iShares, Inc.


		FEBRUARY 28, 2023

2023 Semi-Annual Report

(Unaudited)

iShares, Inc.

iShares MSCI Australia ETF | EWA | NYSE Arca

iShares MSCI Canada ETF | EWC | NYSE Arca

iShares MSCI Japan ETF | EWJ | NYSE Arca

iShares MSCI Mexico ETF | EWW | NYSE Arca

iShares MSCI South Korea ETF | EWY | NYSE Arca

The Markets in Review

Dear Shareholder,

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		28
Statements of Operations		30
Statements of Changes in Net Assets		32
Financial Highlights		35
Notes to Financial Statements		40
Statement Regarding Liquidity Risk Management Program		48
Supplemental Information		49
General Information		50
Glossary of Terms Used in this Report		51


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

Investment Objective

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

Performance


				Average Annual Total Returns								Cumulative Total Returns

	6-Month Total Returns			1 Year			5 Years			10 Years		1 Year			5 Years			10 Years
Fund NAV		6.30	%		0.10	%		4.33	%		2.92%		0.10	%		23.63	%		33.31%
Fund Market		6.37			0.04			4.55			2.96		0.04			24.92			33.87
Index		5.81			1.47			4.88			3.37		1.47			26.90			39.30

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	$	1,063.00	$	2.61		$	1,000.00	$	1,022.30	$	2.56		0.51	%

^(a)

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

Portfolio Information

SECTOR ALLOCATION



Sector	Percent of Total Investments	^(a)
Financials	32.5	%
Materials	24.6
Health Care	10.7
Energy	6.1
Real Estate	5.7
Consumer Discretionary	5.5
Consumer Staples	5.2
Industrials	4.5
Information Technology	1.9
Communication Services	1.8
Utilities	1.5

^(a)

Excludes money market funds.

TEN LARGEST HOLDINGS



Security	Percent of Total Investments	^(a)
BHP Group Ltd.	13.3	%
Commonwealth Bank of Australia	9.9
CSL Ltd.	8.3
National Australia Bank Ltd.	5.5
Westpac Banking Corp.	4.6
Australia & New Zealand Banking Group Ltd.	4.3
Macquarie Group Ltd.	4.0
Woodside Energy Group Ltd.	4.0
Wesfarmers Ltd.	3.2
Woolworths Group Ltd.	2.6


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 Canada ETF

Investment Objective

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

Performance


				Average Annual Total Returns								Cumulative Total Returns

	6-Month Total Returns			1 Year			5 Years			10 Years		1 Year			5 Years			10 Years
Fund NAV		2.43	%		(8.96	)%		6.48	%		4.05%		(8.96	)%		36.87	%		48.79%
Fund Market		2.54			(8.94	)		6.50			4.11		(8.94	)		36.99			49.65
Index		2.46			(8.54	)		6.66			4.23		(8.54	)		38.05			51.36

Index performance through August 31, 2017 reflects the performance of the MSCI Canada Index. Index performance beginning on September 1, 2017 reflects the performance of the MSCI Canada Custom Capped Index.

Expense Example


Actual							Hypothetical 5% Return

	Beginning Account Value (09/01/22)		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	$	1,024.30	$	2.56		$	1,000.00	$	1,022.30	$	2.56		0.51	%

^(a)

Portfolio Information

SECTOR ALLOCATION



Sector	Percent of Total Investments	^(a)
Financials	37.3	%
Energy	18.0
Industrials	11.9
Materials	10.9
Information Technology	6.8
Consumer Staples	4.7
Consumer Discretionary	3.7
Utilities	3.5
Communication Services	2.6
Real Estate	0.6

^(a)

Excludes money market funds.

TEN LARGEST HOLDINGS



Security	Percent of Total Investments	^(a)
Royal Bank of Canada	7.9	%
Toronto-Dominion Bank (The)	6.8
Enbridge Inc.	4.3
Canadian Pacific Railway Ltd.	4.0
Canadian National Railway Co.	3.7
Bank of Montreal	3.6
Canadian Natural Resources Ltd.	3.5
Bank of Nova Scotia (The)	3.3
Shopify Inc., Class A	2.8
Brookfield Corp.	2.7


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


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

Investment Objective

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

Performance


				Average Annual Total Returns								Cumulative Total Returns

	6-Month Total Returns			1 Year			5 Years			10 Years		1 Year			5 Years			10 Years
Fund NAV		4.32	%		(10.03	)%		(0.33	)%		4.72%		(10.03	)%		(1.63	)%		58.54%
Fund Market		4.62			(10.05	)		(0.14	)		4.76		(10.05	)		(0.68	)		59.13
Index		3.67			(9.30	)		0.06			5.12		(9.30	)		0.29			64.75

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	$1,043.20	$2.58			$1,000.00	$1,022.30	$2.56		0.51	%

^(a)

Portfolio Information

SECTOR ALLOCATION



Sector	Percent of Total Investments	^(a)
Industrials	22.3	%
Consumer Discretionary	18.1
Information Technology	13.6
Financials	12.4
Health Care	9.2
Communication Services	8.0
Consumer Staples	6.7
Materials	4.8
Real Estate	3.1
Utilities	1.0
Energy	0.8

^(a)

Excludes money market funds.

TEN LARGEST HOLDINGS



Security	Percent of Total Investments	^(a)
Toyota Motor Corp.	4.5	%
Sony Group Corp.	3.3
Mitsubishi UFJ Financial Group Inc.	2.7
Keyence Corp.	2.6
Sumitomo Mitsui Financial Group Inc.	1.8
Daiichi Sankyo Co. Ltd.	1.7
Shin-Etsu Chemical Co. Ltd.	1.6
Tokyo Electron Ltd.	1.6
Hitachi Ltd.	1.5
SoftBank Group Corp.	1.5


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 Mexico ETF

Investment Objective

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

Performance


				Average Annual Total Returns								Cumulative Total Returns

	6-Month Total Returns			1 Year			5 Years			10 Years		1 Year			5 Years			10 Years
Fund NAV		32.92	%		18.74	%		5.50	%		0.04%		18.74	%		30.69	%		0.35%
Fund Market		32.93			18.64			5.49			0.03		18.64			30.61			0.29
Index		32.84			18.82			5.89			0.36		18.82			33.12			3.63

Certain sectors and markets performed exceptionally well based on market conditions during the six-months period. Achieving such exceptional returns involves the risk of volatility and investors should not expect that such exceptional returns will be repeated.

