iShares, Inc.


		FEBRUARY 28, 2022

2022 Semi-Annual Report

(Unaudited)

iShares, Inc.

iShares MSCI Eurozone ETF | EZU | Cboe BZX

iShares MSCI Germany ETF | EWG | NYSE Arca

iShares MSCI Italy ETF | EWI | NYSE Arca

iShares MSCI Spain ETF | EWP | NYSE Arca

iShares MSCI Switzerland ETF | EWL | NYSE Arca

The Markets in Review

Dear Shareholder,

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

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

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

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

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

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

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

Sincerely,

LOGO

Rob Kapito

President, BlackRock, Inc.

LOGO

Rob Kapito

President, BlackRock, Inc.


Total Returns as of February 28, 2022

	6-Month	12-Month

U.S. large cap equities (S&P 500^® Index)	(2.62)%	16.39%

U.S. small cap equities (Russell 2000^® Index)	(9.46)	(6.01)

International equities (MSCI Europe, Australasia, Far East Index)	(6.78)	2.83

Emerging market equities (MSCI Emerging Markets Index)	(9.81)	(10.69)

3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)	0.02	0.04

U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)	(3.94)	(1.67)

U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)	(4.07)	(2.64)

Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)	(3.09)	(0.66)

U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)	(3.07)	0.64

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


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

Table of Contents


	Page

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


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

Investment Objective

The iShares MSCI Eurozone ETF (the “Fund”) seeks to track the investment results of an index composed of large- and mid-capitalization equities from developed market countries that use the euro as their official currency, as represented by the MSCI EMU Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance


			Average Annual Total Returns							Cumulative Total Returns

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

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

Expense Example


Actual							Hypothetical 5% Return


	Beginning Account Value (09/01/21)		Ending Account Value (02/28/22)		Expenses Paid During the Period	^(a)		Beginning Account Value (09/01/21)		Ending Account Value (02/28/22)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio

$	1,000.00	$	881.00	$	2.38		$	1,000.00	$	1,022.30	$	2.56		0.51	%

^(a)

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

Portfolio Information

ALLOCATION BY SECTOR



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

^(a)

Excludes money market funds.

TEN LARGEST GEOGRAPHIC ALLOCATION



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


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


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

Investment Objective

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

Performance


			Average Annual Total Returns							Cumulative Total Returns

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

Expense Example


Actual							Hypothetical 5% Return


	Beginning Account Value (09/01/21)		Ending Account Value (02/28/22)		Expenses Paid During the Period	^(a)		Beginning Account Value (09/01/21)		Ending Account Value (02/28/22)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio

$	1,000.00	$	846.00	$	2.29		$	1,000.00	$	1,022.30	$	2.51		0.50	%

^(a)

Portfolio Information

ALLOCATION BY SECTOR



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

^(a)

Excludes money market funds.

TEN LARGEST HOLDINGS



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


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


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

Investment Objective

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

Performance


			Average Annual Total Returns							Cumulative Total Returns

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

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

Expense Example


Actual							Hypothetical 5% Return


	Beginning Account Value (09/01/21)		Ending Account Value (02/28/22)		Expenses Paid During the Period	^(a)		Beginning Account Value (09/01/21)		Ending Account Value (02/28/22)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio

$	1,000.00	$	939.80	$	2.36		$	1,000.00	$	1,022.40	$	2.46		0.49	%

^(a)

Portfolio Information

ALLOCATION BY SECTOR



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

^(a)

Excludes money market funds.

TEN LARGEST HOLDINGS



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


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


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

Investment Objective

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

Performance


			Average Annual Total Returns							Cumulative Total Returns

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

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

Expense Example


Actual							Hypothetical 5% Return


	Beginning Account Value (09/01/21)		Ending Account Value (02/28/22)		Expenses Paid During the Period	^(a)		Beginning Account Value (09/01/21)		Ending Account Value (02/28/22)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio

$	1,000.00	$	930.80	$	2.35		$	1,000.00	$	1,022.40	$	2.46		0.49	%

^(a)

Portfolio Information

ALLOCATION BY SECTOR



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

^(a)

Excludes money market funds.

TEN LARGEST HOLDINGS



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


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


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

Investment Objective

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

Performance


			Average Annual Total Returns							Cumulative Total Returns

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

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

Expense Example


Actual							Hypothetical 5% Return


	Beginning Account Value (09/01/21)		Ending Account Value (02/28/22)		Expenses Paid During the Period	^(a)		Beginning Account Value (09/01/21)		Ending Account Value (02/28/22)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio

$	1,000.00	$	951.60	$	2.37		$	1,000.00	$	1,022.40	$	2.46		0.49	%

^(a)

Portfolio Information

ALLOCATION BY SECTOR



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

^(a)

Excludes money market funds.

TEN LARGEST HOLDINGS



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


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

About Fund Performance

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

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

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

Shareholder Expenses

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

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

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

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


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

Schedule of Investments (unaudited)

February 28, 2022

iShares^® MSCI Eurozone ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value


Common Stocks

Austria — 0.7%
Erste Group Bank AG		457,592	$	16,265,940
OMV AG		196,030		9,331,710
Raiffeisen Bank International AG		199,539		3,251,472
Verbund AG		90,629		10,931,355
voestalpine AG		150,873		4,986,506


				44,766,983

Belgium — 2.6%
Ageas SA/NV		228,793		11,006,352
Anheuser-Busch InBev SA/NV		1,150,755		71,010,567
Elia Group SA/NV		40,283		5,799,262
Etablissements Franz Colruyt NV		68,403		2,735,906
Groupe Bruxelles Lambert SA		144,497		15,004,033
KBC Group NV		331,279		23,867,635
Proximus SADP		202,418		4,024,126
Sofina SA		20,504		7,962,839
Solvay SA		98,613		10,997,375
UCB SA		167,339		18,262,830
Umicore SA		259,405		10,612,174


