
		FEBRUARY 28, 2023

2023 Semi-Annual Report

(Unaudited)

iShares, Inc.

iShares MSCI Agriculture Producers ETF | VEGI | NYSE Arca

iShares MSCI Global Energy Producers ETF | FILL | NYSE Arca

iShares MSCI Global Gold Miners ETF | RING | NASDAQ

iShares MSCI Global Metals & Mining Producers ETF | PICK | Cboe BZX

iShares MSCI Global Silver and Metals Miners ETF | SLVP | Cboe BZX

The Markets in Review

Dear Shareholder,

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

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

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

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

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

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

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

LOGO

Rob Kapito

President, BlackRock, Inc.

LOGO

Rob Kapito

President, BlackRock, Inc.

Total Returns as of February 28, 2023

6-Month

12-Month

U.S. large cap equities

(S&P 500^® Index)

1.26%

(7.69)%

U.S. small cap equities

(Russell 2000^® Index)

3.63

(6.02)

International equities

(MSCI Europe, Australasia, Far East Index)

12.58

(3.14)

Emerging market equities

(MSCI Emerging Markets Index)

(2.29)

(15.28)

3-month Treasury bills

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

1.74

2.11

U.S. Treasury securities

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

(4.81)

(14.06)

U.S. investment grade bonds

(Bloomberg U.S. Aggregate Bond Index)

(2.13)

(9.72)

Tax-exempt municipal bonds

(Bloomberg Municipal Bond Index)

0.66

(5.10)

U.S. high yield bonds

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

2.52

(5.45)

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


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

Table of Contents


	Page
The Markets in Review		2
Semi-Annual Report:
Fund Summary		4
About Fund Performance		9
Disclosure of Expenses		9
Schedules of Investments		10
Financial Statements
Statements of Assets and Liabilities		29
Statements of Operations		31
Statements of Changes in Net Assets		33
Financial Highlights		36
Notes to Financial Statements		41
Statement Regarding Liquidity Risk Management Program		50
General Information		51
Glossary of Terms Used in this Report		52


Fund Summary as of February 28, 2023		iShares^® MSCI Agriculture Producers ETF

Investment Objective

The iShares MSCI Agriculture Producers ETF (the “Fund”) (formerly the iShares MSCI Global Agriculture Producers ETF) seeks to track the investment results of an index composed of global equities of companies primarily engaged in the business of agriculture, as represented by the MSCIACWI Select Agriculture Producers Investable Market Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance


				Average Annual Total Returns									Cumulative Total Returns
	6-Month Total Returns			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		0.68	%		2.46	%		9.81	%		6.53	%		2.46	%		59.67	%		88.27	%
Fund Market		0.37			1.73			9.65			6.45			1.73			58.47			86.86
Index		0.47			2.56			9.91			6.60			2.56			60.42			89.52

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

Expense Example


Actual					Hypothetical 5% Return

	Beginning Account Value (09/01/22)	Ending Account Value (02/28/23)	Expenses Paid During the Period	^(a)		Beginning Account Value (09/01/22)	Ending Account Value (02/28/23)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio
	$ 1,000.00	$ 1,006.80	$ 1.94			$ 1,000.00	$ 1,022.90	$ 1.96		0.39	%

^(a)

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

Portfolio Information

INDUSTRY ALLOCATION


Industry	Percent of Total Investments	^(a)
Fertilizers & Agricultural Chemicals	36.7	%
Agricultural & Farm Machinery	32.0
Agricultural Products	18.3
Packaged Foods & Meats	12.9
Other (each representing less than 1%)	0.1

GEOGRAPHIC ALLOCATION


Country/Geographic Region	Percent of Total Investments	^(a)
United States	59.7	%
Canada	7.4
Norway	4.1
Japan	3.7
India	3.5
United Kingdom	3.3
China	2.3
Chile	2.3
Saudi Arabia	2.1
Malaysia	1.6
Singapore	1.3
Germany	1.2
Israel	1.1
Other (each representing less than 1%)	6.4

^(a)

Excludes money market funds.


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


Fund Summary as of February 28, 2023		iShares^® MSCI Global Energy Producers ETF

Investment Objective

The iShares MSCI Global Energy Producers ETF (the “Fund”) seeks to track the investment results of an index composed of global equities of companies primarily engaged in the business of energy exploration and production, as represented by the MSCI ACWI Select Energy Producers Investable Market Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance


				Average Annual Total Returns								Cumulative Total Returns
	6-Month Total Returns			1 Year			5 Years			10 Years		1 Year			5 Years			10 Years
Fund NAV		3.55	%		18.27	%		7.23	%		3.36%		18.27	%		41.78	%		39.18%
Fund Market		3.79			17.23			7.30			3.40		17.23			42.23			39.77
Index		3.34			17.21			6.97			3.13		17.21			40.07			36.14

Expense Example


Actual					Hypothetical 5% Return
	Beginning Account Value (09/01/22)	Ending Account Value (02/28/23)	Expenses Paid During the Period	^(a)		Beginning Account Value (09/01/22)	Ending Account Value (02/28/23)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio
	$ 1,000.00	$ 1,035.50	$ 1.97			$ 1,000.00	$ 1,022.90	$ 1.96		0.39	%

^(a)

Portfolio Information

INDUSTRY ALLOCATION


Industry	Percent of Total Investments^(a)
Integrated Oil & Gas	57.8	%
Oil & Gas Exploration & Production	28.1
Oil & Gas Refining & Marketing	10.9
Coal & Consumable Fuels	3.2

GEOGRAPHIC ALLOCATION


Country/Geographic Region	Percent of Total Investments	^(a)
United States	53.8	%
United Kingdom	12.8
Canada	8.5
France	5.8
India	3.8
Australia	2.8
Brazil	1.9
Norway	1.4
China	1.4
Italy	1.4
Japan	1.1
Other (each representing less than 1%)	5.3

^(a)

Excludes money market funds.


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


Fund Summary as of February 28, 2023		iShares^® MSCI Global Gold Miners ETF

Investment Objective

The iShares MSCI Global Gold Miners ETF (the “Fund”) seeks to track the investment results of an index composed of global equities of companies primarily engaged in the business of gold mining, as represented by the MSCI ACWI Select Gold Miners Investable Market Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance


				Average Annual Total Returns									Cumulative Total Returns
	6-Month Total Returns			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		18.35	%		(21.12	)%		5.99	%		(2.83	)%		(21.12	)%		33.79	%		(24.92	)%
Fund Market		18.69			(22.15	)		5.98			(2.77	)		(22.15	)		33.73			(24.46	)
Index		18.05			(22.45	)		6.11			(2.69	)		(22.45	)		34.49			(23.90	)

Expense Example


Actual					Hypothetical 5% Return

	Beginning Account Value (09/01/22)	Ending Account Value (02/28/23)	Expenses Paid During the Period	^(a)		Beginning Account Value (09/01/22)	Ending Account Value (02/28/23)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio
	$ 1,000.00	$ 1,183.50	$ 2.11			$ 1,000.00	$ 1,022.90	$ 1.96		0.39	%

^(a)

Portfolio Information

GEOGRAPHIC ALLOCATION


Country/Geographic Region	Percent of Total Investments^(a)
Canada	53.3	%
United States	19.3
Australia	6.3
South Africa	6.3
China	4.6
Saudi Arabia	4.3
Turkey	1.8
United Kingdom	1.7
Peru	1.4
Indonesia	1.0
Russia	0.0

TEN LARGEST HOLDINGS


Security	Percent of Total Investments^(a)
Newmont Corp.	18.5	%
Barrick Gold Corp.	15.1
Agnico Eagle Mines Ltd.	11.0
Wheaton Precious Metals Corp.	4.6
Newcrest Mining Ltd.	4.4
AngloGold Ashanti Ltd.	4.3
Gold Fields Ltd.	4.2
Zijin Mining Group Co. Ltd., Class H	4.1
Yamana Gold Inc.	3.1
Kinross Gold Corp.	3.0

^(a)

Excludes money market funds.


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


Fund Summary as of February 28, 2023		iShares^® MSCI Global Metals & Mining Producers ETF

Investment Objective

The iShares MSCI Global Metals & Mining Producers ETF(the “Fund”) seeks to track the investment results of an index composed of global equities of companies primarily engaged in mining, extraction or production of diversified metals, excluding gold and silver, as represented by the MSCI ACWI Select Metals & Mining Producers ex Gold & Silver Investable Market Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance


				Average Annual Total Returns									Cumulative Total Returns
	6-Month Total Returns			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		18.72	%		(4.48	)%		8.97	%		4.62	%		(4.48	)%		53.66	%		57.05	%
Fund Market		19.39			(5.38	)		9.15			4.72			(5.38	)		54.94			58.55
Index		18.48			(4.49	)		9.34			4.86			(4.49	)		56.25			60.72

Expense Example


Actual					Hypothetical 5% Return

	Beginning Account Value (09/01/22)	Ending Account Value (02/28/23)	Expenses Paid During the Period	^(a)		Beginning Account Value (09/01/22)	Ending Account Value (02/28/23)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio
	$ 1,000.00	$ 1,187.20	$ 2.11			$ 1,000.00	$ 1,022.90	$ 1.96		0.39	%

^(a)

Portfolio Information

INDUSTRY ALLOCATION


Industry	Percent of Total Investments	^(a)
Diversified Metals & Mining	48.9	%
Steel	34.9
Copper	10.1
Aluminum	4.3
Precious Metals & Minerals	1.8

GEOGRAPHIC ALLOCATION


Country/Geographic Region	Percent of Total Investments	^(a)
Australia	26.1	%
United States	18.2
United Kingdom	17.3
Brazil	6.7
Canada	4.9
Japan	4.4
India	3.0
South Korea	2.3
China	2.2
South Africa	2.1
Taiwan	1.8
Sweden	1.7
France	1.7
Saudi Arabia	1.4
Mexico	1.2
Other (each representing less than 1%)	5.0

(a)

Excludes money market funds.


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


Fund Summary as of February 28, 2023		iShares^® MSCI Global Silver and Metals Miners ETF

Investment Objective

The iShares MSCIGlobal Silver and Metals Miners ETF(the “Fund”) seeks to track the investment results of an index composed of global equities of companies primarily engaged in the business of silver exploration or metals mining, as represented by the MSCI ACWI Select Silver Miners Investable Market Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance


				Average Annual Total Returns									Cumulative Total Returns
	6-Month Total Returns			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		12.37	%		(24.97	)%		1.35	%		(4.56	)%		(24.97	)%		6.93	%		(37.31	)%
Fund Market		11.57			(25.67	)		1.13			(4.64	)		(25.67	)		5.79			(37.80	)
Index		12.38			(25.09	)		1.35			(4.58	)		(25.09	)		6.92			(37.43	)

Expense Example


Actual					Hypothetical 5% Return

	Beginning Account Value (09/01/22)	Ending Account Value (02/28/23)	Expenses Paid During the Period	^(a)		Beginning Account Value (09/01/22)	Ending Account Value (02/28/23)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio
	$ 1,000.00	$ 1,123.70	$ 2.05			$ 1,000.00	$ 1,022.90	$ 1.96		0.39	%

^(a)

Portfolio Information

GEOGRAPHIC ALLOCATION


Country/Geographic Region	Percent of Total Investments	^(a)
Canada	65.9	%
United States	20.0
Mexico	7.8
Japan	4.7
Other (each representing less than 1%)	1.6

TEN LARGEST HOLDINGS


Security	Percent of Total Investments	^(a)
Pan American Silver Corp.	15.0	%
Hecla Mining Co.	14.8
Industrias Penoles SAB de CV	7.7
First Majestic Silver Corp.	6.7
Asahi Holdings Inc.	4.7
Wheaton Precious Metals Corp.	4.6
Newmont Corp.	4.5
Fortuna Silver Mines Inc.	4.5
MAG Silver Corp.	4.4
Agnico Eagle Mines Ltd.	4.4

^(a)

Excludes money market funds.


