Schedule of Investments (unaudited)	iShares® MSCI Emerging Markets ex China ETF
May 31, 2022	(Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Brazil — 5.9%
Ambev SA		2,711,499	$	8,095,900
Americanas SA		365,752		1,546,878
Atacadao SA		310,951		1,266,037
B3 SA - Brasil, Bolsa, Balcao		3,504,585		9,416,745
Banco Bradesco SA		931,334		3,307,889
Banco BTG Pactual SA		686,044		3,657,901
Banco do Brasil SA		498,180		3,838,645
Banco Inter SA		207,677		550,158
Banco Santander Brasil SA		216,956		1,531,572
BB Seguridade Participacoes SA		420,189		2,376,552
BRF SA(a)		345,947		1,139,193
CCR SA		717,264		2,013,298
Centrais Eletricas Brasileiras SA		192,026		1,702,660
Cia. de Saneamento Basico do Estado de Sao Paulo		203,385		1,959,151
Cia. Siderurgica Nacional SA		402,969		1,851,815
Cosan SA		648,726		2,949,778
CPFL Energia SA		122,051		865,455
Energisa SA		113,686		1,062,573
Engie Brasil Energia SA		101,700		939,418
Equatorial Energia SA		596,384		2,984,085
Hapvida Participacoes e Investimentos SA(b)		2,456,863		3,473,950
Hypera SA		223,803		1,826,665
JBS SA		479,749		3,593,663
Klabin SA		421,396		1,980,829
Localiza Rent a Car SA		349,147		4,225,718
Lojas Renner SA		565,389		3,164,480
Magazine Luiza SA		1,752,549		1,371,786
Natura & Co. Holding SA		526,784		1,825,574
Petro Rio SA(a)		413,860		2,437,416
Petroleo Brasileiro SA		2,124,753		14,869,761
Raia Drogasil SA		633,289		2,751,663
Rede D'Or Sao Luiz SA(b)		229,823		1,732,177
Rumo SA		756,932		2,815,869
Suzano SA		429,587		4,835,910
Telefonica Brasil SA		296,151		3,181,136
Tim SA		510,078		1,545,512
TOTVS SA		311,741		1,860,915
Ultrapar Participacoes SA		440,924		1,333,195
Vale SA		2,278,989		41,340,258
Vibra Energia SA		690,998		2,826,483
WEG SA		968,537		5,170,232
XP Inc.(a)		1		23
				161,218,918
Chile — 0.5%
Banco de Chile		25,150,749		2,617,879
Banco de Credito e Inversiones SA		27,619		1,025,993
Banco Santander Chile		37,796,457		1,890,442
Cencosud SA		820,733		1,315,596
Cia. Cervecerias Unidas SA		74,794		533,899
Cia. Sud Americana de Vapores SA		8,162,857		1,119,788
Empresas CMPC SA		615,137		1,063,401
Empresas COPEC SA		217,062		1,723,363
Enel Americas SA		12,676,133		1,372,210
Enel Chile SA		19,553,241		501,097
Falabella SA		434,995		1,273,728
				14,437,396
Colombia — 0.2%
Bancolombia SA		148,114		1,780,511

Security	Shares		Value
Colombia (continued)
Ecopetrol SA		2,784,524	$	2,304,434
Interconexion Electrica SA ESP		266,727		1,682,432
				5,767,377
Czech Republic — 0.2%
CEZ AS(c)		93,162		4,539,326
Komercni Banka AS.		38,443		1,196,606
Moneta Money Bank AS(b)		226,706		754,300
				6,490,232
Egypt — 0.1%
Commercial International Bank Egypt SAE		792,875		1,758,861
Eastern Co. SAE.		285,093		162,249
Fawry for Banking & Payment Technology Services SAE(a)		194,236		42,804
				1,963,914
Greece — 0.3%
Alpha Services and Holdings SA(a)		1,112,763		1,179,200
Eurobank Ergasias Services and Holdings SA, Class A(a)		1,228,280		1,374,279
Hellenic Telecommunications Organization SA(c)		110,772		2,100,753
JUMBO SA		49,390		820,912
Mytilineos SA		52,974		944,046
National Bank of Greece SA(a)		290,669		1,105,585
OPAP SA(c)		96,288		1,437,507
Public Power Corp. SA(a)		95,995		632,391
				9,594,673
Hungary — 0.2%
MOL Hungarian Oil & Gas PLC		240,172		1,723,184
OTP Bank Nyrt		130,009		3,097,111
Richter Gedeon Nyrt		80,731		1,579,380
				6,399,675
India — 18.3%
ACC Ltd.		45,244		1,274,581
Adani Enterprises Ltd.		158,219		4,392,300
Adani Green Energy Ltd.(a)		187,319		4,537,294
Adani Ports & Special Economic Zone Ltd.		301,687		2,860,177
Adani Power Ltd.(a)		408,957		1,690,035
Adani Total Gas Ltd.		158,235		4,888,351
Adani Transmission Ltd.(a)		160,830		4,238,122
Ambuja Cements Ltd.		345,075		1,634,580
Apollo Hospitals Enterprise Ltd.		59,076		3,015,891
Asian Paints Ltd.		219,605		8,026,498
AU Small Finance Bank Ltd.(a)(b)		41,740		672,770
Aurobindo Pharma Ltd.		153,201		1,045,534
Avenue Supermarts Ltd.(a)(b)		93,119		4,744,831
Axis Bank Ltd.(a)		1,213,580		10,649,592
Bajaj Auto Ltd.		41,280		2,043,553
Bajaj Finance Ltd.		155,051		12,057,145
Bajaj Finserv Ltd.		22,340		3,697,707
Balkrishna Industries Ltd.		44,880		1,343,191
Bandhan Bank Ltd.(b)		289,400		1,205,824
Berger Paints India Ltd.		149,748		1,177,785
Bharat Electronics Ltd.		717,379		2,162,778
Bharat Forge Ltd.		144,231		1,301,496
Bharat Petroleum Corp. Ltd.		516,244		2,163,252
Bharti Airtel Ltd.(a)		1,255,762		11,288,264
Biocon Ltd.(a)		260,201		1,115,474
Britannia Industries Ltd.		63,751		2,979,650
Cholamandalam Investment and Finance Co. Ltd.		247,793		2,156,730
Cipla Ltd.		285,814		3,648,558

