| Schedule of Investments (unaudited) | iShares® MSCI Israel ETF |
| May 31, 2022 | (Percentages shown are based on Net Assets) |
| Security | Shares | Value | ||||||
| Common Stocks | ||||||||
| Aerospace & Defense — 3.1% | ||||||||
| Elbit Systems Ltd. | 19,785 | $ | 4,021,126 | |||||
| RADA Electronic Industries Ltd.(a) | 31,395 | 377,996 | ||||||
| 4,399,122 | ||||||||
| Banks — 21.2% | ||||||||
| Bank Hapoalim BM | 908,899 | 8,415,943 | ||||||
| Bank Leumi Le-Israel BM | 1,081,702 | 10,770,084 | ||||||
| FIBI Holdings Ltd. | 13,197 | 556,160 | ||||||
| First International Bank Of Israel Ltd. (The) | 41,083 | 1,584,019 | ||||||
| Israel Discount Bank Ltd., Class A | 920,973 | 5,228,530 | ||||||
| Mizrahi Tefahot Bank Ltd. | 114,577 | 3,769,347 | ||||||
| 30,324,083 | ||||||||
| Capital Markets — 0.2% | ||||||||
| Altshuler Shaham Penn Ltd.(a) | 51,322 | 174,765 | ||||||
| Electreon Wireless Ltd.(a) | 2,978 | 64,453 | ||||||
| 239,218 | ||||||||
| Chemicals — 5.2% | ||||||||
| ICL Group Ltd. | 527,066 | 5,887,844 | ||||||
| Israel Corp. Ltd. (The)(a) | 2,866 | 1,551,410 | ||||||
| 7,439,254 | ||||||||
| Communications Equipment — 1.2% | ||||||||
| AudioCodes Ltd. | 19,356 | 446,289 | ||||||
| Gilat Satellite Networks Ltd.(a) | 31,571 | 208,441 | ||||||
| Ituran Location and Control Ltd. | 11,552 | 289,493 | ||||||
| Radware Ltd.(a)(b) | 30,822 | 743,735 | ||||||
| 1,687,958 | ||||||||
| Construction & Engineering — 2.7% | ||||||||
| Ashtrom Group Ltd. | 30,143 | 734,641 | ||||||
| Elco Ltd. | 7,123 | 481,128 | ||||||
| Electra Ltd./Israel | 1,565 | 877,632 | ||||||
| Shapir Engineering and Industry Ltd. | 106,391 | 877,869 | ||||||
| Shikun & Binui Ltd.(a) | 176,186 | 862,960 | ||||||
| 3,834,230 | ||||||||
| Consumer Finance — 0.4% | ||||||||
| Isracard Ltd. | 148,903 | 632,309 | ||||||
| Distributors — 0.2% | ||||||||
| Tadiran Group Ltd. | 2,557 | 329,481 | ||||||
| Diversified Telecommunication Services — 1.7% | ||||||||
| Bezeq The Israeli Telecommunication Corp. Ltd. | 1,544,217 | 2,388,030 | ||||||
| Electronic Equipment, Instruments & Components — 0.1% | ||||||||
| Nayax Ltd.(a) | 59,341 | 103,779 | ||||||
| Equity Real Estate Investment Trusts (REITs) — 0.6% | ||||||||
| Reit 1 Ltd. | 137,767 | 826,910 | ||||||
| Food & Staples Retailing — 1.5% | ||||||||
| M Yochananof & Sons Ltd. | 3,775 | 218,861 | ||||||
| Rami Levy Chain Stores Hashikma Marketing 2006 Ltd.(b) | 6,666 | 514,593 | ||||||
| Shufersal Ltd. | 197,539 | 1,462,668 | ||||||
| 2,196,122 | ||||||||
| Food Products — 1.0% | ||||||||
| Mehadrin Ltd.(a) | 1 | 28 | ||||||
| Neto Malinda Trading Ltd.(a) | 8,548 | 372,996 | ||||||
| Strauss Group Ltd. | 38,950 | 1,024,084 | ||||||
| 1,397,108 | ||||||||
| Security | Shares | Value | ||||||
| Health Care Equipment & Supplies — 1.0% | ||||||||
| Inmode Ltd.(a)(b) | 52,512 | $ | 1,407,847 | |||||
