iShares, Inc.


		FEBRUARY 28, 2022

2022 Semi-Annual Report

(Unaudited)

iShares, Inc.

iShares MSCI Australia ETF | EWA | NYSE Arca

iShares MSCI Canada ETF | EWC | NYSE Arca

iShares MSCI Japan ETF | EWJ | NYSE Arca

iShares MSCI Mexico ETF | EWW | NYSE Arca

iShares MSCI South Korea ETF | EWY | NYSE Arca

The Markets in Review

Dear Shareholder,

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

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

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

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

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

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

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

Sincerely,

LOGO

Rob Kapito

President, BlackRock, Inc.

LOGO

Rob Kapito

President, BlackRock, Inc.

Total Returns as of February 28, 2022

6-Month

12-Month

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

(2.62)%

16.39%

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

(9.46)

(6.01)

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

(6.78)

2.83

Emerging market equities
(MSCI Emerging Markets
Index)

(9.81)

(10.69)

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

0.02

0.04

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

(3.94)

(1.67)

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

(4.07)

(2.64)

Tax-exempt municipal bonds
(Bloomberg Municipal Bond
Index)

(3.09)

(0.66)

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

(3.07)

0.64

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


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

Table of Contents


	Page
The Markets in Review		2

Fund Summary		4

About Fund Performance		9

Shareholder Expenses		9

Schedules of Investments		10

Financial Statements

Statements of Assets and Liabilities		28

Statements of Operations		30

Statements of Changes in Net Assets		32

Financial Highlights		35

Notes to Financial Statements		40

Statement Regarding Liquidity Risk Management Program		49

Supplemental Information		50

General Information		51

Glossary of Terms Used in this Report		52


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

Investment Objective

The iShares MSCI Australia ETF (the “Fund”) seeks to track the investment results of an index composed of Australian equities, as represented by the MSCI Australia 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		(3.93	)%		2.88	%		6.30	%		4.70%		2.88	%		35.72	%		58.37%
Fund Market		(3.83	)		3.12			6.34			4.85		3.12			36.01			60.62
Index		(4.49	)		2.91			6.62			5.06		2.91			37.80			63.88

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

Expense Example


Actual						Hypothetical 5% Return
Beginning Account Value (09/01/21)		Ending Account Value (02/28/22)		Expenses Paid During the Period^(a)		Beginning Account Value (09/01/21)		Ending Account Value (02/28/22)		Expenses Paid During the Period^(a)		Annualized Expense Ratio
	$ 1,000.00		$ 960.70		$ 2.38		$ 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		32.8%
Materials		25.5
Health Care		10.2
Real Estate		6.6
Consumer Discretionary		6.3
Consumer Staples		5.2
Industrials		4.3
Energy		3.9
Communication Services		2.0
Information Technology		1.9
Utilities		1.3

^(a)

Excludes money market funds.

TEN LARGEST HOLDINGS


Security		Percent of Total Investments^(a)
BHP Group Ltd.		14.5%
Commonwealth Bank of Australia		9.7
CSL Ltd.		7.6
National Australia Bank Ltd.		5.8
Westpac Banking Corp.		5.1
Australia & New Zealand Banking Group Ltd.		4.5
Macquarie Group Ltd.		3.7
Wesfarmers Ltd.		3.3
Rio Tinto Ltd.		2.7
Woolworths Group Ltd.		2.6


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 Canada ETF

Investment Objective

The iShares MSCI Canada ETF (the “Fund”) seeks to track the investment results of an index composed of Canadian equities, as represented by the MSCI Canada Custom Capped 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		3.58	%		20.23	%		9.81	%		4.99%		20.23	%		59.68	%	62.78%
Fund Market		3.68			21.08			9.81			5.05		21.08			59.67		63.61
Index		3.76			20.43			9.94			5.15		20.43			60.61		65.17

Index performance through August 31, 2017 reflects the performance of the MSCI Canada Index. Index performance beginning on September 1, 2017 reflects the performance of the MSCI Canada Custom Capped 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		$ 1,035.80		$ 2.47		$ 1,000.00		$ 1,022.40		$ 2.46		0.49	%

^(a)

Portfolio Information

ALLOCATION BY SECTOR


Sector		Percent of Total Investments^(a)
Financials		38.7%
Energy		16.5
Materials		11.6
Industrials		11.2
Information Technology		7.6
Consumer Staples		3.9
Utilities		3.6
Consumer Discretionary		3.4
Communication Services		2.5
Other (each representing less than 1%)		1.0

^(a)

Excludes money market funds.

TEN LARGEST HOLDINGS


Security		Percent of Total Investments^(a)
Royal Bank of Canada		7.8%
Toronto-Dominion Bank (The)		7.3
Bank of Nova Scotia (The)		4.4
Canadian National Railway Co.		4.3
Enbridge Inc.		4.3
Shopify Inc., Class A		3.9
Brookfield Asset Management Inc., Class A		3.8
Bank of Montreal		3.7
Canadian Natural Resources Ltd.		3.3
Canadian Pacific Railway Ltd.		3.2


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


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

Investment Objective

The iShares MSCI Japan ETF (the “Fund”) seeks to track the investment results of an index composed of Japanese equities, as represented by the MSCI 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		(7.03	)%		(5.06	)%		5.82	%		6.29%		(5.06	)%		32.69	%		84.13%
Fund Market		(6.76	)		(5.83	)		5.92			6.33		(5.83	)		33.29			84.70
Index		(7.37	)		(5.00	)		6.13			6.66		(5.00	)		34.64			90.48
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 9 for more information.

Expense Example


Actual						Hypothetical 5% Return
Beginning Account Value (09/01/21)		Ending Account Value (02/28/22)		Expenses Paid During the Period ^(a)		Beginning Account Value (09/01/21)		Ending Account Value (02/28/22)		Expenses Paid During the Period ^(a)		Annualized Expense Ratio
	$ 1,000.00		$ 929.70		$ 2.34		$ 1,000.00		$ 1,022.40		$ 2.46		0.49	%

^(a)

Portfolio Information

ALLOCATION BY SECTOR


Sector		Percent of Total Investments^(a)
Industrials		22.0%
Consumer Discretionary		19.4
Information Technology		14.0
Financials		10.1
Health Care		9.4
Communication Services		8.1
Consumer Staples		6.9
Materials		5.0
Real Estate		3.4
Other (each representing less than 1%)		1.7

^(a)

Excludes money market funds.

TEN LARGEST HOLDINGS


Security		Percent of Total Investments^(a)
Toyota Motor Corp.		5.3%
Sony Group Corp.		3.5
Keyence Corp.		2.5
Mitsubishi UFJ Financial Group Inc.		2.0
Tokyo Electron Ltd.		2.0
Recruit Holdings Co. Ltd.		1.6
Nintendo Co. Ltd.		1.5
Shin-Etsu Chemical Co. Ltd.		1.5
SoftBank Group Corp.		1.5
KDDI Corp.		1.4


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


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

Investment Objective

The iShares MSCI Mexico ETF (the “Fund”) seeks to track the investment results of a broad-based index composed of Mexican equities, as represented by the MSCI Mexico 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		(0.35	)%		26.07	%		3.94	%		0.22%		26.07	%		21.29	%		2.25%
Fund Market		(0.11	)		26.54			4.06			0.28		26.54			21.99			2.80
Index		(0.11	)		26.89			4.35			0.45		26.89			23.74			4.61
Index performance through February 11, 2013 reflects the performance of the MSCI Mexico Investable Market Index. Index performance beginning on February 12, 2013 reflects the performance of the MSCI Mexico IMI 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 9 for more information.

Expense Example


Actual						Hypothetical 5% Return
Beginning Account Value (09/01/21)		Ending Account Value (02/28/22)		Expenses Paid During the Period ^(a)		Beginning Account Value (09/01/21)		Ending Account Value (02/28/22)		Expenses Paid During the Period ^(a)		Annualized Expense Ratio
	$ 1,000.00		$ 996.50		$ 2.43		$ 1,000.00		$ 1,022.40		$ 2.46		0.49	%

^(a)

Portfolio Information

ALLOCATION BY SECTOR


Sector		Percent of Total Investments^(a)
Consumer Staples		30.7%
Communication Services		20.9
Financials		15.9
Industrials		12.4
Materials		12.3
Real Estate		5.9
Consumer Discretionary		1.3
Health Care		0.6

TEN LARGEST HOLDINGS


Security		Percent of Total Investments^(a)
America Movil SAB de CV, Series L		15.9%
Wal-Mart de Mexico SAB de CV		10.8
Grupo Financiero Banorte SAB de CV, Class O		9.4
Fomento Economico Mexicano SAB de CV		8.4
Grupo Mexico SAB de CV, Series B		4.5
Cemex SAB de CV		4.0
Grupo Aeroportuario del Pacifico SAB de CV, Class B		3.2
Grupo Televisa SAB de CV		3.1
Grupo Bimbo SAB de CV, Series A		2.9
Grupo Aeroportuario del Sureste SAB de CV, Class B		2.8

^(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 South Korea ETF

Investment Objective

The iShares MSCI South Korea ETF (the “Fund”) seeks to track the investment results of an index composed of South Korean equities, as represented by the MSCI Korea 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		(15.39	)%		(16.56	)%		5.99	%		3.49%		(16.56	)%		33.75	%		40.87%
Fund Market		(14.68	)		(15.92	)		6.31			3.58		(15.92	)		35.82			42.15
Index		(16.12	)		(16.85	)		6.26			3.94		(16.85	)		35.46			47.12
Index performance through February 11, 2013 reflects the performance of the MSCI Korea Index. Index performance beginning on February 12, 2013 reflects the performance of the MSCI Korea 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 9 for more information.

Expense Example


Actual						Hypothetical 5% Return
Beginning Account Value (09/01/21)		Ending Account Value (02/28/22)		Expenses Paid During the Period ^(a)		Beginning Account Value (09/01/21)		Ending Account Value (02/28/22)		Expenses Paid During the Period^(a)		Annualized Expense Ratio
	$ 1,000.00		$ 846.10		$ 2.65		$ 1,000.00		$ 1,021.90		$ 2.91		0.58	%

^(a)

Portfolio Information

ALLOCATION BY SECTOR


Sector		Percent of Total Investments^(a)
Information Technology		35.1%
Financials		11.2
Consumer Discretionary		11.1
Communication Services		10.5
Industrials		10.4
Materials		8.9
Health Care		5.5
Consumer Staples		4.3
Energy		2.3
Utilities		0.7

^(a)

Excludes money market funds.

