iShares MSCI Turkey ETF (TUR) N-CSRS Certified semi-annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT

OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-09102

iShares, Inc.

(Exact name of registrant as specified in charter)

c/o: State Street Bank and Trust Company

100 Summer Street, 4^th Floor, Boston, MA 02110

(Address of principal executive offices) (Zip code)

The Corporation Trust Incorporated

2405 York Road, Suite 201, Lutherville-Timonium, Maryland 21093

(Name and address of agent for service)

Registrant’s telephone number, including area code: (415) 670-2000

Date of fiscal year end: August 31, 2021

Date of reporting period: February 28, 2021

Item 1 – Reports to Stockholders.

(a) The Report to Shareholders is attached herewith.

FEBRUARY 28, 2021

2021 Semi-Annual Report

(Unaudited)

iShares, Inc.

· iShares MSCI Austria ETF | EWO | NYSE Arca

· iShares MSCI Belgium ETF | EWK | NYSE Arca

· iShares MSCI France ETF | EWQ | NYSE Arca

· iShares MSCI Netherlands ETF | EWN | NYSE Arca

· iShares MSCI Sweden ETF | EWD | NYSE Arca

The Markets in Review

Dear Shareholder,

The 12-month reporting period as of February 28, 2021 reflected a remarkable period of disruption and adaptation, as the global economy dealt with the implications of the coronavirus (or “COVID-19”) pandemic. As the period began, the threat from the virus was becoming increasingly apparent, and countries around the world took economically disruptive countermeasures. Stay-at-home orders and closures of non-essential businesses became widespread, many workers were laid off, and unemployment claims spiked, causing a global recession and a sharp fall in equity prices.

After markets hit their lowest point of the reporting period in late March 2020, a steady recovery ensued, as businesses began to re-open and governments learned to adapt to life with the virus. Equity prices continued to rise throughout the summer, fed by strong fiscal and monetary support and improving economic indicators. Many equity indices neared or surpassed all-time highs late in the reporting period following the implementation of mass vaccination campaigns and progress of additional stimulus through the U.S. Congress. In the United States, both large- and small-capitalization stocks posted a significant advance. International equities also gained, as both developed countries and emerging markets rebounded substantially from lows in late March 2020.

During the market downturn, the performance of different types of fixed-income securities initially diverged due to a reduced investor appetite for risk. U.S. Treasuries benefited from the risk-off environment, as the 10-year U.S. Treasury yield (which is inversely related to bond prices) dropped to historic lows. However, inflation risk from a rapidly expanding economy raised yields late in the reporting period, leading to a negative overall return for most U.S. Treasuries. In the corporate bond market, support from the U.S. Federal Reserve (the “Fed”) assuaged credit concerns and both investment-grade and high-yield bonds recovered to post positive returns.

Following the coronavirus outbreak, the Fed instituted two emergency interest rate cuts, pushing short-term interest rates, already low as the year began, close to zero. To stabilize credit markets, the Fed also implemented a new bond-buying program, as did several other central banks around the world, including the European Central Bank and the Bank of Japan.

Looking ahead, while coronavirus-related disruptions have clearly hindered worldwide economic growth, we believe that the global expansion will continue to accelerate as vaccination efforts ramp up and pent-up consumer demand leads to higher spending. In early 2021, Congress passed one of the largest economic rescue packages in U.S. history, which should provide a solid tailwind for economic growth. Inflation is likely to increase somewhat as the expansion continues, but a shift in central bank policy means that moderate inflation is less likely to be followed by interest rate hikes that could threaten the equity expansion.

Overall, we favor a positive stance toward risk, with an overweight in equities. We see U.S. and Asian equities outside of Japan benefiting from structural growth trends in tech, while emerging markets should be particularly helped by a vaccine-led economic expansion. While we are neutral overall on credit, rising inflation should provide tailwinds for inflation-protected bonds, and global high-yield and Asian bonds also present attractive opportunities. We believe that international diversification and a focus on sustainability can help provide portfolio resilience, and the disruption created by the coronavirus appears to be accelerating the shift toward sustainable investments.

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

Sincerely,

Rob Kapito

President, BlackRock, Inc.

Rob Kapito

President, BlackRock, Inc.

Total Returns as of February 28, 2021
	6-Month	12-Month
U.S. large cap equities (S&P 500® Index)	9.74%	31.29%
U.S. small cap equities (Russell 2000® Index)	41.69	51.00
International equities (MSCI Europe, Australasia, Far East Index)	14.33	22.46
Emerging market equities (MSCI Emerging Markets Index)	22.32	36.05
3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)	0.06	0.40
U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)	(6.34)	(1.96)
U.S. investment grade bonds (Bloomberg Barclays U.S. Aggregate Bond Index)	(1.55)	1.38
Tax-exempt municipal bonds (S&P Municipal Bond Index)	0.92	1.22
U.S. high yield bonds (Bloomberg Barclays U.S. Corporate High Yield 2% Issuer Capped Index)	6.08	9.31
Past performance is no guarantee of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.

2 THIS   PAGE   IS   NOT   PART   OF   YOUR   FUND   REPORT

Table of Contents

	Page
The Markets in Review		2
Fund Summary		4
About Fund Performance		9
Shareholder Expenses		9
Schedules of Investments		10
Financial Statements
Statements of Assets and Liabilities		26
Statements of Operations		28
Statements of Changes in Net Assets		30
Financial Highlights		33
Notes to Financial Statements		38
Statement Regarding Liquidity Risk Management Program		47
Supplemental Information		48
General Information		49
Glossary of Terms Used in this Report		50

Fund Summary  as of February 28, 2021 iShares^® MSCI Austria ETF

Investment Objective

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

Performance

				Average Annual Total Returns									Cumulative Total Returns
	6 Months			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		37.71	%		20.29	%		11.20	%		1.87	%		20.29	%		70.00	%		20.33	%
Fund Market		37.79			18.35			11.18			1.82			18.35			69.86			19.72
Index		38.41			20.08			11.31			1.98			20.08			70.89			21.72

Index performance through February 11, 2013 reflects the performance of the MSCI Austria Investable Market Index. Index performance beginning on February 12, 2013 reflects the performance of the MSCI Austria IMI 25/50 Index.

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.

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

Expense Example

Actual						Hypothetical 5% Return
Beginning Account Value (09/01/20)		Ending Account Value (02/28/21)		Expenses Paid During the Period (a)		Beginning Account Value (09/01/20)		Ending Account Value (02/28/21)		Expenses Paid During the Period (a)		Annualized Expense Ratio
$	1,000.00	$	1,377.10	$	2.95	$	1,000.00	$	1,022.30	$	2.51		0.50	%

^(a)  Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (181 days) and divided by the number of days in the year (365 days). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” on page 9 for more information.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of Total Investments(a)
Financials		30.1	%
Materials		15.5
Energy		14.1
Industrials		13.7
Utilities		11.1
Real Estate		10.1
Communication Services		2.7
Information Technology		1.8
Consumer Staples		0.9

TEN LARGEST HOLDINGS

Security	Percent of Total Investments(a)
Erste Group Bank AG		16.5	%
OMV AG		12.6
Verbund AG		9.1
Wienerberger AG		6.8
voestalpine AG		4.8
BAWAG Group AG		4.6
Raiffeisen Bank International AG		4.5
CA Immobilien Anlagen AG		4.5
ANDRITZ AG		4.4
Lenzing AG		3.9

^(a)  Excludes money market funds.

4 2 0 2 1   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Fund Summary  as of February 28, 2021 iShares^® MSCI Belgium ETF

Investment Objective

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

Performance

				Average Annual Total Returns									Cumulative Total Returns
	6 Months			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV(a)		15.32	%		22.35	%		6.74	%		7.00	%		22.35	%		38.55	%		96.77	%
Fund Market		10.68			14.32			5.86			6.51			14.32			32.96			87.97
Index		10.27			17.02			5.77			7.34			17.02			32.37			103.07

^(a)  For financial reporting purposes, the net asset value (“NAV”) was adjusted as of the report date due to the settlement of a litigation. Accordingly, the NAV per share presented herein is different than the information previously published as of February 26, 2021.

Index performance through November 8, 2012 reflects the performance of the MSCI Belgium Investable Market Index. Index performance beginning on November 9, 2012 reflects the performance of the MSCI Belgium IMI 25/50 Index.

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

Expense Example

Actual						Hypothetical 5% Return
Beginning Account Value (09/01/20)		Ending Account Value (02/28/21)		Expenses Paid During the Period (a)		Beginning Account Value (09/01/20)		Ending Account Value (02/28/21)		Expenses Paid During the Period (a)		Annualized Expense Ratio
$	1,000.00	$	1,101.50	$	2.61	$	1,000.00	$	1,022.30	$	2.51		0.50	%

^(a)  Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (181 days) and divided by the number of days in the year (365 days). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” on page 9 for more information.

Portfolio Information

ALLOCATION BY SECTOR
Sector	Percent of Total Investments(a)
Financials		25.0	%
Consumer Staples		23.2
Health Care		17.7
Materials		11.6
Real Estate		9.8
Communication Services		3.9
Information Technology		2.9
Utilities		1.9
Consumer Discretionary		1.8
Industrials		1.3
Energy		0.9

TEN LARGEST HOLDINGS

Security	Percent of Total Investments(a)
Anheuser-Busch InBev SA/NV		20.9	%
KBC Group NV		9.1
Argenx SE		7.0
UCB SA		6.4
Solvay SA		4.9
Umicore SA		4.7
Ageas SA/NV		4.7
Groupe Bruxelles Lambert SA		4.5
Sofina SA		2.8
Warehouses De Pauw CVA		2.5

^(a)  Excludes money market funds.

FUND   SUMMARY 5

Fund Summary  as of February 28, 2021 iShares^® MSCI France ETF

Investment Objective

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

Performance

				Average Annual Total Returns									Cumulative Total Returns
	6 Months			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		16.68	%		20.08	%		10.71	%		4.99	%		20.08	%		66.30	%		62.79	%
Fund Market		16.33			18.10			10.79			4.95			18.10			66.91			62.10
Index		16.88			20.28			10.68			4.97			20.28			66.09			62.41

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

Expense Example

Actual						Hypothetical 5% Return
Beginning Account Value (09/01/20)		Ending Account Value (02/28/21)		Expenses Paid During the Period (a)		Beginning Account Value (09/01/20)		Ending Account Value (02/28/21)		Expenses Paid During the Period (a)		Annualized Expense Ratio
$	1,000.00	$	1,166.80	$	2.69	$	1,000.00	$	1,022.30	$	2.51		0.50	%

^(a)  Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (181 days) and divided by the number of days in the year (365 days). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” on page 9 for more information.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of Total Investments(a)
Industrials		21.6	%
Consumer Discretionary		21.3
Consumer Staples		10.8
Financials		10.0
Health Care		8.1
Information Technology		6.9
Energy		6.6
Materials		5.4
Communication Services		4.7
Utilities		3.2
Real Estate		1.4

TEN LARGEST HOLDINGS

Security	Percent of Total Investments(a)
LVMH Moet Hennessy Louis Vuitton SE		10.0	%
TOTAL SE		6.6
Sanofi		5.9
L’Oreal SA		5.2
Schneider Electric SE		4.5
Air Liquide SA		4.1
Airbus SE		3.9
BNP Paribas SA		3.8
Vinci SA		3.1
AXA SA		2.8

^(a)  Excludes money market funds.

6 2 0 2 1   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Fund Summary  as of February 28, 2021 iShares^® MSCI Netherlands ETF

Investment Objective

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

Performance

				Average Annual Total Returns									Cumulative Total Returns
	6 Months			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		25.05	%		47.59	%		16.41	%		9.30	%		47.59	%		113.80	%		143.37	%
Fund Market		24.97			46.15			16.53			9.28			46.15			114.90			142.81
Index		25.31			48.34			16.99			9.70			48.34			119.13			152.39

Index performance through August 31, 2017 reflects the performance of the MSCI Netherlands Investable Market Index. Index performance beginning on September 1, 2017 reflects the performance of the MSCI Netherlands IMI 25/50.

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

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

Expense Example

Actual						Hypothetical 5% Return
Beginning Account Value (09/01/20)		Ending Account Value (02/28/21)		Expenses Paid During the Period (a)		Beginning Account Value (09/01/20)		Ending Account Value (02/28/21)		Expenses Paid During the Period (a)		Annualized Expense Ratio
$	1,000.00	$	1,250.50	$	2.79	$	1,000.00	$	1,022.30	$	2.51		0.50	%

^(a)  Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (181 days) and divided by the number of days in the year (365 days). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” on page 9 for more information.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of Total Investments (a)
Information Technology		31.4	%
Industrials		12.7
Consumer Staples		11.6
Consumer Discretionary		11.5
Financials		11.3
Materials		9.1
Health Care		7.4
Communication Services		1.9
Energy		1.8
Real Estate		1.3

TEN LARGEST HOLDINGS

Security	Percent of Total Investments (a)
ASML Holding NV		22.1	%
Prosus NV		8.2
Koninklijke Philips NV		7.1
Adyen NV		6.0
ING Groep NV		4.8
Koninklijke Ahold Delhaize NV		4.2
Koninklijke DSM NV		4.2
Heineken NV		3.3
Akzo Nobel NV		3.3
Wolters Kluwer NV		3.2

^(a)  Excludes money market funds.

FUND   SUMMARY 7

Fund Summary  as of February 28, 2021 iShares^® MSCI Sweden ETF

Investment Objective

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

Performance

				Average Annual Total Returns									Cumulative Total Returns
	6 Months			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		18.87	%		41.97	%		12.70	%		6.47	%		41.97	%		81.82	%		87.20	%
Fund Market		18.62			38.92			12.70			6.46			38.92			81.78			86.98
Index		18.97			42.13			12.17			6.04			42.13			77.60			79.78

Index performance through November 30, 2016 reflects the performance of the MSCI Sweden Index. Index performance beginning on December 1, 2016 reflects the performance of the MSCI Sweden 25/50 Index.

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

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

Expense Example

Actual						Hypothetical 5% Return
Beginning Account Value (09/01/20)		Ending Account Value (02/28/21)		Expenses Paid During the Period (a)		Beginning Account Value (09/01/20)		Ending Account Value (02/28/21)		Expenses Paid During the Period (a)		Annualized Expense Ratio
$	1,000.00	$	1,188.70	$	2.82	$	1,000.00	$	1,022.20	$	2.61		0.52	%

^(a)  Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (181 days) and divided by the number of days in the year (365 days). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” on page 9 for more information.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of Total Investments(a)
Industrials		39.3	%
Financials		26.4
Information Technology		10.8
Consumer Discretionary		8.7
Consumer Staples		6.4
Materials		3.5
Communication Services		3.1
Energy		1.2
Real Estate		0.6

TEN LARGEST HOLDINGS

Security	Percent of Total Investments(a)
Atlas Copco AB, Class A		6.9	%
Volvo AB, Class B		6.6
Telefonaktiebolaget LM Ericsson, Class B		6.6
Investor AB, Class B		6.1
Nordea Bank Abp		5.3
Sandvik AB		5.2
Assa Abloy AB, Class B		4.6
Hexagon AB, Class B		4.2
Hennes & Mauritz AB, Class B		3.6
Skandinaviska Enskilda Banken AB, Class A		3.5

^(a)  Excludes money market funds.

8 2 0 2 1   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

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 the 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 by using the midpoint between the highest bid and the lowest ask on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.

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

Shareholder Expenses

As a shareholder of your Fund, you incur two types of costs: (1) transaction costs, including brokerage commissions on purchases and sales of fund shares and (2) ongoing costs, including management fees and other fund expenses. The expense example, which is based on an investment of $1,000 invested at the beginning of the period (or from the commencement of operations if less than 6 months) and held through the end of the period, is intended to help you understand your ongoing costs (in dollars and cents) of investing in your Fund and to compare these costs with the ongoing costs of investing in other funds.

Actual Expenses – The table provides information about actual account values and actual expenses. Annualized expense ratios reflect contractual and voluntary fee waivers, if any. To estimate the expenses that you paid on your account over the period, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number under the heading entitled “Expenses Paid During the Period.”

Hypothetical Example for Comparison Purposes – The table also provides information about hypothetical account values and hypothetical expenses based on your Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses. You may use this information to compare the ongoing costs of investing in your Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as brokerage commissions and other fees paid on purchases and sales of fund shares. Therefore, the hypothetical examples are useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

ABOUT   FUND   PERFORMANCE 9

Schedule of Investments  (unaudited)  February 28, 2021 iShares^® MSCI Austria ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 0.8%
FACC AG(a)(b)		43,313	$	438,987
Air Freight & Logistics — 2.9%
Oesterreichische Post AG(b)		40,054		1,623,826
Banks — 25.2%
BAWAG Group AG(a)(c)		49,176		2,569,050
Erste Group Bank AG(a)		278,105		9,212,117
Raiffeisen Bank International AG(a)		123,303		2,517,368
				14,298,535
Chemicals — 3.9%
Lenzing AG(a)		15,223		2,195,148
Commercial Services & Supplies — 1.5%
DO & CO AG(a)(b)		10,702		836,562
Construction & Engineering — 0.8%
Porr AG(a)(b)		25,857		480,194
Construction Materials — 6.7%
Wienerberger AG		112,370		3,775,405
Diversified Telecommunication Services — 2.6%
Telekom Austria AG		195,963		1,496,139
Electric Utilities — 10.9%
EVN AG		48,657		1,063,077
Verbund AG		66,565		5,106,345
				6,169,422
Electrical Equipment — 0.8%
Zumtobel Group AG		61,766		445,331
Electronic Equipment, Instruments & Components — 1.8%
AT&S Austria Technologie & Systemtechnik AG		34,871		1,032,765
Energy Equipment & Services — 1.5%
Schoeller-Bleckmann Oilfield Equipment AG		17,858		846,449
Food Products — 0.9%
Agrana Beteiligungs AG		23,928		511,171
Insurance — 4.4%
UNIQA Insurance Group AG		154,478		1,203,784
Vienna Insurance Group AG Wiener Versicherung Gruppe		47,616		1,285,968
				2,489,752

Security	Shares		Value
Machinery — 6.8%
ANDRITZ AG		51,100	$	2,463,640
Palfinger AG		20,531		772,536
Semperit AG Holding(a)		19,471		606,210
				3,842,386
Metals & Mining — 4.7%
voestalpine AG		66,837		2,664,202
Oil, Gas & Consumable Fuels — 12.4%
OMV AG		144,856		7,008,433
Real Estate Management & Development — 10.0%
CA Immobilien Anlagen AG		58,136		2,508,603
IMMOFINANZ AG(a)		98,012		1,976,041
S IMMO AG		55,294		1,170,500
				5,655,144
Total Common Stocks — 98.6%
(Cost: $61,148,066)				55,809,851
Short-Term Investments
Money Market Funds — 5.7%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.12%(d)(e)(f)		3,229,610		3,231,548
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%(d)(e)		20,000		20,000
				3,251,548
Total Short-Term Investments — 5.7%
(Cost: $3,251,187)				3,251,548
Total Investments in Securities — 104.3%
(Cost: $64,399,253)				59,061,399
Other Assets, Less Liabilities — (4.3)%				(2,455,889	)
Net Assets — 100.0%			$	56,605,510

^(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 cash collateral received from loaned securities.

10 2 0 2 1   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) February 28, 2021     iShares^® MSCI Austria ETF

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 2021 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 08/31/20		Purchases at Cost			Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 02/28/21		Shares Held at 02/28/21		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	2,925,304	$	307,508	(a)	$	—	$	(1,688	)	$	424	$	3,231,548		3,229,610	$	75,154	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares.		10,000		10,000	(a)		—		—			—		20,000		20,000		5			—
								$	(1,688	)	$	424	$	3,251,548			$	75,159		$	—

^(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.

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
Euro STOXX 50 Index		17		03/19/21	$	748	$	24,670

Derivative Financial Instruments Categorized by Risk Exposure

As of February 28, 2021, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

	Equity Contracts
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)	$	24,670

^(a)  Net cumulative 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 six months ended February 28, 2021, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	202,951
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	6,609

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	1,247,199

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

Fair Value Measurements

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

SCHEDULE   OF   INVESTMENTS 11

Schedule of Investments  (unaudited) (continued) February 28, 2021 iShares^® MSCI Austria ETF

Fair Value Measurements (continued)

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of February 28, 2021. The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.

	Level 1		Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	55,809,851	$	—	$	—	$	55,809,851
Money Market Funds		3,251,548		—		—		3,251,548
	$	59,061,399	$	—	$	—	$	59,061,399
Derivative financial instruments(a)
Assets
Futures Contracts	$	24,670	$	—	$	—	$	24,670

^(a)  Shown at the unrealized appreciation (depreciation) on the contracts.

See notes to financial statements.

12 2 0 2 1   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments  (unaudited) February 28, 2021 iShares^® MSCI Belgium ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Air Freight & Logistics — 0.7%
bpost SA(a)		23,051	$	251,114
Banks — 8.7%
KBC Group NV(a)		44,812		3,242,899
Beverages — 19.8%
Anheuser-Busch InBev SA/NV		128,518		7,403,529
Biotechnology — 8.5%
Argenx SE(a)		7,411		2,497,143
Galapagos NV(a)		8,120		672,774
				3,169,917
Capital Markets — 0.7%
Gimv NV		4,359		256,611
Chemicals — 10.2%
Recticel SA		11,468		177,339
Solvay SA		14,136		1,734,702
Tessenderlo Group SA(a)		4,661		208,197
Umicore SA		28,538		1,685,554
				3,805,792
Construction & Engineering — 0.6%
Cie. d’Entreprises CFE(a)		2,117		228,182
Distributors — 1.1%
D’ieteren SA/NV		4,909		417,694
Diversified Financial Services — 9.9%
Ackermans & van Haaren NV		4,652		754,385
Groupe Bruxelles Lambert SA		16,034		1,599,003
KBC Ancora(a)		8,479		340,865
Sofina SA		2,992		996,899
				3,691,152
Diversified Telecommunication Services — 1.6%
Proximus SADP		30,216		594,154
Electric Utilities — 1.8%
Elia Group SA/NV		6,118		665,372
Electronic Equipment, Instruments & Components — 1.0%
Barco NV		14,997		370,256
Entertainment — 0.5%
Kinepolis Group NV(a)(b)		3,798		195,004
Equity Real Estate Investment Trusts (REITs) — 9.3%
Aedifica SA		6,451		806,513
Befimmo SA		5,249		214,392
Cofinimmo SA		4,900		763,674
Intervest Offices & Warehouses NV		5,556		144,656
Montea C.V.A		2,292		259,285
Retail Estates NV		2,561		195,838
Warehouses De Pauw CVA		25,484		876,627
Xior Student Housing NV		3,590		200,665
				3,461,650
Food & Staples Retailing — 1.8%
Etablissements Franz Colruyt NV		10,914		657,602
Health Care Equipment & Supplies — 0.6%
Biocartis Group NV(a)(b)(c)		17,381		93,038

Security	Shares			Value
Health Care Equipment & Supplies (continued)
Ion Beam Applications		8,199		$	141,318
					234,356
Health Care Providers & Services — 0.8%
Fagron		13,386			321,221
Health Care Technology — 0.4%
AGFA-Gevaert NV(a)		37,679			170,133
Insurance — 4.5%
Ageas SA/NV		29,651			1,672,113
IT Services — 0.4%
Econocom Group SA/NV		39,087			145,890
Media — 1.0%
Telenet Group Holding NV		9,519			381,749
Metals & Mining — 0.9%
Bekaert SA		8,761			324,340
Oil, Gas & Consumable Fuels — 0.9%
Euronav NV		37,284			332,627
Personal Products — 0.4%
Ontex Group NV(a)(b)		15,562			160,936
Pharmaceuticals — 6.4%
Mithra Pharmaceuticals SA(a)(b)		5,147			128,697
UCB SA		22,539			2,255,380
					2,384,077
Semiconductors & Semiconductor Equipment — 1.4%
Melexis NV		4,294			510,782
Textiles, Apparel & Luxury Goods — 0.5%
Sioen Industries NV(a)		3,644	��		118,539
Van de Velde NV		3,207			87,195
					205,734
Wireless Telecommunication Services — 0.6%
Orange Belgium SA		8,228			227,707
Total Common Stocks — 95.0% (Cost: $40,245,271)					35,482,593
Rights
Equity Real Estate Investment Trusts (REITs) — 0.0%
Xior Student Housing NV, (Expires 03/04/21)(a)		3,590			2,614
Total Rights — 0.0% (Cost: $0)					2,614
Short-Term Investments
Money Market Funds — 1.1%
BlackRock Cash Funds: Institutional, SL Agency Shares,
0.12%(d)(e)(f)		392,524			392,760
BlackRock Cash Funds: Treasury, SL Agency Shares,
0.00%(d)(e)		10,000		$	10,000
					402,760
Total Short-Term Investments — 1.1% (Cost: $402,715)					402,760
Total Investments in Securities — 96.1% (Cost: $40,647,986)					35,887,967
Other Assets, Less Liabilities — 3.9%					1,465,090
Net Assets — 100.0%				$	37,353,057

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, 2021 iShares^® MSCI Belgium ETF (Percentages shown are based on Net Assets)

^(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 cash collateral received from loaned securities.

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 2021 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 08/31/20		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 02/28/21		Shares Held at 02/28/21		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	1,341,323	$	—	$	(948,130	)(a)	$	(528	)	$	95	$	392,760		392,524	$	8,806	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		10,000		—		0	(a)		—			—		10,000		10,000		5			—
								$	(528	)	$	95	$	402,760			$	8,811		$	—

^(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.

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
Euro STOXX 50 Index		41		03/19/21	$	1,805	$	(10,796	)

Derivative Financial Instruments Categorized by Risk Exposure

As of February 28, 2021, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:    

	Equity Contracts
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	10,796

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

14 2 0 2 1   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) February 28, 2021 iShares^® MSCI Belgium ETF

For the six months ended February 28, 2021, the effect of derivative financial instruments in the Statements of Operations was as follows:    

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	15,643
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(10,053	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	668,667

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

Fair Value Measurements

Various inputs are used in determining the fair value of financial instruments. For 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 value of the Fund’s investments according to the fair value hierarchy as of February 28, 2021. The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.

	Level 1			Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	35,482,593		$	—	$	—	$	35,482,593
Rights		2,614			—		—		2,614
Money Market Funds		402,760			—		—		402,760
	$	35,887,967		$	—	$	—	$	35,887,967
Derivative financial instruments(a)
Liabilities
Futures Contracts	$	(10,796	)	$	—	$	—	$	(10,796	)

^(a) Shown at the unrealized appreciation (depreciation) on the contracts.

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, 2021 iShares^® MSCI France ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 7.1%
Airbus SE(a)		252,911	$	29,442,774
Dassault Aviation SA(a)		1,082		1,172,805
Safran SA(a)		138,003		18,970,285
Thales SA		45,947		4,374,635
				53,960,499
Auto Components — 2.1%
Cie. Generale des Etablissements Michelin SCA		72,818		10,584,282
Faurecia SE(a)		35,510		1,845,198
Valeo SA		99,003		3,513,766
				15,943,246
Automobiles — 0.5%
Renault SA(a)		82,782		3,730,349
Banks — 5.9%
BNP Paribas SA(a)		484,414		28,972,797
Credit Agricole SA(a)		496,934		7,005,918
Societe Generale SA(a)		349,139		8,702,423
				44,681,138
Beverages — 2.5%
Pernod Ricard SA		90,229		17,232,965
Remy Cointreau SA		9,727		1,865,448
				19,098,413
Building Products — 1.5%
Cie. de Saint-Gobain(a)		219,002		11,807,929
Capital Markets — 0.5%
Amundi SA(a)(b)		25,951		1,984,457
Natixis SA(a)		407,746		1,997,506
				3,981,963
Chemicals — 4.5%
Air Liquide SA		203,928		30,866,716
Arkema SA		29,748		3,303,893
				34,170,609
Construction & Engineering — 4.1%
Bouygues SA		97,666		3,978,437
Eiffage SA(a)		35,848		3,705,507
Vinci SA		224,182		23,412,525
				31,096,469
Diversified Financial Services — 0.3%
Eurazeo SE(a)		16,846		1,254,465
Wendel SE		11,608		1,334,303
				2,588,768
Diversified Telecommunication Services — 1.5%
Iliad SA		6,393		1,137,590
Orange SA		859,185		9,957,406
				11,094,996
Electric Utilities — 0.4%
Electricite de France SA(a)		267,669		3,219,076
Electrical Equipment — 5.9%
Legrand SA		114,997		10,038,835
Schneider Electric SE		231,756		34,558,370
				44,597,205
Entertainment — 2.3%
Bollore SA		379,601		1,827,373
Ubisoft Entertainment SA(a)		39,434		3,234,715

Security	Shares		Value
Entertainment (continued)
Vivendi SE		357,396	$	12,393,873
				17,455,961
Equity Real Estate Investment Trusts (REITs) — 1.4%
Covivio		22,239		1,880,111
Gecina SA		19,747		2,749,234
Klepierre SA		84,352		2,001,655
Unibail-Rodamco-Westfield		59,791		4,413,969
				11,044,969
Food & Staples Retailing — 0.6%
Carrefour SA		264,098		4,630,520
Food Products — 2.4%
Danone SA		266,134		18,238,468
Health Care Equipment & Supplies — 0.3%
BioMerieux		17,911		2,287,087
Health Care Providers & Services — 0.4%
Orpea SA(a)		22,402		2,705,015
Hotels, Restaurants & Leisure — 1.1%
Accor SA(a)		78,378		3,287,873
La Francaise des Jeux SAEM(b)		36,773		1,668,905
Sodexo SA(a)		38,201		3,673,302
				8,630,080
Household Durables — 0.2%
SEB SA		9,751		1,759,978
Insurance — 3.2%
AXA SA		832,977		21,030,202
CNP Assurances(a)		74,181		1,342,510
SCOR SE(a)		67,839		2,262,785
				24,635,497
IT Services — 3.9%
Atos SE(a)		42,638		3,344,344
Capgemini SE		69,337		11,206,070
Edenred		106,195		5,915,197
Worldline SA(a)(b)		102,082		9,144,346
				29,609,957
Life Sciences Tools & Services — 1.4%
Eurofins Scientific SE(a)		57,110		5,104,733
Sartorius Stedim Biotech		11,938		5,245,505
				10,350,238
Machinery — 0.8%
Alstom SA(a)		114,259		5,733,344
Media — 0.9%
Publicis Groupe SA		95,956		5,653,521
SES SA		164,057		1,317,460
				6,970,981
Metals & Mining — 1.0%
ArcelorMittal SA(a)		308,710		7,253,678
Multi-Utilities — 2.7%
Engie SA(a)		786,583		11,538,207
Suez SA		148,874		3,117,131
Veolia Environnement SA		232,085		6,296,101
				20,951,439
Oil, Gas & Consumable Fuels — 6.6%
TOTAL SE		1,084,607		50,520,530

16 2 0 2 1   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) February 28, 2021 iShares^® MSCI France ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Personal Products — 5.2%
L’Oreal SA		108,393	$	39,838,614
Pharmaceuticals — 6.1%
Ipsen SA		16,240		1,392,661
Sanofi		487,558		44,858,278
				46,250,939
Professional Services — 1.6%
Bureau Veritas SA(a)		126,515		3,438,296
Teleperformance		25,300		9,000,848
				12,439,144
Semiconductors & Semiconductor Equipment — 1.4%
STMicroelectronics NV		274,506		10,652,256
Software — 1.6%
Dassault Systemes SE		56,902		11,872,728
Textiles, Apparel & Luxury Goods — 17.4%
EssilorLuxottica SA		122,492		20,071,905
Hermes International		13,611		15,252,216
Kering SA		32,633		20,791,254
LVMH Moet Hennessy Louis Vuitton SE		119,471		76,132,293
				132,247,668
Transportation Infrastructure — 0.6%
Aeroports de Paris(a)		12,794		1,633,688
Getlink SE(a)		189,498		3,121,272
				4,754,960
Total Common Stocks — 99.9%
(Cost: $800,493,150)				760,804,711

Security	Shares		Value
Short-Term Investments
Money Market Funds — 0.0%
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%(c)(d)		260,000	$	260,000
Total Short-Term Investments — 0.0%
(Cost: $260,000)			260,000
Total Investments in Securities — 99.9%
(Cost: $800,753,150)			761,064,711
Other Assets, Less Liabilities — 0.1%			872,204
Net Assets — 100.0%			$	761,936,915

^(a)  Non-income producing security.

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

^(c)  Affiliate of the Fund.

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 2021 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 08/31/20		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 02/28/21		Shares Held at 02/28/21		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares(a)	$	8,568,912	$	—	$	(8,564,588	)(b)	$	(5,094	)	$	770	$	—		—	$	102,158	(c)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		529,000		—		(269,000	)(b)		—			—		260,000		260,000		164			—
								$	(5,094	)	$	770	$	260,000			$	102,322		$	—

^(a)  As of period end, the entity is no longer held.

^(b)  Represents net amount purchased (sold).

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

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, 2021 iShares^® MSCI France ETF

Futures Contracts    

Description	Number of Contracts		Expiration Date		Notional Amount (000)	Value/ Unrealized Appreciation (Depreciation)
Long Contracts
CAC 40 Index		14		03/19/21	$968	$	(13,062	)

Derivative Financial Instruments Categorized by Risk Exposure    

As of February 28, 2021, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:    

	Equity Contracts
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	13,062

(a) Net cumulative 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 six months ended February 28, 2021, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	356,610
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts. . . . . . . . . . . .	$	(4,520	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	1,151,678

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

Fair Value Measurements

Various inputs are used in determining the fair value of financial instruments. For 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 value of the Fund’s investments according to the fair value hierarchy as of February 28, 2021. The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.

	Level 1			Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	760,804,711		$	—	$	—	$	760,804,711
Money Market Funds		260,000			—		—		260,000
	$	761,064,711		$	—	$	—	$	761,064,711
Derivative financial instruments(a)
Liabilities
Futures Contracts	$	(13,062	)	$	—	$	—		$ (13,062)

^(a) Shown at the unrealized appreciation (depreciation) on the contracts.

See notes to financial statements.

18 2 0 2 1   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments  (unaudited)  February 28, 2021 iShares^® MSCI Netherlands ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Air Freight & Logistics — 0.6%
PostNL NV(a)		435,152	$	1,860,804
Banks — 6.1%
ABN AMRO Bank NV, CVA(a)(b)		250,368		2,893,096
ING Groep NV		1,354,840		14,864,678
Van Lanschot Kempen NV(a)		44,714		1,164,174
				18,921,948
Beverages — 6.2%
Coca-Cola European Partners PLC		104,287		5,313,423
Heineken Holding NV		42,052		3,634,241
Heineken NV		103,801		10,293,681
				19,241,345
Biotechnology — 0.4%
Pharming Group NV(a)(c)		836,301		1,116,612
Capital Markets — 0.4%
Flow Traders(b)		33,941		1,391,654
Chemicals — 8.7%
Akzo Nobel NV		97,591		10,135,091
Corbion NV		37,814		2,161,825
Koninklijke DSM NV		77,256		12,804,748
OCI NV(a)		79,354		1,714,494
				26,816,158
Construction & Engineering — 1.6%
Arcadis NV(a)		54,236		1,859,086
Boskalis Westminster(a)		58,989		1,824,389
Koninklijke BAM Groep NV(a)		438,467		1,183,638
				4,867,113
Distributors — 0.2%
B&S Group Sarl(a)(b)		49,840		494,856
Diversified Financial Services — 0.0%
SNS REAAL NV(a)(c)(d)		68,952		1
Diversified Telecommunication Services — 1.9%
Koninklijke KPN NV		1,742,655		5,728,055
Electrical Equipment — 2.1%
Alfen Beheer BV(a)(b)		16,954		1,446,687
SIF Holding NV(a)		21,560		412,432
Signify NV(a)(b)		71,975		3,149,445
TKH Group NV		32,371		1,623,542
				6,632,106
Energy Equipment & Services — 1.1%
Fugro NV(a)		138,978		1,481,955
SBM Offshore NV		106,723		1,902,300
				3,384,255
Equity Real Estate Investment Trusts (REITs) — 1.3%
Eurocommercial Properties NV(a)		58,694		1,253,873
NSI NV		28,358		1,149,659
Vastned Retail NV		20,913		615,567
Wereldhave NV(a)(c)		57,815		974,041
				3,993,140
Food & Staples Retailing — 4.6%
Koninklijke Ahold Delhaize NV		492,877		13,065,869
Sligro Food Group NV(a)		44,910		1,079,333
				14,145,202

Security	Shares		$ Value
Food Products — 0.8%
ForFarmers NV		56,377	$	373,630
JDE Peet’s NV(a)		52,029		2,125,092
				2,498,722
Health Care Equipment & Supplies — 7.1%
Koninklijke Philips NV(a)		398,969		21,770,292
Hotels, Restaurants & Leisure — 0.5%
Basic-Fit NV(a)(b)		36,985		1,582,457
Household Durables — 0.3%
TomTom NV(a)		110,556		1,044,020
Insurance — 4.7%
Aegon NV		924,974		4,441,533
ASR Nederland NV		78,688		3,304,698
NN Group NV		143,261		6,642,605
				14,388,836
Internet & Direct Marketing Retail — 10.1%
Just Eat Takeaway.com NV(a)(b)		60,800		5,895,067
Prosus NV		212,185		25,255,367
				31,150,434
IT Services — 6.0%
Adyen NV(a)(b)		7,988		18,577,218
Leisure Products — 0.3%
Accell Group NV(a)		29,109		1,081,175
Machinery — 0.9%
Aalberts NV		57,674		2,704,982
Metals & Mining — 0.4%
AMG Advanced Metallurgical Group NV		35,621		1,307,912
Oil, Gas & Consumable Fuels — 0.7%
Koninklijke Vopak NV		43,935		2,107,001
Professional Services — 5.1%
Brunel International NV(a)		38,515		421,681
Intertrust NV(a)(b)		85,590		1,402,503
Randstad NV(a)		62,368		4,189,364
Wolters Kluwer NV		122,199		9,741,995
				15,755,543
Semiconductors & Semiconductor Equipment — 25.2%
ASM International NV		23,526		6,385,090
ASML Holding NV		120,660		68,153,811
BE Semiconductor Industries NV		42,875		3,246,360
				77,785,261
Software — 0.2%
CM.Com(a)		17,016		561,789
Trading Companies & Distributors — 2.3%
AerCap Holdings NV(a)		73,044		3,519,260
IMCD NV		30,247		3,742,972
				7,262,232
Total Common Stocks — 99.8%
(Cost: $264,812,875)				308,171,123

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, 2021 iShares^® MSCI Netherlands ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Short-Term Investments
Money Market Funds — 0.6%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.12%(e)(f)(g)		1,714,120	$	1,715,149
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%(e)(f)		100,000		100,000
				1,815,149
Total Short-Term Investments — 0.6% (Cost: $1,814,689)				1,815,149
Total Investments in Securities — 100.4% (Cost: $266,627,564)				309,986,272
Other Assets, Less Liabilities — (0.4)%				(1,305,457	)
Net Assets — 100.0%			$	308,680,815

^(a)  Non-income producing security.

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

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

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

^(e)  Affiliate of the Fund.

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

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 2021 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 08/31/20		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 02/28/21		Shares Held at 02/28/21		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	3,761,800	$	—		$	(2,044,751	)(a)	$	(1,787	)	$	(113	)	$	1,715,149		1,714,120	$	37,699	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		90,000		10,000	(a)		—			—			—			100,000		100,000		48			—
									$	(1,787	)	$	(113	)	$	1,815,149			$	37,747		$	—

^(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.

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
Euro STOXX 50 Index		9		03/19/21	$	396	$	(2,258	)

Derivative Financial Instruments Categorized by Risk Exposure    

As of February 28, 2021, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:    

	Equity Contracts
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	2,258

^(a)  Net cumulative 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).

20 2 0 2 1   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) February 28, 2021 iShares^® MSCI Netherlands ETF

For the six months ended February 28, 2021, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	62,973
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(7,740	)
Average Quarterly Balances of Outstanding Derivative Financial Instruments
Futures contracts:
Average notional value of contracts — long	$	666,146

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

Fair Value Measurements

Various inputs are used in determining the fair value of financial instruments. For 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 value of the Fund’s investments according to the fair value hierarchy as of February 28, 2021. The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.

	Level 1			Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	308,171,122		$	—	$	1	$	308,171,123
Money Market Funds		1,815,149			—		—		1,815,149
	$	309,986,271		$	—	$	1	$	309,986,272
Derivative financial instruments(a)
Liabilities
Futures Contracts	$	(2,258	)	$	—	$	—	$	(2,258)

^(a) Shown at the unrealized appreciation (depreciation) on the contracts.

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, 2021 iShares^® MSCI Sweden ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Banks — 14.6%
Nordea Bank Abp		2,572,883	$	23,376,202
Skandinaviska Enskilda Banken AB, Class A(a)		1,332,027		15,410,100
Svenska Handelsbanken AB, Class A(a)		1,281,636		13,582,128
Swedbank AB, Class A		745,711		13,140,337
				65,508,767
Building Products — 5.8%
Assa Abloy AB, Class B		796,440		20,071,945
Nibe Industrier AB, Class B		187,819		5,931,880
				26,003,825
Capital Markets — 0.8%
EQT AB		128,267		3,596,014
Commercial Services & Supplies — 0.9%
Securitas AB, Class B		279,116		4,301,326
Communications Equipment — 6.5%
Telefonaktiebolaget LM Ericsson, Class B		2,314,347		29,039,199
Construction & Engineering — 1.6%
Skanska AB, Class B		290,859		7,091,335
Diversified Financial Services — 10.5%
Industrivarden AB, Class A(a)		84,526		3,018,750
Industrivarden AB, Class C(a)		142,902		4,744,630
Investor AB, Class B		361,334		26,876,047
Kinnevik AB, Class B		194,181		9,070,919
L E Lundbergforetagen AB, Class B(a)		65,329		3,267,966
				46,978,312
Diversified Telecommunication Services — 1.9%
Telia Co. AB		2,068,167		8,398,135
Electronic Equipment, Instruments & Components — 4.1%
Hexagon AB, Class B		220,553		18,473,719
Food & Staples Retailing — 0.9%
ICA Gruppen AB		85,721		4,091,088
Hotels, Restaurants & Leisure — 3.0%
Evolution Gaming Group AB(b)		106,917		13,383,558
Household Durables — 2.1%
Electrolux AB, Series B		200,892		4,769,932
Husqvarna AB, Class B		374,928		4,610,667
				9,380,599
Household Products — 3.2%
Essity AB, Class B		474,385		14,333,033
Industrial Conglomerates — 0.6%
Investment AB Latour, Class B(c)		119,073		2,725,889
Machinery — 29.6%
Alfa Laval AB(a)		266,730		8,297,109
Atlas Copco AB, Class A		532,368		30,553,757
Atlas Copco AB, Class B		310,736		15,144,500

Security	Shares		Value
Machinery (continued)
Epiroc AB, Class A		546,915	$	11,667,381
Epiroc AB, Class B		323,564		6,401,869
Sandvik AB(a)		845,444		22,816,652
SKF AB, Class B		321,594		8,809,274
Volvo AB, Class B(a)		1,129,623		29,087,446
				132,777,988
Metals & Mining — 2.0%
Boliden AB		230,419		9,175,505
Oil, Gas & Consumable Fuels — 1.2%
Lundin Energy AB		164,567		5,350,323
Paper & Forest Products — 1.3%
Svenska Cellulosa AB SCA, Class B(a)		352,516		6,095,517
Real Estate Management & Development — 0.6%
Fastighets AB Balder, Class B(a)		58,679		2,827,735
Specialty Retail — 3.5%
Hennes & Mauritz AB, Class B(a)		659,160		15,615,628
Tobacco — 2.2%
Swedish Match AB		135,172		9,770,888
Wireless Telecommunication Services — 1.1%
Tele2 AB, Class B		410,522		5,207,214
Total Common Stocks — 98.0% (Cost: $389,495,968)				440,125,597
Short-Term Investments
Money Market Funds — 0.1%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.12%(d)(e)(f)		222,577		222,711
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%(d)(e)		220,000		220,000
				442,711
Total Short-Term Investments — 0.1% (Cost: $442,711)				442,711
Total Investments in Securities — 98.1% (Cost: $389,938,679)				440,568,308
Other Assets, Less Liabilities — 1.9%				8,515,090
Net Assets — 100.0%			$	449,083,398

^(a)  Non-income producing security.

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

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

^(d)  Affiliate of the Fund.

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

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

22 2 0 2 1   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) February 28, 2021 iShares^® MSCI Sweden ETF

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 2021 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 08/31/20		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 02/28/21		Shares Held at 02/28/21		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	3,686,386	$	—		$	(3,462,473	)(a)	$	(2,003	)	$	801	$	222,711		222,577	$	1,828	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		80,000		140,000	(a)		—			—			—		220,000		220,000		62			—
									$	(2,003	)	$	801	$	442,711			$	1,890		$	—

^(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.

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
OMXS 30 Index		365		03/19/21	$	8,712	$	(113,542	)

Forward Foreign Currency Exchange Contracts

Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
USD	1,149,054	EUR	945,218	SCB		03/19/21	$	1,296
SEK	3,200,805	USD	384,437	SCB		03/19/21		(3,320	)
USD	8,124,274	SEK	68,392,980	SCB		03/19/21		(19,222	)
								(22,542	)
	Net unrealized depreciation						$	(21,246	)

Derivative Financial Instruments Categorized by Risk Exposure

As of February 28, 2021, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

	Equity Contracts		Foreign Currency Exchange Contracts		Total
Assets — Derivative Financial Instruments
Forward foreign currency exchange contracts
Unrealized appreciation on forward foreign currency exchange contracts	$	—	$	1,296	$	1,296
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	113,542	$	—	$	113,542
Forward foreign currency exchange contracts
Unrealized depreciation on forward foreign currency exchange contracts	$	—	$	22,542	$	22,542
	$	113,542	$	22,542	$	136,084

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, 2021 iShares^® MSCI Sweden ETF

^(a) Net cumulative 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 six months ended February 28, 2021, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts			Foreign Currency Exchange Contracts			Total
Net Realized Gain (Loss) from:
Futures contracts	$	1,350,942		$	—		$	1,350,942
Forward foreign currency exchange contracts		—			(753,638	)		(753,638	)
	$	1,350,942		$	(753,638	)	$	597,304
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(136,377	)	$	—		$	(136,377	)
Forward foreign currency exchange contracts		—			584,756			584,756
	$	(136,377	)	$	584,756		$	448,379

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	7,750,388
Forward foreign currency exchange contracts:
Average amounts purchased — in USD	$	289,693
Average amounts sold — in USD	$	9,159,663

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

Derivative Financial Instruments—Offsetting as of Period End

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

	Assets		Liabilities
Derivative Financial Instruments:
Futures contracts	$	—	$	113,542
Forward foreign currency exchange contracts		1,296		22,542
Total derivative assets and liabilities in the Statement of Assets and Liabilities		1,296		136,084
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)		—		(113,542	)
Total derivative assets and liabilities subject to an MNA		1,296		22,542

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

Counterparty	Derivative Assets Subject to an MNA by Counterparty		Derivatives Available for Offset(a)			Net Amount of Derivative Assets
Standard Chartered Bank	$	1,296	$	(1,296	)	$	—

Counterparty	Derivative Liabilities Subject to an MNA by Counterparty		Derivatives Available for Offset(a)			Net Amount of Derivative Liabilities(b)
Standard Chartered Bank	$	22,542	$	(1,296	)	$	21,246

^(a)  The amount of derivatives available for offset is limited to the amount of derivatives assets and/or liabilities that are subject to an MNA.

^(b)  Net amount represents the net amount payable due to the counterparty in the event of default.

24 2 0 2 1   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) February 28, 2021 iShares^® MSCI Sweden ETF

Fair Value Measurements

Various inputs are used in determining the fair value of financial instruments. For 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 value of the Fund’s investments according to the fair value hierarchy as of February 28, 2021. The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.

		Level 1			Level 2			Level 3		Total
Investments
Assets
Common Stocks	$	440,125,597		$	—		$	—	$	440,125,597
Money Market Funds		442,711			—			—		442,711
	$	440,568,308		$	—		$	—	$	440,568,308
Derivative financial instruments(a)
Assets
Forward Foreign Currency Exchange Contracts	$	—		$	1,296		$	—	$	1,296
Liabilities
Forward Foreign Currency Exchange Contracts		—			(22,542	)		—		(22,542	)
Futures Contracts		(113,542	)		—			—		(113,542	)
	$	(113,542	)	$	(21,246	)	$	—	$	(134,788)

^(a) Shown at the unrealized appreciation (depreciation) on the contracts.

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 25

Statements of Assets and Liabilities  (unaudited)

February 28, 2021

	iShares MSCI Austria ETF			iShares MSCI Belgium ETF			iShares MSCI France ETF			iShares MSCI Netherlands ETF
ASSETS
Investments in securities, at value (including securities on loan)(a):
Unaffiliated(b)	$	55,809,851		$	35,485,207		$	760,804,711		$	308,171,123
Affiliated(c)		3,251,548			402,760			260,000			1,815,149
Cash		1,141			6,666			4,501			7,219
Foreign currency, at value(d)		29,399			1,713,704			890,711			359,042
Foreign currency collateral pledged:
Futures contracts(e)		75,256			4,855			94,676			31,559
Receivables:
Investments sold		593,196			1,250,976			668,738			18,878,384
Securities lending income — Affiliated		12,129			1,719			721			3,208
Capital shares sold		—			—			—			43,849
Dividends		—			—			—			—
Tax reclaims		671,037			31,677			—			—
Total assets		60,443,557			38,904,880			762,724,058			329,309,533
LIABILITIES
Collateral on securities loaned, at value		3,233,704			394,567			—			1,717,447
Payables:
Investments purchased		569,527			1,131,291			475,117			18,784,332
Variation margin on futures contracts		12,563			11,456			13,665			5,316
Investment advisory fees		22,253			14,509			298,361			121,623
Total liabilities		3,838,047			1,551,823			787,143			20,628,718
NET ASSETS	$	56,605,510		$	37,353,057		$	761,936,915		$	308,680,815
NET ASSETS CONSIST OF:
Paid-in capital	$	104,597,685		$	59,621,295		$	808,529,033		$	273,766,278
Accumulated earnings (loss)		(47,992,175	)		(22,268,238	)		(46,592,118	)		34,914,537
NET ASSETS	$	56,605,510		$	37,353,057		$	761,936,915		$	308,680,815
Shares outstanding		2,650,000			1,840,000			22,400,000			7,000,000
Net asset value	$	21.36		$	20.30		$	34.02		$	44.10
Shares authorized		100 million			136.2 million			340.2 million			255 million
Par value	$	0.001		$	0.001		$	0.001		$	0.001
(a) Securities loaned, at value	$	3,009,254		$	362,988		$	—		$	1,639,134
(b) Investments, at cost — Unaffiliated	$	61,148,066		$	40,245,271		$	800,493,150		$	264,812,875
(c) Investments, at cost — Affiliated	$	3,251,187		$	402,715		$	260,000		$	1,814,689
(d) Foreign currency, at cost	$	21,458		$	1,713,620		$	883,272		$	358,521
(e) Foreign currency collateral pledged, at cost	$	81,084		$	4,893		$	101,768		$	31,672

See notes to financial statements.

26 2 0 2 1   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Statements of Assets and Liabilities  (unaudited) (continued)

February 28, 2021

	iShares MSCI Sweden ETF
ASSETS
Investments in securities, at value (including securities on loan)(a):
Unaffiliated(b)	$	440,125,597
Affiliated(c)		442,711
Cash		1,133
Foreign currency, at value(d)		1,521,451
Foreign currency collateral pledged:
Futures contracts(e)		1,161,296
Receivables:
Investments sold		1,566,643
Securities lending income — Affiliated		55
Dividends		142,456
Tax reclaims		496,417
Foreign withholding tax claims		16,694,381
Unrealized appreciation on:
Forward foreign currency exchange contracts		1,296
Total assets		462,153,436
LIABILITIES
Collateral on securities loaned, at value		226,115
Payables:
Investments purchased		1,925,150
Variation margin on futures contracts		146,092
Investment advisory fees		170,683
Professional fees		1,709,438
IRS compliance fee for foreign withholding tax claims		8,870,018
Unrealized depreciation on:
Forward foreign currency exchange contracts		22,542
Total liabilities		13,070,038
NET ASSETS	$	449,083,398
NET ASSETS CONSIST OF:
Paid-in capital	$	437,041,524
Accumulated earnings		12,041,874
NET ASSETS	$	449,083,398
Shares outstanding		10,650,000
Net asset value	$	42.17
Shares authorized		63.6 million
Par value	$	0.001
(a) Securities loaned, at value	$	208,391
(b) Investments, at cost — Unaffiliated	$	389,495,968
(c)  Investments, at cost — Affiliated	$	442,711
(d) Foreign currency, at cost	$	1,485,280
(e) Foreign currency collateral pledged, at cost	$	1,257,840

See notes to financial statements.

F I N A N C I A L   S T A T E M E N T S 27

Statements of Operations  (unaudited)

Six Months Ended February 28, 2021

	iShares MSCI Austria ETF			iShares MSCI Belgium ETF			iShares MSCI France ETF			iShares MSCI Netherlands ETF
INVESTMENT INCOME
Dividends — Unaffiliated	$	578,535		$	201,075		$	3,929,341		$	895,923
Dividends — Affiliated		5			5			164			48
Securities lending income — Affiliated — net		75,154			8,806			102,158			37,699
Foreign taxes withheld		(77,348	)		(30,190	)		(565,041	)		(118,547	)
Total investment income		576,346			179,696			3,466,622			815,123
EXPENSES
Investment advisory fees		123,659			82,125			2,082,076			630,159
Total expenses		123,659			82,125			2,082,076			630,159
Net investment income		452,687			97,571			1,384,546			184,964
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		(1,278,526	)		(744,685	)		(1,425,973	)		1,206,702
Investments — Affiliated		(1,688	)		(528	)		(5,094	)		(1,787	)
In-kind redemptions — Unaffiliated		686,880			785,008			50,953,325			14,100,975
Futures contracts		202,951			15,643			356,610			62,973
Foreign currency transactions		23,817			6,342			(43,966	)		13,124
Litigation proceeds		—			1,685,553	(a)		—			—
Net realized gain (loss)		(366,566	)		1,747,333			49,834,902			15,381,987
Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated	��	16,118,970			2,410,444			79,269,183			43,071,905
Investments — Affiliated		424			95			770			(113	)
Futures contracts		6,609			(10,053	)		(4,520	)		(7,740	)
Foreign currency translations		(7,190	)		(3,871	)		(35,495	)		(13,200	)
Net change in unrealized appreciation (depreciation)		16,118,813			2,396,615			79,229,938			43,050,852
Net realized and unrealized gain		15,752,247			4,143,948			129,064,840			58,432,839
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	16,204,934		$	4,241,519		$	130,449,386		$	58,617,803

^(a) Represents proceeds from settlement of litigation where the Fund was able to recover a portion of investment losses previously realized.

See notes to financial statements.

28 2 0 2 1   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Statements of Operations  (unaudited) (continued)

Six Months Ended February 28, 2021

	iShares MSCI Sweden ETF
INVESTMENT INCOME
Dividends — Unaffiliated	$	2,931,708
Dividends — Affiliated		62
Securities lending income — Affiliated — net		1,828
Foreign taxes withheld		(440,573	)
Foreign withholding tax claims		407,729
Total investment income		2,900,754
EXPENSES
Investment advisory fees		895,531
Professional fees		40,773
Total expenses		936,304
Net investment income		1,964,450
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		(1,342,234	)
Investments — Affiliated		(2,003	)
Futures contracts		1,350,942
Forward foreign currency exchange contracts		(753,638	)
Foreign currency transactions		62,974
Net realized loss		(683,959	)
Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated		63,210,696
Investments — Affiliated		801
Futures contracts		(136,377	)
Forward foreign currency exchange contracts		584,756
Foreign currency translations		231,882
Net change in unrealized appreciation (depreciation)		63,891,758
Net realized and unrealized gain		63,207,799
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	65,172,249

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 Changes in Net Assets  

	iShares MSCI Austria ETF						iShares MSCI Belgium ETF
	Six Months Ended 02/28/21 (unaudited)			Year Ended 08/31/20			Six Months Ended 02/28/21 (unaudited)			Year Ended 08/31/20
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	452,687		$	183,431		$	97,571		$	539,519
Net realized gain (loss)		(366,566	)		(8,074,786	)		1,747,333			(1,341,988	)
Net change in unrealized appreciation (depreciation)		16,118,813			(5,757,287	)		2,396,615			467,996
Net increase (decrease) in net assets resulting from operations		16,204,934			(13,648,642	)		4,241,519			(334,473	)
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(533,753	)		(418,122	)		(294,046	)		(830,721	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		(2,170,002	)		2,404,148			720,848			(13,455,384	)
NET ASSETS
Total increase (decrease) in net assets		13,501,179			(11,662,616	)		4,668,321			(14,620,578	)
Beginning of period		43,104,331			54,766,947			32,684,736			47,305,314
End of period	$	56,605,510		$	43,104,331		$	37,353,057		$	32,684,736

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

See notes to financial statements.

30 2 0 2 1   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Statements of Changes in Net Assets  (continued)

	iShares MSCI France ETF						iShares MSCI Netherlands ETF
	Six Months Ended 02/28/21 (unaudited)			Year Ended 08/31/20			Six Months Ended 02/28/21 (unaudited)			Year Ended 08/31/20
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	1,384,546		$	9,197,861		$	184,964		$	1,868,717
Net realized gain		49,834,902			28,873,449			15,381,987			9,063,376
Net change in unrealized appreciation (depreciation)		79,229,938			(43,250,640	)		43,050,852			7,091,637
Net increase (decrease) in net assets resulting from operations		130,449,386			(5,179,330	)		58,617,803			18,023,730
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(4,439,094	)		(6,248,852	)		(853,577	)		(1,766,500	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		(249,007,897	)		(232,837,366	)		63,397,867			38,219,101
NET ASSETS
Total increase (decrease) in net assets		(122,997,605	)		(244,265,548	)		121,162,093			54,476,331
Beginning of period		884,934,520			1,129,200,068			187,518,722			133,042,391
End of period	$	761,936,915		$	884,934,520		$	308,680,815		$	187,518,722

^(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 31

Statements of Changes in Net Assets  (continued)

Statements of Changes in Net Assets (continued)

	iShares MSCI Sweden ETF
	Six Months Ended 02/28/21 (unaudited)			Year Ended 08/31/20
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	1,964,450		$	2,183,048
Net realized loss		(683,959	)		(20,139,204	)
Net change in unrealized appreciation (depreciation)		63,891,758			57,712,445
Net increase in net assets resulting from operations		65,172,249			39,756,289
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(2,740,217	)		(3,366,893	)
CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		140,148,409			4,597,755
NET ASSETS
Total increase in net assets		202,580,441			40,987,151
Beginning of period		246,502,957			205,515,806
End of period	$	449,083,398		$	246,502,957

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

See notes to financial statements.

32 2 0 2 1   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Financial Highlights  

(For a share outstanding throughout each period)

	iShares MSCI Austria ETF
	Six Months Ended 02/28/21 (unaudited)			Year Ended 08/31/20			Year Ended 08/31/19			Year Ended 08/31/18			Year Ended 08/31/17			Year Ended 08/31/16
Net asset value, beginning of period	$	15.67		$	18.89		$	22.88		$	22.87		$	15.58		$	15.59
Net investment income(a)		0.16			0.06			0.48			0.58			0.53			0.38
Net realized and unrealized gain (loss)(b)		5.72			(3.16	)		(3.69	)		0.11			7.13			(0.06	)
Net increase (decrease) from investment operations		5.88			(3.10	)		(3.21	)		0.69			7.66			0.32
Distributions(c)
From net investment income		(0.19	)		(0.12	)		(0.78	)		(0.68	)		(0.37	)		(0.33	)
Total distributions		(0.19	)		(0.12	)		(0.78	)		(0.68	)		(0.37	)		(0.33	)
Net asset value, end of period	$	21.36		$	15.67		$	18.89		$	22.88		$	22.87		$	15.58
Total Return
Based on net asset value		37.71	%(d)		(16.58	)%		(14.07	)%		3.03	%		49.52	%		2.11	%
Ratios to Average Net Assets
Total expenses		0.50	%(e)		0.51	%		0.49	%		0.47	%		0.49	%		0.48	%
Net investment income		1.84	%(e)		0.32	%		2.34	%		2.37	%		2.75	%		2.47	%
Supplemental Data
Net assets, end of period (000)	$	56,606		$	43,104		$	54,767		$	146,463		$	233,322		$	60,780
Portfolio turnover rate(f)		5	%(d)		16	%		17	%		19	%		18	%		15	%

^(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) Not annualized.

^(e)  Annualized.

^(f)  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 33

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	iShares MSCI Belgium ETF
	Six Months Ended 02/28/21 (unaudited)			Year Ended 08/31/20			Year Ended 08/31/19			Year Ended 08/31/18			Year Ended 08/31/17			Year Ended 08/31/16
Net asset value, beginning of period	$	17.76		$	18.48		$	19.70		$	20.59		$	18.16		$	17.00
Net investment income(a)		0.06			0.24			0.44			0.50			0.43			0.34
Net realized and unrealized gain (loss)(b)		2.66			(0.60	)		(1.22	)		(0.77	)		2.51			1.05
Net increase (decrease) from investment operations		2.72			(0.36	)		(0.78	)		(0.27	)		2.94			1.39
Distributions(c)
From net investment income		(0.18	)		(0.36	)		(0.44	)		(0.62	)		(0.51	)		(0.23	)
Total distributions		(0.18	)		(0.36	)		(0.44	)		(0.62	)		(0.51	)		(0.23	)
Net asset value, end of period	$	20.30		$	17.76		$	18.48		$	19.70		$	20.59		$	18.16
Total Return
Based on net asset value		15.32	%(d)(e)		(2.02	)%		(3.80	)%		(1.34	)%		16.44	%		8.20	%
Ratios to Average Net Assets
Total expenses		0.50	%(f)		0.51	%		0.49	%		0.47	%		0.49	%		0.48	%
Net investment income		0.60	%(f)		1.34	%		2.43	%		2.40	%		2.31	%		1.92	%
Supplemental Data
Net assets, end of period (000)	$	37,353		$	32,685		$	47,305		$	59,903		$	74,128		$	132,203
Portfolio turnover rate(g)		6	%(d)		18	%		11	%		13	%		8	%		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)  Not annualized.

^(e) Includes payment received from a settlement of litigation. Excluding the payment, the Fund’s total return is 10.15%.

^(f)  Annualized.

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

See notes to financial statements.

34 2 0 2 1   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	iShares MSCI France ETF
	Six Months Ended 02/28/21 (unaudited)			Year Ended 08/31/20			Year Ended 08/31/19			Year Ended 08/31/18			Year Ended 08/31/17			Year Ended 08/31/16
Net asset value, beginning of period	$	29.30		$	29.41		$	31.10		$	29.64		$	23.84		$	25.01
Net investment income(a)		0.05			0.32			0.83			0.80			0.69			0.67
Net realized and unrealized gain (loss)(b)		4.83			(0.18	)		(1.67	)		1.40			5.69			(1.14	)
Net increase (decrease) from investment operations		4.88			0.14			(0.84	)		2.20			6.38			(0.47	)
Distributions(c)
From net investment income		(0.16	)		(0.25	)		(0.85	)		(0.74	)		(0.58	)		(0.70	)
Total distributions		(0.16	)		(0.25	)		(0.85	)		(0.74	)		(0.58	)		(0.70	)
Net asset value, end of period	$	34.02		$	29.30		$	29.41		$	31.10		$	29.64		$	23.84
Total Return
Based on net asset value		16.68	%(d)		0.50	%		(2.64	)%		7.46	%		26.93	%		(1.87	)%
Ratios to Average Net Assets
Total expenses		0.50	%(e)		0.51	%		0.50	%		0.47	%		0.49	%		0.48	%
Net investment income		0.33	%(e)		1.09	%		2.84	%		2.53	%		2.57	%		2.77	%
Supplemental Data
Net assets, end of period (000)	$	761,937		$	884,935		$	1,129,200		$	939,218		$	640,201		$	329,054
Portfolio turnover rate(f)		2	%(d)		2	%		2	%		4	%		6	%		6	%

^(a)  Based on average shares outstanding.

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

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

^(d)  Not annualized.

^(e)  Annualized.

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

See notes to financial statements.

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

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	iShares MSCI Netherlands ETF
	Six Months Ended 02/28/21 (unaudited)			Year Ended 08/31/20			Year Ended 08/31/19			Year Ended 08/31/18			Year Ended 08/31/17			Year Ended 08/31/16
Net asset value, beginning of period	$	35.38		$	30.58		$	31.12		$	30.56		$	24.78		$	24.48
Net investment income(a)		0.03			0.33			0.88			0.62			0.46			0.71
Net realized and unrealized gain (loss)(b)		8.82			4.80			(0.56	)		0.62			5.98			0.08
Net increase from investment operations		8.85			5.13			0.32			1.24			6.44			0.79
Distributions(c)
From net investment income		(0.13	)		(0.33	)		(0.86	)		(0.68	)		(0.66	)		(0.49	)
Total distributions		(0.13	)		(0.33	)		(0.86	)		(0.68	)		(0.66	)		(0.49	)
Net asset value, end of period	$	44.10		$	35.38		$	30.58		$	31.12		$	30.56		$	24.78
Total Return
Based on net asset value		25.05	%(d)		16.88	%		1.16	%		4.08	%		26.44	%		3.32	%
Ratios to Average Net Assets
Total expenses		0.50	%(e)		0.51	%		0.50	%		0.47	%		0.49	%		0.48	%
Net investment income		0.15	%(e)		1.03	%		2.97	%		1.95	%		1.74	%		2.97	%
Supplemental Data
Net assets, end of period (000)	$	308,681		$	187,519		$	133,042		$	129,168		$	192,540		$	184,587
Portfolio turnover rate(f)		27	%(d)		19	%		13	%		7	%		14	%		24	%

^(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)  Not annualized.

^(e)  Annualized.

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

See notes to financial statements.

36 2 0 2 1   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	iShares MSCI Sweden ETF
	Six Months Ended 02/28/21 (unaudited)			Year Ended 08/31/20			Year Ended 08/31/19			Year Ended 08/31/18			Year Ended 08/31/17			Year Ended 08/31/16
Net asset value, beginning of period	$	35.73		$	28.25		$	31.85		$	34.68		$	28.54		$	30.26
Net investment income(a)		0.21			0.34			0.95			1.14			0.86			1.05
Net realized and unrealized gain (loss)(b)		6.52			7.65			(3.58	)		(2.19	)		6.04			(1.63	)
Net increase (decrease) from investment operations		6.73			7.99			(2.63	)		(1.05	)		6.90			(0.58	)
Distributions(c)
From net investment income		(0.29	)		(0.51	)		(0.97	)		(1.78	)		(0.76	)		(1.14	)
Total distributions		(0.29	)		(0.51	)		(0.97	)		(1.78	)		(0.76	)		(1.14	)
Net asset value, end of period	$	42.17		$	35.73		$	28.25		$	31.85		$	34.68		$	28.54
Total Return
Based on net asset value		18.87	%(d)		28.51	%		(8.41	)%		(2.88	)%		24.30	%		(1.91	)%
Ratios to Average Net Assets
Total expenses		0.52	%(e)		0.55	%		0.55	%		0.53	%		0.53	%		0.48	%
Total expenses excluding professional fees for foreign withholding tax claims		0.50	%(e)		0.51	%		0.49	%		0.47	%		0.49	%		0.48	%
Net investment income		1.10	%(e)		1.09	%		3.16	%		3.34	%		2.74	%		3.65	%
Supplemental Data
Net assets, end of period (000)	$	449,083		$	246,503		$	205,516		$	248,468		$	460,315		$	284,709
Portfolio turnover rate(f)		3	%(d)		8	%		4	%		5	%		9	%		7	%

^(a)  Based on average shares outstanding.

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

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

^(d)  Not annualized.

^(e)  Annualized.

^(f)  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

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 Austria		Non-diversified
MSCI Belgium		Non-diversified
MSCI France		Non-diversified
MSCI Netherlands		Non-diversified
MSCI Sweden		Non-diversified

2. SIGNIFICANT ACCOUNTING POLICIES

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

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

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

Each Fund does not isolate the effect of fluctuations in foreign exchange rates from the effect of fluctuations in the market prices of investments for financial reporting purposes. Accordingly, the effects of changes in exchange rates on investments are not segregated in the statement 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 statement 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, 2021, if any, are disclosed in the statement 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 statement of operations includes tax reclaims recorded as well as professional and other fees, if any, associated with recovery of foreign withholding taxes.

Segregation and Collateralization: In cases where a Fund enters into certain investments (e.g., futures contracts and forward foreign currency exchange contracts) that would be treated as “senior securities” for 1940 Act purposes, a Fund may segregate or designate on its books and record cash or liquid assets having a market value at least equal to the amount of its future obligations under such investments. Doing so allows the investment to be excluded from treatment as a “senior security.” Furthermore, if required by an exchange or counterparty agreement, the Funds may be required to deliver/deposit cash and/or securities to/with an exchange, or broker-dealer or custodian as collateral for certain investments or obligations.

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

38 2 0 2 1   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Notes to Financial Statements  (unaudited) (continued)

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

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

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

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

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

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

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

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

• Forward foreign currency exchange contracts are valued based on that day’s prevailing forward exchange rate for the underlying currencies.

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

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

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

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

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

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

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

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.

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 39

Notes to Financial Statements  (unaudited) (continued)

exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter at a value equal to at least 100% of the current value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Fund and any additional required collateral is delivered to the Fund or excess collateral is returned by the Fund, on the next business day. During the term of the loan, each Fund is entitled to all distributions made on or in respect of the loaned securities but does not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

As of period end, any securities on loan were collateralized by cash and/or U.S. Government obligations. Cash collateral invested in money market funds managed by BlackRock Fund Advisors (“BFA”), the Funds’ investment adviser, or its affiliates is disclosed in the schedules 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 as of February 28, 2021:

iShares ETF and Counterparty	Market Value of Securities on Loan		Cash Collateral Received(a)		Non-Cash Collateral Received		Net Amount
MSCI Austria
Barclays Capital Inc.	$	813,189	$	813,189	$	—	$	—
BofA Securities, Inc		78,686		78,686		—		—
Citigroup Global Markets Inc		422,951		422,951		—		—
Morgan Stanley & Co. LLC		1,694,428		1,694,428		—		—
	$	3,009,254	$	3,009,254	$	—	$	—
MSCI Belgium
BofA Securities, Inc	$	117,425	$	117,425	$	—	$	—
Citigroup Global Markets Inc		6,919		6,919		—		—
Goldman Sachs & Co		9,052		9,052		—		—
JPMorgan Securities LLC		34,590		34,590		—		—
Morgan Stanley & Co. LLC		195,002		195,002		—		—
	$	362,988	$	362,988	$	—	$	—
MSCI Netherlands
Credit Suisse AG	$	1,480,348	$	1,480,348	$	—	$	—
Deutsche Bank Securities Inc		8,011		8,011		—		—
Morgan Stanley & Co. LLC		68,136		68,136		—		—
UBS AG		82,639		82,639		—		—
	$	1,639,134	$	1,639,134	$	—	$	—
MSCI Sweden
Morgan Stanley & Co. LLC	$	208,391	$	208,391	$	—	$	—

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

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).

40 2 0 2 1   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Notes to Financial Statements  (unaudited) (continued)

Notes to Financial Statements (unaudited) (continued)

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 statement 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 statement 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 statement of assets and liabilities. When the contract is closed, a realized gain or loss is recorded in the statement 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.

Forward Foreign Currency Exchange Contracts: Forward foreign currency exchange contracts are entered into to gain or reduce exposure to foreign currencies (foreign currency exchange rate risk).

A forward foreign currency exchange contract is an agreement between two parties to buy and sell a currency at a set exchange rate on a specified date. These contracts help to manage the overall exposure to the currencies in which some of the investments held by the Funds are denominated and in some cases, may be used to obtain exposure to a particular market.The contracts are traded over-the-counter (“OTC”) and not on an organized exchange.

The contract is marked-to-market daily and the change in market value is recorded as unrealized appreciation or depreciation in the statement of assets and liabilities. When the contract is closed, a realized gain or loss is recorded in the statement of operations equal to the difference between the value at the time it was opened and the value at the time it was closed. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in cash without the delivery of foreign currency. The use of forward foreign currency exchange contracts involves the risk that the value of a contract changes unfavorably due to movements in the value of the referenced foreign currencies, and such value may exceed the amount(s) reflected in the statement of assets and liabilities. Cash amounts pledged for forward foreign currency exchange contracts are considered restricted and are included in cash pledged as collateral for OTC derivatives in the statement of assets and liabilities. A Fund’s risk of loss from counterparty credit risk on OTC derivatives is generally limited to the aggregate unrealized gain netted against any collateral held by the Fund.

Master Netting Arrangements: In order to define its contractual rights and to secure rights that will help mitigate its counterparty risk, a Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar agreement with its derivative contract counterparties. An ISDA Master Agreement is a bilateral agreement between a Fund and a counterparty that governs certain OTC derivatives and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, a Fund may, under certain circumstances, offset with the counterparty certain derivative financial instruments’ payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency, or other events.

For derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the mark-to-market amount for each transaction under such agreement, and comparing that amount to the value of any collateral currently pledged by a fund and the counterparty.

Cash collateral that has been pledged to cover obligations of the Funds and cash collateral received from the counterparty, if any, is reported separately in the Statements of Assets and Liabilities as cash pledged as collateral and cash received as collateral, respectively. Non-cash collateral pledged by the Funds, if any, is noted in the Schedules of Investments. Generally, the amount of collateral due from or to a counterparty is subject to a certain minimum transfer amount threshold before a transfer is required, which is determined at the close of business of the Funds. Any additional required collateral is delivered to/pledged by the Funds on the next business day. Typically, the counterparty is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. A Fund generally agrees not to use non-cash collateral that it receives but may, absent default or certain other circumstances defined in the underlying ISDA Master Agreement, be permitted to use cash collateral received. In such cases, interest may be paid pursuant to the collateral arrangement with the counterparty. To the extent amounts due to the Funds from the counterparty are not fully collateralized, each Fund bears the risk of loss from counterparty non-performance. Likewise, to the extent the Funds have delivered collateral to a counterparty and stand ready to perform under the terms of their agreement with such counterparty, each Fund bears the risk of loss from a counterparty in the amount of the value of the collateral in the event the counterparty fails to return such collateral. Based on the terms of agreements, collateral may not be required for all derivative contracts.

For financial reporting purposes, each Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements, if any, in the statement of assets and liabilities.

6. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

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

For its investment advisory services to each Fund, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Funds, based on each Fund’s allocable portion of the aggregate of the average daily net assets of the Fund and certain other iShares funds, as follows:

NOTES   TO   FINANCIAL  STATEMENTS 41

Notes to Financial Statements  (unaudited) (continued)

Notes to Financial Statements (unaudited) (continued)

Aggregate Average Daily Net Assets	Investment Advisory Fee
First $7 billion		0.59	%
Over $7 billion, up to and including $11 billion		0.54
Over $11 billion, up to and including $24 billion		0.49
Over $24 billion, up to and including $48 billion		0.44
Over $48 billion, up to and including $72 billion		0.40
Over $72 billion, up to and including $96 billion		0.36
Over $96 billion		0.32

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. 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 statement of operations. For the six months ended February 28, 2021, the Funds paid BTC the following amounts for securities lending agent services:

iShares ETF	Fees Paid to BTC
MSCI Austria	$	17,136
MSCI Belgium		2,071
MSCI France		24,016
MSCI Netherlands		8,842
MSCI Sweden		653

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, 2021, 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 Austria	$	247,155	$	602,302	$	(286,218	)
MSCI Belgium		1,169,219		689,296		(73,953	)
MSCI France		1,918,567		1,316,892		(449,044	)
MSCI Netherlands		25,625,269		6,419,741		(400,402	)
MSCI Sweden		2,291,022		898,441		(257,372	)

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 statement of operations.

42 2 0 2 1   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Notes to Financial Statements  (unaudited) (continued)

Notes to Financial Statements (unaudited) (continued)

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, 2021, purchases and sales of investments, excluding short-term investments and in-kind transactions, were as follows:

iShares ETF	Purchases		Sales
MSCI Austria	$	3,059,717	$	2,237,063
MSCI Belgium		2,051,316		2,286,859
MSCI France		17,658,095		20,861,970
MSCI Netherlands		65,360,142		65,522,061
MSCI Sweden		11,575,114		9,911,739

For the six months ended February 28, 2021, in-kind transactions were as follows:

iShares ETF	In-kind Purchases		In-kind Sales
MSCI Austria	$	—	$	2,139,436
MSCI Belgium		7,824,664		7,092,989
MSCI France		58,643,738		307,048,654
MSCI Netherlands		107,389,276		44,164,528
MSCI Sweden		136,675,208		—

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, 2021, 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, 2020, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:

iShares ETF	Non-Expiring
MSCI Austria	$	41,739,653
MSCI Belgium		18,501,985
MSCI France		50,747,309
MSCI Netherlands		23,177,633
MSCI Sweden		36,604,434

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, 2021, 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 Austria	$	65,064,056	$	4,230,480	$	(10,208,467	)	$	(5,977,987	)
MSCI Belgium		41,491,653		3,761,183		(9,375,665	)		(5,614,482	)
MSCI France		807,301,080		73,700,149		(119,949,580	)		(46,249,431	)
MSCI Netherlands		267,377,567		51,277,396		(8,670,949	)		42,606,447
MSCI Sweden		393,370,607		67,679,034		(20,616,121	)		47,062,913

9. 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

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)

instability; (iii) regulation, taxation or international tax treaties between various countries; or (iv) currency, interest rate or price fluctuations. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Funds and their investments. Each Fund’s prospectus provides details of the risks to which the Fund is subject.

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

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

Market Risk: An outbreak of respiratory disease caused by a novel coronavirus has developed into a global pandemic and has resulted in closing borders, quarantines, disruptions to supply chains and customer activity, as well as general concern and uncertainty. The impact of this pandemic, and other global health crises that may arise in the future, could affect the economies of many nations, individual companies and the market in general in ways that cannot necessarily be foreseen at the present time. This pandemic may result in substantial market volatility and may adversely impact the prices and liquidity of a fund’s investments. The duration of this pandemic and its effects cannot be determined with certainty.

Valuation Risk: The market values of equities, such as common stocks and preferred securities or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company. They may also decline due to factors which affect a particular industry or industries. A fund may invest in illiquid investments. An illiquid investment is any investment that a fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. A fund may experience difficulty in selling illiquid investments in a timely manner at the price that it believes the investments are worth. Prices may fluctuate widely over short or extended periods in response to company, market or economic news. Markets also tend to move in cycles, with periods of rising and falling prices. This volatility may cause a fund’s NAV to experience significant increases or decreases over short periods of time. If there is a general decline in the securities and other markets, the NAV of a fund may lose value, regardless of the individual results of the securities and other instruments in which a fund invests.

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

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

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

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

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

Certain Funds invest a significant portion of their assets in issuers located in a single country or a limited number of countries. When a Fund concentrates its investments in this manner, it assumes the risk that economic, regulatory, political and social conditions in that country or those countries may have a significant impact on the fund and could affect the income from, or the value or liquidity of, the fund’s portfolio. 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 Europe or with significant exposure to European issuers or countries. The European financial markets have recently experienced volatility and adverse trends due to concerns about economic downturns in, or rising government debt levels of, several European countries. These events may spread to other countries in Europe and may affect the value and liquidity of certain of the Funds’ investments.

44 2 0 2 1   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Notes to Financial Statements  (unaudited) (continued)

Responses to the financial problems by European governments, central banks and others, including austerity measures and reforms, may not work, may result in social unrest and may limit future growth and economic recovery or have other unintended consequences. Further defaults or restructurings by governments and others of their debt could have additional adverse effects on economies, financial markets and asset valuations around the world. In addition, the United Kingdom has withdrawn from the European Union, and one or more other countries may withdraw from the European Union and/or abandon the Euro, the common currency of the European Union. The impact of these actions, especially if they occur in a disorderly fashion, is not clear but could be significant and far reaching.

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

LIBOR Transition Risk: The United Kingdom’s Financial Conduct Authority announced a phase out of the London Interbank Offered Rate (“LIBOR”) by the end of 2021, and it is expected that LIBOR will cease to be published after that time. The Funds may be exposed to financial instruments tied to LIBOR to determine payment obligations, financing terms, hedging strategies or investment value. The transition process away from LIBOR might lead to increased volatility and illiquidity in markets for, and reduce the effectiveness of new hedges placed against, instruments whose terms currently include LIBOR. The ultimate effect of the LIBOR transition process on the Funds is uncertain.

10. 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 02/28/21						Year Ended 08/31/20
iShares ETF	Shares			Amount			Shares			Amount
MSCI Austria
Shares sold		—		$	—			2,000,000		$	36,144,704
Shares redeemed		(100,000	)		(2,170,002	)		(2,150,000	)		(33,740,556	)
Net increase (decrease)		(100,000	)	$	(2,170,002	)		(150,000	)	$	2,404,148
MSCI Belgium
Shares sold		400,000		$	7,857,692			240,000		$	4,113,227
Shares redeemed		(400,000	)		(7,136,844	)		(960,000	)		(17,568,611	)
Net increase (decrease)		—		$	720,848			(720,000	)	$	(13,455,384	)
MSCI France
Shares sold		2,000,000		$	59,114,400			13,600,000		$	404,731,082
Shares redeemed		(9,800,000	)		(308,122,297	)		(21,800,000	)		(637,568,448	)
Net decrease		(7,800,000	)	$	(249,007,897	)		(8,200,000	)	$	(232,837,366	)
MSCI Netherlands
Shares sold		2,800,000		$	107,736,934			4,600,000		$	150,728,480
Shares redeemed		(1,100,000	)		(44,339,067	)		(3,650,000	)		(112,509,379	)
Net increase		1,700,000		$	63,397,867			950,000		$	38,219,101
MSCI Sweden
Shares sold		3,750,000		$	140,148,409			3,225,000		$	105,874,093
Shares redeemed		—			—			(3,600,000	)		(101,276,338	)
Net increase (decrease)		3,750,000		$	140,148,409			(375,000	)	$	4,597,755

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 statement of assets and liabilities.

N O T E S   T O   F I N A N C I A L   S T A T E M E N T S 45

Notes to Financial Statements  (unaudited) (continued)

11. FOREIGN WITHHOLDING TAX CLAIMS

The iShares MSCI Sweden ETF has filed claims to recover taxes withheld by Sweden on dividend income based upon certain provisions in the Treaty on the Functioning of the European Union. The Fund has recorded receivables for all recoverable taxes withheld by Sweden based upon previous determinations made by the Swedish tax authorities. Professional and other fees associated with the filing of these claims for foreign withholding taxes have been approved by the Board as appropriate expenses of the Fund. Swedish tax claim receivables and related liabilities are disclosed in the statement of assets and liabilities. Collection of these receivables, and any payment of associated liabilities, depends upon future determinations made by the Swedish tax authorities, the outcome of which is uncertain. If such future determinations are unfavorable, the potential negative impact to the Fund, as of February 28, 2021, is $8,815,525 or $0.83 per share.

The Fund is seeking a closing agreement with the Internal Revenue Service (“IRS”) to address any prior years’ U.S. income tax liabilities attributable to Fund shareholders resulting from the recovery of foreign taxes. The closing agreement would result in the Fund paying a compliance fee to the IRS, on behalf of its shareholders, representing the estimated tax savings generated from foreign tax credits claimed by Fund shareholders on their tax returns in prior years. The Fund has accrued a liability for the estimated IRS compliance fee related to foreign withholding tax claims, which is disclosed in the statement of assets and liabilities. The actual IRS compliance fee may differ from the estimate and that difference may be material.

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.

46 2 0 2 1   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

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 Austria ETF, iShares MSCI Belgium ETF, iShares MSCI France ETF, iShares MSCI Netherlands ETF and iShares MSCI Sweden 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 2, 2020 (the “Meeting”) to review the Program. The Board previously appointed BlackRock Fund Advisors (“BlackRock”), the investment adviser to the Funds, as the program administrator for each Fund’s Program. BlackRock also previously delegated oversight of the Program to the 40 Act Liquidity Risk Management Committee (the “Committee”). At the Meeting, the Committee, on behalf of BlackRock, provided the Board with a report that addressed the operation of the Program and assessed its adequacy and effectiveness of implementation, including the management of each Fund’s Highly Liquid Investment Minimum (“HLIM”) where applicable, and any material changes to the Program (the “Report”). The Report covered the period from October 1, 2019 through September 30, 2020 (the “Program Reporting Period”).

The Report described the Program’s liquidity classification methodology for categorizing a Fund’s investments (including derivative transactions) into one of four liquidity buckets. It also referenced the methodology used by BlackRock to establish a Fund’s HLIM and noted that the Committee reviews and ratifies the HLIM assigned to each Fund no less frequently than annually. The Report also discussed notable events affecting liquidity over the Program Reporting Period, including extended market holidays and closures in certain countries and the impact of the coronavirus outbreak on the Funds and the overall market.

The Report noted that the Program complied with the key factors for consideration under the Liquidity Rule for assessing, managing and periodically reviewing a Fund’s liquidity risk, as follows:

a) 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 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.

b) 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.

c) Holdings of cash and cash equivalents, as well as borrowing arrangements. The Committee considered that ETFs generally do not hold more than de minimis amounts of cash. While the ETFs generally do not engage in borrowing, certain of the ETFs have the flexibility to draw on a line of credit to meet redemption requests or facilitate settlements.

d) The relationship between an ETF’s portfolio liquidity and the way in which, and the prices and spreads at which, ETF shares trade, including the efficiency of the arbitrage function and the level of active participation by market participants, including authorized participants. The Committee monitored the prevailing bid/ask spread and the ETF price premium (or discount) to NAV for all ETFs and reviewed any persistent deviations from long-term averages.

e) The effect of the composition of baskets on the overall liquidity of an ETF’s portfolio. In reviewing the linkage between the composition of custom baskets accepted by an ETF and any significant change in the liquidity profile of such ETF, the Committee reviewed changes in the proportion of each ETF’s portfolio comprised of less liquid and illiquid holdings to determine if applicable thresholds were met requiring enhanced review.

As part of BlackRock’s continuous review of the effectiveness of the Program, the Committee made the following enhancements to the Program: (1) certain single country emerging market ETFs were added to a $300 million credit agreement with State Street Bank and Trust Company; and (2) certain updates were made to the RATS and HLIM calculation 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.

S T A T E M E N T   R E G A R D I N G   L I Q U I D I T Y   R I S K   M A N A G E M E N T   P R O G R A M 47

Supplemental Information  (unaudited)

Regulation Regarding Derivatives

On October 28, 2020, the Securities and Exchange Commission (the “SEC”) adopted new regulations governing the use of derivatives by registered investment companies (“Rule 18f-4”). The Funds will be required to implement and comply with Rule 18f-4 by August 19, 2022. Once implemented, Rule 18f-4 will impose limits on the amount of derivatives a fund can enter into, eliminate the asset segregation framework currently used by funds to comply with Section 18 of the 1940 Act, treat derivatives as senior securities and require funds whose use of derivatives is more than a limited specified exposure amount to establish and maintain a comprehensive derivatives risk management program and appoint a derivatives risk manager.

48 2 0 2 1   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

General Information

Electronic Delivery

Shareholders can sign up for email 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 49

Glossary of Terms Used in this Report

Counterparty Abbreviations

SCB Standard Chartered Bank

Currency Abbreviations

EUR	Euro
SEK	Swedish Krona
USD	United States Dollar

50 2 0 2 1   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

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.

^©2021 BlackRock, Inc. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.

iS-SAR-802-0221

FEBRUARY 28, 2021

2021 Semi-Annual Report

(Unaudited)

iShares, Inc.

· iShares MSCI Eurozone ETF | EZU | Cboe BZX

· iShares MSCI Germany ETF | EWG | NYSE Arca

· iShares MSCI Italy ETF | EWI | NYSE Arca

· iShares MSCI Spain ETF | EWP | NYSE Arca

· iShares MSCI Switzerland ETF | EWL | NYSE Arca

The Markets in Review

Dear Shareholder,

The 12-month reporting period as of February 28, 2021 reflected a remarkable period of disruption and adaptation, as the global economy dealt with the implications of the coronavirus (or “COVID-19”) pandemic. As the period began, the threat from the virus was becoming increasingly apparent, and countries around the world took economically disruptive countermeasures. Stay-at-home orders and closures of non-essential businesses became widespread, many workers were laid off, and unemployment claims spiked, causing a global recession and a sharp fall in equity prices.

After markets hit their lowest point of the reporting period in late March 2020, a steady recovery ensued, as businesses began to re-open and governments learned to adapt to life with the virus. Equity prices continued to rise throughout the summer, fed by strong fiscal and monetary support and improving economic indicators. Many equity indices neared or surpassed all-time highs late in the reporting period following the implementation of mass vaccination campaigns and progress of additional stimulus through the U.S. Congress. In the United States, both large- and small-capitalization stocks posted a significant advance. International equities also gained, as both developed countries and emerging markets rebounded substantially from lows in late March 2020.

During the market downturn, the performance of different types of fixed-income securities initially diverged due to a reduced investor appetite for risk. U.S. Treasuries benefited from the risk-off environment, as the 10-year U.S. Treasury yield (which is inversely related to bond prices) dropped to historic lows. However, inflation risk from a rapidly expanding economy raised yields late in the reporting period, leading to a negative overall return for most U.S. Treasuries. In the corporate bond market, support from the U.S. Federal Reserve (the “Fed”) assuaged credit concerns and both investment-grade and high-yield bonds recovered to post positive returns.

Following the coronavirus outbreak, the Fed instituted two emergency interest rate cuts, pushing short-term interest rates, already low as the year began, close to zero. To stabilize credit markets, the Fed also implemented a new bond-buying program, as did several other central banks around the world, including the European Central Bank and the Bank of Japan.

Looking ahead, while coronavirus-related disruptions have clearly hindered worldwide economic growth, we believe that the global expansion will continue to accelerate as vaccination efforts ramp up and pent-up consumer demand leads to higher spending. In early 2021, Congress passed one of the largest economic rescue packages in U.S. history, which should provide a solid tailwind for economic growth. Inflation is likely to increase somewhat as the expansion continues, but a shift in central bank policy means that moderate inflation is less likely to be followed by interest rate hikes that could threaten the equity expansion.

Overall, we favor a positive stance toward risk, with an overweight in equities. We see U.S. and Asian equities outside of Japan benefiting from structural growth trends in tech, while emerging markets should be particularly helped by a vaccine-led economic expansion. While we are neutral overall on credit, rising inflation should provide tailwinds for inflation-protected bonds, and global high-yield and Asian bonds also present attractive opportunities. We believe that international diversification and a focus on sustainability can help provide portfolio resilience, and the disruption created by the coronavirus appears to be accelerating the shift toward sustainable investments.

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

Sincerely,

Rob Kapito

President, BlackRock, Inc.

Rob Kapito

President, BlackRock, Inc.

Total Returns as of February 28, 2021
	6-Month			12-Month
U.S. large cap equities (S&P 500® Index)		9.74	%		31.29	%
U.S. small cap equities (Russell 2000® Index)		41.69			51.00
International equities (MSCI Europe, Australasia, Far East Index)		14.33			22.46
Emerging market equities (MSCI Emerging Markets Index)		22.32			36.05
3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)		0.06			0.40
U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)		(6.34)			(1.96)
U.S. investment grade bonds (Bloomberg Barclays U.S. Aggregate Bond Index)		(1.55)			1.38
Tax-exempt municipal bonds (S&P Municipal Bond Index)		0.92			1.22
U.S. high yield bonds (Bloomberg Barclays U.S. Corporate High Yield 2% Issuer Capped Index)		6.08			9.31
Past performance is no guarantee of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.

2 THIS   PAGE  IS   NOT   PART   OF  YOUR  FUND  REPORT

Table of Contents

	Page
The Markets in Review		2
Fund Summary		4
About Fund Performance		9
Shareholder Expenses		9
Schedules of Investments		10
Financial Statements
Statements of Assets and Liabilities		25
Statements of Operations		27
Statements of Changes in Net Assets		29
Financial Highlights		32
Notes to Financial Statements		37
Statement Regarding Liquidity Risk Management Program		45
Supplemental Information		46
General Information		47
Glossary of Terms Used in this Report		48

Fund Summary as of February 28, 2021 iShares^® MSCI Eurozone ETF

Investment Objective

The iShares MSCI Eurozone ETF (the “Fund”) seeks to track the investment results of an index composed of large-and mid-capitalization equities from developed market countries that use the euro as their official currency, as represented by the MSCI EMU Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

				Average Annual Total Returns									Cumulative Total Returns
	6 Months			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		15.35	%		24.11	%		9.87	%		4.37	%		24.11	%		60.13	%		53.44	%
Fund Market		15.32			22.26			9.99			4.32			22.26			60.97			52.65
Index		14.82			23.56			9.86			4.41			23.56			60.03			53.95

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

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value (09/01/20)	Ending Account Value (02/28/21)	Expenses Paid During the Period	(a)		Beginning Account Value (09/01/20)	Ending Account Value (02/28/21)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$      1,000.00	$      1,153.50	$      3.90			$      1,000.00	$      1,021.20	$       3.66		0.73	%

^(a)  Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (181 days) and divided by the number of days in the year (365 days). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” on page 9 for more information.

Portfolio Information

ALLOCATION BY SECTOR
Sector	Percent of Total Investments	(a)
Consumer Discretionary	17.1	%
Industrials	14.8
Financials	14.8
Information Technology	13.2
Health Care	8.0
Consumer Staples	7.5
Materials	7.4
Utilities	6.8
Communication Services	4.5
Energy	4.1
Real Estate	1.8

^(a) Excludes money market funds.

TEN LARGEST GEOGRAPHIC ALLOCATION
Country/Geographic Region	Percent of Total Investments	(a)
France	33.8	%
Germany	28.3
Netherlands	14.3
Spain	7.5
Italy	6.6
Finland	3.2
Belgium	2.6
Ireland	2.1
Austria	0.6
Portugal	0.5

4 2 0 2 1  I SHARES  SEMI - ANNUAL    REPORT   TO  SHAREHOLDERS

Fund Summary as of February 28, 2021 iShares^® MSCI Germany ETF

Investment Objective

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

Performance

				Average Annual Total Returns									Cumulative Total Returns
	6 Months			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		8.01	%		26.72	%		9.01	%		4.54	%		26.72	%		53.93	%		55.89	%
Fund Market		7.69			24.96			9.07			4.47			24.96			54.36			54.86
Index		8.23			26.97			9.20			4.69			26.97			55.26			58.15

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

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value (09/01/20)	Ending Account Value (02/28/21)	Expenses Paid During the Period	(a)		Beginning Account Value (09/01/20)	Ending Account Value (02/28/21)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$      1,000.00	$      1,080.10	$      2.58			$      1,000.00	$      1,022.30	$      2.51		0.50	%

^(a)  Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (181 days) and divided by the number of days in the year (365 days). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” on page 9 for more information.

Portfolio Information

ALLOCATION BY SECTOR
Sector	Percent of Total Investments(	a)
Consumer Discretionary	20.0	%
Industrials	16.1
Financials	14.4
Information Technology	13.7
Health Care	11.1
Materials	8.9
Communication Services	5.1
Real Estate	4.5
Utilities	3.7
Consumer Staples	2.5

^(a)  Excludes money market funds.

TEN LARGEST HOLDINGS
Security	Percent of Total Investments	(a)
SAP SE	8.7	%
Siemens AG	8.0
Allianz SE	6.7
BASF SE	5.1
Daimler AG	4.6
adidas AG	4.5
Deutsche Telekom AG	4.1
Bayer AG	4.0
Infineon Technologies AG	3.8
Deutsche Post AG	3.3

FUND    SUMMARY 5

Fund Summary as of February28, 2021 iShares^® MSCI Italy ETF

Investment Objective

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

Performance

				Average Annual Total Returns									Cumulative Total Returns
	6 Months			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		17.73	%		13.94	%		9.18	%		0.84	%		13.94	%		55.16	%		8.69	%
Fund Market		17.20			11.86			9.29			0.81			11.86			55.93			8.36
Index		17.99			14.39			9.33			0.90			14.39			56.21			9.35

Index performance through February 11, 2013 reflects the performance of the MSCI Italy Index. Index performance beginning on February 12, 2013 reflects the performance of the MSCI Italy 25/50 Index.

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

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value (09/01/20)	Ending Account Value (02/28/21)	Expenses Paid During the Period	(a)		Beginning Account Value (09/01/20)	Ending Account Value (02/28/21)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$      1,000.00	$      1,177.30	$        2.70			$      1,000.00	$      1,022.30	$            2.51		0.50	%

^(a)  Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (181 days) and divided by the number of days in the year (365 days). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” on page 9 for more information.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of    Total Investments(a)
Financials	28.6%
Utilities	25.3
Consumer Discretionary	16.1
Industrials	9.3
Energy	8.7
Health Care	4.4
Communication Services	3.3
Information Technology	2.2
Consumer Staples	2.1

^(a)  Excludes money market funds.

TEN LARGEST HOLDINGS

Security	Percent of    Total Investments(a)
Enel SpA	19.4%
Intesa Sanpaolo SpA	10.7
Stellantis NV	8.2
Eni SpA	7.0
UniCredit SpA	4.7
Assicurazioni Generali SpA	4.6
Ferrari NV	4.5
CNH Industrial NV	4.3
Moncler SpA	3.5
Snam SpA	3.0

6 2 0 2 1  I SHARES  SEMI - ANNUAL    REPORT   TO  SHAREHOLDERS

Fund Summary as of February28, 2021 iShares^® MSCI Spain ETF

Investment Objective

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

Performance

				Average Annual Total Returns									Cumulative Total Returns
	6 Months			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		19.48	%(a)		7.36	%		5.02	%		(0.16	)%		7.36	%		27.76	%		(1.55	)%
Fund Market		18.82			5.49			5.09			(0.18	)		5.49			28.19			(1.81	)
Index		19.56			7.63			5.38			(0.11	)		7.63			29.93			(1.09	)

^(a)  The NAV total return presented in the table for the six-months period differs from the same period return disclosed in the financial highlights. The total return in the financial highlights is calculated in the same manner but differs due to certain adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles.

Index performance through February 11, 2013 reflects the performance of the MSCI Spain Index. Index performance beginning on February 12, 2013 reflects the performance of the MSCI Spain 25/50 Index.

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

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value (09/01/20)	Ending Account Value (02/28/21)	Expenses Paid During the Period	(a)		Beginning Account Value (09/01/20)	Ending Account Value (02/28/21)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$      1,000.00	$      1,194.80	$        3.32			$      1,000.00	$      1,021.80	$            3.06		0.61	%

^(a)  Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (181 days) and divided by the number of days in the year (365 days). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” on page 9 for more information.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of Total Investments	(a)
Utilities	30.1	%
Financials	28.9
Industrials	14.8
Communication Services	8.9
Consumer Discretionary	4.8
Energy	4.8
Information Technology	4.7
Health Care	3.0

^(a)  Excludes money market funds.

TEN LARGEST HOLDINGS

Security	Percent of Total Investments	(a)
Iberdrola SA	20.2	%
Banco Santander SA	16.0
Banco Bilbao Vizcaya Argentaria SA	9.1
Industria de Diseno Textil SA	4.8
Repsol SA	4.8
Amadeus IT Group SA	4.7
Cellnex Telecom SA	4.6
Telefonica SA	4.3
Ferrovial SA	4.3
Aena SME SA	4.1

FUND    SUMMARY 7

Fund Summary as of February28, 2021 iShares^® MSCI Switzerland ETF

Investment Objective

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

Performance

				Average Annual Total Returns									Cumulative Total Returns
	6 Months			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		3.45	%		17.24	%		11.10	%		7.79	%		17.24	%		69.30	%		111.64	%
Fund Market		3.65			15.85			11.24			7.75			15.85			70.37			111.04
Index		3.65			17.21			11.30			7.96			17.21			70.78			115.08

Index performance through February 11, 2013 reflects the performance of the MSCI Switzerland Index. Index performance beginning on February 12, 2013 reflects the performance of the MSCI Switzerland 25/50 Index.

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

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value (09/01/20)	Ending Account Value (02/28/21)	Expenses Paid During the Period	(a)		Beginning Account Value (09/01/20)	Ending Account Value (02/28/21)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$      1,000.00	$      1,034.50	$        2.52			$      1,000.00	$      1,022.30	$        2.51		0.50	%

^(a)  Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (181 days) and divided by the number of days in the year (365 days). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” on page 9 for more information.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of Total Investments	(a)
Health Care	34.0	%
Consumer Staples	21.0
Financials	18.0
Industrials	10.0
Materials	8.4
Consumer Discretionary	4.7
Information Technology	2.1
Communication Services	1.1
Real Estate	0.7

^(a)  Excludes money market funds.

TEN LARGEST HOLDINGS

Security	Percent of Total Investments	(a)
Nestle SA	18.9	%
Roche Holding AG	14.0
Novartis AG	11.3
Zurich Insurance Group AG	4.4
UBS Group AG	4.0
ABB Ltd.	3.8
Cie. Financiere Richemont SA, Class A	3.6
Lonza Group AG	3.4
Sika AG	2.7
Credit Suisse Group AG	2.6

8 2 0 2 1  I SHARES  SEMI - ANNUAL    REPORT   TO  SHAREHOLDERS

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 the 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 by using the midpoint between the highest bid and the lowest ask on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.

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

Shareholder Expenses

As a shareholder of your Fund, you incur two types of costs: (1) transaction costs, including brokerage commissions on purchases and sales of fund shares and (2) ongoing costs, including management fees and other fund expenses. The expense example, which is based on an investment of $1,000 invested at the beginning of the period (or from the commencement of operations if less than 6 months) and held through the end of the period, is intended to help you understand your ongoing costs (in dollars and cents) of investing in your Fund and to compare these costs with the ongoing costs of investing in other funds.

Actual Expenses – The table provides information about actual account values and actual expenses. Annualized expense ratios reflect contractual and voluntary fee waivers, if any. To estimate the expenses that you paid on your account over the period, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number under the heading entitled “Expenses Paid During the Period.”

Hypothetical Example for Comparison Purposes – The table also provides information about hypothetical account values and hypothetical expenses based on your Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses. You may use this information to compare the ongoing costs of investing in your Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as brokerage commissions and other fees paid on purchases and sales of fund shares. Therefore, the hypothetical examples are useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

A B O U T  F U N D  P E R F O R M A N C E / SHAREHOLDER   EXPENSES  9

Schedule of Investments (unaudited)  February 28, 2021 iShares^® MSCI Eurozone ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Austria — 0.5%
Erste Group Bank AG(a)		255,168	$	8,452,338
OMV AG		135,386		6,550,254
Raiffeisen Bank International AG(a)		132,425		2,703,604
Verbund AG		61,650		4,729,305
voestalpine AG		104,870		4,180,243
				26,615,744
Belgium — 2.6%
Ageas SA/NV		160,086		9,027,753
Anheuser-Busch InBev SA/NV		694,327		39,998,057
Elia Group SA/NV		28,357		3,084,007
Etablissements Franz Colruyt NV		49,500		2,982,525
Galapagos NV(a)		38,797		3,214,486
Groupe Bruxelles Lambert SA		103,126		10,284,323
KBC Group NV(a)		226,711		16,406,339
Proximus SADP		139,816		2,749,280
Sofina SA		14,014		4,669,298
Solvay SA		67,699		8,307,695
UCB SA		114,556		11,463,122
Umicore SA		179,987		10,630,663
				122,817,548
Finland — 3.2%
Elisa OYJ		129,918		7,782,222
Fortum OYJ		405,527		10,184,211
Kesko OYJ, Class B		249,040		6,360,071
Kone OYJ, Class B		309,185		24,799,079
Neste OYJ		384,926		25,444,973
Nokia OYJ(a)		5,162,415		20,678,259
Orion OYJ, Class B		95,773		3,948,987
Sampo OYJ, Class A		427,867		19,148,248
Stora Enso OYJ, Class R		526,202		10,426,842
UPM-Kymmene OYJ		487,317		18,691,569
Wartsila OYJ Abp		405,285		4,674,365
				152,138,826
France — 33.8%
Accor SA(a)		166,833		6,998,465
Aeroports de Paris(a)		26,567		3,392,387
Air Liquide SA		431,621		65,330,522
Airbus SE(a)		535,203		62,305,953
Alstom SA(a)		241,905		12,138,427
Amundi SA(a)(b)		55,655		4,255,904
Arkema SA		63,024		6,999,615
Atos SE(a)		89,748		7,039,452
AXA SA		1,761,909		44,482,985
BioMerieux		37,804		4,827,259
BNP Paribas SA(a)		1,023,484		61,214,570
Bollore SA		811,385		3,905,951
Bouygues SA		208,153		8,479,139
Bureau Veritas SA(a)		268,264		7,290,606
Capgemini SE		146,397		23,660,311
Carrefour SA		552,821		9,692,799
Cie. de Saint-Gobain(a)		463,190		24,973,812
Cie. Generale des Etablissements Michelin SCA		154,244		22,419,758
CNP Assurances(a)		154,539		2,796,809
Covivio		47,433		4,010,041
Credit Agricole SA(a)		1,053,576		14,853,616
Danone SA		562,366		38,539,585
Dassault Aviation SA(a)		2,266		2,456,170
Dassault Systemes SE		120,261		25,092,723

Security	Shares		Value
France (continued)
Edenred		222,089	$	12,370,641
Eiffage SA(a)		75,827		7,838,025
Electricite de France SA(a)		566,819		6,816,752
Engie SA(a)		1,661,273		24,368,835
EssilorLuxottica SA		259,667		42,549,811
Eurazeo SE(a)		35,508		2,644,161
Eurofins Scientific SE(a)		120,501		10,770,889
Faurecia SE(a)		76,171		3,958,057
Gecina SA		41,927		5,837,197
Getlink SE(a)		401,808		6,618,286
Hermes International		28,828		32,304,083
Iliad SA		13,407		2,385,683
Ipsen SA		34,722		2,977,584
Kering SA		68,933		43,918,840
Klepierre SA		179,614		4,262,202
La Francaise des Jeux SAEM(b)		78,713		3,572,309
Legrand SA		243,733		21,277,036
L’Oreal SA		229,245		84,256,391
LVMH Moet Hennessy Louis Vuitton SE		252,744		161,059,842
Natixis SA(a)		861,219		4,219,023
Orange SA		1,813,842		21,021,271
Orpea SA(a)		46,758		5,645,973
Pernod Ricard SA		190,597		36,402,392
Publicis Groupe SA		203,074		11,964,683
Remy Cointreau SA		20,929		4,013,772
Renault SA(a)		175,501		7,908,483
Safran SA(a)		291,903		40,125,816
Sanofi		1,032,174		94,966,237
Sartorius Stedim Biotech		25,238		11,089,466
Schneider Electric SE		490,458		73,134,803
SCOR SE(a)		144,825		4,830,670
SEB SA		20,443		3,689,799
SES SA		352,908		2,834,028
Societe Generale SA(a)		735,891		18,342,364
Sodexo SA(a)		80,858		7,775,081
STMicroelectronics NV		579,588		22,491,019
Suez SA		315,572		6,607,462
Teleperformance		53,586		19,064,010
Thales SA		97,311		9,265,026
TOTAL SE		2,294,647		106,883,676
Ubisoft Entertainment SA(a)		83,024		6,810,342
Unibail-Rodamco-Westfield		126,380		9,329,790
Valeo SA		209,049		7,419,465
Veolia Environnement SA		492,104		13,350,008
Vinci SA		474,627		49,567,835
Vivendi SE		754,991		26,181,777
Wendel SE		24,432		2,808,382
Worldline SA(a)(b)		215,942		19,343,746
				1,594,029,882
Germany — 26.4%
adidas AG(a)		173,271		60,760,387
Allianz SE, Registered		374,959		90,934,017
Aroundtown SA		911,850		6,656,316
BASF SE		836,093		68,735,765
Bayer AG, Registered		895,407		54,472,669
Bayerische Motoren Werke AG		301,187		26,139,025
Bechtle AG		24,960		4,735,335
Beiersdorf AG		92,062		9,151,903
Brenntag SE		141,092		11,005,005
Carl Zeiss Meditec AG, Bearer		36,318		5,479,490

10 2 0 2 1  I SHARES  SEMI - ANNUAL    REPORT   TO  SHAREHOLDERS

Schedule of Investments (unaudited) (continued) February 28, 2021 iShares^® MSCI Eurozone ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Germany (continued)
Commerzbank AG(a)		914,785	$	6,029,287
Continental AG(a)		100,504		14,504,819
Covestro AG(b)		167,605		12,198,199
Daimler AG, Registered		778,893		62,634,093
Delivery Hero SE(a)(b)		117,936		15,131,030
Deutsche Bank AG, Registered(a)		1,783,839		22,115,595
Deutsche Boerse AG		172,896		28,446,679
Deutsche Lufthansa AG, Registered(a)(c)		274,275		4,089,861
Deutsche Post AG, Registered		901,218		44,915,466
Deutsche Telekom AG, Registered		3,032,249		55,318,571
Deutsche Wohnen SE		312,075		14,754,128
E.ON SE		2,040,474		20,928,345
Evonik Industries AG		191,463		6,481,574
Fresenius Medical Care AG & Co. KGaA		194,574		13,546,935
Fresenius SE & Co. KGaA		381,739		16,421,293
GEA Group AG		140,108		4,867,205
Hannover Rueck SE		55,091		9,381,784
HeidelbergCement AG		135,905		10,801,678
HelloFresh SE(a)		134,779		10,551,861
Henkel AG & Co. KGaA		94,892		8,454,205
HOCHTIEF AG		22,310		1,999,849
Infineon Technologies AG		1,188,404		51,929,449
KION Group AG		65,726		5,579,688
Knorr-Bremse AG		66,199		8,480,386
LANXESS AG		75,865		5,646,648
LEG Immobilien AG		65,102		8,940,414
Merck KGaA		117,412		19,175,350
MTU Aero Engines AG		48,460		11,587,687
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Registered		127,628		37,644,311
Nemetschek SE		52,513		3,324,055
Puma SE(a)		89,518		9,559,638
Rational AG		4,686		4,032,697
RWE AG		584,240		22,224,776
SAP SE		950,678		117,770,391
Scout24 AG(b)		98,262		7,448,437
Siemens AG, Registered		696,461		108,189,725
Siemens Healthineers AG(b)		245,455		13,654,282
Symrise AG		116,721		13,702,897
TeamViewer AG(a)(b)		146,580		7,917,386
Telefonica Deutschland Holding AG		960,299		2,576,000
Uniper SE		183,760		6,468,388
United Internet AG, Registered(d)		97,760		4,328,756
Volkswagen AG		29,633		6,967,105
Vonovia SE		489,633		31,344,252
Zalando SE(a)(b)		138,606		14,303,761
				1,244,438,848
Ireland — 2.1%
CRH PLC(a)		714,348		31,041,305
Flutter Entertainment PLC(a)		148,373		28,716,170
Kerry Group PLC, Class A		145,171		17,612,045
Kingspan Group PLC(a)		140,630		10,284,475
Smurfit Kappa Group PLC		223,511		10,624,015
				98,278,010
Italy — 6.6%
Amplifon SpA(a)		113,517		4,546,968
Assicurazioni Generali SpA(a)		1,002,012		18,912,565
Atlantia SpA(a)		452,439		8,525,871
CNH Industrial NV(a)		934,403		13,882,342

Security	Shares		Value
Italy (continued)
DiaSorin SpA		22,767	$	4,487,856
Enel SpA		7,404,478		70,498,381
Eni SpA		2,297,619		26,443,874
Ferrari NV		114,627		22,470,180
FinecoBank Banca Fineco SpA(a)		562,349		9,945,179
Infrastrutture Wireless Italiane SpA(b)		306,475		3,204,774
Intesa Sanpaolo SpA(a)		15,057,282		39,002,110
Mediobanca Banca di Credito Finanziario SpA(a)		560,940		5,867,728
Moncler SpA(a)		176,900		11,015,198
Nexi SpA(a)(b)		401,829		7,260,010
Poste Italiane SpA(b)		477,023		5,445,015
Prysmian SpA		220,397		7,140,052
Recordati Industria Chimica e Farmaceutica SpA		95,564		4,888,054
Snam SpA		1,835,559		9,571,494
Telecom Italia SpA/Milano		7,646,881		3,646,813
Tenaris SA		432,810		4,542,131
Terna Rete Elettrica Nazionale SpA		1,284,691		8,994,376
UniCredit SpA(a)		1,930,619		20,012,510
				310,303,481
Netherlands — 14.2%
ABN AMRO Bank NV, CVA(a)(b)		379,395		4,384,052
Adyen NV(a)(b)		16,568		38,531,215
Aegon NV		1,633,809		7,845,212
Akzo Nobel NV		175,290		18,204,344
ArcelorMittal SA(a)		654,536		15,379,462
Argenx SE(a)		40,840		13,761,073
ASM International NV		43,644		11,845,229
ASML Holding NV		387,530		218,893,142
Davide Campari-Milano NV		526,069		5,988,252
EXOR NV		99,024		7,992,989
Heineken Holding NV		105,188		9,090,616
Heineken NV		235,713		23,375,058
ING Groep NV		3,552,166		38,972,723
JDE Peet’s NV(a)		68,355		2,791,917
Just Eat Takeaway.com NV(a)(b)		115,479		11,196,652
Koninklijke Ahold Delhaize NV		1,001,670		26,553,661
Koninklijke DSM NV		156,841		25,995,514
Koninklijke KPN NV		3,261,880		10,721,702
Koninklijke Philips NV(a)		828,963		45,233,507
Koninklijke Vopak NV		63,511		3,045,812
NN Group NV		270,731		12,553,027
Prosus NV		443,729		52,814,942
QIAGEN NV(a)		208,358		10,369,102
Randstad NV(a)		108,846		7,311,370
Stellantis NV(a)		1,044,092		17,012,487
Stellantis NV		820,160		13,373,683
Wolters Kluwer NV		243,481		19,410,885
				672,647,628
Portugal — 0.5%
EDP - Energias de Portugal SA		2,535,787		14,607,894
Galp Energia SGPS SA		459,710		5,180,435
Jeronimo Martins SGPS SA		227,778		3,552,728
				23,341,057
Spain — 7.5%
ACS Actividades de Construccion y Servicios SA		215,063		6,614,841
Aena SME SA(a)(b)		61,677		10,548,272
Amadeus IT Group SA(a)		411,396		28,712,765
Banco Bilbao Vizcaya Argentaria SA		6,088,229		34,015,673
Banco Santander SA(a)		15,807,909		55,596,184

SCHEDULE    OF    INVESTMENTS 11

Schedule of Investments (unaudited) (continued) February 28, 2021 iShares^® MSCI Eurozone ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Spain (continued)
CaixaBank SA		3,276,903	$	9,573,854
Cellnex Telecom SA(b)		288,880		15,796,446
Enagas SA		213,004		4,489,621
Endesa SA		290,028		7,234,339
Ferrovial SA		437,729		10,966,350
Grifols SA		272,395		6,883,780
Iberdrola SA		5,570,428		70,487,440
Industria de Diseno Textil SA		996,009		33,016,579
Naturgy Energy Group SA		264,732		6,654,779
Red Electrica Corp. SA		392,304		6,602,216
Repsol SA		1,366,393		17,273,566
Siemens Gamesa Renewable Energy SA		217,695		8,138,536
Telefonica SA		4,610,646		19,732,913
				352,338,154
Switzerland — 0.3%
Siemens Energy AG(a)		364,943		13,842,743
United Kingdom — 0.2%
Coca-Cola European Partners PLC		186,663		9,510,480
Total Common Stocks — 97.9% (Cost: $4,817,776,278)				4,620,302,401
Preferred Stocks
Germany — 1.8%
Bayerische Motoren Werke AG, Preference Shares, NVS		51,961		3,535,088
Fuchs Petrolub SE, Preference Shares, NVS		62,718		3,451,603
Henkel AG & Co. KGaA, Preference Shares, NVS		161,798		16,021,529
Porsche Automobil Holding SE, Preference Shares, NVS		139,827		11,266,147
Sartorius AG, Preference Shares, NVS		32,390		16,724,592
Volkswagen AG, Preference Shares, NVS		168,944		35,480,211
				86,479,170

Security	Shares		Value
Italy — 0.1%
Telecom Italia SpA/Milano, Preference Shares, NVS		5,371,645	$	2,896,229
Total Preferred Stocks — 1.9% (Cost: $99,703,857)				89,375,399
Short-Term Investments
Money Market Funds — 0.4%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.12%(e)(f)(g)		4,180,931		4,183,440
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%(e)(f)		13,300,000		13,300,000
				17,483,440
Total Short-Term Investments — 0.4% (Cost: $17,477,430)				17,483,440
Total Investments in Securities — 100.2% (Cost: $4,934,957,565)				4,727,161,240
Other Assets, Less Liabilities — (0.2)%				(7,135,450	)
Net Assets — 100.0%			$	4,720,025,790

^(a)  Non-income producing security.

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

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

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

^(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 cash collateral received from loaned securities.

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 2021 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 08/31/20		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value at 02/28/21		Shares Held at 02/28/21		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	89,475,081	$	—		$	(85,280,004	)(a)	$	12,363	$	(24,000	)	$	4,183,440		4,180,931	$	265,554	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		1,650,000		11,650,000	(a)		—			—		—			13,300,000		13,300,000		3,891			—
									$	12,363	$	(24,000	)	$	17,483,440			$	269,445		$	—

^(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.

12 2 0 2 1  I SHARES  SEMI - ANNUAL    REPORT   TO  SHAREHOLDERS

Schedule of Investments (unaudited) (continued) February 28, 2021 iShares^® MSCI Eurozone ETF     

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
Euro STOXX 50 Index		182		03/19/21	$	8,012	$	47,220

Derivative Financial Instruments Categorized by Risk Exposure

As of February 28, 2021, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

	Equity Contracts
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)	$	47,220

^(a)  Net cumulative 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 six months ended February 28, 2021, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	1,384,213
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(31,113	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	11,580,910

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

Fair Value Measurements

Various inputs are used in determining the fair value of financial instruments. For 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 value of the Fund’s investments according to the fair value hierarchy as of February 28, 2021. The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.

	Level 1		Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	4,620,302,401	$	—	$	—	$	4,620,302,401
Preferred Stocks		89,375,399		—		—		89,375,399
Money Market Funds		17,483,440		—		—		17,483,440
	$	4,727,161,240	$	—	$	—	$	4,727,161,240
Derivative financial instruments(a)
Assets
Futures Contracts	$	47,220	$	—	$	—	$	47,220

^(a)  Shown at the unrealized appreciation (depreciation) on the contracts.

See notes to financial statements.

SCHEDULE    OF    INVESTMENTS 13

Schedule of Investments (unaudited)  February 28, 2021 iShares^® MSCI Germany ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 0.9%
MTU Aero Engines AG		92,000	$	21,998,910
Air Freight & Logistics — 3.3%
Deutsche Post AG, Registered		1,718,005		85,623,007
Airlines — 0.3%
Deutsche Lufthansa AG, Registered(a)(b)		517,289		7,713,572
Auto Components — 1.1%
Continental AG(a)		190,613		27,509,423
Automobiles — 7.0%
Bayerische Motoren Werke AG		573,700		49,789,527
Daimler AG, Registered		1,484,233		119,353,477
Volkswagen AG		56,244		13,223,698
				182,366,702
Banks — 0.4%
Commerzbank AG(a)		1,735,950		11,441,531
Capital Markets — 3.7%
Deutsche Bank AG, Registered(a)		3,402,013		42,177,315
Deutsche Boerse AG		329,228		54,168,074
				96,345,389
Chemicals — 7.8%
BASF SE		1,592,665		130,934,056
Covestro AG(c)		318,020		23,145,319
Evonik Industries AG		363,359		12,300,749
LANXESS AG		143,945		10,713,857
Symrise AG		222,934		26,172,168
				203,266,149
Construction & Engineering — 0.1%
HOCHTIEF AG		42,572		3,816,117
Construction Materials — 0.8%
HeidelbergCement AG		257,856		20,494,297
Diversified Telecommunication Services — 4.6%
Deutsche Telekom AG, Registered		5,775,054		105,356,695
Telefonica Deutschland Holding AG		1,821,554		4,886,315
United Internet AG, Registered(d)		186,071		8,239,116
				118,482,126
Electrical Equipment — 1.0%
Siemens Energy AG(a)		692,478		26,266,555
Health Care Equipment & Supplies — 1.4%
Carl Zeiss Meditec AG, Bearer		69,743		10,522,499
Siemens Healthineers AG(c)		465,658		25,903,833
				36,426,332
Health Care Providers & Services — 2.2%
Fresenius Medical Care AG & Co. KGaA		369,461		25,723,192
Fresenius SE & Co. KGaA		724,433		31,162,985
				56,886,177
Household Products — 0.6%
Henkel AG & Co. KGaA		180,065		16,042,516
Independent Power and Renewable Electricity Producers — 0.5%
Uniper SE		348,760		12,276,421
Industrial Conglomerates — 7.9%
Siemens AG, Registered		1,326,144		206,006,015

Security	Shares		Value
Insurance — 10.1%
Allianz SE, Registered		714,576	$	173,296,990
Hannover Rueck SE		104,487		17,793,732
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Registered		242,755		71,601,408
				262,692,130
Interactive Media & Services — 0.5%
Scout24 AG(c)		186,437		14,132,261
Internet & Direct Marketing Retail — 2.9%
Delivery Hero SE(a)(c)		224,945		28,860,140
HelloFresh SE(a)		256,088		20,049,154
Zalando SE(a)(c)		266,176		27,468,637
				76,377,931
IT Services — 0.3%
Bechtle AG		47,322		8,977,785
Life Sciences Tools & Services — 0.8%
QIAGEN NV(a)		399,971		19,904,876
Machinery — 1.7%
GEA Group AG		265,829		9,234,622
KION Group AG		125,061		10,616,824
Knorr-Bremse AG		125,694		16,101,960
Rational AG(b)		8,877		7,639,406
				43,592,812
Multi-Utilities — 3.2%
E.ON SE		3,890,069		39,898,918
RWE AG		1,113,107		42,343,136
				82,242,054
Personal Products — 0.7%
Beiersdorf AG		174,660		17,362,988
Pharmaceuticals — 5.4%
Bayer AG, Registered		1,702,233		103,556,455
Merck KGaA		223,946		36,574,140
				140,130,595
Real Estate Management & Development — 4.5%
Aroundtown SA		1,731,061		12,636,387
Deutsche Wohnen SE		592,312		28,003,035
LEG Immobilien AG		124,955		17,159,986
Vonovia SE		931,743		59,646,281
				117,445,689
Semiconductors & Semiconductor Equipment — 3.8%
Infineon Technologies AG		2,262,752		98,875,016
Software — 9.5%
Nemetschek SE		100,074		6,334,651
SAP SE		1,810,106		224,236,694
TeamViewer AG(a)(c)		278,793		15,058,752
				245,630,097
Textiles, Apparel & Luxury Goods — 5.2%
adidas AG(a)		329,902		115,685,679
Puma SE(a)		169,876		18,141,078
				133,826,757
Trading Companies & Distributors — 0.8%
Brenntag SE		267,702		20,880,430
Total Common Stocks — 93.0% (Cost: $2,635,884,491)				2,415,032,660

14 2 0 2 1  I SHARES  SEMI - ANNUAL    REPORT   TO  SHAREHOLDERS

Schedule of Investments (unaudited) (continued) February 28, 2021 iShares^® MSCI Germany ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Preferred Stocks
Automobiles — 3.7%
Bayerische Motoren Werke AG, Preference Shares, NVS		98,147	$	6,677,283
Porsche Automobil Holding SE, Preference Shares, NVS		265,323		21,377,615
Volkswagen AG, Preference Shares, NVS		321,567		67,532,821
				95,587,719
Chemicals — 0.3%
Fuchs Petrolub SE, Preference Shares, NVS		120,437		6,628,092
Health Care Equipment & Supplies — 1.2%
Sartorius AG, Preference Shares, NVS		61,630		31,822,681
Household Products — 1.2%
Henkel AG & Co. KGaA, Preference Shares, NVS		308,712		30,569,217
Total Preferred Stocks — 6.4% (Cost: $171,948,283)				164,607,709
Short-Term Investments
Money Market Funds — 0.6%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.12%(e)(f)(g)		15,270,396		15,279,558

Security	Shares		Value
Money Market Funds (continued)
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%(e)(f)		1,370,000	$	1,370,000
				16,649,558
Total Short-Term Investments — 0.6% (Cost: $16,649,558)				16,649,558
Total Investments in Securities — 100.0% (Cost: $2,824,482,332)				2,596,289,927
Other Assets, Less Liabilities — 0.0%				54,591
Net Assets — 100.0%			$	2,596,344,518

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

^(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 cash collateral received from loaned securities.

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 2021 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 08/31/20		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value at 02/28/21		Shares Held at 02/28/21		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	96,021,836	$	—	$	(80,739,384	)(a)	$	559	$	(3,453	)	$	15,279,558		15,270,396	$	119,508	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		2,194,000		—		(824,000	)(a)		—		—			1,370,000		1,370,000		721			—
								$	559	$	(3,453	)	$	16,649,558			$	120,229		$	—

^(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.

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
DAX Index		37		03/19/21	$	15,448	$	366,990

SCHEDULE    OF    INVESTMENTS 15

Schedule of Investments (unaudited) (continued) February 28, 2021 iShares^® MSCI Germany ETF

Derivative Financial Instruments Categorized by Risk Exposure

As of February 28, 2021, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

	Equity Contracts
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)	$	366,990

^(a) Net cumulative 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 six months ended February 28, 2021, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	1,444,249
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(338,074	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	16,366,736

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

Fair Value Measurements

Various inputs are used in determining the fair value of financial instruments. For 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 value of the Fund’s investments according to the fair value hierarchy as of February 28, 2021. The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.

	Level 1		Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	2,415,032,660	$	—	$	—	$	2,415,032,660
Preferred Stocks		164,607,709		—		—		164,607,709
Money Market Funds		16,649,558		—		—		16,649,558
	$	2,596,289,927	$	—	$	—	$	2,596,289,927
Derivative financial instruments(a)
Assets
Futures Contracts	$	366,990	$	—	$	—	$	366,990

^(a)  Shown at the unrealized appreciation (depreciation) on the contracts.

See notes to financial statements.

16 2 0 2 1  I SHARES  SEMI - ANNUAL    REPORT   TO  SHAREHOLDERS

Schedule of Investments (unaudited)  February 28, 2021 iShares^® MSCI Italy ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Automobiles — 12.6%
Ferrari NV		56,475	$	11,070,720
Stellantis NV		1,243,468		20,276,224
				31,346,944
Banks — 19.5%
FinecoBank Banca Fineco SpA(a)		291,431		5,153,976
Intesa Sanpaolo SpA(a)		10,197,359		26,413,700
Mediobanca Banca di Credito Finanziario SpA(a)		493,061		5,157,678
UniCredit SpA(a)		1,118,755		11,596,848
				48,322,202
Beverages — 2.0%
Davide Campari-Milano NV		445,419		5,070,211
Diversified Financial Services — 2.6%
EXOR NV		79,429		6,411,326
Diversified Telecommunication Services — 2.2%
Infrastrutture Wireless Italiane SpA(b)		205,858		2,152,634
Telecom Italia SpA/Milano		6,803,528		3,244,616
				5,397,250
Electric Utilities — 22.3%
Enel SpA		5,063,924		48,213,857
Terna Rete Elettrica Nazionale SpA		1,006,539		7,046,979
				55,260,836
Electrical Equipment — 2.3%
Prysmian SpA		178,644		5,787,408
Energy Equipment & Services — 1.6%
Tenaris SA		384,627		4,036,474
Gas Utilities — 3.0%
Snam SpA		1,405,845		7,330,757
Health Care Equipment & Supplies — 1.5%
DiaSorin SpA		18,462		3,639,250
Health Care Providers & Services — 1.2%
Amplifon SpA(a)		77,638		3,109,821
Insurance — 6.5%
Assicurazioni Generali SpA(a)		607,920		11,474,240
Poste Italiane SpA(b)		414,811		4,734,891
				16,209,131
IT Services — 2.2%
Nexi SpA(a)(b)		307,430		5,554,464

Security	Shares		Value
Machinery — 4.3%
CNH Industrial NV(a)		717,561	$	10,660,740
Oil, Gas & Consumable Fuels — 7.0%
Eni SpA		1,518,201		17,473,356
Pharmaceuticals — 1.7%
Recordati Industria Chimica e Farmaceutica SpA		80,725		4,129,046
Textiles, Apparel & Luxury Goods — 3.5%
Moncler SpA(a)		139,196		8,667,448
Transportation Infrastructure — 2.7%
Atlantia SpA(a)		350,640		6,607,546
Total Common Stocks — 98.7% (Cost: $269,032,498)				245,014,210
Preferred Stocks
Diversified Telecommunication Services — 1.2%
Telecom Italia SpA/Milano, Preference Shares, NVS		5,310,289		2,863,148
Total Preferred Stocks — 1.2% (Cost: $3,857,073)				2,863,148
Short-Term Investments
Money Market Funds — 0.1%
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%(c)(d)		320,000		320,000
Total Short-Term Investments — 0.1% (Cost: $320,000)				320,000
Total Investments in Securities — 100.0% (Cost: $273,209,571)				248,197,358
Other Assets, Less Liabilities — (0.0)%				(17,312	)
Net Assets — 100.0%			$	248,180,046

^(a)  Non-income producing security.

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

^(c)  Affiliate of the Fund.

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 2021 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 08/31/20		Purchases at Cost			Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 02/28/21		Shares Held at 02/28/21		Income		Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Treasury, SL Agency Shares	$	100,000	$	220,000	(a)	$	—	$	—	$	—	$	320,000		320,000	$	46	$	—

^(a)  Represents net amount purchased (sold).

SCHEDULE   OF   INVESTMENTS 17

Schedule of Investments (unaudited) (continued) February 28, 2021 iShares^® MSCI Italy ETF

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
FTSE/MIB Index		1		03/19/21	$	139	$	(1,098	)

Derivative Financial Instruments Categorized by Risk Exposure

As of February 28, 2021, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

	Equity Contracts
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	1,098

^(a)  Net cumulative 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 six months ended February 28, 2021, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	(20,773	)
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	4,933

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	261,180

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

Fair Value Measurements

Various inputs are used in determining the fair value of financial instruments. For 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 value of the Fund’s investments according to the fair value hierarchy as of February 28, 2021. The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.

	Level 1			Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	245,014,210		$	—	$	—	$	245,014,210
Preferred Stocks		2,863,148			—		—		2,863,148
Money Market Funds		320,000			—		—		320,000
	$	248,197,358		$	—	$	—	$	248,197,358
Derivative financial instruments(a)
Liabilities
Futures Contracts	$	(1,098	)	$	—	$	—	$	(1,098	)

^(a)  Shown at the unrealized appreciation (depreciation) on the contracts.

See notes to financial statements.

18 2 0 2 1  I SHARES  SEMI - ANNUAL    REPORT   TO  SHAREHOLDERS

Schedule of Investments (unaudited)  February 28, 2021 iShares^® MSCI Spain ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Banks — 28.7%
Banco Bilbao Vizcaya Argentaria SA		8,937,974	$	49,937,543
Banco Santander SA(a)		24,877,928		87,495,307
CaixaBank SA		7,231,107		21,126,521
				158,559,371
Biotechnology — 3.0%
Grifols SA		643,861		16,271,214
Construction & Engineering — 7.3%
ACS Actividades de Construccion y Servicios SA		546,609		16,812,430
Ferrovial SA		935,443		23,435,495
				40,247,925
Diversified Telecommunication Services — 8.8%
Cellnex Telecom SA(b)		460,883		25,201,860
Telefonica SA		5,525,572		23,648,667
				48,850,527
Electric Utilities — 25.1%
Endesa SA		679,808		16,956,851
Iberdrola SA		8,763,761		110,895,443
Red Electrica Corp. SA		626,728		10,547,416
				138,399,710
Electrical Equipment — 3.3%
Siemens Gamesa Renewable Energy SA		486,871	��	18,201,691
Gas Utilities — 4.8%
Enagas SA		485,737		10,238,187
Naturgy Energy Group SA		652,278		16,396,832
				26,635,019
IT Services — 4.6%
Amadeus IT Group SA(a)		367,316		25,636,268
Oil, Gas & Consumable Fuels — 4.8%
Repsol SA		2,085,016		26,358,202
Specialty Retail — 4.8%
Industria de Diseno Textil SA		798,449		26,467,687
Transportation Infrastructure — 4.1%
Aena SME SA(a)(b)		133,011		22,748,128
Total Common Stocks — 99.3% (Cost: $696,572,782)				548,375,742
Short-Term Investments
Money Market Funds — 0.0%
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%(c)(d)		220,000		220,000
Total Short-Term Investments — 0.0% (Cost: $220,000)				220,000
Total Investments in Securities — 99.3% (Cost: $696,792,782)				548,595,742
Other Assets, Less Liabilities — 0.7%				3,765,647
Net Assets — 100.0%			$	552,361,389

^(a)  Non-income producing security.

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

^(c)  Affiliate of the Fund.

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

SCHEDULE    OF    INVESTMENTS 19

Schedule of Investments (unaudited) (continued) February 28, 2021 iShares^® MSCI Spain ETF

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 2021 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 08/31/20		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 02/28/21		Shares Held at 02/28/21		Income		Capital  Gain Distributions from Underlying Funds
BlackRock Cash Funds: Treasury, SL Agency Shares	$	240,000	$	—	$	(20,000	)(a)	$	—	$	—	$	220,000		220,000	$	124	$	—

^(a)  Represents net amount purchased (sold).

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
IBEX 35 Index		13		03/19/21	$	1,293	$	7,396

Derivative Financial Instruments Categorized by Risk Exposure

As of February 28, 2021, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

	Equity Contracts
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)	$	7,396

^(a)  Net cumulative 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 six months ended February 28, 2021, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	216,241
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	27,649

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	1,320,428

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

Fair Value Measurements

Various inputs are used in determining the fair value of financial instruments. For 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 value of the Fund’s investments according to the fair value hierarchy as of February 28, 2021. The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.

20 2 0 2 1  I SHARES  SEMI - ANNUAL    REPORT   TO  SHAREHOLDERS

Schedule of Investments (unaudited) (continued) February 28, 2021 iShares^® MSCI Spain ETF

Fair Value Measurements (continued)

	Level 1		Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	548,375,742	$	—	$	—	$	548,375,742
Money Market Funds		220,000		—		—		220,000
	$	548,595,742	$	—	$	—	$	548,595,742
Derivative financial instruments(a)
Assets
Futures Contracts	$	7,396	$	—	$	—	$	7,396

^(a)  Shown at the unrealized appreciation (depreciation) on the contracts.

See notes to financial statements.

SCHEDULE    OF ��  INVESTMENTS 21

Schedule of Investments (unaudited)  February 28, 2021 iShares^® MSCI Switzerland ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Banks — 0.4%
Banque Cantonale Vaudoise, Registered		58,225	$	6,135,717
Building Products — 1.6%
Geberit AG, Registered		46,372		27,465,665
Capital Markets — 9.3%
Credit Suisse Group AG, Registered		2,965,506		42,993,777
Julius Baer Group Ltd.		297,792		18,355,014
Partners Group Holding AG		23,343		28,118,349
UBS Group AG, Registered		4,328,324		67,413,419
				156,880,559
Chemicals — 6.3%
Clariant AG, Registered		352,473		7,401,427
EMS-Chemie Holding AG, Registered		11,992		10,663,382
Givaudan SA, Registered		11,144		42,185,450
Sika AG, Registered		170,272		45,177,659
				105,427,918
Construction Materials — 2.1%
LafargeHolcim Ltd., Registered		641,692		35,554,259
Diversified Telecommunication Services — 1.0%
Swisscom AG, Registered		34,599		17,446,640
Electrical Equipment — 3.8%
ABB Ltd., Registered		2,180,686		62,917,837
Food Products — 20.8%
Barry Callebaut AG, Registered		4,643		10,093,255
Chocoladefabriken Lindt & Spruengli AG, Participation Certificates, NVS		1,462		12,313,874
Chocoladefabriken Lindt & Spruengli AG, Registered		144		12,804,595
Nestle SA, Registered		3,001,704		314,991,583
				350,203,307
Health Care Equipment & Supplies — 4.6%
Alcon Inc.(a)		594,390		41,061,693
Sonova Holding AG, Registered(a)		72,202		18,566,912
Straumann Holding AG, Registered		13,806		16,759,963
				76,388,568
Insurance — 8.2%
Baloise Holding AG, Registered		68,190		11,968,840
Swiss Life Holding AG, Registered		40,029		19,999,024
Swiss Re AG		352,796		33,296,024
Zurich Insurance Group AG		177,014		72,639,679
				137,903,567
Life Sciences Tools & Services — 3.3%
Lonza Group AG, Registered		88,394		56,026,154
Machinery — 1.4%
Schindler Holding AG, Participation Certificates, NVS		55,845		15,310,647

Security	Shares		Value
Machinery (continued)
Schindler Holding AG, Registered		32,600	$	8,721,662
				24,032,309
Marine — 1.0%
Kuehne + Nagel International AG, Registered		72,786		17,342,251
Pharmaceuticals — 25.9%
Novartis AG, Registered		2,192,080		189,328,107
Roche Holding AG, NVS		711,394		234,132,158
Roche Holding AG, Bearer		9,558		3,207,467
Vifor Pharma AG		72,195		9,019,391
				435,687,123
Professional Services — 2.1%
Adecco Group AG, Registered		217,755		13,729,653
SGS SA, Registered		7,744		22,197,813
				35,927,466
Real Estate Management & Development — 0.7%
Swiss Prime Site AG, Registered		114,050		10,720,927
Software — 0.8%
Temenos AG, Registered		98,048		13,294,369
Technology Hardware, Storage & Peripherals — 1.3%
Logitech International SA, Registered		209,360		22,436,880
Textiles, Apparel & Luxury Goods — 4.7%
Cie. Financiere Richemont SA, Class A, Registered		619,080		59,890,673
Swatch Group AG (The), Bearer		41,975		12,574,417
Swatch Group AG (The), Registered		107,194		6,180,854
				78,645,944
Total Common Stocks — 99.3% (Cost: $1,459,166,059)				1,670,437,460
Short-Term Investments
Money Market Funds — 0.0%
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%(b)(c)		600,000		600,000
Total Short-Term Investments — 0.0% (Cost: $600,000)				600,000
Total Investments in Securities — 99.3% (Cost: $1,459,766,059)				1,671,037,460
Other Assets, Less Liabilities — 0.7%				11,919,690
Net Assets — 100.0%			$	1,682,957,150

^(a)  Non-income producing security.

^(b)  Affiliate of the Fund.

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

22 2 0 2 1  I SHARES  SEMI - ANNUAL    REPORT   TO  SHAREHOLDERS

Schedule of Investments (unaudited) (continued) February 28, 2021 iShares^® MSCI Switzerland ETF

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 2021 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 08/31/20		Purchases at Cost		Proceeds  from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 02/28/21		Shares Held at 02/28/21		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares(a)	$	4,438,176	$	—	$	(4,437,730	)(b)	$	(1,261	)	$	815	$	—		—	$	3,300	(c)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		1,330,000		—		(730,000	)(b)		—			—		600,000		600,000		368			—
								$	(1,261	)	$	815	$	600,000			$	3,668		$	—

^(a)  As of period end, the entity is no longer held.

^(b)  Represents net amount purchased (sold).

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

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
Euro STOXX 50 Index		230		03/19/21	$	10,126	$	290,955

Derivative Financial Instruments Categorized by Risk Exposure

As of February 28, 2021, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

	Equity Contracts
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)	$	290,955

^(a)  Net cumulative 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 six months ended February 28, 2021, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	1,168,259
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	143,968

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	10,379,994

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

Fair Value Measurements

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

SCHEDULE    OF    INVESTMENTS 23

Schedule of Investments (unaudited) (continued) February 28, 2021 iShares^® MSCI Switzerland ETF

Fair Value Measurements (continued)

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of February 28, 2021. The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.

	Level 1		Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	1,670,437,460	$	—	$	—	$	1,670,437,460
Money Market Funds		600,000		—		—		600,000
	$	1,671,037,460	$	—	$	—	$	1,671,037,460
Derivative financial instruments(a)
Assets
Futures Contracts	$	290,955	$	—	$	—	$	290,955

^(a)  Shown at the unrealized appreciation (depreciation) on the contracts.

See notes to financial statements.

24 2 0 2 1  I SHARES  SEMI - ANNUAL    REPORT   TO  SHAREHOLDERS

Statements of Assets and Liabilities (unaudited) 

February 28, 2021

	iShares MSCI Eurozone ETF			iShares MSCI Germany ETF			iShares MSCI Italy ETF			iShares MSCI Spain ETF
ASSETS
Investments in securities, at value (including securities on loan)(a):
Unaffiliated(b)	$	4,709,677,800		$	2,579,640,369		$	247,877,358		$	548,375,742
Affiliated(c)		17,483,440			16,649,558			320,000			220,000
Cash		2,275			6,836			5,834			4,841
Foreign currency, at value(d)		11,132,349			5,404,084			659,888			958,237
Foreign currency collateral pledged:
Futures contracts(e)		1,093,634			1,575,755			109,242			135,945
Receivables:
Investments sold		11,651,731			2,000,610			3,467,423			34,322,032
Securities lending income — Affiliated		3,109			3,437			—			—
Capital shares sold		—			—			1,358,807			—
Dividends		236,581			444,883			—			—
Tax reclaims		8,124,362			10,782,687			—			2,601,647
Total assets		4,759,405,281			2,616,508,219			253,798,552			586,618,444
LIABILITIES
Collateral on securities loaned, at value		4,126,475			15,279,558			—			—
Payables:
Investments purchased		14,632,769			3,731,282			5,534,316			33,552,785
Variation margin on futures contracts		180,577			162,083			7,686			16,650
Investment advisory fees		1,862,449			990,778			76,504			209,574
Professional fees		1,451,918			—			—			256,696
IRS compliance fee for foreign withholding tax claims		17,125,303			—			—			221,350
Total liabilities		39,379,491			20,163,701			5,618,506			34,257,055
NET ASSETS	$	4,720,025,790		$	2,596,344,518		$	248,180,046		$	552,361,389
NET ASSETS CONSIST OF:
Paid-in capital	$	5,460,303,772		$	3,013,768,952		$	478,485,471		$	1,020,301,455
Accumulated loss		(740,277,982	)		(417,424,434	)		(230,305,425	)		(467,940,066	)
NET ASSETS	$	4,720,025,790		$	2,596,344,518		$	248,180,046		$	552,361,389
Shares outstanding		105,000,000			80,700,000			8,250,000			20,250,000
Net asset value	$	44.95		$	32.17		$	30.08		$	27.28
Shares authorized		1 billion			482.2 million			295.4 million			127.8 million
Par value	$	0.001		$	0.001		$	0.001		$	0.001
(a) Securities loaned, at value	$	3,969,912		$	14,521,107		$	—		$	—
(b) Investments, at cost — Unaffiliated	$	4,917,480,135		$	2,807,832,774		$	272,889,571		$	696,572,782
(c)  Investments, at cost — Affiliated	$	17,477,430		$	16,649,558		$	320,000		$	220,000
(d) Foreign currency, at cost	$	11,065,383		$	5,318,287		$	657,728		$	948,311
(e) Foreign currency collateral pledged, at cost	$	1,103,343		$	1,601,477		$	108,956		$	136,335

See notes to financial statements.

FINANCIAL    STATEMENTS 25

Statements of Assets and Liabilities (unaudited) (continued)

February 28, 2021

	iShares MSCI Switzerland ETF
ASSETS
Investments in securities, at value:
Unaffiliated(a)	$	1,670,437,460
Affiliated(b)		600,000
Cash		6,847
Foreign currency, at value(c)		1,133,078
Foreign currency collateral pledged:
Futures contracts(d)		887,288
Receivables:
Investments sold		32,032,599
Securities lending income — Affiliated		1
Dividends		10
Tax reclaims		9,421,101
Total assets		1,714,518,384
LIABILITIES
Payables:
Investments purchased		30,745,565
Variation margin on futures contracts		150,603
Investment advisory fees		665,066
Total liabilities		31,561,234
NET ASSETS	$	1,682,957,150
NET ASSETS CONSIST OF:
Paid-in capital	$	1,513,265,027
Accumulated earnings		169,692,123
NET ASSETS	$	1,682,957,150
Shares outstanding		38,875,000
Net asset value	$	43.29
Shares authorized		318.625 million
Par value	$	0.001
(a) Investments, at cost — Unaffiliated	$	1,459,166,059
(b) Investments, at cost — Affiliated	$	600,000
(c)  Foreign currency, at cost	$	1,088,190
(d) Foreign currency collateral pledged, at cost	$	915,665

See notes to financial statements.

26 2 0 2 1  I SHARES  SEMI - ANNUAL    REPORT   TO  SHAREHOLDERS

Statements of Operations (unaudited)

Six Months Ended February 28, 2021

	iShares MSCI Eurozone ETF			iShares MSCI Germany ETF			iShares MSCI Italy ETF			iShares MSCI Spain ETF
INVESTMENT INCOME
Dividends — Unaffiliated.	$	23,343,801		$	10,921,365		$	2,271,884	(a)	$	1,972,446
Dividends — Affiliated		3,891			721			46			124
Non-cash dividends — Unaffiliated		3,133,141			—			—			4,372,461
Securities lending income — Affiliated — net		265,554			119,508			—			—
Other income — Unaffiliated		782,010			—			—			—
Foreign taxes withheld		(2,952,485	)		(1,617,865	)		(181,475	)		(289,198	)
Foreign withholding tax claims		50,231,757			—			—			2,571,382
IRS Compliance fee for foreign withholding tax claims		(17,125,303	)		—			—			(221,350	)
Total investment income		57,682,366			9,423,729			2,090,455			8,405,865
EXPENSES
Investment advisory fees		11,646,141			6,807,471			470,794			1,183,321
Professional fees		5,186,101			—			—			256,696
Total expenses		16,832,242			6,807,471			470,794			1,440,017
Net investment income		40,850,124			2,616,258			1,619,661			6,965,848
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		(20,779,755	)		(46,368,929	)		(4,606,879	)		(30,426,948	)
Investments — Affiliated		12,363			559			—			—
In-kind redemptions — Unaffiliated		189,319,588			165,645,493			10,552,580			12,753,503
Futures contracts		1,384,213			1,444,249			(20,773	)		216,241
Foreign currency transactions		700,653			86,383			13,149			49,356
Net realized gain (loss)		170,637,062			120,807,755			5,938,077			(17,407,848	)
Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated		437,316,833			65,781,204			18,116,096			79,324,040
Investments — Affiliated		(24,000	)		(3,453	)		—			—
Futures contracts		(31,113	)		(338,074	)		4,933			27,649
Foreign currency translations		(337,916	)		100,396			(274	)		(30,771	)
Net change in unrealized appreciation (depreciation)		436,923,804			65,540,073			18,120,755			79,320,918
Net realized and unrealized gain		607,560,866			186,347,828			24,058,832			61,913,070
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	648,410,990		$	188,964,086		$	25,678,493		$	68,878,918

^(a)  Includes $1,042,437 related to a special distribution from Fiat Chrysler Automobiles NV.

See notes to financial statements.

FINANCIAL    STATEMENTS 27

Statements of Operations (unaudited) (continued)

Six Months Ended February 28, 2021

	iShares MSCI Switzerland ETF
INVESTMENT INCOME
Dividends — Unaffiliated	$	3,922,824
Dividends — Affiliated		368
Securities lending income — Affiliated — net		3,300
Foreign taxes withheld		(756,825	)
Total investment income		3,169,667
EXPENSES
Investment advisory fees		4,325,419
Total expenses		4,325,419
Net investment loss		(1,155,752	)
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		(4,931,450	)
Investments — Affiliated		(1,261	)
In-kind redemptions — Unaffiliated		49,361,603
Futures contracts		1,168,259
Foreign currency transactions		43,691
Net realized gain		45,640,842
Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated		12,903,556
Investments — Affiliated		815
Futures contracts		143,968
Foreign currency translations		(152,474	)
Net change in unrealized appreciation (depreciation)		12,895,865
Net realized and unrealized gain		58,536,707
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	57,380,955

See notes to financial statements.

28 2 0 2 1  I SHARES  SEMI - ANNUAL    REPORT   TO  SHAREHOLDERS

Statements of Changes in Net Assets

		iShares MSCI Eurozone ETF						iShares MSCI Germany ETF
	Six Months Ended							Six Months Ended
		02/28/21 (unaudited)			Year Ended 08/31/20			02/28/21 (unaudited)			Year Ended 08/31/20
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income		$	40,850,124		$	71,152,101		$	2,616,258		$	38,499,665
Net realized gain (loss)			170,637,062			(523,876,065	)		120,807,755			(56,997,366	)
Net change in unrealized appreciation (depreciation)			436,923,804			422,488,413			65,540,073			351,056,768
Net increase (decrease) in net assets resulting from operations			648,410,990			(30,235,551	)		188,964,086			332,559,067
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders			(70,524,279	)		(60,025,448	)		(34,009,213	)		(21,992,516	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions			(335,100,581	)		(664,010,513	)		(472,461,962	)		600,600,371
NET ASSETS
Total increase (decrease) in net assets			242,786,130			(754,271,512	)		(317,507,089	)		911,166,922
Beginning of period			4,477,239,660			5,231,511,172			2,913,851,607			2,002,684,685
End of period		$	4,720,025,790		$	4,477,239,660		$	2,596,344,518		$	2,913,851,607

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

See notes to financial statements.

FINANCIAL  STATEMENTS 29

Statements of Changes in Net Assets (continued)

	iShares MSCI Italy ETF						iShares MSCI Spain ETF
	Six Months Ended 02/28/21 (unaudited)			Year Ended 08/31/20			Six Months Ended 02/28/21 (unaudited)			Year Ended 08/31/20
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	1,619,661		$	3,995,513		$	6,965,848		$	20,845,336
Net realized gain (loss)		5,938,077			(41,988,636	)		(17,407,848	)		(273,683,552	)
Net change in unrealized appreciation (depreciation)		18,120,755			5,131,107			79,320,918			108,503,470
Net increase (decrease) in net assets resulting from operations		25,678,493			(32,862,016	)		68,878,918			(144,334,746	)
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(1,674,100	)		(4,168,452	)		(9,664,836	)		(26,056,692	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		15,530,655			10,218,705			24,323,307			(185,995,710	)
NET ASSETS
Total increase (decrease) in net assets		39,535,048			(26,811,763	)		83,537,389			(356,387,148	)
Beginning of period		208,644,998			235,456,761			468,824,000			825,211,148
End of period	$	248,180,046		$	208,644,998		$	552,361,389		$	468,824,000

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

See notes to financial statements.

30 2 0 2 1  I SHARES  SEMI - ANNUAL    REPORT   TO  SHAREHOLDERS

Statements of Changes in Net Assets (continued)

	iShares MSCI Switzerland ETF
	Six Months Ended 02/28/21 (unaudited)			Year Ended 08/31/20
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income (loss)	$	(1,155,752	)	$	24,179,546
Net realized gain		45,640,842			49,604,806
Net change in unrealized appreciation (depreciation)		12,895,865			156,506,682
Net increase in net assets resulting from operations		57,380,955			230,291,034
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(890,663	)		(23,858,476	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		(95,234,635	)		377,233,178
NET ASSETS
Total increase (decrease) in net assets		(38,744,343	)		583,665,736
Beginning of period		1,721,701,493			1,138,035,757
End of period	$	1,682,957,150		$	1,721,701,493

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

See notes to financial statements.

FINANCIAL  STATEMENTS 31

Financial Highlights

(For a share outstanding throughout each period)

	iShares MSCI Eurozone ETF
	Six Months Ended 02/28/21 (unaudited)				Year Ended 08/31/20			Year Ended 08/31/19			Year Ended 08/31/18			Year Ended 08/31/17			Year Ended 08/31/16
Net asset value, beginning of period		$	39.52		$	37.91		$	41.29		$	41.71		$	34.20		$	36.04
Net investment income(a)			0.37	(b)		0.55			1.05			1.03			0.99			0.92	(b)
Net realized and unrealized gain (loss)(c)			5.68			1.55			(3.22	)		(0.23	)		7.38			(1.84	)
Net increase (decrease) from investment operations			6.05			2.10			(2.17	)		0.80			8.37			(0.92	)
Distributions(d)
From net investment income			(0.62	)		(0.49	)		(1.21	)		(1.22	)		(0.86	)		(0.92	)
Total distributions			(0.62	)		(0.49	)		(1.21	)		(1.22	)		(0.86	)		(0.92	)
Net asset value, end of period		$	44.95		$	39.52		$	37.91		$	41.29		$	41.71		$	34.20
Total Return
Based on net asset value			15.35	%(b)(e)		5.61	%		(5.22	)%		1.87	%		24.72	%		(2.53	)%(b)
Ratios to Average Net Assets
Total expenses			0.73	%(f)		0.51	%		0.49	%		0.47	%		0.49	%		0.48	%
Total expenses excluding professional fees for foreign withholding tax claims			0.50	%(f)		0.51	%		0.49	%		N/A			0.49	%		0.48	%
Net investment income			1.76	%(b)(f)		1.46	%		2.74	%		2.36	%		2.63	%		2.69	%(b)
Supplemental Data
Net assets, end of period (000)		$	4,720,026		$	4,477,240		$	5,231,511		$	9,558,234		$	13,286,216		$	8,293,591
Portfolio turnover rate(g)			3	%(e)		5	%		6	%		5	%		4	%		4	%

^(a)  Based on average shares outstanding.

^(b)  Reflects the one-time, positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the six months ended February 28, 2021 and the year ended August 31, 2016, respectively:

• Net investment income per share by $0.41 and $0.02, respectively.

• Total return by 1.08% and 0.08%, respectively.

• Ratio of net investment income to average net assets by 1.94% and 0.06%, respectively.

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

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

^(e) Not annualized.

^(f) Annualized.

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

See notes to financial statements.

32 2 0 2 1  I SHARES  SEMI - ANNUAL    REPORT   TO  SHAREHOLDERS

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares MSCI Germany ETF
	Six Months Ended 02/28/21 (unaudited)				Year Ended 08/31/20			Year Ended 08/31/19			Year Ended 08/31/18			Year Ended 08/31/17			Year Ended 08/31/16
Net asset value, beginning of period		$	30.16		$	26.28		$	30.36		$	30.71		$	26.18		$	26.34
Net investment income(a)			0.03			0.50			0.65			0.64			0.59			0.49
Net realized and unrealized gain (loss)(b)			2.37			3.66			(3.99	)		(0.16	)		4.54			(0.04	)
Net increase (decrease) from investment operations			2.40			4.16			(3.34	)		0.48			5.13			0.45
Distributions(c)
From net investment income			(0.39	)		(0.28	)		(0.74	)		(0.83	)		(0.60	)		(0.61	)
Total distributions			(0.39	)		(0.28	)		(0.74	)		(0.83	)		(0.60	)		(0.61	)
Net asset value, end of period		$	32.17		$	30.16		$	26.28		$	30.36		$	30.71		$	26.18
Total Return
Based on net asset value			8.01	%(d)		15.98	%		(11.07	)%		1.52	%		19.63	%		1.81	%
Ratios to Average Net Assets
Total expenses			0.50	%(e)		0.51	%		0.49	%		0.47	%		0.49	%		0.48	%
Net investment income			0.19	%(e)		1.85	%		2.38	%		1.99	%		2.08	%		1.90	%
Supplemental Data
Net assets, end of period (000)		$	2,596,345		$	2,913,852		$	2,002,685		$	3,351,228		$	4,809,899		$	3,596,902
Portfolio turnover rate(f)			4	%(d)		4	%		9	%		6	%		3	%		3	%

^(a) Based on average shares outstanding.

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

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

^(d)  Not annualized.

^(e) Annualized.

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

See notes to financial statements.

FINANCIAL    HIGHLIGHTS 33

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares MSCI Italy ETF
		Six Months Ended 02/28/21					Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
		(unaudited)					08/31/20			08/31/19			08/31/18			08/31/17	(a)		08/31/16	(a)
Net asset value, beginning of period			$	25.76		$	26.83		$	27.18		$	30.21		$	22.60		$	29.50
Net investment income(b)				0.24	(c)		0.43			1.00			0.82			0.57			0.66
Net realized and unrealized gain (loss)(d)				4.32			(1.05	)		(0.12	)		(2.86	)		7.76			(6.82	)
Net increase (decrease) from investment operations				4.56			(0.62	)		0.88			(2.04	)		8.33			(6.16	)
Distributions(e)
From net investment income				(0.24	)		(0.45	)		(1.23	)		(0.99	)		(0.72	)		(0.72	)
Return of capital				—			—			—			—			—			(0.02	)
Total distributions				(0.24	)		(0.45	)		(1.23	)		(0.99	)		(0.72	)		(0.74	)
Net asset value, end of period			$	30.08		$	25.76		$	26.83		$	27.18		$	30.21		$	22.60
Total Return
Based on net asset value				17.73	%(f)		(2.29	)%		3.46	%		(6.98	)%		37.37	%		(20.97	)%
Ratios to Average Net Assets
Total expenses				0.50	%(g)		0.51	%		0.49	%		0.47	%		0.49	%		0.48	%
Net investment income				1.73	%(c)(g)		1.64	%		3.72	%		2.64	%		2.59	%		2.54	%
Supplemental Data
Net assets, end of period (000)			$	248,180		$	208,645		$	235,457		$	405,625		$	840,630		$	461,031
Portfolio turnover rate(h)				12	%(f)		16	%		13	%		10	%		18	%		16	%

^(a)  Per share amounts reflect a one-for-two reverse stock split effective after the close of trading on November 4, 2016.

^(b) Based on average shares outstanding.

^(c)  Includes a one-time special distribution from Fiat Chrysler Automobiles NV. Excluding such special distribution, the net investment income would have been $0.08 per share and 0.62% of average net assets.

^(d) 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.

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

^(f)  Not annualized.

^(g) Annualized.

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

See notes to financial statements.

34 2 0 2 1  I SHARES  SEMI - ANNUAL    REPORT   TO  SHAREHOLDERS

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares MSCI Spain ETF
	Six Months Ended 02/28/21 (unaudited)				Year Ended 08/31/20			Year Ended 08/31/19			Year Ended 08/31/18			Year Ended 08/31/17			Year Ended 08/31/16
Net asset value, beginning of period		$	23.15		$	26.71		$	29.85		$	33.63		$	26.49		$	31.96
Net investment income(a)			0.37	(b)		0.77			1.04			0.99			0.94			1.00
Net realized and unrealized gain (loss)(c)			4.24			(3.44	)		(3.26	)		(3.72	)		7.19			(5.40	)
Net increase (decrease) from investment operations			4.61			(2.67	)		(2.22	)		(2.73	)		8.13			(4.40	)
Distributions(d)
From net investment income			(0.48	)		(0.89	)		(0.92	)		(1.05	)		(0.99	)		(1.07	)
Total distributions			(0.48	)		(0.89	)		(0.92	)		(1.05	)		(0.99	)		(1.07	)
Net asset value, end of period		$	27.28		$	23.15		$	26.71		$	29.85		$	33.63		$	26.49
Total Return
Based on net asset value			19.92	%(b)(e)		(10.44	)%		(7.53	)%		(8.28	)%		31.48	%		(13.82	)%
Ratios to Average Net Assets
Total expenses			0.61	%(f)		0.51	%		0.50	%		0.47	%		0.49	%		0.48	%
Total expenses excluding professional fees for foreign withholding tax claims			0.50	%(f)		0.51	%		N/A			N/A			N/A			N/A
Net investment income			2.95	%(b)(f)		2.99	%		3.65	%		3.02	%		3.10	%		3.53	%
Supplemental Data
Net assets, end of period (000)		$	552,361		$	468,824		$	825,211		$	875,442		$	1,528,533		$	599,944
Portfolio turnover rate(g)			15	%(e)		19	%		12	%		21	%		16	%		9	%

^(a)  Based on average shares outstanding.

^(b) Reflects the one-time, positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the period ended February 28, 2021:

• Net investment income per share by $0.11.

• Total return by 0.49%.

• Ratio of net investment income to average net assets by 0.89%.

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

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

^(e) Not annualized.

^(f) Annualized.

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

See notes to financial statements.

FINANCIAL    HIGHLIGHTS 35

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares MSCI Switzerland ETF
		Six Months Ended 02/28/21 (unaudited)					Year Ended 08/31/20			Year Ended 08/31/19			Year Ended 08/31/18			Year Ended 08/31/17			Year Ended 08/31/16
Net asset value, beginning of period			$	41.87		$	37.31		$	34.91		$	34.27		$	30.22		$	31.90
Net investment income (loss)(a)				(0.03	)		0.73			0.72			0.66			0.69			0.81
Net realized and unrealized gain (loss)(b)				1.47			4.45			2.43			0.79			4.11			(1.70	)
Net increase (decrease) from investment operations				1.44			5.18			3.15			1.45			4.80			(0.89	)
Distributions(c)
From net investment income				(0.02	)		(0.62	)		(0.75	)		(0.81	)		(0.75	)		(0.79	)
Total distributions				(0.02	)		(0.62	)		(0.75	)		(0.81	)		(0.75	)		(0.79	)
Net asset value, end of period			$	43.29		$	41.87		$	37.31		$	34.91		$	34.27		$	30.22
Total Return
Based on net asset value				3.45	%(d)		14.07	%		9.07	%		4.43	%		15.90	%		(2.76	)%
Ratios to Average Net Assets
Total expenses				0.50	%(e)		0.51	%		0.50	%		0.47	%		0.49	%		0.48	%
Net investment income (loss)				(0.13	)%(e)		1.89	%		2.06	%		1.91	%		2.18	%		2.68	%
Supplemental Data
Net assets, end of period (000)			$	1,682,957		$	1,721,701		$	1,138,036		$	1,034,086		$	1,259,258		$	1,091,735
Portfolio turnover rate(f)				5	%(d)		16	%		11	%		9	%		13	%		6	%

^(a) Based on average shares outstanding.

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

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

^(d) Not annualized.

^(e) Annualized.

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

See notes to financial statements.

36 2 0 2 1  I SHARES  SEMI - ANNUAL    REPORT   TO  SHAREHOLDERS

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 Eurozone		Diversified
MSCI Germany		Non-diversified
MSCI Italy		Non-diversified
MSCI Spain		Non-diversified
MSCI Switzerland		Non-diversified

2. SIGNIFICANT ACCOUNTING POLICIES

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

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

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 statement 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 statement 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, 2021, if any, are disclosed in the statement 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 statement of operations includes tax reclaims recorded as well as professional and other fees, if any, associated with recovery of foreign withholding taxes.

Segregation and Collateralization: In cases where a Fund enters into certain investments (e.g., futures contracts) that would be treated as “senior securities” for 1940 Act purposes, a Fund may segregate or designate on its books and record cash or liquid assets having a market value at least equal to the amount of its future obligations under such investments. Doing so allows the investment to be excluded from treatment as a “senior security.” Furthermore, if required by an exchange or counterparty agreement, the Funds may be required to deliver/deposit cash and/or securities to/with an exchange, or broker-dealer or custodian as collateral for certain investments or obligations.

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

NOTES   TO    FINANCIAL    STATEMENTS 37

Notes to Financial Statements (unaudited) (continued)

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

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

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

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

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

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

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

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

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

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

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

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

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

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

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

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

38 2 0 2 1  I SHARES  SEMI - ANNUAL    REPORT   TO   SHAREHOLDERS

Notes to Financial Statements (unaudited) (continued)

on loan. The market value of the loaned securities is determined at the close of each business day of the Fund and any additional required collateral is delivered to the Fund or excess collateral is returned by the Fund, on the next business day. During the term of the loan, each Fund is entitled to all distributions made on or in respect of the loaned securities but does not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

As of period end, any securities on loan were collateralized by cash and/or U.S. Government obligations. Cash collateral invested in money market funds managed by BlackRock Fund Advisors (“BFA”), the Funds’ investment adviser, or its affiliates is disclosed in the schedules 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 as of February 28, 2021:

iShares ETF and Counterparty		Market Value of Securities on Loan		Cash Collateral Received	(a)		Non-Cash Collateral Received		Net Amount
MSCI Eurozone
Morgan Stanley & Co. LLC	$	3,969,912	$	3,969,912		$	—	$	—
MSCI Germany
Credit Suisse AG	$	7,462,029	$	7,462,029		$	—	$	—
Morgan Stanley & Co. LLC		7,059,078		7,059,078			—		—
	$	14,521,107	$	14,521,107		$	—	$	—

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

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 statement 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 statement 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 statement of assets and liabilities. When the contract is closed, a realized gain or loss is recorded in the statement 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.

NOTES   TO    FINANCIAL    STATEMENTS 39

Notes to Financial Statements (unaudited) (continued)

6. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

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

For its investment advisory services to each Fund, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Funds, based on each Fund’s allocable portion of the aggregate of the average daily net assets of the Fund and certain other iShares funds, as follows:

Aggregate Average Daily Net Assets	Investment Advisory Fee
First $7 billion		0.59	%
Over $7 billion, up to and including $11 billion		0.54
Over $11 billion, up to and including $24 billion		0.49
Over $24 billion, up to and including $48 billion		0.44
Over $48 billion, up to and including $72 billion		0.40
Over $72 billion, up to and including $96 billion		0.36
Over $96 billion		0.32

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. 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 statement of operations. For the six months ended February 28, 2021, the Funds paid BTC the following amounts for securities lending agent services:

iShares ETF	Fees Paid to BTC
MSCI Eurozone	$	63,393
MSCI Germany		28,586
MSCI Switzerland		826

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, 2021, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:

40 2 0 2 1  I SHARES  SEMI - ANNUAL    REPORT   TO  SHAREHOLDERS

Notes to Financial Statements (unaudited) (continued)

iShares ETF	Purchases		Sales		Net Realized Gain (Loss)
MSCI Eurozone	$	16,819,804	$	16,732,888	$	(12,105,783	)
MSCI Germany		14,398,146		10,661,147		(8,053,262	)
MSCI Italy		7,587,575		3,420,065		(446,593	)
MSCI Spain		22,567,198		7,627,981		(6,037,406	)
MSCI Switzerland		63,069,812		24,078,971		(801,008	)

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 statement 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, 2021, purchases and sales of investments, excluding short-term investments and in-kind transactions, were as follows:

iShares ETF	Purchases		Sales
MSCI Eurozone	$	204,198,035	$	149,183,783
MSCI Germany		93,835,604		100,690,758
MSCI Italy		22,244,455		22,400,418
MSCI Spain		71,338,650		71,879,388
MSCI Switzerland		77,943,034		80,717,672

For the six months ended February 28, 2021, in-kind transactions were as follows:

iShares ETF	In-kind Purchases		In-kind Sales
MSCI Eurozone	$	397,344,549	$	795,342,209
MSCI Germany		383,117,111		852,792,490
MSCI Italy		140,363,913		124,779,773
MSCI Spain		202,306,912		186,677,050
MSCI Switzerland		88,231,171		181,627,323

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, 2021, 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, 2020, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:

iShares ETF	Non-Expiring
MSCI Eurozone	$	676,024,734
MSCI Germany		276,948,379
MSCI Italy		209,359,692
MSCI Spain		295,884,852
MSCI Switzerland		76,676,094

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, 2021, 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:

NOTES   TO    FINANCIAL    STATEMENTS 41

Notes to Financial Statements (unaudited) (continued)

iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
MSCI Eurozone	$	4,968,937,683	$	684,829,806	$	(926,559,029	)	$	(241,729,223	)
MSCI Germany		2,859,053,160		240,073,777		(502,470,020	)		(262,396,243	)
MSCI Italy		276,633,423		8,356,125		(36,793,288	)		(28,437,163	)
MSCI Spain		707,039,249		9,292,077		(167,728,188	)		(158,436,111	)
MSCI Switzerland		1,470,057,087		218,028,926		(16,757,598	)		201,271,328

9. PRINCIPAL RISKS

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

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

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

Market Risk: An outbreak of respiratory disease caused by a novel coronavirus has developed into a global pandemic and has resulted in closing borders, quarantines, disruptions to supply chains and customer activity, as well as general concern and uncertainty. The impact of this pandemic, and other global health crises that may arise in the future, could affect the economies of many nations, individual companies and the market in general in ways that cannot necessarily be foreseen at the present time. This pandemic may result in substantial market volatility and may adversely impact the prices and liquidity of a fund’s investments. The duration of this pandemic and its effects cannot be determined with certainty.

Valuation Risk: The market values of equities, such as common stocks and preferred securities or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company. They may also decline due to factors which affect a particular industry or industries. A fund may invest in illiquid investments. An illiquid investment is any investment that a fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. A fund may experience difficulty in selling illiquid investments in a timely manner at the price that it believes the investments are worth. Prices may fluctuate widely over short or extended periods in response to company, market or economic news. Markets also tend to move in cycles, with periods of rising and falling prices. This volatility may cause a fund’s NAV to experience significant increases or decreases over short periods of time. If there is a general decline in the securities and other markets, the NAV of a fund may lose value, regardless of the individual results of the securities and other instruments in which a fund invests.

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

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

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

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

42 2 0 2 1  I SHARES  SEMI - ANNUAL    REPORT   TO   SHAREHOLDERS

Notes to Financial Statements (unaudited) (continued)

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. 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 Europe or with significant exposure to European issuers or countries. The European financial markets have recently experienced volatility and adverse trends due to concerns about economic downturns in, or rising government debt levels of, several European countries. These events may spread to other countries in Europe and may affect the value and liquidity of certain of the Funds’ investments.

Responses to the financial problems by European governments, central banks and others, including austerity measures and reforms, may not work, may result in social unrest and may limit future growth and economic recovery or have other unintended consequences. Further defaults or restructurings by governments and others of their debt could have additional adverse effects on economies, financial markets and asset valuations around the world. In addition, the United Kingdom has withdrawn from the European Union, and one or more other countries may withdraw from the European Union and/or abandon the Euro, the common currency of the European Union. The impact of these actions, especially if they occur in a disorderly fashion, is not clear but could be significant and far reaching.

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

LIBOR Transition Risk: The United Kingdom’s Financial Conduct Authority announced a phase out of the London Interbank Offered Rate (“LIBOR”) by the end of 2021, and it is expected that LIBOR will cease to be published after that time. The Funds may be exposed to financial instruments tied to LIBOR to determine payment obligations, financing terms, hedging strategies or investment value. The transition process away from LIBOR might lead to increased volatility and illiquidity in markets for, and reduce the effectiveness of new hedges placed against, instruments whose terms currently include LIBOR. The ultimate effect of the LIBOR transition process on the Funds is uncertain.

10. 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 02/28/21						Year Ended 08/31/20
iShares ETF	Shares			Amount			Shares			Amount
MSCI Eurozone
Shares sold		10,600,000		$	470,788,064			30,800,000		$	1,189,725,798
Shares redeemed		(18,900,000	)		(805,888,645	)		(55,500,000	)		(1,853,736,311	)
Net decrease		(8,300,000	)	$	(335,100,581	)		(24,700,000	)	$	(664,010,513	)
MSCI Germany
Shares sold		12,600,000		$	385,715,210			54,600,000		$	1,453,163,218
Shares redeemed		(28,500,000	)		(858,177,172	)		(34,200,000	)		(852,562,847	)
Net increase (decrease)		(15,900,000	)	$	(472,461,962	)		20,400,000		$	600,600,371
MSCI Italy
Shares sold		4,950,000		$	144,956,553			7,575,000		$	200,938,363
Shares redeemed		(4,800,000	)		(129,425,898	)		(8,250,000	)		(190,719,658	)
Net increase (decrease)		150,000		$	15,530,655			(675,000	)	$	10,218,705
MSCI Spain
Shares sold		8,250,000		$	222,110,871			14,400,000		$	362,119,221
Shares redeemed		(8,250,000	)		(197,787,564	)		(25,050,000	)		(548,114,931	)
Net increase (decrease)		—		$	24,323,307			(10,650,000	)	$	(185,995,710	)
MSCI Switzerland
Shares sold		2,125,000		$	89,976,157			20,625,000		$	762,493,628
Shares redeemed		(4,375,000	)		(185,210,792	)		(10,000,000	)		(385,260,450	)
Net increase (decrease)		(2,250,000	)	$	(95,234,635	)		10,625,000		$	377,233,178

NOTES   TO    FINANCIAL    STATEMENTS 43

Notes to Financial Statements (unaudited) (continued)

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 statement of assets and liabilities.

11. FOREIGN WITHHOLDING TAX CLAIMS

The iShares MSCI Eurozone ETF and iShares MSCI Spain ETF are expected to seek a closing agreement with the Internal Revenue Service (“IRS”) to address any prior years’ U.S. income tax liabilities attributable to Fund shareholders resulting from the recovery of foreign taxes. The closing agreement would result in the Funds paying a compliance fee to the IRS, on behalf of its shareholders, representing the estimated tax savings generated from foreign tax credits claimed by Fund shareholders on their tax returns in prior years. The Funds have accrued a liability for the estimated IRS compliance fee related to foreign withholding tax claims, which is disclosed in the statement of assets and liabilities. The actual IRS compliance fee may differ from the estimate and that difference may be material.

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.

44 2 0 2 1  I SHARES  SEMI - ANNUAL    REPORT   TO  SHAREHOLDERS

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 Eurozone ETF, iShares MSCI Germany ETF, iShares MSCI Italy ETF, iShares MSCI Spain ETF and iShares MSCI Switzerland 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 2, 2020 (the “Meeting”) to review the Program. The Board previously appointed BlackRock Fund Advisors (“BlackRock”), the investment adviser to the Funds, as the program administrator for each Fund’s Program. BlackRock also previously delegated oversight of the Program to the 40 Act Liquidity Risk Management Committee (the “Committee”). At the Meeting, the Committee, on behalf of BlackRock, provided the Board with a report that addressed the operation of the Program and assessed its adequacy and effectiveness of implementation, including the management of each Fund’s Highly Liquid Investment Minimum (“HLIM”) where applicable, and any material changes to the Program (the “Report”). The Report covered the period from October 1, 2019 through September 30, 2020 (the “Program Reporting Period”).

The Report described the Program’s liquidity classification methodology for categorizing a Fund’s investments (including derivative transactions) into one of four liquidity buckets. It also referenced the methodology used by BlackRock to establish a Fund’s HLIM and noted that the Committee reviews and ratifies the HLIM assigned to each Fund no less frequently than annually. The Report also discussed notable events affecting liquidity over the Program Reporting Period, including extended market holidays and closures in certain countries and the impact of the coronavirus outbreak on the Funds and the overall market.

The Report noted that the Program complied with the key factors for consideration under the Liquidity Rule for assessing, managing and periodically reviewing a Fund’s liquidity risk, as follows:

a) 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 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.

b) 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.

c) Holdings of cash and cash equivalents, as well as borrowing arrangements. The Committee considered that ETFs generally do not hold more than de minimis amounts of cash. While the ETFs generally do not engage in borrowing, certain of the ETFs have the flexibility to draw on a line of credit to meet redemption requests or facilitate settlements.

d) The relationship between an ETF’s portfolio liquidity and the way in which, and the prices and spreads at which, ETF shares trade, including the efficiency of the arbitrage function and the level of active participation by market participants, including authorized participants. The Committee monitored the prevailing bid/ask spread and the ETF price premium (or discount) to NAV for all ETFs and reviewed any persistent deviations from long-term averages.

e) The effect of the composition of baskets on the overall liquidity of an ETF’s portfolio. In reviewing the linkage between the composition of custom baskets accepted by an ETF and any significant change in the liquidity profile of such ETF, the Committee reviewed changes in the proportion of each ETF’s portfolio comprised of less liquid and illiquid holdings to determine if applicable thresholds were met requiring enhanced review.

As part of BlackRock’s continuous review of the effectiveness of the Program, the Committee made the following enhancements to the Program: (1) certain single country emerging market ETFs were added to a $300 million credit agreement with State Street Bank and Trust Company; and (2) certain updates were made to the RATS and HLIM calculation 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.

STATEMENT  REGARDING  LIQUIDITY  RISK  MANAGEMENT  PROGRAM 45

Supplemental Information (unaudited)

Regulation Regarding Derivatives

On October 28, 2020, the Securities and Exchange Commission (the “SEC”) adopted new regulations governing the use of derivatives by registered investment companies (“Rule 18f-4”). The Funds will be required to implement and comply with Rule 18f-4 by August 19, 2022. Once implemented, Rule 18f-4 will impose limits on the amount of derivatives a fund can enter into, eliminate the asset segregation framework currently used by funds to comply with Section 18 of the 1940 Act, treat derivatives as senior securities and require funds whose use of derivatives is more than a limited specified exposure amount to establish and maintain a comprehensive derivatives risk management program and appoint a derivatives risk manager.

Section 19(a) Notices

The amounts and sources of distributions reported are estimates and are being provided pursuant to regulatory requirements and are not being provided for tax reporting purposes. The actual amounts and sources for tax reporting purposes will depend upon each Fund’s investment experience during the year and may be subject to changes based on tax regulations. Shareholders will receive a Form 1099-DIV each calendar year that will inform them how to report these distributions for federal income tax purposes.

February 28, 2021

	Total Cumulative Distributions for the Fiscal Year-to-Date								% Breakdown of the Total Cumulative Distributions for the Fiscal Year-to-Date
iShares ETF	Net Investment Income		Net Realized Capital Gains		Return of Capital		Total Per Share		Net Investment Income			Net Realized Capital Gains			Return of Capital			Total Per Share
MSCI Eurozone(a)	$	0.613684	$	—	$	0.009322	$	0.623006		99	%		—	%		1	%		100	%
MSCI Spain(a)		0.377325		—		0.101705		0.479030		79			—			21			100

^(a)  The Fund estimates that it has distributed more than its net investment income and net realized capital gains; therefore, a portion of the distribution may be a return of capital. A return of capital may occur, for example, when some or all of the shareholder’s investment in the Fund is returned to the shareholder. A return of capital does not necessarily reflect the Fund’s investment performance and should not be confused with “yield” or “income”. When distributions exceed total return performance, the difference will incrementally reduce the Fund’s net asset value per share.

46 2 0 2 1  I SHARES  SEMI - ANNUAL    REPORT   TO  SHAREHOLDERS

General Information

Electronic Delivery

Shareholders can sign up for email 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 47

Glossary of Terms Used in this Report

Portfolio Abbreviations - Equity
NVS	Non-Voting Shares

48 2 0 2 1  I SHARES  SEMI - ANNUAL    REPORT   TO  SHAREHOLDERS

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.

©2021 BlackRock, Inc. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.

iS-SAR-807-0221

        

FEBRUARY 28, 2021

2021 Semi-Annual Report

(Unaudited)

iShares, Inc.

·  iShares MSCI Hong Kong ETF | EWH | NYSE Arca

·  iShares MSCI Japan Small-Cap ETF | SCJ | NYSE Arca

·  iShares MSCI Malaysia ETF | EWM | NYSE Arca

·  iShares MSCI Pacific ex Japan ETF | EPP | NYSE Arca

·  iShares MSCI Singapore ETF | EWS | NYSE Arca

·  iShares MSCI Taiwan ETF | EWT | NYSE Arca

·  iShares MSCI Thailand ETF | THD | NYSE Arca

The Markets in Review

Dear Shareholder,

The 12-month reporting period as of February 28, 2021 reflected a remarkable period of disruption and adaptation, as the global economy dealt with the implications of the coronavirus (or “COVID-19”) pandemic. As the period began, the threat from the virus was becoming increasingly apparent, and countries around the world took economically disruptive countermeasures. Stay-at-home orders and closures of non-essential businesses became widespread, many workers were laid off, and unemployment claims spiked, causing a global recession and a sharp fall in equity prices.

After markets hit their lowest point of the reporting period in late March 2020, a steady recovery ensued, as businesses began to re-open and governments learned to adapt to life with the virus. Equity prices continued to rise throughout the summer, fed by strong fiscal and monetary support and improving economic indicators. Many equity indices neared or surpassed all-time highs late in the reporting period following the implementation of mass vaccination campaigns and progress of additional stimulus through the U.S. Congress. In the United States, both large- and small-capitalization stocks posted a significant advance. International equities also gained, as both developed countries and emerging markets rebounded substantially from lows in late March 2020.

During the market downturn, the performance of different types of fixed-income securities initially diverged due to a reduced investor appetite for risk. U.S. Treasuries benefited from the risk-off environment, as the 10-year U.S. Treasury yield (which is inversely related to bond prices) dropped to historic lows. However, inflation risk from a rapidly expanding economy raised yields late in the reporting period, leading to a negative overall return for most U.S. Treasuries. In the corporate bond market, support from the U.S. Federal Reserve (the “Fed”) assuaged credit concerns and both investment-grade and high-yield bonds recovered to post positive returns.

Following the coronavirus outbreak, the Fed instituted two emergency interest rate cuts, pushing short-term interest rates, already low as the year began, close to zero. To stabilize credit markets, the Fed also implemented a new bond-buying program, as did several other central banks around the world, including the European Central Bank and the Bank of Japan.

Looking ahead, while coronavirus-related disruptions have clearly hindered worldwide economic growth, we believe that the global expansion will continue to accelerate as vaccination efforts ramp up and pent-up consumer demand leads to higher spending. In early 2021, Congress passed one of the largest economic rescue packages in U.S. history, which should provide a solid tailwind for economic growth. Inflation is likely to increase somewhat as the expansion continues, but a shift in central bank policy means that moderate inflation is less likely to be followed by interest rate hikes that could threaten the equity expansion.

Overall, we favor a positive stance toward risk, with an overweight in equities. We see U.S. and Asian equities outside of Japan benefiting from structural growth trends in tech, while emerging markets should be particularly helped by a vaccine-led economic expansion. While we are neutral overall on credit, rising inflation should provide tailwinds for inflation-protected bonds, and global high-yield and Asian bonds also present attractive opportunities. We believe that international diversification and a focus on sustainability can help provide portfolio resilience, and the disruption created by the coronavirus appears to be accelerating the shift toward sustainable investments.

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

Sincerely,

Rob Kapito

President, BlackRock, Inc.

Rob Kapito

President, BlackRock, Inc.

Total Returns as of February 28, 2021
	6-Month	12-Month
U.S. large cap equities (S&P 500® Index)	9.74%	31.29%
U.S. small cap equities (Russell 2000® Index)	41.69	51.00
International equities (MSCI Europe, Australasia, Far East Index)	14.33	22.46
Emerging market equities (MSCI Emerging Markets Index)	22.32	36.05
3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)	0.06	0.40
U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)	(6.34)	(1.96)
U.S. investment grade bonds (Bloomberg Barclays U.S. Aggregate Bond Index)	(1.55)	1.38
Tax-exempt municipal bonds (S&P Municipal Bond Index)	0.92	1.22
U.S. high yield bonds (Bloomberg Barclays U.S. Corporate High Yield 2% Issuer Capped Index)	6.08	9.31
Past performance is no guarantee of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.

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

Table of Contents

	Page
The Markets in Review	2
Fund Summary	4
About Fund Performance	11
Shareholder Expenses	11
Schedules of Investments	12
Financial Statements
Statements of Assets and Liabilities	42
Statements of Operations	44
Statements of Changes in Net Assets	46
Financial Highlights	50
Notes to Financial Statements	57
Statement Regarding Liquidity Risk Management Program	66
Supplemental Information	67
General Information	68
Glossary of Terms Used in this Report	69

Fund Summary as of February 28, 2021 iShares^® MSCI Hong Kong ETF

Investment Objective

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

Performance

				Average Annual Total Returns									Cumulative Total Returns
	6 Months			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		16.32	%		18.98	%		11.43	%		6.76	%		18.98	%		71.81	%		92.31	%
Fund Market		16.96			17.63			11.25			6.68			17.63			70.38			90.99
Index(a)		16.67			19.68			12.01			7.34			19.68			76.28			103.07
MSCI Hong Kong Index		16.94			19.96			12.06			7.37			19.96			76.69			103.55
MSCI Hong Kong 25/50 Index(b)		16.67			N/A			N/A			N/A			N/A			N/A			N/A

^(a)  Index performance through August 31, 2020 reflects the performance of the MSCI Hong Kong Index. Index performance beginning on September 1, 2020 reflects the performance of the MSCI Hong Kong 25/50 Index, which, effective as of September 1, 2020, replaced the MSCI Hong Kong Index as the underlying index of the fund.

^(b)  The inception date of the MSCI Hong Kong 25/50 Index was March 27, 2020.

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 11 for more information.

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value (09/01/20)	Ending Account Value (02/28/21)	Expenses Paid During the Period	(a)		Beginning Account Value (09/01/20)	Ending Account Value (02/28/21)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$      1,000.00	$      1,163.20	$        2.68			$      1,000.00	$      1,022.30	$        2.51		0.50	%

^(a)  Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (181 days) and divided by the number of days in the year (365 days). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” on page 11 for more information.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of Total Investments	(a)
Financials	40.8	%
Real Estate	22.1
Industrials	14.1
Utilities	9.2
Consumer Discretionary	8.4
Consumer Staples	2.8
Communication Services	1.7
Information Technology	0.9

TEN LARGEST HOLDINGS

Security	Percent of Total Investments	(a)
AIA Group Ltd.	21.3	%
Hong Kong Exchanges & Clearing Ltd.	13.5
Sun Hung Kai Properties Ltd.	4.4
Techtronic Industries Co. Ltd.	4.0
CK Hutchison Holdings Ltd.	3.9
Galaxy Entertainment Group Ltd.	3.7
Link REIT	3.7
Hong Kong & China Gas Co. Ltd.	3.1
CLP Holdings Ltd.	3.1
CK Asset Holdings Ltd.	2.9

^(a)  Excludes money market funds.

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Fund Summary as of February 28, 2021 iShares^® MSCI Japan Small-Cap ETF

Investment Objective

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

Performance

				Average Annual Total Returns									Cumulative Total Returns
	6 Months			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		12.14	%		24.32	%		9.87	%		7.18	%		24.32	%		60.11	%		99.99	%
Fund Market		13.55			26.95			10.17			7.16			26.95			62.32			99.59
Index		12.29			24.62			10.15			7.54			24.62			62.13			106.91

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 11 for more information.

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value (09/01/20)	Ending Account Value (02/28/21)	Expenses Paid During the Period	(a)		Beginning Account Value (09/01/20)	Ending Account Value (02/28/21)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$      1,000.00	$      1,121.40	$        2.63			$      1,000.00	$      1,022.30	$        2.51		0.50	%

^(a)  Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (181 days) and divided by the number of days in the year (365 days). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” on page 11 for more information.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of Total Investments	(a)
Industrials	24.4	%
Consumer Discretionary	15.4
Information Technology	12.8
Real Estate	10.9
Materials	10.2
Consumer Staples	8.7
Financials	6.7
Health Care	5.6
Communication Services	3.2
Utilities	1.3
Energy	0.8

TEN LARGEST HOLDINGS

Security	Percent of Total Investments	(a)
Taiyo Yuden Co. Ltd.	0.7	%
Advance Residence Investment Corp.	0.5
Sushiro Global Holdings Ltd.	0.5
NOF Corp.	0.5
Mitsui OSK Lines Ltd.	0.4
Ebara Corp.	0.4
COMSYS Holdings Corp.	0.4
Sojitz Corp.	0.4
Haseko Corp.	0.4
Sekisui House REIT Inc.	0.4

^(a)  Excludes money market funds.

F U N D   S U M M A R Y 5

Fund Summary as of February 28, 2021 iShares^® MSCI Malaysia ETF

Investment Objective

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

Performance

				Average Annual Total Returns									Cumulative Total Returns
	6 Months			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		3.96	%		10.44	%		1.53	%		(0.55	)%		10.44	%		7.87	%		(5.41	)%
Fund Market		2.53			8.98			1.18			(0.76	)		8.98			6.04			(7.32	)
Index		4.01			10.68			1.87			(0.21	)		10.68			9.70			(2.05	)

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 11 for more information.

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value (09/01/20)	Ending Account Value (02/28/21)	Expenses Paid During the Period	(a)		Beginning Account Value (09/01/20)	Ending Account Value (02/28/21)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$      1,000.00	$      1,039.60	$        2.53			$      1,000.00	$      1,022.30	$        2.51		0.50	%

^(a)  Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (181 days) and divided by the number of days in the year (365 days). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” on page 11 for more information.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of Total Investments	(a)
Financials	32.3	%
Consumer Staples	14.4
Health Care	14.3
Communication Services	8.5
Industrials	7.9
Utilities	7.8
Materials	6.8
Energy	4.0
Consumer Discretionary	4.0

TEN LARGEST HOLDINGS

Security	Percent of Total Investments	(a)
Public Bank Bhd	13.1	%
Malayan Banking Bhd	6.8
CIMB Group Holdings Bhd	6.0
Top Glove Corp. Bhd	5.6
Tenaga Nasional Bhd	5.0
Petronas Chemicals Group Bhd	3.8
Hartalega Holdings Bhd	3.7
Press Metal Aluminium Holdings Bhd	3.0
Petronas Gas Bhd	2.8
Dialog Group Bhd	2.8

^(a)  Excludes money market funds.

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Fund Summary as of February 28, 2021 iShares^® MSCI Pacific ex Japan ETF

Investment Objective

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

Performance

				Average Annual Total Returns									Cumulative Total Returns
	6 Months			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		16.69	%		21.05	%		11.33	%		4.73	%		21.05	%		71.00	%		58.79	%
Fund Market		17.98			20.43			11.31			4.67			20.43			70.85			57.85
Index		16.93			21.59			11.80			5.16			21.59			74.69			65.43

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 11 for more information.

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value (09/01/20)	Ending Account Value (02/28/21)	Expenses Paid During the Period	(a)		Beginning Account Value (09/01/20)	Ending Account Value (02/28/21)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$      1,000.00	$      1,166.90	$        2.58			$      1,000.00	$      1,022.40	$        2.41		0.48	%

^(a)  Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (181 days) and divided by the number of days in the year (365 days). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” on page 11 for more information.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of Total Investments	(a)
Financials	38.4	%
Materials	12.7
Real Estate	11.4
Industrials	7.8
Health Care	7.4
Consumer Discretionary	5.9
Consumer Staples	4.9
Utilities	3.7
Communication Services	2.8
Information Technology	2.5
Energy	2.5

GEOGRAPHIC ALLOCATION

Country/Geographic Region	Percent of Total Investments	(a)
Australia	59.4	%
Hong Kong	28.8
Singapore	9.0
New Zealand	2.8
Malta	0.0	(b)

^(a)  Excludes money market funds.

^(b)  Rounds to less than 0.1%.

F U N D   S U M M A R Y 7

Fund Summary as of February 28, 2021 iShares^® MSCI Singapore ETF

Investment Objective

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

Performance

				Average Annual Total Returns									Cumulative Total Returns
	6 Months			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		18.26	%		5.86	%		6.69	%		2.24	%		5.86	%		38.21	%		24.86	%
Fund Market		17.74			3.83			6.56			2.13			3.83			37.37			23.42
Index		18.56			6.39			7.22			2.68			6.39			41.68			30.31

Index performance through November 30, 2016 reflects the performance of the MSCI Singapore Index. Index performance beginning on December 1, 2016 reflects the performance of the MSCI Singapore 25/50 Index.

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 11 for more information.

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value (09/01/20)	Ending Account Value (02/28/21)	Expenses Paid During the Period	(a)		Beginning Account Value (09/01/20)	Ending Account Value (02/28/21)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$      1,000.00	$      1,182.60	$        2.71			$      1,000.00	$      1,022.30	$        2.51		0.50	%

^(a)  Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (181 days) and divided by the number of days in the year (365 days). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” on page 11 for more information.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of Total Investments	(a)
Financials	50.0	%
Real Estate	22.5
Industrials	12.1
Communication Services	4.4
Consumer Staples	4.3
Information Technology	3.4
Consumer Discretionary	3.3

TEN LARGEST HOLDINGS

Security	Percent of Total Investments	(a)
DBS Group Holdings Ltd.	19.7	%
Oversea-Chinese Banking Corp. Ltd.	14.8
United Overseas Bank Ltd.	11.4
Singapore Telecommunications Ltd.	4.4
Wilmar International Ltd.	4.3
Ascendas REIT	4.3
Keppel Corp. Ltd.	4.3
Singapore Airlines Ltd.	4.2
Singapore Exchange Ltd.	4.1
Singapore Technologies Engineering Ltd.	3.6

^(a)  Excludes money market funds.

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Fund Summary as of February 28, 2021 iShares^® MSCI Taiwan ETF

Investment Objective

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

Performance

				Average Annual Total Returns									Cumulative Total Returns
	6 Months			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		34.72	%		55.29	%		20.81	%		9.95	%		55.29	%		157.38	%		158.09	%
Fund Market		35.51			58.70			20.90			9.85			58.70			158.29			155.79
Index		35.28			56.06			21.57			10.53			56.06			165.49			172.21

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

Index performance through November 30, 2016 reflects the performance of the MSCI Taiwan Index. Index performance beginning on December 1, 2016 reflects the performance of the MSCI Taiwan 25/50 Index.

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 11 for more information.

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value (09/01/20)	Ending Account Value (02/28/21)	Expenses Paid During the Period	(a)		Beginning Account Value (09/01/20)	Ending Account Value (02/28/21)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$      1,000.00	$      1,347.20	$        3.32			$      1,000.00	$      1,022.00	$        2.86		0.57	%

^(a)  Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (181 days) and divided by the number of days in the year (365 days). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” on page 11 for more information.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of Total Investments	(a)
Information Technology	63.5	%
Financials	15.6
Materials	7.0
Consumer Discretionary	3.9
Industrials	3.1
Communication Services	3.0
Consumer Staples	2.0
Other (each representing less than 1%)	1.9

TEN LARGEST HOLDINGS

Security	Percent of Total Investments	(a)
Taiwan Semiconductor Manufacturing Co. Ltd.	21.4	%
Hon Hai Precision Industry Co. Ltd.	5.2
MediaTek Inc.	5.1
United Microelectronics Corp.	2.6
Delta Electronics Inc.	2.3
Chunghwa Telecom Co. Ltd.	1.6
Formosa Plastics Corp.	1.6
Nan Ya Plastics Corp.	1.5
CTBC Financial Holding Co. Ltd.	1.4
ASE Technology Holding Co. Ltd.	1.4

^(a)  Excludes money market funds.

F U N D   S U M M A R Y 9

Fund Summary as of February 28, 2021 iShares^® MSCI Thailand ETF

Investment Objective

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

Performance

				Average Annual Total Returns									Cumulative Total Returns
	6 Months			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		15.08	%		14.25	%		7.04	%		5.08	%		14.25	%		40.49	%		64.13	%
Fund Market		14.76			13.43			6.86			4.98			13.43			39.35			62.65
Index		17.59			16.98			7.82			5.59			16.98			45.74			72.33

Index performance through February 11, 2013 reflects the performance of the MSCI Thailand Investable Market Index. Index performance beginning on February 12, 2013 reflects the performance of the MSCI Thailand IMI 25/50 Index.

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 11 for more information.

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value (09/01/20)	Ending Account Value (02/28/21)	Expenses Paid During the Period	(a)		Beginning Account Value (09/01/20)	Ending Account Value (02/28/21)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$      1,000.00	$      1,150.80	$        3.04			$      1,000.00	$      1,022.00	$        2.86		0.57	%

^(a)  Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (181 days) and divided by the number of days in the year (365 days). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” on page 11 for more information.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of Total Investments	(a)
Energy	15.2	%
Financials	13.3
Consumer Staples	11.2
Materials	9.8
Consumer Discretionary	8.9
Utilities	8.6
Industrials	8.4
Communication Services	8.2
Real Estate	6.5
Health Care	6.1
Information Technology	3.8

TEN LARGEST HOLDINGS

Security	Percent of Total Investments	(a)
PTT PCL	8.2	%
CP ALL PCL	6.3
Siam Cement PCL (The)	5.1
Airports of Thailand PCL	4.9
Advanced Info Service PCL	3.6
Bangkok Dusit Medical Services PCL	3.4
Kasikornbank PCL	3.0
PTT Exploration & Production PCL	2.9
PTT Global Chemical PCL	2.6
Intouch Holdings PCL	2.3

^(a)  Excludes money market funds.

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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 the 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 by using the midpoint between the highest bid and the lowest ask on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.

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

Shareholder Expenses

As a shareholder of your Fund, you incur two types of costs: (1) transaction costs, including brokerage commissions on purchases and sales of fund shares and (2) ongoing costs, including management fees and other fund expenses. The expense example, which is based on an investment of $1,000 invested at the beginning of the period (or from the commencement of operations if less than 6 months) and held through the end of the period, is intended to help you understand your ongoing costs (in dollars and cents) of investing in your Fund and to compare these costs with the ongoing costs of investing in other funds.

Actual Expenses – The table provides information about actual account values and actual expenses. Annualized expense ratios reflect contractual and voluntary fee waivers, if any. To estimate the expenses that you paid on your account over the period, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number under the heading entitled “Expenses Paid During the Period.”

Hypothetical Example for Comparison Purposes – The table also provides information about hypothetical account values and hypothetical expenses based on your Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses. You may use this information to compare the ongoing costs of investing in your Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as brokerage commissions and other fees paid on purchases and sales of fund shares. Therefore, the hypothetical examples are useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

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

Schedule of Investments (unaudited)  February 28, 2021 iShares^® MSCI Hong Kong ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Banks — 5.9%
Bank of East Asia Ltd. (The)		4,730,810	$	11,172,428
BOC Hong Kong Holdings Ltd.		11,161,000		37,120,125
Hang Seng Bank Ltd.		2,270,800		43,909,325
				92,201,878
Beverages — 1.1%
Budweiser Brewing Co. APAC Ltd.(a)		5,534,800		16,909,738
Building Products — 1.1%
Xinyi Glass Holdings Ltd.		6,002,000		16,789,677
Capital Markets — 13.5%
Hong Kong Exchanges & Clearing Ltd.		3,437,000		209,657,731
Diversified Telecommunication Services — 1.7%
HKT Trust & HKT Ltd.		12,423,500		16,879,951
PCCW Ltd.		16,100,169		9,235,854
				26,115,805
Electric Utilities — 6.1%
CK Infrastructure Holdings Ltd.		2,295,500		13,301,285
CLP Holdings Ltd.		4,863,200		47,426,129
HK Electric Investments & HK Electric Investments Ltd.		9,919,000		9,717,803
Power Assets Holdings Ltd.		4,343,000		24,129,800
				94,575,017
Equity Real Estate Investment Trusts (REITs) — 3.7%
Link REIT		6,056,900		57,154,193
Food Products — 1.7%
WH Group Ltd.(a)		29,772,000		26,711,844
Gas Utilities — 3.1%
Hong Kong & China Gas Co. Ltd.		31,591,805		47,648,246
Hotels, Restaurants & Leisure — 8.4%
Galaxy Entertainment Group Ltd.		6,362,000		58,146,893
Melco Resorts & Entertainment Ltd., ADR		733,956		15,897,487
Sands China Ltd.(b)		7,353,200		34,408,807
SJM Holdings Ltd.		7,460,000		10,386,021
Wynn Macau Ltd.(b)		5,689,200		10,736,900
				129,576,108
Industrial Conglomerates — 7.3%
CK Hutchison Holdings Ltd.		7,910,767		59,758,931
Jardine Matheson Holdings Ltd.		655,700		34,306,224
Jardine Strategic Holdings Ltd.		717,500		18,568,900
				112,634,055

Security	Shares		Value
Insurance — 21.3%
AIA Group Ltd.		26,447,400	$	330,875,901
Machinery — 4.0%
Techtronic Industries Co. Ltd.		4,019,647		61,351,648
Real Estate Management & Development — 18.4%
CK Asset Holdings Ltd.		7,702,267		45,226,561
ESR Cayman Ltd.(a)(b)		5,798,200		18,349,798
Hang Lung Properties Ltd.		6,522,000		16,899,096
Henderson Land Development Co. Ltd.		4,656,762		20,230,218
Hongkong Land Holdings Ltd.		3,801,800		18,324,676
New World Development Co. Ltd.		4,796,266		24,391,409
Sino Land Co. Ltd.		10,518,000		15,917,977
Sun Hung Kai Properties Ltd.		4,245,000		68,183,980
Swire Pacific Ltd., Class A		1,730,500		12,682,027
Swire Properties Ltd.		4,081,200		13,126,382
Wharf Real Estate Investment Co. Ltd.		5,465,150		32,654,154
				285,986,278
Road & Rail — 1.8%
MTR Corp. Ltd.		4,749,583		28,501,110
Semiconductors & Semiconductor Equipment — 0.9%
ASM Pacific Technology Ltd.		1,035,100		14,397,609
Total Common Stocks — 100.0% (Cost: $1,507,610,805)				1,551,086,838
Short-Term Investments
Money Market Funds — 0.1%
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%(c)(d)		890,000		890,000
Total Short-Term Investments — 0.1% (Cost: $890,000)				890,000
Total Investments in Securities — 100.1% (Cost: $1,508,500,805)				1,551,976,838
Other Assets, Less Liabilities — (0.1)%				(854,318	)
Net Assets — 100.0%			$	1,551,122,520

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

^(b)  Non-income producing security.

^(c)  Affiliate of the Fund.

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

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Schedule of Investments (unaudited) (continued) February 28, 2021 iShares^® MSCI Hong Kong ETF

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 2021 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 08/31/20		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 02/28/21		Shares Held at 02/28/21		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares(a)	$	21,124,049	$	—		$	(21,118,611	)(b)	$	(7,548	)	$	2,110	$	—		—	$	26,940	(c)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		495,000		395,000	(b)		—			—			—		890,000		890,000		288			—
									$	(7,548	)	$	2,110	$	890,000			$	27,228		$	—

^(a)  As of period end, the entity is no longer held.

^(b)  Represents net amount purchased (sold).

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

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
MSCI EAFE Index		2		03/19/21	$	216	$	(4,911	)

Derivative Financial Instruments Categorized by Risk Exposure

As of February 28, 2021, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:    

	Equity Contracts
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	4,911

^(a)  Net cumulative 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 six months ended February 28, 2021, the effect of derivative financial instruments in the Statements of Operations was as follows:    

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	(291,521	)
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	67,759

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	3,729,730

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

Fair Value Measurements

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

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

Schedule of Investments (unaudited) (continued) February 28, 2021 iShares^® MSCI Hong Kong ETF

Fair Value Measurements (continued)

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of February 28, 2021. The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.

	Level 1			Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	1,551,086,838		$	—	$	—	$	1,551,086,838
Money Market Funds		890,000			—		—		890,000
	$	1,551,976,838		$	—	$	—	$	1,551,976,838
Derivative financial instruments(a)
Liabilities
Futures Contracts	$	(4,911	)	$	—	$	—	$	(4,911	)

^(a)  Shown at the unrealized appreciation (depreciation) on the contracts.

See notes to financial statements.

