| Schedule of Investments (unaudited) | iShares® MSCI Australia ETF |
| May 31, 2022 | (Percentages shown are based on Net Assets) |
| Security | Shares | Value | ||||||
| Common Stocks | ||||||||
| Airlines — 0.3% | ||||||||
| Qantas Airways Ltd.(a) | 1,372,262 | $ | 5,413,240 | |||||
| Banks — 25.5% | ||||||||
| Australia & New Zealand Banking Group Ltd. | 4,127,558 | 73,991,198 | ||||||
| Commonwealth Bank of Australia | 2,512,697 | 188,015,116 | ||||||
| National Australia Bank Ltd. | 4,760,379 | 106,722,930 | ||||||
| Westpac Banking Corp. | 5,151,395 | 88,248,140 | ||||||
| 456,977,384 | ||||||||
| Beverages — 1.1% | ||||||||
| Endeavour Group Ltd./Australia | 1,973,177 | 10,248,697 | ||||||
| Treasury Wine Estates Ltd. | 1,066,531 | 9,091,061 | ||||||
| 19,339,758 | ||||||||
| Biotechnology — 7.7% | ||||||||
| CSL Ltd. | 709,289 | 137,988,665 | ||||||
| Capital Markets — 4.9% | ||||||||
| ASX Ltd. | 284,414 | 16,455,880 | ||||||
| Macquarie Group Ltd. | 537,128 | 71,361,852 | ||||||
| 87,817,732 | ||||||||
| Chemicals — 0.4% | ||||||||
| Orica Ltd. | 599,696 | 6,947,826 | ||||||
| Commercial Services & Supplies — 0.9% | ||||||||
| Brambles Ltd. | 2,107,446 | 16,424,315 | ||||||
| Construction Materials — 0.9% | ||||||||
| James Hardie Industries PLC | 656,308 | 16,942,768 | ||||||
| Diversified Consumer Services — 0.3% | ||||||||
| IDP Education Ltd. | 307,218 | 5,231,051 | ||||||
| Diversified Telecommunication Services — 0.9% | ||||||||
| Telstra Corp. Ltd. | 6,053,523 | 16,827,587 | ||||||
| Equity Real Estate Investment Trusts (REITs) — 5.6% | ||||||||
| BGP Holdings PLC(b) | 18,888,372 | 203 | ||||||
| Dexus | 1,589,843 | 11,943,305 | ||||||
| Goodman Group | 2,475,751 | 36,418,982 | ||||||
| GPT Group (The) | 2,828,201 | 9,747,592 | ||||||
| Mirvac Group | 5,799,940 | 9,394,363 | ||||||
| Scentre Group | 7,625,659 | 15,679,556 | ||||||
| Stockland | 3,510,557 | 10,061,079 | ||||||
| Vicinity Centres | 5,679,518 | 7,686,311 | ||||||
| 100,931,391 | ||||||||
| Food & Staples Retailing — 3.9% | ||||||||
| Coles Group Ltd. | 1,968,918 | 24,705,554 | ||||||
| Woolworths Group Ltd. | 1,783,806 | 44,249,217 | ||||||
| 68,954,771 | ||||||||
| Gas Utilities — 0.8% | ||||||||
| APA Group | 1,739,948 | 14,163,737 | ||||||
| Health Care Equipment & Supplies — 0.9% | ||||||||
| Cochlear Ltd. | 96,787 | 15,441,008 | ||||||
| Health Care Providers & Services — 1.8% | ||||||||
| Ramsay Health Care Ltd. | 270,218 | 15,146,690 | ||||||
| Sonic Healthcare Ltd. | 669,464 | 17,571,464 | ||||||
| 32,718,154 | ||||||||
| Hotels, Restaurants & Leisure — 2.3% | ||||||||
| Aristocrat Leisure Ltd. | 887,258 | 21,436,526 | ||||||
| Security | Shares | Value | ||||||
| Hotels, Restaurants & Leisure (continued) | ||||||||
| Crown Resorts Ltd.(a) | 508,153 | $ | 4,678,506 | |||||
| Domino’s Pizza Enterprises Ltd. | 89,830 | 4,426,500 | ||||||
| Lottery Corp. Ltd. (The)(a) | 3,325,581 | 11,312,499 | ||||||
| 41,854,031 | ||||||||
| Insurance — 3.1% | ||||||||
| Insurance Australia Group Ltd. | 3,620,631 | 11,335,920 | ||||||
| Medibank Pvt Ltd. | 4,068,540 | 9,379,809 | ||||||
| QBE Insurance Group Ltd. | 2,179,198 | 18,764,647 | ||||||
| Suncorp Group Ltd. | 1,859,891 | 15,146,768 | ||||||
| 54,627,144 | ||||||||
| Interactive Media & Services — 0.8% | ||||||||
| REA Group Ltd. | 77,560 | 6,232,124 | ||||||
| SEEK Ltd. | 494,391 | 8,567,799 | ||||||
| 14,799,923 | ||||||||
| IT Services — 0.7% | ||||||||
| Computershare Ltd. | 800,899 | 13,270,051 | ||||||
| Metals & Mining — 22.4% | ||||||||
| BHP Group Ltd. | 7,453,466 | 234,008,831 | ||||||
| BlueScope Steel Ltd. | 728,378 | 9,444,796 | ||||||
| Evolution Mining Ltd. | 2,708,113 | 7,389,769 | ||||||
