| Schedule of Investments (unaudited) | iShares® MSCI South Korea ETF |
| May 31, 2022 | (Percentages shown are based on Net Assets) |
| Security | Shares | Value | ||||||
| Common Stocks | ||||||||
| Aerospace & Defense — 0.5% | ||||||||
| Korea Aerospace Industries Ltd.(a) | 502,592 | $ | 21,276,603 | |||||
| Air Freight & Logistics — 0.5% | ||||||||
| Hyundai Glovis Co. Ltd. | 121,933 | 20,805,868 | ||||||
| Airlines — 0.7% | ||||||||
| Korean Air Lines Co. Ltd.(b) | 1,144,031 | 26,837,073 | ||||||
| Auto Components — 3.0% | ||||||||
| Hankook Tire & Technology Co. Ltd. | 498,610 | 14,304,622 | ||||||
| Hanon Systems(a) | 1,313,955 | 12,099,402 | ||||||
| Hyundai Mobis Co. Ltd. | 338,290 | 59,423,034 | ||||||
| LG Energy Solution(a)(b) | 87,908 | 31,540,717 | ||||||
| 117,367,775 | ||||||||
| Automobiles — 5.0% | ||||||||
| Hyundai Motor Co.(a) | 679,055 | 103,474,356 | ||||||
| Kia Corp. | 1,313,067 | 90,583,339 | ||||||
| 194,057,695 | ||||||||
| Banks — 7.8% | ||||||||
| Hana Financial Group Inc. | 1,536,569 | 61,452,458 | ||||||
| Industrial Bank of Korea | 1,686,617 | 15,337,229 | ||||||
| KakaoBank Corp.(a)(b) | 364,040 | 11,899,606 | ||||||
| KB Financial Group Inc. | 1,959,887 | 95,786,481 | ||||||
| Shinhan Financial Group Co. Ltd. | 2,275,689 | 79,219,402 | ||||||
| Woori Financial Group Inc. | 2,995,945 | 36,083,697 | ||||||
| 299,778,873 | ||||||||
| Biotechnology — 2.6% | ||||||||
| Alteogen Inc.(a)(b) | 137,164 | 6,360,795 | ||||||
| Celltrion Inc.(a) | 488,351 | 63,145,586 | ||||||
| Green Cross Corp. | 21,835 | 3,379,548 | ||||||
| Seegene Inc.(a) | 180,620 | 6,477,980 | ||||||
| SK Biopharmaceuticals Co. Ltd.(a)(b) | 135,400 | 9,463,257 | ||||||
| SK Bioscience Co. Ltd.(a)(b) | 89,972 | 9,818,414 | ||||||
| 98,645,580 | ||||||||
| Capital Markets — 2.0% | ||||||||
| Korea Investment Holdings Co. Ltd. | 265,163 | 15,284,217 | ||||||
| Meritz Securities Co. Ltd. | 3,094,607 | 15,164,256 | ||||||
| Mirae Asset Securities Co. Ltd.(a) | 2,544,616 | 16,703,359 | ||||||
| NH Investment & Securities Co. Ltd. | 1,168,824 | 10,172,153 | ||||||
| Samsung Securities Co. Ltd. | 429,872 | 13,721,533 | ||||||
| SK Square Co. Ltd.(a)(b) | 160,357 | 6,085,363 | ||||||
| 77,130,881 | ||||||||
| Chemicals — 5.0% | ||||||||
| Hanwha Solutions Corp.(b) | 859,824 | 26,993,746 | ||||||
| Kumho Petrochemical Co. Ltd. | 159,451 | 20,549,723 | ||||||
| LG Chem Ltd. | 221,762 | 104,234,668 | ||||||
| Lotte Chemical Corp.(a) | 103,157 | 16,986,857 | ||||||
| SK Chemicals Co. Ltd. | 56,592 | 5,875,363 | ||||||
| SK IE Technology Co. Ltd.(a)(b)(c) | 63,673 | 6,464,908 | ||||||
| SKC Co. Ltd.(a) | 79,095 | 10,218,356 | ||||||
| 191,323,621 | ||||||||
| Commercial Services & Supplies — 0.2% | ||||||||
| S-1 Corp.(a) | 136,431 | 7,907,636 | ||||||
| Construction & Engineering — 1.3% | ||||||||
| GS Engineering & Construction Corp.(a) | 450,661 | 14,439,525 | ||||||
| Hyundai Engineering & Construction Co. Ltd. | 489,262 | 17,053,516 | ||||||
| Security | Shares | Value | ||||||
| Construction & Engineering (continued) | ||||||||
| Samsung Engineering Co. Ltd.(a)(b) | 1,037,493 | $ | 20,511,950 | |||||
| 52,004,991 | ||||||||
