Schedule of Investments (unaudited)	iShares® MSCI Russia ETF
November 30, 2022	(Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Banks — 0.9%
Sberbank of Russia PJSC(a)(b)		18,835,860	$	3,087
TCS Group Holding PLC, GDR(a)(b)		289,152		47
VTB Bank PJSC(a)(b)		8,307,845,016		1,361
				4,495
Capital Markets — 0.2%
Moscow Exchange MICEX-RTS PJSC(a)(b)		4,737,800		776
Chemicals — 0.0%
PhosAgro PJSC(a)		148,802		24
PhosAgro PJSC, New(a)		2,875		29
PhosAgro PJSC, GDR(a)		2		—
				53
Electric Utilities — 4.6%
Inter RAO UES PJSC(a)		136,938,300		22,440
Food & Staples Retailing — 0.0%
Magnit PJSC, GDR(a)		1		—
Magnit PJSC(a)		198,139		33
X5 Retail Group NV, GDR(a)		374,475		61
				94
Interactive Media & Services — 0.0%
VK Co. Ltd.(a)(b)		393,252		65
Yandex NV(a)(b)		361,376		59
				124
Internet & Direct Marketing Retail — 0.0%
Ozon Holdings PLC, GDR(a)(b)		106,824		18
Metals & Mining — 0.7%
Alrosa PJSC(a)		7,486,250		1,227
MMC Norilsk Nickel PJSC(a)		96,437		16
Novolipetsk Steel PJSC(a)		4,388,590		719
PolymetalInternationalPLC(a)(b)		834,056		137
Polyus PJSC(a)(b)		89,129		14
Severstal PAO(a)		604,068		99
United Co. RUSAL International PJSC(a)(b)		5,811,330		952
				3,164
Oil, Gas & Consumable Fuels — 1.8%
Gazprom PJSC(a)		24,553,290		4,024

Security	Shares		Value
Oil, Gas & Consumable Fuels (continued)
LUKOIL PJSC(a)		856,438	$	140
Novatek PJSC(a)		1,250,860		205
Rosneft Oil Co. PJSC(a)		2,566,222		421
Surgutneftegas PJSC(a)		21,799,946		3,572
Tatneft PJSC(a)		3,516,781		576
				8,938
Wireless Telecommunication Services — 0.1%
Mobile TeleSystems PJSC(a)		2,776,444		455
Total Common Stocks — 8.3%
(Cost: $453,537,815)				40,557
Preferred Stocks
Oil, Gas & Consumable Fuels — 0.8%
Surgutneftegas PJSC, Preference Shares, NVS(a)		21,745,700		3,563
Total Preferred Stocks — 0.8%
(Cost: $11,913,761)				3,563
Total Long-Term Investments — 9.1%
(Cost: $465,451,576)				44,120
Short-Term Securities
Money Market Funds — 90.1%
BlackRock Cash Funds: Treasury, SL Agency Shares, 3.64%(c)(d)		440,000		440,000
Total Short-Term Securities — 90.1%
(Cost: $440,000)				440,000
Total Investments — 99.2%
(Cost: $465,891,576)				484,120
Other Assets Less Liabilities — 0.8%				4,141
Net Assets — 100.0%			$	488,261

^(a) Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

^(b) Non-income producing security.

^(c) Affiliate of the Fund.

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

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: Treasury, SL Agency Shares	$	430,000	$	10,000	(a)	$	—	$	—	$	—	$	440,000		440,000	$	3,277	$	—

^(a) Represents net amount purchased (sold).

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;

1

Schedule of Investments (unaudited) (continued)	iShares®  MSCI Russia ETF
November 30, 2022

Fair Value Hierarchy as of Period End (continued)

● 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	$	—	$	—	$	40,557	$	40,557
Preferred Stocks		—		—		3,563		3,563
Money Market Funds		440,000		—		—		440,000
	$	440,000	$	—	$	44,120	$	484,120

A reconciliation of Level 3 financial instruments is presented when the Fund had a significant amount of Level 3 investments and derivative financial instruments at the beginning and/or end of the period in relation to net assets. The following table is a reconciliation of Level 3 investments for which significant unobservable inputs were used in determining fair value:

	Common Stocks			Preferred Stocks			Total
Assets:
Opening balance, as of August 31, 2022	$	40,573		$	3,565		$	44,138
Transfers into Level 3		—			—			—
Transfers out of Level 3		—			—			—
Accrued discounts/premiums		—			—			—
Net realized gain (loss)		—			—			—
Net change in unrealized appreciation (depreciation)(a)		(16	)		(2	)		(18	)
Purchases		—			—			—
Sales		—			—			—
Closing balance, as of November 30, 2022	$	40,557		$	3,563		$	44,120
Net change in unrealized appreciation (depreciation) on investment still held at November 30, 2022(a)	$	(16	)	$	(2	)	$	(18	)

^(c) Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on investments still held at November 30, 2022 is generally due to investments no longer held or categorized as Level 3 at period end.

Portfolio Abbreviation

GDR	Global Depositary Receipt
NVS	Non-Voting Shares
PJSC	Public Joint Stock Company

2