Schedule of Investments (unaudited)	iShares® MSCI South Africa ETF
May 31, 2022	(Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Banks — 17.0%
Absa Group Ltd.		1,141,617	$	13,411,307
Capitec Bank Holdings Ltd.		123,438		17,759,814
Nedbank Group Ltd.		649,200		9,840,868
Standard Bank Group Ltd.		1,902,851		21,740,440
				62,752,429
Capital Markets — 1.1%
Reinet Investments SCA		194,425		3,945,732
Chemicals — 5.7%
Sasol Ltd.(a)		802,614		20,991,263
Diversified Financial Services — 10.9%
FirstRand Ltd.		7,156,400		33,132,609
Remgro Ltd.		750,175		7,218,943
				40,351,552
Equity Real Estate Investment Trusts (REITs) — 1.2%
Growthpoint Properties Ltd.		4,863,206		4,476,559
Food & Staples Retailing — 7.9%
Bid Corp. Ltd.		475,442		10,184,298
Clicks Group Ltd.		345,832		6,730,833
Shoprite Holdings Ltd.		712,498		9,807,945
SPAR Group Ltd. (The)		273,017		2,675,589
				29,398,665
Industrial Conglomerates — 1.5%
Bidvest Group Ltd. (The)		409,994		5,717,312
Insurance — 6.2%
Discovery Ltd.(a)		711,201		6,613,425
Old Mutual Ltd.		6,674,464		5,450,732
Sanlam Ltd.		2,525,423		10,894,915
				22,959,072
Internet & Direct Marketing Retail — 9.1%
Naspers Ltd., Class N		308,673		33,624,043
Media — 1.2%
MultiChoice Group		533,180		4,559,914
Metals & Mining — 20.1%
African Rainbow Minerals Ltd.		159,087		2,650,035
Anglo American Platinum Ltd.		75,211		8,231,179
AngloGold Ashanti Ltd.		592,114		10,200,084
Gold Fields Ltd.		1,263,355		12,097,630
Harmony Gold Mining Co. Ltd.		786,543		2,650,267
Impala Platinum Holdings Ltd.		1,201,895		16,386,472
Kumba Iron Ore Ltd.		91,313		3,438,623

Security	Shares		Value
Metals & Mining (continued)
Northam Platinum Holdings Ltd.(a)		477,879	$	5,742,949
Sibanye Stillwater Ltd.		3,980,969		12,891,559
				74,288,798
Multiline Retail — 1.4%
Woolworths Holdings Ltd.		1,416,520		5,040,842
Oil, Gas & Consumable Fuels — 1.3%
Exxaro Resources Ltd.		346,603		4,915,774
Pharmaceuticals — 1.5%
Aspen Pharmacare Holdings Ltd.		549,974		5,672,945
Real Estate Management & Development — 1.1%
NEPI Rockcastle S.A.		647,446		4,064,605
Specialty Retail — 3.3%
Foschini Group Ltd. (The)		469,237		4,249,416
Mr. Price Group Ltd.		364,078		4,820,743
Pepkor Holdings Ltd.(b)		2,364,816		3,302,995
				12,373,154
Wireless Telecommunication Services — 9.3%
MTN Group Ltd.		2,403,889		25,911,643
Vodacom Group Ltd.		910,831		8,553,093
				34,464,736
Total Common Stocks — 99.8%
(Cost: $440,321,134)				369,597,395
Short-Term Securities
Money Market Funds — 0.1%
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.72%(c)(d)		220,000		220,000
Total Short-Term Securities — 0.1%
(Cost: $220,000)				220,000
Total Investments in Securities — 99.9%
(Cost: $440,541,134)				369,817,395
Other Assets Less Liabilities — 0.1%				405,573
Net Assets — 100.0%			$	370,222,968

^(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.

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Schedule of Investments (unaudited) (continued)	iShares® MSCI South Africa 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: Treasury, SL Agency Shares	$	310,000	$	—	$	(90,000	)(a)	$	—	$	—	$	220,000		220,000	$	213	$	—

^(a) 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
FTSE/JSE Top 40 Index		17	06/15/22	$	710	$	(899	)

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	$	70,560,022	$	299,037,373		$	—	$	369,597,395
Money Market Funds		220,000		—			—		220,000
	$	70,780,022	$	299,037,373		$	—	$	369,817,395
Derivative financial instruments(a)
Liabilities
Futures Contracts	$	—	$	(899	)	$	—	$	(899	)

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

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