| Construction Materials — 0.6% | ||||||||
| POSCO Chemical Co. Ltd.(a) | 204,804 | 21,493,245 | ||||||
| Diversified Financial Services — 0.1% | ||||||||
| Meritz Financial Group Inc.(a) | 123,388 | 3,253,379 | ||||||
| Diversified Telecommunication Services — 0.4% | ||||||||
| LG Uplus Corp. | 1,332,672 | 14,898,872 | ||||||
| Electric Utilities — 0.7% | ||||||||
| Korea Electric Power Corp.(b) | 1,374,746 | 25,903,468 | ||||||
| Electrical Equipment — 1.1% | ||||||||
| Doosan Enerbility Co. Ltd.(a)(b) | 1,535,925 | 25,619,154 | ||||||
| Ecopro BM Co. Ltd.(a) | 42,800 | 17,406,275 | ||||||
| 43,025,429 | ||||||||
| Electronic Equipment, Instruments & Components — 6.0% | ||||||||
| Iljin Materials Co. Ltd.(a) | 83,232 | 6,036,522 | ||||||
| L&F Co. Ltd.(b) | 80,297 | 16,814,244 | ||||||
| LG Display Co. Ltd.(a) | 1,348,307 | 18,861,701 | ||||||
| LG Innotek Co. Ltd.(a) | 101,723 | 31,435,208 | ||||||
| Samsung Electro-Mechanics Co. Ltd. | 302,382 | 37,572,246 | ||||||
| Samsung SDI Co. Ltd. | 261,888 | 121,107,483 | ||||||
| 231,827,404 | ||||||||
| Entertainment — 1.8% | ||||||||
| HYBE Co. Ltd.(b) | 65,210 | 12,124,908 | ||||||
| NCSoft Corp. | 90,775 | 33,233,156 | ||||||
| Netmarble Corp.(a)(c) | 171,857 | 11,526,455 | ||||||
| Pearl Abyss Corp.(a)(b) | 240,918 | 12,256,867 | ||||||
| 69,141,386 | ||||||||
| Food & Staples Retailing — 0.6% | ||||||||
| BGF retail Co. Ltd. | 65,705 | 9,707,679 | ||||||
| E-MART Inc. | 142,311 | 13,284,117 | ||||||
| 22,991,796 | ||||||||
| Food Products — 0.8% | ||||||||
| CJ CheilJedang Corp. | 56,899 | 18,025,890 | ||||||
| Orion Corp./Republic of Korea | 155,831 | 12,225,430 | ||||||
| 30,251,320 | ||||||||
| Health Care Equipment & Supplies — 0.1% | ||||||||
| SD Biosensor Inc. | 130,793 | 5,270,941 | ||||||
| Health Care Providers & Services — 0.5% | ||||||||
| Celltrion Healthcare Co. Ltd. | 352,260 | 17,538,396 | ||||||
| Hotels, Restaurants & Leisure — 0.4% | ||||||||
| Kangwon Land Inc.(a)(b) | 734,142 | 16,639,657 | ||||||
| Household Durables — 1.7% | ||||||||
| Coway Co. Ltd.(a) | 304,868 | 17,542,031 | ||||||
| LG Electronics Inc.(a) | 563,768 | 47,551,534 | ||||||
| 65,093,565 | ||||||||
| Industrial Conglomerates — 3.2% | ||||||||
| CJ Corp. | 118,225 | 8,129,050 | ||||||
| LG Corp. | 459,721 | 29,651,260 | ||||||
| Samsung C&T Corp. | 443,926 | 43,224,418 | ||||||
| SK Inc. | 217,784 | 43,453,776 | ||||||
| 124,458,504 | ||||||||
1
| Schedule of Investments (unaudited) (continued) | iShares® MSCI South Korea ETF |
| May 31, 2022 | (Percentages shown are based on Net Assets) |
| Security | Shares | Value | ||||||
| Insurance — 1.8% | ||||||||
| DB Insurance Co. Ltd.(a) | 345,618 | $ | 18,075,601 | |||||
| Meritz Fire & Marine Insurance Co. Ltd.(a) | 99,606 | 3,105,392 | ||||||
| Samsung Fire & Marine Insurance Co. Ltd.(a) | 161,963 | 25,946,184 | ||||||
| Samsung Life Insurance Co. Ltd.(a) | 397,189 | 21,799,876 | ||||||
| 68,927,053 | ||||||||
| Interactive Media & Services — 5.9% | ||||||||
| Kakao Corp. | 1,358,021 | 92,751,846 | ||||||
| NAVER Corp.(a) | 579,945 | 134,285,967 | ||||||
| 227,037,813 | ||||||||
| Internet & Direct Marketing Retail — 0.2% | ||||||||
