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
Leopalace21 Corp.^(a)		18,000		32,029
Relo Group Inc.		10,000		150,510
SAMTY Co. Ltd.		2,000		37,930
SRE Holdings Corp.^(a)		600		19,462
Starts Corp. Inc.		3,000		67,800
Sun Frontier Fudousan Co. Ltd.		2,000		18,805
TKP Corp.^(a)		1,000		12,623
TOC Co. Ltd.		3,000		18,608
Tokyo Tatemono Co. Ltd.		17,000		260,602
Tokyu Fudosan Holdings Corp.		55,000		305,109
Tosei Corp.		3,000		28,590

				1,450,144
Road & Rail — 3.2%
Fukuyama Transporting Co. Ltd.		2,000		69,068
Hamakyorex Co. Ltd.		1,000		25,336
Hitachi Transport System Ltd.		4,000		211,982
Keikyu Corp.		20,000		209,563
Kyushu Railway Co.		12,000		265,488
Maruzen Showa Unyu Co. Ltd.		1,000		27,830
Nagoya Railroad Co. Ltd.^(a)		17,000		312,184
Nankai Electric Railway Co. Ltd.		9,000		183,515
Nikkon Holdings Co. Ltd.		5,000		95,242
Nishi-Nippon Railroad Co. Ltd.		5,000		113,335
Sakai Moving Service Co. Ltd.		1,000		38,507
Sankyu Inc.		5,000		173,364
Seibu Holdings Inc.^(a)		20,000		209,298
Seino Holdings Co. Ltd.		11,000		115,073
Senko Group Holdings Co. Ltd.		10,000		82,143
Sotetsu Holdings Inc.^(a)		7,000		132,874
Trancom Co. Ltd.		1,000		63,562

				2,328,364
Semiconductors & Semiconductor Equipment — 2.3%
Ferrotec Holdings Corp.		4,000		84,652
Japan Material Co. Ltd.		6,000		88,064
Megachips Corp.		1,000		31,874
Micronics Japan Co. Ltd.		2,000		28,805
Mimasu Semiconductor Industry Co. Ltd.		1,000		21,342
Mitsui High-Tec Inc.		2,000		147,516
Optorun Co. Ltd.		2,000		32,383
Rorze Corp.		1,000		95,052
RS Technologies Co. Ltd.		1,000		48,884
Sanken Electric Co. Ltd.		2,000		90,793
SCREEN Holdings Co. Ltd.		3,408		336,327
Shinko Electric Industries Co. Ltd.		6,000		256,265
Tokyo Seimitsu Co. Ltd.		3,000		124,912
Tri Chemical Laboratories Inc.		2,300		53,987
Ulvac Inc.		4,000		199,653

				1,640,509
Software — 1.5%
Alpha Systems Inc.		1,000		32,552


Security	Shares		Value

Software (continued)
Broadleaf Co. Ltd.		8,000	$	24,313
Cybozu Inc.		2,000		24,179
Digital Arts Inc.		1,000		56,307
Freee KK^(a)		3,000		100,863
Fuji Soft Inc.		2,000		98,073
Fukui Computer Holdings Inc.		1,000		27,502
Justsystems Corp.		3,000		145,966
Miroku Jyoho Service Co. Ltd.		2,000		26,605
Money Forward Inc.^(a)		4,000		178,129
OBIC Business Consultants Co. Ltd.		3,000		110,287
Optim Corp.^(a)		1,000		8,373
PKSHA Technology Inc.^(a)		1,000		17,653
Plaid Inc.^(a)		1,000		10,206
Plus Alpha Consulting Co. Ltd.		1,000		20,201
Rakus Co. Ltd.		6,000		99,509
Sansan Inc.^(a)		6,000		52,811
Systena Corp.		24,000		87,705

				1,121,234
Specialty Retail — 2.6%
ABC-Mart Inc.		3,000		130,171
Adastria Co. Ltd.		2,000		29,486
Alpen Co. Ltd.		1,000		18,432
AOKI Holdings Inc.		3,000		15,653
Arcland Sakamoto Co. Ltd.		2,000		27,371
Autobacs Seven Co. Ltd.		6,000		75,177
Bic Camera Inc.		8,000		69,603
DCM Holdings Co. Ltd.		11,000		106,904
EDION Corp.		7,000		72,977
Geo Holdings Corp.		2,000		26,416
IDOM Inc.		5,000		28,640
JINS Holdings Inc.		1,000		56,194
Joshin Denki Co. Ltd.		1,000		18,259
Joyful Honda Co. Ltd.		5,000		69,495
Keiyo Co. Ltd.		3,000		23,285
Kohnan Shoji Co. Ltd.		2,000		63,599
Komeri Co. Ltd.		3,000		73,765
K’s Holdings Corp.		15,000		162,540
Nafco Co. Ltd.		1,000		14,530
Nextage Co. Ltd.		4,000		85,894
Nishimatsuya Chain Co. Ltd.		3,000		37,415
Nojima Corp.		3,000		66,633
PAL GROUP Holdings Co. Ltd.		2,000		27,753
Sanrio Co. Ltd.		4,000		81,996
Shimamura Co. Ltd.		2,000		181,420
T-Gaia Corp.		2,000		30,248
United Arrows Ltd.		2,000		29,686
VT Holdings Co. Ltd.		7,000		30,047
Xebio Holdings Co. Ltd.		2,000		16,749
Yamada Holdings Co. Ltd.		62,000		215,267
Yellow Hat Ltd.		3,000		42,594

				1,928,199
Technology Hardware, Storage & Peripherals — 0.8%
Eizo Corp.		1,000		32,133
Elecom Co. Ltd.		4,000		55,143
Konica Minolta Inc.		40,000		169,464
Maxell Ltd.		4,000		41,204
MCJ Co. Ltd.		6,000		52,532
Riso Kagaku Corp.		2,000		39,940
Sun Corp.		1,000		15,773


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 Japan Small-Cap ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Technology Hardware, Storage & Peripherals (continued)
Toshiba TEC Corp.		2,000	$	85,105
Wacom Co. Ltd.		13,000		98,719


				590,013

Textiles, Apparel & Luxury Goods — 1.0%
Asics Corp.		14,000		280,401
Descente Ltd.^(a)		3,000		79,295
Goldwin Inc.		2,000		105,658
Gunze Ltd.		1,000		34,353
Japan Wool Textile Co. Ltd. (The)		4,000		31,495
Onward Holdings Co. Ltd.		9,000		21,569
Seiko Holdings Corp.		2,000		41,796
Seiren Co. Ltd.		4,000		80,306
Wacoal Holdings Corp.		3,000		51,496


				726,369

Trading Companies & Distributors — 1.8%
Advan Group Co. Ltd.		1,000		8,235
Daiichi Jitsugyo Co. Ltd		1,000		38,029
Hanwa Co. Ltd.		3,000		87,262
Inaba Denki Sangyo Co. Ltd.		4,000		93,116
Inabata & Co. Ltd.		4,000		80,778
Japan Pulp & Paper Co. Ltd.		1,000		36,663
Kanamoto Co. Ltd.		3,000		59,439
Kanematsu Corp.		7,000		85,461
Nagase & Co. Ltd.		9,000		143,995
Nichiden Corp.		1,000		19,938
Nippon Steel Trading Corp.		1,044		49,523
Nishio Rent All Co. Ltd.		2,000		50,001
Sojitz Corp.		21,000		346,859
Trusco Nakayama Corp.		4,000		87,644
Wakita & Co. Ltd.		3,000		25,953
Yamazen Corp.		5,000		44,815
Yuasa Trading Co. Ltd.		1,000		26,012


				1,283,723


Security	Shares		Value

Transportation Infrastructure — 0.9%
Japan Airport Terminal Co. Ltd.^(a)		5,000	$	233,482
Kamigumi Co. Ltd.		9,000		174,891
Mitsubishi Logistics Corp.		5,000		119,571
Sumitomo Warehouse Co. Ltd. (The)		5,000		92,735


				620,679

Wireless Telecommunication Services — 0.1%
Okinawa Cellular Telephone Co.		1,000		45,012


Total Common Stocks — 99.6% (Cost: $85,859,628)				72,469,151


Short-Term Investments

Money Market Funds — 0.1%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.09%^(c)(d)(e)		9,029		9,031
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.03%^(c)(d)		30,000		30,000


				39,031


Total Short-Term Investments — 0.1% (Cost: $39,031)				39,031


Total Investments in Securities — 99.7% (Cost: $85,898,659)				72,508,182

Other Assets, Less Liabilities — 0.3%				249,704


Net Assets — 100.0%			$	72,757,886

^(a)	Non-income producing security.

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

^(c)	Affiliate of the Fund.

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

^(e)	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	$	—	$	9,031	^(a)	$	—	$	—	$	—	$	9,031		9,029	$	8	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		30,000		0	^(a)		—		—		—		30,000		30,000		2			—

								$	—	$	—	$	39,031			$	10		$	—

^(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		23

Schedule of Investments (unaudited) (continued)

February 28, 2022

iShares^® MSCI Japan Small-Cap 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
Mini TOPIX Index		15		03/10/22	$	247	$	(5,621	)

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)	$	5,621

^(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	$	(10,308	)


Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(10,322	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments



Futures contracts:
Average notional value of contracts — long	$	313,726

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	$	1,185,889	$	71,283,262		$	—	$	72,469,151
Money Market Funds		39,031		—			—		39,031

	$	1,224,920	$	71,283,262		$	—	$	72,508,182

Derivative financial instruments^(a)
Liabilities
Futures Contracts	$	—	$	(5,621	)	$	—	$	(5,621	)

^(a)

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

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

Schedule of Investments (unaudited)

February 28, 2022

iShares^® MSCI Malaysia ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Banks — 38.3%
AMMB Holdings Bhd^(a)		4,406,937	$	3,534,335
CIMB Group Holdings Bhd		16,064,212		21,882,567
Hong Leong Bank Bhd		1,572,240		7,527,040
Hong Leong Financial Group Bhd		553,800		2,548,390
Malayan Banking Bhd		11,483,181		23,993,621
Public Bank Bhd		35,199,900		37,383,887
RHB Bank Bhd		4,507,302		6,352,120


				103,221,960

Beverages — 0.6%
Fraser & Neave Holdings Bhd^(b)		310,200		1,669,768


Chemicals — 4.9%
Petronas Chemicals Group Bhd		5,802,700		13,198,948


Diversified Telecommunication Services — 1.2%
Telekom Malaysia Bhd		2,741,300		3,303,794


Electric Utilities — 4.5%
Tenaga Nasional Bhd		5,537,812		12,105,599


Electronic Equipment, Instruments & Components — 2.1%
Inari Amertron Bhd		7,149,400		5,535,589


Energy Equipment & Services — 2.4%
Dialog Group Bhd		9,555,654		6,437,780


Food Products — 12.3%
IOI Corp. Bhd		6,084,130		6,685,268
Kuala Lumpur Kepong Bhd		1,045,500		6,474,455
Nestle Malaysia Bhd		170,000		5,432,606
PPB Group Bhd		1,547,619		6,612,906
QL Resources Bhd		2,640,950		3,113,660
Sime Darby Plantation Bhd		4,180,055		4,904,199