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	$	1,329.20	$	2.95		$	1,000.00	$	1,022.30	$	2.56		0.51	%

^(a)

Portfolio Information

SECTOR ALLOCATION



Sector	Percent of Total Investments	^(a)
Consumer Staples	30.9	%
Financials	18.4
Communication Services	16.7
Industrials	13.6
Materials	11.7
Real Estate	7.0
Consumer Discretionary	1.2
Health Care	0.5

TEN LARGEST HOLDINGS



Security	Percent of Total Investments	^(a)
America Movil SAB de CV, Series L	14.3	%
Grupo Financiero Banorte SAB de CV, Class O	10.8
Wal-Mart de Mexico SAB de CV	10.1
Fomento Economico Mexicano SAB de CV	8.7
Grupo Mexico SAB de CV, Series B	4.5
Cemex SAB de CV	4.1
Grupo Aeroportuario del Pacifico SAB de CV, Class B	3.7
Grupo Bimbo SAB de CV, Series A	3.5
Grupo Aeroportuario del Sureste SAB de CV, Class B	3.1
Grupo Financiero Inbursa SAB de CV, Class O	2.5

^(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 South Korea ETF

Investment Objective

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

Performance


				Average Annual Total Returns								Cumulative Total Returns

	6-Month Total Returns			1 Year			5 Years			10 Years		1 Year			5 Years			10 Years
Fund NAV		1.55	%		(17.65	)%		(2.82	)%		1.07%		(17.65	)%		(13.32	)%		11.22%
Fund Market		2.23			(18.24	)		(2.63	)		1.15		(18.24	)		(12.47	)		12.11
Index		0.91			(16.63	)		(2.44	)		1.50		(16.63	)		(11.63	)		16.10

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	$	1,015.50	$	2.95		$	1,000.00	$	1,021.90	$	2.96		0.59	%

^(a)

Portfolio Information

SECTOR ALLOCATION



Sector	Percent of Total Investments	^(a)
Information Technology	35.0	%
Industrials	12.0
Financials	11.7
Consumer Discretionary	10.9
Materials	10.5
Communication Services	7.8
Health Care	5.6
Consumer Staples	4.0
Energy	1.9
Utilities	0.6

^(a)

Excludes money market funds.

TEN LARGEST HOLDINGS



Security	Percent of Total Investments	^(a)
Samsung Electronics Co. Ltd.	21.8	%
SK Hynix Inc.	5.1
Samsung SDI Co. Ltd.	4.1
LG Chem Ltd.	3.5
NAVER Corp.	2.8
Hyundai Motor Co.	2.7
POSCO Holdings Inc.	2.5
KB Financial Group Inc.	2.2
Kia Corp.	2.2
Shinhan Financial Group Co. Ltd.	2.0


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 O F E X P E N S E S		9

Schedule of Investments (unaudited)

February 28, 2023

iShares^® MSCI Australia ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Airlines — 0.3%
Qantas Airways Ltd.^(a)		1,764,241	$	7,588,009


Banks — 24.1%
Australia & New Zealand Banking Group Ltd.		5,685,899		94,053,123
Commonwealth Bank of Australia		3,221,406		217,634,407
National Australia Bank Ltd.		6,013,596		121,043,314
Westpac Banking Corp.		6,652,842		100,600,472

				533,331,316

Beverages — 0.6%
Treasury Wine Estates Ltd.		1,375,799		12,940,134


Biotechnology — 8.2%
CSL Ltd.		916,647		182,382,635


Capital Markets — 4.8%
ASX Ltd.		368,179		16,817,051
Macquarie Group Ltd.		697,616		88,584,979

				105,402,030

Chemicals — 0.4%
Orica Ltd.		856,948		9,310,362


Commercial Services & Supplies — 1.0%
Brambles Ltd.		2,633,943		22,759,095


Construction Materials — 0.8%
James Hardie Industries PLC		847,683		17,661,161


Diversified Consumer Services — 0.4%
IDP Education Ltd.		397,624		7,646,784


Diversified Telecommunication Services — 1.0%
Telstra Corp. Ltd.		7,684,384		21,470,069


Electric Utilities — 0.8%
Origin Energy Ltd.		3,278,161		17,585,460


Equity Real Estate Investment Trusts (REITs) — 5.4%
Dexus		2,036,648		11,508,201
Goodman Group		3,216,452		42,788,636
GPT Group (The)		3,620,371		11,428,436
Mirvac Group		7,502,266		11,422,786
Scentre Group		9,864,463		19,701,844
Stockland		4,552,872		11,727,964
Vicinity Ltd.		7,360,566		10,070,653

				118,648,520

Food & Staples Retailing — 4.6%
Coles Group Ltd.		2,536,903		30,984,720
Endeavour Group Ltd./Australia		2,714,115		12,453,524
Woolworths Group Ltd.		2,311,256		57,322,169

				100,760,413

Gas Utilities — 0.7%
APA Group		2,244,736		16,172,780


Health Care Equipment & Supplies — 0.8%
Cochlear Ltd.		125,097		18,655,047


Health Care Providers & Services — 1.6%
Ramsay Health Care Ltd.		348,471		15,798,576
Sonic Healthcare Ltd.		867,166		18,759,508

				34,558,084


Security	Shares		Value

Hotels, Restaurants & Leisure — 1.9%
Aristocrat Leisure Ltd.		1,136,031	$	27,837,576
Lottery Corp. Ltd. (The)^(a)		4,206,475		14,651,776

				42,489,352

Insurance — 3.4%
Insurance Australia Group Ltd.		4,665,428		14,561,514
Medibank Pvt Ltd.		5,248,959		11,765,357
QBE Insurance Group Ltd.		2,815,559		28,482,869
Suncorp Group Ltd.		2,399,726		20,700,066

				75,509,806

Interactive Media & Services — 0.8%
REA Group Ltd.		100,315		8,260,400
SEEK Ltd.		636,830		10,318,351

				18,578,751

IT Services — 0.8%
Computershare Ltd.		1,032,917		17,180,611


Metals & Mining — 23.2%
BHP Group Ltd.		9,629,815		291,446,741
BlueScope Steel Ltd.		889,349		11,378,947
Fortescue Metals Group Ltd.		3,217,827		46,111,191
IGO Ltd.		1,299,419		11,422,608
Mineral Resources Ltd.		323,936		17,890,522
Newcrest Mining Ltd.		1,695,557		25,956,833
Northern Star Resources Ltd.		2,217,024		15,473,333
Pilbara Minerals Ltd.^(a)		4,807,224		13,395,651
Rio Tinto Ltd.		704,830		55,085,346
South32 Ltd.		8,785,885		25,526,726

