| Schedule of Investments (unaudited) | iShares® MSCI Belgium ETF |
| May 31, 2023 | (Percentages shown are based on Net Assets) |
| Security | Shares | Value | ||||||
| Common Stocks | ||||||||
| Industrial REITs — 3.9% | ||||||||
| Intervest Offices & Warehouses NV | 4,699 | $ | 77,853 | |||||
| Montea NV | 1,879 | 152,757 | ||||||
| Warehouses De Pauw CVA | 19,085 | 536,918 | ||||||
| 767,528 | ||||||||
| Air Freight & Logistics — 0.4% | ||||||||
| bpost SA | 18,268 | 76,639 | ||||||
| Banks — 10.5% | ||||||||
| KBC Ancora | 4,605 | 220,579 | ||||||
| KBC Group NV | 28,099 | 1,846,080 | ||||||
| 2,066,659 | ||||||||
| Beverages — 21.2% | ||||||||
| Anheuser-Busch InBev SA/NV | 77,927 | 4,157,013 | ||||||
| Biotechnology — 13.6% | ||||||||
| Argenx SE(a) | 6,218 | 2,421,918 | ||||||
| Galapagos NV(a) | 5,798 | 240,184 | ||||||
| 2,662,102 | ||||||||
| Chemicals — 8.9% | ||||||||
| Recticel SA | 6,980 | 92,318 | ||||||
| Solvay SA | 8,204 | 858,343 | ||||||
| Tessenderlo Group SA | 3,861 | 117,532 | ||||||
| Umicore SA | 24,098 | 669,922 | ||||||
| 1,738,115 | ||||||||
| Construction & Engineering — 3.1% | ||||||||
| Ackermans & van Haaren NV | 2,800 | 459,486 | ||||||
| Deme Group NV(a) | 1,136 | 145,113 | ||||||
| 604,599 | ||||||||
| Distributors — 2.5% | ||||||||
| D’ieteren Group | 2,871 | 496,698 | ||||||
| Financial Services — 6.3% | ||||||||
| Groupe Bruxelles Lambert NV | 11,119 | 857,998 | ||||||
| Sofina SA | 1,843 | 381,410 | ||||||
| 1,239,408 | ||||||||
| Diversified Telecommunication Services — 0.8% | ||||||||
| Proximus SADP | 20,659 | 160,350 | ||||||
| Electric Utilities — 2.4% | ||||||||
| Elia Group SA/NV | 3,890 | 470,779 | ||||||
| Electronic Equipment, Instruments & Components — 1.2% | ||||||||
| Barco NV | 8,983 | 233,223 | ||||||
| Entertainment — 0.5% | ||||||||
| Kinepolis Group NV(b) | 2,166 | 96,504 | ||||||
| Consumer Staples Distribution & Retail — 1.3% | ||||||||
| Etablissements Franz Colruyt NV | 7,586 | 251,326 | ||||||
| Health Care Equipment & Supplies — 0.3% | ||||||||
| Ion Beam Applications | 4,124 | 66,122 | ||||||
| Health Care Providers & Services — 0.9% | ||||||||
| Fagron | 9,595 | 172,651 | ||||||
| Health Care Technology — 0.3% | ||||||||
| AGFA-Gevaert NV(a) | 24,580 | 64,583 | ||||||
| Health Care REITs — 3.2% | ||||||||
| Aedifica SA | 4,820 | 323,823 | ||||||
| Security | Shares | Value | ||||||
| Health Care REITs (continued) | ||||||||
| Cofinimmo SA | 3,997 | $ | 310,591 | |||||
| 634,414 | ||||||||
| Insurance — 3.8% | ||||||||
| Ageas SA/NV | 18,531 | 741,355 | ||||||
| Retail REITs — 0.6% | ||||||||
| Retail Estates NV | 1,603 | 110,057 | ||||||
| IT Services — 0.0% | ||||||||
| Econocom Group SA/NV | 1,728 | 5,054 | ||||||
| Media — 0.7% | ||||||||
| Telenet Group Holding NV | 6,534 | 139,472 | ||||||
| Metals & Mining — 1.1% | ||||||||
| Bekaert SA | 4,808 | 206,022 | ||||||
| Residential REITs — 0.6% | ||||||||
| Xior Student Housing NV | 4,064 | 121,503 | ||||||
| Oil, Gas & Consumable Fuels — 2.1% | ||||||||
| Euronav NV | 21,677 | 343,665 | ||||||
| Exmar NV | 6,378 | 73,074 | ||||||
