| Schedule of Investments (unaudited) | iShares® MSCI Sweden ETF |
| May 31, 2023 | (Percentages shown are based on Net Assets) |
| Security | Shares | Value | ||||||
| Common Stocks | ||||||||
| Aerospace & Defense — 0.4% | ||||||||
| Saab AB, Class B | 22,071 | $ | 1,201,602 | |||||
| Automobiles — 0.4% | ||||||||
| Volvo Car AB, Class B(a) | 341,914 | 1,180,294 | ||||||
| Banks — 14.8% | ||||||||
| Nordea Bank Abp | 1,893,259 | 18,688,902 | ||||||
| Skandinaviska Enskilda Banken AB, Class A | 925,280 | 9,712,921 | ||||||
| Svenska Handelsbanken AB, Class A | 834,250 | 6,604,903 | ||||||
| Swedbank AB, Class A | 517,940 | 7,957,270 | ||||||
| 42,963,996 | ||||||||
| Biotechnology — 0.7% | ||||||||
| Swedish Orphan Biovitrum AB(a) | 97,419 | 1,959,936 | ||||||
| Building Products — 7.2% | ||||||||
| Assa Abloy AB, Class B | 573,739 | 12,759,354 | ||||||
| Nibe Industrier AB, Class B | 866,754 | 8,294,291 | ||||||
| 21,053,645 | ||||||||
| Capital Markets — 1.3% | ||||||||
| EQT AB | 203,573 | 3,868,198 | ||||||
| Commercial Services & Supplies — 0.7% | ||||||||
| Securitas AB, Class B | 281,226 | 2,078,315 | ||||||
| Communications Equipment — 3.0% | ||||||||
| Telefonaktiebolaget LM Ericsson, Class B | 1,669,329 | 8,631,843 | ||||||
| Construction & Engineering — 0.9% | ||||||||
| Skanska AB, Class B | 195,094 | 2,577,679 | ||||||
| Financial Services — 11.9% | ||||||||
| Industrivarden AB, Class A | 74,612 | 2,011,290 | ||||||
| Industrivarden AB, Class C | 87,963 | 2,356,323 | ||||||
| Investor AB, Class A | 275,379 | 5,679,013 | ||||||
| Investor AB, Class B | 1,015,575 | 20,704,214 | ||||||
| Kinnevik AB, Class B(a) | 138,754 | 2,002,862 | ||||||
| L E Lundbergforetagen AB, Class B | 43,476 | 1,814,028 | ||||||
| 34,567,730 | ||||||||
| Diversified Telecommunication Services — 1.2% | ||||||||
| Telia Co. AB | 1,522,413 | 3,550,089 | ||||||
| Electronic Equipment, Instruments & Components — 4.5% | ||||||||
| Hexagon AB, Class B | 1,114,249 | 12,944,561 | ||||||
| Entertainment — 0.3% | ||||||||
| Embracer Group AB(a)(b) | 374,331 | 864,281 | ||||||
| Health Care Equipment & Supplies — 1.0% | ||||||||
| Getinge AB, Class B | 131,091 | 3,027,287 | ||||||
| Hotels, Restaurants & Leisure — 4.8% | ||||||||
| Evolution AB(c) | 104,662 | 13,816,274 | ||||||
| Household Products — 3.2% | ||||||||
| Essity AB, Class B | 348,304 | 9,275,456 | ||||||
| Industrial Conglomerates — 1.6% | ||||||||
| Investment AB Latour, Class B | 84,537 | 1,680,073 | ||||||
| Lifco AB, Class B | 133,618 | 2,831,454 | ||||||
| 4,511,527 | ||||||||
| Security | Shares | Value | ||||||
| Machinery — 30.2% | ||||||||
| Alfa Laval AB | 165,744 | $ | 5,971,210 | |||||
| Atlas Copco AB, Class A | 1,537,114 | 22,485,720 | ||||||
| Atlas Copco AB, Class B | 893,619 | 11,285,457 | ||||||
| Epiroc AB, Class A | 376,908 | 6,620,400 | ||||||
| Epiroc AB, Class B | 223,367 | 3,381,805 | ||||||
| Husqvarna AB, Class B | 240,100 | 1,780,009 | ||||||
| Indutrade AB | 156,496 | 3,694,493 | ||||||
| Sandvik AB | 609,806 | 10,750,453 | ||||||
| SKF AB, Class B | 219,555 | 3,493,515 | ||||||
| Volvo AB, Class A | 114,439 | 2,210,047 | ||||||
| Volvo AB, Class B | 863,663 | 15,961,839 | ||||||
| 87,634,948 | ||||||||
| Metals & Mining — 1.6% | ||||||||
| Boliden AB | 156,526 | 4,782,143 | ||||||
| Paper & Forest Products — 2.3% | ||||||||
| Holmen AB, Class B | 53,668 | 2,033,879 | ||||||
| Svenska Cellulosa AB SCA, Class B | 346,797 | 4,610,879 | ||||||
| 6,644,758 | ||||||||
| Real Estate Management & Development — 1.2% | ||||||||
| Fastighets AB Balder, Class B(a) | 362,926 | 1,224,992 | ||||||
| Sagax AB, Class B | 108,928 | 2,156,285 | ||||||
| 3,381,277 | ||||||||
| Specialty Retail — 1.8% | ||||||||
| H & M Hennes & Mauritz AB, Class B | 415,487 | 5,191,191 | ||||||
| Trading Companies & Distributors — 0.5% | ||||||||
| Beijer Ref AB | 98,686 | 1,459,583 | ||||||
| Wireless Telecommunication Services — 1.0% | ||||||||
| Tele2 AB, Class B | 324,108 | 2,949,270 | ||||||
| Total Long-Term Investments — 96.5% | ||||||||