				513,687,898

Multiline Retail — 3.2%
Wesfarmers Ltd.		2,153,399		69,709,647


Oil, Gas & Consumable Fuels — 6.0%
Ampol Ltd.		450,341		9,928,576
Santos Ltd.		6,049,962		28,249,751
Washington H Soul Pattinson & Co. Ltd.		411,753		8,054,435
Woodside Energy Group Ltd.		3,608,012		87,422,036

				133,654,798

Real Estate Management & Development — 0.3%
Lendlease Corp. Ltd.		1,302,038		6,667,754


Road & Rail — 0.4%
Aurizon Holdings Ltd.		3,499,075		7,775,443


Software — 1.1%
WiseTech Global Ltd.		278,253		11,758,632
Xero Ltd.^(a)		255,178		13,290,631

				25,049,263

Trading Companies & Distributors — 0.2%
Reece Ltd.		433,408		4,799,307


Transportation Infrastructure — 2.5%
Transurban Group		5,842,371		55,594,366


Total Long-Term Investments — 99.3%
(Cost: $2,480,340,996)				2,197,568,895


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 Australia ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Short-Term Securities

Money Market Funds — 0.1%
BlackRock Cash Funds: Treasury, SL Agency Shares, 4.41%^(b)(c)		1,110,000	$	1,110,000


Total Short-Term Securities — 0.1% (Cost: $1,110,000)				1,110,000


Total Investments — 99.4% (Cost: $2,481,450,996)				2,198,678,895

Other Assets Less Liabilities — 0.6%				13,926,374


Net Assets — 100.0%			$	2,212,605,269

^(a)	Non-income producing security.

^(b)	Affiliate of the Fund.

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 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: Treasury, SL Agency Shares	$	130,000	$	980,000	^(a)	$	—	$	—	$	—	$	1,110,000		1,110,000	$	27,590	$	1

^(a)

Represents net amount purchased (sold).

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 SPI 200 Index		126		03/16/23	$	15,211	$	(74,031	)

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)	$	—	$	—	$	74,031	$	—	$	—	$	—	$	74,031

^(a)

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


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

Schedule of Investments (unaudited) (continued)

February 28, 2023

iShares^® MSCI Australia 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	$	—	$	—	$	(1,558,594	)	$	—	$	—	$	—	$	(1,558,594	)


Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	(78,588	)	$	—	$	—	$	—	$	(78,588	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments



Futures contracts
Average notional value of contracts — long	$	13,792,429

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	$	—	$	2,197,568,895		$	—	$	2,197,568,895
Short-Term Securities
Money Market Funds		1,110,000		—			—		1,110,000

	$	1,110,000	$	2,197,568,895		$	—	$	2,198,678,895

Derivative Financial Instruments^(a)
Liabilities
Equity Contracts	$	—	$	(74,031	)	$	—	$	(74,031)

^(a)

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

See notes to financial statements.


12		2 0 2 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 Canada ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Aerospace & Defense — 0.4%
CAE Inc.^(a)		674,399	$	15,207,957


Airlines — 0.1%
Air Canada^(a)(b)		373,747		5,511,022


Auto Components — 0.8%
Magna International Inc.		576,929		32,154,966


Banks — 25.3%
Bank of Montreal		1,439,116		136,391,705
Bank of Nova Scotia (The)		2,529,714		125,030,350
Canadian Imperial Bank of Commerce		1,925,396		88,050,356
National Bank of Canada		715,304		52,537,755
Royal Bank of Canada		2,938,427		298,343,479
Toronto-Dominion Bank (The)		3,852,807		256,524,379

				956,878,024

Capital Markets — 4.0%
Brookfield Asset Management Ltd.		748,747		25,192,360
Brookfield Corp.		3,010,682		100,172,197
IGM Financial Inc.		174,953		5,323,597
Onex Corp.		153,051		8,183,658
TMX Group Ltd.		117,207		11,688,059

				150,559,871

Chemicals — 2.3%
Nutrien Ltd.		1,104,810		86,085,305


Commercial Services & Supplies — 0.7%
GFL Environmental Inc.		386,675		11,754,693
Ritchie Bros Auctioneers Inc.		235,733		14,422,126

				26,176,819

Construction & Engineering — 0.9%
WSP Global Inc.		264,501		33,226,908


Containers & Packaging — 0.4%
CCL Industries Inc., Class B, NVS		315,420		15,171,136


Diversified Financial Services — 0.3%
Element Fleet Management Corp.		831,664		11,879,173


Diversified Telecommunication Services — 0.7%
BCE Inc.		153,783		6,803,869
TELUS Corp.		992,635		19,736,305

				26,540,174

Electric Utilities — 2.1%
Emera Inc.		570,105		22,582,759
Fortis Inc.		1,020,778		40,397,224
Hydro One Ltd.^(c)		699,823		18,161,035

				81,141,018

Equity Real Estate Investment Trusts (REITs) — 0.3%
Canadian Apartment Properties REIT		178,438		6,462,738
RioCan REIT		313,406		4,963,506

				11,426,244

Food & Staples Retailing — 4.3%
Alimentation Couche-Tard Inc.		1,722,889		80,822,371
Empire Co. Ltd., Class A, NVS		343,300		9,105,186
George Weston Ltd.		151,824		19,021,116
Loblaw Companies Ltd.		346,509		29,612,616
Metro Inc.		500,665		26,003,759

				164,565,048


Security	Shares		Value

Food Products — 0.4%
Saputo Inc.		532,239	$	14,252,849


Gas Utilities — 0.3%
AltaGas Ltd.		598,303		10,269,151


Hotels, Restaurants & Leisure — 1.1%
Restaurant Brands International Inc.		619,267		39,960,762


Independent Power and Renewable Electricity Producers — 0.5%
Brookfield Renewable Corp., Class A		272,284		7,582,845
Northland Power Inc.		519,067		12,610,532

				20,193,377

Insurance — 7.6%
Fairfax Financial Holdings Ltd.		48,453		33,875,198
Great-West Lifeco Inc.		593,004		16,179,948
iA Financial Corp. Inc.		223,366		14,994,742
Intact Financial Corp.		372,435		53,500,172
Manulife Financial Corp.		4,002,110		79,132,963
Power Corp. of Canada		1,169,230		31,208,030
Sun Life Financial Inc.		1,246,032		60,214,987

