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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