TEN LARGEST HOLDINGS


Security		Percent of Total Investments^(a)
Samsung Electronics Co. Ltd.		22.0%
SK Hynix Inc.		6.5
NAVER Corp.		3.8
Samsung SDI Co. Ltd.		3.0
Kakao Corp.		2.7
LG Chem Ltd.		2.6
Hyundai Motor Co.		2.5
KB Financial Group Inc.		2.4
POSCO		2.2
Kia Corp.		2.1


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

About Fund Performance

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

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

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

Shareholder Expenses

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

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

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

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


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

Schedule of Investments (unaudited)

February 28, 2022

iShares^® MSCI Australia ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value
Common Stocks

Airlines — 0.3%
Qantas Airways Ltd.^(a)		1,080,188	$	4,002,610


Banks — 24.5%
Australia & New Zealand Banking Group Ltd.		3,305,259		62,574,641
Commonwealth Bank of Australia		2,000,701		135,734,468
National Australia Bank Ltd.		3,836,708		80,582,510
Westpac Banking Corp.		4,301,330		71,084,820

				349,976,439

Beverages — 0.5%
Treasury Wine Estates Ltd.		851,863		7,185,625


Biotechnology — 7.5%
CSL Ltd.		561,320		106,720,417


Capital Markets — 4.6%
ASX Ltd.		227,464		13,661,819
Macquarie Group Ltd.		397,351		52,292,682

				65,954,501

Chemicals — 0.4%
Orica Ltd.		476,314		5,078,333


Commercial Services & Supplies — 0.9%
Brambles Ltd.		1,685,372		12,139,263


Construction Materials — 1.2%
James Hardie Industries PLC		521,901		17,038,526


Diversified Consumer Services — 0.3%
IDP Education Ltd.		243,996		4,718,783


Diversified Telecommunication Services — 1.0%
Telstra Corp. Ltd.		4,865,652		13,982,096


Electric Utilities — 0.6%
Origin Energy Ltd.		2,075,579		8,619,173


Equity Real Estate Investment Trusts (REITs) — 6.0%
BGP Holdings PLC^(a)(b)		18,888,372		212
Dexus		1,257,153		9,951,599
Goodman Group		1,971,399		31,896,538
GPT Group/The		2,245,966		8,013,776
Mirvac Group		4,608,306		8,594,094
Scentre Group		6,095,947		13,542,764
Stockland		2,814,924		8,517,660
Vicinity Centres		4,522,709		5,889,200

				86,405,843

Food & Staples Retailing — 4.5%
Coles Group Ltd.		1,564,828		19,796,775
Endeavour Group Ltd./Australia		1,580,952		8,256,860
Woolworths Group Ltd.		1,421,010		36,744,017

				64,797,652

Gas Utilities — 0.7%
APA Group		1,379,095		10,081,837


Health Care Equipment & Supplies — 0.9%
Cochlear Ltd.		77,363		12,629,047


Health Care Providers & Services — 1.7%
Ramsay Health Care Ltd.		214,020		9,983,542
Sonic Healthcare Ltd.		534,280		13,633,541

				23,617,083


Security	Shares		Value
Hotels, Restaurants & Leisure — 2.6%
Aristocrat Leisure Ltd.		706,944	$	19,391,471
Crown Resorts Ltd.^(a)		435,316		3,934,294
Domino’s Pizza Enterprises Ltd.		70,801		4,088,204
Tabcorp Holdings Ltd.		2,616,653		9,462,930

				36,876,899

Insurance — 3.0%
Insurance Australia Group Ltd.		2,881,282		9,619,043
Medibank Pvt Ltd.		3,220,193		7,427,408
QBE Insurance Group Ltd.		1,732,495		14,457,700
Suncorp Group Ltd.		1,480,372		11,515,406

				43,019,557

Interactive Media & Services — 1.0%
REA Group Ltd.		61,770		5,953,952
SEEK Ltd.		396,184		7,734,629

				13,688,581

IT Services — 0.7%
Computershare Ltd.		635,091		10,034,652


Metals & Mining — 23.4%
BHP Group Ltd.		5,935,444		202,672,628
BlueScope Steel Ltd.		579,584		8,582,395
Evolution Mining Ltd.		2,142,151		6,623,933
Fortescue Metals Group Ltd.		1,985,504		26,451,553
Mineral Resources Ltd.		199,280		6,549,350
Newcrest Mining Ltd.		959,317		17,796,098
Northern Star Resources Ltd.		1,302,042		9,704,101
Rio Tinto Ltd.		435,242		37,533,968
South32 Ltd.		5,461,494		19,169,910

				335,083,936

Multiline Retail — 3.3%
Wesfarmers Ltd.		1,329,399		46,621,838


Oil, Gas & Consumable Fuels — 3.8%
Ampol Ltd.		278,535		6,016,454
Santos Ltd.		3,772,520		20,091,815
Washington H Soul Pattinson & Co. Ltd.		253,074		4,642,886
Woodside Petroleum Ltd.		1,136,869		23,756,320

				54,507,475

Real Estate Management & Development — 0.4%
Lendlease Corp. Ltd.		804,840		6,209,155


Road & Rail — 0.4%

Aurizon Holdings Ltd.		2,151,469		5,488,205


Software — 1.1%
WiseTech Global Ltd.		170,909		5,471,825
Xero Ltd.^(a)		156,938		10,790,742

				16,262,567

Trading Companies & Distributors — 0.3%
Reece Ltd.		339,770		4,810,196


Transportation Infrastructure — 2.3%
Transurban Group		3,599,217		33,243,817


Total Common Stocks — 97.9%
(Cost: $1,545,455,782)				1,398,794,106


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

Schedule of Investments (unaudited) (continued)

February 28, 2022

iShares^® MSCI Australia ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value
Short-Term Investments

Money Market Funds — 0.0%
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.03%(c)(d)		670,000	$	670,000


Total Short-Term Investments — 0.0% (Cost: $670,000)				670,000


Total Investments in Securities — 97.9% (Cost: $1,546,125,782)				1,399,464,106

Other Assets, Less Liabilities — 2.1%				30,067,626


Net Assets — 100.0%			$	1,429,531,732

^(a)	Non-income producing security.

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

^(c)	Affiliate of the Fund.

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

Affiliates

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


Affiliated Issuer	Value at 08/31/21		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 02/28/22		Shares Held at 02/28/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares^(a)	$	—	$	5,510	^(b)	$	—		$	(5,510	)	$	—	$	—		—	$	222,041	^(c)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		750,000		—			(80,000	)^(b)		—			—		670,000		670,000		43			—

									$	(5,510	)	$	—	$	670,000			$	222,084		$	—

^(a)

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

^(b)

Represents net amount purchased (sold).

^(c)

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

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		245		03/17/22	$	31,342	$	34,310

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
Assets — Derivative Financial Instruments
Futures contracts Unrealized appreciation on futures contracts^(a)	$	34,310

^(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).


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

Schedule of Investments (unaudited) (continued)

February 28, 2022

iShares^® MSCI Australia ETF

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	$	(813,355	)


Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(30,978	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments


Futures contracts:
Average notional value of contracts — long	$	18,616,023

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

Fair Value Hierarchy as of Period End

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

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


	Level 1		Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	—	$	1,398,793,894	$	212	$	1,398,794,106
Money Market Funds		670,000		—		—		670,000

	$	670,000	$	1,398,793,894	$	212	$	1,399,464,106

Derivative financial instruments^(a)
Assets
Futures Contracts	$	—	$	34,310	$	—	$	34,310

^(a)

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

See notes to financial statements.


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)

February 28, 2022

iShares^® MSCI Canada ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value
Common Stocks

Aerospace & Defense — 0.4%
CAE Inc.^(a)		680,470	$	18,204,921


Airlines — 0.2%
Air Canada^(a)(b)		377,043		7,124,402


Auto Components — 1.0%
Magna International Inc.		614,319		45,641,357


Banks — 27.2%
Bank of Montreal		1,391,000		158,831,897
Bank of Nova Scotia (The)		2,612,610		189,324,046
Canadian Imperial Bank of Commerce		967,683		122,481,565
National Bank of Canada		726,309		58,236,516
Royal Bank of Canada		3,063,336		338,864,174
Toronto-Dominion Bank (The)		3,917,517		316,121,214

				1,183,859,412

Capital Markets — 4.5%
Brookfield Asset Management Inc., Class A		3,031,875		165,694,660
IGM Financial Inc.		180,026		6,395,717
Onex Corp.		160,376		10,770,181
TMX Group Ltd.		120,450		12,167,588

				195,028,146

Chemicals — 2.4%
Nutrien Ltd.		1,227,221		105,545,847


Commercial Services & Supplies — 0.5%
GFL Environmental Inc.		345,827		10,111,518
Ritchie Bros Auctioneers Inc.		237,694		12,457,603

				22,569,121

Construction & Engineering — 0.7%
WSP Global Inc.		253,032		31,044,581


Containers & Packaging — 0.3%
CCL Industries Inc., Class B, NVS		325,773		14,686,130


Diversified Telecommunication Services — 0.8%
BCE Inc.		156,335		8,210,825
TELUS Corp.		974,744		24,616,612

				32,827,437

Electric Utilities — 2.1%
Emera Inc.		554,451		25,939,995
Fortis Inc.		1,016,739		46,589,508
Hydro One Ltd.^(c)		707,446		17,469,870

				89,999,373

Electrical Equipment — 0.1%
Ballard Power Systems Inc.^(a)(b)		529,294		6,055,040


Equity Real Estate Investment Trusts (REITs) — 0.3%
Canadian Apartment Properties REIT		187,112		7,788,583
RioCan REIT		334,319		6,625,715

				14,414,298

Food & Staples Retailing — 3.6%
Alimentation Couche-Tard Inc.		1,829,444		71,806,579
Empire Co. Ltd., Class A, NVS		364,381		11,286,468
George Weston Ltd.		161,108		17,469,573
Loblaw Companies Ltd.		360,412		28,113,558
Metro Inc.		525,830		27,446,874

				156,123,052


Security	Shares		Value
Food Products — 0.3%
Saputo Inc.		534,588	$	13,100,042


Gas Utilities — 0.3%
AltaGas Ltd.		602,398		13,269,390


Hotels, Restaurants & Leisure — 0.8%
Restaurant Brands International Inc.		609,255		34,103,860


Independent Power and Renewable Electricity Producers — 0.6%
Brookfield Renewable Corp., Class A		277,700		10,406,903
Northland Power Inc.		486,931		15,481,909

				25,888,812

Insurance — 6.9%
Fairfax Financial Holdings Ltd.		53,738		26,050,741
Great-West Lifeco Inc.		600,184		18,055,239
iA Financial Corp. Inc.		231,419		13,750,032
Intact Financial Corp.		378,588		54,298,629
Manulife Financial Corp.		4,176,248		84,612,267
Power Corp. of Canada		1,203,760		37,124,243
Sun Life Financial Inc.		1,259,619		66,245,525

				300,136,676

IT Services — 5.0%
CGI Inc.^(a)		470,254		38,555,263
Nuvei Corp.^(a)(c)		143,596		7,795,535
Shopify Inc., Class A^(a)		244,130		169,479,187

				215,829,985

Media — 0.8%
Quebecor Inc., Class B		359,525		7,862,748
Shaw Communications Inc., Class B, NVS		973,329		29,188,351

				37,051,099

Metals & Mining — 8.4%
Agnico Eagle Mines Ltd.		995,392		50,283,984
Barrick Gold Corp.		3,825,671		86,473,747
First Quantum Minerals Ltd.		1,262,957		37,036,775
Franco-Nevada Corp.		411,057		60,534,832
Ivanhoe Mines Ltd., Class A^(a)(b)		1,299,605		13,226,749
Kinross Gold Corp.		2,695,351		13,439,541
Lundin Mining Corp.		1,422,628		13,726,817
Pan American Silver Corp.		452,235		10,696,651
Teck Resources Ltd., Class B		1,016,775		36,611,922
Wheaton Precious Metals Corp.		968,629		42,443,909

				364,474,927

Multi-Utilities — 0.7%
Algonquin Power & Utilities Corp.		1,444,730		20,904,417
Canadian Utilities Ltd., Class A, NVS		274,741		7,651,564

				28,555,981

Multiline Retail — 1.2%
Canadian Tire Corp. Ltd., Class A, NVS		123,378		18,189,859
Dollarama Inc.		622,477		32,167,451