				181,283,099

Finland — 3.0%
Elisa Oyj		189,289		10,487,962
Fortum Oyj		591,222		12,372,977
Kesko Oyj, Class B		363,479		10,697,077
Kone Oyj, Class B		450,853		26,308,893
Neste Oyj		560,421		21,853,405
Nokia Oyj^(a)		7,136,734		38,590,739
Orion Oyj, Class B		141,270		6,633,879
Sampo Oyj, Class A		659,282		31,107,901
Stora Enso Oyj, Class R		774,206		14,744,020
UPM-Kymmene Oyj		707,363		24,441,664
Wartsila OYJ Abp		619,418		6,937,217


				204,175,734

France — 34.5%
Accor SA^(a)		222,713		7,606,374
Aeroports de Paris^(a)		38,692		5,470,644
Air Liquide SA		628,054		104,322,968
Airbus SE^(a)		781,419		99,770,845
Alstom SA		421,255		10,716,687
Amundi SA^(b)		79,425		5,508,591
Arkema SA		81,677		10,831,776
AXA SA		2,569,437		69,522,830
BioMerieux		55,114		6,057,651
BNP Paribas SA		1,490,746		86,499,822
Bollore SA		1,176,774		5,954,604
Bouygues SA		304,331		10,882,283
Bureau Veritas SA		391,304		11,188,488
Capgemini SE		212,242		44,428,517
Carrefour SA		819,797		16,481,402
Cie. de Saint-Gobain		669,817		41,532,055
Cie. Generale des Etablissements Michelin SCA		224,861		30,953,813
CNP Assurances		228,434		5,567,681
Covivio		67,817		5,548,136
Credit Agricole SA		1,637,814		20,863,038
Danone SA		865,480		52,655,136
Dassault Aviation SA		32,510		4,837,812
Dassault Systemes SE		882,532		42,570,046
Edenred		330,850		15,055,285
Eiffage SA		110,843		11,290,908


Security	Shares		Value


France (continued)
Electricite de France SA		630,150	$	5,696,888
Engie SA		2,417,154		38,511,178
EssilorLuxottica SA		381,270		66,558,387
Eurazeo SE		52,718		4,071,970
Eurofins Scientific SE		177,915		18,054,431
Faurecia SE		156,125		5,878,733
Gecina SA		61,094		7,763,895
Getlink SE		585,548		9,549,897
Hermes International		41,966		57,872,651
Ipsen SA		50,183		5,839,274
Kering SA		99,309		68,884,051
Klepierre SA		270,477		7,731,461
La Francaise des Jeux SAEM^(b)		127,111		5,269,041
Legrand SA		355,042		33,494,678
L’Oreal SA		332,578		131,476,135
LVMH Moet Hennessy Louis Vuitton SE		368,066		270,493,524
Orange SA		2,637,084		31,886,806
Orpea SA		69,573		2,881,034
Pernod Ricard SA		277,639		60,608,652
Publicis Groupe SA		301,805		20,029,505
Remy Cointreau SA		30,243		5,820,350
Renault SA^(a)		255,814		8,016,697
Safran SA		452,868		57,580,868
Sanofi		1,507,756		157,609,507
Sartorius Stedim Biotech		36,827		14,122,066
Schneider Electric SE		716,064		110,944,160
SEB SA		36,799		5,351,891
Societe Generale SA		1,071,997		30,313,430
Sodexo SA		117,713		9,827,474
Teleperformance		77,928		28,916,125
Thales SA		141,960		16,229,273
TotalEnergies SE		3,324,985		169,392,026
Ubisoft Entertainment SA^(a)		124,779		6,690,270
Unibail-Rodamco-Westfield^(a)		166,000		12,653,485
Valeo		305,599		6,739,706
Veolia Environnement SA		866,226		30,202,428
Vinci SA		714,318		74,897,245
Vivendi SE		1,032,448		13,033,389
Wendel SE		36,281		3,683,192
Worldline SA/France^(a)(b)		316,626		16,145,777


				2,356,838,942

Germany — 24.3%
adidas AG		252,334		59,662,271
Allianz SE, Registered		541,306		122,019,743
Aroundtown SA		1,307,751		8,063,777
BASF SE		1,216,320		80,990,181
Bayer AG, Registered		1,302,394		75,230,138
Bayerische Motoren Werke AG		438,353		42,216,538
Bechtle AG		108,395		5,560,249
Beiersdorf AG		134,132		13,596,691
Brenntag SE		205,595		17,235,539
Carl Zeiss Meditec AG, Bearer		53,546		8,403,223
Commerzbank AG^(a)		1,333,351		11,142,967
Continental AG^(a)		146,383		12,473,755
Covestro AG^(b)		257,076		13,595,647
Daimler Truck Holding AG^(a)		547,501		16,685,403
Delivery Hero SE^(a)(b)		215,595		11,556,026
Deutsche Bank AG, Registered^(a)		2,733,689		33,746,810
Deutsche Boerse AG		252,166		42,924,362
Deutsche Lufthansa AG, Registered^(a)		792,095		6,015,994


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

Schedule of Investments (unaudited) (continued)

