| Schedule of Investments (unaudited) | iShares® MSCI Canada ETF |
| May 31, 2021 | (Percentages shown are based on Net Assets) |
| Security | Shares | Value | ||||||
| Common Stocks | ||||||||
| Aerospace & Defense — 0.5% | ||||||||
| CAE Inc.(a) | 641,954 | $ | 19,767,964 | |||||
| Airlines — 0.2% | ||||||||
| Air Canada(a) | 372,828 | 8,443,834 | ||||||
| Auto Components — 1.5% | ||||||||
| Magna International Inc. | 647,804 | 63,887,561 | ||||||
| Banks — 26.0% | ||||||||
| Bank of Montreal | 1,467,187 | 153,258,828 | ||||||
| Bank of Nova Scotia (The) | 2,749,266 | 184,816,764 | ||||||
| Canadian Imperial Bank of Commerce | 1,015,740 | 118,310,315 | ||||||
| National Bank of Canada | 763,937 | 60,081,664 | ||||||
| Royal Bank of Canada | 3,228,333 | 331,932,653 | ||||||
| Toronto-Dominion Bank (The) | 4,116,788 | 296,137,476 | ||||||
| 1,144,537,700 | ||||||||
| Capital Markets — 4.0% | ||||||||
| Brookfield Asset Management Inc., Class A | 2,910,062 | 144,581,699 | ||||||
| IGM Financial Inc. | 189,585 | 6,982,026 | ||||||
| Onex Corp. | 174,434 | 12,669,044 | ||||||
| TMX Group Ltd. | 126,560 | 13,900,071 | ||||||
| 178,132,840 | ||||||||
| Chemicals — 1.8% | ||||||||
| Nutrien Ltd. | 1,291,638 | 79,505,154 | ||||||
| Commercial Services & Supplies — 0.6% | ||||||||
| GFL Environmental Inc. | 353,780 | 11,435,875 | ||||||
| Ritchie Bros Auctioneers Inc. | 246,768 | 14,593,027 | ||||||
| 26,028,902 | ||||||||
| Construction & Engineering — 0.7% | ||||||||
| WSP Global Inc. | 258,103 | 28,836,689 | ||||||
| Containers & Packaging — 0.4% | ||||||||
| CCL Industries Inc., Class B, NVS | 343,693 | 19,255,116 | ||||||
| Diversified Telecommunication Services — 0.7% | ||||||||
| BCE Inc. | 167,073 | 8,273,090 | ||||||
| TELUS Corp. | 964,720 | 21,641,416 | ||||||
| 29,914,506 | ||||||||
| Electric Utilities — 2.1% | ||||||||
| Emera Inc. | 570,463 | 26,581,153 | ||||||
| Fortis Inc. | 1,057,948 | 48,008,534 | ||||||
| Hydro One Ltd.(b) | 745,908 | 18,949,478 | ||||||
| 93,539,165 | ||||||||
| Electrical Equipment — 0.2% | ||||||||
| Ballard Power Systems Inc.(a) | 533,043 | 9,270,505 | ||||||
| Equity Real Estate Investment Trusts (REITs) — 0.3% | ||||||||
| Canadian Apartment Properties REIT | 191,062 | 8,758,755 | ||||||
| RioCan REIT | 353,781 | 6,217,268 | ||||||
| 14,976,023 | ||||||||
| Food & Staples Retailing — 3.4% | ||||||||
| Alimentation Couche-Tard Inc., Class B | 1,918,010 | 69,175,693 | ||||||
| Empire Co. Ltd., Class A, NVS | 384,096 | 12,867,319 | ||||||
| George Weston Ltd. | 172,923 | 16,853,569 | ||||||
| Loblaw Companies Ltd. | 394,341 | 24,080,573 | ||||||
| Metro Inc. | 563,083 | 26,997,034 | ||||||
| 149,974,188 | ||||||||
| Security | Shares | Value | ||||||
| Food Products — 0.4% | ||||||||
| Saputo Inc. | 559,490 | $ | 19,104,311 | |||||
| Gas Utilities — 0.3% | ||||||||
| AltaGas Ltd. | 634,822 | 12,559,286 | ||||||
| Hotels, Restaurants & Leisure — 1.0% | ||||||||
| Restaurant Brands International Inc. | 623,348 | 42,977,240 | ||||||
| Independent Power and Renewable Electricity Producers — 0.7% | ||||||||
| Brookfield Renewable Corp., Class A | 289,994 | 12,278,625 | ||||||
| Northland Power Inc. | 500,110 | 16,803,497 | ||||||
| 29,082,122 | ||||||||
| Insurance — 7.1% | ||||||||
| Fairfax Financial Holdings Ltd. | 61,526 | 28,716,377 | ||||||