				289,106,040

IT Services — 3.9%
CGI Inc.^(a)		448,631		40,223,904
Nuvei Corp.^(a)(c)		139,129		4,260,029
Shopify Inc., Class A^(a)		2,529,230		104,134,951

				148,618,884

Leisure Products — 0.2%
BRP Inc.		77,574		6,721,564


Media — 1.0%
Quebecor Inc., Class B		331,327		7,838,208
Shaw Communications Inc., Class B, NVS		1,014,079		29,378,192

				37,216,400

Metals & Mining — 7.9%
Agnico Eagle Mines Ltd.		968,889		44,606,528
Barrick Gold Corp.		3,744,675		60,513,070
First Quantum Minerals Ltd.		1,250,816		27,326,365
Franco-Nevada Corp.		407,306		51,990,096
Ivanhoe Mines Ltd., Class A^(a)		1,289,995		10,777,532
Kinross Gold Corp.		2,667,392		9,852,441
Lundin Mining Corp.		1,393,061		8,667,708
Pan American Silver Corp.		443,784		6,615,292
Teck Resources Ltd., Class B		964,079		38,485,440
Wheaton Precious Metals Corp.		960,490		40,017,484

				298,851,956

Multi-Utilities — 0.5%
Algonquin Power & Utilities Corp.		1,440,668		11,001,657
Canadian Utilities Ltd., Class A, NVS		273,458		7,172,636

				18,174,293

Multiline Retail — 1.3%
Canadian Tire Corp. Ltd., Class A, NVS		116,710		14,548,336
Dollarama Inc.		582,173		33,629,077

				48,177,413

Oil, Gas & Consumable Fuels — 18.0%
ARC Resources Ltd.		1,343,355		14,629,722
Cameco Corp.		915,254		25,019,402
Canadian Natural Resources Ltd.		2,352,054		132,918,200
Cenovus Energy Inc.		3,060,118		56,425,481
Enbridge Inc.		4,302,931		161,426,924
Imperial Oil Ltd.		449,495		22,232,625


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

Schedule of Investments (unaudited) (continued)

February 28, 2023

iShares^® MSCI Canada ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Oil, Gas & Consumable Fuels (continued)
Keyera Corp.		469,950	$	10,370,241
Parkland Corp.		298,581		6,529,613
Pembina Pipeline Corp.		1,172,756		38,504,558
Suncor Energy Inc.		2,876,984		96,693,651
TC Energy Corp.		2,150,508		85,594,789
Tourmaline Oil Corp.		681,956		29,887,115

				680,232,321

Paper & Forest Products — 0.2%
West Fraser Timber Co. Ltd.		124,316		9,338,505


Professional Services — 1.1%
Thomson Reuters Corp.		357,503		43,298,604


Real Estate Management & Development — 0.3%
FirstService Corp.		83,853		11,495,450


Road & Rail — 8.2%
Canadian National Railway Co.		1,220,636		139,024,581
Canadian Pacific Railway Ltd.		1,976,624		150,119,125
TFI International Inc.		167,875		20,485,794

				309,629,500

Software — 2.9%
Constellation Software Inc./Canada		42,787		73,569,181
Descartes Systems Group Inc. (The)^(a)		180,266		13,295,691
Lumine Group Inc., NVS^(a)		129,886		1,329,627
Open Text Corp.		574,317		19,769,637

				107,964,136

Textiles, Apparel & Luxury Goods — 0.3%
Gildan Activewear Inc.		385,022		12,234,924


Trading Companies & Distributors — 0.4%
Toromont Industries Ltd.		174,804		14,417,327


Security	Shares		Value

Wireless Telecommunication Services — 0.9%
Rogers Communications Inc., Class B, NVS		749,347	$	35,795,117


Total Long-Term Investments — 99.6%
(Cost: $4,248,083,672)				3,772,472,238


Short-Term Securities

Money Market Funds — 0.0%
BlackRock Cash Funds: Institutional, SL Agency Shares, 4.81%^(d)(e)(f)		28,587		28,604
BlackRock Cash Funds: Treasury, SL Agency Shares, 4.41%^(d)(e)		1,380,000		1,380,000


Total Short-Term Securities — 0.0% (Cost: $1,408,576)				1,408,604


Total Investments — 99.6% (Cost: $4,249,492,248)				3,773,880,842

Other Assets Less Liabilities — 0.4%				15,365,910


Net Assets — 100.0%			$	3,789,246,752

^(a)	Non-income producing security.

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

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

^(d)	Affiliate of the Fund.

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

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

Affiliates


Affiliated Issuer	Value at 08/31/22		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	$	9,240,164	$	—		$	(9,202,133	)^(a)	$	(3,823	)	$	(5,604	)	$	28,604		28,587	$	28,150	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		1,160,000		220,000	^(a)		—			—			—			1,380,000		1,380,000		52,805			2

									$	(3,823	)	$	(5,604	)	$	1,408,604			$	80,955		$	2

^(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.


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 Canada ETF

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts


Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts S&P/TSX 60 Index		91		03/16/23	$	16,227	$	308,241

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)	$	—	$	—	$	308,241	$	—	$	—	$	—	$	308,241

^(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	$	—	$	—	$	140,436	$	—	$	—	$	—	$	140,436


Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	378,335	$	—	$	—	$	—	$	378,335

Average Quarterly Balances of Outstanding Derivative Financial Instruments


Futures contracts
Average notional value of contracts — long	$	15,674,476

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	$	3,771,142,611	$	1,329,627	$	—	$	3,772,472,238
Short-Term Securities
Money Market Funds		1,408,604		—		—		1,408,604

	$	3,772,551,215	$	1,329,627	$	—	$	3,773,880,842

Derivative Financial Instruments^(a)
Assets
Equity Contracts	$	308,241	$	—	$	—	$	308,241

^(a)

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

See notes to financial statements.


