2021 Semi-Annual Report (Unaudited) Ishares, Inc

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 unemploy- ment 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 Rob Kapito economic indicators. Many equity indices neared or surpassed all-time highs late in the reporting period President, BlackRock, Inc. 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 re- Total Returns as of February 28, 2021 bounded substantially from lows in late March 2020. 6-Month 12-Month During the market downturn, the performance of different types of fixed-income securities initially U.S. large cap equities diverged due to a reduced investor appetite for risk. U.S. Treasuries benefited from the risk-off environ- 9.74% 31.29% ment, as the 10-year U.S. Treasury yield (which is inversely related to bond prices) dropped to historic (S&P 500 Index) lows. However, inflation risk from a rapidly expanding economy raised yields late in the reporting period, U.S. small cap equities 41.69 51.00 leading to a negative overall return for most U.S. Treasuries. In the corporate bond market, support from (Russell 2000 Index) the U.S. Federal Reserve (the “Fed”) assuaged credit concerns and both investment-grade and high-yield bonds recovered to post positive returns. International equities (MSCI Europe, Australasia, 14.33 22.46 Following the coronavirus outbreak, the Fed instituted two emergency interest rate cuts, pushing Far East Index) 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, Emerging market equities including the European Central Bank and the Bank of Japan. (MSCI Emerging Markets 22.32 36.05 Index) 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 3-month Treasury bills pent-up consumer demand leads to higher spending. In early 2021, Congress passed one of the largest (ICE BofA 3-Month 0.06 0.40 economic rescue packages in U.S. history, which should provide a solid tailwind for economic growth. U.S. Treasury Bill Index) 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 U.S. Treasury securities (ICE BofA 10-Year (6.34) (1.96) equity expansion. U.S. Treasury Index) 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 U.S. investment grade bonds be particularly helped by a vaccine-led economic expansion. While we are neutral overall on credit, rising (Bloomberg Barclays (1.55) 1.38 inflation should provide tailwinds for inflation-protected bonds, and global high-yield and Asian bonds also U.S. Aggregate Bond Index) present attractive opportunities. We believe that international diversification and a focus on sustainability Tax-exempt municipal bonds 0.92 1.22 can help provide portfolio resilience, and the disruption created by the coronavirus appears to be (S&P Municipal Bond Index) accelerating the shift toward sustainable investments. U.S. high yield bonds In this environment, our view is that investors need to think globally, extend their scope across a broad (Bloomberg Barclays 6.08 9.31 array of asset classes, and be nimble as market conditions change. We encourage you to talk with your U.S. Corporate High Yield 2% financial advisor and visit iShares.com for further insight about investing in today’s markets. Issuer Capped Index)

Sincerely, Past performance is no guarantee of future results. Index

performance is shown for illustrative purposes only. You cannot invest directly in an index.

Rob Kapito President, BlackRock, Inc.

2 T HIS P AGE IS NOT P A R T O F Y OUR F UND R EPORT 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 Ending Expenses Beginning Ending Expenses Annualized Account Value Account Value Paid During Account Value Account Value Paid During 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 TEN LARGEST HOLDINGS Percent of Percent of Sector Total Investments(a) Security Total Investments(a) Financials ...... 34.1% BHP Group Ltd...... 9.8% Materials ...... 21.2 Commonwealth Bank of Australia...... 9.8 Health Care ...... 10.8 CSL Ltd...... 8.1 Real Estate...... 6.4 Westpac Banking Corp...... 5.8 Consumer Discretionary ...... 5.9 National Australia Bank Ltd...... 5.5 Consumer Staples ...... 5.7 Australia & New Zealand Banking Group Ltd...... 5.0 Industrials ...... 4.8 Wesfarmers Ltd...... 3.8 Energy ...... 4.2 Woolworths Group Ltd...... 3.4 Information Technology ...... 3.4 Macquarie Group Ltd...... 3.3 Communication Services...... 2.1 Rio Tinto Ltd...... 3.2 Utilities...... 1.4

(a) Excludes money market funds.

4 2021 I S HARES S EMI-ANNUAL R EPORT TO S HAREHOLDERS 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.

ALLOCATION BY SECTOR TEN LARGEST HOLDINGS Percent of Percent of Sector Total Investments(a) Security Total Investments(a) Financials ...... 36.7% Shopify Inc., Class A...... 8.3% Energy ...... 13.5 Royal Bank of Canada ...... 7.3 Information Technology ...... 12.2 Toronto-Dominion Bank (The) ...... 6.6 Materials ...... 11.3 Bank of Nova Scotia (The) ...... 4.3 Industrials ...... 10.1 Canadian National Railway Co...... 4.2 Consumer Discretionary ...... 4.2 Enbridge Inc...... 3.8 Consumer Staples ...... 4.0 Bank of Montreal ...... 3.2 Utilities...... 3.6 Brookfield Asset Management Inc., Class A ...... 3.2 Communication Services...... 2.8 Canadian Pacific Railway Ltd...... 3.0 Health Care ...... 1.1 Canadian Imperial Bank of Commerce...... 2.6 Real Estate...... 0.5

(a) Excludes money market funds.

F UND S UMMARY 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

ALLOCATION BY SECTOR TEN LARGEST HOLDINGS Percent of Percent of Sector Total Investments(a) Security Total Investments(a) Industrials ...... 21.1% Toyota Motor Corp...... 3.9% Consumer Discretionary ...... 18.5 SoftBank Group Corp...... 3.6 Information Technology ...... 13.6 Sony Corp...... 3.3 Communication Services...... 10.2 Keyence Corp...... 2.1 Health Care ...... 10.0 Nintendo Co. Ltd...... 1.7 Financials ...... 8.9 Recruit Holdings Co. Ltd...... 1.7 Consumer Staples ...... 7.1 Mitsubishi UFJ Financial Group Inc...... 1.6 Materials ...... 5.1 Tokyo Electron Ltd...... 1.5 Real Estate...... 3.6 Shin-Etsu Chemical Co. Ltd...... 1.4 Utilities...... 1.2 Fast Retailing Co. Ltd...... 1.4 Energy ...... 0.7

(a) Excludes money market funds.

6 2021 I S HARES S EMI-ANNUAL R EPORT TO S HAREHOLDERS 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.

ALLOCATION BY SECTOR TEN LARGEST HOLDINGS Percent of Percent of Sector Total Investments(a) Security Total Investments(a) Consumer Staples ...... 30.7% America Movil SAB de CV, Series L ...... 14.9% Communication Services...... 19.7 Wal-Mart de Mexico SAB de CV ...... 10.1 Financials ...... 14.4 Fomento Economico Mexicano SAB de CV ...... 8.9 Materials ...... 14.0 Grupo Financiero Banorte SAB de CV, Class O ...... 8.8 Industrials ...... 10.9 Cemex SAB de CV ...... 4.8 Real Estate...... 6.6 Grupo Mexico SAB de CV, Series B ...... 4.4 Utilities...... 1.5 Grupo Aeroportuario del Sureste SAB de CV, Class B ...... 2.9 Consumer Discretionary ...... 1.5 Grupo Aeroportuario del Pacifico SAB de CV, Class B ...... 2.8 Health Care ...... 0.7 Fibra Uno Administracion SA de CV ...... 2.6 Grupo Televisa SAB ...... 2.6

(a) Excludes money market funds.

F UND S UMMARY 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.

ALLOCATION BY SECTOR TEN LARGEST HOLDINGS Percent of Percent of Sector Total Investments(a) Security Total Investments(a) Information Technology ...... 36.7% Samsung Electronics Co. Ltd...... 23.0% Consumer Discretionary ...... 12.7 SK Hynix Inc...... 7.0 Communication Services...... 10.3 NAVER Corp...... 4.2 Materials ...... 9.7 LG Chem Ltd...... 3.5 Financials ...... 8.1 Samsung SDI Co. Ltd...... 3.5 Industrials ...... 7.9 Hyundai Motor Co...... 3.4 Health Care ...... 6.5 Celltrion Inc...... 2.6 Consumer Staples ...... 5.2 Kakao Corp...... 2.4 Energy ...... 2.1 POSCO ...... 2.0 Utilities...... 0.8 Kia Motors Corp...... 2.0

(a) Excludes money market funds.

