iShares, Inc.


		FEBRUARY 28, 2022

2022 Semi-Annual Report

(Unaudited)

iShares, Inc.

iShares MSCI Austria ETF | EWO | NYSE Arca

iShares MSCI Belgium ETF | EWK | NYSE Arca

iShares MSCI France ETF | EWQ | NYSE Arca

iShares MSCI Netherlands ETF | EWN | NYSE Arca

iShares MSCI Sweden ETF | EWD | NYSE Arca

The Markets in Review

Dear Shareholder,

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

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

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

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

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

Sincerely,

LOGO

Rob Kapito

President, BlackRock, Inc.

LOGO

Rob Kapito

President, BlackRock, Inc.


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


2		THIS PAGE IS NOT PART OF YOUR FUND REPORT

Table of Contents


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


		3


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

Investment Objective

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

Performance


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

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

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

Expense Example


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

^(a)

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

Portfolio Information

ALLOCATION BY SECTOR


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

^(a)

Excludes money market funds.

TEN LARGEST HOLDINGS


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


4		2022 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS


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

Investment Objective

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

Performance


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

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

Expense Example


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

^(a)

Portfolio Information

ALLOCATION BY SECTOR


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

^(a)

Excludes money market funds.

TEN LARGEST HOLDINGS


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


FUND SUMMARY		5


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

Investment Objective

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

Performance


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

^(a)

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

Expense Example


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

^(a)

Portfolio Information

ALLOCATION BY SECTOR


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

^(a)

Excludes money market funds.

TEN LARGEST HOLDINGS


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


6		2022 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS


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

Investment Objective

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

Performance


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

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

Expense Example


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

^(a)

Portfolio Information

ALLOCATION BY SECTOR


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

^(a)

Excludes money market funds.

TEN LARGEST HOLDINGS


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


FUND SUMMARY		7


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

Investment Objective

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

Performance


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

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

Expense Example


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

^(a)

Portfolio Information

ALLOCATION BY SECTOR


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

^(a)

Excludes money market funds.

TEN LARGEST HOLDINGS


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


8		2022 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

About Fund Performance

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

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

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

Shareholder Expenses

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

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

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

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


ABOUT FUND PERFORMANCE / SHAREHOLDER EXPENSES		9

Schedule of Investments (unaudited)

February 28, 2022

iShares^® MSCI Austria ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Aerospace & Defense — 0.9%
FACC AG^(a)(b)		62,356	$	595,554


Air Freight & Logistics — 2.7%
Oesterreichische Post AG^(b)		47,597		1,934,476


Banks — 26.7%
BAWAG Group AG^(c)		58,692		3,168,772
Erste Group Bank AG		385,242		13,694,128
Raiffeisen Bank International AG		123,544		2,013,140

				18,876,040

Chemicals — 2.8%
Lenzing AG^(a)		18,149		2,000,166


Commercial Services & Supplies — 1.6%
DO & CO AG^(a)(b)		11,633		1,150,903


Construction & Engineering — 0.9%
Poor AG.^(a)		44,881		602,918


Construction Materials — 4.3%
Wienerberger AG		102,238		3,057,394


Diversified Telecommunication Services — 2.7%
Telekom Austria AG		234,251		1,914,747


Electric Utilities — 14.8%
EVN AG		54,643		1,516,670
Verbund AG		73,928		8,916,938

				10,433,608

Electrical Equipment — 0.9%
Zumtobel Group AG		69,492		626,460


Electronic Equipment, Instruments & Components — 2.8%
AT&S Austria Technologie & Systemtechnik AG		35,851		1,967,125


Energy Equipment & Services — 1.3%
Schoeller-Bleckmann Oilfield Equipment AG^(a)		21,110		904,064


Food Products — 0.9%
Agrana Beteiligungs AG		32,835		608,940


Insurance — 4.2%
UNIQA Insurance Group AG		182,954		1,464,254
Vienna Insurance Group AG Wiener Versicherung Gruppe		57,097		1,495,031

				2,959,285


Security	Shares		Value

Machinery — 6.5%
ANDRITZ AG		68,869	$	3,087,341
Palfinger AG		26,395		785,309
Semperit AG Holding		22,973		722,971

				4,595,621

Metals & Mining — 4.8%
voestalpine AG		102,953		3,402,701


Oil, Gas & Consumable Fuels — 10.9%
OMV AG		162,166		7,719,666


Real Estate Management & Development — 9.1%
CA Immobilien Anlagen AG		57,375		1,962,994
IMMOFINANZ AG		107,502		2,769,931
S IMMO AG		66,366		1,701,064

				6,433,989

Total Common Stocks — 98.8% (Cost: $74,939,601)				69,783,657


Short-Term Investments

Money Market Funds — 3.0%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.09%^(d)(e)(f)		2,040,642		2,041,050
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.03%^(d)(e)		80,000		80,000

				2,121,050


Total Short-Term Investments — 3.0% (Cost: $2,120,983)				2,121,050


Total Investments in Securities — 101.8% (Cost: $77,060,584)				71,904,707

Other Assets, Less Liabilities — (1.8)%				(1,271,748	)


Net Assets — 100.0%			$	70,632,959

^(a)	Non-income producing security.

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

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

^(d)	Affiliate of the Fund.

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

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


10		2022 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

February 28, 2022

iShares^® MSCI Austria ETF

Affiliates

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


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

								$	(595	)	$	(257	)	$	2,121,050			$	22,800		$	—

^(a)

Represents net amount purchased (sold).

^(b)

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

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts


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

Derivative Financial Instruments Categorized by Risk Exposure

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


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

^(a)

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

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


	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	45,780


Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(74,658	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments


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

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


SCHEDULES OF INVESTMENTS		11

Schedule of Investments (unaudited) (continued)

February 28, 2022

iShares^® MSCI Austria ETF

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.


	Level 1		Level 2			Level 3		Total
Investments
Assets
Common Stocks	$	5,920,078	$	63,863,579		$	—	$	69,783,657
Money Market Funds		2,121,050		—			—		2,121,050

	$	8,041,128	$	63,863,579		$	—	$	71,904,707

Derivative financial instruments^(a)
Liabilities
Futures Contracts	$	—	$	(59,819	)	$	—	$	(59,819	)

^(a)

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

See notes to financial statements.


12		2022 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited)

February 28, 2022

iShares^® MSCI Belgium ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value


Common Stocks

Air Freight & Logistics — 0.4%
bpost SA^(a)		15,458	$	104,129


Banks — 9.7%
KBC Ancora		4,987		224,493
KBC Group NV		29,353		2,114,794

				2,339,287

Beverages — 22.4%
Anheuser-Busch InBev SA/NV		87,362		5,390,917


Biotechnology — 8.2%
Argenx SE^(a)		5,370		1,554,847
Galapagos NV^(a)		6,146		405,976

				1,960,823

Capital Markets — 0.7%
Gimv NV		2,872		170,424


Chemicals — 8.9%
Recticel SA		6,966		144,588
Solvay SA		8,605		959,634
Tessenderlo Group SA^(a)		2,874		105,488
Umicore SA		22,682		927,913

				2,137,623

Construction & Engineering — 3.0%
Ackermans & van Haaren NV		3,045		568,425
Cie d’Entreprises CFE		1,231		163,621

				732,046

Distributors — 2.0%
D’ieteren Group		2,897		467,995


Diversified Financial Services — 7.6%
Groupe Bruxelles Lambert SA		10,374		1,077,197
Sofina SA		1,952		758,070