1

Schedule of Investments (unaudited) (continued)	iShares® MSCI Emerging Markets ex China ETF
May 31, 2022	(Percentages shown are based on Net Assets)

Security	Shares		Value
India (continued)
Coal India Ltd.		922,662	$	2,294,030
Colgate-Palmolive India Ltd.		70,190		1,466,816
Container Corp. of India Ltd.		157,756		1,318,053
Dabur India Ltd.		366,389		2,444,530
Divi's Laboratories Ltd.		76,563		3,529,155
DLF Ltd.		369,729		1,634,085
Dr. Reddy's Laboratories Ltd.		69,055		3,869,398
Eicher Motors Ltd.		79,384		2,829,392
GAIL India Ltd.		875,075		1,657,256
Godrej Consumer Products Ltd.(a)		220,951		2,181,655
Godrej Properties Ltd.(a)		73,732		1,325,647
Grasim Industries Ltd.		157,221		2,875,555
Havells India Ltd.		153,829		2,370,251
HCL Technologies Ltd.		621,431		8,287,161
HDFC Life Insurance Co. Ltd.(b)		526,042		4,042,896
Hero MotoCorp Ltd.		63,656		2,259,890
Hindalco Industries Ltd.		776,244		4,221,112
Hindustan Petroleum Corp. Ltd.		373,443		1,094,047
Hindustan Unilever Ltd.		470,109		14,153,895
Housing Development Finance Corp. Ltd.		981,309		28,886,556
ICICI Bank Ltd.		2,725,482		26,247,349
ICICI Lombard General Insurance Co. Ltd.(b)		108,829		1,769,236
ICICI Prudential Life Insurance Co. Ltd.(b)		152,874		1,019,774
Indian Oil Corp. Ltd.		1,074,248		1,603,027
Indian Railway Catering & Tourism Corp. Ltd.		144,127		1,275,419
Indraprastha Gas Ltd.		174,501		845,830
Indus Towers Ltd.		419,765		1,084,237
Info Edge India Ltd.		41,022		2,190,703
Infosys Ltd.		1,917,685		37,005,523
InterGlobe Aviation Ltd.(a)(b)		57,783		1,358,956
ITC Ltd.		1,713,266		5,950,150
Jindal Steel & Power Ltd.		216,102		1,051,753
JSW Steel Ltd.		418,170		2,962,704
Jubilant Foodworks Ltd.		240,515		1,699,589
Kotak Mahindra Bank Ltd.		316,519		7,464,796
Larsen & Toubro Infotech Ltd.(b)		31,283		1,705,579
Larsen & Toubro Ltd.		394,076		8,344,635
Lupin Ltd.		132,925		1,057,334
Mahindra & Mahindra Ltd.		510,634		6,756,406
Marico Ltd.		298,961		2,046,925
Maruti Suzuki India Ltd.		69,210		7,052,671
Mindtree Ltd.		38,767		1,515,970
Mphasis Ltd.		50,146		1,668,959
MRF Ltd.		1,007		1,005,717
Muthoot Finance Ltd.		73,526		1,077,919
Nestle India Ltd.		19,360		4,396,726
NTPC Ltd.		2,233,276		4,479,693
Oil & Natural Gas Corp. Ltd.		1,399,258		2,728,825
Page Industries Ltd.		3,251		1,885,702
Petronet LNG Ltd.		474,213		1,384,764
PI Industries Ltd.		44,045		1,559,933
Pidilite Industries Ltd.		85,796		2,470,104
Piramal Enterprises Ltd.		66,060		1,604,228
Power Grid Corp. of India Ltd.		1,823,794		5,447,070
Reliance Industries Ltd.		1,734,139		58,420,471
Samvardhana Motherson International Ltd.		763,893		1,277,604
SBI Cards & Payment Services Ltd.		137,031		1,371,243
SBI Life Insurance Co. Ltd.(b)		264,689		3,974,352
Shree Cement Ltd.		6,512		1,846,250
Shriram Transport Finance Co. Ltd.		119,274		1,795,848

Security	Shares		Value
India (continued)
Siemens Ltd.		42,561	$	1,328,697
SRF Ltd.		87,905		2,771,586
State Bank of India.		1,009,178		6,035,707
Sun Pharmaceutical Industries Ltd.		550,868		6,092,434
Tata Consultancy Services Ltd.		527,430		22,743,704
Tata Consumer Products Ltd.		319,933		3,116,889
Tata Elxsi Ltd.		16,675		1,800,123
Tata Motors Ltd.(a)		953,550		5,427,261
Tata Power Co. Ltd. (The)		859,039		2,586,869
Tata Steel Ltd.		419,564		5,698,635
Tech Mahindra Ltd.		334,912		5,063,605
Titan Co. Ltd.		208,072		5,914,042
Torrent Pharmaceuticals Ltd.		28,461		1,035,147
Trent Ltd.		110,598		1,594,109
UltraTech Cement Ltd.		58,095		4,527,684
United Spirits Ltd.(a)		168,304		1,747,412
UPL Ltd.		296,897		2,973,441
Vedanta Ltd.		429,424		1,778,060
Wipro Ltd.		785,245		4,772,148
Yes Bank Ltd.(a)		6,256,127		1,055,616
Zomato Ltd.(a)		944,945		903,805
				504,124,291
Indonesia — 2.8%
Adaro Energy Indonesia Tbk PT		8,103,000		1,818,609
Adaro Minerals Indonesia Tbk PT(a)		4,735,000		724,165
Aneka Tambang Tbk		5,070,900		869,583
Astra International Tbk PT		11,575,100		5,822,578
Bank Central Asia Tbk PT		31,698,800		16,771,869
Bank Jago Tbk PT(a)		2,466,600		1,582,473
Bank Mandiri Persero Tbk PT		10,925,800		6,374,397
Bank Negara Indonesia Persero Tbk PT		4,433,900		2,785,653
Bank Rakyat Indonesia Persero Tbk PT		39,309,371		12,452,266
Barito Pacific Tbk PT		16,811,100		961,546
Charoen Pokphand Indonesia Tbk PT		4,443,700		1,646,082
Gudang Garam Tbk PT		289,800		626,068
Indah Kiat Pulp & Paper Tbk PT		1,688,600		954,839
Indocement Tunggal Prakarsa Tbk PT		30,700		20,460
Indofood CBP Sukses Makmur Tbk PT		1,399,800		822,106
Indofood Sukses Makmur Tbk PT		2,489,700		1,125,196
Kalbe Farma Tbk PT		11,903,300		1,366,840
Merdeka Copper Gold Tbk PT(a)		7,246,659		2,699,434
Sarana Menara Nusantara Tbk PT		13,415,300		919,621
Semen Indonesia Persero Tbk PT		1,827,400		913,568
Sumber Alfaria Trijaya Tbk PT		9,359,000		1,168,190
Telkom Indonesia Persero Tbk PT		28,346,500		8,368,782
Tower Bersama Infrastructure Tbk PT		4,625,300		933,316
Unilever Indonesia Tbk PT		4,595,000		1,488,595
United Tractors Tbk PT		1,014,600		2,183,180
Vale Indonesia Tbk PT		1,409,800		795,254
				76,194,670
Kuwait — 1.2%
Agility Public Warehousing Co. KSC		731,216		2,738,972
Boubyan Bank KSCP		756,809		2,006,953
Gulf Bank KSCP		847,528		863,582
Kuwait Finance House KSCP		2,962,062		8,686,232
Mabanee Co. KPSC		320,550		876,918
Mobile Telecommunications Co. KSCP		1,237,306		2,544,591
National Bank of Kuwait SAKP		4,124,468		13,962,186
				31,679,434