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

Schedule of Investments (unaudited)

February 28, 2023

iShares^® MSCI Japan ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Air Freight & Logistics — 0.4%
Nippon Express Holdings Inc.		227,200	$	12,674,357
SG Holdings Co. Ltd.		856,500		12,349,311
Yamato Holdings Co. Ltd.		851,600		14,384,146

				39,407,814

Airlines — 0.2%
ANA Holdings Inc.^(a)		474,800		9,633,009
Japan Airlines Co. Ltd.^(a)		428,100		8,061,087

				17,694,096

Auto Components — 1.9%
Aisin Corp.		436,200		11,953,416
Bridgestone Corp.		1,693,400		64,785,822
Denso Corp.		1,286,900		68,422,768
Koito Manufacturing Co. Ltd.		618,600		10,396,256
Sumitomo Electric Industries Ltd.		2,123,400		26,130,482

				181,688,744

Automobiles — 7.5%
Honda Motor Co. Ltd.		4,837,800		125,798,177
Isuzu Motors Ltd.		1,724,600		20,623,489
Mazda Motor Corp.		1,687,700		15,099,932
Nissan Motor Co. Ltd.		6,893,600		26,763,556
Subaru Corp.		1,824,900		29,237,143
Suzuki Motor Corp.		1,094,400		38,403,668
Toyota Motor Corp.		31,468,900		428,907,445
Yamaha Motor Co. Ltd.		883,100		22,594,296

				707,427,706

Banks — 6.9%
Chiba Bank Ltd. (The)		1,571,700		11,507,864
Concordia Financial Group Ltd.		3,234,900		13,897,958
Japan Post Bank Co. Ltd.		1,216,900		10,512,456
Mitsubishi UFJ Financial Group Inc.		35,472,180		251,479,755
Mizuho Financial Group Inc.		7,163,258		111,655,794
Resona Holdings Inc.		6,417,800		35,348,477
Shizuoka Financial Group Inc., NVS		1,324,500		10,583,398
Sumitomo Mitsui Financial Group Inc.		3,875,300		169,249,184
Sumitomo Mitsui Trust Holdings Inc.		983,232		36,428,769

				650,663,655

Beverages — 1.0%
Asahi Group Holdings Ltd.		1,353,700		47,872,710
Kirin Holdings Co. Ltd.		2,440,200		36,526,087
Suntory Beverage & Food Ltd.		412,200		14,459,577

				98,858,374

Building Products — 1.8%
AGC Inc.		573,300		21,210,199
Daikin Industries Ltd.		739,300		126,416,373
Lixil Corp.		852,000		13,582,802
TOTO Ltd.		419,600		14,022,330

				175,231,704

Capital Markets — 1.0%
Daiwa Securities Group Inc.		3,960,500		18,930,965
Japan Exchange Group Inc.		1,491,400		22,243,636
Nomura Holdings Inc.		8,627,700		35,557,371
SBI Holdings Inc.		727,210		15,675,214

				92,407,186

Chemicals — 3.7%
Asahi Kasei Corp.		3,720,100		25,910,540
JSR Corp.		528,700		12,011,926
Mitsubishi Chemical Group Corp.		3,798,600		22,126,320


Security	Shares		Value

Chemicals (continued)
Mitsui Chemicals Inc.		545,600	$	13,162,670
Nippon Paint Holdings Co. Ltd.		2,464,600		21,536,933
Nippon Sanso Holdings Corp.		514,200		9,167,166
Nissan Chemical Corp.		379,700		16,674,041
Nitto Denko Corp.		423,300		25,484,930
Shin-Etsu Chemical Co. Ltd.		1,097,500		152,147,592
Sumitomo Chemical Co. Ltd.		4,419,300		15,485,202
Toray Industries Inc.		4,104,100		23,497,668
Tosoh Corp.		772,900		10,518,543

				347,723,531

Commercial Services & Supplies — 0.7%
Dai Nippon Printing Co. Ltd.		657,400		17,624,745
Secom Co. Ltd.		623,000		36,230,210
Toppan Inc.		778,000		14,069,702

				67,924,657

Construction & Engineering — 0.6%
Kajima Corp.		1,249,900		14,937,573
Obayashi Corp.		1,928,300		14,263,670
Shimizu Corp.		1,644,400		8,876,276
Taisei Corp.		534,200		17,416,616

				55,494,135

Diversified Financial Services — 0.8%
Mitsubishi HC Capital Inc.		1,962,400		10,244,814
ORIX Corp.		3,550,200		63,630,236

				73,875,050

Diversified Telecommunication Services — 1.1%
Nippon Telegraph & Telephone Corp.		3,546,500		102,766,276


Electric Utilities — 0.6%
Chubu Electric Power Co. Inc.		1,911,000		19,786,975
Kansai Electric Power Co. Inc. (The)		2,089,900		19,631,986
Tokyo Electric Power Co. Holdings Inc.^(a)		4,534,700		15,024,877

				54,443,838

Electrical Equipment — 1.5%
Fuji Electric Co. Ltd.		376,700		14,544,327
Mitsubishi Electric Corp.		5,733,100		64,424,076
Nidec Corp.		1,328,600		67,425,726

				146,394,129

Electronic Equipment, Instruments & Components — 5.7%
Azbil Corp.		339,500		8,829,000
Hamamatsu Photonics KK		417,000		20,462,445
Hirose Electric Co. Ltd.		88,358		10,803,001
Ibiden Co. Ltd.		333,500		11,439,572
Keyence Corp.		577,404		249,569,721
Kyocera Corp.		953,600		46,932,324
Murata Manufacturing Co. Ltd.		1,704,300		91,226,695
Omron Corp.		551,400		29,600,916
Shimadzu Corp.		702,300		20,281,706
TDK Corp.		1,153,500		38,620,789
Yokogawa Electric Corp.		677,200		10,114,166

				537,880,335

Entertainment — 2.2%
Capcom Co. Ltd.		514,600		16,194,676
Koei Tecmo Holdings Co. Ltd.		347,320		5,817,983
Konami Group Corp.		278,200		12,270,706
Nexon Co. Ltd.		1,411,300		30,614,336
Nintendo Co. Ltd.		3,275,700		122,632,567
Square Enix Holdings Co. Ltd.		254,900		11,361,994


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 Japan ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Entertainment (continued)
Toho Co. Ltd./Tokyo		331,900	$	11,553,390

				210,445,652

Equity Real Estate Investment Trusts (REITs) — 1.1%
Daiwa House REIT Investment Corp.		6,526		13,470,858
GLP J-Reit		13,284		13,949,444
Japan Metropolitan Fund Invest		20,748		15,576,795
Japan Real Estate Investment Corp.		3,697		15,310,593
Nippon Building Fund Inc.		4,540		19,162,648
Nippon Prologis REIT Inc.		6,330		13,502,433
Nomura Real Estate Master Fund Inc.		12,581		13,945,453

				104,918,224

Food & Staples Retailing — 1.8%
Aeon Co. Ltd.		1,944,300		36,264,831
Kobe Bussan Co. Ltd.		446,400		12,202,917
MatsukiyoCocokara & Co.		339,400		15,779,090
Seven & i Holdings Co. Ltd.		2,235,880		99,958,908
Welcia Holdings Co. Ltd.		276,100		6,044,137

