iShares, Inc.


		FEBRUARY 28, 2022

2022 Semi-Annual Report

(Unaudited)

iShares, Inc.

· iShares MSCI Hong Kong ETF | EWH | NYSE Arca

· iShares MSCI Japan Small-Cap ETF | SCJ | NYSE Arca

· iShares MSCI Malaysia ETF | EWM | NYSE Arca

· iShares MSCI Pacific ex Japan ETF | EPP | NYSE Arca

· iShares MSCI Singapore ETF | EWS | NYSE Arca

· iShares MSCI Taiwan ETF | EWT | NYSE Arca

· iShares MSCI Thailand ETF | THD | 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		11

Shareholder Expenses		11

Schedules of Investments		12

Financial Statements

Statements of Assets and Liabilities		40

Statements of Operations		42

Statements of Changes in Net Assets		44

Financial Highlights		48

Notes to Financial Statements		55

Statement Regarding Liquidity Risk Management Program		64

Supplemental Information		65

General Information		66

Glossary of Terms Used in this Report		67


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

Investment Objective

The iShares MSCI Hong Kong ETF (the “Fund”) seeks to track the investment results of an index composed of Hong Kong equities, as represented by the MSCI Hong Kong 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		(10.83	)%		(11.66	)%		4.21	%		5.34	%		(11.66	)%		22.91	%		68.28	%
Fund Market		(11.00	)		(11.59	)		4.10			5.36			(11.59	)		22.22			68.56
Index		(10.78	)		(11.36	)		4.72			5.89			(11.36	)		25.92			77.31

Index performance through August 31, 2020 reflects the performance of the MSCI Hong Kong Index. Index performance beginning on September 1, 2020 reflects the performance of the MSCI Hong Kong 25/50 Index.

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 11 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	$ 891.70	$ 2.30			$ 1,000.00	$ 1,022.40	$ 2.46		0.49	%

^(a)

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

Portfolio Information

ALLOCATION BY SECTOR



Sector	Percent of Total Investments	^(a)

Financials	41.7	%
Real Estate	21.2
Industrials	16.1
Utilities	11.3
Consumer Discretionary	5.7
Consumer Staples	2.7
Communication Services	1.3

TEN LARGEST HOLDINGS



Security	Percent of Total Investments	^(a)

AIA Group Ltd.	22.3	%
Hong Kong Exchanges & Clearing Ltd.	12.6
Techtronic Industries Co. Ltd.	4.7
CK Hutchison Holdings Ltd.	4.1
Hong Kong & China Gas Co. Ltd.	3.8
CLP Holdings Ltd.	3.8
Link REIT	3.7
Sun Hung Kai Properties Ltd.	3.4
Hang Seng Bank Ltd.	3.2
BOC Hong Kong Holdings Ltd.	3.0

^(a)

Excludes money market funds.


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 Japan Small-Cap ETF

Investment Objective

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

Performance


				Average Annual Total Returns									Cumulative Total Returns

	6 Months			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years

Fund NAV		(9.75	)%		(5.50	)%		4.04	%		7.05	%		(5.50	)%		21.92	%		97.58	%
Fund Market		(9.20	)		(5.90	)		4.22			7.14			(5.90	)		22.97			99.27
Index		(10.36	)		(5.75	)		4.24			7.33			(5.75	)		23.07			102.95

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	$ 902.50	$ 2.31			$ 1,000.00	$ 1,022.40	$ 2.46		0.49	%

^(a)

Portfolio Information

ALLOCATION BY SECTOR



Sector	Percent of Total Investments	^(a)

Industrials	25.2	%
Consumer Discretionary	15.5
Information Technology	11.6
Real Estate	10.7
Materials	10.4
Consumer Staples	8.6
Financials	6.9
Health Care	5.5
Utilities	2.5
Communication Services	2.4
Energy	0.7

TEN LARGEST HOLDINGS



Security	Percent of Total Investments	^(a)

BayCurrent Consulting Inc.	0.7	%
Ebara Corp.	0.7
Taiyo Yuden Co. Ltd.	0.6
MatsukiyoCocokara & Co.	0.5
Sojitz Corp.	0.5
SCREEN Holdings Co. Ltd.	0.5
Advance Residence Investment Corp.	0.5
Food & Life Companies Ltd.	0.5
Nagoya Railroad Co. Ltd.	0.4
Tokyu Fudosan Holdings Corp.	0.4

^(a)

Excludes money market funds.


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


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

Investment Objective

The iShares MSCI Malaysia ETF (the “Fund”) seeks to track the investment results of an index composed of Malaysian equities, as represented by the MSCI Malaysia 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		(0.37	)%		(0.80	)%		1.35	%		(1.53	)%		(0.80	)%		6.92	%		(14.30	)%
Fund Market		0.91			1.57			1.60			(1.43	)		1.57			8.24			(13.39	)
Index		(0.28	)		(0.75	)		1.64			(1.24	)		(0.75	)		8.47			(11.75	)

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	$ 996.30	$ 2.47			$ 1,000.00	$ 1,022.30	$ 2.51		0.50	%

^(a)

Portfolio Information

ALLOCATION BY SECTOR



Sector	Percent of Total Investments	^(a)

Financials	38.4	%
Consumer Staples	13.0
Materials	9.7
Communication Services	8.3
Utilities	7.5
Industrials	6.7
Health Care	6.5
Consumer Discretionary	4.0
Energy	3.8
Information Technology	2.1

TEN LARGEST HOLDINGS



Security	Percent of Total Investments	^(a)

Public Bank Bhd	13.9	%
Malayan Banking Bhd	8.9
CIMB Group Holdings Bhd	8.2
Petronas Chemicals Group Bhd	4.9
Press Metal Aluminium Holdings Bhd	4.7
Tenaga Nasional Bhd	4.5
Petronas Gas Bhd	3.0
Hong Leong Bank Bhd	2.8
DiGi.Com Bhd	2.7
IOI Corp. Bhd	2.5

^(a)

Excludes money market funds.


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 Pacific ex Japan ETF

Investment Objective

The iShares MSCI Pacific ex Japan ETF (the “Fund”) seeks to track the investment results of an index composed of Pacific region developed market equities, excluding Japan, as represented by the MSCI Pacific ex Japan 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		(6.05	)%		(1.92	)%		5.49	%		4.62	%		(1.92	)%		30.65	%		57.07	%
Fund Market		(5.73	)		(1.54	)		5.53			4.76			(1.54	)		30.89			59.14
Index		(6.53	)		(1.93	)		5.84			5.01			(1.93	)		32.80			63.11

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	$ 939.50	$ 2.26			$ 1,000.00	$ 1,022.50	$ 2.36		0.47	%

^(a)

Portfolio Information

ALLOCATION BY SECTOR



Sector	Percent of Total Investments	^(a)

Financials	36.8	%
Materials	15.8
Real Estate	10.5
Industrials	7.9
Health Care	7.0
Consumer Discretionary	5.4
Communication Services	5.0
Consumer Staples	4.1
Utilities	3.7
Energy	2.4
Information Technology	1.4

GEOGRAPHIC ALLOCATION



Country/Geographic Region	Percent of Total Investments	^(a)

Australia	60.6	%
Hong Kong	23.2
Singapore	12.0
New Zealand	2.2
Cayman Islands	1.3
Ireland	0.7
Malta	0.0

^(a)

Excludes money market funds.