				1,835,267

Diversified Telecommunication Services — 1.7%
Proximus SADP		20,118		399,951


Electric Utilities — 2.4%
Elia Group SA/NV		4,022		579,019


Electronic Equipment, Instruments & Components — 0.9%
Barco NV		9,727		221,961


Entertainment — 0.6%
Kinepolis Group NV^(a)		2,305		148,163


Equity Real Estate Investment Trusts (REITs) — 10.0%
Aedifica SA		4,258		481,895
Befimmo SA		3,541		188,166
Cofinimmo SA		3,410		445,911
Intervest Offices & Warehouses NV		3,632		106,900
Montea NV		1,500		186,822
Retail Estates NV		1,630		129,781
Warehouses De Pauw CVA		17,542		689,666
Xior Student Housing NV		3,128		170,278

				2,399,419

Food & Staples Retailing — 1.2%
Etablissements Franz Colruyt NV		7,207		288,257


Health Care Equipment & Supplies — 0.4%
Ion Beam Applications		4,213		87,010


Security	Shares		Value


Health Care Providers & Services — 0.7%
Fagron		8,986	$	156,311


Health Care Technology — 0.4%
AGFA-Gevaert NV^(a)		23,524		95,381


Insurance — 4.0%
Ageas SA/NV		19,823		953,608


IT Services — 0.4%
Econocom Group SA/NV		24,388		99,047


Media — 0.9%
Telenet Group Holding NV		6,406		222,988


Metals & Mining — 0.9%
Bekaert SA		5,105		222,111


Oil, Gas & Consumable Fuels — 1.2%
Euronav NV		26,728		297,600


Personal Products — 0.3%
Ontex Group NV^(a)		10,943		78,051


Pharmaceuticals — 7.0%
Mithra Pharmaceuticals SA^(a)		3,736		75,571
UCB SA		14,805		1,615,769

				1,691,340

Real Estate Management & Development — 2.0%
Immobel SA		856		69,770
Shurgard Self Storage SA		2,762		158,222
VGP NV		1,022		260,964

				488,956

Semiconductors & Semiconductor Equipment — 1.0%
Melexis NV		2,747		250,752


Textiles, Apparel & Luxury Goods — 0.3%
Van de Velde NV		1,837		71,643


Wireless Telecommunication Services — 0.3%
Orange Belgium SA		3,195		69,754


Total Common Stocks — 99.5% (Cost: $29,911,177)				23,959,833


Short-Term Investments

Money Market Funds — 0.3%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.09%^(b)(c)		79,565		79,581


Total Short-Term Investments — 0.3% (Cost: $79,581)				79,581


Total Investments in Securities — 99.8% (Cost: $29,990,758)				24,039,414

Other Assets, Less Liabilities — 0.2%				39,161


Net Assets — 100.0%			$	24,078,575

^(a)	Non-income producing security.

^(b)	Affiliate of the Fund.

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


SCHEDULES OF INVESTMENTS		13

Schedule of Investments (unaudited) (continued)

February 28, 2022

iShares^® MSCI Belgium ETF

Affiliates


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

								$	10	$	(38	)	$	79,581			$	5,984		$	—

^(a)

Represents net amount purchased (sold).

^(b)

^(c)

As of period end, the entity is no longer held.

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts


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

Derivative Financial Instruments Categorized by Risk Exposure

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


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

^(a)

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


	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	4,269

Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(10,828	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments


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

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

Fair Value Hierarchy as of Period End


14		2022 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

February 28, 2022

iShares^® MSCI Belgium ETF

Fair Value Hierarchy as of Period End (continued)


	Level 1		Level 2			Level 3		Total
Investments
Assets
Common Stocks	$	277,178	$	23,682,655		$	—	$	23,959,833
Money Market Funds		79,581		—			—		79,581

	$	356,759	$	23,682,655		$	—	$	24,039,414

Derivative financial instruments^(a)
Liabilities
Futures Contracts	$	—	$	(8,032	)	$	—	$	(8,032	)

^(a)

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

See notes to financial statements.


SCHEDULES OF INVESTMENTS		15

Schedule of Investments (unaudited)

February 28, 2022

iShares^® MSCI France ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Aerospace & Defense — 7.3%
Airbus SE^(a)		250,280	$	31,955,516
Dassault Aviation SA		10,638		1,583,040
Safran SA		145,267		18,470,283
Thales SA		45,140		5,160,534

				57,169,373

Auto Components — 1.8%
Cie. Generale des Etablissements Michelin SCA		71,926		9,901,156
Faurecia SE		51,488		1,938,730
Valeo		98,544		2,173,298

				14,013,184

Automobiles — 0.3%
Renault SA^(a)		81,337		2,548,938


Banks — 5.7%
BNP Paribas SA		477,617		27,713,498
Credit Agricole SA		526,119		6,701,885
Societe Generale SA		344,158		9,731,939

				44,147,322

Beverages — 2.7%
Pernod Ricard SA		88,845		19,394,882
Remy Cointreau SA		9,614		1,850,242

				21,245,124

Building Products — 1.7%
Cie. de Saint-Gobain		214,651		13,309,452


Capital Markets — 0.7%
Amundi SA^(b)		26,169		1,814,974
Euronext NV^(b)		36,250		3,272,338

				5,087,312

Chemicals — 4.7%
Air Liquide SA		201,161		33,413,867
Arkema SA		25,976		3,444,864

				36,858,731

Construction & Engineering — 4.0%
Bouygues SA		97,888		3,500,284
Eiffage SA		35,244		3,590,094
Vinci SA		228,614		23,970,499

				31,060,877

Diversified Financial Services — 0.3%
Eurazeo SE		16,757		1,294,321
Wendel SE		11,596		1,177,208

				2,471,529

Diversified Telecommunication Services — 1.3%
Orange SA		847,793		10,251,251


Electric Utilities — 0.2%
Electricite de France SA		200,448		1,812,156


Electrical Equipment — 5.9%
Legrand SA		113,558		10,713,067
Schneider Electric SE		229,510		35,559,383

				46,272,450

Entertainment — 0.5%
Bollore SA		374,183		1,893,406
Ubisoft Entertainment SA^(a)		40,014		2,145,429

				4,038,835


Security	Shares		Value

Equity Real Estate Investment Trusts (REITs) — 1.4%
Covivio		22,012	$	1,800,811
Gecina SA		19,421		2,468,042
Klepierre SA		85,997		2,458,185
Unibail-Rodamco-Westfield^(a)		53,280		4,061,311

				10,788,349

Food & Staples Retailing — 0.7%
Carrefour SA		263,506		5,297,590


Food Products — 2.2%
Danone SA		277,076		16,857,090


Health Care Equipment & Supplies — 0.3%
BioMerieux		17,525		1,926,195


Health Care Providers & Services — 0.1%
Orpea SA		21,866		905,476


Hotels, Restaurants & Leisure — 0.9%
Accor SA^(a)		72,012		2,459,444
La Francaise des Jeux SAEM^(b)		40,408		1,675,004
Sodexo SA		37,435		3,125,326

				7,259,774

Household Durables — 0.2%
SEB SA		11,702		1,701,889


Insurance — 3.1%
AXA SA		826,458		22,361,980
CNP Assurances		72,636		1,770,376

				24,132,356

IT Services — 3.1%
Capgemini SE		68,024		14,239,432
Edenred		105,619		4,806,178
Worldline SA/France^(a)(b)		100,883		5,144,348