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Schedule of Investments (unaudited)  February 28, 2021 iShares^® MSCI Japan Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Air Freight & Logistics — 0.4%
Kintetsu World Express Inc.		3,200	$	83,229
Konoike Transport Co. Ltd.		2,400		23,270
Maruwa Unyu Kikan Co. Ltd.		3,200		58,149
Mitsui-Soko Holdings Co. Ltd.		1,600		32,574
SBS Holdings Inc.		1,600		36,523
				233,745
Auto Components — 3.0%
Daikyonishikawa Corp.		3,200		21,986
Eagle Industry Co. Ltd.		1,600		16,264
Exedy Corp.		2,400		36,538
FCC Co. Ltd.		2,400		38,318
Futaba Industrial Co. Ltd.		4,000		19,673
G-Tekt Corp.		1,600		20,905
Ichikoh Industries Ltd.		2,400		16,332
JTEKT Corp.		16,000		167,749
KYB Corp.(a)		1,600		44,468
Musashi Seimitsu Industry Co. Ltd.		3,200		52,713
NHK Spring Co. Ltd.		16,000		119,542
Nifco Inc./Japan		6,400		219,561
Nippon Seiki Co. Ltd.		3,200		37,244
NOK Corp.		6,400		87,404
Pacific Industrial Co. Ltd.		3,200		34,631
Piolax Inc.		2,400		34,443
Press Kogyo Co. Ltd.		7,200		21,558
Shoei Co. Ltd.		1,600		60,222
Sumitomo Riko Co. Ltd.		2,400		13,831
Sumitomo Rubber Industries Ltd.		13,600		151,267
Tachi-S Co. Ltd.		2,400		23,766
Tokai Rika Co. Ltd.		4,000		64,990
Topre Corp.		2,400		34,196
Toyo Tire Corp.		8,000		139,441
Toyota Boshoku Corp.		4,800		74,428
TPR Co. Ltd.		1,600		22,091
TS Tech Co. Ltd.		3,200		88,815
Unipres Corp.		3,200		27,483
Yokohama Rubber Co. Ltd. (The)		9,600		165,797
				1,855,656
Automobiles — 0.3%
Mitsubishi Motors Corp.(a)		52,000		147,400
Nissan Shatai Co. Ltd.		4,800		34,511
				181,911
Banks — 3.9%
77 Bank Ltd. (The)		4,200		55,269
Aichi Bank Ltd. (The)		800		21,904
Aomori Bank Ltd. (The)		1,600		35,787
Aozora Bank Ltd.		9,600		202,741
Awa Bank Ltd. (The)		2,400		50,370
Bank of Iwate Ltd. (The)		800		15,664
Bank of Nagoya Ltd. (The)		800		21,415
Bank of Okinawa Ltd. (The)		1,600		41,509
Bank of the Ryukyus Ltd.		3,200		23,278
Chugoku Bank Ltd. (The)		11,200		89,041
Chukyo Bank Ltd. (The)		800		13,328
Daishi Hokuetsu Financial Group Inc.		2,400		52,938
Ehime Bank Ltd. (The)		2,400		21,851
Gunma Bank Ltd. (The)		26,400		84,746
Hachijuni Bank Ltd. (The)		28,000		92,247
Hirogin Holdings Inc.		19,200		112,814

Security	Shares		Value
Banks (continued)
Hokkoku Bank Ltd. (The)		1,600	$	39,527
Hokuhoku Financial Group Inc.		9,600		86,683
Hyakugo Bank Ltd. (The)		16,000		45,354
Hyakujushi Bank Ltd. (The)		1,600		23,413
Iyo Bank Ltd. (The)		16,800		97,135
Juroku Bank Ltd. (The)		2,400		44,400
Kansai Mirai Financial Group Inc.		7,274		40,760
Keiyo Bank Ltd. (The)		7,200		29,060
Kiyo Bank Ltd. (The)		4,800		64,877
Kyushu Financial Group Inc.		27,200		110,291
Mebuki Financial Group Inc.		77,600		165,339
Miyazaki Bank Ltd. (The)		800		16,873
Musashino Bank Ltd. (The)		2,400		35,480
Nanto Bank Ltd. (The)		2,400		40,818
Nishi-Nippon Financial Holdings Inc.		10,400		67,941
North Pacific Bank Ltd.		20,000		45,241
Ogaki Kyoritsu Bank Ltd. (The)		2,400		45,324
Oita Bank Ltd. (The)		800		15,784
San ju San Financial Group Inc.		1,600		20,274
San-in Godo Bank Ltd. (The)		11,200		50,986
Senshu Ikeda Holdings Inc.		16,800		25,230
Seven Bank Ltd.		45,600		102,722
Shiga Bank Ltd. (The)		3,200		62,594
Shikoku Bank Ltd. (The)		2,400		16,692
Suruga Bank Ltd.		10,400		34,458
Toho Bank Ltd. (The)		12,800		25,470
Tokyo Kiraboshi Financial Group Inc.		1,630		18,619
TOMONY Holdings Inc.		9,600		27,302
Yamagata Bank Ltd. (The)		1,600		16,159
Yamaguchi Financial Group Inc.		15,900		97,901
				2,447,609
Beverages — 0.4%
Sapporo Holdings Ltd.		4,800		98,442
Takara Holdings Inc.		11,200		150,013
				248,455
Biotechnology — 0.6%
AnGes Inc.(a)		9,600		90,918
GNI Group Ltd.(a)		3,297		62,232
HEALIOS KK(a)		1,600		26,041
Pharma Foods International Co. Ltd.		1,600		50,535
SanBio Co. Ltd.(a)		2,400		38,318
Takara Bio Inc.		4,000		108,767
				376,811
Building Products — 1.5%
Aica Kogyo Co. Ltd.		4,000		138,352
Bunka Shutter Co. Ltd.		4,000		37,394
Central Glass Co. Ltd.		2,400		49,649
Maeda Kosen Co. Ltd.		1,600		43,131
Nichias Corp.		4,800		112,048
Nichiha Corp.		1,600		44,918
Nippon Sheet Glass Co. Ltd.(a)		6,400		32,379
Nitto Boseki Co. Ltd.		1,600		60,297
Noritz Corp.		2,400		35,975
Okabe Co. Ltd.		2,400		17,143
Sanwa Holdings Corp.		14,400		177,736
Sekisui Jushi Corp.		2,400		43,634
Shin Nippon Air Technologies Co. Ltd.		800		16,482
Sinko Industries Ltd.		1,600		28,279
Takara Standard Co. Ltd.		2,400		33,565

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, 2021 iShares^® MSCI Japan Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Building Products (continued)
Takasago Thermal Engineering Co. Ltd.		3,200	$	47,336
				918,318
Capital Markets — 1.0%
GMO Financial Holdings Inc.		3,200		27,723
JAFCO Group Co. Ltd.		2,400		146,199
M&A Capital Partners Co. Ltd.(a)		800		35,404
Marusan Securities Co. Ltd.		4,000		21,701
Matsui Securities Co. Ltd.		8,800		75,247
Monex Group Inc.		12,000		99,793
Okasan Securities Group Inc.		12,000		44,265
SPARX Group Co. Ltd.		7,200		21,558
Strike Co. Ltd.		800		33,828
Tokai Tokyo Financial Holdings Inc.		15,200		51,504
Uzabase Inc.(a)		1,600		45,804
				603,026
Chemicals — 6.5%
ADEKA Corp.		6,400		107,468
C.I. Takiron Corp.		3,200		19,854
Chugoku Marine Paints Ltd.		3,200		27,122
Daicel Corp.		17,600		128,853
Dainichiseika Color & Chemicals Manufacturing Co. Ltd.		800		17,278
Denka Co. Ltd.		6,400		240,285
DIC Corp.		5,600		137,135
DKS Co. Ltd.		800		27,257
Fujimi Inc.		1,600		59,020
Fujimori Kogyo Co. Ltd.		1,600		63,676
Fuso Chemical Co. Ltd.		1,600		57,518
Hodogaya Chemical Co. Ltd.		800		35,893
JCU Corp.		1,600		51,586
JSP Corp.		800		13,464
Kaneka Corp.		4,000		155,059
Kanto Denka Kogyo Co. Ltd.		3,200		26,191
KH Neochem Co. Ltd.		2,400		55,010
Koatsu Gas Kogyo Co. Ltd.		2,400		16,084
Konishi Co. Ltd.		2,400		37,011
Kumiai Chemical Industry Co. Ltd.		6,449		51,209
Kureha Corp.		1,600		105,425
Lintec Corp.		3,200		69,773
Nihon Nohyaku Co. Ltd.		2,400		11,511
Nihon Parkerizing Co. Ltd.		6,400		64,637
Nippon Fine Chemical Co. Ltd.		800		10,437
Nippon Kayaku Co. Ltd.		10,400		100,740
Nippon Shokubai Co. Ltd.		2,400		127,501
Nippon Soda Co. Ltd.		1,600		50,235
NOF Corp.		5,600		294,875
Okamoto Industries Inc.		800		30,148
Osaka Organic Chemical Industry Ltd.		800		25,530
Osaka Soda Co. Ltd.		800		19,208
Sakai Chemical Industry Co. Ltd.		800		14,410
Sakata INX Corp.		3,200		32,168
Sanyo Chemical Industries Ltd.		800		37,845
Shikoku Chemicals Corp.		2,400		26,920
Shin-Etsu Polymer Co. Ltd.		3,200		29,195
Showa Denko KK		10,400		253,216
Stella Chemifa Corp.		800		23,878
Sumitomo Bakelite Co. Ltd.		2,400		95,401
Sumitomo Seika Chemicals Co. Ltd.		800		29,135
T. Hasegawa Co. Ltd.		2,400		41,742
Taiyo Holdings Co. Ltd.		1,600		83,049

Security	Shares		Value
Chemicals (continued)
Takasago International Corp.		800	$	19,253
Taki Chemical Co. Ltd.		400		22,564
Tayca Corp.		800		10,460
Tenma Corp.		1,600		31,958
Toagosei Co. Ltd.		8,000		87,028
Tokai Carbon Co. Ltd.		15,200		205,587
Tokuyama Corp.		4,800		119,662
Tokyo Ohka Kogyo Co. Ltd.		2,400		141,017
Toyo Gosei Co. Ltd.		400		43,176
Toyo Ink SC Holdings Co. Ltd.		2,400		42,598
Toyobo Co. Ltd.		6,400		80,616
Ube Industries Ltd.		8,000		160,541
Valqua Ltd.		1,600		30,727
Zeon Corp.		10,400		152,281
				4,051,420
Commercial Services & Supplies — 1.9%
Aeon Delight Co. Ltd.		1,600		47,682
Bell System24 Holdings Inc.		2,400		38,678
Central Security Patrols Co. Ltd.		800		25,117
Daiseki Co. Ltd.		3,260		102,047
Duskin Co. Ltd.		3,200		81,697
Japan Elevator Service Holdings Co. Ltd.		4,000		79,482
Kokuyo Co. Ltd.		6,400		91,309
Matsuda Sangyo Co. Ltd.		860		15,119
Mitsubishi Pencil Co. Ltd.		2,400		30,344
Nichiban Co. Ltd.		800		13,756
Nippon Kanzai Co. Ltd.		1,600		31,372
Nippon Parking Development Co. Ltd.		15,200		19,831
Okamura Corp.		4,000		41,449
Oyo Corp.		1,600		18,697
Park24 Co. Ltd.(a)		8,800		189,232
Pilot Corp.		2,400		72,086
Prestige International Inc.		7,200		50,145
Raksul Inc.(a)		1,600		55,716
Relia Inc.		3,200		40,068
Sato Holdings Corp.		2,400		56,204
Toppan Forms Co. Ltd.		4,000		38,220
Uchida Yoko Co. Ltd.		800		33,753
				1,172,004
Communications Equipment — 0.1%
DKK Co. Ltd.		800		21,288
Icom Inc.		800		20,281
				41,569
Construction & Engineering — 5.0%
Chiyoda Corp.(a)		12,800		53,584
Chudenko Corp.		2,400		49,356
COMSYS Holdings Corp.		8,800		265,553
Dai-Dan Co. Ltd.		800		20,191
Daiho Corp.		800		27,708
Fukuda Corp.		800		37,282
Hazama Ando Corp.		14,400		107,453
Hibiya Engineering Ltd.		1,600		27,783
JDC Corp.		3,200		16,460
JGC Holdings Corp.		16,800		215,558
JTOWER Inc.(a)		800		67,881
Kandenko Co. Ltd.		7,200		59,065
Kinden Corp.		10,400		169,754
Kumagai Gumi Co. Ltd.		3,200		83,769
Kyowa Exeo Corp.		8,000		204,393

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Schedule of Investments (unaudited) (continued) February 28, 2021 iShares^® MSCI Japan Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Construction & Engineering (continued)
Kyudenko Corp.		3,200	$	105,125
Maeda Corp.		10,400		91,759
Maeda Road Construction Co. Ltd.		3,200		64,997
Meisei Industrial Co. Ltd.		2,400		17,413
Mirait Holdings Corp.		6,400		100,559
Nichireki Co. Ltd.		1,600		22,617
Nippo Corp.		4,000		104,411
Nippon Densetsu Kogyo Co. Ltd.		2,400		42,373
Nippon Koei Co. Ltd.		800		21,250
Nippon Road Co. Ltd. (The)		800		59,921
Nishimatsu Construction Co. Ltd.		4,000		99,531
Okumura Corp.		2,400		60,507
Penta-Ocean Construction Co. Ltd.		20,800		154,624
Raito Kogyo Co. Ltd.		3,200		53,043
Raiznext Corp.		2,400		25,680
Sanki Engineering Co. Ltd.		3,200		38,926
Shinnihon Corp.		2,400		18,472
SHO-BOND Holdings Co. Ltd.		3,200		139,666
Sumitomo Densetsu Co. Ltd.		1,600		36,133
Sumitomo Mitsui Construction Co. Ltd.		11,200		48,568
Taihei Dengyo Kaisha Ltd.		800		19,951
Taikisha Ltd.		1,600		42,200
Takamatsu Construction Group Co. Ltd.		1,600		31,552
Toa Corp./Tokyo		800		17,015
Toda Corp.		17,600		120,263
Toenec Corp.		800		26,882
Tokyu Construction Co. Ltd.		6,440		32,097
Totetsu Kogyo Co. Ltd.		1,600		38,536
Toyo Construction Co. Ltd.		5,600		28,647
Yahagi Construction Co. Ltd.		2,400		18,517
Yokogawa Bridge Holdings Corp.		2,400		43,612
Yurtec Corp.		3,200		23,578
				3,154,215
Construction Materials — 0.1%
Sumitomo Osaka Cement Co. Ltd.		2,400		79,294
Consumer Finance — 0.8%
AEON Financial Service Co. Ltd.		8,800		112,664
Aiful Corp.(a)		24,000		63,075
Credit Saison Co. Ltd.		12,000		149,239
Hitachi Capital Corp.		4,000		108,016
Jaccs Co. Ltd.		1,600		30,606
Orient Corp.		40,000		55,566
				519,166
Containers & Packaging — 0.8%
FP Corp.		3,600		139,722
Fuji Seal International Inc.		3,200		65,778
Pack Corp. (The)		800		19,373
Rengo Co. Ltd.		13,600		110,164
Toyo Seikan Group Holdings Ltd.		11,200		140,026
				475,063
Distributors — 0.3%
Arata Corp.		800		33,640
Doshisha Co. Ltd.		1,600		26,537
PALTAC Corp.		2,400		129,979
				190,156
Diversified Consumer Services — 0.3%
Benesse Holdings Inc.		5,600		112,957
Japan Best Rescue System Co. Ltd.		1,600		13,066

Security	Shares		Value
Diversified Consumer Services (continued)
Litalico Inc.(a)		800	$	28,834
Riso Kyoiku Co. Ltd.		9,600		28,744
Studio Alice Co. Ltd.		800		15,228
				198,829
Diversified Financial Services — 0.8%
eGuarantee Inc.		2,400		47,013
Financial Products Group Co. Ltd.		4,800		28,429
Fuyo General Lease Co. Ltd.		1,600		105,876
Japan Investment Adviser Co. Ltd.		800		10,107
Japan Securities Finance Co. Ltd.		7,200		40,683
Mizuho Leasing Co. Ltd.		2,400		74,451
NEC Capital Solutions Ltd.		800		14,898
Ricoh Leasing Co. Ltd.		800		24,517
Zenkoku Hosho Co. Ltd.		4,000		183,405
				529,379
Diversified Telecommunication Services — 0.3%
ARTERIA Networks Corp.		1,600		23,248
Internet Initiative Japan Inc.		4,000		82,598
V-Cube Inc.		1,600		39,091
Vision Inc./Tokyo Japan(a)		2,400		27,167
				172,104
Electric Utilities — 0.4%
Hokkaido Electric Power Co. Inc.		13,600		57,060
Hokuriku Electric Power Co.		12,800		79,294
Okinawa Electric Power Co. Inc. (The)		3,292		44,032
Shikoku Electric Power Co. Inc.		12,800		89,266
				269,652
Electrical Equipment — 1.6%
Cosel Co. Ltd.		1,600		16,144
Daihen Corp.		1,600		67,956
Denyo Co. Ltd.		800		15,145
Fujikura Ltd.(a)		18,400		88,598
Furukawa Electric Co. Ltd.		4,800		125,294
Futaba Corp.		2,400		20,927
GS Yuasa Corp.		4,800		141,243
Idec Corp./Japan		2,400		39,197
Mabuchi Motor Co. Ltd.		4,000		176,835
Nippon Carbon Co. Ltd.		800		29,097
Nissin Electric Co. Ltd.		4,000		46,555
Nitto Kogyo Corp.		1,600		29,675
Sanyo Denki Co. Ltd.		800		42,801
Sinfonia Technology Co. Ltd.		1,600		19,493
Tatsuta Electric Wire and Cable Co. Ltd.		3,200		18,682
Toyo Tanso Co. Ltd.		800		14,192
Ushio Inc.		7,200		89,747
				981,581
Electronic Equipment, Instruments & Components — 4.6%
Ai Holdings Corp.		3,200		59,501
Alps Alpine Co. Ltd.		16,000		210,550
Amano Corp.		4,000		89,656
Anritsu Corp.		10,400		221,881
Canon Electronics Inc.		1,600		24,329
Canon Marketing Japan Inc.		3,200		69,953
Citizen Watch Co. Ltd.		20,800		74,774
CONEXIO Corp.		800		10,182
Daiwabo Holdings Co. Ltd.		1,600		119,242
Dexerials Corp.		4,000		58,081
Elematec Corp.		1,600		14,162
Enplas Corp.		800		33,114

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, 2021 iShares^® MSCI Japan Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Electronic Equipment, Instruments & Components (continued)
ESPEC Corp.		1,600	$	27,167
Hioki E.E. Corp.		800		27,445
Hochiki Corp.		800		9,581
Horiba Ltd.		2,900		172,574
Hosiden Corp.		4,000		38,408
I-PEX Inc.		800		14,928
Iriso Electronics Co. Ltd.		1,600		72,536
Japan Aviation Electronics Industry Ltd.		3,200		50,760
Japan Display Inc.(a)		47,200		20,822
Kaga Electronics Co. Ltd.		1,600		34,661
Koa Corp.		1,600		21,385
Macnica Fuji Electronics Holdings Inc.		4,000		75,953
Maruwa Co. Ltd./Aichi		800		75,840
Meiko Electronics Co. Ltd.		1,600		33,580
Nichicon Corp.		4,000		40,436
Nippon Ceramic Co. Ltd.		1,600		39,632
Nippon Electric Glass Co. Ltd.		6,400		144,832
Nippon Signal Co. Ltd.		3,200		27,723
Nissha Co. Ltd.		3,200		39,707
Nohmi Bosai Ltd.		1,600		32,409
Oki Electric Industry Co. Ltd.		6,400		62,654
Optex Group Co. Ltd.		2,400		35,773
Restar Holdings Corp.		1,600		29,886
Riken Keiki Co. Ltd.		800		19,899
Ryosan Co. Ltd.		1,600		32,363
Ryoyo Electro Corp.		800		20,297
Sanshin Electronics Co. Ltd.		800		14,477
Shinko Shoji Co. Ltd.		1,600		11,519
Siix Corp.		2,400		40,728
Tachibana Eletech Co. Ltd.		800		11,616
Taiyo Yuden Co. Ltd.		8,800		434,466
Tamura Corp.		5,600		27,753
Topcon Corp.		8,000		100,544
V Technology Co. Ltd.		800		40,248
Yokowo Co. Ltd.		800		21,228
				2,889,255
Energy Equipment & Services — 0.0%
Modec Inc.		1,600		25,951
Entertainment — 1.3%
Akatsuki Inc.		800		31,162
Amuse Inc.		800		19,891
Avex Inc.		2,400		33,407
COLOPL Inc.		4,800		39,197
Daiichikosho Co. Ltd.		3,200		127,051
DeNA Co. Ltd.		6,400		125,970
GungHo Online Entertainment Inc.		3,200		65,448
HEROZ Inc.(a)		800		23,953
KLab Inc.(a)		2,400		18,922
Marvelous Inc.		2,400		19,598
Shochiku Co. Ltd.(a)		800		119,392
Toei Animation Co. Ltd.		800		82,448
Toei Co. Ltd.		500		99,587
UUUM Co. Ltd.(a)		800		13,576
				819,602
Equity Real Estate Investment Trusts (REITs) — 9.3%
Activia Properties Inc.		56		245,992
Advance Residence Investment Corp.		104		315,787
AEON REIT Investment Corp.		120		166,923
Comforia Residential REIT Inc.		48		142,820

Security	Shares		Value
Equity Real Estate Investment Trusts (REITs) (continued)
CRE Logistics REIT Inc.		32	$	46,315
Daiwa Office Investment Corp.		24		164,220
Daiwa Securities Living Investments Corp.		136		132,758
Frontier Real Estate Investment Corp.		40		175,709
Fukuoka REIT Corp.		56		88,568
Global One Real Estate Investment Corp.		80		87,929
Hankyu Hanshin REIT Inc.		40		55,791
Heiwa Real Estate REIT Inc.		64		93,351
Hoshino Resorts REIT Inc.		16		90,107
Hulic REIT Inc.		88		139,013
Ichigo Office REIT Investment Corp.		96		78,934
Industrial & Infrastructure Fund Investment Corp.		144		247,344
Invesco Office J-REIT Inc.		696		113,474
Invincible Investment Corp.		480		194,631
Itochu Advance Logistics Investment Corp.		40		49,258
Japan Excellent Inc.		96		123,627
Japan Hotel REIT Investment Corp.		352		217,068
Japan Logistics Fund Inc.		64		187,423
Japan Prime Realty Investment Corp.		64		231,575
Kenedix Office Investment Corp.		32		211,451
Kenedix Residential Next Investment Corp.		72		129,078
Kenedix Retail REIT Corp.		40		101,445
LaSalle Logiport REIT		120		181,002
MCUBS MidCity Investment Corp.(a)(b)		113		111,685
Mirai Corp.		128		53,704
Mitsubishi Estate Logistics REIT Investment Corp.		24		94,612
Mitsui Fudosan Logistics Park Inc.		41		199,728
Mori Hills REIT Investment Corp.		120		166,135
Mori Trust Hotel REIT Inc.		24		30,321
Mori Trust Sogo REIT Inc.		80		113,535
Nippon Accommodations Fund Inc.		32		178,412
Nippon REIT Investment Corp.		32		118,941
One REIT Inc.		16		43,011
Premier Investment Corp.		104		141,153
Samty Residential Investment Corp.		24		25,500
Sekisui House REIT Inc.		320		254,102
SOSiLA Logistics REIT Inc.		40		50,272
Star Asia Investment Corp.		112		56,032
Starts Proceed Investment Corp.		16		32,378
Takara Leben Real Estate Investment Corp.		32		32,138
Tokyu REIT Inc.		64		108,909
				5,822,161
Food & Staples Retailing — 2.9%
Aeon Hokkaido Corp.		1,600		16,955
Ain Holdings Inc.		2,000		128,966
Arcs Co. Ltd.		3,200		65,928
Axial Retailing Inc.		800		34,166
Belc Co. Ltd.		800		40,698
Cawachi Ltd.		800		21,483
cocokara fine Inc.		1,600		111,132
Create SD Holdings Co. Ltd.		2,400		72,874
Daikokutenbussan Co. Ltd.		800		44,002
G-7 Holdings Inc.		800		17,864
Genky DrugStores Co. Ltd.		800		24,855
Halows Co. Ltd.		800		21,055
Heiwado Co. Ltd.		2,400		43,927
Inageya Co. Ltd.		1,600		24,824
Itochu-Shokuhin Co. Ltd.		800		39,121
JM Holdings Co. Ltd.		800		14,650
Kansai Super Market Ltd.		800		8,005

18 2 0 2 1   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, 2021 iShares^® MSCI Japan Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Food & Staples Retailing (continued)
Kato Sangyo Co. Ltd.		1,600	$	53,689
Kusuri no Aoki Holdings Co. Ltd.		1,300		101,887
Life Corp.		1,600		47,231
Matsumotokiyoshi Holdings Co. Ltd.		5,600		219,711
Maxvalu Tokai Co. Ltd.		800		18,960
Ministop Co. Ltd.		800		10,235
Mitsubishi Shokuhin Co. Ltd.		1,600		42,936
Nihon Chouzai Co. Ltd.		800		11,556
Okuwa Co. Ltd.		1,600		16,970
Qol Holdings Co. Ltd.		1,600		21,025
Retail Partners Co. Ltd.		1,600		20,259
San-A Co. Ltd.		1,600		62,249
Shoei Foods Corp.		800		28,647
Sugi Holdings Co. Ltd.		2,700		188,042
United Super Markets Holdings Inc.		4,000		39,947
Valor Holdings Co. Ltd.		2,400		50,708
YAKUODO Holdings Co. Ltd.		800		19,253
Yaoko Co. Ltd.		1,600		98,066
Yokohama Reito Co. Ltd.		3,200		26,341
				1,808,217
Food Products — 4.0%
Ariake Japan Co. Ltd.		1,600		99,268
Chubu Shiryo Co. Ltd.		1,600		20,710
DyDo Group Holdings Inc.		800		37,995
Ezaki Glico Co. Ltd.		3,200		130,205
Feed One Co. Ltd.		1,760		14,603
Fuji Oil Holdings Inc.		4,000		111,019
Fujicco Co. Ltd.		1,600		28,684
Fujiya Co. Ltd.		800		16,933
Hokuto Corp.		1,600		31,778
House Foods Group Inc.		4,800		160,390
Itoham Yonekyu Holdings Inc.		11,200		74,639
J-Oil Mills Inc.		800		28,234
Kagome Co. Ltd.		6,400		190,726
Kameda Seika Co. Ltd.		800		35,179
Kewpie Corp.		8,000		172,930
KEY Coffee Inc.		1,600		31,943
Kotobuki Spirits Co. Ltd.		1,600		107,227
Marudai Food Co. Ltd.		1,600		25,005
Maruha Nichiro Corp.		3,200		74,008
Megmilk Snow Brand Co. Ltd.		4,000		80,195
Mitsui Sugar Co. Ltd.		800		14,117
Morinaga & Co. Ltd./Japan		3,200		115,337
Morinaga Milk Industry Co. Ltd.		3,200		145,673
Nagatanien Holdings Co. Ltd.		800		17,255
Nichirei Corp.		8,800		229,045
Nippn Corp., New		4,000		59,621
Nippon Suisan Kaisha Ltd.		21,600		102,790
Nisshin Oillio Group Ltd. (The)		1,600		47,306
Prima Meat Packers Ltd.		2,400		70,058
Riken Vitamin Co. Ltd.		1,600		19,733
Rock Field Co. Ltd.		1,600		22,662
Rokko Butter Co. Ltd.		800		12,390
S Foods Inc.		1,600		49,108
Sakata Seed Corp.		2,400		83,349
Showa Sangyo Co. Ltd.		1,600		47,081
Starzen Co. Ltd.		800		31,913
				2,539,109

Security	Shares		Value
Gas Utilities — 0.3%
K&O Energy Group Inc.		800	$	10,633
Nippon Gas Co. Ltd.		2,700		124,812
Saibu Gas Co. Ltd.		1,600		42,906
Shizuoka Gas Co. Ltd.		4,000		34,804
				213,155
Health Care Equipment & Supplies — 1.8%
CYBERDYNE Inc.(a)		8,800		53,111
Eiken Chemical Co. Ltd.		2,400		45,729
Hogy Medical Co. Ltd.		1,600		45,729
Japan Lifeline Co. Ltd.		4,800		59,020
Jeol Ltd.		3,200		119,542
Mani Inc.		5,600		129,934
Menicon Co. Ltd.		2,400		141,468
Nagaileben Co. Ltd.		1,600		39,347
Nakanishi Inc.		5,600		107,070
Nihon Kohden Corp.		6,400		173,546
Nipro Corp.		10,400		129,146
Paramount Bed Holdings Co. Ltd.		1,600		63,450
				1,107,092
Health Care Providers & Services — 1.2%
As One Corp.		1,000		128,215
BML Inc.		1,600		52,938
Elan Corp.		2,400		29,578
H.U. Group Holdings Inc.		4,000		123,709
Japan Medical Dynamic Marketing Inc.		800		14,289
Ship Healthcare Holdings Inc.		3,200		177,511
Solasto Corp.		4,000		53,989
Toho Holdings Co. Ltd.		4,000		69,120
Tokai Corp./Gifu		1,600		31,898
Tsukui Holdings Corp.		4,000		34,691
Vital KSK Holdings Inc.		3,200		23,548
				739,486
Health Care Technology — 0.3%
EM Systems Co. Ltd.		2,400		18,967
JMDC Inc.(a)		1,000		47,682
Medical Data Vision Co. Ltd.		1,600		30,501
Medley Inc.(a)		1,600		64,577
MedPeer Inc.(a)		800		45,654
				207,381
Hotels, Restaurants & Leisure — 3.9%
Aeon Fantasy Co. Ltd.		800		19,005
Arcland Service Holdings Co. Ltd.		1,600		31,703
Atom Corp.		7,200		64,472
BRONCO BILLY Co. Ltd.		800		17,143
Colowide Co. Ltd.		4,800		91,008
Create Restaurants Holdings Inc.(a)		7,200		56,497
Curves Holdings Co. Ltd.		4,000		37,244
Doutor Nichires Holdings Co. Ltd.		2,400		36,403
Fuji Kyuko Co. Ltd.		1,600		82,298
Fujio Food Group Inc.		1,600		20,094
Hiday Hidaka Corp.		1,684		26,839
HIS Co. Ltd.(a)		3,200		75,900
Ichibanya Co. Ltd.		800		36,080
Kappa Create Co. Ltd.(a)		2,400		33,880
KFC Holdings Japan Ltd.		800		21,461
Kisoji Co. Ltd.		1,600		36,193
KOMEDA Holdings Co. Ltd.		3,200		57,128
Koshidaka Holdings Co. Ltd.		3,200		17,090
Kura Sushi Inc.		800		53,839

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, 2021 iShares^® MSCI Japan Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Hotels, Restaurants & Leisure (continued)
Kyoritsu Maintenance Co. Ltd.		2,480	$	90,434
Matsuyafoods Holdings Co. Ltd.		800		27,107
Monogatari Corp. (The)		800		45,955
MOS Food Services Inc.		1,600		46,105
Ohsho Food Service Corp.		800		43,402
Plenus Co. Ltd.		1,600		28,158
Resorttrust Inc.		6,400		109,870
Ringer Hut Co. Ltd.		1,600		34,556
Round One Corp.		4,800		52,262
Royal Holdings Co. Ltd.(a)		2,400		43,004
Saizeriya Co. Ltd.		2,400		50,054
SFP Holdings Co. Ltd.(a)		800		10,482
Skylark Holdings Co. Ltd.(a)		15,200		235,119
St. Marc Holdings Co. Ltd.		1,600		25,020
Sushiro Global Holdings Ltd.		8,000		299,230
TKP Corp.(a)		800		22,204
Tokyotokeiba Co. Ltd.		1,600		74,789
Toridoll Holdings Corp.		3,200		45,594
Tosho Co. Ltd.		1,600		29,540
WATAMI Co. Ltd.		1,600		15,153
Yoshinoya Holdings Co. Ltd.		4,800		94,567
Zensho Holdings Co. Ltd.		7,200		191,725
				2,428,607
Household Durables — 2.0%
Chofu Seisakusho Co. Ltd.		1,600		30,787
ES-Con Japan Ltd.		2,400		17,008
Foster Electric Co. Ltd.		1,600		18,682
France Bed Holdings Co. Ltd.		1,600		14,012
Fujitsu General Ltd.		4,800		129,754
Haseko Corp.		20,800		257,315
LEC Inc.		1,600		19,253
Nikon Corp.		24,000		212,878
Open House Co. Ltd.		4,800		183,818
Pressance Corp.		1,900		26,287
Sangetsu Corp.		4,000		57,668
Sumitomo Forestry Co. Ltd.		9,600		172,104
Tama Home Co. Ltd.		800		13,674
Tamron Co. Ltd.		800		14,387
Token Corp.		820		64,344
Zojirushi Corp.		2,400		38,701
				1,270,672
Household Products — 0.1%
Earth Corp.		800		44,002
S.T. Corp.		800		13,967
				57,969
Independent Power and Renewable Electricity Producers — 0.5%
Electric Power Development Co. Ltd.		11,200		182,496
eRex Co. Ltd.		1,600		25,996
RENOVA Inc.(a)		2,400		73,888
West Holdings Corp.		2,080		58,296
				340,676
Industrial Conglomerates — 0.3%
Katakura Industries Co. Ltd.		1,600		20,650
Mie Kotsu Group Holdings Inc.		3,200		14,567
Nisshinbo Holdings Inc.		10,400		77,312
Noritsu Koki Co. Ltd.		1,600		36,073
TOKAI Holdings Corp.		7,200		61,971
				210,573

Security	Shares		Value
Insurance — 0.1%
Anicom Holdings Inc.		5,600	$	53,561
LIFENET INSURANCE Co.(a)		2,400		33,768
				87,329
Interactive Media & Services — 0.7%
Bengo4.com Inc.(a)		800		72,010
COOKPAD Inc.(a)		4,000		11,338
Dip Corp.		2,400		65,282
GA Technologies Co. Ltd./Japan(a)		800		19,606
giftee Inc.(a)		800		33,828
Gree Inc.		8,800		45,759
Gurunavi Inc.		1,600		9,912
ITmedia Inc.		800		13,096
Itokuro Inc.(a)		800		8,500
Kamakura Shinsho Ltd.(a)		2,400		19,869
Lifull Co. Ltd.		5,600		21,288
Mixi Inc.		3,200		80,556
MTI Ltd.		1,600		12,585
PR Times Inc.(a)		800		24,216
ZIGExN Co. Ltd.		4,000		16,444
				454,289
Internet & Direct Marketing Retail — 0.4%
ASKUL Corp.		1,600		52,938
Belluna Co. Ltd.		4,000		38,859
Demae-Can Co. Ltd.(a)		2,400		63,255
Enigmo Inc.		1,600		17,361
Media Do Co. Ltd.		800		41,599
Oisix ra daichi Inc.(a)		1,600		41,554
Open Door Inc.(a)		800		18,502
				274,068
IT Services — 3.1%
Argo Graphics Inc.		1,600		44,092
BASE Inc.(a)		1,200		119,730
Change Inc.(a)		2,400		70,734
Comture Corp.		1,600		40,773
Digital Garage Inc.		2,400		91,684
DTS Corp.		3,200		69,593
Future Corp.		1,600		26,642
GMO GlobalSign Holdings KK		400		28,046
GMO internet Inc.		5,600		166,097
Hennge KK(a)		500		35,902
Ines Corp.		1,600		19,823
Infocom Corp.		1,600		39,482
Infomart Corp.		15,200		132,255
Information Services International-Dentsu Ltd.		1,600		56,242
Kanematsu Electronics Ltd.		800		26,619
LAC Co. Ltd.		1,600		15,123
Mitsubishi Research Institute Inc.		800		30,148
NEC Networks & System Integration Corp.		5,600		93,088
NET One Systems Co. Ltd.		6,500		201,638
Nihon Unisys Ltd.		5,600		161,892
NS Solutions Corp.		2,400		70,396
NSD Co. Ltd.		5,600		95,664
Oro Co. Ltd.		800		26,093
SB Technology Corp.		800		22,279
SHIFT Inc.(a)		800		96,715
TechMatrix Corp.		2,400		37,079
TerraSky Co. Ltd.(a)		800		27,520
TKC Corp.		800		47,456
Transcosmos Inc.		1,600		40,113

20 2 0 2 1   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, 2021 iShares^® MSCI Japan Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
IT Services (continued)
Zuken Inc.		800	$	19,914
				1,952,832
Leisure Products — 0.5%
Heiwa Corp.		4,816		72,687
Mars Group Holdings Corp.		800		11,827
Mizuno Corp.		1,600		32,544
Sankyo Co. Ltd.		3,200		88,785
Tomy Co. Ltd.		7,200		66,702
Universal Entertainment Corp.(a)		1,600		37,379
Yonex Co. Ltd.		3,200		18,772
				328,696
Life Sciences Tools & Services — 0.0%
EPS Holdings Inc.		2,400		25,455
Machinery — 6.0%
Aichi Corp.		2,400		19,148
Aida Engineering Ltd.		3,200		26,882
Anest Iwata Corp.		2,400		22,234
CKD Corp.		4,000		86,052
Daiwa Industries Ltd.		2,400		22,775
DMG Mori Co. Ltd.		8,800		132,074
Ebara Corp.		7,200		269,645
Fuji Corp./Aichi		4,800		112,949
Fujitec Co. Ltd.		4,800		109,795
Fukushima Galilei Co. Ltd.		800		29,698
Furukawa Co. Ltd.		2,400		29,443
Giken Ltd.		1,600		77,042
Glory Ltd.		4,000		87,329
Hirata Corp.		800		48,958
Hitachi Zosen Corp.		12,800		81,337
Hosokawa Micron Corp.		500		29,473
IHI Corp.		10,400		191,132
Iseki & Co. Ltd.(a)		1,600		22,482
Japan Steel Works Ltd. (The)		4,800		122,546
Kawasaki Heavy Industries Ltd.(a)		11,200		251,038
Kitz Corp.		4,800		25,365
Komori Corp.		4,000		26,431
Kyokuto Kaihatsu Kogyo Co. Ltd.		2,400		34,241
Makino Milling Machine Co. Ltd.		1,600		60,071
Max Co. Ltd.		1,600		23,968
Meidensha Corp.		2,400		51,429
METAWATER Co. Ltd.		1,600		30,336
Mitsubishi Logisnext Co. Ltd.		1,600		17,015
Mitsuboshi Belting Ltd.		1,600		24,674
Morita Holdings Corp.		2,400		39,444
Nachi-Fujikoshi Corp.		800		33,828
Nikkiso Co. Ltd.		4,000		41,186
Nippon Sharyo Ltd.(a)		800		18,555
Nissei ASB Machine Co. Ltd.		800		40,323
Nitta Corp.		1,600		34,721
Nitto Kohki Co. Ltd.		800		13,088
Nittoku Co. Ltd.		800		27,070
Noritake Co. Ltd./Nagoya Japan		800		27,445
NTN Corp.(a)		31,200		90,783
Obara Group Inc.		800		28,571
Oiles Corp.		1,696		26,155
OKUMA Corp.		1,600		87,854
Organo Corp.		800		45,054
OSG Corp.		6,400		114,676
Ryobi Ltd.(a)		1,600		18,772

Security	Shares		Value
Machinery (continued)
Shibaura Machine Co. Ltd.		1,600	$	42,380
Shibuya Corp.		800		24,366
Shima Seiki Manufacturing Ltd.		1,600		34,511
Shinmaywa Industries Ltd.		4,000		35,705
Sintokogio Ltd.		3,200		21,866
Sodick Co. Ltd.		3,200		29,105
Star Micronics Co. Ltd.		2,400		34,646
Sumitomo Heavy Industries Ltd.		8,800		241,599
Tadano Ltd.		7,200		67,918
Takeuchi Manufacturing Co. Ltd.		2,400		60,710
Takuma Co. Ltd.		4,800		94,162
Teikoku Sen-I Co. Ltd.		1,600		32,303
Tocalo Co. Ltd.		4,000		49,596
Tsubaki Nakashima Co. Ltd.		3,200		39,106
Tsubakimoto Chain Co.		1,600		43,311
Tsugami Corp.		3,200		46,045
Tsukishima Kikai Co. Ltd.		1,600		18,547
Tsurumi Manufacturing Co. Ltd.		1,600		25,951
Union Tool Co.		800		25,305
YAMABIKO Corp.		2,400		25,027
Yamashin-Filter Corp.		3,200		25,530
				3,770,776
Marine — 0.6%
Iino Kaiun Kaisha Ltd.		4,800		20,454
Kawasaki Kisen Kaisha Ltd.(a)		3,200		60,221
Mitsui OSK Lines Ltd.		8,800		277,943
NS United Kaiun Kaisha Ltd.		800		11,654
				370,272
Media — 0.9%
Digital Holdings Inc.		1,600		27,182
FAN Communications Inc.		4,000		14,642
Fuji Media Holdings Inc.		3,200		38,686
Gakken Holdings Co. Ltd.		1,600		23,803
Kadokawa Corp.		4,008		147,093
Nippon Television Holdings Inc.		4,000		52,900
Proto Corp.		1,600		16,745
RPA Holdings Inc.(a)		1,600		9,206
SKY Perfect JSAT Holdings Inc.		10,400		43,927
TBS Holdings Inc.		2,400		43,769
TV Asahi Holdings Corp.		1,600		30,681
ValueCommerce Co. Ltd.		1,600		43,567
Vector Inc.(a)		2,400		25,771
Wowow Inc.		800		20,665
Zenrin Co. Ltd.		2,400		29,623
				568,260
Metals & Mining — 2.3%
Aichi Steel Corp.		800		23,278
Asahi Holdings Inc.		3,200		119,692
Daido Steel Co. Ltd.		2,400		98,780
Dowa Holdings Co. Ltd.		4,000		157,499
Godo Steel Ltd.		800		15,018
Kobe Steel Ltd.(a)		23,200		142,850
Kyoei Steel Ltd.		1,600		21,160
Maruichi Steel Tube Ltd.		4,000		91,346
Mitsubishi Materials Corp.		8,800		206,743
Mitsui Mining & Smelting Co. Ltd.		4,800		167,148
Nippon Light Metal Holdings Co. Ltd.		4,400		86,728
Osaka Steel Co. Ltd.		800		9,416
OSAKA Titanium Technologies Co. Ltd.		1,600		12,194

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, 2021 iShares^® MSCI Japan Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Metals & Mining (continued)
Pacific Metals Co. Ltd.		1,600	$	35,502
Sanyo Special Steel Co. Ltd.(a)		1,600		25,380
Toho Titanium Co. Ltd.		2,400		21,536
Tokyo Steel Manufacturing Co. Ltd.		7,200		47,441
UACJ Corp.		2,414		55,694
Yamato Kogyo Co. Ltd.		3,200		79,715
Yodogawa Steel Works Ltd.		1,600		32,949
				1,450,069
Multiline Retail — 1.3%
Fuji Co. Ltd./Ehime		1,600		27,212
H2O Retailing Corp.		7,235		59,217
Isetan Mitsukoshi Holdings Ltd.		25,600		186,702
Izumi Co. Ltd.		2,400		88,643
J Front Retailing Co. Ltd.		18,400		175,641
Kintetsu Department Store Co. Ltd.		800		24,780
Matsuya Co. Ltd.(c)		2,400		21,355
Seria Co. Ltd.		3,200		101,971
Takashimaya Co. Ltd.		10,400		105,620
				791,141
Oil, Gas & Consumable Fuels — 0.8%
Cosmo Energy Holdings Co. Ltd.		4,000		95,814
Itochu Enex Co. Ltd.		4,000		38,446
Iwatani Corp.		3,600		205,444
Japan Petroleum Exploration Co. Ltd.		2,400		50,190
Mitsuuroko Group Holdings Co. Ltd.		2,400		27,685
San-Ai Oil Co. Ltd.		4,800		47,892
Sinanen Holdings Co. Ltd.		800		23,052
				488,523
Paper & Forest Products — 0.5%
Daiken Corp.		800		14,642
Daio Paper Corp.		5,600		104,179
Hokuetsu Corp.		8,000		38,220
Nippon Paper Industries Co. Ltd.		8,000		104,524
Tokushu Tokai Paper Co. Ltd.		800		34,729
				296,294
Personal Products — 1.2%
Euglena Co. Ltd.(a)		6,400		53,283
Fancl Corp.		6,400		227,971
Kitanotatsujin Corp.		4,800		27,843
Mandom Corp.		2,400		40,818
Milbon Co. Ltd.		1,600		88,004
Noevir Holdings Co. Ltd.		1,600		71,485
Rohto Pharmaceutical Co. Ltd.		7,200		192,469
Shinnihonseiyaku Co. Ltd.		800		18,127
YA-MAN Ltd.		2,400		37,237
				757,237
Pharmaceuticals — 1.7%
ASKA Pharmaceutical Co. Ltd.		1,600		20,109
Daito Pharmaceutical Co. Ltd.		800		24,817
Fuji Pharma Co. Ltd.		800		9,176
JCR Pharmaceuticals Co. Ltd.		4,400		147,851
Kaken Pharmaceutical Co. Ltd.		2,400		95,401
Kissei Pharmaceutical Co. Ltd.		2,400		47,802
KYORIN Holdings Inc.		3,200		56,767
Mochida Pharmaceutical Co. Ltd.		1,600		59,471
Nichi-Iko Pharmaceutical Co. Ltd.		4,050		36,341
Sawai Pharmaceutical Co. Ltd.		3,200		143,570
Seikagaku Corp.		3,200		30,246
Sosei Group Corp.(a)		5,600		96,872

Security	Shares		Value
Pharmaceuticals (continued)
Taiko Pharmaceutical Co. Ltd.		1,600	$	19,043
Torii Pharmaceutical Co. Ltd.		800		22,504
Towa Pharmaceutical Co. Ltd.		2,400		47,216
Tsumura & Co.		4,800		150,704
ZERIA Pharmaceutical Co. Ltd.		1,600		29,991
				1,037,881
Professional Services — 2.7%
Altech Corp.		880		16,354
BayCurrent Consulting Inc.		1,000		201,239
Benefit One Inc.		5,600		141,183
BeNEXT Group Inc.		1,600		21,806
en-japan Inc.		2,400		71,860
FULLCAST Holdings Co. Ltd.		1,600		28,984
Funai Soken Holdings Inc.		2,400		49,041
Grace Technology Inc.		800		40,098
Insource Co. Ltd.		1,600		32,919
IR Japan Holdings Ltd.		700		84,888
JAC Recruitment Co. Ltd.		800		12,127
Link And Motivation Inc.		2,400		11,646
Makuake Inc.(a)		400		29,510
Meitec Corp.		1,600		83,349
Nomura Co. Ltd.		6,400		48,898
Outsourcing Inc.		8,800		134,635
Pasona Group Inc.		1,600		26,897
SMS Co. Ltd.		5,600		182,917
S-Pool Inc.		4,800		44,603
Tanseisha Co. Ltd.		3,200		24,689
TechnoPro Holdings Inc.		2,900		210,682
UT Group Co. Ltd.(a)		2,400		75,915
WDB Holdings Co. Ltd.		800		18,960
Weathernews Inc.		800		37,132
World Holdings Co. Ltd.		800		18,690
Yumeshin Holdings Co. Ltd.		3,200		27,212
				1,676,234
Real Estate Management & Development — 1.6%
Daibiru Corp.		4,000		47,569
Goldcrest Co. Ltd.		800		12,562
Heiwa Real Estate Co. Ltd.		2,400		77,830
Ichigo Inc.		20,000		65,515
Katitas Co. Ltd.		4,000		109,292
Keihanshin Building Co. Ltd.		2,400		34,308
Leopalace21 Corp.(a)		15,200		19,118
Raysum Co. Ltd.		800		6,803
Relo Group Inc.		8,800		207,239
SAMTY Co. Ltd.		2,400		39,061
SRE Holdings Corp.(a)		800		35,405
Starts Corp. Inc.		2,400		62,692
Sun Frontier Fudousan Co. Ltd.		2,400		21,445
Takara Leben Co. Ltd.		6,400		20,665
TOC Co. Ltd.		2,400		17,368
Tokyo Tatemono Co. Ltd.		14,400		204,228
Tosei Corp.		2,400		22,527
				1,003,627
Road & Rail — 2.1%
Fukuyama Transporting Co. Ltd.		2,400		93,824
Hamakyorex Co. Ltd.		800		23,803
Hitachi Transport System Ltd.		3,200		100,319
Maruzen Showa Unyu Co. Ltd.		800		22,940
Nankai Electric Railway Co. Ltd.		8,000		192,979

22 2 0 2 1   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, 2021 iShares^® MSCI Japan Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Road & Rail (continued)
Nikkon Holdings Co. Ltd.		4,800	$	91,819
Nishi-Nippon Railroad Co. Ltd.		4,800		134,530
Sakai Moving Service Co. Ltd.		800		36,193
Sankyu Inc.		4,000		166,698
Seino Holdings Co. Ltd.		10,400		145,448
Senko Group Holdings Co. Ltd.		8,000		75,314
Sotetsu Holdings Inc.		5,600		129,724
Tonami Holdings Co. Ltd.		800		39,046
Trancom Co. Ltd.		800		61,123
				1,313,760
Semiconductors & Semiconductor Equipment — 2.0%
Ferrotec Holdings Corp.		2,400		47,869
Japan Material Co. Ltd.		4,800		60,867
Megachips Corp.		1,600		51,286
Micronics Japan Co. Ltd.		2,400		37,530
Mimasu Semiconductor Industry Co. Ltd.		800		18,449
Mitsui High-Tec Inc.		1,600		63,601
Optorun Co. Ltd.		1,600		36,493
Rorze Corp.		800		55,191
RS Technologies Co. Ltd.		800		44,077
Sanken Electric Co. Ltd.		1,600		81,096
SCREEN Holdings Co. Ltd.		3,200		249,296
Shinko Electric Industries Co. Ltd.		5,600		150,013
Tokyo Seimitsu Co. Ltd.		3,200		139,065
Tri Chemical Laboratories Inc.		2,000		71,335
Ulvac Inc.		3,200		143,721
				1,249,889
Software — 2.1%
AI inside Inc.(a)		100		38,530
Alpha Systems Inc.		800		26,094
Broadleaf Co. Ltd.		7,200		33,520
Chatwork Co. Ltd.(a)		800		9,949
Computer Engineering & Consulting Ltd.		1,600		21,160
Cybozu Inc.		1,600		35,097
Digital Arts Inc.		800		73,362
Ebase Co. Ltd.		1,600		12,990
Fixstars Corp.		1,600		14,027
Freee KK(a)		1,600		164,295
Fuji Soft Inc.		2,400		118,716
Fukui Computer Holdings Inc.		800		25,117
Justsystems Corp.		2,400		140,342
Miroku Jyoho Service Co. Ltd.		1,600		30,952
Money Forward Inc.(a)		3,200		136,512
OBIC Business Consultants Co. Ltd.		1,600		89,356
Optim Corp.(a)		1,600		43,462
PKSHA Technology Inc.(a)		800		26,619
Rakus Co. Ltd.		5,600		96,820
Sansan Inc.(a)		800		68,256
Sourcenext Corp.		6,400		20,244
Systena Corp.		5,600		98,239
UNITED Inc./Japan		800		9,769
				1,333,428
Specialty Retail — 2.3%
Adastria Co. Ltd.		2,400		44,963
Alpen Co. Ltd.		800		16,985
AOKI Holdings Inc.		3,200		20,484
Arcland Sakamoto Co. Ltd.		2,400		34,466
Asahi Co. Ltd.		1,600		22,196
Autobacs Seven Co. Ltd.		5,600		74,534

Security	Shares		Value
Specialty Retail (continued)
Bic Camera Inc.		7,200	$	77,988
Chiyoda Co. Ltd.		1,600		14,597
DCM Holdings Co. Ltd.		8,800		86,976
EDION Corp.		6,400		64,036
Geo Holdings Corp.		2,400		26,942
IDOM Inc.		4,800		27,888
JINS Holdings Inc.		800		55,115
Joshin Denki Co. Ltd.		800		22,159
Joyful Honda Co. Ltd.		4,800		60,552
Keiyo Co. Ltd.		2,400		16,467
Kohnan Shoji Co. Ltd.		1,600		43,552
Kojima Co. Ltd.		2,400		13,606
Komeri Co. Ltd.		2,400		64,652
K’s Holdings Corp.		14,400		193,144
Nafco Co. Ltd.		800		15,423
Nextage Co. Ltd.		3,200		51,121
Nishimatsuya Chain Co. Ltd.		3,200		42,200
Nojima Corp.		2,400		62,782
PAL GROUP Holdings Co. Ltd.(a)		1,600		24,374
Sanrio Co. Ltd.		4,000		65,365
Shimachu Co. Ltd.(a)		700		36,071
T-Gaia Corp.		1,600		27,348
United Arrows Ltd.		1,600		30,246
Valuence Holdings Inc.		800		19,125
VT Holdings Co. Ltd.		5,600		22,024
World Co. Ltd.		1,600		20,154
Xebio Holdings Co. Ltd.		1,600		13,531
Yellow Hat Ltd.		2,400		37,552
				1,448,618
Technology Hardware, Storage & Peripherals — 0.9%
Eizo Corp.		800		27,633
Elecom Co. Ltd.		1,600		70,509
Konica Minolta Inc.		35,200		178,081
Maxell Holdings Ltd.(a)		3,200		41,659
MCJ Co. Ltd.		4,800		40,864
Melco Holdings Inc.		800		28,271
Riso Kagaku Corp.		1,600		19,223
Toshiba TEC Corp.		1,600		58,570
Wacom Co. Ltd.		11,200		80,946
				545,756
Textiles, Apparel & Luxury Goods — 1.0%
Asics Corp.		12,000		196,546
Descente Ltd.(a)		2,400		40,368
Fujibo Holdings Inc.		800		30,186
Goldwin Inc.		1,600		109,931
Gunze Ltd.		800		27,295
Japan Wool Textile Co. Ltd. (The)		4,000		33,940
Kurabo Industries Ltd.		800		13,929
Onward Holdings Co. Ltd.		7,200		17,030
Seiko Holdings Corp.		2,200		36,550
Seiren Co. Ltd.		3,200		54,575
Wacoal Holdings Corp.		3,200		68,241
Yondoshi Holdings Inc.		800		13,846
				642,437
Thrifts & Mortgage Finance — 0.1%
Aruhi Corp.		2,400		34,916
Trading Companies & Distributors — 1.8%
Advan Co. Ltd.		1,600		15,588

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, 2021 iShares^® MSCI Japan Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Trading Companies & Distributors (continued)
Chori Co. Ltd.		800	$	11,421
Daiichi Jitsugyo Co. Ltd.		800		30,899
Gecoss Corp.		800		6,803
Hanwa Co. Ltd.		2,400		62,444
Inaba Denki Sangyo Co. Ltd.		4,000		94,838
Inabata & Co. Ltd.		3,200		45,083
Japan Pulp & Paper Co. Ltd.		800		27,295
Kamei Corp.		1,600		17,466
Kanamoto Co. Ltd.		2,400		53,298
Kanematsu Corp.		6,400		81,397
Nagase & Co. Ltd.		8,000		124,948
Nichiden Corp.		800		15,829
Nippon Steel Trading Corp.		844		29,549
Nishio Rent All Co. Ltd.		1,600		39,287
Sojitz Corp.		98,400		258,607
Trusco Nakayama Corp.		3,200		76,261
Wakita & Co. Ltd.		2,400		21,108
Yamazen Corp.		4,800		42,711
Yuasa Trading Co. Ltd.		1,600		44,167
				1,098,999
Transportation Infrastructure — 0.5%
Kamigumi Co. Ltd.		8,000		149,578
Mitsubishi Logistics Corp.		4,000		124,836
Sumitomo Warehouse Co. Ltd. (The)		4,000		54,965
				329,379
Total Common Stocks — 99.7% (Cost: $72,933,691)				62,510,034

Security	Shares		Value
Short-Term Investments
Money Market Funds — 0.0%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.12%(d)(e)(f)		22,226	$	22,239
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%(d)(e)		20,000		20,000
				42,239
Total Short-Term Investments — 0.0% (Cost: $42,239)				42,239
Total Investments in Securities — 99.7% (Cost: $72,975,930)				62,552,273
Other Assets, Less Liabilities — 0.3%				162,788
Net Assets — 100.0%			$	62,715,061

^(a)  Non-income producing security.

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

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

^(d)  Affiliate of the Fund.

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

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 2021 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 08/31/20		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 02/28/21		Shares Held at 02/28/21		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	44,412	$	—	$	(22,145	)(a)	$	(28	)	$	—	$	22,239		22,226	$	342	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		30,000		—		(10,000	)(a)		—			—		20,000		20,000		11			—
								$	(28	)	$	—	$	42,239			$	353		$	—

^(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.

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
Mini TOPIX Index		9		03/11/21	$	158	$	(705	)

24 2 0 2 1   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, 2021 iShares^® MSCI Japan Small-Cap ETF

Derivative Financial Instruments Categorized by Risk Exposure

As of February 28, 2021, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

	Equity Contracts
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	705

^(a)  Net cumulative 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 six months ended February 28, 2021, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	59,028
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(5,904	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$362,571

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

Fair Value Measurements

Various inputs are used in determining the fair value of financial instruments. For 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 value of the Fund’s investments according to the fair value hierarchy as of February 28, 2021. The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.

	Level 1			Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	62,398,349		$	—	$	111,685	$	62,510,034
Money Market Funds		42,239			—		—		42,239
	$	62,440,588		$	—	$	111,685	$	62,552,273
Derivative financial instruments(a)
Liabilities
Futures Contracts	$	(705	)	$	—	$	—	$	(705	)

^(a)  Shown at the unrealized appreciation (depreciation) on the contracts.

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 25

Schedule of Investments (unaudited)  February 28, 2021 iShares^® MSCI Malaysia ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Banks — 32.2%
AMMB Holdings Bhd		5,489,837	$	4,286,074
CIMB Group Holdings Bhd		21,353,412		22,843,798
Hong Leong Bank Bhd		2,152,940		9,574,533
Hong Leong Financial Group Bhd		761,100		3,189,192
Malayan Banking Bhd		13,026,181		25,843,171
Public Bank Bhd		48,195,700		49,535,296
RHB Bank Bhd		5,305,302		7,104,320
				122,376,384
Beverages — 1.0%
Fraser & Neave Holdings Bhd		486,200		3,755,062
Chemicals — 3.8%
Petronas Chemicals Group Bhd		7,946,100		14,586,664
Construction & Engineering — 1.3%
Gamuda Bhd		5,825,300		4,792,649
Diversified Telecommunication Services — 1.5%
Telekom Malaysia Bhd		3,748,400		5,686,269
Electric Utilities — 4.9%
Tenaga Nasional Bhd		7,554,712		18,851,783
Energy Equipment & Services — 2.7%
Dialog Group Bhd		13,074,454		10,433,721
Food Products — 13.4%
Genting Plantations Bhd		888,500		2,085,423
IOI Corp. Bhd		8,324,330		8,802,503
Kuala Lumpur Kepong Bhd		1,432,300		8,316,010
Nestle Malaysia Bhd		233,400		7,952,035
PPB Group Bhd		2,119,519		9,865,779
QL Resources Bhd		3,625,650		5,509,017
Sime Darby Plantation Bhd		6,841,155		8,282,065
				50,812,832
Gas Utilities — 2.8%
Petronas Gas Bhd		2,620,600		10,618,367
Health Care Equipment & Supplies — 11.9%
Hartalega Holdings Bhd(a)		5,674,000		14,018,530
Kossan Rubber Industries(a)		4,234,900		4,132,886
Supermax Corp. Bhd(a)		4,953,953		5,923,936
Top Glove Corp. Bhd(a)		16,273,800		21,068,490
				45,143,842
Health Care Providers & Services — 2.4%
IHH Healthcare Bhd		7,265,100		9,118,396
Hotels, Restaurants & Leisure — 4.0%
Genting Bhd		7,059,700		8,040,820
Genting Malaysia Bhd		9,822,700		7,013,614
				15,054,434

Security	Shares		Value
Industrial Conglomerates — 2.5%
HAP Seng Consolidated Bhd		2,060,800	$	4,332,899
Sime Darby Bhd		9,006,555		5,051,236
				9,384,135
Marine — 1.9%
MISC Bhd		4,429,520		7,419,925
Metals & Mining — 2.9%
Press Metal Aluminium Holdings Bhd		4,679,200		11,202,334
Oil, Gas & Consumable Fuels — 1.3%
Petronas Dagangan Bhd		986,500		4,874,614
Transportation Infrastructure — 2.1%
Malaysia Airports Holdings Bhd		3,570,500		5,284,075
Westports Holdings Bhd		2,826,600		2,849,297
				8,133,372
Wireless Telecommunication Services — 7.0%
Axiata Group Bhd		9,111,500		7,991,557
DiGi.Com Bhd		10,296,400		9,412,398
Maxis Bhd(a)		7,769,900		9,118,474
				26,522,429
Total Common Stocks — 99.6% (Cost: $248,785,248)				378,767,212
Short-Term Investments
Money Market Funds — 3.1%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.12%(b)(c)(d)		11,572,118		11,579,062
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%(b)(c)		290,000		290,000
				11,869,062
Total Short-Term Investments — 3.1% (Cost: $11,867,194)				11,869,062
Total Investments in Securities — 102.7% (Cost: $260,652,442)				390,636,274
Other Assets, Less Liabilities — (2.7)%				(10,363,367	)
Net Assets — 100.0%			$	380,272,907

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

^(b)  Affiliate of the Fund.

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

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

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Schedule of Investments (unaudited) (continued) February 28, 2021 iShares^® MSCI Malaysia ETF

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 2021 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 08/31/20		Purchases at Cost			Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 02/28/21		Shares Held at 02/28/21		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	10,675,467	$	906,342	(a)	$	—	$	(2,644	)	$	(103	)	$	11,579,062		11,572,118	$	629,460	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		140,000		150,000	(a)		—		—			—			290,000		290,000		50			—
								$	(2,644	)	$	(103	)	$	11,869,062			$	629,510		$	—

^(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.

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
MSCI Emerging Markets E-Mini Index		19		03/19/21	$	1,271	$	2,781

Derivative Financial Instruments Categorized by Risk Exposure

As of February 28, 2021, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

	Equity Contracts
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)	$	2,781

^(a)  Net cumulative 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 six months ended February 28, 2021, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	71,918
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	2,781

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$423,732

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

Fair Value Measurements

Various inputs are used in determining the fair value of financial instruments. For description of the input levels and information about the Fund’s policy regarding valuation of 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 27

Schedule of Investments (unaudited) (continued) February 28, 2021 iShares^® MSCI Malaysia ETF

Fair Value Measurements (continued)

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of February 28, 2021. The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.

	Level 1		Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	378,767,212	$	—	$	—	$	378,767,212
Money Market Funds		11,869,062		—		—		11,869,062
	$	390,636,274	$	—	$	—	$	390,636,274
Derivative financial instruments(a)
Assets
Futures Contracts	$	2,781	$	—	$	—	$	2,781

^(a)  Shown at the unrealized appreciation (depreciation) on the contracts.

See notes to financial statements.

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Schedule of Investments (unaudited)  February 28, 2021 iShares^® MSCI Pacific ex Japan ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Australia — 59.1%
Afterpay Ltd.(a)		256,092	$	23,696,802
AGL Energy Ltd.		698,578		5,067,662
AMP Ltd.		4,042,050		4,694,032
Ampol Ltd.		293,911		5,593,078
APA Group		1,383,892		9,953,391
Aristocrat Leisure Ltd.		685,203		16,105,498
ASX Ltd.		237,639		12,437,055
Aurizon Holdings Ltd.		2,158,851		6,367,967
AusNet Services		2,161,726		2,769,821
Australia & New Zealand Banking Group Ltd.		3,394,044		68,766,089
BHP Group Ltd.		3,521,076		133,929,207
BlueScope Steel Ltd.		612,826		7,913,824
Brambles Ltd.		1,748,821		13,403,977
CIMIC Group Ltd.(a)		109,920		1,811,780
Coca-Cola Amatil Ltd.		608,898		6,312,164
Cochlear Ltd.		79,760		13,054,607
Coles Group Ltd.		1,594,745		18,927,207
Commonwealth Bank of Australia		2,118,011		133,739,151
Computershare Ltd.		586,169		6,022,085
Crown Resorts Ltd.		417,875		3,219,012
CSL Ltd.		543,358		110,463,140
Dexus		1,303,020		8,978,302
Evolution Mining Ltd.		1,951,545		6,345,721
Fortescue Metals Group Ltd.		2,027,641		37,847,867
Goodman Group		1,989,342		25,504,859
GPT Group (The)		2,247,524		7,429,941
Insurance Australia Group Ltd.		2,902,111		11,211,603
James Hardie Industries PLC		536,307		15,159,275
Lendlease Corp. Ltd.		811,040		8,351,165
Macquarie Group Ltd.		412,588		45,511,760
Magellan Financial Group Ltd.		155,747		5,237,966
Medibank Pvt Ltd.		3,289,273		7,053,957
Mirvac Group		4,560,481		7,873,515
National Australia Bank Ltd.		3,933,301		75,032,777
Newcrest Mining Ltd.		967,715		18,460,409
Northern Star Resources Ltd.		1,312,698		10,376,328
Oil Search Ltd.		2,326,158		7,635,864
Orica Ltd.		471,420		4,584,065
Origin Energy Ltd.		2,045,083		7,124,864
Qantas Airways Ltd.(a)		1,086,606		4,206,252
QBE Insurance Group Ltd.		1,732,759		12,462,553
Ramsay Health Care Ltd.		217,971		11,137,707
REA Group Ltd.		65,426		6,929,304
Rio Tinto Ltd.		444,507		43,770,822
Santos Ltd.		2,104,388		11,779,239
Scentre Group		6,050,774		13,491,386
Seek Ltd.		405,432		8,066,856
Sonic Healthcare Ltd.		546,346		13,421,188
South32 Ltd.		5,796,506		12,430,803
Stockland		2,834,816		9,151,959
Suncorp Group Ltd.		1,544,712		11,887,404
Sydney Airport(a)		1,579,009		7,163,666
Tabcorp Holdings Ltd.		2,624,634		9,042,362
Telstra Corp. Ltd.		4,972,010		11,855,936
TPG Telecom Ltd.(a)		449,854		2,368,283
Transurban Group		3,251,622		32,222,791
Treasury Wine Estates Ltd.		861,017		7,265,933
Vicinity Centres		4,434,543		5,630,486

Security	Shares		Value
Australia (continued)
Washington H Soul Pattinson & Co. Ltd.		129,700	$	3,000,362
Wesfarmers Ltd.		1,362,054		51,923,685
Westpac Banking Corp.		4,312,586		79,530,307
WiseTech Global Ltd.		178,541		3,769,435
Woodside Petroleum Ltd.		1,145,682		21,793,269
Woolworths Group Ltd.		1,512,164		46,126,261
				1,354,396,036
Hong Kong — 28.7%
AIA Group Ltd.		14,473,014		181,067,763
ASM Pacific Technology Ltd.		380,300		5,289,741
Bank of East Asia Ltd. (The)		1,658,920		3,917,757
BOC Hong Kong Holdings Ltd.		4,449,000		14,796,831
Budweiser Brewing Co. APAC Ltd.(b)(c)		2,126,800		6,497,729
CK Asset Holdings Ltd.		3,082,232		18,098,406
CK Hutchison Holdings Ltd.		3,217,732		24,307,153
CK Infrastructure Holdings Ltd.		797,708		4,622,323
CLP Holdings Ltd.		1,969,500		19,206,646
ESR Cayman Ltd.(a)(b)		2,273,600		7,195,354
Galaxy Entertainment Group Ltd.		2,627,000		24,010,042
Hang Lung Properties Ltd.		2,510,736		6,505,546
Hang Seng Bank Ltd.		933,000		18,040,955
Henderson Land Development Co. Ltd.		1,748,442		7,595,699
HK Electric Investments & HK Electric Investments Ltd.		3,526,500		3,454,969
HKT Trust & HKT Ltd.		4,672,338		6,348,359
Hong Kong & China Gas Co. Ltd.		12,832,384		19,354,405
Hong Kong Exchanges & Clearing Ltd.		1,344,900		82,039,186
Hongkong Land Holdings Ltd.		1,410,600		6,799,092
Jardine Matheson Holdings Ltd.(c)		262,500		13,734,000
Jardine Strategic Holdings Ltd.		262,000		6,780,560
Link REIT		2,481,286		23,413,941
Melco Resorts & Entertainment Ltd., ADR		257,803		5,584,013
MTR Corp. Ltd.		1,908,786		11,454,168
New World Development Co. Ltd.		1,850,480		9,410,615
PCCW Ltd.		5,318,867		3,051,165
Power Assets Holdings Ltd.		1,667,000		9,261,887
Sands China Ltd.(a)		2,924,800		13,686,406
Sino Land Co. Ltd.		3,928,800		5,945,859
SJM Holdings Ltd.		2,493,000		3,470,824
Sun Hung Kai Properties Ltd.		1,571,000		25,233,694
Swire Pacific Ltd., Class A		597,000		4,375,135
Swire Properties Ltd.		1,443,000		4,641,127
Techtronic Industries Co. Ltd.		1,668,707		25,469,382
WH Group Ltd.(b)		11,571,500		10,382,107
Wharf Real Estate Investment Co. Ltd.		2,006,600		11,989,392
Wynn Macau Ltd.(a)		1,899,600		3,585,006
Xinyi Glass Holdings Ltd.		2,228,000		6,232,489
				656,849,726
Malta — 0.0%
BGP Holdings PLC(a)(d)		27,004,595		328
New Zealand — 2.9%
a2 Milk Co. Ltd. (The)(a)		894,177		6,300,011
Auckland International Airport Ltd.(a)		1,469,931		8,069,339
Fisher & Paykel Healthcare Corp. Ltd.		695,721		14,796,364
Mercury NZ Ltd.		807,279		3,551,183
Meridian Energy Ltd.		1,538,182		6,374,948
Ryman Healthcare Ltd.		477,640		5,087,827
Spark New Zealand Ltd.		2,193,640		7,321,028

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

Schedule of Investments (unaudited) (continued) February 28, 2021 iShares^® MSCI Pacific ex Japan ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
New Zealand (continued)
Xero Ltd.(a)		149,456	$	13,703,396
				65,204,096
Singapore — 8.9%
Ascendas REIT		3,844,180		8,499,578
CapitaLand Integrated Commercial Trust		5,408,518		8,541,692
CapitaLand Ltd.(c)		3,095,800		7,403,658
City Developments Ltd.(c)		512,000		2,833,962
DBS Group Holdings Ltd.		2,146,400		43,002,253
Genting Singapore Ltd.(c)		7,299,800		4,693,787
Keppel Corp. Ltd.		1,738,200		6,640,638
Mapletree Commercial Trust(c)		2,584,600		3,965,243
Mapletree Logistics Trust		3,488,654		4,853,734
Oversea-Chinese Banking Corp. Ltd.		4,004,924		33,100,786
Singapore Airlines Ltd.(a)		1,591,950		5,962,180
Singapore Exchange Ltd.		905,600		6,803,748
Singapore Technologies Engineering Ltd.		1,829,600		5,173,570
Singapore Telecommunications Ltd.		9,748,528		17,228,729
Suntec REIT		2,241,200		2,443,965
United Overseas Bank Ltd.		1,406,900		26,112,877
UOL Group Ltd.		565,200		3,141,181
Venture Corp. Ltd.		344,300		4,971,467
Wilmar International Ltd.		2,334,800		9,271,072
				204,644,120
Total Common Stocks — 99.6% (Cost: $2,114,121,788)				2,281,094,306

Security	Shares		Value
Short-Term Investments
Money Market Funds — 0.6%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.12%(e)(f)(g)		13,613,920	$	13,622,088
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%(e)(f)		730,000		730,000
				14,352,088
Total Short-Term Investments — 0.6% (Cost: $14,349,614)				14,352,088
Total Investments in Securities — 100.2% (Cost: $2,128,471,402)				2,295,446,394
Other Assets, Less Liabilities — (0.2)%				(4,989,986	)
Net Assets — 100.0%			$	2,290,456,408

^(a)  Non-income producing security.

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

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

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

^(e)  Affiliate of the Fund.

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

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 2021 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 08/31/20		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 02/28/21		Shares Held at 02/28/21		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	45,230,315	$	—		$	(31,596,144	)(a)	$	(1,885	)	$	(10,198	)	$	13,622,088		13,613,920	$	38,169	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		660,000		70,000	(a)		—			—			—			730,000		730,000		436			—
									$	(1,885	)	$	(10,198	)	$	14,352,088			$	38,605		$	—

^(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.

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
ASX SPI 200 Index		49		03/18/21	$	6,287	$	(105,937	)
MSCI Singapore Index		125		03/30/21		3,183		66,427
							$	(39,510	)

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Schedule of Investments (unaudited) (continued) February 28, 2021 iShares^® MSCI Pacific ex Japan ETF

Derivative Financial Instruments Categorized by Risk Exposure

As of February 28, 2021, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

	Equity Contracts
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)	$	66,427
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	105,937

^(a)  Net cumulative 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 six months ended February 28, 2021, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	121,554
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(18,415	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	9,129,705

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

Fair Value Measurements

Various inputs are used in determining the fair value of financial instruments. For 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 value of the Fund’s investments according to the fair value hierarchy as of February 28, 2021. The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.

	Level 1			Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	2,281,093,978		$	—	$	328	$	2,281,094,306
Money Market Funds		14,352,088			—		—		14,352,088
	$	2,295,446,066		$	—	$	328	$	2,295,446,394
Derivative financial instruments(a)
Assets
Futures Contracts	$	66,427		$	—	$	—	$	66,427
Liabilities
Futures Contracts		(105,937	)		—		—		(105,937	)
	$	(39,510	)	$	—	$	—	$	(39,510	)

^(a)  Shown at the unrealized appreciation (depreciation) on the contracts.

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 31

Schedule of Investments (unaudited) February 28, 2021 iShares^® MSCI Singapore ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 3.6%
Singapore Technologies Engineering Ltd.(a)		8,790,700	$	24,857,511
Airlines — 4.2%
Singapore Airlines Ltd.(a)(b)		7,628,167		28,569,054
Banks — 45.8%
DBS Group Holdings Ltd.		6,723,800		134,708,605
Oversea-Chinese Banking Corp. Ltd.(a)		12,312,950		101,766,805
United Overseas Bank Ltd.		4,224,100		78,401,736
				314,877,146
Capital Markets — 4.0%
Singapore Exchange Ltd.		3,694,700		27,758,181
Diversified Telecommunication Services — 4.3%
Singapore Telecommunications Ltd.		16,905,068		29,876,596
Electronic Equipment, Instruments & Components — 3.4%
Venture Corp. Ltd.		1,629,300		23,526,028
Equity Real Estate Investment Trusts (REITs) — 15.1%
Ascendas REIT(a)		13,325,294		29,462,559
CapitaLand Integrated Commercial Trust		9,610,123		15,177,302
Mapletree Commercial Trust(a)		13,308,700		20,417,950
Mapletree Logistics Trust(a)		16,483,278		22,933,041
Suntec REIT(a)		14,288,000		15,580,657
				103,571,509
Food Products — 4.3%
Wilmar International Ltd.(a)		7,424,500		29,481,357
Hotels, Restaurants & Leisure — 3.3%
Genting Singapore Ltd.(a)		35,397,742		22,760,825
Industrial Conglomerates — 4.3%
Keppel Corp. Ltd.(a)		7,673,800		29,317,067
Real Estate Management & Development — 7.4%
CapitaLand Ltd.		6,590,500		15,761,292
City Developments Ltd.(a)		3,135,500		17,355,253
UOL Group Ltd.		3,161,500		17,570,493
				50,687,038
Total Common Stocks — 99.7% (Cost: $664,492,968)				685,282,312
Short-Term Investments
Money Market Funds — 1.8%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.12%(c)(d)(e)		11,796,537		11,803,615
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%(c)(d)		270,000		270,000
				12,073,615
Total Short-Term Investments — 1.8% (Cost: $12,071,462)				12,073,615
Total Investments in Securities — 101.5% (Cost: $676,564,430)				697,355,927
Other Assets, Less Liabilities — (1.5)%				(10,158,893	)
Net Assets — 100.0%			$	687,197,034

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

^(b)  Non-income producing security.

^(c)  Affiliate of the Fund.

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

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

32 2 0 2 1   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, 2021 iShares^® MSCI Singapore ETF

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 2021 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 08/31/20		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 02/28/21		Shares Held at 02/28/21		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares		$35,870,668	$	—		$	(24,050,919	)(a)	$	(17,092	)	$	958	$	11,803,615		11,796,537	$	63,895	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		200,000		70,000	(a)		—			—			—		270,000		270,000		154			—
									$	(17,092	)	$	958	$	12,073,615			$	64,049		$	—

^(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.

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
MSCI Singapore Index		75		03/30/21	$	1,910	$	39,013

Derivative Financial Instruments Categorized by Risk Exposure

As of February 28, 2021, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

	Equity Contracts
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)	$	39,013

^(a)  Net cumulative 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 six months ended February 28, 2021, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	291,310
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	83,970

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	3,967,017

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 33

Schedule of Investments (unaudited) (continued) February 28, 2021 iShares^® MSCI Singapore ETF

Fair Value Measurements

Various inputs are used in determining the fair value of financial instruments. For 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 value of the Fund’s investments according to the fair value hierarchy as of February 28, 2021. The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.

	Level 1		Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	685,282,312	$	—	$	—	$	685,282,312
Money Market Funds		12,073,615		—		—		12,073,615
	$	697,355,927	$	—	$	—	$	697,355,927
Derivative financial instruments(a)
Assets
Futures Contracts	$	39,013	$	—	$	—	$	39,013

^(a)  Shown at the unrealized appreciation (depreciation) on the contracts.

See notes to financial statements.

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Schedule of Investments (unaudited)  February 28, 2021 iShares^® MSCI Taiwan ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Auto Components — 0.5%
Cheng Shin Rubber Industry Co. Ltd.(a)		22,312,670	$	34,567,515
Banks — 9.4%
Chang Hwa Commercial Bank Ltd.		57,999,199		35,504,402
CTBC Financial Holding Co. Ltd.		127,224,325		91,355,767
E.Sun Financial Holding Co. Ltd.		84,793,980		76,870,945
First Financial Holding Co. Ltd.(a)		82,561,013		61,804,043
Hua Nan Financial Holdings Co. Ltd.(a)		75,865,915		49,437,801
Mega Financial Holding Co. Ltd.(a)		79,228,271		83,061,323
Shanghai Commercial & Savings Bank Ltd. (The)		31,240,306		44,753,189
SinoPac Financial Holdings Co. Ltd.		102,644,724		42,933,706
Taishin Financial Holding Co. Ltd.		94,837,706		44,094,724
Taiwan Business Bank		82,526,547		28,059,470
Taiwan Cooperative Financial Holding Co. Ltd.		78,102,412		55,942,667
				613,818,037
Chemicals — 4.3%
Formosa Chemicals & Fibre Corp.		25,668,610		79,256,816
Formosa Plastics Corp.		29,022,518		101,595,746
Nan Ya Plastics Corp.		36,820,938		96,109,225
				276,961,787
Communications Equipment — 0.6%
Accton Technology Corp.(a)		4,464,000		42,071,627
Construction Materials — 1.5%
Asia Cement Corp.(a)		24,534,136		37,568,653
Taiwan Cement Corp.(a)		40,163,646		60,564,514
				98,133,167
Diversified Financial Services — 1.9%
Chailease Holding Co. Ltd.		10,044,017		62,025,704
Yuanta Financial Holding Co. Ltd.		79,228,657		60,447,319
				122,473,023
Diversified Telecommunication Services — 1.6%
Chunghwa Telecom Co. Ltd.		26,776,648		105,270,369
Electrical Equipment — 0.0%
Ya Hsin Industrial Co. Ltd.(b)(c)		6,845,461		2
Electronic Equipment, Instruments & Components — 15.3%
AU Optronics Corp.(a)(c)		88,141,830		59,810,810
Delta Electronics Inc.		14,595,180		146,986,733
Foxconn Technology Co. Ltd.(a)		13,301,499		33,429,851
Hon Hai Precision Industry Co. Ltd.		83,700,002		336,573,027
Innolux Corp.(a)		91,522,873		55,861,730
Largan Precision Co. Ltd.(a)		727,794		86,099,317
Nan Ya Printed Circuit Board Corp.		3,324,000		35,683,547
Pacific Electric Wire & Cable Co. Ltd.(b)(c)		197		0	(d)
Synnex Technology International Corp.		17,848,364		31,624,334
Unimicron Technology Corp.		12,093,000		42,332,556
Walsin Technology Corp.(a)		3,852,000		35,128,193
WPG Holdings Ltd.		20,088,604		32,708,669
Yageo Corp.(a)		3,217,125		68,494,933
Zhen Ding Technology Holding Ltd.(a)		7,804,072		33,623,145
				998,356,845
Food & Staples Retailing — 0.7%
President Chain Store Corp.		4,774,215		44,909,589
Food Products — 1.3%
Uni-President Enterprises Corp.		34,596,189		83,470,565

Security	Shares		Value
Household Durables — 0.5%
Nien Made Enterprise Co. Ltd.		2,232,000	$	31,253,209
Industrial Conglomerates — 0.6%
Far Eastern New Century Corp.(a)		34,578,843		35,941,388
Insurance — 4.3%
Cathay Financial Holding Co. Ltd.		58,032,315		87,405,282
China Development Financial Holding Corp.(a)		129,438,508		43,219,751
China Life Insurance Co. Ltd.		31,024,307		25,285,047
Fubon Financial Holding Co. Ltd.(a)		47,988,515		85,975,295
Shin Kong Financial Holding Co. Ltd.(a)		123,818,403		36,853,229
				278,738,604
Leisure Products — 0.5%
Giant Manufacturing Co. Ltd.		3,348,590		33,783,459
Machinery — 1.3%
Airtac International Group		1,238,000		43,114,981
Hiwin Technologies Corp.		2,973,390		42,595,193
				85,710,174
Marine — 0.8%
Evergreen Marine Corp. Taiwan Ltd.(c)		36,828,533		50,180,157
Metals & Mining — 1.2%
China Steel Corp.(a)		89,285,977		79,340,380
Oil, Gas & Consumable Fuels — 0.7%
Formosa Petrochemical Corp.		12,268,950		44,049,726
Pharmaceuticals — 0.4%
Oneness Biotech Co. Ltd.(a)(c)		2,926,000		27,366,412
Real Estate Management & Development — 0.8%
Highwealth Construction Corp.(a)		15,501,969		25,157,131
Ruentex Development Co. Ltd.(a)		16,727,614		25,044,126
				50,201,257
Semiconductors & Semiconductor Equipment — 38.9%
ASE Technology Holding Co. Ltd.(a)		24,552,432		91,236,934
ASMedia Technology Inc.(a)		394,000		24,048,111
Globalwafers Co. Ltd.		2,232,000		59,300,960
MediaTek Inc.		10,304,175		331,479,788
Nanya Technology Corp.		14,508,000		50,265,578
Novatek Microelectronics Corp.(a)		4,770,544		81,186,172
Phison Electronics Corp.		2,232,698		36,834,206
Powertech Technology Inc.(a)		8,928,036		32,054,703
Realtek Semiconductor Corp.		3,827,063		63,206,139
Silergy Corp.		631,000		60,715,555
Taiwan Semiconductor Manufacturing Co. Ltd.		64,020,882		1,392,932,573
United Microelectronics Corp.		88,164,501		171,565,064
Vanguard International Semiconductor Corp.		8,933,000		37,204,129
Win Semiconductors Corp.(a)		3,348,000		45,737,869
Winbond Electronics Corp.(a)		45,761,000		50,192,929
				2,527,960,710
Specialty Retail — 0.8%
Hotai Motor Co. Ltd.		2,528,000		53,641,433
Technology Hardware, Storage & Peripherals — 8.6%
Acer Inc.(a)		34,596,737		33,351,490
Advantech Co. Ltd.(a)		3,657,827		47,606,581
Asustek Computer Inc.(a)		5,890,857		64,296,581
Catcher Technology Co. Ltd.		6,688,743		46,108,560
Chicony Electronics Co. Ltd.(a)		8,920,405		30,041,612
Compal Electronics Inc.(a)		45,756,554		36,470,532

S C H E D U L E   O F   I N V E S T M E N T S 35

Schedule of Investments (unaudited) (continued) February 28, 2021 iShares^® MSCI Taiwan ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Technology Hardware, Storage & Peripherals (continued)
Inventec Corp.(a)		34,583,868	$	30,793,642
Lite-On Technology Corp.		20,088,071		42,841,089
Micro-Star International Co. Ltd.		7,804,000		41,748,353
Pegatron Corp.(a)		17,856,037		47,825,522
Quanta Computer Inc.(a)		22,320,240		68,116,701
Wistron Corp.		32,020,921		36,789,138
Wiwynn Corp.(a)		1,116,000		32,214,846
				558,204,647
Textiles, Apparel & Luxury Goods — 1.5%
Eclat Textile Co. Ltd.		2,224,601		34,304,501
Feng TAY Enterprise Co. Ltd.(a)		4,947,747		33,041,233
Pou Chen Corp.		30,119,103		32,657,640
				100,003,374
Transportation Infrastructure — 0.5%
Taiwan High Speed Rail Corp.		27,877,000		30,176,521
Wireless Telecommunication Services — 1.3%
Far EasTone Telecommunications Co. Ltd.		16,740,259		37,143,811
Taiwan Mobile Co. Ltd.		14,500,609		50,552,343
				87,696,154
Total Common Stocks — 99.8% (Cost: $2,948,772,549)				6,494,280,131

Security	Shares		Value
Short-Term Investments
Money Market Funds — 4.3%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.12%(e)(f)(g)		278,349,998	$	278,517,008
Total Short-Term Investments — 4.3% (Cost: $278,432,361)				278,517,008
Total Investments in Securities — 104.1% (Cost: $3,227,204,910)				6,772,797,139
Other Assets, Less Liabilities — (4.1)%				(269,336,945	)
Net Assets — 100.0%			$	6,503,460,194

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

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

^(c)  Non-income producing security.

^(d)  Rounds to less than $1.

^(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 cash collateral received from loaned securities.

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 2021 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 08/31/20		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 02/28/21		Shares Held at 02/28/21		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	201,949,066	$	76,649,409	(a)	$	—		$	(43,792	)	$	(37,675	)	$	278,517,008		278,349,998	$	1,167,350	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares(c)		18,470,000		—			(18,470,000	)(a)		—			—			—		—		3,031			—
									$	(43,792	)	$	(37,675	)	$	278,517,008			$	1,170,381		$	—

^(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.

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
FTSE Taiwan Index		105		03/30/21	$	5,819	$	(222,818	)

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Schedule of Investments (unaudited) (continued) February 28, 2021 iShares^® MSCI Taiwan ETF

Derivative Financial Instruments Categorized by Risk Exposure

As of February 28, 2021, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

	Equity Contracts
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	222,818

^(a)  Net cumulative 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 six months ended February 28, 2021, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	3,054,663
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	258,243

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$15,380,580

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

Fair Value Measurements

Various inputs are used in determining the fair value of financial instruments. For 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 value of the Fund’s investments according to the fair value hierarchy as of February 28, 2021. The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.

	Level 1			Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	6,494,280,129		$	—	$	2	$	6,494,280,131
Money Market Funds		278,517,008			—		—		278,517,008
	$	6,772,797,137		$	—	$	2	$	6,772,797,139
Derivative financial instruments(a)
Liabilities
Futures Contracts	$	(222,818	)	$	—	$	—	$	(222,818	)

^(a)  Shown at the unrealized appreciation (depreciation) on the contracts.

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 37

Schedule of Investments (unaudited) February 28, 2021 iShares^® MSCI Thailand ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Airlines — 0.2%
Asia Aviation PCL, NVDR(a)(b)		6,529,400	$	556,042
Bangkok Airways PCL, NVDR		1,774,900		441,335
				997,377
Auto Components — 0.9%
Sri Trang Agro-Industry PCL, NVDR(b)		2,264,545		3,974,733
Banks — 8.8%
Bangkok Bank PCL, Foreign		1,407,000		5,579,396
Kasikornbank PCL, NVDR(b)		1,455,500		6,694,249
Kasikornbank PCL, Foreign		2,852,900		13,121,281
Kiatnakin Phatra Bank PCL, NVDR		516,573		999,038
Krung Thai Bank PCL, NVDR		8,607,600		3,357,350
Siam Commercial Bank PCL (The), NVDR		2,085,800		6,983,017
Thanachart Capital PCL, NVDR(b)		709,000		748,967
Tisco Financial Group PCL, NVDR		491,400		1,517,372
				39,000,670
Beverages — 0.5%
Osotspa PCL, NVDR(b)		1,844,500		2,083,371
Building Products — 0.2%
Dynasty Ceramic PCL, NVDR		9,102,140		704,131
Capital Markets — 0.7%
Bangkok Commercial Asset Management PCL, NVDR(b)		4,365,700		3,079,264
Chemicals — 4.0%
Eastern Polymer Group PCL, NVDR		2,412,800		776,407
Indorama Ventures PCL, NVDR(b)		4,134,810		5,308,672
PTT Global Chemical PCL, NVDR		5,539,507		11,298,430
Vinythai PCL, NVDR		582,500		648,470
				18,031,979
Construction & Engineering — 0.6%
CH Karnchang PCL, NVDR(a)		2,901,800		1,461,949
Sino-Thai Engineering & Construction PCL, NVDR		2,634,228		1,018,905
				2,480,854
Construction Materials — 5.6%
Siam Cement PCL (The), NVDR		1,916,200		22,795,817
Tipco Asphalt PCL, NVDR(b)		1,749,400		1,177,044
TPI Polene PCL, NVDR		14,215,100		771,613
				24,744,474
Consumer Finance — 3.3%
AEON Thana Sinsap Thailand PCL, NVDR(b)		184,700		1,188,681
JMT Network Services PCL, NVDR		959,700		1,271,149
Krungthai Card PCL, NVDR(b)		1,900,500		3,922,607
Muangthai Capital PCL, NVDR(a)		1,820,800		3,861,678
Ratchthani Leasing PCL, NVDR		4,892,727		648,850
Srisawad Corp PCL, NVDR(b)		1,853,260		3,794,986
				14,687,951
Containers & Packaging — 0.1%
Polyplex Thailand PCL, NVDR(b)		660,300		478,607
Diversified Telecommunication Services — 0.9%
Jasmine International PCL, NVDR(b)		9,483,268		937,055
True Corp. PCL, NVDR(b)		28,670,818		2,926,193
				3,863,248
Electronic Equipment, Instruments & Components — 3.7%
Delta Electronics Thailand PCL, NVDR		766,200		9,961,744
Hana Microelectronics PCL, NVDR(b)		1,382,100		2,257,401

Security	Shares		Value
Electronic Equipment, Instruments & Components (continued)
Jay Mart PCL, NVDR(b)		1,022,200	$	897,084
KCE Electronics PCL, NVDR(b)		2,021,400		3,564,390
				16,680,619
Entertainment — 0.4%
Major Cineplex Group PCL, NVDR		1,543,000		1,008,081
RS PCL, NVDR		1,079,000		885,556
				1,893,637
Food & Staples Retailing — 7.0%
Berli Jucker PCL, NVDR(b)		2,951,800		3,573,933
CP ALL PCL, NVDR(a)(b)		14,347,500		27,747,665
				31,321,598
Food Products — 3.7%
Charoen Pokphand Foods PCL, NVDR(b)		9,521,600		8,897,767
GFPT PCL, NVDR(b)		1,227,600		474,829
Ichitan Group PCL, NVDR(b)		1,264,500		505,542
Khon Kaen Sugar Industry PCL, NVDR		3,755,178		402,789
R&B Food Supply PCL, NVDR(b)		1,220,800		579,336
Taokaenoi Food & Marketing PCL, Class R, NVDR(b)		1,212,100		392,008
Thai Union Group PCL, NVDR(b)		7,621,300		3,468,090
Thai Vegetable Oil PCL, NVDR		1,100,053		1,224,637
Thaifoods Group PCL, NVDR		2,721,200		446,668
				16,391,666
Health Care Equipment & Supplies — 0.6%
Sri Trang Gloves Thailand PCL, NVDR(b)		2,106,200		2,635,686
Health Care Providers & Services — 5.2%
Bangkok Chain Hospital PCL, NVDR		3,353,825		1,504,363
Bangkok Dusit Medical Services PCL, NVDR		23,422,200		15,226,179
Bumrungrad Hospital PCL, NVDR		1,073,876		4,415,480
Chularat Hospital PCL, NVDR		12,216,400		1,032,404
Thonburi Healthcare Group PCL, NVDR		1,256,900		1,062,203
				23,240,629
Hotels, Restaurants & Leisure — 2.9%
Asset World Corp. PCL, NVDR		19,612,100		3,098,087
Central Plaza Hotel PCL, NVDR(a)(b)		1,168,300		1,262,639
Minor International PCL, NVDR(a)		7,640,310		7,512,243
MK Restaurants Group PCL, NVDR		681,000		1,239,562
				13,112,531
Independent Power and Renewable Electricity Producers — 8.1%
B Grimm Power PCL, NVDR		1,920,500		2,996,324
Banpu Power PCL, NVDR(b)		1,850,600		1,136,862
BCPG PCL, NVDR(b)		1,655,450		796,363
CK Power PCL, NVDR(a)(b)		5,991,160		833,466
Electricity Generating PCL, NVDR		711,400		3,907,813
Energy Absolute PCL, NVDR		3,666,000		7,447,418
Global Power Synergy PCL, NVDR		1,732,100		4,236,554
Gulf Energy Development PCL, NVDR		7,203,200		7,784,852
Gunkul Engineering PCL, NVDR		9,819,522		868,146
Ratch Group PCL, NVDR		1,962,400		3,268,998
SPCG PCL, NVDR		1,201,300		773,125
Super Energy Corp. PCL, NVDR(a)		40,301,450		1,218,251
TPI Polene Power PCL, NVDR(b)		6,200,100		870,594
				36,138,766
Insurance — 0.5%
Bangkok Life Assurance PCL, NVDR(a)(b)		1,263,700		1,022,767
TQM Corp. PCL, NVDR(b)		295,300		1,161,400
				2,184,167

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Schedule of Investments (unaudited) (continued) February 28, 2021 iShares^® MSCI Thailand ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Media — 0.6%
Plan B Media PCL, NVDR		4,788,200	$	1,042,750
VGI PCL, NVDR(b)		8,453,700		1,854,744
				2,897,494
Multiline Retail — 1.1%
Central Retail Corp. PCL, NVDR(a)		4,445,734		4,840,849
Oil, Gas & Consumable Fuels — 15.1%
Bangchak Corp. PCL, NVDR(b)		2,536,500		2,411,537
Banpu PCL, NVDR(b)		9,976,700		3,729,220
Esso Thailand PCL, NVDR(a)(b)		2,561,300		736,779
IRPC PCL, NVDR(b)		27,614,600		3,159,473
Prima Marine PCL, NVDR(b)		2,149,800		552,025
PTT Exploration & Production PCL, NVDR		3,414,184		12,761,978
PTT PCL, NVDR		28,073,700		36,500,002
Siamgas & Petrochemicals PCL, NVDR		1,812,300		647,972
Star Petroleum Refining PCL, NVS(b)		4,258,100		1,363,281
Thai Oil PCL, NVDR(b)		2,756,900		5,309,365
				67,171,632
Pharmaceuticals — 0.2%
Mega Lifesciences PCL, NVDR		860,200		1,111,399
Real Estate Management & Development — 6.5%
Amata Corp. PCL, NVDR(b)		2,124,400		1,236,012
AP Thailand PCL, NVDR		5,810,086		1,388,044
Bangkok Land PCL, NVDR(b)		27,846,300		959,415
Central Pattana PCL, NVDR		5,513,900		9,498,784
Land & Houses PCL, NVDR		20,553,700		5,277,769
MBK PCL, NVDR(b)		2,299,000		1,046,165
Origin Property PCL, NVDR(b)		2,098,800		477,532
Pruksa Holding PCL, NVDR(b)		1,584,600		659,269
Quality Houses PCL, NVDR		19,817,832		1,520,202
Sansiri PCL, NVDR(b)		29,188,637		806,429
SC Asset Corp. PCL, NVDR(b)		3,529,904		332,732
Siam Future Development PCL, NVDR		2,581,153		432,070
Singha Estate PCL, NVDR(b)		7,450,700		402,011
Supalai PCL, NVDR		3,695,500		2,414,363
WHA Corp. PCL, NVDR(b)		22,068,240		2,295,360
				28,746,157
Road & Rail — 1.3%
BTS Group Holdings PCL, NVDR(b)		19,403,300		5,928,389
Specialty Retail — 4.0%
Com7 PCL, NVDR(b)		1,324,900		2,207,040
Dohome PCL, NVDR		1,603,948		1,047,899
Home Product Center PCL, NVDR		14,541,573		6,286,317
PTG Energy PCL, NVDR(b)		2,073,700		1,307,618

Security	Shares		Value
Specialty Retail (continued)
PTT Oil & Retail Business		7,100,100	$	6,808,003
				17,656,877
Transportation Infrastructure — 6.1%
Airports of Thailand PCL, NVDR		10,530,800		21,906,580
Bangkok Aviation Fuel Services PCL, NVDR(a)(b)		463,400		376,556
Bangkok Expressway & Metro PCL, NVDR(b)		18,779,053		4,852,595
				27,135,731
Water Utilities — 0.5%
Eastern Water Resources Development and Management PCL, NVDR(b)		1,417,400		428,458
TTW PCL, NVDR(b)		3,435,866		1,328,974
WHA Utilities and Power PCL, NVDR(b)		2,782,400		361,754
				2,119,186
Wireless Telecommunication Services — 6.2%
Advanced Info Service PCL, NVDR		2,922,619		15,721,842
Intouch Holdings PCL, NVDR		5,515,200		9,994,001
Total Access Communication PCL, NVDR(b)		1,745,100		1,800,932
				27,516,775
Total Common Stocks — 99.5% (Cost: $515,081,148)				442,850,447
Short-Term Investments
Money Market Funds — 11.9%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.12%(c)(d)(e)		52,174,377		52,205,682
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%(c)(d)		770,000		770,000
				52,975,682
Total Short-Term Investments — 11.9% (Cost: $52,970,283)				52,975,682
Total Investments in Securities — 111.4% (Cost: $568,051,431)				495,826,129
Other Assets, Less Liabilities — (11.4)%				(50,620,341	)
Net Assets — 100.0%			$	445,205,788

^(a)  Non-income producing security.

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

^(c)  Affiliate of the Fund.

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

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

S C H E D U L E   O F   I N V E S T M E N T S 39

Schedule of Investments (unaudited) (continued) February 28, 2021 iShares^® MSCI Thailand ETF

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 2021 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 08/31/20		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 02/28/21		Shares Held at 02/28/21		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	20,275,791	$	31,943,675	(a)	$	—		$	(11,832	)	$	(1,952	)	$	52,205,682		52,174,377	$	764,440	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		1,411,000		—			(641,000	)(a)		—			—			770,000		770,000		360			—
									$	(11,832	)	$	(1,952	)	$	52,975,682			$	764,800		$	—

^(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.

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
MSCI Emerging Markets E-Mini Index		32		03/19/21	$	2,141	$	(15,467	)

Derivative Financial Instruments Categorized by Risk Exposure

As of February 28, 2021, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

	Equity Contracts
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	15,467

^(a)  Net cumulative 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 six months ended February 28, 2021, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	145,111
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(70,886	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$1,557,293

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

Fair Value Measurements

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

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Schedule of Investments (unaudited) (continued) February 28, 2021 iShares^® MSCI Thailand ETF

Fair Value Measurements (continued)

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of February 28, 2021. The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.

	Level 1			Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	—		$	442,850,447	$	—	$	442,850,447
Money Market Funds		52,975,682			—		—		52,975,682
	$	52,975,682		$	442,850,447	$	—	$	495,826,129
Derivative financial instruments(a)
Liabilities
Futures Contracts	$	(15,467	)	$	—	$	—	$	(15,467	)

^(a)  Shown at the unrealized appreciation (depreciation) on the contracts.

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 41

Statements of Assets and Liabilities(unaudited)

February 28, 2021

	iShares MSCI Hong Kong ETF			iShares MSCI Japan Small-Cap ETF			iShares MSCI Malaysia ETF			iShares MSCI Pacific ex Japan ETF
ASSETS
Investments in securities, at value (including securities on loan)(a):
Unaffiliated(b)	$	1,551,086,838		$	62,510,034		$	378,767,212		$	2,281,094,306
Affiliated(c)		890,000			42,239			11,869,062			14,352,088
Cash		8,359			8,181			117			3,914
Foreign currency, at value(d)		471,707			121,412			807,456			4,097,649
Cash pledged:
Futures contracts		44,000			—			96,000			—
Foreign currency collateral pledged:
Futures contracts(e)		—			17,299			—			720,662
Receivables:
Investments sold		12,004,904			199,157			—			9,461,331
Securities lending income — Affiliated		—			29			329,768			2,473
Dividends		14			173,969			323,873			6,170,889
Total assets		1,564,505,822			63,072,320			392,193,488			2,315,903,312
LIABILITIES
Collateral on securities loaned, at value		—			22,239			11,582,621			13,652,001
Payables:
Investments purchased		12,782,722			306,658			170,418			10,894,872
Variation margin on futures contracts		8,841			3,708			19,375			66,513
Investment advisory fees		591,739			24,654			148,167			833,518
Total liabilities		13,383,302			357,259			11,920,581			25,446,904
NET ASSETS	$	1,551,122,520		$	62,715,061		$	380,272,907		$	2,290,456,408
NET ASSETS CONSIST OF:
Paid-in capital	$	1,994,516,647		$	82,431,895		$	383,562,031		$	2,650,769,386
Accumulated loss		(443,394,127	)		(19,716,834	)		(3,289,124	)		(360,312,978	)
NET ASSETS	$	1,551,122,520		$	62,715,061		$	380,272,907		$	2,290,456,408
Shares outstanding		58,725,000			800,000			13,800,000			46,200,000
Net asset value	$	26.41		$	78.39		$	27.56		$	49.58
Shares authorized		375 million			500 million			300 million			1 billion
Par value	$	0.001		$	0.001		$	0.001		$	0.001
(a) Securities loaned, at value	$	—		$	21,142		$	11,001,934		$	12,963,367
(b) Investments, at cost — Unaffiliated	$	1,507,610,805		$	72,933,691		$	248,785,248		$	2,114,121,788
(c)  Investments, at cost — Affiliated	$	890,000		$	42,239		$	11,867,194		$	14,349,614
(d) Foreign currency, at cost	$	471,865		$	123,439		$	808,547		$	4,090,846
(e) Foreign currency collateral pledged, at cost	$	—		$	17,678		$	—		$	730,530

See notes to financial statements.

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Statements of Assets and Liabilities(unaudited)(continued)

February 28, 2021

	iShares MSCI Singapore ETF			iShares MSCI Taiwan ETF		iShares MSCI Thailand ETF
ASSETS
Investments in securities, at value (including securities on loan)(a):
Unaffiliated(b)	$	685,282,312		$	6,494,280,131	$	442,850,447
Affiliated(c)		12,073,615			278,517,008		52,975,682
Cash		5,006			19,432,051		5,874
Foreign currency, at value(d)		1,527,386			28,949,253		45,039
Cash pledged:
Futures contracts		—			476,000		139,000
Foreign currency collateral pledged:
Futures contracts(e)		128,119			—		—
Receivables:
Investments sold		9,164,020			154,325,122		8,962,236
Securities lending income — Affiliated		2,864			249,755		199,251
Variation margin on futures contracts		21,290			—		—
Capital shares sold		—			17,816,136		—
Dividends		462,643			82		971,867
Total assets		708,667,255			6,994,045,538		506,149,396
LIABILITIES
Collateral on securities loaned, at value		11,813,118			278,515,189		52,205,292
Payables:
Investments purchased		9,401,193			208,735,925		8,510,722
Variation margin on futures contracts		—			354,750		30,240
Investment advisory fees		255,910			2,778,294		197,354
Foreign taxes		—			201,186		—
Total liabilities		21,470,221			490,585,344		60,943,608
NET ASSETS	$	687,197,034		$	6,503,460,194	$	445,205,788
NET ASSETS CONSIST OF:
Paid-in capital	$	903,704,950		$	3,133,501,860	$	605,539,916
Accumulated earnings (loss)		(216,507,916	)		3,369,958,334		(160,334,128	)
NET ASSETS	$	687,197,034		$	6,503,460,194	$	445,205,788
Shares outstanding		30,900,000			111,600,000		5,700,000
Net asset value	$	22.24		$	58.27	$	78.11
Shares authorized		300 million			900 million		200 million
Par value	$	0.001		$	0.001	$	0.001
(a) Securities loaned, at value	$	11,230,661		$	263,256,932	$	46,847,501
(b) Investments, at cost — Unaffiliated	$	664,492,968		$	2,948,772,549	$	515,081,148
(c)  Investments, at cost — Affiliated	$	12,071,462		$	278,432,361	$	52,970,283
(d) Foreign currency, at cost	$	1,529,509		$	28,949,253	$	45,379
(e) Foreign currency collateral pledged, at cost	$	130,656		$	—	$	—

See notes to financial statements.

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

Statements of Operations (unaudited)

Six Months Ended February 28, 2021

	iShares MSCI Hong Kong ETF			iShares MSCI Japan Small-Cap ETF			iShares MSCI Malaysia ETF			iShares MSCI Pacific ex Japan ETF
INVESTMENT INCOME
Dividends — Unaffiliated	$	11,445,217		$	578,983		$	4,483,611		$	22,545,787
Dividends — Affiliated		288			11			50			436
Securities lending income — Affiliated — net		26,940			342			629,460			38,169
Foreign taxes withheld		—			(57,794	)		—			(845,090	)
Total investment income		11,472,445			521,542			5,113,121			21,739,302
EXPENSES
Investment advisory fees		3,350,249			162,744			935,188			4,771,145
Commitment fees		—			—			1,820			—
Total expenses		3,350,249			162,744			937,008			4,771,145
Net investment income		8,122,196			358,798			4,176,113			16,968,157
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		35,353			(856,462	)		(6,221,118	)		(14,235,386	)
Investments — Affiliated		(7,548	)		(28	)		(2,644	)		(1,885	)
In-kind redemptions — Unaffiliated		6,578,403			(209,610	)		—			15,132,074
Futures contracts		(291,521	)		59,028			71,918			121,554
Foreign currency transactions		(1,587	)		8,022			(132,998	)		81,717
Net realized gain (loss)		6,313,100			(999,050	)		(6,284,842	)		1,098,074
Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated		193,107,918			8,303,890			15,548,041			294,648,985
Investments — Affiliated		2,110			—			(103	)		(10,198	)
Futures contracts		67,759			(5,904	)		2,781			(18,415	)
Foreign currency translations		(286	)		(6,091	)		(3,212	)		(243,747	)
Net change in unrealized appreciation (depreciation)		193,177,501			8,291,895			15,547,507			294,376,625
Net realized and unrealized gain		199,490,601			7,292,845			9,262,665			295,474,699
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	207,612,797		$	7,651,643		$	13,438,778		$	312,442,856

See notes to financial statements.

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Statements of Operations (unaudited) (continued)

Six Months Ended February 28, 2021

	iShares MSCI Singapore ETF			iShares MSCI Taiwan ETF			iShares MSCI Thailand ETF
INVESTMENT INCOME
Dividends — Unaffiliated	$	4,629,761		$	15,938,060		$	2,114,580
Dividends — Affiliated		154			3,031			360
Securities lending income — Affiliated — net(a)		63,895			1,167,350			764,440
Foreign taxes withheld		(150,519	)		(5,262,383	)		(207,861	)
Total investment income		4,543,291			11,846,058			2,671,519
EXPENSES
Investment advisory fees		1,471,945			14,865,425			1,227,946
Commitment fees		—			3,723			—
Total expenses		1,471,945			14,869,148			1,227,946
Net investment income (loss)		3,071,346			(3,023,090	)		1,443,573
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		(19,468,098	)		57,990,644			(13,162,742	)
Investments — Affiliated		(17,092	)		(43,792	)		(11,832	)
In-kind redemptions — Unaffiliated		1,991,921			—			11,934,126
Futures contracts		291,310			3,054,663			145,111
Foreign currency transactions		26,990			149,022			230
Net realized gain (loss)		(17,174,969	)		61,150,537			(1,095,107	)
Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated		110,687,965			1,490,294,142			60,736,674
Investments — Affiliated		958			(37,675	)		(1,952	)
Futures contracts		83,970			258,243			(70,886	)
Foreign currency translations		(54,260	)		2,229			(12,817	)
Net change in unrealized appreciation (depreciation)		110,718,633			1,490,516,939			60,651,019
Net realized and unrealized gain		93,543,664			1,551,667,476			59,555,912
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	96,615,010		$	1,548,644,386		$	60,999,485
(a) Net of securities lending income tax paid of	$	—		$	281,968		$	—

See notes to financial statements.

F I N A N C I A L   S T A T E M E N T S 45

Statements of Changes in Net Assets

	iShares MSCI Hong Kong ETF							iShares MSCI Japan Small-Cap ETF
	Six Months Ended 02/28/21 (unaudited)			Year Ended 08/31/20			Six Months Ended 02/28/21 (unaudited)				Year Ended 08/31/20
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	8,122,196		$	36,541,261			$	358,798		$	1,459,482
Net realized gain (loss)		6,313,100			(100,427,493	)			(999,050	)		(14,527,240	)
Net change in unrealized appreciation (depreciation)		193,177,501			(23,264,239	)			8,291,895			15,473,225
Net increase (decrease) in net assets resulting from operations		207,612,797			(87,150,471	)			7,651,643			2,405,467
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(12,991,392	)		(37,850,833	)			—			(3,817,217	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		28,219,870			28,619,983				(7,858,071	)		(45,662,016	)
NET ASSETS
Total increase (decrease) in net assets		222,841,275			(96,381,321	)			(206,428	)		(47,073,766	)
Beginning of period		1,328,281,245			1,424,662,566				62,921,489			109,995,255
End of period	$	1,551,122,520		$	1,328,281,245			$	62,715,061		$	62,921,489

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

See notes to financial statements.

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Statements of Changes in Net Assets (continued)

		iShares MSCI Malaysia ETF						iShares MSCI Pacific ex Japan ETF
	Six Months Ended 02/28/21 (unaudited)				Year Ended 08/31/20			Six Months Ended 02/28/21 (unaudited)			Year Ended 08/31/20
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income		$	4,176,113		$	10,950,103		$	16,968,157		$	60,646,304
Net realized gain (loss)			(6,284,842	)		(32,257,581	)		1,098,074			(56,699,729	)
Net change in unrealized appreciation (depreciation)			15,547,507			(1,046,435	)		294,376,625			(16,556,463	)
Net increase (decrease) in net assets resulting from operations			13,438,778			(22,353,913	)		312,442,856			(12,609,888	)
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders			—			(12,064,796	)		(23,613,595	)		(71,017,208	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions			24,912,150			(14,548,335	)		119,247,097			(300,108,597	)
NET ASSETS
Total increase (decrease) in net assets			38,350,928			(48,967,044	)		408,076,358			(383,735,693	)
Beginning of period			341,921,979			390,889,023			1,882,380,050			2,266,115,743
End of period		$	380,272,907		$	341,921,979		$	2,290,456,408		$	1,882,380,050

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

See notes to financial statements.

F I N A N C I A L   S T A T E M E N T S 47

Statements of Changes in Net Assets (continued)

		iShares MSCI Singapore ETF						iShares MSCI Taiwan ETF
	Six Months Ended 02/28/21 (unaudited)				Year Ended 08/31/20			Six Months Ended 02/28/21 (unaudited)			Year Ended 08/31/20
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income (loss)		$	3,071,346		$	17,795,487		$	(3,023,090	)	$	92,750,223
Net realized gain (loss)			(17,174,969	)		(59,464,598	)		61,150,537			103,740,220
Net change in unrealized appreciation (depreciation)			110,718,633			(24,796,390	)		1,490,516,939			672,821,250
Net increase (decrease) in net assets resulting from operations			96,615,010			(66,465,501	)		1,548,644,386			869,311,693
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders			(10,661,077	)		(20,388,430	)		(99,705,133	)		(89,350,677	)
CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions			75,510,458			98,935,771			823,065,454			788,999,560
NET ASSETS
Total increase in net assets			161,464,391			12,081,840			2,272,004,707			1,568,960,576
Beginning of period			525,732,643			513,650,803			4,231,455,487			2,662,494,911
End of period		$	687,197,034		$	525,732,643		$	6,503,460,194		$	4,231,455,487

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

See notes to financial statements.

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Statements of Changes in Net Assets (continued)

	iShares MSCI Thailand ETF
	Six Months Ended 02/28/21 (unaudited)			Year Ended 08/31/20
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	1,443,573		$	10,682,463
Net realized loss		(1,095,107	)		(24,959,102	)
Net change in unrealized appreciation (depreciation)		60,651,019			(100,075,288	)
Net increase (decrease) in net assets resulting from operations		60,999,485			(114,351,927	)
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(2,522,050	)		(10,962,844	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		(50,060,436	)		95,866,665
NET ASSETS
Total increase (decrease) in net assets		8,416,999			(29,448,106	)
Beginning of period		436,788,789			466,236,895
End of period	$	445,205,788		$	436,788,789

^(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 49

Financial Highlights

(For a share outstanding throughout each period)

	iShares MSCI Hong Kong ETF
	Six Months Ended 02/28/21 (unaudited)				Year Ended 08/31/20			Year Ended 08/31/19			Year Ended 08/31/18			Year Ended 08/31/17			Year Ended 08/31/16
Net asset value, beginning of period		$	22.91		$	23.00		$	24.18		$	24.69		$	21.08		$	19.42
Net investment income(a)			0.15			0.54			0.62			0.71			0.68			0.54
Net realized and unrealized gain (loss)(b)			3.57			(0.01	)		(1.08	)		(0.12	)		3.54			1.72
Net increase (decrease) from investment operations			3.72			0.53			(0.46	)		0.59			4.22			2.26
Distributions(c)
From net investment income			(0.22	)		(0.62	)		(0.72	)		(1.10	)		(0.61	)		(0.60	)
Total distributions			(0.22	)		(0.62	)		(0.72	)		(1.10	)		(0.61	)		(0.60	)
Net asset value, end of period		$	26.41		$	22.91		$	23.00		$	24.18		$	24.69		$	21.08
Total Return
Based on net asset value			16.32	%(d)		2.46	%		(2.00	)%		2.33	%		20.38	%		11.94	%
Ratios to Average Net Assets
Total expenses			0.50	%(e)		0.51	%		0.49	%		0.48	%		0.49	%		0.48	%
Net investment income			1.22	%(e)		2.37	%		2.52	%		2.83	%		3.08	%		2.73	%
Supplemental Data
Net assets, end of period (000)		$	1,551,123		$	1,328,281		$	1,424,663		$	2,729,621		$	1,855,447		$	1,596,576
Portfolio turnover rate(f)			10	%(d)		16	%		12	%		7	%		8	%		9	%

^(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)  Not annualized.

^(e)  Annualized.

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

See notes to financial statements.

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Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares MSCI Japan Small-Cap ETF
	Six Months Ended
	02/28/21 (unaudited)				Year Ended 08/31/20				Year Ended 08/31/19				Year Ended 08/31/18				Year Ended 08/31/17				Year Ended 08/31/16
Net asset value, beginning of period		$	69.91			$	68.75			$	77.00			$	72.78			$	60.95			$	56.79
Net investment income(a)			0.42				1.21				1.37				0.94				1.02				0.84
Net realized and unrealized gain (loss)(b)			8.06				2.78				(7.90	)			4.24				12.62				4.29
Net increase (decrease) from investment operations			8.48				3.99				(6.53	)			5.18				13.64				5.13
Distributions(c)
From net investment income			—				(2.83	)			(1.72	)			(0.96	)			(1.81	)			(0.97	)
Total distributions			—				(2.83	)			(1.72	)			(0.96	)			(1.81	)			(0.97	)
Net asset value, end of period		$	78.39			$	69.91			$	68.75			$	77.00			$	72.78			$	60.95
Total Return
Based on net asset value			12.14	%(d)			5.72	%			(8.42	)%			7.09	%			22.81	%			9.10	%
Ratios to Average Net Assets
Total expenses			0.50	%(e)			0.51	%			0.49	%			0.47	%			0.49	%			0.48	%
Net investment income			1.11	%(e)			1.75	%			1.94	%			1.18	%			1.53	%			1.44	%
Supplemental Data
Net assets, end of period (000)		$	62,715			$	62,921			$	109,995			$	284,912			$	189,216			$	164,553
Portfolio turnover rate(f)			9	%(d)			10	%			10	%			9	%			8	%			12	%

^(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)  Not annualized.

^(e)  Annualized.

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

See notes to financial statements.

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

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares MSCI Malaysia ETF
	Six Months Ended
	02/28/21				Year Ended				Year Ended					Year Ended					Year Ended				Year Ended
	(unaudited)				08/31/20					08/31/19					08/31/18						08/31/17	(a)			08/31/16	(a)
Net asset value, beginning of period		$	26.51			$	28.02				$	32.87				$	32.03			$	33.13			$	40.75
Net investment income(b)			0.31				0.76					1.03					0.91				0.56				1.00
Net realized and unrealized gain (loss)(c)			0.74				(1.41	)				(4.85	)				2.06				(0.05	)			2.79
Net increase (decrease) from investment operations			1.05				(0.65	)				(3.82	)				2.97				0.51				3.79
Distributions(d)
From net investment income			—				(0.86	)				(1.03	)				(2.13	)			(1.61	)			(1.81	)
From net realized gain			—				—					—					—				—				(9.60	)
Total distributions			—				(0.86	)				(1.03	)				(2.13	)			(1.61	)			(11.41	)
Net asset value, end of period		$	27.56			$	26.51				$	28.02				$	32.87			$	32.03			$	33.13
Total Return
Based on net asset value			3.96	%(e)			(2.27	)%				(11.69	)%				9.59	%			2.14	%			12.58	%
Ratios to Average Net Assets
Total expenses			0.50	%(f)			0.51	%				0.49	%				0.47	%			0.49	%			0.48	%
Net investment income			2.24	%(f)			2.86	%				3.41	%				2.69	%			2.73	%			2.86	%
Supplemental Data
Net assets, end of period (000)		$	380,273			$	341,922				$	390,889				$	557,220			$	437,224			$	335,455
Portfolio turnover rate(g)			10	%(e)(h)			58	%(h)				48	%(h)				63	%(h)			24	%(h)			72	%(h)
(a) Per share amounts reflect a one-for-four reverse stock split effective after the close of trading on November 4, 2016. (b) Based on average shares outstanding. (c)  The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. (d) Distributions for annual periods determined in accordance with U.S. federal income tax regulations. (e) Not annualized. (f)  Annualized. (g) Portfolio turnover rate includes portfolio transactions that are executed as a result of the Fund offering and redeeming Creation Units solely for cash in U.S. dollars (“cash creations”).
(h) Portfolio turnover rate  excluding cash creations was as follows:			2	%			16	%				9	%				17	%			10	%			17	%

See notes to financial statements.

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Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares MSCI Pacific ex Japan ETF
	Six Months Ended
		02/28/21 (unaudited)			Year Ended 08/31/20				Year Ended 08/31/19			Year Ended 08/31/18			Year Ended 08/31/17			Year Ended 08/31/16
Net asset value, beginning of period		$	42.98			$	44.17		$	46.02		$	46.43		$	40.94		$	38.01
Net investment income(a)			0.39				1.29			1.74			1.66			1.60			1.54
Net realized and unrealized gain (loss)(b)			6.76				(0.98	)		(1.58	)		0.03			5.55			2.98
Net increase from investment operations			7.15				0.31			0.16			1.69			7.15			4.52
Distributions(c)
From net investment income			(0.55	)			(1.50	)		(2.01	)		(2.10	)		(1.66	)		(1.59	)
Total distributions			(0.55	)			(1.50	)		(2.01	)		(2.10	)		(1.66	)		(1.59	)
Net asset value, end of period		$	49.58			$	42.98		$	44.17		$	46.02		$	46.43		$	40.94
Total Return
Based on net asset value			16.69	%(d)			0.72	%		0.56	%		3.63	%		18.06	%		12.20	%
Ratios to Average Net Assets
Total expenses			0.48	%(e)			0.48	%		0.48	%		0.48	%		0.49	%		0.49	%
Net investment income			1.70	%(e)			3.04	%		3.89	%		3.52	%		3.69	%		4.00	%
Supplemental Data
Net assets, end of period (000)		$	2,290,456			$	1,882,380		$	2,266,116		$	2,374,834		$	3,120,426		$	2,357,962
Portfolio turnover rate(f)			4	%(d)			8	%		7	%		6	%		3	%		6	%

^(a)  Based on average shares outstanding.

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

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

^(d)  Not annualized.

^(e)  Annualized.

^(f)  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 53

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares MSCI Singapore ETF
	Six Months Ended
	02/28/21				Year Ended				Year Ended					Year Ended					Year Ended				Year Ended
	(unaudited)				08/31/20					08/31/19					08/31/18						08/31/17	(a)			08/31/16	(a)
Net asset value, beginning of period		$	19.12			$	22.83				$	23.84				$	24.70			$	21.22			$	21.25
Net investment income(b)			0.11				0.76					0.91					1.04				0.56				0.84
Net realized and unrealized gain (loss)(c)			3.37				(3.57	)				(1.02	)				(0.77	)			3.84				(0.24	)
Net increase (decrease) from investment operations			3.48				(2.81	)				(0.11	)				0.27				4.40				0.60
Distributions(d)
From net investment income			(0.36	)			(0.90	)				(0.90	)				(1.13	)			(0.92	)			(0.63	)
Total distributions			(0.36	)			(0.90	)				(0.90	)				(1.13	)			(0.92	)			(0.63	)
Net asset value, end of period		$	22.24			$	19.12				$	22.83				$	23.84			$	24.70			$	21.22
Total Return
Based on net asset value			18.26	%(e)			(12.84	)%				(0.41	)%				0.91	%			21.51	%			2.87	%
Ratios to Average Net Assets
Total expenses			0.50	%(f)			0.51	%				0.50	%				0.47	%			0.49	%			0.48	%
Net investment income			1.05	%(f)			3.59	%				3.86	%				4.03	%			3.00	%			3.96	%
Supplemental Data
Net assets, end of period (000)		$	687,197			$	525,733				$	513,651				$	579,292			$	600,268			$	562,418
Portfolio turnover rate(g)			10	%(e)			22	%				9	%				26	%			12	%			7	%

^(a)  Per share amounts reflect a one-for-two reverse stock split effective after the close of trading on November 4, 2016.

^(b)  Based on average shares outstanding.

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

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

^(e)  Not annualized.

^(f)  Annualized.

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

See notes to financial statements.

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Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares MSCI Taiwan ETF
	Six Months Ended
	02/28/21				Year Ended				Year Ended				Year Ended				Year Ended				Year Ended
	(unaudited)				08/31/20						08/31/19				08/31/18				08/31/17	(a)			08/31/16	(a)
Net asset value, beginning of period		$	44.08			$	34.94			$	37.91			$	37.35			$	30.30			$	27.17
Net investment income (loss)(b)			(0.03	)			1.05				0.92				0.98				0.87				0.68
Net realized and unrealized gain (loss)(c)			15.19				9.11				(2.89	)			0.60				6.88				3.25
Net increase (decrease) from investment operations			15.16				10.16				(1.97	)			1.58				7.75				3.93
Distributions(d)
From net investment income			(0.97	)			(1.02	)			(1.00	)			(1.02	)			(0.70	)			(0.80	)
Total distributions			(0.97	)			(1.02	)			(1.00	)			(1.02	)			(0.70	)			(0.80	)
Net asset value, end of period		$	58.27			$	44.08			$	34.94			$	37.91			$	37.35			$	30.30
Total Return
Based on net asset value			34.72	%(e)			29.34	%			(4.92	)%			4.43	%			26.17	%			15.02	%
Ratios to Average Net Assets
Total expenses			0.57	%(f)			0.59	%			0.59	%			0.59	%			0.62	%			0.64	%
Net investment income (loss)			(0.12	)%(f)			2.68	%			2.70	%			2.65	%			3.10	%			2.51	%
Supplemental Data
Net assets, end of period (000)		$	6,503,460			$	4,231,455			$	2,662,495			$	4,082,891			$	3,764,790			$	2,656,889
Portfolio turnover rate(g)			8	%(e)(h)			15	%(h)			7	%(h)			12	%(h)			11	%(h)			27	%(h)
(a) Per share amounts reflect a one-for-two reverse stock split effective after the close of trading on November 4, 2016. (b) Based on average shares outstanding. (c)  The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. (d) Distributions for annual periods determined in accordance with U.S. federal income tax regulations. (e) Not annualized. (f)  Annualized. (g) Portfolio turnover rate includes portfolio transactions that are executed as a result of the Fund offering and redeeming Creation Units solely for cash in U.S. dollars (“cash creations”).
(h) Portfolio turnover rate  excluding cash creations was as follows:			7	%			14	%			6	%			11	%			8	%			9	%

See notes to financial statements.

F I N A N C I A L  H I G H L I G H T S 55

Financial Highlights (continued)

(For a share outstanding throughout each period)

		iShares MSCI Thailand ETF
	Six Months Ended 02/28/21 (unaudited)				Year Ended 08/31/20				Year Ended 08/31/19				Year Ended 08/31/18				Year Ended 08/31/17				Year Ended 08/31/16
Net asset value, beginning of period		$	68.25			$	90.53			$	90.80			$	82.70			$	75.94			$	65.01
Net investment income(a)			0.24				1.97				2.10				2.12				1.99				2.05
Net realized and unrealized gain (loss)(b)			10.07				(22.24	)			(0.33	)			8.13				6.90				10.54
Net increase (decrease) from investment operations			10.31				(20.27	)			1.77				10.25				8.89				12.59
Distributions(c)
From net investment income			(0.45	)			(2.01	)			(2.04	)			(2.15	)			(2.13	)			(1.66	)
Total distributions			(0.45	)			(2.01	)			(2.04	)			(2.15	)			(2.13	)			(1.66	)
Net asset value, end of period		$	78.11			$	68.25			$	90.53			$	90.80			$	82.70			$	75.94
Total Return
Based on net asset value			15.08	%(d)			(22.57	)%			2.03	%			12.55	%			12.01	%			19.87	%
Ratios to Average Net Assets
Total expenses			0.57	%(e)			0.59	%			0.59	%			0.59	%			0.62	%			0.63	%
Net investment income			0.67	%(e)			2.57	%			2.36	%			2.30	%			2.63	%			3.08	%
Supplemental Data
Net assets, end of period (000)		$	445,206			$	436,789			$	466,237			$	435,842			$	355,590			$	448,075
Portfolio turnover rate(f)			7	%(d)			11	%			17	%			10	%			7	%			16	%

^(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)  Not annualized.

^(e)  Annualized.

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

See notes to financial statements.

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Notes to Financial Statements (unaudited)

1. ORGANIZATION

iShares, Inc. (the “Company”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Company is organized as a Maryland corporation and is authorized to have multiple series or portfolios.

These financial statements relate only to the following funds (each, a “Fund,” and collectively, the “Funds”):

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

2. SIGNIFICANT ACCOUNTING POLICIES

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

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

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

Each Fund does not isolate the effect of fluctuations in foreign exchange rates from the effect of fluctuations in the market prices of investments for financial reporting purposes. Accordingly, the effects of changes in exchange rates on investments are not segregated in the statement 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 statement 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, 2021, if any, are disclosed in the statement 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 statement of operations includes tax reclaims recorded as well as professional and other fees, if any, associated with recovery of foreign withholding taxes.

Segregation and Collateralization: In cases where a Fund enters into certain investments (e.g., futures contracts) that would be treated as “senior securities” for 1940 Act purposes, a Fund may segregate or designate on its books and record cash or liquid assets having a market value at least equal to the amount of its future obligations under such investments. Doing so allows the investment to be excluded from treatment as a “senior security.” Furthermore, if required by an exchange or counterparty agreement, the Funds may be required to deliver/deposit cash and/or securities to/with an exchange, or broker-dealer or custodian as collateral for certain investments or obligations.

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

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Notes to Financial Statements (unaudited) (continued)

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

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

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

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

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

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

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

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

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

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

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

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

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

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

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

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

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Notes to Financial Statements (unaudited) (continued)

on loan. The market value of the loaned securities is determined at the close of each business day of the Fund and any additional required collateral is delivered to the Fund or excess collateral is returned by the Fund, on the next business day. During the term of the loan, each Fund is entitled to all distributions made on or in respect of the loaned securities but does not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

As of period end, any securities on loan were collateralized by cash and/or U.S. Government obligations. Cash collateral invested in money market funds managed by BlackRock Fund Advisors (“BFA”), the Funds’ investment adviser, or its affiliates is disclosed in the schedules 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 as of February 28, 2021:

iShares ETF and Counterparty		Market Value of Securities on Loan		Cash Collateral Received	(a)		Non-Cash Collateral Received		Net Amount
MSCI Japan Small-Cap
Macquarie Bank Limited	$	21,142	$	21,142		$	—	$	—
MSCI Malaysia
JPMorgan Securities PLC	$	2,021,844	$	2,021,844		$	—	$	—
Morgan Stanley & Co. International PLC		8,980,090		8,980,090			—		—
	$	11,001,934	$	11,001,934		$	—	$	—
MSCI Pacific ex Japan
BofA Securities, Inc.	$	5,718,471	$	5,718,471		$	—	$	—
Morgan Stanley & Co. LLC		7,244,896		7,244,896			—		—
	$	12,963,367	$	12,963,367		$	—	$	—
MSCI Singapore
BofA Securities, Inc.	$	3,002,223	$	3,002,223		$	—	$	—
Morgan Stanley & Co. LLC		8,228,438		8,228,438			—		—
	$	11,230,661	$	11,230,661		$	—	$	—
MSCI Taiwan
Citigroup Global Markets Ltd.	$	6,886,275	$	6,886,275		$	—	$	—
Credit Suisse Securities (Europe) Ltd.		8,213,050		8,213,050			—		—
JPMorgan Securities PLC		158,521,272		158,521,272			—		—
Macquarie Bank Limited		7,019,550		7,019,550			—		—
Morgan Stanley & Co. International PLC		82,616,785		82,616,785			—		—
	$	263,256,932	$	263,256,932		$	—	$	—
MSCI Thailand
Barclays Capital Inc.	$	1,483,324	$	1,483,324		$	—	$	—
BofA Securities, Inc.		1,329,653		1,329,653			—		—
Credit Suisse Securities (USA) LLC		1,147,357		1,147,357			—		—
Goldman Sachs & Co.		3,568,520		3,568,520			—		—
JPMorgan Securities LLC		12,837,176		12,837,176			—		—
Morgan Stanley & Co. LLC		13,842,163		13,842,163			—		—
Nomura Securities International Inc.		132,250		132,250			—		—
Scotia Capital (USA) Inc.		281		281			—		—
SG Americas Securities LLC		12,506,777		12,506,777			—		—
	$	46,847,501	$	46,847,501		$	—	$	—

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

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Notes to Financial Statements (unaudited) (continued)

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

5. DERIVATIVE FINANCIAL INSTRUMENTS

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

Futures contracts are exchange-traded agreements between the Funds and a counterparty to buy or sell a specific quantity of an underlying instrument at a specified price and on a specified date. Depending on the terms of a contract, it is settled either through physical delivery of the underlying instrument on the settlement date or by payment of a cash amount on the settlement date. Upon entering into a futures contract, the Funds are required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on a contract’s size and risk profile. The initial margin deposit must then be maintained at an established level over the life of the contract. Amounts pledged, which are considered restricted, are included in cash pledged for futures contracts in the statement 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 statement 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 statement of assets and liabilities. When the contract is closed, a realized gain or loss is recorded in the statement of operations equal to the difference between the notional amount of the contract at the time it was opened and the notional amount at the time it was closed. The use of futures contracts involves the risk of an imperfect correlation in the movements in the price of futures contracts and interest rates, foreign currency exchange rates or underlying assets.

6. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

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

For its investment advisory services to each of the iShares MSCI Hong Kong, iShares MSCI Japan Small-Cap, iShares MSCI Malaysia and iShares MSCI Singapore ETFs, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Funds, based on each Fund’s allocable portion of the aggregate of the average daily net assets of the Fund and certain other iShares funds, as follows:

Aggregate Average Daily Net Assets	Investment Advisory Fee
First $7 billion		0.59	%
Over $7 billion, up to and including $11 billion		0.54
Over $11 billion, up to and including $24 billion		0.49
Over $24 billion, up to and including $48 billion		0.44
Over $48 billion, up to and including $72 billion		0.40
Over $72 billion, up to and including $96 billion		0.36
Over $96 billion		0.32

For its investment advisory services to the iShares MSCI Pacific ex Japan ETF, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Fund, based on the Fund’s allocable portion of the aggregate of the average daily net assets of the Fund and certain other iShares funds, as follows:

Aggregate Average Daily Net Assets	Investment Advisory Fee
First $46 billion		0.5000	%
Over $46 billion, up to and including $81 billion		0.4750
Over $81 billion, up to and including $111 billion		0.4513
Over $111 billion, up to and including $141 billion		0.4287
Over $141 billion		0.4073

Each reduced investment advisory fee level reflects a 5% reduction (rounded to the fourth decimal place) from the investment advisory fee at the prior aggregate average daily net asset level.

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Notes to Financial Statements (unaudited) (continued)

For its investment advisory services to each of the iShares MSCI Taiwan and iShares MSCI Thailand ETFs, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Funds, based on each Fund’s allocable portion of the aggregate of the average daily net assets of the Fund and certain other iShares funds, as follows:

Aggregate Average Daily Net Assets	Investment Advisory Fee
First $2 billion		0.74%
Over $2 billion, up to and including $4 billion		0.69
Over $4 billion, up to and including $8 billion		0.64
Over $8 billion, up to and including $16 billion		0.57
Over $16 billion, up to and including $24 billion		0.51
Over $24 billion, up to and including $32 billion		0.48
Over $32 billion		0.45

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. 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 statement of operations. For the six months ended February 28, 2021, the Funds paid BTC the following amounts for securities lending agent services:

iShares ETF	Fees Paid     to BTC
MSCI Hong Kong	$	7,279
MSCI Japan Small-Cap		83
MSCI Malaysia		140,990
MSCI Pacific ex Japan		12,276
MSCI Singapore		19,525
MSCI Taiwan		359,772
MSCI Thailand		176,430

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

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Notes to Financial Statements (unaudited) (continued)

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, 2021, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:    

iShares ETF	Purchases		Sales		Net Realized     Gain (Loss)
MSCI Hong Kong	$	40,399,704	$	37,154,559	$	5,154,083
MSCI Japan Small-Cap		3,187,660		1,683,026		689,763
MSCI Pacific ex Japan		8,843,602		17,322,882		2,190,555
MSCI Singapore		25,406,202		9,433,348		(2,171,375)

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 statement 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, 2021, purchases and sales of investments, excluding short-term investments and in-kind transactions, were as follows:

iShares ETF	Purchases		Sales
MSCI Hong Kong	$	293,206,689	$	130,181,459
MSCI Japan Small-Cap		6,035,900		5,641,868
MSCI Malaysia		63,982,016		37,943,553
MSCI Pacific ex Japan		124,093,572		79,395,449
MSCI Singapore		67,454,288		57,625,879
MSCI Taiwan		1,164,667,206		414,741,803
MSCI Thailand		28,049,610		28,553,118

For the six months ended February 28, 2021, in-kind transactions were as follows:

iShares ETF	In-kind Purchases		In-kind     Sales
MSCI Hong Kong	$	15,330,188	$	149,043,002
MSCI Japan Small-Cap		7,213,378		14,961,454
MSCI Pacific ex Japan		133,227,977		61,888,632
MSCI Singapore		96,667,315		34,536,363
MSCI Thailand		77,813,543		127,546,338

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, 2021, 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, 2020, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:

iShares ETF	Non-Expiring
MSCI Hong Kong	$	473,593,879
MSCI Japan Small-Cap		7,615,538
MSCI Malaysia		94,623,717
MSCI Pacific ex Japan		474,051,679
MSCI Singapore		194,493,442
MSCI Taiwan		34,101,756
MSCI Thailand		83,040,018

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Notes to Financial Statements (unaudited) (continued)

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

As of February 28, 2021, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:

iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
MSCI Hong Kong	$	1,526,842,099	$	227,884,585	$	(202,754,757	)	$	25,129,828
MSCI Japan Small-Cap		73,444,449		4,843,929		(15,736,810	)		(10,892,881	)
MSCI Malaysia		294,421,011		141,274,093		(45,056,049	)		96,218,044
MSCI Pacific ex Japan		2,186,068,536		436,676,670		(327,338,322	)		109,338,348
MSCI Singapore		695,709,741		51,844,033		(50,158,834	)		1,685,199
MSCI Taiwan		3,425,267,170		3,557,483,475		(210,176,324	)		3,347,307,151
MSCI Thailand		572,636,611		16,359,995		(93,185,944	)		(76,825,949	)

9. LINE OF CREDIT

The iShares MSCI Malaysia ETF and iShares MSCI Taiwan ETF, along with certain other iShares funds (“Participating Funds”), are parties to a $300 million credit agreement (“Credit Agreement”) with State Street Bank and Trust Company, which expires on July 15, 2021. 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 Credit Agreement sets specific sub limits on aggregate borrowings based on two tiers of Participating Funds: $300 million with respect to the funds within Tier 1 and $200 million with respect to Tier 2, including the Funds. The Funds may borrow up to the aggregate commitment amount subject to asset coverage and other limitations as specified in the Credit Agreement. The Credit Agreement has the following terms: a commitment fee of 0.20% per annum on the unused portion of the credit agreement and interest at a rate equal to the higher of (a) the one-month LIBOR rate (not less than zero) plus 1.00% per annum or (b) the U.S. Federal Funds rate (not less than zero) plus 1.00% per annum on amounts borrowed. The commitment fee is generally allocated to each Participating Fund based on the lesser of a Participating Fund’s relative exposure to certain target markets or a Participating Fund’s maximum borrowing amount as set forth by the terms of the Credit Agreement.

During the six months ended February 28, 2021, the Funds did not borrow under the credit agreement.

10. PRINCIPAL RISKS

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

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

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

Market Risk: An outbreak of respiratory disease caused by a novel coronavirus has developed into a global pandemic and has resulted in closing borders, quarantines, disruptions to supply chains and customer activity, as well as general concern and uncertainty. The impact of this pandemic, and other global health crises that may arise in the future, could affect the economies of many nations, individual companies and the market in general in ways that cannot necessarily be foreseen at the present time. This pandemic may result in substantial market volatility and may adversely impact the prices and liquidity of a fund’s investments. The duration of this pandemic and its effects cannot be determined with certainty.

Valuation Risk: The market values of equities, such as common stocks and preferred securities or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company. They may also decline due to factors which affect a particular industry or industries. A fund may invest in illiquid investments. An illiquid investment is any investment that a fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. A fund may experience difficulty in selling illiquid investments in a timely manner at the price that it believes the investments are worth. Prices may fluctuate widely over short or extended periods in response to company, market or economic news. Markets also tend to move in cycles, with periods of rising and falling prices. This volatility may cause a fund’s NAV to experience significant increases or decreases over short periods of time. If there is a general decline in the securities and other markets, the NAV of a fund may lose value, regardless of the individual results of the securities and other instruments in which a fund invests.

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Notes to Financial Statements (unaudited) (continued)

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

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

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

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

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

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

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

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

LIBOR Transition Risk: The United Kingdom’s Financial Conduct Authority announced a phase out of the London Interbank Offered Rate (“LIBOR”) by the end of 2021, and it is expected that LIBOR will cease to be published after that time. The Funds may be exposed to financial instruments tied to LIBOR to determine payment obligations, financing terms, hedging strategies or investment value. The transition process away from LIBOR might lead to increased volatility and illiquidity in markets for, and reduce the effectiveness of new hedges placed against, instruments whose terms currently include LIBOR. The ultimate effect of the LIBOR transition process on the Funds is uncertain.

11. CAPITAL SHARE TRANSACTIONS

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

Transactions in capital shares were as follows:

	Six Months Ended 02/28/21						Year Ended 08/31/20
iShares ETF	Shares			Amount			Shares			Amount
MSCI Hong Kong
Shares sold		8,550,000		$	205,816,583			32,925,000		$	785,031,065
Shares redeemed		(7,800,000	)		(177,596,713	)		(36,900,000	)		(756,411,082	)
Net increase (decrease)		750,000		$	28,219,870			(3,975,000	)	$	28,619,983

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Notes to Financial Statements (unaudited) (continued)

	Six Months Ended 02/28/21						Year Ended 08/31/20
iShares ETF	Shares			Amount			Shares			Amount
MSCI Japan Small-Cap
Shares sold		100,000		$	7,350,058			200,000		$	14,987,192
Shares redeemed		(200,000	)		(15,208,129	)		(900,000	)		(60,649,208	)
Net decrease		(100,000	)	$	(7,858,071	)		(700,000	)	$	(45,662,016	)
MSCI Malaysia
Shares sold		2,100,000		$	56,848,225			5,850,000		$	163,446,410
Shares redeemed		(1,200,000	)		(31,936,075	)		(6,900,000	)		(177,994,745	)
Net increase (decrease)		900,000		$	24,912,150			(1,050,000	)	$	(14,548,335	)
MSCI Pacific ex Japan
Shares sold		3,900,000		$	184,064,698			900,000		$	36,795,397
Shares redeemed		(1,500,000	)		(64,817,601	)		(8,400,000	)		(336,903,994	)
Net increase (decrease)		2,400,000		$	119,247,097			(7,500,000	)	$	(300,108,597	)
MSCI Singapore
Shares sold		5,350,000		$	112,319,039			6,850,000		$	139,406,945
Shares redeemed		(1,950,000	)		(36,808,581	)		(1,850,000	)		(40,471,174	)
Net increase		3,400,000		$	75,510,458			5,000,000		$	98,935,771
MSCI Taiwan
Shares sold		15,600,000		$	823,065,454			20,800,000		$	819,142,524
Shares redeemed		—			—			(1,000,000	)		(30,142,964	)
Net increase		15,600,000		$	823,065,454			19,800,000		$	788,999,560
MSCI Thailand
Shares sold		1,050,000		$	78,206,189			4,450,000		$	345,464,913
Shares redeemed		(1,750,000	)		(128,266,625	)		(3,200,000	)		(249,598,248	)
Net increase (decrease)		(700,000	)	$	(50,060,436	)		1,250,000		$	95,866,665

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 statement 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.

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Statement Regarding Liquidity Risk Management Program (unaudited)

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), iShares, Inc. (the “Company”) has adopted and implemented a liquidity risk management program (the “Program”) for iShares MSCI Hong Kong ETF, iShares MSCI Japan Small-Cap ETF, iShares MSCI Malaysia ETF, iShares MSCI Pacific ex Japan ETF, iShares MSCI Singapore ETF, iShares MSCI Taiwan ETF and iShares MSCI Thailand ETF (the “Funds” or “ETFs���), each a series of the Company, which is reasonably designed to assess and manage each Fund’s liquidity risk.

The Board of Directors (the “Board”) of the Company, on behalf of the Funds, met on December 2, 2020 (the “Meeting”) to review the Program. The Board previously appointed BlackRock Fund Advisors (“BlackRock”), the investment adviser to the Funds, as the program administrator for each Fund’s Program. BlackRock also previously delegated oversight of the Program to the 40 Act Liquidity Risk Management Committee (the “Committee”). At the Meeting, the Committee, on behalf of BlackRock, provided the Board with a report that addressed the operation of the Program and assessed its adequacy and effectiveness of implementation, including the management of each Fund’s Highly Liquid Investment Minimum (“HLIM”) where applicable, and any material changes to the Program (the “Report”). The Report covered the period from October 1, 2019 through September 30, 2020 (the “Program Reporting Period”).

The Report described the Program’s liquidity classification methodology for categorizing a Fund’s investments (including derivative transactions) into one of four liquidity buckets. It also referenced the methodology used by BlackRock to establish a Fund’s HLIM and noted that the Committee reviews and ratifies the HLIM assigned to each Fund no less frequently than annually. The Report also discussed notable events affecting liquidity over the Program Reporting Period, including extended market holidays and closures in certain countries and the impact of the coronavirus outbreak on the Funds and the overall market.

The Report noted that the Program complied with the key factors for consideration under the Liquidity Rule for assessing, managing and periodically reviewing a Fund’s liquidity risk, as follows:

a) 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 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.

b) 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.

c) Holdings of cash and cash equivalents, as well as borrowing arrangements. The Committee considered that ETFs generally do not hold more than de minimis amounts of cash. While the ETFs generally do not engage in borrowing, certain of the ETFs have the flexibility to draw on a line of credit to meet redemption requests or facilitate settlements.

d) The relationship between an ETF’s portfolio liquidity and the way in which, and the prices and spreads at which, ETF shares trade, including the efficiency of the arbitrage function and the level of active participation by market participants, including authorized participants. The Committee monitored the prevailing bid/ask spread and the ETF price premium (or discount) to NAV for all ETFs and reviewed any persistent deviations from long-term averages.

e) The effect of the composition of baskets on the overall liquidity of an ETF’s portfolio. In reviewing the linkage between the composition of custom baskets accepted by an ETF and any significant change in the liquidity profile of such ETF, the Committee reviewed changes in the proportion of each ETF’s portfolio comprised of less liquid and illiquid holdings to determine if applicable thresholds were met requiring enhanced review.

As part of BlackRock’s continuous review of the effectiveness of the Program, the Committee made the following enhancements to the Program: (1) certain single country emerging market ETFs were added to a $300 million credit agreement with State Street Bank and Trust Company; and (2) certain updates were made to the RATS and HLIM calculation 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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Supplemental Information (unaudited)

Regulation Regarding Derivatives

On October 28, 2020, the Securities and Exchange Commission (the “SEC”) adopted new regulations governing the use of derivatives by registered investment companies (“Rule 18f-4”). The Funds will be required to implement and comply with Rule 18f-4 by August 19, 2022. Once implemented, Rule 18f-4 will impose limits on the amount of derivatives a fund can enter into, eliminate the asset segregation framework currently used by funds to comply with Section 18 of the 1940 Act, treat derivatives as senior securities and require funds whose use of derivatives is more than a limited specified exposure amount to establish and maintain a comprehensive derivatives risk management program and appoint a derivatives risk manager.

Section 19(a) Notices

The amounts and sources of distributions reported are estimates and are being provided pursuant to regulatory requirements and are not being provided for tax reporting purposes. The actual amounts and sources for tax reporting purposes will depend upon each Fund’s investment experience during the year and may be subject to changes based on tax regulations. Shareholders will receive a Form 1099-DIV each calendar year that will inform them how to report these distributions for federal income tax purposes.

February 28, 2021

	Total Cumulative Distributions for the Fiscal Year-to-Date								% Breakdown of the Total Cumulative Distributions for the Fiscal Year-to-Date
iShares ETF	Net Investment Income		Net Realized Capital Gains		Return of Capital		Total Per Share		Net Investment Income			Net Realized Capital Gains			Return of Capital			Total Per Share
MSCI Pacific ex Japan(a)	$	0.493933	$	—	$	0.052678	$	0.546611		90	%		—	%		10	%		100	%
MSCI Singapore(a)		0.133764		—		0.223391		0.357155		37			—			63			100
MSCI Taiwan(a)		0.947595		—		0.025138		0.972733		97			—			3			100
MSCI Thailand(a)		0.405560		—		0.044806		0.450366		90			—			10			100

^(a)  The Fund estimates that it has distributed more than its net investment income and net realized capital gains; therefore, a portion of the distribution may be a return of capital. A return of capital may occur, for example, when some or all of the shareholder’s investment in the Fund is returned to the shareholder. A return of capital does not necessarily reflect the Fund’s investment performance and should not be confused with “yield” or “income”. When distributions exceed total return performance, the difference will incrementally reduce the Fund’s net asset value per share.

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General Information

Electronic Delivery

Shareholders can sign up for email notifications announcing that the shareholder report or prospectus has been posted on the iShares website at iShares.com. Once you have enrolled, you will no longer receive prospectuses and shareholder reports in the mail.

To enroll in electronic delivery:

• Go to icsdelivery.com.

• If your brokerage firm is not listed, electronic delivery may not be available. Please contact your broker-dealer or financial advisor.

Householding

Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents and Rule 30e-3 notices can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.

Availability of Quarterly Schedule of Investments

The Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT. The Funds’ Forms N-PORT are available on the SEC’s website at sec.gov. Additionally, each Fund makes its portfolio holdings for the first and third quarters of each fiscal year available at ishares.com/fundreports.

Availability of Proxy Voting Policies and Proxy Voting Records

A description of the policies and procedures that the iShares Funds use to determine how to vote proxies relating to portfolio securities and information about how the iShares Funds voted proxies relating to portfolio securities during the most recent twelve-month period ending June 30 is available without charge, upon request (1) by calling toll-free 1-800-474-2737; (2) on the iShares website at iShares.com; and (3) on the SEC website at sec.gov.

A description of the Company’s policies and procedures with respect to the disclosure of the Fund’s portfolio securities is available in the Fund Prospectus. The Fund discloses its portfolio holdings daily and provides information regarding its top holdings in Fund fact sheets at iShares.com.

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Glossary of Terms Used in this Report

Portfolio Abbreviations - Equity
ADR	American Depositary Receipt
NVDR	Non-Voting Depositary Receipt
NVS	Non-Voting Shares
REIT	Real Estate Investment Trust

G L O S S A R Y  O F  T E R M S  U S E D  I N  T H I S  R E P O R T 69

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.

©2021 BlackRock, Inc. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.

iS-SAR-803-0221

FEBRUARY 28, 2021

2021 Semi-Annual Report

(Unaudited)

iShares, Inc.

· iShares MSCI Brazil ETF | EWZ | NYSE Arca

· iShares MSCI Chile ETF | ECH | Cboe BZX

· iShares MSCI Colombia ETF | ICOL | NYSE Arca

· iShares MSCI Israel ETF | EIS | NYSE Arca

· iShares MSCI Russia ETF | ERUS | NYSE Arca

· iShares MSCI South Africa ETF | EZA | NYSE Arca

· iShares MSCI Turkey ETF | TUR | NASDAQ

· iShares MSCI USA Equal Weighted ETF | EUSA | NYSE Arca

The Markets in Review

Dear Shareholder,

The 12-month reporting period as of February 28, 2021 reflected a remarkable period of disruption and adaptation, as the global economy dealt with the implications of the coronavirus (or “COVID-19”) pandemic. As the period began, the threat from the virus was becoming increasingly apparent, and countries around the world took economically disruptive countermeasures. Stay-at-home orders and closures of non-essential businesses became widespread, many workers were laid off, and unemployment claims spiked, causing a global recession and a sharp fall in equity prices.

After markets hit their lowest point of the reporting period in late March 2020, a steady recovery ensued, as businesses began to re-open and governments learned to adapt to life with the virus. Equity prices continued to rise throughout the summer, fed by strong fiscal and monetary support and improving economic indicators. Many equity indices neared or surpassed all-time highs late in the reporting period following the implementation of mass vaccination campaigns and progress of additional stimulus through the U.S. Congress. In the United States, both large- and small-capitalization stocks posted a significant advance. International equities also gained, as both developed countries and emerging markets rebounded substantially from lows in late March 2020.

During the market downturn, the performance of different types of fixed-income securities initially diverged due to a reduced investor appetite for risk. U.S. Treasuries benefited from the risk-off environment, as the 10-year U.S. Treasury yield (which is inversely related to bond prices) dropped to historic lows. However, inflation risk from a rapidly expanding economy raised yields late in the reporting period, leading to a negative overall return for most U.S. Treasuries. In the corporate bond market, support from the U.S. Federal Reserve (the “Fed”) assuaged credit concerns and both investment-grade and high-yield bonds recovered to post positive returns.

Following the coronavirus outbreak, the Fed instituted two emergency interest rate cuts, pushing short-term interest rates, already low as the year began, close to zero. To stabilize credit markets, the Fed also implemented a new bond-buying program, as did several other central banks around the world, including the European Central Bank and the Bank of Japan.

Looking ahead, while coronavirus-related disruptions have clearly hindered worldwide economic growth, we believe that the global expansion will continue to accelerate as vaccination efforts ramp up and pent-up consumer demand leads to higher spending. In early 2021, Congress passed one of the largest economic rescue packages in U.S. history, which should provide a solid tailwind for economic growth. Inflation is likely to increase somewhat as the expansion continues, but a shift in central bank policy means that moderate inflation is less likely to be followed by interest rate hikes that could threaten the equity expansion.

Overall, we favor a positive stance toward risk, with an overweight in equities. We see U.S. and Asian equities outside of Japan benefiting from structural growth trends in tech, while emerging markets should be particularly helped by a vaccine-led economic expansion. While we are neutral overall on credit, rising inflation should provide tailwinds for inflation-protected bonds, and global high-yield and Asian bonds also present attractive opportunities. We believe that international diversification and a focus on sustainability can help provide portfolio resilience, and the disruption created by the coronavirus appears to be accelerating the shift toward sustainable investments.

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

Sincerely,

Rob Kapito

President, BlackRock, Inc.

Rob Kapito

President, BlackRock, Inc.

Total Returns as of February 28, 2021
	6-Month	12-Month
U.S. large cap equities (S&P 500® Index)	9.74%	31.29%
U.S. small cap equities (Russell 2000® Index)	41.69	51.00
International equities (MSCI Europe, Australasia, Far East Index)	14.33	22.46
Emerging market equities (MSCI Emerging Markets Index)	22.32	36.05
3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)	0.06	0.40
U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)	(6.34)	(1.96)
U.S. investment grade bonds (Bloomberg Barclays U.S. Aggregate Bond Index)	(1.55)	1.38
Tax-exempt municipal bonds (S&P Municipal Bond Index)	0.92	1.22
U.S. high yield bonds (Bloomberg Barclays U.S. Corporate High Yield 2% Issuer Capped Index)	6.08	9.31
Past performance is no guarantee of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index

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Table of Contents

	Page
The Markets in Review		2
Fund Summary		4
About Fund Performance		12
Shareholder Expenses		12
Schedules of Investments		13
Financial Statements
Statements of Assets and Liabilities		39
Statements of Operations		41
Statements of Changes in Net Assets		43
Financial Highlights		47
Notes to Financial Statements		55
Statement Regarding Liquidity Risk Management Program		64
Supplemental Information		65
General Information		66
Glossary of Terms Used in this Report		67

Fund Summary as of February 28, 2021 iShares^® MSCI Brazil ETF

Investment Objective

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

Performance

				Average Annual Total Returns									Cumulative Total Returns
	6 Months			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		9.23	%		(14.01	)%		11.84	%		(5.53	)%		(14.01	)%		74.98	%		(43.41	)%
Fund Market		7.79			(15.26	)		11.86			(5.65	)		(15.26	)		75.13			(44.11	)
Index		9.60			(13.33	)		12.68			(4.96	)		(13.33	)		81.64			(39.85	)

Index performance through February 11, 2013 reflects the performance of the MSCI Brazil Index. Index performance beginning on February 12, 2013 reflects the performance of the MSCI Brazil 25/50 Index.

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 12 for more information.

Expense Example

Actual							Hypothetical 5% Return
	Beginning Account Value (09/01/20)		Ending Account Value (02/28/21)		Expenses Paid During the Period	(a)		Beginning Account Value (09/01/20)		Ending Account Value (02/28/21)		Expenses Paid During the Period	(a)	Annualized Expense Ratio
$	1,000.00	$	1,092.30	$	2.96		$	1,000.00	$	1,022.00	$	2.86		0.57	%

^(a)  Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (181 days) and divided by the number of days in the year (365 days). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” on page 12 for more information.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of Total Investments	(a)
Materials	25.8	%
Financials	24.4
Energy	11.1
Consumer Staples	10.0
Consumer Discretionary	9.5
Industrials	7.9
Utilities	5.3
Health Care	3.5
Communication Services	1.9
Information Technology	0.6

TEN LARGEST HOLDINGS

Security	Percent of Total Investments	(a)
Vale SA	17.8	%
Itau Unibanco Holding SA (Preferred)	6.2
Petroleo Brasileiro SA (Preferred)	5.3
Banco Bradesco SA (Preferred)	5.0
B3 SA - Brasil, Bolsa, Balcao	4.5
Petroleo Brasileiro SA	4.1
Magazine Luiza SA	3.9
WEG SA	3.6
Ambev SA	3.3
Suzano SA	3.2

^(a)  Excludes money market funds.

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Fund Summary as of February 28, 2021 iShares^® MSCI Chile ETF

Investment Objective

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

Performance

				Average Annual Total Returns									Cumulative Total Returns
	6 Months			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		26.87	%		22.49	%		1.26	%		(5.79	)%		22.49	%		6.47	%		(44.94	)%
Fund Market		24.55			17.77			0.96			(5.98	)		17.77			4.88			(46.05	)
Index		27.19			22.90			1.37			(5.40	)		22.90			7.02			(42.63	)

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.

Index performance through February 11, 2013 reflects the performance of the MSCI Chile Investable Market Index. Index performance beginning on February 12, 2013 reflects the performance of the MSCI Chile IMI 25/50 Index.

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 12 for more information.

Expense Example

Actual							Hypothetical 5% Return
	Beginning Account Value (09/01/20)		Ending Account Value (02/28/21)		Expenses Paid During the Period	(a)		Beginning Account Value (09/01/20)		Ending Account Value (02/28/21)		Expenses Paid During the Period	(a)	Annualized Expense Ratio
$	1,000.00	$	1,268.70	$	3.21		$	1,000.00	$	1,022.00	$	2.86		0.57	%

^(a)  Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (181 days) and divided by the number of days in the year (365 days). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” on page 12 for more information.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of Total Investments	(a)
Utilities	23.8	%
Financials	21.8
Materials	18.6
Consumer Staples	12.6
Energy	8.3
Consumer Discretionary	6.9
Real Estate	3.3
Communication Services	2.6
Information Technology	1.2
Industrials	0.9

TEN LARGEST HOLDINGS

Security	Percent of Total Investments	(a)
Sociedad Quimica y Minera de Chile SA (Preferred), Class B	11.6	%
Enel Americas SA	9.8
Banco de Chile	9.4
Empresas COPEC SA	8.3
Falabella SA	4.9
Empresas CMPC SA	4.5
Banco Santander Chile	4.4
Banco de Credito e Inversiones SA	4.2
Cencosud SA	4.2
Enel Chile SA	3.7

^(a)  Excludes money market funds.

F U N D    S U M M A R Y 5

Fund Summary as of February 28, 2021 iShares^® MSCI Colombia ETF

Investment Objective

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

Performance

				Average Annual Total Returns									Cumulative Total Returns
	6 Months			1 Year			5 Years			Since   Inception			1 Year			5 Years			Since   Inception
Fund NAV		16.86	%		(12.03	)%		0.78	%		(9.09	)%		(12.03	)%		3.97	%		(52.00	)%
Fund Market		15.47			(11.03	)		0.21			(9.25	)		(11.03	)		1.04			(52.64	)
Index		17.16			(11.71	)		0.96			(8.78	)		(11.71	)		4.88			(50.73	)

The inception date of the Fund was 6/18/13. The first day of secondary market trading was 6/20/13.

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 12 for more information.

Expense Example

Actual							Hypothetical 5% Return
	Beginning Account Value (09/01/20)		Ending Account Value (02/28/21)		Expenses Paid During the Period	(a)		Beginning Account Value (09/01/20)		Ending Account Value (02/28/21)		Expenses Paid During the Period	(a)	Annualized Expense Ratio
$	1,000.00	$	1,168.60	$	3.28		$	1,000.00	$	1,021.80	$	3.06		0.61	%

^(a)  Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (181 days) and divided by the number of days in the year (365 days). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” on page 12 for more information.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of Total Investments	(a)
Financials	37.5	%
Energy	23.3
Utilities	20.1
Materials	8.2
Consumer Staples	4.6
Communication Services	4.0
Consumer Discretionary	1.2
Industrials	1.1

^(a)  Excludes money market funds.

TEN LARGEST HOLDINGS

Security	Percent of Total Investments	(a)
Bancolombia SA (Preferred)	14.3	%
Ecopetrol SA	12.0
Interconexion Electrica SA ESP	11.1
Bancolombia SA	8.1
Grupo Nutresa SA	4.6
Grupo Energia Bogota SA ESP	4.4
Banco Davivienda SA (Preferred)	4.3
Canacol Energy Ltd.	4.2
Grupo de Inversiones Suramericana SA	4.1
Millicom International Cellular SA	4.0

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Fund Summary as of February 28, 2021 iShares^® MSCI Israel ETF

Investment Objective

The iShares MSCI Israel ETF (the “Fund”) seeks to track the investment results of a broad-based index composed of Israeli equities, as represented by the MSCI Israel Capped 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 Months			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		14.00	%		16.85	%		8.58	%		3.26	%		16.85	%		50.91	%		37.86	%
Fund Market		13.80			16.28			8.51			3.17			16.28			50.46			36.64
Index		14.23			17.26			9.00			3.59			17.26			53.83			42.35

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 12 for more information.

Expense Example

Actual							Hypothetical 5% Return
	Beginning Account Value (09/01/20)		Ending Account Value (02/28/21)		Expenses Paid During the Period	(a)		Beginning Account Value (09/01/20)		Ending Account Value (02/28/21)		Expenses Paid During the Period	(a)	Annualized Expense Ratio
$	1,000.00	$	1,140.00	$	3.02		$	1,000.00	$	1,022.00	$	2.86		0.57	%

^(a)  Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (181 days) and divided by the number of days in the year (365 days). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” on page 12 for more information.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of Total Investments	(a)
Information Technology	39.9	%
Financials	19.3
Health Care	9.2
Real Estate	9.0
Industrials	8.4
Consumer Discretionary	3.8
Materials	3.0
Consumer Staples	2.1
Utilities	2.1
Communication Services	1.8
Energy	1.4

TEN LARGEST HOLDINGS

Security	Percent of Total Investments	(a)
Wix.com Ltd.	11.6	%
Nice Ltd.	8.7
Check Point Software Technologies Ltd.	7.4
Teva Pharmaceutical Industries Ltd.	7.0
Bank Leumi Le-Israel BM	5.3
Bank Hapoalim BM	4.8
CyberArk Software Ltd.	3.4
Kornit Digital Ltd.	2.9
Israel Discount Bank Ltd., Class A	2.6
ICL Group Ltd.	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, 2021 iShares^® MSCI Russia ETF

Investment Objective

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

Performance

				Average Annual Total Returns									Cumulative Total Returns
	6 Months			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		11.56	%		9.60	%		15.99	%		(0.45	)%		9.60	%		109.93	%		(4.45	)%
Fund Market		10.45			8.64			15.93			(0.59	)		8.64			109.44			(5.72	)
Index		11.68			9.85			16.60			0.11			9.85			115.55			1.11

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 12 for more information.

Expense Example

Actual							Hypothetical 5% Return
	Beginning Account Value (09/01/20)		Ending Account Value (02/28/21)		Expenses Paid During the Period	(a)		Beginning Account Value (09/01/20)		Ending Account Value (02/28/21)		Expenses Paid During the Period	(a)	Annualized Expense Ratio
$	1,000.00	$	1,115.60	$	2.99		$	1,000.00	$	1,022.00	$	2.86		0.57	%

^(a)  Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (181 days) and divided by the number of days in the year (365 days). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” on page 12 for more information.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of Total Investments	(a)
Energy	41.0	%
Materials	20.8
Financials	20.0
Communication Services	10.9
Consumer Staples	5.4
Utilities	1.9

TEN LARGEST HOLDINGS

Security	Percent of Total Investments	(a)
Sberbank of Russia PJSC	13.7	%
Gazprom PJSC	12.9
LUKOIL PJSC	11.4
Yandex NV, Class A	6.5
Tatneft PJSC	4.6
Novatek PJSC	4.3
MMC Norilsk Nickel PJSC	4.2
Polyus PJSC	3.5
Rosneft Oil Co. PJSC	3.4
TCS Group Holding PLC	3.2

^(a)  Excludes money market funds.

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Fund Summary as of February 28, 2021 iShares^® MSCI South Africa ETF

Investment Objective

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

Performance

				Average Annual Total Returns									Cumulative Total Returns
	6 Months			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		28.89	%		25.65	%		5.95	%		—	%		25.65	%		33.51	%		0.02	%
Fund Market		29.61			21.53			6.31			0.07			21.53			35.77			0.67
Index		29.25			26.27			6.54			0.59			26.27			37.25			6.08

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.

Index performance through August 31, 2017 reflects the performance of the MSCI South Africa Index. Index performance beginning on September 1, 2017 reflects the performance of the MSCI South Africa 25/50 Index.

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 12 for more information.

Expense Example

Actual							Hypothetical 5% Return
	Beginning Account Value (09/01/20)		Ending Account Value (02/28/21)		Expenses Paid During the Period	(a)		Beginning Account Value (09/01/20)		Ending Account Value (02/28/21)		Expenses Paid During the Period	(a)	Annualized Expense Ratio
$	1,000.00	$	1,288.90	$	3.23		$	1,000.00	$	1,022.00	$	2.86		0.57	%

^(a)  Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (181 days) and divided by the number of days in the year (365 days). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” on page 12 for more information.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of Total Investments	(a)
Materials	26.8	%
Financials	26.4
Consumer Discretionary	24.9
Consumer Staples	8.2
Communication Services	6.8
Real Estate	2.6
Health Care	1.6
Industrials	1.4
Energy	1.3

^(a)  Excludes money market funds.

TEN LARGEST HOLDINGS

Security	Percent of Total Investments	(a)
Naspers Ltd., Class N	22.1	%
FirstRand Ltd.	5.8
Impala Platinum Holdings Ltd.	4.9
Sibanye Stillwater Ltd.	4.7
Standard Bank Group Ltd.	4.2
AngloGold Ashanti Ltd.	3.2
MTN Group Ltd.	3.1
Sasol Ltd.	2.9
Gold Fields Ltd.	2.8
Capitec Bank Holdings Ltd.	2.8

F U N D    S U M M A R Y 9

Fund Summary as of February 28, 2021 iShares^® MSCI Turkey ETF

Investment Objective

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

Performance

				Average Annual Total Returns									Cumulative Total Returns
	6 Months			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		34.10	%		13.69	%		(4.30	)%		(5.38	)%		13.69	%		(19.74	)%		(42.47	)%
Fund Market		34.24			13.83			(4.03	)		(5.40	)		13.83			(18.60	)		(42.62	)
Index		34.28			13.73			(4.10	)		(5.08	)		13.73			(18.88	)		(40.63	)

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.

Index performance through May 28, 2019 reflects the performance of MSCI Turkey Investable Market Index. Index performance beginning on May 29, 2019 reflects the performance of the MSCI Turkey IMI 25/50 Index.

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 12 for more information.

Expense Example

Actual						Hypothetical 5% Return
Beginning Account Value (09/01/20)		Ending Account Value (02/28/21)		Expenses Paid During the Period (a)		Beginning Account Value (09/01/20)		Ending Account Value (02/28/21)		Expenses Paid During the Period (a)		Annualized Expense Ratio
$	1,000.00	$	1,341.00	$	3.31	$	1,000.00	$	1,022.00	$	2.86		0.57	%

^(a)  Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (181 days) and divided by the number of days in the year (365 days). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” on page 12 for more information.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of Total Investments	(a)
Industrials	22.8	%
Financials	21.6
Materials	17.8
Consumer Staples	16.6
Consumer Discretionary	8.1
Communication Services	4.8
Energy	3.7
Health Care	1.6
Real Estate	1.5
Utilities	1.5

^(a)  Excludes money market funds.

TEN LARGEST HOLDINGS

Security	Percent of Total Investments	(a)
BIM Birlesik Magazalar AS	9.1	%
Turkiye Garanti Bankasi AS	6.2
Akbank T.A.S.	5.7
Eregli Demir ve Celik Fabrikalari TAS	5.4
KOC Holding AS	4.9
Turkcell Iletisim Hizmetleri AS	4.4
Ford Otomotiv Sanayi AS	4.2
Turkiye Petrol Rafinerileri AS	3.7
Aselsan Elektronik Sanayi Ve Ticaret AS	3.4
Haci Omer Sabanci Holding AS	2.8

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Fund Summary as of February 28, 2021 iShares^® MSCI USA Equal Weighted ETF

Investment Objective

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

Performance

				Average Annual Total Returns								Cumulative Total Returns
	6 Months			1 Year			5 Years			10 Years		1 Year			5 Years			10 Years
Fund NAV		20.71	%		32.93	%		15.55	%		12.27%		32.93	%		105.97	%		218.03	%
Fund Market		20.85			33.10			15.60			12.28		33.10			106.48			218.54
Index		20.81			33.07			15.72			12.42		33.07			107.47			222.52

Index performance through August 31, 2015 reflects the performance of the MSCI USA Index. Index performance beginning on September 1, 2015 reflects the performance of the MSCI USA Equal Weighted Index.

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 12 for more information.

Expense Example

Actual							Hypothetical 5% Return
	Beginning Account Value (09/01/20)		Ending Account Value (02/28/21)		Expenses Paid During the Period	(a)		Beginning Account Value (09/01/20)		Ending Account Value (02/28/21)		Expenses Paid During the Period	(a)	Annualized Expense Ratio
$	1,000.00	$	1,207.10	$	0.82		$	1,000.00	$	1,024.10	$	0.75		0.15	%

^(a)  Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (181 days) and divided by the number of days in the year (365 days). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” on page 12 for more information.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of Total Investments	(a)
Information Technology	17.4	%
Financials	13.9
Industrials	13.8
Health Care	13.2
Consumer Discretionary	10.6
Real Estate	6.0
Communication Services	5.7
Consumer Staples	5.6
Materials	5.3
Utilities	5.2
Energy	3.3

^(a)  Excludes money market funds.

TEN LARGEST HOLDINGS

Security	Percent of Total Investments	(a)
Royal Caribbean Cruises Ltd.	0.2	%
Carnival Corp.	0.2
Vornado Realty Trust	0.2
Valero Energy Corp.	0.2
Marriott International Inc./MD, Class A	0.2
AMERCO	0.2
Southwest Airlines Co.	0.2
Deere & Co.	0.2
Pioneer Natural Resources Co.	0.2
ViacomCBS Inc., Class B	0.2

F U N D    S U M M A R Y 11

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 the 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 by 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. Since shares of a fund may not trade in the secondary market until after the fund’s inception, for the period from inception to the first day of secondary market trading in shares of the fund, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.

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

Shareholder Expenses

As a shareholder of your Fund, you incur two types of costs: (1) transaction costs, including brokerage commissions on purchases and sales of fund shares and (2) ongoing costs, including management fees and other fund expenses. The expense example, which is based on an investment of $1,000 invested at the beginning of the period (or from the commencement of operations if less than 6 months) and held through the end of the period, is intended to help you understand your ongoing costs (in dollars and cents) of investing in your Fund and to compare these costs with the ongoing costs of investing in other funds.

Actual Expenses – The table provides information about actual account values and actual expenses. Annualized expense ratios reflect contractual and voluntary fee waivers, if any. To estimate the expenses that you paid on your account over the period, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number under the heading entitled “Expenses Paid During the Period.”

Hypothetical Example for Comparison Purposes – The table also provides information about hypothetical account values and hypothetical expenses based on your Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses. You may use this information to compare the ongoing costs of investing in your Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as brokerage commissions and other fees paid on purchases and sales of fund shares. Therefore, the hypothetical examples are useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

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Schedule of Investments (unaudited) February 28, 2021 iShares^® MSCI Brazil ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Banks — 4.1%
Banco Bradesco SA		18,050,322	$	66,688,102
Banco do Brasil SA		15,591,287		78,473,296
Banco Inter SA		1,130,400		31,516,235
Banco Santander Brasil SA		8,076,875		54,188,345
				230,865,978
Beverages — 3.3%
Ambev SA		73,371,155		184,578,210
Capital Markets — 5.4%
B3 SA - Brasil, Bolsa, Balcao		25,828,877		251,658,970
Banco BTG Pactual SA		3,104,600		56,620,978
				308,279,948
Containers & Packaging — 1.2%
Klabin SA		13,328,600		70,480,947
Diversified Telecommunication Services — 1.2%
Telefonica Brasil SA		8,402,764		66,340,983
Electric Utilities — 2.3%
Centrais Eletricas Brasileiras SA		5,926,696		34,466,624
CPFL Energia SA		3,346,700		17,330,862
Energisa SA		2,205,600		17,282,916
Equatorial Energia SA		16,896,400		60,939,277
				130,019,679
Electrical Equipment — 3.6%
WEG SA		14,598,481		204,450,246
Food & Staples Retailing — 2.0%
Atacadao SA		8,878,900		30,286,448
Raia Drogasil SA		20,055,200		83,595,571
				113,882,019
Food Products — 2.4%
BRF SA(a)		11,073,550		42,998,290
JBS SA		20,040,007		92,845,566
				135,843,856
Health Care Providers & Services — 2.7%
Hapvida Participacoes e Investimentos SA(b)		13,537,100		37,649,949
Notre Dame Intermedica Participacoes SA		7,587,600		118,067,606
				155,717,555
Independent Power and Renewable Electricity Producers — 0.6%
Engie Brasil Energia SA		4,493,343		33,177,715
Insurance — 1.6%
BB Seguridade Participacoes SA		13,127,895		59,902,992
Sul America SA		5,251,491		31,124,203
				91,027,195
Internet & Direct Marketing Retail — 1.1%
B2W Cia. Digital(a)		4,126,988		60,723,126
Metals & Mining — 19.2%
Cia. Siderurgica Nacional SA		13,466,969		79,428,548
Vale SA		59,359,732		1,006,752,473
				1,086,181,021
Multiline Retail — 5.5%
Lojas Americanas SA		154,004		688,356
Lojas Renner SA		14,383,309		94,614,638
Magazine Luiza SA		50,436,900		218,832,460
				314,135,454

Security	Shares		Value
Oil, Gas & Consumable Fuels — 5.8%
Cosan SA		3,208,150	$	46,858,257
Petroleo Brasileiro SA		57,737,269		229,475,872
Ultrapar Participacoes SA		14,473,210		50,174,037
				326,508,166
Paper & Forest Products — 3.1%
Suzano SA(a)		13,600,062		178,558,695
Personal Products — 2.3%
Natura & Co. Holding SA(a)		15,433,160		127,856,200
Pharmaceuticals — 0.8%
Hypera SA		7,405,700		43,559,424
Road & Rail — 3.4%
Localiza Rent a Car SA		11,030,737		114,799,391
Rumo SA(a)		24,066,490		78,162,491
				192,961,882
Software — 0.6%
TOTVS SA		5,661,200		31,876,343
Specialty Retail — 1.2%
Petrobras Distribuidora SA		8,693,200		31,072,491
Via Varejo SA(a)		17,123,400		36,471,009
				67,543,500
Transportation Infrastructure — 0.8%
CCR SA		23,685,065		47,811,698
Water Utilities — 0.8%
Cia. de Saneamento Basico do Estado de Sao Paulo		6,591,600		43,525,696
Wireless Telecommunication Services — 0.7%
TIM SA		17,406,125		39,977,822
Total Common Stocks — 75.7% (Cost: $3,006,475,441)				4,285,883,358
Preferred Stocks
Banks — 13.2%
Banco Bradesco SA, Preference Shares, NVS		68,990,460		284,723,909
Itau Unibanco Holding SA, Preference Shares, NVS		75,973,147		348,303,694
Itausa SA, Preference Shares, NVS		64,260,827		114,729,857
				747,757,460
Electric Utilities — 1.6%
Centrais Eletricas Brasileiras SA, Class B, Preference Shares, NVS		5,669,146		33,335,052
Cia. Energetica de Minas Gerais, Preference Shares, NVS		19,712,341		42,303,514
Cia. Paranaense de Energia, Preference Shares, NVS		1,670,800		17,562,280
				93,200,846
Metals & Mining — 2.2%
Bradespar SA, Preference Shares, NVS		2,383,700		26,886,423
Gerdau SA, Preference Shares, NVS		20,462,626		94,987,150
				121,873,573
Multiline Retail — 1.3%
Lojas Americanas SA, Preference Shares, NVS		16,508,017		73,786,294
Oil, Gas & Consumable Fuels — 5.3%
Petroleo Brasileiro SA, Preference Shares, NVS		74,670,283		297,981,733

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, 2021 iShares^® MSCI Brazil ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Textiles, Apparel & Luxury Goods — 0.3%
Alpargatas SA, Preference Shares, NVS		2,850,400	$	17,865,347
Total Preferred Stocks — 23.9% (Cost: $1,253,804,830)				1,352,465,253
Short-Term Investments
Money Market Funds — 0.0%
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%(c)(d)		2,680,000		2,680,000
Total Short-Term Investments — 0.0% (Cost: $2,680,000)				2,680,000
Total Investments in Securities — 99.6% (Cost: $4,262,960,271)				5,641,028,611
Other Assets, Less Liabilities — 0.4%			22,697,148
Net Assets — 100.0%			$	5,663,725,759

^(a)  Non-income producing security.

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

^(c)  Affiliate of the Fund.

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 2021 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 08/31/20		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 02/28/21		Shares Held at 02/28/21		Income		Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Treasury, SL Agency Shares	$	7,890,000	$	—	$	(5,210,000	)(a)	$	—	$	—	$	2,680,000		2,680,000	$	1,891	$	—

^(a)  Represents net amount purchased (sold).

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
MSCI Brazil Index		507		03/19/21	$	22,384	$	(3,164,159	)

Derivative Financial Instruments Categorized by Risk Exposure

As of February 28, 2021, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

	Equity Contracts
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	3,164,159

^(a)  Net cumulative 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).

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Schedule of Investments (unaudited) (continued) February 28, 2021 iShares^® MSCI Brazil ETF

For the six months ended February 28, 2021, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	3,011,961
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(1,805,961	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	26,634,568

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

Fair Value Measurements

Various inputs are used in determining the fair value of financial instruments. For 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 value of the Fund’s investments according to the fair value hierarchy as of February 28, 2021. The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.

	Level 1			Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	4,285,195,002		$	688,356	$	—	$	4,285,883,358
Preferred Stocks		1,352,465,253			—		—		1,352,465,253
Money Market Funds		2,680,000			—		—		2,680,000
	$	5,640,340,255		$	688,356	$	—	$	5,641,028,611
Derivative financial instruments(a)
Liabilities
Futures Contracts	$	(3,164,159	)	$	—	$	—	$	(3,164,159	)

^(a)  Shown at the unrealized appreciation (depreciation) on the contracts.

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, 2021 iShares^® MSCI Chile ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Banks — 20.7%
Banco de Chile		433,742,633	$	47,568,522
Banco de Credito e Inversiones SA		494,238		21,459,786
Banco Santander Chile		391,588,808		22,417,656
Grupo Security SA		24,358,945		5,389,371
Itau CorpBanca Chile SA		2,281,559,107		8,045,101
				104,880,436
Beverages — 4.8%
Cia. Cervecerias Unidas SA		1,769,036		15,276,671
Vina Concha y Toro SA		5,373,550		8,730,895
				24,007,566
Diversified Financial Services — 1.0%
Inversiones La Construccion SA		728,516		5,188,071
Electric Utilities — 15.3%
Enel Americas SA		326,970,267		49,802,639
Enel Chile SA(a)		254,294,791		18,812,688
Engie Energia Chile SA		7,504,921		8,924,917
				77,540,244
Food & Staples Retailing — 5.5%
Cencosud SA		10,721,806		21,016,027
SMU SA		44,161,040		6,534,053
				27,550,080
Independent Power and Renewable Electricity Producers — 5.2%
AES Gener SA		52,530,010		9,043,498
Colbun SA		91,879,458		17,177,292
				26,220,790
IT Services — 1.2%
SONDA SA		9,394,635		6,027,781
Marine — 0.9%
Cia. Sud Americana de Vapores SA(a)		97,378,109		4,652,314
Metals & Mining — 2.5%
CAP SA		897,094		12,653,123
Multiline Retail — 6.0%
Falabella SA		5,978,350		24,792,333
Ripley Corp. SA		17,309,545		5,577,007
				30,369,340
Oil, Gas & Consumable Fuels — 8.3%
Empresas COPEC SA		3,708,111		41,846,169
Paper & Forest Products — 4.5%
Empresas CMPC SA		7,813,563		22,799,868

Security	Shares		Value
Real Estate Management & Development — 3.3%
Cencosud Shopping SA		1,411,159	$	2,790,433
Parque Arauco SA		7,529,279		13,888,931
				16,679,364
Textiles, Apparel & Luxury Goods — 0.9%
Forus SA		2,406,121		4,674,696
Water Utilities — 3.3%
Aguas Andinas SA, Class A		37,758,769		10,834,167
Inversiones Aguas Metropolitanas SA		7,972,872		6,052,666
				16,886,833
Wireless Telecommunication Services — 2.6%
Empresa Nacional de Telecomunicaciones SA		1,910,455		12,944,715
Total Common Stocks — 86.0% (Cost: $365,370,456)				434,921,390
Preferred Stocks
Beverages — 2.4%
Embotelladora Andina SA, Class B, Preference Shares		4,525,157		12,246,965
Chemicals — 11.6%
Sociedad Quimica y Minera de Chile SA, Class B, Preference Shares		1,097,085		58,861,537
Total Preferred Stocks — 14.0% (Cost: $35,087,378)				71,108,502
Short-Term Investments
Money Market Funds — 0.2%
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%(b)(c)		710,000		710,000
Total Short-Term Investments — 0.2% (Cost: $710,000)				710,000
Total Investments in Securities — 100.2% (Cost: $401,167,834)				506,739,892
Other Assets, Less Liabilities — (0.2)%				(897,824	)
Net Assets — 100.0%			$	505,842,068

^(a) Non-income producing security.

^(b) Affiliate of the Fund.

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

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Schedule of Investments (unaudited) (continued) February 28, 2021 iShares^® MSCI Chile ETF

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 2021 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 08/31/20		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 02/28/21		Shares Held at 02/28/21		Income		Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Treasury, SL Agency Shares	$	2,080,000	$	—	$	(1,370,000	)(a)	$	—	$	—	$	710,000		710,000	$	286	$	—

^(a)  Represents net amount purchased (sold).

Derivative Financial Instruments Categorized by Risk Exposure

For the six months ended February 28, 2021, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	132,312
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(15,781	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	428,955

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

Fair Value Measurements

Various inputs are used in determining the fair value of financial instruments. For 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 value of the Fund’s investments according to the fair value hierarchy as of February 28, 2021. The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.

	Level 1		Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	434,921,390	$	—	$	—	$	434,921,390
Preferred Stocks		71,108,502		—		—		71,108,502
Money Market Funds		710,000		—		—		710,000
	$	506,739,892	$	—	$	—	$	506,739,892

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 17

Schedule of Investments (unaudited) February 28, 2021 iShares^® MSCI Colombia ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Banks — 8.3%
Banco de Bogota SA		1,136	$	24,821
Bancolombia SA		199,501		1,732,345
Grupo Aval Acciones y Valores SA		84,084		27,322
				1,784,488
Capital Markets — 1.8%
Bolsa de Valores de Colombia		115,755		376,770
Construction & Engineering — 1.1%
Construcciones El Condor SA		375,656		113,130
Constructora Conconcreto SA(a)		919,203		128,192
				241,322
Construction Materials — 6.1%
Cementos Argos SA		129,600		206,795
CEMEX Latam Holdings SA(a)		88,945		100,847
Grupo Argos SA		131,689		484,352
Tecnoglass Inc.		68,011		502,601
				1,294,595
Diversified Financial Services — 5.2%
Corp. Financiera Colombiana SA(a)		27,412		246,671
Grupo de Inversiones Suramericana SA		132,209		865,404
				1,112,075
Electric Utilities — 15.6%
Celsia SA ESP		108,330		140,831
Enel Americas SA		5,460,581		831,731
Interconexion Electrica SA ESP		359,326		2,364,968
				3,337,530
Food Products — 4.6%
Grupo Nutresa SA		148,839		975,082
Gas Utilities — 4.5%
Grupo Energia Bogota SA ESP		1,321,802		943,074
Promigas SA ESP		10,532		22,426
				965,500
Metals & Mining — 1.5%
Mineros SA		292,001		328,654
Oil, Gas & Consumable Fuels — 23.2%
Canacol Energy Ltd.		333,000		904,834
Ecopetrol SA		4,116,964		2,561,646
Empresas COPEC SA		61,294		691,705
Parex Resources Inc.(a)		50,632		813,472
				4,971,657
Specialty Retail — 1.2%
Organizacion Terpel SA		116,150		251,180

Security	Shares		Value
Wireless Telecommunication Services — 4.0%
Millicom International Cellular SA, SDR(a)		22,459	$	847,282
Total Common Stocks — 77.1% (Cost: $13,590,345)				16,486,135
Preferred Stocks
Banks — 21.5%
Banco Davivienda SA, Preference Shares, NVS		104,679		911,574
Bancolombia SA, Preference Shares, NVS		356,809		3,058,842
Grupo Aval Acciones y Valores SA, Preference Shares, NVS		1,868,476		613,852
				4,584,268
Construction Materials — 0.6%
Cementos Argos SA, Preference Shares, NVS		19,804		23,166
Grupo Argos SA/Colombia, Preference Shares, NVS		38,524		104,510
				127,676
Diversified Financial Services — 0.6%
Corp. Financiera Colombiana SA, Preference Shares, NVS(a)		3,488		25,754
Grupo de Inversiones Suramericana SA, Preference Shares, NVS		20,241		111,390
				137,144
Total Preferred Stocks — 22.7% (Cost: $3,974,718)				4,849,088
Short-Term Investments
Money Market Funds — 0.0%
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%(b)(c)		10,000		10,000
Total Short-Term Investments — 0.0% (Cost: $10,000)				10,000
Total Investments in Securities — 99.8% (Cost: $17,575,063)				21,345,223
Other Assets, Less Liabilities — 0.2%				35,030
Net Assets — 100.0%			$	21,380,253

^(a) Non-income producing security.

^(b) Affiliate of the Fund.

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

18 2 0 2 1    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, 2021 iShares^® MSCI Colombia ETF

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 2021 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 08/31/20		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 02/28/21		Shares Held at 02/28/21		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency
Shares(a)	$	56,085	$	—		$	(56,069	)(b)	$	(22	)	$	6	$	—		—	$	38	(c)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		—		10,000	(b)		—			—			—		10,000		10,000		3			—
									$	(22	)	$	6	$	10,000			$	41		$	—

^(a)  As of period end, the entity is no longer held.

^(b)  Represents net amount purchased (sold).

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

Fair Value Measurements

Various inputs are used in determining the fair value of financial instruments. For 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 value of the Fund’s investments according to the fair value hierarchy as of February 28, 2021. The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.

	Level 1		Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	16,486,135	$	—	$	—	$	16,486,135
Preferred Stocks		4,849,088		—		—		4,849,088
Money Market Funds		10,000		—		—		10,000
	$	21,345,223	$	—	$	—	$	21,345,223

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 19

Schedule of Investments (unaudited) February 28, 2021 iShares^® MSCI Israel ETF (Percentages shown are based on Net Assets)

Security	Shares			Value
Common Stocks
Aerospace & Defense — 2.1%
Elbit Systems Ltd.		22,500		$	2,925,333
Banks — 15.9%
Bank Hapoalim BM(a)		963,307			6,833,614
Bank Leumi Le-Israel BM		1,235,787			7,554,166
FIBI Holdings Ltd.		14,390			423,182
First International Bank of Israel Ltd.		48,016			1,260,154
Israel Discount Bank Ltd., Class A		989,540			3,677,132
Mizrahi Tefahot Bank Ltd.		119,260			2,857,027
					22,605,275
Biotechnology — 0.2%
UroGen Pharma Ltd.(a)(b)		15,931			303,485
Building Products — 0.2%
Caesarstone Ltd.		20,241			255,239
Capital Markets — 0.4%
Altshuler Shaham Provident Funds & Pension Ltd.		49,934			320,764
Electreon Wireless Ltd.(a)		3,831			271,421
					592,185
Chemicals — 3.0%
ICL Group Ltd.		600,007			3,481,189
Israel Corp. Ltd. (The)(a)		3,236			736,054
					4,217,243
Communications Equipment — 1.6%
AudioCodes Ltd.		20,768			616,075
Gilat Satellite Networks Ltd.(b)		25,906			370,678
Ituran Location and Control Ltd.		16,928			366,999
Radware Ltd.(a)		35,244			918,458
					2,272,210
Construction & Engineering — 2.6%
Ashtrom Group Ltd.		30,172			558,775
Elco Ltd.		8,116			391,749
Electra Ltd./Israel		1,602			837,584
Shapir Engineering and Industry Ltd.		105,800			729,776
Shikun & Binui Ltd.(a)(b)		202,255			1,184,456
					3,702,340
Consumer Finance — 0.4%
Isracard Ltd.		155,246			531,905
Distributors — 0.2%
Tadiran Holdings Ltd.		2,383			222,999
Diversified Telecommunication Services — 1.2%
Bezeq The Israeli Telecommunication Corp. Ltd.(a)		1,759,387			1,705,374
Equity Real Estate Investment Trusts (REITs) — 0.5%
REIT 1 Ltd.		154,663			706,855
Food & Staples Retailing — 1.3%
M Yochananof & Sons Ltd.(a)		2,715			122,198
Rami Levy Chain Stores Hashikma Marketing 2006 Ltd.		7,179			462,462
Shufersal Ltd.		152,217			1,222,717
					1,807,377
Food Products — 0.9%
Mehadrin Ltd.(a)		0	(c)		25
Strauss Group Ltd.		45,189			1,212,425
					1,212,450

Security	Shares		Value
Health Care Equipment & Supplies — 1.0%
Inmode Ltd.(a)		15,206	$	1,048,606
Nano-X Imaging Ltd.(a)(b)		9,720		440,024
				1,488,630
Hotels, Restaurants & Leisure — 0.4%
Fattal Holdings 1998 Ltd.(a)		5,235		542,037
Household Durables — 0.6%
Electra Consumer Products 1970 Ltd.		8,395		319,814
Maytronics Ltd.		36,731		584,002
				903,816
Independent Power and Renewable Electricity Producers — 2.1%
Doral Group Renewable Energy Resources Ltd.(a)		56,351		268,257
Energix-Renewable Energies Ltd.		170,911		598,475
Enlight Renewable Energy Ltd.(a)		450,351		784,821
Kenon Holdings Ltd./Singapore		21,957		626,955
OPC Energy Ltd.(a)		63,877		695,711
				2,974,219
Industrial Conglomerates — 0.2%
Arad Investment & Industrial Development Ltd.		2,824		256,936
Insurance — 2.6%
Clal Insurance Enterprises Holdings Ltd.(a)		46,104		717,161
Harel Insurance Investments & Financial Services Ltd.		102,644		932,649
IDI Insurance Co. Ltd.		6,961		248,795
Menora Mivtachim Holdings Ltd.		21,471		412,996
Migdal Insurance & Financial Holdings Ltd.(a)		321,773		349,679
Phoenix Holdings Ltd. (The)(a)(b)		130,968		1,020,004
				3,681,284
Internet & Direct Marketing Retail — 1.7%
Fiverr International Ltd.(a)		8,983		2,425,140
IT Services — 12.8%
Formula Systems 1985 Ltd.(b)		8,357		693,242
Matrix IT Ltd.		29,396		647,782
One Software Technologies Ltd.		3,034		382,834
Wix.com Ltd.(a)		47,202		16,453,201
				18,177,059
Life Sciences Tools & Services — 0.5%
Compugen Ltd.(a)		70,972		662,169
Machinery — 2.9%
Kornit Digital Ltd.(a)(b)		36,977		4,183,208
Oil, Gas & Consumable Fuels — 1.4%
Delek Group Ltd.(a)		5,973		277,672
Equital Ltd.(a)		20,243		473,509
Naphtha Israel Petroleum Corp. Ltd.(a)(b)		31,065		138,790
Oil Refineries Ltd.(a)		1,513,371		328,924
Paz Oil Co. Ltd.		8,205		765,093
				1,983,988
Pharmaceuticals — 7.4%
Taro Pharmaceutical Industries Ltd.(a)		8,112		580,008
Teva Pharmaceutical Industries Ltd., ADR(a)(b)		929,762		10,004,239
				10,584,247
Professional Services — 0.5%
Danel Adir Yeoshua Ltd.		4,326		671,485
Real Estate Management & Development — 8.5%
AFI Properties Ltd.(a)		9,170		286,520
Airport City Ltd.(a)(b)		58,543		802,319

20 2 0 2 1    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, 2021 iShares^® MSCI Israel ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Real Estate Management & Development (continued)
Alony Hetz Properties & Investments Ltd.		125,922	$	1,513,634
Amot Investments Ltd.		156,371		826,061
Azrieli Group Ltd.		36,016		2,191,815
Big Shopping Centers Ltd.(a)		8,464		850,820
Blue Square Real Estate Ltd.		4,511		270,439
Brack Capital Properties NV(a)		2,121		184,738
Gazit-Globe Ltd.		58,289		365,989
Gev-Yam Land Corp Ltd.		118,870		901,384
Isras Investment Co. Ltd.		1,292		238,143
Mega Or Holdings Ltd.		20,044		582,496
Melisron Ltd.		18,111		956,731
Mivne Real Estate KD Ltd.(b)		525,273		1,220,938
Property & Building Corp. Ltd.		1,855		165,246
Summit Real Estate Holdings Ltd.(a)		34,443		490,231
YH Dimri Construction & Development Ltd.		6,159		270,887
				12,118,391
Semiconductors & Semiconductor Equipment — 3.7%
Camtek Ltd./Israel(a)		22,007		602,341
Nova Measuring Instruments Ltd.(a)		23,957		2,007,566
Tower Semiconductor Ltd.(a)		86,810		2,646,745
				5,256,652
Software — 21.7%
Check Point Software Technologies Ltd.(a)(b)		95,150		10,489,336
Cognyte Software Ltd., NVS(a)		54,755		1,580,777
CyberArk Software Ltd.(a)(b)		33,031		4,849,942
Hilan Ltd.		12,499		550,866
Magic Software Enterprises Ltd.		20,513		330,232
Nice Ltd.(a)		53,219		12,373,373
Sapiens International Corp. NV		22,820		753,617
				30,928,143
Specialty Retail — 0.7%
Arko Corp.(a)		1		6
Delek Automotive Systems Ltd.		43,546		460,081
Fox Wizel Ltd.		6,333		586,902
				1,046,989

Security	Shares		Value
Textiles, Apparel & Luxury Goods — 0.1%
Delta-Galil Industries Ltd.(b)		8,053	$	200,286
Wireless Telecommunication Services — 0.6%
Cellcom Israel Ltd.(a)		75,716		305,817
Partner Communications Co. Ltd.(a)		118,955		600,395
				906,212
Total Common Stocks — 99.9% (Cost: $146,327,594)				142,051,161
Short-Term Investments
Money Market Funds — 9.7%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.12%(d)(e)(f)		13,767,341		13,775,601
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%(d)(e)		90,000		90,000
				13,865,601
Total Short-Term Investments — 9.7% (Cost: $13,864,743)				13,865,601
Total Investments in Securities — 109.6% (Cost: $160,192,337)				155,916,762
Other Assets, Less Liabilities — (9.6)%				(13,714,121	)
Net Assets — 100.0%			$	142,202,641

^(a) Non-income producing security.

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

^(c) Rounds to less than 1.

^(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 cash collateral received from loaned securities.

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 2021 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 08/31/20		Purchases at Cost			Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 02/28/21		Shares Held at 02/28/21		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	3,214,776	$	10,564,897	(a)	$	—	$	(3,364	)	$	(708	)	$	13,775,601		13,767,341	$	59,187	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		46,000		44,000	(a)		—		—			—			90,000		90,000		29			—
								$	(3,364	)	$	(708	)	$	13,865,601			$	59,216		$	—

^(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.

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, 2021 iShares^® MSCI Israel ETF

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
Euro STOXX 50 Index		2		03/19/21	$	88	$	(719	)

Derivative Financial Instruments Categorized by Risk Exposure

As of February 28, 2021, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

		Equity Contracts
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	719

^(a) Net cumulative 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 six months ended February 28, 2021, the effect of derivative financial instruments in the Statements of Operations was as follows:

		Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	23,314
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(561	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	110,324

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

Fair Value Measurements

Various inputs are used in determining the fair value of financial instruments. For 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 value of the Fund’s investments according to the fair value hierarchy as of February 28, 2021. The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.

	Level 1			Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	142,051,161		$	—	$	—	$	142,051,161
Money Market Funds		13,865,601			—		—		13,865,601
	$	155,916,762		$	—	$	—	$	155,916,762
Derivative financial instruments(a)
Liabilities
Futures Contracts	$	(719	)	$	—	$	—	$	(719	)

^(a) Shown at the unrealized appreciation (depreciation) on the contracts.

See notes to financial statements.

22 2 0 2 1    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, 2021 iShares^® MSCI Russia ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Banks — 17.6%
Sberbank of Russia PJSC		17,364,330	$	62,906,457
TCS Group Holding PLC(a)		278,254		14,439,530
VTB Bank PJSC		7,654,735,016		3,797,714
				81,143,701
Capital Markets — 2.4%
Moscow Exchange MICEX-RTS PJSC		4,679,700		10,858,348
Chemicals — 2.1%
PhosAgro PJSC, GDR(a)		559,812		9,819,102
Electric Utilities — 1.9%
Inter RAO UES PJSC		124,430,000		8,522,088
Food & Staples Retailing — 5.4%
Magnit PJSC, GDR(a)		988,838		13,418,532
X5 Retail Group NV, GDR(a)		352,118		11,621,134
				25,039,666
Interactive Media & Services — 8.5%
Mail.Ru Group Ltd., GDR(a)(b)		333,001		8,988,737
Yandex NV, Class A(b)		464,055		29,978,436
				38,967,173
Metals & Mining — 18.6%
Alrosa PJSC		9,078,610		12,119,023
MMC Norilsk Nickel PJSC		62,073		19,445,307
Novolipetsk Steel PJSC		4,140,190		12,435,428
Polymetal International PLC		637,505		12,692,369
Polyus PJSC		85,957		16,196,761
Severstal PAO		709,263		12,836,435
				85,725,323
Oil, Gas & Consumable Fuels — 38.7%
Gazprom PJSC		20,196,680		59,313,141
LUKOIL PJSC		696,789		52,382,454
Novatek PJSC, GDR(a)		117,090		19,952,136
Rosneft Oil Co. PJSC, GDR(a)		172,069		1,189,685

Security	Shares		Value
Oil, Gas & Consumable Fuels (continued)
Rosneft Oil Co. PJSC		2,194,150	$	15,480,845
Surgutneftegas PJSC		20,090,646		8,755,924
Tatneft PJSC		3,021,422		21,260,920
				178,335,105
Wireless Telecommunication Services — 2.4%
Mobile TeleSystems PJSC, ADR		1,330,161		10,933,923
Total Common Stocks — 97.6% (Cost: $389,481,466)				449,344,429
Preferred Stocks
Oil, Gas & Consumable Fuels — 2.2%
Surgutneftegas PJSC, Preference Shares, NVS		19,446,500		10,259,716
Total Preferred Stocks — 2.2% (Cost: $10,646,242)				10,259,716
Short-Term Investments
Money Market Funds — 0.3%
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%(c)(d)		1,270,000		1,270,000
Total Short-Term Investments — 0.3% (Cost: $1,270,000)				1,270,000
Total Investments in Securities — 100.1% (Cost: $401,397,708)				460,874,145
Other Assets, Less Liabilities — (0.1)%				(238,755	)
Net Assets — 100.0%			$	460,635,390

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

^(b) Non-income producing security.

^(c) Affiliate of the Fund.

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 2021 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 08/31/20		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 02/28/21		Shares Held at 02/28/21		Income		Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Treasury, SL Agency Shares	$	1,490,000	$	—	$	(220,000	)(a)	$	—	$	—	$	1,270,000		1,270,000	$	539	$	—
(a) Represents net amount purchased (sold).

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, 2021 iShares^® MSCI Russia ETF

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
MSCI Emerging Markets E-Mini Index		23		03/19/21	$	1,539	$	21,886

Derivative Financial Instruments Categorized by Risk Exposure

As of February 28, 2021, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

		Equity Contracts
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)	$	21,886

^(a) Net cumulative 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 six months ended February 28, 2021, the effect of derivative financial instruments in the Statements of Operations was as follows:

		Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	359,745
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(15,449	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	1,229,897

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

Fair Value Measurements

Various inputs are used in determining the fair value of financial instruments. For 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 value of the Fund’s investments according to the fair value hierarchy as of February 28, 2021. The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.

	Level 1		Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	449,344,429	$	—	$	—	$	449,344,429
Preferred Stocks		10,259,716		—		—		10,259,716
Money Market Funds		1,270,000		—		—		1,270,000
	$	460,874,145	$	—	$	—	$	460,874,145
Derivative financial instruments(a)
Assets
Futures Contracts	$	21,886	$	—	$	—	$	21,886

^(a) Shown at the unrealized appreciation (depreciation) on the contracts.

See notes to financial statements.

24 2 0 2 1    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, 2021 iShares^® MSCI South Africa ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Banks — 10.8%
Absa Group Ltd.		1,080,723	$	8,657,914
Capitec Bank Holdings Ltd.(a)		114,662		10,134,770
Nedbank Group Ltd.		604,470		5,213,298
Standard Bank Group Ltd.		1,750,822		15,374,058
				39,380,040
Capital Markets — 1.2%
Reinet Investments SCA		243,001		4,534,254
Chemicals — 2.9%
Sasol Ltd.(a)		840,204		10,452,729
Diversified Financial Services — 7.3%
FirstRand Ltd.		6,336,519		21,051,655
Remgro Ltd.		824,948		5,643,170
				26,694,825
Equity Real Estate Investment Trusts (REITs) — 1.4%
Growthpoint Properties Ltd.		5,483,398		4,948,951
Food & Staples Retailing — 7.1%
Bid Corp. Ltd.		479,940		8,978,526
Clicks Group Ltd.		380,902		6,155,291
Shoprite Holdings Ltd.		748,419		6,575,364
SPAR Group Ltd. (The)		331,304		4,163,871
				25,873,052
Food Products — 1.0%
Tiger Brands Ltd.		284,094		3,782,668
Industrial Conglomerates — 1.4%
Bidvest Group Ltd. (The)		462,548		5,138,150
Insurance — 7.0%
Discovery Ltd.		616,164		5,762,458
Old Mutual Ltd.		7,155,504		6,354,149
Rand Merchant Investment Holdings Ltd.		1,524,696		3,069,274
Sanlam Ltd.		2,518,172		10,105,108
				25,290,989
Internet & Direct Marketing Retail — 22.1%
Naspers Ltd., Class N		346,106		80,389,138
Media — 1.6%
MultiChoice Group		689,111		5,807,709
Metals & Mining — 23.9%
African Rainbow Minerals Ltd.		205,254		3,997,278
Anglo American Platinum Ltd.		81,135		9,825,390
AngloGold Ashanti Ltd.		571,755		11,444,726

Security	Shares		Value
Metals & Mining (continued)
Gold Fields Ltd.		1,232,490	$	10,235,048
Harmony Gold Mining Co. Ltd.(a)		983,700		3,726,646
Impala Platinum Holdings Ltd.		1,100,481		17,878,706
Kumba Iron Ore Ltd.		111,317		4,769,810
Northam Platinum Ltd.(a)		537,894		7,880,411
Sibanye Stillwater Ltd.		3,719,803		17,196,376
				86,954,391
Multiline Retail — 1.4%
Woolworths Holdings Ltd.		1,659,561		5,054,423
Oil, Gas & Consumable Fuels — 1.4%
Exxaro Resources Ltd.		434,545		4,908,849
Pharmaceuticals — 1.6%
Aspen Pharmacare Holdings Ltd.(a)		608,142		5,719,556
Real Estate Management & Development — 1.2%
NEPI Rockcastle PLC		720,812		4,415,412
Specialty Retail — 1.4%
Mr. Price Group Ltd.		428,596		4,935,592
Wireless Telecommunication Services — 5.3%
MTN Group Ltd.		2,366,211		11,355,938
Vodacom Group Ltd.		939,664		7,728,866
				19,084,804
Total Common Stocks — 100.0% (Cost: $405,712,875)				363,365,532
Short-Term Investments
Money Market Funds — 0.0%
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%(b)(c)		160,000		160,000
Total Short-Term Investments — 0.0% (Cost: $160,000)				160,000
Total Investments in Securities — 100.0% (Cost: $405,872,875)				363,525,532
Other Assets, Less Liabilities — (0.0)%				(34,069	)
Net Assets — 100.0%			$	363,491,463

^(a) Non-income producing security.

^(b) Affiliate of the Fund.

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

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

Schedule of Investments (unaudited) (continued) February 28, 2021 iShares^® MSCI South Africa ETF

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 2021 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 08/31/20		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 02/28/21		Shares Held at 02/28/21		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares(a)	$	4,406,550	$	—		$	(4,403,573	)(b)	$	(2,977	)	$	—	$	—		—	$	7,428	(c)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		130,000		30,000	(b)		—			—			—		160,000		160,000		115			—
									$	(2,977	)	$	—	$	160,000			$	7,543		$	—

^(a) As of period end, the entity is no longer held.

^(b) Represents net amount purchased (sold).

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

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
FTSE/JSE Top 40 Index		4		03/18/21	$	159	$	14,379

Derivative Financial Instruments Categorized by Risk Exposure

As of February 28, 2021, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

	Equity Contracts
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)	$	14,379

^(a)  Net cumulative 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 six months ended February 28, 2021, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	82,576
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	18,078

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	183,721

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

Fair Value Measurements

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

26 2 0 2 1    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, 2021 iShares^® MSCI South Africa ETF

Fair Value Measurements (continued)

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of February 28, 2021. The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.

