iShares Trust


		FEBRUARY 28, 2023

2023 Semi-Annual Report

(Unaudited)

iShares Trust

iShares MSCI Denmark ETF | EDEN | Cboe BZX

iShares MSCI Finland ETF | EFNL | Cboe BZX

iShares MSCI Germany Small-Cap ETF | EWGS | Cboe BZX

iShares MSCI Ireland ETF | EIRL | NYSE Arca

iShares MSCI Kuwait ETF | KWT | Cboe BZX

iShares MSCI New Zealand ETF | ENZL | NASDAQ

iShares MSCI Norway ETF | ENOR | Cboe BZX

The Markets in Review

Dear Shareholder,

Significant economic headwinds emerged during the 12-month reporting period ended February 28, 2023, as investors navigated changing economic conditions and volatile markets. The U.S. economy shrank in the first half of 2022 before returning to modest growth in the second half of the year, marking a shift to a more challenging post-reopening economic environment. Changes in consumer spending patterns and a tight labor market led to elevated inflation, which reached a 40-year high before beginning to moderate. 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 during the first half of the reporting period. Both large-and small-capitalization U.S. stocks fell, although equities began to recover in the second half of the period as inflation eased and economic growth resumed. Emerging market stocks and international equities from developed markets declined overall, pressured by rising interest rates and a strong U.S. dollar.

The 10-year U.S. Treasury yield rose notably during the reporting period, driving its price down, as investors reacted to fluctuating inflation data and attempted to anticipate its impact on future interest rate changes. The corporate bond market also faced inflationary headwinds, and higher interest rates led to rising borrowing costs for corporate issuers.

The U.S. Federal Reserve (the “Fed”), acknowledging that inflation has been more persistent than expected, raised interest rates eight times. Furthermore, the Fed wound down its bond-buying programs and accelerated the reduction of its balance sheet.

Restricted labor supply kept inflation elevated even as other inflation drivers, such as goods prices and energy costs, moderated. While economic growth slowed in the last year, we believe that taming inflation requires a more substantial decline that lowers demand to a level more in line with the economy’s productive capacity. Although the Fed has decelerated the pace of interest rate hikes, it still seems determined to get inflation back to target. With this in mind, we believe the possibility of a U.S. recession in the near-term is high, but the dimming economic outlook has not yet been fully reflected in current market prices. We believe investors should expect a period of higher volatility as markets adjust to the new economic reality and policymakers attempt to adapt to rapidly changing conditions. Turmoil in the banking sector shortly following the end of the period highlighted the potential for the knock-on effects of substantially higher interest rates to disrupt markets with little warning.

While we favor an overweight to equities in the long term, several factors lead us to take an underweight stance on equities overall in the near term. Expectations for corporate earnings remain elevated, which seems inconsistent with the possibility of a recession in a business environment characterized by higher costs and reduced pricing power. Nevertheless, we are overweight on emerging market stocks as a weaker U.S. dollar provides a supportive backdrop. We also see long-term opportunities in credit, where valuations are appealing and higher yields provide attractive income, although we are neutral on credit in the near term, as we believe that troubles in the banking sector will likely lead to reduced lending. However, we believe there are still some strong opportunities for a six- to twelve-month horizon, particularly short-term U.S. Treasuries, global inflation-linked bonds, and emerging market bonds denominated in local currency.

Overall, our view is that investors need to think globally, position themselves to be prepared for a decarbonizing economy, and be nimble as market conditions change. We encourage you to talk with your financial advisor and visit iShares.com for further insight about investing in today’s markets.

LOGO

Rob Kapito

President, BlackRock, Inc.

LOGO

Rob Kapito

President, BlackRock, Inc.


Total Returns as of February 28, 2023
	6-Month	12-Month
U.S. large cap equities (S&P 500^® Index)	1.26%	(7.69)%
U.S. small cap equities (Russell 2000^® Index)	3.63	(6.02)
International equities (MSCI Europe, Australasia, Far East Index)	12.58	(3.14)
Emerging market equities (MSCI Emerging Markets Index)	(2.29)	(15.28)
3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)	1.74	2.11
U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)	(4.81)	(14.06)
U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)	(2.13)	(9.72)
Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)	0.66	(5.10)
U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)	2.52	(5.45)
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
Semi-Annual Report:
Fund Summary		4
About Fund Performance		11
Disclosure of Expenses		11
Schedules of Investments		12
Financial Statements
Statements of Assets and Liabilities		31
Statements of Operations		33
Statements of Changes in Net Assets		35
Financial Highlights		39
Notes to Financial Statements		46
Statement Regarding Liquidity Risk Management Program		55
Supplemental Information		56
General Information		57
Glossary of Terms Used in this Report		58


Fund Summary as of February 28, 2023		iShares^® MSCI Denmark ETF

Investment Objective

The iShares MSCI Denmark ETF (the “Fund”) seeks to track the investment results of a broad-based index composed of Danish equities, as represented by the MSCI Denmark IMI 25/50 Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance


				Average Annual Total Returns									Cumulative Total Returns
	6-Month Total Returns			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		17.70	%		3.93	%		9.68	%		12.89	%		3.93	%		58.72	%		236.29	%
Fund Market		17.93			4.75			9.81			12.88			4.75			59.68			235.91
Index		18.10			4.40			10.10			13.28			4.40			61.76			247.97

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 (09/01/22)		Ending Account Value (02/28/23)		Expenses Paid During the Period	^(a)		Beginning Account Value (09/01/22)		Ending Account Value (02/28/23)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio
$	1,000.00	$	1,177.00	$	2.86		$	1,000.00	$	1,022.20	$	2.66		0.53	%

^(a)

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

Portfolio Information

SECTOR ALLOCATION


Sector	Percent of Total Investments	^(a)
Health Care	39.5	%
Industrials	26.9
Financials	13.3
Consumer Staples	6.1
Materials	4.5
Utilities	3.9
Consumer Discretionary	2.7
Information Technology	2.3
Energy	0.8

TEN LARGEST HOLDINGS


Security	Percent of Total Investments	^(a)
Novo Nordisk A/S, Class B	23.1	%
DSV A/S	8.1
Vestas Wind Systems A/S	6.5
Genmab A/S	5.6
Danske Bank A/S	4.0
Orsted AS	3.9
Carlsberg AS, Class B	3.4
Coloplast A/S, Class B	3.3
AP Moller - Maersk A/S, Class B	2.8
Novozymes A/S, Class B	2.5

^(a)

Excludes money market funds.


