iShares, Inc.


		FEBRUARY 28, 2023

2023 Semi-Annual Report

(Unaudited)

iShares, Inc.

iShares MSCI Brazil ETF | EWZ | NYSE Arca

iShares MSCI Chile ETF | ECH | Cboe BZX

iShares MSCI Israel ETF | EIS | NYSE Arca

iShares MSCI South Africa ETF | EZA | NYSE Arca

iShares MSCI Turkey ETF | TUR | NASDAQ

The Markets in Review

Dear Shareholder,

Significant economic headwinds emerged during the 12-month reporting period ended February 28, 2023, as investors navigated changing economic conditions and volatile markets. The U.S. economy shrank in the first half of 2022 before returning to modest growth in the second half of the year, marking a shift to a more challenging post-reopening economic environment. Changes in consumer spending patterns and a tight labor market led to elevated inflation, which reached a 40-year high before beginning to moderate. Moreover, while the foremost effect of Russia’s invasion of Ukraine has been a severe humanitarian crisis, the ongoing war continued to present challenges for both investors and policymakers.

Equity prices fell as interest rates rose, particularly during the first half of the reporting period. Both large-and small-capitalization U.S. stocks fell, although equities began to recover in the second half of the period as inflation eased and economic growth resumed. Emerging market stocks and international equities from developed markets declined overall, pressured by rising interest rates and a strong U.S. dollar.

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

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

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

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

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

LOGO

Rob Kapito

President, BlackRock, Inc.

LOGO

Rob Kapito

President, BlackRock, Inc.


Total Returns as of February 28, 2023

	6-Month	12-Month

U.S. large cap equities (S&P 500^® Index)	1.26%	(7.69)%

U.S. small cap equities (Russell 2000^® Index)	3.63	(6.02)

International equities (MSCI Europe, Australasia, Far East Index)	12.58	(3.14)

Emerging market equities (MSCI Emerging Markets Index)	(2.29)	(15.28)

3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)	1.74	2.11

U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)	(4.81)	(14.06)

U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)	(2.13)	(9.72)

Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)	0.66	(5.10)

U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)	2.52	(5.45)

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


2		T H I S P A G E I S N O T P A R T O F Y O U R F U N D R E P O R T

Table of Contents


	Page

The Markets in Review		2

Semi-Annual Report:

Fund Summary		4

About Fund Performance		9

Disclosure of 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		46

General Information		47

Glossary of Terms Used in this Report		48


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

Investment Objective

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

Performance


				Average Annual Total Returns									Cumulative Total Returns
	6-Month Total Returns			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		(3.54	)%		(7.13	)%		(4.34	)%		(2.83	)%		(7.13	)%		(19.90	)%		(24.95	)%
Fund Market		(3.83	)		(6.51	)		(4.40	)		(2.80	)		(6.51	)		(20.13	)		(24.72	)
Index		(3.34	)		(5.56	)		(3.54	)		(2.13	)		(5.56	)		(16.51	)		(19.34	)

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

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

Expense Example


Actual							Hypothetical 5% Return

	Beginning Account Value (09/01/22)		Ending Account Value (02/28/23)		Expenses Paid During the Period	^(a)		Beginning Account Value (09/01/22)		Ending Account Value (02/28/23)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio

$	1,000.00	$	964.60	$	2.87		$	1,000.00	$	1,021.90	$	2.96		0.59	%

^(a)

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

Portfolio Information

SECTOR ALLOCATION


Sector	Percent of Total Investments	^(a)
Materials	25.6	%
Financials	23.5
Energy	16.3
Industrials	9.2
Utilities	8.7
Consumer Staples	8.1
Health Care	3.1
Consumer Discretionary	2.8
Communication Services	2.0
Information Technology	0.7

^(a)

Excludes money market funds.

TEN LARGEST HOLDINGS


Security	Percent of Total Investments	^(a)
Vale SA	19.5	%
Itau Unibanco Holding SA (Preferred)	7.2
Petroleo Brasileiro SA (Preferred)	7.0
Petroleo Brasileiro SA	6.3
WEG SA	4.1
B3 SA - Brasil, Bolsa, Balcao	3.7
Banco Bradesco SA (Preferred)	3.7
Ambev SA	3.6
Localiza Rent a Car SA	2.6
Itausa SA (Preferred)	2.4


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


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

Investment Objective

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

Performance


				Average Annual Total Returns									Cumulative Total Returns
	6-Month Total Returns			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		5.33	%^(a)		15.89	%		(8.91	)%		(5.73	)%		15.89	%		(37.29	)%		(44.57	)%
Fund Market		3.83			15.26			(8.92	)		(5.74	)		15.26			(37.32	)		(44.65	)
Index		4.17			13.58			(9.10	)		(5.72	)		13.58			(37.95	)		(44.52	)

^(a)

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

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

Expense Example


Actual							Hypothetical 5% Return

	Beginning Account Value (09/01/22)		Ending Account Value (02/28/23)		Expenses Paid During the Period	^(a)		Beginning Account Value (09/01/22)		Ending Account Value (02/28/23)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio

$	1,000.00	$	1,053.30	$	3.00		$	1,000.00	$	1,021.90	$	2.96		0.59	%

^(a)

Portfolio Information

SECTOR ALLOCATION


Sector	Percent of Total Investments	^(a)
Materials	28.2	%
Financials	23.5
Utilities	16.9
Consumer Staples	14.4
Energy	4.6
Real Estate	3.6
Consumer Discretionary	3.4
Industrials	3.4
Communication Services	2.0

^(a)

Excludes money market funds.

TEN LARGEST HOLDINGS


Security	Percent of Total Investments	^(a)
Sociedad Quimica y Minera de Chile SA (Preferred), Class B	22.0	%
Banco de Chile	10.4
Enel Americas SA	6.0
Banco Santander Chile	4.6
Empresas COPEC SA	4.6
Banco de Credito e Inversiones SA	4.4
Empresas CMPC SA	4.2
Cencosud SA	4.2
Falabella SA	3.4
Cia. Sud Americana de Vapores SA	3.4


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


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

Investment Objective

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

Performance


				Average Annual Total Returns									Cumulative Total Returns
	6-Month Total Returns			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		(18.03	)%		(25.87	)%		2.08	%		3.85	%		(25.87	)%		10.84	%		45.85	%
Fund Market		(17.93	)		(25.93	)		2.19			3.82			(25.93	)		11.43			45.52
Index		(18.30	)		(25.50	)		2.61			4.31			(25.50	)		13.76			52.54

Expense Example


Actual							Hypothetical 5% Return

	Beginning Account Value (09/01/22)		Ending Account Value (02/28/23)		Expenses Paid During the Period	^(a)		Beginning Account Value (09/01/22)		Ending Account Value (02/28/23)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio

$	1,000.00	$	819.70	$	2.66		$	1,000.00	$	1,021.90	$	2.96		0.59	%

^(a)

Portfolio Information

SECTOR ALLOCATION


Sector	Percent of Total Investments	^(a)
Information Technology	31.8	%
Financials	25.4
Real Estate	8.8
Health Care	8.8
Industrials	8.1
Materials	4.0
Communication Services	3.6
Utilities	2.7
Consumer Discretionary	2.6
Consumer Staples	2.2
Energy	2.0

^(a)

Excludes money market funds.

TEN LARGEST HOLDINGS


Security	Percent of Total Investments	^(a)
Nice Ltd.	8.1	%
Check Point Software Technologies Ltd.	7.6
Bank Leumi Le-Israel BM	7.3
Teva Pharmaceutical Industries Ltd.	6.7
Bank Hapoalim BM	6.5
CyberArk Software Ltd.	3.6
Israel Discount Bank Ltd., Class A	3.6
Wix.com Ltd.	3.2
ICL Group Ltd.	3.1
Mizrahi Tefahot Bank Ltd.	2.8


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


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

Investment Objective

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

Performance


				Average Annual Total Returns									Cumulative Total Returns
	6-Month Total Returns			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		4.14	%		(18.23	)%		(5.63	)%		(0.53	)%		(18.23	)%		(25.14	)%		(5.16	)%
Fund Market		4.43			(19.22	)		(5.49	)		(0.48	)		(19.22	)		(24.60	)		(4.71	)
Index		3.79			(17.24	)		(5.20	)		0.02			(17.24	)		(23.44	)		0.20

Index performance through August 31, 2017 reflects the performance of the MSCI South Africa Index. Index performance beginning on September 1, 2017 reflects the performance of the MSCI South Africa 25/50 Index.

Expense Example


Actual							Hypothetical 5% Return

	Beginning Account Value (09/01/22)		Ending Account Value (02/28/23)		Expenses Paid During the Period	^(a)		Beginning Account Value (09/01/22)		Ending Account Value (02/28/23)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio

$	1,000.00	$	1,041.40	$	2.99		$	1,000.00	$	1,021.90	$	2.96		0.59	%

^(a)

Portfolio Information

SECTOR ALLOCATION


Sector	Percent of Total Investments	^(a)
Financials	33.9	%
Consumer Discretionary	21.5
Materials	21.3
Communication Services	9.2
Consumer Staples	7.6
Real Estate	2.3
Industrials	1.7
Health Care	1.3
Energy	1.2

^(a)

Excludes money market funds.

TEN LARGEST HOLDINGS


Security	Percent of Total Investments	^(a)
Naspers Ltd., Class N	17.1	%
FirstRand Ltd.	8.0
Standard Bank Group Ltd.	6.0
MTN Group Ltd.	6.0
Absa Group Ltd.	4.1
Sasol Ltd.	3.7
Capitec Bank Holdings Ltd.	3.7
Gold Fields Ltd.	3.6
Impala Platinum Holdings Ltd.	3.5
Bid Corp. Ltd.	3.3


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


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

Investment Objective

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

Performance


				Average Annual Total Returns									Cumulative Total Returns
	6-Month Total Returns			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		58.56	%		93.71	%		(1.60	)%		(3.57	)%		93.71	%		(7.74	)%		(30.45	)%
Fund Market		58.55			95.88			(1.62	)		(3.55	)		95.88			(7.82	)		(30.33	)
Index		58.42			94.51			(1.40	)		(3.30	)		94.51			(6.80	)		(28.48	)

Certain sectors and markets performed exceptionally well based on market conditions during the six-months and one-year periods. Achieving such exceptional returns involves the risk of volatility and investors should not expect that such exceptional returns will be repeated.

Index performance through May 28, 2019 reflects the performance of MSCI Turkey Investable Market Index. Index performance beginning on May 29, 2019 reflects the performance of the MSCI Turkey IMI 25/50 Index.