				33,223,094

Gas Utilities — 3.0%
Petronas Gas Bhd		1,913,400		7,943,287


Health Care Equipment & Supplies — 4.0%
Hartalega Holdings Bhd^(b)		4,151,700		4,568,502
Top Glove Corp. Bhd^(b)		12,898,300		6,297,848


				10,866,350

Health Care Providers & Services — 2.5%
IHH Healthcare Bhd		4,254,100		6,674,153


Hotels, Restaurants & Leisure — 4.0%
Genting Bhd		5,156,900		5,716,193
Genting Malaysia Bhd		7,183,600		5,141,425


				10,857,618


Security	Shares		Value

Industrial Conglomerates — 2.3%
HAP Seng Consolidated Bhd^(b)		1,508,700	$	2,723,817
Sime Darby Bhd		6,578,755		3,562,650


				6,286,467

Marine — 2.1%
MISC Bhd		3,237,820		5,678,973


Metals & Mining — 4.7%
Press Metal Aluminium Holdings Bhd		7,810,600		12,706,061


Oil, Gas & Consumable Fuels — 1.4%
Petronas Dagangan Bhd		721,300		3,697,124


Transportation Infrastructure — 2.3%
Malaysia Airports Holdings Bhd^(a)		2,613,000		3,827,545
Westports Holdings Bhd		2,483,100		2,312,474


				6,140,019

Wireless Telecommunication Services — 7.0%
Axiata Group Bhd		6,655,100		6,229,497
DiGi.Com Bhd		7,519,700		7,269,702
Maxis Bhd		5,678,700		5,444,392


				18,943,591

Total Common Stocks — 99.6% (Cost: $150,417,280)				268,490,175


Short-Term Investments

Money Market Funds — 1.4%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.09%^(c)(d)(e)		3,426,950		3,427,635
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.03%^(c)(d)		230,000		230,000


				3,657,635


Total Short-Term Investments — 1.4% (Cost: $3,657,310)				3,657,635


Total Investments in Securities — 101.0% (Cost: $154,074,590)				272,147,810

Other Assets, Less Liabilities — (1.0)%				(2,732,344	)


Net Assets — 100.0%			$	269,415,466

^(a)	Non-income producing security.

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

^(c)	Affiliate of the Fund.

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

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


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

Schedule of Investments (unaudited) (continued)

February 28, 2022

iShares^® MSCI Malaysia 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	$	8,505,154	$	—	$	(5,076,844	)^(a)	$	617	$	(1,292	)	$	3,427,635		3,426,950	$	147,531	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		360,000		—		(130,000	)^(a)		—		—			230,000		230,000		13			—

								$	617	$	(1,292	)	$	3,657,635			$	147,544		$	—

^(a)

Represents net amount purchased (sold).

^(b)

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts




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


Long Contracts
MSCI Emerging Markets Index		11		03/18/22	$	647	$	(12,251	)

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)	$	12,251

^(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	$	(74,588	)


Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(4,768	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments




Futures contracts:
Average notional value of contracts — long			$668,708

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

Schedule of Investments (unaudited) (continued)

February 28, 2022

iShares^® MSCI Malaysia ETF

Fair Value Hierarchy as of Period End




	Level 1			Level 2		Level 3		Total


Investments
Assets
Common Stocks	$	79,284,789		$	189,205,386	$	—	$	268,490,175
Money Market Funds		3,657,635			—		—		3,657,635

	$	82,942,424		$	189,205,386	$	—	$	272,147,810

Derivative financial instruments^(a)
Liabilities
Futures Contracts	$	(12,251	)	$	—	$	—	$	(12,251	)

^(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		27

Schedule of Investments (unaudited)

February 28, 2022

iShares^® MSCI Pacific ex Japan ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Australia — 59.8%
Ampol Ltd.		273,313	$	5,903,656
APA Group		1,359,563		9,939,048
Aristocrat Leisure Ltd.		692,078		18,983,697
ASX Ltd.		222,319		13,352,802
Aurizon Holdings Ltd.		2,106,208		5,372,749
Australia & New Zealand Banking Group Ltd.		3,237,310		61,288,241
BHP Group Ltd.		5,813,425		198,506,148
BlueScope Steel Ltd.		567,669		8,405,960
Brambles Ltd.		1,647,369		11,865,538
Cochlear Ltd.		75,836		12,379,773
Coles Group Ltd.		1,531,846		19,379,517
Commonwealth Bank of Australia		1,959,571		132,944,067
Computershare Ltd.		623,975		9,859,015
Crown Resorts Ltd.^(a)		433,932		3,921,786
CSL Ltd.		549,781		104,526,576
Dexus		1,235,148		9,777,408
Domino’s Pizza Enterprises Ltd.		69,246		3,998,415
Endeavour Group Ltd./Australia		1,540,278		8,044,432
Evolution Mining Ltd.		2,100,565		6,495,341
Fortescue Metals Group Ltd.		1,944,687		25,907,775
Goodman Group		1,930,621		31,236,764
GPT Group/The		2,199,794		7,849,031
IDP Education Ltd.		238,296		4,608,547
Insurance Australia Group Ltd.		2,830,850		9,450,678
Lendlease Corp. Ltd.		788,500		6,083,095
Macquarie Group Ltd.		389,182		51,217,615
Medibank Pvt Ltd.		3,162,617		7,294,608
Mineral Resources Ltd.		195,183		6,414,702
Mirvac Group		4,527,646		8,443,671
National Australia Bank Ltd.		3,757,834		78,925,917
Newcrest Mining Ltd.		939,319		17,425,119
Northern Star Resources Ltd.		1,270,535		9,469,279
Orica Ltd.		465,457		4,962,579
Origin Energy Ltd.		2,022,524		8,398,854
Qantas Airways Ltd.^(a)		1,076,753		3,989,882
QBE Insurance Group Ltd.		1,695,584		14,149,677
Ramsay Health Care Ltd.		210,273		9,808,753
REA Group Ltd.		60,564		5,837,707
Reece Ltd.		331,865		4,698,283
Rio Tinto Ltd.		426,294		36,762,319
Santos Ltd.		3,694,966		19,678,776
Scentre Group		5,960,480		13,241,810
SEEK Ltd.		386,110		7,537,956
Sonic Healthcare Ltd.		523,297		13,353,282
South32 Ltd.		5,355,616		18,798,277
Stockland		2,741,359		8,295,060
Suncorp Group Ltd.		1,449,939		11,278,676
Tabcorp Holdings Ltd.		2,556,012		9,243,626
Telstra Corp. Ltd.		4,758,677		13,674,689
Transurban Group		3,525,225		32,560,397
Treasury Wine Estates Ltd.		828,950		6,992,350
Vicinity Centres		4,433,555		5,773,109
Washington H Soul Pattinson & Co. Ltd.		246,935		4,530,260
Wesfarmers Ltd.		1,302,069		45,663,378
Westpac Banking Corp.		4,212,904		69,623,471
WiseTech Global Ltd.		167,397		5,359,385
Woodside Petroleum Ltd.		1,116,800		23,336,953


Security	Shares		Value

Australia (continued)
Woolworths Group Ltd.		1,391,797	$	35,988,637


				1,342,809,116

Cayman Islands — 1.3%
CK Hutchison Holdings Ltd.		3,083,732		21,620,239
Grab Holdings Ltd., Class A^(a)		1,246,513		7,179,915


				28,800,154

Hong Kong — 23.0%
AIA Group Ltd.		13,891,414		144,246,286
BOC Hong Kong Holdings Ltd.		4,284,500		15,403,051
Budweiser Brewing Co. APAC Ltd.^(b)		1,977,100		6,136,858
Chow Tai Fook Jewellery Group Ltd.^(a)		2,330,000		4,838,334
CK Asset Holdings Ltd.		2,317,732		14,638,896
CK Infrastructure Holdings Ltd.		770,708		4,784,556
CLP Holdings Ltd.		1,886,000		19,213,226
ESR Cayman Ltd.^(a)(b)		2,274,800		7,017,817
Futu Holdings Ltd., ADR^(a)(c)		61,722		2,638,616
Galaxy Entertainment Group Ltd.^(a)		2,501,000		13,948,654
Hang Lung Properties Ltd.		2,308,736		4,839,287
Hang Seng Bank Ltd.		878,200		16,194,964
Henderson Land Development Co. Ltd.		1,690,442		7,028,078
HK Electric Investments & HK Electric Investments Ltd., Class SS		3,088,000		3,046,667
HKT Trust & HKT Ltd., Class SS		4,350,338		5,867,551
Hong Kong & China Gas Co. Ltd.		12,857,253		19,443,333
Hong Kong Exchanges & Clearing Ltd.		1,368,500		66,312,930
Hongkong Land Holdings Ltd.^(c)		1,324,000		7,169,986
Jardine Matheson Holdings Ltd.		247,700		14,738,150
Link REIT		2,400,786		19,400,268
Melco Resorts & Entertainment Ltd., ADR^(a)		251,304		2,518,066
MTR Corp. Ltd.		1,778,286		9,217,749
New World Development Co. Ltd.		1,712,480		6,849,305
Power Assets Holdings Ltd.		1,593,000		10,039,925
Sands China Ltd.^(a)		2,788,000		7,353,297
Sino Land Co. Ltd.		3,800,800		4,797,365
SITC International Holdings Co. Ltd.^(c)		1,535,000		6,329,046
Sun Hung Kai Properties Ltd.		1,497,500		17,409,606
Swire Pacific Ltd., Class A		579,500		3,202,440
Swire Properties Ltd.		1,363,000		3,544,506
Techtronic Industries Co. Ltd.		1,580,207		26,478,037
WH Group Ltd.^(b)		9,577,000		6,688,343
Wharf Real Estate Investment Co. Ltd.		1,920,600		8,622,120
Xinyi Glass Holdings Ltd.		2,081,000		5,543,244


				515,500,557

Ireland — 0.7%
James Hardie Industries PLC		511,171		16,688,223


Malta — 0.0%
BGP Holdings PLC^(a)(d)		27,004,595		303


New Zealand — 2.1%
Auckland International Airport Ltd.^(a)		1,437,387		6,959,861
Fisher & Paykel Healthcare Corp. Ltd.		662,668		12,452,864
Mercury NZ Ltd.		791,665		3,083,779
Meridian Energy Ltd.		1,492,579		5,067,444
Ryman Healthcare Ltd.		495,172		3,368,104
Spark New Zealand Ltd.		2,139,767		6,569,727
Xero Ltd.^(a)		153,711		10,568,860


				48,070,639

Singapore — 11.8%
Ascendas Real Estate Investment Trust^(c)		3,853,880		7,902,154


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

Schedule of Investments (unaudited) (continued)

February 28, 2022

iShares^® MSCI Pacific ex Japan ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Singapore (continued)
CapitaLand Integrated Commercial Trust		5,590,238	$	8,748,807
Capitaland Investment Ltd/Singapore^(a)		3,030,000		8,302,987
City Developments Ltd.		471,700		2,496,005
DBS Group Holdings Ltd.		2,080,100		52,293,989
Genting Singapore Ltd.		6,873,900		3,929,612
Keppel Corp. Ltd.		1,660,100		7,390,686
Mapletree Commercial Trust		2,499,600		3,352,029
Mapletree Logistics Trust^(c)		3,633,584		4,724,134
Oversea-Chinese Banking Corp. Ltd.		3,888,524		33,695,694
Sea Ltd., ADR^(a)		367,459		53,502,030
Singapore Airlines Ltd.^(a)(c)		1,535,450		5,813,956
Singapore Exchange Ltd.^(c)		916,700		6,359,869
Singapore Technologies Engineering Ltd.		1,783,700		5,054,868
Singapore Telecommunications Ltd.		9,482,428		17,786,928
United Overseas Bank Ltd.		1,355,300		30,122,055
UOL Group Ltd.		540,800		2,802,676
Venture Corp. Ltd.		322,600		4,208,120
Wilmar International Ltd.		2,206,000		7,169,572


				265,656,171


Total Common Stocks — 98.7% (Cost: $2,141,758,881)				2,217,525,163


Short-Term Investments

Money Market Funds — 0.4%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.09%^(e)(f)(g)		7,097,787		7,099,206


Security	Shares		Value

Money Market Funds (continued)
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.03%^(e)(f)		830,000	$	830,000


				7,929,206


Total Short-Term Investments — 0.4% (Cost: $7,927,763)				7,929,206


Total Investments in Securities — 99.1% (Cost: $2,149,686,644)				2,225,454,369

Other Assets, Less Liabilities — 0.9%				21,286,968


Net Assets — 100.0%			$	2,246,741,337

^(a)	Non-income producing security.