				170,249,883

Food Products — 1.3%
Ajinomoto Co. Inc.		1,353,800		39,946,739
Kikkoman Corp.		430,700		20,137,105
MEIJI Holdings Co. Ltd.		330,556		15,138,059
Nisshin Seifun Group Inc.		590,675		6,825,298
Nissin Foods Holdings Co. Ltd.		183,100		15,248,617
Yakult Honsha Co. Ltd.		380,700		25,950,836

				123,246,654

Gas Utilities — 0.4%
Osaka Gas Co. Ltd.		1,112,400		18,069,078
Tokyo Gas Co. Ltd.		1,161,400		22,400,434

				40,469,512

Health Care Equipment & Supplies — 2.7%
Asahi Intecc Co. Ltd.		643,600		10,957,962
Hoya Corp.		1,059,300		104,873,554
Olympus Corp.		3,628,500		61,124,617
Sysmex Corp.		497,300		29,788,757
Terumo Corp.		1,918,200		51,567,669

				258,312,559

Health Care Technology — 0.3%
M3 Inc.		1,312,500		31,299,465


Hotels, Restaurants & Leisure — 1.1%
McDonald’s Holdings Co. Japan Ltd.		256,600		10,158,206
Oriental Land Co. Ltd./Japan		593,900		94,836,888

				104,995,094

Household Durables — 4.6%
Iida Group Holdings Co. Ltd.		432,080		7,180,314
Open House Group Co. Ltd.		232,600		8,371,838
Panasonic Holdings Corp.		6,549,915		57,194,014
Sekisui Chemical Co. Ltd.		1,083,700		14,528,299
Sekisui House Ltd.		1,827,500		34,600,483
Sharp Corp./Japan		675,500		4,660,672
Sony Group Corp.		3,742,200		312,909,386

				439,445,006

Household Products — 0.5%
Unicharm Corp.		1,197,200		44,311,167


Industrial Conglomerates — 1.9%
Hitachi Ltd.		2,874,200		145,485,985


Security	Shares		Value

Industrial Conglomerates (continued)
Toshiba Corp.		1,156,000	$	35,775,517

				181,261,502

Insurance — 3.7%
Dai-ichi Life Holdings Inc.		2,906,900		62,016,679
Japan Post Holdings Co. Ltd.		7,063,700		62,790,555
Japan Post Insurance Co. Ltd.		594,700		10,325,375
MS&AD Insurance Group Holdings Inc.		1,272,340		41,636,208
Sompo Holdings Inc.		927,950		39,837,906
T&D Holdings Inc.		1,568,600		23,755,190
Tokio Marine Holdings Inc.		5,448,200		115,668,705

				356,030,618

Interactive Media & Services — 0.2%
Z Holdings Corp.		7,917,800		21,256,517


Internet & Direct Marketing Retail — 0.2%
Rakuten Group Inc.		2,587,600		12,754,745
ZOZO Inc.		368,100		8,181,265

				20,936,010

IT Services — 2.5%
Fujitsu Ltd.		584,000		75,002,111
GMO Payment Gateway Inc.		124,148		10,196,982
Itochu Techno-Solutions Corp.		286,000		6,364,563
NEC Corp.		723,000		25,874,923
Nomura Research Institute Ltd.		1,178,412		26,327,905
NTT Data Corp.		1,875,100		26,016,346
Obic Co. Ltd.		207,600		30,415,334
Otsuka Corp.		338,100		11,397,406
SCSK Corp.		464,800		6,744,259
TIS Inc.		668,900		16,604,908

				234,944,737

Leisure Products — 0.9%
Bandai Namco Holdings Inc.		593,998		36,703,826
Shimano Inc.		216,700		33,696,851
Yamaha Corp.		416,400		15,799,413

				86,200,090

Machinery — 5.2%
Daifuku Co. Ltd.		301,800		16,458,437
FANUC Corp.		569,000		96,713,415
Hitachi Construction Machinery Co. Ltd.		319,200		7,138,844
Hoshizaki Corp.		322,400		11,429,306
Komatsu Ltd.		2,746,200		65,703,907
Kubota Corp.		3,004,100		45,343,166
Kurita Water Industries Ltd.		309,300		13,974,225
Makita Corp.		666,100		16,289,661
MINEBEA MITSUMI Inc.		1,073,200		18,599,625
MISUMI Group Inc.		841,900		20,019,972
Mitsubishi Heavy Industries Ltd.		950,400		35,021,891
NGK Insulators Ltd.		701,700		9,314,322
SMC Corp.		169,900		86,361,207
Toyota Industries Corp.		436,000		25,580,185
Yaskawa Electric Corp.		712,400		28,028,684

				495,976,847

Marine — 0.7%
Mitsui OSK Lines Ltd.		1,020,000		26,642,508
Nippon Yusen KK		1,437,200		37,357,115

				63,999,623

Media — 0.4%
CyberAgent Inc.		1,269,800		10,856,560
Dentsu Group Inc.		601,300		19,282,823


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

Schedule of Investments (unaudited) (continued)

February 28, 2023

iShares^® MSCI Japan ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Media (continued)
Hakuhodo DY Holdings Inc.		688,500	$	7,675,489

				37,814,872

Metals & Mining — 1.0%
JFE Holdings Inc.		1,458,050		18,091,461
Nippon Steel Corp.		2,395,670		53,537,839
Sumitomo Metal Mining Co. Ltd.		735,100		27,364,285

				98,993,585

Multiline Retail — 0.2%
Pan Pacific International Holdings Corp.		1,126,200		20,585,523


Oil, Gas & Consumable Fuels — 0.8%
ENEOS Holdings Inc.		9,114,595		31,334,875
Idemitsu Kosan Co. Ltd.		618,029		13,677,911
Inpex Corp.		3,083,400		32,327,556

				77,340,342

Paper & Forest Products — 0.1%
Oji Holdings Corp.		2,410,600		9,781,436


Personal Products — 1.3%
Kao Corp.		1,382,500		51,500,854
Kobayashi Pharmaceutical Co. Ltd.		150,500		9,060,463
Kose Corp.		98,900		11,181,249
Shiseido Co. Ltd.		1,186,800		54,684,849