	Level 1		Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	363,365,532	$	—	$	—	$	363,365,532
Money Market Funds		160,000		—		—		160,000
	$	363,525,532	$	—	$	—	$	363,525,532
Derivative financial instruments(a)
Assets
Futures Contracts	$	14,379	$	—	$	—	$	14,379

^(a)  Shown at the unrealized appreciation (depreciation) on the contracts.

See notes to financial statements.

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

Schedule of Investments (unaudited)  February 28, 2021 iShares^® MSCI Turkey ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 3.3%
Aselsan Elektronik Sanayi Ve Ticaret AS		4,380,947	$	10,028,105
Airlines — 4.1%
Pegasus Hava Tasimaciligi AS(a)(b)		357,672		4,298,525
Turk Hava Yollari AO(a)(b)		4,372,570		7,951,735
				12,250,260
Automobiles — 5.3%
Ford Otomotiv Sanayi AS		536,541		12,664,914
Tofas Turk Otomobil Fabrikasi AS		664,985		3,107,088
				15,772,002
Banks — 17.6%
Akbank T.A.S.(a)		20,740,921		16,943,918
Turkiye Garanti Bankasi AS(a)(b)		15,407,747		18,527,515
Turkiye Halk Bankasi AS(a)(b)		3,153,131		2,274,097
Turkiye Is Bankasi AS, Class C(a)		8,767,206		6,772,188
Yapi ve Kredi Bankasi AS(a)(b)		22,574,364		8,064,446
				52,582,164
Beverages — 3.9%
Anadolu Efes Biracilik Ve Malt Sanayii AS		1,743,700		5,552,196
Coca-Cola Icecek AS(b)		629,160		6,013,406
				11,565,602
Capital Markets — 0.4%
Is Yatirim Menkul Degerler AS		479,600		1,340,915
Chemicals — 5.8%
Gubre Fabrikalari TAS(a)(b)		255,337		2,746,817
Petkim Petrokimya Holding AS(a)(b)		10,378,278		7,359,092
Sasa Polyester Sanayi AS(a)(b)		1,347,632		7,332,223
				17,438,132
Construction & Engineering — 1.3%
Tekfen Holding AS(b)		1,754,972		3,797,156
Construction Materials — 1.2%
Nuh Cimento Sanayi AS		303,863		2,590,905
Oyak Cimento Fabrikalari AS(a)(b)		935,546		953,455
				3,544,360
Diversified Financial Services — 3.2%
Haci Omer Sabanci Holding AS		5,897,339		8,331,641
Turkiye Sinai Kalkinma Bankasi AS(a)(b)		5,135,645		1,142,331
				9,473,972
Electric Utilities — 1.2%
Enerjisa Enerji AS(c)		2,317,016		3,557,672
Entertainment — 0.3%
Fenerbahce Futbol AS(a)		238,251		942,983
Equity Real Estate Investment Trusts (REITs) — 1.5%
Emlak Konut Gayrimenkul Yatirim Ortakligi AS		15,153,454		4,555,433
Food & Staples Retailing — 11.5%
BIM Birlesik Magazalar AS(b)		3,063,308		27,296,395
Migros Ticaret AS(a)(b)		815,909		4,296,226
Sok Marketler Ticaret AS(a)		1,807,205		2,752,955
				34,345,576
Food Products — 1.3%
Ulker Biskuvi Sanayi AS(a)		1,357,498		3,773,471
Gas Utilities — 0.3%
Aygaz AS(b)		460,961		973,747

Security	Shares		Value
Health Care Providers & Services — 1.6%
MLP Saglik Hizmetleri AS(a)(c)		909,193	$	2,909,712
Selcuk Ecza Deposu Ticaret ve Sanayi AS		1,249,958		1,929,363
				4,839,075
Household Durables — 0.9%
Vestel Elektronik Sanayi ve Ticaret AS(a)		759,481		2,721,352
Industrial Conglomerates — 10.9%
Bera Holding AS(a)		2,092,830		6,946,006
Dogan Sirketler Grubu Holding AS		9,629,687		4,115,140
Enka Insaat ve Sanayi AS		1		1
KOC Holding AS		5,023,380		14,613,717
Turkiye Sise ve Cam Fabrikalari AS		7,387,683		7,100,860
				32,775,724
Insurance — 0.3%
Anadolu Anonim Turk Sigorta Sirketi		950,143		1,034,936
Machinery — 1.3%
Otokar Otomotiv Ve Savunma Sanayi AS		45,515		2,190,463
Turk Traktor ve Ziraat Makineleri AS		57,387		1,665,600
				3,856,063
Metals & Mining — 10.7%
Eregli Demir ve Celik Fabrikalari TAS		8,263,067		16,252,110
Izmir Demir Celik Sanayi AS(a)		604,912		262,580
Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS, Class D(a)		6,628,224		5,807,961
Koza Altin Isletmeleri AS(a)(b)		320,782		5,587,090
Koza Anadolu Metal Madencilik Isletmeleri AS(a)(b)		1,756,519		4,056,238
				31,965,979
Oil, Gas & Consumable Fuels — 3.7%
Turkiye Petrol Rafinerileri AS(a)(b)		816,175		11,123,658
Textiles, Apparel & Luxury Goods — 1.9%
Aksa Akrilik Kimya Sanayii AS		1,498,024		3,210,917
Mavi Giyim Sanayi Ve Ticaret AS, Class B(a)(c)		381,585		2,597,741
				5,808,658
Transportation Infrastructure — 1.8%
TAV Havalimanlari Holding AS		1,567,242		5,269,212
Wireless Telecommunication Services — 4.4%
Turkcell Iletisim Hizmetleri AS(b)		6,177,668		13,199,789
Total Common Stocks — 99.7% (Cost: $351,635,145)				298,535,996
Rights
Metals & Mining — 0.1%
Izmir Demir Celik Sanayi AS, (Expires 04/15/21)(a)		335,966		285,784
Total Rights — 0.1% (Cost: $611,054)				285,784
Short-Term Investments
Money Market Funds — 11.4%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.12%(d)(e)(f)		33,796,717		33,816,995

28 2 0 2 1    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, 2021 iShares^® MSCI Turkey ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Money Market Funds (continued)
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%(d)(e)		200,000	$	200,000
				34,016,995
Total Short-Term Investments — 11.4% (Cost: $34,010,637)				34,016,995
Total Investments in Securities — 111.2% (Cost: $386,256,836)				332,838,775
Other Assets, Less Liabilities — (11.2)%				(33,538,599	)
Net Assets — 100.0%			$	299,300,176

^(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 cash collateral received from loaned securities.

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 2021 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 08/31/20		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 02/28/21		Shares Held at 02/28/21		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	15,057,193	$	18,765,389	(a)	$	—		$	(1,813	)	$	(3,774	)	$	33,816,995		33,796,717	$	750,624	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		401,000		—			(201,000	)(a)		—			—			200,000		200,000		149			—
									$	(1,813	)	$	(3,774	)	$	34,016,995			$	750,773		$	—
(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.

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
MSCI Emerging Markets E-Mini Index		3		03/19/21	$	201	$	(1,423	)

Derivative Financial Instruments Categorized by Risk Exposure

As of February 28, 2021, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

	Equity Contracts
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	1,423

^(a)  Net cumulative 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 29

Schedule of Investments (unaudited) (continued) February 28, 2021 iShares^® MSCI Turkey ETF

For the six months ended February 28, 2021, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	191,349
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(24,206	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	569,220

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

Fair Value Measurements

Various inputs are used in determining the fair value of financial instruments. For 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 value of the Fund’s investments according to the fair value hierarchy as of February 28, 2021. The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.

	Level 1			Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	298,535,996		$	—	$	—	$	298,535,996
Rights		285,784			—		—		285,784
Money Market Funds		34,016,995			—		—		34,016,995
	$	332,838,775		$	—	$	—	$	332,838,775
Derivative financial instruments(a)
Liabilities
Futures Contracts	$	(1,423	)	$	—	$	—	$	(1,423	)

^(a)  Shown at the unrealized appreciation (depreciation) on the contracts.

See notes to financial statements.

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Schedule of Investments (unaudited) February 28, 2021 iShares^® MSCI USA Equal Weighted ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 2.0%
Boeing Co. (The)		2,567	$	544,230
General Dynamics Corp.		3,413		557,923
HEICO Corp.		1,741		218,983
HEICO Corp., Class A		2,918		337,788
Howmet Aerospace Inc.		19,643		552,165
Huntington Ingalls Industries Inc.		3,183		559,921
L3Harris Technologies Inc.		3,022		549,732
Lockheed Martin Corp.		1,664		549,536
Northrop Grumman Corp.		1,920		559,987
Raytheon Technologies Corp.		7,677		552,667
Teledyne Technologies Inc.(a)		1,428		529,788
Textron Inc.		10,867		547,045
TransDigm Group Inc.(a)		974		561,677
				6,621,442
Air Freight & Logistics — 0.8%
CH Robinson Worldwide Inc.		6,299		572,264
Expeditors International of Washington Inc.		5,965		547,826
FedEx Corp.		2,129		541,830
United Parcel Service Inc., Class B		3,446		543,882
XPO Logistics Inc.(a)		4,543		529,714
				2,735,516
Airlines — 0.4%
Delta Air Lines Inc.		12,485		598,531
Southwest Airlines Co.		10,710		622,572
				1,221,103
Auto Components — 0.7%
Aptiv PLC		3,594		538,525
Autoliv Inc.		5,940		534,600
BorgWarner Inc.		12,733		572,985
Lear Corp.		3,431		569,855
				2,215,965
Automobiles — 0.5%
Ford Motor Co.		48,307		565,192
General Motors Co.		10,428		535,269
Tesla Inc.(a)		697		470,824
				1,571,285
Banks — 2.5%
Bank of America Corp.		16,267		564,628
Citigroup Inc.		8,694		572,761
Citizens Financial Group Inc.		13,263		576,145
Fifth Third Bancorp		16,655		577,762
First Republic Bank/CA		3,418		563,115
Huntington Bancshares Inc./OH		37,040		568,194
JPMorgan Chase & Co.		3,854		567,193
KeyCorp		28,169		567,324
M&T Bank Corp.		3,728		562,704
PNC Financial Services Group Inc. (The)		3,281		552,389
Regions Financial Corp.		27,570		568,769
SVB Financial Group(a)		1,055		533,155
Truist Financial Corp.		10,017		570,568
U.S. Bancorp		11,459		572,950
Wells Fargo & Co.		16,023		579,552
				8,497,209
Beverages — 1.1%
Brown-Forman Corp., Class B, NVS		7,313		523,465
Coca-Cola Co. (The)		11,089		543,250
Constellation Brands Inc., Class A		2,395		512,865

Security	Shares		Value
Beverages (continued)
Keurig Dr Pepper Inc.		17,742	$	541,486
Molson Coors Beverage Co., Class B		12,527		556,825
Monster Beverage Corp.(a)		6,047		530,564
PepsiCo Inc.		4,148		535,880
				3,744,335
Biotechnology — 2.5%
AbbVie Inc.		5,350		576,409
Alexion Pharmaceuticals Inc.(a)		3,558		543,485
Alnylam Pharmaceuticals Inc.(a)		3,624		536,714
Amgen Inc.		2,394		538,458
Biogen Inc.(a)		1,996		544,668
BioMarin Pharmaceutical Inc.(a)		6,563		508,173
Exact Sciences Corp.(a)(b)		3,613		491,802
Gilead Sciences Inc.		8,603		528,224
Incyte Corp.(a)		6,788		533,944
Ionis Pharmaceuticals Inc.(a)(b)		9,919		519,756
Moderna Inc.(a)		3,122		483,317
Neurocrine Biosciences Inc.(a)		4,959		543,060
Regeneron Pharmaceuticals Inc.(a)		1,160		522,661
Sarepta Therapeutics Inc.(a)		6,134		534,026
Seagen Inc.(a)		3,499		528,734
Vertex Pharmaceuticals Inc.(a)		2,651		563,470
				8,496,901
Building Products — 1.5%
A O Smith Corp.		9,429		559,800
Allegion PLC		5,077		552,276
Carrier Global Corp.		14,901		544,334
Fortune Brands Home & Security Inc.		6,482		538,914
Johnson Controls International PLC		10,518		586,799
Lennox International Inc.		1,919		536,879
Masco Corp.		10,424		554,765
Owens Corning		6,621		536,433
Trane Technologies PLC		3,685		564,689
				4,974,889
Capital Markets — 4.4%
Ameriprise Financial Inc.		2,517		556,861
Apollo Global Management Inc.		10,765		532,437
Bank of New York Mellon Corp. (The)		13,040		549,766
BlackRock Inc.(c)		763		529,904
Blackstone Group Inc. (The), Class A		7,925		548,648
Carlyle Group Inc. (The)		15,002		513,818
Cboe Global Markets Inc.		5,756		569,614
Charles Schwab Corp. (The)		9,146		564,491
CME Group Inc.		2,920		583,124
FactSet Research Systems Inc.		1,783		541,871
Franklin Resources Inc.		19,852		519,527
Goldman Sachs Group Inc. (The)		1,787		570,911
Intercontinental Exchange Inc.		4,976		548,903
Invesco Ltd.		24,407		547,205
KKR & Co. Inc.		11,626		529,681
MarketAxess Holdings Inc.		1,037		576,510
Moody’s Corp.		1,992		547,581
Morgan Stanley		7,330		563,457
MSCI Inc.		1,267		525,197
Nasdaq Inc.		3,872		535,459
Northern Trust Corp.		5,635		536,057
Raymond James Financial Inc.		4,745		553,931
S&P Global Inc.		1,648		542,785
SEI Investments Co.		9,620		538,720

S C H E D U L E    O F    I N V E S T  M E N T S 31

Schedule of Investments (unaudited) (continued) February 28, 2021 iShares^® MSCI USA Equal Weighted ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Capital Markets (continued)
State Street Corp.		7,387	$	537,552
T Rowe Price Group Inc.		3,415		553,708
Tradeweb Markets Inc., Class A		8,164		594,258
				14,811,976
Chemicals — 3.0%
Air Products & Chemicals Inc.		2,138		546,515
Albemarle Corp.		3,437		540,331
Axalta Coating Systems Ltd.(a)		20,548		561,782
Celanese Corp.		4,252		590,645
CF Industries Holdings Inc.		12,322		557,940
Corteva Inc.		12,311		555,842
Dow Inc.		9,489		562,793
DuPont de Nemours Inc.		7,853		552,223
Eastman Chemical Co.		5,039		550,561
Ecolab Inc.		2,643		553,338
FMC Corp.		5,127		521,365
International Flavors & Fragrances Inc.		4,072		551,797
Linde PLC		2,229		544,478
LyondellBasell Industries NV, Class A		5,689		586,479
Mosaic Co. (The)		18,188		534,727
PPG Industries Inc.		4,059		547,234
RPM International Inc.		6,490		516,864
Sherwin-Williams Co. (The)		788		536,108
				9,911,022
Commercial Services & Supplies — 0.9%
Cintas Corp.		1,618		524,782
Copart Inc.(a)		4,719		515,126
Republic Services Inc.		6,168		549,507
Rollins Inc.		15,132		501,929
Waste Connections Inc.		5,668		553,707
Waste Management Inc.		4,951		549,016
				3,194,067
Communications Equipment — 0.8%
Arista Networks Inc.(a)		1,741		487,201
Cisco Systems Inc.		11,986		537,812
F5 Networks Inc.(a)		2,676		508,387
Juniper Networks Inc.		22,800		530,784
Motorola Solutions Inc.		3,040		533,459
				2,597,643
Construction Materials — 0.3%
Martin Marietta Materials Inc.		1,702		573,353
Vulcan Materials Co.		3,412		569,770
				1,143,123
Consumer Finance — 0.8%
Ally Financial Inc.		13,089		543,194
American Express Co.		4,266		577,019
Capital One Financial Corp.		4,653		559,244
Discover Financial Services		5,813		546,829
Synchrony Financial		14,709		568,944
				2,795,230
Containers & Packaging — 1.3%
Amcor PLC		49,552		542,099
Avery Dennison Corp.		3,112		545,253
Ball Corp.		6,182		527,881
Crown Holdings Inc.(a)		5,603		535,423
International Paper Co.		11,333		562,683
Packaging Corp. of America		4,190		553,164
Sealed Air Corp.		13,049		546,753

Security	Shares		Value
Containers & Packaging (continued)
Westrock Co.		12,739	$	555,293
				4,368,549
Distributors — 0.5%
Genuine Parts Co.		5,470		576,264
LKQ Corp.(a)		14,881		586,163
Pool Corp.		1,675		560,740
				1,723,167
Diversified Financial Services — 0.5%
Berkshire Hathaway Inc., Class B(a)		2,273		546,679
Equitable Holdings Inc.		19,833		586,462
Voya Financial Inc.		10,068		606,899
				1,740,040
Diversified Telecommunication Services — 0.7%
AT&T Inc.		19,243		536,687
Liberty Global PLC, Class A(a)		6,507		160,235
Liberty Global PLC, Class C, NVS(a)		14,884		361,681
Lumen Technologies Inc.		47,282		581,096
Verizon Communications Inc.		10,295		569,314
				2,209,013
Electric Utilities — 2.7%
Alliant Energy Corp.		11,657		538,087
American Electric Power Co. Inc.		7,130		533,681
Duke Energy Corp.		6,308		539,902
Edison International		9,783		528,184
Entergy Corp.		5,946		516,172
Evergy Inc.		10,244		549,386
Eversource Energy		6,645		528,145
Exelon Corp.		13,279		512,569
FirstEnergy Corp.		17,459		578,591
NextEra Energy Inc.		6,866		504,514
NRG Energy Inc.		13,734		501,428
OGE Energy Corp.		17,624		515,854
PG&E Corp.(a)		47,242		496,513
Pinnacle West Capital Corp.		7,333		512,797
PPL Corp.		19,902		521,233
Southern Co. (The)		9,401		533,225
Xcel Energy Inc.		9,213		539,790
				8,950,071
Electrical Equipment — 1.2%
AMETEK Inc.		4,598		542,426
Eaton Corp. PLC		4,460		580,647
Emerson Electric Co.		6,553		562,903
Generac Holdings Inc.(a)		1,583		521,694
Plug Power Inc.(a)		9,448		457,094
Rockwell Automation Inc.		2,232		543,001
Sensata Technologies Holding PLC(a)		9,444		541,047
Sunrun Inc.(a)		7,219		451,765
				4,200,577
Electronic Equipment, Instruments & Components — 1.6%
Amphenol Corp., Class A		4,107		516,168
Arrow Electronics Inc.(a)		5,198		521,152
CDW Corp./DE		3,575		560,882
Cognex Corp.		6,160		508,754
Corning Inc.		14,442		552,262
IPG Photonics Corp.(a)		2,173		494,032
Keysight Technologies Inc.(a)		3,690		522,209
TE Connectivity Ltd.		4,247		552,237
Trimble Inc.(a)		7,416		549,822

32 2 0 2 1    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, 2021 iShares^® MSCI USA Equal Weighted ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Electronic Equipment, Instruments & Components (continued)
Zebra Technologies Corp., Class A(a)		1,147	$	572,846
				5,350,364
Energy Equipment & Services — 0.5%
Baker Hughes Co.		23,997		587,446
Halliburton Co.		27,061		590,742
Schlumberger Ltd.		20,793		580,333
				1,758,521
Entertainment — 1.3%
Activision Blizzard Inc.		5,414		517,632
Electronic Arts Inc.		3,824		512,301
Liberty Media Corp.-Liberty Formula One, Class C, NVS(a)		12,322		540,936
Live Nation Entertainment Inc.(a)(b)		6,558		582,744
Netflix Inc.(a)		995		536,156
Roku Inc.(a)		1,187		469,435
Take-Two Interactive Software Inc.(a)		2,847		525,157
Walt Disney Co. (The)(a)		2,991		565,419
				4,249,780
Equity Real Estate Investment Trusts (REITs) — 5.8%
Alexandria Real Estate Equities Inc.		3,268		521,867
American Tower Corp.		2,478		535,570
AvalonBay Communities Inc.		3,122		548,692
Boston Properties Inc.		6,012		595,970
Camden Property Trust		5,239		545,642
Crown Castle International Corp.		3,442		536,092
Digital Realty Trust Inc.		4,063		547,408
Duke Realty Corp.		13,468		528,619
Equinix Inc.		812		526,452
Equity LifeStyle Properties Inc.		8,919		549,856
Equity Residential		8,298		542,772
Essex Property Trust Inc.		2,079		529,708
Extra Space Storage Inc.		4,757		597,955
Healthpeak Properties Inc.		18,489		537,845
Host Hotels & Resorts Inc.		35,712		592,462
Invitation Homes Inc.		18,029		525,365
Iron Mountain Inc.		16,908		588,229
Medical Properties Trust Inc.		25,111		542,146
Mid-America Apartment Communities Inc.		4,027		542,558
Omega Healthcare Investors Inc.		15,140		562,300
Prologis Inc.		5,230		518,136
Public Storage		2,424		567,071
Realty Income Corp.		9,035		544,449
Regency Centers Corp.		10,673		584,667
SBA Communications Corp.		2,148		548,019
Simon Property Group Inc.		5,069		572,391
Sun Communities Inc.		3,724		565,862
UDR Inc.		13,117		540,027
Ventas Inc.		11,076		585,920
VEREIT Inc.		14,913		581,607
VICI Properties Inc.		20,510		584,535
Vornado Realty Trust		14,905		640,021
Welltower Inc.		8,299		563,502
Weyerhaeuser Co.		15,978		541,175
WP Carey Inc.		8,060		552,432
				19,487,322
Food & Staples Retailing — 0.8%
Costco Wholesale Corp.		1,575		521,325
Kroger Co. (The)		16,561		533,430
Sysco Corp.		7,298		581,139
Walgreens Boots Alliance Inc.		11,344		543,718

Security	Shares		Value
Food & Staples Retailing (continued)
Walmart Inc.		3,827	$	497,204
				2,676,816
Food Products — 2.3%
Archer-Daniels-Midland Co.		9,914		560,934
Bunge Ltd.		7,029		538,281
Campbell Soup Co.		12,090		549,853
Conagra Brands Inc.		16,444		557,945
General Mills Inc.		9,903		544,764
Hershey Co. (The)		3,683		536,429
Hormel Foods Corp.		11,843		549,160
JM Smucker Co. (The)		4,928		551,936
Kellogg Co.		9,804		565,789
Kraft Heinz Co. (The)		15,765		573,531
Lamb Weston Holdings Inc.		7,266		579,609
McCormick & Co. Inc./MD, NVS		6,413		540,488
Mondelez International Inc., Class A		10,158		539,999
Tyson Foods Inc., Class A		8,489		574,450
				7,763,168
Gas Utilities — 0.3%
Atmos Energy Corp.		6,117		517,559
UGI Corp.		13,950		534,425
				1,051,984
Health Care Equipment & Supplies — 4.0%
Abbott Laboratories		4,354		521,522
ABIOMED Inc.(a)		1,727		560,498
Align Technology Inc.(a)		901		510,966
Baxter International Inc.		7,165		556,649
Becton Dickinson and Co.		2,166		522,331
Boston Scientific Corp.(a)		14,697		569,950
Cooper Companies Inc. (The)		1,436		554,483
Danaher Corp.		2,301		505,461
DENTSPLY SIRONA Inc.		10,280		545,560
DexCom Inc.(a)		1,370		544,959
Edwards Lifesciences Corp.(a)		6,409		532,588
Hologic Inc.(a)		6,682		481,705
IDEXX Laboratories Inc.(a)		1,036		538,896
Insulet Corp.(a)		1,975		511,722
Intuitive Surgical Inc.(a)		704		518,707
Masimo Corp.(a)		2,038		510,988
Medtronic PLC		4,658		544,846
Novocure Ltd.(a)		3,008		448,493
ResMed Inc.		2,872		553,664
STERIS PLC		3,055		534,014
Stryker Corp.		2,249		545,810
Teleflex Inc.		1,378		548,609
Varian Medical Systems Inc.(a)		3,165		554,729
West Pharmaceutical Services Inc.		1,886		529,306
Zimmer Biomet Holdings Inc.		3,476		566,796
				13,313,252
Health Care Providers & Services — 2.6%
AmerisourceBergen Corp.		5,393		545,879
Anthem Inc.		1,924		583,338
Cardinal Health Inc.		10,772		554,973
Centene Corp.(a)		9,580		560,813
Cigna Corp.		2,742		575,546
CVS Health Corp.		7,904		538,499
DaVita Inc.(a)		5,351		546,498
HCA Healthcare Inc.		3,204		551,184
Henry Schein Inc.(a)		7,898		488,491

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

Schedule of Investments (unaudited) (continued) February 28, 2021 iShares^® MSCI USA Equal Weighted ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Health Care Providers & Services (continued)
Humana Inc.		1,486	$	564,160
Laboratory Corp. of America Holdings(a)		2,348		563,309
McKesson Corp.		3,083		522,630
Molina Healthcare Inc.(a)		2,229		483,158
Quest Diagnostics Inc.		4,566		527,784
UnitedHealth Group Inc.		1,717		570,422
Universal Health Services Inc., Class B		4,348		544,935
				8,721,619
Health Care Technology — 0.4%
Cerner Corp.		7,663		529,820
Teladoc Health Inc.(a)(b)		1,914		423,166
Veeva Systems Inc., Class A(a)		1,753		491,033
				1,444,019
Hotels, Restaurants & Leisure — 3.0%
Airbnb Inc., Class A(a)		2,656		548,066
Aramark		15,079		559,732
Carnival Corp.		24,677		660,110
Chipotle Mexican Grill Inc.(a)		373		537,866
Darden Restaurants Inc.		4,299		590,382
Domino’s Pizza Inc.		1,475		511,102
DraftKings Inc., Class A(a)		9,214		566,937
Hilton Worldwide Holdings Inc.		4,907		606,898
Las Vegas Sands Corp.		9,702		607,345
Marriott International Inc./MD, Class A		4,275		632,999
McDonald’s Corp.		2,597		535,346
MGM Resorts International		15,932		602,070
Royal Caribbean Cruises Ltd.		7,513		700,737
Starbucks Corp.		5,252		567,374
Vail Resorts Inc.		1,855		573,529
Wynn Resorts Ltd.		4,591		604,772
Yum! Brands Inc.		5,279		546,535
				9,951,800
Household Durables — 1.3%
DR Horton Inc.		7,060		542,702
Garmin Ltd.		4,208		521,876
Lennar Corp., Class A		6,313		523,790
Mohawk Industries Inc.(a)		3,258		570,117
Newell Brands Inc.		23,432		542,920
NVR Inc.(a)		120		540,101	��
PulteGroup Inc.		11,945		538,839
Whirlpool Corp.		2,841		540,017
				4,320,362
Household Products — 0.8%
Church & Dwight Co. Inc.		6,826		537,548
Clorox Co. (The)		3,040		550,392
Colgate-Palmolive Co.		7,130		536,176
Kimberly-Clark Corp.		4,280		549,252
Procter & Gamble Co. (The)		4,358		538,344
				2,711,712
Independent Power and Renewable Electricity Producers — 0.3%
AES Corp. (The)		19,283		512,156
Vistra Corp.		25,443		438,892
				951,048
Industrial Conglomerates — 0.7%
3M Co.		3,156		552,490
General Electric Co.		46,571		584,000
Honeywell International Inc.		2,740		554,439

Security	Shares		Value
Industrial Conglomerates (continued)
Roper Technologies Inc.		1,455	$	549,437
				2,240,366
Insurance — 5.2%
Aflac Inc.		12,027		575,973
Alleghany Corp.		927		599,241
Allstate Corp. (The)		5,401		575,746
American Financial Group Inc./OH		5,154		549,932
American International Group Inc.		13,225		581,239
Aon PLC, Class A		2,455		559,028
Arch Capital Group Ltd.(a)		15,968		571,974
Arthur J Gallagher & Co.		4,737		567,493
Assurant Inc.		4,426		545,372
Athene Holding Ltd., Class A(a)		12,153		554,055
Brown & Brown Inc.		12,536		575,402
Chubb Ltd.		3,388		550,821
Cincinnati Financial Corp.		6,138		600,726
Erie Indemnity Co., Class A, NVS		2,176		526,810
Everest Re Group Ltd.		2,323		561,725
Fidelity National Financial Inc.		14,105		539,939
Globe Life Inc.		5,944		555,170
Hartford Financial Services Group Inc. (The)		11,423		579,032
Lincoln National Corp.		10,293		585,363
Loews Corp.		11,476		548,667
Markel Corp.(a)		516		561,821
Marsh & McLennan Companies Inc.		4,869		561,006
MetLife Inc.		9,953		573,293
Principal Financial Group Inc.		10,230		578,813
Progressive Corp. (The)		6,548		562,801
Prudential Financial Inc.		6,736		584,146
Reinsurance Group of America Inc.		4,846		592,326
RenaissanceRe Holdings Ltd.		3,548		592,445
Travelers Companies Inc. (The)		3,781		550,135
Willis Towers Watson PLC		2,444		539,244
WR Berkley Corp.		8,197		568,298
				17,568,036
Interactive Media & Services — 1.3%
Alphabet Inc., Class A(a)		131		264,870
Alphabet Inc., Class C, NVS(a)(b)		131		266,829
Facebook Inc., Class A(a)		2,035		524,257
IAC/InterActiveCorp.(a)		2,137		523,202
Match Group Inc.(a)		3,381		516,786
Pinterest Inc., Class A(a)		6,253		503,867
Snap Inc., Class A, NVS(a)		8,875		582,732
Twitter Inc.(a)(b)		7,537		580,801
Zillow Group Inc., Class A(a)		800		135,856
Zillow Group Inc., Class C, NVS(a)(b)		1,973		318,304
				4,217,504
Internet & Direct Marketing Retail — 1.3%
Amazon.com Inc.(a)		171		528,891
Booking Holdings Inc.(a)		256		596,099
Chewy Inc., Class A(a)		4,858		493,378
eBay Inc.		8,868		500,333
Etsy Inc.(a)		2,442		537,899
Expedia Group Inc.		3,749		603,589
MercadoLibre Inc.(a)		285		466,861
Wayfair Inc., Class A(a)(b)		1,999		577,671
				4,304,721
IT Services — 4.2%
Accenture PLC, Class A		2,169		544,202

34 2 0 2 1    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, 2021 iShares^® MSCI USA Equal Weighted ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
IT Services (continued)
Akamai Technologies Inc.(a)		5,638	$	532,791
Automatic Data Processing Inc.		3,355		583,837
Black Knight Inc.(a)		6,788		520,572
Broadridge Financial Solutions Inc.		3,812		543,172
Cognizant Technology Solutions Corp., Class A		7,324		538,167
EPAM Systems Inc.(a)		1,413		527,911
Fidelity National Information Services Inc.		4,188		577,944
Fiserv Inc.(a)		5,059		583,657
FleetCor Technologies Inc.(a)		2,059		570,981
Gartner Inc.(a)		3,118		558,247
Global Payments Inc.		2,834		561,104
GoDaddy Inc., Class A(a)		6,558		531,985
International Business Machines Corp.		4,643		552,192
Jack Henry & Associates Inc.		3,812		565,853
Mastercard Inc., Class A		1,634		578,191
MongoDB Inc.(a)		1,357		523,707
Okta Inc.(a)		1,956		511,396
Paychex Inc.		6,278		571,737
PayPal Holdings Inc.(a)		1,829		475,266
Snowflake Inc., Class A(a)		1,900		493,126
Square Inc., Class A(a)		2,020		464,661
Twilio Inc., Class A(a)		1,317		517,423
VeriSign Inc.(a)		2,813		545,806
Visa Inc., Class A		2,681		569,418
Western Union Co. (The)		23,325		541,606
				14,084,952
Leisure Products — 0.3%
Hasbro Inc.		6,233		584,094
Peloton Interactive Inc., Class A(a)		3,821		460,316
				1,044,410
Life Sciences Tools & Services — 1.7%
10X Genomics Inc., Class A(a)		2,897		515,637
Agilent Technologies Inc.		4,357		531,859
Avantor Inc.(a)		18,707		521,364
Bio-Rad Laboratories Inc., Class A(a)		859		502,086
Illumina Inc.(a)		1,132		497,412
IQVIA Holdings Inc.(a)		2,928		564,489
Mettler-Toledo International Inc.(a)		469		523,428
PerkinElmer Inc.		3,786		477,377
PPD Inc.(a)		14,655		513,804
Thermo Fisher Scientific Inc.		1,115		501,839
Waters Corp.(a)		1,973		540,365
				5,689,660
Machinery — 2.9%
Caterpillar Inc.		2,739		591,295
Cummins Inc.		2,280		577,296
Deere & Co.		1,758		613,753
Dover Corp.		4,582		564,777
Fortive Corp.		7,986		525,639
IDEX Corp.		2,826		551,550
Illinois Tool Works Inc.		2,801		566,306
Ingersoll Rand Inc.(a)		12,795		592,920
Nordson Corp.		2,993		575,883
Otis Worldwide Corp.		8,822		562,050
PACCAR Inc.		5,739		522,192
Parker-Hannifin Corp.		2,018		579,085
Pentair PLC		10,169		568,752
Snap-on Inc.		2,956		600,393
Stanley Black & Decker Inc.		3,247		567,706

Security	Shares		Value
Machinery (continued)
Westinghouse Air Brake Technologies Corp.		6,932	$	502,085
Xylem Inc./NY		5,632		560,722
				9,622,404
Media — 2.4%
Altice USA Inc., Class A(a)(b)		16,464		553,355
Cable One Inc.		272		520,839
Charter Communications Inc., Class A(a)		903		553,918
Comcast Corp., Class A		10,550		556,196
Discovery Inc., Class A(a)(b)		4,454		236,196
Discovery Inc., Class C, NVS(a)		8,557		385,065
DISH Network Corp., Class A(a)		17,283		544,587
Fox Corp., Class A, NVS		11,813		393,491
Fox Corp., Class B		5,905		188,547
Interpublic Group of Companies Inc. (The)		22,415		585,480
Liberty Broadband Corp., Class A(a)		508		73,843
Liberty Broadband Corp., Class C, NVS(a)		3,208		479,628
Liberty Media Corp.-Liberty SiriusXM, Class A(a)		4,302		191,052
Liberty Media Corp.-Liberty SiriusXM, Class C, NVS(a)		8,669		382,476
News Corp., Class A, NVS		23,432		549,480
Omnicom Group Inc.		8,459		581,387
Sirius XM Holdings Inc.(b)		93,065		544,430
ViacomCBS Inc., Class B, NVS		9,426		607,883
				7,927,853
Metals & Mining — 0.7%
Freeport-McMoRan Inc.		16,944		574,571
Newmont Corp.		9,645		524,495
Nucor Corp.		9,722		581,570
Steel Dynamics Inc.		13,534		562,744
				2,243,380
Mortgage Real Estate Investment — 0.3%
AGNC Investment Corp.		33,929		543,882
Annaly Capital Management Inc.		65,200		541,812
				1,085,694
Multi-Utilities — 1.6%
Ameren Corp.		7,672		539,111
CenterPoint Energy Inc.		25,880		503,107
CMS Energy Corp.		10,053		543,968
Consolidated Edison Inc.		7,958		522,443
Dominion Energy Inc.		7,837		535,424
DTE Energy Co.		4,622		544,102
NiSource Inc.		24,909		538,034
Public Service Enterprise Group Inc.		9,620		517,845
Sempra Energy		4,471		518,546
WEC Energy Group Inc.		6,867		553,755
				5,316,335
Multiline Retail — 0.5%
Dollar General Corp.		2,784		526,148
Dollar Tree Inc.(a)(b)		5,178		508,480
Target Corp.		2,925		536,562
				1,571,190
Oil, Gas & Consumable Fuels — 2.7%
Cabot Oil & Gas Corp.		30,446		563,555
Cheniere Energy Inc.(a)		8,126		547,611
Chevron Corp.		5,986		598,600
ConocoPhillips		11,348		590,210
Devon Energy Corp.		26,711		575,355
EOG Resources Inc.		8,787		567,289
Exxon Mobil Corp.		10,712		582,411

S C H E D U L E     O F    I N V E S  T M E N T S 35

Schedule of Investments (unaudited) (continued) February 28, 2021 iShares^® MSCI USA Equal Weighted ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Oil, Gas & Consumable Fuels (continued)
Hess Corp.		8,977	$	588,263
Kinder Morgan Inc./DE		37,065		544,856
Marathon Petroleum Corp.		10,833		591,698
Occidental Petroleum Corp.		21,068		560,620
ONEOK Inc.		12,132		537,326
Phillips 66		7,022		583,177
Pioneer Natural Resources Co.		4,094		608,246
Valero Energy Corp.		8,282		637,548
Williams Companies Inc. (The)		24,332		555,743
				9,232,508
Personal Products — 0.2%
Estee Lauder Companies Inc. (The), Class A		1,885		538,846
Pharmaceuticals — 1.9%
Bristol-Myers Squibb Co.		9,385		575,582
Catalent Inc.(a)		4,540		516,243
Elanco Animal Health Inc.(a)		18,343		602,751
Eli Lilly & Co.		2,709		555,047
Horizon Therapeutics PLC(a)		6,373		579,369
Jazz Pharmaceuticals PLC(a)		3,348		562,598
Johnson & Johnson		3,377		535,119
Merck & Co. Inc.		7,508		545,231
Pfizer Inc.		16,070		538,184
Royalty Pharma PLC, Class A		11,733		546,406
Viatris Inc.(a)		30,577		454,069
Zoetis Inc.		3,352		520,365
				6,530,964
Professional Services — 1.4%
Booz Allen Hamilton Holding Corp.		6,863		529,412
CoStar Group Inc.(a)		620		510,731
Equifax Inc.		3,189		516,235
IHS Markit Ltd.		5,988		539,878
Jacobs Engineering Group Inc.		4,923		566,539
Leidos Holdings Inc.		5,298		468,608
Robert Half International Inc.		7,414		576,735
TransUnion		6,364		535,913
Verisk Analytics Inc.		2,960		484,996
				4,729,047
Real Estate Management & Development — 0.2%
CBRE Group Inc., Class A(a)		7,900		598,583
Road & Rail — 1.5%
AMERCO		1,095		629,318
CSX Corp.		6,143		562,392
JB Hunt Transport Services Inc.		3,810		559,575
Kansas City Southern		2,640		560,578
Knight-Swift Transportation Holdings Inc.		13,049		563,717
Norfolk Southern Corp.		2,174		547,978
Old Dominion Freight Line Inc.		2,652		569,570
Uber Technologies Inc.(a)		9,211		476,669
Union Pacific Corp.		2,605		536,526
				5,006,323
Semiconductors & Semiconductor Equipment — 3.6%
Advanced Micro Devices Inc.(a)		6,095		515,088
Analog Devices Inc.		3,473		541,163
Applied Materials Inc.		4,710		556,675
Broadcom Inc.		1,132		531,893
Enphase Energy Inc.(a)		2,881		507,229
Intel Corp.		8,924		542,401
KLA Corp.		1,653		514,463

Security	Shares		Value
Semiconductors & Semiconductor Equipment (continued)
Lam Research Corp.		942	$	534,293
Marvell Technology Group Ltd.		10,530		508,388
Maxim Integrated Products Inc.		5,797		540,106
Microchip Technology Inc.		3,436		524,437
Micron Technology Inc.(a)		6,354		581,582
Monolithic Power Systems Inc.		1,437		538,185
NVIDIA Corp.		906		497,013
NXP Semiconductors NV		2,852		520,633
ON Semiconductor Corp.(a)		13,320		536,396
Qorvo Inc.(a)		3,149		550,225
QUALCOMM Inc.		3,788		515,888
Skyworks Solutions Inc.		2,871		510,521
SolarEdge Technologies Inc.(a)		1,674		499,371
Teradyne Inc.		3,881		499,135
Texas Instruments Inc.		3,084		531,281
Xilinx Inc.		3,910		509,473
				12,105,839
Software — 6.0%
Adobe Inc.(a)		1,113		511,613
ANSYS Inc.(a)		1,387		472,953
Autodesk Inc.(a)		1,809		499,284
Avalara Inc.(a)		3,306		518,844
Cadence Design Systems Inc.(a)		3,818		538,682
Ceridian HCM Holding Inc.(a)		5,725		513,303
Citrix Systems Inc.		4,078		544,739
Cloudflare Inc., Class A(a)		6,792		502,404
Coupa Software Inc.(a)		1,559		539,819
Crowdstrike Holdings Inc., Class A(a)		2,300		496,800
Datadog Inc., Class A(a)		5,183		494,510
DocuSign Inc.(a)		2,106		477,346
Dropbox Inc., Class A(a)		22,763		513,192
Dynatrace Inc.(a)		10,524		523,674
Fair Isaac Corp.(a)		1,196		547,230
Fortinet Inc.(a)		3,381		570,882
Guidewire Software Inc.(a)		4,367		484,693
HubSpot Inc.(a)		1,050		540,750
Intuit Inc.		1,320		514,985
Microsoft Corp.		2,277		529,129
NortonLifeLock Inc.		25,904		505,387
Oracle Corp.		8,971		578,719
Palo Alto Networks Inc.(a)		1,408		504,500
Paycom Software Inc.(a)		1,432		535,912
PTC Inc.(a)		3,815		522,426
RingCentral Inc., Class A(a)		1,276		482,532
salesforce.com Inc.(a)		2,247		486,475
ServiceNow Inc.(a)		945		504,120
Slack Technologies Inc., Class A(a)		12,589		515,268
Splunk Inc.(a)		3,293		470,932
SS&C Technologies Holdings Inc.		8,524		564,971
Synopsys Inc.(a)		1,918		470,313
Trade Desk Inc. (The), Class A(a)		642		517,060
Tyler Technologies Inc.(a)		1,174		544,055
VMware Inc., Class A(a)(b)		3,893		538,052
Workday Inc., Class A(a)		2,028		497,225
Zendesk Inc.(a)		3,627		530,050
Zoom Video Communications Inc., Class A(a)		1,254		468,507
Zscaler Inc.(a)		2,493		511,140
				20,082,476

36 2 0 2 1    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, 2021 iShares^® MSCI USA Equal Weighted ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Specialty Retail — 2.1%
Advance Auto Parts Inc.		3,585	$	574,855
AutoZone Inc.(a)		476		552,122
Best Buy Co. Inc.		4,617		463,316
Burlington Stores Inc.(a)		2,117		547,922
CarMax Inc.(a)		4,556		544,488
Carvana Co.(a)		1,882		533,547
Home Depot Inc. (The)		2,024		522,880
Lowe’s Companies Inc.		3,203		511,679
O’Reilly Automotive Inc.(a)		1,259		563,188
Ross Stores Inc.		4,648		542,143
TJX Companies Inc. (The)		8,259		545,011
Tractor Supply Co.		3,442		547,140
Ulta Beauty Inc.(a)		1,690		544,738
				6,993,029
Technology Hardware, Storage & Peripherals — 1.2%
Apple Inc.		4,193		508,443
Dell Technologies Inc., Class C(a)		7,017		568,868
Hewlett Packard Enterprise Co.		38,983		567,593
HP Inc.		20,525		594,609
NetApp Inc.		8,097		506,872
Seagate Technology PLC		7,852		575,002
Western Digital Corp.		8,363		573,117
				3,894,504
Textiles, Apparel & Luxury Goods — 0.5%
Lululemon Athletica Inc.(a)		1,644		512,402
Nike Inc., Class B		3,934		530,224
VF Corp.		6,892		545,364
				1,587,990
Tobacco — 0.3%
Altria Group Inc.		12,842		559,911
Philip Morris International Inc.		6,482		544,618
				1,104,529
Trading Companies & Distributors — 0.5%
Fastenal Co.		11,955		554,353
United Rentals Inc.(a)		1,935		575,430

Security	Shares		Value
Trading Companies & Distributors (continued)
WW Grainger Inc.		1,508	$	562,047
				1,691,830
Water Utilities — 0.3%
American Water Works Co. Inc.		3,450		489,486
Essential Utilities Inc.		12,119		509,725
				999,211
Wireless Telecommunication Services — 0.2%
T-Mobile U.S. Inc.(a)		4,569		548,143
Total Common Stocks — 99.8% (Cost: $269,466,688)				334,035,217
Short-Term Investments
Money Market Funds — 1.7%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.12%(c)(d)(e)		5,175,381		5,178,486
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%(c)(d)		580,000		580,000
				5,758,486
Total Short-Term Investments — 1.7% (Cost: $5,755,900)				5,758,486
Total Investments in Securities — 101.5% (Cost: $275,222,588)				339,793,703
Other Assets, Less Liabilities — (1.5)%				(5,046,675	)
Net Assets — 100.0%			$	334,747,028

^(a)  Non-income producing security.

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

^(c)  Affiliate of the Fund.

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

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 2021 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 08/31/20		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 02/28/21		Shares Held at 02/28/21		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	3,935,032	$	1,245,282	(a)	$	—		$	1,387	$	(3,215)	$	5,178,486		5,175,381	$	10,475	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		370,000		210,000	(a)		—			—		—		580,000		580,000		116			—
BlackRock Inc.		366,021		121,642			(17,517	)		522		59,236		529,904		763		4,570			—
									$	1,909	$	56,021	$	6,288,390			$	15,161		$	—

^(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.

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

Schedule of Investments (unaudited) (continued) February 28, 2021 iShares^® MSCI USA Equal Weighted ETF

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
S&P 500 E-Mini Index		1		03/19/21	$	190	$	5,283
S&P MidCap 400 E-Mini Index		1		03/19/21		250		26,046
							$	31,329

Derivative Financial Instruments Categorized by Risk Exposure

As of February 28, 2021, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

	Equity Contracts
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)	$	31,329
(a) Net cumulative 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 six months ended February 28, 2021, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	34,813
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	16,971

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	401,818

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

Fair Value Measurements

Various inputs are used in determining the fair value of financial instruments. For 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 value of the Fund’s investments according to the fair value hierarchy as of February 28, 2021. The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.

	Level 1		Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	334,035,217	$	—	$	—	$	334,035,217
Money Market Funds		5,758,486		—		—		5,758,486
	$	339,793,703	$	—	$	—	$	339,793,703
Derivative financial instruments(a)
Assets
Futures Contracts	$	31,329	$	—	$	—	$	31,329
(a) Shown at the unrealized appreciation (depreciation) on the contracts.

See notes to financial statements.

38 2 0 2 1    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, 2021

	iShares MSCI Brazil ETF			iShares MSCI Chile ETF			iShares MSCI Colombia ETF			iShares MSCI Israel ETF
ASSETS
Investments in securities, at value (including securities on loan)(a):
Unaffiliated(b)	$	5,638,348,611		$	506,029,892		$	21,335,223		$	142,051,161
Affiliated(c)		2,680,000			710,000			10,000			13,865,601
Cash		5,657			9,589			9,577			9,348
Foreign currency, at value(d)		7,846,570			58,928			25,159			106,596
Cash pledged:
Futures contracts		4,408,000			27,000			—			—
Foreign currency collateral pledged:
Futures contracts(e)		—			—			—			18,207
Receivables:
Investments sold		123,443,162			8,995,405			863,166			463,898
Securities lending income — Affiliated		—			—			—			20,361
Dividends		15,000,655			6,655			3,071			25,122
Total assets		5,791,732,655			515,837,469			22,246,196			156,560,294
LIABILITIES
Collateral on securities loaned, at value		—			—			—			13,766,203
Deferred foreign capital gain tax		—			—			—			4,141
Payables:
Investments purchased		124,316,980			9,775,562			855,736			519,457
Variation margin on futures contracts		1,009,188			5,411			—			2,895
Investment advisory fees		2,680,728			214,428			10,207			64,957
Total liabilities		128,006,896			9,995,401			865,943			14,357,653
NET ASSETS	$	5,663,725,759		$	505,842,068		$	21,380,253		$	142,202,641
NET ASSETS CONSIST OF:
Paid-in capital	$	8,824,729,211		$	702,131,007		$	36,409,673		$	179,690,758
Accumulated loss		(3,161,003,452	)		(196,288,939	)		(15,029,420	)		(37,488,117	)
NET ASSETS	$	5,663,725,759		$	505,842,068		$	21,380,253		$	142,202,641
Shares outstanding		176,400,000			15,800,000			2,100,000			2,200,000
Net asset value	$	32.11		$	32.02		$	10.18		$	64.64
Shares authorized		800 million			200 million			50 million			500 million
Par value	$	0.001		$	0.001		$	0.001		$	0.001
(a) Securities loaned, at value	$	—		$	—		$	—		$	13,240,043
(b) Investments, at cost — Unaffiliated	$	4,260,280,271		$	400,457,834		$	17,565,063		$	146,327,594
(c)  Investments, at cost — Affiliated	$	2,680,000		$	710,000		$	10,000		$	13,864,743
(d) Foreign currency, at cost	$	8,062,350		$	58,738		$	25,553		$	107,464
(e) Foreign currency collateral pledged, at cost	$	—		$	—		$	—		$	18,804

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

Statements of Assets and Liabilities (unaudited) (continued)

February 28, 2021

	iShares MSCI Russia ETF			iShares MSCI South Africa ETF			iShares MSCI Turkey ETF			iShares MSCI USA Equal Weighted ETF
ASSETS
Investments in securities, at value (including securities on loan)(a):
Unaffiliated(b)	$	459,604,145		$	363,365,532		$	298,821,780		$	333,505,313
Affiliated(c)		1,270,000			160,000			34,016,995			6,288,390
Cash		3,691			4,579			5,533			5,080
Foreign currency, at value(d)		—			485,168			322,789			—
Cash pledged:
Futures contracts		70,000			—			14,000			40,000
Foreign currency collateral pledged:
Futures contracts(e)		—			50,970			—			—
Receivables:
Investments sold		17,334,859			3,588,587			6,169,742			21,936,304
Securities lending income — Affiliated		—			—			135,471			4,989
Dividends		8,812			6,600			—			397,713
Total assets		478,291,507			367,661,436			339,486,310			362,177,789
LIABILITIES
Collateral on securities loaned, at value		—			—			33,812,382			5,178,998
Payables:
Investments purchased		17,435,521			4,000,140			6,228,492			22,211,983
Variation margin on futures contracts		18,390			526			2,835			2,257
Capital shares redeemed		—			—			3,080			—
Investment advisory fees		202,206			169,307			139,345			37,523
Total liabilities		17,656,117			4,169,973			40,186,134			27,430,761
NET ASSETS	$	460,635,390		$	363,491,463		$	299,300,176		$	334,747,028
NET ASSETS CONSIST OF:
Paid-in capital	$	549,208,744		$	642,361,675		$	595,232,271		$	287,864,493
Accumulated earnings (loss)		(88,573,354	)		(278,870,212	)		(295,932,095	)		46,882,535
NET ASSETS	$	460,635,390		$	363,491,463		$	299,300,176		$	334,747,028
Shares outstanding		12,250,000			7,900,000			11,200,000			4,450,000
Net asset value	$	37.60		$	46.01		$	26.72		$	75.22
Shares authorized		1 billion			400 million			200 million			500 million
Par value	$	0.001		$	0.001		$	0.001		$	0.001
(a) Securities loaned, at value	$	—		$	—		$	30,957,146		$	5,156,344
(b) Investments, at cost — Unaffiliated	$	400,127,708		$	405,712,875		$	352,246,199		$	269,084,583
(c)  Investments, at cost — Affiliated	$	1,270,000		$	160,000		$	34,010,637		$	6,138,005
(d) Foreign currency, at cost	$	—		$	488,518		$	339,178		$	—
(e) Foreign currency collateral pledged, at cost	$	—		$	52,981		$	—		$	—

See notes to financial statements.

40 2 0 2 1    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, 2021

	iShares MSCI Brazil ETF			iShares MSCI Chile ETF			iShares MSCI Colombia ETF			iShares MSCI Israel ETF
INVESTMENT INCOME
Dividends — Unaffiliated	$	78,480,739		$	5,365,164		$	276,400		$	387,908
Dividends — Affiliated		1,891			286			3			29
Securities lending income — Affiliated — net		—			—			38			59,187
Foreign taxes withheld		(6,853,155	)		(1,674,531	)		(24,659	)		(80,823	)
Total investment income		71,629,475			3,690,919			251,782			366,301
EXPENSES
Investment advisory fees		16,459,994			1,311,973			61,708			346,895
Commitment fees		6,206			—			50			—
Total expenses		16,466,200			1,311,973			61,758			346,895
Net investment income		55,163,275			2,378,946			190,024			19,406
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated(a)		(234,929,068	)		(18,671,589	)		(313,178	)		(8,051,838	)
Investments — Affiliated		—			—			(22	)		(3,364	)
In-kind redemptions — Unaffiliated		—			—			—			10,861,764
Futures contracts		3,011,961			132,312			—			23,314
Foreign currency transactions		(2,188,085	)		(2,185	)		5,323			2,329
Net realized gain (loss)		(234,105,192	)		(18,541,462	)		(307,877	)		2,832,205
Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated(b)		642,561,644			127,755,615			3,272,846			11,960,271
Investments — Affiliated		—			—			6			(708	)
Futures contracts		(1,805,961	)		(15,781	)		—			(561	)
Foreign currency translations		448,055			462			(754	)		(3,458	)
Net change in unrealized appreciation (depreciation)		641,203,738			127,740,296			3,272,098			11,955,544
Net realized and unrealized gain		407,098,546			109,198,834			2,964,221			14,787,749
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	462,261,821		$	111,577,780		$	3,154,245		$	14,807,155
(a) Net of foreign capital gain tax and capital gain tax refund, if applicable	$	—		$	—		$	—		$	803
(b) Net of deferred foreign capital gain tax of	$	—		$	—		$	—		$	(4,141	)

See notes to financial statements.

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

Statements of Operations (unaudited) (continued)

Six Months Ended February 28, 2021

	iShares MSCI Russia ETF			iShares MSCI South Africa ETF			iShares MSCI Turkey ETF			iShares MSCI USA Equal Weighted ETF
INVESTMENT INCOME
Dividends — Unaffiliated	$	9,965,326		$	2,251,819		$	1,483,820		$	2,210,503
Dividends — Affiliated		539			115			149			4,686
Securities lending income — Affiliated — net		—			7,428			750,624			10,475
Foreign taxes withheld		(1,036,916	)		(337,500	)		(216,898	)		(442	)
Total investment income		8,928,949			1,921,862			2,017,695			2,225,222
EXPENSES
Investment advisory fees		1,291,205			1,058,398			744,920			197,114
Commitment fees		293			—			—			—
Total expenses		1,291,498			1,058,398			744,920			197,114
Net investment income		7,637,451			863,464			1,272,775			2,028,108
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		(13,116,703	)		(4,548,983	)		(42,337,602	)		513,529
Investments — Affiliated		—			(2,977	)		(1,813	)		1,909
In-kind redemptions — Unaffiliated		4,806,316			32,238,088			12,273,030			—
Futures contracts		359,745			82,576			191,349			34,813
Foreign currency transactions		(5,788	)		37,250			(2,755	)		—
Net realized gain (loss)		(7,956,430	)		27,805,954			(29,877,791	)		550,251
Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated		51,635,649			64,986,550			112,251,480			46,164,551
Investments — Affiliated		—			—			(3,774	)		56,021
Futures contracts		(15,449	)		18,078			(24,206	)		16,971
Foreign currency translations		(4,448	)		(5,104	)		4,574			—
Net change in unrealized appreciation (depreciation)		51,615,752			64,999,524			112,228,074			46,237,543
Net realized and unrealized gain		43,659,322			92,805,478			82,350,283			46,787,794
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	51,296,773		$	93,668,942		$	83,623,058		$	48,815,902

See notes to financial statements.

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Statements of Changes in Net Assets

	iShares MSCI Brazil ETF						iShares MSCI Chile ETF
	Six Months Ended 02/28/21 (unaudited)			Year Ended 08/31/20			Six Months Ended 02/28/21 (unaudited)			Year Ended 08/31/20
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	55,163,275		$	176,500,312		$	2,378,946		$	8,694,370
Net realized loss		(234,105,192	)		(1,371,892,954	)		(18,541,462	)		(90,197,249	)
Net change in unrealized appreciation (depreciation)		641,203,738			(1,686,069,246	)		127,740,296			(72,899,354	)
Net increase (decrease) in net assets resulting from operations		462,261,821			(2,881,461,888	)		111,577,780			(154,402,233	)
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(47,931,631	)		(213,084,247	)		(2,473,666	)		(8,685,975	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		(62,971,763	)		201,169,553			(44,685,234	)		274,371,517
NET ASSETS
Total increase (decrease) in net assets		351,358,427			(2,893,376,582	)		64,418,880			111,283,309
Beginning of period		5,312,367,332			8,205,743,914			441,423,188			330,139,879
End of period	$	5,663,725,759		$	5,312,367,332		$	505,842,068		$	441,423,188

^(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 43

Statements of Changes in Net Assets (continued)

	iShares MSCI Colombia ETF						iShares MSCI Israel ETF
	Six Months Ended 02/28/21 (unaudited)			Year Ended 08/31/20			Six Months Ended 02/28/21 (unaudited)		Year Ended 08/31/20
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	190,024		$	714,866		$	19,406	$	481,425
Net realized gain (loss)		(307,877	)		(3,376,020	)		2,832,205		3,569,289
Net change in unrealized appreciation (depreciation)		3,272,098			(1,583,565	)		11,955,544		5,946,320
Net increase (decrease) in net assets resulting from operations		3,154,245			(4,244,719	)		14,807,155		9,997,034
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(385,453	)		(623,029	)		—		(2,326,790	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		—			(125,777	)		22,492,144		(17,320,093	)
NET ASSETS
Total increase (decrease) in net assets		2,768,792			(4,993,525	)		37,299,299		(9,649,849	)
Beginning of period		18,611,461			23,604,986			104,903,342		114,553,191
End of period	$	21,380,253		$	18,611,461		$	142,202,641	$	104,903,342

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

See notes to financial statements.

44 2 0 2 1    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 Russia ETF						iShares MSCI South Africa ETF
	Six Months Ended 02/28/21 (unaudited)			Year Ended 08/31/20			Six Months Ended 02/28/21 (unaudited)			Year Ended 08/31/20
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	7,637,451		$	26,939,139		$	863,464		$	38,741,697
Net realized gain (loss)		(7,956,430	)		14,355,687			27,805,954			(125,259,012	)
Net change in unrealized appreciation (depreciation)		51,615,752			(45,228,822	)		64,999,524			34,632,268
Net increase (decrease) in net assets resulting from operations		51,296,773			(3,933,996	)		93,668,942			(51,885,047	)
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(16,142,438	)		(40,113,639	)		(16,117,538	)		(42,715,529	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		(41,721,831	)		(116,330,464	)		(37,478,269	)		43,951,479
NET ASSETS
Total increase (decrease) in net assets		(6,567,496	)		(160,378,099	)		40,073,135			(50,649,097	)
Beginning of period		467,202,886			627,580,985			323,418,328			374,067,425
End of period	$	460,635,390		$	467,202,886		$	363,491,463		$	323,418,328

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

See notes to financial statements.

F I N A N C I A L    S T A T E M E N T  S 45

Statements of Changes in Net Assets (continued)

	iShares MSCI Turkey ETF						iShares MSCI USA Equal Weighted ETF
	Six Months Ended 02/28/21 (unaudited)			Year Ended 08/31/20			Six Months Ended 02/28/21 (unaudited)			Year Ended 08/31/20
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	1,272,775		$	3,406,364		$	2,028,108		$	5,197,776
Net realized gain (loss)		(29,877,791	)		(39,764,373	)		550,251			1,611,788
Net change in unrealized appreciation (depreciation)		112,228,074			304,901			46,237,543			(3,443,714	)
Net increase (decrease) in net assets resulting from operations		83,623,058			(36,053,108	)		48,815,902			3,365,850
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(970,413	)		(5,455,619	)		(1,823,058	)		(5,421,593	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		37,700,177			(93,734,165	)		61,692,552			(79,972,567	)
NET ASSETS
Total increase (decrease) in net assets		120,352,822			(135,242,892	)		108,685,396			(82,028,310	)
Beginning of period		178,947,354			314,190,246			226,061,632			308,089,942
End of period	$	299,300,176		$	178,947,354		$	334,747,028		$	226,061,632

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

See notes to financial statements.

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Financial Highlights

(For a share outstanding throughout each period)

	iShares MSCI Brazil ETF
	Six Months Ended 02/28/21 (unaudited)			Year Ended 08/31/20			Year Ended 08/31/19			Year Ended 08/31/18			Year Ended 08/31/17			Year Ended 08/31/16
Net asset value, beginning of period	$	29.62		$	40.92		$	32.03		$	40.06		$	33.52		$	24.71
Net investment income(a)		0.32			0.86			1.12			1.14			0.76			0.63
Net realized and unrealized gain (loss)(b)		2.45			(11.13	)		8.88			(8.22	)		6.45			8.62
Net increase (decrease) from investment operations		2.77			(10.27	)		10.00			(7.08	)		7.21			9.25
Distributions(c)
From net investment income		(0.28	)		(1.03	)		(1.11	)		(0.95	)		(0.67	)		(0.44	)
Total distributions		(0.28	)		(1.03	)		(1.11	)		(0.95	)		(0.67	)		(0.44	)
Net asset value, end of period	$	32.11		$	29.62		$	40.92		$	32.03		$	40.06		$	33.52
Total Return
Based on net asset value		9.23	%(d)		(25.63	)%		31.36	%		(17.87	)%		22.03	%		38.22	%
Ratios to Average Net Assets
Total expenses		0.57	%(e)		0.59	%		0.59	%		0.59	%		0.62	%		0.63	%
Net investment income		1.92	%(e)		2.35	%		2.75	%		2.86	%		2.10	%		2.41	%
Supplemental Data
Net assets, end of period (000)	$	5,663,726		$	5,312,367		$	8,205,744		$	5,501,031		$	6,327,919		$	3,899,630
Portfolio turnover rate(f)		8	%(d)(g)		29	%(g)		16	%(g)		30	%(g)		20	%(g)		18	%(g)
(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) Not annualized.
(e) Annualized.
(f)  Portfolio turnover rate includes portfolio transactions that are executed as a result of the Fund offering and redeeming Creation Units solely for cash in U.S. dollars (“cash creations”).
(g)   Portfolio turnover rate excluding cash creations was as follows:		6	%		11	%		10	%		13	%		13	%		4	%

See notes to financial statements.

F I N A N C I A L    H I G H L I G H T  S 47

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares MSCI Chile ETF
	Six Months Ended 02/28/21 (unaudited)			Year Ended 08/31/20			Year Ended 08/31/19			Year Ended 08/31/18			Year Ended 08/31/17			Year Ended 08/31/16
Net asset value, beginning of period	$	25.37		$	35.88		$	43.71		$	47.96		$	36.77		$	34.75
Net investment income(a)		0.14			0.61			0.74			0.78			0.69			0.78
Net realized and unrealized gain (loss)(b)		6.66			(10.54	)		(7.76	)		(4.06	)		11.21			2.03
Net increase (decrease) from investment operations		6.80			(9.93	)		(7.02	)		(3.28	)		11.90			2.81
Distributions(c)
From net investment income		(0.15	)		(0.58	)		(0.79	)		(0.92	)		(0.67	)		(0.75	)
Return of capital		—			—			(0.02	)		(0.05	)		(0.04	)		(0.04	)
Total distributions		(0.15	)		(0.58	)		(0.81	)		(0.97	)		(0.71	)		(0.79	)
Net asset value, end of period	$	32.02		$	25.37		$	35.88		$	43.71		$	47.96		$	36.77
Total Return
Based on net asset value		26.87	%(d)		(27.72	)%		(16.22	)%		(7.03	)%		32.65	%		8.17	%
Ratios to Average Net Assets
Total expenses		0.57	%(e)		0.59	%		0.59	%		0.59	%		0.62	%		0.64	%
Net investment income		1.04	%(e)		2.10	%		1.74	%		1.55	%		1.68	%		2.20	%
Supplemental Data
Net assets, end of period (000)	$	505,842		$	441,423		$	330,140		$	393,351		$	467,645		$	327,244
Portfolio turnover rate(f)		22	%(d)(g)		51	%(g)		75	%(g)		54	%(g)		54	%(g)		73	%(g)
(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) Not annualized.
(e) Annualized.
(f)  Portfolio turnover rate includes portfolio transactions that are executed as a result of the Fund offering and redeeming Creation Units solely for cash in U.S. dollars (“cash creations”).
(g) Portfolio turnover rate excluding cash creations was as follows:		7	%		21	%		12	%		11	%		8	%		11	%

See notes to financial statements.

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Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares MSCI Colpombia ETF
	Six Months Ended 02/28/21 (unaudited)			Year Ended 08/31/20			Year Ended 08/31/19			Year Ended 08/31/18			Year Ended 08/31/17			Year Ended 08/31/16
Net asset value, beginning of period	$	8.86		$	12.42		$	13.96		$	14.58		$	13.18		$	11.88
Net investment income(a)		0.09			0.37			0.35			0.30			0.23			0.25
Net realized and unrealized gain (loss)(b)		1.41			(3.60	)		(1.50	)		(0.70	)		1.34			1.23
Net increase (decrease) from investment operations		1.50			(3.23	)		(1.15	)		(0.40	)		1.57			1.48
Distributions(c)
From net investment income		(0.18	)		(0.33	)		(0.39	)		(0.22	)		(0.17	)		(0.18	)
Total distributions		(0.18	)		(0.33	)		(0.39	)		(0.22	)		(0.17	)		(0.18	)
Net asset value, end of period	$	10.18		$	8.86		$	12.42		$	13.96		$	14.58		$	13.18
Total Return
Based on net asset value		16.86	%(d)		(26.40	)%		(8.18	)%		(2.69	)%		12.05	%		12.49	%
Ratios to Average Net Assets
Total expenses		0.61	%(e)		0.61	%		0.61	%		0.61	%		0.61	%		0.61	%
Net investment income		1.88	%(e)		3.43	%		2.71	%		2.01	%		1.72	%		2.16	%
Supplemental Data
Net assets, end of period (000)	$	21,380		$	18,611		$	23,605		$	25,834		$	22,594		$	17,136
Portfolio turnover rate(f)		22	%(d)		75	%		88	%		26	%		14	%		68	%

^(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)  Not annualized.

^(e)  Annualized.

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

See notes to financial statements.

F I N A N C I A L    H I G H L I G H T  S 49

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares MSCI Israel ETF
	Six Months Ended 02/28/21 (unaudited)			Year Ended 08/31/20			Year Ended 08/31/19			Year Ended 08/31/18			Year Ended 08/31/17			Year Ended 08/31/16
Net asset value, beginning of period	$	56.70		$	53.28		$	56.62		$	48.19		$	49.36		$	50.51
Net investment income(a)		0.01			0.23			0.33			0.59			0.62			0.71
Net realized and unrealized gain (loss)(b)		7.93			4.31			(3.42	)		8.88			(0.98	)		(0.87	)
Net increase (decrease) from investment operations		7.94			4.54			(3.09	)		9.47			(0.36	)		(0.16	)
Distributions(c)
From net investment income		—			(1.12	)		(0.25	)		(1.04	)		(0.81	)		(0.99	)
Total distributions		—			(1.12	)		(0.25	)		(1.04	)		(0.81	)		(0.99	)
Net asset value, end of period	$	64.64		$	56.70		$	53.28		$	56.62		$	48.19		$	49.36
Total Return
Based on net asset value		14.00	%(d)		8.53	%		(5.45	)%		19.91	%		(0.77	)%		(0.23	)%
Ratios to Average Net Assets
Total expenses		0.57	%(e)		0.59	%		0.59	%		0.59	%		0.62	%		0.64	%
Net investment income		0.03	%(e)		0.43	%		0.60	%		1.15	%		1.25	%		1.46	%
Supplemental Data
Net assets, end of period (000)	$	142,203		$	104,903		$	114,553		$	121,735		$	89,152		$	93,793
Portfolio turnover rate(f)		16	%(d)		7	%		17	%		6	%		28	%		46	%

^(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)  Not annualized.

^(e)  Annualized.

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

See notes to financial statements.

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Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares MSCI Russia ETF
		Six Months Ended 02/28/21 (unaudited)			Year Ended 08/31/20			Year Ended 08/31/19			Year Ended 08/31/18			Year Ended 08/31/17	(a)		Year Ended 08/31/16	(a)
Net asset value, beginning of period	$	34.87		$	37.81		$	32.47		$	32.13		$	27.92		$	25.03
													��
Net investment income(b)		0.60			1.87			2.33			1.21			1.14			1.06
Net realized and unrealized gain (loss)(c)		3.42			(1.99	)		5.04			0.22			4.07			2.65
Net increase (decrease) from investment operations		4.02			(0.12	)		7.37			1.43			5.21			3.71
Distributions(d)
From net investment income		(1.29	)		(2.82	)		(2.03	)		(1.09	)		(1.00	)		(0.82	)
Total distributions		(1.29	)		(2.82	)		(2.03	)		(1.09	)		(1.00	)		(0.82	)
Net asset value, end of period	$	37.60		$	34.87		$	37.81		$	32.47		$	32.13		$	27.92
Total Return
Based on net asset value		11.56	%(e)		(1.28	)%		23.64	%		4.37	%		18.73	%		15.62	%
Ratios to Average Net Assets
Total expenses		0.57	%(f)		0.59	%		0.59	%		0.59	%		0.62	%		0.64	%
Net investment income		3.40	%(f)		4.97	%		6.60	%		3.50	%		4.27	%		4.17	%
Supplemental Data
Net assets, end of period (000)	$	460,635		$	467,203		$	627,581		$	478,860		$	530,076		$	319,629
Portfolio turnover rate(g)		12	%(e)		30	%		18	%		32	%		18	%		23	%

^(a)  Per share amounts reflect a one-for-two reverse stock split effective after the close of trading on November 4, 2016.

^(b)  Based on average shares outstanding.

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

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

^(e)  Not annualized.

^(f)  Annualized.

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

See notes to financial statements.

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

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares MSCI South Africa ETF
	Six Months Ended 02/28/21 (unaudited)			Year Ended 08/31/20			Year Ended 08/31/19			Year Ended 08/31/18			Year Ended 08/31/17			Year Ended 08/31/16
Net asset value, beginning of period	$	37.17		$	47.96		$	54.87		$	62.62		$	52.78		$	57.44
Net investment income(a)		0.10			4.94			1.31			1.41			1.07			1.02
Net realized and unrealized gain (loss)(b)		10.51			(10.38	)		(5.84	)		(7.69	)		9.79			(3.24	)
Net increase (decrease) from investment operations		10.61			(5.44	)		(4.53	)		(6.28	)		10.86			(2.22	)
Distributions(c)
From net investment income		(1.77	)		(5.35	)		(2.38	)		(1.47	)		(1.02	)		(2.44	)
Total distributions		(1.77	)		(5.35	)		(2.38	)		(1.47	)		(1.02	)		(2.44	)
Net asset value, end of period	$	46.01		$	37.17		$	47.96		$	54.87		$	62.62		$	52.78
Total Return
Based on net asset value		28.89	%(d)		(13.09	)%		(8.45	)%		(10.20	)%		20.91	%		(3.64	)%
Ratios to Average Net Assets
Total expenses		0.57	%(e)		0.59	%		0.59	%		0.59	%		0.62	%		0.64	%
Net investment income		0.47	%(e)		11.79	%		2.48	%		2.20	%		1.91	%		1.96	%
Supplemental Data
Net assets, end of period (000)	$	363,491		$	323,418		$	374,067		$	373,114		$	419,587		$	406,443
Portfolio turnover rate(f)		4	%(d)		46	%		12	%		15	%		13	%		12	%

^(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)  Not annualized.

^(e)  Annualized.

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

See notes to financial statements.

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Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares MSCI Turkey ETF
	Six Months Ended 02/28/21 (unaudited)			Year Ended 08/31/20			Year Ended 08/31/19			Year Ended 08/31/18			Year Ended 08/31/17			Year Ended 08/31/16
Net asset value, beginning of period	$	19.99		$	24.08		$	20.09		$	46.17		$	38.16		$	38.27
Net investment income(a)		0.12			0.30			0.60			1.01			0.97			0.96
Net realized and unrealized gain (loss)(b)		6.69			(3.94	)		4.06			(26.05	)		8.12			(0.17	)
Net increase (decrease) from investment operations		6.81			(3.64	)		4.66			(25.04	)		9.09			0.79
Distributions(c)
From net investment income		(0.08	)		(0.45	)		(0.67	)		(1.04	)		(1.08	)		(0.90	)
Total distributions		(0.08	)		(0.45	)		(0.67	)		(1.04	)		(1.08	)		(0.90	)
Net asset value, end of period	$	26.72		$	19.99		$	24.08		$	20.09		$	46.17		$	38.16
Total Return
Based on net asset value		34.10	%(d)		(15.48	)%		23.38	%		(54.97	)%		24.23	%		1.98	%
Ratios to Average Net Assets
Total expenses		0.57	%(e)		0.59	%		0.59	%		0.59	%		0.62	%		0.64	%
Net investment income		0.98	%(e)		1.22	%		2.43	%		2.76	%		2.58	%		2.45	%
Supplemental Data
Net assets, end of period (000)	$	299,300		$	178,947		$	314,190		$	386,797		$	424,727		$	368,225
Portfolio turnover rate(f)		13	%(d)		12	%		20	%		7	%		6	%		6	%

^(a) Based on average shares outstanding.

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

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

^(d)  Not annualized.

^(e)  Annualized.

^(f) 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 53

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares MSCI USA Equal Weighted ETF
	Six Months Ended 02/28/21 (unaudited)			Year Ended 08/31/20			Year Ended 08/31/19			Year Ended 08/31/18			Year Ended 08/31/17			Year Ended 08/31/16
Net asset value, beginning of period	$	62.79		$	58.13		$	59.33		$	51.30		$	46.05		$	42.51
Net investment income(a)		0.53			1.09			0.92			0.98			0.85			0.77
Net realized and unrealized gain (loss)(b)		12.38			4.65			(1.11	)		7.94			5.18			3.63
Net increase (decrease) from investment operations		12.91			5.74			(0.19	)		8.92			6.03			4.40
Distributions(c)
From net investment income		(0.48	)		(1.08	)		(1.01	)		(0.89	)		(0.78	)		(0.86	)
Total distributions		(0.48	)		(1.08	)		(1.01	)		(0.89	)		(0.78	)		(0.86	)
Net asset value, end of period	$	75.22		$	62.79		$	58.13		$	59.33		$	51.30		$	46.05
Total Return
Based on net asset value		20.71	%(d)		10.18	%		(0.23	)%		17.55	%		13.22	%		10.54	%
Ratios to Average Net Assets
Total expenses		0.15	%(e)		0.15	%		0.15	%		0.15	%		0.15	%		0.15	%
Net investment income		1.54	%(e)		1.84	%		1.63	%		1.76	%		1.72	%		1.79	%
Supplemental Data
Net assets, end of period (000)	$	334,747		$	226,062		$	308,090		$	192,820		$	135,945		$	73,673
Portfolio turnover rate(f)		18	%(d)		30	%		24	%		23	%		27	%		28	%

^(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)  Not annualized.

^(e)  Annualized.

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

See notes to financial statements.

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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 Brazil	Non-diversified
MSCI Chile	Non-diversified
MSCI Colombia	Non-diversified
MSCI Israel	Non-diversified
MSCI Russia	Non-diversified
MSCI South Africa	Non-diversified
MSCI Turkey	Non-diversified
MSCI USA Equal Weighted	Diversified

2. SIGNIFICANT ACCOUNTING POLICIES

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

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

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

Each Fund does not isolate the effect of fluctuations in foreign exchange rates from the effect of fluctuations in the market prices of investments for financial reporting purposes. Accordingly, the effects of changes in exchange rates on investments are not segregated in the statement 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 statement 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, 2021, if any, are disclosed in the statement 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 statement of operations includes tax reclaims recorded as well as professional and other fees, if any, associated with recovery of foreign withholding taxes.

Segregation and Collateralization: In cases where a Fund enters into certain investments (e.g., futures contracts) that would be treated as “senior securities” for 1940 Act purposes, a Fund may segregate or designate on its books and record cash or liquid assets having a market value at least equal to the amount of its future obligations under such investments. Doing so allows the investment to be excluded from treatment as a “senior security.” Furthermore, if required by an exchange or counterparty agreement, the Funds may be required to deliver/deposit cash and/or securities to/with an exchange, or broker-dealer or custodian as collateral for certain investments or obligations.

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Notes to Financial Statements (unaudited) (continued)

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.

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

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

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

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

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

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

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

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

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

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

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

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

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

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

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

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Notes to Financial Statements (unaudited) (continued)

4. SECURITIES AND OTHER INVESTMENTS

Securities Lending: Each Fund may lend its securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund collateral consisting of cash, an irrevocable letter of credit issued by an approved bank, or securities issued or guaranteed by the U.S. government. The initial collateral received by each Fund is required to have a value of at least 102% of the current market value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter at a value equal to at least 100% of the current value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Fund and any additional required collateral is delivered to the Fund or excess collateral is returned by the Fund, on the next business day. During the term of the loan, each Fund is entitled to all distributions made on or in respect of the loaned securities but does not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

As of period end, any securities on loan were collateralized by cash and/or U.S. Government obligations. Cash collateral invested in money market funds managed by BlackRock Fund Advisors (“BFA”), the Funds’ investment adviser, or its affiliates is disclosed in the schedules 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 as of February 28, 2021:

iShares ETF and Counterparty		Market Value of Securities on Loan		Cash Collateral Received	(a)		Non-Cash Collateral Received		Net Amount
MSCI Israel
BNP Paribas Securities Corp.	$	113,130	$	113,130		$	—	$	—
BofA Securities, Inc.		875,451		875,451			—		—
Citigroup Global Markets Inc.		1,181,773		1,181,773			—		—
Credit Suisse Securities (USA) LLC		4,527		4,527			—		—
JPMorgan Securities LLC		2,856,361		2,856,361			—		—
Morgan Stanley & Co. LLC		8,208,801		8,208,801			—		—
	$	13,240,043	$	13,240,043		$	—	$	—
MSCI Turkey
BofA Securities, Inc.	$	12,359,441	$	12,359,441		$	—	$	—
Credit Suisse Securities (USA) LLC		1,203,230		1,203,230			—		—
Goldman Sachs & Co.		5,185,938		5,185,938			—		—
HSBC Bank PLC		3,251,286		3,251,286			—		—
Morgan Stanley & Co. LLC		8,821,842		8,821,842			—		—
UBS AG		135,409		135,409			—		—
	$	30,957,146	$	30,957,146		$	—	$	—
MSCI USA Equal Weighted
Barclays Bank PLC	$	537,350	$	532,766		$	—	$	(4,584	)(b)
BNP Paribas Prime Brokerage International Ltd.		833,646		828,220			—		(5,426	)(b)
BNP Paribas Securities Corp.		8,379		8,294			—		(85	)(b)
Goldman Sachs & Co.		1,037,916		1,027,821			—		(10,095	)(b)
Morgan Stanley & Co. LLC		333,696		333,696			—		—
SG Americas Securities LLC		166,940		166,940			—		—
State Street Bank & Trust Company		418,744		418,744			—		—
UBS AG		576,879		576,879			—		—
UBS Securities LLC		405,094		405,094			—		—
Virtu Americas LLC		837,700		836,132			—		(1,568	)(b)
	$	5,156,344	$	5,134,586		$	—	$	(21,758	)

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

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Notes to Financial Statements (unaudited) (continued)

^(b) 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 statement 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 statement 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 statement of assets and liabilities. When the contract is closed, a realized gain or loss is recorded in the statement of operations equal to the difference between the notional amount of the contract at the time it was opened and the notional amount at the time it was closed. The use of futures contracts involves the risk of an imperfect correlation in the movements in the price of futures contracts and interest rates, foreign currency exchange rates or underlying assets.

6. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

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

For its investment advisory services to each of the iShares MSCI Brazil, iShares MSCI Chile, iShares MSCI Israel, iShares MSCI Russia, iShares MSCI South Africa and iShares MSCI Turkey ETFs, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Funds, based on each Fund’s allocable portion of the aggregate of the average daily net assets of the Fund and certain other iShares funds, as follows:

Aggregate Average Daily Net Assets	Investment Advisory Fee
First $2 billion		0.74%
Over $2 billion, up to and including $4 billion		0.69
Over $4 billion, up to and including $8 billion		0.64
Over $8 billion, up to and including $16 billion		0.57
Over $16 billion, up to and including $24 billion		0.51
Over $24 billion, up to and including $32 billion		0.48
Over $32 billion		0.45

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

iShares ETF	Investment Advisory Fee
MSCI Colombia		0.61%
MSCI USA Equal Weighted		0.15

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. 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

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Notes to Financial Statements  (unaudited) (continued)

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, the iShares MSCI USA Equal Weighted ETF (the “Group 1 Fund”), retains 77% 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.

Pursuant to the current securities lending agreement, each of iShares MSCI Brazil ETF, iShares MSCI Chile ETF, iShares MSCI Colombia ETF, iShares MSCI Israel ETF, iShares MSCI Russia ETF, iShares MSCI South Africa ETF and iShares MSCI Turkey ETF (the “Group 2 Funds”), 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 a given calendar year exceeds a specified threshold: (1) the Group 1 Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar year 81% 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, and (2) each Group 2 Fund 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.

Prior to January 1, 2021, the Group 1 Fund retained 75% of securities lending income (which excludes collateral investment fees) and the amount retained was not less than 70% of the total of securities lending income plus the collateral investment fees. Each Group 2 Fund retained 82% of securities lending income (which excludes collateral investment fees) and the amount retained was not 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 the iShares ETF Complex in a calendar year exceeded a specified threshold: (1) the Group 1 Fund, pursuant to the securities lending agreement, retained for the remainder of that calendar year 80% of securities lending income (which excludes collateral investment fees), and the amount retained could never be less than 70% of the total of securities lending income plus the collateral investment fees, and (2) each Group 2 Fund, pursuant to the securities lending agreement, retained for the remainder of that calendar year 85% of securities lending income (which excludes collateral investment fees), and the amount retained could 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 statement of operations. For the six months ended February 28, 2021, the Funds paid BTC the following amounts for securities lending agent services:

iShares ETF	Fees Paid   to BTC
MSCI Colombia	$	13
MSCI Israel		15,261
MSCI South Africa		2,440
MSCI Turkey		168,728
MSCI USA Equal Weighted		3,918

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, 2021, 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 Colombia	$	879,605	$	—	$	—
MSCI Israel		1,162,124		489,904		(365,766	)
MSCI Russia		1,277,494		—		—
MSCI USA Equal Weighted		19,192,108		16,657,618		912,136

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 statement of operations.

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Notes to Financial Statements (unaudited) (continued)

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, 2021, purchases and sales of investments, excluding short-term investments and in-kind transactions, were as follows:

iShares ETF	Purchases		Sales
MSCI Brazil	$	451,433,361	$	497,649,449
MSCI Chile		99,991,839		144,874,110
MSCI Colombia		4,310,586		4,556,277
MSCI Israel		18,894,339		19,582,817
MSCI Russia		55,269,646		78,090,140
MSCI South Africa		15,234,437		18,023,364
MSCI Turkey		34,044,912		36,433,884
MSCI USA Equal Weighted		46,492,168		46,185,894

For the six months ended February 28, 2021, in-kind transactions were as follows:

iShares ETF	In-kind Purchases		In-kind Sales
MSCI Israel	$	55,966,649	$	32,783,049
MSCI Russia		2,487,137		31,300,900
MSCI South Africa		60,267,688		110,530,228
MSCI Turkey		94,431,661		58,285,232
MSCI USA Equal Weighted		61,405,233		—

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, 2021, 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, 2020, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:

iShares ETF	Non-Expiring
MSCI Brazil	$	3,742,902,913
MSCI Chile		193,015,291
MSCI Colombia		14,462,662
MSCI Israel		33,786,237
MSCI Russia		107,794,095
MSCI South Africa		239,809,605
MSCI Turkey		206,672,869
MSCI USA Equal Weighted		17,749,445

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.

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Notes to Financial Statements (unaudited) (continued)

As of February 28, 2021, 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 Brazil	$	4,823,635,938	$	1,685,044,284	$	(870,815,770	)	$	814,228,514
MSCI Chile		491,487,806		111,737,538		(96,485,452	)		15,252,086
MSCI Colombia		21,474,676		3,955,895		(4,085,348	)		(129,453	)
MSCI Israel		161,642,044		21,871,743		(27,597,744	)		(5,726,001	)
MSCI Russia		432,000,904		72,564,477		(43,669,350	)		28,895,127
MSCI South Africa		426,213,361		49,886,127		(112,559,577	)		(62,673,450	)
MSCI Turkey		393,452,386		35,031,696		(95,646,730	)		(60,615,034	)
MSCI USA Equal Weighted		276,397,731		67,522,176		(4,094,875	)		63,427,301

9. LINE OF CREDIT

The iShares MSCI Brazil ETF, iShares MSCI Colombia ETF and iShares MSCI Russia ETF, along with certain other iShares funds (“Participating Funds”), are parties to a $300 million credit agreement (“Credit Agreement”) with State Street Bank and Trust Company, which expires on July 15, 2021. 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 Credit Agreement sets specific sub limits on aggregate borrowings based on two tiers of Participating Funds: $300 million with respect to the funds within Tier 1, iShares MSCI Colombia ETF, and $200 million with respect to Tier 2, iShares MSCI Brazil ETF and iShares MSCI Russia ETF. The Funds may borrow up to the aggregate commitment amount subject to asset coverage and other limitations as specified in the Credit Agreement. The Credit Agreement has the following terms: a commitment fee of 0.20% per annum on the unused portion of the credit agreement and interest at a rate equal to the higher of (a) the one-month LIBOR rate (not less than zero) plus 1.00% per annum or (b) the U.S. Federal Funds rate (not less than zero) plus 1.00% per annum on amounts borrowed. The commitment fee is generally allocated to each Participating Fund based on the lesser of a Participating Fund’s relative exposure to certain target markets or a Participating Fund’s maximum borrowing amount as set forth by the terms of the Credit Agreement.

During the six months ended February 28, 2021, the Funds did not borrow under the credit agreement.

10. PRINCIPAL RISKS

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

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

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

Market Risk: An outbreak of respiratory disease caused by a novel coronavirus has developed into a global pandemic and has resulted in closing borders, quarantines, disruptions to supply chains and customer activity, as well as general concern and uncertainty. The impact of this pandemic, and other global health crises that may arise in the future, could affect the economies of many nations, individual companies and the market in general in ways that cannot necessarily be foreseen at the present time. This pandemic may result in substantial market volatility and may adversely impact the prices and liquidity of a fund’s investments. The duration of this pandemic and its effects cannot be determined with certainty.

Valuation Risk: The market values of equities, such as common stocks and preferred securities or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company. They may also decline due to factors which affect a particular industry or industries. A fund may invest in illiquid investments. An illiquid investment is any investment that a fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. A fund may experience difficulty in selling illiquid investments in a timely manner at the price that it believes the investments are worth. Prices may fluctuate widely over short or extended periods in response to company, market or economic news. Markets also tend to move in cycles, with periods of rising and falling prices. This volatility may cause a fund’s NAV to experience significant increases or decreases over short periods of time. If there is a general decline in the securities and other markets, the NAV of a fund may lose value, regardless of the individual results of the securities and other instruments in which a fund invests.

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

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Notes to Financial Statements (unaudited) (continued)

risk by entering into transactions only with counterparties that the Manager believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Funds to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Funds’ exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded in the statement of assets and liabilities, less any collateral held by the Funds.

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

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

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

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

Certain Funds invest a significant portion of their assets in securities of issuers located in Russia or with significant exposure to Russian issuers or countries. The United States and the European Union, along with the regulatory bodies of a number of countries including Japan, Australia, Norway, Switzerland and Canada, have imposed economic sanctions, which can consist of prohibiting certain securities trades, prohibiting certain private transactions in the energy sector, asset freezes and prohibition of all business, on certain Russian individuals and Russian corporate entities. Broader sanctions on Russia could also be instituted. These sanctions, or even the threat of further sanctions, may result in the decline of the value and liquidity of Russian securities, a weakening of the ruble or other adverse consequences to the Russian economy, and may negatively impact a fund. Current or future sanctions may result in Russia taking counter measures or retaliatory actions, which may further impair the value and liquidity of Russian securities. These retaliatory measures may include the immediate freeze of Russian assets held by a fund.

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

LIBOR Transition Risk: The United Kingdom’s Financial Conduct Authority announced a phase out of the London Interbank Offered Rate (“LIBOR”) by the end of 2021, and it is expected that LIBOR will cease to be published after that time. The Funds may be exposed to financial instruments tied to LIBOR to determine payment obligations, financing terms, hedging strategies or investment value. The transition process away from LIBOR might lead to increased volatility and illiquidity in markets for, and reduce the effectiveness of new hedges placed against, instruments whose terms currently include LIBOR. The ultimate effect of the LIBOR transition process on the Funds is uncertain.

11. CAPITAL SHARE TRANSACTIONS

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

Transactions in capital shares were as follows:

	Six Months Ended 02/28/21						Year Ended 08/31/20
iShares ETF	Shares			Amount			Shares			Amount
MSCI Brazil
Shares sold		3,400,000		$	124,542,805			35,400,000		$	1,520,040,076
Shares redeemed		(6,350,000	)		(187,514,568	)		(56,600,000	)		(1,318,870,523	)
Net increase (decrease)		(2,950,000	)	$	(62,971,763	)		(21,200,000	)	$	201,169,553
MSCI Chile
Shares sold		2,450,000		$	68,742,191			13,200,000		$	401,087,421
Shares redeemed		(4,050,000	)		(113,427,425	)		(5,000,000	)		(126,715,904	)
Net increase (decrease)		(1,600,000	)	$	(44,685,234	)		8,200,000		$	274,371,517

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Notes to Financial Statements (unaudited) (continued)

	Six Months Ended 02/28/21						Year Ended 08/31/20
iShares ETF	Shares			Amount			Shares			Amount
MSCI Colombia
Shares sold		—		$	—			1,150,000		$	10,176,860
Shares redeemed		—			—			(950,000	)		(10,302,637	)
Net increase (decrease)		—		$	—			200,000		$	(125,777	)
MSCI Israel
Shares sold		900,000		$	56,753,302			250,000		$	11,627,251
Shares redeemed		(550,000	)		(34,261,158	)		(550,000	)		(28,947,344	)
Net increase (decrease)		350,000		$	22,492,144			(300,000	)	$	(17,320,093	)
MSCI Russia
Shares sold		100,000		$	3,669,584			2,250,000		$	86,401,136
Shares redeemed		(1,250,000	)		(45,391,415	)		(5,450,000	)		(202,731,600	)
Net decrease		(1,150,000	)	$	(41,721,831	)		(3,200,000	)	$	(116,330,464	)
MSCI South Africa
Shares sold		1,700,000		$	73,261,177			5,500,000		$	212,642,906
Shares redeemed		(2,500,000	)		(110,739,446	)		(4,600,000	)		(168,691,427	)
Net increase (decrease)		(800,000	)	$	(37,478,269	)		900,000		$	43,951,479
MSCI Turkey
Shares sold		4,550,000		$	97,570,027			3,850,000		$	91,603,249
Shares redeemed		(2,300,000	)		(59,869,850	)		(7,950,000	)		(185,337,414	)
Net increase (decrease)		2,250,000		$	37,700,177			(4,100,000	)	$	(93,734,165	)
MSCI USA Equal Weighted
Shares sold		850,000		$	61,692,552			1,350,000		$	75,965,854
Shares redeemed		—			—			(3,050,000	)		(155,938,421	)
		��
Net increase (decrease)		850,000		$	61,692,552			(1,700,000	)	$	(79,972,567	)

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 statement of assets and liabilities.

12. SUBSEQUENT EVENTS

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

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

Statement Regarding Liquidity Risk Management Program (unaudited)

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), iShares, Inc. (the “Company”) has adopted and implemented a liquidity risk management program (the “Program”) for iShares MSCI Brazil ETF, iShares MSCI Chile ETF, iShares MSCI Colombia ETF, iShares MSCI Israel ETF, iShares MSCI Russia ETF, iShares MSCI South Africa ETF, iShares MSCI Turkey ETF, iShares MSCI USA Equal Weighted 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 2, 2020 (the “Meeting”) to review the Program. The Board previously appointed BlackRock Fund Advisors (“BlackRock”), the investment adviser to the Funds, as the program administrator for each Fund’s Program. BlackRock also previously delegated oversight of the Program to the 40 Act Liquidity Risk Management Committee (the “Committee”). At the Meeting, the Committee, on behalf of BlackRock, provided the Board with a report that addressed the operation of the Program and assessed its adequacy and effectiveness of implementation, including the management of each Fund’s Highly Liquid Investment Minimum (“HLIM”) where applicable, and any material changes to the Program (the “Report”). The Report covered the period from October 1, 2019 through September 30, 2020 (the “Program Reporting Period”).

The Report described the Program’s liquidity classification methodology for categorizing a Fund’s investments (including derivative transactions) into one of four liquidity buckets. It also referenced the methodology used by BlackRock to establish a Fund’s HLIM and noted that the Committee reviews and ratifies the HLIM assigned to each Fund no less frequently than annually. The Report also discussed notable events affecting liquidity over the Program Reporting Period, including extended market holidays and closures in certain countries and the impact of the coronavirus outbreak on the Funds and the overall market.

The Report noted that the Program complied with the key factors for consideration under the Liquidity Rule for assessing, managing and periodically reviewing a Fund’s liquidity risk, as follows:

a) 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 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.

b) 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.

c) Holdings of cash and cash equivalents, as well as borrowing arrangements. The Committee considered that ETFs generally do not hold more than de minimis amounts of cash. While the ETFs generally do not engage in borrowing, certain of the ETFs have the flexibility to draw on a line of credit to meet redemption requests or facilitate settlements.

d) The relationship between an ETF’s portfolio liquidity and the way in which, and the prices and spreads at which, ETF shares trade, including the efficiency of the arbitrage function and the level of active participation by market participants, including authorized participants. The Committee monitored the prevailing bid/ask spread and the ETF price premium (or discount) to NAV for all ETFs and reviewed any persistent deviations from long-term averages.

e) The effect of the composition of baskets on the overall liquidity of an ETF’s portfolio. In reviewing the linkage between the composition of custom baskets accepted by an ETF and any significant change in the liquidity profile of such ETF, the Committee reviewed changes in the proportion of each ETF’s portfolio comprised of less liquid and illiquid holdings to determine if applicable thresholds were met requiring enhanced review.

As part of BlackRock’s continuous review of the effectiveness of the Program, the Committee made the following enhancements to the Program: (1) certain single country emerging market ETFs were added to a $300 million credit agreement with State Street Bank and Trust Company; and (2) certain updates were made to the RATS and HLIM calculation 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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Supplemental Information (unaudited)

Regulation Regarding Derivatives

On October 28, 2020, the Securities and Exchange Commission (the “SEC”) adopted new regulations governing the use of derivatives by registered investment companies (“Rule 18f-4”). The Funds will be required to implement and comply with Rule 18f-4 by August 19, 2022. Once implemented, Rule 18f-4 will impose limits on the amount of derivatives a fund can enter into, eliminate the asset segregation framework currently used by funds to comply with Section 18 of the 1940 Act, treat derivatives as senior securities and require funds whose use of derivatives is more than a limited specified exposure amount to establish and maintain a comprehensive derivatives risk management program and appoint a derivatives risk manager.

Section 19(a) Notices

The amounts and sources of distributions reported are estimates and are being provided pursuant to regulatory requirements and are not being provided for tax reporting purposes. The actual amounts and sources for tax reporting purposes will depend upon each Fund’s investment experience during the year and may be subject to changes based on tax regulations. Shareholders will receive a Form 1099-DIV each calendar year that will inform them how to report these distributions for federal income tax purposes.

February 28, 2021

	Total Cumulative Distributions for the Fiscal Year-to-Date								% Breakdown of the Total Cumulative Distributions for the Fiscal Year-to-Date
iShares ETF	Net Investment Income		Net Realized Capital Gains		Return of Capital		Total Per Share		Net Investment Income			Net Realized Capital Gains			Return of Capital			Total Per Share
MSCI Brazil(a)	$	0.162914	$	—	$	0.113349	$	0.276263		59	%		—	%		41	%		100	%
MSCI Chile(a)		0.108053		—		0.039189		0.147242		73			—			27			100
MSCI Colombia(a)		0.091756		—		0.091793		0.183549		50			—			50			100
MSCI Russia(a)		1.011926		—		0.279469		1.291395		78			—			22			100
MSCI South Africa(a)		1.409434		—		0.361724		1.771158		80			—			20			100
MSCI USA Equal Weighted(a)		0.403796		—		0.080959		0.484755		83			—			17			100

^(a)  The Fund estimates that it has distributed more than its net investment income and net realized capital gains; therefore, a portion of the distribution may be a return of capital. A return of capital may occur, for example, when some or all of the shareholder’s investment in the Fund is returned to the shareholder. A return of capital does not necessarily reflect the Fund’s investment performance and should not be confused with “yield” or “income”. When distributions exceed total return performance, the difference will incrementally reduce the Fund’s net asset value per share.

S U P P L E M E N T A L    I N F O R M  A T I O N 65

General Information

Electronic Delivery

Shareholders can sign up for email notifications announcing that the shareholder report or prospectus has been posted on the iShares website at iShares.com. Once you have enrolled, you will no longer receive prospectuses and shareholder reports in the mail.

To enroll in electronic delivery:

• Go to icsdelivery.com.

• If your brokerage firm is not listed, electronic delivery may not be available. Please contact your broker-dealer or financial advisor.

Householding

Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents and Rule 30e-3 notices can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.

Availability of Quarterly Schedule of Investments

The Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT. The Funds’ Forms N-PORT are available on the SEC’s website at sec.gov. Additionally, each Fund makes its portfolio holdings for the first and third quarters of each fiscal year available at ishares.com/fundreports.

Availability of Proxy Voting Policies and Proxy Voting Records

A description of the policies and procedures that the iShares Funds use to determine how to vote proxies relating to portfolio securities and information about how the iShares Funds voted proxies relating to portfolio securities during the most recent twelve-month period ending June 30 is available without charge, upon request (1) by calling toll-free 1-800-474-2737; (2) on the iShares website at iShares.com; and (3) on the SEC website at sec.gov.

A description of the Company’s policies and procedures with respect to the disclosure of the Fund’s portfolio securities is available in the Fund Prospectus. The Fund discloses its portfolio holdings daily and provides information regarding its top holdings in Fund fact sheets at iShares.com.

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Glossary of Terms Used in this Report

Portfolio Abbreviations - Equity

ADR	American Depositary Receipt
GDR	Global Depositary Receipt
NVS	Non-Voting Shares
PJSC	Public Joint Stock Company
REIT	Real Estate Investment Trust
SDR	Swedish Depositary Receipt

G L O S S A R Y    O F    T E R M S    U S E D    I N    T H I S    R E P O  R T 67

Want to know more?

iShares.com    |     1-800-474-2737

This report is intended for the Funds’ shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by the current prospectus.

Investing involves risk, including possible loss of principal.

The iShares Funds are distributed by BlackRock Investments, LLC (together with its affiliates, “BlackRock”).

The iShares Funds are not sponsored, endorsed, issued, sold or promoted by MSCI Inc., nor does this company make any representation regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the company listed above.

©2021 BlackRock, Inc. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.

iS-SAR-804-0221

FEBRUARY 28, 2021

2021 Semi-Annual Report

(Unaudited)

iShares, Inc.

· iShares MSCI Australia ETF | EWA | NYSE Arca

· iShares MSCI Canada ETF | EWC | NYSE Arca

· iShares MSCI Japan ETF | EWJ | NYSE Arca

· iShares MSCI Mexico ETF | EWW | NYSE Arca

· iShares MSCI South Korea ETF | EWY | NYSE Arca

The Markets in Review

Dear Shareholder,

The 12-month reporting period as of February 28, 2021 reflected a remarkable period of disruption and adaptation, as the global economy dealt with the implications of the coronavirus (or “COVID-19”) pandemic. As the period began, the threat from the virus was becoming increasingly apparent, and countries around the world took economically disruptive countermeasures. Stay-at-home orders and closures of non-essential businesses became widespread, many workers were laid off, and unemployment claims spiked, causing a global recession and a sharp fall in equity prices.

After markets hit their lowest point of the reporting period in late March 2020, a steady recovery ensued, as businesses began to re-open and governments learned to adapt to life with the virus. Equity prices continued to rise throughout the summer, fed by strong fiscal and monetary support and improving economic indicators. Many equity indices neared or surpassed all-time highs late in the reporting period following the implementation of mass vaccination campaigns and progress of additional stimulus through the U.S. Congress. In the United States, both large- and small-capitalization stocks posted a significant advance. International equities also gained, as both developed countries and emerging markets rebounded substantially from lows in late March 2020.

During the market downturn, the performance of different types of fixed-income securities initially diverged due to a reduced investor appetite for risk. U.S. Treasuries benefited from the risk-off environment, as the 10-year U.S. Treasury yield (which is inversely related to bond prices) dropped to historic lows. However, inflation risk from a rapidly expanding economy raised yields late in the reporting period, leading to a negative overall return for most U.S. Treasuries. In the corporate bond market, support from the U.S. Federal Reserve (the “Fed”) assuaged credit concerns and both investment-grade and high-yield bonds recovered to post positive returns.

Following the coronavirus outbreak, the Fed instituted two emergency interest rate cuts, pushing short-term interest rates, already low as the year began, close to zero. To stabilize credit markets, the Fed also implemented a new bond-buying program, as did several other central banks around the world, including the European Central Bank and the Bank of Japan.

Looking ahead, while coronavirus-related disruptions have clearly hindered worldwide economic growth, we believe that the global expansion will continue to accelerate as vaccination efforts ramp up and pent-up consumer demand leads to higher spending. In early 2021, Congress passed one of the largest economic rescue packages in U.S. history, which should provide a solid tailwind for economic growth. Inflation is likely to increase somewhat as the expansion continues, but a shift in central bank policy means that moderate inflation is less likely to be followed by interest rate hikes that could threaten the equity expansion.

Overall, we favor a positive stance toward risk, with an overweight in equities. We see U.S. and Asian equities outside of Japan benefiting from structural growth trends in tech, while emerging markets should be particularly helped by a vaccine-led economic expansion. While we are neutral overall on credit, rising inflation should provide tailwinds for inflation-protected bonds, and global high-yield and Asian bonds also present attractive opportunities. We believe that international diversification and a focus on sustainability can help provide portfolio resilience, and the disruption created by the coronavirus appears to be accelerating the shift toward sustainable investments.

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

Sincerely,

Rob Kapito

President, BlackRock, Inc.

Rob Kapito

President, BlackRock, Inc.

Total Returns as of February 28, 2021
	6-Month	12-Month
U.S. large cap equities (S&P 500® Index)	9.74%	31.29%
U.S. small cap equities (Russell 2000® Index)	41.69	51.00
International equities (MSCI Europe, Australasia, Far East Index)	14.33	22.46
Emerging market equities (MSCI Emerging Markets Index)	22.32	36.05
3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)	0.06	0.40
U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)	(6.34)	(1.96)
U.S. investment grade bonds (Bloomberg Barclays U.S. Aggregate Bond Index)	(1.55)	1.38
Tax-exempt municipal bonds (S&P Municipal Bond Index)	0.92	1.22
U.S. high yield bonds (Bloomberg Barclays U.S. Corporate High Yield 2% Issuer Capped Index)	6.08	9.31
Past performance is no guarantee of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index

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

Table of Contents

	Page
The Markets in Review		2
Fund Summary		4
About Fund Performance		9
Shareholder Expenses		9
Schedules of Investments		10
Financial Statements
Statements of Assets and Liabilities		30
Statements of Operations		32
Statements of Changes in Net Assets		34
Financial Highlights		37
Notes to Financial Statements		42
Statement Regarding Liquidity Risk Management Program		50
Supplemental Information		51
General Information		52
Glossary of Terms Used in this Report		53

Fund Summary as of February 28, 2021 iShares^® MSCI Australia ETF

Investment Objective

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

Performance

				Average Annual Total Returns									Cumulative Total Returns
	6 Months			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		17.37	%		24.78	%		11.82	%		4.13	%		24.78	%		74.82	%		49.92	%
Fund Market		18.89			24.61			11.75			4.02			24.61			74.26			48.35
Index		17.59			25.33			12.24			4.52			25.33			78.16			55.55

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

Expense Example

Actual

Hypothetical 5% Return

Beginning Account Value

Ending Account Value

Expenses Paid During

Beginning Account Value

Ending Account Value

Expenses Paid During

Annualized Expense

(09/01/20)

(02/28/21)

the Period

(a)

(09/01/20)

(02/28/21)

the Period

(a)

Ratio

$        1,000.00

$        1,173.70

$       2.69

$    1,000.00

$    1,022.30

$       2.51

0.50

%

^(a)  Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (181 days) and divided by the number of days in the year (365 days). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” on page 9 for more information.

Portfolio Information

ALLOCATION BY SECTOR

	Percent of
Sector		Total Investments	(a)
Financials		34.1	%
Materials		21.2
Health Care		10.8
Real Estate		6.4
Consumer Discretionary		5.9
Consumer Staples		5.7
Industrials		4.8
Energy		4.2
Information Technology		3.4
Communication Services		2.1
Utilities		1.4

^(a)  Excludes money market funds.

TEN LARGEST HOLDINGS

	Percent of
Security		Total Investments	(a)
BHP Group Ltd.		9.8	%
Commonwealth Bank of Australia		9.8
CSL Ltd.		8.1
Westpac Banking Corp.		5.8
National Australia Bank Ltd.		5.5
Australia & New Zealand Banking Group Ltd.		5.0
Wesfarmers Ltd.		3.8
Woolworths Group Ltd.		3.4
Macquarie Group Ltd.		3.3
Rio Tinto Ltd.		3.2

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Fund Summary as of February 28, 2021 iShares^® MSCI Canada ETF

Investment Objective

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

Performance

				Average Annual Total Returns									Cumulative Total Returns
	6 Months			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		14.07	%		20.24	%		10.73	%		1.84	%		20.24	%		66.50	%		20.04	%
Fund Market		13.45			19.12			10.63			1.73			19.12			65.70			18.70
Index		14.05			20.23			10.88			2.00			20.23			67.59			21.91

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.

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

Expense Example

Actual

Hypothetical 5% Return

Beginning Account Value

Ending Account Value

Expenses Paid During

Beginning Account Value

Ending Account Value

Expenses Paid During

Annualized Expense

(09/01/20)

(02/28/21)

the Period

(a)

(09/01/20)

(02/28/21)

the Period

(a)

Ratio

$        1,000.00

$        1,140.70

$       2.65

$    1,000.00

$    1,022.30

$       2.51

0.50

%

^(a)  Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (181 days) and divided by the number of days in the year (365 days). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” on page 9 for more information.

Portfolio Information

ALLOCATION BY SECTOR

	Percent of
Sector		Total Investments	(a)
Financials		36.7	%
Energy		13.5
Information Technology		12.2
Materials		11.3
Industrials		10.1
Consumer Discretionary		4.2
Consumer Staples		4.0
Utilities		3.6
Communication Services		2.8
Health Care		1.1
Real Estate		0.5

^(a)  Excludes money market funds.

TEN LARGEST HOLDINGS

	Percent of
Security		Total Investments	(a)
Shopify Inc., Class A		8.3	%
Royal Bank of Canada		7.3
Toronto-Dominion Bank (The)		6.6
Bank of Nova Scotia (The)		4.3
Canadian National Railway Co.		4.2
Enbridge Inc.		3.8
Bank of Montreal		3.2
Brookfield Asset Management Inc., Class A		3.2
Canadian Pacific Railway Ltd.		3.0
Canadian Imperial Bank of Commerce		2.6

F U N D  S U M M A R Y 5

Fund Summary as of February 28, 2021 iShares^® MSCI Japan ETF

Investment Objective

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

Performance

				Average Annual Total Returns									Cumulative Total Returns
	6 Months			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		16.74	%		27.90	%		10.88	%		5.63	%		27.90	%		67.60	%		72.90	%
Fund Market		18.04			30.28			11.13			5.64			30.28			69.50			73.11
Index		16.97			28.38			11.26			6.06			28.38			70.50			80.15

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

Expense Example

Actual

Hypothetical 5% Return

Beginning Account Value

Ending Account Value

Expenses Paid During

Beginning Account Value

Ending Account Value

Expenses Paid During

Annualized Expense

(09/01/20)

(02/28/21)

the Period

(a)

(09/01/20)

(02/28/21)

the Period

(a)

Ratio

$        1,000.00

$        1,167.40

$       2.69

$    1,000.00

$    1,022.30

$       2.51

0.50

%

^(a)  Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (181 days) and divided by the number of days in the year (365 days). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” on page 9 for more information.

Portfolio Information

ALLOCATION BY SECTOR

	Percent of
Sector		Total Investments	(a)
Industrials		21.1	%
Consumer Discretionary		18.5
Information Technology		13.6
Communication Services		10.2
Health Care		10.0
Financials		8.9
Consumer Staples		7.1
Materials		5.1
Real Estate		3.6
Utilities		1.2
Energy		0.7

^(a)  Excludes money market funds.

TEN LARGEST HOLDINGS

	Percent of
Security		Total Investments	(a)
Toyota Motor Corp.		3.9	%
SoftBank Group Corp.		3.6
Sony Corp.		3.3
Keyence Corp.		2.1
Nintendo Co. Ltd.		1.7
Recruit Holdings Co. Ltd.		1.7
Mitsubishi UFJ Financial Group Inc.		1.6
Tokyo Electron Ltd.		1.5
Shin-Etsu Chemical Co. Ltd.		1.4
Fast Retailing Co. Ltd.		1.4

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Fund Summary as of February 28, 2021 iShares^® MSCI Mexico ETF

Investment Objective

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

Performance

				Average Annual Total Returns									Cumulative Total Returns
	6 Months			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		25.13	%		0.64	%		(1.43	)%		(2.14	)%		0.64	%		(6.94	)%		(19.44	)%
Fund Market		24.99			(1.22	)		(1.43	)		(2.20	)		(1.22	)		(6.93	)		(19.95	)
Index		25.44			1.09			(1.09	)		(2.06	)		1.09			(5.35	)		(18.80	)

Index performance through February 11, 2013 reflects the performance of the MSCI Mexico Investable Market Index. Index performance beginning on February 12, 2013 reflects the performance of the MSCI Mexico IMI 25/50 Index.

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.

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

Expense Example

Actual

Hypothetical 5% Return

Beginning Account Value

Ending Account Value

Expenses Paid During

Beginning Account Value

Ending Account Value

Expenses Paid During

Annualized Expense

(09/01/20)

(02/28/21)

the Period

(a)

(09/01/20)

(02/28/21)

the Period

(a)

Ratio

$        1,000.00

$        1,251.30

$       2.79

$    1,000.00

$    1,022.30

$       2.51

0.50

%

^(a)  Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (181 days) and divided by the number of days in the year (365 days). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” on page 9 for more information.

Portfolio Information

ALLOCATION BY SECTOR

	Percent of
Sector		Total Investments	(a)
Consumer Staples		30.7	%
Communication Services		19.7
Financials		14.4
Materials		14.0
Industrials		10.9
Real Estate		6.6
Utilities		1.5
Consumer Discretionary		1.5
Health Care		0.7

^(a)  Excludes money market funds.

TEN LARGEST HOLDINGS

	Percent of
Security		Total Investments	(a)

America Movil SAB de CV, Series L	14.9	%
Wal-Mart de Mexico SAB de CV	10.1
Fomento Economico Mexicano SAB de CV	8.9
Grupo Financiero Banorte SAB de CV, Class O	8.8
Cemex SAB de CV	4.8
Grupo Mexico SAB de CV, Series B	4.4
Grupo Aeroportuario del Sureste SAB de CV, Class B	2.9
Grupo Aeroportuario del Pacifico SAB de CV, Class B	2.8
Fibra Uno Administracion SA de CV	2.6
Grupo Televisa SAB	2.6

F U N D  S U M M A R Y 7

Fund Summary as of February 28, 2021 iShares^® MSCI South Korea ETF

Investment Objective

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

Performance

				Average Annual Total Returns									Cumulative Total Returns
	6 Months			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		41.00	%		65.25	%		15.59	%		5.95	%		65.25	%		106.32	%		78.29	%
Fund Market		40.56			61.30			15.47			5.83			61.30			105.25			76.31
Index		41.31			66.03			16.08			6.50			66.03			110.76			87.67

Index performance through February 11, 2013 reflects the performance of the MSCI Korea Index. Index performance beginning on February 12, 2013 reflects the performance of the MSCI Korea 25/50 Index.

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

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

Expense Example

Actual

Hypothetical 5% Return

Beginning Account Value

Ending Account Value

Expenses Paid During

Beginning Account Value

Ending Account Value

Expenses Paid During

Annualized Expense

(09/01/20)

(02/28/21)

the Period

(a)

(09/01/20)

(02/28/21)

the Period

(a)

Ratio

$          1,000.00

$        1,410.00

$       3.41

$    1,000.00

$    1,022.00

$       2.86

0.57

%

^(a)  Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (181 days) and divided by the number of days in the year (365 days). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” on page 9 for more information.

Portfolio Information

ALLOCATION BY SECTOR

	Percent of
Sector		Total Investments	(a)
Information Technology		36.7	%
Consumer Discretionary		12.7
Communication Services		10.3
Materials		9.7
Financials		8.1
Industrials		7.9
Health Care		6.5
Consumer Staples		5.2
Energy		2.1
Utilities		0.8

^(a)  Excludes money market funds.

TEN LARGEST HOLDINGS

	Percent of
Security		Total Investments	(a)
Samsung Electronics Co. Ltd.		23.0	%
SK Hynix Inc.		7.0
NAVER Corp.		4.2
LG Chem Ltd.		3.5
Samsung SDI Co. Ltd.		3.5
Hyundai Motor Co.		3.4
Celltrion Inc.		2.6
Kakao Corp.		2.4
POSCO		2.0
Kia Motors Corp.		2.0

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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 the 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 by using the midpoint between the highest bid and the lowest ask on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.

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

Shareholder Expenses

As a shareholder of your Fund, you incur two types of costs: (1) transaction costs, including brokerage commissions on purchases and sales of fund shares and (2) ongoing costs, including management fees and other fund expenses. The expense example, which is based on an investment of $1,000 invested at the beginning of the period (or from the commencement of operations if less than 6 months) and held through the end of the period, is intended to help you understand your ongoing costs (in dollars and cents) of investing in your Fund and to compare these costs with the ongoing costs of investing in other funds.

Actual Expenses – The table provides information about actual account values and actual expenses. Annualized expense ratios reflect contractual and voluntary fee waivers, if any. To estimate the expenses that you paid on your account over the period, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number under the heading entitled “Expenses Paid During the Period.”

Hypothetical Example for Comparison Purposes – The table also provides information about hypothetical account values and hypothetical expenses based on your Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses. You may use this information to compare the ongoing costs of investing in your Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as brokerage commissions and other fees paid on purchases and sales of fund shares. Therefore, the hypothetical examples are useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

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

Schedule of Investments (unaudited) February 28, 2021 iShares^® MSCI Australia ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Airlines — 0.3%
Qantas Airways Ltd.(a)		1,143,036	$	4,424,692
Banks — 25.9%
Australia & New Zealand Banking Group Ltd.		3,528,631		71,492,931
Commonwealth Bank of Australia		2,206,041		139,297,695
National Australia Bank Ltd.		4,093,359		78,086,089
Westpac Banking Corp.		4,489,330		82,789,722
				371,666,437
Beverages — 1.0%
Coca-Cola Amatil Ltd.		632,545		6,557,301
Treasury Wine Estates Ltd.		899,949		7,594,471
				14,151,772
Biotechnology — 8.0%
CSL Ltd.		565,731		115,011,507
Capital Markets — 4.5%
ASX Ltd.		241,645		12,646,712
Macquarie Group Ltd.		427,291		47,133,619
Magellan Financial Group Ltd.		160,026		5,381,874
				65,162,205
Chemicals — 0.4%
Orica Ltd.		506,617		4,926,319
Commercial Services & Supplies — 1.0%
Brambles Ltd.		1,839,009		14,095,231
Construction & Engineering — 0.1%
CIMIC Group Ltd.(a)		113,605		1,872,519
Construction Materials — 1.1%
James Hardie Industries PLC		550,813		15,569,302
Diversified Financial Services — 0.4%
AMP Ltd.		4,254,175		4,940,373
Diversified Telecommunication Services — 1.0%
Telstra Corp. Ltd.		5,166,358		12,319,366
TPG Telecom Ltd.(a)		465,462		2,450,452
				14,769,818
Electric Utilities — 0.2%
AusNet Services		2,301,476		2,948,883
Equity Real Estate Investment Trusts (REITs) — 5.7%
BGP Holdings PLC(a)(b)		18,888,372		229
Dexus		1,361,895		9,383,974
Goodman Group		2,064,652		26,470,389
GPT Group (The)		2,409,821		7,966,468
Mirvac Group		4,913,782		8,483,477
Scentre Group		6,444,121		14,368,430
Stockland		2,956,290		9,544,127
Vicinity Centres		4,813,176		6,111,231
				82,328,325
Food & Staples Retailing — 4.7%
Coles Group Ltd.		1,659,636		19,697,365
Woolworths Group Ltd.		1,571,515		47,936,673
				67,634,038
Gas Utilities — 0.7%
APA Group		1,463,176		10,523,626

Security	Shares		Value
Health Care Equipment & Supplies — 0.9%
Cochlear Ltd.		82,056	$	13,430,402
Health Care Providers & Services — 1.8%
Ramsay Health Care Ltd.		227,213		11,609,947
Sonic Healthcare Ltd.		562,190		13,810,402
				25,420,349
Hotels, Restaurants & Leisure — 2.1%
Aristocrat Leisure Ltd.		714,403		16,791,836
Crown Resorts Ltd.		462,960		3,566,315
Tabcorp Holdings Ltd.		2,759,402		9,506,663
				29,864,814
Insurance — 3.1%
Insurance Australia Group Ltd.		3,043,476		11,757,732
Medibank Pvt Ltd.		3,437,347		7,371,507
QBE Insurance Group Ltd.		1,822,384		13,107,164
Suncorp Group Ltd.		1,592,087		12,251,981
				44,488,384
Interactive Media & Services — 1.1%
REA Group Ltd.		65,454		6,932,269
Seek Ltd.		418,599		8,328,839
				15,261,108
IT Services — 2.1%
Afterpay Ltd.(a)		264,567		24,481,013
Computershare Ltd.		607,616		6,242,424
				30,723,437
Metals & Mining — 19.6%
BHP Group Ltd.		3,662,812		139,320,340
BlueScope Steel Ltd.		621,821		8,029,982
Evolution Mining Ltd.		2,025,634		6,586,632
Fortescue Metals Group Ltd.		2,106,891		39,327,144
Newcrest Mining Ltd.		1,015,317		19,368,478
Northern Star Resources Ltd.		1,368,202		10,815,064
Rio Tinto Ltd.		461,888		45,482,338
South32 Ltd.		6,017,446		12,904,617
				281,834,595
Multi-Utilities — 0.4%
AGL Energy Ltd.		777,789		5,642,279
Multiline Retail — 3.8%
Wesfarmers Ltd.		1,410,662		53,776,700
Oil, Gas & Consumable Fuels — 4.2%
Ampol Ltd.		311,677		5,931,162
Oil Search Ltd.		2,440,613		8,011,575
Origin Energy Ltd.		2,198,177		7,658,229
Santos Ltd.		2,195,936		12,291,676
Washington H Soul Pattinson & Co. Ltd.		133,386		3,085,631
Woodside Petroleum Ltd.		1,196,743		22,764,556
				59,742,829
Real Estate Management & Development — 0.6%
Lendlease Corp. Ltd.		858,838		8,843,334
Road & Rail — 0.5%
Aurizon Holdings Ltd.		2,324,069		6,855,311
Software — 1.2%
WiseTech Global Ltd.		182,256		3,847,867
Xero Ltd.(a)		151,085		13,852,757
				17,700,624

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Schedule of Investments (unaudited) (continued) February 28, 2021 iShares^® MSCI Australia ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Transportation Infrastructure — 2.9%
Sydney Airport(a)		1,650,385	$	7,487,486
Transurban Group		3,404,282		33,735,615
				41,223,101
Total Common Stocks — 99.3% (Cost: $1,534,748,132)				1,424,832,314
Short-Term Investments
Money Market Funds — 0.0%
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%(c)(d)		634,000		634,000
Total Short-Term Investments — 0.0% (Cost: $634,000)				634,000
Total Investments in Securities — 99.3% (Cost: $1,535,382,132)				1,425,466,314
Other Assets, Less Liabilities — 0.7%				9,815,497
Net Assets — 100.0%			$	1,435,281,811

^(a)  Non-income producing security.

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

^(c)  Affiliate of the Fund.

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 2021 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 08/31/20		Purchases at Cost			Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 02/28/21		Shares Held at 02/28/21		Income		Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Treasury, SL Agency Shares		$494,000		$140,000	(a)		$            —	$	—	$	—		$634,000		634,000	$	316	$	—

^(a)  Represents net amount purchased (sold).

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
ASX SPI 200 Index		84		03/18/21	$	10,778	$	(150,079	)

Derivative Financial Instruments Categorized by Risk Exposure

As of February 28, 2021, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

	Equity Contracts
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	150,079

^(a)  Net cumulative 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, 2021 iShares^® MSCI Australia ETF

For the six months ended February 28, 2021, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	292,237
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(199,819	)��

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	8,829,279

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

Fair Value Measurements

Various inputs are used in determining the fair value of financial instruments. For 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 value of the Fund’s investments according to the fair value hierarchy as of February 28, 2021. The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.

	Level 1			Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	1,424,832,085		$	—	$	229	$	1,424,832,314
Money Market Funds		634,000			—		—		634,000
	$	1,425,466,085		$	—	$	229	$	1,425,466,314
Derivative financial instruments(a)
Liabilities
Futures Contracts	$	(150,079	)	$	—	$	—	$	(150,079	)

^(a)  Shown at the unrealized appreciation (depreciation) on the contracts.

See notes to financial statements.

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Schedule of Investments (unaudited) February 28, 2021 iShares^® MSCI Canada ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 0.5%
CAE Inc.		587,100	$	15,618,900
Airlines — 0.2%
Air Canada(a)		367,101		7,278,227
Auto Components — 1.5%
Magna International Inc.		577,030		48,856,118
Banks — 25.3%
Bank of Montreal		1,261,306		103,594,469
Bank of Nova Scotia (The)		2,362,397		138,832,810
Canadian Imperial Bank of Commerce		882,064		81,747,685
National Bank of Canada		669,576		42,395,902
Royal Bank of Canada		2,718,028		232,642,586
Toronto-Dominion Bank (The)		3,463,746		211,053,212
				810,266,664
Capital Markets — 3.5%
Brookfield Asset Management Inc., Class A		2,519,712		102,301,104
IGM Financial Inc.		189,357		5,193,108
TMX Group Ltd.		42,268		4,056,192
				111,550,404
Chemicals — 1.9%
Nutrien Ltd.		1,136,986		61,690,022
Commercial Services & Supplies — 0.3%
GFL Environmental Inc.		159,126		4,964,832
Ritchie Bros Auctioneers Inc.		72,853		3,996,557
				8,961,389
Construction & Engineering — 0.6%
WSP Global Inc.		230,605		20,076,843
Containers & Packaging — 0.5%
CCL Industries Inc., Class B, NVS		309,862		16,406,043
Diversified Financial Services — 0.3%
Onex Corp.		178,959		10,070,331
Diversified Telecommunication Services — 0.9%
BCE Inc.		313,283		13,469,190
TELUS Corp.		812,126		16,357,988
				29,827,178
Electric Utilities — 2.1%
Emera Inc.		485,160		19,214,789
Fortis Inc.		875,468		33,884,622
Hydro One Ltd.(b)		672,085		14,344,184
				67,443,595
Electrical Equipment — 0.1%
Ballard Power Systems Inc.(a)		116,451		3,274,609
Equity Real Estate Investment Trusts (REITs) — 0.4%
Canadian Apartment Properties REIT		177,637		7,161,605
RioCan REIT		349,549		5,234,952
				12,396,557
Food & Staples Retailing — 3.5%
Alimentation Couche-Tard Inc., Class B		1,723,707		52,078,825
Empire Co. Ltd., Class A, NVS		363,007		10,141,831
George Weston Ltd.		158,654		11,713,578
Loblaw Companies Ltd.		367,342		17,795,486

Security	Shares		Value
Food & Staples Retailing (continued)
Metro Inc.		512,136	$	21,399,679
				113,129,399
Food Products — 0.5%
Saputo Inc.		499,880		14,151,421
Gas Utilities — 0.3%
AltaGas Ltd.		597,351		9,101,817
Hotels, Restaurants & Leisure — 1.1%
Restaurant Brands International Inc.		567,930		34,241,783
Independent Power and Renewable Electricity Producers — 0.3%
Brookfield Renewable Corp., Class A		87,627		4,078,878
Northland Power Inc.		125,385		4,184,452
				8,263,330
Insurance — 7.5%
Fairfax Financial Holdings Ltd.		54,204		22,195,810
Great-West Lifeco Inc.		579,039		14,896,761
iA Financial Corp. Inc.		225,343		11,639,162
Intact Financial Corp.		278,726		31,315,945
Manulife Financial Corp.		3,845,260		77,057,066
Power Corp. of Canada		1,141,666		27,666,914
Sun Life Financial Inc.		1,169,751		56,584,164
				241,355,822
IT Services — 9.4%
CGI Inc.(a)		472,411		35,449,483
Shopify Inc., Class A(a)		204,578		266,424,870
				301,874,353
Media — 0.8%
Quebecor Inc., Class B		371,165		9,645,599
Shaw Communications Inc., Class B, NVS		955,578		16,718,841
				26,364,440
Metals & Mining — 8.7%
Agnico Eagle Mines Ltd.		479,013		26,879,213
B2Gold Corp.		846,183		3,702,886
Barrick Gold Corp.		3,511,254		65,870,681
First Quantum Minerals Ltd.		1,268,113		27,475,782
Franco-Nevada Corp.		374,994		40,360,729
Kinross Gold Corp.		2,550,423		15,935,107
Kirkland Lake Gold Ltd.		551,876		18,143,033
Lundin Mining Corp.		1,416,371		16,300,573
Pan American Silver Corp.		133,078		4,420,166
SSR Mining Inc.(a)		254,991		3,639,563
Teck Resources Ltd., Class B		1,030,111		21,562,355
Wheaton Precious Metals Corp.		893,191		32,115,367
Yamana Gold Inc.		901,023		3,601,245
				280,006,700
Multi-Utilities — 0.9%
Algonquin Power & Utilities Corp.		1,187,985		18,495,406
Atco Ltd., Class I, NVS		168,149		4,930,246
Canadian Utilities Ltd., Class A, NVS		276,730		6,583,813
				30,009,465
Multiline Retail — 1.2%
Canadian Tire Corp. Ltd., Class A, NVS		121,852		15,827,285
Dollarama Inc.		602,576		23,051,150
				38,878,435
Oil, Gas & Consumable Fuels — 13.4%
Cameco Corp.		837,906		13,217,206
Canadian Natural Resources Ltd.		2,363,837		64,809,465

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

Schedule of Investments (unaudited) (continued) February 28, 2021 iShares^® MSCI Canada ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Oil, Gas & Consumable Fuels (continued)
Cenovus Energy Inc.		2,808,691	$	20,898,791
Enbridge Inc.		3,549,186		120,492,902
Imperial Oil Ltd.		557,695		12,286,030
Inter Pipeline Ltd.		881,630		12,472,348
Keyera Corp.		465,161		9,064,393
Parkland Corp./Canada		314,348		10,041,258
Pembina Pipeline Corp.		1,101,789		28,162,632
Suncor Energy Inc.		3,054,862		60,976,590
TC Energy Corp.		1,846,707		77,748,407
				430,170,022
Paper & Forest Products — 0.1%
West Fraser Timber Co. Ltd.		61,311		4,213,315
Pharmaceuticals — 1.1%
Bausch Health Cos Inc.(a)		653,936		20,687,312
Canopy Growth Corp.(a)(c)		448,124		14,831,276
				35,518,588
Professional Services — 1.0%
Thomson Reuters Corp.		364,422		31,865,336
Real Estate Management & Development — 0.1%
FirstService Corp.		28,794		4,391,654
Road & Rail — 7.2%
Canadian National Railway Co.		1,236,174		135,637,386
Canadian Pacific Railway Ltd.		266,507		95,470,975
				231,108,361
Software — 2.8%
BlackBerry Ltd.(a)		1,145,191		11,641,871
Constellation Software Inc.		40,052		52,128,342
Open Text Corp.		544,628		24,383,503
				88,153,716
Textiles, Apparel & Luxury Goods — 0.4%
Gildan Activewear Inc.(c)		433,880		13,252,875
Trading Companies & Distributors — 0.1%
Toromont Industries Ltd.		58,673		4,296,198
Wireless Telecommunication Services — 1.0%
Rogers Communications Inc., Class B, NVS		719,377		31,326,425
Total Common Stocks — 99.5% (Cost: $3,232,669,605)				3,195,390,335
Short-Term Investments
Money Market Funds — 0.4%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.12%(d)(e)(f)		11,453,466		11,460,338
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%(d)(e)		1,520,000		1,520,000
				12,980,338
Total Short-Term Investments — 0.4% (Cost: $12,973,829)				12,980,338
Total Investments in Securities — 99.9% (Cost: $3,245,643,434)				3,208,370,673
Other Assets, Less Liabilities — 0.1%				1,933,041
Net Assets — 100.0%			$	3,210,303,714

^(a)  Non-income producing security.

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

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

^(d)  Affiliate of the Fund.

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

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

14 2 0 2 1  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, 2021 iShares^® MSCI Canada ETF

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 2021 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 08/31/20		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value at 02/28/21		Shares Held at 02/28/21		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	12,143,692	$	—		$	(679,717	)(a)	$	4,656	$	(8,293	)	$	11,460,338		11,453,466	$	59,630	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		945,000		575,000	(a)		—			—		—			1,520,000		1,520,000		544			—
									$	4,656	$	(8,293	)	$	12,980,338			$	60,174		$	—

^(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.

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
S&P/TSX 60 Index		81		03/18/21	$	13,715	$	483,142

Derivative Financial Instruments Categorized by Risk Exposure

As of February 28, 2021, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

	Equity Contracts
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)	$	483,142

^(a)  Net cumulative 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 six months ended February 28, 2021, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	1,058,198
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(36,879	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	11,389,377

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

Fair Value Measurements

Various inputs are used in determining the fair value of financial instruments. For description of the input levels and information about the Fund’s policy regarding valuation of 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 15

Schedule of Investments (unaudited) (continued) February 28, 2021 iShares^® MSCI Canada ETF

Fair Value Measurements (continued)

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of February 28, 2021. The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.

		Level 1		Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	3,195,390,335	$	—	$	—	$	3,195,390,335
Money Market Funds		12,980,338		—		—		12,980,338
	$	3,208,370,673	$	—	$	—	$	3,208,370,673
Derivative financial instruments(a)
Assets
Futures Contracts	$	483,142	$	—	$	—	$	483,142
(a) Shown at the unrealized appreciation (depreciation) on the contracts.

See notes to financial statements.

16 2 0 2 1  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, 2021 iShares^® MSCI Japan ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Air Freight & Logistics — 0.4%
SG Holdings Co. Ltd.		1,049,300	$	24,110,066
Yamato Holdings Co. Ltd.		954,900		25,113,852
				49,223,918
Airlines — 0.2%
ANA Holdings Inc.(a)		513,400		12,307,336
Japan Airlines Co. Ltd.(a)		461,300		10,954,468
				23,261,804
Auto Components — 2.3%
Aisin Seiki Co. Ltd.		529,300		18,009,316
Bridgestone Corp.		1,755,700		68,570,187
Denso Corp.		1,420,400		85,165,339
Koito Manufacturing Co. Ltd.		341,700		22,771,447
NGK Spark Plug Co. Ltd.		500,900		8,472,140
Stanley Electric Co. Ltd.		428,600		12,692,256
Sumitomo Electric Industries Ltd.		2,474,100		35,913,231
Toyoda Gosei Co. Ltd.		213,000		5,519,927
Toyota Industries Corp.		480,600		41,049,934
				298,163,777
Automobiles — 6.4%
Honda Motor Co. Ltd.		5,344,100		146,042,305
Isuzu Motors Ltd.		1,805,000		18,873,381
Mazda Motor Corp.		1,862,900		14,670,294
Nissan Motor Co. Ltd.(a)		7,605,200		41,024,108
Subaru Corp.		2,017,100		37,647,863
Suzuki Motor Corp.		1,208,000		52,145,598
Toyota Motor Corp.		6,953,200		513,821,509
Yamaha Motor Co. Ltd.		916,800		19,955,502
				844,180,560
Banks — 4.6%
Bank of Kyoto Ltd. (The)		187,700		11,257,772
Chiba Bank Ltd. (The)		1,727,200		11,007,779
Concordia Financial Group Ltd.		3,380,300		13,040,204
Fukuoka Financial Group Inc.		561,800		10,098,057
Japan Post Bank Co. Ltd.		1,327,100		12,630,743
Mitsubishi UFJ Financial Group Inc.		40,066,980		209,849,586
Mizuho Financial Group Inc.		7,906,858		115,701,066
Resona Holdings Inc.		6,784,700		27,236,871
Shinsei Bank Ltd.		508,500		7,254,740
Shizuoka Bank Ltd. (The)		1,365,000		9,967,806
Sumitomo Mitsui Financial Group Inc.		4,278,600		150,277,090
Sumitomo Mitsui Trust Holdings Inc.		1,106,532		36,372,020
				614,693,734
Beverages — 1.1%
Asahi Group Holdings Ltd.		1,496,200		64,768,861
Coca-Cola Bottlers Japan Holdings Inc.		404,200		6,942,801
Ito En Ltd.		176,200		9,724,573
Kirin Holdings Co. Ltd.		2,696,000		52,849,596
Suntory Beverage & Food Ltd.		456,900		15,631,692
				149,917,523
Biotechnology — 0.1%
PeptiDream Inc.(a)		310,400		14,771,241
Building Products — 1.8%
AGC Inc.		634,500		23,226,488
Daikin Industries Ltd.		817,300		158,949,277
Lixil Corp.		869,800		24,386,077

Security	Shares		Value
Building Products (continued)
TOTO Ltd.		462,500	$	27,826,403
				234,388,245
Capital Markets — 1.1%
Daiwa Securities Group Inc.		4,731,500		22,986,901
Japan Exchange Group Inc.		1,668,200		35,911,551
Nomura Holdings Inc.		10,307,700		59,868,639
SBI Holdings Inc.		796,910		22,125,584
				140,892,675
Chemicals — 4.1%
Air Water Inc.		601,400		9,889,739
Asahi Kasei Corp.		4,111,500		44,225,446
JSR Corp.		668,500		19,921,978
Kansai Paint Co. Ltd.		582,100		15,199,946
Kuraray Co. Ltd.		1,049,800		11,745,463
Mitsubishi Chemical Holdings Corp.		4,198,100		29,151,064
Mitsubishi Gas Chemical Co. Inc.		517,100		12,032,015
Mitsui Chemicals Inc.		602,100		18,536,587
Nippon Paint Holdings Co. Ltd.		479,300		35,630,336
Nippon Sanso Holdings Corp.		497,200		9,328,917
Nissan Chemical Corp.		404,200		21,966,566
Nitto Denko Corp.		519,700		44,340,839
Shin-Etsu Chemical Co. Ltd.		1,160,800		189,035,855
Sumitomo Chemical Co. Ltd.		4,870,700		23,544,307
Teijin Ltd.		581,800		9,993,373
Toray Industries Inc.		4,546,800		29,728,749
Tosoh Corp.		850,200		15,561,198
				539,832,378
Commercial Services & Supplies — 0.7%
Dai Nippon Printing Co. Ltd.		794,200		14,267,869
Secom Co. Ltd.		688,900		59,656,386
Sohgo Security Services Co. Ltd.		234,000		10,542,519
Toppan Printing Co. Ltd.		857,600		13,458,863
				97,925,637
Construction & Engineering — 0.6%
Kajima Corp.		1,468,600		18,719,343
Obayashi Corp.		2,123,800		18,200,013
Shimizu Corp.		1,803,600		13,627,727
Taisei Corp.		623,400		21,971,719
				72,518,802
Construction Materials — 0.1%
Taiheiyo Cement Corp.		375,100		9,337,011
Consumer Finance — 0.0%
Acom Co. Ltd.		1,309,400		5,837,854
Diversified Financial Services — 0.7%
Mitsubishi UFJ Lease & Finance Co. Ltd.		1,325,700		7,105,075
ORIX Corp.		4,307,300		72,832,748
Tokyo Century Corp.		140,600		9,158,663
				89,096,486
Diversified Telecommunication Services — 0.8%
Nippon Telegraph & Telephone Corp.		4,220,500		109,256,045
Electric Utilities — 0.7%
Chubu Electric Power Co. Inc.		2,112,300		25,922,961
Chugoku Electric Power Co. Inc. (The)		946,500		11,291,548
Kansai Electric Power Co. Inc. (The)		2,303,600		22,973,296
Kyushu Electric Power Co. Inc.		1,240,600		10,654,674
Tohoku Electric Power Co. Inc.		1,398,800		12,302,193

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, 2021 iShares^® MSCI Japan ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Electric Utilities (continued)
Tokyo Electric Power Co. Holdings Inc.(a)		4,728,300	$	15,178,136
				98,322,808
Electrical Equipment — 2.2%
Fuji Electric Co. Ltd.		414,400		17,192,116
Mitsubishi Electric Corp.		5,982,600		88,076,855
Nidec Corp.		1,466,500		186,099,868
				291,368,839
Electronic Equipment, Instruments & Components — 6.7%
Azbil Corp.		405,200		17,209,780
Hamamatsu Photonics KK		458,200		26,965,590
Hirose Electric Co. Ltd.		106,258		15,498,867
Hitachi Ltd.		3,173,500		145,241,093
Ibiden Co. Ltd.		345,100		14,025,559
Keyence Corp.		597,504		283,553,616
Kyocera Corp.		1,052,300		67,736,751
Murata Manufacturing Co. Ltd.		1,884,000		160,583,856
Omron Corp.		607,800		48,948,038
Shimadzu Corp.		725,900		26,095,335
TDK Corp.		425,500		60,865,590
Yokogawa Electric Corp.		745,800		14,112,379
				880,836,454
Entertainment — 2.6%
Capcom Co. Ltd.		289,200		17,589,788
Koei Tecmo Holdings Co. Ltd.		147,800		8,309,762
Konami Holdings Corp.		306,600		19,655,322
Nexon Co. Ltd.		1,596,700		50,355,847
Nintendo Co. Ltd.		366,700		222,863,009
Square Enix Holdings Co. Ltd.		301,800		17,109,743
Toho Co. Ltd.		365,800		13,733,809
				349,617,280
Equity Real Estate Investment Trusts (REITs) — 1.4%
Daiwa House REIT Investment Corp.		6,455		16,940,285
GLP J-REIT		13,463		21,810,717
Japan Real Estate Investment Corp.		4,318		26,303,567
Japan Retail Fund Investment Corp.		22,894		22,627,541
Nippon Building Fund Inc.		4,873		29,775,887
Nippon Prologis REIT Inc.		6,879		21,048,940
Nomura Real Estate Master Fund Inc.		13,924		20,845,485
Orix JREIT Inc.		8,573		14,588,745
United Urban Investment Corp.		9,684		13,288,913
				187,230,080
Food & Staples Retailing — 1.7%
Aeon Co. Ltd.		2,144,600		64,474,881
Cosmos Pharmaceutical Corp.		65,400		9,361,273
Kobe Bussan Co. Ltd.		403,600		10,360,860
Lawson Inc.		163,800		7,648,817
Seven & i Holdings Co. Ltd.		2,469,780		93,584,587
Sundrug Co. Ltd.		232,600		8,732,870
Tsuruha Holdings Inc.		120,900		15,557,903
Welcia Holdings Co. Ltd.		310,800		9,933,114
				219,654,305
Food Products — 1.3%
Ajinomoto Co. Inc.		1,529,600		30,422,587
Calbee Inc.		284,300		7,471,748
Kikkoman Corp.		475,700		31,388,877
MEIJI Holdings Co. Ltd.		375,456		23,822,813
NH Foods Ltd.		269,000		11,324,057
Nisshin Seifun Group Inc.		652,375		10,489,191

Security	Shares		Value
Food Products (continued)
Nissin Foods Holdings Co. Ltd.		207,500	$	15,678,384
Toyo Suisan Kaisha Ltd.		289,700		12,345,016
Yakult Honsha Co. Ltd.		421,000		20,824,760
Yamazaki Baking Co. Ltd.		396,600		6,674,524
				170,441,957
Gas Utilities — 0.5%
Osaka Gas Co. Ltd.		1,228,300		21,974,280
Toho Gas Co. Ltd.		241,600		14,195,758
Tokyo Gas Co. Ltd.		1,235,100		25,527,409
				61,697,447
Health Care Equipment & Supplies — 2.8%
Asahi Intecc Co. Ltd.		638,300		18,303,046
Hoya Corp.		1,233,100		140,046,086
Olympus Corp.		3,820,500		79,967,289
Sysmex Corp.		549,400		57,162,558
Terumo Corp.		2,116,800		78,500,815
				373,979,794
Health Care Providers & Services — 0.2%
Alfresa Holdings Corp.		615,700		11,870,169
Medipal Holdings Corp.		600,500		11,892,763
Suzuken Co. Ltd.		221,040		8,423,338
				32,186,270
Health Care Technology — 0.9%
M3 Inc.		1,446,300		114,370,917
Hotels, Restaurants & Leisure — 0.9%
McDonald’s Holdings Co. Japan Ltd.		219,600		10,883,124
Oriental Land Co. Ltd.		655,800		109,812,953
				120,696,077
Household Durables — 4.8%
Casio Computer Co. Ltd.		634,500		12,220,706
Iida Group Holdings Co. Ltd.		483,180		10,938,898
Panasonic Corp.		7,237,615		92,762,937
Rinnai Corp.		118,500		11,990,144
Sekisui Chemical Co. Ltd.		1,169,600		20,803,379
Sekisui House Ltd.		2,019,300		37,850,029
Sharp Corp.		701,900		13,261,918
Sony Corp.		4,133,200		431,398,385
				631,226,396
Household Products — 0.6%
Lion Corp.		733,500		14,086,174
Pigeon Corp.		377,500		13,641,590
Unicharm Corp.		1,323,200		52,361,660
				80,089,424
Industrial Conglomerates — 0.4%
Keihan Holdings Co. Ltd.		316,400		14,195,532
Toshiba Corp.		1,266,700		39,889,042
				54,084,574
Insurance — 2.5%
Dai-ichi Life Holdings Inc.		3,538,400		62,073,114
Japan Post Holdings Co. Ltd.		5,162,100		44,120,596
Japan Post Insurance Co. Ltd.		736,800		15,069,337
MS&AD Insurance Group Holdings Inc.		1,460,540		41,126,525
Sompo Holdings Inc.		1,100,650		42,149,916
T&D Holdings Inc.		1,760,000		23,722,170
Tokio Marine Holdings Inc.		2,070,800		102,101,675
				330,363,333

18 2 0 2 1  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, 2021 iShares^® MSCI Japan ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Interactive Media & Services — 0.5%
Kakaku.com Inc.		438,800	$	13,921,006
Z Holdings Corp.		8,698,100		52,944,602
				66,865,608
Internet & Direct Marketing Retail — 0.4%
Mercari Inc.(a)		282,900		13,595,344
Rakuten Inc.		2,823,900		31,568,096
ZOZO Inc.		357,400		11,170,847
				56,334,287
IT Services — 2.4%
Fujitsu Ltd.		644,500		92,918,341
GMO Payment Gateway Inc.		133,448		17,673,656
Itochu Techno-Solutions Corp.		316,300		9,708,100
NEC Corp.		856,400		46,622,114
Nomura Research Institute Ltd.		1,049,512		32,606,389
NTT Data Corp.		2,065,300		31,500,962
Obic Co. Ltd.		228,300		38,528,571
Otsuka Corp.		342,800		15,926,976
SCSK Corp.		171,900		10,116,510
TIS Inc.		733,500		15,242,810
				310,844,429
Leisure Products — 1.0%
Bandai Namco Holdings Inc.		655,198		50,102,291
Sega Sammy Holdings Inc.		565,100		9,489,055
Shimano Inc.		242,900		54,284,297
Yamaha Corp.		439,600		24,468,068
				138,343,711
Machinery — 5.7%
Amada Co. Ltd.		1,058,100		12,821,542
Daifuku Co. Ltd.		331,500		31,675,145
FANUC Corp.		628,400		155,360,015
Harmonic Drive Systems Inc.		142,200		10,931,275
Hino Motors Ltd.		937,500		8,799,512
Hitachi Construction Machinery Co. Ltd.		351,300		10,798,831
Hoshizaki Corp.		166,600		14,605,256
Komatsu Ltd.		2,869,400		85,915,018
Kubota Corp.		3,368,100		76,109,450
Kurita Water Industries Ltd.		325,300		13,159,780
Makita Corp.		733,700		31,230,801
MINEBEA MITSUMI Inc.		1,190,300		29,215,642
MISUMI Group Inc.		930,700		28,390,980
Mitsubishi Heavy Industries Ltd.		1,050,700		30,256,689
Miura Co. Ltd.		288,300		14,910,203
Nabtesco Corp.		367,800		15,604,055
NGK Insulators Ltd.		842,000		14,857,894
NSK Ltd.		1,172,400		11,477,503
SMC Corp.		188,200		111,111,132
THK Co. Ltd.		393,500		12,686,995
Yaskawa Electric Corp.		788,200		39,358,213
				759,275,931
Marine — 0.1%
Nippon Yusen KK		500,600		14,354,543
Media — 0.4%
CyberAgent Inc.		330,100		19,891,515
Dentsu Group Inc.		710,000		24,457,481
Hakuhodo DY Holdings Inc.		766,800		12,624,058
				56,973,054
Metals & Mining — 0.8%
Hitachi Metals Ltd.		701,200		11,116,264

Security	Shares		Value
Metals & Mining (continued)
JFE Holdings Inc.(a)		1,612,850	$	16,924,782
Nippon Steel Corp.(a)		2,646,870		38,942,826
Sumitomo Metal Mining Co. Ltd.		762,400		36,796,141
				103,780,013
Multiline Retail — 0.5%
Marui Group Co. Ltd.		620,900		11,778,101
Pan Pacific International Holdings Corp.		1,352,300		31,668,749
Ryohin Keikaku Co. Ltd.		779,500		17,544,969
				60,991,819
Oil, Gas & Consumable Fuels — 0.6%
ENEOS Holdings Inc.		10,055,695		44,143,501
Idemitsu Kosan Co. Ltd.		632,329		16,523,408
Inpex Corp.		3,347,500		24,633,377
				85,300,286
Paper & Forest Products — 0.1%
Oji Holdings Corp.		2,836,200		17,862,683
Personal Products — 1.8%
Kao Corp.		1,580,300		105,966,428
Kobayashi Pharmaceutical Co. Ltd.		161,700		15,268,462
Kose Corp.		109,700		17,576,300
Pola Orbis Holdings Inc.		299,300		6,834,962
Shiseido Co. Ltd.		1,311,300		97,393,626
				243,039,778
Pharmaceuticals — 6.0%
Astellas Pharma Inc.		6,102,650		95,887,330
Chugai Pharmaceutical Co. Ltd.		2,201,400		98,416,259
Daiichi Sankyo Co. Ltd.		5,577,507		157,577,399
Eisai Co. Ltd.		827,100		56,819,456
Hisamitsu Pharmaceutical Co. Inc.		168,600		10,507,828
Kyowa Kirin Co. Ltd.		885,500		24,668,331
Nippon Shinyaku Co. Ltd.		149,100		10,118,200
Ono Pharmaceutical Co. Ltd.		1,211,200		32,559,384
Otsuka Holdings Co. Ltd.		1,280,300		50,760,158
Santen Pharmaceutical Co. Ltd.		1,178,800		16,176,137
Shionogi & Co. Ltd.		867,500		44,075,253
Sumitomo Dainippon Pharma Co. Ltd.		587,100		9,274,350
Taisho Pharmaceutical Holdings Co. Ltd.		112,500		6,895,297
Takeda Pharmaceutical Co. Ltd.		5,166,700		173,710,526
				787,445,908
Professional Services — 2.0%
Nihon M&A Center Inc.		495,900		27,043,167
Persol Holdings Co. Ltd.		579,800		11,466,478
Recruit Holdings Co. Ltd.		4,447,800		220,469,606
				258,979,251
Real Estate Management & Development — 2.1%
Aeon Mall Co. Ltd.		338,400		5,691,879
Daito Trust Construction Co. Ltd.		214,300		23,755,238
Daiwa House Industry Co. Ltd.		1,857,200		52,348,147
Hulic Co. Ltd.		991,700		11,058,190
Mitsubishi Estate Co. Ltd.		3,876,100		66,869,456
Mitsui Fudosan Co. Ltd.		3,009,300		67,789,750
Nomura Real Estate Holdings Inc.		379,800		8,552,095
Sumitomo Realty & Development Co. Ltd.		1,013,900		34,925,972
Tokyu Fudosan Holdings Corp.		2,018,400		12,617,368
				283,608,095
Road & Rail — 3.1%
Central Japan Railway Co.		472,000		77,130,843

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, 2021 iShares^® MSCI Japan ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Road & Rail (continued)
East Japan Railway Co.		990,300	$	73,031,604
Hankyu Hanshin Holdings Inc.		750,600		24,904,928
Keikyu Corp.		718,900		11,363,127
Keio Corp.		336,800		25,131,969
Keisei Electric Railway Co. Ltd.		425,100		15,321,795
Kintetsu Group Holdings Co. Ltd.		562,600		23,498,874
Kyushu Railway Co.		488,600		12,712,589
Nagoya Railroad Co. Ltd.		611,000		15,507,265
Nippon Express Co. Ltd.		234,700		17,447,193
Odakyu Electric Railway Co. Ltd.		966,100		28,246,682
Seibu Holdings Inc.		689,900		8,288,643
Tobu Railway Co. Ltd.		616,800		17,541,806
Tokyu Corp.		1,632,700		22,435,449
West Japan Railway Co.		533,300		32,606,685
				405,169,452
Semiconductors & Semiconductor Equipment — 2.9%
Advantest Corp.		654,600		53,761,498
Disco Corp.		94,100		29,500,094
Lasertec Corp.		246,700		30,032,842
Renesas Electronics Corp.(a)		2,545,000		27,924,770
Rohm Co. Ltd.		287,100		28,214,164
SUMCO Corp.		856,800		19,542,181
Tokyo Electron Ltd.		489,352		200,030,783
				389,006,332
Software — 0.3%
Oracle Corp. Japan		126,300		12,803,079
Trend Micro Inc.(a)		437,900		21,044,190
				33,847,269
Specialty Retail — 2.2%
ABC-Mart Inc.		109,800		6,245,429
Fast Retailing Co. Ltd.		191,800		189,027,595
Hikari Tsushin Inc.		68,500		13,559,837
Nitori Holdings Co. Ltd.		262,200		48,913,319
Shimamura Co. Ltd.		72,400		7,210,099
USS Co. Ltd.		717,800		13,636,448
Yamada Holdings Co. Ltd.		2,374,100		11,342,378
				289,935,105
Technology Hardware, Storage & Peripherals — 1.4%
Brother Industries Ltd.		729,800		14,337,070
Canon Inc.		3,279,450		70,566,352
FUJIFILM Holdings Corp.		1,181,000		67,286,184
Ricoh Co. Ltd.		2,197,000		19,012,896

Security	Shares		Value
Technology Hardware, Storage & Peripherals (continued)
Seiko Epson Corp.		921,200	$	15,079,527
				186,282,029
Tobacco — 0.5%
Japan Tobacco Inc.		3,934,000		71,080,815
Trading Companies & Distributors — 3.9%
ITOCHU Corp.		4,415,800		131,305,185
Marubeni Corp.		5,410,300		40,204,003
Mitsubishi Corp.		4,382,400		123,524,941
Mitsui & Co. Ltd.		5,347,300		113,606,285
MonotaRO Co. Ltd.		411,300		23,626,394
Sumitomo Corp.		3,892,400		56,281,605
Toyota Tsusho Corp.		696,600		29,161,216
				517,709,629
Transportation Infrastructure — 0.1%
Japan Airport Terminal Co. Ltd.		167,100		8,046,020
Wireless Telecommunication Services — 5.8%
KDDI Corp.		5,286,300		163,243,167
Softbank Corp.		9,415,900		127,354,157
SoftBank Group Corp.		5,138,700		477,261,465
				767,858,789
Total Common Stocks — 99.8 Cost: $12,531,801,178)				13,202,398,481
Short-Term Investments
Money Market Funds — 0.0%
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%(b)(c)		5,650,000		5,650,000
Total Short-Term Investments — 0.0% (Cost: $5,650,000)				5,650,000
Total Investments in Securities — 99.8% (Cost: $12,537,451,178)				13,208,048,481
Other Assets, Less Liabilities — 0.2%				27,646,718
Net Assets — 100.0%			$	13,235,695,199

^(a)  Non-income producing security.

^(b)  Affiliate of the Fund.

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

20 2 0 2 1  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, 2021 iShares^® MSCI Japan ETF

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 2021 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 08/31/20		Purchases at Cost			Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 02/28/21		Shares Held at 02/28/21		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares(a)	$	—	$	349	(b)	$	—	$	(349	)	$	—	$	—		—	$	12,096	(c)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		4,320,000		1,330,000	(b)		—		—			—		5,650,000		5,650,000		2,585			—
								$	(349	)	$	—	$	5,650,000			$	14,681		$	—

^(a)  As of period end, the entity is no longer held.

^(b)  Represents net amount purchased (sold).

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

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
TOPIX Index		177		03/11/21	$	31,159	$	1,671,331

Derivative Financial Instruments Categorized by Risk Exposure

As of February 28, 2021, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

	Equity Contracts
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)	$	1,671,331

^(a)  Net cumulative 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 six months ended February 28, 2021, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	10,103,459
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	1,732,498

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	64,378,577

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

Fair Value Measurements

Various inputs are used in determining the fair value of financial instruments. For description of the input levels and information about the Fund’s policy regarding valuation of 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 21

Schedule of Investments (unaudited) (continued) February 28, 2021 iShares^® MSCI Japan ETF

Fair Value Measurements (continued)

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of February 28, 2021. The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.

	Level 1		Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	13,202,398,481	$	—	$	—	$	13,202,398,481
Money Market Funds		5,650,000		—		—		5,650,000
							��
	$	13,208,048,481	$	—	$	—	$	13,208,048,481
Derivative financial instruments(a)
Assets
Futures Contracts	$	1,671,331	$	—	$	—	$	1,671,331

^(a)  Shown at the unrealized appreciation (depreciation) on the contracts.

See notes to financial statements.

22 2 0 2 1  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, 2021 iShares^® MSCI Mexico ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Airlines — 0.9%
Controladora Vuela Cia. de Aviacion SAB de CV, Class A(a)(b)		6,546,705	$	9,862,089
Auto Components — 0.8%
Controladora Nemak SAB de CV(a)		39,178,651		5,508,488
Nemak SAB de CV(c)		12,528,000		3,714,574
				9,223,062
Banks — 12.0%
Banco del Bajio SA(a)(b)(c)		7,189,260		8,261,778
Grupo Financiero Banorte SAB de CV, Class O(a)		19,191,161		96,421,576
Grupo Financiero Inbursa SAB de CV, Class O(a)		19,578,766		17,658,857
Regional SAB de CV(a)		2,110,100		9,560,311
				131,902,522
Beverages — 12.8%
Arca Continental SAB de CV		3,790,229		17,177,973
Becle SAB de CV		5,131,630		10,589,409
Coca-Cola Femsa SAB de CV		3,560,878		14,949,881
Fomento Economico Mexicano SAB de CV		14,383,810		98,462,426
				141,179,689
Building Products — 0.4%
Grupo Rotoplas SAB de CV(b)		3,433,785		4,593,050
Capital Markets — 0.8%
Bolsa Mexicana de Valores SAB de CV		4,315,487		8,843,338
Chemicals — 2.4%
Alpek SAB de CV(a)(b)		5,667,817		5,144,553
Orbia Advance Corp. SAB de CV		8,900,642		20,767,668
				25,912,221
Construction Materials — 5.7%
Cemex SAB de CV, CPO, NVS(a)		79,748,729		53,164,548
Grupo Cementos de Chihuahua SAB de CV		1,618,700		10,126,116
				63,290,664
Consumer Finance — 0.6%
Gentera SAB de CV(a)		13,545,277		6,892,315
Diversified Telecommunication Services — 1.3%
Axtel SAB de CV, CPO(a)		14,225,116		3,551,092
Telesites SAB de CV(a)(b)		12,210,046		10,784,990
				14,336,082
Equity Real Estate Investment Trusts (REITs) — 5.7%
Concentradora Fibra Danhos SA de CV		3,958,894		4,852,417
Fibra Uno Administracion SA de CV		25,529,900		28,886,800
Macquarie Mexico Real Estate Management SA de CV(c)		7,419,100		8,955,218
PLA Administradora Industrial S. de RL de CV		7,501,904		10,579,907
Prologis Property Mexico SA de CV		4,639,291		9,489,131
				62,763,473
Food & Staples Retailing — 11.5%
Grupo Comercial Chedraui SA de CV		3,972,491		6,098,226
La Comer SAB de CV(b)		4,906,071		9,997,259
Wal-Mart de Mexico SAB de CV		38,831,833		110,828,713
				126,924,198
Food Products — 4.5%
Gruma SAB de CV, Class B		1,844,150		20,109,662
Grupo Bimbo SAB de CV, Series A		13,274,804		24,949,178

Security	Shares		Value
Food Products (continued)
Grupo Herdez SAB de CV		2,491,561	$	5,061,644
				50,120,484
Gas Utilities — 1.5%
Infraestructura Energetica Nova SAB de CV(a)		4,623,639		16,099,431
Hotels, Restaurants & Leisure — 0.6%
Alsea SAB de CV(a)(b)		5,588,566		6,799,126
Household Products — 1.9%
Kimberly-Clark de Mexico SAB de CV, Class A		12,757,354		20,407,618
Industrial Conglomerates — 1.0%
Grupo Carso SAB de CV, Series A1(a)		4,267,320		10,579,272
Insurance — 1.0%
Qualitas Controladora SAB de CV		1,951,920		10,621,887
Media — 3.5%
Grupo Televisa SAB, CPO(a)		19,378,347		28,849,044
Megacable Holdings SAB de CV, CPO		2,843,100		9,822,125
				38,671,169
Metals & Mining — 5.9%
Grupo Mexico SAB de CV, Series B		10,169,286		48,306,601
Industrias Penoles SAB de CV(a)(b)		1,209,693		16,611,910
				64,918,511
Pharmaceuticals — 0.7%
Genomma Lab Internacional SAB de CV, Class B(a)		8,003,513		8,033,942
Real Estate Management & Development — 0.9%
Corp Inmobiliaria Vesta SAB de CV		5,519,049		10,422,861
Transportation Infrastructure — 8.6%
Grupo Aeroportuario del Centro Norte SAB de CV(a)(b)		2,958,292		17,169,284
Grupo Aeroportuario del Pacifico SAB de CV, Class B(a)		3,088,249		31,256,881
Grupo Aeroportuario del Sureste SAB de CV, Class B(a)(b)		1,691,990		31,672,875
Promotora y Operadora de Infraestructura SAB de CV(b)		1,999,800		14,716,493
				94,815,533
Wireless Telecommunication Services — 14.9%
America Movil SAB de CV, Series L, NVS		256,168,618		164,037,101
Total Common Stocks — 99.9% (Cost: $1,421,159,712)				1,101,249,638
Short-Term Investments
Money Market Funds — 1.1%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.12%(d)(e)(f)		11,830,280		11,837,378

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, 2021 iShares^® MSCI Mexico ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Money Market Funds (continued)
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%(d)(e)		290,000	$	290,000
				12,127,378
Total Short-Term Investments — 1.1% (Cost: $12,126,793)				12,127,378
Total Investments in Securities — 101.0% (Cost: $1,433,286,505)				1,113,377,016
Other Assets, Less Liabilities — (1.0)%				(11,279,339	)
Net Assets — 100.0%			$	1,102,097,677

^(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 cash collateral received from loaned securities.

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 2021 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 08/31/20		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 02/28/21		Shares Held at 02/28/21		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	13,960,657	$	—	$	(2,117,932	)(a)	$	(5,417	)	$	70	$	11,837,378		11,830,280	$	55,032	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		574,000		—		(284,000	)(a)		—			—		290,000		290,000		360			—
								$	(5,417	)	$	70	$	12,127,378			$	55,392		$	—

^(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.

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
MEX BOLSA Index		51		03/19/21	$	1,089	$	12,253

Derivative Financial Instruments Categorized by Risk Exposure

As of February 28, 2021, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

	Equity Contracts
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)	$	12,253

^(a)  Net cumulative 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).

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Schedule of Investments (unaudited) (continued) February 28, 2021 iShares^® MSCI Mexico ETF

For the six months ended February 28, 2021, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	319,053
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	98,952

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
    Average notional value of contracts — long $2,647,930     

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

Fair Value Measurements

Various inputs are used in determining the fair value of financial instruments. For 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 value of the Fund’s investments according to the fair value hierarchy as of February 28, 2021. The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.

	Level 1		Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	1,101,249,638	$	—	$	—	$	1,101,249,638
Money Market Funds		12,127,378		—		—		12,127,378
	$	1,113,377,016	$	—	$	—	$	1,113,377,016
Derivative financial instruments(a)
Assets
Futures Contracts	$	12,253	$	—	$	—	$	12,253

^(a)  Shown at the unrealized appreciation (depreciation) on the contracts.

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 25

Schedule of Investments (unaudited) February 28, 2021 iShares^® MSCI South Korea ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 0.3%
Korea Aerospace Industries Ltd.(a)		771,353	$	22,725,220
Air Freight & Logistics — 0.4%
Hyundai Glovis Co. Ltd.		187,399		32,192,263
Airlines — 0.4%
Korean Air Lines Co. Ltd.(a)		1,091,374		27,345,063
Auto Components — 2.7%
Hankook Tire & Technology Co. Ltd.		798,367		33,860,425
Hanon Systems		2,019,907		27,777,092
Hyundai Mobis Co. Ltd.		527,929		142,378,716
				204,016,233
Automobiles — 5.3%
Hyundai Motor Co.		1,175,880		248,049,452
Kia Motors Corp.		2,106,303		148,856,661
				396,906,113
Banks — 4.7%
Hana Financial Group Inc.		2,354,260		77,637,146
Industrial Bank of Korea(a)		2,592,764		19,223,609
KB Financial Group Inc.		3,040,843		118,548,218
Shinhan Financial Group Co. Ltd.(a)		3,486,265		102,245,155
Woori Financial Group Inc.(a)		4,590,961		39,146,779
				356,800,907
Biotechnology — 3.0%
Alteogen Inc.(a)		140,283		16,232,123
Celltrion Inc.(a)(b)		733,465		194,219,704
Seegene Inc.		138,770		15,377,717
				225,829,544
Capital Markets — 1.6%
Korea Investment Holdings Co. Ltd.(a)		406,623		31,596,073
Meritz Securities Co. Ltd.		4,749,447		15,894,900
Mirae Asset Daewoo Co. Ltd.		3,902,516		32,442,812
NH Investment & Securities Co. Ltd.(a)		1,693,900		16,358,536
Samsung Securities Co. Ltd.		658,788		21,431,866
				117,724,187
Chemicals — 5.6%
Hanwha Solutions Corp.(a)		1,336,630		53,596,067
Kumho Petrochemical Co. Ltd.(a)		244,610		45,939,217
LG Chem Ltd.		353,067		261,147,020
Lotte Chemical Corp.		158,191		44,775,022
SK Chemicals Co. Ltd.		57,879		19,421,792
				424,879,118
Commercial Services & Supplies — 0.2%
S-1 Corp.		209,387		15,468,733
Communications Equipment — 0.2%
KMW Co. Ltd.(a)(b)		320,003		17,659,267
Construction & Engineering — 0.9%
GS Engineering & Construction Corp.		690,823		22,351,060
Hyundai Engineering & Construction Co. Ltd.		750,895		26,600,464
Samsung Engineering Co. Ltd.(a)		1,594,314		18,305,875
				67,257,399
Construction Materials — 0.7%
POSCO Chemical Co. Ltd.		391,032		54,991,594
Consumer Finance — 0.2%
Samsung Card Co. Ltd.		418,808		12,282,798

Security	Shares		Value
Diversified Telecommunication Services — 0.3%
LG Uplus Corp.		2,042,830	$	21,455,624
Electric Utilities — 0.6%
Korea Electric Power Corp.(a)		2,111,579		42,663,857
Electrical Equipment — 0.2%
Doosan Heavy Industries & Construction Co. Ltd.(a)		1,444,907		13,632,411
Electronic Equipment, Instruments & Components — 5.4%
LG Display Co. Ltd.(a)		2,138,158		43,010,566
LG Innotek Co. Ltd.		156,120		27,652,764
Samsung Electro-Mechanics Co. Ltd.		463,236		78,133,709
Samsung SDI Co. Ltd.		429,356		257,575,384
				406,372,423
Entertainment — 2.2%
NCSoft Corp.		139,403		116,138,147
Netmarble Corp.(b)(c)		263,371		28,950,884
Pearl Abyss Corp.(a)		89,103		22,951,854
				168,040,885
Food & Staples Retailing — 0.8%
BGF retail Co. Ltd.		100,976		14,290,328
E-MART Inc.		218,191		32,820,898
GS Retail Co. Ltd.		390,185		12,572,049
				59,683,275
Food Products — 0.9%
CJ CheilJedang Corp.		87,241		31,565,168
Orion Corp./Republic of Korea		239,555		27,399,037
Ottogi Corp.		23,584		11,755,265
				70,719,470
Gas Utilities — 0.2%
Korea Gas Corp.(a)		429,230		12,168,202
Health Care Providers & Services — 0.8%
Celltrion Healthcare Co. Ltd.(a)		520,964		58,240,390
Hotels, Restaurants & Leisure — 0.3%
Kangwon Land Inc.(a)		1,125,509		24,243,274
Household Durables — 1.9%
Coway Co. Ltd.		467,896		26,945,146
LG Electronics Inc.		863,670		112,619,185
				139,564,331
Industrial Conglomerates — 3.3%
CJ Corp.		185,067		15,269,881
Hanwha Corp.(a)		633,364		16,545,824
LG Corp.		774,924		64,766,679
Lotte Corp.		417,462		12,484,845
Samsung C&T Corp.		680,495		73,591,582
SK Holdings Co. Ltd.		283,109		66,146,962
				248,805,773
Insurance — 1.5%
DB Insurance Co. Ltd.		530,436		19,546,106
Hyundai Marine & Fire Insurance Co. Ltd.		791,228		15,423,136
Samsung Fire & Marine Insurance Co. Ltd.		255,003		39,266,150
Samsung Life Insurance Co. Ltd.		609,234		40,669,826
				114,905,218
Interactive Media & Services — 6.5%
Kakao Corp.		416,086		180,729,833
NAVER Corp.		933,468		311,571,429
				492,301,262

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Schedule of Investments (unaudited) (continued) February 28, 2021 iShares^® MSCI South Korea ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Internet & Direct Marketing Retail — 0.2%
CJ ENM Co. Ltd.		127,265	$	15,665,999
IT Services — 0.7%
Samsung SDS Co. Ltd.		284,818		49,307,611
Leisure Products — 0.4%
HLB Inc.(a)(b)		481,232		29,383,636
Life Sciences Tools & Services — 1.2%
Samsung Biologics Co. Ltd.(a)(b)(c)		135,939		90,746,996
Machinery — 1.5%
Daewoo Shipbuilding & Marine Engineering Co. Ltd.(a)		573,114		12,982,422
Doosan Bobcat Inc.(a)		611,038		17,594,196
Hyundai Heavy Industries Holdings Co. Ltd.		95,203		22,921,595
Korea Shipbuilding & Offshore Engineering Co. Ltd.(a)		341,764		34,069,931
Samsung Heavy Industries Co. Ltd.(a)		4,273,117		24,950,287
				112,518,431
Marine — 0.3%
Pan Ocean Co. Ltd.		3,840,802		19,554,417
Media — 0.2%
Cheil Worldwide Inc.		841,569		14,569,219
Metals & Mining — 2.7%
Hyundai Steel Co.		834,259		29,665,017
Korea Zinc Co. Ltd.		77,702		27,906,326
POSCO		597,306		149,658,780
				207,230,123
Multiline Retail — 0.5%
Lotte Shopping Co. Ltd.		148,070		15,617,530
Shinsegae Inc.		78,931		18,757,968
				34,375,498
Oil, Gas & Consumable Fuels — 2.1%
GS Holdings Corp.		529,753		18,389,290
SK Innovation Co. Ltd.(a)		466,699		108,211,028
S-Oil Corp.(a)		417,178		31,562,198
				158,162,516
Personal Products — 2.3%
Amorepacific Corp.		269,096		56,166,455
AMOREPACIFIC Group		312,376		17,989,076
LG Household & Health Care Ltd.		73,052		98,377,994
				172,533,525
Pharmaceuticals — 1.4%
Celltrion Pharm Inc.(a)		125,613		17,184,440
Hanmi Pharm Co. Ltd.(a)		74,494		22,742,717
Shin Poong Pharmaceutical Co. Ltd.		226,751		16,912,981
SK Biopharmaceuticals Co. Ltd.(a)		207,839		21,829,107
Yuhan Corp.		532,904		29,408,142
				108,077,387
Road & Rail — 0.2%
CJ Logistics Corp.(a)		119,698		17,472,605
Semiconductors & Semiconductor Equipment — 6.9%
SK Hynix Inc.		4,122,970		519,270,365
Software — 0.2%
Douzone Bizon Co. Ltd.		152,857		14,965,972
Specialty Retail — 0.3%
Hotel Shilla Co. Ltd.		305,545		22,191,786

Security	Shares		Value
Technology Hardware, Storage & Peripherals — 22.6%
Samsung Electronics Co. Ltd.		23,190,634	$	1,702,917,049
Textiles, Apparel & Luxury Goods — 0.2%
Fila Holdings Corp.		525,926		18,724,557
Tobacco — 0.8%
KT&G Corp.		912,075		63,565,174
Wireless Telecommunication Services — 0.8%
SK Telecom Co. Ltd.		282,233		62,174,159
Total Common Stocks — 96.6% (Cost: $3,231,513,037)				7,282,281,859
Preferred Stocks
Automobiles — 0.7%
Hyundai Motor Co. Preference Shares, NVS		266,590		24,677,668
Series 2, Preference Shares, NVS		349,622		31,741,383
				56,419,051
Chemicals — 0.4%
LG Chem Ltd., Preference Shares, NVS		92,149		31,946,627
Personal Products — 0.2%
LG Household & Health Care Ltd., Preference Shares, NVS		23,987		15,051,923
Technology Hardware, Storage & Peripherals — 0.1%
Samsung Electronics Co. Ltd., Preference Shares, NVS		77,712		5,035,544
Total Preferred Stocks — 1.4% (Cost: $55,357,867)				108,453,145
Rights
Airlines — 0.1%
Korean Air Lines Co. Ltd., (Expires 03/05/21)(a)		847,177		6,824,167
Total Rights — 0.1% (Cost: $3,895,812)				6,824,167
Short-Term Investments
Money Market Funds — 3.0%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.12%(d)(e)(f)		225,404,888		225,540,131
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%(d)(e)		3,100,000		3,100,000
				228,640,131
Total Short-Term Investments — 3.0% (Cost: $228,570,506)				228,640,131
Total Investments in Securities — 101.1% (Cost: $3,519,337,222)				7,626,199,302
Other Assets, Less Liabilities — (1.1)%				(84,990,432	)
Net Assets — 100.0%			$	7,541,208,870

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, 2021 iShares^® MSCI South Korea ETF

^(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 cash collateral received from loaned securities.

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 2021 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 08/31/20		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 02/28/21		Shares Held at 02/28/21		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	204,524,418	$	21,130,179	(a)	$	—		$	(86,126	)	$	(28,340	)	$	225,540,131		225,404,888	$	1,362,921	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		13,820,000		—			(10,720,000	)(a)		—			—			3,100,000		3,100,000		3,686			—
									$	(86,126	)	$	(28,340	)	$	228,640,131			$	1,366,607		$	—

^(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.

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
KOSPI 200 Index		1,416		03/11/21	$	129,170	$	6,921,950

Derivative Financial Instruments Categorized by Risk Exposure

As of February 28, 2021, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

	Equity Contracts
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)	$	6,921,950

^(a)  Net cumulative 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).

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Schedule of Investments (unaudited) (continued) February 28, 2021 iShares^® MSCI South Korea ETF

For the six months ended February 28, 2021, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	14,591,089
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	4,973,119

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
    Average notional value of contracts — long $68,154,112    

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

Fair Value Measurements

Various inputs are used in determining the fair value of financial instruments. For 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 value of the Fund’s investments according to the fair value hierarchy as of February 28, 2021. The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.

	Level 1		Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	7,282,281,859	$	—	$	—	$	7,282,281,859
Preferred Stocks		108,453,145		—		—		108,453,145
Rights		—		6,824,167		—		6,824,167
Money Market Funds		228,640,131		—		—		228,640,131
	$	7,619,375,135	$	6,824,167	$	—	$	7,626,199,302
Derivative financial instruments(a)
Assets
Futures Contracts	$	6,921,950	$	—	$	—	$	6,921,950

^(a)  Shown at the unrealized appreciation (depreciation) on the contracts.

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 29

Statements of Assets and Liabilities (unaudited)

February 28, 2021

	iShares MSCI Australia ETF			iShares MSCI Canada ETF			iShares MSCI Japan ETF			iShares MSCI Mexico ETF
ASSETS
Investments in securities, at value (including securities on loan)(a):
Unaffiliated(b)	$	1,424,832,314		$	3,195,390,335		$	13,202,398,481		$	1,101,249,638
Affiliated(c)		634,000			12,980,338			5,650,000			12,127,378
Cash		9,273			3,033			8,126			2,618
Foreign currency, at value(d)		3,189,935			13,833,224			4,050,516			2,722,703
Foreign currency collateral pledged:
Futures contracts(e)		798,974			1,033,175			1,365,121			160,685
Receivables:
Investments sold		1,272,944			9,750,152			10,656,678			38,825,531
Securities lending income — Affiliated		—			5,796			44			9,385
Variation margin on futures contracts		—			—			—			10,265
Capital shares sold		—			35,539,920			—			54,386
Dividends		6,803,079			4,578,786			20,480,283			14,913
Total assets		1,437,540,519			3,273,114,759			13,244,609,249			1,155,177,502
LIABILITIES
Collateral on securities loaned, at value		—			11,438,058			—			11,842,027
Payables:
Investments purchased		877,765			50,057,046			3,300,912			40,759,212
Variation margin on futures contracts		157,344			170,309			347,524			—
Capital shares redeemed		602,001			—			—			46,265
Investment advisory fees		621,598			1,145,632			5,265,614			432,321
Total liabilities		2,258,708			62,811,045			8,914,050			53,079,825
NET ASSETS	$	1,435,281,811		$	3,210,303,714		$	13,235,695,199		$	1,102,097,677
NET ASSETS CONSIST OF:
Paid-in capital	$	1,719,777,038		$	3,974,883,763		$	13,768,431,337		$	1,762,759,229
Accumulated loss		(284,495,227	)		(764,580,049	)		(532,736,138	)		(660,661,552	)
NET ASSETS	$	1,435,281,811		$	3,210,303,714		$	13,235,695,199		$	1,102,097,677
Shares outstanding		58,400,000			99,100,000			195,750,000			27,000,000
Net asset value	$	24.58		$	32.39		$	67.62		$	40.82
Shares authorized		627.8 million			340.2 million			2.5246 billion			255 million
Par value	$	0.001		$	0.001		$	0.001		$	0.001
(a) Securities loaned, at value	$	—		$	10,772,176		$	—		$	11,562,028
(b) Investments, at cost — Unaffiliated	$	1,534,748,132		$	3,232,669,605		$	12,531,801,178		$	1,421,159,712
(c)  Investments, at cost — Affiliated	$	634,000		$	12,973,829		$	5,650,000		$	12,126,793
(d) Foreign currency, at cost	$	3,182,988		$	13,817,980		$	4,062,728		$	2,796,576
(e) Foreign currency collateral pledged, at cost	$	804,147		$	1,043,949		$	1,409,603		$	167,580

See notes to financial statements.

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Statements of Assets and Liabilities (unaudited) (continued)

February 28, 2021

	iShares MSCI South Korea ETF
ASSETS
Investments in securities, at value (including securities on loan)(a):
Unaffiliated(b)	$	7,397,559,171
Affiliated(c)		228,640,131
Cash		2,206
Foreign currency, at value(d)		23,601,142
Receivables:
Investments sold		69,760,051
Securities lending income — Affiliated		164,718
Variation margin on futures contracts		22,167,401
Dividends		96,599,279
Total assets		7,838,494,099
LIABILITIES
Collateral on securities loaned, at value		225,640,015
Payables:
Investments purchased		68,245,581
Investment advisory fees		3,371,256
Foreign taxes		28,377
Total liabilities		297,285,229
NET ASSETS	$	7,541,208,870
NET ASSETS CONSIST OF:
Paid-in capital	$	4,647,087,189
Accumulated earnings		2,894,121,681
NET ASSETS	$	7,541,208,870
Shares outstanding		85,500,000
Net asset value	$	88.20
Shares authorized		300 million
Par value	$	0.001
(a) Securities loaned, at value	$	214,890,112
(b) Investments, at cost — Unaffiliated	$	3,290,766,716
(c)  Investments, at cost — Affiliated	$	228,570,506
(d) Foreign currency, at cost	$	23,904,660

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)

Six Months Ended February 28, 2021

	iShares MSCI Australia ETF			iShares MSCI Canada ETF			iShares MSCI Japan ETF			iShares MSCI Mexico ETF
INVESTMENT INCOME
Dividends — Unaffiliated	$	18,421,079		$	39,308,540		$	111,167,916		$	11,386,050
Dividends — Affiliated		316			544			2,585			360
Interest — Unaffiliated		—			—			—			3,296
Securities lending income — Affiliated — net		—			59,630			12,096			55,032
Foreign taxes withheld		(902,631	)		(5,894,764	)		(11,110,710	)		(907,893	)
Total investment income		17,518,764			33,473,950			100,071,887			10,536,845
EXPENSES
Investment advisory fees		3,718,240			6,331,457			29,930,969			2,617,970
Total expenses		3,718,240			6,331,457			29,930,969			2,617,970
Net investment income		13,800,524			27,142,493			70,140,918			7,918,875
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated(a)		(8,293,172	)		(13,291,168	)		(108,156,637	)		(56,155,961	)
Investments — Affiliated		—			4,656			(349	)		(5,417	)
In-kind redemptions — Unaffiliated		118,750,971			54,656,667			129,446,872			94,532,693
Futures contracts		292,237			1,058,198			10,103,459			319,053
Foreign currency transactions		178,422			513,779			2,087,181			181,758
Net realized gain		110,928,458			42,942,132			33,480,526			38,872,126
Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated		130,711,954			255,634,333			1,698,437,953			138,774,663
Investments — Affiliated		—			(8,293	)		—			70
Futures contracts		(199,819	)		(36,879	)		1,732,498			98,952
Foreign currency translations		(274,562	)		(141,396	)		(1,030,492	)		(90,405	)
Net change in unrealized appreciation (depreciation)		130,237,573			255,447,765			1,699,139,959			138,783,280
Net realized and unrealized gain		241,166,031			298,389,897			1,732,620,485			177,655,406
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	254,966,555		$	325,532,390		$	1,802,761,403		$	185,574,281
(a) Net of foreign capital gain tax and capital gain tax refund, if applicable	$	—		$	—		$	—		$	37,221

See notes to financial statements.

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Statements of Operations (unaudited) (continued)

Six Months Ended February 28, 2021

	iShares MSCI South Korea ETF
INVESTMENT INCOME
Dividends — Unaffiliated	$	130,165,301
Dividends — Affiliated		3,686
Securities lending income — Affiliated — net		1,362,921
Foreign taxes withheld		(24,743,989	)
Total investment income		106,787,919
EXPENSES
Investment advisory fees		17,950,791
Commitment fees		3,724
Total expenses		17,954,515
Net investment income		88,833,404
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		(8,396,951	)
Investments — Affiliated		(86,126	)
Futures contracts		14,591,089
Foreign currency transactions		(764,041	)
Net realized gain		5,343,971
Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated		1,958,345,121
Investments — Affiliated		(28,340	)
Futures contracts		4,973,119
Foreign currency translations		(3,678,162	)
Net change in unrealized appreciation (depreciation)		1,959,611,738
Net realized and unrealized gain		1,964,955,709
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	2,053,789,113

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

	iShares MSCI Australia ETF						iShares MSCI Canada ETF
	Six Months Ended 02/28/21 (unaudited)			Year Ended 08/31/20			Six Months Ended 02/28/21 (unaudited)			Year Ended 08/31/20
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	13,800,524		$	43,009,696		$	27,142,493		$	56,669,716
Net realized gain (loss)		110,928,458			(12,752,763	)		42,942,132			(69,176,744	)
Net change in unrealized appreciation (depreciation)		130,237,573			(19,571,413	)		255,447,765			104,743,202
Net increase in net assets resulting from operations		254,966,555			10,685,520			325,532,390			92,236,174
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(14,231,311	)		(51,870,949	)		(31,174,572	)		(58,024,818	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		(68,712,238	)		(95,145,968	)		649,911,483			(386,763,275	)
NET ASSETS
Total increase (decrease) in net assets		172,023,006			(136,331,397	)		944,269,301			(352,551,919	)
Beginning of period		1,263,258,805			1,399,590,202			2,266,034,413			2,618,586,332
End of period	$	1,435,281,811		$	1,263,258,805		$	3,210,303,714		$	2,266,034,413

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

See notes to financial statements.

34 2 0 2 1  I S H A R E S  S E M I - A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Statements of Changes in Net Assets (continued)

	iShares MSCI Japan ETF						iShares MSCI Mexico ETF
	Six Months Ended 02/28/21 (unaudited)			Year Ended 08/31/20			Six Months Ended 02/28/21 (unaudited)			Year Ended 08/31/20
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	70,140,918		$	180,579,828		$	7,918,875		$	11,772,899
Net realized gain (loss)		33,480,526			139,270,982			38,872,126			(68,548,989	)
Net change in unrealized appreciation (depreciation)		1,699,139,959			600,757,658			138,783,280			(55,870,519	)
Net increase (decrease) in net assets resulting from operations		1,802,761,403			920,608,468			185,574,281			(112,646,609	)
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(51,176,399	)		(245,795,518	)		(14,275,371	)		(11,539,781	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		1,575,083,847			(2,935,960,843	)		95,871,439			332,870,491
NET ASSETS
Total increase (decrease) in net assets		3,326,668,851			(2,261,147,893	)		267,170,349			208,684,101
Beginning of period		9,909,026,348			12,170,174,241			834,927,328			626,243,227
End of period	$	13,235,695,199		$	9,909,026,348		$	1,102,097,677		$	834,927,328

^(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 35

Statements of Changes in Net Assets (continued)

	iShares MSCI South Korea ETF
	Six Months Ended 08/31/20 (unaudited)			Year Ended 02/28/21
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	62,214,677		$	88,833,404
Net realized gain (loss)		(216,214,550	)		5,343,971
Net change in unrealized appreciation (depreciation)		925,582,094			1,959,611,738
Net increase in net assets resulting from operations		771,582,221			2,053,789,113
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(94,999,174	)		(52,784,945	)
CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		332,334,305			682,723,167
NET ASSETS
Total increase in net assets		1,008,917,352			2,683,727,335
Beginning of period		3,848,564,183			4,857,481,535
End of period	$	4,857,481,535		$	7,541,208,870

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

See notes to financial statements.

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Financial Highlights  

(For a share outstanding throughout each period)

	iShares MSCI Australia ETF
	Six Months Ended 02/28/21 (unaudited)			Year Ended 08/31/20			Year Ended 08/31/19			Year Ended 08/31/18			Year Ended 08/31/17			Year Ended 08/31/16
Net asset value, beginning of period	$	21.12		$	21.67		$	22.56		$	22.58		$	20.30		$	18.66
Net investment income(a)		0.21			0.67			1.00			0.90			0.84			0.84
Net realized and unrealized gain (loss)(b)		3.45			(0.48	)		(0.70	)		0.07			2.45			1.59
Net increase from investment operations		3.66			0.19			0.30			0.97			3.29			2.43
Distributions(c)
From net investment income		(0.20	)		(0.74	)		(1.19	)		(0.99	)		(1.01	)		(0.79	)
Total distributions		(0.20	)		(0.74	)		(1.19	)		(0.99	)		(1.01	)		(0.79	)
Net asset value, end of period	$	24.58		$	21.12		$	21.67		$	22.56		$	22.58		$	20.30
Total Return
Based on net asset value		17.37	%(d)		0.99	%		1.75	%		4.43	%		16.70	%		13.36	%
Ratios to Average Net Assets
Total expenses		0.50	%(e)		0.51	%		0.50	%		0.47	%		0.49	%		0.48	%
Net investment income		1.86	%(e)		3.23	%		4.68	%		3.95	%		3.90	%		4.41	%
Supplemental Data
Net assets, end of period (000)	$	1,435,282		$	1,263,259		$	1,399,590		$	1,362,770		$	1,765,912		$	1,668,702
Portfolio turnover rate(f)		2	%(d)		8	%		9	%		3	%		4	%		7	%

^(a)  Based on average shares outstanding.

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

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

^(d)  Not annualized.

^(e)  Annualized.

^(f)  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 Canada ETF
	Six Months Ended 02/28/21 (unaudited)			Year Ended 08/31/20			Year Ended 08/31/19			Year Ended 08/31/18			Year Ended 08/31/17			Year Ended 08/31/16
Net asset value, beginning of period	$	28.76		$	28.22		$	28.79		$	27.83		$	25.33		$	24.02
Net investment income(a)		0.32			0.65			0.62			0.58			0.51			0.51
Net realized and unrealized gain (loss)(b)		3.70			0.54			(0.53	)		0.97			2.47			1.29
Net increase from investment operations		4.02			1.19			0.09			1.55			2.98			1.80
Distributions(c)
From net investment income		(0.39	)		(0.65	)		(0.66	)		(0.59	)		(0.48	)		(0.49	)
Total distributions		(0.39	)		(0.65	)		(0.66	)		(0.59	)		(0.48	)		(0.49	)
Net asset value, end of period	$	32.39		$	28.76		$	28.22		$	28.79		$	27.83		$	25.33
Total Return
Based on net asset value		14.07	%(d)		4.32	%		0.56	%		5.61	%		11.88	%		7.73	%
Ratios to Average Net Assets
Total expenses		0.50	%(e)		0.51	%		0.49	%		0.47	%		0.49	%		0.48	%
Net investment income		2.15	%(e)		2.37	%		2.26	%		2.01	%		1.93	%		2.18	%
Supplemental Data
Net assets, end of period (000)	$	3,210,304		$	2,266,034		$	2,618,586		$	2,994,627		$	3,127,920		$	3,097,794
Portfolio turnover rate(f)		2	%(d)		9	%		6	%		3	%		6	%		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)  Not annualized.

^(e)  Annualized.

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

See notes to financial statements.

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Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares MSCI Japan ETF
	Six Months Ended 02/28/21			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
		(unaudited	)		08/31/20			08/31/19			08/31/18			08/31/17	(a)		08/31/16	(a)
Net asset value, beginning of period	$	58.15		$	54.05		$	58.45		$	54.57		$	49.05		$	48.61
Net investment income(b)		0.38			0.90			0.92			0.87			0.49			0.72
Net realized and unrealized gain (loss)(c)		9.35			4.36			(4.43	)		3.87			5.96			0.44
Net increase (decrease) from investment operations		9.73			5.26			(3.51	)		4.74			6.45			1.16
Distributions(d)
From net investment income		(0.26	)		(1.16	)		(0.89	)		(0.86	)		(0.93	)		(0.72	)
Total distributions		(0.26	)		(1.16	)		(0.89	)		(0.86	)		(0.93	)		(0.72	)
Net asset value, end of period	$	67.62		$	58.15		$	54.05		$	58.45		$	54.57		$	49.05
Total Return
Based on net asset value		16.74	%(e)		9.76	%		(5.96	)%		8.67	%		13.31	%		2.44	%
Ratios to Average Net Assets
Total expenses		0.50	%(f)		0.51	%		0.49	%		0.47	%		0.49	%		0.48	%
Net investment income		1.18	%(f)		1.60	%		1.68	%		1.46	%		1.45	%		1.53	%
Supplemental Data
Net assets, end of period (000)	$	13,235,695		$	9,909,026		$	12,170,174		$	16,973,038		$	16,017,689		$	14,015,180
Portfolio turnover rate(g)		3	%(e)		4	%		7	%		4	%		4	%		4	%

^(a)  Per share amounts reflect a one-for-four reverse stock split effective after the close of trading on November 4, 2016.

^(b)  Based on average shares outstanding.

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

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

^(e)  Not annualized.

^(f)  Annualized.

^(g)  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 39

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares MSCI Mexico ETF
	Six Months Ended 02/28/21 (unaudited)			Year Ended 08/31/20			Year Ended 08/31/19			Year Ended 08/31/18			Year Ended 08/31/17			Year Ended 08/31/16
Net asset value, beginning of period	$	33.00		$	41.47		$	50.38		$	56.68		$	50.48		$	52.70
Net investment income(a)		0.30			0.61			1.09			0.95			0.88			0.93
Net realized and unrealized gain (loss)(b)		8.01			(8.52	)		(8.75	)		(6.17	)		6.10			(1.82	)
Net increase (decrease) from investment operations		8.31			(7.91	)		(7.66	)		(5.22	)		6.98			(0.89	)
Distributions(c)
From net investment income		(0.49	)		(0.56	)		(1.25	)		(1.08	)		(0.78	)		(1.33	)
Total distributions		(0.49	)		(0.56	)		(1.25	)		(1.08	)		(0.78	)		(1.33	)
Net asset value, end of period	$	40.82		$	33.00		$	41.47		$	50.38		$	56.68		$	50.48
Total Return
Based on net asset value		25.13	%(d)		(19.36	)%		(15.23	)%		(9.02	)%		14.03	%		(1.68	)%
Ratios to Average Net Assets
Total expenses		0.50	%(e)		0.51	%		0.49	%		0.47	%		0.49	%		0.48	%
Net investment income		1.52	%(e)		1.59	%		2.46	%		1.87	%		1.79	%		1.82	%
Supplemental Data
Net assets, end of period (000)	$	1,102,098		$	834,927		$	626,243		$	1,168,930		$	1,320,642		$	1,317,518
Portfolio turnover rate(f)		8	%(d)		12	%		5	%		7	%		8	%		8	%

^(a)  Based on average shares outstanding.

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

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

^(d)  Not annualized.

^(e)  Annualized.

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

See notes to financial statements.

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Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares MSCI South Korea ETF
	Six Months Ended 02/28/21 (unaudited)			Year Ended 08/31/20			Year Ended 08/31/19			Year Ended 08/31/18			Year Ended 08/31/17			Year Ended 08/31/16
Net asset value, beginning of period	$	63.04		$	53.34		$	67.65		$	68.19		$	56.89		$	48.15
Net investment income(a)		1.11			0.83			0.97			0.94			0.64			0.56
Net realized and unrealized gain (loss)(b)		24.68			10.18			(14.49	)		0.70			11.31			9.38
Net increase (decrease) from investment operations		25.79			11.01			(13.52	)		1.64			11.95			9.94
Distributions(c)
From net investment income		(0.63	)		(1.31	)		(0.79	)		(2.18	)		(0.65	)		(1.20	)
Total distributions		(0.63	)		(1.31	)		(0.79	)		(2.18	)		(0.65	)		(1.20	)
Net asset value, end of period	$	88.20		$	63.04		$	53.34		$	67.65		$	68.19		$	56.89
Total Return
Based on net asset value		41.00	%(d)		20.77	%		(20.08	)%		2.15	%		21.28	%		20.92	%
Ratios to Average Net Assets
Total expenses		0.57	%(e)		0.59	%		0.59	%		0.59	%		0.62	%		0.64	%
Net investment income		2.83	%(e)		1.45	%		1.62	%		1.31	%		1.05	%		1.09	%
Supplemental Data
Net assets, end of period (000)	$	7,541,209		$	4,857,482		$	3,848,564		$	3,906,891		$	3,784,638		$	3,452,970
Portfolio turnover rate(f)		5	%(d)(g)		15	%(g)		16	%(g)		18	%(g)		16	%(g)		22	%(g)
(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) Not annualized. (e) Annualized. (f)  Portfolio turnover rate includes portfolio transactions that are executed as a result of the Fund offering and redeeming Creation Units solely for cash in U.S. dollars (“cash creations”).
(g) Portfolio turnover rate excluding cash creations was as follows:		3	%		9	%		5	%		11	%		6	%		10	%

See notes to financial statements.

F I N A N C I A L  H I G H L I G H T S 41

Notes to Financial Statements (unaudited)

1. ORGANIZATION

iShares, Inc. (the “Company”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Company is organized as a Maryland corporation and is authorized to have multiple series or portfolios.

These financial statements relate only to the following funds (each, a “Fund,” and collectively, the “Funds”):

iShares ETF	Diversification   Classification
MSCI Australia	Non-diversified
MSCI Canada	Diversified
MSCI Japan	Diversified
MSCI Mexico	Non-diversified
MSCI South Korea	Non-diversified

2. SIGNIFICANT ACCOUNTING POLICIES

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

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

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

Each Fund does not isolate the effect of fluctuations in foreign exchange rates from the effect of fluctuations in the market prices of investments for financial reporting purposes. Accordingly, the effects of changes in exchange rates on investments are not segregated in the statement 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 statement 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, 2021, if any, are disclosed in the statement 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 statement of operations includes tax reclaims recorded as well as professional and other fees, if any, associated with recovery of foreign withholding taxes.

Segregation and Collateralization: In cases where a Fund enters into certain investments (e.g., futures contracts) that would be treated as “senior securities” for 1940 Act purposes, a Fund may segregate or designate on its books and record cash or liquid assets having a market value at least equal to the amount of its future obligations under such investments. Doing so allows the investment to be excluded from treatment as a “senior security.” Furthermore, if required by an exchange or counterparty agreement, the Funds may be required to deliver/deposit cash and/or securities to/with an exchange, or broker-dealer or custodian as collateral for certain investments or obligations.

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

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Notes to Financial Statements (unaudited) (continued)

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

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

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

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

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

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

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

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

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

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

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

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

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

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

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

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

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Notes to Financial Statements (unaudited) (continued)

on loan. The market value of the loaned securities is determined at the close of each business day of the Fund and any additional required collateral is delivered to the Fund or excess collateral is returned by the Fund, on the next business day. During the term of the loan, each Fund is entitled to all distributions made on or in respect of the loaned securities but does not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

As of period end, any securities on loan were collateralized by cash and/or U.S. Government obligations. Cash collateral invested in money market funds managed by BlackRock Fund Advisors (“BFA”), the Funds’ investment adviser, or its affiliates is disclosed in the schedules 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 as of February 28, 2021:

iShares ETF and Counterparty	Market Value of Securities on Loan		Cash Collateral     Received(a)		Non-Cash Collateral Received		Net Amount
MSCI Canada
Barclays Capital Inc.	$	9,548,864	$	9,548,864	$	—	$	—
BofA Securities, Inc.		208,776		208,776		—		—
JPMorgan Securities LLC		211,287		211,287		—		—
Wells Fargo Securities LLC		803,249		803,249		—		—
	$	10,772,176	$	10,772,176	$	—	$	—
MSCI Mexico
BofA Securities, Inc.	$	370,019	$	370,019	$	—	$	—
Credit Suisse Securities (USA) LLC		227,130		227,130		—		—
Morgan Stanley & Co. LLC		10,964,879		10,964,879		—		—
	$	11,562,028	$	11,562,028	$	—	$	—
MSCI South Korea
BofA Securities, Inc.	$	23,594,003	$	23,594,003	$	—	$	—
Citigroup Global Markets Inc.		6,105,919		6,105,919		—		—
JPMorgan Securities LLC		7,593,684		7,593,684		—		—
Macquarie Bank Limited		5,809,941		5,809,941		—		—
Morgan Stanley & Co. LLC		171,786,565		171,786,565		—		—
	$	214,890,112	$	214,890,112	$	—	$	—

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

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

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Notes to Financial Statements (unaudited) (continued)

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 statement 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 statement 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 statement of assets and liabilities. When the contract is closed, a realized gain or loss is recorded in the statement of operations equal to the difference between the notional amount of the contract at the time it was opened and the notional amount at the time it was closed. The use of futures contracts involves the risk of an imperfect correlation in the movements in the price of futures contracts and interest rates, foreign currency exchange rates or underlying assets.

6. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

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

For its investment advisory services to each of the iShares MSCI Australia, iShares MSCI Canada, iShares MSCI Japan and iShares MSCI Mexico ETFs, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Funds, based on each Fund’s allocable portion of the aggregate of the average daily net assets of the Fund and certain other iShares funds, as follows:

Aggregate Average Daily Net Assets	Investment Advisory Fee
First $7 billion		0.59	%
Over $7 billion, up to and including $11 billion		0.54
Over $11 billion, up to and including $24 billion		0.49
Over $24 billion, up to and including $48 billion		0.44
Over $48 billion, up to and including $72 billion		0.40
Over $72 billion, up to and including $96 billion		0.36
Over $96 billion		0.32

For its investment advisory services to the iShares MSCI South Korea ETF, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Fund, based on the Fund’s allocable portion of the aggregate of the average daily net assets of the Fund and certain other iShares funds, as follows:

Aggregate Average Daily Net Assets	Investment Advisory Fee
First $2 billion		0.74	%
Over $2 billion, up to and including $4 billion		0.69
Over $4 billion, up to and including $8 billion		0.64
Over $8 billion, up to and including $16 billion		0.57
Over $16 billion, up to and including $24 billion		0.51
Over $24 billion, up to and including $32 billion		0.48
Over $32 billion		0.45

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. 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,

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Notes to Financial Statements (unaudited) (continued)

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 statement of operations. For the six months ended February 28, 2021, the Funds paid BTC the following amounts for securities lending agent services:

iShares ETF	Fees Paid to BTC
MSCI Canada	$	15,251
MSCI Japan		3,085
MSCI Mexico		14,846
MSCI South Korea		358,134

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, 2021, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:

iShares ETF	Purchases		Sales		Net Realized Gain (Loss)
MSCI Australia	$	1,861,169	$	3,978,430	$	(1,079,065	)
MSCI Canada		2,216,711		4,579,524		(1,033,452	)
MSCI Japan		142,643,968		61,008,840		(74,710,247	)
MSCI South Korea		17,412,510		7,285,589		642,691

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 statement 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, 2021, purchases and sales of investments, excluding short-term investments and in-kind transactions, were as follows:

iShares ETF	Purchases		Sales
MSCI Australia	$	40,628,683	$	25,326,278
MSCI Canada		86,043,044		55,014,487
MSCI Japan		437,283,607		301,343,829
MSCI Mexico		97,057,015		84,967,301
MSCI South Korea		910,672,725		286,430,217

For the six months ended February 28, 2021, in-kind transactions were as follows:

iShares ETF	In-kind Purchases		In-kind Sales
MSCI Australia	$	372,944,402	$	456,469,734
MSCI Canada		860,281,951		245,789,116
MSCI Japan		2,176,444,411		654,802,131
MSCI Mexico		889,301,737		807,725,585

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, 2021, 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.

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Notes to Financial Statements (unaudited) (continued)

As of August 31, 2020, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:

iShares ETF	Non-Expiring
MSCI Australia	$	252,639,282
MSCI Canada		752,314,273
MSCI Japan		1,205,625,657
MSCI Mexico		368,643,806
MSCI South Korea		613,182,217

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, 2021, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:

iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
MSCI Australia	$	1,573,609,763	$	111,332,259	$	(259,625,787	)	$	(148,293,528	)
MSCI Canada		3,267,967,003		379,211,520		(438,324,708	)		(59,113,188	)
MSCI Japan		12,570,744,219		2,059,575,433		(1,420,599,840	)		638,975,593
MSCI Mexico		1,441,468,261		28,761,492		(356,840,484	)		(328,078,992	)
MSCI South Korea		4,153,831,378		4,205,068,912		(725,779,038	)		3,479,289,874

9. LINE OF CREDIT

The iShares MSCI South Korea ETF, along with certain other iShares funds (“Participating Funds”), is a party to a $300 million credit agreement (“Credit Agreement”) with State Street Bank and Trust Company, which expires on July 15, 2021. 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 Credit Agreement sets specific sub limits on aggregate borrowings based on two tiers of Participating Funds: $300 million with respect to the funds within Tier 1 and $200 million with respect to Tier 2, including the Fund. The Funds may borrow up to the aggregate commitment amount subject to asset coverage and other limitations as specified in the Credit Agreement. The Credit Agreement has the following terms: a commitment fee of 0.20% per annum on the unused portion of the credit agreement and interest at a rate equal to the higher of (a) the one-month LIBOR rate (not less than zero) plus 1.00% per annum or (b) the U.S. Federal Funds rate (not less than zero) plus 1.00% per annum on amounts borrowed. The commitment fee is generally allocated to each Participating Fund based on the lesser of a Participating Fund’s relative exposure to certain target markets or a Participating Fund’s maximum borrowing amount as set forth by the terms of the Credit Agreement.

During the six months ended February 28, 2021, the Fund did not borrow under the credit agreement.

10. PRINCIPAL RISKS

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

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

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

Market Risk: An outbreak of respiratory disease caused by a novel coronavirus has developed into a global pandemic and has resulted in closing borders, quarantines, disruptions to supply chains and customer activity, as well as general concern and uncertainty. The impact of this pandemic, and other global health crises that may arise in the future, could affect the economies of many nations, individual companies and the market in general in ways that cannot necessarily be foreseen at the present time. This pandemic may result in substantial market volatility and may adversely impact the prices and liquidity of a fund’s investments. The duration of this pandemic and its effects cannot be determined with certainty.

Valuation Risk: The market values of equities, such as common stocks and preferred securities or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company. They may also decline due to factors which affect a particular industry or

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Notes to Financial Statements (unaudited) (continued)

industries. A fund may invest in illiquid investments. An illiquid investment is any investment that a fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. A fund may experience difficulty in selling illiquid investments in a timely manner at the price that it believes the investments are worth. Prices may fluctuate widely over short or extended periods in response to company, market or economic news. Markets also tend to move in cycles, with periods of rising and falling prices. This volatility may cause a fund’s NAV to experience significant increases or decreases over short periods of time. If there is a general decline in the securities and other markets, the NAV of a fund may lose value, regardless of the individual results of the securities and other instruments in which a fund invests.

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

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

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

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

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

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

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

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

LIBOR Transition Risk: The United Kingdom’s Financial Conduct Authority announced a phase out of the London Interbank Offered Rate (“LIBOR”) by the end of 2021, and it is expected that LIBOR will cease to be published after that time. The Funds may be exposed to financial instruments tied to LIBOR to determine payment obligations, financing terms, hedging strategies or investment value. The transition process away from LIBOR might lead to increased volatility and illiquidity in markets for, and reduce the effectiveness of new hedges placed against, instruments whose terms currently include LIBOR. The ultimate effect of the LIBOR transition process on the Funds is uncertain.

11. CAPITAL SHARE TRANSACTIONS

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

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Notes to Financial Statements (unaudited) (continued)

Transactions in capital shares were as follows:

	Six Months Ended 02/28/21						Year Ended 08/31/20
iShares ETF	Shares			Amount			Shares			Amount
MSCI Australia
Shares sold		17,600,000		$	390,353,567			24,400,000		$	512,582,367
Shares redeemed		(19,000,000	)		(459,065,805	)		(29,200,000	)		(607,728,335	)
Net decrease		(1,400,000	)	$	(68,712,238	)		(4,800,000	)	$	(95,145,968	)
MSCI Canada
Shares sold		28,800,000		$	897,123,984			20,400,000		$	565,536,537
Shares redeemed		(8,500,000	)		(247,212,501	)		(34,400,000	)		(952,299,812	)
Net increase (decrease)		20,300,000		$	649,911,483			(14,000,000	)	$	(386,763,275	)
MSCI Japan
Shares sold		35,550,000		$	2,231,781,943			65,100,000		$	3,621,012,076
Shares redeemed		(10,200,000	)		(656,698,096	)		(119,850,000	)		(6,556,972,919	)
Net increase (decrease)		25,350,000		$	1,575,083,847			(54,750,000	)	$	(2,935,960,843	)
MSCI Mexico
Shares sold		22,600,000		$	915,962,821			56,300,000		$	2,102,863,393
Shares redeemed		(20,900,000	)		(820,091,382	)		(46,100,000	)		(1,769,992,902	)
Net increase		1,700,000		$	95,871,439			10,200,000		$	332,870,491
MSCI South Korea
Shares sold		9,750,000		$	767,091,448			9,900,000		$	576,836,249
Shares redeemed		(1,300,000	)		(84,368,281	)		(5,000,000	)		(244,501,944	)
Net increase		8,450,000		$	682,723,167			4,900,000		$	332,334,305

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 statement 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.