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

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

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

^(e)	Affiliate of the Fund.

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

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

Affiliates




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


BlackRock Cash Funds: Institutional, SL Agency Shares	$	24,751,750	$	—	$	(17,647,440	)^(a)	$	(4,562	)	$	(542	)	$	7,099,206		7,097,787	$	621,261	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		930,000		—		(100,000	)^(a)		—			—			830,000		830,000		47			—

								$	(4,562	)	$	(542	)	$	7,929,206			$	621,308		$	—

^(a)

Represents net amount purchased (sold).

^(b)

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts



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

Long Contracts
ASX SPI 200 Index		195		03/17/22	$	24,946	$	(124,820	)


S C H E D U L E O F I N V E S T M E N T S		29

Schedule of Investments (unaudited) (continued)

February 28, 2022

iShares^® MSCI Pacific ex Japan ETF

Futures Contracts (continued)



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

MSCI Singapore Index		388		03/30/22	$	9,551	$	(150,121	)


							$	(274,941	)

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)	$	274,941

^(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	$	(948,370	)


Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(221,456	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments



Futures contracts:
Average notional value of contracts — long	$	22,032,648

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	$	94,330,282	$	2,123,194,578		$	303	$	2,217,525,163
Money Market Funds		7,929,206		—			—		7,929,206

	$	102,259,488	$	2,123,194,578		$	303	$	2,225,454,369

Derivative financial instruments^(a)
Liabilities
Futures Contracts	$	—	$	(274,941	)	$	—	$	(274,941	)

^(a)

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

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

Schedule of Investments (unaudited)

February 28, 2022

iShares^® MSCI Singapore ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Aerospace & Defense — 3.3%
Singapore Technologies Engineering Ltd.		7,190,900	$	20,378,455


Airlines — 3.5%
Singapore Airlines Ltd.^(a)(b)		5,757,367		21,800,176


Banks — 32.4%
DBS Group Holdings Ltd.		4,302,700		108,170,446
Oversea-Chinese Banking Corp. Ltd.		7,631,250		66,127,987
United Overseas Bank Ltd.		1,214,100		26,983,832


				201,282,265

Capital Markets — 3.5%
Singapore Exchange Ltd.		3,155,700		21,893,572


Diversified Telecommunication Services — 4.7%
Singapore Telecommunications Ltd.		15,603,268		29,268,264


Electronic Equipment, Instruments & Components — 2.9%
Venture Corp. Ltd.		1,379,800		17,998,651


Entertainment — 16.9%
Sea Ltd., ADR^(a)		721,403		105,036,277


Equity Real Estate Investment Trusts (REITs) — 12.6%
Ascendas Real Estate Investment Trust		13,040,294		26,738,355
CapitaLand Integrated Commercial Trust		9,834,494		15,391,132
Mapletree Commercial Trust		12,284,200		16,473,432
Mapletree Logistics Trust		15,010,913		19,516,146


				78,119,065

Food Products — 4.0%
Wilmar International Ltd.		7,577,700		24,627,771


Hotels, Restaurants & Leisure — 2.9%
Genting Singapore Ltd.		31,061,242		17,756,826


Industrial Conglomerates — 4.1%
Keppel Corp. Ltd.		5,790,700		25,779,921


Security	Shares		Value

Real Estate Management & Development — 7.0%
Capitaland Investment Ltd/Singapore^(a)		5,255,900	$	14,402,531
City Developments Ltd.		2,706,800		14,323,057
UOL Group Ltd.		2,861,300		14,828,581


				43,554,169

Road & Rail — 3.3%
Grab Holdings Ltd., Class A^(a)		3,597,596		20,722,153


Total Common Stocks — 101.1% (Cost: $635,631,162)				628,217,565


Short-Term Investments

Money Market Funds — 0.2%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.09%^(c)(d)(e)		564,659		564,772
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.03%^(c)(d)		1,030,000		1,030,000


				1,594,772


Total Short-Term Investments — 0.2% (Cost: $1,594,339)				1,594,772


Total Investments in Securities — 101.3% (Cost: $637,225,501)				629,812,337

Other Assets, Less Liabilities — (1.3)%				(8,339,783	)


Net Assets — 100.0%			$	621,472,554

^(a)	Non-income producing security.

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

^(c)	Affiliate of the Fund.

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

^(e)	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		$20,464,697	$	—		$	(19,895,259	)^(a)	$	(3,093	)	$	(1,573	)	$	564,772		564,659	$	29,474	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		300,000		730,000	^(a)		—			—			—			1,030,000		1,030,000		24			—


									$	(3,093	)	$	(1,573	)	$	1,594,772			$	29,498		$	—

^(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		31

Schedule of Investments (unaudited) (continued)

February 28, 2022

iShares^® MSCI Singapore ETF

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts




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

Long Contracts
MSCI Singapore Index		80		03/30/22	$	1,969	$	(53,965	)

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)	$	53,965

^(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	$	(190,681	)


Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	26,256

Average Quarterly Balances of Outstanding Derivative Financial Instruments



Futures contracts:
Average notional value of contracts — long	$	2,630,814

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	$	125,758,430	$	502,459,135		$	—	$	628,217,565
Money Market Funds		1,594,772		—			—		1,594,772

	$	127,353,202	$	502,459,135		$	—	$	629,812,337


Derivative financial instruments^(a)
Liabilities
Futures Contracts	$	—	$	(53,965	)	$	—	$	(53,965	)

^(a)

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

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

Schedule of Investments (unaudited)

February 28, 2022

iShares^® MSCI Taiwan ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Auto Components — 0.4%
Cheng Shin Rubber Industry Co. Ltd.^(a)		22,599,670	$	28,911,765


Banks — 10.5%
Chang Hwa Commercial Bank Ltd.		58,965,840		37,436,479
CTBC Financial Holding Co. Ltd.		121,265,325		118,534,124
E.Sun Financial Holding Co Ltd^(a)		85,553,789		90,434,868
First Financial Holding Co. Ltd.		76,791,123		70,704,462
Hua Nan Financial Holdings Co. Ltd.		76,068,924		60,317,333
Mega Financial Holding Co. Ltd.^(a)		76,193,271		102,678,120
Shanghai Commercial & Savings Bank Ltd/The		28,925,306		47,647,105
SinoPac Financial Holdings Co. Ltd.		99,799,724		61,283,125
Taishin Financial Holding Co. Ltd.		96,580,978		67,686,382
Taiwan Cooperative Financial Holding Co. Ltd.		78,339,460		74,319,367


				731,041,365

Chemicals — 4.1%
Formosa Chemicals & Fibre Corp.		25,534,610		72,392,480
Formosa Plastics Corp.		27,003,518		101,965,689
Nan Ya Plastics Corp.		34,563,938		109,014,653


				283,372,822

Communications Equipment — 0.6%
Accton Technology Corp.^(a)		4,569,000		41,434,279


Construction Materials — 1.5%
Asia Cement Corp.		22,683,136		36,661,760
Taiwan Cement Corp.^(a)		37,905,646		64,349,493


				101,011,253

Diversified Financial Services — 2.3%
Chailease Holding Co. Ltd.^(a)		10,197,017		92,543,130
Yuanta Financial Holding Co. Ltd.		74,718,657		66,745,620


				159,288,750

Diversified Telecommunication Services — 1.6%
Chunghwa Telecom Co. Ltd.		24,843,648		110,420,493


Electrical Equipment — 0.4%
Voltronic Power Technology Corp.		508,000		26,382,079
Ya Hsin Industrial Co. Ltd.^(b)		6,845,461		2


				26,382,081

Electronic Equipment, Instruments & Components — 13.8%
AU Optronics Corp.^(a)		73,182,830		54,790,284
Delta Electronics Inc.^(a)		13,273,180		118,292,001
E Ink Holdings Inc.		6,566,000		35,386,131
Foxconn Technology Co. Ltd.^(a)		13,884,499		31,958,673
Hon Hai Precision Industry Co. Ltd.^(a)		76,038,002		282,447,573
Innolux Corp.^(a)		78,492,873		47,763,967
Largan Precision Co. Ltd.^(a)		711,794		51,728,067
Nan Ya Printed Circuit Board Corp.^(a)		2,986,000		57,180,753
Pacific Electric Wire & Cable Co. Ltd.^(b)		197		—
Synnex Technology International Corp.		17,178,364		44,474,213
Unimicron Technology Corp.		11,338,000		105,418,402
WPG Holdings Ltd.		21,015,604		41,941,031
Yageo Corp.^(a)		3,688,125		60,510,162
Zhen Ding Technology Holding Ltd.^(a)		6,623,072		21,967,325


				953,858,582

Food & Staples Retailing — 0.7%
President Chain Store Corp.		4,980,215		46,537,665


Food Products — 1.2%
Uni-President Enterprises Corp.^(a)		33,099,189		79,633,081


Security	Shares		Value

Household Durables — 0.4%
Nien Made Enterprise Co. Ltd.^(a)		2,309,000	$	29,933,314


Industrial Conglomerates — 0.5%
Far Eastern New Century Corp.		34,563,843		36,639,173


Insurance — 6.0%
Cathay Financial Holding Co. Ltd.		56,061,315		126,061,465
China Development Financial Holding Corp.		148,947,587		102,001,470
Fubon Financial Holding Co. Ltd.		51,843,689		139,981,278
Shin Kong Financial Holding Co. Ltd.^(a)		124,949,273		50,671,242


				418,715,455

Internet & Direct Marketing Retail — 0.0%
momo.com Inc.		10,000		355,990


Leisure Products — 0.5%
Giant Manufacturing Co. Ltd.^(a)		3,479,590		36,124,405


Machinery — 1.0%
Airtac International Group^(a)		1,249,826		41,571,830
Hiwin Technologies Corp.		3,143,591		30,013,648