				24,189,958

Life Sciences Tools & Services — 1.3%
Eurofins Scientific SE		57,053		5,789,616
Sartorius Stedim Biotech		11,697		4,485,453

				10,275,069

Machinery — 0.4%
Alstom SA		134,268		3,415,765


Media — 1.4%
Publicis Groupe SA		97,039		6,440,063
Vivendi SE		328,296		4,144,334

				10,584,397

Metals & Mining — 1.1%
ArcelorMittal SA		271,194		8,414,777


Multi-Utilities — 2.8%
Engie SA		775,511		12,355,788
Veolia Environnement SA		278,506		9,710,580

				22,066,368

Oil, Gas & Consumable Fuels — 7.0%
TotalEnergies SE		1,064,866		54,249,811


Personal Products — 5.4%
L’Oreal SA		106,534		42,115,469


Pharmaceuticals — 6.7%
Ipsen SA		16,220		1,887,353


16		2022 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

February 28, 2022

iShares^® MSCI France ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Pharmaceuticals (continued)
Sanofi		482,750	$	50,463,065

				52,350,418

Professional Services — 1.6%
Bureau Veritas SA		124,429		3,557,777
Teleperformance		24,946		9,256,514

				12,814,291

Semiconductors & Semiconductor Equipment — 1.6%
STMicroelectronics NV		289,847		12,167,198


Software — 1.8%
Dassault Systemes SE		282,129		13,608,849


Textiles, Apparel & Luxury Goods — 19.0%
EssilorLuxottica SA		122,020		21,301,058
Hermes International		13,459		18,560,454
Kering SA		31,868		22,104,713
LVMH Moet Hennessy Louis Vuitton SE		117,853		86,610,753

				148,576,978

Transportation Infrastructure — 0.6%
Aeroports de Paris^(a)		12,762		1,804,413
Getlink SE		186,190		3,036,635

				4,841,048


Total Common Stocks — 99.8% (Cost: $810,589,725)				778,825,649


Security	Shares		Value

Short-Term Investments

Money Market Funds — 0.6%
BlackRock Cash Funds: Treasury, SL Agency Shares,
0.03%^(c)(d)		4,800,000	$	4,800,000


Total Short-Term Investments — 0.6% (Cost: $4,800,000)				4,800,000


Total Investments in Securities — 100.4% (Cost: $815,389,725)				783,625,649

Other Assets, Less Liabilities — (0.4)%				(3,311,450	)


Net Assets — 100.0%			$	780,314,199

^(a)	Non-income producing security.

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

^(c)	Affiliate of the Fund.

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

Affiliates


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

									$	(61	)	$	—	$	4,800,000			$	9,281		$	—

^(a)

As of period end, the entity is no longer held.

^(b)

Represents net amount purchased (sold).

^(c)

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts


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


SCHEDULES OF INVESTMENTS		17

Schedule of Investments (unaudited) (continued)

February 28, 2022

iShares^® MSCI France ETF

Derivative Financial Instruments Categorized by Risk Exposure

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


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

^(a)

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


	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	(199,474	)

Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(54,066	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments


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

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

Fair Value Hierarchy as of Period End


	Level 1		Level 2			Level 3		Total
Investments
Assets
Common Stocks	$	—	$	778,825,649		$	—	$	778,825,649
Money Market Funds		4,800,000		—			—		4,800,000

	$	4,800,000	$	778,825,649		$	—	$	783,625,649

Derivative financial instruments^(a)
Liabilities
Futures Contracts	$	—	$	(86,459	)	$	—	$	(86,459	)

^(a)

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

See notes to financial statements.


18		2022 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited)

February 28, 2022

iShares^® MSCI Netherlands ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Air Freight & Logistics — 0.7%
InPost SA^(a)		151,096	$	933,109
PostNL NV		468,017		1,881,655

				2,814,764

Banks — 7.1%
ABN AMRO Bank NV, CVA^(b)		271,274		3,609,903
ING Groep NV		1,969,195		22,997,223

				26,607,126

Beverages — 6.0%
Coca-Cola Europacific Partners PLC		117,139		5,998,688
Heineken Holding NV		50,690		4,139,800
Heineken NV		122,185		12,394,259

				22,532,747

Biotechnology — 0.3%
Pharming Group NV^(a)(c)		1,186,867		1,061,668


Capital Markets — 0.7%
Flow Traders^(b)		40,411		1,387,070
Van Lanschot Kempen NV		51,836		1,311,434

				2,698,504

Chemicals — 8.1%
Akzo Nobel NV		100,462		9,558,166
Corbion NV		47,042		1,741,380
Koninklijke DSM NV		90,519		16,996,212
OCI NV^(a)		78,713		2,231,217

				30,526,975

Construction & Engineering — 1.9%
Arcadis NV		56,833		2,597,463
Boskalis Westminster		69,299		2,001,290
Fugro NV^(a)		160,464		1,544,722
Koninklijke BAM Groep NV^(a)		385,789		1,085,375

				7,228,850

Distributors — 0.1%
B&S Group Sarl^(b)		55,571		450,701


Diversified Financial Services — 0.0%
SNS REAAL NV^(c)(d)		63,320		1


Diversified Telecommunication Services — 1.7%
Koninklijke KPN NV		1,914,076		6,550,222


Electric Utilities — 0.1%
Fastned BV^(a)(c)		7,875		303,568


Electrical Equipment — 2.2%
Alfen Beheer BV^(a)(b)(c)		19,855		1,934,967
SIF Holding NV		24,026		297,046
Signify NV^(b)		80,502		4,117,982
TKH Group NV		35,814		1,983,800

				8,333,795

Energy Equipment & Services — 0.5%
SBM Offshore NV		131,381		2,001,236


Entertainment — 2.1%
Universal Music Group NV		338,765		7,734,861


Equity Real Estate Investment Trusts (REITs) — 1.2%
Eurocommercial Properties NV		56,573		1,405,020
NSI NV		33,300		1,324,587
Vastned Retail NV		21,511		611,169


Security	Shares		Value

Equity Real Estate Investment Trusts (REITs) (continued)
Wereldhave NV		64,583	$	1,179,072

				4,519,848

Food & Staples Retailing — 4.7%
Koninklijke Ahold Delhaize NV		542,325		16,683,133
Sligro Food Group NV^(a)		45,883		1,170,279

				17,853,412

Food Products — 0.6%
ForFarmers NV		60,836		248,164
JDE Peet’s NV		65,178		2,139,745

				2,387,909

Health Care Equipment & Supplies — 4.0%
Koninklijke Philips NV		442,299		15,108,345


Hotels, Restaurants & Leisure — 0.5%
Basic-Fit NV^(a)(b)(c)		44,107		2,012,673


Insurance — 4.3%
Aegon NV		1,046,145		5,167,739
ASR Nederland NV		87,271		3,771,938
NN Group NV		148,610		7,132,519

				16,072,196

Internet & Direct Marketing Retail — 8.9%
Just Eat Takeaway.com NV^(a)(b)		107,601		4,354,845
Prosus NV		468,522		29,086,604

				33,441,449

IT Services — 5.5%
Adyen NV^(a)(b)		9,926		20,688,487


Leisure Products — 0.5%
Accell Group NV^(a)		26,930		1,737,979


Machinery — 1.0%
Aalberts NV		64,130		3,578,030


Metals & Mining — 0.4%
AMG Advanced Metallurgical Group NV		38,677		1,532,107


Oil, Gas & Consumable Fuels — 0.6%
Koninklijke Vopak NV		57,316		2,123,983


Professional Services — 5.7%
Brunel International NV		38,155		453,982
Intertrust NV^(a)(b)		87,327		1,900,915
Randstad NV		71,353		4,862,612
Wolters Kluwer NV		137,939		14,054,569