4		2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S


Fund Summary as of February 28, 2023		iShares^® MSCI Finland ETF

Investment Objective

The iShares MSCI Finland ETF (the “Fund”) seeks to track the investment results of a broad-based index composed of Finnish equities, as represented by the MSCI Finland IMI 25/50 Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance


				Average Annual Total Returns									Cumulative Total Returns
	6-Month Total Returns			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		9.49	%		(2.08	)%		1.89	%		6.96	%		(2.08	)%		9.81	%		95.97	%
Fund Market		9.25			(1.47	)		1.92			6.96			(1.47	)		10.00			95.91
Index		9.32			(3.86	)		1.30			6.43			(3.86	)		6.69			86.49

Expense Example


Actual							Hypothetical 5% Return
	Beginning Account Value (09/01/22)		Ending Account Value (02/28/23)		Expenses Paid During the Period	^(a)		Beginning Account Value (09/01/22)		Ending Account Value (02/28/23)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio
$	1,000.00	$	1,094.90	$	2.75		$	1,000.00	$	1,022.20	$	2.66		0.53	%

^(a)

Portfolio Information

SECTOR ALLOCATION


Sector	Percent of Total Investments	^(a)
Materials	19.9	%
Industrials	19.6
Information Technology	16.0
Financials	12.5
Energy	10.4
Communication Services	5.5
Health Care	3.8
Utilities	3.8
Consumer Staples	3.7
Consumer Discretionary	3.1
Real Estate	1.7

TEN LARGEST HOLDINGS


Security	Percent of Total Investments	^(a)
Nokia OYJ	12.9	%
Sampo OYJ, Class A	12.0
Neste OYJ	10.4
UPM-Kymmene OYJ	9.8
Kone OYJ, Class B	4.6
Elisa OYJ	4.5
Stora Enso OYJ, Class R	4.2
Metso Outotec OYJ	4.0
Fortum OYJ	3.8
Kesko OYJ, Class B	3.4

^(a)

Excludes money market funds.


F U N D S U M M A R Y		5


Fund Summary as of February 28, 2023		iShares^® MSCI Germany Small-Cap ETF

Investment Objective

The iShares MSCI Germany Small-Cap ETF (the “Fund”) seeks to track the investment results of an index composed of small-capitalization German equities, as represented by the MSCI Germany Small Cap Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance



				Average Annual Total Returns									Cumulative Total Returns
	6-Month Total Returns			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		18.82	%		(13.15	)%		0.69	%		8.25	%		(13.15	)%		3.47	%		120.93	%
Fund Market		19.18			(12.48	)		0.80			8.23			(12.48	)		4.08			120.63
Index		19.17			(13.68	)		0.60			8.18			(13.68	)		3.02			119.61

Expense Example


Actual							Hypothetical 5% Return
	Beginning Account Value (09/01/22)		Ending Account Value (02/28/23)		Expenses Paid During the Period	^(a)		Beginning Account Value (09/01/22)		Ending Account Value (02/28/23)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio
$	1,000.00	$	1,188.20	$	3.20		$	1,000.00	$	1,021.90	$	2.96		0.59	%

^(a)

Portfolio Information

SECTOR ALLOCATION


Sector	Percent of Total Investments	^(a)
Industrials	28.1	%
Materials	15.5
Information Technology	15.0
Health Care	9.0
Communication Services	8.9
Consumer Discretionary	8.0
Financials	5.4
Real Estate	3.8
Consumer Staples	3.3
Utilities	1.9
Energy	1.1

TEN LARGEST HOLDINGS


Security	Percent of Total Investments	^(a)
K+S AG	3.6	%
Hugo Boss AG	3.1
LANXESS AG	3.0
CTS Eventim AG & Co. KGaA	3.0
thyssenkrupp AG	2.8
AIXTRON SE	2.8
Aurubis AG	2.5
KION Group AG	2.3
Freenet AG	2.2
FUCHS PETROLUB SE	2.2

^(a)

Excludes money market funds.


6		2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S


Fund Summary as of February 28, 2023		iShares^® MSCI Ireland ETF

Investment Objective

The iShares MSCI Ireland ETF (the “Fund”) seeks to track the investment results of a broad-based index composed of Irish equities, as represented by the MSCI All Ireland Capped Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance



				Average Annual Total Returns									Cumulative Total Returns
	6-Month Total Returns			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		23.49	%^(a)		0.91	%		3.68	%		8.54	%		0.91	%		19.78	%		127.03	%
Fund Market		23.42			2.16			3.77			8.40			2.16			20.31			123.95
Index		24.04			1.49			4.22			8.96			1.49			22.96			135.90

Index performance through November 26, 2013 reflects the performance of the MSCI Ireland Investable Market Index 25/50. Index performance beginning on November 27, 2013 reflects the performance of the MSCI All Ireland Capped Index.

^(a)

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

Expense Example


Actual							Hypothetical 5% Return
	Beginning Account Value (09/01/22)		Ending Account Value (02/28/23)		Expenses Paid During the Period	^(a)		Beginning Account Value (09/01/22)		Ending Account Value (02/28/23)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio
$	1,000.00	$	1,234.90	$	2.83		$	1,000.00	$	1,022.30	$	2.56		0.51	%

^(a)

Portfolio Information

SECTOR ALLOCATION


Sector	Percent of Total Investments	^(a)
Materials	29.0	%
Consumer Discretionary	26.5
Industrials	14.0
Consumer Staples	12.7
Financials	9.8
Health Care	6.6
Real Estate	1.4

TEN LARGEST HOLDINGS


Security	Percent of Total Investments	^(a)
CRH PLC	22.5	%
Flutter Entertainment PLC, Class DI	20.9
Bank of Ireland Group PLC	4.8
Kingspan Group PLC	4.6
AIB Group PLC	4.5
Glanbia PLC	4.5
Grafton Group PLC	4.5
Kerry Group PLC, Class A	4.5
Ryanair Holdings PLC	4.4
ICON PLC	4.4

^(a)

Excludes money market funds.