				50,357,310

Oil, Gas & Consumable Fuels — 16.4%
Cameco Corp.		855,730		21,043,869
Canadian Natural Resources Ltd.		2,530,396		141,362,794
Cenovus Energy Inc.		2,819,918		44,340,012
Enbridge Inc.		4,356,057		188,195,409
Imperial Oil Ltd.		523,706		23,505,826
Keyera Corp.		475,286		11,133,129
Parkland Corp.		332,814		8,709,618
Pembina Pipeline Corp.		1,182,571		40,212,079


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 Canada ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value
Oil, Gas & Consumable Fuels (continued)
Suncor Energy Inc.		3,133,897	$	95,834,199
TC Energy Corp.		2,109,198		113,322,591
Tourmaline Oil Corp.		671,174		26,476,292

				714,135,818

Paper & Forest Products — 0.5%
West Fraser Timber Co. Ltd.		202,839		20,247,093


Pharmaceuticals — 0.4%
Bausch Health Cos Inc.^(a)		656,741		15,798,054
Canopy Growth Corp.^(a)(b)		510,997		3,644,507

				19,442,561

Professional Services — 0.8%
Thomson Reuters Corp.		366,449		37,052,547


Real Estate Management & Development — 0.3%
FirstService Corp.		84,998		12,100,228


Road & Rail — 8.0%
Canadian National Railway Co.		1,519,456		188,496,459
Canadian Pacific Railway Ltd.		1,998,137		140,697,221
TFI International Inc.		179,392		18,699,227

				347,892,907

Software — 2.6%
BlackBerry Ltd.^(a)		1,161,350		7,971,397
Constellation Software Inc.		43,283		72,946,283
Lightspeed Commerce Inc.^(a)		238,427		6,263,999
Open Text Corp.		584,340		25,429,739

				112,611,418

Textiles, Apparel & Luxury Goods — 0.4%
Gildan Activewear Inc.		417,055		16,372,905


Trading Companies & Distributors — 0.3%
Toromont Industries Ltd.		177,991		15,087,458


Security	Shares		Value

Wireless Telecommunication Services — 0.9%
Rogers Communications Inc., Class B, NVS		761,997	$	39,371,348


Total Common Stocks — 99.7% (Cost: $4,113,837,431)				4,340,205,482


Short-Term Investments

Money Market Funds — 0.3%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.09%^(d)(e)(f)		11,935,826		11,938,213
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.03%^(d)(e)		1,780,000		1,780,000

				13,718,213


Total Short-Term Investments — 0.3% (Cost: $13,718,908)				13,718,213


Total Investments in Securities — 100.0% (Cost: $4,127,556,339)				4,353,923,695

Other Assets, Less Liabilities — (0.0)%				(280,763	)


Net Assets — 100.0%			$	4,353,642,932

^(a)	Non-income producing security.

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

^(c)	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.

^(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	$	9,373,472	$	2,569,237	^(a)	$	—	$	(3,801	)	$	(695	)	$	11,938,213		11,935,826	$	19,791	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		1,600,000		180,000	^(a)		—		—			—			1,780,000		1,780,000		102			—

								$	(3,801	)	$	(695	)	$	13,718,213			$	19,893		$	—

^(a)

Represents net amount purchased (sold).

^(b)


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

Schedule of Investments (unaudited) (continued)

February 28, 2022

iShares^® MSCI Canada 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

S&P/TSE 60 Index

03/17/22

12,477

168,203

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
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts^(a)	$	168,203

^(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	$	774,679

Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(95,364	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments


Futures contracts:
Average notional value of contracts — long	$	10,919,732

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	$	4,340,205,482	$	—	$	—	$	4,340,205,482
Money Market Funds		13,718,213		—		—		13,718,213

	$	4,353,923,695	$	—	$	—	$	4,353,923,695

Derivative financial instruments^(a)
Assets
Futures Contracts	$	168,203	$	—	$	—	$	168,203

^(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		15

Schedule of Investments (unaudited)

February 28, 2022

iShares^® MSCI Japan ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value
Common Stocks

Air Freight & Logistics — 0.3%
SG Holdings Co. Ltd.		942,300	$	19,972,215
Yamato Holdings Co. Ltd.		855,900		16,808,846

				36,781,061
Airlines — 0.2%
ANA Holdings Inc.^(a)		471,100		10,372,767
Japan Airlines Co. Ltd.^(a)		423,100		8,389,508

				18,762,275
Auto Components — 2.1%
Aisin Corp.		431,500		15,717,069
Bridgestone Corp.		1,675,500		68,998,639
Denso Corp.		1,272,100		89,454,242
Koito Manufacturing Co. Ltd.		304,800		15,765,132
Stanley Electric Co. Ltd.		383,900		9,122,527
Sumitomo Electric Industries Ltd.		2,212,900		29,376,506

				228,434,115
Automobiles — 8.1%
Honda Motor Co. Ltd.		4,784,900		145,369,528
Isuzu Motors Ltd.		1,709,500		23,120,309
Mazda Motor Corp.^(a)		1,663,600		12,304,579
Nissan Motor Co. Ltd.^(a)		6,810,000		32,478,181
Subaru Corp.		1,806,800		29,632,950
Suzuki Motor Corp.		1,081,600		43,067,080
Toyota Motor Corp.		31,126,000		569,486,821
Yamaha Motor Co. Ltd.		873,300		19,631,452

				875,090,900
Banks — 5.1%
Chiba Bank Ltd/The		1,553,100		9,762,690
Concordia Financial Group Ltd.		3,176,100		12,921,271
Japan Post Bank Co. Ltd.		1,184,600		10,394,067
Mitsubishi UFJ Financial Group Inc.		35,076,380		215,333,315
Mizuho Financial Group Inc.		7,084,158		93,362,986
Resona Holdings Inc.		6,039,200		27,009,078
Shizuoka Bank Ltd/The		1,300,700		9,616,283
Sumitomo Mitsui Financial Group Inc.		3,833,400		135,940,992
Sumitomo Mitsui Trust Holdings Inc.		990,332		35,188,484

				549,529,166
Beverages — 1.1%
Asahi Group Holdings Ltd.		1,338,900		54,010,369
Ito En Ltd.		159,700		9,184,629
Kirin Holdings Co. Ltd.		2,415,700		40,162,113
Suntory Beverage & Food Ltd.		405,100		16,142,866

				119,499,977
Building Products — 1.8%
AGC Inc.		567,800		25,189,050
Daikin Industries Ltd.		731,700		135,221,475
Lixil Corp.		779,400		17,370,769
TOTO Ltd.		413,700		17,415,437

				195,196,731
Capital Markets — 1.0%
Daiwa Securities Group Inc.		4,240,500		25,071,938
Japan Exchange Group Inc.		1,497,700		28,046,024
Nomura Holdings Inc.		9,011,400		41,119,721
SBI Holdings Inc/Japan		720,810		18,908,213

				113,145,896
Chemicals — 3.8%
Asahi Kasei Corp.		3,681,200		34,547,424


Security	Shares		Value
Chemicals (continued)
JSR Corp.		599,500	$	18,858,962
Kansai Paint Co. Ltd.		516,300		10,362,513
Mitsubishi Chemical Holdings Corp.		3,754,200		26,669,209
Mitsubishi Gas Chemical Co. Inc.		465,500		8,258,918
Mitsui Chemicals Inc.		539,200		13,784,405
Nippon Paint Holdings Co. Ltd.		2,433,600		21,780,947
Nippon Sanso Holdings Corp.		445,700		8,710,719
Nissan Chemical Corp.		357,900		20,343,163
Nitto Denko Corp.		415,800		30,344,424
Shin-Etsu Chemical Co. Ltd.		1,039,600		162,373,155
Sumitomo Chemical Co. Ltd.		4,362,900		20,829,482
Toray Industries Inc.		4,065,900		23,186,571
Tosoh Corp.		763,900		11,854,261

				411,904,153
Commercial Services & Supplies — 0.8%
Dai Nippon Printing Co. Ltd.		650,500		16,981,100
Secom Co. Ltd.		616,700		45,294,379
Sohgo Security Services Co. Ltd.		207,800		7,502,444
TOPPAN INC.		768,200		15,136,849

				84,914,772
Construction & Engineering — 0.6%
Kajima Corp.		1,317,200		17,727,517
Obayashi Corp.		1,901,300		15,919,570
Shimizu Corp.		1,614,900		10,689,283
Taisei Corp.		560,200		18,627,458

				62,963,828
Diversified Financial Services — 0.8%
Mitsubishi HC Capital Inc.		1,932,200		10,048,299
ORIX Corp.		3,587,800		71,121,420
Tokyo Century Corp.		108,300		4,748,033

				85,917,752

Diversified Telecommunication Services — 0.9%
Nippon Telegraph & Telephone Corp.		3,505,600		100,754,057


Electric Utilities — 0.5%
Chubu Electric Power Co. Inc.		1,889,600		18,874,575
Kansai Electric Power Co Inc/The		2,064,700		20,817,878
Tokyo Electric Power Co. Holdings Inc.^(a)		4,446,300		13,956,899

				53,649,352
Electrical Equipment — 1.8%
Fuji Electric Co. Ltd.		374,600		19,273,781
Mitsubishi Electric Corp.		5,359,800		64,829,559
Nidec Corp.		1,313,100		114,152,519

				198,255,859
Electronic Equipment, Instruments & Components — 5.8%
Azbil Corp.		363,800		13,809,441
Hamamatsu Photonics KK		409,600		20,755,016
Hirose Electric Co. Ltd.		94,058		14,142,813
Ibiden Co. Ltd.		308,500		15,066,676
Keyence Corp.		571,104		270,132,553
Kyocera Corp.		942,400		54,237,936
Murata Manufacturing Co. Ltd.		1,686,300		114,609,669
Omron Corp.		543,900		37,011,587
Shimadzu Corp.		696,500		25,085,782
TDK Corp.		1,142,200		46,228,487
Yokogawa Electric Corp.		669,100		10,795,472

				621,875,432


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 ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Entertainment — 2.4%
Capcom Co. Ltd.		514,700	$	12,492,195
Koei Tecmo Holdings Co. Ltd.		171,760		5,964,462
Konami Holdings Corp.		276,600		15,735,982
Nexon Co. Ltd.		1,447,600		31,626,195
Nintendo Co. Ltd.		323,800		163,989,090
Square Enix Holdings Co. Ltd.		253,300		12,353,086
Toho Co. Ltd./Tokyo.		328,700		13,708,564

				255,869,574
Equity Real Estate Investment Trusts (REITs) — 1.3%
Daiwa House REIT Investment Corp.		6,427		17,430,178
GLP J-Reit		12,532		18,710,386
Japan Metropolitan Fund Invest		20,487		16,581,006
Japan Real Estate Investment Corp.		3,676		19,636,278
Nippon Building Fund Inc.		4,358		24,972,737
Nippon Prologis REIT Inc.		6,089		17,901,966
Nomura Real Estate Master Fund Inc.		12,463		16,435,713
Orix JREIT Inc.		7,700		10,772,446

				142,440,710
Food & Staples Retailing — 1.8%
Aeon Co. Ltd.		1,920,200		43,499,604
Cosmos Pharmaceutical Corp.		57,200		7,930,674
Kobe Bussan Co. Ltd.		400,500		13,260,476
Lawson Inc.		148,800		6,204,324
Seven & i Holdings Co. Ltd.		2,211,880		107,625,047
Tsuruha Holdings Inc.		116,300		9,349,912
Welcia Holdings Co. Ltd.		279,700		7,458,814