				71,585,478

Marine — 2.5%
Evergreen Marine Corp. Taiwan Ltd.^(a)		19,324,533		101,516,734
Wan Hai Lines Ltd.^(a)		4,373,200		29,787,859
Yang Ming Marine Transport Corp.^(a)(c)		10,712,000		45,274,232


				176,578,825

Metals & Mining — 1.6%
China Steel Corp.^(a)		83,163,977		108,142,645


Oil, Gas & Consumable Fuels — 0.6%
Formosa Petrochemical Corp.^(a)		11,364,950		39,977,162


Pharmaceuticals — 0.4%
Oneness Biotech Co. Ltd.^(a)(c)		3,455,000		30,501,605


Real Estate Management & Development — 0.7%
Ruentex Development Co. Ltd.^(a)		18,847,459		48,664,629


Semiconductors & Semiconductor Equipment — 37.5%
ASE Technology Holding Co. Ltd.^(a)		22,818,432		82,472,829
ASMedia Technology Inc.^(a)		422,000		26,125,310
eMemory Technology Inc.		438,000		29,559,416
Globalwafers Co. Ltd.^(a)		1,996,000		49,405,823
MediaTek Inc.^(a)		9,354,175		369,637,968
Nanya Technology Corp.^(a)		12,539,000		35,114,224
Novatek Microelectronics Corp.^(a)		4,414,544		73,186,362
Parade Technologies Ltd.		438,000		30,240,246
Realtek Semiconductor Corp.^(a)		3,634,063		59,918,278
Silergy Corp.^(a)		631,000		84,081,467
Taiwan Semiconductor Manufacturing Co. Ltd.		69,792,882		1,500,515,984
United Microelectronics Corp.^(a)		77,763,501		146,533,741
Vanguard International Semiconductor Corp.^(a)		8,853,000		40,178,135
Win Semiconductors Corp.^(a)		2,944,000		32,230,114
Winbond Electronics Corp.^(a)		35,142,000		42,321,197


				2,601,521,094

Specialty Retail — 0.8%
Hotai Motor Co. Ltd.^(a)		2,477,000		56,082,842


Technology Hardware, Storage & Peripherals — 6.9%
Acer Inc.^(a)		36,322,737		37,696,764
Advantech Co. Ltd.^(a)		3,528,827		46,469,386
Asustek Computer Inc.^(a)		5,490,857		73,250,636


S C H E D U L E O F I N V E S T M E N T S		33

Schedule of Investments (unaudited) (continued)

February 28, 2022

iShares^® MSCI Taiwan ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Technology Hardware, Storage & Peripherals (continued)
Catcher Technology Co. Ltd.		2,944,743	$	15,114,806
Compal Electronics Inc.^(a)		41,383,554		37,700,895
Inventec Corp.^(a)		37,264,868		34,414,094
Lite-On Technology Corp.		19,443,071		47,808,165
Micro-Star International Co. Ltd.^(a)		7,086,000		39,942,199
Pegatron Corp.		15,964,037		39,567,771
Quanta Computer Inc.		20,431,240		68,319,948
Wiwynn Corp.^(a)		1,087,000		38,822,856


				479,107,520

Textiles, Apparel & Luxury Goods — 1.6%
Eclat Textile Co. Ltd.		2,081,601		43,147,799
Feng TAY Enterprise Co. Ltd.		4,737,747		35,316,850
Pou Chen Corp.		30,547,103		35,227,306


				113,691,955

Transportation Infrastructure — 0.4%
Taiwan High Speed Rail Corp.^(a)		29,047,000		30,742,522


Wireless Telecommunication Services — 1.3%
Far EasTone Telecommunications Co. Ltd.^(a)		16,203,259		40,076,030
Taiwan Mobile Co. Ltd.		12,963,609		47,938,007

				88,014,037


Total Common Stocks — 99.8% (Cost: $2,784,948,911)				6,928,270,787


Security	Shares		Value

Short-Term Investments

Money Market Funds — 8.3%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.09%^(d)(e)(f)		572,474,767	$	572,589,262
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.03%^(d)(e)		1,680,000		1,680,000


				574,269,262


Total Short-Term Investments — 8.3% (Cost: $574,285,708)				574,269,262


Total Investments in Securities — 108.1% (Cost: $3,359,234,619)				7,502,540,049

Other Assets, Less Liabilities — (8.1)%				(565,238,473	)


Net Assets — 100.0%			$	6,937,301,576

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

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

^(c)	Non-income producing security.

^(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	$	836,443,148	$	—	$	(263,644,310	)^(a)	$	(133,896	)	$	(75,680	)	$	572,589,262		572,474,767	$	5,667,039	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		46,300,000		—		(44,620,000	)^(a)		—			—			1,680,000		1,680,000		217			—

								$	(133,896	)	$	(75,680	)	$	574,269,262			$	5,667,256		$	—

^(a)

Represents net amount purchased (sold).

^(b)

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts



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

Long Contracts
FTSE Taiwan Index		147		03/30/22	$	9,167	$	(173,233	)


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

Schedule of Investments (unaudited) (continued)

February 28, 2022

iShares^® MSCI Taiwan ETF

Derivative Financial Instruments Categorized by Risk Exposure

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



	Equity Contracts

Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts^(a)	$	173,233

^(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	$	2,583,934


Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(2,764,482	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments




Futures contracts:
Average notional value of contracts — long	$	33,872,721

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	$	30,501,605	$	6,897,769,180		$	2	$	6,928,270,787
Money Market Funds		574,269,262		—			—		574,269,262

	$	604,770,867	$	6,897,769,180		$	2	$	7,502,540,049

Derivative financial instruments^(a)
Liabilities
Futures Contracts	$	—	$	(173,233	)	$	—	$	(173,233	)

^(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		35

Schedule of Investments (unaudited)

February 28, 2022

iShares^® MSCI Thailand ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Airlines — 0.2%
Asia Aviation PCL, NVDR^(a)(b)		7,820,247	$	606,126
Bangkok Airways PCL, NVDR^(a)		1,872,600		543,594


				1,149,720

Auto Components — 0.4%
Sri Trang Agro-Industry PCL, NVDR		2,350,345		1,930,105


Banks — 3.4%
Kiatnakin Phatra Bank PCL, NVDR		543,973		1,139,382
Krung Thai Bank PCL, NVDR		8,933,700		3,843,526
Siam Commercial Bank PCL (The), NVDR		2,170,100		8,385,821
Thanachart Capital PCL, NVDR		737,200		945,886
Tisco Financial Group PCL, NVDR		514,800		1,544,356


				15,858,971

Beverages — 1.3%
Carabao Group PCL, NVDR^(b)		766,200		2,508,504
Osotspa PCL, NVDR		3,071,600		3,324,905


				5,833,409

Building Products — 0.2%
Dynasty Ceramic PCL, NVDR		10,561,040		969,644


Capital Markets — 0.7%
Bangkok Commercial Asset Management PCL, NVDR		4,544,700		3,059,573


Chemicals — 3.9%
Eastern Polymer Group PCL, NVDR		2,494,600		756,655
Indorama Ventures PCL, NVDR		4,319,910		5,985,010
PTT Global Chemical PCL, NVDR		5,763,907		9,393,248
TOA Paint Thailand PCL, NVDR^(b)		1,565,000		1,394,920
Vinythai PCL, NVDR		540,300		587,303


				18,117,136

Construction & Engineering — 0.6%
CH Karnchang PCL, NVDR		2,805,000		1,809,691
Sino-Thai Engineering & Construction PCL, NVDR^(b)		2,743,528		1,191,445


				3,001,136

Construction Materials — 5.8%
Siam Cement PCL (The), NVDR		1,995,300		24,012,705
Siam City Cement PCL, NVDR		229,000		1,128,355
Tipco Asphalt PCL, NVDR^(b)		1,800,400		1,008,334
TPI Polene PCL, NVDR		14,756,500		783,175


				26,932,569

Consumer Finance — 4.1%
AEON Thana Sinsap Thailand PCL, NVDR^(b)		224,400		1,360,090
JMT Network Services PCL, NVDR		1,397,900		2,925,021
Krungthai Card PCL, NVDR		2,307,300		4,490,010
Muangthai Capital PCL, NVDR		1,897,200		3,004,868
Ngern Tid Lor PCL, NVDR^(a)		2,668,400		3,075,185
Ratchthani Leasing PCL, NVDR		5,756,527		771,364
Srisawad Corp. PCL, NVDR		1,931,160		3,428,428


				19,054,966

Containers & Packaging — 1.5%
Polyplex Thailand PCL, NVDR^(b)		686,700		572,688
SCG Packaging PCL, NVDR		3,292,600		6,193,091


				6,765,779

Diversified Telecommunication Services — 1.2%
Jasmine International PCL, NVDR^(a)(b)		11,029,868		1,219,179
True Corp. PCL, NVDR		29,863,418		4,590,522


				5,809,701


Security	Shares		Value

Electronic Equipment, Instruments & Components — 4.1%
Delta Electronics Thailand PCL, NVDR		798,400	$	9,996,210
Hana Microelectronics PCL, NVDR		1,440,500		2,267,254
Jay Mart PCL, NVDR^(b)		1,229,200		2,136,792
KCE Electronics PCL, NVDR		2,113,200		3,934,302
Synnex Thailand PCL, NVDR^(b)		647,900		527,993


				18,862,551

Entertainment — 0.3%
Major Cineplex Group PCL, NVDR		1,362,100		842,064
RS PCL, NVDR^(a)(b)		1,231,200		639,740


				1,481,804

Food & Staples Retailing — 7.4%
Berli Jucker PCL, NVDR		3,073,500		3,160,372
CP ALL PCL, NVDR		14,942,000		31,217,065


				34,377,437

Food Products — 3.4%
Charoen Pokphand Foods PCL, NVDR		9,907,700		7,676,645
GFPT PCL, NVDR^(b)		1,296,700		519,870
Ichitan Group PCL, NVDR^(b)		1,325,800		418,986
Khon Kaen Sugar Industry PCL, NVDR^(a)		3,933,378		409,197
R&B Food Supply PCL, NVDR^(b)		1,290,400		626,523
Thai Union Group PCL, NVDR		7,320,200		4,570,224
Thai Vegetable Oil PCL, NVDR		1,132,553		1,126,487
Thaifoods Group PCL, NVDR^(b)		2,864,600		372,636


				15,720,568

Health Care Equipment & Supplies — 0.4%
Sri Trang Gloves Thailand PCL, NVDR^(b)		2,557,300		2,015,317


Health Care Providers & Services — 6.2%
Bangkok Chain Hospital PCL, NVDR		3,499,925		2,045,863
Bangkok Dusit Medical Services PCL, NVDR		24,407,200		17,745,573
Bumrungrad Hospital PCL, NVDR		1,218,876		5,743,712
Chularat Hospital PCL, NVDR^(b)		12,736,200		1,365,546
Thonburi Healthcare Group PCL, NVDR		1,301,400		1,981,474