| Great-West Lifeco Inc. | 631,805 | 19,565,271 | ||||||
| iA Financial Corp. Inc. | 243,085 | 13,928,516 | ||||||
| Intact Financial Corp. | 324,299 | 43,821,505 | ||||||
| Manulife Financial Corp. | 4,401,480 | 92,070,195 | ||||||
| Power Corp. of Canada | 1,271,582 | 41,419,438 | ||||||
| Sun Life Financial Inc. | 1,327,404 | 71,070,312 | ||||||
| 310,591,614 | ||||||||
| IT Services — 8.3% | ||||||||
| CGI Inc.(a) | 510,290 | 45,332,828 | ||||||
| Nuvei Corp.(a)(b) | 112,066 | 8,420,372 | ||||||
| Shopify Inc., Class A(a) | 254,516 | 311,878,751 | ||||||
| 365,631,951 | ||||||||
| Media — 0.9% | ||||||||
| Quebecor Inc., Class B | 386,641 | 10,481,762 | ||||||
| Shaw Communications Inc., Class B, NVS | 1,044,518 | 30,962,452 | ||||||
| 41,444,214 | ||||||||
| Metals & Mining — 9.5% | ||||||||
| Agnico Eagle Mines Ltd. | 550,870 | 38,992,503 | ||||||
| B2Gold Corp. | 2,364,059 | 12,093,775 | ||||||
| Barrick Gold Corp. | 4,032,762 | 95,607,221 | ||||||
| First Quantum Minerals Ltd. | 1,332,935 | 32,770,307 | ||||||
| Franco-Nevada Corp. | 432,792 | 63,912,994 | ||||||
| Ivanhoe Mines Ltd., Class A(a) | 1,349,107 | 9,928,034 | ||||||
| Kinross Gold Corp. | 2,855,253 | 22,997,071 | ||||||
| Kirkland Lake Gold Ltd. | 606,124 | 26,040,177 | ||||||
| Lundin Mining Corp. | 1,504,830 | 15,981,929 | ||||||
| Pan American Silver Corp. | 472,043 | 15,919,070 | ||||||
| Teck Resources Ltd., Class B | 1,068,934 | 25,978,976 | ||||||
| Wheaton Precious Metals Corp. | 1,019,536 | 48,333,121 | ||||||
| Yamana Gold Inc. | 2,169,517 | 11,260,189 | ||||||
| 419,815,367 | ||||||||
| Multi-Utilities — 0.8% | ||||||||
| Algonquin Power & Utilities Corp. | 1,354,543 | 20,765,810 | ||||||
| Atco Ltd., Class I, NVS | 172,687 | 6,236,773 | ||||||
| Canadian Utilities Ltd., Class A, NVS | 294,325 | 8,534,584 | ||||||
| 35,537,167 | ||||||||
| Multiline Retail — 1.2% | ||||||||
| Canadian Tire Corp. Ltd., Class A, NVS | 130,291 | 22,040,701 | ||||||
| Dollarama Inc. | 668,883 | 29,068,629 | ||||||
| 51,109,330 | ||||||||
| Oil, Gas & Consumable Fuels — 13.5% | ||||||||
| Cameco Corp. | 899,769 | 17,689,263 | ||||||
| Canadian Natural Resources Ltd. | 2,679,371 | 93,951,538 | ||||||
| Cenovus Energy Inc. | 2,978,043 | 24,873,518 | ||||||
| Enbridge Inc. | 4,586,275 | 174,256,051 | ||||||
1
| Schedule of Investments (unaudited) (continued) | iShares® MSCI Canada ETF |
| May 31, 2021 | (Percentages shown are based on Net Assets) |
| Security | Shares | Value | ||||||
| Oil, Gas & Consumable Fuels (continued) | ||||||||
| Imperial Oil Ltd. | 583,647 | $ | 19,619,970 | |||||
| Inter Pipeline Ltd. | 853,305 | 12,396,426 | ||||||
| Keyera Corp. | 501,762 | 12,551,838 | ||||||
| Parkland Corp./Canada | 341,095 | 11,257,363 | ||||||
| Pembina Pipeline Corp. | 1,247,636 | 40,164,368 | ||||||
| Suncor Energy Inc. | 3,460,007 | 80,367,366 | ||||||
| TC Energy Corp. | 2,131,881 | 107,507,297 | ||||||
| 594,634,998 | ||||||||
| Paper & Forest Products — 0.3% | ||||||||
| West Fraser Timber Co. Ltd. | 190,057 | 14,697,343 | ||||||
| Pharmaceuticals — 0.8% | ||||||||
| Bausch Health Cos Inc.(a) | 686,598 | 21,688,324 | ||||||
| Canopy Growth Corp.(a)(c) | 512,865 | 12,842,321 | ||||||
| 34,530,645 | ||||||||
| Professional Services — 0.9% | ||||||||
| Thomson Reuters Corp. | 394,972 | 38,181,226 | ||||||
| Real Estate Management & Development — 0.3% | ||||||||