				21,272,078

Semiconductors & Semiconductor Equipment — 27.7%
ASM International NV		25,815		8,337,403
ASML Holding NV		137,683		92,113,201
BE Semiconductor Industries NV		43,805		3,741,872

				104,192,476

Software — 0.4%
CM.Com NV^(a)		21,680		487,460
TomTom NV^(a)(c)		124,853		1,042,325

				1,529,785

Trading Companies & Distributors — 2.6%
AerCap Holdings NV^(a)(c)		80,121		4,360,986


SCHEDULES OF INVESTMENTS		19

Schedule of Investments (unaudited) (continued)

February 28, 2022

iShares^® MSCI Netherlands ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Trading Companies & Distributors (continued)
IMCD NV		33,720	$	5,477,521

				9,838,507


Total Common Stocks — 100.1% (Cost: $389,049,224)				376,734,282


Short-Term Investments

Money Market Funds — 1.5%
BlackRock Cash Funds: Institutional, SL Agency Shares,
0.09%^(e)(f)(g)		5,594,376		5,595,494
BlackRock Cash Funds: Treasury, SL Agency Shares,
0.03%^(e)(f)		140,000		140,000

				5,735,494


Total Short-Term Investments — 1.5% (Cost: $5,735,402)				5,735,494


Total Investments in Securities — 101.6% (Cost: $394,784,626)				382,469,776

Other Assets, Less Liabilities — (1.6)%				(5,966,698	)


Net Assets — 100.0%			$	376,503,078

^(a)	Non-income producing security.

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

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

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

^(e)	Affiliate of the Fund.

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

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

Affiliates


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

								$	(936	)	$	(310	)	$	5,735,494			$	49,460		$	—

^(a)

Represents net amount purchased (sold).

^(b)

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


	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	(5,396	)

Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(367	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments


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

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


20		2022 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

February 28, 2022

iShares^® MSCI Netherlands ETF

Fair Value Hierarchy as of Period End


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

	$	16,095,168	$	366,374,607	$	1	$	382,469,776

See notes to financial statements.


SCHEDULES OF INVESTMENTS		21

Schedule of Investments (unaudited)

February 28, 2022

iShares^® MSCI Sweden ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value


Common Stocks

Banks — 14.6%
Nordea Bank Abp		3,445,785	$	38,122,523
Skandinaviska Enskilda Banken AB, Class A		1,749,393		20,153,650
Svenska Handelsbanken AB, Class A		1,569,128		14,917,397
Swedbank AB, Class A		974,034		15,737,541

				88,931,111


Building Products — 6.9%
Assa Abloy AB, Class B		1,077,356		28,278,107
Nibe Industrier AB, Class B		1,534,982		13,664,049

				41,942,156


Capital Markets — 1.7%
EQT AB		317,683		10,632,860


Commercial Services & Supplies — 0.7%
Securitas AB, Class B		338,109		4,093,444


Communications Equipment — 4.7%
Telefonaktiebolaget LM Ericsson, Class B		3,137,354		28,869,601


Construction & Engineering — 1.4%
Skanska AB, Class B		365,251		8,266,830


Diversified Financial Services — 11.6%
Industrivarden AB, Class A		140,344		3,875,592
Industrivarden AB, Class C		174,661		4,734,143
Investor AB		535,465		11,840,462
Investor AB, Class B		1,958,376		39,877,377
Kinnevik AB, Class B^(a)		259,981		6,619,199
L E Lundbergforetagen AB, Class B		82,048		3,961,876

				70,908,649


Diversified Telecommunication Services — 1.7%
Telia Co. AB		2,859,933		10,633,723


Electronic Equipment, Instruments & Components — 4.6%
Hexagon AB, Class B		2,091,931		28,261,305


Entertainment — 0.9%
Embracer Group AB^(a)		601,382		5,162,344


Health Care Equipment & Supplies — 1.6%
Getinge AB, Class B		246,085		9,551,674


Hotels, Restaurants & Leisure — 3.5%
Evolution AB^(b)		185,028		21,215,140


Household Durables — 0.7%
Electrolux AB, Class B		241,978		4,332,654


Household Products — 2.8%
Essity AB, Class B		654,156		16,835,310


Industrial Conglomerates — 1.7%
Investment AB Latour, Class B		158,924		4,389,938
Lifco AB, Class B		250,280		5,689,252

				10,079,190


Machinery — 26.3%
Alfa Laval AB		337,773		10,954,287
Atlas Copco AB, Class A		721,801		37,016,919
Atlas Copco AB, Class B		419,602		18,959,795
Epiroc AB, Class A		709,025		13,323,042


Security	Shares		Value


Machinery (continued)
Epiroc AB, Class B		418,706	$	6,787,381
Husqvarna AB, Class B		449,260		5,410,938
Sandvik AB		1,213,490		26,153,760
SKF AB, Class B		410,382		7,577,368
Volvo AB, Class A		214,605		4,193,712
Volvo AB, Class B		1,536,676		29,556,222

				159,933,424


Metals & Mining — 2.1%
Boliden AB		293,667		13,062,435


Oil, Gas & Consumable Fuels — 1.3%
Lundin Energy AB		214,897		7,929,493


Paper & Forest Products — 1.7%
Svenska Cellulosa AB SCA, Class B		652,010		10,637,893


Real Estate Management & Development — 1.9%
Fastighets AB Balder, Class B^(a)(c)		113,034		7,046,440
Sagax AB, Class B		172,782		4,698,188

				11,744,628


Software — 0.8%
Sinch AB^(a)(b)		560,803		4,730,597


Specialty Retail — 2.2%
H & M Hennes & Mauritz AB, Class B		784,167		13,087,042


Tobacco — 2.0%
Swedish Match AB		1,700,643		12,363,238


Wireless Telecommunication Services — 1.2%
Tele2 AB, Class B		537,742		7,125,706


Total Common Stocks — 98.6% (Cost: $680,180,187)				600,330,447


Short-Term Investments

Money Market Funds — 1.6%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.09%^(d)(e)(f)		901,732		901,912
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.03%^(d)(e)		9,120,000		9,120,000

				10,021,912


Total Short-Term Investments — 1.6% (Cost: $10,021,912)				10,021,912


Total Investments in Securities — 100.2% (Cost: $690,202,099)				610,352,359

Other Assets, Less Liabilities — (0.2)%				(1,412,979	)


Net Assets — 100.0%			$	608,939,380

^(a)	Non-income producing security.

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

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

^(d)	Affiliate of the Fund.

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

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


22		2022 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

February 28, 2022

iShares^® MSCI Sweden ETF

Affiliates


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

								$	—	$	—	$	10,021,912			$	409		$	—

^(a)

Represents net amount purchased (sold).

