| Schedule of Investments (unaudited) | iShares® MSCI France ETF |
| November 30, 2021 | (Percentages shown are based on Net Assets) |
| Security | Shares | Value | ||||||
| Common Stocks | ||||||||
| Aerospace & Defense — 6.0% | ||||||||
| Airbus SE(a) | 218,930 | $ | 24,436,982 | |||||
| Dassault Aviation SA | 9,102 | 862,632 | ||||||
| Safran SA | 126,904 | 14,174,382 | ||||||
| Thales SA | 39,435 | 3,235,487 | ||||||
| 42,709,483 | ||||||||
| Auto Components — 1.9% | ||||||||
| Cie. Generale des Etablissements Michelin SCA | 63,048 | 9,304,014 | ||||||
| Faurecia SE | 43,396 | 1,865,069 | ||||||
| Valeo | 84,930 | 2,448,090 | ||||||
| 13,617,173 | ||||||||
| Automobiles — 0.3% | ||||||||
| Renault SA(a) | 71,054 | 2,286,148 | ||||||
| Banks — 5.9% | ||||||||
| BNP Paribas SA | 417,755 | 25,963,314 | ||||||
| Credit Agricole SA | 459,347 | 6,254,792 | ||||||
| Societe Generale SA | 301,699 | 9,388,062 | ||||||
| 41,606,168 | ||||||||
| Beverages — 2.8% | ||||||||
| Pernod Ricard SA | 77,898 | 17,874,434 | ||||||
| Remy Cointreau SA | 8,463 | 1,984,728 | ||||||
| 19,859,162 | ||||||||
| Building Products — 1.7% | ||||||||
| Cie. de Saint-Gobain | 187,785 | 11,911,141 | ||||||
| Capital Markets — 0.7% | ||||||||
| Amundi SA(b) | 22,379 | 1,861,789 | ||||||
| Euronext NV(b) | 31,823 | 3,134,458 | ||||||
| 4,996,247 | ||||||||
| Chemicals — 4.5% | ||||||||
| Air Liquide SA | 175,949 | 29,056,663 | ||||||
| Arkema SA | 22,688 | 2,974,883 | ||||||
| 32,031,546 | ||||||||
| Construction & Engineering — 3.5% | ||||||||
| Bouygues SA | 85,028 | 2,871,819 | ||||||
| Eiffage SA | 30,937 | 2,881,374 | ||||||
| Vinci SA | 199,767 | 18,900,291 | ||||||
| 24,653,484 | ||||||||
| Diversified Financial Services — 0.3% | ||||||||
| Eurazeo SE | 14,758 | 1,210,260 | ||||||
| Wendel SE | 9,921 | 1,134,386 | ||||||
| 2,344,646 | ||||||||
| Diversified Telecommunication Services — 1.1% | ||||||||
| Orange SA | 742,448 | 7,981,881 | ||||||
| Electric Utilities — 0.3% | ||||||||
| Electricite de France SA | 175,922 | 2,468,634 | ||||||
| Electrical Equipment — 6.6% | ||||||||
| Legrand SA | 99,527 | 10,933,534 | ||||||
| Schneider Electric SE | 200,771 | 35,631,617 | ||||||
| 46,565,151 | ||||||||
| Entertainment — 0.5% | ||||||||
| Bollore SA | 329,619 | 1,768,573 | ||||||
| Ubisoft Entertainment SA(a) | 34,299 | 1,758,038 | ||||||
| 3,526,611 | ||||||||
| Security | Shares | Value | ||||||
| Equity Real Estate Investment Trusts (REITs) — 1.2% | ||||||||
| Covivio | 19,262 | $ | 1,596,121 | |||||
| Gecina SA | 17,147 | 2,310,393 | ||||||
| Klepierre SA | 75,486 | 1,588,432 | ||||||
| Unibail-Rodamco-Westfield(a) | 46,385 | 3,053,087 | ||||||
| 8,548,033 | ||||||||
| Food & Staples Retailing — 0.6% | ||||||||
| Carrefour SA | 235,006 | 3,887,076 | ||||||
| Food Products — 2.0% | ||||||||
| Danone SA | 242,532 | 14,264,166 | ||||||
| Health Care Equipment & Supplies — 0.3% | ||||||||
| BioMerieux | 15,493 | 2,192,309 | ||||||
| Health Care Providers & Services — 0.3% | ||||||||
| Orpea SA | 19,240 | 1,818,038 | ||||||
| Hotels, Restaurants & Leisure — 0.9% | ||||||||
| Accor SA(a) | 63,565 | 1,884,353 | ||||||
| La Francaise des Jeux SAEM(b) | 35,540 | 1,646,051 | ||||||
| Sodexo SA(a) | 32,704 | 2,751,636 | ||||||
| 6,282,040 | ||||||||
| Household Durables — 0.2% | ||||||||
| SEB SA | 10,358 | 1,535,182 | ||||||
| Insurance — 3.0% | ||||||||
| AXA SA | 719,618 | 19,780,890 | ||||||
| CNP Assurances | 63,975 | 1,559,653 | ||||||
| 21,340,543 | ||||||||
| IT Services — 3.2% | ||||||||
| Capgemini SE | 59,511 | 13,739,398 | ||||||
| Edenred | 92,696 | 4,146,605 | ||||||
| Worldline SA(a)(b) | 88,419 | 4,635,783 | ||||||
| 22,521,786 | ||||||||
| Life Sciences Tools & Services — 1.8% | ||||||||
| Eurofins Scientific SE | 49,688 | 6,356,571 | ||||||
| Sartorius Stedim Biotech | 10,290 | 6,074,960 | ||||||
| 12,431,531 | ||||||||
| Machinery — 0.6% | ||||||||
| Alstom SA | 117,807 | 4,198,857 | ||||||
| Media — 1.3% | ||||||||
| Publicis Groupe SA | 84,676 | 5,479,283 | ||||||
| Vivendi SE | 288,129 | 3,669,294 | ||||||
| 9,148,577 | ||||||||
| Metals & Mining — 1.0% | ||||||||