				28,882,168

Hotels, Restaurants & Leisure — 2.8%
Asset World Corp. PCL, NVDR^(a)		20,449,200		3,012,603
Central Plaza Hotel PCL, NVDR^(a)		1,042,500		1,101,733
Minor International PCL, NVDR^(a)		7,975,710		7,553,382
MK Restaurants Group PCL, NVDR		827,100		1,371,063


				13,038,781

Independent Power and Renewable Electricity Producers — 9.4%
Absolute Clean Energy PCL, NVDR^(b)		5,122,600		494,101
B Grimm Power PCL, NVDR^(b)		1,996,600		2,118,307
Banpu Power PCL, NVDR^(b)		1,959,500		1,003,596
BCPG PCL, NVDR		2,215,950		849,412
CK Power PCL, NVDR		5,244,560		821,463
Electricity Generating PCL, NVDR		672,400		3,703,830
Energy Absolute PCL, NVDR^(b)		3,815,100		11,150,160
Global Power Synergy PCL, NVDR		1,802,500		4,160,858
Gulf Energy Development PCL, NVDR		7,513,400		11,681,326
Gunkul Engineering PCL, NVDR		10,272,722		1,960,743
Ratch Group PCL, NVDR		2,038,500		2,874,739
SPCG PCL, NVDR		1,224,500		668,112
Super Energy Corp. PCL, NVDR		42,126,750		1,188,721
TPI Polene Power PCL, NVDR^(b)		6,437,500		804,373


				43,479,741

Industrial Conglomerates — 0.2%
Thoresen Thai Agencies PCL, NVDR		3,516,400		1,077,050


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

Schedule of Investments (unaudited) (continued)

February 28, 2022

iShares^® MSCI Thailand ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Insurance — 0.9%
Bangkok Life Assurance PCL, NVDR^(b)		1,316,000	$	1,765,391
Dhipaya Group Holdings PCL^(a)		910,600		1,665,137
TQM Corp. PCL, NVDR^(b)		693,800		960,809


				4,391,337

Marine — 0.5%
Precious Shipping PCL, NVDR		1,984,900		1,068,642
Regional Container Lines PCL, NVDR		844,700		1,228,516


				2,297,158

Media — 0.9%
BEC World PCL, NVDR^(a)(b)		2,300,500		1,167,739
Plan B Media PCL, NVDR^(a)		5,321,060		1,298,467
VGI PCL, NVDR^(b)		8,777,500		1,565,691


				4,031,897

Multiline Retail — 1.2%
Central Retail Corp. PCL, NVDR		4,626,034		5,439,517


Oil, Gas & Consumable Fuels — 13.8%
Bangchak Corp. PCL, NVDR		2,634,200		2,511,151
Banpu PCL, NVDR		13,841,300		4,638,915
Esso Thailand PCL, NVDR^(a)(b)		2,685,400		620,032
IRPC PCL, NVDR^(b)		28,738,700		3,368,771
Prima Marine PCL, NVDR		2,532,900		446,807
PTT Exploration & Production PCL, NVDR		3,557,784		14,979,171
PTT PCL, NVDR		25,581,900		31,140,041
Siamgas & Petrochemicals PCL, NVDR		1,402,500		598,560
Star Petroleum Refining PCL, NVDR^(a)		4,449,900		1,223,589
Thai Oil PCL, NVDR		2,868,800		4,769,029


				64,296,066

Pharmaceuticals — 0.3%
Mega Lifesciences PCL, NVDR		896,200		1,180,509


Real Estate Management & Development — 6.4%
Amata Corp. PCL, NVDR		2,217,800		1,456,901
AP Thailand PCL, NVDR		6,067,186		1,972,139
Bangkok Land PCL, NVDR^(b)		28,889,400		919,510
Central Pattana PCL, NVDR		5,174,100		8,798,721
Land & Houses PCL, NVDR		21,389,400		6,299,211
MBK PCL, NVDR^(a)		2,235,700		859,009
Origin Property PCL, NVDR		1,874,700		686,463
Pruksa Holding PCL, NVDR		1,978,800		872,390
Quality Houses PCL, NVDR		19,178,232		1,341,518
Sansiri PCL, NVDR^(b)		30,579,237		1,158,218
SC Asset Corp. PCL, NVDR		3,744,704		446,897
Singha Estate PCL, NVDR^(a)(b)		7,788,400		464,801
Supalai PCL, NVDR		3,281,600		2,210,050
WHA Corp. PCL, NVDR		20,983,640		2,190,269


				29,676,097

Road & Rail — 1.3%
BTS Group Holdings PCL, NVDR		20,195,600		5,887,026


Specialty Retail — 4.3%
Com7 PCL, NVDR		1,380,800		3,505,346
Dohome PCL, NVDR^(b)		1,559,910		1,131,019
Home Product Center PCL, NVDR		15,132,473		7,086,214
PTG Energy PCL, NVDR^(b)		2,142,500		947,979
PTT Oil & Retail Business PCL, NVDR		7,670,400		6,078,093


Security	Shares		Value

Specialty Retail (continued)
Singer Thailand PCL, NVDR		715,524	$	1,062,875


				19,811,526

Transportation Infrastructure — 5.9%
Airports of Thailand PCL, NVDR^(a)		10,967,800		21,669,436
Bangkok Aviation Fuel Services PCL, NVDR^(a)(b)		491,800		388,409
Bangkok Expressway & Metro PCL, NVDR^(b)		19,542,253		5,343,274


				27,401,119

Water Utilities — 0.4%
Eastern Water Resources Development and Management PCL, NVDR^(b)		1,494,700		349,945
TTW PCL, NVDR^(b)		3,576,666		1,258,811
WHA Utilities and Power PCL, NVDR^(b)		2,945,100		368,385


				1,977,141

Wireless Telecommunication Services — 6.1%
Advanced Info Service PCL, NVDR		3,044,219		21,429,220
Intouch Holdings PCL, NVDR		2,876,000		6,687,700


				28,116,920


Total Common Stocks — 99.5% (Cost: $512,847,245)				461,924,439


Rights

Food Products — 0.0%
Khon Kaen Sugar, (Expires 02/28/22)^(a)		35,671		—


Media — 0.0%
VGI PCL, (Expires 03/25/22)^(a)		2,385,750		58,412


Oil, Gas & Consumable Fuels — 0.0%
Bangchak Corp. PCL, (Expires 02/28/22)^(a)		117,773		—


Total Rights — 0.0% (Cost: $0)				58,412


Short-Term Investments

Money Market Funds — 3.0%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.09%^(c)(d)(e)		12,971,255		12,973,849
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.03%^(c)(d)		1,080,000		1,080,000


				14,053,849


Total Short-Term Investments — 3.0% (Cost: $14,051,763)				14,053,849


Total Investments in Securities — 102.5% (Cost: $526,899,008)				476,036,700

Other Assets, Less Liabilities — (2.5)%				(11,435,215	)


Net Assets — 100.0%			$	464,601,485

^(a)	Non-income producing security.

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

^(c)	Affiliate of the Fund.

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

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


S C H E D U L E O F I N V E S T M E N T S		37

Schedule of Investments (unaudited) (continued)

February 28, 2022

iShares^® MSCI Thailand 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	$	33,250,286	$	—	$	(20,267,365	)^(a)	$	(6,515	)	$	(2,557	)	$	12,973,849		12,971,255	$	1,273,311	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		1,130,000		—		(50,000	)^(a)		—			—			1,080,000		1,080,000		50			—

								$	(6,515	)	$	(2,557	)	$	14,053,849			$	1,273,361		$	—

^(a)

Represents net amount purchased (sold).

^(b)

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts




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


Long Contracts
MSCI Emerging Markets Index		35		03/18/22	$	2,057	$	(46,645	)

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)	$	46,645

^(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	$	(341	)


Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(72,558	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments



Futures contracts:
Average notional value of contracts — long	$	1,605,215

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


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

Schedule of Investments (unaudited) (continued)

February 28, 2022

iShares^® MSCI Thailand ETF

Fair Value Hierarchy as of Period End




	Level 1			Level 2		Level 3		Total


Investments
Assets
Common Stocks	$	22,399,333		$	439,525,106	$	—	$	461,924,439
Rights		—			58,412		—		58,412
Money Market Funds		14,053,849			—		—		14,053,849

	$	36,453,182		$	439,583,518	$	—	$	476,036,700


Derivative financial instruments^(a)
Liabilities
Futures Contracts	$	(46,645	)	$	—	$	—	$	(46,645	)

^(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		39

Statements of Assets and Liabilities (unaudited)

February 28, 2022


	iShares MSCI Hong Kong ETF			iShares MSCI Japan Small-Cap ETF			iShares MSCI Malaysia ETF			iShares MSCI Pacific ex Japan ETF


ASSETS
Investments in securities, at value (including securities on loan)^(a):
Unaffiliated^(b)	$	852,800,798		$	72,469,151		$	268,490,175		$	2,217,525,163
Affiliated^(c)		1,746,726			39,031			3,657,635			7,929,206
Cash		3,065			5,062			1,214			—
Foreign currency, at value^(d)		52,195			14,397			150,228			5,166,613
Cash pledged:
Futures contracts^(e)		15,000			—			19,000			—
Foreign currency collateral pledged:
Futures contracts^(e)		—			9,490			—			2,341,760
Receivables:
Investments sold		7,511,989			988,297			869,273			48,761,588
Securities lending income — Affiliated		281			7			6,200			47,207
Variation margin on futures contracts		—			4,235			—			459,504
Capital shares sold		—			—			9,631,870			—
Dividends		22			228,255			340,055			16,286,359
Tax reclaims		—			810			—			—


Total assets		862,130,076			73,758,735			283,165,650			2,298,517,400


LIABILITIES
Bank overdraft		—			—			—			104,392
Collateral on securities loaned, at value		1,036,830			9,031			3,432,098			7,136,638
Payables:
Investments purchased		7,608,538			964,264			10,220,061			43,713,981
Variation margin on futures contracts		6,308			—			2,559			—
Investment advisory fees		351,597			27,554			95,466			821,052


Total liabilities		9,003,273			1,000,849			13,750,184			51,776,063


NET ASSETS	$	853,126,803		$	72,757,886		$	269,415,466		$	2,246,741,337


NET ASSETS CONSIST OF:
Paid-in capital	$	1,471,908,959		$	98,772,177		$	290,922,821		$	2,825,774,249
Accumulated loss		(618,782,156	)		(26,014,291	)		(21,507,355	)		(579,032,912	)


NET ASSETS	$	853,126,803		$	72,757,886		$	269,415,466		$	2,246,741,337


Shares outstanding		37,500,000			1,000,000			10,500,000			48,300,000


Net asset value	$	22.75		$	72.76		$	25.66		$	46.52


Shares authorized		375 million			500 million			300 million			1 billion


Par value	$	0.001		$	0.001		$	0.001		$	0.001


^(a)Securities loaned, at value	$	1,042,929		$	8,661		$	4,113,207		$	6,954,948
^(b)Investments, at cost — Unaffiliated	$	975,239,202		$	85,859,628		$	150,417,280		$	2,141,758,881
^(c)Investments, at cost — Affiliated	$	1,746,807		$	39,031		$	3,657,310		$	7,927,763
^(d)Foreign currency, at cost	$	52,200		$	14,283		$	150,174		$	5,151,231
^(e)Foreign currency collateral pledged, at cost	$	—		$	9,556		$	—		$	2,333,982

See notes to financial statements.