8 2021 I S HARES S EMI-ANNUAL R EPORT TO S HAREHOLDERS 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 BOUT F UND P ERFORMANCE/SHAREHOLDER E XPENSES 9 Schedule of Investments (unaudited) iShares MSCI Australia ETF February 28, 2021 (Percentages shown are based on Net Assets)

SecurityShares Value SecurityShares Value Common Stocks Health Care Equipment & Supplies — 0.9% Cochlear Ltd...... 82,056 $ 13,430,402 Airlines — 0.3% Qantas Airways Ltd.(a)...... 1,143,036 $ 4,424,692 Health Care Providers & Services — 1.8% Ramsay Health Care Ltd...... 227,213 11,609,947 Banks — 25.9% Sonic Healthcare Ltd...... 562,190 13,810,402 Australia & New Zealand Banking Group Ltd...... 3,528,631 71,492,931 Commonwealth Bank of Australia...... 2,206,041 139,297,695 25,420,349 National Australia Bank Ltd...... 4,093,359 78,086,089 Hotels, Restaurants & Leisure — 2.1% Westpac Banking Corp...... 4,489,330 82,789,722 Aristocrat Leisure Ltd...... 714,403 16,791,836 Crown Resorts Ltd...... 462,960 3,566,315 371,666,437 Tabcorp Holdings Ltd...... 2,759,402 9,506,663 Beverages — 1.0% Coca-Cola Amatil Ltd...... 632,545 6,557,301 29,864,814 Treasury Wine Estates Ltd...... 899,949 7,594,471 Insurance — 3.1% Insurance Australia Group Ltd...... 3,043,476 11,757,732 14,151,772 Medibank Pvt Ltd...... 3,437,347 7,371,507 Biotechnology — 8.0% QBE Insurance Group Ltd...... 1,822,384 13,107,164 CSL Ltd...... 565,731 115,011,507 Suncorp Group Ltd...... 1,592,087 12,251,981 Capital Markets — 4.5% 44,488,384 ASX Ltd...... 241,645 12,646,712 Interactive Media & Services — 1.1% Macquarie Group Ltd...... 427,291 47,133,619 REA Group Ltd...... 65,454 6,932,269 Magellan Financial Group Ltd...... 160,026 5,381,874 Seek Ltd...... 418,599 8,328,839 65,162,205 15,261,108 Chemicals — 0.4% IT Services — 2.1% Orica Ltd...... 506,617 4,926,319 Afterpay Ltd.(a)...... 264,567 24,481,013 Computershare Ltd...... 607,616 6,242,424 Commercial Services & Supplies — 1.0% Brambles Ltd...... 1,839,009 14,095,231 30,723,437 Metals & Mining — 19.6% Construction & Engineering — 0.1% BHP Group Ltd...... 3,662,812 139,320,340 CIMIC Group Ltd.(a) ...... 113,605 1,872,519 BlueScope Steel Ltd...... 621,821 8,029,982 Evolution Mining Ltd...... 2,025,634 6,586,632 Construction Materials — 1.1% Fortescue Metals Group Ltd...... 2,106,891 39,327,144 James Hardie Industries PLC...... 550,813 15,569,302 Newcrest Mining Ltd...... 1,015,317 19,368,478 Diversified Financial Services — 0.4% Northern Star Resources Ltd...... 1,368,202 10,815,064 AMP Ltd...... 4,254,175 4,940,373 Rio Tinto Ltd...... 461,888 45,482,338 South32 Ltd...... 6,017,446 12,904,617 Diversified Telecommunication Services — 1.0% 281,834,595 Telstra Corp. Ltd...... 5,166,358 12,319,366 Multi-Utilities — 0.4% (a) TPG Telecom Ltd...... 465,462 2,450,452 AGL Energy Ltd...... 777,789 5,642,279 14,769,818 Electric Utilities — 0.2% Multiline Retail — 3.8% AusNet Services ...... 2,301,476 2,948,883 Wesfarmers Ltd...... 1,410,662 53,776,700

Equity Real Estate Investment Trusts (REITs) — 5.7% Oil, Gas & Consumable Fuels — 4.2% BGP Holdings PLC(a)(b)...... 18,888,372 229 Ampol Ltd...... 311,677 5,931,162 Dexus ...... 1,361,895 9,383,974 Oil Search Ltd...... 2,440,613 8,011,575 Goodman Group...... 2,064,652 26,470,389 Origin Energy Ltd...... 2,198,177 7,658,229 GPT Group (The) ...... 2,409,821 7,966,468 Santos Ltd...... 2,195,936 12,291,676 Mirvac Group ...... 4,913,782 8,483,477 Washington H Soul Pattinson & Co. Ltd...... 133,386 3,085,631 Scentre Group ...... 6,444,121 14,368,430 Woodside Petroleum Ltd...... 1,196,743 22,764,556 Stockland ...... 2,956,290 9,544,127 59,742,829 Vicinity Centres ...... 4,813,176 6,111,231 Real Estate Management & Development — 0.6% 82,328,325 Lendlease Corp. Ltd...... 858,838 8,843,334 Food & Staples Retailing — 4.7% Road & Rail — 0.5% Coles Group Ltd...... 1,659,636 19,697,365 Aurizon Holdings Ltd...... 2,324,069 6,855,311 Woolworths Group Ltd...... 1,571,515 47,936,673 67,634,038 Software — 1.2% Gas Utilities — 0.7% WiseTech Global Ltd...... 182,256 3,847,867 (a) APA Group ...... 1,463,176 10,523,626 Xero Ltd...... 151,085 13,852,757 17,700,624

10 2021 I S HARES S EMI-ANNUAL R EPORT TO S HAREHOLDERS Schedule of Investments (unaudited) (continued) iShares MSCI Australia ETF February 28, 2021 (Percentages shown are based on Net Assets)

SecurityShares Value

Transportation Infrastructure — 2.9% (a) Non-income producing security. Sydney Airport(a) ...... 1,650,385 $ 7,487,486 (b) Security is valued using significant unobservable inputs and is classified as Level 3 in the Transurban Group ...... 3,404,282 33,735,615 fair value hierarchy. (c) Affiliate of the Fund. 41,223,101 (d) Annualized 7-day yield as of period-end. 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

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: Capital Gain Change in Distributions Unrealized Shares from Value at Purchases Proceeds Net Realized Appreciation Value at Held at Underlying Affiliated Issuer 08/31/20 at Cost from Sales Gain (Loss) (Depreciation) 02/28/21 02/28/21 Income Funds (a) BlackRock Cash Funds: Treasury, SL Agency Shares ...... $494,000 $140,000 $ — $ — $ — $634,000 634,000 $ 316$ —

(a) Represents net amount purchased (sold).

Futures Contracts Value/ Notional Unrealized Number of Expiration Amount Appreciation Description Contracts Date (000) (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 CHEDULE OF I NVESTMENTS 11 Schedule of Investments (unaudited) (continued) iShares MSCI Australia ETF February 28, 2021

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.

12 2021 I S HARES S EMI-ANNUAL R EPORT TO S HAREHOLDERS Schedule of Investments (unaudited) iShares MSCI Canada ETF February 28, 2021 (Percentages shown are based on Net Assets)

SecurityShares Value SecurityShares Value Common Stocks Food & Staples Retailing (continued) Metro Inc...... 512,136 $ 21,399,679 Aerospace & Defense — 0.5% CAE Inc...... 587,100 $ 15,618,900 113,129,399 Food Products — 0.5% Airlines — 0.2% Saputo Inc...... 499,880 14,151,421 Air Canada(a) ...... 367,101 7,278,227 Gas Utilities — 0.3% Auto Components — 1.5% AltaGas Ltd...... 597,351 9,101,817 Magna International Inc...... 577,030 48,856,118 Hotels, Restaurants & Leisure — 1.1% Banks — 25.3% Restaurant Brands International Inc...... 567,930 34,241,783 Bank of Montreal...... 1,261,306 103,594,469 Bank of Nova Scotia (The) ...... 2,362,397 138,832,810 Independent Power and Renewable Electricity Producers — 0.3% Canadian Imperial Bank of Commerce ...... 882,064 81,747,685 Brookfield Renewable Corp., Class A ...... 87,627 4,078,878 National Bank of Canada...... 669,576 42,395,902 Northland Power Inc...... 125,385 4,184,452 Royal Bank of Canada ...... 2,718,028 232,642,586 8,263,330 Toronto-Dominion Bank (The) ...... 3,463,746 211,053,212 Insurance — 7.5% 810,266,664 Fairfax Financial Holdings Ltd...... 54,204 22,195,810 Capital Markets — 3.5% Great-West Lifeco Inc...... 579,039 14,896,761 Brookfield Asset Management Inc., Class A ...... 2,519,712 102,301,104 iA Financial Corp. Inc...... 225,343 11,639,162 IGM Financial Inc...... 189,357 5,193,108 Intact Financial Corp...... 278,726 31,315,945 TMX Group Ltd...... 42,268 4,056,192 Manulife Financial Corp...... 3,845,260 77,057,066 Power Corp. of Canada ...... 1,141,666 27,666,914 111,550,404 Sun Life Financial Inc...... 1,169,751 56,584,164 Chemicals — 1.9% Nutrien Ltd...... 1,136,986 61,690,022 241,355,822 IT Services — 9.4% Commercial Services & Supplies — 0.3% CGI Inc.(a) ...... 472,411 35,449,483 GFL Environmental Inc...... 159,126 4,964,832 Shopify Inc., Class A(a) ...... 204,578 266,424,870 Ritchie Bros Auctioneers Inc...... 72,853 3,996,557 301,874,353 8,961,389 Media — 0.8% Construction & Engineering — 0.6% Quebecor Inc., Class B...... 371,165 9,645,599 WSP Global Inc...... 230,605 20,076,843 Shaw Communications Inc., Class B, NVS ...... 955,578 16,718,841

