| Schedule of Investments (unaudited) | iShares® MSCI Spain ETF |
| May 31, 2021 | (Percentages shown are based on Net Assets) |
| Security | Shares | Value | ||||||
| Common Stocks | ||||||||
| Banks — 25.8% | ||||||||
| Banco Bilbao Vizcaya Argentaria SA | 4,029,901 | $ | 25,219,101 | |||||
| Banco Santander SA | 21,407,518 | 89,469,601 | ||||||
| CaixaBank SA | 6,993,843 | 23,948,259 | ||||||
| 138,636,961 | ||||||||
| Biotechnology — 2.9% | ||||||||
| Grifols SA | 555,514 | 15,449,400 | ||||||
| Construction & Engineering — 7.0% | ||||||||
| ACS Actividades de Construccion y Servicios SA | 459,343 | 14,270,374 | ||||||
| Ferrovial SA | 791,174 | 23,171,667 | ||||||
| 37,442,041 | ||||||||
| Diversified Telecommunication Services — 9.2% | ||||||||
| Cellnex Telecom SA(a) | 433,555 | 25,916,452 | ||||||
| Telefonica SA | 4,800,939 | 23,577,679 | ||||||
| 49,494,131 | ||||||||
| Electric Utilities — 24.2% | ||||||||
| Endesa SA | 596,112 | 16,205,597 | ||||||
| Iberdrola SA | 7,384,048 | 98,990,646 | ||||||
| Red Electrica Corp. SA | 748,334 | 14,983,595 | ||||||
| 130,179,838 | ||||||||
| Electrical Equipment — 2.9% | ||||||||
| Siemens Gamesa Renewable Energy SA(b) | 471,361 | 15,441,352 | ||||||
| Gas Utilities — 4.9% | ||||||||
| Enagas SA | 485,737 | 11,382,854 | ||||||
| Naturgy Energy Group SA | 565,432 | 14,769,278 | ||||||
| 26,152,132 | ||||||||
| IT Services — 4.6% | ||||||||
| Amadeus IT Group SA(b) | 331,261 | 24,890,920 | ||||||
| Oil, Gas & Consumable Fuels — 4.4% | ||||||||
| Repsol SA | 1,784,369 | 23,784,464 | ||||||
| Specialty Retail — 9.7% | ||||||||
| Industria de Diseno Textil SA | 1,352,936 | 52,203,460 | ||||||
| Transportation Infrastructure — 4.0% | ||||||||
| Aena SME SA(a)(b) | 123,587 | 21,599,779 | ||||||
| Total Common Stocks — 99.6% | ||||||||
| (Cost: $623,026,686) | 535,274,478 | |||||||
| Security | Shares | Value | ||||||
| Rights | ||||||||
| Construction & Engineering — 0.0% | ||||||||
| Ferrovial SA, (Expires 06/01/21)(b)(c) | 733,434 | $ | 178,251 | |||||
| Total Rights — 0.0% | ||||||||
| (Cost: $174,453) | 178,251 | |||||||
Short-Term Investments
| Money Market Funds — 0.5% | ||||||||
| BlackRock Cash Funds: Institutional, SL Agency Shares, 0.06%(d)(e)(f) | 1,741,411 | 1,742,455 | ||||||
| BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%(d)(e) | 810,000 | 810,000 | ||||||
| 2,552,455 | ||||||||
| Total Short-Term Investments — 0.5% | ||||||||
| (Cost: $2,552,337) | 2,552,455 | |||||||
| Total Investments in Securities — 100.1% | ||||||||
| (Cost: $625,753,476) | 538,005,184 | |||||||
| Other Assets, Less Liabilities — (0.1)%. | (347,758 | ) | ||||||
| Net Assets—100.0% | $ | 537,657,426 | ||||||
| (a) | 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. |
| (b) | Non-income producing security. |
| (c) | Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. |
| (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. |
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| Schedule of Investments (unaudited) (continued) | iShares® MSCI Spain ETF |
| May 31, 2021 |
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 | $ | — | $ | 1,744,468 | (a) | $ | — | $ | (2,131 | ) | $ | 118 | $ | 1,742,455 | 1,741,411 | $ | 5,331 | (b) | $ | — | ||||||||||||||||
| BlackRock Cash Funds: Treasury, SL Agency Shares | 240,000 | 570,000 | (a) | — | — | — | 810,000 | 810,000 | 134 | — | ||||||||||||||||||||||||||
| $ | (2,131 | ) | $ | 118 | $ | 2,552,455 | $ | 5,465 | $ | — | ||||||||||||||||||||||||||
| (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 | ||||||||||||||
| IBEX 35 Index | 6 | 06/18/21 | $ | 668 | $ | (1,517 | ) | |||||||
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 | $ | — | $ | 535,274,478 | $ | — | $ | 535,274,478 | ||||||||
| Rights | — | — | 178,251 | 178,251 | ||||||||||||
| Money Market Funds | 2,552,455 | — | — | 2,552,455 | ||||||||||||
| $ | 2,552,455 | $ | 535,274,478 | $ | 178,251 | $ | 538,005,184 | |||||||||
| Derivative financial instruments(a) | ||||||||||||||||
| Liabilities | ||||||||||||||||
| Futures Contracts | $ | (1,517 | ) | $ | — | $ | — | $ | (1,517 | ) | ||||||
| (a) | Shown at the unrealized appreciation (depreciation) on the contracts. |
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