| Schedule of Investments (unaudited) | iShares® MSCI Belgium ETF |
| November 30, 2022 | (Percentages shown are based on Net Assets) |
| Security | Shares | Value | ||||||
| Common Stocks | ||||||||
| Air Freight & Logistics — 0.4% | ||||||||
| bpost SA | 10,900 | $ | 62,645 | |||||
| Banks — 8.8% | ||||||||
| KBC Ancora | 3,315 | 138,113 | ||||||
| KBC Group NV | 19,748 | 1,093,914 | ||||||
| 1,232,027 | ||||||||
| Beverages — 22.9% | ||||||||
| Anheuser-Busch InBev SA/NV | 54,689 | 3,225,305 | ||||||
| Biotechnology — 13.5% | ||||||||
| Argenx SE(a) | 4,302 | 1,741,167 | ||||||
| Galapagos NV(a) | 4,008 | 159,748 | ||||||
| 1,900,915 | ||||||||
| Chemicals — 9.4% | ||||||||
| Recticel SA | 4,487 | 70,308 | ||||||
| Solvay SA | 5,901 | 585,349 | ||||||
| Tessenderlo Group SA(a) | 2,056 | 68,268 | ||||||
| Umicore SA | 16,690 | 602,331 | ||||||
| 1,326,256 | ||||||||
| Construction & Engineering — 3.0% | ||||||||
| Ackermans & van Haaren NV | 1,981 | 314,871 | ||||||
| Deme Group NV(a) | 807 | 100,341 | ||||||
| 415,212 | ||||||||
| Distributors — 2.7% | ||||||||
| D’ieteren Group | 2,023 | 385,284 | ||||||
| Diversified Financial Services — 6.3% | ||||||||
| Groupe Bruxelles Lambert NV | 7,462 | 602,295 | ||||||
| Sofina SA | 1,297 | 282,322 | ||||||
| 884,617 | ||||||||
| Diversified Telecommunication Services — 1.0% | ||||||||
| Proximus SADP | 13,393 | 140,102 | ||||||
| Electric Utilities — 2.8% | ||||||||
| Elia Group SA/NV | 2,747 | 391,416 | ||||||
| Electronic Equipment, Instruments & Components — 1.1% | ||||||||
| Barco NV | 6,445 | 148,437 | ||||||
| Entertainment — 0.4% | ||||||||
| Kinepolis Group NV(a) | 1,514 | 58,385 | ||||||
| Equity Real Estate Investment Trusts (REITs) — 7.8% | ||||||||
| Aedifica SA | 3,300 | 260,049 | ||||||
| Cofinimmo SA | 2,570 | 224,415 | ||||||
| Intervest Offices & Warehouses NV | 2,443 | 52,115 | ||||||
| Montea NV | 1,149 | 77,274 | ||||||
| Retail Estates NV | 1,102 | 69,634 | ||||||
| Warehouses De Pauw CVA | 13,129 | 350,809 | ||||||
| Xior Student Housing NV | 2,412 | 69,648 | ||||||
| 1,103,944 | ||||||||
| Food & Staples Retailing — 0.9% | ||||||||
| Etablissements Franz Colruyt NV | 4,847 | 128,047 | ||||||
| Health Care Equipment & Supplies — 0.3% | ||||||||
| Ion Beam Applications | 2,832 | 42,437 | ||||||
| Health Care Providers & Services — 0.6% | ||||||||
| Fagron | 6,769 | 89,059 | ||||||
| Security | Shares | Value | ||||||
| Health Care Technology — 0.3% | ||||||||
| AGFA-Gevaert NV(a) | 16,317 | $ | 47,182 | |||||
| Insurance — 3.8% | ||||||||
| Ageas SA/NV(b) | 13,263 | 537,043 | ||||||
| IT Services — 0.3% | ||||||||
| Econocom Group SA/NV(b) | 13,743 | 40,686 | ||||||
| Media — 0.5% | ||||||||
| Telenet Group Holding NV | 4,602 | 73,469 | ||||||
| Metals & Mining — 0.9% | ||||||||
| Bekaert SA | 3,433 | 122,588 | ||||||
| Oil, Gas & Consumable Fuels — 2.5% | ||||||||
| Euronav NV | 15,767 | 308,218 | ||||||
| Exmar NV | 4,501 | 41,826 | ||||||