Containers & Packaging — 0.5% 26,364,440 CCL Industries Inc., Class B, NVS ...... 309,862 16,406,043 Metals & Mining — 8.7% Agnico Eagle Mines Ltd...... 479,013 26,879,213 Diversified Financial Services — 0.3% B2Gold Corp...... 846,183 3,702,886 Onex Corp...... 178,959 10,070,331 Barrick Gold Corp...... 3,511,254 65,870,681 First Quantum Minerals Ltd...... 1,268,113 27,475,782 Diversified Telecommunication Services — 0.9% Franco-Nevada Corp...... 374,994 40,360,729 BCE Inc...... 313,283 13,469,190 Kinross Gold Corp...... 2,550,423 15,935,107 TELUS Corp...... 812,126 16,357,988 Kirkland Lake Gold Ltd...... 551,876 18,143,033 29,827,178 Lundin Mining Corp...... 1,416,371 16,300,573 Electric Utilities — 2.1% Pan American Silver Corp...... 133,078 4,420,166 Emera Inc...... 485,160 19,214,789 SSR Mining Inc.(a) ...... 254,991 3,639,563 Fortis Inc...... 875,468 33,884,622 Teck Resources Ltd., Class B...... 1,030,111 21,562,355 Hydro One Ltd.(b) ...... 672,085 14,344,184 Wheaton Precious Metals Corp...... 893,191 32,115,367 67,443,595 Yamana Gold Inc...... 901,023 3,601,245 Electrical Equipment — 0.1% 280,006,700 Ballard Power Systems Inc.(a) ...... 116,451 3,274,609 Multi-Utilities — 0.9% Algonquin Power & Utilities Corp...... 1,187,985 18,495,406 Equity Real Estate Investment Trusts (REITs) — 0.4% Atco Ltd., Class I, NVS ...... 168,149 4,930,246 Canadian Apartment Properties REIT ...... 177,637 7,161,605 Canadian Utilities Ltd., Class A, NVS ...... 276,730 6,583,813 RioCan REIT ...... 349,549 5,234,952 30,009,465 12,396,557 Multiline Retail — 1.2% Food & Staples Retailing — 3.5% Canadian Tire Corp. Ltd., Class A, NVS ...... 121,852 15,827,285 Alimentation Couche-Tard Inc., Class B ...... 1,723,707 52,078,825 Dollarama Inc...... 602,576 23,051,150 Empire Co. Ltd., Class A, NVS...... 363,007 10,141,831 George Weston Ltd...... 158,654 11,713,578 38,878,435 Loblaw Companies Ltd...... 367,342 17,795,486 Oil, Gas & Consumable Fuels — 13.4% Cameco Corp...... 837,906 13,217,206 Canadian Natural Resources Ltd...... 2,363,837 64,809,465

S CHEDULE OF I NVESTMENTS 13 Schedule of Investments (unaudited) (continued) iShares MSCI Canada ETF February 28, 2021 (Percentages shown are based on Net Assets)

SecurityShares Value

Oil, Gas & Consumable Fuels (continued) (a) Non-income producing security. Cenovus Energy Inc...... 2,808,691 $ 20,898,791 (b) Security exempt from registration pursuant to Rule 144A under the Securities Act of Enbridge Inc...... 3,549,186 120,492,902 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. Imperial Oil Ltd...... 557,695 12,286,030 (c) Inter Pipeline Ltd...... 881,630 12,472,348 All or a portion of this security is on loan. (d) Affiliate of the Fund. Keyera Corp...... 465,161 9,064,393 (e) Annualized 7-day yield as of period-end. Parkland Corp./Canada ...... 314,348 10,041,258 (f) All or a portion of this security was purchased with cash collateral received from loaned Pembina Pipeline Corp...... 1,101,789 28,162,632 securities. 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

14 2021 I S HARES S EMI-ANNUAL R EPORT TO S HAREHOLDERS Schedule of Investments (unaudited) (continued) iShares MSCI Canada ETF February 28, 2021

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: Capital Gain Change in Distributions Unrealized Shares from Value at Purchases Proceeds Net Realized Appreciation Value at Held at Underlying Affiliated Issuer 08/31/20 at Cost from Sales Gain (Loss) (Depreciation) 02/28/21 02/28/21 Income 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 (a) Shares ...... 945,000 575,000 — — — 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 Value/ Notional Unrealized Number of Expiration Amount Appreciation Description Contracts Date (000) (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

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.

S CHEDULE OF I NVESTMENTS 15 Schedule of Investments (unaudited) (continued) iShares MSCI Canada ETF February 28, 2021

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 2021 I S HARES S EMI-ANNUAL R EPORT TO S HAREHOLDERS Schedule of Investments (unaudited) iShares MSCI Japan ETF February 28, 2021 (Percentages shown are based on Net Assets)

SecurityShares Value SecurityShares Value Common Stocks Building Products (continued) TOTO Ltd...... 462,500 $ 27,826,403 Air Freight & Logistics — 0.4% SG Holdings Co. Ltd...... 1,049,300 $ 24,110,066 234,388,245 Yamato Holdings Co. Ltd...... 954,900 25,113,852 Capital Markets — 1.1% Daiwa Securities Group Inc...... 4,731,500 22,986,901 49,223,918 Japan Exchange Group Inc...... 1,668,200 35,911,551 Airlines — 0.2% Nomura Holdings Inc...... 10,307,700 59,868,639 ANA Holdings Inc.(a) ...... 513,400 12,307,336 SBI Holdings Inc...... 796,910 22,125,584 Japan Airlines Co. Ltd.(a) ...... 461,300 10,954,468 140,892,675 23,261,804 Chemicals — 4.1% Auto Components — 2.3% Air Water Inc...... 601,400 9,889,739 Aisin Seiki Co. Ltd...... 529,300 18,009,316 Asahi Kasei Corp...... 4,111,500 44,225,446 Bridgestone Corp...... 1,755,700 68,570,187 JSR Corp...... 668,500 19,921,978 Denso Corp...... 1,420,400 85,165,339 Kansai Paint Co. Ltd...... 582,100 15,199,946 Koito Manufacturing Co. Ltd...... 341,700 22,771,447 Kuraray Co. Ltd...... 1,049,800 11,745,463 NGK Spark Plug Co. Ltd...... 500,900 8,472,140 Mitsubishi Chemical Holdings Corp...... 4,198,100 29,151,064 Stanley Electric Co. Ltd...... 428,600 12,692,256 Mitsubishi Gas Chemical Co. Inc...... 517,100 12,032,015 Sumitomo Electric Industries Ltd...... 2,474,100 35,913,231 Mitsui Chemicals Inc...... 602,100 18,536,587 Toyoda Gosei Co. Ltd...... 213,000 5,519,927 Nippon Paint Holdings Co. Ltd...... 479,300 35,630,336 Toyota Industries Corp...... 480,600 41,049,934 Nippon Sanso Holdings Corp...... 497,200 9,328,917 298,163,777 Nissan Chemical Corp...... 404,200 21,966,566 Automobiles — 6.4% Nitto Denko Corp...... 519,700 44,340,839 Honda Motor Co. Ltd...... 5,344,100 146,042,305 Shin-Etsu Chemical Co. Ltd...... 1,160,800 189,035,855 Isuzu Motors Ltd...... 1,805,000 18,873,381 Sumitomo Chemical Co. Ltd...... 4,870,700 23,544,307 Mazda Motor Corp...... 1,862,900 14,670,294 Teijin Ltd...... 581,800 9,993,373 (a) Nissan Motor Co. Ltd...... 7,605,200 41,024,108 Toray Industries Inc...... 4,546,800 29,728,749 Subaru Corp...... 2,017,100 37,647,863 Tosoh Corp...... 850,200 15,561,198 Suzuki Motor Corp...... 1,208,000 52,145,598 539,832,378 Toyota Motor Corp...... 6,953,200 513,821,509 Commercial Services & Supplies — 0.7% Yamaha Motor Co. Ltd...... 916,800 19,955,502 Dai Nippon Printing Co. Ltd...... 794,200 14,267,869 844,180,560 Secom Co. Ltd...... 688,900 59,656,386 Banks — 4.6% Sohgo Security Services Co. Ltd...... 234,000 10,542,519 Bank of Kyoto Ltd. (The) ...... 187,700 11,257,772 Toppan Printing Co. Ltd...... 857,600 13,458,863 Chiba Bank Ltd. (The) ...... 1,727,200 11,007,779 97,925,637 Concordia Financial Group Ltd...... 3,380,300 13,040,204 Construction & Engineering — 0.6% Fukuoka Financial Group Inc...... 561,800 10,098,057 Kajima Corp...... 1,468,600 18,719,343 Japan Post Bank Co. Ltd...... 1,327,100 12,630,743 Obayashi Corp...... 2,123,800 18,200,013 Mitsubishi UFJ Financial Group Inc...... 40,066,980 209,849,586 Shimizu Corp...... 1,803,600 13,627,727 Mizuho Financial Group Inc...... 7,906,858 115,701,066 Taisei Corp...... 623,400 21,971,719 Resona Holdings Inc...... 6,784,700 27,236,871 Shinsei Bank Ltd...... 508,500 7,254,740 72,518,802 Shizuoka Bank Ltd. (The) ...... 1,365,000 9,967,806 Construction Materials — 0.1% Sumitomo Mitsui Financial Group Inc...... 4,278,600 150,277,090 Taiheiyo Cement Corp...... 375,100 9,337,011 Sumitomo Mitsui Trust Holdings Inc...... 1,106,532 36,372,020 Consumer Finance — 0.0% 614,693,734 Acom Co. Ltd...... 1,309,400 5,837,854 Beverages — 1.1% Asahi Group Holdings Ltd...... 1,496,200 64,768,861 Diversified Financial Services — 0.7% Coca-Cola Bottlers Japan Holdings Inc...... 404,200 6,942,801 Mitsubishi UFJ Lease & Finance Co. Ltd...... 1,325,700 7,105,075 Ito En Ltd...... 176,200 9,724,573 ORIX Corp...... 4,307,300 72,832,748 Kirin Holdings Co. Ltd...... 2,696,000 52,849,596 Tokyo Century Corp...... 140,600 9,158,663 Suntory Beverage & Food Ltd...... 456,900 15,631,692 89,096,486 149,917,523 Diversified Telecommunication Services — 0.8% Biotechnology — 0.1% Nippon Telegraph & Telephone Corp...... 4,220,500 109,256,045 (a) PeptiDream Inc...... 310,400 14,771,241 Electric Utilities — 0.7% Building Products — 1.8% Chubu Electric Power Co. Inc...... 2,112,300 25,922,961 AGC Inc...... 634,500 23,226,488 Chugoku Electric Power Co. Inc. (The)...... 946,500 11,291,548 Daikin Industries Ltd...... 817,300 158,949,277 Kansai Electric Power Co. Inc. (The)...... 2,303,600 22,973,296 Lixil Corp...... 869,800 24,386,077 Kyushu Electric Power Co. Inc...... 1,240,600 10,654,674 Tohoku Electric Power Co. Inc...... 1,398,800 12,302,193