F U N D S U M M A R Y		7


Fund Summary as of February 28, 2023		iShares^® MSCI Kuwait ETF

Investment Objective

The iShares MSCI Kuwait ETF (the “Fund”) seeks to track the investment results of a broad-based equity index with exposure to Kuwait,as defined by the index provider, as represented by the MSCI All Kuwait Select Size Liquidity Capped Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance



				Average Annual Total Returns						Cumulative Total Returns
	6-Month Total Returns			1 Year			Since Inception			1 Year			Since Inception
Fund NAV		(7.40	)%		(6.34	)%		16.86	%		(6.34	)%		47.53	%
Fund Market		(6.90	)		(6.32	)		17.17			(6.32	)		48.50
Index		(7.10	)		(4.95	)		17.79			(4.95	)		50.53

The inception date of the Fund was September 1, 2020. The first day of secondary market trading was September 3, 2020.

Expense Example


Actual							Hypothetical 5% Return
	Beginning Account Value (09/01/22)		Ending Account Value (02/28/23)		Expenses Paid During the Period	^(a)		Beginning Account Value (09/01/22)		Ending Account Value (02/28/23)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio
$	1,000.00	$	926.00	$	3.53		$	1,000.00	$	1,021.10	$	3.71		0.74	%

^(a)

Portfolio Information

SECTOR ALLOCATION


Sector	Percent of Total Investments	^(a)
Financials	62.7	%
Industrials	12.6
Real Estate	10.8
Consumer Discretionary	4.7
Communication Services	4.7
Materials	1.4
Utilities	1.1
Energy	1.1
Consumer Staples	0.9

TEN LARGEST HOLDINGS


Security	Percent of Total Investments	^(a)
Kuwait Finance House KSCP	22.3	%
National Bank of Kuwait SAKP	21.9
Mobile Telecommunications Co. KSCP	4.7
Agility Public Warehousing Co. KSC	4.3
Gulf Bank KSCP	3.5
Mabanee Co. KPSC	3.5
National Industries Group Holding SAK	2.9
Humansoft Holding Co. KSC	2.9
Warba Bank KSCP	2.4
Kuwait Projects Co. Holding KSCP	2.3

^(a)

Excludes money market funds.


8		2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S


Fund Summary as of February 28, 2023		iShares^® MSCI New Zealand ETF

Investment Objective

The iShares MSCI New Zealand ETF (the “Fund”) seeks to track the investment results of a broad-based index composed of New Zealand equities, as represented by the MSCI New Zealand IMI 25/50 Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance



				Average Annual Total Returns									Cumulative Total Returns
	6-Month Total Returns			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		5.21	%		(8.13	)%		2.81	%		6.72	%		(8.13	)%		14.88	%		91.59	%
Fund Market		5.42			(8.69	)		2.89			6.71			(8.69	)		15.31			91.42
Index		5.27			(6.82	)		3.39			7.23			(6.82	)		18.14			100.93

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

Expense Example


Actual							Hypothetical 5% Return
	Beginning Account Value (09/01/22)		Ending Account Value (02/28/23)		Expenses Paid During the Period	^(a)		Beginning Account Value (09/01/22)		Ending Account Value (02/28/23)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio
$	1,000.00	$	1,052.10	$	2.59		$	1,000.00	$	1,022.30	$	2.56		0.51	%

^(a)

Portfolio Information

SECTOR ALLOCATION


Sector	Percent of Total Investments	^(a)
Health Care	27.7	%
Utilities	23.2
Industrials	17.9
Communication Services	14.4
Real Estate	7.1
Consumer Staples	4.6
Consumer Discretionary	3.2
Information Technology	1.9

TEN LARGEST HOLDINGS


Security	Percent of Total Investments	^(a)
Fisher & Paykel Healthcare Corp. Ltd.	15.9	%
Auckland International Airport Ltd.	11.7
Spark New Zealand Ltd.	10.1
Meridian Energy Ltd.	7.5
EBOS Group Ltd.	4.7
Contact Energy Ltd.	4.6
Infratil Ltd.	4.6
a2 Milk Co. Ltd. (The)	4.6
Mercury NZ Ltd.	4.5
Chorus Ltd.	4.3

^(a)

Excludes money market funds.


F U N D S U M M A R Y		9


Fund Summary as of February 28, 2023		iShares^® MSCI Norway ETF

Investment Objective

The iShares MSCI Norway ETF (the “Fund”) seeks to track the investment results of a broad-based index composed of Norwegian equities, as represented by the MSCI Norway IMI 25/50 Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance



				Average Annual Total Returns									Cumulative Total Returns
	6-Month Total Returns			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		(4.87	)%		(13.37	)%		0.76	%		0.95	%		(13.37	)%		3.85	%		9.87	%
Fund Market		(4.38	)		(13.14	)		1.01			0.93			(13.14	)		5.17			9.70
Index		(4.32	)		(12.65	)		1.31			1.35			(12.65	)		6.74			14.40

Expense Example


Actual							Hypothetical 5% Return
	Beginning Account Value (09/01/22)		Ending Account Value (02/28/23)		Expenses Paid During the Period	^(a)		Beginning Account Value (09/01/22)		Ending Account Value (02/28/23)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio
$	1,000.00	$	951.30	$	2.56		$	1,000.00	$	1,022.20	$	2.66		0.53	%

^(a)

Portfolio Information

SECTOR ALLOCATION


Sector	Percent of Total Investments	^(a)
Energy	31.4	%
Financials	19.2
Materials	12.7
Consumer Staples	12.3
Industrials	11.7
Communication Services	8.3
Information Technology	2.7
Other (each representing less than 1%)	1.7

TEN LARGEST HOLDINGS


Security	Percent of Total Investments	^(a)
Equinor ASA	17.4	%
DNB Bank ASA	11.1
Norsk Hydro ASA	5.8
Aker BP ASA	5.1
Yara International ASA	4.7
Telenor ASA	4.7
Mowi ASA	4.3
Orkla ASA	3.0
Storebrand ASA	2.3
TOMRA Systems ASA	2.2

^(a)

Excludes money market funds.


