iShares, Inc.


		FEBRUARY 28, 2023

2023 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,

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

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

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

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

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

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

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

LOGO

Rob Kapito

President, BlackRock, Inc.

LOGO

Rob Kapito

President, BlackRock, Inc.


Total Returns as of February 28, 2023

	6-Month	12-Month

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

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

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

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

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

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

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

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

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

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


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

Table of Contents


		Page

The Markets in Review		2

Semi-Annual Report:

Fund Summary		4

About Fund Performance		11

Disclosure of Expenses		11

Schedules of Investments		12

Financial Statements

Statements of Assets and Liabilities		44

Statements of Operations		46

Statements of Changes in Net Assets		48

Financial Highlights		52

Notes to Financial Statements		59

Statement Regarding Liquidity Risk Management Program		70

Supplemental Information		71

General Information		72

Glossary of Terms Used in this Report		73


Fund Summary as of February 28, 2023		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-Month Total Returns			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years

Fund NAV		1.30	%		(7.54	)%		(1.88	)%		3.24	%		(7.54	)%		(9.05	)%		37.60	%
Fund Market		1.01			(7.58	)		(1.83	)		3.19			(7.58	)		(8.80	)		36.84
Index		1.13			(7.00	)		(1.37	)		3.81			(7.00	)		(6.69	)		45.28

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

Expense Example


Actual					Hypothetical 5% Return


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

	$ 1,000.00	$ 1,013.00	$ 2.55			$ 1,000.00	$ 1,022.30	$ 2.56		0.51	%

^(a)

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

Portfolio Information

SECTOR ALLOCATION



Sector	Percent of Total Investments	^(a)

Financials	42.3	%
Real Estate	24.2
Industrials	14.2
Utilities	8.9
Consumer Discretionary	6.1
Consumer Staples	2.9
Communication Services	1.4

TEN LARGEST HOLDINGS



Security	Percent of Total Investments	^(a)

AIA Group Ltd.	22.9	%
Hong Kong Exchanges & Clearing Ltd.	11.8
Sun Hung Kai Properties Ltd.	5.0
CK Hutchison Holdings Ltd.	4.1
Galaxy Entertainment Group Ltd.	3.8
Link REIT	3.6
Techtronic Industries Co. Ltd.	3.5
BOC Hong Kong Holdings Ltd.	3.3
Hang Seng Bank Ltd.	3.3
CK Asset Holdings Ltd.	3.3

^(a)

Excludes money market funds.


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


Fund Summary as of February 28, 2023		iShares^® MSCI 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-Month Total Returns			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years

Fund NAV		5.31	%		(8.64	)%		(2.44	)%		5.49	%		(8.64	)%		(11.60	)%		70.67	%
Fund Market		5.41			(9.10	)		(2.24	)		5.53			(9.10	)		(10.73	)		71.27
Index		4.57			(7.79	)		(2.13	)		5.85			(7.79	)		(10.19	)		76.54

Expense Example


Actual					Hypothetical 5% Return


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

	$ 1,000.00	$ 1,053.10	$ 2.60			$ 1,000.00	$ 1,022.30	$ 2.56		0.51	%

^(a)

Portfolio Information

SECTOR ALLOCATION



Sector	Percent of Total Investments	^(a)

Industrials	23.6	%
Consumer Discretionary	17.2
Information Technology	10.9
Materials	10.4
Real Estate	10.3
Consumer Staples	9.2
Financials	7.5
Health Care	5.5
Communication Services	2.5
Utilities	2.0
Energy	0.9

TEN LARGEST HOLDINGS



Security	Percent of Total Investments	^(a)

Sojitz Corp.	0.6	%
Asics Corp.	0.5
Ebara Corp.	0.5
Fukuoka Financial Group Inc.	0.5
IHI Corp.	0.5
Kawasaki Kisen Kaisha Ltd.	0.5
Taiyo Yuden Co. Ltd.	0.5
Isetan Mitsukoshi Holdings Ltd.	0.5
Orix JREIT Inc.	0.5
Rohto Pharmaceutical Co. Ltd.	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, 2023		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-Month Total Returns			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years

Fund NAV		(1.81	)%		(12.21	)%		(5.74	)%		(2.90	)%		(12.21	)%		(25.59	)%		(25.48	)%
Fund Market		(1.66	)		(13.62	)		(5.72	)		(2.99	)		(13.62	)		(25.50	)		(26.16	)
Index		(1.82	)		(11.61	)		(5.41	)		(2.60	)		(11.61	)		(24.28	)		(23.14	)

Expense Example


Actual					Hypothetical 5% Return


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

	$ 1,000.00	$ 981.90	$ 2.51			$ 1,000.00	$ 1,022.30	$ 2.56		0.51	%

^(a)

Portfolio Information

SECTOR ALLOCATION



Sector	Percent of Total Investments	^(a)

Financials	40.6	%
Consumer Staples	12.7
Utilities	8.7
Communication Services	8.6
Materials	8.5
Industrials	7.5
Consumer Discretionary	5.1
Energy	3.4
Health Care	3.3
Information Technology	1.6

TEN LARGEST HOLDINGS



Security	Percent of Total Investments	^(a)

Public Bank Bhd	14.0	%
Malayan Banking Bhd	9.9
CIMB Group Holdings Bhd	9.0
Tenaga Nasional Bhd	5.6
Press Metal Aluminium Holdings Bhd	4.5
Petronas Chemicals Group Bhd	4.0
DiGi.Com Bhd	3.1
Hong Leong Bank Bhd	3.1
Petronas Gas Bhd	3.1
PPB Group Bhd	2.6

^(a)

Excludes money market funds.


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


Fund Summary as of February 28, 2023		iShares^® MSCI 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-Month Total Returns			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years

Fund NAV		5.42	%		(2.62	)%		1.92	%		2.76	%		(2.62	)%		9.99	%		31.33	%
Fund Market		5.72			(2.90	)		2.10			2.79			(2.90	)		10.95			31.70
Index		5.06			(1.54	)		2.41			3.22			(1.54	)		12.65			37.27

Expense Example


Actual					Hypothetical 5% Return


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

	$ 1,000.00	$ 1,054.20	$ 2.44			$ 1,000.00	$ 1,022.40	$ 2.41		0.48	%

^(a)

Portfolio Information

SECTOR ALLOCATION



Sector	Percent of Total Investments	^(a)

Financials	37.7	%
Materials	15.6
Real Estate	10.3
Health Care	7.6
Industrials	7.4
Consumer Discretionary	5.0
Consumer Staples	4.1
Energy	3.9
Communication Services	3.8
Utilities	3.2
Information Technology	1.4

GEOGRAPHIC ALLOCATION



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

Australia	63.5	%
Hong Kong	22.7
Singapore	12.0
New Zealand	1.8

^(a)

Excludes money market funds.