S CHEDULE OF I NVESTMENTS 17 Schedule of Investments (unaudited) (continued) iShares MSCI Japan ETF February 28, 2021 (Percentages shown are based on Net Assets)

SecurityShares Value SecurityShares Value

Electric Utilities (continued) Food Products (continued) Tokyo Electric Power Co. Holdings Inc.(a) ...... 4,728,300 $ 15,178,136 Nissin Foods Holdings Co. Ltd...... 207,500 $ 15,678,384 98,322,808 Toyo Suisan Kaisha Ltd...... 289,700 12,345,016 Electrical Equipment — 2.2% Yakult Honsha Co. Ltd...... 421,000 20,824,760 Fuji Electric Co. Ltd...... 414,400 17,192,116 Yamazaki Baking Co. Ltd...... 396,600 6,674,524 Mitsubishi Electric Corp...... 5,982,600 88,076,855 170,441,957 Nidec Corp...... 1,466,500 186,099,868 Gas Utilities — 0.5% 291,368,839 Osaka Gas Co. Ltd...... 1,228,300 21,974,280 Electronic Equipment, Instruments & Components — 6.7% Toho Gas Co. Ltd...... 241,600 14,195,758 Azbil Corp...... 405,200 17,209,780 Tokyo Gas Co. Ltd...... 1,235,100 25,527,409 Hamamatsu Photonics KK ...... 458,200 26,965,590 61,697,447 Hirose Electric Co. Ltd...... 106,258 15,498,867 Health Care Equipment & Supplies — 2.8% Hitachi Ltd...... 3,173,500 145,241,093 Asahi Intecc Co. Ltd...... 638,300 18,303,046 Ibiden Co. Ltd...... 345,100 14,025,559 Hoya Corp...... 1,233,100 140,046,086 Keyence Corp...... 597,504 283,553,616 Olympus Corp...... 3,820,500 79,967,289 Kyocera Corp...... 1,052,300 67,736,751 Sysmex Corp...... 549,400 57,162,558 Murata Manufacturing Co. Ltd...... 1,884,000 160,583,856 Terumo Corp...... 2,116,800 78,500,815 Omron Corp...... 607,800 48,948,038 373,979,794 Shimadzu Corp...... 725,900 26,095,335 Health Care Providers & Services — 0.2% TDK Corp...... 425,500 60,865,590 Alfresa Holdings Corp...... 615,700 11,870,169 Yokogawa Electric Corp...... 745,800 14,112,379 Medipal Holdings Corp...... 600,500 11,892,763 880,836,454 Suzuken Co. Ltd...... 221,040 8,423,338 Entertainment — 2.6% 32,186,270 Capcom Co. Ltd...... 289,200 17,589,788 Health Care Technology — 0.9% Koei Tecmo Holdings Co. Ltd...... 147,800 8,309,762 M3 Inc...... 1,446,300 114,370,917 Konami Holdings Corp...... 306,600 19,655,322 Nexon Co. Ltd...... 1,596,700 50,355,847 Hotels, Restaurants & Leisure — 0.9% Nintendo Co. Ltd...... 366,700 222,863,009 McDonald's Holdings Co. Japan Ltd...... 219,600 10,883,124 Square Enix Holdings Co. Ltd...... 301,800 17,109,743 Oriental Land Co. Ltd...... 655,800 109,812,953 Toho Co. Ltd...... 365,800 13,733,809 120,696,077 349,617,280 Household Durables — 4.8% Equity Real Estate Investment Trusts (REITs) — 1.4% Casio Computer Co. Ltd...... 634,500 12,220,706 Daiwa House REIT Investment Corp...... 6,455 16,940,285 Iida Group Holdings Co. Ltd...... 483,180 10,938,898 GLP J-REIT ...... 13,463 21,810,717 Panasonic Corp...... 7,237,615 92,762,937 Japan Real Estate Investment Corp...... 4,318 26,303,567 Rinnai Corp...... 118,500 11,990,144 Japan Retail Fund Investment Corp...... 22,894 22,627,541 Sekisui Chemical Co. Ltd...... 1,169,600 20,803,379 Nippon Building Fund Inc...... 4,873 29,775,887 Sekisui House Ltd...... 2,019,300 37,850,029 Nippon Prologis REIT Inc...... 6,879 21,048,940 Sharp Corp...... 701,900 13,261,918 Nomura Real Estate Master Fund Inc...... 13,924 20,845,485 Sony Corp...... 4,133,200 431,398,385 Orix JREIT Inc...... 8,573 14,588,745 631,226,396 United Urban Investment Corp...... 9,684 13,288,913 Household Products — 0.6% 187,230,080 Lion Corp...... 733,500 14,086,174 Food & Staples Retailing — 1.7% Pigeon Corp...... 377,500 13,641,590 Aeon Co. Ltd...... 2,144,600 64,474,881 Unicharm Corp...... 1,323,200 52,361,660 Cosmos Pharmaceutical Corp...... 65,400 9,361,273 80,089,424 Kobe Bussan Co. Ltd...... 403,600 10,360,860 Industrial Conglomerates — 0.4% Lawson Inc...... 163,800 7,648,817 Keihan Holdings Co. Ltd...... 316,400 14,195,532 Seven & i Holdings Co. Ltd...... 2,469,780 93,584,587 Toshiba Corp...... 1,266,700 39,889,042 Sundrug Co. Ltd...... 232,600 8,732,870 54,084,574 Tsuruha Holdings Inc...... 120,900 15,557,903 Insurance — 2.5% Welcia Holdings Co. Ltd...... 310,800 9,933,114 Dai-ichi Life Holdings Inc...... 3,538,400 62,073,114 219,654,305 Japan Post Holdings Co. Ltd...... 5,162,100 44,120,596 Food Products — 1.3% Japan Post Insurance Co. Ltd...... 736,800 15,069,337 Ajinomoto Co. Inc...... 1,529,600 30,422,587 MS&AD Insurance Group Holdings Inc...... 1,460,540 41,126,525 Calbee Inc...... 284,300 7,471,748 Sompo Holdings Inc...... 1,100,650 42,149,916 Kikkoman Corp...... 475,700 31,388,877 T&D Holdings Inc...... 1,760,000 23,722,170 MEIJI Holdings Co. Ltd...... 375,456 23,822,813 Tokio Marine Holdings Inc...... 2,070,800 102,101,675 NH Foods Ltd...... 269,000 11,324,057 330,363,333 Nisshin Seifun Group Inc...... 652,375 10,489,191