Expense Example


Actual							Hypothetical 5% Return

	Beginning Account Value (09/01/22)		Ending Account Value (02/28/23)		Expenses Paid During the Period	^(a)		Beginning Account Value (09/01/22)		Ending Account Value (02/28/23)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio

$	1,000.00	$	1,585.60	$	3.78		$	1,000.00	$	1,021.90	$	2.96		0.59	%

^(a)

Portfolio Information

SECTOR ALLOCATION


Sector	Percent of Total Investments	^(a)
Industrials	28.3	%
Materials	21.7
Financials	14.8
Consumer Staples	9.6
Consumer Discretionary	9.2
Energy	6.5
Communication Services	3.5
Real Estate	2.4
Utilities	2.0
Health Care	1.3
Information Technology	0.7

^(a)

Excludes money market funds.

TEN LARGEST HOLDINGS


Security	Percent of Total Investments	^(a)
Turkiye Petrol Rafinerileri AS	6.5	%
Turk Hava Yollari AO	6.0
Turkiye Sise ve Cam Fabrikalari AS	5.5
BIM Birlesik Magazalar AS	5.2
KOC Holding AS	5.0
Akbank TAS	4.6
Eregli Demir ve Celik Fabrikalari TAS	4.3
Sasa Polyester Sanayi AS	3.9
Haci Omer Sabanci Holding AS	3.7
Ford Otomotiv Sanayi AS	3.5


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

About Fund Performance

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

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

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

Disclosure of Expenses

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

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

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

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


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

Schedule of Investments (unaudited)

February 28, 2023

iShares^® MSCI Brazil ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value


Common Stocks

Banks — 3.6%
Banco Bradesco SA		12,787,482	$	28,430,467
Banco do Brasil SA		13,020,392		100,224,775
Banco Santander Brasil SA		6,643,310		35,948,194


				164,603,436

Beverages — 3.6%
Ambev SA		63,297,889		161,888,421


Capital Markets — 5.0%
B3 SA - Brasil, Bolsa, Balcao		82,424,612		166,094,540
Banco BTG Pactual SA		14,975,316		57,779,443
XP Inc.^(a)		1		12


				223,873,995

Containers & Packaging — 1.0%

Klabin SA		11,713,456		43,538,541


Diversified Telecommunication Services — 1.2%

Telefonica Brasil SA		7,399,072		55,032,493


Electric Utilities — 4.6%
Centrais Eletricas Brasileiras SA		14,542,196		95,328,609
CPFL Energia SA		3,207,773		18,558,757
Energisa SA		2,478,900		18,319,083
Equatorial Energia SA		15,864,237		77,056,900


				209,263,349

Electrical Equipment — 4.1%
WEG SA		24,558,184		183,689,747


Food & Staples Retailing — 2.6%
Atacadao SA		7,801,577		20,042,444
Raia Drogasil SA		16,802,316		72,787,731
Sendas Distribuidora SA		7,031,164		24,361,863


				117,192,038

Food Products — 1.0%
JBS SA.		12,145,735		44,518,934


Health Care Providers & Services — 1.9%
Hapvida Participacoes e Investimentos SA^(a)(b)		59,309,004		50,864,286
Rede D’Or Sao Luiz SA^(b)		6,812,329		33,245,472


				84,109,758

Independent Power and Renewable Electricity Producers — 1.0%
Eneva SA^(a)		8,479,097		18,511,509
Engie Brasil Energia SA		3,848,566		28,874,628


				47,386,137

Insurance — 1.6%
BB Seguridade Participacoes SA		11,064,208		72,296,852


Metals & Mining — 20.0%
Cia. Siderurgica Nacional SA		10,939,233		34,831,201
Vale SA		53,410,504		870,409,268


				905,240,469

Multiline Retail — 0.7%
Magazine Luiza SA^(a)		43,177,047		29,606,930


Oil, Gas & Consumable Fuels — 9.1%
Cosan SA		16,582,857		47,447,917
Petro Rio SA^(a)		8,413,417		54,156,214
Petroleo Brasileiro SA		50,875,188		279,376,492
Ultrapar Participacoes SA		12,721,569		32,025,954


				413,006,577


Security	Shares		Value


Paper & Forest Products — 2.3%
Suzano SA		11,288,428	$	102,934,715


Personal Products — 0.9%
Natura & Co. Holding SA		13,375,694		39,140,023


Pharmaceuticals — 1.1%
Hypera SA		6,518,784		51,859,411


Road & Rail — 4.1%
Localiza Rent a Car SA		11,021,808		116,819,018
Localiza Rent a Car SA, NVS		47,257		478,396
Rumo SA		20,261,230		69,505,332


				186,802,746

Software — 0.7%
TOTVS SA		5,989,613		31,221,106


Specialty Retail — 2.1%
Lojas Renner SA		15,134,752		53,913,823
Vibra Energia SA		14,419,590		40,734,939


				94,648,762

Transportation Infrastructure — 0.9%
CCR SA		19,886,161		41,744,054


Water Utilities — 1.2%
Cia. de Saneamento Basico do Estado de Sao Paulo		5,607,584		55,428,372


Wireless Telecommunication Services — 0.8%
Tim SA		15,235,502		35,677,402


Total Common Stocks — 75.1% (Cost: $2,430,878,681)				3,394,704,268


Preferred Stocks

Banks — 13.1%
Banco Bradesco SA, Preference Shares, NVS		65,890,962		164,618,855
Itau Unibanco Holding SA, Preference Shares, NVS		66,067,311		320,906,841
Itausa SA, Preference Shares, NVS		66,872,219		105,121,501


				590,647,197

Electric Utilities — 1.7%
Centrais Eletricas Brasileiras SA, Class B, Preference Shares, NVS		4,351,248		29,895,117
Cia Energetica de Minas Gerais, Preference Shares, NVS		22,728,825		45,497,156


				75,392,273

Metals & Mining — 2.0%
Gerdau SA, Preference Shares, NVS		16,943,806		92,657,014


Oil, Gas & Consumable Fuels — 6.9%
Petroleo Brasileiro SA, Preference Shares, NVS		65,281,976		314,723,104


Total Preferred Stocks — 23.7% (Cost: $793,483,735)				1,073,419,588


Total Long-Term Investments — 98.8% (Cost: $3,224,362,416)				4,468,123,856


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

Schedule of Investments (unaudited) (continued)

February 28, 2023

iShares^® MSCI Brazil ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Short-Term Securities

Money Market Funds — 0.2%
BlackRock Cash Funds: Treasury, SL Agency Shares, 4.41%^(c)(d)		9,730,000	$	9,730,000


Total Short-Term Securities — 0.2% (Cost: $9,730,000)				9,730,000


Total Investments — 99.0% (Cost: $3,234,092,416)				4,477,853,856

Other Assets Less Liabilities — 1.0%				44,515,793


Net Assets — 100.0%			$	4,522,369,649

^(a)	Non-income producing security.

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

^(c)	Affiliate of the Fund.

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

Affiliates

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


Affiliated Issuer	Value at 08/31/22		Purchases at Cost			Proceeds from Sale		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 02/28/23		Shares Held at 02/28/23		Income		Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Treasury, SL Agency Shares	$	6,880,000	$	2,850,000	^(a)	$	—	$	—	$	—	$	9,730,000		9,730,000	$	303,820	$	11

^(a)

Represents net amount purchased (sold).

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts


Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
MSCI Brazil Index		1,200		03/17/23	$	55,769	$	(956,981	)

Derivative Financial Instruments Categorized by Risk Exposure

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


	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts^(a)	$	—	$	—	$	956,981	$	—	$	—	$	—	$	956,981

^(a)

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


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

Schedule of Investments (unaudited) (continued)

February 28, 2023

iShares^® MSCI Brazil ETF

For the period ended February 28, 2023, the effect of derivative financial instruments in the Statements of Operations was as follows:


	Commodity Contracts		Credit Contracts		Equity Contracts			Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Net Realized Gain (Loss) from
Futures contracts	$	—	$	—	$	(4,384,143	)	$	—	$	—	$	—	$	(4,384,143	)

Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	4,602,372		$	—	$	—	$	—	$	4,602,372

Average Quarterly Balances of Outstanding Derivative Financial Instruments



Futures contracts
Average notional value of contracts — long	$	92,057,430

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

Fair Value Hierarchy as of Period End

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

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



	Level 1			Level 2		Level 3		Total
Assets
Investments
Long-Term Investments
Common Stocks	$	3,394,225,872		$	478,396	$	—	$	3,394,704,268
Preferred Stocks		1,073,419,588			—		—		1,073,419,588
Short-Term Securities
Money Market Funds		9,730,000			—		—		9,730,000

	$	4,477,375,460		$	478,396	$	—	$	4,477,853,856

Derivative Financial Instruments^(a)
Liabilities
Equity Contracts	$	(956,981	)	$	—	$	—	$	(956,981	)

^(a)

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

See notes to financial statements.


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

Schedule of Investments (unaudited)

February 28, 2023

iShares^® MSCI Chile ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Banks — 22.4%
Banco de Chile		560,535,083	$	58,243,040
Banco de Credito e Inversiones SA		785,369		24,576,289
Banco Santander Chile		607,724,192		25,765,150
Grupo Security SA		29,276,794		6,435,327
Itau CorpBanca Chile SA		4,520,139,117		9,715,621


				124,735,427

Beverages — 5.3%
Cia. Cervecerias Unidas SA		2,257,330		17,227,675
Vina Concha y Toro SA		9,549,688		12,495,695


				29,723,370

Capital Markets — 1.1%
Sociedad de Inversiones Oro Blanco SA		606,903,208		6,262,101


Electric Utilities — 10.3%
Enel Americas SA		267,534,585		33,309,700
Enel Chile SA		354,865,829		15,975,401
Engie Energia Chile SA^(a)		13,835,088		8,441,431


				57,726,532

Food & Staples Retailing — 6.1%
Cencosud SA		12,465,659		23,570,694
SMU SA		64,177,067		10,538,196


				34,108,890

Independent Power and Renewable Electricity Producers — 2.8%
Colbun SA		137,472,242		15,779,070


Marine — 3.4%
Cia. Sud Americana de Vapores SA		195,653,281		18,850,833


Metals & Mining — 2.0%
CAP SA		1,359,760		11,304,062


Multiline Retail — 3.4%
Falabella SA		8,663,465		19,064,980


Oil, Gas & Consumable Fuels — 4.6%
Empresas COPEC SA		3,523,899		25,460,529


Paper & Forest Products — 4.2%
Empresas CMPC SA		14,218,209		23,625,724


Real Estate Management & Development — 3.6%
Cencosud Shopping SA		1,822,017		2,597,630
Parque Arauco SA		9,762,583		11,972,189


Security	Shares		Value

Real Estate Management & Development (continued)
Plaza SA		4,336,267	$	5,396,299


				19,966,118

Water Utilities — 3.7%
Aguas Andinas SA, Class A		54,653,696		13,074,573
Inversiones Aguas Metropolitanas SA		13,197,159		7,494,128


				20,568,701

Wireless Telecommunication Services — 2.1%
Empresa Nacional de Telecomunicaciones SA		2,910,606		11,464,201


Total Common Stocks — 75.0% (Cost: $401,632,321)				418,640,538


Preferred Stocks

Beverages — 3.0%
Embotelladora Andina SA, Class B, Preference Shares, NVS		6,812,661		16,750,353


Chemicals — 22.0%
Sociedad Quimica y Minera de Chile SA, Class B, Preference Shares		1,375,098		122,728,352


Total Preferred Stocks — 25.0% (Cost: $71,376,444)				139,478,705


Total Long-Term Investments — 100.0% (Cost: $473,008,765)				558,119,243


Short-Term Securities

Money Market Funds — 0.2%
BlackRock Cash Funds: Treasury, SL Agency Shares, 4.41%^(b)(c)		1,090,000		1,090,000


Total Short-Term Securities — 0.2% (Cost: $1,090,000)				1,090,000


Total Investments — 100.2% (Cost: $474,098,765)				559,209,243

Liabilities in Excess of Other Assets — (0.2)%				(1,253,656	)


Net Assets — 100.0%			$	557,955,587

^(a)	Non-income producing security.