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


Fund Summary as of February 28, 2023		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-Month Total Returns			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years

Fund NAV		6.26	%		(6.26	)%		(2.76	)%		0.21	%		(6.26	)%		(13.08	)%		2.11	%
Fund Market		6.46			(6.51	)		(2.66	)		0.26			(6.51	)		(12.60	)		2.64
Index		6.37			(4.91	)		(2.24	)		0.69			(4.91	)		(10.72	)		7.07

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

	$ 1,000.00	$ 1,062.60	$ 2.61			$ 1,000.00	$ 1,022.30	$ 2.56		0.51	%

^(a)

Portfolio Information

SECTOR ALLOCATION



Sector	Percent of Total Investments	^(a)

Financials	48.3	%
Real Estate	18.2
Industrials	15.6
Communication Services	8.7
Consumer Staples	3.5
Consumer Discretionary	3.1
Information Technology	2.6

TEN LARGEST HOLDINGS



Security	Percent of Total Investments	^(a)

DBS Group Holdings Ltd.	20.1	%
Oversea-Chinese Banking Corp. Ltd.	13.6
United Overseas Bank Ltd.	11.1
Singapore Telecommunications Ltd.	4.4
Sea Ltd.	4.3
CapitaLand Ascendas REIT	4.2
Singapore Airlines Ltd.	3.6
Wilmar International Ltd.	3.5
Singapore Exchange Ltd.	3.5
Keppel Corp. Ltd.	3.3

^(a)

Excludes money market funds.


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


Fund Summary as of February 28, 2023		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-Month Total Returns			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years

Fund NAV		2.86	%		(18.94	)%		8.89	%		9.18	%		(18.94	)%		53.12	%		140.67	%
Fund Market		2.65			(19.33	)		9.27			9.06			(19.33	)		55.75			138.11
Index		3.26			(16.88	)		9.71			9.95			(16.88	)		58.95			158.27

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

	$ 1,000.00	$ 1,028.60	$ 2.97			$ 1,000.00	$ 1,021.90	$ 2.96		0.59	%

^(a)

Portfolio Information

SECTOR ALLOCATION



Sector	Percent of Total Investments	^(a)

Information Technology	57.7	%
Financials	19.3
Materials	7.3
Industrials	4.8
Consumer Discretionary	4.1
Communication Services	3.2
Consumer Staples	2.1
Other (each representing less than 1%)	1.5

TEN LARGEST HOLDINGS



Security	Percent of Total Investments	^(a)

Taiwan Semiconductor Manufacturing Co. Ltd.	21.8	%
Hon Hai Precision Industry Co. Ltd.	4.6
MediaTek Inc.	3.9
United Microelectronics Corp.	2.3
Delta Electronics Inc.	2.2
Fubon Financial Holding Co. Ltd.	1.9
Chunghwa Telecom Co. Ltd.	1.8
CTBC Financial Holding Co. Ltd.	1.6
China Steel Corp.	1.6
Cathay Financial Holding Co. Ltd.	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, 2023		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-Month Total Returns			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years

Fund NAV		1.76	%		(8.24	)%		(4.33	)%		0.21	%		(8.24	)%		(19.85	)%		2.11	%
Fund Market		2.59			(8.85	)		(4.26	)		0.25			(8.85	)		(19.57	)		2.52
Index		1.64			(7.62	)		(4.10	)		0.41			(7.62	)		(18.88	)		4.23

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

	$ 1,000.00	$ 1,017.60	$ 2.95			$ 1,000.00	$ 1,021.90	$ 2.96		0.59	%

^(a)

Portfolio Information

SECTOR ALLOCATION



Sector	Percent of Total Investments	^(a)

Energy	12.9	%
Consumer Staples	11.3
Industrials	9.7
Materials	9.3
Utilities	9.2
Health Care	9.1
Financials	8.6
Consumer Discretionary	8.5
Communication Services	7.8
Real Estate	7.1
Information Technology	6.5

TEN LARGEST HOLDINGS



Security	Percent of Total Investments	^(a)

CP ALL PCL	6.0	%
PTT Public Company Ltd.	5.3
Airports of Thailand PCL	5.2
Bangkok Dusit Medical Services PCL	4.8
Delta Electronics Thailand PCL	4.7
Siam Cement PCL (The)	4.2
Advanced Info Service PCL	4.0
PTT Exploration & Production PCL	3.4
Gulf Energy Development PCL	2.6
Central Pattana PCL	2.4

^(a)

Excludes money market funds.


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

About Fund Performance

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

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

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

Disclosure of Expenses

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

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

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

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


A B O U T F U N D P E R F O R M A N C E / D I S C L O S U R E O F E X P E N S E S		11

Schedule of Investments (unaudited)

February 28, 2023

iShares^® MSCI Hong Kong ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Banks — 6.5%
BOC Hong Kong Holdings Ltd.		8,149,000	$	27,579,030
Hang Seng Bank Ltd.		1,687,100		27,443,247


				55,022,277

Beverages — 1.5%
Budweiser Brewing Co. APAC Ltd.^(a)		4,179,900		12,533,855


Building Products — 1.0%
Xinyi Glass Holdings Ltd.		4,797,000		8,969,166


Capital Markets — 12.6%
Futu Holdings Ltd., ADR^(b)(c)		161,628		7,953,714
Hong Kong Exchanges & Clearing Ltd.		2,470,126		98,935,075


				106,888,789

Diversified Telecommunication Services — 1.4%
HKT Trust & HKT Ltd., Class SS		9,228,500		11,997,952


Electric Utilities — 6.1%
CK Infrastructure Holdings Ltd.		1,652,000		8,714,100
CLP Holdings Ltd.		3,627,200		25,650,887
Power Assets Holdings Ltd.		3,192,500		17,075,963


				51,440,950

Equity Real Estate Investment Trusts (REITs) — 3.6%
Link REIT		4,599,400		30,270,866


Food Products — 1.4%
WH Group Ltd.^(a)		20,416,500		11,880,952


Gas Utilities — 2.8%
Hong Kong & China Gas Co. Ltd.		24,908,495		23,414,052


Hotels, Restaurants & Leisure — 6.0%
Galaxy Entertainment Group Ltd.		4,753,000		31,643,754
Sands China Ltd.^(b)		5,609,600		19,468,739


				51,112,493

Industrial Conglomerates — 6.5%
CK Hutchison Holdings Ltd.		5,803,767		34,655,732
Jardine Matheson Holdings Ltd.		414,900		20,566,435


				55,222,167

Insurance — 22.7%
AIA Group Ltd.		18,096,200		192,326,575


Machinery — 3.5%
Techtronic Industries Co. Ltd.		2,954,647		29,426,113


Marine — 0.9%
SITC International Holdings Co. Ltd.		3,672,000		7,681,631


Real Estate Management & Development — 20.4%
CK Asset Holdings Ltd.		4,356,267		27,322,644
ESR Group Ltd.^(a)		5,150,000		8,760,353


Security	Shares		Value

Real Estate Management & Development (continued)
Hang Lung Properties Ltd.		5,152,000	$	9,936,552
Henderson Land Development Co. Ltd.		3,540,762		12,428,725
Hongkong Land Holdings Ltd.		2,700,700		12,354,528
New World Development Co. Ltd.		3,785,266		10,304,116
Sino Land Co. Ltd.		8,604,000		11,033,345
Sun Hung Kai Properties Ltd.		3,097,500		42,331,702
Swire Pacific Ltd., Class A		1,234,000		10,070,310
Swire Properties Ltd.		3,139,600		8,261,859
Wharf Real Estate Investment Co. Ltd.		3,765,150		20,643,662