18 2021 I S HARES S EMI-ANNUAL R EPORT TO S HAREHOLDERS Schedule of Investments (unaudited) (continued) iShares MSCI Japan ETF February 28, 2021 (Percentages shown are based on Net Assets)

SecurityShares Value SecurityShares Value

Interactive Media & Services — 0.5% Metals & Mining (continued) Kakaku.com Inc...... 438,800 $ 13,921,006 JFE Holdings Inc.(a)...... 1,612,850 $ 16,924,782 Z Holdings Corp...... 8,698,100 52,944,602 Nippon Steel Corp.(a) ...... 2,646,870 38,942,826 66,865,608 Sumitomo Metal Mining Co. Ltd...... 762,400 36,796,141 Internet & Direct Marketing Retail — 0.4% 103,780,013 Mercari Inc.(a) ...... 282,900 13,595,344 Multiline Retail — 0.5% Rakuten Inc...... 2,823,900 31,568,096 Marui Group Co. Ltd...... 620,900 11,778,101 ZOZO Inc...... 357,400 11,170,847 Pan Pacific International Holdings Corp...... 1,352,300 31,668,749 56,334,287 Ryohin Keikaku Co. Ltd...... 779,500 17,544,969 IT Services — 2.4% 60,991,819 Fujitsu Ltd...... 644,500 92,918,341 Oil, Gas & Consumable Fuels — 0.6% GMO Payment Gateway Inc...... 133,448 17,673,656 ENEOS Holdings Inc...... 10,055,695 44,143,501 Itochu Techno-Solutions Corp...... 316,300 9,708,100 Idemitsu Kosan Co. Ltd...... 632,329 16,523,408 NEC Corp...... 856,400 46,622,114 Inpex Corp...... 3,347,500 24,633,377 Nomura Research Institute Ltd...... 1,049,512 32,606,389 85,300,286 NTT Data Corp...... 2,065,300 31,500,962 Paper & Forest Products — 0.1% Obic Co. Ltd...... 228,300 38,528,571 Oji Holdings Corp...... 2,836,200 17,862,683 Otsuka Corp...... 342,800 15,926,976 SCSK Corp...... 171,900 10,116,510 Personal Products — 1.8% TIS Inc...... 733,500 15,242,810 Kao Corp...... 1,580,300 105,966,428 310,844,429 Kobayashi Pharmaceutical Co. Ltd...... 161,700 15,268,462 Leisure Products — 1.0% Kose Corp...... 109,700 17,576,300 Bandai Namco Holdings Inc...... 655,198 50,102,291 Pola Orbis Holdings Inc...... 299,300 6,834,962 Sega Sammy Holdings Inc...... 565,100 9,489,055 Shiseido Co. Ltd...... 1,311,300 97,393,626 Shimano Inc...... 242,900 54,284,297 243,039,778 Yamaha Corp...... 439,600 24,468,068 Pharmaceuticals — 6.0% 138,343,711 Astellas Pharma Inc...... 6,102,650 95,887,330 Machinery — 5.7% Chugai Pharmaceutical Co. Ltd...... 2,201,400 98,416,259 Amada Co. Ltd...... 1,058,100 12,821,542 Daiichi Sankyo Co. Ltd...... 5,577,507 157,577,399 Daifuku Co. Ltd...... 331,500 31,675,145 Eisai Co. Ltd...... 827,100 56,819,456 FANUC Corp...... 628,400 155,360,015 Hisamitsu Pharmaceutical Co. Inc...... 168,600 10,507,828 Harmonic Drive Systems Inc...... 142,200 10,931,275 Kyowa Kirin Co. Ltd...... 885,500 24,668,331 Hino Motors Ltd...... 937,500 8,799,512 Nippon Shinyaku Co. Ltd...... 149,100 10,118,200 Hitachi Construction Machinery Co. Ltd...... 351,300 10,798,831 Ono Pharmaceutical Co. Ltd...... 1,211,200 32,559,384 Hoshizaki Corp...... 166,600 14,605,256 Otsuka Holdings Co. Ltd...... 1,280,300 50,760,158 Komatsu Ltd...... 2,869,400 85,915,018 Santen Pharmaceutical Co. Ltd...... 1,178,800 16,176,137 Kubota Corp...... 3,368,100 76,109,450 Shionogi & Co. Ltd...... 867,500 44,075,253 Kurita Water Industries Ltd...... 325,300 13,159,780 Sumitomo Dainippon Pharma Co. Ltd...... 587,100 9,274,350 Makita Corp...... 733,700 31,230,801 Taisho Pharmaceutical Holdings Co. Ltd...... 112,500 6,895,297 MINEBEA MITSUMI Inc...... 1,190,300 29,215,642 Takeda Pharmaceutical Co. Ltd...... 5,166,700 173,710,526 MISUMI Group Inc...... 930,700 28,390,980 787,445,908 Mitsubishi Heavy Industries Ltd...... 1,050,700 30,256,689 Professional Services — 2.0% Miura Co. Ltd...... 288,300 14,910,203 Nihon M&A Center Inc...... 495,900 27,043,167 Nabtesco Corp...... 367,800 15,604,055 Persol Holdings Co. Ltd...... 579,800 11,466,478 NGK Insulators Ltd...... 842,000 14,857,894 Recruit Holdings Co. Ltd...... 4,447,800 220,469,606 NSK Ltd...... 1,172,400 11,477,503 258,979,251 SMC Corp...... 188,200 111,111,132 Real Estate Management & Development — 2.1% THK Co. Ltd...... 393,500 12,686,995 Aeon Mall Co. Ltd...... 338,400 5,691,879 Yaskawa Electric Corp...... 788,200 39,358,213 Daito Trust Construction Co. Ltd...... 214,300 23,755,238 759,275,931 Daiwa House Industry Co. Ltd...... 1,857,200 52,348,147 Marine — 0.1% Hulic Co. Ltd...... 991,700 11,058,190 Nippon Yusen KK...... 500,600 14,354,543 Mitsubishi Estate Co. Ltd...... 3,876,100 66,869,456 Mitsui Fudosan Co. Ltd...... 3,009,300 67,789,750 Media — 0.4% Nomura Real Estate Holdings Inc...... 379,800 8,552,095 CyberAgent Inc...... 330,100 19,891,515 Sumitomo Realty & Development Co. Ltd...... 1,013,900 34,925,972 Dentsu Group Inc...... 710,000 24,457,481 Tokyu Fudosan Holdings Corp...... 2,018,400 12,617,368 Hakuhodo DY Holdings Inc...... 766,800 12,624,058 283,608,095 56,973,054 Road & Rail — 3.1% Metals & Mining — 0.8% Central Japan Railway Co...... 472,000 77,130,843 Hitachi Metals Ltd...... 701,200 11,116,264

S CHEDULE OF I NVESTMENTS 19 Schedule of Investments (unaudited) (continued) iShares MSCI Japan ETF February 28, 2021 (Percentages shown are based on Net Assets)