| ArcelorMittal SA | 249,329 | 6,768,746 | ||||||
| Multi-Utilities — 2.9% | ||||||||
| Engie SA | 679,710 | 9,833,098 | ||||||
| Suez SA | 129,884 | 2,906,995 | ||||||
| Veolia Environnement SA | 243,935 | 7,822,813 | ||||||
| 20,562,906 | ||||||||
| Oil, Gas & Consumable Fuels — 6.1% | ||||||||
| TotalEnergies SE | 931,616 | 42,866,225 | ||||||
| Personal Products — 5.9% | ||||||||
| L'Oreal SA | 93,203 | 42,084,654 | ||||||
| Pharmaceuticals — 5.9% | ||||||||
| Ipsen SA | 13,868 | 1,353,439 | ||||||
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| Schedule of Investments (unaudited) (continued) | iShares® MSCI France ETF |
| November 30, 2021 | (Percentages shown are based on Net Assets) |
| Security | Shares | Value | ||||||
| Pharmaceuticals (continued) | ||||||||
| Sanofi | 422,312 | $ | 40,145,953 | |||||
| 41,499,392 | ||||||||
| Professional Services — 1.8% | ||||||||
| Bureau Veritas SA | 108,713 | 3,442,976 | ||||||
| Teleperformance | 21,857 | 8,990,504 | ||||||
| 12,433,480 | ||||||||
| Semiconductors & Semiconductor Equipment — 1.7% | ||||||||
| STMicroelectronics NV | 253,402 | 12,341,132 | ||||||
| Software — 2.1% | ||||||||
| Dassault Systemes SE | 246,940 | 14,885,777 | ||||||
| Textiles, Apparel & Luxury Goods — 20.5% | ||||||||
| EssilorLuxottica SA | 106,641 | 21,371,705 | ||||||
| Hermes International | 11,762 | 22,072,626 | ||||||
| Kering SA | 27,844 | 21,442,385 | ||||||
| LVMH Moet Hennessy Louis Vuitton SE | 103,106 | 80,174,630 | ||||||
| 145,061,346 | ||||||||
| Transportation Infrastructure — 0.5% | ||||||||
| Aeroports de Paris(a) | 10,960 | 1,281,316 | ||||||
| Getlink SE | 162,645 | 2,403,087 | ||||||
| 3,684,403 | ||||||||
| Total Common Stocks — 99.9% | ||||||||
| (Cost: $718,435,389) | 706,913,674 | |||||||
| Security | Shares | Value | ||||||
| Short-Term Investments | ||||||||
| Money Market Funds — 0.7% | ||||||||
| BlackRock Cash Funds: Institutional, SL Agency Shares, 0.06%(c)(d) | 61,640 | $ | 61,665 | |||||
| BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%(c)(d) | 4,820,000 | 4,820,000 | ||||||
| 4,881,665 | ||||||||
| Total Short-Term Investments — 0.7% | ||||||||
| (Cost: $4,881,665) | 4,881,665 | |||||||
| Total Investments in Securities — 100.6% | ||||||||
| (Cost: $723,317,054) | 711,795,339 | |||||||
| Other Assets, Less Liabilities — (0.6)% | (3,972,084 | ) | ||||||
| Net Assets — 100.0% | $ | 707,823,255 | ||||||
| (a) | Non-income producing security. |
| (b) | Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. |
| (c) | Affiliate of the Fund. |
| (d) | Annualized 7-day yield as of period end. |
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the 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 Gain Distributions from Underlying Funds | |||||||||||||||||||||||||||
| BlackRock Cash Funds: Institutional, SL Agency Shares | $ | 21,424 | $ | 40,296 | (a) | $ | — | $ | (55 | ) | $ | — | $ | 61,665 | 61,640 | $ | 5,822 | (b) | $ | — | ||||||||||||||||
| BlackRock Cash Funds: Treasury, SL Agency Shares | 350,000 | 4,470,000 | (a) | — | — | — | 4,820,000 | 4,820,000 | 43 | — | ||||||||||||||||||||||||||
| $ | (55 | ) | $ | — | $ | 4,881,665 | $ | 5,865 | $ | — | ||||||||||||||||||||||||||
| (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
| Description | Number
of Contracts | Expiration
Date | Notional Amount (000) | Value/
Unrealized Appreciation (Depreciation) | ||||||||||
| Long Contracts | ||||||||||||||
| CAC 40 10 Euro Index | 14 | 12/17/21 | $ | 1,065 | $ | (50,067 | ) | |||||||
2
| Schedule of Investments (unaudited) (continued) | iShares® MSCI France ETF |
| November 30, 2021 |
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.
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 | $ | 2,906,995 | $ | 704,006,679 | $ | — | $ | 706,913,674 | ||||||||
| Money Market Funds | 4,881,665 | — | — | 4,881,665 | ||||||||||||
| $ | 7,788,660 | $ | 704,006,679 | $ | — | $ | 711,795,339 | |||||||||
| Derivative financial instruments(a) | ||||||||||||||||
| Liabilities | ||||||||||||||||
| Futures Contracts | $ | — | $ | (50,067 | ) | $ | — | $ | (50,067 | ) | ||||||
(a) Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.
3