February 28, 2022

iShares^® MSCI Eurozone ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Germany (continued)
Deutsche Post AG, Registered		1,313,791	$	66,034,024
Deutsche Telekom AG, Registered		4,299,935		77,074,925
E.ON SE		2,980,300		40,536,678
Evonik Industries AG		279,077		8,400,670
Fresenius Medical Care AG & Co. KGaA		272,802		17,502,609
Fresenius SE & Co. KGaA		554,370		19,343,206
GEA Group AG		204,153		8,927,359
Hannover Rueck SE		80,204		14,765,698
HeidelbergCement AG		198,022		12,849,036
HelloFresh SE^(a)		219,971		11,998,531
Henkel AG & Co. KGaA		138,292		10,632,873
Infineon Technologies AG		1,730,620		58,557,088
KION Group AG		96,002		7,696,118
Knorr-Bremse AG		96,531		8,510,174
LANXESS AG		106,923		5,208,401
LEG Immobilien SE		95,942		12,337,206
Mercedes-Benz Group AG		1,134,173		88,601,002
Merck KGaA		170,937		33,904,921
MTU Aero Engines AG		71,027		17,002,883
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Registered		185,937		51,009,418
Nemetschek SE		76,838		6,817,941
Puma SE		140,486		12,883,185
Rational AG		6,778		4,988,347
RWE AG		849,930		39,354,212
SAP SE		1,384,503		156,177,462
Scout24 SE^(b)		109,294		6,375,157
Siemens AG, Registered		1,014,035		142,859,624
Siemens Healthineers AG^(b)		373,898		23,993,196
Symrise AG		175,809		20,911,873
Telefonica Deutschland Holding AG		1,385,510		3,780,842
Uniper SE		121,742		3,894,667
United Internet AG, Registered		128,016		4,353,610
Volkswagen AG		43,188		11,170,112
Vonovia SE		979,103		51,973,743
Zalando SE^(a)(b)		295,846		19,581,057

				1,661,127,162

Ireland — 2.0%
CRH PLC		1,022,357		46,474,536
Flutter Entertainment PLC, Class DI^(a)		220,940		31,817,142
Kerry Group PLC, Class A		210,881		25,124,175
Kingspan Group PLC		204,978		20,018,605
Smurfit Kappa Group PLC		327,478		16,354,981

				139,789,439

Italy — 6.2%
Amplifon SpA		165,680		7,110,069
Assicurazioni Generali SpA		1,462,505		28,923,726
Atlantia SpA^(a)		659,656		12,134,540
DiaSorin SpA		33,487		5,011,476
Enel SpA		10,786,935		79,488,258
Eni SpA		3,343,804		52,011,891
Ferrari NV		166,764		35,835,639
FinecoBank Banca Fineco SpA		775,708		12,927,811
Infrastrutture Wireless Italiane SpA^(b)		447,240		4,566,906
Intesa Sanpaolo SpA		21,888,787		55,954,875
Mediobanca Banca di Credito Finanziario SpA		826,576		8,608,149
Moncler SpA		271,584		16,308,642
Nexi SpA^(a)(b)		697,251		9,523,027
Poste Italiane SpA^(b)		685,013		7,856,767


Security	Shares		Value

Italy (continued)
Prysmian SpA		335,053	$	11,029,731
Recordati Industria Chimica e Farmaceutica SpA		139,132		6,805,152
Snam SpA		2,684,302		14,914,664
Telecom Italia SpA/Milano		13,174,980		5,535,411
Terna - Rete Elettrica Nazionale		1,872,494		15,340,952
UniCredit SpA		2,803,274		35,418,005

				425,305,691

Liechtenstein — 0.5%
ArcelorMittal SA		846,252		26,258,035
Tenaris SA		619,119		7,978,753

				34,236,788

Netherlands — 16.1%
ABN AMRO Bank NV, CVA^(b)		562,943		7,491,206
Adyen NV^(a)(b)		26,319		54,855,962
Aegon NV		2,378,569		11,749,637
AerCap Holdings NV^(a)		178,661		9,724,518
Akzo Nobel NV		248,520		23,644,716
Argenx SE^(a)		60,711		17,578,455
ASM International NV		62,096		20,054,984
ASML Holding NV		547,834		366,513,971
CNH Industrial NV		1,355,588		19,282,571
Davide Campari-Milano NV		695,635		7,570,487
Euronext NV^(b)		114,016		10,292,383
EXOR NV		142,654		10,808,266
Heineken Holding NV		153,300		12,519,852
Heineken NV		342,909		34,784,163
IMCD NV		75,812		12,315,001
ING Groep NV		5,174,979		60,435,938
InPost SA^(a)		272,904		1,685,347
JDE Peet’s NV		135,248		4,440,090
Just Eat Takeaway.com NV^(a)(b)		238,918		9,669,528
Koninklijke Ahold Delhaize NV		1,388,193		42,703,928
Koninklijke DSM NV		231,399		43,448,409
Koninklijke KPN NV		4,471,591		15,302,377
Koninklijke Philips NV		1,217,846		41,599,997
NN Group NV		359,445		17,251,521
Prosus NV		1,235,880		76,725,431
QIAGEN NV^(a)		303,971		15,272,228
Randstad NV		157,423		10,728,169
Stellantis NV		2,701,861		49,097,887
STMicroelectronics NV		903,810		37,940,137
Universal Music Group NV		961,602		21,955,803
Wolters Kluwer NV		347,146		35,370,615

				1,102,813,577

Portugal — 0.5%
EDP - Energias de Portugal SA		3,694,388		18,037,687
Galp Energia SGPS SA		656,624		7,268,372
Jeronimo Martins SGPS SA		371,332		8,095,663

				33,401,722

Spain — 7.3%
ACS Actividades de Construccion y Servicios SA		341,504		8,298,743
Aena SME SA^(a)(b)		99,801		16,288,041
Amadeus IT Group SA^(a)		599,520		39,554,289
Banco Bilbao Vizcaya Argentaria SA		8,897,796		52,797,066
Banco Santander SA		23,077,733		76,849,201
CaixaBank SA		5,900,107		19,379,393
Cellnex Telecom SA^(b)		678,047		30,669,564
EDP Renovaveis SA		383,585		9,323,867
Enagas SA		213,004		4,501,538


