp.		13,879		774,587
Bank of America Corp.		302,384		10,163,126
Bank of New York Mellon Corp. (The)		31,744		1,318,328
Bath & Body Works Inc.		11,361		424,106
Bausch Health Companies Inc.(b)		13,866		83,195
Baxter International Inc.		20,953		1,203,959
Becton Dickinson and Co.		11,948		3,015,914
Bentley Systems Inc., Class B(a)		7,672		282,099
Berkshire Hathaway Inc., Class B(b)		53,922		15,141,298
Best Buy Co. Inc.		9,472		669,576
Bill.com Holdings Inc.(b)		4,044		654,643
Biogen Inc.(b)		6,173		1,206,081
BioMarin Pharmaceutical Inc.(b)		7,958		709,854
Bio-Rad Laboratories Inc., Class A(b)		955		463,213
Bio-Techne Corp.		1,628		540,187
Black Knight Inc.(b)		6,868		454,387
BlackRock Inc.(e)		6,315		4,208,253
Blackstone Inc., NVS		29,629		2,783,348
Block Inc.(b)		21,533		1,483,839
Boeing Co. (The)(b)		23,203		3,718,281
Booking Holdings Inc.(b)		1,708		3,203,883
Booz Allen Hamilton Holding Corp.		6,059		579,846
BorgWarner Inc.		10,310		388,687
Boston Properties Inc.		6,245		496,040
Boston Scientific Corp.(b)		59,618		2,403,202
Bristol-Myers Squibb Co.		89,003		5,999,692
Broadcom Inc.		17,016		8,492,856
Broadridge Financial Solutions Inc.		4,950		847,291
Brown & Brown Inc.		10,127		638,406
Brown-Forman Corp., Class B		13,022		946,699
Bunge Ltd.		6,098		604,739
Burlington Stores Inc.(a)(b)		2,817		394,915
Cable One Inc.		210		238,350
Cadence Design Systems Inc.(b)		11,529		2,003,394
Caesars Entertainment Inc.(a)(b)		9,053		390,365
Camden Property Trust		4,150		533,316
Campbell Soup Co.		8,759		441,278
Capital One Financial Corp.		16,744		1,771,850
Cardinal Health Inc.		12,283		868,654
Carlisle Companies Inc.		1,993		589,250
Carlyle Group Inc. (The)		6,914		224,912
CarMax Inc.(a)(b)		6,828		603,868
Carnival Corp.(b)		35,140		332,424
Carrier Global Corp.		34,452		1,347,762
Catalent Inc.(b)		7,033		618,904
Caterpillar Inc.		22,294		4,117,925
Cboe Global Markets Inc.		4,511		532,163
CBRE Group Inc., Class A(b)		14,047		1,109,151
CDW Corp./DE		5,758		982,891
Celanese Corp.		4,660		516,608
Centene Corp.(b)		24,537		2,201,950
CenterPoint Energy Inc.		25,262		796,511
Ceridian HCM Holding Inc.(b)		5,932		353,784
CF Industries Holdings Inc.		9,049		936,210

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   (continued) August 31, 2022 iShares^® MSCI World ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
United States (continued)
CH Robinson Worldwide Inc.		5,589	$	637,984
Charles River Laboratories International Inc.(b)		2,066		424,047
Charles Schwab Corp. (The)		60,473		4,290,559
Charter Communications Inc., Class A(b)		5,036		2,078,005
Cheniere Energy Inc.		9,501		1,521,870
Chevron Corp.		78,658		12,432,683
Chewy Inc., Class A(a)(b)		3,611		123,966
Chipotle Mexican Grill Inc.(b)		1,161		1,853,885
Chubb Ltd.		17,787		3,362,632
Church & Dwight Co. Inc.		10,315		863,469
Cigna Corp.		13,371		3,790,010
Cincinnati Financial Corp.		6,567		636,736
Cintas Corp.		3,827		1,556,977
Cisco Systems Inc.		174,101		7,785,797
Citigroup Inc.		80,976		3,952,439
Citizens Financial Group Inc.		20,978		769,473
Citrix Systems Inc.		5,088		522,894
Cleveland-Cliffs Inc.(b)		21,134		364,984
Clorox Co. (The)		5,162		745,083
Cloudflare Inc., Class A(b)		11,395		712,985
CME Group Inc.		15,006		2,935,324
CMS Energy Corp.		12,408		838,036
Coca-Cola Co. (The)		171,971		10,612,330
Cognex Corp.		7,665		322,773
Cognizant Technology Solutions Corp., Class A		21,947		1,386,392
Coinbase Global Inc., Class A(a)(b)		4,946		330,393
Colgate-Palmolive Co.		33,373		2,610,102
Comcast Corp., Class A		187,671		6,791,813
Conagra Brands Inc.		20,816		715,654
ConocoPhillips		54,286		5,941,603
Consolidated Edison Inc.		14,783		1,444,890
Constellation Brands Inc., Class A		7,009		1,724,564
Constellation Energy Corp.		13,846		1,129,695
Cooper Companies Inc. (The)		2,076		596,725
Copart Inc.(b)		8,864		1,060,578
Corning Inc.		33,906		1,163,654
Corteva Inc.		30,651		1,882,891
CoStar Group Inc.(b)		16,557		1,153,029
Costco Wholesale Corp.		18,506		9,661,983
Coterra Energy Inc.		32,679		1,010,108
Coupa Software Inc.(b)		3,279		191,494
Crowdstrike Holdings Inc., Class A(b)		8,567		1,564,420
Crown Castle Inc.		18,046		3,082,798
Crown Holdings Inc.		5,546		502,412
CSX Corp.		92,368		2,923,447
Cummins Inc.		5,980		1,287,913
CVS Health Corp.		54,797		5,378,326
Danaher Corp.		28,982		7,822,532
Darden Restaurants Inc.		5,483		678,302
Datadog Inc., Class A(b)		10,192		1,069,650
DaVita Inc.(b)		2,123		181,071
Deere & Co.		12,226		4,465,546
Dell Technologies Inc., Class C		11,818		452,511
Delta Air Lines Inc.(b)		6,995		217,335
DENTSPLY SIRONA Inc.		9,358		306,662
Devon Energy Corp.		26,907		1,900,172
Dexcom Inc.(b)		16,062		1,320,457
Diamondback Energy Inc.		7,213		961,349
Digital Realty Trust Inc.		11,783		1,456,732
Discover Financial Services		11,444		1,150,008

Security	Shares		Value
United States (continued)
DISH Network Corp., Class A(b)		10,705	$	185,732
DocuSign Inc.(b)		8,170		475,657
Dollar General Corp.		9,702		2,303,449
Dollar Tree Inc.(b)		9,391		1,274,171
Dominion Energy Inc.		34,671		2,836,088
Domino’s Pizza Inc.		1,530		568,946
DoorDash Inc., Class A(b)		8,224		492,618
Dover Corp.		6,141		767,379
Dow Inc.		29,940		1,526,940
DR Horton Inc.		14,272		1,015,453
Dropbox Inc., Class A(b)		13,714		293,342
DTE Energy Co.		8,071		1,051,974
Duke Energy Corp.		31,984		3,419,409
Duke Realty Corp.		16,015		942,483
DuPont de Nemours Inc.		21,858		1,216,179
Dynatrace Inc.(b)		8,145		310,976
Eastman Chemical Co.		4,927		448,357
Eaton Corp. PLC		16,579		2,265,355
eBay Inc.		24,668		1,088,599
Ecolab Inc.		10,748		1,760,845
Edison International		16,184		1,096,790
Edwards Lifesciences Corp.(b)		25,943		2,337,464
Elanco Animal Health Inc.(b)		18,196		275,305
Electronic Arts Inc.		11,876		1,506,708
Elevance Health Inc.		10,038		4,869,534
Eli Lilly & Co.		33,720		10,157,476
Emerson Electric Co.		24,919		2,036,879
Enphase Energy Inc.(b)		5,718		1,637,864
Entegris Inc.		5,710		541,765
Entergy Corp.		8,460		975,438
EOG Resources Inc.		24,304		2,948,075
EPAM Systems Inc.(b)		2,349		1,001,848
EQT Corp.		14,217		679,573
Equifax Inc.		5,079		958,661
Equinix Inc.		3,848		2,529,560
Equitable Holdings Inc.		15,848		471,478
Equity LifeStyle Properties Inc.		7,541		528,624
Equity Residential		15,047		1,101,139
Erie Indemnity Co., Class A, NVS		1,124		241,581
Essential Utilities Inc.		9,972		490,124
Essex Property Trust Inc.		2,698		715,132
Estee Lauder Companies Inc. (The), Class A		9,690		2,464,942
Etsy Inc.(a)(b)		5,336		563,535
Everest Re Group Ltd.		1,578		424,561
Evergy Inc.		9,892		677,899
Eversource Energy		14,557		1,305,617
Exact Sciences Corp.(b)		7,415		263,603
Exelon Corp.		41,178		1,808,126
Expedia Group Inc.(b)		6,102		626,370
Expeditors International of Washington Inc.		7,149		735,561
Extra Space Storage Inc.		5,594		1,111,696
Exxon Mobil Corp.		177,101		16,929,085
F5 Inc.(b)		2,547		400,032
FactSet Research Systems Inc.		1,570		680,344
Fair Isaac Corp.(b)		1,157		519,956
Fastenal Co.		24,057		1,210,789
FedEx Corp.		10,538		2,221,516
Fidelity National Financial Inc.		11,459		448,047
Fidelity National Information Services Inc.		25,718		2,349,854
Fifth Third Bancorp.		28,895		986,764

24 2 0 2 2   I S H A R E S   A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments   (continued) August 31, 2022 iShares^® MSCI World ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
United States (continued)
First Citizens BancShares Inc./NC, Class A		512	$	415,724
First Republic Bank/CA		7,386		1,121,416
FirstEnergy Corp.		23,276		920,566
Fiserv Inc.(b)		25,927		2,623,553
FleetCor Technologies Inc.(b)		3,298		700,924
FMC Corp.		5,594		604,600
Ford Motor Co.		164,509		2,507,117
Fortinet Inc.(b)		29,182		1,420,872
Fortive Corp.(a)		14,355		909,102
Fortune Brands Home & Security Inc., NVS		5,874		360,840
Fox Corp., Class A, NVS		13,690		467,924
Fox Corp., Class B		6,665		210,747
Franklin Resources Inc.		13,020		339,431
Freeport-McMoRan Inc.		61,661		1,825,166
Gaming and Leisure Properties Inc.		9,796		472,853
Garmin Ltd.		6,792		601,024
Gartner Inc.(b)		3,500		998,620
Generac Holdings Inc.(b)		2,640		581,882
General Dynamics Corp.		9,885		2,262,973
General Electric Co.		45,644		3,352,095
General Mills Inc.		25,311		1,943,885
General Motors Co.		57,674		2,203,724
Genuine Parts Co.		6,019		939,024
Gilead Sciences Inc.		52,164		3,310,849
Global Payments Inc.		11,648		1,447,031
Globe Life Inc.		4,139		402,269
GoDaddy Inc., Class A(a)(b)		7,161		542,947
Goldman Sachs Group Inc. (The)		14,119		4,696,968
Guidewire Software Inc.(a)(b)		3,346		239,942
Halliburton Co.		37,348		1,125,295
Hartford Financial Services Group Inc. (The)		14,587		938,090
Hasbro Inc.		5,570		439,027
HCA Healthcare Inc.		10,038		1,986,219
Healthcare Realty Trust Inc.		15,934		387,515
Healthpeak Properties Inc.		22,925		601,781
HEICO Corp.		1,871		284,953
HEICO Corp., Class A		3,130		383,675
Henry Schein Inc.(b)		5,935		435,688
Hershey Co. (The)		6,067		1,363,073
Hess Corp.		11,651		1,407,208
Hewlett Packard Enterprise Co.		55,033		748,449
Hilton Worldwide Holdings Inc.		11,633		1,481,579
Hologic Inc.(b)		10,672		721,000
Home Depot Inc. (The)		42,954		12,388,793
Honeywell International Inc.		28,659		5,426,582
Horizon Therapeutics PLC(b)		8,643		511,752
Hormel Foods Corp.		12,645		635,791
Host Hotels & Resorts Inc.		30,965		550,248
Howmet Aerospace Inc.		17,333		614,108
HP Inc.		43,545		1,250,177
HubSpot Inc.(b)		1,871		630,602
Humana Inc.		5,339		2,572,223
Huntington Bancshares Inc./OH		62,162		832,971
Huntington Ingalls Industries Inc.		1,708		393,284
IAC/InterActiveCorp.(b)		3,412		219,289
IDEX Corp.		3,253		654,536
IDEXX Laboratories Inc.(b)		3,511		1,220,494
Illinois Tool Works Inc.		13,094		2,551,104
Illumina Inc.(b)		6,603		1,331,429
Incyte Corp.(b)		8,116		571,610

Security	Shares		Value
United States (continued)
Ingersoll Rand Inc.(a)		17,071	$	808,653
Insulet Corp.(b)		2,885		737,031
Intel Corp.		171,103		5,461,608
Intercontinental Exchange Inc.		23,421		2,362,008
International Business Machines Corp.		37,227		4,781,808
International Flavors & Fragrances Inc.		10,462		1,155,842
International Paper Co.		15,708		653,767
Interpublic Group of Companies Inc. (The)		16,731		462,445
Intuit Inc.		11,359		4,904,589
Intuitive Surgical Inc.(b)		14,828		3,050,713
Invesco Ltd.		15,030		247,544
Invitation Homes Inc.		24,236		879,282
IQVIA Holdings Inc.(b)		8,059		1,713,827
Iron Mountain Inc.		12,249		644,420
Jack Henry & Associates Inc.		3,228		620,422
Jacobs Solutions Inc., NVS		5,555		692,042
Jazz Pharmaceuticals PLC(b)		2,540		394,259
JB Hunt Transport Services Inc.		3,529		614,117
JM Smucker Co. (The)		4,532		634,435
Johnson & Johnson		109,894		17,730,298
Johnson Controls International PLC		29,364		1,589,767
JPMorgan Chase & Co.		122,933		13,981,170
Juniper Networks Inc.		13,915		395,464
Kellogg Co.		10,804		785,883
Keurig Dr Pepper Inc.(a)		32,608		1,243,017
KeyCorp.		40,308		713,049
Keysight Technologies Inc.(b)		7,677		1,258,184
Kimberly-Clark Corp.		14,034		1,789,616
Kimco Realty Corp.		26,109		550,378
Kinder Morgan Inc.		85,330		1,563,246
KKR & Co. Inc.		23,725		1,199,536
KLA Corp.		6,331		2,178,687
Knight-Swift Transportation Holdings Inc.		6,796		343,266
Kraft Heinz Co. (The)		31,365		1,173,051
Kroger Co. (The)		29,659		1,421,852
L3Harris Technologies Inc.		7,944		1,812,741
Laboratory Corp. of America Holdings		4,008		902,882
Lam Research Corp.		5,929		2,596,368
Las Vegas Sands Corp.(b)		14,977		563,585
Lear Corp.		2,551		353,671
Leidos Holdings Inc.		5,831		554,237
Lennar Corp., Class A		10,265		795,024
Lennox International Inc.		1,395		334,967
Liberty Broadband Corp., Class C (b)		5,256		534,535
Liberty Global PLC, Class A(b)		6,729		135,926
Liberty Global PLC, Class C, NVS(b)		14,546		309,975
Liberty Media Corp.-Liberty Formula One, Class C, NVS(b)		8,062		513,388
Liberty Media Corp.-Liberty SiriusXM, Class A, NVS(a)(b)		3,737		155,235
Liberty Media Corp.-Liberty SiriusXM, Class C, NVS(b)		7,313		302,466
Lincoln National Corp.		7,613		350,655
Live Nation Entertainment Inc.(b)		6,936		626,737
LKQ Corp.		11,832		629,699
Lockheed Martin Corp.		10,029		4,213,283
Loews Corp.		9,287		513,664
Lowe’s Companies Inc.		26,569		5,158,106
LPL Financial Holdings Inc.		3,237		716,445
Lucid Group Inc.(a)(b)		17,378		266,579
Lululemon Athletica Inc.(b)		4,930		1,478,803
Lumen Technologies Inc.		40,221		400,601

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   (continued) August 31, 2022 iShares^® MSCI World ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
United States (continued)
Lyft Inc., Class A(a)(b)		11,315	$	166,670
LyondellBasell Industries NV, Class A		11,070		918,810
M&T Bank Corp.		7,499		1,363,168
Marathon Oil Corp.		28,753		735,789
Marathon Petroleum Corp.		22,917		2,308,888
Markel Corp.(b)		571		681,837
MarketAxess Holdings Inc.		1,656		411,665
Marriott International Inc./MD, Class A		11,526		1,772,007
Marsh & McLennan Companies Inc.		21,062		3,398,775
Martin Marietta Materials Inc.		2,615		909,262
Marvell Technology Inc.		36,052		1,687,955
Masco Corp.		10,479		533,067
Masimo Corp.(b)		2,281		335,056
Mastercard Inc., Class A		36,607		11,874,213
Match Group Inc.(b)		11,013		622,565
McCormick & Co. Inc./MD, NVS		10,453		878,784
McDonald’s Corp.		31,057		7,835,060
McKesson Corp.		6,123		2,247,141
Medical Properties Trust Inc.		25,412		371,269
Medtronic PLC		55,823		4,907,958
Merck & Co. Inc.		105,732		9,025,284
Meta Platforms Inc, Class A(b)		96,677		15,751,584
MetLife Inc.		29,339		1,887,378
Mettler-Toledo International Inc.(b)		955		1,157,899
MGM Resorts International		16,331		533,044
Microchip Technology Inc.		22,882		1,493,050
Micron Technology Inc.		47,075		2,661,150
Microsoft Corp.		298,204		77,971,400
Mid-America Apartment Communities Inc.		4,889		809,961
Moderna Inc.(b)		14,294		1,890,667
Mohawk Industries Inc.(b)		2,514		277,445
Molina Healthcare Inc.(b)		2,442		823,858
Molson Coors Beverage Co., Class B		8,170		422,144
Mondelez International Inc., Class A		58,379		3,611,325
MongoDB Inc.(a)(b)		2,898		935,648
Monolithic Power Systems Inc.		1,794		813,005
Monster Beverage Corp.(b)		16,578		1,472,624
Moody’s Corp.		7,045		2,004,443
Morgan Stanley		55,881		4,762,179
Mosaic Co. (The)		15,607		840,749
Motorola Solutions Inc.		7,045		1,714,823
MSCI Inc.		3,427		1,539,545
Nasdaq Inc.		14,730		876,877
NetApp Inc.		9,589		691,655
Netflix Inc.(b)		18,742		4,189,962
Neurocrine Biosciences Inc.(b)		4,158		435,052
Newell Brands Inc., NVS		16,539		295,221
Newmont Corp.		33,306		1,377,536
News Corp., Class A, NVS		16,933		286,506
NextEra Energy Inc.		82,563		7,022,809
Nike Inc., Class B		53,057		5,647,918
NiSource Inc.		16,750		494,292
Nordson Corp.		2,156		489,779
Norfolk Southern Corp.		10,161		2,470,444
Northern Trust Corp.		8,342		793,241
Northrop Grumman Corp.		6,300		3,011,337
NortonLifeLock Inc.		25,265		570,736
Novocure Ltd.(a)(b)		3,840		315,379
NRG Energy Inc.		10,490		433,027
Nucor Corp.		11,221		1,491,720

Security	Shares		Value
United States (continued)
Nvidia Corp.		105,315	$	15,896,246
NVR Inc.(b)		127		525,788
Occidental Petroleum Corp.		38,956		2,765,876
Okta Inc.(b)		6,219		568,417
Old Dominion Freight Line Inc.		4,107		1,114,681
Omnicom Group Inc.		8,954		599,023
ON Semiconductor Corp.(b)		18,070		1,242,674
ONEOK Inc.		18,945		1,160,002
Oracle Corp.		67,245		4,986,217
O’Reilly Automotive Inc.(b)		2,852		1,988,186
Otis Worldwide Corp.		16,964		1,225,140
Owens Corning		4,411		360,511
PACCAR Inc.		14,544		1,272,745
Packaging Corp. of America		3,565		488,120
Palantir Technologies Inc., Class A(a)(b)		66,845		516,043
Palo Alto Networks Inc.(a)(b)		4,030		2,243,944
Paramount Global, Class B, NVS		25,647		599,883
Parker-Hannifin Corp.		5,360		1,420,400
Paychex Inc.		13,711		1,691,115
Paycom Software Inc.(b)		2,170		762,104
PayPal Holdings Inc.(b)		46,365		4,332,346
Pentair PLC		6,918		307,851
PepsiCo Inc.		58,131		10,014,227
PerkinElmer Inc.		5,327		719,465
Pfizer Inc.		235,090		10,633,121
PG&E Corp.(b)		61,369		756,680
Philip Morris International Inc.		64,714		6,179,540
Phillips 66		20,072		1,795,641
Pinterest Inc., Class A(b)		23,587		543,444
Pioneer Natural Resources Co.		9,631		2,438,762
Plug Power Inc.(a)(b)		22,004		616,992
PNC Financial Services Group Inc. (The)		17,667		2,791,386
Pool Corp.		1,699		576,284
PPG Industries Inc.		10,008		1,270,816
PPL Corp.		29,493		857,656
Principal Financial Group Inc.		11,314		845,835
Procter & Gamble Co. (The)		100,502		13,863,246
Progressive Corp. (The)		24,361		2,987,877
Prologis Inc.		30,713		3,824,076
Prudential Financial Inc.		15,731		1,506,243
PTC Inc.(b)		4,727		543,085
Public Service Enterprise Group Inc.		21,138		1,360,442
Public Storage		6,638		2,196,050
PulteGroup Inc.		11,064		449,862
Qorvo Inc.(b)		4,698		421,786
Qualcomm Inc.		46,813		6,191,956
Quanta Services Inc.		5,741		811,203
Quest Diagnostics Inc.		5,144		644,595
Raymond James Financial Inc.		7,955		830,263
Raytheon Technologies Corp.		62,619		5,620,055
Realty Income Corp.		25,022		1,708,502
Regency Centers Corp.		6,529		397,224
Regeneron Pharmaceuticals Inc.(b)		4,497		2,613,027
Regions Financial Corp.		40,220		871,567
Republic Services Inc.		9,322		1,330,436
ResMed Inc.		6,128		1,347,670
RingCentral Inc., Class A(b)		3,351		144,227
Rivian Automotive Inc., Class A(a)(b)		13,550		443,220
Robert Half International Inc.		4,748		365,454
ROBLOX Corp., Class A(a)(b)		14,976		585,711

26 2 0 2 2   I S H A R E S   A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments   (continued) August 31, 2022 iShares^® MSCI World ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
United States (continued)
Rockwell Automation Inc.		4,819	$	1,141,814
Roku Inc.(a)(b)		4,874		331,432
Rollins Inc.		9,548		322,340
Roper Technologies Inc.		4,382		1,764,106
Ross Stores Inc.		14,922		1,287,321
Royal Caribbean Cruises Ltd.(b)		9,720		397,062
RPM International Inc.		5,459		508,560
S&P Global Inc.		14,873		5,237,973
Salesforce Inc.(b)		41,414		6,465,554
SBA Communications Corp.		4,559		1,482,815
Schlumberger NV		58,841		2,244,784
Seagen Inc.(b)		5,731		884,236
Sealed Air Corp.		6,419		345,406
SEI Investments Co.		5,201		284,495
Sempra Energy		13,348		2,202,020
Sensata Technologies Holding PLC		6,835		275,314
ServiceNow Inc.(b)		8,434		3,665,585
Sherwin-Williams Co. (The)		10,413		2,416,857
Signature Bank/New York NY		2,390		416,720
Simon Property Group Inc.		13,856		1,413,035
Sirius XM Holdings Inc.(a)		28,055		170,855
Skyworks Solutions Inc.		6,941		684,036
Snap Inc., Class A, NVS(b)		44,415		483,235
Snap-on Inc.		2,331		507,832
Snowflake Inc., Class A(b)		9,427		1,705,816
SolarEdge Technologies Inc.(b)		2,101		579,813
Southern Co. (The)		45,206		3,484,026
Southwest Airlines Co.(b)		6,451		236,752
Splunk Inc.(a)(b)		6,889		620,217
SS&C Technologies Holdings Inc.		10,001		557,656
Stanley Black & Decker Inc.		6,825		601,282
Starbucks Corp.		47,728		4,012,493
State Street Corp.		15,181		1,037,621
Steel Dynamics Inc.		7,692		620,898
Stryker Corp.		14,156		2,904,811
Sun Communities Inc.		4,852		745,801
SVB Financial Group(b)		2,450		995,974
Synchrony Financial		21,125		691,844
Synopsys Inc.(b)		6,320		2,186,846
Sysco Corp.		21,574		1,773,814
T Rowe Price Group Inc.		9,603		1,152,360
Take-Two Interactive Software Inc.(b)		6,761		828,628
Targa Resources Corp.		8,660		590,872
Target Corp.		19,449		3,118,453
Teladoc Health Inc.(a)(b)		6,225		193,349
Teledyne Technologies Inc.(b)		1,926		709,461
Teleflex Inc.		1,980		447,995
Teradyne Inc.		6,824		577,583
Tesla Inc.(b)		110,996		30,591,608
Texas Instruments Inc.		38,939		6,433,112
Texas Pacific Land Corp.		266		489,562
Textron Inc.		9,401		586,434
Thermo Fisher Scientific Inc.		16,341		8,911,074
TJX Companies Inc. (The)		50,039		3,119,932
T-Mobile U.S. Inc.(b)		26,087		3,755,485
Tractor Supply Co.		4,760		881,314
Trade Desk Inc. (The), Class A(a)(b)		18,094		1,134,494
Tradeweb Markets Inc., Class A		4,521		314,616
TransDigm Group Inc.		2,139		1,284,234
TransUnion		8,068		595,983

Security	Shares		Value
United States (continued)
Travelers Companies Inc. (The)		9,710	$	1,569,524
Trimble Inc.(b)		10,602		670,576
Truist Financial Corp.		55,538		2,601,400
Twilio Inc., Class A(b)		6,992		486,503
Twitter Inc.(b)		27,457		1,063,959
Tyler Technologies Inc.(b)		1,703		632,682
Tyson Foods Inc., Class A		12,376		932,903
U.S. Bancorp.		58,491		2,667,775
Uber Technologies Inc.(b)		60,885		1,751,053
UDR Inc.		12,830		575,682
UGI Corp.		9,034		356,843
Ulta Beauty, Inc.(b)		2,135		896,422
Union Pacific Corp.		26,053		5,849,159
United Parcel Service Inc., Class B		30,793		5,989,546
United Rentals Inc.(b)		3,021		882,253
UnitedHealth Group Inc.		39,389		20,455,889
Unity Software Inc.(b)		8,360		357,139
Universal Health Services Inc., Class B		2,560		250,470
Vail Resorts Inc.		1,695		380,833
Valero Energy Corp.		16,481		1,930,255
Veeva Systems Inc., Class A(b)		5,753		1,146,688
Ventas Inc.		16,540		791,604
VeriSign Inc.(b)		4,226		770,062
Verisk Analytics Inc.		6,871		1,285,976
Verizon Communications Inc.		175,564		7,340,331
Vertex Pharmaceuticals Inc.(b)		10,779		3,037,091
VF Corp.		14,358		595,139
Viatris Inc.		51,433		491,185
VICI Properties Inc.		40,318		1,330,091
Visa Inc., Class A		69,514		13,813,127
Vistra Corp.		18,644		461,439
VMware Inc., Class A		8,702		1,009,693
Vornado Realty Trust		7,112		186,477
Vulcan Materials Co.		5,561		925,851
W R Berkley Corp.		9,048		586,310
Walgreens Boots Alliance Inc.		31,105		1,090,541
Walmart Inc.		63,938		8,474,982
Walt Disney Co. (The)(b)		76,363		8,558,765
Warner Bros. Discovery Inc.(b)		92,198		1,220,702
Waste Management Inc.		17,510		2,959,715
Waters Corp.(b)		2,571		767,701
Wayfair Inc., Class A(a)(b)		3,194		168,356
Webster Financial Corp.		7,678		361,250
WEC Energy Group Inc.		13,174		1,358,766
Wells Fargo & Co.		159,143		6,956,141
Welltower Inc.		18,610		1,426,456
West Pharmaceutical Services Inc.		3,067		909,948
Western Digital Corp.(b)		12,854		543,210
Western Union Co. (The)		17,656		261,662
Westinghouse Air Brake Technologies Corp.		7,575		663,949
Westlake Corp.(a)		1,275		125,753
Westrock Co.		11,506		467,029
Weyerhaeuser Co.		31,386		1,072,146
Whirlpool Corp.		1,976		309,442
Williams Companies Inc. (The)		50,787		1,728,282
Willis Towers Watson PLC		4,806		994,025
Workday Inc., Class A(b)		7,960		1,309,898
WP Carey Inc.		7,942		667,366
WW Grainger Inc.		1,884		1,045,507
Wynn Resorts Ltd.(a)(b)		4,595		278,411

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   (continued) August 31, 2022 iShares^® MSCI World ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
United States (continued)
Xcel Energy Inc.		22,708	$	1,686,069
Xylem Inc./NY		7,609		693,180
Yum! Brands Inc.		12,347		1,373,480
Zebra Technologies Corp., Class A(b)		2,261		682,008
Zendesk Inc.(b)		5,124		393,369
Zillow Group Inc., Class C (a)(b)		7,211		241,280
Zimmer Biomet Holdings Inc.		8,598		914,139
Zoetis Inc.		19,679		3,080,354
Zoom Video Communications Inc., Class A(b)		9,079		729,952
ZoomInfo Technologies Inc.(b)		11,980		544,132
Zscaler Inc.(b)		3,456		550,333
				1,462,549,920
Total Common Stocks — 99.5% (Cost: $2,138,858,382)				2,116,414,604
Preferred Stocks
Germany — 0.1%
Bayerische Motoren Werke AG, Preference Shares, NVS		2,414		167,831
Henkel AG & Co. KGaA, Preference Shares, NVS		7,405		477,871
Porsche Automobil Holding SE, Preference Shares, NVS		6,355		448,088
Sartorius AG, Preference Shares, NVS		1,106		460,788
Volkswagen AG, Preference Shares, NVS		7,687		1,093,392
				2,647,970
United States — 0.0%
AMC Entertainment Holdings Inc., 0.00%(a)		21,129		103,532
Total Preferred Stocks — 0.1% (Cost: $3,482,603)				2,751,502
Total Long-Term Investments — 99.6% (Cost: $2,142,340,985)				2,119,166,106

Security	Shares		Value
Short-Term Securities
Money Market Funds — 1.1%
BlackRock Cash Funds: Institutional, SL Agency Shares, 2.42%(e)(f)(g)		21,685,778	$	21,692,284
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.07%(e)(f)		1,560,000		1,560,000
Total Short-Term Securities — 1.1% (Cost: $23,240,750)				23,252,284
Total Investments in Securities — 100.7% (Cost: $2,165,581,735)				2,142,418,390
Liabilities in Excess of Other Assets — (0.7)%				(15,718,122	)
Net Assets — 100.0%			$    2,126,700,268

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

^(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)  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.

Affiliates

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

Affiliated Issuer	Value at 08/31/21		Purchases at Cost			Proceeds from Sale			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 08/31/22		Shares Held at 08/31/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	9,947,642	$	11,743,161	(a)	$	—		$	(7,148	)	$	8,629		$	21,692,284		21,685,778	$	92,244	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		810,000		750,000	(a)		—			—			—			1,560,000		1,560,000		11,571			—
BlackRock Inc.		3,794,856		2,107,572			(297,284	)		97,815			(1,494,706	)		4,208,253		6,315		89,972			—
									$	90,667		$	(1,486,077	)	$	27,460,537			$	193,787		$	—

^(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.

28 2 0 2 2   I S H A R E S   A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments   (continued) August 31, 2022 iShares^® MSCI World 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
TOPIX Index		3		09/08/22	$	424	$	(947	)
Euro STOXX 50 Index		23		09/16/22		814		(30,355	)
FTSE 100 Index		9		09/16/22		763		(4,324	)
S&P 500 E-Mini Index		27		09/16/22		5,341		(55,914	)
							$	(91,540	)

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:

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	—	$	—	$	91,540	$	—	$	—	$	—	$	91,540

^(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 August 31, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Commodity Contracts		Credit Contracts		Equity Contracts			Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Net Realized Gain (Loss) from
Futures contracts	$	—	$	—	$	(574,821	)	$	—	$	—	$	—	$	(574,821	)
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	(220,714	)	$	—	$	—	$	—	$	(220,714	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts
Average notional value of contracts — long	$	6,582,281

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 29

Schedule of Investments   (continued) August 31, 2022 iShares^® MSCI World 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	$	1,557,950,061		$	558,464,543		$	—	$	2,116,414,604
Preferred Stocks		103,532			2,647,970			—		2,751,502
Money Market Funds		23,252,284			—			—		23,252,284
	$	1,581,305,877		$	561,112,513		$	—	$	2,142,418,390
Derivative financial instruments(a)
Liabilities
Futures Contracts	$	(55,914	)	$	(35,626	)	$	—	$	(91,540	)

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

See notes to financial statements.

30 2 0 2 2   I S H A R E S   A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Statements of Assets and Liabilities

August 31, 2022

	iShares MSCI Frontier and Select EM ETF			iShares MSCI World ETF
ASSETS
Investments, at value — unaffiliated(a)(b)	$	329,751,176		$	2,114,957,853
Investments, at value — affiliated(c)		—			27,460,537
Cash		1,006,499			1,992
Foreign currency, at value(d)		20,805,807			2,179,793
Cash pledged:
Futures contracts		1,037,000			312,000
Collateral — OTC derivatives		840,000			—
Foreign currency collateral pledged for futures contracts(e)		—			157,042
Receivables:
Investments sold		4,547,768			4,433,923
Securities lending income — affiliated		—			12,460
Variation margin on futures contracts		61,342			—
Dividends — unaffiliated		861,793			3,955,971
Dividends — affiliated		334			3,789
Tax reclaims		—			671,654
Unrealized appreciation on forward foreign currency exchange contracts		1,196			—
Total assets		358,912,915			2,154,147,014
LIABILITIES
Collateral on securities loaned, at value		—			21,702,886
Deferred foreign capital gain tax		248,696			—
Payables:
Investments purchased		4,836,880			5,222,057
Variation margin on futures contracts		—			62,338
Bank borrowings		1,600,316			—
Investment advisory fees		239,244			455,154
Professional fees		—			4,311
Unrealized depreciation on forward foreign currency exchange contracts		955,006			—
Other liabilities		391,141			—
Total liabilities		8,271,283			27,446,746
NET ASSETS	$	350,641,632		$	2,126,700,268
NET ASSETS CONSIST OF
Paid-in capital	$	489,581,131		$	2,194,738,875
Accumulated loss		(138,939,499	)		(68,038,607	)
NET ASSETS	$	350,641,632		$	2,126,700,268
NET ASSET VALUE
Shares outstanding		12,850,000			19,300,000
Net asset value	$	27.29		$	110.19
Shares authorized		500 million			500 million
Par value	$	0.001		$	0.001
(a) Investments, at cost — unaffiliated	$	316,662,602		$	2,138,219,598
(b) Securities loaned, at value	$	—		$	20,892,119
(c)  Investments, at cost — affiliated	$	—		$	27,362,137
(d) Foreign currency, at cost	$	22,357,399		$	2,218,073
(e) Foreign currency collateral pledged, at cost	$	—		$	166,446

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

Year Ended August 31, 2022

	iShares MSCI Frontier and Select EM ETF			iShares MSCI World ETF
INVESTMENT INCOME
Dividends — unaffiliated	$	17,350,959		$	38,779,771
Dividends — affiliated		617			102,373
Non-cash dividends — unaffiliated		—			2,032,988
Securities lending income — affiliated — net		113			91,414
Other income — unaffiliated		—			811
Foreign taxes withheld		(1,171,299	)		(1,955,322	)
Foreign withholding tax claims		—			44,918
Total investment income		16,180,390			39,096,953
EXPENSES
Investment advisory fees		3,629,532			4,634,281
Commitment fees		4,919			—
Professional fees		217			4,790
Interest expense		22,026			—
Total expenses		3,656,694			4,639,071
Net investment income		12,523,696			34,457,882
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		25,259,583			(21,062,449	)
Investments — affiliated		16			(13,301	)
In-kind redemptions — unaffiliated(a)		656,697			39,940,319
In-kind redemptions — affiliated(a)		—			103,968
Futures contracts		(3,631,677	)		(574,821	)
Forward foreign currency exchange contracts		(733,549	)		—
Foreign currency transactions		(2,164,482	)		(371,739	)
		19,386,588			18,021,977
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated(b)		(112,029,006	)		(397,335,947	)
Investments — affiliated		(3	)		(1,486,077	)
Futures contracts		183,002			(220,714	)
Forward foreign currency exchange contracts		(279,668	)		—
Foreign currency translations		(1,149,471	)		(155,136	)
		(113,275,146	)		(399,197,874	)
Net realized and unrealized loss		(93,888,558	)		(381,175,897	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(81,364,862	)	$	(346,718,015	)
(a) See Note 2 of the Notes to Financial Statements.
(b) Net of reduction in deferred foreign capital gain tax of	$	283,226		$	—

See notes to financial statements.

32 2 0 2 2   I S H A R E S   A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Statements of Changes in Net Assets

	iShares MSCI Frontier and Select EM ETF						iShares MSCI World ETF
		Year Ended 08/31/22			Year Ended 08/31/21			Year Ended 08/31/22			Year Ended 08/31/21
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	12,523,696		$	9,359,354		$	34,457,882		$	18,847,920
Net realized gain		19,386,588			32,240,921			18,021,977			15,189,250
Net change in unrealized appreciation (depreciation)		(113,275,146	)		86,573,585			(399,197,874	)		285,475,469
Net increase (decrease) in net assets resulting from operations		(81,364,862	)		128,173,860			(346,718,015	)		319,512,639
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(11,387,380	)		(9,715,012	)		(33,669,487	)		(18,261,968	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		(52,705,010	)		3,870,773			937,249,033			320,340,634
NET ASSETS
Total increase (decrease) in net assets		(145,457,252	)		122,329,621			556,861,531			621,591,305
Beginning of year		496,098,884			373,769,263			1,569,838,737			948,247,432
End of year	$	350,641,632		$	496,098,884		$	2,126,700,268		$	1,569,838,737

^(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

Financial Highlights

(For a share outstanding throughout each period)

		iShares MSCI Frontier and Select EM ETF
	Year Ended 08/31/22				Year Ended 08/31/21				Year Ended 08/31/20				Year Ended 08/31/19				Year Ended 08/31/18
Net asset value, beginning of year		$	33.86			$	25.69			$	28.97			$	28.29			$	30.62
Net investment income(a)			0.88				0.65				0.87				1.03				0.87
Net realized and unrealized gain (loss)(b)			(6.63	)			8.20				(3.36	)			0.76				(1.99	)
Net increase (decrease) from investment operations			(5.75	)			8.85				(2.49	)			1.79				(1.12	)
Distributions from net investment income(c)			(0.82	)			(0.68	)			(0.79	)			(1.11	)			(1.21	)
Net asset value, end of year		$	27.29			$	33.86			$	25.69			$	28.97			$	28.29
Total Return(d)
Based on net asset value			(17.26	)%			34.77	%			(8.44	)%			6.45	%			(3.92	)%
Ratios to Average Net Assets(e)
Total expenses			0.80	%			0.79	%			0.79	%			0.79	%			0.81	%
Net investment income			2.73	%			2.17	%			3.27	%			3.63	%			2.69	%
Supplemental Data
Net assets, end of year (000)		$	350,642			$	496,099			$	373,769			$	496,868			$	523,445
Portfolio turnover rate(f)			34	%			36	%			25	%			33	%			35	%

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

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

See notes to financial statements.

34 2 0 2 2   I S H A R E S   A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Financial Highlights (continued)

(For a share outstanding throughout each period)

		iShares MSCI World ETF
	Year Ended 08/31/22				Year Ended 08/31/21				Year Ended 08/31/20				Year Ended 08/31/19				Year Ended 08/31/18
Net asset value, beginning of year		$	131.92			$	103.07			$	89.79			$	91.33			$	82.22
Net investment income(a)			2.19				1.84				1.76				1.96				1.84
Net realized and unrealized gain (loss)(b)			(21.88	)			28.80				13.35				(1.52	)			9.15
Net increase (decrease) from investment operations			(19.69	)			30.64				15.11				0.44				10.99
Distributions from net investment income(c)			(2.04	)			(1.79	)			(1.83	)			(1.98	)			(1.88	)
Net asset value, end of year		$	110.19			$	131.92			$	103.07			$	89.79			$	91.33
Total Return(d)
Based on net asset value			(15.07	)%(e)			29.94	%			17.04	%			0.61	%			13.46	%
Ratios to Average Net Assets(f)
Total expenses			0.24	%			0.24	%			0.24	%			0.24	%			0.24	%
Total expenses excluding professional fees for foreign withholding tax claims			0.24	%			N/A				N/A				N/A				N/A
Net investment income			1.78	%			1.58	%			1.90	%			2.24	%			2.09	%
Supplemental Data
Net assets, end of year (000)		$	2,126,700			$	1,569,839			$	948,247			$	646,459			$	566,243
Portfolio turnover rate(g)			5	%			5	%			7	%			4	%			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)  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, 2022:

• Total return by 0.01%.

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

^(g)  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

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 prevailing market rates 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.

Foreign governments and their agencies may enact policies that delay or place limits on repatriation of local currency to U.S. dollars. Market quoted rates for immediate currency settlement may have access or transaction volume restrictions that are insufficient to convert a significant portion of MSCI Frontier and Select EM’s local currency denominated assets and liabilities to U.S. dollars. When these events occur, the rates utilized to translate a foreign currency to U.S. dollars will be determined by BlackRock Fund Advisors (“BFA”), MSCI Frontier and Select EM’s investment adviser, with assistance from other BlackRock pricing committees, in accordance with policies approved by the Board of Directors of the Company (the “Board”). The translation rate is subsequently reported to the Board or a committee thereof on a quarterly basis.

Monetary policies enacted by government agencies in Kenya and Nigeria, limiting their local currency’s repatriation to safeguard U.S. dollar reserves, significantly impacts MSCI Frontier and Select EM’s ability to convert local denominated assets and liabilities amounts to U.S. dollars using quoted immediate currency settlement rates. As of August 31, 2022, MSCI Frontier and Select EM’s assets and liabilities denominated in Kenyan Shillings and Nigerian Naira is using the 6-month and 12-month non-deliverable forward rates, respectively.

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 August 31, 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.

Collateralization: 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.

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Notes to Financial Statements  (continued)

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. The Board of each Fund has approved the designation of BFA, the Funds’ investment adviser, as the valuation designee for each Fund. Each Fund determines the fair values of its financial instruments using various independent dealers or pricing services under BFA’s policies. 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 BFA’s policies and procedures as reflecting fair value. BFA has formed a committee (the “Valuation Committee”) to develop pricing policies and procedures and to oversee the pricing function for all financial instruments, with assistance from other BlackRock pricing committees.

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 at the mean between the bid and ask prices and are determined as of the close of trading on the NYSE 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 Valuation Committee, in accordance with BFA’s policies and procedures as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the 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 Valuation Committee 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 Valuation Committee deems relevant and consistent with the principles of fair value measurement.

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 Valuation Committee’s assumptions used in determining the fair value of financial instruments).

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Notes to Financial Statements  (continued)

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 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 BFA, 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		Securities Loaned at Value		Cash Collateral Received	(a)		Non-Cash Collateral Received, at Fair Value	(a)		Net Amount
MSCI World
Barclays Bank PLC	$	3,238,157	$	(3,238,157	)	$	—		$	—
Barclays Capital, Inc.		407,311		(407,311	)		—			—
BNP Paribas SA		4,671,067		(4,671,067	)		—			—
BofA Securities, Inc.		580,160		(580,160	)		—			—
Citigroup Global Markets, Inc.		1,029,632		(1,029,632	)		—			—
Goldman Sachs & Co. LLC		390,532		(390,532	)		—			—
HSBC Bank PLC		809,473		(809,473	)		—			—
J.P. Morgan Securities LLC		1,430,429		(1,430,429	)		—			—
Jefferies LLC		4,811		(4,608	)		—			203	(b)
Morgan Stanley		1,562,431		(1,562,431	)		—			—
National Financial Services LLC		159,339		(159,339	)		—			—
RBC Capital Markets LLC		378,373		(378,373	)		—			—
Scotia Capital (USA), Inc.		1,461,590		(1,461,590	)		—			—
SG Americas Securities LLC		3,659		(3,659	)		—			—
State Street Bank & Trust Co.		112,970		(112,970	)		—			—
UBS AG		3,040,888		(3,040,888	)		—			—
UBS Securities LLC		1,256,812		(1,256,812	)		—			—
Wells Fargo Bank N.A.		351,446		(351,446	)		—			—
Wells Fargo Securities LLC		3,039		(3,039	)		—			—
	$	20,892,119	$	(20,891,916	)	$	—		$	203

^(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.

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Notes to Financial Statements  (continued)

^(b)  The market value of the loaned securities is determined as of August 31, 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.

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

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 39

Notes to Financial Statements  (continued)

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 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 Fees
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 year ended August 31, 2022, the Funds paid BTC the following amounts for securities lending agent services:

iShares ETF	Fees Paid to BTC
MSCI Frontier and Select EM	$	36
MSCI World		26,708

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  (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 year ended August 31, 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	$	4,695,356	$	584,204	$	1,232
MSCI World		36,390,500		39,660,349		(8,638,683	)

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 year ended August 31, 2022, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows:

iShares ETF	Purchases		Sales
MSCI Frontier and Select EM	$	151,524,624	$	213,077,189
MSCI World		131,475,899		101,141,889

For the year ended August 31, 2022, in-kind transactions were as follows:

iShares ETF	In-kind Purchases		In-kind Sales
MSCI Frontier and Select EM	$	586,127	$	8,226,688
MSCI World		1,004,265,151		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 August 31, 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.

U.S. GAAP requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or NAV per share. As of August 31, 2022, permanent differences attributable to realized gains (losses) from in-kind redemptions were reclassified to the following accounts:

iShares ETF	Paid-in Capital		Accumulated Earnings (Loss)
MSCI Frontier and Select EM	$	172,510	$	(172,510	)
MSCI World		39,711,687		(39,711,687	)

The tax character of distributions paid was as follows:

iShares ETF	Year Ended 08/31/22		Year Ended 08/31/21
MSCI Frontier and Select EM
Ordinary income	$	11,387,380	$	9,715,012
MSCI World
Ordinary income	$	33,669,487	$	18,261,968

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  (continued)

As of August 31, 2022, the tax components of accumulated net earnings (losses) were as follows:

iShares ETF		Undistributed Ordinary Income		Non-expiring Capital Loss Carryforwards	(a)		Net Unrealized Gains (Losses)	(b)		Total
MSCI Frontier and Select EM	$	1,658,642	$	(140,535,997	)	$	(62,144	)	$	(138,939,499	)
MSCI World		5,910,714		(46,644,023	)		(27,305,298	)		(68,038,607	)

^(a)  Amounts available to offset future realized capital gains.

^(b)  The difference between book-basis and tax-basis unrealized gains (losses) was attributable primarily to the tax deferral of losses on wash sales, the realization for tax purposes of unrealized gains (losses) on certain futures contracts, the timing and recognition of partnership income, the characterization of corporate actions and the realization for tax purposes of unrealized gains on investments in passive foreign investment companies.

For the year ended August 31, 2022, the Funds listed below utilized the following amounts of their respective capital loss carryforwards:

iShares ETF	Utilized
MSCI Frontier and Select EM	$	15,925,247

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 August 31, 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	$	327,055,277	$	66,682,531	$	(64,940,442	)	$	1,742,089
MSCI World		2,169,571,629		174,830,910		(201,985,094	)		(27,154,184	)

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 11, 2023. 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) Daily Simple Secured Overnight Financing Rate (“SOFR”) plus 0.10% and 1.00% per annum or (b) the U.S. Federal Funds rate 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 year ended August 31, 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	$	25,800,000	$	1,676,247		1.66	%

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  (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: 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.

Illiquid Investments Risk: An illiquid investment is any investment that a fund expects cannot be sold or disposed of in seven calendar days or less without significantly changing the market value of the investment. Each Fund may not acquire any illiquid investment if, immediately after acquisition, each Fund would have invested more than 15% of their net assets in illiquid investments. An investment may be illiquid due to, among other things, the reduced number and capacity of traditional market participants to make a market in securities or instruments, the lack of an active market for such securities or instruments, capital controls, delays or limits on repatriation of local currency, or insolvency of local governments. In particular, certain frontier markets in which each Fund invests are experiencing a shortage of U.S. dollar reserves (including Kenya, Nigeria and Sri Lanka) and have recently restricted or delayed repatriation of local currency, and these issues are likely to persist. Illiquid investments may reduce the returns of each Fund as each Fund may be unable to transact at advantageous times or prices. In addition, if each Fund is limited in its ability to sell illiquid investments during periods when shareholders are redeeming their shares, each Fund will need to sell liquid securities to meet redemption requests and illiquid securities will become a larger portion of each Fund’s holdings.

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

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 43

Notes to Financial Statements  (continued)

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:

	Year Ended 08/31/22						Year Ended 08/31/21
iShares ETF	Shares			Amount			Shares			Amount
MSCI Frontier and Select EM
Shares sold		100,000		$	4,004,588			400,000		$	13,406,994
Shares redeemed		(1,900,000	)		(56,709,598	)		(300,000	)		(9,536,221	)
		(1,800,000	)	$	(52,705,010	)		100,000		$	3,870,773
MSCI World
Shares sold		8,200,000		$	1,037,489,044			3,100,000		$	365,815,188
Shares redeemed		(800,000	)		(100,240,011	)		(400,000	)		(45,474,554	)
		7,400,000		$	937,249,033			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 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 the iShares MSCI World ETF is able to pass through to shareholders as a foreign tax credit in the current year, the Fund 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.

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Notes to Financial Statements  (continued)

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.

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 45

Report of Independent Registered Public Accounting Firm

To the Board of Directors of

iShares, Inc. and Shareholders of each of the two funds listed in the table below

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of each of the funds listed in the table below (two of the funds constituting iShares, Inc., hereafter collectively referred to as the “Funds”) as of August 31, 2022, the related statements of operations for the year ended August 31, 2022, the statements of changes in net assets for each of the two years in the period ended August 31, 2022, including the related notes, and the financial highlights for each of the five years in the period ended August 31, 2022 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of August 31, 2022, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended August 31, 2022 and each of the financial highlights for each of the five years in the period ended August 31, 2022 in conformity with accounting principles generally accepted in the United States of America.

  iShares MSCI Frontier and Select EM ETF

  iShares MSCI World ETF

Basis for Opinions

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of August 31, 2022 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

October 21, 2022

We have served as the auditor of one or more BlackRock investment companies since 2000.

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Important Tax Information (unaudited)

The following amounts, or maximum amounts allowable by law, are hereby designated as qualified dividend income for individuals for the fiscal year ended August 31, 2022:

iShares ETF	Qualified Dividend Income
MSCI Frontier and Select EM	$	7,602,563
MSCI World		39,278,333

The following amounts, or maximum amounts allowable by law, are hereby designated as qualified business income for individuals for the fiscal year ended August 31, 2022:

iShares ETF	Qualified Business Income
MSCI World	$	184,764

The Funds intend to pass through to their shareholders the following amounts, or maximum amounts allowable by law, of foreign source income earned and foreign taxes paid for the fiscal year ended August 31, 2022:

iShares ETF	Foreign Source Income Earned		Foreign Taxes Paid
MSCI Frontier and Select EM	$	16,935,770	$	1,955,515

The following percentage, or maximum percentage allowable by law, of ordinary income distributions paid during the fiscal year ended August 31, 2022 qualified for the dividends-received deduction for corporate shareholders:

iShares ETF	Dividends-Received Deduction
MSCI Frontier and Select EM		3.64	%
MSCI World		52.86	%

I M P O R T A N T   T A X   I N F O R M A T I O N 47

Board Review and Approval of Investment Advisory Contract

iShares MSCI Frontier and Select EM ETF (the “Fund”)

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Company’s Board of Directors (the “Board”), including a majority of Board Members who are not “interested persons” of the Company (as that term is defined in the 1940 Act) (the “Independent Board Members”), is required annually to consider and approve the Investment Advisory Agreement between the Company and BFA (the “Advisory Agreement”) on behalf of the Fund. The Board’s consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings on May 3, 2022 and May 18, 2022, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 13-15, 2022, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The material factors, none of which was controlling, and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.

Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of another fund in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund’s applicable expense peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the investment advisory fee rate and overall expenses (net of waivers and reimbursements) for the Fund were higher than the median of the investment advisory fee rates and overall expenses (net of waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds.

In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund’s performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2021, to that of such relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

Based on this review, the other factors considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Nature, Extent and Quality of Services Provided: Based on management’s representations, including information about recent enhancements and initiatives with respect to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies, provided at the May 3, 2022 meeting and throughout the year, and matters related to BFA’s portfolio compliance program.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreement supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates: The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA

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Board Review and Approval of Investment Advisory Contract  (continued)

and its affiliates from the Fund’s operations for the last calendar year. The Board reviewed BlackRock’s methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA’s estimated profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the information considered with respect to the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability, including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Agreement for the Fund did not provide for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund increase. However, the Board noted that it would continue to assess the appropriateness of adding breakpoints in the future.

The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds, and institutional separate accounts (collectively, the “Other Accounts”). The Board acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts.

The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board noted that BFA and its affiliates do not manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund. The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.

The Board considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement and noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

Other Benefits to BFA and/or its Affiliates: The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services or other services, and BlackRock’s profile in the investment community. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.

Conclusion: Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund’s investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.

iShares MSCI World ETF (the “Fund”)

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Company’s Board of Directors (the “Board”), including a majority of Board Members who are not “interested persons” of the Company (as that term is defined in the 1940 Act) (the “Independent Board Members”), is required annually to consider and approve the

B O A R D   R E V I E W   A N D   A P P R O V A L   O F   I N V E S T M E N T   A D V I S O R Y   C O N T R A C T 49

Board Review and Approval of Investment Advisory Contract  (continued)

Investment Advisory Agreement between the Company and BFA (the “Advisory Agreement”) on behalf of the Fund. The Board’s consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings on May 3, 2022 and May 18, 2022, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 13-15, 2022, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The material factors, none of which was controlling, and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.

Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of another fund in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund’s applicable expense peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the investment advisory fee rate and overall expenses (net of waivers and reimbursements) for the Fund were lower than the median of the investment advisory fee rates and overall expenses (net of waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds.

In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund’s performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2021, to that of such relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

Based on this review, the other factors considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Nature, Extent and Quality of Services Provided: Based on management’s representations, including information about recent enhancements and initiatives with respect to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies, provided at the May 3, 2022 meeting and throughout the year, and matters related to BFA’s portfolio compliance program.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreement supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates: The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA and its affiliates from the Fund’s operations for the last calendar year. The Board reviewed BlackRock’s methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue,

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Board Review and Approval of Investment Advisory Contract  (continued)

including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA’s estimated profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the information considered with respect to the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability, including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Agreement for the Fund did not provide for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund increase. However, the Board noted that it would continue to assess the appropriateness of adding breakpoints in the future.

The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds, and institutional separate accounts (collectively, the “Other Accounts”). The Board acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts.

The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board noted that BFA and its affiliates manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund. The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.

The Board considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement and noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

Other Benefits to BFA and/or its Affiliates: The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services or other services, and BlackRock’s profile in the investment community. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.

Conclusion: Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund’s investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.

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Supplemental Information (unaudited)

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.

August 31, 2022

	Total Cumulative Distributions for the Fiscal Year								% Breakdown of the Total Cumulative Distributions for the Fiscal Year
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)	$	2.005338	$	—	$	0.032459	$	2.037797		98	%		—	%		2	%		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.

Premium/Discount Information

Information on the Fund’s net asset value, market price, premiums and discounts, and bid-ask spreads can be found at iShares.com.

Regulation under the Alternative Investment Fund Managers Directive

The Alternative Investment Fund Managers Directive and the Alternative Investment Fund Managers Regulations 2013 (as amended) and the “Guidelines on sound remuneration policies under the AIFMD” issued by the European Securities and Markets Authority (together the “Regulations”) impose detailed and prescriptive obligations on fund managers established in the European Union (the “EU”) and the UK. These do not currently apply to managers established outside of the EU or UK, such as BFA (the “Company”). Rather, non-EU and non-UK managers are only required to comply with certain disclosure, reporting and transparency obligations of the Regulations if such managers market a fund to EU investors.

The Company has registered the iShares MSCI Frontier and Select EM ETF (the “Fund”) to be marketed to United Kingdom and EU investors in the Netherlands, Finland and Sweden.

Report on Remuneration

The Company is required under the Regulations to make quantitative disclosures of remuneration. These disclosures are made in line with BlackRock’s interpretation of currently available regulatory guidance on quantitative remuneration disclosures. As market or regulatory practice develops BlackRock may consider it appropriate to make changes to the way in which quantitative remuneration disclosures are calculated. Where such changes are made, this may result in disclosures in relation to a fund not being comparable to the disclosures made in the prior year, or in relation to other BlackRock fund disclosures in that same year.

Disclosures are provided in relation to (a) the staff of the Company; (b) staff who are senior management; and (c) staff who have the ability to materially affect the risk profile of the Fund.

All individuals included in the aggregated figures disclosed are rewarded in line with BlackRock’s remuneration policy for their responsibilities across the relevant BlackRock business area. As all individuals have a number of areas of responsibilities, only the portion of remuneration for those individuals’ services attributable to the Fund is included in the aggregate figures disclosed.

BlackRock has a clear and well defined pay-for-performance philosophy, and compensation programmes which support that philosophy.

BlackRock operates a total compensation model for remuneration which includes a base salary, which is contractual, and a discretionary bonus scheme. Although all employees are eligible to receive a discretionary bonus, there is no contractual obligation to make a discretionary bonus award to any employees. For senior management, a significant percentage of variable remuneration is deferred over time. All employees are subject to a claw-back policy.

Remuneration decisions for employees are made once annually in January following the end of the performance year, based on BlackRock’s full-year financial results and other non-financial goals and objectives. Alongside financial performance, individual total compensation is also based on strategic and operating results and other considerations such as management and leadership capabilities. No set formulas are established and no fixed benchmarks are used in determining annual incentive awards.

Annual incentive awards are paid from a bonus pool which is reviewed throughout the year by BlackRock’s independent compensation committee, taking into account both actual and projected financial information together with information provided by the Enterprise Risk and Regulatory Compliance departments in relation to any activities, incidents or events that warrant consideration in making compensation decisions. Individuals are not involved in setting their own remuneration.

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Supplemental Information (unaudited)(continued)

Each of the control functions (Enterprise Risk, Legal & Compliance, and Internal Audit) each have their own organisational structures which are independent of the business units. Functional bonus pools for those control functions are determined with reference to the performance of each individual function and the remuneration of the senior members of control functions is directly overseen by BlackRock’s independent remuneration committee.

Members of staff and senior management of the Company typically provide both AIFMD and non-AIFMD related services in respect of multiple funds, clients and functions of the Company and across the broader BlackRock group. Therefore, the figures disclosed are a sum of each individual’s portion of remuneration attributable to the Fund according to an objective apportionment methodology which acknowledges the multiple-service nature of the Company. Accordingly the figures are not representative of any individual’s actual remuneration or their remuneration structure.

The amount of total & aggregate remuneration awarded by the Company to its staff which has been attributed to the Fund in respect of the Company’s financial year ending December 31, 2021 were as follows:

iShares ETF	Total Remuneration		Fixed Remuneration		Variable Remuneration		No. of Beneficiaries		Senior Management Remuneration		Risk Taker Remuneration
MSCI Frontier and Select EM		$45,307		$21,184		$24,123		661		$5,546		$573

Disclosures Under the EU Sustainable Finance Disclosure Regulation

The iShares MSCI Frontier and Select EM ETF (the “Fund”) is registered under the Alternative Investment Fund Managers Directive to be marketed to European Union (“EU”) investors, as noted above. As a result, certain disclosures are required under the EU Sustainable Finance Disclosure Regulation (“SFDR”).

The Fund has not been categorized under the SFDR as an “Article 8” or “Article 9” product. In addition, the Fund’s investments do not take into account the criteria for environmentally sustainable economic activities under the EU sustainable investment taxonomy regulation.

S U P P L E M E N T A L   I N F O R M A T I O N 53

Director and Officer Information (unaudited)

The Board of Directors has responsibility for the overall management and operations of the Funds, including general supervision of the duties performed by BFA and other service providers. Each Director serves until he or she resigns, is removed, dies, retires or becomes incapacitated. Each officer shall hold office until his or her successor is elected and qualifies or until his or her death, resignation or removal. Directors who are not “interested persons” (as defined in the 1940 Act) of the Company are referred to as independent directors (“Independent Directors”).

The registered investment companies advised by BFA or its affiliates (the “BlackRock-advised Funds”) are organized into one complex of open-end equity, multi-asset, index and money market funds and ETFs (the “BlackRock Multi-Asset Complex”), one complex of closed-end funds and open-end non-index fixed-income funds (including ETFs) (the “BlackRock Fixed-Income Complex”) and one complex of ETFs (“Exchange-Traded Fund Complex”) (each, a “BlackRock Fund Complex”). Each Fund is included in the Exchange-Traded Fund Complex. Each Director also serves as a Trustee of iShares Trust and a Trustee of iShares U.S. ETF Trust and, as a result, oversees all of the funds within the Exchange-Traded Fund Complex, which consists of 378 funds as of August 31, 2022. With the exception of Robert S. Kapito, Salim Ramji and Charles Park, the address of each Director and officer is c/o BlackRock, Inc., 400 Howard Street, San Francisco, CA 94105. The address of Mr. Kapito, Mr. Ramji and Mr. Park is c/o BlackRock, Inc., Park Avenue Plaza, 55 East 52nd Street, New York, NY 10055. The Board has designated John E. Kerrigan as its Independent Board Chair. Additional information about the Funds’ Directors and officers may be found in the Funds’ combined Statement of Additional Information, which is available without charge, upon request, by calling toll-free 1-800-iShares (1-800-474-2737).

Interested Directors
Name (Age)	Position(s)	Principal Occupation(s) During Past 5 Years	Other Directorships Held by Director
Robert S. Kapito(a) (65)	Director (since 2009).	President, BlackRock, Inc. (since 2006); Vice Chairman of BlackRock, Inc. and Head of BlackRock’s Portfolio Management Group (since its formation in 1998) and BlackRock, Inc.’s predecessor entities (since 1988); Trustee, University of Pennsylvania (since 2009); President of Board of Directors, Hope & Heroes Children’s Cancer Fund (since 2002).	Director of BlackRock, Inc. (since 2006); Trustee of iShares U.S. ETF Trust (since 2011); Trustee of iShares Trust (since 2009).
Salim Ramji(b) (52)	Director (since 2019).	Senior Managing Director, BlackRock, Inc. (since 2014); Global Head of BlackRock’s ETF and Index Investments Business (since 2019); Head of BlackRock’s U.S. Wealth Advisory Business (2015-2019); Global Head of Corporate Strategy, BlackRock, Inc. (2014-2015); Senior Partner, McKinsey & Company (2010-2014).	Trustee of iShares U.S. ETF Trust (since 2019); Trustee of iShares Trust (since 2019).

^(a)  Robert S. Kapito is deemed to be an “interested person” (as defined in the 1940 Act) of the Company due to his affiliations with BlackRock, Inc. and its affiliates.

^(b)  Salim Ramji is deemed to be an “interested person” (as defined in the 1940 Act) of the Company due to his affiliations with BlackRock, Inc. and its affiliates.

Independent Directors
Name (Age)	Position(s)	Principal Occupation(s) During Past 5 Years	Other Directorships Held by Director
John E. Kerrigan (67)	Director (since 2005); Independent Board Chair (since 2022).	Chief Investment Officer, Santa Clara University (since 2002).	Trustee of iShares U.S. ETF Trust (since 2011); Trustee of iShares Trust (since 2005); Independent Board Chair of iShares Trust and iShares U.S. ETF Trust (since 2022).
Jane D. Carlin (66)	Director (since 2015); Risk Committee Chair (since 2016).	Consultant (since 2012); Member of the Audit Committee (2012-2018), Chair of the Nominating and Governance Committee (2017-2018) and Director of PHH Corporation (mortgage solutions) (2012-2018); Managing Director and Global Head of Financial Holding Company Governance & Assurance and the Global Head of Operational Risk Management of Morgan Stanley (2006-2012).	Trustee of iShares U.S. ETF Trust (since 2015); Trustee of iShares Trust (since 2015); Member of the Audit Committee (since 2016), Chair of the Audit Committee (since 2020) and Director of The Hanover Insurance Group, Inc. (since 2016).
Richard L. Fagnani (67)	Director (since 2017); Audit Committee Chair (since 2019).	Partner, KPMG LLP (2002-2016).	Trustee of iShares U.S. ETF Trust (since 2017); Trustee of iShares Trust (since 2017).

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Director and Officer Information (unaudited) (continued)

Independent Directors (continued)
Name (Age)	Position(s)	Principal Occupation(s) During Past 5 Years	Other Directorships Held by Director
Cecilia H. Herbert (73)	Director (since 2005); Nominating and Governance and Equity Plus Committee Chairs (since 2022).	Chair of the Finance Committee (since 2019) and Trustee and Member of the Finance, Audit and Quality Committees of Stanford Health Care (since 2016); Trustee of WNET, New York’s public media company (since 2011) and Member of the Audit Committee (since 2018) and Investment Committee (since 2011); Chair (1994-2005) and Member (since 1992) of the Investment Committee, Archdiocese of San Francisco; Trustee of Forward Funds (14 portfolios) (2009-2018); Trustee of Salient MF Trust (4 portfolios) (2015-2018); Director (1998-2013) and President (2007-2011) of the Board of Directors, Catholic Charities CYO; Trustee (2002-2011) and Chair of the Finance and Investment Committee (2006-2010) of the Thacher School; Director of the Senior Center of Jackson Hole (since 2020).	Trustee of iShares U.S. ETF Trust (since 2011); Trustee of iShares Trust (since 2005); Trustee of Thrivent Church Loan and Income Fund (since 2019).
Drew E. Lawton (63)	Director (since 2017); 15(c) Committee Chair (since 2017).	Senior Managing Director of New York Life Insurance Company (2010-2015).	Trustee of iShares U.S. ETF Trust (since 2017); Trustee of iShares Trust (since 2017).
John E. Martinez (61)	Director (since 2003); Securities Lending Committee Chair (since 2019).	Director of Real Estate Equity Exchange, Inc. (since 2005); Director of Cloudera Foundation (2017-2020); and Director of Reading Partners (2012-2016).	Trustee of iShares U.S. ETF Trust (since 2011); Trustee of iShares Trust (since 2003).
Madhav V. Rajan (58)	Director (since 2011); Fixed Income Plus Committee Chair (since 2019).	Dean, and George Pratt Shultz Professor of Accounting, University of Chicago Booth School of Business (since 2017); Advisory Board Member (since 2016) and Director (since 2020) of C.M. Capital Corporation; Chair of the Board for the Center for Research in Security Prices, LLC (since 2020); Robert K. Jaedicke Professor of Accounting, Stanford University Graduate School of Business (2001-2017); Professor of Law (by courtesy), Stanford Law School (2005-2017); Senior Associate Dean for Academic Affairs and Head of MBA Program, Stanford University Graduate School of Business (2010-2016).	Trustee of iShares U.S. ETF Trust (since 2011); Trustee of iShares Trust (since 2011).

Officers
Name (Age)	Position(s)	Principal Occupation(s) During Past 5 Years
Armando Senra (51)	President (since 2019).	Managing Director, BlackRock, Inc. (since 2007); Head of U.S., Canada and Latam iShares, BlackRock, Inc. (since 2019); Head of Latin America Region, BlackRock, Inc. (2006-2019); Managing Director, Bank of America Merrill Lynch (1994-2006).
Trent Walker (48)	Treasurer and Chief Financial Officer (since 2020).	Managing Director, BlackRock, Inc. (since September 2019); Chief Financial Officer of iShares Delaware Trust Sponsor LLC, BlackRock Funds, BlackRock Funds II, BlackRock Funds IV, BlackRock Funds V and BlackRock Funds VI (since 2021); Executive Vice President of PIMCO (2016-2019); Senior Vice President of PIMCO (2008-2015); Treasurer (2013-2019) and Assistant Treasurer (2007-2017) of PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, 2 PIMCO-sponsored interval funds and 21 PIMCO-sponsored closed-end funds.
Charles Park (55)	Chief Compliance Officer (since 2006).	Chief Compliance Officer of BlackRock Advisors, LLC and the BlackRock-advised Funds in the BlackRock Multi-Asset Complex and the BlackRock Fixed-Income Complex (since 2014); Chief Compliance Officer of BFA (since 2006).
Marisa Rolland (42)	Secretary (since 2022).	Director, BlackRock, Inc. (since 2018); Vice President, BlackRock, Inc. (2010-2017).
Rachel Aguirre (40)	Executive Vice President (since 2022).	Managing Director, BlackRock, Inc. (since 2018); Director, BlackRock, Inc. (2009-2018); Head of U.S. iShares Product (since 2022); Head of EII U.S. Product Engineering (since 2021); Co-Head of EII’s Americas Portfolio Engineering (2020-2021); Head of Developed Markets Portfolio Engineering (2016-2019).
Jennifer Hsui (46)	Executive Vice President (since 2022).	Managing Director, BlackRock, Inc. (since 2009); Co-Head of Index Equity (since 2022).
James Mauro (51)	Executive Vice President (since 2022).	Managing Director, BlackRock, Inc. (since 2010); Head of Fixed Income Index Investments in the Americas and Head of San Francisco Core Portfolio Management (since 2020).

D I R E C T O R   A N D   O F F I C E R   I N F O R M A T I O N 55

Director and Officer Information (unaudited) (continued)

Effective March 18, 2022, Rachel Aguirre, Jennifer Hsui, and James Mauro have replaced Scott Radell, Alan Mason, and Marybeth Leithead as Executive Vice Presidents.

Effective June 15, 2022, Marisa Rolland replaced Deepa Damre Smith as Secretary.

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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 57

Glossary of Terms Used in this Report

Portfolio Abbreviations
ADR	American Depositary Receipt
GDR	Global Depositary Receipt
JSC	Joint Stock Company

Currency Abbreviations
NGN	Nigerian Naira
USD	United States Dollar

Portfolio Abbreviations (continued)
NVS	Non-Voting Shares
REIT	Real Estate Investment Trust

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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-AR-811-0822

        

AUGUST 31, 2022

2022 Annual Report

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

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

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

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

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

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

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

Rob Kapito

President, BlackRock, Inc.