^(b)

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts


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

Forward Foreign Currency Exchange Contracts


Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
USD	1,495,243	EUR	1,323,593	SCB		03/18/22	$	10,208
USD	7,211,573	SEK	65,533,800	SCB		03/18/22		290,082

								300,290

EUR	164,384	USD	186,027	SCB		03/18/22		(1,592	)
SEK	76,679,016	USD	8,467,665	SCB		03/18/22		(369,049	)

								(370,641	)

	Net unrealized depreciation						$	(70,351	)

Derivative Financial Instruments Categorized by Risk Exposure

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


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


SCHEDULES OF INVESTMENTS		23

Schedule of Investments (unaudited) (continued)

February 28, 2022

iShares^® MSCI Sweden ETF

Derivative Financial Instruments Categorized by Risk Exposure (continued)


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

	$	549,191	$	370,641	$	919,832

^(a)

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


	Equity Contracts			Foreign Currency Exchange Contracts			Total
Net Realized Gain (Loss) from:
Futures contracts	$	(301,910	)	$	—		$	(301,910	)
Forward foreign currency exchange contracts		—			865,231			865,231

	$	(301,910	)	$	865,231		$	563,321

Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(476,464	)	$	—		$	(476,464	)
Forward foreign currency exchange contracts		—			(447,881	)		(447,881	)

	$	(476,464	)	$	(447,881	)	$	(924,345	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments


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

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

Derivative Financial Instruments — Offsetting as of Period End

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


	Assets		Liabilities
Derivative Financial Instruments:
Futures contracts	$	—	$	549,191
Forward foreign currency exchange contracts		300,290		370,641

Total derivative assets and liabilities in the Statement of Assets and Liabilities		300,290		919,832
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)		—		(549,191	)

Total derivative assets and liabilities subject to an MNA		300,290		370,641

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


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


24		2022 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

February 28, 2022

iShares^® MSCI Sweden ETF


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

^(a)

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

^(b)

Net amount represents the net amount receivable from the counterparty in the event of default.

^(c)

Net amount represents the net amount payable due to the counterparty in the event of default.

Fair Value Hierarchy as of Period End


	Level 1		Level 2			Level 3		Total
Investments
Assets
Common Stocks	$	—	$	600,330,447		$	—	$	600,330,447
Money Market Funds		10,021,912		—			—		10,021,912

	$	10,021,912	$	600,330,447		$	—	$	610,352,359

Derivative financial instruments^(a)
Assets
Forward Foreign Currency Exchange Contracts	$	—	$	300,290		$	—	$	300,290
Liabilities
Forward Foreign Currency Exchange Contracts		—		(370,641	)		—		(370,641	)
Futures Contracts		—		(549,191	)		—		(549,191	)

	$	—	$	(619,542	)	$	—	$	(619,542	)

^(a)

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

See notes to financial statements.


SCHEDULES OF INVESTMENTS		25

Statements of Assets and Liabilities (unaudited)

February 28, 2022


	iShares MSCI Austria ETF			iShares MSCI Belgium ETF			iShares MSCI France ETF			iShares MSCI Netherlands ETF

ASSETS
Investments in securities, at value (including securities on loan)^(a):
Unaffiliated^(b)	$	69,783,657		$	23,959,833		$	778,825,649		$	376,734,282
Affiliated^(c)		2,121,050			79,581			4,800,000			5,735,494
Cash		—			9,297			6,675			3,214
Foreign currency, at value^(d)		86,566			9,635			1,578,101			309,536
Foreign currency collateral pledged:
Futures contracts^(e)		74,002			7,848			230,977			28,031
Receivables:
Investments sold		687,529			271,047			503,033			12,951,829
Securities lending income — Affiliated		2,812			360			—			10,582
Dividends		—			14,562			142			3
Tax reclaims		687,797			77,930			1,040,272			—

Total assets		73,443,413			24,430,093			786,984,849			395,772,971


LIABILITIES
Bank overdraft		46,624			—			—			—
Collateral on securities loaned, at value		2,044,324			79,581			—			5,599,651
Payables:
Investments purchased		677,713			261,085			1,430,503			13,513,331
Variation margin on futures contracts		12,466			1,307			53,287			6,746
Investment advisory fees		29,327			9,545			314,987			150,165
Professional fees		—			—			990			—
IRS compliance fee for foreign withholding tax claims		—			—			4,870,883			—

Total liabilities		2,810,454			351,518			6,670,650			19,269,893


NET ASSETS	$	70,632,959		$	24,078,575		$	780,314,199		$	376,503,078


NET ASSETS CONSIST OF:
Paid-in capital	$	116,449,364		$	47,910,237		$	883,008,696		$	399,058,314
Accumulated loss		(45,816,405	)		(23,831,662	)		(102,694,497	)		(22,555,236	)

NET ASSETS	$	70,632,959		$	24,078,575		$	780,314,199		$	376,503,078


Shares outstanding		3,150,000			1,200,000			22,000,000			8,700,000


Net asset value	$	22.42		$	20.07		$	35.47		$	43.28


Shares authorized		100 million			136.2 million			340.2 million			255 million


Par value	$	0.001		$	0.001		$	0.001		$	0.001


^(a)Securities loaned, at value	$	1,935,108		$	—		$	—		$	5,309,647
^(b)Investments, at cost — Unaffiliated	$	74,939,601		$	29,911,177		$	810,589,725		$	389,049,224
^(c)Investments, at cost — Affiliated	$	2,120,983		$	79,581		$	4,800,000		$	5,735,402
^(d)Foreign currency, at cost	$	79,025		$	9,773		$	1,601,278		$	310,707
^(e)Foreign currency collateral pledged, at cost	$	82,607		$	8,015		$	239,731		$	28,296

See notes to financial statements.


26		2022 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Statements of Assets and Liabilities (unaudited) (continued)

February 28, 2022


	iShares MSCI Sweden ETF

ASSETS
Investments in securities, at value (including securities on loan)^(a):
Unaffiliated^(b)	$	600,330,447
Affiliated^(c)		10,021,912
Cash		9,846
Foreign currency, at value^(d)		142,631
Foreign currency collateral pledged:
Futures contracts^(e)		664,896
Receivables:
Investments sold		867,178
Securities lending income — Affiliated		28
Variation margin on futures contracts		130,239
Dividends		275
Tax reclaims		3,284,354
Foreign withholding tax claims		5,411,649
Unrealized appreciation on:
Forward foreign currency exchange contracts		300,290

Total assets		621,163,745


LIABILITIES
Collateral on securities loaned, at value		901,912
Payables:
Investments purchased		93,360
Investment advisory fees		249,200
Professional fees		1,739,234
IRS compliance fee for foreign withholding tax claims		8,870,018
Unrealized depreciation on:
Forward foreign currency exchange contracts		370,641

Total liabilities		12,224,365


NET ASSETS	$	608,939,380


NET ASSETS CONSIST OF:
Paid-in capital	$	711,751,336
Accumulated loss		(102,811,956	)

NET ASSETS	$	608,939,380


Shares outstanding		16,050,000


Net asset value	$	37.94


Shares authorized		63.6 million


Par value	$	0.001


^(a)Securities loaned, at value	$	870,753
^(b)Investments, at cost — Unaffiliated	$	680,180,187
^(c)Investments, at cost — Affiliated	$	10,021,912
^(d)Foreign currency, at cost	$	92,154
^(e)Foreign currency collateral pledged, at cost	$	783,428

See notes to financial statements.