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

About Fund Performance

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

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

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

Disclosure of Expenses

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

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

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

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


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

Schedule of Investments (unaudited)

February 28, 2023

iShares^® MSCI Agriculture Producers ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Australia — 0.8%
Australian Agricultural Co. Ltd.^(a)		105,007	$	117,827
Costa Group Holdings Ltd.		231,220		404,864
Elders Ltd.		77,883		487,435
Inghams Group Ltd.		184,997		402,703
Nufarm Ltd./Australia		192,090		747,921
Select Harvests Ltd.		60,201		169,036

				2,329,786

Brazil — 0.5%
BrasilAgro - Co. Brasileira de Propriedades Agricolas		22,933		113,626
Jalles Machado SA		51,341		76,588
Sao Martinho SA		79,293		411,955
SLC Agricola SA		59,307		558,129
Tres Tentos Agroindustrial SA		61,748		150,258

				1,310,556

Canada — 7.4%
Ag Growth International Inc.		9,396		378,732
Nutrien Ltd.		261,331		20,362,559
Rogers Sugar Inc.		46,723		212,642

				20,953,933

China — 2.3%
Asia - Potash International Investment Guangzhou Co. Ltd.^(a)		27,500		112,691
AustAsia Group Ltd.		58,848		30,588
Beijing Dabeinong Technology Group Co. Ltd., Class A^(a)		122,600		145,256
China BlueChemical Ltd., Class H		756,000		170,640
China Modern Dairy Holdings Ltd.^(b)		1,566,000		213,575
China XLX Fertiliser Ltd.		275,000		145,171
China Youran Dairy Group Ltd.^(a)(b)(c)		375,000		91,844
COFCO Joycome Foods Ltd.		1,163,000		339,572
First Tractor Co. Ltd., Class H		200,000		99,414
Fujian Sunner Development Co. Ltd., Class A		37,100		132,456
Heilongjiang Agriculture Co. Ltd., Class A		52,700		107,923
Henan Shuanghui Investment & Development Co. Ltd., Class A		103,400		393,669
Inner Mongolia Yili Industrial Group Co. Ltd., Class A		193,500		848,449
Jiangsu Yangnong Chemical Co. Ltd., Class A		9,500		146,730
Muyuan Foods Co. Ltd., Class A		159,266		1,133,677
New Hope Liuhe Co. Ltd., Class A^(a)		133,800		253,846
Qinghai Salt Lake Industry Co. Ltd., Class A^(a)		162,400		578,531
Shandong Hualu Hengsheng Chemical Co. Ltd., Class A		63,680		330,990
Shandong Weifang Rainbow Chemical Co. Ltd.		8,500		94,699
Sinofert Holdings Ltd.		1,056,000		127,865
Wens Foodstuffs Group Co. Ltd., Class A		198,820		565,516
Yuan Longping High-Tech Agriculture Co. Ltd., Class A^(a)		39,300		96,680
Yunnan Yuntianhua Co. Ltd.^(a)		54,900		191,690
Zangge Mining Co. Ltd.		47,400		190,120

				6,541,592

Egypt — 0.1%
Abou Kir Fertilizers & Chemical Industries		161,776		220,398
Misr Fertilizers Production Co. SAE		23,499		109,541

				329,939

France — 0.1%
Vilmorin & Cie SA		2,854		145,651


Germany — 1.2%
K+S AG, Registered		96,253		2,284,745
KWS Saat SE & Co. KGaA		5,751		383,715


Security	Shares		Value

Germany (continued)
Suedzucker AG		35,572	$	603,562

				3,272,022

Hong Kong — 0.9%
WH Group Ltd.^(c)		4,189,500		2,437,991


India — 3.5%
Astec Lifesciences Ltd.		2,928		47,787
Balrampur Chini Mills Ltd.		60,936		263,022
Bayer CropScience Ltd.		6,714		347,533
Chambal Fertilisers and Chemicals Ltd.		82,842		274,969
Coromandel International Ltd.		59,544		646,859
Deepak Fertilisers & Petrochemicals Corp. Ltd.		28,539		213,046
EID Parry India Ltd.		39,743		241,403
Escorts Kubota Ltd.		16,178		406,145
Gujarat Ambuja Exports Ltd.		34,246		94,430
Gujarat Narmada Valley Fertilizers & Chemicals Ltd.		38,678		245,814
Gujarat State Fertilizers & Chemicals Ltd.		99,168		149,979
Kaveri Seed Co. Ltd.		10,011		62,471
Paradeep Phosphates Ltd., NVS		141,893		93,830
PI Industries Ltd.		38,099		1,427,322
Rallis India Ltd.		38,718		91,970
Rashtriya Chemicals & Fertilizers Ltd.		68,648		80,905
Sharda Cropchem Ltd.		13,472		76,562
Shree Renuka Sugars Ltd.^(a)		317,825		167,407
Sumitomo Chemical India Ltd.		49,689		268,756
Tata Coffee Ltd.		37,627		94,480
Tata Consumer Products Ltd.		280,032		2,421,480
Triveni Engineering & Industries Ltd.		36,100		117,751
UPL Ltd.		245,387		2,058,856

				9,892,777

Indonesia — 0.7%
Astra Agro Lestari Tbk PT		239,500		130,362
Charoen Pokphand Indonesia Tbk PT		3,707,100		1,306,464
Inti Agri Resources Tbk PT^(a)(d)		2,230,700		—
Japfa Comfeed Indonesia Tbk PT		2,626,900		231,645
Perusahaan Perkebunan London Sumatra Indonesia Tbk PT		1,528,500		106,746
Sawit Sumbermas Sarana Tbk PT		1,659,600		176,842

				1,952,059

Ireland — 0.1%
Origin Enterprises PLC		57,518		257,340


Israel — 1.1%
ICL Group Ltd.		356,190		2,585,000
Israel Corp. Ltd.		1,951		665,153

				3,250,153

Japan — 3.7%
Hokuto Corp.		10,300		142,513
Kubota Corp.		508,900		7,681,215
Kumiai Chemical Industry Co. Ltd.		36,800		233,282
Maruha Nichiro Corp.		21,200		377,408
Mitsui DM Sugar Holdings Co. Ltd.		8,400		128,416
NH Foods Ltd.		41,000		1,132,102
Prima Meat Packers Ltd.		11,700		183,947
Sakata Seed Corp.		14,600		435,732
YAMABIKO Corp.		16,600		153,936

				10,468,551

Malaysia — 1.5%
Farm Fresh Bhd		369,900		129,367
Genting Plantations Bhd		134,100		179,896


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

Schedule of Investments (unaudited) (continued)

February 28, 2023

iShares^® MSCI Agriculture Producers ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Malaysia (continued)
IOI Corp. Bhd		1,264,500	$	1,079,210
Kuala Lumpur Kepong Bhd		217,400		1,007,356
QL Resources Bhd		553,907		717,147
Sime Darby Plantation Bhd		1,044,600		984,982
Ta Ann Holdings Bhd		77,800		57,906
TSH Resources Bhd		275,400		63,215
United Plantations Bhd		52,200		191,933

				4,411,012

Netherlands — 0.6%
OCI NV		52,929		1,758,179


Norway — 4.1%
Austevoll Seafood ASA		45,408		387,998
Bakkafrost P/F		25,256		1,652,392
Grieg Seafood ASA		22,587		162,854
Leroy Seafood Group ASA		135,586		672,328
Mowi ASA		207,830		3,588,135
Salmar ASA		32,812		1,360,225
Yara International ASA		83,180		3,954,278

				11,778,210

Poland — 0.1%
Grupa Azoty SA^(a)		24,686		214,812


Qatar — 0.1%
Baladna		378,473		139,440


Russia — 0.0%
PhosAgro PJSC^(a)(d)		7,038		1
PhosAgro PJSC, GDR^(a)(d)		2		—
PhosAgro PJSC, New^(a)(d)		136		1
Ros Agro PLC, GDR^(a)(d)		5,334		1

				3

Saudi Arabia — 2.1%
Al Jouf Agricultural Development Co.		7,318		102,575
Almarai Co. JSC		125,596		1,755,043
National Agriculture Development Co. (The)^(a)		24,792		158,272
SABIC Agri-Nutrients Co.		107,618		3,828,218
Saudi Fisheries Co.^(a)		9,759		69,345
Tanmiah Food Co.		2,989		96,218

				6,009,671

Singapore — 1.3%
Bumitama Agri Ltd.		175,100		83,686
First Resources Ltd.		276,300		315,029
Golden Agri-Resources Ltd.		3,254,900		615,521
Wilmar International Ltd.		965,100		2,819,688

				3,833,924

South Africa — 0.1%
Astral Foods Ltd.		19,230		171,201
Oceana Group Ltd.		43,476		171,631

				342,832

South Korea — 0.2%
Dongwon Industries Co. Ltd.		8,789		342,344
Harim Holdings Co. Ltd.		22,303		201,842
Hyundai Feed Inc.^(a)(b)		5,533		74,497
Namhae Chemical Corp.		11,128		75,732

				694,415

Sweden — 0.7%
Husqvarna AB, Class B		210,807		1,866,495


Security	Shares		Value

Taiwan — 0.5%
Charoen Pokphand Enterprise.		90,800	$	239,409
Sesoda Corp.		83,000		115,301
Sinon Corp.		179,000		232,434
Taiwan Fertilizer Co. Ltd.		369,000		692,812
Taiwan TEA Corp.^(a)		259,000		185,841

				1,465,797

Thailand — 0.6%
Betagro PCL, NVS		312,800		296,503
Charoen Pokphand Foods PCL, NVDR		1,946,800		1,222,759
GFPT PCL, NVDR		243,000		83,884
Khon Kaen Sugar Industry PCL, NVDR		987,754		103,397
Thaifoods Group PCL, NVDR		616,900		92,537

				1,799,080

Turkey — 0.4%
Hektas Ticaret TAS^(a)		566,667		1,067,020
Turk Traktor ve Ziraat Makineleri AS		6,641		198,763

				1,265,783

United Kingdom — 3.3%
CNH Industrial NV		514,088		8,427,115
Cranswick PLC		26,919		1,013,479

				9,440,594

United States — 59.4%
AGCO Corp.^(b)		31,855		4,485,505
American Vanguard Corp.		13,831		288,653
Archer-Daniels-Midland Co.		275,976		21,967,690
Benson Hill Inc.^(a)(b)		56,301		125,551
Bunge Ltd.		75,257		7,187,044
Cal-Maine Foods Inc.		18,861		1,071,305
CF Industries Holdings Inc.		98,562		8,465,490
Corteva Inc.		358,948		22,358,871
Darling Ingredients Inc.^(a)		80,518		5,094,374
Deere & Co.		144,047		60,390,264
FMC Corp.		63,283		8,172,999
Fresh Del Monte Produce Inc.		19,047		595,790
Ingredion Inc.		32,934		3,273,640
Intrepid Potash Inc.^(a)(b)		5,420		171,651
Lamb Weston Holdings Inc.		72,258		7,272,045
Lindsay Corp.		5,539		833,564
Mosaic Co. (The)		171,052		9,098,256
Pilgrim’s Pride Corp.^(a)(b)		23,797		556,612
Scotts Miracle-Gro Co. (The)		20,898		1,724,085
Titan International Inc.^(a)		25,009		310,362
Toro Co. (The)		52,253		5,770,821
Vital Farms Inc.^(a)		10,127		163,652

				169,378,224


Total Common Stocks — 97.4% (Cost: $294,367,119)				277,540,821


Preferred Stocks

Chile — 2.2%
Sociedad Quimica y Minera de Chile SA, Class B, Preference Shares		71,750		6,403,732


Total Preferred Stocks — 2.2% (Cost: $5,027,479)				6,403,732


Total Long-Term Investments — 99.6% (Cost: $299,394,598)				283,944,553


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, 2023

iShares^® MSCI Agriculture Producers ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Short-Term Securities

Money Market Funds — 1.6%
BlackRock Cash Funds: Institutional, SL Agency Shares, 4.81%^(e)(f)(g)		4,624,052	$	4,626,826


Total Short-Term Securities — 1.6% (Cost: $4,626,344)				4,626,826


Total Investments — 101.2% (Cost: $304,020,942)				288,571,379

Liabilities in Excess of Other Assets — (1.2)%				(3,468,304	)


NetAssets—100.0%			$	285,103,075

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

^(e)	Affiliate of the Fund.

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

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

Affiliates

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


Affiliated Issuer	Value at 08/31/22		Purchases at Cost			Proceeds from Sale			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 02/28/23		Shares Held at 02/28/23		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	807,964	$	3,818,841	^(a)	$	—		$	(136	)	$	157	$	4,626,826		4,624,052	$	14,416	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares^(c)		—		—			0	^(a)		—			—		—		—		6,439			—

									$	(136	)	$	157	$	4,626,826			$	20,855		$	—

^(a)

Represents net amount purchased (sold).

^(b)

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

^(c)

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

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts


Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
Euro STOXX 50 Index		6		03/17/23	$	269	$	16,785
S&P 500 E-Mini Index		3		03/17/23		596		(204	)

							$	16,581

Derivative Financial Instruments Categorized by Risk Exposure

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


	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts^(a)	$	—	$	—	$	16,785	$	—	$	—	$	—	$	16,785


12		2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

February 28, 2023

iShares^® MSCI Agriculture Producers ETF

Derivative Financial Instruments Categorized by Risk Exposure (continued)


	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts^(a)	$	—	$	—	$	204	$	—	$	—	$	—	$	204

^(a)

Net cumulative unrealized appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).

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


	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Net Realized Gain (Loss) from
Futures contracts	$	—	$	—	$	115,947	$	—	$	—	$	—	$	115,947

Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	8,938	$	—	$	—	$	—	$	8,938

Average Quarterly Balances of Outstanding Derivative Financial Instruments


Futures contracts
Average notional value of contracts — long	$	1,018,164

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
Assets
Investments
Long-Term Investments
Common Stocks	$	197,237,734		$	80,303,084	$	3	$	277,540,821
Preferred Stocks		—			6,403,732		—		6,403,732
Short-Term Securities
Money Market Funds		4,626,826			—		—		4,626,826

	$	201,864,560		$	86,706,816	$	3	$	288,571,379

Derivative Financial Instruments^(a)
Assets
Equity Contracts	$	—		$	16,785	$	—	$	16,785
Liabilities
Equity Contracts		(204	)		—		—		(204	)

	$	(204	)	$	16,785	$	—		16,581

^(a)

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

See notes to financial statements.