Rob Kapito

President, BlackRock, Inc.

Total Returns as of August 31, 2022
	6-Month	12-Month
U.S. large cap equities (S&P 500® Index)	(8.84)%	(11.23)%
U.S. small cap equities (Russell 2000® Index)	(9.31)	(17.88)
International equities (MSCI Europe, Australasia, Far East Index)	(13.97)	(19.80)
Emerging market equities (MSCI Emerging Markets Index)	(13.30)	(21.80)
3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)	0.36	0.39
U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)	(9.71)	(13.27)
U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)	(7.76)	(11.52)
Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)	(5.72)	(8.63)
U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)	(7.78)	(10.61)
Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.

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
Annual Report:
Market Overview		4
Fund Summary		5
Market Overview		11
About Fund Performance		15
Disclosure of Expenses		15
Schedules of Investments		16
Financial Statements
Statements of Assets and Liabilities		35
Statements of Operations		37
Statements of Changes in Net Assets		39
Financial Highlights		42
Notes to Financial Statements		47
Report of Independent Registered Public Accounting Firm		57
Important Tax Information		58
Board Review and Approval of Investment Advisory Contract		59
Supplemental Information		61
Director and Officer Information		63
General Information		66
Glossary of Terms Used in this Report		67

Market Overview

iShares, Inc.

Global Market Overview

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

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

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

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

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

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

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Fund Summaryas of August 31, 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
	1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		10.43	%		11.73	%		7.61	%		10.43	%		74.15	%		108.25	%
Fund Market		10.88			11.72			7.57			10.88			74.07			107.38
Index		10.77			11.86			7.71			10.77			75.14			110.19

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

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

Expense Example

Actual						Hypothetical 5% Return
	Beginning Account Value (03/01/22)	Ending Account Value (08/31/22	)	Expenses Paid During the Period	(a)		Beginning Account Value (03/01/22	)	Ending Account Value (08/31/22	)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$        1,000.00	$        1,017.70		$        1.98			$      1,000.00		$      1,023.20		$        1.99		0.39	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (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 “Disclosure of Expenses” for more information.

F U N D   S U M M A R Y 5

Fund Summaryas of August 31, 2022   (continued) iShares^® MSCI Global Agriculture Producers ETF

Portfolio Management Commentary

Stocks of global agricultural producers advanced for the reporting period. The war in Ukraine sent the prices of many crops up as the conflict disrupted the planting season in Ukraine, one of the world’s major suppliers of wheat, corn, and sunflower oil. Prices for fertilizers and pesticides rose after countries imposed sanctions against Russia and Belarus, two of the world’s largest suppliers of commodities used in producing the crop chemicals. While the prices of some agricultural commodities moderated by the end of the reporting period, the volatile markets benefited many food producers.

Stocks in the U.S. materials sector contributed the most to the Index’s performance, specifically in the chemicals industry. Stronger demand for pesticides and herbicides increased profits for chemical companies as farmers sought to maximize crop yields to benefit from higher crop prices. Stronger sales offset rising costs of raw materials used to produce crop protection chemicals, in addition to losses from withdrawing from the Russian market.

In the U.S. consumer staples sector, the food products industry benefited from rising global demand for grains in the wake of the conflict in Ukraine, in addition to a weak canola crop in Canada and poor weather conditions in South America. Demand for biofuels increased as pandemic-related restrictions eased, economies reopened, and people traveled more.

Canadian companies in the materials sector also contributed to the Index’s return. Prices for fertilizers climbed sharply in the wake of sanctions against Russia and Belarus, the world’s second and third largest suppliers of crop nutrients. Prices for fertilizers such as potash and nitrogen rose to approach their highest levels since reaching all-time highs in 2008.

On the downside, Japanese companies in the industrials sector detracted from the Index’s performance. Despite rising demand for farm machinery, profits for manufacturers were pressured by rising raw materials costs.

Consumer staples companies in Norway declined as the stock of a salmon fish farming company retreated after rival companies agreed to a merger. Swedish industrials stocks also weakened as coronavirus-related restrictions exacerbated global supply constraints.

Portfolio Information

INDUSTRY ALLOCATION

Sector	Percent of    Total Investments(a)
Fertilizers & Agricultural Chemicals	39.5%
Agricultural & Farm Machinery	27.3
Agricultural Products	20.1
Packaged Foods & Meats	13.1

GEOGRAPHIC ALLOCATION

Country/Geographic Region	Percent of    Total Investments(a)
United States	57.0%
Canada	9.0
Japan	3.8
India	3.8
Norway	3.3
China	2.9
United Kingdom	2.5
Chile	2.5
Saudi Arabia	2.5
Brazil	1.7
Malaysia	1.5
Israel	1.5
Singapore	1.3
Germany	1.1
Hong Kong	1.0
Australia	1.0
Other (each representing less than 1%)	3.6

^(a)  Excludes money market funds.

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Fund Summaryas of August 31, 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
	1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		54.58	%		9.07	%		3.38	%		54.58	%		54.38	%		39.43	%
Fund Market		55.02			9.03			3.40			55.02			54.05			39.64
Index		54.56			8.78			3.17			54.56			52.32			36.63

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

Certain sectors and markets performed exceptionally well based on market conditions during the one-year period. Achieving such exceptional returns involves the risk of volatility and investors should not expect that such exceptional returns will be repeated.

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

Expense Example

Actual						Hypothetical 5% Return
	Beginning Account Value (03/01/22)	Ending Account Value (08/31/22	)	Expenses Paid During the Period	(a)		Beginning Account Value (03/01/22	)	Ending Account Value (08/31/22	)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$        1,000.00	$        1,142.20		$      2.11			$      1,000.00		$      1,023.20		$      1.99		0.39	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (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 “Disclosure of Expenses” for more information.

F U N D   S U M M A R Y 7

Fund Summaryas of August 31, 2022   (continued) iShares^® MSCI Global Energy Producers ETF

Portfolio Management Commentary

Stocks of global energy producers rose sharply for the reporting period amid substantial volatility in energy markets. Oil prices were relatively subdued early in the reporting period as several nations, including the U.S., the U.K., China, India, and Japan, coordinated to release millions of barrels of fuel to fight high prices. However, tight supplies and rising geopolitical tensions among major oil producing nations, including the United Arab Emirates and Russia, began to drive prices higher in early 2022. Prices surged further after Russia invaded Ukraine and nations imposed sanctions against Russia, one of the world’s largest suppliers of petroleum products. However, oil and gas prices moderated somewhat in the final months of the reporting period as rising interest rates and inflationary pressures weakened global economies and lowered demand forecasts. Nonetheless, natural gas prices remained high as Russia retaliated against sanctions by curbing exports to Europe.

The U.S. energy sector contributed the most to the Index’s performance. Companies in the oil, gas, and consumable fuels industry posted record profits due to higher energy prices, sending oil stocks up sharply. The industry rewarded shareholders by raising dividends and buying back stock. Furthermore, companies in the industry increased investment in new production to profit from higher oil prices. The profits from higher oil prices more than offset losses incurred from the cessation of business operations in Russia.

Canadian energy companies also contributed to the Index’s return. Higher oil and natural gas prices strengthened the revenues and profits of Canadian energy companies. Strong cash flows allowed the companies to reduce their debt levels while also buying back stock and increasing dividend payments. Similar to their North American counterparts, U.K. oil and gas companies advanced, raising their dividends and increasing stock buybacks after posting stronger profits.

On the downside, energy companies in Russia detracted from the Index’s performance as the stocks of oil and gas companies dropped sharply following the imposition of global sanctions against Russia. BlackRock suspended the purchase of Russian securities in its active and index funds on Monday, February 28, 2022, in response to the Russian attack on Ukraine. All major index providers began the removal of Russian securities from their indexes beginning the week of March 7.

Portfolio Information

INDUSTRY ALLOCATION

Sector	Percent of    Total Investments(a)
Integrated Oil & Gas	54.5%
Oil & Gas Exploration & Production	31.1
Oil & Gas Refining & Marketing	11.0
Coal & Consumable Fuels	3.4

GEOGRAPHIC ALLOCATION

Country/Geographic Region	Percent of    Total Investments(a)
United States	54.7%
United Kingdom	11.3
Canada	8.9
France	4.7
India	4.3
Australia	2.8
Brazil	2.3
Norway	1.9
China	1.5
Japan	1.2
Italy	1.1
Saudi Arabia	1.0
Other (each representing less than 1%)	4.3

^(a)  Excludes money market funds.

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Fund Summaryas of August 31, 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
	1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		(30.42	)%		(0.48	)%		(6.47	)%		(30.42	)%		(2.38	)%		(48.78	)%
Fund Market		(30.37	)		(0.61	)		(6.55	)		(30.37	)		(3.01	)		(49.19	)
Index		(30.30	)		(0.30	)		(6.32	)		(30.30	)		(1.51	)		(47.93	)

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

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

Expense Example

Actual						Hypothetical 5% Return
	Beginning Account Value (03/01/22)	Ending Account Value (08/31/22	)	Expenses Paid During the Period	(a)		Beginning Account Value (03/01/22	)	Ending Account Value (08/31/22	)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$        1,000.00	$        666.50		$        1.64			$      1,000.00		$      1,023.20		$        1.99		0.39	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (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 “Disclosure of Expenses” for more information.

F U N D   S U M M A R Y 9

Fund Summaryas of August 31, 2022   (continued) iShares^® MSCI Global Gold Miners ETF

Portfolio Management Commentary

Global gold mining stocks declined sharply for the reporting period as the price of gold fell overall. However, at the beginning of the reporting period, gold prices initially climbed as U.S. inflation rates climbed to the highest levels in 30 years, weakening the outlook for the stock market. Gold is traditionally perceived as an attractive investment and store of value during periods of rising inflation. Gold prices surged after Russia invaded Ukraine, sending commodities prices sharply higher and stock markets lower, increasing geopolitical and economic uncertainty and further provoking inflation concerns. Gold prices peaked in early March 2022 near record highs of over $2,000 U.S. an ounce after many nations took steps to sanction Russia, including limiting gold sales. However, gold prices declined as bond yields rose, particularly after the Fed began a series of interest rates hikes starting in March 2022. Because gold does not pay interest, its appeal decreases as its carrying cost relative to bonds increases, such as when yields rise. The stronger U.S. dollar, which climbed against most major currencies, made the precious metal more expensive to buy in most other countries and sent the price of gold lower.

From a country perspective, the Canadian gold mining industry detracted the most from the Index’s return. Even as profits rose, the stocks of Canadian gold miners declined as the price of gold fell. In addition, rising inflation rates, particularly costs for energy, explosives, and cyanide, drove production expenses higher. Some gold mining companies increased production of industrial metals, such as copper, which is a common byproduct of gold mining as it is often discovered in the same ore. They also sought new mining projects to diversify revenues.

The Russian gold mining industry also detracted from the Index’s performance. Stocks of Russian gold miners dropped after Russia invaded Ukraine and nations imposed sanctions, leading Western banks and shipping companies to curtail operating with the companies. As sales to Western countries disappeared, the companies sought new markets for gold sales, such as in Asia. BlackRock suspended the purchase of Russian securities in its active and index funds on Monday, February 28, 2022, in response to the Russian attack on Ukraine. All major index providers began the removal of Russian securities from their indexes beginning the week of March 7.

Portfolio Information

GEOGRAPHIC ALLOCATION

Country/Geographic Region	Percent of    Total Investments(a)
Canada	51.5%
United States	20.6
Australia	8.2
South Africa	6.3
China	4.7
Saudi Arabia	4.0
United Kingdom	1.7
Indonesia	1.2
Peru	1.1
Other (each representing less than 1%)	0.7

TEN LARGEST HOLDINGS

Security	Percent of    Total Investments(a)
Newmont Corp.	19.4%
Barrick Gold Corp.	15.3
Agnico Eagle Mines Ltd.	10.4
Wheaton Precious Metals Corp.	4.6
Gold Fields Ltd.	4.5
Newcrest Mining Ltd.	4.3
AngloGold Ashanti Ltd.	4.0
Zijin Mining Group Co. Ltd., Class H	3.9
Yamana Gold Inc.	3.1
Kinross Gold Corp.	3.1

^(a)  Excludes money market funds.

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Fund Summaryas of August 31, 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
	1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		(12.69	)%		7.88	%		4.12	%		(12.69	)%		46.10	%		49.80	%
Fund Market		(12.76	)		7.68			3.96			(12.76	)		44.80			47.40
Index		(12.46	)		8.35			4.39			(12.46	)		49.36			53.64

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

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

Expense Example

Actual						Hypothetical 5% Return
	Beginning Account Value (03/01/22)	Ending Account Value (08/31/22	)	Expenses Paid During the Period	(a)		Beginning Account Value (03/01/22	)	Ending Account Value (08/31/22	)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$        1,000.00	$        804.60		$        1.77			$      1,000.00		$      1,023.20		$      1.99		0.39	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (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 “Disclosure of Expenses” for more information.

M A R K E T   O V E R V I E W 11

Fund Summaryas of August 31, 2022   (continued) iShares^® MSCI Global Metals & Mining Producers ETF

Portfolio Management Commentary

Stocks of global metals and mining producers declined for the reporting period. Prices for industrial metals dropped as the global economy slowed and manufacturing activity weakened.

The Russian metals and mining industry detracted the most from the Index’s performance. Stocks in the industry dropped sharply after sanctions were imposed against Russia following its invasion of Ukraine. BlackRock suspended the purchase of Russian securities in its active and index funds on Monday, February 28, 2022, in response to the Russian attack on Ukraine. All major index providers began the removal of Russian securities from their indexes beginning the week of March 7.

Brazilian mining stocks also weakened the Index’s performance. Stocks of iron ore miners dropped as global demand for the metal weakened, particularly in China, where coronavirus-related restrictions curtailed production and falling property prices slowed new construction. Increased logistics and fuel costs also weakened profits.

Chinese mining companies also detracted from the Index’s return. The stock of a major lithium miner retreated as mining companies raised output of lithium to profit from the high prices for the metal.

Precious metals mining companies in South Africa also detracted from the Index’s performance. The stock price of one major precious metals mining company dropped sharply after labor disruptions led production to drop, reducing profits.

The stocks of Japanese mining companies also declined. Steel companies faced rising costs for fuel, logistics, and raw materials such as iron ore and coking coal, while demand for steel fell as economic growth slowed, particularly in China and Japan.

On the upside, the Saudi Arabian metals and mining sector contributed to the Index’s performance. One prominent Saudi diversified mining company posted sharply stronger profits as demand rose for the raw materials it provides for fertilizer manufacturers.

Portfolio Information

INDUSTRY ALLOCATION

Sector	Percent of    Total Investments(a)
Diversified Metals & Mining	51.2%
Steel	33.0
Copper	8.6
Aluminum	4.8
Precious Metals & Minerals	2.4

GEOGRAPHIC ALLOCATION

Country/Geographic Region	Percent of    Total Investments(a)
Australia	39.0%
United States	16.7
Brazil	6.2
Canada	5.0
United Kingdom	4.9
Japan	4.5
India	3.4
China	2.8
South Africa	2.7
South Korea	2.4
Taiwan	1.9
Saudi Arabia	1.8
France	1.5
Sweden	1.4
Mexico	1.2
Norway	1.0
Other (each representing less than 1%)	3.6

^(a)  Excludes money market funds.

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

Fund Summaryas of August 31, 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
	1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		(37.54	)%		(4.00	)%		(6.97	)%		(37.54	)%		(18.48	)%		(51.45	)%
Fund Market		(37.42	)		(4.07	)		(6.78	)		(37.42	)		(18.76	)		(50.47	)
Index		(37.34	)		(4.00	)		(6.97	)		(37.34	)		(18.46	)		(51.47	)

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

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

Expense Example

Actual						Hypothetical 5% Return
	Beginning Account Value (03/01/22)	Ending Account Value (08/31/22	)	Expenses Paid During the Period	(a)		Beginning Account Value (03/01/22	)	Ending Account Value (08/31/22	)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$        1,000.00	$        667.60		$        1.64			$      1,000.00		$      1,023.20		$      1.99		0.39	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (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 “Disclosure of Expenses” for more information.

F U N D   S U M M A R Y 13

Fund Summaryas of August 31, 2022   (continued) iShares^® MSCI Global Silver and Metals Miners ETF

Portfolio Management Commentary

Global silver mining stocks declined sharply for the reporting period as the price of silver fell overall. However, silver prices initially surged after Russia invaded Ukraine, sending commodities prices sharply higher and stock markets lower and increasing geopolitical and economic uncertainty. But silver prices began to decline as bond yields rose, particularly after the Fed began a series of interest rates hikes starting in March 2022 to reverse rising inflation. Because silver does not pay interest, its appeal decreases as its carrying cost relative to bonds increases, such as when yields rise. The stronger U.S. dollar, which climbed against most major currencies, made the precious metal more expensive to buy in most other countries and sent the price of silver lower.

Russia’s invasion of Ukraine led to rising production costs for silver miners. The price of sodium cyanide, a chemical used for removing silver from ore, rose sharply as the war sent energy prices higher, leading one major supplier of the chemical to suspend production in Europe. The war also drove up the cost of explosives made with ammonium nitrate and other raw materials used in mining. Russia, the world’s largest supplier of ammonium nitrate, suspended exports of the chemical following Western sanctions.

Canadian silver mining companies detracted the most from the Index’s performance. The Omicron variant of the coronavirus led to high levels of workforce absenteeism and reduced production. Production expenses rose during the reporting period, particularly the cost of energy, cyanide, explosives, and steel. Rising production costs and low silver prices reduced profit margins, leading mining companies to suspend operations at some sites and reduce the value of the mining assets on their balance sheets.

U.S. silver mining stocks also weakened the Index’s return as costs escalated and silver prices fell. Earnings declined as coronavirus-related restrictions and a shortage of skilled workers diminished production.

Silver mining companies in Mexico further detracted from the Index’s performance. Drug cartel violence and fewer government concessions to explore and exploit mining activities hindered mining development projects in Mexico.

Portfolio Information

GEOGRAPHIC ALLOCATION

Country/Geographic Region	Percent of    Total Investments(a)
Canada	68.8%
United States	20.4
Japan	4.6
Mexico	4.5
Other (each representing less than 1%)	1.7

TEN LARGEST HOLDINGS

Security	Percent of    Total Investments(a)
Pan American Silver Corp.	16.7%
Hecla Mining Co.	11.1
First Majestic Silver Corp.	8.9
Newmont Corp.	8.5
Asahi Holdings Inc.	4.6
Industrias Penoles SAB de CV	4.5
Agnico Eagle Mines Ltd.	4.5
MAG Silver Corp.	4.4
SilverCrest Metals Inc.	4.3
Wheaton Precious Metals Corp.	4.1

^(a)  Excludes money market funds.

14 2 0 2 2   I S H A R E S   A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

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.

Disclosure of 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 the Period.”

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

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

A B O U T   F U N D   P E R F O R M A N C E / S H A R E H O L D E R   E X P E N S E S 15

Schedule of Investments August 31, 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)		106,354	$	131,066
Costa Group Holdings Ltd.		236,691		431,941
Elders Ltd.		79,752		628,245
Inghams Group Ltd.		189,442		334,750
Nufarm Ltd./Australia		193,660		699,213
Select Harvests Ltd.		61,182		206,620
Tassal Group Ltd.		108,873		384,133
				2,815,968
Brazil — 1.7%
BrasilAgro - Co. Brasileira de Propriedades Agricolas		23,227		127,868
Jalles Machado SA		51,996		75,160
Sao Martinho SA		81,195		497,246
SLC Agricola SA		59,549		556,297
Tres Tentos Agroindustrial SA		61,924		129,861
Yara International ASA		84,069		3,555,908
				4,942,340
Canada — 9.0%
Ag Growth International Inc.		9,475		283,309
Nutrien Ltd.		279,927		25,698,251
Rogers Sugar Inc.		47,604		226,539
				26,208,099
China — 2.9%
Asia - Potash International Investment Guangzhou Co. Ltd.(a)		27,700		135,623
Beijing Dabeinong Technology Group Co. Ltd., Class A(a)		125,400		156,479
China BlueChemical Ltd., Class H		752,000		195,811
China Modern Dairy Holdings Ltd.		1,601,000		211,796
China XLX Fertiliser Ltd.		280,000		159,558
China Youran Dairy Group Ltd.(a)(b)		388,000		117,467
COFCO Joycome Foods Ltd		1,191,000		455,926
First Tractor Co. Ltd., Class H		192,000		76,900
Fujian Sunner Development Co. Ltd., Class A		38,100		122,790
Heilongjiang Agriculture Co. Ltd., Class A		54,900		116,325
Henan Shuanghui Investment & Development Co. Ltd., Class A		105,800		409,624
Inner Mongolia Yili Industrial Group Co. Ltd., Class A		195,500		1,009,726
Jiangsu Yangnong Chemical Co. Ltd., Class A		9,000		147,990
Jiangxi Zhengbang Technology Co. Ltd., Class A(a)		97,300		83,904
Muyuan Foods Co. Ltd., Class A		162,066		1,369,222
New Hope Liuhe Co. Ltd., Class A(a)		137,700		311,896
Qinghai Salt Lake Industry Co. Ltd., Class A(a)		159,400		641,523
Shandong Hualu Hengsheng Chemical Co. Ltd., Class A		64,880		273,279
Sinofert Holdings Ltd.		1,084,000		145,978
Tongwei Co. Ltd., Class A		137,100		1,045,746
Wens Foodstuffs Group Co. Ltd., Class A(a)		193,120		661,446
Yuan Longping High-Tech Agriculture Co. Ltd., Class A(a)		40,600		91,333
Yunnan Yuntianhua Co. Ltd.(a)		53,900		206,782
Zangge Mining Co. Ltd.		46,400		210,253
				8,357,377
Egypt — 0.0%
Misr Fertilizers Production Co. SAE		22,404		133,794
France — 0.0%
Vilmorin & Cie SA		2,891		124,347
Germany — 1.0%
K+S AG, Registered		97,182		2,213,959
KWS Saat SE & Co. KGaA		5,884		358,019

Security	Shares		Value
Germany (continued)
Suedzucker AG		36,421	$	499,448
				3,071,426
Hong Kong — 1.0%
WH Group Ltd.(b)		4,232,500		2,883,700
India — 3.7%
Balrampur Chini Mills Ltd.		62,398		272,125
Bayer CropScience Ltd.		6,838		466,239
Chambal Fertilisers and Chemicals Ltd.		84,853		369,550
Coromandel International Ltd.		59,836		785,602
Deepak Fertilisers & Petrochemicals Corp. Ltd.		27,248		307,982
EID Parry India Ltd.		40,615		268,681
Gujarat Ambuja Exports Ltd.		34,703		118,225
Gujarat Narmada Valley Fertilizers & Chemicals Ltd.		39,606		368,578
Gujarat State Fertilizers & Chemicals Ltd.		100,460		196,980
Kaveri Seed Co. Ltd.		10,135		57,717
PI Industries Ltd.		38,503		1,646,359
Rallis India Ltd.		38,610		108,585
Rashtriya Chemicals & Fertilizers Ltd.		71,536		87,994
Sharda Cropchem Ltd.		13,908		89,798
Shree Renuka Sugars Ltd.(a)		326,141		189,342
Sumitomo Chemical India Ltd.		50,878		310,650
Tata Consumer Products Ltd.		280,754		2,837,599
Triveni Engineering & Industries Ltd.		36,962		108,105
UPL Ltd.		247,833		2,373,758
				10,963,869
Indonesia — 0.8%
Astra Agro Lestari Tbk PT		245,200		151,136
Charoen Pokphand Indonesia Tbk PT		3,746,500		1,482,950
Inti Agri Resources Tbk PT(a)(c)		2,230,700		—
Japfa Comfeed Indonesia Tbk PT		2,689,500		287,007
Perusahaan Perkebunan London Sumatra Indonesia Tbk PT		1,548,100		123,021
Sawit Sumbermas Sarana Tbk PT		1,701,900		161,175
				2,205,289
Ireland — 0.1%
Origin Enterprises PLC		58,983		221,096
Israel — 1.5%
ICL Group Ltd.		359,458		3,432,348
Israel Corp Ltd.(a)		1,959		946,892
				4,379,240
Japan — 3.8%
Hokuto Corp.		9,700		134,160
Kubota Corp.		517,800		8,041,552
Kumiai Chemical Industry Co. Ltd.		36,800		286,725
Maruha Nichiro Corp.		21,400		382,648
Mitsui DM Sugar Holdings Co. Ltd.		8,000		107,663
NH Foods Ltd.		41,800		1,196,534
Prima Meat Packers Ltd.		11,100		173,256
Sakata Seed Corp.		14,400		534,621
YAMABIKO Corp.		16,700		136,330
				10,993,489
Malaysia — 1.5%
Genting Plantations Bhd		136,500		204,651
IOI Corp. Bhd		1,276,200		1,206,195
Kuala Lumpur Kepong Bhd		219,400		1,134,380
QL Resources Bhd		558,007		635,870
Sime Darby Plantation Bhd		1,053,400		1,047,081
TSH Resources Bhd		279,000		68,953

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

Schedule of Investments   (continued) August 31, 2022 iShares^® MSCI Global Agriculture Producers ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Malaysia (continued)
United Plantations Bhd		52,700	$	174,023
				4,471,153
Netherlands — 0.7%
OCI NV		53,493		2,008,278
Norway — 3.3%
Austevoll Seafood ASA		46,494		498,366
Bakkafrost P/F		25,523		1,493,501
Grieg Seafood ASA		23,029		278,630
Leroy Seafood Group ASA		136,129		909,573
Mowi ASA		206,809		4,239,941
Norway Royal Salmon ASA(a)		6,659		166,846
Salmar ASA		29,905		1,977,540
				9,564,397
Poland — 0.1%
Grupa Azoty SA(a)		25,003		173,056
Russia — 0.0%
PhosAgro PJSC(c)		7,038		1
PhosAgro PJSC, GDR(c)		2		—
PhosAgro PJSC, New(c)		136		1
Ros Agro PLC, GDR(c)		5,334		1
				3
Saudi Arabia — 2.5%
Al Jouf Agricultural Development Co.		7,490		98,331
Almarai Co. JSC		126,937		1,786,531
National Agriculture Development Co. (The)(a)		25,406		207,175
SABIC Agri-Nutrients Co.		108,767		5,021,107
Saudi Fisheries Co.(a)		9,973		95,934
				7,209,078
Singapore — 1.3%
Bumitama Agri Ltd.		176,800		78,986
First Resources Ltd.		281,600		303,537
Golden Agri-Resources Ltd.(d)		3,271,500		655,833
Japfa Ltd.		208,740		89,555
Wilmar International Ltd.		975,200		2,814,815
			3,942,726
South Africa — 0.1%
Astral Foods Ltd.		19,475		235,286
Oceana Group Ltd.		42,987		137,534
				372,820
South Korea — 0.1%
Dongwon Industries Co. Ltd.		557		93,836
Harim Holdings Co. Ltd.		23,446		145,787
Hyundai Feed Inc.		4,657		81,647
Namhae Chemical Corp.		11,272		90,237
				411,507
Sweden — 0.5%
Husqvarna AB, Class B		213,516		1,436,627
Taiwan — 0.4%
Charoen Pokphand Enterprise		85,800		226,699
Sesoda Corp.		79,000		124,250
Taiwan Fertilizer Co. Ltd.		369,000		758,805
Taiwan TEA Corp.(a)		259,000		168,867
				1,278,621
Thailand — 0.6%
Charoen Pokphand Foods PCL, NVDR		1,967,400		1,401,783
GFPT PCL, NVDR		221,400		101,874

Security	Shares		Value
Thailand (continued)
Khon Kaen Sugar Industry PCL, NVDR		1,000,454	$	98,641
Thaifoods Group PCL, NVDR(d)		564,500		96,741
				1,699,039
Turkey — 0.2%
Gubre Fabrikalari TAS(a)		25,009		160,383
Hektas Ticaret TAS(a)		194,852		438,880
Turk Traktor ve Ziraat Makineleri AS(d)		6,731		90,362
				689,625
United Kingdom — 2.5%
CNH Industrial NV		519,590		6,326,043
Cranswick PLC		27,038		968,058
				7,294,101
United States — 56.8%
AGCO Corp.		32,172		3,497,418
American Vanguard Corp.		14,045		279,917
AppHarvest Inc.(a)(d)		36,391		104,806
Archer-Daniels-Midland Co.		285,713		25,111,316
Benson Hill Inc.(a)(d)		57,768		205,076
Bunge Ltd.		76,921		7,628,256
Cal-Maine Foods Inc.		19,086		1,023,200
CF Industries Holdings Inc.		105,902		10,956,621
Corteva Inc.		367,503		22,575,709
Darling Ingredients Inc.(a)(d)		82,010		6,237,681
Deere & Co.		147,442		53,853,190
FMC Corp.		63,941		6,910,743
Fresh Del Monte Produce Inc.		19,408		530,615
Hydrofarm Holdings Group Inc.(a)		14,897		50,650
Ingredion Inc.		33,627		2,927,903
Intrepid Potash Inc.(a)(d)		5,540		258,884
Lamb Weston Holdings Inc.		73,352		5,833,685
Lindsay Corp.		5,590		896,412
Local Bounti Corp.(a)		15,256		56,752
Mosaic Co. (The)		183,877		9,905,454
Pilgrim’s Pride Corp.(a)(d)		24,412		695,010
Scotts Miracle-Gro Co. (The)		21,095		1,412,310
Titan International Inc.(a)		25,450		357,064
Toro Co. (The)		53,084		4,402,256
Vital Farms Inc.(a)(d)		10,158		131,546
				165,842,474
Total Common Stocks — 97.1% (Cost: $298,332,228)				283,693,539
Preferred Stocks
Chile — 2.5%
Sociedad Quimica y Minera de Chile SA, Class B, Preference Shares		72,517		7,249,839
Total Preferred Stocks — 2.5% (Cost: $5,136,505)				7,249,839
Total Long-Term Investments — 99.6% (Cost: $303,468,733)				290,943,378

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   (continued) August 31, 2022 iShares^® MSCI Global Agriculture Producers ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Short-Term Securities
Money Market Funds — 0.3%
BlackRock Cash Funds: Institutional, SL Agency Shares, 2.42%(e)(f)(g)		807,722	$	807,964
Total Short-Term Securities — 0.3% (Cost: $807,639)				807,964
Total Investments in Securities — 99.9% (Cost: $304,276,372)				291,751,342
Other Assets Less Liabilities — 0.1%				421,067
Net Assets — 100.0%			$	292,172,409

^(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 year ended August 31, 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 Sale			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 08/31/22		Shares Held at 08/31/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	1,825,834	$	—	$	(1,018,252	)(a)	$	73	$	309	$	807,964		807,722	$	71,028	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares(c)		80,000		—		(80,000	)(a)		—		—		—		—		1,445			—
								$	73	$	309	$	807,964			$	72,473		$	—

^(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		7		09/16/22	$	247	$	4,106
S&P 500 E-Mini Index		3		09/16/22		593		3,537
							$	7,643

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:

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Assets — Derivative Financial Instruments
Futures contracts Unrealized appreciation on futures contracts(a)	$	—	$	—	$	7,643	$	—	$	—	$	—	$	7,643

^(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).

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

Schedule of Investments   (continued) August 31, 2022 iShares^® MSCI Global Agriculture Producers ETF

Derivative Financial Instruments Categorized by Risk Exposure (continued)

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

	Commodity Contracts		Credit Contracts		Equity Contracts			Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Net Realized Gain (Loss) from
Futures contracts	$	—	$	—	$	(57,737	)	$	—	$	—	$	—	$	(57,737	)
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	7,643		$	—	$	—	$	—	$	7,643

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts
Average notional value of contracts — long	$	432,179

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	$	201,092,512	$	82,601,024	$	3	$	283,693,539
Preferred Stocks		7,249,839		—		—		7,249,839
Money Market Funds		807,964		—		—		807,964
	$	209,150,315	$	82,601,024	$	3	$	291,751,342
Derivative financial instruments(a)
Assets
Futures Contracts	$	3,537	$	4,106	$	—	$	7,643

^(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 19

Schedule of Investments   August 31, 2022 iShares^® MSCI Global Energy Producers ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Australia — 2.8%
Beach Energy Ltd.		70,304	$	81,259
Boss Energy Ltd. (a)		15,392		27,933
Karoon Energy Ltd.(a)		24,648		35,691
New Hope Corp. Ltd.(b)		22,360		73,891
Paladin Energy Ltd.(a)		119,496		67,248
Santos Ltd.		144,584		771,831
Washington H Soul Pattinson & Co. Ltd.		9,776		170,377
Whitehaven Coal Ltd.		40,664		216,601
Woodside Energy Group Ltd.		85,064		1,975,910
				3,420,741
Austria — 0.2%
OMV AG		6,552		263,995
Brazil — 1.2%
3R Petroleum Oleo E Gas SA(a)		8,112		58,301
Enauta Participacoes SA		4,680		15,032
Petro Rio SA(a)		31,616		165,968
Petroleo Brasileiro SA		166,674		1,190,849
Petroreconcavo SA		5,812		30,477
				1,460,627
Canada — 8.8%
Advantage Energy Ltd.(a)		8,450		72,189
ARC Resources Ltd.		30,549		421,710
Athabasca Oil Corp.(a)		25,480		50,248
Baytex Energy Corp.(a)		25,584		132,659
Birchcliff Energy Ltd.		11,752		103,530
Cameco Corp.		17,888		521,379
Canacol Energy Ltd.		6,760		12,919
Canadian Natural Resources Ltd.		51,707		2,834,663
Cardinal Energy Ltd.		5,720		36,410
Cenovus Energy Inc.		62,002		1,163,231
Crescent Point Energy Corp.		25,649		194,904
Crew Energy Inc.(a)		6,240		30,883
Denison Mines Corp.(a)(b)		36,296		51,403
Energy Fuels Inc./Canada(a)		6,864		55,765
Enerplus Corp.		10,712		165,082
Freehold Royalties Ltd.		5,616		61,319
Frontera Energy Corp.(a)		2,704		22,833
Headwater Exploration Inc.(a)		8,944		40,792
Imperial Oil Ltd.		10,497		515,199
Kelt Exploration Ltd.(a)		7,280		34,866
MEG Energy Corp.(a)		12,480		174,464
NexGen Energy Ltd.(a)(b)		17,992		80,004
NuVista Energy Ltd.(a)		8,112		66,707
Obsidian Energy Ltd.(a)		3,120		28,080
Paramount Resources Ltd., Class A		3,432		78,238
Parex Resources Inc.		5,304		84,849
Peyto Exploration & Development Corp.		7,696		71,783
Pipestone Energy Corp.(a)		5,408		20,094
PrairieSky Royalty Ltd.		9,568		130,405
Spartan Delta Corp.(a)		6,032		60,855
Suncor Energy Inc.		64,418		2,084,076
Surge Energy Inc.		3,120		23,946
Tamarack Valley Energy Ltd.		19,552		62,377
Topaz Energy Corp.		4,160		65,503
Tourmaline Oil Corp.		14,314		846,295
Vermilion Energy Inc.		7,384		197,229

Security	Shares		Value
Canada (continued)
Whitecap Resources Inc.		27,840	$	202,862
				10,799,751
China — 1.5%
AAG Energy Holdings Ltd.(c)		67,000		12,648
CGN Mining Co. Ltd.(a)		90,000		11,726
China Coal Energy Co. Ltd., Class H		91,000		80,923
China Shenhua Energy Co. Ltd., Class A		18,400		80,640
China Shenhua Energy Co. Ltd., Class H		150,000		470,441
Guanghui Energy Co. Ltd., Class A		20,800		38,144
Inner Mongolia Dian Tou Energy Corp. Ltd.		5,800		11,677
Inner Mongolia Yitai Coal Co. Ltd., Class B		50,200		84,484
Jizhong Energy Resources Co. Ltd.		10,700		10,553
PetroChina Co. Ltd., Class A		52,000		40,289
PetroChina Co. Ltd., Class H		946,000		439,907
Pingdingshan Tianan Coal Mining Co. Ltd.		7,000		13,275
Shaanxi Coal Industry Co. Ltd., Class A		25,500		81,216
Shan Xi Hua Yang Group New Energy Co. Ltd.		7,300		19,688
Shanxi Coking Coal Energy Group Co. Ltd., Class A		10,410		19,264
Shanxi Lu’an Environmental Energy Development Co. Ltd., Class A		10,400		23,840
United Energy Group Ltd.		372,000		45,903
Yankuang Energy Group Co. Ltd., Class A		6,100		42,257
Yankuang Energy Group Co. Ltd., Class H		66,000		261,255
				1,788,130
Colombia — 0.1%
Ecopetrol SA		220,376		112,303
Finland — 0.8%
Neste OYJ		18,960		935,426
France — 4.6%
Etablissements Maurel et Prom SA		2,704		13,685
TotalEnergies SE		111,030		5,621,414
				5,635,099
Greece — 0.1%
Hellenic Petroleum Holdings SA		2,971		20,442
Motor Oil Hellas Corinth Refineries SA		2,974		56,071
			76,513
Hungary — 0.1%
MOL Hungarian Oil & Gas PLC		18,408		126,838
India — 4.3%
Bharat Petroleum Corp. Ltd.		38,584		158,055
Coal India Ltd.		68,432		199,957
Gujarat Mineral Development Corp. Ltd.		2,808		5,787
Hindustan Petroleum Corp. Ltd.		28,600		86,808
Indian Oil Corp. Ltd.		123,718		110,395
Oil & Natural Gas Corp. Ltd.		111,215		192,526
Oil India Ltd.		11,440		27,546
Reliance Industries Ltd.		97,704		3,200,787
Reliance Industries Ltd., GDR(c)		19,284		1,266,819
				5,248,680
Indonesia — 0.4%
Adaro Energy Indonesia Tbk PT		634,400		151,239
Bukit Asam Tbk PT		179,400		51,332
Harum Energy Tbk PT		104,000		11,895
Indika Energy Tbk PT		72,800		14,064
Indo Tambangraya Megah Tbk PT		20,800		55,094
Medco Energi Internasional Tbk PT		353,612		20,497
Sugih Energy Tbk PT(a)(d)		206,700		—

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

Schedule of Investments   (continued) August 31, 2022 iShares^® MSCI Global Energy Producers ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Indonesia (continued)
United Tractors Tbk PT		75,400	$	171,691
				475,812
Israel — 0.2%
Delek Group Ltd.(a)		416		72,254
Equital Ltd.(a)		1,011		37,546
Naphtha Israel Petroleum Corp. Ltd.(a)		1,457		8,769
Oil Refineries Ltd.		91,936		39,477
Paz Oil Co. Ltd.(a)		435		57,019
				215,065
Italy — 1.1%
Eni SpA		113,040		1,335,333
Saras SpA(a)		25,688		31,115
				1,366,448
Japan — 1.2%
Cosmo Energy Holdings Co. Ltd.		3,436		102,876
ENEOS Holdings Inc.		137,300		518,846
Idemitsu Kosan Co. Ltd.		9,268		244,372
Inpex Corp.		46,800		537,949
Japan Petroleum Exploration Co. Ltd.		1,300		37,038
				1,441,081
Malaysia — 0.0%
Hibiscus Petroleum Bhd		62,400		14,619
Norway — 1.8%
Aker BP ASA		14,133		495,091
BW Energy Ltd.(a)		4,056		10,115
DNO ASA		20,592		29,257
Equinor ASA		43,780		1,699,129
				2,233,592
Philippines — 0.0%
Semirara Mining & Power Corp.		30,800		22,528
Poland — 0.2%
Polski Koncern Naftowy ORLEN SA		18,196		235,679
Portugal — 0.2%
Galp Energia SGPS SA		22,364		241,508
Russia — 0.0%
LUKOIL PJSC(d)		17,021		3
Rosneft Oil Co. PJSC(d)		47,821		8
Surgutneftegas PJSC(d)		285,010		47
Tatneft PJSC(d)		57,983		9
				67
Saudi Arabia — 0.9%
Rabigh Refining & Petrochemical Co.(a)		18,847		86,691
Saudi Arabian Oil Co.(c)		108,360		1,079,372
				1,166,063
South Africa — 0.2%
Exxaro Resources Ltd.		10,816		137,798
Thungela Resources Ltd.		5,854		111,579
				249,377
South Korea — 0.5%
HD Hyundai Co. Ltd.		2,080		97,663
SK Innovation Co. Ltd.(a)		2,519		354,613
S-Oil Corp.		1,976		149,879
				602,155
Spain — 0.7%
Repsol SA		65,114		845,706

Security	Shares		Value
Thailand — 0.5%
Bangchak Corp. PCL, NVDR		41,600	$	40,180
Banpu PCL, NVDR		260,000		103,222
Esso Thailand PCL, NVDR(a)		41,600		16,068
IRPC PCL, NVDR		478,400		44,784
PTT Exploration & Production PCL, NVDR		62,431		288,745
Star Petroleum Refining PCL, NVDR		72,800		25,723
Thai Oil PCL, NVDR		52,000		86,517
				605,239
Turkey — 0.1%
Turkiye Petrol Rafinerileri AS(a)		5,408		106,623
United Arab Emirates — 0.0%
Dana Gas PJSC		149,760		39,671
United Kingdom — 11.2%
BP PLC		865,764		4,423,990
Capricorn Energy PLC(a)		14,872		40,117
Diversified Energy Co. PLC		36,712		56,466
Energean PLC(a)		5,408		81,295
EnQuest PLC(a)		65,104		22,590
Genel Energy PLC		7,488		12,344
Gulf Keystone Petroleum Ltd.		8,840		24,750
Harbour Energy PLC		20,675		114,074
Pantheon Resources PLC(a)(b)		31,512		48,778
Serica Energy PLC		8,944		38,718
Shell PLC		333,330		8,822,592
Tullow Oil PLC(a)		55,016		30,897
				13,716,611
United States — 54.0%
Antero Resources Corp.(a)		12,584		504,367
APA Corp.		15,184		593,846
Arch Resources Inc.		728		105,982
Berry Corp.		2,496		22,838
Brigham Minerals Inc., Class A		2,184		64,974
California Resources Corp.		2,392		119,504
Callon Petroleum Co.(a)		2,166		92,185
Centrus Energy Corp., Class A(a)(b)		438		21,817
Chesapeake Energy Corp.		5,125		515,011
Chevron Corp.		83,596		13,213,184
Chord Energy Corp.		1,801		254,932
Civitas Resources Inc.		2,496		167,706
CNX Resources Corp.(a)		8,736		154,365
Comstock Resources Inc.(a)		4,160		81,536
ConocoPhillips		57,933		6,340,767
CONSOL Energy Inc.		1,456		104,512
Coterra Energy Inc.		36,088		1,115,480
Crescent Energy Co., Class A		1,598		27,374
CVR Energy Inc.		1,352		44,156
Delek U.S. Holdings Inc.		2,912		82,264
Denbury Inc.(a)		2,288		203,472
Devon Energy Corp.		28,080		1,983,010
Diamondback Energy Inc.		7,604		1,013,461
Earthstone Energy Inc., Class A(a)(b)		1,976		30,035
Enviva Inc.		1,456		101,221
EOG Resources Inc.		26,234		3,182,184
EQT Corp.		14,912		712,794
Exxon Mobil Corp.		188,698		18,037,642
Gran Tierra Energy Inc.(a)		16,120		22,729
Gulfport Energy Corp.(a)		560		54,746
Hess Corp.		12,541		1,514,702

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   (continued) August 31, 2022 iShares^® MSCI Global Energy Producers ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
United States (continued)
HF Sinclair Corp.		6,968	$	366,726
Kimbell Royalty Partners LP		2,184		38,744
Kosmos Energy Ltd.(a)		20,488		144,850
Laredo Petroleum Inc.(a)		694		53,861
Magnolia Oil & Gas Corp., Class A		7,488		178,739
Marathon Oil Corp.		31,720		811,715
Marathon Petroleum Corp.		24,246		2,442,784
Matador Resources Co.(b)		5,304		316,118
Murphy Oil Corp.		6,604		257,358
Northern Oil and Gas Inc.		2,912		92,136
Occidental Petroleum Corp.		41,972		2,980,012
Ovintiv Inc.		11,593		616,052
Par Pacific Holdings Inc.(a)		2,080		39,104
PBF Energy Inc., Class A(a)		4,368		149,211
PDC Energy Inc.		4,472		303,694
Peabody Energy Corp.(a)		5,096		125,667
Permian Res Corp., NVS		8,840		72,753
Pioneer Natural Resources Co.		10,300		2,608,166
Range Resources Corp.(a)		12,064		396,423
Ranger Oil Corp.		936		36,495
SandRidge Energy Inc.(a)		1,313		27,547
SilverBow Resources Inc.(a)		416		16,540
SM Energy Co.(b)		5,408		238,331
Southwestern Energy Co.(a)		39,950		299,225
Talos Energy Inc.(a)		2,600		53,898
Tellurian Inc.(a)(b)		21,632		86,528
Texas Pacific Land Corp.		279		513,488
Uranium Energy Corp.(a)		14,937		67,515
Valero Energy Corp.		18,273		2,140,134
Viper Energy Partners LP		2,704		82,526
W&T Offshore Inc.(a)		4,472		29,068
				66,068,204
Total Common Stocks — 97.7% (Cost: $92,762,405)				119,514,151
Preferred Stocks
Brazil — 1.1%
Petroleo Brasileiro SA, Preference Shares, NVS		213,192		1,361,750

Security	Shares		Value
Russia — 0.0%
Surgutneftegas PJSC, Preference Shares, NVS(d)		275,500	$	45
Total Preferred Stocks — 1.1% (Cost: $989,086)				1,361,795
Rights
Thailand — 0.0%
Thai Oil PCL (Expires 09/14/22)(a)		4,588		—
Total Rights — 0.0% (Cost: $—)				—
Total Long-Term Investments — 98.8% (Cost: $93,751,491)				120,875,946
Short-Term Securities
Money Market Funds — 0.5%
BlackRock Cash Funds: Institutional, SL Agency Shares, 2.42%(e)(f)(g)		504,654		504,806
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.07%(e)(f)		160,000		160,000
Total Short-Term Securities — 0.5% (Cost: $664,546)				664,806
Total Investments in Securities — 99.3% (Cost: $94,416,037)				121,540,752
Other Assets Less Liabilities — 0.7%				818,844
Net Assets — 100.0%			$	122,359,596

^(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 year ended August 31, 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 Sale			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 08/31/22		Shares Held at 08/31/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	525,991	$	—		$	(21,220	)(a)	$	(136	)	$	171	$	504,806		504,654	$	6,090	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		100,000		60,000	(a)		—			—			—		160,000		160,000		805			—
									$	(136	)	$	171	$	664,806			$	6,895		$	—

^(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.

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

Schedule of Investments   (continued) August 31, 2022 iShares^® MSCI Global Energy Producers 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
E-mini Energy Select Sector Index		15		09/16/22	$	1,257	$	905
FTSE 100 Index		2		09/16/22		169		(4,871	)
							$	(3,966	)

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:

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)	$	—	$	—	$	905	$	—	$	—	$	—	$	905
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	—	$	—	$	4,871	$	—	$	—	$	—	$	4,871

^(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 August 31, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Net Realized Gain (Loss) from
Futures contracts	$	—	$	—	$	135,445	$	—	$	—	$	—	$	135,445
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	16,832	$	—	$	—	$	—	$	16,832

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts
Average notional value of contracts — long	$	927,806

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 23

Schedule of Investments   (continued) August 31, 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	$	78,752,925	$	40,761,159		$	67	$	119,514,151
Preferred Stocks		1,361,750		—			45		1,361,795
Rights		—		—			—		—
Money Market Funds		664,806		—			—		664,806
	$	80,779,481	$	40,761,159		$	112	$	121,540,752
Derivative financial instruments(a)
Assets
Futures Contracts	$	905	$	—		$	—	$	905
Liabilities
Futures Contracts		—		(4,871	)		—		(4,871	)
	$	905	$	(4,871	)	$	—	$	(3,966	)

^(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   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 August 31, 2022 iShares^® MSCI Global Gold Miners ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Australia — 8.1%
De Grey Mining Ltd.(a)(b)		5,231,427	$	3,439,810
Newcrest Mining Ltd.		1,300,505		15,634,226
Red 5 Ltd.(a)		13,649,054		2,347,814
St. Barbara Ltd.		4,291,322		2,647,487
West African Resources Ltd.(a)(b)		4,005,342		3,410,466
Westgold Resources Ltd.		3,055,538		1,921,004
				29,400,807
Canada — 51.2%
Agnico Eagle Mines Ltd.		910,799		37,559,580
Alamos Gold Inc., Class A(b)		1,117,310		8,056,440
Argonaut Gold Inc.(a)(b)		6,101,934		2,160,429
B2Gold Corp.		2,926,710		8,980,577
Barrick Gold Corp.		3,717,150		55,190,486
Calibre Mining Corp.(a)		2,939,547		2,126,295
Centerra Gold Inc.		777,986		3,524,587
Eldorado Gold Corp.(a)		683,612		3,768,494
Equinox Gold Corp.(a)		1,041,987		3,657,487
IAMGOLD Corp.(a)		2,029,556		2,426,164
Kinross Gold Corp.		3,349,784		10,992,933
Lundin Gold Inc.		421,943		2,817,558
New Gold Inc.(a)		3,155,848		2,042,465
SSR Mining Inc.(b)		597,293		8,063,353
Torex Gold Resources Inc.(a)		403,098		2,992,504
Wesdome Gold Mines Ltd.(a)		563,247		3,293,667
Wheaton Precious Metals Corp.		541,627		16,533,161
Yamana Gold Inc.		2,554,401		11,280,714
				185,466,894
China — 4.7%
Zijin Mining Group Co. Ltd., Class A		2,231,100		2,825,692
Zijin Mining Group Co. Ltd., Class H		12,500,000		14,124,663
				16,950,355
Indonesia — 1.1%
Aneka Tambang Tbk		31,102,700		4,158,947
Peru — 1.1%
Cia. de Minas Buenaventura SAA, ADR		767,942		4,085,452
Russia — 0.0%
Polymetal International PLC(c)		822,891		135
Polyus PJSC(c)		62,547		10
				145
Saudi Arabia — 3.9%
AngloGold Ashanti Ltd.		1,071,715		14,312,393

Security	Shares		Value
South Africa — 6.3%
DRDGOLD Ltd.		3,736,556	$	2,024,709
Gold Fields Ltd.		1,991,654		16,085,298
Harmony Gold Mining Co. Ltd.		1,790,736		4,560,289
				22,670,296
Turkey — 0.7%
Koza Altin Isletmeleri AS		296,131		2,579,248
United Kingdom — 1.7%
Centamin PLC		4,131,880		4,333,168
Hochschild Mining PLC		2,427,028		1,827,322
				6,160,490
United States — 20.5%
Coeur Mining Inc.(a)(b)		1,202,048		3,317,652
McEwen Mining Inc., NVS(a)		368,724		1,131,982
Newmont Corp.		1,686,739		69,763,525
				74,213,159
Total Long-Term Investments — 99.3% (Cost: $524,087,513)				359,998,186
Short-Term Securities
Money Market Funds — 0.6%
BlackRock Cash Funds: Institutional, SL Agency Shares, 2.42%(d)(e)(f)		1,922,319		1,922,895
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.07%(d)(e)		100,000		100,000
Total Short-Term Securities — 0.6% (Cost: $2,021,667)				2,022,895
Total Investments in Securities — 99.9% (Cost: $526,109,180)				362,021,081
Other Assets Less Liabilities — 0.1%				343,688
Net Assets — 100.0%			$	362,364,769

^(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 25

Schedule of Investments   (continued) August 31, 2022 iShares^® MSCI Global Gold Miners ETF

Affiliates

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

Affiliated Issuer	Value at 08/31/21		Purchases at Cost		Proceeds from Sale			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 08/31/22		Shares Held at 08/31/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	5,683,523	$	—	$	(3,760,462	)(a)	$	(130	)	$	(36	)	$	1,922,895		1,922,319	$	68,842	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		130,000		—		(30,000	)(a)		—			—			100,000		100,000		1,700			—
								$	(130	)	$	(36	)	$	2,022,895			$	70,542		$	—

^(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/TSX 60 Index		12		09/15/22	$	2,129	$	(40,173	)

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:

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	—	$	—	$	40,173	$	—	$	—	$	—	$	40,173

^(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 August 31, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Commodity Contracts		Credit Contracts		Equity Contracts			Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Net Realized Gain (Loss) from
Futures contracts	$	—	$	—	$	(128,280	)	$	—	$	—	$	—	$	(128,280	)
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	(48,603	)	$	—	$	—	$	—	$	(48,603	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts
Average notional value of contracts — long	$	1,920,584

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

26 2 0 2 2   I S H A R E S   A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments   (continued) August 31, 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	$	263,765,505		$	96,232,536	$	145	$	359,998,186
Money Market Funds		2,022,895			—		—		2,022,895
	$	265,788,400		$	96,232,536	$	145	$	362,021,081
Derivative financial instruments(a)
Liabilities
Futures Contracts	$	(40,173	)	$	—	$	—	$	(40,173	)

^(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 August 31, 2022 iShares^® MSCI Global Metals & Mining Producers ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Australia — 38.5%
29Metals Ltd.(a)		325,435	$	440,842
Allkem Ltd.(a)		720,192		6,676,156
Alumina Ltd.		3,030,883		3,093,390
Australian Strategic Materials Ltd.(a)		114,228		263,779
AVZ Minerals Ltd.(a)(b)(c)		3,302,250		1,534,922
BHP Group Ltd.		6,318,362		172,364,933
BlueScope Steel Ltd.		595,307		6,679,238
Chalice Mining Ltd.(a)		413,242		1,264,936
Champion Iron Ltd.		423,512		1,461,222
Core Lithium Ltd.(a)(c)		1,837,668		1,712,701
Deterra Royalties Ltd.		561,120		1,585,082
Fortescue Metals Group Ltd.		2,112,972		26,259,108
Glencore PLC		12,299,436		67,247,905
Goulamina Holdings Pty Ltd.(a)		1,053,736		414,586
Grange Resources Ltd.		667,332		394,559
IGO Ltd.		848,448		7,592,999
Iluka Resources Ltd.		525,716		3,696,034
Imdex Ltd.		444,888		603,922
ionner Ltd.(a)(c)		1,853,089		825,696
Jervois Global Ltd.(a)		1,675,344		605,636
Lake Resources NL(a)(c)		1,514,198		1,172,954
Liontown Resources Ltd.(a)		2,088,335		2,411,182
Lynas Rare Earths Ltd.(a)		1,126,916		6,732,272
Mincor Resources NL(a)		496,667		738,055
Mineral Resources Ltd.		212,468		9,052,713
Mount Gibson Iron Ltd.(c)		757,512		219,655
Neometals Ltd.(a)		582,813		539,951
Nickel Mines Ltd.		1,358,651		902,171
OZ Minerals Ltd.		417,610		7,197,046
Perenti Global Ltd.		752,168		398,978
Pilbara Minerals Ltd.(a)		2,977,782		7,221,515
Rio Tinto Ltd.		463,571		29,442,957
Rio Tinto PLC		1,403,042		77,462,365
Sandfire Resources Ltd.		513,024		1,584,394
Sayona Mining Ltd.(a)		8,311,590		1,611,379
Sims Ltd.		206,369		2,129,197
South32 Ltd.		5,781,070		15,919,372
Syrah Resources Ltd.(a)		795,588		993,879
Vulcan Energy Resources Ltd.(a)(c)		109,487		604,014
				471,051,695
Austria — 0.2%
voestalpine AG		144,310		2,903,879
Belgium — 0.1%
Bekaert SA		47,428		1,454,755
Brazil — 5.3%
Bradespar SA		8,016		32,280
Cia. Brasileira de Aluminio		187,040		461,991
Cia. Siderurgica Nacional SA		823,728		2,185,039
Vale SA		4,992,874		61,902,271
				64,581,581
Canada — 4.9%
Algoma Steel Group Inc.(c)		110,888		1,013,177
Altius Minerals Corp.		50,856		709,006
Capstone Mining Corp.(a)		425,279		955,247
Copper Mountain Mining Corp.(a)		206,412		229,460
ERO Copper Corp.(a)		95,524		906,254
Filo Mining Corp.(a)		106,880		1,342,765

Security	Shares		Value
Canada (continued)
First Quantum Minerals Ltd.		733,574	$	12,980,744
Hudbay Minerals Inc.		275,884		1,218,355
Ivanhoe Mines Ltd., Class A(a)		756,954		4,864,424
Labrador Iron Ore Royalty Corp.		71,498		1,589,086
Largo Inc.(a)(c)		48,096		327,390
Lithium Americas Corp.(a)		135,002		3,868,067
Lundin Mining Corp.		826,448		4,297,895
Major Drilling Group International Inc.(a)		92,852		629,218
Solaris Resources Inc.(a)		62,792		341,846
Stelco Holdings Inc.		60,033		1,624,984
Taseko Mines Ltd.(a)		349,364		364,433
Teck Resources Ltd., Class B		596,678		20,208,046
Turquoise Hill Resources Ltd.(a)		100,890		2,774,696
				60,245,093
Chile — 0.1%
CAP SA		84,836		684,462
China — 2.8%
Aluminum Corp. of China Ltd., Class A		1,002,065		650,419
Aluminum Corp. of China Ltd., Class H		4,872,000		1,800,253
Anhui Honglu Steel Construction Group Co. Ltd., Class A		138,050		576,315
Baoshan Iron & Steel Co. Ltd., Class A		1,736,893		1,336,613
Chengtun Mining Group Co. Ltd., Class A		267,200		276,160
China Hongqiao Group Ltd.(c)		3,006,000		2,914,803
China Metal Recycling Holdings Ltd.(b)		132,000		—
China Minmetals Rare Earth Co. Ltd., Class A(a)		66,800		253,137
China Nonferrous Mining Corp Ltd.		1,336,000		571,197
China Northern Rare Earth Group High-Tech Co. Ltd., Class A		267,270		1,160,022
China Oriental Group Co. Ltd.		1,180,000		217,390
China Zhongwang Holdings Ltd.(a)(b)		1,552,000		180,886
CMOC Group Ltd., Class A		1,536,400		1,090,057
CMOC Group Ltd., Class H		4,338,000		1,934,386
E-Commodities Holdings Ltd.		1,336,000		298,379
Ganfeng Lithium Co. Ltd., Class A		116,920		1,441,260
Ganfeng Lithium Co. Ltd., Class H(d)		447,280		3,929,560
GEM Co. Ltd., Class A		465,517		560,484
Henan Shenhuo Coal & Power Co. Ltd.		200,400		463,664
Hesteel Co. Ltd., Class A		864,100		302,120
Huaibei Mining Holdings Co. Ltd.		200,400		428,572
Hunan Valin Steel Co. Ltd., Class A		534,400		343,565
Inner Mongolia BaoTou Steel Union Co. Ltd., Class A		3,540,421		1,026,941
Inner Mongolia ERDOS Resources Co. Ltd.		95,360		242,838
Jiangxi Copper Co. Ltd., Class A		135,725		319,984
Jiangxi Copper Co. Ltd., Class H		1,466,000		1,800,502
Jinchuan Group International Resources Co. Ltd.		4,008,000		432,523
Maanshan Iron & Steel Co. Ltd., Class A		603,400		261,293
MMG Ltd.(a)		3,706,000		1,013,815
Pangang Group Vanadium Titanium & Resources Co. Ltd., Class A(a)		734,800		607,804
Shandong Nanshan Aluminum Co. Ltd., Class A		996,130		486,718
Shanxi Meijin Energy Co. Ltd., Class A		336,628		550,275
Shanxi Taigang Stainless Steel Co. Ltd., Class A		467,600		331,174
Shenghe Resources Holding Co. Ltd., Class A		133,600		333,417
Shougang Fushan Resources Group Ltd.		2,672,000		847,525
Tiangong International Co. Ltd.		1,336,000		448,051
Tianshan Aluminum Group Co. Ltd., Class A		326,200		359,968
Tibet Summit Resources Co. Ltd., Class-A(a)		66,800		271,572
Tongling Nonferrous Metals Group Co. Ltd., Class A		870,600		363,209
Western Mining Co. Ltd., Class A		200,400		307,283

28 2 0 2 2   I S H A R E S   A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments   (continued) August 31, 2022 iShares^® MSCI Global Metals & Mining Producers ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
China (continued)
Western Superconducting Technologies Co. Ltd., Class A		24,450	$	359,407
Xiamen Tungsten Co. Ltd., Class A		133,699		487,834
Yintai Gold Co. Ltd., Class A		259,440		428,398
YongXing Special Materials Technology Co. Ltd., Class A		21,100		407,804
Yunnan Aluminium Co. Ltd., Class A		267,200		387,886
Yunnan Tin Co. Ltd., Class A		133,600		267,153
Zhejiang Huayou Cobalt Co. Ltd., Class A		113,050		1,216,710
				34,289,326
Cyprus — 0.0%
Atalaya Mining PLC		136,940		353,960
Finland — 0.2%
Outokumpu OYJ		460,340		1,845,945
France — 1.5%
APERAM SA		59,452		1,604,689
ArcelorMittal SA		656,689		15,585,930
Eramet SA		12,714		1,077,938
				18,268,557
Germany — 0.5%
Aurubis AG		39,434		2,387,590
Salzgitter AG(c)		37,408		919,659
thyssenkrupp AG(a)		582,562		3,249,455
				6,556,704
India — 3.3%
APL Apollo Tubes Ltd.(a)		175,684		2,066,011
Godawari Power and Ispat Ltd.		52,772		193,260
Hindalco Industries Ltd.		1,672,004		9,068,280
Hindustan Copper Ltd.		245,824		360,608
Jindal Stainless Hisar Ltd.(a)		122,244		371,191
Jindal Stainless Ltd.(a)		199,064		316,690
Jindal Steel & Power Ltd.		505,008		2,717,308
JSW Steel Ltd.		901,132		7,473,210
Lloyds Metals & Energy Ltd.		94,856		164,121
National Aluminium Co. Ltd.		1,024,044		1,019,752
Ratnamani Metals & Tubes Ltd.		36,180		842,107
Tata Steel Ltd.		7,899,768		10,606,247
Tata Steel Ltd., GDR		119,933		1,583,396
Usha Martin Ltd.		153,065		269,814
Vedanta Ltd.		921,172		3,087,224
Welspun Corp. Ltd.		149,632		419,554
				40,558,773
Indonesia — 0.7%
Adaro Minerals Indonesia Tbk PT(a)		10,153,600		1,170,985
Bumi Resources Minerals Tbk PT(a)		54,575,600		911,892
Merdeka Copper Gold Tbk PT(a)		15,030,086		4,322,204
Timah Tbk PT		3,144,000		316,007
Vale Indonesia Tbk PT(a)		3,072,800		1,259,454
				7,980,542
Japan — 4.4%
Daido Steel Co. Ltd.		28,600		802,291
Daiki Aluminium Industry Co. Ltd.		59,000		569,634
Dowa Holdings Co. Ltd.		66,800		2,517,963
Hitachi Metals Ltd.(a)		274,700		4,133,341
JFE Holdings Inc.		601,200		6,459,024
Kobe Steel Ltd.		400,800		1,823,620
Kyoei Steel Ltd.		18,400		202,417
Maruichi Steel Tube Ltd.		68,900		1,468,807

Security	Shares		Value
Japan (continued)
Mitsubishi Materials Corp.		141,000	$	2,104,428
Mitsui Mining & Smelting Co. Ltd.		69,600		1,643,646
Nippon Light Metal Holdings Co. Ltd.		71,440		822,026
Nippon Steel Corp.		1,002,005		15,827,776
Pacific Metals Co. Ltd.		22,600		394,025
Sanyo Special Steel Co. Ltd.		25,900		389,301
Sumitomo Metal Mining Co. Ltd.		320,200		10,075,611
Toho Titanium Co. Ltd.		66,800		1,058,148
Tokyo Steel Manufacturing Co. Ltd.		66,800		707,757
UACJ Corp.		33,638		580,786
Yamato Kogyo Co. Ltd.		52,300		1,851,454
Yodogawa Steel Works Ltd.		19,600		352,481
				53,784,536
Malaysia — 0.4%
Press Metal Aluminium Holdings Bhd		4,609,200		4,885,274
Mexico — 1.2%
Grupo Mexico SAB de CV, Series B		3,874,400		14,669,507
Netherlands — 0.1%
AMG Advanced Metallurgical Group NV		34,736		886,885
New Zealand — 0.0%
Vulcan Steel Ltd.		70,874		380,685
Norway — 1.0%
Norsk Hydro ASA		1,708,744		11,740,949
Peru — 0.4%
Southern Copper Corp.		106,234		5,000,434
Poland — 0.3%
Jastrzebska Spolka Weglowa SA(a)(c)		66,132		668,031
KGHM Polska Miedz SA		173,724		3,255,481
				3,923,512
Qatar — 0.2%
Qatar Aluminum Manufacturing Co.		3,375,404		1,718,986
Russia — 0.0%
Alrosa PJSC(b)		2,886,002		473
MMC Norilsk Nickel PJSC(b)		71,400		12
Novolipetsk Steel PJSC(b)		1,668,000		273
Severstal PAO(b)		233,400		38
United Co. RUSAL International PJSC(a)(b)		3,450,000		566
				1,362
Saudi Arabia — 1.7%
Saudi Arabian Mining Co.(a)		1,073,050		21,173,248
Singapore — 0.1%
Straits Trading Co. Ltd.		202,600		472,188
South Africa — 2.6%
African Rainbow Minerals Ltd.		138,276		1,907,428
Anglo American Platinum Ltd.		66,132		4,616,645
Impala Platinum Holdings Ltd.		1,059,000		11,096,569
Kumba Iron Ore Ltd.		80,979		1,792,818
Northam Platinum Holdings Ltd.(a)		421,552		3,967,259
Royal Bafokeng Platinum Ltd.		112,224		951,779
Sibanye Stillwater Ltd.		3,525,981		7,877,116
				32,209,614
South Korea — 2.3%
Dongkuk Steel Mill Co. Ltd.		78,156		765,635

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   (continued) August 31, 2022 iShares^® MSCI Global Metals & Mining Producers ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
South Korea (continued)
Hyundai Steel Co.		107,548	$	2,622,528
KG Dongbu Steel Co. Ltd.(c)		33,444		311,425
Korea Zinc Co. Ltd.		10,688		5,346,422
Poongsan Corp.		20,040		462,815
POSCO Holdings Inc.		97,528		18,448,902
Seah Besteel Holdings Corp.		18,036		249,560
SeAH Steel Holdings Corp.		1		136
Young Poong Corp.(c)		668		347,121
				28,554,544
Spain — 0.2%
Acerinox SA		251,836		2,278,567
Sweden — 1.4%
Boliden AB		341,414		10,932,809
Granges AB		134,312		1,041,140
SSAB AB, Class A		285,904		1,375,126
SSAB AB, Class B		817,052		3,814,794
				17,163,869
Switzerland — 0.0%
Swiss Steel Holding AG, Registered(a)		1,148,292		340,670
Taiwan — 1.9%
Century Iron & Steel Industrial Co. Ltd.		194,000		553,380
China Metal Products		208,011		202,831
China Steel Corp.		14,998,612		14,204,677
Chun Yuan Steel Industry Co. Ltd.		475,000		258,934
Chung Hung Steel Corp.		1,145,000		966,140
EVERGREEN Steel Corp.		199,000		400,227
Feng Hsin Steel Co. Ltd.		668,000		1,463,292
Hsin Kuang Steel Co. Ltd.		200,000		249,233
TA Chen Stainless Pipe		1,945,365		2,507,862
Tung Ho Steel Enterprise Corp.		640,700		1,132,759
YC INOX Co. Ltd.		370,263		372,916
Yieh Phui Enterprise Co. Ltd.		1,405,776		718,829
				23,031,080
Turkey — 0.3%
Eregli Demir ve Celik Fabrikalari TAS		1,742,812		2,753,929
Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS, Class D		910,001		589,498
Koza Anadolu Metal Madencilik Isletmeleri AS(a)(c)		254,904		379,081
				3,722,508
United Kingdom — 4.9%
Anglo American PLC		1,585,318		50,943,345
Antofagasta PLC		490,356		6,239,236
Central Asia Metals PLC		223,360		596,798
Ferrexpo PLC		378,088		650,354
Hill & Smith Holdings PLC		110,220		1,331,561
				59,761,294
United States — 16.5%
5E Advanced Materials Inc.(a)		321,308		470,490
Alcoa Corp.		229,814		11,371,197
Alpha Metallurgical Resources Inc.		22,044		3,464,215
Arconic Corp.(a)(c)		137,167		3,457,980
ATI Inc.(a)(c)		154,845		4,634,511
Carpenter Technology Corp.		60,099		2,041,563
Century Aluminum Co.(a)		61,413		474,108
Cleveland-Cliffs Inc.(a)(c)		654,706		11,306,773
Commercial Metals Co.		152,304		6,169,835
Compass Minerals International Inc.		41,416		1,676,934
Coronado Global Resources Inc.(d)		929,856		1,017,283

Security	Shares		Value
United States (continued)
Freeport-McMoRan Inc.		1,810,883	$	53,602,137
Kaiser Aluminum Corp.		20,040		1,438,070
Materion Corp.		25,384		2,190,893
MP Materials Corp.(a)		100,200		3,505,998
Nucor Corp.		332,577		44,212,786
Piedmont Lithium Inc.(a)(c)		24,782		1,515,419
Ramaco Resources Inc.		28,056		295,710
Reliance Steel & Aluminum Co.		77,532		14,574,465
Ryerson Holding Corp.		21,355		608,618
Schnitzer Steel Industries Inc., Class A		32,732		1,081,465
Steel Dynamics Inc.		235,717		19,027,076
SunCoke Energy Inc.		105,544		695,535
TimkenSteel Corp.(a)		49,432		758,287
U.S. Steel Corp.		325,295		7,439,497
Warrior Met Coal Inc.		64,840		2,110,542
Worthington Industries Inc.		41,416		2,111,802
				201,253,189
Total Common Stocks — 98.0% (Cost: $1,390,285,268)				1,197,728,173
Preferred Stocks
Brazil — 0.8%
Bradespar SA, Preference Shares, NVS		346,846		1,459,415
Cia. Ferro Ligas da Bahia-Ferbasa, Preference Shares, NVS		46,760		474,215
Gerdau SA, Preference Shares, NVS		1,427,670		6,399,597
Metalurgica Gerdau SA, Preference Shares, NVS		889,776		1,705,187
				10,038,414
Russia — 0.0%
Mechel PJSC, Preference Shares, NVS(a)(b)		96,000		16
Total Preferred Stocks — 0.8% (Cost: $9,858,885)				10,038,430
Total Long-Term Investments — 98.8% (Cost: $1,400,144,153)				1,207,766,603
Short-Term Securities
Money Market Funds — 1.8%
BlackRock Cash Funds: Institutional, SL Agency Shares, 2.42%(e)(f)(g)		20,081,698		20,087,722
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.07%(e)(f)		1,990,000		1,990,000
Total Short-Term Securities — 1.8% (Cost: $22,069,935)				22,077,722
Total Investments in Securities — 100.6% (Cost: $1,422,214,088)				1,229,844,325
Liabilities in Excess of Other Assets — (0.6)%				(6,853,033	)
Net Assets — 100.0%			$	1,222,991,292

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

^(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)  Affiliate of the Fund.