^(b)	Affiliate of the Fund.

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

Affiliates




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

BlackRock Cash Funds: Treasury, SL Agency Shares	$	—	$	1,090,000	^(a)	$	—	$	—	$	—	$	1,090,000		1,090,000	$	9,325	$	—

^(a)

Represents net amount purchased (sold).


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

Schedule of Investments (unaudited) (continued)

February 28, 2023

iShares^® MSCI Chile ETF

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts




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

Long Contracts
MSCI Emerging Markets Index		24		03/17/23	$	1,155	$	(23,690	)

Derivative Financial Instruments Categorized by Risk Exposure

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


	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts^(a)	$	—	$	—	$	23,690	$	—	$	—	$	—	$	23,690

^(a)

For the period ended February 28, 2023, the effect of derivative financial instruments in the Statements of Operations was as follows:


	Commodity Contracts		Credit Contracts		Equity Contracts			Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Net Realized Gain (Loss) from
Futures contracts	$	—	$	—	$	(132,406	)	$	—	$	—	$	—	$	(132,406	)

Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	9,073		$	—	$	—	$	—	$	9,073

Average Quarterly Balances of Outstanding Derivative Financial Instruments


Futures contracts
Average notional value of contracts — long	$	921,615

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

Fair Value Hierarchy as of Period End


	Level 1		Level 2		Level 3		Total
Assets
Investments
Long-Term Investments
Common Stocks	$	325,679,391	$	92,961,147	$	—	$	418,640,538
Preferred Stocks		16,750,353		122,728,352		—		139,478,705
Short-Term Securities
Money Market Funds		1,090,000		—		—		1,090,000

	$	343,519,744	$	215,689,499	$	—	$	559,209,243


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

Schedule of Investments (unaudited) (continued)

February 28, 2023

iShares^® MSCI Chile ETF

Fair Value Hierarchy as of Period End (continued)


	Level 1			Level 2		Level 3		Total
Derivative Financial Instruments^(a)
Liabilities
Equity Contracts	$	(23,690	)	$	—	$	—	$	(23,690	)

^(a)

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

See notes to financial statements.


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

Schedule of Investments (unaudited)

February 28, 2023

iShares^® MSCI Israel ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Aerospace & Defense — 2.8%
Elbit Systems Ltd.		22,889	$	3,875,448


Banks — 21.8%
Bank Hapoalim BM		1,091,553		9,129,995
Bank Leumi Le-Israel BM		1,326,891		10,315,946
FIBI Holdings Ltd.		15,243		559,177
First International Bank Of Israel Ltd. (The)		47,513		1,682,435
Israel Discount Bank Ltd., Class A		1,064,537		5,049,611
Mizrahi Tefahot Bank Ltd.		132,711		3,946,417


				30,683,581

Capital Markets — 0.4%
Altshuler Shaham Penn Ltd.		60,650		114,652
Tel Aviv Stock Exchange Ltd.		86,684		423,937


				538,589

Chemicals — 4.0%
ICL Group Ltd.		609,226		4,421,374
Israel Corp Ltd.^(a)		3,316		1,130,520
Turpaz Industries Ltd., NVS		30,123		119,865


				5,671,759

Communications Equipment — 1.1%
AudioCodes Ltd.		21,695		355,634
Gilat Satellite Networks Ltd.^(b)		36,076		213,292
Ituran Location and Control Ltd.		13,242		295,826
Radware Ltd.^(b)		34,704		722,885


				1,587,637

Construction & Engineering — 2.1%
Ashtrom Group Ltd.^(a)		34,818		534,277
Elco Ltd.		8,138		299,795
Electra Ltd./Israel^(a)		1,813		734,971
Shapir Engineering and Industry Ltd.		122,936		811,317
Shikun & Binui Ltd.^(b)		228,805		522,683


				2,903,043

Consumer Finance — 0.4%
Isracard Ltd.		172,198		610,217


Distributors — 0.2%
Tadiran Group Ltd.		2,944		251,046


Diversified Telecommunication Services — 1.8%
Bezeq The Israeli Telecommunication Corp. Ltd.		1,787,598		2,474,323


Electronic Equipment, Instruments & Components — 0.4%
Innoviz Technologies Ltd.^(a)(b)		93,430		443,792
Nayax Ltd.^(b)		7,010		122,146


				565,938

Equity Real Estate Investment Trusts (REITs) — 0.7%
Reit 1 Ltd.		166,406		688,281
Sella Capital Real Estate Ltd.		178,582		361,510


				1,049,791

Food & Staples Retailing — 1.3%
M Yochananof & Sons Ltd.		4,327		205,714
Rami Levy Chain Stores Hashikma Marketing 2006 Ltd.		7,700		426,053
Shufersal Ltd.		228,468		1,179,608


				1,811,375

Food Products — 0.9%
Mehadrin Ltd.^(b)		0		19
Neto Malinda Trading Ltd.^(b)		9,872		206,637


Security	Shares		Value

Food Products (continued)
Strauss Group Ltd.		45,177	$	1,028,051


				1,234,707

Health Care Equipment & Supplies — 1.9%
Inmode Ltd.^(a)(b)		60,657		2,141,798
Nano-X Imaging Ltd.^(a)(b)		33,951		247,503
Sisram Medical Ltd.^(c)		120,000		228,015


				2,617,316

Hotels, Restaurants & Leisure — 0.5%
Fattal Holdings 1998 Ltd.^(b)		5,531		460,453
NEOGAMES SA^(b)		12,956		201,466


				661,919

Household Durables — 0.8%
Azorim-Investment Development & Construction Co. Ltd.		71,839		189,915
Danya Cebus Ltd.		6,850		128,326
Electra Consumer Products 1970 Ltd.		10,206		268,102
Maytronics Ltd.		42,258		509,327


				1,095,670

Independent Power and Renewable Electricity Producers — 2.7%
Doral Group Renewable Energy Resources Ltd.^(b)		77,819		147,886
Energix-Renewable Energies Ltd.		211,953		582,991
Enlight Renewable Energy Ltd.^(a)(b)		99,188		1,623,425
Kenon Holdings Ltd./Singapore		16,198		453,560
OPC Energy Ltd.^(b).		86,798		703,164
OY Nofar Energy Ltd.^(b)		13,020		313,307


				3,824,333

Industrial Conglomerates — 0.2%
Arad Investment & Industrial Development Ltd.^(a)		2,631		267,830


Insurance — 2.7%
Clal Insurance Enterprises Holdings Ltd.^(b)		54,134		776,252
Harel Insurance Investments & Financial Services Ltd.		100,115		842,944
IDI Insurance Co. Ltd.		7,050		163,011
Menora Mivtachim Holdings Ltd.		21,360		410,687
Migdal Insurance & Financial Holdings Ltd.^(b)		362,166		404,392
Phoenix Holdings Ltd. (The)		129,765		1,239,252


				3,836,538

Interactive Media & Services — 0.3%
Taboola.com Ltd.^(b)		113,835		356,304


IT Services — 4.3%
Formula Systems 1985 Ltd.		8,561		585,030
Malam - Team Ltd.		6,686		121,238
Matrix IT Ltd.		29,708		543,977
One Software Technologies Ltd.		33,825		378,005
Wix.com Ltd.^(b)		49,270		4,460,413


				6,088,663

Machinery — 0.6%
Kornit Digital Ltd.^(b)		42,825		877,913


Marine — 1.3%
ZIM Integrated Shipping Services Ltd.^(a)		77,385		1,830,929


Media — 0.8%
Perion Network Ltd.^(b)		34,634		1,199,281


Oil, Gas & Consumable Fuels — 2.0%
Delek Group Ltd.^(b)		7,890		737,536
Equital Ltd.^(b)		18,745		442,855
Naphtha Israel Petroleum Corp. Ltd.		28,573		106,139
Oil Refineries Ltd.		1,792,337		540,800


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

Schedule of Investments (unaudited) (continued)

February 28, 2023

iShares^® MSCI Israel ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Oil, Gas & Consumable Fuels (continued)
Paz Oil Co. Ltd.^(b)		8,712	$	923,231


				2,750,561

Pharmaceuticals — 6.9%
Taro Pharmaceutical Industries Ltd.^(b)		7,991		241,488
Teva Pharmaceutical Industries Ltd., ADR^(a)(b)		954,596		9,460,046


				9,701,534

Professional Services — 1.0%
Danel Adir Yeoshua Ltd.		4,644		349,868
Fiverr International Ltd.^(b)		27,205		1,077,590


				1,427,458

Real Estate Management & Development — 8.1%
AFI Properties Ltd.^(a)(b)		4,941		131,433
Africa Israel Residences Ltd.		5,388		198,882
Airport City Ltd.^(b)		58,761		776,722
Alony Hetz Properties & Investments Ltd.		131,300		1,142,722
Amot Investments Ltd.		201,998		1,001,216
Azrieli Group Ltd.		36,507		2,048,811
Big Shopping Centers Ltd.^(b)		10,302		893,519
Blue Square Real Estate Ltd.		4,229		212,235
Brack Capital Properties NV^(b)		0		28
Electra Real Estate Ltd.		21,863		182,203
G City Ltd.		72,333		251,589
Gav-Yam Lands Corp. Ltd.		0		1
Israel Canada T.R Ltd.		113,490		229,457
Israel Land Development Co. Ltd. (The)		14,788		137,448
Isras Investment Co. Ltd.		1,637		254,866
Mega Or Holdings Ltd.		20,322		436,096
Melisron Ltd.		20,420		1,221,906
Mivne Real Estate KD Ltd.		507,413		1,311,660
Prashkovsky Investments and Construction Ltd.		6,236		127,710
Property & Building Corp. Ltd.^(b)		2,568		126,543
Summit Real Estate Holdings Ltd.		31,573		341,434
YH Dimri Construction & Development Ltd.		6,482		331,543