				195,328,851
Food Products — 1.4%
Ajinomoto Co. Inc.		1,371,500		39,966,889
Kikkoman Corp.		425,500		31,720,111
MEIJI Holdings Co. Ltd.		359,756		21,591,827
Nisshin Seifun Group Inc.		580,575		8,240,703
Nissin Foods Holdings Co. Ltd.		184,500		14,741,028
Toyo Suisan Kaisha Ltd.		262,400		11,030,475
Yakult Honsha Co. Ltd.		378,900		20,562,456

				147,853,489
Gas Utilities — 0.4%
Osaka Gas Co. Ltd.		1,099,500		20,122,250
Tokyo Gas Co. Ltd.		1,097,600		22,356,269

				42,478,519
Health Care Equipment & Supplies — 3.0%
Asahi Intecc Co. Ltd.		633,300		13,675,047
Hoya Corp.		1,084,500		141,276,354
Olympus Corp.		3,243,800		65,883,091
Sysmex Corp.		494,300		39,568,958
Terumo Corp.		1,894,200		61,520,536

				321,923,986
Health Care Providers & Services — 0.1%
Medipal Holdings Corp.		539,800		9,879,412


Health Care Technology — 0.5%
M3 Inc.		1,298,600		48,857,869


Hotels, Restaurants & Leisure — 1.1%
McDonald’s Holdings Co. Japan Ltd.		234,700		10,091,691
Oriental Land Co. Ltd./Japan		587,300		108,571,071

				118,662,762

Household Durables — 4.9%
Iida Group Holdings Co. Ltd.		432,180		8,020,887


Security	Shares		Value

Household Durables (continued)
Open House Group Co. Ltd.		241,500	$	10,980,803
Panasonic Corp.		6,485,215		67,727,092
Rinnai Corp.		102,700		8,448,792
Sekisui Chemical Co. Ltd.		1,106,300		18,116,712
Sekisui House Ltd.		1,809,500		36,892,248
Sharp Corp./Japan		624,300		5,903,427
Sony Group Corp.		3,701,800		378,221,019

				534,310,980
Household Products — 0.5%
Lion Corp.		658,500		8,631,065
Unicharm Corp.		1,184,800		44,660,036

				53,291,101
Industrial Conglomerates — 1.7%
Hitachi Ltd.		2,844,100		140,648,419
Toshiba Corp.		1,142,700		45,559,226

				186,207,645
Insurance — 3.2%
Dai-ichi Life Holdings Inc.		2,952,500		61,317,929
Japan Post Holdings Co. Ltd.		7,191,000		59,438,663
Japan Post Insurance Co. Ltd.		589,000		10,059,406
MS&AD Insurance Group Holdings Inc.		1,307,240		44,232,686
Sompo Holdings Inc.		918,550		39,881,654
T&D Holdings Inc.		1,555,500		22,591,262
Tokio Marine Holdings Inc.		1,842,600		104,845,881

				342,367,481
Interactive Media & Services — 0.4%
Kakaku.com Inc.		397,700		8,749,747
Z Holdings Corp.		7,863,600		38,491,117

				47,240,864
Internet & Direct Marketing Retail — 0.4%
Mercari Inc.^(a)		300,300		9,405,407
Rakuten Group Inc.		2,546,600		21,647,697
ZOZO Inc.		367,600		10,467,563

				41,520,667
IT Services — 2.5%
Fujitsu Ltd.		577,200		83,857,911
GMO Payment Gateway Inc.		124,248		12,018,235
Itochu Techno-Solutions Corp.		284,700		7,380,400
NEC Corp.		727,700		31,484,393
Nomura Research Institute Ltd.		984,512		34,559,107
NTT Data Corp.		1,854,200		35,218,890
Obic Co. Ltd.		203,500		32,729,718
Otsuka Corp.		333,900		12,969,853
SCSK Corp.		457,500		7,832,604
TIS Inc.		626,000		14,816,555

				272,867,666
Leisure Products — 1.0%
Bandai Namco Holdings Inc.		587,898		43,099,506
Shimano Inc.		216,800		50,485,730
Yamaha Corp.		396,900		18,622,016

				112,207,252
Machinery — 5.2%
Daifuku Co. Ltd.		295,000		21,336,412
FANUC Corp.		563,100		103,442,651
Hino Motors Ltd.		845,400		7,944,039
Hitachi Construction Machinery Co. Ltd.		314,500		7,696,331
Hoshizaki Corp.		162,200		11,308,820
Komatsu Ltd.		2,574,000		59,212,091


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 ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Machinery (continued)
Kubota Corp.		3,017,400	$	54,137,192
Kurita Water Industries Ltd.		288,400		11,918,072
Makita Corp.		656,600		23,402,008
MINEBEA MITSUMI Inc.		1,068,800		23,461,104
MISUMI Group Inc.		837,300		26,841,882
Mitsubishi Heavy Industries Ltd.		943,200		27,817,397
Miura Co. Ltd.		258,700		7,090,357
NGK Insulators Ltd.		752,200		11,681,581
SMC Corp.		168,600		100,716,427
Toyota Industries Corp.		429,300		32,653,019
Yaskawa Electric Corp.		706,300		28,277,993

				558,937,376
Marine — 0.7%
Mitsui OSK Lines Ltd.		339,600		27,589,823
Nippon Yusen KK		475,700		44,568,800

				72,158,623
Media — 0.5%
CyberAgent Inc.		1,185,800		15,516,969
Dentsu Group Inc.		632,700		25,244,841
Hakuhodo DY Holdings Inc.		685,900		9,114,538

				49,876,348
Metals & Mining — 1.1%
Hitachi Metals Ltd.^(a)		626,900		11,174,808
JFE Holdings Inc.		1,441,850		21,465,623
Nippon Steel Corp.		2,512,870		46,008,051
Sumitomo Metal Mining Co. Ltd.		728,600		36,344,366

				114,992,848
Multiline Retail — 0.3%
Pan Pacific International Holdings Corp.		1,208,700		19,784,055
Ryohin Keikaku Co. Ltd.		737,300		10,858,712

				30,642,767
Oil, Gas & Consumable Fuels — 0.8%
ENEOS Holdings Inc.		9,000,295		35,639,273
Idemitsu Kosan Co. Ltd.		614,929		16,484,120
Inpex Corp.		3,002,500		30,948,316

				83,071,709
Paper & Forest Products — 0.1%
Oji Holdings Corp.		2,376,500		12,141,869


Personal Products — 1.5%
Kao Corp.		1,394,400		65,183,838
Kobayashi Pharmaceutical Co. Ltd.		159,100		13,626,789
Kose Corp.		97,400		11,165,862
Pola Orbis Holdings Inc.		274,200		4,319,416
Shiseido Co. Ltd.		1,174,300		67,388,488

				161,684,393

Pharmaceuticals — 5.8%
Astellas Pharma Inc.		5,469,350		91,251,820
Chugai Pharmaceutical Co. Ltd.		1,971,500		65,401,795
Daiichi Sankyo Co. Ltd.		5,143,207		125,470,635
Eisai Co. Ltd.		697,700		34,616,227
Kyowa Kirin Co. Ltd.		792,900		20,291,039
Nippon Shinyaku Co. Ltd.		146,200		9,522,021
Ono Pharmaceutical Co. Ltd.		1,086,700		26,754,545
Otsuka Holdings Co. Ltd.		1,147,600		39,562,578
Santen Pharmaceutical Co. Ltd.		1,056,800		12,044,462
Shionogi & Co. Ltd.		776,900		51,657,908
Sumitomo Dainippon Pharma Co. Ltd.		526,500		5,778,169


Security	Shares		Value

Pharmaceuticals (continued)
Taisho Pharmaceutical Holdings Co. Ltd.		112,800	$	5,599,417
Takeda Pharmaceutical Co. Ltd.		4,643,500		141,581,683

				629,532,299
Professional Services — 1.8%
Benefit One Inc.		234,900		5,440,739
Nihon M&A Center Holdings Inc.		888,600		13,143,335
Persol Holdings Co. Ltd.		518,200		11,608,544
Recruit Holdings Co. Ltd.		3,985,600		168,232,931

				198,425,549
Real Estate Management & Development — 2.1%
Daito Trust Construction Co. Ltd.		190,200		21,043,695
Daiwa House Industry Co. Ltd.		1,661,000		47,106,409
Hulic Co. Ltd.		1,113,900		10,147,677
Mitsubishi Estate Co. Ltd.		3,473,200		53,029,759
Mitsui Fudosan Co. Ltd.		2,692,200		59,917,747
Nomura Real Estate Holdings Inc.		346,800		8,634,842
Sumitomo Realty & Development Co. Ltd.		908,900		26,738,326

				226,618,455
Road & Rail — 2.4%
Central Japan Railway Co.		421,800		56,992,018
East Japan Railway Co.		886,900		52,689,614
Hankyu Hanshin Holdings Inc.		673,100		20,137,168
Keio Corp.		299,000		12,234,196
Keisei Electric Railway Co. Ltd.		381,700		10,689,785
Kintetsu Group Holdings Co. Ltd.^(a)		506,800		15,225,446
Nippon Express Holdings Inc.		225,500		13,669,760
Odakyu Electric Railway Co. Ltd.		863,400		14,244,791
Tobu Railway Co. Ltd.		555,100		13,644,682
Tokyu Corp.		1,467,800		19,575,132
West Japan Railway Co.		631,400		27,241,051

				256,343,643
Semiconductors & Semiconductor Equipment — 3.8%
Advantest Corp.		587,200		47,190,247
Disco Corp.		83,200		23,556,743
Lasertec Corp.		221,200		41,004,416
Renesas Electronics Corp.^(a)		3,687,700		43,443,665
Rohm Co. Ltd.		258,900		20,648,206
SUMCO Corp.		974,500		16,263,477
Tokyo Electron Ltd.		437,752		214,838,813

				406,945,567
Software — 0.3%
Oracle Corp. Japan		113,200		8,085,383
Trend Micro Inc/Japan		395,600		22,100,817

				30,186,200
Specialty Retail — 1.3%
Fast Retailing Co. Ltd.		170,700		92,077,186
Hikari Tsushin Inc.		58,100		7,219,680
Nitori Holdings Co. Ltd.		235,800		35,482,743
USS Co. Ltd.		645,600		10,724,756

				145,504,365
Technology Hardware, Storage & Peripherals — 1.6%
Brother Industries Ltd.		693,800		12,627,773
Canon Inc.		2,937,250		69,122,138
FUJIFILM Holdings Corp.		1,057,600		67,225,412
Ricoh Co. Ltd.		1,964,200		16,756,200
Seiko Epson Corp.		819,400		12,602,726

				178,334,249


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 ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Tobacco — 0.6%
Japan Tobacco Inc.		3,524,800	$	64,825,157


Trading Companies & Distributors — 4.6%
ITOCHU Corp.		3,489,600		113,721,177
Marubeni Corp.		4,593,200		48,213,152
Mitsubishi Corp.		3,707,100		124,646,324
Mitsui & Co. Ltd.		4,579,500		114,179,318
MonotaRO Co. Ltd.		733,800		13,812,315
Sumitomo Corp.		3,308,200		53,975,300
Toyota Tsusho Corp.		627,200		26,038,207

				494,585,793
Wireless Telecommunication Services — 3.9%
KDDI Corp.		4,734,500		154,066,503
SoftBank Corp.		8,438,200		106,611,451
SoftBank Group Corp.		3,539,900		158,856,522

				419,534,476


Total Common Stocks — 99.7% (Cost: $11,587,171,817)			10,764,325,840


Security	Shares		Value

Short-Term Investments

Money Market Funds — 0.1%
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.03%^(b)(c)		5,820,000	$	5,820,000


Total Short-Term Investments — 0.1% (Cost: $5,820,000)				5,820,000


Total Investments in Securities — 99.8% (Cost: $11,592,991,817)				10,770,145,840

Other Assets, Less Liabilities — 0.2%				22,796,364


Net Assets — 100.0%			$	10,792,942,204

^(a)	Non-income producing security.