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


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

Investment Objective

The iShares MSCI Singapore ETF (the “Fund”) seeks to track the investment results of an index composed of Singaporean equities, as represented by the MSCI Singapore 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		(4.70	)%^(a)		(0.15	)%		2.98	%		1.86	%		(0.15	)%		15.81	%		20.29	%
Fund Market		(4.80	)		0.81			3.00			1.93			0.81			15.92			21.11
Index		(5.54	)		(0.46	)		3.33			2.24			(0.46	)		17.77			24.84

^(a)

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

Index performance through November 30, 2016 reflects the performance of the MSCI Singapore Index. Index performance beginning on December 1, 2016 reflects the performance of the MSCI Singapore 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	$ 953.00	$ 2.37			$ 1,000.00	$ 1,022.40	$ 2.46		0.49	%

^(a)

Portfolio Information

ALLOCATION BY SECTOR



Sector	Percent of Total Investments	^(a)

Financials	35.5	%
Communication Services	21.4
Real Estate	19.4
Industrials	14.1
Consumer Staples	3.9
Information Technology	2.9
Consumer Discretionary	2.8

TEN LARGEST HOLDINGS



Security	Percent of Total Investments	^(a)

DBS Group Holdings Ltd.	17.2	%
Sea Ltd.	16.7
Oversea-Chinese Banking Corp. Ltd.	10.5
Singapore Telecommunications Ltd.	4.7
United Overseas Bank Ltd.	4.3
Ascendas Real Estate Investment Trust	4.3
Keppel Corp. Ltd.	4.1
Wilmar International Ltd.	3.9
Singapore Exchange Ltd.	3.5
Singapore Airlines Ltd.	3.5

^(a)

Excludes money market funds.


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


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

Investment Objective

The iShares MSCI Taiwan ETF (the “Fund”) seeks to track the investment results of an index composed of Taiwanese equities, as represented by the MSCI Taiwan 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		1.57	%		12.93	%		17.48	%		11.50	%		12.93	%		123.80	%		196.99	%
Fund Market		1.11			12.37			17.58			11.57			12.37			124.78			198.91
Index		0.52			12.64			17.89			12.04			12.64			127.75			211.61

Index performance through November 30, 2016 reflects the performance of the MSCI Taiwan Index. Index performance beginning on December 1, 2016 reflects the performance of the MSCI Taiwan 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	$ 1,015.70	$ 2.90			$ 1,000.00	$ 1,021.90	$ 2.91		0.58	%

^(a)

Portfolio Information

ALLOCATION BY SECTOR



Sector	Percent of Total Investments	^(a)

Information Technology	58.8	%
Financials	18.9
Materials	7.1
Industrials	4.9
Consumer Discretionary	3.8
Communication Services	2.9
Consumer Staples	1.8
Other (each representing less than 1%)	1.8

TEN LARGEST HOLDINGS



Security	Percent of Total Investments	^(a)

Taiwan Semiconductor Manufacturing Co. Ltd.	21.7	%
MediaTek Inc.	5.3
Hon Hai Precision Industry Co. Ltd.	4.1
United Microelectronics Corp.	2.1
Fubon Financial Holding Co. Ltd.	2.0
Cathay Financial Holding Co. Ltd.	1.8
CTBC Financial Holding Co. Ltd.	1.7
Delta Electronics Inc.	1.7
Chunghwa Telecom Co. Ltd.	1.6
Nan Ya Plastics Corp.	1.6

^(a)

Excludes money market funds.


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


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

Investment Objective

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

Performance


				Average Annual Total Returns									Cumulative Total Returns

	6 Months			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years

Fund NAV		0.84	%		4.84	%		3.70	%		3.56	%		4.84	%		19.92	%		41.82	%
Fund Market		2.06			5.82			3.92			3.70			5.82			21.17			43.76
Index		0.42			2.40			3.88			3.72			2.40			20.97			44.15

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

Expense Example


Actual					Hypothetical 5% Return


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

	$ 1,000.00	$ 1,008.40	$ 2.84			$ 1,000.00	$ 1,022.00	$ 2.86		0.57	%

^(a)

Portfolio Information

ALLOCATION BY SECTOR



Sector	Percent of Total Investments	^(a)

Energy	13.9	%
Consumer Staples	12.1
Materials	11.2
Utilities	9.8
Financials	9.2
Industrials	9.1
Consumer Discretionary	8.7
Communication Services	8.6
Health Care	6.9
Real Estate	6.4
Information Technology	4.1

TEN LARGEST HOLDINGS



Security	Percent of Total Investments	^(a)

CP ALL PCL	6.8	%
PTT PCL	6.7
Siam Cement PCL (The)	5.2
Airports of Thailand PCL	4.7
Advanced Info Service PCL	4.6
Bangkok Dusit Medical Services PCL	3.8
PTT Exploration & Production PCL	3.2
Gulf Energy Development PCL	2.5
Energy Absolute PCL	2.4
Delta Electronics Thailand PCL	2.2

^(a)

Excludes money market funds.


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

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		11

Schedule of Investments (unaudited)

February 28, 2022

iShares^® MSCI Hong Kong ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Banks — 6.2%
BOC Hong Kong Holdings Ltd.		7,245,000	$	26,046,238
Hang Seng Bank Ltd.		1,474,600		27,193,229


				53,239,467

Beverages — 1.3%
Budweiser Brewing Co. APAC Ltd.^(a)		3,585,900		11,130,524


Building Products — 1.2%
Xinyi Glass Holdings Ltd.		3,907,000		10,407,235


Capital Markets — 13.2%
Futu Holdings Ltd., ADR^(b)(c)		108,967		4,658,339
Hong Kong Exchanges & Clearing Ltd.		2,220,426		107,594,413


				112,252,752

Diversified Telecommunication Services — 1.3%
HKT Trust & HKT Ltd., Class SS		8,070,500		10,885,147


Electric Utilities — 7.5%
CK Infrastructure Holdings Ltd.		1,318,500		8,185,249
CLP Holdings Ltd.		3,150,700		32,097,089
HK Electric Investments & HK Electric Investments Ltd., Class SS		6,418,000		6,332,094
Power Assets Holdings Ltd.		2,790,000		17,584,049


				64,198,481

Equity Real Estate Investment Trusts (REITs) — 3.7%
Link REIT		3,934,800		31,796,326


Food Products — 1.4%
WH Group Ltd.^(a)		16,853,000		11,769,724


Gas Utilities — 3.8%
Hong Kong & China Gas Co. Ltd.		21,453,495		32,442,969


Hotels, Restaurants & Leisure — 4.7%
Galaxy Entertainment Group Ltd.^(b)		4,138,000		23,078,580
Melco Resorts & Entertainment Ltd., ADR^(b)		477,838		4,787,937
Sands China Ltd.^(b)		4,788,400		12,629,314


				40,495,831

Industrial Conglomerates — 7.0%
CK Hutchison Holdings Ltd.		4,989,767		34,983,571
Jardine Matheson Holdings Ltd.		420,400		25,013,800


				59,997,371

Insurance — 22.3%
AIA Group Ltd.		18,301,400		190,038,896


Machinery — 4.7%
Techtronic Industries Co. Ltd.		2,375,147		39,798,095


Marine — 1.3%
SITC International Holdings Co. Ltd.		2,630,000		10,843,903


Security	Shares		Value

Real Estate Management & Development — 17.5%
CK Asset Holdings Ltd.		3,918,767	$	24,751,103
ESR Cayman Ltd.^(a)(b)		3,818,200		11,779,246
Hang Lung Properties Ltd.		4,247,000		8,902,037
Henderson Land Development Co. Ltd.		3,000,762		12,475,784
Hongkong Land Holdings Ltd.		2,401,000		13,002,368
New World Development Co. Ltd.		3,115,266		12,459,945
Sino Land Co. Ltd.		6,836,000		8,628,391
Sun Hung Kai Properties Ltd.		2,496,500		29,023,761
Swire Pacific Ltd., Class A		1,127,500		6,230,805
Swire Properties Ltd.		2,655,000		6,904,374
Wharf Real Estate Investment Co. Ltd.		3,335,150		14,972,438


				149,130,252

Road & Rail — 1.9%
MTR Corp. Ltd.		3,094,083		16,038,185


Specialty Retail — 1.0%
Chow Tai Fook Jewellery Group Ltd.^(b)		4,014,200		8,335,640


Total Common Stocks — 100.0% (Cost: $975,239,202)				852,800,798


Short-Term Investments

Money Market Funds — 0.2%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.09%^(d)(e)(f)		1,036,519		1,036,726
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.03%^(d)(e)		710,000		710,000


				1,746,726


Total Short-Term Investments — 0.2% (Cost: $1,746,807)				1,746,726


Total Investments in Securities — 100.2% (Cost: $976,986,009)				854,547,524

Other Assets, Less Liabilities — (0.2)%				(1,420,721	)


Net Assets — 100.0%			$	853,126,803

^(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.