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

Statements of Assets and Liabilities (unaudited) (continued)

February 28, 2022


	iShares MSCI Singapore ETF			iShares MSCI Taiwan ETF		iShares MSCI Thailand ETF


ASSETS
Investments in securities, at value (including securities on loan)^(a):
Unaffiliated^(b)	$	628,217,565		$	6,928,270,787	$	461,982,851
Affiliated^(c)		1,594,772			574,269,262		14,053,849
Cash		6,856			1,418		7,579
Foreign currency, at value^(d)		1,581,087			10,607,816		130,374
Cash pledged:
Futures contracts		—			441,000		63,000
Foreign currency collateral pledged:
Futures contracts^(e)		114,598			—		—
Receivables:
Investments sold		60,426,930			189,699,442		—
Securities lending income — Affiliated		2,076			971,025		144,962
Variation margin on futures contracts		4,832			107,240		—
Capital shares sold		626,675			—		33,302
Dividends		773,249			398,340		1,480,023


Total assets		693,348,640			7,704,766,330		477,895,940


LIABILITIES
Collateral on securities loaned, at value		580,540			572,842,804		12,986,536
Payables:
Investments purchased		71,065,472			129,266,209		107,566
Variation margin on futures contracts		—			—		11,125
Capital shares redeemed		—			61,578,386		—
Investment advisory fees		230,074			3,134,738		189,228
Foreign taxes		—			642,617		—


Total liabilities		71,876,086			767,464,754		13,294,455


NET ASSETS	$	621,472,554		$	6,937,301,576	$	464,601,485


NET ASSETS CONSIST OF:
Paid-in capital	$	882,252,917		$	2,935,832,565	$	634,196,709
Accumulated earnings (loss)		(260,780,363	)		4,001,469,011		(169,595,224	)


NET ASSETS	$	621,472,554		$	6,937,301,576	$	464,601,485


Shares outstanding		29,700,000			108,300,000		5,850,000


Net asset value	$	20.93		$	64.06	$	79.42


Shares authorized		300 million			900 million		200 million


Par value	$	0.001		$	0.001	$	0.001


^(a)Securities loaned, at value	$	557,920		$	528,494,208	$	11,754,235
^(b)Investments, at cost — Unaffiliated	$	635,631,162		$	2,784,948,911	$	512,847,245
^(c)Investments, at cost — Affiliated	$	1,594,339		$	574,285,708	$	14,051,763
^(d)Foreign currency, at cost	$	1,588,312		$	10,655,234	$	130,344
^(e)Foreign currency collateral pledged, at cost	$	117,852		$	—	$	—

See notes to financial statements.


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

Statements of Operations (unaudited)

Six Months Ended February 28, 2022


	iShares MSCI Hong Kong ETF			iShares MSCI Japan Small-Cap ETF			iShares MSCI Malaysia ETF			iShares MSCI Pacific ex Japan ETF


INVESTMENT INCOME
Dividends — Unaffiliated	$	8,016,465		$	853,484		$	5,233,123		$	50,029,365
Dividends — Affiliated		61			2			314			395
Securities lending income — Affiliated — net		517,214			8			147,230			620,913
Foreign taxes withheld		—			(84,911	)		—			(697,539	)


Total investment income		8,533,740			768,583			5,380,667			49,953,134


EXPENSES
Investment advisory fees		2,334,311			188,839			603,137			5,416,272
Commitment fees		—			—			1,183			—
Professional fees		217			217			217			217


Total expenses		2,334,528			189,056			604,537			5,416,489


Net investment income		6,199,212			579,527			4,776,130			44,536,645


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		(21,029,471	)		(906,322	)		(9,647,507	)		(74,805,478	)
Investments — Affiliated		(23	)		—			617			(4,562	)
In-kind redemptions — Unaffiliated		136,785			—			—			6,381,192
Futures contracts		(228,556	)		(10,308	)		(74,588	)		(948,370	)
Foreign currency transactions		(3,851	)		(16,629	)		(56,093	)		(522,738	)


Net realized loss		(21,125,116	)		(933,259	)		(9,777,571	)		(69,899,956	)


Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated		(93,180,024	)		(8,089,380	)		2,570,907			(121,627,286	)
Investments — Affiliated		(81	)		—			(1,292	)		(542	)
Futures contracts		(40,639	)		(10,322	)		(4,768	)		(221,456	)
Foreign currency translations		(3,655	)		179			(4,148	)		124,244


Net change in unrealized appreciation (depreciation)		(93,224,399	)		(8,099,523	)		2,560,699			(121,725,040	)


Net realized and unrealized loss		(114,349,515	)		(9,032,782	)		(7,216,872	)		(191,624,996	)


NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(108,150,303	)	$	(8,453,255	)	$	(2,440,742	)	$	(147,088,351	)

See notes to financial statements.


42		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

Statements of Operations (unaudited) (continued)

Six Months Ended February 28, 2022


	iShares MSCI Singapore ETF			iShares MSCI Taiwan ETF			iShares MSCI Thailand ETF


INVESTMENT INCOME
Dividends — Unaffiliated	$	4,612,163		$	29,348,674		$	4,060,808
Dividends — Affiliated		116			63,819			2,295
Securities lending income — Affiliated — net^(a)		29,382			5,603,437			1,271,066
Foreign taxes withheld		(133,784	)		(6,146,415	)		(385,221	)
Other foreign taxes		—			(1,101,857	)		—


Total investment income		4,507,877			27,767,658			4,948,948


EXPENSES
Investment advisory fees		1,469,685			20,493,791			1,133,796
Commitment fees		—			19,090			—
Professional fees		217			217			217


Total expenses		1,469,902			20,513,098			1,134,013


Net investment income		3,037,975			7,254,560			3,814,935


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		(9,177,922	)		31,861,520			(3,159,046	)
Investments — Affiliated		(3,093	)		(133,896	)		(6,515	)
In-kind redemptions — Unaffiliated		8,397,180			—			2,586,901
Futures contracts		(190,681	)		2,583,934			(341	)
Foreign currency transactions		(364,448	)		(1,241,912	)		(9,285	)


Net realized gain (loss)		(1,338,964	)		33,069,646			(588,286	)

Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated		(30,220,007	)		49,352,091			419,841
Investments — Affiliated		(1,573	)		(75,680	)		(2,557	)
Futures contracts		26,256			(2,764,482	)		(72,558	)
Foreign currency translations		(142,855	)		(392,720	)		(44,253	)


Net change in unrealized appreciation (depreciation)		(30,338,179	)		46,119,209			300,473

Net realized and unrealized gain (loss)		(31,677,143	)		79,188,855			(287,813	)


NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(28,639,168	)	$	86,443,415		$	3,527,122


^(a)Net of securities lending income tax paid of	$	—		$	1,399,592		$	—

See notes to financial statements.


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

Statements of Changes in Net Assets


	iShares MSCI Hong Kong ETF						iShares MSCI Japan Small-Cap 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	$	6,199,212		$	28,969,140		$	579,527		$	892,504
Net realized gain (loss)		(21,125,116	)		55,547,845			(933,259	)		(3,561,252	)
Net change in unrealized appreciation (depreciation)		(93,224,399	)		120,477,914			(8,099,523	)		13,425,992


Net increase (decrease) in net assets resulting from operations		(108,150,303	)		204,994,899			(8,453,255	)		10,757,244


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(10,473,189	)		(29,103,228	)		(818,006	)		(534,743	)


CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		(52,022,756	)		(480,399,865	)		8,692,269			192,888


NET ASSETS
Total increase (decrease) in net assets		(170,646,248	)		(304,508,194	)		(578,992	)		10,415,389
Beginning of period		1,023,773,051			1,328,281,245			73,336,878			62,921,489


End of period	$	853,126,803		$	1,023,773,051		$	72,757,886		$	73,336,878

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

See notes to financial statements.


44		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

Statements of Changes in Net Assets (continued)


	iShares MSCI Malaysia ETF						iShares MSCI Pacific ex Japan 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	$	4,776,130		$	11,760,680		$	44,536,645		$	59,989,395
Net realized gain (loss)		(9,777,571	)		17,588			(69,899,956	)		28,747,225
Net change in unrealized appreciation (depreciation)		2,560,699			1,061,655			(121,725,040	)		324,866,037


Net increase (decrease) in net assets resulting from operations		(2,440,742	)		12,839,923			(147,088,351	)		413,602,657


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(6,979,020	)		(8,199,614	)		(74,045,047	)		(55,488,183	)


CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		13,536,163			(81,263,223	)		27,111,010			200,269,201


NET ASSETS
Total increase (decrease) in net assets		4,116,401			(76,622,914	)		(194,022,388	)		558,383,675
Beginning of period		265,299,065			341,921,979			2,440,763,725			1,882,380,050


End of period	$	269,415,466		$	265,299,065		$	2,246,741,337		$	2,440,763,725

^(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		45

Statements of Changes in Net Assets (continued)


	iShares MSCI Singapore ETF						iShares MSCI Taiwan 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	$	3,037,975		$	18,463,333		$	7,254,560		$	132,498,576
Net realized gain (loss)		(1,338,964	)		(755,655	)		33,069,646			109,814,384
Net change in unrealized appreciation (depreciation)		(30,338,179	)		112,664,961			46,119,209			2,042,034,196


Net increase (decrease) in net assets resulting from operations		(28,639,168	)		130,372,639			86,443,415			2,284,347,156


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(25,731,003	)		(19,029,698	)		(190,635,508	)		(99,705,133	)


CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		57,604,705			(18,837,564	)		(513,570,532	)		1,138,966,691


NET ASSETS
Total increase (decrease) in net assets		3,234,534			92,505,377			(617,762,625	)		3,323,608,714
Beginning of period		618,238,020			525,732,643			7,555,064,201			4,231,455,487


End of period	$	621,472,554		$	618,238,020		$	6,937,301,576		$	7,555,064,201

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

See notes to financial statements.