2

Schedule of Investments (unaudited) (continued)	iShares® MSCI Emerging Markets ex China ETF
May 31, 2022	(Percentages shown are based on Net Assets)

Security	Shares		Value
Malaysia — 2.1%
AMMB Holdings Bhd(a)(c)		1,175,200	$	974,664
Axiata Group Bhd		1,596,000		1,169,912
CIMB Group Holdings Bhd		3,832,400		4,499,544
Dialog Group Bhd		2,129,100		1,178,809
DiGi.Com Bhd		1,803,500		1,452,751
Fraser & Neave Holdings Bhd		8,400		37,257
Genting Bhd		1,340,000		1,452,962
Genting Malaysia Bhd.		1,865,300		1,275,300
HAP Seng Consolidated Bhd(c)		276,100		523,382
Hartalega Holdings Bhd		1,027,100		985,228
Hong Leong Bank Bhd		373,700		1,796,332
Hong Leong Financial Group Bhd		128,700		593,163
IHH Healthcare Bhd		1,104,900		1,688,743
Inari Amertron Bhd		1,861,400		1,189,396
IOI Corp. Bhd		1,593,600		1,565,029
Kuala Lumpur Kepong Bhd		259,400		1,514,277
Malayan Banking Bhd.		2,649,800		5,503,059
Malaysia Airports Holdings Bhd(a)		380,344		569,976
Maxis Bhd		1,359,900		1,177,316
MISC Bhd		849,300		1,390,769
MR DIY Group M Bhd(b)		832,900		618,231
Nestle Malaysia Bhd		36,800		1,132,954
Petronas Chemicals Group Bhd		1,399,800		3,277,683
Petronas Dagangan Bhd		154,100		794,198
Petronas Gas Bhd		397,600		1,569,741
PPB Group Bhd.		347,240		1,318,061
Press Metal Aluminium Holdings Bhd		1,950,700		2,464,881
Public Bank Bhd		7,783,500		8,407,515
QL Resources Bhd		400,900		469,708
RHB Bank Bhd		839,800		1,163,451
Sime Darby Bhd		1,577,300		788,617
Sime Darby Plantation Bhd		1,024,200		1,174,577
Telekom Malaysia Bhd		743,000		909,736
Tenaga Nasional Bhd		1,485,200		3,103,707
Top Glove Corp. Bhd		3,173,700		1,014,772
Westports Holdings Bhd		7,700		6,065
				58,751,766
Mexico — 3.2%
Alfa SAB de CV, Class A		1,796,200		1,379,972
America Movil SAB de CV, Series L, NVS		16,075,100		16,997,679
Arca Continental SAB de CV		247,200		1,680,490
Cemex SAB de CV, NVS(a)		8,717,000		4,101,492
Coca-Cola Femsa SAB de CV		301,300		1,804,845
Fibra Uno Administracion SA de CV		1,901,300		2,007,521
Fomento Economico Mexicano SAB de CV		1,110,600		8,319,695
Gruma SAB de CV, Class B(c)		128,555		1,527,597
Grupo Aeroportuario del Pacifico SAB de CV, Class B		210,900		3,166,206
Grupo Aeroportuario del Sureste SAB de CV, Class B		111,985		2,446,480
Grupo Bimbo SAB de CV, Series A(c)		774,000		2,545,326
Grupo Carso SAB de CV, Series A1		233,700		962,919
Grupo Financiero Banorte SAB de CV, Class O		1,498,200		9,712,931
Grupo Financiero Inbursa SAB de CV, Class O(a)		1,287,700		2,623,099
Grupo Mexico SAB de CV, Series B		1,778,700		8,785,723
Grupo Televisa SAB, CPO		1,414,400		2,894,847
Industrias Penoles SAB de CV		86,725		1,019,918
Kimberly-Clark de Mexico SAB de CV, Class A		927,200		1,435,522
Operadora de Sites Mexicanos SA de CV(c)		768,300		1,017,347
Orbia Advance Corp. SAB de CV		628,600		1,688,042