| 416,739 | ||||||||
| Personal Care Products — 0.5% | ||||||||
| Ontex Group NV(a)(b) | 11,375 | 86,821 | ||||||
| Pharmaceuticals — 4.3% | ||||||||
| UCB SA | 9,683 | 845,633 | ||||||
| Real Estate Management & Development — 2.0% | ||||||||
| Immobel SA(b) | 1,195 | 50,661 | ||||||
| Shurgard Self Storage Ltd. | 3,574 | 163,545 | ||||||
| VGP NV | 1,814 | 180,164 | ||||||
| 394,370 | ||||||||
| Semiconductors & Semiconductor Equipment — 1.2% | ||||||||
| Melexis NV | 2,571 | 234,885 | ||||||
| Total Long-Term Investments — 98.2% | ||||||||
| (Cost: $26,866,388) | 19,260,624 | |||||||
Short-Term Securities
| Money Market Funds — 1.1% | ||||||||
| BlackRock Cash Funds: Institutional, SL Agency Shares, 5.29%(c)(d)(e) | 208,279 | 208,321 | ||||||
| Total Short-Term Securities — 1.1% | ||||||||
| (Cost: $208,352) | 208,321 | |||||||
| Total Investments — 99.3% | ||||||||
| (Cost: $27,074,740) | 19,468,945 | |||||||
| Other Assets Less Liabilities — 0.7% | 139,448 | |||||||
| Net Assets — 100.0% | $ | 19,608,393 | ||||||
| (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. |
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| Schedule of Investments (unaudited) (continued) | iShares® MSCI Belgium ETF |
| May 31, 2023 |
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the period ended May 31, 2023 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 05/31/23 | Shares Held at 05/31/23 | Income | Capital Gain Distributions from Underlying Funds | |||||||||||||||||||||||||||
| BlackRock Cash Funds: Institutional, SL Agency Shares | $ | 26,013 | $ | 182,361 | (a) | $ | — | $ | (8 | ) | $ | (45 | ) | $ | 208,321 | 208,279 | $ | 2,410 | (b) | $ | — | |||||||||||||||
| BlackRock Cash Funds: Treasury, SL Agency Shares(c) | — | 0 | (a) | — | — | — | — | — | 76 | — | ||||||||||||||||||||||||||
| $ | (8 | ) | $ | (45 | ) | $ | 208,321 | $ | 2,486 | $ | — | |||||||||||||||||||||||||
| (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. |
| (c) | As of period end, the entity is no longer held. |
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 | 7 | 06/16/23 | $ | 317 | $ | (545 | ) | |||||||
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 | |||||||||||||
| Assets | ||||||||||||||||
| Investments | ||||||||||||||||
| Long-Term Investments | ||||||||||||||||
| Common Stocks | $ | 307,520 | $ | 18,953,104 | $ | — | $ | 19,260,624 | ||||||||
| Short-Term Securities | ||||||||||||||||
| Money Market Funds | 208,321 | — | — | 208,321 | ||||||||||||
| $ | 515,841 | $ | 18,953,104 | $ | — | $ | 19,468,945 | |||||||||
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| Schedule of Investments (unaudited) (continued) | iShares® MSCI Belgium ETF |
| May 31, 2023 |
Fair Value Hierarchy as of Period End (continued)
| Level 1 | Level 2 | Level 3 | Total | |||||||||||||
| Derivative Financial Instruments(a) | ||||||||||||||||
| Liabilities | ||||||||||||||||
| Equity Contracts | $ | — | $ | (545 | ) | $ | — | $ | (545 | ) | ||||||
| (a) | Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument. |
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