SecurityShares Value SecurityShares Value

Road & Rail (continued) Technology Hardware, Storage & Peripherals (continued) East Japan Railway Co...... 990,300 $ 73,031,604 Seiko Epson Corp...... 921,200 $ 15,079,527 Hankyu Hanshin Holdings Inc...... 750,600 24,904,928 186,282,029 Keikyu Corp...... 718,900 11,363,127 Tobacco — 0.5% Keio Corp...... 336,800 25,131,969 Japan Tobacco Inc...... 3,934,000 71,080,815 Keisei Electric Railway Co. Ltd...... 425,100 15,321,795 Kintetsu Group Holdings Co. Ltd...... 562,600 23,498,874 Trading Companies & Distributors — 3.9% Kyushu Railway Co...... 488,600 12,712,589 ITOCHU Corp...... 4,415,800 131,305,185 Nagoya Railroad Co. Ltd...... 611,000 15,507,265 Marubeni Corp...... 5,410,300 40,204,003 Nippon Express Co. Ltd...... 234,700 17,447,193 Mitsubishi Corp...... 4,382,400 123,524,941 Odakyu Electric Railway Co. Ltd...... 966,100 28,246,682 Mitsui & Co. Ltd...... 5,347,300 113,606,285 Seibu Holdings Inc...... 689,900 8,288,643 MonotaRO Co. Ltd...... 411,300 23,626,394 Tobu Railway Co. Ltd...... 616,800 17,541,806 Sumitomo Corp...... 3,892,400 56,281,605 Tokyu Corp...... 1,632,700 22,435,449 Toyota Tsusho Corp...... 696,600 29,161,216 West Japan Railway Co...... 533,300 32,606,685 517,709,629 405,169,452 Transportation Infrastructure — 0.1% Semiconductors & Semiconductor Equipment — 2.9% Japan Airport Terminal Co. Ltd...... 167,100 8,046,020 Advantest Corp...... 654,600 53,761,498 Wireless Telecommunication Services — 5.8% Disco Corp...... 94,100 29,500,094 KDDI Corp...... 5,286,300 163,243,167 Lasertec Corp...... 246,700 30,032,842 Softbank Corp...... 9,415,900 127,354,157 Renesas Electronics Corp.(a) ...... 2,545,000 27,924,770 SoftBank Group Corp...... 5,138,700 477,261,465 Rohm Co. Ltd...... 287,100 28,214,164 SUMCO Corp...... 856,800 19,542,181 767,858,789 Tokyo Electron Ltd...... 489,352 200,030,783 Total Common Stocks — 99.8% 389,006,332 (Cost: $12,531,801,178) ...... 13,202,398,481 Software — 0.3% Oracle Corp. Japan ...... 126,300 12,803,079 Short-Term Investments Trend Micro Inc.(a) ...... 437,900 21,044,190 Money Market Funds — 0.0% 33,847,269 BlackRock Cash Funds: Treasury, SL Agency Shares, Specialty Retail — 2.2% 0.00%(b)(c) ...... 5,650,000 5,650,000 ABC-Mart Inc...... 109,800 6,245,429 Fast Retailing Co. Ltd...... 191,800 189,027,595 Total Short-Term Investments — 0.0% Hikari Tsushin Inc...... 68,500 13,559,837 (Cost: $5,650,000)...... 5,650,000 Nitori Holdings Co. Ltd...... 262,200 48,913,319 Shimamura Co. Ltd...... 72,400 7,210,099 Total Investments in Securities — 99.8% USS Co. Ltd...... 717,800 13,636,448 (Cost: $12,537,451,178) ...... 13,208,048,481 Yamada Holdings Co. Ltd...... 2,374,100 11,342,378 Other Assets, Less Liabilities — 0.2% ...... 27,646,718 289,935,105 Net Assets — 100.0%...... $ 13,235,695,199 Technology Hardware, Storage & Peripherals — 1.4% Brother Industries Ltd...... 729,800 14,337,070 (a) Non-income producing security. Canon Inc...... 3,279,450 70,566,352 (b) Affiliate of the Fund. FUJIFILM Holdings Corp...... 1,181,000 67,286,184 (c) Annualized 7-day yield as of period-end. Ricoh Co. Ltd...... 2,197,000 19,012,896

20 2021 I S HARES S EMI-ANNUAL R EPORT TO S HAREHOLDERS Schedule of Investments (unaudited) (continued) iShares MSCI Japan ETF February 28, 2021

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: Capital Gain Change in Distributions Unrealized Shares from Value at Purchases Proceeds Net Realized Appreciation Value at Held at Underlying Affiliated Issuer 08/31/20 at Cost from Sales Gain (Loss) (Depreciation) 02/28/21 02/28/21 Income Funds BlackRock Cash Funds: Institutional, SL Agency Shares(a) ...... $ — $ 349(b) $ — $ (349) $ — $ — — $12,096(c) $ — BlackRock Cash Funds: Treasury, SL Agency (b) Shares ...... 4,320,000 1,330,000 — — — 5,650,0005,650,000 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 Value/ Notional Unrealized Number of Expiration Amount Appreciation Description Contracts Date (000) (Depreciation) Long Contracts TOPIX Index ...... 177 03/11/21 $31,159 $ 1,671,331

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 ...... $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.

S CHEDULE OF I NVESTMENTS 21 Schedule of Investments (unaudited) (continued) iShares MSCI Japan ETF February 28, 2021

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 2021 I S HARES S EMI-ANNUAL R EPORT TO S HAREHOLDERS Schedule of Investments (unaudited) iShares MSCI Mexico ETF February 28, 2021 (Percentages shown are based on Net Assets)

SecurityShares Value SecurityShares Value Common Stocks Food Products (continued) Grupo Herdez SAB de CV ...... 2,491,561 $ 5,061,644 Airlines — 0.9% Controladora Vuela Cia. de Aviacion SAB de CV, 50,120,484 Class A(a)(b) ...... 6,546,705 $ 9,862,089 Gas Utilities — 1.5% Infraestructura Energetica Nova SAB de CV(a) ...... 4,623,639 16,099,431 Auto Components — 0.8% Controladora Nemak SAB de CV(a) ...... 39,178,651 5,508,488 Hotels, Restaurants & Leisure — 0.6% (a)(b) Nemak SAB de CV(c) ...... 12,528,000 3,714,574 Alsea SAB de CV ...... 5,588,566 6,799,126 9,223,062 Household Products — 1.9% Banks — 12.0% Kimberly-Clark de Mexico SAB de CV, Class A ...... 12,757,354 20,407,618 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 Industrial Conglomerates — 1.0% (a) Grupo Financiero Inbursa SAB de CV, Class O(a)...... 19,578,766 17,658,857 Grupo Carso SAB de CV, Series A1 ...... 4,267,320 10,579,272 (a) Regional SAB de CV ...... 2,110,100 9,560,311 Insurance — 1.0% 131,902,522 Qualitas Controladora SAB de CV ...... 1,951,920 10,621,887 Beverages — 12.8% Arca Continental SAB de CV ...... 3,790,229 17,177,973 Media — 3.5% (a) Becle SAB de CV...... 5,131,630 10,589,409 Grupo Televisa SAB, CPO ...... 19,378,347 28,849,044 Coca-Cola Femsa SAB de CV...... 3,560,878 14,949,881 Megacable Holdings SAB de CV, CPO...... 2,843,100 9,822,125 Fomento Economico Mexicano SAB de CV ...... 14,383,810 98,462,426 38,671,169 141,179,689 Metals & Mining — 5.9% Building Products — 0.4% Grupo Mexico SAB de CV, Series B ...... 10,169,286 48,306,601 (a)(b) Grupo Rotoplas SAB de CV(b) ...... 3,433,785 4,593,050 Industrias Penoles SAB de CV ...... 1,209,693 16,611,910 64,918,511 Capital Markets — 0.8% Pharmaceuticals — 0.7% Bolsa Mexicana de Valores SAB de CV...... 4,315,487 8,843,338 Genomma Lab Internacional SAB de CV, Class B(a) .... 8,003,513 8,033,942 Chemicals — 2.4% (a)(b) Real Estate Management & Development — 0.9% Alpek SAB de CV ...... 5,667,817 5,144,553 Corp Inmobiliaria Vesta SAB de CV...... 5,519,049 10,422,861 Orbia Advance Corp. SAB de CV ...... 8,900,642 20,767,668 25,912,221 Transportation Infrastructure — 8.6% (a)(b) Construction Materials — 5.7% Grupo Aeroportuario del Centro Norte SAB de CV . . 2,958,292 17,169,284 Cemex SAB de CV, CPO, NVS(a) ...... 79,748,729 53,164,548 Grupo Aeroportuario del Pacifico SAB de CV, (a) Grupo Cementos de Chihuahua SAB de CV ...... 1,618,700 10,126,116 Class B ...... 3,088,249 31,256,881 Grupo Aeroportuario del Sureste SAB de CV, 63,290,664 Class B(a)(b)...... 1,691,990 31,672,875 Consumer Finance — 0.6% Promotora y Operadora de Infraestructura SAB Gentera SAB de CV(a) ...... 13,545,277 6,892,315 de CV(b) ...... 1,999,800 14,716,493 Diversified Telecommunication Services — 1.3% 94,815,533 Axtel SAB de CV, CPO(a)...... 14,225,116 3,551,092 Wireless Telecommunication Services — 14.9% Telesites SAB de CV(a)(b)...... 12,210,046 10,784,990 America Movil SAB de CV, Series L, NVS...... 256,168,618 164,037,101 14,336,082 Total Common Stocks — 99.9% Equity Real Estate Investment Trusts (REITs) — 5.7% (Cost: $1,421,159,712)...... 1,101,249,638 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 Short-Term Investments de CV(c) ...... 7,419,100 8,955,218 Money Market Funds — 1.1% PLA Administradora Industrial S. de RL de CV ...... 7,501,904 10,579,907 BlackRock Cash Funds: Institutional, SL Agency Prologis Property Mexico SA de CV...... 4,639,291 9,489,131 Shares, 0.12%(d)(e)(f) ...... 11,830,280 11,837,378 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

S CHEDULE OF I NVESTMENTS 23 Schedule of Investments (unaudited) (continued) iShares MSCI Mexico ETF February 28, 2021 (Percentages shown are based on Net Assets)