| Sisram Medical Ltd.(c) | 102,000 | 106,534 | ||||||
| 1,514,381 | ||||||||
| Health Care Providers & Services — 0.2% | ||||||||
| Nano-X Imaging Ltd.(a)(b) | 26,853 | 274,438 | ||||||
| Hotels, Restaurants & Leisure — 0.4% | ||||||||
| Fattal Holdings 1998 Ltd.(a) | 4,605 | 564,058 | ||||||
| Household Durables — 1.0% | ||||||||
| Azorim-Investment Development & Construction Co. Ltd. | 62,760 | 265,391 | ||||||
| Danya Cebus Ltd. | 5,802 | 144,945 | ||||||
| Electra Consumer Products 1970 Ltd. | 8,985 | 404,710 | ||||||
| Maytronics Ltd.(b) | 36,600 | 658,908 | ||||||
| 1,473,954 | ||||||||
| Independent Power and Renewable Electricity Producers — 2.6% | ||||||||
| Doral Group Renewable Energy Resources Ltd.(a)(b) | 43,768 | 141,478 | ||||||
| Energix-Renewable Energies Ltd. | 173,230 | 528,280 | ||||||
| Enlight Renewable Energy Ltd.(a) | 688,772 | 1,267,228 | ||||||
| Kenon Holdings Ltd./Singapore(b) | 14,041 | 794,647 | ||||||
| OPC Energy Ltd.(a)(b) | 67,762 | 673,409 | ||||||
| OY Nofar Energy Ltd. | 10,619 | 285,091 | ||||||
| 3,690,133 | ||||||||
| Industrial Conglomerates — 0.2% | ||||||||
| Arad Investment & Industrial Development Ltd. | 2,412 | 283,650 | ||||||
| Insurance — 2.9% | ||||||||
| Clal Insurance Enterprises Holdings Ltd.(a) | 46,731 | 875,519 | ||||||
| Harel Insurance Investments & Financial Services Ltd. | 87,174 | 962,334 | ||||||
| IDI Insurance Co. Ltd. | 6,009 | 174,884 | ||||||
| Menora Mivtachim Holdings Ltd.(a) | 18,843 | 443,187 | ||||||
| Migdal Insurance & Financial Holdings Ltd. | 313,860 | 507,774 | ||||||
| Phoenix Holdings Ltd. (The) | 112,218 | 1,246,250 | ||||||
| 4,209,948 | ||||||||
| Interactive Media & Services — 0.1% | ||||||||
| Taboola.com Ltd.(a) | 42,370 | 137,279 | ||||||
| Internet & Direct Marketing Retail — 0.7% | ||||||||
| Fiverr International Ltd.(a) | 23,287 | 985,273 | ||||||
| IT Services — 3.2% | ||||||||
| Formula Systems 1985 Ltd. | 7,401 | 690,204 | ||||||
| Malam - Team Ltd. | 5,662 | 129,596 | ||||||
| Matrix IT Ltd. | 25,728 | 609,441 | ||||||
| One Software Technologies Ltd. | 29,285 | 451,490 | ||||||
| Wix.com Ltd.(a)(b) | 42,403 | 2,671,813 | ||||||
| 4,552,544 | ||||||||
| Machinery — 1.1% | ||||||||
| Kornit Digital Ltd.(a)(b) | 36,617 | 1,536,816 | ||||||
| Marine — 2.8% | ||||||||
| ZIM Integrated Shipping Services Ltd. | 62,440 | 3,975,555 | ||||||
| Media — 0.4% | ||||||||
| Perion Network Ltd.(a) | 27,783 | 550,134 | ||||||
| Oil, Gas & Consumable Fuels — 2.4% | ||||||||
| Delek Group Ltd.(a) | 6,808 | 1,081,292 | ||||||
| Equital Ltd.(a) | 14,877 | 534,307 | ||||||
| Naphtha Israel Petroleum Corp. Ltd.(a) | 24,147 | 185,631 | ||||||
| Oil Refineries Ltd. | 1,551,354 | 654,900 | ||||||
1
| Schedule of Investments (unaudited) (continued) | iShares® MSCI Israel ETF |
| May 31, 2022 | (Percentages shown are based on Net Assets) |
| Security | Shares | Value | ||||||