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

Schedule of Investments (unaudited)

February 28, 2023

iShares^® MSCI Global Energy Producers ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Australia — 2.8%
Beach Energy Ltd.		68,404	$	64,513
Boss Energy Ltd. ^(a)		14,504		25,013
Karoon Energy Ltd.^(a)		24,206		37,646
New Hope Corp. Ltd.		22,793		83,000
Paladin Energy Ltd.^(a)		121,520		56,509
Santos Ltd.		136,493		637,342
Strike Energy Ltd.^(a)		84,638		19,934
Terracom Ltd.		23,912		12,114
Washington H Soul Pattinson & Co. Ltd.		9,515		186,126
Whitehaven Coal Ltd.		35,446		171,704
Woodside Energy Group Ltd.		81,707		1,979,758

				3,273,659

Austria — 0.3%
OMV AG		6,373		310,413


Brazil — 1.0%
3R Petroleum Oleo E Gas SA^(a)		7,644		53,160
Enauta Participacoes SA		5,292		13,929
Petro Rio SA^(a)		30,404		195,707
Petroleo Brasileiro SA		160,258		880,042
Petroreconcavo SA		5,482		29,633

				1,172,471

Canada — 8.5%
Advantage Energy Ltd.^(a)		7,866		46,003
Africa Oil Corp.		16,665		34,075
ARC Resources Ltd.		27,376		298,137
Athabasca Oil Corp.^(a)		25,284		55,219
Baytex Energy Corp.^(a)		23,520		90,667
Birchcliff Energy Ltd.		11,784		72,457
Cameco Corp.		18,619		508,969
Canadian Natural Resources Ltd.		47,657		2,693,171
Cardinal Energy Ltd.^(b)		5,880		30,682
Cenovus Energy Inc.		62,010		1,143,402
Crescent Point Energy Corp.		23,879		163,277
Crew Energy Inc.^(a)		5,880		20,124
Denison Mines Corp.^(a)		34,104		42,989
Energy Fuels Inc./Canada^(a)		6,762		45,542
Enerplus Corp.		9,861		156,461
Freehold Royalties Ltd.		5,797		65,766
Frontera Energy Corp.^(a)		2,548		22,968
Headwater Exploration Inc.		8,428		36,998
Imperial Oil Ltd.		9,101		450,148
International Petroleum Corp.^(a)		4,141		41,789
Kelt Exploration Ltd.^(a)		6,860		23,629
MEG Energy Corp.^(a)		11,466		181,170
NexGen Energy Ltd.^(a)		17,542		73,922
NuVista Energy Ltd.^(a)		7,644		67,225
Obsidian Energy Ltd.^(a)		2,940		20,771
Paramount Resources Ltd., Class A		3,234		70,629
Parex Resources Inc.		4,704		76,671
Peyto Exploration & Development Corp.		7,252		63,033
Pipestone Energy Corp.^(a)		5,096		10,644
PrairieSky Royalty Ltd.		9,417		147,898
Spartan Delta Corp.		5,684		51,612
Suncor Energy Inc.		58,329		1,960,402
Surge Energy Inc.		3,748		24,199
Tamarack Valley Energy Ltd.		21,558		68,568
Topaz Energy Corp.		3,920		55,561


Security	Shares		Value

Canada (continued)
Tourmaline Oil Corp.		13,795	$	604,574
Vermilion Energy Inc.		6,958		93,215
Whitecap Resources Inc.		25,748		197,379

				9,809,946

China — 1.4%
AAG Energy Holdings Ltd.^(c)		67,000		14,735
CGN Mining Co. Ltd.^(a)		90,000		10,669
China Coal Energy Co. Ltd., Class H.		91,000		70,419
China Shenhua Energy Co. Ltd., Class A.		17,800		71,726
China Shenhua Energy Co. Ltd., Class H		146,000		439,150
Guanghui Energy Co. Ltd., Class A		19,600		30,364
Inner Mongolia Dian Tou Energy Corp. Ltd.		5,800		11,120
Inner Mongolia Yitai Coal Co. Ltd., Class B		47,800		64,454
Jizhong Energy Resources Co. Ltd.		10,100		10,349
PetroChina Co. Ltd., Class A		55,600		41,762
PetroChina Co. Ltd., Class H		898,000		458,104
Pingdingshan Tianan Coal Mining Co. Ltd.		7,000		12,087
Productive Technologies Co. Ltd.^(a)		196,000		24,720
Shaanxi Coal Industry Co. Ltd., Class A		24,300		69,930
Shan Xi Hua Yang Group New Energy Co. Ltd.		7,300		16,716
Shanxi Coking Coal Energy Group Co. Ltd., Class A		9,810		18,370
Shanxi Lu’an Environmental Energy Development Co. Ltd., Class A		9,800		31,462
Yankuang Energy Group Co. Ltd., Class A		6,900		35,420
Yankuang Energy Group Co. Ltd., Class H		68,000		205,111

				1,636,668

Finland — 0.8%
Neste OYJ		18,168		876,265


France — 5.7%
Etablissements Maurel et Prom SA		2,548		9,486
TotalEnergies SE		107,043		6,604,997

				6,614,483

Greece — 0.1%
Hellenic Energy Holdings SA		2,971		26,271
Motor Oil Hellas Corinth Refineries SA		2,766		73,238

				99,509

Hong Kong — 0.0%
United Energy Group Ltd.^(b)		360,000		33,042


Hungary — 0.1%
MOL Hungarian Oil & Gas PLC		17,248		130,976


India — 3.8%
Bharat Petroleum Corp. Ltd.		38,464		147,684
Coal India Ltd.		68,167		177,537
Gujarat Mineral Development Corp. Ltd.		3,822		6,165
Hindustan Petroleum Corp. Ltd.		26,950		70,213
Indian Oil Corp. Ltd.		122,856		113,031
Oil & Natural Gas Corp. Ltd.		107,937		198,048
Oil India Ltd.		11,760		35,055
Reliance Industries Ltd.		98,646		2,766,836
Reliance Industries Ltd., GDR^(c)		16,018		890,326

				4,404,895

Indonesia — 0.4%
Adaro Energy Indonesia Tbk PT		607,600		119,043
Bukit Asam Tbk PT		159,400		40,335
Bumi Resources Tbk PT^(a)		3,151,200		28,103
Energi Mega Persada Tbk PT, NVS		404,000		7,206
Harum Energy Tbk PT		117,600		12,564


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

Schedule of Investments (unaudited) (continued)

February 28, 2023

iShares^® MSCI Global Energy Producers ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Indonesia (continued)
Indika Energy Tbk PT		68,600	$	10,342
Indo Tambangraya Megah Tbk PT		19,600		47,776
Medco Energi Internasional Tbk PT		294,012		22,060
Sugih Energy Tbk PT^(a)(d)		206,700		—
United Tractors Tbk PT		71,200		130,228

				417,657

Israel — 0.1%
Delek Group Ltd.^(a)		392		36,643
Equital Ltd.^(a)		960		22,680
Naphtha Israel Petroleum Corp. Ltd.		1,373		5,098
Oil Refineries Ltd.		89,082		26,878
Paz Oil Co. Ltd.^(a)		411		43,555

				134,854

Italy — 1.3%
Eni SpA		107,751		1,521,878
Saras SpA^(a)		24,206		36,616

				1,558,494

Japan — 1.1%
Cosmo Energy Holdings Co. Ltd.		3,536		105,693
ENEOS Holdings Inc.		130,400		448,299
Idemitsu Kosan Co. Ltd.		9,268		205,115
Inpex Corp.		44,400		465,507
Japan Petroleum Exploration Co. Ltd.		1,400		50,443

				1,275,057

Malaysia — 0.0%
Hibiscus Petroleum Bhd		58,800		13,933


Norway — 1.4%
Aker BP ASA		13,623		365,650
BW Energy Ltd.^(a)		3,822		10,728
DNO ASA		21,787		24,964
Equinor ASA		40,984		1,254,657

				1,655,999

Philippines — 0.0%
Semirara Mining & Power Corp.		29,600		16,025


Poland — 0.4%
Polski Koncern Naftowy ORLEN SA		27,527		411,131


Portugal — 0.2%
Galp Energia SGPS SA		21,270		259,484


Russia — 0.0%
LUKOIL PJSC^(a)(d)		17,021		2
Rosneft Oil Co. PJSC^(a)(d)		47,821		6
Surgutneftegas PJSC^(a)(d)		285,010		38
Tatneft PJSC^(a)(d)		57,983		8

				54

Saudi Arabia — 0.8%
Rabigh Refining & Petrochemical Co.^(a)		17,761		47,879
Saudi Arabian Oil Co.^(c)		103,837		877,194

				925,073

South Africa — 0.2%
Exxaro Resources Ltd.		10,795		118,219
Thungela Resources Ltd.		5,518		64,159

				182,378

South Korea — 0.4%
HD Hyundai Co. Ltd.		1,960		88,027
SK Innovation Co. Ltd.^(a)		2,356		266,476


Security	Shares		Value

South Korea (continued)
S-Oil Corp.		1,963	$	119,023

				473,526

Spain — 0.8%
Repsol SA		59,166		935,701


Thailand — 0.5%
Bangchak Corp. PCL, NVDR		44,100		40,187
Banpu PCL, NVDR		346,000		106,657
Esso Thailand PCL, NVDR^(b)		39,200		9,906
IRPC PCL, NVDR		480,200		38,842
PTT Exploration & Production PCL, NVDR		58,831		248,999
Star Petroleum Refining PCL, NVDR.		88,800		27,602
Thai Oil PCL, NVDR		52,100		74,298

				546,491

Turkey — 0.2%
Turkiye Petrol Rafinerileri AS^(a)		5,898		184,948


United Arab Emirates — 0.0%
Dana Gas PJSC		150,724		32,410


United Kingdom — 12.7%
BP PLC		780,795		5,131,016
Capricorn Energy PLC^(a)		13,230		39,689
Diversified Energy Co. PLC		34,594		43,359
Energean PLC		5,096		73,924
EnQuest PLC^(a)		61,348		14,015
Genel Energy PLC		7,056		10,633
Gulf Keystone Petroleum Ltd.		8,330		20,770
Harbour Energy PLC		18,605		64,915
Pantheon Resources PLC^(a)(b)		31,262		21,472
Serica Energy PLC		8,428		26,250
Shell PLC		303,590		9,195,248
Tullow Oil PLC^(a)		46,550		19,487

				14,660,778

United States — 53.4%
Antero Resources Corp.^(a)		11,662		305,544
APA Corp.		13,818		530,335
Arch Resources Inc.		784		123,362
Berry Corp.		2,352		22,179
California Resources Corp.		2,254		95,119
Callon Petroleum Co.^(a)(b)		2,100		81,396
Centrus Energy Corp., Class A^(a)(b)		438		19,627
Chesapeake Energy Corp.		4,880		394,353
Chevron Corp.		78,994		12,699,865
Chord Energy Corp.		1,699		228,719
Civitas Resources Inc.		2,352		165,040
CNX Resources Corp.^(a)		7,534		115,647
Comstock Resources Inc.		3,920		47,589
ConocoPhillips		53,568		5,536,253
CONSOL Energy Inc.		1,410		77,169
Coterra Energy Inc.		34,016		849,379
Crescent Energy Co., Class A		1,704		19,664
CVR Energy Inc.		1,274		40,424
Delek U.S. Holdings Inc.		2,744		69,066
Denbury Inc.^(a)		2,159		179,996
Devon Energy Corp.		26,725		1,441,012
Diamondback Energy Inc.		7,166		1,007,396
Earthstone Energy Inc., Class A^(a)(b)		2,058		28,709
Enviva Inc.		1,415		61,637
EOG Resources Inc.		25,217		2,850,025


S C H E D U L E O F I N V E S T M E N T S		15

Schedule of Investments (unaudited) (continued)

February 28, 2023

iShares^® MSCI Global Energy Producers ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

United States (continued)
EQT Corp.		14,116	$	468,369
Exxon Mobil Corp.		177,144		19,469,897
Gran Tierra Energy Inc.^(a)		15,190		12,673
Gulfport Energy Corp.^(a)		530		35,044
Hess Corp.		11,922		1,605,893
HF Sinclair Corp.		6,456		320,992
Kimbell Royalty Partners LP		2,254		34,779
Kosmos Energy Ltd.^(a)		19,915		156,731
Laredo Petroleum Inc.^(a)		658		33,815
Magnolia Oil & Gas Corp., Class A.		7,258		158,587
Marathon Oil Corp.		27,354		687,953
Marathon Petroleum Corp.		20,175		2,493,630
Matador Resources Co.		5,099		274,275
Murphy Oil Corp.		6,428		250,821
Northern Oil and Gas Inc.		2,842		88,216
Occidental Petroleum Corp.		31,105		1,821,509
Ovintiv Inc.		10,627		454,517
Par Pacific Holdings Inc.^(a)		1,960		54,449
PBF Energy Inc., Class A		4,318		188,740
PDC Energy Inc.		3,914		262,669
Peabody Energy Corp.^(a)		4,900		133,770
Permian Res Corp., NVS		8,936		96,598
Pioneer Natural Resources Co.		9,765		1,957,004
Range Resources Corp.		10,364		279,206
Ranger Oil Corp.		882		36,603
SandRidge Energy Inc.^(a)		1,313		19,157
SilverBow Resources Inc.^(a)		588		14,477
Sitio Royalties Corp.		3,134		73,680
SM Energy Co.		5,396		159,236
Southwestern Energy Co.^(a)		37,842		200,563
Talos Energy Inc.^(a)		2,450		43,634
Tellurian Inc.^(a)		20,384		30,372
Texas Pacific Land Corp.		270		480,651
Uranium Energy Corp.^(a)(b)		15,600		57,720
VAALCO Energy Inc.		4,410		20,683
Valero Energy Corp.		16,561		2,181,581
Viper Energy Partners LP		2,531		72,463
Vitesse Energy Inc.^(a)		928		16,138
W&T Offshore Inc.^(a)		4,214		23,641

				61,760,241


Total Common Stocks — 98.4% (Cost: $87,695,011)				113,806,561


Security	Shares		Value

Preferred Stocks

Brazil — 0.9%
Petroleo Brasileiro SA, Preference Shares, NVS		204,923	$	987,930


Russia — 0.0%
Surgutneftegas PJSC, Preference Shares, NVS^(a)(d)		275,500		37


Total Preferred Stocks — 0.9% (Cost: $925,150)				987,967


Total Long-Term Investments — 99.3% (Cost: $88,620,161)				114,794,528


Short-Term Securities

Money Market Funds — 0.2%
BlackRock Cash Funds: Institutional, SL Agency Shares, 4.81%^(e)(f)(g)		269,272		269,433
BlackRock Cash Funds: Treasury, SL Agency Shares, 4.41%^(e)(f)		20,000		20,000


Total Short-Term Securities — 0.2% (Cost: $289,197)				289,433


Total Investments — 99.5% (Cost: $88,909,358)				115,083,961

Other Assets Less Liabilities — 0.5%.				541,193


NetAssets — 100.0%			$	115,625,154

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

^(e)	Affiliate of the Fund.

