| Schedule of Investments (unaudited) | iShares® MSCI Turkey ETF |
| May 31, 2021 | (Percentages shown are based on Net Assets) |
| Security | Shares | Value | ||||||
| Common Stocks | ||||||||
| Aerospace & Defense — 3.0% | ||||||||
| Aselsan Elektronik Sanayi Ve Ticaret AS | 4,314,489 | $ | 7,504,992 | |||||
| Airlines — 4.1% | ||||||||
| Pegasus Hava Tasimaciligi AS(a)(b) | 353,465 | 3,431,278 | ||||||
| Turk Hava Yollari AO(a)(b) | 4,300,577 | 6,677,201 | ||||||
| 10,108,479 | ||||||||
| Automobiles — 5.2% | ||||||||
| Ford Otomotiv Sanayi AS | 528,113 | 10,721,636 | ||||||
| Tofas Turk Otomobil Fabrikasi AS | 678,821 | 2,299,785 | ||||||
| 13,021,421 | ||||||||
| Banks — 16.4% | ||||||||
| Akbank TAS | 20,419,450 | 12,540,202 | ||||||
| Turkiye Garanti Bankasi AS(b) | 15,170,290 | 14,150,613 | ||||||
| Turkiye Halk Bankasi AS(a)(b) | 3,096,123 | 1,641,000 | ||||||
| Turkiye Is Bankasi AS, Class C(b) | 9,083,487 | 5,397,653 | ||||||
| Turkiye Vakiflar Bankasi TAO, Class D(a) | 3,882,855 | 1,597,084 | ||||||
| Yapi ve Kredi Bankasi AS(b) | 22,206,960 | 5,573,939 | ||||||
| 40,900,491 | ||||||||
| Beverages — 4.2% | ||||||||
| Anadolu Efes Biracilik Ve Malt Sanayii AS | 1,717,982 | 4,584,896 | ||||||
| Coca-Cola Icecek AS | 620,008 | 5,745,395 | ||||||
| 10,330,291 | ||||||||
| Capital Markets — 0.4% | ||||||||
| Is Yatirim Menkul Degerler AS | 472,182 | 921,514 | ||||||
| Chemicals — 4.6% | ||||||||
| Gubre Fabrikalari TAS(a) | 263,321 | 1,889,044 | ||||||
| Hektas Ticaret TAS(a) | 2,136,090 | 2,347,106 | ||||||
| Petkim Petrokimya Holding AS(a) | 10,086,884 | 7,284,007 | ||||||
| 11,520,157 | ||||||||
| Construction & Engineering — 1.2% | ||||||||
| Tekfen Holding AS(b) | 1,727,922 | 3,034,681 | ||||||
| Construction Materials — 1.0% | ||||||||
| Nuh Cimento Sanayi AS | 318,602 | 1,711,708 | ||||||
| Oyak Cimento Fabrikalari AS(a)(b) | 923,455 | 783,819 | ||||||
| 2,495,527 | ||||||||
| Diversified Financial Services — 2.8% | ||||||||
| Haci Omer Sabanci Holding AS | 5,965,436 | 6,169,219 | ||||||
| Turkiye Sinai Kalkinma Bankasi AS(b) | 5,060,042 | 785,670 | ||||||
| 6,954,889 | ||||||||
| Electric Utilities — 1.1% | ||||||||
| Enerjisa Enerji AS(c) | 2,283,727 | 2,844,687 | ||||||
| Entertainment — 0.4% | ||||||||
| Fenerbahce Futbol AS(a) | 234,924 | 929,740 | ||||||
| Equity Real Estate Investment Trusts (REITs) — 1.4% | ||||||||
| Emlak Konut Gayrimenkul Yatirim Ortakligi AS(b) | 14,923,855 | 3,396,154 | ||||||
| Food & Staples Retailing — 11.3% | ||||||||
| BIM Birlesik Magazalar AS | 3,016,070 | 22,517,313 | ||||||
| Migros Ticaret AS(a)(b) | 803,218 | 3,249,331 | ||||||
| Sok Marketler Ticaret AS(a) | 1,769,137 | 2,299,327 | ||||||
| 28,065,971 | ||||||||
| Food Products — 1.4% | ||||||||
| Ulker Biskuvi Sanayi AS | 1,337,236 | 3,403,292 | ||||||
| Security | Shares | Value | ||||||
| Health Care Providers & Services — 1.0% | ||||||||
| MLP Saglik Hizmetleri AS(a)(b)(c) | 893,301 | $ | 2,453,245 | |||||
| Selcuk Ecza Deposu Ticaret ve Sanayi AS | 142,999 | 150,621 | ||||||
| 2,603,866 | ||||||||
| Household Durables — 1.1% | ||||||||
| Vestel Elektronik Sanayi ve Ticaret AS(a) | 748,913 | 2,713,860 | ||||||
| Independent Power and Renewable Electricity Producers — 0.4% | ||||||||
| Aksa Enerji Uretim AS(a) | 667,252 | 1,004,880 | ||||||
| Industrial Conglomerates — 11.2% | ||||||||
| Bera Holding AS(a) | 2,153,683 | 6,396,369 | ||||||
| Dogan Sirketler Grubu Holding AS(b) | 9,480,276 | 3,251,749 | ||||||
| Enka Insaat ve Sanayi AS | 1 | 1 | ||||||
| KOC Holding AS | 4,944,677 | 10,709,354 | ||||||
| Turkiye Sise ve Cam Fabrikalari AS | 8,313,329 | 7,518,798 | ||||||
| 27,876,271 | ||||||||
| Insurance — 0.3% | ||||||||
| Anadolu Anonim Turk Sigorta Sirketi | 939,333 | 728,840 | ||||||
| Machinery — 1.5% | ||||||||
| Jantsa Jant Sanayi Ve Ticaret AS | 59,876 | 603,601 | ||||||
| Otokar Otomotiv Ve Savunma Sanayi AS | 44,751 | 1,581,952 | ||||||
| Turk Traktor ve Ziraat Makineleri AS | 66,333 | 1,437,143 | ||||||
| 3,622,696 | ||||||||
| Metals & Mining — 13.5% | ||||||||
| Eregli Demir ve Celik Fabrikalari TAS | 9,069,880 | 20,401,045 | ||||||
| Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS, Class D(a)(b) | 6,194,257 | 5,683,899 | ||||||