Security	Shares		Value
Mexico (continued)
Promotora y Operadora de Infraestructura SAB de CV		144,575	$	992,973
Wal-Mart de Mexico SAB de CV(c)		2,982,000		11,026,150
				88,136,774
Peru — 0.3%
Cia. de Minas Buenaventura SAA, ADR		127,460		1,088,509
Credicorp Ltd.		38,766		5,441,971
Southern Copper Corp.		48,462		2,993,982
				9,524,462
Philippines — 1.1%
Aboitiz Equity Ventures Inc.		978,270		989,708
AC Energy Corp.		5,182,120		705,963
Ayala Corp.		143,850		1,911,550
Ayala Land Inc.		4,288,100		2,419,006
Bank of the Philippine Islands		989,740		1,867,541
BDO Unibank Inc.		1,146,260		2,916,094
Converge Information and Communications Technology Solutions Inc.(a)		1,305,600		660,433
Globe Telecom Inc.		14,650		677,481
GT Capital Holdings Inc.		59,064		565,569
International Container Terminal Services Inc.		566,550		2,345,046
JG Summit Holdings Inc.		1,875,890		1,946,191
Jollibee Foods Corp.		278,910		1,114,445
Manila Electric Co.		99,170		706,277
Metro Pacific Investments Corp.		6,583,600		462,011
Metropolitan Bank & Trust Co.		1,126,817		1,180,672
Monde Nissin Corp.(a)(b)		2,748,500		776,479
PLDT Inc.		44,375		1,609,401
SM Investments Corp.		139,605		2,284,969
SM Prime Holdings Inc.		6,642,600		4,672,948
Universal Robina Corp.		432,690		890,788
				30,702,572
Poland — 1.0%
Allegro.eu SA (a)(b)(c)		203,322		1,191,618
Bank Polska Kasa Opieki SA		111,373		2,430,734
CD Projekt SA		42,522		1,082,036
Cyfrowy Polsat SA		161,512		849,056
Dino Polska SA(a)(b)		29,296		2,047,964
KGHM Polska Miedz SA		80,475		2,741,128
LPP SA		591		1,420,420
mBank SA(a)(c)		9,086		592,263
Orange Polska SA(a)		411,024		604,581
PGE Polska Grupa Energetyczna SA(a)		491,107		1,161,282
Polski Koncern Naftowy ORLEN SA		179,921		3,105,455
Polskie Gornictwo Naftowe i Gazownictwo SA		1,045,218		1,465,031
Powszechna Kasa Oszczednosci Bank Polski SA(a)		517,030		3,861,853
Powszechny Zaklad Ubezpieczen SA		361,029		2,736,982
Santander Bank Polska SA		22,787		1,374,022
				26,664,425
Qatar — 1.5%
Barwa Real Estate Co.		806,382		746,127
Commercial Bank PSQC (The)		1,133,975		2,192,347
Industries Qatar QSC		888,247		4,450,825
Masraf Al Rayan QSC		3,014,302		3,875,586
Mesaieed Petrochemical Holding Co.		2,659,954		1,973,483
Ooredoo QPSC.		458,852		930,331
Qatar Electricity & Water Co. QSC		275,289		1,266,303
Qatar Fuel QSC		260,481		1,226,716
Qatar Gas Transport Co. Ltd.		1,407,683		1,442,254

3

Schedule of Investments (unaudited) (continued)	iShares® MSCI Emerging Markets ex China ETF
May 31, 2022	(Percentages shown are based on Net Assets)

Security	Shares		Value
Qatar (continued)
Qatar International Islamic Bank QSC		374,468	$	1,086,826
Qatar Islamic Bank SAQ		941,813		5,969,737
Qatar National Bank QPSC		2,638,206		15,551,297
				40,711,832
Romania — 0.1%
NEPI Rockcastle S.A.		253,877		1,593,816
Russia — 0.0%
Alrosa PJSC(d)		1,271,273		203
Gazprom PJSC(d)		5,613,440		895
Inter RAO UES PJSC(d)		19,580,300		3,120
LUKOIL PJSC(d)		197,285		32
Magnit PJSC, GDR(d)		133,326		4
MMC Norilsk Nickel PJSC(d)		29,789		5
Mobile TeleSystems PJSC, ADR(d)		209,440		2,094
Moscow Exchange MICEX-RTS PJSC(a)(d)		631,870		101
Novatek PJSC, GDR(d)		43,315		433
Novolipetsk Steel PJSC(d)		785,210		125
Ozon Holdings PLC, GDR(a)(d)		539		—
PhosAgro PJSC(d)		433		—
PhosAgro PJSC, GDR(d)		67,234		668
Polymetal International PLC(d)		137,561		22
Polyus PJSC(d)		13,397		2
Rosneft Oil Co. PJSC(d)		532,936		85
Sberbank of Russia PJSC(a)(d)		4,933,827		786
Severstal PAO(d)		109,143		17
Surgutneftegas PJSC(d)		3,671,000		585
Tatneft PJSC(d)		685,605		109
TCS Group Holding PLC, GDR(a)(d)		58,085		9
United Co. RUSAL International PJSC(a)(d)		1,500,930		239
VK Co. Ltd.(a)(d)		873		—
VTB Bank PJSC(d)		1,160,968,000		185
X5 Retail Group NV, GDR(d)		67,732		11
Yandex NV(a)(d)		149,219		24
				9,754
Saudi Arabia — 6.5%
Abdullah Al Othaim Markets Co.		18,473		544,758
ACWA Power Co.(a)		38,332		1,596,443
Advanced Petrochemical Co.		75,864		1,183,177
Al Rajhi Bank		1,120,532		29,477,338
Alinma Bank.		544,235		5,577,712
Almarai Co. JSC		145,234		2,122,407
Arab National Bank		348,343		2,906,374
Bank AlBilad(a)		288,686		3,852,382
Bank Al-Jazira		224,869		1,718,763
Banque Saudi Fransi		348,204		4,988,297
Bupa Arabia for Cooperative Insurance Co.		36,731		1,543,376
Co. for Cooperative Insurance (The)		1,736		27,616
Dar Al Arkan Real Estate Development Co.(a)		278,263		912,812
Dr Sulaiman Al Habib Medical Services Group Co.		49,130		2,800,582
Elm Co.		10,168		707,598
Emaar Economic City(a)		238,820		709,373
Etihad Etisalat Co.		219,982		2,302,989
Jarir Marketing Co.		35,637		1,539,616
Mobile Telecommunications Co.(a)		226,714		806,273
Mouwasat Medical Services Co.		29,219		1,701,496
National Industrialization Co.(a)		188,738		921,910
Rabigh Refining & Petrochemical Co.(a)		131,846		951,244
Riyad Bank		775,819		7,936,673
SABIC Agri-Nutrients Co.		123,042		4,819,006

