Surgutneftegas PJSC


Security	Shares		Value

Common Stocks

Banks — 14.4%
Sberbank of Russia PJSC		19,834,850	$	56,296,957
VTB Bank PJSC		8,743,825,016		4,494,375

				60,791,332

Capital Markets — 2.2%
Moscow Exchange MICEX-RTS PJSC		5,744,060		9,293,276


Chemicals — 2.1%
PhosAgro PJSC, GDR^(a)		643,585		8,881,473


Electric Utilities — 2.4%
Inter RAO UES PJSC		145,518,000		10,184,432


Food & Staples Retailing — 6.2%
Magnit PJSC, GDR^(a)		1,192,429		13,593,691
X5 Retail Group NV, GDR^(a)		420,775		12,443,140

				26,036,831

Metals & Mining — 21.0%
Alrosa PJSC		10,294,560		9,618,190
Magnitogorsk Iron & Steel Works PJSC		13,175,800		7,542,751
MMC Norilsk Nickel PJSC		61,097		19,122,746
Novolipetsk Steel PJSC		5,139,450		10,022,623
Polymetal International PLC		726,029		14,527,517
Polyus PJSC		99,955		16,516,904
Severstal PAO		824,104		10,903,086

				88,253,817

Oil, Gas & Consumable Fuels — 45.8%
Gazprom PJSC		24,362,293		68,957,450
LUKOIL PJSC		852,425		63,261,028
Novatek PJSC, GDR^(a)		124,264		17,981,001
Rosneft Oil Co. PJSC, GDR^(a)		840,350		4,373,181
Rosneft Oil Co. PJSC		1,868,800		9,952,295
Surgutneftegas PJSC		17,607,254		9,872,749


Security	Shares		Value

Oil, Gas & Consumable Fuels (continued)
Tatneft PJSC		2,436,713	$	18,350,911

				192,748,615

Wireless Telecommunication Services — 3.1%
Mobile TeleSystems PJSC, ADR		1,467,618		13,047,124


Total Common Stocks — 97.2% (Cost: $405,263,446)				409,236,900


Preferred Stocks

Oil, Gas & Consumable Fuels — 2.1%
Surgutneftegas PJSC, Preference Shares, NVS		17,595,974		8,820,249


Total Preferred Stocks — 2.1% (Cost: $9,767,116)				8,820,249


Short-Term Investments

Money Market Funds — 0.2%
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.16%^(b)(c)		770,000		770,000


Total Short-Term Investments — 0.2% (Cost: $770,000)				770,000


Total Investments in Securities — 99.5% (Cost: $415,800,562)				418,827,149

Other Assets, Less Liabilities — 0.5%				2,106,859


Net Assets — 100.0%			$	420,934,008

^(a)	This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933.

^(b)	Affiliate of the Fund.

^(c)	Annualized 7-day yield as of period-end.

Investments in issuers considered to be affiliates of the Fund during the period ended May 31, 2020, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Various inputs are used in determining the fair value of financial instruments. For description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to a recently published shareholder report. Shareholder reports are available on the Fund’s website at iShares.com and on the U.S. Securities and Exchange Commission website at sec.gov.

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of May 31, 2020. The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.


Affiliated Issuer	Shares Held at 08/31/19		Net Activity		Shares Held at 05/31/20		Value at 05/31/20		Income		Net Realized Gain (Loss)^(a)		Change in Unrealized Appreciation (Depreciation)
BlackRock Cash Funds: Treasury, SL Agency Shares		653,000		117,000		770,000	$	770,000	$	15,424	$	—	$	—


Portfolio Abbreviations — Equity

ADR		American Depositary Receipt

GDR		Global Depositary Receipt

NVS		Non-Voting Shares


	Level 1		Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	409,236,900	$	—	$	—	$	409,236,900
Preferred Stocks		8,820,249		—		—		8,820,249
Money Market Funds		770,000		—		—		770,000

	$	418,827,149	$	—	$	—	$	418,827,149

Derivative financial instruments^(a)
Assets
Futures Contracts	$	91,264	$	—	$	—	$	91,264