30 2 0 2 2   I S H A R E S   A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments   (continued) August 31, 2022 iShares^® MSCI Global Metals & Mining Producers ETF

^(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 year ended August 31, 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 Sale		Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 08/31/22		Shares Held at 08/31/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	6,852,782	$	13,241,031	(a)	$	—	$	(13,323	)	$	7,232	$	20,087,722		20,081,698	$	309,374	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		—		1,990,000	(a)		—		—			—		1,990,000		1,990,000		10,416			—
								$	(13,323	)	$	7,232	$	22,077,722			$	319,790		$	—

^(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
E-mini Energy Select Sector Index		21		09/16/22	$	1,761	$	54,997
MSCI Emerging Markets Index		267		09/16/22		13,108		(397,565	)
							$	(342,568	)

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:

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)	$	—	$	—	$	54,997	$	—	$	—	$	—	$	54,997
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	—	$	—	$	397,565	$	—	$	—	$	—	$	397,565

^(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 31

Schedule of Investments   (continued) August 31, 2022 iShares^® MSCI Global Metals & Mining Producers ETF

Derivative Financial Instruments Categorized by Risk Exposure (continued)

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

	Commodity Contracts		Credit Contracts		Equity Contracts			Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Net Realized Gain (Loss) from
Futures contracts	$	—	$	—	$	526,512		$	—	$	—	$	—	$	526,512
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	(621,540	)	$	—	$	—	$	—	$	(621,540	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts
Average notional value of contracts — long	$	9,152,672

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	$	354,519,509		$	841,491,494	$	1,717,170	$	1,197,728,173
Preferred Stocks		10,038,414			—		16		10,038,430
Money Market Funds		22,077,722			—		—		22,077,722
	$	386,635,645		$	841,491,494	$	1,717,186	$	1,229,844,325
Derivative financial instruments(a)
Assets
Futures Contracts	$	54,997		$	—	$	—	$	54,997
Liabilities
Futures Contracts		(397,565	)		—		—		(397,565	)
	$	(342,568	)	$	—	$	—	$	(342,568	)

^(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   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 August 31, 2022 iShares^® MSCI Global Silver and Metals Miners ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Canada — 68.6%
Agnico Eagle Mines Ltd.		169,227	$	6,978,592
Aya Gold & Silver Inc.(a)(b)		855,434		4,995,758
Dundee Precious Metals Inc.		326,807		1,488,031
Eldorado Gold Corp.(a)		273,203		1,506,064
Endeavour Silver Corp.(a)(b)		1,610,539		4,672,139
First Majestic Silver Corp.		1,890,994		13,807,921
Fortuna Silver Mines Inc.(a)		2,670,953		6,182,432
GoGold Resources Inc.(a)(b)		2,566,426		3,497,851
i-80 Gold Corp.(a)		253,446		453,495
Kinross Gold Corp.		649,832		2,132,544
Lundin Gold Inc.		122,560		818,404
MAG Silver Corp.(a)(b)		579,945		6,870,936
New Gold Inc.(a)		1,116,840		722,819
New Pacific Metals Corp.(a)(b)		903,832		2,346,722
Orla Mining Ltd.(a)(b)		318,497		1,064,607
Pan American Silver Corp.		1,747,679		26,001,940
Seabridge Gold Inc.(a)		108,048		1,308,900
Silvercorp Metals Inc.		1,710,951		3,895,187
SilverCrest Metals Inc.(a)		1,234,340		6,738,659
SSR Mining Inc.		174,711		2,358,569
Victoria Gold Corp.(a)		72,056		426,844
Wheaton Precious Metals Corp.		208,512		6,364,827
Yamana Gold Inc.		517,875		2,287,033
				106,920,274
China — 0.3%
Chifeng Jilong Gold Mining Co. Ltd., Class A(a)		128,000		358,968
Japan — 4.6%
Asahi Holdings Inc.		475,800		7,091,767
Mexico — 4.5%
Industrias Penoles SAB de CV		857,100		7,044,757
Peru — 0.5%
Cia. de Minas Buenaventura SAA, ADR		153,194		814,992
Russia — 0.0%
Polymetal International PLC(c)		183,040		30

Security	Shares		Value
South Africa — 0.6%
Harmony Gold Mining Co. Ltd.		379,907	$	967,471
United Kingdom — 0.4%
Hochschild Mining PLC		534,925		402,748
SolGold PLC(a)(b)		928,896		214,740
				617,488
United States — 20.3%
Coeur Mining Inc.(a)(b)		424,384		1,171,300
Hecla Mining Co.(b)		4,390,968		17,300,414
Newmont Corp.		318,487		13,172,622
				31,644,336
Total Long-Term Investments — 99.8% (Cost: $242,838,445)				155,460,083
Short-Term Securities
Money Market Funds — 4.1%
BlackRock Cash Funds: Institutional, SL Agency Shares, 2.42%(d)(e)(f)		6,271,355		6,273,237
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.07%(d)(e)		60,000		60,000
Total Short-Term Securities — 4.1% (Cost: $6,327,765)				6,333,237
Total Investments in Securities — 103.9% (Cost: $249,166,210)				161,793,320
Liabilities in Excess of Other Assets — (3.9)%				(5,998,176	)
Net Assets — 100.0%			$	155,795,144

^(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 year ended August 31, 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 Sale			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 08/31/22		Shares Held at 08/31/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	22,991,219	$	—	$	(16,716,168	)(a)	$	(1,197	)	$	(617	)	$	6,273,237		6,271,355	$	230,670	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		140,000		—		(80,000	)(a)		—			—			60,000		60,000		387			—
								$	(1,197	)	$	(617	)	$	6,333,237			$	231,057		$	—

^(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 33

Schedule of Investments   (continued) August 31, 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/TSX 60 Index		3		09/15/22	$	532	$	(15,636	)

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:

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	—	$	—	$	15,636	$	—	$	—	$	—	$	15,636

^(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 August 31, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Commodity Contracts		Credit Contracts		Equity Contracts				Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Net Realized Gain (Loss) from
Futures contracts	$	—	$	—		$	(23,841	)	$	—	$	—	$	—	$	(23,841	)
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—		$	(17,632	)	$	—	$	—	$	—	$	(17,632	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts
Average notional value of contracts — long	$	461,841

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	$	146,639,099		$	8,820,954	$	30	$	155,460,083
Money Market Funds		6,333,237			—		—		6,333,237
	$	152,972,336		$	8,820,954	$	30	$	161,793,320
Derivative financial instruments(a)
Liabilities
Futures Contracts	$	(15,636	)	$	—	$	—	$	(15,636	)

^(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   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

August 31, 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, at value — unaffiliated(a)(b)	$	290,943,378		$	120,875,946	$	359,998,186		$	1,207,766,603
Investments, at value — affiliated(c)		807,964			664,806		2,022,895			22,077,722
Cash		690,161			6,465		9,588			—
Foreign currency, at value(d)		443,419			514,661		1,466,035			3,633,919
Cash pledged for futures contracts		31,000			110,000		116,000			854,000
Foreign currency collateral pledged for futures contracts(e)		26,113			10,455		—			—
Receivables:
Investments sold		1,517,466			738,051		7,259,977			10,583,838
Securities lending income — affiliated		3,528			411		8,341			34,365
Variation margin on futures contracts		—			—		—			23,642
Capital shares sold		1,350,072			—		23,522			—
Dividends — unaffiliated		543,325			850,267		1,704,246			11,071,422
Dividends — affiliated		640			165		242			2,594
Tax reclaims		4,680			28,908		481			98,180
Total assets		296,361,746			123,800,135		372,609,513			1,256,146,285
LIABILITIES
Bank overdraft		—			—		—			441,674
Collateral on securities loaned, at value		807,028			504,003		1,927,990			20,091,394
Deferred foreign capital gain tax		126,256			85,001		—			—
Payables:
Investments purchased		3,152,265			796,782		8,165,846			4,280,441
Variation margin on futures contracts		8,068			14,010		20,314			—
Capital shares redeemed		—			—		—			7,914,789
Investment advisory fees		93,649			40,743		130,594			425,680
Professional fees		—			—		—			1,015
Foreign taxes		2,071			—		—			—
Total liabilities		4,189,337			1,440,539		10,244,744			33,154,993
NET ASSETS	$	292,172,409		$	122,359,596	$	362,364,769		$	1,222,991,292
NET ASSETS CONSIST OF
Paid-in capital	$	311,285,276		$	103,481,878	$	606,906,442		$	1,536,179,772
Accumulated earnings (loss)		(19,112,867	)		18,877,718		(244,541,673	)		(313,188,480	)
NET ASSETS	$	292,172,409		$	122,359,596	$	362,364,769		$	1,222,991,292
NET ASSET VALUE
Shares outstanding		6,750,000			5,200,000		19,750,000			33,400,000
Net asset value	$	43.28		$	23.53	$	18.35		$	36.62
Shares authorized		500 million			500 million		500 million			500 million
Par value	$	0.001		$	0.001	$	0.001		$	0.001
(a) Investments, at cost — unaffiliated	$	303,468,733		$	93,751,491	$	524,087,513		$	1,400,144,153
(b) Securities loaned, at value	$	769,449		$	389,066	$	1,793,642		$	18,726,345
(c)  Investments, at cost — affiliated	$	807,639		$	664,546	$	2,021,667		$	22,069,935
(d) Foreign currency, at cost	$	445,037		$	516,387	$	1,475,446		$	3,671,550
(e) Foreign currency collateral pledged, at cost	$	27,097		$	10,923	$	—		$	—

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

Statements of Assets and Liabilities  (continued)

August 31, 2022

	iShares MSCI Global Silver and Metals Miners ETF
ASSETS
Investments, at value — unaffiliated(a)(b)	$	155,460,083
Investments, at value — affiliated(c)		6,333,237
Cash		4,716
Foreign currency, at value(d)		88,977
Foreign currency collateral pledged for futures contracts(e)		21,320
Receivables:
Investments sold		3,159,581
Securities lending income — affiliated		23,199
Dividends — unaffiliated		327,538
Dividends — affiliated		57
Tax reclaims		9,359
Total assets		165,428,067
LIABILITIES
Collateral on securities loaned, at value		6,276,144
Payables:
Investments purchased		3,295,299
Variation margin on futures contracts		3,621
Investment advisory fees		57,859
Total liabilities		9,632,923
NET ASSETS	$	155,795,144
NET ASSETS CONSIST OF
Paid-in capital	$	286,290,388
Accumulated loss		(130,495,244	)
NET ASSETS	$	155,795,144
NET ASSET VALUE
Shares outstanding		18,100,000
Net asset value	$	8.61
Shares authorized		500 million
Par value	$	0.001
(a) Investments, at cost — unaffiliated	$	242,838,445
(b) Securities loaned, at value	$	5,911,883
(c)  Investments, at cost — affiliated	$	6,327,765
(d) Foreign currency, at cost	$	91,339
(e) Foreign currency collateral pledged, at cost	$	21,760

See notes to financial statements.

36 2 0 2 2   I S H A R E S   A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Statements of Operations

Year Ended August 31, 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	$	4,352,441		$	5,855,302		$	13,669,701		$	88,222,530
Dividends — affiliated		1,524			929			1,866			10,790
Securities lending income — affiliated — net		70,949			5,966			68,676			309,000
Foreign taxes withheld		(391,298	)		(270,071	)		(1,127,238	)		(3,736,056	)
Foreign withholding tax claims		—			—			—			11,974
Other foreign taxes		—			(653	)		—			(1,317	)
Total investment income		4,033,616			5,591,473			12,613,005			84,816,921
EXPENSES
Investment advisory fees		657,066			415,723			1,928,455			4,995,637
Commitment fees		1,011			696			—			15,838
Professional fees		217			217			217			1,415
Interest expense		—			—			—			1,272
Total expenses		658,294			416,636			1,928,672			5,014,162
Net investment income		3,375,322			5,174,837			10,684,333			79,802,759
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated(a)		(2,910,298	)		(995,505	)		(24,964,196	)		(45,135,998	)
Investments — affiliated		73			(136	)		(130	)		(13,323	)
In-kind redemptions — unaffiliated(b)		11,894,368			8,898,833			21,121,794			36,395,594
Futures contracts		(57,737	)		135,445			(128,280	)		526,512
Foreign currency transactions		(49,999	)		(66,685	)		(99,493	)		(634,003	)
		8,876,407			7,971,952			(4,070,305	)		(8,861,218	)
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated(c)		(23,929,245	)		28,173,817			(169,392,366	)		(305,547,572	)
Investments — affiliated		309			171			(36	)		7,232
Futures contracts		7,643			16,832			(48,603	)		(621,540	)
Foreign currency translations		(9,055	)		(14,767	)		(8,628	)		(325,195	)
		(23,930,348	)		28,176,053			(169,449,633	)		(306,487,075	)
Net realized and unrealized gain (loss)		(15,053,941	)		36,148,005			(173,519,938	)		(315,348,293	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(11,678,619	)	$	41,322,842		$	(162,835,605	)	$	(235,545,534	)
(a) Net of foreign capital gain tax and capital gain tax refund, if applicable	$	(61,708	)	$	(27,214	)	$	—		$	(610,518	)
(b) See Note 2 of the Notes to Financial Statements.
(c)  Net of reduction/increase in deferred foreign capital gain tax of	$	7,125		$	(7,041	)	$	—		$	1,681,594

See notes to financial statements.

F I N A N C I A L   S T A T E M E N T S 37

Statements of Operations   (continued)

Year Ended August 31, 2022

	iShares MSCI Global Silver and Metals Miners ETF
INVESTMENT INCOME
Dividends — unaffiliated	$	3,141,513
Dividends — affiliated		1,220
Securities lending income — affiliated — net		229,837
Foreign taxes withheld		(280,728	)
Total investment income		3,091,842
EXPENSES
Investment advisory fees		903,732
Professional fees		217
Total expenses		903,949
Net investment income		2,187,893
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(20,878,361	)
Investments — affiliated		(1,197	)
In-kind redemptions — unaffiliated(a)		7,965,864
Futures contracts		(23,841	)
Foreign currency transactions		(67,830	)
		(13,005,365	)
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated		(84,506,556	)
Investments — affiliated		(617	)
Futures contracts		(17,632	)
Foreign currency translations		(9,424	)
		(84,534,229	)
Net realized and unrealized loss		(97,539,594	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(95,351,701	)
(a) See Note 2 of the Notes to Financial Statements.

See notes to financial statements.

38 2 0 2 2   I S H A R E S   A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Statements of Changes in Net Assets

	iShares MSCI Global Agriculture Producers ETF						iShares MSCI Global Energy Producers ETF
	Year Ended 08/31/22			Year Ended 08/31/21			Year Ended 08/31/22			Year Ended 08/31/21
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	3,375,322		$	929,163		$	5,174,837		$	2,531,709
Net realized gain (loss)		8,876,407			1,043,316			7,971,952			(2,495,908	)
Net change in unrealized appreciation (depreciation)		(23,930,348	)		10,285,535			28,176,053			16,848,585
Net increase (decrease) in net assets resulting from operations		(11,678,619	)		12,258,014			41,322,842			16,884,386
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(2,600,095	)		(743,435	)		(4,516,824	)		(2,192,248	)
CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		220,839,002			46,922,973			5,467,754			15,409,142
NET ASSETS
Total increase in net assets		206,560,288			58,437,552			42,273,772			30,101,280
Beginning of year		85,612,121			27,174,569			80,085,824			49,984,544
End of year	$	292,172,409		$	85,612,121		$	122,359,596		$	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 39

Statements of Changes in Net Assets (continued)

	iShares MSCI Global Gold Miners ETF						iShares MSCI Global Metals & Mining Producers ETF
	Year Ended 08/31/22			Year Ended 08/31/21			Year Ended 08/31/22			Year Ended 08/31/21
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	10,684,333		$	8,315,601		$	79,802,759		$	42,347,311
Net realized gain (loss)		(4,070,305	)		22,658,655			(8,861,218	)		81,762,667
Net change in unrealized appreciation (depreciation)		(169,449,633	)		(168,417,833	)		(306,487,075	)		142,395,181
Net increase (decrease) in net assets resulting from operations		(162,835,605	)		(137,443,577	)		(235,545,534	)		266,505,159
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(10,485,280	)		(7,902,083	)		(107,607,704	)		(26,536,436	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		(22,456,828	)		130,863,348			460,084,733			568,697,109
NET ASSETS
Total increase (decrease) in net assets		(195,777,713	)		(14,482,312	)		116,931,495			808,665,832
Beginning of year		558,142,482			572,624,794			1,106,059,797			297,393,965
End of year	$	362,364,769		$	558,142,482		$	1,222,991,292		$	1,106,059,797

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

See notes to financial statements.

40 2 0 2 2   I S H A R E S   A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Statements of Changes in Net Assets (continued)

	iShares MSCI Global Silver and Metals Miners ETF
	Year Ended 08/31/22			Year Ended 08/31/21
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	2,187,893		$	1,710,322
Net realized gain (loss)		(13,005,365	)		12,126,628
Net change in unrealized appreciation (depreciation)		(84,534,229	)		(72,828,176	)
Net decrease in net assets resulting from operations		(95,351,701	)		(58,991,226	)
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(2,201,237	)		(8,369,316	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		(13,980,090	)		84,032,695
NET ASSETS
Total increase (decrease) in net assets		(111,533,028	)		16,672,153
Beginning of year		267,328,172			250,656,019
End of year	$	155,795,144		$	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 41

Financial Highlights

(For a share outstanding throughout each period)

	iShares MSCI Global Agriculture Producers ETF
	Year Ended 08/31/22				Year Ended 08/31/21				Year Ended 08/31/20				Year Ended 08/31/19				Year Ended 08/31/18
Net asset value, beginning of year		$	39.82			$	28.60			$	26.88			$	29.15			$	27.08
Net investment income(a)			0.86				0.60				0.49				0.53				0.53
Net realized and unrealized gain (loss)(b)			3.25				11.11				1.73				(2.25	)			2.03
Net increase (decrease) from investment operations			4.11				11.71				2.22				(1.72	)			2.56
Distributions from net investment income(c)			(0.65	)			(0.49	)			(0.50	)			(0.55	)			(0.49	)
Net asset value, end of year		$	43.28			$	39.82			$	28.60			$	26.88			$	29.15
Total Return(d)
Based on net asset value			10.43	%			41.16	%			8.41	%			(5.88	)%			9.49	%
Ratios to Average Net Assets(e)
Total expenses			0.39	%			0.39	%			0.39	%			0.39	%			0.39	%
Total expenses after fees waived			0.39	%			0.39	%			0.39	%			0.39	%			0.37	%
Net investment income			2.00	%			1.60	%			1.84	%			1.88	%			1.84	%
Supplemental Data
Net assets, end of year (000)		$	292,172			$	85,612			$	27,175			$	25,535			$	33,521
Portfolio turnover rate(f)			10	%			6	%			9	%			13	%			25	%

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

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

See notes to financial statements.

42 2 0 2 2   I S H A R E S   A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Financial Highlights(continued)

(For a share outstanding throughout each period)

	iShares MSCI Global Energy Producers ETF
	Year Ended 08/31/22				Year Ended 08/31/21				Year Ended 08/31/20				Year Ended 08/31/19				Year Ended 08/31/18
Net asset value, beginning of year		$	15.86			$	12.04			$	17.97			$	22.80			$	18.57
Net investment income(a)			1.01				0.58				0.68				0.70				0.64
Net realized and unrealized gain (loss)(b)			7.51				3.76				(5.61	)			(4.90	)			4.23
Net increase (decrease) from investment operations			8.52				4.34				(4.93	)			(4.20	)			4.87
Distributions from net investment income(c)			(0.85	)			(0.52	)			(1.00	)			(0.63	)			(0.64	)
Net asset value, end of year		$	23.53			$	15.86			$	12.04			$	17.97			$	22.80
Total Return(d)
Based on net asset value			54.58	%			36.41	%			(28.92	)%			(18.56	)%			26.48	%
Ratios to Average Net Assets(e)
Total expenses			0.39	%			0.39	%			0.39	%			0.39	%			0.39	%
Net investment income			4.85	%			4.01	%			4.62	%			3.41	%			2.93	%
Supplemental Data
Net assets, end of year (000)		$	122,360			$	80,086			$	49,985			$	46,733			$	47,889
Portfolio turnover rate(f)			12	%			8	%			12	%			6	%			5	%

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

^(f)  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 43

Financial Highlights(continued)

(For a share outstanding throughout each period)

	iShares MSCI Global Gold Miners ETF
	Year Ended 08/31/22				Year Ended 08/31/21				Year Ended 08/31/20				Year Ended 08/31/19				Year Ended 08/31/18
Net asset value, beginning of year		$	26.96			$	35.13			$	24.01			$	14.43			$	19.96
Net investment income(a)			0.56				0.49				0.17				0.18				0.10
Net realized and unrealized gain (loss)(b)			(8.61	)			(8.20	)			11.11				9.59				(5.51	)
Net increase (decrease) from investment operations			(8.05	)			(7.71	)			11.28				9.77				(5.41	)
Distributions from net investment income(c)			(0.56	)			(0.46	)			(0.16	)			(0.19	)			(0.12	)
Net asset value, end of year		$	18.35			$	26.96			$	35.13			$	24.01			$	14.43
Total Return(d)
Based on net asset value			(30.42	)%			(22.12	)%			47.22	%			68.13	%			(27.22	)%
Ratios to Average Net Assets(e)
Total expenses			0.39	%			0.39	%			0.39	%			0.39	%			0.39	%
Net investment income			2.16	%			1.63	%			0.66	%			1.04	%			0.56	%
Supplemental Data
Net assets, end of year (000)		$	362,365			$	558,142			$	572,625			$	325,284			$	232,989
Portfolio turnover rate(f)			25	%			12	%			21	%			15	%			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)  Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

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

See notes to financial statements.

44 2 0 2 2   I S H A R E S   A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Financial Highlights(continued)

(For a share outstanding throughout each period)

	iShares MSCI Global Metals & Mining Producers ETF
	Year Ended 08/31/22				Year Ended 08/31/21				Year Ended 08/31/20				Year Ended 08/31/19				Year Ended 08/31/18
Net asset value, beginning of year		$	45.61			$	27.79			$	25.60			$	30.93			$	31.86
Net investment income(a)			2.67				2.13				1.04				1.49				1.06
Net realized and unrealized gain (loss)(b)			(8.08	)			16.86				2.26				(5.13	)			(1.05	)
Net increase (decrease) from investment operations			(5.41	)			18.99				3.30				(3.64	)			0.01
Distributions from net investment income(c)			(3.58	)			(1.17	)			(1.11	)			(1.69	)			(0.94	)
Net asset value, end of year		$	36.62			$	45.61			$	27.79			$	25.60			$	30.93
Total Return(d)
Based on net asset value			(12.69	)%			68.77	%			13.00	%			(12.16	)%			(0.10	)%
Ratios to Average Net Assets(e)
Total expenses			0.39	%			0.39	%			0.39	%			0.39	%			0.39	%
Total expenses excluding professional fees for foreign withholding tax claims			0.39	%			N/A				N/A				N/A				N/A
Net investment income			6.23	%			5.11	%			4.03	%			5.05	%			3.15	%
Supplemental Data
Net assets, end of year (000)		$	1,222,991			$	1,106,060			$	297,394			$	221,470			$	403,636
Portfolio turnover rate(f)			19	%			17	%			11	%			14	%			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)  Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(f)  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 45

Financial Highlights(continued)

(For a share outstanding throughout each period)

	iShares MSCI Global Silver and Metals Miners ETF
	Year Ended 08/31/22				Year Ended 08/31/21				Year Ended 08/31/20				Year Ended 08/31/19				Year Ended 08/31/18
Net asset value, beginning of year		$	13.92			$	17.29			$	10.84			$	8.43			$	11.47
Net investment income(a)			0.12				0.10				0.04				0.09				0.10
Net realized and unrealized gain (loss)(b)			(5.31	)			(2.93	)			6.62				2.40				(3.05	)
Net increase (decrease) from investment operations			(5.19	)			(2.83	)			6.66				2.49				(2.95	)
Distributions from net investment income(c)			(0.12	)			(0.54	)			(0.21	)			(0.08	)			(0.09	)
Net asset value, end of year		$	8.61			$	13.92			$	17.29			$	10.84			$	8.43
Total Return(d)
Based on net asset value			(37.54	)%			(16.69	)%			62.71	%			29.89	%			(25.87	)%
Ratios to Average Net Assets(e)
Total expenses			0.39	%			0.39	%			0.39	%			0.39	%			0.39	%
Net investment income			0.94	%			0.63	%			0.35	%			0.98	%			0.94	%
Supplemental Data
Net assets, end of year (000)		$	155,795			$	267,328			$	250,656			$	99,757			$	50,577
Portfolio turnover rate(f)			38	%			31	%			66	%			27	%			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)  Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

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

See notes to financial statements.

46 2 0 2 2   I S H A R E S   A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Notes to Financial Statements

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 August 31, 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.

Collateralization: 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.

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.

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   (continued)

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. The Board of Directors of the Company (the “Board”) of each Fund has approved the designation of BlackRock Fund Advisors (“BFA”), the Funds’ investment adviser, as the valuation designee for each Fund. Each Fund determines the fair values of its financial instruments using various independent dealers or pricing services under BFA’s policies. 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 BFA’s policies and procedures as reflecting fair value. BFA has formed a committee (the “Valuation Committee”) to develop pricing policies and procedures and to oversee the pricing function for all financial instruments, with assistance from other BlackRock pricing committees.

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 Valuation Committee, in accordance with BFA’s policies and procedures as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the 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 Valuation Committee 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 Valuation Committee deems relevant and consistent with the principles of fair value measurement.

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 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 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.

48 2 0 2 2   I S H A R E S   A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Notes to Financial Statements   (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 BFA, 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		Securities Loaned at Value		Cash Collateral Received	(a)		Non-Cash Collateral Received, at Fair Value	(a)		Net Amount
MSCI Global Agriculture Producers
Barclays Bank PLC	$	178,970	$	(178,970	)	$	—		$	—
Barclays Capital, Inc.		122,421		(122,421	)		—			—
BNP Paribas SA		13,202		(13,202	)		—			—
BofA Securities, Inc.		56,689		(56,689	)		—			—
Goldman Sachs & Co. LLC		246,781		(246,781	)		—			—
J.P. Morgan Securities LLC		7,928		(7,928	)		—			—
Jefferies LLC		6,987		(6,987	)		—			—
Morgan Stanley		136,471		(136,471	)		—			—
	$	769,449	$	(769,449	)	$	—		$	—
MSCI Global Energy Producers
Barclays Capital, Inc.	$	74,435	$	(74,435	)	$	—		$	—
BNP Paribas SA		35,972		(35,972	)		—			—
BofA Securities, Inc.		78,359		(78,359	)		—			—
Goldman Sachs & Co. LLC		604		(592	)		—			12	(b)
J.P. Morgan Securities LLC		16,692		(16,692	)		—			—
Jefferies LLC		37,415		(37,415	)		—			—
Scotia Capital (USA), Inc.		118,989		(118,989	)		—			—
UBS Securities LLC		26,600		(26,600	)		—			—
	$	389,066	$	(389,054	)	$	—		$	12
MSCI Global Gold Miners
BNP Paribas SA	$	457,608	$	(457,608	)	$	—		$	—
BofA Securities, Inc.		720,362		(720,362	)		—			—
HSBC Bank PLC		108,290		(108,290	)		—			—
J.P. Morgan Securities LLC		65,136		(65,136	)		—			—
Morgan Stanley		265,330		(265,330	)		—			—
State Street Bank & Trust Co.		176,916		(176,916	)		—			—
	$	1,793,642	$	(1,793,642	)	$	—		$	—

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 49

Notes to Financial Statements   (continued)

iShares ETF and Counterparty		Securities Loaned at Value		Cash Collateral Received	(a)		Non-Cash Collateral Received, at Fair Value	(a)		Net Amount
MSCI Global Metals & Mining Producers
Barclays Capital, Inc.	$	151,280	$	(149,689	)	$	—		$	1,591	(b)
BNP Paribas SA		4,588,149		(4,588,149	)		—			—
BofA Securities, Inc.		472,527		(472,527	)		—			—
Credit Suisse Securities (USA) LLC		41,063		(41,063	)		—			—
HSBC Bank PLC		189,521		(189,521	)		—			—
J.P. Morgan Securities LLC		834,018		(834,018	)		—			—
Jefferies LLC		278,050		(278,050	)		—			—
Morgan Stanley		10,594,925		(10,594,925	)		—			—
Scotia Capital (USA), Inc.		452,595		(452,595	)		—			—
SG Americas Securities LLC		64,436		(60,936	)		—			3,500	(b)
State Street Bank & Trust Co.		484,920		(476,000	)		—			8,920	(b)
UBS AG		421,080		(421,080	)		—			—
Wells Fargo Bank N.A.		153,781		(153,781	)		—			—
	$	18,726,345	$	(18,712,334	)	$	—		$	14,011
MSCI Global Silver and Metals Miners
Barclays Capital, Inc.	$	358,578	$	(351,802	)	$	—		$	6,776	(b)
BNP Paribas SA		325,462		(325,462	)		—			—
BofA Securities, Inc.		2,548,955		(2,548,955	)		—			—
Goldman Sachs & Co. LLC		64,010		(64,010	)		—			—
J.P. Morgan Securities LLC		771,491		(771,491	)		—			—
Morgan Stanley		224,835		(224,835	)		—			—
Scotia Capital (USA), Inc.		242,704		(242,704	)		—			—
SG Americas Securities LLC		359,483		(359,483	)		—			—
State Street Bank & Trust Co.		1,016,365		(1,016,365	)		—			—
	$	5,911,883	$	(5,905,107	)	$	—		$	6,776

^(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 August 31, 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.

50 2 0 2 2   I S H A R E S   A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Notes to Financial Statements   (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 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 year ended August 31, 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 year ended August 31, 2022, the Funds paid BTC the following amounts for securities lending agent services:

iShares ETF	Fees Paid to BTC
MSCI Global Agriculture Producers	$	15,912
MSCI Global Energy Producers		1,533
MSCI Global Gold Miners		16,306
MSCI Global Metals & Mining Producers		73,361
MSCI Global Silver and Metals Miners		57,468

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

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 51

Notes to Financial Statements   (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 year ended August 31, 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	$	495,287	$	1,694,197	$	(303,212	)
MSCI Global Energy Producers		1,352,700		1,872,271		(56,020	)
MSCI Global Gold Miners		4,063,269		22,982,323		(3,326,982	)
MSCI Global Metals & Mining Producers		1,258,284		23,492,620		(4,066,599	)
MSCI Global Silver and Metals Miners		4,552,566		199,989		(132,224	)

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 year ended August 31, 2022, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows:

iShares ETF	Purchases		Sales
MSCI Global Agriculture Producers	$	50,294,445	$	17,538,996
MSCI Global Energy Producers		13,365,523		12,686,494
MSCI Global Gold Miners		122,001,748		120,415,107
MSCI Global Metals & Mining Producers		333,517,609		233,251,727
MSCI Global Silver and Metals Miners		86,537,889		86,329,366

For the year ended August 31, 2022, in-kind transactions were as follows:

iShares ETF	In-kind Purchases		In-kind Sales
MSCI Global Agriculture Producers	$	217,428,888	$	30,077,002
MSCI Global Energy Producers		24,306,287		19,215,767
MSCI Global Gold Miners		72,290,285		96,540,643
MSCI Global Metals & Mining Producers		554,371,022		197,304,693
MSCI Global Silver and Metals Miners		13,389,553		27,209,072

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 August 31, 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.

U.S. GAAP requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or NAV per share. As of August 31, 2022, permanent differences attributable to realized gains (losses) from in-kind redemptions were reclassified to the following accounts:

iShares ETF	Paid-in Capital		Accumulated Earnings (Loss)
MSCI Global Agriculture Producers	$	11,612,098	$	(11,612,098	)
MSCI Global Energy Producers		8,287,351		(8,287,351	)
MSCI Global Gold Miners		20,186,870		(20,186,870	)
MSCI Global Metals & Mining Producers		34,077,555		(34,077,555	)
MSCI Global Silver and Metals Miners		6,539,091		(6,539,091	)

52 2 0 2 2   I S H A R E S   A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Notes to Financial Statements   (continued)

The tax character of distributions paid was as follows:

iShares ETF	Year Ended 08/31/22		Year Ended 08/31/21
MSCI Global Agriculture Producers Ordinary income	$	2,600,095	$	743,435
MSCI Global Energy Producers Ordinary income	$	4,516,824	$	2,192,248
MSCI Global Gold Miners Ordinary income	$	10,485,280	$	7,902,083
MSCI Global Metals & Mining Producers Ordinary income	$	107,607,704	$	26,536,436
MSCI Global Silver and Metals Miners Ordinary income	$	2,201,237	$	8,369,316

As of August 31, 2022, the tax components of accumulated net earnings (losses) were as follows:

iShares ETF		Undistributed Ordinary Income		Non-expiring Capital Loss Carryforwards	(a)		Net Unrealized Gains (Losses)	(b)		Qualified Late-Year Losses	(c)		Total
MSCI Global Agriculture Producers	$	993,835	$	(5,921,350	)	$	(14,185,352	)	$	—		$	(19,112,867	)
MSCI Global Energy Producers		1,986,333		(8,293,510	)		25,184,895			—			18,877,718
MSCI Global Gold Miners		1,903,713		(76,610,760	)		(169,834,626	)		—			(244,541,673	)
MSCI Global Metals & Mining Producers		15,401,337		(88,990,852	)		(239,598,965	)		—			(313,188,480	)
MSCI Global Silver and Metals Miners		—		(38,174,848	)		(91,789,003	)		(531,393	)		(130,495,244	)

^(a)  Amounts available to offset future realized capital gains.

^(b)  The difference between book-basis and tax-basis unrealized gains (losses) was attributable primarily to the tax deferral of losses on wash sales, the realization for tax purposes of unrealized gains (losses) on certain foreign currency contracts and futures contracts, the characterization of corporate actions and the realization for tax purposes of unrealized gains on investments in passive foreign investment companies.

^(c)  The Funds have elected to defer certain qualified late-year losses and recognize such losses in the next taxable year.

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 August 31, 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	$	305,801,270	$	11,134,404	$	(25,184,338	)	$	(14,049,934	)
MSCI Global Energy Producers		96,257,413		30,102,964		(4,819,625	)		25,283,339
MSCI Global Gold Miners		531,795,294		2,127,330		(171,942,860	)		(169,815,530	)
MSCI Global Metals & Mining Producers		1,469,092,589		96,330,343		(335,578,607	)		(239,248,264	)
MSCI Global Silver and Metals Miners		253,564,142		—		(91,786,458	)		(91,786,458	)

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 11, 2023. 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) Daily Simple Secured Overnight Financing Rate (“SOFR”) plus 0.10% and 1.00% per annum or (b) the U.S. Federal Funds rate 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.

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 53

Notes to Financial Statements   (continued)

For the year ended August 31, 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	$	82,389		1.47	%

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.

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.

54 2 0 2 2   I S H A R E S   A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Notes to Financial Statements   (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 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.

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:

	Year Ended 08/31/22						Year Ended 08/31/21
iShares ETF	Shares			Amount			Shares			Amount
MSCI Global Agriculture Producers
Shares sold		5,500,000		$	256,610,003			1,300,000		$	50,745,130
Shares redeemed		(900,000	)		(35,771,001	)		(100,000	)		(3,822,157	)
		4,600,000		$	220,839,002			1,200,000		$	46,922,973
MSCI Global Energy Producers
Shares sold		1,200,000		$	26,932,941			1,300,000		$	19,625,290
Shares redeemed		(1,050,000	)		(21,465,187	)		(400,000	)		(4,216,148	)
		150,000		$	5,467,754			900,000		$	15,409,142
MSCI Global Gold Miners
Shares sold		2,800,000		$	78,364,021			6,050,000		$	181,086,860
Shares redeemed		(3,750,000	)		(100,820,849	)		(1,650,000	)		(50,223,512	)
		(950,000	)	$	(22,456,828	)		4,400,000		$	130,863,348
MSCI Global Metals & Mining Producers
Shares sold		15,350,000		$	703,994,792			22,250,000		$	927,307,523
Shares redeemed		(6,200,000	)		(243,910,059	)		(8,700,000	)		(358,610,414	)
		9,150,000		$	460,084,733			13,550,000		$	568,697,109

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 55

Notes to Financial Statements   (continued)

	Year Ended 08/31/22						Year Ended 08/31/21
iShares ETF	Shares			Amount			Shares			Amount
MSCI Global Silver and Metals Miners
Shares sold		1,000,000		$	13,463,519			7,400,000		$	122,697,342
Shares redeemed		(2,100,000	)		(27,443,609	)		(2,700,000	)		(38,664,647	)
		(1,100,000	)	$	(13,980,090	)		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.

56 2 0 2 2   I S H A R E S   A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Report of Independent Registered Public Accounting Firm

To the Board of Directors of

iShares, Inc. and Shareholders of each of the five funds listed in the table below

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of each of the funds listed in the table below (five of the funds constituting iShares, Inc., hereafter collectively referred to as the “Funds”) as of August 31, 2022, the related statements of operations for the year ended August 31, 2022, the statements of changes in net assets for each of the two years in the period ended August 31, 2022, including the related notes, and the financial highlights for each of the five years in the period ended August 31, 2022 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of August 31, 2022, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended August 31, 2022 and each of the financial highlights for each of the five years in the period ended August 31, 2022 in conformity with accounting principles generally accepted in the United States of America.

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 Silver and Metals Miners ETF

Basis for Opinions

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of August 31, 2022 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

October 21, 2022

We have served as the auditor of one or more BlackRock investment companies since 2000.

R E P O R T   O F   I N D E P E N D E N T   R E G I S T E R E D   P U B L I C   A C C O U N T I N G   F I R M 57

Important Tax Information (unaudited)

The following amounts, or maximum amounts allowable by law, are hereby designated as qualified dividend income for individuals for the fiscal year ended August 31, 2022:

iShares ETF	Qualified Dividend     Income
MSCI Global Agriculture Producers	$	3,256,999
MSCI Global Energy Producers		4,832,797
MSCI Global Gold Miners		12,893,140
MSCI Global Metals & Mining Producers		93,388,867
MSCI Global Silver and Metals Miners		3,077,798

The Funds intend to pass through to their shareholders the following amounts, or maximum amounts allowable by law, of foreign source income earned and foreign taxes paid for the fiscal year ended August 31, 2022:

iShares ETF	Foreign Source Income Earned		Foreign     Taxes Paid
MSCI Global Gold Miners	$	9,906,677	$	1,011,185
MSCI Global Metals & Mining Producers		110,529,758		3,863,590
MSCI Global Silver and Metals Miners		2,381,123		228,890

The following percentage, or maximum percentage allowable by law, of ordinary income distributions paid during the fiscal year ended August 31, 2022 qualified for the dividends-received deduction for corporate shareholders:

iShares ETF	Dividends-Received  Deduction
MSCI Global Agriculture Producers		42.34%
MSCI Global Energy Producers		41.38%
MSCI Global Gold Miners		32.45%
MSCI Global Metals & Mining Producers		2.75%
MSCI Global Silver and Metals Miners		34.25%

58 2 0 2 2   I S H A R E S   A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Board Review and Approval of Investment Advisory Contract

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 Silver and Metals Miners ETF (each the “Fund”)

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Company’s Board of Directors (the “Board”), including a majority of Board Members who are not “interested persons” of the Company (as that term is defined in the 1940 Act) (the “Independent Board Members”), is required annually to consider and approve the Investment Advisory Agreement between the Company and BFA (the “Advisory Agreement”) on behalf of the Fund. The Board’s consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings on May 3, 2022 and May 18, 2022, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 13-15, 2022, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The material factors, none of which was controlling, and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.

Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of another fund in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund’s applicable expense peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the investment advisory fee rate and overall expenses (net of waivers and reimbursements) for the Fund were lower than the median of the investment advisory fee rates and overall expenses (net of waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds.

In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund’s performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2021, to that of such relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

Based on this review, the other factors considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Nature, Extent and Quality of Services Provided: Based on management’s representations, including information about recent enhancements and initiatives with respect to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies, provided at the May 3, 2022 meeting and throughout the year, and matters related to BFA’s portfolio compliance program.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreement supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

B O A R D   R E V I E W   A N D   A P P R O V A L   O F   I N V E S T M E N T   A D V I S O R Y   C O N T R A C T 59

Board Review and Approval of Investment Advisory Contract(continued)

Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates: The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA and its affiliates from the Fund’s operations for the last calendar year. The Board reviewed BlackRock’s methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA’s estimated profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the information considered with respect to the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability, including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Agreement for the Fund did not provide for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund increase. However, the Board noted that it would continue to assess the appropriateness of adding breakpoints in the future.

The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds, and institutional separate accounts (collectively, the “Other Accounts”). The Board acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts.

The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board noted that BFA and its affiliates do not manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund. The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.

The Board considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement and noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

Other Benefits to BFA and/or its Affiliates: The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services or other services, and BlackRock’s profile in the investment community. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.

Conclusion: Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund’s investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.

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Supplemental Information(unaudited)

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.

August 31, 2022

	Total Cumulative Distributions for the Fiscal Year								% Breakdown of the Total Cumulative Distributions for the Fiscal Year
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)	$	0.648284	$	—	$	0.000940	$	0.649224		100	%		—	%		—	%(b)		100	%
MSCI Global Energy Producers(a)		0.845127		—		0.005935		0.851062		99			—			1			100
MSCI Global Gold Miners		0.559548		—		—		0.559548		100			—			—			100
MSCI Global Metals & Mining Producers		3.583259		—		—		3.583259		100			—			—			100
MSCI Global Silver and Metals Miners(a)		0.115509		—		0.002688		0.118197		98			—			2			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%.

Premium/Discount Information

Information on the Fund’s net asset value, market price, premiums and discounts, and bid-ask spreads can be found at iShares.com.

Regulation under the Alternative Investment Fund Managers Directive

The Alternative Investment Fund Managers Directive and the Alternative Investment Fund Managers Regulations 2013 (as amended) and the “Guidelines on sound remuneration policies under the AIFMD” issued by the European Securities and Markets Authority (together the “Regulations”) impose detailed and prescriptive obligations on fund managers established in the European Union (the “EU”) and the UK. These do not currently apply to managers established outside of the EU or UK, such as BFA (the “Company”). Rather, non-EU and non-UK managers are only required to comply with certain disclosure, reporting and transparency obligations of the Regulations if such managers market a fund to EU investors.

The Company has registered the iShares MSCI Global Metals & Mining Producers ETF (The “Fund”) to be marketed to United Kingdom.

Report on Remuneration

The Company is required under the Regulations to make quantitative disclosures of remuneration. These disclosures are made in line with BlackRock’s interpretation of currently available regulatory guidance on quantitative remuneration disclosures. As market or regulatory practice develops BlackRock may consider it appropriate to make changes to the way in which quantitative remuneration disclosures are calculated. Where such changes are made, this may result in disclosures in relation to a fund not being comparable to the disclosures made in the prior year, or in relation to other BlackRock fund disclosures in that same year.

Disclosures are provided in relation to (a) the staff of the Company; (b) staff who are senior management; and (c) staff who have the ability to materially affect the risk profile of the Fund.

All individuals included in the aggregated figures disclosed are rewarded in line with BlackRock’s remuneration policy for their responsibilities across the relevant BlackRock business area. As all individuals have a number of areas of responsibilities, only the portion of remuneration for those individuals’ services attributable to the Fund is included in the aggregate figures disclosed.

BlackRock has a clear and well defined pay-for-performance philosophy, and compensation programmes which support that philosophy.

BlackRock operates a total compensation model for remuneration which includes a base salary, which is contractual, and a discretionary bonus scheme. Although all employees are eligible to receive a discretionary bonus, there is no contractual obligation to make a discretionary bonus award to any employees. For senior management, a significant percentage of variable remuneration is deferred over time. All employees are subject to a claw-back policy.

Remuneration decisions for employees are made once annually in January following the end of the performance year, based on BlackRock’s full-year financial results and other non-financial goals and objectives. Alongside financial performance, individual total compensation is also based on strategic and operating results and other considerations such as management and leadership capabilities. No set formulas are established and no fixed benchmarks are used in determining annual incentive awards.

S U P P L E M E N T A L   I N F O R M A T I O N 61

Supplemental Information(unaudited) (continued)

Annual incentive awards are paid from a bonus pool which is reviewed throughout the year by BlackRock’s independent compensation committee, taking into account both actual and projected financial information together with information provided by the Enterprise Risk and Regulatory Compliance departments in relation to any activities, incidents or events that warrant consideration in making compensation decisions. Individuals are not involved in setting their own remuneration.

Each of the control functions (Enterprise Risk, Legal & Compliance, and Internal Audit) each have their own organisational structures which are independent of the business units. Functional bonus pools for those control functions are determined with reference to the performance of each individual function and the remuneration of the senior members of control functions is directly overseen by BlackRock’s independent remuneration committee.

Members of staff and senior management of the Company typically provide both AIFMD and non-AIFMD related services in respect of multiple funds, clients and functions of the Company and across the broader BlackRock group. Therefore, the figures disclosed are a sum of each individual’s portion of remuneration attributable to the Fund according to an objective apportionment methodology which acknowledges the multiple-service nature of the Company. Accordingly the figures are not representative of any individual’s actual remuneration or their remuneration structure.

The amount of total & aggregate remuneration awarded by the Company to its staff which has been attributed to the Fund in respect of the Company’s financial year ending December 31, 2021 were as follows:

iShares ETF	Total Remuneration		Fixed Remuneration		Variable Remuneration		No. of Beneficiaries		Senior Management Remuneration		Risk Taker Remuneration
MSCI Global Metals & Mining Producers		$92,349		$43,179		$49,170		661		$11,304		$1,168

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Director and Officer Information (unaudited)

The Board of Directors has responsibility for the overall management and operations of the Funds, including general supervision of the duties performed by BFA and other service providers. Each Director serves until he or she resigns, is removed, dies, retires or becomes incapacitated. Each officer shall hold office until his or her successor is elected and qualifies or until his or her death, resignation or removal. Directors who are not “interested persons” (as defined in the 1940 Act) of the Company are referred to as independent directors (“Independent Directors”).

The registered investment companies advised by BFA or its affiliates (the “BlackRock-advised Funds”) are organized into one complex of open-end equity, multi-asset, index and money market funds and ETFs (the “BlackRock Multi-Asset Complex”), one complex of closed-end funds and open-end non-index fixed-income funds (including ETFs) (the “BlackRock Fixed-Income Complex”) and one complex of ETFs (“Exchange-Traded Fund Complex”) (each, a “BlackRock Fund Complex”). Each Fund is included in the Exchange-Traded Fund Complex. Each Director also serves as a Trustee of iShares Trust and a Trustee of iShares U.S. ETF Trust and, as a result, oversees all of the funds within the Exchange-Traded Fund Complex, which consists of 378 funds as of August 31, 2022. With the exception of Robert S. Kapito, Salim Ramji and Charles Park, the address of each Director and officer is c/o BlackRock, Inc., 400 Howard Street, San Francisco, CA 94105. The address of Mr. Kapito, Mr. Ramji and Mr. Park is c/o BlackRock, Inc., Park Avenue Plaza, 55 East 52nd Street, New York, NY 10055. The Board has designated John E. Kerrigan as its Independent Board Chair. Additional information about the Funds’ Directors and officers may be found in the Funds’ combined Statement of Additional Information, which is available without charge, upon request, by calling toll-free 1-800-iShares (1-800-474-2737).

Interested Directors
Name (Age)	Position(s)	Principal Occupation(s) During Past 5 Years	Other Directorships Held by Director
Robert S. Kapito(a) (65)	Director (since 2009).	President, BlackRock, Inc. (since 2006); Vice Chairman of BlackRock, Inc. and Head of BlackRock’s Portfolio Management Group (since its formation in 1998) and BlackRock, Inc.’s predecessor entities (since 1988); Trustee, University of Pennsylvania (since 2009); President of Board of Directors, Hope & Heroes Children’s Cancer Fund (since 2002).	Director of BlackRock, Inc. (since 2006); Trustee of iShares U.S. ETF Trust (since 2011); Trustee of iShares Trust (since 2009).
Salim Ramji(b) (52)	Director (since 2019).	Senior Managing Director, BlackRock, Inc. (since 2014); Global Head of BlackRock’s ETF and Index Investments Business (since 2019); Head of BlackRock’s U.S. Wealth Advisory Business (2015-2019); Global Head of Corporate Strategy, BlackRock, Inc. (2014-2015); Senior Partner, McKinsey & Company (2010-2014).	Trustee of iShares U.S. ETF Trust (since 2019); Trustee of iShares Trust (since 2019).
(a) Robert S. Kapito is deemed to be an “interested person” (as defined in the 1940 Act) of the Company due to his affiliations with BlackRock, Inc. and its affiliates.
(b) Salim Ramji is deemed to be an “interested person” (as defined in the 1940 Act) of the Company due to his affiliations with BlackRock, Inc. and its affiliates.
Independent Directors
Name (Age)	Position(s)	Principal Occupation(s) During Past 5 Years	Other Directorships Held by Director
John E. Kerrigan (67)	Director (since 2005); Independent Board Chair (since 2022).	Chief Investment Officer, Santa Clara University (since 2002).	Trustee of iShares U.S. ETF Trust (since 2011); Trustee of iShares Trust (since 2005); Independent Board Chair of iShares Trust and iShares U.S. ETF Trust (since 2022).
Jane D. Carlin (66)	Director (since 2015); Risk Committee Chair (since 2016).	Consultant (since 2012); Member of the Audit Committee (2012-2018), Chair of the Nominating and Governance Committee (2017-2018) and Director of PHH Corporation (mortgage solutions) (2012-2018); Managing Director and Global Head of Financial Holding Company Governance & Assurance and the Global Head of Operational Risk Management of Morgan Stanley (2006-2012).	Trustee of iShares U.S. ETF Trust (since 2015); Trustee of iShares Trust (since 2015); Member of the Audit Committee (since 2016), Chair of the Audit Committee (since 2020) and Director of The Hanover Insurance Group, Inc. (since 2016).
Richard L. Fagnani (67)	Director (since 2017); Audit Committee Chair (since 2019).	Partner, KPMG LLP (2002-2016).	Trustee of iShares U.S. ETF Trust (since 2017); Trustee of iShares Trust (since 2017).

D I R E C T O R   T R U S T E E   A N D   O F F I C E R   I N F O R M A T I O N 63

Director and Officer Information (unaudited) (continued)

Independent Directors (continued)
Name (Age)	Position(s)	Principal Occupation(s) During Past 5 Years	Other Directorships Held by Director
Cecilia H. Herbert (73)	Director (since 2005); Nominating and Governance and Equity Plus Committee Chairs (since 2022).	Chair of the Finance Committee (since 2019) and Trustee and Member of the Finance, Audit and Quality Committees of Stanford Health Care (since 2016); Trustee of WNET, New York’s public media company (since 2011) and Member of the Audit Committee (since 2018) and Investment Committee (since 2011); Chair (1994-2005) and Member (since 1992) of the Investment Committee, Archdiocese of San Francisco; Trustee of Forward Funds (14 portfolios) (2009-2018); Trustee of Salient MF Trust (4 portfolios) (2015-2018); Director (1998-2013) and President (2007-2011) of the Board of Directors, Catholic Charities CYO; Trustee (2002-2011) and Chair of the Finance and Investment Committee (2006-2010) of the Thacher School; Director of the Senior Center of Jackson Hole (since 2020).	Trustee of iShares U.S. ETF Trust (since 2011); Trustee of iShares Trust (since 2005); Trustee of Thrivent Church Loan and Income Fund (since 2019).
Drew E. Lawton (63)	Director (since 2017); 15(c) Committee Chair (since 2017).	Senior Managing Director of New York Life Insurance Company (2010-2015).	Trustee of iShares U.S. ETF Trust (since 2017); Trustee of iShares Trust (since 2017).
John E. Martinez (61)	Director (since 2003); Securities Lending Committee Chair (since 2019).	Director of Real Estate Equity Exchange, Inc. (since 2005); Director of Cloudera Foundation (2017-2020); and Director of Reading Partners (2012-2016).	Trustee of iShares U.S. ETF Trust (since 2011); Trustee of iShares Trust (since 2003).
Madhav V. Rajan (58)	Director (since 2011); Fixed Income Plus Committee Chair (since 2019).	Dean, and George Pratt Shultz Professor of Accounting, University of Chicago Booth School of Business (since 2017); Advisory Board Member (since 2016) and Director (since 2020) of C.M. Capital Corporation; Chair of the Board for the Center for Research in Security Prices, LLC (since 2020); Robert K. Jaedicke Professor of Accounting, Stanford University Graduate School of Business (2001-2017); Professor of Law (by courtesy), Stanford Law School (2005-2017); Senior Associate Dean for Academic Affairs and Head of MBA Program, Stanford University Graduate School of Business (2010-2016).	Trustee of iShares U.S. ETF Trust (since 2011); Trustee of iShares Trust (since 2011).
Officers
Name (Age)	Position(s)	Principal Occupation(s) During Past 5 Years
Armando Senra (51)	President (since 2019).	Managing Director, BlackRock, Inc. (since 2007); Head of U.S., Canada and Latam iShares, BlackRock, Inc. (since 2019); Head of Latin America Region, BlackRock, Inc. (2006-2019); Managing Director, Bank of America Merrill Lynch (1994-2006).
Trent Walker (48)	Treasurer and Chief Financial Officer (since 2020).	Managing Director, BlackRock, Inc. (since September 2019); Chief Financial Officer of iShares Delaware Trust Sponsor LLC, BlackRock Funds, BlackRock Funds II, BlackRock Funds IV, BlackRock Funds V and BlackRock Funds VI (since 2021); Executive Vice President of PIMCO (2016-2019); Senior Vice President of PIMCO (2008-2015); Treasurer (2013-2019) and Assistant Treasurer (2007-2017) of PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, 2 PIMCO-sponsored interval funds and 21 PIMCO-sponsored closed-end funds.
Charles Park (55)	Chief Compliance Officer (since 2006).	Chief Compliance Officer of BlackRock Advisors, LLC and the BlackRock-advised Funds in the BlackRock Multi-Asset Complex and the BlackRock Fixed-Income Complex (since 2014); Chief Compliance Officer of BFA (since 2006).
Marisa Rolland (42)	Secretary (since 2022).	Director, BlackRock, Inc. (since 2018); Vice President, BlackRock, Inc. (2010-2017).
Rachel Aguirre (40)	Executive Vice President (since 2022).	Managing Director, BlackRock, Inc. (since 2018); Director, BlackRock, Inc. (2009-2018); Head of U.S. iShares Product (since 2022); Head of EII U.S. Product Engineering (since 2021); Co-Head of EII’s Americas Portfolio Engineering (2020-2021); Head of Developed Markets Portfolio Engineering (2016-2019).
Jennifer Hsui (46)	Executive Vice President (since 2022).	Managing Director, BlackRock, Inc. (since 2009); Co-Head of Index Equity (since 2022).
James Mauro (51)	Executive Vice President (since 2022).	Managing Director, BlackRock, Inc. (since 2010); Head of Fixed Income Index Investments in the Americas and Head of San Francisco Core Portfolio Management (since 2020).

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Director and Officer Information (unaudited) (continued)

Effective March 18, 2022, Rachel Aguirre, Jennifer Hsui, and James Mauro have replaced Scott Radell, Alan Mason, and Marybeth Leithead as Executive Vice Presidents.

Effective June 15, 2022, Marisa Rolland replaced Deepa Damre Smith as Secretary.

D I R E C T O R   A N D   O F F I C E R   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.

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Glossary of Terms Used in this Report

Portfolio Abbreviations
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

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-AR-812-0822

AUGUST 31, 2022

2022 Annual Report

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

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

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

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

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

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

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

Rob Kapito

President, BlackRock, Inc.

Rob Kapito

President, BlackRock, Inc.

Total Returns as of August 31, 2022
	6-Month			12-Month
U.S. large cap equities (S&P 500® Index)		(8.84	)%		(11.23	)%
U.S. small cap equities (Russell 2000® Index)		(9.31	)		(17.88	)
International equities (MSCI Europe, Australasia, Far East Index)		(13.97	)		(19.80	)
Emerging market equities (MSCI Emerging Markets Index)		(13.30	)		(21.80	)
3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)		0.36			0.39
U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)		(9.71	)		(13.27	)
U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)		(7.76	)		(11.52	)
Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)		(5.72	)		(8.63	)
U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)		(7.78	)		(10.61	)

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

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
Annual Report:
Market Overview		4
Fund Summary		5
About Fund Performance		9
Disclosure of Expenses		9
Schedules of Investments		10
Financial Statements
Statements of Assets and Liabilities		29
Statements of Operations		30
Statements of Changes in Net Assets		31
Financial Highlights		32
Notes to Financial Statements		34
Report of Independent Registered Public Accounting Firm		45
Important Tax Information		46
Board Review and Approval of Investment Advisory Contract		47
Supplemental Information		51
Director and Officer Information		53
General Information		56
Glossary of Terms Used in this Report		57

Market Overview

iShares, Inc.

Global Market Overview

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

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

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

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

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

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

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

Fund Summary as of August 31, 2022 iShares^® 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
	1 Year			5 Years			Since Inception			1 Year			5 Years			Since Inception
Fund NAV		(17.62	)%		1.98	%		3.16	%		(17.62	)%		10.31	%		27.98	%
Fund Market		(17.74	)		1.95			3.17			(17.74	)		10.16			28.08
Index		(17.12	)		2.61			3.69			(17.12	)		13.74			33.32

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

The inception date of the Fund was September 23, 2014. The first day of secondary market trading was September 25, 2014.

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

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value (03/01/22)	Ending Account Value (08/31/22)	Expenses Paid During the Period	(a)		Beginning Account Value (03/01/22)	Ending Account Value (08/31/22)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$      1,000.00	$      892.80	$      0.00			$      1,000.00	$      1,025.20	$      0.00		0.00	%

^(a) Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (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 “Disclosure of 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.

F U N D    S U M M A R Y 5

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

Portfolio Management Commentary

Emerging markets stocks declined sharply during the reporting period in U.S. dollar terms, as higher interest rates raised the cost of borrowing in many emerging economies. Chinese equities drove the majority of detraction from the Index’s return, as economic growth slowed amid continuing coronavirus-related restrictions and lockdowns. Unemployment ran high and consumer spending weakened, while inflationary pressures mounted and supply chain disruptions persisted. Concerns about delisting from U.S. exchanges arising from U.S. audit requirements also impacted Chinese stocks.

Within China, the consumer discretionary sector detracted significantly from the Index’s return. The government’s campaign to rein in large internet firms, which included billions of dollars in anti-trust fines and restrictions on listings on foreign stock exchanges, weighed on investor sentiment. The internet and direct marketing retail industry declined as competitive advantages weakened, while concerns surrounding customer growth and slowing consumption pressured margins and earnings.

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

Chinese healthcare stocks also detracted from the Index’s performance after the U.S. Commerce Department added several pharmaceuticals, biotechnology, and life sciences companies to a list of firms with restricted access to U.S. technology, meaning U.S. companies must conduct stricter due diligence in any dealings with them.

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

In terms of currency performance, the U.S. dollar appreciated relative to most emerging market currencies for the reporting period. Increasing inflation, multiple Fed interest rate increases, and concerns about the state of the global economy drove U.S. dollar strength. The Chinese yuan, Indian rupee, Taiwanese new dollar, and South Korean won depreciated relative to the U.S. dollar by approximately 6%, 8%, 9%, and 14%, respectively.

The negative performance of some foreign currencies meant hedging activity contributed to the Index’s return. A fully hedged investor seeks to bypass the currency fluctuations — both on the upside and on the downside — related to holding foreign-currency-denominated securities. The Index’s hedging activity offset the negative impact of foreign currency performance relative to the U.S. dollar, resulting in an Index return that was relatively close to the Index’s return measured in local currencies.

Portfolio Information

PORTFOLIO COMPOSITION

Investment Type	Percent of Net Assets
Investment Companies		99.9	%
Short-term Investments		0.6
Forward foreign currency exchange contracts, net cumulative appreciation		0.7
Other assets less liabilities		(1.2	)

SECTOR ALLOCATION (of the UNDERLYING FUND)

Sector	Percent of Total Investment(a)
Financials	21.6	%
Information Technology	19.3
Consumer Discretionary	14.4
Communication Services	10.0
Materials	8.4
Consumer Staples	6.1
Industrials	5.8
Energy	5.3
Health Care	4.0
Utilities	3.1
Real Estate	2.0

^(a) Excludes money market funds.

6 2 0 2 2    I S H A R E S     A N N U A L    R E P O R T    T O    S H A R E  H O L D E R S

Fund Summary as of August 31, 2022 iShares^® MSCI 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
	1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		(22.73	)%		(0.23	)%		2.20	%		(22.73	)%		(1.13	)%		24.32	%
Fund Market		(22.97	)		(0.37	)		2.12			(22.97	)		(1.85	)		23.36
Index		(21.80	)		0.59			2.92			(21.80	)		3.00			33.31

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

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

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value (03/01/22)	Ending Account Value (08/31/22)	Expenses Paid During the Period	(a)		Beginning Account Value (03/01/22)	Ending Account Value (08/31/22)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$      1,000.00	$      863.30	$      3.24			$      1,000.00	$      1,021.70	$      3.52		0.69	%

^(a) Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (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 “Disclosure of Expenses” for more information.

F U N D    S U M M A R Y 7

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

Portfolio Management Commentary

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

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

Within China, the consumer discretionary sector detracted significantly from the Index’s return. The government’s campaign to rein in large internet firms, which included billions of dollars in anti-trust fines and restrictions on listings on foreign stock exchanges, weighed on investor sentiment. The internet and direct marketing retail industry declined as competitive advantages weakened, while concerns surrounding customer growth and slowing consumption pressured margins and earnings.

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

Chinese healthcare stocks also detracted from the Index’s performance after the U.S. Commerce Department added several pharmaceuticals, biotechnology, and life sciences companies to a list of firms with restricted access to U.S. technology, meaning U.S. companies must conduct stricter due diligence in any dealings with them.

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

Portfolio Information

SECTOR ALLOCATION

Sector	Percent of Total Investments	(a)
Financials	21.6	%
Information Technology	19.3
Consumer Discretionary	14.4
Communication Services	10.0
Materials	8.4
Consumer Staples	6.1
Industrials	5.8
Energy	5.3
Health Care	4.0
Utilities	3.1
Real Estate	2.0

GEOGRAPHIC ALLOCATION

Country/Geographic Region	Percent of Total Investments	(a)
China	32.5	%
Taiwan	14.5
India	14.3
South Korea	11.5
Brazil	5.3
Saudi Arabia	4.7
South Africa	3.2
Thailand	2.0
Mexico	2.0
Indonesia	2.0
Malaysia	1.5
United Arab Emirates	1.3
Qatar	1.1
Other (each representing less than 1%)	4.1

^(a) Excludes money market funds.

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

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.

Disclosure of 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 the Period.”

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

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

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 August 31, 2022 iShares^® Currency Hedged MSCI Emerging Markets ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Investment Companies
Exchange-Traded Funds — 99.9%
iShares MSCI Emerging Markets ETF(a)		3,899,692	$	153,764,856
Total Investment Companies (Cost: $179,475,475)				153,764,856
Short-Term Securities
Money Market Funds — 0.6%
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.07%(a)(b)		960,000		960,000
Total Short-Term Securities — 0.6% (Cost: $960,000)				960,000
Total Investments in Securities — 100.5% (Cost: $180,435,475)				154,724,856
Liabilities in Excess of Other Assets — (0.5)%				(731,812	)
Net Assets — 100.0%			$	153,993,044

^(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 year ended August 31, 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 Sale			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value at 08/31/22		Shares Held at 08/31/22		Income		Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Treasury, SL Agency Shares	$	370,000	$	590,000	(a)	$	—		$	—	$	—		$	960,000		960,000	$	6,902	$	—
iShares MSCI Emerging Markets ETF		202,917,841		80,144,817			(78,076,957	)		3,335,363		(54,556,208	)		153,764,856		3,899,692		4,326,001		—
									$	3,335,363	$	(54,556,208	)	$	154,724,856			$	4,332,903	$	—

^(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)
CLP	14,978,000	USD	16,482	Morgan Stanley & Co. International PLC		09/06/22	$	217
HKD	300,001,000	USD	38,227,158	Morgan Stanley & Co. International PLC		09/06/22		341
INR	1,710,355,000	USD	21,509,308	Morgan Stanley & Co. International PLC		09/06/22		1,250
KRW	29,361,624,000	USD	21,878,287	Morgan Stanley & Co. International PLC		09/06/22		45,495
MXN	1,095,000	USD	53,647	Morgan Stanley & Co. International PLC		09/06/22		665
MYR	10,372,000	USD	2,313,113	Morgan Stanley & Co. International PLC		09/06/22		3,388
THB	105,654,000	USD	2,895,007	Morgan Stanley & Co. International PLC		09/06/22		3,213

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Schedule of Investments  (continued) August 31, 2022 iShares^® Currency Hedged MSCI Emerging Markets ETF

Forward Foreign Currency Exchange Contracts (continued)

Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
TRY	242,000	USD	13,022	Morgan Stanley & Co. International PLC		09/06/22	$	247
USD	27,994	BRL	144,000	Morgan Stanley & Co. International PLC		09/06/22		339
USD	1,860	CLP	1,661,000	Morgan Stanley & Co. International PLC		09/06/22		8
USD	8,788,228	CNY	59,307,320	Morgan Stanley & Co. International PLC		09/06/22		187,283
USD	1,870,505	EUR	1,830,000	Morgan Stanley & Co. International PLC		09/06/22		30,966
USD	41,444,762	HKD	325,010,000	Morgan Stanley & Co. International PLC		09/06/22		30,502
USD	35,923	INR	2,848,000	Morgan Stanley & Co. International PLC		09/06/22		105
USD	22,708,124	KRW	29,653,420,000	Morgan Stanley & Co. International PLC		09/06/22		566,463
USD	5,315	MXN	107,000	Morgan Stanley & Co. International PLC		09/06/22		8
USD	2,351,594	MYR	10,473,000	Morgan Stanley & Co. International PLC		09/06/22		12,535
USD	2,987,345	THB	108,596,000	Morgan Stanley & Co. International PLC		09/06/22		8,422
USD	768	TRY	14,000	Morgan Stanley & Co. International PLC		09/06/22		1
USD	23,126,810	TWD	694,847,000	Morgan Stanley & Co. International PLC		09/06/22		279,245
USD	5,628,905	ZAR	94,145,000	Morgan Stanley & Co. International PLC		09/06/22		134,334
BRL	1,425,000	USD	271,444	Morgan Stanley & Co. International PLC		10/06/22		195
HKD	4,847,000	USD	617,967	HSBC Bank PLC		10/06/22		39
USD	8,543,871	BRL	44,167,000	Morgan Stanley & Co. International PLC		10/06/22		124,586
USD	1,178,078	CLP	1,055,912,000	Morgan Stanley & Co. International PLC		10/06/22		7,315
USD	1,801,964	EUR	1,788,000	Morgan Stanley & Co. International PLC		10/06/22		1,082
USD	1,043,905	INR	83,230,000	Morgan Stanley & Co. International PLC		10/06/22		255
USD	21,883,179	KRW	29,361,624,000	Morgan Stanley & Co. International PLC		10/06/22		688
USD	3,327,462	MXN	67,355,000	Morgan Stanley & Co. International PLC		10/06/22		5,713
USD	536,344	TRY	10,021,000	Morgan Stanley & Co. International PLC		10/06/22		74
USD	5,492,779	ZAR	93,912,000	Morgan Stanley & Co. International PLC		10/06/22		27,134
USD	8,329,389	CNH	57,404,320	Morgan Stanley & Co. International PLC		10/11/22		16,790
								1,488,898
BRL	42,243,000	USD	8,245,360	Morgan Stanley & Co. International PLC		09/06/22		(132,494	)

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  (continued) August 31, 2022 iShares^® Currency Hedged MSCI Emerging Markets ETF

Forward Foreign Currency Exchange Contracts (continued)

Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
CLP	1,025,998,000	USD	1,152,224	Morgan Stanley & Co. International PLC		09/06/22	$	(8,375	)
CNY	59,307,320	USD	8,609,615	Morgan Stanley & Co. International PLC		09/06/22		(8,671	)
EUR	1,830,000	USD	1,841,304	Morgan Stanley & Co. International PLC		09/06/22		(1,764	)
HKD	25,009,000	USD	3,189,631	Morgan Stanley & Co. International PLC		09/06/22		(2,870	)
KRW	291,796,000	USD	224,575	Morgan Stanley & Co. International PLC		09/06/22		(6,696	)
MXN	67,355,000	USD	3,346,542	Morgan Stanley & Co. International PLC		09/06/22		(5,755	)
MYR	101,000	USD	22,732	Morgan Stanley & Co. International PLC		09/06/22		(174	)
THB	2,942,000	USD	81,863	Morgan Stanley & Co. International PLC		09/06/22		(1,161	)
TRY	7,940,000	USD	435,438	Morgan Stanley & Co. International PLC		09/06/22		(92	)
TWD	694,847,000	USD	22,877,202	Morgan Stanley & Co. International PLC		09/06/22		(29,638	)
USD	8,030,870	BRL	42,099,000	Morgan Stanley & Co. International PLC		09/06/22		(54,341	)
USD	1,142,511	CLP	1,039,315,000	Morgan Stanley & Co. International PLC		09/06/22		(16,184	)
USD	21,444,528	INR	1,707,507,000	Morgan Stanley & Co. International PLC		09/06/22		(30,212	)
USD	3,335,319	MXN	68,343,000	Morgan Stanley & Co. International PLC		09/06/22		(54,473	)
USD	436,275	TRY	8,168,000	Morgan Stanley & Co. International PLC		09/06/22		(11,573	)
ZAR	94,145,000	USD	5,523,947	Morgan Stanley & Co. International PLC		09/06/22		(29,376	)
CLP	23,207,000	USD	25,762	Morgan Stanley & Co. International PLC		10/06/22		(30	)
EUR	47,000	USD	47,355	Bank of America N.A.		10/06/22		(16	)
EUR	63,000	USD	63,492	Morgan Stanley & Co. International PLC		10/06/22		(39	)
HKD	7,882,000	USD	1,004,988	Morgan Stanley & Co. International PLC		10/06/22		(11	)
KRW	146,034,000	USD	108,968	Morgan Stanley & Co. International PLC		10/06/22		(132	)
MXN	3,711,000	USD	183,339	Morgan Stanley & Co. International PLC		10/06/22		(324	)
MYR	38,000	USD	8,505	Morgan Stanley & Co. International PLC		10/06/22		(18	)
TRY	134,000	USD	7,173	Citibank N.A.		10/06/22		(3	)
TWD	10,298,000	USD	339,543	Morgan Stanley & Co. International PLC		10/06/22		(85	)
USD	38,247,627	HKD	300,001,000	Morgan Stanley & Co. International PLC		10/06/22		(3,336	)
USD	21,220,831	INR	1,693,295,000	Morgan Stanley & Co. International PLC		10/06/22		(11,974	)
USD	2,326,061	MYR	10,430,000	Morgan Stanley & Co. International PLC		10/06/22		(3,195	)

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

Schedule of Investments  (continued) August 31, 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	8,294	THB	303,000	Barclays Bank PLC		10/06/22	$	(31	)
USD	2,897,111	THB	105,654,000	Morgan Stanley & Co. International PLC		10/06/22		(6,050	)
USD	110,796	THB	4,041,000	State Street Bank and Trust Co.		10/06/22		(242	)
USD	22,530,552	TWD	683,604,000	Morgan Stanley & Co. International PLC		10/06/22		(3,454	)
ZAR	3,550,000	USD	207,139	Deutsche Bank Securities Inc.		10/06/22		(530	)
CNH	977,000	USD	141,614	Bank of America N.A.		10/11/22		(137	)
CNH	1,153,000	USD	167,312	Morgan Stanley & Co. International PLC		10/11/22		(349	)
								(423,805	)
								$1,065,093

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:

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Assets — Derivative Financial Instruments
Forward foreign currency exchange contracts
Unrealized appreciation on forward foreign currency exchange contracts	$	—	$	—	$	—	$	1,488,898	$	—	$	—	$	1,488,898
Liabilities — Derivative Financial Instruments
Forward foreign currency exchange contracts
Unrealized depreciation on forward foreign currency exchange contracts	$	—	$	—	$	—	$	423,805	$	—	$	—	$	423,805

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

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Net Realized Gain (Loss) from
Forward foreign currency exchange contracts	$	—	$	—	$	—	$	9,573,652	$	—	$	—	$	9,573,652
Net Change in Unrealized Appreciation (Depreciation) on
Forward foreign currency exchange contracts	$	—	$	—	$	—	$	1,826,063	$	—	$	—	$	1,826,063

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Forward foreign currency exchange contracts
Average amounts purchased — in USD	$175,295,735
Average amounts sold — in USD	$333,944,643

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	$	1,488,898	$	423,805
Total derivative assets and liabilities in the Statement of Assets and Liabilities		1,488,898		423,805
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)		—		—
Total derivative assets and liabilities subject to an MNA		1,488,898		423,805

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  (continued) August 31, 2022 iShares^® Currency Hedged MSCI Emerging Markets ETF

Derivative Financial Instruments - Offsetting as of Period End (continued)

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(b)			Net Amount of Derivative Assets(c)
HSBC Bank PLC	$	39	$	—		$	—	$	—		$	39
Morgan Stanley & Co. International PLC		1,488,859		(422,846	)		—		(880,000	)		186,013
	$	1,488,898	$	(422,846	)	$	—	$	(880,000	)	$	186,052
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(d)
Bank of America N.A.	$	153	$	—		$	—	$	—		$	153
Barclays Bank PLC		31		—			—		—			31
Citibank N.A.		3		—			—		—			3
Deutsche Bank Securities Inc.		530		—			—		—			530
Morgan Stanley & Co. International PLC		422,846		(422,846	)		—		—			—
State Street Bank and Trust Co.		242		—			—		—			242
	$	423,805	$	(422,846	)	$	—	$	—		$	959

^(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)  Excess of collateral received from the individual counterparty is not shown for financial reporting purposes.

