| Schedule of Investments (unaudited) | iShares® MSCI Brazil ETF |
| May 31, 2022 | (Percentages shown are based on Net Assets) |
| Security | Shares | Value | ||||||
| Common Stocks | ||||||||
| Banks — 3.3% | ||||||||
| Banco Bradesco SA | 5,093,867 | $ | 18,092,282 | |||||
| Banco do Brasil SA | 15,386,849 | 118,560,859 | ||||||
| Banco Inter SA | 5,385,718 | 14,267,328 | ||||||
| Banco Santander Brasil SA | 7,886,013 | 55,670,269 | ||||||
| 206,590,738 | ||||||||
| Beverages — 3.4% | ||||||||
| Ambev SA | 71,380,943 | 213,126,760 | ||||||
| Capital Markets — 5.5% | ||||||||
| B3 SA - Brasil, Bolsa, Balcao | 92,961,097 | 249,784,475 | ||||||
| Banco BTG Pactual SA | 16,909,189 | 90,157,673 | ||||||
| XP Inc.(a) | 1 | 23 | ||||||
| 339,942,171 | ||||||||
| Containers & Packaging — 1.0% | ||||||||
| Klabin SA | 13,228,730 | 62,183,423 | ||||||
| Diversified Telecommunication Services — 1.4% | ||||||||
| Telefonica Brasil SA | 8,341,602 | 89,602,168 | ||||||
| Electric Utilities — 3.0% | ||||||||
| Centrais Eletricas Brasileiras SA | 5,879,131 | 52,129,190 | ||||||
| CPFL Energia SA | 2,512,770 | 17,817,876 | ||||||
| Energisa SA | 2,651,605 | 24,783,389 | ||||||
| Equatorial Energia SA | 18,538,394 | 92,759,257 | ||||||
| 187,489,712 | ||||||||
| Electrical Equipment — 2.4% | ||||||||
| WEG SA | 27,885,182 | 148,856,312 | ||||||
| Food & Staples Retailing — 1.9% | ||||||||
| Atacadao SA | 8,811,720 | 35,876,904 | ||||||
| Raia Drogasil SA | 18,990,329 | 82,513,660 | ||||||
| 118,390,564 | ||||||||
| Food Products — 2.5% | ||||||||
| BRF SA(a) | 11,898,810 | 39,182,413 | ||||||
| JBS SA | 15,367,912 | 115,116,657 | ||||||
| 154,299,070 | ||||||||
| Health Care Providers & Services — 2.2% | ||||||||
| Hapvida Participacoes e Investimentos SA(b) | 66,833,144 | 94,500,579 | ||||||
| Rede D’Or Sao Luiz SA(b) | 5,336,876 | 40,224,069 | ||||||
| 134,724,648 | ||||||||
| Independent Power and Renewable Electricity Producers — 0.7% | ||||||||
| Engie Brasil Energia SA | 4,459,074 | 41,189,119 | ||||||
| Insurance — 1.2% | ||||||||
| BB Seguridade Participacoes SA | 13,033,977 | 73,719,014 | ||||||
| Metals & Mining — 19.6% | ||||||||
| Cia. Siderurgica Nacional SA | 12,354,366 | 56,773,596 | ||||||
| Vale SA | 64,046,456 | 1,161,785,772 | ||||||
| 1,218,559,368 | ||||||||
| Multiline Retail — 2.9% | ||||||||
| Americanas SA | 10,510,993 | 44,454,232 | ||||||
| Lojas Renner SA | 17,061,668 | 95,494,076 | ||||||
| Magazine Luiza SA | 48,766,488 | 38,171,368 | ||||||
| 178,119,676 | ||||||||
| Oil, Gas & Consumable Fuels — 10.5% | ||||||||
| Cosan SA | 18,690,205 | 84,984,972 | ||||||
| Petro Rio SA(a) | 9,498,572 | 55,941,554 | ||||||
| Security | Shares | Value | ||||||
| Oil, Gas & Consumable Fuels (continued) | ||||||||
| Petroleo Brasileiro SA | 57,377,004 | $ | 401,544,256 | |||||
| Ultrapar Participacoes SA | 14,367,941 | 43,443,480 | ||||||
| Vibra Energia SA | 16,284,902 | 66,612,344 | ||||||
| 652,526,606 | ||||||||
| Paper & Forest Products — 2.3% | ||||||||
| Suzano SA | 12,741,262 | 143,429,847 | ||||||
| Personal Products — 0.8% | ||||||||
| Natura & Co. Holding SA | 15,067,074 | 52,215,065 | ||||||
| Pharmaceuticals — 1.0% | ||||||||