^(b)	Affiliate of the Fund.

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

Affiliates


Affiliated Issuer	Value at 08/31/21		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 02/28/22		Shares Held at 02/28/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares^(a)	$	11,457,264	$	—		$	(11,455,059	)^(b)	$	(2,293	)	$	88	$	—		—	$	10,985	^(c)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		5,320,000		500,000	^(b)		—			—			—		5,820,000		5,820,000		278			—

									$	(2,293	)	$	88	$	5,820,000			$	11,263		$	—

^(a)

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

^(b)

Represents net amount purchased (sold).

^(c)

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
TOPIX Index		174		03/10/22	$	28,666	$	(713,327	)


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 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)	$	713,327

^(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	$	(2,383,097	)


Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(841,547	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments



Futures contracts:
Average notional value of contracts — long	$	52,948,945

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	$	—	$	10,764,325,840		$	—	$	10,764,325,840
Money Market Funds		5,820,000		—			—		5,820,000

	$	5,820,000	$	10,764,325,840		$	—	$	10,770,145,840

Derivative financial instruments^(a)
Liabilities
Futures Contracts	$	—	$	(713,327	)	$	—	$	(713,327	)

^(a)

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

See notes to financial statements.


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

Schedule of Investments (unaudited)

February 28, 2022

iShares^® MSCI Mexico ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Airlines — 1.1%
Controladora Vuela Cia. de Aviacion SAB de CV, Class A^(a)(b)		4,327,405	$	8,240,261


Auto Components — 0.4%
Nemak SAB de CV^(a)(c)		13,733,089		2,863,156


Banks — 13.8%
Banco del Bajio SA^(c)		3,569,360		8,670,263
Grupo Financiero Banorte SAB de CV, Class O		10,094,161		68,280,116
Grupo Financiero Inbursa SAB de CV, Class O^(a)		10,103,466		16,466,662
Regional SAB de CV		1,182,300		6,995,318

				100,412,359
Beverages — 12.2%
Arca Continental SAB de CV		2,059,529		13,587,401
Becle SAB de CV		2,836,630		7,113,389
Coca-Cola Femsa SAB de CV		1,385,278		7,607,835
Fomento Economico Mexicano SAB de CV		7,497,110		60,409,553

				88,718,178
Building Products — 0.4%
Grupo Rotoplas SAB de CV, NVS		1,990,671		2,556,254


Capital Markets — 0.7%
Bolsa Mexicana de Valores SAB de CV		2,621,487		5,020,005


Chemicals — 1.7%
Orbia Advance Corp. SAB de CV		4,911,242		12,546,076


Construction Materials — 4.8%
Cemex SAB de CV, NVS^(a)		56,596,129		29,070,420
GCC SAB de CV		902,400		5,960,044

				35,030,464
Consumer Finance — 0.6%
Gentera SAB de CV^(a)		6,224,177		4,613,203


Diversified Telecommunication Services — 1.3%
Axtel SAB de CV, CPO^(a)		10,794,257		1,644,357
Telesites SAB de CV		6,734,746		7,467,706

				9,112,063

Equity Real Estate Investment Trusts (REITs) — 5.0%
Concentradora Fibra Danhos SA de CV		2,487,454		2,838,328
Fibra Uno Administracion SA de CV		14,395,700		16,222,487
Macquarie Mexico Real Estate Management SA de CV^(c)		4,419,600		5,325,703
PLA Administradora Industrial S. de RL de CV		4,329,104		5,702,809
Prologis Property Mexico SA de CV		2,530,902		6,088,450

				36,177,777
Food & Staples Retailing — 11.9%
Grupo Comercial Chedraui SA de CV		1,481,700		3,343,067
La Comer SAB de CV^(b)		2,748,771		4,980,562
Wal-Mart de Mexico SAB de CV^(b)		20,508,533		78,004,723

				86,328,352
Food Products — 5.1%
Gruma SAB de CV, Class B		981,070		13,305,591
Grupo Bimbo SAB de CV, Series A^(b)		6,912,404		21,286,330
Grupo Herdez SAB de CV		1,580,824		2,232,187

				36,824,108
Hotels, Restaurants & Leisure — 0.9%
Alsea SAB de CV^(a)		2,920,866		6,326,332


Security	Shares		Value

Household Products — 1.4%
Kimberly-Clark de Mexico SAB de CV, Class A		7,228,854	$	10,143,902


Industrial Conglomerates — 1.8%
Alfa SAB de CV, Class A		8,194,100		6,137,273
Grupo Carso SAB de CV, Series A1		2,344,120		7,138,459

				13,275,732
Insurance — 0.7%
Qualitas Controladora SAB de CV		941,320		5,168,734


Media — 3.8%
Grupo Televisa SAB de CV, CPO		10,483,747		22,471,388
Megacable Holdings SAB de CV, CPO		1,712,000		5,042,129

				27,513,517
Metals & Mining — 5.7%
Grupo Mexico SAB de CV, Series B		6,363,686		32,646,476
Industrias Penoles SAB de CV		694,893		8,672,846

				41,319,322
Pharmaceuticals — 0.6%
Genomma Lab Internacional SAB de CV, Class B		4,833,213		4,408,204


Real Estate Management & Development — 0.9%
Corp Inmobiliaria Vesta SAB de CV		3,544,049		6,383,476


Road & Rail — 0.5%
Grupo Traxion SAB de CV^(a)(c)		1,958,700		3,304,188


Transportation Infrastructure — 8.6%
Grupo Aeroportuario del Centro Norte SAB de CV		1,400,705		10,116,317
Grupo Aeroportuario del Pacifico SAB de CV, Class B		1,602,649		23,311,614
Grupo Aeroportuario del Sureste SAB de CV, Class B		926,190		20,029,237
Promotora y Operadora de Infraestructura SAB de CV		1,140,935		8,922,033

				62,379,201
Wireless Telecommunication Services — 15.9%
America Movil SAB de CV, Series L, NVS		127,411,418		115,149,912


Total Common Stocks — 99.8% (Cost: $923,505,816)				723,814,776


Short-Term Investments

Money Market Funds — 0.9%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.09%^(d)(e)(f)		6,024,425		6,025,630
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.03%^(d)(e)		260,000		260,000

				6,285,630


Total Short-Term Investments — 0.9% (Cost: $6,284,980)				6,285,630


Total Investments in Securities — 100.7% (Cost: $929,790,796)				730,100,406

Other Assets, Less Liabilities — (0.7)%				(5,117,092	)


Net Assets — 100.0%			$	724,983,314

^(a)	Non-income producing security.

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

^(c)	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.

^(d)	Affiliate of the Fund.

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


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

Schedule of Investments (unaudited) (continued)

February 28, 2022

iShares^® MSCI Mexico ETF

(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	$	5,378,609	$	647,657	^(a)	$	—	$	(253	)	$	(383	)	$	6,025,630		6,024,425	$	10,261	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		180,000		80,000	^(a)		—		—			—			260,000		260,000		22			—

								$	(253	)	$	(383	)	$	6,285,630			$	10,283		$	—

^(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
Mexican BOLSA Index		60		03/18/22	$	1,568	$	(16,006	)

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)	$	16,006

^(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	$	12,613

Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(32,150	)


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 Mexico ETF

Average Quarterly Balances of Outstanding Derivative Financial Instruments



Futures contracts:
Average notional value of contracts — long	$	2,297,849

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	$	723,814,776		$	—	$	—	$	723,814,776
Money Market Funds		6,285,630			—		—		6,285,630

	$	730,100,406		$	—	$	—	$	730,100,406

Derivative financial instruments^(a)
Liabilities
Futures Contracts	$	(16,006	)	$	—	$	—	$	(16,006	)

^(a)

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

See notes to financial statements.


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

Schedule of Investments (unaudited)

February 28, 2022

iShares^® MSCI South Korea ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Aerospace & Defense — 0.4%
Korea Aerospace Industries Ltd.^(a)		574,430	$	17,871,599


Air Freight & Logistics — 0.4%
Hyundai Glovis Co. Ltd.		139,654		20,601,106


Airlines — 0.8%
Korean Air Lines Co. Ltd.^(a)		1,444,371		35,584,866


Auto Components — 2.3%
Hankook Tire & Technology Co. Ltd.		595,426		17,543,168
Hanon Systems		1,504,231		14,567,302
Hyundai Mobis Co. Ltd.		393,314		73,850,986

				105,961,456
Automobiles — 4.5%
Hyundai Motor Co.		783,298		115,259,726
Kia Corp.		1,534,962		95,160,452

				210,420,178
Banks — 7.3%
Hana Financial Group Inc.		1,753,956		71,259,433
Industrial Bank of Korea		1,930,844		17,345,838
KakaoBank Corp.^(a)(b)		427,670		17,266,584
KB Financial Group Inc.		2,265,414		111,762,930
Shinhan Financial Group Co. Ltd.		2,597,314		84,505,546
Woori Financial Group Inc.		3,425,324		40,972,341

				343,112,672
Biotechnology — 2.3%
Alteogen Inc.^(a)		156,613		7,053,913
Celltrion Inc.		557,370		74,397,683
Green Cross Corp.		24,977		3,800,453
Seegene Inc.^(b)		206,962		8,870,396
SK Bioscience Co. Ltd.^(a)(b)		102,957		12,607,981

				106,730,426
Capital Markets — 1.9%
Korea Investment Holdings Co. Ltd.^(a)		302,994		20,129,463
Meritz Securities Co. Ltd.		3,540,918		17,339,747
Mirae Asset Securities Co. Ltd.		2,908,327		21,461,676
NH Investment & Securities Co. Ltd.^(a)		1,331,382		12,883,688
Samsung Securities Co. Ltd.		491,146		17,407,114

				89,221,688
Chemicals — 4.7%
Hanwha Solutions Corp.^(a)		995,817		28,310,575
Kumho Petrochemical Co. Ltd.^(a)(b)		182,231		24,584,901
LG Chem Ltd.		253,104		120,109,005
Lotte Chemical Corp.		117,874		21,724,148
SK Chemicals Co. Ltd.		64,560		6,781,908
SK IE Technology Co. Ltd.^(a)(b)(c)		72,986		7,580,129
SKC Co. Ltd.		90,445		10,518,210

				219,608,876
Commercial Services & Supplies — 0.2%
S-1 Corp.		156,011		9,081,919


Construction & Engineering — 1.3%
GS Engineering & Construction Corp.^(b)		515,350		18,521,205
Hyundai Engineering & Construction Co. Ltd.		559,038		20,366,992
Samsung Engineering Co. Ltd.^(a)		1,187,293		23,193,842

				62,082,039
Construction Materials — 0.5%
POSCO Chemical Co. Ltd.^(b)		268,623		25,731,194


Security	Shares		Value

Diversified Financial Services — 0.1%
Meritz Financial Group Inc.		122,329	$	3,749,178


Diversified Telecommunication Services — 0.4%
LG Uplus Corp.		1,522,992		16,729,075