46		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

Statements of Changes in Net Assets (continued)


	iShares MSCI Thailand ETF


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

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	3,814,935		$	9,439,648
Net realized loss		(588,286	)		(12,016,117	)
Net change in unrealized appreciation (depreciation)		300,473			81,676,622


Net increase in net assets resulting from operations		3,527,122			79,100,153


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(5,789,084	)		(8,978,515	)


CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		55,125,254			(95,172,234	)


NET ASSETS
Total increase (decrease) in net assets		52,863,292			(25,050,596	)
Beginning of period		411,738,193			436,788,789


End of period	$	464,601,485		$	411,738,193

^(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		47

Financial Highlights

(For a share outstanding throughout each period)



	iShares MSCI Hong Kong ETF


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


Net asset value, beginning of period		$	25.80		$	22.91		$	23.00		$	24.18		$	24.69		$	21.08


Net investment income^(a)			0.16			0.57			0.54			0.62			0.71			0.68
Net realized and unrealized gain (loss)^(b)			(2.95	)		2.92			(0.01	)		(1.08	)		(0.12	)		3.54


Net increase (decrease) from investment operations			(2.79	)		3.49			0.53			(0.46	)		0.59			4.22


Distributions^(c)
From net investment income			(0.26	)		(0.60	)		(0.62	)		(0.72	)		(1.10	)		(0.61	)


Total distributions			(0.26	)		(0.60	)		(0.62	)		(0.72	)		(1.10	)		(0.61	)


Net asset value, end of period		$	22.75		$	25.80		$	22.91		$	23.00		$	24.18		$	24.69


Total Return^(d)
Based on net asset value			(10.83	)%^(e)		15.24	%		2.46	%		(2.00	)%		2.33	%		20.38	%


Ratios to Average Net Assets^(f)
Total expenses			0.49	%^(g)		0.50	%		0.51	%		0.49	%		0.48	%		0.49	%


Net investment income			1.31	%^(g)		2.26	%		2.37	%		2.52	%		2.83	%		3.08	%


Supplemental Data
Net assets, end of period (000)		$	853,127		$	1,023,773		$	1,328,281		$	1,424,663		$	2,729,621		$	1,855,447


Portfolio turnover rate^(h)			5	%^(e)		21	%		16	%		12	%		7	%		8	%

^(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.


48		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 Japan Small-Cap 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		$	81.49			$	69.91			$	68.75			$	77.00			$	72.78			$	60.95


Net investment income^(a)			0.58				1.04				1.21				1.37				0.94				1.02
Net realized and unrealized gain (loss)^(b)			(8.49	)			11.13				2.78				(7.90	)			4.24				12.62


Net increase (decrease) from investment operations			(7.91	)			12.17				3.99				(6.53	)			5.18				13.64


Distributions^(c)
From net investment income			(0.82	)			(0.59	)			(2.83	)			(1.72	)			(0.96	)			(1.81	)


Total distributions			(0.82	)			(0.59	)			(2.83	)			(1.72	)			(0.96	)			(1.81	)


Net asset value, end of period		$	72.76			$	81.49			$	69.91			$	68.75			$	77.00			$	72.78


Total Return^(d)
Based on net asset value			(9.75	)%^(e)			17.41	%			5.72	%			(8.42	)%			7.09	%			22.81	%


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


Net investment income			1.52	%^(g)			1.33	%			1.75	%			1.94	%			1.18	%			1.53	%


Supplemental Data
Net assets, end of period (000)		$	72,758			$	73,337			$	62,921			$	109,995			$	284,912			$	189,216


Portfolio turnover rate^(h)			8	%^(e)			21	%			10	%			10	%			9	%			8	%

^(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		49

Financial Highlights (continued)

(For a share outstanding throughout each period)



	iShares MSCI Malaysia ETF


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


Net asset value, beginning of period		$	26.60		$	26.51		$	28.02		$	32.87		$	32.03		$	33.13


Net investment income^(b)			0.49			0.98			0.76			1.03			0.91			0.56
Net realized and unrealized gain (loss)^(c)			(0.65	)		(0.05	)		(1.41	)		(4.85	)		2.06			(0.05	)


Net increase (decrease) from investment operations			(0.16	)		0.93			(0.65	)		(3.82	)		2.97			0.51


Distributions^(d)
From net investment income			(0.78	)		(0.84	)		(0.86	)		(1.03	)		(2.13	)		(1.61	)


Total distributions			(0.78	)		(0.84	)		(0.86	)		(1.03	)		(2.13	)		(1.61	)


Net asset value, end of period		$	25.66		$	26.60		$	26.51		$	28.02		$	32.87		$	32.03


Total Return^(e)
Based on net asset value			(0.37	)%^(f)		3.51	%		(2.27	)%		(11.69	)%		9.59	%		2.14	%


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


Net investment income			3.91	%^(h)		3.62	%		2.86	%		3.41	%		2.69	%		2.73	%


Supplemental Data
Net assets, end of period (000)		$	269,415		$	265,299		$	341,922		$	390,889		$	557,220		$	437,224


Portfolio turnover rate			17	%^(f)		28	%⁽ⁱ⁾		58	%⁽ⁱ⁾		48	%⁽ⁱ⁾		63	%⁽ⁱ⁾		24	%⁽ⁱ⁾


^(a) Per share amounts reflect a one-for-four 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 excluding cash creations was as follows:			6	%		7	%		16	%		9	%		17	%		10	%

See notes to financial statements.


50		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 Pacific ex Japan 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		$	51.17		$	42.98		$	44.17		$	46.02		$	46.43		$	40.94


Net investment income^(a)			0.94			1.30			1.29			1.74			1.66			1.60
Net realized and unrealized gain (loss)^(b)			(4.03	)		8.06			(0.98	)		(1.58	)		0.03			5.55


Net increase (decrease) from investment operations			(3.09	)		9.36			0.31			0.16			1.69			7.15


Distributions^(c)
From net investment income			(1.56	)		(1.17	)		(1.50	)		(2.01	)		(2.10	)		(1.66	)


Total distributions			(1.56	)		(1.17	)		(1.50	)		(2.01	)		(2.10	)		(1.66	)


Net asset value, end of period		$	46.52		$	51.17		$	42.98		$	44.17		$	46.02		$	46.43


Total Return^(d)
Based on net asset value			(6.05	)%^(e)		21.82	%		0.72	%		0.56	%		3.63	%		18.06	%


Ratios to Average Net Assets^(f)
Total expenses			0.47	%^(g)		0.47	%		0.48	%		0.48	%		0.48	%		0.49	%


Net investment income			3.86	%^(g)		2.66	%		3.04	%		3.89	%		3.52	%		3.69	%


Supplemental Data
Net assets, end of period (000)		$	2,246,741		$	2,440,764		$	1,882,380		$	2,266,116		$	2,374,834		$	3,120,426


Portfolio turnover rate^(h)			10	%^(e)		9	%		8	%		7	%		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.


F I N A N C I A L H I G H L I G H T S		51

Financial Highlights (continued)

(For a share outstanding throughout each period)



	iShares MSCI Singapore 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		$	23.03		$	19.12		$	22.83		$	23.84		$	24.70		$	21.22


Net investment income^(b)			0.11			0.63			0.76			0.91			1.04			0.56
Net realized and unrealized gain (loss)^(c)			(1.21	)		3.92			(3.57	)		(1.02	)		(0.77	)		3.84


Net increase (decrease) from investment operations			(1.10	)		4.55			(2.81	)		(0.11	)		0.27			4.40


Distributions^(d)
From net investment income			(1.00	)		(0.64	)		(0.90	)		(0.90	)		(1.13	)		(0.92	)


Total distributions			(1.00	)		(0.64	)		(0.90	)		(0.90	)		(1.13	)		(0.92	)


Net asset value, end of period		$	20.93		$	23.03		$	19.12		$	22.83		$	23.84		$	24.70


Total Return^(e)
Based on net asset value			(4.80	)%^(f)		23.91	%		(12.84	)%		(0.41	)%		0.91	%		21.51	%


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


Net investment income			1.02	%^(h)		2.87	%		3.59	%		3.86	%		4.03	%		3.00	%


Supplemental Data
Net assets, end of period (000)		$	621,473		$	618,238		$	525,733		$	513,651		$	579,292		$	600,268


Portfolio turnover rate⁽ⁱ⁾			28	%^(f)		17	%		22	%		9	%		26	%		12	%

^(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.


52		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 Taiwan 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		$	64.79		$	44.08		$	34.94		$	37.91		$	37.35		$	30.30


Net investment income^(b)			0.07			1.22			1.05			0.92			0.98			0.87
Net realized and unrealized gain (loss)^(c)			0.96			20.46			9.11			(2.89	)		0.60			6.88


Net increase (decrease) from investment operations			1.03			21.68			10.16			(1.97	)		1.58			7.75


Distributions^(d)
From net investment income			(1.39	)		(0.97	)		(1.02	)		(1.00	)		(1.02	)		(0.70	)
From net realized gain			(0.37	)		—			—			—			—			—


Total distributions			(1.76	)		(0.97	)		(1.02	)		(1.00	)		(1.02	)		(0.70	)


Net asset value, end of period		$	64.06		$	64.79		$	44.08		$	34.94		$	37.91		$	37.35


Total Return^(e)
Based on net asset value			1.57	%^(f)		49.79	%		29.34	%		(4.92	)%		4.43	%		26.17	%


Ratios to Average Net Assets^(g)
Total expenses			0.58	%^(h)		0.57	%		0.59	%		0.59	%		0.59	%		0.62	%


Net investment income			0.20	%^(h)		2.16	%		2.68	%		2.70	%		2.65	%		3.10	%


Supplemental Data
Net assets, end of period (000)		$	6,937,302		$	7,555,064		$	4,231,455		$	2,662,495		$	4,082,891		$	3,764,790


Portfolio turnover rate⁽ⁱ⁾			6	%^(f)		12	%		15	%		7	%		12	%^(j)		11	%^(j)


^(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 includes portfolio transactions that are executed as a result of the Fund offering and redeeming Creation Units solely for cash in U.S. dollars (“cash creations”)
^(j) Portfolio turnover rate excluding cash creations was as follows:			5	%		12	%		14	%		6	%		11	%		8	%

See notes to financial statements.


F I N A N C I A L H I G H L I G H T S		53

Financial Highlights (continued)

(For a share outstanding throughout each period)



	iShares MSCI Thailand 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		$	79.95		$	68.25		$	90.53		$	90.80		$	82.70		$	75.94


Net investment income^(a)			0.74			1.70			1.97			2.10			2.12			1.99
Net realized and unrealized gain (loss)^(b)			(0.15	)		11.73			(22.24	)		(0.33	)		8.13			6.90


Net increase (decrease) from investment operations			0.59			13.43			(20.27	)		1.77			10.25			8.89


Distributions^(c)
From net investment income			(1.12	)		(1.73	)		(2.01	)		(2.04	)		(2.15	)		(2.13	)


Total distributions			(1.12	)		(1.73	)		(2.01	)		(2.04	)		(2.15	)		(2.13	)


Net asset value, end of period		$	79.42		$	79.95		$	68.25		$	90.53		$	90.80		$	82.70


Total Return^(d)
Based on net asset value			0.84	%^(e)		19.65	%		(22.57	)%		2.03	%		12.55	%		12.01	%


Ratios to Average Net Assets^(f)
Total expenses			0.57	%^(g)		0.57	%		0.59	%		0.59	%		0.59	%		0.62	%


Net investment income			1.93	%^(g)		2.26	%		2.57	%		2.36	%		2.30	%		2.63	%


Supplemental Data
Net assets, end of period (000)		$	464,601		$	411,738		$	436,789		$	466,237		$	435,842		$	355,590


Portfolio turnover rate^(h)			2	%^(e)		17	%		11	%		17	%		10	%		7	%

^(a)	Based on average shares outstanding.

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

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

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

^(e)	Not annualized.

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

^(g)	Annualized.

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

See notes to financial statements.