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 Hong Kong ETF

Affiliates

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




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


BlackRock Cash Funds: Institutional, SL Agency Shares	$	14,915,960	$	—	$	(13,879,130	)^(a)	$	(23	)	$	(81	)	$	1,036,726		1,036,519	$	517,214	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		1,700,000		—		(990,000	)^(a)		—			—			710,000		710,000		61			—

								$	(23	)	$	(81	)	$	1,746,726			$	517,275		$	—

^(a)

Represents net amount purchased (sold).

^(b)

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

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts




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


Long Contracts
MSCI EAFE Index		3		03/18/22	$	324	$	(14,688	)

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)	$	14,688

^(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	$	(228,556	)


Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(40,639	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments



Futures contracts:
Average notional value of contracts — long	$	2,536,465

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


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

Schedule of Investments (unaudited) (continued)

February 28, 2022

iShares^® MSCI Hong Kong ETF

Fair Value Hierarchy as of Period End

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

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




	Level 1			Level 2		Level 3		Total


Investments
Assets
Common Stocks	$	60,579,354		$	792,221,444	$	—	$	852,800,798
Money Market Funds		1,746,726			—		—		1,746,726

	$	62,326,080		$	792,221,444	$	—	$	854,547,524

Derivative financial instruments^(a)
Liabilities
Futures Contracts	$	(14,688	)	$	—	$	—	$	(14,688	)

^(a)

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

See notes to financial statements.


14		2 0 2 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 Japan Small-Cap ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Air Freight & Logistics — 0.3%
Kintetsu World Express Inc.		3,000	$	78,622
Konoike Transport Co. Ltd.		3,000		31,376
Maruwa Unyu Kikan Co. Ltd.		3,000		27,728
Mitsui-Soko Holdings Co. Ltd.		2,000		41,629
SBS Holdings Inc.		2,000		58,102


				237,457

Auto Components — 3.0%
Eagle Industry Co. Ltd.		2,000		18,049
Exedy Corp.		3,000		43,653
FCC Co. Ltd.		3,000		36,914
G-Tekt Corp.		2,000		25,303
Ichikoh Industries Ltd.		3,000		13,234
JTEKT Corp.		18,000		155,275
KYB Corp.		2,000		53,722
Musashi Seimitsu Industry Co. Ltd.		4,000		62,436
NGK Spark Plug Co. Ltd.		14,000		252,289
NHK Spring Co. Ltd.		17,000		135,486
Nifco Inc./Japan		7,000		199,052
Nippon Seiki Co. Ltd.		4,000		33,898
NOK Corp.		8,000		83,745
Pacific Industrial Co. Ltd.		4,000		35,461
Piolax Inc.		2,000		30,059
Shoei Co. Ltd.		2,000		79,408
Sumitomo Riko Co. Ltd.		3,000		16,412
Sumitomo Rubber Industries Ltd.		15,000		145,143
Tokai Rika Co. Ltd.		5,000		66,358
Topre Corp.		3,000		31,113
Toyo Tire Corp.		10,000		132,541
Toyoda Gosei Co. Ltd.		6,000		114,189
Toyota Boshoku Corp.		6,000		109,800
TPR Co. Ltd.		2,000		24,207
TS Tech Co. Ltd.		8,000		107,948
Yokohama Rubber Co. Ltd. (The)		11,000		154,224


				2,159,919

Automobiles — 0.3%
Mitsubishi Motors Corp.^(a)		59,000		154,835
Nissan Shatai Co. Ltd.		6,000		34,288


				189,123

Banks — 4.3%
77 Bank Ltd. (The)		5,000		67,516
Aozora Bank Ltd.		11,000		247,679
Awa Bank Ltd. (The)		3,000		60,468
Bank of Kyoto Ltd. (The)		5,000		222,176
Chugoku Bank Ltd. (The)		13,000		102,296
Daishi Hokuetsu Financial Group Inc.		3,000		69,391
Fukuoka Financial Group Inc.		15,000		295,717
Gunma Bank Ltd. (The)		32,000		105,784
Hachijuni Bank Ltd. (The)		33,000		124,711
Hirogin Holdings Inc.		25,000		147,272
Hokkoku Financial Holdings Inc.		2,000		52,812
Hokuhoku Financial Group Inc.		10,000		81,326
Hyakugo Bank Ltd. (The)		18,000		55,503
Iyo Bank Ltd. (The)		20,000		107,184
Juroku Financial Group Inc.		2,000		42,361
Keiyo Bank Ltd. (The)		10,000		44,541
Kiyo Bank Ltd. (The)		5,000		64,123
Kyushu Financial Group Inc.		32,000		114,204
Mebuki Financial Group Inc.		87,000		204,009


Security	Shares		Value

Banks (continued)
Musashino Bank Ltd. (The)		2,000	$	33,039
Nanto Bank Ltd. (The)		2,000		37,040
Nishi-Nippon Financial Holdings Inc.		11,000		78,613
North Pacific Bank Ltd.		23,000		50,695
Ogaki Kyoritsu Bank Ltd. (The)		3,000		52,987
Okinawa Financial Group Inc.		2,000		40,867
San-in Godo Bank Ltd. (The)		13,000		76,605
Seven Bank Ltd.		54,000		115,276
Shiga Bank Ltd. (The)		3,000		58,224
Shinsei Bank Ltd.		6,000		112,452
Suruga Bank Ltd.		14,000		54,902
Toho Bank Ltd. (The)		17,000		31,268
TOMONY Holdings Inc.		12,000		35,985
Yamaguchi Financial Group Inc.		17,500		108,040


				3,095,066

Beverages — 0.5%
Coca-Cola Bottlers Japan Holdings Inc.		11,000		140,051
Sapporo Holdings Ltd.		6,000		118,687
Takara Holdings Inc.		13,000		129,166


				387,904

Biotechnology — 0.6%
AnGes Inc.^(a)		13,000		35,793
GNI Group Ltd.^(a)		4,097		45,436
HEALIOS K.K.^(a)		2,000		22,119
PeptiDream Inc.^(a)		9,000		160,199
Pharma Foods International Co. Ltd.		2,000		28,071
SanBio Co. Ltd.^(a)		3,000		48,884
Takara Bio Inc.		4,000		83,588


				424,090

Building Products — 1.2%
Aica Kogyo Co. Ltd.		5,000		139,993
Bunka Shutter Co. Ltd.		5,000		47,364
Central Glass Co. Ltd.		3,000		53,835
Nichias Corp.		5,000		113,266
Nichiha Corp.		2,000		45,050
Nippon Sheet Glass Co. Ltd.^(a)		8,000		33,389
Nitto Boseki Co. Ltd.		2,000		53,139
Noritz Corp.		2,000		26,914
Sanwa Holdings Corp.		16,000		178,811
Sekisui Jushi Corp.		2,000		33,386
Shin Nippon Air Technologies Co. Ltd.		1,000		17,896
Sinko Industries Ltd.		2,000		30,271
Takara Standard Co. Ltd.		3,000		35,633
Takasago Thermal Engineering Co. Ltd.		4,000		67,419


