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
Tax reclaims		5,314,585

Total assets		1,697,210,705


LIABILITIES
Payables:
Investments purchased		12,685,548
Investment advisory fees		639,435

Total liabilities		13,324,983


NET ASSETS	$	1,683,885,722


NET ASSETS CONSIST OF:
Paid-in capital	$	1,489,682,989
Accumulated earnings		194,202,733

NET ASSETS	$	1,683,885,722


Shares outstanding		34,875,000

Net asset value	$	48.28

Shares authorized		318.625 million

Par value	$	0.001


^(a) Investments, at cost — Unaffiliated	$	1,468,700,529
^(b) Investments, at cost — Affiliated	$	840,000
^(c) Foreign currency, at cost	$	802,510
^(d) Foreign currency collateral pledged, at cost	$	486,768

See notes to financial statements.


F I N A N C I A L S T A T E M E N T S		25

Statement of Operations (unaudited)

Six Months Ended February 28, 2022


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


INVESTMENT INCOME
Dividends — Unaffiliated	$	42,942,361		$	6,766,068		$	12,023,914		$	5,324,879
Dividends — Affiliated		1,292			70			49			256
Non-cash dividends — Unaffiliated		2,993,139			—			—			3,494,926
Securities lending income — Affiliated — net		150,485			77,050			1,571			229,223
Other income — Unaffiliated		3,021,227			—			—			—
Foreign taxes withheld		(10,405,157	)		(1,021,054	)		(1,787,288	)		(799,888	)
Foreign withholding tax claims		1,179,051			—			—			—
IRS Compliance fee for foreign withholding tax claims		(283,775	)		—			—			(41,460	)

Total investment income		39,598,623			5,822,134			10,238,246			8,207,936


EXPENSES
Investment advisory fees		18,643,922			6,380,333			1,505,477			1,537,084
Professional fees		425,613			46,645			217			217

Total expenses		19,069,535			6,426,978			1,505,694			1,537,301

Net investment income (loss)		20,529,088			(604,844	)		8,732,552			6,670,635


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		(59,449,206	)		(16,398,642	)		(6,646,576	)		(22,643,516	)
Investments — Affiliated		4,167			(63	)		(713	)		(953	)
In-kind redemptions — Unaffiliated		184,372,291			70,252,174			12,066,946			9,553,242
Futures contracts		659,542			155,775			(61,242	)		1,833
Foreign currency transactions		(87,062	)		(412,736	)		(183	)		(37,267	)

Net realized gain (loss)		125,499,732			53,596,508			5,358,232			(13,126,661	)

Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated		(1,085,219,935	)		(465,216,699	)		(49,713,996	)		(39,328,660	)
Investments — Affiliated		(5,634	)		—			—			(92	)
Futures contracts		(454,012	)		(1,661,265	)		1,238			(21,853	)
Foreign currency translations		(354,239	)		(794,786	)		(16,898	)		(8,945	)

Net change in unrealized appreciation (depreciation)		(1,086,033,820	)		(467,672,750	)		(49,729,656	)		(39,359,550	)

Net realized and unrealized loss		(960,534,088	)		(414,076,242	)		(44,371,424	)		(52,486,211	)

NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(940,005,000	)	$	(414,681,086	)	$	(35,638,872	)	$	(45,815,576	)

See notes to financial statements.


26		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 Operations (unaudited) (continued)

Six Months Ended February 28, 2022


	iShares MSCI Switzerland ETF


INVESTMENT INCOME
Dividends — Unaffiliated	$	1,494,192
Dividends — Affiliated		37
Foreign taxes withheld		(325,607	)


Total investment income		1,168,622


EXPENSES
Investment advisory fees		4,135,609
Professional fees		217

Total expenses		4,135,826


Net investment loss		(2,967,204	)


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		(2,618,852	)
In-kind redemptions — Unaffiliated		78,697,768
Futures contracts		292,053
Foreign currency transactions		256,054


Net realized gain		76,627,023

Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated		(164,566,200	)
Futures contracts		(563,312	)
Foreign currency translations		(257,763	)


Net change in unrealized appreciation (depreciation)		(165,387,275	)


Net realized and unrealized loss		(88,760,252	)


NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(91,727,456	)

See notes to financial statements.