				173,447,796

Road & Rail — 2.1%
MTR Corp. Ltd.		3,552,583		17,902,413


Total Common Stocks — 99.0% (Cost: $1,021,244,306)				839,538,047


Rights

Equity Real Estate Investment Trusts (REITs) — 0.1%
Link REIT (Expires 03/28/23, Strike Price HKD 44.20)^(b)		910,900		858,748


Total Rights — 0.1% (Cost: $0)				858,748


Total Long-Term Investments — 99.1% (Cost: $1,021,244,306)				840,396,795


Short-Term Securities

Money Market Funds — 0.8%
BlackRock Cash Funds: Institutional, SL Agency Shares, 4.81%^(d)(e)(f)		6,286,059		6,289,831
BlackRock Cash Funds: Treasury, SL Agency Shares, 4.41%^(d)(e)		520,000		520,000


Total Short-Term Securities — 0.8% (Cost: $6,809,108)				6,809,831


Total Investments — 99.9% (Cost: $1,028,053,414)				847,206,626

Other Assets Less Liabilities — 0.1%				1,114,712


Net Assets — 100.0%			$	848,321,338

^(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 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

February 28, 2023

iShares^® MSCI Hong Kong ETF

Affiliates

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




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


BlackRock Cash Funds: Institutional, SL Agency Shares	$	—	$	6,288,690	^(a)	$	—		$	418	$	723	$	6,289,831		6,286,059	$	6,465	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		1,540,000		—			(1,020,000	)^(a)		—		—		520,000		520,000		22,413			1

									$	418	$	723	$	6,809,831			$	28,878		$	1

^(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

03/17/23

1,228

1,880

OTC Total Return Swaps



Reference Entity	Payment Frequency		Counterparty^(a)	Termination Date		Net Notional		Accrued Unrealized Appreciation (Depreciation)			Net Value of Reference Entity		Gross Notional Amount Net Asset Percentage

Equity Securities Long		Monthly	Goldman Sachs Bank USA^(b)		08/19/26	$	698,489		$(1,573)^(c)		$	696,916		0.1	%
		Monthly	HSBC Bank PLC^(d)		02/10/28		703,370		(88,906)^(e)			656,863		0.1
		Monthly	JPMorgan Chase Bank NA^(f)		02/08/24		8,501		4,665^(g)			8,011		0.0	^(h)

								$	(85,814	)	$	1,361,790

^(a)

The Fund receives the total return on a portfolio of long positions underlying the total return swap. The Fund pays the total return on a portfolio of short positions underlying the total return swap. In addition, the Fund pays or receives a variable rate of interest, based on a specified benchmark. The benchmark and spread are determined based upon the country and/or currency of the individual underlying positions.

^(c)

Amount includes $0 of net dividends and financing fees.

^(e)

Amount includes $(42,399) of net dividends, payable for referenced securities purchased and financing fees.

^(g)

Amount includes $5,155 of net dividends, payable for referenced securities purchased and financing fees.

^(h)

Rounds to less than 0.1%.

The following are the specified benchmarks (plus or minus a range) used in determining the variable rate of interest:


	(b)	(d)	(f)
Range:	55 basis points	55 basis points	55 basis points
Benchmarks:	HKD - Overnight Index Average (HONIA)	HKD - Overnight Index Average (HONIA)	HKD - Overnight Index Average (HONIA)


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

Schedule of Investments (unaudited) (continued)

February 28, 2023

iShares^® MSCI Hong Kong ETF

The following table represents the individual long positions and related values of equity securities underlying the total return swap with Goldman Sachs Bank USA as of period end, termination date August 19, 2026.


	Shares		Value		%of Basket Value

Reference Entity — Long

Common Stocks

Capital Markets
Hong Kong Exchanges & Clearing Ltd.		17,400	$	696,916		100.0	%


Net Value of Reference Entity — Goldman Sachs Bank USA			$	696,916

The following table represents the individual long positions and related values of equity securities underlying the total return swap with HSBC Bank PLC as of period end, termination date February 10, 2028.


	Shares		Value		%of Basket Value

Reference Entity — Long

Common Stocks

Capital Markets
Hong Kong Exchanges & Clearing Ltd.		16,400	$	656,863		100.0	%


Net Value of Reference Entity — HSBC Bank PLC			$	656,863

The following table represents the individual long positions and related values of equity securities underlying the total return swap with JPMorgan Chase Bank NA as of period end, termination date February 8, 2024.


	Shares		Value		%of Basket Value

Reference Entity — Long

Common Stocks

Capital Markets
Hong Kong Exchanges & Clearing Ltd.		200	$	8,011		100.0	%


Net Value of Reference Entity — JPMorgan Chase Bank NA			$	8,011

Derivative Financial Instruments Categorized by Risk Exposure

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



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

Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts^(a)	$	—	$	—	$	1,880	$	—	$	—	$	—	$	1,880
Swaps — OTC
Unrealized appreciation on OTC swaps; Swap premiums paid	$	—	$	—	$	4,665	$	—	$	—	$	—	$	4,665

	$	—	$	—	$	6,545	$	—	$	—	$	—	$	6,545

Liabilities — Derivative Financial Instruments
Swaps — OTC
Unrealized depreciation on OTC swaps; Swap premiums received	$	—	$	—	$	90,479	$	—	$	—	$	—	$	90,479

^(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).


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

Schedule of Investments (unaudited) (continued)

February 28, 2023

iShares^® MSCI Hong Kong ETF

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



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

Net Realized Gain (Loss) from
Futures contracts	$	—	$	—	$	(106,095	)	$	—	$	—	$	—	$	(106,095	)
Swaps		—		—		1,187,999			—		—		—		1,187,999

	$	—	$	—	$	1,081,904		$	—	$	—	$	—	$	1,081,904

Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	114,832		$	—	$	—	$	—	$	114,832
Swaps		—		—		(85,814	)		—		—		—		(85,814	)

	$	—	$	—	$	29,018		$	—	$	—	$	—	$	29,018

Average Quarterly Balances of Outstanding Derivative Financial Instruments


Futures contracts
Average notional value of contracts — long	$	1,801,860
Total return swaps
Average notional value	$	705,180

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

Derivative Financial Instruments - Offsetting as of Period End

The Fund’s derivative assets and liabilities (by type) were as follows:



	Assets			Liabilities

Derivative Financial Instruments:
Futures contracts	$	1,880		$	—
Swaps—OTC^(a)		4,665			90,479

Total derivative assets and liabilities in the Statement of Assets and Liabilities		6,545			90,479
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)		(1,880	)		—

Total derivative assets and liabilities subject to an MNA		4,665			90,479

^(a)

Includes unrealized appreciation (depreciation) on OTC swaps and swap premiums (paid/received) in the Statements of Assets and Liabilities.