Security	Shares		Value
Saudi Arabia (continued)
Sahara International Petrochemical Co.		209,444	$	2,988,201
Saudi Arabian Mining Co.(a)		460,930		7,987,213
Saudi Arabian Oil Co.(b)		1,381,702		15,429,892
Saudi Basic Industries Corp.		513,530		15,688,827
Saudi British Bank (The)		530,883		5,897,863
Saudi Electricity Co.		486,351		3,148,623
Saudi Industrial Investment Group		216,543		1,760,293
Saudi Investment Bank (The).		246,536		1,472,445
Saudi Kayan Petrochemical Co.(a)		423,577		1,957,720
Saudi National Bank (The)		1,255,964		24,281,953
Saudi Research & Media Group(a)		21,176		1,404,766
Saudi Tadawul Group Holding Co.		19,066		1,185,493
Saudi Telecom Co.		343,145		9,403,086
Savola Group (The)		158,838		1,592,937
Yanbu National Petrochemical Co.		149,175		2,162,480
				178,010,007
South Africa — 5.4%
Absa Group Ltd.		466,784		5,483,611
African Rainbow Minerals Ltd.		54,919		914,828
Anglo American Platinum Ltd.		31,137		3,407,669
AngloGold Ashanti Ltd.		242,806		4,182,711
Aspen Pharmacare Holdings Ltd.		227,856		2,350,320
Bid Corp. Ltd.		193,878		4,153,002
Bidvest Group Ltd. (The)		165,363		2,305,965
Capitec Bank Holdings Ltd.		49,915		7,181,590
Clicks Group Ltd.		142,299		2,769,526
Discovery Ltd.(a)		291,523		2,710,859
Exxaro Resources Ltd.		148,563		2,107,028
FirstRand Ltd.		2,876,160		13,316,009
Foschini Group Ltd. (The)		191,627		1,735,377
Gold Fields Ltd.		512,945		4,911,857
Growthpoint Properties Ltd.		1,981,287		1,823,766
Harmony Gold Mining Co. Ltd.		329,140		1,109,042
Impala Platinum Holdings Ltd.		474,470		6,468,859
Kumba Iron Ore Ltd.		35,814		1,348,667
Mr. Price Group Ltd.		153,984		2,038,896
MTN Group Ltd.		969,721		10,452,672
MultiChoice Group		223,197		1,908,847
Naspers Ltd., Class N		124,959		13,611,903
Nedbank Group Ltd.		267,883		4,060,692
Northam Platinum Holdings Ltd.(a)		201,113		2,416,891
Old Mutual Ltd.		2,869,994		2,343,794
Pepkor Holdings Ltd.(b)		781,585		1,091,658
Reinet Investments SCA		79,753		1,618,537
Remgro Ltd.		306,524		2,949,684
Sanlam Ltd.		1,025,104		4,422,396
Sasol Ltd.(a)		326,532		8,539,994
Shoprite Holdings Ltd.		289,515		3,985,341
Sibanye Stillwater Ltd.		1,562,039		5,058,346
SPAR Group Ltd. (The).		113,499		1,112,299
Standard Bank Group Ltd.		759,400		8,676,292
Vodacom Group Ltd.		367,838		3,454,156
Woolworths Holdings Ltd		593,843		2,113,255
				148,136,339
South Korea — 17.4%
Alteogen Inc.(a)(c)		15,758		730,756
Amorepacific Corp.(c)		16,962		2,234,543
AMOREPACIFIC Group		18,841		699,258
BGF retail Co. Ltd.		4,867		719,082

4

Schedule of Investments (unaudited) (continued)	iShares® MSCI Emerging Markets ex China ETF
May 31, 2022	(Percentages shown are based on Net Assets)

Security	Shares		Value
South Korea (continued)
Celltrion Healthcare Co. Ltd.		51,189	$	2,548,609
Celltrion Inc.		57,000		7,370,310
Celltrion Pharm Inc.(a)		10,060		662,329
Cheil Worldwide Inc.		38,540		807,644
CJ CheilJedang Corp.		5,120		1,622,042
CJ Corp.		8,229		565,819
CJ ENM Co. Ltd.		6,389		611,627
CJ Logistics Corp.(a)		5,442		568,076
Coway Co. Ltd.		33,895		1,950,310
DB Insurance Co. Ltd.		27,511		1,438,808
Doosan Bobcat Inc.		31,067		949,515
Doosan Enerbility Co. Ltd.(a)		231,118		3,855,037
Ecopro BM Co. Ltd.		6,487		2,638,189
E-MART Inc.		11,596		1,082,437
F&F Co. Ltd./New		9,016		1,057,231
Green Cross Corp.		3,450		533,979
GS Engineering & Construction Corp.		37,718		1,208,514
GS Holdings Corp.		21,222		775,746
Hana Financial Group Inc.		166,274		6,649,845
Hankook Tire & Technology Co. Ltd.		45,882		1,316,309
Hanmi Pharm Co. Ltd.		4,220		1,052,143
Hanon Systems		111,762		1,029,147
Hanwha Solutions Corp.(a)		66,670		2,093,071
HD Hyundai Co. Ltd.		29,756		1,498,479
HLB Inc.(a)(c)		55,072		2,014,330
HMM Co. Ltd.		157,647		4,121,315
Hotel Shilla Co. Ltd.		18,534		1,162,801
HYBE Co. Ltd.(a)		9,763		1,815,296
Hyundai Engineering & Construction Co. Ltd.		45,959		1,601,928
Hyundai Glovis Co. Ltd.		11,205		1,911,950
Hyundai Heavy Industries Co. Ltd.(a)		9,403		904,427
Hyundai Mobis Co. Ltd.		35,331		6,206,140
Hyundai Motor Co.		79,594		12,128,528
Hyundai Steel Co.		52,782		1,751,450
Iljin Materials Co. Ltd.		13,833		1,003,258
Industrial Bank of Korea		133,930		1,217,891
Kakao Corp.		179,640		12,269,281
Kakao Games Corp.(a)(c)		17,791		892,464
KakaoBank Corp.(a)		62,120		2,030,556
Kangwon Land Inc.(a)		53,004		1,201,359
KB Financial Group Inc.		226,582		11,073,849
Kia Corp.		150,677		10,394,615
Korea Aerospace Industries Ltd.		41,753		1,767,561
Korea Electric Power Corp.(a)		150,220		2,830,500
Korea Investment Holdings Co. Ltd.		25,681		1,480,274
Korea Shipbuilding & Offshore Engineering Co. Ltd.(a)		22,912		1,687,272
Korea Zinc Co. Ltd.		5,100		2,442,064
Korean Air Lines Co. Ltd.(a)		103,300		2,423,247
Krafton Inc.(a)		13,105		2,726,582
KT&G Corp.		63,175		4,334,803
Kumho Petrochemical Co. Ltd.		10,944		1,410,441
L&F Co. Ltd.(a)		13,365		2,798,640
LG Chem Ltd.		28,229		13,268,461
LG Corp.		51,208		3,302,833
LG Display Co. Ltd.		139,219		1,947,559
LG Electronics Inc.		61,096		5,153,199
LG Energy Solution(a)(c)		12,324		4,421,757
LG Household & Health Care Ltd.		5,550		3,277,613
LG Innotek Co. Ltd.		8,410		2,598,922