54		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)

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 Hong Kong		Non-diversified
MSCI Japan Small-Cap		Diversified
MSCI Malaysia		Non-diversified
MSCI Pacific ex Japan		Diversified
MSCI Singapore		Non-diversified
MSCI Taiwan		Non-diversified
MSCI Thailand		Non-diversified

2. SIGNIFICANT ACCOUNTING POLICIES

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

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

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.


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		55

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.


56		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)

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 Hong Kong
BNP Paribas SA	$	1,042,929	$	1,036,726		$	—	$	(6,203	)^(b)


MSCI Japan Small-Cap
BNP Paribas SA	$	8,661	$	8,661		$	—	$	—


MSCI Malaysia
Morgan Stanley	$	2,923,083	$	2,436,640		$	—	$	(486,443	)^(b)
UBS AG		1,190,124		990,995			—		(199,129	)^(b)


	$	4,113,207	$	3,427,635		$	—	$	(685,572	)

MSCI Pacific ex Japan
BNP Paribas SA	$	1,749,073	$	1,729,724		$	—	$	(19,349	)^(b)
BofA Securities, Inc.		2,563,297		2,563,297			—		—
HSBC Bank PLC		39,099		39,099			—		—
Morgan Stanley		2,188,804		2,188,804			—		—
UBS Securities LLC		414,675		409,123			—		(5,552	)^(b)


	$	6,954,948	$	6,930,047		$	—	$	(24,901	)

MSCI Singapore
Morgan Stanley	$	47,123	$	47,123		$	—	$	—
State Street Bank & Trust Co.		510,797		510,797			—		—


	$	557,920	$	557,920		$	—	$	—

MSCI Taiwan
Citigroup Global Markets Ltd.	$	41,929,595	$	41,929,595		$	—	$	—
Goldman Sachs International		93,661,291		93,661,291			—		—
J.P. Morgan Securities PLC		148,270,180		148,270,180			—		—
Macquarie Bank Ltd.		11,711,921		11,711,921			—		—
Morgan Stanley		232,921,221		232,921,221			—		—


	$	528,494,208	$	528,494,208		$	—	$	—


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		57

Notes to Financial Statements (unaudited) (continued)




iShares ETF and Counterparty		Market Value of Securities on Loan		Cash Collateral Received	^(a)		Non-Cash Collateral Received		Net Amount

MSCI Thailand
Barclays Capital, Inc.	$	2,044,113	$	2,044,113		$	—	$	—
BofA Securities, Inc.		72,529		72,529			—		—
Citigroup Global Markets, Inc.		254,416		254,416			—		—
Credit Suisse Securities (USA) LLC		469,519		469,519			—		—
Goldman Sachs & Co. LLC		156,633		156,633			—		—
J.P. Morgan Securities LLC		5,296,857		5,296,857			—		—
Morgan Stanley		1,309,353		1,309,353			—		—
SG Americas Securities LLC		1,951,810		1,951,810			—		—
UBS AG		199,005		199,005			—		—


	$	11,754,235	$	11,754,235		$	—	$	—

^(a)

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

^(b)

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

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

5. DERIVATIVE FINANCIAL INSTRUMENTS

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

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

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

6. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

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

For its investment advisory services to each of the iShares MSCI Hong Kong, iShares MSCI Japan Small-Cap, iShares MSCI Malaysia and iShares MSCI Singapore ETFs, 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


58		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)

For its investment advisory services to the iShares MSCI Pacific ex Japan ETF, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Fund, based on the 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 $46 billion		0.5000	%
Over $46 billion, up to and including $81 billion		0.4750
Over $81 billion, up to and including $111 billion		0.4513
Over $111 billion, up to and including $141 billion		0.4287
Over $141 billion, up to and including $171 billion		0.4073
Over $171 billion		0.3869

For its investment advisory services to each of the iShares MSCI Taiwan and iShares MSCI Thailand ETFs, 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 $2 billion		0.7400	%
Over $2 billion, up to and including $4 billion		0.6900
Over $4 billion, up to and including $8 billion		0.6400
Over $8 billion, up to and including $16 billion		0.5700
Over $16 billion, up to and including $24 billion		0.5100
Over $24 billion, up to and including $32 billion		0.4800
Over $32 billion, up to and including $40 billion		0.4500
Over $40 billion		0.4275

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

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

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

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

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

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 Hong Kong	$	112,481
MSCI Japan Small-Cap		2
MSCI Malaysia		33,225
MSCI Pacific ex Japan		141,656
MSCI Singapore		10,316
MSCI Taiwan		1,677,861
MSCI Thailand		284,377


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		59

Notes to Financial Statements (unaudited) (continued)

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

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

For the six months ended February 28, 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 Hong Kong	$	9,313,881	$	3,628,158	$	(8,037,151)
MSCI Japan Small-Cap		3,205,313		1,767,434		851,227
MSCI Pacific ex Japan		6,281,153		18,182,613		(11,764,569)
MSCI Singapore		5,918,418		66,436,926		4,317,134
MSCI Taiwan		19,430,316		7,167,171		920,874

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 Hong Kong	$	76,713,293	$	49,741,050
MSCI Japan Small-Cap		5,901,748		5,986,462
MSCI Malaysia		54,763,106		43,927,553
MSCI Pacific ex Japan		234,427,263		258,110,616
MSCI Singapore		172,837,645		165,584,066
MSCI Taiwan		428,762,444		1,049,234,124
MSCI Thailand		10,865,227		8,515,261

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



iShares ETF	In-kind Purchases		In-kind Sales

MSCI Hong Kong	$	2,012,097	$	83,631,354
MSCI Japan Small-Cap		8,449,537		—
MSCI Pacific ex Japan		41,463,371		26,900,613
MSCI Singapore		104,141,614		53,771,213
MSCI Thailand		74,153,338		22,999,985

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 Hong Kong	$	464,534,433
MSCI Japan Small-Cap		10,918,565
MSCI Malaysia		102,921,977
MSCI Pacific ex Japan		510,753,366
MSCI Singapore		215,141,841
MSCI Thailand		113,015,960


60		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)

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

As of February 28, 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 Hong Kong	$	986,843,175	$	77,022,460	$	(209,332,799	)	$	(132,310,339	)
MSCI Japan Small-Cap		86,882,923		4,124,105		(18,504,467	)		(14,380,362	)
MSCI Malaysia		181,807,593		121,604,696		(31,276,730	)		90,327,966
MSCI Pacific ex Japan		2,229,729,162		339,002,429		(343,552,163	)		(4,549,734	)
MSCI Singapore		651,316,269		54,883,520		(76,441,417	)		(21,557,897	)
MSCI Taiwan		3,536,611,737		4,154,169,776		(188,414,697	)		3,965,755,079
MSCI Thailand		532,108,611		21,498,207		(77,616,763	)		(56,118,556	)

9. LINE OF CREDIT

The iShares MSCI Malaysia ETF and iShares MSCI Taiwan ETF, along with certain other iShares funds (“Participating Funds”), are parties to a $800 million credit agreement (“Syndicated Credit Agreement”) with a group of lenders, which expires on August 12, 2022. The line of credit may be used for temporary or emergency purposes, including redemptions, settlement of trades and rebalancing of portfolio holdings in certain target markets. The Funds may borrow up to the aggregate commitment amount subject to asset coverage and other limitations as specified in the Syndicated Credit Agreement. The Syndicated Credit Agreement has the following terms: a commitment fee of 0.15% per annum on the unused portion of the credit agreement and interest at a rate equal to the higher of (a) the one-month LIBOR rate (not less than zero) plus 1.00% per annum or (b) the U.S. Federal Funds rate (not less than zero) plus 1.00% per annum on amounts borrowed. The commitment fee is generally allocated to each Participating Fund based on the lesser of a Participating Fund’s relative exposure to certain target markets or a Participating Fund’s maximum borrowing amount as set forth by the terms of the Syndicated Credit Agreement.

During the six months ended February 28, 2022, the Funds did not borrow under the Syndicated Credit Agreement.

10. PRINCIPAL RISKS

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

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

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

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.


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		61

Notes to Financial Statements (unaudited) (continued)

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

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

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

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

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

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

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

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

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

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.

11. CAPITAL SHARE TRANSACTIONS

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


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Notes to Financial Statements (unaudited) (continued)

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 Hong Kong
Shares sold		2,025,000		$	48,791,689			8,700,000		$	209,932,705
Shares redeemed		(4,200,000	)		(100,814,445	)		(27,000,000	)		(690,332,570	)


Net decrease		(2,175,000	)	$	(52,022,756	)		(18,300,000	)	$	(480,399,865	)


MSCI Japan Small-Cap
Shares sold		100,000		$	8,692,269			200,000		$	15,401,017
Shares redeemed		—			—			(200,000	)		(15,208,129	)


Net increase		100,000		$	8,692,269			—		$	192,888


MSCI Malaysia
Shares sold		1,875,000		$	47,336,875			2,550,000		$	68,530,419
Shares redeemed		(1,350,000	)		(33,800,712	)		(5,475,000	)		(149,793,642	)


Net increase (decrease)		525,000		$	13,536,163			(2,925,000	)	$	(81,263,223	)


MSCI Pacific ex Japan
Shares sold		1,200,000		$	55,442,378			9,300,000		$	467,556,958
Shares redeemed		(600,000	)		(28,331,368	)		(5,400,000	)		(267,287,757	)


Net increase		600,000		$	27,111,010			3,900,000		$	200,269,201


MSCI Singapore
Shares sold		5,350,000		$	114,314,496			5,800,000		$	122,874,810
Shares redeemed		(2,500,000	)		(56,709,791	)		(6,450,000	)		(141,712,374	)


Net increase (decrease)		2,850,000		$	57,604,705			(650,000	)	$	(18,837,564	)


MSCI Taiwan
Shares sold		1,000,000		$	67,752,959			20,600,000		$	1,138,966,691
Shares redeemed		(9,300,000	)		(581,323,491	)		—			—


Net increase (decrease)		(8,300,000	)	$	(513,570,532	)		20,600,000		$	1,138,966,691


MSCI Thailand
Shares sold		1,000,000		$	78,350,999			1,450,000		$	109,985,794
Shares redeemed		(300,000	)		(23,225,745	)		(2,700,000	)		(205,158,028	)


Net increase (decrease)		700,000		$	55,125,254			(1,250,000	)	$	(95,172,234	)

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

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

12. SUBSEQUENT EVENTS

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


N O T E S T O F I N A N C I A L S T A T E M E N T S		63

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 Hong Kong ETF, iShares MSCI Japan Small-Cap ETF, iShares MSCI Malaysia ETF, iShares MSCI Pacific ex Japan ETF, iShares MSCI Singapore ETF, iShares MSCI Taiwan ETF and iShares MSCI Thailand 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 Hong Kong^(a)	$	0.257000	$	—	$	0.005408	$	0.262408		98	%		—	%		2	%		100	%
MSCI Pacific ex Japan^(a)		1.196722		—		0.367275		1.563997		77			—			23			100
MSCI Singapore^(a)		0.550878		—		0.452280		1.003158		55			—			45			100
MSCI Thailand^(a)		0.850090		—		0.274004		1.124094		76			—			24			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		65

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

ADR		American Depositary Receipt

NVDR		Non-Voting Depositary Receipt

REIT		Real Estate Investment Trust


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		67

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-803-0222