The following tables present the Fund’s derivative assets and liabilities by counterparty net of amounts available for offset under an MNA and net of the related collateral received and pledged by the Fund:



Counterparty		Derivative Assets Subject to an MNA by Counterparty		Derivatives Available for Offset		Non-Cash Collateral Received		Cash Collateral Received		Net Amount of Derivative Assets	^(a)

JPMorgan Chase Bank NA	$	4,665	$	—	$	—	$	—	$	4,665


Counterparty		Derivative Liabilities Subject to an MNA by Counterparty		Derivatives Available for Offset		Non-Cash Collateral Pledged		Cash Collateral Pledged		Net Amount of Derivative Liabilities	^(b)

Goldman Sachs Bank USA	$	1,573	$	—	$	—	$	—	$	1,573
HSBC Bank PLC		88,906		—		—		—		88,906

	$	90,479	$	—	$	—	$	—	$	90,479

^(a)

Net amount represents the net amount receivable from the counterparty in the event of default.

^(b)

Net amount represents the net amount payable due to the counterparty in the event of default.


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, 2023

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


Assets
Investments
Long-Term Investments
Common Stocks	$	7,953,714	$	831,584,333		$	—	$	839,538,047
Rights		—		858,748			—		858,748
Short-Term Securities
Money Market Funds		6,809,831		—			—		6,809,831

	$	14,763,545	$	832,443,081		$	—	$	847,206,626


Derivative Financial Instruments^(a)
Assets
Equity Contracts	$	1,880	$	4,665		$	—	$	6,545
Liabilities
Equity Contracts		—		(90,479	)		—		(90,479	)

	$	1,880	$	(85,814	)	$	—		(83,934	)

^(a)

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

See notes to financial statements.


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

Schedule of Investments (unaudited)

February 28, 2023

iShares^® MSCI Japan Small-Cap ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Air Freight & Logistics — 0.6%
AZ-COM MARUWA Holdings Inc.		3,000	$	39,264
Hamakyorex Co. Ltd.		1,000		23,163
Konoike Transport Co. Ltd.		2,000		21,978
Mitsui-Soko Holdings Co. Ltd.		2,000		57,910
Sankyu Inc.		4,000		147,162
SBS Holdings Inc.		1,000		23,504
Senko Group Holdings Co. Ltd.		9,000		63,677
Trancom Co. Ltd.		1,000		49,024


				425,682

Auto Components — 3.4%
Exedy Corp.		3,000		39,802
FCC Co. Ltd.		3,000		32,887
G-Tekt Corp.		2,000		20,901
JTEKT Corp.		18,000		134,478
KYB Corp.		1,000		27,628
Musashi Seimitsu Industry Co. Ltd.		4,000		51,644
NGK Spark Plug Co. Ltd.		13,000		261,419
NHK Spring Co. Ltd.		17,000		113,220
Nifco Inc./Japan		7,000		184,544
Nippon Seiki Co. Ltd.		4,000		26,116
NOK Corp.		7,000		68,640
Pacific Industrial Co. Ltd.		4,000		34,154
Piolax Inc.		2,000		29,511
Seiren Co. Ltd.		4,000		70,302
Shoei Co. Ltd.		2,000		79,304
Stanley Electric Co. Ltd.		11,000		229,386
Sumitomo Riko Co. Ltd.		3,000		15,532
Sumitomo Rubber Industries Ltd.		15,000		135,054
Tokai Rika Co. Ltd.		4,000		45,843
Topre Corp.		3,000		26,351
Toyo Tire Corp.		9,000		106,538
Toyoda Gosei Co. Ltd.		6,000		97,737
Toyota Boshoku Corp.		6,000		93,335
TS Tech Co. Ltd.		8,000		101,486
Yokohama Rubber Co. Ltd. (The)		10,000		189,770


				2,215,582

Automobiles — 0.4%
Mitsubishi Motors Corp.^(a)		57,000		224,781
Nissan Shatai Co. Ltd.		6,000		37,048


				261,829

Banks — 4.8%
77 Bank Ltd. (The)		5,000		89,078
Aichi Financial Group Inc., NVS		3,000		55,396
Aozora Bank Ltd.		10,000		193,659
Awa Bank Ltd. (The)		3,000		48,979
Bank of Kyoto Ltd. (The)		5,000		238,695
Chugin Financial Group Inc., NVS		12,000		84,181
Daishi Hokuetsu Financial Group Inc.		3,000		71,573
Fukuoka Financial Group Inc.		15,000		334,851
Gunma Bank Ltd. (The)		29,000		108,853
Hachijuni Bank Ltd. (The)		29,000		131,234
Hirogin Holdings Inc.		21,000		106,246
Hokkoku Financial Holdings Inc.		2,000		61,322
Hokuhoku Financial Group Inc.		10,000		77,163
Hyakugo Bank Ltd. (The)		17,000		52,313
Iyogin Holdings Inc., NVS		19,000		113,176
Juroku Financial Group Inc.		3,000		70,835
Keiyo Bank Ltd. (The)		8,000		38,045


Security	Shares		Value

Banks (continued)
Kiyo Bank Ltd. (The)		5,000	$	59,844
Kyushu Financial Group Inc.		29,000		110,527
Mebuki Financial Group Inc.		78,000		209,678
Musashino Bank Ltd. (The)		2,000		37,250
Nanto Bank Ltd. (The)		2,000		39,523
Nishi-Nippon Financial Holdings Inc.		10,000		85,278
North Pacific Bank Ltd.		23,000		53,543
Ogaki Kyoritsu Bank Ltd. (The)		3,000		44,288
Okinawa Financial Group Inc.		2,000		35,091
San-in Godo Bank Ltd. (The)		12,000		74,758
Seven Bank Ltd.		50,000		100,586
Shiga Bank Ltd. (The)		3,000		64,115
Shinsei Bank Ltd.		5,000		91,027
Suruga Bank Ltd.		14,000		44,010
Toho Bank Ltd. (The)		15,000		26,669
Tokyo Kiraboshi Financial Group Inc.		2,000		42,716
TOMONY Holdings Inc.		12,000		34,717
Yamaguchi Financial Group Inc.		17,000		114,799


				3,144,018

Beverages — 0.8%
Coca-Cola Bottlers Japan Holdings Inc.		11,000		115,795
Ito En Ltd.		5,000		168,558
Sapporo Holdings Ltd.		5,000		117,489
Takara Holdings Inc.		12,000		94,696


				496,538

Biotechnology — 0.3%
GNI Group Ltd.^(a)		3,997		31,620
PeptiDream Inc.^(a)		8,000		108,563
Pharma Foods International Co. Ltd.		2,000		22,953
SanBio Co. Ltd.^(a)		3,000		15,149
Takara Bio Inc.		4,000		50,954


				229,239

Building Products — 0.8%
Bunka Shutter Co. Ltd.		4,000		32,775
Central Glass Co. Ltd.		2,000		49,149
Nichias Corp.		5,000		98,597
Nichiha Corp.		2,000		38,632
Nitto Boseki Co. Ltd.		2,000		30,568
Noritz Corp.		2,000		24,183
Sanwa Holdings Corp.		16,000		168,659
Sekisui Jushi Corp.		2,000		29,017
Takara Standard Co. Ltd.		2,000		21,133
Takasago Thermal Engineering Co. Ltd.		4,000		61,518