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Statement Regarding Liquidity Risk Management Program (unaudited)

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), iShares, Inc. (the “Company”) has adopted and implemented a liquidity risk management program (the “Program”) for iShares MSCI Australia ETF, iShares MSCI Canada ETF, iShares MSCI Japan ETF, iShares MSCI Mexico ETF and iShares MSCI South Korea ETF (the “Funds” or “ETFs”), each a series of the Company, which is reasonably designed to assess and manage each Fund’s liquidity risk.

The Board of Directors (the “Board”) of the Company, on behalf of the Funds, met on December 2, 2020 (the “Meeting”) to review the Program. The Board previously appointed BlackRock Fund Advisors (“BlackRock”), the investment adviser to the Funds, as the program administrator for each Fund’s Program. BlackRock also previously delegated oversight of the Program to the 40 Act Liquidity Risk Management Committee (the “Committee”). At the Meeting, the Committee, on behalf of BlackRock, provided the Board with a report that addressed the operation of the Program and assessed its adequacy and effectiveness of implementation, including the management of each Fund’s Highly Liquid Investment Minimum (“HLIM”) where applicable, and any material changes to the Program (the “Report”). The Report covered the period from October 1, 2019 through September 30, 2020 (the “Program Reporting Period”).

The Report described the Program’s liquidity classification methodology for categorizing a Fund’s investments (including derivative transactions) into one of four liquidity buckets. It also referenced the methodology used by BlackRock to establish a Fund’s HLIM and noted that the Committee reviews and ratifies the HLIM assigned to each Fund no less frequently than annually. The Report also discussed notable events affecting liquidity over the Program Reporting Period, including extended market holidays and closures in certain countries and the impact of the coronavirus outbreak on the Funds and the overall market.

The Report noted that the Program complied with the key factors for consideration under the Liquidity Rule for assessing, managing and periodically reviewing a Fund’s liquidity risk, as follows:

a) 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 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.

b) 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.

c) Holdings of cash and cash equivalents, as well as borrowing arrangements. The Committee considered that ETFs generally do not hold more than de minimis amounts of cash. While the ETFs generally do not engage in borrowing, certain of the ETFs have the flexibility to draw on a line of credit to meet redemption requests or facilitate settlements.

d) The relationship between an ETF’s portfolio liquidity and the way in which, and the prices and spreads at which, ETF shares trade, including the efficiency of the arbitrage function and the level of active participation by market participants, including authorized participants. The Committee monitored the prevailing bid/ask spread and the ETF price premium (or discount) to NAV for all ETFs and reviewed any persistent deviations from long-term averages.

e) The effect of the composition of baskets on the overall liquidity of an ETF’s portfolio. In reviewing the linkage between the composition of custom baskets accepted by an ETF and any significant change in the liquidity profile of such ETF, the Committee reviewed changes in the proportion of each ETF’s portfolio comprised of less liquid and illiquid holdings to determine if applicable thresholds were met requiring enhanced review.

As part of BlackRock’s continuous review of the effectiveness of the Program, the Committee made the following enhancements to the Program: (1) certain single country emerging market ETFs were added to a $300 million credit agreement with State Street Bank and Trust Company; and (2) certain updates were made to the RATS and HLIM calculation 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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Supplemental Information (unaudited)

Regulation Regarding Derivatives

On October 28, 2020, the Securities and Exchange Commission (the “SEC”) adopted new regulations governing the use of derivatives by registered investment companies (“Rule 18f-4”). The Funds will be required to implement and comply with Rule 18f-4 by August 19, 2022. Once implemented, Rule 18f-4 will impose limits on the amount of derivatives a fund can enter into, eliminate the asset segregation framework currently used by funds to comply with Section 18 of the 1940 Act, treat derivatives as senior securities and require funds whose use of derivatives is more than a limited specified exposure amount to establish and maintain a comprehensive derivatives risk management program and appoint a derivatives risk manager.

Section 19(a) Notices

The amounts and sources of distributions reported are estimates and are being provided pursuant to regulatory requirements and are not being provided for tax reporting purposes. The actual amounts and sources for tax reporting purposes will depend upon each Fund’s investment experience during the year and may be subject to changes based on tax regulations. Shareholders will receive a Form 1099-DIV each calendar year that will inform them how to report these distributions for federal income tax purposes.

February 28, 2021

	Total Cumulative Distributions for the Fiscal Year-to-Date								% Breakdown of the Total Cumulative Distributions for the Fiscal Year-to-Date
iShares ETF	Net Investment Income		Net Realized Capital Gains		Return of Capital		Total Per Share		Net Investment Income			Net Realized Capital Gains			Return of Capital			Total Per Share
MSCI Australia(a)	$	0.180529	$	—	$	0.019912	$	0.200441		90	%		—	%		10	%		100	%
MSCI Canada(a)		0.239556		—		0.145791		0.385347		62			—			38			100
MSCI Mexico(a)		0.477685		—		0.013204		0.490889		97			—			3			100
MSCI South Korea(a)		—		—		0.630268		0.630268		—			—			100			100

^(a)  The Fund estimates that it has distributed more than its net investment income and net realized capital gains; therefore, a portion of the distribution may be a return of capital. A return of capital may occur, for example, when some or all of the shareholder’s investment in the Fund is returned to the shareholder. A return of capital does not necessarily reflect the Fund’s investment performance and should not be confused with “yield” or “income”. When distributions exceed total return performance, the difference will incrementally reduce the Fund’s net asset value per share.

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General Information

Electronic Delivery

Shareholders can sign up for email notifications announcing that the shareholder report or prospectus has been posted on the iShares website at iShares.com. Once you have enrolled, you will no longer receive prospectuses and shareholder reports in the mail.

To enroll in electronic delivery:

• Go to icsdelivery.com.

• If your brokerage firm is not listed, electronic delivery may not be available. Please contact your broker-dealer or financial advisor.

Householding

Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents and Rule 30e-3 notices can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.

Availability of Quarterly Schedule of Investments

The Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT. The Funds’ Forms N-PORT are available on the SEC’s website at sec.gov. Additionally, each Fund makes its portfolio holdings for the first and third quarters of each fiscal year available at ishares.com/fundreports.

Availability of Proxy Voting Policies and Proxy Voting Records

A description of the policies and procedures that the iShares Funds use to determine how to vote proxies relating to portfolio securities and information about how the iShares Funds voted proxies relating to portfolio securities during the most recent twelve-month period ending June 30 is available without charge, upon request (1) by calling toll-free 1-800-474-2737; (2) on the iShares website at iShares.com; and (3) on the SEC website at sec.gov.

A description of the Company’s policies and procedures with respect to the disclosure of the Fund’s portfolio securities is available in the Fund Prospectus. The Fund discloses its portfolio holdings daily and provides information regarding its top holdings in Fund fact sheets at iShares.com.

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Glossary of Terms Used in this Report

Portfolio Abbreviations - Equity
CPO	Certificates of Participation (Ordinary)
NVS	Non-Voting Shares
REIT	Real Estate Investment Trust

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Want to know more?

iShares.com     |     1-800-474-2737

This report is intended for the Funds’ shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by the current prospectus.

Investing involves risk, including possible loss of principal.

The iShares Funds are distributed by BlackRock Investments, LLC (together with its affiliates, “BlackRock”).

The iShares Funds are not sponsored, endorsed, issued, sold or promoted by MSCI Inc., nor does this company make any representation regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the company listed above.

©2021 BlackRock, Inc. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.

iS-SAR-815-0221

FEBRUARY 28, 2021

2021 Semi-Annual Report
(Unaudited)

iShares, Inc.

🌑 iShares Core MSCI Emerging Markets ETF | IEMG | NYSE Arca

🌑 iShares MSCI BRIC ETF | BKF | NYSE Arca

🌑 iShares MSCI Emerging Markets Asia ETF | EEMA | NASDAQ

🌑 iShares MSCI Emerging Markets Small-Cap ETF | EEMS | NYSE Arca

The Markets in Review

Dear Shareholder,

The 12-month reporting period as of February 28, 2021 reflected a remarkable period of disruption and adaptation, as the global economy dealt with the implications of the coronavirus (or “COVID-19”) pandemic. As the period began, the threat from the virus was becoming increasingly apparent, and countries around the world took economically disruptive countermeasures. Stay-at-home orders and closures of non-essential businesses became widespread, many workers were laid off, and unemployment claims spiked, causing a global recession and a sharp fall in equity prices.

After markets hit their lowest point of the reporting period in late March 2020, a steady recovery ensued, as businesses began to re-open and governments learned to adapt to life with the virus. Equity prices continued to rise throughout the summer, fed by strong fiscal and monetary support and improving economic indicators. Many equity indices neared or surpassed all-time highs late in the reporting period following the implementation of mass vaccination campaigns and progress of additional stimulus through the U.S. Congress. In the United States, both large- and small-capitalization stocks posted a significant advance. International equities also gained, as both developed countries and emerging markets rebounded substantially from lows in late March 2020.

During the market downturn, the performance of different types of fixed-income securities initially diverged due to a reduced investor appetite for risk. U.S. Treasuries benefited from the risk-off environment, as the 10-year U.S. Treasury yield (which is inversely related to bond prices) dropped to historic lows. However, inflation risk from a rapidly expanding economy raised yields late in the reporting period, leading to a negative overall return for most U.S. Treasuries. In the corporate bond market, support from the U.S. Federal Reserve (the “Fed”) assuaged credit concerns and both investment-grade and high-yield bonds recovered to post positive returns.

Following the coronavirus outbreak, the Fed instituted two emergency interest rate cuts, pushing short-term interest rates, already low as the year began, close to zero. To stabilize credit markets, the Fed also implemented a new bond-buying program, as did several other central banks around the world, including the European Central Bank and the Bank of Japan.

Looking ahead, while coronavirus-related disruptions have clearly hindered worldwide economic growth, we believe that the global expansion will continue to accelerate as vaccination efforts ramp up and pent-up consumer demand leads to higher spending. In early 2021, Congress passed one of the largest economic rescue packages in U.S. history, which should provide a solid tailwind for economic growth. Inflation is likely to increase somewhat as the expansion continues, but a shift in central bank policy means that moderate inflation is less likely to be followed by interest rate hikes that could threaten the equity expansion.

Overall, we favor a positive stance toward risk, with an overweight in equities. We see U.S. and Asian equities outside of Japan benefiting from structural growth trends in tech, while emerging markets should be particularly helped by a vaccine-led economic expansion. While we are neutral overall on credit, rising inflation should provide tailwinds for inflation-protected bonds, and global high-yield and Asian bonds also present attractive opportunities. We believe that international diversification and a focus on sustainability can help provide portfolio resilience, and the disruption created by the coronavirus appears to be accelerating the shift toward sustainable investments.

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

Sincerely,

Rob Kapito

President, BlackRock, Inc.

Rob Kapito

President, BlackRock, Inc.

Total Returns as of February 28, 2021
	6-Month	12-Month
U.S. large cap equities (S&P 500®  Index)	9.74%	31.29%
U.S. small cap equities (Russell 2000® Index)	41.69	51.00
International equities (MSCI Europe, Australasia, Far East Index)	14.33	22.46
Emerging market equities (MSCI Emerging Markets Index)	22.32	36.05
3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)	0.06	0.40
U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)	(6.34)	(1.96)
U.S. investment grade bonds (Bloomberg Barclays U.S. Aggregate Bond Index)	(1.55)	1.38
Tax-exempt municipal bonds (S&P Municipal Bond Index)	0.92	1.22
U.S. high yield bonds (Bloomberg Barclays U.S. Corporate High Yield 2% Issuer Capped Index)	6.08	9.31
Past performance is no guarantee of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.

2 THIS   PAGE   IS   NOT   PART   OF   YOUR   FUND   REPORT

Table of Contents

	Page
The Markets in Review		2
Fund Summary		4
About Fund Performance		8
Shareholder Expenses		8
Consolidated Schedules of Investments		9
Consolidated Financial Statements
Consolidated Statements of Assets and Liabilities		66
Consolidated Statements of Operations		67
Consolidated Statements of Changes in Net Assets		68
Consolidated Financial Highlights		70
Notes to Consolidated Financial Statements		74
Statement Regarding Liquidity Risk Management Program		84
Supplemental Information		85
General Information		86
Glossary of Terms Used in this Report		87

Fund Summary as of February 28, 2021 iShares^® Core MSCI Emerging Markets ETF

Investment Objective

The iShares Core MSCI Emerging Markets ETF (the “Fund”) seeks to track the investment results of an index composed of large-, mid- and small-capitalization emerging market equities, as represented by the MSCI Emerging Markets 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 Months			1 Year			5 Years			Since Inception			1 Year			5 Years			Since Inception
Fund NAV		22.53	%		36.20	%		14.74	%		5.77	%		36.20	%		98.86	%		59.91	%
Fund Market		22.91			35.75			14.74			5.79			35.75			98.89			60.19
Index		22.85			36.63			14.74			5.77			36.63			98.88			59.94

The inception date of the Fund was 10/18/12. The first day of secondary market trading was 10/22/12.

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

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 8 for more information.

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value (09/01/20)	Ending Account Value (02/28/21)	Expenses Paid During the Period	(a)		Beginning Account Value (09/01/20)	Ending Account Value (02/28/21)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$       1,000.00	$       1,225.30	$         0.66			$       1,000.00	$       1,024.20	$         0.60		0.12	%

^(a)  Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (181 days) and divided by the number of days in the year (365 days). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” on page 8 for more information.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of Total Investments	(a)
Information Technology	20.7	%
Consumer Discretionary	18.0
Financials	16.8
Communication Services	11.5
Materials	8.2
Consumer Staples	5.5
Industrials	5.3
Health Care	4.9
Energy	4.4
Real Estate	2.6
Utilities	2.1

TEN LARGEST GEOGRAPHIC ALLOCATION

Country/Geographic Region	Percent of Total Investments	(a)
China	36.9	%
Taiwan	14.4
South Korea	13.6
India	10.1
Brazil	4.4
South Africa	3.5
Russia	2.7
Saudi Arabia	2.5
Thailand	2.0
Mexico	1.6

^(a) Excludes money market funds.

4 2 0 2 1   I SHARES    SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Fund Summary as of February 28, 2021 iShares^® MSCI BRIC ETF

Investment Objective

The iShares MSCI BRIC ETF (the “Fund”) seeks to track the investment of an index composed of Chinese equities that are available to international investors, and Brazilian, Russian, and Indian equities, as represented by the MSCI BRIC Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

				Average Annual Total Returns									Cumulative Total Returns
	6 Months			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		15.36	%		31.05	%		17.84	%		3.47	%		31.05	%		127.24	%		40.63	%
Fund Market		16.06			30.69			17.96			3.42			30.69			128.42			40.02
Index		15.86			31.87			18.47			4.21			31.87			133.38			51.00

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 8 for more information.

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value (09/01/20)	Ending Account Value (02/28/21)	Expenses Paid During the Period	(a)		Beginning Account Value (09/01/20)	Ending Account Value (02/28/21)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$      1,000.00	$      1,153.60	$        3.79			$      1,000.00	$      1,021.30	$         3.56		0.71	%

^(a)  Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (181 days) and divided by the number of days in the year (365 days). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” on page 8 for more information.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of Total Investments	(a)
Consumer Discretionary	27.1	%
Financials	17.0
Communication Services	16.5
Information Technology	6.9
Energy	6.1
Materials	6.1
Health Care	5.6
Consumer Staples	5.5
Industrials	4.3
Real Estate	2.7
Utilities	2.2

GEOGRAPHIC ALLOCATION

Country/Geographic Region	Percent of Total Investments	(a)
China	70.7	%
India	16.6
Brazil	7.5
Russia	5.2

^(a)  Excludes money market funds.

FUND   SUMMARY 5

Fund Summary as of February 28, 2021 iShares^® MSCI Emerging Markets Asia ETF

Investment Objective

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

Performance

				Average Annual Total Returns									Cumulative Total Returns
	6 Months			1 Year			5 Years			Since Inception			1 Year			5 Years			Since Inception
Fund NAV		22.77	%		42.50	%		16.57	%		7.85	%		42.50	%		115.26	%		98.32	%
Fund Market		23.03			42.94			16.71			7.93			42.94			116.51			99.64
Index		23.40			43.51			17.16			8.27			43.51			120.75			105.49

The inception date of the Fund was 2/8/12. The first day of secondary market trading was 2/9/12.

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

Index performance through May 31, 2018 reflects the performance of the MSCI Emerging Markets Asia. Index performance beginning on June 1, 2018 reflects the performance of the MSCI EM Asia Custom Capped Index.

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 8 for more information.

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value (09/01/20)	Ending Account Value (02/28/21)	Expenses Paid During the Period	(a)		Beginning Account Value (09/01/20)	Ending Account Value (02/28/21)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$      1,000.00	$      1,227.70	$        2.76			$      1,000.00	$      1,022.30	$         2.51		0.50	%

^(a)  Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (181 days) and divided by the number of days in the year (365 days). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” on page 8 for more information.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of Total Investments	(a)
Information Technology	22.9	%
Consumer Discretionary	19.7
Financials	16.1
Communication Services	12.0
Materials	5.8
Industrials	5.6
Consumer Staples	5.3
Health Care	4.7
Energy	3.3
Real Estate	2.6
Utilities	2.0

GEOGRAPHIC ALLOCATION

Country/Geographic Region	Percent of Total Investments	(a)
China	48.3	%
Taiwan	17.1
South Korea	15.5
India	11.4
Thailand	2.6
Malaysia	2.2
Indonesia	1.8
Philippines	1.1
Pakistan	0.0	(b)

^(a)  Excludes money market funds.

^(b)  Rounds to less than 0.1%.

6 2 0 2 1   I SHARES    SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Fund Summary as of February 28, 2021 iShares^® MSCI Emerging Markets Small-Cap ETF

Investment Objective

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

Performance

				Average Annual Total Returns									Cumulative Total Returns
	6 Months			1 Year			5 Years			Since Inception			1 Year			5 Years			Since Inception
Fund NAV		27.11	%(a)		41.33	%		11.14	%		3.89	%		41.33	%		69.57	%		43.94	%
Fund Market		29.03			41.94			11.25			3.94			41.94			70.38			44.54
Index		27.48			41.75			11.36			4.33			41.75			71.23			49.84

The inception date of the Fund was 8/16/11. The first day of secondary market trading was 8/18/11.

^(a)  The NAV total return presented in the table for the six-months period differs from the same period return disclosed in the financial highlights. The total return in the financial highlights is calculated in the same manner but differs due to certain adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles.

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

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 8 for more information.

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value (09/01/20)	Ending Account Value (02/28/21)	Expenses Paid During the Period	(a)		Beginning Account Value (09/01/20)	Ending Account Value (02/28/21)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$      1,000.00	$      1,271.10	$        3.94			$      1,000.00	$      1,021.30	$         3.51		0.70	%

^(a)  Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (181 days) and divided by the number of days in the year (365 days). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” on page 8 for more information.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of Total Investments	(a)
Information Technology	17.9	%
Industrials	14.6
Consumer Discretionary	12.8
Materials	12.3
Financials	10.6
Health Care	9.1
Real Estate	6.9
Consumer Staples	5.7
Utilities	4.2
Communication Services	3.8
Energy	2.1

TEN LARGEST GEOGRAPHIC ALLOCATION

Country/Geographic Region	Percent of Total Investments	(a)
Taiwan	21.1	%
South Korea	17.5
India	16.7
China	11.7
Brazil	5.9
Thailand	3.6
South Africa	3.4
Malaysia	3.2
Saudi Arabia	2.3
Indonesia	2.0

^(a) Excludes money market funds.

FUND   SUMMARY 7

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 the 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 by 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. Since shares of a fund may not trade in the secondary market until after the fund’s inception, for the period from inception to the first day of secondary market trading in shares of the fund, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.

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

Shareholder Expenses

As a shareholder of your Fund, you incur two types of costs: (1) transaction costs, including brokerage commissions on purchases and sales of fund shares and (2) ongoing costs, including management fees and other fund expenses. The expense example, which is based on an investment of $1,000 invested at the beginning of the period (or from the commencement of operations if less than 6 months) and held through the end of the period, is intended to help you understand your ongoing costs (in dollars and cents) of investing in your Fund and to compare these costs with the ongoing costs of investing in other funds.

Actual Expenses – The table provides information about actual account values and actual expenses. Annualized expense ratios reflect contractual and voluntary fee waivers, if any. To estimate the expenses that you paid on your account over the period, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number under the heading entitled “Expenses Paid During the Period.”

Hypothetical Example for Comparison Purposes – The table also provides information about hypothetical account values and hypothetical expenses based on your Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses. You may use this information to compare the ongoing costs of investing in your Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as brokerage commissions and other fees paid on purchases and sales of fund shares. Therefore, the hypothetical examples are useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

8 2 0 2 1   I SHARES    SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Consolidated Schedule of Investments (unaudited)  February 28, 2021 iShares^® Core MSCI Emerging Markets ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Argentina — 0.2%
Adecoagro SA(a)(b)		1,050,674	$	8,668,060
Arcos Dorados Holdings Inc., Class A		1,282,750		6,760,093
Banco Macro SA, ADR(a)		380,143		5,154,739
Central Puerto SA, ADR(a)		904,797		1,990,553
Despegar.com Corp.(a)		489,041		5,819,588
Globant SA(a)(b)		311,373		66,858,011
Grupo Financiero Galicia SA, ADR		926,713		6,904,012
Pampa Energia SA, ADR(a)(b)		425,937		5,677,740
Telecom Argentina SA, ADR		772,038		4,601,346
Transportadora de Gas del Sur SA, Class B, ADR(a)		665,493		3,127,817
YPF SA, ADR(a)		1,488,805		6,446,526
				122,008,485
Brazil — 3.4%
AES Tiete Energia SA		1,514,744		4,185,690
Aliansce Sonae Shopping Centers SA(a)		1,352,801		5,687,393
Alupar Investimento SA		1,504,324		6,394,602
Ambev SA		38,949,999		97,985,661
Anima Holding SA(a)		2,276,100		3,790,063
Arezzo Industria e Comercio SA		443,512		5,675,757
Atacadao SA		3,182,700		10,856,376
B2W Cia. Digital(a)		1,871,803		27,541,085
B3 SA - Brasil, Bolsa, Balcao		17,169,828		167,291,099
Banco ABC Brasil SA(a)		21,269		58,238
Banco Bradesco SA		11,146,388		41,181,064
Banco BTG Pactual SA		1,978,400		36,081,603
Banco do Brasil SA		7,024,213		35,353,922
Banco Inter SA		827,467		23,070,280
Banco Santander Brasil SA		3,281,063		22,012,892
BB Seguridade Participacoes SA		5,455,943		24,895,637
BK Brasil Operacao e Assessoria a Restaurantes SA		1,859,200		2,945,736
BR Malls Participacoes SA(a)		6,419,224		9,617,807
BR Properties SA		2,521,891		3,683,475
BRF SA(a)		4,672,958		18,144,967
Camil Alimentos SA		1,168,882		2,187,570
CCR SA		10,169,487		20,528,567
Centrais Eletricas Brasileiras SA		2,712,300		15,773,345
Cia Brasileira de Distribuicao		1,304,700		19,431,030
Cia. de Locacao das Americas		2,883,336		12,344,479
Cia. de Saneamento Basico do Estado de Sao Paulo		2,812,928		18,574,344
Cia. de Saneamento de Minas Gerais-COPASA		1,805,500		4,674,884
Cia. de Saneamento do Parana		1,629,406		5,786,050
Cia. Hering		1,486,700		3,974,813
Cia. Siderurgica Nacional SA		5,859,956		34,562,179
Cielo SA		10,795,618		6,973,601
Cogna Educacao(a)		15,740,615		10,563,318
Construtora Tenda SA		713,500		3,271,086
Cosan Logistica SA(a)		1,524,523		5,569,533
Cosan SA		1,297,572		18,952,344
CPFL Energia SA		1,526,700		7,906,005
CVC Brasil Operadora e Agencia de Viagens SA(a)		1,642,529		4,871,839
Cyrela Brazil Realty SA Empreendimentos e Participacoes		2,519,000		11,209,517
Duratex SA		2,762,608		9,125,993
EcoRodovias Infraestrutura e Logistica SA(a)		2,229,500		4,412,554
EDP - Energias do Brasil SA		2,357,600		7,618,876
Embraer SA(a)		6,731,183		14,771,511

Security	Shares		Value
Brazil (continued)
Enauta Participacoes SA		832,700	$	1,940,907
Energisa SA		1,469,375		11,513,912
Eneva SA(a)		1,455,000		17,753,295
Engie Brasil Energia SA		1,590,375		11,742,929
Equatorial Energia SA		7,475,080		26,959,943
Ez Tec Empreendimentos e Participacoes SA		958,606		5,418,234
Fleury SA		1,809,014		8,709,027
Grendene SA		2,929,600		3,737,533
GRUPO DE MODA SOMA SA(a)		1,849,800		4,451,031
Grupo SBF SA(a)		977,000		3,919,886
Guararapes Confeccoes SA		917,438		2,024,832
Hapvida Participacoes e Investimentos SA(c)		9,613,370		26,737,107
Hypera SA		3,055,600		17,972,666
Iguatemi Empresa de Shopping Centers SA		1,006,500		5,697,971
Instituto Hermes Pardini SA		536,344		1,924,777
Iochpe Maxion SA		1,067,728		2,412,089
IRB Brasil Resseguros S/A(a)		8,129,835		8,752,660
JBS SA		8,788,861		40,718,887
JHSF Participacoes SA		2,579,900		2,999,749
Klabin SA		5,997,924		31,716,712
Light SA(a)		2,588,952		8,552,338
Linx SA		1,284,500		8,910,519
Localiza Rent a Car SA		5,102,003		53,097,707
Locaweb Servicos de Internet SA(c)		2,873,900		14,841,217
LOG Commercial Properties e Participacoes SA		652,572		3,723,596
Lojas Americanas SA		67,887		303,436
Lojas Quero Quero S/A		1,732,900		5,217,621
Lojas Renner SA		6,678,336		43,930,666
M. Dias Branco SA		938,997		4,823,837
Magazine Luiza SA		24,733,272		107,311,170
Mahle-Metal Leve SA		378,071		1,202,110
Marfrig Global Foods SA(a)		3,391,313		8,458,430
Minerva SA		2,586,000		4,500,982
Movida Participacoes SA		1,291,600		4,102,120
MRV Engenharia e Participacoes SA		2,656,142		8,016,492
Multiplan Empreendimentos Imobiliarios SA		2,279,929		8,051,068
Natura & Co. Holding SA(a)		7,545,100		62,507,472
Notre Dame Intermedica Participacoes SA		4,310,979		67,081,418
Odontoprev SA		2,168,000		5,068,865
Omega Geracao SA(a)		803,600		5,699,986
Petro Rio SA(a)		980,400		14,708,507
Petrobras Distribuidora SA		6,368,312		22,762,540
Petroleo Brasileiro SA		30,896,079		122,795,982
Qualicorp Consultoria e Corretora de Seguros SA		1,923,300		10,901,938
Raia Drogasil SA		8,922,385		37,190,946
Rumo SA(a)		10,759,781		34,945,324
Santos Brasil Participacoes SA		3,383,600		3,515,318
Sao Martinho SA		1,640,811		9,191,757
Ser Educacional SA(c)		621,200		1,369,905
SIMPAR SA		763,418		5,143,745
SLC Agricola SA		862,778		6,344,218
Sul America SA		2,489,432		14,754,210
Suzano SA(a)		5,564,554		73,058,454
Telefonica Brasil SA		3,756,240		29,656,034
TIM SA		6,674,500		15,329,775
TOTVS SA		4,137,300		23,295,767
Transmissora Alianca de Energia Eletrica SA		1,688,800		9,257,559
Ultrapar Participacoes SA		6,018,460		20,864,095
Vale SA		30,791,383		522,227,778
Via Varejo SA(a)		10,773,471		22,946,340

CONSOLIDATED   SCHEDULE   OF   INVESTMENTS 9

Consolidated Schedule of Investments (unaudited) (continued) February 28, 2021 iShares^® Core MSCI Emerging Markets ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Brazil (continued)
Vivara Participacoes SA		909,700	$	3,876,760
WEG SA		7,016,059		98,259,195
Wiz Solucoes e Corretagem de Seguros SA		995,700		1,118,433
YDUQS Participacoes SA		2,366,924		12,792,232
				2,568,348,794
Chile — 0.5%
AES Gener SA		32,651,989		5,621,324
Aguas Andinas SA, Class A		23,654,648		6,787,255
Banco de Chile		363,966,442		39,916,173
Banco de Credito e Inversiones SA		408,943		17,756,282
Banco Santander Chile		521,576,717		29,859,198
CAP SA		646,068		9,112,510
Cencosud SA		11,746,154		23,023,872
Cencosud Shopping SA		3,639,349		7,196,467
Cia. Cervecerias Unidas SA		987,699		8,529,364
Cia. Sud Americana de Vapores SA(a)		145,760,512		6,963,820
Colbun SA		65,790,245		12,299,793
Empresa Nacional de Telecomunicaciones SA		1,475,619		9,998,386
Empresas CMPC SA		8,862,394		25,860,342
Empresas COPEC SA		3,180,463		35,891,642
Enel Americas SA		285,234,770		43,445,676
Enel Chile SA(a)		225,857,923		16,708,933
Engie Energia Chile SA		6,184,321		7,354,448
Falabella SA		6,103,906		25,313,016
Forus SA		559,926		1,087,844
Grupo Security SA		9,032,962		1,998,526
Inversiones Aguas Metropolitanas SA		5,371,884		4,078,106
Inversiones La Construccion SA		330,724		2,355,226
Itau CorpBanca Chile SA		1,477,936,696		5,211,414
Parque Arauco SA		5,330,399		9,832,753
Ripley Corp. SA		6,847,064		2,206,073
SMU SA		19,384,883		2,868,181
SONDA SA		5,160,131		3,310,841
Vina Concha y Toro SA		4,331,608		7,037,957
				371,625,422
China — 36.8%
21Vianet Group Inc., ADR(a)(b)		736,449		26,836,202
360 DigiTech Inc.(a)(b)		553,109		12,959,344
360 Security Technology Inc., Class A		2,961,188		7,357,443
361 Degrees International Ltd.(b)		9,082,000		2,083,954
3SBio Inc.(a)(c)		10,612,000		10,560,905
51job Inc., ADR(a)(b)		233,280		15,303,168
AAC Technologies Holdings Inc.(b)		6,081,000		32,767,092
AECC Aviation Power Co. Ltd., Class A		1,328,616		12,339,192
Agile Group Holdings Ltd.		9,470,500		13,380,430
Agricultural Bank of China Ltd., Class A		41,174,347		20,714,734
Agricultural Bank of China Ltd., Class H		226,902,000		82,484,823
AGTech Holdings Ltd.(a)		14,356,000		399,737
Aier Eye Hospital Group Co. Ltd., Class A		2,102,577		23,453,362
Air China Ltd., Class H		16,996,000		14,022,108
AK Medical Holdings Ltd.(c)		3,382,000		4,978,819
Alibaba Group Holding Ltd., ADR(a)		15,767,195		3,748,808,284
Alibaba Health Information Technology Ltd.(a)		33,790,000		113,252,593
Alibaba Pictures Group Ltd.(a)(b)		105,890,000		14,742,302
A-Living Smart City Services Co. Ltd.(c)		3,866,500		16,198,992
Aluminum Corp. of China Ltd., Class H(a)		37,616,000		19,008,388
Anhui Conch Cement Co. Ltd., Class A		2,238,529		18,426,837
Anhui Conch Cement Co. Ltd., Class H		10,090,000		64,905,026
Anhui Gujing Distillery Co. Ltd., Class A		212,855		7,695,806

Security	Shares		Value
China (continued)
Anhui Gujing Distillery Co. Ltd., Class B		843,980	$	11,195,259
Anhui Kouzi Distillery Co. Ltd., Class A		375,708		3,331,587
ANTA Sports Products Ltd.		9,003,000		138,108,632
Aoyuan Healthy Life Group Co. Ltd.(b)		3,336,000		2,184,622
Ascletis Pharma Inc.(a)(b)(c)		3,990,000		1,558,483
Asia Cement China Holdings Corp.		4,726,000		4,447,369
Asymchem Laboratories Tianjin Co. Ltd., Class A		137,100		5,564,527
Autobio Diagnostics Co. Ltd., Class A		177,790		3,371,503
Autohome Inc., ADR		500,293		57,053,414
Avic Capital Co. Ltd., Class A		8,002,191		5,075,581
AVIC Jonhon Optronic Technology Co. Ltd., Class A		753,661		8,005,507
AVIC Shenyang Aircraft Co. Ltd., Class A		636,167		7,962,089
AVIC Xi’an Aircraft Industry Group Co. Ltd., Class A		1,708,527		8,350,355
AviChina Industry & Technology Co. Ltd., Class H		21,286,000		14,405,886
Baidu Inc., ADR(a)		2,245,044		636,380,172
Bank of Beijing Co. Ltd., Class A		15,114,806		11,126,434
Bank of Chengdu Co. Ltd., Class A		2,847,708		4,834,184
Bank of China Ltd., Class A		22,217,100		11,108,807
Bank of China Ltd., Class H		655,006,000		229,668,162
Bank of Communications Co. Ltd., Class A		22,305,680		15,731,376
Bank of Communications Co. Ltd., Class H		70,066,000		39,561,072
Bank of Hangzhou Co. Ltd., Class A		3,588,240		8,871,132
Bank of Jiangsu Co. Ltd., Class A		10,783,308		9,568,743
Bank of Nanjing Co. Ltd., Class A		6,861,121		9,317,787
Bank of Ningbo Co. Ltd., Class A		3,199,976		19,802,779
Bank of Shanghai Co. Ltd., Class A		9,405,464		12,163,521
Baoshan Iron & Steel Co. Ltd., Class A		9,876,829		11,462,264
Baozun Inc., ADR(a)(b)		489,112		22,464,914
BBMG Corp., Class A		16,719,536		7,379,472
BeiGene Ltd., ADR(a)(b)		379,650		121,488,000
Beijing Capital International Airport Co. Ltd., Class H		15,304,000		11,935,674
Beijing Capital Land Ltd., Class H		12,664,000		2,105,946
Beijing Chunlizhengda Medical Instruments Co. Ltd., Class H		768,250		1,913,358
Beijing Energy International Holding Co. Ltd.(a)		55,460,852		1,930,354
Beijing Enlight Media Co. Ltd., Class A		1,839,694	��	3,855,497
Beijing Enterprises Holdings Ltd.		3,695,500		12,790,989
Beijing Enterprises Urban Resources Group Ltd.(a)		17,880,000		2,927,237
Beijing Enterprises Water Group Ltd.(b)		41,042,000		16,242,524
Beijing Gas Blue Sky Holdings Ltd.(a)(d)		92,816,000		1,318,533
Beijing New Building Materials PLC, Class A		998,719		7,453,575
Beijing Oriental Yuhong Waterproof Technology Co. Ltd., Class A		1,465,061		10,678,462
Beijing Shiji Information Technology Co. Ltd., Class A		661,295		3,585,159
Beijing Shunxin Agriculture Co. Ltd., Class A		485,400		4,090,039
Beijing Sinnet Technology Co. Ltd., Class A		1,307,487		3,841,841
Beijing Tiantan Biological Products Corp. Ltd., Class A		721,537		3,907,302
Beijing Tong Ren Tang Chinese Medicine Co. Ltd.(b)		2,637,000		3,548,928
BEST Inc., ADR(a)(b)		1,849,047		4,049,413
Betta Pharmaceuticals Co. Ltd., Class A		252,394		4,602,792
BGI Genomics Co. Ltd., Class A		282,600		6,018,473
Bilibili Inc., ADR(a)(b)		985,424		124,133,861
BOC Aviation Ltd.(b)(c)		1,718,000		16,610,054
BOE Technology Group Co. Ltd., Class A		17,549,200		16,493,380
Bosideng International Holdings Ltd.(b)		27,236,000		11,480,946
Brilliance China Automotive Holdings Ltd.		25,166,000		22,579,278
BYD Co. Ltd., Class A		933,686		28,424,769

10 2 0 2 1  I SHARES   SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Consolidated Schedule of Investments (unaudited) (continued) February 28, 2021 iShares^® Core MSCI Emerging Markets ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
China (continued)
BYD Co. Ltd., Class H		6,513,000	$	165,567,314
BYD Electronic International Co. Ltd.(b)		5,660,500		31,559,312
C&D International Investment Group Ltd.		3,752,000		6,471,509
Caitong Securities Co. Ltd., Class A		2,477,886		4,294,337
CanSino Biologics Inc., Class H(a)(b)(c)		604,400		28,749,973
Canvest Environmental Protection Group Co. Ltd.		8,894,000		3,668,882
CAR Inc.(a)		6,919,000		3,576,632
Central China Real Estate Ltd.		5,171,000		2,306,414
CGN New Energy Holdings Co. Ltd.(a)(b)		11,850,000		3,360,684
CGN Power Co. Ltd., Class H(c)		74,620,000		16,448,942
Changchun High & New Technology Industry Group Inc., Class A		211,942		13,767,391
Changjiang Securities Co. Ltd., Class A		4,264,496		4,771,344
Changzhou Xingyu Automotive Lighting Systems Co. Ltd., Class A		202,851		5,981,113
Chaowei Power Holdings Ltd.		6,122,000		2,604,317
Chaozhou Three-Circle Group Co. Ltd., Class A		1,081,846		6,244,132
China Aircraft Leasing Group Holdings Ltd.		4,716,000		4,462,276
China Animal Healthcare Ltd.(a)(b)(d)		1,237,000		2
China Aoyuan Group Ltd.		10,210,000		9,673,858
China BlueChemical Ltd., Class H		18,036,000		4,371,039
China Bohai Bank Co. Ltd., Class H(a)(c)		21,593,000		11,913,610
China Cinda Asset Management Co. Ltd., Class H		69,527,000		13,802,598
China CITIC Bank Corp. Ltd., Class H		73,311,000		34,588,907
China Communications Services Corp. Ltd., Class H		20,556,000		9,698,539
China Conch Venture Holdings Ltd.		13,689,500		60,882,615
China Construction Bank Corp., Class A		8,002,668		8,966,160
China Construction Bank Corp., Class H		801,807,000		643,938,666
China Datang Corp. Renewable Power Co. Ltd., Class H		23,349,000		4,996,467
China Dongxiang Group Co. Ltd.(b)		37,794,000		4,238,661
China East Education Holdings Ltd.(c)		4,812,500		10,831,824
China Education Group Holdings Ltd.		6,024,000		11,197,907
China Everbright Bank Co. Ltd., Class A		22,344,282		14,137,913
China Everbright Bank Co. Ltd., Class H		22,943,000		9,937,476
China Everbright Environment Group Ltd.		31,184,148		17,848,572
China Everbright Greentech Ltd.(b)(c)		8,443,000		3,635,213
China Everbright Ltd.		8,158,000		10,537,511
China Everbright Water Ltd.(b)		9,395,100		1,589,755
China Evergrande Group(b)		15,816,000		32,376,788
China Feihe Ltd.(c)		9,978,000		27,333,110
China Fiber Optic Network System Group Ltd.(a)(d)		10,394,800		13
China Foods Ltd.		9,342,000		3,901,858
China Fortune Land Development Co. Ltd., Class A		2,647,134		3,464,231
China Galaxy Securities Co. Ltd., Class H		34,596,000		21,362,300
China Gas Holdings Ltd.		21,834,800		87,960,128
China Gezhouba Group Co. Ltd., Class A		3,651,293		3,803,518
China Grand Pharmaceutical and Healthcare Holdings Ltd., Class A(b)		9,399,000		7,512,076
China Greatwall Technology Group Co. Ltd., Class A		1,822,700		4,857,833
China Harmony Auto Holding Ltd.(b)		7,408,500		3,170,699
China High Speed Transmission Equipment Group Co. Ltd.(b)		4,929,000		4,790,896
China Hongqiao Group Ltd.		14,399,000		17,856,405
China Huarong Asset Management Co. Ltd., Class H(c)		81,237,000		9,634,481
China Huishan Dairy Holdings Co. Ltd.(a)(d)		16,599,187		21
China Huiyuan Juice Group Ltd.(a)(d)		10,877,000		14

Security	Shares		Value
China (continued)
China International Capital Corp. Ltd., Class H(a)(c)		11,181,600	$	25,801,419
China Jinmao Holdings Group Ltd.		45,834,000		19,084,329
China Jushi Co. Ltd., Class A		2,004,193		6,943,700
China Kepei Education Group Ltd.		7,088,000		4,888,370
China Lesso Group Holdings Ltd.		9,286,000		17,165,816
China Life Insurance Co. Ltd., Class A		1,526,621		7,812,334
China Life Insurance Co. Ltd., Class H		61,682,000		130,085,341
China Lilang Ltd.		4,529,000		3,234,437
China Literature Ltd.(a)(b)(c)		2,546,200		23,731,076
China Logistics Property Holdings Co. Ltd.(a)(b)(c)		12,409,000		7,198,399
China Longyuan Power Group Corp. Ltd., Class H		26,384,000		39,249,403
China Lumena New Materials Corp.(a)(b)(d)		64,600		0	(e)
China Maple Leaf Educational Systems Ltd.(a)(b)		15,406,000		4,309,593
China Medical System Holdings Ltd.		11,157,000		17,431,577
China Meidong Auto Holdings Ltd.		4,912,000		18,679,575
China Mengniu Dairy Co. Ltd.		23,049,000		125,980,857
China Merchants Bank Co. Ltd., Class A		10,595,489		83,555,867
China Merchants Bank Co. Ltd., Class H		32,396,464		248,694,391
China Merchants Energy Shipping Co. Ltd., Class A		3,981,688		3,213,690
China Merchants Land Ltd.		24,510,000		3,665,118
China Merchants Port Holdings Co. Ltd.		11,170,270		16,271,543
China Merchants Securities Co. Ltd., Class A		3,846,691		12,929,455
China Merchants Shekou Industrial Zone Holdings Co. Ltd., Class A		4,693,810		9,315,400
China Metal Recycling Holdings Ltd.(a)(d)		62,400		0	(e)
China Minsheng Banking Corp. Ltd., Class A		19,963,917		15,959,180
China Minsheng Banking Corp. Ltd., Class H		47,158,220		28,146,540
China Modern Dairy Holdings Ltd.(a)		10,581,000		3,682,791
China Molybdenum Co. Ltd., Class A		11,051,071		11,426,526
China Molybdenum Co. Ltd., Class H		25,137,000		19,442,464
China National Building Material Co. Ltd., Class H		32,132,850		48,712,810
China National Chemical Engineering Co. Ltd., Class A		5,849,222		5,524,393
China National Nuclear Power Co. Ltd., Class A		11,398,909		9,094,710
China National Software & Service Co. Ltd., Class A		286,399		2,571,463
China New Higher Education Group Ltd.(c)		7,426,000		4,432,233
China Northern Rare Earth Group High-Tech Co. Ltd., Class A(a)		2,262,700		7,224,745
China Oilfield Services Ltd., Class H		14,200,000		16,328,256
China Oriental Group Co. Ltd.		12,970,000		4,079,589
China Overseas Grand Oceans Group Ltd.		14,646,500		8,043,222
China Overseas Land & Investment Ltd.		31,604,000		80,014,768
China Overseas Property Holdings Ltd.		11,910,000		7,845,476
China Pacific Insurance Group Co. Ltd., Class A		3,407,342		23,236,717
China Pacific Insurance Group Co. Ltd., Class H		22,915,400		105,310,964
China Petroleum & Chemical Corp., Class A		15,543,710		10,818,481
China Petroleum & Chemical Corp., Class H		198,844,200		109,965,596
China Power International Development Ltd.		37,856,000		8,100,828
China Railway Group Ltd., Class A		12,187,566		10,739,601
China Railway Group Ltd., Class H		28,766,000		15,203,723
China Renewable Energy Investment Ltd.(a)(d)		8,046		0	(e)
China Resources Beer Holdings Co. Ltd.		12,184,000		91,882,408
China Resources Cement Holdings Ltd.		20,418,000		24,320,460
China Resources Gas Group Ltd.		7,524,000		37,584,355
China Resources Land Ltd.		26,459,777		125,692,767
China Resources Medical Holdings Co. Ltd.		8,492,000		7,290,727
China Resources Pharmaceutical Group Ltd.(c)		13,545,500		8,643,445
China Resources Power Holdings Co. Ltd.		15,878,000		18,482,902

CONSOLIDATED   SCHEDULE   OF   INVESTMENTS 11

Consolidated Schedule of Investments (unaudited) (continued) February 28, 2021 iShares^® Core MSCI Emerging Markets ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
China (continued)
China Resources Sanjiu Medical & Pharmaceutical Co. Ltd., Class A		865,427	$	3,496,513
China SCE Group Holdings Ltd.		18,258,200		7,555,263
China Shenhua Energy Co. Ltd., Class A		3,295,929		9,028,410
China Shenhua Energy Co. Ltd., Class H		27,840,500		52,900,665
China Shineway Pharmaceutical Group Ltd.		3,766,000		2,742,934
China Shipbuilding Industry Co. Ltd., Class A(a)		15,334,118		9,749,696
China South City Holdings Ltd.(b)		43,528,000		5,162,299
China Southern Airlines Co. Ltd., Class A(a)		6,985,684		6,543,840
China Southern Airlines Co. Ltd., Class H(a)(b)		12,346,000		8,435,071
China State Construction Engineering Corp. Ltd., Class A		22,996,519		17,922,085
China State Construction International Holdings Ltd.		16,770,000		11,565,741
China Suntien Green Energy Corp. Ltd., Class H		20,333,000		6,343,128
China Taiping Insurance Holdings Co. Ltd.		13,372,508		28,822,772
China Tian Lun Gas Holdings Ltd.		2,970,000		2,752,783
China Tobacco International HK Co. Ltd.(b)		2,357,000		5,456,982
China Tourism Group Duty Free Corp. Ltd., Class A		987,879		46,942,109
China Tower Corp. Ltd., Class H(c)		368,584,000		55,116,430
China Traditional Chinese Medicine Holdings Co. Ltd.		22,536,000		13,508,788
China Travel International Investment Hong Kong Ltd.(a)		26,180,000		4,556,066
China Vanke Co. Ltd., Class A		5,183,886		26,480,031
China Vanke Co. Ltd., Class H		13,661,187		57,938,994
China Vast Industrial Urban Development Co. Ltd.(b)(c)		3,524,000		1,403,722
China Water Affairs Group Ltd.(b)		8,168,000		6,433,444
China Yangtze Power Co. Ltd., Class A		11,173,699		34,056,430
China Youzan Ltd.(a)		117,028,000		50,085,784
China Yuchai International Ltd.		128,233		2,018,387
China Yuhua Education Corp. Ltd.(c)		10,370,000		8,582,235
China ZhengTong Auto Services Holdings Ltd.(a)(b)		10,689,000		1,129,894
China Zheshang Bank Co. Ltd., Class A		10,713,300		6,795,167
China Zhongwang Holdings Ltd.(a)		14,843,200		4,362,636
Chinasoft International Ltd.		18,204,000		19,313,157
Chongqing Brewery Co. Ltd., Class A		326,700		6,087,449
Chongqing Changan Automobile Co. Ltd., Class A(a)		2,329,383		6,524,580
Chongqing Rural Commercial Bank Co. Ltd., Class H		19,547,000		8,617,729
Chongqing Zhifei Biological Products Co. Ltd., Class A		812,376		21,874,482
CIFI Holdings Group Co. Ltd.		26,814,000		25,405,957
CIMC Enric Holdings Ltd.(b)		8,120,000		5,129,071
CITIC Ltd.		47,406,000		40,149,976
CITIC Resources Holdings Ltd.(a)		39,636,000		2,043,791
CITIC Securities Co. Ltd., Class A		5,690,445		23,930,280
CITIC Securities Co. Ltd., Class H		17,716,000		38,184,627
COFCO Joycome Foods Ltd.		19,364,000		12,905,423
Colour Life Services Group Co. Ltd.		4,115,000		2,015,766
Concord New Energy Group Ltd.		83,640,000		6,037,938
Consun Pharmaceutical Group Ltd.		5,666,000		2,388,421
Contemporary Amperex Technology Co. Ltd., Class A		1,173,947		58,378,040
COSCO SHIPPING Holdings Co. Ltd., Class A(a)		5,224,005		10,190,270
COSCO SHIPPING Holdings Co. Ltd., Class H(a)		21,212,500		23,571,419
COSCO SHIPPING International Hong Kong Co. Ltd.		11,316,000		3,559,339
COSCO SHIPPING Ports Ltd.		15,172,000		11,030,839

Security	Shares		Value
China (continued)
Country Garden Holdings Co. Ltd.(b)		63,531,733	$	79,032,301
Country Garden Services Holdings Co. Ltd.		12,024,000		98,890,884
CPMC Holdings Ltd.		6,780,000		3,513,519
CSC Financial Co. Ltd., Class A		1,460,592		7,961,312
CSPC Pharmaceutical Group Ltd.		75,071,760		78,387,756
CStone Pharmaceuticals(a)(c)		5,036,000		6,517,875
CT Environmental Group Ltd.(a)(b)(d)		33,362,000		877,342
Dali Foods Group Co. Ltd.(c)		17,189,000		10,458,737
Daqin Railway Co. Ltd., Class A		11,361,862		11,449,796
Daqo New Energy Corp., ADR(a)(b)		420,147		43,800,325
DaShenLin Pharmaceutical Group Co. Ltd., Class A		477,300		6,339,103
DHC Software Co. Ltd., Class A		2,197,098		2,593,856
Digital China Holdings Ltd.		7,484,000		5,518,441
Dongfeng Motor Group Co. Ltd., Class H		22,422,000		20,637,599
Dongxing Securities Co. Ltd., Class A		2,609,159		4,618,479
Dongyue Group Ltd.(b)		12,062,000		9,484,966
DouYu International Holdings Ltd., ADR(a)(b)		888,100		12,735,354
East Money Information Co. Ltd., Class A		4,434,111		20,788,798
ENN Energy Holdings Ltd.		6,580,800		100,866,549
Eve Energy Co. Ltd., Class A		955,231		12,604,034
Ever Sunshine Lifestyle Services Group Ltd.		5,780,000		14,231,406
Everbright Securities Co. Ltd., Class A		2,092,486		4,972,999
Fangda Carbon New Material Co. Ltd., Class A(a)		5,632,784		6,702,125
Fanhua Inc., ADR		414,585		5,447,647
Fantasia Holdings Group Co. Ltd.		21,997,500		3,459,551
Far East Horizon Ltd.		16,361,000		17,589,865
Fiberhome Telecommunication Technologies Co. Ltd., Class A		885,698		2,616,150
First Capital Securities Co. Ltd., Class A		3,234,200		3,957,994
Focus Media Information Technology Co. Ltd., Class A		7,657,699		12,940,393
Foshan Haitian Flavouring & Food Co. Ltd., Class A		1,368,410		36,470,660
Fosun International Ltd.		21,141,500		31,723,083
Founder Securities Co. Ltd., Class A(a)		5,579,787		7,405,444
Foxconn Industrial Internet Co. Ltd., Class A		3,390,261		7,225,399
Fu Jian Anjoy Foods Co. Ltd., Class A		163,900		5,616,993
Fu Shou Yuan International Group Ltd.(b)		9,015,000		9,052,943
Fufeng Group Ltd.		15,369,400		6,795,754
Fuyao Glass Industry Group Co. Ltd., Class A		1,134,000		8,286,442
Fuyao Glass Industry Group Co. Ltd., Class H		4,084,800		25,064,807
Ganfeng Lithium Co. Ltd., Class A		592,084		9,047,765
GCL-Poly Energy Holdings Ltd.(a)		155,790,000		65,671,047
GDS Holdings Ltd., ADR(a)(b)		742,885		75,893,132
Geely Automobile Holdings Ltd.		49,148,000		159,658,853
Gemdale Corp., Class A		2,963,743		5,799,557
Gemdale Properties & Investment Corp. Ltd.		50,504,000		7,812,565
Genertec Universal Medical Group Co. Ltd.(c)		9,519,000		8,025,197
Genscript Biotech Corp.(a)(b)		9,198,000		15,864,856
GF Securities Co. Ltd., Class A		3,776,242		9,330,098
GF Securities Co. Ltd., Class H		9,852,200		13,970,518
Gigadevice Semiconductor Beijing Inc., Class A		257,554		7,651,280
Glory Sun Financial Group Ltd.(a)(b)		133,768,000		5,604,311
GoerTek Inc., Class A		1,729,362		8,540,257
GOME Retail Holdings Ltd.(a)(b)		81,989,000		24,097,781
Gotion High-tech Co. Ltd., Class A(a)		863,100		4,913,657
Grand Baoxin Auto Group Ltd.(a)(b)		7,042,500		826,142
Great Wall Motor Co. Ltd., Class A		1,462,500		7,080,199
Great Wall Motor Co. Ltd., Class H(b)		25,439,000		73,949,151
Greenland Holdings Corp. Ltd., Class A		4,788,232		4,160,242
Greenland Hong Kong Holdings Ltd.		7,916,000		2,540,924

12 2 0 2 1  I SHARES   SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Consolidated Schedule of Investments (unaudited) (continued) February 28, 2021 iShares^® Core MSCI Emerging Markets ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
China (continued)
Greentown China Holdings Ltd.(b)		7,360,000	$	10,967,869
Greentown Service Group Co. Ltd.(b)		12,048,000		12,238,489
GSX Techedu Inc., ADR(a)(b)		646,130		66,454,471
Guangdong Haid Group Co. Ltd., Class A		912,720		11,197,981
Guangdong HEC Technology Holding Co. Ltd., Class A(a)		3,106,295		2,444,826
Guangdong Investment Ltd.		24,528,000		43,887,235
Guangdong Kinlong Hardware Products Co. Ltd., Class A		244,700		5,755,115
Guangzhou Automobile Group Co. Ltd., Class H		24,687,200		22,913,474
Guangzhou Baiyun International Airport Co. Ltd., Class A		1,606,023		3,266,647
Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class A		1,081,988		4,820,635
Guangzhou Kingmed Diagnostics Group Co. Ltd., Class A		295,200		6,237,611
Guangzhou R&F Properties Co. Ltd., Class H		11,296,800		15,086,962
Guangzhou Shiyuan Electronic Technology Co. Ltd., Class A		449,000		8,823,609
Guangzhou Tinci Materials Technology Co. Ltd., Class A		401,820		5,159,290
Guorui Properties Ltd.		13,691,000		1,270,733
Guosen Securities Co. Ltd., Class A		3,200,367		6,020,583
Guotai Junan Securities Co. Ltd., Class A		4,400,525		11,313,957
Guoyuan Securities Co. Ltd., Class A		2,775,600		3,422,463
Haidilao International Holding Ltd.(b)(c)		6,658,000		54,629,700
Haier Smart Home Co. Ltd., Class A		3,413,605		15,235,145
Haier Smart Home Co. Ltd., Class H(a)		16,261,400		61,839,584
Hainan Meilan International Airport Co. Ltd., Class H(a)		1,175,000		5,043,926
Haitian International Holdings Ltd.		5,204,000		17,878,090
Haitong Securities Co. Ltd., Class A		5,481,056		10,226,466
Haitong Securities Co. Ltd., Class H		21,991,200		20,099,339
Hangzhou First Applied Material Co. Ltd., Class A		503,100		6,999,308
Hangzhou Robam Appliances Co. Ltd., Class A		569,409		3,321,629
Hangzhou Steam Turbine Co. Ltd., Class B		3,445,428		5,098,843
Hangzhou Tigermed Consulting Co. Ltd., Class A		230,474		5,000,121
Hangzhou Tigermed Consulting Co. Ltd., Class H(a)(c)		996,100		19,492,221
Hansoh Pharmaceutical Group Co. Ltd.(a)(c)		9,824,000		50,023,268
Harbin Electric Co. Ltd., Class H(a)		5,992,000		1,691,619
Hebei Construction Group Corp. Ltd., Class H(b)		3,840,500		1,594,154
Hefei Meiya Optoelectronic Technology Inc., Class A		502,560		2,916,156
Henan Shuanghui Investment & Development Co. Ltd., Class A		1,527,447		10,852,668
Hengan International Group Co. Ltd.		5,446,500		37,703,217
Hengli Petrochemical Co. Ltd., Class A		3,048,530		17,002,535
HengTen Networks Group Ltd.(a)(b)		20,399,200		34,185,592
Hengtong Optic-Electric Co. Ltd., Class A		1,994,740		3,949,554
Hengyi Petrochemical Co. Ltd., Class A		2,462,261		6,828,373
Hi Sun Technology China Ltd.(a)		23,850,000		4,980,696
Hithink RoyalFlush Information Network Co. Ltd., Class A		296,802		6,164,739
Hope Education Group Co. Ltd.(b)(c)		20,814,000		7,110,302
Hopson Development Holdings Ltd.		5,490,000		18,011,370
Hua Han Health Industry Holdings Ltd.(a)(d)		22,424,288		520,329
Hua Hong Semiconductor Ltd.(a)(b)(c)		3,806,000		23,280,463
Huabao International Holdings Ltd.(b)		7,376,000		8,053,616
Huadong Medicine Co. Ltd., Class A		1,101,051		5,410,228

Security	Shares		Value
China (continued)
Hualan Biological Engineering Inc., Class A		989,320	$	6,531,495
Huaneng Power International Inc., Class H		32,602,000		11,137,218
Huatai Securities Co. Ltd., Class A		4,229,251		11,206,469
Huatai Securities Co. Ltd., Class H(c)		11,759,600		17,493,833
Huaxia Bank Co. Ltd., Class A		11,169,312		10,755,883
Huaxin Cement Co. Ltd., Class A		1,017,069		3,514,306
Huayu Automotive Systems Co. Ltd., Class A		1,704,010		6,784,641
Huazhu Group Ltd., ADR		1,340,642		77,944,926
Hubei Biocause Pharmaceutical Co. Ltd., Class A		5,297,171		3,278,109
Humanwell Healthcare Group Co. Ltd., Class A		813,900		3,734,230
Hundsun Technologies Inc., Class A		665,348		8,974,192
Hutchison China MediTech Ltd., ADR(a)		603,192		17,335,738
HUYA Inc., ADR(a)(b)		623,333		16,424,825
iClick Interactive Asia Group Ltd., ADR(a)(b)		557,045		8,194,132
Iflytek Co. Ltd., Class A		1,316,784		9,796,856
IMAX China Holding Inc.(c)		1,260,900		2,480,400
Industrial & Commercial Bank of China Ltd., Class A		29,309,980		24,289,851
Industrial & Commercial Bank of China Ltd., Class H		501,594,000		327,182,045
Industrial Bank Co. Ltd., Class A		10,725,062		40,848,867
Industrial Securities Co. Ltd., Class A		4,569,024		6,395,371
Inner Mongolia BaoTou Steel Union Co. Ltd., Class A(a)		42,815,600		10,175,548
Inner Mongolia Junzheng Energy & Chemical Industry Group Co. Ltd., Class A		5,789,400		5,316,007
Inner Mongolia Yili Industrial Group Co. Ltd., Class A		3,180,262		21,212,053
Inner Mongolia Yitai Coal Co. Ltd., Class B		9,457,495		4,927,355
InnoCare Pharma Ltd.(a)(c)		2,612,000		6,350,406
Innovent Biologics Inc.(a)(c)		8,208,000		84,541,654
Inspur Electronic Information Industry Co. Ltd., Class A		905,824		4,386,638
Inspur International Ltd.(a)		5,036,000		1,921,605
Intco Medical Technology Co. Ltd., Class A		172,500		5,667,874
iQIYI Inc., ADR(a)(b)		2,329,498		59,006,184
Jafron Biomedical Co. Ltd., Class A		519,073		6,287,497
Jason Furniture Hangzhou Co. Ltd., Class A		529,400		6,147,065
JD Health International Inc.(a)(c)		2,267,050		41,440,400
JD.com Inc., ADR(a)		7,200,082		675,871,697
Jiangsu Expressway Co. Ltd., Class H		9,688,000		11,252,410
Jiangsu Hengli Hydraulic Co. Ltd., Class A		687,396		10,077,798
Jiangsu Hengrui Medicine Co. Ltd., Class A		2,686,986		42,213,196
Jiangsu King’s Luck Brewery JSC Ltd., Class A		734,756		5,582,234
Jiangsu Yanghe Brewery Joint-Stock Co. Ltd., Class A		751,251		21,911,995
Jiangsu Zhongnan Construction Group Co. Ltd., Class A		2,815,451		3,502,015
Jiangxi Copper Co. Ltd., Class H		10,752,000		26,085,279
Jiangxi Zhengbang Technology Co. Ltd., Class A		1,856,000		4,743,221
Jiayuan International Group Ltd.		12,422,000		4,835,987
Jinchuan Group International Resources Co. Ltd.(b)		28,229,000		5,422,111
Jinke Properties Group Co. Ltd., Class A		3,569,300		4,103,688
JinkoSolar Holding Co. Ltd., ADR(a)(b)		305,481		15,683,395
Jinxin Fertility Group Ltd.(b)(c)		11,292,000		25,503,018
JiuGui Liquor Co. Ltd., Class A		225,700		4,813,652
Jiumaojiu International Holdings Ltd.(a)(c)		5,230,000		20,529,369
JNBY Design Ltd.		2,384,000		3,650,979
Jonjee Hi-Tech Industrial And Commercial Holding Co. Ltd., Class A		505,442		4,043,630

CONSOLIDATED   SCHEDULE   OF   INVESTMENTS 13

Consolidated Schedule of Investments (unaudited) (continued) February 28, 2021 iShares^® Core MSCI Emerging Markets ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
China (continued)
JOYY Inc.(b)		490,272	$	57,803,069
Juewei Food Co. Ltd., Class A		368,600		4,939,241
Kaisa Group Holdings Ltd.		21,144,000		10,957,206
Kaisa Prosperity Holdings Ltd.(b)		696,250		1,669,417
Kama Co. Ltd., Class B(a)		3,955,403		1,621,715
KE Holdings Inc.(a)(b)		1,001,641		63,934,745
Kingboard Holdings Ltd.		5,693,700		26,276,301
Kingboard Laminates Holdings Ltd.		9,283,500		15,844,785
Kingdee International Software Group Co. Ltd.(b)		20,330,000		72,987,618
Kingfa Sci & Tech Co. Ltd., Class A		1,612,600		6,281,322
Kingsoft Cloud Holdings Ltd., ADR(a)(b)		473,743		27,893,988
Kingsoft Corp. Ltd.(b)		6,874,000		48,205,328
Konka Group Co. Ltd., Class B		8,375,518		2,785,595
Koolearn Technology Holding Ltd.(a)(b)(c)		2,145,500		6,001,708
Kuaishou Technology(a)		1,615,800		64,320,811
Kuang-Chi Technologies Co. Ltd., Class A(a)		1,450,800		4,921,192
Kunlun Energy Co. Ltd.		32,358,000		29,741,154
Kweichow Moutai Co. Ltd., Class A		630,392		206,514,584
KWG Group Holdings Ltd.		10,705,000		16,228,583
Lee & Man Paper Manufacturing Ltd.		12,016,000		11,137,185
Lee’s Pharmaceutical Holdings Ltd.		3,627,000		2,707,153
Lenovo Group Ltd.(b)		59,780,000		75,598,213
Lens Technology Co. Ltd., Class A		2,479,915		11,959,743
Lepu Medical Technology Beijing Co. Ltd., Class A		1,195,800		5,873,950
LexinFintech Holdings Ltd., ADR(a)(b)		946,413		10,751,252
Li Auto Inc.(a)		1,480,810		37,568,150
Li Ning Co. Ltd.		17,744,000		99,729,727
Lifetech Scientific Corp.(a)(b)		28,982,000		14,608,032
Lingyi iTech Guangdong Co., Class A		3,806,533		5,974,280
Logan Group Co. Ltd.		11,099,000		17,283,727
Lomon Billions Group Co. Ltd., Class A		1,047,207		6,525,802
Longfor Group Holdings Ltd.(c)		15,050,500		89,247,359
LONGi Green Energy Technology Co. Ltd., Class A		1,916,058		30,888,280
Lonking Holdings Ltd.		17,388,000		6,433,068
Lu Thai Textile Co. Ltd., Class B		2,888,921		1,586,470
Lufax Holding Ltd.(a)(b)		1,602,950		24,076,309
Luxshare Precision Industry Co. Ltd., Class A		3,605,837		25,875,818
Luye Pharma Group Ltd.(b)(c)		14,931,000		10,085,717
Luzhou Laojiao Co. Ltd., Class A		735,408		26,694,339
LVGEM China Real Estate Investment Co. Ltd.		8,638,000		2,616,783
Mango Excellent Media Co. Ltd., Class A		937,132		9,277,532
Maoyan Entertainment(a)(c)		4,503,000		8,591,130
Maxscend Microelectronics Co. Ltd., Class A		79,100		7,690,456
Meinian Onehealth Healthcare Holdings Co. Ltd., Class A(a)		2,341,428		5,781,438
Meitu Inc.(a)(b)(c)		21,673,500		8,270,036
Meituan, Class B(a)(c)		30,013,200		1,315,460,563
MH Development Ltd.(a)(b)(d)		4,108,000		399,290
Microport Scientific Corp.(b)		6,081,000		35,785,113
Midea Group Co. Ltd., Class A		1,826,000		26,229,632
Ming Yuan Cloud Group Holdings Ltd.(a)		2,923,000		16,541,693
Minth Group Ltd.		6,192,000		27,218,986
MMG Ltd.(a)(b)		21,119,999		13,313,412
Mobvista Inc.(a)(b)(c)		4,887,000		4,731,174
Momo Inc., ADR		1,273,945		20,179,289
Muyuan Foods Co. Ltd., Class A		1,927,812		33,886,245
NanJi E-Commerce Co. Ltd., Class A		1,917,485		3,130,781
Nanjing Securities Co. Ltd., Class A		2,673,100		4,331,512
NARI Technology Co. Ltd., Class A		2,654,539		11,630,263
NAURA Technology Group Co. Ltd., Class A		271,700		7,522,239

Security	Shares		Value
China (continued)
NavInfo Co. Ltd., Class A		1,536,150	$	3,871,282
NetDragon Websoft Holdings Ltd.(b)		2,342,500		5,683,107
NetEase Inc., ADR		3,459,457		380,021,351
New China Life Insurance Co. Ltd., Class A		1,155,101		9,285,587
New China Life Insurance Co. Ltd., Class H		6,799,700		25,945,860
New Hope Liuhe Co. Ltd., Class A		2,343,093		8,703,635
New Oriental Education & Technology Group Inc., ADR(a)(b)		1,240,920		220,412,210
Nexteer Automotive Group Ltd.(b)		7,473,000		9,883,914
Nine Dragons Paper Holdings Ltd.		13,635,000		22,006,252
Ninestar Corp., Class A		822,600		3,484,706
NIO Inc., ADR(a)(b)		10,686,039		489,206,865
Niu Technologies, ADR(a)(b)		275,601		10,301,965
Noah Holdings Ltd.(a)(b)		280,595		12,542,597
Nongfu Spring Co. Ltd.(a)(c)		2,012,800		13,362,708
Offcn Education Technology Co. Ltd., Class A		1,252,100		6,295,426
Offshore Oil Engineering Co. Ltd., Class A		2,399,200		1,814,252
OFILM Group Co. Ltd., Class A		1,673,189		2,742,234
OneSmart International Education Group Ltd., ADR(a)(b)		786,786		2,785,222
Oppein Home Group Inc., Class A		267,680		6,259,643
Orient Securities Co. Ltd., Class A		3,906,568		5,781,613
Oriental Pearl Group Co. Ltd., Class A		4,435,800		5,907,691
Ovctek China Inc., Class A		426,604		6,136,525
PAX Global Technology Ltd.		7,226,000		6,641,621
People’s Insurance Co. Group of China Ltd. (The), Class H		74,785,000		23,233,688
Perfect World Co. Ltd., Class A		1,121,400		4,084,206
PetroChina Co. Ltd., Class A		11,191,700		7,530,392
PetroChina Co. Ltd., Class H		169,726,000		60,824,673
Pharmaron Beijing Co. Ltd., Class H(c)		1,053,500		18,007,967
PICC Property & Casualty Co. Ltd., Class H		56,073,040		42,430,565
Pinduoduo Inc., ADR(a)(b)		3,270,662		559,806,508
Ping An Bank Co. Ltd., Class A		9,984,336		32,942,908
Ping An Healthcare and Technology Co. Ltd.(a)(c)		4,347,800		62,829,237
Ping An Insurance Group Co. of China Ltd., Class A		5,669,912		74,533,069
Ping An Insurance Group Co. of China Ltd., Class H		49,339,000		606,135,691
Poly Developments and Holdings Group Co. Ltd., Class A		6,320,711		15,158,352
Poly Property Group Co. Ltd.		17,531,000		5,378,613
Poly Property Services Co. Ltd.		1,032,000		6,791,443
Postal Savings Bank of China Co. Ltd., Class A		13,176,200		12,444,477
Postal Savings Bank of China Co. Ltd., Class H(c)		86,137,000		64,069,623
Pou Sheng International Holdings Ltd.(a)		22,954,000		4,971,120
Power Construction Corp. of China Ltd., Class A		10,265,044		6,130,654
Powerlong Commercial Management Holdings Ltd.		1,878,000		6,003,906
Q Technology Group Co. Ltd.(b)		4,080,000		7,752,544
Redco Properties Group Ltd.(b)(c)		9,732,000		3,588,019
Redsun Properties Group Ltd.(b)		11,034,000		3,911,581
Renrui Human Resources Technology Holdings Ltd.(a)(b)		479,500		1,968,723
RiseSun Real Estate Development Co. Ltd., Class A		4,808,362		4,927,201
RLX Technology Inc., ADR(a)(b)		976,708		17,102,157
Road King Infrastructure Ltd.		3,247,000		4,411,736
Rongsheng Petro Chemical Co. Ltd., Class A		2,929,300		15,211,918
Ronshine China Holdings Ltd.		6,503,500		4,854,140
SAIC Motor Corp. Ltd., Class A		3,961,100		12,990,019
Sanan Optoelectronics Co. Ltd., Class A		2,403,200		11,103,931
Sangfor Technologies Inc., Class A		231,500		9,478,144

14 2 0 2 1  I SHARES   SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Consolidated Schedule of Investments (unaudited) (continued) February 28, 2021 iShares^® Core MSCI Emerging Markets ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
China (continued)
Sany Heavy Equipment International Holdings Co. Ltd.		10,843,000	$	12,160,609
Sany Heavy Industry Co. Ltd., Class A		4,429,416		28,101,467
Scholar Education Group(b)		1,649,000		2,329,796
SDIC Capital Co. Ltd., Class A		2,499,600		4,721,576
SDIC Power Holdings Co. Ltd., Class A		4,336,154		5,587,612
Seazen Group Ltd.		18,178,000		22,027,264
Seazen Holdings Co. Ltd., Class A		1,390,245		10,931,269
SF Holding Co. Ltd., Class A		2,148,492		34,801,071
SG Micro Corp., Class A		94,300		3,826,660
Shaanxi Coal Industry Co. Ltd., Class A		5,280,154		8,735,272
Shandong Airlines Co. Ltd., Class B(a)		2,046,380		1,585,431
Shandong Gold Mining Co. Ltd., Class A		2,148,522		7,364,163
Shandong Gold Mining Co. Ltd., Class H(c)		4,345,500		8,772,394
Shandong Hualu Hengsheng Chemical Co. Ltd., Class A		930,600		6,113,667
Shandong Weigao Group Medical Polymer Co. Ltd., Class H(b)		20,872,000		35,838,919
Shang Gong Group Co. Ltd., Class B(a)		4,560,059		1,568,660
Shanghai Bairun Investment Holding Group Co. Ltd., Class A		403,900		6,069,237
Shanghai Baosight Software Co. Ltd., Class A		552,000		4,877,817
Shanghai Chlor-Alkali Chemical Co. Ltd., Class B		5,247,003		2,597,266
Shanghai Construction Group Co. Ltd., Class A		16,748,100		7,624,697
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class A		1,087,700		7,728,220
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class H		4,268,500		20,139,236
Shanghai Fudan Microelectronics Group Co. Ltd., Class H(a)		2,450,000		3,575,190
Shanghai Haixin Group Co., Class B		6,668,091		2,273,819
Shanghai Haohai Biological Technology Co. Ltd., Class H(b)(c)		363,100		2,710,138
Shanghai Industrial Holdings Ltd.		4,427,000		6,391,667
Shanghai Industrial Urban Development Group Ltd.		27,190,200		2,733,969
Shanghai International Airport Co. Ltd., Class A		556,903		5,318,203
Shanghai International Port Group Co. Ltd., Class A		10,353,700		7,621,650
Shanghai Jinjiang International Hotels Co. Ltd., Class A		696,578		5,789,901
Shanghai Jinjiang International Industrial Investment Co. Ltd., Class B		2,918,641		2,121,852
Shanghai Kindly Medical Instruments Co. Ltd., Class H		308,400		1,596,197
Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd., Class B		9,601,504		7,690,805
Shanghai M&G Stationery Inc., Class A		547,347		6,559,024
Shanghai Pharmaceuticals Holding Co. Ltd., Class H		7,130,800		13,071,471
Shanghai Pudong Development Bank Co. Ltd., Class A		15,635,233		25,431,971
Shanghai Putailai New Energy Technology Co. Ltd., Class A		312,500		4,229,457
Shanghai RAAS Blood Products Co. Ltd., Class A		4,089,600		4,821,801
Shanxi Meijin Energy Co. Ltd., Class A(a)		2,713,117		3,031,392
Shanxi Xinghuacun Fen Wine Factory Co. Ltd., Class A		445,414		21,521,968
Shenergy Co. Ltd., Class A		5,090,984		4,093,309
Sheng Ye Capital Ltd.(b)		4,864,000		3,912,594
Shengyi Technology Co. Ltd., Class A		1,290,400		4,874,957
Shennan Circuits Co. Ltd., Class A		295,380		5,014,739

Security	Shares		Value
China (continued)
Shenwan Hongyuan Group Co. Ltd., Class A		13,128,792	$	9,725,256
Shenzhen Goodix Technology Co. Ltd., Class A		252,052		5,372,177
Shenzhen Inovance Technology Co. Ltd., Class A		886,740		11,671,575
Shenzhen International Holdings Ltd.		9,233,750		15,283,744
Shenzhen Investment Ltd.		25,332,000		9,110,879
Shenzhen Kangtai Biological Products Co. Ltd., Class A		370,600		8,753,340
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A		515,300		33,240,800
Shenzhen Overseas Chinese Town Co. Ltd., Class A		5,480,102		6,833,372
Shenzhen Sunway Communication Co. Ltd., Class A		642,400		3,360,782
Shenzhou International Group Holdings Ltd.		6,891,100		143,110,239
Shimao Group Holdings Ltd.		10,287,000		33,881,783
Shoucheng Holdings Ltd.(b)		20,170,800		5,122,429
Shougang Fushan Resources Group Ltd.		29,004,000		7,328,255
Shui On Land Ltd.		36,680,666		5,626,921
Sichuan Chuantou Energy Co. Ltd., Class A		3,485,046		5,770,896
Sichuan Kelun Pharmaceutical Co. Ltd., Class A		1,062,920		3,559,552
Sichuan Languang Justbon Services Group Co. Ltd., Class H(b)		315,400		1,888,574
Sichuan Swellfun Co. Ltd., Class A		309,800		3,345,726
Sihuan Pharmaceutical Holdings Group Ltd.		33,792,000		10,411,143
Silergy Corp.		599,000		57,636,478
SINA Corp.(a)(b)		478,414		20,653,132
Sino Biopharmaceutical Ltd.(b)		87,166,000		96,971,592
Sinofert Holdings Ltd.		28,446,000		4,143,681
Sinolink Securities Co. Ltd., Class A		2,538,000		5,052,617
Sino-Ocean Group Holding Ltd.		25,123,500		5,538,126
Sinopec Engineering Group Co. Ltd., Class H		12,525,500		6,684,702
Sinopec Kantons Holdings Ltd.(b)		10,782,000		4,155,824
Sinopharm Group Co. Ltd., Class H		11,078,400		25,934,597
Sinotruk Hong Kong Ltd.		5,850,500		18,666,152
Skshu Paint Co. Ltd., Class A		233,000		6,464,821
Skyfame Realty Holdings Ltd.		32,128,000		3,975,956
Skyworth Group Ltd.(a)		17,622,000		5,542,831
SMI Holdings Ltd.(a)(d)		12,885,884		17
Smoore International Holdings Ltd.(a)(c)		5,012,000		40,671,802
SOHO China Ltd.(a)		18,451,000		6,065,222
Sohu.com Ltd., ADR(a)(b)		277,395		5,065,233
Songcheng Performance Development Co. Ltd., Class A		1,701,913		5,292,337
Spring Airlines Co. Ltd., Class A		664,696		6,318,861
SSY Group Ltd.		13,712,411		7,300,464
Sun Art Retail Group Ltd.		18,188,500		15,709,353
Sunac China Holdings Ltd.		21,259,000		90,984,524
Sungrow Power Supply Co. Ltd., Class A		847,000		11,304,052
Suning.com Co. Ltd., Class A		5,860,087		6,330,487
Sunny Optical Technology Group Co. Ltd.		5,950,800		148,820,822
Sunwoda Electronic Co. Ltd., Class A		1,390,800		5,307,914
Superb Summit International Group Ltd.(a)(d)		1,998,771		1,505
Suzhou Dongshan Precision Manufacturing Co. Ltd., Class A		1,092,100		3,643,788
TAL Education Group, ADR(a)		3,167,457		245,604,616
TCL Electronics Holdings Ltd.		7,272,000		5,924,580
TCL Technology Group Corp., Class A		7,787,000		9,890,200
Tencent Holdings Ltd.		47,871,400		4,088,355,237
Tencent Music Entertainment Group, ADR(a)(b)		3,077,011		79,140,723
Thunder Software Technology Co. Ltd., Class A		330,500		6,135,813

CONSOLIDATED   SCHEDULE   OF   INVESTMENTS 15

Consolidated Schedule of Investments (unaudited) (continued) February 28, 2021 iShares^® Core MSCI Emerging Markets ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
China (continued)
Tiangong International Co. Ltd.		8,422,000	$	4,722,708
Tianjin Port Development Holdings Ltd.		44,412,000		3,778,600
Tianjin Zhonghuan Semiconductor Co. Ltd., Class A		1,824,291		7,398,685
Tianli Education International Holdings Ltd.		10,498,000		11,936,081
Tianma Microelectronics Co. Ltd., Class A		2,107,076		4,884,107
Tianneng Power International Ltd.(b)		5,682,000		10,986,999
Tianshui Huatian Technology Co. Ltd., Class A		2,301,100		4,581,000
Times Neighborhood Holdings Ltd.		5,085,000		4,385,344
Tingyi Cayman Islands Holding Corp.		16,494,000		33,126,844
Toly Bread Co. Ltd., Class A		425,179		3,669,222
Tong Ren Tang Technologies Co. Ltd., Class H		6,522,000		4,439,165
Tongcheng-Elong Holdings Ltd.(a)		7,520,400		17,663,466
Tongda Group Holdings Ltd.(a)		34,030,000		2,588,216
Tongdao Liepin Group(a)		1,865,600		4,545,346
Tonghua Dongbao Pharmaceutical Co. Ltd., Class A		1,453,199		2,747,238
Tongwei Co. Ltd., Class A		2,205,059		15,987,048
Topchoice Medical Corp., Class A(a)		175,299		7,169,029
Topsports International Holdings Ltd.(c)		10,480,000		15,401,136
Towngas China Co. Ltd.		9,943,000		4,422,045
TravelSky Technology Ltd., Class H		7,645,000		19,296,422
Trip.com Group Ltd., ADR(a)		3,954,835		156,018,241
Tsingtao Brewery Co. Ltd., Class A		489,400		6,014,170
Tsingtao Brewery Co. Ltd., Class H		3,562,000		29,226,643
Unigroup Guoxin Microelectronics Co. Ltd., Class A		330,710		5,665,071
Uni-President China Holdings Ltd.		10,705,000		12,861,428
Unisplendour Corp. Ltd., Class A		1,676,461		5,559,874
Venustech Group Inc., Class A		693,403		3,310,862
Vinda International Holdings Ltd.(b)		3,047,000		9,093,060
Vipshop Holdings Ltd., ADR(a)(b)		3,718,581		138,777,443
Walvax Biotechnology Co. Ltd., Class A		844,189		5,968,085
Wanhua Chemical Group Co. Ltd., Class A		1,630,686		32,916,461
Want Want China Holdings Ltd.		41,745,000		30,135,549
Wasion Holdings Ltd.		5,924,000		1,947,340
Weibo Corp., ADR(a)(b)		472,152		26,048,626
Weichai Power Co. Ltd., Class A		3,497,900		11,902,852
Weichai Power Co. Ltd., Class H		15,990,000		46,790,850
Weimob Inc.(a)		13,248,000		38,510,883
Wens Foodstuffs Group Co. Ltd., Class A		3,555,508		9,969,919
West China Cement Ltd.		22,718,000		3,748,579
Western Securities Co. Ltd., Class A		3,213,455		4,686,397
Wharf Holdings Ltd. (The)		13,010,000		30,691,280
Will Semiconductor Co. Ltd. Shanghai, Class A		442,103		19,306,976
Wingtech Technology Co. Ltd., Class A		647,600		10,076,010
Winning Health Technology Group Co. Ltd., Class A		1,567,355		4,066,026
Wisdom Education International Holdings Co. Ltd.		5,970,000		2,885,973
Wuhan Guide Infrared Co. Ltd., Class A		1,190,184		7,214,739
Wuhu Sanqi Interactive Entertainment Network Technology Group Co. Ltd., Class A		1,149,537		4,993,860
Wuliangye Yibin Co. Ltd., Class A		1,974,548		85,321,950
WUS Printed Circuit Kunshan Co. Ltd., Class A		1,191,497		3,184,754
WuXi AppTec Co. Ltd., Class A		1,106,183		24,527,786
WuXi AppTec Co. Ltd., Class H(c)		2,274,656		47,414,629
Wuxi Biologics Cayman Inc., New(a)(c)		27,035,500		334,748,306
Wuxi Lead Intelligent Equipment Co. Ltd., Class A		481,292		6,231,687
XCMG Construction Machinery Co. Ltd., Class A		6,387,878		6,900,645
XD Inc.(a)(b)		860,200		7,651,298
Xiabuxiabu Catering Management China Holdings Co. Ltd.(c)		3,669,500		9,262,030
Xiaomi Corp., Class B(a)(c)		119,392,600		389,389,776

Security	Shares		Value
China (continued)
Xingda International Holdings Ltd.		14,440,000	$	4,020,755
Xinjiang Goldwind Science & Technology Co. Ltd., Class H(b)		6,958,234		14,889,967
Xinyi Solar Holdings Ltd.		35,222,800		74,011,311
XPeng Inc., ADR(a)(b)		1,450,215		49,466,834
Xtep International Holdings Ltd.		10,930,500		5,213,488
Yadea Group Holdings Ltd.(c)		8,464,000		18,417,671
Yango Group Co. Ltd., Class A		3,264,500		3,209,158
Yantai Jereh Oilfield Services Group Co. Ltd., Class A		630,779		4,137,149
Yanzhou Coal Mining Co. Ltd., Class H		14,098,000		13,066,913
Yealink Network Technology Corp. Ltd., Class A		446,227		5,215,054
YiChang HEC ChangJiang Pharmaceutical Co. Ltd., Class H(b)(c)		3,076,200		3,592,770
Yifeng Pharmacy Chain Co. Ltd., Class A		335,657		4,563,590
Yihai International Holding Ltd.		3,972,000		54,377,642
Yihai Kerry Arawana Holdings Co. Ltd.(a)		704,900		9,736,113
Yonghui Superstores Co. Ltd., Class A		6,257,834		6,962,967
Yonyou Network Technology Co. Ltd., Class A		1,721,831		9,805,098
Youyuan International Holdings Ltd.(a)(b)(d)		5,307,000		115,617
Yuexiu Property Co. Ltd.		46,788,880		10,374,274
Yuexiu REIT		15,556,000		7,860,870
Yuexiu Transport Infrastructure Ltd.		12,916,000		9,257,409
Yum China Holdings Inc.		3,349,003		200,404,340
Yunda Holding Co. Ltd., Class A		1,728,440		4,478,577
Yunnan Baiyao Group Co. Ltd., Class A		672,652		13,578,958
Yunnan Energy New Material Co. Ltd., Class A		495,532		8,106,877
Yuzhou Group Holdings Co. Ltd.		16,434,400		6,334,490
Zai Lab Ltd., ADR(a)		580,195		85,590,366
Zepp Health Corp., ADR(a)(b)		286,454		4,735,085
Zhangzhou Pientzehuang Pharmaceutical Co. Ltd., Class A		306,369		14,065,405
Zhaojin Mining Industry Co. Ltd., Class H		9,120,500		9,229,431
Zhejiang Century Huatong Group Co. Ltd., Class A(a)		5,974,995		5,790,716
Zhejiang Chint Electrics Co. Ltd., Class A		1,691,273		8,942,030
Zhejiang Dahua Technology Co. Ltd., Class A		1,874,229		6,059,569
Zhejiang Dingli Machinery Co. Ltd., Class A		386,300		6,845,061
Zhejiang Expressway Co. Ltd., Class H		12,488,000		10,898,536
Zhejiang Huahai Pharmaceutical Co. Ltd., Class A		1,133,062		4,941,524
Zhejiang Huayou Cobalt Co. Ltd., Class A(a)		612,932		8,450,712
Zhejiang Longsheng Group Co. Ltd., Class A		2,055,474		5,246,655
Zhejiang NHU Co. Ltd., Class A		1,300,308		8,701,028
Zhejiang Sanhua Intelligent Controls Co. Ltd., Class A		2,068,723		7,719,580
Zhejiang Supor Co. Ltd., Class A		526,740		6,121,056
Zhejiang Wolwo Bio-Pharmaceutical Co. Ltd., Class A		322,898		3,744,807
Zhengzhou Yutong Bus Co. Ltd., Class A		1,916,890		4,490,596
Zhenro Properties Group Ltd.(b)		14,588,000		9,590,749
Zheshang Securities Co. Ltd., Class A		2,209,400		4,289,336
ZhongAn Online P&C Insurance Co. Ltd., Class H(a)(b)(c)		3,197,000		21,492,333
Zhongji Innolight Co. Ltd., Class A		531,474		3,764,695
Zhongjin Gold Corp. Ltd., Class A		3,619,746		5,206,298
Zhongsheng Group Holdings Ltd.		4,759,000		29,447,169
Zhou Hei Ya International Holdings Co. Ltd.(c)		5,526,500		6,347,672
Zhuguang Holdings Group Co. Ltd.(a)		18,944,000		4,224,783
Zhuzhou CRRC Times Electric Co. Ltd., Class H		4,547,100		19,783,125
Zijin Mining Group Co. Ltd., Class A		10,401,700		19,567,848

16 2 0 2 1  I SHARES   SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Consolidated Schedule of Investments (unaudited) (continued) February 28, 2021 iShares^® Core MSCI Emerging Markets ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
China (continued)
Zijin Mining Group Co. Ltd., Class H		47,312,000	$	70,138,385
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class A		4,181,700		9,279,975
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class H		13,314,400		20,287,367
ZTE Corp., Class A		2,023,600		9,918,368
ZTE Corp., Class H		6,252,240		15,942,211
ZTO Express Cayman Inc., ADR		3,400,362		114,728,214
				28,058,572,427
Colombia — 0.1%
Bancolombia SA		1,918,509		16,659,158
Cementos Argos SA		4,324,488		6,900,334
Corp. Financiera Colombiana SA(a)		897,182		8,073,422
Ecopetrol SA		39,654,381		24,673,642
Grupo Argos SA		2,725,884		10,025,790
Grupo de Inversiones Suramericana SA		1,928,024		12,620,317
Interconexion Electrica SA ESP		3,774,957		24,845,545
				103,798,208
Czech Republic — 0.1%
CEZ AS(b)		1,355,299		33,246,224
Komercni Banka AS(a)		652,782		20,523,405
Moneta Money Bank AS(a)(b)(c)		4,576,894		16,766,773
				70,536,402
Egypt — 0.1%
Commercial International Bank Egypt SAE		11,035,826		43,834,020
Eastern Co. SAE		8,452,683		7,995,054
Egyptian Financial Group-Hermes Holding Co.(a)		5,861,942		5,824,605
EISewedy Electric Co.		6,509,627		3,951,385
Heliopolis Housing		5,330,640		1,908,165
Juhayna Food Industries		3,362,553		1,235,792
Palm Hills Developments SAE(a)		17,163,512		1,828,953
Six of October Development & Investment		2,722,720		2,766,075
Talaat Moustafa Group		7,424,453		3,253,518
Telecom Egypt Co.		3,910,137		2,926,376
				75,523,943
Greece — 0.2%
Alpha Bank AE(a)		11,214,589		11,230,120
Athens Water Supply & Sewage Co. SA		378,354		3,067,764
Eurobank Ergasias Services and Holdings SA, Series A(a)		20,523,882		14,468,824
FF Group(a)(d)		343,633		4,171
GEK Terna Holding Real Estate Construction SA(a)		535,854		5,528,566
Hellenic Telecommunications Organization SA		1,987,242		30,730,335
Holding Co. ADMIE IPTO SA		1,368,730		3,937,433
JUMBO SA		870,536		14,391,662
Motor Oil Hellas Corinth Refineries SA		547,422		7,561,564
Mytilineos SA		798,245		12,353,599
National Bank of Greece SA(a)		4,489,918		11,444,710
OPAP SA		1,618,158		21,880,298
Piraeus Financial Holdings SA(a)(b)		2,485,193		2,319,709
Piraeus Port Authority SA		83,101		1,954,822
Public Power Corp. SA(a)(b)		1,015,774		10,973,223
Sarantis SA		228,914		2,578,502
Terna Energy SA(b)		440,237		6,465,752
Titan Cement International SA		341,459		5,802,481
				166,693,535
Hong Kong — 0.0%
KWG Living Group Holdings Ltd.(a)		10,669,999		12,750,603

Security	Shares		Value
Hungary — 0.2%
Magyar Telekom Telecommunications PLC		4,607,648	$	6,297,184
MOL Hungarian Oil & Gas PLC(a)		3,422,543		24,717,503
Opus Global Nyrt(a)(b)		1,987,256		1,670,839
OTP Bank Nyrt(a)		1,887,513		86,303,723
Richter Gedeon Nyrt		1,180,590		33,891,192
				152,880,441
India — 10.0%
3M India Ltd.(a)		24,573		7,635,152
Aarti Industries Ltd.		737,604		12,396,284
Aavas Financiers Ltd.(a)		260,659		8,000,672
ACC Ltd.		641,438		15,128,806
Adani Green Energy Ltd.(a)		3,299,941		52,084,596
Adani Ports & Special Economic Zone Ltd.		4,432,911		40,773,009
Adani Power Ltd.(a)		7,376,948		5,541,369
Adani Total Gas Ltd.		2,204,992		15,369,081
Aditya Birla Capital Ltd.(a)		5,708,394		9,605,265
Aditya Birla Fashion and Retail Ltd.(a)		2,680,094		6,696,132
Aegis Logistics Ltd.		1,093,361		4,590,078
Affle India Ltd.(a)		103,173		7,299,962
AIA Engineering Ltd.		365,265		9,042,775
Ajanta Pharma Ltd.		229,132		5,449,466
Alembic Pharmaceuticals Ltd.		469,491		5,882,613
Amara Raja Batteries Ltd.		688,439		8,264,360
Amber Enterprises India Ltd.		261,115		11,486,786
Ambuja Cements Ltd.		5,907,765		21,987,803
Apollo Hospitals Enterprise Ltd.		778,198		32,390,764
Apollo Tyres Ltd.		2,604,128		8,225,054
Ashok Leyland Ltd.		11,281,715		19,781,574
Asian Paints Ltd.		3,240,297		100,412,388
Astral Poly Technik Ltd.		574,062		16,621,511
AstraZeneca Pharma India Ltd.		60,386		2,823,724
Atul Ltd.		122,165		10,904,745
AU Small Finance Bank Ltd.(a)(c)		752,329		11,532,947
Aurobindo Pharma Ltd.		2,490,696		28,986,095
Avanti Feeds Ltd.		414,384		2,695,456
Avenue Supermarts Ltd.(a)(c)		1,363,373		55,551,629
Axis Bank Ltd.(a)		18,559,767		183,059,388
Bajaj Auto Ltd.		599,843		31,008,010
Bajaj Consumer Care Ltd.		763,364		2,522,212
Bajaj Electricals Ltd.(a)		329,742		4,299,861
Bajaj Finance Ltd.		2,270,033		162,638,589
Bajaj Finserv Ltd.		327,680		43,024,471
Balkrishna Industries Ltd.		757,604		16,062,421
Bandhan Bank Ltd.(a)(c)		5,977,184		28,082,231
BASF India Ltd.		100,757		2,641,812
Bata India Ltd.		509,591		9,973,379
Bayer CropScience Ltd./India		106,860		7,477,583
Berger Paints India Ltd.		2,014,974		18,641,629
Bharat Forge Ltd.		1,917,976		15,922,450
Bharat Heavy Electricals Ltd.(a)		7,727,071		5,005,220
Bharat Petroleum Corp. Ltd.		5,661,104		34,655,340
Bharti Airtel Ltd.		19,466,311		147,364,888
Biocon Ltd.(a)		3,541,522		18,805,224
Blue Dart Express Ltd.(a)		65,986		4,216,513
Blue Star Ltd.		450,364		5,333,460
Britannia Industries Ltd.		934,624		42,782,085
Ceat Ltd.		207,641		4,505,175
CESC Ltd.		550,585		4,538,196
Chambal Fertilizers and Chemicals Ltd.		1,346,686		4,477,041
Cholamandalam Financial Holdings Ltd.		814,283		6,648,011

CONSOLIDATED   SCHEDULE   OF   INVESTMENTS 17

Consolidated Schedule of Investments (unaudited) (continued) February 28, 2021 iShares^® Core MSCI Emerging Markets ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
India (continued)
Cholamandalam Investment and Finance Co. Ltd.		3,481,991	$	24,587,401
Cipla Ltd.		3,746,124		40,122,296
City Union Bank Ltd.		3,183,943		7,162,084
Coal India Ltd.		10,229,098		21,186,211
Coforge Ltd.		171,253		5,924,116
Colgate-Palmolive India Ltd.		1,038,125		22,337,664
Container Corp. of India Ltd.		2,334,663		17,723,233
Coromandel International Ltd.		811,756		8,520,759
CreditAccess Grameen Ltd.(a)		338,170		3,134,809
CRISIL Ltd.		176,330		4,671,419
Crompton Greaves Consumer Electricals Ltd.		3,965,707		20,785,086
Cummins India Ltd.		1,104,069		11,835,481
Cyient Ltd.		918,285		8,153,161
Dabur India Ltd.		4,604,113		31,521,117
Dalmia Bharat Ltd.		653,793		12,777,367
DCB Bank Ltd.(a)		1,562,989		2,475,769
Deepak Nitrite Ltd.		613,748		11,430,989
Dhani Services Ltd.		2,331,290		11,484,343
Dilip Buildcon Ltd.(c)		301,887		2,791,279
Divi’s Laboratories Ltd.		1,129,152		51,676,547
Dixon Technologies India Ltd.		50,917		13,753,098
DLF Ltd.		5,163,927		21,257,235
Dr Lal PathLabs Ltd.(c)		249,249		7,803,595
Dr. Reddy’s Laboratories Ltd.		991,744		59,740,143
Edelweiss Financial Services Ltd.(a)		4,187,548		3,934,819
Eicher Motors Ltd.		1,160,410		39,455,677
EIH Ltd.(a)		1,556,979		2,048,852
Emami Ltd.		1,699,454		10,527,202
Endurance Technologies Ltd.(c)		275,827		5,413,131
Engineers India Ltd.		2,503,176		2,728,508
Escorts Ltd.		577,976		10,310,522
Exide Industries Ltd.		3,753,746		10,354,281
Federal Bank Ltd.(a)		13,014,616		14,797,185
Finolex Cables Ltd.		739,648		3,928,987
Fortis Healthcare Ltd.(a)		4,243,643		9,144,463
GAIL India Ltd.		13,296,049		25,656,661
Gillette India Ltd.		56,177		4,228,354
Glenmark Pharmaceuticals Ltd.		1,335,887		8,475,070
GMM Pfaudler Ltd.		61,830		3,460,284
GMR Infrastructure Ltd.(a)		18,817,746		6,670,780
Godrej Consumer Products Ltd.		3,652,596		34,117,737
Godrej Industries Ltd.(a)		825,941		5,017,913
Godrej Properties Ltd.(a)		639,967		13,416,359
Granules India Ltd.		1,180,261		5,198,224
Graphite India Ltd.		585,366		3,833,138
Grasim Industries Ltd.		2,573,457		42,052,217
Great Eastern Shipping Co. Ltd. (The)		815,257		3,485,242
Gujarat Fluorochemicals Ltd.(a)		246,131		1,933,779
Gujarat Gas Ltd.		1,532,495		10,316,735
Gujarat Pipavav Port Ltd.		2,714,699		3,653,586
Gujarat State Petronet Ltd.		2,249,822		7,647,895
Havells India Ltd.		2,166,467		32,593,558
HCL Technologies Ltd.		9,222,690		114,139,966
HDFC Asset Management Co. Ltd.(c)		450,586		18,008,724
HDFC Life Insurance Co. Ltd.(a)(c)		6,316,555		60,225,818
Hemisphere Properties India Ltd.(a)		841,482		2,005,083
Hero MotoCorp Ltd.		1,028,128		45,106,956
Hindalco Industries Ltd.		13,239,862		61,303,165
Hindustan Petroleum Corp. Ltd.		5,798,023		19,129,491
Hindustan Unilever Ltd.		6,931,737		201,113,287

Security	Shares		Value
India (continued)
Housing Development Finance Corp. Ltd.		14,273,318	$	493,238,943
ICICI Bank Ltd.(a)		42,851,110		348,564,347
ICICI Lombard General Insurance Co. Ltd.(a)(c)		1,858,436		36,063,547
ICICI Prudential Life Insurance Co. Ltd.(a)(c)		2,988,581		18,770,900
ICICI Securities Ltd.(c)		665,290		3,681,117
IDFC First Bank Ltd.(a)		20,459,968		17,665,986
IDFC Ltd.(a)		10,409,049		7,776,509
IIFL Wealth Management Ltd.		300,925		4,964,843
India Cements Ltd. (The)		1,600,411		3,539,046
Indiabulls Housing Finance Ltd.		2,274,866		6,771,817
IndiaMART Intermesh Ltd.(c)		99,437		11,631,429
Indian Hotels Co. Ltd. (The)		6,113,999		10,221,199
Indian Oil Corp. Ltd.		15,550,302		20,748,549
Indraprastha Gas Ltd.		2,683,600		17,965,531
Indus Towers Ltd.		4,383,302		15,377,495
Info Edge India Ltd.		611,283		40,846,615
Infosys Ltd.		28,491,699		485,931,093
Inox Leisure Ltd.(a)		455,709		1,906,307
InterGlobe Aviation Ltd.(a)(c)		823,480		18,153,316
Ipca Laboratories Ltd.		588,640		14,815,529
IRB Infrastructure Developers Ltd.		1,314,602		1,932,949
ITC Ltd.		25,346,450		70,311,953
Jindal Steel & Power Ltd.(a)		3,886,423		17,764,843
JK Cement Ltd.		267,425		9,782,475
JM Financial Ltd.		3,172,204		3,923,976
JSW Energy Ltd.		2,752,264		2,692,900
JSW Steel Ltd.		7,525,378		40,496,846
Jubilant Foodworks Ltd.		689,223		28,089,460
Jubilant Ingrevia Ltd., NVS		798,638		1,420,562
Jubilant Pharmova Ltd.		808,958		8,472,125
Just Dial Ltd.(a)		416,630		4,050,640
Jyothy Labs Ltd.		1,051,397		2,129,692
Kajaria Ceramics Ltd.		645,152		8,314,502
Karur Vysya Bank Ltd. (The)(a)		3,520,945		2,858,058
Kaveri Seed Co. Ltd.		277,178		1,912,353
KEC International Ltd.		914,201		5,357,565
KEI Industries Ltd.		432,407		2,943,322
Kotak Mahindra Bank Ltd.(a)		4,688,296		113,585,191
KRBL Ltd.		503,582		1,349,327
L&T Finance Holdings Ltd.		8,702,106		12,422,276
L&T Technology Services Ltd.(c)		225,048		7,863,588
Lakshmi Machine Works Ltd.		36,170		3,174,405
Larsen & Toubro Infotech Ltd.(c)		439,393		21,524,786
Larsen & Toubro Ltd.		5,752,639		112,923,478
Laurus Labs Ltd.(c)		2,750,183		13,104,397
LIC Housing Finance Ltd.		2,564,712		14,990,050
Lupin Ltd.		1,921,018		26,621,333
Mahanagar Gas Ltd.		540,710		8,523,623
Mahindra & Mahindra Financial Services Ltd.(a)		5,312,308		14,725,687
Mahindra & Mahindra Ltd.		6,834,886		75,003,770
Mahindra CIE Automotive Ltd.(a)		893,605		2,197,379
Manappuram Finance Ltd.		4,205,505		10,078,103
Marico Ltd.		4,420,848		23,916,556
Maruti Suzuki India Ltd.		1,147,813		107,247,142
Max Financial Services Ltd.(a)		1,720,982		20,283,629
Metropolis Healthcare Ltd.		222,171		5,923,653
Minda Industries Ltd.		615,747		4,746,828
Mindspace Business Parks REIT(c)		1,085,000		4,499,756
Mindtree Ltd.		495,418		10,785,125
Motherson Sumi Systems Ltd.		10,610,994		30,900,901

18 2 0 2 1  I SHARES   SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Consolidated Schedule of Investments (unaudited) (continued) February 28, 2021 iShares^® Core MSCI Emerging Markets ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
India (continued)
Motilal Oswal Financial Services Ltd.		339,727	$	2,790,029
Mphasis Ltd.		731,267		16,388,700
MRF Ltd.		16,251		18,686,527
Multi Commodity Exchange of India Ltd.		212,029		4,362,197
Muthoot Finance Ltd.		1,039,000		18,376,380
Natco Pharma Ltd.		811,219		8,956,692
National Aluminium Co. Ltd.		8,385,411		6,846,631
Navin Fluorine International Ltd.		280,120		9,700,992
Nestle India Ltd.		286,840		62,850,690
Nippon Life India Asset Management Ltd.(c)		1,119,131		5,022,650
NTPC Ltd.		37,635,440		54,953,837
Oberoi Realty Ltd.(a)		975,965		7,246,193
Oil & Natural Gas Corp. Ltd.		21,737,220		32,834,339
Oil India Ltd.		1,758,700		3,022,710
Page Industries Ltd.		46,434		17,745,863
Persistent Systems Ltd.		379,776		8,561,175
Petronet LNG Ltd.		6,367,672		22,109,431
Phoenix Mills Ltd. (The)(a)		653,488		7,235,189
PI Industries Ltd.		709,412		21,017,362
Pidilite Industries Ltd.		1,299,050		29,803,815
Piramal Enterprises Ltd.		786,047		19,566,939
PNB Housing Finance Ltd.(a)(c)		579,812		3,473,664
Polycab India Ltd.		318,002		5,786,221
Power Grid Corp. of India Ltd.		17,809,889		51,937,936
Prestige Estates Projects Ltd.		1,264,001		5,127,559
Procter & Gamble Health Ltd.		53,279		4,857,100
PVR Ltd.		350,764		6,506,688
Quess Corp. Ltd.(a)(c)		738,668		7,547,009
Radico Khaitan Ltd.		601,523		4,662,959
Rajesh Exports Ltd.		580,265		4,015,701
Rallis India Ltd.		788,792		2,744,161
Ramco Cements Ltd. (The)		1,007,446		13,275,639
RBL Bank Ltd.(c)		3,166,051		10,150,665
REC Ltd.		7,528,684		13,882,244
Redington India Ltd.		2,450,303		6,102,000
Relaxo Footwears Ltd.(a)		463,016		5,386,259
Reliance Industries Ltd.		23,804,514		675,667,896
Sanofi India Ltd.		74,013		8,329,119
SBI Life Insurance Co. Ltd.(a)(c)		3,460,165		40,819,447
Schaeffler India Ltd.		60,118		4,248,429
Shree Cement Ltd.		92,100		33,215,031
Shriram Transport Finance Co. Ltd.		1,612,603		28,153,896
Siemens Ltd.		617,693		15,550,548
SpiceJet Ltd.(a)		1,849,606		2,080,288
SRF Ltd.		243,637		18,029,337
State Bank of India(a)		15,148,570		80,427,497
Sterlite Technologies Ltd.		1,437,974		4,072,156
Strides Pharma Science Ltd.		474,347		5,381,226
Sun Pharma Advanced Research Co. Ltd.(a)		900,020		2,004,331
Sun Pharmaceutical Industries Ltd.		7,245,870		58,629,575
Sundaram Finance Ltd.		513,283		18,489,294
Sundram Fasteners Ltd.		730,697		7,127,490
Sunteck Realty Ltd.		454,845		2,152,444
Supreme Industries Ltd.		537,543		14,831,534
Suven Pharmaceuticals Ltd.		1,078,330		7,034,788
Symphony Ltd.		145,559		2,221,763
Syngene International Ltd.(a)(c)		951,062		7,236,665
Tata Chemicals Ltd.		1,371,152		13,798,284
Tata Communications Ltd.		644,797		9,491,419
Tata Consultancy Services Ltd.		7,851,841		309,254,724

Security	Shares		Value
India (continued)
Tata Consumer Products Ltd.		5,183,230	$	42,966,109
Tata Elxsi Ltd.		301,515		10,905,377
Tata Motors Ltd.(a)		14,382,148		63,206,296
Tata Power Co. Ltd. (The)		12,199,273		15,795,888
Tata Steel Ltd.		5,679,240		55,269,898
TeamLease Services Ltd.(a)		96,823		4,485,335
Tech Mahindra Ltd.		5,292,028		66,171,054
Thermax Ltd.		356,216		6,589,402
Titan Co. Ltd.		3,039,526		58,192,953
Torrent Pharmaceuticals Ltd.		435,973		14,406,064
Torrent Power Ltd.		1,492,336		7,753,608
Trent Ltd.		1,538,691		16,932,197
TTK Prestige Ltd.		53,770		5,311,146
Tube Investments of India Ltd.		797,866		11,731,024
TV18 Broadcast Ltd.(a)		5,072,346		2,005,194
UltraTech Cement Ltd.		976,851		81,287,935
United Spirits Ltd.(a)		2,554,085		18,598,229
UPL Ltd.		4,431,324		33,862,829
Varun Beverages Ltd.		860,379		12,211,094
Vedanta Ltd.		16,226,598		45,774,971
V-Guard Industries Ltd.		1,372,438		4,204,066
Vinati Organics Ltd.		229,838		4,386,267
VIP Industries Ltd.		393,330		2,144,755
V-Mart Retail Ltd.(a)		82,341		2,967,066
Vodafone Idea Ltd.(a)		78,281,658		12,037,596
Voltas Ltd.		1,812,258		25,109,213
Welspun India Ltd.		3,250,602		3,061,055
Westlife Development Ltd.(a)		388,265		2,650,251
Wipro Ltd.		9,816,236		54,808,487
Yes Bank Ltd.(a)		72,077,487		15,448,329
Yes Bank Ltd., New, (Acquired 03/16/20, Cost: $35,983,750)(a)(d)(f)		12,578,231		2,141,936
Zee Entertainment Enterprises Ltd.		7,498,557		20,510,444
				7,661,320,853
Indonesia — 1.3%
Ace Hardware Indonesia Tbk PT		78,897,900		8,449,389
Adaro Energy Tbk PT		125,644,000		10,411,511
AKR Corporindo Tbk PT		17,592,400		4,163,370
Aneka Tambang Tbk		73,089,443		14,576,827
Astra Agro Lestari Tbk PT		5,615,100		4,436,087
Astra International Tbk PT		169,195,200		64,161,101
Bank BTPN Syariah Tbk PT		20,405,000		5,875,035
Bank Central Asia Tbk PT		81,962,100		193,105,931
Bank Mandiri Persero Tbk PT		156,681,000		67,667,707
Bank Negara Indonesia Persero Tbk PT		63,467,900		26,519,242
Bank Pembangunan Daerah Jawa Barat Dan Banten Tbk PT		28,150,000		3,133,269
Bank Rakyat Indonesia Persero Tbk PT		462,468,900		152,965,486
Bank Tabungan Negara Persero Tbk PT		43,474,676		6,319,704
Barito Pacific Tbk PT(a)		236,106,800		18,238,587
Bintang Oto Global Tbk PT(a)		25,939,200		2,349,829
Bukit Asam Tbk PT		33,319,700		6,341,038
Bumi Serpong Damai Tbk PT(a)		81,346,900		6,626,573
Charoen Pokphand Indonesia Tbk PT		63,208,800		27,298,744
Ciputra Development Tbk PT		102,325,627		8,299,586
Gudang Garam Tbk PT(a)		4,092,800		10,490,674
Hanson International Tbk PT(a)(d)		783,666,700		1
Indah Kiat Pulp & Paper Corp. Tbk PT		23,670,200		21,899,922
Indocement Tunggal Prakarsa Tbk PT		12,670,200		11,122,015
Indofood CBP Sukses Makmur Tbk PT		19,576,300		11,788,397

CONSOLIDATED   SCHEDULE   OF   INVESTMENTS 19

Consolidated Schedule of Investments (unaudited) (continued) February 28, 2021 iShares^® Core MSCI Emerging Markets ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Indonesia (continued)
Indofood Sukses Makmur Tbk PT		37,509,400	$	15,936,227
Inti Agri Resources Tbk PT(a)(d)		291,349,000		0	(e)
Japfa Comfeed Indonesia Tbk PT		43,253,700		4,662,530
Jasa Marga Persero Tbk PT		20,583,680		6,027,665
Kalbe Farma Tbk PT		180,075,600		18,589,265
Medco Energi Internasional Tbk PT(a)		83,895,080		4,094,598
Media Nusantara Citra Tbk PT(a)		56,403,700		4,495,660
Merdeka Copper Gold Tbk PT(a)		87,639,400		17,417,100
Mitra Adiperkasa Tbk PT(a)		90,668,200		5,125,555
Pabrik Kertas Tjiwi Kimia Tbk PT		10,146,500		10,527,706
Pakuwon Jati Tbk PT(a)		172,260,800		6,653,331
Panin Financial Tbk PT(a)		177,905,300		2,873,470
Perusahaan Gas Negara Tbk PT		95,724,200		9,679,975
Perusahaan Perkebunan London Sumatra Indonesia Tbk PT		32,181,900		2,994,454
Pool Advista Indonesia Tbk PT(a)(d)		12,679,400		9
PP Persero Tbk PT		31,994,050		3,628,539
Sarana Menara Nusantara Tbk PT		194,087,900		17,241,657
Semen Indonesia Persero Tbk PT		25,485,800		18,255,278
Sugih Energy Tbk PT(a)(d)		27,492,211		19
Summarecon Agung Tbk PT(a)		98,874,700		5,728,345
Surya Citra Media Tbk PT(a)		61,213,600		8,511,442
Telkom Indonesia Persero Tbk PT		413,030,300		101,227,229
Tower Bersama Infrastructure Tbk PT		93,293,700		14,216,807
Trada Alam Minera Tbk PT(a)(d)		280,960,700		0	(e)
Unilever Indonesia Tbk PT		63,985,900		31,453,743
United Tractors Tbk PT		14,368,300		22,753,172
Waskita Beton Precast Tbk PT		105,238,000		1,906,700
Waskita Karya Persero Tbk PT		45,692,700		4,572,479
Wijaya Karya Persero Tbk PT		36,573,323		4,468,931
XL Axiata Tbk PT		32,749,500		5,059,614
				1,034,341,525
Kuwait — 0.5%
Agility Public Warehousing Co. KSC		10,250,281		22,353,165
Al Ahli Bank of Kuwait KSCP		6,005,180		3,869,189
Boubyan Bank KSCP		10,580,889		19,298,367
Boubyan Petrochemicals Co. KSCP		3,391,261		8,067,761
Gulf Bank KSCP		13,083,195		9,337,420
Humansoft Holding Co. KSC(a)		771,737		9,758,591
Kuwait Finance House KSCP		36,216,279		86,397,335
Kuwait International Bank KSCP		5,418,688		3,545,020
Mabanee Co. KPSC		4,565,040		10,588,661
Mobile Telecommunications Co. KSC		19,098,569		39,566,505
National Bank of Kuwait SAKP		54,649,416		148,969,992
National Industries Group Holding SAK		9,357,930		5,905,715
Qurain Petrochemical Industries Co.		5,124,191		6,264,499
Shamal Az-Zour Al-Oula for the First Phase of Az-Zour Power Plant KSC		5,214,124		4,410,427
Warba Bank KSCP(a)		7,110,638		5,474,240
				383,806,887
Malaysia — 1.6%
AEON Credit Service M Bhd(b)		2,179,800		6,311,861
Alliance Bank Malaysia Bhd(a)		9,790,100		6,409,825
AMMB Holdings Bhd		13,515,300		10,551,785
Axiata Group Bhd		22,549,000		19,777,381
Berjaya Sports Toto Bhd		7,077,722		3,707,170
Bermaz Auto Bhd(b)		8,272,000		2,738,599
British American Tobacco Malaysia Bhd		1,351,000		4,279,140
Bursa Malaysia Bhd		5,275,700		11,861,364

Security	Shares		Value
Malaysia (continued)
Carlsberg Brewery Malaysia Bhd		1,471,000	$	8,707,884
CIMB Group Holdings Bhd		53,642,500		57,386,541
Dialog Group Bhd		33,058,796		26,381,695
DiGi.Com Bhd(b)		25,968,600		23,739,054
DRB-Hicom Bhd		8,916,000		4,009,171
Ekovest Bhd		15,981,200		1,855,754
Focus Dynamics Group Bhd(a)		38,576,300		6,099,773
Fraser & Neave Holdings Bhd		1,208,800		9,335,908
Frontken Corp. Bhd		6,207,900		7,990,898
Gamuda Bhd		14,748,800		12,134,281
Genting Bhd		17,934,700		20,427,169
Genting Malaysia Bhd		25,592,100		18,273,297
Genting Plantations Bhd(b)		4,276,400		10,037,258
Globetronics Technology Bhd		6,473,000		4,557,888
HAP Seng Consolidated Bhd		5,506,600		11,577,805
Hartalega Holdings Bhd(b)		14,450,400		35,702,038
Hong Leong Bank Bhd		5,584,000		24,833,107
Hong Leong Financial Group Bhd		2,018,300		8,457,163
IGB REIT		11,924,600		4,979,018
IHH Healthcare Bhd		18,476,400		23,189,651
IJM Corp. Bhd		23,596,200		9,152,819
Inari Amertron Bhd(b)		22,721,300		20,209,186
IOI Corp. Bhd		19,766,500		20,901,944
Kossan Rubber Industries(b)		11,049,700		10,783,524
KPJ Healthcare Bhd		31,682,100		7,827,573
Kuala Lumpur Kepong Bhd		3,601,000		20,907,597
Lotte Chemical Titan Holding Bhd(c)		4,251,500		2,373,907
Magnum Bhd		8,964,086		4,850,240
Mah Sing Group Bhd		12,023,523		2,346,778
Malayan Banking Bhd		32,574,100		64,625,083
Malaysia Airports Holdings Bhd		9,076,200		13,432,103
Malaysia Building Society Bhd		17,604,600		2,935,912
Malaysian Pacific Industries Bhd		849,800		7,768,400
Malaysian Resources Corp. Bhd		27,544,700		2,824,225
Maxis Bhd(b)		19,891,300		23,343,712
Mega First Corp Bhd		2,186,300		4,153,835
MISC Bhd		11,179,600		18,727,038
My EG Services Bhd		21,522,200		11,272,900
Nestle Malaysia Bhd(b)		555,600		18,929,522
Padini Holdings Bhd		3,513,200		2,551,898
Pavilion REIT(b)		12,885,600		4,329,689
Pentamaster Corp. Bhd		6,537,100		10,158,952
Petronas Chemicals Group Bhd		20,222,500		37,122,464
Petronas Dagangan Bhd		2,406,200		11,889,808
Petronas Gas Bhd(b)		6,595,400		26,723,795
PPB Group Bhd		5,527,820		25,730,483
Press Metal Aluminium Holdings Bhd		12,142,700		29,070,479
Public Bank Bhd		121,327,000		124,699,276
QL Resources Bhd		10,081,943		15,319,073
RHB Bank Bhd		13,321,066		17,838,216
Scientex Bhd		7,332,300		7,282,482
Serba Dinamik Holdings Bhd(b)		12,454,520		5,261,823
Sime Darby Bhd		23,200,200		13,011,601
Sime Darby Plantation Bhd		17,943,900		21,723,313
Sime Darby Property Bhd		32,458,400		4,651,235
SKP Resources Bhd		7,394,100		4,165,176
SP Setia Bhd Group(b)		18,138,200		4,100,421
Sunway Construction Group Bhd(b)		6,344,970		2,633,613
Sunway REIT		19,181,300		7,155,964
Supermax Corp. Bhd		12,352,713		14,771,373

20 2 0 2 1  I SHARES   SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Consolidated Schedule of Investments (unaudited) (continued) February 28, 2021 iShares^® Core MSCI Emerging Markets ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Malaysia (continued)
Telekom Malaysia Bhd		9,470,000	$	14,365,855
Tenaga Nasional Bhd		18,709,200		46,686,330
TIME dotCom Bhd		3,557,200		12,216,203
Top Glove Corp. Bhd(b)		41,214,200		53,356,988
UEM Sunrise Bhd(a)		24,132,500		2,384,929
UMW Holdings Bhd		3,208,400		2,370,134
ViTrox Corp. Bhd		1,753,300		7,450,713
VS Industry Bhd		13,311,375		9,866,368
Westports Holdings Bhd		8,107,500		8,172,600
Yinson Holdings Bhd		5,543,100		7,285,804
				1,207,025,834
Mexico — 1.6%
Alpek SAB de CV(a)(b)		3,229,800		2,931,618
Alsea SAB de CV(a)(b)		4,679,695		5,693,381
America Movil SAB de CV, Series L, NVS		282,052,172		180,611,587
Arca Continental SAB de CV		3,239,238		14,680,786
Banco del Bajio SA(a)(b)(c)		6,713,797		7,715,384
Becle SAB de CV(b)		4,404,175		9,088,264
Bolsa Mexicana de Valores SAB de CV(b)		4,190,078		8,586,349
Cemex SAB de CV, CPO, NVS(a)		126,640,883		84,425,237
Coca-Cola Femsa SAB de CV		3,920,000		16,457,607
Controladora Nemak SAB de CV(a)		24,761,526		3,481,451
Controladora Vuela Cia. de Aviacion SAB de CV, Class A(a)		6,704,059		10,099,130
Corp Inmobiliaria Vesta SAB de CV		4,894,800		9,243,952
Fibra Uno Administracion SA de CV		27,726,800		31,372,568
Fomento Economico Mexicano SAB de CV		16,147,445		110,535,151
Genomma Lab Internacional SAB de CV, Class B(a)(b)		7,531,524		7,560,158
Gentera SAB de CV(a)		9,132,292		4,646,832
Gruma SAB de CV, Class B		1,798,165		19,608,215
Grupo Aeroportuario del Centro Norte SAB de CV(a)		2,884,800		16,742,753
Grupo Aeroportuario del Pacifico SAB de CV, Class B(a)		3,215,900		32,548,867
Grupo Aeroportuario del Sureste SAB de CV, Class B(a)		1,731,840		32,418,839
Grupo Bimbo SAB de CV, Series A		13,045,502		24,518,220
Grupo Carso SAB de CV, Series A1(a)		3,921,736		9,722,522
Grupo Cementos de Chihuahua SAB de CV		1,713,957		10,722,016
Grupo Comercial Chedraui SA de CV		3,359,459		5,157,152
Grupo Financiero Banorte SAB de CV, Class O(a)		21,584,178		108,444,740
Grupo Financiero Inbursa SAB de CV, Class O(a)		18,973,942		17,113,342
Grupo Herdez SAB de CV(b)		2,844,100		5,777,833
Grupo Mexico SAB de CV, Series B		25,597,120		121,592,594
Grupo Televisa SAB, CPO(a)(b)		20,008,856		29,787,699
Industrias Penoles SAB de CV(a)(b)		1,189,635		16,336,467
Infraestructura Energetica Nova SAB de CV(a)		4,380,471		15,252,724
Kimberly-Clark de Mexico SAB de CV, Class A		12,669,475		20,267,040
La Comer SAB de CV(b)		5,177,696		10,550,758
Macquarie Mexico Real Estate Management SA de CV(c)		8,980,400		10,839,784
Megacable Holdings SAB de CV, CPO		2,446,077		8,450,520
Orbia Advance Corp. SAB de CV(b)		8,875,283		20,708,499
PLA Administradora Industrial S. de RL de CV		7,338,949		10,350,092
Prologis Property Mexico SA de CV		3,755,958		7,682,376
Promotora y Operadora de Infraestructura SAB de CV		1,868,225		13,748,235
Qualitas Controladora SAB de CV(b)		1,584,878		8,624,532
Regional SAB de CV(a)(b)		1,916,047		8,681,107
Telesites SAB de CV(a)(b)		11,844,095		10,461,751

Security	Shares		Value
Mexico (continued)
Wal-Mart de Mexico SAB de CV		42,609,896	$	121,611,563
				1,224,849,695
Pakistan — 0.1%
Engro Corp. Ltd./Pakistan		2,907,074		5,570,881
Engro Fertilizers Ltd.		5,932,989		2,445,247
Fauji Fertilizer Co. Ltd.		5,903,642		4,124,334
Habib Bank Ltd.		5,134,805		4,016,255
Hub Power Co. Ltd. (The)		7,352,856		3,972,682
Lucky Cement Ltd.(a)		1,259,268		7,046,883
MCB Bank Ltd.		3,883,524		4,497,617
National Bank of Pakistan(a)		5,096,314		1,156,261
Oil & Gas Development Co. Ltd.		6,004,882		3,977,427
Pakistan Oilfields Ltd.		1,340,794		3,393,880
Pakistan Petroleum Ltd.		3,495,619		1,999,202
Pakistan State Oil Co. Ltd.(a)		2,684,318		4,017,648
Searle Co. Ltd. (The)		1,287,095		2,216,148
United Bank Ltd./Pakistan		4,585,797		3,698,513
				52,132,978
Panama — 0.0%
Intercorp Financial Services Inc.		182,330		6,363,317
Peru — 0.2%
Cia. de Minas Buenaventura SAA, ADR(a)		1,828,640		20,224,758
Credicorp Ltd.		564,284		90,291,083
Southern Copper Corp.		717,287		51,164,082
				161,679,923
Philippines — 0.7%
Aboitiz Equity Ventures Inc.		16,894,830		14,676,774
Aboitiz Power Corp.		12,214,400		6,092,096
Alliance Global Group Inc.		36,074,800		7,985,230
Ayala Corp.		2,337,845		36,040,974
Ayala Land Inc.		66,561,540		53,570,242
Bank of the Philippine Islands		14,424,663		26,459,089
BDO Unibank Inc.		16,681,606		36,271,835
Bloomberry Resorts Corp.		39,045,700		6,437,873
Cebu Air Inc.(a)		2,638,810		2,439,213
Cosco Capital Inc.		29,614,300		3,344,731
D&L Industries Inc.		29,430,400		4,318,723
DoubleDragon Properties Corp.(a)		6,771,200		2,124,024
Filinvest Land Inc.		101,346,000		2,402,059
Globe Telecom Inc.		282,075		11,778,317
GT Capital Holdings Inc.		811,440		9,356,980
International Container Terminal Services Inc.		8,813,600		21,779,692
JG Summit Holdings Inc.		25,663,341		34,089,084
Jollibee Foods Corp.		3,784,440		13,961,557
Manila Electric Co.		1,819,780		10,164,064
Manila Water Co. Inc.(a)		11,036,600		3,548,453
Megaworld Corp.		100,251,200		7,479,583
Metro Pacific Investments Corp.		122,347,800		10,262,893
Metropolitan Bank & Trust Co.		14,793,133		15,457,787
Petron Corp.		18,352,500		1,338,991
PLDT Inc.		729,615		19,368,181
Puregold Price Club Inc.		8,079,250		6,161,011
Robinsons Land Corp.		20,130,113		8,123,405
Security Bank Corp.		2,526,600		6,821,612
Semirara Mining & Power Corp.		8,973,300		2,359,837
SM Investments Corp.		2,044,052		42,507,182
SM Prime Holdings Inc.		83,613,196		62,296,312
Universal Robina Corp.		7,522,830		19,799,369

CONSOLIDATED   SCHEDULE   OF   INVESTMENTS 21

Consolidated Schedule of Investments (unaudited) (continued) February 28, 2021 iShares^® Core MSCI Emerging Markets ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Philippines (continued)
Vista Land & Lifescapes Inc.		45,109,300	$	4,034,921
Wilcon Depot Inc.		12,563,200		4,634,816
				517,486,910
Poland — 0.7%
Alior Bank SA(a)(b)		887,399		5,188,883
Allegro.eu SA(a)(c)		2,177,924		37,608,481
AmRest Holdings SE(a)(b)		647,875		5,557,240
Asseco Poland SA		528,750		9,454,132
Bank Millennium SA(a)		5,961,231		6,606,519
Bank Polska Kasa Opieki SA(a)		1,525,237		27,762,851
Budimex SA		116,015		10,792,310
CCC SA(a)(b)		332,484		8,487,054
CD Projekt SA(a)(b)		562,645		35,739,317
Cyfrowy Polsat SA		2,307,912		17,720,759
Dino Polska SA(a)(c)		416,663		27,540,386
Enea SA(a)(b)		2,342,658		4,100,658
Eurocash SA(a)(b)		838,538		2,892,830
Grupa Azoty SA(a)(b)		403,495		3,255,215
Grupa Lotos SA		838,747		9,473,283
Jastrzebska Spolka Weglowa SA(a)(b)		470,230		4,453,854
KGHM Polska Miedz SA(a)		1,177,780		59,872,380
KRUK SA(a)(b)		158,841		7,705,801
LPP SA(a)		10,946		22,995,181
mBank SA(a)		145,830		8,675,883
Mercator Medical SA(a)(b)		39,273		3,605,929
Orange Polska SA(a)		5,628,309		9,542,196
PGE Polska Grupa Energetyczna SA(a)		7,076,020		12,625,437
Polski Koncern Naftowy ORLEN SA		2,456,237		38,800,737
Polskie Gornictwo Naftowe i Gazownictwo SA		14,374,317		21,610,872
Powszechna Kasa Oszczednosci Bank Polski SA(a)		7,252,573		58,685,715
Powszechny Zaklad Ubezpieczen SA(a)		4,922,308		38,680,186
Santander Bank Polska SA(a)		285,122		16,105,474
Tauron Polska Energia SA(a)(b)		9,468,297		6,507,421
TEN Square Games SA		40,177		5,371,603
Warsaw Stock Exchange(b)		401,136		4,797,736
				532,216,323
Qatar — 0.7%
Al Meera Consumer Goods Co. QSC		1,077,420		6,127,341
Barwa Real Estate Co.		15,119,058		13,257,734
Commercial Bank PSQC (The)		16,777,850		19,446,785
Doha Bank QPSC(a)		13,584,895		8,204,061
Gulf International Services QSC(a)		9,161,385		3,674,379
Industries Qatar QSC		15,288,426		47,861,725
Masraf Al Rayan QSC		31,709,160		37,225,589
Medicare Group		1,706,523		4,020,676
Mesaieed Petrochemical Holding Co.		38,026,430		19,360,258
Ooredoo QPSC		6,591,006		13,743,906
Qatar Aluminum Manufacturing Co.		28,704,011		8,434,125
Qatar Electricity & Water Co. QSC		4,349,400		20,494,925
Qatar Fuel QSC		3,718,750		16,999,540
Qatar Gas Transport Co. Ltd.		19,875,838		17,762,624
Qatar Insurance Co. SAQ		13,606,864		8,431,053
Qatar International Islamic Bank QSC		6,685,331		15,321,983
Qatar Islamic Bank SAQ		9,944,586		42,281,861
Qatar National Bank QPSC		37,478,417		175,080,619
Qatar National Cement Co. QSC		2,491,597		2,773,239
Qatar Navigation QSC		3,943,901		7,796,804
United Development Co. QSC		16,660,653		6,691,152

Security	Shares		Value
Qatar (continued)
Vodafone Qatar QSC		20,077,104	$	7,780,517
				502,770,896
Russia — 2.6%
Aeroflot PJSC(a)		9,876,917		9,220,002
Alrosa PJSC		21,880,590		29,208,368
Credit Bank of Moscow PJSC(a)		102,862,231		9,215,683
Detsky Mir PJSC(c)		5,254,636		10,002,049
Gazprom PJSC		95,035,240		279,097,287
Gazprom PJSC, ADR		1,491,310		8,649,598
Inter RAO UES PJSC		315,933,505		21,637,975
LSR Group PJSC		371,811		4,398,631
LSR Group PJSC, GDR(g)		112,885		248,347
LUKOIL PJSC		3,471,782		260,997,893
Magnit PJSC, GDR(g)		2,817,615		38,235,036
Mail.Ru Group Ltd., GDR(a)(g)		884,594		23,877,956
Mechel PJSC, ADR(a)		967,708		1,770,906
MMC Norilsk Nickel PJSC		529,457		165,860,419
Mobile TeleSystems PJSC, ADR		3,937,583		32,366,932
Moscow Exchange MICEX-RTS PJSC		11,255,681		26,116,653
Novatek PJSC, GDR(g)		758,920		129,319,968
Novolipetsk Steel PJSC		10,436,548		31,347,099
OGK-2 PJSC		264,299,000		2,764,347
PhosAgro PJSC, GDR(g)		1,151,182		20,191,732
Polymetal International PLC		1,923,682		38,299,434
Polyus PJSC		277,381		52,266,525
Rosneft Oil Co. PJSC		3,248,140		22,917,281
Rosneft Oil Co. PJSC, GDR(g)		6,171,162		42,667,414
Rostelecom PJSC(a)		7,831,571		11,363,198
Sberbank of Russia PJSC		88,080,850		319,094,039
Severstal PAO		1,744,654		31,575,224
Sistema PJSFC, GDR(g)		1,439,698		13,331,603
Surgutneftegas PJSC		60,903,807		26,543,152
Tatneft PJSC		11,854,629		83,417,782
TCS Group Holding PLC(g)		971,045		50,390,770
Unipro PJSC		130,678,082		4,924,699
VTB Bank PJSC		9,503,320,000		4,714,845
VTB Bank PJSC, GDR(g)		9,852,068		9,344,686
X5 Retail Group NV, GDR(g)		1,040,497		34,340,065
Yandex NV, Class A(a)		2,489,404		160,818,087
				2,010,535,685
Saudi Arabia — 2.5%
Abdullah Al Othaim Markets Co.		402,068		13,100,309
Advanced Petrochemical Co.		933,619		16,877,581
Al Hammadi Co. for Development and Investment(a)		686,457		5,060,801
Al Rajhi Bank		10,165,869		246,658,866
Aldrees Petroleum and Transport Services Co.		325,531		5,858,777
Alinma Bank(a)		8,305,134		35,873,396
Almarai Co. JSC		2,056,972		27,971,090
Alujain Holding(a)		349,321		4,787,388
Arab National Bank		5,157,001		26,620,328
Arabian Cement Co./Saudi Arabia		547,071		6,155,552
Arriyadh Development Co.		1,357,922		6,567,846
Bank AlBilad		3,138,783		27,575,763
Bank Al-Jazira		3,638,854		13,059,319
Banque Saudi Fransi		5,042,166		37,508,714
Bupa Arabia for Cooperative Insurance Co.(a)		525,488		16,729,307
City Cement Co.		1,022,145		7,167,688
Co for Cooperative Insurance (The)(a)		560,642		11,869,077
Dallah Healthcare Co.		391,142		5,621,265

22 2 0 2 1  I SHARES   SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Consolidated Schedule of Investments (unaudited) (continued) February 28, 2021 iShares^® Core MSCI Emerging Markets ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Saudi Arabia (continued)
Dar Al Arkan Real Estate Development Co.(a)		4,433,705	$	10,391,219
Dr Sulaiman Al Habib Medical Services Group Co.		419,499		13,310,327
Eastern Province Cement Co.		554,983		6,259,374
Emaar Economic City(a)		4,108,495		10,089,118
Etihad Etisalat Co.(a)		3,260,393		24,949,548
Fawaz Abdulaziz Al Hokair & Co.(a)		781,161		4,061,496
Herfy Food Services Co.		385,606		6,898,857
Jarir Marketing Co.		495,224		22,579,204
Leejam Sports Co. JSC(a)		293,676		5,536,033
Mobile Telecommunications Co.(a)		3,784,786		13,522,499
Mouwasat Medical Services Co.		440,427		16,135,094
National Agriculture Development Co. (The)(a)		640,507		5,353,925
National Commercial Bank		12,267,044		153,726,455
National Industrialization Co.(a)		3,134,110		12,451,203
National Medical Care Co.		236,559		3,286,155
Qassim Cement Co. (The)		446,309		10,233,988
Rabigh Refining & Petrochemical Co.(a)		2,315,334		9,000,818
Riyad Bank		11,380,040		60,078,601
SABIC Agri-Nutrients Co.		1,701,580		44,189,812
Sahara International Petrochemical Co.		3,166,488		16,041,400
Samba Financial Group		8,233,893		74,095,158
Saudi Airlines Catering Co.		412,345		8,124,862
Saudi Arabian Mining Co.(a)		3,623,853		49,664,323
Saudi Arabian Oil Co.(c)		17,983,064		165,661,875
Saudi Basic Industries Corp.		7,481,461		212,644,645
Saudi British Bank (The)		6,557,039		42,239,185
Saudi Cement Co.		638,283		10,789,799
Saudi Electricity Co.		6,994,209		39,311,539
Saudi Industrial Investment Group		1,931,002		14,570,686
Saudi Kayan Petrochemical Co.(a)		6,256,396		24,755,344
Saudi Pharmaceutical Industries & Medical Appliances Corp.		735,030		7,976,462
Saudi Research & Marketing Group(a)		366,852		7,609,941
Saudi Telecom Co.		4,996,295		158,261,524
Saudia Dairy & Foodstuff Co.		172,302		7,212,749
Savola Group (The)		2,265,087		22,738,442
Seera Group Holding(a)		1,673,267		7,700,463
Southern Province Cement Co.		587,930		13,355,989
United Electronics Co.		323,463		8,150,181
United International Transportation Co.		636,462		6,491,047
Yamama Cement Co.		1,140,856		9,216,887
Yanbu Cement Co.		836,741		10,262,655
Yanbu National Petrochemical Co.		2,127,657		40,448,459
				1,904,440,408
South Africa — 3.5%
Absa Group Ltd.		5,957,641		47,727,996
Adcock Ingram Holdings Ltd.		651,532		1,828,183
AECI Ltd.		1,101,931		7,211,978
African Rainbow Minerals Ltd.		1,010,996		19,688,932
Alexander Forbes Group Holdings Ltd.		6,046,249		1,688,579
Anglo American Platinum Ltd.		453,863		54,962,483
AngloGold Ashanti Ltd.		3,482,027		69,699,163
Aspen Pharmacare Holdings Ltd.(a)		3,185,951		29,963,768
Astral Foods Ltd.		415,164		3,694,641
AVI Ltd.		2,541,841		11,915,207
Barloworld Ltd.(a)		1,728,639		10,380,108
Bid Corp. Ltd.		2,785,344		52,107,104
Bidvest Group Ltd. (The)		2,337,557		25,966,425
Brait SE(a)(b)		7,719,922		1,258,939
Capitec Bank Holdings Ltd.(a)		580,794		51,335,345

Security	Shares		Value
South Africa (continued)
Clicks Group Ltd.		2,052,269	$	33,164,206
Coronation Fund Managers Ltd.		2,543,442		8,357,653
DataTec Ltd.(a)		1,781,572		3,031,187
Dis-Chem Pharmacies Ltd.(a)(c)		2,741,970		4,055,138
Discovery Ltd.(b)		3,364,428		31,464,635
DRDGOLD Ltd.		3,953,579		3,638,715
Equites Property Fund Ltd.		4,147,822		5,014,219
Exxaro Resources Ltd.		2,128,485		24,044,485
FirstRand Ltd.		39,498,628		131,225,284
Fortress REIT Ltd., Series A		11,161,521		10,044,171
Foschini Group Ltd. (The)(a)		2,767,075		19,184,323
Gold Fields Ltd.		7,434,814		61,741,415
Growthpoint Properties Ltd.		26,960,556		24,332,809
Harmony Gold Mining Co. Ltd.(a)		4,605,944		17,449,142
Impala Platinum Holdings Ltd.		6,620,475		107,557,995
Imperial Logistics Ltd.		1,494,739		4,173,476
Investec Ltd.		2,567,776		6,718,558
JSE Ltd.		859,143		6,752,324
KAP Industrial Holdings Ltd.(a)		25,528,588		6,826,164
Kumba Iron Ore Ltd.		538,065		23,055,488
Liberty Holdings Ltd.		1,098,532		5,104,543
Life Healthcare Group Holdings Ltd.(a)		10,949,897		12,984,082
Massmart Holdings Ltd.(a)(b)		1,021,634		3,013,723
Momentum Metropolitan Holdings		8,095,856		8,926,354
Motus Holdings Ltd.		1,400,871		7,266,910
Mr. Price Group Ltd.		2,111,419		24,314,514
MTN Group Ltd.		14,108,067		67,707,544
MultiChoice Group		3,689,489		31,094,381
Naspers Ltd., Class N		3,623,636		841,652,487
Nedbank Group Ltd.		3,102,271		26,755,775
NEPI Rockcastle PLC		3,430,916		21,016,449
Netcare Ltd.		9,802,023		8,859,599
Ninety One Ltd.		1,319,221		3,962,998
Northam Platinum Ltd.(a)		3,049,329		44,674,167
Oceana Group Ltd.		762,020		3,363,780
Old Mutual Ltd.		39,544,068		35,115,472
Pick n Pay Stores Ltd.		2,785,261		9,501,655
PSG Group Ltd.		1,419,942		6,235,229
Rand Merchant Investment Holdings Ltd.		6,622,020		13,330,388
Redefine Properties Ltd.(a)		48,937,160		13,408,548
Reinet Investments SCA		1,284,322		23,964,683
Remgro Ltd.		4,237,497		28,987,179
Resilient REIT Ltd.		3,004,512		8,841,205
Reunert Ltd.		1,651,942		5,005,042
Royal Bafokeng Platinum Ltd.(a)		1,215,148		7,236,534
Sanlam Ltd.		14,682,271		58,918,111
Santam Ltd.		109,317		1,750,443
Sappi Ltd.(a)		4,847,991		14,211,491
Sasol Ltd.(a)		4,701,343		58,488,013
Shoprite Holdings Ltd.		4,155,022		36,504,665
Sibanye Stillwater Ltd.		22,019,972		101,796,711
SPAR Group Ltd. (The)		1,545,415		19,422,973
Standard Bank Group Ltd.		10,638,959		93,421,246
Steinhoff International Holdings NV(a)(b)		36,616,661		4,714,202
Super Group Ltd./South Africa(a)		3,624,097		6,424,495
Telkom SA SOC Ltd.		2,623,537		7,084,438
Tiger Brands Ltd.		1,324,000		17,628,857
Transaction Capital Ltd.(a)		3,438,353		6,038,471
Truworths International Ltd.		3,437,073		11,058,088
Vodacom Group Ltd.		5,272,175		43,364,368

CONSOLIDATED   SCHEDULE   OF   INVESTMENTS 23

Consolidated Schedule of Investments (unaudited) (continued) February 28, 2021 iShares^® Core MSCI Emerging Markets ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
South Africa (continued)
Vukile Property Fund Ltd.		6,929,218	$	3,458,604
Wilson Bayly Holmes-Ovcon Ltd.(a)		570,016		3,631,694
Woolworths Holdings Ltd.		8,072,339		24,585,425
Zeder Investments Ltd.		12,399,239		2,169,381
				2,698,255,155
South Korea — 12.8%
ABLBio Inc.(a)		265,455		4,796,383
Ace Technologies Corp.(a)		292,932		5,801,279
Advanced Process Systems Corp.(a)(b)		121,473		3,048,989
AfreecaTV Co. Ltd.(b)		73,980		4,800,304
Ahnlab Inc.(b)		73,275		5,726,342
Alteogen Inc.(a)		156,721		18,134,161
Amicogen Inc.(a)		152,498		3,854,867
Amorepacific Corp.		266,020		55,524,424
AMOREPACIFIC Group		237,916		13,701,082
Ananti Inc.(a)		533,879		3,454,651
Aprogen KIC Inc.(a)		1,152,606		1,892,798
BGF retail Co. Ltd.		75,023		10,617,407
BH Co. Ltd.		227,493		3,654,872
Binex Co. Ltd.(a)(b)		235,026		5,689,993
Binggrae Co. Ltd.(a)(b)		54,783		2,837,891
BNK Financial Group Inc.		2,108,295		11,071,598
Boditech Med Inc.		157,898		2,340,010
Boryung Pharmaceutical Co. Ltd.		214,750		4,100,033
Bukwang Pharmaceutical Co. Ltd.		330,095		8,182,595
Cafe24 Corp.(a)		136,307		3,961,214
Cellivery Therapeutics Inc.(a)		105,990		10,669,754
Celltrion Healthcare Co. Ltd.(a)		584,822		65,379,300
Celltrion Inc.(a)(b)		804,461		213,019,268
Celltrion Pharm Inc.(a)(b)		139,738		19,116,805
Chabiotech Co. Ltd.(a)		416,720		7,102,971
Cheil Worldwide Inc.		551,867		9,553,906
Chong Kun Dang Pharmaceutical Corp.(a)		59,514		9,058,206
Chongkundang Holdings Corp.(a)		26,706		2,460,232
Chunbo Co. Ltd.		38,628		5,507,971
CJ CGV Co. Ltd.(a)		198,186		4,939,215
CJ CheilJedang Corp.		69,902		25,291,645
CJ Corp.		127,514		10,521,182
CJ ENM Co. Ltd.		85,984		10,584,412
CJ Logistics Corp.(a)		74,008		10,803,126
CMG Pharmaceutical Co. Ltd.(a)		1,173,505		4,595,836
Com2uSCorp.		85,300		10,507,806
Cosmax Inc.(a)		67,198		6,250,281
Coway Co. Ltd.		405,563		23,355,519
CrystalGenomics Inc.(a)		358,260		4,272,972
CS Wind Corp.		19,782		1,274,781
Cuckoo Holdings Co. Ltd.(a)		16,483		1,863,232
Cuckoo Homesys Co. Ltd.(a)		64,252		2,319,020
Daea TI Co. Ltd.		620,713		2,883,954
Daeduck Electronics Co. Ltd./New		337,022		4,379,636
Daejoo Electronic Materials Co. Ltd.(b)		112,979		3,962,058
Daesang Corp.(a)		187,802		4,170,592
Daewoo Engineering & Construction Co. Ltd.(a)		1,639,300		8,564,923
Daewoo Shipbuilding & Marine Engineering Co. Ltd.(a)		333,199		7,547,765
Daewoong Co. Ltd.(a)		203,958		6,635,216
Daewoong Pharmaceutical Co. Ltd.(a)		46,308		5,584,988
Daishin Securities Co. Ltd.(a)		380,963		4,713,294
Daou Technology Inc.		234,787		5,684,207
DB HiTek Co. Ltd.		309,749		15,549,482

Security	Shares			Value
South Korea (continued)
DB Insurance Co. Ltd.		417,329		$	15,378,211
DGB Financial Group Inc.		1,437,818			9,047,951
DL E&C Co. Ltd.(a)		120,473			11,902,539
DL Holdings Co. Ltd.		96,068			7,396,424
Dong-A Socio Holdings Co. Ltd.		35,299			3,644,579
Dong-A ST Co. Ltd.(a)		65,055			4,753,908
Dongjin Semichem Co. Ltd.(a)		317,177			8,666,964
DongKook Pharmaceutical Co. Ltd.		260,583			6,645,040
Dongkuk Steel Mill Co. Ltd.		592,565			4,741,575
Dongsuh Cos. Inc.		276,275			9,909,998
Dongwon F&B Co. Ltd.		10,578			1,864,214
Dongwon Industries Co. Ltd.		13,487			3,115,155
Doosan Bobcat Inc.(a)		424,505			12,223,175
Doosan Fuel Cell Co. Ltd.(a)		223,411			9,942,635
Doosan Heavy Industries & Construction Co. Ltd.(a)(b)		1,626,480			15,345,517
Doosan Infracore Co. Ltd.(a)(b)		1,194,617			8,357,534
DoubleUGames Co. Ltd.		98,902			4,868,074
Douzone Bizon Co. Ltd.		168,001	��		16,448,696
Duk San Neolux Co. Ltd.(a)		110,232			4,150,257
Echo Marketing Inc.		151,898			3,596,339
Ecopro BM Co. Ltd.		81,912			11,832,948
Ecopro Co. Ltd.(b)		198,793			11,377,294
E-MART Inc.		158,848			23,894,359
Enzychem Lifesciences Corp.(a)(b)		66,106			5,230,817
Eo Technics Co Ltd.(a)		84,445			7,606,439
Eone Diagnomics Genome Center Co. Ltd.(a)(b)		181,952			1,303,706
Eubiologics Co. Ltd.(a)		273,978			4,511,431
Eugene Corp.(a)		440,758			1,894,847
Eutilex Co. Ltd.(a)		64,396			2,126,472
F&F Co. Ltd.(a)		61,129			7,562,911
Feelux Co. Ltd.(a)		636,695			2,473,675
Fila Holdings Corp.		415,721			14,800,926
Foosung Co. Ltd.(a)		565,411			5,082,912
GemVax & Kael Co. Ltd.(a)		305,391			6,401,387
Geneone Life Science Inc.(a)		348,693			4,376,120
Genexine Co. Ltd.(a)		156,842			13,429,640
Grand Korea Leisure Co. Ltd.(a)		312,114			4,430,991
Green Cross Cell Corp.		62,978			2,295,460
Green Cross Corp./South Korea		49,030			16,517,895
Green Cross Holdings Corp.		182,427			6,024,069
GS Engineering & Construction Corp.		466,667			15,098,661
GS Holdings Corp.		397,166			13,786,804
GS Home Shopping Inc.		29,467			3,566,989
GS Retail Co. Ltd.(b)		256,010			8,248,831
G-treeBNT Co. Ltd.(a)		249,042			4,322,491
Halla Holdings Corp.		74,613			2,762,707
Hana Financial Group Inc.		2,489,573			82,099,403
Hana Tour Service Inc.(a)(b)		95,729			5,725,847
Hanall Biopharma Co. Ltd.(a)		292,558			5,741,793
Handsome Co. Ltd.		125,543			4,151,244
Hanil Cement Co. Ltd./New		17,393			1,795,806
Hanjin Transportation Co. Ltd.(a)		71,387			2,687,735
Hankook & Co. Co. Ltd.		246,698			3,787,753
Hankook Shell Oil Co. Ltd.(b)		8,165			1,813,233
Hankook Tire & Technology Co. Ltd.		591,185			25,073,400
Hanmi Pharm Co. Ltd.(a)		55,041			16,803,794
Hanon Systems		1,539,032			21,164,258
Hansae Co. Ltd.		175,291			3,214,058
Hansol Chemical Co. Ltd.		78,803			17,114,314

24 2 0 2 1  I SHARES   SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Consolidated Schedule of Investments (unaudited) (continued) February 28, 2021 iShares^® Core MSCI Emerging Markets ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
South Korea (continued)
Hanssem Co. Ltd.(a)(b)		98,786	$	8,748,738
Hanwha Aerospace Co. Ltd.(a)		318,777		10,469,845
Hanwha Corp.(a)		352,781		9,215,952
Hanwha Life Insurance Co. Ltd.		2,859,314		8,156,744
Hanwha Solutions Corp.(a)		1,009,951		40,496,923
Hanwha Systems Co. Ltd.		328,570		6,141,495
HDC Holdings Co. Ltd.(a)		332,683		3,242,438
HDC Hyundai Development Co-Engineering & Construction, Class E		359,758		8,581,677
Helixmith Co. Ltd.(a)		240,773		5,164,779
HFR Inc.(a)		89,088		1,681,055
Hite Jinro Co. Ltd.(a)		297,319		9,063,797
HLB Inc.(a)(b)		381,705		23,306,598
HLB Life Science Co. Ltd.(a)		365,645		5,923,221
HMM Co. Ltd.(a)		2,068,526		34,981,748
Hotel Shilla Co. Ltd.		257,546		18,705,611
HS Industries Co. Ltd.(a)(b)		397,492		2,738,396
Huchems Fine Chemical Corp.		170,524		3,475,745
Hugel Inc.(a)		54,867		8,399,754
Huons Co. Ltd.		89,469		4,427,660
Huons Global Co. Ltd.(b)		72,886		1,771,062
Hwaseung Enterprise Co. Ltd.(a)		180,926		2,488,034
Hyosung Advanced Materials Corp.(a)		25,040		6,519,092
Hyosung Chemical Corp.(a)		17,840		3,596,582
Hyosung Corp.(a)(b)		87,918		6,268,119
Hyosung TNC Co. Ltd.		21,733		7,950,390
Hyundai Bioscience Co. Ltd.(a)		309,053		15,046,906
Hyundai Construction Equipment Co. Ltd.(a)		112,827		3,760,900
Hyundai Department Store Co. Ltd.		113,291		8,268,680
Hyundai Elevator Co. Ltd.(a)		234,384		8,991,500
Hyundai Engineering & Construction Co. Ltd.		621,629		22,021,214
Hyundai Glovis Co. Ltd.		156,675		26,914,352
Hyundai Greenfood Co. Ltd.		644,045		5,193,634
Hyundai Heavy Industries Holdings Co. Ltd.		77,507		18,661,009
Hyundai Home Shopping Network Corp.		52,817		3,737,384
Hyundai Marine & Fire Insurance Co. Ltd.		530,719		10,345,123
Hyundai Mipo Dockyard Co. Ltd.(a)		212,611		10,218,953
Hyundai Mobis Co. Ltd.		551,908		148,845,682
Hyundai Motor Co.		1,246,533		262,953,557
Hyundai Rotem Co. Ltd.(a)(b)		577,738		10,078,918
Hyundai Steel Co.		716,533		25,478,855
Hyundai Wia Corp.(b)		144,549		9,919,651
Iljin Materials Co. Ltd.(a)		198,459		12,347,382
Ilyang Pharmaceutical Co. Ltd.		124,600		5,766,978
Industrial Bank of Korea(a)		1,933,749		14,337,454
Innocean Worldwide Inc.		81,332		4,473,803
Innox Advanced Materials Co. Ltd.(a)(b)		70,198		2,961,625
iNtRON Biotechnology Inc.(a)		246,316		4,297,102
IS Dongseo Co. Ltd.(a)		153,628		7,342,967
ITM Semiconductor Co. Ltd.		82,315		3,355,609
JB Financial Group Co. Ltd.		1,005,836		5,219,425
JW Pharmaceutical Corp.		163,329		4,237,686
JYP Entertainment Corp.(a)		228,252		7,415,397
Kakao Corp.		479,171		208,131,240
Kangwon Land Inc.(a)		904,378		19,480,149
KB Financial Group Inc.		3,265,110		127,291,338
KCC Corp.		42,158		7,486,000
KEPCO Engineering & Construction Co. Inc.(a)		139,163		2,167,648
KEPCO Plant Service & Engineering Co. Ltd.(a)		205,825		4,918,915
Kginicis Co. Ltd.(b)		193,844		3,157,406

Security	Shares		Value
South Korea (continued)
Kia Motors Corp.		2,184,872	$	154,409,290
KIWOOM Securities Co. Ltd.(a)(b)		102,579		11,778,096
KMW Co. Ltd.(a)(b)		223,761		12,348,182
Koentec Co. Ltd.		245,833		1,910,211
Koh Young Technology Inc.(a)(b)		102,582		9,441,014
Kolmar BNH Co. Ltd.(a)		72,977		3,247,753
Kolmar Korea Co. Ltd.(a)		123,219		6,306,268
Kolon Industries Inc.		149,720		7,329,417
Komipharm International Co. Ltd.(a)(b)		356,948		3,208,878
Korea Aerospace Industries Ltd.(a)		611,356		18,011,467
Korea Electric Power Corp.(a)		2,114,906		42,731,078
Korea Gas Corp.(a)		262,286		7,435,522
Korea Investment Holdings Co. Ltd.(a)		350,160		27,208,694
Korea Petrochemical Ind. Co Ltd.(a)		27,867		9,016,159
Korea REIT & Trust Co. Ltd.		1,942,851		3,631,497
Korea Shipbuilding & Offshore Engineering Co. Ltd.(a)		316,349		31,536,349
Korea United Pharm Inc.(a)		90,097		4,218,159
Korea Zinc Co. Ltd.		68,655		24,657,136
Korean Air Lines Co. Ltd.(a)		693,572		17,377,883
Korean Reinsurance Co.		773,049		5,408,247
KT Skylife Co. Ltd.		238,537		1,813,178
KT&G Corp.		942,018		65,651,989
Kuk-Il Paper Manufacturing Co. Ltd.(a)(b)		905,022		3,463,814
Kumho Petrochemical Co. Ltd.(a)		151,905		28,528,665
Kumho Tire Co. Inc.(a)(b)		842,464		2,980,680
Kwang Dong Pharmaceutical Co. Ltd.		383,752		3,012,633
Kyung Dong Navien Co. Ltd.		68,362		3,078,876
L&C Bio Co. Ltd.		122,325		3,375,234
L&F Co. Ltd.		152,917		9,663,647
LEENO Industrial Inc.		87,347		12,454,819
LegoChem Biosciences Inc.(a)		152,808		7,303,774
LEMON Co. Ltd./Korea(a)		154,871		1,153,779
LF Corp.		184,679		2,539,644
LG Chem Ltd.		382,332		282,792,961
LG Corp.		789,513		65,986,000
LG Display Co. Ltd.(a)		1,910,501		38,431,084
LG Electronics Inc.		885,421		115,455,431
LG Hausys Ltd.		63,759		4,057,649
LG Household & Health Care Ltd.		77,872		104,869,013
LG Innotek Co. Ltd.		118,759		21,035,194
LG International Corp.		288,383		7,007,437
LG Uplus Corp.		1,723,598		18,102,765
LIG Nex1 Co. Ltd.		135,619		4,466,313
Lock&Lock Co. Ltd.(a)		238,960		3,147,849
Lotte Chemical Corp.		141,329		40,002,334
Lotte Chilsung Beverage Co. Ltd.(a)		45,275		4,614,141
Lotte Confectionery Co. Ltd.		16,203		1,788,315
Lotte Corp.		240,492		7,192,284
LOTTE Fine Chemical Co. Ltd.		179,682		8,540,293
LOTTE Himart Co. Ltd.		88,217		2,940,567
LOTTE Reit Co. Ltd.		908,894		4,040,877
Lotte Shopping Co. Ltd.		89,155		9,403,531
Lotte Tour Development Co. Ltd.(a)(b)		285,092		5,519,138
LS Corp.		151,007		9,395,095
LS Electric Co. Ltd.		163,649		8,375,449
Maeil Dairies Co. Ltd.(a)		41,559		2,644,832
Mando Corp.(a)		273,497		15,214,564
Mcnex Co. Ltd.		116,063		5,619,784
Medipost Co. Ltd.(a)(b)		171,782		5,221,500

CONSOLIDATED   SCHEDULE   OF   INVESTMENTS 25

Consolidated Schedule of Investments (unaudited) (continued) February 28, 2021 iShares^® Core MSCI Emerging Markets ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
South Korea (continued)
MedPacto Inc.(a)		96,588	$	7,479,445
Medy-Tox Inc.		42,550		7,650,289
MegaStudyEdu Co. Ltd.(a)		76,557		3,631,943
Meritz Financial Group Inc.		325,098		3,544,682
Meritz Fire & Marine Insurance Co. Ltd.		465,342		6,668,452
Meritz Securities Co. Ltd.		2,281,430		7,635,226
Mezzion Pharma Co. Ltd.(a)		58,904		7,932,510
Mirae Asset Daewoo Co. Ltd.		2,460,629		20,455,963
Mirae Asset Life Insurance Co. Ltd.		724,531		2,579,550
Namhae Chemical Corp.(a)(b)		258,327		1,965,906
Naturecell Co. Ltd.(a)(b)		466,242		3,324,075
NAVER Corp.		1,026,293		342,554,406
NCSoft Corp.		137,177		114,283,642
NEPES Corp.(a)		153,728		5,404,767
Netmarble Corp.(b)(c)		179,165		19,694,595
Nexen Tire Corp.(a)		281,673		2,110,981
NH Investment & Securities Co. Ltd.(a)		883,895		8,536,058
NHN Corp.(a)		101,985		6,272,509
NHN KCP Corp.(a)		142,962		5,910,623
NICE Holdings Co. Ltd.(a)		218,776		3,300,626
NICE Information Service Co. Ltd.(a)(b)		337,039		6,584,785
NKMax Co. Ltd.(a)		355,780		6,317,589
Nong Shim Holdings Co. Ltd.		39,342		2,580,779
NongShim Co. Ltd.		27,476		6,725,323
OCI Co. Ltd.(a)		163,177		18,154,984
OptoElectronics Solutions Co. Ltd.(b)		80,030		3,266,022
Orion Corp./Republic of Korea		201,287		23,022,145
Orion Holdings Corp.		212,094		2,595,721
Oscotec Inc.(a)		190,370		5,939,002
Osstem Implant Co. Ltd.		102,049		6,603,438
Ottogi Corp.		11,641		5,802,368
Pan Ocean Co. Ltd.		2,535,664		12,909,656
Paradise Co. Ltd.(a)(b)		450,780		6,901,127
Partron Co. Ltd.(b)		346,986		3,459,050
Pearl Abyss Corp.(a)		49,789		12,825,044
PHARMA RESEARCH PRODUCTS Co. Ltd.(a)		45,357		2,268,859
Pharmicell Co. Ltd.(a)		505,578		7,222,543
PI Advanced Materials Co. Ltd.(a)		162,514		6,176,545
Poongsan Corp.		258,270		8,413,602
POSCO		609,644		152,750,143
POSCO Chemical Co. Ltd.		223,298		31,402,834
Posco ICT Co. Ltd.		496,016		3,306,773
Posco International Corp.		412,560		8,207,135
RFHIC Corp.		125,241		4,224,863
S&S Tech Corp.		151,980		4,639,888
S&T Motiv Co. Ltd.		82,621		4,610,892
S-1 Corp.		137,648		10,168,922
Sam Chun Dang Pharm Co. Ltd.(a)		128,165		7,506,237
SAM KANG M&T Co. Ltd.(a)		226,702		3,410,115
Samjin Pharmaceutical Co. Ltd.(b)		236,118		5,359,154
Samsung Biologics Co. Ltd.(a)(b)(c)		137,993		92,118,158
Samsung C&T Corp.		698,975		75,590,087
Samsung Card Co. Ltd.		235,172		6,897,123
Samsung Electro-Mechanics Co. Ltd.		464,667		78,375,075
Samsung Electronics Co. Ltd.		39,745,723		2,918,577,790
Samsung Engineering Co. Ltd.(a)		1,279,825		14,694,920
Samsung Fire & Marine Insurance Co. Ltd.		255,338		39,317,734
Samsung Heavy Industries Co. Ltd.(a)(b)		3,963,330		23,141,473
Samsung Life Insurance Co. Ltd.		583,824		38,973,565
Samsung SDI Co. Ltd.		458,289		274,932,609

Security	Shares		Value
South Korea (continued)
Samsung SDS Co. Ltd.		287,852	$	49,832,856
Samsung Securities Co. Ltd.		500,565		16,284,513
Samwha Capacitor Co. Ltd.		78,272		4,730,457
Samyang Foods Co. Ltd.(b)		39,782		3,084,123
Samyang Holdings Corp..		62,092		4,719,766
Sebang Global Battery Co. Ltd.		70,187		5,634,951
Seegene Inc.		154,509		17,121,825
Seobu T&D		342,972		2,326,165
Seojin System Co. Ltd.(a)		120,204		4,327,772
Seoul Semiconductor Co. Ltd.		363,690		6,409,490
SFA Engineering Corp		155,375		5,870,644
SFA Semicon Co. Ltd.(a)		799,438		6,183,459
Shin Poong Pharmaceutical Co. Ltd.		248,730		18,552,358
Shinhan Financial Group Co. Ltd.(a)		3,609,913		105,871,503
Shinsegae Inc.		59,252		14,081,250
Shinsegae International Inc.(b)		27,202		4,588,143
Shinsung E&G Co. Ltd.(a)		1,265,083		3,456,880
Silicon Works Co. Ltd.		101,052		5,774,400
SillaJen Inc.(a)(b)(d)		540,819		4,659,660
SK Biopharmaceuticals Co. Ltd.(a)		152,102		15,975,110
SK Chemicals Co. Ltd.		64,026		21,484,470
SK D&D Co. Ltd.		77,768		2,426,140
SK Discovery Co. Ltd.		90,053		5,242,070
SK Gas Ltd.		39,249		3,200,007
SK Holdings Co. Ltd.		292,207		68,272,664
SK Hynix Inc.		4,548,354		572,845,653
SK Innovation Co. Ltd.(a)		462,398		107,213,777
SK Materials Co. Ltd.(b)		39,846		10,852,582
SK Networks Co. Ltd.		1,258,849		6,229,818
SK Telecom Co. Ltd.		314,784		69,344,940
SKC Co. Ltd.		175,743		18,379,887
SL Corp.(a)(b)		115,464		2,435,689
SM Entertainment Co. Ltd.(a)		183,800		4,916,057
S-Oil Corp.(a)		365,671		27,665,363
Solid Inc.(a)		464,943		3,637,605
Solus Advanced Materials Co Ltd.		110,430		4,437,841
Songwon Industrial Co. Ltd.		137,615		2,253,775
Soulbrain Co. Ltd./New		38,734		10,680,724
Soulbrain Holdings Co. Ltd.(a)		49,484		1,935,756
ST Pharm Co. Ltd.(a)		84,501		5,866,558
Taeyoung Engineering & Construction Co. Ltd.		183,513		1,935,584
Telcon RF Pharmaceutical Inc.(a)		754,605		3,317,978
Tera Resource Co. Ltd.(a)(d)		49,111		0	(e)
TES Co. Ltd./Korea		146,907		4,046,971
Theragen Etex Co. Ltd.(a)(b)		272,122		1,901,342
Tokai Carbon Korea Co. Ltd.(b)		48,783		6,573,873
Tongyang Inc.(a)(b)		1,347,222		1,492,916
Tongyang Life Insurance Co. Ltd.		753,110		2,761,738
TY Holdings Co. Ltd./Korea(a)		176,847		3,856,477
Unison Co. Ltd.(a)		1,062,018		3,719,662
Vieworks Co. Ltd.		78,659		2,219,395
Webzen Inc.(a)		154,076		4,950,729
Wemade Co. Ltd.		98,973		3,356,361
Wonik Holdings Co. Ltd.(a)		427,978		2,346,546
WONIK IPS Co. Ltd.		275,946		12,219,238
Woori Financial Group Inc.(a)		4,414,263		37,640,089
Woori Investment Bank Co. Ltd.(b)		3,425,208		1,935,921
YG Entertainment Inc.(a)		105,083		4,274,404
Youlchon Chemical Co. Ltd.(b)		104,232		2,129,172
Youngone Corp.(a)		193,664		7,239,776

26 2 0 2 1  I SHARES   SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Consolidated Schedule of Investments (unaudited) (continued) February 28, 2021 iShares^® Core MSCI Emerging Markets ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
South Korea (continued)
Youngone Holdings Co. Ltd.(a)		61,282	$	2,225,461
Yuanta Securities Korea Co. Ltd.(a)		1,083,754		2,946,923
Yuhan Corp.		410,477		22,652,046
Yungjin Pharmaceutical Co. Ltd.(a)		850,117		4,880,511
Yuyang DNU Co. Ltd.(a)(b)(d)		557,962		484,709
Zinus Inc.		77,239		6,421,115
				9,797,128,940
Taiwan — 14.4%
AcBel Polytech Inc.(b)		7,476,000		7,864,529
Accton Technology Corp.		4,242,000		39,979,355
Acer Inc.(b)		24,068,872		23,202,557
A-DATA Technology Co. Ltd.		2,075,820		6,431,856
Adimmune Corp.(a)(b)		2,503,000		5,230,216
Advanced Ceramic X Corp.(b)		396,000		6,938,264
Advanced Wireless Semiconductor Co.(b)		1,248,000		7,146,791
Advantech Co. Ltd.(b)		2,973,110		38,694,996
Airtac International Group		958,880		33,394,259
Alchip Technologies Ltd.(b)		482,000		15,315,322
AmTRAN Technology Co. Ltd.(a)(b)		8,537,000		3,632,114
AP Memory Technology Corp.(b)		344,000		8,176,214
Arcadyan Technology Corp.(b)		1,295,391		4,390,446
Ardentec Corp.(b)		4,344,546		7,159,668
ASE Technology Holding Co. Ltd.(b)		27,470,222		102,079,453
Asia Cement Corp.(b)		16,868,050		25,829,722
Asia Optical Co. Inc.(b)		2,416,000		7,980,325
Asia Pacific Telecom Co. Ltd.(a)		17,127,173		5,989,361
Asia Vital Components Co. Ltd.(b)		2,638,000		6,288,958
ASMedia Technology Inc.(b)		226,000		13,794,094
ASPEED Technology Inc.(b)		187,000		11,816,533
ASROCK Inc.(b)		377,000		2,111,552
Asustek Computer Inc.(b)		5,658,000		61,755,031
AU Optronics Corp.(a)(b)		71,319,000		48,395,264
AURAS Technology Co. Ltd.(b)		572,000		4,528,355
Bank of Kaohsiung Co. Ltd.(b)		25,191,829		8,936,191
BES Engineering Corp.		15,987,000		5,217,551
Bizlink Holding Inc.(b)		962,926		10,302,556
Brighton-Best International Taiwan Inc.(b)		4,447,000		4,398,702
Capital Securities Corp.(b)		24,922,050		12,616,494
Career Technology MFG. Co. Ltd.(b)		4,268,498		5,501,807
Catcher Technology Co. Ltd.(b)		5,507,000		37,962,265
Cathay Financial Holding Co. Ltd.(b)		62,272,872		93,792,190
Cathay Real Estate Development Co. Ltd.(b)		7,607,900		5,312,760
Center Laboratories Inc.(b)		2,909,070		7,029,186
Century Iron & Steel Industrial Co. Ltd.(b)		1,176,000		4,813,356
Chailease Holding Co. Ltd.		10,222,782		63,129,647
Chang Hwa Commercial Bank Ltd.(b)		43,518,121		26,639,762
Charoen Pokphand Enterprise		1,601,000		4,167,400
Cheng Loong Corp.		6,816,000		7,671,900
Cheng Shin Rubber Industry Co. Ltd.		13,263,650		20,548,478
Cheng Uei Precision Industry Co. Ltd.		3,192,000		5,380,644
Chicony Electronics Co. Ltd.		4,479,787		15,086,761
Chicony Power Technology Co. Ltd.		1,090,000		3,091,643
Chief Telecom Inc.(b)		237,000		2,556,988
Chilisin Electronics Corp.(b)		2,037,000		8,191,150
China Airlines Ltd.(a)		22,957,000		11,539,287
China Bills Finance Corp.		14,134,000		7,637,257
China Development Financial Holding Corp.(b)		105,747,000		35,309,114
China General Plastics Corp.(b)		5,207,892		5,525,292
China Life Insurance Co. Ltd.(b)		18,614,329		15,170,820
China Man-Made Fiber Corp.(a)(b)		16,747,514		5,838,555

Security	Shares		Value
Taiwan (continued)
China Metal Products(b)		4,035,146	$	4,643,261
China Motor Corp.(a)		2,148,800		3,710,880
China Petrochemical Development Corp.(b)		27,184,245		10,492,079
China Steel Chemical Corp.(b)		1,213,000		4,507,513
China Steel Corp.(b)		94,858,529		84,292,203
Chin-Poon Industrial Co. Ltd.(b)		4,021,000		4,901,282
Chipbond Technology Corp.(b)		4,900,000		13,036,173
ChipMOS Technologies Inc.(b)		5,603,000		7,583,991
Chlitina Holding Ltd.		439,000		3,514,837
Chong Hong Construction Co. Ltd.(b)		1,522,122		4,481,250
Chroma ATE Inc.(b)		2,894,000		21,248,470
Chung Hung Steel Corp.(a)(b)		11,010,000		6,897,927
Chung-Hsin Electric & Machinery Manufacturing Corp.(b)		3,015,000		5,423,265
Chunghwa Precision Test Tech Co. Ltd.(b)		166,000		5,363,971
Chunghwa Telecom Co. Ltd.		30,553,000		120,116,812
Cleanaway Co. Ltd.		765,000		4,449,511
Clevo Co.		4,307,175		4,639,269
CMC Magnetics Corp.(b)		14,947,640		4,427,539
Compal Electronics Inc.(b)		32,269,000		25,720,197
Compeq Manufacturing Co. Ltd.(b)		8,709,000		13,789,315
Concraft Holding Co. Ltd.(b)		730,000		2,159,662
Continental Holdings Corp.(b)		4,346,600		3,425,469
Coretronic Corp.(b)		3,540,200		6,101,054
CSBC Corp. Taiwan(a)(b)		2,481,712		2,133,992
CTBC Financial Holding Co. Ltd.		140,009,599		100,536,468
CTCI Corp.(b)		4,863,000		6,372,839
Cub Elecparts Inc.(b)		530,979		3,736,537
Darfon Electronics Corp.		2,217,000		3,601,804
Darwin Precisions Corp.(a)		4,920,000		2,508,356
Delta Electronics Inc.		16,192,000		163,068,163
Depo Auto Parts Ind. Co. Ltd.(b)		864,000		1,864,335
E Ink Holdings Inc.(b)		7,266,000		13,174,150
E.Sun Financial Holding Co. Ltd.(b)		92,333,938		83,706,379
Eclat Textile Co. Ltd.(b)		1,467,683		22,632,433
Egis Technology Inc.(b)		560,000		3,106,364
Elan Microelectronics Corp.(b)		2,431,100		15,012,986
Elite Material Co. Ltd.(b)		2,336,000		14,174,096
Elite Semiconductor Microelectronics Technology Inc.(b)		2,389,000		7,839,677
eMemory Technology Inc.(b)		507,000		14,835,473
Ennoconn Corp.(b)		563,259		5,106,288
ENNOSTAR Inc.(a)		4,870,185		15,002,670
Episil-Precision Inc.(b)		997,000		2,505,700
Eternal Materials Co. Ltd.		7,816,915		10,103,543
Eva Airways Corp.		18,919,326		10,732,442
Evergreen Marine Corp. Taiwan Ltd.(a)		20,305,449		27,666,880
Everlight Chemical Industrial Corp.(b)		8,013,781		4,819,346
Everlight Electronics Co. Ltd.(b)		3,243,000		5,117,309
Far Eastern Department Stores Ltd.(b)		9,344,167		7,649,116
Far Eastern International Bank		23,246,140		8,888,660
Far Eastern New Century Corp.(b)		22,998,916		23,905,165
Far EasTone Telecommunications Co. Ltd.		11,840,000		26,270,963
Faraday Technology Corp.(b)		2,769,000		5,269,078
Farglory Land Development Co. Ltd.(b)		2,203,782		4,241,009
Feng Hsin Steel Co. Ltd.(b)		4,593,000		11,658,742
Feng TAY Enterprise Co. Ltd.		3,195,387		21,338,910
Firich Enterprises Co. Ltd.(b)		3,046,718		3,308,975
First Financial Holding Co. Ltd.(b)		83,112,311		62,216,738
FLEXium Interconnect Inc.		2,729,616		12,348,321

CONSOLIDATED   SCHEDULE   OF   INVESTMENTS 27

Consolidated Schedule of Investments (unaudited) (continued) February 28, 2021 iShares^® Core MSCI Emerging Markets ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Taiwan (continued)
Formosa Chemicals & Fibre Corp.		28,327,210	$	87,465,759
Formosa International Hotels Corp.(b)		509,000		2,741,226
Formosa Petrochemical Corp.(b)		8,648,000		31,049,277
Formosa Plastics Corp.		31,085,800		108,818,436
Formosa Sumco Technology Corp.(b)		656,000		3,532,896
Formosa Taffeta Co. Ltd.		6,227,000		6,785,368
Foxconn Technology Co. Ltd.		6,867,424		17,259,480
Foxsemicon Integrated Technology Inc.(b)		578,000		5,001,275
Fubon Financial Holding Co. Ltd.		53,838,000		96,455,119
Fulgent Sun International Holding Co. Ltd.(b)		928,221		3,765,873
Fusheng Precision Co. Ltd.(b)		791,000		5,722,520
General Interface Solution Holding Ltd.(b)		2,025,000		8,106,543
Genius Electronic Optical Co. Ltd.(b)		654,287		11,604,624
Getac Technology Corp.		3,633,000		7,421,872
Giant Manufacturing Co. Ltd.		2,541,000		25,635,796
Gigabyte Technology Co. Ltd.(b)		4,403,000		13,753,200
Ginko International Co. Ltd.		355,250		1,798,411
Global Lighting Technologies Inc.(b)		643,000		2,366,305
Global PMX Co. Ltd.(b)		374,000		2,524,441
Global Unichip Corp.(b)		690,000		11,123,238
Globalwafers Co. Ltd.(b)		1,786,000		47,451,396
Gold Circuit Electronics Ltd.(a)(b)		3,245,000		6,314,658
Goldsun Building Materials Co. Ltd.(b)		8,407,425		7,425,641
Gourmet Master Co. Ltd.(b)		854,471		4,739,818
Grand Pacific Petrochemical(a)(b)		8,030,000		6,876,061
Grape King Bio Ltd.(b)		943,000		6,128,103
Great Wall Enterprise Co. Ltd.(b)		5,221,789		9,374,004
Greatek Electronics Inc.(b)		2,990,000		7,621,937
Gudeng Precision Industrial Co. Ltd.(b)		428,356		5,421,254
Hannstar Board Corp.(b)		3,074,000		5,098,961
HannStar Display Corp.(a)(b)		24,472,640		11,598,199
Highwealth Construction Corp.(b)		6,055,153		9,826,512
Hiwin Technologies Corp.		2,160,850		30,955,180
Holtek Semiconductor Inc.(b)		1,551,000		4,878,111
Holy Stone Enterprise Co. Ltd.(b)		1,181,330		5,068,448
Hon Hai Precision Industry Co. Ltd.		103,451,928		415,999,136
Hota Industrial Manufacturing Co. Ltd.(b)		2,303,261		9,592,614
Hotai Finance Co. Ltd.(b)		1,459,000		4,195,885
Hotai Motor Co. Ltd.		2,491,000		52,856,332
Hsin Kuang Steel Co. Ltd.(b)		3,819,000		5,388,626
HTC Corp.(a)(b)		8,157,000		8,493,062
Hua Nan Financial Holdings Co. Ltd.		69,050,702		44,996,688
Huaku Development Co. Ltd.(b)		2,071,000		6,543,326
Hung Sheng Construction Ltd.(b)		5,491,760		3,687,134
IBF Financial Holdings Co. Ltd.(b)		18,876,267		9,420,343
IEI Integration Corp.(b)		1,582,373		2,976,980
Innodisk Corp.(b)		582,740		3,420,806
Innolux Corp.(b)		68,356,241		41,721,788
International CSRC Investment Holdings Co.(b)		6,630,685		6,284,897
International Games System Co. Ltd.(b)		480,000		14,269,455
Inventec Corp.(b)		19,874,000		17,695,905
ITEQ Corp.(b)		1,719,604		8,890,512
Jentech Precision Industrial Co. Ltd.(b)		642,000		7,399,049
Jih Sun Financial Holdings Co. Ltd.		12,685,314		5,738,622
Johnson Health Tech Co. Ltd.(b)		970,000		3,123,921
Kenda Rubber Industrial Co. Ltd.		5,000,337		6,355,334
Kindom Development Co. Ltd.(b)		3,131,000		4,058,131
King Slide Works Co. Ltd.(b)		560,000		6,453,999
King Yuan Electronics Co. Ltd.(b)		8,779,000		12,544,806
King’s Town Bank Co. Ltd.		7,143,000		10,053,159

Security	Shares		Value
Taiwan (continued)
Kinpo Electronics(b)		14,272,000	$	6,584,515
Kinsus Interconnect Technology Corp.(b)		2,466,000		8,508,486
LandMark Optoelectronics Corp.(b)		614,900		6,291,949
Largan Precision Co. Ltd.(b)		815,000		96,415,941
Lealea Enterprise Co. Ltd.(a)(b)		5,654,000		2,435,975
Lien Hwa Industrial Holdings Corp.(b)		6,884,934		10,431,531
Lite-On Technology Corp.(b)		16,638,238		35,483,757
Longchen Paper & Packaging Co. Ltd.(b)		6,138,720		5,410,846
Lotes Co. Ltd.(b)		575,722		10,727,932
Lotus Pharmaceutical Co. Ltd.(a)(b)		535,000		1,469,437
Machvision Inc.(b)		356,094		3,701,255
Macronix International(b)		15,662,554		26,542,413
Makalot Industrial Co. Ltd.		1,531,568		11,190,166
Marketech International Corp.(b)		740,000		3,042,097
MediaTek Inc.		12,561,572		404,099,040
Medigen Vaccine Biologics Corp.(a)		1,093,000		6,887,048
Mega Financial Holding Co. Ltd.(b)		86,286,958		90,461,509
Mercuries Life Insurance Co. Ltd.(a)		14,449,031		4,357,665
Merida Industry Co. Ltd.(b)		1,679,850		17,189,023
Merry Electronics Co. Ltd.(b)		1,533,051		7,540,723
Microbio Co. Ltd.(a)(b)		2,741,000		7,115,135
Micro-Star International Co. Ltd.		5,575,000		29,824,073
Mitac Holdings Corp.(b)		8,120,053		9,023,091
momo.com Inc.(b)		306,000		10,623,894
Motech Industries Inc.(a)		3,283,000		3,760,083
Nan Kang Rubber Tire Co. Ltd.(b)		4,082,000		6,126,114
Nan Liu Enterprise Co. Ltd.(b)		343,000		2,099,686
Nan Pao Resins Chemical Co. Ltd.(b)		400,000		2,326,542
Nan Ya Plastics Corp.		42,882,440		111,930,828
Nan Ya Printed Circuit Board Corp.		1,835,000		19,698,950
Nantex Industry Co. Ltd.(b)		2,601,000		6,004,642
Nanya Technology Corp.(b)		10,305,000		35,703,527
Newmax Technology Co. Ltd.(a)(b)		988,000		1,965,181
Nidec Chaun-Choung Technology Corp.(b)		258,000		2,005,457
Nien Made Enterprise Co. Ltd.(b)		1,255,000		17,572,929
Novatek Microelectronics Corp.		4,766,000		81,108,841
OBI Pharma Inc.(a)(b)		1,223,258		6,126,721
Oneness Biotech Co. Ltd.(a)(b)		1,593,000		14,899,075
Oriental Union Chemical Corp.(b)		5,756,000		4,370,861
Pan Jit International Inc.(b)		2,680,200		5,196,331
Pan-International Industrial Corp.(b)		6,163,366		9,437,844
Parade Technologies Ltd.(b)		579,000		24,633,875
PChome Online Inc.(b)		629,000		1,858,602
Pegatron Corp.(b)		15,592,000		41,761,537
PharmaEngine Inc.(b)		1,079,793		2,950,265
PharmaEssentia Corp.(a)		1,496,587		6,071,783
Pharmally International Holding Co. Ltd.(a)(d)		597,543		1,032,144
Phison Electronics Corp.(b)		1,157,000		19,087,748
Pixart Imaging Inc.(b)		1,110,000		7,293,062
Pou Chen Corp.		18,218,000		19,753,473
Power Wind Health Industry Inc.		341,957		1,952,111
Powertech Technology Inc.(b)		5,713,000		20,511,624
Poya International Co. Ltd.		429,447		9,652,054
President Chain Store Corp.(b)		4,452,000		41,878,611
President Securities Corp.(b)		8,625,657		6,395,111
Primax Electronics Ltd.(b)		3,752,000		8,217,287
Prince Housing & Development Corp.(b)		10,671,995		4,406,353
Qisda Corp.(b)		12,848,000		14,092,322
Quanta Computer Inc.		23,665,000		72,220,626
Quanta Storage Inc.(b)		1,805,000		2,614,909

28 2 0 2 1  I SHARES   SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Consolidated Schedule of Investments (unaudited) (continued) February 28, 2021 iShares^® Core MSCI Emerging Markets ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Taiwan (continued)
Radiant Opto-Electronics Corp.(b)		3,545,000	$	15,209,676
Radium Life Tech Co. Ltd.(b)		6,750,279		2,690,175
Realtek Semiconductor Corp.		4,060,110		67,055,043
Rexon Industrial Corp. Ltd.(b)		1,154,000		3,364,323
RichWave Technology Corp.(b)		445,000		9,314,604
Ritek Corp.(a)		1,987,001		745,504
Roo Hsing Co. Ltd.(a)(b)		4,705,000		1,677,431
Ruentex Development Co. Ltd.(b)		6,697,086		10,026,694
Ruentex Industries Ltd.(b)		3,036,943		8,166,844
Sanyang Motor Co. Ltd.		4,723,000		5,383,906
ScinoPharm Taiwan Ltd.(b)		2,791,027		2,590,362
SDI Corp.(b)		1,446,000		4,610,171
Sensortek Technology Corp.(b)		202,000		5,555,408
Sercomm Corp.(b)		2,232,000		5,833,932
Shanghai Commercial & Savings Bank Ltd. (The)		27,705,346		39,689,195
Shin Kong Financial Holding Co. Ltd.(b)		85,683,727		25,502,849
Shin Zu Shing Co. Ltd.(b)		1,555,904		7,206,233
Shining Building Business Co. Ltd.(a)(b)		6,389,184		3,372,085
Shinkong Synthetic Fibers Corp.(b)		12,701,000		6,634,936
Sigurd Microelectronics Corp.(b)		4,916,700		8,932,233
Simplo Technology Co. Ltd.(b)		1,347,400		18,116,912
Sinbon Electronics Co. Ltd.(b)		1,971,809		19,043,771
Sino-American Silicon Products Inc.(b)		4,256,000		25,518,427
SinoPac Financial Holdings Co. Ltd.		84,268,660		35,247,460
Sinyi Realty Inc.(b)		4,281,704		4,458,107
Sitronix Technology Corp.		1,025,000		7,120,994
Soft-World International Corp.(b)		905,000		3,109,541
Solar Applied Materials Technology Co.(b)		3,512,710		6,104,126
Sporton International Inc.		713,000		6,399,785
St. Shine Optical Co. Ltd.(b)		367,000		3,722,377
Standard Foods Corp.		3,703,096		7,312,460
Sunny Friend Environmental Technology Co. Ltd.		561,000		4,461,413
Sunonwealth Electric Machine Industry Co. Ltd.(b)		1,699,000		3,415,995
Supreme Electronics Co. Ltd.(b)		3,094,000		4,315,659
Synnex Technology International Corp.		10,803,250		19,141,563
Systex Corp.(b)		1,272,000		3,918,413
TA Chen Stainless Pipe(b)		9,888,552		11,077,024
Taichung Commercial Bank Co. Ltd.		23,838,733		9,500,402
TaiDoc Technology Corp.(b)		496,000		3,499,291
Taigen Biopharmaceuticals Holdings Ltd.(a)		2,552,000		1,827,929
TaiMed Biologics Inc.(a)		1,572,000		4,549,078
Tainan Spinning Co. Ltd.		11,683,894		6,271,402
Taishin Financial Holding Co. Ltd.(b)		77,606,801		36,083,227
Taiwan Business Bank(b)		43,844,725		14,907,443
Taiwan Cement Corp.(b)		38,816,574		58,533,206
Taiwan Cogeneration Corp.(b)		4,592,000		6,388,654
Taiwan Cooperative Financial Holding Co. Ltd.		75,301,072		53,936,142
Taiwan Fertilizer Co. Ltd.(b)		6,388,000		12,247,346
Taiwan Glass Industry Corp.(a)(b)		12,553,053		9,013,951
Taiwan High Speed Rail Corp.		15,657,000		16,948,516
Taiwan Hon Chuan Enterprise Co. Ltd.		3,394,674		7,739,406
Taiwan Mobile Co. Ltd.		12,777,000		44,543,459
Taiwan Paiho Ltd.(b)		2,510,000		7,488,771
Taiwan Secom Co. Ltd.		2,378,185		7,462,647
Taiwan Semiconductor Co. Ltd.(b)		2,480,000		4,995,171
Taiwan Semiconductor Manufacturing Co. Ltd.		205,014,000		4,460,586,446
Taiwan Shin Kong Security Co. Ltd.		5,364,577		7,280,532
Taiwan Styrene Monomer(b)		4,918,000		3,222,458
Taiwan Surface Mounting Technology Corp.(b)		2,283,000		9,549,215
Taiwan TEA Corp.(a)(b)		10,686,000		6,483,921

Security	Shares		Value
Taiwan (continued)
Taiwan Union Technology Corp.(b)		2,063,000	$	8,740,113
Tanvex BioPharma Inc.(a)		1,372,089		2,832,604
TCI Co. Ltd.(b)		826,444		6,275,663
Teco Electric and Machinery Co. Ltd.(b)		14,753,000		16,075,884
Test Research Inc.(b)		1,837,400		3,845,989
Test Rite International Co. Ltd.(b)		5,695,000		5,224,208
Thinking Electronic Industrial Co. Ltd.(b)		764,000		5,458,612
Ton Yi Industrial Corp.(a)(b)		9,980,000		3,923,562
Tong Hsing Electronic Industries Ltd.(b)		1,261,762		9,717,187
Tong Yang Industry Co. Ltd.		4,427,400		5,873,528
Topco Scientific Co. Ltd.		1,676,639		7,344,043
TPK Holding Co. Ltd.(a)(b)		2,974,000		5,360,194
Transcend Information Inc.(b)		2,160,000		5,071,861
Tripod Technology Corp.(b)		3,358,000		16,698,070
TSEC Corp.(a)		3,534,000		4,650,250
TSRC Corp.(b)		6,241,900		6,162,903
TTY Biopharm Co. Ltd.(b)		2,049,124		4,818,872
Tung Ho Steel Enterprise Corp.(b)		8,301,000		10,744,136
TXC Corp.(b)		2,666,000		9,428,274
U-Ming Marine Transport Corp.		4,777,000		5,942,844
Unimicron Technology Corp.		10,141,000		35,499,417
Union Bank of Taiwan		7,701,928		2,958,823
Uni-President Enterprises Corp.		38,996,369		94,086,922
Unitech Printed Circuit Board Corp.(b)		5,916,000		4,418,016
United Integrated Services Co. Ltd.(b)		1,241,400		10,563,210
United Microelectronics Corp.		97,398,000		189,533,133
United Renewable Energy Co. Ltd.(a)		20,026,388		10,174,074
Universal Vision Biotechnology Co. Ltd.(b)		361,000		3,136,595
UPC Technology Corp.(b)		8,788,365		5,821,572
USI Corp.(b)		8,737,300		6,948,432
Vanguard International Semiconductor Corp.(b)		7,337,000		30,557,113
Visual Photonics Epitaxy Co. Ltd.(b)		1,404,000		5,368,495
Voltronic Power Technology Corp.		485,493		20,132,642
Wafer Works Corp.(b)		4,742,404		7,628,030
Wah Lee Industrial Corp.		2,317,000		6,688,333
Walsin Lihwa Corp.(b)		22,328,000		14,910,719
Walsin Technology Corp.		2,622,597		23,916,691
Wan Hai Lines Ltd.		4,931,000		8,489,057
Win Semiconductors Corp.(b)		2,789,427		38,107,063
Winbond Electronics Corp.(b)		25,163,480		27,600,550
Wistron Corp.		23,242,004		26,702,958
Wistron NeWeb Corp.(b)		2,848,654		7,803,691
Wiwynn Corp.(b)		624,000		18,012,602
WPG Holdings Ltd.		11,737,200		19,110,745
WT Microelectronics Co. Ltd.(b)		3,099,734		4,980,275
XinTec Inc.(a)(b)		1,375,000		8,540,526
XPEC Entertainment Inc.(d)		31,000		0	(e)
Xxentria Technology Materials Corp.		1,466,000		3,294,914
Yageo Corp.		3,061,454		65,180,584
Yang Ming Marine Transport Corp.(a)		10,525,677		10,959,326
YFY Inc.(b)		11,329,000		11,083,933
Yieh Phui Enterprise Co. Ltd.(a)(b)		14,278,026		6,741,084
Yuanta Financial Holding Co. Ltd.		77,431,388		59,076,097
Yulon Finance Corp.(b)		1,366,920		5,177,634
Yulon Motor Co. Ltd.(a)(b)		5,323,088		7,960,026
YungShin Global Holding Corp.(b)		3,207,650		5,021,220
Zhen Ding Technology Holding Ltd.(b)		4,884,950		21,046,369
				10,989,341,802
Thailand — 2.0%
Advanced Info Service PCL, NVDR		10,184,000		54,783,482

CONSOLIDATED   SCHEDULE   OF   INVESTMENTS 29

Consolidated Schedule of Investments (unaudited) (continued) February 28, 2021 iShares^® Core MSCI Emerging Markets ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Thailand (continued)
Airports of Thailand PCL, NVDR(b)		36,623,500	$	76,185,630
Amata Corp. PCL, NVDR(b)		9,957,830		5,793,633
AP Thailand PCL, NVDR		27,307,190		6,523,754
Asset World Corp. PCL, NVDR		24,458,200		3,863,616
B Grimm Power PCL, NVDR		6,926,400		10,806,425
Bangchak Corp. PCL, NVDR(b)		12,122,900		11,525,656
Bangkok Airways PCL, NVDR		14,232,000		3,538,837
Bangkok Bank PCL, Foreign(b)		4,749,400		18,833,534
Bangkok Chain Hospital PCL, NVDR		20,274,650		9,094,225
Bangkok Commercial Asset Management PCL, NVDR(b)		15,707,700		11,079,128
Bangkok Dusit Medical Services PCL, NVDR		81,453,100		52,950,597
Bangkok Expressway & Metro PCL, NVDR(b)		68,790,585		17,775,809
Bangkok Land PCL, NVDR(b)		154,412,200		5,320,111
Banpu PCL, NVDR(b)		35,823,000		13,390,384
BCPG PCL, NVDR(b)		10,380,125		4,993,414
Berli Jucker PCL, NVDR(b)		10,158,100		12,299,062
BTS Group Holdings PCL, NVDR(b)		71,775,200		21,929,842
Bumrungrad Hospital PCL, NVDR		3,562,400		14,647,599
Central Pattana PCL, NVDR		18,570,500		31,991,361
Central Retail Corp. PCL, NVDR(a)		15,764,617		17,165,698
CH Karnchang PCL, NVDR(a)(b)		11,939,000		6,014,962
Charoen Pokphand Foods PCL, NVDR(b)		34,614,800		32,346,919
Chularat Hospital PCL, NVDR		63,956,500		5,404,945
CK Power PCL, NVDR(a)(b)		25,383,000		3,531,181
CP ALL PCL, NVDR(a)		49,448,600		95,632,214
Delta Electronics Thailand PCL, NVDR(b)		2,613,200		33,975,502
Dynasty Ceramic PCL, NVDR(b)		66,154,120		5,117,609
Eastern Polymer Group PCL, NVDR(b)		12,466,700		4,011,622
Electricity Generating PCL, NVDR		2,586,900		14,210,180
Energy Absolute PCL, NVDR(b)		12,974,000		26,356,465
Esso Thailand PCL, NVDR(a)(b)		13,536,200		3,893,797
GFPT PCL, NVDR(b)		9,650,400		3,732,721
Global Power Synergy PCL, NVDR(b)		6,228,200		15,233,591
Gulf Energy Development PCL, NVDR		22,516,544		24,334,735
Gunkul Engineering PCL, NVDR(b)		60,800,541		5,375,385
Hana Microelectronics PCL, NVDR(b)		5,551,700		9,067,662
Home Product Center PCL, NVDR		54,262,575		23,457,692
Indorama Ventures PCL, NVDR(b)		14,640,500		18,796,901
Intouch Holdings PCL, NVDR		19,880,700		36,025,481
IRPC PCL, NVDR(b)		97,016,000		11,099,905
Jasmine International PCL, NVDR(b)		50,833,600		5,022,937
Kasikornbank PCL, Foreign		9,756,800		44,874,238
Kasikornbank PCL, NVDR(b)		4,892,800		22,503,349
KCE Electronics PCL, NVDR(b)		7,500,500		13,225,838
Khon Kaen Sugar Industry PCL, NVDR(b)		24,887,286		2,669,468
Kiatnakin Phatra Bank PCL, NVDR(b)		2,926,700		5,660,156
Krung Thai Bank PCL, NVDR(b)		28,103,500		10,961,624
Krungthai Card PCL, NVDR		5,989,500		12,362,251
Land & Houses PCL, NVDR		64,905,300		16,666,350
Major Cineplex Group PCL, NVDR		9,459,100		6,179,867
MBK PCL, NVDR		10,604,400		4,825,556
Mega Lifesciences PCL, NVDR(b)		3,598,600		4,649,475
Minor International PCL, NVDR(a)(b)		27,030,560		26,577,472
Muangthai Capital PCL, NVDR(a)(b)		6,658,900		14,122,652
Origin Property PCL, NVDR(b)		10,211,800		2,323,451
Osotspa PCL, NVDR(b)		7,617,000		8,603,438
Plan B Media PCL, NVDR(b)		18,515,400		4,032,191
Prima Marine PCL, NVDR(b)		9,597,900		2,464,544
PTG Energy PCL, NVDR(b)		7,903,500		4,983,729

Security	Shares		Value
Thailand (continued)
PTT Exploration & Production PCL, NVDR		11,616,301	$	43,420,912
PTT Global Chemical PCL, NVDR		19,391,700		39,551,491
PTT Oil & Retail Business		23,752,400		22,775,229
PTT PCL, NVDR		96,517,900		125,487,683
Quality Houses PCL, NVDR(b)		107,819,517		8,270,707
Ratch Group PCL, NVDR(b)		7,042,900		11,732,178
Ratchthani Leasing PCL, NVDR(b)		25,642,925		3,400,642
RS PCL, NVDR		4,742,100		3,891,933
Siam Cement PCL (The), NVDR		6,575,300		78,222,178
Siam Commercial Bank PCL (The), NVDR(b)		7,101,900		23,776,341
Siamgas & Petrochemicals PCL, NVDR(b)		10,370,100		3,707,737
Singha Estate PCL, NVDR(b)		43,833,400		2,365,084
Sino-Thai Engineering & Construction PCL, NVDR(b)		11,929,728		4,614,352
Sri Trang Agro-Industry PCL, NVDR(b)		8,527,460		14,967,411
Srisawad Corp PCL, NVDR		6,963,049		14,258,481
Supalai PCL, NVDR(b)		14,582,900		9,527,374
Super Energy Corp. PCL, NVDR(a)(b)		149,242,600		4,511,376
Taokaenoi Food & Marketing PCL, Class R, NVDR(b)		6,005,300		1,942,187
Thai Oil PCL, NVDR(b)		9,912,800		19,090,528
Thai Union Group PCL, NVDR(b)		26,844,300		12,215,560
Thai Vegetable Oil PCL, NVDR(b)		5,737,200		6,386,954
Thanachart Capital PCL, NVDR(b)		3,476,600		3,672,581
Thonburi Healthcare Group PCL, NVDR(b)		6,794,200		5,741,758
Total Access Communication PCL, NVDR(b)		6,544,900		6,754,294
TPI Polene PCL, NVDR(b)		67,307,600		3,653,540
True Corp. PCL, NVDR(b)		100,744,611		10,282,169
TTW PCL, NVDR(b)		23,467,700		9,077,176
WHA Corp. PCL, NVDR(b)		84,125,300		8,750,036
				1,496,867,744
Turkey — 0.5%
Akbank T.A.S.(a)		26,222,088		21,421,657
Aksa Akrilik Kimya Sanayii AS		2,006,691		4,301,212
Anadolu Efes Biracilik Ve Malt Sanayii AS(b)		2,029,988		6,463,780
Aselsan Elektronik Sanayi Ve Ticaret AS		6,327,353		14,483,480
Bera Holding AS(a)		2,612,081		8,669,376
BIM Birlesik Magazalar AS		4,086,884		36,417,233
Coca-Cola Icecek AS		740,566		7,078,206
Dogan Sirketler Grubu Holding AS(b)		10,778,033		4,605,873
Emlak Konut Gayrimenkul Yatirim Ortakligi AS(b)		17,763,564		5,340,085
Enerjisa Enerji AS(c)		2,153,918		3,307,243
Eregli Demir ve Celik Fabrikalari TAS		11,993,401		23,589,070
Ford Otomotiv Sanayi AS		701,253		16,552,898
Gubre Fabrikalari TAS(a)		307,875		3,312,001
Haci Omer Sabanci Holding AS		7,708,718		10,890,720
Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS, Class D(a)(b)		9,336,153		8,180,776
KOC Holding AS		6,026,543		17,532,057
Koza Altin Isletmeleri AS(a)(b)		358,201		6,238,820
Koza Anadolu Metal Madencilik Isletmeleri AS(a)(b)		1,971,163		4,551,904
Mavi Giyim Sanayi Ve Ticaret AS, Class B(a)(c)		384,596		2,618,239
Migros Ticaret AS(a)(b)		871,819		4,590,624
MLP Saglik Hizmetleri AS(a)(c)		842,228		2,695,402
Pegasus Hava Tasimaciligi AS(a)(b)		357,578		4,297,395
Petkim Petrokimya Holding AS(a)(b)		12,344,651		8,753,419
Sasa Polyester Sanayi AS(a)(b)		1,584,702		8,622,078
Sok Marketler Ticaret AS(a)		1,826,759		2,782,742
TAV Havalimanlari Holding AS(b)		1,796,394		6,039,642
Tekfen Holding AS(b)		1,850,901		4,004,713

30 2 0 2 1  I SHARES   SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Consolidated Schedule of Investments (unaudited) (continued) February 28, 2021 iShares^® Core MSCI Emerging Markets ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Turkey (continued)
Turk Hava Yollari AO(a)(b)		5,393,183	$	9,807,770
Turkcell Iletisim Hizmetleri AS(b)		10,208,613		21,812,688
Turkiye Garanti Bankasi AS(a)(b)		19,842,989		23,860,806
Turkiye Is Bankasi AS, Class C(a)		13,253,975		10,237,972
Turkiye Petrol Rafinerileri AS(a)		1,074,137		14,639,424
Turkiye Sinai Kalkinma Bankasi AS(a)(b)		13,911,242		3,094,304
Turkiye Sise ve Cam Fabrikalari AS		14,091,747		13,544,642
Ulker Biskuvi Sanayi AS(a)		1,677,990		4,664,351
Yapi ve Kredi Bankasi AS(a)		25,455,505		9,093,703
				358,096,305
United Arab Emirates — 0.5%
Abu Dhabi Commercial Bank PJSC		23,611,497		40,368,676
Abu Dhabi Islamic Bank PJSC		11,446,468		15,550,107
Air Arabia PJSC		23,841,160		8,178,229
Aldar Properties PJSC		32,007,584		31,718,717
Amanat Holdings PJSC		14,278,868		3,125,440
Aramex PJSC		6,172,887		6,520,507
DAMAC Properties Dubai Co. PJSC(a)		13,723,343		4,408,626
Dana Gas PJSC		34,353,188		6,481,292
Dubai Financial Market PJSC		14,584,031		3,970,443
Dubai Investments PJSC		19,313,054		7,571,376
Dubai Islamic Bank PJSC		15,142,963		19,582,395
Emaar Malls PJSC(a)		21,293,119		9,796,870
Emaar Properties PJSC(a)		28,744,603		27,311,344
Emirates NBD Bank PJSC		21,279,804		64,885,399
Emirates Telecommunications Group Co. PJSC		14,716,943		79,731,883
First Abu Dhabi Bank PJSC		22,771,742		91,132,844
Union Properties PJSC(a)		20,528,876		1,464,292
				421,798,440
Total Common Stocks — 97.8% (Cost: $53,366,285,546)				74,663,197,880
Preferred Stocks
Brazil — 1.0%
Alpargatas SA, Preference Shares, NVS		1,610,000		10,090,938
Azul SA, Preference Shares, NVS(a)		2,389,779		17,409,682
Banco ABC Brasil SA, Preference Shares, NVS		954,263		2,630,064
Banco Bradesco SA, Preference Shares, NVS		36,580,786		150,969,053
Banco do Estado do Rio Grande do Sul SA, Class B, Preference Shares, NVS		1,736,879		3,939,342
Banco Pan SA, Preference Shares, NVS		2,951,600		7,356,425
Bradespar SA, Preference Shares, NVS		1,921,300		21,670,884
Centrais Eletricas Brasileiras SA, Class B, Preference Shares, NVS		2,069,400		12,168,245
Cia. de Saneamento do Parana, Preference Shares, NVS		2,639,419		1,875,472
Cia. Energetica de Minas Gerais, Preference Shares, NVS		7,316,268		15,701,019
Cia. Energetica de Sao Paulo, Class B, Preference Shares, NVS		1,640,800		8,031,693
Cia. Paranaense de Energia, Preference Shares, NVS		803,300		8,443,727
Gerdau SA, Preference Shares, NVS		9,184,774		42,635,559
Gol Linhas Aereas Inteligentes SA, Preference Shares, NVS(a)		1,485,000		5,763,550
Itau Unibanco Holding SA, Preference Shares, NVS.		40,141,182		184,029,786
Itausa SA, Preference Shares, NVS		36,546,477		65,249,270
Lojas Americanas SA, Preference Shares, NVS		7,678,427		34,320,456

Security	Shares		Value
Brazil (continued)
Marcopolo SA, Preference Shares, NVS		4,955,779	$	2,231,992
Metalurgica Gerdau SA, Preference Shares, NVS		6,671,736		13,862,912
Petroleo Brasileiro SA, Preference Shares, NVS		39,789,808		158,786,541
Randon SA Implementos e Participacoes, Preference Shares, NVS		1,915,400		4,481,714
Unipar Carbocloro SA, Preference Shares, NVS		516,894		5,267,207
Usinas Siderurgicas de Minas Gerais SA Usiminas, Class A, Preference Shares, NVS		3,859,700		11,247,257
				788,162,788
Chile — 0.1%
Embotelladora Andina SA, Class B, Preference Shares		3,543,295		9,589,636
Sociedad Quimica y Minera de Chile SA, Class B, Preference Shares		963,076		51,671,597
				61,261,233
Colombia — 0.1%
Bancolombia SA, Preference Shares, NVS		3,895,531		33,395,498
Russia — 0.0%
Surgutneftegas PJSC, Preference Shares, NVS		57,822,177		30,506,217
South Korea — 0.7%
Hyundai Motor Co.
Preference Shares, NVS		189,448		17,536,797
Series 2, Preference Shares, NVS		301,832		27,402,638
LG Chem Ltd., Preference Shares, NVS		64,055		22,206,874
LG Household & Health Care Ltd., Preference Shares, NVS		17,042		10,693,912
Samsung Electronics Co. Ltd., Preference Shares, NVS		6,864,718		444,816,618
				522,656,839
Total Preferred Stocks — 1.9% (Cost: $1,309,772,572)				1,435,982,575
Rights
China — 0.0%
Legend Holdings Corp., Class H (Expires 05/19/23)(a)		221,423		0	(e)
Philippines — 0.0%
Cebu Air Inc. (Expires 03/09/21)(a)		1,418,854		200,312
South Korea — 0.0%
Feelux Co. Ltd. (Expires 03/15/21)(a)		335,648		100,680
Korean Air Lines Co. Ltd. (Expires 03/05/21)(a)		536,899		4,324,821
LOTTE Reit Co. Ltd. (Expires 03/09/21)(a)		357,187		31,792
				4,457,293
Total Rights — 0.0% (Cost: $2,835,243)				4,657,605

CONSOLIDATED   SCHEDULE   OF   INVESTMENTS 31

Consolidated Schedule of Investments (unaudited) (continued) February 28, 2021 iShares^® Core MSCI Emerging Markets ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Short-Term Investments
Money Market Funds — 2.9%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.12%(h)(i)(j)		2,199,491,762	$	2,200,811,457
Total Short-Term Investments — 2.9% (Cost: $2,199,761,467)				2,200,811,457
Total Investments in Securities — 102.6% (Cost: $56,878,654,828)				78,304,649,517
Other Assets, Less Liabilities — (2.6)%				(1,974,426,731	)
Net Assets — 100.0%			$	76,330,222,786

^(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)  Rounds to less than $1.

