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

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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

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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