				554,231

Capital Markets — 0.6%
GMO Financial Holdings Inc.		3,000		12,842
JAFCO Group Co. Ltd.		5,000		80,881
M&A Capital Partners Co. Ltd.^(a)		1,000		28,906
Matsui Securities Co. Ltd.		10,000		59,535
Monex Group Inc.		15,000		54,960
Okasan Securities Group Inc.		14,000		44,926
SPARX Group Co. Ltd.		2,000		23,447
Strike Co. Ltd.		1,000		27,843
Tokai Tokyo Financial Holdings Inc.		17,000		47,563
WealthNavi Inc.^(a)(b)		2,000		18,745


				399,648

Chemicals — 6.7%
ADEKA Corp.		8,000		129,806
Aica Kogyo Co. Ltd.		4,000		90,899


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

Schedule of Investments (unaudited) (continued)

February 28, 2023

iShares^® MSCI Japan Small-Cap ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Chemicals (continued)
Air Water Inc.		16,000	$	192,366
C Uyemura & Co. Ltd.		1,000		45,527
C.I. Takiron Corp.		4,000		14,924
Chugoku Marine Paints Ltd.		3,000		24,694
Daicel Corp.		22,000		152,747
Denka Co. Ltd.		6,000		126,705
DIC Corp.		6,000		107,111
Fujimi Inc.		1,000		47,934
Fujimori Kogyo Co. Ltd.		1,000		23,121
Fuso Chemical Co. Ltd.		2,000		54,487
JCU Corp.		2,000		46,949
Kaneka Corp.		4,000		100,511
Kansai Paint Co. Ltd.		15,000		201,219
Kanto Denka Kogyo Co. Ltd.		3,000		22,278
KeePer Technical Laboratory Co. Ltd.		1,000		28,674
KH Neochem Co. Ltd.		3,000		56,348
Konishi Co. Ltd.		3,000		40,953
Kumiai Chemical Industry Co. Ltd.		6,049		38,346
Kuraray Co. Ltd.		27,000		242,176
Kureha Corp.		1,400		86,750
Lintec Corp.		3,000		49,166
Mitsubishi Gas Chemical Co. Inc.		13,000		184,165
Nihon Parkerizing Co. Ltd.		7,000		52,358
Nippon Kayaku Co. Ltd.		11,000		96,597
Nippon Pillar Packing Co. Ltd.		1,000		25,302
Nippon Shokubai Co. Ltd.		2,000		83,011
Nippon Soda Co. Ltd.		2,000		67,842
NOF Corp.		6,000		255,235
Okamoto Industries Inc.		1,000		28,636
Osaka Organic Chemical Industry Ltd.		1,000		14,689
Osaka Soda Co. Ltd.		1,000		31,606
Sakata INX Corp.		3,000		22,776
Sanyo Chemical Industries Ltd.		1,000		31,532
Shikoku Chemicals Corp.		2,000		18,710
Shin-Etsu Polymer Co. Ltd.		4,000		39,730
Showa Denko KK		15,000		246,337
Sumitomo Bakelite Co. Ltd.		3,000		104,770
T Hasegawa Co. Ltd.		3,000		64,647
Taiyo Holdings Co. Ltd.		3,000		52,084
Takasago International Corp.		1,000		18,619
Teijin Ltd.		15,000		155,859
Tenma Corp.		1,000		17,258
Toagosei Co. Ltd.		8,000		73,619
Tokai Carbon Co. Ltd.		17,000		165,992
Tokuyama Corp.		5,000		79,706
Tokyo Ohka Kogyo Co. Ltd.		3,000		158,353
Toyo Gosei Co. Ltd.		400		26,926
Toyo Ink SC Holdings Co. Ltd.		3,000		42,608
Toyobo Co. Ltd.		7,000		55,065
UBE Corp.		8,000		119,980
W-Scope Corp.^(a)(b)		4,000		37,634
Zeon Corp.		11,000		104,042


				4,399,379

Commercial Services & Supplies — 1.8%
Aeon Delight Co. Ltd.		2,000		43,634
Daiseki Co. Ltd.		4,012		120,535
Duskin Co. Ltd.		4,000		91,062
Japan Elevator Service Holdings Co. Ltd.		5,000		73,220
Kokuyo Co. Ltd.		7,000		96,320
Matsuda Sangyo Co. Ltd.		1,060		17,868


Security	Shares		Value

Commercial Services & Supplies (continued)
Midac Holdings Co. Ltd.		1,000	$	20,253
Mitsubishi Pencil Co. Ltd.		3,000		32,463
Nippon Kanzai Co. Ltd.		2,000		38,029
Nippon Parking Development Co. Ltd.		16,000		30,177
Okamura Corp.		5,000		50,348
Park24 Co. Ltd.^(a)		11,000		161,167
Pilot Corp.		2,000		64,273
Prestige International Inc.		8,000		37,240
Raksul Inc.^(a)(b)		4,000		39,980
Sato Holdings Corp.		2,000		33,199
Sohgo Security Services Co. Ltd.		6,000		157,484
TRE Holdings Corp.		4,000		44,555


				1,151,807

Construction & Engineering — 3.5%
Chiyoda Corp.^(a)		13,000		39,667
Chudenko Corp.		2,000		31,672
COMSYS Holdings Corp.		9,000		163,728
Daiho Corp.		1,000		28,216
EXEO Group Inc.		8,000		140,374
Hazama Ando Corp.		14,000		90,242
INFRONEER Holdings Inc.		21,040		159,523
JDC Corp.		4,000		16,419
JGC Holdings Corp.		19,000		244,533
Kandenko Co. Ltd.		8,000		52,491
Kinden Corp.		10,000		112,279
Kumagai Gumi Co. Ltd.		3,000		61,275
Kyudenko Corp.		4,000		101,032
MIRAIT ONE corp.		8,000		89,520
Nippon Densetsu Kogyo Co. Ltd.		3,000		33,547
Nippon Road Co. Ltd. (The)		400		20,610
Nishimatsu Construction Co. Ltd.		3,000		80,147
Okumura Corp.		3,000		72,368
Penta-Ocean Construction Co. Ltd.		23,000		109,611
Raito Kogyo Co. Ltd.		3,000		43,114
Raiznext Corp.		2,000		20,241
Sanki Engineering Co. Ltd.		3,000		33,659
SHO-BOND Holdings Co. Ltd.		3,000		118,331
Sumitomo Densetsu Co. Ltd.		1,000		17,805
Sumitomo Mitsui Construction Co. Ltd.		12,000		37,609
Taihei Dengyo Kaisha Ltd.		1,000		28,506
Taikisha Ltd.		2,000		52,627
Takamatsu Construction Group Co. Ltd.		1,000		14,728
Toa Corp./Tokyo		1,000		19,488
Toda Corp.		18,000		93,813
Toenec Corp.		1,000		25,046
Tokyu Construction Co. Ltd.		7,040		35,755
Totetsu Kogyo Co. Ltd.		2,000		40,276
Toyo Construction Co. Ltd.		5,000		32,549
Yokogawa Bridge Holdings Corp.		3,000		45,238
Yurtec Corp.		3,000		16,650


				2,322,689

Construction Materials — 0.5%
Maeda Kosen Co. Ltd.		1,000		24,189
Mitani Sekisan Co. Ltd.		1,000		32,170
Sumitomo Osaka Cement Co. Ltd.		3,000		83,806
Taiheiyo Cement Corp.		10,000		183,857