10		2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

About Fund Performance

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

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

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

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 / D I S C L O S U R E O F E X P E N S E S		11

Schedule of Investments (unaudited)

February 28, 2023

iShares^® MSCI Denmark ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Air Freight & Logistics — 8.0%
DSV A/S		98,599	$	17,916,041


Banks — 9.3%
Danske Bank A/S		376,031		8,732,663
Jyske Bank A/S, Registered^(a)		44,323		3,712,522
Ringkjoebing Landbobank A/S		20,442		3,228,581
Spar Nord Bank A/S		120,376		2,221,400
Sydbank AS		54,109		2,753,696

				20,648,862

Beverages — 4.6%
Carlsberg AS, Class B		53,351		7,539,078
Royal Unibrew A/S		38,333		2,665,841

				10,204,919

Biotechnology — 7.6%
Bavarian Nordic A/S^(a)(b)		66,052		2,034,135
Genmab A/S^(a)		32,816		12,346,983
Zealand Pharma A/S^(a)		79,329		2,525,842

				16,906,960

Building Products — 0.9%
Rockwool A/S, Class B		8,625		1,958,207


Chemicals — 4.4%
Chr Hansen Holding A/S		63,150		4,377,939
Novozymes A/S, Class B		114,554		5,517,366

				9,895,305

Commercial Services & Supplies — 1.2%
ISS A/S^(a)		124,583		2,715,384


Construction & Engineering — 0.6%
Per Aarsleff Holding A/S		32,642		1,414,770


Electric Utilities — 3.8%
Orsted AS^(c)		97,814		8,514,029


Electrical Equipment — 7.2%
NKT A/S^(a)		37,372		1,733,300
Vestas Wind Systems A/S		505,150		14,414,425

				16,147,725

Food Products — 0.7%
Schouw & Co. A/S		19,942		1,585,572


Health Care Equipment & Supplies — 6.4%
Ambu A/S, Class B^(a)(b)		155,239		2,274,883
Coloplast A/S, Class B		63,230		7,305,977
Demant A/S^(a)		76,659		2,292,485
GN Store Nord A/S^(b)		105,504		2,277,794

				14,151,139

Insurance — 3.9%
Alm Brand A/S		1,000,517		1,860,901
Topdanmark AS		41,459		2,217,650
Tryg A/S		212,778		4,713,767

				8,792,318

IT Services — 1.0%
Netcompany Group A/S^(a)(c)		46,500		1,617,395
Trifork Holding AG		23,167		559,665

				2,177,060

Life Sciences Tools & Services — 0.6%
Chemometec A/S^(a)		19,713		1,280,101


Security	Shares		Value

Machinery — 1.2%
FLSmidth & Co. A/S^(b)		56,114	$	2,206,410
Nilfisk Holding A/S^(a)		22,035		407,935

				2,614,345

Marine — 6.8%
AP Moller - Maersk A/S, Class A		1,827		4,175,957
AP Moller - Maersk A/S, Class B, NVS		2,689		6,263,616
D/S Norden A/S		40,074		2,821,350
Dfds A/S		44,681		1,820,409

				15,081,332

Oil, Gas & Consumable Fuels — 0.8%
TORM PLC, Class A		51,995		1,846,135


Pharmaceuticals — 24.7%
ALK-Abello AS^(a)		129,976		1,936,612
H Lundbeck AS		384,684		1,625,380
H Lundbeck AS, Class A^(a)		125,820		480,962
Novo Nordisk A/S, Class B		360,462		50,917,153

				54,960,107

Road & Rail — 0.3%
NTG Nordic Transport Group A/S, Class A^(a)(b)		14,310		675,205


Software — 1.3%
cBrain A/S		19,856		393,087
SimCorp A/S		33,433		2,396,238

				2,789,325

Specialty Retail — 0.3%
Matas A/S		65,665		763,578


Textiles, Apparel & Luxury Goods — 2.4%
Pandora A/S		55,727		5,278,665


Tobacco — 0.7%
Scandinavian Tobacco Group A/S, Class A^(c)		90,766		1,575,910


Trading Companies & Distributors — 0.4%
Solar A/S, Class B		9,912		861,658


Total Long-Term Investments — 99.1% (Cost: $211,271,465)				220,754,652


Short-Term Securities

Money Market Funds — 4.0%
BlackRock Cash Funds: Institutional, SL Agency Shares, 4.81%^(d)(e)(f)		8,774,061		8,779,326
BlackRock Cash Funds: Treasury, SL Agency Shares, 4.41%^(d)(e)		180,000		180,000


Total Short-Term Securities — 4.0% (Cost: $8,958,030)				8,959,326


Total Investments — 103.1% (Cost: $220,229,495)				229,713,978

Liabilities in Excess of Other Assets — (3.1)%				(6,962,608	)


Net Assets — 100.0%			$	222,751,370

^(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.


12		2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

February 28, 2023

iShares^® MSCI Denmark ETF

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:



Affiliated Issuer	Value at 08/31/22		Purchases at Cost			Proceeds from Sale		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 02/28/23		Shares Held at 02/28/23		Income			Capital Gain Distributions from Underlying Funds

BlackRock Cash Funds: Institutional, SL Agency Shares	$	3,637,677	$	5,140,435	^(a)	$	—	$	1,211	$	3	$	8,779,326		8,774,061	$	18,253	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		160,000		20,000	^(a)		—		—		—		180,000		180,000		1,925			—

								$	1,211	$	3	$	8,959,326			$	20,178		$	—

^(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
OMX Copenhagen 25 Index		72		03/17/23	$	1,811	$	(5,932	)

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)	$	—	$	—	$	5,932	$	—	$	—	$	—	$	5,932

^(a)

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

For the period ended February 28, 2023, 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	$	—	$	—	$	63,179	$	—	$	—	$	—	$	63,179


Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	77,639	$	—	$	—	$	—	$	77,639


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

Schedule of Investments (unaudited) (continued)

February 28, 2023

iShares^® MSCI Denmark ETF

Average Quarterly Balances of Outstanding Derivative Financial Instruments


Futures contracts
Average notional value of contracts — long			$1,791,208

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

Assets
Investments
Long-Term Investments
Common Stocks	$	2,455,397	$	218,299,255		$	—	$	220,754,652
Short-Term Securities
Money Market Funds		8,959,326		—			—		8,959,326

	$	11,414,723	$	218,299,255		$	—	$	229,713,978

Derivative Financial Instruments^(a)
Liabilities
Equity Contracts	$	—	$	(5,932	)	$	—	$	(5,932	)

^(a)

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

See notes to financial statements.