| CJ ENM Co. Ltd. | 82,814 | 7,927,893 | ||||||
| IT Services — 0.6% | ||||||||
| Samsung SDS Co. Ltd. | 185,309 | 22,158,774 | ||||||
| Leisure Products — 0.6% | ||||||||
| HLB Inc.(a)(b) | 626,142 | 22,901,962 | ||||||
| Life Sciences Tools & Services — 1.7% | ||||||||
| Samsung Biologics Co. Ltd.(a)(b)(c) | 94,121 | 64,234,467 | ||||||
| Machinery — 1.7% | ||||||||
| Doosan Bobcat Inc. | 398,272 | 12,172,571 | ||||||
| HD Hyundai Co. Ltd. | 310,553 | 15,639,100 | ||||||
| Hyundai Heavy Industries Co. Ltd.(b) | 32,975 | 3,171,698 | ||||||
| Korea Shipbuilding & Offshore Engineering Co. Ltd.(b) | 222,868 | 16,412,316 | ||||||
| Samsung Heavy Industries Co. Ltd.(a)(b) | 3,709,642 | 17,727,914 | ||||||
| 65,123,599 | ||||||||
| Marine — 1.1% | ||||||||
| HMM Co. Ltd.(a) | 1,070,948 | 27,997,453 | ||||||
| Pan Ocean Co. Ltd. | 2,503,002 | 15,312,813 | ||||||
| 43,310,266 | ||||||||
| Media — 0.3% | ||||||||
| Cheil Worldwide Inc. | 547,454 | 11,472,444 | ||||||
| Metals & Mining — 3.4% | ||||||||
| Hyundai Steel Co.(a) | 543,580 | 18,037,458 | ||||||
| Korea Zinc Co. Ltd. | 50,629 | 24,242,988 | ||||||
| POSCO Holdings Inc. | 378,967 | 88,086,877 | ||||||
| 130,367,323 | ||||||||
| Multiline Retail — 0.1% | ||||||||
| Lotte Shopping Co. Ltd. | 43,178 | 3,531,413 | ||||||
| Oil, Gas & Consumable Fuels — 2.3% | ||||||||
| GS Holdings Corp. | 340,888 | 12,460,773 | ||||||
| SK Innovation Co. Ltd.(b) | 290,678 | 50,358,398 | ||||||
| S-Oil Corp. | 271,630 | 25,069,431 | ||||||
| 87,888,602 | ||||||||
| Personal Products — 1.5% | ||||||||
| Amorepacific Corp.(a) | 175,412 | 23,108,453 | ||||||
| AMOREPACIFIC Group | 203,210 | 7,541,857 | ||||||
| LG Household & Health Care Ltd.(a) | 47,619 | 28,121,920 | ||||||
| 58,772,230 | ||||||||
| Pharmaceuticals — 0.9% | ||||||||
| Celltrion Pharm Inc.(a)(b) | 84,202 | 5,543,676 | ||||||
| Hanmi Pharm Co. Ltd.(a) | 49,596 | 12,365,417 | ||||||
| Yuhan Corp.(a) | 364,586 | 17,747,690 | ||||||
| 35,656,783 | ||||||||
| Road & Rail — 0.2% | ||||||||
| CJ Logistics Corp.(b) | 77,845 | 8,126,041 | ||||||
| Security | Shares | Value | ||||||
| Semiconductors & Semiconductor Equipment — 5.6% | ||||||||
| SK Hynix Inc.(a) | 2,493,605 | $ | 216,128,799 | |||||
| Software — 0.6% | ||||||||
| Kakao Games Corp.(a)(b) | 105,676 | 5,301,107 | ||||||
| Krafton Inc.(a)(b) | 89,888 | 18,701,794 | ||||||
| 24,002,901 | ||||||||
| Specialty Retail — 0.3% | ||||||||
| Hotel Shilla Co. Ltd.(a) | 199,408 | 12,510,620 | ||||||
| Technology Hardware, Storage & Peripherals — 21.6% | ||||||||
| Samsung Electronics Co. Ltd. | 15,313,948 | 832,740,958 | ||||||
| Textiles, Apparel & Luxury Goods — 0.2% | ||||||||
| F&F Co. Ltd./New | 65,336 | 7,661,407 | ||||||
| Tobacco — 1.1% | ||||||||
| KT&G Corp.(a) | 595,365 | 40,851,440 | ||||||
| Wireless Telecommunication Services — 0.3% | ||||||||
| SK Telecom Co. Ltd. | 266,511 | 12,271,652 | ||||||
| Total Common Stocks — 98.6% | ||||||||
| (Cost: $1,611,946,119) | 3,802,528,398 | |||||||
| Preferred Stocks | ||||||||
| Automobiles — 0.7% | ||||||||
| Hyundai Motor Co. | ||||||||
| Preference Shares, NVS | 147,333 | 11,060,183 | ||||||