				324,022

Consumer Finance — 1.0%
AEON Financial Service Co. Ltd.		9,000		85,440


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

Schedule of Investments (unaudited) (continued)

February 28, 2023

iShares^® MSCI Japan Small-Cap ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Consumer Finance (continued)
Aiful Corp.		27,000	$	73,771
Credit Saison Co. Ltd.		13,000		177,181
J Trust Co. Ltd.		6,000		21,416
Jaccs Co. Ltd.		2,000		65,132
Marui Group Co. Ltd.		15,000		228,454
Orient Corp.		4,300		36,880


				688,274

Containers & Packaging — 0.6%
FP Corp.		4,100		103,924
Fuji Seal International Inc.		4,000		48,562
Rengo Co. Ltd.		16,000		103,962
Toyo Seikan Group Holdings Ltd.		11,000		143,141


				399,589

Distributors — 0.3%
Arata Corp.		1,000		29,654
Doshisha Co. Ltd.		2,000		26,887
PALTAC Corp.		3,000		109,115


				165,656

Diversified Consumer Services — 0.2%
Benesse Holdings Inc.		6,000		88,794
LITALICO Inc.		2,000		37,733
Riso Kyoiku Co. Ltd.		9,000		22,143


				148,670

Diversified Financial Services — 1.0%
eGuarantee Inc.		3,000		50,078
Financial Products Group Co. Ltd.		5,000		43,119
Fuyo General Lease Co. Ltd.		1,500		103,328
Japan Securities Finance Co. Ltd.		8,000		61,614
Mizuho Leasing Co. Ltd.		2,000		53,817
Ricoh Leasing Co. Ltd.		1,000		29,553
Tokyo Century Corp.		3,000		100,337
Zenkoku Hosho Co. Ltd.		5,000		190,492


				632,338

Diversified Telecommunication Services — 0.4%
ARTERIA Networks Corp.		2,000		19,006
Internet Initiative Japan Inc.		9,000		180,278
JTOWER Inc.^(a)(b)		1,000		40,372
Usen-Next Holdings Co. Ltd.		1,000		18,381
Vision Inc./Tokyo Japan^(a)		3,000		35,861


				293,898

Electric Utilities — 1.0%
Chugoku Electric Power Co. Inc. (The)		23,000		113,119
Hokkaido Electric Power Co. Inc.		15,000		51,944
Hokuriku Electric Power Co.		14,000		55,667
Kyushu Electric Power Co. Inc.		35,000		185,831
Okinawa Electric Power Co. Inc. (The)		4,092		30,946
Shikoku Electric Power Co. Inc.		13,000		69,674
Tohoku Electric Power Co. Inc.		38,000		180,871


				688,052

Electrical Equipment — 1.3%
Daihen Corp.		2,000		62,794
Fujikura Ltd.		20,000		141,797
Furukawa Electric Co. Ltd.		6,000		104,880
GS Yuasa Corp.		5,000		90,108
Idec Corp./Japan		2,000		47,927
Mabuchi Motor Co. Ltd.		4,000		110,744
Nippon Carbon Co. Ltd.		1,000		30,590
Nissin Electric Co. Ltd.		4,000		49,784


Security	Shares		Value

Electrical Equipment (continued)
Nitto Kogyo Corp.		2,000	$	38,912
Sanyo Denki Co. Ltd.		1,000		41,534
Toyo Tanso Co. Ltd.		1,000		32,847
Ushio Inc.		8,000		91,405


				843,322

Electronic Equipment, Instruments & Components — 4.0%
Ai Holdings Corp.		3,000		49,794
Alps Alpine Co. Ltd.		17,000		161,481
Amano Corp.		4,000		73,973
Anritsu Corp.		11,000		100,409
Canon Electronics Inc.		2,000		25,948
Canon Marketing Japan Inc.		4,000		88,396
Citizen Watch Co. Ltd.		20,000		121,062
Daiwabo Holdings Co. Ltd.		7,000		108,175
Dexerials Corp.		5,000		97,964
Hakuto Co. Ltd.		1,000		37,457
Hioki E.E. Corp.		1,000		58,592
Horiba Ltd.		3,000		159,952
Hosiden Corp.		4,000		48,963
Iriso Electronics Co. Ltd.		2,000		69,954
Japan Aviation Electronics Industry Ltd.		4,000		66,403
Japan Display Inc.^(a)		64,000		19,313
Kaga Electronics Co. Ltd.		1,000		35,870
Koa Corp.		2,000		27,188
Macnica Holdings Inc.		4,000		110,659
Maruwa Co. Ltd./Aichi		1,000		128,577
Maxell Ltd.		4,000		42,667
Meiko Electronics Co. Ltd.		2,000		40,606
Nichicon Corp.		4,000		39,628
Nippon Ceramic Co. Ltd.		1,600		31,152
Nippon Electric Glass Co. Ltd.		7,000		130,282
Nippon Signal Company Ltd.		3,000		22,801
Nissha Co. Ltd.		3,000		39,909
Nohmi Bosai Ltd.		2,000		24,212
Oki Electric Industry Co. Ltd.		6,000		31,307
Optex Group Co. Ltd.		3,000		45,169
Restar Holdings Corp.		1,000		17,033
Riken Keiki Co. Ltd.		1,000		36,948
Ryosan Co. Ltd.		1,300		29,596
Ryoyo Electro Corp.		1,000		18,538
Siix Corp.		2,000		21,881
Taiyo Yuden Co. Ltd.		10,000		302,820
Topcon Corp.		9,000		118,373
Yokowo Co. Ltd.		1,000		14,588


				2,597,640

Energy Equipment & Services — 0.0%
Modec Inc.^(a)		2,000		22,123


Entertainment — 0.9%
Avex Inc.		3,000		35,500
Bushiroad Inc.		2,000		10,647
COLOPL Inc.		5,000		21,841
Daiichikosho Co. Ltd.		3,000		95,360
DeNA Co. Ltd.		7,000		89,903
GungHo Online Entertainment Inc.		4,000		72,043
Mixi Inc.		3,000		58,957
Shochiku Co. Ltd.		1,000		80,515
Toei Animation Co. Ltd.^(b)		700		70,014
Toei Co. Ltd.		500		63,535


