| Schedule of Investments (unaudited) | iShares® MSCI Pacific ex Japan ETF |
| May 31, 2023 | (Percentages shown are based on Net Assets) |
| Security | Shares | Value | ||||||
| Common Stocks | ||||||||
| Australia — 63.2% | ||||||||
| Ampol Ltd. | 269,543 | $ | 5,506,296 | |||||
| APA Group | 1,337,138 | 8,728,589 | ||||||
| Aristocrat Leisure Ltd. | 669,591 | 16,171,504 | ||||||
| ASX Ltd. | 218,812 | 9,591,303 | ||||||
| Aurizon Holdings Ltd. | 2,096,705 | 4,853,182 | ||||||
| Australia & New Zealand Banking Group Ltd. | 3,396,837 | 50,526,467 | ||||||
| BHP Group Ltd. | 5,749,890 | 157,334,801 | ||||||
| BlueScope Steel Ltd. | 527,500 | 6,361,724 | ||||||
| Brambles Ltd. | 1,573,884 | 14,052,292 | ||||||
| Cochlear Ltd. | 74,773 | 11,833,743 | ||||||
| Coles Group Ltd. | 1,516,757 | 17,723,854 | ||||||
| Commonwealth Bank of Australia | 1,915,579 | 120,418,548 | ||||||
| Computershare Ltd. | 650,709 | 9,447,098 | ||||||
| CSL Ltd. | 547,620 | 109,061,962 | ||||||
| Dexus | 1,221,827 | 6,523,587 | ||||||
| Endeavour Group Ltd./Australia | 1,624,379 | 6,512,355 | ||||||
| Fortescue Metals Group Ltd. | 1,919,108 | 24,030,044 | ||||||
| Goodman Group | 1,924,432 | 24,552,651 | ||||||
| GPT Group (The) | 2,170,226 | 5,911,668 | ||||||
| IDP Education Ltd. | 284,206 | 4,029,324 | ||||||
| IGO Ltd. | 774,111 | 7,189,314 | ||||||
| Insurance Australia Group Ltd. | 2,793,613 | 9,421,159 | ||||||
| James Hardie Industries PLC(a) | 501,532 | 12,342,302 | ||||||
| Lendlease Corp. Ltd. | 784,351 | 4,025,949 | ||||||
| Lottery Corp. Ltd. (The) | 2,518,709 | 8,150,531 | ||||||
| Macquarie Group Ltd. | 416,943 | 46,245,985 | ||||||
| Medibank Pvt Ltd. | 3,123,073 | 7,248,613 | ||||||
| Mineral Resources Ltd. | 194,215 | 8,946,196 | ||||||
| Mirvac Group | 4,480,066 | 6,700,311 | ||||||
| National Australia Bank Ltd. | 3,560,950 | 59,976,472 | ||||||
| Newcrest Mining Ltd. | 1,012,810 | 17,085,168 | ||||||
| Northern Star Resources Ltd. | 1,304,663 | 11,033,270 | ||||||
| Orica Ltd. | 510,801 | 5,075,889 | ||||||
| Origin Energy Ltd. | 1,960,705 | 10,624,948 | ||||||
| Pilbara Minerals Ltd. | 3,061,238 | 8,775,810 | ||||||
| Qantas Airways Ltd.(a) | 1,010,038 | 4,361,668 | ||||||
| QBE Insurance Group Ltd. | 1,682,721 | 15,958,925 | ||||||
| Ramsay Health Care Ltd. | 207,509 | 7,743,527 | ||||||
| REA Group Ltd. | 59,942 | 5,354,721 | ||||||
| Reece Ltd. | 258,390 | 3,047,539 | ||||||
| Rio Tinto Ltd. | 421,795 | 29,392,381 | ||||||
| Santos Ltd. | 3,745,685 | 17,731,041 | ||||||
| Scentre Group | 5,906,357 | 10,408,117 | ||||||
| SEEK Ltd. | 381,518 | 5,830,689 | ||||||
| Sonic Healthcare Ltd. | 506,171 | 11,576,732 | ||||||
| South32 Ltd. | 5,210,798 | 13,321,665 | ||||||
| Stockland | 2,705,668 | 7,493,553 | ||||||
| Suncorp Group Ltd. | 1,435,541 | 12,376,497 | ||||||
| Telstra Corp. Ltd. | 4,582,983 | 12,996,634 | ||||||
| Transurban Group | 3,493,102 | 33,694,459 | ||||||
| Treasury Wine Estates Ltd. | 818,538 | 6,184,446 | ||||||
| Vicinity Ltd. | 4,399,919 | 5,306,810 | ||||||
| Washington H Soul Pattinson & Co. Ltd. | 266,197 | 5,558,339 | ||||||
| Wesfarmers Ltd. | 1,288,351 | 39,888,759 | ||||||
| Westpac Banking Corp. | 3,975,872 | 53,370,667 | ||||||
| WiseTech Global Ltd. | 188,253 | 9,149,412 | ||||||
| Woodside Energy Group Ltd. | 2,156,219 | 47,710,708 | ||||||
| Woolworths Group Ltd. | 1,381,800 | 33,707,751 | ||||||
| Security | Shares | Value | ||||||
| Australia (continued) | ||||||||
| Xero Ltd.(a) | 162,821 | $ | 11,624,287 | |||||
| 1,239,802,236 | ||||||||