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

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


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

Schedule of Investments (unaudited) (continued)

February 28, 2023

iShares^® MSCI Global Energy Producers ETF

Affiliates


Affiliated Issuer	Value at 08/31/22		Purchases at Cost		Proceeds from Sale			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value at 02/28/23		Shares Held at 02/28/23		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	504,806	$	—	$	(236,033	)^(a)	$	684	$	(24	)	$	269,433		269,272	$	2,676	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		160,000		—		(140,000	)^(a)		—		—			20,000		20,000		4,093			—

								$	684	$	(24	)	$	289,433			$	6,769		$	—

^(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
E-Mini Energy Select Sector Index		7		03/17/23	$	612	$	(23,929	)
FTSE 100 Index		1		03/17/23		95		(844	)

							$	(24,773	)

Derivative Financial Instruments Categorized by Risk Exposure

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


	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts^(a)	$	—	$	—	$	24,773	$	—	$	—	$	—	$	24,773

^(a)

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


	Commodity Contracts		Credit Contracts		Equity Contracts			Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Net Realized Gain (Loss) from
Futures contracts	$	—	$	—	$	(20,611	)	$	—	$	—	$	—	$	(20,611	)

Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	(20,807	)	$	—	$	—	$	—	$	(20,807	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments


Futures contracts
Average notional value of contracts — long	$	968,568

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


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

Schedule of Investments (unaudited) (continued)

February 28, 2023

iShares^® MSCI Global Energy Producers ETF

Fair Value Hierarchy as of Period End


	Level 1			Level 2			Level 3		Total
Assets
Investments
Long-Term Investments
Common Stocks	$	73,119,284		$	40,687,223		$	54	$	113,806,561
Preferred Stocks		987,930			—			37		987,967
Short-Term Securities
Money Market Funds		289,433			—			—		289,433

	$	74,396,647		$	40,687,223		$	91	$	115,083,961

Derivative Financial Instruments^(a)
Liabilities
Equity Contracts	$	(23,929	)	$	(844	)	$	—	$	(24,773	)

^(a)

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

See notes to financial statements.


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

Schedule of Investments (unaudited)

February 28, 2023

iShares^® MSCI Global Gold Miners ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Australia — 6.3%
De Grey Mining Ltd.^(a)(b)		5,268,984	$	4,932,818
Newcrest Mining Ltd.		1,214,984		18,599,868
West African Resources Ltd.^(a)		5,075,712		3,159,855

				26,692,541

Canada — 53.0%
Agnico Eagle Mines Ltd.		1,013,789		46,673,672
Alamos Gold Inc., Class A		1,124,603		11,464,440
B2Gold Corp.		3,058,844		10,446,473
Barrick Gold Corp.		3,965,247		64,077,462
Calibre Mining Corp.^(a)		3,156,707		2,637,337
Centerra Gold Inc.		857,530		5,417,302
Eldorado Gold Corp.^(a)		687,586		6,424,860
Equinox Gold Corp.^(a)		1,204,160		4,368,334
IAMGOLD Corp.^(a)		2,041,126		4,622,264
Kinross Gold Corp.		3,466,720		12,804,887
Lundin Gold Inc.		425,166		4,393,434
New Gold Inc.^(a)		3,515,388		3,220,399
SSR Mining Inc.		613,592		8,395,575
Torex Gold Resources Inc.^(a)		410,937		5,059,540
Wesdome Gold Mines Ltd.^(a)		729,887		3,482,275
Wheaton Precious Metals Corp.		471,246		19,633,811
Yamana Gold Inc.		2,590,804		13,253,068

				226,375,133

China — 4.6%
Zijin Mining Group Co. Ltd., Class A		1,245,135		2,046,041
Zijin Mining Group Co. Ltd., Class H		11,648,000		17,627,630

				19,673,671

Indonesia — 1.0%
Aneka Tambang Tbk		34,306,500		4,476,744


Peru — 1.4%
Cia. de Minas Buenaventura SAA, ADR.		771,981		5,851,616


Russia — 0.0%
Polymetal International PLC^(a)(c)		822,891		110
Polyus PJSC^(a)(c)		62,547		8

				118

Saudi Arabia — 4.3%
AngloGold Ashanti Ltd.		1,078,322		18,161,659


South Africa — 6.2%
DRDGOLD Ltd.		3,835,467		2,815,453


Security	Shares		Value

South Africa (continued)
Gold Fields Ltd.		1,988,784	$	18,048,453
Harmony Gold Mining Co. Ltd.		1,869,019		5,740,966

				26,604,872

Turkey — 1.8%
Koza Altin Isletmeleri AS		5,863,400		7,586,811


United Kingdom — 1.7%
Centamin PLC		4,198,374		5,145,373
Hochschild Mining PLC		2,869,824		2,204,647

				7,350,020

United States — 19.3%
Coeur Mining Inc.^(a)		1,210,180		3,775,762
Newmont Corp.		1,798,679		78,440,391

				82,216,153


Total Long-Term Investments — 99.6% (Cost: $520,666,835)				424,989,338


Short-Term Securities

Money Market Funds — 0.3%
BlackRock Cash Funds: Institutional, SL Agency Shares, 4.81%^(d)(e)(f)		1,165,760		1,166,460
BlackRock Cash Funds: Treasury, SL Agency Shares, 4.41%^(d)(e)		120,000		120,000


Total Short-Term Securities — 0.3% (Cost: $1,285,324)				1,286,460


Total Investments — 99.9% (Cost: $521,952,159)				426,275,798

Other Assets Less Liabilities — 0.1%				399,959


NetAssets —100.0%			$	426,675,757

^(a)	Non-income producing security.

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

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

^(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.


S C H E D U L E O F I N V E S T M E N T S		19

Schedule of Investments (unaudited) (continued)

February 28, 2023

iShares^® MSCI Global Gold Miners ETF

Affiliates


Affiliated Issuer	Value at 08/31/22		Purchases at Cost			Proceeds from Sale			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value at 02/28/23		Shares Held at 02/28/23		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	1,922,895	$	—		$	(759,022	)^(a)	$	2,679	$	(92	)	$	1,166,460		1,165,760	$	22,527	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		100,000		20,000	^(a)		—			—		—			120,000		120,000		6,538			—

									$	2,679	$	(92	)	$	1,286,460			$	29,065		$	—

^(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
S&P/TSX 60 Index		10		03/16/23	$	1,783	$	(4,991	)

Derivative Financial Instruments Categorized by Risk Exposure

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


	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts^(a)	$	—	$	—	$	4,991	$	—	$	—	$	—	$	4,991

^(a)

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


	Commodity Contracts		Credit Contracts		Equity Contracts			Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Net Realized Gain (Loss) from
Futures contracts	$	—	$	—	$	(175,999	)	$	—	$	—	$	—	$	(175,999	)

Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	35,182		$	—	$	—	$	—	$	35,182

Average Quarterly Balances of Outstanding Derivative Financial Instruments


Futures contracts
Average notional value of contracts — long	$	1,444,841

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


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

Schedule of Investments (unaudited) (continued)

February 28, 2023

iShares^® MSCI Global Gold Miners ETF

Fair Value Hierarchy as of Period End


	Level 1			Level 2		Level 3		Total
Assets
Investments
Long-Term Investments
Common Stocks	$	314,442,902		$	110,546,318	$	118	$	424,989,338
Short-Term Securities
Money Market Funds		1,286,460			—		—		1,286,460

	$	315,729,362		$	110,546,318	$	118	$	426,275,798

Derivative Financial Instruments^(a)
Liabilities
Equity Contracts	$	(4,991	)	$	—	$	—	$	(4,991	)

^(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		21

Schedule of Investments (unaudited)

February 28, 2023

iShares^® MSCI Global Metals & Mining Producers ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Australia — 26.0%
29Metals Ltd.^(a)		368,419	$	394,444
Allkem Ltd.^(b)		786,713		5,980,520
Alumina Ltd.		3,429,659		3,460,508
Arafura Rare Earths Ltd.^(b)		2,390,376		965,090
Argosy Minerals Ltd.^(b)		1,574,700		730,829
AVZ Minerals Ltd.^(a)(b)(c)		3,302,250		1,384,803
BHP Group Ltd.		6,964,876		210,792,254
BlueScope Steel Ltd.		644,525		8,246,499
Chalice Mining Ltd.^(b)		464,418		1,976,680
Champion Iron Ltd.		458,925		2,260,274
Core Lithium Ltd.^(a)(b)		2,025,650		1,259,109
Coronado Global Resources Inc.^(d)		1,028,775		1,304,651
Deterra Royalties Ltd.		609,725		1,825,984
Fortescue Metals Group Ltd.		2,327,975		33,359,686
Goulamina Holdings Pty Ltd.^(b)		1,246,575		437,915
Grange Resources Ltd.^(a)		706,875		450,111
IGO Ltd.		933,800		8,208,615
Iluka Resources Ltd.		589,425		4,107,968
Imdex Ltd.		548,232		864,763
ionner Ltd.^(a)(b)		2,036,582		517,274
Jervois Global Ltd.^(a)(b)		2,327,742		281,001
Lake Resources NL^(a)(b)		1,725,285		720,858
Liontown Resources Ltd.^(a)(b)		2,272,317		2,063,667
Lynas Rare Earths Ltd.^(b)		1,237,575		6,796,762
Mincor Resources NL^(a)(b)		528,868		447,753
Mineral Resources Ltd. .		234,900		12,973,191
Mount Gibson Iron Ltd.^(a)(b)		822,150		312,070
Neometals Ltd.^(b)		646,292		384,147
Nickel Mines Ltd.		1,482,259		972,285
OZ Minerals Ltd.		461,825		8,682,609
Perenti Global Ltd.^(b)		848,588		604,752
Pilbara Minerals Ltd.^(a)(b)		3,493,050		9,733,617
Rio Tinto Ltd.		510,914		39,930,018
Sandfire Resources Ltd.^(a)		679,469		2,675,458
Sayona Mining Ltd.^(a)(b)		9,150,559		1,432,762
Sims Ltd.		231,826		2,476,135
South32 Ltd.		6,364,582		18,491,813
Syrah Resources Ltd.^(b)		872,591		1,100,390
Vulcan Energy Resources Ltd.^(a)(b)		129,653		555,338
Vulcan Steel Ltd.		75,466		424,227

				399,586,830

Austria — 0.4%
voestalpine AG		160,225		5,917,922


Belgium — 0.1%
Bekaert SA		49,300		2,175,270


Brazil — 5.8%
Bradespar SA		47,665		227,152
Cia. Brasileira de Aluminio		201,550		401,141
Cia. Siderurgica Nacional SA		912,050		2,904,024
Vale SA		5,254,996		85,638,533

				89,170,850

Canada — 4.9%
Algoma Steel Group Inc.		121,179		973,340
Altius Minerals Corp.		54,463		864,144
Capstone Mining Corp.^(b)		474,150		2,109,264
ERO Copper Corp.^(a)(b)		105,850		1,660,088
Filo Mining Corp.^(a)(b)		117,450		1,850,623


Security	Shares		Value

Canada (continued)
First Quantum Minerals Ltd.		808,485	$	17,662,835
Global Atomic Corp.^(a)(b)		209,764		470,413
Hudbay Minerals Inc.		304,183		1,509,211
Ivanhoe Mines Ltd., Class A^(b)		836,760		6,990,886
Labrador Iron Ore Royalty Corp.		79,772		2,123,940
Largo Inc.^(b)		54,375		347,888
Lithium Americas Corp.^(a)(b)		147,966		3,493,928
Lundin Mining Corp.		913,599		5,684,467
Major Drilling Group International Inc.^(b)		102,950		805,794
Solaris Resources Inc.^(b)		71,050		297,842
Stelco Holdings Inc.		48,866		1,998,331
Taseko Mines Ltd.^(b)		406,777		694,606
Teck Resources Ltd., Class B.		627,768		25,060,112

				74,597,712

Chile — 0.0%
CAP SA		92,075		765,445


China — 2.2%
Aluminum Corp. of China Ltd., Class A		1,160,065		923,038
Aluminum Corp. of China Ltd., Class H.		5,214,000		2,662,439
Anhui Honglu Steel Construction Group Co. Ltd., Class A		76,950		390,706
Baoshan Iron & Steel Co. Ltd., Class A.		1,812,593		1,715,902
Chengtun Mining Group Co. Ltd., Class A		290,000		260,400
China Hongqiao Group Ltd.		3,262,500		3,489,578
China Metal Recycling Holdings Ltd.^(c)		132,000		—
China Minmetals Rare Earth Co. Ltd., Class A^(b)		72,500		419,961
China Nonferrous Mining Corp. Ltd.		1,450,000		730,466
China Northern Rare Earth Group High-Tech Co. Ltd., Class A		290,070		1,212,454
China Oriental Group Co. Ltd.		2,630,000		533,573
China Zhongwang Holdings Ltd.^(b)(c)		1,552,000		150,682
CMOC Group Ltd., Class A		1,595,000		1,356,196
CMOC Group Ltd., Class H.		4,680,000		2,635,297
GEM Co. Ltd., Class A		427,217		484,414
Guangdong HEC Technology Holding Co. Ltd., Class A		218,400		296,341
Henan Shenhuo Coal & Power Co. Ltd.		217,500		584,369
Hesteel Co. Ltd., Class A		860,000		311,769
Huaibei Mining Holdings Co. Ltd.		217,500		454,709
Hunan Valin Steel Co. Ltd., Class A		580,000		468,297
Inner Mongolia BaoTou Steel Union Co. Ltd., Class A		3,770,021		1,112,945
Inner Mongolia ERDOS Resources Co. Ltd.		101,060		243,432
Jiangxi Copper Co. Ltd., Class A.		147,125		415,517
Jiangxi Copper Co. Ltd., Class H		1,580,000		2,491,774
Jinchuan Group International Resources Co. Ltd.		4,350,000		338,350
MMG Ltd.^(a)(b)		3,934,000		1,109,589
Pangang Group Vanadium Titanium & Resources Co. Ltd., Class A^(b)		725,000		582,313
Shandong Nanshan Aluminum Co. Ltd., Class A.		1,003,430		521,222
Shanxi Meijin Energy Co. Ltd., Class A.		365,128		493,585
Shanxi Taigang Stainless Steel Co. Ltd., Class A		507,500		348,951
Shenghe Resources Holding Co. Ltd., Class A		145,000		334,234
Shougang Fushan Resources Group Ltd.		2,900,000		931,586
Sinomine Resource Group Co. Ltd., Class A		37,900		408,252
Tiangong International Co. Ltd.		1,450,000		534,404
Tianshan Aluminum Group Co. Ltd., Class A		349,000		416,030
Tibet Summit Resources Co. Ltd., Class-A^(b)		72,500		272,810
Tongling Nonferrous Metals Group Co. Ltd., Class A		936,800		454,934
Western Mining Co. Ltd., Class A		217,500		359,455
Western Superconducting Technologies Co. Ltd., Class A		35,850		467,412