				598,315


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, 2023

iShares^® MSCI Japan Small-Cap ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Equity Real Estate Investment Trusts (REITs) — 8.4%
Activia Properties Inc.		60	$	172,930
Advance Logistics Investment Corp.		50		50,089
Advance Residence Investment Corp.		110		270,229
AEON REIT Investment Corp.		140		152,992
Comforia Residential REIT Inc.		50		115,120
CRE Logistics REIT Inc.		50		64,923
Daiwa Office Investment Corp.		30		134,795
Daiwa Securities Living Investments Corp.		160		133,100
Frontier Real Estate Investment Corp.		40		147,454
Fukuoka REIT Corp.		50		60,433
Global One Real Estate Investment Corp.		80		63,957
Hankyu Hanshin REIT Inc.		50		52,749
Heiwa Real Estate REIT Inc.		80		92,308
Hoshino Resorts REIT Inc.		20		110,906
Hulic Reit Inc.		110		123,174
Ichigo Office REIT Investment Corp.		100		65,088
Industrial & Infrastructure Fund Investment Corp.		170		179,218
Invincible Investment Corp.		520		209,566
Japan Excellent Inc.		100		89,284
Japan Hotel REIT Investment Corp.		380		214,775
Japan Logistics Fund Inc.		70		151,307
Japan Prime Realty Investment Corp.		70		184,748
Kenedix Office Investment Corp.		80		187,708
Kenedix Residential Next Investment Corp.		80		120,843
Kenedix Retail REIT Corp.		50		90,964
LaSalle Logiport REIT		150		170,527
Mirai Corp.		150		49,294
Mitsubishi Estate Logistics REIT Investment Corp.		40		118,383
Mitsui Fudosan Logistics Park Inc.		51		170,023
Mori Hills REIT Investment Corp.		130		146,232
Mori Trust Hotel Reit Inc.^(a)		30		30,734
Mori Trust Sogo REIT Inc.		160		89,064
Nippon Accommodations Fund Inc.		43		191,613
NIPPON REIT Investment Corp.		40		97,803
NTT UD REIT Investment Corp.		120		119,749
One REIT Inc.		20		35,245
Orix JREIT Inc.		220		294,567
Samty Residential Investment Corp.		30		24,878
Sekisui House Reit Inc.		360		190,604
SOSiLA Logistics REIT Inc.		60		57,923
Star Asia Investment Corp.		150		60,456
Starts Proceed Investment Corp.		20		34,557
Takara Leben Real Estate Investment Corp.		50		33,181
Tokyu REIT Inc.		80		114,733
United Urban Investment Corp.		250		276,136


				5,544,362

Food & Staples Retailing — 2.8%
Aeon Hokkaido Corp.		4,000		25,057
Ain Holdings Inc.		2,000		83,138
Arcs Co. Ltd.		3,000		47,752
Axial Retailing Inc.		1,000		25,464
Belc Co. Ltd.		1,000		39,416
Cawachi Ltd.		1,000		17,140
Cosmos Pharmaceutical Corp.		2,000		183,328
Create SD Holdings Co. Ltd.		2,000		49,573
Daikokutenbussan Co. Ltd.		500		18,760
Fuji Co. Ltd./Ehime		2,000		26,080
G-7 Holdings Inc.		2,000		21,096
Genky DrugStores Co. Ltd.		1,000		29,779
Halows Co. Ltd.		1,000		23,768


Security	Shares		Value

Food & Staples Retailing (continued)
Heiwado Co. Ltd.		2,000	$	31,307
Inageya Co. Ltd.		2,000		20,105
Kato Sangyo Co. Ltd.		2,000		52,836
Kusuri no Aoki Holdings Co. Ltd.		1,400		71,854
Lawson Inc.		4,000		157,316
Life Corp.		1,000		20,295
Maxvalu Tokai Co. Ltd.		1,000		20,021
Mitsubishi Shokuhin Co. Ltd.		1,000		23,804
Oisix ra daichi Inc.^(a)		2,000		35,029
Retail Partners Co. Ltd.		2,000		18,856
San-A Co. Ltd.		2,000		61,644
Shoei Foods Corp.		1,000		31,090
Sugi Holdings Co. Ltd.		3,000		125,582
Sundrug Co. Ltd.		6,000		162,448
Tsuruha Holdings Inc.		3,000		211,271
United Super Markets Holdings Inc.		4,000		32,913
Valor Holdings Co. Ltd.		3,000		43,219
Yaoko Co. Ltd.		2,000		100,743
Yokorei Co. Ltd.		4,000		29,455


				1,840,139

Food Products — 3.9%
Ariake Japan Co. Ltd.		2,000		70,052
Calbee Inc.		7,000		138,800
DyDo Group Holdings Inc.		1,000		34,945
Ezaki Glico Co. Ltd.		4,000		100,429
Fuji Oil Holdings Inc.		4,000		57,393
Fujicco Co. Ltd.		2,000		27,181
Fujiya Co. Ltd.^(b)		1,000		17,753
Hokuto Corp.		2,000		27,673
House Foods Group Inc.		5,000		99,125
Itoham Yonekyu Holdings Inc.		13,000		68,161
J-Oil Mills Inc.		2,000		23,202
Kagome Co. Ltd.		6,000		132,577
Kameda Seika Co. Ltd.		1,000		30,908
Kewpie Corp.		8,000		129,297
Kotobuki Spirits Co. Ltd.		2,000		128,553
Maruha Nichiro Corp.		4,000		71,209
Megmilk Snow Brand Co. Ltd.		4,000		51,900
Mitsui DM Sugar Holdings Co. Ltd.		1,000		15,288
Morinaga & Co. Ltd./Japan		3,000		86,530
Morinaga Milk Industry Co. Ltd.		3,000		101,762
NH Foods Ltd.		7,000		193,286
Nichirei Corp.		9,000		177,680
Nippn Corp., New		4,000		47,557
Nippon Suisan Kaisha Ltd.		24,000		96,195
Nisshin Oillio Group Ltd. (The)		2,000		48,905
Prima Meat Packers Ltd.		2,000		31,444
Riken Vitamin Co. Ltd.		2,000		30,491
S Foods Inc.		1,000		20,467
Sakata Seed Corp.		2,000		59,689
Showa Sangyo Co. Ltd.		1,000		18,915
Toyo Suisan Kaisha Ltd.		7,000		283,192
Yamazaki Baking Co. Ltd.		10,000		116,092


				2,536,651

Gas Utilities — 0.4%
Nippon Gas Co. Ltd.		9,000		125,728
Saibu Gas Holdings Co. Ltd.		2,000		26,888
Shizuoka Gas Co. Ltd.		3,000		24,863


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

Schedule of Investments (unaudited) (continued)

February 28, 2023

iShares^® MSCI Japan Small-Cap ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Gas Utilities (continued)
Toho Gas Co. Ltd.		6,000	$	112,557


				290,036

Health Care Equipment & Supplies — 1.4%
CYBERDYNE Inc.^(a)(b)		9,000		19,615
Eiken Chemical Co. Ltd.		3,000		34,383
Hogy Medical Co. Ltd.		2,000		47,256
Japan Lifeline Co. Ltd.		5,000		33,942
Jeol Ltd.		4,000		124,509
Mani Inc.		6,000		81,491
Menicon Co. Ltd.		5,000		107,128
Nagaileben Co. Ltd.		2,000		28,813
Nakanishi Inc.		6,000		124,206
Nihon Kohden Corp.		7,000		175,354
Nipro Corp.		12,000		91,271
Paramount Bed Holdings Co. Ltd.		3,000		52,472
PHC Holdings Corp.		2,000		21,137


				941,577

Health Care Providers & Services — 1.6%
Alfresa Holdings Corp.		14,000		169,074
Amvis Holdings Inc.^(b)		2,000		48,140
As One Corp.		2,000		83,366
BML Inc.		2,000		46,485
Elan Corp.		3,000		23,745
H.U. Group Holdings Inc.		4,000		78,718
Medipal Holdings Corp.		16,000		209,701
Ship Healthcare Holdings Inc.		7,000		126,342
Solasto Corp.		4,000		19,906
Suzuken Co. Ltd.		5,000		126,263
Toho Holdings Co. Ltd.		5,000		80,849
Tokai Corp./Gifu		2,000		27,996