^(f)  Restricted security as to resale, excluding 144A securities. The Fund held restricted securities with a current value of $2,141,936, representing less than 0.05% of its net assets as of period end, and an original cost of $35,983,750.

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

^(h)  Affiliate of the Fund.

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

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 2021 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 08/31/20		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 02/28/21		Shares Held at 02/28/21		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	2,395,950,043	$	—	$	(194,296,671	)(a)	$	(329,109	)	$	(512,806	)	$	2,200,811,457		2,199,491,762	$	17,828,732	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares(c)		590,951,000		—		(590,951,000	)(a)		—			—			—		—		156,458			—
								$	(329,109	)	$	(512,806	)	$	2,200,811,457			$	17,985,190		$	—

^(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.

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
MSCI Emerging Markets E-Mini Index		2,515		03/19/21	$	168,266	$    2,500,399

32 2 0 2 1  I SHARES   SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Consolidated Schedule of Investments (unaudited) (continued) February 28, 2021 iShares^® Core MSCI Emerging Markets ETF

Derivative Financial Instruments Categorized by Risk Exposure

As of February 28, 2021, the fair values of derivative financial instruments located in the Consolidated Statements of Assets and Liabilities were as follows:

	Equity Contracts
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)	$	2,500,399

^(a)  Net cumulative appreciation (depreciation) on futures contracts are reported in the Consolidated Schedule of Investments. In the Consolidated 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 six months ended February 28, 2021, the effect of derivative financial instruments in the Consolidated Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	168,739,883
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(72,391,987	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	417,393,630

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

Fair Value Measurements

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

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of February 28, 2021. The breakdown of the Fund’s investments into major categories is disclosed in the Consolidated Schedule of Investments above.

	Level 1		Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	73,136,509,113	$	1,515,133,435	$	11,555,332	$	74,663,197,880
Preferred Stocks		1,435,982,575		—		—		1,435,982,575
Rights		100,680		4,556,925		—		4,657,605
Money Market Funds		2,200,811,457		—		—		2,200,811,457
	$	76,773,403,825	$	1,519,690,360	$	11,555,332	$	78,304,649,517
Derivative financial instruments(a)
Assets
Futures Contracts	$	2,500,399	$	—	$	—	$	2,500,399

^(a)  Shown at the unrealized appreciation (depreciation) on the contracts.

See notes to consolidated financial statements.

CONSOLIDATED   SCHEDULE   OF   INVESTMENTS 33

Consolidated Schedule of Investments (unaudited)  February 28, 2021 iShares^® MSCI BRIC ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Brazil — 5.7%
Ambev SA		171,715	$	431,980
Atacadao SA		19,200		65,492
B2W Cia. Digital(a)		7,339		107,984
B3 SA - Brasil, Bolsa, Balcao		79,269		772,343
Banco Bradesco SA		51,348		189,709
Banco BTG Pactual SA		7,200		131,312
Banco do Brasil SA		32,389		163,019
Banco Santander Brasil SA		12,800		85,876
BB Seguridade Participacoes SA		19,200		87,610
BRF SA(a)		25,600		99,404
CCR SA		44,800		90,435
Centrais Eletricas Brasileiras SA		16,075		93,484
Cia. de Saneamento Basico do Estado de Sao Paulo		12,800		84,521
Cia. Siderurgica Nacional SA		25,600		150,989
Cosan SA		6,400		93,478
CPFL Energia SA		12,800		66,285
Energisa SA		6,400		50,150
Engie Brasil Energia SA		8,725		64,423
Equatorial Energia SA		32,000		115,413
Hapvida Participacoes e Investimentos SA(b)		44,800		124,600
Hypera SA		12,800		75,288
JBS SA		38,452		178,149
Klabin SA		25,600		135,371
Localiza Rent a Car SA		25,682		267,278
Lojas Americanas SA		324		1,448
Lojas Renner SA		32,016		210,604
Magazine Luiza SA		115,200		499,823
Natura & Co. Holding SA(a)		32,249		267,167
Notre Dame Intermedica Participacoes SA		19,200		298,763
Petrobras Distribuidora SA		32,000		114,379
Petroleo Brasileiro SA		140,800		559,607
Raia Drogasil SA		40,200		167,565
Rumo SA(a)		51,200		166,286
Sul America SA		13,210		78,295
Suzano SA(a)		27,215		357,313
Telefonica Brasil SA		19,264		152,092
TIM SA		32,269		74,114
TOTVS SA		19,200		108,109
Ultrapar Participacoes SA		25,600		88,747
Vale SA		140,829		2,388,487
Via Varejo SA(a)		44,800		95,419
WEG SA		32,615		456,770
				9,809,581
China — 70.6%
21Vianet Group Inc., ADR(a)		3,200		116,608
360 Security Technology Inc., Class A		12,899		32,049
3SBio Inc.(a)(b)		64,500		64,189
51job Inc., ADR(a)		1,152		75,571
AAC Technologies Holdings Inc.(c)		29,500		158,959
AECC Aviation Power Co. Ltd., Class A		6,400		59,438
Agricultural Bank of China Ltd., Class A		153,600		77,276
Agricultural Bank of China Ltd., Class H		960,000		348,985
Aier Eye Hospital Group Co. Ltd., Class A		10,660		118,908
Air China Ltd., Class H		128,000		105,603
Alibaba Group Holding Ltd., ADR(a)		71,593		17,021,952
Alibaba Health Information Technology Ltd.(a)		162,000		542,969
Alibaba Pictures Group Ltd.(a)		640,000		89,103
A-Living Smart City Services Co. Ltd.(b)		16,000		67,033

Security	Shares		Value
China (continued)
Aluminum Corp. of China Ltd., Class A(a)		57,600	$	37,779
Aluminum Corp. of China Ltd., Class H(a)		128,000		64,682
Anhui Conch Cement Co. Ltd., Class A		7,300		60,091
Anhui Conch Cement Co. Ltd., Class H		54,000		347,361
Anhui Gujing Distillery Co. Ltd., Class B		6,400		84,895
ANTA Sports Products Ltd.		43,040		660,246
Autohome Inc., ADR		2,240		255,450
Avic Capital Co. Ltd., Class A		25,699		16,300
AVIC Electromechanical Systems Co. Ltd., Class A		12,800		24,119
AVIC Xi’an Aircraft Industry Group Co. Ltd., Class A		6,400		31,280
AviChina Industry & Technology Co. Ltd., Class H		93,000		62,940
Baidu Inc., ADR(a)		10,304		2,920,772
Bank of Beijing Co. Ltd., Class A		71,690		52,773
Bank of Chengdu Co. Ltd., Class A		12,800		21,729
Bank of China Ltd., Class A		76,800		38,401
Bank of China Ltd., Class H		2,880,000		1,009,829
Bank of Communications Co. Ltd., Class A		89,600		63,192
Bank of Communications Co. Ltd., Class H		259,200		146,351
Bank of Hangzhou Co. Ltd., Class A		19,299		47,713
Bank of Jiangsu Co. Ltd., Class A		65,160		57,821
Bank of Nanjing Co. Ltd., Class A		32,000		43,458
Bank of Ningbo Co. Ltd., Class A		19,200		118,818
Bank of Shanghai Co. Ltd., Class A		51,290		66,330
Baoshan Iron & Steel Co. Ltd., Class A		44,800		51,991
Baozun Inc., ADR(a)(c)		2,318		106,466
BBMG Corp., Class A		25,600		11,299
BeiGene Ltd., ADR(a)		1,728		552,960
Beijing Capital International Airport Co. Ltd., Class H		128,000		99,828
Beijing Dabeinong Technology Group Co. Ltd., Class A		19,200		29,601
Beijing Enlight Media Co. Ltd., Class A		12,800		26,825
Beijing Enterprises Water Group Ltd.		128,000		50,656
Beijing New Building Materials PLC, Class A		6,400		47,764
Beijing Oriental Yuhong Waterproof Technology Co. Ltd., Class A		11,650		84,914
Beijing Originwater Technology Co. Ltd., Class A		15,000		17,639
Beijing Sinnet Technology Co. Ltd., Class A		12,800		37,611
Beijing Yanjing Brewery Co. Ltd., Class A		12,800		13,748
Bilibili Inc., ADR(a)(c)		4,544		572,408
BOC Aviation Ltd.(b)		6,400		61,877
BOE Technology Group Co. Ltd., Class A		83,200		78,194
Bosideng International Holdings Ltd.		128,000		53,957
Brilliance China Automotive Holdings Ltd.		128,000		114,843
BYD Co. Ltd., Class A		6,400		194,839
BYD Co. Ltd., Class H		31,500		800,763
BYD Electronic International Co. Ltd.		29,500		164,473
Caitong Securities Co. Ltd., Class A		12,800		22,183
CanSino Biologics Inc., Class H(a)(b)		2,600		123,676
CGN Power Co. Ltd., Class H(b)		128,000		28,216
Changjiang Securities Co. Ltd., Class A		19,200		21,482
Chaozhou Three-Circle Group Co. Ltd., Class A		6,400		36,939
China Aoyuan Group Ltd.		64,000		60,639
China Bohai Bank Co. Ltd., Class H(a)(b)		96,000		52,967
China Cinda Asset Management Co. Ltd., Class H		256,000		50,821
China CITIC Bank Corp. Ltd., Class H		256,000		120,784
China Communications Services Corp. Ltd., Class H		128,800		60,769
China Conch Venture Holdings Ltd.		64,000		284,633
China Construction Bank Corp., Class A		19,200		21,512
China Construction Bank Corp., Class H		3,652,370		2,933,252
China East Education Holdings Ltd.(b)		32,000		72,025
China Eastern Airlines Corp. Ltd., Class A		32,000		23,309

34 2 0 2 1  I SHARES   SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Consolidated Schedule of Investments (unaudited) (continued) February 28, 2021 iShares^® MSCI BRIC ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
China (continued)
China Everbright Bank Co. Ltd., Class A		128,000	$	80,990
China Everbright Bank Co. Ltd., Class H		64,000		27,721
China Everbright Environment Group Ltd.		128,000		73,262
China Evergrande Group		64,000		131,014
China Fortune Land Development Co. Ltd., Class A		8,750		11,451
China Galaxy Securities Co. Ltd., Class H		160,000		98,797
China Gas Holdings Ltd.		89,600		360,948
China Gezhouba Group Co. Ltd., Class A		14,200		14,792
China Greatwall Technology Group Co. Ltd., Class A		12,800		34,114
China Hongqiao Group Ltd.		64,000		79,367
China Huarong Asset Management Co. Ltd., Class H(b)		448,000		53,132
China Huishan Dairy Holdings Co. Ltd.(a)(d)		51,450		0	(e)
China International Capital Corp. Ltd., Class H(a)(b)		51,200		118,143
China Jinmao Holdings Group Ltd.		186,000		77,447
China Jushi Co. Ltd., Class A		14,400		49,890
China Lesso Group Holdings Ltd.		64,000		118,308
China Life Insurance Co. Ltd., Class A		6,593		33,739
China Life Insurance Co. Ltd., Class H		289,000		609,492
China Literature Ltd.(a)(b)		12,800		119,298
China Longyuan Power Group Corp. Ltd., Class H		128,000		190,416
China Medical System Holdings Ltd.		64,000		99,993
China Meidong Auto Holdings Ltd.		30,000		114,085
China Mengniu Dairy Co. Ltd.		113,000		617,634
China Merchants Bank Co. Ltd., Class A		44,800		353,292
China Merchants Bank Co. Ltd., Class H		152,956		1,174,181
China Merchants Energy Shipping Co. Ltd., Class A		25,600		20,662
China Merchants Port Holdings Co. Ltd.		86,000		125,275
China Merchants Property Operation & Service Co. Ltd., Class A		6,400		18,549
China Merchants Securities Co. Ltd., Class A		25,050		84,198
China Merchants Shekou Industrial Zone Holdings Co. Ltd., Class A		13,981		27,747
China Minsheng Banking Corp. Ltd., Class A		89,600		71,626
China Minsheng Banking Corp. Ltd., Class H		160,000		95,497
China Molybdenum Co. Ltd., Class A		12,800		13,235
China Molybdenum Co. Ltd., Class H		177,000		136,902
China National Building Material Co. Ltd., Class H		164,000		248,621
China National Nuclear Power Co. Ltd., Class A		57,600		45,957
China Northern Rare Earth Group High-Tech Co. Ltd., Class A(a)		12,800		40,870
China Overseas Land & Investment Ltd.		128,300		324,829
China Pacific Insurance Group Co. Ltd., Class A		19,200		130,936
China Pacific Insurance Group Co. Ltd., Class H		89,600		411,769
China Petroleum & Chemical Corp., Class A		57,600		40,090
China Petroleum & Chemical Corp., Class H		896,600		495,841
China Power International Development Ltd.		209,000		44,724
China Railway Group Ltd., Class A		38,400		33,838
China Railway Group Ltd., Class H		128,000		67,652
China Renewable Energy Investment Ltd.(a)(d)		7,709		0	(e)
China Resources Beer Holdings Co. Ltd.		60,000		452,474
China Resources Cement Holdings Ltd.		116,000		138,171
China Resources Gas Group Ltd.(c)		45,000		224,787
China Resources Land Ltd.		128,444		610,152
China Resources Pharmaceutical Group Ltd.(b)		64,000		40,839
China Resources Power Holdings Co. Ltd.		200		233
China Shenhua Energy Co. Ltd., Class A		12,800		35,063
China Shenhua Energy Co. Ltd., Class H		128,000		243,217
China Shipbuilding Industry Co. Ltd., Class A(a)		64,000		40,692
China Southern Airlines Co. Ltd., Class A(a)		32,000		29,976

Security	Shares		Value
China (continued)
China State Construction Engineering Corp. Ltd., Class A		115,200	$	89,780
China State Construction International Holdings Ltd.		146,000		100,692
China Taiping Insurance Holdings Co. Ltd.		51,240		110,441
China Tourism Group Duty Free Corp. Ltd., Class A		5,500		261,349
China Tower Corp. Ltd., Class H(b)		1,536,000		229,687
China Traditional Chinese Medicine Holdings Co. Ltd.		128,000		76,727
China Vanke Co. Ltd., Class A		27,538		140,668
China Vanke Co. Ltd., Class H		51,201		217,151
China Yangtze Power Co. Ltd., Class A		44,856		136,717
China Youzan Ltd.(a)		512,000		219,126
Chongqing Changan Automobile Co. Ltd., Class A(a)		12,800		35,853
Chongqing Rural Commercial Bank Co. Ltd., Class H		128,000		56,432
Chongqing Zhifei Biological Products Co. Ltd., Class A		4,300		115,784
CIFI Holdings Group Co. Ltd.		128,000		121,279
CITIC Ltd.		128,000		108,408
CITIC Securities Co. Ltd., Class A		19,200		80,743
CITIC Securities Co. Ltd., Class H		96,000		206,916
Contemporary Amperex Technology Co. Ltd., Class A		6,400		318,259
COSCO SHIPPING Holdings Co. Ltd., Class A(a)		38,400		74,905
COSCO SHIPPING Holdings Co. Ltd., Class H(a)		96,000		106,676
COSCO SHIPPING Ports Ltd.		128,000		93,063
Country Garden Holdings Co. Ltd.(c)		262,046		325,980
Country Garden Services Holdings Co. Ltd.		64,000		526,365
CSC Financial Co. Ltd., Class A		6,400		34,885
CSPC Pharmaceutical Group Ltd.		256,160		267,475
Dali Foods Group Co. Ltd.(b)		64,000		38,941
Daqin Railway Co. Ltd., Class A		38,400		38,697
Daqo New Energy Corp., ADR(a)		1,984		206,832
DHC Software Co. Ltd., Class A		12,800		15,111
Dongfang Electric Corp. Ltd., Class A		12,800		23,408
Dongfeng Motor Group Co. Ltd., Class H		128,000		117,813
Dongxing Securities Co. Ltd., Class A		25,699		45,490
DouYu International Holdings Ltd., ADR(a)		4,736		67,914
East Money Information Co. Ltd., Class A		25,660		120,304
ENN Energy Holdings Ltd.		32,700		501,206
Eve Energy Co. Ltd., Class A		7,300		96,322
Everbright Securities Co. Ltd., Class A		12,897		30,651
Fangda Carbon New Material Co. Ltd., Class A(a)		28,440		33,839
Far East Horizon Ltd.		64,000		68,807
Fiberhome Telecommunication Technologies Co. Ltd., Class A		6,400		18,904
Financial Street Holdings Co. Ltd., Class A		12,800		11,990
First Capital Securities Co. Ltd., Class A		12,800		15,665
Focus Media Information Technology Co. Ltd., Class A		44,839		75,771
Foshan Haitian Flavouring & Food Co. Ltd., Class A		7,811		208,178
Fosun International Ltd.		96,000		144,049
Founder Securities Co. Ltd., Class A(a)		25,699		34,107
Foxconn Industrial Internet Co. Ltd., Class A		12,800		27,280
Fujian Sunner Development Co. Ltd., Class A		6,400		28,445
Fuyao Glass Industry Group Co. Ltd., Class A		12,800		93,533
Fuyao Glass Industry Group Co. Ltd., Class H		8,400		51,543
GDS Holdings Ltd., ADR(a)(c)		3,520		359,603
Geely Automobile Holdings Ltd.		237,000		769,902
GEM Co. Ltd., Class A		19,299		22,367
Gemdale Corp., Class A		12,800		25,047
GF Securities Co. Ltd., Class A		19,200		47,438
GF Securities Co. Ltd., Class H		25,600		36,301
GoerTek Inc., Class A		12,800		63,211
GOME Retail Holdings Ltd.(a)(c)		454,400		133,555

CONSOLIDATED   SCHEDULE   OF   INVESTMENTS 35

Consolidated Schedule of Investments (unaudited) (continued) February 28, 2021 iShares^® MSCI BRIC ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
China (continued)
Great Wall Motor Co. Ltd., Class H		128,000	$	372,086
Greenland Holdings Corp. Ltd., Class A		32,099		27,889
Greentown China Holdings Ltd.		32,000		47,686
GSX Techedu Inc., ADR(a)(c)		2,916		299,911
Guangdong Haid Group Co. Ltd., Class A		6,400		78,520
Guangdong HEC Technology Holding Co. Ltd., Class A(a).		12,800		10,074
Guangdong Investment Ltd.		128,000		229,027
Guanghui Energy Co. Ltd., Class A(a)		25,600		10,785
Guangzhou Automobile Group Co. Ltd., Class H		128,235		119,022
Guangzhou Baiyun International Airport Co. Ltd., Class A.		6,400		13,018
Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class A		6,400		28,514
Guangzhou R&F Properties Co. Ltd., Class H		76,800		102,567
Guosen Securities Co. Ltd., Class A		12,800		24,080
Guotai Junan Securities Co. Ltd., Class A		25,600		65,819
Guoyuan Securities Co. Ltd., Class A		18,320		22,590
Haidilao International Holding Ltd.(b)		30,000		246,154
Haier Smart Home Co. Ltd., Class A		19,279		86,043
Haier Smart Home Co. Ltd., Class H(a)		76,800		292,059
Haitian International Holdings Ltd.		28,000		96,193
Haitong Securities Co. Ltd., Class A		32,000		59,705
Haitong Securities Co. Ltd., Class H		76,800		70,193
Hangzhou Tigermed Consulting Co. Ltd., Class A		100		2,169
Hangzhou Tigermed Consulting Co. Ltd., Class H(a)(b)		6,400		125,239
Hansoh Pharmaceutical Group Co. Ltd.(a)(b)		50,000		254,597
Henan Shuanghui Investment & Development Co. Ltd., Class A		12,800		90,945
Hengan International Group Co. Ltd.		32,000		221,519
Hengli Petrochemical Co. Ltd., Class A		19,200		107,084
Hengtong Optic-Electric Co. Ltd., Class A		6,400		12,672
Hengyi Petrochemical Co. Ltd., Class A		14,930		41,404
Hesteel Co. Ltd., Class A(a)		32,000		10,914
Hua Hong Semiconductor Ltd.(a)(b)(c)		25,000		152,920
Huaan Securities Co. Ltd., Class A		25,600		26,628
Huadian Power International Corp. Ltd., Class A		51,200		25,285
Huadong Medicine Co. Ltd., Class A		6,400		31,448
Hualan Biological Engineering Inc., Class A		8,650		57,107
Huaneng Power International Inc., Class A		12,800		7,961
Huaneng Power International Inc., Class H		128,000		43,726
Huatai Securities Co. Ltd., Class A		25,600		67,834
Huatai Securities Co. Ltd., Class H(b)		25,600		38,083
Huaxia Bank Co. Ltd., Class A		51,200		49,305
Huaxin Cement Co. Ltd., Class A		6,400		22,114
Huayu Automotive Systems Co. Ltd., Class A		7,099		28,265
Huazhu Group Ltd., ADR		6,080		353,491
Hubei Biocause Pharmaceutical Co. Ltd., Class A		32,000		19,803
Hunan Valin Steel Co. Ltd., Class A		19,200		17,304
Hutchison China MediTech Ltd., ADR(a)		2,944		84,611
HUYA Inc., ADR(a)(c)		3,264		86,006
Iflytek Co. Ltd., Class A		6,429		47,832
Industrial & Commercial Bank of China Ltd., Class A		128,000		106,077
Industrial & Commercial Bank of China Ltd., Class H		2,293,050		1,495,721
Industrial Bank Co. Ltd., Class A		44,800		170,631
Industrial Securities Co. Ltd., Class A		44,800		62,708
Inner Mongolia BaoTou Steel Union Co. Ltd., Class A(a)		160,000		38,026
Inner Mongolia Junzheng Energy & Chemical Industry Group Co. Ltd., Class A		25,600		23,507
Inner Mongolia Yili Industrial Group Co. Ltd., Class A		19,200		128,062
Innovent Biologics Inc.(a)(b)		37,000		381,097
Inspur Electronic Information Industry Co. Ltd., Class A		9,083		43,986

Security	Shares		Value
China (continued)
iQIYI Inc., ADR(a)		10,560	$	267,485
JD Health International Inc.(a)(b)		9,600		175,483
JD.com Inc., ADR(a)		32,896		3,087,948
Jiangsu Hengli Hydraulic Co. Ltd., Class A		900		13,195
Jiangsu Hengrui Medicine Co. Ltd., Class A		12,840		201,719
Jiangsu Yanghe Brewery Joint-Stock Co. Ltd., Class A		4,600		134,170
Jiangsu Zhongnan Construction Group Co. Ltd., Class A		12,800		15,921
Jiangsu Zhongtian Technology Co. Ltd., Class A		12,800		20,484
Jiangxi Copper Co. Ltd., Class H		59,000		143,139
Jiangxi Zhengbang Technology Co. Ltd., Class A		12,800		32,712
Jinke Properties Group Co. Ltd., Class A		12,800		14,716
Jinxin Fertility Group Ltd.(b)		66,000		149,061
JOYY Inc.(c)		2,262		266,690
Kaisa Group Holdings Ltd.		128,000		66,332
KE Holdings Inc.(a)		4,658		297,320
Kingboard Holdings Ltd.		32,000		147,679
Kingboard Laminates Holdings Ltd.		64,000		109,233
Kingdee International Software Group Co. Ltd.(c)		67,000		240,540
Kingsoft Cloud Holdings Ltd., ADR(a)		2,240		131,891
Kingsoft Corp. Ltd.		34,000		238,432
Kuaishou Technology(a)		6,400		254,767
Kunlun Energy Co. Ltd.		128,000		117,648
Kweichow Moutai Co. Ltd., Class A		2,900		950,032
KWG Group Holdings Ltd.		64,000		97,023
Lee & Man Paper Manufacturing Ltd.		64,000		59,319
Lenovo Group Ltd.		256,000		323,739
Lens Technology Co. Ltd., Class A		12,800		61,730
Lepu Medical Technology Beijing Co. Ltd., Class A		6,400		31,438
Li Auto Inc.(a)		6,784		172,110
Li Ning Co. Ltd.		88,000		494,602
Lingyi iTech Guangdong Co., Class A		19,200		30,134
Logan Group Co. Ltd.		64,000		99,663
Longfor Group Holdings Ltd.(b)		64,000		379,511
LONGi Green Energy Technology Co. Ltd., Class A		9,400		151,535
Lufax Holding Ltd.(a)		9,216		138,424
Luxshare Precision Industry Co. Ltd., Class A		13,302		95,456
Luzhou Laojiao Co. Ltd., Class A		4,600		166,974
Mango Excellent Media Co. Ltd., Class A		6,400		63,360
Meinian Onehealth Healthcare Holdings Co. Ltd., Class A(a)		11,153		27,539
Meituan, Class B(a)(b)		136,900		6,000,245
Metallurgical Corp. of China Ltd., Class A		102,400		52,307
Microport Scientific Corp.		35,000		205,966
Midea Group Co. Ltd., Class A		6,400		91,933
Minth Group Ltd.		32,000		140,667
Momo Inc., ADR		6,701		106,144
Muyuan Foods Co. Ltd., Class A		5,870		103,180
NanJi E-Commerce Co. Ltd., Class A		12,800		20,899
Nanjing King-Friend Biochemical Pharmaceutical Co. Ltd., Class A		8,350		53,348
Nanjing Securities Co. Ltd., Class A		12,800		20,741
NARI Technology Co. Ltd., Class A		12,800		56,080
NavInfo Co. Ltd., Class A		6,400		16,129
NetEase Inc., ADR		15,936		1,750,570
New China Life Insurance Co. Ltd., Class A		6,400		51,448
New China Life Insurance Co. Ltd., Class H		25,600		97,683
New Hope Liuhe Co. Ltd., Class A		12,800		47,547
New Oriental Education & Technology Group Inc., ADR(a)		5,664		1,006,040
Nine Dragons Paper Holdings Ltd.		64,000		103,293
NIO Inc., ADR(a)		48,640		2,226,739

36 2 0 2 1  I SHARES   SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Consolidated Schedule of Investments (unaudited) (continued) February 28, 2021 iShares^® MSCI BRIC ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
China (continued)
Noah Holdings Ltd.(a)		1,280	$	57,216
Oceanwide Holdings Co. Ltd., Class A		19,200		8,948
Offcn Education Technology Co. Ltd., Class A		6,400		32,179
Offshore Oil Engineering Co. Ltd., Class A		12,824		9,697
OFILM Group Co. Ltd., Class A		6,400		10,489
Orient Securities Co. Ltd., Class A		19,200		28,415
Pacific Securities Co. Ltd. (The), Class A(a)		25,600		13,195
Pangang Group Vanadium Titanium & Resources Co. Ltd., Class A(a)		32,000		10,568
People’s Insurance Co. Group of China Ltd. (The), Class A		37,400		35,381
People’s Insurance Co. Group of China Ltd. (The), Class H		128,000		39,766
Perfect World Co. Ltd., Class A		9,650		35,146
PetroChina Co. Ltd., Class A		32,000		21,531
PetroChina Co. Ltd., Class H		768,000		275,228
Pharmaron Beijing Co. Ltd., Class H(b)		6,400		109,398
PICC Property & Casualty Co. Ltd., Class H		256,322		193,959
Pinduoduo Inc., ADR(a)		14,848		2,541,384
Ping An Bank Co. Ltd., Class A		44,800		147,816
Ping An Healthcare and Technology Co. Ltd.(a)(b)		19,800		286,126
Ping An Insurance Group Co. of China Ltd., Class A		25,700		337,836
Ping An Insurance Group Co. of China Ltd., Class H		224,500		2,758,010
Poly Developments and Holdings Group Co. Ltd., Class A		32,000		76,743
Poly Property Services Co. Ltd.		3,200		21,059
Postal Savings Bank of China Co. Ltd., Class H(b)		384,000		285,623
Power Construction Corp. of China Ltd., Class A		64,000		38,223
RiseSun Real Estate Development Co. Ltd., Class A		12,800		13,116
RLX Technology Inc., ADR(a)(c)		4,480		78,445
Rongsheng Petro Chemical Co. Ltd., Class A		19,200		99,706
SAIC Motor Corp. Ltd., Class A		19,200		62,964
Sanan Optoelectronics Co. Ltd., Class A		12,894		59,576
Sany Heavy Industry Co. Ltd., Class A		19,253		122,146
SDIC Capital Co. Ltd., Class A		12,800		24,178
SDIC Power Holdings Co. Ltd., Class A		25,699		33,116
Sealand Securities Co. Ltd., Class A		25,700		18,562
Seazen Group Ltd.		140,000		169,646
Seazen Holdings Co. Ltd., Class A		6,400		50,322
SF Holding Co. Ltd., Class A		9,900		160,359
Shaanxi Coal Industry Co. Ltd., Class A		26,805		44,345
Shandong Gold Mining Co. Ltd., Class A		15,280		52,373
Shandong Gold Mining Co. Ltd., Class H(b)		16,000		32,300
Shandong Hualu Hengsheng Chemical Co. Ltd., Class A		6,400		42,045
Shandong Nanshan Aluminum Co. Ltd., Class A		38,400		24,415
Shandong Weigao Group Medical Polymer Co. Ltd., Class H(c)		124,000		212,918
Shanghai Baosight Software Co. Ltd., Class A		6,400		56,554
Shanghai Construction Group Co. Ltd., Class A		25,600		11,655
Shanghai Electric Group Co. Ltd., Class A(a)		64,000		55,112
Shanghai International Port Group Co. Ltd., Class A		25,600		18,845
Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd., Class B		51,276		41,072
Shanghai Pharmaceuticals Holding Co. Ltd., Class A		6,400		20,218
Shanghai Pharmaceuticals Holding Co. Ltd., Class H		32,000		58,659
Shanghai Pudong Development Bank Co. Ltd., Class A		76,800		124,921
Shanghai RAAS Blood Products Co. Ltd., Class A		24,600		29,004
Shanghai Yuyuan Tourist Mart Group Co. Ltd., Class A		12,800		19,991
Shanxi Coking Coal Energy Group Co. Ltd., Class A		16,700		12,963

Security	Shares		Value
China (continued)
Shanxi Lu’an Environmental Energy Development Co. Ltd., Class A		14,052	$	12,426
Shanxi Meijin Energy Co. Ltd., Class A(a)		12,800		14,302
Shanxi Securities Co. Ltd., Class A		18,260		20,656
Shanxi Taigang Stainless Steel Co. Ltd., Class A		19,200		11,437
Shanxi Xinghuacun Fen Wine Factory Co. Ltd., Class A		2,900		140,125
Shenergy Co. Ltd., Class A		25,600		20,583
Shengyi Technology Co. Ltd., Class A		6,400		24,178
Shenwan Hongyuan Group Co. Ltd., Class A		76,899		56,964
Shenzhen Energy Group Co. Ltd., Class A		46,220		41,085
Shenzhen Inovance Technology Co. Ltd., Class A		7,698		101,324
Shenzhen International Holdings Ltd.		32,000		52,967
Shenzhen Investment Ltd.		128,000		46,036
Shenzhen Kaifa Technology Co. Ltd., Class A		6,400		20,445
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A		3,100		199,974
Shenzhen Overseas Chinese Town Co. Ltd., Class A		32,000		39,902
Shenzhou International Group Holdings Ltd.		32,000		664,557
Shimao Group Holdings Ltd.		64,000		210,794
Sichuan Chuantou Energy Co. Ltd., Class A		20,405		33,789
Sichuan Kelun Pharmaceutical Co. Ltd., Class A		6,400		21,433
SINA Corp.(a)		2,176		93,938
Sino Biopharmaceutical Ltd.		401,000		446,110
Sinolink Securities Co. Ltd., Class A		8,600		17,121
Sinopec Shanghai Petrochemical Co. Ltd., Class A		25,600		14,618
Sinopharm Group Co. Ltd., Class H		51,200		119,860
Sinotrans Ltd., Class A		19,200		13,393
Sinotruk Hong Kong Ltd.		32,000		102,097
Smoore International Holdings Ltd.(a)(b)		22,000		178,527
Songcheng Performance Development Co. Ltd., Class A		12,080		37,564
SooChow Securities Co. Ltd., Class A		18,440		24,360
Southwest Securities Co. Ltd., Class A		38,400		28,504
SSY Group Ltd.(c)		128,000		68,147
Sun Art Retail Group Ltd.		64,000		55,277
Sunac China Holdings Ltd.		111,000		475,059
Suning.com Co. Ltd., Class A		25,600		27,655
Sunny Optical Technology Group Co. Ltd.		25,700		642,720
Suzhou Dongshan Precision Manufacturing Co. Ltd., Class A		6,400		21,354
TAL Education Group, ADR(a)		14,400		1,116,576
TBEA Co. Ltd., Class A		12,800		23,961
TCL Technology Group Corp., Class A		51,200		65,029
Tencent Holdings Ltd.		217,400		18,566,585
Tencent Music Entertainment Group, ADR(a)		14,400		370,368
Tianjin Zhonghuan Semiconductor Co. Ltd., Class A		12,800		51,912
Tianma Microelectronics Co. Ltd., Class A		12,800		29,670
Tianshui Huatian Technology Co. Ltd., Class A		12,800		25,482
Tingyi Cayman Islands Holding Corp		96,000		192,808
Tongcheng-Elong Holdings Ltd.(a)		51,200		120,256
TongFu Microelectronics Co. Ltd., Class A(a)		6,400		23,902
Tonghua Dongbao Pharmaceutical Co. Ltd., Class A		6,400		12,099
Tongling Nonferrous Metals Group Co. Ltd., Class A		38,400		17,600
Tongwei Co. Ltd., Class A		19,295		139,892
Topsports International Holdings Ltd.(b)		64,000		94,053
Transfar Zhilian Co. Ltd., Class A		32,000		30,371
TravelSky Technology Ltd., Class H		57,000		143,871
Trip.com Group Ltd., ADR(a)		17,664		696,845
Tsingtao Brewery Co. Ltd., Class H		22,000		180,513
Uni-President China Holdings Ltd.		64,000		76,892
Unisplendour Corp. Ltd., Class A		8,880		29,450

CONSOLIDATED   SCHEDULE   OF   INVESTMENTS 37

Consolidated Schedule of Investments (unaudited) (continued) February 28, 2021 iShares^® MSCI BRIC ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
China (continued)
Vipshop Holdings Ltd., ADR(a)		17,024	$	635,336
Walvax Biotechnology Co. Ltd., Class A		6,400		45,245
Wanhua Chemical Group Co. Ltd., Class A		7,100		143,318
Want Want China Holdings Ltd.		128,000		92,403
Weibo Corp., ADR(a)		1,978		109,126
Weichai Power Co. Ltd., Class A		14,800		50,362
Weichai Power Co. Ltd., Class H		64,100		187,573
Weimob Inc.(a)		64,000		186,043
Wens Foodstuffs Group Co. Ltd., Class A		15,640		43,856
Western Securities Co. Ltd., Class A		25,600		37,334
Wharf Holdings Ltd. (The)		64,000		150,979
Wingtech Technology Co. Ltd., Class A		3,000		46,677
Winning Health Technology Group Co. Ltd., Class A		12,850		33,335
Wuhu Sanqi Interactive Entertainment Network Technology Group Co. Ltd., Class A		6,400		27,803
Wuliangye Yibin Co. Ltd., Class A		9,900		427,788
WUS Printed Circuit Kunshan Co. Ltd., Class A		12,800		34,213
WuXi AppTec Co. Ltd., Class A		3,440		76,276
WuXi AppTec Co. Ltd., Class H(b)		7,056		147,081
Wuxi Biologics Cayman Inc., New(a)(b)		122,500		1,516,771
XCMG Construction Machinery Co. Ltd., Class A		25,600		27,655
Xiamen C & D Inc., Class A		12,800		16,395
Xiaomi Corp., Class B(a)(b)		537,600		1,753,341
Xinhu Zhongbao Co. Ltd., Class A		25,600		12,366
Xinjiang Goldwind Science & Technology Co. Ltd., Class A		19,253		45,014
Xinjiang Goldwind Science & Technology Co. Ltd., Class H(c)		26,234		56,138
Xinyi Solar Holdings Ltd.		134,000		281,565
XPeng Inc., ADR(a)(c)		6,592		224,853
Yadea Group Holdings Ltd.(b)		52,000		113,152
Yango Group Co. Ltd., Class A		12,800		12,583
Yanzhou Coal Mining Co. Ltd., Class H		128,000		118,638
Yihai International Holding Ltd.		19,000		260,115
Yonghui Superstores Co. Ltd., Class A		25,693		28,588
Yonyou Network Technology Co. Ltd., Class A		10,930		62,242
Yuexiu Property Co. Ltd.		256,000		56,762
Yum China Holdings Inc.		14,720		880,845
Yunda Holding Co. Ltd., Class A		8,530		22,102
Yunnan Baiyao Group Co. Ltd., Class A		6,420		129,602
Zai Lab Ltd., ADR(a)		2,752		405,975
Zhaojin Mining Industry Co. Ltd., Class H		64,000		64,764
Zhejiang Chint Electrics Co. Ltd., Class A		6,400		33,838
Zhejiang Dahua Technology Co. Ltd., Class A		12,800		41,384
Zhejiang Jingsheng Mechanical & Electrical Co. Ltd., Class A		6,400		36,929
Zhejiang Juhua Co. Ltd., Class A		21,400		28,798
Zhejiang Longsheng Group Co. Ltd., Class A		12,800		32,672
Zhejiang NHU Co. Ltd., Class A		7,630		51,056
Zhejiang Sanhua Intelligent Controls Co. Ltd., Class A		14,930		55,712
Zhengzhou Yutong Bus Co. Ltd., Class A		6,400		14,993
Zhenro Properties Group Ltd.		64,000		42,076
Zheshang Securities Co. Ltd., Class A		12,800		24,850
ZhongAn Online P&C Insurance Co. Ltd., Class H(a)(b)(c)		12,800		86,050
Zhongjin Gold Corp. Ltd., Class A		12,800		18,410
Zhongsheng Group Holdings Ltd.		27,500		170,161
Zhuzhou CRRC Times Electric Co. Ltd., Class H		19,200		83,534
Zijin Mining Group Co. Ltd., Class A		25,600		48,159
Zijin Mining Group Co. Ltd., Class H		245,000		363,204

Security	Shares		Value
China (continued)
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class A		19,000	$	42,165
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class H		38,400		58,511
ZTE Corp., Class A		6,400		31,369
ZTE Corp., Class H		25,648		65,398
ZTO Express Cayman Inc., ADR		15,296		516,087
				122,798,926
India — 16.5%
ACC Ltd.		3,298		77,786
Adani Green Energy Ltd.(a)		14,528		229,303
Adani Ports & Special Economic Zone Ltd.		19,200		176,598
Ambuja Cements Ltd.		24,256		90,277
Apollo Hospitals Enterprise Ltd.		3,456		143,848
Asian Paints Ltd.		14,213		440,442
Aurobindo Pharma Ltd.		10,944		127,364
Avenue Supermarts Ltd.(a)(b)		6,400		260,773
Axis Bank Ltd.(a)		85,573		844,027
Bajaj Auto Ltd.		2,624		135,644
Bajaj Finance Ltd.		9,755		698,906
Bajaj Finserv Ltd.		1,408		184,871
Balkrishna Industries Ltd.		4,089		86,693
Bandhan Bank Ltd.(a)(b)		26,388		123,977
Berger Paints India Ltd.		10,880		100,657
Bharat Forge Ltd.		10,112		83,947
Bharat Petroleum Corp. Ltd.		25,024		153,188
Bharti Airtel Ltd.		87,310		660,959
Biocon Ltd.(a)		16,128		85,639
Britannia Industries Ltd.		3,904		178,704
Cipla Ltd.		17,088		183,018
Coal India Ltd.		40,906		84,723
Colgate-Palmolive India Ltd.		4,736		101,906
Container Corp. of India Ltd.		11,520		87,452
Dabur India Ltd.		20,672		141,527
Divi’s Laboratories Ltd.		5,312		243,108
DLF Ltd.		28,608		117,764
Dr. Reddy’s Laboratories Ltd.		4,480		269,864
Eicher Motors Ltd.		5,248		178,440
GAIL India Ltd.		61,504		118,681
Godrej Consumer Products Ltd.		14,912		139,288
Grasim Industries Ltd.		10,637		173,817
Havells India Ltd.		8,320		125,171
HCL Technologies Ltd.		42,304		523,554
HDFC Asset Management Co. Ltd.(b)		1,856		74,179
HDFC Life Insurance Co. Ltd.(a)(b)		26,752		255,070
Hero MotoCorp Ltd.		4,480		196,551
Hindalco Industries Ltd.		54,976		254,550
Hindustan Petroleum Corp. Ltd.		25,856		85,307
Hindustan Unilever Ltd.		31,360		909,860
Housing Development Finance Corp. Ltd.		64,744		2,237,340
ICICI Bank Ltd.(a)		192,576		1,566,474
ICICI Lombard General Insurance Co. Ltd.(a)(b)		7,488		145,307
ICICI Prudential Life Insurance Co. Ltd.(a)(b)		15,296		96,072
Indian Oil Corp. Ltd.		79,050		105,475
Indraprastha Gas Ltd.		13,504		90,403
Indus Towers Ltd.		20,416		71,623
Info Edge India Ltd.		2,816		188,168
Infosys Ltd.		128,896		2,198,345
InterGlobe Aviation Ltd.(a)(b)		4,480		98,760
Ipca Laboratories Ltd.		3,371		84,845

38 2 0 2 1  I SHARES   SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Consolidated Schedule of Investments (unaudited) (continued) February 28, 2021 iShares^® MSCI BRIC ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
India (continued)
ITC Ltd.		107,200	$	297,377
JSW Steel Ltd.		31,872		171,515
Jubilant Foodworks Ltd.		3,072		125,200
Kotak Mahindra Bank Ltd.(a)		20,608		499,278
Larsen & Toubro Infotech Ltd.(b)		2,300		112,671
Larsen & Toubro Ltd.		24,512		481,167
Lupin Ltd.		9,408		130,375
Mahindra & Mahindra Ltd.		30,464		334,302
Marico Ltd.		18,944		102,486
Maruti Suzuki India Ltd.		5,056		472,413
Motherson Sumi Systems Ltd.		46,080		134,192
MRF Ltd.		73		83,940
Muthoot Finance Ltd.		5,951		105,253
Nestle India Ltd.		1,280		280,466
NTPC Ltd.		153,536		224,187
Oil & Natural Gas Corp. Ltd.		100,416		151,680
Page Industries Ltd.		256		97,837
Petronet LNG Ltd.		29,952		103,997
PI Industries Ltd.		3,929		116,402
Pidilite Industries Ltd.		5,504		126,277
Piramal Enterprises Ltd.		3,648		90,809
Power Grid Corp. of India Ltd.		70,720		206,237
REC Ltd.		39,104		72,104
Reliance Industries Ltd.		108,149		3,069,704
SBI Life Insurance Co. Ltd.(a)(b)		14,528		171,386
Shree Cement Ltd.		384		138,486
Shriram Transport Finance Co. Ltd.		7,040		122,909
Siemens Ltd.		2,880		72,505
State Bank of India(a)		65,472		347,607
Sun Pharmaceutical Industries Ltd.		30,016		242,873
Tata Consultancy Services Ltd.		35,532		1,399,473
Tata Consumer Products Ltd.		22,720		188,336
Tata Motors Ltd.(a)		63,032		277,011
Tata Steel Ltd.		25,280		246,023
Tech Mahindra Ltd.		24,512		306,496
Titan Co. Ltd.		12,544		240,160
Torrent Pharmaceuticals Ltd.		1,856		61,329
Trent Ltd.		8,020		88,254
UltraTech Cement Ltd.		4,480		372,800
United Spirits Ltd.(a)		10,176		74,099
UPL Ltd.		18,624		142,319
Vedanta Ltd.		63,765		179,880
Wipro Ltd.		44,865		250,502
Yes Bank Ltd.(a)		418,048		89,600
Zee Entertainment Enterprises Ltd.		33,536		91,729
				28,723,891
Russia — 5.1%
Alrosa PJSC		79,360		105,938
Gazprom PJSC		440,964		1,295,013
Inter RAO UES PJSC		1,472,000		100,816
LUKOIL PJSC		15,680		1,178,774
Magnit PJSC, GDR(f)		13,464		182,707
Mail.Ru Group Ltd., GDR(a)(f)		4,032		108,836
MMC Norilsk Nickel PJSC		2,432		761,861
Mobile TeleSystems PJSC, ADR		16,320		134,150
Moscow Exchange MICEX-RTS PJSC		52,360		121,491
Novatek PJSC, GDR(f)		3,648		621,619
Novolipetsk Steel PJSC		38,400		115,338
PhosAgro PJSC, GDR(f)		6,144		107,766
Polymetal International PLC		9,316		185,476

Security	Shares		Value
Russia (continued)
Polyus PJSC		1,300	$	244,957
Rosneft Oil Co. PJSC		46,242		326,261
Sberbank of Russia PJSC		401,950		1,456,161
Severstal PAO		6,208		112,354
Surgutneftegas PJSC		275,210		119,942
Tatneft PJSC		52,307		368,070
TCS Group Holding PLC(f)		4,480		232,482
VTB Bank PJSC		162,756,001		80,748
X5 Retail Group NV, GDR(f)		4,096		135,182
Yandex NV, Class A(a)		11,584		748,338
			8,844,280
Total Common Stocks — 97.9% (Cost: $145,951,469)				170,176,678

Preferred Stocks
Brazil — 1.9%
Alpargatas SA, Preference Shares, NVS	6,400	40,113
Banco Bradesco SA, Preference Shares, NVS	165,152	681,583
Bradespar SA, Preference Shares, NVS	12,800	144,375
Centrais Eletricas Brasileiras SA, Class B, Preference Shares, NVS	6,482	38,115
Cia. Energetica de Minas Gerais, Preference Shares, NVS	40,894	87,760
Cia. Paranaense de Energia, Preference Shares, NVS	6,800	71,477
Gerdau SA, Preference Shares, NVS	38,400	178,252
Itau Unibanco Holding SA, Preference Shares, NVS	185,656	851,152
Itausa SA, Preference Shares, NVS	166,544	297,344
Lojas Americanas SA, Preference Shares, NVS	32,390	144,774
Petroleo Brasileiro SA, Preference Shares, NVS	188,314	751,492
		3,286,437
Russia — 0.1%
Surgutneftegas PJSC, Preference Shares, NVS	249,600	131,685
Total Preferred Stocks — 2.0% (Cost: $2,919,582)		3,418,122
Rights
China — 0.0%
Legend Holdings Corp., Class H (Expires 05/19/23)(a)	2,030	0	(e)
Total Rights — 0.0% (Cost: $0)		0	(e)
Short-Term Investments
Money Market Funds — 2.3%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.12%(g)(h)(i)	3,415,547	3,417,596

CONSOLIDATED   SCHEDULE   OF   INVESTMENTS 39

Consolidated Schedule of Investments (unaudited) (continued) February 28, 2021 iShares^® MSCI BRIC ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Money Market Funds (continued)
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%(g)(h)		600,000	$	600,000
				4,017,596
Total Short-Term Investments — 2.3% (Cost: $4,016,665)				4,017,596
Total Investments in Securities — 102.2% (Cost: $152,887,716)				177,612,396
Other Assets, Less Liabilities — (2.2)%				(3,749,644	)
Net Assets — 100.0%			$	173,862,752

^(a)  Non-income producing security.

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

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

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

^(e)  Rounds to less than $1.

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

^(g)  Affiliate of the Fund.

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

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 2021 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 08/31/20		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 02/28/21		Shares Held at 02/28/21		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	2,656,562	$	762,718	(a)	$	—		$	(531	)	$	(1,153	)	$	3,417,596		3,415,547	$	12,029	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		960,000		—			(360,000	)(a)		—			—			600,000		600,000		978			—
									$	(531	)	$	(1,153	)	$	4,017,596			$	13,007		$	—

^(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.

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
MSCI Emerging Markets E-Mini Index		3		03/19/21	$	201	$	(9,553	)

Derivative Financial Instruments Categorized by Risk Exposure

As of February 28, 2021, the fair values of derivative financial instruments located in the Consolidated Statements of Assets and Liabilities were as follows:

	Equity Contracts
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	9,553

^(a)  Net cumulative appreciation (depreciation) on futures contracts are reported in the Consolidated Schedule of Investments. In the Consolidated 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).

40 2 0 2 1   I SHARES    SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Consolidated Schedule of Investments (unaudited) (continued) February 28, 2021 iShares^® MSCI BRIC ETF     

For the six months ended February 28, 2021, the effect of derivative financial instruments in the Consolidated Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	(5,165	)
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(1,217	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	201,533

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

Fair Value Measurements

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

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of February 28, 2021. The breakdown of the Fund’s investments into major categories is disclosed in the Consolidated Schedule of Investments above.

	Level 1			Level 2			Level 3			Total
Investments
Assets
Common Stocks	$	170,175,230		$	1,448		$	0	(a)	$	170,176,678
Preferred Stocks		3,418,122			—			—			3,418,122
Rights		—			0	(a)		—			0	(a)
Money Market Funds		4,017,596			—			—			4,017,596
	$	177,610,948		$	1,448		$	0	(a)	$	177,612,396
Derivative financial instruments(b)
Liabilities
Futures Contracts	$	(9,553	)	$	—		$	—		$	(9,553	)

^(a)  Rounds to less than $1.

^(b)  Shown at the unrealized appreciation (depreciation) on the contracts.

See notes to consolidated financial statements.

CONSOLIDATED   SCHEDULE   OF   INVESTMENTS 41

Consolidated Schedule of Investments (unaudited) February 28, 2021 iShares^® MSCI Emerging Markets Asia ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
China — 48.2%
360 Security Technology Inc., Class A		47,599	$	118,266
3SBio Inc.(a)(b)		293,000		291,589
51job Inc., ADR(b)		6,102		400,291
AAC Technologies Holdings Inc.(c)		117,000		630,447
AECC Aviation Power Co. Ltd., Class A		23,800		221,037
Agile Group Holdings Ltd.		258,000		364,516
Agricultural Bank of China Ltd., Class A		522,700		262,969
Agricultural Bank of China Ltd., Class H		4,329,000		1,573,705
Aier Eye Hospital Group Co. Ltd., Class A		38,980		434,806
Air China Ltd., Class A		137,400		171,542
Air China Ltd., Class H		364,000		300,309
Alibaba Group Holding Ltd., ADR(b)		210,009		49,931,740
Alibaba Health Information Technology Ltd.(b)		26,000		87,143
Alibaba Pictures Group Ltd.(b)(c)		30,000		4,177
A-Living Smart City Services Co. Ltd.(a)		90,750		380,204
Aluminum Corp. of China Ltd., Class A(b)		275,300		180,564
Aluminum Corp. of China Ltd., Class H(b)		990,000		500,274
Anhui Conch Cement Co. Ltd., Class A		41,100		338,322
Anhui Conch Cement Co. Ltd., Class H		202,000		1,299,387
Anhui Gujing Distillery Co. Ltd., Class B		11,000		145,913
ANTA Sports Products Ltd.		163,000		2,500,467
Autohome Inc., ADR		10,203		1,163,550
Avic Capital Co. Ltd., Class A		176,800		112,140
AVIC Shenyang Aircraft Co. Ltd., Class A		16,534		206,935
AVIC Xi’an Aircraft Industry Group Co. Ltd., Class A		58,600		286,405
AviChina Industry & Technology Co. Ltd., Class H		526,000		355,985
Baidu Inc., ADR(b)(c)		37,845		10,727,544
Bank of Chengdu Co. Ltd., Class A		98,000		166,362
Bank of China Ltd., Class A		305,600		152,804
Bank of China Ltd., Class H		11,682,000		4,096,120
Bank of Communications Co. Ltd., Class A		452,600		319,202
Bank of Communications Co. Ltd., Class H		1,317,000		743,612
Bank of Hangzhou Co. Ltd., Class A		117,700		290,987
Bank of Jiangsu Co. Ltd., Class A		188,458		167,231
Bank of Nanjing Co. Ltd., Class A		157,100		213,351
Bank of Ningbo Co. Ltd., Class A		64,400		398,534
Bank of Shanghai Co. Ltd., Class A		186,070		240,633
Baoshan Iron & Steel Co. Ltd., Class A		196,500		228,042
Baozun Inc., ADR(b)		11,421		524,567
BBMG Corp., Class A		363,600		160,481
BeiGene Ltd., ADR(b)		4,920		1,574,400
Beijing Capital International Airport Co. Ltd., Class H		444,000		346,278
Beijing Dabeinong Technology Group Co. Ltd., Class A		137,400		211,830
Beijing Enlight Media Co. Ltd., Class A		58,600		122,810
Beijing Enterprises Holdings Ltd.		100,500		347,854
Beijing Enterprises Water Group Ltd.		1,172,000		463,823
Beijing Shiji Information Technology Co. Ltd., Class A		25,002		135,546
Beijing Sinnet Technology Co. Ltd., Class A		58,600		172,187
Betta Pharmaceuticals Co. Ltd., Class A		4,400		80,241
Bilibili Inc., ADR(b)		11,815		1,488,336
BOC Aviation Ltd.(a)(c)		31,400		303,583
BOE Technology Group Co. Ltd., Class A		334,400		314,281
Bosideng International Holdings Ltd.		926,000		390,342
Brilliance China Automotive Holdings Ltd.		516,000		462,962
BYD Co. Ltd., Class A		14,100		429,255
BYD Co. Ltd., Class H		120,500		3,063,237
BYD Electronic International Co. Ltd.		132,000		735,947
Caitong Securities Co. Ltd., Class A		98,000		169,840

Security	Shares		Value
China (continued)
CGN Power Co. Ltd., Class H(a)		2,162,000	$	476,583
Changjiang Securities Co. Ltd., Class A		157,100		175,772
Chaozhou Three-Circle Group Co. Ltd., Class A		45,899		264,917
Chengdu Kanghong Pharmaceutical Group Co. Ltd., Class A		34,535		202,631
China Aoyuan Group Ltd.		301,000		285,194
China Avionics Systems Co. Ltd., Class A		59,400		156,479
China Cinda Asset Management Co. Ltd., Class H		1,471,000		292,025
China CITIC Bank Corp. Ltd., Class H		1,571,000		741,214
China Communications Services Corp. Ltd., Class H		484,000		228,356
China Conch Venture Holdings Ltd.		260,500		1,158,546
China Construction Bank Corp., Class A		117,700		131,871
China Construction Bank Corp., Class H		13,588,000		10,912,649
China Eastern Airlines Corp. Ltd., Class A		176,872		128,836
China Education Group Holdings Ltd.		221,000		410,813
China Everbright Bank Co. Ltd., Class A		511,700		323,768
China Everbright Bank Co. Ltd., Class H		403,000		174,554
China Everbright Environment Group Ltd.		716,481		410,085
China Everbright Ltd.		140,000		180,835
China Evergrande Group		312,000		638,692
China Film Co. Ltd., Class A		58,600		120,458
China Fortune Land Development Co. Ltd., Class A		43,720		57,215
China Galaxy Securities Co. Ltd., Class H		785,500		485,030
China Gas Holdings Ltd.		432,400		1,741,896
China Gezhouba Group Co. Ltd., Class A		157,100		163,650
China Great Wall Securities Co. Ltd., Class A		78,300		134,007
China Hongqiao Group Ltd.		396,000		491,085
China Huarong Asset Management Co. Ltd., Class H(a)		2,054,000		243,599
China Huishan Dairy Holdings Co. Ltd.(b)(d)		20,200		0	(e)
China International Capital Corp. Ltd., Class H(a)(b)		252,000		581,487
China Jinmao Holdings Group Ltd.		848,000		353,090
China Lesso Group Holdings Ltd.		173,000		319,803
China Life Insurance Co. Ltd., Class A		38,900		199,067
China Life Insurance Co. Ltd., Class H		1,106,000		2,332,518
China Literature Ltd.(a)(b)		5,800		54,057
China Longyuan Power Group Corp. Ltd., Class H		576,000		856,870
China Medical System Holdings Ltd.		192,000		299,979
China Mengniu Dairy Co. Ltd.		438,000		2,394,013
China Merchants Bank Co. Ltd., Class A		196,500		1,549,596
China Merchants Bank Co. Ltd., Class H		554,831		4,259,210
China Merchants Energy Shipping Co. Ltd., Class A		137,400		110,898
China Merchants Port Holdings Co. Ltd.		256,000		372,911
China Merchants Securities Co. Ltd., Class A		78,370		263,416
China Merchants Shekou Industrial Zone Holdings Co. Ltd., Class A		97,075		192,656
China Minsheng Banking Corp. Ltd., Class A		297,400		237,742
China Minsheng Banking Corp. Ltd., Class H		1,081,160		645,294
China Molybdenum Co. Ltd., Class A		314,700		325,392
China Molybdenum Co. Ltd., Class H		660,000		510,484
China National Building Material Co. Ltd., Class H		688,000		1,042,995
China National Chemical Engineering Co. Ltd., Class A		188,900		178,410
China National Nuclear Power Co. Ltd., Class A		314,700		251,086
China National Software & Service Co. Ltd., Class A		5,300		47,587
China Northern Rare Earth Group High-Tech Co. Ltd., Class A(b)		86,100		274,915
China Oilfield Services Ltd., Class H		424,000		487,548
China Overseas Land & Investment Ltd.		564,000		1,427,931
China Pacific Insurance Group Co. Ltd., Class A		61,800		421,451
China Pacific Insurance Group Co. Ltd., Class H		432,600		1,988,075
China Petroleum & Chemical Corp., Class A		235,900		164,187

42 2 0 2 1  I SHARES   SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Consolidated Schedule of Investments��(unaudited) (continued) February 28, 2021 iShares^® MSCI Emerging Markets Asia ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
China (continued)
China Petroleum & Chemical Corp., Class H		3,960,600	$	2,190,306
China Power International Development Ltd.		1,275,000		272,838
China Railway Group Ltd., Class A		169,096		149,006
China Railway Group Ltd., Class H		700,000		369,972
China Renewable Energy Investment Ltd.(b)(d)		2,513		0	(e)
China Resources Beer Holdings Co. Ltd.		228,000		1,719,402
China Resources Cement Holdings Ltd.		426,000		507,421
China Resources Gas Group Ltd.		140,000		699,337
China Resources Land Ltd.		437,777		2,079,587
China Resources Pharmaceutical Group Ltd.(a)		293,000		186,965
China Resources Power Holdings Co. Ltd.		384,000		446,998
China Resources Sanjiu Medical & Pharmaceutical Co. Ltd., Class A		37,890		153,084
China Shenhua Energy Co. Ltd., Class A		70,000		191,748
China Shenhua Energy Co. Ltd., Class H		588,500		1,118,229
China Shipbuilding Industry Co. Ltd., Class A(b)		354,199		225,206
China South Publishing & Media Group Co. Ltd., Class A		117,799		180,520
China Southern Airlines Co. Ltd., Class A(b)		167,100		156,531
China Southern Airlines Co. Ltd., Class H(b)		198,000		135,278
China State Construction Engineering Corp. Ltd., Class A		413,240		322,054
China State Construction International Holdings Ltd.		406,000		280,005
China Taiping Insurance Holdings Co. Ltd.		314,300		677,434
China Tourism Group Duty Free Corp. Ltd., Class A		14,400		684,260
China Tower Corp. Ltd., Class H(a)		7,082,000		1,059,011
China Traditional Chinese Medicine Holdings Co. Ltd.		492,000		294,920
China Vanke Co. Ltd., Class A		117,700		601,228
China Vanke Co. Ltd., Class H		266,100		1,128,567
China Yangtze Power Co. Ltd., Class A		176,800		538,871
China Youzan Ltd.(b)		636,000		272,196
Chongqing Brewery Co. Ltd., Class A		11,499		214,263
Chongqing Changan Automobile Co. Ltd., Class A(b)		58,600		164,138
Chongqing Rural Commercial Bank Co. Ltd., Class H		783,000		345,203
Chongqing Zhifei Biological Products Co. Ltd., Class A		12,900		347,352
CIFI Holdings Group Co. Ltd.		494,000		468,059
CITIC Ltd.		898,000		760,551
CITIC Securities Co. Ltd., Class A		78,300		329,278
CITIC Securities Co. Ltd., Class H		375,500		809,343
Contemporary Amperex Technology Co. Ltd., Class A		19,200		954,778
COSCO SHIPPING Holdings Co. Ltd., Class A(b)		98,000		191,165
COSCO SHIPPING Holdings Co. Ltd., Class H(b)		588,500		653,944
COSCO SHIPPING Ports Ltd.		238,000		173,038
Country Garden Holdings Co. Ltd.		1,220,828		1,518,687
Country Garden Services Holdings Co. Ltd.		214,000		1,760,034
CSPC Pharmaceutical Group Ltd.		1,407,200		1,469,357
Dali Foods Group Co. Ltd.(a)		588,500		358,076
Daqin Railway Co. Ltd., Class A		123,099		124,052
DHC Software Co. Ltd., Class A		66,600		78,627
Dong-E-E-Jiao Co. Ltd., Class A		19,200		105,128
Dongfang Electric Corp. Ltd., Class A		117,700		215,243
Dongfeng Motor Group Co. Ltd., Class H		522,000		480,458
Dongxing Securities Co. Ltd., Class A		98,000		173,470
DouYu International Holdings Ltd., ADR(b)		5,314		76,203
East Money Information Co. Ltd., Class A		78,380		367,475
ENN Energy Holdings Ltd.		126,900		1,945,047
Eve Energy Co. Ltd., Class A		14,400		190,004
Everbright Securities Co. Ltd., Class A		58,600		139,269
Fangda Carbon New Material Co. Ltd., Class A(b)		247,540		294,534
Far East Horizon Ltd.		408,000		438,645
Financial Street Holdings Co. Ltd., Class A		157,100		147,163
First Capital Securities Co. Ltd., Class A		98,000		119,932

Security	Shares		Value
China (continued)
Focus Media Information Technology Co. Ltd., Class A		176,800	$	298,766
Foshan Haitian Flavouring & Food Co. Ltd., Class A		21,321		568,244
Fosun International Ltd.		490,000		735,251
Founder Securities Co. Ltd., Class A(b)		175,834		233,365
Foxconn Industrial Internet Co. Ltd., Class A		98,000		208,860
Fuyao Glass Industry Group Co. Ltd., Class A		31,200		227,987
Fuyao Glass Industry Group Co. Ltd., Class H		100,800		618,520
Ganfeng Lithium Co. Ltd., Class A		17,300		264,365
G-Bits Network Technology Xiamen Co. Ltd., Class A		1,700		81,869
GDS Holdings Ltd., ADR(b)(c)		12,209		1,247,271
Geely Automobile Holdings Ltd.		904,000		2,936,673
Gemdale Corp., Class A		98,000		191,770
Genscript Biotech Corp.(b)(c)		210,000		362,211
GF Securities Co. Ltd., Class A		79,800		197,165
GF Securities Co. Ltd., Class H		274,800		389,669
Giant Network Group Co. Ltd., Class A		78,300		203,851
GoerTek Inc., Class A		64,300		317,538
GOME Retail Holdings Ltd.(b)(c)		2,277,000		669,244
Great Wall Motor Co. Ltd., Class H		555,000		1,613,341
Greenland Holdings Corp. Ltd., Class A		137,400		119,380
Greentown Service Group Co. Ltd.		296,000		300,680
GSX Techedu Inc., ADR(b)(c)		3,935		404,715
Guangdong HEC Technology Holding Co. Ltd., Class A(b)		157,100		123,646
Guangdong Investment Ltd.		484,000		866,007
Guanghui Energy Co. Ltd., Class A(b)		393,500		165,784
Guangzhou Automobile Group Co. Ltd., Class H		524,800		487,094
Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class A		27,000		120,294
Guangzhou Haige Communications Group Inc. Co., Class A		176,800		258,931
Guangzhou R&F Properties Co. Ltd., Class H		313,200		418,281
Guosen Securities Co. Ltd., Class A		117,700		221,419
Guotai Junan Securities Co. Ltd., Class A		78,400		201,570
Guoyuan Securities Co. Ltd., Class A		115,040		141,850
Haidilao International Holding Ltd.(a)		67,000		549,743
Haier Smart Home Co. Ltd., Class A		78,300		349,458
Haier Smart Home Co. Ltd., Class H(b)		144,600		549,891
Haitian International Holdings Ltd.		138,000		474,092
Haitong Securities Co. Ltd., Class A		117,700		219,603
Haitong Securities Co. Ltd., Class H		470,800		430,298
Hangzhou Robam Appliances Co. Ltd., Class A		45,000		262,506
Hangzhou Tigermed Consulting Co. Ltd., Class A		13,100		284,204
Hansoh Pharmaceutical Group Co. Ltd.(a)(b)		48,000		244,413
Henan Shuanghui Investment & Development Co. Ltd., Class A		37,956		269,681
Hengan International Group Co. Ltd.		115,000		796,084
Hengli Petrochemical Co. Ltd., Class A		69,300		386,506
Hengtong Optic-Electric Co. Ltd., Class A		66,400		131,471
Hengyi Petrochemical Co. Ltd., Class A		117,790		326,657
Hesteel Co. Ltd., Class A(b)		380,300		129,704
Hithink RoyalFlush Information Network Co. Ltd., Class A		3,800		78,928
Hongfa Technology Co. Ltd., Class A		24,200		192,521
Hua Hong Semiconductor Ltd.(a)(b)(c)		100,000		611,678
Huaan Securities Co. Ltd., Class A		137,400		142,916
Huadian Power International Corp. Ltd., Class A		235,900		116,497
Huadong Medicine Co. Ltd., Class A		55,172		271,098
Huaneng Power International Inc., Class H		1,172,000		400,369
Huatai Securities Co. Ltd., Class A		58,600		155,276
Huatai Securities Co. Ltd., Class H(a)		314,200		467,411
Huaxi Securities Co. Ltd., Class A		117,700		183,638

CONSOLIDATED   SCHEDULE   OF   INVESTMENTS 43

Consolidated Schedule of Investments (unaudited) (continued) February 28, 2021 iShares^® MSCI Emerging Markets Asia ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
China (continued)
Huaxia Bank Co. Ltd., Class A		183,700	$	176,900
Huayu Automotive Systems Co. Ltd., Class A		38,900		154,883
Huazhu Group Ltd., ADR		26,829		1,559,838
Hubei Biocause Pharmaceutical Co. Ltd., Class A		216,200		133,794
Hunan Valin Steel Co. Ltd., Class A		216,200		194,851
Hundsun Technologies Inc., Class A		8,580		115,727
Hutchison China MediTech Ltd., ADR(b)		14,376		413,166
HUYA Inc., ADR(b)(c)		8,466		223,079
Iflytek Co. Ltd., Class A		38,900		289,416
Industrial & Commercial Bank of China Ltd., Class A		413,200		342,428
Industrial & Commercial Bank of China Ltd., Class H		8,820,000		5,753,150
Industrial Bank Co. Ltd., Class A		189,400		721,373
Industrial Securities Co. Ltd., Class A		157,100		219,897
Inner Mongolia BaoTou Steel Union Co. Ltd., Class A(b)		866,300		205,885
Inner Mongolia Junzheng Energy & Chemical Industry Group Co. Ltd., Class A		196,500		180,432
Inner Mongolia Yili Industrial Group Co. Ltd., Class A		69,300		462,225
Innovent Biologics Inc.(a)(b)		123,000		1,266,889
iQIYI Inc., ADR(b)		29,065		736,216
JD.com Inc., ADR(b)		122,364		11,486,309
Jiangsu Expressway Co. Ltd., Class H		230,000		267,140
Jiangsu Hengli Hydraulic Co. Ltd., Class A		16,720		245,129
Jiangsu Hengrui Medicine Co. Ltd., Class A		40,164		630,986
Jiangsu Yanghe Brewery Joint-Stock Co. Ltd., Class A		12,403		361,763
Jiangsu Zhongtian Technology Co. Ltd., Class A		98,000		156,834
Jiangxi Copper Co. Ltd., Class A		58,600		252,311
Jiangxi Copper Co. Ltd., Class H		216,000		524,035
Jinke Properties Group Co. Ltd., Class A		137,400		157,971
Joincare Pharmaceutical Group Industry Co. Ltd., Class A		76,729		146,475
Jointown Pharmaceutical Group Co. Ltd., Class A(b)		78,300		203,851
JOYY Inc.(c)		9,451		1,114,273
Kaisa Group Holdings Ltd.		586,000		303,676
KE Holdings Inc.(b)(c)		4,329		276,320
Kingboard Holdings Ltd.		134,000		618,407
Kingboard Laminates Holdings Ltd.		243,500		415,598
Kingdee International Software Group Co. Ltd.(c)		402,000		1,443,238
Kingsoft Corp. Ltd.		146,000		1,023,855
Kunlun Energy Co. Ltd.		580,000		533,094
Kweichow Moutai Co. Ltd., Class A		11,518		3,773,263
KWG Group Holdings Ltd.		362,000		548,785
Lee & Man Paper Manufacturing Ltd.		389,000		360,550
Lenovo Group Ltd.(c)		1,266,000		1,600,993
Lens Technology Co. Ltd., Class A		58,600		282,607
Lepu Medical Technology Beijing Co. Ltd., Class A		68,400		335,991
Li Ning Co. Ltd.		336,500		1,891,290
Liaoning Cheng Da Co. Ltd., Class A		58,600		199,227
Logan Group Co. Ltd.		246,000		383,079
Longfor Group Holdings Ltd.(a)		301,000		1,784,888
LONGi Green Energy Technology Co. Ltd., Class A		29,700		478,786
Lufax Holding Ltd.(b)(c)		13,194		198,174
Luxshare Precision Industry Co. Ltd., Class A		58,641		420,813
Luzhou Laojiao Co. Ltd., Class A		12,000		435,584
Mango Excellent Media Co. Ltd., Class A		17,000		168,299
Meinian Onehealth Healthcare Holdings Co. Ltd., Class A(b)		78,384		193,545
Meituan, Class B(a)(b)		480,200		21,046,878
Momo Inc., ADR		28,161		446,070
Muyuan Foods Co. Ltd., Class A		29,708		522,194
NARI Technology Co. Ltd., Class A		48,700		213,368
NavInfo Co. Ltd., Class A		77,327		194,873

Security	Shares		Value
China (continued)
NetEase Inc., ADR		59,994	$	6,590,341
New China Life Insurance Co. Ltd., Class A		12,800		102,896
New China Life Insurance Co. Ltd., Class H		154,700		590,294
New Hope Liuhe Co. Ltd., Class A		45,900		170,500
New Oriental Education & Technology Group Inc., ADR(b)		22,055		3,917,409
Nine Dragons Paper Holdings Ltd.		329,000		530,991
Ninestar Corp., Class A		58,600		248,242
NIO Inc., ADR(b)		181,764		8,321,156
Noah Holdings Ltd.(b)(c)		9,254		413,654
OFILM Group Co. Ltd., Class A		58,600		96,041
Oppein Home Group Inc., Class A		13,300		311,018
Orient Securities Co. Ltd., Class A		97,032		143,605
Oriental Pearl Group Co. Ltd., Class A		91,600		121,995
Pacific Securities Co. Ltd. (The), Class A(b)		176,800		91,131
People’s Insurance Co. Group of China Ltd. (The), Class H		1,768,000		549,270
Perfect World Co. Ltd., Class A		19,296		70,277
PetroChina Co. Ltd., Class A		126,700		85,251
PetroChina Co. Ltd., Class H		3,374,000		1,209,140
PICC Property & Casualty Co. Ltd., Class H		1,218,740		922,223
Pinduoduo Inc., ADR(b)		48,807		8,353,806
Ping An Bank Co. Ltd., Class A		154,436		509,555
Ping An Healthcare and Technology Co. Ltd.(a)(b)		58,600		846,818
Ping An Insurance Group Co. of China Ltd., Class A		98,000		1,288,246
Ping An Insurance Group Co. of China Ltd., Class H		829,000		10,184,367
Poly Developments and Holdings Group Co. Ltd., Class A		137,400		329,513
Postal Savings Bank of China Co. Ltd., Class H(a)		1,571,000		1,168,527
Power Construction Corp. of China Ltd., Class A		216,200		129,122
RiseSun Real Estate Development Co. Ltd., Class A		154,418		158,234
Rongsheng Petro Chemical Co. Ltd., Class A		69,319		359,975
SAIC Motor Corp. Ltd., Class A		78,322		256,849
Sanan Optoelectronics Co. Ltd., Class A		78,361		362,065
Sany Heavy Industry Co. Ltd., Class A		78,300		496,757
SDIC Capital Co. Ltd., Class A		78,300		147,903
SDIC Power Holdings Co. Ltd., Class A		134,709		173,587
Seazen Group Ltd.		408,000		494,396
Seazen Holdings Co. Ltd., Class A		31,500		247,679
SF Holding Co. Ltd., Class A		17,500		283,463
Shaanxi Coal Industry Co. Ltd., Class A		155,173		256,712
Shandong Buchang Pharmaceuticals Co. Ltd., Class A		55,953		191,350
Shandong Gold Mining Co. Ltd., Class A		27,160		93,092
Shandong Gold Mining Co. Ltd., Class H(a)		97,250		196,322
Shandong Linglong Tyre Co. Ltd., Class A		38,905		252,888
Shandong Weigao Group Medical Polymer Co. Ltd., Class H		376,000		645,623
Shanghai Electric Group Co. Ltd., Class A(b)		235,900		203,141
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class A		29,700		211,022
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class H		103,500		488,324
Shanghai International Airport Co. Ltd., Class A		28,500		272,164
Shanghai International Port Group Co. Ltd., Class A		228,300		168,058
Shanghai Jinjiang International Hotels Co. Ltd., Class A		24,356		202,445
Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd., Class B		314,716		252,088
Shanghai Pharmaceuticals Holding Co. Ltd., Class A		58,600		185,119
Shanghai Pharmaceuticals Holding Co. Ltd., Class H		196,500		360,204
Shanghai Pudong Development Bank Co. Ltd., Class A		244,800		398,187
Shanxi Coking Coal Energy Group Co. Ltd., Class A		206,180		160,048
Shanxi Lu’an Environmental Energy Development Co. Ltd., Class A		157,100		138,920
Shanxi Securities Co. Ltd., Class A		98,030		110,891

44 2 0 2 1  I SHARES   SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Consolidated Schedule of Investments (unaudited) (continued) February 28, 2021 iShares^® MSCI Emerging Markets Asia ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
China (continued)
Shanxi Xinghuacun Fen Wine Factory Co. Ltd., Class A		7,600	$	367,225
Shenergy Co. Ltd., Class A		176,800		142,153
Shenwan Hongyuan Group Co. Ltd., Class A		255,600		189,338
Shenzhen Energy Group Co. Ltd., Class A		295,020		262,246
Shenzhen Goodix Technology Co. Ltd., Class A		4,400		93,781
Shenzhen Hepalink Pharmaceutical Group Co. Ltd., Class A		75,681		222,026
Shenzhen Inovance Technology Co. Ltd., Class A		24,100		317,212
Shenzhen International Holdings Ltd.		194,500		321,937
Shenzhen Investment Ltd.		848,000		304,991
Shenzhen Kangtai Biological Products Co. Ltd., Class A		9,000		212,574
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A		4,900		316,088
Shenzhen Overseas Chinese Town Co. Ltd., Class A		157,100		195,895
Shenzhou International Group Holdings Ltd.		126,500		2,627,076
Shijiazhuang Yiling Pharmaceutical Co. Ltd., Class A		38,900		140,896
Shimao Group Holdings Ltd.		202,000		665,317
Sichuan Chuantou Energy Co. Ltd., Class A		117,700		194,900
Sichuan Kelun Pharmaceutical Co. Ltd., Class A		38,900		130,270
Silergy Corp.		4,000		384,885
SINA Corp.(b)(c)		14,376		620,612
Sino Biopharmaceutical Ltd.		1,687,250		1,877,054
Sinolink Securities Co. Ltd., Class A		78,300		155,879
Sinopharm Group Co. Ltd., Class H		209,200		489,738
Sinotruk Hong Kong Ltd.		114,500		365,315
Songcheng Performance Development Co. Ltd., Class A		38,900		120,965
SooChow Securities Co. Ltd., Class A		98,020		129,486
Spring Airlines Co. Ltd., Class A		19,200		182,523
SSY Group Ltd.(c)		616,000		327,957
Sun Art Retail Group Ltd.		96,000		82,915
Sunac China Holdings Ltd.		396,000		1,694,806
Suning.com Co. Ltd., Class A		154,432		166,829
Sunny Optical Technology Group Co. Ltd.		113,700		2,843,471
Suzhou Dongshan Precision Manufacturing Co. Ltd., Class A		39,700		132,459
Suzhou Gold Mantis Construction Decoration Co. Ltd., Class A		117,799		174,885
TAL Education Group, ADR(b)		55,638		4,314,171
TBEA Co. Ltd., Class A		88,100		164,919
TCL Technology Group Corp., Class A		216,200		274,594
Tencent Holdings Ltd.		647,500		55,298,362
Tencent Music Entertainment Group, ADR(b)		2,556		65,740
Tianma Microelectronics Co. Ltd., Class A		72,100		167,125
Tingyi Cayman Islands Holding Corp.		330,000		662,778
Toly Bread Co. Ltd., Class A		23,500		202,801
Tongcheng-Elong Holdings Ltd.(b)		76,800		180,383
Tonghua Dongbao Pharmaceutical Co. Ltd., Class A		78,300		148,024
Tongling Nonferrous Metals Group Co. Ltd., Class A		438,700		201,075
Tongwei Co. Ltd., Class A		58,600		424,860
Transfar Zhilian Co. Ltd., Class A		267,355		253,746
TravelSky Technology Ltd., Class H		192,000		484,619
Trip.com Group Ltd., ADR(b)(c)		73,458		2,897,918
Tsingtao Brewery Co. Ltd., Class A		15,900		195,393
Tsingtao Brewery Co. Ltd., Class H		72,000		590,769
Uni-President China Holdings Ltd.		389,000		467,361
Unisplendour Corp. Ltd., Class A		58,680		194,608
Vipshop Holdings Ltd., ADR(b)		69,894		2,608,444
Wangsu Science & Technology Co. Ltd., Class A		63,500		65,363
Wanhua Chemical Group Co. Ltd., Class A		25,800		520,790
Want Want China Holdings Ltd.		1,110,000		801,305

Security	Shares		Value
China (continued)
Weibo Corp., ADR(b)		11,027	$	608,360
Weichai Power Co. Ltd., Class A		103,724		352,958
Weichai Power Co. Ltd., Class H		315,200		922,356
Wens Foodstuffs Group Co. Ltd., Class A		98,060		274,968
Western Securities Co. Ltd., Class A		137,400		200,380
Wharf Holdings Ltd. (The)		192,000		452,938
Winning Health Technology Group Co. Ltd., Class A		78,300		203,126
Wuhan Guide Infrared Co. Ltd., Class A		39,901		241,875
Wuhu Sanqi Interactive Entertainment Network Technology Group Co. Ltd., Class A		32,000		139,016
Wuliangye Yibin Co. Ltd., Class A		34,500		1,490,775
WuXi AppTec Co. Ltd., Class A		12,320		273,176
WuXi AppTec Co. Ltd., Class H(a)		49,580		1,033,483
Wuxi Biologics Cayman Inc., New(a)(b)		381,500		4,723,659
Wuxi Lead Intelligent Equipment Co. Ltd., Class A		17,100		221,408
Wuxi Taiji Industry Co. Ltd., Class A		207,900		288,757
XCMG Construction Machinery Co. Ltd., Class A		196,700		212,489
Xiamen C & D Inc., Class A		137,400		175,995
Xiaomi Corp., Class B(a)(b)		1,793,200		5,848,384
Xinhu Zhongbao Co. Ltd., Class A		216,200		104,432
Xinjiang Goldwind Science & Technology Co. Ltd., Class A		83,502		195,229
Xinjiang Goldwind Science & Technology Co. Ltd., Class H(c)		176,362		377,398
Xinyi Solar Holdings Ltd.		572,000		1,201,905
XPeng Inc., ADR(b)(c)		12,012		409,729
Yango Group Co. Ltd., Class A		157,100		154,437
Yantai Jereh Oilfield Services Group Co. Ltd., Class A		39,600		259,728
Yanzhou Coal Mining Co. Ltd., Class A		117,700		175,101
Yanzhou Coal Mining Co. Ltd., Class H		174,000		161,274
Yifan Pharmaceutical Co. Ltd., Class A		78,300		260,160
Yihai International Holding Ltd.		81,000		1,108,910
Yonghui Superstores Co. Ltd., Class A		196,500		218,642
Yonyou Network Technology Co. Ltd., Class A		42,818		243,830
Yuexiu Property Co. Ltd.		1,566,000		347,222
Yum China Holdings Inc.		61,677		3,690,752
Yunda Holding Co. Ltd., Class A		38,980		101,001
Yunnan Baiyao Group Co. Ltd., Class A		7,800		157,460
Zai Lab Ltd., ADR(b)		6,586		971,567
Zhangzhou Pientzehuang Pharmaceutical Co. Ltd., Class A		8,000		367,280
Zhaojin Mining Industry Co. Ltd., Class H		234,000		236,795
Zhejiang Chint Electrics Co. Ltd., Class A		46,600		246,382
Zhejiang Dahua Technology Co. Ltd., Class A		58,600		189,460
Zhejiang Expressway Co. Ltd., Class H		318,000		277,525
Zhejiang Huayou Cobalt Co. Ltd., Class A(b)		19,200		264,717
Zhejiang Longsheng Group Co. Ltd., Class A		76,339		194,857
Zhejiang NHU Co. Ltd., Class A		49,500		331,230
Zhejiang Semir Garment Co. Ltd., Class A		100,600		143,296
Zhengzhou Yutong Bus Co. Ltd., Class A		98,000		229,579
ZhongAn Online P&C Insurance Co. Ltd., Class H(a)(b)(c)		66,100		444,368
Zhongjin Gold Corp. Ltd., Class A		98,000		140,954
Zhongsheng Group Holdings Ltd.		110,500		683,739
Zhuzhou CRRC Times Electric Co. Ltd., Class H		110,200		479,449
Zijin Mining Group Co. Ltd., Class A		255,600		480,839
Zijin Mining Group Co. Ltd., Class H		908,000		1,346,078
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class A		112,300		249,215
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class H		138,600		211,187

CONSOLIDATED   SCHEDULE   OF   INVESTMENTS 45

Consolidated Schedule of Investments (unaudited) (continued) February 28, 2021 iShares^® MSCI Emerging Markets Asia ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
China (continued)
ZTE Corp., Class A		38,900	$	190,662
ZTE Corp., Class H		133,960		341,577
ZTO Express Cayman Inc., ADR		60,192		2,030,878
				438,027,441
India — 11.4%
ACC Ltd.		3,147		74,224
Adani Green Energy Ltd.(b)		8,110		128,004
Adani Ports & Special Economic Zone Ltd.		98,505		906,029
Ambuja Cements Ltd.		115,013		428,061
Apollo Hospitals Enterprise Ltd.		2,162		89,988
Asian Paints Ltd.		48,447		1,501,306
Aurobindo Pharma Ltd.		52,584		611,959
Avenue Supermarts Ltd.(a)(b)		22,869		931,814
Axis Bank Ltd.(b)		323,510		3,190,856
Bajaj Auto Ltd.		14,256		736,943
Bajaj Finance Ltd.		29,934		2,144,649
Bajaj Finserv Ltd.		6,890		904,659
Balkrishna Industries Ltd.		3,738		79,252
Bandhan Bank Ltd.(a)(b)		109,395		513,964
Berger Paints India Ltd.		38,282		354,168
Bharat Forge Ltd.		46,718		387,839
Bharat Petroleum Corp. Ltd.		114,816		702,864
Bharti Airtel Ltd.		209,154		1,583,349
Biocon Ltd.(b)		20,872		110,829
Britannia Industries Ltd.		10,864		497,296
Cipla Ltd.		63,808		683,406
Coal India Ltd.		189,459		392,402
Colgate-Palmolive India Ltd.		7,087		152,493
Container Corp. of India Ltd.		44,113		334,877
Dabur India Ltd.		94,192		644,866
Divi’s Laboratories Ltd.		14,967		684,977
DLF Ltd.		88,428		364,013
Dr. Reddy’s Laboratories Ltd.		18,705		1,126,742
Eicher Motors Ltd.		23,827		810,154
GAIL India Ltd.		294,822		568,902
Godrej Consumer Products Ltd.		63,808		596,010
Grasim Industries Ltd.		55,928		913,905
Havells India Ltd.		45,244		680,676
HCL Technologies Ltd.		169,173		2,093,684
HDFC Asset Management Co. Ltd.(a)		6,496		259,628
HDFC Life Insurance Co. Ltd.(a)(b)		84,094		801,803
Hero MotoCorp Ltd.		17,127		751,411
Hindalco Industries Ltd.		214,335		992,413
Hindustan Petroleum Corp. Ltd.		114,459		377,636
Hindustan Unilever Ltd.		122,051		3,541,115
Housing Development Finance Corp. Ltd.		240,768		8,320,150
ICICI Bank Ltd.(b)		729,531		5,934,234
ICICI Lombard General Insurance Co. Ltd.(a)(b)		26,388		512,068
ICICI Prudential Life Insurance Co. Ltd.(a)(b)		44,749		281,063
Indian Oil Corp. Ltd.		304,083		405,734
Indraprastha Gas Ltd.		16,061		107,521
Indus Towers Ltd.		70,345		246,784
Info Edge India Ltd.		9,057		605,199
Infosys Ltd.		484,605		8,265,026
InterGlobe Aviation Ltd.(a)(b)		18,902		416,688
ITC Ltd.		504,207		1,398,688
JSW Steel Ltd.		162,480		874,365
Jubilant Foodworks Ltd.		3,738		152,343
Kotak Mahindra Bank Ltd.(b)		49,353		1,195,695
Larsen & Toubro Infotech Ltd.(a)		1,768		86,610

Security	Shares		Value
India (continued)
Larsen & Toubro Ltd.		77,987	$	1,530,874
Lupin Ltd.		40,892		566,678
Mahindra & Mahindra Ltd.		130,374		1,430,681
Marico Ltd.		83,171		449,951
Maruti Suzuki India Ltd.		17,528		1,637,747
Motherson Sumi Systems Ltd.		192,852		561,616
Muthoot Finance Ltd.		6,793		120,145
Nestle India Ltd.		4,132		905,379
NTPC Ltd.		381,843		557,553
Oil & Natural Gas Corp. Ltd.		422,544		638,258
Page Industries Ltd.		1,262		482,303
Petronet LNG Ltd.		110,487		383,626
PI Industries Ltd.		5,511		163,271
Pidilite Industries Ltd.		25,563		586,486
Piramal Enterprises Ltd.		20,408		508,013
Power Grid Corp. of India Ltd.		296,307		864,103
REC Ltd.		150,733		277,939
Reliance Industries Ltd.		401,940		11,408,675
SBI Life Insurance Co. Ltd.(a)(b)		48,053		566,880
Shree Cement Ltd.		1,571		566,567
Shriram Transport Finance Co. Ltd.		31,116		543,244
Siemens Ltd.		7,678		193,295
State Bank of India(b)		286,902		1,523,233
Sun Pharmaceutical Industries Ltd.		141,800		1,147,367
Tata Consultancy Services Ltd.		133,132		5,243,573
Tata Consumer Products Ltd.		20,872		173,017
Tata Motors Ltd.(b)		291,258		1,280,013
Tata Steel Ltd.		64,005		622,891
Tech Mahindra Ltd.		80,745		1,009,628
Titan Co. Ltd.		55,145		1,055,773
Torrent Pharmaceuticals Ltd.		1,374		45,402
UltraTech Cement Ltd.		17,528		1,458,580
United Spirits Ltd.(b)		64,548		470,023
UPL Ltd.		95,515		729,897
Vedanta Ltd.		346,625		977,824
Wipro Ltd.		199,235		1,112,419
Zee Entertainment Enterprises Ltd.		167,400		457,881
				103,702,139
Indonesia — 1.8%
Adaro Energy Tbk PT		3,269,200		270,903
Astra International Tbk PT		3,348,000		1,269,607
Bank Central Asia Tbk PT		1,477,000		3,479,870
Bank Mandiri Persero Tbk PT		3,025,800		1,306,789
Bank Negara Indonesia Persero Tbk PT		1,319,400		551,294
Bank Rakyat Indonesia Persero Tbk PT		8,507,900		2,814,060
Barito Pacific Tbk PT(b)		5,553,900		429,023
Charoen Pokphand Indonesia Tbk PT		1,378,500		595,349
Gudang Garam Tbk PT(b)		117,700		301,689
Indah Kiat Pulp & Paper Corp. Tbk PT		570,800		528,110
Indocement Tunggal Prakarsa Tbk PT		363,000		318,645
Indofood CBP Sukses Makmur Tbk PT		452,600		272,545
Indofood Sukses Makmur Tbk PT		728,400		309,468
Kalbe Farma Tbk PT		4,043,300		417,391
Merdeka Copper Gold Tbk PT(b)		886,000		176,080
Perusahaan Gas Negara Tbk PT		2,386,000		241,281
Sarana Menara Nusantara Tbk PT		984,500		87,457
Semen Indonesia Persero Tbk PT		591,600		423,758
Telkom Indonesia Persero Tbk PT		7,601,700		1,863,057
Unilever Indonesia Tbk PT		1,260,300		619,530

46 2 0 2 1  I SHARES   SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Consolidated Schedule of Investments (unaudited) (continued) February 28, 2021 iShares^® MSCI Emerging Markets Asia ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Indonesia (continued)
United Tractors Tbk PT		318,100	$	503,733
				16,779,639
Malaysia — 2.2%
AMMB Holdings Bhd		314,700		245,695
Axiata Group Bhd		492,000		431,526
CIMB Group Holdings Bhd		807,200		863,539
Dialog Group Bhd		689,078		549,900
DiGi.Com Bhd		570,800		521,794
Fraser & Neave Holdings Bhd		44,600		344,459
Gamuda Bhd		354,100		291,329
Genting Bhd		371,500		423,129
Genting Malaysia Bhd		581,100		414,918
Genting Plantations Bhd(c)		86,500		203,027
HAP Seng Consolidated Bhd		124,600		261,975
Hartalega Holdings Bhd(c)		284,600		703,150
Hong Leong Bank Bhd		124,900		555,454
Hong Leong Financial Group Bhd		70,900		297,088
IHH Healthcare Bhd		393,500		493,880
IOI Corp. Bhd		360,700		381,420
Kossan Rubber Industries		117,700		114,865
Kuala Lumpur Kepong Bhd		78,300		454,614
Malayan Banking Bhd		634,600		1,259,009
Malaysia Airports Holdings Bhd		216,256		320,043
Maxis Bhd		452,600		531,155
MISC Bhd		235,900		395,158
Nestle Malaysia Bhd		8,500		289,598
Petronas Chemicals Group Bhd		492,000		903,165
Petronas Dagangan Bhd		60,000		296,479
Petronas Gas Bhd		146,200		592,385
PPB Group Bhd		119,980		558,474
Press Metal Aluminium Holdings Bhd		314,700		753,414
Public Bank Bhd		2,225,150		2,286,998
QL Resources Bhd		295,050		448,316
RHB Bank Bhd		264,962		354,810
Sime Darby Bhd		570,800		320,127
Sime Darby Plantation Bhd		394,100		477,107
Supermax Corp. Bhd(c)		78,367		93,711
Telekom Malaysia Bhd		291,400		442,050
Tenaga Nasional Bhd		373,800		932,768
Top Glove Corp. Bhd		807,200		1,045,022
Westports Holdings Bhd		216,200		217,936
				20,069,487
Pakistan — 0.0%
Habib Bank Ltd.		176,193		137,812
MCB Bank Ltd.		106,607		123,464
Oil & Gas Development Co. Ltd.		240,472		159,280
				420,556
Philippines — 1.1%
Aboitiz Equity Ventures Inc.		413,210		358,961
Aboitiz Power Corp.		314,700		156,961
Ayala Corp.		51,170		788,853
Ayala Land Inc.		1,221,360		982,978
Bank of the Philippine Islands		192,962		353,949
BDO Unibank Inc.		326,209		709,296
Globe Telecom Inc.		6,955		290,413
GT Capital Holdings Inc.		21,620		249,307
International Container Terminal Services Inc.		204,780		506,041
JG Summit Holdings Inc.		547,515		727,274
Jollibee Foods Corp.		88,930		328,081

Security	Shares		Value
Philippines (continued)
Manila Electric Co.		51,170	$	285,801
Megaworld Corp.		2,688,900		200,615
Metro Pacific Investments Corp.		3,344,400		280,538
Metropolitan Bank & Trust Co.		355,642		371,621
PLDT Inc.		17,705		469,993
Puregold Price Club Inc.		117,700		89,755
SM Investments Corp.		42,334		880,359
SM Prime Holdings Inc.		1,654,350		1,232,579
Universal Robina Corp.		185,130		487,245
				9,750,620
South Korea — 15.2%
Alteogen Inc.(b)		980		113,396
Amorepacific Corp.		5,708		1,191,389
AMOREPACIFIC Group		6,141		353,647
BGF retail Co. Ltd.		1,965		278,091
Celltrion Healthcare Co. Ltd.(b)		9,815		1,097,253
Celltrion Inc.(b)		14,179		3,754,564
Celltrion Pharm Inc.(b)		600		82,083
Cheil Worldwide Inc.		14,967		259,108
CJ CheilJedang Corp.		1,618		585,418
CJ Corp.		3,541		292,168
CJ ENM Co. Ltd.		2,359		290,387
CJ Logistics Corp.(b)		1,768		258,079
Coway Co. Ltd.		9,261		533,321
Daewoo Shipbuilding & Marine Engineering Co. Ltd.(b)		9,845		223,013
DB Insurance Co. Ltd.		8,466		311,965
Doosan Bobcat Inc.(b)		12,406		357,218
Doosan Heavy Industries & Construction Co. Ltd.(b)		5,708		53,854
Douzone Bizon Co. Ltd.		1,177		115,238
E-MART Inc.		3,542		532,797
Fila Holdings Corp.		10,830		385,581
GS Engineering & Construction Corp.		11,618		375,892
GS Holdings Corp.		9,648		334,911
GS Retail Co. Ltd.		7,284		234,696
Hana Financial Group Inc.		47,659		1,571,665
Hankook Tire & Technology Co. Ltd.		14,388		610,225
Hanmi Pharm Co. Ltd.(b)		1,401		427,720
Hanon Systems		37,026		509,169
Hanwha Corp.(b)		10,830		282,920
Hanwha Solutions Corp.(b)		26,435		1,059,988
HLB Inc.(b)		7,750		473,209
Hotel Shilla Co. Ltd.		6,496		471,806
Hyundai Engineering & Construction Co. Ltd.		14,220		503,744
Hyundai Glovis Co. Ltd.		3,585		615,848
Hyundai Heavy Industries Holdings Co. Ltd.		1,996		480,568
Hyundai Marine & Fire Insurance Co. Ltd.		12,413		241,962
Hyundai Mobis Co. Ltd.		10,128		2,731,450
Hyundai Motor Co.		22,572		4,761,517
Hyundai Steel Co.		15,952		567,230
Industrial Bank of Korea(b)		37,612		278,868
Kakao Corp.		8,613		3,741,116
Kangwon Land Inc.(b)		20,019		431,206
KB Financial Group Inc.		58,292		2,272,532
Kia Motors Corp.		39,996		2,826,598
KMW Co. Ltd.(b)		3,344		184,538
Korea Aerospace Industries Ltd.(b)		15,253		449,376
Korea Electric Power Corp.(b)		43,916		887,310
Korea Gas Corp.(b)		7,593		215,253
Korea Investment Holdings Co. Ltd.(b)		7,623		592,335
Korea Shipbuilding & Offshore Engineering Co. Ltd.(b)		6,964		694,230

CONSOLIDATED   SCHEDULE   OF   INVESTMENTS 47

Consolidated Schedule of Investments (unaudited) (continued) February 28, 2021 iShares^® MSCI Emerging Markets Asia ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
South Korea (continued)
Korea Zinc Co. Ltd.		1,374	$	493,466
Korean Air Lines Co. Ltd.(b)		16,346		409,559
KT&G Corp.		18,987		1,323,259
Kumho Petrochemical Co. Ltd.(b)		3,762		706,526
LG Chem Ltd.		6,693		4,950,497
LG Corp.		16,236		1,356,974
LG Display Co. Ltd.(b)		43,164		868,274
LG Electronics Inc.		16,533		2,155,838
LG Household & Health Care Ltd.		1,518		2,044,267
LG Innotek Co. Ltd.		2,753		487,625
LG Uplus Corp.		18,316		192,371
Lotte Chemical Corp.		3,147		890,740
Lotte Corp.		7,087		211,948
Lotte Shopping Co. Ltd.		2,674		282,037
Meritz Securities Co. Ltd.		67,551		226,072
Mirae Asset Daewoo Co. Ltd.		63,217		525,542
NAVER Corp.		17,307		5,776,702
NCSoft Corp.		2,556		2,129,431
Netmarble Corp.(a)		4,723		519,173
NH Investment & Securities Co. Ltd.(b)		26,418		255,127
Orion Corp./Republic of Korea		4,653		532,186
Ottogi Corp.		586		292,087
Pan Ocean Co. Ltd.		67,157		341,912
Pearl Abyss Corp.(b)		1,571		404,671
POSCO		11,027		2,762,884
POSCO Chemical Co. Ltd.		5,940		835,354
S-1 Corp.		3,655		270,018
Samsung Biologics Co. Ltd.(a)(b)		2,753		1,837,784
Samsung C&T Corp.		13,785		1,490,768
Samsung Card Co. Ltd.		7,087		207,847
Samsung Electro-Mechanics Co. Ltd.		9,648		1,627,322
Samsung Electronics Co. Ltd.		482,927		35,461,929
Samsung Engineering Co. Ltd.(b)		31,315		359,558
Samsung Fire & Marine Insurance Co. Ltd.		5,035		775,305
Samsung Heavy Industries Co. Ltd.(b)		85,602		499,821
Samsung Life Insurance Co. Ltd.		12,603		841,322
Samsung SDI Co. Ltd.		7,920		4,751,295
Samsung SDS Co. Ltd.		5,803		1,004,614
Samsung Securities Co. Ltd.		11,027		358,733
Seegene Inc.		192		21,276
Shinhan Financial Group Co. Ltd.(b)		65,778		1,929,137
Shinsegae Inc.		1,461		347,207
SK Chemicals Co. Ltd.		389		130,532
SK Holdings Co. Ltd.		5,841		1,364,720
SK Hynix Inc.		79,002		9,949,963
SK Innovation Co. Ltd.(b)		8,712		2,020,005
SK Telecom Co. Ltd.		3,037		669,032
S-Oil Corp.(b)		8,079		611,228
Woori Financial Group Inc.(b)		68,186		581,417
Yuhan Corp.		9,709		535,788
				138,517,595
Taiwan — 17.1%
Accton Technology Corp.		70,000		659,725
Acer Inc.		586,062		564,968
Advantech Co. Ltd.		64,604		840,820
Airtac International Group		25,000		870,658
ASE Technology Holding Co. Ltd.		495,484		1,841,220
Asia Cement Corp.		389,229		596,019
Asustek Computer Inc.		111,000		1,211,525
AU Optronics Corp.(b)		1,584,000		1,074,862

Security	Shares		Value
Taiwan (continued)
Catcher Technology Co. Ltd.		106,000	$	730,706
Cathay Financial Holding Co. Ltd.		1,261,624		1,900,193
Chailease Holding Co. Ltd.		209,565		1,294,145
Chang Hwa Commercial Bank Ltd.		1,328,210		813,068
Cheng Shin Rubber Industry Co. Ltd.		283,776		439,635
Chicony Electronics Co. Ltd.		191,518		644,983
China Development Financial Holding Corp.		2,556,200		853,520
China Life Insurance Co. Ltd.		564,482		460,057
China Steel Corp.		1,935,867		1,720,230
Chunghwa Telecom Co. Ltd.		577,000		2,268,432
Compal Electronics Inc.		965,000		769,159
CTBC Financial Holding Co. Ltd.		2,753,265		1,977,033
Delta Electronics Inc.		297,000		2,991,060
E.Sun Financial Holding Co. Ltd.		1,851,917		1,678,876
Eclat Textile Co. Ltd.		31,604		487,350
Evergreen Marine Corp. Taiwan Ltd.(b)		495,867		675,636
Far Eastern New Century Corp.		481,460		500,431
Far EasTone Telecommunications Co. Ltd.		239,000		530,301
Feng TAY Enterprise Co. Ltd.		67,564		451,195
First Financial Holding Co. Ltd.		1,768,234		1,323,676
Formosa Chemicals & Fibre Corp.		525,950		1,623,973
Formosa Petrochemical Corp.		208,000		746,791
Formosa Plastics Corp.		626,400		2,192,765
Foxconn Technology Co. Ltd.		191,521		481,338
Fubon Financial Holding Co. Ltd.		980,396		1,756,458
Giant Manufacturing Co. Ltd.		58,000		585,154
Globalwafers Co. Ltd.		41,000		1,089,310
Highwealth Construction Corp.		297,824		483,319
Hiwin Technologies Corp.		48,013		687,809
Hon Hai Precision Industry Co. Ltd.		1,786,651		7,184,451
Hotai Motor Co. Ltd.		50,000		1,060,946
Hua Nan Financial Holdings Co. Ltd.		1,497,956		976,139
Innolux Corp.		1,571,620		959,251
Inventec Corp.		594,980		529,773
Largan Precision Co. Ltd.		15,000		1,774,527
Lite-On Technology Corp.		322,032		686,786
MediaTek Inc.		219,176		7,050,774
Mega Financial Holding Co. Ltd.		1,768,542		1,854,104
Micro-Star International Co. Ltd.		123,000		658,002
Nan Ya Plastics Corp.		824,090		2,151,022
Nanya Technology Corp.		235,000		814,200
Nien Made Enterprise Co. Ltd.		32,000		448,075
Novatek Microelectronics Corp.		104,000		1,769,895
Pegatron Corp.		320,000		857,086
Phison Electronics Corp.		33,000		544,422
Pou Chen Corp.		389,000		421,786
Powertech Technology Inc.		127,000		455,973
President Chain Store Corp.		82,000		771,349
Quanta Computer Inc.		422,000		1,287,856
Realtek Semiconductor Corp.		84,140		1,389,620
Ruentex Development Co. Ltd.		304,658		456,126
Shanghai Commercial & Savings Bank Ltd. (The)		586,980		840,876
Shin Kong Financial Holding Co. Ltd.		1,895,562		564,194
SinoPac Financial Holdings Co. Ltd.		2,162,699		904,603
Standard Foods Corp.		987		1,949
Synnex Technology International Corp.		221,050		391,664
Taishin Financial Holding Co. Ltd.		1,965,649		913,927
Taiwan Business Bank		1,683,323		572,339
Taiwan Cement Corp.		775,182		1,168,931
Taiwan Cooperative Financial Holding Co. Ltd.		1,760,500		1,260,999

48 2 0 2 1  I SHARES   SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Consolidated Schedule of Investments (unaudited) (continued) February 28, 2021 iShares^® MSCI Emerging Markets Asia ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Taiwan (continued)
Taiwan High Speed Rail Corp.		396,000	$	428,665
Taiwan Mobile Co. Ltd.		246,000		857,611
Taiwan Semiconductor Manufacturing Co. Ltd.		2,786,000		60,616,318
Uni-President Enterprises Corp.		784,650		1,893,133
United Microelectronics Corp.		1,806,000		3,514,413
Vanguard International Semiconductor Corp.		177,000		737,169
Walsin Technology Corp.		58,000		528,929
Win Semiconductors Corp.		67,000		915,304
Winbond Electronics Corp.		586,000		642,754
Wistron Corp.		586,080		673,353
Wiwynn Corp.		12,000		346,396
WPG Holdings Ltd.		228,320		371,755
Yageo Corp.		63,151		1,344,531
Yuanta Financial Holding Co. Ltd.		1,601,648		1,221,974
Zhen Ding Technology Holding Ltd.		105,455		454,343
				155,084,693
Thailand — 2.6%
Advanced Info Service PCL, NVDR		196,900		1,059,198
Airports of Thailand PCL, NVDR		698,400		1,452,839
Bangkok Bank PCL, Foreign		100,700		399,321
Bangkok Dusit Medical Services PCL, NVDR		1,664,900		1,082,309
Bangkok Expressway & Metro PCL, NVDR		1,477,000		381,664
Berli Jucker PCL, NVDR(c)		235,900		285,619
BTS Group Holdings PCL, NVDR		1,240,600		379,047
Bumrungrad Hospital PCL, NVDR		99,200		407,883
Central Pattana PCL, NVDR		414,600		714,231
Central Retail Corp. PCL, NVDR(b)		132,274		144,030
Charoen Pokphand Foods PCL, NVDR		748,100		699,086
CP ALL PCL, NVDR(b)		923,100		1,785,250
Electricity Generating PCL, NVDR		67,000		368,040
Energy Absolute PCL, NVDR		336,900		684,407
Global Power Synergy PCL, NVDR		100,700		246,303
Gulf Energy Development PCL, NVDR		590,500		638,182
Home Product Center PCL, NVDR		1,201,249		519,299
Indorama Ventures PCL, NVDR(c)		413,200		530,506
Intouch Holdings PCL, NVDR		452,600		820,149
Kasikornbank PCL, Foreign		225,900		1,038,977
Kasikornbank PCL, NVDR		98,000		450,729
Krung Thai Bank PCL, NVDR		748,150		291,812
Land & Houses PCL, NVDR		1,442,700		370,456
Minor International PCL, NVDR(b)		610,280		600,050
Muangthai Capital PCL, NVDR(b)		176,800		374,970
PTT Exploration & Production PCL, NVDR		255,610		955,452
PTT Global Chemical PCL, NVDR		432,900		882,947
PTT PCL, NVDR		1,755,500		2,282,412
Ratch Group PCL, NVDR		149,100		248,373
Siam Cement PCL (The), NVDR		124,500		1,481,098
Siam Commercial Bank PCL (The), NVDR		176,800		591,906
Thai Oil PCL, NVDR(c)		255,600		492,246
Thai Union Group PCL, NVDR(c)		767,800		349,389
Total Access Communication PCL, NVDR(c)		206,600		213,210
True Corp. PCL, NVDR(c)		2,776,705		283,395
				23,504,785
Total Common Stocks — 99.6% (Cost: $690,117,223)				905,856,955

Security	Shares		Value
Preferred Stocks
South Korea — 0.2%
Hyundai Motor Co.
Preference Shares, NVS		3,558	$	329,357
Series 2, Preference Shares, NVS		6,109		554,622
LG Chem Ltd., Preference Shares, NVS		1,485		514,826
LG Household & Health Care Ltd., Preference Shares, NVS		326		204,566
Samsung Electronics Co. Ltd., Preference Shares, NVS		792		51,320
				1,654,691
Total Preferred Stocks — 0.2% (Cost: $1,311,593)				1,654,691
Rights
China — 0.0%
Legend Holdings Corp., Class H (Expires 05/19/23)(b)		3,561		0	(e)
South Korea — 0.0%
Korean Air Lines Co. Ltd. (Expires 03/05/21)(b)		11,703		94,270
Total Rights — 0.0% (Cost: $55,882)				94,270
Short-Term Investments
Money Market Funds — 1.5%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.12%(f)(g)(h)		11,208,177		11,214,902
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%(f)(g)		2,050,000		2,050,000
				13,264,902
Total Short-Term Investments — 1.5% (Cost: $13,260,150)				13,264,902
Total Investments in Securities — 101.3% (Cost: $704,744,848)				920,870,818
Other Assets, Less Liabilities — (1.3)%				(11,962,147	)
Net Assets — 100.0%			$	908,908,671

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

^(b)  Non-income producing security.

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

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

^(e)  Rounds to less than $1.

^(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 cash collateral received from loaned securities.

CONSOLIDATED   SCHEDULE   OF   INVESTMENTS 49

Consolidated Schedule of Investments (unaudited) (continued) February 28, 2021 iShares^® MSCI Emerging Markets Asia ETF

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 2021 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 08/31/20		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 02/28/21		Shares Held at 02/28/21		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	12,964,628	$	—		$	(1,745,366	)(a)	$	(2,951	)	$	(1,409	)	$	11,214,902		11,208,177	$	65,586	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		1,850,000		200,000	(a)		—			—			—			2,050,000		2,050,000		314			—
									$	(2,951	)	$	(1,409	)	$	13,264,902			$	65,900		$	—

^(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.

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
MSCI Emerging Markets E-Mini Index		10		03/19/21	$	669	$	(49,422	)

Derivative Financial Instruments Categorized by Risk Exposure

As of February 28, 2021, the fair values of derivative financial instruments located in the Consolidated Statements of Assets and Liabilities were as follows:

	Equity Contracts
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	49,422

^(a)  Net cumulative appreciation (depreciation) on futures contracts are reported in the Consolidated Schedule of Investments. In the Consolidated 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 six months ended February 28, 2021, the effect of derivative financial instruments in the Consolidated Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	107,159
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(88,322	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	1,204,329

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

Fair Value Measurements

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

50 2 0 2 1  I SHARES   SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Consolidated Schedule of Investments (unaudited) (continued) February 28, 2021 iShares^® MSCI Emerging Markets Asia ETF

Fair Value Measurements (continued)

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of February 28, 2021. The breakdown of the Fund’s investments into major categories is disclosed in the Consolidated Schedule of Investments above.

	Level 1			Level 2		Level 3			Total
Investments
Assets
Common Stocks	$	882,352,170		$	23,504,785	$	0	(a)	$	905,856,955
Preferred Stocks		1,654,691			—		—			1,654,691
Rights		—			94,270		—			94,270
Money Market Funds		13,264,902			—		—			13,264,902
	$	897,271,763		$	23,599,055	$	0	(a)	$	920,870,818
Derivative financial instruments(b)
Liabilities
Futures Contracts	$	(49,422	)	$	—	$	—		$	(49,422	)

^(a)  Rounds to less than $1.

^(b)  Shown at the unrealized appreciation (depreciation) on the contracts.

See notes to consolidated financial statements.

CONSOLIDATED   SCHEDULE   OF   INVESTMENTS 51

Consolidated Schedule of Investments (unaudited) February 28, 2021 iShares^® MSCI Emerging Markets Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Argentina — 0.5%
Adecoagro SA(a)		33,200	$	273,900
Arcos Dorados Holdings Inc., Class A		33,200		174,964
Banco BBVA Argentina SA, ADR(a)(b)		16,100		43,631
Banco Macro SA, ADR(a)		12,400		168,144
Central Puerto SA, ADR(a)		26,500		58,300
Despegar.com Corp.(a)		15,342		182,570
Grupo Financiero Galicia SA, ADR		30,200		224,990
Loma Negra Cia Industrial Argentina SA, ADR		17,750		97,803
Pampa Energia SA, ADR(a)(b)		13,950		185,953
Transportadora de Gas del Sur SA, Class B, ADR(a)		20,500		96,350
				1,506,605
Brazil — 5.0%
AES Tiete Energia SA		45,041		124,462
Aliansce Sonae Shopping Centers SA(a)		40,049		168,372
Alupar Investimento SA		45,008		191,321
Anima Holding SA(a)		80,200		133,546
Arezzo Industria e Comercio SA		15,000		191,959
Banco ABC Brasil SA(a)		590		1,616
BK Brasil Operacao e Assessoria a Restaurantes SA		65,000		102,987
BR Malls Participacoes SA(a)		215,000		322,131
BR Properties SA		60,141		87,842
C&A Modas Ltda(a)		35,100		69,406
Cia Brasileira de Distribuicao		40,000		595,724
Cia. de Locacao das Americas		100,000		428,132
Cia. de Saneamento de Minas Gerais-COPASA		60,000		155,355
Cia. de Saneamento do Parana		75,100		266,681
Cia. Hering		45,100		120,578
Cielo SA		340,000		219,628
Cogna Educacao(a)		540,000		362,387
Construtora Tenda SA		25,100		115,073
Cosan Logistica SA(a)		45,122		164,844
CVC Brasil Operadora e Agencia de Viagens SA(a)		50,092		148,576
Cyrela Brazil Realty SA Empreendimentos e Participacoes		90,000		400,499
Duratex SA		90,000		297,306
EcoRodovias Infraestrutura e Logistica SA(a)		60,099		118,946
EDP - Energias do Brasil SA		80,000		258,530
Embraer SA(a)		200,000		438,898
Enauta Participacoes SA		25,000		58,271
Eneva SA(a)		50,000		610,079
Even Construtora e Incorporadora SA		30,000		53,777
Ez Tec Empreendimentos e Participacoes SA		30,177		170,566
Fleury SA		65,000		312,926
Grendene SA		105,000		133,957
GRUPO DE MODA SOMA SA(a)		60,000		144,373
Grupo SBF SA(a)		35,000		140,426
Guararapes Confeccoes SA		35,100		77,467
Iguatemi Empresa de Shopping Centers SA		20,000		113,223
Instituto Hermes Pardini SA		20,000		71,774
Iochpe Maxion SA		35,105		79,305
IRB Brasil Resseguros S/A(a)		275,000		296,068
JHSF Participacoes SA		95,100		110,576
Light SA(a)		105,000		346,857
Linx SA		40,000		277,478
Locaweb Servicos de Internet SA(c)		125,000		645,517
LOG Commercial Properties e Participacoes SA		15,060		85,933
Lojas Quero Quero S/A		50,000		150,546
M. Dias Branco SA		25,000		128,431

Security	Shares		Value
Brazil (continued)
Mahle-Metal Leve SA		15,000	$	47,694
Marfrig Global Foods SA(a)		110,000		274,356
Marisa Lojas SA(a)		50,000		45,487
Minerva SA		85,000		147,944
Movida Participacoes SA		40,000		127,040
MRV Engenharia e Participacoes SA		85,100		256,840
Multiplan Empreendimentos Imobiliarios SA		65,000		229,533
Odontoprev SA		75,000		175,353
Omega Geracao SA(a)		35,000		248,257
Petro Rio SA(a)		35,000		525,089
Qualicorp Consultoria e Corretora de Seguros SA		65,000		368,443
Santos Brasil Participacoes SA		150,100		155,943
Sao Martinho SA		55,100		308,668
Ser Educacional SA(c)		20,035		44,182
SIMPAR SA		25,120		169,253
SLC Agricola SA		30,000		220,597
Smiles Fidelidade SA		20,000		75,291
Transmissora Alianca de Energia Eletrica SA		55,000		301,496
Trisul SA		35,100		58,951
Tupy SA(a)		20,000		76,260
Vivara Participacoes SA		30,000		127,847
Wiz Solucoes e Corretagem de Seguros SA		25,000		28,082
YDUQS Participacoes SA		80,000		432,366
				13,937,321
Chile — 0.9%
AES Gener SA		1,064,200		183,211
Aguas Andinas SA, Class A		674,800		193,621
CAP SA		21,950		309,595
Cia. Sud Americana de Vapores SA(a)		4,840,900		231,278
Empresa Nacional de Telecomunicaciones SA		39,200		265,608
Engie Energia Chile SA		157,250		187,003
Forus SA		52,150		101,319
Grupo Security SA		375,050		82,979
Inversiones Aguas Metropolitanas SA		148,900		113,039
Inversiones La Construccion SA		11,250		80,116
Itau CorpBanca Chile SA		46,440,700		163,757
Parque Arauco SA		175,300		323,368
Ripley Corp. SA		262,000		84,414
SMU SA		765,850		113,315
Vina Concha y Toro SA		119,700		194,488
				2,627,111
China — 11.6%
111 Inc.(a)		6,800		132,872
360 DigiTech Inc.(a)(b)		19,000		445,170
361 Degrees International Ltd.		500,000		114,730
AGTech Holdings Ltd.(a)		616,000		17,152
Anxin-China Holdings Ltd.(d)		1,084,000		1
Aoyuan Healthy Life Group Co. Ltd.		100,000		65,486
Ascletis Pharma Inc.(a)(c)		150,000		58,590
Asia Cement China Holdings Corp.		150,000		141,156
Beijing Capital Land Ltd., Class H		800,000		133,035
Beijing Chunlizhengda Medical Instruments Co. Ltd., Class H		25,000		62,264
Beijing Energy International Holding Co. Ltd.(a)(b)		1,600,000		55,689
Beijing Enterprises Urban Resources Group Ltd.(a)		600,000		98,229
Beijing Gas Blue Sky Holdings Ltd.(a)(d)		2,912,000		41,368
Beijing Jingneng Clean Energy Co. Ltd., Class H		400,000		110,863
Beijing Tong Ren Tang Chinese Medicine Co. Ltd.(b)		100,000		134,582
BEST Inc., ADR(a)		62,300		136,437

52 2 0 2 1  I SHARES   SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Consolidated Schedule of Investments (unaudited) (continued) February 28, 2021 iShares^® MSCI Emerging Markets Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares			Value
China (continued)
Boshiwa International Holding Ltd.(b)(d)		32,000	$		0	(e)
C&D International Investment Group Ltd.(b)		100,000			172,482
Canvest Environmental Protection Group Co. Ltd.		300,000			123,754
CAR Inc.(a)		250,000			129,232
Cathay Media And Education Group Inc.(a)(c)		100,000			100,808
Central China New Life Ltd.		100,000			90,237
Central China Real Estate Ltd.		300,000			133,809
CGN New Energy Holdings Co. Ltd.(a)		454,000			128,755
Changsha Broad Homes Industrial Group Co Ltd., Class H(c)		30,000			52,363
Chaowei Power Holdings Ltd.		200,000			85,081
China Animal Healthcare Ltd.(a)(b)(d)		126,000			0	(e)
China BlueChemical Ltd., Class H		852,000			206,483
China Datang Corp. Renewable Power Co. Ltd., Class H		700,000			149,793
China Dongxiang Group Co. Ltd.		1,200,000			134,582
China Everbright Greentech Ltd.(c)		250,000			107,640
China Foods Ltd.		500,000			208,834
China Grand Pharmaceutical and Healthcare Holdings Ltd., Class A(b)		328,000			262,151
China Harmony Auto Holding Ltd.		275,000			117,695
China High Speed Transmission Equipment Group Co. Ltd.(b)		150,000			145,797
China Huiyuan Juice Group Ltd.(a)(d)		379,000			1
China Isotope & Radiation Corp.		20,000			69,611
China Kepei Education Group Ltd.		200,000			137,934
China Lilang Ltd.		150,000			107,124
China Logistics Property Holdings Co. Ltd.(a)(b)(c)		400,000			232,038
China Lumena New Materials Corp.(a)(b)(d)		5,249			0	(e)
China Maple Leaf Educational Systems Ltd.(a)(b)		500,000			139,867
China Metal Recycling Holdings Ltd.(a)(d)		12,000			0	(e)
China Modern Dairy Holdings Ltd.(a)		950,000			330,654
China New Higher Education Group Ltd.(c)		250,000			149,213
China Online Education Group, ADR(a)		3,300			84,645
China Oriental Group Co. Ltd.		402,000			126,445
China Overseas Grand Oceans Group Ltd.		500,000			274,578
China Renaissance Holdings Ltd.(c)		70,100			238,114
China Resources Medical Holdings Co. Ltd.		300,000			257,562
China SCE Group Holdings Ltd.		600,000			248,281
China Shineway Pharmaceutical Group Ltd.		100,000			72,834
China South City Holdings Ltd.		1,400,000			166,036
China Tian Lun Gas Holdings Ltd.		150,000			139,029
China Tobacco International HK Co. Ltd.		50,000			115,761
China Travel International Investment Hong Kong Ltd.(a)		802,000			139,571
China Water Affairs Group Ltd.(b)		400,000			315,056
China ZhengTong Auto Services Holdings Ltd.(a)		375,000			39,640
China Zhongwang Holdings Ltd.(a)		600,000			176,349
Chinasoft International Ltd.		652,000			691,726
CIMC Enric Holdings Ltd.		200,000			126,332
COFCO Joycome Foods Ltd.		701,000			467,192
Colour Life Services Group Co. Ltd.(b)		100,000			48,986
Concord New Energy Group Ltd.		3,000,000			216,569
Cosmopolitan International Holdings Ltd.(a)		600,000			99,003
CPMC Holdings Ltd.		300,000			155,465
CStone Pharmaceuticals(a)(c)		150,000			194,138
Dexin China Holdings Co. Ltd.		500,000			190,787
Digital China Holdings Ltd.		250,000			184,341
Dongyue Group Ltd.		400,000			314,540
Ebang International Holdings Inc., Class A(a)		30,000			207,000
E-House China Enterprise Holdings Ltd.		195,000			168,924
Fanhua Inc., ADR		14,500			190,530

Security	Shares		Value
China (continued)
Fantasia Holdings Group Co. Ltd.		600,000	$	94,362
FinVolution Group		41,950		235,759
Fu Shou Yuan International Group Ltd.		300,000		301,263
Fufeng Group Ltd.		500,400		221,258
GCL-Poly Energy Holdings Ltd.(a)		5,400,000		2,276,293
Gemdale Properties & Investment Corp. Ltd.		1,800,000		278,446
Genertec Universal Medical Group Co. Ltd.(c)		350,000		295,075
Glory Sun Financial Group Ltd.(a)		5,000,000		209,479
Grand Baoxin Auto Group Ltd.(a)		275,000		32,260
Greatview Aseptic Packaging Co. Ltd.		250,000		127,621
Greenland Hong Kong Holdings Ltd.		400,000		128,394
Guorui Properties Ltd.		350,000		32,485
Hainan Meilan International Airport Co. Ltd., Class H(a)		50,000		214,635
Hangzhou Steam Turbine Co. Ltd., Class B		140,080		207,303
Harbin Electric Co. Ltd., Class H(a)		200,000		56,463
HengTen Networks Group Ltd.(a)		686,400		1,150,290
Hi Sun Technology China Ltd.(a)		1,200,000		250,601
Hope Education Group Co. Ltd.(c)		800,000		273,289
Hua Han Health Industry Holdings Ltd.(a)(d)		1,112,400		25,812
Huabao International Holdings Ltd.(b)		250,000		272,967
iClick Interactive Asia Group Ltd., ADR(a)		17,400		255,954
iDreamSky Technology Holdings Ltd.(a)(c)		200,000		103,386
IMAX China Holding Inc.(c)		50,100		98,555
Inner Mongolia Yitai Coal Co. Ltd., Class B		340,000		177,140
InnoCare Pharma Ltd.(a)(c)		150,000		364,686
Jiayuan International Group Ltd.		400,000		155,723
Jinchuan Group International Resources Co. Ltd.		1,100,000		211,284
JinkoSolar Holding Co. Ltd., ADR(a)(b)		10,350		531,369
JNBY Design Ltd.		75,000		114,859
LexinFintech Holdings Ltd., ADR(a)(b)		29,200		331,712
Lifetech Scientific Corp.(a)		1,100,000		554,442
Lonking Holdings Ltd.		650,000		240,482
Lu Thai Textile Co. Ltd., Class B		110,000		60,407
Luye Pharma Group Ltd.(c)		500,000		337,744
LVGEM China Real Estate Investment Co. Ltd.		400,000		121,175
Maoyan Entertainment(a)(c)		140,000		267,102
Meitu Inc.(a)(b)(c)		750,000		286,180
MH Development Ltd.(a)(b)(d)		164,000		15,941
MMG Ltd.(a)		800,000		504,296
Mobvista Inc.(a)(c)		200,000		193,623
National Agricultural Holdings Ltd.(b)(d)		354,000		456
NetDragon Websoft Holdings Ltd.		75,000		181,956
Nexteer Automotive Group Ltd.		300,000		396,785
Niu Technologies, ADR(a)		9,300		347,634
OneSmart International Education Group Ltd., ADR(a)		23,000		81,420
PAX Global Technology Ltd.		250,000		229,782
Poly Property Group Co. Ltd.		750,000		230,104
Pou Sheng International Holdings Ltd.(a)(b)		700,000		151,598
Powerlong Commercial Management Holdings Ltd.		50,000		159,848
Puxin Ltd., ADR(a)		11,800		83,662
Q Technology Group Co. Ltd.		100,000		190,013
Qudian Inc., ADR(a)(b)		58,450		125,083
Qutoutiao Inc., ADR(a)(b)		28,500		99,465
Redco Properties Group Ltd.(c)		300,000		110,605
Road King Infrastructure Ltd.		50,000		67,936
Ronshine China Holdings Ltd.		200,000		149,278
Sany Heavy Equipment International Holdings Co. Ltd.		300,000		336,455
Scholar Education Group(b)		50,000		70,643
Shandong Airlines Co. Ltd., Class B(a)		105,100		81,426

CONSOLIDATED   SCHEDULE   OF   INVESTMENTS 53

Consolidated Schedule of Investments (unaudited) (continued) February 28, 2021 iShares^® MSCI Emerging Markets Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
China (continued)
Shanghai Fudan Microelectronics Group Co. Ltd., Class H(a)		100,000	$	145,926
Shanghai Haohai Biological Technology Co. Ltd., Class H(c)		15,000		111,958
Shanghai Jin Jiang Capital Co. Ltd., Class H		600,000		121,433
Sheng Ye Capital Ltd.(b)		125,000		100,550
Shoucheng Holdings Ltd.(b)		601,200		152,676
Shougang Fushan Resources Group Ltd.		800,000		202,131
Shui On Land Ltd.		1,052,500		161,457
Sihuan Pharmaceutical Holdings Group Ltd.		1,300,000		400,523
Sinopec Engineering Group Co. Ltd., Class H		350,000		186,791
Sinopec Kantons Holdings Ltd.(b)		300,000		115,632
Skyfame Realty Holdings Ltd.		1,300,000		160,880
Skyworth Group Ltd.(a)		600,000		188,724
SMI Holdings Ltd.(a)(d)		468,800		1
SOHO China Ltd.(a)		600,000		197,232
Sohu.com Ltd., ADR(a)		8,250		150,645
So-Young International Inc., ADR(a)		7,000		105,140
Superb Summit International Group Ltd.(a)(d)		11,913		9
TCL Electronics Holdings Ltd.		250,000		203,678
Tiangong International Co. Ltd.		300,000		168,228
Tianli Education International Holdings Ltd.		400,000		454,795
Tianneng Power International Ltd.(b)		236,000		456,341
Times Neighborhood Holdings Ltd.		200,000		172,482
Tong Ren Tang Technologies Co. Ltd., Class H		300,000		204,193
Tongda Group Holdings Ltd.(a)		1,500,000		114,085
Tongdao Liepin Group(a)		60,000		146,184
Towngas China Co. Ltd.		400,000		177,896
Wasion Holdings Ltd.		200,000		65,744
West China Cement Ltd.		700,000		115,503
XD Inc.(a)		20,000		177,896
Xiabuxiabu Catering Management China Holdings Co. Ltd.(c)		100,000		252,406
Xtep International Holdings Ltd.		375,000		178,863
YiChang HEC ChangJiang Pharmaceutical Co. Ltd., Class H(c)		90,000		105,113
Yixin Group Ltd.(a)(b)(c)		400,000		146,957
Yuexiu REIT		500,000		252,664
Yuexiu Transport Infrastructure Ltd.		300,000		215,022
Yuzhou Group Holdings Co. Ltd.		500,000		192,720
Zepp Health Corp., ADR(a)(b)		8,900		147,117
Zhengzhou Coal Mining Machinery Group Co. Ltd., Class H		60,000		106,737
Zhou Hei Ya International Holdings Co. Ltd.(c)		200,000		229,718
Zhuguang Holdings Group Co. Ltd.(a)		900,000		200,713
				32,604,023
Colombia — 0.3%
Cementos Argos SA		197,600		315,299
Corp. Financiera Colombiana SA(a)		25,200		226,766
Grupo Argos SA		87,200		320,721
				862,786
Egypt — 0.3%
Cleopatra Hospital(a)		363,600		122,049
Egyptian Financial Group-Hermes Holding Co.(a)		169,150		168,073
Heliopolis Housing		145,350		52,030
Juhayna Food Industries		208,550		76,646
Medinet Nasr Housing		226,300		53,908
Palm Hills Developments SAE(a)		487,050		51,900
Six of October Development & Investment		76,650		77,871

Security	Shares		Value
Egypt (continued)
Talaat Moustafa Group		296,550	$	129,953
Telecom Egypt Co.		105,650		79,069
				811,499
Greece — 1.3%
Aegean Airlines SA(a)		10,950		69,645
Alpha Bank AE(a)		398,100		398,651
Athens Water Supply & Sewage Co. SA		15,100		122,434
Eurobank Ergasias Services and Holdings SA, Series A(a)		718,950		506,842
GEK Terna Holding Real Estate Construction SA(a)		16,050		165,593
Holding Co. ADMIE IPTO SA		56,650		162,965
LAMDA Development SA(a)		27,750		231,065
Motor Oil Hellas Corinth Refineries SA		18,350		253,469
Mytilineos SA		26,832		415,251
National Bank of Greece SA(a)		153,700		391,778
Piraeus Financial Holdings SA(a)(b)		87,500		81,674
Public Power Corp. SA(a)(b)		30,705		331,701
Sarantis SA		11,300		127,284
Terna Energy SA		12,950		190,196
Titan Cement International SA		13,350		226,859
				3,675,407
Hong Kong — 0.2%
FIH Mobile Ltd.(a)(b)		1,000,000		150,824
KWG Living Group Holdings Ltd.(a)		300,000		358,499
				509,323
Hungary — 0.1%
Magyar Telekom Telecommunications PLC		166,000		226,869
India — 16.7%
3M India Ltd.(a)		950		295,177
Aarti Industries Ltd.		26,200		440,321
Aavas Financiers Ltd.(a)		8,950		274,711
Adani Power Ltd.(a)		258,450		194,141
Adani Total Gas Ltd.		77,450		539,837
Aditya Birla Capital Ltd.(a)		130,500		219,587
Aditya Birla Fashion and Retail Ltd.(a)		97,050		242,476
Advanced Enzyme Technologies Ltd.		16,100		78,271
Aegis Logistics Ltd.		46,200		193,954
Affle India Ltd.(a)		2,800		198,113
AIA Engineering Ltd.		13,750		340,405
Ajanta Pharma Ltd.		8,350		198,589
Alembic Pharmaceuticals Ltd.		19,650		246,210
Amara Raja Batteries Ltd.		26,050		312,717
Amber Enterprises India Ltd.		6,000		263,948
APL Apollo Tubes Ltd.(a)		16,000		233,561
Apollo Tyres Ltd.		104,100		328,797
Ashok Leyland Ltd.		394,600		691,899
Aster DM Healthcare Ltd.(a)(c)		51,150		99,711
Astral Poly Technik Ltd.		21,100		610,934
AstraZeneca Pharma India Ltd.		2,100		98,199
Atul Ltd.		4,950		441,849
AU Small Finance Bank Ltd.(a)(c)		22,350		342,618
Avanti Feeds Ltd.		22,000		143,104
Bajaj Consumer Care Ltd.		34,400		113,660
Bajaj Electricals Ltd.(a)		12,550		163,653
Balrampur Chini Mills Ltd.		47,800		115,199
Bata India Ltd.		19,050		372,834
Bayer CropScience Ltd./India		3,950		276,403
Bharat Heavy Electricals Ltd.(a)		268,000		173,597
Birla Corp. Ltd.		7,550		87,279

54 2 0 2 1  I SHARES   SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Consolidated Schedule of Investments (unaudited) (continued) February 28, 2021 iShares^® MSCI Emerging Markets Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
India (continued)
Birlasoft Ltd.		45,000	$	138,947
Blue Dart Express Ltd.(a)		1,800		115,020
Blue Star Ltd.		16,700		197,771
Can Fin Homes Ltd.		18,800		122,366
Carborundum Universal Ltd.		29,800		205,844
Castrol India Ltd.		136,100		240,215
Ceat Ltd.		4,750		103,061
Century Textiles & Industries Ltd.		19,600		128,400
CESC Ltd.		20,600		169,795
Chambal Fertilizers and Chemicals Ltd.		56,800		188,831
Cholamandalam Financial Holdings Ltd.		30,800		251,459
Cholamandalam Investment and Finance Co. Ltd.		119,200		841,708
City Union Bank Ltd.		105,950		238,328
Coforge Ltd.		5,700		197,179
Coromandel International Ltd.		31,300		328,547
CreditAccess Grameen Ltd.(a)		15,300		141,830
CRISIL Ltd.		6,000		158,955
Crompton Greaves Consumer Electricals Ltd.		150,300		787,753
Cummins India Ltd.		36,400		390,203
Cyient Ltd.		24,900		221,079
Dalmia Bharat Ltd.		23,150		452,431
DCB Bank Ltd.(a)		51,100		80,942
Deepak Nitrite Ltd.		21,100		392,985
Dhani Services Ltd.		68,411		337,005
Dilip Buildcon Ltd.(c)		14,250		131,757
Dixon Technologies India Ltd.		1,700		459,184
Dr Lal PathLabs Ltd.(c)		9,550		298,996
Edelweiss Financial Services Ltd.(a)		142,600		133,994
EID Parry India Ltd.(a)		28,000		121,091
Emami Ltd.		59,200		366,712
Endurance Technologies Ltd.(c)		12,300		241,389
Engineers India Ltd.		141,350		154,074
Eris Lifesciences Ltd.(c)		13,500		107,728
Escorts Ltd.		18,850		336,265
Exide Industries Ltd.		140,600		387,829
Federal Bank Ltd.(a)		471,600		536,194
Finolex Industries Ltd.		15,600		130,154
Firstsource Solutions Ltd.		100,300		135,944
Fortis Healthcare Ltd.(a)		151,600		326,677
Gillette India Ltd.		3,200		240,859
Glenmark Pharmaceuticals Ltd.		46,350		294,051
GMM Pfaudler Ltd.		2,100		117,525
GMR Infrastructure Ltd.(a)		665,700		235,987
Godrej Industries Ltd.(a)		30,800		187,122
Godrej Properties Ltd.(a)		21,550		451,777
Granules India Ltd.		41,900		184,540
Graphite India Ltd.		15,350		100,516
Great Eastern Shipping Co. Ltd. (The)		38,000		162,451
Gujarat Fluorochemicals Ltd.(a)		11,500		90,352
Gujarat Gas Ltd.		54,000		363,527
Gujarat State Petronet Ltd.		89,900		305,600
Hemisphere Properties India Ltd.(a)		49,850		118,783
ICICI Securities Ltd.(c)		24,750		136,944
IDFC First Bank Ltd.(a)		717,850		619,822
IDFC Ltd.(a)		354,450		264,807
IIFL Finance Ltd.		42,250		159,577
IIFL Wealth Management Ltd.		11,450		188,909
India Cements Ltd. (The)		56,300		124,498
Indiabulls Housing Finance Ltd.		81,150		241,567
Indiabulls Real Estate Ltd.(a)		73,100		88,782

Security	Shares		Value
India (continued)
IndiaMART Intermesh Ltd.(c)		3,600	$	421,102
Indian Hotels Co. Ltd. (The)		221,000		369,461
IRB Infrastructure Developers Ltd.		51,050		75,062
JB Chemicals & Pharmaceuticals Ltd.		12,000		182,666
Jindal Steel & Power Ltd.(a)		122,200		558,576
JK Cement Ltd.		10,600		387,751
JM Financial Ltd.		166,450		205,897
Johnson Controls-Hitachi Air Conditioning India Ltd.(a)		3,100		108,617
JSW Energy Ltd.		119,150		116,580
Jubilant Ingrevia Ltd., NVS		22,286		39,641
Jubilant Pharmova Ltd.		22,400		234,593
Just Dial Ltd.(a)		11,150		108,405
Kajaria Ceramics Ltd.		23,450		302,216
Karur Vysya Bank Ltd. (The)(a)		147,350		119,608
Kaveri Seed Co. Ltd.		12,250		84,517
KEC International Ltd.		34,050		199,546
KEI Industries Ltd.		22,750		154,855
KRBL Ltd.		23,150		62,029
L&T Finance Holdings Ltd.		208,725		297,955
L&T Technology Services Ltd.(c)		7,300		255,075
Laurus Labs Ltd.(c)		94,400		449,808
LIC Housing Finance Ltd.		87,900		513,752
Mahanagar Gas Ltd.		15,900		250,644
Mahindra & Mahindra Financial Services Ltd.(a)		186,000		515,591
Mahindra CIE Automotive Ltd.(a)		40,500		99,590
Manappuram Finance Ltd.		147,800		354,189
Max Financial Services Ltd.(a)		59,900		705,986
Metropolis Healthcare Ltd.		8,950		238,630
Minda Industries Ltd.		28,300		218,166
Mindspace Business Parks REIT(c)		40,000		165,890
Mindtree Ltd.		16,900		367,909
Motilal Oswal Financial Services Ltd.		14,150		116,208
Mphasis Ltd.		24,150		541,235
Multi Commodity Exchange of India Ltd.		7,200		148,130
Natco Pharma Ltd.		29,100		321,294
National Aluminium Co. Ltd.		283,750		231,680
Navin Fluorine International Ltd.		9,650		334,195
NBCC India Ltd.		215,950		125,923
Nippon Life India Asset Management Ltd.(c)		37,500		168,300
Oberoi Realty Ltd.(a)		35,000		259,863
Oil India Ltd.		71,750		123,318
Orient Electric Ltd.		42,800		157,635
Persistent Systems Ltd.		13,350		300,945
Phoenix Mills Ltd. (The)(a)		25,700		284,541
PNB Housing Finance Ltd.(a)(c)		20,700		124,014
Prestige Estates Projects Ltd.		39,500		160,236
Procter & Gamble Health Ltd.		2,300		209,676
PVR Ltd.		13,250		245,788
Quess Corp. Ltd.(a)(c)		20,200		206,384
Radico Khaitan Ltd.		26,500		205,426
Rajesh Exports Ltd.		25,600		177,164
Ramco Cements Ltd. (The)		36,000		474,391
Ratnamani Metals & Tubes Ltd.		5,900		152,693
RBL Bank Ltd.(c)		106,950		342,892
Redington India Ltd.		90,550		225,497
Relaxo Footwears Ltd.(a)		18,700		217,537
Sanofi India Ltd.		3,342		376,095
Schaeffler India Ltd.		3,200		226,138
Sobha Ltd.		15,800		94,465
Spandana Sphoorty Financial Ltd.(a)		7,900		67,260

CONSOLIDATED   SCHEDULE   OF   INVESTMENTS 55

Consolidated Schedule of Investments (unaudited) (continued) February 28, 2021 iShares^® MSCI Emerging Markets Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
India (continued)
SpiceJet Ltd.(a)		82,050	$	92,283
SRF Ltd.		8,550		632,707
Sterlite Technologies Ltd.		51,050		144,567
Strides Pharma Science Ltd.		18,200		206,470
Sundaram Finance Ltd.		18,750		675,406
Sundram Fasteners Ltd.		28,600		278,975
Supreme Industries Ltd.		18,350		506,301
Suven Pharmaceuticals Ltd.		28,950		188,863
Syngene International Ltd.(a)(c)		38,450		292,567
Tanla Platforms Ltd.		16,816		205,174
Tata Chemicals Ltd.		49,400		497,126
Tata Communications Ltd.		22,000		323,840
Tata Elxsi Ltd.		10,950		396,046
Tata Power Co. Ltd. (The)		395,150		511,649
TeamLease Services Ltd.(a)		4,200		194,565
Thermax Ltd.		11,500		212,731
Thyrocare Technologies Ltd.(c)		6,750		83,414
Torrent Power Ltd.		50,350		261,599
TTK Prestige Ltd.		2,600		256,816
Tube Investments of India Ltd.		27,850		409,479
Vakrangee Ltd.		160,200		115,978
Varun Beverages Ltd.		30,900		438,554
Vinati Organics Ltd.		9,200		175,574
VIP Industries Ltd.		21,950		119,689
V-Mart Retail Ltd.(a)		3,850		138,730
Vodafone Idea Ltd.(a)		2,504,650		385,147
Voltas Ltd.		59,800		828,541
Yes Bank Ltd.(a)		100		21
Yes Bank Ltd., New, (Acquired 03/16/20, Cost: $336,376)(a)(d)(f)		433,083		73,749
				46,738,183
Indonesia — 2.0%
Ace Hardware Indonesia Tbk PT		2,050,000		219,540
Agung Semesta Sejahtera Tbk PT(a)		2,120,580		7,446
AKR Corporindo Tbk PT		565,100		133,735
Astra Agro Lestari Tbk PT		160,000		126,405
Bank BTPN Syariah Tbk PT		630,000		181,390
Bank Pembangunan Daerah Jawa Barat Dan Banten Tbk PT		790,200		87,954
Bank Syariah Indonesia Tbk PT(a)		865,000		178,588
Bank Tabungan Negara Persero Tbk PT		1,360,000		197,697
Bintang Oto Global Tbk PT(a)		1,020,000		92,402
Bukit Asam Tbk PT		990,000		188,406
Bumi Serpong Damai Tbk PT(a)		2,430,000		197,949
Ciputra Development Tbk PT		2,970,263		240,917
Hanson International Tbk PT(a)(d)		25,794,200		0	(e)
Indo Tambangraya Megah Tbk PT		110,100		94,327
Indosat Tbk PT(a)		435,000		169,540
Industri Jamu Dan Farmasi Sido Muncul Tbk PT		2,200,000		122,823
Inti Agri Resources Tbk PT(a)(d)		12,327,500		0	(e)
Japfa Comfeed Indonesia Tbk PT		1,465,000		157,920
Jasa Marga Persero Tbk PT		680,000		199,129
Lippo Karawaci Tbk PT(a)		10,915,100		154,835
Medco Energi Internasional Tbk PT(a)		2,480,112		121,045
Media Nusantara Citra Tbk PT(a)		1,495,000		119,159
Metro Healthcare Indonesia TBK PT(a)		3,935,000		87,322
Mitra Adiperkasa Tbk PT(a)		2,895,000		163,657
Pabrik Kertas Tjiwi Kimia Tbk PT		320,000		332,022
Pacific Strategic Financial Tbk PT(a)		1,960,000		112,865
Pakuwon Jati Tbk PT(a)		4,890,000		188,869

Security	Shares		Value
Indonesia (continued)
Panin Financial Tbk PT(a)		5,565,500	$	89,892
Pelayaran Tamarin Samudra Tbk PT(a)		2,224,400		7,810
Perusahaan Perkebunan London Sumatra Indonesia Tbk PT		1,070,000		99,561
PP Persero Tbk PT		1,030,125		116,830
Smartfren Telecom Tbk PT(a)		19,260,000		104,145
Sugih Energy Tbk PT(a)(d)		1,824,800		1
Summarecon Agung Tbk PT(a)		2,755,300		159,629
Surya Citra Media Tbk PT(a)		1,735,000		241,243
Timah Tbk PT(a)		720,000		112,247
Tower Bersama Infrastructure Tbk PT		2,940,000		448,020
Waskita Karya Persero Tbk PT		1,431,000		143,201
Wijaya Karya Persero Tbk PT		1,000,048		122,197
XL Axiata Tbk PT		930,100		143,695
				5,664,413
Kuwait — 0.7%
Boubyan Petrochemicals Co. KSCP		125,050		297,492
Humansoft Holding Co. KSC(a)		32,700		413,490
Kuwait International Bank KSCP		277,200		181,350
National Industries Group Holding SAK		432,000		272,632
Qurain Petrochemical Industries Co.		240,100		293,530
Shamal Az-Zour Al-Oula for the First Phase of Az-Zour Power Plant KSC		246,300		208,336
Warba Bank KSCP(a)		322,200		248,051
				1,914,881
Malaysia — 3.2%
Alliance Bank Malaysia Bhd(a)		320,200		209,643
Axis Real Estate Investment Trust		420,000		189,895
Berjaya Sports Toto Bhd		295,100		154,567
Bermaz Auto Bhd		355,100		117,562
BIMB Holdings Bhd		210,000		210,649
British American Tobacco Malaysia Bhd		45,144		142,989
Bursa Malaysia Bhd		190,150		427,514
Carlsberg Brewery Malaysia Bhd		50,000		295,985
Comfort Glove Bhd		140,000		77,480
DRB-Hicom Bhd(b)		335,000		150,636
FGV Holdings Bhd		271,644		89,262
Focus Dynamics Group Bhd(a)		1,325,000		209,512
Frontken Corp. Bhd		235,000		302,495
Globetronics Technology Bhd		205,066		144,395
Greatech Technology Bhd(a)		115,100		173,468
IGB REIT		530,000		221,297
IJM Corp. Bhd		860,000		333,589
Inari Amertron Bhd		795,050		707,148
IOI Properties Group Bhd		370,000		125,238
Magnum Bhd		395,150		213,806
Mah Sing Group Bhd		375,157		73,224
Malaysia Building Society Bhd		895,100		149,275
Malaysian Pacific Industries Bhd		25,000		228,536
Malaysian Resources Corp. Bhd		805,100		82,549
My EG Services Bhd(b)		700,000		366,646
Padini Holdings Bhd		165,000		119,852
Pavilion REIT		260,100		87,396
Pentamaster Corp. Bhd		185,050		287,576
Sapura Energy Bhd(a)		3,020,000		108,190
Scientex Bhd		285,100		283,163
Serba Dinamik Holdings Bhd		490,120		207,067
Sime Darby Property Bhd		895,500		128,324
SKP Resources Bhd		300,000		168,993

56 2 0 2 1  I SHARES   SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Consolidated Schedule of Investments (unaudited) (continued) February 28, 2021 iShares^® MSCI Emerging Markets Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Malaysia (continued)
SP Setia Bhd Group		505,100	$	114,186
Sunway Construction Group Bhd		230,120		95,516
Sunway REIT		560,100		208,956
Syarikat Takaful Malaysia Keluarga Bhd		100,100		113,764
TIME dotCom Bhd		120,000		412,106
UMW Holdings Bhd		105,100		77,640
UWC BHD		100,000		159,358
Velesto Energy Bhd(a)		1,580,100		64,414
ViTrox Corp. Bhd		65,100		276,645
VS Industry Bhd		445,125		329,926
Yinson Holdings Bhd		205,100		269,582
				8,910,014
Mexico — 1.8%
Alsea SAB de CV(a)(b)		150,100		182,614
Axtel SAB de CV, CPO(a)		253,500		63,283
Banco del Bajio SA(a)(b)(c)		215,000		247,074
Bolsa Mexicana de Valores SAB de CV		135,000		276,643
Concentradora Fibra Danhos SA de CV		70,000		85,799
Controladora Vuela Cia. de Aviacion SAB de CV, Class A(a)		190,000		286,220
Corp Inmobiliaria Vesta SAB de CV		180,100		340,123
Genomma Lab Internacional SAB de CV, Class B(a)		225,100		225,956
Gentera SAB de CV(a)		330,000		167,916
Grupo Aeroportuario del Centro Norte SAB de CV(a)		100,000		580,378
Grupo Cementos de Chihuahua SAB de CV		50,020		312,911
Grupo Comercial Chedraui SA de CV		110,100		169,016
Grupo Herdez SAB de CV(b)		75,000		152,364
Grupo Rotoplas SAB de CV		51,988		69,539
La Comer SAB de CV(b)		150,000		305,660
Macquarie Mexico Real Estate Management SA de CV(c)		230,100		277,742
PLA Administradora Industrial S. de RL de CV(b)		230,000		324,368
Prologis Property Mexico SA de CV		140,031		286,417
Qualitas Controladora SAB de CV		50,000		272,088
Regional SAB de CV(a)(b)		60,000		271,844
				4,897,955
Pakistan — 0.5%
Bank Alfalah Ltd.		322,600		68,172
Engro Corp. Ltd./Pakistan		107,400		205,813
Fauji Fertilizer Co. Ltd.		175,550		122,641
Hub Power Co. Ltd. (The)		253,700		137,072
Indus Motor Co. Ltd.		6,000		42,285
Lucky Cement Ltd.(a)		47,850		267,769
Millat Tractors Ltd.		10,018		80,781
Pakistan Oilfields Ltd.		35,700		90,366
Pakistan State Oil Co. Ltd.(a)		91,100		136,350
Searle Co. Ltd. (The)		57,800		99,521
United Bank Ltd./Pakistan		151,500		122,187
				1,372,957
Panama — 0.1%
Intercorp Financial Services Inc.		9,650		336,785
Philippines — 0.8%
AC Energy Corp.		1,340,056		203,826
Alliance Global Group Inc.		1,170,000		258,982
Bloomberry Resorts Corp.		1,240,000		204,452
Cebu Air Inc.(a)		75,010		69,336
Cosco Capital Inc.		1,070,000		120,849
D&L Industries Inc.		700,100		102,735
DoubleDragon Properties Corp.(a)		260,110		81,593

Security	Shares		Value
Philippines (continued)
First Gen Corp.		280,150	$	172,063
Manila Water Co. Inc.(a)		335,100		107,740
Petron Corp.		1,050,200		76,622
Robinsons Land Corp.		555,000		223,967
Security Bank Corp.		65,000		175,495
Semirara Mining & Power Corp.		315,100		82,866
Vista Land & Lifescapes Inc.		1,100,100		98,401
Wilcon Depot Inc.		480,100		177,119
				2,156,046
Poland — 1.3%
Alior Bank SA(a)(b)		28,100		164,309
AmRest Holdings SE(a)		22,500		192,997
Asseco Poland SA		17,900		320,055
Bank Millennium SA(a)		184,100		204,028
Budimex SA		3,450		320,937
CCC SA(a)		11,000		280,788
Ciech SA(a)		10,000		91,683
Enea SA(a)		70,350		123,143
Eurocash SA(a)(b)		27,150		93,663
Grupa Azoty SA(a)(b)		14,100		113,752
Grupa Lotos SA		24,750		279,541
Jastrzebska Spolka Weglowa SA(a)		15,450		146,337
KRUK SA(a)(b)		5,650		274,097
mBank SA(a)		3,900		232,023
Mercator Medical SA(a)(b)		1,200		110,180
Neuca SA(b)		700		131,175
Tauron Polska Energia SA(a)		307,350		211,237
TEN Square Games SA		1,100		147,068
Warsaw Stock Exchange		9,500		113,624
				3,550,637
Qatar — 0.9%
Aamal Co.		505,100		124,476
Al Meera Consumer Goods Co. QSC		29,200		166,062
Baladna		310,900		135,723
Doha Bank QPSC(a)		433,200		261,614
Gulf International Services QSC(a)		205,250		82,320
Gulf Warehousing Co.		101,000		137,170
Medicare Group		55,200		130,055
Qatar Aluminum Manufacturing Co.		844,600		248,169
Qatar Insurance Co. SAQ		450,600		279,200
Qatar National Cement Co. QSC		77,450		86,205
Qatar Navigation QSC		174,500		344,974
United Development Co. QSC		518,600		208,277
Vodafone Qatar QSC		506,500		196,285
				2,400,530
Russia — 0.8%
Aeroflot PJSC(a)		347,006		323,927
Credit Bank of Moscow PJSC(a)		3,540,000		317,157
Detsky Mir PJSC(c)		178,000		338,818
LSR Group PJSC		9,541		112,873
LSR Group PJSC, GDR(g)		3,536		7,779
Mechel PJSC, ADR(a)		41,850		76,586
Mosenergo PJSC		4,900,000		142,291
Rostelecom PJSC(a)		279,000		404,814
Sistema PJSFC, GDR(g)		51,100		473,186
Unipro PJSC		4,700,000		177,123
				2,374,554
Saudi Arabia — 2.3%
Al Hammadi Co. for Development and Investment(a)		19,350		142,655

CONSOLIDATED   SCHEDULE   OF   INVESTMENTS 57

Consolidated Schedule of Investments (unaudited) (continued) February 28, 2021 iShares^® MSCI Emerging Markets Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Saudi Arabia (continued)
Al Rajhi Co. for Co-operative Insurance(a)		5,900	$	133,243
Aldrees Petroleum and Transport Services Co.		9,600		172,777
Arabian Cement Co./Saudi Arabia		15,900		178,904
Arriyadh Development Co.		32,850		158,885
City Cement Co.		25,900		181,621
Dallah Healthcare Co.		8,450		121,438
Dur Hospitality Co.		14,500		110,572
Eastern Province Cement Co.		15,750		177,636
Fawaz Abdulaziz Al Hokair & Co.(a)		24,500		127,383
Herfy Food Services Co.		7,250		129,709
Leejam Sports Co. JSC(a)		9,050		170,600
Maharah Human Resources Co.		8,000		163,178
Mouwasat Medical Services Co.		14,800		542,200
National Agriculture Development Co. (The)(a)		18,800		157,147
National Gas & Industrialization Co.(a)		12,000		99,187
Qassim Cement Co. (The)		14,250		326,756
Saudi Ceramic Co.(a)		10,200		141,693
Saudi Chemical Co. Holding(a)		17,350		160,293
Saudi Fisheries Co.(a)		5,650		84,362
Saudi Ground Services Co.(a)		28,300		223,729
Saudi Pharmaceutical Industries & Medical Appliances Corp.		22,100		239,827
Saudi Public Transport Co.(a)		26,800		170,068
Saudi Real Estate Co.(a)		32,500		132,756
Saudi Research & Marketing Group(a)		12,200		253,076
Saudia Dairy & Foodstuff Co.		5,250		219,771
Seera Group Holding(a)		50,550		232,634
Southern Province Cement Co.		20,050		455,475
United Electronics Co.		10,850		273,383
United International Transportation Co.		11,300		115,245
Yamama Cement Co.		35,650		288,014
Yanbu Cement Co.		26,750		328,090
				6,412,307
South Africa — 3.4%
Adcock Ingram Holdings Ltd.		18,150		50,929
AECI Ltd.		28,450		186,201
Alexander Forbes Group Holdings Ltd.		305,150		85,221
Astral Foods Ltd.		12,450		110,796
AVI Ltd.		91,200		427,512
Barloworld Ltd.(a)		57,350		344,375
Brait SE(a)		227,650		37,124
Coronation Fund Managers Ltd.		66,450		218,352
Dis-Chem Pharmacies Ltd.(a)(c)		85,800		126,891
DRDGOLD Ltd.		130,350		119,969
Equites Property Fund Ltd.		157,450		190,338
Fortress REIT Ltd., Series A		364,700		328,191
Foschini Group Ltd. (The)(a)		96,800		671,121
Imperial Logistics Ltd.		49,850		139,187
Investec Ltd.		81,500		213,244
Investec Property Fund Ltd.		162,100		99,104
JSE Ltd.		26,400		207,487
KAP Industrial Holdings Ltd.(a)		794,400		212,417
Liberty Holdings Ltd.		39,400		183,080
Life Healthcare Group Holdings Ltd.(a)		376,350		446,265
Massmart Holdings Ltd.(a)		32,750		96,609
Momentum Metropolitan Holdings		236,100		260,320
Motus Holdings Ltd.		47,150		244,587
Netcare Ltd.		353,700		319,693
Ninety One Ltd.		44,800		134,581
Oceana Group Ltd.		25,700		113,447

Security	Shares		Value
South Africa (continued)
Pick n Pay Stores Ltd.		99,250	$	338,582
PSG Group Ltd.		43,900		192,773
Redefine Properties Ltd.(a)		1,507,200		412,966
Resilient REIT Ltd.		91,200		268,369
Reunert Ltd.		53,750		162,851
Royal Bafokeng Platinum Ltd.(a)		42,850		255,183
Santam Ltd.		9,900		158,524
Sappi Ltd.(a)		163,500		479,287
Steinhoff International Holdings NV(a)		1,003,400		129,183
Stor-Age Property REIT Ltd.		134,900		118,011
Super Group Ltd./South Africa(a)		122,000		216,271
Telkom SA SOC Ltd.		86,500		233,579
Transaction Capital Ltd.(a)		162,000		284,506
Truworths International Ltd.		121,200		389,937
Vukile Property Fund Ltd.		218,350		108,986
Wilson Bayly Holmes-Ovcon Ltd.(a)		16,950		107,992
Zeder Investments Ltd.		334,700		58,559
				9,482,600
South Korea — 17.4%
ABLBio Inc.(a)		9,450		170,748
Ace Technologies Corp.(a)		9,350		185,169
Advanced Process Systems Corp.(a)		4,237		106,349
Aekyung Industrial Co. Ltd.		4,200		95,327
AfreecaTV Co. Ltd.		2,811		182,396
Ahnlab Inc.		2,434		190,214
Amicogen Inc.(a)		5,250		132,710
Ananti Inc.(a)		17,300		111,946
Anterogen Co. Ltd.(a)		2,300		125,287
Aprogen KIC Inc.(a)		42,300		69,465
Aprogen pharmaceuticals Inc.(a)		86,650		86,766
Asiana Airlines Inc.(a)		5,913		77,893
BGF Co. Ltd.		15,300		74,900
BH Co. Ltd.		8,200		131,740
Binex Co. Ltd.(a)		8,400		203,364
BNK Financial Group Inc.		83,400		437,971
Boditech Med Inc.(b)		5,200		77,063
Boryung Pharmaceutical Co. Ltd.		8,544		163,123
Bukwang Pharmaceutical Co. Ltd.		10,882		269,750
Cafe24 Corp.(a)		4,000		116,244
Cellivery Therapeutics Inc.(a)(b)		3,800		382,537
Chabiotech Co. Ltd.(a)		13,718		233,823
Chong Kun Dang Pharmaceutical Corp.(a)		2,100		319,626
Chunbo Co. Ltd.		1,250		178,238
CJ CGV Co. Ltd.(a)		7,663		190,978
CMG Pharmaceutical Co. Ltd.(a)		39,500		154,695
Com2uSCorp.		2,800		344,922
Cosmax Inc.(a)		2,328		216,534
COWELL FASHION Co. Ltd.		19,750		100,200
CrystalGenomics Inc.(a)		13,000		155,051
CS Wind Corp.		4,300		277,098
Cuckoo Homesys Co. Ltd.(a)		2,557		92,289
Daea TI Co. Ltd.		19,250		89,439
Daeduck Electronics Co. Ltd./New		10,250		133,200
Daejoo Electronic Materials Co. Ltd.		3,550		124,495
Daesang Corp.(a)		7,900		175,438
Daewoo Engineering & Construction Co. Ltd.(a)		58,854		307,497
Daewoong Co. Ltd.(a)		7,200		234,232
Daewoong Pharmaceutical Co. Ltd.(a)		1,500		180,908
Daishin Securities Co. Ltd.(a)		14,288		176,772
Daou Technology Inc.		9,558		231,400

58 2 0 2 1  I SHARES   SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Consolidated Schedule of Investments (unaudited) (continued) February 28, 2021 iShares^® MSCI Emerging Markets Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
South Korea (continued)
DB HiTek Co. Ltd.		10,218	$	512,946
Dentium Co. Ltd.(a)		2,664		145,115
DGB Financial Group Inc.		51,101		321,570
DIO Corp.(a)		3,865		134,166
DL E&C Co. Ltd.(a)		4,750		469,292
DL Holdings Co. Ltd.		3,250		250,222
Dong-A Socio Holdings Co. Ltd.		1,250		129,061
Dong-A ST Co. Ltd.(a)		2,350		171,727
Dongjin Semichem Co. Ltd.(a)		10,485		286,506
DongKook Pharmaceutical Co. Ltd.		8,879		226,420
Dongkuk Steel Mill Co. Ltd.		19,772		158,211
Dongsuh Cos. Inc.		8,873		318,275
Dongsung Pharmaceutical Co. Ltd.(a)		8,141		91,663
Dongwon F&B Co. Ltd.		570		100,454
Doosan Fuel Cell Co. Ltd.(a)		7,337		326,524
Doosan Infracore Co. Ltd.(a)(b)		42,200		295,231
DoubleUGames Co. Ltd.		3,200		157,508
Ecopro BM Co. Ltd.		2,800		404,486
Ecopro Co. Ltd.		6,425		367,715
ENF Technology Co. Ltd.		2,950		111,462
Enzychem Lifesciences Corp.(a)		2,300		181,994
Eo Technics Co Ltd.(a)		2,750		247,708
Eubiologics Co. Ltd.(a)		9,000		148,198
Eugene Technology Co. Ltd.		4,450		161,404
Eutilex Co. Ltd.(a)		3,290		108,642
F&F Co. Ltd.(a)		1,984		245,461
Feelux Co. Ltd.(a)		21,915		85,144
Foosung Co. Ltd.(a)		17,765		159,703
GemVax & Kael Co. Ltd.(a)		10,400		217,997
Geneone Life Science Inc.(a)		11,600		145,581
Genexine Co. Ltd.(a)		5,450		466,658
Grand Korea Leisure Co. Ltd.(a)		10,441		148,228
Green Cross Cell Corp.		3,100		112,991
Green Cross Corp./South Korea		1,700		572,719
Green Cross Holdings Corp.		6,453		213,090
Green Cross LabCell Corp.		1,900		151,865
G-treeBNT Co. Ltd.(a)		9,200		159,680
Hana Tour Service Inc.(a)		3,173		189,787
Hanall Biopharma Co. Ltd.(a)		10,550		207,056
Handsome Co. Ltd.		4,902		162,091
Hanil Cement Co. Ltd./New		1,012		104,488
Hanjin Heavy Industries & Construction Co. Ltd.(a)		10,000		64,708
Hanjin Transportation Co. Ltd.(a)		2,528		95,180
Hankook & Co. Co. Ltd.		9,728		149,362
Hankook Shell Oil Co. Ltd.		400		88,830
Hansol Chemical Co. Ltd.		2,700		586,382
Hanssem Co. Ltd.(a)		3,307		292,876
Hanwha Aerospace Co. Ltd.(a)		11,780		386,900
Hanwha Life Insurance Co. Ltd.		93,100		265,586
HDC Holdings Co. Ltd.(a)		16,100		156,916
HDC Hyundai Development Co-Engineering & Construction, Class E		12,100		288,634
Helixmith Co. Ltd.(a)		9,500		203,783
HFR Inc.(a)		3,450		65,100
Hite Jinro Co. Ltd.(a)		9,900		301,802
HLB Life Science Co. Ltd.(a)		13,100		212,212
HMM Co. Ltd.(a)		70,400		1,190,565
HS Industries Co. Ltd.(a)		15,400		106,093
Huchems Fine Chemical Corp.		6,127		124,885
Hugel Inc.(a)		2,000		306,186

Security	Shares		Value
South Korea (continued)
Hwaseung Enterprise Co. Ltd.(a)		9,050	$	124,453
Hyosung Advanced Materials Corp.(a)		963		250,714
Hyosung Chemical Corp.(a)		759		153,016
Hyosung Corp.(a)		2,961		211,105
Hyosung Heavy Industries Corp.(a)		1,400		90,218
Hyosung TNC Co. Ltd.		907		331,800
Hyundai Autoever Corp.		1,500		173,565
Hyundai Bioscience Co. Ltd.(a)		9,247		450,210
Hyundai Construction Equipment Co. Ltd.(a)		4,202		140,067
Hyundai Department Store Co. Ltd.		4,388		320,263
Hyundai Electric & Energy System Co. Ltd.(a)		6,246		98,124
Hyundai Elevator Co. Ltd.(a)		7,750		297,307
Hyundai Mipo Dockyard Co. Ltd.(a)		7,044		338,563
Hyundai Rotem Co. Ltd.(a)		19,100		333,209
Hyundai Wia Corp.		5,339		366,388
Iljin Diamond Co. Ltd.(a)		2,402		94,819
Iljin Materials Co. Ltd.(a)		6,883		428,235
Ilyang Pharmaceutical Co. Ltd.		4,100		189,764
Innocean Worldwide Inc.		2,869		157,814
iNtRON Biotechnology Inc.(a)		8,800		153,520
IS Dongseo Co. Ltd.(a)		4,900		234,206
ITM Semiconductor Co. Ltd.		2,400		97,837
JB Financial Group Co. Ltd.		43,418		225,302
Jeil Pharmaceutical Co. Ltd.(a)		1,700		64,157
Jejuair Co. Ltd.(a)		3,834		79,683
Jin Air Co. Ltd.(a)		6,805		130,225
JW Pharmaceutical Corp.		5,315		137,901
JYP Entertainment Corp.(a)		7,467		242,586
KCC Corp.		1,700		301,869
KEPCO Engineering & Construction Co. Inc.(a)		5,600		87,227
KEPCO Plant Service & Engineering Co. Ltd.(a)		7,950		189,993
KIWOOM Securities Co. Ltd.(a)		3,582		411,284
Koh Young Technology Inc.(a)		3,123		287,422
Kolmar BNH Co. Ltd.(a)		2,500		111,259
Kolmar Korea Co. Ltd.(a)		5,300		271,251
Kolon Industries Inc.		6,200		303,516
Komipharm International Co. Ltd.(a)		12,800		115,069
Korea Electric Terminal Co. Ltd.		2,244		158,788
Korea Line Corp.(a)		40,300		118,192
Korea Petrochemical Ind. Co Ltd.(a)		900		291,188
Korea REIT & Trust Co. Ltd.		48,650		90,935
Korea United Pharm Inc.(a)		2,850		133,431
Korean Reinsurance Co.		30,686		214,679
Kuk-Il Paper Manufacturing Co. Ltd.(a)		28,165		107,797
Kyung Dong Navien Co. Ltd.		2,703		121,737
L&C Bio Co. Ltd.		4,100		113,129
L&F Co. Ltd.		4,968		313,955
LEENO Industrial Inc.		3,100		442,029
LegoChem Biosciences Inc.(a)		5,100		243,765
LEMON Co. Ltd./Korea(a)		6,300		46,935
LG Hausys Ltd.		2,100		133,645
LG International Corp.		9,500		230,841
LIG Nex1 Co. Ltd.		3,744		123,300
LOTTE Fine Chemical Co. Ltd.		5,979		284,182
LOTTE Reit Co. Ltd.		29,800		132,489
Lotte Tour Development Co. Ltd.(a)		11,200		216,822
LS Corp.		5,485		341,256
LS Electric Co. Ltd.		4,950		253,338
Maeil Dairies Co. Ltd.(a)		2,650		168,647
Mando Corp.(a)		9,803		545,338

CONSOLIDATED   SCHEDULE   OF   INVESTMENTS 59

Consolidated Schedule of Investments (unaudited) (continued) February 28, 2021 iShares^® MSCI Emerging Markets Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
South Korea (continued)
Mcnex Co. Ltd.		4,271	$	206,802
Medipost Co. Ltd.(a)		5,500		167,178
MedPacto Inc.(a)		3,200		247,797
Medy-Tox Inc.		1,464		263,220
MegaStudyEdu Co. Ltd.(a)		3,357		159,259
Meritz Financial Group Inc.		15,368		167,564
Meritz Fire & Marine Insurance Co. Ltd.		17,150		245,763
Mezzion Pharma Co. Ltd.(a)		2,000		269,337
Mirae Asset Maps Asia Pacific Real Estate 1 Investment		33,724		120,068
Namhae Chemical Corp.(a)		14,050		106,923
Naturecell Co. Ltd.(a)		16,950		120,845
NEPES Corp.(a)		5,702		200,471
NHN Corp.(a)		3,250		199,889
NHN KCP Corp.(a)		4,400		181,914
NICE Information Service Co. Ltd.(a)		11,436		223,427
NKMax Co. Ltd.(a)		10,852		192,699
NongShim Co. Ltd.		1,000		244,771
OCI Co. Ltd.(a)		5,800		645,305
OptoElectronics Solutions Co. Ltd.		2,750		112,227
Orion Holdings Corp.		14,500		177,459
Oscotec Inc.(a)		6,550		204,341
Osstem Implant Co. Ltd.		3,602		233,080
Paradise Co. Ltd.(a)		16,103		246,526
Partron Co. Ltd.		12,675		126,355
Pharmicell Co. Ltd.(a)		16,900		241,429
PI Advanced Materials Co. Ltd.(a)		5,138		195,276
Poongsan Corp.		6,520		212,400
Posco ICT Co. Ltd.		18,020		120,133
Posco International Corp.		14,900		296,408
RFHIC Corp.		4,650		156,862
Rsupport Co. Ltd.(a)		7,850		58,482
S&S Tech Corp.		4,750		145,016
S&T Motiv Co. Ltd.		3,009		167,925
Sam Chun Dang Pharm Co. Ltd.(a)		4,300		251,838
SAM KANG M&T Co. Ltd.(a)		7,350		110,561
Samwha Capacitor Co. Ltd.		3,003		181,490
Sang-A Frontec Co. Ltd.		2,700		108,625
Sebang Global Battery Co. Ltd.		1,800		144,513
Seojin System Co. Ltd.(a)		3,900		140,414
Seoul Semiconductor Co. Ltd.		12,585		221,792
SFA Engineering Corp.		6,700		253,151
SFA Semicon Co. Ltd.(a)		27,300		211,159
Shinsegae International Inc.		850		143,369
Shinsung E&G Co. Ltd.(a)		40,750		111,351
Silicon Works Co. Ltd.		3,250		185,714
SillaJen Inc.(a)(d)		19,774		170,371
SIMMTECH Co. Ltd.		6,100		128,950
SK Discovery Co. Ltd.		3,311		192,736
SK Materials Co. Ltd.		1,350		367,690
SK Networks Co. Ltd.		47,085		233,015
SKC Co. Ltd.		6,284		657,205
SL Corp.(a)		5,842		123,236
SM Entertainment Co. Ltd.(a)		6,315		168,906
S-MAC Co. Ltd.(a)		69,350		90,430
Solid Inc.(a)		14,550		113,836
Solus Advanced Materials Co Ltd.		3,700		148,692
Soulbrain Co. Ltd./New		1,249		344,406
Soulbrain Holdings Co. Ltd.(a)		1,950		76,282
ST Pharm Co. Ltd.(a)		2,600		180,507
Taekwang Industrial Co. Ltd.(a)		100		83,845

Security	Shares		Value
South Korea (continued)
Taeyoung Engineering & Construction Co. Ltd.		6,740	$	71,089
Telcon RF Pharmaceutical Inc.(a)		23,600		103,769
TES Co. Ltd./Korea		4,400		121,210
Tesna Inc.		3,500		153,115
Theragen Etex Co. Ltd.(a)		10,700		74,762
Tokai Carbon Korea Co. Ltd.		1,623		218,711
Tongyang Life Insurance Co. Ltd.		21,927		80,409
Toptec Co. Ltd.		6,500		72,608
TY Holdings Co. Ltd./Korea(a)		6,950		151,558
Unison Co. Ltd.(a)		32,950		115,406
UniTest Inc.(a)		5,350		115,238
Vieworks Co. Ltd.		3,700		104,397
Webzen Inc.(a)		5,503		176,821
Wemade Co. Ltd.		3,264		110,688
WONIK IPS Co. Ltd.		8,801		389,719
YG Entertainment Inc.(a)		3,312		134,720
Youngone Corp.(a)		6,311		235,925
Yungjin Pharmaceutical Co. Ltd.(a)		28,576		164,054
Yuyang DNU Co. Ltd.(a)(d)		17,648		15,331
Zinus Inc.		3,000		249,399
				48,843,359
Taiwan — 21.1%
AcBel Polytech Inc.		200,000		210,394
A-DATA Technology Co. Ltd.		50,000		154,923
Adimmune Corp.(a)		50,000		104,479
Advanced Ceramic X Corp.		13,000		227,771
Advanced Wireless Semiconductor Co.		50,596		289,743
Alchip Technologies Ltd.		16,000		508,392
AmTRAN Technology Co. Ltd.(a)		400,312		170,315
AP Memory Technology Corp.		10,000		237,681
Arcadyan Technology Corp.		50,541		171,298
Ardentec Corp.		150,000		247,195
Asia Optical Co. Inc.		50,000		165,156
Asia Pacific Telecom Co. Ltd.(a)		550,910		192,653
Asia Vital Components Co. Ltd.		150,000		357,598
ASPEED Technology Inc.		6,000		379,140
BES Engineering Corp.		400,000		130,545
Bizlink Holding Inc.		50,770		543,199
Brighton-Best International Taiwan Inc.		150,000		148,371
Capital Securities Corp.		500,530		253,387
Career Technology MFG. Co. Ltd.		150,369		193,816
Cathay Real Estate Development Co. Ltd.		150,300		104,958
Center Laboratories Inc.		100,871		243,735
Century Iron & Steel Industrial Co. Ltd.		50,000		204,649
Charoen Pokphand Enterprise		50,000		130,150
Cheng Loong Corp.		200,000		225,114
Cheng Uei Precision Industry Co. Ltd.		100,000		168,567
Chicony Power Technology Co. Ltd.		50,000		141,818
Chilisin Electronics Corp.		50,459		202,905
China Airlines Ltd.(a)		950,000		477,515
China General Plastics Corp.		100,000		106,095
China Man-Made Fiber Corp.(a)		450,223		156,958
China Motor Corp.(a)		100,200		173,041
China Petrochemical Development Corp.		1,050,600		405,491
China Steel Chemical Corp.		50,000		185,800
Chin-Poon Industrial Co. Ltd.		100,000		121,892
Chipbond Technology Corp.		200,000		532,089
ChipMOS Technologies Inc.		200,000		270,712
Chong Hong Construction Co. Ltd.		50,424		148,452
Chroma ATE Inc.		100,000		734,225

60 2 0 2 1  I SHARES   SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Consolidated Schedule of Investments (unaudited) (continued) February 28, 2021 iShares^® MSCI Emerging Markets Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Taiwan (continued)
Chung Hung Steel Corp.(a)		300,000	$	187,954
Chung-Hsin Electric & Machinery Manufacturing Corp.		100,000		179,876
Cleanaway Co. Ltd.		50,000		290,818
Clevo Co.		150,000		161,565
CMC Magnetics Corp.		400,238		118,552
Compeq Manufacturing Co. Ltd.		300,000		475,002
Coretronic Corp.		100,400		173,026
CSBC Corp. Taiwan(a)		200,455		172,369
CTCI Corp.		150,000		196,571
Cub Elecparts Inc.		17,361		122,171
Darfon Electronics Corp.		100,000		162,463
Darwin Precisions Corp.(a)		150,000		76,474
E Ink Holdings Inc.		250,000		453,281
Elan Microelectronics Corp.		100,000		617,539
Elite Material Co. Ltd.		100,000		606,768
Elite Semiconductor Microelectronics Technology Inc.		100,000		328,157
eMemory Technology Inc.		17,000		497,442
ENNOSTAR Inc.(a)		200,184		616,669
Eternal Materials Co. Ltd.		250,399		323,646
Eva Airways Corp.		900,000		510,547
Everlight Electronics Co. Ltd.		100,000		157,796
Far Eastern Department Stores Ltd.		350,000		286,509
Far Eastern International Bank		750,122		286,825
Faraday Technology Corp.		50,000		95,144
Farglory Land Development Co. Ltd.		100,000		192,442
Feng Hsin Steel Co. Ltd.		150,000		380,756
Firich Enterprises Co. Ltd.		150,376		163,320
FLEXium Interconnect Inc.		100,418		454,274
Formosa Sumco Technology Corp.		25,000		134,638
Formosa Taffeta Co. Ltd.		250,000		272,417
Foxsemicon Integrated Technology Inc.		18,200		157,480
Fulgent Sun International Holding Co. Ltd.		50,330		204,193
Fusheng Precision Co. Ltd.		50,000		361,727
General Interface Solution Holding Ltd.		100,000		400,323
Genius Electronic Optical Co. Ltd.		21,585		382,838
Getac Technology Corp.		100,000		204,290
Gigabyte Technology Co. Ltd.		150,000		468,540
Global Lighting Technologies Inc.		50,000		184,005
Global Unichip Corp.		24,000		386,895
Gold Circuit Electronics Ltd.(a)		100,000		194,597
Goldsun Building Materials Co. Ltd.		300,426		265,343
Gourmet Master Co. Ltd.		49,821		276,361
Grand Pacific Petrochemical(a)		300,000		256,889
Grape King Bio Ltd.		50,000		324,926
Great Wall Enterprise Co. Ltd.		199,789		358,655
Greatek Electronics Inc.		150,000		382,371
Hannstar Board Corp.		150,481		249,609
HannStar Display Corp.(a)		750,320		355,595
Holtek Semiconductor Inc.		50,000		157,257
Holy Stone Enterprise Co. Ltd.		50,050		214,737
Hota Industrial Manufacturing Co. Ltd.		50,773		211,459
Hotai Finance Co. Ltd.		50,000		143,793
HTC Corp.(a)		250,000		260,300
Huaku Development Co. Ltd.		100,080		316,203
Hung Sheng Construction Ltd.		200,416		134,558
IBF Financial Holdings Co. Ltd.		600,607		299,737
International CSRC Investment Holdings Co.		250,945		237,858
International Games System Co. Ltd.		19,000		564,833
ITEQ Corp.		50,559		261,395
Jentech Precision Industrial Co. Ltd.		4,000		46,100

Security	Shares		Value
Taiwan (continued)
Jih Sun Financial Holdings Co. Ltd.		500,341	$	226,346
Johnson Health Tech Co. Ltd.		50,000		161,027
Kenda Rubber Industrial Co. Ltd.		200,675		255,054
Kindom Development Co. Ltd.		100,000		129,611
King Yuan Electronics Co. Ltd.		300,000		428,687
King’s Town Bank Co. Ltd.		300,000		422,224
Kinpo Electronics		300,000		138,408
Kinsus Interconnect Technology Corp.		100,000		345,032
KMC Kuei Meng International Inc.		27,000		188,062
Kuoyang Construction Co. Ltd.		50,187		67,481
LandMark Optoelectronics Corp.		21,400		218,975
Lealea Enterprise Co. Ltd.(a)		200,590		86,422
Lien Hwa Industrial Holdings Corp.		300,478		455,262
Longchen Paper & Packaging Co. Ltd.		200,357		176,600
Lotes Co. Ltd.		21,968		409,349
Lotus Pharmaceutical Co. Ltd.(a)		50,000		137,331
Lung Yen Life Service Corp.		100,000		186,339
Macronix International		600,000		1,016,785
Makalot Industrial Co. Ltd.		46,036		336,355
Mercuries & Associates Holding Ltd.		100,579		75,111
Mercuries Life Insurance Co. Ltd.(a)		500,696		151,004
Merida Industry Co. Ltd.		50,000		511,624
Merry Electronics Co. Ltd.		50,224		247,040
Microbio Co. Ltd.(a)		100,000		259,582
Mitac Holdings Corp.		300,383		333,789
momo.com Inc.		14,000		486,060
Motech Industries Inc.(a)		100,000		114,532
Nan Kang Rubber Tire Co. Ltd.		150,000		225,114
Nantex Industry Co. Ltd.		100,000		230,859
OBI Pharma Inc.(a)		50,184		251,348
Oriental Union Chemical Corp.		150,000		113,904
Pan Jit International Inc.		50,000		96,939
Pan-International Industrial Corp.		100,722		154,234
Parade Technologies Ltd.		21,000		893,457
PChome Online Inc.		50,305		148,644
PharmaEngine Inc.		50,756		138,678
PharmaEssentia Corp.(a)		50,648		205,483
Pharmally International Holding Co. Ltd.(a)(d)		21,603		37,315
Pixart Imaging Inc.		50,635		332,688
Poya International Co. Ltd.		17,453		392,266
President Securities Corp.		250,215		185,511
Primax Electronics Ltd.		100,000		219,011
Prince Housing & Development Corp.		400,917		165,534
Qisda Corp.		500,000		548,425
Radiant Opto-Electronics Corp.		150,000		643,569
Radium Life Tech Co. Ltd.		250,341		99,768
Rexon Industrial Corp. Ltd.		50,000		145,768
RichWave Technology Corp.		15,000		313,975
Ritek Corp.(a)		250,387		93,943
Roo Hsing Co. Ltd.(a)		200,000		71,304
Ruentex Industries Ltd.		100,000		268,917
Run Long Construction Co. Ltd.		100,000		219,370
Sanyang Motor Co. Ltd.		150,820		171,925
ScinoPharm Taiwan Ltd.		100,708		93,467
SDI Corp.		50,000		159,411
Sercomm Corp.		50,000		130,688
Shin Zu Shing Co. Ltd.		50,856		235,542
Shinkong Synthetic Fibers Corp.		450,135		235,148
Sigurd Microelectronics Corp.		150,124		272,732
Simplo Technology Co. Ltd.		50,600		680,359

CONSOLIDATED   SCHEDULE   OF   INVESTMENTS 61

Consolidated Schedule of Investments (unaudited) (continued) February 28, 2021 iShares^® MSCI Emerging Markets Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Taiwan (continued)
Sinbon Electronics Co. Ltd.		50,000	$	482,901
Sino-American Silicon Products Inc.		150,000		899,381
Sinyi Realty Inc.		100,778		104,930
Sitronix Technology Corp.		50,000		347,366
Solar Applied Materials Technology Co.		100,943		175,411
Standard Foods Corp.		100,000		197,469
Sunny Friend Environmental Technology Co. Ltd.		20,000		159,052
Sunonwealth Electric Machine Industry Co. Ltd.		50,000		100,530
Supreme Electronics Co. Ltd.		150,000		209,227
Systex Corp.		50,000		154,026
TA Chen Stainless Pipe		350,866		393,035
Taichung Commercial Bank Co. Ltd.		800,960		319,205
TaiMed Biologics Inc.(a)		50,000		144,691
Tainan Spinning Co. Ltd.		400,190		214,804
Taiwan Cogeneration Corp.		150,000		208,689
Taiwan Fertilizer Co. Ltd.		250,000		479,311
Taiwan Glass Industry Corp.(a)		300,000		215,421
Taiwan Hon Chuan Enterprise Co. Ltd.		100,004		227,996
Taiwan Paiho Ltd.		50,050		149,328
Taiwan Secom Co. Ltd.		100,450		315,208
Taiwan Semiconductor Co. Ltd.		50,000		100,709
Taiwan Shin Kong Security Co. Ltd.		150,366		204,069
Taiwan Styrene Monomer		206,000		134,979
Taiwan Surface Mounting Technology Corp.		100,000		418,275
Taiwan TEA Corp.(a)		350,000		212,369
Taiwan Union Technology Corp.		50,000		211,830
TCI Co. Ltd.		26,528		201,442
Teco Electric and Machinery Co. Ltd.		500,000		544,834
Test Research Inc.		50,000		104,658
Tong Hsing Electronic Industries Ltd.		50,641		390,001
Tong Yang Industry Co. Ltd.		100,133		132,840
Topco Scientific Co. Ltd.		50,000		219,011
TPK Holding Co. Ltd.(a)		100,000		180,235
Transcend Information Inc.		50,000		117,404
Tripod Technology Corp.		100,000		497,262
TSEC Corp.(a)		100,000		131,586
TSRC Corp.		150,000		148,102
TTY Biopharm Co. Ltd.		50,450		118,642
Tung Ho Steel Enterprise Corp.		200,000		258,864
TXC Corp.		100,000		353,649
U-Ming Marine Transport Corp.		200,000		248,811
Union Bank of Taiwan		450,167		172,939
Unitech Printed Circuit Board Corp.		300,420		224,351
United Integrated Services Co. Ltd.		50,400		428,859
United Renewable Energy Co. Ltd.(a)		700,879		356,070
UPC Technology Corp.		300,741		199,216
USI Corp.		200,070		159,108
Visual Photonics Epitaxy Co. Ltd.		50,425		192,811
Voltronic Power Technology Corp.		17,934		743,695
Wafer Works Corp.		150,681		242,366
Wah Lee Industrial Corp.		100,000		288,663
Walsin Lihwa Corp.		800,000		534,243
Wan Hai Lines Ltd.		200,000		344,314
Wisdom Marine Lines Co. Ltd.		100,000		99,991
Wistron NeWeb Corp.		100,481		275,261
WT Microelectronics Co. Ltd.		100,757		161,884
XinTec Inc.(a)		50,000		310,565
Xxentria Technology Materials Corp.		100,000		224,755
Yang Ming Marine Transport Corp.(a)		300,820		313,214
YFY Inc.		400,000		391,347

Security	Shares		Value
Taiwan (continued)
Yieh Phui Enterprise Co. Ltd.(a)		400,797	$	189,228
Yulon Finance Corp.		50,080		189,694
Yulon Motor Co. Ltd.(a)		150,026		224,345
YungShin Global Holding Corp.		100,200		156,852
Yungtay Engineering Co. Ltd.		50,000		105,556
				59,074,368
Thailand — 3.5%
AEON Thana Sinsap Thailand PCL, NVDR(b)		20,000		128,715
Amata Corp. PCL, NVDR(b)		305,076		177,498
AP Thailand PCL, NVDR		865,000		206,651
Bangchak Corp. PCL, NVDR(b)		400,100		380,389
Bangkok Chain Hospital PCL, NVDR(b)		570,200		255,764
Bangkok Land PCL, NVDR		4,690,000		161,589
Bangkok Life Assurance PCL, NVDR(a)		210,000		169,962
Banpu PCL, NVDR		1,160,000		433,600
Central Plaza Hotel PCL, NVDR(a)		180,000		194,535
CH Karnchang PCL, NVDR(a)(b)		390,100		196,535
Chularat Hospital PCL, NVDR		2,300,800		194,440
CK Power PCL, NVDR(a)(b)		840,100		116,871
Com7 PCL, NVDR(b)		200,000		333,163
Eastern Polymer Group PCL, NVDR		300,700		96,761
Eastern Water Resources Development and Management PCL, NVDR		590,000		178,348
Esso Thailand PCL, NVDR(a)		370,500		106,577
GFPT PCL, NVDR		300,100		116,077
Gunkul Engineering PCL, NVDR		1,861,399		164,567
Hana Microelectronics PCL, NVDR		165,100		269,660
IRPC PCL, NVDR		3,190,000		364,978
Jasmine International PCL, NVDR(b)		1,420,000		140,312
KCE Electronics PCL, NVDR		250,300		441,361
Khon Kaen Sugar Industry PCL, NVDR		985,130		105,667
Kiatnakin Phatra Bank PCL, NVDR		90,032		174,119
Major Cineplex Group PCL, NVDR		295,000		192,731
MBK PCL, NVDR		525,100		238,948
Mega Lifesciences PCL, NVDR		140,000		180,883
Plan B Media PCL, NVDR(b)		700,500		152,551
Pruksa Holding PCL, NVDR(b)		440,000		183,061
PTG Energy PCL, NVDR(b)		275,100		173,471
Quality Houses PCL, NVDR		3,280,267		251,625
Sansiri PCL, NVDR		4,785,400		132,212
Siam Global House PCL, NVDR		1		1
Siamgas & Petrochemicals PCL, NVDR		315,100		112,661
Sino-Thai Engineering & Construction PCL, NVDR(b)		370,028		143,125
Sri Trang Agro-Industry PCL, NVDR		290,080		509,149
Star Petroleum Refining PCL, NVS		590,000		188,895
Supalai PCL, NVDR		510,100		333,261
Super Energy Corp. PCL, NVDR(a)		5,660,000		171,093
Taokaenoi Food & Marketing PCL, Class R, NVDR(b)		210,100		67,949
Thai Vegetable Oil PCL, NVDR		175,100		194,931
Thanachart Capital PCL, NVDR		115,000		121,483
Thonburi Healthcare Group PCL, NVDR		265,000		223,951
Tipco Asphalt PCL, NVDR(b)		235,100		158,182
Tisco Financial Group PCL, NVDR		50,000		154,393
TPI Polene Power PCL, NVDR(b)		1,030,000		144,629
TTW PCL, NVDR(b)		650,000		251,416
VGI PCL, NVDR		1,085,000		238,049
WHA Corp. PCL, NVDR(b)		2,830,100		294,364
				9,921,153

62 2 0 2 1  I SHARES   SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Consolidated Schedule of Investments (unaudited) (continued) February 28, 2021 iShares^® MSCI Emerging Markets Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Turkey — 1.6%
Anadolu Efes Biracilik Ve Malt Sanayii AS		67,600	$	215,248
Bera Holding AS(a)		96,300		319,615
Coca-Cola Icecek AS		26,300		251,371
Dogan Sirketler Grubu Holding AS		360,200		153,927
Emlak Konut Gayrimenkul Yatirim Ortakligi AS		581,700		174,871
Enerjisa Enerji AS(c)		78,400		120,380
Gubre Fabrikalari TAS(a)(b)		14,688		158,008
Izmir Demir Celik Sanayi AS(a)		37,144		16,123
Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS, Class D(a)		267,200		234,133
Koza Altin Isletmeleri AS(a)(b)		13,200		229,906
Koza Anadolu Metal Madencilik Isletmeleri AS(a)(b)		68,600		158,414
Mavi Giyim Sanayi Ve Ticaret AS, Class B(a)(c)		17,900		121,859
Migros Ticaret AS(a)(b)		27,450		144,540
MLP Saglik Hizmetleri AS(a)(c)		36,950		118,252
Nuh Cimento Sanayi AS		17,900		152,625
Otokar Otomotiv Ve Savunma Sanayi AS		2,550		122,722
Oyak Cimento Fabrikalari AS(a)(b)		82,450		84,028
Pegasus Hava Tasimaciligi AS(a)		12,550		150,827
Petkim Petrokimya Holding AS(a)		389,700		276,331
Sasa Polyester Sanayi AS(a)		47,800		260,071
TAV Havalimanlari Holding AS		71,750		241,230
Tekfen Holding AS(b)		68,950		149,184
Tofas Turk Otomobil Fabrikasi AS		35,150		164,236
Turkiye Halk Bankasi AS(a)(b)		191,700		138,258
Turkiye Sinai Kalkinma Bankasi AS(a)		390,500		86,860
Ulker Biskuvi Sanayi AS(a)		66,350		184,435
				4,427,454
United Arab Emirates — 0.5%
Air Arabia PJSC		799,100		274,115
Amanat Holdings PJSC		557,050		121,930
Aramex PJSC		206,800		218,446
DAMAC Properties Dubai Co. PJSC(a)		513,450		164,946
Dana Gas PJSC		1,263,050		238,295
Drake & Scull International PJSC(a)(d)		241,185		11,062
Dubai Financial Market PJSC		689,000		187,577
Dubai Investments PJSC		665,750		260,997
				1,477,368
Total Common Stocks — 98.8% (Cost: $221,117,739)				276,716,508
Preferred Stocks
Brazil — 1.0%
Azul SA, Preference Shares, NVS(a)		80,100		583,533
Banco ABC Brasil SA, Preference Shares, NVS		24,469		67,439
Banco do Estado do Rio Grande do Sul SA, Class B, Preference Shares, NVS		65,100		147,651
Banco Pan SA, Preference Shares, NVS		90,000		224,312
Cia. de Saneamento do Parana, Preference Shares, NVS		10,000		7,106
Cia. Energetica de Sao Paulo, Class B, Preference Shares, NVS		50,000		244,749
Gol Linhas Aereas Inteligentes SA, Preference Shares, NVS(a)		45,000		174,653

Security	Shares		Value
Brazil (continued)
Marcopolo SA, Preference Shares, NVS		185,069	$	83,352
Metalurgica Gerdau SA, Preference Shares, NVS		230,000		477,907
Randon SA Implementos e Participacoes, Preference Shares, NVS		55,025		128,749
Unipar Carbocloro SA, Preference Shares, NVS		15,083		153,697
Usinas Siderurgicas de Minas Gerais SA Usiminas, Class A, Preference Shares, NVS		115,000		335,113
				2,628,261
Total Preferred Stocks — 1.0% (Cost: $2,261,783)				2,628,261
Rights
Philippines — 0.0%
Cebu Air Inc. (Expires 03/09/21)(a)		41,101		5,803
South Korea — 0.0%
Feelux Co. Ltd. (Expires 03/15/21)(a)		9,035		2,710
LOTTE Reit Co. Ltd. (Expires 03/09/21)(a)		11,811		1,051
				3,761
Turkey — 0.0%
Izmir Demir Celik Sanayi AS (Expires 04/15/21)(a)		37,144		31,596
Total Rights — 0.0% (Cost: $59,244)				41,160
Short-Term Investments
Money Market Funds — 2.7%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.12%(h)(i)(j)		7,752,403		7,757,054
Total Short-Term Investments — 2.7% (Cost: $7,751,865)				7,757,054
Total Investments in Securities — 102.5% (Cost: $231,190,631)				287,142,983
Other Assets, Less Liabilities — (2.5)%				(7,125,618	)
Net Assets — 100.0%			$	280,017,365

^(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)  Rounds to less than $1.

^(f)  Restricted security as to resale, excluding 144A securities. The Fund held restricted securities with a current value of $73,749, representing less than 0.05% of its net assets as of period end, and an original cost of $336,376.

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

^(h)  Affiliate of the Fund.

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

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

CONSOLIDATED   SCHEDULE   OF   INVESTMENTS 63

Consolidated Schedule of Investments (unaudited) (continued) February 28, 2021 iShares^® MSCI Emerging Markets Small-Cap ETF

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 2021 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 08/31/20		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 02/28/21		Shares Held at 02/28/21		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	9,452,869	$	—	$	(1,692,177	)(a)	$	(726	)	$	(2,912	)	$	7,757,054		7,752,403	$	200,046	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares(c)		—		—		0	(a)		—			—			—		—		103			—
								$	(726	)	$	(2,912	)	$	7,757,054			$	200,149		$	—

^(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.

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
MSCI Emerging Markets E-Mini Index		1		03/19/21	$	67	$	(5,870	)

Derivative Financial Instruments Categorized by Risk Exposure

As of February 28, 2021, the fair values of derivative financial instruments located in the Consolidated Statements of Assets and Liabilities were as follows:

	Equity Contracts
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	5,870

^(a)  Net cumulative appreciation (depreciation) on futures contracts are reported in the Consolidated Schedule of Investments. In the Consolidated 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 six months ended February 28, 2021, the effect of derivative financial instruments in the Consolidated Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	215,482
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(62,339	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	711,413

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

Fair Value Measurements

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

64 2 0 2 1  I SHARES   SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Consolidated Schedule of Investments (unaudited) (continued) February 28, 2021 iShares^® MSCI Emerging Markets Small-Cap ETF

Fair Value Measurements (continued)

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of February 28, 2021. The breakdown of the Fund’s investments into major categories is disclosed in the Consolidated Schedule of Investments above.

	Level 1			Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	266,364,296		$	9,960,794	$	391,418	$	276,716,508
Preferred Stocks		2,628,261			—		—		2,628,261
Rights		34,306			6,854		—		41,160
Money Market Funds		7,757,054			—		—		7,757,054
	$	276,783,917		$	9,967,648	$	391,418	$	287,142,983
Derivative financial instruments(a)
Liabilities
Futures Contracts	$	(5,870	)	$	—	$	—	$	(5,870	)

^(a)  Shown at the unrealized appreciation (depreciation) on the contracts.

See notes to consolidated financial statements.

CONSOLIDATED   SCHEDULE   OF   INVESTMENTS 65

Consolidated Statements of Assets and Liabilities (unaudited) 

February 28, 2021

	iShares Core MSCI Emerging Markets ETF		iShares MSCI BRIC ETF			iShares MSCI Emerging Markets Asia ETF		iShares MSCI Emerging Markets Small-Cap ETF
ASSETS
Investments in securities, at value (including securities on loan)(a):
Unaffiliated(b)	$	76,103,838,060	$	173,594,800		$	907,605,916	$	279,385,929
Affiliated(c)		2,200,811,457		4,017,596			13,264,902		7,757,054
Cash		127,041,187		338,805			6,210		1,223,290
Foreign currency, at value(d)		106,529,760		548,898			1,656,109		344,698
Cash pledged:
Futures contracts		6,136,200		27,000			96,000		5,000
Receivables:
Investments sold		419,161,507		2,311,445			5,728,237		9,818,265
Securities lending income — Affiliated		4,170,169		2,018			17,246		37,169
Capital shares sold		830,430,216		—			—		—
Dividends		150,149,694		60,022			1,732,752		462,592
Tax reclaims		827,868		—			—		3,954
Total assets		79,949,096,118		180,900,584			930,107,372		299,037,951
LIABILITIES
Collateral on securities loaned, at value		2,200,234,246		3,415,493			11,213,711		7,753,441
Deferred foreign capital gain tax		162,096,912		694,114			2,220,086		619,267
Payables:
Investments purchased		1,169,940,297		2,824,003			7,404,109		9,509,788
Variation margin on futures contracts		1,571,422		5,438			19,863		945
Bank borrowings		77,818,253		—			—		984,092
Investment advisory fees		6,407,260		98,784			340,478		146,486
Foreign taxes		804,942		—			454		6,567
Total liabilities		3,618,873,332		7,037,832			21,198,701		19,020,586
NET ASSETS	$	76,330,222,786	$	173,862,752		$	908,908,671	$	280,017,365
NET ASSETS CONSIST OF:
Paid-in capital	$	62,379,873,141	$	352,181,997		$	750,289,229	$	265,001,783
Accumulated earnings (loss)		13,950,349,645		(178,319,245	)		158,619,442		15,015,582
NET ASSETS	$	76,330,222,786	$	173,862,752		$	908,908,671	$	280,017,365
Shares outstanding		1,182,000,000		3,200,000			9,900,000		5,000,000
Net asset value	$	64.58	$	54.33		$	91.81	$	56.00
Shares authorized		4.30 billion		500 million			500 million		500 million
Par value	$	0.001	$	0.001		$	0.001	$	0.001
(a) Securities loaned, at value	$	2,081,647,399	$	3,264,639		$	10,690,411	$	7,196,344
(b) Investments, at cost — Unaffiliated	$	54,678,893,361	$	148,871,051		$	691,484,698	$	223,438,766
(c)  Investments, at cost — Affiliated	$	2,199,761,467	$	4,016,665		$	13,260,150	$	7,751,865
(d) Foreign currency, at cost	$	106,634,876	$	550,545		$	1,659,395	$	347,945

See notes to consolidated financial statements.

66 2 0 2 1  I SHARES   SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Consolidated Statements of Operations (unaudited) 

Six Months Ended February 28, 2021

	iShares Core MSCI Emerging Markets ETF			iShares MSCI BRIC ETF			iShares MSCI Emerging Markets Asia ETF			iShares MSCI Emerging Markets Small-Cap ETF
INVESTMENT INCOME
Dividends — Unaffiliated	$	466,566,045		$	925,757		$	4,126,696		$	1,762,039
Dividends — Affiliated		156,458			978			314			103
Non-cash dividends — Unaffiliated		—			50,635			—			—
Securities lending income — Affiliated — net(a)		17,828,732			12,029			65,586			200,046
Other income — Unaffiliated		32,353			—			—			—
Foreign taxes withheld		(63,122,062	)		(97,028	)		(633,242	)		(217,001	)
Total investment income		421,461,526			892,371			3,559,354			1,745,187
EXPENSES
Investment advisory fees		38,407,228			699,256			1,614,220			801,806
Commitment fees		14,894			3,493			10,544			3,698
Mauritius income taxes		179,424			9,410			7,037			2,697
Interest expense		7,448			9,219			122			2,349
Total expenses		38,608,994			721,378			1,631,923			810,550
Less:
Investment advisory fees waived		(201,571	)		—			—			—
Total expenses after fees waived		38,407,423			721,378			1,631,923			810,550
Net investment income		383,054,103			170,993			1,927,431			934,637
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated(b)		(697,724,179	)		9,865,794			(3,392,006	)		10,556,859
Investments — Affiliated		(329,109	)		(531	)		(2,951	)		(726	)
In-kind redemptions — Unaffiliated		44,677,977			19,148,214			16,277,122			102,181
Futures contracts		168,739,883			(5,165	)		107,159			215,482
Foreign currency transactions		(9,066,348	)		(368,016	)		(147,777	)		(58,766	)
Net realized gain (loss)		(493,701,776	)		28,640,296			12,841,547			10,815,030
Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated(c)		12,814,932,248			8,278,104			107,615,351			44,935,345
Investments — Affiliated		(512,806	)		(1,153	)		(1,409	)		(2,912	)
Futures contracts		(72,391,987	)		(1,217	)		(88,322	)		(62,339	)
Foreign currency translations		(3,326,602	)		(937	)		(63,339	)		(11,577	)
Net change in unrealized appreciation (depreciation)		12,738,700,853			8,274,797			107,462,281			44,858,517
Net realized and unrealized gain		12,244,999,077			36,915,093			120,303,828			55,673,547
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	12,628,053,180		$	37,086,086		$	122,231,259		$	56,608,184
(a) Net of securities lending income tax paid of	$	1,130,722		$	—		$	—		$	—
(b) Net of foreign capital gain tax and capital gain tax refund, if applicable	$	(683,960	)	$	492,633		$	949		$	949
(c)  Net of deferred foreign capital gain tax of	$	(158,053,932	)	$	(694,114	)	$	(2,210,447	)	$	(619,267	)

See notes to consolidated financial statements.

CONSOLIDATED   FINANCIAL  S T A T E M E N T S 67

Consolidated Statements of Changes in Net Assets

		iShares Core MSCI Emerging Markets ETF						iShares MSCI BRIC ETF
	Six Months Ended 02/28/21 (unaudited)				Year Ended 08/31/20			Six Months Ended 02/28/21 (unaudited)				Year Ended 08/31/20
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income		$	383,054,103		$	1,596,150,911			$	170,993		$	2,184,589
Net realized gain (loss)			(493,701,776	)		(1,697,318,990	)			28,640,296			(4,924,717	)
Net change in unrealized appreciation (depreciation)			12,738,700,853			6,138,246,272				8,274,797			19,713,320
Net increase in net assets resulting from operations			12,628,053,180			6,037,078,193				37,086,086			16,973,192
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders			(780,510,721	)		(1,796,276,569	)			(1,302,135	)		(2,573,879	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions			9,854,299,308			(2,632,718,567	)			(9,044,029	)		(28,202,766	)
NET ASSETS
Total increase (decrease) in net assets			21,701,841,767			1,608,083,057				26,739,922			(13,803,453	)
Beginning of period			54,628,381,019			53,020,297,962				147,122,830			160,926,283
End of period		$	76,330,222,786		$	54,628,381,019			$	173,862,752		$	147,122,830

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

See notes to consolidated financial statements.

68 2 0 2 1  I SHARES   SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Consolidated Statements of Changes in Net Assets (continued)

	iShares MSCI Emerging Markets Asia ETF							iShares MSCI Emerging Markets Small-Cap ETF
		Six Months Ended 02/28/21 (unaudited)			Year Ended 08/31/20			Six Months Ended 02/28/21 (unaudited)			Year Ended 08/31/20
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income		$	1,927,431		$	7,932,067		$	934,637		$	4,032,371
Net realized gain (loss)			12,841,547			(4,840,142	)		10,815,030			(14,154,913	)
Net change in unrealized appreciation (depreciation)			107,462,281			86,202,052			44,858,517			29,517,151
Net increase in net assets resulting from operations			122,231,259			89,293,977			56,608,184			19,394,609
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders			(5,860,780	)		(8,516,244	)		(3,876,563	)		(5,314,637	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions			233,979,754			25,452,906			14,774,563			(40,270,524	)
NET ASSETS
Total increase (decrease) in net assets			350,350,233			106,230,639			67,506,184			(26,190,552	)
Beginning of period			558,558,438			452,327,799			212,511,181			238,701,733
End of period		$	908,908,671		$	558,558,438		$	280,017,365		$	212,511,181

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

See notes to consolidated financial statements.