14		2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited)

February 28, 2023

iShares^® MSCI Finland ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Airlines — 0.4%
Finnair OYJ^(a)(b)		113,799	$	68,059


Auto Components — 0.8%
Nokian Renkaat OYJ		14,743		133,706


Banks — 0.5%
Aktia Bank OYJ		7,949		87,608


Beverages — 0.3%
Anora Group OYJ		7,554		51,492


Building Products — 0.7%
Uponor OYJ		6,835		127,202


Chemicals — 1.3%
Kemira OYJ		11,751		225,073


Commercial Services & Supplies — 0.7%
Caverion OYJ		12,674		121,050


Communications Equipment — 12.7%
Nokia OYJ		467,541		2,163,101


Containers & Packaging — 2.0%
Huhtamaki OYJ		9,737		343,746


Diversified Telecommunication Services — 4.4%
Elisa OYJ		13,381		759,882


Electric Utilities — 3.8%
Fortum OYJ		42,157		644,304


Electrical Equipment — 0.4%
Kempower OYJ^(a)(b)		2,765		75,453


Electronic Equipment, Instruments & Components — 0.1%
Incap OYJ		711		13,191


Entertainment — 0.4%
Rovio Entertainment OYJ^(c)		7,789		67,267


Food & Staples Retailing — 3.3%
Kesko OYJ, Class B		26,012		564,873


Health Care Equipment & Supplies — 0.6%
Revenio Group OYJ		2,929		107,930


Health Care Providers & Services — 0.3%
Oriola OYJ, Class B		29,820		48,509


Household Durables — 0.4%
YIT OYJ		24,369		69,276


Insurance — 11.8%
Sampo OYJ, Class A		41,285		2,009,761


IT Services — 1.7%
TietoEVRY OYJ		9,107		289,159


Machinery — 16.6%
Cargotec OYJ, Class B		4,165		211,724
Kone OYJ, Class B		14,725		764,693
Konecranes OYJ		6,405		217,920
Metso Outotec OYJ		62,817		668,296
Valmet OYJ		15,984		527,459


Security	Shares		Value

Machinery (continued)
Wartsila OYJ Abp		46,114	$	445,398

				2,835,490

Media — 0.6%
Sanoma OYJ		10,259		95,412


Metals & Mining — 1.4%
Outokumpu OYJ		38,974		233,337


Multiline Retail — 1.0%
Puuilo OYJ^(b)		9,970		68,101
Tokmanni Group Corp.		6,937		98,580

				166,681

Oil, Gas & Consumable Fuels — 10.2%
Neste OYJ		36,160		1,744,042


Paper & Forest Products — 14.8%
Metsa Board OYJ, Class B		20,143		176,224
Stora Enso OYJ, Class R		49,736		703,158
UPM-Kymmene OYJ		45,513		1,649,229

				2,528,611

Pharmaceuticals — 2.9%
Orion OYJ, Class B		10,354		487,893


Professional Services — 0.3%
Talenom OYJ^(b)		6,247		54,313


Real Estate Management & Development — 1.6%
Citycon OYJ		12,539		92,259
Kojamo OYJ		14,322		189,299

				281,558

Software — 1.3%
F-Secure OYJ^(a)		20,570		72,266
QT Group OYJ^(a)(b)		1,951		144,475

				216,741

Specialty Retail — 0.5%
Musti Group OYJ		4,663		87,281


Textiles, Apparel & Luxury Goods — 0.3%
Marimekko OYJ		5,875		57,226


Total Long-Term Investments — 98.1% (Cost: $21,192,370)				16,759,227


Short-Term Securities

Money Market Funds — 2.1%
BlackRock Cash Funds: Institutional, SL Agency Shares, 4.81%^(d)(e)(f)		341,189		341,394
BlackRock Cash Funds: Treasury, SL Agency Shares, 4.41%^(d)(e)		20,000		20,000


Total Short-Term Securities — 2.1% (Cost: $361,200)				361,394


Total Investments — 100.2% (Cost: $21,553,570)				17,120,621

Liabilities in Excess of Other Assets — (0.2)%				(26,579	)


Net Assets — 100.0%			$	17,094,042

^(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		15

Schedule of Investments (unaudited) (continued)

February 28, 2023

iShares^® MSCI Finland 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



Affiliated Issuer	Value at 08/31/22		Purchases at Cost			Proceeds from Sale			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 02/28/23		Shares Held at 02/28/23		Income			Capital Gain Distributions from Underlying Funds

BlackRock Cash Funds: Institutional, SL Agency Shares	$	143,791	$	197,420	^(a)	$	—		$	55	$	128	$	341,394		341,189	$	7,453	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		40,000		—			(20,000	)^(a)		—		—		20,000		20,000		458			—

									$	55	$	128	$	361,394			$	7,911		$	—

^(a)

Represents net amount purchased (sold).

^(b)

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

03/17/23

314

22,549

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	$	—	$	—	$	22,549	$	—	$	—	$	—	$	22,549

For the period ended February 28, 2023, 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	$	—	$	—	$	44,323	$	—	$	—	$	—	$	44,323


Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	23,943	$	—	$	—	$	—	$	23,943


16		2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

February 28, 2023

iShares^® MSCI Finland 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	$	324,171

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



	Level 1		Level 2		Level 3		Total

Assets
Investments
Long-Term Investments
Common Stocks	$	467,391	$	16,291,836	$	—	$	16,759,227
Short-Term Securities
Money Market Funds		361,394		—		—		361,394

	$	828,785	$	16,291,836	$	—	$	17,120,621

Derivative Financial Instruments^(a)
Assets
Equity Contracts	$	—	$	22,549	$	—	$	22,549

^(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		17

Schedule of Investments (unaudited)

February 28, 2023

iShares^® MSCI Germany Small-Cap ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Aerospace & Defense — 1.1%
Hensoldt AG		7,231	$	235,323
OHB SE		1,032		33,260

				268,583

Auto Components — 1.3%
ElringKlinger AG		5,695		52,785
Vitesco Technologies Group AG^(a)		3,939		273,453