				11,358,024

Semiconductors & Semiconductor Equipment — 4.8%
Camtek Ltd./Israel^(b)		24,797		671,317
Nova Ltd.^(b)		24,691		2,252,104
Tower Semiconductor Ltd.^(b)		94,039		3,846,742


				6,770,163

Software — 20.6%
Cellebrite DI Ltd.^(a)(b)		32,625		200,644
Check Point Software Technologies Ltd.^(b)		86,339		10,681,861
CyberArk Software Ltd.^(b)		35,038		5,072,451
Hilan Ltd.		12,795		517,129
Magic Software Enterprises Ltd.		23,327		316,536
Nice Ltd.^(b)		54,605		11,350,470
Riskified Ltd.^(b)		43,916		241,538


Security	Shares		Value

Software (continued)
Sapiens International Corp. NV		28,566	$	593,475


				28,974,104

Specialty Retail — 0.9%
Carasso Motors Ltd.		27,511		133,812
Delek Automotive Systems Ltd.		45,246		457,001
Fox Wizel Ltd.^(a)		7,039		559,071
Retailors Ltd.		10,575		169,241


				1,319,125

Technology Hardware, Storage & Peripherals — 0.5%
Nano Dimension Ltd., ADR^(a)(b)		223,241		656,329


Textiles, Apparel & Luxury Goods — 0.3%
Delta Galil Industries Ltd.^(a)		9,937		403,504


Trading Companies & Distributors — 0.1%
Scope Metals Group Ltd.^(a)		6,320		208,663


Wireless Telecommunication Services — 0.7%
Cellcom Israel Ltd.^(b)		77,507		311,408
Partner Communications Co. Ltd.^(b)		119,539		668,144


				979,552

Total Long-Term Investments — 99.9% (Cost: $176,955,574)				140,463,167


Short-Term Securities

Money Market Funds — 5.9%
BlackRock Cash Funds: Institutional, SL Agency Shares, 4.81%^(d)(e)(f)		8,238,579		8,243,522
BlackRock Cash Funds: Treasury, SL Agency Shares, 4.41%^(d)(e)		140,000		140,000


Total Short-Term Securities — 5.9% (Cost: $8,382,785)				8,383,522


Total Investments — 105.8% (Cost: $185,338,359)				148,846,689

Liabilities in Excess of Other Assets — (5.8)%			(8,211,029)


Net Assets — 100.0%			$140,635,660

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

^(b)	Non-income producing security.

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

^(d)	Affiliate of the Fund.

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

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


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

Schedule of Investments (unaudited) (continued)

February 28, 2023

iShares^® MSCI Israel ETF

Affiliates



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

BlackRock Cash Funds: Institutional, SL Agency Shares	$	7,068,470	$	1,174,810	^(a)	$	—	$	3,734	$	(3,492	)	$	8,243,522		8,238,579	$	47,337	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		80,000		60,000	^(a)		—		—		—			140,000		140,000		1,864			—

								$	3,734	$	(3,492	)	$	8,383,522			$	49,201		$	—

^(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

03/17/23

179

958

Derivative Financial Instruments Categorized by Risk Exposure

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



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

Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts^(a)	$	—	$	—	$	958	$	—	$	—	$	—	$	958

^(a)

For the period ended February 28, 2023, the effect of derivative financial instruments in the Statements of Operations was as follows:




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

Net Realized Gain (Loss) from
Futures contracts	$	—	$	—	$	18,932	$	—	$	—	$	—	$	18,932


Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	42,990	$	—	$	—	$	—	$	42,990

Average Quarterly Balances of Outstanding Derivative Financial Instruments




Futures contracts
Average notional value of contracts — long	$	549,708

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


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

Schedule of Investments (unaudited) (continued)

February 28, 2023

iShares^® MSCI Israel ETF

Fair Value Hierarchy as of Period End



		Level 1		Level 2		Level 3		Total

Assets
Investments
Long-Term Investments
Common Stocks	$	39,678,934	$	100,784,233	$	—	$	140,463,167
Short-Term Securities
Money Market Funds		8,383,522		—		—		8,383,522

	$	48,062,456	$	100,784,233	$	—	$	148,846,689

Derivative Financial Instruments^(a)
Assets
Equity Contracts	$	—	$	958	$	—	$	958

^(a)

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

See notes to financial statements.


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

Schedule of Investments (unaudited)

February 28, 2023

iShares^® MSCI South Africa ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value


Common Stocks

Banks — 16.3%
Absa Group Ltd.		1,361,490	$	14,699,461
Capitec Bank Holdings Ltd.		139,842		13,341,523
Nedbank Group Ltd.		740,176		9,293,209
Standard Bank Group Ltd.		2,156,116		21,537,466


				58,871,659

Capital Markets — 1.2%
Reinet Investments SCA		219,980		4,348,094


Chemicals — 3.7%
Sasol Ltd.		916,871		13,444,482


Diversified Financial Services — 9.8%
FirstRand Ltd.		8,107,968		28,919,195
Remgro Ltd.		850,466		6,473,081


				35,392,276

Equity Real Estate Investment Trusts (REITs) — 1.1%
Growthpoint Properties Ltd.		5,501,971		4,026,490


Food & Staples Retailing — 7.6%
Bid Corp. Ltd.		538,561		11,794,676
Clicks Group Ltd.		391,953		5,709,089
Shoprite Holdings Ltd.		806,987		9,771,962


				27,275,727

Industrial Conglomerates — 1.6%
Bidvest Group Ltd. (The)		464,746		5,929,972


Insurance — 6.6%
Discovery Ltd.^(a)		802,293		6,541,975
Old Mutual Ltd.		7,891,705		5,118,907
OUTsurance Group Ltd., NVS		1,353,048		2,630,947
Sanlam Ltd.		2,859,850		9,316,898


				23,608,727

Internet & Direct Marketing Retail — 17.1%
Naspers Ltd., Class N		349,716		61,495,332


Media — 1.3%
MultiChoice Group		604,771		4,643,219


Metals & Mining — 17.6%
African Rainbow Minerals Ltd.		180,653		2,502,386
Anglo American Platinum Ltd.		85,242		4,713,579
AngloGold Ashanti Ltd.		672,738		11,330,603
Gold Fields Ltd.		1,431,555		12,991,533
Harmony Gold Mining Co. Ltd.		891,449		2,738,216
Impala Platinum Holdings Ltd.		1,367,804		12,771,031
Kumba Iron Ore Ltd.		103,761		2,705,866


Security	Shares		Value


Metals & Mining (continued)
Northam Platinum Holdings Ltd.^(a)		541,272	$	4,457,794
Sibanye Stillwater Ltd.		4,544,097		9,174,836


				63,385,844

Multiline Retail — 1.8%
Woolworths Holdings Ltd.		1,551,833		6,506,460


Oil, Gas & Consumable Fuels — 1.2%
Exxaro Resources Ltd.		392,327		4,296,477


Pharmaceuticals — 1.3%
Aspen Pharmacare Holdings Ltd.		609,142		4,703,695


Real Estate Management & Development — 1.2%
NEPI Rockcastle NV		732,597		4,388,724


Specialty Retail — 2.7%
Foschini Group Ltd. (The)		531,931		2,938,090
Mr. Price Group Ltd.		413,179		3,425,797
Pepkor Holdings Ltd.^(b)		3,244,750		3,312,772


				9,676,659

Wireless Telecommunication Services — 7.9%
MTN Group Ltd.		2,723,528		21,459,892
Vodacom Group Ltd.		1,032,784		7,117,601


				28,577,493

Total Long-Term Investments — 100.0% (Cost: $477,856,526)				360,571,330


Short-Term Securities

Money Market Funds — 0.0%
BlackRock Cash Funds: Treasury, SL Agency Shares, 4.41%^(c)(d)		20,000		20,000


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


Total Investments — 100.0% (Cost: $477,876,526)				360,591,330

Other Assets Less Liabilities — 0.0%				169,811


Net Assets — 100.0%			$	360,761,141

^(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.


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

Schedule of Investments (unaudited) (continued)

February 28, 2023

iShares^® MSCI South Africa ETF

Affiliates



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

BlackRock Cash Funds: Treasury, SL Agency Shares	$	180,000	$	—	$	(160,000	)^(a)	$	—	$	—	$	20,000		20,000	$	3,941	$	—

^(a)

Represents net amount purchased (sold).

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description

Number of
Contracts

Expiration
Date

Notional
Amount
(000)

Value/
Unrealized
Appreciation
(Depreciation)

Long Contracts

FTSE/JSE Top 40 Index

03/16/23

351

9,323

Derivative Financial Instruments Categorized by Risk Exposure

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



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

Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts^(a)	$	—	$	—	$	9,323	$	—	$	—	$	—	$	9,323

^(a)

For the period ended February 28, 2023, the effect of derivative financial instruments in the Statements of Operations was as follows:




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

Net Realized Gain (Loss) from
Futures contracts	$	—	$	—	$	31,104	$	—	$	—	$	—	$	31,104


Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	27,525	$	—	$	—	$	—	$	27,525

Average Quarterly Balances of Outstanding Derivative Financial Instruments



Futures contracts
Average notional value of contracts — long	$	496,375

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


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

Schedule of Investments (unaudited) (continued)

February 28, 2023

iShares^® MSCI South Africa ETF

Fair Value Hierarchy as of Period End



		Level 1		Level 2		Level 3		Total

Assets
Investments
Long-Term Investments
Common Stocks	$	95,209,336	$	265,361,994	$	—	$	360,571,330
Short-Term Securities
Money Market Funds		20,000		—		—		20,000

	$	95,229,336	$	265,361,994	$	—	$	360,591,330

Derivative Financial Instruments^(a)
Assets
Equity Contracts	$	—	$	9,323	$	—	$	9,323

^(a)

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

See notes to financial statements.