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

Statement of Changes in Net Assets


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

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income (loss)	$	20,529,088		$	150,910,071		$	(604,844	)	$	48,767,475
Net realized gain		125,499,732			165,896,622			53,596,508			187,396,899
Net change in unrealized appreciation (depreciation)		(1,086,033,820	)		1,076,571,572			(467,672,750	)		227,425,973


Net increase (decrease) in net assets resulting from operations		(940,005,000	)		1,393,378,265			(414,681,086	)		463,590,347


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(108,880,897	)		(148,429,017	)		(21,379,767	)		(87,044,205	)


CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		(356,579,011	)		2,521,753,816			(247,247,440	)		(418,000,085	)


NET ASSETS
Total increase (decrease) in net assets		(1,405,464,908	)		3,766,703,064			(683,308,293	)		(41,453,943	)
Beginning of period		8,243,942,724			4,477,239,660			2,872,397,664			2,913,851,607


End of period	$	6,838,477,816		$	8,243,942,724		$	2,189,089,371		$	2,872,397,664

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

See notes to financial statements.


28		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 Changes in Net Assets (continued)


	iShares MSCI Italy ETF						iShares MSCI Spain ETF


	Six Months Ended 02/28/22 (unaudited)			Year Ended 08/31/21			Six Months Ended 02/28/22 (unaudited)			Year Ended 08/31/21

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	8,732,552		$	9,657,021		$	6,670,635		$	15,971,063
Net realized gain (loss)		5,358,232			25,177,673			(13,126,661	)		(38,570,977	)
Net change in unrealized appreciation (depreciation)		(49,729,656	)		30,551,365			(39,359,550	)		109,186,541

Net increase (decrease) in net assets resulting from operations		(35,638,872	)		65,386,059			(45,815,576	)		86,586,627


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(8,742,446	)		(9,237,069	)		(9,336,370	)		(17,641,966	)


CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		(17,605,823	)		329,750,788			(124,590,604	)		169,877,395


NET ASSETS
Total increase (decrease) in net assets		(61,987,141	)		385,899,778			(179,742,550	)		238,822,056
Beginning of period		594,544,776			208,644,998			707,646,056			468,824,000


End of period	$	532,557,635		$	594,544,776		$	527,903,506		$	707,646,056

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

See notes to financial statements.


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

Statement of Changes in Net Assets (continued)


	iShares MSCI Switzerland ETF


	Six Months Ended 02/28/22 (unaudited)			Year Ended 08/31/21

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income (loss)	$	(2,967,204	)	$	27,948,334
Net realized gain		76,627,023			144,899,114
Net change in unrealized appreciation (depreciation)		(165,387,275	)		173,640,457

Net increase (decrease) in net assets resulting from operations		(91,727,456	)		346,487,905


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		—			(30,852,327	)


CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		12,233,317			(273,957,210	)


NET ASSETS
Total increase (decrease) in net assets		(79,494,139	)		41,678,368
Beginning of period		1,763,379,861			1,721,701,493

End of period	$	1,683,885,722		$	1,763,379,861

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

See notes to financial statements.


30		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

Financial Highlights

(For a share outstanding throughout each period)


	iShares MSCI Eurozone ETF


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


Net asset value, beginning of period			$	50.86		$	39.52		$	37.91		$	41.29		$	41.71		$	34.20

Net investment income^(a)				0.13	^(b)		1.21	^(b)		0.55			1.05			1.03			0.99
Net realized and unrealized gain (loss)^(c)				(6.15	)		11.24			1.55			(3.22	)		(0.23	)		7.38


Net increase (decrease) from investment operations				(6.02	)		12.45			2.10			(2.17	)		0.80			8.37


Distributions^(d)
From net investment income				(0.72	)		(1.11	)		(0.49	)		(1.21	)		(1.22	)		(0.86	)


Total distributions				(0.72	)		(1.11	)		(0.49	)		(1.21	)		(1.22	)		(0.86	)


Net asset value, end of period			$	44.12		$	50.86		$	39.52		$	37.91		$	41.29		$	41.71


