| Schedule of Investments (unaudited) | iShares® MSCI Italy ETF |
| May 31, 2023 | (Percentages shown are based on Net Assets) |
| Security | Shares | Value | ||||||
| Common Stocks | ||||||||
| Automobiles — 15.7% | ||||||||
| Ferrari NV | 85,219 | $ | 24,393,309 | |||||
| Stellantis NV | 1,575,096 | 24,002,007 | ||||||
| 48,395,316 | ||||||||
| Banks — 22.5% | ||||||||
| FinecoBank Banca Fineco SpA | 717,779 | 9,588,206 | ||||||
| Intesa Sanpaolo SpA | 11,597,508 | 26,934,667 | ||||||
| Mediobanca Banca di Credito Finanziario SpA | 775,724 | 8,574,581 | ||||||
| UniCredit SpA | 1,252,232 | 24,145,886 | ||||||
| 69,243,340 | ||||||||
| Beverages — 3.0% | ||||||||
| Davide Campari-Milano NV | 709,909 | 9,288,517 | ||||||
| Financial Services — 2.2% | ||||||||
| Nexi SpA(a)(b) | 856,031 | 6,731,604 | ||||||
| Diversified Telecommunication Services — 3.9% | ||||||||
| Infrastrutture Wireless Italiane SpA(a) | 556,918 | 7,100,701 | ||||||
| Telecom Italia SpA/Milano(b)(c) | 17,736,040 | 4,714,414 | ||||||
| 11,815,115 | ||||||||
| Electric Utilities — 16.4% | ||||||||
| Enel SpA | 5,907,234 | 37,180,143 | ||||||
| Terna - Rete Elettrica Nazionale | 1,567,510 | 13,170,649 | ||||||
| 50,350,792 | ||||||||
| Electrical Equipment — 3.5% | ||||||||
| Prysmian SpA | 289,000 | 10,748,948 | ||||||
| Energy Equipment & Services — 2.4% | ||||||||
| Tenaris SA | 603,794 | 7,495,267 | ||||||
| Gas Utilities — 3.9% | ||||||||
| Snam SpA | 2,287,585 | 11,991,416 | ||||||
| Health Care Equipment & Supplies — 1.5% | ||||||||
| DiaSorin SpA | 45,771 | 4,727,522 | ||||||
| Health Care Providers & Services — 2.3% | ||||||||
| Amplifon SpA | 205,760 | 7,137,184 | ||||||
| Insurance — 6.8% | ||||||||
| Assicurazioni Generali SpA | 711,106 | 13,508,876 | ||||||
| Security | Shares | Value | ||||||
| Insurance (continued) | ||||||||
| Poste Italiane SpA(a) | 717,254 | $ | 7,455,717 | |||||
| 20,964,593 | ||||||||
| Machinery — 4.3% | ||||||||
| CNH Industrial NV | 1,042,387 | 13,342,064 | ||||||
| Oil, Gas & Consumable Fuels — 4.4% | ||||||||
| Eni SpA | 1,004,801 | 13,370,629 | ||||||
| Pharmaceuticals — 2.2% | ||||||||
| Recordati Industria Chimica e Farmaceutica SpA | 156,676 | 6,833,040 | ||||||
| Textiles, Apparel & Luxury Goods — 4.7% | ||||||||
| Moncler SpA | 209,984 | 14,290,905 | ||||||
| Total Long-Term Investments — 99.7% | ||||||||
| (Cost: $349,947,678) | 306,726,252 | |||||||
| Short-Term Securities | ||||||||
| Money Market Funds — 0.3% | ||||||||
| BlackRock Cash Funds: Institutional, SL Agency Shares, 5.29%(d)(e)(f) | 469,392 | 469,486 | ||||||
| BlackRock Cash Funds: Treasury, SL Agency Shares, 5.07%(d)(e) | 300,000 | 300,000 | ||||||
| Total Short-Term Securities — 0.3% | ||||||||
| (Cost: $769,489) | 769,486 | |||||||
| Total Investments — 100.0% | ||||||||
| (Cost: $350,717,167) | 307,495,738 | |||||||
| Other Assets Less Liabilities — 0.0% | 104,779 | |||||||
| Net Assets — 100.0% | $ | 307,600,517 | ||||||
| (a) | 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. |
| (b) | Non-income producing security. |
| (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 | $ | 372,069 | $ | 97,023 | (a) | $ | — | $ | 539 | $ | (145 | ) | $ | 469,486 | 469,392 | $ | 1,645 | (b) | $ | — | ||||||||||||||||
| BlackRock Cash Funds: Treasury, SL Agency Shares | 40,000 | 260,000 | (a) | — | — | — | 300,000 | 300,000 | 5,001 | — | ||||||||||||||||||||||||||
| $ | 539 | $ | (145 | ) | $ | 769,486 | $ | 6,646 | $ | — | ||||||||||||||||||||||||||
| (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. |
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| Schedule of Investments (unaudited) (continued) | iShares® MSCI Italy ETF |
| May 31, 2023 |
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 | ||||||||||||||
| FTSE/MIB Index | 5 | 06/16/23 | $ | 700 | $ | (31,183 | ) | |||||||
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 | $ | — | $ | 306,726,252 | $ | — | $ | 306,726,252 | ||||||||
| Short-Term Securities | ||||||||||||||||
| Money Market Funds | 769,486 | — | — | 769,486 | ||||||||||||
| $ | 769,486 | $ | 306,726,252 | $ | — | $ | 307,495,738 | |||||||||
| Derivative Financial Instruments(a) | ||||||||||||||||
| Liabilities | ||||||||||||||||
| Equity Contracts | $ | — | $ | (31,183 | ) | $ | — | $ | (31,183 | ) | ||||||
| (a) | Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument. |
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