| Schedule of Investments (unaudited) | iShares® MSCI Turkey ETF |
| May 31, 2022 | (Percentages shown are based on Net Assets) |
| Security | Shares | Value | ||||||
| Common Stocks | ||||||||
| Aerospace & Defense — 3.5% | ||||||||
| Aselsan Elektronik Sanayi Ve Ticaret AS(a) | 5,696,780 | $ | 8,484,432 | |||||
| Airlines — 6.2% | ||||||||
| Pegasus Hava Tasimaciligi AS(a)(b) | 361,891 | 3,140,789 | ||||||
| Turk Hava Yollari AO(a)(b) | 3,976,396 | 12,096,515 | ||||||
| 15,237,304 | ||||||||
| Automobiles — 4.4% | ||||||||
| Ford Otomotiv Sanayi AS | 577,197 | 10,846,794 | ||||||
| Banks — 7.2% | ||||||||
| Akbank TAS | 21,697,280 | 11,058,129 | ||||||
| Turkiye Is Bankasi AS, Class C(a) | 10,064,992 | 6,631,850 | ||||||
| 17,689,979 | ||||||||
| Beverages — 3.5% | ||||||||
| Anadolu Efes Biracilik Ve Malt Sanayii AS | 1,918,708 | 3,304,578 | ||||||
| Coca-Cola Icecek AS | 672,262 | 5,332,624 | ||||||
| 8,637,202 | ||||||||
| Capital Markets — 0.3% | ||||||||
| Is Yatirim Menkul Degerler AS | 638,074 | 758,146 | ||||||
| Chemicals — 6.2% | ||||||||
| Gubre Fabrikalari TAS(b) | 485,250 | 2,268,982 | ||||||
| Hektas Ticaret TAS(a)(b) | 3,307,416 | 6,308,678 | ||||||
| Petkim Petrokimya Holding AS(a)(b) | 10,889,317 | 6,581,439 | ||||||
| 15,159,099 | ||||||||
| Construction & Engineering — 0.9% | ||||||||
| Tekfen Holding AS | 1,813,100 | 2,175,289 | ||||||
| Construction Materials — 1.7% | ||||||||
| Nuh Cimento Sanayi AS | 443,752 | 1,593,244 | ||||||
| Oyak Cimento Fabrikalari AS(a)(b) | 3,380,764 | 2,517,450 | ||||||
| 4,110,694 | ||||||||
| Diversified Financial Services — 4.0% | ||||||||
| Haci Omer Sabanci Holding AS(a) | 6,836,839 | 8,844,450 | ||||||
| Turkiye Sinai Kalkinma Bankasi AS(b) | 7,419,991 | 1,002,673 | ||||||
| 9,847,123 | ||||||||
| Electric Utilities — 1.8% | ||||||||
| Enerjisa Enerji AS(a)(c) | 2,491,621 | 2,248,091 | ||||||
| Penta Teknoloji Urunleri Dagitim Ticaret AS(b) | 74,586 | 2,052,982 | ||||||
| 4,301,073 | ||||||||
| Equity Real Estate Investment Trusts (REITs) — 2.5% | ||||||||
| Emlak Konut Gayrimenkul Yatirim Ortakligi AS(a) | 19,085,936 | 3,343,003 | ||||||
| Is Gayrimenkul Yatirim Ortakligi AS(b) | 728,359 | 654,949 | ||||||
| Kizilbuk Gayrimenkul Yatirim Ortakligi AS, NVS(b) | 464,802 | 1,983,518 | ||||||
| 5,981,470 | ||||||||
| Food & Staples Retailing — 8.7% | ||||||||
| BIM Birlesik Magazalar AS | 3,302,500 | 16,609,894 | ||||||
| Migros Ticaret AS(a)(b) | 898,764 | 2,427,278 | ||||||
| Sok Marketler Ticaret AS(a) | 2,703,995 | 2,211,297 | ||||||
| 21,248,469 | ||||||||
| Food Products — 0.7% | ||||||||
| Ulker Biskuvi Sanayi AS(b) | 1,651,052 | 1,587,900 | ||||||
| Health Care Providers & Services — 0.8% | ||||||||
| MLP Saglik Hizmetleri AS(b)(c) | 943,630 | 2,018,637 | ||||||
| Household Durables — 1.5% | ||||||||
| Vestel Beyaz Esya Sanayi ve Ticaret AS | 3,242,873 | 1,913,707 | ||||||
| Security | Shares | Value | ||||||
| Household Durables (continued) | ||||||||
| Vestel Elektronik Sanayi ve Ticaret AS(a) | 1,062,601 | $ | 1,746,060 | |||||
| 3,659,767 | ||||||||
| Independent Power and Renewable Electricity Producers — 1.3% | ||||||||
| Aksa Enerji Uretim AS(a)(b) | 2,484,325 | 3,198,692 | ||||||
| Industrial Conglomerates — 12.6% | ||||||||
| Alarko Holding AS | 1,455,171 | 2,652,500 | ||||||
| Dogan Sirketler Grubu Holding AS | 10,610,004 | 2,572,964 | ||||||
| Enka Insaat ve Sanayi AS | 1 | 1 | ||||||
| KOC Holding AS | 5,385,217 | 13,184,787 | ||||||
| Turkiye Sise ve Cam Fabrikalari AS | 9,685,364 | 12,387,724 | ||||||
| 30,797,976 | ||||||||
| Insurance — 0.0% | ||||||||
| Anadolu Anonim Turk Sigorta Sirketi(b) | 216,048 | 75,097 | ||||||
| Machinery — 1.7% | ||||||||
| Jantsa Jant Sanayi Ve Ticaret AS. | 263,098 | 1,298,664 | ||||||
| Otokar Otomotiv Ve Savunma Sanayi AS | 33,367 | 873,269 | ||||||
| Turk Traktor ve Ziraat Makineleri AS(a) | 134,147 | 1,981,920 | ||||||
| 4,153,853 | ||||||||
| Metals & Mining — 14.6% | ||||||||
