| Schedule of Investments (unaudited) | iShares ® MSCI South Korea ETF |
| May 31, 2021 | (Percentages shown are based on Net Assets) |
| Security | Shares | Value | ||||||
| Common Stocks | ||||||||
| Aerospace & Defense — 0.3% | ||||||||
| Korea Aerospace Industries Ltd. | 675,765 | $ | 20,641,680 | |||||
| Air Freight & Logistics — 0.4% | ||||||||
| Hyundai Glovis Co. Ltd. | 164,368 | 27,796,357 | ||||||
| Airlines — 0.7% | ||||||||
| Korean Air Lines Co. Ltd.(a) | 1,699,191 | 48,670,349 | ||||||
| Auto Components — 2.5% | ||||||||
| Hankook Tire & Technology Co. Ltd. | 699,926 | 30,641,097 | ||||||
| Hanon Systems | 1,769,655 | 26,847,279 | ||||||
| Hyundai Mobis Co. Ltd. | 462,767 | 115,965,053 | ||||||
| 173,453,429 | ||||||||
| Automobiles — 5.0% | ||||||||
| Hyundai Motor Co. | 965,505 | 202,970,257 | ||||||
| Kia Corp. | 1,846,047 | 141,135,143 | ||||||
| 344,105,400 | ||||||||
| Banks — 5.9% | ||||||||
| Hana Financial Group Inc. | 2,063,408 | 86,082,097 | ||||||
| Industrial Bank of Korea | 2,271,516 | 21,982,990 | ||||||
| KB Financial Group Inc. | 2,665,179 | 140,864,649 | ||||||
| Shinhan Financial Group Co. Ltd. | 3,055,546 | 116,482,092 | ||||||
| Woori Financial Group Inc. | 4,042,075 | 40,368,619 | ||||||
| 405,780,447 | ||||||||
| Biotechnology — 2.8% | ||||||||
| Alteogen Inc.(a) | 184,447 | 12,080,236 | ||||||
| Celltrion Inc.(a)(b) | 642,944 | 158,083,231 | ||||||
| Green Cross Corp. | 21,194 | 6,484,403 | ||||||
| Seegene Inc.(b) | 244,307 | 14,857,790 | ||||||
| 191,505,660 | ||||||||
| Capital Markets — 1.8% | ||||||||
| Korea Investment Holdings Co. Ltd. | 356,498 | 33,177,299 | ||||||
| Meritz Securities Co. Ltd. | 4,160,954 | 16,734,645 | ||||||
| Mirae Asset Securities Co. Ltd. | 3,421,440 | 30,336,549 | ||||||
| NH Investment & Securities Co. Ltd. | 1,484,011 | 17,478,688 | ||||||
| Samsung Securities Co. Ltd. | 577,793 | 24,557,468 | ||||||
| 122,284,649 | ||||||||
| Chemicals — 5.4% | ||||||||
| Hanwha Solutions Corp.(a) | 1,171,588 | 47,263,208 | ||||||
| Kumho Petrochemical Co. Ltd. | 214,447 | 44,431,966 | ||||||
| LG Chem Ltd. | 309,486 | 227,036,484 | ||||||
| Lotte Chemical Corp. | 138,714 | 34,686,594 | ||||||
| SK Chemicals Co. Ltd. | 50,747 | 11,533,324 | ||||||
| SKC Co. Ltd. | 60,685 | 6,921,528 | ||||||
| 371,873,104 | ||||||||
| Commercial Services & Supplies — 0.2% | ||||||||
| S-1 Corp. | 183,504 | 13,327,198 | ||||||
| Communications Equipment — 0.2% | ||||||||
| KMW Co. Ltd.(a)(b) | 280,681 | 13,698,797 | ||||||
| Construction & Engineering — 1.2% | ||||||||
| GS Engineering & Construction Corp. | 605,891 | 24,286,687 | ||||||
| Hyundai Engineering & Construction Co. Ltd. | 657,873 | 33,815,752 | ||||||
| Samsung Engineering Co. Ltd.(a) | 1,396,800 | 23,673,692 | ||||||
| 81,776,131 | ||||||||
| Construction Materials — 0.7% | ||||||||
| POSCO Chemical Co. Ltd. | 342,815 | 44,538,088 | ||||||
| Security | Shares | Value | ||||||
| Diversified Telecommunication Services — 0.4% | ||||||||
| LG Uplus Corp. | 1,791,708 | $ | 24,236,173 | |||||
| Electric Utilities — 0.6% | ||||||||
| Korea Electric Power Corp. | 1,850,956 | 42,784,335 | ||||||
| Electrical Equipment — 0.4% | ||||||||
| Doosan Heavy Industries & Construction Co. Ltd.(a)(b) | 1,440,766 | 25,705,326 | ||||||
| Electronic Equipment, Instruments & Components — 4.9% | ||||||||
| LG Display Co. Ltd.(a)(b) | 1,874,157 | 40,397,583 | ||||||
| LG Innotek Co. Ltd. | 136,784 | 25,087,062 | ||||||
| Samsung Electro-Mechanics Co. Ltd. | 406,046 | 62,080,445 | ||||||
| Samsung SDI Co. Ltd. | 376,352 | 207,574,106 | ||||||
| 335,139,196 | ||||||||
| Entertainment — 2.2% | ||||||||
| HYBE Co. Ltd.(a) | 31,258 | 7,423,579 | ||||||