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

Schedule of Investments (unaudited) (continued)

February 28, 2022

iShares^® MSCI Eurozone ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Spain (continued)
Endesa SA		422,746	$	9,292,557
Ferrovial SA		646,170		17,604,387
Grifols SA		413,967		7,848,857
Iberdrola SA		7,842,046		88,972,598
Industria de Diseno Textil SA		1,467,501		38,280,887
Naturgy Energy Group SA		268,955		7,215,964
Red Electrica Corp. SA		392,304		7,771,721
Repsol SA		1,931,068		25,057,609
Siemens Gamesa Renewable Energy SA^(a)		317,296		7,300,915
Telefonica SA		7,019,734		33,525,676

				500,532,873

Switzerland — 0.2%
Siemens Energy AG^(a)		531,490		12,640,798


United Kingdom — 0.2%
Coca-Cola Europacific Partners PLC		271,983		13,928,249


Total Common Stocks — 98.1% (Cost: $7,337,243,953)				6,710,841,057


Preferred Stocks

Germany — 1.7%
Bayerische Motoren Werke AG, Preference Shares, NVS		76,175		6,160,121
Fuchs Petrolub SE, Preference Shares, NVS		91,426		3,612,304
Henkel AG & Co. KGaA, Preference Shares, NVS		235,771		18,712,600
Porsche Automobil Holding SE, Preference Shares, NVS		202,727		20,233,838


Security	Shares		Value

Germany (continued)
Sartorius AG, Preference Shares, NVS		34,900	$	15,408,807
Volkswagen AG, Preference Shares, NVS		246,290		48,415,094

				112,542,764


Total Preferred Stocks — 1.7% (Cost: $138,584,227)				112,542,764


Short-Term Investments

Money Market Funds — 0.3%
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.03%^(c)(d)		20,330,000		20,330,000


Total Short-Term Investments — 0.3% (Cost: $20,330,000)				20,330,000


Total Investments in Securities — 100.1% (Cost: $7,496,158,180)				6,843,713,821

Other Assets, Less Liabilities — (0.1)%				(5,236,005	)


Net Assets — 100.0%			$	6,838,477,816

^(a)	Non-income producing security.

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

^(c)	Affiliate of the Fund.

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

Affiliates

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



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

								$	4,167	$	(5,634	)	$	20,330,000			$	151,777		$	—

^(a)

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

^(b)

Represents net amount purchased (sold).

^(c)

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


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

Schedule of Investments (unaudited) (continued)

February 28, 2022

iShares^® MSCI Eurozone ETF

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts




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

Long Contracts
Euro STOXX 50 Index		294		03/18/22	$	12,968	$	(441,634	)

Derivative Financial Instruments Categorized by Risk Exposure

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




	Equity Contracts

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

^(a)

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

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




	Equity Contracts

Net Realized Gain (Loss) from:
Futures contracts	$	659,542


Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(454,012	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments



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

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

Fair Value Hierarchy as of Period End

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

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




	Level 1		Level 2			Level 3		Total

Investments
Assets
Common Stocks	$	40,338,170	$	6,670,502,887		$	—	$	6,710,841,057
Preferred Stocks		—		112,542,764			—		112,542,764
Money Market Funds		20,330,000		—			—		20,330,000

	$	60,668,170	$	6,783,045,651		$	—	$	6,843,713,821

Derivative financial instruments^(a)
Liabilities
Futures Contracts	$	—	$	(441,634	)	$	—	$	(441,634	)

^(a)

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

See notes to financial statements.


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

Schedule of Investments (unaudited)

February 28, 2022

iShares^® MSCI Germany ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Aerospace & Defense — 0.9%
MTU Aero Engines AG		85,469	$	20,460,098


Air Freight & Logistics — 3.6%
Deutsche Post AG, Registered		1,583,128		79,571,494


Airlines — 0.3%
Deutsche Lufthansa AG, Registered^(a)		950,477		7,218,911


Auto Components — 0.7%
Continental AG^(a)		175,207		14,929,939


Automobiles — 7.8%
Bayerische Motoren Werke AG		528,799		50,927,137
Mercedes-Benz Group AG		1,366,916		106,782,763
Volkswagen AG		51,701		13,371,908


				171,081,808

Banks — 0.6%
Commerzbank AG^(a)		1,601,418		13,383,234


Capital Markets — 4.2%
Deutsche Bank AG, Registered^(a)		3,300,856		40,748,366
Deutsche Boerse AG		303,451		51,654,230


				92,402,596

Chemicals — 7.1%
BASF SE		1,466,908		97,675,894
Covestro AG^(b)		307,718		16,273,885
Evonik Industries AG		335,265		10,092,020
LANXESS AG		131,727		6,416,646
Symrise AG		212,124		25,231,417


				155,689,862

Construction Materials — 0.7%
HeidelbergCement AG		237,020		15,379,496


Diversified Telecommunication Services — 4.7%
Deutsche Telekom AG, Registered		5,175,363		92,766,685
Telefonica Deutschland Holding AG		1,677,290		4,577,064
United Internet AG, Registered		155,924		5,302,714


				102,646,463

Electrical Equipment — 0.7%
Siemens Energy AG^(a)		636,544		15,139,371


Food & Staples Retailing — 0.7%
HelloFresh SE^(a)		263,075		14,349,681


Health Care Equipment & Supplies — 1.8%
Carl Zeiss Meditec AG, Bearer		64,009		10,045,230
Siemens Healthineers AG^(b)		450,755		28,925,143


				38,970,373

Health Care Providers & Services — 2.0%
Fresenius Medical Care AG & Co. KGaA		328,128		21,052,250
Fresenius SE & Co. KGaA		669,404		23,356,999