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

Schedule of Investments (unaudited)

February 28, 2023

iShares^® MSCI Turkey ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Aerospace & Defense — 3.4%
Aselsan Elektronik Sanayi Ve Ticaret AS		3,829,089	$	11,177,513


Airlines — 7.9%
Pegasus Hava Tasimaciligi AS^(a)		233,636		6,284,239
Turk Hava Yollari AO^(a)		2,578,519		19,591,927


				25,876,166

Auto Components — 0.6%
EGE Endustri VE Ticaret AS		2,957		870,236
Kordsa Teknik Tekstil AS		251,855		1,091,855


				1,962,091

Automobiles — 3.5%
Ford Otomotiv Sanayi AS^(b)		392,986		11,463,648


Banks — 13.7%
Akbank TAS		16,113,923		14,900,150
Haci Omer Sabanci Holding AS		5,258,809		12,133,569
Turkiye Is Bankasi AS, Class C		18,030,744		10,820,938
Yapi ve Kredi Bankasi AS		12,859,071		6,814,653


				44,669,310

Beverages — 1.2%
Anadolu Efes Biracilik Ve Malt Sanayii AS		1,372,137		4,041,899


Building Products — 0.3%
Qua Granite Hayal^(a)		233,973		925,485


Capital Markets — 0.7%
Is Yatirim Menkul Degerler AS		495,501		1,310,531
Oyak Yatirim Menkul Degerler AS, NVS		477,961		981,991


				2,292,522

Chemicals — 9.2%
Hektas Ticaret TAS^(a)		5,663,767		10,664,736
Kimteks Poliuretan Sanayi VE Ticaret AS, NVS		169,857		998,365
Petkim Petrokimya Holding AS^(a)(b)		6,264,411		5,577,509
Sasa Polyester Sanayi AS^(a)		2,190,852		12,761,118


				30,001,728

Construction & Engineering — 1.8%
Girisim Elektrik Taahhut Ticaret Ve Sanayi AS^(a)		81,254		1,078,224
Kontrolmatik Enerji Ve Muhendislik AS, NVS		258,882		2,207,043
Tekfen Holding AS^(b)		1,369,783		2,610,300


				5,895,567

Construction Materials — 3.3%
Cimsa Cimento Sanayi VE Ticaret AS		129,068		850,885
Nuh Cimento Sanayi AS		423,016		3,709,370
Oyak Cimento Fabrikalari AS^(a)(b)		2,315,794		6,217,144


				10,777,399

Diversified Financial Services — 0.4%
Turkiye Sinai Kalkinma Bankasi AS^(a)(b)		5,857,983		1,228,599


Electric Utilities — 1.4%
Enerjisa Enerji AS^(b)(c)		1,743,071		2,967,627
ODAS Elektrik Uretim ve Sanayi Ticaret AS^(a)		4,163,800		1,658,178


				4,625,805

Electrical Equipment — 0.4%
Sarkuysan Elektrolitik Bakir Sanayi ve Ticaret AS		730,061		1,293,505


Electronic Equipment, Instruments & Components — 0.4%
Penta Teknoloji Urunleri Dagitim Ticaret AS^(a)		645,785		1,340,470


Security	Shares		Value

Equity Real Estate Investment Trusts (REITs) — 2.4%
Emlak Konut Gayrimenkul Yatirim Ortakligi AS		12,961,964	$	5,753,459
Is Gayrimenkul Yatirim Ortakligi AS^(a)(b)		2,004,321		1,101,660
Ziraat Gayrimenkul Yatirim Ortakligi AS		3,534,352		941,371


				7,796,490

Food & Staples Retailing — 7.4%
BIM Birlesik Magazalar AS^(b)		2,355,547		16,988,915
Migros Ticaret AS^(a)		587,103		4,494,823
Sok Marketler Ticaret AS^(a)(b)		2,022,970		2,735,857


				24,219,595

Food Products — 0.7%
Ulker Biskuvi Sanayi AS^(a)		1,352,731		2,204,769


Gas Utilities — 0.3%
Aygaz AS		248,517		1,018,545


Health Care Providers & Services — 1.0%
MLP Saglik Hizmetleri AS^(a)(c)		623,500		2,554,884
Selcuk Ecza Deposu Ticaret ve Sanayi AS		360,001		746,499


				3,301,383

Household Durables — 1.3%
Vestel Beyaz Esya Sanayi ve Ticaret AS		2,733,441		1,785,580
Vestel Elektronik Sanayi ve Ticaret AS^(a)(b)		791,377		2,343,889


				4,129,469

Independent Power and Renewable Electricity Producers — 0.3%
Zorlu Enerji Elektrik Uretim AS^(a)		3,385,916		928,729


Industrial Conglomerates — 11.7%
Alarko Holding AS^(b)		998,294		4,165,294
Enka Insaat ve Sanayi AS		1		2
KOC Holding AS		3,933,119		16,110,199
Turkiye Sise ve Cam Fabrikalari AS		7,131,033		17,842,040


				38,117,535

Machinery — 1.3%
Otokar Otomotiv Ve Savunma Sanayi AS^(b)		25,954		1,306,977
Turk Traktor ve Ziraat Makineleri AS		96,688		2,893,831


				4,200,808

Metals & Mining — 9.2%
Eregli Demir ve Celik Fabrikalari TAS		5,966,852		13,907,881
Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS, Class D^(b)		4,649,856		5,548,867
Koza Altin Isletmeleri AS		5,611,128		7,260,389
Koza Anadolu Metal Madencilik Isletmeleri AS^(a)(b)		1,337,052		3,225,013


				29,942,150

Oil, Gas & Consumable Fuels — 6.5%
Turkiye Petrol Rafinerileri AS^(a)		677,953		21,259,111


Personal Products — 0.3%
EIS Eczacibasi Ilac ve Sinai ve Finansal Yatirimlar Sanayi ve Ticaret AS		588,968		867,001


Pharmaceuticals — 0.3%
GEN Ilac VE Saglik Urunleri Sanayi VE Ticaret AS		310,547		859,205


Semiconductors & Semiconductor Equipment — 0.3%
Smart Gunes Enerjisi Teknolojileri ArGE Uretim Sanayi ve Ticaret AS, NVS^(a)		231,468		968,499


Specialty Retail — 1.4%
Dogan Sirketler Grubu Holding AS		7,285,144		3,611,293
Dogus Otomotiv Servis ve Ticaret AS		118,817		1,062,869


				4,674,162


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

Schedule of Investments (unaudited) (continued)

February 28, 2023

iShares^® MSCI Turkey ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Textiles, Apparel & Luxury Goods — 2.3%
Aksa Akrilik Kimya Sanayii AS		961,573	$	4,664,024
Mavi Giyim Sanayi Ve Ticaret AS, Class B^(c)		538,282		2,978,579


				7,642,603

Transportation Infrastructure — 1.4%
TAV Havalimanlari Holding AS^(a)		1,156,134		4,586,893


Wireless Telecommunication Services — 3.5%
Turkcell Iletisim Hizmetleri AS		6,732,188		11,348,771


Total Long-Term Investments — 99.8% (Cost: $282,982,161)				325,637,425


Short-Term Securities

Money Market Funds — 3.3%
BlackRock Cash Funds: Institutional, SL Agency Shares, 4.81%^(d)(e)(f)		10,694,753		10,701,170
BlackRock Cash Funds: Treasury, SL Agency Shares, 4.41%^(d)(e)		100,000		100,000


Total Short-Term Securities — 3.3% (Cost: $10,791,605)				10,801,170


Total Investments — 103.1% (Cost: $293,773,766)				336,438,595

Liabilities in Excess of Other Assets — (3.1)%				(10,186,599	)


Net Assets — 100.0%			$	326,251,996

^(a)	Non-income producing security.

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

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

^(d)	Affiliate of the Fund.

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

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

Affiliates


Affiliated Issuer	Value at 08/31/22		Purchases at Cost		Proceeds from Sale			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value at 02/28/23		Shares Held at 02/28/23		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	33,780,557	$	—	$	(23,089,903	)^(a)	$	10,868	$	(352	)	$	10,701,170		10,694,753	$	1,156,940	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		260,000		—		(160,000	)^(a)		—		—			100,000		100,000		5,610			—

								$	10,868	$	(352	)	$	10,801,170			$	1,162,550		$	—

^(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
MSCI Emerging Markets Index		17		03/17/23	$	818	$	(11,167	)


24		2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

February 28, 2023

iShares^® MSCI Turkey ETF

Derivative Financial Instruments Categorized by Risk Exposure

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


	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts^(a)	$	—	$	—	$	11,167	$	—	$	—	$	—	$	11,167

^(a)

For the period ended February 28, 2023, the effect of derivative financial instruments in the Statements of Operations was as follows:


	Commodity Contracts		Credit Contracts		Equity Contracts			Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Net Realized Gain (Loss) from
Futures contracts	$	—	$	—	$	(42,119	)	$	—	$	—	$	—	$	(42,119	)

Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	(5,762	)	$	—	$	—	$	—	$	(5,762	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments


Futures contracts
Average notional value of contracts — long	$	4,732,233

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

Fair Value Hierarchy as of Period End



	Level 1			Level 2		Level 3		Total
Assets
Investments
Long-Term Investments
Common Stocks	$	64,251,788		$	261,385,637	$	—	$	325,637,425
Short-Term Securities
Money Market Funds		10,801,170			—		—		10,801,170

	$	75,052,958		$	261,385,637	$	—	$	336,438,595

Derivative Financial Instruments^(a)
Liabilities
Equity Contracts	$	(11,167	)	$	—	$	—	$	(11,167	)

^(a)

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

See notes to financial statements.


S C H E D U L E O F I N V E S T M E N T S		25

Statements of Assets and Liabilities (unaudited)

February 28, 2023


	iShares MSCI Brazil ETF			iShares MSCI Chile ETF			iShares MSCI Israel ETF			iShares MSCI South Africa ETF


ASSETS
Investments, at value — unaffiliated^(a)(b)	$	4,468,123,856		$	558,119,243		$	140,463,167		$	360,571,330
Investments, at value — affiliated^(c)		9,730,000			1,090,000			8,383,522			20,000
Cash		2,137			7,079			4,554			5,299
Cash pledged for futures contracts		9,939,000			41,000			—			—
Foreign currency collateral pledged for futures contracts^(d)		—			—			20,096			34,467
Foreign currency, at value^(e)		9,144,339			191,486			89,138			411,319
Receivables:
Investments sold		87,697,430			23,856,509			157,558			2,817,580
Securities lending income — affiliated		—			—			10,785			—
Dividends — unaffiliated		35,061,859			554,004			8,800			—
Dividends — affiliated		47,294			3,066			228			317
Variation margin on futures contracts		—			—			—			3,155

Total assets		4,619,745,915			583,862,387			149,137,848			363,863,467


LIABILITIES
Collateral on securities loaned, at value		—			—			8,235,802			—
Payables:
Investments purchased		35,252,161			25,640,079			194,392			2,932,480
Capital shares redeemed		59,280,538			—			—			—
Deferred foreign capital gain tax		—			—			1,093			—
Foreign taxes		—			—			4,646			—
Investment advisory fees		2,135,116			258,809			65,306			169,846
Variation margin on futures contracts		708,451			7,912			949			—

Total liabilities		97,376,266			25,906,800			8,502,188			3,102,326


NET ASSETS	$	4,522,369,649		$	557,955,587		$	140,635,660		$	360,761,141


NET ASSETS CONSIST OF
Paid-in capital	$	8,338,430,022		$	831,982,328		$	231,475,473		$	755,342,223
Accumulated loss		(3,816,060,373	)		(274,026,741	)		(90,839,813	)		(394,581,082	)

NET ASSETS	$	4,522,369,649		$	557,955,587		$	140,635,660		$	360,761,141


NET ASSET VALUE
Shares outstanding		165,550,000			19,700,000			2,600,000			8,800,000

Net asset value	$	27.32		$	28.32		$	54.09		$	41.00

Shares authorized		800 million			200 million			500 million			400 million

Par value	$	0.001		$	0.001		$	0.001		$	0.001


^(a)Investments, at cost — unaffiliated	$	3,224,362,416		$	473,008,765		$	176,955,574		$	477,856,526
^(b)Securities loaned, at value	$	—		$	—		$	7,635,022		$	—
^(c)Investments, at cost — affiliated	$	9,730,000		$	1,090,000		$	8,382,785		$	20,000
^(d)Foreign currency collateral pledged, at cost	$	—		$	—		$	20,954		$	37,310
^(e)Foreign currency, at cost	$	9,270,838		$	200,287		$	90,249		$	416,502

See notes to financial statements.