| (Cost: $373,372,316) | 280,115,883 | |||||||
| Short-Term Securities | ||||||||
| Money Market Funds — 2.3% | ||||||||
| BlackRock Cash Funds: Institutional, SL Agency Shares, 5.29%(d)(e)(f) | 867,971 | 868,144 | ||||||
| BlackRock Cash Funds: Treasury, SL Agency Shares, 5.07%(d)(e) | 5,960,000 | 5,960,000 | ||||||
| Total Short-Term Securities — 2.3% | ||||||||
| (Cost: $6,828,212) | 6,828,144 | |||||||
| Total Investments — 98.8% | ||||||||
| (Cost: $380,200,528) | 286,944,027 | |||||||
| Other Assets Less Liabilities — 1.2% | 3,372,477 | |||||||
| Net Assets — 100.0% | $ | 290,316,504 | ||||||
| (a) | Non-income producing security. |
| (b) | All or a portion of this security is on loan. |
| (c) | 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. |
| (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. |
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| Schedule of Investments (unaudited) (continued) | iShares® MSCI Sweden 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:
| Capital | |||||||||||||||||||||||||||||||||||
| Gain | |||||||||||||||||||||||||||||||||||
| Change in | Distributions | ||||||||||||||||||||||||||||||||||
| Unrealized | Shares | from | |||||||||||||||||||||||||||||||||
| Value at | Purchases | Proceeds | Net Realized | Appreciation | Value at | Held at | Underlying | ||||||||||||||||||||||||||||
| Affiliated Issuer | 08/31/22 | at Cost | from Sale | Gain (Loss) | (Depreciation) | 05/31/23 | 05/31/23 | Income | Funds | ||||||||||||||||||||||||||
| BlackRock Cash Funds: Institutional, SL Agency Shares | $ | 9,748,937 | $ | — | $ | (8,886,215 | )(a) | $ | 9,196 | $ | (3,774 | ) | $ | 868,144 | 867,971 | $ | 75,879 | (b) | $ | — | |||||||||||||||
| BlackRock Cash Funds: Treasury, SL Agency Shares | 5,850,000 | 110,000 | (a) | — | — | — | 5,960,000 | 5,960,000 | 176,226 | 6 | |||||||||||||||||||||||||
| $ | 9,196 | $ | (3,774 | ) | $ | 6,828,144 | $ | 252,105 | $ | 6 | |||||||||||||||||||||||||
| (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 | ||||||||||||||||
| OMXS30 Index | 440 | 06/16/23 | $ | 9,107 | $ | (35,090 | ) | |||||||||
Forward Foreign Currency Exchange Contracts
| Unrealized | |||||||||||||
| Appreciation | |||||||||||||
| Currency Purchased | Currency Sold | Counterparty | Settlement Date | (Depreciation) | |||||||||
| USD | 3,758,970 | EUR | 3,490,035 | Standard Chartered Bank | 06/16/23 | $ | 25,490 | ||||||
| USD | 1,007,953 | SEK | 10,474,880 | Standard Chartered Bank | 06/16/23 | 41,961 | |||||||
| 67,451 | |||||||||||||
| EUR | 983,349 | USD | 1,077,743 | Standard Chartered Bank | 06/16/23 | (25,801 | ) | ||||||
| SEK | 34,766,839 | USD | 3,301,347 | Standard Chartered Bank | 06/16/23 | (95,156 | ) | ||||||
| (120,957 | ) | ||||||||||||
| $ | (53,506 | ) | |||||||||||
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
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| Schedule of Investments (unaudited) (continued) | iShares® MSCI Sweden ETF |
| May 31, 2023 |
Fair Value Hierarchy as of Period End (continued)
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 | $ | — | $ | 280,115,883 | $ | — | $ | 280,115,883 | ||||||||
| Short-Term Securities | ||||||||||||||||
| Money Market Funds | 6,828,144 | — | — | 6,828,144 | ||||||||||||
| $ | 6,828,144 | $ | 280,115,883 | $ | — | $ | 286,944,027 | |||||||||
| Derivative Financial Instruments(a) | ||||||||||||||||
| Assets | ||||||||||||||||
| Foreign Currency Exchange Contracts | $ | — | $ | 67,451 | $ | — | $ | 67,451 | ||||||||
| Liabilities | ||||||||||||||||
| Equity Contracts | — | (35,090 | ) | — | (35,090 | ) | ||||||||||
| Foreign Currency Exchange Contracts | — | (120,957 | ) | — | (120,957 | ) | ||||||||||
| $ | — | $ | (88,596 | ) | $ | — | (88,596 | ) | ||||||||
| (a) | Derivative financial instruments are futures contracts and forward foreign currency exchange contracts. Futures contracts and forward foreign currency exchange contracts are valued at the unrealized appreciation (depreciation) on the instrument. |
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