| 350,044 | ||||||||
| Personal Products — 0.4% | ||||||||
| Ontex Group NV(a) | 8,046 | 54,194 | ||||||
| Pharmaceuticals — 4.7% | ||||||||
| Mithra Pharmaceuticals SA(a)(b) | 5,126 | 24,232 | ||||||
| UCB SA | 7,892 | 637,015 | ||||||
| 661,247 | ||||||||
| Real Estate Management & Development — 1.7% | ||||||||
| Immobel SA(b) | 705 | 35,363 | ||||||
| Shurgard Self Storage SA | 2,460 | 107,380 | ||||||
| VGP NV | 1,178 | 95,850 | ||||||
| 238,593 | ||||||||
| Semiconductors & Semiconductor Equipment — 1.2% | ||||||||
| Melexis NV | 1,848 | 162,824 | ||||||
| Textiles, Apparel & Luxury Goods — 0.3% | ||||||||
| Van de Velde NV. | 1,061 | 35,772 | ||||||
| Wireless Telecommunication Services — 0.0% | ||||||||
| Orange Belgium SA(a) | 319 | 5,656 | ||||||
| Total Long-Term Investments — 98.5% | ||||||||
| (Cost: $20,575,768) | 13,863,386 | |||||||
| Short-Term Securities | ||||||||
| Money Market Funds — 4.0% | ||||||||
| BlackRock Cash Funds: Institutional, SL Agency Shares, 4.06%(c)(d)(e) | 566,844 | 566,901 | ||||||
| Total Short-Term Securities — 4.0% | ||||||||
| (Cost: $566,898) | 566,901 | |||||||
| Total Investments — 102.5% | ||||||||
| (Cost: $21,142,666) | 14,430,287 | |||||||
| Liabilities in Excess of Other Assets — (2.5)% | (352,517 | ) | ||||||
| Net Assets — 100.0% | $ | 14,077,770 | ||||||
| (a) | Non-income producing security. |
| (b) | All or a portion of this security is on loan. |
| (c) | Affiliate of the Fund. |
| (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. |
1
| Schedule of Investments (unaudited) (continued) | iShares® MSCI Belgium ETF |
| November 30, 2022 |
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the period ended November 30, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
| Affiliated Issuer | Value at 08/31/22 | Purchases at Cost | Proceeds from Sale | Net Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Value at 11/30/22 | Shares Held at 11/30/22 | Income | Capital Gain Distributions from Underlying Funds | |||||||||||||||||||||||||||
| BlackRock Cash Funds: Institutional, SL Agency Shares | $ | 26,013 | $ | 540,914 | (a) | $ | — | $ | (15 | ) | $ | (11 | ) | $ | 566,901 | 566,844 | $ | 1,093 | (b) | $ | — | |||||||||||||||
| (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 | 5 | 12/16/22 | $ | 209 | $ | 23,395 | ||||||||
Fair Value Hierarchy as of Period End
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 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 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 | $ | 177,806 | $ | 13,685,580 | $ | — | $ | 13,863,386 | ||||||||
| Money Market Funds | 566,901 | — | — | 566,901 | ||||||||||||
| $ | 744,707 | $ | 13,685,580 | $ | — | $ | 14,430,287 | |||||||||
| Derivative financial instruments(a) | ||||||||||||||||
| Assets | ||||||||||||||||
| Futures Contracts | $ | — | $ | 23,395 | $ | — | $ | 23,395 | ||||||||
| (a) | Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument. |
2