| Schedule of Investments (unaudited) | iShares® MSCI Malaysia ETF |
| November 30, 2021 | (Percentages shown are based on Net Assets) |
| Security | Shares | Value | ||||||
| Common Stocks | ||||||||
| Banks — 36.0% | ||||||||
| AMMB Holdings Bhd(a) | 4,120,437 | $ | 3,091,673 | |||||
| CIMB Group Holdings Bhd | 14,712,912 | 18,077,751 | ||||||
| Hong Leong Bank Bhd | 1,481,440 | 6,359,833 | ||||||
| Hong Leong Financial Group Bhd | 519,000 | 2,118,243 | ||||||
| Malayan Banking Bhd | 10,573,381 | 20,029,797 | ||||||
| Public Bank Bhd | 32,920,700 | 30,798,423 | ||||||
| RHB Bank Bhd | 4,138,602 | 5,185,961 | ||||||
| 85,661,681 | ||||||||
| Beverages — 0.7% | ||||||||
| Fraser & Neave Holdings Bhd(b) | 290,400 | 1,773,120 | ||||||
| Chemicals — 4.6% | ||||||||
| Petronas Chemicals Group Bhd | 5,429,300 | 10,957,865 | ||||||
| Diversified Telecommunication Services — 1.4% | ||||||||
| Telekom Malaysia Bhd | 2,559,200 | 3,380,068 | ||||||
| Electric Utilities — 4.8% | ||||||||
| Tenaga Nasional Bhd | 5,179,812 | 11,354,138 | ||||||
| Electronic Equipment, Instruments & Components — 2.9% | ||||||||
| Inari Amertron Bhd | 6,821,700 | 6,786,875 | ||||||
| Energy Equipment & Services — 2.3% | ||||||||
| Dialog Group Bhd | 8,933,354 | 5,423,185 | ||||||
| Food Products — 11.4% | ||||||||
| IOI Corp. Bhd | 5,683,030 | 4,960,902 | ||||||
| Kuala Lumpur Kepong Bhd | 977,700 | 4,884,437 | ||||||
| Nestle Malaysia Bhd | 159,400 | 5,053,341 | ||||||
| PPB Group Bhd | 1,447,319 | 6,124,000 | ||||||
| QL Resources Bhd | 2,475,750 | 2,674,739 | ||||||
| Sime Darby Plantation Bhd | 3,908,355 | 3,419,262 | ||||||
| 27,116,681 | ||||||||
| Gas Utilities — 3.0% | ||||||||
| Petronas Gas Bhd | 1,789,400 | 7,146,553 | ||||||
| Health Care Equipment & Supplies — 6.1% | ||||||||
| Hartalega Holdings Bhd | 3,874,000 | 5,969,906 | ||||||
| Kossan Rubber Industries Bhd | 100,100 | 51,102 | ||||||
| Supermax Corp. Bhd | 149,453 | 66,715 | ||||||
| Top Glove Corp. Bhd(b) | 12,058,400 | 8,389,199 | ||||||
| 14,476,922 | ||||||||
| Health Care Providers & Services — 2.6% | ||||||||
| IHH Healthcare Bhd | 3,969,100 | 6,201,277 | ||||||
| Hotels, Restaurants & Leisure — 4.0% | ||||||||
| Genting Bhd | 4,843,200 | 5,059,974 | ||||||
| Genting Malaysia Bhd | 6,742,000 | 4,431,342 | ||||||
| 9,491,316 | ||||||||
| Security | Shares | Value | ||||||
| Industrial Conglomerates — 2.4% | ||||||||
| HAP Seng Consolidated Bhd | 1,407,200 | $ | 2,539,409 | |||||
| Sime Darby Bhd | 6,150,755 | 3,198,422 | ||||||
| 5,737,831 | ||||||||
| Marine — 2.0% | ||||||||
| MISC Bhd | 3,027,120 | 4,771,832 | ||||||
| Metals & Mining — 3.9% | ||||||||
| Press Metal Aluminium Holdings Bhd | 7,303,900 | 9,278,372 | ||||||
| Oil, Gas & Consumable Fuels — 1.3% | ||||||||
| Petronas Dagangan Bhd | 673,700 | 3,183,338 | ||||||
| Transportation Infrastructure — 2.3% | ||||||||
| Malaysia Airports Holdings Bhd(a) | 2,438,100 | 3,317,183 | ||||||
| Westports Holdings Bhd | 2,312,500 | 2,223,822 | ||||||
| 5,541,005 | ||||||||
| Wireless Telecommunication Services — 7.8% | ||||||||
| Axiata Group Bhd | 6,220,500 | 5,760,406 | ||||||
| DiGi.Com Bhd | 7,030,100 | 6,960,826 | ||||||
| Maxis Bhd | 5,307,500 | 5,883,878 | ||||||
| 18,605,110 | ||||||||
| Total Common Stocks — 99.5% | ||||||||
| (Cost: $131,367,356) | 236,887,169 | |||||||
Short-Term Investments
| Money Market Funds — 0.4% | ||||||||
| BlackRock Cash Funds: Institutional, SL Agency Shares, | ||||||||
| 0.06%(c)(d)(e) | 638,859 | 639,114 | ||||||
| BlackRock Cash Funds: Treasury, SL Agency Shares, | ||||||||
| 0.00%(c)(d) | 250,000 | 250,000 | ||||||
| 889,114 | ||||||||
| Total Short-Term Investments — 0.4% | ||||||||
| (Cost: $888,569) | 889,114 | |||||||
