| Schedule of Investments (unaudited) | iShares® MSCI Germany ETF |
| May 31, 2021 | (Percentages shown are based on Net Assets) |
| Security | Shares | Value | ||||||
Common Stocks | ||||||||
| Aerospace & Defense — 0.8% | ||||||||
| MTU Aero Engines AG | 102,309 | $ | 26,278,963 | |||||
| Air Freight & Logistics — 4.1% | ||||||||
| Deutsche Post AG, Registered | 1,901,108 | 129,250,721 | ||||||
| Airlines — 0.2% | ||||||||
| Deutsche Lufthansa AG, Registered(a)(b) | 571,047 | 7,428,002 | ||||||
| Auto Components — 1.0% | ||||||||
| Continental AG(a) | 210,975 | 31,085,693 | ||||||
| Automobiles — 7.7% | ||||||||
| Bayerische Motoren Werke AG | 635,010 | 67,016,943 | ||||||
| Daimler AG, Registered | 1,641,602 | 152,218,427 | ||||||
| Volkswagen AG | 62,255 | 22,096,619 | ||||||
| 241,331,989 | ||||||||
| Banks — 0.5% | ||||||||
| Commerzbank AG(a) | 1,921,513 | 15,450,664 | ||||||
| Capital Markets — 3.8% | ||||||||
| Deutsche Bank AG, Registered(a) | 3,963,855 | 58,980,413 | ||||||
| Deutsche Boerse AG | 364,400 | 59,384,662 | ||||||
| 118,365,075 | ||||||||
| Chemicals — 7.3% | ||||||||
| BASF SE | 1,761,546 | 143,167,119 | ||||||
| Covestro AG(c) | 370,537 | 25,881,523 | ||||||
| Evonik Industries AG | 402,183 | 14,332,459 | ||||||
| LANXESS AG | 159,494 | 11,909,161 | ||||||
| Symrise AG | 246,747 | 32,593,170 | ||||||
| 227,883,432 | ||||||||
| Construction Materials — 0.8% | ||||||||
| HeidelbergCement AG | 285,407 | 25,953,681 | ||||||
| Diversified Telecommunication Services — 4.7% | ||||||||
| Deutsche Telekom AG, Registered | 6,392,386 | 132,338,383 | ||||||
| Telefonica Deutschland Holding AG | 1,984,058 | 5,406,934 | ||||||
| United Internet AG, Registered | 186,809 | 7,770,593 | ||||||
| 145,515,910 | ||||||||
| Electrical Equipment — 0.8% | ||||||||
| Siemens Energy AG(a) | 766,496 | 24,290,768 | ||||||
| Health Care Equipment & Supplies — 1.4% | ||||||||
| Carl Zeiss Meditec AG, Bearer | 77,192 | 14,271,564 | ||||||
| Siemens Healthineers AG(c) | 515,434 | 28,831,784 | ||||||
| 43,103,348 | ||||||||
| Health Care Providers & Services — 2.4% | ||||||||
| Fresenius Medical Care AG & Co. KGaA | 393,187 | 31,298,539 | ||||||
| Fresenius SE & Co. KGaA | 801,979 | 43,097,761 | ||||||
| 74,396,300 | ||||||||
| Household Products — 0.6% | ||||||||
| Henkel AG & Co. KGaA | 199,305 | 19,604,088 | ||||||
| Independent Power and Renewable Electricity Producers — 0.2% | ||||||||
| Uniper SE | 175,468 | 6,336,822 | ||||||
| Industrial Conglomerates — 7.6% | ||||||||
| Siemens AG, Registered | 1,467,190 | 236,786,510 | ||||||
| Insurance — 9.8% | ||||||||
| Allianz SE, Registered | 790,735 | 207,770,518 | ||||||
| Security | Shares | Value | ||||||
| Insurance (continued) | ||||||||
| Hannover Rueck SE | 115,646 | $ | 20,170,473 | |||||
| Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Registered | 268,695 | 77,357,267 | ||||||
| 305,298,258 | ||||||||
| Interactive Media & Services — 0.4% | ||||||||
| Scout24 AG(c) | 171,147 | 13,851,828 | ||||||
| Internet & Direct Marketing Retail — 3.3% | ||||||||
| Delivery Hero SE(a)(c) | 301,178 | 41,202,718 | ||||||
| HelloFresh SE(a) | 316,781 | 28,840,313 | ||||||
| Zalando SE(a)(c) | 318,218 | 33,865,532 | ||||||
| 103,908,563 | ||||||||
| IT Services — 0.3% | ||||||||
| Bechtle AG | 52,572 | 10,088,823 | ||||||
| Life Sciences Tools & Services — 0.7% | ||||||||
| QIAGEN NV(a) | 442,706 | 21,723,548 | ||||||
| Machinery — 1.7% | ||||||||
| GEA Group AG | 294,240 | 12,859,543 | ||||||
| KION Group AG | 138,394 | 14,743,776 | ||||||
| Knorr-Bremse AG | 139,124 | 17,243,809 | ||||||
| Rational AG(b) | 9,813 | 8,804,117 | ||||||
| 53,651,245 | ||||||||
| Multi-Utilities — 3.1% | ||||||||
| E.ON SE | 4,305,907 | 51,877,961 | ||||||
| RWE AG | 1,232,073 | 46,308,345 | ||||||
| 98,186,306 | ||||||||
| Personal Products — 0.7% | ||||||||
| Beiersdorf AG | 193,324 | 22,811,066 | ||||||
| Pharmaceuticals — 5.2% | ||||||||
| Bayer AG, Registered | 1,884,187 | 118,357,458 | ||||||
| Merck KGaA | 247,873 | 44,542,832 | ||||||
