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.

1

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

2

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.

3