CONSOLIDATED   FINANCIAL  S T A T E M E N T S 69

Consolidated Financial Highlights

(For a share outstanding throughout each period)

	iShares Core MSCI Emerging Markets ETF
	Six Months Ended 02/28/21 (unaudited)				Year Ended 08/31/20			Year Ended 08/31/19			Year Ended 08/31/18			Year Ended 08/31/17			Year Ended 08/31/16
Net asset value, beginning of period		$	53.34		$	48.31		$	52.27		$	53.91		$	44.60		$	40.75
Net investment income(a)			0.36			1.46			1.40			1.39			1.31			1.20
Net realized and unrealized gain (loss)(b)			11.60			5.21			(4.01	)		(1.61	)		8.95			3.58
Net increase (decrease) from investment operations			11.96			6.67			(2.61	)		(0.22	)		10.26			4.78
Distributions(c)
From net investment income			(0.72	)		(1.64	)		(1.35	)		(1.42	)		(0.95	)		(0.93	)
Total distributions			(0.72	)		(1.64	)		(1.35	)		(1.42	)		(0.95	)		(0.93	)
Net asset value, end of period		$	64.58		$	53.34		$	48.31		$	52.27		$	53.91		$	44.60
Total Return
Based on net asset value			22.53	%(d)		13.97	%		(4.93	)%(e)		(0.52	)%		23.45	%		11.99	%
Ratios to Average Net Assets
Total expenses			0.12	%(f)		0.14	%		0.14	%		0.14	%		0.15	%		0.17	%
Total expenses after fees waived			0.12	%(f)		0.14	%		0.14	%		0.14	%		0.14	%		0.17	%
Total expenses excluding professional fees for foreign withholding tax claims			N/A			0.14	%		0.14	%		N/A			N/A			N/A
Net investment income			1.20	%(f)		2.97	%		2.79	%		2.48	%		2.74	%		2.93	%
Supplemental Data
Net assets, end of period (000)		$	76,330,223		$	54,628,381		$	53,020,298		$	49,079,726		$	36,775,298		$	16,003,488
Portfolio turnover rate(g)			5	%(d)		15	%		15	%		6	%		4	%		10	%

^(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)  Not annualized.

^(e)  Reflects the one-time, positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the year ended August 31, 2019:

• Total return by 0.01%.

^(f)  Annualized.

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

See notes to consolidated financial statements.

70 2 0 2 1   I SHARES   SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Consolidated Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares MSCI BRIC ETF
	Six Months Ended 02/28/21 (unaudited)				Year Ended 08/31/20			Year Ended 08/31/19			Year Ended 08/31/18			Year Ended 08/31/17			Year Ended 08/31/16
Net asset value, beginning of period		$	47.46		$	40.23		$	41.01		$	42.21		$	33.48		$	30.74
Net investment income(a)			0.04			0.55			0.69			0.68			0.70			0.64
Net realized and unrealized gain (loss)(b)			7.21			7.34			(0.59	)		(1.13	)		8.57			2.84
Net increase (decrease) from investment operations			7.25			7.89			0.10			(0.45	)		9.27			3.48
Distributions(c)
From net investment income			(0.38	)		(0.66	)		(0.88	)		(0.75	)		(0.54	)		(0.74	)
Total distributions			(0.38	)		(0.66	)		(0.88	)		(0.75	)		(0.54	)		(0.74	)
Net asset value, end of period		$	54.33		$	47.46		$	40.23		$	41.01		$	42.21		$	33.48
Total Return
Based on net asset value			15.36	%(d)		19.78	%		0.35	%		(1.16	)%		28.15	%		11.61	%
Ratios to Average Net Assets
Total expenses			0.71	%(e)		0.70	%		0.69	%		0.67	%		0.70	%		0.73	%
Net investment income			0.17	%(e)		1.29	%		1.69	%		1.51	%		1.96	%		2.13	%
Supplemental Data
Net assets, end of period (000)		$	173,863		$	147,123		$	160,926		$	205,064		$	261,702		$	182,488
Portfolio turnover rate(f)			57	%(d)		42	%		53	%		22	%		24	%		20	%

^(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)  Not annualized.

^(e)  Annualized.

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

See notes to consolidated financial statements.

CONSOLIDATED   FINANCIAL  HIGHLIGHTS 71

Consolidated Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares MSCI Emerging Markets Asia ETF
	Six Months Ended 02/28/21 (unaudited)				Year Ended 08/31/20			Year Ended 08/31/19			Year Ended 08/31/18			Year Ended 08/31/17			Year Ended 08/31/16
Net asset value, beginning of period		$	75.48		$	62.82		$	69.38		$	69.15		$	56.33		$	50.87
Net investment income(a)			0.25			1.12			1.26			1.16			1.31			1.02
Net realized and unrealized gain (loss)(b)			16.85			12.79			(6.52	)		0.42			12.43			5.54
Net increase (decrease) from investment operations			17.10			13.91			(5.26	)		1.58			13.74			6.56
Distributions(c)
From net investment income			(0.77	)		(1.25	)		(1.30	)		(1.35	)		(0.92	)		(1.10	)
Total distributions			(0.77	)		(1.25	)		(1.30	)		(1.35	)		(0.92	)		(1.10	)
Net asset value, end of period		$	91.81		$	75.48		$	62.82		$	69.38		$	69.15		$	56.33
Total Return
Based on net asset value			22.77	%(d)		22.31	%		(7.52	)%		2.22	%		24.80	%		13.14	%
Ratios to Average Net Assets
Total expenses			0.50	%(e)		0.50	%		0.50	%		0.50	%		0.49	%		0.66	%
Total expenses after fees waived			0.50	%(e)		0.50	%		0.50	%		0.50	%		0.49	%		0.49	%
Net investment income			0.59	%(e)		1.68	%		1.94	%		1.58	%		2.16	%		1.98	%
Supplemental Data
Net assets, end of period (000)		$	908,909		$	558,558		$	452,328		$	440,538		$	501,330		$	216,863
Portfolio turnover rate(f)			27	%(d)		20	%		16	%		33	%		15	%		22	%

^(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)  Not annualized.

^(e)  Annualized.

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

See notes to consolidated financial statements.

72 2 0 2 1   I SHARES   SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Consolidated Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares MSCI Emerging Markets Small-Cap ETF
	Six Months Ended 02/28/21 (unaudited)				Year Ended 08/31/20			Year Ended 08/31/19			Year Ended 08/31/18			Year Ended 08/31/17			Year Ended 08/31/16
Net asset value, beginning of period		$	44.74		$	41.51		$	47.64		$	49.23		$	43.27		$	40.06
Net investment income(a)			0.20			0.85			0.99			1.10			1.04			0.90
Net realized and unrealized gain (loss)(b)			11.90			3.52			(5.98	)		(1.22	)		5.81			3.36
Net increase (decrease) from investment operations			12.10			4.37			(4.99	)		(0.12	)		6.85			4.26
Distributions(c)
From net investment income			(0.84	)		(1.14	)		(1.14	)		(1.47	)		(0.89	)		(1.05	)
Total distributions			(0.84	)		(1.14	)		(1.14	)		(1.47	)		(0.89	)		(1.05	)
Net asset value, end of period		$	56.00		$	44.74		$	41.51		$	47.64		$	49.23		$	43.27
Total Return
Based on net asset value			27.22	%(d)		10.68	%		(10.50	)%		(0.38	)%		16.17	%		10.83	%
Ratios to Average Net Assets
Total expenses			0.70	%(e)		0.71	%		0.69	%		0.67	%		0.69	%		0.71	%
Net investment income			0.80	%(e)		2.07	%		2.25	%		2.14	%		2.32	%		2.20	%
Supplemental Data
Net assets, end of period (000)		$	280,017		$	212,511		$	238,702		$	262,024		$	253,519		$	121,151
Portfolio turnover rate(f)			23	%(d)		46	%		29	%		39	%		19	%		24	%

^(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) Not annualized.

^(e)  Annualized.

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

See notes to consolidated financial statements.

CONSOLIDATED   FINANCIAL   HIGHLIGHTS 73

Notes to Consolidated 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 consolidated financial statements relate only to the following funds (each, a “Fund,” and collectively, the “Funds”):    

iShares ETF	Diversification     Classification
Core MSCI Emerging Markets	Diversified
MSCI BRIC(a)	Diversified
MSCI Emerging Markets Asia	Diversified
MSCI Emerging Markets Small-Cap	Diversified

^(a)  The Fund intends to be diversified in approximately the same proportion as its underlying index is diversified. The Fund may become non-diversified, as defined in the 1940 Act, solely as a result of a change in relative market capitalization or index weighting of one or more constituents of its underlying index. Shareholder approval will not be sought if the Fund crosses from diversified to non-diversified status due solely to a change in its relative market capitalization or index weighting of one or more constituents of its underlying index.

Basis of Consolidation: The accompanying consolidated financial statements for each Fund includes the accounts of its subsidiary in the Republic of Mauritius, which is a wholly-owned subsidiary (each, a “Subsidiary”) of the Fund that invests in Indian securities. Through this investment structure, each Fund expects to obtain certain benefits under a current tax treaty between Mauritius and India. The net assets of the Subsidiary of iShares Core MSCI Emerging Markets ETF, iShares MSCI BRIC ETF, iShares MSCI Emerging Markets Asia ETF and iShares MSCI Emerging Markets Small-Cap ETF as of period end were $7,542,532,054, $0, $102,571,788 and $46,200,427, which is 9.9%, 0.0%, 11.3% and 16.5% of each respective Fund’s consolidated net assets. Intercompany accounts and transactions, if any, have been eliminated.

Effective November 10, 2020, MSCI BRIC transferred all of the assets of MSCI BRIC’s wholly owned Mauritius Subsidiary to MSCI BRIC through on-exchange transactions in India. MSCI BRIC recognized a realized gain/loss of $7,368,287 as a result of this transaction. After the transfer, MSCI BRIC began making new investments in India directly.

2. SIGNIFICANT ACCOUNTING POLICIES

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

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

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

Each Fund does not isolate the effect of fluctuations in foreign exchange rates from the effect of fluctuations in the market prices of investments for financial reporting purposes. Accordingly, the effects of changes in exchange rates on investments are not segregated in the consolidated statement 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 consolidated statement 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, 2021, if any, are disclosed in the consolidated statement 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 consolidated statement of operations includes tax reclaims recorded as well as professional and other fees, if any, associated with recovery of foreign withholding taxes.

Each of the iShares Core MSCI Emerging Markets ETF, iShares MSCI Emerging Markets Asia ETF and iShares MSCI Emerging Markets Small-Cap ETF conducts its investment activities in India through its Subsidiary and expects to obtain benefits under the Double Tax Avoidance Agreement (“DTAA”) between India and Mauritius. In order to be eligible to claim benefits under the DTAA, each Subsidiary must have commercial substance, on an annual basis, to satisfy certain tests and conditions, including

74 2 0 2 1   I SHARES   SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Notes to Consolidated Financial Statements (unaudited) (continued)

the establishment and maintenance of valid tax residence in Mauritius, have the place of effective management outside of India, and related requirements. Each Fund has obtained a current tax residence certificate issued by the Mauritian Revenue Authorities.

Based upon current interpretation and practice of the current tax laws in India and Mauritius and the DTAA, each Subsidiary is subject to tax in Mauritius on its net income at the rate of 15%. However, each Subsidiary is entitled to a tax credit equivalent to the higher of the actual foreign tax incurred or 80% of the Mauritius tax on its foreign source income, thus reducing its maximum effective tax rate to 3% up to June 30, 2021. After June 30, 2021, under the new tax regime and subject to meeting the necessary substance requirements as required under the Financial Services Act 2007 (as amended by the Finance Act 2018) and such guidelines issued by the FSC, each Subsidiary is entitled to either (a) a foreign tax credit equivalent to the actual foreign tax suffered on its foreign income against each Subsidiary’s tax liability computed at 15% on such income, or (b) a partial exemption of 80% of some of the income derived, including interest income or foreign source dividends. Taxes on income, if any, are paid by each Subsidiary and are disclosed in its consolidated statement of operations. Any dividends paid by a Subsidiary to its Fund are not subject to tax in Mauritius. Each Subsidiary is currently exempt from tax in Mauritius on any gains from the sale of securities.

The DTAA provides that capital gains will be taxable in India with respect to the sale of shares acquired on or after April 1, 2017. Capital gains arising from shares acquired before April 1, 2017, regardless of when they are sold, will continue to be exempt from taxation under the amended DTAA, assuming requirements for eligibility under the DTAA are satisfied. There can be no assurance, however, that the DTAA will remain in effect during the Subsidiary’s existence or that it will continue to enjoy its benefits on the shares acquired prior to April 1, 2017.

Segregation and Collateralization: In cases where a Fund enters into certain investments (e.g., futures contracts) that would be treated as “senior securities” for 1940 Act purposes, a Fund may segregate or designate on its books and record cash or liquid assets having a market value at least equal to the amount of its future obligations under such investments. Doing so allows the investment to be excluded from treatment as a “senior security.” Furthermore, if required by an exchange or counterparty agreement, the Funds may be required to deliver/deposit cash and/or securities to/with an exchange, or broker-dealer or custodian as collateral for certain investments or obligations.

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

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

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

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

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

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

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

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

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

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

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

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

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

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

N O T E S   TO   CONSOLIDATED   F I N A N C I A L  S T A T E M E N T S 75

Notes to Consolidated Financial Statements (unaudited) (continued)

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

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

4. SECURITIES AND OTHER INVESTMENTS

Securities Lending: Each Fund may lend its securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund collateral consisting of cash, an irrevocable letter of credit issued by an approved bank, or securities issued or guaranteed by the U.S. government. The initial collateral received by each Fund is required to have a value of at least 102% of the current market value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter at a value equal to at least 100% of the current value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Fund and any additional required collateral is delivered to the Fund or excess collateral is returned by the Fund, on the next business day. During the term of the loan, each Fund is entitled to all distributions made on or in respect of the loaned securities but does not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

As of period end, any securities on loan were collateralized by cash and/or U.S. Government obligations. Cash collateral invested in money market funds managed by BlackRock Fund Advisors (“BFA”), the Funds’ investment adviser, or its affiliates is disclosed in the consolidated schedules 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 consolidated schedule of investments. The market value of any securities on loan and the value of any related cash collateral are disclosed in the consolidated 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.

76 2 0 2 1   I SHARES   SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Notes to Consolidated Financial Statements (unaudited) (continued)

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 as of February 28, 2021:

iShares ETF and Counterparty		Market Value of Securities on Loan		Cash Collateral Received	(a)		Non-Cash Collateral Received		Net Amount
Core MSCI Emerging Markets
Barclays Bank PLC	$	7,044,297	$	7,044,297		$	—	$	—
Barclays Capital Inc.		9,370,742		9,370,742			—		—
BNP Paribas Prime Brokerage International Ltd.		3,221,869		3,221,869			—		—
BofA Securities, Inc.		87,409,603		87,409,603			—		—
Citadel Clearing LLC		388,841		388,841			—		—
Citigroup Global Markets Inc.		151,716,803		151,716,803			—		—
Citigroup Global Markets Ltd.		24,137,958		24,137,958			—		—
Credit Suisse Securities (Europe) Ltd.		69,874,311		69,874,311			—		—
Credit Suisse Securities (USA) LLC		87,143,769		87,143,769			—		—
Deutsche Bank Securities Inc.		3,436,240		3,436,240			—		—
Goldman Sachs & Co.		59,689,821		59,689,821			—		—
Goldman Sachs International		38,545,932		38,545,932			—		—
HSBC Bank PLC		53,132,846		53,132,846			—		—
Jefferies LLC		5,382,413		5,382,413			—		—
JPMorgan Securities LLC		348,816,063		348,816,063			—		—
JPMorgan Securities PLC		443,292,638		443,292,638			—		—
Macquarie Bank Limited		39,460,052		39,460,052			—		—
Morgan Stanley & Co. International PLC		207,971,316		207,971,316			—		—
Morgan Stanley & Co. LLC		361,600,257		361,600,257			—		—
National Financial Services LLC		880,752		880,752			—		—
Nomura Securities International Inc.		118,206		118,206			—		—
RBC Capital Markets LLC		69,236		69,236			—		—
SG Americas Securities LLC		30,133,138		30,133,138			—		—
State Street Bank & Trust Company		1,020,031		1,020,031			—		—
TD Prime Services LLC		5,348,883		5,348,883			—		—
UBS AG		31,255,426		31,255,426			—		—
UBS Europe SE		3,206,444		3,206,444			—		—
UBS Securities LLC		1,523,011		1,523,011			—		—
Wells Fargo Bank, National Association		5,896,045		5,896,045			—		—
Wells Fargo Securities LLC		560,456		560,456			—		—
	$	2,081,647,399	$	2,081,647,399		$	—	$	—
MSCI BRIC
BNP Paribas Prime Brokerage International Ltd.	$	263,978	$	263,978		$	—	$	—
BofA Securities, Inc.		151,011		151,011			—		—
Citigroup Global Markets Inc.		269,471		269,471			—		—
JPMorgan Securities LLC		1,211,048		1,211,048			—		—
Macquarie Bank Limited		113,769		112,323			—		(1,446	)(b)
Morgan Stanley & Co. LLC		1,255,362		1,255,362			—		—
	$	3,264,639	$	3,263,193		$	—	$	(1,446	)
MSCI Emerging Markets Asia
Barclays Bank PLC	$	118,912	$	118,912		$	—	$	—
BNP Paribas Prime Brokerage International Ltd.		96,969		96,969			—		—
BofA Securities, Inc.		651,151		651,151			—		—
Citigroup Global Markets Inc.		975,153		975,153			—		—
JPMorgan Securities LLC		1,543,971		1,543,971			—		—
JPMorgan Securities PLC		334,280		334,280			—		—
Macquarie Bank Limited		351,627		351,627			—		—
Morgan Stanley & Co. LLC		4,676,216		4,676,216			—		—
RBC Capital Markets LLC		226,768		226,768			—		—
SG Americas Securities LLC		492,995		492,995			—		—
State Street Bank & Trust Company		119,297		119,297			—		—
Wells Fargo Bank, National Association		1,103,072		1,103,072			—		—
	$	10,690,411	$	10,690,411		$	—	$	—

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Notes to Consolidated Financial Statements (unaudited) (continued)

iShares ETF and Counterparty		Market Value of Securities on Loan		Cash Collateral Received	(a)		Non-Cash Collateral Received		Net Amount
MSCI Emerging Markets Small-Cap
Barclays Bank PLC	$	229,039	$	229,039		$	—	$	—
Barclays Capital Inc.		131,807		131,807			—		—
BofA Securities, Inc.		655,711		655,711			—		—
Citadel Clearing LLC		438,141		438,141			—		—
Citigroup Global Markets Inc.		52,152		52,152			—		—
Credit Suisse Securities (USA) LLC		200,629		200,629			—		—
Deutsche Bank Securities Inc.		42		42			—		—
Goldman Sachs & Co.		833,936		833,936			—		—
HSBC Bank PLC		191,923		191,923			—		—
Jefferies LLC		9,650		9,650			—		—
JPMorgan Securities LLC		1,116,786		1,116,786			—		—
Macquarie Bank Limited		134,915		134,915			—		—
Morgan Stanley & Co. International PLC		5,133		5,133			—		—
Morgan Stanley & Co. LLC		1,805,665		1,805,665			—		—
SG Americas Securities LLC		681,913		681,913			—		—
UBS AG		708,902		708,902			—		—
	$	7,196,344	$	7,196,344		$	—	$	—

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

^(b)  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 consolidated statement 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 consolidated statement 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 consolidated statement of assets and liabilities. When the contract is closed, a realized gain or loss is recorded in the consolidated statement of operations equal to the difference between the notional amount of the contract at the time it was opened and the notional amount at the time it was closed. The use of futures contracts involves the risk of an imperfect correlation in the movements in the price of futures contracts and interest rates, foreign currency exchange rates or underlying assets.

6. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

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

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

iShares ETF	Investment Advisory Fee
Core MSCI Emerging Markets		0.11	%
MSCI Emerging Markets Asia		0.49

78 2 0 2 1  I SHARES   SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Notes to Consolidated Financial Statements (unaudited) (continued)

Effective December 17, 2020, for its investment advisory services to the iShares Core MSCI Emerging Markets ETF, BFA is entitled to an annual investment advisory fee of 0.11%, accrued daily and paid monthly by the Fund, based on the average daily net assets of the Fund. Prior to December 17, 2020, BFA was entitled to an annual investment advisory fee of 0.13%, accrued daily and paid monthly by the Fund, based on the average daily net assets of the Fund.

For its investment advisory services to each of the iShares MSCI BRIC and iShares MSCI Emerging Markets Small-Cap ETFs, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Funds, based on each Fund’s allocable portion of the aggregate of the average daily net assets of the Fund and certain other iShares funds, as follows:

Aggregate Average Daily Net Assets	Investment Advisory Fee
First $14 billion		0.75	%
Over $14 billion, up to and including $28 billion		0.68
Over $28 billion, up to and including $42 billion		0.61
Over $42 billion, up to and including $56 billion		0.54
Over $56 billion, up to and including $70 billion		0.47
Over $70 billion, up to and including $84 billion		0.41
Over $84 billion		0.35

Each Subsidiary has entered into a separate contract with BFA under which BFA provides investment advisory services to the Subsidiary but does not receive separate compensation from the Subsidiary for providing it with such services. Each Subsidiary has also entered into separate arrangements that provide for the provision of other services to the Subsidiary (including administrative, custody, transfer agency and other services), and BFA pays the costs and expenses related to the provision of those services.

Expense Waivers: The total of the investment advisory fee and any fund other expenses are a fund’s total annual operating expenses. For the iShares Core MSCI Emerging Markets ETF, BFA has contractually agreed to waive a portion of its investment advisory fee through December 31, 2025 in order to limit the Fund’s total annual operating expenses after fee waiver to 0.11% of average daily net assets.

This amount is included in investment advisory fees waived in the Consolidated Statements of Operations. For the six months ended February 28, 2021, the amounts waived in investment advisory fees pursuant to this arrangement were as follows:

iShares ETF	Amounts waived
Core MSCI Emerging Markets	$	201,571

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. 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 consolidated statement of operations. For the six months ended February 28, 2021, the Funds paid BTC the following amounts for securities lending agent services:

iShares ETF	Fees Paid     to BTC
Core MSCI Emerging Markets	$	4,590,627
MSCI BRIC		3,437
MSCI Emerging Markets Asia		16,413
MSCI Emerging Markets Small-Cap		45,751

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

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Notes to Consolidated Financial Statements (unaudited) (continued)

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, 2021, 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)
Core MSCI Emerging Markets	$	153,789,126	$	98,504,621	$	(1,849,547)
MSCI BRIC		248,320		38,831		(9,812)
MSCI Emerging Markets Asia		11,289,751		3,179,852		(231,779)
MSCI Emerging Markets Small-Cap		2,811,123		9,761,890		5,026,702

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 consolidated statement 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, 2021, purchases and sales of investments, excluding short-term investments and in-kind transactions, were as follows:

iShares ETF	Purchases		Sales
Core MSCI Emerging Markets	$	10,723,730,429	$	3,249,412,860
MSCI BRIC		138,392,510		112,159,810
MSCI Emerging Markets Asia		387,375,714		177,371,640
MSCI Emerging Markets Small-Cap		65,347,166		54,296,367

For the six months ended February 28, 2021, in-kind transactions were as follows:

iShares ETF	In-kind Purchases		In-kind      Sales
Core MSCI Emerging Markets	$	2,532,872,726	$	127,288,024
MSCI BRIC		26,763,183		64,240,484
MSCI Emerging Markets Asia		65,345,577		46,253,151
MSCI Emerging Markets Small-Cap		3,895,770		1,731,247

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, 2021, 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’ consolidated financial statements.

As of August 31, 2020, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:

iShares ETF	Non-Expiring
Core MSCI Emerging Markets	$	5,649,652,160
MSCI BRIC		226,973,428
MSCI Emerging Markets Asia		57,878,724
MSCI Emerging Markets Small-Cap		40,215,642

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.

80 2 0 2 1   I SHARES   SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Notes to Consolidated Financial Statements (unaudited) (continued)

As of February 28, 2021, 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)
Core MSCI Emerging Markets	$	58,071,523,928	$	25,546,587,683	$	(5,310,961,695	)	$	20,235,625,988
MSCI BRIC		156,472,983		42,039,258		(20,909,398	)		21,129,860
MSCI Emerging Markets Asia		714,932,215		237,530,873		(31,641,692	)		205,889,181
MSCI Emerging Markets Small-Cap		242,187,551		75,922,074		(30,972,512	)		44,949,562

9. LINE OF CREDIT

The Funds, along with certain other iShares funds (“Participating Funds”), are parties to a $300 million credit agreement (“Credit Agreement”) with State Street Bank and Trust Company, which expires on July 15, 2021. 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 Credit Agreement sets specific sub limits on aggregate borrowings based on two tiers of Participating Funds: $300 million with respect to the funds within Tier 1, including the Funds, and $200 million with respect to Tier 2. The Funds may borrow up to the aggregate commitment amount subject to asset coverage and other limitations as specified in the Credit Agreement. The Credit Agreement has the following terms: a commitment fee of 0.20% per annum on the unused portion of the credit agreement and interest at a rate equal to the higher of (a) the one-month LIBOR rate (not less than zero) plus 1.00% per annum or (b) the U.S. Federal Funds rate (not less than zero) plus 1.00% per annum on amounts borrowed. The commitment fee is generally allocated to each Participating Fund based on the lesser of a Participating Fund’s relative exposure to certain target markets or a Participating Fund’s maximum borrowing amount as set forth by the terms of the Credit Agreement.

For the six months ended February 28, 2021, the maximum amount borrowed, the average daily borrowing and the weighted average interest rate, if any, under the credit agreement were as follows:

iShares ETF	Maximum Amount Borrowed		Average Borrowing		Weighted Average Interest Rates
Core MSCI Emerging Markets	$	77,811,000	$	1,289,685		1.12	%
MSCI BRIC		41,000,000		1,612,155		1.14
MSCI Emerging Markets Asia		475,000		20,994		1.16
MSCI Emerging Markets Small-Cap		9,309,000		404,923		1.15

10. PRINCIPAL RISKS

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

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

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

Market Risk: Investments in the securities of issuers domiciled in countries with emerging capital markets involve certain additional risks that do not generally apply to investments in securities of issuers in more developed capital markets, such as (i) low or nonexistent trading volume, resulting in a lack of liquidity and increased volatility in prices for such securities; (ii) uncertain national policies and social, political and economic instability, increasing the potential for expropriation of assets, confiscatory taxation, high rates of inflation or unfavorable diplomatic developments; (iii) lack of publicly available or reliable information about issuers as a result of not being subject to the same degree of regulatory requirements and accounting, auditing and financial reporting standards; and (iv) possible fluctuations in exchange rates, differing legal systems and the existence or possible imposition of exchange controls, custodial restrictions or other foreign or U.S. governmental laws or restrictions applicable to such investments.

An outbreak of respiratory disease caused by a novel coronavirus has developed into a global pandemic and has resulted in closing borders, quarantines, disruptions to supply chains and customer activity, as well as general concern and uncertainty. The impact of this pandemic, and other global health crises that may arise in the future, could affect the economies of many nations, individual companies and the market in general in ways that cannot necessarily be foreseen at the present time. This pandemic may result in substantial market volatility and may adversely impact the prices and liquidity of a fund’s investments. The duration of this pandemic and its effects cannot be determined with certainty.

Valuation Risk: The market values of equities, such as common stocks and preferred securities or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company. They may also decline due to factors which affect a particular industry or industries. A fund may invest in illiquid investments. An illiquid investment is any investment that a fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. A fund may experience difficulty in selling

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Notes to Consolidated Financial Statements (unaudited) (continued)

illiquid investments in a timely manner at the price that it believes the investments are worth. Prices may fluctuate widely over short or extended periods in response to company, market or economic news. Markets also tend to move in cycles, with periods of rising and falling prices. This volatility may cause a fund’s NAV to experience significant increases or decreases over short periods of time. If there is a general decline in the securities and other markets, the NAV of a fund may lose value, regardless of the individual results of the securities and other instruments in which a fund invests.

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

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

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

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

Concentration Risk: A diversified portfolio, where this is appropriate and consistent with a fund’s objectives, minimizes the risk that a price change of a particular investment will have a material impact on the NAV of a fund. The investment concentrations within each Fund’s portfolio are disclosed in its consolidated 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. 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 China or with significant exposure to Chinese issuers or countries. Investments in Chinese securities, including certain Hong Kong-listed securities, involves risks specific to China. China may be subject to considerable degrees of economic, political and social instability and demonstrates significantly higher volatility from time to time in comparison to developed markets. Chinese markets generally continue to experience inefficiency, volatility and pricing anomalies resulting from governmental influence, a lack of publicly available information and/or political and social instability. Internal social unrest or confrontations with other neighboring countries may disrupt economic development in China and result in a greater risk of currency fluctuations, currency non-convertibility, interest rate fluctuations and higher rates of inflation. Incidents involving China’s or the region’s security may cause uncertainty in Chinese markets and may adversely affect the Chinese economy and a fund’s investments. Reduction in spending on Chinese products and services, institution of tariffs or other trade barriers, or a downturn in any of the economies of China’s key trading partners may have an adverse impact on the Chinese economy. In addition, measures may be taken to limit the flow of capital and/or sanctions may be imposed, which could prohibit or restrict the ability to own or transfer fund assets and may also include retaliatory actions, such as seizure of fund assets.

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

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

LIBOR Transition Risk: The United Kingdom’s Financial Conduct Authority announced a phase out of the London Interbank Offered Rate (“LIBOR”) by the end of 2021, and it is expected that LIBOR will cease to be published after that time. The Funds may be exposed to financial instruments tied to LIBOR to determine payment obligations, financing terms, hedging strategies or investment value. The transition process away from LIBOR might lead to increased volatility and illiquidity in markets for, and reduce the effectiveness of new hedges placed against, instruments whose terms currently include LIBOR. The ultimate effect of the LIBOR transition process on the Funds is uncertain.

11. CAPITAL SHARE TRANSACTIONS

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

Transactions in capital shares were as follows:

82 2 0 2 1   I SHARES   SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Notes to Consolidated Financial Statements (unaudited) (continued)

	Six Months Ended 02/28/21						Year Ended 08/31/20
iShares ETF	Shares			Amount			Shares			Amount
Core MSCI Emerging Markets
Shares sold		163,200,000		$	10,135,430,029			69,600,000		$	3,678,834,697
Shares redeemed		(5,400,000	)		(281,130,721	)		(142,800,000	)		(6,311,553,264	)
Net increase (decrease)		157,800,000		$	9,854,299,308			(73,200,000	)	$	(2,632,718,567	)
MSCI BRIC
Shares sold		2,150,000		$	97,551,512			2,200,000		$	100,056,145
Shares redeemed		(2,050,000	)		(106,595,541	)		(3,100,000	)		(128,258,911	)
Net increase (decrease)		100,000		$	(9,044,029	)		(900,000	)	$	(28,202,766	)
MSCI Emerging Markets Asia
Shares sold		3,800,000		$	335,474,380			1,450,000		$	106,385,007
Shares redeemed		(1,300,000	)		(101,494,626	)		(1,250,000	)		(80,932,101	)
Net increase		2,500,000		$	233,979,754			200,000		$	25,452,906
MSCI Emerging Markets Small-Cap
Shares sold		400,000		$	21,647,767			1,050,000		$	46,923,657
Shares redeemed		(150,000	)		(6,873,204	)		(2,050,000	)		(87,194,181	)
Net increase (decrease)		250,000		$	14,774,563			(1,000,000	)	$	(40,270,524	)

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 consolidated statement of assets and liabilities.

12. SUBSEQUENT EVENTS

Management’s evaluation of the impact of all subsequent events on the Funds’ financial statements was completed through the date the financial statements were available to be issued and the following items were noted:

The Board has approved the transfer of assets that are invested in India from MSCI Emerging Markets Asia’s wholly-owned Mauritius subsidiary to MSCI Emerging Markets Asia through on-exchange transactions in India. The transfer is expected to occur during the second quarter of 2021. MSCI Emerging Markets Asia will incur transaction costs from the transfer. After the transfer is completed, MSCI Emerging Markets Asia will make new investments in India directly.

N O T E S   TO   CONSOLIDATED   F I N A N C I A L  S T A T E M E N T S 83

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 Core MSCI Emerging Markets ETF, iShares MSCI BRIC ETF, iShares MSCI Emerging Markets Asia ETF and iShares MSCI Emerging Markets Small-Cap 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 2, 2020 (the “Meeting”) to review the Program. The Board previously appointed BlackRock Fund Advisors (“BlackRock”), the investment adviser to the Funds, as the program administrator for each Fund’s Program. BlackRock also previously delegated oversight of the Program to the 40 Act Liquidity Risk Management Committee (the “Committee”). At the Meeting, the Committee, on behalf of BlackRock, provided the Board with a report that addressed the operation of the Program and assessed its adequacy and effectiveness of implementation, including the management of each Fund’s Highly Liquid Investment Minimum (“HLIM”) where applicable, and any material changes to the Program (the “Report”). The Report covered the period from October 1, 2019 through September 30, 2020 (the “Program Reporting Period”).

The Report described the Program’s liquidity classification methodology for categorizing a Fund’s investments (including derivative transactions) into one of four liquidity buckets. It also referenced the methodology used by BlackRock to establish a Fund’s HLIM and noted that the Committee reviews and ratifies the HLIM assigned to each Fund no less frequently than annually. The Report also discussed notable events affecting liquidity over the Program Reporting Period, including extended market holidays and closures in certain countries and the impact of the coronavirus outbreak on the Funds and the overall market.

The Report noted that the Program complied with the key factors for consideration under the Liquidity Rule for assessing, managing and periodically reviewing a Fund’s liquidity risk, as follows:

a) 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 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.

b) 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.

c) Holdings of cash and cash equivalents, as well as borrowing arrangements. The Committee considered that ETFs generally do not hold more than de minimis amounts of cash. While the ETFs generally do not engage in borrowing, certain of the ETFs have the flexibility to draw on a line of credit to meet redemption requests or facilitate settlements.

d) The relationship between an ETF’s portfolio liquidity and the way in which, and the prices and spreads at which, ETF shares trade, including the efficiency of the arbitrage function and the level of active participation by market participants, including authorized participants. The Committee monitored the prevailing bid/ask spread and the ETF price premium (or discount) to NAV for all ETFs and reviewed any persistent deviations from long-term averages.

e) The effect of the composition of baskets on the overall liquidity of an ETF’s portfolio. In reviewing the linkage between the composition of custom baskets accepted by an ETF and any significant change in the liquidity profile of such ETF, the Committee reviewed changes in the proportion of each ETF’s portfolio comprised of less liquid and illiquid holdings to determine if applicable thresholds were met requiring enhanced review.

As part of BlackRock’s continuous review of the effectiveness of the Program, the Committee made the following enhancements to the Program: (1) certain single country emerging market ETFs were added to a $300 million credit agreement with State Street Bank and Trust Company; and (2) certain updates were made to the RATS and HLIM calculation 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.

84 2 0 2 1   I SHARES   SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Supplemental Information (unaudited)

Regulation Regarding Derivatives

On October 28, 2020, the Securities and Exchange Commission (the “SEC”) adopted new regulations governing the use of derivatives by registered investment companies (“Rule 18f-4”). The Funds will be required to implement and comply with Rule 18f-4 by August 19, 2022. Once implemented, Rule 18f-4 will impose limits on the amount of derivatives a fund can enter into, eliminate the asset segregation framework currently used by funds to comply with Section 18 of the 1940 Act, treat derivatives as senior securities and require funds whose use of derivatives is more than a limited specified exposure amount to establish and maintain a comprehensive derivatives risk management program and appoint a derivatives risk manager.

Section 19(a) Notices

The amounts and sources of distributions reported are estimates and are being provided pursuant to regulatory requirements and are not being provided for tax reporting purposes. The actual amounts and sources for tax reporting purposes will depend upon each Fund’s investment experience during the year and may be subject to changes based on tax regulations. Shareholders will receive a Form 1099-DIV each calendar year that will inform them how to report these distributions for federal income tax purposes.

February 28, 2021

	Total Cumulative Distributions for the Fiscal Year-to-Date								% Breakdown of the Total Cumulative Distributions for the Fiscal Year-to-Date
iShares ETF	Net Investment Income		Net Realized Capital Gains		Return of Capital		Total Per Share		Net Investment Income			Net Realized Capital Gains			Return of Capital			Total Per Share
Core MSCI Emerging Markets(a)	$	0.603262	$	—	$	0.120237	$	0.723499		83	%		—	%		17	%		100	%
MSCI BRIC(a)		0.258031		—		0.124950		0.382981		67			—			33			100
MSCI Emerging Markets Asia(a)		0.619997		—		0.146118		0.766115		81			—			19			100
MSCI Emerging Markets Small-Cap(a)		0.588780		—		0.253951		0.842731		70			—			30			100

^(a)  The Fund estimates that it has distributed more than its net investment income and net realized capital gains; therefore, a portion of the distribution may be a return of capital. A return of capital may occur, for example, when some or all of the shareholder’s investment in the Fund is returned to the shareholder. A return of capital does not necessarily reflect the Fund’s investment performance and should not be confused with “yield” or “income”. When distributions exceed total return performance, the difference will incrementally reduce the Fund’s net asset value per share.

S U P P L E M E N T A L   I N F O R M A  T I O N 85

General Information

Electronic Delivery

Shareholders can sign up for email 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.

86 2 0 2 1  I SHARES   SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Glossary of Terms Used in this Report

Portfolio Abbreviations - Equity
ADR	American Depositary Receipt
CPO	Certificates of Participation (Ordinary)
GDR	Global Depositary Receipt
JSC	Joint Stock Company
NVDR	Non-Voting Depositary Receipt
NVS	Non-Voting Shares
PJSC	Public Joint Stock Company
REIT	Real Estate Investment Trust

G L O S S A R Y   OF   T E R M S   U S E D   I N   T H I S   R E P O R T 87

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.

©2021 BlackRock, Inc. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.

iS-SAR-810-0221

FEBRUARY 28, 2021

2021 Semi-Annual Report

(Unaudited)

iShares, Inc.

🌑 iShares MSCI Frontier 100 ETF | FM | NYSE Arca

🌑 iShares MSCI World ETF | URTH | NYSE Arca

The Markets in Review

Dear Shareholder,

The 12-month reporting period as of February 28, 2021 reflected a remarkable period of disruption and adaptation, as the global economy dealt with the implications of the coronavirus (or “COVID-19”) pandemic. As the period began, the threat from the virus was becoming increasingly apparent, and countries around the world took economically disruptive countermeasures. Stay-at-home orders and closures of non-essential businesses became widespread, many workers were laid off, and unemployment claims spiked, causing a global recession and a sharp fall in equity prices.

After markets hit their lowest point of the reporting period in late March 2020, a steady recovery ensued, as businesses began to re-open and governments learned to adapt to life with the virus. Equity prices continued to rise throughout the summer, fed by strong fiscal and monetary support and improving economic indicators. Many equity indices neared or surpassed all-time highs late in the reporting period following the implementation of mass vaccination campaigns and progress of additional stimulus through the U.S. Congress. In the United States, both large- and small-capitalization stocks posted a significant advance. International equities also gained, as both developed countries and emerging markets rebounded substantially from lows in late March 2020.

During the market downturn, the performance of different types of fixed-income securities initially diverged due to a reduced investor appetite for risk. U.S. Treasuries benefited from the risk-off environment, as the 10-year U.S. Treasury yield (which is inversely related to bond prices) dropped to historic lows. However, inflation risk from a rapidly expanding economy raised yields late in the reporting period, leading to a negative overall return for most U.S. Treasuries. In the corporate bond market, support from the U.S. Federal Reserve (the “Fed”) assuaged credit concerns and both investment-grade and high-yield bonds recovered to post positive returns.

Following the coronavirus outbreak, the Fed instituted two emergency interest rate cuts, pushing short-term interest rates, already low as the year began, close to zero. To stabilize credit markets, the Fed also implemented a new bond-buying program, as did several other central banks around the world, including the European Central Bank and the Bank of Japan.

Looking ahead, while coronavirus-related disruptions have clearly hindered worldwide economic growth, we believe that the global expansion will continue to accelerate as vaccination efforts ramp up and pent-up consumer demand leads to higher spending. In early 2021, Congress passed one of the largest economic rescue packages in U.S. history, which should provide a solid tailwind for economic growth. Inflation is likely to increase somewhat as the expansion continues, but a shift in central bank policy means that moderate inflation is less likely to be followed by interest rate hikes that could threaten the equity expansion.

Overall, we favor a positive stance toward risk, with an overweight in equities. We see U.S. and Asian equities outside of Japan benefiting from structural growth trends in tech, while emerging markets should be particularly helped by a vaccine-led economic expansion. While we are neutral overall on credit, rising inflation should provide tailwinds for inflation-protected bonds, and global high-yield and Asian bonds also present attractive opportunities. We believe that international diversification and a focus on sustainability can help provide portfolio resilience, and the disruption created by the coronavirus appears to be accelerating the shift toward sustainable investments.

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

Sincerely,

Rob Kapito

President, BlackRock, Inc.

Rob Kapito

President, BlackRock, Inc.

Total Returns as of February 28, 2021
	6-Month	12-Month
U.S. large cap equities (S&P 500® Index)	9.74%	31.29%
U.S. small cap equities (Russell 2000® Index)	41.69	51.00
International equities (MSCI Europe, Australasia, Far East Index)	14.33	22.46
Emerging market equities (MSCI Emerging Markets Index)	22.32	36.05
3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)	0.06	0.40
U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)	(6.34)	(1.96)
U.S. investment grade bonds (Bloomberg Barclays U.S. Aggregate Bond Index)	(1.55)	1.38
Tax-exempt municipal bonds (S&P Municipal Bond Index)	0.92	1.22
U.S. high yield bonds (Bloomberg Barclays U.S. Corporate High Yield 2% Issuer Capped Index)	6.08	9.31
Past performance is no guarantee of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.

2   THIS  PAGE  IS  NOT  PART  OF  YOUR  FUND   REPORT

Table of Contents

	Page
The Markets in Review		2
Fund Summary		4
About Fund Performance		6
Shareholder Expenses		6
Schedules of Investments		7
Financial Statements
Statements of Assets and Liabilities		25
Statements of Operations		26
Statements of Changes in Net Assets		27
Financial Highlights		28
Notes to Financial Statements		30
Statement Regarding Liquidity Risk Management Program		38
Supplemental Information		39
General Information		40
Glossary of Terms Used in this Report		41

Fund Summary as of February 28, 2021 iShares^® MSCI Frontier 100 ETF

Investment Objective

The iShares MSCI Frontier 100 ETF (the “Fund”) seeks to track the investment results of an index composed of frontier market equities, as represented by the MSCI Frontier Markets 100 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.

On December 10-11, 2020, the Board approved a proposal to amend the Fund’s investment objective to “track the investment results of an index composed primarily of frontier market equities along with select emerging market equities”, change the index to “MSCI Frontier and Emerging Markets Select Index” and change the name of the Fund to “iShares MSCI Frontier and Select EM ETF.” These changes will become effective on March 1, 2021.

Performance

	Average Annual Total Returns												Cumulative Total Returns
	6 Months			1 Year			5 Years			Since Inception			1 Year			5 Years			Since Inception
Fund NAV		15.44	%		7.67	%		7.14	%		5.60	%		7.67	%		41.17	%		58.62	%
Fund Market		13.76			8.25			7.00			5.34			8.25			40.27			55.40
Index		15.36			10.70			8.95			7.10			10.70			53.49			78.70

The inception date of the Fund was 9/12/12. The first day of secondary market trading was 9/13/12.

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 6 for more information.

Expense Example

Actual								Hypothetical 5% Return
	Beginning Account Value (09/01/20)		Ending Account Value (02/28/21	)		Expenses Paid During the Period	(a)		Beginning Account Value (09/01/20	)		Ending Account Value (02/28/21	)		Expenses Paid During the Period	(a)	Annualized Expense Ratio
$	1,000.00	$	1,154.40		$	4.22		$	1,000.00		$	1,020.90		$	3.96		0.79	%

^(a)  Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (181 days) and divided by the number of days in the year (365 days). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” on page 6 for more information.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of    Total Investments	(a)
Financials	44.4	%
Communication Services	15.8
Consumer Staples	8.2
Real Estate	6.7
Industrials	6.3
Materials	6.2
Energy	5.9
Health Care	3.2
Utilities	1.4
Consumer Discretionary	1.4
Information Technology	0.5

^(a) Excludes money market funds.

TEN LARGEST GEOGRAPHIC ALLOCATION

Country/Geographic Region	Percent of    Total Investments	(a)
Kuwait	19.5	%
Vietnam	15.7
Morocco	11.4
Kenya	8.9
Romania	8.3
Nigeria	7.7
Bahrain	7.5
Bangladesh	7.0
Kazakhstan	4.1
Oman	3.8

4 2 0 2 1  I SHARES  SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Fund Summary as of February 28, 2021 iShares^® MSCI World ETF

Investment Objective

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

Performance

	Average Annual Total Returns												Cumulative Total Returns
	6 Months			1 Year			5 Years			Since    Inception			1 Year			5 Years			Since    Inception
Fund NAV		11.81	%		29.58	%		14.37	%		11.69	%		29.58	%		95.66	%		174.54	%
Fund Market		11.79			28.69			14.33			11.66			28.69			95.36			174.03
Index		11.73			29.34			14.10			11.47			29.34			93.43			169.71

The inception date of the Fund was 1/10/12. The first day of secondary market trading was 1/12/12.

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 6 for more information.

Expense Example

Actual								Hypothetical 5% Return
	Beginning Account Value (09/01/20)		Ending Account Value (02/28/21	)		Expenses Paid During the Period	(a)		Beginning Account Value (09/01/20	)		Ending Account Value (02/28/21	)		Expenses Paid During the Period	(a)	Annualized Expense Ratio
$	1,000.00	$	1,118.10		$	1.26		$	1,000.00		$	1,023.60		$	1.20		0.24	%

^(a) Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (181 days) and divided by the number of days in the year (365 days). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” on page 6 for more information.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of    Total Investments	(a)
Information Technology	21.9	%
Financials	13.5
Health Care	12.5
Consumer Discretionary	12.1
Industrials	10.6
Communication Services	9.2
Consumer Staples	6.9
Materials	4.6
Energy	3.2
Utilities	2.9
Real Estate	2.6

^(a)  Excludes money market funds.

TEN LARGEST GEOGRAPHIC ALLOCATION

Country/Geographic Region	Percent of Total Investments	(a)
United States	65.5	%
Japan	7.7
United Kingdom	4.3
France	3.4
Canada	3.3
Switzerland	2.9
Germany	2.8
Australia	2.3
Netherlands	1.5
Hong Kong	1.0

F U N D    S U M M A R Y 5

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 the 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 by 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. Since shares of a fund may not trade in the secondary market until after the fund’s inception, for the period from inception to the first day of secondary market trading in shares of the fund, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.

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

Shareholder Expenses

As a shareholder of your Fund, you incur two types of costs: (1) transaction costs, including brokerage commissions on purchases and sales of fund shares and (2) ongoing costs, including management fees and other fund expenses. The expense example, which is based on an investment of $1,000 invested at the beginning of the period (or from the commencement of operations if less than 6 months) and held through the end of the period, is intended to help you understand your ongoing costs (in dollars and cents) of investing in your Fund and to compare these costs with the ongoing costs of investing in other funds.

Actual Expenses – The table provides information about actual account values and actual expenses. Annualized expense ratios reflect contractual and voluntary fee waivers, if any. To estimate the expenses that you paid on your account over the period, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number under the heading entitled “Expenses Paid During the Period.”

Hypothetical Example for Comparison Purposes – The table also provides information about hypothetical account values and hypothetical expenses based on your Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses. You may use this information to compare the ongoing costs of investing in your Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as brokerage commissions and other fees paid on purchases and sales of fund shares. Therefore, the hypothetical examples are useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

6 2 0 2 1  I SHARES  SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Schedule of Investments (unaudited) February 28, 2021 iShares^® MSCI Frontier 100 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Argentina — 0.4%
Globant SA(a)		8,326	$	1,787,759
Grupo Financiero Galicia SA, ADR		15,509		115,542
				1,903,301
Bahrain — 7.3%
Ahli United Bank BSC		32,139,009		23,893,200
Aluminium Bahrain BSC(a)		874,831		1,199,384
Bahrain Telecommunications Co. BSC		2,514,772		3,674,461
GFH Financial Group, NVS		1,196,115		210,516
GFH Financial Group BSC		10,403,673		1,812,709
Ithmaar Holding BSC(a)(b)		7,341,331		524,433
				31,314,703
Bangladesh — 6.9%
Bangladesh Export Import Co. Ltd.		4,162,819		4,197,429
Beximco Pharmaceuticals Ltd.		2,241,800		4,798,475
BRAC Bank Ltd.		4,459,835		2,298,423
City Bank Ltd. (The)		3,966,065		1,178,664
GrameenPhone Ltd.		611,735		2,444,199
LafargeHolcim Bangladesh Ltd.		2,616,705		1,629,365
National Bank Ltd.		12,244,015		1,082,966
Olympic Industries Ltd.		864,100		1,709,959
Square Pharmaceuticals Ltd.		3,468,923		8,787,366
Summit Power Ltd.		2,505,606		1,314,930
				29,441,776
Colombia — 0.1%
Bancolombia SA		17,221		149,537
Ecopetrol SA		164,747		102,508
Grupo Argos SA		23,124		85,050
Grupo de Inversiones Suramericana SA		15		98
Interconexion Electrica SA ESP		17,329		114,054
				451,247
Croatia — 0.4%
Valamar Riviera DD(a)		367,464		1,811,921
Egypt — 0.2%
Commercial International Bank Egypt SAE		222,423		883,458
Eastern Co. SAE		111,363		105,334
				988,792
Estonia — 0.9%
LHV Group AS		81,289		2,249,644
Tallink Grupp AS(a)		1,707,627		1,372,139
Tallinna Sadam AS(c)		65,190		144,803
				3,766,586
Jordan — 1.3%
Arab Bank PLC(a)		475,848		2,758,442
Jordan Islamic Bank(a)		310,660		1,283,828
Jordan Petroleum Refinery Co.		425,368		1,613,878
				5,656,148
Kazakhstan — 4.0%
Halyk Savings Bank of Kazakhstan JSC, GDR		591,457		7,718,514
Kaspi.KZ JSC(a)		18,542		1,307,211
NAC Kazatomprom JSC, GDR		368,734		8,112,148
				17,137,873
Kenya — 8.7%
East African Breweries Ltd.		2,323,334		3,512,509
Equity Group Holdings PLC/Kenya(a)		16,260,666		5,612,744
KCB Group Ltd.		15,108,016		5,331,836

Security	Shares		Value
Kenya (continued)
Safaricom PLC		64,224,005	$	22,665,575
				37,122,664
Kuwait — 19.1%
Agility Public Warehousing Co. KSC		2,596,553		5,662,399
ALAFCO Aviation Lease & Finance Co. KSCP		834,448		548,671
Alimtiaz Investment Group KSC(a)		2,175,722		797,968
Boubyan Bank KSCP		1,918,064		3,498,336
Boubyan Petrochemicals Co. KSCP		937,621		2,230,587
Burgan Bank SAK		2,001,434		1,474,706
Gulf Bank KSCP		3,585,800		2,559,170
Humansoft Holding Co. KSC(a)		216,618		2,739,128
Integrated Holding Co. KCSC		405,564		553,438
Jazeera Airways Co. KSCP(a)		240,491		506,966
Kuwait Finance House KSCP		6,226,084		14,852,908
Kuwait International Bank KSCP		1,476,686		966,079
Kuwait Projects Co. Holding KSCP		1,808,965		1,022,082
Mabanee Co. KPSC		1,314,071		3,048,002
Mezzan Holding Co. KSCC		281,040		541,372
Mobile Telecommunications Co. KSC		4,770,073		9,882,160
National Bank of Kuwait SAKP		10,000,733		27,261,208
National Industries Group Holding SAK		2,470,573		1,559,159
National Real Estate Co. KPSC(a)		2,081,552		604,554
Warba Bank KSCP(a)		1,953,790		1,504,157
				81,813,050
Lithuania — 0.1%
AB Ignitis Grupe, NVS		6,112		154,310
Siauliu Bankas AB(a)		404,560		252,402
				406,712
Mauritius — 0.3%
Lighthouse Capital Ltd.(d)		2,891,967		1,298,366
Morocco — 11.1%
Attijariwafa Bank		245,488		11,571,834
Banque Centrale Populaire		159,885		4,480,780
Ciments du Maroc SA		20,654		3,843,423
Co. Sucrerie Marocaine et de Raffinage		165,483		4,338,999
Hightech Payment Systems SA(a)		321		241,094
Label Vie		6,490		2,377,567
Maroc Telecom		1,080,758		16,628,258
Societe d’Exploitation des Ports		129,048		3,081,320
TOTAL Maroc SA		8,267		1,195,483
				47,758,758
Nigeria — 7.6%
Access Bank PLC		101,166,493		1,772,025
Afriland Properties PLC(a)		8,020		34
Dangote Cement PLC		14,756,551		6,892,656
FBN Holdings PLC		95,143,544		1,484,724
Guaranty Trust Bank PLC		83,793,514		5,515,072
MTN Nigeria Communications PLC		14,286,260		5,277,727
Nestle Nigeria PLC		1,593,880		4,906,849
United Bank for Africa PLC		97,653,005		1,689,749
Zenith Bank PLC		90,720,921		4,902,012
				32,440,848
Oman — 3.7%
Bank Dhofar SAOG		39,196		10,486
Bank Muscat SAOG		7,765,372		8,148,598
Bank Nizwa SAOG(a)		5,647,337		1,452,173
National Bank of Oman SAOG		134,073		44,575
Oman Telecommunications Co. SAOG		1,725,324		3,441,685

SCHEDULE   OF   INVESTMENTS 7

Schedule of Investments (unaudited) (continued) February 28, 2021 iShares^® MSCI Frontier 100 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Oman (continued)
Omani Qatari Telecommunications Co. SAOG		1,817,654	$	1,945,126
Sohar International Bank SAOG(a)		3,359,949		698,171
				15,740,814
Panama — 0.0%
Intercorp Financial Services Inc.		3,741		130,561
Peru — 0.6%
Cia. de Minas Buenaventura SAA, ADR(a)		13,356		147,717
Credicorp Ltd.		10,880		1,740,909
Southern Copper Corp.		8,938		637,548
				2,526,174
Philippines — 0.5%
Aboitiz Equity Ventures Inc.		123,000		106,852
Ayala Corp.		7,380		113,772
Ayala Land Inc.		157,100		126,438
Bank of the Philippine Islands		51,170		93,861
BDO Unibank Inc.		54,010		117,437
Globe Telecom Inc.		3,110		129,861
GT Capital Holdings Inc.		8,890		102,514
International Container Terminal Services Inc.		42,890		105,987
JG Summit Holdings Inc.		79,400		105,468
Jollibee Foods Corp.		30,600		112,890
Manila Electric Co.		15,720		87,801
Metro Pacific Investments Corp.		1,257,000		105,441
Metropolitan Bank & Trust Co.		121,600		127,064
PLDT Inc.		4,545		120,650
SM Investments Corp.		6,590		137,043
SM Prime Holdings Inc.		165,200		123,083
Universal Robina Corp.		46,140		121,436
				1,937,598
Romania — 8.1%
Banca Transilvania SA		25,972,906		13,902,568
BRD-Groupe Societe Generale SA(a)		1,223,194		4,397,426
OMV Petrom SA		64,473,709		6,019,355
Societatea Energetica Electrica SA		831,234		2,886,912
Societatea Nationala de Gaze Naturale ROMGAZ SA		678,186		5,360,787
Transelectrica SA		23,061		158,461
Transgaz SA Medias		27,781		2,033,439
				34,758,948
Slovenia — 0.0%
Pozavarovalnica Sava dd(a)		1,900		52,582
Sri Lanka — 1.1%
Commercial Bank of Ceylon PLC		384,784		175,680
John Keells Holdings PLC		4,431,014		3,468,582
Sampath Bank PLC		1,308,410		1,047,764
				4,692,026
Vietnam — 15.3%
An PHAT Holdings JSC(a)		59,370		176,693
Bank for Foreign Trade of Vietnam JSC		944,680		4,030,481
Bank for Investment and Development of Vietnam JSC		416,950		789,826
Bao Viet Holdings		158,410		406,753
Ho Chi Minh City Development Joint Stock Commercial Bank(a)		1,220,292		1,333,406
Hoa Phat Group JSC		4,399,106		8,715,453
Hoa Sen Group(a)		245,490		282,644
Hoang Huy Investment Financial Services JSC		473,830		448,786
KIDO Group Corp.		127,620		267,255
Kinh Bac City Development Share Holding Corp.(a)		596,720		1,011,104

Security	Shares		Value
Vietnam (continued)
Masan Group Corp.		1,209,580	$	4,745,512
No Va Land Investment Group Corp.(a)		555,220		1,920,166
PetroVietnam Drilling & Well Services JSC(a)		98,900		100,548
PetroVietnam Gas JSC		160,200		621,548
PetroVietnam Power Corp.		1,215,140		665,208
PetroVietnam Technical Services Corp.		570,798		557,989
Phat Dat Real Estate Development Corp.(a)		111,300		304,647
Saigon - Hanoi Commercial Joint Stock Bank(a)		1,078,500		745,037
Saigon Beer Alcohol Beverage Corp.		157,680		1,287,939
Saigon Thuong Tin Commercial JSB(a)		1,140,380		909,173
SSI Securities Corp.		957,730		1,381,471
Thanh Thanh Cong - Bien Hoa JSC		678,590		639,776
Vietjet Aviation JSC(a)		385,990		2,265,646
Vietnam Dairy Products JSC		2,074,474		9,445,610
Vietnam Electrical Equipment JSC(a)		641,690		588,259
Vietnam National Petroleum Group		267,320		675,951
Viglacera Corp. JSC		729,260		1,181,822
Vincom Retail JSC(a)		1,413,380		2,038,721
Vingroup JSC(a)		2,052,220		9,718,766
Vinh Hoan Corp.		246,000		425,382
Vinhomes JSC(a)(c)		1,834,260		8,096,836
				65,778,408
Total Common Stocks — 97.7% (Cost: $326,064,835)				418,929,856
Preferred Stocks
Colombia — 0.1%
Bancolombia SA, Preference Shares, NVS		38,871		333,232
Total Preferred Stocks — 0.1% (Cost: $333,732)				333,232
Rights
Vietnam — 0.0%
NO VA Land Investment Group (Expires 03/09/21)(a)(b)		565,820		41,764
Total Rights — 0.0% (Cost: $0)				41,764
Short-Term Investments
Money Market Funds — 0.0%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.12%(e)(f)(g)		20,316		20,328
Total Short-Term Investments — 0.0% (Cost: $20,325)				20,328
Total Investments in Securities — 97.8% (Cost: $326,418,892)				419,325,180
Other Assets, Less Liabilities — 2.2%				9,308,335
Net Assets — 100.0%			$	428,633,515

^(a) Non-income producing security.

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

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

8 2 0 2 1  I SHARES  SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Schedule of Investments (unaudited) (continued) February 28, 2021 iShares^® MSCI Frontier 100 ETF

^(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 cash collateral received from loaned securities.

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 2021 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 08/31/20		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 02/28/21		Shares Held at 02/28/21		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	20,350	$	—	$	(1	)(a)	$	(23	)	$	2	$	20,328		20,316	$	47	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares(c)		680,000		—		(680,000	)(a)		—			—		—		—		194			—
								$	(23	)	$	2	$	20,328			$	241		$	—

^(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.

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
MSCI Emerging Markets E-Mini Index		134		03/19/21	$	8,965	$	536,092

Forward Foreign Currency Exchange Contracts

Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation)
USD	8,356,117	NGN	3,723,485,718	CITI		10/28/21	$	92,652
	Net unrealized appreciation						$	92,652

Derivative Financial Instruments Categorized by Risk Exposure

As of February 28, 2021, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

	Equity Contracts		Foreign Currency Exchange Contracts		Total
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)	$	536,092	$	—	$	536,092
Forward foreign currency exchange contracts
Unrealized appreciation on forward foreign currency exchange contracts	$	—	$	92,652	$	92,652
	$	536,092	$	92,652	$	628,744

^(a)  Net cumulative 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).

SCHEDULE   OF   INVESTMENTS 9

Schedule of Investments (unaudited) (continued) February 28, 2021 iShares^® MSCI Frontier 100 ETF

For the six months ended February 28, 2021, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts		Foreign Currency Exchange Contracts			Total
Net Realized Gain (Loss) from:
Futures contracts	$	1,756,750	$	—		$	1,756,750
Forward foreign currency exchange contracts		—		(1,388,237	)		(1,388,237	)
	$	1,756,750	$	(1,388,237	)	$	368,513
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	253,411	$	—		$	253,411
Forward foreign currency exchange contracts		—		462,662			462,662
	$	253,411	$	462,662		$	716,073

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	9,465,870
Forward foreign currency exchange contracts:
Average amounts sold — in USD	$	8,155,035

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

Derivative Financial Instruments - Offsetting as of Period End

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

	Assets			Liabilities
Derivative Financial Instruments:
Futures contracts	$	536,092		$	—
Forward foreign currency exchange contracts		92,652			—
Total derivative assets and liabilities in the Statement of Assets and Liabilities		628,744			—
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)		(536,092	)		—
Total derivative assets and liabilities subject to an MNA		92,652			—

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

Counterparty		Derivative Assets Subject to an MNA by Counterparty		Derivatives Available for Offset		Net Amount of Derivative Assets	(a)
Citibank N.A	$	92,652	$	—	$	92,652

^(a)  Net amount represents the net amount receivable from the counterparty in the event of default.

10 2 0 2 1  I SHARES  SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Schedule of Investments (unaudited) (continued) February 28, 2021 iShares^® MSCI Frontier 100 ETF

Fair Value Measurements

Various inputs are used in determining the fair value of financial instruments. For 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 value of the Fund’s investments according to the fair value hierarchy as of February 28, 2021. The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.

		Level 1		Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	385,964,575	$	32,440,848	$	524,433	$	418,929,856
Preferred Stocks		333,232		—		—		333,232
Rights		—		—		41,764		41,764
Money Market Funds		20,328		—		—		20,328
	$	386,318,135	$	32,440,848	$	566,197	$	419,325,180
Derivative financial instruments(a)
Assets
Futures Contracts	$	536,092	$	—	$	—	$	536,092
Forward Foreign Currency Exchange Contracts		—		92,652		—		92,652
	$	536,092	$	92,652	$	—	$	628,744

^(a)  Shown at the unrealized appreciation (depreciation) on the contracts.

See notes to financial statements.

SCHEDULE   OF   INVESTMENTS 11

Schedule of Investments (unaudited) February 28, 2021 iShares^® MSCI World ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Australia — 2.3%
Afterpay Ltd.(a)		5,063	$	468,491
AGL Energy Ltd.		18,589		134,849
APA Group		35,433		254,845
Aristocrat Leisure Ltd.		14,952		351,442
ASX Ltd.		5,699		298,262
Aurizon Holdings Ltd.		50,621		149,317
Australia & New Zealand Banking Group Ltd.		56,317		1,141,028
BHP Group Ltd.		61,186		2,327,298
BHP Group PLC		46,569		1,477,630
BlueScope Steel Ltd.		14,638		189,030
Brambles Ltd.		35,427		271,533
Cochlear Ltd.		1,999		327,184
Coles Group Ltd.		25,702		305,044
Commonwealth Bank of Australia		37,306		2,355,641
Computershare Ltd.		16,184		166,269
Crown Resorts Ltd.		10,912		84,058
CSL Ltd.		9,847		2,001,867
Dexus		30,605		210,880
Fortescue Metals Group Ltd.		36,543		682,110
Goodman Group		40,031		513,228
GPT Group (The)		70,497		233,051
Insurance Australia Group Ltd.		53,721		207,538
James Hardie Industries PLC		14,053		397,223
Lendlease Corp. Ltd.		21,021		216,450
Macquarie Group Ltd.		6,762		745,903
Magellan Financial Group Ltd.		4,900		164,793
Medibank Pvt Ltd.		71,074		152,421
Mirvac Group		142,996		246,878
National Australia Bank Ltd.		69,457		1,324,982
Newcrest Mining Ltd.		17,936		342,152
Northern Star Resources Ltd.		24,892		196,761
Oil Search Ltd.		42,410		139,215
Orica Ltd.		10,912		106,108
Origin Energy Ltd.		48,621		169,391
QBE Insurance Group Ltd.		37,113		266,929
Ramsay Health Care Ltd.		4,127		210,878
Rio Tinto Ltd.		4,989		491,269
Santos Ltd.		45,986		257,405
Scentre Group		126,091		281,145
Sonic Healthcare Ltd.		12,893		316,721
South32 Ltd.		119,578		256,439
Stockland		53,937		174,131
Suncorp Group Ltd.		30,519		234,860
Sydney Airport(a)		33,130		150,305
Tabcorp Holdings Ltd.		57,264		197,285
Telstra Corp. Ltd.		101,202		241,320
Transurban Group		64,979		643,926
Treasury Wine Estates Ltd.		22,371		188,784
Vicinity Centres		97,413		123,684
Wesfarmers Ltd.		20,350		775,775
Westpac Banking Corp.		71,582		1,320,075
Woodside Petroleum Ltd.		18,158		345,403
Woolworths Group Ltd.		27,562		840,737
				25,669,943
Austria — 0.1%
Erste Group Bank AG(a)		7,773		257,477
OMV AG		4,732		228,944

Security	Shares		Value
Australia (continued)
Raiffeisen Bank International AG(a)		6,500	$	132,705
				619,126
Belgium — 0.3%
Ageas SA/NV		5,888		332,043
Anheuser-Busch InBev SA/NV		15,356		884,612
Etablissements Franz Colruyt NV		1,582		95,320
Galapagos NV(a)		1,176		97,436
Groupe Bruxelles Lambert SA		4,537		452,456
KBC Group NV(a)		3,536		255,889
Proximus SADP		4,832		95,015
Solvay SA		1,604		196,835
UCB SA		3,296		329,817
Umicore SA		5,405		319,238
				3,058,661
Canada — 3.2%
Agnico Eagle Mines Ltd.		5,543		311,039
Algonquin Power & Utilities Corp.		13,845		215,549
Alimentation Couche-Tard Inc., Class B		19,558		590,911
Bank of Montreal		13,572		1,114,705
Bank of Nova Scotia (The)		25,298		1,486,707
Barrick Gold Corp.		41,164		772,231
Bausch Health Cos Inc.(a)		7,306		231,126
BCE Inc.		3,300		141,879
BlackBerry Ltd.(a)		21,096		214,459
Brookfield Asset Management Inc., Class A		27,739		1,126,212
CAE Inc.		6,016		160,047
Cameco Corp.		12,413		195,804
Canadian Imperial Bank of Commerce		9,609		890,540
Canadian National Railway Co.		15,042		1,650,461
Canadian Natural Resources Ltd.		26,567		728,389
Canadian Pacific Railway Ltd.		3,004		1,076,125
Canadian Tire Corp. Ltd., Class A, NVS		2,077		269,780
Canadian Utilities Ltd., Class A, NVS		8,880		211,268
Canopy Growth Corp.(a)(b)		5,034		166,607
CCL Industries Inc., Class B, NVS		3,216		170,275
CGI Inc.(a)		5,696		427,425
Constellation Software Inc.		541		704,120
Dollarama Inc.		7,756		296,701
Emera Inc.		5,146		203,808
Enbridge Inc.		42,987		1,459,385
Fairfax Financial Holdings Ltd.		638		261,252
First Quantum Minerals Ltd.		16,795		363,892
Fortis Inc.		9,164		354,689
Franco-Nevada Corp.		4,352		468,407
George Weston Ltd.		3,466		255,898
Gildan Activewear Inc.		4,510		137,758
Great-West Lifeco Inc.		8,318		213,995
Hydro One Ltd.(c)		7,034		150,125
IGM Financial Inc.		4,563		125,140
Imperial Oil Ltd.		7,197		158,550
Intact Financial Corp.		3,008		337,960
Inter Pipeline Ltd.		16,094		227,681
Kinross Gold Corp.		48,041		300,161
Kirkland Lake Gold Ltd.		6,146		202,051
Loblaw Companies Ltd.		4,565		221,147
Magna International Inc.		6,895		583,788
Manulife Financial Corp.		39,901		799,596
Metro Inc.		6,973		291,368
National Bank of Canada		8,838		559,600

12 2 0 2 1  I SHARES  SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Schedule of Investments (unaudited) (continued) February 28, 2021 iShares^® MSCI World ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Canada (continued)
Nutrien Ltd.		12,545	$	680,660
Onex Corp.		3,360		189,073
Open Text Corp.		7,005		313,620
Pembina Pipeline Corp.		12,748		325,849
Power Corp. of Canada		13,552		328,417
Restaurant Brands International Inc.		5,600		337,637
RioCan REIT		3,377		50,575
Ritchie Bros Auctioneers Inc.		2,331		127,874
Rogers Communications Inc., Class B, NVS		8,733		380,293
Royal Bank of Canada		30,107		2,576,931
Saputo Inc.		7,965		225,486
Shaw Communications Inc., Class B, NVS		12,482		218,386
Shopify Inc., Class A(a)		2,356		3,068,253
Sun Life Financial Inc.		11,875		574,427
Suncor Energy Inc.		34,311		684,865
TC Energy Corp.		19,466		819,540
Teck Resources Ltd., Class B		11,019		230,650
TELUS Corp.		19,064		383,991
Thomson Reuters Corp.		3,931		343,730
Toronto-Dominion Bank (The)		39,220		2,389,756
Waste Connections Inc.		6,289		614,372
Wheaton Precious Metals Corp.		10,328		371,351
WSP Global Inc.		3,517		306,196
				36,370,543
Denmark — 0.7%
AP Moller - Maersk A/S, Class A		164		331,145
Carlsberg AS, Class B		2,891		457,747
Chr Hansen Holding A/S(a)		2,410		208,024
Coloplast A/S, Class B		2,996		459,114
Danske Bank A/S(a)		18,084		335,630
Demant A/S(a)		4,908		203,410
DSV Panalpina A/S		4,967		917,795
Genmab A/S(a)		1,633		551,775
Novo Nordisk A/S, Class B		38,128		2,725,673
Novozymes A/S, Class B		5,839		362,945
Orsted A/S(c)		4,079		664,492
Vestas Wind Systems A/S		4,748		894,767
				8,112,517
Finland — 0.4%
Elisa OYJ		4,140		247,990
Fortum OYJ		11,231		282,050
Kesko OYJ, Class B		12,843		327,989
Kone OYJ, Class B		7,581		608,056
Neste OYJ		10,095		667,315
Nokia OYJ(a)		116,623		467,138
Nordea Bank Abp		69,703		633,294
Sampo OYJ, Class A		8,320		372,344
Stora Enso OYJ, Class R		21,762		431,220
UPM-Kymmene OYJ		9,804		376,043
Wartsila OYJ Abp		12,294		141,793
				4,555,232
France — 3.4%
Accor SA(a)		4,928		206,724
Air Liquide SA		10,257		1,552,508
Airbus SE(a)		12,317		1,433,890
Alstom SA(a)		6,509		326,612
Atos SE(a)		3,201		251,073
AXA SA		42,123		1,063,481
BioMerieux		882		112,624

Security	Shares		Value
France (continued)
BNP Paribas SA(a)		24,435	$	1,461,457
Bollore SA		61,973		298,334
Bouygues SA		7,561		307,998
Bureau Veritas SA(a)		7,774		211,274
Capgemini SE		3,584		579,237
Carrefour SA		14,237		249,622
Cie. de Saint-Gobain(a)		11,093		598,101
Cie. Generale des Etablissements Michelin SCA		4,064		590,713
Credit Agricole SA(a)		25,492		359,393
Danone SA		13,232		906,804
Dassault Systemes SE		3,002		626,374
Edenred		6,525		363,451
Electricite de France SA(a)		15,387		185,049
Engie SA(a)		36,305		532,550
EssilorLuxottica SA		6,203		1,016,442
Eurofins Scientific SE(a)		3,364		300,688
Getlink SE(a)		17,955		295,742
Hermes International		748		838,194
Iliad SA		720		128,119
Ipsen SA		986		84,554
Kering SA		1,632		1,039,786
Klepierre SA		6,488		153,959
Legrand SA		6,525		569,610
L’Oreal SA		5,410		1,988,384
LVMH Moet Hennessy Louis Vuitton SE		5,724		3,647,590
Orange SA		39,709		460,202
Pernod Ricard SA		4,445		848,957
Publicis Groupe SA		4,837		284,986
Renault SA(a)		4,078		183,764
Safran SA(a)		7,104		976,536
Sanofi		24,026		2,210,537
Sartorius Stedim Biotech		592		260,122
Schneider Electric SE		11,315		1,687,240
SCOR SE(a)		5,021		167,477
SES SA		8,925		71,672
Societe Generale SA(a)		16,128		401,997
Sodexo SA(a)		2,365		227,412
STMicroelectronics NV		16,001		620,922
Suez SA		9,725		203,622
Teleperformance		1,591		566,022
Thales SA		3,008		286,393
TOTAL SE		52,957		2,466,714
Ubisoft Entertainment SA(a)		2,613		214,341
Unibail-Rodamco-Westfield		2,843		209,880
Valeo SA		5,987		212,488
Veolia Environnement SA		12,369		335,551
Vinci SA		11,514		1,202,469
Vivendi SE		19,140		663,742
Worldline SA(a)(c)		6,950		622,570
				37,665,953
Germany — 2.6%
adidas AG(a)		3,968		1,391,446
Allianz SE, Registered		9,021		2,187,748
BASF SE		19,713		1,620,619
Bayer AG, Registered		21,228		1,291,419
Bayerische Motoren Werke AG		6,528		566,544
Beiersdorf AG		3,630		360,859
Brenntag SE		5,120		399,354
Commerzbank AG(a)		26,995		177,922
Continental AG(a)		2,287		330,062

SCHEDULE   OF   INVESTMENTS 13

Schedule of Investments (unaudited) (continued) February 28, 2021 iShares^® MSCI World ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Germany (continued)
Covestro AG(c)		3,931	$	286,096
Daimler AG, Registered		18,546		1,491,363
Delivery Hero SE(a)(c)		3,038		389,771
Deutsche Bank AG, Registered(a)		45,404		562,908
Deutsche Boerse AG		4,713		775,433
Deutsche Lufthansa AG, Registered(a)(b)		6,800		101,398
Deutsche Post AG, Registered		21,757		1,084,339
Deutsche Telekom AG, Registered		68,407		1,247,977
Deutsche Wohnen SE		7,566		357,702
E.ON SE		50,486		517,815
Fresenius Medical Care AG & Co. KGaA		5,216		363,157
Fresenius SE & Co. KGaA		8,528		366,850
GEA Group AG		4,928		171,194
Hannover Rueck SE		1,497		254,933
HeidelbergCement AG		3,776		300,115
HelloFresh SE(a)		4,214		329,914
Infineon Technologies AG		27,407		1,197,598
LANXESS AG		3,488		259,613
LEG Immobilien AG		1,823		250,351
Merck KGaA		3,096		505,629
MTU Aero Engines AG		1,280		306,072
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Registered		3,104		915,535
Puma SE(a)		3,435		366,824
RWE AG		14,333		545,234
SAP SE		22,080		2,735,280
Scout24 AG(c)		2,758		209,061
Siemens AG, Registered		16,528		2,567,494
Siemens Healthineers AG(c)		5,798		322,534
Symrise AG		3,002		352,431
TeamViewer AG(a)(c)		3,936		212,599
United Internet AG, Registered(d)		3,340		147,893
Vonovia SE		12,611		807,303
Zalando SE(a)(c)		3,905		402,985
				29,031,374
Hong Kong — 1.0%
AIA Group Ltd.		255,400		3,195,237
ASM Pacific Technology Ltd.		19,600		272,624
Bank of East Asia Ltd. (The)		30,600		72,266
BOC Hong Kong Holdings Ltd.		99,500		330,925
CK Asset Holdings Ltd.		57,500		337,631
CK Hutchison Holdings Ltd.		59,000		445,693
CLP Holdings Ltd.		49,500		482,726
Galaxy Entertainment Group Ltd.		44,000		402,148
Hang Seng Bank Ltd.(b)		20,400		394,465
Hong Kong & China Gas Co. Ltd.		311,419		469,697
Hong Kong Exchanges & Clearing Ltd.		26,500		1,616,506
Jardine Matheson Holdings Ltd.(b)		7,000		366,240
Link REIT		49,500		467,092
Melco Resorts & Entertainment Ltd., ADR		9,665		209,344
MTR Corp. Ltd.		50,000		300,038
New World Development Co. Ltd.		39,333		200,028
Power Assets Holdings Ltd.		49,000		272,245
Sands China Ltd.(a)		78,400		366,867
Sun Hung Kai Properties Ltd.		36,000		578,239
Techtronic Industries Co. Ltd.		38,500		587,623
WH Group Ltd.(c)		228,500		205,013
Wynn Macau Ltd.(a)		86,000		162,303
				11,734,950

Security	Shares		Value
Ireland — 0.6%
CRH PLC(a)		19,122	$	830,928
Flutter Entertainment PLC(a)		3,351		648,554
Horizon Therapeutics PLC(a)		4,410		400,913
Kerry Group PLC, Class A		4,023		488,068
Kingspan Group PLC(a)		2,156		157,671
Linde PLC		11,316		2,764,159
Smurfit Kappa Group PLC		8,431		400,746
STERIS PLC		1,944		339,811
Trane Technologies PLC		5,881		901,205
				6,932,055
Israel — 0.2%
Bank Hapoalim BM(a)		58,649		416,051
Check Point Software Technologies Ltd.(a)(b)		2,745		302,609
CyberArk Software Ltd.(a)		864		126,861
Isracard Ltd.		1		3
Nice Ltd.(a)		1,728		401,759
Teva Pharmaceutical Industries Ltd., ADR(a)		26,809		288,465
Wix.com Ltd.(a)		1,078		375,758
				1,911,506
Italy — 0.7%
Amplifon SpA(a)		6,076		243,377
Assicurazioni Generali SpA(a)		22,401		422,810
Atlantia SpA(a)		13,795		259,956
CNH Industrial NV(a)		26,869		399,190
Enel SpA		178,298		1,697,584
Eni SpA		57,551		662,369
Ferrari NV		2,897		567,895
FinecoBank Banca Fineco SpA(a)		9,254		163,658
Intesa Sanpaolo SpA(a)		336,557		871,766
Mediobanca Banca di Credito Finanziario SpA(a)		19,348		202,390
Moncler SpA(a)		6,442		401,130
Snam SpA		76,450		398,647
Telecom Italia SpA/Milano		413,284		197,096
Tenaris SA		14,256		149,610
Terna Rete Elettrica Nazionale SpA		66,706		467,022
UniCredit SpA(a)		48,091		498,504
				7,603,004
Japan — 7.7%
Advantest Corp.		4,400		361,367
Aeon Co. Ltd.		19,700		592,257
Aisin Seiki Co. Ltd.		3,600		122,489
Ajinomoto Co. Inc.		16,500		328,173
ANA Holdings Inc.(a)		9,800		234,928
Asahi Group Holdings Ltd.		9,800		424,231
Asahi Kasei Corp.		29,500		317,317
Astellas Pharma Inc.		44,100		692,917
Bandai Namco Holdings Inc.		3,500		267,641
Bridgestone Corp.		9,800		382,746
Canon Inc.		19,600		421,748
Casio Computer Co. Ltd.		5,100		98,228
Central Japan Railway Co.		3,100		506,580
Chubu Electric Power Co. Inc.		19,600		240,539
Chugai Pharmaceutical Co. Ltd.		16,900		755,535
Chugoku Electric Power Co. Inc. (The)		16,500		196,842
Concordia Financial Group Ltd.		73,600		283,927
Daifuku Co. Ltd.		3,600		343,983
Dai-ichi Life Holdings Inc.		19,900		349,100
Daiichi Sankyo Co. Ltd.		36,600		1,034,034
Daikin Industries Ltd.		5,800		1,127,990

14 2 0 2 1  I SHARES  SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Schedule of Investments (unaudited) (continued) February 28, 2021 iShares^® MSCI World ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Japan (continued)
Daito Trust Construction Co. Ltd.		3,000	$	332,551
Daiwa House Industry Co. Ltd.		16,600		467,898
Daiwa Securities Group Inc.		49,000		238,055
Denso Corp.		12,200		731,496
Dentsu Group Inc.		9,800		337,582
East Japan Railway Co.		6,500		479,355
Eisai Co. Ltd.		5,100		350,356
ENEOS Holdings Inc.		122,100		536,007
FANUC Corp.		4,500		1,112,540
Fast Retailing Co. Ltd.		1,400		1,379,763
Fuji Electric Co. Ltd.		3,600		149,352
FUJIFILM Holdings Corp.		9,900		564,042
Fujitsu Ltd.		4,000		576,685
Hakuhodo DY Holdings Inc.		16,600		273,291
Hamamatsu Photonics KK		6,100		358,992
Hankyu Hanshin Holdings Inc.		9,800		325,164
Hikari Tsushin Inc.		600		118,772
Hitachi Ltd.		19,600		897,030
Honda Motor Co. Ltd.		29,400		803,436
Hoya Corp.		9,900		1,124,366
Hulic Co. Ltd.		26,400		294,380
Idemitsu Kosan Co. Ltd.		9,800		256,084
Inpex Corp.		29,400		216,347
ITOCHU Corp.		32,300		960,451
Japan Airlines Co. Ltd.(a)		2,500		59,367
Japan Exchange Group Inc.		16,600		357,350
Japan Post Holdings Co. Ltd.		32,100		274,359
Japan Real Estate Investment Corp.		29		176,657
Japan Tobacco Inc.		29,400		531,209
JFE Holdings Inc.(a)		15,000		157,406
Kansai Electric Power Co. Inc. (The)		20,400		203,445
Kao Corp.		9,800		657,135
KDDI Corp.		39,200		1,210,512
Keyence Corp.		4,000		1,898,254
Kikkoman Corp.		3,300		217,749
Kintetsu Group Holdings Co. Ltd.		3,800		158,720
Kirin Holdings Co. Ltd.		19,600		384,218
Komatsu Ltd.		19,100		571,889
Konami Holdings Corp.		2,800		179,501
Kose Corp.		900		144,199
Kubota Corp.		29,400		664,356
Kuraray Co. Ltd.		20,700		231,598
Kyocera Corp.		9,800		630,828
Kyushu Electric Power Co. Inc.		19,600		168,331
Lixil Corp.		5,000		140,182
M3 Inc.		10,000		790,783
Makita Corp.		7,300		310,733
Marubeni Corp.		49,200		365,606
Mazda Motor Corp.		19,600		154,350
MEIJI Holdings Co. Ltd.		3,200		203,041
MINEBEA MITSUMI Inc.		16,500		404,989
Mitsubishi Chemical Holdings Corp.		41,800		290,254
Mitsubishi Corp.		29,400		828,686
Mitsubishi Electric Corp.		41,900		616,859
Mitsubishi Estate Co. Ltd.		29,400		507,201
Mitsubishi Heavy Industries Ltd.		9,900		285,087
Mitsubishi UFJ Financial Group Inc.		256,000		1,340,792
Mitsubishi UFJ Lease & Finance Co. Ltd.		54,200		290,484
Mitsui & Co. Ltd.		39,200		832,825
Mitsui Fudosan Co. Ltd.		26,300		592,454

Security	Shares		Value
Japan (continued)
Mizuho Financial Group Inc.		62,490	$	914,416
MS&AD Insurance Group Holdings Inc.		11,500		323,822
Murata Manufacturing Co. Ltd.		12,100		1,031,351
Nagoya Railroad Co. Ltd.		9,900		251,263
NEC Corp.		3,600		195,983
Nexon Co. Ltd.		12,400		391,064
Nidec Corp.		10,900		1,383,218
Nintendo Co. Ltd.		2,500		1,519,382
Nippon Paint Holdings Co. Ltd.		4,100		304,787
Nippon Steel Corp.(a)		19,647		289,062
Nippon Telegraph & Telephone Corp.		29,400		761,078
Nissan Motor Co. Ltd.(a)		51,400		277,263
Nitori Holdings Co. Ltd.		1,700		317,134
Nitto Denko Corp.		3,500		298,620
Nomura Holdings Inc.		67,100		389,727
Nomura Real Estate Master Fund Inc.		166		248,517
Nomura Research Institute Ltd.		13,700		425,634
NTT Data Corp.		19,600		298,949
Obic Co. Ltd.		1,300		219,392
Odakyu Electric Railway Co. Ltd.		13,300		388,863
Oji Holdings Corp.		39,200		246,886
Olympus Corp.		29,900		625,840
Omron Corp.		3,800		306,026
Ono Pharmaceutical Co. Ltd.		9,800		263,443
Oriental Land Co. Ltd.		4,300		720,030
ORIX Corp.		35,400		598,584
Orix JREIT Inc.		98		166,767
Osaka Gas Co. Ltd.		9,800		175,322
Otsuka Corp.		6,000		278,769
Otsuka Holdings Co. Ltd.		9,900		392,506
Pan Pacific International Holdings Corp.		17,400		407,481
Panasonic Corp.		49,000		628,022
Rakuten Inc.		29,400		328,660
Recruit Holdings Co. Ltd.		29,400		1,457,306
Resona Holdings Inc.		73,400		294,661
Santen Pharmaceutical Co. Ltd.		19,600		268,962
Secom Co. Ltd.		4,000		346,386
Sekisui House Ltd.		19,600		367,385
Seven & i Holdings Co. Ltd.		19,800		750,259
SG Holdings Co. Ltd.		9,800		225,177
Shimano Inc.		1,400		312,878
Shin-Etsu Chemical Co. Ltd.		8,273		1,347,255
Shionogi & Co. Ltd.		7,200		365,812
Shiseido Co. Ltd.		9,800		727,871
SMC Corp.		1,200		708,466
Softbank Corp.		62,000		838,577
SoftBank Group Corp.		34,900		3,241,369
Sompo Holdings Inc.		9,900		379,125
Sony Corp.		29,400		3,068,594
Subaru Corp.		19,600		365,821
Sumitomo Chemical Co. Ltd.		54,000		261,029
Sumitomo Corp.		29,400		425,105
Sumitomo Electric Industries Ltd.		29,400		426,761
Sumitomo Metal Mining Co. Ltd.		9,800		472,983
Sumitomo Mitsui Financial Group Inc.		29,400		1,032,615
Sumitomo Mitsui Trust Holdings Inc.		9,900		325,416
Sumitomo Realty & Development Co. Ltd.		10,200		351,361
Suzuki Motor Corp.		9,900		427,352
Sysmex Corp.		4,000		416,182
T&D Holdings Inc.		19,600		264,179

SCHEDULE   OF   INVESTMENTS 15

Schedule of Investments (unaudited) (continued) February 28, 2021 iShares^® MSCI World ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Japan (continued)
Takeda Pharmaceutical Co. Ltd.		33,226	$	1,117,097
TDK Corp.		2,700		386,221
Terumo Corp.		9,800		363,430
Toho Co. Ltd.		3,200		120,143
Tokio Marine Holdings Inc.		15,500		764,234
Tokyo Electric Power Co. Holdings Inc.(a)		44,500		142,848
Tokyo Electron Ltd.		3,700		1,512,437
Tokyo Gas Co. Ltd.		9,800		202,549
Tokyu Corp.		13,500		185,508
Tokyu Fudosan Holdings Corp.		39,400		246,296
Toray Industries Inc.		45,700		298,804
Toshiba Corp.		9,800		308,607
Tosoh Corp.		9,800		179,369
Toyota Motor Corp.		47,400		3,502,724
Unicharm Corp.		9,900		391,763
United Urban Investment Corp.		124		170,160
USS Co. Ltd.		9,800		186,176
West Japan Railway Co.		5,900		360,734
Yakult Honsha Co. Ltd.		3,400		168,181
Yamaha Corp.		3,800		211,507
Yamaha Motor Co. Ltd.		9,800		213,311
Yamato Holdings Co. Ltd.		9,800		257,740
Yaskawa Electric Corp.		7,500		374,507
Yokogawa Electric Corp.		9,900		187,332
Z Holdings Corp.		64,200		390,780
				85,877,182
Netherlands — 1.5%
Adyen NV(a)(c)		392		911,651
Aegon NV		39,517		189,752
Akzo Nobel NV		3,790		393,602
ArcelorMittal SA(a)		15,960		375,008
Argenx SE(a)		1,177		396,591
ASM International NV		1,012		274,663
ASML Holding NV		9,038		5,105,040
Heineken Holding NV		5,197		449,138
Heineken NV		5,024		498,217
ING Groep NV		82,668		906,995
Just Eat Takeaway.com NV(a)(c)		2,548		247,050
Koninklijke Ahold Delhaize NV		24,554		650,912
Koninklijke DSM NV		4,151		688,005
Koninklijke KPN NV		87,418		287,340
Koninklijke Philips NV(a)		19,328		1,054,659
NN Group NV		7,453		345,574
NXP Semiconductors NV		6,120		1,117,206
Prosus NV		10,525		1,252,741
QIAGEN NV(a)		5,362		266,844
Randstad NV(a)		3,244		217,905
Stellantis NV(a)		22,506		366,714
Stellantis NV		24,332		396,762
Wolters Kluwer NV		5,931		472,834
				16,865,203
New Zealand — 0.1%
a2 Milk Co. Ltd. (The)(a)		18,846		132,781
Fisher & Paykel Healthcare Corp. Ltd.		12,838		273,035
Spark New Zealand Ltd.		77,871		259,886
Xero Ltd.(a)		4,802		440,288
				1,105,990
Norway — 0.2%
Adevinta ASA(a)		5,163		72,601

Security	Shares		Value
Norway (continued)
DNB ASA		23,552	$	461,222
Equinor ASA		20,547		389,491
Norsk Hydro ASA		36,666		204,362
Orkla ASA		24,874		230,659
Telenor ASA		16,818		273,693
Yara International ASA		5,696		275,541
				1,907,569
Portugal — 0.0%
EDP - Energias de Portugal SA		76,711		441,909
Galp Energia SGPS SA		14,423		162,531
				604,440
Singapore — 0.3%
Ascendas REIT		188,416		416,593
CapitaLand Integrated Commercial Trust		109,200		172,460
CapitaLand Ltd.		111,100		265,698
DBS Group Holdings Ltd.		38,300		767,325
Genting Singapore Ltd.		191,100		122,878
Keppel Corp. Ltd.(b)		34,200		130,658
Oversea-Chinese Banking Corp. Ltd.		61,200		505,819
Singapore Exchange Ltd.		7,500		56,347
Singapore Telecommunications Ltd.		188,500		333,139
United Overseas Bank Ltd.		32,900		610,643
Venture Corp. Ltd.		13,400		193,487
Wilmar International Ltd.		50,500		200,526
				3,775,573
Spain — 0.7%
ACS Actividades de Construccion y Servicios SA		6,699		206,046
Aena SME SA(a)(c)		1,981		338,799
Amadeus IT Group SA(a)		9,528		664,992
Banco Bilbao Vizcaya Argentaria SA		141,022		787,907
Banco Santander SA(a)		370,643		1,303,546
CaixaBank SA		100,668		294,113
Cellnex Telecom SA(c)		7,138		390,318
Enagas SA		2,268		47,804
Endesa SA		8,614		214,864
Ferrovial SA		9,832		246,319
Iberdrola SA		134,313		1,699,579
Industria de Diseno Textil SA		23,659		784,269
Naturgy Energy Group SA		9,416		236,698
Red Electrica Corp. SA		5,764		97,004
Repsol SA		34,148		431,690
Telefonica SA		103,363		442,379
				8,186,327
Sweden — 1.0%
Alfa Laval AB(a)		8,829		274,642
Assa Abloy AB, Class B		22,976		579,043
Atlas Copco AB, Class A		14,437		828,571
Atlas Copco AB, Class B		9,350		455,696
Boliden AB		7,575		301,644
Electrolux AB, Series B		6,429		152,649
Epiroc AB, Class A		12,413		264,807
Epiroc AB, Class B		10,624		210,201
Essity AB, Class B		13,277		401,150
Evolution Gaming Group AB(c)		3,320		415,588
Hennes & Mauritz AB, Class B(a)		17,859		423,083
Hexagon AB, Class B		6,019		504,157
Investor AB, Class B		9,472		704,528
Kinnevik AB, Class B		8,089		377,867
Lundin Energy AB		6,914		224,785

16 2 0 2 1  I SHARES  SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Schedule of Investments (unaudited) (continued) February 28, 2021 iShares^® MSCI World ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Sweden (continued)
Nibe Industrier AB, Class B		11,172	$	352,845
Sandvik AB(a)		27,091		731,126
Skandinaviska Enskilda Banken AB, Class A(a)		37,513		433,984
Skanska AB, Class B		11,430		278,671
SKF AB, Class B		12,608		345,365
Svenska Handelsbanken AB, Class A(a)		30,662		324,940
Swedbank AB, Class A		18,154		319,895
Swedish Match AB		4,433		320,439
Telefonaktiebolaget LM Ericsson, Class B		60,816		763,087
Telia Co. AB		62,643		254,372
Volvo AB, Class B(a)		31,122		801,382
				11,044,517
Switzerland — 2.9%
ABB Ltd., Registered		40,928		1,180,867
Adecco Group AG, Registered		3,968		250,186
Alcon Inc.(a)		9,077		627,058
Baloise Holding AG, Registered		2,173		381,409
Chocoladefabriken Lindt & Spruengli AG, Participation Certificates, NVS		19		160,030
Cie. Financiere Richemont SA, Class A, Registered		11,296		1,092,791
Coca-Cola HBC AG		5,164		161,579
Credit Suisse Group AG, Registered		55,567		805,608
Geberit AG, Registered		1,117		661,588
Givaudan SA, Registered		196		741,955
Julius Baer Group Ltd.		7,012		432,199
Kuehne + Nagel International AG, Registered		1,696		404,095
LafargeHolcim Ltd., Registered		10,618		588,312
Logitech International SA, Registered		4,184		448,395
Lonza Group AG, Registered		1,792		1,135,811
Nestle SA, Registered		60,906		6,391,329
Novartis AG, Registered		47,915		4,138,378
Partners Group Holding AG		538		648,060
Roche Holding AG, Bearer		685		229,872
Roche Holding AG, NVS		15,006		4,938,736
Schindler Holding AG, Participation Certificates, NVS		823		225,636
Schindler Holding AG, Registered		1,084		290,009
SGS SA, Registered		98		280,912
Siemens Energy AG(a)		10,126		384,092
Sika AG, Registered		2,314		613,965
Sonova Holding AG, Registered(a)		1,210		311,154
Swatch Group AG (The), Bearer		925		277,102
Swiss Life Holding AG, Registered		727		363,219
Swiss Prime Site AG, Registered		3,406		320,171
Swiss Re AG		5,696		537,575
Swisscom AG, Registered		618		311,628
Temenos AG, Registered		1,889		256,130
UBS Group AG, Registered		81,960		1,276,523
Zurich Insurance Group AG		3,038		1,246,677
				32,113,051
United Kingdom — 4.3%
3i Group PLC		24,831		384,309
Admiral Group PLC		5,987		258,479
Amcor PLC		30,010		328,309
Anglo American PLC		26,380		1,022,551
Antofagasta PLC		11,971		298,331
Aptiv PLC		5,618		841,801
Ashtead Group PLC		11,510		624,375
Associated British Foods PLC(a)		8,637		285,945
AstraZeneca PLC		28,745		2,791,085

Security	Shares		Value
United Kingdom (continued)
Auto Trader Group PLC(c)		35,908	$	276,217
Aviva PLC		83,511		422,543
BAE Systems PLC		70,784		478,883
Barclays PLC		318,537		710,774
BP PLC		433,581		1,768,559
British American Tobacco PLC		49,031		1,703,817
British Land Co. PLC (The)		32,055		219,420
BT Group PLC(a)		174,644		301,672
Bunzl PLC		10,451		326,860
Burberry Group PLC(a)		10,144		257,480
Coca-Cola European Partners PLC		5,599		285,269
Compass Group PLC(a)		38,342		779,967
Croda International PLC		5,721		493,350
Diageo PLC		50,813		1,998,048
Entain PLC(a)		12,936		255,553
Experian PLC		20,832		662,017
Ferguson PLC		5,025		592,386
GlaxoSmithKline PLC		108,388		1,804,507
Glencore PLC(a)		214,890		873,373
HSBC Holdings PLC(a)		429,973		2,562,083
Imperial Brands PLC		19,557		364,478
Informa PLC(a)		40,625		312,842
InterContinental Hotels Group PLC(a)		5,017		350,854
Intertek Group PLC		5,010		375,160
J Sainsbury PLC		51,082		161,547
Johnson Matthey PLC		6,726		287,281
Kingfisher PLC(a)		49,018		181,884
Land Securities Group PLC		22,113		205,593
Legal & General Group PLC		119,031		431,520
Lloyds Banking Group PLC(a)		1,510,146		823,421
London Stock Exchange Group PLC		7,467		1,004,083
M&G PLC		69,434		178,522
Melrose Industries PLC(a)		125,087		290,133
National Grid PLC		75,105		846,755
Natwest Group PLC(a)		114,390		294,589
Next PLC(a)		3,488		368,669
Ocado Group PLC(a)		10,192		313,488
Pearson PLC		18,234		191,452
Persimmon PLC		6,868		248,696
Prudential PLC		53,754		1,058,537
Reckitt Benckiser Group PLC		15,605		1,309,042
RELX PLC		42,834		1,013,575
Rentokil Initial PLC(a)		41,327		269,656
Rio Tinto PLC		27,856		2,409,558
Rolls-Royce Holdings PLC(a)		188,056		283,166
Royal Dutch Shell PLC, Class A		87,832		1,774,185
Royal Dutch Shell PLC, Class B		80,695		1,565,487
RSA Insurance Group PLC		22,737		214,700
Sage Group PLC (The)		31,613		246,891
Segro PLC		25,598		325,605
Severn Trent PLC		8,157		249,754
Smith & Nephew PLC		19,837		384,256
Smiths Group PLC		12,989		265,861
SSE PLC		21,398		396,245
Standard Chartered PLC(a)		64,818		418,765
Taylor Wimpey PLC(a)		84,021		185,132
Tesco PLC		167,212		525,536
Unilever PLC		55,889		2,916,909
United Utilities Group PLC		19,645		235,985
Vodafone Group PLC		582,579		993,858

SCHEDULE   OF   INVESTMENTS 17

Schedule of Investments (unaudited) (continued) February 28, 2021 iShares^® MSCI World ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
United Kingdom (continued)
Whitbread PLC(a)		5,156	$	244,732
WPP PLC		29,272		349,419
				48,475,784
United States — 65.2%
10X Genomics Inc., Class A(a)		2,156		383,746
3M Co.		12,261		2,146,411
Abbott Laboratories		38,136		4,567,930
AbbVie Inc.		37,804		4,073,003
ABIOMED Inc.(a)		1,195		387,837
Accenture PLC, Class A		13,454		3,375,609
Activision Blizzard Inc.		16,530		1,580,433
Adobe Inc.(a)		10,464		4,809,987
Advance Auto Parts Inc.		1,691		271,152
Advanced Micro Devices Inc.(a)		25,563		2,160,329
AES Corp. (The)		16,568		440,046
Aflac Inc.		16,128		772,370
Agilent Technologies Inc.		7,277		888,303
AGNC Investment Corp.		17,739		284,356
Air Products & Chemicals Inc.		4,837		1,236,434
Airbnb Inc., Class A(a)		1,120		231,112
Akamai Technologies Inc.(a)		3,476		328,482
Albemarle Corp.		2,659		418,021
Alexandria Real Estate Equities Inc.		2,503		399,704
Alexion Pharmaceuticals Inc.(a)		4,928		752,752
Align Technology Inc.(a)		1,718		974,295
Alleghany Corp.		371		239,826
Allegion PLC		2,480		269,774
Alliant Energy Corp.		5,104		235,601
Allstate Corp. (The)		6,213		662,306
Alnylam Pharmaceuticals Inc.(a)		2,994		443,411
Alphabet Inc., Class A(a)		6,373		12,885,632
Alphabet Inc., Class C, NVS(a)		6,370		12,974,798
Altria Group Inc.		39,026		1,701,534
Amazon.com Inc.(a)		9,114		28,188,964
Ameren Corp.		5,622		395,058
American Electric Power Co. Inc.		10,538		788,769
American Express Co.		14,407		1,948,691
American Financial Group Inc./OH		2,326		248,184
American International Group Inc.		17,555		771,542
American Tower Corp.		9,409		2,033,567
American Water Works Co. Inc.		4,629		656,763
Ameriprise Financial Inc.		2,614		578,321
AmerisourceBergen Corp.		3,584		362,772
AMETEK Inc.		5,647		666,177
Amgen Inc.		12,565		2,826,120
Amphenol Corp., Class A		6,703		842,433
Analog Devices Inc.		8,145		1,269,154
Annaly Capital Management Inc.		31,525		261,973
ANSYS Inc.(a)		2,168		739,266
Anthem Inc.		5,308		1,609,333
Aon PLC, Class A		4,943		1,125,571
Apple Inc.		364,947		44,253,473
Applied Materials Inc.		20,496		2,422,422
Arch Capital Group Ltd.(a)		8,862		317,437
Archer-Daniels-Midland Co.		12,899		729,825
Arista Networks Inc.(a)		1,179		329,931
Arrow Electronics Inc.(a)		2,903		291,055
Arthur J Gallagher & Co.		3,931		470,934
Assurant Inc.		2,176		268,127
AT&T Inc.		146,861		4,095,953

Security	Shares		Value
United States (continued)
Atmos Energy Corp.		3,271	$	276,759
Autodesk Inc.(a)		4,930		1,360,680
Autoliv Inc.		2,861		257,490
Automatic Data Processing Inc.		9,278		1,614,558
AutoZone Inc.(a)		490		568,361
Avalara Inc.(a)		2,043		320,628
AvalonBay Communities Inc.		2,845		500,009
Avantor Inc.(a)		12,926		360,248
Avery Dennison Corp.		1,866		326,942
Baker Hughes Co.		13,988		342,426
Ball Corp.		7,660		654,087
Bank of America Corp.		163,574		5,677,654
Bank of New York Mellon Corp. (The)		16,590		699,434
Baxter International Inc.		10,619		824,990
Becton Dickinson and Co.		5,904		1,423,750
Berkshire Hathaway Inc., Class B(a)		29,858		7,181,148
Best Buy Co. Inc.		5,112		512,989
Biogen Inc.(a)		3,372		920,151
BioMarin Pharmaceutical Inc.(a)		3,947		305,616
Bio-Rad Laboratories Inc., Class A(a)		490		286,405
Black Knight Inc.(a)		1,764		135,282
BlackRock Inc.(e)		3,313		2,300,878
Blackstone Group Inc. (The), Class A		14,534		1,006,189
Boeing Co. (The)		11,289		2,393,381
Booking Holdings Inc.(a)		882		2,053,746
Booz Allen Hamilton Holding Corp.		2,979		229,800
BorgWarner Inc.		6,576		295,920
Boston Properties Inc.		3,584		355,282
Boston Scientific Corp.(a)		29,025		1,125,590
Bristol-Myers Squibb Co.		48,649		2,983,643
Broadcom Inc.		8,639		4,059,207
Broadridge Financial Solutions Inc.		1,862		265,316
Brown & Brown Inc.		6,329		290,501
Brown-Forman Corp., Class B, NVS		6,963		498,412
Bunge Ltd.		3,684		282,121
Burlington Stores Inc.(a)		1,112		287,808
Cable One Inc.		178		340,843
Cabot Oil & Gas Corp.		8,938		165,442
Cadence Design Systems Inc.(a)		6,963		982,410
Campbell Soup Co.		4,840		220,123
Capital One Financial Corp.		9,842		1,182,910
Cardinal Health Inc.		6,813		351,006
CarMax Inc.(a)		3,555		424,858
Carnival Corp.		13,034		348,660
Carrier Global Corp.		17,819		650,928
Carvana Co.(a)		1,372		388,962
Catalent Inc.(a)		3,529		401,283
Caterpillar Inc.		11,677		2,520,831
Cboe Global Markets Inc.		2,585		255,812
CBRE Group Inc., Class A(a)		7,485		567,138
CDW Corp./DE		3,024		474,435
Celanese Corp.		2,790		387,559
Centene Corp.(a)		12,872		753,527
CenterPoint Energy Inc.		15,190		295,294
Ceridian HCM Holding Inc.(a)		2,744		246,027
Cerner Corp.		7,213		498,707
CF Industries Holdings Inc.		5,204		235,637
CH Robinson Worldwide Inc.		3,186		289,448
Charles Schwab Corp. (The)		32,518		2,007,011
Charter Communications Inc., Class A(a)		3,137		1,924,299

18 2 0 2 1  I SHARES  SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Schedule of Investments (unaudited) (continued) February 28, 2021 iShares^® MSCI World ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
United States (continued)
Cheniere Energy Inc.(a)		5,312	$	357,976
Chevron Corp.		41,493		4,149,300
Chipotle Mexican Grill Inc.(a)		588		847,896
Chubb Ltd.		8,936		1,452,815
Church & Dwight Co. Inc.		6,256		492,660
Cigna Corp.		7,842		1,646,036
Cincinnati Financial Corp.		2,898		283,627
Cintas Corp.		1,967		637,977
Cisco Systems Inc.		88,854		3,986,879
Citigroup Inc.		44,039		2,901,289
Citizens Financial Group Inc.		9,624		418,067
Citrix Systems Inc.		2,504		334,484
Clorox Co. (The)		2,809		508,569
Cloudflare Inc., Class A(a)		4,018		297,211
CME Group Inc.		7,680		1,533,696
CMS Energy Corp.		6,708		362,970
Coca-Cola Co. (The)		86,380		4,231,756
Cognex Corp.		3,952		326,396
Cognizant Technology Solutions Corp., Class A		11,572		850,311
Colgate-Palmolive Co.		18,251		1,372,475
Comcast Corp., Class A		95,657		5,043,037
Conagra Brands Inc.		10,319		350,124
ConocoPhillips		28,891		1,502,621
Consolidated Edison Inc.		6,813		447,273
Constellation Brands Inc., Class A		3,683		788,678
Cooper Companies Inc. (The)		686		264,885
Copart Inc.(a)		4,928		537,940
Corning Inc.		15,222		582,089
Corteva Inc.		16,029		723,709
CoStar Group Inc.(a)		924		761,154
Costco Wholesale Corp.		9,573		3,168,663
Coupa Software Inc.(a)		1,494		517,312
Crowdstrike Holdings Inc., Class A(a)		3,748		809,568
Crown Castle International Corp.		9,229		1,437,417
Crown Holdings Inc.(a)		3,016		288,209
CSX Corp.		16,170		1,480,364
Cummins Inc.		3,584		907,469
CVS Health Corp.		27,796		1,893,741
Danaher Corp.		13,970		3,068,790
Darden Restaurants Inc.		3,005		412,677
Datadog Inc., Class A(a)		3,465		330,596
DaVita Inc.(a)		2,744		280,245
Deere & Co.		6,179		2,157,212
Dell Technologies Inc., Class C(a)		5,013		406,404
Delta Air Lines Inc.		2,648		126,945
DENTSPLY SIRONA Inc.		5,312		281,908
Devon Energy Corp.		12,944		278,814
DexCom Inc.(a)		2,163		860,398
Digital Realty Trust Inc.		5,703		768,365
Discover Financial Services		7,252		682,196
Discovery Inc., Class A(a)(b)		3,200		169,696
Discovery Inc., Class C, NVS(a)		8,366		376,470
DISH Network Corp., Class A(a)		6,313		198,923
DocuSign Inc.(a)		3,811		863,801
Dollar General Corp.		5,260		994,087
Dollar Tree Inc.(a)		5,024		493,357
Dominion Energy Inc.		16,977		1,159,869
Domino’s Pizza Inc.		826		286,217
Dover Corp.		3,103		382,476
Dow Inc.		16,029		950,680

Security	Shares		Value
United States (continued)
DR Horton Inc.		8,349	$	641,788
DraftKings Inc., Class A(a)		4,704		289,437
DTE Energy Co.		4,064		478,414
Duke Energy Corp.		15,024		1,285,904
Duke Realty Corp.		8,738		342,967
DuPont de Nemours Inc.		11,484		807,555
Eastman Chemical Co.		3,584		391,588
Eaton Corp. PLC		9,280		1,208,163
eBay Inc.		15,117		852,901
Ecolab Inc.		5,693		1,191,886
Edison International		7,490		404,385
Edwards Lifesciences Corp.(a)		13,538		1,125,008
Elanco Animal Health Inc.(a)		10,686		351,142
Electronic Arts Inc.		6,572		880,451
Eli Lilly & Co.		18,649		3,820,994
Emerson Electric Co.		12,893		1,107,509
Enphase Energy Inc.(a)		2,646		465,855
Entergy Corp.		4,256		369,463
EOG Resources Inc.		12,167		785,502
EPAM Systems Inc.(a)		1,019		380,709
Equifax Inc.		2,653		429,468
Equinix Inc.		1,889		1,224,714
Equity LifeStyle Properties Inc.		3,736		230,324
Equity Residential		7,773		508,432
Essential Utilities Inc.		6,355		267,291
Essex Property Trust Inc.		1,597		406,900
Estee Lauder Companies Inc. (The), Class A		4,736		1,353,833
Etsy Inc.(a)		2,548		561,248
Everest Re Group Ltd.		1,092		264,057
Evergy Inc.		4,908		263,216
Eversource Energy		6,801		540,543
Exact Sciences Corp.(a)		3,172		431,773
Exelon Corp.		18,781		724,947
Expedia Group Inc.		3,141		505,701
Expeditors International of Washington Inc.		4,132		379,483
Extra Space Storage Inc.		1,274		160,142
Exxon Mobil Corp.		87,835		4,775,589
F5 Networks Inc.(a)		1,981		376,350
Facebook Inc., Class A(a)		51,286		13,212,299
FactSet Research Systems Inc.		773		234,922
Fair Isaac Corp.(a)		599		274,072
Fastenal Co.		11,805		547,398
FedEx Corp.		5,312		1,351,904
Fidelity National Financial Inc.		6,303		241,279
Fidelity National Information Services Inc.		13,649		1,883,562
Fifth Third Bancorp		14,963		519,066
First Republic Bank/CA		4,160		685,360
FirstEnergy Corp.		9,838		326,031
Fiserv Inc.(a)		12,660		1,460,584
FleetCor Technologies Inc.(a)		1,982		549,628
FMC Corp.		2,788		283,512
Ford Motor Co.		78,534		918,848
Fortinet Inc.(a)		3,061		516,850
Fortive Corp.		6,964		458,370
Fortune Brands Home & Security Inc.		3,259		270,953
Fox Corp., Class A, NVS		8,280		275,807
Franklin Resources Inc.		5,705		149,300
Freeport-McMoRan Inc.		31,399		1,064,740
Garmin Ltd.		3,583		444,364
Gartner Inc.(a)		2,273		406,958

SCHEDULE   OF   INVESTMENTS 19

Schedule of Investments (unaudited) (continued) February 28, 2021 iShares^® MSCI World ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
United States (continued)
Generac Holdings Inc.(a)		1,274	$	419,859
General Dynamics Corp.		4,914		803,292
General Electric Co.		190,472		2,388,519
General Mills Inc.		13,385		736,309
General Motors Co.		26,877		1,379,596
Genuine Parts Co.		3,578		376,942
Gilead Sciences Inc.		26,391		1,620,407
Global Payments Inc.		6,335		1,254,267
Globe Life Inc.		3,002		280,387
GoDaddy Inc., Class A(a)		3,250		263,640
Goldman Sachs Group Inc. (The)		7,013		2,240,513
Guidewire Software Inc.(a)		2,267		251,614
Halliburton Co.		17,614		384,514
Hartford Financial Services Group Inc. (The)		7,653		387,931
Hasbro Inc.		3,333		312,335
HCA Healthcare Inc.		5,787		995,538
Healthpeak Properties Inc.		11,401		331,655
HEICO Corp., Class A		1,663		192,509
Henry Schein Inc.(a)		3,693		228,412
Hershey Co. (The)		3,680		535,992
Hess Corp.		6,665		436,757
Hewlett Packard Enterprise Co.		23,756		345,887
Hilton Worldwide Holdings Inc.		6,086		752,716
Hologic Inc.(a)		5,901		425,403
Home Depot Inc. (The)		22,950		5,928,903
Honeywell International Inc.		14,223		2,878,024
Hormel Foods Corp.		7,485		347,079
Host Hotels & Resorts Inc.		15,190		252,002
Howmet Aerospace Inc.		10,238		287,790
HP Inc.		31,690		918,059
HubSpot Inc.(a)		882		454,230
Humana Inc.		2,899		1,100,605
Huntington Bancshares Inc./OH		27,995		429,443
IAC/InterActiveCorp.(a)		1,819		445,346
IDEX Corp.		294		57,380
IDEXX Laboratories Inc.(a)		2,077		1,080,393
IHS Markit Ltd.		8,930		805,129
Illinois Tool Works Inc.		6,909		1,396,862
Illumina Inc.(a)		3,197		1,404,794
Incyte Corp.(a)		4,452		350,194
Ingersoll Rand Inc.(a)		7,666		355,242
Insulet Corp.(a)		1,372		355,485
Intel Corp.		90,259		5,485,942
Intercontinental Exchange Inc.		12,113		1,336,185
International Business Machines Corp.		18,447		2,193,902
International Flavors & Fragrances Inc.		4,791		649,228
International Paper Co.		9,028		448,240
Interpublic Group of Companies Inc. (The)		12,080		315,530
Intuit Inc.		5,599		2,184,394
Intuitive Surgical Inc.(a)		2,566		1,890,629
Invitation Homes Inc.		11,130		324,328
IPG Photonics Corp.(a)		1,161		263,953
IQVIA Holdings Inc.(a)		3,747		722,384
Iron Mountain Inc.		6,768		235,459
Jack Henry & Associates Inc.		1,611		239,137
Jacobs Engineering Group Inc.		3,077		354,101
Jazz Pharmaceuticals PLC(a)		1,677		281,803
JB Hunt Transport Services Inc.		2,176		319,589
JM Smucker Co. (The)		2,941		329,392
Johnson & Johnson		56,259		8,914,801

Security	Shares		Value
United States (continued)
Johnson Controls International PLC		17,108	$	954,455
JPMorgan Chase & Co.		63,555		9,353,389
Juniper Networks Inc.		11,416		265,764
Kansas City Southern		2,157		458,017
Kellogg Co.		5,987		345,510
Keurig Dr Pepper Inc.		7,573		231,128
KeyCorp		23,277		468,799
Keysight Technologies Inc.(a)		4,469		632,453
Kimberly-Clark Corp.		7,773		997,509
Kinder Morgan Inc./DE		47,395		696,707
KKR & Co. Inc.		9,842		448,402
KLA Corp.		3,770		1,173,337
Kraft Heinz Co. (The)		13,563		493,422
Kroger Co. (The)		15,841		510,239
L3Harris Technologies Inc.		4,931		896,998
Laboratory Corp. of America Holdings(a)		2,165		519,405
Lam Research Corp.		3,143		1,782,678
Lamb Weston Holdings Inc.		3,356		267,708
Las Vegas Sands Corp.		6,691		418,857
Leidos Holdings Inc.		2,156		190,698
Lennar Corp., Class A		6,242		517,899
Lennox International Inc.		904		252,912
Liberty Broadband Corp., Class C, NVS(a)		3,626		542,123
Liberty Global PLC, Class A(a)		5,666		139,525
Liberty Media Corp.-Liberty Formula One, Class C, NVS(a)		5,239		229,992
Lincoln National Corp.		5,312		302,093
Live Nation Entertainment Inc.(a)		4,185		371,879
LKQ Corp.(a)		8,042		316,774
Lockheed Martin Corp.		5,436		1,795,239
Loews Corp.		7,581		362,448
Lowe’s Companies Inc.		16,104		2,572,614
Lululemon Athletica Inc.(a)		2,655		827,510
Lumen Technologies Inc.		22,402		275,321
LyondellBasell Industries NV, Class A		5,637		581,118
M&T Bank Corp.		2,710		409,047
Marathon Petroleum Corp.		14,114		770,907
Markel Corp.(a)		349		379,991
MarketAxess Holdings Inc.		801		445,308
Marriott International Inc./MD, Class A		6,129		907,521
Marsh & McLennan Companies Inc.		10,433		1,202,090
Martin Marietta Materials Inc.		1,401		471,955
Marvell Technology Group Ltd.		14,802		714,641
Masco Corp.		6,100		324,642
Masimo Corp.(a)		1,205		302,130
Mastercard Inc., Class A		19,287		6,824,705
Match Group Inc.(a)		5,405		826,154
Maxim Integrated Products Inc.		6,102		568,523
McCormick & Co. Inc./MD, NVS		5,606		472,474
McDonald’s Corp.		15,830		3,263,196
McKesson Corp.		3,469		588,065
Medical Properties Trust Inc.		13,952		301,224
Medtronic PLC		28,228		3,301,829
MercadoLibre Inc.(a)		980		1,605,348
Merck & Co. Inc.		54,213		3,936,948
MetLife Inc.		16,761		965,434
Mettler-Toledo International Inc.(a)		490		546,865
MGM Resorts International		11,083		418,827
Microchip Technology Inc.		5,500		839,465
Micron Technology Inc.(a)		24,043		2,200,656

20 2 0 2 1  I SHARES  SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Schedule of Investments (unaudited) (continued) February 28, 2021 iShares^® MSCI World ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
United States (continued)
Microsoft Corp.		153,082	$	35,573,195
Mid-America Apartment Communities Inc.		2,477		333,726
Moderna Inc.(a)		5,665		876,999
Mohawk Industries Inc.(a)		1,514		264,935
Molina Healthcare Inc.(a)		1,091		236,485
Molson Coors Beverage Co., Class B		4,549		202,203
Mondelez International Inc., Class A		29,845		1,586,560
MongoDB Inc.(a)		1,076		415,261
Monolithic Power Systems Inc.		882		330,327
Monster Beverage Corp.(a)		9,568		839,496
Moody’s Corp.		3,860		1,061,075
Morgan Stanley		29,479		2,266,051
Mosaic Co. (The)		8,453		248,518
Motorola Solutions Inc.		3,870		679,108
MSCI Inc.		1,820		754,426
Nasdaq Inc.		2,663		368,266
NetApp Inc.		5,696		356,570
Netflix Inc.(a)		9,475		5,105,604
Neurocrine Biosciences Inc.(a)		1,666		182,444
Newell Brands Inc.		9,411		218,053
Newmont Corp.		17,964		976,882
News Corp., Class A, NVS		10,222		239,706
NextEra Energy Inc.		40,380		2,967,122
Nike Inc., Class B		25,999		3,504,145
Norfolk Southern Corp.		5,591		1,409,267
Northern Trust Corp.		4,046		384,896
Northrop Grumman Corp.		3,290		959,561
NortonLifeLock Inc.		13,446		262,331
Novocure Ltd.(a)		2,254		336,071
NRG Energy Inc.		7,463		272,474
Nucor Corp.		6,909		413,296
NVIDIA Corp.		13,105		7,189,141
NVR Inc.(a)		98		441,082
Occidental Petroleum Corp.		17,864		475,361
Okta Inc.(a)		2,411		630,356
Old Dominion Freight Line Inc.		1,260		270,610
Omega Healthcare Investors Inc.		5,675		210,770
Omnicom Group Inc.		5,408		371,692
ON Semiconductor Corp.(a)		10,802		434,997
ONEOK Inc.		8,934		395,687
Oracle Corp.		42,041		2,712,065
O’Reilly Automotive Inc.(a)		1,595		713,491
Otis Worldwide Corp.		8,909		567,592
PACCAR Inc.		7,773		707,265
Packaging Corp. of America		2,095		276,582
Palo Alto Networks Inc.(a)		1,877		672,548
Parker-Hannifin Corp.		2,810		806,358
Paychex Inc.		7,785		708,980
Paycom Software Inc.(a)		1,129		422,517
PayPal Holdings Inc.(a)		24,120		6,267,582
Peloton Interactive Inc., Class A(a)		5,225		629,456
Pentair PLC		4,655		260,354
PepsiCo Inc.		28,359		3,663,699
PerkinElmer Inc.		1,764		222,423
Pfizer Inc.		119,809		4,012,403
PG&E Corp.(a)		30,357		319,052
Philip Morris International Inc.		32,869		2,761,653
Phillips 66		9,568		794,622
Pinnacle West Capital Corp.		3,099		216,713
Pinterest Inc., Class A(a)		10,948		882,190

Security	Shares		Value
United States (continued)
Pioneer Natural Resources Co.		3,974	$	590,417
Plug Power Inc.(a)		10,013		484,429
PNC Financial Services Group Inc. (The)		8,925		1,502,613
Pool Corp.		588		196,845
PPG Industries Inc.		4,810		648,484
PPL Corp.		14,325		375,172
Principal Financial Group Inc.		6,818		385,762
Procter & Gamble Co. (The)		52,933		6,538,814
Progressive Corp. (The)		12,008		1,032,088
Prologis Inc.		15,919		1,577,095
Prudential Financial Inc.		8,335		722,811
PTC Inc.(a)		3,026		414,380
Public Service Enterprise Group Inc.		11,195		602,627
Public Storage		3,392		793,524
PulteGroup Inc.		7,567		341,347
Qorvo Inc.(a)		2,790		487,497
QUALCOMM Inc.		24,258		3,303,697
Quest Diagnostics Inc.		3,200		369,888
Raymond James Financial Inc.		2,978		347,652
Raytheon Technologies Corp.		32,908		2,369,047
Realty Income Corp.		7,019		422,965
Regency Centers Corp.		4,832		264,697
Regeneron Pharmaceuticals Inc.(a)		2,117		953,857
Regions Financial Corp.		23,178		478,162
Reinsurance Group of America Inc.		1,373		167,822
RenaissanceRe Holdings Ltd.		1,226		204,717
Republic Services Inc.		5,847		520,909
ResMed Inc.		3,302		636,560
RingCentral Inc., Class A(a)		1,568		592,955
Robert Half International Inc.		3,968		308,671
Rockwell Automation Inc.		2,450		596,036
Roku Inc.(a)		2,360		933,333
Roper Technologies Inc.		2,361		891,561
Ross Stores Inc.		7,768		906,060
Royal Caribbean Cruises Ltd.		3,825		356,758
RPM International Inc.		2,870		228,567
S&P Global Inc.		5,399		1,778,215
salesforce.com Inc.(a)		19,404		4,200,966
Sarepta Therapeutics Inc.(a)		1,864		162,280
SBA Communications Corp.		2,451		625,324
Schlumberger Ltd.		25,108		700,764
Seagate Technology PLC		5,504		403,058
Seagen Inc.(a)		2,769		418,424
SEI Investments Co.		5,702		319,312
Sempra Energy		6,481		751,666
ServiceNow Inc.(a)		4,259		2,272,006
Sherwin-Williams Co. (The)		1,789		1,217,128
Simon Property Group Inc.		6,470		730,592
Sirius XM Holdings Inc.(b)		35,134		205,534
Skyworks Solutions Inc.		3,964		704,878
Slack Technologies Inc., Class A(a)		9,837		402,628
Snap Inc., Class A, NVS(a)		19,600		1,286,936
Snap-on Inc.		1,508		306,290
Snowflake Inc., Class A(a)		822		213,342
SolarEdge Technologies Inc.(a)		1,078		321,578
Southern Co. (The)		22,460		1,273,931
Southwest Airlines Co.		3,782		219,848
Splunk Inc.(a)		3,096		442,759
Square Inc., Class A(a)		8,226		1,892,227
SS&C Technologies Holdings Inc.		5,713		378,658

SCHEDULE   OF   INVESTMENTS 21

Schedule of Investments (unaudited) (continued) February 28, 2021 iShares^® MSCI World ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
United States (continued)
Stanley Black & Decker Inc.		3,584	$	626,627
Starbucks Corp.		23,817		2,572,951
State Street Corp.		7,671		558,219
Stryker Corp.		7,107		1,724,798
Sun Communities Inc.		1,914		290,832
Sunrun Inc.(a)		2,443		152,883
SVB Financial Group(a)		1,213		613,002
Synchrony Financial		11,281		436,349
Synopsys Inc.(a)		3,238		793,990
Sysco Corp.		10,412		829,108
T Rowe Price Group Inc.		5,318		862,261
Take-Two Interactive Software Inc.(a)		2,711		500,071
Target Corp.		10,808		1,982,620
TE Connectivity Ltd.		6,603		858,588
Teladoc Health Inc.(a)		2,472		546,534
Teledyne Technologies Inc.(a)		832		308,672
Teleflex Inc.		1,104		439,524
Teradyne Inc.		3,430		441,132
Tesla Inc.(a)		16,224		10,959,312
Texas Instruments Inc.		19,164		3,301,382
Textron Inc.		6,410		322,679
Thermo Fisher Scientific Inc.		8,447		3,801,826
TJX Companies Inc. (The)		26,206		1,729,334
T-Mobile U.S. Inc.(a)		11,874		1,424,524
Tractor Supply Co.		2,416		384,047
Trade Desk Inc. (The), Class A(a)		930		749,013
TransDigm Group Inc.(a)		1,116		643,564
TransUnion		4,745		399,576
Travelers Companies Inc. (The)		4,901		713,096
Trimble Inc.(a)		6,813		505,116
Truist Financial Corp.		29,423		1,675,934
Twilio Inc., Class A(a)		3,069		1,205,749
Twitter Inc.(a)		16,270		1,253,766
Tyler Technologies Inc.(a)		739		342,467
Tyson Foods Inc., Class A		6,225		421,246
U.S. Bancorp		28,437		1,421,850
Uber Technologies Inc.(a)		20,417		1,056,580
UDR Inc.		7,485		308,157
Ulta Beauty Inc.(a)		1,308		421,608
Union Pacific Corp.		14,260		2,936,990
United Parcel Service Inc., Class B		15,110		2,384,811
United Rentals Inc.(a)		1,883		559,967
UnitedHealth Group Inc.		20,229		6,720,478
Universal Health Services Inc., Class B		1,685		211,181
Vail Resorts Inc.		859		265,586
Valero Energy Corp.		8,586		660,950
Varian Medical Systems Inc.(a)		1,874		328,456
Veeva Systems Inc., Class A(a)		3,100		868,341
Ventas Inc.		7,783		411,721
VEREIT Inc.		6,738		262,782
VeriSign Inc.(a)		2,218		430,359
Verisk Analytics Inc.		2,990		489,912
Verizon Communications Inc.		86,254		4,769,846
Vertex Pharmaceuticals Inc.(a)		5,696		1,210,685
VF Corp.		7,197		569,499
ViacomCBS Inc., Class B, NVS		12,335		795,484
Viatris Inc.(a)		27,706		411,434
VICI Properties Inc.		8,526		242,991
Visa Inc., Class A		35,541		7,548,553
Vistra Corp.		12,879		222,163

Security	Shares		Value
United States (continued)
VMware Inc., Class A(a)(b)		1,789	$	247,258
Vornado Realty Trust		5,375		230,803
Vulcan Materials Co.		2,904		484,939
Walgreens Boots Alliance Inc.		14,750		706,968
Walmart Inc.		30,286		3,934,757
Walt Disney Co. (The)(a)		38,644		7,305,262
Waste Management Inc.		9,899		1,097,700
Waters Corp.(a)		1,413		386,992
Wayfair Inc., Class A(a)(b)		1,603		463,235
WEC Energy Group Inc.		7,485		603,590
Wells Fargo & Co.		80,012		2,894,034
Welltower Inc.		8,845		600,576
West Pharmaceutical Services Inc.		1,765		495,347
Western Digital Corp.		6,384		437,496
Western Union Co. (The)		9,734		226,023
Westinghouse Air Brake Technologies Corp.		4,339		314,274
Westrock Co.		6,861		299,071
Weyerhaeuser Co.		16,512		559,261
Whirlpool Corp.		1,475		280,368
Williams Companies Inc. (The)		26,508		605,443
Willis Towers Watson PLC		2,557		564,176
Workday Inc., Class A(a)		3,395		832,386
WP Carey Inc.		3,724		255,243
WR Berkley Corp.		4,610		319,611
WW Grainger Inc.		885		329,848
Wynn Resorts Ltd.		2,559		337,097
Xcel Energy Inc.		11,493		673,375
Xilinx Inc.		5,600		729,680
XPO Logistics Inc.(a)		2,844		331,610
Xylem Inc./NY		4,256		423,727
Yum! Brands Inc.		6,904		714,771
Zebra Technologies Corp., Class A(a)		1,230		614,299
Zendesk Inc.(a)		2,352		343,721
Zillow Group Inc., Class C, NVS(a)		4,478		722,436
Zimmer Biomet Holdings Inc.		4,355		710,126
Zoetis Inc.		10,231		1,588,260
Zoom Video Communications Inc., Class A(a)		4,167		1,556,833
Zscaler Inc.(a)		1,542		316,156
				731,283,971
Total Common Stocks — 99.4% (Cost: $919,873,090)				1,114,504,471
Preferred Stocks
Germany — 0.2%
Henkel AG & Co. KGaA, Preference Shares, NVS		4,549		450,450
Porsche Automobil Holding SE, Preference Shares, NVS		4,950		398,832
Sartorius AG, Preference Shares, NVS		918		474,010
Volkswagen AG, Preference Shares, NVS		4,544		954,293
				2,277,585
Total Preferred Stocks — 0.2% (Cost: $1,975,854)				2,277,585
Short-Term Investments
Money Market Funds — 0.3%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.12%(e)(f)(g)		2,373,977		2,375,401

22 2 0 2 1  I SHARES  SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Schedule of Investments (unaudited) (continued) February 28, 2021 iShares^® MSCI World ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Money Market Funds (continued)
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%(e)(f)		1,360,000	$	1,360,000
				3,735,401
Total Short-Term Investments — 0.3% (Cost: $3,732,287)				3,735,401
Total Investments in Securities — 99.9% (Cost: $925,581,231)				1,120,517,457
Other Assets, Less Liabilities — 0.1%				666,427
Net Assets — 100.0%			$	1,121,183,884

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

^(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 cash collateral received from loaned securities.

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 2021 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 08/31/20		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 02/28/21		Shares Held at 02/28/21		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	8,703,021	$	—	$	(6,324,203	)(a)	$	(532	)	$	(2,885	)	$	2,375,401		2,373,977	$	20,838	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		1,510,000		—		(150,000	)(a)		—			—			1,360,000		1,360,000		724			—
BlackRock Inc.		1,850,902		187,483		(96,064	)		44,279			314,278			2,300,878		3,313		23,813			—
								$	43,747		$	311,393		$	6,036,279			$	45,375		$	—

^(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.

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
Euro STOXX 50 Index		14		03/19/21	$	616	$	1
FTSE 100 Index		3		03/19/21		270		(4,548	)
S&P 500 E-Mini Index		16		03/19/21		3,048		42,022
TOPIX Index		2		03/11/21		352		1,566
							$	39,041

Derivative Financial Instruments Categorized by Risk Exposure

As of February 28, 2021, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

	Equity Contracts
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)	$	43,589

SCHEDULE   OF   INVESTMENTS 23

Schedule of Investments (unaudited) (continued) February 28, 2021 iShares^® MSCI World ETF

Derivative Financial Instruments Categorized by Risk Exposure (continued)

	Equity Contracts
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	4,548

^(a)  Net cumulative 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 six months ended February 28, 2021, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	715,603
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(245,848	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	5,147,356

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

Fair Value Measurements

Various inputs are used in determining the fair value of financial instruments. For 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 value of the Fund’s investments according to the fair value hierarchy as of February 28, 2021. The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.

	Level 1			Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	1,114,504,471		$	—	$	—	$	1,114,504,471
Preferred Stocks		2,277,585			—		—		2,277,585
Money Market Funds		3,735,401			—		—		3,735,401
	$	1,120,517,457		$	—	$	—	$	1,120,517,457
Derivative financial instruments(a)
Assets
Futures Contracts	$	43,589		$	—	$	—	$	43,589
Liabilities
Futures Contracts		(4,548	)		—		—		(4,548	)
	$	39,041		$	—	$	—	$	39,041

^(a)  Shown at the unrealized appreciation (depreciation) on the contracts.

See notes to financial statements.

24 2 0 2 1  I SHARES  SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Statements of Assets and Liabilities (unaudited)

February 28, 2021

	iShares MSCI Frontier 100 ETF			iShares MSCI World ETF
ASSETS
Investments in securities, at value (including securities on loan)(a):
Unaffiliated(b)	$	419,304,852		$	1,114,481,178
Affiliated(c)		20,328			6,036,279
Cash		969,421			9,495
Foreign currency, at value(d)		8,867,522			1,742,287
Cash pledged:
Futures contracts		678,000			207,999
Foreign currency collateral pledged:
Futures contracts(e)		—			131,759
Receivables:
Investments sold		12,100,618			1,533,739
Securities lending income — Affiliated		4			5,112
Dividends		291,868			1,506,333
Tax reclaims		—			263,724
Unrealized appreciation on:
Forward foreign currency exchange contracts		92,652			—
Total assets		442,325,265			1,125,917,905
LIABILITIES
Collateral on securities loaned, at value		16,592			2,386,730
Payables:
Investments purchased		12,219,840			2,092,707
Variation margin on futures contracts		133,567			44,337
Bank borrowings		1,060,099			—
Investment advisory fees		261,652			210,247
Total liabilities		13,691,750			4,734,021
NET ASSETS	$	428,633,515		$	1,121,183,884
NET ASSETS CONSIST OF:
Paid-in capital	$	538,042,778		$	936,916,255
Accumulated earnings (loss)		(109,409,263	)		184,267,629
NET ASSETS	$	428,633,515		$	1,121,183,884
Shares outstanding		14,550,000			9,800,000
Net asset value	$	29.46		$	114.41
Shares authorized		500 million			500 million
Par value	$	0.001		$	0.001
(a) Securities loaned, at value	$	15,519		$	2,330,891
(b) Investments, at cost — Unaffiliated	$	326,398,567		$	920,245,821
(c)  Investments, at cost — Affiliated	$	20,325		$	5,335,410
(d) Foreign currency, at cost	$	9,465,397		$	1,717,636
(e) Foreign currency collateral pledged, at cost	$	—		$	135,400

See notes to financial statements.

FINANCIAL   STATEMENTS 25

Statements of Operations (unaudited)

Six Months Ended February 28, 2021

	iShares MSCI Frontier 100 ETF			iShares MSCI World ETF
INVESTMENT INCOME
Dividends — Unaffiliated	$	2,380,315		$	9,198,869
Dividends — Affiliated		194			24,537
Securities lending income — Affiliated — net		47			20,838
Foreign taxes withheld		(232,649	)		(401,249	)
Total investment income		2,147,907			8,842,995
EXPENSES
Investment advisory fees		1,583,112			1,291,462
Commitment fees		3,942			—
Interest expense		1,443			—
Total expenses		1,588,497			1,291,462
Net investment income		559,410			7,551,533
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated(a)		372,737			(3,042,262	)
Investments — Affiliated		(23	)		(532	)
In-kind redemptions — Unaffiliated		—			15,831,352
In-kind redemptions — Affiliated		—			44,279
Futures contracts		1,756,750			715,603
Forward foreign currency exchange contracts		(1,388,237	)		—
Foreign currency transactions		(6,854	)		57,539
Net realized gain		734,373			13,605,979
Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated		54,887,813			104,664,274
Investments — Affiliated		2			311,393
Futures contracts		253,411			(245,848	)
Forward foreign currency exchange contracts		462,662			—
Foreign currency translations		693,920			(34,941	)
Net change in unrealized appreciation (depreciation)		56,297,808			104,694,878
Net realized and unrealized gain		57,032,181			118,300,857
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	57,591,591		$	125,852,390
(a) Net of foreign capital gain tax and capital gain tax refund, if applicable	$	1,183		$	—

See notes to financial statements.

26 2 0 2 1  I SHARES  SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Statements of Changes in Net Assets

	iShares MSCI Frontier 100 ETF						iShares MSCI World ETF
	Six Months Ended 02/28/21 (unaudited)			Year Ended 08/31/20			Six Months Ended 02/28/21 (unaudited)			Year Ended 08/31/20
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	559,410		$	14,110,013		$	7,551,533		$	15,923,685
Net realized gain (loss)		734,373			(31,959,120	)		13,605,979			20,642,523
Net change in unrealized appreciation (depreciation)		56,297,808			(35,621,330	)		104,694,878			51,273,524
Net increase (decrease) in net assets resulting from operations		57,591,591			(53,470,437	)		125,852,390			87,839,732
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(2,727,339	)		(11,997,936	)		(8,094,067	)		(16,143,838	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		—			(57,630,046	)		55,178,129			230,092,080
NET ASSETS
Total increase (decrease) in net assets		54,864,252			(123,098,419	)		172,936,452			301,787,974
Beginning of period		373,769,263			496,867,682			948,247,432			646,459,458
End of period	$	428,633,515		$	373,769,263		$	1,121,183,884		$	948,247,432

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

See notes to financial statements.

FINANCIAL   STATEMENTS 27

Financial Highlights

(For a share outstanding throughout each period)

	iShares MSCI Frontier 100 ETF
	Six Months Ended 02/28/21 (unaudited)				Year Ended 08/31/20				Year Ended 08/31/19				Year Ended 08/31/18				Year Ended 08/31/17				Year Ended 08/31/16
Net asset value, beginning of period		$	25.69			$	28.97			$	28.29			$	30.62			$	24.20			$	26.20
Net investment income(a)			0.04				0.87				1.03				0.87				0.72				0.76
Net realized and unrealized gain (loss)(b)			3.92				(3.36	)			0.76				(1.99	)			6.00				(2.17	)
Net increase (decrease) from investment operations			3.96				(2.49	)			1.79				(1.12	)			6.72				(1.41	)
Distributions(c)
From net investment income			(0.19	)			(0.79	)			(1.11	)			(1.21	)			(0.30	)			(0.59	)
Total distributions			(0.19	)			(0.79	)			(1.11	)			(1.21	)			(0.30	)			(0.59	)
Net asset value, end of period		$	29.46			$	25.69			$	28.97			$	28.29			$	30.62			$	24.20
Total Return
Based on net asset value			15.44	%(d)			(8.44	)%			6.45	%			(3.92	)%			27.91	%			(5.45	)%
Ratios to Average Net Assets
Total expenses			0.79	%(e)			0.79	%			0.79	%			0.81	%			0.80	%			0.79	%
Net investment income			0.28	%(e)			3.27	%			3.63	%			2.69	%			2.65	%			3.03	%
Supplemental Data
Net assets, end of period (000)		$	428,634			$	373,769			$	496,868			$	523,445			$	627,626			$	407,722
Portfolio turnover rate(f)			6	%(d)			25	%			33	%			35	%			32	%			20	%

^(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) Not annualized.

^(e)  Annualized.

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

See notes to financial statements.

28 2 0 2 1  I SHARES  SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares MSCI World ETF
	Six Months Ended 02/28/21 (unaudited)				Year Ended 08/31/20				Year Ended 08/31/19				Year Ended 08/31/18				Year Ended 08/31/17				Year Ended 08/31/16
Net asset value, beginning of period		$	103.07			$	89.79			$	91.33			$	82.22			$	72.15			$	68.95
Net investment income(a)			0.75				1.76				1.96				1.84				1.74				1.62
Net realized and unrealized gain (loss)(b)			11.38				13.35				(1.52	)			9.15				9.90				3.16
Net increase from investment operations			12.13				15.11				0.44				10.99				11.64				4.78
Distributions(c)
From net investment income			(0.79	)			(1.83	)			(1.98	)			(1.88	)			(1.57	)			(1.58	)
Total distributions			(0.79	)			(1.83	)			(1.98	)			(1.88	)			(1.57	)			(1.58	)
Net asset value, end of period		$	114.41			$	103.07			$	89.79			$	91.33			$	82.22			$	72.15
Total Return
Based on net asset value			11.81	%(d)			17.04	%			0.61	%			13.46	%			16.29	%			7.05	%
Ratios to Average Net Assets
Total expenses			0.24	%(e)			0.24	%			0.24	%			0.24	%			0.24	%			0.24	%
Net investment income			1.40	%(e)			1.90	%			2.24	%			2.09	%			2.25	%			2.34	%
Supplemental Data
Net assets, end of period (000)		$	1,121,184			$	948,247			$	646,459			$	566,243			$	509,769			$	288,603
Portfolio turnover rate(f)			2	%(d)			7	%			4	%			3	%			3	%			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)  Not annualized.

^(e)  Annualized.

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

See notes to financial statements.

FINANCIAL   HIGHLIGHTS 29

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 Frontier 100	Diversified
MSCI World	Diversified

2. SIGNIFICANT ACCOUNTING POLICIES

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

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

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 statement 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 statement 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, 2021, if any, are disclosed in the statement 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 statement of operations includes tax reclaims recorded as well as professional and other fees, if any, associated with recovery of foreign withholding taxes.

Segregation and Collateralization: In cases where a Fund enters into certain investments (e.g., futures contracts and forward foreign currency exchange contracts) that would be treated as “senior securities” for 1940 Act purposes, a Fund may segregate or designate on its books and record cash or liquid assets having a market value at least equal to the amount of its future obligations under such investments. Doing so allows the investment to be excluded from treatment as a “senior security.” Furthermore, if required by an exchange or counterparty agreement, the Funds may be required to deliver/deposit cash and/or securities to/with an exchange, or broker-dealer or custodian as collateral for certain investments or obligations.

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

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.

30 2 0 2 1  I SHARES  SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Notes to Financial Statements (unaudited) (continued)

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

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

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

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

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

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

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

• Forward foreign currency exchange contracts are valued based on that day’s prevailing forward exchange rate for the underlying currencies.

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

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

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

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

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

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

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

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

NOTES   TO   FINANCIAL    STATEMENTS 31

Notes to Financial Statements (unaudited) (continued)

securities but does not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

As of period end, any securities on loan were collateralized by cash and/or U.S. Government obligations. Cash collateral invested in money market funds managed by BlackRock Fund Advisors (“BFA”), the Funds’ investment adviser, or its affiliates is disclosed in the schedules 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 as of February 28, 2021:

iShares ETF and Counterparty		Market Value of Securities on Loan		Cash Collateral Received	(a)		Non-Cash Collateral Received		Net Amount
MSCI Frontier 100
Goldman Sachs & Co.	$	15,519	$	15,519		$	—	$	—
MSCI World
BNP Paribas Securities Corp.	$	389,256	$	352,931		$	—	$	(36,325	)(b)
JPMorgan Securities LLC		231,861		231,861			—		—
Morgan Stanley & Co. LLC		1,424,825		1,424,825			—		—
UBS Securities LLC		244,770		244,770			—		—
Wells Fargo Securities LLC		40,179		40,179			—		—
	$	2,330,891	$	2,294,566		$	—	$	(36,325	)

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

^(b) 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 statement 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 statement 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 statement of assets and liabilities. When the contract is closed, a realized gain or loss is recorded in the statement 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.

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Notes to Financial Statements (unaudited) (continued)

Forward Foreign Currency Exchange Contracts: Forward foreign currency exchange contracts are entered into to gain or reduce exposure to foreign currencies (foreign currency exchange rate risk).

A forward foreign currency exchange contract is an agreement between two parties to buy and sell a currency at a set exchange rate on a specified date. These contracts help to manage the overall exposure to the currencies in which some of the investments held by the Funds are denominated and in some cases, may be used to obtain exposure to a particular market. The contracts are traded over-the-counter (“OTC”) and not on an organized exchange.

The contract is marked-to-market daily and the change in market value is recorded as unrealized appreciation or depreciation in the statement of assets and liabilities. When the contract is closed, a realized gain or loss is recorded in the statement of operations equal to the difference between the value at the time it was opened and the value at the time it was closed. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in cash without the delivery of foreign currency. The use of forward foreign currency exchange contracts involves the risk that the value of a contract changes unfavorably due to movements in the value of the referenced foreign currencies, and such value may exceed the amount(s) reflected in the statement of assets and liabilities. Cash amounts pledged for forward foreign currency exchange contracts are considered restricted and are included in cash pledged as collateral for OTC derivatives in the statement of assets and liabilities. A Fund’s risk of loss from counterparty credit risk on OTC derivatives is generally limited to the aggregate unrealized gain netted against any collateral held by the Fund.

Master Netting Arrangements: In order to define its contractual rights and to secure rights that will help mitigate its counterparty risk, a Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar agreement with its derivative contract counterparties. An ISDA Master Agreement is a bilateral agreement between a Fund and a counterparty that governs certain OTC derivatives and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, a Fund may, under certain circumstances, offset with the counterparty certain derivative financial instruments’ payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency, or other events.

For derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the mark-to-market amount for each transaction under such agreement, and comparing that amount to the value of any collateral currently pledged by a fund and the counterparty.

Cash collateral that has been pledged to cover obligations of the Funds and cash collateral received from the counterparty, if any, is reported separately in the Statements of Assets and Liabilities as cash pledged as collateral and cash received as collateral, respectively. Non-cash collateral pledged by the Funds, if any, is noted in the Schedules of Investments. Generally, the amount of collateral due from or to a counterparty is subject to a certain minimum transfer amount threshold before a transfer is required, which is determined at the close of business of the Funds. Any additional required collateral is delivered to/pledged by the Funds on the next business day. Typically, the counterparty is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. A Fund generally agrees not to use non-cash collateral that it receives but may, absent default or certain other circumstances defined in the underlying ISDA Master Agreement, be permitted to use cash collateral received. In such cases, interest may be paid pursuant to the collateral arrangement with the counterparty. To the extent amounts due to the Funds from the counterparty are not fully collateralized, each Fund bears the risk of loss from counterparty non-performance. Likewise, to the extent the Funds have delivered collateral to a counterparty and stand ready to perform under the terms of their agreement with such counterparty, each Fund bears the risk of loss from a counterparty in the amount of the value of the collateral in the event the counterparty fails to return such collateral. Based on the terms of agreements, collateral may not be required for all derivative contracts.

For financial reporting purposes, each Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements, if any, in the statement of assets and liabilities.

6. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

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

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

iShares ETF	Investment Advisory Fee
MSCI Frontier 100		0.79	%
MSCI World		0.24

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. 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

NOTES   TO   FINANCIAL    STATEMENTS 33

Notes to Financial Statements (unaudited) (continued)

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.

Prior to January 1, 2019, each Fund retained 80% of securities lending income (which excludes collateral investment fees) and the amount retained was not 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 the iShares ETF Complex in a calendar year exceeded a specified threshold, each Fund, pursuant to the securities lending agreement, retained for the remainder of that calendar year 85% of securities lending income (which excludes collateral investment fees), and the amount retained could 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 statement of operations. For the six months ended February 28, 2021, the Funds paid BTC the following amounts for securities lending agent services:

iShares ETF	Fees Paid to BTC
MSCI Frontier 100	$	16
MSCI World		6,159

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, 2021, 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 Frontier 100	$	2,602,824	$	—	$	—
MSCI World		4,348,462		7,139,956		(1,157,556	)

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 statement 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, 2021, purchases and sales of investments, excluding short-term investments and in-kind transactions, were as follows:

iShares ETF	Purchases		Sales
MSCI Frontier 100	$	23,296,161	$	23,207,949
MSCI World		29,418,894		26,102,884

For the six months ended February 28, 2021, in-kind transactions were as follows:

34 2 0 2 1  I SHARES  SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Notes to Financial Statements (unaudited) (continued)

iShares ETF	In-kind Purchases		In-kind Sales
MSCI World	$	96,122,269	$	43,779,727

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, 2021, 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, 2020, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:

iShares ETF	Non-Expiring
MSCI Frontier 100	$	178,681,296
MSCI World		24,330,017

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, 2021, 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 Frontier 100	$	350,267,262	$	112,892,462	$	(43,205,800	)	$	69,686,662
MSCI World		927,979,612		244,721,407		(52,144,521	)		192,576,886

9. LINE OF CREDIT

The iShares MSCI Frontier 100 ETF, along with certain other iShares funds (“Participating Funds”), is a party to a $300 million credit agreement (“Credit Agreement”) with State Street Bank and Trust Company, which expires on July 15, 2021. 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 Credit Agreement sets specific sub limits on aggregate borrowings based on two tiers of Participating Funds: $300 million with respect to the funds within Tier 1, including the Fund, and $200 million with respect to Tier 2. The Funds may borrow up to the aggregate commitment amount subject to asset coverage and other limitations as specified in the Credit Agreement. The Credit Agreement has the following terms: a commitment fee of 0.20% per annum on the unused portion of the credit agreement and interest at a rate equal to the higher of (a) the one-month LIBOR rate (not less than zero) plus 1.00% per annum or (b) the U.S. Federal Funds rate (not less than zero) plus 1.00% per annum on amounts borrowed. The commitment fee is generally allocated to each Participating Fund based on the lesser of a Participating Fund’s relative exposure to certain target markets or a Participating Fund’s maximum borrowing amount as set forth by the terms of the Credit Agreement.

For the six months ended February 28, 2021, the maximum amount borrowed, the average daily borrowing and the weighted average interest rate, if any, under the credit agreement were as follows:

iShares ETF	Maximum Amount Borrowed		Average Borrowing		Weighted Average Interest Rates
MSCI Frontier 100	$	5,960,000	$	248,066		1.15	%

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.

NOTES   TO   FINANCIAL    STATEMENTS 35

Notes to Financial Statements (unaudited) (continued)

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

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

Market Risk: An outbreak of respiratory disease caused by a novel coronavirus has developed into a global pandemic and has resulted in closing borders, quarantines, disruptions to supply chains and customer activity, as well as general concern and uncertainty. The impact of this pandemic, and other global health crises that may arise in the future, could affect the economies of many nations, individual companies and the market in general in ways that cannot necessarily be foreseen at the present time. This pandemic may result in substantial market volatility and may adversely impact the prices and liquidity of a fund’s investments. The duration of this pandemic and its effects cannot be determined with certainty.

Valuation Risk: The market values of equities, such as common stocks and preferred securities or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company. They may also decline due to factors which affect a particular industry or industries. A fund may invest in illiquid investments. An illiquid investment is any investment that a fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. A fund may experience difficulty in selling illiquid investments in a timely manner at the price that it believes the investments are worth. Prices may fluctuate widely over short or extended periods in response to company, market or economic news. Markets also tend to move in cycles, with periods of rising and falling prices. This volatility may cause a fund’s NAV to experience significant increases or decreases over short periods of time. If there is a general decline in the securities and other markets, the NAV of a fund may lose value, regardless of the individual results of the securities and other instruments in which a fund invests.

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

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

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

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

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

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

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

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

36 2 0 2 1  I SHARES  SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Notes to Financial Statements (unaudited) (continued)

LIBOR Transition Risk: The United Kingdom’s Financial Conduct Authority announced a phase out of the London Interbank Offered Rate (“LIBOR”) by the end of 2021, and it is expected that LIBOR will cease to be published after that time. The Funds may be exposed to financial instruments tied to LIBOR to determine payment obligations, financing terms, hedging strategies or investment value. The transition process away from LIBOR might lead to increased volatility and illiquidity in markets for, and reduce the effectiveness of new hedges placed against, instruments whose terms currently include LIBOR. The ultimate effect of the LIBOR transition process on the Funds is uncertain.

11. CAPITAL SHARE TRANSACTIONS

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

Transactions in capital shares were as follows:

	Six Months Ended 02/28/21						Year Ended 08/31/20
iShares ETF	Shares			Amount			Shares			Amount
MSCI Frontier 100
Shares sold		—		$	—			400,000		$	12,960,707
Shares redeemed		—			—			(3,000,000	)		(70,590,753	)
Net decrease		—		$	—			(2,600,000	)	$	(57,630,046	)
MSCI World
Shares sold		1,000,000		$	100,652,683			5,500,000		$	514,328,676
Shares redeemed		(400,000	)		(45,474,554	)		(3,500,000	)		(284,236,596	)
Net increase		600,000		$	55,178,129			2,000,000		$	230,092,080

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 statement 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.

NOTES   TO   FINANCIAL    STATEMENTS 37

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 Frontier 100 ETF and iShares MSCI World 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 2, 2020 (the “Meeting”) to review the Program. The Board previously appointed BlackRock Fund Advisors (“BlackRock”), the investment adviser to the Funds, as the program administrator for each Fund’s Program. BlackRock also previously delegated oversight of the Program to the 40 Act Liquidity Risk Management Committee (the “Committee”). At the Meeting, the Committee, on behalf of BlackRock, provided the Board with a report that addressed the operation of the Program and assessed its adequacy and effectiveness of implementation, including the management of each Fund’s Highly Liquid Investment Minimum (“HLIM”) where applicable, and any material changes to the Program (the “Report”). The Report covered the period from October 1, 2019 through September 30, 2020 (the “Program Reporting Period”).

The Report described the Program’s liquidity classification methodology for categorizing a Fund’s investments (including derivative transactions) into one of four liquidity buckets. It also referenced the methodology used by BlackRock to establish a Fund’s HLIM and noted that the Committee reviews and ratifies the HLIM assigned to each Fund no less frequently than annually. The Report also discussed notable events affecting liquidity over the Program Reporting Period, including extended market holidays and closures in certain countries and the impact of the coronavirus outbreak on the Funds and the overall market.

The Report noted that the Program complied with the key factors for consideration under the Liquidity Rule for assessing, managing and periodically reviewing a Fund’s liquidity risk, as follows:

a) 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 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.

b) 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.

c) Holdings of cash and cash equivalents, as well as borrowing arrangements. The Committee considered that ETFs generally do not hold more than de minimis amounts of cash. While the ETFs generally do not engage in borrowing, certain of the ETFs have the flexibility to draw on a line of credit to meet redemption requests or facilitate settlements.

d) The relationship between an ETF’s portfolio liquidity and the way in which, and the prices and spreads at which, ETF shares trade, including the efficiency of the arbitrage function and the level of active participation by market participants, including authorized participants. The Committee monitored the prevailing bid/ask spread and the ETF price premium (or discount) to NAV for all ETFs and reviewed any persistent deviations from long-term averages.

e) The effect of the composition of baskets on the overall liquidity of an ETF’s portfolio. In reviewing the linkage between the composition of custom baskets accepted by an ETF and any significant change in the liquidity profile of such ETF, the Committee reviewed changes in the proportion of each ETF’s portfolio comprised of less liquid and illiquid holdings to determine if applicable thresholds were met requiring enhanced review.

As part of BlackRock’s continuous review of the effectiveness of the Program, the Committee made the following enhancements to the Program: (1) certain single country emerging market ETFs were added to a $300 million credit agreement with State Street Bank and Trust Company; and (2) certain updates were made to the RATS and HLIM calculation 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.

38 2 0 2 1  I SHARES  SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Supplemental Information (unaudited)

Regulation Regarding Derivatives

On October 28, 2020, the Securities and Exchange Commission (the “SEC”) adopted new regulations governing the use of derivatives by registered investment companies (“Rule 18f-4”). The Funds will be required to implement and comply with Rule 18f-4 by August 19, 2022. Once implemented, Rule 18f-4 will impose limits on the amount of derivatives a fund can enter into, eliminate the asset segregation framework currently used by funds to comply with Section 18 of the 1940 Act, treat derivatives as senior securities and require funds whose use of derivatives is more than a limited specified exposure amount to establish and maintain a comprehensive derivatives risk management program and appoint a derivatives risk manager.

Section 19(a) Notices

The amounts and sources of distributions reported are estimates and are being provided pursuant to regulatory requirements and are not being provided for tax reporting purposes. The actual amounts and sources for tax reporting purposes will depend upon each Fund’s investment experience during the year and may be subject to changes based on tax regulations. Shareholders will receive a Form 1099-DIV each calendar year that will inform them how to report these distributions for federal income tax purposes.

February 28, 2021

	Total Cumulative Distributions for the Fiscal Year-to-Date								% Breakdown of the Total Cumulative Distributions for the Fiscal Year-to-Date
iShares ETF	Net Investment Income		Net Realized Capital Gains		Return of Capital		Total Per Share		Net Investment Income			Net Realized Capital Gains			Return of Capital			Total Per Share
MSCI Frontier 100(a)	$	0.177992	$	—	$	0.009454	$	0.187446		95	%		—	%		5	%		100	%
MSCI World(a)		0.745605		—		0.047931		0.793536		94			—			6			100

^(a) The Fund estimates that it has distributed more than its net investment income and net realized capital gains; therefore, a portion of the distribution may be a return of capital. A return of capital may occur, for example, when some or all of the shareholder’s investment in the Fund is returned to the shareholder. A return of capital does not necessarily reflect the Fund’s investment performance and should not be confused with “yield” or “income”. When distributions exceed total return performance, the difference will incrementally reduce the Fund’s net asset value per share.

SUPPLEMENTAL   INFORMATION 39

General Information

Electronic Delivery

Shareholders can sign up for email 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.

40 2 0 2 1  I SHARES  SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Glossary of Terms Used in this Report

Portfolio Abbreviations - Equity
ADR	American Depositary Receipt
GDR	Global Depositary Receipt
JSC	Joint Stock Company
NVS	Non-Voting Shares
REIT	Real Estate Investment Trust

Counterparty Abbreviations
CITI	Citibank N.A.

Currency Abbreviations
NGN	Nigerian Naira
USD	United States Dollar

GLOSSARY  OF    TERMS  USED   IN  THIS  REPORT 41

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.

©2021 BlackRock, Inc. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.

iS-SAR-811-0221

FEBRUARY 28, 2021

2021 Semi-Annual Report

(Unaudited)

iShares, Inc.

🌑 iShares MSCI Global 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,

The 12-month reporting period as of February 28, 2021 reflected a remarkable period of disruption and adaptation, as the global economy dealt with the implications of the coronavirus (or “COVID-19”) pandemic. As the period began, the threat from the virus was becoming increasingly apparent, and countries around the world took economically disruptive countermeasures. Stay-at-home orders and closures of non-essential businesses became widespread, many workers were laid off, and unemployment claims spiked, causing a global recession and a sharp fall in equity prices.

After markets hit their lowest point of the reporting period in late March 2020, a steady recovery ensued, as businesses began to re-open and governments learned to adapt to life with the virus. Equity prices continued to rise throughout the summer, fed by strong fiscal and monetary support and improving economic indicators. Many equity indices neared or surpassed all-time highs late in the reporting period following the implementation of mass vaccination campaigns and progress of additional stimulus through the U.S. Congress. In the United States, both large- and small-capitalization stocks posted a significant advance. International equities also gained, as both developed countries and emerging markets rebounded substantially from lows in late March 2020.

During the market downturn, the performance of different types of fixed-income securities initially diverged due to a reduced investor appetite for risk. U.S. Treasuries benefited from the risk-off environment, as the 10-year U.S. Treasury yield (which is inversely related to bond prices) dropped to historic lows. However, inflation risk from a rapidly expanding economy raised yields late in the reporting period, leading to a negative overall return for most U.S. Treasuries. In the corporate bond market, support from the U.S. Federal Reserve (the “Fed”) assuaged credit concerns and both investment-grade and high-yield bonds recovered to post positive returns.

Following the coronavirus outbreak, the Fed instituted two emergency interest rate cuts, pushing short-term interest rates, already low as the year began, close to zero. To stabilize credit markets, the Fed also implemented a new bond-buying program, as did several other central banks around the world, including the European Central Bank and the Bank of Japan.

Looking ahead, while coronavirus-related disruptions have clearly hindered worldwide economic growth, we believe that the global expansion will continue to accelerate as vaccination efforts ramp up and pent-up consumer demand leads to higher spending. In early 2021, Congress passed one of the largest economic rescue packages in U.S. history, which should provide a solid tailwind for economic growth. Inflation is likely to increase somewhat as the expansion continues, but a shift in central bank policy means that moderate inflation is less likely to be followed by interest rate hikes that could threaten the equity expansion.

Overall, we favor a positive stance toward risk, with an overweight in equities. We see U.S. and Asian equities outside of Japan benefiting from structural growth trends in tech, while emerging markets should be particularly helped by a vaccine-led economic expansion. While we are neutral overall on credit, rising inflation should provide tailwinds for inflation-protected bonds, and global high-yield and Asian bonds also present attractive opportunities. We believe that international diversification and a focus on sustainability can help provide portfolio resilience, and the disruption created by the coronavirus appears to be accelerating the shift toward sustainable investments.

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

Sincerely,

Rob Kapito

President, BlackRock, Inc.

Rob Kapito

President, BlackRock, Inc.

Total Returns as of February 28, 2021
	6-Month	12-Month
U.S. large cap equities (S&P 500® Index)	9.74%	31.29%
U.S. small cap equities (Russell 2000® Index)	41.69	51.00
International equities (MSCI Europe, Australasia, Far East Index)	14.33	22.46
Emerging market equities (MSCI Emerging Markets Index)	22.32	36.05
3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)	0.06	0.40
U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)	(6.34)	(1.96)
U.S. investment grade bonds (Bloomberg Barclays U.S. Aggregate Bond Index)	(1.55)	1.38
Tax-exempt municipal bonds (S&P Municipal Bond Index)	0.92	1.22
U.S. high yield bonds (Bloomberg Barclays U.S. Corporate High Yield 2% Issuer Capped Index)	6.08	9.31
Past performance is no guarantee of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.

2 THIS   PAGE   IS   NOT   PART   OF   YOUR   FUND   REPORT

Table of Contents

	Page
The Markets in Review	2
Fund Summary	4
About Fund Performance	9
Shareholder Expenses	9
Schedules of Investments	10
Financial Statements
Statements of Assets and Liabilities	25
Statements of Operations	27
Statements of Changes in Net Assets	29
Financial Highlights	32
Notes to Financial Statements	37
Statement Regarding Liquidity Risk Management Program	46
Supplemental Information	47
General Information	48
Glossary of Terms Used in this Report	49

Fund Summary as of February 28, 2021 iShares^® MSCI Global Agriculture Producers ETF

Investment Objective

The iShares MSCI Global Agriculture 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 agriculture, as represented by the MSCI ACWI 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 Months			1 Year			5 Years			Since Inception			1 Year			5 Years			Since Inception
Fund NAV		35.75	%		53.89	%		14.52	%		6.89	%		53.89	%		96.93	%		83.10	%
Fund Market		35.52			54.40			14.71			6.91			54.40			98.66			83.38
Index		36.00			54.18			14.63			6.96			54.18			97.92			84.23

The inception date of the Fund was 1/31/12. The first day of secondary market trading was 2/2/12.

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

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

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value (09/01/20)	Ending Account Value (02/28/21)	Expenses Paid During the  Period	(a)		Beginning Account Value (09/01/20)	Ending Account Value (02/28/21)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$      1,000.00	$      1,357.50	$          2.28			$      1,000.00	$      1,022.90	$          1.96		0.39	%

^(a)  Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (181 days) and divided by the number of days in the year (365 days). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” on page 9 for more information.

Portfolio Information

ALLOCATION BY SECTOR
Sector	Percent of Total Investments	(a)
Agricultural & Farm Machinery	32.9	%
Fertilizers & Agricultural Chemicals	30.5
Agricultural Products	18.8
Packaged Foods & Meats	17.8

TEN LARGEST GEOGRAPHIC ALLOCATION

Country/Geographic Region	Percent of Total Investments	(a)
United States	55.1	%
Canada	6.3
Japan	6.2
Norway	6.1
China	3.5
Italy	3.0
India	2.7
Malaysia	2.1
Singapore	1.9
Saudi Arabia	1.9

^(a)  Excludes money market funds.

4 2 0 2 1   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Fund Summary as of February 28, 2021 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 Months			1 Year			5 Years			Since Inception			1 Year			5 Years			Since Inception
Fund NAV		30.12	%		9.32	%		3.27	%		(2.06	)%		9.32	%		17.44	%		(17.20	)%
Fund Market		30.44			8.60			3.32			(2.04	)		8.60			17.75			(17.05	)
Index		29.89			8.96			3.01			(2.26	)		8.96			15.97			(18.76	)

The inception date of the Fund was 1/31/12. The first day of secondary market trading was 2/2/12.

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.

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

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value (09/01/20)	Ending Account Value (02/28/21)	Expenses Paid During the  Period	(a)		Beginning Account Value (09/01/20)	Ending Account Value (02/28/21)	Expenses Paid During the  Period	(a)	Annualized Expense Ratio
	$      1,000.00	$      1,301.20	$          2.23			$      1,000.00	$      1,022.90	$          1.96		0.39	%

^(a)  Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (181 days) and divided by the number of days in the year (365 days). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” on page 9 for more information.

Portfolio Information

ALLOCATION BY SECTOR
Sector	Percent of Total Investments	(a)
Integrated Oil & Gas	60.4	%
Oil & Gas Exploration & Production	23.2
Oil & Gas Refining & Marketing	14.4
Coal & Consumable Fuels	2.0

TEN LARGEST GEOGRAPHIC ALLOCATION

Country/Geographic Region	Percent of Total Investments	(a)
United States	44.9	%
United Kingdom	14.0
France	6.8
Canada	6.3
India	5.6
Russia	4.1
Australia	2.4
Brazil	2.1
Italy	1.7
Finland	1.6

^(a)  Excludes money market funds.

FUND   SUMMARY 5

Fund Summary as of February 28, 2021 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 Months			1 Year			5 Years			Since Inception			1 Year			5 Years			Since Inception
Fund NAV		(25.76	)%		19.27	%		10.64	%		(6.09	)%		19.27	%		65.76	%		(43.48	)%
Fund Market		(26.56	)		19.23			10.35			(6.15	)		19.23			63.62			(43.81	)
Index		(25.69	)		19.49			10.87			(5.91	)		19.49			67.54			(42.50	)

The inception date of the Fund was 1/31/12. The first day of secondary market trading was 2/2/12.

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

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value (09/01/20)	Ending Account Value (02/28/21)	Expenses Paid During the Period	(a)		Beginning Account Value (09/01/20)	Ending Account Value (02/28/21)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$       1,000.00	$      742.40	$       1.68			$      1,000.00	$      1,022.90	$        1.96		0.39	%

^(a) Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (181 days) and divided by the number of days in the year (365 days). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” on page 9 for more information.

Portfolio Information

GEOGRAPHIC ALLOCATION

Country/Geographic Region	Percent of Total Investments(	a)
Canada	54.4	%
United States	22.8
South Africa	9.1
Australia	7.0
Russia	2.3
Peru	1.3
Indonesia	1.2
United Kingdom	1.0
Turkey	0.9

TEN LARGEST HOLDINGS

Security	Percent of Total Investments	(a)
Newmont Corp.	21.2	%
Barrick Gold Corp.	16.2
Wheaton Precious Metals Corp.	7.8
Newcrest Mining Ltd.	4.7
Agnico Eagle Mines Ltd.	4.4
Kirkland Lake Gold Ltd.	4.1
AngloGold Ashanti Ltd.	4.0
Kinross Gold Corp.	3.9
Gold Fields Ltd.	3.6
B2Gold Corp.	2.4

^(a)  Excludes money market funds.

6 2 0 2 1   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Fund Summary as of February 28, 2021 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 Months			1 Year			5 Years			Since Inception			1 Year			5 Years			Since Inception
Fund NAV		51.25	%		81.18	%		24.52	%		1.91	%		81.18	%		199.39	%		18.77	%
Fund Market		51.32			81.50			24.39			1.90			81.50			197.80			18.62
Index		51.69			81.78			24.86			2.07			81.78			203.52			20.46

The inception date of the Fund was 1/31/12. The first day of secondary market trading was 2/2/12.

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

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

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value (09/01/20)	Ending Account Value (02/28/21)	Expenses Paid During the Period	(a)		Beginning Account Value (09/01/20)	Ending Account Value (02/28/21)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$       1,000.00	$      1,512.50	$       2.43			$       1,000.00	$      1,022.90	$      1.96		0.39	%

^(a) Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (181 days) and divided by the number of days in the year (365 days). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” on page 9 for more information.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of Total Investments	(a)
Diversified Metals & Mining	51.2	%
Steel	30.5
Copper	10.3
Precious Metals & Minerals	4.1
Aluminum	3.9

TEN LARGEST GEOGRAPHIC ALLOCATION

Country/Geographic Region	Percent of Total Investments	(a)
Australia	27.8	%
United Kingdom	18.8
United States	11.3
Brazil	7.2
Japan	4.6
Canada	4.1
South Africa	4.0
Russia	3.2
India	2.6
South Korea	2.5

^(a)  Excludes money market funds.

FUND   SUMMARY 7

Fund Summary as of February 28, 2021 iShares^® MSCI Global Silver and Metals Miners ETF

Investment Objective

The iShares MSCI Global 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 Months			1 Year			5 Years			Since Inception			1 Year			5 Years			Since Inception
Fund NAV		(6.87	)%		74.77	%		18.87	%		(3.31	)%		74.77	%		137.29	%		(26.30	)%
Fund Market		(6.45	)		75.37			18.80			(3.25	)		75.37			136.67			(25.90	)
Index		(6.76	)		75.15			18.75			(3.32	)		75.15			136.18			(26.40	)

The inception date of the Fund was 1/31/12. The first day of secondary market trading was 2/2/12.

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

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

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value (09/01/20)	Ending Account Value (02/28/21)	Expenses Paid During the Period	(a)		Beginning Account Value (09/01/20)	Ending Account Value (02/28/21)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$       1,000.00	$      931.30	$      1.87			$       1,000.00	$      1,022.90	$      1.96		0.39	%

^(a) Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (181 days) and divided by the number of days in the year (365 days). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” on page 9 for more information.

Portfolio Information

GEOGRAPHIC ALLOCATION

Country/Geographic Region	Percent of Total Investments	(a)
Canada	63.6	%
United States	17.8
United Kingdom	8.8
Mexico	4.9
Japan	3.5
Other (each representing less than 1%)	1.4

TEN LARGEST HOLDINGS

Security	Percent of Total Investments	(a)
Pan American Silver Corp.	17.4	%
Hecla Mining Co.	8.7
First Majestic Silver Corp.	8.5
Fresnillo PLC	5.5
Industrias Penoles SAB de CV	4.9
Coeur Mining Inc.	4.7
Newmont Corp.	4.4
MAG Silver Corp.	4.2
Eldorado Gold Corp.	3.8
Fortuna Silver Mines Inc.	3.6

^(a)  Excludes money market funds.

8 2 0 2 1   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

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 the 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 by 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. Since shares of a fund may not trade in the secondary market until after the fund’s inception, for the period from inception to the first day of secondary market trading in shares of the fund, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.

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

Shareholder Expenses

As a shareholder of your Fund, you incur two types of costs: (1) transaction costs, including brokerage commissions on purchases and sales of fund shares and (2) ongoing costs, including management fees and other fund expenses. The expense example, which is based on an investment of $1,000 invested at the beginning of the period (or from the commencement of operations if less than 6 months) and held through the end of the period, is intended to help you understand your ongoing costs (in dollars and cents) of investing in your Fund and to compare these costs with the ongoing costs of investing in other funds.

Actual Expenses – The table provides information about actual account values and actual expenses. Annualized expense ratios reflect contractual and voluntary fee waivers, if any. To estimate the expenses that you paid on your account over the period, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number under the heading entitled “Expenses Paid During the Period.”

Hypothetical Example for Comparison Purposes – The table also provides information about hypothetical account values and hypothetical expenses based on your Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses. You may use this information to compare the ongoing costs of investing in your Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as brokerage commissions and other fees paid on purchases and sales of fund shares. Therefore, the hypothetical examples are useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

ABOUT  FUND   PERFORMANCE / SHAREHOLDER   EXPENSES 9

Schedule of Investments (unaudited)  February 28, 2021 iShares^® MSCI Global Agriculture Producers ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Argentina — 0.2%
Adecoagro SA(a)		12,270	$	101,227
Australia — 1.1%
Australian Agricultural Co. Ltd.(a)		32,100		27,958
Costa Group Holdings Ltd.		41,280		145,733
Elders Ltd.		16,710		145,669
Inghams Group Ltd.		35,850		97,420
Nufarm Ltd./Australia(a)		32,520		120,850
Select Harvests Ltd.		13,173		53,644
Tassal Group Ltd.		23,490		61,469
				652,743
Brazil — 0.4%
Sao Martinho SA		21,000		117,641
SLC Agricola SA		12,087		88,879
				206,520
Canada — 6.3%
Ag Growth International Inc.		2,250		69,721
Nutrien Ltd.		65,001		3,526,792
Rogers Sugar Inc.		10,470		43,832
				3,640,345
China — 3.5%
Beijing Dabeinong Technology Group Co. Ltd., Class A		30,000		46,251
China BlueChemical Ltd., Class H		202,000		48,955
China Huishan Dairy Holdings Co. Ltd.(a)(b)		295,050		—
China Modern Dairy Holdings Ltd.(a)(c)		340,000		118,339
COFCO Joycome Foods Ltd.		270,000		179,946
First Tractor Co. Ltd., Class H(a)(c)		44,000		22,405
Fujian Sunner Development Co. Ltd., Class A		9,000		40,001
Heilongjiang Agriculture Co. Ltd., Class A		12,000		30,982
Henan Shuanghui Investment & Development Co. Ltd., Class A		18,800		133,576
Inner Mongolia Yili Industrial Group Co. Ltd., Class A		42,000		280,136
Jiangsu Yangnong Chemical Co. Ltd., Class A		1,700		35,166
Jiangxi Zhengbang Technology Co. Ltd., Class A		21,700		55,457
Muyuan Foods Co. Ltd., Class A		25,490		448,052
New Hope Liuhe Co. Ltd., Class A		30,000		111,438
Shandong Hualu Hengsheng Chemical Co. Ltd., Class A		12,000		78,835
Sinofert Holdings Ltd.		240,000		34,960
Tongwei Co. Ltd., Class A		30,000		217,505
Wens Foodstuffs Group Co. Ltd., Class A		40,520		113,621
Yuan Longping High-Tech Agriculture Co. Ltd., Class A(a)		9,000		27,612
				2,023,237
France — 0.1%
Vilmorin & Cie SA		780		50,273
Germany — 0.9%
K+S AG, Registered		21,540		241,530
KWS Saat SE & Co. KGaA		1,350		119,292
Suedzucker AG(c)		8,160		129,057
				489,879
Hong Kong — 1.7%
WH Group Ltd.(d)		1,095,000		982,449
India — 2.6%
Balrampur Chini Mills Ltd.		12,540		30,222
Bayer CropScience Ltd./India		1,236		86,490
Chambal Fertilizers and Chemicals Ltd.		17,910		59,542
Coromandel International Ltd.		11,640		122,182

Security	Shares		Value
India (continued)
EID Parry India Ltd.(a)		8,100	$	35,030
Escorts Ltd.		6,900		123,089
Kaveri Seed Co. Ltd.		3,030		20,905
KRBL Ltd.		5,490		14,710
Rallis India Ltd.		9,330		32,458
Tata Consumer Products Ltd.		68,610		568,739
UPL Ltd.		56,730		433,513
				1,526,880
Indonesia — 0.9%
Astra Agro Lestari Tbk PT		54,000		42,662
Charoen Pokphand Indonesia Tbk PT		849,000		366,668
Inti Agri Resources Tbk PT(a)(b)		2,230,700		0	(e)
Japfa Comfeed Indonesia Tbk PT		534,000		57,562
Perusahaan Perkebunan London Sumatra Indonesia Tbk PT		351,000		32,660
				499,552
Ireland — 0.1%
Origin Enterprises PLC		14,760		62,257
Israel — 1.0%
ICL Group Ltd.		80,520		467,170
Israel Corp. Ltd. (The)(a)		450		102,356
				569,526
Italy — 3.0%
CNH Industrial NV(a)		116,700		1,733,802
Japan — 6.2%
Chubu Shiryo Co. Ltd.		3,000		38,830
Hokuto Corp.		2,300		45,681
Iseki & Co. Ltd.(a)		3,000		42,153
Kubota Corp.		117,300		2,650,645
Kumiai Chemical Industry Co. Ltd.		9,000		71,466
Maruha Nichiro Corp.		4,500		104,074
Mitsui Sugar Co. Ltd.		1,800		31,763
NH Foods Ltd.		9,300		391,501
Nihon Nohyaku Co. Ltd.		6,000		28,778
Sakata Seed Corp.		3,000		104,186
Starzen Co. Ltd.		700		27,924
Taki Chemical Co. Ltd.		400		22,564
YAMABIKO Corp.		3,700		38,584
				3,598,149
Malaysia — 2.1%
FGV Holdings Bhd		120,667		39,651
Genting Plantations Bhd		33,000		77,455
IOI Corp. Bhd(c)		288,000		304,543
Kuala Lumpur Kepong Bhd		48,000		278,691
Leong Hup International Berhad		138,000		23,867
QL Resources Bhd		126,007		191,462
Sime Darby Plantation Bhd		237,000		286,918
				1,202,587
Netherlands — 0.5%
ForFarmers NV		3,960		26,244
OCI NV(a)		12,180		263,157
				289,401
Norway — 6.1%
Austevoll Seafood ASA		10,230		118,194
Bakkafrost P/F(a)(c)		5,760		412,002
Grieg Seafood ASA(a)		5,520		52,944
Leroy Seafood Group ASA		34,290		277,521
Mowi ASA		50,167		1,219,806

10 2 0 2 1   I SHARES  SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Schedule of Investments (unaudited) (continued) February 28, 2021 iShares^® MSCI Global Agriculture Producers ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Norway (continued)
Norway Royal Salmon ASA		1,532	$	35,578
Salmar ASA		6,480		429,191
Yara International ASA		19,920		963,617
				3,508,853
Pakistan — 0.3%
Engro Corp. Ltd./Pakistan		30,033		57,553
Engro Fertilizers Ltd.		60,818		25,066
Fauji Fertilizer Co. Ltd.		63,699		44,500
Millat Tractors Ltd.		3,015		24,312
				151,431
Poland — 0.1%
Grupa Azoty SA(a)		5,340		43,081
Russia — 0.5%
PhosAgro PJSC, GDR(f)		15,300		268,362
Ros Agro PLC, GDR(f)		3,810		46,014
				314,376
Saudi Arabia — 1.9%
Almarai Co. JSC		28,560		388,364
National Agriculture Development Co. (The)(a)		5,760		48,147
SABIC Agri-Nutrients Co.		23,280		604,579
Saudi Fisheries Co.(a)		2,160		32,252
				1,073,342
Singapore — 2.0%
Bumitama Agri Ltd.		30,000		10,717
China XLX Fertiliser Ltd.		60,000		30,938
First Resources Ltd.		63,000		68,700
Golden Agri-Resources Ltd.		753,000		108,728
Japfa Ltd.		51,040		34,546
Wilmar International Ltd.		219,000		869,610
				1,123,239
South Africa — 0.1%
Astral Foods Ltd.		4,560		40,580
Oceana Group Ltd.		8,708		38,440
				79,020
South Korea — 0.1%
Dongwon Industries Co. Ltd.		150		34,646
Harim Holdings Co. Ltd.		4,020		31,058
Namhae Chemical Corp.(a)		2,220		16,895
				82,599
Sweden — 0.1%
Scandi Standard AB(a)		5,100		36,064
Taiwan — 0.4%
Charoen Pokphand Enterprise		17,000		44,251
Taiwan Fertilizer Co. Ltd.		90,000		172,552
Taiwan TEA Corp.(a)		60,000		36,406
				253,209
Thailand — 0.8%
Charoen Pokphand Foods PCL, NVDR(c)		447,000		417,714
GFPT PCL, NVDR		63,000		24,368
Khon Kaen Sugar Industry PCL, NVDR		210,054		22,531
Thaifoods Group PCL, NVDR		129,000		21,174
				485,787
Turkey — 0.2%
Gubre Fabrikalari TAS(a)(c)		5,493		59,092
Turk Traktor ve Ziraat Makineleri AS		1,440		41,794
				100,886

Security	Shares		Value
United Kingdom — 0.5%
Cranswick PLC		5,970	$	283,953
United States — 55.0%
AGCO Corp.		7,230		936,140
American Vanguard Corp.		3,030		59,146
Archer-Daniels-Midland Co.		63,544		3,595,319
Bunge Ltd.		15,960		1,222,217
Cal-Maine Foods Inc.(a)		4,290		163,449
CF Industries Holdings Inc.		24,420		1,105,738
Corteva Inc.		85,350		3,853,552
Darling Ingredients Inc.(a)		18,480		1,164,979
Deere & Co.		33,990		11,866,589
FMC Corp.		14,790		1,503,995
Fresh Del Monte Produce Inc.		3,540		91,120
Ingredion Inc.		7,605		685,971
Lamb Weston Holdings Inc.		16,713		1,333,196
Lindsay Corp.		1,230		197,107
Mosaic Co. (The)		41,070		1,207,458
Pilgrim’s Pride Corp.(a)		5,430		121,578
Sanderson Farms Inc.		2,310		352,275
Scotts Miracle-Gro Co. (The)		4,770		1,016,725
Toro Co. (The)		12,270		1,236,448
Vital Farms Inc.(a)		1,740		47,189
				31,760,191
Total Common Stocks — 98.7% (Cost: $45,413,918)				56,924,858
Preferred Stocks
Chile — 1.2%
Sociedad Quimica y Minera de Chile SA, Class B, Preference Shares		13,050		700,167
Total Preferred Stocks — 1.2% (Cost: $479,408)				700,167
Short-Term Investments
Money Market Funds — 1.7%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.12%(g)(h)(i)		945,507		946,074
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%(g)(h)		60,000		60,000
				1,006,074
Total Short-Term Investments — 1.7% (Cost: $1,006,055)				1,006,074
Total Investments in Securities — 101.6% (Cost: $46,899,381)				58,631,099
Other Assets, Less Liabilities — (1.6)%				(916,395	)
Net Assets — 100.0%			$	57,714,704

^(a)  Non-income producing security.

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

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

^(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)  Rounds to less than $1.

SCHEDULE  OF   INVESTMENTS 11

Schedule of Investments (unaudited) (continued) February 28, 2021 iShares^® MSCI Global Agriculture Producers ETF

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

^(g)  Affiliate of the Fund.

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

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 2021 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 08/31/20		Purchases at Cost			Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 02/28/21		Shares Held at 02/28/21		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	179,138	$	767,047	(a)	$	—	$	(67	)	$	(44	)	$	946,074		945,507	$	2,250	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		20,000		40,000	(a)		—		—			—			60,000		60,000		8			—
								$	(67	)	$	(44	)	$	1,006,074			$	2,258		$	—

^(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.

Fair Value Measurements

Various inputs are used in determining the fair value of financial instruments. For 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 value of the Fund’s investments according to the fair value hierarchy as of February 28, 2021. The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.

	Level 1		Level 2		Level 3			Total
Investments
Assets
Common Stocks	$	56,439,071	$	485,787	$	0	(a)	$	56,924,858
Preferred Stocks		700,167		—		—			700,167
Money Market Funds		1,006,074		—		—			1,006,074
	$	58,145,312	$	485,787	$	0	(a)	$	58,631,099

^(a)  Rounds to less than $1.

See notes to financial statements.

12 2 0 2 1   I SHARES  SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Schedule of Investments (unaudited)  February 28, 2021 iShares^® MSCI Global Energy Producers ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Argentina — 0.0%
YPF SA, ADR(a)		6,853	$	29,673
Australia — 2.4%
Beach Energy Ltd.		65,682		83,904
Cooper Energy Ltd.(a)		60,075		15,116
New Hope Corp. Ltd.		16,554		16,084
Oil Search Ltd.		76,896		252,419
Santos Ltd.		69,331		388,078
Washington H Soul Pattinson & Co. Ltd.		4,209		97,367
Whitehaven Coal Ltd.(a)		34,291		40,353
Woodside Petroleum Ltd.		37,558		714,432
				1,607,753
Austria — 0.4%
OMV AG		5,785		279,890
Brazil — 1.0%
Enauta Participacoes SA		2,600		6,060
Petro Rio SA(a)		4,738		71,082
Petroleo Brasileiro SA		144,800		575,506
				652,648
Canada — 6.3%
Advantage Oil & Gas Ltd.(a)(b)		7,235		14,859
ARC Resources Ltd.		13,528		81,424
Birchcliff Energy Ltd.		10,502		24,637
Cameco Corp.		15,423		243,284
Canacol Energy Ltd.		5,900		16,032
Canadian Natural Resources Ltd.		46,280		1,268,862
Cenovus Energy Inc.		51,273		381,510
Crescent Point Energy Corp.		21,004		77,479
Enerplus Corp.		9,345		45,470
Freehold Royalties Ltd.		3,827		20,858
Imperial Oil Ltd.		10,057		221,556
MEG Energy Corp.(a)		10,680		55,425
NexGen Energy Ltd.(a)		13,795		48,816
Parex Resources Inc.(a)		5,340		85,794
Peyto Exploration & Development Corp.		6,345		29,871
PrairieSky Royalty Ltd.		8,010		81,618
Seven Generations Energy Ltd., Class A(a)		11,151		73,988
Suncor Energy Inc.		59,719		1,192,021
Tourmaline Oil Corp.		10,083		184,457
Vermilion Energy Inc.		6,408		40,341
Whitecap Resources Inc.		21,824		98,087
				4,286,389
China — 1.1%
China Shenhua Energy Co. Ltd., Class A		8,900		24,379
China Shenhua Energy Co. Ltd., Class H		133,500		253,668
Guanghui Energy Co. Ltd., Class A(a)		17,800		7,499
Inner Mongolia Yitai Coal Co. Ltd., Class B		44,500		23,185
PetroChina Co. Ltd., Class A		48,500		32,634
PetroChina Co. Ltd., Class H		792,000		283,829
Shaanxi Coal Industry Co. Ltd., Class A		20,400		33,749
Shanxi Coking Coal Energy Group Co. Ltd., Class A		20,110		15,610
Shanxi Lu’an Environmental Energy Development Co. Ltd., Class A		8,900		7,870
Shanxi Meijin Energy Co. Ltd., Class A(a)		8,900		9,944
Yanzhou Coal Mining Co. Ltd., Class A		8,900		13,240
Yanzhou Coal Mining Co. Ltd., Class H		58,000		53,758
				759,365

Security	Shares		Value
Colombia — 0.2%
Ecopetrol SA		193,130	$	120,169
Finland — 1.6%
Neste OYJ		16,554		1,094,278
France — 6.7%
TOTAL SE		98,701		4,597,450
Greece — 0.1%
Hellenic Petroleum SA		2,535		17,139
Motor Oil Hellas Corinth Refineries SA(b)		2,527		34,905
				52,044
Hungary — 0.2%
MOL Hungarian Oil & Gas PLC(a)		15,753		113,768
India — 5.6%
Bharat Petroleum Corp. Ltd.		25,943		158,814
Coal India Ltd.		51,602		106,877
Hindustan Petroleum Corp. Ltd.		27,794		91,701
Indian Oil Corp. Ltd.		77,525		103,440
Oil & Natural Gas Corp. Ltd.		100,837		152,316
Oil India Ltd.		10,502		18,050
Reliance Industries Ltd.		66,117		1,876,666
Reliance Industries Ltd., GDR(c)		22,784		1,307,802
				3,815,666
Indonesia — 0.3%
Adaro Energy Tbk PT		569,600		47,200
Bukit Asam Tbk PT		136,100		25,901
Indo Tambangraya Megah Tbk PT		17,800		15,250
Medco Energi Internasional Tbk PT(a)		302,612		14,769
Sugih Energy Tbk PT(a)(d)		206,700		0	(e)
United Tractors Tbk PT		64,900		102,774
				205,894
Israel — 0.1%
Equital Ltd.(a)		980		22,913
Naphtha Israel Petroleum Corp. Ltd.(a)		1,781		7,955
Oil Refineries Ltd.(a)		69,624		15,132
Paz Oil Co. Ltd.		356		33,196
				79,196
Italy — 1.7%
Eni SpA		99,146		1,141,096
Saras SpA(a)		24,119		18,898
				1,159,994
Japan — 1.6%
Cosmo Energy Holdings Co. Ltd.		1,836		43,979
ENEOS Holdings Inc.		119,500		524,593
Idemitsu Kosan Co. Ltd.		7,368		192,533
Inpex Corp.		42,000		309,067
Japan Petroleum Exploration Co. Ltd.		1,100		23,004
				1,093,176
Norway — 1.1%
DNO ASA(a)		21,983		20,784
Equinor ASA		38,270		725,450
				746,234
Pakistan — 0.1%
Mari Petroleum Co. Ltd.		1,780		17,932
Oil & Gas Development Co. Ltd.		21,894		14,502
Pakistan Oilfields Ltd.		3,738		9,462

SCHEDULE  OF   INVESTMENTS 13

Schedule of Investments (unaudited) (continued) February 28, 2021 iShares^® MSCI Global Energy Producers ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Pakistan (continued)
Pakistan Petroleum Ltd.		17,800	$	10,180
				52,076
Philippines — 0.0%
Petron Corp.		178,100		12,994
Semirara Mining & Power Corp.		35,600		9,362
				22,356
Poland — 0.3%
Grupa Lotos SA		3,738		42,219
Polski Koncern Naftowy ORLEN SA		11,748		185,581
				227,800
Portugal — 0.3%
Galp Energia SGPS SA		19,580		220,645
Russia — 3.9%
LUKOIL PJSC		16,276		1,223,580
Novatek PJSC, GDR(f)		3,567		607,817
Rosneft Oil Co. PJSC		45,260		319,332
Surgutneftegas PJSC		275,900		120,243
Surgutneftegas PJSC, ADR		471		2,011
Tatneft PJSC		55,466		390,299
				2,663,282
Saudi Arabia — 1.2%
Rabigh Refining & Petrochemical Co.(a)		8,544		33,215
Saudi Arabian Oil Co.(c)		86,152		793,641
				826,856
South Africa — 0.2%
Exxaro Resources Ltd.		9,701		109,588
South Korea — 0.9%
SK Innovation Co. Ltd.(a)		2,172		503,610
S-Oil Corp.(a)		1,780		134,669
				638,279
Spain — 1.1%
Repsol SA		59,008		745,963
Sweden — 0.4%
Lundin Energy AB		7,298		237,269
Thailand — 0.7%
Bangchak Corp. PCL, NVDR(b)		44,500		42,308
Banpu PCL, NVDR		160,200		59,882
Esso Thailand PCL, NVDR(a)		44,500		12,801
IRPC PCL, NVDR		436,100		49,896
PTT Exploration & Production PCL, NVDR		53,431		199,721
Star Petroleum Refining PCL, NVS		71,200		22,795
Thai Oil PCL, NVDR		44,500		85,700
				473,103
Turkey — 0.1%
Turkiye Petrol Rafinerileri AS(a)		4,806		65,501
United Arab Emirates — 0.0%
Dana Gas PJSC		139,489		26,317
United Kingdom — 13.9%
BP PLC		793,791		3,237,841
Cairn Energy PLC		19,149		51,135
Diversified Gas & Oil PLC		25,454		44,484
Energean PLC(a)		3,827		48,385
Royal Dutch Shell PLC, Class A		160,645		3,244,990
Royal Dutch Shell PLC, Class B		145,070		2,814,365

Security	Shares		Value
United Kingdom (continued)
Serica Energy PLC		6,675	$	11,199
Tullow Oil PLC(a)(b)		51,709		31,752
				9,484,151
United States — 44.6%
Antero Resources Corp.(a)		8,989		80,901
APA Corp.		14,774		291,491
Arch Resources Inc.		534		25,589
Bonanza Creek Energy Inc.(a)		626		19,988
Brigham Minerals Inc., Class A		1,602		22,925
Cabot Oil & Gas Corp.		15,664		289,941
Chevron Corp.		75,295		7,529,500
Cimarex Energy Co.		4,005		232,250
CNX Resources Corp.(a)		8,811		111,107
ConocoPhillips		53,044		2,758,818
Continental Resources Inc./OK		3,586		86,709
CVR Energy Inc.		1,157		25,547
Delek U.S. Holdings Inc.		2,937		72,133
Devon Energy Corp.		23,674		509,938
Diamondback Energy Inc.		6,230		431,614
EOG Resources Inc.		22,784		1,470,935
EQT Corp.		10,858		193,164
Exxon Mobil Corp.		165,629		9,005,249
Hess Corp.		10,858		711,525
HollyFrontier Corp.		5,963		225,878
Kosmos Energy Ltd.		15,931		49,067
Magnolia Oil & Gas Corp., Class A(a)		4,832		58,274
Marathon Oil Corp.		30,909		343,090
Marathon Petroleum Corp.		25,454		1,390,297
Matador Resources Co.(a)		4,272		89,242
Murphy Oil Corp.		5,696		93,016
Occidental Petroleum Corp.		36,401		968,631
Ovintiv Inc.		10,146		234,068
Par Pacific Holdings Inc.(a)		1,513		26,735
PBF Energy Inc., Class A		4,005		56,871
PDC Energy Inc.(a)		3,850		134,557
Pioneer Natural Resources Co.		8,010		1,190,046
Range Resources Corp.(a)		9,104		87,763
Southwestern Energy Co.(a)		26,611		107,775
Talos Energy Inc.(a)		1,157		12,253
Texas Pacific Land Corp.		238		262,761
Valero Energy Corp.		15,931		1,226,368
Viper Energy Partners LP		2,314		36,283
				30,462,299
Total Common Stocks — 98.1% (Cost: $70,550,482)				66,949,072
Preferred Stocks
Brazil — 1.1%
Petroleo Brasileiro SA, Preference Shares, NVS		186,937		745,997
Russia — 0.2%
Surgutneftegas PJSC, Preference Shares, NVS		271,000		142,976
Total Preferred Stocks — 1.3% (Cost: $829,211)				888,973

14 2 0 2 1   I SHARES  SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Schedule of Investments (unaudited) (continued) February 28, 2021 iShares^® MSCI Global Energy Producers ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Short-Term Investments
Money Market Funds — 0.2%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.12%(g)(h)(i)		141,214	$	141,299
Total Short-Term Investments — 0.2% (Cost: $141,205)				141,299
Total Investments in Securities — 99.6% (Cost: $71,520,898)				67,979,344
Other Assets, Less Liabilities — 0.4%				282,032
Net Assets — 100.0%			$	68,261,376

^(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)  Rounds to less than $1.

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

^(g)  Affiliate of the Fund.

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

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 2021 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 08/31/20		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 02/28/21		Shares Held at 02/28/21		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	459,354	$	—	$	(317,926	)(a)	$	(129	)	$	—	$	141,299		141,214	$	1,729	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares(c)		10,000		—		(10,000	)(a)		—			—		—		—		32			—
								$	(129	)	$	—	$	141,299			$	1,761		$	—

^(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.

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
FTSE 100 Index		1		03/19/21	$	90	$	(3,601	)
S&P Select Sector Energy E-Mini Index		6		03/19/21		300		26,073
							$	22,472

Derivative Financial Instruments Categorized by Risk Exposure

As of February 28, 2021, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

	Equity Contracts
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)	$	26,073

SCHEDULE  OF   INVESTMENTS 15

Schedule of Investments (unaudited) (continued) February 28, 2021 iShares^® MSCI Global Energy Producers ETF     

Derivative Financial Instruments Categorized by Risk Exposure (continued)

	Equity Contracts
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	3,601

^(a) Net cumulative 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 six months ended February 28, 2021, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	36,624
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	42,731

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	513,703

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

Fair Value Measurements

Various inputs are used in determining the fair value of financial instruments. For 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 value of the Fund’s investments according to the fair value hierarchy as of February 28, 2021. The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.

	Level 1			Level 2		Level 3			Total
Investments
Assets
Common Stocks	$	66,475,969		$	473,103	$	0	(a)	$	66,949,072
Preferred Stocks		888,973			—		—			888,973
Money Market Funds		141,299			—		—			141,299
	$	67,506,241		$	473,103	$	0	(a)	$	67,979,344
Derivative financial instruments(b)
Assets
Futures Contracts	$	26,073		$	—	$	—		$	26,073
Liabilities
Futures Contracts		(3,601	)		—		—			(3,601	)
	$	22,472		$	—	$	—		$	22,472

^(a) Rounds to less than $1.

^(b) Shown at the unrealized appreciation (depreciation) on the contracts.

See notes to financial statements.

16 2 0 2 1   I SHARES  SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Schedule of Investments (unaudited)  February 28, 2021 iShares^® MSCI Global Gold Miners ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Australia — 7.0%
De Grey Mining Ltd.(a)		1,705,856	$	1,221,623
Newcrest Mining Ltd.		1,032,585		19,697,887
Resolute Mining Ltd.(a)		3,345,619		1,670,665
St. Barbara Ltd.		2,018,125		3,249,859
West African Resources Ltd.(a)		1,561,693		973,296
Westgold Resources Ltd.(a)		1,479,000		2,335,885
				29,149,215
Canada — 54.1%
Agnico Eagle Mines Ltd.		322,711		18,108,522
Alamos Gold Inc., Class A		906,158		6,456,197
Argonaut Gold Inc.(a)(b)		545,731		883,688
B2Gold Corp.		2,235,106		9,780,796
Barrick Gold Corp.		3,572,243		67,014,827
Calibre Mining Corp.(a)		381,406		463,954
Centerra Gold Inc.		557,639		5,439,843
Eldorado Gold Corp.(a)		440,745		4,640,704
Endeavour Mining Corp.		423,896		8,206,707
Equinox Gold Corp.(a)(b)		430,655		3,585,390
Gran Colombia Gold Corp.(b)		112,058		500,101
IAMGOLD Corp.(a)		1,281,686		3,816,711
Kinross Gold Corp.		2,580,761		16,124,660
Kirkland Lake Gold Ltd.		522,284		17,170,190
Lundin Gold Inc.(a)(b)		129,681		1,050,969
New Gold Inc.(a)		1,997,342		3,234,243
Premier Gold Mines Ltd.(a)		941,274		2,148,722
Pretium Resources Inc.(a)		369,765		3,615,869
SSR Mining Inc.(a)		493,482		7,043,617
Torex Gold Resources Inc.(a)		261,369		3,183,499
Wesdome Gold Mines Ltd.(a)		351,161		2,371,585
Wheaton Precious Metals Corp.		899,360		32,337,178
Yamana Gold Inc.		2,073,873		8,288,939
				225,466,911
Indonesia — 1.3%
Aneka Tambang Tbk		26,095,000		5,204,340
Peru — 1.3%
Cia. de Minas Buenaventura SAA, ADR(a)		497,012		5,496,953
Russia — 2.3%
Polymetal International PLC		483,765		9,614,347
Polymetal International PLC		10		199
				9,614,546

Security	Shares		Value
South Africa — 9.0%
AngloGold Ashanti Ltd.		836,686	$	16,747,807
DRDGOLD Ltd.(b)		794,382		731,117
Gold Fields Ltd.		1,823,684		15,144,539
Harmony Gold Mining Co. Ltd.(a)		1,326,465		5,025,175
				37,648,638
Turkey — 0.9%
Koza Altin Isletmeleri AS(a)(b)		204,873		3,568,292
United Kingdom — 1.0%
Centamin PLC		2,846,620		4,021,650
United States — 22.7%
Coeur Mining Inc.(a)(b)		581,579		5,240,027
McEwen Mining Inc.(a)(b)		1,359,318		1,508,843
Newmont Corp.		1,614,618		87,802,927
				94,551,797
Total Common Stocks — 99.6% (Cost: $410,371,873)				414,722,342
Short-Term Investments
Money Market Funds — 1.5%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.12%(c)(d)(e)		6,253,288		6,257,040
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%(c)(d)		190,000		190,000
				6,447,040
Total Short-Term Investments — 1.5% (Cost: $6,445,685)				6,447,040
Total Investments in Securities — 101.1% (Cost: $416,817,558)				421,169,382
Other Assets, Less Liabilities — (1.1)%				(4,663,118	)
Net Assets — 100.0%			$	416,506,264

^(a)  Non-income producing security.

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

^(c)  Affiliate of the Fund.

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

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

SCHEDULE  OF   INVESTMENTS 17

Schedule of Investments (unaudited) (continued) February 28, 2021 iShares^® MSCI Global Gold Miners ETF     

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 2021 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 08/31/20		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 02/28/21		Shares Held at 02/28/21		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	6,578,219	$	—	$	(318,171	)(a)	$	(1,964	)	$	(1,044	)	$	6,257,040		6,253,288	$	34,753	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		240,000		—		(50,000	)(a)		—			—			190,000		190,000		122			—
								$	(1,964	)	$	(1,044	)	$	6,447,040			$	34,875		$	—

^(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.

Fair Value Measurements

Various inputs are used in determining the fair value of financial instruments. For 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 value of the Fund’s investments according to the fair value hierarchy as of February 28, 2021. The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.

	Level 1		Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	414,722,342	$	—	$	—	$	414,722,342
Money Market Funds		6,447,040		—		—		6,447,040
	$	421,169,382	$	—	$	—	$	421,169,382

See notes to financial statements.