				876,366

Capital Markets — 0.7%
GMO Financial Holdings Inc.		3,000		21,315
JAFCO Group Co. Ltd.		7,000		105,294
M&A Capital Partners Co. Ltd.^(a)		1,000		43,887
Matsui Securities Co. Ltd.		10,000		70,262
Monex Group Inc.		14,000		63,827
Okasan Securities Group Inc.		13,000		44,248
SPARX Group Co. Ltd.		8,000		17,728
Strike Co. Ltd.		1,000		38,960
Tokai Tokyo Financial Holdings Inc.		17,000		62,154
Uzabase Inc.^(a)		2,000		17,363
WealthNavi Inc.^(a)		2,000		30,169


				515,207


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 Japan Small-Cap ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Chemicals — 6.6%
ADEKA Corp.		7,000	$	162,346
Air Water Inc.		16,000		232,938
C.I. Takiron Corp.		4,000		19,512
Chugoku Marine Paints Ltd.		3,000		24,043
Daicel Corp.		23,000		176,999
Denka Co. Ltd.		7,000		214,989
DIC Corp.		7,000		159,456
Fujimi Inc.		2,000		119,322
Fujimori Kogyo Co. Ltd.		1,000		34,705
Fuso Chemical Co. Ltd.		2,000		80,704
JCU Corp.		2,000		86,523
JSP Corp.		1,000		14,033
Kaneka Corp.		4,000		130,836
Kanto Denka Kogyo Co. Ltd.		4,000		41,861
KeePer Technical Laboratory Co. Ltd.		1,000		18,889
KH Neochem Co. Ltd.		3,000		74,182
Konishi Co. Ltd.		3,000		41,691
Kumiai Chemical Industry Co. Ltd.		7,049		50,022
Kuraray Co. Ltd.		27,000		253,439
Kureha Corp.		1,400		112,349
Lintec Corp.		4,000		89,162
Nihon Parkerizing Co. Ltd.		7,000		60,209
Nippon Kayaku Co. Ltd.		12,000		118,861
Nippon Shokubai Co. Ltd.		2,000		97,527
Nippon Soda Co. Ltd.		2,000		58,591
NOF Corp.		6,000		261,026
Okamoto Industries Inc.		1,000		34,901
Osaka Organic Chemical Industry Ltd.		1,000		26,473
Osaka Soda Co. Ltd.		1,000		27,362
Sakata INX Corp.		4,000		33,455
Sanyo Chemical Industries Ltd.		1,000		44,677
Shikoku Chemicals Corp.		3,000		38,067
Shin-Etsu Polymer Co. Ltd.		4,000		38,294
Showa Denko KK		16,000		292,489
Sumitomo Bakelite Co. Ltd.		3,000		125,156
T. Hasegawa Co. Ltd.		3,000		62,991
Taiyo Holdings Co. Ltd.		3,000		80,514
Takasago International Corp.		1,000		24,030
Taki Chemical Co. Ltd.		400		16,627
Teijin Ltd.		16,000		192,478
Tenma Corp.		1,000		22,663
Toagosei Co. Ltd.		9,000		85,613
Tokai Carbon Co. Ltd.		17,000		163,171
Tokuyama Corp.		5,000		77,047
Tokyo Ohka Kogyo Co. Ltd.		3,000		191,289
Toyo Gosei Co. Ltd.		400		33,568
Toyo Ink SC Holdings Co. Ltd.		3,000		50,286
Toyobo Co. Ltd.		7,000		75,770
Ube Industries Ltd.		9,000		165,886
Zeon Corp.		12,000		140,828


				4,777,850

Commercial Services & Supplies — 1.5%
Aeon Delight Co. Ltd.		2,000		51,927
Daiseki Co. Ltd.		4,012		163,441
Duskin Co. Ltd.		3,000		73,238
Japan Elevator Service Holdings Co. Ltd.		5,000		65,597
Kokuyo Co. Ltd.		7,000		98,133
Matsuda Sangyo Co. Ltd.		1,060		22,958
Midac Holdings Co. Ltd.		1,000		20,461
Mitsubishi Pencil Co. Ltd.		3,000		33,526


Security	Shares		Value

Commercial Services & Supplies (continued)
Nippon Kanzai Co. Ltd.		2,000	$	49,665
Nippon Parking Development Co. Ltd.		16,000		19,523
Okamura Corp.		5,000		51,519
Park24 Co. Ltd.^(a)		10,000		149,458
Pilot Corp.		2,000		82,265
Prestige International Inc.		8,000		48,725
Raksul Inc.^(a)		2,000		54,631
Sato Holdings Corp.		2,000		35,525
TRE Holdings Corp.		4,000		59,952


				1,080,544

Construction & Engineering — 4.1%
Chiyoda Corp.^(a)		14,000		43,811
Chudenko Corp.		2,000		38,089
COMSYS Holdings Corp.		10,000		241,821
Dai-Dan Co. Ltd.		1,000		20,308
Daiho Corp.		1,000		31,254
EXEO Group Inc.		9,000		187,347
Hazama Ando Corp.		12,000		96,658
INFRONEER Holdings Inc.		18,840		167,153
JDC Corp.		4,000		18,680
JGC Holdings Corp.		20,000		200,458
JTOWER Inc.^(a)		1,000		36,122
Kandenko Co. Ltd.		9,000		68,437
Kinden Corp.		11,000		156,009
Kumagai Gumi Co. Ltd.		3,000		75,418
Kyudenko Corp.		4,000		107,387
Mirait Holdings Corp.		8,000		135,960
Nippon Densetsu Kogyo Co. Ltd.		3,000		41,598
Nippon Koei Co. Ltd.		1,000		26,738
Nippon Road Co. Ltd. (The)		900		76,376
Nishimatsu Construction Co. Ltd.		3,000		99,796
Okumura Corp.		3,000		84,725
Penta-Ocean Construction Co. Ltd.		25,000		131,598
Raito Kogyo Co. Ltd.		4,000		68,150
Raiznext Corp.		2,000		19,803
Sanki Engineering Co. Ltd.		4,000		51,909
Shinnihon Corp.		2,000		13,053
SHO-BOND Holdings Co. Ltd.		4,000		179,193
Sumitomo Densetsu Co. Ltd.		1,000		20,152
Sumitomo Mitsui Construction Co. Ltd.		13,000		49,942
Taihei Dengyo Kaisha Ltd.		1,000		22,785
Taikisha Ltd.		2,000		54,073
Takamatsu Construction Group Co. Ltd.		1,000		17,727
Toa Corp./Tokyo		1,000		22,507
Toda Corp.		20,000		133,554
Toenec Corp.		1,000		30,965
Tokyu Construction Co. Ltd.		7,040		43,635
Totetsu Kogyo Co. Ltd.		2,000		43,673
Toyo Construction Co. Ltd.		6,000		31,264
Yokogawa Bridge Holdings Corp.		3,000		54,801
Yurtec Corp.		3,000		19,258


				2,962,187

Construction Materials — 0.5%
Maeda Kosen Co. Ltd.		2,000		57,907
Mitani Sekisan Co. Ltd.		1,000		53,697
Sumitomo Osaka Cement Co. Ltd.		3,000		89,118
Taiheiyo Cement Corp.		10,000		192,284


				393,006


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) (continued)

February 28, 2022

iShares^® MSCI Japan Small-Cap ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Consume Finance — 1.0%
AEON Financial Service Co. Ltd.		10,000	$	102,996
Aiful Corp.		28,000		89,773
Credit Saison Co. Ltd.		13,000		146,340
Jaccs Co. Ltd.		2,000		56,483
Marui Group Co. Ltd.		15,000		295,214
Orient Corp.		47,000		51,645