				326,238

Biotechnology — 0.9%
CureVac NV^(a)		11,207		96,453
MorphoSys AG^(a)(b)		6,740		122,284

				218,737

Building Products — 0.3%
Steico SE		1,109		64,482


Capital Markets — 1.2%
AURELIUS Equity Opportunities SE & Co. KGaA		5,383		89,550
Deutsche Beteiligungs AG		2,777		91,284
flatexDEGIRO AG^(a)		12,983		110,583

				291,417

Chemicals — 6.7%
K+S AG, Registered		37,708		895,070
LANXESS AG		16,162		751,948

				1,647,018

Commercial Services & Supplies — 3.5%
Befesa SA^(c)		7,880		411,482
Bilfinger SE^(b)		6,060		240,567
Cewe Stiftung & Co. KGaA		1,099		109,862
Takkt AG		6,460		96,774

				858,685

Communications Equipment — 0.3%
ADVA Optical Networking SE^(a)		3,581		87,721


Construction & Engineering — 1.5%
HOCHTIEF AG		5,369		365,686


Diversified Financial Services — 1.2%
GRENKE AG		5,493		171,239
Hypoport SE^(a)		767		115,737

				286,976

Electrical Equipment — 3.4%
Energiekontor AG		1,239		88,894
Nordex SE^(a)		27,176		408,812
PNE AG		6,788		114,875
SGL Carbon SE^(a)(b)		12,045		112,761
Varta AG^(b)		3,589		106,697

				832,039

Electronic Equipment, Instruments & Components — 1.7%
Basler AG^(b)		2,171		65,649
Jenoptik AG		10,165		352,606

				418,255

Entertainment — 3.3%
Borussia Dortmund GmbH & Co. KGaA^(a)		15,217		68,676
CTS Eventim AG & Co. KGaA^(a)		11,350		744,862

				813,538

Equity Real Estate Investment Trusts (REITs) — 0.4%
Hamborner REIT AG		13,614		107,788


Security	Shares		Value

Food & Staples Retailing — 1.7%
METRO AG^(a)		24,810	$	223,707
Shop Apotheke Europe NV^(a)(c)		2,867		207,107

				430,814

Food Products — 1.6%
KWS Saat SE & Co. KGaA		2,274		151,724
Suedzucker AG		14,062		238,595

				390,319

Health Care Equipment & Supplies — 1.3%
Draegerwerk AG & Co. KGaA		603		23,471
Eckert & Ziegler Strahlen- und Medizintechnik AG		2,918		165,824
Stratec SE		1,553		126,303

				315,598

Health Care Providers & Services — 0.6%
Medios AG^(a)		2,812		58,085
Synlab AG		13,181		97,470

				155,555

Health Care Technology — 1.0%
CompuGroup Medical SE & Co. KgaA		5,287		251,164


Independent Power and Renewable Electricity Producers — 1.9%
Encavis AG		23,766		463,864


Industrial Conglomerates — 0.5%
Indus Holding AG		3,972		96,250
MBB SE		407		34,014

				130,264

Insurance — 0.3%
Wuestenrot & Wuerttembergische AG		4,615		83,830


Internet & Direct Marketing Retail — 0.3%
About You Holding SE^(a)(b)		7,281		40,766
Global Fashion Group SA^(a)		19,847		22,296

				63,062

IT Services — 3.9%
Adesso SE		641		102,640
CANCOM SE		6,988		244,620
Datagroup SE		822		57,730
GFT Technologies SE		3,369		142,629
Kontron AG^(b)		8,465		169,381
Nagarro SE^(a)(b)		1,629		166,730
Secunet Security Networks AG		320		77,829

				961,559

Leisure Products — 0.2%
Tonies SE, Class A^(a)		9,985		61,159


Life Sciences Tools & Services — 4.2%
Evotec SE^(a)		27,910		500,454
Gerresheimer AG		6,191		543,619

				1,044,073

Machinery — 10.0%
Deutz AG		22,608		138,875
Duerr AG		10,214		384,492
Heidelberger Druckmaschinen AG^(a)		50,961		91,687
JOST Werke AG^(c)		2,640		150,329
KION Group AG		14,223		557,057
Krones AG		2,799		340,869
Norma Group SE		6,274		168,964
Pfeiffer Vacuum Technology AG		680		112,170
Stabilus SE		4,866		328,939
Vossloh AG		1,729		73,932


18		2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

February 28, 2023

iShares^® MSCI Germany Small-Cap ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Machinery (continued)
Wacker Neuson SE		5,524	$	117,079

				2,464,393

Media — 2.9%
ProSiebenSat.1 Media SE^(b)		34,480		343,383
Stroeer SE & Co. KGaA^(b)		6,697		375,240

				718,623

Metals & Mining — 6.2%
Aurubis AG		6,202		606,609
Salzgitter AG^(b)		5,917		248,289
thyssenkrupp AG		91,985		689,028

				1,543,926

Oil, Gas & Consumable Fuels — 1.1%
CropEnergies AG		5,154		63,424
VERBIO Vereinigte BioEnergie AG		4,374		219,428

				282,852

Pharmaceuticals — 0.6%
Dermapharm Holding SE		3,710		150,867


Professional Services — 0.8%
Amadeus Fire AG		1,126		146,280
Bertrandt AG		1,111		56,762

				203,042

Real Estate Management & Development — 3.4%
Deutsche EuroShop AG		3,003		68,607
DIC Asset AG		8,187		74,634
Grand City Properties SA		19,097		194,922
Instone Real Estate Group SE^(b)(c)		9,252		86,840
PATRIZIA SE		9,092		105,660
TAG Immobilien AG		34,548		274,739
Vib Vermoegen AG		1,638		33,230

				838,632

Road & Rail — 1.5%
Sixt SE		2,691		363,801


Semiconductors & Semiconductor Equipment — 5.2%
AIXTRON SE		22,325		684,718
Elmos Semiconductor SE		1,568		127,237
PVA TePla AG^(a)		3,854		104,207
Siltronic AG		2,953		215,034
SMA Solar Technology AG^(a)(b)		2,050		159,815