22		2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

February 28, 2023

iShares^® MSCI Global Metals & Mining Producers ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

China (continued)
Xiamen Tungsten Co. Ltd., Class A		145,099	$	477,716
Yintai Gold Co. Ltd., Class A.		204,040		340,239
YongXing Special Materials Technology Co. Ltd., Class A		21,100		278,281
Yunnan Aluminium Co. Ltd., Class A		290,000		555,441
Yunnan Tin Co. Ltd., Class A		145,000		322,504
Zhejiang Huayou Cobalt Co. Ltd., Class A		118,750		1,010,488

				33,902,055

Egypt — 0.0%
Ezz Steel Co. SAE		261,720		246,663


Finland — 0.2%
Outokumpu OYJ		516,288		3,091,013


France — 1.7%
APERAM SA		66,700		2,593,838
ArcelorMittal SA		725,725		21,778,569
Eramet SA		13,797		1,480,571

				25,852,978

Germany — 0.7%
Aurubis AG		43,522		4,256,828
Salzgitter AG^(a)		41,325		1,734,077
thyssenkrupp AG		642,350		4,811,624

				10,802,529

India — 3.0%
APL Apollo Tubes Ltd.		210,250		3,024,439
Godawari Power and Ispat Ltd.		57,275		236,658
Hindalco Industries Ltd.		1,857,899		8,962,460
Hindustan Copper Ltd.		266,800		313,558
Jindal Saw Ltd.		175,207		318,231
Jindal Stainless Hisar Ltd.^(b)		129,775		768,523
Jindal Stainless Ltd.^(b)		216,050		697,689
Jindal Steel & Power Ltd.		493,551		3,278,402
JSW Steel Ltd.		995,425		8,033,994
Kirloskar Ferrous Industries Ltd.		58,204		305,137
National Aluminium Co. Ltd.		1,206,400		1,140,832
Rajratan Global Wire Ltd.		18,200		158,870
Ramkrishna Forgings Ltd.		87,967		275,125
Ratnamani Metals & Tubes Ltd.		39,258		1,038,391
Sarda Energy & Minerals Ltd.		14,540		193,711
Tata Steel Ltd.		9,018,658		11,342,469
Tata Steel Ltd., GDR^(e)		103,311		1,312,050
Usha Martin Ltd.		167,475		355,296
Vedanta Ltd.		1,015,779		3,297,014
Welspun Corp. Ltd.		162,400		361,501

				45,414,350

Indonesia — 0.5%
Bumi Resources Minerals Tbk PT^(b).		58,435,000		624,330
Merdeka Copper Gold Tbk PT^(b)		16,530,086		4,920,311
Timah Tbk PT		3,411,900		266,268
Vale Indonesia Tbk PT^(b)		3,407,500		1,524,238

				7,335,147

Japan — 4.4%
Daido Steel Co. Ltd.		28,600		1,123,537
Daiki Aluminium Industry Co. Ltd.		59,000		626,794
Dowa Holdings Co. Ltd.		72,500		2,365,373
JFE Holdings Inc.		680,200		8,439,911
Kobe Steel Ltd.		507,500		3,441,707
Kyoei Steel Ltd.		18,400		220,099
Maruichi Steel Tube Ltd.		74,600		1,620,833


Security	Shares		Value

Japan (continued)
Mitsubishi Materials Corp.		152,400	$	2,372,416
Mitsui Mining & Smelting Co. Ltd.		75,300		1,858,003
Nippon Light Metal Holdings Co. Ltd.		77,140		840,592
Nippon Steel Corp.		1,118,005		24,984,898
OSAKA Titanium Technologies Co. Ltd.^(a)		47,300		949,116
Pacific Metals Co. Ltd.		22,600		322,442
Sanyo Special Steel Co. Ltd.		25,900		498,695
Sumitomo Metal Mining Co. Ltd.		343,000		12,768,263
Toho Titanium Co. Ltd.		40,100		582,302
Tokyo Steel Manufacturing Co. Ltd.		72,500		801,296
UACJ Corp.		33,638		659,420
Yamato Kogyo Co. Ltd. .		52,300		2,096,483
Yodogawa Steel Works Ltd.		19,600		389,584

				66,961,764

Malaysia — 0.4%
PMB Technology Bhd^(a)		362,500		355,333
Press Metal Aluminium Holdings Bhd		5,075,000		5,833,612

				6,188,945

Mexico — 1.2%
Grupo Mexico SAB de CV, Series B		4,247,000		19,054,805


Netherlands — 0.1%
AMG Advanced Metallurgical Group NV		37,700		1,484,430


Norway — 0.9%
Norsk Hydro ASA		1,848,913		13,457,800


Peru — 0.6%
Southern Copper Corp.		118,197		8,709,937


Poland — 0.4%
Jastrzebska Spolka Weglowa SA^(b)		71,775		881,882
KGHM Polska Miedz SA		192,125		5,479,203

				6,361,085

Qatar — 0.1%
Qatar Aluminum Manufacturing Co.		3,926,600		1,817,668


Russia — 0.0%
Alrosa PJSC^(b)(c)		2,886,002		385
MMC Norilsk Nickel PJSC^(b)(c)		71,400		9
Novolipetsk Steel PJSC^(b)(c)		1,668,000		222
Severstal PAO^(b)(c)		233,400		31
United Co. RUSAL International PJSC^(b)(c)		3,450,000		460

				1,107

Saudi Arabia — 1.4%
Al Masane Al Kobra Mining Co.		41,325		823,511
Saudi Arabian Mining Co.^(b)		1,183,373		20,015,662

				20,839,173

Singapore — 0.0%
Straits Trading Co. Ltd. .		186,062		314,520


South Africa — 2.1%
African Rainbow Minerals Ltd.		157,848		2,186,494
Anglo American Platinum Ltd.		72,500		4,008,992
Impala Platinum Holdings Ltd.		1,166,140		10,888,117
Kumba Iron Ore Ltd.		88,372		2,304,554
Northam Platinum Holdings Ltd.^(b)		463,275		3,815,428
Royal Bafokeng Platinum Ltd.		118,900		1,006,555
Sibanye Stillwater Ltd.		3,877,047		7,828,017

				32,038,157


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

Schedule of Investments (unaudited) (continued)

February 28, 2023

iShares^® MSCI Global Metals & Mining Producers ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

South Korea — 2.3%
Dongkuk Steel Mill Co. Ltd.		84,100	$	869,667
Hyundai Steel Co.		118,175		3,125,470
KG Dongbu Steel Co. Ltd.^(a)		34,119		222,968
Korea Zinc Co. Ltd.		12,325		5,442,043
Poongsan Corp.		27,550		747,291
POSCO Holdings Inc.		99,301		23,933,846
Seah Besteel Holdings Corp.		18,850		320,039
SeAH Steel Holdings Corp.		2,182		257,869
Young Poong Corp.^(b)		725		341,655

				35,260,848

Spain — 0.2%
Acerinox SA		270,425		2,969,478


Sweden — 1.7%
Alleima AB, NVS^(b)		296,112		1,600,934
Boliden AB		377,066		15,435,913
Granges AB		145,769		1,257,976
SSAB AB, Class A		309,575		2,250,575
SSAB AB, Class B		897,550		6,139,610

				26,685,008

Taiwan — 1.8%
Century Iron & Steel Industrial Co. Ltd.		194,000		659,594
China Metal Products		208,011		226,923
China Steel Corp.		16,394,612		16,865,631
Chun Yuan Steel Industry Co. Ltd.		475,000		262,674
Chung Hung Steel Corp.		1,204,000		1,134,692
EVERGREEN Steel Corp.		199,000		341,731
Feng Hsin Steel Co. Ltd.		727,000		1,702,355
Gloria Material Technology Corp.		727,000		1,069,931
Hsin Kuang Steel Co. Ltd.		200,000		293,047
TA Chen Stainless Pipe		2,063,365		2,931,170
Tung Ho Steel Enterprise Corp.		640,700		1,248,799
YC INOX Co. Ltd.		370,263		376,800
Yieh Phui Enterprise Co. Ltd.		1,523,776		862,086

				27,975,433

Turkey — 0.4%
Eregli Demir ve Celik Fabrikalari TAS		1,917,625		4,469,710
Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS, Class D		1,005,760		1,200,215
Koza Anadolu Metal Madencilik Isletmeleri AS^(b)		264,296		637,491

				6,307,416

United Kingdom — 17.3%
Anglo American PLC		1,746,022		60,333,286
Antofagasta PLC		542,344		10,230,658
Atalaya Mining PLC		148,625		645,372
Central Asia Metals PLC		242,398		771,198
Ferrexpo PLC		408,175		723,203
Glencore PLC		14,156,910		84,401,533
Hill & Smith PLC		110,925		1,843,949
Rio Tinto PLC		1,545,506		106,059,635
SolGold PLC^(b)		1,580,666		314,476

				265,323,310

United States — 18.1%
Alcoa Corp.		243,557		11,919,680
Alpha Metallurgical Resources Inc.		21,021		3,526,063
Arconic Corp.^(a)(b)		136,527		3,609,774
ATI Inc.^(a)(b)		178,162		7,242,285
Carpenter Technology Corp.		65,897		3,184,802
Century Aluminum Co.^(b)		69,500		838,865


Security	Shares		Value

United States (continued)
Cleveland-Cliffs Inc.^(a)(b)		712,741	$	15,202,766
Commercial Metals Co.		162,386		8,403,475
Compass Minerals International Inc.		48,575		1,871,595
Freeport-McMoRan Inc.		1,966,068		80,549,806
Haynes International Inc.		16,696		913,438
Ivanhoe Electric Inc. / U.S.^(b)		63,976		961,559
Kaiser Aluminum Corp.		21,750		1,725,210
Materion Corp.		28,275		3,157,752
MP Materials Corp.^(b)		110,200		3,857,000
Nucor Corp.		354,511		59,359,322
Piedmont Lithium Inc.^(b)		24,716		1,604,068
Ramaco Resources Inc.		30,450		302,977
Reliance Steel & Aluminum Co.		81,196		20,123,617
Ryerson Holding Corp.		22,397		804,724
Schnitzer Steel Industries Inc., Class A		35,525		1,161,312
Steel Dynamics Inc.		242,853		30,626,192
SunCoke Energy Inc.		109,475		1,041,107
TimkenSteel Corp.^(a)(b)		54,375		994,519
Tredegar Corp.		37,804		439,282
U.S. Steel Corp.		325,525		9,970,831
Warrior Met Coal Inc.		70,369		2,693,022
Worthington Industries Inc.		45,675		2,760,597

				278,845,640


Total Common Stocks — 98.9% (Cost: $1,506,722,625)				1,519,455,288


Preferred Stocks

Brazil — 0.9%
Bradespar SA, Preference Shares, NVS		360,479		1,904,488
Cia Ferro Ligas da Bahia - FERBASA, Preference Shares, NVS		49,300		540,982
Gerdau SA, Preference Shares, NVS		1,516,137		8,290,978
Metalurgica Gerdau SA, Preference Shares, NVS		920,092		2,210,843
Usinas Siderurgicas de Minas Gerais SA Usiminas, Class A, Preference Shares, NVS		631,934		824,401

				13,771,692

Russia — 0.0%
Mechel PJSC, Preference Shares, NVS^(c)		96,000		13


Total Preferred Stocks — 0.9% (Cost: $11,296,259)				13,771,705


Total Long-Term Investments — 99.8% (Cost: $1,518,018,884)				1,533,226,993


Short-Term Securities

Money Market Funds — 1.6%
BlackRock Cash Funds: Institutional, SL Agency Shares, 4.81%^(f)(g)(h)		23,681,153		23,695,361
BlackRock Cash Funds: Treasury, SL Agency Shares, 4.41%^(f)(g)		1,200,000		1,200,000


Total Short-Term Securities — 1.6% (Cost: $24,881,867)				24,895,361


Total Investments — 101.4% (Cost: $1,542,900,751)				1,558,122,354

Liabilities in Excess of Other Assets — (1.4)%				(21,171,583	)


NetAssets — 100.0%			$	1,536,950,771


24		2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

February 28, 2023

iShares^® MSCI Global Metals & Mining Producers ETF

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

(b)	Non-income producing security.

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

(d)	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.

(e)	This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933.

(f)	Affiliate of the Fund.