18 2 0 2 1   I SHARES  SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Schedule of Investments (unaudited) February 28, 2021 iShares^® MSCI Global Metals & Mining Producers ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Australia — 27.8%
Alumina Ltd.		2,237,752	$	2,806,597
BHP Group Ltd.		2,683,424		102,067,905
BHP Group PLC		1,923,920		61,045,786
BlueScope Steel Ltd.		458,903		5,926,115
Champion Iron Ltd.(a)		285,560		1,200,467
Deterra Royalties Ltd.(a)		397,896		1,401,632
Fortescue Metals Group Ltd.		1,542,573		28,793,607
IGO Ltd.		620,823		3,378,907
Iluka Resources Ltd.		389,400		2,236,933
Jupiter Mines Ltd.		1,254,104		344,679
Lynas Rare Earths Ltd.(a)		811,076		3,755,051
Mineral Resources Ltd.		146,027		4,287,011
Mount Gibson Iron Ltd.		379,016		259,689
Nickel Mines Ltd.		838,049		908,345
Orocobre Ltd.(a)		253,464		914,440
OZ Minerals Ltd.		299,290		5,187,994
Perenti Global Ltd.		542,328		478,652
Pilbara Minerals Ltd.(a)		1,776,813		1,430,633
Rio Tinto Ltd.		338,147		33,297,501
Sandfire Resources Ltd.		150,568		711,075
Sims Ltd.		160,480		1,673,561
South32 Ltd.		4,465,120		9,575,601
Western Areas Ltd.		254,880		509,107
				272,191,288
Austria — 0.4%
voestalpine AG		106,765		4,255,780
Belgium — 0.1%
Bekaert SA		33,984		1,258,118
Brazil — 6.2%
Cia. Siderurgica Nacional SA		632,000		3,727,553
Vale SA		3,369,588		57,148,861
				60,876,414
Canada — 4.1%
Altius Minerals Corp.		36,816		427,484
ERO Copper Corp.(a)		59,000		1,046,248
First Quantum Minerals Ltd.		533,793		11,565,515
Hudbay Minerals Inc.		218,536		1,572,562
Ivanhoe Mines Ltd., Class A(a)		548,802		3,402,919
Labrador Iron Ore Royalty Corp.		59,944		1,726,823
Largo Resources Ltd.(a)		302,080		422,339
Lithium Americas Corp.(a)		75,681		1,423,353
Lundin Mining Corp.		601,513		6,922,626
New Pacific Metals Corp.(a)(b)		79,296		391,469
Stelco Holdings Inc.		33,512		652,769
Teck Resources Ltd., Class B		429,013		8,980,130
Turquoise Hill Resources Ltd.(a)		90,435		1,378,669
Wallbridge Mining Co. Ltd.(a)(b)		451,704		235,486
				40,148,392
Chile — 0.1%
CAP SA		59,000		832,170
China — 2.2%
Aluminum Corp. of China Ltd., Class A(a)		755,200		495,320
Aluminum Corp. of China Ltd., Class H(a)		3,776,000		1,908,115
Baoshan Iron & Steel Co. Ltd., Class A		1,035,493		1,201,711
China Hongqiao Group Ltd.		1,652,000		2,048,669
China Metal Recycling Holdings Ltd.(a)(c)		132,000		0	(d)

Security	Shares		Value
China (continued)
China Molybdenum Co. Ltd., Class A		991,200	$	1,024,876
China Molybdenum Co. Ltd., Class H		3,162,000		2,445,680
China Northern Rare Earth Group High-Tech Co. Ltd., Class A(a)		188,870		603,057
China Oriental Group Co. Ltd.(b)		944,000		296,926
China Zhongwang Holdings Ltd.(a)		1,510,400		443,929
Ganfeng Lithium Co. Ltd., Class A		59,800		913,817
GEM Co. Ltd., Class A		203,917		236,335
Guangdong HEC Technology Holding Co. Ltd., Class A(a)		154,500		121,600
Guangdong Hongda Blasting Co. Ltd., Class A		47,200		229,595
Hesteel Co. Ltd., Class A(a)		613,600		209,273
Hunan Valin Steel Co. Ltd., Class A		330,400		297,775
Inner Mongolia BaoTou Steel Union Co. Ltd., Class A(a)		2,491,421		592,111
Inner Mongolia Eerduosi Resources Co. Ltd., Class B		188,896		225,731
Jiangsu Shagang Co. Ltd., Class A		141,600		213,716
Jiangxi Copper Co. Ltd., Class A		113,400		488,261
Jiangxi Copper Co. Ltd., Class H		1,074,000		2,605,617
Jinchuan Group International Resources Co. Ltd.		3,304,000		634,619
MMG Ltd.(a)		2,022,000		1,274,608
Pangang Group Vanadium Titanium & Resources Co. Ltd., Class A(a)		519,200		171,468
Shandong Nanshan Aluminum Co. Ltd., Class A		708,000		450,158
Shanxi Taigang Stainless Steel Co. Ltd., Class A		349,500		208,195
Shougang Fushan Resources Group Ltd.		1,888,000		477,029
Tiangong International Co. Ltd.		944,000		529,356
Tongling Nonferrous Metals Group Co. Ltd., Class A		519,200		237,972
Xiamen Tungsten Co. Ltd., Class A		62,399		191,053
Yintai Gold Co. Ltd., Class A		146,240		196,120
Zhejiang Huayou Cobalt Co. Ltd., Class A(a)		66,300		914,102
				21,886,794
Finland — 0.1%
Outokumpu OYJ(a)(b)		289,808		1,422,554
France — 0.2%
APERAM SA		43,722		1,841,521
Eramet SA(a)		8,968		667,925
				2,509,446
Germany — 0.9%
Aurubis AG		31,002		2,720,665
Salzgitter AG(a)		33,984		1,020,520
thyssenkrupp AG(a)		354,000		4,793,138
				8,534,323
India — 2.6%
APL Apollo Tubes Ltd.(a)		47,200		689,004
Hindalco Industries Ltd.		1,432,447		6,632,511
Jindal Steel & Power Ltd.(a)		390,927		1,786,928
JSW Steel Ltd.		770,759		4,147,739
Mishra Dhatu Nigam Ltd.(e)		43,896		114,213
National Aluminium Co. Ltd.		822,224		671,340
Ratnamani Metals & Tubes Ltd.		14,160		366,462
Tata Steel Ltd.		353,097		3,436,311
Tata Steel Ltd., GDR(f)		258,184		2,442,421
Vedanta Ltd.		1,721,856		4,857,328
				25,144,257
Indonesia — 0.2%
Merdeka Copper Gold Tbk PT(a)		9,251,200		1,838,546
Timah Tbk PT(a)		2,407,200		375,280
				2,213,826

SCHEDULE  OF   INVESTMENTS 19

Schedule of Investments (unaudited) (continued) February 28, 2021 iShares^® MSCI Global Metals & Mining Producers ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Japan — 4.6%
Asahi Holdings Inc.		47,200	$	1,765,459
Daido Steel Co. Ltd.		15,500		637,953
Dowa Holdings Co. Ltd.		47,200		1,858,494
Hitachi Metals Ltd.		196,300		3,111,983
JFE Holdings Inc.(a)		447,800		4,699,084
Kobe Steel Ltd.(a)		283,200		1,743,751
Kyoei Steel Ltd.		18,400		243,341
Maruichi Steel Tube Ltd.		49,300		1,125,839
Mitsubishi Materials Corp.		101,800		2,391,641
Mitsui Mining & Smelting Co. Ltd.		50,000		1,741,130
Nippon Light Metal Holdings Co. Ltd.		51,840		1,021,813
Nippon Steel Corp.(a)		760,605		11,190,617
Pacific Metals Co. Ltd.		11,300		250,734
Sumitomo Metal Mining Co. Ltd.		211,900		10,227,049
Toho Titanium Co. Ltd.		51,500		462,118
Tokyo Steel Manufacturing Co. Ltd.		94,400		622,009
UACJ Corp.		28,638		660,712
Yamato Kogyo Co. Ltd.		47,200		1,175,791
Yodogawa Steel Works Ltd.		19,600		403,627
				45,333,145
Malaysia — 0.3%
Press Metal Aluminium Holdings Bhd		1,287,400		3,082,126
Mexico — 1.4%
Grupo Mexico SAB de CV, Series B		2,836,600		13,474,545
Netherlands — 1.7%
AMG Advanced Metallurgical Group NV		27,376		1,005,177
ArcelorMittal SA(a)		652,969		15,342,642
				16,347,819
Norway — 0.7%
Norsk Hydro ASA		1,225,045		6,827,933
Peru — 0.6%
Southern Copper Corp.		77,463		5,525,436
Poland — 0.7%
Jastrzebska Spolka Weglowa SA(a)		50,976		482,827
KGHM Polska Miedz SA(a)		127,528		6,482,879
				6,965,706
Qatar — 0.1%
Qatar Aluminum Manufacturing Co.		2,477,796		728,053
Russia — 3.2%
Alrosa PJSC		2,348,102		3,134,478
Evraz PLC		464,481		3,708,024
Mechel PJSC, ADR(a)		92,512		169,297
MMC Norilsk Nickel PJSC		57,659		18,062,554
Novolipetsk Steel PJSC		1,091,870		3,279,529
Severstal PAO		190,773		3,452,662
				31,806,544
Saudi Arabia — 0.5%
Saudi Arabian Mining Co.(a)		392,848		5,383,919
South Africa — 4.0%
African Rainbow Minerals Ltd.		104,784		2,040,646
Anglo American Platinum Ltd.		48,616		5,887,363
Impala Platinum Holdings Ltd.		712,841		11,581,004
Kumba Iron Ore Ltd.		59,472		2,548,309
Northam Platinum Ltd.(a)		328,853		4,817,858
Royal Bafokeng Platinum Ltd.(a)		133,576		795,481

Security	Shares		Value
South Africa (continued)
Sibanye Stillwater Ltd.		2,454,400	$	11,346,511
				39,017,172
South Korea — 2.5%
Dongkuk Steel Mill Co. Ltd.		53,808		430,560
Hyundai Steel Co.		79,013		2,809,586
Korea Zinc Co. Ltd.		7,735		2,777,991
Namsun Aluminum Co. Ltd.(a)		53,966		200,061
Poongsan Corp.		18,880		615,049
POSCO		67,507		16,914,304
SAM KANG M&T Co. Ltd.(a)		21,240		319,498
Seah Besteel Corp.		11,800		154,392
SeAH Steel Holdings Corp.(a)		1		39
Young Poong Corp.(a)		472		260,472
				24,481,952
Spain — 0.2%
Acerinox SA		151,040		1,767,690
Sweden — 1.5%
Boliden AB		249,146		9,921,231
Granges AB(a)		91,132		1,164,089
SSAB AB, Class A(a)		221,840		963,672
SSAB AB, Class B(a)		568,288		2,246,064
				14,295,056
Taiwan — 1.5%
Century Iron & Steel Industrial Co. Ltd.		115,000		470,694
China Metal Products		208,011		239,359
China Steel Corp.		10,749,612		9,552,209
Chung Hung Steel Corp.(a)		950,000		595,189
Feng Hsin Steel Co. Ltd.		472,000		1,198,111
TA Chen Stainless Pipe		1,060,099		1,187,509
Tung Ho Steel Enterprise Corp.		472,000		610,918
YC INOX Co. Ltd.		485,263		477,379
Yieh Phui Enterprise Co. Ltd.(a)		944,644		445,995
				14,777,363
Turkey — 0.4%
Eregli Demir ve Celik Fabrikalari TAS		1,276,288		2,510,251
Izmir Demir Celik Sanayi AS(a)		59,702		25,916
Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS, Class D(a)(b)		710,832		622,864
Koza Anadolu Metal Madencilik Isletmeleri AS(a)		191,632		442,526
				3,601,557
United Kingdom — 18.8%
Anglo American PLC		1,117,476		43,315,991
Antofagasta PLC		359,213		8,952,000
Central Asia Metals PLC		151,760		511,344
Eurasia Mining PLC(a)		1,628,211		655,604
Ferrexpo PLC		280,840		1,316,138
Glencore PLC(a)		9,102,998		36,997,124
Hill & Smith Holdings PLC		73,235		1,302,400
KAZ Minerals PLC		215,192		2,510,978
Rio Tinto PLC		1,022,149		88,416,397
				183,977,976
United States — 11.3%
Alcoa Corp.(a)		169,366		4,157,935
Allegheny Technologies Inc.(a)		115,519		2,271,104
Arconic Corp.(a)		89,480		1,961,402
Carpenter Technology Corp.		43,424		1,765,620
Century Aluminum Co.(a)(b)		48,679		668,363
Cleveland-Cliffs Inc.		431,683		5,758,651

20 2 0 2 1   I SHARES  SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Schedule of Investments (unaudited) (continued) February 28, 2021 iShares^® MSCI Global Metals & Mining Producers ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
United States (continued)
Commercial Metals Co.		109,032	$	2,742,155
Compass Minerals International Inc.		30,930		1,951,374
Coronado Global Resources Inc.(e)		572,556		480,951
Freeport-McMoRan Inc.		1,323,441		44,877,884
Kaiser Aluminum Corp.		14,361		1,638,590
Materion Corp.		18,880		1,292,902
Nucor Corp.		275,032		16,452,414
Reliance Steel & Aluminum Co.		58,076		7,677,647
Schnitzer Steel Industries Inc., Class A		25,488		880,355
Steel Dynamics Inc.		193,548		8,047,726
SunCoke Energy Inc.		79,768		509,718
United States Steel Corp.(b)		239,028		3,970,255
Warrior Met Coal Inc.		47,753		915,425
Worthington Industries Inc.		34,672		2,215,194
				110,235,665
Total Common Stocks — 98.9% (Cost: $821,951,012)				968,903,019
Preferred Stocks
Brazil — 1.0%
Bradespar SA, Preference Shares, NVS		188,800		2,129,528
Cia. Ferro Ligas da Bahia-Ferbasa, Preference Shares, NVS		47,200		221,558
Gerdau SA, Preference Shares, NVS		991,200		4,601,133
Metalurgica Gerdau SA, Preference Shares, NVS		708,000		1,471,123
Usinas Siderurgicas de Minas Gerais SA Usiminas, Class A, Preference Shares, NVS		377,600		1,100,335
				9,523,677
Total Preferred Stocks — 1.0% (Cost: $7,177,431)				9,523,677

Security	Shares		Value
Rights
Turkey — 0.0%
Izmir Demir Celik Sanayi AS (Expires 04/15/21)(a)		50,980	$	43,366
Total Rights — 0.0% (Cost: $86,288)				43,366
Short-Term Investments
Money Market Funds — 0.6%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.12%(g)(h)(i)		5,536,056		5,539,377
Total Short-Term Investments — 0.6% (Cost: $5,538,778)				5,539,377
Total Investments in Securities — 100.5% (Cost: $834,753,509)				984,009,439
Other Assets, Less Liabilities — (0.5)%				(5,002,537	)
Net Assets — 100.0%			$	979,006,902

^(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)  Rounds to less than $1.

^(e)  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.

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

^(g)  Affiliate of the Fund.

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

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 2021 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 08/31/20		Purchases at Cost			Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 02/28/21		Shares Held at 02/28/21		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	1,607,682	$	3,933,093	(a)	$	—	$	(387	)	$	(1,011	)	$	5,539,377		5,536,056	$	35,841	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares(c)		—		—			—		—			—			—		—		129			—
								$	(387	)	$	(1,011	)	$	5,539,377			$	35,970		$	—

^(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.

SCHEDULE  OF   INVESTMENTS 21

Schedule of Investments (unaudited) (continued) February 28, 2021 iShares^® MSCI Global Metals & Mining Producers ETF     

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
MSCI Emerging Markets E-Mini Index		11		03/19/21	$	736	$	10,324

Derivative Financial Instruments Categorized by Risk Exposure

As of February 28, 2021, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

	Equity Contracts
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)	$	10,324

^(a)  Net cumulative 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 six months ended February 28, 2021, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	87,039
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(2,381	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	1,022,187

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

Fair Value Measurements

Various inputs are used in determining the fair value of financial instruments. For 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 value of the Fund’s investments according to the fair value hierarchy as of February 28, 2021. The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.

	Level 1		Level 2		Level 3			Total
Investments
Assets
Common Stocks	$	968,903,019	$	—	$	0	(a)	$	968,903,019
Preferred Stocks		9,523,677		—		—			9,523,677
Rights		43,366		—		—			43,366
Money Market Funds		5,539,377		—		—			5,539,377
	$	984,009,439	$	—	$	0	(a)	$	984,009,439
Derivative financial instruments(b)
Assets
Futures Contracts	$	10,324	$	—	$	—		$	10,324

^(a)  Rounds to less than $1.

^(b) Shown at the unrealized appreciation (depreciation) on the contracts.

See notes to financial statements.

22 2 0 2 1   I SHARES  SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Schedule of Investments (unaudited) February 28, 2021 iShares^® MSCI Global Silver and Metals Miners  ETF (Percentages shown are based on Net Assets)

Security	Shares			Value
Common Stocks
Canada — 63.5%
Agnico Eagle Mines Ltd.		89,112		$	5,000,408
Dundee Precious Metals Inc.		1,062,979			6,641,520
Eldorado Gold Corp.(a)		1,009,535			10,629,622
Endeavour Silver Corp.(a)(b)		1,186,076			7,026,517
First Majestic Silver Corp.(a)(b)		1,309,409			23,726,574
Fortuna Silver Mines Inc.(a)		1,331,475			10,064,941
Kinross Gold Corp.		455,714			2,847,313
Lundin Gold Inc.(a)(b)		522,801			4,236,918
MAG Silver Corp.(a)(b)		607,963			11,727,059
New Gold Inc.(a)		4,649,608			7,528,986
Orla Mining Ltd.(a)		715,875			2,482,379
Pan American Silver Corp.		1,462,570			48,579,043
Premier Gold Mines Ltd.(a)		1,602,057			3,657,144
Seabridge Gold Inc.(a)(b)		388,553			6,666,170
Silvercorp Metals Inc.		1,259,122			7,359,797
SilverCrest Metals Inc.(a)(b)		980,490			8,201,729
SSR Mining Inc.(a)		82,559			1,178,389
Victoria Gold Corp.(a)		243,061			2,163,742
Wheaton Precious Metals Corp.		164,133			5,901,528
Yamana Gold Inc.		402,250			1,607,729
					177,227,508
Japan — 3.5%
Asahi Holdings Inc.		259,600			9,710,024
Mexico — 4.8%
Industrias Penoles SAB de CV(a)		985,239			13,529,633
Peru — 0.4%
Cia. de Minas Buenaventura SAA, ADR(a)		108,378	��		1,198,661
Russia — 0.6%
Polymetal International PLC		78,457			1,559,255
Polymetal International PLC		4,404			87,681
					1,646,936
South Africa — 0.4%
Harmony Gold Mining Co. Ltd.(a)		273,368			1,035,626

Security	Shares		Value
United Kingdom — 8.8%
Fresnillo PLC		1,197,507	$	15,235,543
Hochschild Mining PLC		2,478,341		7,449,687
SolGold PLC(a)		6,494,009		1,952,045
				24,637,275
United States — 17.7%
Coeur Mining Inc.(a)(b)		1,445,444		13,023,450
Hecla Mining Co.(b)		3,727,079		24,337,826
Newmont Corp.		223,823		12,171,495
				49,532,771
Total Common Stocks — 99.7% (Cost: $235,964,684)				278,518,434
Short-Term Investments
Money Market Funds — 9.3%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.12%(c)(d)(e)		25,558,059		25,573,393
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%(c)(d)		340,000		340,000
				25,913,393
Total Short-Term Investments — 9.3% (Cost: $25,906,481)				25,913,393
Total Investments in Securities — 109.0% (Cost: $261,871,165)				304,431,827
Other Assets, Less Liabilities — (9.0)%				(25,235,467	)
Net Assets — 100.0%			$	279,196,360

^(a) Non-income producing security.

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

^(c) Affiliate of the Fund.

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

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 2021 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 08/31/20		Purchases at Cost			Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 02/28/21		Shares Held at 02/28/21		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	21,943,086	$	3,639,188	(a)	$	—	$	(6,792	)	$	(2,089	)	$	25,573,393		25,558,059	$	171,944	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		140,000		200,000	(a)		—		—			—			340,000		340,000		54			—
								$	(6,792	)	$	(2,089	)	$	25,913,393			$	171,998		$	—

^(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.

SCHEDULE  OF   INVESTMENTS 23

Schedule of Investments (unaudited) (continued) February 28, 2021 iShares^® MSCI Global Silver and Metals Miners ETF     

Fair Value Measurements

Various inputs are used in determining the fair value of financial instruments. For 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 value of the Fund’s investments according to the fair value hierarchy as of February 28, 2021. The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.

	Level 1		Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	278,518,434	$	—	$	—	$	278,518,434
Money Market Funds		25,913,393		—		—		25,913,393
	$	304,431,827	$	—	$	—	$	304,431,827

See notes to financial statements.

24 2 0 2 1   I SHARES  SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Statements of Assets and Liabilities (unaudited)

February 28, 2021

	iShares MSCI Global Agriculture Producers ETF		iShares MSCI Global Energy Producers ETF			iShares MSCI Global Gold Miners ETF			iShares MSCI Global Metals & Mining Producers ETF
ASSETS
Investments in securities, at value (including securities on loan)(a):
Unaffiliated(b)	$	57,625,025	$	67,838,045		$	414,722,342		$	978,470,062
Affiliated(c)		1,006,074		141,299			6,447,040			5,539,377
Cash		7,086		45,528			4,024			1,217,575
Foreign currency, at value(d)		41,639		68,924			567,826			3,437,424
Cash pledged:
Futures contracts		—		25,000			—			53,000
Foreign currency collateral pledged:
Futures contracts(e)		—		11,185			—			—
Receivables:
Investments sold		44,637		70,412			21,926,292			11,389,202
Securities lending income — Affiliated		816		359			4,621			3,970
Capital shares sold		4,595		1,557			—			7,105,988
Dividends		64,218		413,447			507,366			431,534
Tax reclaims		1,978		2,903			—			34,322
Total assets		58,796,068		68,618,659			444,179,511			1,007,682,454
LIABILITIES
Collateral on securities loaned, at value		945,478		140,482			6,261,459			5,536,004
Deferred foreign capital gain tax		26,363		79,091			—			623,517
Payables:
Investments purchased		94,738		87,733			21,276,168			22,268,507
Variation margin on futures contracts		—		9,587			—			10,353
Bank borrowings		—		21,002			—			—
Investment advisory fees		14,785		19,388			135,620			237,153
Foreign taxes		—		—			—			18
Total liabilities		1,081,364		357,283			27,673,247			28,675,552
NET ASSETS	$	57,714,704	$	68,261,376		$	416,506,264		$	979,006,902
NET ASSETS CONSIST OF:
Paid-in capital	$	50,386,058	$	80,172,090		$	453,070,721		$	887,792,545
Accumulated earnings (loss)		7,328,646		(11,910,714	)		(36,564,457	)		91,214,357
NET ASSETS	$	57,714,704	$	68,261,376		$	416,506,264		$	979,006,902
Shares outstanding		1,500,000		4,450,000			16,050,000			23,600,000
Net asset value	$	38.48	$	15.34		$	25.95		$	41.48
Shares authorized		500 million		500 million			500 million			500 million
Par value	$	0.001	$	0.001		$	0.001		$	0.001
(a) Securities loaned, at value	$	872,413	$	110,693		$	5,432,944		$	5,098,793
(b) Investments, at cost — Unaffiliated	$	45,893,326	$	71,379,693		$	410,371,873		$	829,214,731
(c)  Investments, at cost — Affiliated	$	1,006,055	$	141,205		$	6,445,685		$	5,538,778
(d) Foreign currency, at cost	$	42,268	$	69,152		$	577,106		$	3,442,259
(e) Foreign currency collateral pledged, at cost	$	—	$	11,160		$	—		$	—

See notes to financial statements.

FINANCIAL  STATEMENTS 25

Statements of Assets and Liabilities (unaudited) (continued)

February 28, 2021

	iShares MSCI Global Silver and Metals Miners ETF
ASSETS
Investments in securities, at value (including securities on loan)(a):
Unaffiliated(b)	$	278,518,434
Affiliated(c)		25,913,393
Cash		6,287
Foreign currency, at value(d)		108,087
Receivables:
Investments sold		5,469,534
Securities lending income — Affiliated		33,686
Capital shares sold		15,441
Dividends		113,645
Total assets		310,178,507
LIABILITIES
Collateral on securities loaned, at value		25,571,206
Payables:
Investments purchased		5,327,278
Investment advisory fees		83,663
Total liabilities		30,982,147
NET ASSETS	$	279,196,360
NET ASSETS CONSIST OF:
Paid-in capital	$	251,430,170
Accumulated earnings		27,766,190
NET ASSETS	$	279,196,360
Shares outstanding		17,800,000
Net asset value	$	15.69
Shares authorized		500 million
Par value	$	0.001
(a) Securities loaned, at value	$	23,018,419
(b) Investments, at cost — Unaffiliated	$	235,964,684
(c)  Investments, at cost — Affiliated	$	25,906,481
(d) Foreign currency, at cost	$	108,529

See notes to financial statements.

26 2 0 2 1   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Statements of Operations (unaudited)

Six Months Ended February 28, 2021

	iShares MSCI Global 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	$	295,197		$	1,133,833		$	3,440,176		$	4,262,020
Dividends — Affiliated		8			32			122			129
Securities lending income — Affiliated — net		2,250			1,729			34,753			35,841
Foreign taxes withheld		(22,629	)		(55,514	)		(288,653	)		(285,015	)
Total investment income		274,826			1,080,080			3,186,398			4,012,975
EXPENSES
Investment advisory fees		67,432			98,162			965,758			892,667
Commitment fees		174			442			—			3,691
Interest expense		25			19			—			244
Total expenses		67,631			98,623			965,758			896,602
Net investment income		207,195			981,457			2,220,640			3,116,373
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		(105,706	)		(1,705,323	)		10,131,847			(4,837,536	)
Investments — Affiliated		(67	)		(129	)		(1,964	)		(387	)
In-kind redemptions — Unaffiliated		—			173,019			12,681,517			3,847,769
Futures contracts		—			36,624			—			87,039
Foreign currency transactions		410			3,106			42,301			(157,735	)
Net realized gain (loss)		(105,363	)		(1,492,703	)		22,853,701			(1,060,850	)
Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated(a)		10,714,307			14,363,509			(169,351,266	)		177,636,668
Investments — Affiliated		(44	)		—			(1,044	)		(1,011	)
Futures contracts		—			42,731			—			(2,381	)
Foreign currency translations		(1,912	)		(2,294	)		(27,990	)		(8,757	)
Net change in unrealized appreciation (depreciation)		10,712,351			14,403,946			(169,380,300	)		177,624,519
Net realized and unrealized gain (loss)		10,606,988			12,911,243			(146,526,599	)		176,563,669
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	10,814,183		$	13,892,700		$	(144,305,959	)	$	179,680,042
(a) Net of deferred foreign capital gain tax of	$	(18,160	)	$	(24,728	)	$	—		$	(623,517	)

See notes to financial statements.

FINANCIAL  STATEMENTS 27

Statements of Operations (unaudited) (continued)

Six Months Ended February 28, 2021

	iShares MSCI Global Silver and Metals Miners ETF
INVESTMENT INCOME
Dividends — Unaffiliated	$	784,989
Dividends — Affiliated		54
Securities lending income — Affiliated — net		171,944
Foreign taxes withheld		(69,951	)
Total investment income		887,036
EXPENSES
Investment advisory fees		455,413
Total expenses		455,413
Net investment income		431,623
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		(2,293,796	)
Investments — Affiliated		(6,792	)
In-kind redemptions — Unaffiliated		7,064,712
Foreign currency transactions		47,905
Net realized gain		4,812,029
Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated		(27,407,946	)
Investments — Affiliated		(2,089	)
Foreign currency translations		(1,579	)
Net change in unrealized appreciation (depreciation)		(27,411,614	)
Net realized and unrealized loss		(22,599,585	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(22,167,962	)

See notes to financial statements.

28 2 0 2 1   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Statements of Changes in Net Assets

	iShares MSCI Global Agriculture Producers ETF								iShares MSCI Global Energy Producers ETF
	Six Months Ended 02/28/21 (unaudited)				Year Ended 08/31/20				Six Months Ended 02/28/21 (unaudited)				Year Ended 08/31/20
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income		$	207,195			$	439,899			$	981,457			$	2,028,360
Net realized loss			(105,363	)			(991,927	)			(1,492,703	)			(2,628,198	)
Net change in unrealized appreciation (depreciation)			10,712,351				2,189,730				14,403,946				(10,173,752	)
Net increase (decrease) in net assets resulting from operations			10,814,183				1,637,702				13,892,700				(10,773,590	)
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders			(291,927	)			(450,377	)			(1,098,997	)			(2,741,742	)
CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions			20,017,879				452,179				5,483,129				16,766,537
NET ASSETS
Total increase in net assets			30,540,135				1,639,504				18,276,832				3,251,205
Beginning of period			27,174,569				25,535,065				49,984,544				46,733,339
End of period		$	57,714,704			$	27,174,569			$	68,261,376			$	49,984,544

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

See notes to financial statements.

FINANCIAL  STATEMENTS 29

Statements of Changes in Net Assets (continued)

	iShares MSCI Global Gold Miners ETF						iShares MSCI Global Metals & Mining Producers ETF
	Six Months Ended 02/28/21 (unaudited)			Year Ended 08/31/20			Six Months Ended 02/28/21 (unaudited)			Year Ended 08/31/20
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	2,220,640		$	2,475,583		$	3,116,373		$	8,298,716
Net realized gain (loss)		22,853,701			18,719,431			(1,060,850	)		(9,089,519	)
Net change in unrealized appreciation (depreciation)		(169,380,300	)		125,383,666			177,624,519			24,686,798
Net increase (decrease) in net assets resulting from operations		(144,305,959	)		146,578,680			179,680,042			23,895,995
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(2,301,091	)		(2,214,520	)		(6,023,056	)		(8,667,003	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		(9,511,480	)		102,976,575			507,955,951			60,694,834
NET ASSETS
Total increase (decrease) in net assets		(156,118,530	)		247,340,735			681,612,937			75,923,826
Beginning of period		572,624,794			325,284,059			297,393,965			221,470,139
End of period	$	416,506,264		$	572,624,794		$	979,006,902		$	297,393,965

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

See notes to financial statements.

30 2 0 2 1   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Statements of Changes in Net Assets (continued)

	iShares MSCI Global Silver and Metals Miners ETF
	Six Months Ended 02/28/21 (unaudited)			Year Ended 08/31/20
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	431,623		$	407,542
Net realized gain		4,812,029			14,856,851
Net change in unrealized appreciation (depreciation)		(27,411,614	)		56,819,965
Net increase (decrease) in net assets resulting from operations		(22,167,962	)		72,084,358
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(5,266,899	)		(1,984,667	)
CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		55,975,202			80,799,271
NET ASSETS
Total increase in net assets		28,540,341			150,898,962
Beginning of period		250,656,019			99,757,057
End of period	$	279,196,360		$	250,656,019

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

See notes to financial statements.

FINANCIAL  STATEMENTS 31

Financial Highlights

(For a share outstanding throughout each period)

	iShares MSCI Global Agriculture Producers ETF
	Six Months Ended 02/28/21 (unaudited)				Year Ended 08/31/20				Year Ended 08/31/19				Year Ended 08/31/18				Year Ended 08/31/17				Year Ended 08/31/16
Net asset value, beginning of period		$	28.60			$	26.88			$	29.15			$	27.08			$	24.31			$	24.03
Net investment income(a)			0.20				0.49				0.53				0.53				0.45				0.54
Net realized and unrealized gain (loss)(b)			9.97				1.73				(2.25	)			2.03				2.81				0.27
Net increase (decrease) from investment operations			10.17				2.22				(1.72	)			2.56				3.26				0.81
Distributions(c)
From net investment income			(0.29	)			(0.50	)			(0.55	)			(0.49	)			(0.49	)			(0.53	)
Total distributions			(0.29	)			(0.50	)			(0.55	)			(0.49	)			(0.49	)			(0.53	)
Net asset value, end of period		$	38.48			$	28.60			$	26.88			$	29.15			$	27.08			$	24.31
Total Return
Based on net asset value			35.75	%(d)			8.41	%			(5.88	)%			9.49	%			13.53	%			3.55	%
Ratios to Average Net Assets
Total expenses			0.39	%(e)			0.39	%			0.39	%			0.39	%			0.39	%			0.39	%
Total expenses after fees waived			0.39	%(e)			0.39	%			0.39	%			0.37	%			0.37	%			0.38	%
Net investment income			1.20	%(e)			1.84	%			1.88	%			1.84	%			1.76	%			2.38	%
Supplemental Data
Net assets, end of period (000)		$	57,715			$	27,175			$	25,535			$	33,521			$	28,434			$	27,951
Portfolio turnover rate(f)			2	%(d)			9	%			13	%			25	%			16	%			7	%

^(a)  Based on average shares outstanding.

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

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

^(d)  Not annualized.

^(e)  Annualized.

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

See notes to financial statements.

32 2 0 2 1  I SHARES   SEMI - ANNUAL   REPORT  TO  SHAREHOLDERS

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares MSCI Global Energy Producers ETF
	Six Months Ended 02/28/21 (unaudited)				Year Ended 08/31/20				Year Ended 08/31/19				Year Ended 08/31/18				Year Ended 08/31/17				Year Ended 08/31/16
Net asset value, beginning of period		$	12.04			$	17.97			$	22.80			$	18.57			$	18.72			$	17.67
Net investment income(a)			0.24				0.68				0.70				0.64				0.60				0.59
Net realized and unrealized gain (loss)(b)			3.34				(5.61	)			(4.90	)			4.23				(0.16	)			1.00
Net increase (decrease) from investment operations			3.58				(4.93	)			(4.20	)			4.87				0.44				1.59
Distributions(c)
From net investment income			(0.28	)			(1.00	)			(0.63	)			(0.64	)			(0.59	)			(0.54	)
Total distributions			(0.28	)			(1.00	)			(0.63	)			(0.64	)			(0.59	)			(0.54	)
Net asset value, end of period		$	15.34			$	12.04			$	17.97			$	22.80			$	18.57			$	18.72
Total Return
Based on net asset value			30.12	%(d)			(28.92	)%			(18.56	)%			26.48	%			2.26	%			9.31	%
Ratios to Average Net Assets
Total expenses			0.39	%(e)			0.39	%			0.39	%			0.39	%			0.39	%			0.39	%
Net investment income			3.90	%(e)			4.62	%			3.41	%			2.93	%			3.10	%			3.36	%
Supplemental Data
Net assets, end of period (000)		$	68,261			$	49,985			$	46,733			$	47,889			$	31,568			$	37,440
Portfolio turnover rate(f)			5	%(d)			12	%			6	%			5	%			4	%			6	%

^(a)  Based on average shares outstanding.

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

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

^(d)  Not annualized.

^(e)  Annualized.

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

See notes to financial statements.

FINANCIAL  HIGHLIGHTS 33

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares MSCI Global Gold Miners ETF
	Six Months Ended 02/28/21				Year Ended				Year Ended				Year Ended				Year Ended				Year Ended
	(unaudited)				08/31/20				08/31/19				08/31/18						08/31/17	(a)			08/31/16	(a)
Net asset value, beginning of period		$	35.13			$	24.01			$	14.43			$	19.96			$	21.20			$	11.13
Net investment income(b)			0.14				0.17				0.18				0.10				0.06				0.02
Net realized and unrealized gain (loss)(c)			(9.18	)			11.11				9.59				(5.51	)			(1.04	)			10.11
Net increase (decrease) from investment operations			(9.04	)			11.28				9.77				(5.41	)			(0.98	)			10.13
Distributions(d)
From net investment income			(0.14	)			(0.16	)			(0.19	)			(0.12	)			(0.26	)			(0.06	)
Total distributions			(0.14	)			(0.16	)			(0.19	)			(0.12	)			(0.26	)			(0.06	)
Net asset value, end of period		$	25.95			$	35.13			$	24.01			$	14.43			$	19.96			$	21.20
Total Return
Based on net asset value			(25.76	)%(e)			47.22	%			68.13	%			(27.22	)%			(4.30	)%			91.17	%
Ratios to Average Net Assets
Total expenses			0.39	%(f)			0.39	%			0.39	%			0.39	%			0.39	%			0.39	%
Net investment income			0.90	%(f)			0.66	%			1.04	%			0.56	%			0.38	%			0.06	%
Supplemental Data
Net assets, end of period (000)		$	416,506			$	572,625			$	325,284			$	232,989			$	391,247			$	266,108
Portfolio turnover rate(g)			6	%(e)			21	%			15	%			4	%			26	%			30	%

^(a)  Per share amounts reflect a one-for-two reverse stock split effective after the close of trading on November 4, 2016.

^(b)  Based on average shares outstanding.

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

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

^(e)  Not annualized.

^(f)  Annualized.

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

See notes to financial statements.

34 2 0 2 1  I SHARES   SEMI - ANNUAL   REPORT  TO  SHAREHOLDERS

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares MSCI Global Metals & Mining Producers ETF
	Six Months Ended 02/28/21				Year Ended				Year Ended				Year Ended				Year Ended				Year Ended
	(unaudited)				08/31/20				08/31/19				08/31/18						08/31/17	(a)			08/31/16	(a)
Net asset value, beginning of period		$	27.79			$	25.60			$	30.93			$	31.86			$	21.67			$	21.30
Net investment income(b)			0.23				1.04				1.49				1.06				0.53				0.42
Net realized and unrealized gain (loss)(c)			13.92				2.26				(5.13	)			(1.05	)			10.26				0.41
Net increase (decrease) from investment operations			14.15				3.30				(3.64	)			0.01				10.79				0.83
Distributions(d)
From net investment income			(0.46	)			(1.11	)			(1.69	)			(0.94	)			(0.60	)			(0.46	)
Total distributions			(0.46	)			(1.11	)			(1.69	)			(0.94	)			(0.60	)			(0.46	)
Net asset value, end of period		$	41.48			$	27.79			$	25.60			$	30.93			$	31.86			$	21.67
Total Return
Based on net asset value			51.25	%(e)			13.00	%			(12.16	)%			(0.10	)%			50.55	%			4.52	%
Ratios to Average Net Assets
Total expenses			0.39	%(f)			0.39	%			0.39	%			0.39	%			0.39	%			0.39	%
Total expenses after fees waived			0.39	%(f)			0.39	%			0.39	%			0.39	%			0.39	%			0.39	%
Net investment income			1.36	%(f)			4.03	%			5.05	%			3.15	%			2.31	%			2.16	%
Supplemental Data
Net assets, end of period (000)		$	979,007			$	297,394			$	221,470			$	403,636			$	347,259			$	223,182
Portfolio turnover rate(g)			6	%(e)			11	%			14	%			14	%			12	%			8	%

^(a)  Per share amounts reflect a one-for-two reverse stock split effective after the close of trading on November 4, 2016.

^(b)  Based on average shares outstanding.

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

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

^(e)  Not annualized.

^(f)  Annualized.

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

See notes to financial statements.

FINANCIAL  HIGHLIGHTS 35

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares MSCI Global Silver and Metals Miners ETF
	Six Months Ended 02/28/21 (unaudited)				Year Ended 08/31/20				Year Ended 08/31/19				Year Ended 08/31/18					Year Ended 08/31/17				Year Ended 08/31/16
Net asset value, beginning of period		$	17.29			$	10.84			$	8.43			.	$	11.47			$	13.61			$	6.14
Net investment income(a)			0.03				0.04				0.09					0.10				0.09				0.05
Net realized and unrealized gain (loss)(b)			(1.24	)			6.62				2.40					(3.05	)			(1.94	)			7.44
Net increase (decrease) from investment operations			(1.21	)			6.66				2.49					(2.95	)			(1.85	)			7.49
Distributions(c)
From net investment income			(0.39	)			(0.21	)			(0.08	)				(0.09	)			(0.29	)			(0.02	)
Total distributions			(0.39	)			(0.21	)			(0.08	)				(0.09	)			(0.29	)			(0.02	)
Net asset value, end of period		$	15.69			$	17.29			$	10.84				$	8.43			$	11.47			$	13.61
Total Return
Based on net asset value			(6.87	)%(d)			62.71	%			29.89	%				(25.87	)%			(13.26	)%			122.11	%
Ratios to Average Net Assets
Total expenses			0.39	%(e)			0.39	%			0.39	%				0.39	%			0.39	%			0.39	%
Net investment income			0.37	%(e)			0.35	%			0.98	%				0.94	%			0.79	%			0.47	%
Supplemental Data
Net assets, end of period (000)		$	279,196			$	250,656			$	99,757				$	50,577			$	64,258			$	87,078
Portfolio turnover rate(f)			16	%(d)			66	%			27	%				19	%			14	%			27	%

^(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)  Not annualized.

^(e)  Annualized.

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

See notes to financial statements.

36 2 0 2 1  I SHARES   SEMI - ANNUAL   REPORT  TO  SHAREHOLDERS

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 Global Agriculture Producers		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

2. SIGNIFICANT ACCOUNTING POLICIES

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

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

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

Each Fund does not isolate the effect of fluctuations in foreign exchange rates from the effect of fluctuations in the market prices of investments for financial reporting purposes. Accordingly, the effects of changes in exchange rates on investments are not segregated in the statement 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 statement 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, 2021, if any, are disclosed in the statement 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 statement of operations includes tax reclaims recorded as well as professional and other fees, if any, associated with recovery of foreign withholding taxes.

Segregation and Collateralization: In cases where a Fund enters into certain investments (e.g., futures contracts) that would be treated as “senior securities” for 1940 Act purposes, a Fund may segregate or designate on its books and record cash or liquid assets having a market value at least equal to the amount of its future obligations under such investments. Doing so allows the investment to be excluded from treatment as a “senior security.” Furthermore, if required by an exchange or counterparty agreement, the Funds may be required to deliver/deposit cash and/or securities to/with an exchange, or broker-dealer or custodian as collateral for certain investments or obligations.

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

NOTES   TO   FINANCIAL   STATEMENTS 37

Notes to Financial Statements (unaudited) (continued)

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

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

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

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

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

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

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

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

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

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

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

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

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

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

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

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

38 2 0 2 1   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Notes to Financial Statements (unaudited) (continued)

on loan. The market value of the loaned securities is determined at the close of each business day of the Fund and any additional required collateral is delivered to the Fund or excess collateral is returned by the Fund, on the next business day. During the term of the loan, each Fund is entitled to all distributions made on or in respect of the loaned securities but does not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

As of period end, any securities on loan were collateralized by cash and/or U.S. Government obligations. Cash collateral invested in money market funds managed by BlackRock Fund Advisors (“BFA”), the Funds’ investment adviser, or its affiliates is disclosed in the schedules 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 as of February 28, 2021:

iShares ETF and Counterparty		Market Value of Securities on Loan		Cash Collateral Received	(a)		Non-Cash Collateral Received		Net Amount
MSCI Global Agriculture Producers
BofA Securities, Inc.	$	385,041	$	385,041		$	—	$	—
Credit Suisse AG		114,981		114,981			—		—
Macquarie Bank Limited		63,447		63,447			—		—
Morgan Stanley & Co. LLC		308,944		308,944			—		—
	$	872,413	$	872,413		$	—	$	—
MSCI Global Energy Producers
BofA Securities, Inc.	$	26,489	$	26,489		$	—	$	—
Goldman Sachs & Co.		32,115		32,115			—		—
Morgan Stanley & Co. LLC		40,192		40,192			—		—
Scotia Capital (USA) Inc.		11,897		11,897			—		—
	$	110,693	$	110,693		$	—	$	—
MSCI Global Gold Miners
Barclays Bank PLC	$	1,453,313	$	1,453,313		$	—	$	—
BNP Paribas Prime Brokerage International Ltd.		172,091		172,091			—		—
BofA Securities, Inc.		2,257,204		2,257,204			—		—
Credit Suisse Securities (USA) LLC		59,527		59,527			—		—
Goldman Sachs & Co.		101,700		101,700			—		—
JPMorgan Securities LLC		463,280		463,280			—		—
Morgan Stanley & Co. LLC		989		989			—		—
State Street Bank & Trust Company		924,840		924,840			—		—
	$	5,432,944	$	5,432,944		$	—	$	—
MSCI Global Metals & Mining Producers
BofA Securities, Inc.	$	1,012,328	$	1,012,328		$	—	$	—
Credit Suisse Securities (USA) LLC		3,427,274		3,427,274			—		—
Morgan Stanley & Co. LLC		229,583		229,583			—		—
National Financial Services LLC		82,380		82,380			—		—
Scotia Capital (USA) Inc.		347,228		347,228			—		—
	$	5,098,793	$	5,098,793		$	—	$	—

NOTES   TO   FINANCIAL   STATEMENTS 39

Notes to Financial Statements (unaudited) (continued)

iShares ETF and Counterparty		Market Value of Securities on Loan		Cash Collateral Received	(a)		Non-Cash Collateral Received		Net Amount
MSCI Global Silver and Metals Miners
Barclays Capital Inc.	$	1,946,403	$	1,946,403		$	—	$	—
Credit Suisse Securities (USA) LLC		126,275		126,275			—		—
JPMorgan Securities LLC		15,879,193		15,879,193			—		—
Morgan Stanley & Co. LLC		283,081		283,081			—		—
Nomura Securities International Inc.		29,385		29,385			—		—
State Street Bank & Trust Company		4,672,992		4,672,992			—		—
Wells Fargo Bank, National Association		81,090		81,090			—		—
	$	23,018,419	$	23,018,419		$	—	$	—

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

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 statement 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 statement 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 statement of assets and liabilities. When the contract is closed, a realized gain or loss is recorded in the statement of operations equal to the difference between the notional amount of the contract at the time it was opened and the notional amount at the time it was closed. The use of futures contracts involves the risk of an imperfect correlation in the movements in the price of futures contracts and interest rates, foreign currency exchange rates or underlying assets.

6. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

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

For its investment advisory services to each 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”). For each of the iShares MSCI Global 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, 2021, there were no fees waived by BFA pursuant to this arrangement.

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. Each Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan (the

40 2 0 2 1   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Notes to Financial Statements (unaudited) (continued)

“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 statement of operations. For the six months ended February 28, 2021, the Funds paid BTC the following amounts for securities lending agent services:

iShares ETF	Fees Paid to BTC
MSCI Global Agriculture Producers	$	570
MSCI Global Energy Producers		425
MSCI Global Gold Miners		8,911
MSCI Global Metals & Mining Producers		8,342
MSCI Global Silver and Metals Miners		42,063

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, 2021, 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 Global Agriculture Producers	$	14,225	$	97,881	$	9,701
MSCI Global Energy Producers		182,035		160,845		(163,406	)
MSCI Global Gold Miners		174,928		1,599,342		(295,107	)
MSCI Global Metals & Mining Producers		—		2,991,204		(809,107	)
MSCI Global Silver and Metals Miners		724,202		5,115,061		(892,409	)

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 statement 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, 2021, purchases and sales of investments, excluding short-term investments and in-kind transactions, were as follows:

iShares ETF	Purchases		Sales
MSCI Global Agriculture Producers	$	3,372,531	$	648,667
MSCI Global Energy Producers		3,074,142		2,273,281
MSCI Global Gold Miners		32,233,655		31,446,975
MSCI Global Metals & Mining Producers		112,464,273		27,268,744
MSCI Global Silver and Metals Miners		38,822,519		42,687,916

For the six months ended February 28, 2021, in-kind transactions were as follows:

NOTES   TO   FINANCIAL   STATEMENTS 41

Notes to Financial Statements (unaudited) (continued)

iShares ETF	In-kind Purchases		In-kind Sales
MSCI Global Agriculture Producers	$	17,297,903	$	—
MSCI Global Energy Producers		8,520,900		3,689,727
MSCI Global Gold Miners		22,312,488		32,939,176
MSCI Global Metals & Mining Producers		444,581,042		22,960,618
MSCI Global Silver and Metals Miners		69,299,178		13,838,382

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, 2021, 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, 2020, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:

iShares ETF	Non-Expiring
MSCI Global Agriculture Producers	$	3,827,134
MSCI Global Energy Producers		5,549,371
MSCI Global Gold Miners		62,335,458
MSCI Global Metals & Mining Producers		49,403,539
MSCI Global Silver and Metals Miners		12,001,411

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, 2021, 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 Global Agriculture Producers	$	47,354,110	$	13,440,033	$	(2,163,044	)	$	11,276,989
MSCI Global Energy Producers		73,274,339		4,080,636		(9,353,159	)		(5,272,523	)
MSCI Global Gold Miners		418,577,017		33,821,912		(31,229,547	)		2,592,365
MSCI Global Metals & Mining Producers		841,208,974		157,808,093		(14,997,304	)		142,810,789
MSCI Global Silver and Metals Miners		269,910,300		48,749,510		(14,227,983	)		34,521,527

9. LINE OF CREDIT

The iShares MSCI Global 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 $300 million credit agreement (“Credit Agreement”) with State Street Bank and Trust Company, which expires on July 15, 2021. 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 Credit Agreement sets specific sub limits on aggregate borrowings based on two tiers of Participating Funds: $300 million with respect to the funds within Tier 1, including the Funds, and $200 million with respect to Tier 2. The Funds may borrow up to the aggregate commitment amount subject to asset coverage and other limitations as specified in the Credit Agreement. The Credit Agreement has the following terms: a commitment fee of 0.20% per annum on the unused portion of the credit agreement and interest at a rate equal to the higher of (a) the one-month LIBOR rate (not less than zero) plus 1.00% per annum or (b) the U.S. Federal Funds rate (not less than zero) plus 1.00% per annum on amounts borrowed. The commitment fee is generally allocated to each Participating Fund based on the lesser of a Participating Fund’s relative exposure to certain target markets or a Participating Fund’s maximum borrowing amount as set forth by the terms of the Credit Agreement.

42 2 0 2 1   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Notes to Financial Statements (unaudited) (continued)

For the six months ended February 28, 2021, the maximum amount borrowed, the average daily borrowing and the weighted average interest rate, if any, under the credit agreement were as follows:

iShares ETF	Maximum Amount Borrowed		Average Borrowing		Weighted Average Interest Rates
MSCI Global Agriculture Producers	$	114,000	$	4,409		1.15	%
MSCI Global Energy Producers		74,000		3,210		1.15
MSCI Global Metals & Mining Producers		1,089,000		42,116		1.15

10. PRINCIPAL RISKS

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

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

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

Market Risk: An outbreak of respiratory disease caused by a novel coronavirus has developed into a global pandemic and has resulted in closing borders, quarantines, disruptions to supply chains and customer activity, as well as general concern and uncertainty. The impact of this pandemic, and other global health crises that may arise in the future, could affect the economies of many nations, individual companies and the market in general in ways that cannot necessarily be foreseen at the present time. This pandemic may result in substantial market volatility and may adversely impact the prices and liquidity of a fund’s investments. The duration of this pandemic and its effects cannot be determined with certainty.

Valuation Risk: The market values of equities, such as common stocks and preferred securities or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company. They may also decline due to factors which affect a particular industry or industries. A fund may invest in illiquid investments. An illiquid investment is any investment that a fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. A fund may experience difficulty in selling illiquid investments in a timely manner at the price that it believes the investments are worth. Prices may fluctuate widely over short or extended periods in response to company, market or economic news. Markets also tend to move in cycles, with periods of rising and falling prices. This volatility may cause a fund’s NAV to experience significant increases or decreases over short periods of time. If there is a general decline in the securities and other markets, the NAV of a fund may lose value, regardless of the individual results of the securities and other instruments in which a fund invests.

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

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

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

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

NOTES   TO   FINANCIAL   STATEMENTS 43

Notes to Financial Statements (unaudited) (continued)

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

LIBOR Transition Risk: The United Kingdom’s Financial Conduct Authority announced a phase out of the London Interbank Offered Rate (“LIBOR”) by the end of 2021, and it is expected that LIBOR will cease to be published after that time. The Funds may be exposed to financial instruments tied to LIBOR to determine payment obligations, financing terms, hedging strategies or investment value. The transition process away from LIBOR might lead to increased volatility and illiquidity in markets for, and reduce the effectiveness of new hedges placed against, instruments whose terms currently include LIBOR. The ultimate effect of the LIBOR transition process on the Funds is uncertain.

11. CAPITAL SHARE TRANSACTIONS

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

Transactions in capital shares were as follows:

	Six Months Ended 02/28/21						Year Ended 08/31/20
iShares ETF	Shares			Amount			Shares			Amount
MSCI Global Agriculture Producers
Shares sold		550,000		$	20,017,879			100,000		$	2,774,184
Shares redeemed		—			—			(100,000	)		(2,322,005	)
Net increase		550,000		$	20,017,879			—		$	452,179
MSCI Global Energy Producers
Shares sold		700,000		$	9,699,277			2,200,000		$	27,372,026
Shares redeemed		(400,000	)		(4,216,148	)		(650,000	)		(10,605,489	)
Net increase		300,000		$	5,483,129			1,550,000		$	16,766,537
MSCI Global Gold Miners
Shares sold		800,000		$	24,448,314			9,600,000		$	251,993,214
Shares redeemed		(1,050,000	)		(33,959,794	)		(6,850,000	)		(149,016,639	)
Net increase (decrease)		(250,000	)	$	(9,511,480	)		2,750,000		$	102,976,575
MSCI Global Metals & Mining Producers
Shares sold		13,900,000		$	535,574,541			3,850,000		$	108,039,671
Shares redeemed		(1,000,000	)		(27,618,590	)		(1,800,000	)		(47,344,837	)
Net increase		12,900,000		$	507,955,951			2,050,000		$	60,694,834
MSCI Global Silver and Metals Miners
Shares sold		4,200,000		$	69,955,895			6,500,000		$	94,504,256
Shares redeemed		(900,000	)		(13,980,693	)		(1,200,000	)		(13,704,985	)
Net increase		3,300,000		$	55,975,202			5,300,000		$	80,799,271

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.

44 2 0 2 1   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Notes to Financial Statements (unaudited) (continued)

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 statement 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.

NOTES   TO   FINANCIAL   STATEMENTS 45

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 Global 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 2, 2020 (the “Meeting”) to review the Program. The Board previously appointed BlackRock Fund Advisors (“BlackRock”), the investment adviser to the Funds, as the program administrator for each Fund’s Program. BlackRock also previously delegated oversight of the Program to the 40 Act Liquidity Risk Management Committee (the “Committee”). At the Meeting, the Committee, on behalf of BlackRock, provided the Board with a report that addressed the operation of the Program and assessed its adequacy and effectiveness of implementation, including the management of each Fund’s Highly Liquid Investment Minimum (“HLIM”) where applicable, and any material changes to the Program (the “Report”). The Report covered the period from October 1, 2019 through September 30, 2020 (the “Program Reporting Period”).

The Report described the Program’s liquidity classification methodology for categorizing a Fund’s investments (including derivative transactions) into one of four liquidity buckets. It also referenced the methodology used by BlackRock to establish a Fund’s HLIM and noted that the Committee reviews and ratifies the HLIM assigned to each Fund no less frequently than annually. The Report also discussed notable events affecting liquidity over the Program Reporting Period, including extended market holidays and closures in certain countries and the impact of the coronavirus outbreak on the Funds and the overall market.

The Report noted that the Program complied with the key factors for consideration under the Liquidity Rule for assessing, managing and periodically reviewing a Fund’s liquidity risk, as follows:

a) 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 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.

b) 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.

c) Holdings of cash and cash equivalents, as well as borrowing arrangements. The Committee considered that ETFs generally do not hold more than de minimis amounts of cash. While the ETFs generally do not engage in borrowing, certain of the ETFs have the flexibility to draw on a line of credit to meet redemption requests or facilitate settlements.

d) The relationship between an ETF’s portfolio liquidity and the way in which, and the prices and spreads at which, ETF shares trade, including the efficiency of the arbitrage function and the level of active participation by market participants, including authorized participants. The Committee monitored the prevailing bid/ask spread and the ETF price premium (or discount) to NAV for all ETFs and reviewed any persistent deviations from long-term averages.

e) The effect of the composition of baskets on the overall liquidity of an ETF’s portfolio. In reviewing the linkage between the composition of custom baskets accepted by an ETF and any significant change in the liquidity profile of such ETF, the Committee reviewed changes in the proportion of each ETF’s portfolio comprised of less liquid and illiquid holdings to determine if applicable thresholds were met requiring enhanced review.

As part of BlackRock’s continuous review of the effectiveness of the Program, the Committee made the following enhancements to the Program: (1) certain single country emerging market ETFs were added to a $300 million credit agreement with State Street Bank and Trust Company; and (2) certain updates were made to the RATS and HLIM calculation 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.

46 2 0 2 1   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Supplemental Information (unaudited)

Regulation Regarding Derivatives

On October 28, 2020, the Securities and Exchange Commission (the “SEC”) adopted new regulations governing the use of derivatives by registered investment companies (“Rule 18f-4”). The Funds will be required to implement and comply with Rule 18f-4 by August 19, 2022. Once implemented, Rule 18f-4 will impose limits on the amount of derivatives a fund can enter into, eliminate the asset segregation framework currently used by funds to comply with Section 18 of the 1940 Act, treat derivatives as senior securities and require funds whose use of derivatives is more than a limited specified exposure amount to establish and maintain a comprehensive derivatives risk management program and appoint a derivatives risk manager.

Section 19(a) Notices

The amounts and sources of distributions reported are estimates and are being provided pursuant to regulatory requirements and are not being provided for tax reporting purposes. The actual amounts and sources for tax reporting purposes will depend upon each Fund’s investment experience during the year and may be subject to changes based on tax regulations. Shareholders will receive a Form 1099-DIV each calendar year that will inform them how to report these distributions for federal income tax purposes.

February 28, 2021

	Total Cumulative Distributions for the Fiscal Year-to-Date								% Breakdown of the Total Cumulative Distributions for the Fiscal Year-to-Date
iShares ETF	Net Investment Income		Net Realized Capital Gains		Return of Capital		Total Per Share		Net Investment Income			Net Realized Capital Gains			Return of Capital			Total Per Share
MSCI Global Agriculture Producers(a)	$	0.235596	$	—	$	0.056331	$	0.291927		81	%		—	%		19	%		100	%
MSCI Global Energy Producers(a)		0.276223		—		0.005571		0.281794		98			—			2			100
MSCI Global Gold Miners(a)		0.143094		—		0.001175		0.144269		99			—			1			100
MSCI Global Metals & Mining Producers(a)		0.378313		—		0.084999		0.463312		82			—			18			100

^(a)  The Fund estimates that it has distributed more than its net investment income and net realized capital gains; therefore, a portion of the distribution may be a return of capital. A return of capital may occur, for example, when some or all of the shareholder’s investment in the Fund is returned to the shareholder. A return of capital does not necessarily reflect the Fund’s investment performance and should not be confused with “yield” or “income”. When distributions exceed total return performance, the difference will incrementally reduce the Fund’s net asset value per share.

SUPPLEMENTAL   INFORMATION 47

General Information

Electronic Delivery

Shareholders can sign up for email 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.

48 2 0 2 1   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Glossary of Terms Used in this Report

Portfolio Abbreviations - Equity
ADR	American Depositary Receipt
GDR	Global Depositary Receipt
NVDR	Non-Voting Depositary Receipt
NVS	Non-Voting Shares
PJSC	Public Joint Stock Company

GLOSSARY   OF  TERMS   USED   IN   THIS  REPORT 49

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.

©2021 BlackRock, Inc. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.

iS-SAR-812-0221

FEBRUARY 28, 2021

2021 Semi-Annual Report

(Unaudited)

iShares, Inc.

🌑 iShares Currency Hedged MSCI Emerging Markets ETF | HEEM | Cboe BZX

🌑 iShares MSCI Emerging Markets ETF | EEM | NYSE Arca

The Markets in Review

Dear Shareholder,

The 12-month reporting period as of February 28, 2021 reflected a remarkable period of disruption and adaptation, as the global economy dealt with the implications of the coronavirus (or “COVID-19”) pandemic. As the period began, the threat from the virus was becoming increasingly apparent, and countries around the world took economically disruptive countermeasures. Stay-at-home orders and closures of non-essential businesses became widespread, many workers were laid off, and unemployment claims spiked, causing a global recession and a sharp fall in equity prices.

After markets hit their lowest point of the reporting period in late March 2020, a steady recovery ensued, as businesses began to re-open and governments learned to adapt to life with the virus. Equity prices continued to rise throughout the summer, fed by strong fiscal and monetary support and improving economic indicators. Many equity indices neared or surpassed all-time highs late in the reporting period following the implementation of mass vaccination campaigns and progress of additional stimulus through the U.S. Congress. In the United States, both large- and small-capitalization stocks posted a significant advance. International equities also gained, as both developed countries and emerging markets rebounded substantially from lows in late March 2020.

During the market downturn, the performance of different types of fixed-income securities initially diverged due to a reduced investor appetite for risk. U.S. Treasuries benefited from the risk-off environment, as the 10-year U.S. Treasury yield (which is inversely related to bond prices) dropped to historic lows. However, inflation risk from a rapidly expanding economy raised yields late in the reporting period, leading to a negative overall return for most U.S. Treasuries. In the corporate bond market, support from the U.S. Federal Reserve (the “Fed”) assuaged credit concerns and both investment-grade and high-yield bonds recovered to post positive returns.

Following the coronavirus outbreak, the Fed instituted two emergency interest rate cuts, pushing short-term interest rates, already low as the year began, close to zero. To stabilize credit markets, the Fed also implemented a new bond-buying program, as did several other central banks around the world, including the European Central Bank and the Bank of Japan.

Looking ahead, while coronavirus-related disruptions have clearly hindered worldwide economic growth, we believe that the global expansion will continue to accelerate as vaccination efforts ramp up and pent-up consumer demand leads to higher spending. In early 2021, Congress passed one of the largest economic rescue packages in U.S. history, which should provide a solid tailwind for economic growth. Inflation is likely to increase somewhat as the expansion continues, but a shift in central bank policy means that moderate inflation is less likely to be followed by interest rate hikes that could threaten the equity expansion.

Overall, we favor a positive stance toward risk, with an overweight in equities. We see U.S. and Asian equities outside of Japan benefiting from structural growth trends in tech, while emerging markets should be particularly helped by a vaccine-led economic expansion. While we are neutral overall on credit, rising inflation should provide tailwinds for inflation-protected bonds, and global high-yield and Asian bonds also present attractive opportunities. We believe that international diversification and a focus on sustainability can help provide portfolio resilience, and the disruption created by the coronavirus appears to be accelerating the shift toward sustainable investments.

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

Sincerely,

Rob Kapito

President, BlackRock, Inc.

Rob Kapito

President, BlackRock, Inc.

Total Returns as of February 28, 2021
	6-Month	12-Month
U.S. large cap equities (S&P 500® Index)	9.74%	31.29%
U.S. small cap equities (Russell 2000® Index)	41.69	51.00
International equities (MSCI Europe, Australasia, Far East Index)	14.33	22.46
Emerging market equities (MSCI Emerging Markets Index)	22.32	36.05
3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)	0.06	0.40
U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)	(6.34)	(1.96)
U.S. investment grade bonds (Bloomberg Barclays U.S. Aggregate Bond Index)	(1.55)	1.38
Tax-exempt municipal bonds (S&P Municipal Bond Index)	0.92	1.22
U.S. high yield bonds (Bloomberg Barclays U.S. Corporate High Yield 2% Issuer Capped Index)	6.08	9.31
Past performance is no guarantee of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.

2 THIS   PAGE   IS   NOT   PART   OF   YOUR   FUND   REPORT

Table of Contents

	Page
The Markets in Review	2
Fund Summary	4
About Fund Performance	6
Shareholder Expenses	6
Schedules of Investments	7
Financial Statements
Statements of Assets and Liabilities	25
Statements of Operations	26
Statements of Changes in Net Assets	27
Financial Highlights	28
Notes to Financial Statements	33
Statement Regarding Liquidity Risk Management Program	40
Supplemental Information	41
General Information	42
Glossary of Terms Used in this Report	43

Fund Summary as of February 28, 2021 iShares^® Currency Hedged MSCI Emerging Markets ETF

Investment Objective

The iShares Currency Hedged MSCI Emerging Markets ETF (the “Fund”) seeks to track the investment results of an index composed of large- and mid-capitalization emerging market equities while mitigating exposure to fluctuations between the value of the component currencies and the U.S. dollar, as represented by the MSCI Emerging Markets 100% Hedged to USD 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. The Fund currently seeks to achieve its investment objective by investing a substantial portion of its assets in one underlying fund, the iShares MSCI Emerging Markets ETF.

Performance

				Average Annual Total Returns									Cumulative Total Returns
	6 Months			1 Year			5 Years			Since Inception			1 Year			5 Years			Since Inception
Fund NAV		19.11	%		33.75	%		13.49	%		7.53	%		33.75	%		88.24	%		59.56	%
Fund Market		19.22			33.14			13.46			7.51			33.14			88.00			59.32
Index		19.37			34.62			14.08			7.95			34.62			93.21			63.64

The inception date of the Fund was 9/23/14. The first day of secondary market trading was 9/25/14.

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 6 for more information.

Expense Example

Actual						Hypothetical 5% Return
	Beginning Account Value (09/01/20)	Ending Account Value (02/28/21	)	Expenses Paid During the Period	(a)(b)		Beginning Account Value (09/01/20	)	Ending Account Value (02/28/21	)	Expenses Paid During the Period	(a)(b)	Annualized Expense Ratio	(a)
	$     1,000.00	$     1,191.10		$     0.00			$     1,000.00		$     1,024.80		$     0.00		0.00	%

^(a)  Annualized expense ratio and expenses paid during the period do not include fees and expenses of the underlying fund in which the Fund invests.

^(b)  Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (181 days) and divided by the number of days in the year (365 days). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” on page 6 for more information.

Portfolio Information

ALLOCATION BY INVESTMENT TYPE

Investment Type	Percent of Net Assets
Investment Companies	100.0	%
Forward foreign currency exchange contracts, net cumulative appreciation	0.3
Other assets less liabilities	(0.3	)

ALLOCATION BY SECTOR (of the UNDERLYING FUND)

Sector	Percent of Total Investment(a)
Information Technology	21.1	%
Consumer Discretionary	18.6
Financials	17.5
Communication Services	12.4
Materials	7.7
Consumer Staples	5.4
Energy	4.7
Health Care	4.4
Industrials	4.2
Real Estate	2.1
Utilities	1.9

^(a)  Excludes money market funds.

4 2 0 2 1   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Fund Summary as of February 28, 2021 iShares^® MSCI Emerging Markets ETF

Investment Objective

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

Performance

				Average Annual Total Returns									Cumulative Total Returns
	6 Months			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		21.76	%		35.06	%		14.53	%		3.76	%		35.06	%		97.08	%		44.60	%
Fund Market		21.89			34.47			14.51			3.76			34.47			96.92			44.62
Index		22.32			36.05			15.24			4.41			36.05			103.23			53.89

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

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 6 for more information.

Expense Example

Actual						Hypothetical 5% Return
	Beginning Account Value (09/01/20)	Ending Account Value (02/28/21	)	Expenses Paid During the Period	(a)		Beginning Account Value (09/01/20	)	Ending Account Value (02/28/21	)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$          1,000.00	$        1,217.60		$      3.79			$        1,000.00		$        1,021.40		$      3.46		0.69	%

^(a)  Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (181 days) and divided by the number of days in the year (365 days). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples

above. See “Shareholder Expenses” on page 6 for more information.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of Total Investments	(a)
Information Technology	21.1	%
Consumer Discretionary	18.6
Financials	17.5
Communication Services	12.4
Materials	7.7
Consumer Staples	5.4
Energy	4.7
Health Care	4.4
Industrials	4.2
Real Estate	2.1
Utilities	1.9

^(a)  Excludes money market funds.

TEN LARGEST GEOGRAPHIC ALLOCATION

Country/Geographic Region	Percent of Total Investments	(a)
China	39.9	%
Taiwan	13.6
South Korea	13.1
India	9.3
Brazil	4.2
South Africa	3.6
Russia	2.9
Saudi Arabia	2.5
Thailand	1.8
Mexico	1.6

FUND   SUMMARY 5

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 the 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 by 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. Since shares of a fund may not trade in the secondary market until after the fund’s inception, for the period from inception to the first day of secondary market trading in shares of the fund, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.

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

Shareholder Expenses

As a shareholder of your Fund, you incur two types of costs: (1) transaction costs, including brokerage commissions on purchases and sales of fund shares and (2) ongoing costs, including management fees and other fund expenses. The expense example, which is based on an investment of $1,000 invested at the beginning of the period (or from the commencement of operations if less than 6 months) and held through the end of the period, is intended to help you understand your ongoing costs (in dollars and cents) of investing in your Fund and to compare these costs with the ongoing costs of investing in other funds.

Actual Expenses – The table provides information about actual account values and actual expenses. Annualized expense ratios reflect contractual and voluntary fee waivers, if any. To estimate the expenses that you paid on your account over the period, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number under the heading entitled “Expenses Paid During the Period.”

Hypothetical Example for Comparison Purposes – The table also provides information about hypothetical account values and hypothetical expenses based on your Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses. You may use this information to compare the ongoing costs of investing in your Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as brokerage commissions and other fees paid on purchases and sales of fund shares. Therefore, the hypothetical examples are useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

6 2 0 2 1   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Schedule of Investments (unaudited)  February 28, 2021 iShares^® Currency Hedged MSCI Emerging Markets ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Investment Companies
Exchange-Traded Funds — 100.0%
iShares MSCI Emerging Markets ETF(a)		4,042,839	$	217,221,739
Total Investment Companies — 100.0% (Cost: $179,318,775)				217,221,739
Total Investments in Securities — 100.0% (Cost: $179,318,775)				217,221,739
Other Assets, Less Liabilities — (0.0)%				(6,785	)
Net Assets — 100.0%			$	217,214,954

^(a)  Affiliate of the Fund.

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 2021 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 08/31/20		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 02/28/21		Shares Held at 02/28/21		Income		Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Treasury, SL Agency Shares(a)	$	—	$	0	(b)	$	—		$	—	$	—	$	—		—	$	20	$	—
iShares MSCI Emerging Markets ETF		183,522,705		34,780,259			(35,973,195	)		2,865,534		32,026,436		217,221,739		4,042,839		1,908,063		—
									$	2,865,534	$	32,026,436	$	217,221,739			$	1,908,083	$	—

^(a)  As of period end, the entity is no longer held

^(b)  Represents net amount purchased (sold).

Forward Foreign Currency Exchange Contracts

Currency Purchased		Currency Sold			Counterparty	Settlement Date	Unrealized Appreciation (Depreciation)
CLP	1,074,656,000	USD	1,484,250		MS	03/04/21	$	381
HKD	376,485,000	USD	48,533,133		MS	03/04/21		5,395
INR	1,436,167,000	USD	19,388,012		MS	03/04/21		122,286
KRW	37,896,460,000	USD	33,574,424		MS	03/04/21		138,974
MYR	12,958,000	USD	3,191,353		MS	03/04/21		4,940
RUB	415,446,000	USD	5,569,078		MS	03/04/21		2,393
TWD	822,159,000	USD	29,499,785		MS	03/04/21		16,113
USD	10,531,691	BRL	57,902,000		MS	03/04/21		200,745
USD	6,916	CLP	4,971,000		MS	03/04/21		49
USD	10,464,024	CNY	67,565,320		MS	03/04/21		47,427
USD	2,301,082	EUR	1,893,000		MS	03/04/21		16,985
USD	48,849,967	HKD	378,767,000		MS	03/04/21		17,232
USD	19,613,618	INR	1,436,167,000		MS	03/04/21		103,320
USD	33,991,035	KRW	37,896,460,000	��	MS	03/04/21		277,637
USD	3,667,146	MXN	74,410,000		MS	03/04/21		111,200
USD	3,086,922	MYR	12,485,000		MS	03/04/21		7,302
USD	51,340	RUB	3,798,000		MS	03/04/21		406
USD	3,839,478	THB	114,822,000		MS	03/04/21		29,250
USD	817,862	TRY	6,046,000		MS	03/04/21		4,824

SCHEDULE   OF   INVESTMENTS 7

Schedule of Investments (unaudited) (continued) February 28, 2021 iShares^® Currency Hedged MSCI Emerging Markets ETF

Forward Foreign Currency Exchange Contracts (continued)

Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation (Depreciation)
USD	7,464,118	ZAR	112,811,000	MS	03/04/21	$	10,443
ZAR	115,587,000	USD	7,629,644	MS	03/04/21		7,448
CLP	31,007,000	USD	42,770	MS	04/07/21		89
INR	14,433,000	USD	193,966	MS	04/07/21		213
MXN	2,843,000	USD	135,251	MS	04/07/21		121
RUB	5,584,000	USD	74,458	MS	04/07/21		17
USD	10,102,151	BRL	56,370,000	MS	04/07/21		56,101
USD	29,738	CLP	21,506,000	MS	04/07/21		12
USD	2,322,693	EUR	1,912,000	MS	04/07/21		13,807
USD	3,516,282	MXN	73,810,000	MS	04/07/21		1,733
USD	3,089,970	MYR	12,570,000	MS	04/07/21		3,611
USD	5,579,200	RUB	417,778,000	MS	04/07/21		7,248
USD	771,828	TRY	5,826,000	MS	04/07/21		62
ZAR	1,135,000	USD	74,588	MS	04/07/21		79
USD	10,397,435	CNY	67,584,320	MS	04/08/21		10,543
							1,218,386
BRL	57,902,000	USD	10,394,891	MS	03/04/21		(63,946	)
CNY	67,565,320	USD	10,419,934	MS	03/04/21		(3,337	)
EUR	1,924,000	USD	2,335,457	MS	03/04/21		(13,954	)
HKD	2,282,000	USD	294,331	MS	03/04/21		(123	)
MXN	74,410,000	USD	3,558,840	MS	03/04/21		(2,894	)
THB	90,000	USD	3,007	MS	03/04/21		(20	)
TRY	6,046,000	USD	814,181	MS	03/04/21		(1,143	)
USD	1,456,471	CLP	1,069,685,000	MS	03/04/21		(21,292	)
USD	37,229	EUR	31,000	MS	03/04/21		(176	)
USD	116,348	MYR	473,000	MS	03/04/21		(325	)
USD	5,431,224	RUB	411,648,000	MS	03/04/21		(89,314	)
USD	34,174	THB	1,030,000	MS	03/04/21		(6	)
USD	29,438,656	TWD	822,159,000	MS	03/04/21		(77,241	)
USD	182,532	ZAR	2,776,000	MS	03/04/21		(885	)
BRL	4,522,000	USD	808,136	MS	04/07/21		(2,242	)
EUR	61,000	USD	73,951	MS	04/07/21		(289	)
KRW	1,107,717,000	USD	982,900	MS	04/07/21		(185	)
MYR	343,000	USD	84,472	MS	04/07/21		(254	)
TRY	242,000	USD	32,100	MS	04/07/21		(43	)
USD	1,484,865	CLP	1,074,656,000	MS	04/07/21		(559	)
USD	20,407,795	INR	1,525,278,000	MS	04/07/21		(112,974	)
USD	34,180,456	KRW	38,583,022,000	MS	04/07/21		(48,626	)
USD	3,904,651	THB	117,901,000	MS	04/07/21		(7,395	)
USD	30,541,749	TWD	849,043,000	MS	04/07/21		(33,159	)
USD	7,784,430	ZAR	118,478,000	MS	04/07/21		(9,830	)
CNY	1,194,000	USD	183,637	MS	04/08/21		(134	)
HKD	1,008,000	USD	129,966	MS	04/08/21		(1	)
USD	49,030,148	HKD	380,317,000	MS	04/08/21		(5,669	)
							(496,016	)
	Net unrealized appreciation					$	722,370

8 2 0 2 1   I SHARES  SEMI - ANNUAL  REPORT   TO  SHAREHOLDERS

Schedule of Investments (unaudited) (continued) February 28, 2021 iShares^® Currency Hedged MSCI Emerging Markets ETF

Derivative Financial Instruments Categorized by Risk Exposure

As of February 28, 2021, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

	Foreign Currency Exchange Contracts
Assets — Derivative Financial Instruments
Forward foreign currency exchange contracts Unrealized appreciation on forward foreign currency exchange contracts	$	1,218,386
Liabilities — Derivative Financial Instruments
Forward foreign currency exchange contracts Unrealized depreciation on forward foreign currency exchange contracts	$	496,016

For the six months ended February 28, 2021, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Foreign Currency Exchange Contracts
Net Realized Gain (Loss) from:
Forward foreign currency exchange contracts	$	(5,042,449	)
Net Change in Unrealized Appreciation (Depreciation) on:
Forward foreign currency exchange contracts	$	984,645

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Forward foreign currency exchange contracts:
Average amounts purchased — in USD	$	161,425,585
Average amounts sold — in USD	$	321,904,686

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

Derivative Financial Instruments - Offsetting as of Period End

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

	Assets		Liabilities
Derivative Financial Instruments:
Forward foreign currency exchange contracts	$	1,218,386	$	496,016
Total derivative assets and liabilities in the Statement of Assets and Liabilities		1,218,386		496,016
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)		—		—
Total derivative assets and liabilities subject to an MNA		1,218,386		496,016

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

	Derivative Assets Subject to an MNA by			Derivatives Available				Net Amount of Derivative
Counterparty	Counterparty					for Offset	(a)			Assets	(b)
Morgan Stanley & Co. International PLC		$	1,218,386		$	(496,016	)		$	722,370
	Derivative Liabilities Subject to an MNA by			Derivatives Available for				Net Amount of Derivative
Counterparty	Counterparty					Offset	(a)			Liabilities
Morgan Stanley & Co. International PLC		$	496,016		$	(496,016	)		$	—

SCHEDULE   OF   INVESTMENTS 9

Schedule of Investments (unaudited) (continued) February 28, 2021 iShares^® Currency Hedged MSCI Emerging Markets ETF

^(a)  The amount of derivatives available for offset is limited to the amount of derivatives assets and/or liabilities that are subject to an MNA.

^(b)  Net amount represents the net amount receivable from the counterparty in the event of default.

Fair Value Measurements

Various inputs are used in determining the fair value of financial instruments. For 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 value of the Fund’s investments according to the fair value hierarchy as of February 28, 2021. The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.

	Level 1		Level 2			Level 3		Total
Investments
Assets
Investment Companies	$	217,221,739	$	—		$	—	$	217,221,739
Derivative financial instruments(a)
Assets
Forward Foreign Currency Exchange Contracts	$	—	$	1,218,386		$	—	$	1,218,386
Liabilities
Forward Foreign Currency Exchange Contracts		—		(496,016	)		—		(496,016	)
	$	—	$	722,370		$	—	$	722,370

^(a) Shown at the unrealized appreciation (depreciation) on the contracts.    

See notes to financial statements.

10 2 0 2 1   I SHARES  SEMI - ANNUAL  REPORT   TO  SHAREHOLDERS

Consolidated Schedule of Investments (unaudited)  February 28, 2021 iShares^® MSCI Emerging Markets ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Argentina — 0.1%
Globant SA(a)		135,208	$	29,031,862
Telecom Argentina SA, ADR		326,769		1,947,543
YPF SA, ADR(a)		616,489		2,669,397
				33,648,802
Brazil — 3.2%
Ambev SA		16,678,115		41,956,769
Atacadao SA		1,415,000		4,826,648
B2W Cia. Digital(a)		804,529		11,837,572
B3 SA - Brasil, Bolsa, Balcao		7,370,701		71,815,086
Banco Bradesco SA		4,926,635		18,201,777
Banco BTG Pactual SA		843,900		15,390,854
Banco do Brasil SA		3,016,974		15,184,885
Banco Inter SA		340,700		9,498,922
Banco Santander Brasil SA		1,426,200		9,568,480
BB Seguridade Participacoes SA		2,434,700		11,109,612
BRF SA(a)		2,039,285		7,918,488
CCR SA		4,363,600		8,808,552
Centrais Eletricas Brasileiras SA		1,101,073		6,403,276
Cia. de Saneamento Basico do Estado de Sao Paulo		1,229,924		8,121,442
Cia. Siderurgica Nacional SA		2,533,128		14,940,458
Cosan SA		588,100		8,589,792
CPFL Energia SA		801,300		4,149,526
Energisa SA		628,000		4,920,961
Engie Brasil Energia SA		713,050		5,264,982
Equatorial Energia SA		3,214,400		11,593,192
Hapvida Participacoes e Investimentos SA(b)		4,132,700		11,494,038
Hypera SA		1,387,600		8,161,694
JBS SA		3,786,465		17,542,733
Klabin SA		2,567,000		13,574,163
Localiza Rent a Car SA		2,210,708		23,007,341
Lojas Americanas SA		31,596		141,225
Lojas Renner SA		2,838,289		18,670,508
Magazine Luiza SA		10,611,500		46,040,511
Natura & Co. Holding SA(a)		3,263,947		27,040,208
Notre Dame Intermedica Participacoes SA		1,853,300		28,838,459
Petrobras Distribuidora SA		2,766,700		9,889,139
Petroleo Brasileiro SA		13,155,174		52,285,033
Raia Drogasil SA		3,926,000		16,364,644
Rumo SA(a)		4,564,100		14,823,160
Sul America SA		1,085,330		6,432,464
Suzano SA(a)		2,702,900		35,487,066
Telefonica Brasil SA		1,621,967		12,805,654
TIM SA		3,171,876		7,285,062
TOTVS SA		1,605,900		9,042,291
Ultrapar Participacoes SA		2,651,700		9,192,604
Vale SA		13,259,309		224,880,431
Via Varejo SA(a)		4,613,900		9,827,113
WEG SA		3,022,606		42,331,290
				935,258,105
Chile — 0.4%
Banco de Chile		162,719,873		17,845,476
Banco de Credito e Inversiones SA		186,385		8,092,826
Banco Santander Chile		236,095,945		13,516,009
Cencosud SA		5,189,349		10,171,747
Cencosud Shopping SA		1,529,534		3,024,508
Cia. Cervecerias Unidas SA		531,395		4,588,910
Colbun SA		28,247,530		5,281,007

Security		Shares		Value
Chile (continued)
Empresas CMPC SA			4,027,039	$	11,750,844
Empresas COPEC SA			1,377,516		15,545,319
Enel Americas SA			121,368,396		18,486,288
Enel Chile SA(a)			99,035,162		7,326,605
Falabella SA			2,685,900		11,138,479
					126,768,018
China — 39.8%
21Vianet Group Inc., ADR(a)			274,006		9,984,779
360 Security Technology Inc., Class A			1,052,290		2,614,546
3SBio Inc.(a)(b)			4,712,000		4,689,313
51job Inc., ADR(a)(c)			100,935		6,621,336
AAC Technologies Holdings Inc.(c)			2,653,500		14,298,220
AECC Aviation Power Co. Ltd., Class A			572,373		5,315,772
Agile Group Holdings Ltd.			4,720,000		6,668,669
Agricultural Bank of China Ltd., Class A			17,465,400		8,786,809
Agricultural Bank of China Ltd., Class H			97,425,000		35,416,540
Aier Eye Hospital Group Co. Ltd., Class A			945,036		10,541,479
Air China Ltd., Class A			1,476,293		1,843,131
Air China Ltd., Class H	��		6,708,000		5,534,261
AK Medical Holdings Ltd.(b)			1,464,000		2,155,231
Alibaba Group Holding Ltd., ADR(a)			6,779,514		1,611,897,249
Alibaba Health Information Technology Ltd.(a)			14,556,000		48,786,764
Alibaba Pictures Group Ltd.(a)(c)			49,540,000		6,897,098
A-Living Smart City Services Co. Ltd.(b)			1,706,750		7,150,557
Aluminum Corp. of China Ltd., Class A(a)			3,054,500		2,003,384
Aluminum Corp. of China Ltd., Class H(a)			14,862,000		7,510,173
Anhui Conch Cement Co. Ltd., Class A			1,013,386		8,341,861
Anhui Conch Cement Co. Ltd., Class H			4,233,500		27,232,450
Anhui Gujing Distillery Co. Ltd., Class A			116,585		4,215,149
Anhui Gujing Distillery Co. Ltd., Class B			323,600		4,292,502
Anhui Kouzi Distillery Co. Ltd., Class A			240,752		2,134,866
ANTA Sports Products Ltd.			3,892,402		59,710,576
Asymchem Laboratories Tianjin Co. Ltd., Class A			84,300		3,421,514
Autobio Diagnostics Co. Ltd., Class A			96,692		1,833,609
Autohome Inc., ADR			214,115		24,417,675
Avic Capital Co. Ltd., Class A			4,679,089		2,967,824
AVIC Jonhon Optronic Technology Co. Ltd., Class A			433,693		4,606,756
AVIC Shenyang Aircraft Co. Ltd., Class A			260,200		3,256,591
AVIC Xi’an Aircraft Industry Group Co. Ltd., Class A			944,886		4,618,091
AviChina Industry & Technology Co. Ltd., Class H			9,268,000		6,272,374
AVICOPTER PLC, Class A			257,753		2,105,032
Baidu Inc., ADR(a)			965,414		273,656,252
Bank of Beijing Co. Ltd., Class A			5,459,706		4,019,043
Bank of Chengdu Co. Ltd., Class A			1,675,295		2,843,931
Bank of China Ltd., Class A			8,905,600		4,452,903
Bank of China Ltd., Class H			281,165,000		98,586,347
Bank of Communications Co. Ltd., Class A			10,271,873		7,244,374
Bank of Communications Co. Ltd., Class H			28,797,600		16,259,868
Bank of Hangzhou Co. Ltd., Class A			1,795,245		4,438,347
Bank of Jiangsu Co. Ltd., Class A			4,216,010		3,741,145
Bank of Nanjing Co. Ltd., Class A			2,509,446		3,407,969
Bank of Ningbo Co. Ltd., Class A			1,401,381		8,672,327
Bank of Shanghai Co. Ltd., Class A			3,460,642		4,475,440
Baoshan Iron & Steel Co. Ltd., Class A			4,459,473		5,175,311
Baozun Inc., ADR(a)(c)			214,449		9,849,643
BeiGene Ltd., ADR(a)(c)			162,883		52,122,560
Beijing Capital International Airport Co. Ltd., Class H			7,048,000		5,496,774

SCHEDULE  OF   INVESTMENTS 11

Consolidated Schedule of Investments (unaudited) (continued) February 28, 2021 iShares^® MSCI Emerging Markets ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
China (continued)
Beijing Enlight Media Co. Ltd., Class A		1,080,995	$	2,265,471
Beijing Enterprises Holdings Ltd.		1,854,500		6,418,858
Beijing Enterprises Water Group Ltd.		19,360,000		7,661,792
Beijing New Building Materials PLC, Class A		459,213		3,427,169
Beijing Oriental Yuhong Waterproof Technology Co. Ltd., Class A		689,229		5,023,617
Beijing Shiji Information Technology Co. Ltd., Class A		311,930		1,691,104
Beijing Shunxin Agriculture Co. Ltd., Class A		242,300		2,041,649
Beijing Sinnet Technology Co. Ltd., Class A		557,586		1,638,377
Beijing Tiantan Biological Products Corp. Ltd., Class A		393,145		2,128,978
Betta Pharmaceuticals Co. Ltd., Class A		113,996		2,078,892
BGI Genomics Co. Ltd., Class A		109,900		2,340,517
Bilibili Inc., ADR(a)(c)		424,049		53,417,453
BOC Aviation Ltd.(b)(c)		772,700		7,470,657
BOE Technology Group Co. Ltd., Class A		7,900,100		7,424,803
Bosideng International Holdings Ltd.		11,982,000		5,050,841
Brilliance China Automotive Holdings Ltd.		11,266,000		10,108,009
BYD Co. Ltd., Class A		430,812		13,115,471
BYD Co. Ltd., Class H		2,785,500		70,810,341
BYD Electronic International Co. Ltd.(c)		2,451,000		13,665,201
Caitong Securities Co. Ltd., Class A		1,336,665		2,316,527
CanSino Biologics Inc., Class H(a)(b)		263,600		12,538,870
CGN Power Co. Ltd., Class H(b)		34,036,000		7,502,763
Changchun High & New Technology Industry Group Inc., Class A		92,294		5,995,261
Changjiang Securities Co. Ltd., Class A		2,762,435		3,090,759
Chaozhou Three-Circle Group Co. Ltd., Class A		416,505		2,403,958
China Aoyuan Group Ltd.		4,589,000		4,348,025
China Bohai Bank Co. Ltd., Class H(a)(b)		9,048,000		4,992,097
China Cinda Asset Management Co. Ltd., Class H		32,386,000		6,429,314
China CITIC Bank Corp. Ltd., Class H		28,331,800		13,367,244
China Communications Services Corp. Ltd., Class H		9,294,000		4,385,008
China Conch Venture Holdings Ltd.		5,996,500		26,668,804
China Construction Bank Corp., Class A		2,566,968		2,876,021
China Construction Bank Corp., Class H		343,763,760		276,079,876
China East Education Holdings Ltd.(b)(c)		1,973,500		4,441,892
China Eastern Airlines Corp. Ltd., Class A		4,442,497		3,235,968
China Education Group Holdings Ltd.		2,635,000		4,898,155
China Everbright Bank Co. Ltd., Class A		9,249,603		5,852,508
China Everbright Bank Co. Ltd., Class H		10,973,000		4,752,819
China Everbright Environment Group Ltd.		13,786,813		7,891,026
China Everbright Ltd.		3,694,000		4,771,459
China Evergrande Group(c)		6,699,388		13,714,256
China Feihe Ltd.(b)		4,178,000		11,444,952
China Fortune Land Development Co. Ltd., Class A		1,033,335		1,352,297
China Galaxy Securities Co. Ltd., Class A		961,500		1,598,086
China Galaxy Securities Co. Ltd., Class H		13,085,000		8,079,711
China Gas Holdings Ltd.		9,440,000		38,028,450
China Greatwall Technology Group Co. Ltd., Class A		826,273		2,202,171
China Hongqiao Group Ltd.		6,553,500		8,127,088
China Huarong Asset Management Co. Ltd., Class H(b)		37,028,000		4,391,417
China Huishan Dairy Holdings Co. Ltd.(a)(d)		5,603,350		7
China International Capital Corp. Ltd., Class H(a)(b)(c)		5,020,000		11,583,595

Security	Shares		Value
China (continued)
China Jinmao Holdings Group Ltd.		20,072,000	$	8,357,565
China Jushi Co. Ltd., Class A		1,076,392		3,729,253
China Lesso Group Holdings Ltd.		4,036,000		7,460,826
China Life Insurance Co. Ltd., Class A		724,212		3,706,084
China Life Insurance Co. Ltd., Class H		26,301,000		55,467,957
China Literature Ltd.(a)(b)(c)		1,111,400		10,358,463
China Longyuan Power Group Corp. Ltd., Class H		11,554,000		17,187,978
China Medical System Holdings Ltd.		5,034,000		7,865,067
China Meidong Auto Holdings Ltd.		2,178,000		8,282,596
China Mengniu Dairy Co. Ltd.		10,010,000		54,712,498
China Merchants Bank Co. Ltd., Class A		4,578,389		36,105,107
China Merchants Bank Co. Ltd., Class H		13,896,467		106,677,488
China Merchants Energy Shipping Co. Ltd., Class A		1,791,157		1,445,674
China Merchants Port Holdings Co. Ltd.		5,436,000		7,918,529
China Merchants Securities Co. Ltd., Class A		1,884,679		6,334,762
China Merchants Shekou Industrial Zone Holdings Co. Ltd., Class A		1,637,790		3,250,381
China Minsheng Banking Corp. Ltd., Class A		9,186,955		7,344,063
China Minsheng Banking Corp. Ltd., Class H		19,442,048		11,604,051
China Molybdenum Co. Ltd., Class A		5,164,698		5,340,166
China Molybdenum Co. Ltd., Class H		11,037,000		8,536,678
China National Building Material Co. Ltd., Class H		14,018,000		21,251,030
China National Chemical Engineering Co. Ltd., Class A		3,362,967		3,176,209
China National Nuclear Power Co. Ltd., Class A		4,351,200		3,471,640
China National Software & Service Co. Ltd., Class A		129,699		1,164,516
China Northern Rare Earth Group High-Tech Co. Ltd., Class A(a)		1,378,454		4,401,369
China Oilfield Services Ltd., Class H		6,384,000		7,340,816
China Overseas Land & Investment Ltd.		13,506,960		34,196,819
China Overseas Property Holdings Ltd.		4,850,000		3,194,841
China Pacific Insurance Group Co. Ltd., Class A		1,467,148		10,005,366
China Pacific Insurance Group Co. Ltd., Class H		9,894,800		45,472,954
China Petroleum & Chemical Corp., Class A		6,126,589		4,264,129
China Petroleum & Chemical Corp., Class H		86,128,800		47,631,285
China Power International Development Ltd.		16,099,000		3,445,035
China Railway Group Ltd., Class A		5,156,400		4,543,785
China Railway Group Ltd., Class H		13,131,000		6,940,141
China Resources Beer Holdings Co. Ltd.		5,298,000		39,953,463
China Resources Cement Holdings Ltd.		9,136,000		10,882,149
China Resources Gas Group Ltd.		3,360,000		16,784,082
China Resources Land Ltd.		11,487,333		54,568,663
China Resources Pharmaceutical Group Ltd.(b)		5,904,500		3,767,688
China Resources Power Holdings Co. Ltd.		7,090,999		8,254,329
China Resources Sanjiu Medical & Pharmaceutical Co. Ltd., Class A		381,856		1,542,781
China Shenhua Energy Co. Ltd., Class A		1,204,094		3,298,328
China Shenhua Energy Co. Ltd., Class H		12,300,000		23,371,641
China Shipbuilding Industry Co. Ltd., Class A(a)		5,567,092		3,539,653
China Southern Airlines Co. Ltd., Class A(a)		2,274,400		2,130,544
China Southern Airlines Co. Ltd., Class H(a)(c)		6,130,000		4,188,157
China State Construction Engineering Corp. Ltd., Class A		8,903,771		6,939,056
China State Construction International Holdings Ltd.		7,416,000		5,114,582
China Taiping Insurance Holdings Co. Ltd.		5,963,660		12,853,925
China Tourism Group Duty Free Corp. Ltd., Class A		452,932		21,522,457

12 2 0 2 1   I SHARES  SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Consolidated Schedule of Investments (unaudited) (continued) February 28, 2021 iShares^® MSCI Emerging Markets ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
China (continued)
China Tower Corp. Ltd., Class H(b)		159,968,000	$	23,920,911
China Traditional Chinese Medicine Holdings Co. Ltd.		9,504,000		5,696,997
China TransInfo Technology Co. Ltd., Class A		561,500		1,421,113
China Vanke Co. Ltd., Class A		2,249,859		11,492,601
China Vanke Co. Ltd., Class H		5,893,331		24,994,436
China Yangtze Power Co. Ltd., Class A		4,936,815		15,046,968
China Youzan Ltd.(a)		50,152,000		21,464,113
China Yuhua Education Corp. Ltd.(b)		4,276,000		3,538,827
Chongqing Changan Automobile Co. Ltd., Class A(a)		1,178,387		3,300,651
Chongqing Rural Commercial Bank Co. Ltd., Class H		10,638,000		4,689,999
Chongqing Zhifei Biological Products Co. Ltd., Class A		356,276		9,593,283
CIFI Holdings Group Co. Ltd.		11,170,000		10,583,447
CITIC Ltd.		20,506,000		17,367,325
CITIC Securities Co. Ltd., Class A		2,513,851		10,571,609
CITIC Securities Co. Ltd., Class H		7,518,000		16,204,111
Contemporary Amperex Technology Co. Ltd., Class A		514,529		25,586,500
COSCO SHIPPING Holdings Co. Ltd., Class A(a)		3,078,188		6,004,506
COSCO SHIPPING Holdings Co. Ltd., Class H(a)		8,013,500		8,904,635
COSCO SHIPPING Ports Ltd.(c)		7,086,000		5,151,893
Country Garden Holdings Co. Ltd.(c)		27,183,939		33,816,318
Country Garden Services Holdings Co. Ltd.		5,285,000		43,466,261
CSC Financial Co. Ltd., Class A		638,897		3,482,464
CSPC Pharmaceutical Group Ltd.		32,154,479		33,574,775
Dali Foods Group Co. Ltd.(b)		8,050,000		4,898,064
Daqin Railway Co. Ltd., Class A		3,473,455		3,500,337
Daqo New Energy Corp., ADR(a)		177,342		18,487,903
DHC Software Co. Ltd., Class A		889,498		1,050,126
Dongfeng Motor Group Co. Ltd., Class H		9,888,000		9,101,087
Dongxing Securities Co. Ltd., Class A		1,068,897		1,892,057
DouYu International Holdings Ltd., ADR(a)		346,107		4,963,174
East Money Information Co. Ltd., Class A		1,918,611		8,995,178
ENN Energy Holdings Ltd.		2,849,500		43,675,424
Eve Energy Co. Ltd., Class A		470,753		6,211,468
Ever Sunshine Lifestyle Services Group Ltd.		2,082,000		5,126,261
Everbright Securities Co. Ltd., Class A		1,054,283		2,505,607
Fangda Carbon New Material Co. Ltd., Class A(a)		1,349,234		1,605,376
Far East Horizon Ltd.		7,312,000		7,861,200
Fiberhome Telecommunication Technologies Co. Ltd., Class A		376,490		1,112,066
First Capital Securities Co. Ltd., Class A		1,402,200		1,716,004
Focus Media Information Technology Co. Ltd., Class A		3,602,578		6,087,831
Foshan Haitian Flavouring & Food Co. Ltd., Class A		624,118		16,633,900
Fosun International Ltd.(c)		9,418,000		14,131,826
Founder Securities Co. Ltd., Class A(a)		2,545,187		3,377,950
Foxconn Industrial Internet Co. Ltd., Class A		1,329,197		2,832,814
Fuyao Glass Industry Group Co. Ltd., Class A		535,172		3,910,645
Fuyao Glass Industry Group Co. Ltd., Class H		1,640,400		10,065,685
Ganfeng Lithium Co. Ltd., Class A		286,181		4,373,194
GCL System Integration Technology Co. Ltd., Class A(a)		1,576,800		849,253
GDS Holdings Ltd., ADR(a)(c)		320,313		32,723,176
Geely Automobile Holdings Ltd.		21,185,000		68,820,151
Gemdale Corp., Class A		1,568,630		3,069,551

Security	Shares		Value
China (continued)
Genscript Biotech Corp.(a)		3,834,000	$	6,612,944
GF Securities Co. Ltd., Class A		1,561,894		3,859,028
GF Securities Co. Ltd., Class H		4,878,000		6,917,053
Gigadevice Semiconductor Beijing Inc., Class A		115,910		3,443,394
GoerTek Inc., Class A		859,700		4,245,530
GOME Retail Holdings Ltd.(a)(c)		35,560,200		10,451,669
Great Wall Motor Co. Ltd., Class H		11,537,500		33,538,596
Greenland Holdings Corp. Ltd., Class A		2,365,418		2,055,187
Greentown China Holdings Ltd.		3,147,500		4,690,403
Greentown Service Group Co. Ltd.(c)		5,216,000		5,298,469
GSX Techedu Inc., ADR(a)(c)		278,363		28,629,635
Guangdong Haid Group Co. Ltd., Class A		438,227		5,376,521
Guangdong Investment Ltd.		10,942,110		19,578,398
Guangzhou Automobile Group Co. Ltd., Class H		10,805,838		10,029,460
Guangzhou Baiyun International Airport Co. Ltd., Class A		693,891		1,411,373
Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class A		485,195		2,161,714
Guangzhou Kingmed Diagnostics Group Co. Ltd., Class A		158,784		3,355,125
Guangzhou R&F Properties Co. Ltd., Class H		6,206,000		8,288,160
Guangzhou Shiyuan Electronic Technology Co. Ltd., Class A		175,291		3,444,764
Guosen Securities Co. Ltd., Class A		1,656,242		3,115,750
Guotai Junan Securities Co. Ltd., Class A		2,203,540		5,665,405
Haidilao International Holding Ltd.(b)		2,887,000		23,688,186
Haier Smart Home Co. Ltd., Class A		1,460,641		6,518,938
Haier Smart Home Co. Ltd., Class H(a)(c)		7,139,400		27,150,032
Haitian International Holdings Ltd.		2,530,000		8,691,692
Haitong Securities Co. Ltd., Class A		1,982,001		3,697,986
Haitong Securities Co. Ltd., Class H		10,180,800		9,304,965
Hangzhou Robam Appliances Co. Ltd., Class A		243,364		1,419,656
Hangzhou Tigermed Consulting Co. Ltd., Class A		189,600		4,113,362
Hangzhou Tigermed Consulting Co. Ltd., Class H(a)(b)		337,700		6,608,295
Hansoh Pharmaceutical Group Co. Ltd.(a)(b)		4,282,000		21,803,709
Henan Shuanghui Investment & Development Co. Ltd., Class A		719,200		5,109,990
Hengan International Group Co. Ltd.		2,465,000		17,063,881
Hengli Petrochemical Co. Ltd., Class A		1,441,891		8,041,844
Hengtong Optic-Electric Co. Ltd., Class A		795,053		1,574,192
Hengyi Petrochemical Co. Ltd., Class A		1,412,429		3,916,966
Hithink RoyalFlush Information Network Co. Ltd., Class A		143,900		2,988,881
Hopson Development Holdings Ltd.		2,404,000		7,886,946
Hua Hong Semiconductor Ltd.(a)(b)		1,671,000		10,221,139
Huadong Medicine Co. Ltd., Class A		579,105		2,845,545
Hualan Biological Engineering Inc., Class A		509,676		3,364,883
Huaneng Power International Inc., Class H		15,332,000		5,237,588
Huatai Securities Co. Ltd., Class A		1,935,609		5,128,885
Huatai Securities Co. Ltd., Class H(b)		4,087,800		6,081,099
Huaxia Bank Co. Ltd., Class A		3,872,780		3,729,430
Huaxin Cement Co. Ltd., Class A		467,006		1,613,658
Huayu Automotive Systems Co. Ltd., Class A		751,368		2,991,627
Huazhu Group Ltd., ADR(c)		577,808		33,593,757
Hubei Biocause Pharmaceutical Co. Ltd., Class A		2,375,899		1,470,305
Hundsun Technologies Inc., Class A		289,132		3,899,803
Hutchison China MediTech Ltd., ADR(a)		255,974		7,356,693
HUYA Inc., ADR(a)(c)		251,517		6,627,473
Iflytek Co. Ltd., Class A		557,175		4,145,375

SCHEDULE  OF   INVESTMENTS 13

Consolidated Schedule of Investments (unaudited) (continued) February 28, 2021 iShares^® MSCI Emerging Markets ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
China (continued)
Industrial & Commercial Bank of China Ltd., Class A		12,997,262	$	10,771,128
Industrial & Commercial Bank of China Ltd., Class H		216,366,085		141,132,267
Industrial Bank Co. Ltd., Class A		4,550,422		17,331,329
Industrial Securities Co. Ltd., Class A		2,881,051		4,032,676
Inner Mongolia BaoTou Steel Union Co. Ltd., Class A(a)		15,299,900		3,636,172
Inner Mongolia Junzheng Energy & Chemical Industry Group Co. Ltd., Class A		2,196,400		2,016,803
Inner Mongolia Yili Industrial Group Co. Ltd., Class A		1,309,470		8,734,044
Innovent Biologics Inc.(a)(b)		3,539,500		36,456,528
Inspur Electronic Information Industry Co. Ltd., Class A		374,490		1,813,544
iQIYI Inc., ADR(a)(c)		1,004,177		25,435,803
Jafron Biomedical Co. Ltd., Class A		261,527		3,167,859
JD Health International Inc.(a)(b)		893,150		16,326,280
JD.com Inc., ADR(a)		3,096,837		290,700,089
Jiangsu Expressway Co. Ltd., Class H		4,888,000		5,677,310
Jiangsu Hengli Hydraulic Co. Ltd., Class A		332,588		4,876,017
Jiangsu Hengrui Medicine Co. Ltd., Class A		1,225,718		19,256,324
Jiangsu King’s Luck Brewery JSC Ltd., Class A		419,586		3,187,762
Jiangsu Yanghe Brewery Joint-Stock Co. Ltd., Class A		339,150		9,892,104
Jiangsu Zhongnan Construction Group Co. Ltd., Class A		1,348,387		1,677,199
Jiangxi Copper Co. Ltd., Class A		461,700		1,987,921
Jiangxi Copper Co. Ltd., Class H		4,738,000		11,494,797
Jiangxi Zhengbang Technology Co. Ltd., Class A		659,824		1,686,256
Jinke Properties Group Co. Ltd., Class A		1,970,682		2,265,729
Jinxin Fertility Group Ltd.(b)		4,742,000		10,709,822
Jiumaojiu International Holdings Ltd.(a)(b)		2,043,000		8,019,407
Jonjee Hi-Tech Industrial And Commercial Holding Co. Ltd., Class A		287,525		2,300,253
JOYY Inc.(c)		209,960		24,754,284
Juewei Food Co. Ltd., Class A		210,014		2,814,188
Kaisa Group Holdings Ltd.		9,443,000		4,893,535
KE Holdings Inc.(a)(c)		417,412		26,643,408
Kingboard Holdings Ltd.		2,602,500		12,010,480
Kingboard Laminates Holdings Ltd.		4,182,500		7,138,559
Kingdee International Software Group Co. Ltd.(c)		8,778,000		31,514,280
Kingsoft Cloud Holdings Ltd., ADR(a)(c)		195,399		11,505,093
Kingsoft Corp. Ltd.(c)		3,008,000		21,094,214
Koolearn Technology Holding Ltd.(a)(b)(c)		943,500		2,639,297
Kuaishou Technology(a)		681,500		27,128,749
Kunlun Energy Co. Ltd.		14,090,000		12,950,518
Kweichow Moutai Co. Ltd., Class A		272,587		89,298,708
KWG Group Holdings Ltd.		4,842,000		7,340,383
Lee & Man Paper Manufacturing Ltd.		5,128,000		4,752,953
Lenovo Group Ltd.(c)		25,838,000		32,674,919
Lens Technology Co. Ltd., Class A		1,193,100		5,753,895
Lepu Medical Technology Beijing Co. Ltd., Class A		493,435		2,423,827
Li Auto Inc.(a)		628,802		15,952,707
Li Ning Co. Ltd.		7,657,000		43,035,985
Lingyi iTech Guangdong Co., Class A		1,481,080		2,324,527
Logan Group Co. Ltd.		5,294,000		8,243,991
Longfor Group Holdings Ltd.(b)		6,513,500		38,624,144
LONGi Green Energy Technology Co. Ltd., Class A		854,841		13,780,673

Security	Shares		Value
China (continued)
Lufax Holding Ltd.(a)(c)		627,475	$	9,424,674
Luxshare Precision Industry Co. Ltd., Class A		1,594,346		11,441,174
Luzhou Laojiao Co. Ltd., Class A		360,839		13,097,979
Mango Excellent Media Co. Ltd., Class A		461,000		4,563,863
Maxscend Microelectronics Co. Ltd., Class A		36,100		3,509,803
Meinian Onehealth Healthcare Holdings Co. Ltd., Class A(a)		1,082,180		2,672,111
Meituan, Class B(a)(b)		12,907,900		565,745,519
Metallurgical Corp. of China Ltd., Class A		7,632,390		3,898,734
Microport Scientific Corp.		2,616,000		15,394,484
Midea Group Co. Ltd., Class A		795,700		11,429,857
Ming Yuan Cloud Group Holdings Ltd.(a)		1,215,000		6,875,866
Minth Group Ltd.		2,686,000		11,807,202
Momo Inc., ADR		552,341		8,749,081
Muyuan Foods Co. Ltd., Class A		864,185		15,190,270
NanJi E-Commerce Co. Ltd., Class A		765,600		1,250,036
Nanjing King-Friend Biochemical Pharmaceutical Co. Ltd., Class A		270,697		1,729,493
Nanjing Securities Co. Ltd., Class A		977,600		1,584,111
NARI Technology Co. Ltd., Class A		1,096,124		4,802,420
NAURA Technology Group Co. Ltd., Class A		119,100		3,297,382
NavInfo Co. Ltd., Class A		690,400		1,739,891
NetEase Inc., ADR		1,489,068		163,574,120
New China Life Insurance Co. Ltd., Class A		658,392		5,292,659
New China Life Insurance Co. Ltd., Class H		2,720,700		10,381,473
New Hope Liuhe Co. Ltd., Class A		1,011,397		3,756,927
New Oriental Education & Technology Group Inc., ADR(a)		550,140		97,715,867
Nine Dragons Paper Holdings Ltd.		6,162,000		9,945,180
Ninestar Corp., Class A		344,800		1,460,645
Ningbo Joyson Electronic Corp., Class A		369,800		1,226,988
NIO Inc., ADR(a)		4,595,509		210,382,402
Noah Holdings Ltd.(a)(c)		119,943		5,361,452
Nongfu Spring Co. Ltd.(a)(b)		798,200		5,299,142
Offcn Education Technology Co. Ltd., Class A		432,900		2,176,575
OFILM Group Co. Ltd., Class A		794,165		1,301,578
Orient Securities Co. Ltd., Class A		1,596,686		2,363,051
Oriental Pearl Group Co. Ltd., Class A		1,276,200		1,699,670
Ovctek China Inc., Class A		189,300		2,723,003
People’s Insurance Co. Group of China Ltd. (The), Class A		2,118,900		2,004,500
People’s Insurance Co. Group of China Ltd. (The), Class H		21,590,000		6,707,432
Perfect World Co. Ltd., Class A		534,800		1,947,773
PetroChina Co. Ltd., Class A		4,644,000		3,124,739
PetroChina Co. Ltd., Class H		73,476,000		26,331,580
Pharmaron Beijing Co. Ltd., Class H(b)		459,000		7,845,901
PICC Property & Casualty Co. Ltd., Class H		24,543,192		18,571,875
Pinduoduo Inc., ADR(a)		1,404,541		240,401,238
Ping An Bank Co. Ltd., Class A		4,360,267		14,386,523
Ping An Healthcare and Technology Co. Ltd.(a)(b)		1,868,900		27,007,121
Ping An Insurance Group Co. of China Ltd., Class A		2,442,684		32,109,975
Ping An Insurance Group Co. of China Ltd., Class H		21,298,500		261,654,695
Poly Developments and Holdings Group Co. Ltd., Class A		2,720,584		6,524,515
Poly Property Services Co. Ltd.		412,400		2,713,945
Postal Savings Bank of China Co. Ltd., Class A		3,269,900		3,088,310
Postal Savings Bank of China Co. Ltd., Class H(b)		35,348,000		26,292,221

14 2 0 2 1   I SHARES  SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Consolidated Schedule of Investments (unaudited) (continued) February 28, 2021 iShares^® MSCI Emerging Markets ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
China (continued)
Power Construction Corp. of China Ltd., Class A		4,069,400	$	2,430,392
RiseSun Real Estate Development Co. Ltd., Class A		2,098,500		2,150,365
RLX Technology Inc., ADR(a)(c)		421,489		7,380,272
Rongsheng Petro Chemical Co. Ltd., Class A		1,478,372		7,677,217
SAIC Motor Corp. Ltd., Class A		1,807,706		5,928,185
Sanan Optoelectronics Co. Ltd., Class A		1,057,100		4,884,307
Sangfor Technologies Inc., Class A		89,800		3,676,619
Sany Heavy Industry Co. Ltd., Class A		2,005,652		12,724,423
SDIC Capital Co. Ltd., Class A		1,141,100		2,155,461
SDIC Power Holdings Co. Ltd., Class A		1,835,290		2,364,973
Seazen Group Ltd.		8,074,000		9,783,702
Seazen Holdings Co. Ltd., Class A		536,573		4,218,986
SF Holding Co. Ltd., Class A		905,835		14,672,630
SG Micro Corp., Class A		40,200		1,631,302
Shaanxi Coal Industry Co. Ltd., Class A		2,223,870		3,679,080
Shandong Gold Mining Co. Ltd., Class A		926,356		3,175,130
Shandong Gold Mining Co. Ltd., Class H(b)		2,392,500		4,829,813
Shandong Weigao Group Medical Polymer Co. Ltd., Class H(c)		9,184,000		15,769,674
Shanghai Baosight Software Co. Ltd., Class A		257,630		2,276,580
Shanghai Construction Group Co. Ltd., Class A		6,122,095		2,787,129
Shanghai Electric Group Co. Ltd., Class A(a)		2,709,000		2,332,804
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class A		470,100		3,340,109
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class H(c)		1,755,000		8,280,276
Shanghai International Airport Co. Ltd., Class A		240,898		2,300,480
Shanghai International Port Group Co. Ltd., Class A		3,420,099		2,517,631
Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd., Class B		4,476,106		3,585,361
Shanghai M&G Stationery Inc., Class A		301,737		3,615,806
Shanghai Pharmaceuticals Holding Co. Ltd., Class A		558,600		1,764,631
Shanghai Pharmaceuticals Holding Co. Ltd., Class H		2,482,000		4,549,755
Shanghai Pudong Development Bank Co. Ltd., Class A		6,278,496		10,212,481
Shanghai RAAS Blood Products Co. Ltd., Class A		1,377,000		1,623,538
Shanxi Meijin Energy Co. Ltd., Class A(a)		1,243,500		1,389,375
Shanxi Xinghuacun Fen Wine Factory Co. Ltd., Class A		207,900		10,045,524
Shengyi Technology Co. Ltd., Class A		590,800		2,231,963
Shennan Circuits Co. Ltd., Class A		128,640		2,183,953
Shenwan Hongyuan Group Co. Ltd., Class A		6,940,070		5,140,912
Shenzhen Goodix Technology Co. Ltd., Class A		109,400		2,331,726
Shenzhen Inovance Technology Co. Ltd., Class A		414,700		5,458,423
Shenzhen International Holdings Ltd.		3,942,000		6,524,816
Shenzhen Investment Ltd.		11,868,000		4,268,432
Shenzhen Kangtai Biological Products Co. Ltd., Class A		174,186		4,114,164
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A		225,732		14,561,444
Shenzhen Overseas Chinese Town Co. Ltd., Class A		3,110,500		3,878,614
Shenzhen Sunway Communication Co. Ltd., Class A		285,840		1,495,401
Shenzhou International Group Holdings Ltd.		2,976,400		61,812,093
Shimao Group Holdings Ltd.		4,416,000		14,544,761

Security	Shares		Value
China (continued)
Sichuan Chuantou Energy Co. Ltd., Class A		1,962,560	$	3,249,808
Sichuan Kelun Pharmaceutical Co. Ltd., Class A		523,678		1,753,715
Sichuan Swellfun Co. Ltd., Class A		172,293		1,860,701
Silergy Corp.		270,000		25,979,715
SINA Corp.(a)		208,798		9,013,810
Sino Biopharmaceutical Ltd.		37,548,750		41,772,733
Sinopharm Group Co. Ltd., Class H		4,871,600		11,404,443
Sinotruk Hong Kong Ltd.		2,577,500		8,223,572
Smoore International Holdings Ltd.(a)(b)		2,091,000		16,968,224
Songcheng Performance Development Co. Ltd., Class A		1,002,313		3,116,832
Spring Airlines Co. Ltd., Class A		402,573		3,827,017
SSY Group Ltd.(c)		5,932,000		3,158,187
Sun Art Retail Group Ltd.		7,858,000		6,786,931
Sunac China Holdings Ltd.		9,278,000		39,708,096
Sungrow Power Supply Co. Ltd., Class A		347,800		4,641,735
Suning.com Co. Ltd., Class A		2,484,738		2,684,193
Sunny Optical Technology Group Co. Ltd.		2,568,000		64,221,931
Suzhou Dongshan Precision Manufacturing Co. Ltd., Class A		484,300		1,615,865
TAL Education Group, ADR(a)		1,361,608		105,579,084
TCL Technology Group Corp., Class A		3,963,955		5,034,584
Tencent Holdings Ltd.		20,587,900		1,758,265,870
Tencent Music Entertainment Group, ADR(a)(c)		1,322,819		34,022,905
Tianjin Zhonghuan Semiconductor Co. Ltd., Class A		806,193		3,269,636
Tianma Microelectronics Co. Ltd., Class A		780,079		1,808,188
Tingyi Cayman Islands Holding Corp.(c)		7,394,000		14,850,241
Tongcheng-Elong Holdings Ltd.(a)		3,192,800		7,499,058
Tonghua Dongbao Pharmaceutical Co. Ltd., Class A		726,700		1,373,809
Tongwei Co. Ltd., Class A		981,384		7,115,199
Topchoice Medical Corp., Class A(a)		90,800		3,713,358
Topsports International Holdings Ltd.(b)		4,520,000		6,642,475
Transfar Zhilian Co. Ltd., Class A		2,370,198		2,249,546
TravelSky Technology Ltd., Class H		3,559,000		8,983,122
Trip.com Group Ltd., ADR(a)(c)		1,701,866		67,138,614
Tsingtao Brewery Co. Ltd., Class A		283,500		3,483,893
Tsingtao Brewery Co. Ltd., Class H		1,578,000		12,947,682
Unigroup Guoxin Microelectronics Co. Ltd., Class A		165,600		2,836,732
Uni-President China Holdings Ltd.		5,081,000		6,104,523
Unisplendour Corp. Ltd., Class A		689,188		2,285,647
Venustech Group Inc., Class A		344,103		1,643,024
Vinda International Holdings Ltd.(c)		1,335,000		3,983,996
Vipshop Holdings Ltd., ADR(a)(c)		1,600,107		59,715,993
Walvax Biotechnology Co. Ltd., Class A		401,494		2,838,405
Wanhua Chemical Group Co. Ltd., Class A		731,791		14,771,679
Want Want China Holdings Ltd.		18,557,000		13,396,224
Weibo Corp., ADR(a)(c)		205,111		11,315,974
Weichai Power Co. Ltd., Class A		1,491,244		5,074,489
Weichai Power Co. Ltd., Class H		6,844,800		20,029,644
Weimob Inc.(a)		5,547,000		16,124,688
Wens Foodstuffs Group Co. Ltd., Class A		1,457,190		4,086,073
Western Securities Co. Ltd., Class A		1,297,680		1,892,494
Wharf Holdings Ltd. (The)		5,240,000		12,361,438
Will Semiconductor Co. Ltd. Shanghai, Class A		198,200		8,655,545
Wingtech Technology Co. Ltd., Class A		284,400		4,424,980
Winning Health Technology Group Co. Ltd., Class A		711,624		1,846,092

SCHEDULE  OF   INVESTMENTS 15

Consolidated Schedule of Investments (unaudited) (continued) February 28, 2021 iShares^® MSCI Emerging Markets ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
China (continued)
Wuhan Guide Infrared Co. Ltd., Class A		403,990	$	2,448,934
Wuhu Sanqi Interactive Entertainment Network Technology Group Co. Ltd., Class A		529,788		2,301,524
Wuliangye Yibin Co. Ltd., Class A		864,528		37,357,013
WUS Printed Circuit Kunshan Co. Ltd., Class A		520,083		1,390,131
WuXi AppTec Co. Ltd., Class A		548,808		12,168,913
WuXi AppTec Co. Ltd., Class H(b)		906,492		18,895,597
Wuxi Biologics Cayman Inc., New(a)(b)		11,566,500		143,214,155
Wuxi Lead Intelligent Equipment Co. Ltd., Class A		280,625		3,633,485
XCMG Construction Machinery Co. Ltd., Class A		3,129,969		3,381,218
Xiaomi Corp., Class B(a)(b)		51,335,800		167,427,761
Xinhu Zhongbao Co. Ltd., Class A		2,401,650		1,160,083
Xinjiang Goldwind Science & Technology Co. Ltd., Class A		1,681,993		3,932,528
Xinjiang Goldwind Science & Technology Co. Ltd., Class H(c)		2,101,446		4,496,897
Xinyi Solar Holdings Ltd.		15,064,000		31,652,974
XPeng Inc., ADR(a)(c)		621,665		21,204,993
Yadea Group Holdings Ltd.(b)		3,878,000		8,438,531
Yantai Jereh Oilfield Services Group Co. Ltd., Class A		330,698		2,168,980
Yanzhou Coal Mining Co. Ltd., Class H		6,640,800		6,155,111
Yealink Network Technology Corp. Ltd., Class A		225,280		2,632,847
Yifeng Pharmacy Chain Co. Ltd., Class A		192,459		2,616,671
Yihai International Holding Ltd.		1,725,000		23,615,668
Yihai Kerry Arawana Holdings Co. Ltd.(a)		107,800		1,488,939
Yonghui Superstores Co. Ltd., Class A		2,343,600		2,607,677
Yonyou Network Technology Co. Ltd., Class A		815,151		4,641,940
Yuexiu Property Co. Ltd.		25,130,000		5,571,954
Yum China Holdings Inc.		1,441,158		86,238,895
Yunda Holding Co. Ltd., Class A		671,304		1,739,422
Yunnan Baiyao Group Co. Ltd., Class A		326,701		6,595,177
Yunnan Energy New Material Co. Ltd., Class A		240,200		3,929,659
Zai Lab Ltd., ADR(a)		250,655		36,976,626
Zhangzhou Pientzehuang Pharmaceutical Co. Ltd., Class A		158,550		7,279,033
Zhaojin Mining Industry Co. Ltd., Class H		4,271,500		4,322,517
Zhejiang Century Huatong Group Co. Ltd., Class A(a)		1,893,378		1,834,983
Zhejiang Chint Electrics Co. Ltd., Class A		805,723		4,259,986
Zhejiang Dahua Technology Co. Ltd., Class A		1,068,084		3,453,222
Zhejiang Expressway Co. Ltd., Class H		5,804,000		5,065,271
Zhejiang Huahai Pharmaceutical Co. Ltd., Class A		434,604		1,895,400
Zhejiang Huayou Cobalt Co. Ltd., Class A(a)		286,294		3,947,237
Zhejiang Longsheng Group Co. Ltd., Class A		982,900		2,508,880
Zhejiang NHU Co. Ltd., Class A		820,278		5,488,901
Zhejiang Sanhua Intelligent Controls Co. Ltd., Class A		1,064,317		3,971,571
Zhejiang Supor Co. Ltd., Class A		240,682		2,796,879
Zhejiang Wolwo Bio-Pharmaceutical Co. Ltd., Class A		172,947		2,005,751
Zhengzhou Yutong Bus Co. Ltd., Class A		1,025,667		2,402,776
Zhenro Properties Group Ltd.(c)		5,258,000		3,456,825
Zheshang Securities Co. Ltd., Class A		894,100		1,735,808
ZhongAn Online P&C Insurance Co. Ltd., Class H(a)(b)(c)		1,391,700		9,355,921
Zhongji Innolight Co. Ltd., Class A		194,600		1,378,449
Zhongsheng Group Holdings Ltd.		2,098,500		12,984,847
Zhuzhou CRRC Times Electric Co. Ltd., Class H		1,989,600		8,656,178
Zijin Mining Group Co. Ltd., Class A		5,052,300		9,504,470

Security	Shares		Value
China (continued)
Zijin Mining Group Co. Ltd., Class H		19,822,000	$	29,385,422
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class A		1,670,468		3,707,081
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class H		4,667,600		7,112,098
ZTE Corp., Class A		857,100		4,200,945
ZTE Corp., Class H		2,819,400		7,189,018
ZTO Express Cayman Inc., ADR		1,463,074		49,364,117
				11,672,583,807
Colombia — 0.1%
Bancolombia SA		878,723		7,630,293
Ecopetrol SA		18,420,623		11,461,631
Grupo de Inversiones Suramericana SA		567,060		3,711,819
Interconexion Electrica SA ESP		1,697,387		11,171,652
				33,975,395
Czech Republic — 0.1%
CEZ AS		563,954		13,834,100
Komercni Banka AS(a)		279,312		8,781,543
Moneta Money Bank AS(a)(b)		1,865,273		6,833,151
				29,448,794
Egypt — 0.1%
Commercial International Bank Egypt SAE		4,811,161		19,109,809
Eastern Co. SAE		4,643,222		4,391,837
EISewedy Electric Co.		3,669,043		2,227,133
				25,728,779
Greece — 0.1%
FF Group(a)(d)		246,892		2,997
Hellenic Telecommunications Organization SA		868,507		13,430,428
JUMBO SA		414,685		6,855,554
OPAP SA		732,748		9,908,021
				30,197,000
Hungary — 0.2%
MOL Hungarian Oil & Gas PLC(a)		1,545,180		11,159,244
OTP Bank Nyrt(a)		794,520		36,328,245
Richter Gedeon Nyrt		527,329		15,138,031
				62,625,520
India — 9.3%
ACC Ltd.		281,784		6,646,091
Adani Green Energy Ltd.(a)		1,409,991		22,254,583
Adani Ports & Special Economic Zone Ltd.		1,743,933		16,040,339
Ambuja Cements Ltd.		2,470,208		9,193,739
Apollo Hospitals Enterprise Ltd.		321,521		13,382,598
Asian Paints Ltd.		1,391,251		43,112,972
Aurobindo Pharma Ltd.		1,050,861		12,229,657
Avenue Supermarts Ltd.(a)(b)		578,249		23,561,178
Axis Bank Ltd.(a)		8,155,066		80,435,352
Bajaj Auto Ltd.		256,896		13,279,864
Bajaj Finance Ltd.		975,745		69,908,142
Bajaj Finserv Ltd.		138,535		18,189,682
Balkrishna Industries Ltd.		344,569		7,305,416
Bandhan Bank Ltd.(a)(b)		2,666,169		12,526,296
Berger Paints India Ltd.		893,281		8,264,232
Bharat Forge Ltd.		826,946		6,865,053
Bharat Petroleum Corp. Ltd.		2,368,623		14,499,899
Bharti Airtel Ltd.		8,405,120		63,628,880
Biocon Ltd.(a)		1,376,025		7,306,593
Britannia Industries Ltd.		394,477		18,057,046
Cipla Ltd.		1,569,338		16,808,158

16 2 0 2 1   I SHARES  SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Consolidated Schedule of Investments (unaudited) (continued) February 28, 2021 iShares^® MSCI Emerging Markets ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
India (continued)
Coal India Ltd.		4,361,984	$	9,034,415
Colgate-Palmolive India Ltd.		391,868		8,431,948
Container Corp. of India Ltd.		918,903		6,975,710
Dabur India Ltd.		1,963,679		13,443,926
Divi’s Laboratories Ltd.		479,117		21,927,174
DLF Ltd.		2,185,769		8,997,688
Dr. Reddy’s Laboratories Ltd.		421,507		25,390,513
Eicher Motors Ltd.		490,461		16,676,408
GAIL India Ltd.		5,836,172		11,261,743
Godrej Consumer Products Ltd.		1,491,956		13,935,886
Grasim Industries Ltd.		1,095,528		17,901,749
Havells India Ltd.		701,328		10,551,176
HCL Technologies Ltd.		3,930,007		48,637,747
HDFC Asset Management Co. Ltd.(b)		180,465		7,212,706
HDFC Life Insurance Co. Ltd.(a)(b)		2,574,800		24,549,685
Hero MotoCorp Ltd.		437,684		19,202,466
Hindalco Industries Ltd.		5,683,291		26,314,755
Hindustan Petroleum Corp. Ltd.		2,374,922		7,835,611
Hindustan Unilever Ltd.		2,961,590		85,925,807
Housing Development Finance Corp. Ltd.		6,130,908		211,864,024
ICICI Bank Ltd.(a)		18,346,007		149,232,166
ICICI Lombard General Insurance Co. Ltd.(a)(b)		739,979		14,359,530
ICICI Prudential Life Insurance Co. Ltd.(a)(b)		1,260,382		7,916,300
Indian Oil Corp. Ltd.		6,602,104		8,809,094
Indraprastha Gas Ltd.		1,174,099		7,860,080
Indus Towers Ltd.		1,713,187		6,010,201
Info Edge India Ltd.		254,567		17,010,452
Infosys Ltd.		12,220,289		208,419,245
InterGlobe Aviation Ltd.(a)(b)		343,315		7,568,254
Ipca Laboratories Ltd.		270,944		6,819,412
ITC Ltd.		10,639,595		29,514,614
JSW Steel Ltd.		3,099,643		16,680,327
Jubilant Foodworks Ltd.		274,020		11,167,755
Kotak Mahindra Bank Ltd.(a)		2,003,137		48,530,788
Larsen & Toubro Infotech Ltd.(b)		197,873		9,693,313
Larsen & Toubro Ltd.		2,440,569		47,908,019
Lupin Ltd.		824,104		11,420,376
Mahindra & Mahindra Ltd.		2,950,564		32,378,510
Marico Ltd.		1,637,965		8,861,305
Maruti Suzuki India Ltd.		494,381		46,193,020
Motherson Sumi Systems Ltd.		4,276,259		12,453,146
MRF Ltd.		7,287		8,379,098
Muthoot Finance Ltd.		463,830		8,203,577
Nestle India Ltd.		123,579		27,077,902
NTPC Ltd.		15,884,441		23,193,856
Oil & Natural Gas Corp. Ltd.		9,045,947		13,664,015
Page Industries Ltd.		20,673		7,900,681
Petronet LNG Ltd.		2,378,055		8,256,933
PI Industries Ltd.		306,978		9,094,670
Pidilite Industries Ltd.		536,865		12,317,174
Piramal Enterprises Ltd.		351,250		8,743,608
Power Grid Corp. of India Ltd.		7,531,795		21,964,532
REC Ltd.		2,990,228		5,513,722
Reliance Industries Ltd.		10,220,101		290,087,592
SBI Life Insurance Co. Ltd.(a)(b)		1,456,591		17,183,354
Shree Cement Ltd.		36,260		13,076,841
Shriram Transport Finance Co. Ltd.		671,225		11,718,692
Siemens Ltd.		253,600		6,384,432
State Bank of India(a)		6,398,223		33,969,745
Sun Pharmaceutical Industries Ltd.		3,023,614		24,465,413

Security	Shares		Value
India (continued)
Tata Consultancy Services Ltd.		3,363,296	$	132,467,682
Tata Consumer Products Ltd.		2,154,422		17,858,967
Tata Motors Ltd.(a)		6,039,452		26,542,029
Tata Steel Ltd.		2,455,041		23,892,258
Tech Mahindra Ltd.		2,284,975		28,571,127
Titan Co. Ltd.		1,264,265		24,204,864
Torrent Pharmaceuticals Ltd.		180,281		5,957,111
Trent Ltd.		674,697		7,424,559
UltraTech Cement Ltd.		417,698		34,758,431
United Spirits Ltd.(a)		1,104,953		8,046,001
UPL Ltd.		1,832,797		14,005,677
Vedanta Ltd.		6,772,492		19,105,091
Wipro Ltd.		4,156,438		23,207,274
Yes Bank Ltd.(a)		35,253,308		7,555,822
Zee Entertainment Enterprises Ltd.		3,138,538		8,584,693
				2,721,750,237
Indonesia — 1.3%
Adaro Energy Tbk PT		53,072,300		4,397,845
Aneka Tambang Tbk		25,998,800		5,185,154
Astra International Tbk PT		72,586,400		27,525,742
Bank Central Asia Tbk PT		35,149,700		82,814,075
Bank Mandiri Persero Tbk PT		67,150,800		29,001,223
Bank Negara Indonesia Persero Tbk PT		26,761,076		11,181,770
Bank Rakyat Indonesia Persero Tbk PT		198,436,610		65,634,581
Barito Pacific Tbk PT(a)		102,281,500		7,900,959
Charoen Pokphand Indonesia Tbk PT		27,226,245		11,758,526
Gudang Garam Tbk PT(a)		1,700,800		4,359,494
Indah Kiat Pulp & Paper Corp. Tbk PT		10,067,200		9,314,281
Indocement Tunggal Prakarsa Tbk PT		5,653,300		4,962,518
Indofood CBP Sukses Makmur Tbk PT		8,242,600		4,963,504
Indofood Sukses Makmur Tbk PT		15,818,600		6,720,683
Kalbe Farma Tbk PT		76,988,115		7,947,509
Merdeka Copper Gold Tbk PT(a)		37,834,200		7,519,016
Perusahaan Gas Negara Tbk PT		39,651,600		4,009,712
Sarana Menara Nusantara Tbk PT		82,279,200		7,309,213
Semen Indonesia Persero Tbk PT		10,884,300		7,796,338
Telkom Indonesia Persero Tbk PT		174,845,500		42,851,882
Unilever Indonesia Tbk PT		27,248,200		13,394,480
United Tractors Tbk PT		6,022,653		9,537,277
				376,085,782
Kuwait — 0.5%
Agility Public Warehousing Co. KSC		3,412,859		7,442,547
Boubyan Bank KSCP		4,704,654		8,580,767
Gulf Bank KSCP		5,536,737		3,951,545
Kuwait Finance House KSCP		15,607,564		37,233,310
Mabanee Co. KPSC		1,932,622		4,482,738
Mobile Telecommunications Co. KSC		7,110,148		14,730,093
National Bank of Kuwait SAKP		23,416,088		63,830,407
				140,251,407
Malaysia — 1.4%
AMMB Holdings Bhd		6,379,575		4,980,718
Axiata Group Bhd		10,284,100		9,020,026
CIMB Group Holdings Bhd		22,143,600		23,689,139
Dialog Group Bhd		14,194,812		11,327,793
DiGi.Com Bhd		11,693,800		10,689,823
Fraser & Neave Holdings Bhd		526,200		4,063,993
Gamuda Bhd		6,520,500		5,364,612
Genting Bhd		7,602,400		8,658,941
Genting Malaysia Bhd		10,783,800		7,699,860

SCHEDULE  OF   INVESTMENTS 17

Consolidated Schedule of Investments (unaudited) (continued) February 28, 2021 iShares^® MSCI Emerging Markets ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Malaysia (continued)
Genting Plantations Bhd		1,164,300	$	2,732,761
HAP Seng Consolidated Bhd		2,338,200		4,916,141
Hartalega Holdings Bhd(c)		6,174,800		15,255,837
Hong Leong Bank Bhd		2,463,200		10,954,317
Hong Leong Financial Group Bhd		921,500		3,861,307
IHH Healthcare Bhd		5,461,400		6,854,580
IOI Corp. Bhd		7,759,720		8,205,461
Kossan Rubber Industries(c)		4,776,400		4,661,342
Kuala Lumpur Kepong Bhd		1,663,000		9,655,466
Malayan Banking Bhd		13,464,600		26,712,968
Malaysia Airports Holdings Bhd		3,958,700		5,858,583
Maxis Bhd(c)		8,882,800		10,424,534
MISC Bhd		4,617,900		7,735,482
Nestle Malaysia Bhd		265,700		9,052,509
Petronas Chemicals Group Bhd		8,813,700		16,179,318
Petronas Dagangan Bhd		1,019,400		5,037,183
Petronas Gas Bhd		2,707,400		10,970,070
PPB Group Bhd		2,351,460		10,945,400
Press Metal Aluminium Holdings Bhd		5,356,300		12,823,359
Public Bank Bhd		51,802,650		53,242,501
QL Resources Bhd		3,948,600		5,999,726
RHB Bank Bhd		5,806,025		7,774,838
Sime Darby Bhd		9,861,673		5,530,821
Sime Darby Plantation Bhd		8,125,773		9,837,255
Supermax Corp. Bhd(c)		5,545,302		6,631,071
Telekom Malaysia Bhd		4,162,500		6,314,453
Tenaga Nasional Bhd		7,865,750		19,627,937
Top Glove Corp. Bhd(c)		17,677,400		22,885,627
Westports Holdings Bhd		3,542,700		3,571,147
				409,746,899
Mexico — 1.6%
America Movil SAB de CV, Series L, NVS		121,639,500		77,891,629
Arca Continental SAB de CV		1,582,836		7,173,686
Becle SAB de CV		1,774,200		3,661,162
Cemex SAB de CV, CPO, NVS(a)		54,730,173		36,485,909
Coca-Cola Femsa SAB de CV		1,874,293		7,868,974
Fibra Uno Administracion SA de CV		11,391,900		12,889,809
Fomento Economico Mexicano SAB de CV(c)		6,935,500		47,476,027
Gruma SAB de CV, Class B		779,905		8,504,528
Grupo Aeroportuario del Pacifico SAB de CV, Class B(a)		1,391,600		14,084,705
Grupo Aeroportuario del Sureste SAB de CV, Class B(a)(c)		760,975		14,244,922
Grupo Bimbo SAB de CV, Series A(c)		5,774,800		10,853,382
Grupo Carso SAB de CV, Series A1(a)		1,748,041		4,333,634
Grupo Financiero Banorte SAB de CV, Class O(a)		9,305,256		46,752,119
Grupo Financiero Inbursa SAB de CV, Class O(a)		8,563,200		7,723,486
Grupo Mexico SAB de CV, Series B		11,194,488		53,176,562
Grupo Televisa SAB, CPO(a)		8,718,200		12,979,009
Industrias Penoles SAB de CV(a)		517,303		7,103,778
Infraestructura Energetica Nova SAB de CV(a)		1,983,500		6,906,513
Kimberly-Clark de Mexico SAB de CV, Class A		5,588,600		8,939,943
Megacable Holdings SAB de CV, CPO		1,115,160		3,852,570
Orbia Advance Corp. SAB de CV		3,920,534		9,147,694
Promotora y Operadora de Infraestructura SAB de CV		845,805		6,224,264
Telesites SAB de CV(a)		4,640,600		4,098,988
Wal-Mart de Mexico SAB de CV		18,237,100		52,049,933
				464,423,226

Security	Shares		Value
Pakistan — 0.0%
Habib Bank Ltd.		2,284,089	$	1,786,530
MCB Bank Ltd.		1,620,304		1,876,519
Oil & Gas Development Co. Ltd.		2,502,396		1,657,501
				5,320,550
Peru — 0.2%
Cia. de Minas Buenaventura SAA, ADR(a)		797,508		8,820,438
Credicorp Ltd.		239,908		38,387,679
Southern Copper Corp.		308,214		21,984,905
				69,193,022
Philippines — 0.7%
Aboitiz Equity Ventures Inc.		7,369,420		6,401,918
Aboitiz Power Corp.		5,204,264		2,595,697
Ayala Corp.		1,054,906		16,262,772
Ayala Land Inc.		28,296,700		22,773,828
Bank of the Philippine Islands		5,324,724		9,767,115
BDO Unibank Inc.		7,256,391		15,778,014
Globe Telecom Inc.		124,610		5,203,212
GT Capital Holdings Inc.		358,472		4,133,658
International Container Terminal Services Inc.		3,684,080		9,103,899
JG Summit Holdings Inc.		11,216,163		14,898,634
Jollibee Foods Corp.		1,655,909		6,108,980
Manila Electric Co.		804,860		4,495,405
Megaworld Corp.		42,092,900		3,140,484
Metro Pacific Investments Corp.		53,720,500		4,506,233
Metropolitan Bank & Trust Co.		6,444,065		6,733,597
PLDT Inc.		318,958		8,466,981
Puregold Price Club Inc.		3,127,670		2,385,074
SM Investments Corp.		907,642		18,874,913
SM Prime Holdings Inc.		35,006,925		26,082,035
Universal Robina Corp.		3,317,040		8,730,132
				196,442,581
Poland — 0.6%
Allegro.eu SA(a)(b)		923,619		15,949,091
Bank Polska Kasa Opieki SA(a)		665,157		12,107,400
CD Projekt SA(a)(c)		240,329		15,265,743
Cyfrowy Polsat SA		970,375		7,450,796
Dino Polska SA(a)(b)		177,632		11,741,033
KGHM Polska Miedz SA(a)		504,571		25,649,839
LPP SA(a)		4,808		10,100,569
Orange Polska SA(a)		2,449,316		4,152,553
PGE Polska Grupa Energetyczna SA(a)		3,069,336		5,476,484
Polski Koncern Naftowy ORLEN SA		1,057,275		16,701,584
Polskie Gornictwo Naftowe i Gazownictwo SA		6,286,076		9,450,716
Powszechna Kasa Oszczednosci Bank Polski SA(a)		3,126,566		25,299,264
Powszechny Zaklad Ubezpieczen SA(a)		2,111,866		16,595,339
Santander Bank Polska SA(a)		129,346		7,306,271
				183,246,682
Qatar — 0.6%
Barwa Real Estate Co.		6,974,295		6,115,682
Commercial Bank PSQC (The)		7,516,731		8,712,454
Industries Qatar QSC		6,599,569		20,660,515
Masraf Al Rayan QSC		13,790,329		16,189,427
Mesaieed Petrochemical Holding Co.		16,439,573		8,369,820
Ooredoo QPSC		3,086,589		6,436,315
Qatar Electricity & Water Co. QSC		1,968,033		9,273,621
Qatar Fuel QSC		1,862,260		8,512,958
Qatar Gas Transport Co. Ltd.		8,452,690		7,553,994
Qatar International Islamic Bank QSC		2,081,784		4,771,201

18 2 0 2 1   I SHARES  SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Consolidated Schedule of Investments (unaudited) (continued) February 28, 2021 iShares^® MSCI Emerging Markets ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Qatar (continued)
Qatar Islamic Bank SAQ		4,358,153	$	18,529,763
Qatar National Bank QPSC		15,803,185		73,824,660
				188,950,410
Russia — 2.9%
Alrosa PJSC		9,359,450		12,493,916
Gazprom PJSC		40,962,979		120,299,126
Gazprom PJSC, ADR		591,006		3,427,835
Inter RAO UES PJSC		133,000,000		9,109,039
LUKOIL PJSC		1,489,038		111,941,297
Magnit PJSC, GDR(e)		1,321,107		17,927,422
Mail.Ru Group Ltd., GDR(a)(e)		353,482		9,541,584
MMC Norilsk Nickel PJSC		228,032		71,434,475
Mobile TeleSystems PJSC, ADR		1,701,948		13,990,013
Moscow Exchange MICEX-RTS PJSC		4,977,670		11,549,730
Novatek PJSC, GDR(e)		324,220		55,247,088
Novolipetsk Steel PJSC		4,369,700		13,124,782
PhosAgro PJSC, GDR(e)		500,709		8,782,436
Polymetal International PLC		861,810		17,158,156
Polyus PJSC		123,033		23,182,941
Rosneft Oil Co. PJSC		4,252,557		30,003,954
Rosneft Oil Co. PJSC, GDR		43,628		301,644
Sberbank of Russia PJSC		38,730,991		140,312,319
Severstal PAO		732,647		13,259,645
Surgutneftegas PJSC		20,764,136		9,049,444
Surgutneftegas PJSC, ADR		572,331		2,443,853
Tatneft PJSC		4,950,733		34,836,954
TCS Group Holding PLC(e)		373,103		19,361,562
VTB Bank PJSC		11,929,981,998		5,918,776
X5 Retail Group NV, GDR		454,800		15,010,002
Yandex NV, Class A(a)		1,085,720		70,138,641
				839,846,634
Saudi Arabia — 2.5%
Abdullah Al Othaim Markets Co.		137,234		4,471,402
Advanced Petrochemical Co.		374,648		6,772,733
Al Rajhi Bank		4,359,440		105,774,974
Alinma Bank(a)		3,686,288		15,922,641
Almarai Co. JSC		936,981		12,741,243
Arab National Bank		2,096,742		10,823,337
Bank AlBilad		1,342,003		11,790,161
Bank Al-Jazira		1,662,558		5,966,679
Banque Saudi Fransi		2,134,033		15,875,089
Bupa Arabia for Cooperative Insurance Co.(a)		222,144		7,072,122
Co for Cooperative Insurance (The)(a)		213,234		4,514,273
Dar Al Arkan Real Estate Development Co.(a)		2,127,721		4,986,713
Dr Sulaiman Al Habib Medical Services Group Co.		188,040		5,966,340
Emaar Economic City(a)		1,361,132		3,342,495
Etihad Etisalat Co.(a)		1,507,463		11,535,579
Jarir Marketing Co.		204,052		9,303,531
Mobile Telecommunications Co.(a)		1,429,072		5,105,870
National Commercial Bank		5,244,963		65,728,106
National Industrialization Co.(a)		1,290,912		5,128,540
Rabigh Refining & Petrochemical Co.(a)		839,071		3,261,873
Riyad Bank		4,851,855		25,614,379
SABIC Agri-Nutrients Co.		717,205		18,625,721
Sahara International Petrochemical Co.		1,298,423		6,577,799
Samba Financial Group		3,499,175		31,488,377
Saudi Airlines Catering Co.		122,098		2,405,824
Saudi Arabian Mining Co.(a)		1,615,858		22,145,074
Saudi Arabian Oil Co.(b)		7,685,567		70,800,251

Security	Shares		Value
Saudi Arabia (continued)
Saudi Basic Industries Corp.		3,244,973	$	92,231,468
Saudi British Bank (The)		2,860,247		18,425,161
Saudi Cement Co.		259,832		4,392,307
Saudi Electricity Co.		2,873,702		16,151,883
Saudi Industrial Investment Group		773,446		5,836,161
Saudi Kayan Petrochemical Co.(a)		2,893,793		11,450,177
Saudi Telecom Co.		2,157,645		68,345,081
Savola Group (The)		971,499		9,752,550
Yanbu National Petrochemical Co.		904,921		17,203,271
				737,529,185
South Africa — 3.6%
Absa Group Ltd.		2,596,585		20,801,824
African Rainbow Minerals Ltd.		390,877		7,612,246
Anglo American Platinum Ltd.		197,557		23,924,011
AngloGold Ashanti Ltd.		1,499,407		30,013,384
Aspen Pharmacare Holdings Ltd.(a)		1,420,782		13,362,410
Bid Corp. Ltd.		1,244,897		23,289,036
Bidvest Group Ltd. (The)		1,010,857		11,228,964
Capitec Bank Holdings Ltd.(a)		252,660		22,332,166
Clicks Group Ltd.		914,001		14,770,051
Discovery Ltd.		1,442,196		13,487,633
Exxaro Resources Ltd.		933,390		10,544,064
FirstRand Ltd.		17,044,461		56,626,378
Gold Fields Ltd.		3,229,395		26,818,077
Growthpoint Properties Ltd.		10,511,055		9,486,581
Harmony Gold Mining Co. Ltd.(a)		1,982,273		7,509,636
Impala Platinum Holdings Ltd.		2,853,029		46,351,067
Kumba Iron Ore Ltd.		236,048		10,114,395
Mr. Price Group Ltd.		906,052		10,433,843
MTN Group Ltd.		6,121,462		29,378,168
MultiChoice Group		1,604,062		13,518,760
Naspers Ltd., Class N		1,557,962		361,863,772
Nedbank Group Ltd.		1,349,512		11,638,970
NEPI Rockcastle PLC		1,522,913		9,328,769
Northam Platinum Ltd.(a)		1,333,098		19,530,540
Old Mutual Ltd.		17,179,491		15,255,535
Rand Merchant Investment Holdings Ltd.		2,978,165		5,995,164
Reinet Investments SCA		569,052		10,618,171
Remgro Ltd.		1,881,706		12,872,068
Sanlam Ltd.		5,911,639		23,722,665
Sasol Ltd.(a)		2,029,985		25,254,441
Shoprite Holdings Ltd.		1,808,911		15,892,500
Sibanye Stillwater Ltd.		9,377,334		43,350,725
SPAR Group Ltd. (The)		692,067		8,697,986
Standard Bank Group Ltd.		4,506,314		39,570,175
Tiger Brands Ltd.		586,201		7,805,177
Vodacom Group Ltd.		2,305,628		18,964,109
Woolworths Holdings Ltd.		3,570,505		10,874,467
				1,042,837,928
South Korea — 12.3%
Alteogen Inc.(a)		67,677		7,830,895
Amorepacific Corp.		114,304		23,857,844
AMOREPACIFIC Group		108,053		6,222,545
BGF retail Co. Ltd.		29,953		4,239,009
Celltrion Healthcare Co. Ltd.(a)		250,903		28,049,325
Celltrion Inc.(a)		345,319		91,439,611
Celltrion Pharm Inc.(a)		59,496		8,139,328
Cheil Worldwide Inc.		255,421		4,421,841
CJ CheilJedang Corp.		30,729		11,118,236

SCHEDULE  OF   INVESTMENTS 19

Consolidated Schedule of Investments (unaudited) (continued) February 28, 2021 iShares^® MSCI Emerging Markets ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
South Korea (continued)
CJ Corp.		54,516	$	4,498,116
CJ ENM Co. Ltd.		39,300		4,837,730
CJ Logistics Corp.(a)		32,905		4,803,222
Coway Co. Ltd.		180,024		10,367,203
Daewoo Shipbuilding & Marine Engineering Co. Ltd.(a)		138,432		3,135,821
DB Insurance Co. Ltd.		180,460		6,649,794
Doosan Bobcat Inc.(a)		185,990		5,355,386
Doosan Heavy Industries & Construction Co. Ltd.(a)		690,600		6,515,674
Douzone Bizon Co. Ltd.		71,237		6,974,695
E-MART Inc.		70,401		10,589,915
Fila Holdings Corp.		182,291		6,490,111
GS Engineering & Construction Corp.		214,647		6,944,743
GS Holdings Corp.		182,443		6,333,135
GS Retail Co. Ltd.		98,900		3,186,631
Hana Financial Group Inc.		1,056,910		34,854,041
Hankook Tire & Technology Co. Ltd.		270,094		11,455,255
Hanmi Pharm Co. Ltd.(a)		24,468		7,469,981
Hanon Systems		684,481		9,412,756
Hanwha Corp.(a)		140,946		3,682,034
Hanwha Solutions Corp.(a)		436,789		17,514,325
HLB Inc.(a)		162,886		9,945,687
Hotel Shilla Co. Ltd.		112,524		8,172,638
Hyundai Engineering & Construction Co. Ltd.		273,254		9,680,026
Hyundai Glovis Co. Ltd.		68,196		11,715,023
Hyundai Heavy Industries Holdings Co. Ltd.		35,069		8,443,404
Hyundai Marine & Fire Insurance Co. Ltd.		223,174		4,350,254
Hyundai Mobis Co. Ltd.		237,838		64,143,226
Hyundai Motor Co.		535,342		112,929,287
Hyundai Steel Co.		315,870		11,231,871
Industrial Bank of Korea(a)		889,129		6,592,296
Kakao Corp.		206,245		89,583,943
Kangwon Land Inc.(a)		392,776		8,460,329
KB Financial Group Inc.		1,400,115		54,583,923
Kia Motors Corp.		942,837		66,632,183
KMW Co. Ltd.(a)		97,418		5,375,982
Korea Aerospace Industries Ltd.(a)		264,717		7,798,961
Korea Electric Power Corp.(a)		910,783		18,402,113
Korea Gas Corp.(a)		98,944		2,804,955
Korea Investment Holdings Co. Ltd.(a)		153,004		11,888,962
Korea Shipbuilding & Offshore Engineering Co. Ltd.(a)		140,213		13,977,620
Korea Zinc Co. Ltd.		30,884		11,091,850
Korean Air Lines Co. Ltd.(a)		303,029		7,592,582
KT&G Corp.		405,100		28,232,603
Kumho Petrochemical Co. Ltd.(a)		66,168		12,426,745
LG Chem Ltd.		164,263		121,497,600
LG Corp.		341,400		28,533,565
LG Display Co. Ltd.(a)		815,005		16,394,404
LG Electronics Inc.		382,195		49,836,731
LG Household & Health Care Ltd.		33,526		45,148,944
LG Innotek Co. Ltd.		51,946		9,200,938
LG Uplus Corp.		728,271		7,648,952
Lotte Chemical Corp.		61,198		17,321,730
Lotte Corp.		96,363		2,881,884
Lotte Shopping Co. Ltd.		39,547		4,171,179
Meritz Securities Co. Ltd.		1,022,721		3,422,725
Mirae Asset Daewoo Co. Ltd.		1,119,518		9,306,896
NAVER Corp.		441,784		147,457,944

Security	Shares		Value
South Korea (continued)
NCSoft Corp.		59,018	$	49,168,534
Netmarble Corp.(b)(c)		77,940		8,567,503
NH Investment & Securities Co. Ltd.(a)		441,997		4,268,507
Orion Corp./Republic of Korea		84,982		9,719,793
Ottogi Corp.		5,213		2,598,380
Pan Ocean Co. Ltd.		1,024,414		5,215,530
Pearl Abyss Corp.(a)		21,800		5,615,416
POSCO		262,535		65,779,798
POSCO Chemical Co. Ltd.		93,673		13,173,417
S-1 Corp.		64,373		4,755,638
Samsung Biologics Co. Ltd.(a)(b)		59,112		39,460,614
Samsung C&T Corp.		298,285		32,257,790
Samsung Card Co. Ltd.		109,434		3,209,480
Samsung Electro-Mechanics Co. Ltd.		199,756		33,692,712
Samsung Electronics Co. Ltd.		17,074,534		1,253,804,232
Samsung Engineering Co. Ltd.(a)		571,979		6,567,449
Samsung Fire & Marine Insurance Co. Ltd.		110,350		16,992,034
Samsung Heavy Industries Co. Ltd.(a)		1,725,508		10,075,062
Samsung Life Insurance Co. Ltd.		255,371		17,047,463
Samsung SDI Co. Ltd.		197,325		118,377,437
Samsung SDS Co. Ltd.		118,104		20,446,131
Samsung Securities Co. Ltd.		230,477		7,497,939
Seegene Inc.		66,045		7,318,738
Shin Poong Pharmaceutical Co. Ltd.		105,317		7,855,420
Shinhan Financial Group Co. Ltd.(a)		1,546,388		45,352,456
Shinsegae Inc.		25,564		6,075,290
SK Biopharmaceuticals Co. Ltd.(a)		70,624		7,417,563
SK Chemicals Co. Ltd.		27,477		9,220,142
SK Holdings Co. Ltd.		125,676		29,363,551
SK Hynix Inc.		1,954,962		246,219,068
SK Innovation Co. Ltd.(a)		199,144		46,174,466
SK Telecom Co. Ltd.		141,263		31,119,353
S-Oil Corp.(a)		163,148		12,343,195
Woori Financial Group Inc.(a)		1,944,093		16,577,135
Yuhan Corp.		182,508		10,071,648
				3,608,668,041
Taiwan — 13.6%
Accton Technology Corp.		1,837,000		17,313,078
Acer Inc.(c)		10,572,121		10,191,597
Advantech Co. Ltd.(c)		1,415,455		18,422,132
Airtac International Group		448,000		15,602,190
ASE Technology Holding Co. Ltd.(c)		11,614,110		43,158,079
Asia Cement Corp.		7,789,077		11,927,264
ASMedia Technology Inc.(c)		107,000		6,530,832
Asustek Computer Inc.		2,495,968		27,242,591
AU Optronics Corp.(a)(c)		30,841,000		20,927,920
Catcher Technology Co. Ltd.		2,417,210		16,662,932
Cathay Financial Holding Co. Ltd.		26,923,710		40,551,104
Chailease Holding Co. Ltd.		4,504,990		27,820,062
Chang Hwa Commercial Bank Ltd.		20,670,653		12,653,609
Cheng Shin Rubber Industry Co. Ltd.(c)		6,756,128		10,466,813
Chicony Electronics Co. Ltd.(c)		2,153,998		7,254,107
China Development Financial Holding Corp.		47,433,848		15,838,247
China Life Insurance Co. Ltd.(c)		8,275,679		6,744,742
China Steel Corp.		42,470,313		37,739,530
Chunghwa Telecom Co. Ltd.		13,380,410		52,604,071
Compal Electronics Inc.(c)		13,654,908		10,883,725
CTBC Financial Holding Co. Ltd.		60,649,772		43,550,684
Delta Electronics Inc.		6,994,000		70,435,939
E.Sun Financial Holding Co. Ltd.		40,156,186		36,404,046

20 2 0 2 1   I SHARES  SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Consolidated Schedule of Investments (unaudited) (continued) February 28, 2021 iShares^® MSCI Emerging Markets ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Taiwan (continued)
Eclat Textile Co. Ltd.		698,427	$	10,770,107
Evergreen Marine Corp. Taiwan Ltd.(a)		8,618,810		11,743,428
Far Eastern New Century Corp.(c)		10,686,038		11,107,111
Far EasTone Telecommunications Co. Ltd.		5,557,000		12,330,046
Feng TAY Enterprise Co. Ltd.		1,449,137		9,677,389
First Financial Holding Co. Ltd.(c)		37,011,586		27,706,366
Formosa Chemicals & Fibre Corp.		12,858,090		39,701,849
Formosa Petrochemical Corp.		4,245,000		15,241,002
Formosa Plastics Corp.(c)		13,770,280		48,204,014
Foxconn Technology Co. Ltd.(c)		3,322,637		8,350,582
Fubon Financial Holding Co. Ltd.		21,999,969		39,414,719
Giant Manufacturing Co. Ltd.		1,122,203		11,321,750
Globalwafers Co. Ltd.(c)		791,000		21,015,708
Highwealth Construction Corp.(c)		3,132,487		5,083,508
Hiwin Technologies Corp.		933,803		13,377,162
Hon Hai Precision Industry Co. Ltd.		44,548,873		179,139,172
Hotai Motor Co. Ltd.(c)		1,084,000		23,001,310
Hua Nan Financial Holdings Co. Ltd.		30,992,327		20,196,059
Innolux Corp.(c)		29,410,002		17,950,634
Inventec Corp.(c)		8,806,281		7,841,155
Largan Precision Co. Ltd.(c)		356,000		42,115,429
Lite-On Technology Corp.		7,620,246		16,251,418
MediaTek Inc.		5,415,338		174,208,522
Mega Financial Holding Co. Ltd.		37,666,162		39,488,446
Micro-Star International Co. Ltd.		2,465,000		13,186,788
Nan Ya Plastics Corp.		18,526,160		48,356,587
Nan Ya Printed Circuit Board Corp.		687,000		7,375,029
Nanya Technology Corp.(c)		4,427,000		15,338,138
Nien Made Enterprise Co. Ltd.		621,000		8,695,449
Novatek Microelectronics Corp.		2,090,000		35,568,082
Oneness Biotech Co. Ltd.(a)(c)		704,000		6,584,400
Pegatron Corp.(c)		6,795,414		18,200,804
Phison Electronics Corp.		549,535		9,066,020
Pou Chen Corp.		8,460,220		9,173,275
Powertech Technology Inc.		2,674,300		9,601,652
President Chain Store Corp.		1,881,000		17,693,995
Quanta Computer Inc.		10,254,000		31,293,062
Realtek Semiconductor Corp.		1,767,637		29,193,538
Ruentex Development Co. Ltd.(c)		3,252,687		4,869,834
Shanghai Commercial & Savings Bank Ltd. (The)		12,585,318		18,029,053
Shin Kong Financial Holding Co. Ltd.(c)		39,753,582		11,832,230
SinoPac Financial Holdings Co. Ltd.		38,353,626		16,042,357
Synnex Technology International Corp.		4,835,834		8,568,294
Taishin Financial Holding Co. Ltd.		35,630,877		16,566,551
Taiwan Business Bank		19,678,817		6,690,904
Taiwan Cement Corp.(c)		17,311,725		26,105,105
Taiwan Cooperative Financial Holding Co. Ltd.		33,923,975		24,298,835
Taiwan High Speed Rail Corp.		7,141,000		7,730,048
Taiwan Mobile Co. Ltd.		5,513,600		19,221,634
Taiwan Semiconductor Manufacturing Co. Ltd.		88,157,000		1,918,073,494
Unimicron Technology Corp.		4,344,000		15,206,534
Uni-President Enterprises Corp.		16,936,839		40,863,678
United Microelectronics Corp.		42,119,000		81,962,115
Vanguard International Semiconductor Corp.(c)		3,277,000		13,648,039
Walsin Technology Corp.		1,135,000		10,350,597
Win Semiconductors Corp.(c)		1,223,000		16,707,710
Winbond Electronics Corp.(c)		10,780,000		11,824,037
Wistron Corp.		10,215,940		11,737,190
Wiwynn Corp.(c)		289,000		8,342,375
WPG Holdings Ltd.		5,746,449		9,356,484

Security	Shares		Value
Taiwan (continued)
Yageo Corp.		1,338,861	$	28,505,325
Yuanta Financial Holding Co. Ltd.		35,079,980		26,764,189
Zhen Ding Technology Holding Ltd.(c)		2,207,075		9,508,985
				3,988,294,596
Thailand — 1.8%
Advanced Info Service PCL, NVDR		4,311,700		23,194,220
Airports of Thailand PCL, NVDR		15,134,100		31,482,544
Asset World Corp. PCL, NVDR(c)		25,110,700		3,966,691
B Grimm Power PCL, NVDR		2,857,500		4,458,212
Bangkok Bank PCL, Foreign		1,809,600		7,175,888
Bangkok Commercial Asset Management PCL, NVDR(c)		6,454,000		4,552,206
Bangkok Dusit Medical Services PCL, NVDR		34,751,100		22,590,810
Bangkok Expressway & Metro PCL, NVDR(c)		28,180,800		7,282,051
Berli Jucker PCL, NVDR(c)		4,206,300		5,092,837
BTS Group Holdings PCL, NVDR		26,987,500		8,245,628
Bumrungrad Hospital PCL, NVDR		1,507,000		6,196,365
Central Pattana PCL, NVDR(c)		7,182,600		12,373,450
Central Retail Corp. PCL, NVDR(a)(c)		6,431,334		7,002,919
Charoen Pokphand Foods PCL, NVDR(c)		14,671,300		13,710,071
CP ALL PCL, NVDR(a)		20,544,200		39,731,910
Delta Electronics Thailand PCL, NVDR(c)		1,126,200		14,642,282
Electricity Generating PCL, NVDR		1,105,600		6,073,206
Energy Absolute PCL, NVDR(c)		5,555,300		11,285,499
Global Power Synergy PCL, NVDR		2,603,500		6,367,916
Gulf Energy Development PCL, NVDR		8,674,900		9,375,391
Home Product Center PCL, NVDR		22,637,914		9,786,362
Indorama Ventures PCL, NVDR		6,253,380		8,028,699
Intouch Holdings PCL, NVDR(c)		8,389,400		15,202,290
Kasikornbank PCL, Foreign		4,270,500		19,641,218
Kasikornbank PCL, NVDR		2,004,500		9,219,253
Krung Thai Bank PCL, NVDR		11,919,100		4,648,983
Krungthai Card PCL, NVDR(c)		2,650,600		5,470,804
Land & Houses PCL, NVDR		29,838,100		7,661,812
Minor International PCL, NVDR(a)(c)		11,281,820		11,092,713
Muangthai Capital PCL, NVDR(a)(c)		2,668,800		5,660,174
Osotspa PCL, NVDR		2,620,300		2,959,641
PTT Exploration & Production PCL, NVDR(c)		5,010,739		18,729,788
PTT Global Chemical PCL, NVDR		8,263,530		16,854,372
PTT Oil & Retail Business		9,556,400		9,163,251
PTT PCL, NVDR		40,721,000		52,943,381
Ratch Group PCL, NVDR(c)		2,840,200		4,731,252
Siam Cement PCL (The), NVDR		2,845,800		33,854,679
Siam Commercial Bank PCL (The), NVDR		3,015,200		10,094,541
Sri Trang Gloves Thailand PCL, NVDR(c)		3,047,200		3,813,247
Srisawad Corp PCL, NVDR		2,681,100		5,490,183
Thai Oil PCL, NVDR(c)		4,329,900		8,338,722
Thai Union Group PCL, NVDR(c)		11,652,100		5,302,315
Total Access Communication PCL, NVDR(c)		2,579,900		2,662,440
True Corp. PCL, NVDR(c)		42,667,801		4,354,749
				520,504,965
Turkey — 0.3%
Akbank T.A.S.(a)		10,850,224		8,863,893
Aselsan Elektronik Sanayi Ve Ticaret AS		2,550,352		5,837,824
BIM Birlesik Magazalar AS(c)		1,656,771		14,763,085
Enka Insaat ve Sanayi AS		2		1
Eregli Demir ve Celik Fabrikalari TAS		4,888,233		9,614,359
Ford Otomotiv Sanayi AS		260,367		6,145,897
Haci Omer Sabanci Holding AS		3,491,927		4,933,324

SCHEDULE  OF   INVESTMENTS 21

Consolidated Schedule of Investments (unaudited) (continued) February 28, 2021 iShares^® MSCI Emerging Markets ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Turkey (continued)
KOC Holding AS		2,639,944	$	7,679,966
Turk Hava Yollari AO(a)		1,816,963		3,304,237
Turkcell Iletisim Hizmetleri AS		4,101,177		8,762,962
Turkiye Garanti Bankasi AS(a)		8,003,867		9,624,494
Turkiye Is Bankasi AS, Class C(a)		5,541,547		4,280,543
Turkiye Petrol Rafinerileri AS(a)(c)		464,383		6,329,081
Turkiye Sise ve Cam Fabrikalari AS		4,768,200		4,583,077
Yapi ve Kredi Bankasi AS(a)		10,102,357		3,608,957
				98,331,700
United Arab Emirates — 0.5%
Abu Dhabi Commercial Bank PJSC		10,277,420		17,571,348
Abu Dhabi Islamic Bank PJSC		4,190,558		5,692,902
Aldar Properties PJSC		13,962,904		13,836,890
Dubai Islamic Bank PJSC		6,564,969		8,489,608
Emaar Malls PJSC(a)		9,397,030		4,323,532
Emaar Properties PJSC(a)		13,122,745		12,468,421
Emirates NBD Bank PJSC		8,971,375		27,355,104
Emirates Telecommunications Group Co. PJSC		6,168,975		33,421,614
First Abu Dhabi Bank PJSC		9,703,195		38,832,328
				161,991,747
Total Common Stocks — 97.8% (Cost: $18,961,369,080)				28,703,649,812
Preferred Stocks
Brazil — 1.0%
Alpargatas SA, Preference Shares, NVS		680,800		4,267,025
Banco Bradesco SA, Preference Shares, NVS		15,505,126		63,989,718
Bradespar SA, Preference Shares, NVS		812,000		9,158,777
Centrais Eletricas Brasileiras SA, Class B, Preference Shares, NVS		954,537		5,612,757
Cia. Energetica de Minas Gerais, Preference Shares, NVS		3,507,925		7,528,155
Cia. Paranaense de Energia, Preference Shares, NVS		349,500		3,673,699
Gerdau SA, Preference Shares, NVS		3,989,985		18,521,440
Itau Unibanco Holding SA, Preference Shares, NVS		17,262,679		79,141,843
Itausa SA, Preference Shares, NVS		16,005,192		28,575,315
Lojas Americanas SA, Preference Shares, NVS		3,287,429		14,693,903
Petroleo Brasileiro SA, Preference Shares, NVS		17,326,027		69,141,824
				304,304,456
Chile — 0.1%
Embotelladora Andina SA, Class B, Preference Shares		1,207,200		3,267,187
Sociedad Quimica y Minera de Chile SA, Class B, Preference Shares		409,355		21,962,988
				25,230,175
Colombia — 0.1%
Bancolombia SA, Preference Shares, NVS		1,719,112		14,737,555
Russia — 0.0%
Surgutneftegas PJSC, Preference Shares, NVS		24,838,400		13,104,412

Security	Shares		Value
South Korea — 0.8%
Hyundai Motor Co.
Preference Shares, NVS		86,856	$	8,040,075
Series 2, Preference Shares, NVS		104,837		9,517,912
LG Chem Ltd., Preference Shares, NVS		28,074		9,732,820
LG Household & Health Care Ltd., Preference Shares, NVS		7,809		4,900,173
Samsung Electronics Co. Ltd., Preference Shares, NVS		2,945,329		190,849,979
				223,040,959
Total Preferred Stocks — 2.0% (Cost: $379,663,246)				580,417,557
Rights
China — 0.0%
Legend Holdings Corp., Class H (Expires 05/23/23)(a)		188,246		0	(f)
South Korea — 0.0%
Korean Air Lines Co. Ltd. (Expires 03/05/21)(a)		229,486		1,848,552
Total Rights — 0.0% (Cost: $1,047,592)				1,848,552
Short-Term Investments
Money Market Funds — 2.1%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.12%(g)(h)(i)		602,026,883		602,388,099
Total Short-Term Investments — 2.1% (Cost: $602,039,117)				602,388,099
Total Investments in Securities — 101.9% (Cost: $19,944,119,035)				29,888,304,020
Other Assets, Less Liabilities — (1.9)%				(551,601,012	)
Net Assets — 100.0%			$	29,336,703,008

^(a) Non-income producing security.

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

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

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

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

^(f)  Rounds to less than $1.

^(g) Affiliate of the Fund.

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

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

22 2 0 2 1   I SHARES  SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Consolidated Schedule of Investments (unaudited) (continued) February 28, 2021 iShares^® MSCI Emerging Markets ETF

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 2021 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 08/31/20		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 02/28/21		Shares Held at 02/28/21		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	765,984,334	$	—	$	(163,336,218	)(a)	$	(105,864	)	$	(154,153	)	$	602,388,099		602,026,883	$	3,608,369	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares(c)		251,040,000		—		(251,040,000	)(a)		—			—			—		—		52,950			—
								$	(105,864	)	$	(154,153	)	$	602,388,099			$	3,661,319		$	—

^(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.

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)	Value/ Unrealized Appreciation   (Depreciation)
Long Contracts
MSCI Emerging Markets E-Mini Index		611		03/19/21	$40,879	$	(258,734	)

Derivative Financial Instruments Categorized by Risk Exposure

As of February 28, 2021, the fair values of derivative financial instruments located in the Consolidated Statements of Assets and Liabilities were as follows:

	Equity Contracts
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	258,734

^(a) Net cumulative appreciation (depreciation) on futures contracts are reported in the Consolidated Schedule of Investments. In the Consolidated 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 six months ended February 28, 2021, the effect of derivative financial instruments in the Consolidated Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	55,286,202
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(22,284,373	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	125,402,035

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

Fair Value Measurements

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

SCHEDULE  OF   INVESTMENTS 23

Consolidated Schedule of Investments (unaudited) (continued) February 28, 2021 iShares^® MSCI Emerging Markets ETF

Fair Value Measurements (continued)

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of February 28, 2021. The breakdown of the Fund’s investments into major categories is disclosed in the Consolidated Schedule of Investments above.

	Level 1			Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	28,176,124,752		$	527,522,056	$	3,004	$	28,703,649,812
Preferred Stocks		580,417,557			—		—		580,417,557
Rights		—			1,848,552		—		1,848,552
Money Market Funds		602,388,099			—		—		602,388,099
	$	29,358,930,408		$	529,370,608	$	3,004	$	29,888,304,020
Derivative financial instruments(a)
Liabilities
Futures Contracts	$	(258,734	)	$	—	$	—	$	(258,734	)

^(a) Shown at the unrealized appreciation (depreciation) on the contracts.

See notes to financial statements.

24 2 0 2 1   I SHARES  SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Statements of Assets and Liabilities (unaudited)

February 28, 2021

	iShares Currency Hedged MSCI Emerging Markets ETF		iShares MSCI Emerging Markets ETF (Consolidated)
ASSETS
Investments in securities, at value (including securities on loan)(a):
Unaffiliated(b)	$	—	$	29,285,915,921
Affiliated(c)		217,221,739		602,388,099
Cash		—		38,947,033
Foreign currency, at value(d)		97		30,197,350
Cash pledged:
Futures contracts		—		755,000
Collateral — OTC derivatives		1,060,000		—
Receivables:
Investments sold		1,020,823		271,093,815
Securities lending income — Affiliated		—		832,799
Dividends		—		61,879,661
Tax reclaims		—		427,817
Unrealized appreciation on:
Forward foreign currency exchange contracts		1,218,386		—
Total assets		220,521,045		30,292,437,495
LIABILITIES
Bank overdraft		962,279		—
Collateral on securities loaned, at value		—		601,585,629
Deferred foreign capital gain tax		—		58,555,170
Payables:
Investments purchased		1,847,796		245,106,506
Variation margin on futures contracts		—		224,558
Bank borrowings		—		34,126,181
Investment advisory fees		—		16,007,251
Foreign taxes		—		129,192
Unrealized depreciation on:
Forward foreign currency exchange contracts		496,016		—
Total liabilities		3,306,091		955,734,487
NET ASSETS	$	217,214,954	$	29,336,703,008
NET ASSETS CONSIST OF:
Paid-in capital	$	184,565,292	$	31,936,299,641
Accumulated earnings (loss)		32,649,662		(2,599,596,633	)
NET ASSETS	$	217,214,954	$	29,336,703,008
Shares outstanding		6,720,000		546,300,000
Net asset value	$	32.32	$	53.70
Shares authorized		250 million		4 billion
Par value	$	0.001	$	0.001
(a) Securities loaned, at value	$	—	$	570,365,598
(b) Investments, at cost — Unaffiliated	$	—	$	19,342,079,918
(c)  Investments, at cost — Affiliated	$	179,318,775	$	602,039,117
(d) Foreign currency, at cost	$	97	$	30,551,429

See notes to financial statements.

FINANCIAL  STATEMENTS 25

Statements of Operations (unaudited) 

Six Months Ended February 28, 2021

	iShares Currency Hedged MSCI Emerging Markets ETF			iShares MSCI Emerging Markets ETF (Consolidated)
INVESTMENT INCOME
Dividends — Unaffiliated	$	—		$	194,698,245
Dividends — Affiliated		1,908,083			52,950
Securities lending income — Affiliated — net(a)		—			3,608,369
Foreign taxes withheld		—			(27,493,391	)
Total investment income		1,908,083			170,866,173
EXPENSES
Investment advisory fees		748,155			92,203,551
Commitment fees		—			14,894
Mauritius income taxes		—			266,746
Interest expense		—			18,600
Total expenses		748,155			92,503,791
Less:
Investment advisory fees waived		(748,155	)		—
Total expenses after fees waived		—			92,503,791
				��
Net investment income		1,908,083			78,362,382
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated(b)		—			(390,694,279	)
Investments — Affiliated		31,371			(105,864	)
In-kind redemptions — Affiliated		2,834,163			—
Futures contracts		—			55,286,202
Forward foreign currency exchange contracts		(5,042,449	)		—
Foreign currency transactions		—			(1,934,306	)
Net realized loss		(2,176,915	)		(337,448,247	)
Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated(c)		—			5,522,223,966
Investments — Affiliated		32,026,436			(154,153	)
Futures contracts		—			(22,284,373	)
Forward foreign currency exchange contracts		984,645			—
Foreign currency translations		—			(1,871,318	)
Net change in unrealized appreciation (depreciation)		33,011,081			5,497,914,122
Net realized and unrealized gain		30,834,166			5,160,465,875
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	32,742,249		$	5,238,828,257
(a) Net of securities lending income tax paid of	$	—		$	140,025
(b) Net of foreign capital gain tax and capital gain tax refund, if applicable	$	—		$	37,494
(c)  Net of deferred foreign capital gain tax of	$	—		$	(53,803,141	)

See notes to financial statements.

26 2 0 2 1   I SHARES  SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Statements of Changes in Net Assets

	iShares Currency Hedged MSCI Emerging Markets ETF						iShares MSCI Emerging Markets ETF (Consolidated)
	Six Months Ended 02/28/21 (unaudited)			Year Ended 08/31/20			Six Months Ended 02/28/21 (unaudited)			Year Ended 08/31/20
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	1,908,083		$	4,929,111		$	78,362,382		$	588,773,031
Net realized gain (loss)		(2,176,915	)		5,520,378			(337,448,247	)		(263,347,103	)
Net change in unrealized appreciation (depreciation)		33,011,081			13,195,959			5,497,914,122			2,229,619,028
Net increase in net assets resulting from operations		32,742,249			23,645,448			5,238,828,257			2,555,044,956
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(1,909,215	)		(4,943,833	)		(280,436,262	)		(724,261,397	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		2,755,920			(15,451,158	)		353,740,416			(2,437,787,553	)
NET ASSETS
Total increase (decrease) in net assets		33,588,954			3,250,457			5,312,132,411			(607,003,994	)
Beginning of period		183,626,000			180,375,543			24,024,570,597			24,631,574,591
End of period	$	217,214,954		$	183,626,000		$	29,336,703,008		$	24,024,570,597

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

See notes to financial statements.

FINANCIAL  STATEMENTS 27

Financial Highlights

(For a share outstanding throughout each period)

	iShares Currency Hedged MSCI Emerging Markets ETF
	Six Months Ended 02/28/21 (unaudited)				Year Ended 08/31/20				Year Ended 08/31/19				Year Ended 08/31/18				Year Ended 08/31/17				Year Ended 08/31/16
Net asset value, beginning of period		$	27.41			$	24.38			$	25.70			$	25.57			$	21.72			$	21.40
Net investment income(a)			0.30				0.71				0.55				0.60				0.36				0.50
Net realized and unrealized gain (loss)(b)			4.92				3.03				(1.27	)			0.12				3.83				1.08
Net increase (decrease) from investment operations			5.22				3.74				(0.72	)			0.72				4.19				1.58
Distributions(c)
From net investment income			(0.31	)			(0.71	)			(0.60	)			(0.59	)			(0.34	)			(0.48	)
From net realized gain			—				—				—				—				—				(0.78	)
Total distributions			(0.31	)			(0.71	)			(0.60	)			(0.59	)			(0.34	)			(1.26	)
Net asset value, end of period		$	32.32			$	27.41			$	24.38			$	25.70			$	25.57			$	21.72
Total Return
Based on net asset value			19.11	%(d)			15.49	%			(2.72	)%			2.77	%			19.55	%			7.84	%
Ratios to Average Net Assets
Total expenses(e)			0.78	%(f)			0.78	%			0.78	%			0.78	%			0.78	%			0.78	%
Total expenses after fees waived(e)			0.00	%(f)			0.00	%(g)			0.00	%			0.00	%			0.00	%			0.00	%
Net investment income			1.99	%(f)			2.84	%			2.22	%			2.25	%			1.56	%			2.42	%
Supplemental Data
Net assets, end of period (000)		$	217,215			$	183,626			$	180,376			$	344,328			$	393,757			$	180,254
Portfolio turnover rate(h)(i)			3	%(d)			9	%			7	%			7	%			4	%			11	%

^(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)  Not annualized.

^(e)  The Fund indirectly bears its proportionate share of fees and expenses incurred by the underlying fund in which the Fund is invested. This ratio does not include these indirect fees and expenses.

^(f)  Annualized.

^(g)  Rounds to less than 0.01%.

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

⁽ⁱ⁾  Portfolio turnover rate excludes the portfolio activity of the underlying fund in which the Fund is invested. See the underlying fund’s financial highlights for its respective portfolio turnover rates.

See notes to financial statements.

28 2 0 2 1   I SHARES  SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares MSCI Emerging Markets ETF (Consolidated)
	Six Months Ended 02/28/21 (unaudited)				Year Ended 08/31/20				Year Ended 08/31/19				Year Ended 08/31/18				Year Ended 08/31/17				Year Ended 08/31/16
Net asset value, beginning of period		$	44.56			$	40.22			$	43.24			$	44.76			$	36.74			$	33.79
Net investment income(a)			0.14				0.98				0.90				0.83	(b)			0.75				0.72
Net realized and unrealized gain (loss)(c)			9.52				4.52				(3.02	)			(1.36	)			7.86				3.00
Net increase (decrease) from investment operations			9.66				5.50				(2.12	)			(0.53	)			8.61				3.72
Distributions(d)
From net investment income			(0.52	)			(1.16	)			(0.90	)			(0.99	)			(0.59	)			(0.77	)
Total distributions			(0.52	)			(1.16	)			(0.90	)			(0.99	)			(0.59	)			(0.77	)
Net asset value, end of period		$	53.70			$	44.56			$	40.22			$	43.24			$	44.76			$	36.74
Total Return
Based on net asset value			21.76	%(e)			13.82	%			(4.87	)%			(1.28	)%(b)			23.80	%			11.28	%
Ratios to Average Net Assets
Total expenses			0.69	%(f)			0.70	%			0.68	%			0.67	%			0.69	%			0.72	%
Total expenses excluding professional fees for foreign withholding tax claims			N/A				0.70	%			0.68	%			0.67	%			0.69	%			N/A
Net investment income			0.59	%(f)			2.38	%			2.16	%			1.78	%(b)			1.92	%			2.15	%
Supplemental Data
Net assets, end of period (000)		$	29,336,703			$	24,024,571			$	24,631,575			$	31,149,012			$	35,891,890			$	30,866,469
Portfolio turnover rate(g)			5	%(e)			19	%			15	%			16	%			9	%			23	%

^(a)  Based on average shares outstanding.

^(b)  Reflects the one-time, positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the year ended August 31, 2018:

• Net investment income per share by $0.02.

• Total return by 0.07%.

• Ratio of net investment income to average net assets by 0.04%.

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

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

^(e)  Not annualized.

^(f)  Annualized.

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

See notes to financial statements.

FINANCIAL  HIGHLIGHTS 29

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
Currency Hedged MSCI Emerging Markets	Diversified
MSCI Emerging Markets(a)	Diversified

^(a)  The Fund intends to be diversified in approximately the same proportion as its underlying index is diversified. The Fund may become non-diversified, as defined in the 1940 Act, solely as a result of a change in relative market capitalization or index weighting of one or more constituents of its underlying index. Shareholder approval will not be sought if the Fund crosses from diversified to non-diversified status due solely to a change in its relative market capitalization or index weighting of one or more constituents of its underlying index.

Currently the iShares Currency Hedged MSCI Emerging Markets ETF seeks to achieve its investment objective by investing a substantial portion of its assets in the iShares MSCI Emerging Markets ETF (the “underlying fund”). The financial statements, including the accounting policies, and schedule of investments for the underlying fund are included in this report and should be read in conjunction with the financial statements of the iShares Currency Hedged MSCI Emerging Markets ETF.

Basis of Consolidation: The accompanying consolidated financial statements for the iShares MSCI Emerging Markets ETF includes the accounts of its subsidiary in the Republic of Mauritius, which is a wholly-owned subsidiary (the “Subsidiary”) of the Fund that invests in Indian securities. Through this investment structure, the Fund expects to obtain certain benefits under a current tax treaty between Mauritius and India. The net assets of the Subsidiary as of period end were $2,679,965,547, which is 9.1% of the Fund’s consolidated net assets. Intercompany accounts and transactions, if any, have been eliminated.

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 statement 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. However, the currency hedged fund has elected to treat realized gains (losses) from certain foreign currency contracts as capital gain (loss) for U.S. federal income tax purposes.

Foreign Taxes: Certain 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 statement 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, 2021, if any, are disclosed in the statement 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 statement of operations includes tax reclaims recorded as well as professional and other fees, if any, associated with recovery of foreign withholding taxes.

30 2 0 2 1   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Notes to Financial Statements (unaudited) (continued)

The iShares MSCI Emerging Markets ETF conducts its investment activities in India through its Subsidiary and expects to obtain benefits under the Double Tax Avoidance Agreement (“DTAA”) between India and Mauritius. In order to be eligible to claim benefits under the DTAA, the Subsidiary must have commercial substance, on an annual basis, to satisfy certain tests and conditions, including the establishment and maintenance of valid tax residence in Mauritius, have the place of effective management outside of India, and related requirements. The Fund has obtained a current tax residence certificate issued by the Mauritian Revenue Authorities.

Based upon current interpretation and practice of the current tax laws in India and Mauritius and the DTAA, the Subsidiary is subject to tax in Mauritius on its net income at the rate of 15%. However, the Subsidiary is entitled to a tax credit equivalent to the higher of the actual foreign tax incurred or 80% of the Mauritius tax on its foreign source income, thus reducing its maximum effective tax rate to 3% up to June 30, 2021. After June 30, 2021, under the new tax regime and subject to meeting the necessary substance requirements as required under the Financial Services Act 2007 (as amended by the Finance Act 2018) and such guidelines issued by the FSC, the Subsidiary is entitled to either (a) a foreign tax credit equivalent to the actual foreign tax suffered on its foreign income against the Subsidiary’s tax liability computed at 15% on such income, or (b) a partial exemption of 80% of some of the income derived, including interest income or foreign source dividends. Taxes on income, if any, are paid by the Subsidiary and are disclosed in its consolidated statement of operations. Any dividends paid by the Subsidiary to its Fund are not subject to tax in Mauritius. The Subsidiary is currently exempt from tax in Mauritius on any gains from the sale of securities.

The DTAA provides that capital gains will be taxable in India with respect to the sale of shares acquired on or after April 1, 2017. Capital gains arising from shares acquired before April 1, 2017, regardless of when they are sold, will continue to be exempt from taxation under the amended DTAA, assuming requirements for eligibility under the DTAA are satisfied. There can be no assurance, however, that the DTAA will remain in effect during the Subsidiary’s existence or that it will continue to enjoy its benefits on the shares acquired prior to April 1, 2017.

Segregation and Collateralization: In cases where a Fund enters into certain investments (e.g., futures contracts and forward foreign currency exchange contracts) that would be treated as “senior securities” for 1940 Act purposes, a Fund may segregate or designate on its books and record cash or liquid assets having a market value at least equal to the amount of its future obligations under such investments. Doing so allows the investment to be excluded from treatment as a “senior security.” Furthermore, if required by an exchange or counterparty agreement, the Funds may be required to deliver/deposit cash and/or securities to/with an exchange, or broker-dealer or custodian as collateral for certain investments or obligations.

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

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

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

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

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

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

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

• Exchange-traded funds and closed-end funds traded on a recognized securities exchange are valued at that day’s last traded price or official closing price, as applicable, on the exchange where the fund is primarily traded. Funds traded on a recognized exchange for which there were no sales on that day may be 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.

• Forward foreign currency exchange contracts are valued based on that day’s prevailing forward exchange rate for the underlying currencies.

If events (e.g., a market closure, market volatility, company announcement or a natural disaster) occur that are expected to materially affect the value of such investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Global Valuation Committee, in accordance with a policy approved by the Board as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Global Valuation Committee include market approach, income approach and

NOTES   TO   FINANCIAL   STATEMENTS 31

Notes to Financial Statements (unaudited) (continued)

cost approach. Valuation techniques such as discounted cash flow, use of market comparables and matrix pricing are types of valuation approaches and are typically used in determining fair value. When determining the price for Fair Valued Investments, the Global Valuation Committee, or its delegate, seeks to determine the price that each Fund might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm’s-length transaction. Fair value determinations shall be based upon all available factors that the Global Valuation Committee, or its delegate, deems relevant and consistent with the principles of fair value measurement. The pricing of all Fair Valued Investments is subsequently reported to the Board or a committee thereof on a quarterly basis.

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

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

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

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

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

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

4. SECURITIES AND OTHER INVESTMENTS

Securities Lending: Each Fund may lend its securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund collateral consisting of cash, an irrevocable letter of credit issued by an approved bank, or securities issued or guaranteed by the U.S. government. The initial collateral received by each Fund is required to have a value of at least 102% of the current market value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter at a value equal to at least 100% of the current value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Fund and any additional required collateral is delivered to the Fund or excess collateral is returned by the Fund, on the next business day. During the term of the loan, each Fund is entitled to all distributions made on or in respect of the loaned securities but does not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

As of period end, any securities on loan were collateralized by cash and/or U.S. Government obligations. Cash collateral invested in money market funds managed by BlackRock Fund Advisors (“BFA”), the Funds’ investment adviser, or its affiliates is disclosed in the schedules 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.

32 2 0 2 1   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Notes to Financial Statements (unaudited) (continued)

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 as of February 28, 2021:

iShares ETF and Counterparty		Market Value of  Securities on Loan		Cash Collateral Received	(a)		Non-Cash Collateral Received		Net Amount
MSCI Emerging Markets
Barclays Bank PLC	$	2,945,932	$	2,945,932		$	—	$	—
Barclays Capital Inc.		6,546,301		6,546,301			—		—
BNP Paribas Prime Brokerage International Ltd.		1,496,180		1,496,180			—		—
BNP Paribas Securities Corp.		4,579,743		4,579,743			—		—
BofA Securities, Inc.		18,634,983		18,634,983			—		—
Citigroup Global Markets Inc.		61,355,337		61,355,337			—		—
Citigroup Global Markets Ltd.		1,301,499		1,301,499			—		—
Credit Suisse Securities (Europe) Ltd.		7,214,068		7,214,068			—		—
Credit Suisse Securities (USA) LLC		10,849,958		10,849,958			—		—
Goldman Sachs & Co.		14,060,426		14,060,426			—		—
Goldman Sachs International		18,907,660		18,907,660			—		—
HSBC Bank PLC		1,290,992		1,290,992			—		—
Jefferies LLC		1,741,292		1,741,292			—		—
JPMorgan Securities LLC		151,901,135		151,901,135			—		—
JPMorgan Securities PLC		57,105,818		57,105,818			—		—
Macquarie Bank Limited		4,368,164		4,368,164			—		—
Morgan Stanley & Co. International PLC		50,102,709		50,102,709			—		—
Morgan Stanley & Co. LLC		141,109,785		141,109,785			—		—
National Financial Services LLC		1,487,491		1,487,491			—		—
Nomura Securities International Inc.		3,680,028		3,680,028			—		—
SG Americas Securities LLC		4,764,974		4,764,974			—		—
State Street Bank & Trust Company		78,720		78,720			—		—
UBS AG		871,954		870,457			—		(1,497	)(b)
UBS Securities LLC		3,965,216		3,965,216			—		—
Wells Fargo Securities LLC		5,233		5,233			—		—
	$	570,365,598	$	570,364,101		$	—	$	(1,497	)

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

^(b)  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 statement 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 statement 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 statement of assets and liabilities. When the contract is closed, a realized gain or loss is recorded in the statement 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.

Forward Foreign Currency Exchange Contracts: Forward foreign currency exchange contracts are entered into to gain or reduce exposure to foreign currencies (foreign currency exchange rate risk).

NOTES   TO   FINANCIAL   STATEMENTS 33

Notes to Financial Statements (unaudited) (continued)

A forward foreign currency exchange contract is an agreement between two parties to buy and sell a currency at a set exchange rate on a specified date. These contracts help to manage the overall exposure to the currencies in which some of the investments held by the Funds are denominated and in some cases, may be used to obtain exposure to a particular market.The contracts are traded over-the-counter (“OTC”) and not on an organized exchange.

The contract is marked-to-market daily and the change in market value is recorded as unrealized appreciation or depreciation in the statement of assets and liabilities. When the contract is closed, a realized gain or loss is recorded in the statement of operations equal to the difference between the value at the time it was opened and the value at the time it was closed. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in cash without the delivery of foreign currency. The use of forward foreign currency exchange contracts involves the risk that the value of a contract changes unfavorably due to movements in the value of the referenced foreign currencies, and such value may exceed the amount(s) reflected in the statement of assets and liabilities. Cash amounts pledged for forward foreign currency exchange contracts are considered restricted and are included in cash pledged as collateral for OTC derivatives in the statement of assets and liabilities. A Fund’s risk of loss from counterparty credit risk on OTC derivatives is generally limited to the aggregate unrealized gain netted against any collateral held by the Fund.

Master Netting Arrangements: In order to define its contractual rights and to secure rights that will help mitigate its counterparty risk, a Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar agreement with its derivative contract counterparties. An ISDA Master Agreement is a bilateral agreement between a Fund and a counterparty that governs certain OTC derivatives and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, a Fund may, under certain circumstances, offset with the counterparty certain derivative financial instruments’ payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency, or other events.

For derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the mark-to-market amount for each transaction under such agreement, and comparing that amount to the value of any collateral currently pledged by a fund and the counterparty.

Cash collateral that has been pledged to cover obligations of the Funds and cash collateral received from the counterparty, if any, is reported separately in the Statements of Assets and Liabilities as cash pledged as collateral and cash received as collateral, respectively. Non-cash collateral pledged by the Funds, if any, is noted in the Schedules of Investments. Generally, the amount of collateral due from or to a counterparty is subject to a certain minimum transfer amount threshold before a transfer is required, which is determined at the close of business of the Funds. Any additional required collateral is delivered to/pledged by the Funds on the next business day. Typically, the counterparty is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. A Fund generally agrees not to use non-cash collateral that it receives but may, absent default or certain other circumstances defined in the underlying ISDA Master Agreement, be permitted to use cash collateral received. In such cases, interest may be paid pursuant to the collateral arrangement with the counterparty. To the extent amounts due to the Funds from the counterparty are not fully collateralized, each Fund bears the risk of loss from counterparty non-performance. Likewise, to the extent the Funds have delivered collateral to a counterparty and stand ready to perform under the terms of their agreement with such counterparty, each Fund bears the risk of loss from a counterparty in the amount of the value of the collateral in the event the counterparty fails to return such collateral. Based on the terms of agreements, collateral may not be required for all derivative contracts.

For financial reporting purposes, each Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements, if any, in the statement of assets and liabilities.

6. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

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

For its investment advisory services to the following Fund, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Fund, based on the average daily net assets of the Fund as follows:

iShares ETF	Investment Advisory Fee
Currency Hedged MSCI Emerging Markets		0.78	%

For its investment advisory services to the iShares MSCI Emerging Markets ETF, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Fund, based on the Fund’s allocable portion of the aggregate of the average daily net assets of the Fund and certain other iShares funds, as follows:

Aggregate Average Daily Net Assets	Investment Advisory Fee
First $14 billion		0.75	%
Over $14 billion, up to and including $28 billion		0.68
Over $28 billion, up to and including $42 billion		0.61
Over $42 billion, up to and including $56 billion		0.54
Over $56 billion, up to and including $70 billion		0.47
Over $70 billion, up to and including $84 billion		0.41
Over $84 billion		0.35

34 2 0 2 1   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Notes to Financial Statements (unaudited) (continued)

The Subsidiary has entered into a separate contract with BFA under which BFA provides investment advisory services to the Subsidiary but does not receive separate compensation from the Subsidiary for providing it with such services. The Subsidiary has also entered into separate arrangements that provide for the provision of other services to the Subsidiary (including administrative, custody, transfer agency and other services), and BFA pays the costs and expenses related to the provision of those services.

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 any other fund expenses are a fund’s total annual operating expenses.

For the iShares Currency Hedged MSCI Emerging Markets ETF, BFA has contractually agreed to waive a portion of its investment advisory fee for the Fund through December 31, 2025 so that the Fund’s total annual operating expenses after fee waiver is equal to the acquired fund fees and expenses attributable to the Fund’s investment in the iShares MSCI Emerging Markets ETF (“EEM”), after taking into account any fee waivers by EEM.

This amount is included in investment advisory fees waived in the Statements of Operations. For the six months ended February 28, 2021, the amounts waived in investment advisory fees pursuant to this arrangement were as follows:

iShares ETF	Amounts waived
Currency Hedged MSCI Emerging Markets	$	748,155

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. 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 statement of operations. For the six months ended February 28, 2021, the Funds paid BTC the following amounts for securities lending agent services:

iShares ETF	Fees Paid to BTC
MSCI Emerging Markets	$	952,234

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, 2021, 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 Emerging Markets	$	95,536,916	$	41,880,477	$	(18,290,768	)

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 statement of operations.

NOTES   TO   FINANCIAL   STATEMENTS 35

Notes to Financial Statements (unaudited) (continued)

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, 2021, purchases and sales of investments, excluding short-term investments and in-kind transactions, were as follows:

iShares ETF	Purchases		Sales
Currency Hedged MSCI Emerging Markets	$	6,276,195	$	10,110,838
MSCI Emerging Markets		1,722,888,168		1,380,635,763

For the six months ended February 28, 2021, in-kind transactions were as follows:

iShares ETF	In-kind Purchases		In-kind Sales
Currency Hedged MSCI Emerging Markets	$	28,504,064	$	25,862,356
MSCI Emerging Markets		15,954,092		—

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, 2021, 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, 2020, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:

iShares ETF	Non-Expiring
Currency Hedged MSCI Emerging Markets	$	3,048,680
MSCI Emerging Markets		11,365,234,737

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, 2021, 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)
Currency Hedged MSCI Emerging Markets	$	180,290,532	$	39,121,350	$	(1,467,773	)	$	37,653,577
MSCI Emerging Markets		20,697,806,749		12,564,767,292		(3,374,528,755	)		9,190,238,537

9. LINE OF CREDIT

The iShares MSCI Emerging Markets ETF, along with certain other iShares funds (“Participating Funds”), is a party to a $300 million credit agreement (“Credit Agreement”) with State Street Bank and Trust Company, which expires on July 15, 2021. 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 Credit Agreement sets specific sub limits on aggregate borrowings based on two tiers of Participating Funds: $300 million with respect to the funds within Tier 1, including the Fund, and $200 million with respect to Tier 2. The Funds may borrow up to the aggregate commitment amount subject to asset coverage and other limitations as specified in the Credit Agreement. The Credit Agreement has the following terms: a commitment fee of 0.20% per annum on the unused portion of the credit agreement and interest at a rate equal to the higher of (a) the one-month LIBOR rate (not less than zero) plus 1.00% per annum or (b) the U.S. Federal Funds rate (not less than zero) plus 1.00% per annum on amounts borrowed. The commitment fee is generally allocated to each Participating Fund based on the lesser of a Participating Fund’s relative exposure to certain target markets or a Participating Fund’s maximum borrowing amount as set forth by the terms of the Credit Agreement.

For the six months ended February 28, 2021, the maximum amount borrowed, the average daily borrowing and the weighted average interest rate, if any, under the credit agreement were as follows:

36 2 0 2 1   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Notes to Financial Statements (unaudited) (continued)

iShares ETF	Maximum Amount Borrowed		Average           Borrowing		Weighted     Average             Interest Rates
MSCI Emerging Markets		$68,534,000		$3,216,061	1.15%

10. PRINCIPAL RISKS

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

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

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

Market Risk: Investments in the securities of issuers domiciled in countries with emerging capital markets involve certain additional risks that do not generally apply to investments in securities of issuers in more developed capital markets, such as (i) low or nonexistent trading volume, resulting in a lack of liquidity and increased volatility in prices for such securities; (ii) uncertain national policies and social, political and economic instability, increasing the potential for expropriation of assets, confiscatory taxation, high rates of inflation or unfavorable diplomatic developments; (iii) lack of publicly available or reliable information about issuers as a result of not being subject to the same degree of regulatory requirements and accounting, auditing and financial reporting standards; and (iv) possible fluctuations in exchange rates, differing legal systems and the existence or possible imposition of exchange controls, custodial restrictions or other foreign or U.S. governmental laws or restrictions applicable to such investments.

An outbreak of respiratory disease caused by a novel coronavirus has developed into a global pandemic and has resulted in closing borders, quarantines, disruptions to supply chains and customer activity, as well as general concern and uncertainty. The impact of this pandemic, and other global health crises that may arise in the future, could affect the economies of many nations, individual companies and the market in general in ways that cannot necessarily be foreseen at the present time. This pandemic may result in substantial market volatility and may adversely impact the prices and liquidity of a fund’s investments. The duration of this pandemic and its effects cannot be determined with certainty.

Valuation Risk: The market values of equities, such as common stocks and preferred securities or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company. They may also decline due to factors which affect a particular industry or industries. A fund may invest in illiquid investments. An illiquid investment is any investment that a fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. A fund may experience difficulty in selling illiquid investments in a timely manner at the price that it believes the investments are worth. Prices may fluctuate widely over short or extended periods in response to company, market or economic news. Markets also tend to move in cycles, with periods of rising and falling prices. This volatility may cause a fund’s NAV to experience significant increases or decreases over short periods of time. If there is a general decline in the securities and other markets, the NAV of a fund may lose value, regardless of the individual results of the securities and other instruments in which a fund invests.

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

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

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

With exchange-traded futures, there is less counterparty credit risk to the Funds since the exchange or clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, a Fund does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including

NOTES   TO   FINANCIAL   STATEMENTS 37

Notes to Financial Statements (unaudited) (continued)

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. 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 China or with significant exposure to Chinese issuers or countries. Investments in Chinese securities, including certain Hong Kong-listed securities, involves risks specific to China. China may be subject to considerable degrees of economic, political and social instability and demonstrates significantly higher volatility from time to time in comparison to developed markets. Chinese markets generally continue to experience inefficiency, volatility and pricing anomalies resulting from governmental influence, a lack of publicly available information and/or political and social instability. Internal social unrest or confrontations with other neighboring countries may disrupt economic development in China and result in a greater risk of currency fluctuations, currency non-convertibility, interest rate fluctuations and higher rates of inflation. Incidents involving China’s or the region’s security may cause uncertainty in Chinese markets and may adversely affect the Chinese economy and a fund’s investments. Reduction in spending on Chinese products and services, institution of tariffs or other trade barriers, or a downturn in any of the economies of China’s key trading partners may have an adverse impact on the Chinese economy. In addition, measures may be taken to limit the flow of capital and/or sanctions may be imposed, which could prohibit or restrict the ability to own or transfer fund assets and may also include retaliatory actions, such as seizure of fund assets.

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

LIBOR Transition Risk: The United Kingdom’s Financial Conduct Authority announced a phase out of the London Interbank Offered Rate (“LIBOR”) by the end of 2021, and it is expected that LIBOR will cease to be published after that time. The Funds may be exposed to financial instruments tied to LIBOR to determine payment obligations, financing terms, hedging strategies or investment value. The transition process away from LIBOR might lead to increased volatility and illiquidity in markets for, and reduce the effectiveness of new hedges placed against, instruments whose terms currently include LIBOR. The ultimate effect of the LIBOR transition process on the Funds is uncertain.

11. CAPITAL SHARE TRANSACTIONS

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

Transactions in capital shares were as follows:

	Six Months Ended 02/28/21						Year Ended 08/31/20
iShares ETF	Shares			Amount			Shares			Amount
Currency Hedged MSCI Emerging Markets
Shares sold		920,000		$	28,402,206			1,750,000		$	43,700,195
Shares redeemed		(900,000	)		(25,646,286	)		(2,450,000	)		(59,151,353	)
Net increase (decrease)		20,000		$	2,755,920			(700,000	)	$	(15,451,158	)
MSCI Emerging Markets
Shares sold		7,200,000		$	353,740,416			91,350,000		$	4,015,282,149
Shares redeemed		—			—			(164,700,000	)		(6,453,069,702	)
Net increase (decrease)		7,200,000		$	353,740,416			(73,350,000	)	$	(2,437,787,553	)

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

38 2 0 2 1   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Notes to Financial Statements (unaudited) (continued)

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 statement 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.

NOTES   TO   FINANCIAL   STATEMENTS 39

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 Currency Hedged MSCI Emerging Markets ETF and iShares MSCI Emerging Markets 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 2, 2020 (the “Meeting”) to review the Program. The Board previously appointed BlackRock Fund Advisors (“BlackRock”), the investment adviser to the Funds, as the program administrator for each Fund’s Program. BlackRock also previously delegated oversight of the Program to the 40 Act Liquidity Risk Management Committee (the “Committee”). At the Meeting, the Committee, on behalf of BlackRock, provided the Board with a report that addressed the operation of the Program and assessed its adequacy and effectiveness of implementation, including the management of each Fund’s Highly Liquid Investment Minimum (“HLIM”) where applicable, and any material changes to the Program (the “Report”). The Report covered the period from October 1, 2019 through September 30, 2020 (the “Program Reporting Period”).

The Report described the Program’s liquidity classification methodology for categorizing a Fund’s investments (including derivative transactions) into one of four liquidity buckets. It also referenced the methodology used by BlackRock to establish a Fund’s HLIM and noted that the Committee reviews and ratifies the HLIM assigned to each Fund no less frequently than annually. The Report also discussed notable events affecting liquidity over the Program Reporting Period, including extended market holidays and closures in certain countries and the impact of the coronavirus outbreak on the Funds and the overall market.

The Report noted that the Program complied with the key factors for consideration under the Liquidity Rule for assessing, managing and periodically reviewing a Fund’s liquidity risk, as follows:

a) 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 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.

b) 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.

c) Holdings of cash and cash equivalents, as well as borrowing arrangements. The Committee considered that ETFs generally do not hold more than de minimis amounts of cash. While the ETFs generally do not engage in borrowing, certain of the ETFs have the flexibility to draw on a line of credit to meet redemption requests or facilitate settlements.

d) The relationship between an ETF’s portfolio liquidity and the way in which, and the prices and spreads at which, ETF shares trade, including the efficiency of the arbitrage function and the level of active participation by market participants, including authorized participants. The Committee monitored the prevailing bid/ask spread and the ETF price premium (or discount) to NAV for all ETFs and reviewed any persistent deviations from long-term averages.

e) The effect of the composition of baskets on the overall liquidity of an ETF’s portfolio. In reviewing the linkage between the composition of custom baskets accepted by an ETF and any significant change in the liquidity profile of such ETF, the Committee reviewed changes in the proportion of each ETF’s portfolio comprised of less liquid and illiquid holdings to determine if applicable thresholds were met requiring enhanced review.

As part of BlackRock’s continuous review of the effectiveness of the Program, the Committee made the following enhancements to the Program: (1) certain single country emerging market ETFs were added to a $300 million credit agreement with State Street Bank and Trust Company; and (2) certain updates were made to the RATS and HLIM calculation 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.

40 2 0 2 1   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Supplemental Information (unaudited)

Regulation Regarding Derivatives

On October 28, 2020, the Securities and Exchange Commission (the “SEC”) adopted new regulations governing the use of derivatives by registered investment companies (“Rule 18f-4”). The Funds will be required to implement and comply with Rule 18f-4 by August 19, 2022. Once implemented, Rule 18f-4 will impose limits on the amount of derivatives a fund can enter into, eliminate the asset segregation framework currently used by funds to comply with Section 18 of the 1940 Act, treat derivatives as senior securities and require funds whose use of derivatives is more than a limited specified exposure amount to establish and maintain a comprehensive derivatives risk management program and appoint a derivatives risk manager.

Section 19(a) Notices

The amounts and sources of distributions reported are estimates and are being provided pursuant to regulatory requirements and are not being provided for tax reporting purposes. The actual amounts and sources for tax reporting purposes will depend upon each Fund’s investment experience during the year and may be subject to changes based on tax regulations. Shareholders will receive a Form 1099-DIV each calendar year that will inform them how to report these distributions for federal income tax purposes.

February 28, 2021

	Total Cumulative Distributions for the Fiscal Year-to-Date								% Breakdown of the Total Cumulative Distributions for the Fiscal Year-to-Date
iShares ETF	Net Investment Income		Net Realized Capital Gains		Return of Capital		Total Per Share		Net Investment Income			Net Realized Capital Gains			Return of Capital			Total Per Share
Currency Hedged MSCI Emerging Markets(a)	$	0.252917	$	—	$	0.060069	$	0.312986		81	%		—	%		19	%		100	%
MSCI Emerging Markets(a)		0.419251		—		0.099643		0.518894		81			—			19			100

^(a)  The Fund estimates that it has distributed more than its net investment income and net realized capital gains; therefore, a portion of the distribution may be a return of capital. A return of capital may occur, for example, when some or all of the shareholder’s investment in the Fund is returned to the shareholder. A return of capital does not necessarily reflect the Fund’s investment performance and should not be confused with “yield” or “income”. When distributions exceed total return performance, the difference will incrementally reduce the Fund’s net asset value per share.

SUPPLEMENTAL   INFORMATION 41

General Information

Electronic Delivery

Shareholders can sign up for email 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.

42 2 0 2 1   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Glossary of Terms Used in this Report

Portfolio Abbreviations - Equity
ADR	American Depositary Receipt
CPO	Certificates of Participation (Ordinary)
GDR	Global Depositary Receipt
JSC	Joint Stock Company
NVDR	Non-Voting Depositary Receipt
NVS	Non-Voting Shares
PJSC	Public Joint Stock Company
Currency Abbreviations
BRL	Brazilian Real
CLP	Chilean Peso
CNY	Chinese Yuan
EUR	Euro
HKD	Hong Kong Dollar
INR	Indian Rupee
KRW	South Korean Won
MXN	Mexican Peso
MYR	Malaysian Ringgit
RUB	New Russian Ruble
THB	Thai Baht
TRY	Turkish Lira
TWD	New Taiwan Dollar
USD	United States Dollar
ZAR	South African Rand

Counterparty Abbreviations
MS	Morgan Stanley & Co. International PLC

GLOSSARY  OF  TERMS  USED  IN  THIS  REPORT 43

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.

©2021 BlackRock, Inc. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.

iS-SAR-805-0221

FEBRUARY 28, 2021

2021 Semi-Annual Report

(Unaudited)

iShares, Inc.

🌑 iShares ESG Aware MSCI EM ETF | ESGE | NASDAQ

🌑 iShares MSCI Emerging Markets ex China ETF | EMXC | NASDAQ

🌑 iShares MSCI Emerging Markets Min Vol Factor ETF | EEMV | Cboe BZX

🌑 iShares MSCI Emerging Markets Multifactor ETF | EMGF | Cboe BZX

🌑 iShares MSCI Global Min Vol Factor ETF | ACWV | Cboe BZX

The Markets in Review

Dear Shareholder,

The 12-month reporting period as of February 28, 2021 reflected a remarkable period of disruption and adaptation, as the global economy dealt with the implications of the coronavirus (or “COVID-19”) pandemic. As the period began, the threat from the virus was becoming increasingly apparent, and countries around the world took economically disruptive countermeasures. Stay-at-home orders and closures of non-essential businesses became widespread, many workers were laid off, and unemployment claims spiked, causing a global recession and a sharp fall in equity prices.

After markets hit their lowest point of the reporting period in late March 2020, a steady recovery ensued, as businesses began to re-open and governments learned to adapt to life with the virus. Equity prices continued to rise throughout the summer, fed by strong fiscal and monetary support and improving economic indicators. Many equity indices neared or surpassed all-time highs late in the reporting period following the implementation of mass vaccination campaigns and progress of additional stimulus through the U.S. Congress. In the United States, both large- and small-capitalization stocks posted a significant advance. International equities also gained, as both developed countries and emerging markets rebounded substantially from lows in late March 2020.