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

^(d)  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	$	153,764,856	$	—		$	—	$	153,764,856
Money Market Funds		960,000		—			—		960,000
	$	154,724,856	$	—		$	—	$	154,724,856
Derivative financial instruments(a)
Assets
Forward Foreign Currency Exchange Contracts	$	—	$	1,488,898		$	—	$	1,488,898
Liabilities
Forward Foreign Currency Exchange Contracts		—		(423,805	)		—		(423,805	)
	$	—	$	1,065,093		$	—	$	1,065,093

^(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.

14 2 0 2 2    I S H A R E S     A N N U A L    R E P O R T    T O    S H A R E  H O L D E R S

Schedule of Investments   August 31, 2022 iShares^® MSCI Emerging Markets ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Brazil — 3.8%
Ambev SA		18,574,377	$	54,519,210
Americanas SA		2,564,832		8,055,773
Atacadao SA		1,964,458		7,457,721
B3 SA - Brasil, Bolsa, Balcao		24,238,889		55,211,217
Banco Bradesco SA		6,259,963		19,060,013
Banco BTG Pactual SA		4,724,704		23,113,124
Banco do Brasil SA		3,412,538		27,346,746
Banco Santander Brasil SA		1,430,560		8,076,185
BB Seguridade Participacoes SA		2,844,898		15,464,731
BRF SA(a)		2,383,183		7,260,774
CCR SA		4,760,337		12,618,224
Centrais Eletricas Brasileiras SA		4,151,285		36,793,740
Cia. de Saneamento Basico do Estado de Sao Paulo		1,373,881		12,979,827
Cia. Siderurgica Nacional SA		2,735,978		7,257,515
Cosan SA		4,886,925		18,768,407
CPFL Energia SA		919,907		6,183,521
Energisa SA		749,588		6,093,356
Engie Brasil Energia SA		813,523		6,333,170
Equatorial Energia SA		4,054,196		18,843,315
Hapvida Participacoes e Investimentos SA(b)		18,462,669		25,835,812
Hypera SA		1,693,752		14,022,355
JBS SA		3,124,238		17,769,914
Klabin SA		3,021,911		10,937,756
Localiza Rent a Car SA		2,958,651		34,588,873
Lojas Renner SA		3,951,402		20,104,877
Magazine Luiza SA(a)		12,262,001		10,064,344
Natura & Co. Holding SA		3,543,079		9,820,698
Petro Rio SA(a)		2,849,744		14,959,732
Petroleo Brasileiro SA		14,964,860		106,920,622
Raia Drogasil SA		4,278,122		17,894,036
Rede D’Or Sao Luiz SA(b)		1,579,091		10,116,697
Rumo SA		5,136,425		19,953,704
Suzano SA		2,966,042		25,233,934
Telefonica Brasil SA		1,975,719		15,623,766
Tim SA		3,349,641		7,616,918
TOTVS SA		2,106,702		11,561,268
Ultrapar Participacoes SA		2,883,354		7,498,804
Vale SA		15,915,048		197,316,738
Vibra Energia SA		4,637,709		16,367,126
WEG SA		6,751,241		36,712,403
				982,356,946
Chile — 0.4%
Banco de Chile		184,801,789		17,532,715
Banco de Credito e Inversiones SA		235,478		6,936,256
Banco Santander Chile		265,565,250		10,667,056
Cencosud SA		5,727,941		8,007,933
Cia. Cervecerias Unidas SA		525,370		2,855,082
Cia. Sud Americana de Vapores SA		64,010,011		6,024,261
Empresas CMPC SA		4,478,158		8,494,135
Empresas COPEC SA		1,564,360		13,494,078
Enel Americas SA		85,240,340		9,234,965
Enel Chile SA		103,060,332		3,383,024
Falabella SA		2,912,146		6,862,429
				93,491,934
China — 32.3%
360 DigiTech Inc.		400,190		6,395,036
360 Security Technology Inc., Class A		2,389,106		2,522,010

Security	Shares		Value
China (continued)
37 Interactive Entertainment Network Technology Group Co. Ltd., Class A		624,588	$	1,829,629
3SBio Inc.(b)		6,033,500		4,011,423
AAC Technologies Holdings Inc.(c)		2,894,500		5,362,419
Advanced Micro-Fabrication Equipment Inc., Class A(a)		170,029		3,017,037
AECC Aviation Power Co. Ltd., Class A		702,473		4,658,996
Agricultural Bank of China Ltd., Class A		22,217,900		9,157,828
Agricultural Bank of China Ltd., Class H		114,423,000		37,389,046
Aier Eye Hospital Group Co. Ltd., Class A		1,756,805		7,449,792
Air China Ltd., Class A(a)		2,495,793		3,710,133
Air China Ltd., Class H(a)		6,026,000		4,827,142
Alibaba Group Holding Ltd.(a)		60,465,156		721,382,037
Alibaba Health Information Technology Ltd.(a)		18,660,000		10,693,371
Alibaba Pictures Group Ltd.(a)		51,160,000		4,024,612
A-Living Smart City Services Co. Ltd., Class A(b)		2,494,750		2,569,803
Aluminum Corp. of China Ltd., Class A		4,324,300		2,806,812
Aluminum Corp. of China Ltd., Class H		14,784,000		5,462,837
Anhui Conch Cement Co. Ltd., Class A		1,137,886		5,243,232
Anhui Conch Cement Co. Ltd., Class H		4,815,500		18,351,161
Anhui Gujing Distillery Co. Ltd., Class A		111,285		4,098,507
Anhui Gujing Distillery Co. Ltd., Class B		433,500		6,619,080
Anhui Kouzi Distillery Co. Ltd., Class A		184,052		1,343,356
Anjoy Foods Group Co. Ltd., Class A		87,400		1,956,736
ANTA Sports Products Ltd.(c)		4,878,602		58,750,246
Asymchem Laboratories Tianjin Co. Ltd., Class A		99,680		2,469,354
Autohome Inc., ADR		302,032		10,755,360
Avary Holding Shenzhen Co. Ltd., Class A		567,900		2,424,746
AVIC Electromechanical Systems Co. Ltd., Class A		1,236,000		1,979,023
AVIC Industry-Finance Holdings Co. Ltd., Class A		3,594,289		1,754,901
AviChina Industry & Technology Co. Ltd., Class H		10,424,000		5,073,710
AVICOPTER PLC, Class A		220,353		1,341,922
Baidu Inc.(a)		7,205,856		128,628,683
Baidu Inc., ADR(a)		215,578		31,036,767
Bank of Beijing Co. Ltd., Class A		5,968,606		3,563,285
Bank of Chengdu Co. Ltd., Class A		1,155,395		2,616,907
Bank of China Ltd., Class A		10,498,500		4,615,168
Bank of China Ltd., Class H		313,691,000		109,468,155
Bank of Communications Co. Ltd., Class A		10,732,573		7,105,636
Bank of Communications Co. Ltd., Class H		33,669,600		19,183,886
Bank of Hangzhou Co. Ltd., Class A		1,611,545		3,335,792
Bank of Jiangsu Co. Ltd., Class A		4,193,110		4,387,491
Bank of Nanjing Co. Ltd., Class A		2,768,846		4,249,764
Bank of Ningbo Co. Ltd., Class A		1,673,379		7,193,973
Bank of Shanghai Co. Ltd., Class A		4,303,642		3,675,485
Baoshan Iron & Steel Co. Ltd., Class A		5,870,173		4,517,347
BeiGene Ltd., ADR(a)(c)		187,750		32,229,165
Beijing Capital International Airport Co. Ltd., Class H(a)		8,036,000		5,043,846
Beijing Enlight Media Co. Ltd., Class A		1,188,395		1,584,868
Beijing Enterprises Holdings Ltd.		2,153,000		6,403,935
Beijing Enterprises Water Group Ltd.		18,078,000		4,643,867
Beijing Kingsoft Office Software Inc., Class A		119,281		3,097,069
Beijing New Building Materials PLC, Class A		514,413		1,949,472
Beijing Roborock Technology Co. Ltd., Class A		28,880		1,332,469
Beijing Shiji Information Technology Co. Ltd., Class A		529,786		997,879
Beijing Shunxin Agriculture Co. Ltd., Class A		296,100		1,020,010
Beijing Sinnet Technology Co. Ltd., Class A		748,286		1,002,005

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  (continued) August 31, 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		577,614	$	1,852,138
Beijing Tongrentang Co. Ltd., Class A		300,000		2,030,402
Beijing Wantai Biological Pharmacy Enterprise Co. Ltd., Class A		150,493		2,781,098
Beijing-Shanghai High Speed Railway Co. Ltd., Class A		10,402,100		6,954,678
Betta Pharmaceuticals Co. Ltd., Class A		172,796		1,130,925
BGI Genomics Co. Ltd., Class A		163,100		1,421,709
Bilibili Inc., ADR(a)		638,112		15,927,276
Bilibili, Inc.(a)		96,302		2,395,180
BOC Aviation Ltd.(b)(c)		888,500		7,111,983
BOE Technology Group Co. Ltd., Class A		10,131,000		5,408,650
Bosideng International Holdings Ltd.		13,424,000		7,537,454
BYD Co. Ltd., Class A		448,312		18,544,957
BYD Co. Ltd., Class H		3,271,000		100,796,908
BYD Electronic International Co. Ltd.(c)		2,729,000		7,210,368
Caitong Securities Co. Ltd., Class A		2,470,474		2,702,076
CanSino Biologics Inc., Class H(b)(c)		446,400		2,786,227
CGN Power Co. Ltd., Class H(b)		44,370,000		10,552,357
Changchun High & New Technology Industry Group Inc., Class A		108,094		2,759,388
Changjiang Securities Co. Ltd., Class A		3,585,135		2,939,843
Changzhou Xingyu Automotive Lighting Systems Co. Ltd., Class A		98,300		1,990,650
Chaozhou Three-Circle Group Co. Ltd., Class A		651,330		2,545,642
China Cinda Asset Management Co. Ltd., Class H		36,309,000		4,986,051
China CITIC Bank Corp. Ltd., Class H		35,072,800		15,036,059
China Coal Energy Co. Ltd., Class H		8,598,000		7,645,918
China Communications Services Corp. Ltd., Class H		10,428,000		4,477,748
China Conch Venture Holdings Ltd.		6,630,000		13,530,414
China Construction Bank Corp., Class A		3,030,768		2,418,029
China Construction Bank Corp., Class H		382,029,760		236,164,259
China CSSC Holdings Ltd., Class A		1,271,900		4,594,239
China Eastern Airlines Corp. Ltd., Class A(a)		3,400,197		2,409,745
China Energy Engineering Corp. Ltd.		8,271,652		2,697,958
China Everbright Bank Co. Ltd., Class A		11,901,603		4,935,834
China Everbright Bank Co. Ltd., Class H		10,134,000		3,106,704
China Everbright Environment Group Ltd.		15,224,813		7,525,054
China Evergrande Group(a)(c)(d)		13,878,388		1,914,527
China Feihe Ltd.(b)		14,339,000		11,867,758
China Galaxy Securities Co. Ltd., Class A		1,778,300		2,541,065
China Galaxy Securities Co. Ltd., Class H		13,079,500		7,150,755
China Gas Holdings Ltd.		12,071,600		17,082,548
China Greatwall Technology Group Co. Ltd., Class A		1,196,273		1,565,753
China Hongqiao Group Ltd.(c)		9,627,500		9,335,419
China International Capital Corp. Ltd., Class H(b)		6,716,800		11,816,878
China Jinmao Holdings Group Ltd.		22,510,000		4,739,963
China Jushi Co. Ltd., Class A		1,231,940		2,562,847
China Lesso Group Holdings Ltd.		4,677,000		5,559,091
China Life Insurance Co. Ltd., Class A		1,026,512		4,549,935
China Life Insurance Co. Ltd., Class H		28,122,000		40,319,152
China Literature Ltd.(a)(b)		1,637,400		6,635,255
China Longyuan Power Group Corp. Ltd., Class H		13,532,000		21,856,407
China Medical System Holdings Ltd.		5,619,000		8,316,005
China Meidong Auto Holdings Ltd.		2,372,000		4,823,588
China Mengniu Dairy Co. Ltd.		12,648,000		57,273,650
China Merchants Bank Co. Ltd., Class A		5,095,389		25,734,744
China Merchants Bank Co. Ltd., Class H		15,457,967		79,053,757

Security	Shares		Value
China (continued)
China Merchants Energy Shipping Co. Ltd., Class A		1,864,000	$	2,021,189
China Merchants Port Holdings Co. Ltd.		5,524,000		8,293,000
China Merchants Securities Co. Ltd., Class A		2,142,179		4,098,347
China Merchants Shekou Industrial Zone Holdings Co. Ltd., Class A		1,971,190		4,159,419
China Minsheng Banking Corp. Ltd., Class A		10,867,955		5,657,182
China Minsheng Banking Corp. Ltd., Class H		21,000,048		6,680,077
China National Building Material Co. Ltd., Class H		15,628,000		14,757,046
China National Chemical Engineering Co. Ltd., Class A		1,932,467		2,400,806
China National Nuclear Power Co. Ltd., Class A		4,944,800		4,544,922
China Northern Rare Earth Group High-Tech Co. Ltd., Class A		971,154		4,215,065
China Oilfield Services Ltd., Class H		7,634,000		7,928,926
China Overseas Land & Investment Ltd.		15,247,460		40,977,103
China Overseas Property Holdings Ltd.		5,255,000		5,576,781
China Pacific Insurance Group Co. Ltd., Class A		1,965,407		5,941,857
China Pacific Insurance Group Co. Ltd., Class H		10,063,200		21,317,042
China Petroleum & Chemical Corp., Class A		9,256,289		5,721,020
China Petroleum & Chemical Corp., Class H		100,668,800		47,338,988
China Power International Development Ltd.		22,103,000		12,339,062
China Railway Group Ltd., Class A		5,531,200		4,595,686
China Railway Group Ltd., Class H		16,475,000		9,431,823
China Resources Beer Holdings Co. Ltd.		6,500,000		45,311,612
China Resources Cement Holdings Ltd.(c)		10,120,000		6,238,060
China Resources Gas Group Ltd.		3,718,500		14,477,628
China Resources Land Ltd.		12,803,333		52,420,000
China Resources Mixc Lifestyle Services Ltd.(b)		2,732,600		12,391,710
China Resources Power Holdings Co. Ltd.		7,786,999		15,483,196
China Resources Sanjiu Medical & Pharmaceutical Co. Ltd., Class A		352,699		2,010,923
China Ruyi Holdings Ltd.(a)(c)		18,708,000		4,747,461
China Shenhua Energy Co. Ltd., Class A		1,804,539		7,908,585
China Shenhua Energy Co. Ltd., Class H		13,487,000		42,298,885
China Southern Airlines Co. Ltd., Class A(a)		3,640,700		3,382,994
China Southern Airlines Co. Ltd., Class H(a)		6,546,000		3,533,264
China State Construction Engineering Corp. Ltd., Class A		10,511,671		7,806,537
China State Construction International Holdings Ltd.		8,432,000		9,736,019
China Suntien Green Energy Corp. Ltd., Class H		7,793,000		3,495,127
China Taiping Insurance Holdings Co. Ltd.		5,742,260		5,862,707
China Three Gorges Renewables Group Co. Ltd., Class A		7,304,825		6,430,195
China Tourism Group Duty Free Corp. Ltd., Class A		472,832		13,332,966
China Tower Corp. Ltd., Class H(b)		176,810,000		22,047,826
China Traditional Chinese Medicine Holdings Co. Ltd.		11,486,000		4,953,146
China United Network Communications Ltd., Class A		8,822,100		4,525,236
China Vanke Co. Ltd., Class A		2,608,334		6,270,506
China Vanke Co. Ltd., Class H		6,429,331		12,551,527
China Yangtze Power Co. Ltd., Class A		5,697,415		19,731,948
China Zhenhua Group Science & Technology Co. Ltd., Class A		184,700		2,988,308
China Zheshang Bank Co. Ltd., Class A(a)		6,175,500		2,901,599
Chinasoft International Ltd.		11,318,000		8,847,274
Chongqing Brewery Co. Ltd., Class A		132,500		2,135,877
Chongqing Changan Automobile Co. Ltd., Class A		2,095,817		4,383,683

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

Schedule of Investments  (continued) August 31, 2022 iShares^® MSCI Emerging Markets ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
China (continued)
Chongqing Zhifei Biological Products Co. Ltd., Class A		395,676	$	5,368,443
CIFI Holdings Group Co. Ltd.(c)		15,951,991		4,037,364
CITIC Ltd.		23,338,000		24,058,639
CITIC Securities Co. Ltd., Class A		3,430,818		9,651,461
CITIC Securities Co. Ltd., Class H		8,072,600		16,361,843
CMOC Group Ltd., Class A		5,454,698		3,870,042
CMOC Group Ltd., Class H		12,735,000		5,678,747
Contemporary Amperex Technology Co. Ltd., Class A(a)		567,330		39,324,138
COSCO SHIPPING Holdings Co. Ltd., Class A		3,232,164		6,604,179
COSCO SHIPPING Holdings Co. Ltd., Class H		12,643,849		18,875,499
COSCO SHIPPING Ports Ltd.(c)		7,814,000		5,056,261
Country Garden Holdings Co. Ltd.(c)		31,658,939		9,345,585
Country Garden Services Holdings Co. Ltd.		7,992,000		15,705,582
CRRC Corp. Ltd., Class A		7,383,400		5,342,643
CRRC Corp. Ltd., Class H		16,466,000		6,156,463
CSC Financial Co. Ltd., Class A		1,271,433		4,879,195
CSPC Pharmaceutical Group Ltd.		35,874,479		36,391,920
Dali Foods Group Co. Ltd.(b)		9,102,000		4,160,999
Daqin Railway Co. Ltd., Class A		4,144,900		3,864,800
Daqo New Energy Corp., ADR(a)		238,288		15,886,661
DHC Software Co. Ltd., Class A		2,130,498		1,786,185
Dongfeng Motor Group Co. Ltd., Class H		11,552,000		7,324,522
Dongxing Securities Co. Ltd., Class A		1,766,797		2,119,708
Dongyue Group Ltd.		6,074,000		6,817,109
East Money Information Co. Ltd., Class A		3,288,299		10,493,709
Ecovacs Robotics Co. Ltd., Class A		147,053		1,729,895
ENN Energy Holdings Ltd.		3,172,900		46,094,041
Eve Energy Co. Ltd., Class A		500,853		6,813,886
Everbright Securities Co. Ltd., Class A		1,058,983		2,452,152
Fangda Carbon New Material Co. Ltd., Class A(a)		1,350,034		1,357,352
Far East Horizon Ltd.(c)		6,280,000		4,757,437
Fiberhome Telecommunication Technologies Co. Ltd., Class A		823,381		1,709,766
First Capital Securities Co. Ltd., Class A		2,174,500		1,930,080
Flat Glass Group Co. Ltd., Class A(a)		479,000		2,764,252
Flat Glass Group Co. Ltd., Class H(a)		1,663,000		5,477,395
Focus Media Information Technology Co. Ltd., Class A		3,968,778		3,465,539
Foshan Haitian Flavouring & Food Co. Ltd., Class A		949,750		11,050,351
Fosun International Ltd.		10,176,500		7,511,598
Founder Securities Co. Ltd., Class A		3,736,587		3,749,588
Foxconn Industrial Internet Co. Ltd., Class A		2,779,897		3,728,469
Fuyao Glass Industry Group Co. Ltd., Class A		557,772		3,148,943
Fuyao Glass Industry Group Co. Ltd., Class H(b)		2,414,400		11,521,122
Ganfeng Lithium Co. Ltd., Class A		429,073		5,289,136
Ganfeng Lithium Co. Ltd., Class H(b)(c)		1,446,080		12,704,476
GCL System Integration Technology Co. Ltd., Class A(a)		2,172,000		1,148,997
GD Power Development Co. Ltd., Class A(a)		5,115,100		3,209,575
GDS Holdings Ltd., ADR(a)		433,200		11,800,368
Geely Automobile Holdings Ltd.		24,023,000		48,267,437
GEM Co. Ltd., Class A		1,854,000		2,232,221
Gemdale Corp., Class A		1,236,730		2,083,961
Genscript Biotech Corp.(a)		4,678,000		15,026,635
GF Securities Co. Ltd., Class A		1,518,694		3,590,585
GF Securities Co. Ltd., Class H		4,471,400		5,841,020
GigaDevice Semiconductor Inc., Class A		182,794		3,048,440
Ginlong Technologies Co. Ltd., Class A		103,600		3,418,533

Security	Shares		Value
China (continued)
GoerTek Inc., Class A		918,600	$	4,304,419
Gotion High-tech Co. Ltd., Class A		487,223		2,405,655
Great Wall Motor Co. Ltd., Class A		665,000		3,206,301
Great Wall Motor Co. Ltd., Class H		12,127,500		18,195,261
Gree Electric Appliances Inc. of Zhuhai, Class A		812,400		3,741,126
Greentown China Holdings Ltd.		3,603,500		6,799,032
Greentown Service Group Co. Ltd.		5,874,000		4,243,695
Guangdong Haid Group Co. Ltd., Class A		456,627		4,025,379
Guangdong Investment Ltd.		11,932,110		10,931,629
Guanghui Energy Co. Ltd., Class A		1,922,600		3,525,781
Guangzhou Automobile Group Co. Ltd., Class A		1,266,100		2,538,657
Guangzhou Automobile Group Co. Ltd., Class H		11,835,838		10,176,572
Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class A		651,496		2,562,200
Guangzhou Kingmed Diagnostics Group Co. Ltd., Class A		143,984		1,386,510
Guangzhou Shiyuan Electronic Technology Co. Ltd., Class A		185,891		1,814,735
Guangzhou Tinci Materials Technology Co. Ltd., Class A		504,200		3,452,549
Guosen Securities Co. Ltd., Class A		2,401,851		3,202,720
Guotai Junan Securities Co. Ltd., Class A		2,436,940		5,198,790
H World Group Ltd., ADR		776,560		29,221,953
Haidilao International Holding Ltd.(a)(b)(c)		4,421,000		10,403,045
Haier Smart Home Co. Ltd., Class A		1,735,141		6,465,920
Haier Smart Home Co. Ltd., Class H		9,081,200		29,668,267
Haitian International Holdings Ltd.		2,749,000		6,734,924
Haitong Securities Co. Ltd., Class A		3,185,700		4,356,238
Haitong Securities Co. Ltd., Class H		9,969,600		6,527,295
Hangzhou First Applied Material Co. Ltd., Class A		372,480		3,476,499
Hangzhou Robam Appliances Co. Ltd., Class A		359,064		1,302,583
Hangzhou Silan Microelectronics Co. Ltd., Class A		387,300		2,209,586
Hangzhou Tigermed Consulting Co. Ltd., Class A		152,300		2,376,604
Hangzhou Tigermed Consulting Co. Ltd., Class H(b)		426,600		4,223,707
Hansoh Pharmaceutical Group Co. Ltd.(b)		4,780,000		9,536,752
Henan Shuanghui Investment & Development Co. Ltd., Class A		944,400		3,656,417
Hengan International Group Co. Ltd.		2,619,500		12,535,643
Hengli Petrochemical Co. Ltd., Class A		1,576,491		4,368,664
Hengyi Petrochemical Co. Ltd., Class A		1,648,429		2,154,018
Hithink RoyalFlush Information Network Co. Ltd., Class A		168,400		2,064,128
Hopson Development Holdings Ltd.(c)		3,149,569		4,330,611
Hoshine Silicon Industry Co. Ltd., Class A		144,300		2,334,131
Hua Hong Semiconductor Ltd.(a)(b)		2,333,000		6,848,443
Huadong Medicine Co. Ltd., Class A		519,805		3,157,026
Huafon Chemical Co. Ltd., Class A		1,804,300		1,956,879
Hualan Biological Engineering Inc., Class A		560,783		1,596,449
Huaneng Power International Inc., Class A(a)		2,359,400		2,781,858
Huaneng Power International Inc., Class H(a)(c)		15,952,000		8,152,509
Huatai Securities Co. Ltd., Class A		2,517,609		4,769,705
Huatai Securities Co. Ltd., Class H(b)		5,194,400		6,942,948
Huaxia Bank Co. Ltd., Class A		3,994,780		2,967,382
Huaxin Cement Co. Ltd., Class A		482,206		1,209,213
Huayu Automotive Systems Co. Ltd., Class A		917,268		2,470,618
Huizhou Desay Sv Automotive Co. Ltd., Class A		155,400		3,424,637
Hundsun Technologies Inc., Class A		596,237		2,890,004
Hutchmed China Ltd., ADR(a)(c)		349,246		4,491,304
Hygeia Healthcare Holdings Co. Ltd.(a)(b)		1,387,600		7,489,539
Iflytek Co. Ltd., Class A		650,919		3,515,640

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  (continued) August 31, 2022 iShares^® MSCI Emerging Markets ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
China (continued)
Imeik Technology Development Co. Ltd., Class A		47,500	$	3,825,121
Industrial & Commercial Bank of China Ltd., Class A		16,313,362		10,331,657
Industrial & Commercial Bank of China Ltd., Class H		223,088,085		113,338,309
Industrial Bank Co. Ltd., Class A		5,088,222		12,551,185
Industrial Securities Co. Ltd., Class A(a)		3,145,676		2,814,265
Ingenic Semiconductor Co. Ltd., Class A		138,100		1,620,044
Inner Mongolia BaoTou Steel Union Co. Ltd., Class A		12,803,300		3,713,748
Inner Mongolia Junzheng Energy & Chemical Industry Group Co. Ltd., Class A		2,944,700		1,850,146
Inner Mongolia Yili Industrial Group Co. Ltd., Class A		1,677,170		8,662,315
Inner Mongolia Yitai Coal Co. Ltd., Class B		4,604,000		7,748,297
Innovent Biologics Inc.(a)(b)(c)		4,095,500		17,264,686
Inspur Electronic Information Industry Co. Ltd., Class A		665,590		2,224,879
Intco Medical Technology Co. Ltd., Class A		208,171		659,869
iQIYI Inc., ADR(a)(c)		1,352,269		4,949,305
JA Solar Technology Co. Ltd., Class A		588,900		5,556,908
Jafron Biomedical Co. Ltd., Class A		251,556		1,705,015
JCET Group Co. Ltd., Class A		629,400		2,248,228
JD Health International Inc.(a)(b)(c)		4,460,000		30,723,250
JD.com Inc., Class A		8,567,054		271,191,171
Jiangsu Eastern Shenghong Co. Ltd., Class A		1,124,500		3,117,501
Jiangsu Expressway Co. Ltd., Class H		5,294,000		4,534,340
Jiangsu Hengli Hydraulic Co. Ltd., Class A		381,188		2,691,495
Jiangsu Hengrui Medicine Co. Ltd., Class A		1,624,741		8,126,765
Jiangsu King’s Luck Brewery JSC Ltd., Class A		379,886		2,535,157
Jiangsu Yanghe Brewery Joint-Stock Co. Ltd., Class A		377,350		8,951,030
Jiangsu Zhongtian Technology Co. Ltd., Class A		910,624		2,919,306
Jiangxi Copper Co. Ltd., Class A		1,007,000		2,374,097
Jiangxi Copper Co. Ltd., Class H		4,243,000		5,211,139
Jiangxi Zhengbang Technology Co. Ltd., Class A(a)		1,165,024		1,004,628
Jinke Properties Group Co. Ltd., Class A(a)		1,298,282		468,261
Jinxin Fertility Group Ltd.(b)		6,122,500		3,986,829
JiuGui Liquor Co. Ltd., Class A		97,800		2,105,315
Jiumaojiu International Holdings Ltd.(b)		2,961,000		5,825,432
Jonjee Hi-Tech Industrial And Commercial Holding Co. Ltd., Class A		310,425		1,541,319
JOYY Inc., ADR		198,520		6,019,126
Juewei Food Co. Ltd., Class A		212,814		1,433,764
Kanzhun Ltd., ADR(a)		692,111		16,257,687
KE Holdings Inc., ADR(a)(c)		2,614,534		47,166,193
Kingboard Holdings Ltd.		2,775,500		8,764,191
Kingboard Laminates Holdings Ltd.(c)		4,021,500		3,836,160
Kingdee International Software Group Co. Ltd.(a)(c)		10,447,000		20,276,612
Kingfa Sci & Tech Co. Ltd., Class A		1,121,200		1,738,596
Kingsoft Corp. Ltd.		3,866,000		11,749,878
Kuaishou Technology(a)(b)		6,955,800		60,268,428
Kunlun Energy Co. Ltd.		15,890,000		13,835,848
Kweichow Moutai Co. Ltd., Class A		302,187		84,003,093
LB Group Co. Ltd., Class A		749,000		1,898,243
Legend Biotech Corp., ADR(a)		195,472		9,087,493
Lenovo Group Ltd.(c)		28,914,000		23,813,912
Lens Technology Co. Ltd., Class A		1,437,200		2,248,306
Lepu Medical Technology Beijing Co. Ltd., Class A		664,335		1,815,892
Li Auto Inc., ADR(a)(c)		2,182,429		62,788,482
Li Ning Co. Ltd.		9,444,000		86,018,850

Security	Shares		Value
China (continued)
Lingyi iTech Guangdong Co., Class A(a)		3,114,580	$	2,470,433
Longfor Group Holdings Ltd.(b)		7,253,500		23,543,142
LONGi Green Energy Technology Co. Ltd., Class A		1,861,631		13,697,890
Lufax Holding Ltd., ADR		2,846,915		12,441,019
Luxshare Precision Industry Co. Ltd., Class A		1,778,946		9,612,214
Luzhou Laojiao Co. Ltd., Class A		362,239		12,244,809
Mango Excellent Media Co. Ltd., Class A		495,800		1,982,965
Maxscend Microelectronics Co. Ltd., Class A		150,144		2,198,365
Meinian Onehealth Healthcare Holdings Co. Ltd., Class A(a)		1,510,680		1,053,414
Meituan, Class B(a)(b)		17,521,100		420,807,891
Metallurgical Corp. of China Ltd., Class A		5,495,790		2,545,947
Microport Scientific Corp.(a)(c)		2,635,000		5,235,952
Ming Yang Smart Energy Group Ltd., Class A		587,000		2,268,260
Ming Yuan Cloud Group Holdings Ltd.		2,730,000		2,237,566
Minth Group Ltd.		3,070,000		8,687,099
MMG Ltd.(a)(c)		13,072,000		3,575,982
Montage Technology Co. Ltd., Class A		320,200		2,563,530
Muyuan Foods Co. Ltd., Class A		1,308,739		11,056,939
Nanjing King-Friend Biochemical Pharmaceutical Co. Ltd., Class A		560,853		1,453,155
Nanjing Securities Co. Ltd., Class A		1,940,700		2,382,964
NARI Technology Co. Ltd., Class A		1,804,245		7,132,895
National Silicon Industry Group Co. Ltd., Class A(a)		690,400		2,048,768
NAURA Technology Group Co. Ltd., Class A		136,400		5,526,814
NavInfo Co. Ltd., Class A		836,600		1,577,573
NetEase Inc.		8,260,050		147,502,882
New China Life Insurance Co. Ltd., Class A		628,602		2,612,387
New China Life Insurance Co. Ltd., Class H		3,053,100		7,186,033
New Hope Liuhe Co. Ltd., Class A(a)		1,312,897		2,973,761
New Oriental Education & Technology Group Inc.(a)		6,104,800		17,621,502
Nine Dragons Paper Holdings Ltd.		6,868,000		5,389,115
Ninestar Corp., Class A		528,138		3,366,483
Ningbo Deye Technology Co. Ltd., NVS		49,700		2,647,429
Ningbo Joyson Electronic Corp., Class A(a)		448,700		1,002,489
Ningbo Shanshan Co. Ltd.		634,300		2,271,927
Ningbo Tuopu Group Co. Ltd., Class A		340,100		3,867,961
Ningxia Baofeng Energy Group Co. Ltd., Class A		1,813,200		3,551,310
NIO Inc., ADR(a)(c)		5,448,110		108,471,870
Nongfu Spring Co. Ltd., Class H(b)		7,123,400		42,354,666
OFILM Group Co. Ltd., Class A(a)		1,286,865		1,189,674
Oppein Home Group Inc., Class A		165,900		3,126,638
Orient Overseas International Ltd.(c)		533,000		14,857,347
Orient Securities Co. Ltd., Class A		2,248,134		2,806,343
Ovctek China Inc., Class A		251,700		1,547,668
People’s Insurance Co. Group of China Ltd. (The), Class A		2,486,600		1,791,120
People’s Insurance Co. Group of China Ltd. (The), Class H		29,025,000		8,970,569
Perfect World Co. Ltd., Class A		632,100		1,348,154
PetroChina Co. Ltd., Class A		5,454,000		4,225,669
PetroChina Co. Ltd., Class H		84,080,000		39,098,662
Pharmaron Beijing Co. Ltd., Class A		286,200		2,814,264
Pharmaron Beijing Co. Ltd., Class H(b)		751,400		4,970,274
PICC Property & Casualty Co. Ltd., Class H		27,561,192		29,811,021
Pinduoduo Inc., ADR(a)		2,008,293		143,191,291
Ping An Bank Co. Ltd., Class A		4,685,567		8,611,592
Ping An Healthcare and Technology Co. Ltd.(a)(b)(c)		2,025,800		5,484,106

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

Schedule of Investments  (continued) August 31, 2022 iShares^® MSCI Emerging Markets ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
China (continued)
Ping An Insurance Group Co. of China Ltd., Class A		2,817,384	$	17,803,162
Ping An Insurance Group Co. of China Ltd., Class H		24,941,500		146,697,010
Poly Developments and Holdings Group Co. Ltd., Class A		3,004,984		7,508,616
Pop Mart International Group Ltd.(b)(c)		2,215,800		5,726,291
Postal Savings Bank of China Co. Ltd., Class A		7,126,000		4,637,916
Postal Savings Bank of China Co. Ltd., Class H(b)(c)		31,238,000		18,648,187
Power Construction Corp. of China Ltd., Class A		3,941,200		4,386,881
Pylon Technologies Co. Ltd., NVS		38,801		2,409,791
Qinghai Salt Lake Industry Co. Ltd., Class A(a)		1,323,200		5,325,365
RLX Technology Inc., ADR(a)(c)		1,913,703		2,736,595
Rongsheng Petrochemical Co. Ltd., Class A		2,696,758		5,505,282
SAIC Motor Corp. Ltd., Class A		2,062,606		4,599,053
Sangfor Technologies Inc., Class A		121,600		1,692,276
Sany Heavy Equipment International Holdings Co. Ltd.		4,965,000		5,143,068
Sany Heavy Industry Co. Ltd., Class A		2,212,752		5,024,016
Satellite Chemical Co. Ltd., Class A		807,239		2,554,083
SDIC Power Holdings Co. Ltd., Class A		2,374,090		3,826,478
Seazen Group Ltd.(a)		7,698,000		2,555,298
Seazen Holdings Co. Ltd., Class A(a)		578,873		1,739,104
SF Holding Co. Ltd., Class A		1,201,235		8,558,985
SG Micro Corp., Class A		103,086		2,375,029
Shaanxi Coal Industry Co. Ltd., Class A		2,670,176		8,504,361
Shandong Gold Mining Co. Ltd., Class A		1,413,136		3,649,563
Shandong Gold Mining Co. Ltd., Class H(b)(c)		2,615,250		4,433,510
Shandong Hualu Hengsheng Chemical Co. Ltd., Class A		699,880		2,947,948
Shandong Linglong Tyre Co. Ltd., Class A		469,800		1,543,871
Shandong Weigao Group Medical Polymer Co. Ltd., Class H		10,074,000		13,666,075
Shanghai Bairun Investment Holding Group Co. Ltd., Class A		363,372		1,221,540
Shanghai Baosight Software Co. Ltd., Class A		470,480		2,576,829
Shanghai Baosight Software Co. Ltd., Class B		2,293,511		6,946,189
Shanghai Construction Group Co. Ltd., Class A		3,391,552		1,328,380
Shanghai Electric Group Co. Ltd., Class A(a)		4,959,500		3,036,261
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class A		578,100		3,369,826
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class H		1,888,500		6,075,339
Shanghai International Airport Co. Ltd., Class A(a)		310,298		2,525,354
Shanghai International Port Group Co. Ltd., Class A		3,068,399		2,396,622
Shanghai Junshi Biosciences Co. Ltd., Class A(a)		161,600		1,234,462
Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd., Class B		5,218,006		4,346,964
Shanghai M&G Stationery Inc., Class A		295,337		1,894,190
Shanghai Pharmaceuticals Holding Co. Ltd., Class A		829,800		2,071,642
Shanghai Pharmaceuticals Holding Co. Ltd., Class H		2,972,500		4,321,398
Shanghai Pudong Development Bank Co. Ltd., Class A		7,508,122		7,885,990
Shanghai Putailai New Energy Technology Co. Ltd., Class A		393,400		3,586,954
Shanghai RAAS Blood Products Co. Ltd., Class A		2,885,000		2,434,687
Shanxi Coking Coal Energy Group Co. Ltd., Class A		988,700		1,836,413
Shanxi Meijin Energy Co. Ltd., Class A		1,260,200		2,060,008

Security	Shares		Value
China (continued)
Shanxi Xinghuacun Fen Wine Factory Co. Ltd., Class A		300,400	$	12,718,871
Shengyi Technology Co. Ltd., Class A		818,000		1,876,922
Shennan Circuits Co. Ltd., Class A		155,140		1,898,986
Shenwan Hongyuan Group Co. Ltd., Class A		6,793,470		4,097,260
Shenzhen Dynanonic Co. Ltd.		47,700		2,202,579
Shenzhen Inovance Technology Co. Ltd., Class A		725,897		6,275,005
Shenzhen International Holdings Ltd.		5,004,500		4,313,913
Shenzhen Kangtai Biological Products Co. Ltd., Class A		302,635		1,470,326
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A		298,032		12,827,505
Shenzhen Overseas Chinese Town Co. Ltd., Class A		2,387,500		1,842,370
Shenzhen Transsion Holding Co. Ltd., Class A		193,601		1,904,380
Shenzhou International Group Holdings Ltd.		3,302,600		34,516,483
Shimao Group Holdings Ltd.(c)(d)		4,704,500		1,348,647
Sichuan Chuantou Energy Co. Ltd., Class A		1,439,660		2,744,994
Sichuan Kelun Pharmaceutical Co. Ltd., Class A		719,278		2,229,932
Sichuan Swellfun Co. Ltd., Class A		147,993		1,558,750
Sino Biopharmaceutical Ltd.		41,478,750		21,785,288
Sinoma Science & Technology Co. Ltd., Class A		570,600		1,903,761
Sinopharm Group Co. Ltd., Class H		5,425,200		12,086,222
Sinotruk Hong Kong Ltd.		2,861,000		2,852,513
Skshu Paint Co. Ltd., Class A(a)		117,540		1,581,239
Smoore International Holdings Ltd.(b)(c)		7,175,000		12,809,352
Songcheng Performance Development Co. Ltd., Class A		917,318		1,677,654
StarPower Semiconductor Ltd., Class A		48,500		2,769,461
Sunac China Holdings Ltd.(c)(d)		12,385,000		3,155,937
Sungrow Power Supply Co. Ltd., Class A		372,300		5,957,277
Sunny Optical Technology Group Co. Ltd.(c)		2,844,900		38,839,853
Sunwoda Electronic Co. Ltd., Class A		518,600		2,031,768
Suzhou Dongshan Precision Manufacturing Co. Ltd., Class A		639,500		2,380,519
Suzhou Maxwell Technologies Co. Ltd., Class A		50,400		3,393,494
TAL Education Group, ADR(a)(c)		1,743,775		10,079,019
TBEA Co. Ltd., Class A		1,066,800		3,809,688
TCL Technology Group Corp., Class A		4,260,755		2,549,253
TCL Zhonghuan Renewable Energy Technology Co. Ltd., Class A		824,293		5,711,655
Tencent Holdings Ltd.		24,880,600		1,028,333,752
Tencent Music Entertainment Group, ADR(a)(c)		2,810,066		14,359,437
Thunder Software Technology Co. Ltd., Class A		128,187		2,266,412
Tianma Microelectronics Co. Ltd., Class A		2,205,623		3,003,218
Tianqi Lithium Corp., Class A(a)		362,700		5,998,530
Tingyi Cayman Islands Holding Corp.(c)		8,064,000		14,319,447
Tongcheng Travel Holdings Ltd.(a)(c)		5,025,600		10,293,235
Tongkun Group Co. Ltd., Class A		868,900		1,789,113
Tongwei Co. Ltd., Class A		1,107,984		8,451,272
Topchoice Medical Corp., Class A(a)		91,900		1,541,226
Topsports International Holdings Ltd.(b)		7,567,000		5,972,596
Transfar Zhilian Co. Ltd., Class A		1,438,598		1,156,832
TravelSky Technology Ltd., Class H		3,894,000		6,786,786
Trina Solar Co. Ltd.		561,686		5,777,968
Trip.com Group Ltd., ADR(a)(c)		2,170,774		55,832,307
Tsingtao Brewery Co. Ltd., Class A		244,300		3,806,252
Tsingtao Brewery Co. Ltd., Class H		2,402,000		23,325,747
Unigroup Guoxin Microelectronics Co. Ltd., Class A		236,339		5,318,219
Uni-President China Holdings Ltd.		5,617,000		4,835,942

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  (continued) August 31, 2022 iShares^® MSCI Emerging Markets ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
China (continued)
Unisplendour Corp. Ltd., Class A		885,254	$	2,206,968
Vinda International Holdings Ltd.		1,698,000		4,748,697
Vipshop Holdings Ltd., ADR(a)		1,751,980		20,340,488
Walvax Biotechnology Co. Ltd., Class A		422,347		2,657,269
Wanhua Chemical Group Co. Ltd., Class A		815,991		10,424,112
Want Want China Holdings Ltd.		19,683,000		13,865,126
Weibo Corp., ADR(a)		273,429		5,657,246
Weichai Power Co. Ltd., Class A		2,139,644		3,583,794
Weichai Power Co. Ltd., Class H		7,404,800		9,892,911
Wens Foodstuffs Group Co. Ltd., Class A(a)		1,794,870		6,147,522
Western Securities Co. Ltd., Class A		2,587,710		2,418,275
Western Superconducting Technologies Co. Ltd., Class A		168,866		2,482,275
Wharf Holdings Ltd. (The)		4,958,000		18,671,641
Will Semiconductor Co. Ltd. Shanghai, Class A		299,970		4,047,702
Wingtech Technology Co. Ltd., Class A		328,500		3,057,015
Winning Health Technology Group Co. Ltd., Class A		875,024		892,513
Wuhan Guide Infrared Co. Ltd., Class A		1,395,840		2,876,383
Wuliangye Yibin Co. Ltd., Class A		941,328		22,684,341
WUS Printed Circuit Kunshan Co. Ltd., Class A		702,803		1,210,810
WuXi AppTec Co. Ltd., Class A		680,429		8,785,797
WuXi AppTec Co. Ltd., Class H(b)		1,347,870		15,216,112
Wuxi Biologics Cayman Inc., New(a)(b)		14,305,000		126,200,113
Wuxi Shangji Automation Co. Ltd., Class A		122,080		2,370,506
XCMG Construction Machinery Co. Ltd., Class A(a)		3,215,269		2,417,054
Xiaomi Corp., Class B(a)(b)		60,845,800		88,874,940
Xinjiang Goldwind Science & Technology Co. Ltd., Class A		1,492,493		2,756,185
Xinjiang Goldwind Science & Technology Co. Ltd., Class H		2,721,846		4,055,991
Xinyi Solar Holdings Ltd.(c)		19,604,000		26,959,790
XPeng Inc., ADR(a)(c)		1,687,134		31,245,722
Xtep International Holdings Ltd.		5,329,000		7,394,972
Yadea Group Holdings Ltd.(b)		4,942,000		9,426,354
Yankuang Energy Group Co. Ltd., Class A		659,600		4,569,257
Yankuang Energy Group Co. Ltd., Class H(c)		6,092,800		24,117,796
Yantai Jereh Oilfield Services Group Co. Ltd., Class A		316,898		1,739,319
Yealink Network Technology Corp. Ltd., Class A		288,730		2,980,119
Yifeng Pharmacy Chain Co. Ltd., Class A		265,236		2,043,202
Yihai International Holding Ltd.(c)		1,934,000		4,870,586
Yihai Kerry Arawana Holdings Co. Ltd., Class A		382,700		2,521,503
YongXing Special Materials Technology Co. Ltd., Class A		120,100		2,321,195
Yonyou Network Technology Co. Ltd., Class A		958,551		2,772,389
YTO Express Group Co. Ltd., Class A		952,200		2,701,553
Yuexiu Property Co. Ltd.		5,778,000		7,226,961
Yum China Holdings Inc.		1,681,873		84,278,656
Yunda Holding Co. Ltd., Class A		941,804		2,287,573
Yunnan Baiyao Group Co. Ltd., Class A		505,021		3,819,323
Yunnan Energy New Material Co. Ltd., Class A		237,200		6,603,132
Zai Lab Ltd., ADR(a)(c)		350,512		16,197,160
Zhangzhou Pientzehuang Pharmaceutical Co. Ltd., Class A		154,850		6,724,679
Zhaojin Mining Industry Co. Ltd., Class H(a)		4,903,000		4,151,535
Zhejiang Century Huatong Group Co. Ltd., Class A(a)		2,429,098		1,601,573
Zhejiang Chint Electrics Co. Ltd., Class A		609,223		2,777,161
Zhejiang Dahua Technology Co. Ltd., Class A		993,084		2,108,404
Zhejiang Expressway Co. Ltd., Class H		6,002,000		4,572,981

Security	Shares		Value
China (continued)
Zhejiang Huahai Pharmaceutical Co. Ltd., Class A		524,404	$	1,510,782
Zhejiang Huayou Cobalt Co. Ltd., Class A		422,915		4,551,657
Zhejiang Jingsheng Mechanical & Electrical Co. Ltd., Class A		379,800		4,148,675
Zhejiang NHU Co. Ltd., Class A		947,387		3,074,634
Zhejiang Supor Co. Ltd., Class A		188,082		1,245,006
Zhejiang Wolwo Bio-Pharmaceutical Co. Ltd., Class A		188,847		1,262,672
Zheshang Securities Co. Ltd., Class A		1,398,600		2,203,509
ZhongAn Online P&C Insurance Co. Ltd., Class H(a)(b)(c)		2,822,900		8,272,682
Zhongji Innolight Co. Ltd., Class A		314,100		1,328,237
Zhongsheng Group Holdings Ltd.		2,457,500		11,619,964
Zhuzhou CRRC Times Electric Co. Ltd.(c)		2,477,200		11,978,504
Zijin Mining Group Co. Ltd., Class A		5,651,500		7,157,635
Zijin Mining Group Co. Ltd., Class H		22,628,000		25,569,029
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class A		2,568,654		2,136,157
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class H		5,039,200		2,271,652
ZTE Corp., Class A		990,600		3,497,015
ZTE Corp., Class H		3,006,200		6,347,016
ZTO Express Cayman Inc., ADR		1,679,026		43,738,627
				8,361,114,198
Colombia — 0.1%
Bancolombia SA		1,004,533		7,756,836
Ecopetrol SA		19,799,511		10,089,749
Interconexion Electrica SA ESP		1,815,930		7,859,873
				25,706,458
Czech Republic — 0.1%
CEZ AS		655,425		26,552,598
Komercni Banka AS		278,775		6,529,196
Moneta Money Bank AS(b)		1,302,899		4,129,607
				37,211,401
Egypt — 0.1%
Commercial International Bank Egypt SAE		6,682,339		13,234,556
Eastern Co. SAE		4,132,247		2,093,501
Egyptian Financial Group-Hermes Holding Co.(a)		369,274		245,927
				15,573,984
Greece — 0.3%
Alpha Services and Holdings SA(a)		8,751,191		8,081,753
Eurobank Ergasias Services and Holdings SA, Class A(a)		10,369,884		9,621,255
FF Group(a)(d)		246,892		2,481
Hellenic Telecommunications Organization SA		806,579		12,831,745
JUMBO SA		454,557		6,498,234
Mytilineos SA		404,126		6,319,597
National Bank of Greece SA(a)		2,214,159		7,145,608
OPAP SA		746,659		9,834,925
Public Power Corp. SA(a)		834,611		4,356,998
				64,692,596
Hungary — 0.2%
MOL Hungarian Oil & Gas PLC		1,635,369		11,268,266
OTP Bank Nyrt		872,751		18,560,800
Richter Gedeon Nyrt		557,868		11,247,797
				41,076,863
India — 14.3%
ACC Ltd.		307,553		8,812,744
Adani Enterprises Ltd.		1,129,428		44,819,936
Adani Green Energy Ltd.(a)		1,260,348		38,082,471

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

Schedule of Investments  (continued) August 31, 2022 iShares^® MSCI Emerging Markets ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
India (continued)
Adani Ports & Special Economic Zone Ltd.		2,026,978	$	21,207,257
Adani Power Ltd.(a)		3,079,429		15,725,566
Adani Total Gas Ltd.		1,102,395		51,412,890
Adani Transmission Ltd.(a)		1,108,686		54,368,305
Ambuja Cements Ltd.		2,403,224		12,323,340
Apollo Hospitals Enterprise Ltd.		404,347		21,724,909
Asian Paints Ltd.		1,543,287		64,970,562
AU Small Finance Bank Ltd.(b)		634,836		4,992,501
Aurobindo Pharma Ltd.		991,175		6,748,145
Avenue Supermarts Ltd.(a)(b)		649,270		36,496,916
Axis Bank Ltd.		9,052,571		84,365,331
Bajaj Auto Ltd.		270,877		13,796,810
Bajaj Finance Ltd.		1,085,074		97,929,338
Bajaj Finserv Ltd.		154,311		32,350,558
Balkrishna Industries Ltd.		320,537		8,142,626
Bandhan Bank Ltd.(b)		2,544,001		8,779,799
Berger Paints India Ltd.		991,053		8,288,532
Bharat Electronics Ltd.		4,918,557		18,793,718
Bharat Forge Ltd.		985,125		9,068,737
Bharat Petroleum Corp. Ltd.		3,361,441		13,769,764
Bharti Airtel Ltd.		8,728,703		79,068,451
Biocon Ltd.		1,611,745		6,236,206
Britannia Industries Ltd.		430,143		20,126,979
Cholamandalam Investment and Finance Co. Ltd.		1,670,400		16,365,087
Cipla Ltd.		1,914,187		24,804,668
Coal India Ltd.		6,143,129		17,950,140
Colgate-Palmolive India Ltd.		481,327		10,106,391
Container Corp. of India Ltd.		1,047,220		9,084,094
Dabur India Ltd.		2,421,181		17,653,591
Divi’s Laboratories Ltd.		525,345		23,718,676
DLF Ltd.		2,497,060		12,062,116
Dr. Reddy’s Laboratories Ltd.		455,159		24,053,460
Eicher Motors Ltd.		546,070		22,790,361
GAIL India Ltd.		6,041,367		10,262,034
Godrej Consumer Products Ltd.(a)		1,607,075		18,511,707
Godrej Properties Ltd.(a)		502,886		8,771,211
Grasim Industries Ltd.		1,072,415		22,350,667
Havells India Ltd.		1,019,587		17,650,738
HCL Technologies Ltd.		4,281,727		49,804,346
HDFC Life Insurance Co. Ltd.(b)		3,742,724		26,821,132
Hero MotoCorp Ltd.		430,900		15,178,535
Hindalco Industries Ltd.		5,483,579		29,740,736
Hindustan Petroleum Corp. Ltd.		2,502,267		7,594,992
Hindustan Unilever Ltd.		3,277,154		108,493,334
Housing Development Finance Corp. Ltd.		6,867,423		207,914,067
ICICI Bank Ltd.		20,533,922		225,161,534
ICICI Lombard General Insurance Co. Ltd.(b)		919,446		14,769,530
ICICI Prudential Life Insurance Co. Ltd.(b)		1,388,982		10,254,022
Indian Oil Corp. Ltd.		10,999,561		9,815,002
Indian Railway Catering & Tourism Corp. Ltd.		990,897		8,691,538
Indraprastha Gas Ltd.		1,161,168		6,070,961
Indus Towers Ltd.		2,643,111		6,572,765
Info Edge India Ltd.		287,610		15,471,387
Infosys Ltd.		13,384,557		246,691,980
InterGlobe Aviation Ltd.(a)(b)		386,911		9,662,127
ITC Ltd.		11,741,551		46,922,520
Jindal Steel & Power Ltd.		1,683,907		9,060,636
JSW Steel Ltd.		2,935,412		24,343,770
Jubilant Foodworks Ltd.		1,546,836		11,782,617
Kotak Mahindra Bank Ltd.		2,208,885		52,403,962

Security	Shares		Value
India (continued)
Larsen & Toubro Infotech Ltd.(b)		209,464	$	11,986,230
Larsen & Toubro Ltd.		2,735,632		65,291,970
Lupin Ltd.		746,139		6,235,067
Mahindra & Mahindra Ltd.		3,477,231		56,437,648
Marico Ltd.		2,046,151		13,432,697
Maruti Suzuki India Ltd.		480,020		54,145,010
Mindtree Ltd.		244,142		9,934,127
Mphasis Ltd.		334,702		8,805,162
MRF Ltd.		7,625		8,127,648
Muthoot Finance Ltd.		489,848		6,417,632
Nestle India Ltd.		132,486		32,986,214
NTPC Ltd.		15,613,339		32,005,125
Oil & Natural Gas Corp. Ltd.		9,851,022		17,053,237
Page Industries Ltd.		24,804		15,803,050
Petronet LNG Ltd.		2,984,542		8,233,630
PI Industries Ltd.		319,481		13,660,765
Pidilite Industries Ltd.		635,147		21,681,061
Piramal Pharma Ltd., NVS		1,909,920		5,131,137
Power Grid Corp. of India Ltd.		12,580,575		36,019,082
Reliance Industries Ltd.		12,124,944		397,213,709
Samvardhana Motherson International Ltd.		5,049,549		7,701,926
SBI Cards & Payment Services Ltd.		954,108		10,940,058
SBI Life Insurance Co. Ltd.(b)		1,791,913		29,612,678
Shree Cement Ltd.		43,159		11,848,024
Shriram Transport Finance Co. Ltd.		762,968		12,805,891
Siemens Ltd.		299,848		10,765,889
SRF Ltd.		601,955		18,996,383
State Bank of India		7,142,562		47,026,410
Sun Pharmaceutical Industries Ltd.		3,786,810		42,261,615
Tata Consultancy Services Ltd.		3,630,978		144,809,157
Tata Consumer Products Ltd.		2,248,220		22,722,903
Tata Elxsi Ltd.		138,561		15,455,636
Tata Motors Ltd.(a)		6,616,752		38,533,264
Tata Power Co. Ltd. (The)		5,805,971		17,025,225
Tata Steel Ltd.		29,401,154		39,474,058
Tech Mahindra Ltd.		2,305,897		30,722,683
Titan Co. Ltd.		1,414,954		45,850,582
Torrent Pharmaceuticals Ltd.		401,777		7,763,444
Trent Ltd.		764,178		13,365,538
UltraTech Cement Ltd.		403,865		33,575,262
United Spirits Ltd.(a)		1,207,295		12,203,193
UPL Ltd.		1,989,550		19,056,016
Vedanta Ltd.		3,065,834		10,274,865
Wipro Ltd.		5,360,792		27,448,228
Yes Bank Ltd.(a)		44,946,224		9,212,413
Zomato Ltd.(a)		8,955,265		6,401,451
				3,688,211,818
Indonesia — 2.0%
Adaro Energy Indonesia Tbk PT		58,999,300		14,065,240
Adaro Minerals Indonesia Tbk PT(a)		33,076,700		3,814,638
Aneka Tambang Tbk		35,150,800		4,700,246
Astra International Tbk PT		80,207,400		37,634,842
Bank Central Asia Tbk PT		218,541,100		120,683,385
Bank Jago Tbk PT(a)		16,747,000		9,489,533
Bank Mandiri Persero Tbk PT		73,614,400		43,806,819
Bank Negara Indonesia Persero Tbk PT		30,040,476		17,230,189
Bank Rakyat Indonesia Persero Tbk PT		270,196,408		78,905,187
Barito Pacific Tbk PT		118,104,900		6,519,706
Charoen Pokphand Indonesia Tbk PT		29,203,445		11,559,390
Gudang Garam Tbk PT		1,668,800		2,668,561

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  (continued) August 31, 2022 iShares^® MSCI Emerging Markets ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Indonesia (continued)
Indah Kiat Pulp & Paper Tbk PT		11,263,000	$	6,308,951
Indofood CBP Sukses Makmur Tbk PT		9,032,700		5,055,561
Indofood Sukses Makmur Tbk PT		16,793,800		7,045,256
Kalbe Farma Tbk PT		84,976,115		9,609,007
Merdeka Copper Gold Tbk PT(a)		51,809,963		14,898,999
Sarana Menara Nusantara Tbk PT		95,234,800		7,961,846
Semen Indonesia Persero Tbk PT		11,731,100		5,209,315
Sumber Alfaria Trijaya Tbk PT		67,109,900		9,849,183
Telkom Indonesia Persero Tbk PT		196,097,200		60,050,996
Tower Bersama Infrastructure Tbk PT		24,936,400		4,734,303
Unilever Indonesia Tbk PT		30,168,400		9,322,847
United Tractors Tbk PT		6,871,353		15,646,529
Vale Indonesia Tbk PT(a)		10,441,600		4,279,719
				511,050,248
Kuwait — 0.8%
Agility Public Warehousing Co. KSC		5,881,632		16,045,982
Boubyan Bank KSCP		5,704,433		15,462,430
Gulf Bank KSCP		6,563,793		7,452,893
Kuwait Finance House KSCP		20,402,479		59,554,442
Mabanee Co. KPSC		2,659,251		7,146,993
Mobile Telecommunications Co. KSCP		8,161,550		16,022,682
National Bank of Kuwait SAKP		28,525,141		97,579,132
				219,264,554
Malaysia — 1.5%
AMMB Holdings Bhd		7,509,275		6,979,465
Axiata Group Bhd		10,722,900		7,271,580
CIMB Group Holdings Bhd		26,484,300		31,671,755
Dialog Group Bhd		14,416,312		7,798,611
DiGi.Com Bhd		12,138,200		10,130,915
Genting Bhd		8,227,900		8,599,679
Genting Malaysia Bhd		11,619,900		7,712,994
HAP Seng Consolidated Bhd		2,629,900		4,083,969
Hartalega Holdings Bhd(c)		6,669,900		2,473,921
Hong Leong Bank Bhd		2,581,500		12,015,690
Hong Leong Financial Group Bhd		1,036,500		4,480,478
IHH Healthcare Bhd		7,216,100		9,959,480
Inari Amertron Bhd		11,347,900		6,753,914
IOI Corp. Bhd		9,799,020		9,261,503
Kuala Lumpur Kepong Bhd		1,740,000		8,996,447
Malayan Banking Bhd		18,820,300		37,649,961
Malaysia Airports Holdings Bhd(a)		2,916,100		3,810,497
Maxis Bhd(c)		9,003,200		7,717,727
MISC Bhd		4,954,700		7,839,529
MR DIY Group M Bhd(b)		9,578,800		4,624,149
Nestle Malaysia Bhd		282,100		8,370,857
Petronas Chemicals Group Bhd		9,798,500		19,219,453
Petronas Dagangan Bhd		1,280,100		6,721,562
Petronas Gas Bhd		3,174,200		12,266,736
PPB Group Bhd		2,670,660		10,502,428
Press Metal Aluminium Holdings Bhd		15,036,000		15,936,601
Public Bank Bhd		57,786,050		60,677,664
QL Resources Bhd		4,705,300		5,361,866
RHB Bank Bhd		5,852,925		7,478,750
Sime Darby Bhd		10,401,573		5,299,596
Sime Darby Plantation Bhd		8,206,973		8,157,742
Telekom Malaysia Bhd		4,715,900		6,269,206
Tenaga Nasional Bhd		9,488,850		19,060,387
Top Glove Corp. Bhd(c)		20,540,400		3,677,661
				388,832,773

Security	Shares		Value
Mexico — 2.0%
Alfa SAB de CV, Class A		11,523,200	$	7,332,659
America Movil SAB de CV, Series L, NVS		110,856,600		94,478,337
Arca Continental SAB de CV		1,733,736		11,802,640
Cemex SAB de CV, NVS(a)		60,437,873		22,409,397
Coca-Cola Femsa SAB de CV		2,051,493		12,543,266
Fibra Uno Administracion SA de CV		12,604,700		13,195,003
Fomento Economico Mexicano SAB de CV		7,640,500		47,887,521
Gruma SAB de CV, Class B(c)		827,135		9,013,027
Grupo Aeroportuario del Pacifico SAB de CV, Class B		1,450,800		20,656,068
Grupo Aeroportuario del Sureste SAB de CV, Class B		775,100		16,416,892
Grupo Bimbo SAB de CV, Series A(c)		5,514,800		18,126,725
Grupo Carso SAB de CV, Series A1(c)		1,925,441		6,626,006
Grupo Financiero Banorte SAB de CV, Class O		10,303,456		60,849,537
Grupo Financiero Inbursa SAB de CV, Class O(a)(c)		8,875,100		13,982,363
Grupo Mexico SAB de CV, Series B		12,594,988		47,687,970
Grupo Televisa SAB, CPO(c)		9,467,100		11,931,088
Industrias Penoles SAB de CV		582,093		4,784,393
Kimberly-Clark de Mexico SAB de CV, Class A		5,934,500		8,038,741
Operadora De Sites Mexicanos SAB de CV		5,580,100		5,556,142
Orbia Advance Corp. SAB de CV		4,090,434		7,719,371
Promotora y Operadora de Infraestructura SAB de CV		793,945		5,580,649
Wal-Mart de Mexico SAB de CV(c)		20,677,600		67,575,667
				514,193,462
Peru — 0.2%
Cia. de Minas Buenaventura SAA, ADR		867,823		4,616,818
Credicorp Ltd.		284,131		36,621,645
Southern Copper Corp.		343,751		16,180,360
				57,418,823
Philippines — 0.8%
Aboitiz Equity Ventures Inc.		7,384,010		7,364,717
ACEN Corp.		35,724,698		4,757,514
Ayala Corp.		979,606		12,207,369
Ayala Land Inc.		28,771,700		14,605,444
Bank of the Philippine Islands		6,770,964		11,432,019
BDO Unibank Inc.		7,878,931		18,016,331
Converge Information and Communications Technology Solutions Inc.(a)		8,992,000		2,772,704
Globe Telecom Inc.		110,870		4,136,729
GT Capital Holdings Inc.		365,862		3,133,567
International Container Terminal Services Inc.		4,217,720		13,583,850
JG Summit Holdings Inc.		12,059,543		10,966,417
Jollibee Foods Corp.		1,813,569		7,729,942
Manila Electric Co.		898,910		4,814,250
Metro Pacific Investments Corp.		46,932,500		3,114,188
Metropolitan Bank & Trust Co.		7,164,105		6,695,784
Monde Nissin Corp.(a)(b)		24,438,100		7,172,199
PLDT Inc.		347,198		10,349,168
SM Investments Corp.		951,142		14,039,755
SM Prime Holdings Inc.		43,887,325		29,502,034
Universal Robina Corp.		3,556,120		7,718,445
				194,112,426
Poland — 0.5%
Allegro.eu SA (a)(b)(c)		1,467,410		7,696,835
Bank Polska Kasa Opieki SA		723,773		10,012,754
CD Projekt SA(c)		256,051		4,566,169
Cyfrowy Polsat SA		928,748		3,830,416

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

Schedule of Investments  (continued) August 31, 2022 iShares^® MSCI Emerging Markets ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Poland (continued)
Dino Polska SA(a)(b)		203,197	$	14,823,941
KGHM Polska Miedz SA		567,076		10,626,656
LPP SA		4,487		8,079,393
mBank SA(a)(c)		61,238		2,813,342
Orange Polska SA(c)		2,650,073		3,377,123
PGE Polska Grupa Energetyczna SA(a)		3,556,251		5,420,995
Polski Koncern Naftowy ORLEN SA		1,624,713		21,043,635
Polskie Gornictwo Naftowe i Gazownictwo SA(a)		6,967,340		8,276,702
Powszechna Kasa Oszczednosci Bank Polski SA		3,426,666		17,094,067
Powszechny Zaklad Ubezpieczen SA		2,345,160		14,037,723
Santander Bank Polska SA		143,398		6,515,943
				138,215,694
Qatar — 1.1%
Barwa Real Estate Co.		7,465,281		7,458,825
Commercial Bank PSQC (The)		11,647,451		23,142,495
Industries Qatar QSC		6,057,614		29,808,415
Masraf Al Rayan QSC		21,761,656		26,690,987
Mesaieed Petrochemical Holding Co.		18,901,209		13,332,740
Ooredoo QPSC		3,042,268		7,504,732
Qatar Electricity & Water Co. QSC		1,854,894		9,524,294
Qatar Fuel QSC		1,874,491		9,680,936
Qatar Gas Transport Co. Ltd.		10,496,939		11,387,997
Qatar International Islamic Bank QSC		2,936,123		9,486,746
Qatar Islamic Bank SAQ		6,520,139		45,294,005
Qatar National Bank QPSC		18,211,329		101,959,214
				295,271,386
Romania — 0.0%
NEPI Rockcastle SA		1,788,798		9,531,687
Russia — 0.0%
Alrosa PJSC(d)		9,805,890		1,608
Gazprom PJSC(a)(d)		43,696,315		7,163
Inter RAO UES PJSC(d)		121,651,300		19,943
LUKOIL PJSC(d)		1,533,792		251
Magnit PJSC(d)		246,156		40
Magnit PJSC, GDR(d)		2		—
MMC Norilsk Nickel PJSC(d)		233,757		38
Mobile TeleSystems PJSC(d)		3,162,662		518
Moscow Exchange MICEX-RTS PJSC(a)(d)		5,279,850		866
Novatek PJSC(d)		3,371,230		553
Novolipetsk Steel PJSC(d)		5,629,360		923
Ozon Holdings PLC, ADR(a)(d)		197,078		32
PhosAgro PJSC(d)		174,249		29
PhosAgro PJSC, GDR(d)		2		—
PhosAgro PJSC, New(d)		3,367		34
Polymetal International PLC(d)		1,312,267		215
Polyus PJSC(d)		126,490		21
Rosneft Oil Co. PJSC(d)		4,281,715		702
Sberbank of Russia PJSC(a)(d)		39,606,181		6,493
Severstal PAO(d)		805,849		132
Surgutneftegas PJSC(d)		26,192,370		4,294
Tatneft PJSC(d)		5,175,395		848
TCS Group Holding PLC, GDR(a)(d)		445,207		73
United Co. RUSAL International PJSC(a)(d)		11,428,270		1,873
VK Co. Ltd.(a)(d)		404,870		66
VTB Bank PJSC(d)		11,783,971,998		1,932
X5 Retail Group NV, GDR(d)		424,766		70
Yandex NV(a)(d)		1,127,576		185
				48,902