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

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

Affiliates


Affiliated Issuer	Value at 08/31/22		Purchases at Cost			Proceeds from Sale			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 02/28/23		Shares Held at 02/28/23		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	20,087,722	$	3,598,418	^(a)	$	—		$	3,514	$	5,707	$	23,695,361		23,681,153	$	235,358	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		1,990,000		—			(790,000	)^(a)		—		—		1,200,000		1,200,000		50,308			2

									$	3,514	$	5,707	$	24,895,361			$	285,666		$	2

^(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
E-Mini Energy Select Sector Index		3		03/17/23	$	262	$	(3,967	)
MSCI Emerging Markets Index		48		03/17/23		2,311		(86,406	)

							$	(90,373	)

Derivative Financial Instruments Categorized by Risk Exposure

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


	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts^(a)	$	—	$	—	$	90,373	$	—	$	—	$	—	$	90,373

^(a)


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, 2023

iShares^® MSCI Global Metals & Mining Producers ETF

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


	Commodity Contracts		Credit Contracts		Equity Contracts			Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Net Realized Gain (Loss) from
Futures contracts	$	—	$	—	$	(2,204,116	)	$	—	$	—	$	—	$	(2,204,116	)

Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	252,195		$	—	$	—	$	—	$	252,195

Average Quarterly Balances of Outstanding Derivative Financial Instruments


Futures contracts
Average notional value of contracts — long	$	4,049,783

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
Assets
Investments
Long-Term Investments
Common Stocks	$	484,258,273		$	1,033,660,423	$	1,536,592	$	1,519,455,288
Preferred Stocks		13,771,692			—		13		13,771,705
Short-Term Securities
Money Market Funds		24,895,361			—		—		24,895,361

	$	522,925,326		$	1,033,660,423	$	1,536,605	$	1,558,122,354

Derivative Financial Instruments^(a)
Liabilities
Equity Contracts	$	(90,373	)	$	—	$	—	$	(90,373	)

^(a)

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


26		2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited)

February 28, 2023

iShares^® MSCI Global Silver and Metals Miners ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Canada — 65.8%
Agnico Eagle Mines Ltd.		165,391	$	7,614,410
Aya Gold & Silver Inc.^(a)		855,548		5,016,038
Dundee Precious Metals Inc.		231,512		1,486,292
Eldorado Gold Corp.^(a)		178,903		1,671,684
Endeavour Silver Corp.^(a)(b)		1,776,388		5,207,440
First Majestic Silver Corp.		1,905,204		11,630,890
Fortuna Silver Mines Inc.^(a)		2,386,508		7,748,062
GoGold Resources Inc.^(a)		2,812,001		4,327,741
i-80 Gold Corp.^(a)		263,948		601,596
Kinross Gold Corp.		692,277		2,557,036
Lundin Gold Inc.		122,965		1,270,653
MAG Silver Corp.^(a)(b)		640,612		7,647,907
New Gold Inc.^(a)		1,095,783		1,003,832
New Pacific Metals Corp.^(a)(b)		1,013,308		2,517,489
Orla Mining Ltd.^(a)		298,903		1,303,388
Pan American Silver Corp.		1,745,982		26,026,584
Seabridge Gold Inc.^(a)		105,578		1,159,075
Silvercorp Metals Inc.		1,710,452		5,264,858
SilverCrest Metals Inc.^(a)		1,302,601		7,121,586
SSR Mining Inc.		151,462		2,072,404
Victoria Gold Corp.^(a)		76,129		472,563
Wheaton Precious Metals Corp.		192,521		8,021,121
Yamana Gold Inc.		520,134		2,660,708

				114,403,357

Japan — 4.7%
Asahi Holdings Inc.		555,200		8,122,830


Mexico — 7.7%
Industrias Penoles SAB de CV^(a)		1,121,263		13,415,445


Peru — 0.7%
Cia. de Minas Buenaventura SAA, ADR		164,796		1,249,154


Russia — 0.0%
Polymetal International PLC^(a)(c)		183,040		24


Security	Shares		Value

South Africa — 0.7%
Harmony Gold Mining Co. Ltd.		408,220	$	1,253,908


United Kingdom — 0.2%
Hochschild Mining PLC		520,807		400,093


United States — 20.0%
Coeur Mining Inc.^(a)(b)		391,084		1,220,182
Hecla Mining Co.^(b)		4,989,952		25,698,253
Newmont Corp.		177,921		7,759,135

				34,677,570


Total Long-Term Investments — 99.8% (Cost: $239,380,160)				173,522,381


Short-Term Securities

Money Market Funds — 4.8%
BlackRock Cash Funds: Institutional, SL Agency Shares, 4.81%^(d)(e)(f)		8,369,559		8,374,581
BlackRock Cash Funds: Treasury, SL Agency Shares, 4.41%^(d)(e)		60,000		60,000


Total Short-Term Securities — 4.8% (Cost: $8,432,720)				8,434,581


Total Investments — 104.6% (Cost: $247,812,880)				181,956,962

Liabilities in Excess of Other Assets — (4.6)%				(8,017,541	)


Net Assets — 100.0%			$	173,939,421

^(a)	Non-income producing security.

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

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

^(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 08/31/22		Purchases at Cost			Proceeds from Sale			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value at 02/28/23		Shares Held at 02/28/23		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	6,273,237	$	2,099,349	^(a)	$	—		$	5,606	$	(3,611	)	$	8,374,581		8,369,559	$	65,099	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		60,000		—			0	^(a)		—		—			60,000		60,000		1,915			—

									$	5,606	$	(3,611	)	$	8,434,581			$	67,014		$	—

^(a)

Represents net amount purchased (sold).

^(b)


S C H E D U L E O F I N V E S T M E N T S		27

Schedule of Investments (unaudited) (continued)

February 28, 2023

iShares^® MSCI Global Silver and Metals Miners 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/TSX 60 Index

03/16/23

357

494

Derivative Financial Instruments Categorized by Risk Exposure

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


	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts^(a)	$	—	$	—	$	494	$	—	$	—	$	—	$	494

^(a)

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


	Commodity Contracts		Credit Contracts		Equity Contracts			Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Net Realized Gain (Loss) from
Futures contracts	$	—	$	—	$	(12,726	)	$	—	$	—	$	—	$	(12,726	)


Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	16,130		$	—	$	—	$	—	$	16,130

Average Quarterly Balances of Outstanding Derivative Financial Instruments


Futures contracts
Average notional value of contracts — long	$	454,938

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
Assets
Investments
Long-Term Investments
Common Stocks	$	163,745,526	$	9,776,831	$	24	$	173,522,381
Short-Term Securities
Money Market Funds		8,434,581		—		—		8,434,581

	$	172,180,107	$	9,776,831	$	24	$	181,956,962

Derivative Financial Instruments^(a)
Assets
Equity Contracts	$	494	$	—	$	—	$	494

^(a)

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


28		2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Statements of Assets and Liabilities (unaudited)

February 28, 2023


	iShares MSCI Agriculture Producers ETF			iShares MSCI Global Energy Producers ETF		iShares MSCI Global Gold Miners ETF			iShares MSCI Global Metals & Mining Producers ETF

ASSETS
Investments, at value — unaffiliated^(a)(b)	$	283,944,553		$	114,794,528	$	424,989,338		$	1,533,226,993
Investments, at value — affiliated^(c)		4,626,826			289,433		1,286,460			24,895,361
Cash		68,468			152,243		3,989			1,722,511
Cash pledged for futures contracts		22,000			54,000		73,000			199,000
Foreign currency collateral pledged for futures contracts^(d)		15,848			6,014		—			—
Foreign currency, at value^(e)		934,130			201,542		2,439,738			1,655,809
Receivables:
Investments sold		1,342,509			1,077,931		8,071,076			8,023,700
Securities lending income — affiliated		603			355		399			44,373
Dividends — unaffiliated		595,560			578,206		1,186,503			2,528,821
Dividends — affiliated		1,041			320		988			6,703
Tax reclaims		4,615			30,587		—			61,729

Total assets		291,556,153			117,185,159		438,051,491			1,572,365,000


LIABILITIES
Collateral on securities loaned, at value		4,625,870			267,971		1,168,968			23,689,812
Payables:
Investments purchased		1,731,765			990,947		10,067,051			9,586,086
Bank borrowings		—			77,012		—			890,140
Capital shares redeemed		—			141,199		—			735,983
Deferred foreign capital gain tax		1,380			29,982		—			—
Foreign taxes		5,070			5,928		—			—
Investment advisory fees		86,976			36,826		135,876			480,844
Variation margin on futures contracts		2,017			10,140		3,839			31,364

Total liabilities		6,453,078			1,560,005		11,375,734			35,414,229


NET ASSETS	$	285,103,075		$	115,625,154	$	426,675,757		$	1,536,950,771


NET ASSETS CONSIST OF
Paid-in capital	$	304,155,359		$	96,252,112	$	622,320,934		$	1,665,982,607
Accumulated earnings (loss)		(19,052,284	)		19,373,042		(195,645,177	)		(129,031,836	)

NET ASSETS	$	285,103,075		$	115,625,154	$	426,675,757		$	1,536,950,771


NET ASSETVALUE
Shares outstanding		6,600,000			4,900,000		19,900,000			36,250,000

Net asset value	$	43.20		$	23.60	$	21.44		$	42.40

Shares authorized		500 million			500 million		500 million			500 million

Par value	$	0.001		$	0.001	$	0.001		$	0.001


^(a)Investments, at cost — unaffiliated	$	299,394,598		$	88,620,161	$	520,666,835		$	1,518,018,884
^(b) Securities loaned, at value	$	4,483,343		$	256,270	$	1,103,883		$	22,203,551
^(c)Investments, at cost — affiliated	$	4,626,344		$	289,197	$	1,285,324		$	24,881,867
^(d) Foreign currency collateral pledged, at cost	$	16,048		$	6,069	$	—		$	—
^(e) Foreign currency, at cost	$	933,964		$	202,179	$	2,446,573		$	1,683,197

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 Assets and Liabilities (unaudited) (continued)

February 28, 2023


	iShares MSCI Global Silver and Metals Miners ETF

ASSETS
Investments, at value — unaffiliated^(a)(b)	$	173,522,381
Investments, at value — affiliated^(c)		8,434,581
Cash		362
Foreign currency collateral pledged for futures contracts^(d)		10,260
Foreign currency, at value^(e)		228,608
Receivables:
Investments sold		3,422,622
Securities lending income — affiliated		5,526
Dividends — unaffiliated		59,135
Dividends — affiliated		356
Tax reclaims		10,438

Total assets		185,694,269


LIABILITIES
Collateral on securities loaned, at value		8,375,492
Payables:
Investments purchased		3,319,181
Capital shares redeemed		3,194
Investment advisory fees		56,288
Variation margin on futures contracts		693

Total liabilities		11,754,848


NET ASSETS	$	173,939,421


NET ASSETS CONSIST OF
Paid-in capital	$	285,402,867
Accumulated loss		(111,463,446	)

NET ASSETS	$	173,939,421


NET ASSETVALUE
Shares outstanding		18,000,000

Net asset value	$	9.66

Shares authorized		500 million

Par value	$	0.001


^(a) Investments, at cost — unaffiliated	$	239,380,160
^(b) Securities loaned, at value	$	8,153,113
^(c) Investments, at cost — affiliated	$	8,432,720
^(d) Foreign currency collateral pledged, at cost	$	10,456
^(e) Foreign currency, at cost	$	230,842

See notes to financial statements.


30		2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Statements of Operations (unaudited)

Six Months Ended February 28, 2023


	iShares MSCI Agriculture Producers ETF			iShares MSCI Global Energy Producers ETF			iShares MSCI Global Gold Miners ETF			iShares MSCI Global Metals & Mining Producers ETF


INVESTMENT INCOME
Dividends — unaffiliated	$	2,905,819		$	2,910,530		$	5,236,384		$	27,156,133
Dividends — affiliated		6,439			4,093			6,538			50,308
Securities lending income — affiliated — net		14,416			2,676			22,527			235,358
Foreign taxes withheld		(244,377	)		(144,445	)		(411,857	)		(855,042	)
Other foreign taxes		(507	)		—			—			(4,491	)


Total investment income		2,681,790			2,772,854			4,853,592			26,582,266


EXPENSES
Investment advisory		578,691			242,464			781,875			2,668,138
Commitment costs		1,261			374			—			8,681
Interest expense		807			77			—			140


Total expenses		580,759			242,915			781,875			2,676,959


Net investment income		2,101,031			2,529,939			4,071,717			23,905,307


REALIZED AND UNREALIZED GAIN (LOSS)

Net realized gain (loss) from:
Investments — unaffiliated^(a)		(5,515,877	)		(474,432	)		(17,629,947	)		(11,714,919	)
Investments — affiliated		(136	)		684			2,679			3,514
Capital gain distributions from underlying funds — affiliated		—			—			—			2
Foreign currency transactions		(13,855	)		(4,852	)		(48,917	)		(1,399,981	)
Futures contracts		115,947			(20,611	)		(175,999	)		(2,204,116	)
In-kind redemptions — unaffiliated^(b)		8,924,542			3,430,273			(628,091	)		3,128,835


		3,510,621			2,931,062			(18,480,275	)		(12,186,665	)


Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated^(c)		(2,799,814	)		(895,069	)		68,411,830			207,585,659
Investments — affiliated		157			(24	)		(92	)		5,707
Foreign currency translations		6,400			8,173			10,292			283,901
Futures contracts		8,938			(20,807	)		35,182			252,195


		(2,784,319	)		(907,727	)		68,457,212			208,127,462


Net realized and unrealized gain		726,302			2,023,335			49,976,937			195,940,797


NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	2,827,333		$	4,553,274		$	54,048,654		$	219,846,104


^(a) Net of foreign capital gain tax and capital gain tax refund, if applicable	$	(39,032	)	$	(12,137	)	$	—		$	(88,614	)

^(b) See Note 2 of the Notes to Financial Statements.