Electric Utilities — 0.7%
Korea Electric Power Corp.^(a)		1,573,368		30,490,783


Electrical Equipment — 1.7%
Doosan Heavy Industries & Construction Co. Ltd.^(a)(b)		1,757,221		30,810,446
Ecopro BM Co. Ltd.^(b)		48,897		15,473,544
LG Energy Solution^(a)		100,473		34,428,308

				80,712,298
Electronic Equipment, Instruments & Components — 5.7%
Iljin Materials Co. Ltd.^(b)		95,433		7,305,078
L&F Co. Ltd.^(a)		100,885		16,599,164
LG Display Co. Ltd.^(b)		1,593,126		25,054,135
LG Innotek Co. Ltd.^(b)		116,243		32,089,185
Samsung Electro-Mechanics Co. Ltd.		345,117		48,250,191
Samsung SDI Co. Ltd.		299,321		137,939,101

				267,236,854
Entertainment — 3.0%
CJ ENM Co. Ltd.		94,860		10,351,450
HYBE Co. Ltd.^(a)		74,496		18,101,427
Kakao Games Corp.^(a)(b)		120,759		7,502,950
Krafton Inc.^(a)(b)		102,736		25,487,220
NCSoft Corp.		103,605		38,379,941
Netmarble Corp.^(b)(c)		196,296		16,867,316
Pearl Abyss Corp.^(a)(b)		275,190		22,071,083

				138,761,387
Food & Staples Retailing — 0.6%
BGF retail Co. Ltd.		75,277		10,664,221
E-MART Inc.		162,604		17,732,675

				28,396,896
Food Products — 0.7%
CJ CheilJedang Corp.		65,064		20,609,374
Orion Corp./Republic of Korea		178,352		13,648,251

				34,257,625
Health Care Equipment & Supplies — 0.1%
SD Biosensor Inc.		149,959		6,809,799


Health Care Providers & Services — 0.5%
Celltrion Healthcare Co. Ltd.		402,610		21,413,852


Hotels, Restaurants & Leisure — 0.4%
Kangwon Land Inc.^(a)		839,011		18,661,277


Household Durables — 1.9%
Coway Co. Ltd.		348,444		20,927,124
LG Electronics Inc.		643,446		67,173,415

				88,100,539
Industrial Conglomerates — 3.1%
CJ Corp.		137,892		9,713,870
LG Corp.		524,852		32,987,060
Samsung C&T Corp.		506,978		46,822,272
SK Inc.		279,638		53,413,636

				142,936,838
Insurance — 1.6%
DB Insurance Co. Ltd.		395,004		20,302,946
Meritz Fire & Marine Insurance Co. Ltd.		114,154		3,902,133


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) (continued)

February 28, 2022

iShares^® MSCI South Korea ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value


Insurance (continued)
Samsung Fire & Marine Insurance Co. Ltd.		190,020	$	30,217,087
Samsung Life Insurance Co. Ltd.		453,961		22,697,839

				77,120,005

Interactive Media & Services — 6.4%
Kakao Corp.		1,549,950		122,751,034
NAVER Corp.		661,909		176,370,424

				299,121,458

IT Services — 0.5%
Samsung SDS Co. Ltd.		212,209		24,912,932


Leisure Products — 0.4%
HLB Inc.^(a)(b)		716,513		18,773,582


Life Sciences Tools & Services — 1.4%
Samsung Biologics Co. Ltd.^(a)(c)		101,399		65,965,419


Machinery — 1.2%
Doosan Bobcat Inc.		455,042		14,604,511
Korea Shipbuilding & Offshore Engineering Co. Ltd.^(a)		254,712		18,883,322
Samsung Heavy Industries Co. Ltd.^(a)		4,239,874		20,668,420

				54,156,253

Marine — 1.0%
HMM Co. Ltd.^(a)		1,225,225		29,678,961
Pan Ocean Co. Ltd.		2,860,259		15,784,041

				45,463,002

Media — 0.3%
Cheil Worldwide Inc.		626,347		11,776,528


Metals & Mining — 3.2%
Hyundai Steel Co.		621,276		20,720,097
Korea Zinc Co. Ltd.		57,865		26,539,237
POSCO		432,527		102,908,442

				150,167,776

Multiline Retail — 0.2%
Lotte Shopping Co. Ltd.		110,280		7,879,813


Oil, Gas & Consumable Fuels — 2.3%
GS Holdings Corp.		394,357		13,186,923
Hyundai Heavy Industries Holdings Co. Ltd.		354,888		15,281,257
SK Innovation Co. Ltd.^(a)		331,760		56,006,412
S-Oil Corp.		310,913		22,143,028


			106,617,620

Personal Products — 1.8%
Amorepacific Corp.^(b)		200,485		30,947,015
AMOREPACIFIC Group		232,659		9,505,609
LG Household & Health Care Ltd.		54,425		43,183,156

				83,635,780

Pharmaceuticals — 1.1%
Celltrion Pharm Inc.^(a)(b)		96,339		7,088,417
Hanmi Pharm Co. Ltd.^(a)		56,637		12,545,094
SK Biopharmaceuticals Co. Ltd.^(a)		155,072		11,007,031
Yuhan Corp.		416,563		20,240,044

				50,880,586

Road & Rail — 0.2%
CJ Logistics Corp.^(a)		89,101		9,238,141


Semiconductors & Semiconductor Equipment — 6.6%
SK Hynix Inc.		2,850,025		297,127,937
SK Square Co. Ltd.^(a)		197,010		9,143,060

				306,270,997


Security	Shares		Value


Software — 0.0%
Douzone Bizon Co. Ltd.		6,367	$	257,840


Specialty Retail — 0.3%
Hotel Shilla Co. Ltd.^(b)		227,790		15,395,610


Technology Hardware, Storage & Peripherals — 21.6%
Samsung Electronics Co. Ltd.		16,753,942		1,009,481,577


Textiles, Apparel & Luxury Goods — 0.2%
F&F Co. Ltd./New^(a)		14,895		11,133,087


Tobacco — 1.0%
KT&G Corp.		679,509		45,171,413


Wireless Telecommunication Services — 0.3%
SK Telecom Co. Ltd.		304,468		13,893,814


Total Common Stocks — 97.1% (Cost: $2,038,409,833)				4,531,577,653


Preferred Stocks

Automobiles — 0.7%
Hyundai Motor Co.
Preference Shares, NVS		198,530		14,561,528
Series 2, Preference Shares, NVS		260,543		19,273,810

				33,835,338

Chemicals — 0.3%
LG Chem Ltd., Preference Shares, NVS		68,744		15,580,791


Personal Products — 0.2%
LG Household & Health Care Ltd., Preference Shares, NVS		17,825		7,812,834


Technology Hardware, Storage & Peripherals — 0.1%
Samsung Electronics Co. Ltd., Preference Shares, NVS		70,860		3,916,254


Total Preferred Stocks — 1.3% (Cost: $35,941,860)				61,145,217


Rights

Life Sciences Tools & Services — 0.0%
Samsung Biologics Co. Ltd., (Expires 04/08/22)^(a)		6,718		782,219


Total Rights — 0.0% (Cost: $0)				782,219


Short-Term Investments

Money Market Funds — 2.9%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.09%^(d)(e)(f)		132,426,439		132,452,924


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 South Korea ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value


Money Market Funds (continued)
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.03%^(d)(e)		2,630,000	$	2,630,000

				135,082,924


Total Short-Term Investments — 2.9% (Cost: $135,058,770)				135,082,924


Total Investments in Securities — 101.3% (Cost: $2,209,410,463)				4,728,588,013

Other Assets, Less Liabilities — (1.3)%				(59,262,367	)


Net Assets — 100.0%			$	4,669,325,646

^(a)

Non-income producing security.

^(b)

All or a portion of this security is on loan.

^(c)

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.

^(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	$	122,734,315	$	9,755,412	^(a)	$	—	$	(877	)	$	(35,926	)	$	132,452,924		132,426,439	$	1,961,646	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		1,140,000		1,490,000	^(a)		—		—			—			2,630,000		2,630,000		126			—

								$	(877	)	$	(35,926	)	$	135,082,924			$	1,961,772		$	—

^(a)

Represents net amount purchased (sold).

^(b)

Derivative Financial Instruments Outstanding as of Period End

Futures Contract



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


Long Contracts
KOSPI2 Index		819		03/10/22	$	61,976	$	(3,761,429	)

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)	$	3,761,429

^(a)


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 South Korea ETF

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



	Equity Contracts

Net Realized Gain (Loss) from:
Futures contracts	$	(1,302,572	)

Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(3,289,665	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments



Futures contracts:
Average notional value of contracts — long	$	30,355,735

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	$	70,684,113	$	4,460,893,540		$	—	$	4,531,577,653
Preferred Stocks		—		61,145,217			—		61,145,217
Rights		—		782,219			—		782,219
Money Market Funds		135,082,924		—			—		135,082,924

	$	205,767,037	$	4,522,820,976		$	—	$	4,728,588,013

Derivative financial instruments^(a)
Liabilities
Futures Contracts	$	—	$	(3,761,429	)	$	—	$	(3,761,429	)

^(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

Statements of Assets and Liabilities (unaudited)

February 28, 2022


	iShares MSCI Australia ETF			iShares MSCI Canada ETF			iShares MSCI Japan ETF			iShares MSCI Mexico ETF


ASSETS
Investments in securities, at value (including securities on loan)^(a):
Unaffiliated^(b)	$	1,398,794,106		$	4,340,205,482		$	10,764,325,840		$	723,814,776
Affiliated^(c)		670,000			13,718,213			5,820,000			6,285,630
Cash		2,392			744			3,764			3,795
Foreign currency, at value^(d)		1,778,049			8,902,186			5,094,639			1,878,408
Foreign currency collateral pledged:
Futures contracts^(e)		2,510,092			758,974			1,059,505			—
Receivables:
Investments sold		20,995,264			49,714,514			29,514,922			17,037,586
Securities lending income — Affiliated		51,002			2,546			—			540
Variation margin on futures contracts		440,027			—			449,653			28,757
Capital shares sold		—			911,203			—			159,588
Dividends		16,465,131			5,506,325			18,480,203			62,666

Total assets		1,441,706,063			4,419,720,187			10,824,748,526			749,271,746


LIABILITIES
Collateral on securities loaned, at value		—			11,942,709			—			6,031,778
Payables:
Investments purchased		11,615,224			52,517,346			27,594,218			17,852,982
Variation margin on futures contracts		—			22,124			—			—
Capital shares redeemed		—			—			—			100,482
Investment advisory fees		559,107			1,595,076			4,212,104			303,190

Total liabilities		12,174,331			66,077,255			31,806,322			24,288,432


NET ASSETS	$	1,429,531,732		$	4,353,642,932		$	10,792,942,204		$	724,983,314


NET ASSETS CONSIST OF:
Paid-in capital	$	1,898,691,607		$	4,833,073,730		$	12,953,355,945		$	1,330,273,959
Accumulated loss		(469,159,875	)		(479,430,798	)		(2,160,413,741	)		(605,290,645	)

NET ASSETS	$	1,429,531,732		$	4,353,642,932		$	10,792,942,204		$	724,983,314


Shares outstanding		59,400,000			113,900,000			171,600,000			14,400,000

Net asset value	$	24.07		$	38.22		$	62.90		$	50.35

Shares authorized		627.8 million			340.2 million			2.5246 billion			255 million

Par value	$	0.001		$	0.001		$	0.001		$	0.001


^(a)Securities loaned, at value	$	—		$	11,940,229		$	—		$	5,901,966
^(b)Investments, at cost — Unaffiliated	$	1,545,455,782		$	4,113,837,431		$	11,587,171,817		$	923,505,816
^(c)Investments, at cost — Affiliated	$	670,000		$	13,718,908		$	5,820,000		$	6,284,980
^(d)Foreign currency, at cost	$	1,758,587		$	8,845,851		$	5,084,250		$	1,876,659
^(e)Foreign currency collateral pledged, at cost	$	2,484,390		$	773,573		$	1,073,818		$	1,152

See notes to financial statements.


