| Schedule of Investments (unaudited) | iShares® MSCI Kuwait ETF |
| May 31, 2022 | (Percentages shown are based on Net Assets) |
| Security | Shares | Value | ||||||
| Common Stocks | ||||||||
| Air Freight & Logistics — 4.5% | ||||||||
| Agility Public Warehousing Co. KSC | 253,771 | $ | 950,570 | |||||
| Airlines — 1.7% | ||||||||
| Jazeera Airways Co. KSCP | 54,272 | 350,056 | ||||||
| Banks — 58.5% | ||||||||
| Ahli United Bank BSC | 1,008,862 | 899,610 | ||||||
| Ahli United Bank KSCP | 28,646 | 27,566 | ||||||
| Al Ahli Bank of Kuwait KSCP | 221,831 | 239,564 | ||||||
| Boubyan Bank KSCP | 9,990 | 26,492 | ||||||
| Burgan Bank SAK | 493,392 | 444,235 | ||||||
| Gulf Bank KSCP | 603,079 | 614,373 | ||||||
| Kuwait Finance House KSCP | 1,429,913 | 4,193,213 | ||||||
| Kuwait International Bank KSCP | 425,176 | 312,099 | ||||||
| Kuwait Projects Co. Holding KSCP | 610,878 | 351,654 | ||||||
| National Bank of Kuwait SAKP | 1,397,539 | 4,730,962 | ||||||
| Warba Bank KSCP(a) | 500,461 | 437,426 | ||||||
| 12,277,194 | ||||||||
| Capital Markets — 1.0% | ||||||||
| Noor Financial Investment Co. KSC | 275,253 | 210,233 | ||||||
| Chemicals — 3.6% | ||||||||
| Boubyan Petrochemicals Co. KSCP | 130,175 | 467,458 | ||||||
| Qurain Petrochemical Industries Co. | 230,690 | 280,127 | ||||||
| 747,585 | ||||||||
| Construction & Engineering — 0.5% | ||||||||
| Combined Group Contracting Co. SAK | 84,443 | 108,787 | ||||||
| Diversified Consumer Services — 1.9% | ||||||||
| Humansoft Holding Co. KSC | 40,361 | 408,834 | ||||||
| Diversified Financial Services — 5.7% | ||||||||
| A'ayan Leasing & Investment Co. KSCP | 474,767 | 258,395 | ||||||
| Alimtiaz Investment Group KSC | 678,851 | 229,732 | ||||||
| Boursa Kuwait Securities Co. KPSC | 51,673 | 431,377 | ||||||
| National Investments Co. KSCP | 237,303 | 278,331 | ||||||
| 1,197,835 | ||||||||
| Electric Utilities — 1.2% | ||||||||
| Shamal Az-Zour Al-Oula for the First Phase of Az-Zour Power Plant KSC | 347,283 | 243,847 | ||||||
| Electrical Equipment — 1.7% | ||||||||
| Gulf Cable & Electrical Industries Co. KSCP | 65,575 | 347,727 | ||||||
| Security | Shares | Value | ||||||
| Energy Equipment & Services — 1.2% | ||||||||
| Heavy Engineering & Ship Building Co. KSCP | 109,474 | $ | 261,680 | |||||
| Food Products — 1.0% | ||||||||
| Mezzan Holding Co. KSCC | 114,247 | 199,724 | ||||||
| Industrial Conglomerates — 3.1% | ||||||||
| National Industries Group Holding SAK(a) | 653,716 | 646,180 | ||||||
| Real Estate Management & Development — 7.4% | ||||||||
| Commercial Real Estate Co. Ksc | 558,656 | 204,342 | ||||||
| Kuwait Real Estate Co. KSC | 562,772 | 286,602 | ||||||
| Mabanee Co. KPSC | 248,913 | 680,943 | ||||||
| National Real Estate Co. KPSC(a) | 493,969 | 377,260 | ||||||
| 1,549,147 | ||||||||
| Trading Companies & Distributors — 2.0% | ||||||||
| ALAFCO Aviation Lease & Finance Co. KSCP(a) | 253,467 | 177,073 | ||||||
| Integrated Holding Co. KCSC | 165,788 | 245,962 | ||||||
| 423,035 | ||||||||
| Wireless Telecommunication Services — 4.4% | ||||||||
| Mobile Telecommunications Co. KSCP | 446,668 | 918,599 | ||||||
| Total Common Stocks — 99.4% | ||||||||
| (Cost: $14,663,105) | 20,841,033 | |||||||
| Short-Term Securities | ||||||||
| Money Market Funds — 0.1% | ||||||||
| BlackRock Cash Funds: Treasury, SL Agency Shares, 0.72%(b)(c) | 20,000 | 20,000 | ||||||
| Total Short-Term Securities — 0.1% | ||||||||
| (Cost: $20,000) | 20,000 | |||||||
| Total Investments in Securities — 99.5% | ||||||||
| (Cost: $14,683,105) | 20,861,033 | |||||||
| Other Assets Less Liabilities — 0.5% | 113,996 | |||||||
| Net Assets — 100.0% | $ | 20,975,029 | ||||||
| (a) | Non-income producing security. |
| (b) | Affiliate of the Fund. |
| (c) | 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, 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: Treasury, SL Agency Shares | $ | 10,000 | $ | 10,000 | (a) | $ | — | $ | — | $ | — | $ | 20,000 | 20,000 | $ | 49 | $ | — | ||||||||||||||||||
| (a) | Represents net amount purchased (sold). |
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| Schedule of Investments (unaudited) (continued) | iShares® MSCI Kuwait ETF |
| May 31, 2022 |
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.
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 | $ | 824,737 | $ | 20,016,296 | $ | — | $ | 20,841,033 | ||||||||
| Money Market Funds | 20,000 | — | — | 20,000 | ||||||||||||
| $ | 844,737 | $ | 20,016,296 | $ | — | $ | 20,861,033 | |||||||||
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