				742,451

Containers & Packaging — 0.7%
FP Corp.		4,100		116,503
Fuji Seal International Inc.		4,000		63,207
Pack Corp. (The)		1,000		23,922
Rengo Co. Ltd.		16,000		119,757
Toyo Seikan Group Holdings Ltd.		13,000		173,685


				497,074

Distributors — 0.2%
Arata Corp.		1,000		34,857
Doshisha Co. Ltd.		2,000		27,117
Paltac Corp.		3,000		116,742


				178,716

Diversified Consumer Services — 0.3%
Benesse Holdings Inc.		6,000		122,210
LITALICO Inc.		2,000		49,771
Riso Kyoiku Co. Ltd.		10,000		31,343


				203,324

Diversified Financial Services — 0.8%
eGuarantee Inc.		3,000		53,392
Financial Products Group Co. Ltd.		6,000		44,685
Fuyo General Lease Co. Ltd.		1,500		98,258
Japan Securities Finance Co. Ltd.		8,000		63,832
Mizuho Leasing Co. Ltd.		2,000		54,024
Ricoh Leasing Co. Ltd.		1,000		32,359
Zenkoku Hosho Co. Ltd.		5,000		210,263


				556,813

Diversified Telecommunication Services — 0.3%
ARTERIA Networks Corp.		2,000		23,164
Internet Initiative Japan Inc.		5,000		160,691
Usen-Next Holdings Co. Ltd.		1,000		21,169
Vision Inc./Tokyo Japan^(a)		3,000		30,479


				235,503

Electric Utilities — 1.4%
Chugoku Electric Power Co. Inc. (The)		26,000		203,528
Hokkaido Electric Power Co. Inc.		16,000		70,050
Hokuriku Electric Power Co.		15,000		73,454
Kyushu Electric Power Co. Inc.		36,000		271,489
Okinawa Electric Power Co. Inc. (The)		4,092		51,525
Shikoku Electric Power Co. Inc.		14,000		107,645
Tohoku Electric Power Co. Inc.		39,000		253,243


				1,030,934

Electrical Equipment — 1.3%
Daihen Corp.		2,000		75,297
Fujikura Ltd.^(a)		21,000		113,544
Furukawa Electric Co. Ltd.		6,000		118,787
GS Yuasa Corp.		6,000		129,198
Idec Corp./Japan		2,000		44,411
Mabuchi Motor Co. Ltd.		4,000		138,277
Nippon Carbon Co. Ltd.		1,000		35,667
Nissin Electric Co. Ltd.		4,000		50,903
Nitto Kogyo Corp.		2,000		28,117


Security	Shares		Value

Electrical Equipment (continued)
Sanyo Denki Co. Ltd.		1,000	$	44,319
Toyo Tanso Co. Ltd.		1,000		26,978
Ushio Inc.		8,000		130,698


				936,196

Electronic Equipment, Instruments & Components — 4.2%
Ai Holdings Corp.		3,000		45,220
Alps Alpine Co. Ltd.		19,000		190,766
Amano Corp.		5,000		98,023
Anritsu Corp.		12,000		168,582
Canon Electronics Inc.		2,000		27,914
Canon Marketing Japan Inc.		4,000		83,601
Citizen Watch Co. Ltd.		24,000		104,546
CONEXIO Corp.		1,000		12,117
Daiwabo Holdings Co. Ltd.		8,000		123,835
Dexerials Corp.		5,000		142,756
ESPEC Corp.		1,000		18,011
Hioki E.E. Corp.		1,000		60,043
Horiba Ltd.		3,000		172,606
Hosiden Corp.		4,000		41,320
Iriso Electronics Co. Ltd.		2,000		71,437
Japan Aviation Electronics Industry Ltd.		4,000		63,038
Japan Display Inc.^(a)		48,000		17,659
Kaga Electronics Co. Ltd.		1,000		26,319
Koa Corp.		3,000		38,017
Macnica Fuji Electronics Holdings Inc.		4,000		94,146
Maruwa Co. Ltd./Aichi		1,000		130,595
Meiko Electronics Co. Ltd.		2,000		70,072
Nichicon Corp.		4,000		42,530
Nippon Ceramic Co. Ltd.		2,000		43,969
Nippon Electric Glass Co. Ltd.		7,000		168,496
Nippon Signal Company Ltd.		4,000		30,295
Nissha Co. Ltd.		3,000		34,485
Nohmi Bosai Ltd.		2,000		34,797
Oki Electric Industry Co. Ltd.		8,000		58,944
Optex Group Co. Ltd.		3,000		43,704
Restar Holdings Corp.		1,000		17,280
Riken Keiki Co. Ltd.		1,000		42,188
Ryosan Co. Ltd.		2,000		40,832
Ryoyo Electro Corp.		1,000		19,034
Siix Corp.		3,000		29,336
Taiyo Yuden Co. Ltd.		10,000		452,116
Tamura Corp.		6,000		31,474
Topcon Corp.		9,000		118,676
Yokowo Co. Ltd.		1,000		23,899


				3,032,678

Energy Equipment & Services — 0.0%
Modec Inc.		2,000		20,457


Entertainment — 0.8%
Avex Inc.		3,000		36,149
Bushiroad Inc.^(a)		1,000		10,703
COLOPL Inc.		5,000		28,182
Daiichikosho Co. Ltd.		3,000		91,425
DeNA Co. Ltd.		8,000		122,938
GungHo Online Entertainment Inc.		4,000		88,780
Shochiku Co. Ltd.^(a)		1,000		104,176
Toei Co. Ltd.		500		77,776


				560,129


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 Japan Small-Cap ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Equity Real Estate Investment Trusts (REITs) — 8.6%
Activia Properties Inc.		60	$	203,648
Advance Residence Investment Corp.		120		336,102
AEON REIT Investment Corp.		140		174,568
Comforia Residential REIT Inc.		60		161,951
CRE Logistics REIT Inc.		50		82,911
Daiwa Office Investment Corp.		30		185,508
Daiwa Securities Living Investments Corp.		170		155,334
Frontier Real Estate Investment Corp.		40		164,660
Fukuoka REIT Corp.		60		81,918
Global One Real Estate Investment Corp.		90		86,902
Hankyu Hanshin REIT Inc.		60		75,593
Heiwa Real Estate REIT Inc.		80		96,332
Hoshino Resorts REIT Inc.		20		113,146
Hulic Reit Inc.		110		149,511
Ichigo Office REIT Investment Corp.		110		79,490
Industrial & Infrastructure Fund Investment Corp.		170		255,739
Invincible Investment Corp.		550		188,611
Itochu Advance Logistics Investment Corp.		50		63,787
Japan Excellent Inc.		110		122,825
Japan Hotel REIT Investment Corp.		400		204,702
Japan Logistics Fund Inc.		70		183,698
Japan Prime Realty Investment Corp.		70		227,917
Kenedix Office Investment Corp.		40		237,178
Kenedix Residential Next Investment Corp.		80		131,427
Kenedix Retail REIT Corp.		50		114,060
LaSalle Logiport REIT		160		229,526
Mirai Corp.		150		63,932
Mitsubishi Estate Logistics REIT Investment Corp.		32		118,730
Mitsui Fudosan Logistics Park Inc.		51		232,897
Mori Hills REIT Investment Corp.		140		168,267
Mori Trust Hotel Reit Inc.		30		32,026
Mori Trust Sogo REIT Inc.		90		107,653
Nippon Accommodations Fund Inc.		40		210,499
NIPPON REIT Investment Corp.		40		125,209
NTT UD REIT Investment Corp.		120		157,274
One REIT Inc.		20		49,863
Samty Residential Investment Corp.		30		30,747
Sekisui House Reit Inc.		360		239,238
SOSiLA Logistics REIT Inc.		60		77,196
Star Asia Investment Corp.		130		65,683
Starts Proceed Investment Corp.		20		39,306
Takara Leben Real Estate Investment Corp.		50		49,846
Tokyu REIT Inc.		70		110,003
United Urban Investment Corp.		260		298,095


