HelloFresh SE

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

Security	Shares		Value

Common Stocks

Aerospace & Defense — 1.8%
MTU Aero Engines AG		67,296	$	15,567,817
Rheinmetall AG		54,681		13,852,329
				29,420,146
Air Freight & Logistics — 3.5%
Deutsche Post AG, Registered		1,264,476		57,020,063
Passenger Airlines — 0.5%
Deutsche Lufthansa AG, Registered^(a)		750,917		7,388,981
Automobile Components — 0.6%
Continental AG		138,195		9,224,183
Automobiles — 8.1%
Bayerische Motoren Werke AG		415,951		45,361,655
Mercedes-Benz Group AG		1,075,546		80,400,876
Volkswagen AG		37,137		5,620,065
				131,382,596
Banks — 0.8%
Commerzbank AG^(a)		1,342,077		13,575,919
Capital Markets — 4.1%
Deutsche Bank AG, Registered		2,434,127		24,783,354
Deutsche Boerse AG		238,695		41,285,562
				66,068,916
Chemicals — 5.5%
BASF SE		1,122,776		53,397,142
Covestro AG^(a)(b)		242,630		9,369,831
Evonik Industries AG		262,383		5,270,142
Symrise AG		166,820		17,865,195
Wacker Chemie AG		23,051		3,060,191
				88,962,501
Construction Materials — 0.8%
HeidelbergCement AG		181,938		13,051,499
Diversified Telecommunication Services — 5.7%
Deutsche Telekom AG, Registered		4,071,841		90,336,051
Telefonica Deutschland Holding AG		1,120,144		3,158,219
				93,494,270
Electrical Equipment — 1.0%
Siemens Energy AG^(a)		652,437		16,596,387
Consumer Staples Distribution & Retail — 0.3%
HelloFresh SE^(a)		206,479		4,933,958
Health Care Equipment & Supplies — 1.6%
Carl Zeiss Meditec AG, Bearer		50,559		5,688,934
Siemens Healthineers AG^(b)		354,274		20,118,439
				25,807,373
Health Care Providers & Services — 1.6%
Fresenius Medical Care AG & Co. KGaA		257,517		11,023,644
Fresenius SE & Co. KGaA		530,685		14,552,505
				25,576,149
Hotels, Restaurants & Leisure — 0.5%
Delivery Hero SE^(a)(b)(c)		217,591		8,171,683
Household Products — 0.6%
Henkel AG & Co. KGaA		130,901		9,404,642
Independent Power and Renewable Electricity Producers — 2.0%
RWE AG		794,240		33,260,532

Security	Shares		Value

Industrial Conglomerates — 9.6%
Siemens AG, Registered		954,740	$	157,114,796
Insurance — 11.8%
Allianz SE, Registered		506,678		108,504,367
Hannover Rueck SE		75,705		16,227,652
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Registered		176,005		62,955,594
Talanx AG^(a)		79,971		4,457,835
				192,145,448
Interactive Media & Services — 0.4%
Scout24 SE^(b)		94,192		6,050,903
IT Services — 0.2%
Bechtle AG		103,051		4,055,107
Life Sciences Tools & Services — 0.8%
QIAGEN NV^(a)		285,575		12,934,284
Machinery — 2.3%
Daimler Truck Holding AG^(a)		620,571		18,835,346
GEA Group AG		190,860		8,043,964
Knorr-Bremse AG		90,660		6,220,060
Rational AG		6,435		4,324,872
				37,424,242
Multi-Utilities — 2.1%
E.ON SE		2,820,487		34,193,621
Personal Care Products — 1.0%
Beiersdorf AG		126,594		16,154,609
Pharmaceuticals — 6.0%
Bayer AG, Registered		1,234,201		68,881,148
Merck KGaA		162,369		28,359,691
				97,240,839
Real Estate Management & Development — 1.3%
LEG Immobilien SE^(a)		93,257		4,857,011
Vonovia SE		899,828		16,556,287
				21,413,298
Semiconductors & Semiconductor Equipment — 3.8%
Infineon Technologies AG		1,640,600		61,077,901
Software — 10.9%
Nemetschek SE		72,559		5,694,886
SAP SE		1,311,839		172,015,830
				177,710,716
Specialty Retail — 0.5%
Zalando SE^(a)(b)		282,407		8,212,340
Textiles, Apparel & Luxury Goods — 2.4%
adidas AG		203,517		33,088,351
Puma SE		133,284		6,370,222
				39,458,573
Trading Companies & Distributors — 0.9%
Brenntag SE		193,967		15,254,095
Total Common Stocks — 93.0%
(Cost: $2,031,603,979)				1,513,780,570

Preferred Stocks

Automobiles — 4.2%
Bayerische Motoren Werke AG, Preference Shares, NVS		74,761		7,696,721

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

Security	Shares		Value

Automobiles (continued)
Dr Ing hc F Porsche AG, Preference Shares, NVS^(a)(b)		143,040	$	17,809,282
Porsche Automobil Holding SE, Preference Shares, NVS		192,332		10,713,018
Volkswagen AG, Preference Shares, NVS		259,187		32,471,384
				68,690,405
Household Products — 1.0%
Henkel AG & Co. KGaA, Preference Shares, NVS		212,577		16,966,498
Life Sciences Tools & Services — 0.7%
Sartorius AG, Preference Shares, NVS		32,942		11,056,004
Total Preferred Stocks — 5.9%
(Cost: $136,066,830)				96,712,907
Total Long-Term Investments — 98.9%
(Cost: $2,167,670,809)				1,610,493,477

Short-Term Securities

Money Market Funds — 0.7%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.29%^(d)(e)(f)		11,311,784		11,314,046

Security	Shares		Value

Money Market Funds (continued)
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.07%^(d)(e)		680,000	$	680,000
Total Short-Term Securities — 0.7%
(Cost: $11,995,804)				11,994,046
Total Investments — 99.6%
(Cost: $2,179,666,613)				1,622,487,523
Other Assets Less Liabilities — 0.4%				6,322,205

Net Assets — 100.0%			$	1,628,809,728

^(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	$	8,462,684	$	2,853,095	^(a)	$	—		$	2,856	$	(4,589	)	$	11,314,046		11,311,784	$	50,178	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		920,000		—			(240,000	)^(a)		—		—			680,000		680,000		21,778			—
									$	2,856	$	(4,589	)	$	11,994,046			$	71,956		$	—

^(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

Description

Number of
Contracts

Expiration
Date

Notional
Amount
(000)

Value/
Unrealized
Appreciation
(Depreciation)

Long Contracts

DAX Index

06/16/23

17,631

511,274

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

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

Fair Value Hierarchy as of Period End (continued)

●

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	$	4,457,835	$	1,509,322,735	$	—	$	1,513,780,570
Preferred Stocks		—		96,712,907		—		96,712,907
Short-Term Securities
Money Market Funds		11,994,046		—		—		11,994,046
	$	16,451,881	$	1,606,035,642	$	—	$	1,622,487,523
Derivative Financial Instruments^(a)
Assets
Equity Contracts	$	—	$	511,274	$	—	$	511,274

^(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