| Hypera SA | 7,348,823 | 59,980,609 | ||||||
| Road & Rail — 3.4% | ||||||||
| Localiza Rent a Car SA | 10,479,246 | 126,830,066 | ||||||
| Rumo SA | 23,456,585 | 87,261,033 | ||||||
| 214,091,099 | ||||||||
| Software — 0.7% | ||||||||
| TOTVS SA | 6,763,088 | 40,371,760 | ||||||
| Transportation Infrastructure — 1.1% | ||||||||
| CCR SA | 23,511,082 | 65,993,590 | ||||||
| Water Utilities — 1.0% | ||||||||
| Cia. de Saneamento Basico do Estado de Sao Paulo | 6,542,028 | 63,017,547 | ||||||
| Wireless Telecommunication Services — 0.8% | ||||||||
| Tim SA | 17,274,778 | 52,341,754 | ||||||
| Total Common Stocks — 72.6% | ||||||||
| (Cost: $3,098,264,517) | 4,510,760,620 | |||||||
| Preferred Stocks | ||||||||
| Banks — 13.0% | ||||||||
| Banco Bradesco SA, Preference Shares, NVS | 60,981,480 | 263,042,020 | ||||||
| Itau Unibanco Holding SA, Preference Shares, NVS | 74,512,037 | 410,145,057 | ||||||
| Itausa SA, Preference Shares, NVS | 68,562,020 | 138,348,838 | ||||||
| 811,535,915 | ||||||||
| Chemicals — 0.3% | ||||||||
| Braskem SA, Class A, Preference Shares, NVS | 2,416,547 | 22,627,082 | ||||||
| Electric Utilities — 1.9% | ||||||||
| Centrais Eletricas Brasileiras SA, Class B, Preference Shares, NVS | 5,455,480 | 47,787,321 | ||||||
| Cia. Energetica de Minas Gerais, Preference Shares, NVS | 27,941,058 | 68,492,351 | ||||||
| 116,279,672 | ||||||||
| Metals & Mining — 2.0% | ||||||||
| Gerdau SA, Preference Shares, NVS | 19,995,539 | 122,727,772 | ||||||
| Oil, Gas & Consumable Fuels — 7.5% | ||||||||
| Petroleo Brasileiro SA, Preference Shares, NVS | 73,625,325 | 465,682,059 | ||||||
| Total Preferred Stocks — 24.7% | ||||||||
| (Cost: $999,090,548) | 1,538,852,500 | |||||||
| Total Investments in Securities — 97.3% | ||||||||
| (Cost: $4,097,355,065) | 6,049,613,120 | |||||||
| Other Assets Less Liabilities — 2.7% | 165,612,661 | |||||||
| Net Assets — 100.0% | $ | 6,215,225,781 | ||||||
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| Schedule of Investments (unaudited) (continued) | iShares® MSCI Brazil ETF |
| May 31, 2022 |
| (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. |
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: Treasury, SL Agency Shares(a) | $ | — | $ | — | $ | 0 | (b) | $ | — | $ | — | $ | — | — | $ | 7,925 | $ | — | ||||||||||||||||||
| (a) | As of period end, the entity is no longer held. |
| (b) | Represents net amount purchased (sold). |
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 Brazil Index | 2,955 | 06/17/22 | $ | 156,844 | $ | 5,562,078 | ||||||||
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 Brazil 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 | $ | 4,510,760,620 | $ | — | $ | — | $ | 4,510,760,620 | ||||||||
| Preferred Stocks | 1,538,852,500 | — | — | 1,538,852,500 | ||||||||||||
| $ | 6,049,613,120 | $ | — | $ | — | $ | 6,049,613,120 | |||||||||
| Derivative financial instruments(a) | ||||||||||||||||
| Assets | ||||||||||||||||
| Futures Contracts | $ | 5,562,078 | $ | — | $ | — | $ | 5,562,078 | ||||||||
| (a) | Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument. |
| Portfolio Abbreviations - Equity | |
| NVS | Non-Voting Shares |
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