				6,283,508

Food & Staples Retailing — 2.7%
Aeon Hokkaido Corp.		2,000		20,414
Ain Holdings Inc.		2,200		122,763
Arcs Co. Ltd.		4,000		75,757
Axial Retailing Inc.		1,000		28,954
Belc Co. Ltd.		1,000		47,889
Cawachi Ltd.		1,000		21,356
Create SD Holdings Co. Ltd.		2,000		54,862
Daikokutenbussan Co. Ltd.		500		20,759
Fuji Co. Ltd./Ehime		1,000		27,386
G-7 Holdings Inc.		2,000		28,931
Genky DrugStores Co. Ltd.		1,000		34,365
Halows Co. Ltd.		1,000		25,451
Heiwado Co. Ltd.		3,000		52,290
Inageya Co. Ltd.		2,000		25,020


Security	Shares		Value

Food & Staples Retailing (continued)
JM Holdings Co. Ltd.		1,000	$	15,547
Kato Sangyo Co. Ltd.		2,000		53,913
Kusuri no Aoki Holdings Co. Ltd.		1,400		82,317
Life Corp.		1,000		26,483
MatsukiyoCocokara & Co.		10,000		385,522
Maxvalu Tokai Co. Ltd.		1,000		22,697
Mitsubishi Shokuhin Co. Ltd.		1,000		26,956
Nihon Chouzai Co. Ltd.		1,000		12,116
Qol Holdings Co. Ltd.		2,000		22,374
Retail Partners Co. Ltd.		2,000		22,386
San-A Co. Ltd.		2,000		74,260
Shoei Foods Corp.		1,000		36,784
Sugi Holdings Co. Ltd.		3,000		170,907
Sundrug Co. Ltd.		6,000		163,331
United Super Markets Holdings Inc.		5,000		46,184
Valor Holdings Co. Ltd.		3,000		58,101
Yaoko Co. Ltd.		2,000		114,593
Yokorei Co. Ltd.		4,000		30,409


				1,951,077

Food Products — 4.0%
Ariake Japan Co. Ltd.		2,000		99,872
Calbee Inc.		8,000		179,886
DyDo Group Holdings Inc.		1,000		44,888
Ezaki Glico Co. Ltd.		4,000		136,457
Fuji Oil Holdings Inc.		4,000		77,599
Fujicco Co. Ltd.		2,000		34,780
Fujiya Co. Ltd.		1,000		22,235
Hokuto Corp.		2,000		34,310
House Foods Group Inc.		5,000		129,262
Itoham Yonekyu Holdings Inc.		13,000		78,117
J-Oil Mills Inc.		2,000		30,231
Kagome Co. Ltd.		7,000		186,872
Kameda Seika Co. Ltd.		1,000		35,933
Kewpie Corp.		9,000		192,110
Kotobuki Spirits Co. Ltd.		2,000		106,668
Maruha Nichiro Corp.		4,000		87,273
Megmilk Snow Brand Co. Ltd.		4,000		70,439
Mitsui DM Sugar Holdings Co. Ltd.		1,000		17,851
Morinaga & Co. Ltd./Japan		3,000		97,608
Morinaga Milk Industry Co. Ltd.		3,000		150,387
NH Foods Ltd.		7,000		262,729
Nichirei Corp.		10,000		220,358
Nippn Corp., New		4,000		59,338
Nippon Suisan Kaisha Ltd.		25,000		118,384
Nisshin Oillio Group Ltd. (The)		2,000		53,161
Prima Meat Packers Ltd.		2,000		42,219
Riken Vitamin Co. Ltd.		2,000		30,243
S Foods Inc.		2,000		57,511
Sakata Seed Corp.		2,000		58,761
Showa Sangyo Co. Ltd.		1,000		23,843
Yamazaki Baking Co. Ltd.		11,000		148,920
Yukiguni Maitake Co. Ltd.		2,000		20,869


				2,909,114

Gas Utilities — 0.6%
Nippon Gas Co. Ltd.		10,000		150,471
Saibu Gas Holdings Co. Ltd.		2,000		39,956
Shizuoka Gas Co. Ltd.		4,000		30,196
Toho Gas Co. Ltd.		7,000		187,227


				407,850


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) (continued)

February 28, 2022

iShares^® MSCI Japan Small-Cap ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Health Care Equipment & Supplies — 1.5%
CYBERDYNE Inc.^(a)(b)		10,000	$	30,209
Eiken Chemical Co. Ltd.		3,000		45,579
Hogy Medical Co. Ltd.		2,000		58,324
Japan Lifeline Co. Ltd.		6,000		57,309
Jeol Ltd.		3,000		174,949
Mani Inc.		7,000		99,041
Menicon Co. Ltd.		5,000		130,810
Nagaileben Co. Ltd.		2,000		38,207
Nakanishi Inc.		6,000		112,143
Nihon Kohden Corp.		7,000		190,990
Nipro Corp.		12,000		114,600
Paramount Bed Holdings Co. Ltd.		3,000		52,883


				1,105,044

Health Care Providers & Services — 1.5%
Alfresa Holdings Corp.		17,000		261,618
As One Corp.		2,400		145,086
BML Inc.		2,000		58,013
Elan Corp.		3,000		25,556
H.U. Group Holdings Inc.		5,000		132,331
Japan Medical Dynamic Marketing Inc.		1,000		14,007
Ship Healthcare Holdings Inc.		7,000		139,339
Solasto Corp.		5,000		44,770
Suzuken Co. Ltd.		6,000		193,417
Toho Holdings Co. Ltd.		5,000		82,265
Tokai Corp./Gifu		2,000		32,766


				1,129,168

Health Care Technology — 0.3%
EM Systems Co. Ltd.		3,000		18,844
JMDC Inc.^(a)		2,200		122,102
Medical Data Vision Co. Ltd.		2,000		18,729
Medley Inc.^(a)		2,000		39,131
MedPeer Inc.^(a)		1,000		27,817


				226,623

Hotels, Restaurants & Leisure — 3.5%
Airtrip Corp.		1,000		27,045
Arcland Service Holdings Co. Ltd.		1,000		19,779
Atom Corp.		10,000		67,155
Colowide Co. Ltd.		7,000		105,343
Create Restaurants Holdings Inc.		10,000		63,054
Curves Holdings Co. Ltd.		5,000		30,815
Doutor Nichires Holdings Co. Ltd.		3,000		42,300
Food & Life Companies Ltd.		10,000		332,870
Fuji Kyuko Co. Ltd.		2,000		69,978
Fujio Food Group Inc.		1,000		11,433
Hiday Hidaka Corp.		2,084		32,518
HIS Co. Ltd.^(a)		4,000		68,851
Ichibanya Co. Ltd.		1,000		40,704
Kappa Create Co. Ltd.^(a)		2,000		24,168
KFC Holdings Japan Ltd.		1,000		25,305
Kisoji Co. Ltd.		2,000		37,637
KOMEDA Holdings Co. Ltd.		4,000		73,620
Koshidaka Holdings Co. Ltd.		4,000		22,220
Kura Sushi Inc.		2,000		64,672
Kyoritsu Maintenance Co. Ltd.		3,080		114,100
Matsuyafoods Holdings Co. Ltd.		1,000		32,067
Monogatari Corp. (The)		1,000		55,298
MOS Food Services Inc.		2,000		53,033
Ohsho Food Service Corp.		1,000		52,637
Open Door Inc.^(a)		1,000		16,943