26		2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Statements of Assets and Liabilities (unaudited) (continued)

February 28, 2023


	iShares MSCI Turkey ETF


ASSETS
Investments, at value — unaffiliated^(a)(b)	$	325,637,425
Investments, at value — affiliated^(c)		10,801,170
Cash		2,745
Cash pledged for futures contracts		7,000
Foreign currency, at value^(d)		240,476
Receivables:
Investments sold		11,375,592
Securities lending income — affiliated		74,964
Dividends — unaffiliated		108,250
Dividends — affiliated		605

Total assets		348,248,227


LIABILITIES
Collateral on securities loaned, at value		10,688,382
Payables:
Investments purchased		11,162,938
Investment advisory fees		142,645
Variation margin on futures contracts		2,266

Total liabilities		21,996,231


NET ASSETS	$	326,251,996


NET ASSETS CONSIST OF
Paid-in capital	$	548,301,999
Accumulated loss		(222,050,003	)

NET ASSETS	$	326,251,996


NET ASSET VALUE
Shares outstanding		9,150,000

Net asset value	$	35.66

Shares authorized		200 million

Par value	$	0.001


^(a)Investments, at cost — unaffiliated	$	282,982,161
^(b)Securities loaned, at value	$	10,185,588
^(c)Investments, at cost — affiliated	$	10,791,605
^(d)Foreign currency, at cost	$	240,544


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

Statements of Operations (unaudited)

Six Months Ended February 28, 2023


	iShares MSCI Brazil ETF			iShares MSCI Chile ETF			iShares MSCI Israel ETF			iShares MSCI South Africa ETF


INVESTMENT INCOME
Dividends — unaffiliated	$	168,354,727		$	11,722,399		$	1,158,510		$	6,929,426
Dividends — affiliated		303,820			9,325			1,864			3,941
Securities lending income — affiliated — net		—			—			47,337			—
Foreign taxes withheld		(11,040,887	)		(1,688,636	)		(289,318	)		(1,014,282	)


Total investment income		157,617,660			10,043,088			918,393			5,919,085


EXPENSES
Investment advisory		14,998,566			1,519,389			437,742			1,048,007
Commitment costs		26,256			3,221			—			—

Total expenses		15,024,822			1,522,610			437,742			1,048,007

Net investment income		142,592,838			8,520,478			480,651			4,871,078


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated^(a)		(247,875,101	)		(8,242,661	)		(2,614,323	)		(2,395,884	)
Investments — affiliated		—			—			3,734			—
Capital gain distributions from underlying funds — affiliated		11			—			—			—
Foreign currency transactions		2,530,031			(292,547	)		(23,976	)		(74,875	)
Futures contracts		(4,384,143	)		(132,406	)		18,932			31,104
In-kind redemptions — unaffiliated^(b)		—			—			3,514,481			6,354,798

		(249,729,202	)		(8,667,614	)		898,848			3,915,143

Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated^(c)		(114,824,588	)		22,901,595			(31,569,356	)		5,744,086
Investments — affiliated		—			—			(3,492	)		—
Foreign currency translations		3,182,434			82,812			5,157			16,465
Futures contracts		4,602,372			9,073			42,990			27,525

		(107,039,782	)		22,993,480			(31,524,701	)		5,788,076

Net realized and unrealized gain (loss)		(356,768,984	)		14,325,866			(30,625,853	)		9,703,219

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(214,176,146	)	$	22,846,344		$	(30,145,202	)	$	14,574,297


^(a)Net of foreign capital gain tax and capital gain tax refund, if applicable	$	—		$	—		$	(296	)	$	—
^(b)See Note 2 of the Notes to Financial Statements.
^(c)Net of reduction in deferred foreign capital gain tax of	$	—		$	—		$	48,819		$	—

See notes to financial statements.


28		2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Statements of Operations (unaudited) (continued)

Six Months Ended February 28, 2023


	iShares MSCI Turkey ETF


INVESTMENT INCOME
Dividends — unaffiliated	$	775,198
Dividends — affiliated		5,610
Securities lending income — affiliated — net		1,156,940
Foreign taxes withheld		(76,337	)


Total investment income		1,861,411


EXPENSES
Investment advisory		992,455

Total expenses		992,455

Net investment income		868,956


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		1,474,203
Investments — affiliated		10,868
Foreign currency transactions		(26,054	)
Futures contracts		(42,119	)
In-kind redemptions — unaffiliated^(a)		43,409,125

		44,826,023


Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated		103,103,063
Investments — affiliated		(352	)
Foreign currency translations		10,096
Futures contracts		(5,762	)

		103,107,045

Net realized and unrealized gain		147,933,068

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	148,802,024

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

See notes to financial statements.


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

Statements of Changes in Net Assets


	iShares MSCI Brazil ETF						iShares MSCI Chile ETF
	Six Months Ended 02/28/23 (unaudited)			Year Ended 08/31/22			Six Months Ended 02/28/23 (unaudited)			Year Ended 08/31/22

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	142,592,838		$	685,966,799		$	8,520,478		$	37,889,845
Net realized loss		(249,729,202	)		(360,712,916	)		(8,667,614	)		(40,857,408	)
Net change in unrealized appreciation (depreciation)		(107,039,782	)		(638,012,906	)		22,993,480			6,032,130

Net increase (decrease) in net assets resulting from operations		(214,176,146	)		(312,759,023	)		22,846,344			3,064,567


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(347,128,809	)		(625,994,951	)		(12,877,493	)		(33,283,803	)


CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		(152,498,291	)		1,130,241,523			54,907,400			47,012,941


NET ASSETS
Total increase (decrease) in net assets		(713,803,246	)		191,487,549			64,876,251			16,793,705
Beginning of period		5,236,172,895			5,044,685,346			493,079,336			476,285,631

End of period	$	4,522,369,649		$	5,236,172,895		$	557,955,587		$	493,079,336

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

See notes to financial statements.


30		2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Statements of Changes in Net Assets (continued)


	iShares MSCI Israel ETF						iShares MSCI South Africa ETF
	Six Months Ended 02/28/23 (unaudited)			Year Ended 08/31/22			Six Months Ended 02/28/23 (unaudited)			Year Ended 08/31/22

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	480,651		$	2,837,507		$	4,871,078		$	10,188,312
Net realized gain		898,848			4,094,236			3,915,143			2,807,895
Net change in unrealized appreciation (depreciation)		(31,524,701	)		(17,631,290	)		5,788,076			(87,072,715	)

Net increase (decrease) in net assets resulting from operations		(30,145,202	)		(10,699,547	)		14,574,297			(74,076,508	)


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(827,165	)		(3,115,054	)		(5,784,170	)		(10,603,688	)


CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		9,045,757			13,891,409			36,209,785			124,068,086


NET ASSETS
Total increase (decrease) in net assets		(21,926,610	)		76,808			44,999,912			39,387,890
Beginning of period		162,562,270			162,485,462			315,761,229			276,373,339

End of period	$	140,635,660		$	162,562,270		$	360,761,141		$	315,761,229

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

See notes to financial statements.


F I N A N C I A L S T A T E M E N T S		31

Statements of Changes in Net Assets (continued)


	iShares MSCI Turkey ETF
	Six Months Ended 02/28/23 (unaudited)			Year Ended 08/31/22

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	868,956		$	8,644,532
Net realized gain (loss)		44,826,023			(20,379,878	)
Net change in unrealized appreciation (depreciation)		103,107,045			8,462,581

Net increase (decrease) in net assets resulting from operations		148,802,024			(3,272,765	)


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(1,931,679	)		(7,792,049	)


CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		(111,026,584	)		211,393


NET ASSETS
Total increase (decrease) in net assets		35,843,761			(10,853,421	)
Beginning of period		290,408,235			301,261,656

End of period	$	326,251,996		$	290,408,235

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

See notes to financial statements.


32		2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Financial Highlights

(For a share outstanding throughout each period)


	iShares MSCI Brazil ETF
	Six Months Ended 02/28/23 (unaudited)			Year Ended 08/31/22			Year Ended 08/31/21			Year Ended 08/31/20			Year Ended 08/31/19			Year Ended 08/31/18


Net asset value, beginning of period	$	30.48		$	36.58		$	29.62		$	40.92		$	32.03		$	40.06

Net investment income^(a)		0.84			4.10			1.34			0.86			1.12			1.14
Net realized and unrealized gain (loss)^(b)		(1.98	)		(6.56	)		6.52			(11.13	)		8.88			(8.22	)

Net increase (decrease) from investment operations		(1.14	)		(2.46	)		7.86			(10.27	)		10.00			(7.08	)

Distributions from net investment income^(c)		(2.02	)		(3.64	)		(0.90	)		(1.03	)		(1.11	)		(0.95	)


Net asset value, end of period	$	27.32		$	30.48		$	36.58		$	29.62		$	40.92		$	32.03


Total Return^(d)
Based on net asset value		(3.54	)%^(e)		(6.05	)%		26.35	%		(25.63	)%		31.36	%		(17.87	)%


Ratios to Average Net Assets^(f)
Total expenses		0.59	%^(g)		0.58	%		0.57	%		0.59	%		0.59	%		0.59	%

Net investment income		5.64	%^(g)		13.01	%		3.84	%		2.35	%		2.75	%		2.86	%


Supplemental Data
Net assets, end of period (000)	$	4,522,370		$	5,236,173		$	5,044,685		$	5,312,367		$	8,205,744		$	5,501,031

Portfolio turnover rate^(h)		14	%^(e)(i)		27	%⁽ⁱ⁾		17	%⁽ⁱ⁾		29	%⁽ⁱ⁾		16	%⁽ⁱ⁾		30	%⁽ⁱ⁾

^(a)	Based on average shares outstanding.

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

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

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

^(e)	Not annualized.

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

^(g)	Annualized.

