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

Security	Shares		Value
Common Stocks
Air Freight & Logistics — 0.4%
bpost SA		13,551	$	84,725
Banks — 8.2%
KBC Group NV		25,721		1,607,789
Beverages — 22.7%
Anheuser-Busch InBev SA/NV		78,903		4,447,808
Biotechnology — 8.9%
Argenx SE(a)		4,707		1,458,369
Galapagos NV(a)		5,219		286,573
				1,744,942
Capital Markets — 0.8%
Gimv NV		2,507		146,737
Chemicals — 9.3%
Recticel SA		5,844		114,920
Solvay SA		7,542		736,820
Tessenderlo Group SA(a)		2,521		85,993
Umicore SA		19,851		881,288
				1,819,021
Construction & Engineering — 0.6%
Cie d’Entreprises CFE.(a)		1,051		117,097
Distributors — 2.0%
D’ieteren Group		2,536		396,230
Diversified Financial Services — 9.6%
Ackermans & van Haaren NV		2,580		435,403
Groupe Bruxelles Lambert SA		9,321		859,579
KBC Ancora		4,318		195,190
Sofina SA		1,689		397,582
				1,887,754
Diversified Telecommunication Services — 1.5%
Proximus SADP.		17,307		298,478
Electric Utilities — 2.8%
Elia Group SA/NV		3,347		550,629
Electronic Equipment, Instruments & Components — 1.0%
Barco NV		8,393		196,731
Entertainment — 0.5%
Kinepolis Group NV(a)		1,972		103,891
Equity Real Estate Investment Trusts (REITs) — 10.3%
Aedifica SA		3,729		432,391
Befimmo SA		2,945		148,662
Cofinimmo SA		2,986		390,037
Intervest Offices & Warehouses NV		3,184		91,436
Montea NV		1,310		140,726
Retail Estates NV		1,402		110,730
Warehouses De Pauw CVA		15,371		566,436
Xior Student Housing NV		2,749		141,883
				2,022,301
Food & Staples Retailing — 1.0%
Etablissements Franz Colruyt NV		6,323		205,237
Health Care Equipment & Supplies — 0.3%
Ion Beam Applications		3,712		61,210

Security	Shares		Value
Health Care Providers & Services — 0.7%
Fagron		7,847	$	138,282
Health Care Technology — 0.4%
AGFA-Gevaert NV(a)		20,588		86,180
Insurance — 4.4%
Ageas SA/NV		17,273		869,329
IT Services — 0.4%
Econocom Group SA/NV		17,899		70,049
Media — 0.8%
Telenet Group Holding NV		5,592		148,796
Metals & Mining — 0.9%
Bekaert SA		4,457		180,020
Oil, Gas & Consumable Fuels — 1.3%
Euronav NV		20,534		262,718
Personal Products — 0.4%
Ontex Group NV(a)		9,606		79,271
Pharmaceuticals — 6.0%
Mithra Pharmaceuticals SA(a)(b)		3,238		26,118
UCB SA		12,978		1,145,012
				1,171,130
Real Estate Management & Development — 1.8%
Immobel SA		756		52,101
Shurgard Self Storage SA		2,414		126,119
VGP NV		897		174,037
				352,257
Semiconductors & Semiconductor Equipment — 1.1%
Melexis NV		2,411		209,185
Textiles, Apparel & Luxury Goods — 0.3%
Van de Velde NV		1,378		54,365
Wireless Telecommunication Services — 0.3%
Orange Belgium SA(a)		2,817		57,183
Total Common Stocks — 98.7%
(Cost: $26,734,150)		.		19,369,345
Short-Term Securities
Money Market Funds — 0.2%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.87%(c)(d)(e)		28,247		28,247
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.72%(c)(d)		10,000		10,000
				38,247
Total Short-Term Securities — 0.2%
(Cost: $38,245)				38,247
Total Investments in Securities — 98.9%
(Cost: $26,772,395)				19,407,592
Other Assets Less Liabilities — 1.1%				219,357
Net Assets — 100.0%			$	19,626,949

^(a) Non-income producing security.

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

^(c) Affiliate of the Fund.

1

Schedule of Investments (unaudited) (continued)	iShares® MSCI Belgium ETF
May 31, 2022

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

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

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	$	125,177	$	—	$	(96,880	)(a)	$	(13	)	$	(37	)	$	28,247		28,247	$	7,370	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		10,000		—		0	(a)		—			—			10,000		10,000		3			—
								$	(13	)	$	(37	)	$	38,247			$	7,373		$	—

^(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		6	06/17/22	$	244	$	16,225

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.

2

Schedule of Investments (unaudited) (continued)	iShares® MSCI Belgium 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	$	152,646	$	19,216,699	$	—	$	19,369,345
Money Market Funds		38,247		—		—		38,247
	$	190,893	$	19,216,699	$	—	$	19,407,592
Derivative financial instruments(a)
Assets
Futures Contracts	$	—	$	16,225	$	—	$	16,225

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

3