Security	Shares		Value
Saudi Arabia — 4.7%
ACWA Power Co.		328,232	$	15,253,818
Advanced Petrochemical Co.		528,177		7,007,099
Al Rajhi Bank		7,821,135		187,236,293
Alinma Bank		3,969,558		39,992,350
Almarai Co. JSC		946,038		13,314,688
AngloGold Ashanti Ltd.		1,672,359		22,333,790
Arab National Bank		2,406,937		19,187,226
Bank AlBilad(a)		1,961,257		26,351,402
Bank Al-Jazira		1,663,498		10,386,978
Banque Saudi Fransi		2,373,133		31,317,132
Bupa Arabia for Cooperative Insurance Co.		246,451		10,778,543
Dar Al Arkan Real Estate Development Co.(a)		2,173,342		8,148,470
Dr Sulaiman Al Habib Medical Services Group Co.		349,152		18,551,257
Elm Co.		99,397		9,072,328
Emaar Economic City(a)		1,602,140		4,293,091
Etihad Etisalat Co.		1,514,143		14,727,350
Jarir Marketing Co.		222,898		10,177,009
Mobile Telecommunications Co.(a)		1,690,336		5,193,898
Mouwasat Medical Services Co.		200,642		12,859,183
National Industrialization Co.(a)		1,368,161		5,771,295
Rabigh Refining & Petrochemical Co.(a)		1,781,422		8,194,001
Reinet Investments SCA		558,972		9,174,271
Riyad Bank		5,414,736		50,991,288
SABIC Agri-Nutrients Co.		862,217		39,803,282
Sahara International Petrochemical Co.		1,466,717		18,525,691
Saudi Arabian Mining Co.(a)		3,477,659		68,620,601
Saudi Arabian Oil Co.(b)		9,534,856		94,976,543
Saudi Basic Industries Corp.		3,554,501		94,426,154
Saudi British Bank (The)		3,666,116		38,889,867
Saudi Electricity Co.		3,299,705		22,087,773
Saudi Industrial Investment Group		1,493,126		10,126,692
Saudi Investment Bank (The)		1,968,865		10,468,213
Saudi Kayan Petrochemical Co.(a)		2,974,651		11,567,698
Saudi National Bank (The)		8,726,941		161,831,189
Saudi Research & Media Group(a)		146,994		8,239,629
Saudi Tadawul Group Holding Co.		144,140		8,707,633
Saudi Telecom Co.		5,879,002		65,271,674
Savola Group (The)		982,876		8,514,162
Yanbu National Petrochemical Co.		985,080		13,090,060
				1,215,459,621
South Africa — 3.2%
Absa Group Ltd.		3,226,579		33,418,179
African Rainbow Minerals Ltd.		500,600		6,905,452
Anglo American Platinum Ltd.		214,806		14,995,510
Aspen Pharmacare Holdings Ltd.		1,525,541		13,091,878
Bid Corp. Ltd.(c)		1,337,410		25,379,851
Bidvest Group Ltd. (The)		1,136,340		14,260,018
Capitec Bank Holdings Ltd.		347,240		41,288,694
Clicks Group Ltd.		982,326		17,091,311
Discovery Ltd.(a)		1,989,961		14,257,954
Exxaro Resources Ltd.		1,016,543		12,951,001
FirstRand Ltd.		20,021,800		74,783,603
Foschini Group Ltd. (The)		1,318,304		9,786,793
Gold Fields Ltd.		3,575,423		28,876,374
Growthpoint Properties Ltd.		13,343,722		9,924,777
Harmony Gold Mining Co. Ltd.		2,261,737		5,759,741
Impala Platinum Holdings Ltd.		3,409,292		35,723,745
Kumba Iron Ore Ltd.		261,036		5,779,155
Mr. Price Group Ltd.		1,031,577		11,174,872
MTN Group Ltd.		6,754,605		48,890,125

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   (continued) August 31, 2022 iShares^® MSCI Emerging Markets ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
South Africa (continued)
MultiChoice Group		1,475,107	$	9,956,192
Naspers Ltd., Class N		867,384		122,306,726
Nedbank Group Ltd.		1,824,364		21,533,819
Northam Platinum Holdings Ltd.(a)		1,372,824		12,919,754
Old Mutual Ltd.		18,714,876		11,087,109
Pepkor Holdings Ltd.(b)		6,682,131		7,845,152
Remgro Ltd.		2,066,049		15,320,654
Sanlam Ltd.		7,043,096		21,895,894
Sasol Ltd.(a)		2,267,852		43,616,797
Shoprite Holdings Ltd.		2,019,712		27,387,335
Sibanye Stillwater Ltd.		11,249,767		25,132,216
SPAR Group Ltd. (The)		725,291		6,630,143
Standard Bank Group Ltd.		5,324,283		47,511,638
Vodacom Group Ltd.		2,501,057		18,409,422
Woolworths Holdings Ltd.		4,005,488		13,095,371
				828,987,255
South Korea — 10.9%
Alteogen Inc.(a)(c)		117,279		5,529,482
Amorepacific Corp.(c)		115,475		10,524,509
AMOREPACIFIC Group		115,348		2,985,924
BGF retail Co. Ltd.		32,436		3,885,141
Celltrion Healthcare Co. Ltd.		342,548		18,331,165
Celltrion Inc.		393,286		55,357,940
Celltrion Pharm Inc.(a)(c)		68,184		3,965,942
Cheil Worldwide Inc.		290,354		4,733,787
CJ CheilJedang Corp.		33,321		10,107,517
CJ Corp.		57,313		3,334,613
CJ ENM Co. Ltd.		42,252		3,079,612
CJ Logistics Corp.(a)(c)		33,141		2,921,114
Coway Co. Ltd.		226,479		10,745,164
DB Insurance Co. Ltd.		184,746		8,227,437
Doosan Bobcat Inc.		214,859		5,524,095
Doosan Enerbility Co. Ltd.(a)		1,638,207		24,620,035
Ecopro BM Co. Ltd.(c)		196,526		16,261,110
E-MART Inc.		80,698		5,858,526
F&F Co. Ltd./New		71,577		7,552,416
Green Cross Corp.		23,639		2,885,724
GS Engineering & Construction Corp.		257,106		5,751,036
GS Holdings Corp.		201,499		6,917,866
Hana Financial Group Inc.		1,176,725		34,297,592
Hankook Tire & Technology Co. Ltd.		288,441		8,131,674
Hanmi Pharm Co. Ltd.(c)		28,558		6,544,358
Hanon Systems(c)		732,251		5,599,667
Hanwha Solutions Corp.(a)(c)		459,210		17,905,459
HD Hyundai Co. Ltd.		197,560		9,276,097
HLB Inc.(a)(c)		388,751		14,193,046
HMM Co. Ltd.(c)		1,072,126		17,668,748
Hotel Shilla Co. Ltd.(c)		131,161		7,184,885
HYBE Co. Ltd.(a)(c)		72,015		9,650,406
Hyundai Engineering & Construction Co. Ltd.(c)		314,774		11,255,638
Hyundai Glovis Co. Ltd.		73,574		9,640,179
Hyundai Heavy Industries Co. Ltd.(a)(c)		71,407		7,598,476
Hyundai Mobis Co. Ltd.		242,824		38,723,931
Hyundai Motor Co.		555,452		80,697,302
Hyundai Steel Co.		362,290		8,834,339
Iljin Materials Co. Ltd.(c)		94,960		5,203,802
Industrial Bank of Korea		1,004,346		7,151,274
Kakao Corp.		1,242,391		67,466,369
Kakao Games Corp.(a)(c)		143,227		5,586,508
KakaoBank Corp.(a)(c)		479,264		9,704,463

Security	Shares		Value
South Korea (continued)
Kangwon Land Inc.(a)		386,119	$	7,612,928
KB Financial Group Inc.(c)		1,565,200		57,456,832
Kia Corp.		1,045,603		62,671,172
Korea Aerospace Industries Ltd.(c)		301,374		13,675,081
Korea Electric Power Corp.(a)		1,019,311		15,893,988
Korea Investment Holdings Co. Ltd.		162,693		6,859,958
Korea Shipbuilding & Offshore Engineering Co. Ltd.(a)		170,253		12,287,318
Korea Zinc Co. Ltd.		36,485		18,250,769
Korean Air Lines Co. Ltd.(a)		690,473		13,723,208
Krafton Inc.(a)		98,164		17,932,110
KT&G Corp.		421,059		26,155,108
Kumho Petrochemical Co. Ltd.(c)		73,469		7,086,598
L&F Co. Ltd.(a)(c)		93,970		15,937,567
LG Chem Ltd.		197,117		92,269,734
LG Corp.		374,755		22,867,919
LG Display Co. Ltd.(c)		921,677		10,651,793
LG Electronics Inc.		424,306		31,750,822
LG Energy Solution(a)(c)		91,617		31,398,717
LG H&H Co. Ltd.(c)		37,363		19,785,242
LG Innotek Co. Ltd.		57,707		14,689,775
LG Uplus Corp.		831,654		7,122,273
Lotte Chemical Corp.		68,429		8,885,129
Lotte Shopping Co. Ltd.		47,611		3,494,732
Meritz Financial Group Inc.(c)		138,832		3,182,063
Meritz Fire & Marine Insurance Co. Ltd.(c)		148,871		4,250,335
Meritz Securities Co. Ltd.(c)		1,162,248		4,188,791
Mirae Asset Securities Co. Ltd.		1,062,591		5,182,084
NAVER Corp.		522,001		92,627,295
NCSoft Corp.		65,382		18,373,142
Netmarble Corp.(b)(c)		81,008		3,819,246
NH Investment & Securities Co. Ltd.		538,901		3,989,392
Orion Corp./Republic of Korea		96,215		7,048,185
Pan Ocean Co. Ltd.		1,078,252		4,125,783
Pearl Abyss Corp.(a)(c)		120,416		5,063,632
POSCO Chemical Co. Ltd.(c)		110,916		13,788,394
POSCO Holdings Inc.		313,441		59,292,123
S-1 Corp.(c)		71,151		3,089,368
Samsung Biologics Co. Ltd.(a)(b)(c)		70,813		44,042,786
Samsung C&T Corp.		331,038		29,640,099
Samsung Electro-Mechanics Co. Ltd.		222,724		23,060,079
Samsung Electronics Co. Ltd.		19,014,523		842,357,498
Samsung Engineering Co. Ltd.(a)(c)		634,522		11,032,464
Samsung Fire & Marine Insurance Co. Ltd.		119,860		17,419,743
Samsung Heavy Industries Co. Ltd.(a)		2,501,131		11,097,120
Samsung Life Insurance Co. Ltd.(c)		303,757		14,019,613
Samsung SDI Co. Ltd.		219,655		97,109,811
Samsung SDS Co. Ltd.		132,905		12,684,260
Samsung Securities Co. Ltd.		244,492		6,155,120
SD Biosensor Inc.(c)		151,053		3,949,217
Seegene Inc.(c)		149,659		3,506,201
Shinhan Financial Group Co. Ltd.		1,816,065		49,203,499
SK Biopharmaceuticals Co. Ltd.(a)(c)		124,529		6,620,843
SK Bioscience Co. Ltd.(a)(c)		92,771		7,766,673
SK Chemicals Co. Ltd.(c)		49,921		3,618,913
SK Hynix Inc.		2,171,903		152,701,999
SK IE Technology Co. Ltd.(a)(b)(c)		100,523		6,183,397
SK Inc.		146,857		25,401,694
SK Innovation Co. Ltd.(a)		221,178		31,136,397
SK Square Co. Ltd.(a)		395,366		11,880,340

24 2 0 2 2    I S H A R E S     A N N U A L    R E P O R T    T O    S H A R E  H O L D E R S

Schedule of Investments  (continued) August 31, 2022 iShares^® MSCI Emerging Markets ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
South Korea (continued)
SKC Co. Ltd.(c)		87,840	$	7,893,306
S-Oil Corp.		181,676		13,780,116
Woori Financial Group Inc.		2,069,177		18,717,616
Yuhan Corp.(c)		213,661		9,035,919
				2,807,907,697
Taiwan — 14.4%
Accton Technology Corp.		2,026,000		18,656,627
Acer Inc.(c)		11,600,121		8,331,458
Advantech Co. Ltd.(c)		1,685,455		17,980,443
Airtac International Group(a)(c)		567,526		15,217,601
ASE Technology Holding Co. Ltd.(c)		13,169,110		36,636,596
Asia Cement Corp.		9,340,077		13,222,082
ASMedia Technology Inc.		112,000		3,380,614
Asustek Computer Inc.(c)		2,764,968		23,007,405
AUO Corp.(c)		32,637,000		17,820,760
Catcher Technology Co. Ltd.(a)(c)		2,632,210		15,955,903
Cathay Financial Holding Co. Ltd.(c)		31,044,710		45,164,659
Chailease Holding Co. Ltd.(c)		5,511,433		35,387,303
Chang Hwa Commercial Bank Ltd.		19,194,412		11,086,896
Cheng Shin Rubber Industry Co. Ltd.		7,013,128		8,124,322
China Airlines Ltd.(c)		11,161,000		8,256,073
China Development Financial Holding Corp.(c)		62,011,588		27,092,431
China Steel Corp.(c)		47,411,313		44,901,648
Chunghwa Telecom Co. Ltd.		14,890,410		59,086,463
Compal Electronics Inc.(c)		16,317,908		12,149,749
CTBC Financial Holding Co. Ltd.		69,445,772		53,192,406
Delta Electronics Inc.(c)		7,792,000		66,712,353
E Ink Holdings Inc.		3,488,000		27,122,117
E.Sun Financial Holding Co. Ltd.(c)		51,232,510		47,206,083
Eclat Textile Co. Ltd.(c)		766,427		11,100,497
eMemory Technology Inc.		263,000		11,762,478
Eva Airways Corp.(c)		10,293,000		11,264,343
Evergreen Marine Corp. Taiwan Ltd.		10,132,810		29,037,749
Far Eastern New Century Corp.		12,284,038		13,163,078
Far EasTone Telecommunications Co. Ltd.(c)		6,466,000		15,858,223
Feng TAY Enterprise Co. Ltd.		1,745,137		9,790,840
First Financial Holding Co. Ltd.		42,548,679		36,914,321
Formosa Chemicals & Fibre Corp.		13,936,090		31,308,788
Formosa Petrochemical Corp.(c)		4,487,000		12,299,373
Formosa Plastics Corp.(c)		16,483,280		49,146,451
Fubon Financial Holding Co. Ltd.(c)		28,032,974		52,563,183
Giant Manufacturing Co. Ltd.		1,191,203		9,304,975
Globalwafers Co. Ltd.		874,000		13,827,441
Hon Hai Precision Industry Co. Ltd.		49,499,873		176,258,102
Hotai Motor Co. Ltd.(c)		1,226,000		24,566,235
Hua Nan Financial Holdings Co. Ltd.		36,381,407		27,613,957
Innolux Corp.		39,933,002		15,729,310
Inventec Corp.(c)		9,891,281		7,488,387
Largan Precision Co. Ltd.		403,000		25,634,895
Lite-On Technology Corp.(c)		8,030,246		17,281,323
MediaTek Inc.(c)		6,042,338		130,736,399
Mega Financial Holding Co. Ltd.		44,505,666		52,201,851
Micro-Star International Co. Ltd.(c)		2,698,000		10,100,302
momo.com Inc(c)		270,600		6,416,592
Nan Ya Plastics Corp.(c)		19,027,160		42,738,731
Nan Ya Printed Circuit Board Corp.(c)		921,000		8,035,012
Nanya Technology Corp.(c)		4,792,000		8,322,697
Nien Made Enterprise Co. Ltd.		715,000		6,602,832
Novatek Microelectronics Corp.(c)		2,297,000		19,651,531
Parade Technologies Ltd.		308,000		8,622,040

Security	Shares		Value
Taiwan (continued)
Pegatron Corp.(c)		7,697,414	$	16,009,266
Pou Chen Corp.		8,669,220		8,212,280
Powerchip Semiconductor Manufacturing Corp.		11,255,000		12,620,694
President Chain Store Corp.		2,253,000		19,798,384
Quanta Computer Inc.(c)		10,582,000		27,432,867
Realtek Semiconductor Corp.(c)		1,824,637		20,502,886
Ruentex Development Co. Ltd.(c)		4,779,161		9,854,874
Shanghai Commercial & Savings Bank Ltd. (The)(c)		14,613,318		23,786,199
Shin Kong Financial Holding Co. Ltd.		49,911,149		14,338,539
Silergy Corp.(c)		1,288,000		22,080,811
SinoPac Financial Holdings Co. Ltd.		42,883,212		24,311,016
Synnex Technology International Corp.		5,505,834		10,035,937
Taishin Financial Holding Co. Ltd.		43,515,009		21,597,662
Taiwan Cement Corp.(c)		24,451,751		31,476,442
Taiwan Cooperative Financial Holding Co. Ltd.(c)		40,225,716		36,327,446
Taiwan High Speed Rail Corp.(c)		7,597,000		7,263,239
Taiwan Mobile Co. Ltd.		6,821,600		22,297,358
Taiwan Semiconductor Manufacturing Co. Ltd.		98,111,000		1,606,055,619
Unimicron Technology Corp.(c)		5,035,000		24,670,117
Uni-President Enterprises Corp.(c)		18,996,839		41,053,341
United Microelectronics Corp.(c)		47,189,000		62,783,387
Vanguard International Semiconductor Corp.(c)		3,594,000		8,688,581
Voltronic Power Technology Corp.		268,000		15,122,868
Walsin Lihwa Corp.(c)		10,378,406		13,403,019
Wan Hai Lines Ltd.(c)		2,813,090		7,928,389
Win Semiconductors Corp.(c)		1,321,000		7,672,812
Winbond Electronics Corp.(c)		11,961,000		8,617,947
Wiwynn Corp.(c)		349,000		8,736,694
WPG Holdings Ltd.(c)		6,458,449		10,861,359
Yageo Corp.(c)		1,744,861		18,661,664
Yang Ming Marine Transport Corp.(c)		6,978,000		17,876,048
Yuanta Financial Holding Co. Ltd.(c)		38,971,059		25,868,800
Zhen Ding Technology Holding Ltd.(c)		2,612,075		9,693,883
				3,726,674,356
Thailand — 2.0%
Advanced Info Service PCL, NVDR		4,745,000		24,963,983
Airports of Thailand PCL, NVDR(a)		16,672,200		33,223,567
Asset World Corp. PCL, NVDR		33,969,000		5,202,726
B Grimm Power PCL, NVDR		3,685,900		3,733,779
Bangkok Commercial Asset Management PCL, NVDR(c)		7,490,400		3,775,205
Bangkok Dusit Medical Services PCL, NVDR		40,995,000		32,855,459
Bangkok Expressway & Metro PCL, NVDR		29,974,100		7,187,114
Berli Jucker PCL, NVDR		4,964,000		4,561,776
BTS Group Holdings PCL, NVDR		29,302,800		6,745,294
Bumrungrad Hospital PCL, NVDR		2,248,400		13,313,344
Carabao Group PCL, NVDR		1,314,900		3,638,018
Central Pattana PCL, NVDR		8,111,300		15,382,352
Central Retail Corp. PCL, NVDR		7,507,534		8,321,792
Charoen Pokphand Foods PCL, NVDR		14,781,600		10,531,967
CP ALL PCL, NVDR		23,012,600		38,788,993
Delta Electronics Thailand PCL, NVDR		1,256,500		18,004,526
Electricity Generating PCL, NVDR		1,072,700		5,378,595
Energy Absolute PCL, NVDR(c)		6,830,700		15,947,593
Global Power Synergy PCL, NVDR(c)		2,864,000		5,331,224
Gulf Energy Development PCL, NVDR		11,987,900		16,822,053
Home Product Center PCL, NVDR		23,772,514		9,056,043
Indorama Ventures PCL, NVDR		7,137,180		8,452,637
Intouch Holdings PCL, NVDR		4,572,625		9,108,360

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  (continued) August 31, 2022 iShares^® MSCI Emerging Markets ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Thailand (continued)
JMT Network Services PCL, NVDR		2,713,800	$	5,797,916
Kasikornbank PCL, NVDR		2,084,600		8,775,759
Krung Thai Bank PCL, NVDR		13,846,200		6,402,088
Krungthai Card PCL, NVDR(c)		3,772,800		6,220,706
Land & Houses PCL, NVDR		31,983,500		7,802,724
Minor International PCL, NVDR(a)		12,602,420		11,285,435
Muangthai Capital PCL, NVDR(c)		3,120,900		3,630,830
Osotspa PCL, NVDR		5,960,300		5,103,213
PTT Exploration & Production PCL, NVDR		5,556,639		25,699,627
PTT Global Chemical PCL, NVDR		8,786,130		11,423,971
PTT Oil & Retail Business PCL, NVDR		12,040,900		8,988,948
PTT Public Company Ltd., NVDR		39,255,100		40,331,567
Ratch Group PCL, NVDR		3,782,000		4,562,187
SCB X PCL, NVS(c)		3,335,200		10,081,828
SCG Packaging PCL, NVDR		5,346,600		8,305,237
Siam Cement PCL (The), NVDR		3,060,900		30,027,339
Srisawad Corp. PCL, NVDR(c)		2,921,000		3,895,463
Thai Oil PCL, NVDR(c)		4,759,600		7,918,972
Thai Union Group PCL, NVDR(c)		11,659,600		5,590,938
True Corp. PCL, NVDR(c)		48,633,001		6,078,546
				518,249,694
Turkey — 0.3%
Akbank TAS		12,272,482		7,906,523
Aselsan Elektronik Sanayi Ve Ticaret AS		2,531,502		3,621,391
BIM Birlesik Magazalar AS		1,748,489		10,489,963
Enka Insaat ve Sanayi AS		2		1
Eregli Demir ve Celik Fabrikalari TAS(c)		5,730,581		9,055,259
Ford Otomotiv Sanayi AS		280,293		5,092,941
Haci Omer Sabanci Holding AS		3,976,987		5,565,934
KOC Holding AS		2,899,164		7,233,126
Turk Hava Yollari AO(a)		2,242,872		8,995,384
Turkcell Iletisim Hizmetleri AS		4,607,242		5,444,381
Turkiye Is Bankasi AS, Class C(c)		14,199,227		6,150,730
Turkiye Petrol Rafinerileri AS(a)		525,344		10,357,594
Turkiye Sise ve Cam Fabrikalari AS(c)		5,776,150		7,868,017
				87,781,244
United Arab Emirates — 1.3%
Abu Dhabi Commercial Bank PJSC		11,188,696		27,601,433
Abu Dhabi Islamic Bank PJSC		6,062,912		14,584,530
Abu Dhabi National Oil Co. for Distribution PJSC		12,352,939		14,925,993
Aldar Properties PJSC		15,388,576		20,153,224
Dubai Islamic Bank PJSC		11,474,482		18,249,693
Emaar Properties PJSC		16,000,233		27,191,797
Emirates NBD Bank PJSC		7,508,578		27,238,779
Emirates Telecommunications Group Co. PJSC		13,858,636		97,041,768
First Abu Dhabi Bank PJSC		17,590,925		91,357,617
				338,344,834
Total Common Stocks — 97.3% (Cost: $24,873,954,611)				25,160,780,854
Preferred Stocks
Brazil — 1.4%
Banco Bradesco SA, Preference Shares, NVS		21,186,468		77,213,485
Braskem SA, Class A, Preference Shares, NVS		767,510		4,492,288
Centrais Eletricas Brasileiras SA, Class B, Preference Shares, NVS		1,077,207		9,918,156
Cia. Energetica de Minas Gerais, Preference Shares, NVS		5,698,424		13,253,678

Security	Shares		Value
Brazil (continued)
Gerdau SA, Preference Shares, NVS		4,638,617	$	20,792,816
Itau Unibanco Holding SA, Preference Shares, NVS		19,172,732		95,119,217
Itausa SA, Preference Shares, NVS		18,219,560		32,044,628
Petroleo Brasileiro SA, Preference Shares, NVS		18,859,408		120,463,272
				373,297,540
Chile — 0.2%
Sociedad Quimica y Minera de Chile SA, Class B, Preference Shares		576,643		57,649,502
Colombia — 0.1%
Bancolombia SA, Preference Shares, NVS		1,806,285		12,471,482
Russia — 0.0%
Surgutneftegas PJSC, Preference Shares, NVS(d)		25,014,400		4,101
South Korea — 0.6%
Hyundai Motor Co.
Preference Shares, NVS		88,584		6,011,221
Series 2, Preference Shares, NVS		137,724		9,554,671
LG Chem Ltd., Preference Shares, NVS		31,535		7,046,084
LG H&H Co. Ltd., Preference Shares, NVS		7,694		2,096,955
Samsung Electronics Co. Ltd., Preference Shares, NVS		3,262,331		131,968,325
				156,677,256
Total Preferred Stocks — 2.3% (Cost: $418,890,938)				600,099,881
Rights
China — 0.0%
Kangmei Pharmaceutical Co. Ltd. (Expires 12/31/49)(a)		274,733		—
Thailand — 0.0%
Thai Oil PCL (Expires 09/14/22)(a)		404,449		—
Total Rights — 0.0%     (Cost: $—)			—
Total Long-Term Investments — 99.6% (Cost: $25,292,845,549)				25,760,880,735
Short-Term Securities
Money Market Funds — 3.3%
BlackRock Cash Funds: Institutional, SL Agency Shares, 2.42%(e)(f)(g)		794,752,519		794,990,945
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.07%(e)(f)		64,750,000		64,750,000
Total Short-Term Securities — 3.3% (Cost: $859,346,790)				859,740,945
Total Investments in Securities — 102.9% (Cost: $26,152,192,339)				26,620,621,680
Liabilities in Excess of Other Assets — (2.9)%				(750,240,322	)
Net Assets — 100.0%			$	25,870,381,358

^(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.

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Schedule of Investments  (continued) August 31, 2022 iShares^® MSCI Emerging Markets ETF

^(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 year ended August 31, 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 Sale			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 08/31/22		Shares Held at 08/31/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institu-tional, SL Agency Shares	$	930,601,386	$	—		$	(135,461,124	)(a)	$	(241,307	)	$	91,990	$	794,990,945		794,752,519	$	13,507,638	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		25,200,000		39,550,000	(a)		—			—			—		64,750,000		64,750,000		196,602			—
									$	(241,307	)	$	91,990	$	859,740,945			$	13,704,240		$	—

^(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		2,111		09/16/22	$	103,640	$	(2,503,829	)

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:

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	—	$	—	$	2,503,829	$	—	$	—	$	—	$	2,503,829

^(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 27

Schedule of Investments  (continued) August 31, 2022 iShares^® MSCI Emerging Markets ETF

Derivative Financial Instruments Categorized by Risk Exposure (continued)

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

	Commodity Contracts		Credit Contracts		Equity Contracts			Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Net Realized Gain (Loss) from
Futures contracts	$	—	$	—	$	(32,508,753	)	$	—	$	—	$	—	$	(32,508,753	)
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	(2,503,829)		$	—	$	—	$	—	$	(2,503,829	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts
Average notional value of contracts — long	$	114,972,424

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	$	2,969,616,678		$	22,184,693,682	$	6,470,494	$	25,160,780,854
Preferred Stocks		443,418,524			156,677,256		4,101		600,099,881
Rights		—			—		—		—
Money Market Funds		859,740,945			—		—		859,740,945
	$	4,272,776,147		$	22,341,370,938	$	6,474,595	$	26,620,621,680
Derivative financial instruments(a)
Liabilities
Futures Contracts	$	(2,503,829	)	$	—	$	—	$	(2,503,829	)

^(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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Statements of Assets and Liabilities

August 31, 2022

	iShares Currency Hedged MSCI Emerging Markets ETF			iShares MSCI Emerging Markets ETF
ASSETS
Investments, at value — unaffiliated(a)(b)	$	—		$	25,760,880,735
Investments, at value — affiliated(c)		154,724,856			859,740,945
Cash		6,039			3,766,641
Foreign currency, at value(d)		—			84,710,132
Cash pledged for futures contracts		—			8,231,000
Receivables:
Investments sold		—			52,192,691
Securities lending income — affiliated		—			1,054,596
Variation margin on futures contracts		—			899,854
Dividends — unaffiliated		—			64,294,574
Dividends — affiliated		562			83,469
Tax reclaims		—			190,263
Unrealized appreciation on forward foreign currency exchange contracts		1,488,898			—
Total assets		156,220,355			26,836,044,900
LIABILITIES
Cash received as collateral for OTC derivatives		880,000			—
Collateral on securities loaned, at value		—			794,398,989
Payables:
Investments purchased		923,506			151,740,063
Bank borrowings		—			3,757,743
Investment advisory fees		—			15,379,618
Foreign taxes		—			387,129
Unrealized depreciation on forward foreign currency exchange contracts		423,805			—
Total liabilities		2,227,311			965,663,542
NET ASSETS	$	153,993,044		$	25,870,381,358
NET ASSETS CONSIST OF
Paid-in capital	$	178,953,567		$	37,124,757,352
Accumulated loss		(24,960,523	)		(11,254,375,994	)
NET ASSETS	$	153,993,044		$	25,870,381,358
NET ASSET VALUE
Shares outstanding		6,110,000			652,050,000
Net asset value	$	25.20		$	39.68
Shares authorized		250 million			4 billion
Par value	$	0.001		$	0.001
(a) Investments, at cost — unaffiliated	$	—		$	25,292,845,549
(b) Securities loaned, at value	$	—		$	708,493,611
(c)  Investments, at cost — affiliated	$	180,435,475		$	859,346,790
(d) Foreign currency, at cost	$	—		$	84,927,795

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

Year Ended August 31, 2022

	iShares Currency Hedged MSCI Emerging Markets ETF			iShares MSCI Emerging Markets ETF (Consolidated)
INVESTMENT INCOME
Dividends — unaffiliated	$	—		$	947,452,077
Dividends — affiliated		4,332,903			256,934
Securities lending income — affiliated — net(a)		—			13,447,306
Other income — unaffiliated		—			272,221
Foreign taxes withheld		—			(96,718,589	)
Foreign withholding tax claims		—			2,319,352
Other foreign taxes		—			(777,834	)
Total investment income		4,332,903			866,251,467
EXPENSES
Investment advisory fees		1,421,002			194,187,377
Commitment fees		1,997			43,057
Professional fees		217			245,053
Mauritius income taxes		—			295
Interest expense		464			555,434
Total expenses		1,423,680			195,031,216
Less:
Investment advisory fees waived		(1,423,680	)		—
Total expenses after fees waived		—			195,031,216
Net investment income		4,332,903			671,220,251
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated(b)		—			813,504,430
Investments — affiliated		(1,561,637	)		(241,307	)
In-kind redemptions — unaffiliated(c)		—			12,864,557
In-kind redemptions — affiliated(c)		4,897,000			—
Futures contracts		—			(32,508,753	)
Forward foreign currency exchange contracts		9,573,652			—
Foreign currency transactions		—			(21,008,721	)
		12,909,015			772,610,206
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated(d)		—			(8,767,149,471	)
Investments — affiliated		(54,556,208	)		91,990
Futures contracts		—			(2,503,829	)
Forward foreign currency exchange contracts		1,826,063			—
Foreign currency translations		—			(2,242,583	)
		(52,730,145	)		(8,771,803,893	)
Net realized and unrealized loss		(39,821,130	)		(7,999,193,687	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(35,488,227	)	$	(7,327,973,436	)
(a) Net of securities lending income tax paid of	$	—		$	1,386,408
(b) Net of foreign capital gain tax and capital gain tax refund, if applicable	$	—		$	(134,079,740	)
(c)  See Note 2 of the Notes to Financial Statements.
(d) Net of reduction in deferred foreign capital gain tax of	$	—		$	109,498,234

See notes to financial statements.

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Statements of Changes in Net Assets

	iShares Currency Hedged MSCI Emerging Markets ETF								iShares MSCI Emerging Markets ETF (Consolidated)
	Year Ended 08/31/22				Year Ended 08/31/21				Year Ended 08/31/22			Year Ended 08/31/21
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income		$	4,332,903			$	2,863,955		$	671,220,251		$	422,538,344
Net realized gain (loss)			12,909,015				1,206,589			772,610,206			(540,784,216	)
Net change in unrealized appreciation (depreciation)			(52,730,145	)			22,470,366			(8,771,803,893	)		4,851,060,910
Net increase (decrease) in net assets resulting from operations			(35,488,227	)			26,540,910			(7,327,973,436	)		4,732,815,038
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders			(4,334,101	)			(2,865,230	)		(668,521,066	)		(421,960,887	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions			(9,364,272	)			(4,122,036	)		2,883,573,948			2,647,877,164
NET ASSETS
Total increase (decrease) in net assets			(49,186,600	)			19,553,644			(5,112,920,554	)		6,958,731,315
Beginning of year			203,179,644				183,626,000			30,983,301,912			24,024,570,597
End of year		$	153,993,044			$	203,179,644		$	25,870,381,358		$	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 31

Financial Highlights

(For a share outstanding throughout each period)

	iShares Currency Hedged MSCI Emerging Markets ETF
	Year Ended 08/31/22			Year Ended 08/31/21			Year Ended 08/31/20			Year Ended 08/31/19			Year Ended 08/31/18
Net asset value, beginning of year	$	31.31		$	27.41		$	24.38		$	25.70		$	25.57
Net investment income(a)		0.67			0.44			0.71			0.55			0.60
Net realized and unrealized gain (loss)(b)		(6.12	)		3.92			3.03			(1.27	)		0.12
Net increase (decrease) from investment operations		(5.45	)		4.36			3.74			(0.72	)		0.72
Distributions from net investment income(c)		(0.66	)		(0.46	)		(0.71	)		(0.60	)		(0.59	)
Net asset value, end of year	$	25.20		$	31.31		$	27.41		$	24.38		$	25.70
Total Return(d)
Based on net asset value		(17.62	)%		15.96	%		15.49	%		(2.72	)%		2.77	%
Ratios to Average Net Assets(e)
Total expenses		0.78	%		0.78	%		0.78	%		0.78	%		0.78	%
Total expenses after fees waived		0.00	%		0.00	%(f)		0.00	%(f)		0.00	%		0.00	%
Net investment income		2.38	%		1.41	%		2.84	%		2.22	%		2.25	%
Supplemental Data
Net assets, end of year (000)	$	153,993		$	203,180		$	183,626		$	180,376		$	344,328
Portfolio turnover rate(g)		4	%		6	%		9	%		7	%		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)  Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(f)  Rounds to less than 0.01%.

^(g)  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)
	Year Ended 08/31/22			Year Ended 08/31/21			Year Ended 08/31/20			Year Ended 08/31/19			Year Ended 08/31/18
Net asset value, beginning of year	$	52.56		$	44.56		$	40.22		$	43.24		$	44.76
Net investment income(a)		1.09	(b)		0.75			0.98			0.90			0.83	(b)
Net realized and unrealized gain (loss)(c)		(12.88	)		8.01			4.52			(3.02	)		(1.36	)
Net increase (decrease) from investment operations		(11.79	)		8.76			5.50			(2.12	)		(0.53	)
Distributions from net investment income(d)		(1.09	)		(0.76	)		(1.16	)		(0.90	)		(0.99	)
Net asset value, end of year	$	39.68		$	52.56		$	44.56		$	40.22		$	43.24
Total Return(e)
Based on net asset value		(22.73	)%(b)		19.72	%		13.82	%		(4.87	)%		(1.28	)%(b)
Ratios to Average Net Assets(f)
Total expenses		0.69	%		0.69	%		0.70	%		0.68	%		0.67	%
Total expenses excluding professional fees for foreign withholding tax claims		0.69	%		0.68	%		0.70	%		0.68	%		0.67	%
Net investment income		2.38	%(b)		1.45	%		2.38	%		2.16	%		1.78	%(b)
Supplemental Data
Net assets, end of year (000)	$	25,870,381		$	30,983,302		$	24,024,571		$	24,631,575		$	31,149,012
Portfolio turnover rate(g)		21	%		9	%		19	%		15	%		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 years ended August 31, 2022 and August 31, 2018:

• Net investment income per share by $ — and $0.02, respectively.

• Total return by 0.01% and 0.07%, respectively.

• Ratio of net investment income to average net assets by 0.01% and 0.04%, 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)  Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(g)  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

Notes to Financial Statements

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 $0, which is 0.0% of the Fund’s consolidated net assets. Intercompany accounts and transactions, if any, have been eliminated.

Effective September 23, 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 net realized gain of $1,882,431,068 as a result of this transaction. After the transfer, MSCI Emerging Markets began making new investments in India directly. On October 29, 2021, MSCI Emerging Markets’s Subsidiary was dissolved.

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 August 31, 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  (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.

Collateralization: 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.

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. The Board of Directors of the Company (the “Board”) of each Fund has approved the designation of BlackRock Fund Advisors (“BFA”), the Funds’ investment adviser, as the valuation designee for each Fund. Each Fund determines the fair values of its financial instruments using various independent dealers or pricing services under BFA’s policies. 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 BFA’s policies and procedures as reflecting fair value. BFA has formed a committee (the “Valuation Committee”) to develop pricing policies and procedures and to oversee the pricing function for all financial instruments, with assistance from other BlackRock pricing committees.

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 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 at the mean between the bid and ask prices and are determined as of the close of trading on the NYSE based on that day’s prevailing forward exchange rate for the underlying currencies.

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 35

Notes to Financial Statements  (continued)

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 Valuation Committee, in accordance with BFA’s policies and procedures as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the 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 Valuation Committee 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 Valuation Committee deems relevant and consistent with the principles of fair value measurement.

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 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 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 BFA, 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  (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	Securities Loaned at Value		Cash Collateral    Received(a)			Non-Cash Collateral    Received, at Fair Value(a)		Net Amount
MSCI Emerging Markets
Barclays Bank PLC	$	864,080	$	(864,080	)	$	—	$	—
Barclays Capital, Inc.		1,811,252		(1,811,252	)		—		—
BNP Paribas SA		29,258,069		(29,258,069	)		—		—
BofA Securities, Inc.		47,385,216		(47,385,216	)		—		—
Citigroup Global Markets Ltd.		11,621,278		(11,621,278	)		—		—
Citigroup Global Markets, Inc.		64,495,433		(64,495,433	)		—		—
Credit Suisse Securities (USA) LLC		6,623,863		(6,623,863	)		—		—
Goldman Sachs & Co. LLC		40,630,757		(40,630,757	)		—		—
Goldman Sachs International		112,725,609		(112,725,609	)		—		—
HSBC Bank PLC		1,828,854		(1,828,854	)		—		—
J.P. Morgan Securities LLC		40,696,231		(40,696,231	)		—		—
J.P. Morgan Securities PLC		41,347,823		(41,347,823	)		—		—
Macquarie Bank Ltd.		7,581,846		(7,581,846	)		—		—
Morgan Stanley		275,471,407		(275,471,407	)		—		—
RBC Capital Markets LLC		14,385		(14,385	)		—		—
Scotia Capital (USA), Inc.		7,716		(7,716	)		—		—
SG Americas Securities LLC		2,499,937		(2,499,937	)		—		—
State Street Bank & Trust Co.		450,779		(450,779	)		—		—
Toronto-Dominion Bank		7,768,882		(7,768,882	)		—		—
UBS AG		10,059,518		(10,059,518	)		—		—
UBS Europe SE		3,422,121		(3,422,121	)		—		—
UBS Securities LLC		1,675,610		(1,675,610	)		—		—
Wells Fargo Bank N.A.		252,945		(247,688	)		—		5,257	(b)
	$	708,493,611	$	(708,488,354	)	$	—	$	5,257

^(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 August 31, 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.

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).

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Notes to Financial Statements  (continued)

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.

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 iShares Currency Hedged MSCI Emerging Markets ETF, BFA is entitled to an annual investment advisory fee of 0.78%, accrued daily and paid monthly by the Fund, based on the average daily net assets of the Fund.

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 Fees
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

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Notes to Financial Statements  (continued)

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.

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 year ended August 31, 2022, the amounts waived in investment advisory fees pursuant to this arrangement were as follows:

iShares ETF	Amounts Waived
Currency Hedged MSCI Emerging Markets	$	1,423,680

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 year ended August 31, 2022, the Funds paid BTC the following amounts for securities lending agent services:

iShares ETF	Fees Paid   to BTC
MSCI Emerging Markets	$	3,579,205

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 year ended August 31, 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	$	77,675,727	$	113,592,610	$	(147,982,936)

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Notes to Financial Statements  (continued)

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 year ended August 31, 2022, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows:

iShares ETF	Purchases		Sales
Currency Hedged MSCI Emerging Markets	$	18,948,654	$	7,547,366
MSCI Emerging Markets		8,200,600,256		5,859,374,813

For the year ended August 31, 2022, in-kind transactions were as follows:

iShares ETF	In-kind Purchases		In-kind   Sales
Currency Hedged MSCI Emerging Markets	$	61,196,163	$	70,529,591
MSCI Emerging Markets		435,529,039		39,763,950

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 August 31, 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.

U.S. GAAP requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or NAV per share. As of August 31, 2022, permanent differences attributable to realized gains (losses) from in-kind redemptions were reclassified to the following accounts:

iShares ETF	Paid-in Capital		Accumulated   Earnings (Loss)
Currency Hedged MSCI Emerging Markets	$	4,134,921	$	(4,134,921)
MSCI Emerging Markets		10,747,015		(10,747,015)

The tax character of distributions paid was as follows:

iShares ETF	Year Ended 08/31/22		Year Ended 08/31/21
Currency Hedged MSCI Emerging Markets
Ordinary income	$	4,334,101	$	2,865,230
MSCI Emerging Markets
Ordinary income	$	668,521,066	$	421,960,887

As of August 31, 2022, the tax components of accumulated net earnings (losses) were as follows:

iShares ETF	Undistributed Ordinary Income		Non-expiring    Capital Loss    Carryforwards(a)			Net Unrealized    Gains (Losses)(b)			Total
Currency Hedged MSCI Emerging Markets	$	2,488,143	$	—		$	(27,448,666	)	$	(24,960,523)
MSCI Emerging Markets		236,594,953		(12,846,992,803	)		1,356,021,856			(11,254,375,994)

^(a)  Amounts available to offset future realized capital gains.

^(b)  The difference between book-basis and tax-basis unrealized gains (losses) was attributable primarily to the tax deferral of losses on wash sales, the realization for tax purposes of unrealized gains (losses) on certain foreign currency contracts and futures contracts, the characterization of corporate actions and the realization for tax purposes of unrealized gains on investments in passive foreign investment companies.

For the year ended August 31, 2022, the iShares Currency Hedged MSCI Emerging Markets ETF utilized $8,227,708 of its capital loss carryforwards.

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Notes to Financial Statements  (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 August 31, 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	$	182,460,943	$	1,488,898	$	(28,937,564	)	$	(27,448,666)
MSCI Emerging Markets		25,263,305,925		7,117,658,102		(5,760,351,396	)		1,357,306,706

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 11, 2023. 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) Daily Simple Secured Overnight Financing Rate (“SOFR”) plus 0.10% and 1.00% per annum or (b) the U.S. Federal Funds rate 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 year ended August 31, 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
Currency Hedged MSCI Emerging Markets	$	1,510,000	$	24,822		1.84	%
MSCI Emerging Markets		104,000,000		2,177,430		1.70

The iShares MSCI Emerging Markets ETF, along with certain other iShares funds (“Mauritius Participating Funds”), was a party to a $750,000,000 unsecured and uncommitted line of credit (“Uncommitted Liquidity Facility”) with State Street Bank and Trust Company, which was used solely to facilitate trading associated with the closure of the Fund’s Mauritius subsidiary. The Uncommitted Liquidity Facility had an 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. Effective April 21, 2022, the iShares MSCI Emerging Markets ETF was removed from the Uncommitted Liquidity Facility as trading out of its holdings in the Mauritius subsidiary was completed on September 23, 2021.

For the year ended August 31, 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	$	37,808,219		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.

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Notes to Financial Statements  (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: 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.

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 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.

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Notes to Financial Statements  (continued)

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.

Transactions in capital shares were as follows:

	Year Ended 08/31/22						Year Ended 08/31/21
iShares ETF	Shares			Amount			Shares			Amount
Currency Hedged MSCI Emerging Markets
Shares sold		2,150,000		$	61,374,135			1,320,000		$	41,187,291
Shares redeemed		(2,530,000	)		(70,738,407	)		(1,530,000	)		(45,309,327	)
		(380,000	)	$	(9,364,272	)		(210,000	)	$	(4,122,036	)
MSCI Emerging Markets
Shares sold		65,250,000		$	2,993,594,824			50,400,000		$	2,647,877,164
Shares redeemed		(2,700,000	)		(110,020,876	)		—			—
		62,550,000		$	2,883,573,948			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. FOREIGN WITHHOLDING TAX CLAIMS

The Internal Revenue Service 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 the iShares MSCI Emerging Markets ETF is able to pass through to its shareholders as a foreign tax credit in the current year, the Fund 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.

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Notes to Financial Statements  (continued)

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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Report of Independent Registered Public Accounting Firm

To the Board of Directors of

iShares, Inc. and Shareholders of each of the two funds listed in the table below

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of each of the funds listed in the table below (two of the funds constituting iShares, Inc., hereafter collectively referred to as the “Funds”) as of August 31, 2022, the related statements of operations and of changes in net assets for each of the periods indicated in the table below, including the related notes, and the financial highlights for each of the periods indicated in the table below (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of August 31, 2022, the results of each of their operations and the changes in each of their net assets for the periods indicated in the table below, and each of the financial highlights for each of the periods indicated in the table below, in conformity with accounting principles generally accepted in the United States of America.

 iShares Currency Hedged MSCI Emerging Markets ETF⁽¹⁾

 iShares MSCI Emerging Markets ETF⁽²⁾

⁽¹⁾ Statement of assets and liabilities, including the schedule of investments as of August 31, 2022 and the related statement of operations for the year ended August 31, 2022, statements of changes in net assets for each of the two years in the period ended August 31, 2022 and the financial highlights for the years ended August 31, 2022, 2021, 2020, 2019 and 2018.

⁽²⁾ Statement of assets and liabilities, including the schedule of investments as of August 31, 2022 and the related consolidated statement of operations for the year ended August 31, 2022, consolidated statements of changes in net assets for each of the two years in the period ended August 31, 2022 and the financial highlights (consolidated) for the years ended August 31, 2022, 2021, 2020, 2019 and 2018.

Basis for Opinions

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of August 31, 2022 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

October 21, 2022

We have served as the auditor of one or more BlackRock investment companies since 2000.

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Important Tax Information  (unaudited)

The following amounts, or maximum amounts allowable by law, are hereby designated as qualified dividend income for individuals for the fiscal year ended August 31, 2022:

iShares ETF	Qualified Dividend   Income
Currency Hedged MSCI Emerging Markets	$	2,171,071
MSCI Emerging Markets		409,118,835

The Funds intend to pass through to their shareholders the following amounts, or maximum amounts allowable by law, of foreign source income earned and foreign taxes paid for the fiscal year ended August 31, 2022:

iShares ETF	Foreign Source Income Earned		Foreign   Taxes Paid
Currency Hedged MSCI Emerging Markets	$	5,547,969	$	1,213,579
MSCI Emerging Markets		982,445,569		228,733,755

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Board Review and Approval of Investment Advisory Contract

iShares Currency Hedged MSCI Emerging Markets ETF (the “Fund”)

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Company’s Board of Directors (the “Board”), including a majority of Board Members who are not “interested persons” of the Company (as that term is defined in the 1940 Act) (the “Independent Board Members”), is required annually to consider and approve the Investment Advisory Agreement between the Company and BFA (the “Advisory Agreement”) on behalf of the Fund. The Board’s consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings on May 3, 2022 and May 18, 2022, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 13-15, 2022, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The material factors, none of which was controlling, and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.

Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of another fund in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund’s applicable expense peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the investment advisory fee rate and overall expenses (net of waivers and reimbursements) for the Fund were higher than the median of the investment advisory fee rates and overall expenses (net of waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds.

In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund’s performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2021, to that of such relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

Based on this review, the other factors considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Nature, Extent and Quality of Services Provided: Based on management’s representations, including information about recent enhancements and initiatives with respect to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies, provided at the May 3, 2022 meeting and throughout the year, and matters related to BFA’s portfolio compliance program.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreement supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates: The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA

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Board Review and Approval of Investment Advisory Contract  (continued)

and its affiliates from the Fund’s operations for the last calendar year. The Board reviewed BlackRock’s methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA’s estimated profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the information considered with respect to the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability, including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Agreement for the Fund did not provide for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund increase. However, the Board noted that it would continue to assess the appropriateness of adding breakpoints in the future.

The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds, and institutional separate accounts (collectively, the “Other Accounts”). The Board acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts.

The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board noted that BFA and its affiliates do not manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund. The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.

The Board considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement and noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

Other Benefits to BFA and/or its Affiliates: The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services or other services, and BlackRock’s profile in the investment community. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.

Conclusion: Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund’s investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.

iShares MSCI Emerging Markets ETF (the “Fund”)

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Company’s Board of Directors (the “Board”), including a majority of Board Members who are not “interested persons” of the Company (as that term is defined in the 1940 Act) (the “Independent Board Members”), is required annually to consider and approve the

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Board Review and Approval of Investment Advisory Contract  (continued)

Investment Advisory Agreement between the Company and BFA (the “Advisory Agreement”) on behalf of the Fund. The Board’s consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings on May 3, 2022 and May 18, 2022, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 13-15, 2022, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The material factors, none of which was controlling, and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.

Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of another fund in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund’s applicable expense peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the investment advisory fee rate and overall expenses (net of waivers and reimbursements) for the Fund were higher than the median of the investment advisory fee rates and overall expenses (net of waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds.

In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund’s performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2021, to that of such relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

Based on this review, the other factors considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Nature, Extent and Quality of Services Provided: Based on management’s representations, including information about recent enhancements and initiatives with respect to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies, provided at the May 3, 2022 meeting and throughout the year, and matters related to BFA’s portfolio compliance program.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreement supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates: The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA and its affiliates from the Fund’s operations for the last calendar year. The Board reviewed BlackRock’s methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue,

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Board Review and Approval of Investment Advisory Contract  (continued)

including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA’s estimated profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the information considered with respect to the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability, including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Agreement for the Fund already provided for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund, on an aggregated basis with the assets of certain other iShares funds, increase. The Board noted that it would continue to assess the appropriateness of adding new or revised breakpoints in the future.

The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds, and institutional separate accounts (collectively, the “Other Accounts”). The Board acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts.

The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board noted that BFA and its affiliates manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund. The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.

The Board considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement and noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

Other Benefits to BFA and/or its Affiliates: The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services or other services, and BlackRock’s profile in the investment community. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.

Conclusion: Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund’s investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.

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Supplemental Information  (unaudited)

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.

August 31, 2022

	Total Cumulative Distributions for the Fiscal Year								% Breakdown of the Total Cumulative Distributions for the Fiscal Year
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	$	0.657151	$	—	$	—	$	0.657151		100	%		—	%		—	%		100	%
MSCI Emerging Markets(a)		0.772259		—		0.322444		1.094703		71			—			29			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.

Premium/Discount Information

Information on the Fund’s net asset value, market price, premiums and discounts, and bid-ask spreads can be found at iShares.com.

Regulation under the Alternative Investment Fund Managers Directive

The Alternative Investment Fund Managers Directive and the Alternative Investment Fund Managers Regulations 2013 (as amended) and the “Guidelines on sound remuneration policies under the AIFMD” issued by the European Securities and Markets Authority (together the “Regulations”) impose detailed and prescriptive obligations on fund managers established in the European Union (the “EU”) and the UK. These do not currently apply to managers established outside of the EU or UK, such as BFA (the “Company”). Rather, non-EU and non-UK managers are only required to comply with certain disclosure, reporting and transparency obligations of the Regulations if such managers market a fund to EU investors.

The Company has registered the iShares MSCI Emerging Markets ETF (the “Fund”) to be marketed to United Kingdom and EU investors in the Netherlands, Finland and Sweden.

Report on Remuneration

The Company is required under the Regulations to make quantitative disclosures of remuneration. These disclosures are made in line with BlackRock’s interpretation of currently available regulatory guidance on quantitative remuneration disclosures. As market or regulatory practice develops BlackRock may consider it appropriate to make changes to the way in which quantitative remuneration disclosures are calculated. Where such changes are made, this may result in disclosures in relation to a fund not being comparable to the disclosures made in the prior year, or in relation to other BlackRock fund disclosures in that same year.

Disclosures are provided in relation to (a) the staff of the Company; (b) staff who are senior management; and (c) staff who have the ability to materially affect the risk profile of the Fund.

All individuals included in the aggregated figures disclosed are rewarded in line with BlackRock’s remuneration policy for their responsibilities across the relevant BlackRock business area. As all individuals have a number of areas of responsibilities, only the portion of remuneration for those individuals’ services attributable to the Fund is included in the aggregate figures disclosed.

BlackRock has a clear and well defined pay-for-performance philosophy, and compensation programmes which support that philosophy.

BlackRock operates a total compensation model for remuneration which includes a base salary, which is contractual, and a discretionary bonus scheme. Although all employees are eligible to receive a discretionary bonus, there is no contractual obligation to make a discretionary bonus award to any employees. For senior management, a significant percentage of variable remuneration is deferred over time. All employees are subject to a claw-back policy.

Remuneration decisions for employees are made once annually in January following the end of the performance year, based on BlackRock’s full-year financial results and other non-financial goals and objectives. Alongside financial performance, individual total compensation is also based on strategic and operating results and other considerations such as management and leadership capabilities. No set formulas are established and no fixed benchmarks are used in determining annual incentive awards.

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Supplemental Information  (unaudited) (continued)

Annual incentive awards are paid from a bonus pool which is reviewed throughout the year by BlackRock’s independent compensation committee, taking into account both actual and projected financial information together with information provided by the Enterprise Risk and Regulatory Compliance departments in relation to any activities, incidents or events that warrant consideration in making compensation decisions. Individuals are not involved in setting their own remuneration.

Each of the control functions (Enterprise Risk, Legal & Compliance, and Internal Audit) each have their own organisational structures which are independent of the business units. Functional bonus pools for those control functions are determined with reference to the performance of each individual function and the remuneration of the senior members of control functions is directly overseen by BlackRock’s independent remuneration committee.

Members of staff and senior management of the Company typically provide both AIFMD and non-AIFMD related services in respect of multiple funds, clients and functions of the Company and across the broader BlackRock group. Therefore, the figures disclosed are a sum of each individual’s portion of remuneration attributable to the Fund according to an objective apportionment methodology which acknowledges the multiple-service nature of the Company. Accordingly the figures are not representative of any individual’s actual remuneration or their remuneration structure.

The amount of total & aggregate remuneration awarded by the Company to its staff which has been attributed to the Fund in respect of the Company’s financial year ending December 31, 2021 were as follows:

iShares ETF	Total Remuneration		Fixed Remuneration		Variable Remuneration		No. of Beneficiaries		Senior Management Remuneration		Risk Taker Remuneration
MSCI Emerging Markets		$2,578,127		$1,205,443		$1,372,684		661		$315,568		$32,614

Disclosures Under the EU Sustainable Finance Disclosure Regulation

The iShares MSCI Emerging Markets ETF (the “Fund”) is registered under the Alternative Investment Fund Managers Directive to be marketed to European Union (“EU”) investors, as noted above. As a result, certain disclosures are required under the EU Sustainable Finance Disclosure Regulation (“SFDR”).

The Fund has not been categorized under the SFDR as an “Article 8” or “Article 9” product. In addition, the Fund’s investments do not take into account the criteria for environmentally sustainable economic activities under the EU sustainable investment taxonomy regulation.

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Director and Officer Information  (unaudited)

The Board of Directors has responsibility for the overall management and operations of the Funds, including general supervision of the duties performed by BFA and other service providers. Each Director serves until he or she resigns, is removed, dies, retires or becomes incapacitated. Each officer shall hold office until his or her successor is elected and qualifies or until his or her death, resignation or removal. Directors who are not “interested persons” (as defined in the 1940 Act) of the Company are referred to as independent directors (“Independent Directors”).

The registered investment companies advised by BFA or its affiliates (the “BlackRock-advised Funds”) are organized into one complex of open-end equity, multi-asset, index and money market funds and ETFs (the “BlackRock Multi-Asset Complex”), one complex of closed-end funds and open-end non-index fixed-income funds (including ETFs) (the “BlackRock Fixed-Income Complex”) and one complex of ETFs (“Exchange-Traded Fund Complex”) (each, a “BlackRock Fund Complex”). Each Fund is included in the Exchange-Traded Fund Complex. Each Director also serves as a Trustee of iShares Trust and a Trustee of iShares U.S. ETF Trust and, as a result, oversees all of the funds within the Exchange-Traded Fund Complex, which consists of 378 funds as of August 31, 2022. With the exception of Robert S. Kapito, Salim Ramji and Charles Park, the address of each Director and officer is c/o BlackRock, Inc., 400 Howard Street, San Francisco, CA 94105. The address of Mr. Kapito, Mr. Ramji and Mr. Park is c/o BlackRock, Inc., Park Avenue Plaza, 55 East 52^nd Street, New York, NY 10055. The Board has designated John E. Kerrigan as its Independent Board Chair. Additional information about the Funds’ Directors and officers may be found in the Funds’ combined Statement of Additional Information, which is available without charge, upon request, by calling toll-free 1-800-iShares (1-800-474-2737).

Interested Directors
Name (Age)	Position(s)	Principal Occupation(s) During Past 5 Years	Other Directorships Held by Director
Robert S. Kapito(a) (65)	Director (since 2009).	President, BlackRock, Inc. (since 2006); Vice Chairman of BlackRock, Inc. and Head of BlackRock’s Portfolio Management Group (since its formation in 1998) and BlackRock, Inc.’s predecessor entities (since 1988); Trustee, University of Pennsylvania (since 2009); President of Board of Directors, Hope & Heroes Children’s Cancer Fund (since 2002).	Director of BlackRock, Inc. (since 2006); Trustee of iShares U.S. ETF Trust (since 2011); Trustee of iShares Trust (since 2009).
Salim Ramji(b) (52)	Director (since 2019).	Senior Managing Director, BlackRock, Inc. (since 2014); Global Head of BlackRock’s ETF and Index Investments Business (since 2019); Head of BlackRock’s U.S. Wealth Advisory Business (2015-2019); Global Head of Corporate Strategy, BlackRock, Inc. (2014-2015); Senior Partner, McKinsey & Company (2010-2014).	Trustee of iShares U.S. ETF Trust (since 2019); Trustee of iShares Trust (since 2019).
(a)  Robert S. Kapito is deemed to be an “interested person” (as defined in the 1940 Act) of the Company due to his affiliations with BlackRock, Inc. and its affiliates.
(b)  Salim Ramji is deemed to be an “interested person” (as defined in the 1940 Act) of the Company due to his affiliations with BlackRock, Inc. and its affiliates.

Independent Directors
Name (Age)	Position(s)	Principal Occupation(s) During Past 5 Years	Other Directorships Held by Director
John E. Kerrigan (67)	Director (since 2005); Independent Board Chair (since 2022).	Chief Investment Officer, Santa Clara University (since 2002).	Trustee of iShares U.S. ETF Trust (since 2011); Trustee of iShares Trust (since 2005); Independent Board Chair of iShares Trust and iShares U.S. ETF Trust (since 2022).
Jane D. Carlin (66)	Director (since 2015); Risk Committee Chair (since 2016).	Consultant (since 2012); Member of the Audit Committee (2012-2018), Chair of the Nominating and Governance Committee (2017-2018) and Director of PHH Corporation (mortgage solutions) (2012-2018); Managing Director and Global Head of Financial Holding Company Governance & Assurance and the Global Head of Operational Risk Management of Morgan Stanley (2006-2012).	Trustee of iShares U.S. ETF Trust (since 2015); Trustee of iShares Trust (since 2015); Member of the Audit Committee (since 2016), Chair of the Audit Committee (since 2020) and Director of The Hanover Insurance Group, Inc. (since 2016).
Richard L. Fagnani (67)	Director (since 2017); Audit Committee Chair (since 2019).	Partner, KPMG LLP (2002-2016).	Trustee of iShares U.S. ETF Trust (since 2017); Trustee of iShares Trust (since 2017).

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Director and Officer Information  (unaudited) (continued)

Independent Directors (continued)
Name (Age)	Position(s)	Principal Occupation(s) During Past 5 Years	Other Directorships Held by Director
Cecilia H. Herbert (73)	Director (since 2005); Nominating and Governance and Equity Plus Committee Chairs (since 2022).	Chair of the Finance Committee (since 2019) and Trustee and Member of the Finance, Audit and Quality Committees of Stanford Health Care (since 2016); Trustee of WNET, New York’s public media company (since 2011) and Member of the Audit Committee (since 2018) and Investment Committee (since 2011); Chair (1994-2005) and Member (since 1992) of the Investment Committee, Archdiocese of San Francisco; Trustee of Forward Funds (14 portfolios) (2009-2018); Trustee of Salient MF Trust (4 portfolios) (2015-2018); Director (1998-2013) and President (2007-2011) of the Board of Directors, Catholic Charities CYO; Trustee (2002-2011) and Chair of the Finance and Investment Committee (2006-2010) of the Thacher School; Director of the Senior Center of Jackson Hole (since 2020).	Trustee of iShares U.S. ETF Trust (since 2011); Trustee of iShares Trust (since 2005); Trustee of Thrivent Church Loan and Income Fund (since 2019).
Drew E. Lawton (63)	Director (since 2017); 15(c) Committee Chair (since 2017).	Senior Managing Director of New York Life Insurance Company (2010-2015).	Trustee of iShares U.S. ETF Trust (since 2017); Trustee of iShares Trust (since 2017).
John E. Martinez (61)	Director (since 2003); Securities Lending Committee Chair (since 2019).	Director of Real Estate Equity Exchange, Inc. (since 2005); Director of Cloudera Foundation (2017-2020); and Director of Reading Partners (2012-2016).	Trustee of iShares U.S. ETF Trust (since 2011); Trustee of iShares Trust (since 2003).
Madhav V. Rajan (58)	Director (since 2011); Fixed Income Plus Committee Chair (since 2019).	Dean, and George Pratt Shultz Professor of Accounting, University of Chicago Booth School of Business (since 2017); Advisory Board Member (since 2016) and Director (since 2020) of C.M. Capital Corporation; Chair of the Board for the Center for Research in Security Prices, LLC (since 2020); Robert K. Jaedicke Professor of Accounting, Stanford University Graduate School of Business (2001-2017); Professor of Law (by courtesy), Stanford Law School (2005-2017); Senior Associate Dean for Academic Affairs and Head of MBA Program, Stanford University Graduate School of Business (2010-2016).	Trustee of iShares U.S. ETF Trust (since 2011); Trustee of iShares Trust (since 2011).

Officers
Name (Age)	Position(s)	Principal Occupation(s) During Past 5 Years
Armando Senra (51)	President (since 2019).	Managing Director, BlackRock, Inc. (since 2007); Head of U.S., Canada and Latam iShares, BlackRock, Inc. (since 2019); Head of Latin America Region, BlackRock, Inc. (2006-2019); Managing Director, Bank of America Merrill Lynch (1994-2006).
Trent Walker (48)	Treasurer and Chief Financial Officer (since 2020).	Managing Director, BlackRock, Inc. (since September 2019); Chief Financial Officer of iShares Delaware Trust Sponsor LLC, BlackRock Funds, BlackRock Funds II, BlackRock Funds IV, BlackRock Funds V and BlackRock Funds VI (since 2021); Executive Vice President of PIMCO (2016-2019); Senior Vice President of PIMCO (2008-2015); Treasurer (2013-2019) and Assistant Treasurer (2007-2017) of PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, 2 PIMCO-sponsored interval funds and 21 PIMCO-sponsored closed-end funds.
Charles Park (55)	Chief Compliance Officer (since 2006).	Chief Compliance Officer of BlackRock Advisors, LLC and the BlackRock-advised Funds in the BlackRock Multi-Asset Complex and the BlackRock Fixed-Income Complex (since 2014); Chief Compliance Officer of BFA (since 2006).
Marisa Rolland (42)	Secretary (since 2022).	Director, BlackRock, Inc. (since 2018); Vice President, BlackRock, Inc. (2010-2017).
Rachel Aguirre (40)	Executive Vice President (since 2022).	Managing Director, BlackRock, Inc. (since 2018); Director, BlackRock, Inc. (2009-2018); Head of U.S. iShares Product (since 2022); Head of EII U.S. Product Engineering (since 2021); Co-Head of EII’s Americas Portfolio Engineering (2020-2021); Head of Developed Markets Portfolio Engineering (2016-2019).
Jennifer Hsui (46)	Executive Vice President (since 2022).	Managing Director, BlackRock, Inc. (since 2009); Co-Head of Index Equity (since 2022).
James Mauro (51)	Executive Vice President (since 2022).	Managing Director, BlackRock, Inc. (since 2010); Head of Fixed Income Index Investments in the Americas and Head of San Francisco Core Portfolio Management (since 2020).

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Director and Officer Information  (unaudited) (continued)

Effective March 18, 2022, Rachel Aguirre, Jennifer Hsui, and James Mauro have replaced Scott Radell, Alan Mason, and Marybeth Leithead as Executive Vice Presidents.

Effective June 15, 2022, Marisa Rolland replaced Deepa Damre Smith as Secretary.

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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
ADR	American Depositary Receipt
CPO	Certificates of Participation (Ordinary)
GDR	Global Depositary Receipt
JSC	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
THB	Thai Baht
TRY	Turkish Lira
TWD	New Taiwan Dollar
USD	United States Dollar
ZAR	South African Rand

Portfolio Abbreviations (continued)
NVDR	Non-Voting Depositary Receipt
NVS	Non-Voting Shares
PJSC	Public Joint Stock Company

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 57

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-AR-805-0822

AUGUST 31, 2022

2022 Annual Report

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

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

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

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

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

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

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

Rob Kapito

President, BlackRock, Inc.

Rob Kapito

President, BlackRock, Inc.

Total Returns as of August 31, 2022
	6-Month	12-Month
U.S. large cap equities (S&P 500® Index)	(8.84)%	(11.23)%
U.S. small cap equities (Russell 2000® Index)	(9.31)	(17.88)
International equities (MSCI Europe, Australasia, Far East Index)	(13.97)	(19.80)
Emerging market equities (MSCI Emerging Markets Index)	(13.30)	(21.80)
3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)	0.36	0.39
U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)	(9.71)	(13.27)
U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)	(7.76)	(11.52)
Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)	(5.72)	(8.63)
U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)	(7.78)	(10.61)
Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.

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

Market Overview

iShares, Inc.

Global Market Overview

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

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

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

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

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

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

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Fund Summary as of August 31, 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
	1 Year			5 Years			Since Inception			1 Year			5 Years			Since Inception
Fund NAV		(25.08	)%		0.36	%		5.75	%		(25.08	)%		1.82	%		41.23	%
Fund Market		(25.13	)		0.14			5.65			(25.13	)		0.70			40.45
Index		(24.59	)		0.70			6.37			(24.59	)		3.56			46.36

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

The inception date of the Fund was June 28, 2016. The first day of secondary market trading was June 30, 2016.

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

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

Expense Example

Actual						Hypothetical 5% Return
	Beginning Account Value (03/01/22)	Ending Account Value (08/31/22	)	Expenses Paid During the Period	(a)		Beginning Account Value (03/01/22	)	Ending Account Value (08/31/22	)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$        1,000.00	$        847.60		$        1.16			$      1,000.00		$      1,023.90		$        1.28		0.25	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (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 “Disclosure of Expenses” for more information.

F U N D   S U M M A R Y 5

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

Portfolio Management Commentary

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

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

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

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

Portfolio Information

SECTOR ALLOCATION

	Percent of
Sector		Total Investments	(a)
Financials		24.3	%
Information Technology		19.8
Consumer Discretionary		14.0
Communication Services		11.2
Materials		6.6
Consumer Staples		5.8
Energy		5.2
Industrials		4.8
Health Care		4.7
Utilities		2.3
Real Estate		1.3

GEOGRAPHIC ALLOCATION

	Percent of
Country/Geographic Region		Total Investments	(a)
China		30.2	%
Taiwan		15.2
India		14.3
South Korea		11.9
Brazil		4.7
South Africa		4.0
Saudi Arabia		4.0
Thailand		3.0
Malaysia		2.7
Indonesia		1.9
Mexico		1.8
United Arab Emirates		1.7
Qatar		1.0
Other (each representing less than 1%)		3.6

^(a)  Excludes money market funds.

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Fund Summary as of August 31, 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
	1 Year			5 Years			Since Inception			1 Year			5 Years			Since Inception
Fund NAV		(19.17	)%		1.67	%		1.99	%		(19.17	)%		8.64	%		10.63	%
Fund Market		(19.85	)		1.35			1.83			(19.85	)		6.95			9.76
Index		(18.52	)		2.25			2.58			(18.52	)		11.79			13.94

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

The inception date of the Fund was July 18, 2017. The first day of secondary market trading was July 20, 2017.

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

Expense Example

Actual						Hypothetical 5% Return
	Beginning Account Value (03/01/22)	Ending Account Value (08/31/22	)	Expenses Paid During the Period	(a)		Beginning Account Value (03/01/22	)	Ending Account Value (08/31/22	)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$      1,000.00	$         867.30		$        1.18			$      1,000.00		$     1,023.90		$        1.28		0.25	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (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 “Disclosure of Expenses” for more information.

F U N D   S U M M A R Y 7

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

Portfolio Management Commentary

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

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

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

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

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

Portfolio Information

SECTOR ALLOCATION

	Percent of
Sector		Total Investments	(a)
Information Technology		25.9	%
Financials		24.8
Materials		10.7
Energy		6.5
Consumer Discretionary		6.3
Consumer Staples		6.3
Communication Services		6.1
Industrials		5.9
Utilities		3.3
Health Care		3.0
Real Estate		1.2

GEOGRAPHIC ALLOCATION

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

^(a)  Excludes money market funds.