28		2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Statements of Assets and Liabilities (unaudited) (continued)

February 28, 2022


	iShares MSCI South Korea ETF


ASSETS
Investments in securities, at value (including securities on loan)^(a):
Unaffiliated^(b)	$	4,593,505,089
Affiliated^(c)		135,082,924
Cash		3,457
Foreign currency, at value^(d)		7,258,498
Receivables:
Investments sold		19,154,320
Securities lending income — Affiliated		213,878
Variation margin on futures contracts		7,190,430
Dividends		53,840,892

Total assets		4,816,249,488


LIABILITIES
Collateral on securities loaned, at value		132,607,521
Payables:
Investments purchased		12,305,537
Investment advisory fees		1,982,407
Foreign taxes		28,377

Total liabilities		146,923,842


NET ASSETS	$	4,669,325,646


NET ASSETS CONSIST OF:
Paid-in capital	$	2,778,988,143
Accumulated earnings		1,890,337,503

NET ASSETS	$	4,669,325,646


Shares outstanding		64,800,000

Net asset value	$	72.06

Shares authorized		300 million

Par value	$	0.001


^(a) Securities loaned, at value	$	128,621,535
^(b) Investments, at cost — Unaffiliated	$	2,074,351,693
^(c) Investments, at cost — Affiliated	$	135,058,770
^(d) Foreign currency, at cost	$	7,613,492

See notes to financial statements.


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

Statements of Operations (unaudited)

Six Months Ended February 28, 2022


	iShares MSCI Australia ETF			iShares MSCI Canada ETF			iShares MSCI Japan ETF			iShares MSCI Mexico ETF


INVESTMENT INCOME
Dividends — Unaffiliated	$	42,247,131		$	53,419,181		$	126,232,791		$	13,318,245
Dividends — Affiliated		43			1,489			1,167			214
Interest — Unaffiliated		—			—			—			2,860
Securities lending income — Affiliated — net		222,041			18,404			10,096			10,069
Foreign taxes withheld		(353,001	)		(7,937,727	)		(12,616,173	)		(1,058,364	)

Total investment income		42,116,214			45,501,347			113,627,881			12,273,024


EXPENSES
Investment advisory fees		3,512,249			9,894,051			29,881,897			2,238,844
Professional fees		217			217			217			217

Total expenses		3,512,466			9,894,268			29,882,114			2,239,061

Net investment income		38,603,748			35,607,079			83,745,767			10,033,963


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		(59,851,271	)		(35,064,423	)		(108,488,324	)		(15,069,708	)
Investments — Affiliated		(5,510	)		(3,801	)		(2,293	)		(253	)
In-kind redemptions — Unaffiliated		45,311,903			172,093,108			293,622,659			42,016,242
Futures contracts		(813,355	)		774,679			(2,383,097	)		12,613
Foreign currency transactions		(340,720	)		(97,807	)		(1,653,006	)		25,036

Net realized gain (loss)		(15,698,953	)		137,701,756			181,095,939			26,983,930

Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated		(78,146,590	)		(43,686,871	)		(1,138,998,165	)		(62,147,075	)
Investments — Affiliated		—			(695	)		88			(383	)
Futures contracts		(30,978	)		(95,364	)		(841,547	)		(32,150	)
Foreign currency translations		171,641			87,091			(8,360	)		(7,758	)

Net change in unrealized appreciation (depreciation)		(78,005,927	)		(43,695,839	)		(1,139,847,984	)		(62,187,366	)

Net realized and unrealized gain (loss)		(93,704,880	)		94,005,917			(958,752,045	)		(35,203,436	)

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(55,101,132	)	$	129,612,996		$	(875,006,278	)	$	(25,169,473	)

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

Statements of Operations (unaudited) (continued)

Six Months Ended February 28, 2022


	iShares MSCI South Korea ETF


INVESTMENT INCOME
Dividends — Unaffiliated	$	74,988,942
Dividends — Affiliated		10,442
Interest — Unaffiliated		340
Securities lending income — Affiliated — net		1,951,330
Foreign taxes withheld		(12,780,478	)
Other foreign taxes		(206	)

Total investment income		64,170,370


EXPENSES
Investment advisory fees		14,295,486
Commitment fees		19,090
Professional fees		217

Total expenses		14,314,793

Net investment income		49,855,577


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		345,479,091
Investments — Affiliated		(877	)
Futures contracts		(1,302,572	)
Foreign currency transactions		(710,501	)

Net realized gain		343,465,141

Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated		(1,268,216,912	)
Investments — Affiliated		(35,926	)
Futures contracts		(3,289,665	)
Foreign currency translations		(950,757	)

Net change in unrealized appreciation (depreciation)		(1,272,493,260	)

Net realized and unrealized loss		(929,028,119	)

NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(879,172,542	)

See notes to financial statements.


F I N A N C I A L S T A T E M E N T S		31

Statements of Changes in Net Assets


	iShares MSCI Australia ETF						iShares MSCI Canada 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	$	38,603,748		$	40,723,200		$	35,607,079		$	62,935,570
Net realized gain (loss)		(15,698,953	)		143,445,640			137,701,756			267,166,327
Net change in unrealized appreciation (depreciation)		(78,005,927	)		171,942,118			(43,695,839	)		562,530,030

Net increase (decrease) in net assets resulting from operations		(55,101,132	)		356,110,958			129,612,996			892,631,927


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(50,636,342	)		(36,969,676	)		(49,140,764	)		(59,006,354	)


CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		29,389,264			(76,520,145	)		116,035,199			1,057,475,515


NET ASSETS
Total increase (decrease) in net assets		(76,348,210	)		242,621,137			196,507,431			1,891,101,088
Beginning of period		1,505,879,942			1,263,258,805			4,157,135,501			2,266,034,413

End of period	$	1,429,531,732		$	1,505,879,942		$	4,353,642,932		$	4,157,135,501

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

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

Statements of Changes in Net Assets (continued)


	iShares MSCI Japan ETF						iShares MSCI Mexico 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	$	83,745,767		$	165,636,754		$	10,033,963		$	20,753,654
Net realized gain		181,095,939			579,936,954			26,983,930			112,964,679
Net change in unrealized appreciation (depreciation)		(1,139,847,984	)		1,343,869,178			(62,187,366	)		321,244,128

Net increase (decrease) in net assets resulting from operations		(875,006,278	)		2,089,442,886			(25,169,473	)		454,962,461


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(161,063,101	)		(137,658,060	)		(10,917,604	)		(24,414,850	)


CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		(77,282,614	)		45,483,023			(417,455,530	)		(86,949,018	)


NET ASSETS
Total increase (decrease) in net assets		(1,113,351,993	)		1,997,267,849			(453,542,607	)		343,598,593
Beginning of period		11,906,294,197			9,909,026,348			1,178,525,921			834,927,328

End of period	$	10,792,942,204		$	11,906,294,197		$	724,983,314		$	1,178,525,921

^(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		33

Statements of Changes in Net Assets (continued)


	iShares MSCI South Korea ETF

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

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	49,855,577		$	95,977,504
Net realized gain		343,465,141			295,325,601
Net change in unrealized appreciation (depreciation)		(1,272,493,260	)		1,635,731,972

Net increase (decrease) in net assets resulting from operations		(879,172,542	)		2,027,035,077


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(97,857,600	)		(52,784,945	)


CAPITAL SHARE TRANSACTIONS
Net decrease in net assets derived from capital share transactions		(490,367,922	)		(695,007,957	)


NET ASSETS
Total increase (decrease) in net assets		(1,467,398,064	)		1,279,242,175
Beginning of period		6,136,723,710			4,857,481,535

End of period	$	4,669,325,646		$	6,136,723,710

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

See notes to financial statements.


34		2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Financial Highlights

(For a share outstanding throughout each period)


	iShares MSCI Australia 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	$	25.96		$	21.12		$	21.67		$	22.56		$	22.58		$	20.30

Net investment income^(a)		0.67			0.65			0.67			1.00			0.90			0.84
Net realized and unrealized gain (loss)^(b)		(1.67	)		4.77			(0.48	)		(0.70	)		0.07			2.45

Net increase (decrease) from investment operations		(1.00	)		5.42			0.19			0.30			0.97			3.29


Distributions^(c)
From net investment income		(0.89	)		(0.58	)		(0.74	)		(1.19	)		(0.99	)		(1.01	)

Total distributions		(0.89	)		(0.58	)		(0.74	)		(1.19	)		(0.99	)		(1.01	)


Net asset value, end of period	$	24.07		$	25.96		$	21.12		$	21.67		$	22.56		$	22.58


Total Return^(d)
Based on net asset value		(3.93	)%^(e)		25.69	%		0.99	%		1.75	%		4.43	%		16.70	%


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

Net investment income		5.43	%^(g)		2.69	%		3.23	%		4.68	%		3.95	%		3.90	%


Supplemental Data
Net assets, end of period (000)	$	1,429,532		$	1,505,880		$	1,263,259		$	1,399,590		$	1,362,770		$	1,765,912

Portfolio turnover rate^(h)		11	%^(e)		4	%		8	%		9	%		3	%		4	%

^(a)	Based on average shares outstanding.

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

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

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

^(e)	Not annualized.

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

^(g)	Annualized.

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

See notes to financial statements.


F I N A N C I A L H I G H L I G H T S		35

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares MSCI Canada 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	$	37.38		$	28.76		$	28.22		$	28.79		$	27.83		$	25.33

Net investment income^(a)		0.34			0.64			0.65			0.62			0.58			0.51
Net realized and unrealized gain (loss)^(b)		0.98			8.60			0.54			(0.53	)		0.97			2.47

Net increase from investment operations		1.32			9.24			1.19			0.09			1.55			2.98


Distributions^(c)
From net investment income		(0.48	)		(0.62	)		(0.65	)		(0.66	)		(0.59	)		(0.48	)

Total distributions		(0.48	)		(0.62	)		(0.65	)		(0.66	)		(0.59	)		(0.48	)


Net asset value, end of period	$	38.22		$	37.38		$	28.76		$	28.22		$	28.79		$	27.83


Total Return^(d)
Based on net asset value		3.58	%^(e)		32.41	%		4.32	%		0.56	%		5.61	%		11.88	%


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

Net investment income		1.78	%^(g)		1.91	%		2.37	%		2.26	%		2.01	%		1.93	%


Supplemental Data
Net assets, end of period (000)	$	4,353,643		$	4,157,136		$	2,266,034		$	2,618,586		$	2,994,627		$	3,127,920

Portfolio turnover rate^(h)		4	%^(e)		8	%		9	%		6	%		3	%		6	%

^(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.