^(h)	Portfolio turnover rate includes portfolio transactions that are executed as a result of the Fund offering and redeeming Creation Units solely for cash in U.S. dollars (“cash creations”).


⁽ⁱ⁾ Portfolio turnover rate excluding cash creations was as follows:	8	%	22	%	12	%	11	%	10	%	13	%

See notes to financial statements.


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

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares MSCI Chile ETF
	Six Months Ended 02/28/23 (unaudited)			Year Ended 08/31/22			Year Ended 08/31/21			Year Ended 08/31/20			Year Ended 08/31/19			Year Ended 08/31/18


Net asset value, beginning of period	$	27.62		$	28.52		$	25.37		$	35.88		$	43.71		$	47.96

Net investment income^(a)		0.44			2.17			0.63			0.61			0.74			0.78
Net realized and unrealized gain (loss)^(b)		0.95			(1.16	)		3.16			(10.54	)		(7.76	)		(4.06	)

Net increase (decrease) from investment operations		1.39			1.01			3.79			(9.93	)		(7.02	)		(3.28	)


Distributions^(c)
From net investment income		(0.69	)		(1.91	)		(0.64	)		(0.58	)		(0.79	)		(0.92	)
Return of capital		—			—			—			—			(0.02	)		(0.05	)

Total distributions		(0.69	)		(1.91	)		(0.64	)		(0.58	)		(0.81	)		(0.97	)


Net asset value, end of period	$	28.32		$	27.62		$	28.52		$	25.37		$	35.88		$	43.71


Total Return^(d)
Based on net asset value		5.18	%^(e)		4.03	%		14.90	%		(27.72	)%		(16.22	)%		(7.03	)%


Ratios to Average Net Assets^(f)
Total expenses		0.59	%^(g)		0.58	%		0.57	%		0.59	%		0.59	%		0.59	%

Net investment income		3.32	%^(g)		8.30	%		2.17	%		2.10	%		1.74	%		1.55	%


Supplemental Data
Net assets, end of period (000)	$	557,956		$	493,079		$	476,286		$	441,423		$	330,140		$	393,351

Portfolio turnover rate^(h)		24	%^(e)(i)		94	%		62	%		51	%		75	%		54	%

^(a)	Based on average shares outstanding.

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

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

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

^(e)	Not annualized.

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

^(g)	Annualized.

^(h)	Portfolio turnover rate includes portfolio transactions that are executed as a result of the Fund offering and redeeming Creation Units solely for cash in U.S. dollars (“cash creations”).


⁽ⁱ⁾Portfolio turnover rate excluding cash creations was as follows:	13	%	36	%	17	%	21	%	12	%	11	%

See notes to financial statements.


34		2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares MSCI Israel ETF
	Six Months Ended 02/28/23 (unaudited)			Year Ended 08/31/22			Year Ended 08/31/21			Year Ended 08/31/20			Year Ended 08/31/19			Year Ended 08/31/18


Net asset value, beginning of period	$	66.35		$	72.22		$	56.70		$	53.28		$	56.62		$	48.19

Net investment income^(a)		0.19			1.16			0.26			0.23			0.33			0.59
Net realized and unrealized gain (loss)^(b)		(12.12	)		(5.74	)		15.38			4.31			(3.42	)		8.88

Net increase (decrease) from investment operations		(11.93	)		(4.58	)		15.64			4.54			(3.09	)		9.47

Distributions from net investment income^(c)		(0.33	)		(1.29	)		(0.12	)		(1.12	)		(0.25	)		(1.04	)


Net asset value, end of period	$	54.09		$	66.35		$	72.22		$	56.70		$	53.28		$	56.62


Total Return^(d)
Based on net asset value		(18.03	)%^(e)		(6.38	)%		27.59	%		8.53	%		(5.45	)%		19.91	%


Ratios to Average Net Assets^(f)
Total expenses		0.59	%^(g)		0.58	%		0.57	%		0.59	%		0.59	%		0.59	%

Net investment income.		0.65	%^(g)		1.64	%		0.40	%		0.43	%		0.60	%		1.15	%


Supplemental Data
Net assets, end of period (000)	$	140,636		$	162,562		$	162,485		$	104,903		$	114,553		$	121,735

Portfolio turnover rate^(h)		4	%^(e)		13	%		21	%		7	%		17	%		6	%

^(a)	Based on average shares outstanding.

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

^(c)	Distributions for annual periods determined in accordance with U.S. federal income tax regulations. (d) Where applicable, assumes the reinvestment of distributions.

^(e)	Not annualized.

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

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

See notes to financial statements.


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

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares MSCI South Africa ETF
	Six Months Ended 02/28/23 (unaudited)			Year Ended 08/31/22			Year Ended 08/31/21			Year Ended 08/31/20			Year Ended 08/31/19			Year Ended 08/31/18


Net asset value, beginning of period	$	39.97		$	49.35		$	37.17		$	47.96		$	54.87		$	62.62

Net investment income^(a)		0.57			1.43			0.77			4.94			1.31			1.41
Net realized and unrealized gain (loss)^(b)		1.12			(9.35	)		13.67			(10.38	)		(5.84	)		(7.69	)

Net increase (decrease) from investment operations		1.69			(7.92	)		14.44			(5.44	)		(4.53	)		(6.28	)

Distributions from net investment income^(c)		(0.66	)		(1.46	)		(2.26	)		(5.35	)		(2.38	)		(1.47	)


Net asset value, end of period	$	41.00		$	39.97		$	49.35		$	37.17		$	47.96		$	54.87


Total Return^(d)
Based on net asset value		4.14	%^(e)		(16.34	)%		39.49	%		(13.09	)%		(8.45	)%		(10.20	)%


Ratios to Average Net Assets^(f)
Total expenses		0.59	%^(g)		0.58	%		0.57	%		0.59	%		0.59	%		0.59	%

Net investment income		2.75	%^(g)		3.02	%		1.69	%		11.79	%		2.48	%		2.20	%


Supplemental Data
Net assets, end of period (000)	$	360,761		$	315,761		$	276,373		$	323,418		$	374,067		$	373,114

Portfolio turnover rate^(h)		2	%		8	%		20	%		46	%		12	%		15	%

^(a)	Based on average shares outstanding.

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

^(c)	Distributions for annual periods determined in accordance with U.S. federal income tax regulations. (d) Where applicable, assumes the reinvestment of distributions.

^(e)	Not annualized.

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

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

See notes to financial statements.


36		2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares MSCI Turkey ETF
	Six Months Ended 02/28/23 (unaudited)			Year Ended 08/31/22			Year Ended 08/31/21			Year Ended 08/31/20			Year Ended 08/31/19			Year Ended 08/31/18


Net asset value, beginning of period	$	22.60		$	23.91		$	19.99		$	24.08		$	20.09		$	46.17

Net investment income^(a)		0.08			0.66			0.70			0.30			0.60			1.01
Net realized and unrealized gain (loss)^(b)		13.16			(1.33	)		3.99			(3.94	)		4.06			(26.05	)

Net increase (decrease) from investment operations		13.24			(0.67	)		4.69			(3.64	)		4.66			(25.04	)

Distributions from net investment income^(c)		(0.18	)		(0.64	)		(0.77	)		(0.45	)		(0.67	)		(1.04	)


Net asset value, end of period	$	35.66		$	22.60		$	23.91		$	19.99		$	24.08		$	20.09


Total Return^(d)
Based on net asset value		58.56	%^(e)		(2.41	)%		23.59	%		(15.48	)%		23.38	%		(54.97	)%


Ratios to Average Net Assets^(f)
Total expenses		0.59	%^(g)		0.58	%		0.57	%		0.59	%		0.59	%		0.59	%

Net investment income		0.52	%^(g)		3.23	%		2.98	%		1.22	%		2.43	%		2.76	%


Supplemental Data
Net assets, end of period (000)	$	326,252		$	290,408		$	301,262		$	178,947		$	314,190		$	386,797

Portfolio turnover rate^(h)		19	%^(e)		18	%		22	%		12	%		20	%		7	%

^(a)	Based on average shares outstanding.

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

^(c)	Distributions for annual periods determined in accordance with U.S. federal income tax regulations. (d) Where applicable, assumes the reinvestment of distributions.

^(e)	Not annualized.

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

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

See notes to financial statements.


F I N A N C I A L H I G H L I G H T S		37

Notes to Financial Statements (unaudited)

1.	*ORGANIZATION*

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

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


iShares ETF		Diversification Classification
MSCI Brazil		Non-diversified
MSCI Chile		Non-diversified
MSCI Israel		Non-diversified
MSCI South Africa		Non-diversified
MSCI Turkey		Non-diversified

2.	*SIGNIFICANT ACCOUNTING POLICIES*

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

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

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

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

Foreign Taxes: The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which each Fund invests. These foreign taxes, if any, are paid by each Fund and are reflected in its Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “Other foreign taxes”, and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of February 28, 2023, if any, are disclosed in the Statements of Assets and Liabilities.

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

Collateralization: If required by an exchange or counterparty agreement, the Funds may be required to deliver/deposit cash and/or securities to/with an exchange, or broker-dealer or custodian as collateral for certain investments.

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


38		2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

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. The Board of Directors of the Company (the “Board”) of each Fund has approved the designation of BlackRock Fund Advisors (“BFA”), the Funds’ investment adviser, as the valuation designee for each Fund. Each Fund determines the fair values of its financial instruments using various independent dealers or pricing services under BFA’s policies. If a security’s market price is not readily available or does not otherwise accurately represent the fair value of the security, the security will be valued in accordance with BFA’s policies and procedures as reflecting fair value. BFA has formed a committee (the “Valuation Committee”) to develop pricing policies and procedures and to oversee the pricing function for all financial instruments, with assistance from other BlackRock pricing committees.

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

•

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

•

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

•

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

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

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

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

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

•

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

•

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

•

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

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately


N O T E S T O F I N A N C I A L S T A T E M E N T S		39

Notes to Financial Statements (unaudited) (continued)

held companies or funds that may not have a secondary market and/or may have a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.

4.	*SECURITIES AND OTHER INVESTMENTS*

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

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

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

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




iShares ETF and Counterparty		Securities Loaned at Value		Cash Collateral Received	^(a)		Non-Cash Collateral Received, at Fair Value	^(a)		Net Amount


MSCI Israel
Barclays Bank PLC	$	107,274	$	(107,274	)	$	—		$	—
Barclays Capital, Inc.		50,982		(50,982	)		—			—
BNP Paribas SA		372,672		(372,672	)		—			—
BofA Securities, Inc.		768,476		(768,476	)		—			—
Goldman Sachs & Co. LLC		477,149		(477,149	)		—			—
J.P. Morgan Securities LLC		4,092,514		(4,092,514	)		—			—
Morgan Stanley		1,572,510		(1,572,510	)		—			—
National Financial Services LLC		13,827		(13,827	)		—			—
State Street Bank & Trust Co.		179,618		(178,800	)		—			818

	$	7,635,022	$	(7,634,204	)	$	—		$	818

MSCI Turkey
BNP Paribas SA	$	1,351,828	$	(1,351,828	)	$	—		$	—
BofA Securities, Inc.		792,893		(792,893	)		—			—
Goldman Sachs & Co. LLC.		109,171		(109,171	)		—			—
HSBC Bank PLC		620,064		(620,064	)		—			—
Morgan Stanley		7,311,632		(7,311,632	)		—			—

	$	10,185,588	$	(10,185,588	)	$	—		$	—

^(a)

Collateral received, if any, 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 Statements of Assets and Liabilities.