				1,291,011

Software — 3.8%
Atoss Software AG		783		134,320
Software AG^(b)		10,201		202,158
SUSE SA^(a)		8,328		163,887
TeamViewer AG^(a)(c)		27,584		444,670

				945,035

Specialty Retail — 2.1%
Auto1 Group SE^(a)(b)(c)		17,018		129,300
Ceconomy AG^(b)		28,663		75,167
Fielmann AG		4,962		176,131
Hornbach Holding AG & Co. KGaA		1,733		143,927

				524,525

Textiles, Apparel & Luxury Goods — 3.1%
Hugo Boss AG		11,096		758,903


Thrifts & Mortgage Finance — 2.7%
Aareal Bank AG^(a)		11,793		404,140


Security	Shares		Value

Thrifts & Mortgage Finance (continued)
Deutsche Pfandbriefbank AG^(c)		26,478	$	261,981

				666,121

Trading Companies & Distributors — 1.2%
BayWa AG		2,826		127,314
Kloeckner & Co. SE		14,731		159,445

				286,759

Transportation Infrastructure — 1.9%
Fraport AG Frankfurt Airport Services Worldwide^(a)		7,297		394,985
Hamburger Hafen und Logistik AG		5,184		68,578

				463,563

Wireless Telecommunication Services — 2.7%
1&1 AG		8,701		104,255
Freenet AG		22,268		555,059

				659,314


Total Common Stocks — 93.5% (Cost: $28,249,326)				23,099,791


Preferred Stocks

Auto Components — 0.7%
Schaeffler AG, Preference Shares, NVS		24,515		178,664


Chemicals — 2.2%
FUCHS PETROLUB SE, Preference Shares, NVS		13,700		548,829


Construction Materials — 0.3%
STO SE & Co. KGaA, Preference Shares, NVS		500		79,203


Health Care Equipment & Supplies — 0.3%
Draegerwerk AG & Co. KGaA, Preference Shares, NVS		1,693		73,830


Household Durables — 0.3%
Einhell Germany AG, Preference Shares, NVS		330		56,873


Machinery — 1.4%
Jungheinrich AG, Preference Shares, NVS		9,449		348,575


Road & Rail — 1.1%
Sixt SE, Preference Shares, NVS		3,264		264,343


Total Preferred Stocks — 6.3% (Cost: $1,564,243)				1,550,317


Total Long-Term Investments — 99.8% (Cost: $29,813,569)				24,650,108


Short-Term Securities

Money Market Funds — 9.3%
BlackRock Cash Funds: Institutional, SL Agency Shares, 4.81%^(d)(e)(f)		2,289,743		2,291,117
BlackRock Cash Funds: Treasury, SL Agency Shares, 4.41%^(d)(e)		10,000		10,000


Total Short-Term Securities — 9.3% (Cost: $2,300,226)				2,301,117


Total Investments — 109.1% (Cost: $32,113,795)				26,951,225

Liabilities in Excess of Other Assets — (9.1)%				(2,246,121	)


Net Assets — 100.0%			$	24,705,104

^(a)	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		19

Schedule of Investments (unaudited) (continued)

February 28, 2023

iShares^® MSCI Germany Small-Cap ETF

^(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



Affiliated Issuer	Value at 08/31/22		Purchases at Cost		Proceeds from Sale			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value at 02/28/23		Shares Held at 02/28/23		Income			Capital Gain Distributions from Underlying Funds

BlackRock Cash Funds: Institutional, SL Agency Shares	$	2,477,142	$	—	$	(186,805	)^(a)	$	1,178	$	(398	)	$	2,291,117		2,289,743	$	37,755	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares .		10,000				— 0	^(a)		—		—			10,000		10,000		109			—

								$	1,178	$	(398	)	$	2,301,117			$	37,864		$	—

^(a)

Represents net amount purchased (sold).

^(b)

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

03/17/23

3,199

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)	$	—	$	—	$	3,199	$	—	$	—	$	—	$	3,199

^(a)


20		2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

February 28, 2023

iShares^® MSCI Germany Small-Cap ETF

For the period ended February 28, 2023, 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	$	—	$	—	$	5,464	$	—	$	—	$	—	$	5,464

Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	2,827	$	—	$	—	$	—	$	2,827

Average Quarterly Balances of Outstanding Derivative Financial Instruments


Futures contracts
Average notional value of contracts — long	$	43,323

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


	Level 1		Level 2		Level 3		Total
Assets
Investments
Long-Term Investments
Common Stocks	$	687,937	$	22,411,854	$	—	$	23,099,791
Preferred Stocks		—		1,550,317		—		1,550,317
Short-Term Securities
Money Market Funds		2,301,117		—		—		2,301,117

	$	2,989,054	$	23,962,171	$	—	$	26,951,225

Derivative Financial Instruments^(a)
Assets
Equity Contracts	$	—	$	3,199	$	—		$ 3,199

^(a)

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

See notes to financial statements.


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

Schedule of Investments (unaudited)

February 28, 2023

iShares^® MSCI Ireland ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Airlines — 4.4%
Ryanair Holdings PLC, ADR^(a)		29,868	$	2,770,855


Banks — 9.6%
AIB Group PLC		663,105		2,832,320
Bank of Ireland Group PLC		269,323		2,967,162
Permanent TSB Group Holdings PLC^(a)		66,197		182,043


				5,981,525

Beverages — 1.8%
C&C Group PLC^(a)		633,210		1,133,013


Building Products — 4.6%
Kingspan Group PLC		44,082		2,861,276


Construction Materials — 22.4%
CRH PLC		298,188		14,006,924


Containers & Packaging — 6.2%
Ardagh Metal Packaging SA		244,000		1,176,080
Smurfit Kappa Group PLC		73,096		2,726,972


				3,903,052

Equity Real Estate Investment Trusts (REITs) — 1.4%
Irish Residential Properties REIT PLC		728,217		839,578


Food Products — 10.8%
Dole PLC		30,342		355,912
Glanbia PLC		227,660		2,811,297
Kerry Group PLC, Class A		29,026		2,779,087
Origin Enterprises PLC		184,775		826,696


				6,772,992

Health Care Providers & Services — 2.1%
Uniphar PLC^(a)		375,420		1,302,428


Hotels, Restaurants & Leisure — 23.1%
Dalata Hotel Group PLC^(a)		324,496		1,473,701
Flutter Entertainment PLC, Class DI^(a)		80,899		12,989,009