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

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares MSCI 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	^(a)


Net asset value, beginning of period	$	68.55		$	58.15		$	54.05		$	58.45		$	54.57		$	49.05

Net investment income^(b)		0.47			0.91			0.90			0.92			0.87			0.49
Net realized and unrealized gain (loss)^(c)		(5.23	)		10.25			4.36			(4.43	)		3.87			5.96

Net increase (decrease) from investment operations		(4.76	)		11.16			5.26			(3.51	)		4.74			6.45


Distributions^(d)
From net investment income		(0.89	)		(0.76	)		(1.16	)		(0.89	)		(0.86	)		(0.93	)

Total distributions		(0.89	)		(0.76	)		(1.16	)		(0.89	)		(0.86	)		(0.93	)


Net asset value, end of period	$	62.90		$	68.55		$	58.15		$	54.05		$	58.45		$	54.57


Total Return^(e)
Based on net asset value		(7.03	)%^(f)		19.21	%		9.76	%		(5.96	)%		8.67	%		13.31	%


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

Net investment income		1.38	%^(h)		1.37	%		1.60	%		1.68	%		1.46	%		1.45	%


Supplemental Data
Net assets, end of period (000)	$	10,792,942		$	11,906,294		$	9,909,026		$	12,170,174		$	16,973,038		$	16,017,689

Portfolio turnover rate⁽ⁱ⁾		2	%^(f)		6	%		4	%		7	%		4	%		4	%

^(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 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		37

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares MSCI Mexico 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	$	51.24		$	33.00		$	41.47		$	50.38		$	56.68		$	50.48

Net investment income^(a)		0.54			0.80			0.61			1.09			0.95			0.88
Net realized and unrealized gain (loss)^(b)		(0.77	)		18.32			(8.52	)		(8.75	)		(6.17	)		6.10

Net increase (decrease) from investment operations		(0.23	)		19.12			(7.91	)		(7.66	)		(5.22	)		6.98


Distributions^(c)
From net investment income		(0.66	)		(0.88	)		(0.56	)		(1.25	)		(1.08	)		(0.78	)

Total distributions		(0.66	)		(0.88	)		(0.56	)		(1.25	)		(1.08	)		(0.78	)


Net asset value, end of period	$	50.35		$	51.24		$	33.00		$	41.47		$	50.38		$	56.68


Total Return^(d)
Based on net asset value		(0.35	)%^(e)		58.30	%		(19.36	)%		(15.23	)%		(9.02	)%		14.03	%


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

Net investment income		2.21	%^(g)		1.85	%		1.59	%		2.46	%		1.87	%		1.79	%


Supplemental Data
Net assets, end of period (000)	$	724,983		$	1,178,526		$	834,927		$	626,243		$	1,168,930		$	1,320,642

Portfolio turnover rate^(h)		4	%^(e)		15	%		12	%		5	%		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.


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

Financial Highlights (continued)

(For a share outstanding throughout each period)


		iShares MSCI South Korea 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		$	86.98		$	63.04		$	53.34		$	67.65		$	68.19		$	56.89

Net investment income^(a)			0.78			1.23			0.83			0.97			0.94			0.64
Net realized and unrealized gain (loss)^(b)			(14.02	)		23.34			10.18			(14.49	)		0.70			11.31

Net increase (decrease) from investment operations			(13.24	)		24.57			11.01			(13.52	)		1.64			11.95


Distributions^(c)
From net investment income			(1.68	)		(0.63	)		(1.31	)		(0.79	)		(2.18	)		(0.65	)

Total distributions			(1.68	)		(0.63	)		(1.31	)		(0.79	)		(2.18	)		(0.65	)


Net asset value, end of period		$	72.06		$	86.98		$	63.04		$	53.34		$	67.65		$	68.19


Total Return^(d)
Based on net asset value			(15.39	)%^(e)		39.05	%		20.77	%		(20.08	)%		2.15	%		21.28	%


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

Net investment income			2.00	%^(g)		1.45	%		1.45	%		1.62	%		1.31	%		1.05	%


Supplemental Data
Net assets, end of period (000)		$	4,669,326		$	6,136,724		$	4,857,482		$	3,848,564		$	3,906,891		$	3,784,638

Portfolio turnover rate^(h)			15	%^(e)(i)		20	%⁽ⁱ⁾		15	%⁽ⁱ⁾		16	%⁽ⁱ⁾		18	%⁽ⁱ⁾		16	%⁽ⁱ⁾


^(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 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”).
⁽ⁱ⁾	Portfolio turnover rate excluding cash creations was as follows:		5	%		8	%		9	%		5	%		11	%		6	%

See notes to financial statements.


F I N A N C I A L H I G H L I G H T S		39

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 Australia		Non-diversified
MSCI Canada		Diversified
MSCI Japan		Diversified
MSCI Mexico		Non-diversified
MSCI South Korea		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. Interest income, including amortization and accretion of premiums and discounts on debt securities, is recognized daily on an accrual basis.

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.


40		2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Notes to Financial Statements (unaudited) (continued)

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

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

3.	INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

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

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

•

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

•

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

•

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

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

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

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

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

•

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

•

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

•

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

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


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

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 Canada
Barclays Capital, Inc.	$	3,472,986	$	3,472,986		$	—	$	—
BMO Capital Markets Corp.		89,145		89,145			—		—
BofA Securities, Inc.		331,531		331,531			—		—
Citigroup Global Markets, Inc.		295,949		295,949			—		—
Goldman Sachs & Co. LLC		3,844,176		3,844,176			—		—
J.P. Morgan Securities LLC		3,854,655		3,459,174			—		(395,481	)^(b)
SG Americas Securities LLC		51,787		51,787			—		—

	$	11,940,229	$	11,544,748		$	—	$	(395,481	)

MSCI Mexico
BofA Securities, Inc	$	124,321	$	124,321		$	—	$	—
Credit Suisse Securities (USA) LLC		18,477		18,477			—		—
Goldman Sachs & Co. LLC		5,759,168		5,759,168			—		—

	$	5,901,966	$	5,901,966		$	—	$	—

MSCI South Korea
Barclays Capital, Inc.	$	22,398,161	$	22,240,142		$	—	$	(158,019	)^(b)
BNP Paribas SA		5,630,256		5,630,256			—		—
BofA Securities, Inc.		8,380,938		8,380,938			—		—
Goldman Sachs & Co. LLC		18,995,751		18,995,751			—		—
HSBC Bank PLC		3,827,333		3,827,333			—		—
J.P. Morgan Securities LLC		54,989,923		54,989,923			—		—
Jefferies LLC		1,118,369		1,118,369			—		—
Macquarie Bank Ltd.		3,044,448		3,044,448			—		—
Morgan Stanley		7,823,397		7,823,397			—		—
SG Americas Securities LLC		2,412,959		2,412,959			—		—

	$	128,621,535	$	128,463,516		$	—	$	(158,019	)

^(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.


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

Notes to Financial Statements (unaudited) (continued)

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 Australia, iShares MSCI Canada, iShares MSCI Japan and iShares MSCI Mexico 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

For its investment advisory services to the iShares MSCI South Korea 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 $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


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

Notes to Financial Statements (unaudited) (continued)

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 Australia	$	50,266
MSCI Canada		6,924
MSCI Japan		3,765
MSCI Mexico		2,991
MSCI South Korea		452,184

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 Australia	$	8,448,858	$	5,483,539	$	(7,190,525	)
MSCI Japan		89,396,924		55,809,339		(30,553,994	)
MSCI South Korea		17,309,374		12,738,771		(10,190,322	)

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 Australia	$	155,596,741	$	168,532,383
MSCI Canada		171,884,212		155,298,207
MSCI Japan		197,960,914		279,203,706
MSCI Mexico		39,394,921		39,867,113
MSCI South Korea		756,625,514		1,342,706,983


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

Notes to Financial Statements (unaudited) (continued)

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


iShares ETF	In-kind Purchases		In-kind Sales
MSCI Australia	$	312,288,199	$	299,881,968
MSCI Canada		714,795,233		617,395,496
MSCI Japan		1,284,980,962		1,360,953,063
MSCI Mexico		494,842,064		910,911,348

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 Australia	$	280,327,098
MSCI Canada		821,885,352
MSCI Japan		1,418,588,683
MSCI Mexico		424,209,539
MSCI South Korea		376,227,471

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 Australia	$	1,587,837,429	$	55,050,550	$	(243,389,563	)	$	(188,339,013	)
MSCI Canada		4,148,831,345		513,188,905		(307,928,352	)		205,260,553
MSCI Japan		11,660,025,001		912,427,970		(1,803,020,458	)		(890,592,488	)
MSCI Mexico		940,157,630		19,167,224		(229,240,454	)		(210,073,230	)
MSCI South Korea		2,831,005,350		2,613,471,806		(719,650,572	)		1,893,821,234

9.	LINE OF CREDIT

The iShares MSCI South Korea ETF, along with certain other iShares funds (“Participating Funds”), is a party 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 Fund 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


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		45

Notes to Financial Statements (unaudited) (continued)

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.

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.

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.


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Notes to Financial Statements (unaudited) (continued)

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.

LIBOR Transition 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.

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 Australia
Shares sold		13,600,000		$	332,525,816			28,800,000		$	681,267,872
Shares redeemed		(12,200,000	)		(303,136,552	)		(30,600,000	)		(757,788,017	)

Net increase (decrease)		1,400,000		$	29,389,264			(1,800,000	)	$	(76,520,145	)


MSCI Canada
Shares sold		19,000,000		$	736,330,816			66,800,000		$	2,253,894,680
Shares redeemed		(16,300,000	)		(620,295,617	)		(34,400,000	)		(1,196,419,165	)

Net increase		2,700,000		$	116,035,199			32,400,000		$	1,057,475,515


MSCI Japan
Shares sold		18,150,000		$	1,286,334,633			51,450,000		$	3,315,951,747
Shares redeemed		(20,250,000	)		(1,363,617,247	)		(48,150,000	)		(3,270,468,724	)

Net increase (decrease)		(2,100,000	)	$	(77,282,614	)		3,300,000		$	45,483,023


MSCI Mexico
Shares sold		10,300,000		$	497,192,692			33,400,000		$	1,427,604,083
Shares redeemed		(18,900,000	)		(914,648,222	)		(35,700,000	)		(1,514,553,101	)

Net decrease		(8,600,000	)	$	(417,455,530	)		(2,300,000	)	$	(86,949,018	)


MSCI South Korea
Shares sold		7,200,000		$	533,717,950			10,400,000		$	828,773,237
Shares redeemed		(12,950,000	)		(1,024,085,872	)		(16,900,000	)		(1,523,781,194	)

Net decrease		(5,750,000	)	$	(490,367,922	)		(6,500,000	)	$	(695,007,957	)

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.


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		47

Notes to Financial Statements (unaudited) (continued)

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.


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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 Australia ETF, iShares MSCI Canada ETF, iShares MSCI Japan ETF, iShares MSCI Mexico ETF and iShares MSCI South Korea 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.


S T A T E M E N T R E G A R D I N G L I Q U I D I T Y R I S K M A N A G E M E N T P R O G R A M		49

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 Australia^(a)	$	0.669029	$	—	$	0.216871	$	0.885900		76	%		—	%		24	%		100	%
MSCI Canada^(a)		0.335281		—		0.142742		0.478023		70			—			30			100
MSCI Japan^(a)		0.678142		—		0.209992		0.888134		76			—			24			100
MSCI South Korea^(a)		1.415512		—		0.263006		1.678518		84			—			16			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.


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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.


G E N E R A L I N F O R M A T I O N		51

Glossary of Terms Used in this Report


Portfolio Abbreviations - Equity

CPO		Certificates of Participation (Ordinary)

NVS		Non-Voting Shares

REIT		Real Estate Investment Trust


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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-815-0222