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Fund Summary as of August 31, 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
	1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		(12.68	)%		1.28	%		2.31	%		(12.68	)%		6.58	%		25.69	%
Fund Market		(12.72	)		1.20			2.25			(12.72	)		6.17			24.93
Index		(12.15	)		1.76			2.64			(12.15	)		9.11			29.80

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

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

Expense Example

Actual						Hypothetical 5% Return
	Beginning Account Value (03/01/22)	Ending Account Value (08/31/22	)	Expenses Paid During the Period	(a)		Beginning Account Value (03/01/22	)	Ending Account Value (08/31/22	)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$        1,000.00	$      890.50		$       1.19			$      1,000.00		$     1,023.90		$        1.28		0.25	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (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 “Disclosure of Expenses” for more information.

F U N D   S U M M A R Y 9

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

Portfolio Management Commentary

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

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

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

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

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

Portfolio Information

SECTOR ALLOCATION

	Percent of
Sector		Total Investments	(a)
Financials		23.5	%
Information Technology		15.1
Communication Services		14.5
Consumer Staples		11.6
Health Care		8.9
Consumer Discretionary		8.0
Materials		5.7
Utilities		4.7
Industrials		4.4
Real Estate		2.0
Energy		1.6

GEOGRAPHIC ALLOCATION

	Percent of
Country/Geographic Region	Total Investments	(a)
China	26.0	%
Taiwan	18.4
India	13.9
Saudi Arabia	9.9
South Korea	6.6
Thailand	5.6
Malaysia	4.7
United Arab Emirates	4.0
Qatar	3.3
Kuwait	2.6
Philippines	1.4
Other (each representing less than 1%)	3.6

^(a)  Excludes money market funds.

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Fund Summary as of August 31, 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
	1 Year			5 Years			Since Inception			1 Year			5 Years			Since Inception
Fund NAV		(16.80	)%		1.31	%		6.12	%		(16.80	)%		6.71	%		49.22	%
Fund Market		(17.03	)		1.02			6.01			(17.03	)		5.22			48.17
Index		(15.92	)		1.77			6.73			(15.92	)		9.15			55.03

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

The inception date of the Fund was December 8, 2015. The first day of secondary market trading was December 10, 2015.

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

Expense Example

Actual						Hypothetical 5% Return
	Beginning Account Value (03/01/22)	Ending Account Value (08/31/22	)	Expenses Paid During the Period	(a)		Beginning Account Value (03/01/22	)	Ending Account Value (08/31/22	)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$        1,000.00	$        887.70		$        2.19			$      1,000.00		$      1,022.90		$        2.35		0.46	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (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 “Disclosure of Expenses” for more information.

F U N D   S U M M A R Y 11

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

Portfolio Management Commentary

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

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

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

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

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

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

Portfolio Information

SECTOR ALLOCATION

Sector	Percent of Total Investments	(a)
Information Technology	18.4	%
Financials	16.8
Consumer Discretionary	16.1
Materials	9.9
Industrials	8.6
Utilities	6.8
Energy	6.5
Health Care	6.2
Communication Services	5.0
Consumer Staples	3.9
Real Estate	1.8

^(a) Excludes money market funds.

GEOGRAPHIC ALLOCATION

Country/Geographic Region	Percent of Total Investments	(a)
China	37.0	%
India	19.5
South Korea	12.8
Taiwan	9.6
Saudi Arabia	8.1
Brazil	2.5
Indonesia	2.1
South Africa	1.8
Poland	1.1
Other (each representing less than 1%)	5.5

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Fund Summary as of August 31, 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
	1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		(9.21	)%		5.44	%		7.93	%		(9.21	)%		30.32	%		114.48	%
Fund Market		(9.41	)		5.37			7.84			(9.41	)		29.90			112.72
Index		(9.11	)		5.33			7.73			(9.11	)		29.62			110.50

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

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

Expense Example

Actual						Hypothetical 5% Return
	Beginning Account Value (03/01/22)	Ending Account Value (08/31/22	)	Expenses Paid During the Period	(a)		Beginning Account Value (03/01/22	)	Ending Account Value (08/31/22	)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$        1,000.00	$         945.70		$        0.98			$      1,000.00		$      1,024.20		$        1.02		0.20	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (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 “Disclosure of Expenses” for more information.

F U N D   S U M M A R Y 13

Fund Summary as of August 31, 2022(continued) iShares^® MSCI Global Min Vol Factor ETF

Portfolio Management Commentary

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

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

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

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

Portfolio Information

SECTOR ALLOCATION

Sector	Percent of Total Investments	(a)
Health Care	16.7	%
Information Technology	16.4
Consumer Staples	13.0
Communication Services	12.2
Financials	10.5
Industrials	8.6
Utilities	8.3
Consumer Discretionary	6.3
Materials	4.9
Real Estate	2.1
Energy	1.0

^(a)  Excludes money market funds.

GEOGRAPHIC ALLOCATION

Country/Geographic Region	Percent of Total Investments	(a)
United States	56.3	%
Japan	10.3
Switzerland	6.0
Taiwan	5.0
India	4.7
China	4.1
Canada	2.3
Hong Kong	2.1
Saudi Arabia	1.6
Singapore	1.1
Other (each representing less than 1%)	6.5

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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.

Disclosure of 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 the Period.”

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

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

A B O U T   F U N D   P E R F O R M A N C E / S H A R E H O L D E R   E X P E N S E S 15

Schedule of Investments August 31, 2022 iShares^® ESG Aware MSCI EM ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Brazil — 2.8%
Atacadao SA		1,130,149	$	4,290,413
B3 SA - Brasil, Bolsa, Balcao		5,241,494		11,939,048
Banco do Brasil SA		1,403,354		11,245,930
Banco Santander Brasil SA		1,172,580		6,619,767
CCR SA		2,118,149		5,614,577
Cosan SA		2,673,227		10,266,622
Localiza Rent a Car SA		1,115,756		13,044,033
Lojas Renner SA		1,757,965		8,944,590
Natura & Co. Holding SA		1,667,975		4,623,289
Petroleo Brasileiro SA		1,816,503		12,978,513
Rumo SA		1,521,907		5,912,221
Telefonica Brasil SA		1,061,915		8,397,506
Ultrapar Participacoes SA		2,658,845		6,914,919
Vibra Energia SA		1,280,630		4,519,523
WEG SA		746,782		4,060,907
				119,371,858
Chile — 0.5%
Banco de Chile		47,178,879		4,476,005
Enel Americas SA		142,423,519		15,430,208
				19,906,213
China — 30.1%
37 Interactive Entertainment Network Technology Group Co. Ltd., Class A		1,583,900		4,639,777
3SBio Inc.(a)		6,644,500		4,417,652
AAC Technologies Holdings Inc.(b)		2,565,500		4,752,906
Agricultural Bank of China Ltd., Class H		16,191,000		5,290,598
Alibaba Group Holding Ltd.(c)		10,256,368		122,364,021
Alibaba Health Information Technology Ltd.(c)		11,728,000		6,720,892
Baidu Inc.(c)		236,644		4,224,232
Baidu Inc., ADR(c)		143,971		20,727,505
Bank of China Ltd., Class H		32,263,000		11,258,758
Bank of Ningbo Co. Ltd., Class A		1,006,000		4,324,864
BeiGene Ltd., ADR(b)(c)		25,171		4,320,854
Bosideng International Holdings Ltd.		8,390,000		4,710,909
BYD Co. Ltd., Class A		181,655		7,514,374
BYD Co. Ltd., Class H		590,500		18,196,446
CanSino Biologics Inc., Class H(a)		559,400		3,491,522
China Construction Bank Corp., Class A		7,594,600		6,059,178
China Construction Bank Corp., Class H		75,569,000		46,715,462
China Eastern Airlines Corp. Ltd., Class A(c)		6,371,735		4,515,696
China Galaxy Securities Co. Ltd., Class A		3,327,900		4,755,334
China International Capital Corp. Ltd., Class A		708,513		4,258,076
China Lesso Group Holdings Ltd.		7,570,000		8,997,717
China Medical System Holdings Ltd.		6,474,000		9,581,388
China Mengniu Dairy Co. Ltd.		1,785,000		8,082,975
China Merchants Bank Co. Ltd., Class A		1,576,940		7,964,485
China Merchants Bank Co. Ltd., Class H		3,374,000		17,255,010
China Overseas Land & Investment Ltd.		1,713,500		4,604,981
China Resources Beer Holdings Co. Ltd.		686,000		4,782,118
China Resources Gas Group Ltd.		1,675,000		6,521,454
China Resources Land Ltd.		3,366,000		13,781,233
China Suntien Green Energy Corp. Ltd., Class H		14,111,000		6,328,722
China Three Gorges Renewables Group Co. Ltd., Class A		4,696,100		4,133,821
China Vanke Co. Ltd., Class H		2,320,200		4,529,562
CIFI Holdings Group Co. Ltd.(b)		15,391,280		3,895,451
CMOC Group Ltd., Class A		13,374,500		9,489,045
CMOC Group Ltd., Class H		11,232,000		5,008,534

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

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Schedule of Investments(continued) August 31, 2022 iShares^® ESG Aware MSCI EM ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
China (continued)
Sungrow Power Supply Co. Ltd., Class A		513,167	$	8,211,330
Sunny Optical Technology Group Co. Ltd.		1,013,800		13,840,853
SuZhou TA&A Ultra Clean Technology Co. Ltd., Class A		390,200		4,406,732
Tencent Holdings Ltd.		4,075,600		168,447,587
Tianqi Lithium Corp., Class A(c)		268,200		4,435,638
Tongcheng Travel Holdings Ltd.(c)		3,497,600		7,163,646
Topchoice Medical Corp., Class A(c)		236,309		3,963,065
Trip.com Group Ltd., ADR(b)(c)		209,857		5,397,522
Unisplendour Corp. Ltd., Class A		2,283,340		5,692,442
Vipshop Holdings Ltd., ADR(b)(c)		563,936		6,547,297
Wharf Holdings Ltd. (The)		1,511,000		5,690,369
WuXi AppTec Co. Ltd., Class A		375,889		4,853,533
WuXi AppTec Co. Ltd., Class H(a)		789,980		8,918,088
Wuxi Biologics Cayman Inc., New(a)(c)		3,504,500		30,917,043
Xinjiang Goldwind Science & Technology Co. Ltd., Class A		2,729,200		5,040,011
Xinjiang Goldwind Science & Technology Co. Ltd., Class H		2,925,136		4,358,926
Xinyi Solar Holdings Ltd.		5,186,000		7,131,885
XPeng Inc., ADR(c)		510,042		9,445,978
Yadea Group Holdings Ltd.(a)		6,926,000		13,210,629
Yum China Holdings Inc.(b)		438,097		21,953,041
Yunnan Baiyao Group Co. Ltd., Class A		624,040		4,719,428
Zhejiang Huayou Cobalt Co. Ltd., Class A		373,690		4,021,869
				1,279,892,457
Colombia — 0.1%
Bancolombia SA		786,436		6,072,728
Czech Republic — 0.2%
Moneta Money Bank AS(a)		2,819,384		8,936,186
Greece — 0.4%
Alpha Services and Holdings SA(c)		4,458,740		4,117,661
OPAP SA		959,579		12,639,488
				16,757,149
Hungary — 0.3%
MOL Hungarian Oil & Gas PLC		1,727,087		11,900,235
India — 14.2%
Adani Green Energy Ltd.(c)		368,804		11,143,722
Adani Total Gas Ltd.		274,777		12,814,898
Asian Paints Ltd.		684,285		28,807,591
AU Small Finance Bank Ltd.(a)		911,497		7,168,228
Axis Bank Ltd.		2,220,498		20,693,906
Bajaj Finance Ltd.		204,586		18,464,152
Bandhan Bank Ltd.(a)		1,648,512		5,689,308
Bharti Airtel Ltd.		1,288,554		11,672,292
Colgate-Palmolive India Ltd.		751,655		15,782,450
Eicher Motors Ltd.		302,405		12,620,944
Havells India Ltd.		449,253		7,777,313
HCL Technologies Ltd.		1,220,428		14,195,818
Hero MotoCorp Ltd.		210,909		7,429,310
Hindalco Industries Ltd.		2,016,319		10,935,707
Hindustan Unilever Ltd.		754,208		24,968,781
Housing Development Finance Corp. Ltd.		1,195,181		36,184,598
ICICI Bank Ltd.		3,457,912		37,917,197
ICICI Prudential Life Insurance Co. Ltd.(a)		686,293		5,066,490
Info Edge India Ltd.		175,082		9,418,175
Infosys Ltd.		2,302,405		42,435,835
Kotak Mahindra Bank Ltd.		743,363		17,635,670

Security	Shares		Value
India (continued)
Mahindra & Mahindra Ltd.		503,550	$	8,172,934
Mahindra & Mahindra Ltd., GDR		893,775		14,356,450
Marico Ltd.		3,164,546		20,774,805
Mphasis Ltd.		149,699		3,938,201
Nestle India Ltd.		77,253		19,234,364
Piramal Pharma Ltd., NVS		1,705,532		4,582,034
Power Grid Corp. of India Ltd.		3,687,104		10,556,441
Reliance Industries Ltd.		1,809,700		59,285,853
Reliance Industries Ltd., GDR(a)		69,941		4,594,616
Shriram Transport Finance Co. Ltd.		349,400		5,864,438
State Bank of India		1,607,220		10,581,887
Tata Consultancy Services Ltd.		942,104		37,572,601
Tata Consumer Products Ltd.		757,700		7,658,122
Tata Elxsi Ltd.		52,165		5,818,688
Tech Mahindra Ltd.		568,337		7,572,254
Titan Co. Ltd.		156,129		5,059,250
United Spirits Ltd.(c)		557,345		5,633,577
UPL Ltd.		636,113		6,092,724
Wipro Ltd.		780,667		3,997,157
Zomato Ltd.(c)		5,612,977		4,012,299
				604,181,080
Indonesia — 1.9%
Bank Central Asia Tbk PT		44,691,500		24,679,667
Bank Negara Indonesia Persero Tbk PT		7,455,200		4,276,048
Kalbe Farma Tbk PT		173,043,100		19,567,526
Merdeka Copper Gold Tbk PT(c)		15,048,900		4,327,614
Telkom Indonesia Persero Tbk PT		72,356,500		22,157,786
Unilever Indonesia Tbk PT		25,566,400		7,900,706
				82,909,347
Kuwait — 0.5%
Kuwait Finance House KSCP		8,146,014		23,778,057
Malaysia — 2.7%
Axiata Group Bhd		6,333,600		4,295,040
Kuala Lumpur Kepong Bhd		988,900		5,112,981
Malayan Banking Bhd		7,833,500		15,670,896
Maxis Bhd		10,936,200		9,374,734
Nestle Malaysia Bhd		588,400		17,459,810
Petronas Dagangan Bhd(b)		2,984,900		15,673,143
Press Metal Aluminium Holdings Bhd		3,883,400		4,116,001
Public Bank Bhd		20,497,600		21,523,300
RHB Bank Bhd		6,828,400		8,725,192
Sime Darby Bhd		14,632,700		7,455,353
Sime Darby Plantation Bhd		4,171,900		4,146,874
				113,553,324
Mexico — 1.8%
Arca Continental SAB de CV		2,034,400		13,849,451
Coca-Cola Femsa SAB de CV		802,300		4,905,433
Fomento Economico Mexicano SAB de CV		3,049,800		19,114,896
Grupo Aeroportuario del Sureste SAB de CV, Class B		247,050		5,232,606
Grupo Bimbo SAB de CV, Series A		1,022,000		3,359,236
Grupo Financiero Banorte SAB de CV, Class O		3,046,700		17,993,020
Wal-Mart de Mexico SAB de CV		3,577,300		11,690,836
				76,145,478
Peru — 0.2%
Credicorp Ltd.		80,363		10,357,987
Philippines — 0.2%
Globe Telecom Inc.		100,260		3,740,853

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(continued) August 31, 2022 iShares^® ESG Aware MSCI EM ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Philippines (continued)
GT Capital Holdings Inc.		450,060	$	3,854,714
				7,595,567
Poland — 0.3%
Allegro.eu SA (a)(c)		753,359		3,951,506
KGHM Polska Miedz SA		236,649		4,434,657
Polski Koncern Naftowy ORLEN SA		312,158		4,043,138
				12,429,301
Qatar — 1.0%
Qatar Fuel QSC		474,481		2,450,490
Qatar National Bank QPSC		6,861,062		38,412,819
				40,863,309
Romania — 0.1%
NEPI Rockcastle SA		772,282		4,115,138
Russia — 0.0%
Gazprom PJSC(c)(d)		7,224,690		1,184
LUKOIL PJSC(d)		725,046		119
Novatek PJSC(d)		1,686,230		277
Novolipetsk Steel PJSC(d)		5,130,970		841
PhosAgro PJSC(d)		249,741		41
PhosAgro PJSC, New(d)		4,826		48
Polymetal International PLC(d)		1,747,485		287
Polyus PJSC(d)		43,646		7
Rosneft Oil Co. PJSC(d)		759,129		125
Sberbank of Russia PJSC(c)(d)		10,004,860		1,640
TCS Group Holding PLC, GDR(c)(d)		124,025		20
Yandex NV(c)(d)		87,150		14
				4,603
Saudi Arabia — 4.0%
ACWA Power Co.		90,069		4,193,156
Al Rajhi Bank		1,553,255		37,184,591
Bank AlBilad(c)		690,533		9,277,985
Banque Saudi Fransi		255,479		3,381,240
Dr Sulaiman Al Habib Medical Services Group Co.		241,607		12,837,141
Etihad Etisalat Co.		883,238		8,599,763
SABIC Agri-Nutrients Co.		132,228		6,104,157
Sahara International Petrochemical Co.		676,438		8,543,899
Saudi Arabian Mining Co.(c)		1,167,559		23,038,084
Saudi Arabian Oil Co.(a)		1,144,962		11,404,948
Saudi Basic Industries Corp.		1,124,939		29,884,269
Saudi Investment Bank (The)		713,514		3,796,297
Saudi National Bank (The)		246,009		4,561,957
Savola Group (The)		833,035		7,216,165
				170,023,652
South Africa — 4.0%
Absa Group Ltd.		791,142		8,193,980
Anglo American Platinum Ltd.		57,615		4,032,133
Bidvest Group Ltd. (The)		736,607		9,243,738
Clicks Group Ltd.		409,460		7,124,120
FirstRand Ltd.		1,855,191		6,929,340
Gold Fields Ltd.		1,347,043		10,879,193
Growthpoint Properties Ltd.		5,117,669		3,806,413
Impala Platinum Holdings Ltd.		870,384		9,120,186
Kumba Iron Ore Ltd.		367,886		8,144,739
MTN Group Ltd.		554,123		4,010,766
MultiChoice Group		705,286		4,760,307
Naspers Ltd., Class N		169,741		23,934,574
Nedbank Group Ltd.		517,683		6,110,454
Old Mutual Ltd.		16,625,520		9,849,328

Security	Shares		Value
South Africa (continued)
Sanlam Ltd.		1,906,520	$	5,927,075
Sasol Ltd.(c)		214,822		4,131,596
SPAR Group Ltd. (The)		432,967		3,957,906
Standard Bank Group Ltd.		862,122		7,693,210
Vodacom Group Ltd.		3,609,676		26,569,586
Woolworths Holdings Ltd.		1,948,393		6,369,993
				170,788,637
South Korea — 11.2%
Amorepacific Corp.		44,726		4,076,373
AMOREPACIFIC Group		265,275		6,866,967
CJ CheilJedang Corp.		27,941		8,475,560
Coway Co. Ltd.		200,585		9,516,638
Hana Financial Group Inc.		276,536		8,060,098
HD Hyundai Co. Ltd.		105,408		4,949,255
HMM Co. Ltd.		247,600		4,080,474
Kakao Corp.		274,991		14,933,016
KB Financial Group Inc.		571,265		20,970,532
LG Chem Ltd.		35,641		16,683,419
LG Corp.		1		61
LG Display Co. Ltd.		773,254		8,936,473
LG Electronics Inc.		89,570		6,702,524
LG H&H Co. Ltd.		8,312		4,401,545
NAVER Corp.		206,054		36,563,579
NCSoft Corp.		18,722		5,261,111
POSCO Holdings Inc.		98,445		18,622,366
Samsung C&T Corp.		151,568		13,570,921
Samsung Electro-Mechanics Co. Ltd.		41,673		4,314,680
Samsung Electronics Co. Ltd.		3,352,342		148,511,242
Samsung Fire & Marine Insurance Co. Ltd.		61,306		8,909,851
Samsung Life Insurance Co. Ltd.		98,406		4,541,835
Samsung SDI Co. Ltd.		46,748		20,667,362
Samsung SDS Co. Ltd.		44,196		4,218,002
Samsung Securities Co. Ltd.		185,679		4,674,494
Shinhan Financial Group Co. Ltd.		775,145		21,001,366
SK Hynix Inc.		390,538		27,457,918
SK Inc.		92,557		16,009,483
SK Innovation Co. Ltd.(c)		68,456		9,636,913
Woori Financial Group Inc.		1,409,095		12,746,565
				475,360,623
Taiwan — 15.2%
Acer Inc.		36,783,000		26,418,348
ASE Technology Holding Co. Ltd.		1,509,000		4,198,053
Asustek Computer Inc.		962,000		8,004,839
AUO Corp.		9,084,000		4,960,131
Cathay Financial Holding Co. Ltd.		21,859,110		31,801,207
Chailease Holding Co. Ltd.		796,129		5,111,712
China Steel Corp.		9,676,000		9,163,812
Chunghwa Telecom Co. Ltd.		1,120,000		4,452,402
CTBC Financial Holding Co. Ltd.		27,455,000		21,029,322
Delta Electronics Inc.		2,634,000		22,551,378
E Ink Holdings Inc.		642,000		4,992,087
E.Sun Financial Holding Co. Ltd.		28,447,254		26,211,549
Eva Airways Corp.		4,145,000		4,536,161
Evergreen Marine Corp. Taiwan Ltd.		2,609,000		7,476,651
Far EasTone Telecommunications Co. Ltd.		8,572,000		21,023,304
First Financial Holding Co. Ltd.		33,397,722		28,975,147
Fubon Financial Holding Co. Ltd.		9,796,723		18,369,330
Hon Hai Precision Industry Co. Ltd.		1,921,000		6,840,256
Hotai Motor Co. Ltd.		344,000		6,892,973
MediaTek Inc.		1,044,000		22,588,740

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

Schedule of Investments(continued) August 31, 2022 iShares^® ESG Aware MSCI EM ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Taiwan (continued)
Mega Financial Holding Co. Ltd.		8,698,625	$	10,202,843
momo.com Inc.		177,000		4,197,106
Shanghai Commercial & Savings Bank Ltd. (The)		4,428,000		7,244,826
Taishin Financial Holding Co. Ltd.		34,399,507		17,073,395
Taiwan Semiconductor Manufacturing Co. Ltd.		18,144,000		297,013,313
Unimicron Technology Corp.		783,000		3,836,485
United Microelectronics Corp.		10,839,000		14,420,927
Voltronic Power Technology Corp.		98,000		5,530,004
				645,116,301
Thailand — 3.0%
Advanced Info Service PCL, NVDR		3,060,100		16,099,533
Asset World Corp. PCL, NVDR		30,321,100		4,644,010
Bangkok Dusit Medical Services PCL, NVDR		15,700,900		12,583,492
BTS Group Holdings PCL, NVDR		56,130,700		12,920,885
Delta Electronics Thailand PCL, NVDR		267,700		3,847,098
Energy Absolute PCL, NVDR		1,951,400		4,555,922
Intouch Holdings PCL, NVDR		4,392,000		8,748,567
Kasikornbank PCL, NVDR		951,700		4,006,471
Krungthai Card PCL, NVDR		2,573,200		4,242,769
Minor International PCL, NVDR(c)		5,678,300		5,084,903
PTT Exploration & Production PCL, NVDR		2,731,200		12,631,885
PTT Public Company Ltd., NVDR		20,087,400		20,638,243
SCB X PCL, NVS		1,428,700		4,318,754
Siam Cement PCL (The), NVDR		1,272,300		12,481,226
				126,803,758
Turkey — 0.2%
Aselsan Elektronik Sanayi Ve Ticaret AS		3,192,822		4,567,430
Turkiye Petrol Rafinerileri AS(c)		237,535		4,691,485
				9,258,915
United Arab Emirates — 1.7%
Abu Dhabi Commercial Bank PJSC		7,913,441		19,521,695
Emirates Telecommunications Group Co. PJSC		2,956,460		20,701,900
First Abu Dhabi Bank PJSC		6,431,310		33,400,697
				73,624,292
Total Common Stocks — 96.6% (Cost: $4,312,487,595)				4,109,746,195
Preferred Stocks
Brazil — 1.9%
Banco Bradesco SA, Preference Shares, NVS		5,657,248		20,617,681
Cia. Energetica de Minas Gerais, Preference Shares, NVS		7,291,335		16,958,549

Security	Shares		Value
Brazil (continued)
Gerdau SA, Preference Shares, NVS		1,372,563	$	6,152,577
Itau Unibanco Holding SA, Preference Shares, NVS		2,806,782		13,924,928
Petroleo Brasileiro SA, Preference Shares, NVS		3,496,452		22,333,365
				79,987,100
Chile — 0.2%
Sociedad Quimica y Minera de Chile SA, Class B, Preference Shares		97,224		9,719,905
Colombia — 0.3%
Bancolombia SA, Preference Shares, NVS		1,460,064		10,081,002
South Korea — 0.6%
Samsung Electronics Co. Ltd., Preference Shares, NVS		666,692		26,969,129
Total Preferred Stocks — 3.0% (Cost: $120,187,346)				126,757,136
Total Long-Term Investments — 99.6% (Cost: $4,432,674,941)				4,236,503,331
Short-Term Securities
Money Market Funds — 0.7%
BlackRock Cash Funds: Institutional, SL Agency Shares, 2.42%(e)(f)(g)		23,465,374		23,472,414
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.07%(e)(f)		5,610,000		5,610,000
Total Short-Term Securities — 0.7% (Cost: $29,070,190)				29,082,414
Total Investments in Securities — 100.3% (Cost: $4,461,745,131)				4,265,585,745
Liabilities in Excess of Other Assets — (0.3)%				(14,061,073	)
Net Assets — 100.0%			$	4,251,524,672

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

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

^(c)  Non-income producing security.

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

^(e)  Affiliate of the Fund.

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

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

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   (continued) August 31, 2022 iShares^® ESG Aware MSCI EM ETF

Affiliates

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

Affiliated Issuer	Value at 08/31/21		Purchases at Cost		Proceeds from Sale			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 08/31/22		Shares Held at 08/31/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	41,185,570	$	—	$	(17,706,675	)(a)	$	(10,999	)	$	4,518	$	23,472,414		23,465,374	$	821,916	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		6,140,000		—		(530,000	)(a)		—			—		5,610,000		5,610,000		39,484			—
								$	(10,999	)	$	4,518	$	29,082,414			$	861,400		$	—

^(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		225		09/16/22	$	11,046	$	26,884

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:

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)	$	—	$	—	$	26,884	$	—	$	—	$	—	$	26,884

^(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 August 31, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Commodity Contracts		Credit Contracts		Equity Contracts			Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Net Realized Gain (Loss) from
Futures contracts	$	—	$	—	$	(6,130,483	)	$	—	$	—	$	—	$	(6,130,483	)
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	(48,205	)	$	—	$	—	$	—	$	(48,205	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

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

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   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   (continued) August 31, 2022 iShares^® ESG Aware MSCI EM 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	$	453,933,147	$	3,655,808,445	$	4,603	$	4,109,746,195
Preferred Stocks		99,788,007		26,969,129		—		126,757,136
Money Market Funds		29,082,414		—		—		29,082,414
	$	582,803,568	$	3,682,777,574	$	4,603	$	4,265,585,745
Derivative financial instruments(a)
Assets
Futures Contracts	$	26,884	$	—	$	—	$	26,884

^(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 August 31, 2022 iShares^® MSCI Emerging Markets ex China ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Brazil — 5.6%
Ambev SA		2,474,599	$	7,263,403
Americanas SA		335,452		1,053,607
Atacadao SA		261,529		992,849
B3 SA - Brasil, Bolsa, Balcao		3,200,698		7,290,533
Banco Bradesco SA		846,998		2,578,896
Banco BTG Pactual SA		617,193		3,019,291
Banco do Brasil SA		451,418		3,617,487
Banco Santander Brasil SA		196,369		1,108,595
BB Seguridade Participacoes SA		370,478		2,013,901
BRF SA(a)		311,890		950,226
CCR SA		625,153		1,657,093
Centrais Eletricas Brasileiras SA		547,153		4,849,536
Cia. de Saneamento Basico do Estado de Sao Paulo		178,813		1,689,347
Cia. Siderurgica Nacional SA		348,529		924,516
Cosan SA		633,258		2,432,050
CPFL Energia SA		120,382		809,195
Energisa SA		102,596		833,997
Engie Brasil Energia SA		110,106		857,161
Equatorial Energia SA		531,770		2,471,590
Hapvida Participacoes e Investimentos SA(b)		2,426,109		3,394,986
Hypera SA		218,404		1,808,139
JBS SA		409,390		2,328,512
Klabin SA		396,684		1,435,791
Localiza Rent a Car SA		386,910		4,523,271
Lojas Renner SA		516,669		2,628,831
Magazine Luiza SA(a)		1,576,582		1,294,019
Natura & Co. Holding SA		469,103		1,300,259
Petro Rio SA(a)		370,741		1,946,205
Petroleo Brasileiro SA		1,938,559		13,850,576
Raia Drogasil SA		563,135		2,355,416
Rede D’Or Sao Luiz SA(b)		208,844		1,337,992
Rumo SA		681,716		2,648,293
Suzano SA		391,377		3,329,684
Telefonica Brasil SA		265,614		2,100,446
Tim SA		449,878		1,023,000
TOTVS SA		274,737		1,507,716
Ultrapar Participacoes SA		377,018		980,519
Vale SA		2,098,233		26,014,153
Vibra Energia SA		609,263		2,150,175
WEG SA		877,458		4,771,507
XP Inc.(a)		1		19
				129,142,782
Chile — 0.5%
Banco de Chile		23,664,715		2,245,145
Banco de Credito e Inversiones SA		28,045		826,095
Banco Santander Chile		34,470,020		1,384,570
Cencosud SA		747,457		1,044,980
Cia. Cervecerias Unidas SA		67,562		367,160
Cia. Sud Americana de Vapores SA		7,866,566		740,357
Empresas CMPC SA		573,735		1,088,256
Empresas COPEC SA		200,949		1,733,374
Enel Americas SA		11,550,637		1,251,400
Enel Chile SA		16,822,182		552,199
Falabella SA		395,872		932,867
				12,166,403
Colombia — 0.2%
Bancolombia SA		135,209		1,044,061
Ecopetrol SA		2,542,368		1,295,580

Security	Shares		Value
Colombia (continued)
Interconexion Electrica SA ESP		243,497	$	1,053,926
				3,393,567
Czech Republic — 0.2%
CEZ AS(c)		84,761		3,433,840
Komercni Banka AS		37,721		883,465
Moneta Money Bank AS(b)		186,322		590,557
				4,907,862
Egypt — 0.1%
Commercial International Bank Egypt SAE		936,514		1,854,792
Eastern Co. SAE		601,868		304,922
Egyptian Financial Group-Hermes Holding Co.(a)		407,407		271,322
				2,431,036
Greece — 0.4%
Alpha Services and Holdings SA(a)		1,214,267		1,121,379
Eurobank Ergasias Services and Holdings SA, Class A(a)		1,406,681		1,305,129
Hellenic Telecommunications Organization SA		112,372		1,787,709
JUMBO SA		63,779		911,769
Mytilineos SA		54,670		854,913
National Bank of Greece SA(a)		300,638		970,229
OPAP SA		104,407		1,375,240
Public Power Corp. SA(a)		111,825		583,770
				8,910,138
Hungary — 0.2%
MOL Hungarian Oil & Gas PLC		213,766		1,472,923
OTP Bank Nyrt		116,234		2,471,949
Richter Gedeon Nyrt		73,727		1,486,492
				5,431,364
India — 21.0%
ACC Ltd.		39,554		1,133,396
Adani Enterprises Ltd.		149,108		5,917,164
Adani Green Energy Ltd.(a)		165,568		5,002,776
Adani Ports & Special Economic Zone Ltd.		270,156		2,826,507
Adani Power Ltd.(a)		397,241		2,028,571
Adani Total Gas Ltd.		143,792		6,706,092
Adani Transmission Ltd.(a)		145,748		7,147,264
Ambuja Cements Ltd.		309,435		1,586,732
Apollo Hospitals Enterprise Ltd.		52,449		2,818,000
Asian Paints Ltd.		201,152		8,468,262
AU Small Finance Bank Ltd.(b)		86,130		677,347
Aurobindo Pharma Ltd.		137,424		935,614
Avenue Supermarts Ltd.(a)(b)		84,745		4,763,706
Axis Bank Ltd.		1,229,856		11,461,629
Bajaj Auto Ltd.		35,877		1,827,354
Bajaj Finance Ltd.		142,277		12,840,684
Bajaj Finserv Ltd.		20,005		4,193,952
Balkrishna Industries Ltd.		40,211		1,021,483
Bandhan Bank Ltd.(b)		361,023		1,245,954
Berger Paints India Ltd.		125,646		1,050,823
Bharat Electronics Ltd.		635,065		2,426,572
Bharat Forge Ltd.		131,894		1,214,173
Bharat Petroleum Corp. Ltd.		452,400		1,853,206
Bharti Airtel Ltd.		1,149,823		10,415,605
Biocon Ltd.		220,059		851,458
Britannia Industries Ltd.		56,546		2,645,865
Cholamandalam Investment and Finance Co. Ltd.		213,550		2,092,172
Cipla Ltd.		253,262		3,281,853
Coal India Ltd.		807,265		2,358,817
Colgate-Palmolive India Ltd.		64,106		1,346,029

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

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

Security	Shares		Value
India (continued)
State Bank of India		935,466	$	6,159,080
Sun Pharmaceutical Industries Ltd.		502,669		5,609,894
Tata Consultancy Services Ltd.		480,669		19,169,842
Tata Consumer Products Ltd.		287,748		2,908,287
Tata Elxsi Ltd.		17,972		2,004,667
Tata Motors Ltd.(a)		867,792		5,053,667
Tata Power Co. Ltd. (The)		744,384		2,182,805
Tata Steel Ltd.		3,833,897		5,147,399
Tech Mahindra Ltd.		303,712		4,046,515
Titan Co. Ltd.		185,241		6,002,603
Torrent Pharmaceuticals Ltd.		53,152		1,027,044
Trent Ltd.		93,998		1,644,033
UltraTech Cement Ltd.		53,429		4,441,813
United Spirits Ltd.(a)		148,627		1,502,304
UPL Ltd.		258,766		2,478,475
Vedanta Ltd.		384,958		1,290,152
Wipro Ltd.		715,622		3,664,115
Yes Bank Ltd.(a)		5,866,100		1,202,347
Zomato Ltd.(a)		1,232,192		880,802
				484,642,205
Indonesia — 2.9%
Adaro Energy Indonesia Tbk PT		7,617,800		1,816,059
Adaro Minerals Indonesia Tbk PT(a)		4,241,800		489,194
Aneka Tambang Tbk		4,325,000		578,324
Astra International Tbk PT		10,597,400		4,972,502
Bank Central Asia Tbk PT		28,924,900		15,972,990
Bank Jago Tbk PT(a)		2,166,300		1,227,514
Bank Mandiri Persero Tbk PT		9,717,700		5,782,857
Bank Negara Indonesia Persero Tbk PT		3,884,000		2,227,729
Bank Rakyat Indonesia Persero Tbk PT		35,671,171		10,417,016
Barito Pacific Tbk PT		14,476,500		799,141
Charoen Pokphand Indonesia Tbk PT		3,856,300		1,526,411
Gudang Garam Tbk PT		251,500		402,171
Indah Kiat Pulp & Paper Tbk PT		1,425,800		798,660
Indofood CBP Sukses Makmur Tbk PT		1,258,400		704,321
Indofood Sukses Makmur Tbk PT		2,299,700		964,759
Kalbe Farma Tbk PT		11,081,100		1,253,039
Merdeka Copper Gold Tbk PT(a)		6,276,659		1,804,980
Sarana Menara Nusantara Tbk PT		11,979,600		1,001,522
Semen Indonesia Persero Tbk PT		1,554,800		690,425
Sumber Alfaria Trijaya Tbk PT		8,806,400		1,292,445
Telkom Indonesia Persero Tbk PT		25,830,800		7,910,186
Tower Bersama Infrastructure Tbk PT		2,735,400		519,330
Unilever Indonesia Tbk PT		3,945,400		1,219,235
United Tractors Tbk PT		873,700		1,989,473
Vale Indonesia Tbk PT(a)		1,322,300		541,974
				66,902,257
Kuwait — 1.3%
Agility Public Warehousing Co. KSC		784,520		2,140,289
Boubyan Bank KSCP		683,155		1,851,759
Gulf Bank KSCP		816,169		926,724
Kuwait Finance House KSCP		2,692,974		7,860,739
Mabanee Co. KPSC		310,088		833,391
Mobile Telecommunications Co. KSCP		1,131,098		2,220,562
National Bank of Kuwait SAKP		3,774,486		12,911,805
				28,745,269
Malaysia — 2.2%
AMMB Holdings Bhd		990,100		920,244
Axiata Group Bhd		1,433,800		972,311

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  (continued) August 31, 2022 iShares^® MSCI Emerging Markets ex China ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Malaysia (continued)
CIMB Group Holdings Bhd		3,559,900	$	4,257,174
Dialog Group Bhd		1,909,800		1,033,121
DiGi.Com Bhd		1,619,600		1,351,768
Genting Bhd		1,111,500		1,161,723
Genting Malaysia Bhd		1,590,400		1,055,667
HAP Seng Consolidated Bhd		325,300		505,158
Hartalega Holdings Bhd		901,400		334,337
Hong Leong Bank Bhd		339,300		1,579,285
Hong Leong Financial Group Bhd		120,100		519,156
IHH Healthcare Bhd		948,600		1,309,234
Inari Amertron Bhd		1,382,500		822,821
IOI Corp. Bhd		1,366,200		1,291,258
Kuala Lumpur Kepong Bhd		227,000		1,173,674
Malayan Banking Bhd		2,471,300		4,943,829
Malaysia Airports Holdings Bhd(a)		345,944		452,049
Maxis Bhd(c)		1,223,700		1,048,981
MISC Bhd		735,200		1,163,263
MR DIY Group M Bhd(b)		1,164,350		562,088
Nestle Malaysia Bhd		36,800		1,091,980
Petronas Chemicals Group Bhd		1,245,500		2,443,009
Petronas Dagangan Bhd		151,100		793,397
Petronas Gas Bhd		389,700		1,506,001
PPB Group Bhd		317,140		1,247,160
Press Metal Aluminium Holdings Bhd		1,918,500		2,033,411
Public Bank Bhd		7,976,900		8,376,064
QL Resources Bhd		497,100		566,464
RHB Bank Bhd		753,800		963,191
Sime Darby Bhd		1,419,100		723,031
Sime Darby Plantation Bhd		1,075,400		1,068,949
Telekom Malaysia Bhd		631,800		839,900
Tenaga Nasional Bhd		1,339,100		2,689,869
Top Glove Corp. Bhd(c)		2,759,700		494,111
				51,293,678
Mexico — 2.9%
Alfa SAB de CV, Class A		1,497,300		952,790
America Movil SAB de CV, Series L, NVS		14,646,000		12,482,159
Arca Continental SAB de CV		232,500		1,582,775
Cemex SAB de CV, NVS(a)		7,940,900		2,944,359
Coca-Cola Femsa SAB de CV		275,900		1,686,911
Fibra Uno Administracion SA de CV		1,618,700		1,694,507
Fomento Economico Mexicano SAB de CV		1,016,900		6,373,512
Gruma SAB de CV, Class B(c)		106,370		1,159,080
Grupo Aeroportuario del Pacifico SAB de CV, Class B		189,800		2,702,317
Grupo Aeroportuario del Sureste SAB de CV, Class B		100,470		2,127,990
Grupo Bimbo SAB de CV, Series A		698,600		2,296,245
Grupo Carso SAB de CV, Series A1(c)		231,500		796,659
Grupo Financiero Banorte SAB de CV, Class O		1,361,100		8,038,303
Grupo Financiero Inbursa SAB de CV, Class O(a)		1,132,600		1,784,366
Grupo Mexico SAB de CV, Series B		1,629,300		6,168,963
Grupo Televisa SAB, CPO(c)		1,254,400		1,580,881
Industrias Penoles SAB de CV		75,415		619,858
Kimberly-Clark de Mexico SAB de CV, Class A(c)		792,400		1,073,367
Operadora De Sites Mexicanos SAB de CV		675,300		672,401
Orbia Advance Corp. SAB de CV		521,100		983,408
Promotora y Operadora de Infraestructura SAB de CV		123,080		865,131
Wal-Mart de Mexico SAB de CV		2,745,200		8,971,482
				67,557,464

Security	Shares		Value
Peru — 0.3%
Cia. de Minas Buenaventura SAA, ADR		113,314	$	602,831
Credicorp Ltd.		37,496		4,832,859
Southern Copper Corp.		44,809		2,109,160
				7,544,850
Philippines — 1.1%
Aboitiz Equity Ventures Inc.		876,510		874,220
ACEN Corp.		4,484,420		597,197
Ayala Corp.		129,160		1,609,529
Ayala Land Inc.		3,843,000		1,950,831
Bank of the Philippine Islands		886,330		1,496,469
BDO Unibank Inc.		1,027,060		2,348,523
Converge Information and Communications Technology Solutions Inc.(a)		1,173,100		361,728
Globe Telecom Inc.		13,360		498,482
GT Capital Holdings Inc.		53,474		457,999
International Container Terminal Services Inc.		507,560		1,634,679
JG Summit Holdings Inc.		1,658,120		1,507,821
Jollibee Foods Corp.		244,400		1,041,702
Manila Electric Co.		110,380		591,157
Metro Pacific Investments Corp.		5,475,600		363,331
Metropolitan Bank & Trust Co.		1,012,527		946,338
Monde Nissin Corp.(a)(b)		3,190,700		936,420
PLDT Inc.		43,710		1,302,894
SM Investments Corp.		125,415		1,851,244
SM Prime Holdings Inc.		6,010,400		4,040,324
Universal Robina Corp.		441,800		958,913
				25,369,801
Poland — 0.8%
Allegro.eu SA (a)(b)(c)		192,915		1,011,875
Bank Polska Kasa Opieki SA		95,146		1,316,260
CD Projekt SA		34,245		610,693
Cyfrowy Polsat SA		133,787		551,775
Dino Polska SA(a)(b)		25,594		1,867,173
KGHM Polska Miedz SA		72,388		1,356,506
LPP SA		586		1,055,165
mBank SA(a)(c)		7,826		359,535
Orange Polska SA		344,005		438,383
PGE Polska Grupa Energetyczna SA(a)		459,306		700,146
Polski Koncern Naftowy ORLEN SA		211,934		2,745,015
Polskie Gornictwo Naftowe i Gazownictwo SA(a)		899,997		1,069,132
Powszechna Kasa Oszczednosci Bank Polski SA		454,946		2,269,517
Powszechny Zaklad Ubezpieczen SA		312,032		1,867,770
Santander Bank Polska SA		19,144		869,895
				18,088,840
Qatar — 1.7%
Barwa Real Estate Co.		953,788		952,963
Commercial Bank PSQC (The)		1,697,404		3,372,597
Industries Qatar QSC		803,107		3,951,943
Masraf Al Rayan QSC		2,899,112		3,555,803
Mesaieed Petrochemical Holding Co.		2,399,508		1,692,591
Ooredoo QPSC		418,427		1,032,185
Qatar Electricity & Water Co. QSC		251,286		1,290,274
Qatar Fuel QSC		260,481		1,345,272
Qatar Gas Transport Co. Ltd.		1,307,690		1,418,697
Qatar International Islamic Bank QSC		373,537		1,206,915
Qatar Islamic Bank SAQ		864,944		6,008,580
Qatar National Bank QPSC		2,418,372		13,539,666
				39,367,486

24 2 0 2 2   I S H A R E S   A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments  (continued) August 31, 2022 iShares^® MSCI Emerging Markets ex China ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Romania — 0.1%
NEPI Rockcastle SA		231,766	$	1,234,975
Russia — 0.0%
Alrosa PJSC(d)		1,271,273		208
Gazprom PJSC(a)(d)		5,613,440		920
Inter RAO UES PJSC(d)		19,580,300		3,210
LUKOIL PJSC(d)		197,285		32
Magnit PJSC(d)		26,665		4
Magnit PJSC, GDR(d)		1		—
MMC Norilsk Nickel PJSC(d)		29,789		5
Mobile TeleSystems PJSC(d)		418,880		69
Moscow Exchange MICEX-RTS PJSC(a)(d)		631,870		104
Novatek PJSC(d)		433,150		71
Novolipetsk Steel PJSC(d)		785,210		129
Ozon Holdings PLC, ADR(a)(d)		534		—
PhosAgro PJSC(d)		22,411		4
PhosAgro PJSC, GDR(d)		1		—
PhosAgro PJSC, New(d)		433		4
Polymetal International PLC(d)		137,561		23
Polyus PJSC(d)		13,397		2
Rosneft Oil Co. PJSC(d)		532,936		87
Sberbank of Russia PJSC(a)(d)		4,933,827		809
Severstal PAO(d)		109,143		18
Surgutneftegas PJSC(d)		3,671,000		602
Tatneft PJSC(d)		685,605		112
TCS Group Holding PLC, GDR(a)(d)		58,085		10
United Co. RUSAL International PJSC(a)(d)		1,500,930		246
VK Co. Ltd.(a)(d)		873		—
VTB Bank PJSC(d)		1,160,968,000		190
X5 Retail Group NV, GDR(d)		67,732		11
Yandex NV(a)(d)		149,219		25
				6,895
Saudi Arabia — 6.9%
ACWA Power Co.		42,151		1,958,870
Advanced Petrochemical Co.		66,768		885,783
Al Rajhi Bank		1,027,505		24,598,249
Alinma Bank		510,804		5,146,228
Almarai Co. JSC		131,371		1,848,936
AngloGold Ashanti Ltd.		218,954		2,924,057
Arab National Bank		315,835		2,517,722
Bank AlBilad(a)		258,794		3,477,150
Bank Al-Jazira		210,374		1,313,587
Banque Saudi Fransi		311,184		4,106,550
Bupa Arabia for Cooperative Insurance Co.		31,635		1,383,558
Dar Al Arkan Real Estate Development Co.(a)		275,057		1,031,266
Dr Sulaiman Al Habib Medical Services Group Co.		45,882		2,437,817
Elm Co.		12,378		1,129,785
Emaar Economic City(a)		213,751		572,767
Etihad Etisalat Co.		199,046		1,936,026
Jarir Marketing Co.		31,692		1,446,984
Mobile Telecommunications Co.(a)		210,702		647,424
Mouwasat Medical Services Co.		25,845		1,656,411
National Industrialization Co.(a)		170,031		717,239
Rabigh Refining & Petrochemical Co.(a)		219,696		1,010,535
Reinet Investments SCA		71,646		1,175,908
Riyad Bank		707,474		6,662,377
SABIC Agri-Nutrients Co.		112,494		5,193,160
Sahara International Petrochemical Co.		188,489		2,380,752
Saudi Arabian Mining Co.(a)		451,022		8,899,493
Saudi Arabian Oil Co.(b)		1,269,869		12,649,144

Security	Shares		Value
Saudi Arabia (continued)
Saudi Basic Industries Corp.		471,983	$	12,538,339
Saudi British Bank (The)		483,664		5,130,669
Saudi Electricity Co.		441,371		2,954,477
Saudi Industrial Investment Group		190,978		1,295,253
Saudi Investment Bank (The)		256,850		1,365,640
Saudi Kayan Petrochemical Co.(a)		384,026		1,493,384
Saudi National Bank (The)		1,148,744		21,302,150
Saudi Research & Media Group(a)		18,730		1,049,895
Saudi Tadawul Group Holding Co.		18,921		1,143,035
Saudi Telecom Co.		801,845		8,902,491
Savola Group (The)		138,557		1,200,250
Yanbu National Petrochemical Co.		131,310		1,744,890
				159,828,251
South Africa — 4.7%
Absa Group Ltd.		424,020		4,391,641
African Rainbow Minerals Ltd.		58,242		803,411
Anglo American Platinum Ltd.		27,771		1,938,681
Aspen Pharmacare Holdings Ltd.		204,110		1,751,630
Bid Corp. Ltd.		175,267		3,326,018
Bidvest Group Ltd. (The)		152,329		1,911,588
Capitec Bank Holdings Ltd.		45,642		5,427,078
Clicks Group Ltd.		129,426		2,251,859
Discovery Ltd.(a)		263,061		1,884,817
Exxaro Resources Ltd.		128,633		1,638,815
FirstRand Ltd.		2,647,964		9,890,434
Foschini Group Ltd. (The)		171,400		1,272,435
Gold Fields Ltd.		466,460		3,767,295
Growthpoint Properties Ltd.		1,798,956		1,338,025
.Harmony Gold Mining Co. Ltd.		297,052		756,473
Impala Platinum Holdings Ltd.		442,915		4,641,017
Kumba Iron Ore Ltd.		33,992		752,559
Mr. Price Group Ltd.		134,643		1,458,561
MTN Group Ltd.		887,240		6,421,882
MultiChoice Group		195,517		1,319,636
Naspers Ltd., Class N		114,340		16,122,676
Nedbank Group Ltd.		239,704		2,829,338
Northam Platinum Holdings Ltd.(a)		175,669		1,653,235
Old Mutual Ltd.		2,463,119		1,459,207
Pepkor Holdings Ltd.(b)		865,345		1,015,958
Remgro Ltd.		276,498		2,050,353
Sanlam Ltd.		935,594		2,908,617
Sasol Ltd.(a)		296,914		5,710,442
Shoprite Holdings Ltd.		264,654		3,588,714
Sibanye Stillwater Ltd.		1,470,316		3,284,717
SPAR Group Ltd. (The)		103,455		945,719
Standard Bank Group Ltd.		704,789		6,289,237
Vodacom Group Ltd.		338,543		2,491,899
Woolworths Holdings Ltd.		523,455		1,711,361
				109,005,328
South Korea — 16.0%
Alteogen Inc.(a)		14,165		667,853
Amorepacific Corp.		15,032		1,370,032
AMOREPACIFIC Group		15,267		395,205
BGF retail Co. Ltd.		4,101		491,212
Celltrion Healthcare Co. Ltd.		44,517		2,382,289
Celltrion Inc.		51,667		7,272,516
Celltrion Pharm Inc.(a)		8,611		500,861
Cheil Worldwide Inc.		35,992		586,796
CJ CheilJedang Corp.		4,434		1,345,000
CJ Corp.		7,793		453,416

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   (continued) August 31, 2022 iShares^® MSCI Emerging Markets ex China ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
South Korea (continued)
CJ ENM Co. Ltd.		5,522	$	402,481
CJ Logistics Corp.(a)		4,926		434,188
Coway Co. Ltd.		28,826		1,367,633
DB Insurance Co. Ltd.		24,039		1,070,547
Doosan Bobcat Inc.		26,406		678,907
Doosan Enerbility Co. Ltd.(a)		213,871		3,214,192
Ecopro BM Co. Ltd.		25,441		2,105,059
E-MART Inc.		10,729		778,906
F&F Co. Ltd./New		9,010		950,686
Green Cross Corp.		2,974		363,050
GS Engineering & Construction Corp.		33,082		739,990
GS Holdings Corp.		25,184		864,617
Hana Financial Group Inc.		156,294		4,555,447
Hankook Tire & Technology Co. Ltd.		38,035		1,072,275
Hanmi Pharm Co. Ltd.		3,696		846,976
Hanon Systems		97,382		744,699
Hanwha Solutions Corp.(a)		59,713		2,328,322
HD Hyundai Co. Ltd.		25,059		1,176,603
HLB Inc.(a)		50,229		1,833,828
HMM Co. Ltd.		140,482		2,315,158
Hotel Shilla Co. Ltd.		16,295		892,626
HYBE Co. Ltd.(a)(c)		9,714		1,301,729
Hyundai Engineering & Construction Co. Ltd.		40,531		1,449,301
Hyundai Glovis Co. Ltd.		9,720		1,273,582
Hyundai Heavy Industries Co. Ltd.(a)		9,365		996,537
Hyundai Mobis Co. Ltd.		32,157		5,128,181
Hyundai Motor Co.		72,740		10,567,829
Hyundai Steel Co.		44,955		1,096,215
Iljin Materials Co. Ltd.(c)		12,032		659,353
Industrial Bank of Korea		138,973		989,533
Kakao Corp.		163,080		8,855,840
Kakao Games Corp.(a)(c)		18,099		705,944
KakaoBank Corp.(a)		62,533		1,266,211
Kangwon Land Inc.(a)(c)		48,639		958,992
KB Financial Group Inc.		205,585		7,546,807
Kia Corp.		137,753		8,256,616
Korea Aerospace Industries Ltd.(c)		38,067		1,727,320
Korea Electric Power Corp.(a)		134,140		2,091,628
Korea Investment Holdings Co. Ltd.		21,912		923,920
Korea Shipbuilding & Offshore Engineering Co. Ltd.(a)		21,899		1,580,471
Korea Zinc Co. Ltd.		4,531		2,266,527
Korean Air Lines Co. Ltd.(a)		90,122		1,791,182
Krafton Inc.(a)		12,825		2,342,807
KT&G Corp.		57,294		3,558,957
Kumho Petrochemical Co. Ltd.		9,477		914,123
L&F Co. Ltd.(a)		12,152		2,061,012
LG Chem Ltd.		25,925		12,135,396
LG Corp.		49,319		3,009,494
LG Display Co. Ltd.		121,375		1,402,727
LG Electronics Inc.		55,532		4,155,460
LG Energy Solution(a)(c)		12,241		4,195,201
LG H&H Co. Ltd.		4,967		2,630,230
LG Innotek Co. Ltd.		7,417		1,888,056
LG Uplus Corp.		113,548		972,423
Lotte Chemical Corp.		8,895		1,154,967
Lotte Shopping Co. Ltd.		5,625		412,885
Meritz Financial Group Inc.(c)		16,930		388,040
Meritz Fire & Marine Insurance Co. Ltd.		18,497		528,098
Meritz Securities Co. Ltd.		136,657		492,518

Security	Shares		Value
South Korea (continued)
Mirae Asset Securities Co. Ltd.		145,168	$	707,961
NAVER Corp.		68,735		12,196,791
NCSoft Corp.		8,605		2,418,110
Netmarble Corp.(b)		11,294		532,473
NH Investment & Securities Co. Ltd.		83,266		616,404
Orion Corp./Republic of Korea		12,456		912,458
Pan Ocean Co. Ltd.		138,875		531,386
Pearl Abyss Corp.(a)		15,763		662,852
POSCO Chemical Co. Ltd.		14,141		1,757,922
POSCO Holdings Inc.		41,027		7,760,880
S-1 Corp.		9,084		394,426
Samsung Biologics Co. Ltd.(a)(b)		9,283		5,773,646
Samsung C&T Corp.		44,059		3,944,904
Samsung Electro-Mechanics Co. Ltd.		28,858		2,987,858
Samsung Electronics Co. Ltd.		2,505,263		110,985,013
Samsung Engineering Co. Ltd.(a)(c)		80,746		1,403,935
Samsung Fire & Marine Insurance Co. Ltd.		16,154		2,347,727
Samsung Heavy Industries Co. Ltd.(a)		321,434		1,426,152
Samsung Life Insurance Co. Ltd.(c)		41,306		1,906,439
Samsung SDI Co. Ltd.		28,819		12,740,924
Samsung SDS Co. Ltd.		18,251		1,741,849
Samsung Securities Co. Ltd.		33,055		832,164
SD Biosensor Inc.		18,753		490,289
Seegene Inc.(c)		18,945		443,842
Shinhan Financial Group Co. Ltd.		243,589		6,599,671
SK Biopharmaceuticals Co. Ltd.(a)(c)		16,335		868,484
SK Bioscience Co. Ltd.(a)(c)		12,057		1,009,397
SK Chemicals Co. Ltd.		5,841		423,430
SK Hynix Inc.		285,623		20,081,561
SK IE Technology Co. Ltd.(a)(b)(c)		12,883		792,463
SK Inc.		19,403		3,356,116
SK Innovation Co. Ltd.(a)		28,986		4,080,513
SK Square Co. Ltd.(a)		51,109		1,535,773
SKC Co. Ltd.(c)		11,007		989,089
S-Oil Corp.		23,564		1,787,328
Woori Financial Group Inc.		284,819		2,576,451
Yuhan Corp.		27,792		1,175,349
				368,669,512
Taiwan — 21.4%
Accton Technology Corp.		268,000		2,467,905
Acer Inc.		1,524,000		1,094,570
Advantech Co. Ltd.		226,299		2,414,159
Airtac International Group(a)		75,439		2,022,816
ASE Technology Holding Co. Ltd.		1,722,000		4,790,621
Asia Cement Corp.		1,189,000		1,683,183
ASMedia Technology Inc.		15,000		452,761
Asustek Computer Inc.		378,000		3,145,353
AUO Corp.		4,263,000		2,327,723
Catcher Technology Co. Ltd.(a)		365,000		2,212,553
Cathay Financial Holding Co. Ltd.		4,150,063		6,037,621
Chailease Holding Co. Ltd.		724,035		4,648,817
Chang Hwa Commercial Bank Ltd.		2,388,153		1,379,423
Cheng Shin Rubber Industry Co. Ltd.		952,000		1,102,839
China Airlines Ltd.		1,460,000		1,079,999
China Development Financial Holding Corp.		8,036,920		3,511,274
China Steel Corp.		6,173,000		5,846,239
Chunghwa Telecom Co. Ltd.		1,986,000		7,880,624
Compal Electronics Inc.		2,212,000		1,646,979
CTBC Financial Holding Co. Ltd.		9,156,000		7,013,093
Delta Electronics Inc.		1,022,000		8,750,003

26 2 0 2 2   I S H A R E S   A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments   (continued) August 31, 2022 iShares^® MSCI Emerging Markets ex China ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Taiwan (continued)
E Ink Holdings Inc.		455,000	$	3,538,005
E.Sun Financial Holding Co. Ltd.		6,710,855		6,183,441
Eclat Textile Co. Ltd.		108,000		1,564,211
eMemory Technology Inc.		35,000		1,565,349
Eva Airways Corp.		1,363,000		1,491,625
Evergreen Marine Corp. Taiwan Ltd.		1,341,000		3,842,924
Far Eastern New Century Corp.		1,661,000		1,779,860
Far EasTone Telecommunications Co. Ltd.		840,000		2,060,146
Feng TAY Enterprise Co. Ltd.		246,000		1,380,148
First Financial Holding Co. Ltd.		5,513,466		4,783,365
Formosa Chemicals & Fibre Corp.		1,840,000		4,133,740
Formosa Petrochemical Corp.		599,000		1,641,927
Formosa Plastics Corp.		2,182,000		6,505,838
Fubon Financial Holding Co. Ltd.		3,724,230		6,983,112
Giant Manufacturing Co. Ltd.		169,000		1,320,128
Globalwafers Co. Ltd.		120,000		1,898,504
Hon Hai Precision Industry Co. Ltd.		6,545,200		23,306,010
Hotai Motor Co. Ltd.		159,600		3,198,019
Hua Nan Financial Holdings Co. Ltd.		4,582,078		3,477,856
Innolux Corp.		5,215,000		2,054,149
Inventec Corp.		1,400,000		1,059,897
Largan Precision Co. Ltd.		54,000		3,434,949
Lite-On Technology Corp.		1,070,000		2,302,671
MediaTek Inc.		803,000		17,374,289
Mega Financial Holding Co. Ltd.		5,820,825		6,827,397
Micro-Star International Co. Ltd.		359,000		1,343,962
momo.com Inc.		35,200		834,679
Nan Ya Plastics Corp.		2,495,000		5,604,259
Nan Ya Printed Circuit Board Corp.		125,000		1,090,528
Nanya Technology Corp.		674,000		1,170,596
Nien Made Enterprise Co. Ltd.		97,000		895,769
Novatek Microelectronics Corp.		309,000		2,643,589
Parade Technologies Ltd.		41,000		1,147,739
Pegatron Corp.		1,057,000		2,198,374
Pou Chen Corp.		1,145,000		1,084,649
Powerchip Semiconductor Manufacturing Corp.		1,556,000		1,744,807
President Chain Store Corp.		305,000		2,680,207
Quanta Computer Inc.		1,420,000		3,681,220
Realtek Semiconductor Corp.		244,000		2,741,753
Ruentex Development Co. Ltd.		614,400		1,266,924
Shanghai Commercial & Savings Bank Ltd. (The)		1,870,437		3,044,523
Shin Kong Financial Holding Co. Ltd.		6,706,897		1,926,766
Silergy Corp.		174,000		2,982,967
SinoPac Financial Holdings Co. Ltd.		5,362,401		3,040,011
Synnex Technology International Corp.		702,000		1,279,593
Taishin Financial Holding Co. Ltd.		5,614,981		2,786,865
Taiwan Cement Corp.		3,167,671		4,077,704
Taiwan Cooperative Financial Holding Co. Ltd.		5,109,535		4,614,371
Taiwan High Speed Rail Corp.		1,016,000		971,364
Taiwan Mobile Co. Ltd.		936,000		3,059,447
Taiwan Semiconductor Manufacturing Co. Ltd.		12,934,000		211,726,752
Unimicron Technology Corp.		658,000		3,224,019
Uni-President Enterprises Corp.		2,527,000		5,461,003
United Microelectronics Corp.		6,227,000		8,284,815
Vanguard International Semiconductor Corp.		474,000		1,145,906
Voltronic Power Technology Corp.		35,000		1,975,001
Walsin Lihwa Corp.		1,374,473		1,775,040
Wan Hai Lines Ltd.		380,015		1,071,031
Win Semiconductors Corp.		187,000		1,086,159
Winbond Electronics Corp.		1,590,000		1,145,601

Security	Shares		Value
Taiwan (continued)
Wiwynn Corp.		49,000	$	1,226,642
WPG Holdings Ltd.		865,520		1,455,570
Yageo Corp.		231,000		2,470,595
Yang Ming Marine Transport Corp.		929,000		2,379,887
Yuanta Financial Holding Co. Ltd.		5,176,229		3,435,956
Zhen Ding Technology Holding Ltd.		363,000		1,347,159
				492,339,917
Thailand — 3.0%
Advanced Info Service PCL, NVDR		624,500		3,285,565
Airports of Thailand PCL, NVDR(a)		2,256,200		4,496,048
Asset World Corp. PCL, NVDR		4,203,000		643,736
B Grimm Power PCL, NVDR		475,600		481,778
Bangkok Commercial Asset Management PCL, NVDR(c)		965,700		486,718
Bangkok Dusit Medical Services PCL, NVDR		5,376,700		4,309,158
Bangkok Expressway & Metro PCL, NVDR		3,957,800		948,991
Berli Jucker PCL, NVDR		642,600		590,531
BTS Group Holdings PCL, NVDR(c)		4,085,800		940,522
Bumrungrad Hospital PCL, NVDR		302,000		1,788,218
Carabao Group PCL, NVDR		160,100		442,959
Central Pattana PCL, NVDR		1,075,300		2,039,210
Central Retail Corp. PCL, NVDR		941,100		1,043,171
Charoen Pokphand Foods PCL, NVDR		2,058,400		1,466,621
CP ALL PCL, NVDR		3,067,600		5,170,607
Delta Electronics Thailand PCL, NVDR		165,800		2,375,766
Electricity Generating PCL, NVDR		144,600		725,035
Energy Absolute PCL, NVDR(c)		881,100		2,057,099
Global Power Synergy PCL, NVDR		365,800		680,922
Gulf Energy Development PCL, NVDR		1,541,900		2,163,675
Home Product Center PCL, NVDR		3,085,700		1,175,485
Indorama Ventures PCL, NVDR		875,100		1,036,390
Intouch Holdings PCL, NVDR		584,050		1,163,388
JMT Network Services PCL, NVDR		353,300		754,810
Kasikornbank PCL, NVDR		310,100		1,305,460
Krung Thai Bank PCL, NVDR		1,825,900		844,244
Krungthai Card PCL, NVDR		468,400		772,312
Land & Houses PCL, NVDR		4,364,900		1,064,865
Minor International PCL, NVDR(a)		1,640,800		1,469,332
Muangthai Capital PCL, NVDR(c)		389,100		452,676
Osotspa PCL, NVDR		779,300		667,237
PTT Exploration & Production PCL, NVDR		727,000		3,362,398
PTT Global Chemical PCL, NVDR		1,184,800		1,540,510
PTT Oil & Retail Business PCL, NVDR		1,562,800		1,166,684
PTT Public Company Ltd., NVDR		5,240,100		5,383,796
Ratch Group PCL, NVDR		527,800		636,680
SCB X PCL, NVS(c)		437,000		1,320,988
SCG Packaging PCL, NVDR		677,200		1,051,941
Siam Cement PCL (The), NVDR		412,200		4,043,670
Srisawad Corp. PCL, NVDR(c)		375,800		501,169
Thai Oil PCL, NVDR		594,500		989,123
Thai Union Group PCL, NVDR(c)		1,513,800		725,888
True Corp. PCL, NVDR(c)		5,962,900		745,292
				68,310,668
Turkey — 0.5%
Akbank TAS		1,638,550		1,055,633
Aselsan Elektronik Sanayi Ve Ticaret AS		356,120		509,441
BIM Birlesik Magazalar AS		240,385		1,442,176
Eregli Demir ve Celik Fabrikalari TAS		727,602		1,149,731
Ford Otomotiv Sanayi AS		37,056		673,310
Haci Omer Sabanci Holding AS		530,862		742,960

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   (continued) August 31, 2022 iShares^® MSCI Emerging Markets ex China ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Turkey (continued)
KOC Holding AS		391,604	$	977,013
Turk Hava Yollari AO(a)		287,169		1,151,735
Turkcell Iletisim Hizmetleri AS		640,516		756,898
Turkiye Is Bankasi AS, Class C(c)		1,819,310		788,077
Turkiye Petrol Rafinerileri AS(a)		64,652		1,274,668
Turkiye Sise ve Cam Fabrikalari AS		718,751		979,051
				11,500,693
United Arab Emirates — 1.9%
Abu Dhabi Commercial Bank PJSC		1,445,810		3,566,674
Abu Dhabi Islamic Bank PJSC		761,461		1,831,719
Abu Dhabi National Oil Co. for Distribution PJSC		1,629,641		1,969,087
Aldar Properties PJSC		2,049,509		2,684,083
Dubai Islamic Bank PJSC		1,529,780		2,433,052
Emaar Properties PJSC		2,091,161		3,553,850
Emirates NBD Bank PJSC		987,222		3,581,333
Emirates Telecommunications Group Co. PJSC		1,821,768		12,756,493
First Abu Dhabi Bank PJSC		2,314,011		12,017,704
				44,393,995
Total Common Stocks — 95.9% (Cost: $2,618,987,353)				2,211,185,236
Preferred Stocks
Brazil — 2.1%
Banco Bradesco SA, Preference Shares, NVS		2,790,223		10,168,889
Braskem SA, Class A, Preference Shares, NVS		100,884		590,481
Centrais Eletricas Brasileiras SA, Class B, Preference Shares, NVS		138,540		1,275,578
Cia. Energetica de Minas Gerais, Preference Shares, NVS		731,948		1,702,401
Gerdau SA, Preference Shares, NVS		599,874		2,688,963
Itau Unibanco Holding SA, Preference Shares, NVS		2,545,947		12,630,880
Itausa SA, Preference Shares, NVS		2,416,142		4,249,519
Petroleo Brasileiro SA, Preference Shares, NVS		2,512,173		16,046,346
				49,353,057
Chile — 0.3%
Sociedad Quimica y Minera de Chile SA, Class B, Preference Shares		74,895		7,487,578
Colombia — 0.1%
Bancolombia SA, Preference Shares, NVS		237,470		1,639,610
Russia — 0.0%
Surgutneftegas PJSC, Preference Shares, NVS(d)		3,036,700		498
South Korea — 0.9%
Hyundai Motor Co.
Preference Shares, NVS		12,057		818,176

Security	Shares		Value
South Korea (continued)
Series 2, Preference Shares, NVS		19,121	$	1,326,529
LG Chem Ltd., Preference Shares, NVS		4,049		904,696
LG H&H Co. Ltd., Preference Shares, NVS		963		262,460
Samsung Electronics Co. Ltd., Preference Shares, NVS		429,955		17,392,607
				20,704,468
Total Preferred Stocks — 3.4% (Cost: $84,151,273)				79,185,211
Rights
Thailand — 0.0%
Thai Oil PCL (Expires 09/14/22)(a)		51,920		—
Total Rights — 0.0% (Cost: $—)				—
Total Long-Term Investments — 99.3% (Cost: $2,703,138,626)				2,290,370,447
Short-Term Securities
Money Market Funds — 0.9%
BlackRock Cash Funds: Institutional, SL Agency Shares, 2.42%(e)(f)(g)		16,619,731		16,624,717
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.07%(e)(f)		4,900,000		4,900,000
Total Short-Term Securities — 0.9% (Cost: $21,518,957)				21,524,717
Total Investments in Securities — 100.2% (Cost: $2,724,657,583)				2,311,895,164
Liabilities in Excess of Other Assets — (0.2)%				(4,733,191	)
Net Assets — 100.0%			$	2,307,161,973

^(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.

28 2 0 2 2   I S H A R E S   A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments   (continued) August 31, 2022 iShares^® MSCI Emerging Markets ex China ETF

Affiliates

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

Affiliated Issuer	Value at 08/31/21		Purchases at Cost			Proceeds from Sale		Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 08/31/22		Shares Held at 08/31/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	5,479,242	$	11,148,064	(a)	$	—	$	(8,349	)	$	5,760	$	16,624,717		16,619,731	$	332,808	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		—		4,900,000	(a)		—		—			—		4,900,000		4,900,000		27,178			—
								$	(8,349	)	$	5,760	$	21,524,717			$	359,986		$	—

^(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		322		09/16/22	$	15,809	$	(278,995	)

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:

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	—	$	—	$	278,995	$	—	$	—	$	—	$	278,995

^(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 August 31, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Commodity Contracts		Credit Contracts		Equity Contracts			Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Net Realized Gain (Loss) from
Futures contracts	$	—	$	—	$	(722,288	)	$	—	$	—	$	—	$	(722,288	)
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	(423,675	)	$	—	$	—	$	—	$	(423,675	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts
Average notional value of contracts — long	$	9,149,670

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 29

Schedule of Investments   (continued) August 31, 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	$	273,262,471		$	1,937,915,870	$	6,895	$	2,211,185,236
Preferred Stocks		58,480,245			20,704,468		498		79,185,211
Rights		—			—		—		—
Money Market Funds		21,524,717			—		—		21,524,717
	$	353,267,433		$	1,958,620,338	$	7,393	$	2,311,895,164
Derivative financial instruments(a)
Liabilities
Futures Contracts	$	(278,995	)	$	—	$	—	$	(278,995	)

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

See notes to financial statements.