Security	Shares		Value
South Korea (continued)
LG Uplus Corp.		129,014	$	1,442,338
Lotte Chemical Corp.		10,487		1,726,894
Lotte Shopping Co. Ltd.		6,262		512,152
Meritz Financial Group Inc.		19,893		524,520
Meritz Fire & Marine Insurance Co. Ltd.		25,191		785,374
Meritz Securities Co. Ltd.(c)		147,243		721,523
Mirae Asset Securities Co. Ltd.		174,592		1,146,056
NAVER Corp.		75,160		17,403,259
NCSoft Corp.		9,595		3,512,775
Netmarble Corp.(b)		12,563		842,601
NH Investment & Securities Co. Ltd.		103,139		897,608
Orion Corp./Republic of Korea.		14,937		1,171,854
Pan Ocean Co. Ltd.		161,159		985,935
Pearl Abyss Corp.(a)		17,587		894,751
POSCO Chemical Co. Ltd.		15,689		1,646,489
POSCO Holdings Inc.		44,823		10,418,633
S-1 Corp.		5,434		314,958
Samsung Biologics Co. Ltd.(a)(b)		10,215		6,971,399
Samsung C&T Corp.		48,670		4,738,926
Samsung Electro-Mechanics Co. Ltd.		32,259		4,008,318
Samsung Electronics Co. Ltd.		2,721,030		147,964,008
Samsung Engineering Co. Ltd.(a)		93,794		1,854,372
Samsung Fire & Marine Insurance Co. Ltd.		17,997		2,883,087
Samsung Heavy Industries Co. Ltd.(a)		375,961		1,796,670
Samsung Life Insurance Co. Ltd.		42,860		2,352,388
Samsung SDI Co. Ltd.		31,619		14,621,890
Samsung SDS Co. Ltd.		21,098		2,522,845
Samsung Securities Co. Ltd.		37,943		1,211,142
SD Biosensor Inc.		21,559		868,825
Seegene Inc.		21,831		782,974
Shinhan Financial Group Co. Ltd.		259,685		9,039,939
SK Biopharmaceuticals Co. Ltd.(a)		15,853		1,107,984
SK Bioscience Co. Ltd.(a)		13,626		1,486,971
SK Chemicals Co. Ltd.		6,731		698,810
SK Hynix Inc.		313,822		27,199,966
SK IE Technology Co. Ltd.(a)(b)		14,331		1,455,069
SK Inc.		21,280		4,245,933
SK Innovation Co. Ltd.(a)		30,523		5,287,945
SK Square Co. Ltd.(a)		55,523		2,107,034
SK Telecom Co. Ltd.		10,519		484,353
SKC Co. Ltd.		11,956		1,544,607
S-Oil Corp.		27,265		2,516,357
Woori Financial Group Inc.		290,635		3,500,460
Yuhan Corp.		31,143		1,516,011
				479,558,024
Taiwan — 22.5%
Accton Technology Corp.		263,000		2,081,284
Acer Inc.		1,620,000		1,613,548
Advantech Co. Ltd.		225,299		2,780,376
Airtac International Group		71,439		2,325,388
ASE Technology Holding Co. Ltd.		1,817,000		6,469,146
Asia Cement Corp.		1,205,000		1,837,317
ASMedia Technology Inc.		14,000		651,413
Asustek Computer Inc.		377,000		4,413,919
AU Optronics Corp.		4,847,000		2,976,734
Catcher Technology Co. Ltd.		357,000		2,009,365
Cathay Financial Holding Co. Ltd.		4,480,063		8,545,316
Chailease Holding Co. Ltd.		716,939		5,516,534
Chang Hwa Commercial Bank Ltd.		2,439,974		1,518,613
Cheng Shin Rubber Industry Co. Ltd.		1,038,000		1,266,851

5

Schedule of Investments (unaudited) (continued)	iShares® MSCI Emerging Markets ex China ETF
May 31, 2022	(Percentages shown are based on Net Assets)