Security	Shares		Value

Hotels, Restaurants & Leisure (continued)
Plenus Co. Ltd.		2,000	$	34,795
Resorttrust Inc.		7,000		118,204
Ringer Hut Co. Ltd.		2,000		39,036
Round One Corp.		5,000		56,172
Royal Holdings Co. Ltd.		2,000		34,307
Saizeriya Co. Ltd.		3,000		76,720
Skylark Holdings Co. Ltd.		20,000		262,426
Tokyotokeiba Co. Ltd.		1,000		35,538
Toridoll Holdings Corp.		4,000		84,994
Tosho Co. Ltd.		1,000		15,124
Yoshinoya Holdings Co. Ltd.		6,000		124,796
Zensho Holdings Co. Ltd.		8,000		192,182


				2,557,839

Household Durables — 2.1%
Casio Computer Co. Ltd.		17,000		199,179
Chofu Seisakusho Co. Ltd.		1,000		17,401
ES-Con Japan Ltd.		3,000		19,801
Fujitsu General Ltd.		5,000		108,428
Haseko Corp.		23,000		293,593
Ki-Star Real Estate Co. Ltd.		1,000		44,182
Nagawa Co. Ltd.		1,000		84,818
Nikon Corp.		27,000		282,226
Pressance Corp.		2,000		31,352
Sangetsu Corp.		4,000		56,104
Sumitomo Forestry Co. Ltd.		13,000		250,686
Tama Home Co. Ltd.		1,000		20,143
Tamron Co. Ltd.		1,000		20,550
Token Corp.		1,000		79,207
Zojirushi Corp.		3,000		37,909


				1,545,579

Household Products — 0.3%
Earth Corp.		1,000		48,917
Pigeon Corp.		10,000		184,137


				233,054

Independent Power and Renewable Electricity Producers — 0.5%
Electric Power Development Co. Ltd.		13,000		206,260
eRex Co. Ltd.		2,000		32,316
RENOVA Inc.^(a)		3,000		37,419
West Holdings Corp.		2,080		78,542


				354,537

Industrial Conglomerates — 0.7%
Katakura Industries Co. Ltd.		2,000		40,941
Keihan Holdings Co. Ltd.		9,000		240,175
Mie Kotsu Group Holdings Inc.		4,000		16,135
Nisshinbo Holdings Inc.		13,000		114,750
Noritsu Koki Co. Ltd.		2,000		35,978
TOKAI Holdings Corp.		9,000		71,630


				519,609

Insurance — 0.1%
Anicom Holdings Inc.		7,000		45,083
LIFENET INSURANCE CO.^(a)		4,000		20,175


				65,258

Interactive Media & Services — 0.4%
Bengo4.com Inc.^(a)		1,000		37,705
Dip Corp.		3,000		89,011
giftee Inc.^(a)		1,000		7,486
Gree Inc.		10,000		82,317


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 Japan Small-Cap ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Interactive Media & Services (continued)
Mixi Inc.		4,000	$	77,804


				294,323

Internet & Direct Marketing Retail — 0.2%
ASKUL Corp.		3,000		43,568
Belluna Co. Ltd.		4,000		25,725
Demae-Can Co. Ltd.^(a)		4,000		25,828
Media Do Co. Ltd.		1,000		21,917
Oisix ra daichi Inc.^(a)		2,000		44,929


				161,967

IT Services — 2.8%
Argo Graphics Inc.		1,000		27,768
BASE Inc.^(a)		7,000		25,658
Bell System24 Holdings Inc.		3,000		35,023
Change Inc.^(a)		3,000		46,334
Comture Corp.		2,000		51,496
Digital Garage Inc.		3,000		104,492
DTS Corp.		3,000		71,881
Future Corp.		4,000		49,732
GMO GlobalSign Holdings KK		400		15,364
GMO internet Inc.		6,000		136,592
Hennge KK^(a)		1,000		7,464
Infocom Corp.		2,000		35,451
Infomart Corp.		17,000		101,293
Information Services International-Dentsu Ltd.		2,000		65,098
JIG-SAW Inc.^(a)		500		24,684
Kanematsu Electronics Ltd.		1,000		34,064
Mitsubishi Research Institute Inc.		1,000		33,811
NEC Networks & System Integration Corp.		6,000		92,253
NET One Systems Co. Ltd.		8,000		196,828
Nihon Unisys Ltd.		6,000		164,377
NS Solutions Corp.		3,000		95,548
NSD Co. Ltd.		6,000		112,657
Oro Co. Ltd.		1,000		20,887
Relia Inc.		3,000		27,580
SB Technology Corp.		1,000		22,911
SHIFT Inc.^(a)		1,000		193,838
TechMatrix Corp.		3,000		46,937
TKC Corp.		3,000		81,908
Transcosmos Inc.		2,000		55,314
Uchida Yoko Co. Ltd.		1,000		41,540
Zuken Inc.		1,000		28,102


				2,046,885

Leisure Products — 1.1%
GLOBERIDE Inc.		1,000		25,051
Heiwa Corp.		5,016		84,621
Mizuno Corp.		2,000		39,522
Roland Corp.		1,000		33,892
Sankyo Co. Ltd.		4,000		111,672
Sega Sammy Holdings Inc.		15,000		273,591
Snow Peak Inc.		2,000		49,427
Tomy Co. Ltd.		7,000		76,555
Universal Entertainment Corp.^(a)		2,000		41,140
Yonex Co. Ltd.		5,000		39,811


				775,282

Life Sciences Tools & Services — 0.0%
CellSource Co. Ltd.^(a)		1,000		30,541


Machinery — 7.1%
Aichi Corp.		2,000		15,354


Security	Shares		Value

Machinery (continued)
Aida Engineering Ltd.		4,000	$	34,634
Amada Co. Ltd.		30,000		265,823
CKD Corp.		5,000		87,206
Daiwa Industries Ltd.		3,000		28,989
DMG Mori Co. Ltd.		10,000		139,693
Ebara Corp.		9,000		469,721
Fuji Corp./Aichi		6,000		122,013
Fujitec Co. Ltd.		6,000		143,844
Fukushima Galilei Co. Ltd.		1,000		34,413
Furukawa Co. Ltd.		3,000		34,755
Giken Ltd.		1,000		31,146
Glory Ltd.		4,000		72,546
Harmonic Drive Systems Inc.		4,000		163,615
Hirata Corp.		1,000		45,628
Hitachi Zosen Corp.		14,000		97,044
Hosokawa Micron Corp.		1,000		23,395
IHI Corp.		12,000		277,714
Japan Steel Works Ltd. (The)		5,000		163,291
Kawasaki Heavy Industries Ltd.		13,000		239,845
Kitz Corp.		5,000		28,537
Kyokuto Kaihatsu Kogyo Co. Ltd.		3,000		37,876
Makino Milling Machine Co. Ltd.		2,000		65,312
Max Co. Ltd.		2,000		30,856
Meidensha Corp.		3,000		58,727
METAWATER Co. Ltd.		2,000		36,919
Mitsubishi Logisnext Co. Ltd.		2,000		16,241
Mitsuboshi Belting Ltd.		2,000		37,699
Morita Holdings Corp.		3,000		32,001
Nabtesco Corp.		10,000		277,155
Nachi-Fujikoshi Corp.		1,000		36,361
Nikkiso Co. Ltd.		4,000		27,711
Nissei ASB Machine Co. Ltd.		1,000		26,239
Nitta Corp.		2,000		48,483
Nittoku Co. Ltd.		1,000		23,123
Noritake Co. Ltd./Nagoya Japan		1,000		39,934
NSK Ltd.		34,000		219,355
NTN Corp.^(a)		36,000		68,095
Obara Group Inc.		1,000		27,036
Oiles Corp.		2,096		29,240
OKUMA Corp.		2,000		81,569
Organo Corp.		1,000		71,178
OSG Corp.		7,000		116,993
Shibaura Machine Co. Ltd.		2,000		53,402
Shibuya Corp.		1,000		21,517
Shima Seiki Manufacturing Ltd.		2,000		31,132
Shinmaywa Industries Ltd.		5,000		40,633
Sodick Co. Ltd.		4,000		27,106
Star Micronics Co. Ltd.		3,000		38,273
Sumitomo Heavy Industries Ltd.		10,000		242,308
Tadano Ltd.		9,000		76,847
Takeuchi Manufacturing Co. Ltd.		3,000		67,066
Takuma Co. Ltd.		6,000		76,253
Teikoku Sen-I Co. Ltd.		2,000		33,160
THK Co. Ltd.		10,000		229,730
Tocalo Co. Ltd.		5,000		58,718
Tsubaki Nakashima Co. Ltd.		4,000		34,011
Tsubakimoto Chain Co.		2,000		57,196
Tsugami Corp.		3,000		33,261
Tsukishima Kikai Co. Ltd.		2,000		18,229
Union Tool Co.		1,000		32,374