FINANCIAL STATEMENTS		27

Statements of Operations (unaudited))

Six Months Ended February 28, 2022


	iShares MSCI Austria ETF			iShares MSCI Belgium ETF			iShares MSCI France ETF			iShares MSCI Netherlands ETF

INVESTMENT INCOME
Dividends — Unaffiliated	$	1,367,449		$	218,908	^(a)	$	3,371,168		$	1,766,111
Dividends — Affiliated		166			8			248			537
Interest — Unaffiliated		492			—			—			—
Securities lending income — Affiliated — net		22,634			5,976			9,033			48,923
Other income — Unaffiliated		—			—			1,041,223			—
Foreign taxes withheld		(131,730	)		(33,469	)		(1,618,755	)		(231,741	)
Foreign withholding tax claims		—			—			8,161,260			—
IRS Compliance fee for foreign withholding tax claims		—			—			(3,203,371	)		—

Total investment income		1,259,011			191,423			7,760,806			1,583,830


EXPENSES
Investment advisory fees		214,369			76,776			1,832,775			887,758
Professional fees		217			217			920,757			217

Total expenses		214,586			76,993			2,753,532			887,975

Net investment income		1,044,425			114,430			5,007,274			695,855


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		(1,575,879	)		(598,644	)		(10,680,428	)		(714,597	)
Investments — Affiliated		(595	)		10			(61	)		(936	)
In-kind redemptions — Unaffiliated		4,122,921			2,197,438			9,091,102			13,163,406
Futures contracts		45,780			4,269			(199,474	)		(5,396	)
Foreign currency transactions		(434	)		(3,672	)		(20,159	)		(19,821	)

Net realized gain (loss)		2,591,793			1,599,401			(1,809,020	)		12,422,656

Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated		(10,809,768	)		(4,464,449	)		(59,246,811	)		(83,626,683	)
Investments — Affiliated		(257	)		(38	)		—			(310	)
Futures contracts		(74,658	)		(10,828	)		(54,066	)		(367	)
Foreign currency translations		(41,714	)		(4,742	)		(89,244	)		(7,393	)

Net change in unrealized appreciation (depreciation)		(10,926,397	)		(4,480,057	)		(59,390,121	)		(83,634,753	)

Net realized and unrealized loss		(8,334,604	)		(2,880,656	)		(61,199,141	)		(71,212,097	)

NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(7,290,179	)	$	(2,766,226	)	$	(56,191,867	)	$	(70,516,242	)

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

See notes to financial statements.


28		2022 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Statements of Operations (unaudited) (continued)

Six Months Ended February 28, 2022


	iShares MSCI Sweden ETF

INVESTMENT INCOME
Dividends — Unaffiliated	$	7,243,407
Dividends — Affiliated		328
Securities lending income — Affiliated — net		81
Other income — Unaffiliated		219,359
Foreign taxes withheld		(1,042,323	)
Foreign withholding tax claims		694,433

Total investment income		7,115,285


EXPENSES
Investment advisory fees		1,617,781
Professional fees		97,324

Total expenses		1,715,105

Net investment income		5,400,180


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		(7,715,604	)
In-kind redemptions — Unaffiliated		41,676,319
Futures contracts		(301,910	)
Forward foreign currency exchange contracts		865,231
Foreign currency transactions		(934,931	)

Net realized gain		33,589,105

Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated		(160,328,284	)
Futures contracts		(476,464	)
Forward foreign currency exchange contracts		(447,881	)
Foreign currency translations		(330,708	)

Net change in unrealized appreciation (depreciation)		(161,583,337	)

Net realized and unrealized loss		(127,994,232	)

NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(122,594,052	)

See notes to financial statements.


FINANCIAL STATEMENTS		29

Statements of Changes in Net Assets


	iShares MSCI Austria ETF						iShares MSCI Belgium ETF
	Six Months Ended 02/28/22 (unaudited)			Year Ended 08/31/21			Six Months Ended 02/28/22 (unaudited)			Year Ended 08/31/21

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	1,044,425		$	1,595,649		$	114,430		$	552,137
Net realized gain (loss)		2,591,793			(40,021	)		1,599,401			2,042,739
Net change in unrealized appreciation (depreciation)		(10,926,397	)		27,074,882			(4,480,057	)		5,680,438

Net increase (decrease) in net assets resulting from operations		(7,290,179	)		28,630,510			(2,766,226	)		8,275,314


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(1,371,535	)		(1,309,857	)		(755,110	)		(778,166	)


CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		(10,457,184	)		19,326,873			(13,401,712	)		819,739


NET ASSETS
Total increase (decrease) in net assets		(19,118,898	)		46,647,526			(16,923,048	)		8,316,887
Beginning of period		89,751,857			43,104,331			41,001,623			32,684,736

End of period	$	70,632,959		$	89,751,857		$	24,078,575		$	41,001,623

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

See notes to financial statements.


30		2022 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Statements of Changes in Net Assets (continued)


	iShares MSCI France ETF						iShares MSCI Netherlands ETF
	Six Months Ended 02/28/22 (unaudited)			Year Ended 08/31/21			Six Months Ended 02/28/22 (unaudited)			Year Ended 08/31/21

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	5,007,274		$	17,152,439		$	695,855		$	2,487,402
Net realized gain (loss)		(1,809,020	)		74,041,475			12,422,656			43,329,778
Net change in unrealized appreciation (depreciation)		(59,390,121	)		146,352,924			(83,634,753	)		71,011,334

Net increase (decrease) in net assets resulting from operations		(56,191,867	)		237,546,838			(70,516,242	)		116,828,514


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(19,497,668	)		(13,737,972	)		(1,273,709	)		(2,794,712	)


CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		94,468,148			(347,207,800	)		117,858,573			28,881,932


NET ASSETS
Total increase (decrease) in net assets		18,778,613			(123,398,934	)		46,068,622			142,915,734
Beginning of period		761,535,586			884,934,520			330,434,456			187,518,722

End of period	$	780,314,199		$	761,535,586		$	376,503,078		$	330,434,456

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

See notes to financial statements.


FINANCIAL STATEMENTS		31

Statements of Changes in Net Assets (continued)


	iShares MSCI Sweden ETF
	Six Months Ended 02/28/22 (unaudited)			Year Ended 08/31/21

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	5,400,180		$	10,194,996
Net realized gain		33,589,105			35,585,909
Net change in unrealized appreciation (depreciation)		(161,583,337	)		93,813,419

Net increase (decrease) in net assets resulting from operations		(122,594,052	)		139,594,324


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(20,778,162	)		(14,882,668	)


CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		98,915,100			282,181,881


NET ASSETS
Total increase (decrease) in net assets		(44,457,114	)		406,893,537
Beginning of period		653,396,494			246,502,957

End of period	$	608,939,380		$	653,396,494

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

See notes to financial statements.


32		2022 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights

(For a share outstanding throughout each period)


	iShares MSCI Austria ETF
	Six Months Ended 02/28/22 (unaudited)			Year Ended 08/31/21			Year Ended 08/31/20			Year Ended 08/31/19			Year Ended 08/31/18			Year Ended 08/31/17

Net asset value, beginning of period	$	25.28		$	15.67		$	18.89		$	22.88		$	22.87		$	15.58

Net investment income^(a)		0.30			0.54			0.06			0.48			0.58			0.53
Net realized and unrealized gain (loss)^(b)		(2.78	)		9.50			(3.16	)		(3.69	)		0.11			7.13

Net increase (decrease) from investment operations		(2.48	)		10.04			(3.10	)		(3.21	)		0.69			7.66


Distributions^(c)
From net investment income		(0.38	)		(0.43	)		(0.12	)		(0.78	)		(0.68	)		(0.37	)

Total distributions		(0.38	)		(0.43	)		(0.12	)		(0.78	)		(0.68	)		(0.37	)


Net asset value, end of period	$	22.42		$	25.28		$	15.67		$	18.89		$	22.88		$	22.87


Total Return^(d)
Based on net asset value		(9.93	)%^(e)		64.50	%		(16.58	)%		(14.07	)%		3.03	%		49.52	%


Ratios to Average Net Assets^(f)
Total expenses		0.49	%^(g)		0.50	%		0.51	%		0.49	%		0.47	%		0.49	%

Net investment income		2.41	%^(g)		2.55	%		0.32	%		2.34	%		2.37	%		2.75	%


Supplemental Data
Net assets, end of period (000)	$	70,633		$	89,752		$	43,104		$	54,767		$	146,463		$	233,322

Portfolio turnover rate^(h)		9	%^(e)		14	%		16	%		17	%		19	%		18	%

^(a)	Based on average shares outstanding.