				14,462,710

Household Durables — 3.3%
Cairn Homes PLC^(a)		1,054,998		1,052,266
Glenveagh Properties PLC^(a)(b)		928,576		977,244


				2,029,510


Security	Shares		Value

Insurance — 0.2%
FBD Holdings PLC		9,904	$	142,466


Life Sciences Tools & Services — 4.4%
ICON PLC^(a)		12,271		2,768,706


Marine — 0.4%
Irish Continental Group PLC		59,905		271,886


Metals & Mining — 0.3%
Kenmare Resources PLC		30,682		178,993


Pharmaceuticals — 0.1%
GH Research PLC^(a)		5,199		49,807


Trading Companies & Distributors — 4.5%
Grafton Group PLC		245,515		2,807,290


Total Long-Term Investments — 99.6% (Cost: $56,319,571)			62,283,011


Short-Term Securities

Money Market Funds — 0.0%

BlackRock Cash Funds: Treasury, SL Agency Shares, 4.41%^(c)(d)		20,000		20,000


Total Short-Term Securities — 0.0% (Cost: $20,000)			20,000


Total Investments — 99.6% (Cost: $56,339,571)			62,303,011

Other Assets Less Liabilities — 0.4%				225,193


Net Assets — 100.0%			$	62,528,204

^(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


Affiliated Issuer	Value at 08/31/22		Purchases at Cost			Proceeds from Sale		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 02/28/23		Shares Held at 02/28/23		Income		Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Treasury, SL Agency Shares	$	—	$	20,000	^(a)	$	—	$	—	$	—	$	20,000		20,000	$	287	$	—

^(a)

Represents net amount purchased (sold).


22		2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

February 28, 2023

iShares^® MSCI Ireland 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

03/17/23

224

6,184

Derivative Financial Instruments Categorized by Risk Exposure

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



	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	$	—	$	—	$	6,184	$	—	$	—	$	—	$	6,184

For the period ended February 28, 2023, 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	$	—	$	—	$	11,722	$	—	$	—	$	—	$	11,722


Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	7,601	$	—	$	—	$	—	$	7,601

Average Quarterly Balances of Outstanding Derivative Financial Instruments



Futures contracts
Average notional value of contracts — long	$	153,877

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



	Level 1		Level 2		Level 3		Total

Assets
Investments
Long-Term Investments
Common Stocks	$	14,590,786	$	47,692,225	$	—	$	62,283,011
Short-Term Securities
Money Market Funds		20,000		—		—		20,000

	$	14,610,786	$	47,692,225	$	—	$	62,303,011

Derivative Financial Instruments^(a)
Assets
Equity Contracts	$	—	$	6,184	$	—	$	6,184

^(a)

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

See notes to financial statements.


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

Schedule of Investments (unaudited)

February 28, 2023

iShares^® MSCI Kuwait ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Air Freight & Logistics — 4.3%
Agility Public Warehousing Co. KSC		1,109,296	$	2,177,512


Airlines — 2.0%
Jazeera Airways Co. KSCP		179,521		1,017,480


Banks — 59.0%
Ahli United Bank KSCP		702,609		629,290
Al Ahli Bank of Kuwait KSCP		1,018,089		1,137,527
Boubyan Bank KSCP		31,636		78,838
Burgan Bank SAK		692,577		509,789
Gulf Bank KSCP		1,781,898		1,758,269
Kuwait Finance House KSCP		4,040,461		11,276,361
Kuwait International Bank KSCP		1,459,426		936,400
Kuwait Projects Co. Holding KSCP		3,194,115		1,175,403
National Bank of Kuwait SAKP		3,179,523		11,079,830
Warba Bank KSCP^(a)		1,582,643		1,185,461


				29,767,168

Capital Markets — 1.1%
Boursa Kuwait Securities Co. KPSC		70,489		463,847
Noor Financial Investment Co. KSC		182,417		106,954

				570,801

Chemicals — 1.4%
Boubyan Petrochemicals Co. KSCP		281,651		714,574


Construction & Engineering — 0.6%
Combined Group Contracting Co. SAK		216,760		306,230


Diversified Consumer Services — 2.9%
Humansoft Holding Co. KSC		121,925		1,461,589


Diversified Financial Services — 2.7%
A’ayan Leasing & Investment Co. KSCP		1,211,101		552,124
Alimtiaz Investment Group KSC		680,715		132,580
National Investments Co. KSCP		896,370		671,381


				1,356,085

Electrical Equipment — 0.8%
Gulf Cable & Electrical Industries Co. KSCP		107,300		420,066


Energy Equipment & Services — 1.1%
Heavy Engineering & Ship Building Co. KSCP		278,431		562,200


Food Products — 0.9%
Mezzan Holding Co. KSCC		353,053		451,954


Security	Shares			Value

Independent Power and Renewable Electricity Producers — 1.1%
Shamal Az-Zour Al-Oula for the First Phase of Az-Zour Power
Plant KSC		954,623		$	565,933


Industrial Conglomerates — 3.0%
National Industries Group Holding SAK		2,218,436			1,488,318


Real Estate Management & Development — 10.9%
Commercial Real Estate Co. Ksc		3,034,250			1,018,055
Kuwait Real Estate Co. KSC		1,995,623			721,278
Mabanee Co. KPSC		684,477			1,751,390
National Real Estate Co. KPSC^(a)		2,782,368			805,382
Salhia Real Estate Co. KSCP		654,593			1,170,638


					5,466,743

Specialty Retail — 1.8%
Ali Alghanim Sons Automotive Co. KSCC, NVS		323,135			925,198


Trading Companies & Distributors — 1.9%
ALAFCO Aviation Lease & Finance Co. KSCP^(a)		668,528			431,102
Integrated Holding Co. KCSC		426,355			504,127


					935,229

Wireless Telecommunication Services — 4.7%
Mobile Telecommunications Co. KSCP		1,294,717			2,357,190


Total Long-Term Investments — 100.2% (Cost: $47,111,241)				50,544,270


Short-Term Securities

Money Market Funds — 0.1%

BlackRock Cash Funds: Treasury, SL Agency Shares, 4.41%^(b)(c)		60,000			60,000
			</