Schedule of Investments (unaudited)	iShares® MSCI Brazil ETF
May 31, 2023	(Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Banks — 4.3%
Banco Bradesco SA		17,982,651	$	47,036,402
Banco do Brasil SA		12,688,402		111,595,312
Banco Santander Brasil SA		6,459,493		36,414,464
				195,046,178
Beverages — 3.9%
Ambev SA		61,682,366		175,200,145
Capital Markets — 6.1%
B3 SA - Brasil, Bolsa, Balcao		77,313,834		202,988,246
Banco BTG Pactual SA		14,618,434		75,781,999
XP Inc.(a)		1		17
				278,770,262
Containers & Packaging — 1.0%
Klabin SA		11,419,305		47,223,113
Diversified Telecommunication Services — 1.3%
Telefonica Brasil SA		7,200,648		56,772,893
Electric Utilities — 5.1%
Centrais Eletricas Brasileiras SA		15,157,601		105,466,524
CPFL Energia SA		3,122,513		18,636,724
Energisa SA		2,415,090		20,964,769
Equatorial Energia SA		15,463,601		85,802,213
Equatorial Energia SA		214,802		1,191,863
				232,062,093
Electrical Equipment — 3.9%
WEG SA		23,932,798		177,421,507
Consumer Staples Distribution & Retail — 3.0%
Atacadao SA		8,723,637		16,283,847
Raia Drogasil SA		17,053,080		95,226,730
Sendas Distribuidora SA		12,018,788		25,467,048
				136,977,625
Food Products — 0.9%
JBS SA		11,843,466		39,219,094
Health Care Providers & Services — 2.0%
Hapvida Participacoes e Investimentos SA(a)(b)		65,596,797		51,589,936
Rede D’Or Sao Luiz SA(b)		6,658,576		38,061,755
				89,651,691
Independent Power and Renewable Electricity Producers — 1.1%
Eneva SA(a)		8,149,215		18,392,075
Engie Brasil Energia SA		3,751,912		31,082,897
				49,474,972
Insurance — 1.5%
BB Seguridade Participacoes SA		10,788,386		65,772,728
Metals & Mining — 13.9%
Cia. Siderurgica Nacional SA		10,664,513		25,540,345
Vale SA		48,461,516		609,530,155
				635,070,500
Broadline Retail — 0.7%
Magazine Luiza SA(a)		42,092,866		31,528,372
Oil, Gas & Consumable Fuels — 9.5%
Cosan SA		16,133,801		47,702,090
Petro Rio SA(a)		8,893,824		59,937,288
Petroleo Brasileiro SA		49,578,225		285,451,275

Security	Shares		Value
Oil, Gas & Consumable Fuels (continued)
Ultrapar Participacoes SA		12,430,527	$	41,481,644
				434,572,297
Paper & Forest Products — 2.1%
Suzano SA		11,001,165		97,102,905
Personal Care Products — 0.8%
Natura & Co. Holding SA		13,006,215		35,609,234
Pharmaceuticals — 1.1%
Hypera SA		6,343,642		51,041,229
Ground Transportation — 4.7%
Localiza Rent a Car SA		10,787,168		131,913,331
Localiza Rent a Car SA(a)		47,900		580,658
Rumo SA		19,776,331		81,158,853
				213,652,842
Software — 0.7%
TOTVS SA		5,839,201		33,101,812
Specialty Retail — 2.2%
Lojas Renner SA		14,754,866		56,567,154
Vibra Energia SA		14,057,518		44,583,499
				101,150,653
Transportation Infrastructure — 1.1%
CCR SA		19,423,378		51,953,411
Water Utilities — 1.2%
Cia. de Saneamento Basico do Estado de Sao Paulo		5,469,599		56,654,924
Wireless Telecommunication Services — 0.9%
Tim SA		14,852,909		40,870,165
Total Common Stocks — 73.0%
(Cost: $2,324,123,543)				3,325,900,645
Preferred Stocks
Banks — 14.6%
Banco Bradesco SA, Preference Shares, NVS		69,880,380		213,637,020
Itau Unibanco Holding SA, Preference Shares, NVS		64,850,167		336,566,908
Itausa SA, Preference Shares, NVS		65,167,307		112,780,430
				662,984,358
Electric Utilities — 1.8%
Centrais Eletricas Brasileiras SA, Class B, Preference Shares, NVS		4,241,981		32,943,853
Cia. Energetica de Minas Gerais, Preference Shares, NVS		22,152,501		51,087,904
				84,031,757
Metals & Mining — 1.8%
Gerdau SA, Preference Shares, NVS		17,344,827		81,949,718
Oil, Gas & Consumable Fuels — 7.2%
Petroleo Brasileiro SA, Preference Shares, NVS		63,622,533		327,562,053
Total Preferred Stocks — 25.4%
(Cost: $834,605,320)				1,156,527,886
Total Long-Term Investments — 98.4%
(Cost: $3,158,728,863)				4,482,428,531

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Schedule of Investments (unaudited) (continued)	iShares® MSCI Brazil ETF
May 31, 2023	(Percentages shown are based on Net Assets)

Security	Shares		Value
Short-Term Securities
Money Market Funds — 0.4%
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.07%(c)(d)		17,170,000	$	17,170,000
Total Short-Term Securities — 0.4%
(Cost: $17,170,000)				17,170,000
Total Investments — 98.8%
(Cost: $3,175,898,863)				4,499,598,531
Other Assets Less Liabilities — 1.2%				56,479,541
Net Assets — 100.0%			$	4,556,078,072

^(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 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: Treasury, SL Agency Shares	$	6,880,000	$	10,290,000	(a)	$	—	$	—	$	—	$	17,170,000		17,170,000	$	418,123	$	11

^(a) Represents net amount purchased (sold)

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
Bclear MSCI Brazil Index		1,412	06/16/23	$	68,173	$	456,416

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.

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Schedule of Investments (unaudited) (continued)	iShares® MSCI Brazil ETF
May 31, 2023

Fair Value Hierarchy as of Period End (continued)

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	$	3,324,128,124	$	1,772,521	$	—	$	3,325,900,645
Preferred Stocks		1,156,527,886		—		—		1,156,527,886
Short-Term Securities
Money Market Funds		17,170,000		—		—		17,170,000
	$	4,497,826,010	$	1,772,521	$	—	$	4,499,598,531
Derivative Financial Instruments(a)
Assets
Equity Contracts	$	456,416	$	—	$	—	$	456,416

^(a) Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

Portfolio Abbreviation

NVS Non-Voting Shares

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