| Oil, Gas & Consumable Fuels (continued) | ||||||||
| Paz Oil Co. Ltd.(a)(b) | 7,520 | $ | 1,046,497 | |||||
| 3,502,627 | ||||||||
| Pharmaceuticals — 5.4% | ||||||||
| Taro Pharmaceutical Industries Ltd.(a) | 6,996 | 256,194 | ||||||
| Teva Pharmaceutical Industries Ltd., ADR(a)(b) | 821,444 | 7,475,140 | ||||||
| 7,731,334 | ||||||||
| Professional Services — 0.4% | ||||||||
| Danel Adir Yeoshua Ltd. | 4,068 | 540,310 | ||||||
| Real Estate Management & Development — 10.5% | ||||||||
| AFI Properties Ltd. | 7,032 | 383,026 | ||||||
| Africa Israel Residences Ltd. | 4,707 | 278,017 | ||||||
| Airport City Ltd.(a) | 50,976 | 953,152 | ||||||
| Alony Hetz Properties & Investments Ltd. | 110,302 | 1,608,163 | ||||||
| Amot Investments Ltd. | 169,355 | 1,141,360 | ||||||
| Azrieli Group Ltd. | 31,597 | 2,372,619 | ||||||
| Big Shopping Centers Ltd. | 8,668 | 1,245,809 | ||||||
| Blue Square Real Estate Ltd. | 3,494 | 260,750 | ||||||
| Brack Capital Properties NV(a) | 0 | 29 | ||||||
| Electra Real Estate Ltd. | 19,065 | 341,887 | ||||||
| G City Ltd. | 61,193 | 433,442 | ||||||
| Gav-Yam Lands Corp. Ltd. | 0 | 1 | ||||||
| Israel Canada T.R Ltd. | 97,901 | 432,933 | ||||||
| Israel Land Development - Urban Renewal Ltd. | 12,018 | 195,133 | ||||||
| Isras Investment Co. Ltd. | 1,408 | 292,530 | ||||||
| Mega Or Holdings Ltd. | 17,632 | 584,515 | ||||||
| Melisron Ltd.(a) | 17,673 | 1,274,172 | ||||||
| Mivne Real Estate KD Ltd. | 448,525 | 1,440,523 | ||||||
| Prashkovsky Investments and Construction Ltd. | 5,480 | 194,876 | ||||||
| Property & Building Corp. Ltd.(a) | 2,199 | 182,986 | ||||||
| Sella Capital Real Estate Ltd. | 153,542 | 463,624 | ||||||
| Summit Real Estate Holdings Ltd. | 28,707 | 559,309 | ||||||
| YH Dimri Construction & Development Ltd.(b) | 5,571 | 437,967 | ||||||
| 15,076,823 | ||||||||
| Semiconductors & Semiconductor Equipment — 4.8% | ||||||||
| Camtek Ltd./Israel(a) | 21,219 | 622,280 | ||||||
| Nova Ltd.(a) | 21,277 | 2,248,049 | ||||||
| Tower Semiconductor Ltd.(a) | 81,210 | 3,997,315 | ||||||
| 6,867,644 | ||||||||
| Software — 17.6% | ||||||||
| Cellebrite DI Ltd.(a)(b) | 27,609 | 133,075 | ||||||
| Check Point Software Technologies Ltd.(a)(b) | 76,859 | 9,613,524 | ||||||
| Cognyte Software Ltd.(a)(b) | 49,890 | 353,221 | ||||||
| CyberArk Software Ltd.(a)(b) | 29,602 | 4,111,718 | ||||||
| Hilan Ltd. | 10,919 | 637,812 | ||||||
| Magic Software Enterprises Ltd. | 20,095 | 342,942 | ||||||
| Nice Ltd.(a) | 46,995 | 9,354,062 | ||||||
| Security | Shares | Value | ||||||
| Software (continued) | ||||||||
| Sapiens International Corp. NV | 24,485 | $ | 618,123 | |||||
| SimilarWeb Ltd.(a) | 13,931 | 124,404 | ||||||
| 25,288,881 | ||||||||
| Specialty Retail — 0.9% | ||||||||
| Delek Automotive Systems Ltd. | 38,376 | 505,769 | ||||||
| Fox Wizel Ltd. | 6,078 | 771,280 | ||||||