				44,409,249

Household Products — 0.6%
Henkel AG & Co. KGaA		166,365		12,791,325


Independent Power and Renewable Electricity Producers — 0.2%
Uniper SE		145,720		4,661,751


Industrial Conglomerates — 7.9%
Siemens AG, Registered		1,221,787		172,128,212


Security	Shares		Value

Insurance — 10.3%
Allianz SE, Registered		652,302	$	147,040,162
Hannover Rueck SE		96,041		17,681,318
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Registered		223,753		61,383,750


				226,105,230

Interactive Media & Services — 0.4%
Scout24 SE^(b)		139,357		8,128,743


Internet & Direct Marketing Retail — 1.7%
Delivery Hero SE^(a)(b)		260,473		13,961,515
Zalando SE^(a)(b)		355,671		23,540,673


				37,502,188

IT Services — 0.3%
Bechtle AG		130,058		6,671,478


Life Sciences Tools & Services — 0.8%
QIAGEN NV^(a)		368,689		18,523,814


Machinery — 2.6%
Daimler Truck Holding AG^(a)		658,165		20,057,951
GEA Group AG		244,255		10,680,970
KION Group AG		114,692		9,194,425
Knorr-Bremse AG		116,079		10,233,526
Rational AG		8,119		5,975,271


				56,142,143

Multi-Utilities — 4.4%
E.ON SE		3,585,698		48,771,024
RWE AG		1,025,996		47,506,577


				96,277,601

Personal Products — 0.7%
Beiersdorf AG		160,549		16,274,529


Pharmaceuticals — 6.0%
Bayer AG, Registered		1,569,035		90,632,113
Merck KGaA		206,415		40,941,892


				131,574,005

Real Estate Management & Development — 4.0%
Aroundtown SA		1,586,373		9,781,800
LEG Immobilien SE		116,016		14,918,527
Vonovia SE		1,178,293		62,547,349


				87,247,676

Semiconductors & Semiconductor Equipment — 3.2%
Infineon Technologies AG		2,085,695		70,571,371


Software — 9.0%
Nemetschek SE		92,458		8,203,926
SAP SE		1,667,744		188,128,177


				196,332,103

Textiles, Apparel & Luxury Goods — 4.0%
adidas AG		304,083		71,897,890
Puma SE		168,157		15,420,738


				87,318,628

Trading Companies & Distributors — 1.0%
Brenntag SE		247,199		20,723,306


Total Common Stocks — 92.9% (Cost: $2,538,789,975)				2,034,606,678


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

Schedule of Investments (unaudited) (continued)

February 28, 2022

iShares^® MSCI Germany ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Preferred Stocks

Automobiles — 4.1%
Bayerische Motoren Werke AG, Preference Shares, NVS .		92,332	$	7,466,705
Porsche Automobil Holding SE, Preference Shares, NVS .		244,891		24,442,155
Volkswagen AG, Preference Shares, NVS		296,399		58,265,401

				90,174,261

Chemicals — 0.2%
Fuchs Petrolub SE, Preference Shares, NVS		110,819		4,378,535


Health Care Equipment & Supplies — 0.9%
Sartorius AG, Preference Shares, NVS		41,744		18,430,522


Household Products — 1.0%
Henkel AG & Co. KGaA, Preference Shares, NVS		283,767		22,521,932


Total Preferred Stocks — 6.2% (Cost: $162,136,666)				135,505,250


Short-Term Investments

Money Market Funds — 0.1%
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.03%^(c)(d)		1,010,000		1,010,000


Total Short-Term Investments — 0.1% (Cost: $1,010,000)				1,010,000


Total Investments in Securities — 99.2% (Cost: $2,701,936,641)				2,171,121,928

Other Assets, Less Liabilities — 0.8%				17,967,443


Net Assets — 100.0%			$	2,189,089,371

^(a)	Non-income producing security.

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

^(c)	Affiliate of the Fund.

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

Affiliates




Affiliated Issuer	Value at 08/31/21		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 02/28/22		Shares Held at 02/28/22		Income			Capital Gain Distributions from Underlying Funds

BlackRock Cash Funds: Institutional, SL Agency Shares^(a)	$	5,585,515	$	—	$	(5,585,452	)^(b)	$	(63	)	$	—	$	—		—	$	77,057	^(c)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		1,620,000		—		(610,000	)^(b)		—			—		1,010,000		1,010,000		63			—

								$	(63	)	$	—	$	1,010,000			$	77,120		$	—

^(a)

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

^(b)

Represents net amount purchased (sold).

^(c)


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

Schedule of Investments (unaudited) (continued)

February 28, 2022

iShares^® MSCI Germany ETF

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts



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

Long Contracts
DAX Index		46		03/18/22	$	18,564	$	(1,536,160	)

Derivative Financial Instruments Categorized by Risk Exposure

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



	Equity Contracts

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

^(a)

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



	Equity Contracts

Net Realized Gain (Loss) from:
Futures contracts	$	155,775


Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(1,661,265	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments


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

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

Fair Value Hierarchy as of Period End



	Level 1		Level 2			Level 3		Total

Investments
Assets
Common Stocks	$	20,057,951	$	2,014,548,727		$	—	$	2,034,606,678
Preferred Stocks		—		135,505,250			—		135,505,250
Money Market Funds		1,010,000		—			—		1,010,000

	$	21,067,951	$	2,150,053,977		$	—	$	2,171,121,928

Derivative financial instruments^(a)
Liabilities
Futures Contracts	$	—	$	(1,536,160	)	$	—	$	(1,536,160	)

^(a)

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

See notes to financial statements.