| Total Investments in Securities — 99.9% | ||||||||
| (Cost: $132,255,925) | 237,776,283 | |||||||
| Other Assets, Less Liabilities — 0.1% | 303,093 | |||||||
| Net Assets—100.0% | $ | 238,079,376 | ||||||
| (a) | Non-income producing security. |
| (b) | All or a portion of this security is on loan. |
| (c) | Affiliate of the Fund. |
| (d) | Annualized 7-day yield as of period end. |
| (e) | All or a portion of this security was purchased with the cash collateral from loaned securities. |
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| Schedule of Investments (unaudited) (continued) | iShares® MSCI Malaysia ETF |
| November 30, 2021 | (Percentages shown are based on Net Assets) |
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the period ended November 30, 2021 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
| Affiliated Issuer | Value
at 08/31/21 |
Purchases
at Cost |
Proceeds
from Sales |
Net
Realized Gain (Loss) |
Change
in Unrealized Appreciation (Depreciation) |
Value
at 11/30/21 |
Shares
Held at 11/30/21 |
Income | Capital from |
|||||||||||||||||||
| BlackRock Cash Funds: Institutional, SL Agency Shares | $ | 8,505,154 | $ | — | $ | (7,865,853 | )(a) | $ | 885 | $ | (1,072) | $ | 639,114 | 638,859 | $ | 117,522 | (b) | $ | — | |||||||||
| BlackRock Cash Funds: Treasury, SL Agency Shares | 360,000 | — | (110,000 | )(a) | — | — | 250,000 | 250,000 | 3 | — | ||||||||||||||||||
| $ | 885 | $ | (1,072) | $ | 889,114 | $ | 117,525 | $ | — | |||||||||||||||||||
| (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. |
Derivative Financial Instruments Outstanding as of Period End
Futures Contracts
| Value/ | ||||||||||||||||
| Notional | Unrealized | |||||||||||||||
| Number of | Expiration | Amount | Appreciation | |||||||||||||
| Description | Contracts | Date | (000) | (Depreciation) | ||||||||||||
| Long Contracts | ||||||||||||||||
| MSCI Emerging Markets Index | 16 | 12/17/21 | $ | 970 | $ | (38,931 | ) | |||||||||
Fair Value Measurements
Various inputs are used in determining the fair value of financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:
| • | Level 1 – Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that each Fund has the ability to access; |
| • | Level 2 – Other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs); and |
| • | Level 3 – Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the BlackRock Global Valuation Methodologies Committee’s (the “Global Valuation Committee’s”) assumptions used in determining the fair value of financial instruments). |
The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Global Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds. There may not be a secondary market, and/or there are a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities. For information about the Fund’s policy regarding valuation of financial instruments, refer to its most recent financial statements.
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| Schedule of Investments (unaudited) (continued) | iShares® MSCI Malaysia ETF |
| November 30, 2021 |
Fair Value Measurements (continued)
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.
| Level 1 | Level 2 | Level 3 | Total | ||||||||||
| Investments | |||||||||||||
| Assets | |||||||||||||
| Common Stocks | $ | 134,237,474 | $ | 102,649,695 | $ | — | $ | 236,887,169 | |||||
| Money Market Funds | 889,114 | — | — | 889,114 | |||||||||
| $ | 135,126,588 | $ | 102,649,695 | $ | — | $ | 237,776,283 | ||||||
| Derivative financial instruments(a) | |||||||||||||
| Liabilities | |||||||||||||
| Futures Contracts | $ | (38,931) | $ | — | $ | — | $ | (38,931 | ) |
| (a) | Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument. |
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