				126,427,415

Pharmaceuticals — 6.1%
Astellas Pharma Inc.		5,445,650		76,470,951
Chugai Pharmaceutical Co. Ltd.		1,992,300		49,563,379
Daiichi Sankyo Co. Ltd.		5,199,907		163,778,022
Eisai Co. Ltd.		749,100		40,460,933
Kyowa Kirin Co. Ltd.		800,700		17,135,308
Nippon Shinyaku Co. Ltd.		146,200		6,547,448
Ono Pharmaceutical Co. Ltd.		1,076,300		21,922,039
Otsuka Holdings Co. Ltd.		1,159,600		35,131,161
Shionogi & Co. Ltd.		785,600		34,803,661
Takeda Pharmaceutical Co. Ltd.		4,460,600		137,494,753

				583,307,655

Professional Services — 1.6%
BayCurrent Consulting Inc.		392,000		15,403,033
Nihon M&A Center Holdings Inc.		900,200		7,505,529
Persol Holdings Co. Ltd.		526,100		10,536,964
Recruit Holdings Co. Ltd.		4,277,800		114,712,681

				148,158,207

Real Estate Management & Development — 2.0%
Daito Trust Construction Co. Ltd.		184,100		17,341,982
Daiwa House Industry Co. Ltd.		1,781,500		41,119,102
Hulic Co. Ltd.		1,140,900		9,080,104
Mitsubishi Estate Co. Ltd.		3,340,300		41,520,613
Mitsui Fudosan Co. Ltd.		2,687,800		51,225,777
Nomura Real Estate Holdings Inc.		352,800		7,865,466
Sumitomo Realty & Development Co. Ltd.		919,200		21,700,605

				189,853,649

Road & Rail — 2.3%
Central Japan Railway Co.		428,100		48,064,888
East Japan Railway Co.		896,600		45,282,076
Hankyu Hanshin Holdings Inc.		680,400		19,362,236
Keio Corp.		304,300		10,602,486
Keisei Electric Railway Co. Ltd.		384,200		11,105,763
Kintetsu Group Holdings Co. Ltd.		511,300		15,489,472
Odakyu Electric Railway Co. Ltd.		874,600		10,602,617


Security	Shares		Value

Road & Rail (continued)
Tobu Railway Co. Ltd.		558,800	$	12,475,768
Tokyu Corp.		1,576,000		18,986,032
West Japan Railway Co.		652,700		25,333,282

				217,304,620

Semiconductors & Semiconductor Equipment — 3.6%
Advantest Corp.		540,000		42,805,114
Disco Corp.		85,700		26,872,240
Lasertec Corp.		224,100		36,437,621
Renesas Electronics Corp.^(a)		3,477,000		44,914,099
Rohm Co. Ltd.		259,800		20,007,890
SUMCO Corp.		1,040,300		14,354,496
Tokyo Electron Ltd.		443,152		152,046,311

				337,437,771

Software — 0.3%
Oracle Corp. Japan		113,200		7,712,580
Trend Micro Inc./Japan		399,100		18,765,922

				26,478,502

Specialty Retail — 1.6%
Fast Retailing Co. Ltd.		521,100		102,873,390
Hikari Tsushin Inc.		60,700		8,810,519
Nitori Holdings Co. Ltd.		237,500		26,838,966
USS Co. Ltd.		605,700		9,826,657

				148,349,532

Technology Hardware, Storage & Peripherals — 1.6%
Brother Industries Ltd.		688,400		10,125,633
Canon Inc.		2,971,050		63,943,664
FUJIFILM Holdings Corp.		1,069,900		49,912,826
Ricoh Co. Ltd.		1,627,800		12,646,254
Seiko Epson Corp.		828,400		11,421,722

				148,050,099

Tobacco — 0.8%
Japan Tobacco Inc.		3,563,900		72,473,324


Trading Companies & Distributors — 5.3%
ITOCHU Corp.		3,527,100		105,427,403
Marubeni Corp.		4,588,800		58,580,885
Mitsubishi Corp.		3,718,300		126,314,579
Mitsui & Co. Ltd.		4,253,000		119,364,126
MonotaRO Co. Ltd.		745,000		10,133,010
Sumitomo Corp.		3,341,800		56,953,536
Toyota Tsusho Corp.		629,500		25,673,214

				502,446,753

Wireless Telecommunication Services — 4.0%
KDDI Corp.		4,783,200		139,946,213
SoftBank Corp.		8,521,400		96,129,592
SoftBank Group Corp.		3,578,900		144,735,244

				380,811,049


Total Long-Term Investments — 99.7% (Cost: $11,507,686,275)				9,463,794,724


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

Schedule of Investments (unaudited) (continued)

February 28, 2023

iShares^® MSCI Japan ETF

(Percentages shown are based on Net Assets)



Security	Shares		Value

Short-Term Securities

Money Market Funds — 0.0%
BlackRock Cash Funds: Treasury, SL Agency Shares, 4.41%^(b)(c)		4,680,000	$	4,680,000


Total Short-Term Securities — 0.0% (Cost: $4,680,000)				4,680,000


Total Investments — 99.7% (Cost: $11,512,366,275)				9,468,474,724

Other Assets Less Liabilities — 0.3%				26,324,262


Net Assets — 100.0%			$	9,494,798,986

^(a)	Non-income producing security.

^(b)	Affiliate of the Fund.

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

Affiliates


Affiliated Issuer	Value at 08/31/22		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^(a)	$	1,575,176	$	—		$	(1,573,339	)^(b)	$	(1,319	)	$	(518	)	$	—		—	$	15,075	^(c)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		1,910,000		2,770,000	^(b)		—			—			—			4,680,000		4,680,000		78,548			3

									$	(1,319	)	$	(518	)	$	4,680,000			$	93,623		$	3

^(a)

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

^(b)

Represents net amount purchased (sold).

^(c)

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description

Number of
Contracts

Expiration
Date

Notional
Amount
(000)

Value/
Unrealized
Appreciation
(Depreciation)

Long Contracts

TOPIX Index

201

03/09/23

29,408

1,041,376

Derivative Financial Instruments Categorized by Risk Exposure

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


	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts^(a)	$	—	$	—	$	1,041,376	$	—	$	—	$	—	$	1,041,376

^(a)


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

Schedule of Investments (unaudited) (continued)

February 28, 2023

iShares^® MSCI Japan 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	$	—	$	—	$	4,733,134	$	—	$	—	$	—	$	4,733,134


Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	629,863	$	—	$	—	$	—	$	629,863

Average Quarterly Balances of Outstanding Derivative Financial Instruments


Futures contracts
Average notional value of contracts — long	$	64,132,232

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	$	—	$	9,463,794,724	$	—	$	9,463,794,724
Short-Term Securities
Money Market Funds		4,680,000		—		—		4,680,000

	$	4,680,000	$	9,463,794,724	$	—	$	9,468,474,724

Derivative Financial Instruments^(a)
Assets
Equity Contracts	$	—	$	1,041,376	$	—	$	1,041,376

^(a)

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

See notes to financial statements.