| 162,900,290 | ||||||||
| Real Estate Management & Development — 4.6% | ||||||||
| Aroundtown SA | 1,916,105 | 16,021,507 | ||||||
| Deutsche Wohnen SE | 655,637 | 41,711,300 | ||||||
| LEG Immobilien SE | 138,272 | 20,209,083 | ||||||
| Vonovia SE | 1,031,047 | 64,265,655 | ||||||
| 142,207,545 | ||||||||
| Semiconductors & Semiconductor Equipment — 3.3% | ||||||||
| Infineon Technologies AG | 2,504,620 | 101,431,649 | ||||||
| Software — 9.5% | ||||||||
| Nemetschek SE | 110,758 | 8,156,741 | ||||||
| SAP SE | 2,002,721 | 276,511,122 | ||||||
| TeamViewer AG(a)(c) | 308,506 | 12,171,616 | ||||||
| 296,839,479 | ||||||||
| Textiles, Apparel & Luxury Goods — 5.0% | ||||||||
| adidas AG | 365,158 | 132,722,887 | ||||||
| Puma SE | 202,479 | 23,142,162 | ||||||
| 155,865,049 | ||||||||
| Trading Companies & Distributors — 0.9% | ||||||||
| Brenntag SE | 296,315 | 27,849,725 | ||||||
| Total Common Stocks — 92.4% | ||||||||
| (Cost: $2,941,573,002) | 2,889,675,340 | |||||||
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| Schedule of Investments (unaudited) (continued) | iShares® MSCI Germany ETF |
| May 31, 2021 | (Percentages shown are based on Net Assets) |
| Security | Shares | Value | ||||||
| Preferred Stocks | ||||||||
| Automobiles — 4.5% | ||||||||
| Bayerische Motoren Werke AG, Preference Shares, NVS | 109,298 | $ | 9,856,836 | |||||
| Porsche Automobil Holding SE, Preference Shares, NVS | 293,678 | 33,080,005 | ||||||
| Volkswagen AG, Preference Shares, NVS | 355,932 | 98,962,512 | ||||||
| 141,899,353 | ||||||||
| Chemicals — 0.2% | ||||||||
| Fuchs Petrolub SE, Preference Shares, NVS | 133,294 | 6,725,924 | ||||||
| Health Care Equipment & Supplies — 0.8% | ||||||||
| Sartorius AG, Preference Shares, NVS | 50,264 | 24,855,892 | ||||||
| Household Products — 1.3% | ||||||||
| Henkel AG & Co. KGaA, Preference Shares, NVS | 341,698 | 39,049,621 | ||||||
| Total Preferred Stocks — 6.8% | ||||||||
| (Cost: $186,152,556) | 212,530,790 | |||||||
Short-Term Investments | ||||||||
| Money Market Funds — 0.5% | ||||||||
| BlackRock Cash Funds: Institutional, SL Agency Shares, 0.06%(d)(e)(f) | 15,210,453 | 15,219,579 | ||||||
| Security | Shares | Value | ||||||
| Money Market Funds (continued) | ||||||||
| BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%(d)(e) | 1,690,000 | $ | 1,690,000 | |||||
| 16,909,579 | ||||||||
| Total Short-Term Investments — 0.5% | ||||||||
| (Cost: $16,908,058) | 16,909,579 | |||||||
| Total Investments in Securities — 99.7% | ||||||||
| (Cost: $3,144,633,616) | 3,119,115,709 | |||||||
| Other Assets, Less Liabilities — 0.3% | 7,901,833 | |||||||
| Net Assets—100.0% | $ | 3,127,017,542 | ||||||
| (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 | $ | 96,021,836 | $ | — | $ | (80,800,449 | )(a) | $ | 124 | $ | (1,932 | ) | $ | 15,219,579 | 15,210,453 | $ | 210,405 | (b) | $ | — | ||||||||||||||||
| BlackRock Cash Funds: Treasury, SL Agency Shares | 2,194,000 | — | (504,000 | )(a) | — | — | 1,690,000 | 1,690,000 | 769 | — | ||||||||||||||||||||||||||
| $ | 124 | $ | (1,932 | ) | $ | 16,909,579 | $ | 211,174 | $ | — | ||||||||||||||||||||||||||
| (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 | ||||||||||||||||
| DAX Index | 46 | 06/18/21 | $ | 21,616 | $ | 1,047,394 | ||||||||||
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 Germany 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 | $ | — | $ | 2,889,675,340 | $ | — | $ | 2,889,675,340 | ||||||||
| Preferred Stocks | — | 212,530,790 | — | 212,530,790 | ||||||||||||
| Money Market Funds | 16,909,579 | — | — | 16,909,579 | ||||||||||||
| $ | 16,909,579 | $ | 3,102,206,130 | $ | — | $ | 3,119,115,709 | |||||||||
| Derivative financial instruments(a) | ||||||||||||||||
| Assets | ||||||||||||||||
| Futures Contracts | $ | 1,047,394 | $ | — | $ | — | $ | 1,047,394 | ||||||||
| (a) | Shown at the unrealized appreciation (depreciation) on the contracts. |
Portfolio Abbreviations - Equity
| NVS | Non-Voting Shares |
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