| Series 2, Preference Shares, NVS | 210,836 | 15,623,445 | ||||||
| 26,683,628 | ||||||||
| Chemicals — 0.3% | ||||||||
| LG Chem Ltd., Preference Shares, NVS | 55,721 | 13,086,915 | ||||||
| Personal Products — 0.1% | ||||||||
| LG Household & Health Care Ltd., Preference Shares, NVS | 13,667 | 4,450,857 | ||||||
| Technology Hardware, Storage & Peripherals — 0.1% | ||||||||
| Samsung Electronics Co. Ltd., Preference Shares, NVS | 61,949 | 3,038,677 | ||||||
| Total Preferred Stocks — 1.2% | ||||||||
| (Cost: $23,776,289) | 47,260,077 | |||||||
| Rights | ||||||||
| Electrical Equipment — 0.0% | ||||||||
| Ecopro BM Co. Ltd., (Expires 06/17/22)(a)(b) | 2,411 | 301,083 | ||||||
| Total Rights — 0.0% | ||||||||
| (Cost: $0) | 301,083 | |||||||
| Short-Term Securities | ||||||||
| Money Market Funds — 6.2% | ||||||||
| BlackRock Cash Funds: Institutional, SL Agency Shares, 0.87%(d)(e)(f) | 238,678,225 | 238,678,225 | ||||||
2
| Schedule of Investments (unaudited) (continued) | iShares® MSCI South Korea ETF |
| May 31, 2022 | (Percentages shown are based on Net Assets) |
| Security | Shares | Value | ||||||
| Money Market Funds (continued) | ||||||||
| BlackRock Cash Funds: Treasury, SL Agency Shares, 0.72%(d)(e) | 1,660,000 | $ | 1,660,000 | |||||
| 240,338,225 | ||||||||
| Total Short-Term Securities — 6.2% | ||||||||
| (Cost: $240,310,567) | 240,338,225 | |||||||
| Total Investments in Securities — 106.0% | ||||||||
| (Cost: $1,876,032,975) | 4,090,427,783 | |||||||
| Liabilities in Excess of Other Assets — (6.0)% | (231,284,264 | ) | ||||||
| Net Assets — 100.0% | $ | 3,859,143,519 | ||||||
| (a) | All or a portion of this security is on loan. |
| (b) | Non-income producing security. |
| (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. |
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 | $ | 122,734,315 | $ | 115,997,750 | (a) | $ | — | $ | (21,418 | ) | $ | (32,422 | ) | $ | 238,678,225 | 238,678,225 | $ | 3,035,716 | (b) | $ | — | |||||||||||||||
| BlackRock Cash Funds: Treasury, SL Agency Shares | 1,140,000 | 520,000 | (a) | — | — | — | 1,660,000 | 1,660,000 | 2,486 | — | ||||||||||||||||||||||||||
| $ | (21,418 | ) | $ | (32,422 | ) | $ | 240,338,225 | $ | 3,038,202 | $ | — | |||||||||||||||||||||||||
| (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 | ||||||||||||||
| KOSPI2 Index | 156 | 06/09/22 | $ | 11,123 | $ | (353,617 | ) | |||||||
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
3
| Schedule of Investments (unaudited) (continued) | iShares® MSCI South Korea 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 | $ | 3,171,698 | $ | 3,799,356,700 | $ | — | $ | 3,802,528,398 | ||||||||
| Preferred Stocks | — | 47,260,077 | — | 47,260,077 | ||||||||||||
| Rights | 301,083 | — | — | 301,083 | ||||||||||||
| Money Market Funds | 240,338,225 | — | — | 240,338,225 | ||||||||||||
| $ | 243,811,006 | $ | 3,846,616,777 | $ | — | $ | 4,090,427,783 | |||||||||
| Derivative financial instruments(a) | ||||||||||||||||
| Liabilities | ||||||||||||||||
| Futures Contracts | $ | — | $ | (353,617 | ) | $ | — | $ | (353,617 | ) | ||||||
| (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 |
4