| Hong Kong — 21.9% | ||||||||
| AIA Group Ltd. | 13,212,014 | 127,009,693 | ||||||
| BOC Hong Kong Holdings Ltd. | 4,206,000 | 12,481,943 | ||||||
| Budweiser Brewing Co. APAC Ltd.(b) | 1,953,800 | 4,916,227 | ||||||
| CK Asset Holdings Ltd. | 2,248,232 | 12,118,332 | ||||||
| CK Hutchison Holdings Ltd. | 3,056,732 | 18,428,063 | ||||||
| CK Infrastructure Holdings Ltd. | 718,708 | 3,974,812 | ||||||
| CLP Holdings Ltd. | 1,868,500 | 13,613,365 | ||||||
| ESR Group Ltd.(b) | 2,284,400 | 3,373,579 | ||||||
| Futu Holdings Ltd., ADR(a)(c) | 62,414 | 2,300,581 | ||||||
| Galaxy Entertainment Group Ltd.(a) | 2,478,000 | 15,374,861 | ||||||
| Hang Lung Properties Ltd. | 2,041,736 | 3,233,674 | ||||||
| Hang Seng Bank Ltd. | 869,100 | 11,635,668 | ||||||
| Henderson Land Development Co. Ltd. | 1,652,442 | 5,242,953 | ||||||
| HKT Trust & HKT Ltd., Class SS | 4,305,338 | 5,501,609 | ||||||
| Hong Kong & China Gas Co. Ltd. | 12,742,253 | 11,497,024 | ||||||
| Hong Kong Exchanges & Clearing Ltd. | 1,368,100 | 50,102,619 | ||||||
| Hongkong Land Holdings Ltd.(c) | 1,269,100 | 5,439,767 | ||||||
| Jardine Matheson Holdings Ltd. | 180,500 | 8,655,163 | ||||||
| Link REIT | 2,870,363 | 16,691,149 | ||||||
| MTR Corp. Ltd.(c) | 1,759,786 | 8,100,486 | ||||||
| New World Development Co. Ltd. | 1,725,480 | 4,122,257 | ||||||
| Power Assets Holdings Ltd.(c) | 1,573,500 | 8,473,012 | ||||||
| Sands China Ltd.(a) | 2,746,000 | 8,904,713 | ||||||
| Sino Land Co. Ltd. | 4,172,800 | 5,427,709 | ||||||
| SITC International Holdings Co. Ltd. | 1,502,000 | 2,609,285 | ||||||
| Sun Hung Kai Properties Ltd. | 1,644,500 | 20,951,932 | ||||||
| Swire Pacific Ltd., Class A | 491,000 | 3,278,333 | ||||||
| Swire Properties Ltd. | 1,334,600 | 3,181,481 | ||||||
| Techtronic Industries Co. Ltd. | 1,563,707 | 14,481,211 | ||||||
| WH Group Ltd.(b) | 9,483,500 | 4,957,903 | ||||||
| Wharf Real Estate Investment Co. Ltd. | 1,896,600 | 9,357,138 | ||||||
| Xinyi Glass Holdings Ltd.(c) | 1,872,000 | 2,769,821 | ||||||
| 428,206,363 | ||||||||
| New Zealand — 1.8% | ||||||||
| Auckland International Airport Ltd.(a) | 1,418,734 | 7,582,870 | ||||||
| EBOS Group Ltd.(c) | 173,896 | 4,400,817 | ||||||
| Fisher & Paykel Healthcare Corp. Ltd. | 653,869 | 9,131,469 | ||||||
| Mercury NZ Ltd. | 778,378 | 3,074,351 | ||||||
| Meridian Energy Ltd. | 1,461,027 | 4,664,989 | ||||||
| Spark New Zealand Ltd. | 2,122,534 | 6,587,927 | ||||||
| 35,442,423 | ||||||||
| Singapore — 12.4% | ||||||||
| CapitaLand Ascendas REIT | 3,808,880 | 7,601,914 | ||||||
| CapitaLand Integrated Commercial Trust | 6,058,038 | 8,960,341 | ||||||
| Capitaland Investment Ltd/Singapore | 2,946,200 | 7,210,421 | ||||||
| City Developments Ltd. | 567,400 | 2,831,229 | ||||||
| DBS Group Holdings Ltd. | 2,057,000 | 46,056,376 | ||||||
| Genting Singapore Ltd. | 6,853,300 | 5,116,572 | ||||||
| Grab Holdings Ltd., Class A(a)(c) | 2,119,327 | 6,315,594 | ||||||
| Jardine Cycle & Carriage Ltd. | 112,700 | 2,693,857 | ||||||
| Keppel Corp. Ltd. | 1,651,000 | 7,698,879 | ||||||
| Mapletree Logistics Trust | 3,815,484 | 4,680,199 | ||||||
| Mapletree Pan Asia Commercial Trust | 2,701,800 | 3,296,706 | ||||||
| Oversea-Chinese Banking Corp. Ltd. | 3,837,824 | 34,790,123 | ||||||
| Sea Ltd., ADR(a)(c) | 413,951 | 23,764,927 | ||||||
| Seatrium Ltd.(a) | 46,450,796 | 4,220,554 | ||||||
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| Schedule of Investments (unaudited) (continued) | iShares® MSCI Pacific ex Japan ETF |