| Eregli Demir ve Celik Fabrikalari TAS(a) | 10,296,086 | 21,422,889 | ||||||
| Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS, | ||||||||
| Class D(b) | 6,499,951 | 5,836,962 | ||||||
| Koza Altin Isletmeleri AS(a)(b) | 398,633 | 4,801,455 | ||||||
| Koza Anadolu Metal Madencilik Isletmeleri AS(b) | 1,934,426 | 3,541,781 | ||||||
| 35,603,087 | ||||||||
| Oil, Gas & Consumable Fuels — 5.9% | ||||||||
| Turkiye Petrol Rafinerileri AS(b) | 893,263 | 14,492,111 | ||||||
| Textiles, Apparel & Luxury Goods — 2.9% | ||||||||
| Aksa Akrilik Kimya Sanayii AS | 1,413,751 | 5,023,077 | ||||||
| Mavi Giyim Sanayi Ve Ticaret AS, Class B(c) | 842,468 | 2,028,713 | ||||||
| 7,051,790 | ||||||||
| Transportation Infrastructure — 1.9% | ||||||||
| TAV Havalimanlari Holding AS(a)(b) | 1,639,558 | 4,537,912 | ||||||
| Wireless Telecommunication Services — 4.3% | ||||||||
| Turkcell Iletisim Hizmetleri AS | 8,804,476 | 10,380,782 | ||||||
| Total Common Stocks — 99.1% | ||||||||
| (Cost: $332,657,810) | 242,034,678 | |||||||
| Short-Term Securities | ||||||||
| Money Market Funds — 9.8% | ||||||||
| BlackRock Cash Funds: Institutional, SL Agency Shares, 0.87%(d)(e)(f) | 23,245,963 | 23,245,963 | ||||||
| BlackRock Cash Funds: Treasury, SL Agency Shares, 0.72%(d)(e) | 590,000 | 590,000 | ||||||
| 23,835,963 | ||||||||
| Total Short-Term Securities — 9.8% | ||||||||
| (Cost: $23,833,409) | 23,835,963 | |||||||
| Total Investments in Securities — 108.9% | ||||||||
| (Cost: $356,491,219) | 265,870,641 | |||||||
| Liabilities in Excess of Other Assets — (8.9)% | (21,646,828 | ) | ||||||
| Net Assets — 100.0% | $ | 244,223,813 | ||||||
| (a) | All or a portion of this security is on loan. |
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| Schedule of Investments (unaudited) (continued) | iShares® MSCI Turkey ETF |
| May 31, 2022 |
| (b) | Non-income producing security. |
| (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. |
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the period ended May 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
| Affiliated Issuer | Value at 08/31/21 | Purchases at Cost | Proceeds from Sale | Net Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Value at 05/31/22 | Shares Held at 05/31/22 | Income | Capital Gain Distributions from Underlying Funds | ||||||||||||||||||||||||||
| BlackRock Cash Funds: Institutional, SL Agency Shares | $ | 11,942,050 | $ | 11,310,457 | (a) | $ | — | $ | (3,662 | ) | $ | (2,882 | ) | $ | 23,245,963 | 23,245,963 | $ | 614,744 | (b) | $ | — | ||||||||||||||
| BlackRock Cash Funds: Treasury, SL Agency Shares | 350,000 | 240,000 | (a) | — | — | — | 590,000 | 590,000 | 345 | — | |||||||||||||||||||||||||
| $ | (3,662 | ) | $ | (2,882 | ) | $ | 23,835,963 | $ | 615,089 | $ | — | ||||||||||||||||||||||||
| (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 | ||||||||||||||
| MSCI Emerging Markets Index | 12 | 06/17/22 | $ | 638 | $ | 19,956 | ||||||||
Fair Value Measurements
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 BlackRock Global Valuation Methodologies Committee’s (the “Global 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 Global 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 Turkey ETF |
| May 31, 2022 |
Fair Value Measurements (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 | |||||||||||||
| Investments | ||||||||||||||||
| Assets | ||||||||||||||||
| Common Stocks | $ | 96,613,611 | $ | 145,421,067 | $ | — | $ | 242,034,678 | ||||||||
| Money Market Funds | 23,835,963 | — | — | 23,835,963 | ||||||||||||
| $ | 120,449,574 | $ | 145,421,067 | $ | — | $ | 265,870,641 | |||||||||
| Derivative financial instruments(a) | ||||||||||||||||
| Assets | ||||||||||||||||
| Futures Contracts | $ | 19,956 | $ | — | $ | — | $ | 19,956 | ||||||||
| (a) | Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument. |
Portfolio Abbreviations - Equity
| NVS | Non-Voting Shares |
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