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

Schedule of Investments (unaudited)

February 28, 2022

iShares^® MSCI Italy ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value


Common Stocks

Automobiles — 14.0%
Ferrari NV		115,178	$	24,750,409
Stellantis NV		2,739,309		49,778,388


				74,528,797

Banks — 19.2%
FinecoBank Banca Fineco SpA		965,364		16,088,584
Intesa Sanpaolo SpA		22,201,361		56,753,916
Mediobanca Banca di Credito Finanziario SpA		1,022,618		10,649,775
UniCredit SpA		1,493,127		18,864,934


				102,357,209

Beverages — 1.8%
Davide Campari-Milano NV		889,188		9,676,894


Diversified Financial Services — 2.5%
EXOR NV		171,924		13,025,926


Diversified Telecommunication Services — 2.7%
Infrastrutture Wireless Italiane SpA^(a)		673,007		6,872,283
Telecom Italia SpA/Milano		18,117,197		7,611,863


				14,484,146

Electric Utilities — 18.5%
Enel SpA		10,929,675		80,540,100
Terna - Rete Elettrica Nazionale		2,177,308		17,838,230


				98,378,330

Electrical Equipment — 2.5%
Prysmian SpA		409,136		13,468,497


Energy Equipment & Services — 2.0%
Tenaris SA		825,071		10,632,912


Gas Utilities — 3.3%
Snam SpA		3,112,843		17,295,747


Health Care Equipment & Supplies — 1.4%
DiaSorin SpA		49,951		7,475,385


Health Care Providers & Services — 1.8%
Amplifon SpA		222,226		9,536,710


Insurance — 6.3%
Assicurazioni Generali SpA		1,188,830		23,511,299


Security	Shares		Value


Insurance (continued)
Poste Italiane SpA^(a)		878,195	$	10,072,470


				33,583,769

IT Services — 2.2%
Nexi SpA^(a)(b)		854,412		11,669,526


Machinery — 4.0%
CNH Industrial NV		1,510,477		21,485,790


Oil, Gas & Consumable Fuels — 9.9%
Eni SpA		3,395,886		52,822,011


Pharmaceuticals — 1.7%
Recordati Industria Chimica e Farmaceutica SpA		183,525		8,976,479


Textiles, Apparel & Luxury Goods — 3.5%
Moncler SpA		310,516		18,646,512


Transportation Infrastructure — 2.7%
Atlantia SpA^(b)		782,884		14,401,350


Total Common Stocks — 100.0% (Cost: $594,745,250)				532,445,990


Short-Term Investments

Money Market Funds — 0.0%
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.03%^(c)(d)		210,000		210,000


Total Short-Term Investments — 0.0% (Cost: $210,000)				210,000


Total Investments in Securities — 100.0% (Cost: $594,955,250)				532,655,990

Other Assets, Less Liabilities — (0.0)%				(98,355	)


Net Assets — 100.0%			$	532,557,635

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

^(b)	Non-income producing security.

^(c)	Affiliate of the Fund.

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


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

Schedule of Investments (unaudited) (continued)

February 28, 2022

iShares^® MSCI Italy ETF

Affiliates



Affiliated Issuer	Value at 08/31/21		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 02/28/22		Shares Held at 02/28/22		Income			Capital Gain Distributions from Underlying Funds

BlackRock Cash Funds: Institutional, SL Agency Shares^(a)	$	—	$	713	^(b)	$	—		$	(713	)	$	—	$	—		—	$	1,604	^(c)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		450,000		—			(240,000	)^(b)		—			—		210,000		210,000		16			—

									$	(713	)	$	—	$	210,000			$	1,620		$	—

^(a)

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

^(b)

Represents net amount purchased (sold).

^(c)

Derivative Financial Instruments Categorized by Risk Exposure

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



	Equity Contracts

Net Realized Gain (Loss) from:
Futures contracts	$	(61,242	)


Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	1,238

Average Quarterly Balances of Outstanding Derivative Financial Instruments


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

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

Fair Value Hierarchy as of Period End



	Level 1		Level 2		Level 3		Total

Investments
Assets
Common Stocks	$	—	$	532,445,990	$	—	$	532,445,990
Money Market Funds		210,000		—		—		210,000

	$	210,000	$	532,445,990	$	—	$	532,655,990

See notes to financial statements.


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

Schedule of Investments (unaudited)

February 28, 2022

iShares^® MSCI Spain ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value


Common Stocks

Banks — 30.6%
Banco Bilbao Vizcaya Argentaria SA		9,635,943	$	57,177,027
Banco Santander SA		24,730,112		82,351,648
CaixaBank SA		6,655,667		21,861,093


				161,389,768

Biotechnology — 2.9%
Grifols SA		805,902		15,279,985


Construction & Engineering — 7.2%
ACS Actividades de Construccion y Servicios SA		602,967		14,652,444
Ferrovial SA		867,455		23,633,120


				38,285,564

Diversified Telecommunication Services — 9.3%
Cellnex Telecom SA^(a)		555,066		25,106,861
Telefonica SA		4,979,608		23,782,201


				48,889,062

Electric Utilities — 24.5%
Endesa SA		755,792		16,613,380
Iberdrola SA		8,329,523		94,503,310
Red Electrica Corp. SA		916,571		18,157,690


				129,274,380

Electrical Equipment — 2.9%
Siemens Gamesa Renewable Energy SA^(b)		672,350		15,470,634


Gas Utilities — 5.0%
Enagas SA		583,681		12,335,271
Naturgy Energy Group SA^(c)		518,502		13,911,218


				26,246,489

IT Services — 4.3%
Amadeus IT Group SA^(b)		348,203		22,973,249


Oil, Gas & Consumable Fuels — 4.5%
Repsol SA		1,829,286		23,736,882


Security	Shares		Value


Specialty Retail — 4.2%
Industria de Diseno Textil SA		858,539	$	22,395,647


Transportation Infrastructure — 4.4%
Aena SME SA^(a)(b)		141,188		23,042,614


Total Common Stocks — 99.8% (Cost: $684,626,243)				526,984,274


Short-Term Investments

Money Market Funds — 0.8%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.09%^(d)(e)(f)		965,169		965,362
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.03%^(d)(e)		3,100,000		3,100,000


				4,065,362


Total Short-Term Investments — 0.8% (Cost: $4,065,454)				4,065,362


Total Investments in Securities — 100.6% (Cost: $688,691,697)				531,049,636

Other Assets, Less Liabilities — (0.6)%				(3,146,130	)


Net Assets — 100.0%			$	527,903,506

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

^(b)	Non-income producing security.