| FirstService Corp. | 88,571 | 14,369,463 | ||||||
| Road & Rail — 6.8% | ||||||||
| Canadian National Railway Co. | 1,608,223 | 179,053,842 | ||||||
| Canadian Pacific Railway Ltd. | 1,511,956 | 121,477,132 | ||||||
| 300,530,974 | ||||||||
| Software — 2.8% | ||||||||
| BlackBerry Ltd.(a) | 1,213,936 | 12,460,417 | ||||||
| Constellation Software Inc. | 45,644 | 64,863,938 | ||||||
| Lightspeed POS Inc.(a) | 215,305 | 15,635,700 | ||||||
| Open Text Corp. | 618,798 | 29,120,207 | ||||||
| 122,080,262 | ||||||||
| Textiles, Apparel & Luxury Goods — 0.4% | ||||||||
| Gildan Activewear Inc. | 450,775 | 16,130,958 | ||||||
| Security | Shares | Value | ||||||
| Trading Companies & Distributors — 0.4% | ||||||||
| Toromont Industries Ltd. | 185,238 | $ | 16,491,327 | |||||
| Wireless Telecommunication Services — 0.9% | ||||||||
| Rogers Communications Inc., Class B, NVS | 804,142 | 41,137,350 | ||||||
| Total Common Stocks — 99.7% | ||||||||
| (Cost: $3,900,912,691) | 4,386,707,295 | |||||||
Short-Term Investments
| Money Market Funds — 0.1% | ||||||||
| BlackRock Cash Funds: Institutional, SL Agency Shares, 0.06%(d)(e)(f) | 2,300,918 | 2,302,299 | ||||||
| BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%(d)(e) | 2,130,000 | 2,130,000 | ||||||
| 4,432,299 | ||||||||
| Total Short-Term Investments — 0.1% | ||||||||
| (Cost: $4,429,167) | 4,432,299 | |||||||
| Total Investments in Securities — 99.8% | ||||||||
| (Cost: $3,905,341,858) | 4,391,139,594 | |||||||
| Other Assets, Less Liabilities — 0.2% | 7,895,975 | |||||||
| Net Assets — 100.0% | $ | 4,399,035,569 | ||||||
| (a) | Non-income producing security. |
| (b) | 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. |
| (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 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 | $ | 12,143,692 | $ | — | $ | (9,837,577 | )(a) | $ | 7,854 | (11,670 | ) | $ | 2,302,299 | 2,300,918 | $ | 66,009 | (b) | $ | — | ||||||||||||||||
| BlackRock Cash Funds: Treasury, SL Agency Shares | 945,000 | 1,185,000 | (a) | — | — | — | 2,130,000 | 2,130,000 | 624 | — | |||||||||||||||||||||||||
| $ | 7,854 | $ | (11,670 | ) | $ | 4,432,299 | $ | 66,633 | $ | — | |||||||||||||||||||||||||
| (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. |
2
| Schedule of Investments (unaudited) (continued) | iShares® MSCI Canada ETF |
| May 31, 2021 |
| Futures Contracts |
| Value/ | ||||||||||||||||
| Notional | Unrealized | |||||||||||||||
| Number of | Expiration | Amount | Appreciation | |||||||||||||
| Description | Contracts | Date | (000) | (Depreciation) | ||||||||||||
| Long Contracts | ||||||||||||||||
| S&P/TSX 60 Index | 56 | 06/17/21 | $ | 10,927 | $ | 616,146 | ||||||||||
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.
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 | $ | 4,386,707,295 | $ | — | $ | — | $ | 4,386,707,295 | ||||||||
| Money Market Funds | 4,432,299 | — | — | 4,432,299 | ||||||||||||
| $ | 4,391,139,594 | $ | — | $ | — | $ | 4,391,139,594 | |||||||||
| Derivative financial instruments(a) | ||||||||||||||||
| Assets | ||||||||||||||||
| Futures Contracts | $ | 616,146 | $ | — | $ | — | $ | 616,146 | ||||||||
| (a) | Shown at the unrealized appreciation (depreciation) on the contracts. |
Portfolio Abbreviations - Equity
| NVS | Non-Voting Shares |
| REIT | Real Estate Investment Trust |
3