Total Return^(e)
Based on net asset value				(11.90	)%^(b)(f)		31.72	%^(b)		5.61	%		(5.22	)%		1.87	%		24.72	%


Ratios to Average Net Assets^(g)
Total expenses				0.51	%^(h)		0.65	%		0.51	%		0.49	%		0.47	%		0.49	%


Total expenses excluding professional fees for foreign withholding tax claims				0.49	%^(h)		0.50	%		0.51	%		0.49	%		N/A			0.49	%


Net investment income				0.54	%^(b)(h)		2.64	%^(b)		1.46	%		2.74	%		2.36	%		2.63	%


Supplemental Data
Net assets, end of period (000)			$	6,838,478		$	8,243,943		$	4,477,240		$	5,231,511		$	9,558,234		$	13,286,216


Portfolio turnover rate⁽ⁱ⁾				3	%^(f)		5	%		5	%		6	%		5	%		4	%

^(a)	Based on average shares outstanding.

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

• Net investment income per share by $0.00 and $0.53, respectively.

• Total return by 0.00% and 1.07%, respectively.

• Ratio of net investment income to average net assets by 0.02% and 1.16%, respectively.

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

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

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

^(f)	Not annualized.

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

^(h)	Annualized.

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

See notes to financial statements.


F I N A N C I A L H I G H L I G H T S		31

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares MSCI Germany ETF


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


Net asset value, beginning of period			$	34.94		$	30.16		$	26.28		$	30.36		$	30.71		$	26.18

Net investment income (loss)^(a)				(0.01	)		0.56			0.50			0.65			0.64			0.59
Net realized and unrealized gain (loss)^(b)				(5.34	)		5.21			3.66			(3.99	)		(0.16	)		4.54


Net increase (decrease) from investment operations				(5.35	)		5.77			4.16			(3.34	)		0.48			5.13


Distributions^(c)
From net investment income				(0.28	)		(0.99	)		(0.28	)		(0.74	)		(0.83	)		(0.60	)


Total distributions				(0.28	)		(0.99	)		(0.28	)		(0.74	)		(0.83	)		(0.60	)


Net asset value, end of period			$	29.31		$	34.94		$	30.16		$	26.28		$	30.36		$	30.71


Total Return^(d)
Based on net asset value				(15.40	)%^(e)		19.30	%		15.98	%		(11.07	)%		1.52	%		19.63	%


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


Net investment income (loss)				(0.05	)%^(g)		1.72	%		1.85	%		2.38	%		1.99	%		2.08	%


Supplemental Data
Net assets, end of period (000)			$	2,189,089		$	2,872,398		$	2,913,852		$	2,002,685		$	3,351,228		$	4,809,899


Portfolio turnover rate^(h)				3	%^(e)		6	%		4	%		9	%		6	%		3	%

^(a)	Based on average shares outstanding.

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

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

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

^(e)	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.


32		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

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares MSCI Italy ETF


		Six Months Ended 02/28/22 (unaudited)					Year Ended 08/31/21			Year Ended 08/31/20			Year Ended 08/31/19			Year Ended 08/31/18			Year Ended 08/31/17	^(a)


Net asset value, beginning of period			$	32.89		$	25.76		$	26.83		$	27.18		$	30.21		$	22.60

Net investment income^(b)				0.46			0.83			0.43			1.00			0.82			0.57
Net realized and unrealized gain (loss)^(c)				(2.42	)		6.95			(1.05	)		(0.12	)		(2.86	)		7.76


Net increase (decrease) from investment operations				(1.96	)		7.78			(0.62	)		0.88			(2.04	)		8.33


Distributions^(d)
From net investment income				(0.45	)		(0.65	)		(0.45	)		(1.23	)		(0.99	)		(0.72	)


Total distributions				(0.45	)		(0.65	)		(0.45	)		(1.23	)		(0.99	)		(0.72	)


Net asset value, end of period			$	30.48		$	32.89		$	25.76		$	26.83		$	27.18		$	30.21


Total Return^(e)
Based on net asset value				(6.02	)%^(f)		30.30	%		(2.29	)%		3.46	%		(6.98	)%		37.37	%


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


Net investment income				2.87	%^(h)		2.70	%		1.64	%		3.72	%		2.64	%		2.59	%


Supplemental Data
Net assets, end of period (000)			$	532,558		$	594,545		$	208,645		$	235,457		$	405,625		$	840,630


Portfolio turnover rate⁽ⁱ⁾				6	%^(f)		13	%		16	%		13	%		10	%		18	%

^(a)	Per share amounts reflect a one-for-two reverse stock split effective after the close of trading on November 4, 2016.