| Fortescue Metals Group Ltd. | 2,493,241 | 35,995,042 | ||||||
| Mineral Resources Ltd. | 249,451 | 11,357,394 | ||||||
| Newcrest Mining Ltd. | 1,309,215 | 22,956,863 | ||||||
| Northern Star Resources Ltd. | 1,716,698 | 10,904,387 | ||||||
| Rio Tinto Ltd. | 546,367 | 44,702,249 | ||||||
| South32 Ltd. | 6,864,053 | 24,149,012 | ||||||
| 400,908,343 | ||||||||
| Multiline Retail — 3.2% | ||||||||
| Wesfarmers Ltd. | 1,669,235 | 56,458,919 | ||||||
| Oil, Gas & Consumable Fuels — 6.3% | ||||||||
| Ampol Ltd. | 349,676 | 8,291,701 | ||||||
| Origin Energy Ltd. | 2,590,721 | 12,692,785 | ||||||
| Santos Ltd. | 4,730,259 | 27,529,091 | ||||||
| Washington H Soul Pattinson & Co. Ltd. | 319,314 | 5,873,288 | ||||||
| Yangzhou Yangjie Electronic Technology Co. Ltd. | 2,790,735 | 58,874,299 | ||||||
| 113,261,164 | ||||||||
| Real Estate Management & Development — 0.4% | ||||||||
| Lendlease Corp. Ltd. | 1,009,437 | 7,782,032 | ||||||
| Road & Rail — 0.4% | ||||||||
| Aurizon Holdings Ltd. | 2,706,032 | 7,795,321 | ||||||
| Software — 1.1% | ||||||||
| WiseTech Global Ltd. | 214,480 | 6,458,798 | ||||||
| Xero Ltd.(a) | 198,921 | 12,715,562 | ||||||
| 19,174,360 | ||||||||
| Trading Companies & Distributors — 0.2% | ||||||||
| Reece Ltd. | 331,564 | 3,782,729 | ||||||
| Transportation Infrastructure — 2.6% | ||||||||
| Transurban Group | 4,518,124 | 46,471,057 | ||||||
| Total Common Stocks — 99.4% | ||||||||
| (Cost: $1,992,591,828) | 1,782,304,461 |
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| Schedule of Investments (unaudited) (continued) | iShares® MSCI Australia ETF |
| May 31, 2022 | (Percentages shown are based on Net Assets) |
| Security | Shares | Value | ||||||
| Short-Term Securities | ||||||||
| Money Market Funds — 0.1% | ||||||||
| BlackRock Cash Funds: Treasury, SL Agency Shares, 0.72%(c)(d) | 720,000 | $ | 720,000 | |||||
| Total Short-Term Securities — 0.1% | ||||||||
| (Cost: $720,000) | 720,000 | |||||||
| Total Investments in Securities — 99.5% | ||||||||
| (Cost: $1,993,311,828) | 1,783,024,461 | |||||||
| Other Assets Less Liabilities — 0.5% | 9,749,945 | |||||||
| Net Assets — 100.0% | $ | 1,792,774,406 | ||||||
| (a) | Non-income producing security. |
| (b) | Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. |
| (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 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(a) | $ | — | $ | 5,510 | (b) | $ | — | $ | (5,510 | ) | $ | — | $ | — | — | $ | 222,041 | (c) | $ | — | ||||||||||||||||
| BlackRock Cash Funds: Treasury, SL Agency Shares | 750,000 | — | (30,000 | )(b) | — | — | 720,000 | 720,000 | 1,051 | — | ||||||||||||||||||||||||||
| $ | (5,510 | ) | $ | — | $ | 720,000 | $ | 223,092 | $ | — | ||||||||||||||||||||||||||
| (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. |
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 | ||||||||||||||||
| SPI 200 Index | 74 | 06/16/22 | $ | 9,522 | $ | 146,557 | ||||||||||
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
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| Schedule of Investments (unaudited) (continued) | iShares® MSCI Australia ETF |
| May 31, 2022 |
Fair Value Measurements (continued)
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 | $ | 11,312,499 | $ | 1,770,991,759 | $ | 203 | $ | 1,782,304,461 | ||||||||
| Money Market Funds | 720,000 | — | — | 720,000 | ||||||||||||
| $ | 12,032,499 | $ | 1,770,991,759 | $ | 203 | $ | 1,783,024,461 | |||||||||
| Derivative financial instruments(a) | ||||||||||||||||
| Assets | ||||||||||||||||
| Futures Contracts | $ | — | $ | 146,557 | $ | — | $ | 146,557 | ||||||||
| (a) | Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument. |
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