Security	Shares		Value
Taiwan (continued)
China Airlines Ltd.(a)		1,461,000	$	1,364,103
China Development Financial Holding Corp.		8,778,920		4,867,783
China Steel Corp.		6,861,000		8,155,669
Chunghwa Telecom Co. Ltd.		2,172,000		9,439,738
Compal Electronics Inc.		2,427,000		1,917,025
CTBC Financial Holding Co. Ltd.		10,016,000		9,301,159
Delta Electronics Inc.		1,093,000		8,993,421
E Ink Holdings Inc.		446,000		3,101,927
E.Sun Financial Holding Co. Ltd.		6,938,772		7,271,666
Eclat Textile Co. Ltd.		101,000		1,718,022
eMemory Technology Inc.		34,000		1,784,777
Eva Airways Corp.(a)		1,340,000		1,574,298
Evergreen Marine Corp. Taiwan Ltd.		1,416,000		6,782,088
Far Eastern New Century Corp.		1,644,000		1,722,464
Far EasTone Telecommunications Co. Ltd.		867,000		2,373,535
Feng TAY Enterprise Co. Ltd.		223,000		1,444,324
First Financial Holding Co. Ltd.		5,990,457		5,619,816
Formosa Chemicals & Fibre Corp.		2,058,000		5,797,049
Formosa Petrochemical Corp.		606,000		2,015,320
Formosa Plastics Corp.		2,333,000		8,413,318
Fubon Financial Holding Co. Ltd.		4,096,230		8,982,090
Giant Manufacturing Co. Ltd.		160,000		1,442,942
Globalwafers Co. Ltd.		111,000		2,381,658
Hon Hai Precision Industry Co. Ltd.		7,114,200		27,584,023
Hotai Motor Co. Ltd.		152,600		3,302,105
Hua Nan Financial Holdings Co. Ltd.		4,903,035		3,999,394
Innolux Corp.		5,658,000		2,698,143
Inventec Corp.		1,524,000		1,347,411
Largan Precision Co. Ltd.		52,000		2,975,984
Lite-On Technology Corp.		1,189,000		2,572,218
MediaTek Inc.		841,000		26,004,670
Mega Financial Holding Co. Ltd.		6,295,000		8,362,829
Micro-Star International Co. Ltd.		343,000		1,581,441
momo.com Inc.		22,000		627,902
Nan Ya Plastics Corp.		2,745,000		8,029,361
Nan Ya Printed Circuit Board Corp.		117,000		1,567,821
Nanya Technology Corp.		705,000		1,608,952
Nien Made Enterprise Co. Ltd.		76,000		821,725
Novatek Microelectronics Corp.		304,000		4,211,091
Parade Technologies Ltd.		40,000		2,063,175
Pegatron Corp.		1,143,000		2,727,741
Pou Chen Corp.		1,173,000		1,258,884
Powerchip Semiconductor Manufacturing Corp.		1,406,000		2,799,890
President Chain Store Corp.		298,000		2,820,305
Quanta Computer Inc.		1,529,000		4,172,315
Realtek Semiconductor Corp.		239,000		3,627,447
Ruentex Development Co. Ltd.		595,400		1,573,211
Shanghai Commercial & Savings Bank Ltd. (The)		2,123,437		3,684,556
Shin Kong Financial Holding Co. Ltd.		6,950,897		2,208,059
Silergy Corp.		42,000		4,316,275
SinoPac Financial Holdings Co. Ltd.		5,846,259		3,637,726
Synnex Technology International Corp.		718,000		1,727,561
Taishin Financial Holding Co. Ltd.		5,912,886		3,635,961
Taiwan Cement Corp.		3,132,983		4,589,511
Taiwan Cooperative Financial Holding Co. Ltd.		5,496,831		5,304,012
Taiwan High Speed Rail Corp.		1,076,000		1,023,799
Taiwan Mobile Co. Ltd.		955,000		3,548,720
Taiwan Semiconductor Manufacturing Co. Ltd.		14,033,000		265,377,011
Unimicron Technology Corp.		701,000		5,145,070
Uni-President Enterprises Corp.		2,742,000		6,344,738

Security	Shares		Value
Taiwan (continued)
United Microelectronics Corp.		6,786,000	$	11,957,695
Vanguard International Semiconductor Corp.		517,000		1,896,358
Voltronic Power Technology Corp.		32,000		1,617,261
Walsin Lihwa Corp.		1,272,000		2,064,124
Wan Hai Lines Ltd.		321,100		1,718,709
Win Semiconductors Corp.		175,000		1,351,288
Winbond Electronics Corp.		1,719,000		1,716,049
Wiwynn Corp.		42,000		1,323,181
WPG Holdings Ltd.		866,520		1,571,507
Yageo Corp.		220,000		3,043,014
Yang Ming Marine Transport Corp.(a)		955,000		4,055,656
Yuanta Financial Holding Co. Ltd.		5,633,320		4,702,252
Zhen Ding Technology Holding Ltd.		324,000		1,339,587
				617,707,714
Thailand — 2.8%
Advanced Info Service PCL, NVDR		672,800		4,261,969
Airports of Thailand PCL, NVDR(a)		2,455,300		5,002,081
Asset World Corp. PCL, NVDR		5,108,600		761,383
B Grimm Power PCL, NVDR(c)		499,000		502,034
Bangkok Commercial Asset Management PCL, NVDR(c)		1,149,300		627,492
Bangkok Dusit Medical Services PCL, NVDR		5,945,800		4,472,978
Bangkok Expressway & Metro PCL, NVDR		4,696,700		1,254,332
Berli Jucker PCL, NVDR		737,000		780,001
BTS Group Holdings PCL, NVDR		4,982,600		1,294,476
Bumrungrad Hospital PCL, NVDR		281,600		1,435,939
Carabao Group PCL, NVDR(c)		155,800		501,992
Central Pattana PCL, NVDR(c)		1,234,200		2,314,238
Central Retail Corp. PCL, NVDR		1,089,700		1,209,207
Charoen Pokphand Foods PCL, NVDR		2,373,500		1,799,794
CP ALL PCL, NVDR		3,370,500		6,519,404
Delta Electronics Thailand PCL, NVDR(c)		169,800		1,706,678
Electricity Generating PCL, NVDR		110,400		580,128
Energy Absolute PCL, NVDR(c)		868,200		2,272,017
Global Power Synergy PCL, NVDR		386,300		751,705
Gulf Energy Development PCL, NVDR		1,752,600		2,480,907
Home Product Center PCL, NVDR.		3,606,800		1,565,451
Indorama Ventures PCL, NVDR		995,000		1,427,549
Intouch Holdings PCL, NVDR.		679,650		1,419,989
JMT Network Services PCL, NVDR		370,000		837,960
Krung Thai Bank PCL, NVDR		2,087,000		920,253
Krungthai Card PCL, NVDR		534,000		954,371
Land & Houses PCL, NVDR		4,432,100		1,159,004
Minor International PCL, NVDR(a)		1,910,800		1,951,956
Muangthai Capital PCL, NVDR		473,000		679,413
Osotspa PCL, NVDR.		742,900		753,133
PTT Exploration & Production PCL, NVDR		772,900		3,805,315
PTT Global Chemical PCL, NVDR		1,335,400		1,878,775
PTT Oil & Retail Business PCL, NVDR		1,741,500		1,408,525
PTT Public Company Ltd., NVDR		5,801,000		6,459,736
Ratch Group PCL, NVDR(c)		520,800		635,801
SCB X PCL, NVS		435,800		1,439,082
SCG Packaging PCL, NVDR(c)		768,800		1,273,491
Siam Cement PCL (The), NVDR		443,400		4,811,958
Srisawad Corp. PCL, NVDR(c)		465,200		753,241
Thai Oil PCL, NVDR		721,700		1,211,780
Thai Union Group PCL, NVDR		1,757,000		882,102
True Corp. PCL, NVDR		6,841,700		878,301
				77,635,941