| 1,277,049 | ||||||||
| Technology Hardware, Storage & Peripherals — 0.4% | ||||||||
| Nano Dimension Ltd., ADR(a)(b) | 190,960 | 569,061 | ||||||
| Textiles, Apparel & Luxury Goods — 0.5% | ||||||||
| Delta Galil Industries Ltd.(b) | 8,575 | 508,210 | ||||||
| Retailors Ltd.(b) | 9,017 | 195,806 | ||||||
| 704,016 | ||||||||
| Wireless Telecommunication Services — 0.7% | ||||||||
| Cellcom Israel Ltd.(a)(b) | 66,922 | 330,655 | ||||||
| Partner Communications Co. Ltd.(a) | 103,169 | 752,225 | ||||||
| 1,082,880 | ||||||||
| Total Common Stocks — 99.3% | ||||||||
| (Cost: $152,891,885) | 142,186,392 | |||||||
| Short-Term Securities | ||||||||
| Money Market Funds — 3.4% | ||||||||
| BlackRock Cash Funds: Institutional, SL Agency Shares, 0.87%(d)(e)(f) | 4,848,961 | 4,848,961 | ||||||
| BlackRock Cash Funds: Treasury, SL Agency Shares, 0.72%(d)(e) | 70,000 | 70,000 | ||||||
| 4,918,961 | ||||||||
| Total Short-Term Securities — 3.4% | ||||||||
| (Cost: $4,916,962) | 4,918,961 | |||||||
| Total Investments in Securities — 102.7% | ||||||||
| (Cost: $157,808,847) | 147,105,353 | |||||||
| Liabilities in Excess of Other Assets — (2.7)% | (3,914,567 | ) | ||||||
| Net Assets — 100.0% | $ | 143,190,786 | ||||||
| (a) | Non-income producing security. |
| (b) | All or a portion of this security is on loan. |
| (c) | 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. |
| (d) | Affiliate of the Fund. |
| (e) | Annualized 7-day yield as of period end. |
| (f) | All or a portion of this security was purchased with the cash collateral from loaned securities. |
2
| Schedule of Investments (unaudited) (continued) | iShares® MSCI Israel 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 | $ | 23,201,200 | $ | — | $ | (18,348,265 | )(a) | $ | (5,187 | ) | $ | 1,213 | $ | 4,848,961 | 4,848,961 | $ | 79,008 | (b) | $ | — | ||||||||||||||||
| BlackRock Cash Funds: Treasury, SL Agency Shares | 90,000 | — | (20,000 | )(a) | — | — | 70,000 | 70,000 | 106 | — | ||||||||||||||||||||||||||
| $ | (5,187 | ) | $ | 1,213 | $ | 4,918,961 | $ | 79,114 | $ | — | ||||||||||||||||||||||||||
| (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 | ||||||||||||||
| Euro STOXX 50 Index | 21 | 06/17/22 | $ | 855 | $ | 9,284 | ||||||||
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.
3
| Schedule of Investments (unaudited) (continued) | iShares® MSCI Israel 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 | $ | 36,292,396 | $ | 105,893,996 | $ | — | $ | 142,186,392 | ||||||||
| Money Market Funds | 4,918,961 | — | — | 4,918,961 | ||||||||||||
| $ | 41,211,357 | $ | 105,893,996 | $ | — | $ | 147,105,353 | |||||||||
| Derivative financial instruments(a) | ||||||||||||||||
| Assets | ||||||||||||||||
| Futures Contracts | $ | — | $ | 9,284 | $ | — | $ | 9,284 | ||||||||
| (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 |
4