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

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

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

^(e)	Not annualized.

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

^(g)	Annualized.

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

See notes to financial statements.


FINANCIAL HIGHLIGHTS		33

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares MSCI Belgium ETF
	Six Months Ended 02/28/22 (unaudited)			Year Ended 08/31/21			Year Ended 08/31/20			Year Ended 08/31/19			Year Ended 08/31/18			Year Ended 08/31/17

Net asset value, beginning of period	$	22.28		$	17.76		$	18.48		$	19.70		$	20.59		$	18.16

Net investment income^(a)		0.08	^(b)		0.31			0.24			0.44			0.50			0.43
Net realized and unrealized gain (loss)^(c)		(1.77	)		4.64			(0.60	)		(1.22	)		(0.77	)		2.51

Net increase (decrease) from investment operations		(1.69	)		4.95			(0.36	)		(0.78	)		(0.27	)		2.94


Distributions^(d)
From net investment income		(0.52	)		(0.43	)		(0.36	)		(0.44	)		(0.62	)		(0.51	)

Total distributions		(0.52	)		(0.43	)		(0.36	)		(0.44	)		(0.62	)		(0.51	)


Net asset value, end of period	$	20.07		$	22.28		$	17.76		$	18.48		$	19.70		$	20.59


Total Return^(e)
Based on net asset value		(7.64	)%^(f)		27.96	%^(g)		(2.02	)%		(3.80	)%		(1.34	)%		16.44	%


Ratios to Average Net Assets^(h)
Total expenses		0.50	%⁽ⁱ⁾		0.50	%		0.51	%		0.49	%		0.47	%		0.49	%

Net investment income		0.74	%^(b)(i)		1.52	%		1.34	%		2.43	%		2.40	%		2.31	%


Supplemental Data
Net assets, end of period (000)	$	24,079		$	41,002		$	32,685		$	47,305		$	59,903		$	74,128

Portfolio turnover rate^(j)		2	%^(f)		16	%		18	%		11	%		13	%		8	%

^(a)	Based on average shares outstanding.

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

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

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

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

^(f)	Not annualized.

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

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

⁽ⁱ⁾	Annualized.

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

See notes to financial statements.


34		2022 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares MSCI France ETF
	Six Months Ended 02/28/22 (unaudited)			Year Ended 08/31/21			Year Ended 08/31/20			Year Ended 08/31/19			Year Ended 08/31/18			Year Ended 08/31/17

Net asset value, beginning of period	$	38.85		$	29.30		$	29.41		$	31.10		$	29.64		$	23.84

Net investment income^(a)		0.26	^(b)		0.72	^(b)		0.32			0.83			0.80			0.69
Net realized and unrealized gain (loss)^(c)		(2.60	)		9.43			(0.18	)		(1.67	)		1.40			5.69

Net increase (decrease) from investment operations		(2.34	)		10.15			0.14			(0.84	)		2.20			6.38


Distributions^(d)
From net investment income		(1.04	)		(0.60	)		(0.25	)		(0.85	)		(0.74	)		(0.58	)

Total distributions		(1.04	)		(0.60	)		(0.25	)		(0.85	)		(0.74	)		(0.58	)


Net asset value, end of period	$	35.47		$	38.85		$	29.30		$	29.41		$	31.10		$	29.64


Total Return^(e)
Based on net asset value		(6.18	)%^(b)(f)		34.74	%^(b)		0.50	%		(2.64	)%		7.46	%		26.93	%


Ratios to Average Net Assets^(g)
Total expenses		0.74	%^(h)		0.60	%		0.51	%		0.50	%		0.47	%		0.49	%

Total expenses excluding professional fees for foreign withholding tax claims		0.49	%^(h)		0.50	%		N/A			N/A			N/A			N/A

Net investment income		1.35	%^(b)(h)		2.13	%^(b)		1.09	%		2.84	%		2.53	%		2.57	%


Supplemental Data
Net assets, end of period (000)	$	780,314		$	761,536		$	884,935		$	1,129,200		$	939,218		$	640,201

Portfolio turnover rate⁽ⁱ⁾		5	%^(f)		4	%		2	%		2	%		4	%		6	%

^(a)	Based on average shares outstanding.

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

•

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

•

Total return by 1.24% and 1.25%.

•

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

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

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

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

^(f)	Not annualized.

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

^(h)	Annualized.

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

See notes to financial statements.


FINANCIAL HIGHLIGHTS		35

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares MSCI Netherlands ETF
	Six Months Ended 02/28/22 (unaudited)			Year Ended 08/31/21			Year Ended 08/31/20			Year Ended 08/31/19			Year Ended 08/31/18			Year Ended 08/31/17

Net asset value, beginning of period	$	52.87		$	35.38		$	30.58		$	31.12		$	30.56		$	24.78

Net investment income^(a)		0.09			0.40			0.33			0.88			0.62			0.46
Net realized and unrealized gain (loss)^(b)		(9.50	)		17.55			4.80			(0.56	)		0.62			5.98

Net increase (decrease) from investment operations		(9.41	)		17.95			5.13			0.32			1.24			6.44


Distributions^(c)
From net investment income		(0.18	)		(0.46	)		(0.33	)		(0.86	)		(0.68	)		(0.66	)

Total distributions		(0.18	)		(0.46	)		(0.33	)		(0.86	)		(0.68	)		(0.66	)


Net asset value, end of period	$	43.28		$	52.87		$	35.38		$	30.58		$	31.12		$	30.56


Total Return^(d)
Based on net asset value		(17.83	)%^(e)		50.92	%		16.88	%		1.16	%		4.08	%		26.44	%


Ratios to Average Net Assets^(f)
Total expenses		0.49	%^(g)		0.50	%		0.51	%		0.50	%		0.47	%		0.49	%

Net investment income		0.39	%^(g)		0.90	%		1.03	%		2.97	%		1.95	%		1.74	%


Supplemental Data
Net assets, end of period (000)	$	376,503		$	330,434		$	187,519		$	133,042		$	129,168		$	192,540

Portfolio turnover rate^(h)		6	%^(e)		36	%		19	%		13	%		7	%		14	%

^(a)	Based on average shares outstanding.

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

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

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

^(e)	Not annualized.

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

^(g)	Annualized.

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

See notes to financial statements.