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

^(d)	Affiliate of the Fund.

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

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

Affiliates



Affiliated Issuer	Value at 08/31/21		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 02/28/22		Shares Held at 02/28/22		Income			Capital Gain Distributions from Underlying Funds

BlackRock Cash Funds: Institutional, SL Agency Shares	$	—	$	966,407	^(a)	$	—		$	(953	)	$	(92	)	$	965,362		965,169	$	229,310	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		3,290,000		—			(190,000	)^(a)		—			—			3,100,000		3,100,000		169			—

									$	(953	)	$	(92	)	$	4,065,362			$	229,479		$	—

^(a)

Represents net amount purchased (sold).

^(b)


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

Schedule of Investments (unaudited) (continued)

February 28, 2022

iShares^® MSCI Spain ETF

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts



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

Long Contracts
IBEX 35 Index		9		03/18/22	$	851	$	(23,957	)

Derivative Financial Instruments Categorized by Risk Exposure

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



	Equity Contracts

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

^(a)

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



	Equity Contracts

Net Realized Gain (Loss) from:
Futures contracts	$	1,833


Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(21,853	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments


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

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

Fair Value Hierarchy as of Period End



	Level 1		Level 2			Level 3		Total

Investments
Assets
Common Stocks	$	—	$	526,984,274		$	—	$	526,984,274
Money Market Funds		4,065,362		—			—		4,065,362

	$	4,065,362	$	526,984,274		$	—	$	531,049,636

Derivative financial instruments^(a)
Liabilities
Futures Contracts	$	—	$	(23,957	)	$	—	$	(23,957	)

^(a)

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

See notes to financial statements.


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

Schedule of Investments (unaudited)

February 28, 2022

iShares^® MSCI Switzerland ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value


Common Stocks

Building Products — 1.6%
Geberit AG, Registered		40,069	$	26,212,222


Capital Markets — 8.2%
Credit Suisse Group AG, Registered		2,696,516		22,588,998
Julius Baer Group Ltd.		266,629		15,612,837
Partners Group Holding AG		23,077		31,195,224
UBS Group AG, Registered		3,727,548		68,574,840


				137,971,899

Chemicals — 6.4%
Clariant AG, Registered		315,660		5,698,536
EMS-Chemie Holding AG, Registered		9,920		9,812,177
Givaudan SA, Registered		9,945		41,524,414
Sika AG, Registered		151,072		50,130,926


				107,166,053

Construction Materials — 1.7%
Holcim Ltd.		576,237		29,006,623


Diversified Telecommunication Services — 1.1%
Swisscom AG, Registered		30,985		18,560,390


Electrical Equipment — 3.5%
ABB Ltd., Registered		1,746,666		59,024,926


Food Products — 23.1%
Barry Callebaut AG, Registered		4,764		10,988,928
Chocoladefabriken Lindt & Spruengli AG, Participation Certificates, NVS		1,308		13,874,861
Chocoladefabriken Lindt & Spruengli AG, Registered		129		14,479,586
Nestle SA, Registered		2,681,619		349,403,476


				388,746,851

Health Care Equipment & Supplies — 5.0%
Alcon Inc.		533,338		41,204,387
Sonova Holding AG, Registered		62,954		24,375,421
Straumann Holding AG, Registered		11,808		18,756,572


				84,336,380

Insurance — 8.0%
Baloise Holding AG, Registered		61,054		10,241,351
Swiss Life Holding AG, Registered		35,973		21,949,907
Swiss Re AG		316,735		30,265,818
Zurich Insurance Group AG		158,832		72,903,257


				135,360,333

Life Sciences Tools & Services — 3.5%
Bachem Holding AG, Class B, Registered		6,408		3,813,562
Lonza Group AG, Registered		79,117		54,741,197


				58,554,759

Machinery — 1.7%
Schindler Holding AG, Participation Certificates, NVS		50,009		11,474,331
Schindler Holding AG, Registered		29,185		6,541,858
VAT Group AG^(a)		27,586		10,424,609


				28,440,798


Security	Shares		Value


Marine — 1.1%
Kuehne + Nagel International AG, Registered		64,476	$	17,583,581


Pharmaceuticals — 25.9%
Novartis AG, Registered		1,969,674		173,117,403
Roche Holding AG, NVS		654,256		247,788,547
Roche Holding AG, Bearer		7,888		3,292,523
Vifor Pharma AG		64,644		11,346,914


				435,545,387

Professional Services — 1.7%
Adecco Group AG, Registered		194,999		9,209,535
SGS SA, Registered		6,950		19,886,380


				29,095,915

Real Estate Management & Development — 0.6%
Swiss Prime Site AG, Registered		102,529		10,047,173


Software — 0.5%
Temenos AG, Registered		87,772		8,822,355


Technology Hardware, Storage & Peripherals — 0.8%
Logitech International SA, Registered		187,498		14,030,266


Textiles, Apparel & Luxury Goods — 5.2%
Cie. Financiere Richemont SA, Class A, Registered		530,099		70,983,710
Swatch Group AG (The), Bearer		37,579		11,556,155
Swatch Group AG (The), Registered		95,999		5,687,244


				88,227,109


Total Common Stocks — 99.6% (Cost: $1,468,700,529)				1,676,733,020


Short-Term Investments

Money Market Funds — 0.0%
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.03%^(b)(c)		840,000		840,000


Total Short-Term Investments — 0.0% (Cost: $840,000)				840,000


Total Investments in Securities — 99.6% (Cost: $1,469,540,529)				1,677,573,020

Other Assets, Less Liabilities — 0.4%				6,312,702


Net Assets — 100.0%			$	1,683,885,722

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

^(b)	Affiliate of the Fund.