SecurityShares Value

Money Market Funds (continued) (a) Non-income producing security. BlackRock Cash Funds: Treasury, SL Agency Shares, (b) All or a portion of this security is on loan. 0.00%(d)(e) ...... 290,000 $ 290,000 (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 12,127,378 registration to qualified institutional investors. (d) Total Short-Term Investments — 1.1% Affiliate of the Fund. (e) Annualized 7-day yield as of period-end. (Cost: $12,126,793)...... 12,127,378 (f) All or a portion of this security was purchased with cash collateral received from loaned Total Investments in Securities — 101.0% securities. (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

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: Capital Gain Change in Distributions Unrealized Shares from Value at Purchases Proceeds Net Realized Appreciation Value at Held at Underlying Affiliated Issuer 08/31/20 at Cost from Sales Gain (Loss) (Depreciation) 02/28/21 02/28/21 Income 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 (a) Shares ...... 574,000 — (284,000) — — 290,000 290,000 360 —

$ (5,417) $ 70 $12,127,378 $55,392 $ —

Futures Contracts Value/ Notional Unrealized Number of Expiration Amount Appreciation Description Contracts Date (000) (Depreciation) Long Contracts MEX BOLSA Index ...... 51 03/19/21 $ 1,089 $ 12,253

Derivative Financial Instruments Categorized by Risk Exposure

24 2021 I S HARES S EMI-ANNUAL R EPORT TO S HAREHOLDERS Schedule of Investments (unaudited) (continued) iShares MSCI Mexico ETF February 28, 2021

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 CHEDULE OF I NVESTMENTS 25 Schedule of Investments (unaudited) iShares MSCI South Korea ETF February 28, 2021 (Percentages shown are based on Net Assets)

SecurityShares Value SecurityShares Value Common Stocks Diversified Telecommunication Services — 0.3% LG Uplus Corp...... 2,042,830 $ 21,455,624 Aerospace & Defense — 0.3% Korea Aerospace Industries Ltd.(a) ...... 771,353 $ 22,725,220 Electric Utilities — 0.6% Korea Electric Power Corp.(a)...... 2,111,579 42,663,857 Air Freight & Logistics — 0.4% Hyundai Glovis Co. Ltd...... 187,399 32,192,263 Electrical Equipment — 0.2% Doosan Heavy Industries & Construction Co. Ltd.(a) . . . . 1,444,907 13,632,411 Airlines — 0.4% Korean Air Lines Co. Ltd.(a)...... 1,091,374 27,345,063 Electronic Equipment, Instruments & Components — 5.4% LG Display Co. Ltd.(a) ...... 2,138,158 43,010,566 Auto Components — 2.7% LG Innotek Co. Ltd...... 156,120 27,652,764 Hankook Tire & Technology Co. Ltd...... 798,367 33,860,425 Samsung Electro-Mechanics Co. Ltd...... 463,236 78,133,709 Hanon Systems ...... 2,019,907 27,777,092 Samsung SDI Co. Ltd...... 429,356 257,575,384 Hyundai Mobis Co. Ltd...... 527,929 142,378,716 406,372,423 204,016,233 Entertainment — 2.2% Automobiles — 5.3% NCSoft Corp...... 139,403 116,138,147 Hyundai Motor Co...... 1,175,880 248,049,452 Netmarble Corp.(b)(c) ...... 263,371 28,950,884 Kia Motors Corp...... 2,106,303 148,856,661 Pearl Abyss Corp.(a) ...... 89,103 22,951,854 396,906,113 168,040,885 Banks — 4.7% Food & Staples Retailing — 0.8% Hana Financial Group Inc...... 2,354,260 77,637,146 BGF retail Co. Ltd...... 100,976 14,290,328 Industrial Bank of Korea(a)...... 2,592,764 19,223,609 E-MART Inc...... 218,191 32,820,898 KB Financial Group Inc...... 3,040,843 118,548,218 GS Retail Co. Ltd...... 390,185 12,572,049 Shinhan Financial Group Co. Ltd.(a)...... 3,486,265 102,245,155 Woori Financial Group Inc.(a) ...... 4,590,961 39,146,779 59,683,275 Food Products — 0.9% 356,800,907 CJ CheilJedang Corp...... 87,241 31,565,168 Biotechnology — 3.0% Orion Corp./Republic of Korea...... 239,555 27,399,037 Alteogen Inc.(a) ...... 140,283 16,232,123 Ottogi Corp...... 23,584 11,755,265 Celltrion Inc.(a)(b)...... 733,465 194,219,704 Seegene Inc...... 138,770 15,377,717 70,719,470 Gas Utilities — 0.2% 225,829,544 Korea Gas Corp.(a) ...... 429,230 12,168,202 Capital Markets — 1.6% Korea Investment Holdings Co. Ltd.(a) ...... 406,623 31,596,073 Health Care Providers & Services — 0.8% Meritz Securities Co. Ltd...... 4,749,447 15,894,900 Celltrion Healthcare Co. Ltd.(a) ...... 520,964 58,240,390 Mirae Asset Daewoo Co. Ltd...... 3,902,516 32,442,812 NH Investment & Securities Co. Ltd.(a) ...... 1,693,900 16,358,536 Hotels, Restaurants & Leisure — 0.3% (a) Samsung Securities Co. Ltd...... 658,788 21,431,866 Kangwon Land Inc...... 1,125,509 24,243,274 117,724,187 Household Durables — 1.9% Chemicals — 5.6% Coway Co. Ltd...... 467,896 26,945,146 Hanwha Solutions Corp.(a) ...... 1,336,630 53,596,067 LG Electronics Inc...... 863,670 112,619,185 (a) Kumho Petrochemical Co. Ltd...... 244,610 45,939,217 139,564,331 LG Chem Ltd...... 353,067 261,147,020 Industrial Conglomerates — 3.3% Lotte Chemical Corp...... 158,191 44,775,022 CJ Corp...... 185,067 15,269,881 SK Chemicals Co. Ltd...... 57,879 19,421,792 Hanwha Corp.(a) ...... 633,364 16,545,824 424,879,118 LG Corp...... 774,924 64,766,679 Commercial Services & Supplies — 0.2% Lotte Corp...... 417,462 12,484,845 S-1 Corp...... 209,387 15,468,733 Samsung C&T Corp...... 680,495 73,591,582 SK Holdings Co. Ltd...... 283,109 66,146,962 Communications Equipment — 0.2% KMW Co. Ltd.(a)(b) ...... 320,003 17,659,267 248,805,773 Insurance — 1.5% Construction & Engineering — 0.9% DB Insurance Co. Ltd...... 530,436 19,546,106 GS Engineering & Construction Corp...... 690,823 22,351,060 Hyundai Marine & Fire Insurance Co. Ltd...... 791,228 15,423,136 Hyundai Engineering & Construction Co. Ltd...... 750,895 26,600,464 Samsung Fire & Marine Insurance Co. Ltd...... 255,003 39,266,150 Samsung Engineering Co. Ltd.(a) ...... 1,594,314 18,305,875 Samsung Life Insurance Co. Ltd...... 609,234 40,669,826 67,257,399 114,905,218 Construction Materials — 0.7% Interactive Media & Services — 6.5% POSCO Chemical Co. Ltd...... 391,032 54,991,594 Kakao Corp...... 416,086 180,729,833 NAVER Corp...... 933,468 311,571,429 Consumer Finance — 0.2% Samsung Card Co. Ltd...... 418,808 12,282,798 492,301,262

26 2021 I S HARES S EMI-ANNUAL R EPORT TO S HAREHOLDERS Schedule of Investments (unaudited) (continued) iShares MSCI South Korea ETF February 28, 2021 (Percentages shown are based on Net Assets)

SecurityShares Value SecurityShares Value

Internet & Direct Marketing Retail — 0.2% Technology Hardware, Storage & Peripherals — 22.6% CJ ENM Co. Ltd...... 127,265 $ 15,665,999 Samsung Electronics Co. Ltd...... 23,190,634 $ 1,702,917,049

IT Services — 0.7% Textiles, Apparel & Luxury Goods — 0.2% Samsung SDS Co. Ltd...... 284,818 49,307,611 Fila Holdings Corp...... 525,926 18,724,557

Leisure Products — 0.4% Tobacco — 0.8% HLB Inc.(a)(b) ...... 481,232 29,383,636 KT&G Corp...... 912,075 63,565,174

Life Sciences Tools & Services — 1.2% Wireless Telecommunication Services — 0.8% Samsung Biologics Co. Ltd.(a)(b)(c) ...... 135,939 90,746,996 SK Telecom Co. Ltd...... 282,233 62,174,159