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) (continued)

February 28, 2022

iShares^® MSCI Japan Small-Cap ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Machinery (continued)
YAMABIKO Corp.		3,000	$	34,744

				5,133,269
Marine — 0.5%
Iino Kaiun Kaisha Ltd.		7,000		54,147
Kawasaki Kisen Kaisha Ltd.^(a)		4,000		281,808
NS United Kaiun Kaisha Ltd.		1,000		36,547

				372,502
Media — 0.8%
Direct Marketing MiX Inc.		2,000		27,995
Fuji Media Holdings Inc.		4,000		43,415
Gakken Holdings Co. Ltd.		2,000		17,984
Kadokawa Corp.		8,016		203,427
Nippon Television Holdings Inc.		5,000		57,199
Proto Corp.		2,000		20,128
Septeni Holdings Co. Ltd.		6,000		33,625
SKY Perfect JSAT Holdings Inc.		13,000		48,886
TBS Holdings Inc.		3,000		48,576
TV Asahi Holdings Corp.		2,000		27,335
ValueCommerce Co. Ltd.		1,000		31,297
Vector Inc.		3,000		29,117
Zenrin Co. Ltd.		3,000		29,179

				618,163
Metals & Mining — 2.1%
Aichi Steel Corp.		1,000		22,922
Asahi Holdings Inc.		7,000		135,943
Daido Steel Co. Ltd.		2,000		71,922
Daiki Aluminium Industry Co. Ltd.		2,000		30,315
Dowa Holdings Co. Ltd.		4,000		180,522
Kobe Steel Ltd.		30,000		159,324
Kyoei Steel Ltd.		2,000		27,684
Maruichi Steel Tube Ltd.		5,000		124,098
Mitsubishi Materials Corp.		10,000		179,993
Mitsui Mining & Smelting Co. Ltd.		5,000		146,413
Nippon Light Metal Holdings Co. Ltd.		5,000		80,124
Sanyo Special Steel Co. Ltd.		2,000		37,053
Toho Titanium Co. Ltd.		3,000		28,426
Tokyo Steel Manufacturing Co. Ltd.		8,000		78,270
UACJ Corp.^(a)		3,014		61,786
Yamato Kogyo Co. Ltd.		4,000		128,622
Yodogawa Steel Works Ltd.		2,000		48,035

				1,541,452
Multiline Retail — 1.1%
H2O Retailing Corp.		8,035		60,080
Isetan Mitsukoshi Holdings Ltd.		30,000		241,936
Izumi Co. Ltd.		3,000		83,881
J Front Retailing Co. Ltd.		22,000		184,268
Kintetsu Department Store Co. Ltd.^(a)		1,000		21,984
Matsuya Co. Ltd.^(a)		2,000		12,038
Seria Co. Ltd.		4,000		102,620
Takashimaya Co. Ltd.		13,000		126,892

				833,699
Oil, Gas & Consumable Fuels — 0.7%
Cosmo Energy Holdings Co. Ltd.		5,000		113,014
Itochu Enex Co. Ltd.		4,000		36,401
Iwatani Corp.		4,200		199,619
Japan Petroleum Exploration Co. Ltd.		3,000		71,211
Mitsuuroko Group Holdings Co. Ltd.		3,000		28,265


Security	Shares		Value

Oil, Gas & Consumable Fuels (continued)
San-Ai Oil Co. Ltd.		5,000	$	41,571

				490,081
Paper & Forest Products — 0.4%
Daiken Corp.		1,000		19,558
Daio Paper Corp.		7,000		103,992
Hokuetsu Corp.		11,000		68,597
Nippon Paper Industries Co. Ltd.		9,000		85,907
Tokushu Tokai Paper Co. Ltd.		1,000		28,859

				306,913
Personal Products — 1.1%
Euglena Co. Ltd.^(a)		9,000		60,026
Fancl Corp.		7,000		198,751
Kitanotatsujin Corp.		6,000		11,754
Mandom Corp.		3,000		35,975
Milbon Co. Ltd.		2,000		105,884
Noevir Holdings Co. Ltd.		1,000		45,070
Premier Anti-Aging Co. Ltd.^(a)		300		16,965
Rohto Pharmaceutical Co. Ltd.		8,000		268,335
YA-MAN Ltd.		3,000		24,890

				767,650
Pharmaceuticals — 1.5%
Hisamitsu Pharmaceutical Co. Inc.		5,000		159,772
JCR Pharmaceuticals Co. Ltd.		6,000		114,534
Kaken Pharmaceutical Co. Ltd.		3,000		110,257
Kissei Pharmaceutical Co. Ltd.		2,000		42,277
KYORIN Holdings Inc.		4,000		65,091
Mochida Pharmaceutical Co. Ltd.		2,000		66,785
Nichi-Iko Pharmaceutical Co. Ltd.		5,050		37,137
Sawai Group Holdings Co. Ltd.		3,000		119,228
Seikagaku Corp.		3,000		23,809
Sosei Group Corp.^(a)		7,000		87,288
Torii Pharmaceutical Co. Ltd.		1,000		25,429
Towa Pharmaceutical Co. Ltd.		2,000		51,828
Tsumura & Co.		5,000		138,874
ZERIA Pharmaceutical Co. Ltd.		2,000		34,508

				1,076,817
Professional Services — 2.6%
Altech Corp.		1,080		18,228
BayCurrent Consulting Inc.		1,200		479,872
BeNext-Yumeshin Group Co.		5,016		71,454
en Japan Inc.		3,000		79,247
Fullcast Holdings Co. Ltd.		2,000		41,291
Funai Soken Holdings Inc.		3,000		58,335
Insource Co. Ltd.		2,000		34,425
IR Japan Holdings Ltd.		1,000		35,662
JAC Recruitment Co. Ltd.		1,000		15,939
Link And Motivation Inc.		3,000		10,884
Makuake Inc.^(a)		400		6,385
Meitec Corp.		2,000		118,031
Nomura Co. Ltd.		7,000		56,613
Outsourcing Inc.		10,000		123,945
Pasona Group Inc.		2,000		44,007
SMS Co. Ltd.		6,000		163,418
S-Pool Inc.		6,000		52,871
TechnoPro Holdings Inc.		10,000		290,356
UT Group Co. Ltd.		2,000		60,855
Visional Inc.^(a)		1,000		73,119
WDB Holdings Co. Ltd.		1,000		22,680
Weathernews Inc.		400		27,737


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 Japan Small-Cap ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Professional Services (continued)
World Holdings Co. Ltd.		1,000	$	18,753

				1,904,107
Real Estate Management & Development — 2.0%
Aeon Mall Co. Ltd.		9,000		126,558
Goldcrest Co. Ltd.		1,000		16,234
Heiwa Real Estate Co. Ltd.		3,000		107,270
Ichigo Inc.		22,000		51,194
Katitas Co. Ltd.		5,000		157,828
Keihanshin Building Co. Ltd.		3,000		38,992