^(c) Net of reduction in deferred foreign capital gain tax of	$	124,876		$	55,019		$	—		$	—

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 Operations (unaudited) (continued)

Six Months Ended February 28, 2023


	iShares MSCI Global Silver and Metals Miners ETF


INVESTMENT INCOME
Dividends — unaffiliated	$	919,851
Dividends — affiliated		1,915
Securities lending income — affiliated — net		65,099
Foreign taxes withheld		(84,031	)


Total investment income		902,834


EXPENSES
Investment advisory		354,023


Total expenses		354,023


Net investment income		548,811


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(3,423,829	)
Investments — affiliated		5,606
Foreign currency transactions		31,425
Futures contracts		(12,726	)
In-kind redemptions — unaffiliated^(a)		523,750


		(2,875,774	)


Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated		21,520,583
Investments — affiliated		(3,611	)
Foreign currency translations		761
Futures contracts		16,130


		21,533,863


Net realized and unrealized gain		18,658,089


NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	19,206,900


^(a)See Note 2 of the Notes to Financial Statements.

See notes to financial statements.


32		2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Statements of Changes in Net Assets


	iShares MSCI Agriculture Producers ETF						iShares MSCI Global Energy Producers ETF
	Six Months Ended 02/28/23 (unaudited)			Year Ended 08/31/22			Six Months Ended 02/28/23 (unaudited)			Year Ended 08/31/22
INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	2,101,031		$	3,375,322		$	2,529,939		$	5,174,837
Net realized gain		3,510,621			8,876,407			2,931,062			7,971,952
Net change in unrealized appreciation (depreciation)		(2,784,319	)		(23,930,348	)		(907,727	)		28,176,053

Net increase (decrease) in net assets resulting from operations		2,827,333			(11,678,619	)		4,553,274			41,322,842


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(2,766,750	)		(2,600,095	)		(4,057,950	)		(4,516,824	)


CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		(7,129,917	)		220,839,002			(7,229,766	)		5,467,754


NET ASSETS
Total increase (decrease) in net assets		(7,069,334	)		206,560,288			(6,734,442	)		42,273,772
Beginning of period		292,172,409			85,612,121			122,359,596			80,085,824

End of period	$	285,103,075		$	292,172,409		$	115,625,154		$	122,359,596

^(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 Global Gold Miners ETF						iShares MSCI Global Metals & Mining Producers ETF
	Six Months Ended 02/28/23 (unaudited)			Year Ended 08/31/22			Six Months Ended 02/28/23 (unaudited)			Year Ended 08/31/22
INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	4,071,717		$	10,684,333		$	23,905,307		$	79,802,759
Net realized loss		(18,480,275	)		(4,070,305	)		(12,186,665	)		(8,861,218	)
Net change in unrealized appreciation (depreciation)		68,457,212			(169,449,633	)		208,127,462			(306,487,075	)

Net increase (decrease) in net assets resulting from operations		54,048,654			(162,835,605	)		219,846,104			(235,545,534	)


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(5,152,158	)		(10,485,280	)		(35,689,460	)		(107,607,704	)


CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		15,414,492			(22,456,828	)		129,802,835			460,084,733


NET ASSETS
Total increase (decrease) in net assets		64,310,988			(195,777,713	)		313,959,479			116,931,495
Beginning of period		362,364,769			558,142,482			1,222,991,292			1,106,059,797

End of period	$	426,675,757		$	362,364,769		$	1,536,950,771		$	1,222,991,292

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

See notes to financial statements.


34		2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Statements of Changes in Net Assets (continued)


	iShares MSCI Global Silver and Metals Miners ETF
	Six Months Ended 02/28/23 (unaudited)			Year Ended 08/31/22

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	548,811		$	2,187,893
Net realized loss		(2,875,774	)		(13,005,365	)
Net change in unrealized appreciation (depreciation)		21,533,863			(84,534,229	)

Net increase (decrease) in net assets resulting from operations		19,206,900			(95,351,701	)


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(175,102	)		(2,201,237	)


CAPITAL SHARE TRANSACTIONS
Net decrease in net assets derived from capital share transactions		(887,521	)		(13,980,090	)


NET ASSETS
Total increase (decrease) in net assets		18,144,277			(111,533,028	)
Beginning of period		155,795,144			267,328,172

End of period	$	173,939,421		$	155,795,144

^(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 H I G H L I G H T S		35

Financial Highlights

(For a share outstanding throughout each period)


	iShares MSCI Agriculture Producers ETF


	Six Months Ended 02/28/23 (unaudited)			Year Ended 08/31/22			Year Ended 08/31/21			Year Ended 08/31/20			Year Ended 08/31/19			Year Ended 08/31/18


Net asset value, beginning of period	$	43.28		$	39.82		$	28.60		$	26.88		$	29.15		$27.08

Net investment income^(a)		0.30			0.86			0.60			0.49			0.53		0.53
Net realized and unrealized gain (loss)^(b)		0.01			3.25			11.11			1.73			(2.25	)	2.03


Net increase (decrease) from investment operations		0.31			4.11			11.71			2.22			(1.72	)	2.56


Distributions from net investment income^(c)		(0.39	)		(0.65	)		(0.49	)		(0.50	)		(0.55	)	(0.49)


Net asset value, end of period	$	43.20		$	43.28		$	39.82		$	28.60		$	26.88		$29.15


Total Return^(d)
Based on net asset value		0.68	%^(e)		10.43	%		41.16	%		8.41	%		(5.88	)%	9.49%


Ratios to Average Net Assets^(f)
Total expenses		0.39	%^(g)		0.39	%		0.39	%		0.39	%		0.39	%	0.39%


Total expenses after fees waived		0.39	%^(g)		0.39	%		0.39	%		0.39	%		0.39	%	0.37%


Net investment income		1.42	%^(g)		2.00	%		1.60	%		1.84	%		1.88	%	1.84%


Supplemental Data
Net assets, end of period (000)	$	285,103		$	292,172		$	85,612		$	27,175		$	25,535		$33,521


Portfolio turnover rate^(h)		7	%		10	%		6	%		9	%		13	%	25%

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

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares MSCI Global Energy Producers ETF


	Six Months Ended 02/28/23 (unaudited)			Year Ended 08/31/22			Year Ended 08/31/21			Year Ended 08/31/20			Year Ended 08/31/19			Year Ended 08/31/18


Net asset value, beginning of period	$	23.53		$	15.86		$	12.04		$	17.97		$	22.80		$	18.57

Net investment income^(a)		0.49			1.01			0.58			0.68			0.70			0.64
Net realized and unrealized gain (loss)^(b)		0.36			7.51			3.76			(5.61	)		(4.90	)		4.23


Net increase (decrease) from investment operations		0.85			8.52			4.34			(4.93	)		(4.20	)		4.87


Distributions from net investment income^(c)		(0.78	)		(0.85	)		(0.52	)		(1.00	)		(0.63	)		(0.64	)


Net asset value, end of period	$	23.60		$	23.53		$	15.86		$	12.04		$	17.97		$	22.80


Total Return^(d)
Based on net asset value		3.55	%^(e)		54.58	%		36.41	%		(28.92	)%		(18.56	)%		26.48	%


Ratios to Average Net Assets^(f)
Total expenses		0.39	%^(g)		0.39	%		0.39	%		0.39	%		0.39	%		0.39	%


Net investment income		4.07	%^(g)		4.85	%		4.01	%		4.62	%		3.41	%		2.93	%


Supplemental Data
Net assets, end of period (000)	$	115,625		$	122,360		$	80,086		$	49,985		$	46,733		$	47,889


Portfolio turnover rate^(h)		4	%		12	%		8	%		12	%		6	%		5	%

^(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		37

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares MSCI Global Gold Miners ETF


	Six Months Ended 02/28/23 (unaudited)			Year Ended 08/31/22			Year Ended 08/31/21			Year Ended 08/31/20			Year Ended 08/31/19			Year Ended 08/31/18


Net asset value, beginning of period	$	18.35		$	26.96		$	35.13		$	24.01		$	14.43		$	19.96

Net investment income^(a)		0.21			0.56			0.49			0.17			0.18			0.10
Net realized and unrealized gain (loss)^(b)		3.16			(8.61	)		(8.20	)		11.11			9.59			(5.51	)


Net increase (decrease) from investment operations		3.37			(8.05	)		(7.71	)		11.28			9.77			(5.41	)


Distributions from net investment income^(c)		(0.28	)		(0.56	)		(0.46	)		(0.16	)		(0.19	)		(0.12	)


Net asset value, end of period	$	21.44		$	18.35		$	26.96		$	35.13		$	24.01		$	14.43


Total Return^(d)
Based on net asset value		18.35	%^(e)		(30.42	)%		(22.12	)%		47.22	%		68.13	%		(27.22	)%


Ratios to Average Net Assets^(f)
Total expenses		0.39	%^(g)		0.39	%		0.39	%		0.39	%		0.39	%		0.39	%


Net investment income		2.03	%^(g)		2.16	%		1.63	%		0.66	%		1.04	%		0.56	%


Supplemental Data
Net assets, end of period (000)	$	426,676		$	362,365		$	558,142		$	572,625		$	325,284		$	232,989


Portfolio turnover rate^(h)		7	%		25	%		12	%		21	%		15	%		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.


38		2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares MSCI Global Metals & Mining Producers ETF


	Six Months Ended 02/28/23 (unaudited)			Year Ended 08/31/22			Year Ended 08/31/21			Year Ended 08/31/20			Year Ended 08/31/19			Year Ended 08/31/18


Net asset value, beginning of period	$	36.62		$	45.61		$	27.79		$	25.60		$	30.93		$	31.86

Net investment income^(a)		0.70			2.67			2.13			1.04			1.49			1.06
Net realized and unrealized gain (loss)^(b)		6.15			(8.08	)		16.86			2.26			(5.13	)		(1.05	)


Net increase (decrease) from investment operations		6.85			(5.41	)		18.99			3.30			(3.64	)		0.01


Distributions from net investment income^(c)		(1.07	)		(3.58	)		(1.17	)		(1.11	)		(1.69	)		(0.94	)


Net asset value, end of period	$	42.40		$	36.62		$	45.61		$	27.79		$	25.60		$	30.93


Total Return^(d)
Based on net asset value		18.72	%^(e)		(12.69	)%		68.77	%		13.00	%		(12.16	)%		(0.10	)%


Ratios to Average Net Assets^(f)
Total expenses		0.39	%^(g)		0.39	%		0.39	%		0.39	%		0.39	%		0.39	%

Total expenses excluding professional fees for foreign withholding tax claims		N/A			0.39	%		N/A			N/A			N/A			N/A


Net investment income		3.49	%^(g)		6.23	%		5.11	%		4.03	%		5.05	%		3.15	%


Supplemental Data
Net assets, end of period (000)	$	1,536,951		$	1,222,991		$	1,106,060		$	297,394		$	221,470		$	403,636


Portfolio turnover rate^(h)		5	%		19	%		17	%		11	%		14	%		14	%

^(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 S T A T E M E N T S		39

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares MSCI Global Silver and Metals Miners ETF


	Six Months Ended 02/28/23 (unaudited)			Year Ended 08/31/22			Year Ended 08/31/21			Year Ended 08/31/20			Year Ended 08/31/19			Year Ended 08/31/18


Net asset value, beginning of period	$	8.61		$	13.92		$	17.29		$	10.84		$	8.43		$	11.47

Net investment income^(a)		0.03			0.12			0.10			0.04			0.09			0.10
Net realized and unrealized gain (loss)^(b)		1.03			(5.31	)		(2.93	)		6.62			2.40			(3.05	)


Net increase (decrease) from investment operations		1.06			(5.19	)		(2.83	)		6.66			2.49			(2.95	)


Distributions from net investment income^(c)		(0.01	)		(0.12	)		(0.54	)		(0.21	)		(0.08	)		(0.09	)


Net asset value, end of period	$	9.66		$	8.61		$	13.92		$	17.29		$	10.84		$	8.43


Total Return^(d)
Based on net asset value		12.37	%^(e)		(37.54	)%		(16.69	)%		62.71	%		29.89	%		(25.87	)%


Ratios to Average Net Assets^(f)
Total expenses		0.39	%^(g)		0.39	%		0.39	%		0.39	%		0.39	%		0.39	%


Net investment income		0.60	%^(g)		0.94	%		0.63	%		0.35	%		0.98	%		0.94	%


Supplemental Data
Net assets, end of period (000)	$	173,939		$	155,795		$	267,328		$	250,656		$	99,757		$	50,577


Portfolio turnover rate^(h)		7	%		38	%		31	%		66	%		27	%		19	%

^(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.


40		2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

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 Agriculture Producers^(a)		Non-diversified
MSCI Global Energy Producers		Non-diversified
MSCI Global Gold Miners		Non-diversified
MSCI Global Metals & Mining Producers		Non-diversified
MSCI Global Silver and Metals Miners		Non-diversified

^(a)

Formerly the iShares MSCI Global Agriculture Producers ETF

2.	*SIGNIFICANT ACCOUNTING POLICIES*

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

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

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

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

Foreign Taxes: The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which each Fund invests. These foreign taxes, if any, are paid by each Fund and are reflected in its Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “Other foreign taxes”, and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of February 28, 2023, 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.

Collateralization: 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.

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


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

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. The Board of Directors of the Company (the “Board”) of each Fund has approved the designation of BlackRock Fund Advisors (“BFA”), the Funds’ investment adviser, as the valuation designee for each Fund. Each Fund determines the fair values of its financial instruments using various independent dealers or pricing services under BFA’s policies. 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 BFA’s policies and procedures as reflecting fair value. BFA has formed a committee (the “Valuation Committee”) to develop pricing policies and procedures and to oversee the pricing function for all financial instruments, with assistance from other BlackRock pricing committees.

