| Schedule of Investments (unaudited) | iShares® MSCI South Africa ETF |
| November 30, 2022 | (Percentages shown are based on Net Assets) |
| Security | Shares | Value | ||||||
| Common Stocks | ||||||||
| Banks — 16.9% | ||||||||
| Absa Group Ltd. | 1,352,993 | $ | 16,224,037 | |||||
| Capitec Bank Holdings Ltd. | 139,093 | 16,513,824 | ||||||
| Nedbank Group Ltd. | 734,711 | 9,714,129 | ||||||
| Standard Bank Group Ltd. | 2,144,036 | 22,563,796 | ||||||
| 65,015,786 | ||||||||
| Capital Markets — 1.0% | ||||||||
| Reinet Investments SCA | 218,966 | 3,865,545 | ||||||
| Chemicals — 4.1% | ||||||||
| Sasol Ltd. | 904,685 | 15,728,819 | ||||||
| Diversified Financial Services — 10.0% | ||||||||
| FirstRand Ltd. | 8,061,281 | 31,329,955 | ||||||
| Remgro Ltd. | 844,621 | 6,964,193 | ||||||
| 38,294,148 | ||||||||
| Equity Real Estate Investment Trusts (REITs) — 1.2% | ||||||||
| Growthpoint Properties Ltd. | 5,475,481 | 4,500,335 | ||||||
| Food & Staples Retailing — 8.1% | ||||||||
| Bid Corp. Ltd. | 535,297 | 10,336,370 | ||||||
| Clicks Group Ltd. | 389,368 | 6,647,488 | ||||||
| Shoprite Holdings Ltd. | 803,251 | 11,823,515 | ||||||
| SPAR Group Ltd. (The) | 308,400 | 2,377,141 | ||||||
| 31,184,514 | ||||||||
| Industrial Conglomerates — 1.6% | ||||||||
| Bidvest Group Ltd. (The) | 461,608 | 6,204,505 | ||||||
| Insurance — 5.2% | ||||||||
| Discovery Ltd.(a) | 796,914 | 5,864,397 | ||||||
| Old Mutual Ltd. | 7,514,778 | 4,827,295 | ||||||
| Sanlam Ltd. | 2,843,370 | 9,336,331 | ||||||
| 20,028,023 | ||||||||
| Internet & Direct Marketing Retail — 13.9% | ||||||||
| Naspers Ltd., Class N | 347,701 | 53,290,084 | ||||||
| Media — 1.1% | ||||||||
| MultiChoice Group | 600,305 | 4,131,312 | ||||||
| Metals & Mining — 21.0% | ||||||||
| African Rainbow Minerals Ltd. | 179,418 | 3,011,606 | ||||||
| Anglo American Platinum Ltd. | 84,676 | 8,558,593 | ||||||
| AngloGold Ashanti Ltd. | 667,685 | 12,187,075 | ||||||
| Gold Fields Ltd. | 1,424,012 | 15,812,117 | ||||||
| Harmony Gold Mining Co. Ltd. | 885,567 | 3,206,320 | ||||||
| Impala Platinum Holdings Ltd. | 1,358,358 | 16,508,915 | ||||||
| Kumba Iron Ore Ltd. | 103,123 | 2,913,347 | ||||||
| Security | Shares | Value | ||||||
| Metals & Mining (continued) | ||||||||
| Northam Platinum Holdings Ltd.(a) | 538,042 | $ | 6,110,738 | |||||
| Sibanye Stillwater Ltd. | 4,522,192 | 12,582,625 | ||||||
| 80,891,336 | ||||||||
| Multiline Retail — 1.5% | ||||||||
| Woolworths Holdings Ltd. | 1,554,335 | 5,918,815 | ||||||
| Oil, Gas & Consumable Fuels — 1.3% | ||||||||
| Exxaro Resources Ltd. | 390,235 | 5,101,973 | ||||||
| Pharmaceuticals — 1.3% | ||||||||
| Aspen Pharmacare Holdings Ltd. | 605,670 | 5,026,109 | ||||||
| Real Estate Management & Development — 1.1% | ||||||||
| NEPI Rockcastle NV | 728,958 | 4,311,652 | ||||||
| Specialty Retail — 2.8% | ||||||||
| Foschini Group Ltd. (The) | 528,313 | 3,220,833 | ||||||
| Mr. Price Group Ltd. | 409,912 | 4,006,393 | ||||||
| Pepkor Holdings Ltd.(b) | 2,642,879 | 3,368,440 | ||||||
| 10,595,666 | ||||||||
| Wireless Telecommunication Services — 7.7% | ||||||||
| MTN Group Ltd. | 2,708,463 | 22,194,910 | ||||||
| Vodacom Group Ltd. | 1,025,501 | 7,464,114 | ||||||
| 29,659,024 | ||||||||
| Total Long-Term Investments — 99.8% | ||||||||
| (Cost: $474,931,302) | 383,747,646 | |||||||
| Short-Term Securities | ||||||||
| Money Market Funds — 0.0% | ||||||||
| BlackRock Cash Funds: Treasury, SL Agency Shares, 3.64%(c)(d) | 200,000 | 200,000 | ||||||
| Total Short-Term Securities — 0.0% | ||||||||
| (Cost: $200,000) | 200,000 | |||||||
| Total Investments — 99.8% | ||||||||
| (Cost: $475,131,302) | 383,947,646 | |||||||
| Other Assets Less Liabilities — 0.2% | 653,423 | |||||||
| Net Assets — 100.0% | $ | 384,601,069 | ||||||
| (a) | Non-income producing security. |
| (b) | 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. |
| (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 | $ | 180,000 | $ | 20,000 | (a) | $ | — | $ | — | $ | — | $ | 200,000 | 200,000 | $ | 747 | $ | — | ||||||||||||||||||
| (a) | Represents net amount purchased (sold). |
1
| Schedule of Investments (unaudited) (continued) | iShares® MSCI South Africa ETF |
| November 30, 2022 |
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 | ||||||||||||||
| FTSE/JSE Top 40 Index | 16 | 12/15/22 | $ | 642 | $ | 91,546 | ||||||||
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 | $ | 72,833,696 | $ | 310,913,950 | $ | — | $ | 383,747,646 | ||||||||
| Money Market Funds | 200,000 | — | — | 200,000 | ||||||||||||
| $ | 73,033,696 | $ | 310,913,950 | $ | — | $ | 383,947,646 | |||||||||
| Derivative financial instruments(a) | ||||||||||||||||
| Assets | ||||||||||||||||
| Futures Contracts | $ | — | $ | 91,546 | $ | — | $ | 91,546 | ||||||||
| (a) | Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument. |
2