36		2022 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares MSCI Sweden ETF
	Six Months Ended 02/28/22 (unaudited)			Year Ended 08/31/21			Year Ended 08/31/20			Year Ended 08/31/19			Year Ended 08/31/18			Year Ended 08/31/17

Net asset value, beginning of period	$	47.87		$	35.73		$	28.25		$	31.85		$	34.68		$	28.54

Net investment income^(a)		0.37			0.99			0.34			0.95			1.14			0.86
Net realized and unrealized gain (loss)^(b)		(8.89	)		12.57			7.65			(3.58	)		(2.19	)		6.04

Net increase (decrease) from investment operations		(8.52	)		13.56			7.99			(2.63	)		(1.05	)		6.90


Distributions^(c)
From net investment income		(1.41	)		(1.42	)		(0.51	)		(0.97	)		(1.78	)		(0.76	)

Total distributions		(1.41	)		(1.42	)		(0.51	)		(0.97	)		(1.78	)		(0.76	)


Net asset value, end of period	$	37.94		$	47.87		$	35.73		$	28.25		$	31.85		$	34.68


Total Return^(d)
Based on net asset value		(18.25	)%^(e)		38.09	%		28.51	%		(8.41	)%		(2.88	)%		24.30	%


Ratios to Average Net Assets^(f)
Total expenses		0.52	%^(g)		0.54	%		0.55	%		0.55	%		0.53	%		0.53	%

Total expenses excluding professional fees for foreign withholding tax claims		0.49	%^(g)		0.50	%		0.51	%		0.49	%		0.47	%		0.49	%

Net investment income		1.65	%^(g)		2.27	%		1.09	%		3.16	%		3.34	%		2.74	%


Supplemental Data
Net assets, end of period (000)	$	608,939		$	653,396		$	246,503		$	205,516		$	248,468		$	460,315

Portfolio turnover rate^(h)		9	%^(e)		11	%		8	%		4	%		5	%		9	%

^(a)	Based on average shares outstanding.

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

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

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

^(e)	Not annualized.

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

^(g)	Annualized.

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

See notes to financial statements.


FINANCIAL HIGHLIGHTS		37

Notes to Financial Statements (unaudited)

1.	*ORGANIZATION*

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

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


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

2.	*SIGNIFICANT ACCOUNTING POLICIES*

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

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

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

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

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

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

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

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


38		2022 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (unaudited) (continued)

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

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

3.	*INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS*

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

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

•

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

•

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

•

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

•

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

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

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

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

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

•

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

•

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

•

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

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


NOTES TO FINANCIAL STATEMENTS		39

Notes to Financial Statements (unaudited) (continued)

4.	*SECURITIES AND OTHER INVESTMENTS*

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

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

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

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


iShares ETF and Counterparty	Market Value of Securities on Loan		Cash Collateral Received^(a)		Non-Cash Collateral Received		Net Amount
MSCI Austria
BofA Securities, Inc.	$	155,708	$	155,708	$	—	$	—
Goldman Sachs & Co. LLC		358,242		358,242		—		—
Morgan Stanley		1,421,158		1,421,158		—		—

	$	1,935,108	$	1,935,108	$	—	$	—

MSCI Netherlands
Barclays Capital, Inc.	$	3,051,792	$	3,051,792	$	—	$	—
BofA Securities, Inc.		236,515		236,515		—		—
Citigroup Global Markets, Inc.		222,197		217,403		—		(4,794	)^(b)
J.P. Morgan Securities LLC		1,031,898		1,031,898		—		—
Macquarie Bank Ltd.		41,616		41,616		—		—
Morgan Stanley		689,386		689,386		—		—
UBS AG		36,243		36,243		—		—

	$	5,309,647	$	5,304,853	$	—	$	(4,794	)

MSCI Sweden
Morgan Stanley	$	870,753	$	870,753	$	—	$	—

	$	870,753	$	870,753	$	—	$	—

^(a)

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

^(b)

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

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


40		2022 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (unaudited) (continued)

5.	*DERIVATIVE FINANCIAL INSTRUMENTS*

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

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

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

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

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

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

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

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

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

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


NOTES TO FINANCIAL STATEMENTS		41

Notes to Financial Statements (unaudited) (continued)

6.	*INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES*

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

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


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

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

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

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

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

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

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


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

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


42		2022 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (unaudited) (continued)

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

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


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

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

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

7.	*PURCHASES AND SALES*

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


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

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


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

8.	*INCOME TAX INFORMATION*

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

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

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


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

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


NOTES TO FINANCIAL STATEMENTS		43

Notes to Financial Statements (unaudited) (continued)

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


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

9.	*PRINCIPAL RISKS*

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

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

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

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

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

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

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

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

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


44		2022 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (unaudited) (continued)

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

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

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

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

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

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

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

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

10.

CAPITAL SHARE TRANSACTIONS

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

Transactions in capital shares were as follows:


	Six Months Ended 02/28/22						Year Ended 08/31/21
iShares ETF	Shares			Amount			Shares			Amount
MSCI Austria
Shares sold		250,000		$	6,002,433			950,000		$	22,686,385
Shares redeemed		(650,000	)		(16,459,617	)		(150,000	)		(3,359,512	)

Net increase (decrease)		(400,000	)	$	(10,457,184	)		800,000		$	19,326,873


MSCI Belgium
Shares sold		160,000		$	3,383,071			720,000		$	14,720,313
Shares redeemed		(800,000	)		(16,784,783	)		(720,000	)		(13,900,574	)

Net increase (decrease)		(640,000	)	$	(13,401,712	)		—		$	819,739


NOTES TO FINANCIAL STATEMENTS		45

Notes to Financial Statements (unaudited) (continued)


	Six Months Ended 02/28/22						Year Ended 08/31/21
iShares ETF	Shares			Amount			Shares			Amount
MSCI France
Shares sold		3,800,000		$	147,643,058			4,800,000		$	167,669,958
Shares redeemed		(1,400,000	)		(53,174,910	)		(15,400,000	)		(514,877,758	)

Net increase (decrease)		2,400,000		$	94,468,148			(10,600,000	)	$	(347,207,800	)


MSCI Netherlands
Shares sold		3,250,000		$	157,949,750			3,750,000		$	154,457,636
Shares redeemed		(800,000	)		(40,091,177	)		(2,800,000	)		(125,575,704	)

Net increase		2,450,000		$	117,858,573			950,000		$	28,881,932


MSCI Sweden
Shares sold		5,625,000		$	245,792,872			8,850,000		$	382,010,407
Shares redeemed		(3,225,000	)		(146,877,772	)		(2,100,000	)		(99,828,526	)

Net increase		2,400,000		$	98,915,100			6,750,000		$	282,181,881

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

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

11.

FOREIGN WITHHOLDING TAX CLAIMS

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

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

12.

SUBSEQUENT EVENTS

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


46		2022 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Statement Regarding Liquidity Risk Management Program (unaudited)

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

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

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

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

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

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

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

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

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

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


STATEMENT REGARDING LIQUIDITY RISK MANAGEMENT PROGRAM		47

Supplemental Information (unaudited)

Regulation Regarding Derivatives

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

Section 19(a) Notices

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

February 28, 2022


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

^(a)

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


48		2022 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

General Information

Electronic Delivery

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

To enroll in electronic delivery:

•

Go to icsdelivery.com.

•

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

Householding

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

Availability of Quarterly Schedule of Investments

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

Availability of Proxy Voting Policies and Proxy Voting Records

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

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


GENERAL INFORMATION		49

Glossary of Terms Used in this Report


Counterparty Abbreviations

SCB		Standard Chartered Bank

Currency Abbreviations

EUR		Euro

SEK		Swedish Krona

USD		United States Dollar


50		2022 ISHARES SEMI-ANNUAL REPORT TO SHAREHOLDERS

Want to know more?

iShares.com | 1-800-474-2737

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

Investing involves risk, including possible loss of principal.

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

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

iS-SAR-802-0222