30 2 0 2 2   I S H A R E S   A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments August 31, 2022 iShares^® MSCI Emerging Markets Min Vol Factor ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Brazil — 0.4%
Klabin SA		2,376,610	$	8,602,100
Raia Drogasil SA		1,294,730		5,415,448
Suzano SA		1,254,541		10,673,148
Vale SA		201,172		2,494,155
				27,184,851
China — 25.9%
360 Security Technology Inc., Class A		7,697,300		8,125,495
Agricultural Bank of China Ltd., Class A		37,083,298		15,285,083
Agricultural Bank of China Ltd., Class H		162,895,000		53,227,836
Alibaba Group Holding Ltd.(a)		783,368		9,346,004
Anhui Conch Cement Co. Ltd., Class H		626,500		2,387,499
Anhui Gujing Distillery Co. Ltd., Class B		2,106,189		32,159,248
ANTA Sports Products Ltd.		1,101,000		13,258,721
Apeloa Pharmaceutical Co. Ltd., Class A		1,246,397		3,246,724
Bank of China Ltd., Class A		37,302,600		16,398,320
Bank of China Ltd., Class H		250,911,000		87,559,937
Bank of Communications Co. Ltd., Class A		25,963,774		17,189,646
Bank of Communications Co. Ltd., Class H		16,176,000		9,216,579
Bank of Ningbo Co. Ltd., Class A		894,765		3,846,657
Bank of Shanghai Co. Ltd., Class A		6,283,584		5,366,435
BeiGene Ltd., ADR(a)(b)		77,559		13,313,778
Beijing Capital International Airport Co. Ltd., Class H(a)		14,196,000		8,910,209
Beijing Tiantan Biological Products Corp. Ltd., Class A		1,703,367		5,461,903
Beijing Yuanliu Hongyuan Electronic Technology Co. Ltd., Class A		215,900		3,694,662
Beijing-Shanghai High Speed Railway Co. Ltd., Class A		37,125,735		24,821,673
BOE Technology Group Co. Ltd., Class A		36,406,300		19,436,279
CanSino Biologics Inc., Class H(b)(c)		354,000		2,209,508
CGN Power Co. Ltd., Class H(c)		88,135,000		20,960,829
Changchun High & New Technology Industry Group Inc., Class A		194,800		4,972,790
Chifeng Jilong Gold Mining Co. Ltd., Class A(a)		1,941,200		5,443,968
China CITIC Bank Corp. Ltd., Class H		27,562,000		11,816,104
China Conch Venture Holdings Ltd.		13,770,000		28,101,630
China Construction Bank Corp., Class A		10,300,584		8,218,086
China Construction Bank Corp., Class H		63,594,000		39,312,722
China Feihe Ltd.(c)		5,607,000		4,640,667
China Gas Holdings Ltd.		2,985,400		4,224,646
China Huishan Dairy Holdings Co. Ltd.(d)		5,944,807		8
China Life Insurance Co. Ltd., Class H		2,318,000		3,323,369
China Meidong Auto Holdings Ltd.		3,118,000		6,340,619
China Mengniu Dairy Co. Ltd.		5,588,000		25,304,013
China Merchants Bank Co. Ltd., Class H		2,949,500		15,084,070
China Minsheng Banking Corp. Ltd., Class A		22,820,554		11,878,961
China Petroleum & Chemical Corp., Class H		16,092,000		7,567,181
China Resources Beer Holdings Co. Ltd.		6,130,000		42,732,336
China Resources Gas Group Ltd.		4,226,100		16,453,921
China Shenhua Energy Co. Ltd., Class H		2,819,500		8,842,716
China Tourism Group Duty Free Corp. Ltd., Class A		821,563		23,166,520
China Tower Corp. Ltd., Class H(c)		347,558,000		43,339,735
China United Network Communications Ltd., Class A		33,690,235		17,281,176
China Yangtze Power Co. Ltd., Class A		25,038,401		86,715,894
China Zhenhua Group Science & Technology Co. Ltd., Class A		241,500		3,907,289
Chongqing Zhifei Biological Products Co. Ltd., Class A		715,000		9,700,960
CSPC Pharmaceutical Group Ltd.		4,660,000		4,727,214
Daan Gene Co. Ltd., Class A		1,642,200		4,197,433
Dali Foods Group Co. Ltd.(c)		7,066,000		3,230,237

Security	Shares		Value
China (continued)
ENN Energy Holdings Ltd.		1,457,400	$	21,172,257
Foshan Haitian Flavouring & Food Co. Ltd., Class A		493,929		5,746,869
Founder Securities Co. Ltd., Class A		8,904,400		8,935,381
Fuyao Glass Industry Group Co. Ltd., Class A		587,603		3,317,356
Gree Electric Appliances Inc. of Zhuhai, Class A		1,386,000		6,382,571
Guangdong Haid Group Co. Ltd., Class A		1,765,026		15,559,525
Guangdong Investment Ltd.		15,166,000		13,894,365
Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class A		1,520,694		5,980,578
Guangzhou Haige Communications Group Inc. Co., Class A		2,492,600		3,143,158
Guangzhou Kingmed Diagnostics Group Co. Ltd., Class A		545,300		5,251,026
Hangzhou Tigermed Consulting Co. Ltd., Class H(c)		344,100		3,406,886
Hansoh Pharmaceutical Group Co. Ltd.(c)		6,200,000		12,369,846
Hengan International Group Co. Ltd.(b)		1,867,500		8,936,940
Huagong Tech Co. Ltd., Class A		1,130,515		3,446,778
Hualan Biological Engineering Inc., Class A		1,305,180		3,715,615
Huaxia Bank Co. Ltd., Class A		9,988,723		7,419,772
Hundsun Technologies Inc., Class A		1,370,012		6,640,547
Iflytek Co. Ltd., Class A		2,495,581		13,478,734
Industrial & Commercial Bank of China Ltd., Class A		4,887,600		3,095,438
Industrial & Commercial Bank of China Ltd., Class H		124,774,000		63,390,540
Industrial Bank Co. Ltd., Class A		2,706,982		6,677,348
Inspur Electronic Information Industry Co. Ltd., Class A		1,566,036		5,234,815
Jiangsu Expressway Co. Ltd., Class H		21,628,000		18,524,502
Jiangsu Hengrui Medicine Co. Ltd., Class A		4,210,153		21,058,694
Joinn Laboratories China Co. Ltd., Class A		522,926		5,873,614
Jointown Pharmaceutical Group Co. Ltd., Class A		2,004,142		3,441,283
Kweichow Moutai Co. Ltd., Class A		55,590		15,453,120
Legend Biotech Corp., ADR(a)(b)		144,827		6,733,008
Lenovo Group Ltd.(b)		9,744,000		8,025,273
LONGi Green Energy Technology Co. Ltd., Class A		403,140		2,966,306
Muyuan Foods Co. Ltd., Class A		637,200		5,383,412
PetroChina Co. Ltd., Class A		5,353,200		4,147,571
Pharmaron Beijing Co. Ltd., Class H(c)		443,050		2,930,636
Ping An Insurance Group Co. of China Ltd., Class H		3,468,500		20,400,480
Postal Savings Bank of China Co. Ltd., Class H(c)		67,477,000		40,281,827
Sangfor Technologies Inc., Class A		247,400		3,443,003
SDIC Power Holdings Co. Ltd., Class A		7,366,982		11,873,853
SF Holding Co. Ltd., Class A		1,244,500		8,867,255
Shandong Gold Mining Co. Ltd., Class A		3,800,248		9,814,516
Shandong Gold Mining Co. Ltd., Class H(b)(c)		9,530,250		16,156,183
Shandong Weigao Group Medical Polymer Co. Ltd., Class H		4,971,600		6,744,318
Shanghai Baosight Software Co. Ltd., Class B		9,062,050		27,445,569
Shanghai Friendess Electronic Technology Corp. Ltd., Class A		105,449		3,134,649
Shanghai International Airport Co. Ltd., Class A(a)		589,500		4,797,634
Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd., Class B		21,466,594		17,883,175
Shanghai M&G Stationery Inc., Class A		613,551		3,935,106
Shanghai Pharmaceuticals Holding Co. Ltd., Class H		5,043,900		7,332,784
Shanghai Pudong Development Bank Co. Ltd., Class A		5,944,868		6,244,061
Shanghai RAAS Blood Products Co. Ltd., Class A		7,291,300		6,153,218
Shanxi Xinghuacun Fen Wine Factory Co. Ltd., Class A		270,700		11,461,379
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A		283,300		12,193,429
Shenzhen Salubris Pharmaceuticals Co. Ltd., Class A		911,961		3,363,723
Shenzhou International Group Holdings Ltd.		1,479,100		15,458,526

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   (continued) August 31, 2022 iShares^® MSCI Emerging Markets Min Vol Factor ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
China (continued)
Sichuan Chuantou Energy Co. Ltd., Class A		3,879,707	$	7,397,423
Sino Biopharmaceutical Ltd.		18,287,000		9,604,618
Sinopec Shanghai Petrochemical Co. Ltd., Class A		6,778,567		3,087,759
Sinopharm Group Co. Ltd., Class H		1,638,800		3,650,907
Songcheng Performance Development Co. Ltd., Class A		2,776,559		5,077,960
TCL Technology Group Corp., Class A		5,204,600		3,113,965
TCL Zhonghuan Renewable Energy Technology Co. Ltd., Class A		1,309,207		9,071,700
Tencent Holdings Ltd.		391,800		16,193,386
Thunder Software Technology Co. Ltd., Class A		200,400		3,543,175
Tianjin 712 Communication & Broadcasting Co. Ltd., Class A		827,861		3,610,883
Tianshui Huatian Technology Co. Ltd., Class A		2,445,600		3,385,100
Tingyi Cayman Islands Holding Corp.		4,226,000		7,504,214
Topchoice Medical Corp., Class A(a)		237,797		3,988,020
TravelSky Technology Ltd., Class H		2,418,000		4,214,291
Walvax Biotechnology Co. Ltd., Class A		931,106		5,858,214
Want Want China Holdings Ltd.		11,777,000		8,295,970
Wuliangye Yibin Co. Ltd., Class A		276,500		6,663,161
WuXi AppTec Co. Ltd., Class H(c)		669,064		7,553,067
Xiaomi Corp., Class B(a)(c)		11,376,000		16,616,452
Yealink Network Technology Corp. Ltd., Class A		325,794		3,362,674
Yonyou Network Technology Co. Ltd., Class A		1,192,500		3,449,033
Yum China Holdings Inc.(b)		920,727		46,137,630
Yunnan Baiyao Group Co. Ltd., Class A		418,738		3,166,791
Zhejiang Dahua Technology Co. Ltd., Class A		1,646,500		3,495,663
Zhejiang Jiuzhou Pharmaceutical Co. Ltd., Class A		970,263		5,751,298
Zhejiang Supor Co. Ltd., Class A		387,685		2,566,275
Zhongsheng Group Holdings Ltd.		1,826,500		8,636,364
ZTE Corp., Class A		4,199,220		14,824,082
ZTO Express Cayman Inc., ADR		309,732		8,068,519
				1,602,554,336
Czech Republic — 0.2%
CEZ AS		329,378		13,343,772
Egypt — 0.2%
Commercial International Bank Egypt SAE		5,431,373		10,756,983
Greece — 0.6%
Hellenic Telecommunications Organization SA		2,209,242		35,146,502
Hungary — 0.5%
Richter Gedeon Nyrt		1,391,580		28,057,191
India — 13.8%
ACC Ltd.		526,655		15,090,978
Adani Green Energy Ltd.(a)		161,320		4,874,419
Apollo Hospitals Enterprise Ltd.		100,630		5,406,687
Asian Paints Ltd.		1,203,778		50,677,634
Bajaj Auto Ltd.		356,570		18,161,486
Bharti Airtel Ltd.		2,399,528		21,735,986
Britannia Industries Ltd.		469,198		21,954,415
Cipla Ltd.		2,540,971		32,926,742
Colgate-Palmolive India Ltd.		231,108		4,852,559
Dabur India Ltd.		5,082,908		37,061,078
Divi’s Laboratories Ltd.		353,016		15,938,235
Dr. Reddy’s Laboratories Ltd.		532,615		28,146,721
Eicher Motors Ltd.		137,524		5,739,597
HCL Technologies Ltd.		4,688,026		54,530,349
Hindustan Unilever Ltd.		1,717,059		56,844,889
Housing Development Finance Corp. Ltd.		114,368		3,462,538

Security	Shares		Value
India (continued)
Infosys Ltd.		4,001,452	$	73,751,123
Lupin Ltd.		1,369,434		11,443,596
Marico Ltd.		4,997,885		32,810,421
Maruti Suzuki India Ltd.		37,588		4,239,829
Mindtree Ltd.		87,557		3,562,690
Mphasis Ltd.		201,577		5,302,980
MRF Ltd.		27,909		29,748,791
Nestle India Ltd.		82,783		20,611,218
Page Industries Ltd.		45,113		28,742,258
Pidilite Industries Ltd.		1,508,170		51,482,137
Reliance Industries Ltd.		733,578		24,032,048
Sun Pharmaceutical Industries Ltd.		2,523,890		28,167,156
Tata Consultancy Services Ltd.		1,783,458		71,127,132
Tech Mahindra Ltd.		2,054,414		27,372,042
Titan Co. Ltd.		844,770		27,374,174
UltraTech Cement Ltd.		44,930		3,735,250
Wipro Ltd.		6,177,988		31,632,420
				852,539,578
Indonesia — 0.1%
Bank Jago Tbk PT(a)		5,461,600		3,094,765
Kuwait — 2.6%
Agility Public Warehousing Co. KSC		2,351,394		6,414,959
Kuwait Finance House KSCP		9,270,573		27,060,623
Mobile Telecommunications Co. KSCP		28,138,391		55,241,037
National Bank of Kuwait SAKP		20,256,307		69,293,009
				158,009,628
Malaysia — 4.7%
DiGi.Com Bhd		20,879,000		17,426,256
Genting Malaysia Bhd		4,644,700		3,083,034
Hong Leong Bank Bhd		6,335,500		29,488,826
IHH Healthcare Bhd		27,387,600		37,799,679
IOI Corp. Bhd		4,014,800		3,794,571
Malayan Banking Bhd		29,576,400		59,167,510
Malaysia Airports Holdings Bhd(a)		2,389,500		3,122,384
Maxis Bhd		11,608,400		9,950,958
MISC Bhd(b)		3,339,600		5,284,052
MR DIY Group M Bhd(c)		15,572,950		7,517,815
Nestle Malaysia Bhd		1,317,200		39,085,761
Petronas Chemicals Group Bhd		6,162,600		12,087,748
Petronas Dagangan Bhd		2,058,000		10,806,167
PPB Group Bhd		4,852,200		19,081,381
Public Bank Bhd		6,211,600		6,522,428
Telekom Malaysia Bhd		5,305,800		7,053,405
Tenaga Nasional Bhd		8,154,200		16,379,457
Top Glove Corp. Bhd(b)		9,545,700		1,709,112
				289,360,544
Mexico — 0.5%
Wal-Mart de Mexico SAB de CV(b)		10,292,300		33,635,869
Peru — 0.5%
Cia. de Minas Buenaventura SAA, ADR		1,851,127		9,847,996
Credicorp Ltd.		180,780		23,300,734
				33,148,730
Philippines — 1.4%
ACEN Corp.		25,378,500		3,379,695
Bank of the Philippine Islands		13,261,058		22,389,820
BDO Unibank Inc.		5,087,883		11,634,191
Globe Telecom Inc.		195,025		7,276,680
International Container Terminal Services Inc.		6,416,640		20,665,827

32 2 0 2 2   I S H A R E S   A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments   (continued) August 31, 2022 iShares^® MSCI Emerging Markets Min Vol Factor ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Philippines (continued)
Manila Electric Co.		2,442,310	$	13,080,165
PLDT Inc.		108,250		3,226,682
SM Investments Corp.		225,985		3,335,752
				84,988,812
Poland — 0.2%
Dino Polska SA(a)(c)		171,511		12,512,335
Qatar — 3.3%
Masraf Al Rayan QSC		53,709,840		65,875,899
Ooredoo QPSC		3,737,921		9,220,784
Qatar Electricity & Water Co. QSC		5,095,040		26,161,418
Qatar Fuel QSC		1,666,797		8,608,287
Qatar Islamic Bank SAQ		6,154,918		42,756,893
Qatar National Bank QPSC		9,301,059		52,073,556
				204,696,837
Russia — 0.0%
Polymetal International PLC(d)		244,417		40
Polyus PJSC(d)		95,932		16
Rosneft Oil Co. PJSC(d)		759,070		124
Yandex NV(a)(d)		49,681		8
				188
Saudi Arabia — 9.8%
Advanced Petrochemical Co.		868,544		11,522,603
Al Rajhi Bank		3,873,816		92,738,323
Alinma Bank		4,206,165		42,376,109
Bank AlBilad(a)		527,742		7,090,729
Bank Al-Jazira		1,620,877		10,120,850
Bupa Arabia for Cooperative Insurance Co.		157,583		6,891,898
Dar Al Arkan Real Estate Development Co.(a)		10,320,537		38,694,592
Dr Sulaiman Al Habib Medical Services Group Co.		176,042		9,353,520
Emaar Economic City(a)		7,806,491		20,918,256
Etihad Etisalat Co.		5,214,463		50,718,607
Jarir Marketing Co.		1,146,726		52,356,866
Mobile Telecommunications Co.(a)		8,517,606		26,172,061
SABIC Agri-Nutrients Co.		1,043,285		48,162,084
Saudi Arabian Oil Co.(c)		2,280,398		22,715,007
Saudi Basic Industries Corp.		1,706,612		45,336,549
Saudi Electricity Co.		4,447,876		29,773,472
Saudi Telecom Co.		7,424,031		82,425,372
Yanbu National Petrochemical Co.		735,247		9,770,199
				607,137,097
South Korea — 5.9%
Amorepacific Corp.		26,771		2,439,936
Celltrion Healthcare Co. Ltd.		75,881		4,060,707
Celltrion Inc.		52,352		7,368,935
CJ Logistics Corp.(a)		79,356		6,994,597
Coway Co. Ltd.(b)		160,469		7,613,358
Hanon Systems		853,859		6,529,628
HLB Inc.(a)		124,811		4,556,768
HMM Co. Ltd.(b)		906,801		14,944,175
Hotel Shilla Co. Ltd.(b)		484,957		26,565,521
Kakao Corp.		169,091		9,182,259
Kangwon Land Inc.(a)		208,394		4,108,807
Kia Corp.		50,829		3,046,580
KT&G Corp.		571,703		35,512,728
LG Electronics Inc.		51,880		3,882,181
LG H&H Co. Ltd.		6,083		3,221,198
LG Uplus Corp.		594,370		5,090,176
NAVER Corp.		211,317		37,497,480
NCSoft Corp.		31,026		8,718,686

Security	Shares		Value
South Korea (continued)
Netmarble Corp.(c)		86,394	$	4,073,177
Orion Corp./Republic of Korea(b)		54,862		4,018,890
Pan Ocean Co. Ltd.		931,604		3,564,655
S-1 Corp.		302,639		13,140,551
Samsung Biologics Co. Ltd.(a)(c)		50,136		31,182,538
Samsung Electronics Co. Ltd.		1,142,300		50,604,739
Samsung SDS Co. Ltd.		174,795		16,682,181
Seegene Inc.(b)		353,228		8,275,401
SK Bioscience Co. Ltd.(a)(b)		33,598		2,812,783
SK Hynix Inc.		278,016		19,546,729
Yuhan Corp.		491,474		20,784,884
				366,020,248
Taiwan — 18.3%
Accton Technology Corp.		896,000		8,250,907
Advantech Co. Ltd.		5,028,855		53,647,851
Asustek Computer Inc.		4,725,000		39,316,907
Cathay Financial Holding Co. Ltd.		6,216,034		9,043,249
China Steel Corp.		13,809,000		13,078,036
Chunghwa Telecom Co. Ltd.		23,087,000		91,611,257
Compal Electronics Inc.		47,460,000		35,337,072
Delta Electronics Inc.		777,000		6,652,400
E.Sun Financial Holding Co. Ltd.		38,704,071		35,662,270
Evergreen Marine Corp. Taiwan Ltd.		2,534,000		7,261,723
Far EasTone Telecommunications Co. Ltd.		28,667,000		70,307,403
First Financial Holding Co. Ltd.		113,635,796		98,587,979
Formosa Petrochemical Corp.		4,373,000		11,986,886
Formosa Plastics Corp.		4,252,840		12,680,243
Hon Hai Precision Industry Co. Ltd.		4,384,000		15,610,455
Hua Nan Financial Holdings Co. Ltd.		108,980,906		82,717,913
Inventec Corp.		11,720,000		8,872,854
Lite-On Technology Corp.		14,505,752		31,216,800
Mega Financial Holding Co. Ltd.		23,114,150		27,111,187
Novatek Microelectronics Corp.		1,516,000		12,969,839
Pou Chen Corp.		5,778,000		5,473,452
President Chain Store Corp.		10,213,000		89,747,399
Quanta Computer Inc.		4,883,000		12,658,731
Realtek Semiconductor Corp.		209,000		2,348,469
Synnex Technology International Corp.		18,838,000		34,337,572
Taiwan Cooperative Financial Holding Co. Ltd.		110,262,509		99,576,980
Taiwan High Speed Rail Corp.		13,276,000		12,692,742
Taiwan Mobile Co. Ltd.		26,614,000		86,991,597
Taiwan Semiconductor Manufacturing Co. Ltd.		4,976,000		81,456,032
Uni-President Enterprises Corp.		5,310,000		11,475,238
United Microelectronics Corp.		2,356,000		3,134,579
WPG Holdings Ltd.		10,847,440		18,242,450
				1,130,058,472
Thailand — 5.6%
Advanced Info Service PCL, NVDR		13,488,000		70,961,896
Airports of Thailand PCL, NVDR(a)		31,719,500		63,209,110
Bangkok Dusit Medical Services PCL, NVDR		65,734,300		52,682,781
Bangkok Expressway & Metro PCL, NVDR		13,021,100		3,122,166
Bumrungrad Hospital PCL, NVDR		4,781,800		28,314,245
CP ALL PCL, NVDR		26,397,400		44,494,258
Home Product Center PCL, NVDR		46,263,900		17,624,046
Intouch Holdings PCL, NVDR		14,961,400		29,802,097
Osotspa PCL, NVDR		7,370,000		6,310,199
PTT Oil & Retail Business PCL, NVDR		23,683,200		17,680,326
Siam Cement PCL (The), NVDR		805,500		7,901,932

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   (continued) August 31, 2022 iShares^® MSCI Emerging Markets Min Vol Factor ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Thailand (continued)
Thai Union Group PCL, NVDR(b)		6,630,700	$	3,179,511
				345,282,567
Turkey — 0.4%
BIM Birlesik Magazalar AS		4,042,490		24,252,694
United Arab Emirates — 4.0%
Abu Dhabi National Oil Co. for Distribution PJSC		60,944,212		73,638,581
Aldar Properties PJSC		34,471,570		45,144,740
Dubai Islamic Bank PJSC		10,200,467		16,223,425
Emirates Telecommunications Group Co. PJSC		11,152,999		78,096,195
First Abu Dhabi Bank PJSC		6,858,188		35,617,667
				248,720,608
Total Common Stocks — 98.9% (Cost: $6,288,843,743)				6,110,502,607
Preferred Stocks
Russia — 0.0%
Surgutneftegas PJSC, Preference Shares, NVS(d)		40,815,200		6,691
South Korea — 0.7%
LG H&H Co. Ltd., Preference Shares, NVS		31,553		8,599,586
Samsung Electronics Co. Ltd., Preference Shares, NVS		836,290		33,829,734
				42,429,320
Total Preferred Stocks — 0.7% (Cost: $80,433,688)				42,436,011
Rights
China — 0.0%
Kangmei Pharmaceutical Co. Ltd. (Expires 12/31/49)(a)		167,567		—
Total Rights — 0.0% (Cost: $—)				—
Total Long-Term Investments — 99.6% (Cost: $6,369,277,431)				6,152,938,618

Security	Shares		Value
Short-Term Securities
Money Market Funds — 1.5%
BlackRock Cash Funds: Institutional, SL Agency Shares, 2.42%(e)(f)(g)		78,648,924	$	78,672,519
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.07%(e)(f)		13,620,000		13,620,000
Total Short-Term Securities — 1.5% (Cost: $92,252,764)				92,292,519
Total Investments in Securities — 101.1% (Cost: $6,461,530,195)				6,245,231,137
Liabilities in Excess of Other Assets — (1.1)%				(68,087,583	)
Net Assets — 100.0%			$	6,177,143,554

^(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 year ended August 31, 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 Sale		Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 08/31/22		Shares Held at 08/31/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	15,776,157	$	62,888,197	(a)	$	—	$	(17,371	)	$	25,536	$	78,672,519		78,648,924	$	415,361	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		7,590,000		6,030,000	(a)		—		—			—		13,620,000		13,620,000		30,576			—
								$	(17,371	)	$	25,536	$	92,292,519			$	445,937		$	—

^(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.

34 2 0 2 2   I S H A R E S   A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments   (continued) August 31, 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		357		09/16/22	$	17,527	$	(88,844	)
U.S. 2 Year Treasury Note		15		12/30/22		3,124		(8,539	)
							$	(97,383	)

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:

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	—	$	—	$	88,844	$	—	$	8,539	$	—	$	97,383

^(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 August 31, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

		Commodity Contracts		Credit Contracts		Equity Contracts			Foreign Currency Exchange Contracts		Interest Rate Contracts			Other Contracts		Total
Net Realized Gain (Loss) from
Futures contracts	$	—	$	—	$	95,092		$	—	$	(90,878	)	$	—	$	4,214
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	(347,441	)	$	—	$	(9,869	)	$	—	$	(357,310	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts
Average notional value of contracts — long	$	20,243,747

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 35

Schedule of Investments   (continued) August 31, 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	$	347,262,543		$	5,763,239,868	$	196	$	6,110,502,607
Preferred Stocks		—			42,429,320		6,691		42,436,011
Rights		—			—		—		—
Money Market Funds		92,292,519			—		—		92,292,519
	$	439,555,062		$	5,805,669,188	$	6,887	$	6,245,231,137
Derivative financial instruments(a)
Liabilities
Futures Contracts	$	(97,383	)	$	—	$	—	$	(97,383	)

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

See notes to financial statements.

36 2 0 2 2   I S H A R E S   A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments August 31, 2022 iShares^® MSCI Emerging Markets Multifactor ETF     (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Brazil — 1.8%
BB Seguridade Participacoes SA		1,073,644	$	5,836,278
Petroleo Brasileiro SA		400,685		2,862,806
Telefonica Brasil SA		655,577		5,184,230
Tim SA		649,771		1,477,547
				15,360,861
Chile — 0.2%
Cencosud SA		1,084,421		1,516,072
Cia. Cervecerias Unidas SA		99,179		538,980
				2,055,052
China — 36.8%
360 DigiTech Inc.(a)		78,676		1,257,242
3SBio Inc.(b)		1,122,000		745,971
Alibaba Group Holding Ltd.(c)		104,448		1,246,121
Autohome Inc., ADR		57,768		2,057,118
AviChina Industry & Technology Co. Ltd., Class H		519,000		252,615
Bank of Communications Co. Ltd., Class H		11,325,000		6,452,631
Baoshan Iron & Steel Co. Ltd., Class A		1,734,200		1,334,540
Beijing Enterprises Holdings Ltd.		387,000		1,151,102
Beijing Enterprises Water Group Ltd.		3,110,000		798,895
Beijing Tongrentang Co. Ltd., Class A		126,200		854,122
BOC Aviation Ltd.(b)		159,700		1,278,316
Bosideng International Holdings Ltd.		2,504,000		1,405,973
BYD Electronic International Co. Ltd.(a)		518,500		1,369,944
China Cinda Asset Management Co. Ltd., Class H		10,840,000		1,488,579
China CITIC Bank Corp. Ltd., Class H		10,946,000		4,692,659
China Coal Energy Co. Ltd., Class H		2,507,000		2,229,392
China Communications Services Corp. Ltd., Class H		1,834,000		787,513
China Construction Bank Corp., Class H		32,661,000		20,190,471
China Everbright Bank Co. Ltd., Class H		3,885,000		1,190,995
China Hongqiao Group Ltd.		3,548,500		3,440,845
China Lesso Group Holdings Ltd.		833,000		990,105
China Longyuan Power Group Corp. Ltd., Class H		4,092,000		6,609,253
China Medical System Holdings Ltd.		1,036,000		1,533,259
China Meheco Co. Ltd., Class A		80,300		148,452
China Meidong Auto Holdings Ltd.		440,000		894,763
China Merchants Port Holdings Co. Ltd.		1,016,000		1,525,288
China National Building Material Co. Ltd., Class H		5,004,000		4,725,125
China Power International Development Ltd.		4,154,000		2,318,982
China Railway Group Ltd., Class H		4,896,000		2,802,926
China Resources Cement Holdings Ltd.		1,874,000		1,155,151
China Resources Power Holdings Co. Ltd.		2,952,000		5,869,578
China Resources Sanjiu Medical & Pharmaceutical Co. Ltd., Class A		45,400		258,849
China Shenhua Energy Co. Ltd., Class H		4,137,000		12,974,753
China State Construction International Holdings Ltd.		1,546,000		1,785,091
China Taiping Insurance Holdings Co. Ltd.		1,102,400		1,125,523
China Tower Corp. Ltd., Class H(b)		67,994,000		8,478,705
China Traditional Chinese Medicine Holdings Co. Ltd.		2,124,000		915,940
Chinasoft International Ltd.		2,118,000		1,655,639
COSCO SHIPPING Holdings Co. Ltd., Class H		4,077,000		6,086,391
COSCO SHIPPING Ports Ltd.		1,428,000		924,026
Dali Foods Group Co. Ltd.(b)		3,150,500		1,440,258
Daqo New Energy Corp., ADR(c)		45,711		3,047,552
Dongfeng Motor Group Co. Ltd., Class H		4,380,000		2,777,130
Dongyue Group Ltd.		1,123,000		1,260,391
Far East Horizon Ltd.		1,158,000		877,247
Fosun International Ltd.		3,217,500		2,374,939
Fuyao Glass Industry Group Co. Ltd., Class H(b)		930,800		4,447,233

Security	Shares		Value
China (continued)
G-Bits Network Technology Xiamen Co. Ltd., Class A		3,300	$	136,324
Geely Automobile Holdings Ltd.		1,335,000		2,704,461
GF Securities Co. Ltd., Class H		1,349,800		1,763,253
Greentown Service Group Co. Ltd.		374,000		270,198
Haitian International Holdings Ltd.		490,000		1,200,478
Hengan International Group Co. Ltd.		490,000		2,344,900
Hesteel Co. Ltd., Class A		488,600		170,832
Hopson Development Holdings Ltd.(a)		600,975		826,332
Huadong Medicine Co. Ltd., Class A		161,000		982,898
Huaxin Cement Co. Ltd., Class A		73,200		183,561
Huayu Automotive Systems Co. Ltd., Class A		290,100		784,099
Huizhou Desay Sv Automotive Co. Ltd., Class A		51,100		1,131,857
Hunan Valin Steel Co. Ltd., Class A		317,920		204,390
Inner Mongolia ERDOS Resources Co. Ltd.		54,140		137,869
Inner Mongolia Junzheng Energy & Chemical Industry
Group Co. Ltd., Class A		619,000		388,916
Inner Mongolia Yitai Coal Co. Ltd., Class B		814,700		1,371,099
Inner Mongolia Yuan Xing Energy Co. Ltd., Class A		166,600		204,145
Jiangsu Expressway Co. Ltd., Class H		1,500,000		1,284,758
Jiangsu Zhongtian Technology Co. Ltd., Class A		314,100		1,012,214
Jiangxi Copper Co. Ltd., Class H		1,356,000		1,665,403
Jizhong Energy Resources Co. Ltd.		162,600		161,011
JOYY Inc., ADR		35,572		1,078,543
Kingboard Holdings Ltd.		510,000		1,610,426
Kingboard Laminates Holdings Ltd.		718,000		684,909
Kunlun Energy Co. Ltd.		5,976,000		5,203,463
Lenovo Group Ltd.(a)		10,738,000		8,843,944
Li Ning Co. Ltd.		1,941,500		17,683,778
Lufax Holding Ltd., ADR		1,051,779		4,596,274
Luxi Chemical Group Co. Ltd., Class A		87,600		174,177
Metallurgical Corp. of China Ltd., Class A		1,316,300		609,781
Minth Group Ltd.		580,000		1,641,211
MMG Ltd.(c)		2,320,000		634,660
New Oriental Education & Technology Group Inc.(c)		1,166,500		3,492,648
Nine Dragons Paper Holdings Ltd.		1,259,000		987,900
Ningbo Deye Technology Co. Ltd., NVS		9,200		490,067
Ningbo Tuopu Group Co. Ltd., Class A		101,400		1,160,577
North Industries Group Red Arrow Co. Ltd., Class A		64,100		282,471
Northeast Securities Co. Ltd., Class A		126,200		130,733
Orient Overseas International Ltd.		202,500		5,644,677
Pangang Group Vanadium Titanium & Resources Co. Ltd., Class A(c)		395,901		327,477
PetroChina Co. Ltd., Class H		12,908,000		6,002,445
PICC Property & Casualty Co. Ltd., Class H		10,581,000		11,444,731
Sailun Group Co. Ltd., Class A		141,000		231,247
Sany Heavy Equipment International Holdings Co. Ltd.		849,000		879,449
Shaanxi Coal Industry Co. Ltd., Class A		711,900		2,267,362
Shan Xi Hua Yang Group New Energy Co. Ltd.		110,700		299,687
Shandong Buchang Pharmaceuticals Co. Ltd., Class A		61,429		159,468
Shandong Weigao Group Medical Polymer Co. Ltd., Class H		1,907,600		2,587,791
Shanghai International Port Group Co. Ltd., Class A		676,500		528,391
Shanghai Pharmaceuticals Holding Co. Ltd., Class H		960,800		1,396,804
Shanxi Coking Coal Energy Group Co. Ltd., Class A		188,500		348,820
Shanxi Lu’an Environmental Energy Development Co. Ltd., Class A		137,600		315,419
Shanxi Taigang Stainless Steel Co. Ltd., Class A		262,100		185,630
Shenzhen International Holdings Ltd.		956,000		824,079
Shijiazhuang Yiling Pharmaceutical Co. Ltd., Class A		76,860		237,584
Sichuan Hebang Biotechnology Co. Ltd., Class A		406,400		220,981
Sichuan Kelun Pharmaceutical Co. Ltd., Class A		65,600		203,899

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   (continued) August 31, 2022 iShares^® MSCI Emerging Markets Multifactor ETF     (Percentages shown are based on Net Assets)

Security	Shares		Value
China (continued)
Sinopharm Group Co. Ltd., Class H		2,058,000	$	4,584,798
Sinotrans Ltd., Class A		235,000		127,886
Sinotruk Hong Kong Ltd.		529,500		527,929
Tencent Holdings Ltd.		277,000		11,448,617
Tingyi Cayman Islands Holding Corp.		2,416,000		4,290,152
Tongcheng Travel Holdings Ltd.(c)		935,600		1,916,259
Topsports International Holdings Ltd.(b)		1,427,000		1,126,324
TravelSky Technology Ltd., Class H		715,000		1,246,161
Uni-President China Holdings Ltd.		994,000		855,782
Vinda International Holdings Ltd.(a)		277,000		774,670
Vipshop Holdings Ltd., ADR(a)(c)		332,606		3,861,556
Want Want China Holdings Ltd.		5,865,000		4,131,431
Westone Information Industry Inc., Class A		38,900		188,198
Wharf Holdings Ltd. (The)		1,580,000		5,950,220
Wuchan Zhongda Group Co. Ltd., Class A		239,100		158,775
Xiamen Faratronic Co. Ltd.		10,400		266,594
Xinjiang Zhongtai Chemical Co. Ltd., Class A		138,800		148,041
Xtep International Holdings Ltd.		1,008,500		1,399,480
Yadea Group Holdings Ltd.(b)		940,000		1,792,953
Yankuang Energy Group Co. Ltd., Class H		1,862,000		7,370,558
YongXing Special Materials Technology Co. Ltd., Class A		18,500		357,553
Youngor Group Co. Ltd., Class A		213,000		196,958
Yuexiu Property Co. Ltd.		1,069,400		1,337,576
Yum China Holdings Inc.		155,119		7,773,013
Zangge Mining Co. Ltd.		145,400		658,852
Zhejiang Expressway Co. Ltd., Class H		1,044,000		795,434
Zhejiang Juhua Co. Ltd., Class A		124,200		282,293
Zhejiang Semir Garment Co. Ltd., Class A		144,700		108,514
Zhejiang Weixing New Building Materials Co. Ltd., Class A		73,300		220,878
Zhongsheng Group Holdings Ltd.		704,000		3,328,771
Zhuzhou CRRC Times Electric Co. Ltd., NVS		53,400		477,604
Zhuzhou CRRC Times Electric Co. Ltd.		671,600		3,247,523
Zhuzhou Kibing Group Co. Ltd., Class A		123,600		201,618
				306,721,065
Egypt — 0.0%
Eastern Co. SAE		776,475		393,382
Greece — 0.2%
JUMBO SA		88,691		1,267,905
Hungary — 0.5%
MOL Hungarian Oil & Gas PLC		293,363		2,021,374
Richter Gedeon Nyrt		103,531		2,087,404
				4,108,778
India — 19.4%
ACC Ltd.		57,605		1,650,636
Adani Enterprises Ltd.		355,322		14,100,509
Adani Power Ltd.(c)		18,070		92,277
Adani Total Gas Ltd.		421,716		19,667,758
Ambuja Cements Ltd.		456,831		2,342,555
Aurobindo Pharma Ltd.		202,207		1,376,671
Balkrishna Industries Ltd.		59,301		1,506,428
Bharat Electronics Ltd.		934,298		3,569,936
Cipla Ltd.		592,914		7,683,176
Colgate-Palmolive India Ltd.		93,862		1,970,814
Container Corp. of India Ltd.		210,269		1,823,975
Dr. Reddy’s Laboratories Ltd.		142,688		7,540,530
GAIL India Ltd.		2,383,700		4,049,019
HCL Technologies Ltd.		1,329,528		15,464,852
Hero MotoCorp Ltd.		84,281		2,968,814

Security	Shares		Value
India (continued)
Hindalco Industries Ltd.		1,742,407	$	9,450,118
ITC Ltd.		207,635		829,768
Jubilant Foodworks Ltd.		303,617		2,312,723
Larsen & Toubro Infotech Ltd.(b)		40,332		2,307,932
Marico Ltd.		396,134		2,600,565
Mindtree Ltd.		44,245		1,800,327
Mphasis Ltd.		64,856		1,706,197
MRF Ltd.		1,464		1,560,508
NTPC Ltd.		3,937,524		8,071,365
Oil & Natural Gas Corp. Ltd.		2,455,364		4,250,514
Page Industries Ltd.		4,705		2,997,635
Shriram Transport Finance Co. Ltd.		145,231		2,437,602
SRF Ltd.		113,661		3,586,892
Sun Pharmaceutical Industries Ltd.		587,524		6,556,894
Tata Elxsi Ltd.		26,267		2,929,924
Tata Steel Ltd.		6,763,691		9,080,947
Tech Mahindra Ltd.		753,070		10,033,549
Vedanta Ltd.		957,504		3,208,988
				161,530,398
Indonesia — 2.1%
Adaro Energy Indonesia Tbk PT		11,038,400		2,631,518
Astra International Tbk PT		7,485,500		3,512,339
Gudang Garam Tbk PT		368,900		589,904
Indah Kiat Pulp & Paper Tbk PT		2,097,800		1,175,079
Indofood Sukses Makmur Tbk PT		3,397,000		1,425,094
Sumber Alfaria Trijaya Tbk PT		12,737,900		1,869,440
Unilever Indonesia Tbk PT		11,702,700		3,619,026
United Tractors Tbk PT		1,287,300		2,931,268
				17,753,668
Kuwait — 0.8%
Mabanee Co. KPSC		476,117		1,279,610
Mobile Telecommunications Co. KSCP		2,649,984		5,202,425
				6,482,035
Malaysia — 0.1%
Sime Darby Bhd		2,089,000		1,064,344
Mexico — 0.8%
Grupo Carso SAB de CV, Series A1		690,800		2,377,245
Grupo Financiero Inbursa SAB de CV, Class O(a)(c)		1,025,700		1,615,949
Grupo Televisa SAB, CPO		1,843,300		2,323,053
				6,316,247
Poland — 1.1%
Cyfrowy Polsat SA		205,359		846,958
KGHM Polska Miedz SA		180,923		3,390,386
Orange Polska SA		524,551		668,462
PGE Polska Grupa Energetyczna SA(c)		688,271		1,049,170
Polskie Gornictwo Naftowe i Gazownictwo SA(c)		2,658,795		3,162,269
				9,117,245
Qatar — 0.3%
Barwa Real Estate Co.		1,163,202		1,162,196
Qatar Electricity & Water Co. QSC		323,189		1,659,473
				2,821,669
Russia — 0.0%
Inter RAO UES PJSC(d)		41,455,000		6,796
PhosAgro PJSC(d)		51,000		9
PhosAgro PJSC, New(d)		986		10
TCS Group Holding PLC, GDR(c)(d)		135,475		22
United Co. RUSAL International PJSC(c)(d)		3,441,260		564
				7,401

38 2 0 2 2   I S H A R E S   A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments   (continued) August 31, 2022 iShares^® MSCI Emerging Markets Multifactor ETF     (Percentages shown are based on Net Assets)

Security	Shares		Value
Saudi Arabia — 8.1%
Advanced Petrochemical Co.		97,702	$	1,296,171
Arab National Bank		920,267		7,336,034
Bank AlBilad(c)		375,776		5,048,917
Banque Saudi Fransi		763,263		10,072,427
Bupa Arabia for Cooperative Insurance Co.		46,013		2,012,380
Dr Sulaiman Al Habib Medical Services Group Co.		112,911		5,999,224
Elm Co.		18,405		1,684,310
Jarir Marketing Co.		45,093		2,058,842
Mouwasat Medical Services Co.		37,578		2,408,381
Reinet Investments SCA		105,186		1,726,392
Riyad Bank		1,744,601		16,429,139
SABIC Agri-Nutrients Co.		40,944		1,890,134
Saudi Industrial Investment Group		283,635		1,923,672
Saudi Research & Media Group(c)		27,608		1,547,544
Saudi Tadawul Group Holding Co.		27,608		1,667,825
Yanbu National Petrochemical Co.		309,138		4,107,925
				67,209,317
South Africa — 1.8%
Aspen Pharmacare Holdings Ltd.		292,218		2,507,755
Exxaro Resources Ltd.		187,515		2,388,986
Kumba Iron Ore Ltd.		98,802		2,187,407
Mr. Price Group Ltd.		196,969		2,133,727
Nedbank Group Ltd.		353,038		4,167,072
Pepkor Holdings Ltd.(b)		1,275,928		1,498,002
				14,882,949
South Korea — 12.8%
AMOREPACIFIC Group		22,133		572,940
BGF retail Co. Ltd.		5,965		714,480
Coway Co. Ltd.		42,447		2,013,873
DB Insurance Co. Ltd.		35,292		1,571,686
Doosan Bobcat Inc.		38,440		988,305
E-MART Inc.		16,033		1,163,966
F&F Co. Ltd./New		13,220		1,394,902
GS Holdings Corp.		35,628		1,223,181
Hana Financial Group Inc.		196,464		5,726,267
Hankook Tire & Technology Co. Ltd.		56,999		1,606,905
Hyundai Engineering & Construction Co. Ltd.		59,778		2,137,532
Hyundai Glovis Co. Ltd.		14,379		1,884,037
Hyundai Mobis Co. Ltd.		94,285		15,035,935
Kia Corp.		393,347		23,576,365
Kumho Petrochemical Co. Ltd.		13,940		1,344,610
LG Innotek Co. Ltd.		10,890		2,772,136
LG Uplus Corp.		164,068		1,405,076
Meritz Financial Group Inc.		25,125		575,871
Meritz Fire & Marine Insurance Co. Ltd.		27,752		792,332
POSCO Holdings Inc.		86,559		16,373,949
S-1 Corp.		13,114		569,408
Samsung Electro-Mechanics Co. Ltd.		85,923		8,993,473
Samsung Electronics Co. Ltd.		294,181		13,032,437
SD Biosensor Inc.		27,719		724,702
				106,194,368
Taiwan — 9.6%
AUO Corp.		5,263,000		2,873,752
Cheng Shin Rubber Industry Co. Ltd.		1,367,000		1,592,120
Compal Electronics Inc.		3,204,000		2,385,587
E Ink Holdings Inc.		655,000		5,093,173
eMemory Technology Inc.		49,000		2,191,488
Innolux Corp.		5,229,000		2,059,664
Lite-On Technology Corp.		1,526,718		3,285,542

Security	Shares		Value
Taiwan (continued)
momo.com Inc.		49,800	$	1,180,881
Nanya Technology Corp.		950,000		1,649,950
Nien Made Enterprise Co. Ltd.		134,000		1,237,454
Pegatron Corp.		1,529,000		3,180,051
Pou Chen Corp.		1,695,000		1,605,659
Synnex Technology International Corp.		1,023,000		1,864,706
Taiwan Semiconductor Manufacturing Co. Ltd.		1,937,000		31,708,267
United Microelectronics Corp.		10,205,000		13,577,411
Voltronic Power Technology Corp.		12,000		684,025
Wan Hai Lines Ltd.		113,565		320,071
Winbond Electronics Corp.		2,289,000		1,649,233
Zhen Ding Technology Holding Ltd.		508,000		1,885,280
				80,024,314
Thailand — 0.9%
JMT Network Services PCL, NVDR		503,500		1,075,706
Krung Thai Bank PCL, NVDR		2,679,500		1,238,924
SCB X PCL, NVS		1,093,100		3,304,284
Srisawad Corp. PCL, NVDR		462,600		616,926
Thai Union Group PCL, NVDR(a)		2,195,700		1,052,868
				7,288,708
Turkey — 0.8%
Ford Otomotiv Sanayi AS		64,987		1,180,818
Haci Omer Sabanci Holding AS		782,382		1,094,971
Turk Hava Yollari AO(c)		423,323		1,697,802
Turkiye Is Bankasi AS, Class C		2,684,039		1,162,655
Turkiye Sise ve Cam Fabrikalari AS		1,057,115		1,439,956
				6,576,202
United Arab Emirates — 0.8%
Abu Dhabi Islamic Bank PJSC		1,135,270		2,730,929
Aldar Properties PJSC		2,954,584		3,869,389
				6,600,318
Total Common Stocks — 98.9% (Cost: $824,826,087)				823,776,226
Preferred Stocks
Brazil — 0.7%
Itausa SA, Preference Shares, NVS		3,245,765		5,708,663
Total Preferred Stocks — 0.7% (Cost: $6,123,994)				5,708,663
Total Long-Term Investments — 99.6% (Cost: $830,950,081)				829,484,889
Short-Term Securities
Money Market Funds — 1.2%
BlackRock Cash Funds: Institutional, SL Agency Shares, 2.42%(e)(f)(g)		9,028,046		9,030,754
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.07%(e)(f)		700,000		700,000
Total Short-Term Securities — 1.2% (Cost: $9,726,917)				9,730,754
Total Investments in Securities — 100.8% (Cost: $840,676,998)				839,215,643
Liabilities in Excess of Other Assets — (0.8)%				(6,407,695	)
Net Assets — 100.0%			$	832,807,948

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   (continued) August 31, 2022 iShares^® MSCI Emerging Markets Multifactor ETF

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

^(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)  Non-income producing security.

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

^(e)  Affiliate of the Fund.

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

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

Affiliates

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

Affiliated Issuer	Value at 08/31/21		Purchases at Cost			Proceeds from Sale			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 08/31/22		Shares Held at 08/31/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	8,548,912		$480,530	(a)	$	—		$	(1,061	)	$	2,373	$	9,030,754		9,028,046	$	46,611	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		2,300,000		—			(1,600,000	)(a)		—			—		700,000		700,000		5,550			—
									$	(1,061	)	$	2,373	$	9,730,754			$	52,161		$	—

^(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	65	09/16/22	$	3,191		$	(29,742	)

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:

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	—	$	—	$	29,742	$	—	$	—	$	—	$	29,742

^(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).

40 2 0 2 2   I S H A R E S   A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments   (continued) August 31, 2022 iShares^® MSCI Emerging Markets Multifactor ETF

Derivative Financial Instruments Categorized by Risk Exposure (continued)

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

	Commodity Contracts		Credit Contracts		Equity Contracts			Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Net Realized Gain (Loss) from
Futures contracts	$	—	$	—	$	(780,847	)	$	—	$	—	$	—	$	(780,847	)
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	(29,742	)	$	—	$	—	$	—	$	(29,742	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts
Average notional value of contracts — long	$	2,661,929

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	$	62,333,524		$	761,435,301	$	7,401	$	823,776,226
Preferred Stocks		5,708,663			—		—		5,708,663
Money Market Funds		9,730,754			—		—		9,730,754
	$	77,772,941		$	761,435,301	$	7,401	$	839,215,643
Derivative financial instruments(a)
Liabilities
Futures Contracts	$	(29,742	)	$	—	$	—	$	(29,742	)

^(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 41

Schedule of Investments   August 31, 2022 iShares^® MSCI Global Min Vol Factor ETF     (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Belgium — 0.1%
Proximus SADP		217,271	$	2,765,644
Canada — 2.3%
Agnico Eagle Mines Ltd.		45,751		1,886,682
BCE Inc.		103,602		4,999,653
CGI Inc.(a)		158,439		12,546,279
Franco-Nevada Corp.		273,781		32,915,841
Loblaw Companies Ltd.		138,763		12,263,465
Metro Inc.		105,991		5,574,948
TELUS Corp.		637,571		14,359,729
Thomson Reuters Corp.		25,083		2,762,024
Waste Connections Inc.		108,465		15,096,159
				102,404,780
China — 4.1%
Agricultural Bank of China Ltd., Class A		8,022,399		3,306,692
Agricultural Bank of China Ltd., Class H		12,369,000		4,041,715
Anhui Gujing Distillery Co. Ltd., Class B		169,936		2,594,741
Bank of China Ltd., Class H		61,655,000		21,515,629
Bank of Communications Co. Ltd., Class A		3,716,100		2,460,291
Bank of Communications Co. Ltd., Class H		10,977,000		6,254,352
Bank of Ningbo Co. Ltd., Class A		618,900		2,660,694
Beijing-Shanghai High Speed Railway Co. Ltd., Class A		3,822,800		2,555,863
China CITIC Bank Corp. Ltd., Class H		13,995,000		5,999,796
China Conch Venture Holdings Ltd.		2,576,500		5,258,086
China Construction Bank Corp., Class H		20,311,000		12,555,913
China Feihe Ltd.(b)		2,512,000		2,079,072
China Meidong Auto Holdings Ltd.		706,000		1,435,689
China Merchants Bank Co. Ltd., Class A		1,044,600		5,275,851
China Minsheng Banking Corp. Ltd., Class H		9,807,500		3,119,748
China Resources Cement Holdings Ltd.(c)		3,814,000		2,350,984
China Shenhua Energy Co. Ltd., Class A		491,200		2,152,737
China State Construction Engineering Corp. Ltd., Class A		3,619,000		2,687,666
China Tourism Group Duty Free Corp. Ltd., Class A		167,600		4,726,002
China Tower Corp. Ltd., Class H(b)		60,114,000		7,496,086
China Yangtze Power Co. Ltd., Class A		2,135,500		7,395,911
CITIC Securities Co. Ltd., Class A		931,308		2,619,924
COSCO SHIPPING Holdings Co. Ltd., Class A		1,183,250		2,417,697
East Money Information Co. Ltd., Class A		1,078,260		3,440,972
Guangdong Investment Ltd.		1,903,147		1,743,572
Hansoh Pharmaceutical Group Co. Ltd.(b)		1,322,000		2,637,570
Industrial & Commercial Bank of China Ltd., Class A		5,912,251		3,744,375
Industrial & Commercial Bank of China Ltd., Class H		21,805,000		11,077,875
Industrial Bank Co. Ltd., Class A		1,898,500		4,683,055
Jiangsu Hengrui Medicine Co. Ltd., Class A		547,740		2,739,732
LONGi Green Energy Technology Co. Ltd., Class A		351,992		2,589,959
Luxshare Precision Industry Co. Ltd., Class A		498,000		2,690,853
Ping An Bank Co. Ltd., Class A		1,671,300		3,071,678
Postal Savings Bank of China Co. Ltd., Class H(b)		11,371,000		6,788,160
SF Holding Co. Ltd., Class A		372,900		2,656,970
Shanghai Pudong Development Bank Co. Ltd., Class A		2,766,100		2,905,312
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A		104,300		4,489,145
WuXi AppTec Co. Ltd., Class A		168,204		2,171,874
Xiaomi Corp., Class B(a)(b)		4,449,400		6,499,054
Zhangzhou Pientzehuang Pharmaceutical Co. Ltd., Class A		51,900		2,253,864
ZTO Express Cayman Inc., ADR		116,880		3,044,724
				182,189,883

Security	Shares		Value
Denmark — 0.4%
Novo Nordisk A/S, Class B		130,641	$	13,967,326
Tryg A/S		196,879		4,448,633
				18,415,959
Finland — 0.3%
Elisa OYJ		223,063		11,929,023
France — 0.4%
Eurofins Scientific SE		25,118		1,737,869
Orange SA		1,424,728		14,428,758
				16,166,627
Germany — 0.9%
Deutsche Telekom AG, Registered		1,623,175		30,592,352
Symrise AG		45,694		4,781,154
Telefonica Deutschland Holding AG		1,492,725		3,875,030
				39,248,536
Greece — 0.1%
Hellenic Telecommunications Organization SA		208,108		3,310,759
Hong Kong — 2.1%
CLP Holdings Ltd.		1,474,754		12,706,909
Hang Seng Bank Ltd.		1,094,500		17,136,173
HK Electric Investments & HK Electric Investments Ltd., Class SS		4,154,000		3,466,651
HKT Trust & HKT Ltd., Class SS		5,436,000		7,292,830
Hong Kong & China Gas Co. Ltd.		12,336,579		12,162,414
Jardine Matheson Holdings Ltd.		204,600		10,850,278
Link REIT		1,345,300		10,411,306
MTR Corp. Ltd.		2,425,500		12,421,761
Power Assets Holdings Ltd.		1,255,500		7,509,402
				93,957,724
India — 4.7%
ACC Ltd.		107,285		3,074,186
Adani Green Energy Ltd.(a)		195,120		5,895,714
Adani Total Gas Ltd.		76,848		3,583,995
Ambuja Cements Ltd.		932,743		4,782,954
Asian Paints Ltd.		422,088		17,769,407
Avenue Supermarts Ltd.(a)(b)		120,881		6,794,991
Bajaj Auto Ltd.		67,238		3,424,691
Berger Paints India Ltd.		381,133		3,187,552
Bharat Petroleum Corp. Ltd.		637,170		2,610,095
Cipla Ltd.		349,017		4,522,678
Dabur India Ltd.		787,150		5,739,358
Dr. Reddy’s Laboratories Ltd.		60,550		3,199,842
Eicher Motors Ltd.		177,746		7,418,271
HCL Technologies Ltd.		883,255		10,273,877
Hero MotoCorp Ltd.		76,399		2,691,169
Hindustan Petroleum Corp. Ltd.		917,958		2,786,227
Hindustan Unilever Ltd.		155,166		5,136,920
Indian Oil Corp. Ltd.		4,049,339		3,613,260
Infosys Ltd.		505,886		9,324,030
Larsen & Toubro Infotech Ltd.(b)		48,858		2,795,818
Larsen & Toubro Ltd.		198,138		4,729,006
Maruti Suzuki India Ltd.		37,662		4,248,176
MRF Ltd.		2,412		2,571,002
Nestle India Ltd.		37,994		9,459,703
Petronet LNG Ltd.		1,176,861		3,246,675
PI Industries Ltd.		117,492		5,023,869
Pidilite Industries Ltd.		218,643		7,463,488
SBI Cards & Payment Services Ltd.		241,532		2,769,470
Shree Cement Ltd.		10,572		2,902,229

42 2 0 2 2   I S H A R E S   A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments   (continued) August 31, 2022 iShares^® MSCI Global Min Vol Factor ETF     (Percentages shown are based on Net Assets)

Security	Shares		Value
India (continued)
Sun Pharmaceutical Industries Ltd.		402,369	$	4,490,525
Tata Consultancy Services Ltd.		751,652		29,977,073
Tech Mahindra Ltd.		360,284		4,800,254
Torrent Pharmaceuticals Ltd.		158,404		3,060,804
UltraTech Cement Ltd.		73,966		6,149,153
Wipro Ltd.		624,910		3,199,653
Wipro Ltd., ADR		950,982		4,764,420
Yes Bank Ltd.(a)		15,219,420		3,119,452
				210,599,987
Indonesia — 0.1%
Bank Central Asia Tbk PT		7,937,000		4,382,993
Ireland — 0.3%
Kerry Group PLC, Class A		120,113		12,386,261
Israel — 0.5%
Azrieli Group Ltd.		30,402		2,522,034
Bank Hapoalim BM		422,725		4,382,580
Bank Leumi Le-Israel BM		605,403		6,399,849
Check Point Software Technologies Ltd.(a)		69,139		8,313,273
Isracard Ltd.		—		1
				21,617,737
Italy — 0.2%
Infrastrutture Wireless Italiane SpA(b)		480,720		4,455,269
Recordati Industria Chimica e Farmaceutica SpA		87,002		3,549,680
				8,004,949
Japan — 10.2%
Canon Inc.		964,000		23,087,122
Capcom Co. Ltd.		79,600		2,172,659
Chubu Electric Power Co. Inc.		361,100		3,671,957
Chugai Pharmaceutical Co. Ltd.		538,100		13,887,323
CyberAgent Inc.		216,600		2,111,692
East Japan Railway Co.		69,000		3,573,968
ENEOS Holdings Inc.		2,726,900		10,304,748
FUJIFILM Holdings Corp.		170,200		8,640,506
Hamamatsu Photonics KK		201,100		8,526,368
Hankyu Hanshin Holdings Inc.		83,300		2,498,044
Hirose Electric Co. Ltd.		46,400		6,574,764
Hitachi Metals Ltd.(a)		335,300		5,045,174
ITOCHU Corp.		905,700		24,925,517
Itochu Techno-Solutions Corp.		94,300		2,379,857
Japan Post Bank Co. Ltd.(c)		644,700		4,699,509
KDDI Corp.		531,800		16,273,677
Keio Corp.		116,400		4,429,060
Keyence Corp.		36,100		13,554,604
Kintetsu Group Holdings Co. Ltd.		164,700		5,592,666
Kirin Holdings Co. Ltd.		153,000		2,518,650
Koei Tecmo Holdings Co. Ltd.		84,300		2,826,276
McDonald’s Holdings Co. Japan Ltd.		135,200		4,832,430
MEIJI Holdings Co. Ltd.		95,300		4,539,985
Mizuho Financial Group Inc.		1,764,100		20,199,605
MonotaRO Co. Ltd.		358,800		6,437,691
NEC Corp.		127,200		4,639,194
Nintendo Co. Ltd.		35,400		14,490,875
Nippon Prologis REIT Inc.		2,956		7,436,501
Nippon Shinyaku Co. Ltd.		37,700		2,062,173
Nippon Telegraph & Telephone Corp.		1,033,500		28,012,265
Nissin Foods Holdings Co. Ltd.		33,500		2,396,804
Nitori Holdings Co. Ltd.		103,600		9,904,312
Nomura Research Institute Ltd.		132,590		3,568,499

Security	Shares		Value
Japan (continued)
NTT Data Corp.		642,700	$	9,044,304
Obic Co. Ltd.		87,400		12,926,385
Odakyu Electric Railway Co. Ltd.		163,000		2,226,750
Ono Pharmaceutical Co. Ltd.		466,800		11,142,592
Oracle Corp. Japan		60,200		3,586,189
Oriental Land Co. Ltd./Japan		46,700		6,962,384
Osaka Gas Co. Ltd.		587,200		9,890,440
Otsuka Corp.		77,000		2,488,943
Otsuka Holdings Co. Ltd.		398,300		13,009,502
Pan Pacific International Holdings Corp.		505,000		9,067,577
Secom Co. Ltd.		274,700		17,500,921
SG Holdings Co. Ltd.		269,400		4,468,465
Shimano Inc.		49,400		8,739,324
SoftBank Corp.		3,150,900		34,544,046
Suntory Beverage & Food Ltd.		198,900		7,265,150
TIS Inc.		354,600		10,097,846
Tobu Railway Co. Ltd.		271,000		6,402,678
Toho Co. Ltd./Tokyo		146,500		5,563,891
USS Co. Ltd.		281,300		4,964,064
Welcia Holdings Co. Ltd.		148,100		3,101,716
				458,807,642
Kuwait — 0.3%
Mobile Telecommunications Co. KSCP		3,102,884		6,091,554
National Bank of Kuwait SAKP		1,938,103		6,629,885
				12,721,439
Malaysia — 0.5%
DiGi.Com Bhd		2,935,900		2,450,392
Hong Leong Bank Bhd		897,400		4,176,982
IHH Healthcare Bhd		2,605,200		3,595,632
Malayan Banking Bhd		2,739,400		5,480,163
Maxis Bhd		2,935,600		2,516,456
Petronas Chemicals Group Bhd		1,264,700		2,480,670
Petronas Gas Bhd		639,100		2,469,810
				23,170,105
Netherlands — 0.5%
Koninklijke Ahold Delhaize NV		566,137		15,572,623
Koninklijke KPN NV		1,565,431		4,981,352
QIAGEN NV(a)		83,521		3,788,220
				24,342,195
New Zealand — 0.1%
Spark New Zealand Ltd.		1,633,949		5,404,965
Peru — 0.0%
Credicorp Ltd.		20,886		2,691,997
Philippines — 0.2%
BDO Unibank Inc.		2,462,819		5,631,597
PLDT Inc.		108,585		3,236,667
				8,868,264
Qatar — 0.4%
Industries Qatar QSC		563,052		2,770,676
Qatar Islamic Bank SAQ		507,573		3,526,001
Qatar National Bank QPSC		1,866,293		10,448,758
				16,745,435
Russia — 0.0%
PhosAgro PJSC(d)		41,863		7
PhosAgro PJSC, GDR(d)		2		—
PhosAgro PJSC, New(d)		809		8
Polymetal International PLC(d)		250,942		41

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   (continued) August 31, 2022 iShares^® MSCI Global Min Vol Factor ETF     (Percentages shown are based on Net Assets)

Security	Shares		Value
Russia (continued)
Polyus PJSC(d)		53,523	$	9
				65
Saudi Arabia — 1.6%
Alinma Bank		485,313		4,889,413
Bank AlBilad(a)		427,000		5,737,162
Jarir Marketing Co.		92,105		4,205,302
SABIC Agri-Nutrients Co.		283,986		13,109,896
Saudi Arabian Oil Co.(b)		1,747,476		17,406,579
Saudi Basic Industries Corp.		309,739		8,228,289
Saudi Telecom Co.		1,466,260		16,279,165
				69,855,806
Singapore — 1.0%
Oversea-Chinese Banking Corp. Ltd.(c)		475,100		4,094,954
Singapore Exchange Ltd.		1,210,000		8,211,072
Singapore Technologies Engineering Ltd.		1,691,200		4,506,627
Singapore Telecommunications Ltd.		11,286,200		21,188,230
UOL Group Ltd.		736,000		3,641,575
Venture Corp. Ltd.		441,700		5,770,740
				47,413,198
South Korea — 0.0%
HMM Co. Ltd.		99,095		1,633,096
Sweden — 0.2%
Telefonaktiebolaget LM Ericsson, Class B		678,041		5,070,677
Telia Co. AB		644,806		2,269,546
				7,340,223
Switzerland — 5.9%
EMS-Chemie Holding AG, Registered		10,047		7,055,374
Givaudan SA, Registered		8,070		25,747,939
Kuehne + Nagel International AG, Registered		77,897		18,002,850
Logitech International SA, Registered		199,916		9,947,005
Nestle SA, Registered		503,780		58,953,810
Novartis AG, Registered		431,944		34,939,096
Roche Holding AG, Bearer		22,395		8,553,960
Roche Holding AG, NVS		190,075		61,250,026
Schindler Holding AG, Registered		28,778		4,860,336
SGS SA, Registered		2,794		6,152,901
Swiss Prime Site AG, Registered		120,395		10,354,216
Swisscom AG, Registered		40,564		20,972,798
				266,790,311
Taiwan — 5.0%
Acer Inc.		3,897,000		2,798,910
Advantech Co. Ltd.		552,482		5,893,881
Asia Cement Corp.		3,132,000		4,433,749
Asustek Computer Inc.		1,107,000		9,211,390
Catcher Technology Co. Ltd.(a)		554,000		3,358,231
Chang Hwa Commercial Bank Ltd.		6,074,488		3,508,689
China Steel Corp.		7,322,000		6,934,418
Chunghwa Telecom Co. Ltd.		5,953,000		23,622,030
Compal Electronics Inc.		5,990,000		4,459,946
CTBC Financial Holding Co. Ltd.		3,534,000		2,706,889
E.Sun Financial Holding Co. Ltd.		9,406,549		8,667,277
Far EasTone Telecommunications Co. Ltd.		2,500,000		6,131,388
First Financial Holding Co. Ltd.		15,140,736		13,135,778
Formosa Chemicals & Fibre Corp.		5,274,000		11,848,556
Formosa Petrochemical Corp.		1,786,000		4,895,627
Hua Nan Financial Holdings Co. Ltd.		12,712,905		9,649,259
Inventec Corp.		3,940,000		2,982,854
Lite-On Technology Corp.		3,120,000		6,714,331

Security	Shares		Value
Taiwan (continued)
Mega Financial Holding Co. Ltd.		15,982,725	$	18,746,553
Nan Ya Plastics Corp.		990,000		2,223,734
Novatek Microelectronics Corp.		280,000		2,395,485
Pegatron Corp.		3,128,000		6,505,689
Powerchip Semiconductor Manufacturing Corp.		1,998,000		2,240,440
President Chain Store Corp.		583,000		5,123,150
Quanta Computer Inc.		3,771,000		9,775,972
Synnex Technology International Corp.		1,903,250		3,469,210
Taishin Financial Holding Co. Ltd.		9,499,752		4,714,981
Taiwan Cooperative Financial Holding Co. Ltd.		14,051,920		12,690,150
Taiwan High Speed Rail Corp.		3,096,000		2,959,983
Taiwan Mobile Co. Ltd.		2,703,000		8,835,135
Taiwan Semiconductor Manufacturing Co. Ltd.		523,000		8,561,396
WPG Holdings Ltd.		2,495,760		4,197,191
				223,392,272
Thailand — 0.6%
Advanced Info Service PCL, NVDR		1,705,500		8,972,829
Airports of Thailand PCL, NVDR(a)		1,145,900		2,283,495
Bangkok Dusit Medical Services PCL, NVDR		7,032,700		5,636,360
Bangkok Expressway & Metro PCL, NVDR		9,432,000		2,261,581
BTS Group Holdings PCL, NVDR		12,425,500		2,860,261
Bumrungrad Hospital PCL, NVDR		647,800		3,835,787
Home Product Center PCL, NVDR		7,127,700		2,715,269
				28,565,582
United Arab Emirates — 0.4%
Abu Dhabi National Oil Co. for Distribution PJSC		3,509,279		4,240,244
Emirates Telecommunications Group Co. PJSC		2,025,663		14,184,218
				18,424,462
United Kingdom — 0.1%
AstraZeneca PLC		31,758		3,928,221
United States — 56.1%
Abbott Laboratories		87,898		9,022,730
Accenture PLC, Class A		36,702		10,587,059
Activision Blizzard Inc.		183,242		14,382,665
Adobe Inc.(a)		12,095		4,516,757
Akamai Technologies Inc.(a)(c)		155,019		13,995,115
Amazon.com Inc.(a)		88,092		11,167,423
Ameren Corp.		60,903		5,640,836
American Electric Power Co. Inc.		175,375		17,572,575
American Tower Corp.		20,914		5,313,202
American Water Works Co. Inc.		90,883		13,491,581
Amgen Inc.		50,395		12,109,919
Amphenol Corp., Class A		191,282		14,064,965
Annaly Capital Management Inc.		359,429		2,318,317
Aon PLC, Class A		48,038		13,415,092
Arthur J Gallagher & Co.		57,233		10,391,796
AT&T Inc.		597,229		10,475,397
Automatic Data Processing Inc.		90,430		22,101,996
AutoZone Inc.(a)(c)		12,499		26,488,006
Baxter International Inc.		151,071		8,680,540
Becton Dickinson and Co.		56,877		14,356,892
Berkshire Hathaway Inc., Class B(a)		88,592		24,876,634
BioMarin Pharmaceutical Inc.(a)		147,293		13,138,536
Bio-Rad Laboratories Inc., Class A(a)		4,299		2,085,187
Black Knight Inc.(a)		161,730		10,700,057
Booz Allen Hamilton Holding Corp.		124,132		11,879,432
Bristol-Myers Squibb Co.		506,261		34,127,054
Broadridge Financial Solutions Inc.		113,249		19,384,831
Brown & Brown Inc.		138,114		8,706,707

44 2 0 2 2   I S H A R E S   A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments   (continued) August 31, 2022 iShares^® MSCI Global Min Vol Factor ETF     (Percentages shown are based on Net Assets)

Security	Shares		Value
United States (continued)
Campbell Soup Co.		145,055	$	7,307,871
Cboe Global Markets Inc.		111,355		13,136,549
CH Robinson Worldwide Inc.		188,547		21,522,640
Charter Communications Inc., Class A(a)		19,318		7,971,186
Church & Dwight Co. Inc.		198,174		16,589,146
Cisco Systems Inc.		647,082		28,937,507
Citrix Systems Inc.		178,046		18,297,787
Clorox Co. (The)		127,939		18,466,715
CME Group Inc.		54,459		10,652,725
CMS Energy Corp.		123,076		8,312,553
Cognizant Technology Solutions Corp., Class A		40,458		2,555,732
Colgate-Palmolive Co.		160,145		12,524,940
Comcast Corp., Class A		276,298		9,999,225
Consolidated Edison Inc.		506,260		49,481,852
Cooper Companies Inc. (The)		10,653		3,062,098
Costco Wholesale Corp.		24,741		12,917,276
Crown Castle Inc.		90,432		15,448,499
Danaher Corp.		69,952		18,880,744
Dollar General Corp.		185,648		44,076,548
Dominion Energy Inc.		314,584		25,732,971
Domino’s Pizza Inc.		41,146		15,300,552
Duke Energy Corp.		371,862		39,755,766
Electronic Arts Inc.		195,336		24,782,278
Eli Lilly & Co.		115,879		34,906,231
Erie Indemnity Co., Class A, NVS		36,369		7,816,789
Evergy Inc.		52,475		3,596,112
Eversource Energy		87,810		7,875,679
Expeditors International of Washington Inc.		243,389		25,042,294
F5 Inc.(a)		35,935		5,643,951
Fidelity National Information Services Inc.		47,750		4,362,918
Fiserv Inc.(a)		129,297		13,083,563
General Mills Inc.		165,345		12,698,496
Genuine Parts Co.		18,453		2,878,853
Gilead Sciences Inc.		691,851		43,911,783
Henry Schein Inc.(a)		42,680		3,133,139
Hershey Co. (The)		185,205		41,610,007
Hologic Inc.(a)		28,854		1,949,376
Home Depot Inc. (The)		59,236		17,084,847
Horizon Therapeutics PLC(a)		82,295		4,872,687
Hormel Foods Corp.		427,190		21,479,113
Humana Inc.		13,810		6,653,382
Incyte Corp.(a)		294,629		20,750,720
Intel Corp.		53,534		1,708,805
Intercontinental Exchange Inc.		64,321		6,486,773
International Business Machines Corp.		57,800		7,424,410
Jack Henry & Associates Inc.		106,056		20,383,963
JM Smucker Co. (The)		78,385		10,973,116
Johnson & Johnson		388,222		62,635,738
Juniper Networks Inc.		105,264		2,991,603
Kellogg Co.		275,030		20,005,682
Keurig Dr Pepper Inc.		544,526		20,757,331
Keysight Technologies Inc.(a)		263,601		43,201,568
Kimberly-Clark Corp.		116,839		14,899,309
Kroger Co. (The)		871,830		41,795,530
Liberty Broadband Corp., Class C (a)		174,268		17,723,056
MarketAxess Holdings Inc.		11,270		2,801,609
Marsh & McLennan Companies Inc.		203,638		32,861,064
Mastercard Inc., Class A		39,535		12,823,968
McCormick & Co. Inc./MD, NVS		230,739		19,398,228
McDonald’s Corp.		174,541		44,033,203

Security	Shares		Value
United States (continued)
Medtronic PLC		128,504	$	11,298,072
Merck & Co. Inc.		642,017		54,802,571
Microsoft Corp.		68,575		17,930,305
Mondelez International Inc., Class A		84,612		5,234,098
Motorola Solutions Inc.		197,276		48,018,951
Neurocrine Biosciences Inc.(a)		117,094		12,251,545
Newmont Corp.		929,153		38,429,768
NextEra Energy Inc.		136,479		11,608,904
NortonLifeLock Inc.		240,975		5,443,625
Old Dominion Freight Line Inc.		10,478		2,843,834
Oracle Corp.		164,047		12,164,085
O’Reilly Automotive Inc.(a)(c)		23,458		16,353,041
Paychex Inc.		349,885		43,154,816
PepsiCo Inc.		333,657		57,479,091
Pfizer Inc.		420,821		19,033,734
Pool Corp.		8,558		2,902,788
Procter & Gamble Co. (The)		250,021		34,487,897
Progressive Corp. (The)		159,112		19,515,087
Public Storage		103,847		34,355,703
Quest Diagnostics Inc.		48,525		6,080,668
Regeneron Pharmaceuticals Inc.(a)		77,397		44,972,301
Republic Services Inc.		319,266		45,565,644
Rollins Inc.		216,432		7,306,744
Roper Technologies Inc.		5,454		2,195,671
SBA Communications Corp.		8,854		2,879,764
Seagen Inc.(a)		126,761		19,557,955
Southern Co. (The)		471,658		36,350,682
Target Corp.		124,197		19,913,747
T-Mobile U.S. Inc.(a)		284,283		40,925,381
Tradeweb Markets Inc., Class A		83,142		5,785,852
United Parcel Service Inc., Class B		13,563		2,638,139
UnitedHealth Group Inc.		28,724		14,917,235
VeriSign Inc.(a)(c)		109,855		20,017,778
Verizon Communications Inc.		1,381,969		57,780,124
Vertex Pharmaceuticals Inc.(a)		166,695		46,967,983
Visa Inc., Class A		97,994		19,472,388
Walmart Inc.		368,613		48,859,653
Waste Management Inc.		444,162		75,076,703
WEC Energy Group Inc.		384,835		39,691,882
West Pharmaceutical Services Inc.		24,844		7,370,966
Western Union Co. (The)		582,541		8,633,258
Xcel Energy Inc.		536,781		39,855,989
				2,513,083,779
Total Long-Term Investments — 99.6% (Cost: $4,114,100,713)				4,460,559,919
Short-Term Securities
Money Market Funds — 0.4%
BlackRock Cash Funds: Institutional, SL Agency Shares, 2.42%(e)(f)(g)		11,308,626		11,312,019

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   (continued) August 31, 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, 2.07%(e)(f)		6,260,000	$	6,260,000
Total Short-Term Securities — 0.4% (Cost: $17,565,664)				17,572,019
Total Investments in Securities — 100.0% (Cost: $4,131,666,377)				4,478,131,938
Liabilities in Excess of Other Assets — (0.0)%				(1,562,879	)
Net Assets — 100.0%			$	4,476,569,059

^(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 year ended August 31, 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 Sale			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value at 08/31/22		Shares Held at 08/31/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	8,628,779	$	2,680,999	(a)	$	—		$	4,571	$	(2,330	)	$	11,312,019		11,308,626	$	45,831	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		9,940,000		—			(3,680,000	)(a)		—		—			6,260,000		6,260,000		40,084			—
									$	4,571	$	(2,330	)	$	17,572,019			$	85,915		$	—

^(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	39	09/16/22	$	3,563	$	(186,645	)
MSCI Emerging Markets Index	34	09/16/22		1,669		(39,182	)
S&P 500 E-Mini Index	34	09/16/22		6,726		(301,615	)
U.S. 2 Year Treasury Note	7	12/30/22		1,458		(3,974	)
					$	(531,416	)

46 2 0 2 2   I S H A R E S   A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments   (continued) August 31, 2022 iShares^® MSCI Global Min Vol Factor 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:

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	—	$	—	$	527,442	$	—	$	3,974	$	—	$	531,416

^(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 August 31, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Commodity Contracts		Credit Contracts		Equity Contracts			Foreign Currency Exchange Contracts		Interest Rate Contracts			Other Contracts		Total
Net Realized Gain (Loss) from
Futures contracts	$	—	$	—	$	(1,683,373	)	$	—	$	(88,131	)	$	—	$	(1,771,504	)
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	(945,129	)	$	—	$	(5,286	)	$	—	$	(950,415	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts
Average notional value of contracts — long	$	14,802,635
Average notional value of contracts — short	$	(262,481)

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	$	2,651,953,842		$	1,808,606,012	$	65	$	4,460,559,919
Money Market Funds		17,572,019			—		—		17,572,019
	$	2,669,525,861		$	1,808,606,012	$	65	$	4,478,131,938
Derivative financial instruments(a)
Liabilities
Futures Contracts	$	(531,416	)	$	—	$	—	$	(531,416	)

^(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 47

Statements of Assets and Liabilities

August 31, 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, at value — unaffiliated(a)(b)	$	4,236,503,331		$	2,290,370,447		$	6,152,938,618		$	829,484,889
Investments, at value — affiliated(c)		29,082,414			21,524,717			92,292,519			9,730,754
Cash		19,757,504			20,679			40,166			16,056,930
Foreign currency, at value(d)		35,258,996			8,024,520			12,740,615			5,113,234
Cash pledged for futures contracts		533,000			779,000			1,019,000			154,000
Receivables:
Investments sold		185,127,407			48,168,469			16,298,089			82,122,047
Securities lending income — affiliated		42,119			28,870			53,628			2,372
Variation margin on futures contracts		31,475			59,301			86,605			9,136
Capital shares sold		—			—			690			—
Dividends — unaffiliated		5,473,286			7,644,048			14,057,523			1,536,645
Dividends — affiliated		10,748			8,310			18,921			2,139
Tax reclaims		205,160			94,706			35,370			6,518
Total assets		4,512,025,440			2,376,723,067			6,289,581,744			944,218,664
LIABILITIES
Collateral on securities loaned, at value		23,486,631			16,628,972			78,661,544			9,034,052
Deferred foreign capital gain tax		7,624,977			2,449,631			3,633,828			2,289,683
Payables:
Investments purchased		208,707,460			5,356,006			28,808,435			83,709,695
Bank borrowings		19,756,905			—			—			16,053,173
Capital shares redeemed		—			44,615,207			—			—
Investment advisory fees		924,777			511,260			1,334,237			324,113
Foreign taxes		18			18			146			—
Total liabilities		260,500,768			69,561,094			112,438,190			111,410,716
NET ASSETS	$	4,251,524,672		$	2,307,161,973		$	6,177,143,554		$	832,807,948
NET ASSETS CONSIST OF
Paid-in capital	$	5,097,763,008		$	2,808,951,415		$	6,823,772,106		$	908,031,878
Accumulated loss		(846,238,336	)		(501,789,442	)		(646,628,552	)		(75,223,930	)
NET ASSETS	$	4,251,524,672		$	2,307,161,973		$	6,177,143,554		$	832,807,948
NET ASSET VALUE
Shares outstanding		134,700,000			46,500,000			112,600,000			19,200,000
Net asset value	$	31.56		$	49.62		$	54.86		$	43.38
Shares authorized		600 million			100 million			500 million			525 million
Par value	$	0.001		$	0.001		$	0.001		$	0.001
(a) Investments, at cost — unaffiliated	$	4,432,674,941		$	2,703,138,626		$	6,369,277,431		$	830,950,081
(b) Securities loaned, at value	$	22,410,194		$	15,646,048		$	70,617,962		$	8,597,330
(c) Investments, at cost — affiliated	$	29,070,190		$	21,518,957		$	92,252,764		$	9,726,917
(d) Foreign currency, at cost	$	35,307,079		$	8,064,125		$	12,772,134		$	5,122,607

See notes to financial statements.