| May 31, 2023 | (Percentages shown are based on Net Assets) |
| Security | Shares | Value | ||||||
| Singapore (continued) | ||||||||
| Singapore Airlines Ltd. | 1,517,950 | $ | 7,192,394 | |||||
| Singapore Exchange Ltd. | 986,100 | 6,762,204 | ||||||
| Singapore Technologies Engineering Ltd. | 1,769,700 | 4,789,486 | ||||||
| Singapore Telecommunications Ltd. | 9,401,828 | 17,294,566 | ||||||
| United Overseas Bank Ltd. | 1,434,500 | 29,638,009 | ||||||
| UOL Group Ltd. | 530,900 | 2,493,480 | ||||||
| Venture Corp. Ltd. | 316,100 | 3,546,312 | ||||||
| Wilmar International Ltd. | 2,179,300 | 6,302,731 | ||||||
| 243,256,874 | ||||||||
| Total Long-Term Investments — 99.3% | ||||||||
| (Cost: $2,182,616,401) | 1,946,707,896 | |||||||
Short-Term Securities | ||||||||
| Money Market Funds — 0.3% | ||||||||
| BlackRock Cash Funds: Institutional, SL Agency Shares, 5.29%(d)(e)(f) | 5,742,401 | 5,743,549 | ||||||
| BlackRock Cash Funds: Treasury, SL Agency Shares, 5.07%(d)(e) | 710,000 | 710,000 | ||||||
| Total Short-Term Securities — 0.3% | ||||||||
| (Cost: $6,450,989) | 6,453,549 | |||||||
| Total Investments — 99.6% | ||||||||
| (Cost: $2,189,067,390) | 1,953,161,445 | |||||||
| Other Assets Less Liabilities — 0.4% | 7,856,301 | |||||||
| Net Assets — 100.0% | $ | 1,961,017,746 | ||||||
| (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) | All or a portion of this security is on loan. |
| (d) | Affiliate of the Fund. |
| (e) | Annualized 7-day yield as of period end. |
| (f) | All or a portion of this security was purchased with the cash collateral from loaned securities. |
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 | $ | 34,033,387 | $ | — | $ | (28,299,115 | )(a) | $ | 20,102 | $ | (10,825 | ) | $ | 5,743,549 | 5,742,401 | $ | 48,786 | (b) | $ | — | ||||||||||||||||
| BlackRock Cash Funds: Treasury, SL Agency Shares | 910,000 | — | (200,000 | )(a) | — | — | 710,000 | 710,000 | 35,187 | — | ||||||||||||||||||||||||||
| $ | 20,102 | $ | (10,825 | ) | $ | 6,453,549 | $ | 83,973 | $ | — | ||||||||||||||||||||||||||
| (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
| Value/ | ||||||||||||||||
| Notional | Unrealized | |||||||||||||||
| Number of | Expiration | Amount | Appreciation | |||||||||||||
| Description | Contracts | Date | (000) | (Depreciation) | ||||||||||||
| Long Contracts | ||||||||||||||||
| SPI 200 Index | 87 | 06/15/23 | $ | 10,038 | $ | (242,709 | ) | |||||||||
2
| Schedule of Investments (unaudited) (continued) | iShares® MSCI Pacific ex Japan ETF |
| May 31, 2023 |
Futures Contracts (continued)
| Value/ | ||||||||||||||||
| Notional | Unrealized | |||||||||||||||
| Number of | Expiration | Amount | Appreciation | |||||||||||||
| Description | Contracts | Date | (000) | (Depreciation) | ||||||||||||
| MSCI Singapore Index | 193 | 06/28/23 | $ | 4,056 | $ | (96,953 | ) | |||||||||
| $ | (339,662 | ) |
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 | $ | 32,381,102 | $ | 1,914,326,794 | $ | — | $ | 1,946,707,896 | ||||||||
| Short-Term Securities | ||||||||||||||||
| Money Market Funds | 6,453,549 | — | — | 6,453,549 | ||||||||||||
| $ | 38,834,651 | $ | 1,914,326,794 | $ | — | $ | 1,953,161,445 | |||||||||
| Derivative Financial Instruments(a) | ||||||||||||||||
| Liabilities | ||||||||||||||||
| Equity Contracts | $ | — | $ | (339,662 | ) | $ | — | $ | (339,662 | ) | ||||||
| (a) | Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument. |
Portfolio Abbreviation
| ADR | American Depositary Receipt |
| REIT | Real Estate Investment Trust |
3