| Koza Altin Isletmeleri AS(a)(b) | 315,260 | 4,401,844 | ||||||
| Koza Anadolu Metal Madencilik Isletmeleri AS(a)(b) | 1,732,099 | 3,214,167 | ||||||
| 33,700,955 | ||||||||
| Oil, Gas & Consumable Fuels — 3.7% | ||||||||
| Turkiye Petrol Rafinerileri AS(a)(b) | 803,555 | 9,132,426 | ||||||
| Textiles, Apparel & Luxury Goods — 2.0% | ||||||||
| Aksa Akrilik Kimya Sanayii AS | 1,470,527 | 2,761,461 | ||||||
| Mavi Giyim Sanayi Ve Ticaret AS, Class B(a)(c) | 376,381 | 2,217,373 | ||||||
| 4,978,834 | ||||||||
| Transportation Infrastructure — 1.7% | ||||||||
| TAV Havalimanlari Holding AS(a)(b) | 1,545,118 | 4,325,591 | ||||||
| Wireless Telecommunication Services — 4.6% | ||||||||
| Turkcell Iletisim Hizmetleri AS | 6,216,002 | 11,494,787 | ||||||
| Total Common Stocks — 99.5% | ||||||||
| (Cost: $363,950,905) | . | 247,615,292 | ||||||
| Short-Term Investments | ||||||||
| Money Market Funds — 10.7% | ||||||||
| BlackRock Cash Funds: Institutional, SL Agency Shares, 0.06%(d)(e)(f) | 26,140,247 | 26,155,931 | ||||||
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| Schedule of Investments (unaudited) (continued) | iShares® MSCI Turkey ETF |
| May 31, 2021 | (Percentages shown are based on Net Assets) |
| Security | Shares | Value | ||||||
| Money Market Funds (continued) | ||||||||
| BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%(d)(e) | 460,000 | $ | 460,000 | |||||
| 26,615,931 | ||||||||
| Total Short-Term Investments — 10.7% | ||||||||
| (Cost: $26,609,080) | 26,615,931 | |||||||
| Total Investments in Securities — 110.2% | ||||||||
| (Cost: $390,559,985) | 274,231,223 | |||||||
| Other Assets, Less Liabilities — (10.2)% | (25,483,578 | ) | ||||||
| Net Assets—100.0% | $ | 248,747,645 | ||||||
| (a) | Non-income producing security. |
| (b) | All or a portion of this security is on loan. |
| (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 cash collateral received from loaned securities. |
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the period ended May 31, 2021 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
| Affiliated Issuer | Value at 08/31/20 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Value at 05/31/21 | Shares Held at 05/31/21 | Income | Capital Gain Distributions from Underlying Funds | |||||||||||||||||||||||||||
| BlackRock Cash Funds: Institutional, SL Agency Shares | $ | 15,057,193 | $ | 11,105,178 | (a) | $ | — | $ | (3,159 | ) | $ | (3,281 | ) | $ | 26,155,931 | 26,140,247 | $ | 1,079,039 | (b) | $ | — | |||||||||||||||
| BlackRock Cash Funds: Treasury, SL Agency Shares | 401,000 | 59,000 | (a) | — | — | — | 460,000 | 460,000 | 160 | — | ||||||||||||||||||||||||||
| $ | (3,159 | ) | $ | (3,281 | ) | $ | 26,615,931 | $ | 1,079,199 | $ | — | |||||||||||||||||||||||||
| (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. |
Futures Contracts
| Description | Number of Contracts | Expiration Date | Notional Amount (000) | Value/Unrealized Appreciation (Depreciation) | ||||||||||
| Long Contracts | ||||||||||||||
| MSCI Emerging Markets E-Mini Index | 8 | 06/18/21 | $ | 544 | $ | 6617 | ||||||||
Fair Value Measurements
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.
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| Schedule of Investments (unaudited) (continued) | iShares® MSCI Turkey ETF |
| May 31, 2021 |
Fair Value Measurements (continued)
The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of May 31, 2021. The breakdown of the Fund's investments into major categories is disclosed in the Schedule of Investments above.
| Level 1 | Level 2 | Level 3 | Total | |||||||||||||
| Investments | ||||||||||||||||
| Assets | ||||||||||||||||
| Common Stocks | $ | 130,450,491 | $ | 117,164,801 | $ | — | $ | 247,615,292 | ||||||||
| Money Market Funds | 26,615,931 | — | — | 26,615,931 | ||||||||||||
| $ | 157,066,422 | $ | 117,164,801 | $ | — | $ | 274,231,223 | |||||||||
| Derivative financial instruments(a) | ||||||||||||||||
| Assets | ||||||||||||||||
| Futures Contracts | $ | 6,617 | $ | — | $ | — | $ | 6,617 | ||||||||
| (a) | Shown at the unrealized appreciation (depreciation) on the contracts. |
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