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


40		2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

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.

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

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

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



Aggregate Average Daily Net Assets	Investment Advisory Fees
First $2 billion		0.7400%
Over $2 billion, up to and including $4 billion		0.6900
Over $4 billion, up to and including $8 billion		0.6400
Over $8 billion, up to and including $16 billion		0.5700
Over $16 billion, up to and including $24 billion		0.5100
Over $24 billion, up to and including $32 billion		0.4800
Over $32 billion, up to and including $40 billion		0.4500
Over $40 billion		0.4275

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

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

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

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

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


N O T E S T O F I N A N C I A L S T A T E M E N T S		41

Notes to Financial Statements (unaudited) (continued)

The share of securities lending income earned by each Fund is shown as securities lending income – affiliated – net in its Statements of Operations. For the six months ended February 28, 2023, the Funds paid BTC the following amounts for securities lending agent services:


iShares ETF	Amounts
MSCI Israel	$	11,387
MSCI Turkey		245,384

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

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

For the six months ended February 28, 2023, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:

iShares ETF

Purchases

Sales

Net Realized
Gain (Loss)

MSCI Israel

121,878

252,419

$(166,068)

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, 2023, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows:


iShares ETF	Purchases		Sales
MSCI Brazil	$	681,732,875	$	834,338,784
MSCI Chile		176,332,371		121,277,316
MSCI Israel		5,451,197		5,350,574
MSCI South Africa		9,787,559		5,709,262
MSCI Turkey		60,980,794		67,668,716

For the six months ended February 28, 2023, in-kind transactions were as follows:


iShares ETF	In-kind Purchases		In-kind Sales
MSCI Israel	$	23,410,965	$	13,873,437
MSCI South Africa		72,246,877		40,411,001
MSCI Turkey		25,266,170		130,610,563

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, 2023, 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, 2022, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:


iShares ETF	Amounts
MSCI Brazil	$	4,000,561,732
MSCI Chile		232,039,320
MSCI Israel		52,397,432
MSCI South Africa		268,477,240
MSCI Turkey		294,462,822


42		2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Notes to Financial Statements (unaudited) (continued)

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

As of February 28, 2023, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:


iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
MSCI Brazil	$	4,065,289,273	$	1,460,292,822	$	(1,048,685,220	)	$	411,607,602
MSCI Chile		592,652,948		102,420,270		(135,887,665	)		(33,467,395	)
MSCI Israel		188,631,629		6,019,061		(45,803,043	)		(39,783,982	)
MSCI South Africa		490,659,652		3,514,090		(133,573,089	)		(130,058,999	)
MSCI Turkey		309,714,857		78,239,817		(51,527,246	)		26,712,571

9.	*LINE OF CREDIT*

The iShares MSCI Brazil ETF and iShares MSCI Chile ETF, along with certain other iShares funds (“Participating Funds”), are parties to a $800 million credit agreement (“Syndicated Credit Agreement”) with a group of lenders, which expires on August 11, 2023. The line of credit may be used for temporary or emergency purposes, including redemptions, settlement of trades and rebalancing of portfolio holdings in certain target markets. The Funds may borrow up to the aggregate commitment amount subject to asset coverage and other limitations as specified in the Syndicated Credit Agreement. The Syndicated Credit Agreement has the following terms: a commitment fee of 0.15% per annum on the unused portion of the credit agreement and interest at a rate equal to the higher of (a) Daily Simple Secured Overnight Financing Rate (“SOFR”) plus 0.10% and 1.00% per annum or (b) the U.S. Federal Funds rate plus 1.00% per annum on amounts borrowed. The commitment fee is generally allocated to each Participating Fund based on the lesser of a Participating Fund’s relative exposure to certain target markets or a Participating Fund’s maximum borrowing amount as set forth by the terms of the Syndicated Credit Agreement.

During the six months ended February 28, 2023, the Funds did not borrow under the Syndicated Credit Agreement.

10.

PRINCIPAL RISKS

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

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

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

Infectious Illness Risk: An outbreak of an infectious illness, such as the COVID-19 pandemic, may adversely impact the economies of many nations and the global economy, and may impact individual issuers and capital markets in ways that cannot be foreseen. An infectious illness outbreak may result in, among other things, closed international borders, prolonged quarantines, supply chain disruptions, market volatility or disruptions and other significant economic, social and political impacts.

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

Counterparty Credit Risk: The Funds may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to unsettled or open transactions, including making timely interest and/or principal payments or otherwise honoring its obligations. The Funds manage counterparty credit risk by entering into transactions only with counterparties that BFA 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


N O T E S T O F I N A N C I A L S T A T E M E N T S		43

Notes to Financial Statements (unaudited) (continued)

receivables due from counterparties. The extent of the Funds’ exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded in the Statements of Assets and Liabilities, less any collateral held by the Funds.

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

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

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

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

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

Responses to the financial problems by European governments, central banks and others, including austerity measures and reforms, may not work, may result in social unrest and may limit future growth and economic recovery or have other unintended consequences. Further defaults or restructurings by governments and others of their debt could have additional adverse effects on economies, financial markets and asset valuations around the world. The United Kingdom has withdrawn from the European Union, and one or more other countries may withdraw from the European Union and/or abandon the Euro, the common currency of the European Union. These events and actions have adversely affected, and may in the future adversely affect, the value and exchange rate of the Euro and may continue to significantly affect the economies of every country in Europe, including countries that do not use the Euro and non-European Union member states. 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 have been, and may continue to be significant and have a severe adverse effect on the region, including significant negative impacts on the economy and the markets for certain securities and commodities, such as oil and natural gas, as well as other sectors.

Certain Funds invest a significant portion of their assets in securities of issuers located in Asia or with significant exposure to Asian issuers or countries. The Asian financial markets have recently experienced volatility and adverse trends due to concerns in several Asian countries regarding monetary policy, government intervention in the markets, rising government debt levels or economic downturns. These events may spread to other countries in Asia and may affect the value and liquidity of certain of the Funds’ investments.

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

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

LIBOR Transition Risk: The Funds may be exposed to financial instruments that are tied to the London Interbank Offered Rate (“LIBOR”) to determine payment obligations, financing terms, hedging strategies or investment value. The United Kingdom’s Financial Conduct Authority, which regulates LIBOR, announced that a majority of USD LIBOR settings will no longer be published after June 30, 2023. All other LIBOR settings and certain other interbank offered rates ceased to be published after December 31, 2021. SOFR has been used increasingly on a voluntary basis in new instruments and transactions. The Federal Reserve Board adopted regulations that provide a fallback mechanism by identifying benchmark rates based on SOFR that will replace LIBOR in certain financial contracts after June 30, 2023. The ultimate effect of the LIBOR transition process on the Funds is uncertain.


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Notes to Financial Statements (unaudited) (continued)

11.

CAPITAL SHARE TRANSACTIONS

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

Transactions in capital shares were as follows:



	Six Months Ended 02/28/23						Year Ended 08/31/22
iShares ETF	Shares			Amount			Shares			Amount

MSCI Brazil
Shares sold		7,700,000		$	252,679,903			42,250,000		$	1,382,799,589
Shares redeemed		(13,950,000	)		(405,178,194	)		(8,350,000	)		(252,558,066	)


		(6,250,000	)	$	(152,498,291	)		33,900,000		$	1,130,241,523


MSCI Chile
Shares sold		3,900,000		$	109,912,706			11,650,000		$	314,296,499
Shares redeemed		(2,050,000	)		(55,005,306	)		(10,500,000	)		(267,283,558	)


		1,850,000		$	54,907,400			1,150,000		$	47,012,941

MSCI Israel
Shares sold		400,000		$	23,913,375			850,000		$	59,552,306
Shares redeemed		(250,000	)		(14,867,618	)		(650,000	)		(45,660,897	)


		150,000		$	9,045,757			200,000		$	13,891,409

MSCI South Africa
Shares sold		1,800,000		$	76,680,837			4,800,000		$	240,296,504
Shares redeemed		(900,000	)		(40,471,052	)		(2,500,000	)		(116,228,418	)


		900,000		$	36,209,785			2,300,000		$	124,068,086

MSCI Turkey
Shares sold		750,000		$	25,981,513			7,900,000		$	157,544,620
Shares redeemed		(4,450,000	)		(137,008,097	)		(7,650,000	)		(157,333,227	)


		(3,700,000	)	$	(111,026,584	)		250,000		$	211,393

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

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

12.

SUBSEQUENT EVENTS

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


N O T E S T O F I N A N C I A L S T A T E M E N T S		45

Statement Regarding Liquidity Risk Management Program (unaudited)

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), iShares, Inc. (the “Company”) has adopted and implemented a liquidity risk management program (the “Program”) for iShares MSCI Brazil ETF, iShares MSCI Chile ETF, iShares MSCI Israel ETF, iShares MSCI South Africa ETF and iShares MSCI Turkey 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, 2022 (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 40Act 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, 2021 through September 30, 2022 (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, the imposition of capital controls in certain non-U.S. countries, Russian sanctions and the closure of the Russian securities market.

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:

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.

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.

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. The Committee also considered that ETFs generally do not engage in borrowing.

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. However, there were no ETFs with persistent deviations of fund premium/discount or bid/ask spreads from long-term averages over the Program Reporting Period.

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.

There were no material changes to the Program during the Program Reporting Period other than the enhancement of certain model components in the Program’s classification methodology. The Report provided to the Board stated that the Committee concluded that based on the operation of the functions, as described in the Report, the Program is operating as intended and is effective in implementing the requirements of the Liquidity Rule.


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General Information

Electronic Delivery

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

To enroll in electronic delivery:

•

Go to icsdelivery.com.

•

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

Householding

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

Availability of Quarterly Schedule of Investments

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

Availability of Proxy Voting Policies and Proxy Voting Records

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

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


G E N E R A L I N F O R M A T I O N		47

Glossary of Terms Used in this Report


Portfolio Abbreviation

ADR		American Depositary Receipt

NVS		Non-Voting Shares


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Want to know more?

iShares.com | 1-800-474-2737

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

Investing involves risk, including possible loss of principal.

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

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

iS-SAR-804-0223