Machinery — 1.5% Total Common Stocks — 96.6% Daewoo Shipbuilding & Marine Engineering Co. Ltd.(a) . 573,114 12,982,422 (Cost: $3,231,513,037)...... 7,282,281,859 Doosan Bobcat Inc.(a) ...... 611,038 17,594,196 Hyundai Heavy Industries Holdings Co. Ltd...... 95,203 22,921,595 Preferred Stocks Korea Shipbuilding & Offshore Engineering Co. Ltd.(a) . . 341,764 34,069,931 Automobiles — 0.7% Samsung Heavy Industries Co. Ltd.(a) ...... 4,273,117 24,950,287 Hyundai Motor Co. 112,518,431 Preference Shares, NVS ...... 266,590 24,677,668 Marine — 0.3% Series 2, Preference Shares, NVS ...... 349,622 31,741,383 Pan Ocean Co. Ltd...... 3,840,802 19,554,417 56,419,051 Media — 0.2% Chemicals — 0.4% Cheil Worldwide Inc...... 841,569 14,569,219 LG Chem Ltd., Preference Shares, NVS ...... 92,149 31,946,627

Metals & Mining — 2.7% Personal Products — 0.2% Hyundai Steel Co...... 834,259 29,665,017 LG Household & Health Care Ltd., Preference Korea Zinc Co. Ltd...... 77,702 27,906,326 Shares, NVS...... 23,987 15,051,923 POSCO ...... 597,306 149,658,780 Technology Hardware, Storage & Peripherals — 0.1% 207,230,123 Samsung Electronics Co. Ltd., Preference Multiline Retail — 0.5% Shares, NVS...... 77,712 5,035,544 Lotte Shopping Co. Ltd...... 148,070 15,617,530 Shinsegae Inc...... 78,931 18,757,968 Total Preferred Stocks — 1.4% 34,375,498 (Cost: $55,357,867)...... 108,453,145 Oil, Gas & Consumable Fuels — 2.1% GS Holdings Corp...... 529,753 18,389,290 Rights (a) SK Innovation Co. Ltd...... 466,699 108,211,028 Airlines — 0.1% (a) S-Oil Corp...... 417,178 31,562,198 Korean Air Lines Co. Ltd., (Expires 03/05/21)(a)...... 847,177 6,824,167 158,162,516 Personal Products — 2.3% Total Rights — 0.1% Amorepacific Corp...... 269,096 56,166,455 (Cost: $3,895,812)...... 6,824,167 AMOREPACIFIC Group...... 312,376 17,989,076 LG Household & Health Care Ltd...... 73,052 98,377,994 Short-Term Investments 172,533,525 Money Market Funds — 3.0% Pharmaceuticals — 1.4% BlackRock Cash Funds: Institutional, SL Agency Celltrion Pharm Inc.(a)...... 125,613 17,184,440 Shares, 0.12%(d)(e)(f) ...... 225,404,888 225,540,131 Hanmi Pharm Co. Ltd.(a) ...... 74,494 22,742,717 BlackRock Cash Funds: Treasury, SL Agency Shares, Shin Poong Pharmaceutical Co. Ltd...... 226,751 16,912,981 0.00%(d)(e) ...... 3,100,000 3,100,000 (a) SK Biopharmaceuticals Co. Ltd...... 207,839 21,829,107 228,640,131 Yuhan Corp...... 532,904 29,408,142 108,077,387 Total Short-Term Investments — 3.0% Road & Rail — 0.2% (Cost: $228,570,506) ...... 228,640,131 (a) CJ Logistics Corp...... 119,698 17,472,605 Total Investments in Securities — 101.1% Semiconductors & Semiconductor Equipment — 6.9% (Cost: $3,519,337,222)...... 7,626,199,302 SK Hynix Inc...... 4,122,970 519,270,365 Other Assets, Less Liabilities — (1.1)%...... (84,990,432) Software — 0.2% Net Assets — 100.0% ...... $ 7,541,208,870 Douzone Bizon Co. Ltd...... 152,857 14,965,972

Specialty Retail — 0.3% Hotel Shilla Co. Ltd...... 305,545 22,191,786

S CHEDULE OF I NVESTMENTS 27 Schedule of Investments (unaudited) (continued) iShares MSCI South Korea ETF February 28, 2021

(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: Capital Gain Change in Distributions Unrealized Shares from Value at Purchases Proceeds Net Realized Appreciation Value at Held at Underlying Affiliated Issuer 08/31/20 at Cost from Sales Gain (Loss) (Depreciation) 02/28/21 02/28/21 Income 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, (a) SL Agency Shares ...... 13,820,000 — (10,720,000) — — 3,100,000 3,100,000 3,686 —

$ (86,126) $ (28,340) $228,640,131 $1,366,607 $ —

Futures Contracts Value/ Notional Unrealized Number of Expiration Amount Appreciation Description Contracts Date (000) (Depreciation) Long Contracts KOSPI 200 Index...... 1,416 03/11/21 $129,170 $ 6,921,950

Derivative Financial Instruments Categorized by Risk Exposure

28 2021 I S HARES S EMI-ANNUAL R EPORT TO S HAREHOLDERS Schedule of Investments (unaudited) (continued) iShares MSCI South Korea ETF February 28, 2021

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 CHEDULE OF I NVESTMENTS 29 Statements of Assets and Liabilities (unaudited) February 28, 2021

iShares MSCI Australia iShares iShares iShares ETF MSCI Canada ETF MSCI Japan ETF 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.

30 2021 I S HARES S EMI-ANNUAL R EPORT TO S HAREHOLDERS 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 INANCIAL S TATEMENTS 31 Statements of Operations (unaudited) Six Months Ended February 28, 2021

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

32 2021 I S HARES S EMI-ANNUAL R EPORT TO S HAREHOLDERS 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 INANCIAL S TATEMENTS 33 Statements of Changes in Net Assets

iShares iShares MSCI Australia ETF MSCI Canada ETF Six Months Ended Six Months Ended 02/28/21 Year Ended 02/28/21 Year Ended (unaudited) 08/31/20 (unaudited) 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 2021 I S HARES S EMI-ANNUAL R EPORT TO S HAREHOLDERS Statements of Changes in Net Assets (continued)

iShares iShares MSCI Japan ETF MSCI Mexico ETF Six Months Ended Six Months Ended 02/28/21 Year Ended 02/28/21 Year Ended (unaudited) 08/31/20 (unaudited) 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 INANCIAL S TATEMENTS 35 Statements of Changes in Net Assets (continued)

iShares MSCI South Korea ETF Six Months Ended 02/28/21 Year Ended (unaudited) 08/31/20

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS Net investment income ...... $ 88,833,404 $ 62,214,677 Net realized gain (loss) ...... 5,343,971 (216,214,550) Net change in unrealized appreciation (depreciation)...... 1,959,611,738 925,582,094 Net increase in net assets resulting from operations ...... 2,053,789,113 771,582,221

DISTRIBUTIONS TO SHAREHOLDERS(a) Decrease in net assets resulting from distributions to shareholders ...... (52,784,945) (94,999,174)

CAPITAL SHARE TRANSACTIONS Net increase in net assets derived from capital share transactions...... 682,723,167 332,334,305

NET ASSETS Total increase in net assets...... 2,683,727,335 1,008,917,352 Beginning of period ...... 4,857,481,535 3,848,564,183 End of period ...... $7,541,208,870 $4,857,481,535

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

See notes to financial statements.

36 2021 I S HARES S EMI-ANNUAL R EPORT TO S HAREHOLDERS Financial Highlights (For a share outstanding throughout each period)

iShares MSCI Australia 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 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 (d) Based on net asset value ...... 17.37% 0.99% 1.75% 4.43% 16.70% 13.36%

Ratios to Average Net Assets (e) Total expenses ...... 0.50% 0.51% 0.50% 0.47% 0.49% 0.48% (e) Net investment income ...... 1.86% 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 (f) (d) Portfolio turnover rate ...... 2% 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 INANCIAL H IGHLIGHTS 37 Financial Highlights (continued) (For a share outstanding throughout each period)

iShares MSCI Canada 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 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 (d) Based on net asset value ...... 14.07% 4.32% 0.56% 5.61% 11.88% 7.73%

Ratios to Average Net Assets (e) Total expenses ...... 0.50% 0.51% 0.49% 0.47% 0.49% 0.48% (e) Net investment income ...... 2.15% 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 (f) (d) Portfolio turnover rate ...... 2% 9% 6% 3% 6% 4%

See notes to financial statements.

38 2021 I S HARES S EMI-ANNUAL R EPORT TO S HAREHOLDERS 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 (e) Based on net asset value ...... 16.74% 9.76% (5.96)% 8.67% 13.31% 2.44%

Ratios to Average Net Assets (f) Total expenses ...... 0.50% 0.51% 0.49% 0.47% 0.49% 0.48% (f) Net investment income...... 1.18% 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 (g) (e) Portfolio turnover rate ...... 3% 4% 7% 4% 4% 4%

(a) Per share amounts reflect a one-for-four reverse stock s