^(b)	Based on average shares outstanding.

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

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

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

^(f)	Not annualized.

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

^(h)	Annualized.

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

See notes to financial statements.


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 Spain ETF


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


Net asset value, beginning of period			$	28.08		$	23.15		$	26.71		$	29.85		$	33.63		$	26.49

Net investment income^(a)				0.29			0.84	^(b)		0.77			1.04			0.99			0.94
Net realized and unrealized gain (loss)^(c)				(2.24	)		5.00			(3.44	)		(3.26	)		(3.72	)		7.19


Net increase (decrease) from investment operations				(1.95	)		5.84			(2.67	)		(2.22	)		(2.73	)		8.13


Distributions^(d)
From net investment income				(0.44	)		(0.91	)		(0.89	)		(0.92	)		(1.05	)		(0.99	)


Total distributions				(0.44	)		(0.91	)		(0.89	)		(0.92	)		(1.05	)		(0.99	)


Net asset value, end of period			$	25.69		$	28.08		$	23.15		$	26.71		$	29.85		$	33.63


Total Return^(e)
Based on net asset value				(6.92	)%^(f)		25.25	%^(b)		(10.44	)%		(7.53	)%		(8.28	)%		31.48	%


Ratios to Average Net Assets^(g)
Total expenses				0.49	%^(h)		0.62	%		0.51	%		0.50	%		0.47	%		0.49	%


Total expenses excluding professional fees for foreign withholding tax claims				N/A			0.50	%		0.51	%		N/A			N/A			N/A


Net investment income				2.14	%^(h)		3.10	%^(b)		2.99	%		3.65	%		3.02	%		3.10	%


Supplemental Data
Net assets, end of period (000)			$	527,904		$	707,646		$	468,824		$	825,211		$	875,442		$	1,528,533


Portfolio turnover rate⁽ⁱ⁾				7	%^(f)		34	%		19	%		12	%		21	%		16	%

^(a)	Based on average shares outstanding.

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

• Net investment income per share by $0.18.

• Total return by 0.63%.

• Ratio of net investment income to average net assets by 0.65%.

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

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

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

^(f)	Not annualized.

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

^(h)	Annualized.

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

See notes to financial statements.


34		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

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares MSCI Switzerland ETF


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


Net asset value, beginning of period			$	50.74		$	41.87		$	37.31		$	34.91		$	34.27		$	30.22

Net investment income (loss)^(a)				(0.09)			0.75			0.73			0.72			0.66			0.69
Net realized and unrealized gain (loss)^(b)				(2.37	)		9.06			4.45			2.43			0.79			4.11


Net increase (decrease) from investment operations				(2.46	)		9.81			5.18			3.15			1.45			4.80


Distributions^(c)
From net investment income				—			(0.94	)		(0.62	)		(0.75	)		(0.81	)		(0.75	)


Total distributions				—			(0.94	)		(0.62	)		(0.75	)		(0.81	)		(0.75	)


Net asset value, end of period			$	48.28		$	50.74		$	41.87		$	37.31		$	34.91		$	34.27


Total Return^(d)
Based on net asset value				(4.84	)%^(e)		23.49	%		14.07	%		9.07	%		4.43	%		15.90	%


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


Net investment income (loss)				(0.35	)%^(g)		1.66	%		1.89	%		2.06	%		1.91	%		2.18	%


Supplemental Data
Net assets, end of period (000)			$	1,683,886		$	1,763,380		$	1,721,701		$	1,138,036		$	1,034,086		$	1,259,258


Portfolio turnover rate^(h)				2	%^(e)		7	%		16	%		11	%		9	%		13	%

^(a)	Based on average shares outstanding.