48 2 0 2 2   I S H A R E S   A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Statements of Assets and Liabilities   (continued)

August 31, 2022

	iShares MSCI Global Min Vol Factor ETF
ASSETS
Investments, at value — unaffiliated(a)(b)	$	4,460,559,919
Investments, at value — affiliated(c)		17,572,019
Cash		2,352
Foreign currency, at value(d)		8,041,125
Cash pledged for futures contracts		589,000
Receivables:
Investments sold		345
Securities lending income — affiliated		3,966
Dividends — unaffiliated		8,167,477
Dividends — affiliated		14,011
Tax reclaims		3,422,578
Total assets		4,498,372,792
LIABILITIES
Collateral on securities loaned, at value		11,223,575
Deferred foreign capital gain tax		4,893,121
Payables:
Investments purchased		4,827,831
Variation margin on futures contracts		75,210
Investment advisory fees		783,996
Total liabilities		21,803,733
NET ASSETS	$	4,476,569,059
NET ASSETS CONSIST OF
Paid-in capital	$	4,316,041,252
Accumulated earnings		160,527,807
NET ASSETS	$	4,476,569,059
NET ASSET VALUE
Shares outstanding		47,100,000
Net asset value	$	95.04
Shares authorized		500 million
Par value	$	0.001
(a) Investments, at cost — unaffiliated	$	4,114,100,713
(b) Securities loaned, at value	$	10,911,995
(c) Investments, at cost — affiliated	$	17,565,664
(d) Foreign currency, at cost	$	8,150,322

See notes to financial statements.

F I N A N C I A L   S T A T E M E N T S 49

Statements of Operations

Year Ended August 31, 2022

								iShares			iShares
					iShares			MSCI			MSCI
					MSCI			Emerging			Emerging
		iShares			Emerging			Markets Min			Markets
		ESG Aware MSCI			Markets ex			Vol Factor			Multifactor
	EM ETF			China ETF			ETF			ETF
INVESTMENT INCOME
Dividends — unaffiliated	$	164,164,584		$	88,146,655		$	167,437,211		$	36,557,543
Dividends — affiliated		45,260			28,193			31,520			6,049
Interest — unaffiliated		134			—			1,294			—
Securities lending income — affiliated — net		816,140			331,793			414,417			46,112
Other income — unaffiliated		—			—			774			—
Foreign taxes withheld		(18,896,188	)		(10,211,808	)		(20,834,611	)		(3,928,358	)
Foreign withholding tax claims		—			—			232,894			—
Other foreign taxes		(411,498	)		(84,159	)		(164,869	)		(10,249	)
Total investment income		145,718,432			78,210,674			147,118,630			32,671,097
EXPENSES
Investment advisory fees		14,835,323			5,440,792			29,923,141			3,807,137
Commitment fees		43,057			38,656			43,057			15,214
Professional fees		217			217			22,297			217
Mauritius income taxes		—			—			298			—
Interest expense		45,441			8,706			7,448			21,424
Total expenses		14,924,038			5,488,371			29,996,241			3,843,992
Less:
Investment advisory fees waived		—			—			(19,144,873	)		—
Total expenses after fees waived		14,924,038			5,488,371			10,851,368			3,843,992
Net investment income		130,794,394			72,722,303			136,267,262			28,827,105
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated(a)		(466,978,073	)		(94,500,549	)		194,811,344			(11,754,870	)
Investments — affiliated		(10,999	)		(8,349	)		(17,371	)		(1,061	)
In-kind redemptions — unaffiliated(b)		65,316,911			5,735,243			8,764,717			1,221,752
Futures contracts		(6,130,483	)		(722,288	)		4,214			(780,847	)
Foreign currency transactions		(3,128,943	)		(1,281,258	)		(2,011,160	)		(737,585	)
		(410,931,587	)		(90,777,201	)		201,551,744			(12,052,611	)
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated(c)		(1,506,148,001	)		(504,772,059	)		(898,200,239	)		(173,653,155	)
Investments — affiliated		4,518			5,760			25,536			2,373
Futures contracts		(48,205	)		(423,675	)		(357,310	)		(29,742	)
Foreign currency translations		(185,743	)		(232,116	)		(363,124	)		(56,226	)
		(1,506,377,431	)		(505,422,090	)		(898,895,137	)		(173,736,750	)
Net realized and unrealized loss		(1,917,309,018	)		(596,199,291	)		(697,343,393	)		(185,789,361	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(1,786,514,624	)	$	(523,476,988	)	$	(561,076,131	)	$	(156,962,256	)
(a) Net of foreign capital gain tax and capital gain tax refund, if applicable	$	(10,873,481	)	$	(1,483,530	)	$	(1,942,900	)	$	(1,619,673	)
(b) See Note 2 of the Notes to Financial Statements.
(c) Net of reduction in deferred foreign capital gain tax of	$	17,936,492		$	1,359,309		$	4,355,253		$	2,069,018

See notes to financial statements.

50 2 0 2 2   I S H A R E S   A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Statements of Operations   (continued)

Year Ended August 31, 2022

	iShares MSCI Global Min Vol Factor ETF
INVESTMENT INCOME
Dividends — unaffiliated	$	125,023,190
Dividends — affiliated		40,439
Securities lending income — affiliated — net		45,476
Foreign taxes withheld		(8,195,663	)
Other foreign taxes		(123,668	)
Total investment income		116,789,774
EXPENSES
Investment advisory fees		15,893,878
Commitment fees		38,374
Professional fees		217
Interest expense		20,059
Total expenses		15,952,528
Less:
Investment advisory fees waived		(5,942,838	)
Total expenses after fees waived		10,009,690
Net investment income		106,780,084
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated(a)		45,439,955
Investments — affiliated		4,571
In-kind redemptions — unaffiliated(b)		176,475,158
Futures contracts		(1,771,504	)
Foreign currency transactions		(2,020,275	)
		218,127,905
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated(c)		(784,241,665	)
Investments — affiliated		(2,330	)
Futures contracts		(950,415	)
Foreign currency translations		(576,183	)
		(785,770,593	)
Net realized and unrealized loss		(567,642,688	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(460,862,604	)
(a)   Net of foreign capital gain tax and capital gain tax refund, if applicable	$	(586,662	)
(b)   See Note 2 of the Notes to Financial Statements.
(c)   Net of reduction in deferred foreign capital gain tax of	$	638,147

See notes to financial statements.

F I N A N C I A L   S T A T E M E N T S 51

Statements of Changes in Net Assets

	iShares ESG Aware MSCI EM ETF						iShares MSCI Emerging Markets ex China ETF
	Year Ended 08/31/22			Year Ended 08/31/21			Year Ended 08/31/22			Year Ended 08/31/21
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	130,794,394		$	113,247,754		$	72,722,303		$	11,581,156
Net realized gain (loss)		(410,931,587	)		61,224,537			(90,777,201	)		(15,405,558	)
Net change in unrealized appreciation (depreciation)		(1,506,377,431	)		864,277,615			(505,422,090	)		86,165,901
Net increase (decrease) in net assets resulting from operations		(1,786,514,624	)		1,038,749,906			(523,476,988	)		82,341,499
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(171,869,925	)		(85,824,734	)		(51,969,537	)		(4,756,653	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		(895,534,243	)		2,498,038,201			1,601,141,901			1,130,275,959
NET ASSETS
Total increase (decrease) in net assets		(2,853,918,792	)		3,450,963,373			1,025,695,376			1,207,860,805
Beginning of year		7,105,443,464			3,654,480,091			1,281,466,597			73,605,792
End of year	$	4,251,524,672		$	7,105,443,464		$	2,307,161,973		$	1,281,466,597

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

See notes to financial statements.

52 2 0 2 2   I S H A R E S   A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Statements of Changes in Net Assets (continued)

	iShares MSCI Emerging Markets Min Vol Factor ETF						iShares MSCI Emerging Markets Multifactor ETF
		Year Ended 08/31/22			Year Ended 08/31/21	(a)		Year Ended 08/31/22			Year Ended 08/31/21
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	136,267,262		$	87,105,453		$	28,827,105		$	16,623,722
Net realized gain (loss)		201,551,744			322,703,890			(12,052,611	)		5,150,252
Net change in unrealized appreciation (depreciation)		(898,895,137	)		238,627,963			(173,736,750	)		117,257,997
Net increase (decrease) in net assets resulting from operations		(561,076,131	)		648,437,306			(156,962,256	)		139,031,971
DISTRIBUTIONS TO SHAREHOLDERS(b)
Decrease in net assets resulting from distributions to shareholders		(76,156,771	)		(97,556,628	)		(24,269,864	)		(12,014,914	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		2,939,861,974			(924,624,509	)		252,840,861			92,574,411
NET ASSETS
Total increase (decrease) in net assets		2,302,629,072			(373,743,831	)		71,608,741			219,591,468
Beginning of year		3,874,514,482			4,248,258,313			761,199,207			541,607,739
End of year	$	6,177,143,554		$	3,874,514,482		$	832,807,948		$	761,199,207

^(a)  Consolidated Statement of Changes in Net Assets.

^(b)  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 53

Statements of Changes in Net Assets (continued)

	iShares MSCI Global Min Vol Factor ETF
	Year Ended 08/31/22			Year Ended 08/31/21
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	106,780,084		$	110,335,290
Net realized gain		218,127,905			425,892,769
Net change in unrealized appreciation (depreciation)		(785,770,593	)		291,860,683
Net increase (decrease) in net assets resulting from operations		(460,862,604	)		828,088,742
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(98,218,027	)		(97,299,099	)
CAPITAL SHARE TRANSACTIONS
Net decrease in net assets derived from capital share transactions		(270,611,429	)		(1,349,346,257	)
NET ASSETS
Total decrease in net assets		(829,692,060	)		(618,556,614	)
Beginning of year		5,306,261,119			5,924,817,733
End of year	$	4,476,569,059		$	5,306,261,119

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

See notes to financial statements.

54 2 0 2 2   I S H A R E S   A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Financial Highlights

(For a share outstanding throughout each period)

	iShares ESG Aware MSCI EM ETF
		Year Ended 08/31/22			Year Ended 08/31/21			Year Ended 08/31/20			Year Ended 08/31/19			Year Ended 08/31/18	(a)
Net asset value, beginning of year	$	43.35		$	35.93		$	32.03		$	33.65		$	34.58
Net investment income(b)		0.83			0.75			0.89			0.91			0.94
Net realized and unrealized gain (loss)(c)		(11.51	)		7.23			3.89			(1.85	)		(1.17	)
Net increase (decrease) from investment operations		(10.68	)		7.98			4.78			(0.94	)		(0.23	)
Distributions from net investment income(d)		(1.11	)		(0.56	)		(0.88	)		(0.68	)		(0.70	)
Net asset value, end of year	$	31.56		$	43.35		$	35.93		$	32.03		$	33.65
Total Return(e)
Based on net asset value		(25.08	)%		22.30	%		15.11	%		(2.76	)%		(0.72	)%
Ratios to Average Net Assets(f)
Total expenses		0.25	%		0.25	%		0.25	%		0.25	%		0.25	%
Net investment income		2.20	%		1.76	%		2.75	%		2.76	%		2.63	%
Supplemental Data
Net assets, end of year (000)	$	4,251,525		$	7,105,443		$	3,654,480		$	672,543		$	329,753
Portfolio turnover rate(g)		41	%		41	%		46	%		34	%		45	%

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

^(g)  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 55

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares MSCI Emerging Markets ex China ETF
	Year Ended 08/31/22			Year Ended 08/31/21			Year Ended 08/31/20			Year Ended 08/31/19			Year Ended 08/31/18
Net asset value, beginning of period	$	62.82		$	46.00		$	46.25		$	49.59		$	51.14
Net investment income(a)		1.86			1.58			1.46			1.62			1.10
Net realized and unrealized gain (loss)(b)		(13.73	)		16.09			(0.05	)		(3.83	)		(1.80	)
Net increase (decrease) from investment operations		(11.87	)		17.67			1.41			(2.21	)		(0.70	)
Distributions from net investment income(c)		(1.33	)		(0.85	)		(1.66	)		(1.13	)		(0.85	)
Net asset value, end of period	$	49.62		$	62.82		$	46.00		$	46.25		$	49.59
Total Return(d)
Based on net asset value		(19.17	)%		38.66	%		2.87	%		(4.42	)%		(1.41	)%
Ratios to Average Net Assets(e)
Total expenses		0.25	%		0.25	%		0.36	%		0.49	%		0.49	%
Total expenses after fees waived		0.25	%		0.22	%		0.16	%		0.26	%		0.41	%
Net investment income		3.34	%		2.65	%		3.24	%		3.38	%		2.09	%
Supplemental Data
Net assets, end of period (000)	$	2,307,162		$	1,281,467		$	73,606		$	27,748		$	9,919
Portfolio turnover rate(f)		21	%		51	%		18	%		10	%		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)  Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

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

See notes to financial statements.

56 2 0 2 2   I S H A R E S   A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares MSCI Emerging Markets Min Vol Factor ETF
		Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
		08/31/22			08/31/21	(a)		08/31/20	(a)		08/31/19	(a)		08/31/18	(a)
Net asset value, beginning of year	$	63.94		$	55.97		$	56.84		$	59.22		$	58.01
Net investment income(b)		1.87			1.32	(c)		1.42			1.57			1.49
Net realized and unrealized gain (loss)(d)		(9.86	)		8.12			(0.82	)		(2.46	)		1.23
Net increase (decrease) from investment operations		(7.99	)		9.44			0.60			(0.89	)		2.72
Distributions from net investment income(e)		(1.09	)		(1.47	)		(1.47	)		(1.49	)		(1.51	)
Net asset value, end of year	$	54.86		$	63.94		$	55.97		$	56.84		$	59.22
Total Return(f)
Based on net asset value		(12.68	)%		17.04	%(c)		1.07	%		(1.44	)%(g)		4.70	%
Ratios to Average Net Assets(h)
Total expenses		0.69	%		0.69	%		0.70	%		0.68	%		0.67	%
Total expenses after fees waived		0.25	%		0.25	%		0.25	%		0.25	%		0.25	%
Total expenses excluding professional fees for foreign withholding tax claims		0.69	%		0.69	%		N/A			N/A			N/A
Net investment income		3.14	%		2.15	%(c)		2.59	%		2.71	%		2.47	%
Supplemental Data
Net assets, end of year (000)	$	6,177,144		$	3,874,514		$	4,248,258		$	5,417,265		$	4,666,697
Portfolio turnover rate(i)		26	%		38	%		23	%		24	%		22	%

^(a)  Consolidated Financial Highlights.

^(b)  Based on average shares outstanding.

^(c)  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%.

^(d)  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.

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

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

^(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⁾  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 57

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares MSCI Emerging Markets Multifactor ETF
	Year Ended 08/31/22			Year Ended 08/31/21			Year Ended 08/31/20			Year Ended 08/31/19			Year Ended 08/31/18
Net asset value, beginning of year	$	53.61		$	44.03		$	40.35		$	44.78		$	46.04
Net investment income(a)		1.64			1.23			1.11			1.47			1.39
Net realized and unrealized gain (loss)(b)		(10.49	)		9.24			3.73			(4.72	)		(1.63	)
Net increase (decrease) from investment operations		(8.85	)		10.47			4.84			(3.25	)		(0.24	)
Distributions from net investment income(c)		(1.38	)		(0.89	)		(1.16	)		(1.18	)		(1.02	)
Net asset value, end of year	$	43.38		$	53.61		$	44.03		$	40.35		$	44.78
Total Return(d)
Based on net asset value		(16.80	)%		23.97	%		12.17	%		(7.16	)%		(0.65	)%
Ratios to Average Net Assets(e)
Total expenses		0.45	%		0.45	%		0.45	%		0.45	%		0.45	%
Total expenses after fees waived		0.45	%		0.45	%		0.45	%		0.45	%		0.42	%
Net investment income		3.41	%		2.44	%		2.71	%		3.55	%		2.87	%
Supplemental Data
Net assets, end of year (000)	$	832,808		$	761,199		$	541,608		$	411,575		$	291,071
Portfolio turnover rate(f)		54	%		49	%		45	%		53	%		39	%

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

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

See notes to financial statements.

58 2 0 2 2   I S H A R E S   A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares MSCI Global Min Vol Factor ETF
	Year Ended 08/31/22			Year Ended 08/31/21			Year Ended 08/31/20			Year Ended 08/31/19			Year Ended 08/31/18
Net asset value, beginning of year	$	106.77		$	93.16		$	93.54		$	87.04		$	81.13
Net investment income(a)		2.18			1.97			2.13			2.16			1.82
Net realized and unrealized gain (loss)(b)		(11.91	)		13.38			(0.18	)		6.36			5.85
Net increase (decrease) from investment operations		(9.73	)		15.35			1.95			8.52			7.67
Distributions from net investment income(c)		(2.00	)		(1.74	)		(2.33	)		(2.02	)		(1.76	)
Net asset value, end of year	$	95.04		$	106.77		$	93.16		$	93.54		$	87.04
Total Return(d)
Based on net asset value		(9.21	)%		16.63	%		2.13	%		9.99	%		9.56	%
Ratios to Average Net Assets(e)
Total expenses		0.32	%		0.32	%		0.32	%		0.32	%		0.31	%
Total expenses after fees waived		0.20	%		0.20	%		0.20	%		0.20	%		0.20	%
Net investment income		2.13	%		2.00	%		2.33	%		2.45	%		2.17	%
Supplemental Data
Net assets, end of year (000)	$	4,476,569		$	5,306,261		$	5,924,818		$	5,275,720		$	3,342,400
Portfolio turnover rate(f)		23	%		25	%		22	%		21	%		23	%

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

^(f)  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 59

Notes to Financial Statements

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 included the accounts of its subsidiary in the Republic of Mauritius, which is a wholly-owned subsidiary (the “Subsidiary”) of the Fund that invested in Indian securities. Through this investment structure, the Fund expected to obtain certain benefits under a current tax treaty between Mauritius and India. Effective August 27, 2021, MSCI Emerging Markets Min Vol Factor no longer invests in the Subsidiary and transferred 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. After the transfer, MSCI Emerging Markets Min Vol Factor began making new investments in India directly. On October 29, 2021, MSCI Emerging Markets Min Vol Factor’s Subsidiary was dissolved.

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 August 31, 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.

Collateralization: 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.

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Notes to Financial Statements   (continued)

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. The Board of Directors of the Company (the “Board”) of each Fund has approved the designation of BlackRock Fund Advisors (“BFA”), the Funds’ investment adviser, as the valuation designee for each Fund. Each Fund determines the fair values of its financial instruments using various independent dealers or pricing services under BFA’s policies. 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 BFA’s policies and procedures as reflecting fair value. BFA has formed a committee (the “Valuation Committee”) to develop pricing policies and procedures and to oversee the pricing function for all financial instruments, with assistance from other BlackRock pricing committees.

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 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 is not available, the investment will be valued by the Valuation Committee, in accordance with BFA’s policies and procedures as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the 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 Valuation Committee 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 Valuation Committee deems relevant and consistent with the principles of fair value measurement.

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

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Notes to Financial Statements   (continued)

• Level 3 – Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, (including the 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 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 BFA, 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		Securities Loaned at Value		Cash Collateral Received	(a)		Non-Cash Collateral Received, at Fair Value	(a)		Net Amount
ESG Aware MSCI EM
Barclays Capital, Inc.	$	1,455,409	$	(1,455,409	)	$	—		$	—
BNP Paribas SA		5,986,897		(5,986,897	)		—			—
Citigroup Global Markets, Inc.		789,636		(776,269	)		—			13,367	(b)
Credit Suisse Securities (USA) LLC		5,218		(5,218	)		—			—
J.P. Morgan Securities LLC		7,252,175		(7,252,175	)		—			—
Jefferies LLC		507,705		(507,705	)		—			—
Macquarie Bank Ltd.		373,864		(373,864	)		—			—
SG Americas Securities LLC		1,852,623		(1,852,623	)		—			—
State Street Bank & Trust Co.		2,973,428		(2,973,428	)		—			—
UBS AG		1,213,239		(1,213,239	)		—			—
	$	22,410,194	$	(22,396,827	)	$	—		$	13,367

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Notes to Financial Statements   (continued)

iShares ETF and Counterparty		Securities Loaned at Value		Cash Collateral Received	(a)		Non-Cash Collateral Received, at Fair Value	(a)		Net Amount
MSCI Emerging Markets ex China
BofA Securities, Inc.	$	843,501	$	(843,501	)	$	—		$	—
Citigroup Global Markets, Inc.		390,046		(390,046	)		—			—
Credit Suisse Securities (USA) LLC		1,489,832		(1,489,832	)		—			—
J.P. Morgan Securities LLC		3,350,060		(3,350,060	)		—			—
Morgan Stanley		9,037,493		(9,037,493	)		—			—
SG Americas Securities LLC		6,293		(6,293	)		—			—
UBS AG		528,823		(528,823	)		—			—
	$	15,646,048	$	(15,646,048	)	$	—		$	—
MSCI Emerging Markets Min Vol Factor
Barclays Capital, Inc.	$	2,342,793	$	(2,342,793	)	$	—		$	—
BofA Securities, Inc.		622,158		(622,158	)		—			—
Citigroup Global Markets, Inc.		17,888,923		(17,888,923	)		—			—
Credit Suisse Securities (USA) LLC		50,733		(50,733	)		—			—
Goldman Sachs & Co. LLC		13,435,259		(13,435,259	)		—			—
J.P. Morgan Securities LLC		3,013,318		(3,013,318	)		—			—
Macquarie Bank Ltd.		6,487		(6,487	)		—			—
Morgan Stanley		21,216,024		(21,216,024	)		—			—
SG Americas Securities LLC		806,802		(806,802	)		—			—
UBS AG		7,767,450		(7,767,450	)		—			—
Wells Fargo Bank N.A		3,275,918		(3,275,918	)		—			—
Wells Fargo Securities LLC		192,097		(192,097	)		—			—
	$	70,617,962	$	(70,617,962	)	$	—		$	—
MSCI Emerging Markets Multifactor
Credit Suisse Securities (USA) LLC	$	175,023	$	(175,023	)	$	—		$	—
HSBC Bank PLC		83,899		(83,899	)		—			—
Morgan Stanley		7,302,670		(7,302,670	)		—			—
Wells Fargo Bank N.A		1,035,738		(1,008,404	)		—			27,334	(b)
	$	8,597,330	$	(8,569,996	)	$	—		$	27,334
MSCI Global Min Vol Factor
BMO Capital Markets Corp.	$	211,921	$	(211,921	)	$	—		$	—
BofA Securities, Inc.		109,721		(109,721	)		—			—
Citigroup Global Markets, Inc.		8,225,319		(8,225,319	)		—			—
J.P. Morgan Securities LLC		46,845		(46,845	)		—			—
Morgan Stanley		2,237,176		(2,237,176	)		—			—
RBC Capital Markets LLC		72,888		(72,888	)		—			—
State Street Bank & Trust Co.		8,125		(8,125	)		—			—
	$	10,911,995	$	(10,911,995	)	$	—		$	—

^(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 August 31, 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

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Notes to Financial Statements   (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 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 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 Fees
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 Fees
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 Fees
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

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 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.

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.

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Notes to Financial Statements   (continued)

These amounts are included in investment advisory fees waived in the Statements of Operations. For the year ended August 31, 2022, the amounts waived in investment advisory fees pursuant to these arrangements were as follows:

iShares ETF	Amounts Waived
MSCI Emerging Markets Min Vol Factor	$	19,144,873
MSCI Global Min Vol Factor		5,942,838

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 year ended August 31, 2022, the Funds paid BTC the following amounts for securities lending agent services:

iShares ETF	Fees Paid to BTC
ESG Aware MSCI EM	$	197,020
MSCI Emerging Markets ex China		76,947
MSCI Emerging Markets Min Vol Factor		104,174
MSCI Emerging Markets Multifactor		12,111
MSCI Global Min Vol Factor		17,273

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 year ended August 31, 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	$	103,740,740	$	88,251,928	$	(16,755,824	)
MSCI Emerging Markets ex China		2,485,248		7,706,395		(1,755,290	)
MSCI Emerging Markets Min Vol Factor		124,779,302		50,168,042		(8,115,406	)
MSCI Emerging Markets Multifactor		44,930,319		57,969,835		(5,837,478	)
MSCI Global Min Vol Factor		156,986,413		173,533,281		(10,863,151	)

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.

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 65

Notes to Financial Statements   (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 year ended August 31, 2022, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows:

iShares ETF	Purchases		Sales
ESG Aware MSCI EM	$	2,433,162,685	$	3,111,898,883
MSCI Emerging Markets ex China		1,737,558,647		451,355,127
MSCI Emerging Markets Min Vol Factor		3,828,687,277		1,135,088,177
MSCI Emerging Markets Multifactor		695,985,607		459,055,733
MSCI Global Min Vol Factor		1,191,523,383		1,157,906,987

For the year ended August 31, 2022, in-kind transactions were as follows:

iShares ETF	In-kind Purchases		In-kind Sales
ESG Aware MSCI EM	$	132,034,132	$	388,492,724
MSCI Emerging Markets ex China		376,302,246		41,281,248
MSCI Emerging Markets Min Vol Factor		356,567,228		41,748,612
MSCI Emerging Markets Multifactor		25,713,782		6,970,419
MSCI Global Min Vol Factor		348,746,762		641,235,279

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 August 31, 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.

U.S. GAAP requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or NAV per share. As of August 31, 2022, permanent differences attributable to realized gains (losses) from in-kind redemptions were reclassified to the following accounts:

iShares ETF	Paid-in Capital		Accumulated Earnings (Loss)
ESG Aware MSCI EM	$	45,420,810	$	(45,420,810	)
MSCI Emerging Markets ex China		5,722,407		(5,722,407	)
MSCI Emerging Markets Min Vol Factor		8,173,816		(8,173,816	)
MSCI Emerging Markets Multifactor		908,083		(908,083	)
MSCI Global Min Vol Factor		173,714,386		(173,714,386	)

The tax character of distributions paid was as follows:

iShares ETF	Year Ended 08/31/22		Year Ended 08/31/21
ESG Aware MSCI EM
Ordinary income	$	171,869,925	$	85,824,734
MSCI Emerging Markets ex China
Ordinary income	$	51,969,537	$	4,756,653
MSCI Emerging Markets Min Vol Factor
Ordinary income	$	76,156,771	$	97,556,628
MSCI Emerging Markets Multifactor
Ordinary income	$	24,269,864	$	12,014,914
MSCI Global Min Vol Factor
Ordinary income	$	98,218,027	$	97,299,099

66 2 0 2 2   I S H A R E S   A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Notes to Financial Statements   (continued)

As of August 31, 2022, the tax components of accumulated net earnings (losses) were as follows:

iShares ETF		Undistributed Ordinary Income		Non-expiring Capital Loss Carryforwards	(a)		Net Unrealized Gains (Losses)(	b)		Total
ESG Aware MSCI EM	$	29,097,781	$	(534,906,743	)	$	(340,429,374	)	$	(846,238,336	)
MSCI Emerging Markets ex China		27,004,672		(75,036,477	)		(453,757,637	)		(501,789,442	)
MSCI Emerging Markets Min Vol Factor		89,268,293		(841,944,154	)		106,047,309			(646,628,552	)
MSCI Emerging Markets Multifactor		15,620,491		(72,557,982	)		(18,286,439	)		(75,223,930	)
MSCI Global Min Vol Factor		30,482,278		(186,666,076	)		316,711,605			160,527,807

^(a)  Amounts available to offset future realized capital gains.

^(b)  The difference between book-basis and tax-basis unrealized gains (losses) was attributable primarily to the tax deferral of losses on wash sales, the realization for tax purposes of unrealized gains (losses) on certain foreign currency contracts and futures contracts, the timing and recognition of partnership income, the characterization of corporate actions, the realization for tax purposes of unrealized gains on investments in passive foreign investment companies and the timing and recognition of realized gains/losses for tax purposes.

For the year ended August 31, 2022, the Funds listed below utilized the following amounts of their respective capital loss carryforwards:

iShares ETF	Utilized
MSCI Emerging Markets Min Vol Factor	$	29,797,256
MSCI Global Min Vol Factor		48,896,557

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 August 31, 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	$	4,598,318,774	$	575,253,046	$	(907,986,075	)	$	(332,733,029	)
MSCI Emerging Markets ex China		2,763,041,411		110,517,987		(561,664,234	)		(451,146,247	)
MSCI Emerging Markets Min Vol Factor		6,135,300,979		482,212,645		(372,282,487	)		109,930,158
MSCI Emerging Markets Multifactor		855,160,864		93,355,567		(109,311,651	)		(15,956,084	)
MSCI Global Min Vol Factor		4,156,116,561		713,671,852		(391,656,475	)		322,015,377

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 11, 2023. 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) Daily Simple Secured Overnight Financing Rate (“SOFR”) plus 0.10% and 1.00% per annum or (b) the U.S. Federal Funds rate 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 year ended August 31, 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	$	2,773,282		1.57	%
MSCI Emerging Markets ex China		18,900,000		626,027		1.47
MSCI Emerging Markets Min Vol Factor		15,800,000		470,685		1.65
MSCI Emerging Markets Multifactor		41,932,090		1,266,760		1.91
MSCI Global Min Vol Factor		39,800,000		1,086,351		1.65

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 67

Notes to Financial Statements   (continued)

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.

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.

68 2 0 2 2   I S H A R E S   A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Notes to Financial Statements   (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 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.

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:

	Year Ended 08/31/22						Year Ended 08/31/21
iShares ETF	Shares			Amount			Shares			Amount
ESG Aware MSCI EM
Shares sold		19,900,000		$	784,318,752			76,700,000		$	3,110,611,419
Shares redeemed		(49,100,000	)		(1,679,852,995	)		(14,500,000	)		(612,573,218	)
		(29,200,000	)	$	(895,534,243	)		62,200,000		$	2,498,038,201
MSCI Emerging Markets ex China
Shares sold		30,600,000		$	1,819,166,668			18,800,000		$	1,130,275,959
Shares redeemed		(4,500,000	)		(218,024,767	)		—			—
		26,100,000		$	1,601,141,901			18,800,000		$	1,130,275,959

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 69

Notes to Financial Statements   (continued)

	Year Ended 08/31/22						Year Ended 08/31/21
iShares ETF	Shares			Amount			Shares			Amount
MSCI Emerging Markets Min Vol Factor
Shares sold		54,400,000		$	3,087,685,688			600,000		$	39,620,351
Shares redeemed		(2,400,000	)		(147,823,714	)		(15,900,000	)		(964,244,860	)
		52,000,000		$	2,939,861,974			(15,300,000	)	$	(924,624,509	)
MSCI Emerging Markets Multifactor
Shares sold		5,400,000		$	270,269,841			2,100,000		$	102,725,207
Shares redeemed		(400,000	)		(17,428,980	)		(200,000	)		(10,150,796	)
		5,000,000		$	252,840,861			1,900,000		$	92,574,411
MSCI Global Min Vol Factor
Shares sold		4,800,000		$	492,333,800			500,000		$	52,148,364
Shares redeemed		(7,400,000	)		(762,945,229	)		(14,400,000	)		(1,401,494,621	)
		(2,600,000	)	$	(270,611,429	)		(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.

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 Emerging Markets Min Vol Factor ETF is able to pass through to shareholders as a foreign tax credit in the current year, the Fund 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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Report of Independent Registered Public Accounting Firm

To the Board of Directors of

iShares, Inc. and Shareholders of each of the five funds listed in the table below

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of each of the funds listed in the table below (five of the funds constituting iShares, Inc., hereafter collectively referred to as the “Funds”) as of August 31, 2022, the related statements of operations for the year ended August 31, 2022, the statements of changes in net assets for each of the two years in the period ended August 31, 2022, including the related notes, and the financial highlights for each of the five years in the period ended August 31, 2022 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of August 31, 2022, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended August 31, 2022 and each of the financial highlights for each of the five years in the period ended August 31, 2022 in conformity with accounting principles generally accepted in the United States of America.

  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

  iShares MSCI Global Min Vol Factor ETF

Basis for Opinions

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of August 31, 2022 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

October 21, 2022

We have served as the auditor of one or more BlackRock investment companies since 2000.

R E P O R T   O F   I N D E P E N D E N T   R E G I S T E R E D   P U B L I C   A C C O U N T I N G   F I R M 71

Important Tax Information(unaudited)

The following amounts, or maximum amounts allowable by law, are hereby designated as qualified dividend income for individuals for the fiscal year ended August 31, 2022:

iShares ETF	Qualified Dividend  Income
ESG Aware MSCI EM	$	88,454,494
MSCI Emerging Markets ex China		30,414,678
MSCI Emerging Markets Min Vol Factor		95,978,996
MSCI Emerging Markets Multifactor		24,144,721
MSCI Global Min Vol Factor		97,039,859

The following amounts, or maximum amounts allowable by law, are hereby designated as qualified business income for individuals for the fiscal year ended August 31, 2022:

iShares ETF	Qualified Business  Income
MSCI Global Min Vol Factor	$	839,465

The Funds intend to pass through to their shareholders the following amounts, or maximum amounts allowable by law, of foreign source income earned and foreign taxes paid for the fiscal year ended August 31, 2022:

iShares ETF	Foreign Source Income Earned		Foreign  Taxes Paid
ESG Aware MSCI EM	$	179,904,066	$	29,148,175
MSCI Emerging Markets ex China		87,985,116		10,959,947
MSCI Emerging Markets Min Vol Factor		185,792,250		21,852,846
MSCI Emerging Markets Multifactor		39,381,177		5,638,279

The following percentage, or maximum percentage allowable by law, of ordinary income distributions paid during the fiscal year ended August 31, 2022 qualified for the dividends-received deduction for corporate shareholders:

iShares ETF	Dividends-Received Deduction
MSCI Global Min Vol Factor		46.52	%

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Board Review and Approval of Investment Advisory Contract

iShares ESG Aware MSCI EM ETF, iShares MSCI Emerging Markets ex China ETF (each the “Fund”)

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Company’s Board of Directors (the “Board”), including a majority of Board Members who are not “interested persons” of the Company (as that term is defined in the 1940 Act) (the “Independent Board Members”), is required annually to consider and approve the Investment Advisory Agreement between the Company and BFA (the “Advisory Agreement”) on behalf of the Fund. The Board’s consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings on May 3, 2022 and May 18, 2022, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 13-15, 2022, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The material factors, none of which was controlling, and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.

Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of another fund in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund’s applicable expense peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the investment advisory fee rate and overall expenses (net of waivers and reimbursements) for the Fund were lower than the median of the investment advisory fee rates and overall expenses (net of waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds.

In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund’s performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2021, to that of such relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

Based on this review, the other factors considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Nature, Extent and Quality of Services Provided: Based on management’s representations, including information about recent enhancements and initiatives with respect to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies, provided at the May 3, 2022 meeting and throughout the year, and matters related to BFA’s portfolio compliance program.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreement supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates: The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA

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Board Review and Approval of Investment Advisory Contract   (continued)

and its affiliates from the Fund’s operations for the last calendar year. The Board reviewed BlackRock’s methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA’s estimated profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the information considered with respect to the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability, including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Agreement for the Fund did not provide for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund increase. However, the Board noted that it would continue to assess the appropriateness of adding breakpoints in the future.

The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds, and institutional separate accounts (collectively, the “Other Accounts”). The Board acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts.

The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board noted that BFA and its affiliates do not manage Other Accounts withsubstantially the same investment objective and strategy as the Fund and that track the same index as the Fund. The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.

The Board considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement and noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

Other Benefits to BFA and/or its Affiliates: The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services or other services, and BlackRock’s profile in the investment community. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.

Conclusion: Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund’s investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.

iShares MSCI Emerging Markets Min Vol Factor ETF (the “Fund”)

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Company’s Board of Directors (the “Board”), including a majority of Board Members who are not “interested persons” of the Company (as that term is defined in the 1940 Act) (the “Independent Board Members”), is required annually to consider and approve the

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Board Review and Approval of Investment Advisory Contract   (continued)

Investment Advisory Agreement between the Company and BFA (the “Advisory Agreement”) on behalf of the Fund. The Board’s consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings on May 3, 2022 and May 18, 2022, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 13-15, 2022, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The material factors, none of which was controlling, and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.

Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of another fund in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund’s applicable expense peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the investment advisory fee rate and overall expenses (net of waivers and reimbursements) for the Fund were lower than the median of the investment advisory fee rates and overall expenses (net of waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds.

In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund’s performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2021, to that of such relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

Based on this review, the other factors considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Nature, Extent and Quality of Services Provided: Based on management’s representations, including information about recent enhancements and initiatives with respect to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies, provided at the May 3, 2022 meeting and throughout the year, and matters related to BFA’s portfolio compliance program.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreement supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates: The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA and its affiliates from the Fund’s operations for the last calendar year. The Board reviewed BlackRock’s methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue,

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Board Review and Approval of Investment Advisory Contract   (continued)

including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA’s estimated profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the information considered with respect to the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability, including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Agreement for the Fund already provided for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund, on an aggregated basis with the assets of certain other iShares funds, increase. The Board noted that it would continue to assess the appropriateness of adding new or revised breakpoints in the future.

The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds, and institutional separate accounts (collectively, the “Other Accounts”). The Board acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts.

The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board noted that BFA and its affiliates do not manage Other Accounts withsubstantially the same investment objective and strategy as the Fund and that track the same index as the Fund. The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.

The Board considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement and noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

Other Benefits to BFA and/or its Affiliates: The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services or other services, and BlackRock’s profile in the investment community. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.

Conclusion: Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund’s investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.

iShares MSCI Emerging Markets Multifactor ETF (the “Fund”)

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Company’s Board of Directors (the “Board”), including a majority of Board Members who are not “interested persons” of the Company (as that term is defined in the 1940 Act) (the “Independent Board Members”), is required annually to consider and approve the Investment Advisory Agreement between the Company and BFA (the “Advisory Agreement”) on behalf of the Fund. The Board’s consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board

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Board Review and Approval of Investment Advisory Contract   (continued)

Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings on May 3, 2022 and May 18, 2022, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 13-15, 2022, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The material factors, none of which was controlling, and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.

Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of another fund in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund’s applicable expense peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the investment advisory fee rate and overall expenses (net of waivers and reimbursements) for the Fund were within range of the median of the investment advisory fee rates and overall expenses (net of waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds.

In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund’s performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2021, to that of such relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

Based on this review, the other factors considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Nature, Extent and Quality of Services Provided: Based on management’s representations, including information about recent enhancements and initiatives with respect to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies, provided at the May 3, 2022 meeting and throughout the year, and matters related to BFA’s portfolio compliance program.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreement supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates: The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA and its affiliates from the Fund’s operations for the last calendar year. The Board reviewed BlackRock’s methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue,

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Board Review and Approval of Investment Advisory Contract   (continued)

including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA’s estimated profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the information considered with respect to the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability, including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Agreement for the Fund did not provide for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund increase. However, the Board noted that it would continue to assess the appropriateness of adding breakpoints in the future.

The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds, and institutional separate accounts (collectively, the “Other Accounts”). The Board acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts.

The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board noted that BFA and its affiliates do not manage Other Accounts withsubstantially the same investment objective and strategy as the Fund and that track the same index as the Fund. The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.

The Board considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement and noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

Other Benefits to BFA and/or its Affiliates: The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services or other services, and BlackRock’s profile in the investment community. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.

Conclusion: Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund’s investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.

iShares MSCI Global Min Vol Factor ETF (the “Fund”)

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Company’s Board of Directors (the “Board”), including a majority of Board Members who are not “interested persons” of the Company (as that term is defined in the 1940 Act) (the “Independent Board Members”), is required annually to consider and approve the Investment Advisory Agreement between the Company and BFA (the “Advisory Agreement”) on behalf of the Fund. The Board’s consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board

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Board Review and Approval of Investment Advisory Contract   (continued)

Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings on May 3, 2022 and May 18, 2022, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 13-15, 2022, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The material factors, none of which was controlling, and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.

Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of another fund in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund’s applicable expense peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the investment advisory fee rate and overall expenses (net of waivers and reimbursements) for the Fund were lower than the median of the investment advisory fee rates and overall expenses (net of waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds.

In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund’s performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2021, to that of such relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

Based on this review, the other factors considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Nature, Extent and Quality of Services Provided: Based on management’s representations, including information about recent enhancements and initiatives with respect to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies, provided at the May 3, 2022 meeting and throughout the year, and matters related to BFA’s portfolio compliance program.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreement supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates: The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA and its affiliates from the Fund’s operations for the last calendar year. The Board reviewed BlackRock’s methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue,

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Board Review and Approval of Investment Advisory Contract   (continued)

including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA’s estimated profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the information considered with respect to the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability, including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Agreement for the Fund already provided for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund, on an aggregated basis with the assets of certain other iShares funds, increase. The Board noted that it would continue to assess the appropriateness of adding new or revised breakpoints in the future.

The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds, and institutional separate accounts (collectively, the “Other Accounts”). The Board acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts.

The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board noted that BFA and its affiliates manage Other Accounts withsubstantially the same investment objective and strategy as the Fund and that track the same index as the Fund. The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.

The Board considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement and noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

Other Benefits to BFA and/or its Affiliates: The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services or other services, and BlackRock’s profile in the investment community. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.

Conclusion: Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund’s investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.

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Supplemental Information(unaudited)

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.

August 31, 2022

	Total Cumulative Distributions for the Fiscal Year								% Breakdown of the Total Cumulative Distributions for the Fiscal Year
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)	$	0.844120	$	—	$	0.262672	$	1.106792		76	%		—	%		24	%		100	%
MSCI Emerging Markets ex China(a)		1.257421		—		0.075073		1.332494		94			—			6			100
MSCI Emerging Markets Min Vol Factor(a)		1.053124		—		0.036460		1.089584		97			—			3			100
MSCI Emerging Markets Multifactor(a)		1.289339		—		0.092672		1.382011		93			—			7			100
MSCI Global Min Vol Factor		1.998125		—		—		1.998125		100			—			—			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.

Premium/Discount Information

Information on the Fund’s net asset value, market price, premiums and discounts, and bid-ask spreads can be found at iShares.com.

Regulation under the Alternative Investment Fund Managers Directive

The Alternative Investment Fund Managers Directive and the Alternative Investment Fund Managers Regulations 2013 (as amended) and the “Guidelines on sound remuneration policies under the AIFMD” issued by the European Securities and Markets Authority (together the “Regulations”) impose detailed and prescriptive obligations on fund managers established in the European Union (the “EU”) and the UK. These do not currently apply to managers established outside of the EU or UK, such as BFA (the “Company”). Rather, non-EU and non-UK managers are only required to comply with certain disclosure, reporting and transparency obligations of the Regulations if such managers market a fund to EU investors.

The Company has registered the iShares MSCI Emerging Markets Min Vol Factor ETF ( the “Fund”) to be marketed to United Kingdom and EU investors in the Netherlands, Finland and Sweden.

Report on Remuneration

The Company is required under the Regulations to make quantitative disclosures of remuneration. These disclosures are made in line with BlackRock’s interpretation of currently available regulatory guidance on quantitative remuneration disclosures. As market or regulatory practice develops BlackRock may consider it appropriate to make changes to the way in which quantitative remuneration disclosures are calculated. Where such changes are made, this may result in disclosures in relation to a fund not being comparable to the disclosures made in the prior year, or in relation to other BlackRock fund disclosures in that same year.

Disclosures are provided in relation to (a) the staff of the Company; (b) staff who are senior management; and (c) staff who have the ability to materially affect the risk profile of the Fund.

All individuals included in the aggregated figures disclosed are rewarded in line with BlackRock’s remuneration policy for their responsibilities across the relevant BlackRock business area. As all individuals have a number of areas of responsibilities, only the portion of remuneration for those individuals’ services attributable to the Fund is included in the aggregate figures disclosed.

BlackRock has a clear and well defined pay-for-performance philosophy, and compensation programmes which support that philosophy.

BlackRock operates a total compensation model for remuneration which includes a base salary, which is contractual, and a discretionary bonus scheme. Although all employees are eligible to receive a discretionary bonus, there is no contractual obligation to make a discretionary bonus award to any employees. For senior management, a significant percentage of variable remuneration is deferred over time. All employees are subject to a claw-back policy.

Remuneration decisions for employees are made once annually in January following the end of the performance year, based on BlackRock’s full-year financial results and other non-financial goals and objectives. Alongside financial performance, individual total compensation is also based on strategic and operating results and other considerations such as management and leadership capabilities. No set formulas are established and no fixed benchmarks are used in determining annual incentive awards.

S U P P L E M E N T A L   I N F O R M A T I O N 81

Supplemental Information(unaudited)(continued)

Annual incentive awards are paid from a bonus pool which is reviewed throughout the year by BlackRock’s independent compensation committee, taking into account both actual and projected financial information together with information provided by the Enterprise Risk and Regulatory Compliance departments in relation to any activities, incidents or events that warrant consideration in making compensation decisions. Individuals are not involved in setting their own remuneration.

Each of the control functions (Enterprise Risk, Legal & Compliance, and Internal Audit) each have their own organisational structures which are independent of the business units. Functional bonus pools for those control functions are determined with reference to the performance of each individual function and the remuneration of the senior members of control functions is directly overseen by BlackRock’s independent remuneration committee.

Members of staff and senior management of the Company typically provide both AIFMD and non-AIFMD related services in respect of multiple funds, clients and functions of the Company and across the broader BlackRock group. Therefore, the figures disclosed are a sum of each individual’s portion of remuneration attributable to the Fund according to an objective apportionment methodology which acknowledges the multiple-service nature of the Company. Accordingly the figures are not representative of any individual’s actual remuneration or their remuneration structure.

The amount of total & aggregate remuneration awarded by the Company to its staff which has been attributed to the Fund in respect of the Company’s financial year ending December 31, 2021 were as follows:

iShares ETF	Total Remuneration		Fixed Remuneration		Variable Remuneration		No. of Beneficiaries		Senior Management Remuneration		Risk Taker   Remuneration
MSCI Emerging Markets Min Vol Factor		$336,154		$157,174		$178,980		661		$41,146		$4,252

Disclosures Under the EU Sustainable Finance Disclosure Regulation

The iShares MSCI Emerging Markets Min Vol Factor ETF (the “Fund”) is registered under the Alternative Investment Fund Managers Directive to be marketed to European Union (“EU”) investors, as noted above. As a result, certain disclosures are required under the EU Sustainable Finance Disclosure Regulation (“SFDR”).

The Fund has not been categorized under the SFDR as an “Article 8” or “Article 9” product. In addition, the Fund’s investments do not take into account the criteria for environmentally sustainable economic activities under the EU sustainable investment taxonomy regulation.

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Director and Officer Information (unaudited)

The Board of Directors has responsibility for the overall management and operations of the Funds, including general supervision of the duties performed by BFA and other service providers. Each Director serves until he or she resigns, is removed, dies, retires or becomes incapacitated. Each officer shall hold office until his or her successor is elected and qualifies or until his or her death, resignation or removal. Directors who are not “interested persons” (as defined in the 1940 Act) of the Company are referred to as independent directors (“Independent Directors”).

The registered investment companies advised by BFA or its affiliates (the “BlackRock-advised Funds”) are organized into one complex of open-end equity, multi-asset, index and money market funds and ETFs (the “BlackRock Multi-Asset Complex”), one complex of closed-end funds and open-end non-index fixed-income funds (including ETFs) (the “BlackRock Fixed-Income Complex”) and one complex of ETFs (“Exchange-Traded Fund Complex”) (each, a “BlackRock Fund Complex”). Each Fund is included in the Exchange-Traded Fund Complex. Each Director also serves as a Trustee of iShares Trust and a Trustee of iShares U.S. ETF Trust and, as a result, oversees all of the funds within the Exchange-Traded Fund Complex, which consists of 378 funds as of August 31, 2022. With the exception of Robert S. Kapito, Salim Ramji and Charles Park, the address of each Director and officer is c/o BlackRock, Inc., 400 Howard Street, San Francisco, CA 94105. The address of Mr. Kapito, Mr. Ramji and Mr. Park is c/o BlackRock, Inc., Park Avenue Plaza, 55 East 52nd Street, New York, NY 10055. The Board has designated John E. Kerrigan as its Independent Board Chair. Additional information about the Funds’ Directors and officers may be found in the Funds’ combined Statement of Additional Information, which is available without charge, upon request, by calling toll-free 1-800-iShares (1-800-474-2737).

Interested Directors
Name (Age)	Position(s)	Principal Occupation(s) During Past 5 Years	Other Directorships Held by Director
Robert S. Kapito(a) (65)	Director (since 2009).	President, BlackRock, Inc. (since 2006); Vice Chairman of BlackRock, Inc. and Head of BlackRock’s Portfolio Management Group (since its formation in 1998) and BlackRock, Inc.’s predecessor entities (since 1988); Trustee, University of Pennsylvania (since 2009); President of Board of Directors, Hope & Heroes Children’s Cancer Fund (since 2002).	Director of BlackRock, Inc. (since 2006); Trustee of iShares U.S. ETF Trust (since 2011); Trustee of iShares Trust (since 2009).
Salim Ramji(b) (52)	Director (since 2019).	Senior Managing Director, BlackRock, Inc. (since 2014); Global Head of BlackRock’s ETF and Index Investments Business (since 2019); Head of BlackRock’s U.S. Wealth Advisory Business (2015-2019); Global Head of Corporate Strategy, BlackRock, Inc. (2014-2015); Senior Partner, McKinsey & Company (2010-2014).	Trustee of iShares U.S. ETF Trust (since 2019); Trustee of iShares Trust (since 2019).
(a) Robert S. Kapito is deemed to be an “interested person” (as defined in the 1940 Act) of the Company due to his affiliations with BlackRock, Inc. and its affiliates.
(b) Salim Ramji is deemed to be an “interested person” (as defined in the 1940 Act) of the Company due to his affiliations with BlackRock, Inc. and its affiliates.
Independent Directors
Name (Age)	Position(s)	Principal Occupation(s) During Past 5 Years	Other Directorships Held by Director
John E. Kerrigan (67)	Director (since 2005); Independent Board Chair (since 2022).	Chief Investment Officer, Santa Clara University (since 2002).	Trustee of iShares U.S. ETF Trust (since 2011); Trustee of iShares Trust (since 2005); Independent Board Chair of iShares Trust and iShares U.S. ETF Trust (since 2022).
Jane D. Carlin (66)	Director (since 2015); Risk Committee Chair (since 2016).	Consultant (since 2012); Member of the Audit Committee (2012-2018), Chair of the Nominating and Governance Committee (2017-2018) and Director of PHH Corporation (mortgage solutions) (2012-2018); Managing Director and Global Head of Financial Holding Company Governance & Assurance and the Global Head of Operational Risk Management of Morgan Stanley (2006-2012).	Trustee of iShares U.S. ETF Trust (since 2015); Trustee of iShares Trust (since 2015); Member of the Audit Committee (since 2016), Chair of the Audit Committee (since 2020) and Director of The Hanover Insurance Group, Inc. (since 2016).
Richard L. Fagnani (67)	Director (since 2017); Audit Committee Chair (since 2019).	Partner, KPMG LLP (2002-2016).	Trustee of iShares U.S. ETF Trust (since 2017); Trustee of iShares Trust (since 2017).

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Director and Officer Information (unaudited) (continued)

Independent Directors (continued)
Name (Age)	Position(s)	Principal Occupation(s) During Past 5 Years	Other Directorships Held by Director
Cecilia H. Herbert (73)	Director (since 2005); Nominating and Governance and Equity Plus Committee Chairs (since 2022).	Chair of the Finance Committee (since 2019) and Trustee and Member of the Finance, Audit and Quality Committees of Stanford Health Care (since 2016); Trustee of WNET, New York’s public media company (since 2011) and Member of the Audit Committee (since 2018) and Investment Committee (since 2011); Chair (1994-2005) and Member (since 1992) of the Investment Committee, Archdiocese of San Francisco; Trustee of Forward Funds (14 portfolios) (2009-2018); Trustee of Salient MF Trust (4 portfolios) (2015-2018); Director (1998-2013) and President (2007-2011) of the Board of Directors, Catholic Charities CYO; Trustee (2002-2011) and Chair of the Finance and Investment Committee (2006-2010) of the Thacher School; Director of the Senior Center of Jackson Hole (since 2020).	Trustee of iShares U.S. ETF Trust (since 2011); Trustee of iShares Trust (since 2005); Trustee of Thrivent Church Loan and Income Fund (since 2019).
Drew E. Lawton (63)	Director (since 2017); 15(c) Committee Chair (since 2017).	Senior Managing Director of New York Life Insurance Company (2010-2015).	Trustee of iShares U.S. ETF Trust (since 2017); Trustee of iShares Trust (since 2017).
John E. Martinez (61)	Director (since 2003); Securities Lending Committee Chair (since 2019).	Director of Real Estate Equity Exchange, Inc. (since 2005); Director of Cloudera Foundation (2017-2020); and Director of Reading Partners (2012-2016).	Trustee of iShares U.S. ETF Trust (since 2011); Trustee of iShares Trust (since 2003).
Madhav V. Rajan (58)	Director (since 2011); Fixed Income Plus Committee Chair (since 2019).	Dean, and George Pratt Shultz Professor of Accounting, University of Chicago Booth School of Business (since 2017); Advisory Board Member (since 2016) and Director (since 2020) of C.M. Capital Corporation; Chair of the Board for the Center for Research in Security Prices, LLC (since 2020); Robert K. Jaedicke Professor of Accounting, Stanford University Graduate School of Business (2001-2017); Professor of Law (by courtesy), Stanford Law School (2005-2017); Senior Associate Dean for Academic Affairs and Head of MBA Program, Stanford University Graduate School of Business (2010-2016).	Trustee of iShares U.S. ETF Trust (since 2011); Trustee of iShares Trust (since 2011).
Officers
Name (Age)	Position(s)	Principal Occupation(s) During Past 5 Years
Armando Senra (51)	President (since 2019).	Managing Director, BlackRock, Inc. (since 2007); Head of U.S., Canada and Latam iShares, BlackRock, Inc. (since 2019); Head of Latin America Region, BlackRock, Inc. (2006-2019); Managing Director, Bank of America Merrill Lynch (1994-2006).
Trent Walker (48)	Treasurer and Chief Financial Officer (since 2020).	Managing Director, BlackRock, Inc. (since September 2019); Chief Financial Officer of iShares Delaware Trust Sponsor LLC, BlackRock Funds, BlackRock Funds II, BlackRock Funds IV, BlackRock Funds V and BlackRock Funds VI (since 2021); Executive Vice President of PIMCO (2016-2019); Senior Vice President of PIMCO (2008-2015); Treasurer (2013-2019) and Assistant Treasurer (2007-2017) of PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, 2 PIMCO-sponsored interval funds and 21 PIMCO-sponsored closed-end funds.
Charles Park (55)	Chief Compliance Officer (since 2006).	Chief Compliance Officer of BlackRock Advisors, LLC and the BlackRock-advised Funds in the BlackRock Multi-Asset Complex and the BlackRock Fixed-Income Complex (since 2014); Chief Compliance Officer of BFA (since 2006).
Marisa Rolland (42)	Secretary (since 2022).	Director, BlackRock, Inc. (since 2018); Vice President, BlackRock, Inc. (2010-2017).
Rachel Aguirre (40)	Executive Vice President (since 2022).	Managing Director, BlackRock, Inc. (since 2018); Director, BlackRock, Inc. (2009-2018); Head of U.S. iShares Product (since 2022); Head of EII U.S. Product Engineering (since 2021); Co-Head of EII’s Americas Portfolio Engineering (2020-2021); Head of Developed Markets Portfolio Engineering (2016-2019).
Jennifer Hsui (46)	Executive Vice President (since 2022).	Managing Director, BlackRock, Inc. (since 2009); Co-Head of Index Equity (since 2022).
James Mauro (51)	Executive Vice President (since 2022).	Managing Director, BlackRock, Inc. (since 2010); Head of Fixed Income Index Investments in the Americas and Head of San Francisco Core Portfolio Management (since 2020).

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Director and Officer Information (unaudited) (continued)

Effective March 18, 2022, Rachel Aguirre, Jennifer Hsui, and James Mauro have replaced Scott Radell, Alan Mason, and Marybeth Leithead as Executive Vice Presidents.

Effective June 15, 2022, Marisa Rolland replaced Deepa Damre Smith as Secretary.

D I R E C T O R   A N D   O F F I C E R   I N F O R M A T I O N 85

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
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 87

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-AR-816-0822

        

(b) Not Applicable

Item 2. Code of Ethics.

The registrant has adopted a code of ethics, as of the end of the period covered by this report, applicable to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. During the period covered by this report, the code of ethics was amended to clarify an inconsistency in to whom persons covered by the code should report suspected violations of the code. The amendment clarifies that such reporting should be made to BlackRock’s General Counsel, and retains the alternative option of anonymous reporting following “whistleblower” policies. Other non-material changes were also made in connection with this amendment. During the period covered by this report, there have been no waivers granted under the code of ethics. The registrant undertakes to provide a copy of the code of ethics to any person upon request, without charge, by calling 1-800-474-2737.

Item 3. Audit Committee Financial Expert.

The registrant’s Board of Directors has determined that the registrant has more than one audit committee financial expert, as that term is defined under Item 3(b) and 3(c), serving on its audit committee. The audit committee financial experts serving on the registrant’s audit committee are Richard L. Fagnani and Madhav V. Rajan, all of whom are independent, as that term is defined under Item 3(a)(2).

Item 4. Principal Accountant Fees and Services.

The principal accountant fees disclosed in items 4(a), 4(b), 4(c), 4(d) and 4(g) are for the forty-six series of the registrant for which the fiscal year-end is August 31, 2022 (the “Funds”), and whose annual financial statements are reported in Item 1.

(a) Audit Fees – The aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for the audit of the Funds’ annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years were $742,900 for the fiscal year ended August 31, 2021 and $727,500 for the fiscal year ended August 31, 2022.

(b) Audit-Related Fees – There were no fees billed for the fiscal years ended August 31, 2021 and August 31, 2022 for assurance and related services by the principal accountant that were reasonably related to the performance of the audit of the Fund’s financial statements and are not reported under (a) of this Item.

(c) Tax Fees – The aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice and tax planning for the Funds were $446,200 for the fiscal year ended August 31, 2021 and $446,200 for the fiscal year ended August 31, 2022. These services related to the review of the Funds’ tax returns and excise tax calculations.

(d) All Other Fees – There were no other fees billed in each of the fiscal years ended August 31, 2021 and August 31, 2022 for products and services provided by the principal accountant, other than the services reported in (a) through (c) of this Item.

(e) (1) The registrant’s audit committee charter, as amended, provides that the audit committee is responsible for the approval, prior to appointment, of the engagement of the principal accountant to annually audit and provide their opinion on the registrant’s financial statements. The audit committee must also approve, prior to appointment, the engagement of the principal accountant to provide non-audit services to the registrant or to any entity controlling, controlled by or under common control with the registrant’s investment adviser (“Adviser Affiliate”) that provides ongoing services to the registrant, if the engagement relates directly to the operations and financial reporting of the registrant.

(2) There were no services described in (b) through (d) above that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) None of the hours expended on the principal accountant’s engagement to audit the Funds’ financial statements for the fiscal year ended August 31, 2022 were attributable to work performed by persons other than the principal accountant’s full-time, permanent employees.

(g) The aggregate non-audit fees billed by the registrant’s principal accountant for services rendered to the Funds, and rendered to the registrant’s investment adviser, and any Adviser Affiliate that provides ongoing services to the registrant for the last two fiscal years were $446,200 for the fiscal year ended August 31, 2021 and $446,200 for the fiscal year ended August 31, 2022.

(h) The registrant’s audit committee has considered whether the provision of non-audit services rendered to the registrant’s investment adviser and any Adviser Affiliate that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, if any, is compatible with maintaining the principal accountant’s independence, and has determined that the provision of these services, if any, does not compromise the principal accountant’s independence.

(i) Not Applicable

(j) Not Applicable

Item 5. Audit Committee of Listed Registrants

(a) The registrant is a listed issuer as defined in Rule 10A-3 under the Exchange Act of 1934 and has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Exchange Act of 1934. The registrant’s audit committee members are Richard L. Fagnani, Cecilia H. Herbert and Madhav V. Rajan.

(b) Not applicable.

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) (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: October 24, 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: October 24, 2022

By:	/s/ Trent Walker
	Trent Walker, Treasurer and Chief Financial Officer (Principal Financial Officer)

Date: October 24, 2022