				1,040,585

Health Care Technology — 0.2%
EM Systems Co. Ltd.		3,000		18,821
JMDC Inc.		2,200		69,462
Medley Inc.^(a)		2,000		58,668


				146,951

Hotels, Restaurants & Leisure — 3.5%
Airtrip Corp.		1,000		18,008
Arcland Service Holdings Co. Ltd.		1,000		16,193
Atom Corp.^(a)(b)		10,000		59,778
Colowide Co. Ltd.		6,000		84,649
Create Restaurants Holdings Inc.		10,000		72,512
Curves Holdings Co. Ltd.		4,000		22,556
Doutor Nichires Holdings Co. Ltd.		3,000		41,135
Food & Life Companies Ltd.		9,000		227,760
Fuji Kyuko Co. Ltd.		2,000		61,624
Fujio Food Group Inc.^(a)		1,000		9,809
Heiwa Corp.		5,016		94,129
Hiday Hidaka Corp.		2,084		30,549
HIS Co. Ltd.^(a)(b)		4,000		59,845
Ichibanya Co. Ltd.		1,000		34,297
Kappa Create Co. Ltd.^(a)		2,000		21,281
KFC Holdings Japan Ltd.		1,000		20,582
Kisoji Co. Ltd.		2,000		32,233
KOMEDA Holdings Co. Ltd.		4,000		69,096
Koshidaka Holdings Co. Ltd.		4,000		27,474
Kura Sushi Inc.^(b)		2,000		46,982
Kyoritsu Maintenance Co. Ltd.		2,480		98,194
Matsuyafoods Holdings Co. Ltd.		1,000		28,970


Security	Shares		Value

Hotels, Restaurants & Leisure (continued)
Monogatari Corp. (The)		3,000	$	55,384
MOS Food Services Inc.		2,000		45,300
Ohsho Food Service Corp.		1,000		44,722
Open Door Inc.^(a)(b)		1,000		11,641
Resorttrust Inc.		7,000		109,438
Ringer Hut Co. Ltd.^(a)(b)		2,000		32,375
Round One Corp.		18,000		68,381
Royal Holdings Co. Ltd.		3,000		57,349
Saizeriya Co. Ltd.		2,000		45,013
Skylark Holdings Co. Ltd.^(a)		19,000		222,386
Tokyotokeiba Co. Ltd.		1,000		27,748
Toridoll Holdings Corp.		4,000		80,046
Yoshinoya Holdings Co. Ltd.		6,000		103,168
Zensho Holdings Co. Ltd.		8,000		225,239


				2,305,846

Household Durables — 2.4%
Casio Computer Co. Ltd.		16,000		156,821
Chofu Seisakusho Co. Ltd.		1,000		15,530
ES-Con Japan Ltd.		3,000		18,744
Fujitsu General Ltd.		5,000		140,027
Haseko Corp.		20,000		229,505
Ki-Star Real Estate Co. Ltd.		1,000		31,329
Nagawa Co. Ltd.^(b)		1,000		55,924
Nikon Corp.		25,000		247,617
Pressance Corp.		2,000		25,112
Rinnai Corp.		3,000		210,428
Sangetsu Corp.		3,000		54,485
Sumitomo Forestry Co. Ltd.		12,000		230,268
Tama Home Co. Ltd.		1,000		24,941
Tamron Co. Ltd.		1,000		23,818
Token Corp.		1,000		56,786
Zojirushi Corp.		3,000		36,264


				1,557,599

Household Products — 0.6%
Earth Corp.		1,000		35,215
Lion Corp.		20,000		215,766
Pigeon Corp.		10,000		154,254


				405,235

Independent Power and Renewable Electricity Producers — 0.5%
Electric Power Development Co. Ltd.		12,000		191,257
eRex Co. Ltd.		3,000		41,872
RENOVA Inc.^(a)		3,000		46,238
West Holdings Corp.		2,080		51,195


				330,562

Industrial Conglomerates — 0.6%
Katakura Industries Co. Ltd.		1,000		12,942
Keihan Holdings Co. Ltd.		8,000		196,856
Mie Kotsu Group Holdings Inc.		4,000		14,976
Nisshinbo Holdings Inc.		11,000		81,615
Noritsu Koki Co. Ltd.		2,000		32,681
TOKAI Holdings Corp.		8,000		51,524


				390,594

Insurance — 0.1%
Anicom Holdings Inc.		6,000		24,197
LIFENET INSURANCE Co.^(a)		4,000		34,255


				58,452

Interactive Media & Services — 0.4%
Bengo4.com Inc.^(a)(b)		1,000		17,773
Gree Inc.		5,000		26,763


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

Schedule of Investments (unaudited) (continued)

February 28, 2023

iShares^® MSCI Japan Small-Cap ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Interactive Media & Services (continued)
Infocom Corp.		2,000	$	35,257
Kakaku.com Inc.		11,000		164,166


				243,959

Internet & Direct Marketing Retail — 0.4%
ASKUL Corp.		3,000		37,926
Belluna Co. Ltd.		4,000		20,389
Demae-Can Co. Ltd.^(a)(b)		4,000		14,113
Mercari Inc.^(a)		9,000		159,520


				231,948

IT Services — 2.5%
Argo Graphics Inc.		1,000		27,563
Bell System24 Holdings Inc.		3,000		31,826
BIPROGY Inc.		6,000		132,955
Change Inc.		3,000		55,099
Comture Corp.		2,000		32,715
Digital Garage Inc.		3,000		99,049
DTS Corp.		3,000		69,719
Future Corp.		4,000		51,586
GMO GlobalSign Holdings KK^(b)		1,000		29,669
GMO internet group Inc.		6,000		111,341
Infomart Corp.		17,000		37,737
Information Services International-Dentsu Ltd.		2,000		69,135
Kanematsu Electronics Ltd.		1,000		45,442
Mitsubishi Research Institute Inc.		1,000		38,054
NEC Networks & System Integration Corp.		6,000		73,571
NET One Systems Co. Ltd.		7,000		159,756
NS Solutions Corp.		3,000		78,182
NSD Co. Ltd.		5,000		86,281
Relia Inc.		3,000		32,113
SB Technology Corp.		1,000		14,761
SHIFT Inc.^(a)		1,000		165,556
Simplex Holdings Inc.		2,000		33,525
TechMatrix Corp.		3,000		32,554
TKC Corp.		2,000		53,957
Transcosmos Inc.		2,000		49,183
Zuken Inc.		1,000		25,751


				1,637,080

Leisure Products — 1.0%
Fields Corp.		1,000		30,627
GLOBERIDE Inc.		2,000		37,676
Mizuno Corp.		2,000		46,209
Roland Corp.		1,000		28,760
Sankyo Co. Ltd.		3,000		122,260
Sega Sammy Holdings Inc.		13,000		222,251
Snow Peak Inc.^(b)		2,000		32,396
Tomy Co. Ltd.		7,000		68,407
Universal Entertainment Corp.^(a)		2,000		34,630
Yonex Co. Ltd.		5,000		48,504


				671,720

Life Sciences Tools & Services — 0.1%