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

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

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

^(e)	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

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 Eurozone		Diversified
MSCI Germany		Non-diversified
MSCI Italy		Non-diversified
MSCI Spain		Non-diversified
MSCI Switzerland		Non-diversified

2.	SIGNIFICANT ACCOUNTING POLICIES

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

Investment Transactions and Income Recognition: For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are recorded on the ex-dividend date. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Dividends from foreign securities where the ex-dividend date may have passed are subsequently recorded when the Funds are informed of the ex-dividend date. Under the applicable foreign tax laws, a withholding tax at various rates may be imposed on capital gains, dividends and interest.

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

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

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

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

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

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


36		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

Notes to Financial Statements (unaudited) (continued)

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

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

3.	INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

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

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

•

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

•

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

•

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

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

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

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

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

•

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

•

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

•

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

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


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		37

Notes to Financial Statements (unaudited) (continued)

4.	SECURITIES AND OTHER INVESTMENTS

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

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

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

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


iShares ETF and Counterparty	Market Value of Securities on Loan				Cash Collateral Received	^(a)		Non-Cash Collateral Received		Net Amount
MSCI Spain
Morgan Stanley		$	892,085	$	892,085		$	—	$	—

^(a)

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

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

5.	DERIVATIVE FINANCIAL INSTRUMENTS

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

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

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


38		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

Notes to Financial Statements (unaudited) (continued)

6.	INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

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

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



Aggregate Average Daily Net Assets	Investment Advisory Fee

First $7 billion		0.59	%
Over $7 billion, up to and including $11 billion		0.54
Over $11 billion, up to and including $24 billion		0.49
Over $24 billion, up to and including $48 billion		0.44
Over $48 billion, up to and including $72 billion		0.40
Over $72 billion, up to and including $96 billion		0.36
Over $96 billion		0.32

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

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

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

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

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

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



iShares ETF	Fees Paid to BTC
MSCI Eurozone	$	35,618
MSCI Germany		18,691
MSCI Italy		624
MSCI Spain		51,504

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


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

Notes to Financial Statements (unaudited) (continued)

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

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



iShares ETF	Purchases		Sales		Net Realized Gain (Loss)
MSCI Eurozone	$	22,434,477	$	13,570,931	$	(12,233,771	)
MSCI Germany		6,942,826		1,873,088		(5,244,372	)
MSCI Italy		16,725,454		9,466,269		(587,957	)
MSCI Spain		11,637,240		7,747,747		(1,847,059	)
MSCI Switzerland		21,585,341		5,830,288		(295,388	)

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

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

7.	PURCHASES AND SALES

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


iShares ETF	Purchases		Sales
MSCI Eurozone	$	190,830,861	$	232,992,457
MSCI Germany		86,388,024		93,878,690
MSCI Italy		45,466,096		37,659,175
MSCI Spain		43,152,501		52,756,970
MSCI Switzerland		43,715,222		40,426,129

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


iShares ETF	In-kind Purchases		In-kind Sales
MSCI Eurozone	$	333,205,231	$	696,648,685
MSCI Germany		166,797,295		409,672,189
MSCI Italy		117,024,951		141,269,163
MSCI Spain		71,796,838		192,401,489
MSCI Switzerland		274,683,348		263,138,106

8.	INCOME TAX INFORMATION

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

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

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


iShares ETF	Non-Expiring
MSCI Eurozone	$	724,614,576
MSCI Germany		332,181,041
MSCI Italy		215,057,389
MSCI Spain		351,575,831
MSCI Switzerland		76,944,921

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.


40		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

Notes to Financial Statements (unaudited) (continued)

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



iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
MSCI Eurozone	$	7,582,352,525	$	499,701,694	$	(1,238,782,032	)	$	(739,080,338	)
MSCI Germany		2,755,141,494		74,701,943		(660,257,669	)		(585,555,726	)
MSCI Italy		597,871,549		5,318,535		(70,534,094	)		(65,215,559	)
MSCI Spain		701,890,506		783,319		(171,648,146	)		(170,864,827	)
MSCI Switzerland		1,479,553,709		243,702,466		(46,069,035	)		197,633,431

9.	PRINCIPAL RISKS

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

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

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

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

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

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

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

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


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)

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

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

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

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

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

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

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

10.