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 Valuation Committee, in accordance with BFA’s policies and procedures as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the 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 Valuation Committee 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 Valuation Committee deems relevant and consistent with the principles of fair value measurement.

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 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 Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately


42		2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Notes to Financial Statements (unaudited) (continued)

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.

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 BFA, 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		Securities Loaned at Value		Cash Collateral Received	^(a)		Non-Cash Collateral Received, at Fair Value	^(a)		Net Amount
MSCI Agriculture Producers
Barclays Capital, Inc.	$	38,356	$	(38,356	)	$	—		$	—
BNP Paribas SA		31,512		(31,512	)		—			—
Citadel Clearing LLC		3,548,412		(3,548,412	)		—			—
Citigroup Global Markets, Inc.		21,185		(21,185	)		—			—
J.P. Morgan Securities LLC		735		(735	)		—			—
Morgan Stanley		753,942		(753,942	)		—			—
SG Americas Securities LLC		89,201		(89,201	)		—			—

	$	4,483,343	$	(4,483,343	)	$	—		$	—

MSCI Global Energy Producers
Barclays Bank PLC	$	50,816	$	(50,816	)	$	—		$	—
Barclays Capital, Inc.		28,416		(28,416	)		—			—
BNP Paribas SA		19,403		(19,403	)		—			—
Goldman Sachs & Co. LLC		110,841		(110,841	)		—			—
Jefferies LLC		5,957		(5,957	)		—			—
Morgan Stanley		40,800		(40,800	)		—			—
Natixis SA		37		(37	)		—			—

	$	256,270	$	(256,270	)	$	—		$	—

MSCI Global Gold Miners
BofA Securities, Inc.	$	949,698	$	(949,698	)	$	—		$	—
HSBC Bank PLC		154,185		(154,185	)		—			—

	$	1,103,883	$	(1,103,883	)	$	—		$	—


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)


iShares ETF and Counterparty		Securities Loaned at Value		Cash Collateral Received	^(a)		Non-Cash Collateral Received, at Fair Value	^(a)		Net Amount
MSCI Global Metals & Mining Producers
Barclays Bank PLC	$	759,348	$	(756,677	)	$	—		$	2,671	^(b)
Barclays Capital, Inc.		2,146,013		(2,146,013	)		—			—
BNP Paribas SA		2,419,990		(2,419,990	)		—			—
BofA Securities, Inc.		5,899,757		(5,899,757	)		—			—
J.P. Morgan Securities LLC		2,057,913		(2,057,913	)		—			—
Jefferies LLC		522,370		(522,370	)		—			—
Macquarie Bank Ltd.		99,177		(99,177	)		—			—
Morgan Stanley		5,545,360		(5,545,360	)		—			—
National Financial Services LLC		76,818		(76,818	)		—			—
Scotia Capital (USA), Inc.		2,267,632		(2,267,632	)		—			—
UBS AG		247,889		(247,889	)		—			—
Wells Fargo Bank N.A.		161,284		(138,808	)		—			22,476

	$	22,203,551	$	(22,178,404	)	$	—		$	25,147

MSCI Global Silver and Metals Miners
BofA Securities, Inc.	$	2,317,934	$	(2,317,934	)	$	—		$	—
Goldman Sachs & Co. LLC		46,488		(46,185	)		—			303
J.P. Morgan Securities LLC		148,037		(148,037	)		—			—
State Street Bank & Trust Co.		532,884		(532,884	)		—			—
Toronto-Dominion Bank		5,107,770		(5,107,770	)		—			—

	$	8,153,113	$	(8,152,810	)	$	—		$	303

^(a)

Collateral received, if any, 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 Statements of Assets and Liabilities.

^(b)

The market value of the loaned securities is determined as of February 28, 2023. Additional collateral is delivered to the Fund on the next business day in accordance with the MSLA. The net amount would be subject to the borrower default indemnity in the event of default by a counterparty.

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

5.	*DERIVATIVE FINANCIAL INSTRUMENTS*

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

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

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

6.	*INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES*

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


44		2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Notes to Financial Statements (unaudited) (continued)

For its investment advisory services to each Fund, BFA is entitled to an annual investment advisory fee of 0.39%, accrued daily and paid monthly by the Funds, based on the average daily net assets of each Fund.

Expense Waivers: A fund may incur its pro rata share of fees and expenses attributable to its investments in other investment companies (“acquired fund fees and expenses”). The total of the investment advisory fee and acquired fund fees and expenses, if any, is a fund’s total annual operating expenses. Total expenses as shown in the Statements of Operations does not include acquired fund fees and expenses.

For each of the iShares MSCI Agriculture Producers and iShares MSCI Global Metals & Mining Producers ETFs, BFA has contractually agreed to waive a portion of its investment advisory fee for each Fund through December 31, 2023 in an amount equal to the acquired fund fees and expenses, if any, attributable to each Fund’s investments in other iShares funds.

For six months ended February 28, 2023, there were no fees waived by BFA pursuant to these arrangements.

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

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

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

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

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

The share of securities lending income earned by each Fund is shown as securities lending income – affiliated – net in its Statements of Operations. For the six months ended February 28, 2023, the Funds paid BTC the following amounts for securities lending agent services:


iShares ETF	Amounts
MSCI Agriculture Producers	$	3,532
MSCI Global Energy Producers		712
MSCI Global Gold Miners		5,506
MSCI Global Metals & Mining Producers		53,677
MSCI Global Silver and Metals Miners		15,855

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, 2023, 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 Agriculture Producers	$	306,181	$	1,124,229	$	(135,810	)
MSCI Global Energy Producers		244,690		466,608		53,991
MSCI Global Gold Miners		4,137,199		1,548,459		22,856
MSCI Global Metals & Mining Producers		6,428,925		1,889,264		(317,641	)
MSCI Global Silver and Metals Miners		187,675		3,269,720		(1,091,012	)


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)

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, 2023, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows:


iShares ETF	Purchases		Sales
MSCI Agriculture Producers	$	20,605,062	$	19,968,790
MSCI Global Energy Producers		5,094,066		6,547,677
MSCI Global Gold Miners		31,354,398		28,274,785
MSCI Global Metals & Mining Producers		92,065,095		70,003,030
MSCI Global Silver and Metals Miners		12,941,987		12,613,772

For the six months ended February 28, 2023, in-kind transactions were as follows:


iShares ETF	In-kind Purchases		In-kind Sales
MSCI Agriculture Producers	$	29,386,329	$	37,333,627
MSCI Global Energy Producers		—		6,645,699
MSCI Global Gold Miners		53,890,047		42,132,300
MSCI Global Metals & Mining Producers		123,587,513		19,342,851
MSCI Global Silver and Metals Miners		3,789,486		4,675,906

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, 2023, 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, 2022, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:


iShares ETF	Amounts
MSCI Agriculture Producers	$	5,921,350
MSCI Global Energy Producers		8,293,510
MSCI Global Gold Miners		76,610,760
MSCI Global Metals & Mining Producers		88,990,852
MSCI Global Silver and Metals Miners		38,174,848

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, 2023, 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 Agriculture Producers	$	305,545,840	$	12,177,913	$	(29,135,793	)	$	(16,957,880	)
MSCI Global Energy Producers		90,750,734		29,649,673		(5,341,219	)		24,308,454
MSCI Global Gold Miners		527,638,273		14,299,866		(115,667,332	)		(101,367,466	)
MSCI Global Metals & Mining Producers		1,589,177,648		183,671,334		(214,817,001	)		(31,145,667	)
MSCI Global Silver and Metals Miners		252,210,812		3,127,968		(73,381,324	)		(70,253,356	)


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Notes to Financial Statements (unaudited) (continued)

9.	*LINE OF CREDIT*

The iShares MSCI Agriculture Producers, iShares MSCI Global Energy Producers and iShares MSCI Global Metals & Mining Producers ETFs, along with certain other iShares funds (“Participating Funds”), are parties to a $800 million credit agreement (“Syndicated Credit Agreement”) with a group of lenders, which expires on August 11, 2023. 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) Daily Simple Secured Overnight Financing Rate (“SOFR”) plus 0.10% and 1.00% per annum or (b) the U.S. Federal Funds rate 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.

For the six months ended February 28, 2023, the maximum amount borrowed, the average daily borrowing and the weighted average interest rate, if any, under the Syndicated Credit Agreement were as follows:


iShares ETF	Maximum Amount Borrowed		Average Borrowing		Weighted Average Interest Rates
MSCI Agriculture Producers	$	845,000	$	32,680		4.91	%
MSCI Global Energy Producers		77,000		3,055		5.02
MSCI Global Metals & Mining Producers		890,000		4,917		5.75

10.

PRINCIPAL RISKS

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

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

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

Infectious Illness Risk: An outbreak of an infectious illness, such as the COVID-19 pandemic, may adversely impact the economies of many nations and the global economy, and may impact individual issuers and capital markets in ways that cannot be foreseen. An infectious illness outbreak may result in, among other things, closed international borders, prolonged quarantines, supply chain disruptions, market volatility or disruptions and other significant economic, social and political impacts.

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 BFA 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.


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)

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

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

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

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

Certain Funds invest a significant portion of their assets in securities of issuers located in Russia or with significant exposure to Russian issuers or countries. Russia launched a large-scale invasion of Ukraine on February 24, 2022. Governments in the U.S. and many other countries have imposed economic sanctions on certain Russian individuals and Russian corporate and banking entities. Jurisdictions have instituted broader sanctions on Russia, including banning Russia from global payments systems that facilitate cross-border payments. The extent and duration of the military action, resulting sanctions and resulting future market disruptions, including declines in Russia’s stock markets and the value of the ruble against the U.S. dollar, are impossible to predict, but have been, and may continue to be, significant. Any such disruptions caused by the Russian military action or any response to such activity from the international community may negatively impact Russia’s economy and Russian issuers of securities in which the Fund invests.

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.

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 Funds may be exposed to financial instruments that are tied to the London Interbank Offered Rate (“LIBOR”) to determine payment obligations, financing terms, hedging strategies or investment value. The United Kingdom’s Financial Conduct Authority, which regulates LIBOR, announced that a majority of USD LIBOR settings will no longer be published after June 30, 2023. All other LIBOR settings and certain other interbank offered rates ceased to be published after December 31, 2021. SOFR has been used increasingly on a voluntary basis in new instruments and transactions. The Federal Reserve Board adopted regulations that provide a fallback mechanism by identifying benchmark rates based on SOFR that will replace LIBOR in certain financial contracts after June 30, 2023. 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 02/28/23						Year Ended 08/31/22
iShares ETF	Shares			Amount			Shares			Amount

MSCI Agriculture Producers
Shares sold		850,000		$	36,485,912			5,500,000		$	256,610,003
Shares redeemed		(1,000,000	)		(43,615,829	)		(900,000	)		(35,771,001	)


		(150,000	)	$	(7,129,917	)		4,600,000		$	220,839,002


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Notes to Financial Statements (unaudited) (continued)



	Six Months Ended 02/28/23						Year Ended 08/31/22
iShares ETF	Shares			Amount			Shares			Amount

MSCI Global Energy Producers
Shares sold		—		$	335			1,200,000		$	26,932,941
Shares redeemed		(300,000	)		(7,230,101	)		(1,050,000	)		(21,465,187	)


		(300,000	)	$	(7,229,766	)		150,000		$	5,467,754

MSCI Global Gold Miners
Shares sold		2,400,000		$	58,766,420			2,800,000		$	78,364,021
Shares redeemed		(2,250,000	)		(43,351,928	)		(3,750,000	)		(100,820,849	)


		150,000		$	15,414,492			(950,000	)	$	(22,456,828	)

MSCI Global Metals & Mining Producers
Shares sold		3,500,000		$	153,919,901			15,350,000		$	703,994,792
Shares redeemed		(650,000	)		(24,117,066	)		(6,200,000	)		(243,910,059	)


		2,850,000		$	129,802,835			9,150,000		$	460,084,733

MSCI Global Silver and Metals Miners
Shares sold		400,000		$	3,805,213			1,000,000		$	13,463,519
Shares redeemed		(500,000	)		(4,692,734	)		(2,100,000	)		(27,443,609	)


		(100,000	)	$	(887,521	)		(1,100,000	)	$	(13,980,090	)

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

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

12.

SUBSEQUENT EVENTS

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


N O T E S T O F I N A N C I A L S T A T E M E N T S		49

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 Agriculture Producers ETF, iShares MSCI Global Energy Producers ETF, iShares MSCI Global Gold Miners ETF, iShares MSCI Global Metals & Mining Producers ETF and iShares MSCI Global Silver and Metals Miners 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, 2022 (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 40Act 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, 2021 through September 30, 2022 (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, the imposition of capital controls in certain non-U.S. countries, Russian sanctions and the closure of the Russian securities market.

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. The Committee also considered that ETFs generally do not engage in borrowing.

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. However, there were no ETFs with persistent deviations of fund premium/discount or bid/ask spreads from long-term averages over the Program Reporting Period.

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.

There were no material changes to the Program during the Program Reporting Period other than the enhancement of certain model components in the Program’s classification methodology. The Report provided to the Board stated that the Committee concluded that based on the operation of the functions, as described in the Report, the Program is operating as intended and is effective in implementing the requirements of the Liquidity Rule.


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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 Abbreviation


ADR		American Depositary Receipt

GDR		Global Depositary Receipt

JSC		Joint Stock Company

NVDR		Non-Voting Depositary Receipt

NVS		Non-Voting Shares

PJSC		Public Joint Stock Company


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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-812-0223