During the market downturn, the performance of different types of fixed-income securities initially diverged due to a reduced investor appetite for risk. U.S. Treasuries benefited from the risk-off environment, as the 10-year U.S. Treasury yield (which is inversely related to bond prices) dropped to historic lows. However, inflation risk from a rapidly expanding economy raised yields late in the reporting period, leading to a negative overall return for most U.S. Treasuries. In the corporate bond market, support from the U.S. Federal Reserve (the “Fed”) assuaged credit concerns and both investment-grade and high-yield bonds recovered to post positive returns.

Following the coronavirus outbreak, the Fed instituted two emergency interest rate cuts, pushing short-term interest rates, already low as the year began, close to zero. To stabilize credit markets, the Fed also implemented a new bond-buying program, as did several other central banks around the world, including the European Central Bank and the Bank of Japan.

Looking ahead, while coronavirus-related disruptions have clearly hindered worldwide economic growth, we believe that the global expansion will continue to accelerate as vaccination efforts ramp up and pent-up consumer demand leads to higher spending. In early 2021, Congress passed one of the largest economic rescue packages in U.S. history, which should provide a solid tailwind for economic growth. Inflation is likely to increase somewhat as the expansion continues, but a shift in central bank policy means that moderate inflation is less likely to be followed by interest rate hikes that could threaten the equity expansion.

Overall, we favor a positive stance toward risk, with an overweight in equities. We see U.S. and Asian equities outside of Japan benefiting from structural growth trends in tech, while emerging markets should be particularly helped by a vaccine-led economic expansion. While we are neutral overall on credit, rising inflation should provide tailwinds for inflation-protected bonds, and global high-yield and Asian bonds also present attractive opportunities. We believe that international diversification and a focus on sustainability can help provide portfolio resilience, and the disruption created by the coronavirus appears to be accelerating the shift toward sustainable investments.

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

Sincerely,

Rob Kapito

President, BlackRock, Inc.

Rob Kapito

President, BlackRock, Inc.

Total Returns as of February 28, 2021
	6-Month		12-Month
U.S. large cap equities (S&P 500® Index)		9.74%	31.29%
U.S. small cap equities (Russell 2000® Index)		41.69	51.00
International equities (MSCI Europe, Australasia, Far East Index)		14.33	22.46
Emerging market equities (MSCI Emerging Markets Index)		22.32	36.05
3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)		0.06	0.40
U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)		(6.34)	(1.96)
U.S. investment grade bonds (Bloomberg Barclays U.S. Aggregate Bond Index)		(1.55)	1.38
Tax-exempt municipal bonds (S&P Municipal Bond Index)		0.92	1.22
U.S. high yield bonds (Bloomberg Barclays U.S. Corporate High Yield 2% Issuer Capped Index)		6.08	9.31
Past performance is no guarantee of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.

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

Table of Contents

	Page
The Markets in Review	2
Fund Summary	4
About Fund Performance	9
Shareholder Expenses	9
Schedules of Investments	10
Financial Statements
Statements of Assets and Liabilities	39
Statements of Operations	41
Statements of Changes in Net Assets	43
Financial Highlights	46
Notes to Financial Statements	51
Statement Regarding Liquidity Risk Management Program	61
Supplemental Information	62
General Information	63
Glossary of Terms Used in this Report	64

Fund Summary as of February 28, 2021 iShares^® ESG Aware MSCI EM ETF

Investment Objective

The iShares ESG Aware MSCI EM ETF (the “Fund”) (formerly the iShares ESG MSCI EM ETF) seeks to track the investment results of an index composed of large- and mid-capitalization emerging market equities that have positive environmental, social and governance characteristics, as represented by the MSCI Emerging Markets Extended ESG Focus Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

				Average Annual Total Returns						Cumulative Total Returns
	6 Months			1 Year			Since Inception			1 Year			Since Inception
Fund NAV		21.91	%		35.82	%		14.45	%		35.82	%		87.92	%
Fund Market		22.25			35.72			14.54			35.72			88.59
Index		22.43			36.64			15.05			36.64			92.52

The inception date of the Fund was 6/28/16. The first day of secondary market trading was 6/30/16.

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

Index performance through May 31, 2018 reflects the performance of the MSCI Emerging Markets ESG Focus Index. Index performance beginning on June 1, 2018 reflects the performance of the MSCI Emerging Markets Extended ESG Focus Index.

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

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value (09/01/20)	Ending Account Value (02/28/21)	Expenses Paid During the Period	(a)		Beginning Account Value (09/01/20)	Ending Account Value (02/28/21)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$      1,000.00	$      1,219.10	$        1.38			$      1,000.00	$      1,023.60	$        1.25		0.25	%

^(a) Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (181 days) and divided by the number of days in the year (365 days). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” on page 9 for more information.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of Total Investments	(a)
Information Technology	21.7	%
Financials	21.6
Consumer Discretionary	17.8
Communication Services	11.8
Consumer Staples	5.7
Materials	5.7
Energy	5.1
Health Care	4.3
Industrials	3.7
Utilities	1.3
Real Estate	1.3

TEN LARGEST GEOGRAPHIC ALLOCATION

Country/Geographic Region	Percent of Total Investments	(a)
China	37.6	%
Taiwan	15.0
South Korea	13.0
India	9.2
South Africa	4.1
Brazil	3.5
Russia	2.9
Malaysia	2.6
Thailand	2.5
Saudi Arabia	2.1

^(a) Excludes money market funds.

4 2 0 2 1   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Fund Summary as of February 28, 2021 iShares^® MSCI Emerging Markets ex China ETF

Investment Objective

The iShares MSCI Emerging Markets ex China ETF (the “Fund”) seeks to track the investment results of an index composed of large- and mid-capitalization emerging market equities, excluding China, as represented by the MSCI Emerging Markets ex China Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

				Average Annual Total Returns						Cumulative Total Returns
	6 Months			1 Year			Since Inception			1 Year			Since Inception
Fund NAV		27.13	%		31.55	%		6.48	%		31.55	%		25.49	%
Fund Market		26.33			28.67			6.49			28.67			25.54
Index		27.77			31.97			6.84			31.97			27.04

The inception date of the Fund was 7/18/17. The first day of secondary market trading was 7/20/17.

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.

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

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value (09/01/20)	Ending Account Value (02/28/21)	Expenses Paid During the Period	(a)(b)		Beginning Account Value (09/01/20)	Ending Account Value (02/28/21)	Expenses Paid During the Period	(a)(b)	Annualized Expense Ratio	(a)
	$      1,000.00	$      1,271.30	$        0.90			$      1,000.00	$      1,024.00	$        0.80		0.16	%

^(a) Annualized expense ratio and expenses paid during the period do not include fees and expenses of the underlying fund in which the Fund invests.

^(b) Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (181 days) and divided by the number of days in the year (365 days). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” on page 9 for more information.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of Total Investments	(a)
Information Technology	28.3	%
Financials	15.9
Exchanged-Traded Funds	15.5
Materials	10.0
Consumer Discretionary	6.4
Communication Services	5.9
Energy	5.0
Consumer Staples	4.7
Industrials	3.5
Health Care	2.4
Utilities	1.5
Real Estate	0.9

TEN LARGEST GEOGRAPHIC ALLOCATION

Country/Geographic Region	Percent of Total Investments	(a)
Taiwan	22.6	%
South Korea	21.8
India	15.4
Brazil	7.0
South Africa	5.9
Russia	4.8
Saudi Arabia	4.2
Thailand	2.9
Mexico	2.7
Malaysia	2.3

^(a)  Excludes money market funds.

FUND   SUMMARY 5

Fund Summary as of February 28, 2021  iShares^® MSCI Emerging Markets Min Vol Factor ETF

Investment Objective

The iShares MSCI Emerging Markets Min Vol Factor ETF (the “Fund”) (formerly the iShares Edge MSCI Min Vol Emerging Markets ETF) seeks to track the investment results of an index composed of emerging market equities that, in the aggregate, have lower volatility characteristics relative to the broader emerging equity markets, as represented by the MSCI Emerging Markets Minimum Volatility (USD) Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

				Average Annual Total Returns									Cumulative Total Returns
	6 Months			1 Year			5 Years			Since Inception			1 Year			5 Years			Since Inception
Fund NAV		13.43	%		20.53	%		8.72	%		5.19	%		20.53	%		51.91	%		60.65	%
Fund Market		13.64			19.85			8.54			5.15			19.85			50.65			60.05
Index		13.99			21.17			9.08			5.46			21.17			54.40			64.53

The inception date of the Fund was 10/18/11. The first day of secondary market trading was 10/20/11.

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

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value (09/01/20)	Ending Account Value (02/28/21)	Expenses Paid During the Period	(a)		Beginning Account Value (09/01/20)	Ending Account Value (02/28/21)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$       1,000.00	$      1,134.30	$        1.32			$      1,000.00	$      1,023.60	$       1.25		0.25	%

^(a)  Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (181 days) and divided by the number of days in the year (365 days). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” on page 9 for more information.

Portfolio Information

ALLOCATION BY SECTOR
Sector	Percent of Total Investments	(a)
Financials	20.8	%
Information Technology	15.4
Communication Services	15.0
Consumer Discretionary	14.7
Consumer Staples	10.3
Health Care	7.1
Utilities	5.0
Materials	4.7
Industrials	4.2
Energy	2.5
Real Estate	0.3

TEN LARGEST GEOGRAPHIC ALLOCATION

Country/Geographic Region	Percent of Total Investments	(a)
China	35.0	%
Taiwan	16.9
India	10.7
Saudi Arabia	7.8
South Korea	7.7
Thailand	4.9
Malaysia	4.5
Qatar	2.1
Philippines	2.1
United Arab Emirates	1.8

^(a)  Excludes money market funds.

6 2 0 2 1   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Fund Summary as of February 28, 2021  iShares^® MSCI Emerging Markets Multifactor ETF

Investment Objective

The iShares MSCI Emerging Markets Multifactor ETF (the “Fund”) (formerly the iShares Edge MSCI Multifactor Emerging Markets ETF) seeks to track the investment results of an index composed of stocks of large- and mid-capitalization companies in emerging markets that have favorable exposure to target style factors subject to constraints, as represented by the MSCI Emerging Markets Diversified Multiple-Factor Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

				Average Annual Total Returns									Cumulative Total Returns
	6 Months			1 Year			5 Years			Since Inception			1 Year			5 Years			Since Inception
Fund NAV		16.88	%		28.36	%		13.01	%		10.57	%		28.36	%		84.36	%		69.10	%
Fund Market		16.88			27.88			13.07			10.69			27.88			84.82			70.01
Index		17.67			29.70			13.54			10.99			29.70			88.69			72.50

The inception date of the Fund was 12/8/15. The first day of secondary market trading was 12/10/15.

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

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value (09/01/20)	Ending Account Value (02/28/21)	Expenses Paid During the Period	(a)		Beginning Account Value (09/01/20)	Ending Account Value (02/28/21)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$      1,000.00	$      1,168.80	$        2.47			$      1,000.00	$     1,022.50	$         2.31		0.46	%

^(a)  Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (181 days) and divided by the number of days in the year (365 days). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” on page 9 for more information.

Portfolio Information

ALLOCATION BY SECTOR
Sector	Percent of Total Investments	(a)
Information Technology	28.6	%
Consumer Discretionary	22.2
Financials	12.4
Materials	9.2
Health Care	7.5
Communication Services	6.5
Industrials	5.2
Consumer Staples	3.7
Real Estate	2.3
Utilities	2.0
Energy	0.4

TEN LARGEST GEOGRAPHIC ALLOCATION

Country/Geographic Region	Percent of Total Investments	(a)
China	42.3	%
Taiwan	15.8
India	12.1
South Korea	10.5
South Africa	6.5
Brazil	3.5
Saudi Arabia	3.3
Qatar	1.7
Malaysia	0.7
Thailand	0.7

^(a)  Excludes money market funds.

FUND   SUMMARY 7

Fund Summary as of February 28, 2021  iShares^® MSCI Global Min Vol Factor ETF

Investment Objective

The iShares MSCI Global Min Vol Factor ETF (the “Fund”) (formerly the iShares Edge MSCI Min Vol Global ETF) seeks to track the investment results of an index composed of developed and emerging market equities that, in the aggregate, have lower volatility characteristics relative to the broader developed and emerging equity markets, as represented by the MSCI ACWI Minimum Volatility (USD) Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

				Average Annual Total Returns									Cumulative Total Returns
	6 Months			1 Year			5 Years			Since Inception			1 Year			5 Years			Since Inception
Fund NAV		2.04	%		6.85	%		8.78	%		9.42	%		6.85	%		52.31	%		132.34	%
Fund Market		1.98			6.39			8.72			9.39			6.39			51.91			131.86
Index		2.02			6.65			8.56			9.16			6.65			50.75			127.26

The inception date of the Fund was 10/18/11. The first day of secondary market trading was 10/20/11.

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

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value (09/01/20)	Ending Account Value (02/28/21)	Expenses Paid During the Period	(a)		Beginning Account Value (09/01/20)	Ending Account Value (02/28/21)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$        1,000.00	$      1,020.40	$         1.00			$      1,000.00	$      1,023.80	$        1.00		0.20	%

^(a)  Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (181 days) and divided by the number of days in the year (365 days). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” on page 9 for more information.

Portfolio Information

ALLOCATION BY SECTOR
Sector	Percent of Total Investments	(a)
Information Technology	17.1	%
Health Care	14.9
Communication Services	13.1
Consumer Staples	11.8
Financials	11.5
Industrials	8.2
Consumer Discretionary	7.5
Utilities	7.5
Materials	5.1
Real Estate	2.8
Energy	0.5

TEN LARGEST GEOGRAPHIC ALLOCATION

Country/Geographic Region	Percent of Total Investments	(a)
United States	51.3	%
Japan	12.0
Switzerland	5.1
Canada	4.5
Taiwan	4.4
China	4.3
India	3.0
Hong Kong	2.8
Denmark	1.6
Saudi Arabia	1.1

^(a)  Excludes money market funds.

8 2 0 2 1   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

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 the 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 by 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. Since shares of a fund may not trade in the secondary market until after the fund’s inception, for the period from inception to the first day of secondary market trading in shares of the fund, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.

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

Shareholder Expenses

As a shareholder of your Fund, you incur two types of costs: (1) transaction costs, including brokerage commissions on purchases and sales of fund shares and (2) ongoing costs, including management fees and other fund expenses. The expense example, which is based on an investment of $1,000 invested at the beginning of the period (or from the commencement of operations if less than 6 months) and held through the end of the period, is intended to help you understand your ongoing costs (in dollars and cents) of investing in your Fund and to compare these costs with the ongoing costs of investing in other funds.

Actual Expenses – The table provides information about actual account values and actual expenses. Annualized expense ratios reflect contractual and voluntary fee waivers, if any. To estimate the expenses that you paid on your account over the period, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number under the heading entitled “Expenses Paid During the Period.”

Hypothetical Example for Comparison Purposes – The table also provides information about hypothetical account values and hypothetical expenses based on your Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses. You may use this information to compare the ongoing costs of investing in your Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as brokerage commissions and other fees paid on purchases and sales of fund shares. Therefore, the hypothetical examples are useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

ABOUT   FUND   PERFORMANCE / SHAREHOLDER   EXPENSES 9

Schedule of Investments (unaudited)  February 28, 2021 iShares^® ESG Aware MSCI EM ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Argentina — 0.1%
Globant SA(a)		34,011	$	7,302,842
Brazil — 2.6%
Atacadao SA		2,000,300		6,823,140
B3 SA - Brasil, Bolsa, Balcao		3,462,800		33,739,163
Banco Bradesco SA		1,889,446		6,980,683
Banco do Brasil SA		3,245,800		16,336,600
Banco Santander Brasil SA		2,290,100		15,364,448
Cosan SA		695,200		10,154,095
CPFL Energia SA		1,241,500		6,429,099
Energisa SA		746,700		5,851,085
Localiza Rent a Car SA		1,798,221		18,714,495
Lojas Renner SA		1,000,610		6,582,098
Natura & Co. Holding SA(a)		1,981,156		16,412,911
Notre Dame Intermedica Participacoes SA		426,800		6,641,264
Telefonica Brasil SA		883,700		6,976,934
Ultrapar Participacoes SA		3,973,300		13,774,173
Via Varejo SA(a)		2,745,500		5,847,621
WEG SA		591,500		8,283,898
				184,911,707
Chile — 0.6%
Cia. Cervecerias Unidas SA		1,550,406		13,388,671
Empresas COPEC SA		798,415		9,010,143
Enel Americas SA		116,160,989		17,693,119
				40,091,933
China — 37.5%
360 Security Technology Inc., Class A		4,561,100		11,332,625
3SBio Inc.(a)(b)		8,332,000		8,291,883
AAC Technologies Holdings Inc.(c)		1,464,500		7,891,368
Agricultural Bank of China Ltd., Class H		27,883,000		10,136,201
Alibaba Group Holding Ltd., ADR(a)		1,604,434		381,470,228
Alibaba Health Information Technology Ltd.(a)		4,882,000		16,362,804
ANTA Sports Products Ltd.		524,000		8,038,312
Baidu Inc., ADR(a)		217,132		61,548,237
Baozun Inc., ADR(a)		149,214		6,853,399
BeiGene Ltd., ADR(a)		33,146		10,606,720
Beijing Oriental Yuhong Waterproof Technology Co. Ltd., Class A		1,953,383		14,237,718
Bilibili Inc., ADR(a)		55,114		6,942,711
BOE Technology Group Co. Ltd., Class A		8,891,800		8,356,839
BYD Co. Ltd., Class A		241,716		7,358,707
BYD Co. Ltd., Class H		912,500		23,196,710
BYD Electronic International Co. Ltd.(c)		1,062,000		5,921,030
CanSino Biologics Inc., Class H(a)(b)		202,600		9,637,234
China Construction Bank Corp., Class H		86,881,000		69,774,940
China Everbright Environment Group Ltd.		16,112,666		9,222,252
China Galaxy Securities Co. Ltd., Class H		12,133,500		7,492,180
China Gas Holdings Ltd.		2,215,200		8,923,795
China International Capital Corp. Ltd., Class H(a)(b)		4,906,400		11,321,464
China Jushi Co. Ltd., Class A		2,290,679		7,936,255
China Lesso Group Holdings Ltd.		7,290,000		13,476,071
China Life Insurance Co. Ltd., Class H		4,771,000		10,061,885
China Medical System Holdings Ltd.		6,130,000		9,577,446
China Mengniu Dairy Co. Ltd.		1,171,000		6,400,433
China Merchants Bank Co. Ltd., Class H		4,502,000		34,560,011
China Merchants Shekou Industrial Zone Holdings Co. Ltd., Class A		5,233,565		10,386,606
China Molybdenum Co. Ltd., Class A		7,107,999		7,349,490

Security	Shares		Value
China (continued)
China Molybdenum Co. Ltd., Class H		15,942,000	$	12,330,499
China Overseas Land & Investment Ltd.		3,107,500		7,867,545
China Pacific Insurance Group Co. Ltd., Class H		2,229,400		10,245,523
China Vanke Co. Ltd., Class H		3,054,100		12,952,863
China Youzan Ltd.(a)		14,916,000		6,383,768
CIFI Holdings Group Co. Ltd.		8,112,000		7,686,027
Contemporary Amperex Technology Co. Ltd., Class A		366,100		18,205,422
Country Garden Services Holdings Co. Ltd.		2,980,000		24,508,885
CSPC Pharmaceutical Group Ltd.		7,881,520		8,229,655
ENN Energy Holdings Ltd.		604,400		9,263,880
Eve Energy Co. Ltd., Class A		542,420		7,157,096
Everbright Securities Co. Ltd., Class A		3,013,897		7,162,822
Fosun International Ltd.		19,272,500		28,918,626
Founder Securities Co. Ltd., Class A(a)		5,197,293		6,897,802
Ganfeng Lithium Co. Ltd., Class A		353,000		5,394,270
Geely Automobile Holdings Ltd.		7,680,000		24,948,726
Genscript Biotech Corp.(a)		4,614,000		7,958,300
GoerTek Inc., Class A		2,033,400		10,041,714
Great Wall Motor Co. Ltd., Class H		3,564,500		10,361,718
Greentown Service Group Co. Ltd.		6,948,000		7,057,854
GSX Techedu Inc., ADR(a)		67,095		6,900,721
Guangzhou Automobile Group Co. Ltd., Class H		7,209,200		6,691,233
Haitong Securities Co. Ltd., Class A		3,542,405		6,609,362
Haitong Securities Co. Ltd., Class H		10,024,000		9,161,654
Hansoh Pharmaceutical Group Co. Ltd.(a)(b)		1,460,000		7,434,240
Huatai Securities Co. Ltd., Class A		2,621,300		6,945,797
Huatai Securities Co. Ltd., Class H(b)		6,718,000		9,993,841
Huaxia Bank Co. Ltd., Class A		12,191,291		11,740,033
Hutchison China MediTech Ltd., ADR(a)		212,974		6,120,873
Industrial & Commercial Bank of China Ltd., Class H		32,791,000		21,389,065
Industrial Bank Co. Ltd., Class A		3,694,368		14,070,851
Innovent Biologics Inc.(a)(b)		584,500		6,020,297
JD Health International Inc.(a)(b)		553,000		10,108,529
JD.com Inc., ADR(a)		719,104		67,502,292
Jinxin Fertility Group Ltd.(b)		3,240,000		7,317,550
Kingboard Laminates Holdings Ltd.		3,908,000		6,670,051
Kingdee International Software Group Co. Ltd.		5,580,000		20,033,001
Kingsoft Cloud Holdings Ltd., ADR(a)		105,863		6,233,213
Kingsoft Corp. Ltd.		1,254,000		8,793,931
Koolearn Technology Holding Ltd.(a)(b)(c)		2,175,500		6,085,628
Lee & Man Paper Manufacturing Ltd.		8,418,000		7,802,332
Lenovo Group Ltd.		24,862,000		31,440,662
Li Ning Co. Ltd.		1,481,000		8,323,925
Longfor Group Holdings Ltd.(b)		1,365,500		8,097,224
Meituan, Class B(a)(b)		3,407,000		149,326,768
Microport Scientific Corp.		1,502,000		8,838,882
NetEase Inc., ADR		372,835		40,955,925
New Oriental Education & Technology Group Inc., ADR(a)		60,379		10,724,518
NIO Inc., ADR(a)(c)		1,156,389		52,939,488
Orient Securities Co. Ltd., Class A		4,732,932		7,004,609
Pinduoduo Inc., ADR(a)		321,842		55,086,477
Ping An Healthcare and Technology Co. Ltd.(a)(b)		416,700		6,021,653
Ping An Insurance Group Co. of China Ltd., Class A		906,501		11,916,287
Ping An Insurance Group Co. of China Ltd., Class H		7,577,000		93,084,378
Shandong Weigao Group Medical Polymer Co. Ltd., Class H		3,740,000		6,421,884
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class A		946,900		6,727,822
Shanghai Pharmaceuticals Holding Co. Ltd., Class H		7,318,100		13,414,811

10 2 0 2 1   I SHARES  SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Schedule of Investments (unaudited) (continued) February 28, 2021 iShares^® ESG Aware MSCI EM ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
China (continued)
Shanghai Pudong Development Bank Co. Ltd., Class A.		4,135,009	$	6,725,926
Shenzhen Inovance Technology Co. Ltd., Class A		1,123,115		14,782,823
Shenzhen Investment Ltd.		50,004,000		17,984,384
Shenzhou International Group Holdings Ltd.		728,500		15,129,052
Sino Biopharmaceutical Ltd.		7,642,000		8,501,674
Sungrow Power Supply Co. Ltd., Class A		747,200		9,972,122
Suning.com Co. Ltd., Class A		9,615,737		10,387,611
Sunny Optical Technology Group Co. Ltd.		793,600		19,846,778
TAL Education Group, ADR(a)		172,580		13,381,853
TCL Technology Group Corp., Class A		9,990,595		12,688,966
Tencent Holdings Ltd.		5,056,300		431,822,562
Tongcheng-Elong Holdings Ltd.(a)		4,895,200		11,497,553
TravelSky Technology Ltd., Class H		3,166,000		7,991,167
Trip.com Group Ltd., ADR(a)(c)		274,301		10,821,174
Unisplendour Corp. Ltd., Class A		3,811,702		12,641,261
Vipshop Holdings Ltd., ADR(a)		478,384		17,853,291
WuXi AppTec Co. Ltd., Class A		366,108		8,117,842
WuXi AppTec Co. Ltd., Class H(b)		310,500		6,472,294
Wuxi Biologics Cayman Inc., New(a)(b)		3,777,000		46,766,080
Xiaomi Corp., Class B(a)(b)		8,593,600		28,027,365
Xinjiang Goldwind Science & Technology Co. Ltd., Class A		3,202,520		7,487,546
Xinjiang Goldwind Science & Technology Co. Ltd., Class H(c)		5,480,136		11,726,976
Xinyi Solar Holdings Ltd.		7,030,000		14,771,668
XPeng Inc., ADR(a)(c)		345,344		11,779,684
Yadea Group Holdings Ltd.(b)		5,466,000		11,894,021
Yum China Holdings Inc.		285,549		17,087,252
Yunnan Baiyao Group Co. Ltd., Class A		421,300		8,504,866
Zai Lab Ltd., ADR(a)		60,352		8,903,127
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class H		5,463,600		8,324,976
				2,614,080,250
Colombia — 0.2%
Bancolombia SA		770,931		6,694,293
Interconexion Electrica SA ESP		1,149,225		7,563,827
				14,258,120
Czech Republic — 0.1%
Moneta Money Bank AS(a)(b)		1,903,618		6,973,623
Egypt — 0.2%
Commercial International Bank Egypt SAE		2,903,236		11,531,579
Greece — 0.2%
OPAP SA		1,050,703		14,207,324
Hungary — 0.4%
MOL Hungarian Oil & Gas PLC(a)		4,222,241		30,492,898
India — 9.2%
Adani Green Energy Ltd.(a)		502,677		7,933,999
Asian Paints Ltd.		975,954		30,243,484
Axis Bank Ltd.(a)		1,503,497		14,829,348
Axis Bank Ltd., GDR(a)(d)		148,974		7,329,521
Bajaj Finance Ltd.		214,904		15,396,994
Bandhan Bank Ltd.(a)(b)		1,545,520		7,261,220
Bharat Petroleum Corp. Ltd.		1,333,550		8,163,536
Bharti Airtel Ltd.		1,363,226		10,319,965
Colgate-Palmolive India Ltd.		519,359		11,175,212
Dabur India Ltd.		4,294,273		29,399,860
Eicher Motors Ltd.		281,800		9,581,622

Security	Shares		Value
India (continued)
HCL Technologies Ltd.		1,552,142	$	19,209,302
HDFC Life Insurance Co. Ltd.(a)(b)		735,072		7,008,617
Hero MotoCorp Ltd.		201,776		8,852,498
Hindalco Industries Ltd.		2,234,203		10,344,799
Hindustan Unilever Ltd.		1,067,370		30,968,037
Housing Development Finance Corp. Ltd.		1,853,416		64,047,963
ICICI Bank Ltd.(a)		3,935,415		32,011,898
Info Edge India Ltd.		129,020		8,621,261
Infosys Ltd.		3,312,209		56,490,325
Kotak Mahindra Bank Ltd.(a)		666,561		16,149,036
Mahindra & Mahindra Ltd.		205,378		2,253,750
Mahindra & Mahindra Ltd., GDR		1,333,549		15,069,104
Marico Ltd.		2,382,518		12,889,298
Nestle India Ltd.		95,612		20,949,938
Piramal Enterprises Ltd.		310,596		7,731,615
Power Grid Corp. of India Ltd.		114,153		332,898
Reliance Industries Ltd.		1,994,966		56,625,163
Reliance Industries Ltd., GDR(b)		176,136		10,110,206
Shriram Transport Finance Co. Ltd.		366,677		6,401,691
State Bank of India(a)		1,402,037		7,443,760
Tata Consultancy Services Ltd.		1,196,999		47,145,325
Tata Consumer Products Ltd.		1,220,782		10,119,607
Titan Co. Ltd.		825,771		15,809,719
UPL Ltd.		1,027,820		7,854,288
Wipro Ltd.		2,316,793		12,935,703
				639,010,562
Indonesia — 1.4%
Aneka Tambang Tbk		36,107,300		7,201,175
Bank Central Asia Tbk PT		14,295,200		33,680,053
Bank Rakyat Indonesia Persero Tbk PT		77,938,700		25,778,882
Kalbe Farma Tbk PT		115,905,200		11,964,933
Telkom Indonesia Persero Tbk PT		33,604,900		8,236,032
Unilever Indonesia Tbk PT		15,332,500		7,537,044
				94,398,119
Kuwait — 0.3%
Kuwait Finance House KSCP		6,444,173		15,373,180
National Bank of Kuwait SAKP		2,908,595		7,928,600
				23,301,780
Malaysia — 2.6%
AMMB Holdings Bhd		8,411,600		6,567,179
Axiata Group Bhd		8,611,400		7,552,927
Hartalega Holdings Bhd(c)		2,449,900		6,052,872
Malayan Banking Bhd		6,287,500		12,474,027
Maxis Bhd(c)		9,734,100		11,423,589
Nestle Malaysia Bhd		926,500		31,566,238
Petronas Dagangan Bhd		4,066,500		20,093,885
PPB Group Bhd(c)		1,832,200		8,528,387
Public Bank Bhd		29,189,900		30,001,231
RHB Bank Bhd		9,448,400		12,652,336
Sime Darby Plantation Bhd		7,730,800		9,359,091
Supermax Corp. Bhd(c)		5,151,553		6,160,226
Telekom Malaysia Bhd		6,282,700		9,530,767
Top Glove Corp. Bhd(c)		4,998,900		6,471,707
				178,434,462
Mexico — 1.4%
Cemex SAB de CV, CPO, NVS(a)		14,778,700		9,852,231
Coca-Cola Femsa SAB de CV		2,373,700		9,965,669
Fomento Economico Mexicano SAB de CV		3,068,500		21,005,002
Grupo Bimbo SAB de CV, Series A		3,819,900		7,179,267

SCHEDULE  OF   INVESTMENTS 11

Schedule of Investments (unaudited) (continued) February 28, 2021 iShares^® ESG Aware MSCI EM ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Mexico (continued)
Grupo Financiero Banorte SAB de CV, Class O(a)		3,582,100	$	17,997,438
Infraestructura Energetica Nova SAB de CV(a)		4,850,700		16,890,054
Wal-Mart de Mexico SAB de CV		5,593,200		15,963,376
				98,853,037
Peru — 0.3%
Credicorp Ltd.		114,806		18,370,108
Philippines — 0.1%
Bank of the Philippine Islands		3,872,760		7,103,785
Poland — 0.7%
Bank Polska Kasa Opieki SA(a)		406,557		7,400,280
CD Projekt SA(a)		103,188		6,554,521
KGHM Polska Miedz SA(a)		471,133		23,950,020
Polski Koncern Naftowy ORLEN SA		696,393		11,000,796
				48,905,617
Qatar — 0.8%
Commercial Bank PSQC (The)		11,051,082		12,809,032
Qatar Fuel QSC		810,394		3,704,558
Qatar National Bank QPSC		8,112,396		37,897,100
				54,410,690
Russia — 2.8%
Gazprom PJSC		9,235,750		27,123,336
Gazprom PJSC, ADR		82,880		480,704
LUKOIL PJSC		676,946		50,890,718
Novatek PJSC, GDR(d)		143,736		24,492,614
Novolipetsk Steel PJSC		5,041,280		15,141,932
Polymetal International PLC		692,849		13,794,237
Polyus PJSC		85,162		16,046,960
Rosneft Oil Co. PJSC		254,010		1,792,170
Rosneft Oil Co. PJSC, GDR(d)		440,748		3,047,332
Sberbank of Russia PJSC		9,480,710		34,346,150
Yandex NV, Class A(a)		181,322		11,713,590
				198,869,743
Saudi Arabia — 2.1%
Al Rajhi Bank		630,436		15,296,541
Almarai Co. JSC		705,846		9,598,226
Arab National Bank		249,419		1,287,495
Bank AlBilad		914,367		8,033,167
Dr Sulaiman Al Habib Medical Services Group Co.		293,696		9,318,711
Samba Financial Group		1,213,698		10,921,826
Saudi Arabian Mining Co.(a)		993,346		13,613,647
Saudi Arabian Oil Co.(b)		1,986,888		18,303,421
Saudi Basic Industries Corp.		1,598,555		45,435,532
Saudi British Bank (The)		1,073,218		6,913,464
Savola Group (The)		710,023		7,127,680
				145,849,710
South Africa — 4.1%
Absa Group Ltd.		843,628		6,758,493
Clicks Group Ltd.		643,341		10,396,246
FirstRand Ltd.		2,383,431		7,918,412
Gold Fields Ltd.		1,296,488		10,766,511
Growthpoint Properties Ltd.		8,408,406		7,588,869
Impala Platinum Holdings Ltd.		665,292		10,808,511
Kumba Iron Ore Ltd.		361,135		15,474,234
MTN Group Ltd.		1,415,037		6,791,057
MultiChoice Group		797,072		6,717,586
Naspers Ltd., Class N		425,924		98,928,257
Nedbank Group Ltd.		758,315		6,540,146

Security	Shares		Value
South Africa (continued)
NEPI Rockcastle PLC		2,225,554	$	13,632,873
Old Mutual Ltd.		26,459,078		23,495,888
Sibanye Stillwater Ltd.		1,886,488		8,721,095
Standard Bank Group Ltd.		1,729,055		15,182,921
Vodacom Group Ltd.		3,271,068		26,904,986
Woolworths Holdings Ltd.		3,641,325		11,090,159
				287,716,244
South Korea — 12.1%
Amorepacific Corp.		64,905		13,547,150
AMOREPACIFIC Group		303,755		17,492,611
Celltrion Inc.(a)		37,063		9,814,190
CJ CheilJedang Corp.		39,524		14,300,406
Hankook Tire & Technology Co. Ltd.		264,292		11,209,180
Hanwha Solutions Corp.(a)		166,579		6,679,469
Hyundai Marine & Fire Insurance Co. Ltd.		424,567		8,275,939
Hyundai Motor Co.		68,545		14,459,426
Kakao Corp.		40,642		17,653,134
KB Financial Group Inc.		644,036		25,107,946
LG Chem Ltd.		44,594		32,984,080
LG Corp.		107,080		8,949,543
LG Display Co. Ltd.(a)		870,450		17,509,720
LG Electronics Inc.		159,269		20,768,054
LG Household & Health Care Ltd.		12,437		16,748,715
LG Innotek Co. Ltd.		43,331		7,675,006
NAVER Corp.		145,535		48,576,435
NCSoft Corp.		15,046		12,534,985
POSCO		99,287		24,876,983
Samsung Biologics Co. Ltd.(a)(b)		11,387		7,601,469
Samsung C&T Corp.		79,108		8,555,071
Samsung Card Co. Ltd.		327,162		9,595,005
Samsung Electro-Mechanics Co. Ltd.		57,059		9,624,104
Samsung Electronics Co. Ltd.		3,714,800		272,782,376
Samsung Fire & Marine Insurance Co. Ltd.		64,914		9,995,658
Samsung Life Insurance Co. Ltd.		124,078		8,282,911
Samsung SDI Co. Ltd.		72,902		43,734,711
Samsung SDS Co. Ltd.		49,430		8,557,307
Shinhan Financial Group Co. Ltd.(a)		1,058,739		31,050,690
SK Holdings Co. Ltd.		77,281		18,056,308
SK Hynix Inc.		452,332		56,969,273
SK Innovation Co. Ltd.(a)		72,300		16,763,818
SK Telecom Co. Ltd.		73,065		16,095,761
				846,827,434
Taiwan — 14.9%
Acer Inc.		19,661,000		18,953,338
Cathay Financial Holding Co. Ltd.		26,898,110		40,512,547
Chailease Holding Co. Ltd.		1,212,352		7,486,744
China Steel Corp.		7,648,000		6,796,087
Chunghwa Telecom Co. Ltd.		7,224,000		28,400,610
CTBC Financial Holding Co. Ltd.		53,866,000		38,679,472
Delta Electronics Inc.		3,095,000		31,169,464
E.Sun Financial Holding Co. Ltd.		37,878,509		34,339,192
Evergreen Marine Corp. Taiwan Ltd.(a)		8,417,000		11,468,455
First Financial Holding Co. Ltd.		51,179,960		38,312,617
Fubon Financial Holding Co. Ltd.		16,425,000		29,426,712
Hiwin Technologies Corp.		584,821		8,377,832
Hon Hai Precision Industry Co. Ltd.		3,746,000		15,063,352
Hotai Motor Co. Ltd.		472,000		10,015,331
Lite-On Technology Corp.		8,300,039		17,701,187
MediaTek Inc.		1,226,000		39,439,763

12 2 0 2 1   I SHARES  SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Schedule of Investments (unaudited) (continued) February 28, 2021 iShares^® ESG Aware MSCI EM ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Taiwan (continued)
Mega Financial Holding Co. Ltd.		12,001,000	$	12,581,607
President Chain Store Corp.		3,153,000		29,659,312
Taishin Financial Holding Co. Ltd.		75,652,224		35,174,448
Taiwan Business Bank		30,113,875		10,238,880
Taiwan Semiconductor Manufacturing Co. Ltd.		23,003,000		500,487,138
Unimicron Technology Corp.		2,351,000		8,229,872
United Microelectronics Corp.		10,363,000		20,166,039
Win Semiconductors Corp.		587,000		8,019,154
Wistron Corp.		18,470,768		21,221,240
Yageo Corp.		452,000		9,623,409
Yuanta Financial Holding Co. Ltd.		11,966,040		9,129,462
				1,040,673,264
Thailand — 2.5%
Advanced Info Service PCL, NVDR		1,376,500		7,404,700
Bangkok Dusit Medical Services PCL, NVDR		17,837,000		11,595,382
BTS Group Holdings PCL, NVDR		41,543,600		12,693,028
Central Pattana PCL, NVDR		3,908,200		6,732,648
Home Product Center PCL, NVDR		18,260,200		7,893,878
Intouch Holdings PCL, NVDR		3,594,300		6,513,170
Kasikornbank PCL, Foreign		1,951,000		8,973,192
Kasikornbank PCL, NVDR		1,693,200		7,787,498
Minor International PCL, NVDR(a)		15,984,300		15,716,370
PTT Exploration & Production PCL, NVDR		3,534,100		13,210,216
PTT Global Chemical PCL, NVDR		3,668,900		7,483,122
PTT PCL, NVDR		18,056,900		23,476,666
Siam Cement PCL (The), NVDR		1,947,300		23,165,794
Siam Commercial Bank PCL (The), NVDR		3,428,400		11,477,887
Total Access Communication PCL, NVDR		7,586,800		7,829,529
				171,953,080
Turkey — 0.2%
Turkcell Iletisim Hizmetleri AS		5,957,144		12,728,597
United Arab Emirates — 0.5%
Abu Dhabi Commercial Bank PJSC		6,142,627		10,502,075
First Abu Dhabi Bank PJSC		6,683,513		26,747,517
				37,249,592
Total Common Stocks — 97.9% (Cost: $5,361,470,806)				6,828,506,100
Preferred Stocks
Brazil — 0.9%
Banco Bradesco SA, Preference Shares, NVS		6,868,470		28,346,204
Cia. Energetica de Minas Gerais, Preference Shares, NVS		5,789,023		12,423,487
Itau Unibanco Holding SA, Preference Shares, NVS		2,175,310		9,972,846

Security	Shares		Value
Brazil (continued)
Itausa SA, Preference Shares, NVS		3,983,531	$	7,112,108
				57,854,645
Colombia — 0.1%
Bancolombia SA, Preference Shares, NVS		929,520		7,968,563
South Korea — 0.8%
LG Household & Health Care Ltd., Preference Shares, NVS		12,742		7,995,648
Samsung Electronics Co. Ltd., Preference Shares, NVS		769,351		49,852,027
				57,847,675
Total Preferred Stocks — 1.8% (Cost: $111,099,014)				123,670,883
Rights
China — 0.0%
Legend Holdings Corp., Class H (Expires 05/19/23)(a)		29,546		0	(e)
Total Rights — 0.0% (Cost: $0)				0	(e)
Short-Term Investments
Money Market Funds — 0.6%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.12%(f)(g)(h)		43,107,878		43,133,742
Total Short-Term Investments — 0.6% (Cost: $43,125,181)				43,133,742
Total Investments in Securities — 100.3% (Cost: $5,515,695,001)				6,995,310,725
Other Assets, Less Liabilities — (0.3)%				(19,708,767	)
Net Assets — 100.0%			$	6,975,601,958

^(a)  Non-income producing security.

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

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

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

^(e)  Rounds to less than $1.

^(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 cash collateral received from loaned securities.

SCHEDULE  OF   INVESTMENTS 13

Schedule of Investments (unaudited) (continued) February 28, 2021 iShares^® ESG Aware MSCI EM ETF

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 2021 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 08/31/20		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 02/28/21		Shares Held at 02/28/21		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	16,678,651	$	26,464,161	(a)	$	—		$	(5,613	)	$	(3,457	)	$	43,133,742		43,107,878	$	474,104	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares(c)		3,950,000		—			(3,950,000	)(a)		—			—			—		—		3,715			—
									$	(5,613	)	$	(3,457	)	$	43,133,742			$	477,819		$	—

^(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.

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
MSCI Emerging Markets E-Mini Index		377		03/19/21	$	25,223	$	(444,440	)

Derivative Financial Instruments Categorized by Risk Exposure

As of February 28, 2021, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

	Equity Contracts		��
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	444,440

^(a)  Net cumulative 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 six months ended February 28, 2021, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	1,429,810
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(628,557	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	11,323,788

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

Fair Value Measurements

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

14 2 0 2 1   I SHARES  SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Schedule of Investments (unaudited) (continued) February 28, 2021 iShares^® ESG Aware MSCI EM ETF

Fair Value Measurements (continued)

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of February 28, 2021. The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.

	Level 1			Level 2			Level 3		Total
Investments
Assets
Common Stocks	$	6,656,553,020		$	171,953,080		$	—	$	6,828,506,100
Preferred Stocks		123,670,883			—			—		123,670,883
Rights		—			0	(a)		—		0	(a)
Money Market Funds		43,133,742			—			—		43,133,742
	$	6,823,357,645		$	171,953,080		$	—	$	6,995,310,725
Derivative financial instruments(b)
Liabilities
Futures Contracts	$	(444,440	)	$	—		$	—	$	(444,440	)

^(a)  Rounds to less than $1.

^(b)  Shown at the unrealized appreciation (depreciation) on the contracts.

See notes to financial statements.

SCHEDULE  OF   INVESTMENTS 15

Schedule of Investments (unaudited) February 28, 2021 iShares^® MSCI Emerging Markets ex China ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Argentina — 0.2%
Globant SA(a)		2,706	$	581,032
Telecom Argentina SA, ADR		7,741		46,137
YPF SA, ADR(a)		21,301		92,233
				719,402
Brazil — 5.3%
Ambev SA		411,800		1,035,956
Atacadao SA		35,500		121,093
B2W Cia. Digital(a)		21,368		314,402
B3 SA - Brasil, Bolsa, Balcao		172,000		1,675,851
Banco Bradesco SA		99,628		368,082
Banco BTG Pactual SA		21,300		388,465
Banco do Brasil SA		63,900		321,618
Banco Inter SA		3,515		98,000
Banco Santander Brasil SA		28,400		190,538
BB Seguridade Participacoes SA		49,700		226,783
BRF SA(a)		50,021		194,230
CCR SA		106,500		214,986
Centrais Eletricas Brasileiras SA		35,591		206,979
Cia. de Saneamento Basico do Estado de Sao Paulo		28,400		187,531
Cia. Siderurgica Nacional SA		63,900		376,884
Cosan SA		14,200		207,405
CPFL Energia SA		19,100		98,909
Energisa SA		14,200		111,270
Engie Brasil Energia SA		21,300		157,274
Equatorial Energia SA		85,200		307,286
Hapvida Participacoes e Investimentos SA(b)		106,500		296,202
Hypera SA		31,600		185,867
JBS SA		99,400		460,521
Klabin SA		56,800		300,355
Localiza Rent a Car SA		50,640		527,022
Lojas Americanas SA		301		1,345
Lojas Renner SA		71,030		467,241
Magazine Luiza SA		244,200		1,059,520
Natura & Co. Holding SA(a)		78,194		647,799
Notre Dame Intermedica Participacoes SA		42,600		662,882
Petrobras Distribuidora SA		71,000		253,778
Petroleo Brasileiro SA		319,500		1,269,848
Raia Drogasil SA		92,900		387,233
Rumo SA(a)		113,600		368,947
Sul America SA		21,402		126,841
Suzano SA(a)		60,821		798,535
Telefonica Brasil SA		42,600		336,333
TIM SA		78,128		179,442
TOTVS SA		13,800		77,703
Ultrapar Participacoes SA		63,900		221,521
Vale SA		308,871		5,238,512
Via Varejo SA(a)		113,800		242,382
WEG SA		71,040		994,908
				21,908,279
Chile — 0.7%
Banco de Chile		3,026,527		331,919
Banco de Credito e Inversiones SA		4,686		203,466
Banco Santander Chile		5,806,238		332,395
Cencosud SA		96,802		189,744
Cencosud Shopping SA		42,032		83,114
Cia. Cervecerias Unidas SA		17,395		150,216
Empresas CMPC SA		93,380		272,481
Empresas COPEC SA		36,991		417,445

Security	Shares		Value
Chile (continued)
Enel Americas SA		3,377,778	$	514,488
Enel Chile SA(a)		2,540,877		187,974
Falabella SA		73,840		306,216
				2,989,458
China — 0.1%
Silergy Corp		6,000		577,327
Colombia — 0.2%
Bancolombia SA		28,045		243,526
Ecopetrol SA		418,332		260,293
Interconexion Electrica SA ESP		48,848		321,502
				825,321
Czech Republic — 0.2%
CEZ AS(c)		12,922		316,984
Komercni Banka AS(a)		7,242		227,688
Moneta Money Bank AS(a)(b)		64,042		234,608
				779,280
Egypt — 0.1%
Commercial International Bank Egypt SAE		76,596		304,238
Eastern Co. SAE		67,062		63,431
				367,669
Greece — 0.1%
Hellenic Telecommunications Organization SA		14,136		218,596
JUMBO SA		5,421		89,620
OPAP SA		10,522		142,276
				450,492
Hungary — 0.4%
MOL Hungarian Oil & Gas PLC(a)		33,796		244,074
OTP Bank Nyrt(a)		20,945		957,679
Richter Gedeon Nyrt		11,715		336,302
				1,538,055
Indonesia — 2.1%
Adaro Energy Tbk PT		1,065,000		88,251
Astra International Tbk PT		1,767,900		670,412
Bank Central Asia Tbk PT		859,100		2,024,073
Bank Mandiri Persero Tbk PT		1,604,600		692,998
Bank Negara Indonesia Persero Tbk PT		575,100		240,298
Bank Rakyat Indonesia Persero Tbk PT		4,700,200		1,554,631
Barito Pacific Tbk PT(a)		2,513,400		194,153
Charoen Pokphand Indonesia Tbk PT		674,500		291,304
Gudang Garam Tbk PT(a)		35,500		90,994
Indah Kiat Pulp & Paper Corp. Tbk PT		333,700		308,743
Indocement Tunggal Prakarsa Tbk PT		121,100		106,303
Indofood CBP Sukses Makmur Tbk PT		199,700		120,255
Indofood Sukses Makmur Tbk PT		340,800		144,792
Kalbe Farma Tbk PT		1,838,900		189,830
Merdeka Copper Gold Tbk PT(a)		1,143,100		227,175
Perusahaan Gas Negara Tbk PT		695,800		70,362
Semen Indonesia Persero Tbk PT		228,200		163,458
Telkom Indonesia Persero Tbk PT		3,912,500		958,892
Unilever Indonesia Tbk PT		668,000		328,371
United Tractors Tbk PT		134,900		213,623
				8,678,918
Kuwait — 0.8%
Agility Public Warehousing Co. KSC		93,225		203,299
Boubyan Bank KSCP		107,922		196,838
Gulf Bank KSCP		243,104		173,502
Kuwait Finance House KSCP		349,746		834,352

16 2 0 2 1   I SHARES  SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Schedule of Investments (unaudited) (continued) February 28, 2021 iShares^® MSCI Emerging Markets ex China ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Kuwait (continued)
Mabanee Co. KPSC		43,107	$	99,987
Mobile Telecommunications Co. KSC		200,370		415,107
National Bank of Kuwait SAKP		494,728		1,348,589
				3,271,674
Malaysia — 2.3%
Axiata Group Bhd		276,900		242,865
CIMB Group Holdings Bhd		418,900		448,138
Dialog Group Bhd		312,400		249,303
DiGi.Com Bhd		262,700		240,146
Gamuda Bhd		227,200		186,924
Genting Bhd		241,400		274,948
Genting Malaysia Bhd		284,000		202,782
Hartalega Holdings Bhd		156,200		385,917
Hong Leong Bank Bhd		36,800		163,657
IHH Healthcare Bhd		213,000		267,335
IOI Corp. Bhd		149,100		157,665
Kossan Rubber Industries(c)		134,900		131,650
Kuala Lumpur Kepong Bhd		49,700		288,561
Malayan Banking Bhd		347,900		690,213
Malaysia Airports Holdings Bhd		99,544		147,318
Maxis Bhd		241,400		283,298
MISC Bhd		127,800		214,079
Nestle Malaysia Bhd		7,100		241,900
Petronas Chemicals Group Bhd		198,800		364,937
Petronas Dagangan Bhd		18,600		91,909
Petronas Gas Bhd		71,000		287,684
PPB Group Bhd		63,940		297,623
Press Metal Aluminium Holdings Bhd		156,200		373,954
Public Bank Bhd		1,052,000		1,081,240
RHB Bank Bhd		142,000		190,152
Sime Darby Bhd		227,800		127,759
Sime Darby Plantation Bhd		220,100		266,458
Supermax Corp. Bhd(c)		150,029		179,405
Telekom Malaysia Bhd		120,700		183,100
Tenaga Nasional Bhd		213,000		531,513
Top Glove Corp. Bhd(c)		426,000		551,511
				9,343,944
Mexico — 2.7%
America Movil SAB de CV, Series L, NVS		2,861,700		1,832,484
Arca Continental SAB de CV		42,600		193,071
Cemex SAB de CV, CPO, NVS(a)		1,242,500		828,314
Coca-Cola Femsa SAB de CV		49,700		208,659
Fibra Uno Administracion SA de CV		198,800		224,940
Fomento Economico Mexicano SAB de CV		170,400		1,166,450
Gruma SAB de CV, Class B		18,460		201,298
Grupo Aeroportuario del Pacifico SAB de CV, Class B(a)		35,500		359,304
Grupo Aeroportuario del Sureste SAB de CV, Class B(a)		18,140		339,568
Grupo Bimbo SAB de CV, Series A		149,102		280,228
Grupo Financiero Banorte SAB de CV, Class O(a)		214,600		1,078,208
Grupo Financiero Inbursa SAB de CV, Class O(a)		149,100		134,479
Grupo Mexico SAB de CV, Series B		276,900		1,315,343
Grupo Televisa SAB, CPO(a)		235,200		350,148
Industrias Penoles SAB de CV(a)		12,787		175,595
Infraestructura Energetica Nova SAB de CV(a)		28,400		98,888
Kimberly-Clark de Mexico SAB de CV, Class A		134,900		215,796
Megacable Holdings SAB de CV, CPO		35,500		122,643
Orbia Advance Corp. SAB de CV		92,300		215,362
Promotora y Operadora de Infraestructura SAB de CV		17,430		128,267
Telesites SAB de CV(a)		120,700		106,613

Security	Shares		Value
Mexico (continued)
Wal-Mart de Mexico SAB de CV		468,600	$	1,337,417
				10,913,075
Pakistan — 0.0%
MCB Bank Ltd.		32,873		38,071
Peru — 0.4%
Cia. de Minas Buenaventura SAA, ADR(a)		18,460		204,168
Credicorp Ltd.		5,751		920,217
Southern Copper Corp.		7,881		562,152
				1,686,537
Philippines — 1.1%
Aboitiz Equity Ventures Inc.		199,050		172,917
Ayala Corp.		26,270		404,987
Ayala Land Inc.		710,200		571,585
Bank of the Philippine Islands		149,100		273,493
BDO Unibank Inc.		161,170		350,442
Globe Telecom Inc.		3,195		133,410
GT Capital Holdings Inc.		9,944		114,668
International Container Terminal Services Inc.		90,880		224,578
JG Summit Holdings Inc.		299,680		398,070
Jollibee Foods Corp.		44,020		162,399
Metro Pacific Investments Corp.		1,278,600		107,253
Metropolitan Bank & Trust Co.		113,647		118,753
PLDT Inc.		7,100		188,475
SM Investments Corp.		23,520		489,111
SM Prime Holdings Inc.		951,400		708,844
Universal Robina Corp.		91,590		241,056
				4,660,041
Poland — 1.1%
Allegro.eu SA(a)(b)		25,986		448,727
Bank Polska Kasa Opieki SA(a)		15,691		285,613
CD Projekt SA(a)(c)		5,538		351,775
Dino Polska SA(a)(b)		3,479		229,953
KGHM Polska Miedz SA(a)		11,999		609,969
LPP SA(a)		142		298,311
Orange Polska SA(a)		61,770		104,724
PGE Polska Grupa Energetyczna SA(a)		82,360		146,951
Polski Koncern Naftowy ORLEN SA		28,258		446,387
Polskie Gornictwo Naftowe i Gazownictwo SA		175,654		264,085
Powszechna Kasa Oszczednosci Bank Polski SA(a)		74,294		601,165
Powszechny Zaklad Ubezpieczen SA(a)		53,321		419,004
Santander Bank Polska SA(a)		3,479		196,516
				4,403,180
Qatar — 1.1%
Commercial Bank PSQC (The)		166,850		193,392
Industries Qatar QSC		151,656		474,772
Masraf Al Rayan QSC		396,180		465,103
Mesaieed Petrochemical Holding Co.		389,080		198,091
Ooredoo QPSC		111,825		233,183
Qatar Electricity & Water Co. QSC		39,050		184,009
Qatar Fuel QSC		5,925		27,085
Qatar Gas Transport Co. Ltd.		193,272		172,723
Qatar International Islamic Bank QSC		50,907		116,673
Qatar Islamic Bank SAQ		105,080		446,773
Qatar National Bank QPSC		385,672		1,801,669
				4,313,473
Russia — 4.7%
Alrosa PJSC		221,523		295,711
Gazprom PJSC		979,090		2,875,369

SCHEDULE  OF   INVESTMENTS 17

Schedule of Investments (unaudited) (continued) February 28, 2021 iShares^® MSCI Emerging Markets ex China ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Russia (continued)
Inter RAO UES PJSC		4,189,000	$	286,900
LUKOIL PJSC		35,074		2,636,755
Magnit PJSC, GDR(d)		19,253		261,263
Mail.Ru Group Ltd., GDR(a)(d)		11,573		312,391
MMC Norilsk Nickel PJSC		5,467		1,712,620
Mobile TeleSystems PJSC, ADR		59,924		492,575
Moscow Exchange MICEX-RTS PJSC		58,230		135,112
Novatek PJSC, GDR(d)		7,952		1,355,021
Novolipetsk Steel PJSC		97,980		294,292
PhosAgro PJSC, GDR(d)		12,212		214,198
Polymetal International PLC		13,721		273,177
Polyus PJSC		1,681		316,749
Rosneft Oil Co. PJSC, GDR(d)		104,874		725,099
Sberbank of Russia PJSC		819,932		2,970,401
Severstal PAO		18,254		330,366
Surgutneftegas PJSC		613,125		267,213
Tatneft PJSC		118,854		836,343
TCS Group Holding PLC(d)		5,589		290,032
VTB Bank PJSC, GDR(d)		147,964		140,344
X5 Retail Group NV, GDR(d)		12,638		417,099
Yandex NV, Class A(a)		25,915		1,674,136
				19,113,166
Saudi Arabia — 4.2%
Abdullah Al Othaim Markets Co.		5,396		175,814
Advanced Petrochemical Co.		16,756		302,908
Al Rajhi Bank		95,779		2,323,927
Alinma Bank(a)		70,151		303,012
Almarai Co. JSC		20,031		272,385
Arab National Bank		41,961		216,602
Bank AlBilad		30,743		270,092
Bank Al-Jazira		59,498		213,530
Banque Saudi Fransi		49,416		367,606
Bupa Arabia for Cooperative Insurance Co.(a)		6,106		194,389
Co for Cooperative Insurance (The)(a)		9,656		204,422
Dar Al Arkan Real Estate Development Co.(a)		36,210		84,865
Dr Sulaiman Al Habib Medical Services Group Co.		5,822		184,727
Emaar Economic City(a)		33,940		83,345
Etihad Etisalat Co.(a)		30,885		236,342
Jarir Marketing Co.		6,248		284,871
National Commercial Bank		116,937		1,465,415
National Industrialization Co.(a)		29,047		115,398
Riyad Bank		111,967		591,107
SABIC Agri-Nutrients Co.		15,762		409,337
Sahara International Petrochemical Co.		46,079		233,436
Samba Financial Group		89,247		803,116
Saudi Airlines Catering Co.		5,964		117,515
Saudi Arabian Mining Co.(a)		30,459		417,436
Saudi Arabian Oil Co.(b)		173,737		1,600,483
Saudi Basic Industries Corp.		74,763		2,124,979
Saudi British Bank (The)		57,368		369,554
Saudi Cement Co.		9,514		160,829
Saudi Electricity Co.		68,231		383,498
Saudi Industrial Investment Group		29,307		221,141
Saudi Kayan Petrochemical Co.(a)		76,467		302,565
Saudi Telecom Co.		51,475		1,630,511
Savola Group (The)		20,356		204,347
Yanbu National Petrochemical Co.		20,306		386,033
				17,255,537

Security	Shares		Value
South Africa — 5.9%
Absa Group Ltd.		54,812	$	439,111
Anglo American Platinum Ltd.		3,763		455,697
AngloGold Ashanti Ltd.		34,932		699,228
Aspen Pharmacare Holdings Ltd.(a)		34,790		327,199
Bid Corp. Ltd.		29,832		558,085
Bidvest Group Ltd. (The)		24,211		268,945
Capitec Bank Holdings Ltd.(a)		6,405		566,127
Clicks Group Ltd.		23,075		372,887
Discovery Ltd.		33,086		309,425
Exxaro Resources Ltd.		18,886		213,346
FirstRand Ltd.		405,410		1,346,883
Gold Fields Ltd.		75,686		628,524
Growthpoint Properties Ltd.		270,723		244,337
Harmony Gold Mining Co. Ltd.(a)		45,724		173,221
Impala Platinum Holdings Ltd.		70,716		1,148,871
Kumba Iron Ore Ltd.		3,621		155,156
Mr. Price Group Ltd.		22,654		260,877
MTN Group Ltd.		149,313		716,584
MultiChoice Group		39,050		329,107
Naspers Ltd., Class N		36,920		8,575,312
Nedbank Group Ltd.		33,442		288,423
NEPI Rockcastle PLC		40,836		250,145
Northam Platinum Ltd.(a)		28,542		418,154
Old Mutual Ltd.		404,629		359,314
Rand Merchant Investment Holdings Ltd.		66,882		134,636
Reinet Investments SCA		12,283		229,194
Remgro Ltd.		40,612		277,812
Sanlam Ltd.		140,012		561,851
Sasol Ltd.(a)		49,061		610,353
Shoprite Holdings Ltd.		40,754		358,051
Sibanye Stillwater Ltd.		198,592		918,076
SPAR Group Ltd. (The)		16,685		209,699
Standard Bank Group Ltd.		108,701		954,509
Tiger Brands Ltd.		13,703		182,453
Vodacom Group Ltd.		54,741		450,252
Woolworths Holdings Ltd.		88,324		269,003
				24,260,847
South Korea — 20.5%
Alteogen Inc.(a)		1,704		197,170
Amorepacific Corp.		2,556		533,495
AMOREPACIFIC Group		2,556		147,195
BGF retail Co. Ltd.		995		140,814
Celltrion Healthcare Co. Ltd.(a)		5,482		612,852
Celltrion Inc.(a)		8,243		2,182,726
Celltrion Pharm Inc.(a)		1,358		185,781
CJ CheilJedang Corp.		854		308,991
Coway Co. Ltd.		4,970		286,212
Daewoo Shipbuilding & Marine Engineering Co. Ltd.(a)		3,550		80,416
DB Insurance Co. Ltd.		3,854		142,017
Doosan Heavy Industries & Construction Co. Ltd.(a)		16,216		152,995
Douzone Bizon Co. Ltd.		1,704		166,836
E-MART Inc.		2,059		309,721
Fila Holdings Corp.		4,331		154,197
GS Engineering & Construction Corp.		7,242		234,309
GS Holdings Corp.		5,467		189,776
Hana Financial Group Inc.		24,282		800,755
Hankook Tire & Technology Co. Ltd.		6,537		277,248
Hanmi Pharm Co. Ltd.(a)		716		218,592
Hanon Systems		14,555		200,156
Hanwha Corp.(a)		5,538		144,673

18 2 0 2 1   I SHARES  SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Schedule of Investments (unaudited) (continued) February 28, 2021 iShares^® MSCI Emerging Markets ex China ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
South Korea (continued)
Hanwha Solutions Corp.(a)		11,097	$	444,966
HLB Inc.(a)		3,976		242,771
Hotel Shilla Co. Ltd.		3,266		237,210
Hyundai Engineering & Construction Co. Ltd.		7,384		261,578
Hyundai Glovis Co. Ltd.		1,917		329,311
Hyundai Heavy Industries Holdings Co. Ltd.		852		205,132
Hyundai Marine & Fire Insurance Co. Ltd.		5,822		113,486
Hyundai Mobis Co. Ltd.		5,688		1,534,013
Hyundai Motor Co.		13,188		2,781,981
Hyundai Steel Co.		6,816		242,367
Industrial Bank of Korea(a)		7,384		54,747
Kakao Corp.		4,970		2,158,754
Kangwon Land Inc.(a)		8,591		185,049
KB Financial Group Inc.		34,080		1,328,619
Kia Motors Corp.		22,649		1,600,650
KMW Co. Ltd.(a)		1,633		90,117
Korea Aerospace Industries Ltd.(a)		8,236		242,645
Korea Electric Power Corp.(a)		20,448		413,146
Korea Investment Holdings Co. Ltd.(a)		4,047		314,466
Korea Shipbuilding & Offshore Engineering Co. Ltd.(a)		3,270		325,981
Korea Zinc Co. Ltd.		710		254,993
Korean Air Lines Co. Ltd.(a)		6,437		161,283
KT&G Corp.		10,366		722,437
Kumho Petrochemical Co. Ltd.(a)		710		133,342
LG Chem Ltd.		3,979		2,943,079
LG Corp.		8,307		694,283
LG Display Co. Ltd.(a)		19,880		399,900
LG Electronics Inc.		9,537		1,243,587
LG Household & Health Care Ltd.		852		1,147,375
LG Innotek Co. Ltd.		1,207		213,790
LG Uplus Corp.		12,212		128,261
Lotte Chemical Corp.		1,562		442,115
Lotte Corp.		2,769		82,811
Lotte Shopping Co. Ltd.		1,208		127,413
Mirae Asset Daewoo Co. Ltd.		32,660		271,513
NAVER Corp.		10,295		3,436,248
NCSoft Corp.		1,349		1,123,866
Netmarble Corp.(b)		1,775		195,116
NH Investment & Securities Co. Ltd.(a)		13,987		135,077
Orion Corp./Republic of Korea		2,414		276,101
POSCO		6,463		1,619,345
POSCO Chemical Co. Ltd.		2,787		391,941
S-1 Corp.		1,065		78,678
Samsung Biologics Co. Ltd.(a)(b)		1,491		995,327
Samsung C&T Corp.		7,029		760,146
Samsung Card Co. Ltd.		5,917		173,534
Samsung Electro-Mechanics Co. Ltd.		5,396		910,140
Samsung Electronics Co. Ltd.		395,660		29,053,805
Samsung Engineering Co. Ltd.(a)		13,845		158,968
Samsung Fire & Marine Insurance Co. Ltd.		2,349		361,706
Samsung Heavy Industries Co. Ltd.(a)		41,969		245,053
Samsung Life Insurance Co. Ltd.		5,558		371,028
Samsung SDI Co. Ltd.		4,759		2,854,976
Samsung SDS Co. Ltd.		2,343		405,619
Samsung Securities Co. Ltd.		4,189		136,278
Seegene Inc.		1,562		173,092
Shin Poong Pharmaceutical Co. Ltd.		2,556		190,648
Shinhan Financial Group Co. Ltd.(a)		38,127		1,118,188
Shinsegae Inc.		710		168,732
SK Biopharmaceuticals Co. Ltd.(a)		1,278		134,227

Security	Shares		Value
South Korea (continued)
SK Chemicals Co. Ltd.		710	$	238,247
SK Holdings Co. Ltd.		3,053		713,318
SK Hynix Inc.		45,511		5,731,915
SK Innovation Co. Ltd.(a)		4,828		1,119,443
SK Telecom Co. Ltd.		2,339		515,267
S-Oil Corp.(a)		2,556		193,378
Woori Financial Group Inc.(a)		24,608		209,831
Yuhan Corp.		4,066		224,381
				84,153,717
Taiwan — 22.5%
Accton Technology Corp.		38,000		358,137
Acer Inc.		284,000		273,778
Advantech Co. Ltd.		15,299		199,116
Airtac International Group		9,000		313,437
ASE Technology Holding Co. Ltd.		284,000		1,055,345
Asia Cement Corp.		213,000		326,163
Asustek Computer Inc.		71,000		774,939
AU Optronics Corp.(a)		710,000		481,788
Catcher Technology Co. Ltd.		71,000		489,435
Cathay Financial Holding Co. Ltd.		639,063		962,524
Chailease Holding Co. Ltd.		71,419		441,040
Chang Hwa Commercial Bank Ltd.		573,599		351,131
Cheng Shin Rubber Industry Co. Ltd.		142,000		219,991
China Development Financial Holding Corp.		1,065,000		355,605
China Life Insurance Co. Ltd.		218,857		178,370
China Steel Corp.		994,000		883,278
Chunghwa Telecom Co. Ltd.		288,000		1,132,250
Compal Electronics Inc.		355,000		282,955
CTBC Financial Holding Co. Ltd.		1,562,000		1,121,623
Delta Electronics Inc.		149,000		1,500,565
E.Sun Financial Holding Co. Ltd.		994,286		901,381
Eclat Textile Co. Ltd.		8,000		123,364
Evergreen Marine Corp. Taiwan Ltd.(a)		213,000		290,220
Far Eastern New Century Corp.		284,000		295,191
Far EasTone Telecommunications Co. Ltd.		213,000		472,611
Feng TAY Enterprise Co. Ltd.		21,000		140,239
First Financial Holding Co. Ltd.		930,859		696,828
Formosa Chemicals & Fibre Corp.		284,000		876,905
Formosa Petrochemical Corp.		142,000		509,829
Formosa Plastics Corp.		355,000		1,242,707
Foxconn Technology Co. Ltd.		95,000		238,758
Fubon Financial Holding Co. Ltd.		568,000		1,017,618
Giant Manufacturing Co. Ltd.		10,000		100,889
Globalwafers Co. Ltd.		16,000		425,096
Highwealth Construction Corp.		149,600		242,776
Hiwin Technologies Corp.		16,000		229,207
Hon Hai Precision Industry Co. Ltd.		1,065,200		4,283,364
Hotai Motor Co. Ltd.		16,600		352,234
Hua Nan Financial Holdings Co. Ltd.		862,831		562,261
Innolux Corp.		639,000		390,019
Inventec Corp.		284,000		252,875
Largan Precision Co. Ltd.		6,000		709,811
Lite-On Technology Corp.		213,000		454,257
MediaTek Inc.		122,000		3,924,675
Mega Financial Holding Co. Ltd.		923,000		967,655
Micro-Star International Co. Ltd.		71,000		379,822
Nan Ya Plastics Corp.		426,000		1,111,936
Nanya Technology Corp.		142,000		491,985
Novatek Microelectronics Corp.		40,000		680,729
Pegatron Corp.		213,000		570,498

SCHEDULE  OF   INVESTMENTS 19

Schedule of Investments (unaudited) (continued) February 28, 2021 iShares^® MSCI Emerging Markets ex China ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Taiwan (continued)
Pou Chen Corp.		221,000	$	239,627
Powertech Technology Inc.		71,000		254,914
President Chain Store Corp.		26,000		244,574
Quanta Computer Inc.		284,000		866,709
Realtek Semiconductor Corp.		31,000		511,983
Shanghai Commercial & Savings Bank Ltd. (The)		355,437		509,180
Shin Kong Financial Holding Co. Ltd.		927,930		276,188
SinoPac Financial Holdings Co. Ltd.		994,259		415,874
Synnex Technology International Corp.		142,000		251,600
Taishin Financial Holding Co. Ltd.		1,001,130		465,475
Taiwan Business Bank		923,755		314,082
Taiwan Cement Corp.		430,983		649,898
Taiwan Cooperative Financial Holding Co. Ltd.		858,443		614,880
Taiwan High Speed Rail Corp.		213,000		230,570
Taiwan Mobile Co. Ltd.		143,000		498,530
Taiwan Semiconductor Manufacturing Co. Ltd.		2,053,000		44,668,091
Unimicron Technology Corp.		142,000		497,083
Uni-President Enterprises Corp.		426,000		1,027,814
United Microelectronics Corp.		994,000		1,934,290
Vanguard International Semiconductor Corp.		74,000		308,195
Walsin Technology Corp.		13,000		118,553
Win Semiconductors Corp.		21,000		286,886
Winbond Electronics Corp.		284,000		311,505
Wistron Corp.		284,598		326,977
WPG Holdings Ltd.		221,520		360,683
Yageo Corp.		26,000		553,559
Yuanta Financial Holding Co. Ltd.		931,320		710,548
Zhen Ding Technology Holding Ltd.		79,000		340,364
				92,425,842
Thailand — 2.9%
Advanced Info Service PCL, NVDR		113,000		607,868
Airports of Thailand PCL, NVDR(c)		404,700		841,873
Asset World Corp. PCL, NVDR		234,300		37,012
B Grimm Power PCL, NVDR		85,200		132,927
Bangkok Bank PCL, Foreign		49,700		197,083
Bangkok Commercial Asset Management PCL, NVDR(c)		63,900		45,071
Bangkok Dusit Medical Services PCL, NVDR		866,200		563,095
Bangkok Expressway & Metro PCL, NVDR(c)		667,400		172,459
Berli Jucker PCL, NVDR(c)		134,900		163,332
BTS Group Holdings PCL, NVDR		603,500		184,390
Bumrungrad Hospital PCL, NVDR		42,600		175,159
Central Pattana PCL, NVDR		213,000		366,935
Central Retail Corp. PCL, NVDR(a)		170,400		185,544
Charoen Pokphand Foods PCL, NVDR(c)		205,900		192,410
CP ALL PCL, NVDR(a)		482,800		933,722
Delta Electronics Thailand PCL, NVDR(c)		28,400		369,242
Electricity Generating PCL, NVDR		28,400		156,005
Energy Absolute PCL, NVDR(c)		149,100		302,894
Global Power Synergy PCL, NVDR		71,000		173,659
Gulf Energy Development PCL, NVDR		191,700		207,180
Home Product Center PCL, NVDR		454,400		196,437
Intouch Holdings PCL, NVDR		163,300		295,913
Kasikornbank PCL, Foreign		127,800		587,788
Krungthai Card PCL, NVDR		71,000		146,543
Land & Houses PCL, NVDR		688,700		176,844
Minor International PCL, NVDR(a)(c)		291,100		286,220
Muangthai Capital PCL, NVDR(a)		71,000		150,582
Osotspa PCL, NVDR		85,200		96,234
PTT Exploration & Production PCL, NVDR		134,900		504,247
PTT Global Chemical PCL, NVDR		220,100		448,918

Security	Shares		Value
Thailand (continued)
PTT Oil & Retail Business		142,200	$	136,350
PTT PCL, NVDR		915,900		1,190,807
Ratch Group PCL, NVDR(c)		99,400		165,582
Siam Cement PCL (The), NVDR		63,900		760,178
Siam Commercial Bank PCL (The), NVDR		85,200		285,240
Sri Trang Gloves Thailand PCL, NVDR		56,800		71,079
Srisawad Corp PCL, NVDR		99,400		203,545
Thai Oil PCL, NVDR		106,500		205,103
Thai Union Group PCL, NVDR(c)		284,000		129,235
				12,044,705
Turkey — 0.5%
Akbank T.A.S.(a)		264,901		216,406
Aselsan Elektronik Sanayi Ve Ticaret AS(c)		69,012		157,970
BIM Birlesik Magazalar AS		43,452		387,190
Eregli Demir ve Celik Fabrikalari TAS		136,817		269,097
Haci Omer Sabanci Holding AS		80,945		114,357
KOC Holding AS		86,265		250,957
Turk Hava Yollari AO(a)		65,817		119,692
Turkcell Iletisim Hizmetleri AS		99,755		213,146
Turkiye Garanti Bankasi AS(a)		217,970		262,105
Turkiye Is Bankasi AS, Class C(a)		166,069		128,279
Yapi ve Kredi Bankasi AS(a)		348,752		124,588
				2,243,787
United Arab Emirates — 0.9%
Abu Dhabi Commercial Bank PJSC		223,650		382,375
Aldar Properties PJSC		337,889		334,840
Dubai Islamic Bank PJSC		151,443		195,841
Emaar Malls PJSC(a)		216,763		99,732
Emaar Properties PJSC(a)		322,269		306,200
Emirates NBD Bank PJSC		220,242		671,552
Emirates Telecommunications Group Co. PJSC		150,804		817,010
First Abu Dhabi Bank PJSC		242,252		969,496
				3,777,046
Total Common Stocks — 81.0% (Cost: $313,906,058)				332,738,843
Investment Companies
Exchange Traded Funds — 15.4%
iShares MSCI India ETF(e)		1,539,516		63,166,341
Total Investment Companies — 15.4% (Cost: $59,018,201)				63,166,341
Preferred Stocks
Brazil — 1.7%
Banco Bradesco SA, Preference Shares, NVS		370,403		1,528,655
Bradespar SA, Preference Shares, NVS		21,300		240,249
Centrais Eletricas Brasileiras SA, Class B, Preference Shares, NVS		14,200		83,497
Cia. Energetica de Minas Gerais, Preference Shares, NVS		26,668		57,231
Cia. Paranaense de Energia, Preference Shares, NVS		9,500		99,857
Gerdau SA, Preference Shares, NVS		92,300		428,455
Itau Unibanco Holding SA, Preference Shares, NVS		404,700		1,855,373
Itausa SA, Preference Shares, NVS		368,734		658,329
Lojas Americanas SA, Preference Shares, NVS		78,157		349,340
Petroleo Brasileiro SA, Preference Shares, NVS		383,400		1,530,009
				6,830,995

20 2 0 2 1   I SHARES  SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Schedule of Investments (unaudited) (continued) February 28, 2021 iShares^® MSCI Emerging Markets ex China ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Chile — 0.1%
Sociedad Quimica y Minera de Chile SA, Class B, Preference Shares		10,313	$	553,320
Colombia — 0.1%
Bancolombia SA, Preference Shares, NVS		32,731		280,595
Russia — 0.1%
Surgutneftegas PJSC, Preference Shares, NVS		667,400		352,111
South Korea — 1.2%
Hyundai Motor Co., Series 2, Preference Shares, NVS		3,198		290,339
LG Chem Ltd., Preference Shares, NVS		138		47,843
Samsung Electronics Co. Ltd., Preference Shares, NVS		71,302		4,620,192
				4,958,374
Total Preferred Stocks — 3.2% (Cost: $13,664,739)				12,975,395
Short-Term Investments
Money Market Funds — 0.4%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.12%(e)(f)(g)		1,186,714		1,187,426
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%(e)(f)		660,000		660,000
				1,847,426
Total Short-Term Investments — 0.4% (Cost: $1,847,426)				1,847,426
Total Investments in Securities — 100.0% (Cost: $388,436,424)				410,728,005
Other Assets, Less Liabilities — (0.0)%				(4,462	)
Net Assets — 100.0%			$	410,723,543

^(a)  Non-income producing security.

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

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

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

^(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 cash collateral received from loaned securities.

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 2021 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 08/31/20		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 02/28/21		Shares Held at 02/28/21		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	—	$	1,188,940	(a)	$	—		$	(1,514	)	$	—	$	1,187,426		1,186,714	$	17,781	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		110,000		550,000	(a)		—			—			—		660,000		660,000		22			—
iShares MSCI India ETF		10,289,973		49,494,703			(18,615	)		209			3,400,071		63,166,341		1,539,516		14,852			—
									$	(1,305	)	$	3,400,071	$	65,013,767			$	32,655		$	—

^(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.

SCHEDULE  OF   INVESTMENTS 21

Schedule of Investments (unaudited) (continued) February 28, 2021 iShares^® MSCI Emerging Markets ex China ETF

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
MSCI Emerging Markets E-Mini Index		22		03/19/21	$	1,472	$	(58,012	)

Derivative Financial Instruments Categorized by Risk Exposure

As of February 28, 2021, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

	Equity Contracts
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	58,012

^(a)  Net cumulative 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 six months ended February 28, 2021, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	51,864
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(58,012	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$490,637

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

Fair Value Measurements

Various inputs are used in determining the fair value of financial instruments. For 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 value of the Fund’s investments according to the fair value hierarchy as of February 28, 2021. The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.

	Level 1			Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	320,692,793		$	12,046,050	$	—	$	332,738,843
Investment Companies		63,166,341			—		—		63,166,341
Preferred Stocks		12,975,395			—		—		12,975,395
Money Market Funds		1,847,426			—		—		1,847,426
	$	398,681,955		$	12,046,050	$	—	$	410,728,005
Derivative financial instruments(a)
Liabilities
Futures Contracts	$	(58,012	)	$	—	$	—	$	(58,012	)

^(a) Shown at the unrealized appreciation (depreciation) on the contracts.

See notes to financial statements.

22 2 0 2 1   I SHARES  SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Consolidated Schedule of Investments (unaudited)  February 28, 2021 iShares^® MSCI Emerging Markets Min Vol Factor ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Brazil — 0.1%
Raia Drogasil SA		592,200	$	2,468,452
Telefonica Brasil SA		328,700		2,595,132
				5,063,584
China — 34.9%
Agricultural Bank of China Ltd., Class A		21,043,398		10,586,893
Agricultural Bank of China Ltd., Class H		62,431,000		22,695,304
Alibaba Group Holding Ltd., ADR(a)		231,737		55,097,789
ANTA Sports Products Ltd.		1,755,000		26,922,209
AVIC Jonhon Optronic Technology Co. Ltd., Class A		708,186		7,522,465
Bank of Beijing Co. Ltd., Class A		7,901,924		5,816,829
Bank of China Ltd., Class A		22,655,500		11,328,012
Bank of China Ltd., Class H		82,907,000		29,070,113
Bank of Communications Co. Ltd., Class A		14,734,174		10,391,471
Bank of Communications Co. Ltd., Class H		9,256,000		5,226,176
Bank of Hangzhou Co. Ltd., Class A		3,465,493		8,567,667
Bank of Jiangsu Co. Ltd., Class A		7,431,088		6,594,097
Bank of Ningbo Co. Ltd., Class A		492,196		3,045,913
Bank of Shanghai Co. Ltd., Class A		9,162,632		11,849,481
BeiGene Ltd., ADR(a)		60,223		19,271,360
Beijing Capital International Airport Co. Ltd., Class H		6,144,000		4,791,739
Beijing Sinnet Technology Co. Ltd., Class A		991,973		2,914,754
Beijing Tiantan Biological Products Corp. Ltd., Class A		805,995		4,364,663
BOE Technology Group Co. Ltd., Class A		4,601,100		4,324,282
BYD Co. Ltd., Class H		295,500		7,511,921
CGN Power Co. Ltd., Class H(b)		50,121,000		11,048,478
China CITIC Bank Corp. Ltd., Class H		15,585,000		7,353,168
China Construction Bank Corp., Class A		2,455,784		2,751,451
China Construction Bank Corp., Class H		6,578,000		5,282,853
China Everbright Bank Co. Ltd., Class H		5,108,000		2,212,467
China Gas Holdings Ltd.		1,689,600		6,806,448
China Huishan Dairy Holdings Co. Ltd.(a)(c)		22,241,266		29
China Life Insurance Co. Ltd., Class H		1,327,000		2,798,600
China Mengniu Dairy Co. Ltd.		2,283,000		12,478,385
China Minsheng Banking Corp. Ltd., Class A		14,006,954		11,197,176
China National Medicines Corp. Ltd., Class A		485,100		2,844,788
China Petroleum & Chemical Corp., Class H		38,062,000		21,049,196
China Resources Beer Holdings Co. Ltd.		3,484,000		26,273,663
China Resources Gas Group Ltd.		1,886,000		9,421,065
China Shenhua Energy Co. Ltd., Class A		1,888,713		5,173,678
China Shenhua Energy Co. Ltd., Class H		1,032,000		1,960,938
China Tourism Group Duty Free Corp. Ltd., Class A		713,781		33,917,499
China Tower Corp. Ltd., Class H(b)		91,634,000		13,702,545
China Yangtze Power Co. Ltd., Class A		14,204,405		43,293,749
Dali Foods Group Co. Ltd.(b)		4,072,500		2,477,934
Daqin Railway Co. Ltd., Class A		9,588,133		9,662,339
ENN Energy Holdings Ltd.		827,300		12,680,357
Fiberhome Telecommunication Technologies Co. Ltd., Class A		752,682		2,223,251
Foshan Haitian Flavouring & Food Co. Ltd., Class A		166,994		4,450,699
Fuyao Glass Industry Group Co. Ltd., Class A		859,903		6,283,542
GDS Holdings Ltd., ADR(a)		22,253		2,273,367
Giant Network Group Co. Ltd., Class A		1,065,453		2,773,859
GOME Retail Holdings Ltd.(a)(d)		99,154,000		29,142,828
Guangdong Haid Group Co. Ltd., Class A		1,019,288		12,505,443
Guangdong Investment Ltd.		24,914,000		44,577,893
Guangzhou Haige Communications Group Inc. Co., Class A		1,480,700		2,168,545
Haidilao International Holding Ltd.(b)		2,810,000		23,056,392

Security	Shares		Value
China (continued)
Hangzhou Tigermed Consulting Co. Ltd., Class H(a)(b)		627,100	$	12,271,430
Hansoh Pharmaceutical Group Co. Ltd.(a)(b)		4,998,000		25,449,541
Henan Shuanghui Investment & Development Co. Ltd., Class A		1,101,394		7,825,518
Hengan International Group Co. Ltd.		1,995,000		13,810,322
Hengtong Optic-Electric Co. Ltd., Class A		1,255,800		2,486,464
Hualan Biological Engineering Inc., Class A		470,380		3,105,451
Huaxia Bank Co. Ltd., Class A		5,723,220		5,511,376
Iflytek Co. Ltd., Class A		602,400		4,481,848
Industrial & Commercial Bank of China Ltd., Class A		2,578,000		2,136,448
Industrial & Commercial Bank of China Ltd., Class H		55,436,000		36,160,050
Industrial Bank Co. Ltd., Class A		4,814,312		18,336,415
JD.com Inc., ADR(a)		461,780		43,347,289
Jiangsu Expressway Co. Ltd., Class H		13,144,000		15,266,482
Jiangsu Hengrui Medicine Co. Ltd., Class A		1,412,831		22,195,914
Jinyu Bio-Technology Co. Ltd., Class A		759,204		2,441,694
Jointown Pharmaceutical Group Co. Ltd., Class A(a)		1,206,378		3,140,751
Kingdee International Software Group Co. Ltd.(d)		2,215,000		7,952,168
Kweichow Moutai Co. Ltd., Class A		23,690		7,760,775
Laobaixing Pharmacy Chain JSC, Class A		258,842		2,868,100
Lenovo Group Ltd.(d)		18,274,000		23,109,430
Meituan, Class B(a)(b)		1,013,000		44,399,183
Microport Scientific Corp.		597,000		3,513,191
NetEase Inc., ADR		116,796		12,830,041
New Oriental Education & Technology Group Inc., ADR(a)		148,545		26,384,563
PetroChina Co. Ltd., Class A		3,026,500		2,036,396
PetroChina Co. Ltd., Class H		36,150,000		12,955,068
Pinduoduo Inc., ADR(a)		177,918		30,452,445
Ping An Insurance Group Co. of China Ltd., Class H		728,500		8,949,712
Postal Savings Bank of China Co. Ltd., Class H(b)		38,296,000		28,484,975
SAIC Motor Corp. Ltd., Class A		1,097,644		3,599,610
Sangfor Technologies Inc., Class A		106,800		4,372,638
SDIC Power Holdings Co. Ltd., Class A		4,378,472		5,642,143
Shandong Gold Mining Co. Ltd., Class A		2,338,468		8,015,212
Shandong Gold Mining Co. Ltd., Class H(b)		820,000		1,655,359
Shandong Weigao Group Medical Polymer Co. Ltd., Class H		2,840,000		4,876,511
Shanghai Jahwa United Co. Ltd., Class A(a)		432,000		3,065,404
Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd., Class B		11,832,142		9,477,546
Shanghai M&G Stationery Inc., Class A		348,600		4,177,379
Shanghai Pharmaceuticals Holding Co. Ltd., Class H		2,860,300		5,243,217
Shanghai Pudong Development Bank Co. Ltd., Class A		6,793,068		11,049,474
Shenzhen International Holdings Ltd.		1,874,000		3,101,853
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A		90,700		5,850,845
Shenzhou International Group Holdings Ltd.		1,935,700		40,199,459
Sichuan Chuantou Energy Co. Ltd., Class A		2,828,657		4,683,980
Sino Biopharmaceutical Ltd.		6,824,000		7,591,654
Sinopec Shanghai Petrochemical Co. Ltd., Class A		3,651,264		2,084,875
Sinopharm Group Co. Ltd., Class H		1,886,000		4,415,137
Songcheng Performance Development Co. Ltd., Class A		1,679,959		5,224,068
Sun Art Retail Group Ltd.(d)		8,684,000		7,500,345
Suning.com Co. Ltd., Class A		2,412,279		2,605,917
TAL Education Group, ADR(a)		235,107		18,230,197
Tencent Holdings Ltd.		439,200		37,508,943
Tencent Music Entertainment Group, ADR(a)(d)		231,056		5,942,760
Tianjin 712 Communication & Broadcasting Co. Ltd., Class A		344,800		2,073,105

SCHEDULE  OF   INVESTMENTS 23

Consolidated Schedule of Investments (unaudited) (continued) February 28, 2021 iShares^® MSCI Emerging Markets Min Vol Factor ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
China (continued)
Topchoice Medical Corp., Class A(a)		206,899	$	8,461,343
TravelSky Technology Ltd., Class H		1,368,000		3,452,911
Uni-President China Holdings Ltd.		2,035,000		2,444,933
Vipshop Holdings Ltd., ADR(a)		109,128		4,072,657
Want Want China Holdings Ltd.		3,476,000		2,509,311
Wens Foodstuffs Group Co. Ltd., Class A		670,289		1,879,542
WuXi AppTec Co. Ltd., Class H(b)		462,720		9,645,281
Xiaomi Corp., Class B(a)(b)		6,380,600		20,809,836
Yum China Holdings Inc.		780,674		46,715,532
Yunnan Baiyao Group Co. Ltd., Class A		376,367		7,597,794
Zhaojin Mining Industry Co. Ltd., Class H		11,232,500		11,366,656
Zhejiang Supor Co. Ltd., Class A		184,285		2,141,510
Zhongjin Gold Corp. Ltd., Class A		2,583,068		3,715,239
Zhongsheng Group Holdings Ltd.		904,000		5,593,663
Zhuzhou CRRC Times Electric Co. Ltd., Class H		575,100		2,502,095
Zijin Mining Group Co. Ltd., Class A		8,686,300		16,340,810
ZTE Corp., Class H(d)		1,330,400		3,392,307
ZTO Express Cayman Inc., ADR		510,952		17,239,521
				1,439,467,375
Czech Republic — 0.2%
CEZ AS		101,070		2,479,302
Komercni Banka AS(a)		216,875		6,818,530
				9,297,832
Egypt — 0.3%
Commercial International Bank Egypt SAE		2,771,747		11,009,309
Greece — 0.3%
Hellenic Telecommunications Organization SA		658,685		10,185,780
JUMBO SA		143,756		2,376,568
				12,562,348
Hungary — 0.7%
OTP Bank Nyrt(a)		145,358		6,646,278
Richter Gedeon Nyrt		796,136		22,854,673
				29,500,951
India — 10.7%
Asian Paints Ltd.		839,257		26,007,431
Bajaj Auto Ltd.		201,013		10,391,074
Britannia Industries Ltd.		339,468		15,539,028
Cipla Ltd.		306,724		3,285,121
Colgate-Palmolive India Ltd.		131,768		2,835,294
Dabur India Ltd.		2,888,042		19,772,388
Divi’s Laboratories Ltd.		66,025		3,021,687
Dr. Reddy’s Laboratories Ltd.		197,517		11,897,923
Eicher Motors Ltd.		437,240		14,866,814
HCL Technologies Ltd.		2,964,018		36,682,672
Hindustan Unilever Ltd.		974,386		28,270,255
Housing Development Finance Corp. Ltd.		308,095		10,646,750
Infosys Ltd.		3,327,454		56,750,331
Ipca Laboratories Ltd.		213,538		5,374,555
ITC Ltd.		792,378		2,198,085
Lupin Ltd.		351,703		4,873,876
Marico Ltd.		2,840,477		15,366,832
Maruti Suzuki India Ltd.		26,207		2,448,679
MRF Ltd.		12,392		14,249,181
Nestle India Ltd.		30,557		6,695,470
Page Industries Ltd.		37,223		14,225,660
Petronet LNG Ltd.		2,407,133		8,357,896
Pidilite Industries Ltd.		171,947		3,944,942
Power Grid Corp. of India Ltd.		1,933,118		5,637,439

Security	Shares		Value
India (continued)
Reliance Industries Ltd.		398,813	$	11,319,918
Sun Pharmaceutical Industries Ltd.		635,307		5,140,553
Tata Consultancy Services Ltd.		1,013,192		39,905,853
Tech Mahindra Ltd.		1,498,947		18,742,702
Titan Co. Ltd.		517,869		9,914,811
Wipro Ltd.		6,023,959		33,634,488
				441,997,708
Kuwait — 1.5%
Mobile Telecommunications Co. KSC		16,856,606		34,921,830
National Bank of Kuwait SAKP		10,268,461		27,991,014
				62,912,844
Malaysia — 4.5%
DiGi.Com Bhd		11,723,400		10,716,882
Fraser & Neave Holdings Bhd		1,072,900		8,286,313
HAP Seng Consolidated Bhd		1,697,600		3,569,259
Hong Leong Bank Bhd		3,626,800		16,129,067
IHH Healthcare Bhd		12,796,400		16,060,707
IOI Corp. Bhd		1,875,700		1,983,446
Kuala Lumpur Kepong Bhd		2,089,300		12,130,587
Malayan Banking Bhd		19,895,600		39,471,691
Maxis Bhd(d)		6,641,300		7,793,990
Nestle Malaysia Bhd		522,400		17,798,384
Petronas Chemicals Group Bhd		4,306,100		7,904,712
Petronas Dagangan Bhd		1,026,500		5,072,267
PPB Group Bhd		2,727,200		12,694,366
Public Bank Bhd		11,479,900		11,798,983
Tenaga Nasional Bhd		4,611,000		11,506,140
Westports Holdings Bhd		3,089,000		3,113,804
				186,030,598
Mexico — 0.6%
Gruma SAB de CV, Class B		284,750		3,105,076
Wal-Mart de Mexico SAB de CV		7,994,600		22,817,136
				25,922,212
Pakistan — 0.1%
MCB Bank Ltd.		1,921,220		2,225,018
Peru — 0.7%
Cia. de Minas Buenaventura SAA, ADR(a)		348,178		3,850,849
Credicorp Ltd.		165,590		26,496,056
				30,346,905
Philippines — 2.1%
Aboitiz Power Corp.		14,856,000		7,409,629
Bank of the Philippine Islands		7,535,968		13,823,189
BDO Unibank Inc.		8,733,573		18,989,941
Globe Telecom Inc.		358,965		14,988,934
International Container Terminal Services Inc.		3,585,410		8,860,071
Manila Electric Co.		1,385,830		7,740,312
Metropolitan Bank & Trust Co.		4,332,233		4,526,880
SM Investments Corp.		112,155		2,332,325
Universal Robina Corp.		2,249,300		5,919,943
				84,591,224
Poland — 0.1%
Cyfrowy Polsat SA		514,753		3,952,410
Qatar — 2.1%
Masraf Al Rayan QSC		22,295,262		26,173,959
Qatar Electricity & Water Co. QSC		4,129,135		19,457,008
Qatar Fuel QSC		1,056,190		4,828,167
Qatar Islamic Bank SAQ		3,405,110		14,477,665

24 2 0 2 1   I SHARES  SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Consolidated Schedule of Investments (unaudited) (continued) February 28, 2021 iShares^® MSCI Emerging Markets Min Vol Factor ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Qatar (continued)
Qatar National Bank QPSC		4,264,165	$	19,920,069
				84,856,868
Russia — 0.9%
Polymetal International PLC		384,876		7,662,666
Polyus PJSC		119,219		22,464,274
Rosneft Oil Co. PJSC		872,590		6,156,567
				36,283,507
Saudi Arabia — 7.7%
Abdullah Al Othaim Markets Co.		392,376		12,784,521
Advanced Petrochemical Co.		414,503		7,493,215
Al Rajhi Bank		1,575,892		38,236,548
Alinma Bank(a)		4,929,696		21,293,448
Bank AlBilad		999,455		8,780,707
Bank Al-Jazira		1,131,576		4,061,062
Bupa Arabia for Cooperative Insurance Co.(a)		414,540		13,197,194
Co for Cooperative Insurance (The)(a)		423,307		8,961,625
Dr Sulaiman Al Habib Medical Services Group Co.		99,495		3,156,887
Emaar Economic City(a)		927,963		2,278,773
Etihad Etisalat Co.(a)		2,962,365		22,668,944
Jarir Marketing Co.		632,040		28,817,182
Mobile Telecommunications Co.(a)		1,926,070		6,881,573
SABIC Agri-Nutrients Co.		762,773		19,809,116
Saudi Airlines Catering Co.		431,895		8,510,076
Saudi Basic Industries Corp.		968,458		27,526,363
Saudi Electricity Co.		1,581,711		8,890,139
Saudi Telecom Co.		2,058,735		65,212,030
Savola Group (The)		262,960		2,639,766
Yanbu National Petrochemical Co.		421,488		8,012,824
				319,211,993
South Korea — 7.7%
BGF retail Co. Ltd.		20,745		2,935,874
Celltrion Healthcare Co. Ltd.(a)		23,072		2,579,300
Celltrion Inc.(a)		23,247		6,155,748
CJ Logistics Corp.(a)		44,860		6,548,322
Coway Co. Ltd.		90,689		5,222,589
GS Retail Co. Ltd.		80,432		2,591,578
Hanon Systems		722,051		9,929,406
Hyundai Marine & Fire Insurance Co. Ltd.		188,517		3,674,697
Hyundai Mobis Co. Ltd.		11,398		3,073,960
Kakao Corp.		5,950		2,584,424
Kangwon Land Inc.(a)		242,647		5,226,575
Kia Motors Corp.		108,994		7,702,825
KMW Co. Ltd.(a)(d)		82,554		4,555,717
Korea Electric Power Corp.(a)		214,772		4,339,407
KT&G Corp.		385,989		26,900,702
LG Household & Health Care Ltd.		1,418		1,909,599
LG Uplus Corp.		343,589		3,608,678
NAVER Corp.		87,073		29,063,084
NCSoft Corp.		30,702		25,578,168
Netmarble Corp.(b)		56,219		6,179,837
Pearl Abyss Corp.(a)		52,543		13,534,441
S-1 Corp.		184,008		13,593,826
Samsung Biologics Co. Ltd.(a)(b)		8,129		5,426,569
Samsung Electronics Co. Ltd.		558,389		41,003,198
Samsung SDS Co. Ltd.		97,464		16,872,940
SK Hynix Inc.		155,878		19,632,165
SK Telecom Co. Ltd.		150,297		33,109,486
Yuhan Corp.		261,330		14,421,415
				317,954,530

Security	Shares		Value
Taiwan — 16.8%
Accton Technology Corp.		522,000	$	4,919,666
Advantech Co. Ltd.		2,856,855		37,181,938
Asustek Computer Inc.		2,151,000		23,477,390
AU Optronics Corp.(a)		17,121,000		11,617,876
Cathay Financial Holding Co. Ltd.		3,569,034		5,375,495
Chicony Electronics Co. Ltd.		6,361,455		21,423,732
China Development Financial Holding Corp.		12,546,000		4,189,132
China Steel Corp.		4,407,000		3,916,103
Chunghwa Telecom Co. Ltd.		15,345,000		60,327,709
Compal Electronics Inc.		26,969,000		21,495,801
E.Sun Financial Holding Co. Ltd.		19,422,335		17,607,538
Far EasTone Telecommunications Co. Ltd.		17,182,000		38,123,960
First Financial Holding Co. Ltd.		70,340,900		52,656,234
Formosa Petrochemical Corp.		2,261,000		8,117,763
Formosa Plastics Corp.		2,413,840		8,449,848
Hua Nan Financial Holdings Co. Ltd.		58,336,563		38,014,850
Lite-On Technology Corp.		8,245,752		17,585,411
Mega Financial Holding Co. Ltd.		12,799,000		13,418,214
Pou Chen Corp.		3,280,000		3,556,449
Powertech Technology Inc.		970,000		3,482,632
President Chain Store Corp.		2,959,000		27,834,414
Quanta Computer Inc.		2,798,000		8,538,910
Synnex Technology International Corp.		11,981,000		21,228,340
Taiwan Business Bank		33,242,704		11,302,699
Taiwan Cooperative Financial Holding Co. Ltd.		77,340,599		55,397,000
Taiwan High Speed Rail Corp.		7,601,000		8,227,992
Taiwan Mobile Co. Ltd.		16,947,000		59,081,005
Taiwan Semiconductor Manufacturing Co. Ltd.		3,400,000		73,975,406
Uni-President Enterprises Corp.		3,031,000		7,312,924
United Microelectronics Corp.		5,255,000		10,226,048
WPG Holdings Ltd.		10,846,440		17,660,392
				695,722,871
Thailand — 4.9%
Advanced Info Service PCL, NVDR		6,538,400		35,172,459
Airports of Thailand PCL, NVDR		18,020,000		37,485,905
Bangkok Dusit Medical Services PCL, NVDR		37,344,000		24,276,388
Bangkok Expressway & Metro PCL, NVDR(d)		69,240,900		17,892,173
BTS Group Holdings PCL, NVDR		50,076,900		15,300,250
Bumrungrad Hospital PCL, NVDR		2,733,900		11,241,038
CP ALL PCL, NVDR(a)		14,980,200		28,971,289
Home Product Center PCL, NVDR		25,886,200		11,190,595
Intouch Holdings PCL, NVDR		6,752,700		12,236,454
Siam Cement PCL (The), NVDR		458,500		5,454,484
Thai Union Group PCL, NVDR(d)		7,761,600		3,531,934
				202,752,969
Turkey — 0.6%
BIM Birlesik Magazalar AS		2,275,674		20,277,979
Turkcell Iletisim Hizmetleri AS		1,855,669		3,964,998
				24,242,977
United Arab Emirates — 1.8%
Dubai Islamic Bank PJSC		3,707,679		4,794,652
Emirates Telecommunications Group Co. PJSC		7,724,459		41,848,749
First Abu Dhabi Bank PJSC		7,202,246		28,823,494
				75,466,895
Total Common Stocks — 99.3% (Cost: $3,120,022,714)				4,101,372,928

SCHEDULE  OF   INVESTMENTS 25

Schedule of Investments (unaudited) (continued) February 28, 2021 iShares^® MSCI Emerging Markets Min Vol Factor ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Preferred Stocks
Russia — 0.4%
Surgutneftegas PJSC, Preference Shares, NVS		28,045,600	$	14,796,488
Total Preferred Stocks — 0.4% (Cost: $14,731,146)				14,796,488
Short-Term Investments
Money Market Funds — 2.1%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.12%(e)(f)(g)		66,446,371		66,486,239
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%(e)(f)		21,290,000		21,290,000
				87,776,239
Total Short-Term Investments — 2.1% (Cost: $87,751,578)				87,776,239
Total Investments in Securities — 101.8% (Cost: $3,222,505,438)				4,203,945,655
Other Assets, Less Liabilities — (1.8)%				(73,647,149	)
Net Assets — 100.0%			$	4,130,298,506

^(a) Non-income producing security.

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

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

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

^(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 cash collateral received from loaned securities.

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 2021 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 08/31/20		Purchases at Cost			Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 02/28/21		Shares Held at 02/28/21		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	54,438,073	$	12,073,220	(a)	$	—	$	(17,933	)	$	(7,121	)	$	66,486,239		66,446,371	$	609,705	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		7,040,000		14,250,000	(a)		—		—			—			21,290,000		21,290,000		3,855			—
								$	(17,933	)	$	(7,121	)	$	87,776,239			$	613,560		$	—

^(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.

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts 2-Year U.S. Treasury Note		8		06/30/21	$	1,767	$	(448	)
MSCI Emerging Markets E-Mini Index		134		03/19/21		8,965		8,629
							$	8,181

26 2 0 2 1   I SHARES  SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Consolidated Schedule of Investments (unaudited) (continued) February 28, 2021 iShares^® MSCI Emerging Markets Min Vol Factor ETF

Derivative Financial Instruments Categorized by Risk Exposure

As of February 28, 2021, the fair values of derivative financial instruments located in the Consolidated Statements of Assets and Liabilities were as follows:

	Equity Contracts		Interest Rate Contracts		Total
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)	$	8,629	$	—	$	8,629
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	—	$	448	$	448

^(a) Net cumulative appreciation (depreciation) on futures contracts are reported in the Consolidated Schedule of Investments. In the Consolidated 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 six months ended February 28, 2021, the effect of derivative financial instruments in the Consolidated Statements of Operations was as follows:

	Equity Contracts			Interest Rate Contracts			Total
Net Realized Gain (Loss) from:
Futures contracts	$	1,657,540		$	(40	)	$	1,657,500
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(138,170	)	$	(796	)	$	(138,966	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	6,910,012

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

Fair Value Measurements

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

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of February 28, 2021. The breakdown of the Fund’s investments into major categories is disclosed in the Consolidated Schedule of Investments above.

	Level 1			Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	3,898,619,930		$	202,752,969	$	29	$	4,101,372,928
Preferred Stocks		14,796,488			—		—		14,796,488
Money Market Funds		87,776,239			—		—		87,776,239
	$	4,001,192,657		$	202,752,969	$	29	$	4,203,945,655
Derivative financial instruments(a)
Assets
Futures Contracts	$	8,629		$	—	$	—	$	8,629
Liabilities
Futures Contracts		(448	)		—		—		(448	)
	$	8,181		$	—	$	—	$	8,181

^(a) Shown at the unrealized appreciation (depreciation) on the contracts.

See notes to financial statements.

SCHEDULE  OF   INVESTMENTS 27

Schedule of Investments (unaudited)  February 28, 2021 iShares^® MSCI Emerging Markets Multifactor ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Brazil — 2.2%
Banco BTG Pactual SA		209,700	$	3,824,460
BB Seguridade Participacoes SA		621,000		2,833,642
Hypera SA		340,000		1,999,838
Sul America SA		263,693		1,562,838
Telefonica Brasil SA		398,300		3,144,634
TIM SA		748,000		1,717,982
				15,083,394
China — 42.2%
3SBio Inc.(a)(b)		1,156,000		1,150,434
AECC Aero-Engine Control Co. Ltd., Class A		54,400		173,950
AK Medical Holdings Ltd.(a)		272,000		400,425
Alibaba Group Holding Ltd., ADR(b)		117,081		27,837,179
Anhui Conch Cement Co. Ltd., Class A		68,039		560,075
Anhui Conch Cement Co. Ltd., Class H		1,095,500		7,046,923
Apeloa Pharmaceutical Co. Ltd., Class A		68,000		263,926
Bank of Communications Co. Ltd., Class H		3,536,000		1,996,517
Beijing Capital International Airport Co. Ltd., Class H		1,632,000		1,272,806
Beijing Enterprises Holdings Ltd.		448,000		1,550,633
Bosideng International Holdings Ltd.		2,992,000		1,261,235
Brilliance China Automotive Holdings Ltd.		2,720,000		2,440,421
BYD Electronic International Co. Ltd.		599,500		3,342,427
C&S Paper Co. Ltd., Class A		81,600		268,606
Caitong Securities Co. Ltd., Class A		204,000		353,545
Chacha Food Co. Ltd., Class A		27,200		238,929
Changjiang Securities Co. Ltd., Class A		326,400		365,194
China Cinda Asset Management Co. Ltd., Class H		7,752,000		1,538,938
China CITIC Bank Corp. Ltd., Class H		7,752,000		3,657,476
China Communications Services Corp. Ltd., Class H		2,176,000		1,026,660
China Conch Venture Holdings Ltd.		1,460,000		6,493,197
China Everbright Ltd.		788,000		1,017,842
China Hongqiao Group Ltd.(c)		1,564,000		1,939,539
China Lesso Group Holdings Ltd.		952,000		1,759,838
China Longyuan Power Group Corp. Ltd., Class H		2,815,000		4,187,654
China Medical System Holdings Ltd.		1,224,000		1,912,364
China Meidong Auto Holdings Ltd.		476,000		1,810,154
China Minsheng Banking Corp. Ltd., Class H		5,100,000		3,043,952
China National Building Material Co. Ltd., Class H		3,496,000		5,299,872
China Power International Development Ltd.		3,915,000		837,773
China Resources Cement Holdings Ltd.		2,176,000		2,591,895
China Resources Pharmaceutical Group Ltd.(a)(c)		1,360,000		867,822
China Resources Power Holdings Co. Ltd.		1,632,000		1,899,741
China Resources Sanjiu Medical & Pharmaceutical Co. Ltd., Class A		54,400		219,788
China Taiping Insurance Holdings Co. Ltd.		1,441,600		3,107,189
China Traditional Chinese Medicine Holdings Co. Ltd.		2,448,000		1,467,408
Chongqing Brewery Co. Ltd., Class A		23,497		437,823
Chongqing Rural Commercial Bank Co. Ltd., Class H		2,176,000		959,338
COSCO SHIPPING Ports Ltd.		1,632,000		1,186,549
Country Garden Services Holdings Co. Ltd.		1,181,000		9,713,085
Da An Gene Co. Ltd. of Sun Yat-Sen University, Class A		40,800		213,827
Dali Foods Group Co. Ltd.(a)		1,836,000		1,117,124
Daqin Railway Co. Ltd., Class A		791,428		797,553
Dongfeng Motor Group Co. Ltd., Class H		2,448,000		2,253,182
Far East Horizon Ltd.		1,768,000		1,900,793
First Capital Securities Co. Ltd., Class A		231,200		282,941
Fujian Sunner Development Co. Ltd., Class A		68,000		302,229
Fuyao Glass Industry Group Co. Ltd., Class H		350,000		2,147,641
G-Bits Network Technology Xiamen Co. Ltd., Class A		3,700		178,186

Security	Shares		Value
China (continued)
GF Securities Co. Ltd., Class H		1,142,400	$	1,619,935
Great Wall Motor Co. Ltd., Class H		2,720,000		7,906,824
GSX Techedu Inc., ADR(b)(c)		68,408		7,035,763
Guangdong Kinlong Hardware Products Co. Ltd., Class A .		13,600		319,859
Guangdong Xinbao Electrical Appliances Holdings Co. Ltd., Class A		40,800		279,814
Guangzhou Kingmed Diagnostics Group Co. Ltd., Class A .		27,200		574,739
Guoyuan Securities Co. Ltd., Class A		244,800		301,851
Haitian International Holdings Ltd.		544,000		1,868,886
Hangzhou First Applied Material Co. Ltd., Class A		34,100		474,411
Hefei Meiya Optoelectronic Technology Inc., Class A		40,800		236,746
Heilongjiang Agriculture Co. Ltd., Class A		108,800		280,905
Henan Shuanghui Investment & Development Co. Ltd., Class A		149,670		1,063,421
Hesteel Co. Ltd., Class A(b)		258,400		88,129
Hithink RoyalFlush Information Network Co. Ltd., Class A		27,200		564,959
Hopson Development Holdings Ltd.		588,000		1,929,087
Hua Hong Semiconductor Ltd.(a)(b)		408,000		2,495,646
Hualan Biological Engineering Inc., Class A		95,200		628,511
Huaxin Cement Co. Ltd., Class A		68,000		234,962
Hubei Jumpcan Pharmaceutical Co. Ltd., Class A		40,800		124,984
Hunan Valin Steel Co. Ltd., Class A		326,420		294,188
Inner Mongolia Junzheng Energy & Chemical Industry Group Co. Ltd., Class A		462,400		424,590
Intco Medical Technology Co. Ltd., Class A		17,700		581,573
Jafron Biomedical Co. Ltd., Class A		40,887		495,262
Jiangxi Zhengbang Technology Co. Ltd., Class A		136,000		347,564
Jilin Aodong Pharmaceutical Group Co. Ltd., Class A		54,400		131,302
Joincare Pharmaceutical Group Industry Co. Ltd., Class A .		108,800		207,699
Joyoung Co. Ltd., Class A		40,800		188,452
Kingboard Holdings Ltd.		612,000		2,824,367
Kingboard Laminates Holdings Ltd.		952,000		1,624,843
Kingdee International Software Group Co. Ltd.		2,176,000		7,812,152
Kingfa Sci & Tech Co. Ltd., Class A		149,600		582,715
KWG Group Holdings Ltd.		1,156,000		1,752,475
Lee & Man Paper Manufacturing Ltd.		1,224,000		1,134,480
Lenovo Group Ltd.		6,396,000		8,088,427
Li Ning Co. Ltd.		1,873,000		10,527,152
Nine Dragons Paper Holdings Ltd.		1,457,000		2,351,530
Noah Holdings Ltd.(b)(c)		30,056		1,343,503
Northeast Securities Co. Ltd., Class A		149,600		204,320
PICC Property & Casualty Co. Ltd., Class H		5,985,000		4,528,860
Sanquan Food Co. Ltd., Class A		40,800		167,800
Shandong Buchang Pharmaceuticals Co. Ltd., Class A		68,000		232,549
Shandong Hualu Hengsheng Chemical Co. Ltd., Class A		95,250		625,754
Shandong Sun Paper Industry JSC Ltd., Class A		149,600		407,485
Shandong Weigao Group Medical Polymer Co. Ltd., Class H		2,176,000		3,736,369
Shanghai Bairun Investment Holding Group Co. Ltd., Class A		27,200		408,723
Shanghai Pharmaceuticals Holding Co. Ltd., Class H		707,200		1,296,368
Shanxi Taigang Stainless Steel Co. Ltd., Class A		180,400		107,463
Shenzhen International Holdings Ltd.		952,000		1,575,755
Shenzhen Investment Ltd.		2,720,000		978,272
Shenzhen Salubris Pharmaceuticals Co. Ltd., Class A		54,400		324,477
Shijiazhuang Yiling Pharmaceutical Co. Ltd., Class A		68,000		246,296
Shimao Group Holdings Ltd.		1,088,000		3,583,492
Sinolink Securities Co. Ltd., Class A		176,800		351,971
Sinotruk Hong Kong Ltd.		612,000		1,952,600
SooChow Securities Co. Ltd., Class A		217,600		287,454

28 2 0 2 1   I SHARES  SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Schedule of Investments (unaudited) (continued) February 28, 2021 iShares^® MSCI Emerging Markets Multifactor ETF (Percentages shown are based on Net Assets)

Security	Shares			Value
China (continued)
SSY Group Ltd.(c)		1,360,000		$	724,062
Sun Art Retail Group Ltd.		1,224,000			1,057,165
Tangshan Jidong Cement Co. Ltd., Class A		81,600			190,153
Tencent Holdings Ltd.		338,500			28,908,873
Tianjin Chase Sun Pharmaceutical Co. Ltd., Class A		163,200			102,758
Tingyi Cayman Islands Holding Corp.(c)		1,746,000			3,506,697
Topchoice Medical Corp., Class A(b)		17,100			699,322
Uni-President China Holdings Ltd.		1,088,000			1,307,168
Vinda International Holdings Ltd.(c)		319,000			951,981
Vipshop Holdings Ltd., ADR(b)		393,448			14,683,479
Wangfujing Group Co. Ltd., Class A		40,800			193,616
Want Want China Holdings Ltd.(c)		4,352,000			3,141,691
Weifu High-Technology Group Co. Ltd., Class A		54,400			193,259
Western Securities Co. Ltd., Class A		190,400			277,673
Wharf Holdings Ltd. (The)		816,000			1,924,987
Wuhu Sanqi Interactive Entertainment Network Technology Group Co. Ltd., Class A		108,800			472,653
Yadea Group Holdings Ltd.(a)		930,000			2,023,681
Yuexiu Property Co. Ltd.		6,256,000			1,387,113
Yum China Holdings Inc.		252,416			15,104,573
Zhejiang Expressway Co. Ltd., Class H		1,360,000			1,186,900
Zhejiang Semir Garment Co. Ltd., Class A		108,800			154,976
Zheshang Securities Co. Ltd., Class A		190,400			369,643
Zhongsheng Group Holdings Ltd.		504,000			3,118,591
Zhuzhou CRRC Times Electric Co. Ltd., Class H		476,000			2,070,939
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class H		1,196,800			1,823,584
					292,025,849
Hungary — 0.5%
Richter Gedeon Nyrt		125,800			3,611,340
India — 12.1%
ACC Ltd.		65,960			1,555,717
Apollo Hospitals Enterprise Ltd.		80,376			3,345,473
Aurobindo Pharma Ltd.		259,624			3,021,439
Balkrishna Industries Ltd.		77,792			1,649,315
Cipla Ltd.		392,224			4,200,856
Colgate-Palmolive India Ltd.		63,376			1,363,681
Divi’s Laboratories Ltd.		78,608			3,597,558
Dr. Reddy’s Laboratories Ltd.		103,088			6,209,760
HCL Technologies Ltd.		963,019			11,918,318
HDFC Asset Management Co. Ltd.(a)		46,920			1,875,268
Hero MotoCorp Ltd.		106,216	��		4,660,004
Indus Towers Ltd.		296,072			1,038,679
Infosys Ltd.		1,140,160			19,445,636
Ipca Laboratories Ltd.		61,880			1,557,463
Jubilant Foodworks Ltd.		70,584			2,876,669
Larsen & Toubro Infotech Ltd.(a)		46,512			2,278,509
Lupin Ltd.		136			1,885
REC Ltd.		788,461			1,453,854
Tech Mahindra Ltd.		457,114			5,715,713
Wipro Ltd.		1,013,970			5,661,453
					83,427,250
Indonesia — 0.4%
Gudang Garam Tbk PT(b)		421,600			1,080,646
Indofood Sukses Makmur Tbk PT		3,862,400			1,640,978
					2,721,624
Kuwait — 0.1%
Gulf Bank KSCP		1,348,984			962,764

Security	Shares		Value
Malaysia — 0.7%
AMMB Holdings Bhd		1,441,600	$	1,125,499
Kossan Rubber Industries(c)		1,156,000		1,128,153
Sime Darby Bhd		2,420,800		1,357,682
Supermax Corp. Bhd		1,360,073		1,626,375
				5,237,709
Philippines — 0.6%
Globe Telecom Inc.		29,240		1,220,945
Megaworld Corp.		9,792,600		730,610
PLDT Inc.		76,160		2,021,725
				3,973,280
Qatar — 1.7%
Barwa Real Estate Co.		821,712		720,550
Commercial Bank PSQC (The)		1,759,442		2,039,325
Masraf Al Rayan QSC		3,144,237		3,691,239
Ooredoo QPSC		708,424		1,477,242
Qatar Electricity & Water Co. QSC		472,192		2,225,029
Qatar International Islamic Bank QSC		655,792		1,502,997
				11,656,382
Russia — 0.3%
Inter RAO UES PJSC		32,418,000		2,220,277
Saudi Arabia — 3.3%
Abdullah Al Othaim Markets Co.		39,848		1,298,340
Advanced Petrochemical Co.		92,616		1,674,274
Arab National Bank		529,584		2,733,701
Bank Al-Jazira		358,088		1,285,126
Banque Saudi Fransi		521,696		3,880,901
Bupa Arabia for Cooperative Insurance Co.(b)		53,584		1,705,887
Co for Cooperative Insurance (The)(b)		56,304		1,191,985
Jarir Marketing Co.		52,768		2,405,900
Riyad Bank		646,408		3,412,579
Saudi Airlines Catering Co.		33,592		661,898
Saudi Cement Co.		64,600		1,092,025
Saudi Industrial Investment Group		195,024		1,471,585
				22,814,201
South Africa — 6.5%
African Rainbow Minerals Ltd.		99,147		1,930,867
AngloGold Ashanti Ltd.		325,197		6,509,415
Aspen Pharmacare Holdings Ltd.(b)		342,584		3,221,992
Exxaro Resources Ltd.		220,320		2,488,850
Gold Fields Ltd.		782,680		6,499,661
Harmony Gold Mining Co. Ltd.(b)		480,624		1,820,794
Impala Platinum Holdings Ltd.		708,288		11,507,035
Kumba Iron Ore Ltd.		56,984		2,441,701
Mr. Price Group Ltd.		227,800		2,623,281
Rand Merchant Investment Holdings Ltd.		666,128		1,340,942
Reinet Investments SCA		131,920		2,461,549
Tiger Brands Ltd.		143,145		1,905,954
				44,752,041
South Korea — 10.5%
Coway Co. Ltd.		42,704		2,459,233
DB Insurance Co. Ltd.		43,520		1,603,674
E-MART Inc.		17,408		2,618,560
Hana Financial Group Inc.		137,147		4,522,738
Hankook Tire & Technology Co. Ltd.		65,960		2,797,502
Hyundai Marine & Fire Insurance Co. Ltd.		55,080		1,073,656
Kia Motors Corp.		233,763		16,520,500
Kumho Petrochemical Co. Ltd.(b)		16,320		3,064,993
LG Electronics Inc.		94,248		12,289,570

SCHEDULE  OF   INVESTMENTS 29

Schedule of Investments (unaudited) (continued) February 28, 2021 iShares^® MSCI Emerging Markets Multifactor ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
South Korea (continued)
LG Innotek Co. Ltd.		12,569	$	2,226,285
LG Uplus Corp.		189,806		1,993,512
S-1 Corp.		15,171		1,120,777
Samsung Card Co. Ltd.		25,704		753,847
Samsung Electronics Co. Ltd.		201,654		14,807,704
Seegene Inc.		16,184		1,793,421
SK Telecom Co. Ltd.		12,906		2,843,111
				72,489,083
Taiwan — 15.8%
Asustek Computer Inc.		626,000		6,832,565
Chicony Electronics Co. Ltd.		499,169		1,681,072
Compal Electronics Inc.		3,672,000		2,926,789
Foxconn Technology Co. Ltd.		816,000		2,050,803
Inventec Corp.		2,312,000		2,058,616
Lite-On Technology Corp.		1,904,718		4,062,122
Micro-Star International Co. Ltd.		600,000		3,209,766
Nien Made Enterprise Co. Ltd.		143,000		2,002,334
Novatek Microelectronics Corp.		513,000		8,730,347
Pegatron Corp.		1,768,000		4,735,403
Phison Electronics Corp.		131,000		2,161,188
Pou Chen Corp.		2,040,000		2,211,938
Powertech Technology Inc.		657,000		2,358,855
Synnex Technology International Corp.		1,224,000		2,168,725
Taiwan Semiconductor Manufacturing Co. Ltd.		1,436,000		31,243,730
Unimicron Technology Corp.		1,051,000		3,679,113
United Microelectronics Corp.		10,301,000		20,045,389
Wistron Corp.		2,520,063		2,895,324
WPG Holdings Ltd.		1,415,160		2,304,192
Zhen Ding Technology Holding Ltd.		520,000		2,240,373
				109,598,644
Thailand — 0.7%
Delta Electronics Thailand PCL, NVDR		276,700		3,597,513
Krung Thai Bank PCL, NVDR		3,032,800		1,182,928
				4,780,441
Turkey — 0.2%
Haci Omer Sabanci Holding AS		808,112		1,141,684
United Arab Emirates — 0.7%
Abu Dhabi Islamic Bank PJSC		1,289,552		1,751,865
Emaar Properties PJSC(b)		3,116,032		2,960,661
				4,712,526
Total Common Stocks — 98.5% (Cost: $511,066,534)				681,208,489

Security	Shares		Value
Preferred Stocks
Brazil — 1.3%
Alpargatas SA, Preference Shares, NVS		163,200	$	1,022,883
Cia. Paranaense de Energia, Preference Shares, NVS		91,100		957,579
Itausa SA, Preference Shares, NVS		3,916,838		6,993,036
				8,973,498
Chile — 0.1%
Embotelladora Andina SA, Class B, Preference Shares		303,824		822,274
Total Preferred Stocks — 1.4% (Cost: $12,795,882)				9,795,772
Short-Term Investments
Money Market Funds — 2.0%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.12%(d)(e)(f)		13,380,042		13,388,070
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%(d)(e)		820,000		820,000
				14,208,070
Total Short-Term Investments — 2.0% (Cost: $14,206,351)				14,208,070
Total Investments in Securities — 101.9% (Cost: $538,068,767)				705,212,331
Other Assets, Less Liabilities — (1.9)%				(13,391,076	)
Net Assets — 100.0%			$	691,821,255

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

^(b) Non-income producing security.

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

^(d) Affiliate of the Fund.

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

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

30 2 0 2 1   I SHARES  SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Schedule of Investments (unaudited) (continued) February 28, 2021 iShares^® MSCI Emerging Markets Multifactor ETF

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 2021 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 08/31/20		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 02/28/21		Shares Held at 02/28/21		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	7,386,667	$	6,004,992	(a)	$	—		$	(3,219	)	$	(370	)	$	13,388,070		13,380,042	$	51,313	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		1,110,000		—			(290,000	)(a)		—			—			820,000		820,000		399			—
									$	(3,219	)	$	(370	)	$	14,208,070			$	51,712		$	—

^(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.

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
MSCI Emerging Markets E-Mini Index		5		03/19/21	$	335	$	(12,332	)

Derivative Financial Instruments Categorized by Risk Exposure

As of February 28, 2021, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

	Equity Contracts
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	12,332

^(a)  Net cumulative 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 six months ended February 28, 2021, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	80,751
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(84,007	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	461,667

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

Fair Value Measurements

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

SCHEDULE  OF   INVESTMENTS 31

Schedule of Investments (unaudited) (continued) February 28, 2021 iShares^® MSCI Emerging Markets Multifactor ETF

Fair Value Measurements (continued)

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of February 28, 2021. The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.

	Level 1			Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	676,428,048		$	4,780,441	$	—	$	681,208,489
Preferred Stocks		9,795,772			—		—		9,795,772
Money Market Funds		14,208,070			—		—		14,208,070
	$	700,431,890		$	4,780,441	$	—	$	705,212,331
Derivative financial instruments(a)
Liabilities
Futures Contracts	$	(12,332	)	$	—	$	—	$	(12,332	)

^(a)  Shown at the unrealized appreciation (depreciation) on the contracts.

See notes to financial statements.

32 2 0 2 1   I SHARES  SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Schedule of Investments (unaudited)  February 28, 2021 iShares^® MSCI Global Min Vol Factor ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Australia — 0.4%
Newcrest Mining Ltd.		189,484	$	3,614,651
Woolworths Group Ltd.		589,023		17,967,250
				21,581,901
Belgium — 0.4%
Etablissements Franz Colruyt NV		102,852		6,197,145
Proximus SADP		282,430		5,553,579
UCB SA		74,092		7,414,065
				19,164,789
Canada — 4.4%
Agnico Eagle Mines Ltd.		448,621		25,173,804
Barrick Gold Corp.		2,080,205		39,024,383
BCE Inc.		285,480		12,273,836
CGI Inc.(a)		185,372		13,910,222
Empire Co. Ltd., Class A, NVS		112,195		3,134,547
Franco-Nevada Corp.		353,919		38,092,419
Intact Financial Corp.		260,698		29,290,429
Kirkland Lake Gold Ltd.		77,520		2,548,485
Loblaw Companies Ltd.		158,073		7,657,675
Metro Inc.		120,695		5,043,259
Rogers Communications Inc., Class B, NVS		120,476		5,246,321
Shaw Communications Inc., Class B, NVS		243,817		4,265,835
TELUS Corp.		786,753		15,846,921
Thomson Reuters Corp.		152,809		13,361,735
Waste Connections Inc.		123,737		12,087,867
				226,957,738
Chile — 0.2%
Banco de Chile		82,346,458		9,030,930
China — 4.3%
Agricultural Bank of China Ltd., Class A		8,265,199		4,158,206
Agricultural Bank of China Ltd., Class H		7,048,000		2,562,133
Alibaba Group Holding Ltd., ADR(a)		21,681		5,154,875
Alibaba Pictures Group Ltd.(a)		22,610,000		3,147,827
Anhui Conch Cement Co. Ltd., Class A		446,300		3,673,795
Bank of Communications Co. Ltd., Class A		4,368,800		3,081,154
Bank of Communications Co. Ltd., Class H		5,977,000		3,374,768
BeiGene Ltd., ADR(a)(b)		37,950		12,144,000
China Conch Venture Holdings Ltd.		1,961,500		8,723,565
China Construction Bank Corp., Class H		11,912,000		9,566,638
China Huishan Dairy Holdings Co. Ltd.(a)(c)		2,093,055		3
China Minsheng Banking Corp. Ltd., Class A		3,282,399		2,623,954
China Tourism Group Duty Free Corp. Ltd., Class A		217,600		10,339,933
China Tower Corp. Ltd., Class H(d)		38,640,000		5,778,056
China Yangtze Power Co. Ltd., Class A		2,071,100		6,312,526
CITIC Securities Co. Ltd., Class A		591,400		2,487,041
Guangdong Investment Ltd.		3,763,147		6,733,289
Hansoh Pharmaceutical Group Co. Ltd.(a)(d)		2,202,000		11,212,463
Industrial & Commercial Bank of China Ltd., Class A		5,983,251		4,958,457
Industrial & Commercial Bank of China Ltd., Class H		12,530,000		8,173,126
Jiangsu Expressway Co. Ltd., Class H		2,294,000		2,664,433
Jiangsu Hengrui Medicine Co. Ltd., Class A		596,200		9,366,445
Lenovo Group Ltd.		4,330,000		5,475,749
Postal Savings Bank of China Co. Ltd., Class H(d)		18,434,000		13,711,407
SF Holding Co. Ltd., Class A		428,100		6,934,323
Shenzhen International Holdings Ltd.		1,898,000		3,141,578
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A		113,300		7,308,719
Tencent Holdings Ltd.		198,300		16,935,390

Security	Shares		Value
China (continued)
WuXi AppTec Co. Ltd., Class A		162,720	$	3,608,048
Xiaomi Corp., Class B(a)(d)		7,262,400		23,685,759
ZTO Express Cayman Inc., ADR		427,593		14,426,988
				221,464,648
Denmark — 1.6%
Coloplast A/S, Class B		220,594		33,804,309
Novo Nordisk A/S, Class B		538,580		38,501,711
Tryg A/S		224,401		7,106,108
				79,412,128
Finland — 0.3%
Elisa OYJ		264,102		15,819,981
France — 0.9%
Hermes International		24,048		26,947,710
Orange SA		1,580,327		18,314,982
				45,262,692
Germany — 1.1%
Deutsche Telekom AG, Registered		2,814,069		51,338,223
Telefonica Deutschland Holding AG		1,916,876		5,142,016
				56,480,239
Hong Kong — 2.8%
CLP Holdings Ltd.		1,686,254		16,444,419
Hang Seng Bank Ltd.(b)		1,421,100		27,479,100
HK Electric Investments & HK Electric Investments Ltd.		. 4,938,500		4,838,328
HKT Trust & HKT Ltd.		7,046,000		9,573,481
Hong Kong & China Gas Co. Ltd.(b)		12,402,886		18,706,616
Jardine Matheson Holdings Ltd.		409,000		21,398,880
Jardine Strategic Holdings Ltd.		164,900		4,267,612
Link REIT		1,532,300		14,459,108
MTR Corp. Ltd.		2,885,000		17,312,194
PCCW Ltd.		7,950,000		4,560,514
Power Assets Holdings Ltd.		1,153,500		6,408,870
				145,449,122
India — 3.0%
Asian Paints Ltd.		317,558		9,840,690
Avenue Supermarts Ltd.(a)(d)		137,726		5,611,747
Bajaj Auto Ltd.		71,924		3,718,006
Bharat Petroleum Corp. Ltd.		731,175		4,476,003
Coal India Ltd.		2,284,792		4,732,195
Dabur India Ltd.		898,981		6,154,689
Dr. Reddy’s Laboratories Ltd.		68,999		4,156,325
Eicher Motors Ltd.		202,672		6,891,151
HCL Technologies Ltd.		1,006,687		12,458,753
Hero MotoCorp Ltd.		86,979		3,816,021
Hindustan Petroleum Corp. Ltd.		1,273,181		4,200,622
Hindustan Unilever Ltd.		176,903		5,132,558
Housing Development Finance Corp. Ltd.		170,379		5,887,738
Indian Oil Corp. Ltd.		3,433,226		4,580,905
Infosys Ltd.		573,689		9,784,370
ITC Ltd.		1,057,507		2,933,562
Larsen & Toubro Ltd.		225,767		4,431,774
Maruti Suzuki India Ltd.		76,296		7,128,799
MRF Ltd.		2,607		2,997,709
Petronet LNG Ltd.		1,287,321		4,469,755
Pidilite Industries Ltd.		283,045		6,493,839
Sun Pharmaceutical Industries Ltd.		459,916		3,721,386
Tata Consultancy Services Ltd.		269,029		10,596,049
Tech Mahindra Ltd.		411,175		5,141,296
Wipro Ltd.		528,108		2,948,666

SCHEDULE  OF   INVESTMENTS 33

Schedule of Investments (unaudited) (continued) February 28, 2021 iShares^® MSCI Global Min Vol Factor ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
India (continued)
Wipro Ltd., ADR		1,115,854	$	6,840,185
Yes Bank Ltd.(a)		17,274,523		3,702,439
				152,847,232
Indonesia — 0.4%
Bank Central Asia Tbk PT		8,326,500		19,617,562
Kalbe Farma Tbk PT		27,601,200		2,849,281
				22,466,843
Ireland — 0.4%
Kerry Group PLC, Class A		178,931		21,707,784
Israel — 0.4%
Azrieli Group Ltd.		54,202		3,298,555
Bank Hapoalim BM(a)		499,101		3,540,578
Bank Leumi Le-Israel BM		710,061		4,340,488
Check Point Software Technologies Ltd.(a)(b)		26,757		2,949,692
Nice Ltd.(a)		23,093		5,369,103
				19,498,416
Italy — 0.2%
DiaSorin SpA		46,760		9,217,383
Infrastrutture Wireless Italiane SpA(d)		217,342		2,272,721
				11,490,104
Japan — 11.9%
ABC-Mart Inc.		62,300		3,543,627
Ajinomoto Co. Inc.		241,200		4,797,286
ANA Holdings Inc.(a)		216,900		5,199,574
Asahi Intecc Co. Ltd.		82,200		2,357,058
Canon Inc.		1,100,500		23,680,273
Chugai Pharmaceutical Co. Ltd.		615,300		27,507,733
Daiwa House REIT Investment Corp.		2,085		5,471,804
East Japan Railway Co.		79,200		5,840,758
FUJIFILM Holdings Corp.		195,000		11,109,912
Hamamatsu Photonics KK		262,300		15,436,653
Hankyu Hanshin Holdings Inc.		76,000		2,521,682
Japan Post Bank Co. Ltd.		757,100		7,205,739
Japan Post Holdings Co. Ltd.		2,928,400		25,029,107
Japan Tobacco Inc.		128,000		2,312,746
KDDI Corp.		608,000		18,775,296
Keikyu Corp.		158,500		2,505,294
Keio Corp.		133,500		9,961,751
Keyence Corp.		59,100		28,046,705
Kintetsu Group Holdings Co. Ltd.		188,200		7,860,803
Kirin Holdings Co. Ltd.		125,400		2,458,212
Kyushu Railway Co.		278,200		7,238,318
Lawson Inc.		94,400		4,408,110
McDonald’s Holdings Co. Japan Ltd.		123,800		6,135,386
MEIJI Holdings Co. Ltd.		109,100		6,922,433
Mizuho Financial Group Inc.		1,082,500		15,840,224
MonotaRO Co. Ltd.		91,000		5,227,332
Nagoya Railroad Co. Ltd.		349,300		8,865,282
NEC Corp.		488,300		26,582,880
Nippon Paint Holdings Co. Ltd.		28,500		2,118,641
Nippon Prologis REIT Inc.		3,797		11,618,378
Nippon Telegraph & Telephone Corp.		1,182,500		30,611,367
Nissan Motor Co. Ltd.(a)		670,400		3,616,284
Nissin Foods Holdings Co. Ltd.		35,100		2,652,102
Nitori Holdings Co. Ltd.		86,900		16,211,165
Nomura Research Institute Ltd.		152,090		4,725,154
NTT Data Corp.		730,000		11,134,316
Obic Co. Ltd.		98,400		16,606,270

Security	Shares		Value
Japan (continued)
Odakyu Electric Railway Co. Ltd.		144,000	$	4,210,250
Ono Pharmaceutical Co. Ltd.		132,700		3,567,231
Oracle Corp. Japan		72,100		7,308,804
Oriental Land Co. Ltd.		193,300		32,367,862
Pan Pacific International Holdings Corp.		579,000		13,559,273
Rinnai Corp.		67,600		6,839,947
Secom Co. Ltd.		314,500		27,234,625
Seibu Holdings Inc.		227,600		2,734,447
Seven & i Holdings Co. Ltd.		80,200		3,038,928
Shimamura Co. Ltd.		41,700		4,152,778
Shimano Inc.		12,800		2,860,597
Shionogi & Co. Ltd.		52,529		2,668,852
Softbank Corp.		2,150,100		29,081,041
Suntory Beverage & Food Ltd.		259,200		8,867,881
Sysmex Corp.		108,800		11,320,143
Takeda Pharmaceutical Co. Ltd.		126,000		4,236,268
Tobu Railway Co. Ltd.		353,400		10,050,704
Toho Co. Ltd.		168,000		6,307,490
Toyo Suisan Kaisha Ltd.		164,900		7,026,901
USS Co. Ltd.		147,700		2,805,940
Welcia Holdings Co. Ltd.		169,200		5,407,603
West Japan Railway Co.		198,300		12,124,331
Yamada Holdings Co. Ltd.		1,350,900		6,453,990
Yamazaki Baking Co. Ltd.		216,800		3,648,605
				610,010,146
Kuwait — 0.2%
Mobile Telecommunications Co. KSC		3,987,663		8,261,241
National Bank of Kuwait SAKP		964,873		2,630,168
				10,891,409
Malaysia — 0.7%
Hong Leong Bank Bhd(b)		1,209,600		5,379,320
IHH Healthcare Bhd(b)		2,091,100		2,624,531
Malayan Banking Bhd		3,134,800		6,219,257
Maxis Bhd(b)		3,337,500		3,916,770
Petronas Chemicals Group Bhd(b)		1,780,900		3,269,200
Petronas Dagangan Bhd		543,000		2,683,138
Public Bank Bhd		9,131,000		9,384,795
				33,477,011
Netherlands — 0.5%
Koninklijke Ahold Delhaize NV		644,688		17,090,286
Koninklijke KPN NV		1,788,458		5,878,608
				22,968,894
New Zealand — 0.2%
Fisher & Paykel Healthcare Corp. Ltd.		196,350		4,175,907
Spark New Zealand Ltd.		2,215,458		7,393,843
				11,569,750
Norway — 0.2%
Telenor ASA		760,047		12,368,856
Peru — 0.1%
Credicorp Ltd.		19,329		3,092,833
Philippines — 0.2%
BDO Unibank Inc.		2,826,629		6,146,112
PLDT Inc.		143,670		3,813,829
				9,959,941
Qatar — 0.3%
Qatar Islamic Bank SAQ		563,328		2,395,128

34 2 0 2 1   I SHARES  SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Schedule of Investments (unaudited) (continued) February 28, 2021 iShares^® MSCI Global Min Vol Factor ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Qatar (continued)
Qatar National Bank QPSC		2,489,734	$	11,630,805
				14,025,933
Russia — 0.4%
Polymetal International PLC		444,495		8,849,647
Polyus PJSC		58,225		10,971,258
				19,820,905
Saudi Arabia — 1.1%
Alinma Bank(a)		1,819,577		7,859,525
Arab National Bank		483,917		2,497,969
Bank AlBilad		408,152		3,585,817
Bank Al-Jazira		749,418		2,689,552
Jarir Marketing Co.		109,335		4,985,011
SABIC Agri-Nutrients Co.		323,467		8,400,396
Saudi Basic Industries Corp.		127,573		3,625,992
Saudi Telecom Co.		638,120		20,212,947
Yanbu National Petrochemical Co.		197,705		3,758,530
				57,615,739
Singapore — 0.6%
Oversea-Chinese Banking Corp. Ltd.(b)		542,100		4,480,468
Singapore Airlines Ltd.(a)(b)		1,123,200		4,206,615
Singapore Exchange Ltd.		500,400		3,759,492
Singapore Telecommunications Ltd.		10,785,300		19,061,033
				31,507,608
South Korea — 0.2%
SK Telecom Co. Ltd.		44,457		9,793,598
Sweden — 0.3%
Telefonaktiebolaget LM Ericsson, Class B		942,359		11,824,221
Telia Co. AB		730,320		2,965,585
				14,789,806
Switzerland — 5.1%
Chocoladefabriken Lindt & Spruengli AG, Registered		194		17,250,635
EMS-Chemie Holding AG, Registered		3,254		2,893,483
Givaudan SA, Registered		2,845		10,769,706
Kuehne + Nagel International AG, Registered		66,077		15,743,741
Nestle SA, Registered		574,320		60,267,757
Novartis AG, Registered		293,768		25,372,495
Partners Group Holding AG		8,146		9,812,452
Roche Holding AG, NVS		229,271		75,457,080
Sonova Holding AG, Registered(a)		32,525		8,363,879
Swiss Prime Site AG, Registered		87,976		8,269,919
Swisscom AG, Registered		48,133		24,271,197
				258,472,344
Taiwan — 4.4%
Advantech Co. Ltd.		722,482		9,403,096
Asustek Computer Inc.		1,318,000		14,385,495
AU Optronics Corp.(a)		12,859,000		8,725,791
Chang Hwa Commercial Bank Ltd.		9,687,481		5,930,223
Chicony Electronics Co. Ltd.		1,104,020		3,718,053
China Development Financial Holding Corp.		23,662,000		7,900,784
China Steel Corp.		9,262,000		8,230,302
Chunghwa Telecom Co. Ltd.		7,059,000		27,751,925
Compal Electronics Inc.		7,794,000		6,212,254
CTBC Financial Holding Co. Ltd.		4,060,000		2,915,358
E.Sun Financial Holding Co. Ltd.		9,488,490		8,601,898
Far EasTone Telecommunications Co. Ltd.		2,978,000		6,607,680
First Financial Holding Co. Ltd.		19,076,034		14,280,058
Formosa Petrochemical Corp.		876,000		3,145,140
Hua Nan Financial Holdings Co. Ltd.		15,551,074		10,133,812

Security	Shares		Value
Taiwan (continued)
Inventec Corp.		3,623,000	$	3,225,937
Lite-On Technology Corp.		3,943,000		8,409,091
Mega Financial Holding Co. Ltd.		20,217,000		21,195,096
Nan Ya Plastics Corp.		1,131,000		2,952,112
Quanta Computer Inc.		4,337,000		13,235,616
Synnex Technology International Corp.		2,509,250		4,445,974
Taishin Financial Holding Co. Ltd.		9,933,084		4,618,380
Taiwan Cooperative Financial Holding Co. Ltd.		17,347,252		12,425,372
Taiwan Mobile Co. Ltd.		3,101,000		10,810,775
WPG Holdings Ltd.		2,991,760		4,871,244
				224,131,466
Thailand — 0.7%
Advanced Info Service PCL, NVDR		756,000		4,066,802
Airports of Thailand PCL, NVDR		5,674,300		11,803,900
Bangkok Dusit Medical Services PCL, NVDR		7,995,500		5,197,672
Bangkok Expressway & Metro PCL, NVDR(b)		13,722,900		3,546,062
BTS Group Holdings PCL, NVDR		12,074,600		3,689,214
Bumrungrad Hospital PCL, NVDR		743,000		3,055,010
Home Product Center PCL, NVDR		8,149,300		3,522,939
				34,881,599
United Arab Emirates — 0.3%
Emirates Telecommunications Group Co. PJSC		1,837,051		9,952,579
First Abu Dhabi Bank PJSC		794,367		3,179,068
				13,131,647
United Kingdom — 0.4%
Admiral Group PLC		99,388		4,290,913
AstraZeneca PLC		36,265		3,521,263
GlaxoSmithKline PLC		699,384		11,643,754
				19,455,930
United States — 51.1%
Accenture PLC, Class A		41,760		10,477,584
Activision Blizzard Inc.		207,044		19,795,477
Allstate Corp. (The)		221,368		23,597,829
Ameren Corp.		69,653		4,894,516
American Electric Power Co. Inc.		199,876		14,960,719
American Tower Corp.		59,624		12,886,535
American Water Works Co. Inc.		103,681		14,710,260
Amgen Inc.		18,896		4,250,088
Amphenol Corp., Class A		109,155		13,718,600
Anthem Inc.		24,021		7,282,927
Aon PLC, Class A		90,074		20,510,751
Arthur J Gallagher & Co.		65,243		7,816,111
AT&T Inc.		679,264		18,944,673
Automatic Data Processing Inc.		103,084		17,938,678
AutoZone Inc.(a)		14,265		16,546,259
Baxter International Inc.		172,131		13,372,857
Berkshire Hathaway Inc., Class B(a)		101,649		24,447,601
Black Knight Inc.(a)		293,596		22,515,877
Booz Allen Hamilton Holding Corp.		141,308		10,900,499
Bristol-Myers Squibb Co.		106,719		6,545,076
Broadridge Financial Solutions Inc.		129,069		18,391,042
Brown & Brown Inc.		238,687		10,955,733
Campbell Soup Co.		165,409		7,522,801
Cboe Global Markets Inc.		86,286		8,538,863
CH Robinson Worldwide Inc.		250,378		22,746,841
Chubb Ltd.		17,433		2,834,257
Church & Dwight Co. Inc.		225,833		17,784,349
Cisco Systems Inc.		738,378		33,131,021
Citrix Systems Inc.		213,622		28,535,627

SCHEDULE  OF   INVESTMENTS 35

Schedule of Investments (unaudited) (continued) February 28, 2021 iShares^® MSCI Global Min Vol Factor ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
United States (continued)
Clorox Co. (The)		146,632	$	26,547,724
CME Group Inc.		81,340		16,243,598
CMS Energy Corp.		140,353		7,594,501
Cognizant Technology Solutions Corp., Class A		46,314		3,403,153
Colgate-Palmolive Co.		182,654		13,735,581
Comcast Corp., Class A		314,314		16,570,634
Consolidated Edison Inc.		621,678		40,813,161
Cooper Companies Inc. (The)		12,192		4,707,697
Costco Wholesale Corp.		28,222		9,341,482
Crown Castle International Corp.		154,022		23,988,927
Danaher Corp.		79,723		17,512,751
Dollar General Corp.		211,870		40,041,311
Dominion Energy Inc.		360,842		24,652,725
Domino’s Pizza Inc.		8,597		2,978,946
Duke Energy Corp.		424,359		36,320,887
Duke Realty Corp.		233,389		9,160,518
Ecolab Inc.		32,003		6,700,148
Electronic Arts Inc.		204,367		27,379,047
Eli Lilly & Co.		256,842		52,624,357
Erie Indemnity Co., Class A, NVS		18,275		4,424,378
Evergy Inc.		60,199		3,228,472
Eversource Energy		100,222		7,965,645
Extra Space Storage Inc.		137,135		17,237,870
F5 Networks Inc.(a)		40,932		7,776,261
Fidelity National Information Services Inc.		181,109		24,993,042
Fiserv Inc.(a)		231,764		26,738,613
General Mills Inc.		143,094		7,871,601
Genuine Parts Co.		49,430		5,207,451
Gilead Sciences Inc.		789,454		48,472,476
Henry Schein Inc.(a)		48,958		3,028,052
Hershey Co. (The)		211,372		30,786,332
Home Depot Inc. (The)		67,616		17,467,917
Hormel Foods Corp.		553,697		25,674,930
Humana Inc.		17,222		6,538,332
Intel Corp.		57,691		3,506,459
Intercontinental Exchange Inc.		73,295		8,085,171
International Business Machines Corp.		93,229		11,087,725
Intuit Inc.		22,422		8,747,719
Jack Henry & Associates Inc.		142,333		21,127,911
JM Smucker Co. (The)		89,388		10,011,456
Johnson & Johnson		325,890		51,640,529
Juniper Networks Inc.		120,833		2,812,992
Kellogg Co.		313,832		18,111,245
Keysight Technologies Inc.(a)		348,505		49,320,428
Kimberly-Clark Corp.		133,337		17,111,137
Kroger Co. (The)		869,630		28,010,782
L3Harris Technologies Inc.		91,408		16,628,029
Liberty Broadband Corp., Class C, NVS(a)		199,942		29,893,328
Lockheed Martin Corp.		38,617		12,753,264
Marsh & McLennan Companies Inc.		233,477		26,901,220
Masimo Corp.(a)(b)		16,387		4,108,713
Mastercard Inc., Class A		45,126		15,967,835
McCormick & Co. Inc./MD, NVS		264,834		22,320,210
McDonald’s Corp.		254,958		52,557,042
Medtronic PLC		220,517		25,793,874
Merck & Co. Inc.		732,596		53,201,122
Microsoft Corp.		41,388		9,617,743
Mondelez International Inc., Class A		96,676		5,139,296
Motorola Solutions Inc.		225,120		39,504,058
Newmont Corp.		1,060,207		57,654,057

Security	Shares		Value
United States (continued)
NextEra Energy Inc.		790,244	$	58,067,129
Oracle Corp.		91,256		5,886,925
O’Reilly Automotive Inc.(a)		26,779		11,979,050
Palo Alto Networks Inc.(a)		18,539		6,642,709
Paychex Inc.		399,270		36,361,519
PepsiCo Inc.		380,736		49,187,284
Pfizer Inc.		479,631		16,062,842
Procter & Gamble Co. (The)		285,307		35,243,974
Progressive Corp. (The)		181,573		15,606,199
Public Storage		151,364		35,410,094
Regeneron Pharmaceuticals Inc.(a)(b)		116,214		52,362,542
RenaissanceRe Holdings Ltd.		94,485		15,777,105
Republic Services Inc.		414,369		36,916,134
Seagen Inc.(a)(b)		28,134		4,251,329
Southern Co. (The)		667,671		37,870,299
Starbucks Corp.		269,390		29,102,202
Stryker Corp.		23,848		5,787,671
Take-Two Interactive Software Inc.(a)		74,552		13,751,862
Target Corp.		73,886		13,553,648
TJX Companies Inc. (The)		286,976		18,937,546
T-Mobile U.S. Inc.(a)		190,139		22,810,976
Travelers Companies Inc. (The)		70,580		10,269,390
Tyler Technologies Inc.(a)		75,102		34,803,769
UnitedHealth Group Inc.		32,768		10,886,185
VeriSign Inc.(a)		41,909		8,131,603
Verizon Communications Inc.		1,293,567		71,534,255
Vertex Pharmaceuticals Inc.(a)		179,598		38,173,555
Visa Inc., Class A		254,391		54,030,105
Walmart Inc.		359,304		46,680,776
Walt Disney Co. (The)(a)		57,930		10,951,087
Waste Management Inc.		512,432		56,823,584
WEC Energy Group Inc.		439,132		35,411,604
Western Union Co. (The)		763,136		17,720,018
Xcel Energy Inc.		612,507		35,886,785
Zoom Video Communications Inc., Class A(a)		11,249		4,202,739
				2,612,969,810
Total Common Stocks — 99.7% (Cost: $4,411,862,143)				5,093,569,772
Short-Term Investments
Money Market Funds — 0.7%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.12%(e)(f)(g)		32,772,775		32,792,439
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%(e)(f)		4,860,000		4,860,000
				37,652,439
Total Short-Term Investments — 0.7% (Cost: $37,637,060)				37,652,439
Total Investments in Securities — 100.4% (Cost: $4,449,499,203)				5,131,222,211
Other Assets, Less Liabilities — (0.4)%				(21,998,478	)
Net Assets — 100.0%			$	5,109,223,733

36 2 0 2 1   I SHARES  SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Schedule of Investments (unaudited) (continued) February 28, 2021 iShares^® MSCI Global Min Vol Factor ETF

^(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)  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)  Affiliate of the Fund.

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

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 2021 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 08/31/20		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value at 02/28/21		Shares Held at 02/28/21		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	105,527,162	$	—	$	(72,695,459	)(a)	$	68,159	$	(107,423	)	$	32,792,439		32,772,775	$	125,771	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		13,570,000		—		(8,710,000	)(a)		—		—			4,860,000		4,860,000		4,477			—
								$	68,159	$	(107,423	)	$	37,652,439			$	130,248		$	—

^(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.

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts 2-Year U.S. Treasury Note		8		06/30/21	$	1,767	$	(448	)
MSCI EAFE Index		35		03/19/21		3,787		(66,167	)
MSCI Emerging Markets E-Mini Index		26		03/19/21		1,740		(16,762	)
S&P 500 E-Mini Index		38		03/19/21		7,237		26,850
							$	(56,527	)

Derivative Financial Instruments Categorized by Risk Exposure

As of February 28, 2021, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

	Equity Contracts		Interest Rate Contracts		Total
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)	$	26,850	$	—	$	26,850

SCHEDULE  OF   INVESTMENTS 37

Schedule of Investments (unaudited) (continued) February 28, 2021 iShares^® MSCI Global Min Vol Factor ETF

Derivative Financial Instruments Categorized by Risk Exposure (continued)

	Equity Contracts		Interest Rate Contracts		Total
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	82,929	$	448	$	83,377

^(a)  Net cumulative 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 six months ended February 28, 2021, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts			Interest Rate Contracts			Total
Net Realized Gain (Loss) from:
Futures contracts	$	4,993,603		$	4,355		$	4,997,958
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(2,119,145	)	$	(1,488	)	$	(2,120,633	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	23,728,703

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

Fair Value Measurements

Various inputs are used in determining the fair value of financial instruments. For 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 value of the Fund’s investments according to the fair value hierarchy as of February 28, 2021. The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.

	Level 1			Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	5,058,688,170		$	34,881,599	$	3	$	5,093,569,772
Money Market Funds		37,652,439			—		—		37,652,439
	$	5,096,340,609		$	34,881,599	$	3	$	5,131,222,211
Derivative financial instruments(a)
Assets
Futures Contracts	$	26,850		$	—	$	—	$	26,850
Liabilities
Futures Contracts		(83,377	)		—		—		(83,377	)
	$	(56,527	)	$	—	$	—	$	(56,527	)

^(a)  Shown at the unrealized appreciation (depreciation) on the contracts.

See notes to financial statements.

38 2 0 2 1   I SHARES  SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Statements of Assets and Liabilities (unaudited)

February 28, 2021

	iShares ESG Aware MSCI EM ETF		iShares MSCI Emerging Markets ex China ETF		iShares MSCI Emerging Markets Min Vol Factor ETF (Consolidated)			iShares MSCI Emerging Markets Multifactor ETF
ASSETS
Investments in securities, at value (including securities on loan)(a):
Unaffiliated(b)	$	6,952,176,983	$	345,714,238	$	4,116,169,416		$	691,004,261
Affiliated(c)		43,133,742		65,013,767		87,776,239			14,208,070
Cash		59,798,648		9,878		448,279			268,549
Foreign currency, at value(d)		42,783,261		497,758		4,836,882			2,149,040
Cash pledged:
Futures contracts		1,150,000		96,000		584,000			115,000
Receivables:
Investments sold		324,578,880		1,558,534		2,774,307			3,350,078
Securities lending income — Affiliated		142,095		3,405		109,770			13,520
Capital shares sold		719,131		177,655		—			—
Dividends		15,073,912		542,625		6,691,702			1,482,742
Tax reclaims		13,106		—		38,469			757
Total assets		7,439,569,758		413,613,860		4,219,429,064			712,592,017
LIABILITIES
Collateral on securities loaned, at value		43,140,321		1,188,940		66,481,798			13,391,989
Deferred foreign capital gain tax		17,131,741		—		17,738,403			2,253,565
Payables:
Investments purchased		363,352,028		1,632,676		4,030,002			4,853,764
Variation margin on futures contracts		246,421		20,790		125,249			21,242
Bank borrowings		38,708,608		—		—			—
Investment advisory fees		1,388,663		47,893		754,960			248,508
Foreign taxes		18		18		146			1,694
Total liabilities		463,967,800		2,890,317		89,130,558			20,770,762
NET ASSETS	$	6,975,601,958	$	410,723,543	$	4,130,298,506		$	691,821,255
NET ASSETS CONSIST OF:
Paid-in capital	$	5,705,576,780	$	391,545,719	$	4,168,362,155		$	621,527,724
Accumulated earnings (loss)		1,270,025,178		19,177,824		(38,063,649	)		70,293,531
NET ASSETS	$	6,975,601,958	$	410,723,543	$	4,130,298,506		$	691,821,255
Shares outstanding		160,600,000		7,100,000		66,100,000			13,600,000
Net asset value	$	43.43	$	57.85	$	62.49		$	50.87
Shares authorized		600 million		50 million		500 million			525 million
Par value	$	0.001	$	0.001	$	0.001		$	0.001
(a) Securities loaned, at value	$	40,545,494	$	1,100,301	$	63,093,771		$	12,981,266
(b) Investments, at cost — Unaffiliated	$	5,472,569,820	$	327,570,797	$	3,134,753,860		$	523,862,416
(c)  Investments, at cost — Affiliated	$	43,125,181	$	60,865,627	$	87,751,578		$	14,206,351
(d) Foreign currency, at cost	$	42,801,307	$	505,847	$	4,887,854		$	2,158,822

See notes to financial statements.

FINANCIAL  STATEMENTS 39

Statements of Assets and Liabilities (unaudited) (continued)

February 28, 2021

	iShares MSCI Global Min Vol Factor ETF
ASSETS
Investments in securities, at value (including securities on loan)(a):
Unaffiliated(b)	$	5,093,569,772
Affiliated(c)		37,652,439
Cash		287,014
Foreign currency, at value(d)		1,953,041
Cash pledged:
Futures contracts		787,000
Receivables:
Investments sold		12,173,243
Securities lending income — Affiliated		5,693
Dividends		7,323,921
Tax reclaims		3,723,227
Total assets		5,157,475,350
LIABILITIES
Collateral on securities loaned, at value		32,705,302
Deferred foreign capital gain tax		2,851,871
Payables:
Variation margin on futures contracts		111,176
Capital shares redeemed		11,727,455
Investment advisory fees		855,813
Total liabilities		48,251,617
NET ASSETS	$	5,109,223,733
NET ASSETS CONSIST OF:
Paid-in capital	$	4,524,367,678
Accumulated earnings		584,856,055
NET ASSETS	$	5,109,223,733
Shares outstanding		54,200,000
Net asset value	$	94.27
Shares authorized		500 million
Par value	$	0.001
(a) Securities loaned, at value	$	31,326,202
(b) Investments, at cost — Unaffiliated	$	4,411,862,143
(c)  Investments, at cost — Affiliated	$	37,637,060
(d) Foreign currency, at cost	$	1,960,009

See notes to financial statements.

40 2 0 2 1   I SHARES  SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Statements of Operations (unaudited)

Six Months Ended February 28, 2021

	iShares ESG Aware MSCI EM ETF			iShares MSCI Emerging Markets ex China ETF			iShares MSCI Emerging Markets Min Vol Factor ETF (Consolidated)			iShares MSCI Emerging Markets Multifactor ETF
INVESTMENT INCOME
Dividends — Unaffiliated	$	38,719,159		$	1,292,543		$	23,699,180		$	4,699,758
Dividends — Affiliated		3,715			14,874			3,855			399
Securities lending income — Affiliated — net		474,104			17,781			609,705			51,313
Foreign taxes withheld		(5,687,172	)		(180,170	)		(3,716,545	)		(652,850	)
Total investment income		33,509,806			1,145,028			20,596,195			4,098,620
EXPENSES
Investment advisory fees		6,802,362			201,888			14,269,174			1,388,799
Commitment fees		14,894			2,005			14,894			9,935
Mauritius income taxes		—			—			57,795			—
Interest expense		10,049			—			4,502			6,953
Total expenses		6,827,305			203,893			14,346,365			1,405,687
Less:
Investment advisory fees waived		—			(77,928	)		(9,175,817	)		—
Total expenses after fees waived		6,827,305			125,965			5,170,548			1,405,687
Net investment income		26,682,501			1,019,063			15,425,647			2,692,933
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated(a)		(5,313,990	)		(886,047	)		(49,694,714	)		(18,176,299	)
Investments — Affiliated		(5,613	)		(1,305	)		(17,933	)		(3,219	)
In-kind redemptions — Unaffiliated		—			—			33,648,389			—
Futures contracts		1,429,810			51,864			1,657,500			80,751
Foreign currency transactions		(1,094,615	)		(88,056	)		(852,891	)		(232,273	)
Net realized loss		(4,984,408	)		(923,544	)		(15,259,649	)		(18,331,040	)
Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated(b)		1,024,334,734			15,286,613			523,892,657			112,295,095
Investments — Affiliated		(3,457	)		3,400,071			(7,121	)		(370	)
Futures contracts		(628,557	)		(58,012	)		(138,966	)		(84,007	)
Foreign currency translations		(397,930	)		(21,954	)		(229,184	)		(49,037	)
Net change in unrealized appreciation (depreciation)		1,023,304,790			18,606,718			523,517,386			112,161,681
Net realized and unrealized gain		1,018,320,382			17,683,174			508,257,737			93,830,641
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	1,045,002,883		$	18,702,237		$	523,683,384		$	96,523,574
(a) Net of foreign capital gain tax and capital gain tax refund, if applicable	$	317,920		$	—		$	15,698		$	170,302
(b) Net of deferred foreign capital gain tax of	$	(13,249,340	)	$	—		$	(8,368,226	)	$	(1,462,133	)

See notes to financial statements.

FINANCIAL  STATEMENTS 41

Statements of Operations (unaudited) (continued)

Six Months Ended February 28, 2021

	iShares MSCI Global Min Vol Factor ETF
INVESTMENT INCOME
Dividends — Unaffiliated.	$	52,174,618
Dividends — Affiliated		4,477
Securities lending income — Affiliated — net		125,771
Foreign taxes withheld		(3,350,371	)
Total investment income		48,954,495
EXPENSES
Investment advisory fees		9,184,120
Commitment fees		14,894
Total expenses		9,199,014
Less:
Investment advisory fees waived		(3,446,110	)
Total expenses after fees waived		5,752,904
Net investment income		43,201,591
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated(a)		12,283,633
Investments — Affiliated		68,159
In-kind redemptions — Unaffiliated		227,569,766
Futures contracts		4,997,958
Foreign currency transactions		296,627
Net realized gain		245,216,143
Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated(b)		(153,050,355	)
Investments — Affiliated		(107,423	)
Futures contracts		(2,120,633	)
Foreign currency translations		(316,144	)
Net change in unrealized appreciation (depreciation)		(155,594,555	)
Net realized and unrealized gain		89,621,588
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	132,823,179
(a) Net of foreign capital gain tax and capital gain tax refund, if applicable	$	17,992
(b) Net of deferred foreign capital gain tax of	$	(2,851,871	)

See notes to financial statements.

42 2 0 2 1   I SHARES  SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Statements of Changes in Net Assets

	iShares ESG Aware MSCI EM ETF						iShares MSCI Emerging Markets ex China ETF
	Six Months Ended 02/28/21 (unaudited)			Year Ended 08/31/20			Six Months Ended 02/28/21 (unaudited)				Year Ended 08/31/20
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	26,682,501		$	54,816,938			$	1,019,063		$	1,206,430
Net realized loss		(4,984,408	)		(108,209,301	)			(923,544	)		(1,794,619	)
Net change in unrealized appreciation (depreciation)		1,023,304,790			455,740,384				18,606,718			4,629,214
Net increase in net assets resulting from operations		1,045,002,883			402,348,021				18,702,237			4,041,025
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(47,724,442	)		(36,825,677	)			(1,319,057	)		(1,107,668	)
CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		2,323,843,426			2,616,414,670				319,734,571			42,923,974
NET ASSETS
Total increase in net assets		3,321,121,867			2,981,937,014				337,117,751			45,857,331
Beginning of period		3,654,480,091			672,543,077				73,605,792			27,748,461
End of period	$	6,975,601,958		$	3,654,480,091			$	410,723,543		$	73,605,792

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

See notes to financial statements.

FINANCIAL  STATEMENTS 43

Statements of Changes in Net Assets (continued)

	iShares MSCI Emerging Markets Min Vol Factor ETF (Consolidated)						iShares MSCI Emerging Markets Multifactor ETF
	Six Months Ended 02/28/21 (unaudited)			Year Ended 08/31/20			Six Months Ended 02/28/21 (unaudited)				Year Ended 08/31/20
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	15,425,647		$	124,983,100			$	2,692,933		$	12,451,056
Net realized loss		(15,259,649	)		(198,697,474	)			(18,331,040	)		(27,860,761	)
Net change in unrealized appreciation (depreciation)		523,517,386			21,443,063				112,161,681			73,705,006
Net increase (decrease) in net assets resulting from operations		523,683,384			(52,271,311	)			96,523,574			58,295,301
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(65,389,721	)		(130,476,146	)			(7,222,380	)		(12,464,595	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		(576,253,470	)		(986,258,750	)			60,912,322			84,202,522
NET ASSETS
Total increase (decrease) in net assets		(117,959,807	)		(1,169,006,207	)			150,213,516			130,033,228
Beginning of period		4,248,258,313			5,417,264,520				541,607,739			411,574,511
End of period	$	4,130,298,506		$	4,248,258,313			$	691,821,255		$	541,607,739

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

See notes to financial statements.

44 2 0 2 1   I SHARES  SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Statements of Changes in Net Assets (continued)

	iShares MSCI Global Min Vol Factor ETF
	Six Months Ended 02/28/21 (unaudited)			Year Ended 08/31/20
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	43,201,591		$	129,737,723
Net realized gain (loss)		245,216,143			(44,750,669	)
Net change in unrealized appreciation (depreciation)		(155,594,555	)		81,403,690
Net increase in net assets resulting from operations		132,823,179			166,390,744
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(48,253,196	)		(142,389,395	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		(900,163,983	)		625,095,917
NET ASSETS
Total increase (decrease) in net assets		(815,594,000	)		649,097,266
Beginning of period		5,924,817,733			5,275,720,467
End of period	$	5,109,223,733		$	5,924,817,733

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

See notes to financial statements.

FINANCIAL  STATEMENTS 45

Financial Highlights

(For a share outstanding throughout each period)

	iShares ESG Aware MSCI EM ETF
		Six Months Ended																			Period From
		02/28/21					Year Ended		Year Ended				Year Ended				Year Ended						06/28/16	(a)(b)
		(unaudited)					08/31/20				08/31/19				08/31/18	(a)			08/31/17	(a)	to 08/31/16
Net asset value, beginning of period			$	35.93		$	32.03			$	33.65			$	34.58			$	28.23			$	25.19
Net investment income(c)				0.20			0.89				0.91				0.94				0.85				0.16
Net realized and unrealized gain (loss)(d)				7.64			3.89				(1.85	)			(1.17	)			5.81				2.88
Net increase (decrease) from investment operations				7.84			4.78				(0.94	)			(0.23	)			6.66				3.04
Distributions(e)
From net investment income				(0.34	)		(0.88	)			(0.68	)			(0.70	)			(0.31	)			—
Total distributions				(0.34	)		(0.88	)			(0.68	)			(0.70	)			(0.31	)			—
Net asset value, end of period			$	43.43		$	35.93			$	32.03			$	33.65			$	34.58			$	28.23
Total Return
Based on net asset value				21.91	%(f)		15.11	%			(2.76	)%			(0.72	)%			23.75	%			12.09	%(f)
Ratios to Average Net Assets
Total expenses				0.25	%(g)		0.25	%			0.25	%			0.25	%			0.42	%			0.45	%(g)
Net investment income				0.98	%(g)		2.75	%			2.76	%			2.63	%			2.73	%			3.26	%(g)
Supplemental Data
Net assets, end of period (000)			$	6,975,602		$	3,654,480			$	672,543			$	329,753			$	96,812			$	5,645
Portfolio turnover rate(h)				18	%(f)		46	%			34	%			45	%			29	%			9	%(f)

^(a)  Per share amounts reflect a two-for-one stock split effective after the close of trading on May 24, 2018.

^(b)  Commencement of operations.

^(c)  Based on average shares outstanding.

^(d)  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.

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

^(f)  Not annualized.

^(g)  Annualized.

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

See notes to financial statements.

46 2 0 2 1   I SHARES  SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares MSCI Emerging Markets ex China ETF
		Six Months Ended																Period From
		02/28/21				Year Ended				Year Ended				Year Ended						07/18/17	(a)
		(unaudited)				08/31/20				08/31/19				08/31/18				to 08/31/17
Net asset value, beginning of period			$	46.00			$	46.25			$	49.59			$	51.14			$	50.22
Net investment income(b)				0.35				1.46				1.62				1.10				0.13
Net realized and unrealized gain (loss)(c)				12.10				(0.05	)			(3.83	)			(1.80	)			0.79
Net increase (decrease) from investment operations				12.45				1.41				(2.21	)			(0.70	)			0.92
Distributions(d)
From net investment income				(0.60	)			(1.66	)			(1.13	)			(0.85	)			—
Total distributions				(0.60	)			(1.66	)			(1.13	)			(0.85	)			—
Net asset value, end of period			$	57.85			$	46.00			$	46.25			$	49.59			$	51.14
Total Return
Based on net asset value				27.13	%(e)			2.87	%			(4.42	)%			(1.41	)%			1.83	%(e)
Ratios to Average Net Assets
Total expenses(f)				0.25	%(g)			0.36	%			0.49	%			0.49	%			0.49	%(g)
Total expenses after fees waived(f)				0.16	%(g)			0.16	%			0.26	%			0.41	%			0.41	%(g)
Net investment income				1.26	%(g)			3.24	%			3.38	%			2.09	%			2.07	%(g)
Supplemental Data
Net assets, end of period (000)			$	410,724			$	73,606			$	27,748			$	9,919			$	10,227
Portfolio turnover rate(h)(i)				4	%(e)			18	%			10	%			9	%			0	%(e)(j)

^(a)  Commencement of operations.

^(b)  Based on average shares outstanding.

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

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

^(e)  Not annualized.

^(f)  The Fund indirectly bears its proportionate share of fees and expenses incurred by the underlying fund in which the Fund is invested. This ratio does not include these indirect fees and expenses.

^(g)  Annualized.

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

⁽ⁱ⁾  Portfolio turnover rate excludes the portfolio activity of the underlying fund in which the Fund is invested. See the underlying fund’s financial highlights for its respective portfolio turnover rates.

^(j)  Rounds to less than 1%.

See notes to financial statements.

FINANCIAL  HIGHLIGHTS 47

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares MSCI Emerging Markets Min Vol Factor ETF (Consolidated)
	Six Months Ended 02/28/21 (unaudited)				Year Ended 08/31/20			Year Ended 08/31/19			Year Ended 08/31/18			Year Ended 08/31/17			Year Ended 08/31/16
Net asset value, beginning of period		$	55.97		$	56.84		$	59.22		$	58.01		$	53.40		$	50.98
Net investment income(a)			0.22			1.42			1.57			1.49			1.28			1.57
Net realized and unrealized gain (loss)(b)			7.24			(0.82	)		(2.46	)		1.23			4.48			2.13
Net increase (decrease) from investment operations			7.46			0.60			(0.89	)		2.72			5.76			3.70
Distributions(c)
From net investment income			(0.94	)		(1.47	)		(1.49	)		(1.51	)		(1.15	)		(1.28	)
Total distributions			(0.94	)		(1.47	)		(1.49	)		(1.51	)		(1.15	)		(1.28	)
Net asset value, end of period		$	62.49		$	55.97		$	56.84		$	59.22		$	58.01		$	53.40
Total Return
Based on net asset value			13.43	%(d)		1.07	%		(1.44	)%(e)		4.70	%		11.11	%		7.48	%
Ratios to Average Net Assets
Total expenses			0.69	%(f)		0.70	%		0.68	%		0.67	%		0.69	%		0.71	%
Total expenses after fees waived			0.25	%(f)		0.25	%		0.25	%		0.25	%		0.25	%		0.25	%
Net investment income			0.75	%(f)		2.59	%		2.71	%		2.47	%		2.40	%		3.12	%
Supplemental Data
Net assets, end of period (000)		$	4,130,299		$	4,248,258		$	5,417,265		$	4,666,697		$	4,037,428		$	4,379,041
Portfolio turnover rate(g)			12	%(d)		23	%		24	%		22	%		23	%		23	%

^(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)  Not annualized.

^(e)  Includes payment received from an affiliate, which had no impact on the Fund’s total return.

^(f)  Annualized.

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

See notes to financial statements.

48 2 0 2 1   I SHARES  SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares MSCI Emerging Markets Multifactor ETF
		Six Months Ended																				Period From
		02/28/21				Year Ended				Year Ended				Year Ended				Year Ended						12/08/15	(a)
		(unaudited)				08/31/20				08/31/19				08/31/18				08/31/17				to 08/31/16
Net asset value, beginning of period			$	44.03			$	40.35			$	44.78			$	46.04			$	37.46			$	33.82
Net investment income(b)				0.21				1.11				1.47				1.39				0.91				1.27
Net realized and unrealized gain (loss)(c)				7.18				3.73				(4.72	)			(1.63	)			8.53				2.50
Net increase (decrease) from investment operations				7.39				4.84				(3.25	)			(0.24	)			9.44				3.77
Distributions(d)
From net investment income				(0.55	)			(1.16	)			(1.18	)			(1.02	)			(0.86	)			(0.13	)
Total distributions				(0.55	)			(1.16	)			(1.18	)			(1.02	)			(0.86	)			(0.13	)
Net asset value, end of period			$	50.87			$	44.03			$	40.35			$	44.78			$	46.04			$	37.46
Total Return
Based on net asset value				16.88	%(e)			12.17	%			(7.16	)%			(0.65	)%			25.80	%			11.16	%(e)
Ratios to Average Net Assets
Total expenses				0.46	%(f)			0.45	%			0.45	%			0.45	%(g)			0.50	%(g)			0.65	%(f)(g)
Total expenses after fees waived				0.46	%(f)			0.45	%			0.45	%			0.42	%(g)			0.42	%(g)			0.49	%(f)(g)
Net investment income				0.87	%(f)			2.71	%			3.55	%			2.87	%			2.24	%			4.91	%(f)
Supplemental Data
Net assets, end of period (000)			$	691,821			$	541,608			$	411,575			$	291,071			$	82,873			$	29,969
Portfolio turnover rate(h)				27	%(e)			45	%			53	%			39	%(i)			36	%(i)			11	%(e)(i)

^(a)  Commencement of operations.

^(b)  Based on average shares outstanding.

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

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

^(e)  Not annualized.

^(f)  Annualized.

^(g)  The Fund indirectly bears its proportionate share of fees and expenses incurred by the underlying fund in which the Fund is invested. This ratio does not include these indirect fees and expenses.

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

⁽ⁱ⁾  Portfolio turnover rate excludes the portfolio activity of the underlying fund in which the Fund is invested. See the underlying fund’s financial highlights for its respective portfolio turnover rates.

See notes to financial statements.

FINANCIAL  HIGHLIGHTS 49

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares MSCI Global Min Vol Factor ETF
	Six Months Ended 02/28/21 (unaudited)				Year Ended 08/31/20			Year Ended 08/31/19			Year Ended 08/31/18			Year Ended 08/31/17			Year Ended 08/31/16
Net asset value, beginning of period		$	93.16		$	93.54		$	87.04		$	81.13		$	75.82		$	67.59
Net investment income(a)			0.71			2.13			2.16			1.82			1.84			1.79
Net realized and unrealized gain (loss)(b)			1.19			(0.18	)		6.36			5.85			5.40			8.07
Net increase from investment operations			1.90			1.95			8.52			7.67			7.24			9.86
Distributions(c)
From net investment income			(0.79	)		(2.33	)		(2.02	)		(1.76	)		(1.93	)		(1.63	)
Total distributions			(0.79	)		(2.33	)		(2.02	)		(1.76	)		(1.93	)		(1.63	)
Net asset value, end of period		$	94.27		$	93.16		$	93.54		$	87.04		$	81.13		$	75.82
Total Return
Based on net asset value			2.04	%(d)		2.13	%		9.99	%		9.56	%		9.75	%		14.76	%
Ratios to Average Net Assets
Total expenses			0.32	%(e)		0.32	%		0.32	%		0.31	%		0.32	%		0.32	%
Total expenses after fees waived			0.20	%(e)		0.20	%		0.20	%		0.20	%		0.20	%		0.20	%
Net investment income			1.50	%(e)		2.33	%		2.45	%		2.17	%		2.40	%		2.49	%
Supplemental Data
Net assets, end of period (000)		$	5,109,224		$	5,924,818		$	5,275,720		$	3,342,400		$	3,675,374		$	3,267,688
Portfolio turnover rate(f)			14	%(d)		22	%		21	%		23	%		24	%		24	%

^(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)  Not annualized.

^(e)  Annualized.

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

See notes to financial statements.

50 2 0 2 1   I SHARES  SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

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
ESG Aware MSCI EM		Diversified
MSCI Emerging Markets ex China		Diversified
MSCI Emerging Markets Min Vol Factor		Diversified
MSCI Emerging Markets Multifactor		Diversified
MSCI Global Min Vol Factor		Diversified

Basis of Consolidation: The accompanying consolidated financial statements for the iShares MSCI Emerging Markets Min Vol Factor ETF includes the accounts of its subsidiary in the Republic of Mauritius, which is a wholly-owned subsidiary (the “Subsidiary”) of the Fund that invests in Indian securities. Through this investment structure, the Fund expects to obtain certain benefits under a current tax treaty between Mauritius and India. The net assets of the Subsidiary as of period end were $424,401,349, which is 10.3% of the Fund’s consolidated net assets. Intercompany accounts and transactions, if any, have been eliminated.

2. SIGNIFICANT ACCOUNTING POLICIES

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

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

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

Each Fund does not isolate the effect of fluctuations in foreign exchange rates from the effect of fluctuations in the market prices of investments for financial reporting purposes. Accordingly, the effects of changes in exchange rates on investments are not segregated in the statement 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 statement 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, 2021, if any, are disclosed in the statement 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 statement of operations includes tax reclaims recorded as well as professional and other fees, if any, associated with recovery of foreign withholding taxes.

The iShares MSCI Emerging Markets Min Vol Factor ETF conducts its investment activities in India through its Subsidiary and expects to obtain benefits under the Double Tax Avoidance Agreement (“DTAA”) between India and Mauritius. In order to be eligible to claim benefits under the DTAA, the Subsidiary must have commercial substance, on an annual basis, to satisfy certain tests and conditions, including the establishment and maintenance of valid tax residence in Mauritius, have the place of effective management outside of India, and related requirements. The Fund has obtained a current tax residence certificate issued by the Mauritian Revenue Authorities.

NOTES  TO  FINANCIAL  STATEMENTS 51

Notes to Financial Statements (unaudited) (continued)

Based upon current interpretation and practice of the current tax laws in India and Mauritius and the DTAA, the Subsidiary is subject to tax in Mauritius on its net income at the rate of 15%. However, the Subsidiary is entitled to a tax credit equivalent to the higher of the actual foreign tax incurred or 80% of the Mauritius tax on its foreign source income, thus reducing its maximum effective tax rate to 3% up to June 30, 2021. After June 30, 2021, under the new tax regime and subject to meeting the necessary substance requirements as required under the Financial Services Act 2007 (as amended by the Finance Act 2018) and such guidelines issued by the FSC, the Subsidiary is entitled to either (a) a foreign tax credit equivalent to the actual foreign tax suffered on its foreign income against the Subsidiary’s tax liability computed at 15% on such income, or (b) a partial exemption of 80% of some of the income derived, including interest income or foreign source dividends. Taxes on income, if any, are paid by the Subsidiary and are disclosed in its consolidated statement of operations. Any dividends paid by the Subsidiary to its Fund are not subject to tax in Mauritius. The Subsidiary is currently exempt from tax in Mauritius on any gains from the sale of securities.

The DTAA provides that capital gains will be taxable in India with respect to the sale of shares acquired on or after April 1, 2017. Capital gains arising from shares acquired before April 1, 2017, regardless of when they are sold, will continue to be exempt from taxation under the amended DTAA, assuming requirements for eligibility under the DTAA are satisfied. There can be no assurance, however, that the DTAA will remain in effect during the Subsidiary’s existence or that it will continue to enjoy its benefits on the shares acquired prior to April 1, 2017.

Segregation and Collateralization: In cases where a Fund enters into certain investments (e.g., futures contracts) that would be treated as “senior securities” for 1940 Act purposes, a Fund may segregate or designate on its books and record cash or liquid assets having a market value at least equal to the amount of its future obligations under such investments. Doing so allows the investment to be excluded from treatment as a “senior security.” Furthermore, if required by an exchange or counterparty agreement, the Funds may be required to deliver/deposit cash and/or securities to/with an exchange, or broker-dealer or custodian as collateral for certain investments or obligations.

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

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

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

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

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

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

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

• Exchange-traded funds and closed-end funds traded on a recognized securities exchange are valued at that day’s last traded price or official closing price, as applicable, on the exchange where the fund is primarily traded. Funds traded on a recognized exchange for which there were no sales on that day may be 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.

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

52 2 0 2 1   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Notes to Financial Statements (unaudited) (continued)

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

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

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

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

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

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

4. SECURITIES AND OTHER INVESTMENTS

Securities Lending: Each Fund may lend its securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund collateral consisting of cash, an irrevocable letter of credit issued by an approved bank, or securities issued or guaranteed by the U.S. government. The initial collateral received by each Fund is required to have a value of at least 102% of the current market value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter at a value equal to at least 100% of the current value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Fund and any additional required collateral is delivered to the Fund or excess collateral is returned by the Fund, on the next business day. During the term of the loan, each Fund is entitled to all distributions made on or in respect of the loaned securities but does not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

As of period end, any securities on loan were collateralized by cash and/or U.S. Government obligations. Cash collateral invested in money market funds managed by BlackRock Fund Advisors (“BFA”), the Funds’ investment adviser, or its affiliates is disclosed in the schedules 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 as of February 28, 2021:

iShares ETF and Counterparty		Market Value of Securities on Loan		Cash Collateral Received	(a)		Non-Cash Collateral Received		Net Amount
ESG Aware MSCI EM
Barclays Bank PLC	$	24,082	$	24,082		$	—	$	—
Citigroup Global Markets Inc.		15,149,452		15,149,452			—		—
JPMorgan Securities LLC		13,764,126		13,764,126			—		—
Macquarie Bank Limited		359,765		359,765			—		—
Morgan Stanley & Co. International PLC		10,178,116		10,178,116			—		—
Nomura Securities International Inc.		1,069,953		1,069,953			—		—
	$	40,545,494	$	40,545,494		$	—	$	—

NOTES   TO   FINANCIAL   STATEMENTS 53

Notes to Financial Statements (unaudited) (continued)

iShares ETF and Counterparty		Market Value of Securities on Loan		Cash Collateral Received	(a)		Non-Cash Collateral Received		Net Amount
MSCI Emerging Markets ex China
BofA Securities, Inc	$	125,344	$	125,344		$	—	$	—
JPMorgan Securities LLC		11,668		11,668			—		—
Macquarie Bank Limited		150,218		150,218			—		—
Morgan Stanley & Co. LLC		813,071		813,071			—		—
	$	1,100,301	$	1,100,301		$	—	$	—
MSCI Emerging Markets Min Vol Factor
Barclays Capital Inc.	$	203,188	$	203,188		$	—	$	—
BofA Securities, Inc		1,344,520		1,344,520			—		—
Goldman Sachs & Co		1,491,737		1,491,737			—		—
JPMorgan Securities LLC		5,792,781		5,792,781			—		—
Macquarie Bank Limited		11,995,854		11,995,854			—		—
Morgan Stanley & Co. International PLC		104,530		104,530			—		—
Morgan Stanley & Co. LLC		42,161,161		42,161,161			—		—
	$	63,093,771	$	63,093,771		$	—	$	—
MSCI Emerging Markets Multifactor
Barclays Bank PLC	$	3,049,708	$	3,049,708		$	—	$	—
Credit Suisse Securities (USA) LLC		2,826,043		2,826,043			—		—
Jefferies LLC		375,755		375,755			—		—
JPMorgan Securities LLC		455,582		455,582			—		—
Macquarie Bank Limited		396,463		396,463			—		—
Morgan Stanley & Co. LLC		4,787,916		4,787,916			—		—
National Financial Services LLC		1,089,799		1,089,799			—		—
	$	12,981,266	$	12,981,266		$	—	$	—
MSCI Global Min Vol Factor
Barclays Bank PLC	$	1,392,261	$	1,392,261		$	—	$	—
Citigroup Global Markets Inc.		4,475,520		4,475,520		��	—		—
Credit Suisse Securities (USA) LLC		279,402		279,402			—		—
HSBC Bank PLC		960,927		960,927			—		—
JPMorgan Securities LLC		12,077,884		12,077,884			—		—
Macquarie Bank Limited		252,156		252,156			—		—
Morgan Stanley & Co. International PLC		1,777,773		1,777,773			—		—
Morgan Stanley & Co. LLC		10,110,279		10,110,279			—		—
	$	31,326,202	$	31,326,202		$	—	$	—

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

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 statement 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 statement 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

54 2 0 2 1   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Notes to Financial Statements (unaudited) (continued)

payable) on futures contracts in the statement of assets and liabilities. When the contract is closed, a realized gain or loss is recorded in the statement of operations equal to the difference between the notional amount of the contract at the time it was opened and the notional amount at the time it was closed. The use of futures contracts involves the risk of an imperfect correlation in the movements in the price of futures contracts and interest rates, foreign currency exchange rates or underlying assets.

6. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

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

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

iShares ETF	Investment Advisory Fee
ESG Aware MSCI EM		0.25	%
MSCI Emerging Markets ex China		0.25
MSCI Emerging Markets Multifactor		0.45

For its investment advisory services to the iShares MSCI Emerging Markets Min Vol Factor ETF, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Fund, based on the Fund’s allocable portion of the aggregate of the average daily net assets of the Fund and certain other iShares funds, as follows:

Aggregate Average Daily Net Assets	Investment Advisory Fee
First $14 billion		0.75	%
Over $14 billion, up to and including $28 billion		0.68
Over $28 billion, up to and including $42 billion		0.61
Over $42 billion, up to and including $56 billion		0.54
Over $56 billion, up to and including $70 billion		0.47
Over $70 billion, up to and including $84 billion		0.41
Over $84 billion		0.35

For its investment advisory services to the iShares MSCI Global Min Vol Factor ETF, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Fund, based on the Fund’s allocable portion of the aggregate of the average daily net assets of the Fund and certain other iShares funds, as follows:

Aggregate Average Daily Net Assets	Investment Advisory Fee
First $30 billion		0.350	%
Over $30 billion, up to and including $60 billion		0.320
Over $60 billion, up to and including $90 billion		0.280
Over $90 billion, up to and including $120 billion		0.252
Over $120 billion, up to and including $150 billion		0.227
Over $150 billion		0.204

The Subsidiary has entered into a separate contract with BFA under which BFA provides investment advisory services to the Subsidiary but does not receive separate compensation from the Subsidiary for providing it with such services. The Subsidiary has also entered into separate arrangements that provide for the provision of other services to the Subsidiary (including administrative, custody, transfer agency and other services), and BFA pays the costs and expenses related to the provision of those services.

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 any other fund expenses are a fund’s total annual operating expenses.

For each of the iShares MSCI Emerging Markets Min Vol Factor and iShares MSCI Global Min Vol Factor ETFs, BFA has contractually agreed to waive a portion of its investment advisory fee for each Fund through December 31, 2023 in order to limit each Fund’s total annual operating expenses after fee waiver to 0.25% and 0.20%, respectively, of average daily net assets.

For each of the iShares MSCI Emerging Markets ex China and iShares MSCI Emerging Markets Multifactor ETFs, BFA has contractually agreed to waive a portion of its investment advisory fee for each Fund through December 31, 2022 and December 31, 2026, respectively, in an amount equal to the acquired fund fees and expenses, if any, attributable to each Fund’s investments in other iShares funds.

These amounts are included in investment advisory fees waived in the Statements of Operations. For the six months ended February 28, 2021, the amounts waived in investment advisory fees pursuant to this arrangement were as follows:

NOTES   TO   FINANCIAL   STATEMENTS 55

Notes to Financial Statements (unaudited) (continued)

iShares ETF	Amounts waived
MSCI Emerging Markets ex China	$	77,181
MSCI Emerging Markets Min Vol Factor		9,175,817
MSCI Global Min Vol Factor		3,446,110

BFA may from time to time voluntarily waive and/or reimburse fees or expenses in order to limit total annual fund operating expenses (excluding acquired fund fees and expenses, if any). BFA had elected to implement a voluntary fee waiver in order to limit the iShares MSCI Emerging Markets ex China ETF’s total annual operating expenses after fee waivers to 0.24%. The voluntary waiver was discontinued after December 31, 2020.

This amount is included in investment advisory fees waived in the Statements of Operations. For the six months ended February 28, 2021, the amounts waived in investment advisory fees pursuant to this arrangement were as follows:

iShares ETF	Amounts waived
MSCI Emerging Markets ex China	$	747

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. 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 statement of operations. For the six months ended February 28, 2021, the Funds paid BTC the following amounts for securities lending agent services:

iShares ETF	Fees Paid to BTC
ESG Aware MSCI EM	$	111,912
MSCI Emerging Markets ex China		4,736
MSCI Emerging Markets Min Vol Factor		148,571
MSCI Emerging Markets Multifactor		13,017
MSCI Global Min Vol Factor		43,082

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, 2021, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:

56 2 0 2 1   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Notes to Financial Statements (unaudited) (continued)

iShares ETF	Purchases		Sales		Net Realized Gain (Loss)
ESG Aware MSCI EM	$	69,399,341	$	58,147,303	$	(5,714,591	)
MSCI Emerging Markets ex China		10,620		346,356		(18,124	)
MSCI Emerging Markets Min Vol Factor		68,103,670		966,409		147,799
MSCI Emerging Markets Multifactor		18,689,848		11,984,604		(650,817	)
MSCI Global Min Vol Factor		191,626,074		39,914,604		(1,901,924	)

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 statement 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, 2021, purchases and sales of investments, excluding short-term investments and in-kind transactions, were as follows:

iShares ETF	Purchases		Sales
ESG Aware MSCI EM	$	2,613,145,087	$	967,798,968
MSCI Emerging Markets ex China		210,331,213		7,395,766
MSCI Emerging Markets Min Vol Factor		507,116,305		944,921,402
MSCI Emerging Markets Multifactor		209,249,103		165,875,296
MSCI Global Min Vol Factor		793,012,945		912,277,163

For the six months ended February 28, 2021, in-kind transactions were as follows:

iShares ETF	In-kind Purchases		In-kind Sales
ESG Aware MSCI EM	$	637,226,695	$	—
MSCI Emerging Markets ex China		114,782,972		—
MSCI Emerging Markets Min Vol Factor		—		200,656,140
MSCI Emerging Markets Multifactor		12,249,836		—
MSCI Global Min Vol Factor		—		762,208,010

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, 2021, 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, 2020, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:

iShares ETF	Non-Expiring
ESG Aware MSCI EM	$	118,176,694
MSCI Emerging Markets ex China		1,902,762
MSCI Emerging Markets Min Vol Factor		939,409,730
MSCI Emerging Markets Multifactor		68,592,107
MSCI Global Min Vol Factor		308,064,673

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, 2021, 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:

NOTES   TO   FINANCIAL   STATEMENTS 57

Notes to Financial Statements (unaudited) (continued)

iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized      Appreciation      (Depreciation)
ESG Aware MSCI EM	$	5,589,879,809	$	1,557,686,111	$	(152,699,635	)	$	1,404,986,476
MSCI Emerging Markets ex China		388,904,471		29,357,419		(7,591,897	)		21,765,522
MSCI Emerging Markets Min Vol Factor		3,271,012,758		1,138,721,344		(205,780,266	)		932,941,078
MSCI Emerging Markets Multifactor		546,048,646		192,408,922		(33,257,569	)		159,151,353
MSCI Global Min Vol Factor		4,486,670,222		861,222,653		(216,727,191	)		644,495,462

9. LINE OF CREDIT

The Funds, along with certain other iShares funds (“Participating Funds”), are parties to a $300 million credit agreement (“Credit Agreement”) with State Street Bank and Trust Company, which expires on July 15, 2021. 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 Credit Agreement sets specific sub limits on aggregate borrowings based on two tiers of Participating Funds: $300 million with respect to the funds within Tier 1, including the Funds, and $200 million with respect to Tier 2. The Funds may borrow up to the aggregate commitment amount subject to asset coverage and other limitations as specified in the Credit Agreement. The Credit Agreement has the following terms: a commitment fee of 0.20% per annum on the unused portion of the credit agreement and interest at a rate equal to the higher of (a) the one-month LIBOR rate (not less than zero) plus 1.00% per annum or (b) the U.S. Federal Funds rate (not less than zero) plus 1.00% per annum on amounts borrowed. The commitment fee is generally allocated to each Participating Fund based on the lesser of a Participating Fund’s relative exposure to certain target markets or a Participating Fund’s maximum borrowing amount as set forth by the terms of the Credit Agreement.

During the six months ended February 28, 2021, the iShares MSCI Emerging Markets ex China ETF and iShares MSCI Global Min Vol Factor ETF did not borrow under the credit agreement.

For the six months ended February 28, 2021, the maximum amount borrowed, the average daily borrowing and the weighted average interest rate, if any, under the credit agreement were as follows:

iShares ETF	Maximum Amount Borrowed		Average Borrowing		Weighted Average Interest Rates
ESG Aware MSCI EM	$	38,705,000	$	1,746,491		1.14	%
MSCI Emerging Markets Min Vol Factor		20,108,000		777,657		1.15
MSCI Emerging Markets Multifactor		31,050,000		1,200,829		1.15

10. PRINCIPAL RISKS

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

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

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

Market Risk: Investments in the securities of issuers domiciled in countries with emerging capital markets involve certain additional risks that do not generally apply to investments in securities of issuers in more developed capital markets, such as (i) low or nonexistent trading volume, resulting in a lack of liquidity and increased volatility in prices for such securities; (ii) uncertain national policies and social, political and economic instability, increasing the potential for expropriation of assets, confiscatory taxation, high rates of inflation or unfavorable diplomatic developments; (iii) lack of publicly available or reliable information about issuers as a result of not being subject to the same degree of regulatory requirements and accounting, auditing and financial reporting standards; and (iv) possible fluctuations in exchange rates, differing legal systems and the existence or possible imposition of exchange controls, custodial restrictions or other foreign or U.S. governmental laws or restrictions applicable to such investments.

An outbreak of respiratory disease caused by a novel coronavirus has developed into a global pandemic and has resulted in closing borders, quarantines, disruptions to supply chains and customer activity, as well as general concern and uncertainty. The impact of this pandemic, and other global health crises that may arise in the future,

58 2 0 2 1   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

Notes to Financial Statements (unaudited) (continued)

could affect the economies of many nations, individual companies and the market in general in ways that cannot necessarily be foreseen at the present time. This pandemic may result in substantial market volatility and may adversely impact the prices and liquidity of a fund’s investments. The duration of this pandemic and its effects cannot be determined with certainty.

Valuation Risk: The market values of equities, such as common stocks and preferred securities or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company. They may also decline due to factors which affect a particular industry or industries. A fund may invest in illiquid investments. An illiquid investment is any investment that a fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. A fund may experience difficulty in selling illiquid investments in a timely manner at the price that it believes the investments are worth. Prices may fluctuate widely over short or extended periods in response to company, market or economic news. Markets also tend to move in cycles, with periods of rising and falling prices. This volatility may cause a fund’s NAV to experience significant increases or decreases over short periods of time. If there is a general decline in the securities and other markets, the NAV of a fund may lose value, regardless of the individual results of the securities and other instruments in which a fund invests.

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

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

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

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

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

Certain Funds invest a significant portion of their assets in issuers located in a single country or a limited number of countries. When a Fund concentrates its investments in this manner, it assumes the risk that economic, regulatory, political and social conditions in that country or those countries may have a significant impact on the fund and could affect the income from, or the value or liquidity of, the fund’s portfolio. 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 China or with significant exposure to Chinese issuers or countries. Investments in Chinese securities, including certain Hong Kong-listed securities, involves risks specific to China. China may be subject to considerable degrees of economic, political and social instability and demonstrates significantly higher volatility from time to time in comparison to developed markets. Chinese markets generally continue to experience inefficiency, volatility and pricing anomalies resulting from governmental influence, a lack of publicly available information and/or political and social instability. Internal social unrest or confrontations with other neighboring countries may disrupt economic development in China and result in a greater risk of currency fluctuations, currency non-convertibility, interest rate fluctuations and higher rates of inflation. Incidents involving China’s or the region’s security may cause uncertainty in Chinese markets and may adversely affect the Chinese economy and a fund’s investments. Reduction in spending on Chinese products and services, institution of tariffs or other trade barriers, or a downturn in any of the economies of China’s key trading partners may have an adverse impact on the Chinese economy. In addition, measures may be taken to limit the flow of capital and/or sanctions may be imposed, which could prohibit or restrict the ability to own or transfer fund assets and may also include retaliatory actions, such as seizure of fund assets.

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

NOTES   TO   FINANCIAL   STATEMENTS 59

Notes to Financial Statements (unaudited) (continued)

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

LIBOR Transition Risk: The United Kingdom’s Financial Conduct Authority announced a phase out of the London Interbank Offered Rate (“LIBOR”) by the end of 2021, and it is expected that LIBOR will cease to be published after that time. The Funds may be exposed to financial instruments tied to LIBOR to determine payment obligations, financing terms, hedging strategies or investment value. The transition process away from LIBOR might lead to increased volatility and illiquidity in markets for, and reduce the effectiveness of new hedges placed against, instruments whose terms currently include LIBOR. The ultimate effect of the LIBOR transition process on the Funds is uncertain.

11. CAPITAL SHARE TRANSACTIONS

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

Transactions in capital shares were as follows:

	Six Months Ended 02/28/21						Year Ended 08/31/20
iShares ETF	Shares			Amount			Shares			Amount
ESG Aware MSCI EM
Shares sold		58,900,000		$	2,323,843,426			93,500,000		$	3,029,376,010
Shares redeemed		—			—			(12,800,000	)		(412,961,340	)
Net increase		58,900,000		$	2,323,843,426			80,700,000		$	2,616,414,670
MSCI Emerging Markets ex China
Shares sold		5,500,000		$	319,734,571			1,100,000		$	47,047,530
Shares redeemed		—			—			(100,000	)		(4,123,556	)
Net increase		5,500,000		$	319,734,571			1,000,000		$	42,923,974
MSCI Emerging Markets Min Vol Factor
Shares sold		—		$	—			400,000		$	28,787,517
Shares redeemed		(9,800,000	)		(576,253,470	)		(19,800,000	)		(1,015,046,267	)
Net decrease		(9,800,000	)	$	(576,253,470	)		(19,400,000	)	$	(986,258,750	)
MSCI Emerging Markets Multifactor
Shares sold		1,300,000		$	60,912,322			2,400,000		$	97,057,223
Shares redeemed		—			—			(300,000	)		(12,854,701	)
Net increase		1,300,000		$	60,912,322			2,100,000		$	84,202,522
MSCI Global Min Vol Factor
Shares sold		—		$	—			12,600,000		$	1,142,022,589
Shares redeemed		(9,400,000	)		(900,163,983	)		(5,400,000	)		(516,926,672	)
Net increase (decrease)		(9,400,000	)	$	(900,163,983	)		7,200,000		$	625,095,917

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 statement 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.

60 2 0 2 1   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

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 ESG Aware MSCI EM ETF, iShares MSCI Emerging Markets ex China ETF, iShares MSCI Emerging Markets Min Vol Factor ETF, iShares MSCI Emerging Markets Multifactor ETF and iShares MSCI Global Min Vol Factor 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 2, 2020 (the “Meeting”) to review the Program. The Board previously appointed BlackRock Fund Advisors (“BlackRock”), the investment adviser to the Funds, as the program administrator for each Fund’s Program. BlackRock also previously delegated oversight of the Program to the 40 Act Liquidity Risk Management Committee (the “Committee”). At the Meeting, the Committee, on behalf of BlackRock, provided the Board with a report that addressed the operation of the Program and assessed its adequacy and effectiveness of implementation, including the management of each Fund’s Highly Liquid Investment Minimum (“HLIM”) where applicable, and any material changes to the Program (the “Report”). The Report covered the period from October 1, 2019 through September 30, 2020 (the “Program Reporting Period”).

The Report described the Program’s liquidity classification methodology for categorizing a Fund’s investments (including derivative transactions) into one of four liquidity buckets. It also referenced the methodology used by BlackRock to establish a Fund’s HLIM and noted that the Committee reviews and ratifies the HLIM assigned to each Fund no less frequently than annually. The Report also discussed notable events affecting liquidity over the Program Reporting Period, including extended market holidays and closures in certain countries and the impact of the coronavirus outbreak on the Funds and the overall market.

The Report noted that the Program complied with the key factors for consideration under the Liquidity Rule for assessing, managing and periodically reviewing a Fund’s liquidity risk, as follows:

a) 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 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.

b) 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.

c) Holdings of cash and cash equivalents, as well as borrowing arrangements. The Committee considered that ETFs generally do not hold more than de minimis amounts of cash. While the ETFs generally do not engage in borrowing, certain of the ETFs have the flexibility to draw on a line of credit to meet redemption requests or facilitate settlements.

d) The relationship between an ETF’s portfolio liquidity and the way in which, and the prices and spreads at which, ETF shares trade, including the efficiency of the arbitrage function and the level of active participation by market participants, including authorized participants. The Committee monitored the prevailing bid/ask spread and the ETF price premium (or discount) to NAV for all ETFs and reviewed any persistent deviations from long-term averages.

e) The effect of the composition of baskets on the overall liquidity of an ETF’s portfolio. In reviewing the linkage between the composition of custom baskets accepted by an ETF and any significant change in the liquidity profile of such ETF, the Committee reviewed changes in the proportion of each ETF’s portfolio comprised of less liquid and illiquid holdings to determine if applicable thresholds were met requiring enhanced review.

As part of BlackRock’s continuous review of the effectiveness of the Program, the Committee made the following enhancements to the Program: (1) certain single country emerging market ETFs were added to a $300 million credit agreement with State Street Bank and Trust Company; and (2) certain updates were made to the RATS and HLIM calculation 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.

STATEMENT  REGARDING   LIQUIDITY   RISK   MANAGEMENT   PROGRAM 61

Supplemental Information (unaudited)

Regulation Regarding Derivatives

On October 28, 2020, the Securities and Exchange Commission (the “SEC”) adopted new regulations governing the use of derivatives by registered investment companies (“Rule 18f-4”). The Funds will be required to implement and comply with Rule 18f-4 by August 19, 2022. Once implemented, Rule 18f-4 will impose limits on the amount of derivatives a fund can enter into, eliminate the asset segregation framework currently used by funds to comply with Section 18 of the 1940 Act, treat derivatives as senior securities and require funds whose use of derivatives is more than a limited specified exposure amount to establish and maintain a comprehensive derivatives risk management program and appoint a derivatives risk manager.

Section 19(a) Notices

The amounts and sources of distributions reported are estimates and are being provided pursuant to regulatory requirements and are not being provided for tax reporting purposes. The actual amounts and sources for tax reporting purposes will depend upon each Fund’s investment experience during the year and may be subject to changes based on tax regulations. Shareholders will receive a Form 1099-DIV each calendar year that will inform them how to report these distributions for federal income tax purposes.

February 28, 2021

	Total Cumulative Distributions for the Fiscal Year-to-Date									% Breakdown of the Total Cumulative Distributions for the Fiscal Year-to-Date
iShares ETF	Net Investment Income		Net Realized Capital Gains		��	Return of Capital		Total Per Share		Net Investment Income			Net Realized Capital Gains			Return of Capital			Total Per Share
ESG Aware MSCI EM(a)	$	0.254994	$	—		$	0.083958	$	0.338952		75	%		—	%		25	%		100	%
MSCI Emerging Markets ex China(a)		0.247897		—			0.349250		0.597147		42			—			58			100
MSCI Emerging Markets Min Vol Factor(a)		0.849495		—			0.092720		0.942215		90			—			10			100
MSCI Emerging Markets Multifactor(a)		0.466699		—			0.080451		0.547150		85			—			15			100
MSCI Global Min Vol Factor(a)		0.672123		—			0.118913		0.791036		85			—			15			100

^(a)  The Fund estimates that it has distributed more than its net investment income and net realized capital gains; therefore, a portion of the distribution may be a return of capital. A return of capital may occur, for example, when some or all of the shareholder’s investment in the Fund is returned to the shareholder. A return of capital does not necessarily reflect the Fund’s investment performance and should not be confused with “yield” or “income”. When distributions exceed total return performance, the difference will incrementally reduce the Fund’s net asset value per share.

62 2 0 2 1   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

General Information

Electronic Delivery

Shareholders can sign up for email 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.

GENERAL  INFORMATION 63

Glossary of Terms Used in this Report

Portfolio Abbreviations - Equity
ADR	American Depositary Receipt
CPO	Certificates of Participation (Ordinary)
GDR	Global Depositary Receipt
JSC	Joint Stock Company
NVDR	Non-Voting Depositary Receipt
NVS	Non-Voting Shares
PJSC	Public Joint Stock Company
REIT	Real Estate Investment Trust

64 2 0 2 1   I SHARES   SEMI - ANNUAL   REPORT   TO   SHAREHOLDERS

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.

©2021 BlackRock, Inc. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.

iS-SAR-816-0221

(b) Not Applicable

Item 2 – Code of Ethics.

Not applicable to this semi-annual report.

Item 3 – Audit Committee Financial Expert.

Not applicable to this semi-annual report.

Item 4 – Principal Accountant Fees and Services.

Not applicable to this semi-annual report.

Item 5 – Audit Committee of Listed Registrants.

Not applicable to this semi-annual report.

Item 6 – Investments.

(a) Schedules of investments are included as part of the reports to shareholders filed under Item 1 of this Form.

(b) Not applicable.

Item 7 – Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable to the registrant.

Item 8 – Portfolio Managers of Closed-End Management Investment Companies.

Not applicable to the registrant.

Item 9 – Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable to the registrant.

Item 10 – Submission of Matters to a Vote of Security Holders.

There were no material changes to the procedures by which shareholders may recommend nominees to the registrant’s Board of Directors.

Item 11 – Controls and Procedures.

(a) The President (the registrant’s Principal Executive Officer) and Treasurer and Chief Financial Officer (the registrant’s Principal Financial Officer) have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) are effective as of a date within 90 days of the filing date of this report, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the Investment Company Act of 1940 and Rules 13a-15(b) or 15d-15(b) under the Exchange Act of 1934.

(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12 – Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable to the registrant.

Item 13 – Exhibits.

(a)(1) – Not applicable to this semi-annual report.

(a)(2) – Section 302 Certifications are attached.

(a)(3) – Not applicable.

(a)(4) – Not applicable.

(b) – Section 906 Certifications are attached.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

iShares, Inc.

By:	/s/ Armando Senra
	Armando Senra, President (Principal Executive Officer)

Date: May 06, 2021

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:	/s/ Armando Senra
	Armando Senra, President (Principal Executive Officer)

Date: May 06, 2021

By:	/s/ Trent Walker
	Trent Walker, Treasurer and Chief Financial Officer (Principal Financial Officer)

Date: May 06, 2021