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


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

Schedule of Investments (unaudited) (continued)

February 28, 2022

iShares^® MSCI Switzerland ETF

Affiliates



Affiliated Issuer	Value at 08/31/21		Purchases at Cost			Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 02/28/22		Shares Held at 02/28/22		Income		Capital Gain Distributions from Underlying Funds

BlackRock Cash Funds: Treasury, SL Agency Shares	$	730,000		$110,000	^(a)	$	—	$	—	$	—	$	840,000		840,000	$	37	$	—

^(a)

Represents net amount purchased (sold).

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts



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

Long Contracts
Swiss Market Index		54		03/18/22	$	6,958	$	(385,880	)

Derivative Financial Instruments Categorized by Risk Exposure

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



	Equity Contracts

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

^(a)

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



	Equity Contracts

Net Realized Gain (Loss) from:
Futures contracts	$	292,053


Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(563,312	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments



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

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

Fair Value Hierarchy as of Period End


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

Schedule of Investments (unaudited) (continued)

February 28, 2022

iShares^® MSCI Switzerland ETF

Fair Value Hierarchy as of Period End (continued)



	Level 1		Level 2			Level 3		Total

Investments
Assets
Common Stocks	$	—	$	1,676,733,020		$	—	$	1,676,733,020
Money Market Funds		840,000		—			—		840,000

	$	840,000	$	1,676,733,020		$	—	$	1,677,573,020

Derivative financial instruments^(a)
Liabilities
Futures Contracts	$	—	$	(385,880	)	$	—	$	(385,880	)

^(a)

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

See notes to financial statements.


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

Statement of Assets and Liabilities (unaudited)

February 28, 2022


	iShares MSCI Eurozone ETF			iShares MSCI Germany ETF			iShares MSCI Italy ETF			iShares MSCI Spain ETF


ASSETS
Investments in securities, at value (including securities on loan)^(a):
Unaffiliated^(b)	$	6,823,383,821		$	2,170,111,928		$	532,445,990		$	526,984,274
Affiliated^(c)		20,330,000			1,010,000			210,000			4,065,362
Cash		2,040			2,622			9,063			9,609
Foreign currency, at value^(d)		1,246,138			5,788,059			1,024,627			818,411
Foreign currency collateral pledged:
Futures contracts^(e)		605,475			1,797,588			143,520			102,034
Receivables:
Investments sold		28,772,255			3,390,697			15,668,700			16,215,254
Securities lending income — Affiliated		—			9			566			227
Dividends		51,214			60,697			6			91
Tax reclaims		6,536,605			13,917,988			—			58,372


Total assets		6,880,927,548			2,196,079,588			549,502,472			548,253,634


LIABILITIES
Collateral on securities loaned, at value		—			—			—			965,580
Payables:
Investments purchased		19,762,157			5,885,583			15,983,669			15,829,363
Variation margin on futures contracts		117,387			203,878			19,401			6,445
Capital shares redeemed		—			—			709,177			449,770
Investment advisory fees		2,752,565			900,756			232,590			213,024
IRS compliance fee for foreign withholding tax claims		19,817,623			—			—			2,885,946


Total liabilities		42,449,732			6,990,217			16,944,837			20,350,128


NET ASSETS	$	6,838,477,816		$	2,189,089,371		$	532,557,635		$	527,903,506


NET ASSETS CONSIST OF:
Paid-in capital	$	8,175,908,352		$	3,053,930,897		$	804,416,353		$	1,061,232,507
Accumulated loss		(1,337,430,536	)		(864,841,526	)		(271,858,718	)		(533,329,001	)


NET ASSETS	$	6,838,477,816		$	2,189,089,371		$	532,557,635		$	527,903,506


Shares outstanding		155,000,000			74,700,000			17,475,000			20,550,000


Net asset value	$	44.12		$	29.31		$	30.48		$	25.69


Shares authorized		1 billion			482.2 million			295.4 million			127.8 million


Par value	$	0.001		$	0.001		$	0.001		$	0.001


^(a)Securities loaned, at value	$	—		$	—		$	—		$	892,085
^(b)Investments, at cost — Unaffiliated	$	7,475,828,180		$	2,700,926,641		$	594,745,250		$	684,626,243
^(c)Investments, at cost — Affiliated	$	20,330,000		$	1,010,000		$	210,000		$	4,065,454
^(d)Foreign currency, at cost	$	1,220,879		$	5,785,390		$	1,034,222		$	826,401
^(e)Foreign currency collateral pledged, at cost	$	625,732		$	1,885,172		$	145,241		$	103,754

See notes to financial statements.


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

Statement of Assets and Liabilities (unaudited) (continued)

February 28, 2022


	iShares MSCI Switzerland ETF


ASSETS
Investments in securities, at value:
Unaffiliated^(a)	$	1,676,733,020
Affiliated^(b)		840,000
Cash		2,674
Foreign currency, at value^(c)		861,789
Foreign currency collateral pledged:
Futures contracts^(d)		427,196
Receivables:
Investments sold		12,882,383
Variation margin on futures contracts		149,037
Dividends		21