6

Schedule of Investments (unaudited) (continued)	iShares® MSCI Emerging Markets ex China ETF
May 31, 2022	(Percentages shown are based on Net Assets)

Security	Shares		Value
Turkey — 0.4%
Akbank TAS		1,798,436	$	916,582
Aselsan Elektronik Sanayi Ve Ticaret AS		429,044		638,992
BIM Birlesik Magazalar AS		257,975		1,297,483
Eregli Demir ve Celik Fabrikalari TAS		761,100		1,583,608
Ford Otomotiv Sanayi AS		42,838		805,020
Haci Omer Sabanci Holding AS		583,641		755,025
KOC Holding AS		470,152		1,151,087
Turk Hava Yollari AO(a)		315,133		958,660
Turkcell Iletisim Hizmetleri AS		698,786		823,893
Turkiye Is Bankasi AS, Class C(c)		819,604		540,039
Turkiye Petrol Rafinerileri AS(a)		69,407		1,126,044
Turkiye Sise ve Cam Fabrikalari AS		687,030		878,721
				11,475,154
United Arab Emirates — 1.9%
Abu Dhabi Commercial Bank PJSC		1,561,319		4,246,126
Abu Dhabi Islamic Bank PJSC.		833,487		1,890,341
Abu Dhabi National Oil Co. for Distribution PJSC		1,783,278		2,034,059
Aldar Properties PJSC		2,299,263		3,310,474
Dubai Islamic Bank PJSC		1,673,483		2,710,508
Emaar Properties PJSC		2,184,848		3,393,067
Emirates NBD Bank PJSC		1,079,492		3,864,267
Emirates Telecommunications Group Co. PJSC		1,980,382		16,345,228
First Abu Dhabi Bank PJSC		2,528,681		14,772,778
				52,566,848
Total Common Stocks — 95.9%
(Cost: $2,837,707,067)				2,639,056,008
Preferred Stocks
Brazil — 2.2%
Banco Bradesco SA, Preference Shares, NVS		3,041,889		13,121,110
Braskem SA, Class A, Preference Shares, NVS		111,671		1,045,620
Centrais Eletricas Brasileiras SA, Class B, Preference Shares, NVS		147,676		1,293,569
Cia. Energetica de Minas Gerais, Preference Shares, NVS		821,501		2,013,758
Gerdau SA, Preference Shares, NVS		658,847		4,043,843
Itau Unibanco Holding SA, Preference Shares, NVS		2,786,020		15,335,406
Itausa SA, Preference Shares, NVS		2,627,464		5,301,865
Petroleo Brasileiro SA, Preference Shares, NVS		2,717,718		17,189,636
				59,344,807
Chile — 0.3%
Sociedad Quimica y Minera de Chile SA, Class B, Preference Shares, NVS		79,134		8,452,629
Colombia — 0.1%
Bancolombia SA, Preference Shares, NVS		259,857		2,915,637

Security	Shares		Value
Russia — 0.0%
Surgutneftegas PJSC, Preference Shares, NVS(d)	3,036,700	$	484
South Korea — 1.0%
Hyundai Motor Co.
Preference Shares, NVS	10,709		803,917
Series 2, Preference Shares, NVS	21,648		1,604,168
LG Chem Ltd., Preference Shares, NVS	4,010		941,809
LG Household & Health Care Ltd., Preference Shares, NVS	637		207,448
Samsung Electronics Co. Ltd., Preference Shares, NVS	470,884		23,097,454
			26,654,796
Total Preferred Stocks — 3.6%
(Cost: $92,190,159)			97,368,353
Rights
South Korea — 0.0%
Ecopro BM Co. Ltd. (Expires 06/22/17)(a)	336		41,959
Total Rights — 0.0%
(Cost: $0)			41,959
Short-Term Securities
Money Market Funds — 0.4%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.87%(e)(f)(g)	12,619,168		12,619,168
Total Short-Term Securities — 0.4%
(Cost: $12,619,404)			12,619,168
Total Investments in Securities — 99.9%
(Cost: $2,942,516,630)			2,749,085,488
Other Assets Less Liabilities — 0.1%			1,691,565
Net Assets — 100.0%		$	2,750,777,053

^(a) Non-income producing security.

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

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

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

^(e) Affiliate of the Fund.

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

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

7

Schedule of Investments (unaudited) (continued)	iShares® MSCI Emerging Markets ex China ETF
May 31, 2022

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the period ended May 31, 2022 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 Sale			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 05/31/22		Shares Held at 05/31/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	5,479,242	$	7,147,378	(a)	$	—		$	(7,216	)	$	(236	)	$	12,619,168		12,619,168	$	237,139	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares(c)		—		—			0	(a)		—			—			—		—		2,634			—
									$	(7,216	)	$	(236	)	$	12,619,168			$	239,773		$	—

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

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

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

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
MSCI Emerging Markets Index		214	06/17/22	$	11,377	$	320,928

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.

8

Schedule of Investments (unaudited) (continued)	iShares® MSCI Emerging Markets ex China ETF
May 31, 2022

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	$	363,367,672	$	2,275,678,582	$	9,754	$	2,639,056,008
Preferred Stocks		70,713,073		26,654,796		484		97,368,353
Rights		41,959		—		—		41,959
Money Market Funds		12,619,168		—		—		12,619,168
	$	446,741,872	$	2,302,333,378	$	10,238	$	2,749,085,488
Derivative financial instruments(a)
Assets
Futures Contracts	$	320,928	$	—	$	—	$	320,928

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

Portfolio Abbreviations - Equity
ADR	American Depositary Receipt	NVDR	Non-Voting Depositary Receipt
CPO	Certificates of Participation (Ordinary)	NVS	Non-Voting Shares
GDR	Global Depositary Receipt	PJSC	Public Joint Stock Company
JSC	Joint Stock Company

9