20		2 0 2 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 Mexico ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Airlines — 0.7%
Controladora Vuela Cia. de Aviacion SAB de CV, Class A^(a)(b)		6,583,105	$	7,811,287


Auto Components — 0.4%
Nemak SAB de CV^(a)(c)		19,090,989		4,841,483


Banks — 16.2%
Banco del Bajio SA^(c)		5,370,760		20,553,691
Grupo Financiero Banorte SAB de CV, Class O		15,288,761		129,051,799
Grupo Financiero Inbursa SAB de CV, Class O^(a)(b)		14,368,366		29,818,100
Regional SAB de CV		1,770,000		14,717,028

				194,140,618

Beverages — 12.1%
Arca Continental SAB de CV		2,972,029		25,083,525
Coca-Cola Femsa SAB de CV		2,144,878		15,514,069
Fomento Economico Mexicano SAB de CV		11,293,810		104,231,561

				144,829,155

Building Products — 0.3%
Grupo Rotoplas SAB de CV^(b)		2,400,471		3,916,271


Capital Markets — 0.6%
Bolsa Mexicana de Valores SAB de CV		3,702,387		7,199,788


Chemicals — 1.2%
Orbia Advance Corp. SAB de CV		7,032,742		14,687,021


Construction Materials — 4.9%
Cemex SAB de CV, NVS^(a)(b)		97,518,029		48,821,641
GCC SAB de CV		1,304,600		10,257,686

				59,079,327

Consumer Finance — 0.8%
Gentera SAB de CV		8,783,377		9,485,942


Diversified Telecommunication Services — 1.1%
Operadora De Sites Mexicanos SAB de CV^(b)		9,702,646		9,911,319
Sitios Latinoamerica SAB de CV^(a)(b)		8,222,523		3,312,109

				13,223,428

Equity Real Estate Investment Trusts (REITs) — 5.9%
Concentradora Fibra Danhos SA de CV^(b)		3,559,654		4,659,564
FIBRA Macquarie Mexico^(c)		5,963,100		10,240,243
Fibra Uno Administracion SA de CV		20,650,800		29,413,267
PLA Administradora Industrial S. de RL de CV^(b)		5,920,904		10,915,317
Prologis Property Mexico SA de CV		4,057,338		14,879,752

				70,108,143

Food & Staples Retailing — 11.5%
Grupo Comercial Chedraui SA de CV		1,644,000		8,422,844
La Comer SAB de CV^(b)		3,953,171		8,661,909
Wal-Mart de Mexico SAB de CV^(b)		30,601,733		120,440,018

				137,524,771

Food Products — 5.5%
Gruma SAB de CV, Class B		1,422,615		20,854,238
Grupo Bimbo SAB de CV, Series A^(b)		8,700,904		41,301,534
Grupo Herdez SAB de CV		1,840,124		4,305,507

				66,461,279

Hotels, Restaurants & Leisure — 0.8%
Alsea SAB de CV^(a)		4,200,766		9,284,780


Household Products — 1.8%
Kimberly-Clark de Mexico SAB de CV, Class A		10,540,354		21,148,110


Security	Shares		Value

Industrial Conglomerates — 2.4%
Alfa SAB de CV, Class A		20,754,300	$	13,543,921
Grupo Carso SAB de CV, Series A1		3,242,220		15,491,207

				29,035,128

Insurance — 0.8%
Qualitas Controladora SAB de CV		1,588,620		9,905,160


Media — 1.3%
Grupo Televisa SAB, CPO		15,985,547		15,997,342


Metals & Mining — 5.5%
Grupo Mexico SAB de CV, Series B		12,041,086		54,024,144
Industrias Penoles SAB de CV^(a)(b)		1,001,408		11,981,429

				66,005,573

Pharmaceuticals — 0.5%
Genomma Lab Internacional SAB de CV, Class B		7,085,813		5,720,081


Real Estate Management & Development — 1.1%
Corp Inmobiliaria Vesta SAB de CV		4,645,149		13,483,664


Road & Rail — 0.4%
Grupo Traxion SAB de CV^(a)(b)(c)		2,700,000		5,012,926


Transportation Infrastructure — 9.7%
Grupo Aeroportuario del Centro Norte SAB de CV		2,024,805		19,347,780
Grupo Aeroportuario del Pacifico SAB de CV, Class B		2,343,949		44,578,140
Grupo Aeroportuario del Sureste SAB de CV, Class B		1,285,655		36,877,952
Promotora y Operadora de Infraestructura SAB de CV^(b)		1,643,985		16,034,166

				116,838,038

Wireless Telecommunication Services — 14.2%
America Movil SAB de CV, Series L, NVS		164,377,218		170,517,837


Total Long-Term Investments — 99.7% (Cost: $1,296,756,212)				1,196,257,152


Short-Term Securities

Money Market Funds — 1.5%
BlackRock Cash Funds: Institutional, SL Agency Shares, 4.81%^(d)(e)(f)		17,820,359		17,831,051
BlackRock Cash Funds: Treasury, SL Agency Shares, 4.41%^(d)(e)		390,000		390,000


Total Short-Term Securities — 1.5% (Cost: $18,209,612)				18,221,051

Total Investments — 101.2% (Cost: $1,314,965,824)				1,214,478,203

Liabilities in Excess of Other Assets — (1.2)%				(14,397,206	)


Net Assets — 100.0%			$	1,200,080,997

^(a)	Non-income producing security.

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

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

^(d)	Affiliate of the Fund.

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

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


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

Schedule of Investments (unaudited) (continued)

February 28, 2023

iShares^® MSCI Mexico 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	$	18,525,691	$	—		$	(699,304	)^(a)	$	2,198	$	2,466	$	17,831,051		17,820,359	$	79,305	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		250,000		140,000	^(a)		—			—		—		390,000		390,000		17,892			—

									$	2,198	$	2,466	$	18,221,051			$	97,197		$	—

^(a)

Represents net amount purchased (sold).

^(b)

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description

Number of
Contracts

Expiration
Date

Notional
Amount
(000)

Value/
Unrealized
Appreciation
(Depreciation)

Long Contracts

Mexican BOLSA Index

03/17/23

2,718

109,484

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)	$	—	$	—	$	109,484	$	—	$	—	$	—	$	109,484

^(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