CAPITAL SHARE TRANSACTIONS

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

Transactions in capital shares were as follows:




	Six Months Ended 02/28/22						Year Ended 08/31/21


iShares ETF	Shares			Amount			Shares			Amount

MSCI Eurozone
Shares sold		7,200,000		$	345,485,071			70,100,000		$	3,444,946,850
Shares redeemed		(14,300,000	)		(702,064,082	)		(21,300,000	)		(923,193,034	)

Net increase (decrease)		(7,100,000	)	$	(356,579,011	)		48,800,000		$	2,521,753,816


MSCI Germany
Shares sold		5,100,000		$	168,469,123			22,500,000		$	730,874,698
Shares redeemed		(12,600,000	)		(415,716,563	)		(36,900,000	)		(1,148,874,783	)

Net decrease		(7,500,000	)	$	(247,247,440	)		(14,400,000	)	$	(418,000,085	)


MSCI Italy
Shares sold		3,900,000		$	128,247,173			22,125,000		$	697,979,291
Shares redeemed		(4,500,000	)		(145,852,996	)		(12,150,000	)		(368,228,503	)

Net increase (decrease)		(600,000	)	$	(17,605,823	)		9,975,000		$	329,750,788


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Notes to Financial Statements (unaudited) (continued)




	Six Months Ended 02/28/22						Year Ended 08/31/21


iShares ETF	Shares			Amount			Shares			Amount

MSCI Spain
Shares sold		2,925,000		$	79,053,402			17,175,000		$	478,809,053
Shares redeemed		(7,575,000	)		(203,644,006	)		(12,225,000	)		(308,931,658	)

Net increase (decrease)		(4,650,000	)	$	(124,590,604	)		4,950,000		$	169,877,395


MSCI Switzerland
Shares sold		5,625,000		$	280,916,699			5,375,000		$	251,082,659
Shares redeemed		(5,500,000	)		(268,683,382	)		(11,750,000	)		(525,039,869	)

Net increase (decrease)		125,000		$	12,233,317			(6,375,000	)	$	(273,957,210	)

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

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

11.

FOREIGN WITHHOLDING TAX CLAIMS

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

12.

SUBSEQUENT EVENTS

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


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

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 Eurozone ETF, iShares MSCI Germany ETF, iShares MSCI Italy ETF, iShares MSCI Spain ETF and iShares MSCI Switzerland ETF (the “Funds” or “ETFs”), each a series of the Company, which is reasonably designed to assess and manage each Fund’s liquidity risk.

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

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

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

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. While the ETFs generally do not engage in borrowing, certain of the ETFs have the flexibility to draw on a line of credit to meet redemption requests or facilitate settlements.

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

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

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


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Supplemental Information (unaudited)

Regulation Regarding Derivatives

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

Section 19(a) Notices

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

February 28, 2022



	Total Cumulative Distributions for the Fiscal Year-to-Date								% Breakdown of the Total Cumulative Distributions for the Fiscal Year-to-Date

iShares ETF	Net Investment Income		Net Realized Capital Gains		Return of Capital		Total Per Share		Net Investment Income			Net Realized Capital Gains			Return of Capital			Total Per Share
MSCI Eurozone^(a)	$	0.707026	$	—	$	0.013661	$	0.720687		98	%		—	%		2	%		100	%
MSCI Germany^(a)		0.277504		—		0.005568		0.283072		98			—			2			100
MSCI Spain^(a)		0.398769		—		0.036493		0.435262		92			—			8			100

^(a)

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


S U P P L E M E N T A L I N F O R M A T I O N		45

General Information

Electronic Delivery

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

To enroll in electronic delivery:

•

Go to icsdelivery.com.

•

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

Householding

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

Availability of Quarterly Schedule of Investments

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

Availability of Proxy Voting Policies and Proxy Voting Records

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

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


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Glossary of Terms Used in this Report


Portfolio Abbreviations - Equity

NVS		Non-Voting Shares


G L O S S A R Y O F T E R M S U S E D I N T H I S R E P O R T		47

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-807-0222