| NCSoft Corp. | 122,211 | 95,142,334 | ||||||
| Netmarble Corp.(b)(c) | 230,986 | 28,900,762 | ||||||
| Pearl Abyss Corp.(a) | 390,404 | 21,212,768 | ||||||
| 152,679,443 | ||||||||
| Food & Staples Retailing — 0.6% | ||||||||
| BGF retail Co. Ltd. | 88,542 | 14,404,417 | ||||||
| E-MART Inc. | 191,389 | 27,288,313 | ||||||
| 41,692,730 | ||||||||
| Food Products — 0.8% | ||||||||
| CJ CheilJedang Corp. | 76,549 | 33,518,006 | ||||||
| Orion Corp./Republic of Korea | 209,907 | 22,476,516 | ||||||
| Ottogi Corp. | 66 | 32,290 | ||||||
| 56,026,812 | ||||||||
| Health Care Providers & Services — 0.7% | ||||||||
| Celltrion Healthcare Co. Ltd.(a) | 456,648 | 49,422,995 | ||||||
| Hotels, Restaurants & Leisure — 0.4% | ||||||||
| Kangwon Land Inc.(a) | 987,094 | 25,456,834 | ||||||
| Household Durables — 2.0% | ||||||||
| Coway Co. Ltd. | 409,913 | 30,587,106 | ||||||
| LG Electronics Inc. | 757,041 | 103,176,615 | ||||||
| 133,763,721 | ||||||||
| Industrial Conglomerates — 3.1% | ||||||||
| CJ Corp. | 162,154 | 16,637,671 | ||||||
| LG Corp. | 654,989 | 59,287,954 | ||||||
| LX Holdings Corp.(a) | 317,627 | 3,118,457 | ||||||
| Samsung C&T Corp. | 596,486 | 73,994,653 | ||||||
| SK Holdings Co. Ltd. | 248,137 | 58,842,843 | ||||||
| 211,881,578 | ||||||||
| Insurance — 1.5% | ||||||||
| DB Insurance Co. Ltd. | 464,805 | 21,120,478 | ||||||
| Samsung Fire & Marine Insurance Co. Ltd. | 223,606 | 42,361,010 | ||||||
| Samsung Life Insurance Co. Ltd. | 534,117 | 40,080,599 | ||||||
| 103,562,087 | ||||||||
| Interactive Media & Services — 6.8% | ||||||||
| Kakao Corp. | 1,825,162 | 201,174,869 | ||||||
| NAVER Corp. | 818,238 | 265,826,519 | ||||||
| 467,001,388 | ||||||||
| Internet & Direct Marketing Retail — 0.2% | ||||||||
| CJ ENM Co. Ltd. | 111,503 | 16,517,256 | ||||||
| IT Services — 0.6% | ||||||||
| Samsung SDS Co. Ltd. | 249,655 | 40,603,762 | ||||||
1
| Schedule of Investments (unaudited) (continued) | iShares ® MSCI South Korea ETF |
| May 31, 2021 | (Percentages shown are based on Net Assets) |
| Security | Shares | Value | ||||||
| Leisure Products — 0.4% | ||||||||
| HLB Inc.(a)(b) | 842,385 | $ | 25,951,783 | |||||
| Life Sciences Tools & Services — 1.3% | ||||||||
| Samsung Biologics Co. Ltd.(a)(c) | 119,170 | 90,383,201 | ||||||
| Machinery — 1.8% | ||||||||
| Daewoo Shipbuilding & Marine Engineering Co. Ltd.(a) | 502,101 | 15,154,140 | ||||||
| Doosan Bobcat Inc.(a) | 535,371 | 24,603,498 | ||||||
| Hyundai Heavy Industries Holdings Co. Ltd. | 418,293 | 26,419,194 | ||||||
| Korea Shipbuilding & Offshore Engineering Co. Ltd.(a) | 299,741 | 38,292,079 | ||||||
| Samsung Heavy Industries Co. Ltd.(a) | 3,757,309 | 20,367,176 | ||||||
| 124,836,087 | ||||||||
| Marine — 1.0% | ||||||||
| HMM Co. Ltd.(a) | 1,060,143 | 45,481,620 | ||||||
| Pan Ocean Co. Ltd. | 3,364,913 | 20,537,772 | ||||||
| 66,019,392 | ||||||||
| Media — 0.3% | ||||||||
| Cheil Worldwide Inc. | 737,333 | 17,115,197 | ||||||
| Metals & Mining — 3.4% | ||||||||
| Hyundai Steel Co. | 730,888 | 34,931,138 | ||||||
| Korea Zinc Co. Ltd. | 68,178 | 27,586,554 | ||||||
| POSCO | 523,565 | 166,517,923 | ||||||
| 229,035,615 | ||||||||
| Multiline Retail — 0.5% | ||||||||
| Lotte Shopping Co. Ltd. | 129,764 | 14,116,340 | ||||||
| Shinsegae Inc. | 69,220 | 19,932,132 | ||||||
| 34,048,472 | ||||||||
| Oil, Gas & Consumable Fuels — 2.2% | ||||||||
| GS Holdings Corp. | 464,166 | 19,169,397 | ||||||
| SK Innovation Co. Ltd.(a) | 409,086 | 97,032,700 | ||||||
| S-Oil Corp.(a) | 365,795 | 30,667,155 | ||||||
| 146,869,252 | ||||||||
| Personal Products — 2.5% | ||||||||
| Amorepacific Corp. | 235,953 | 60,651,754 | ||||||
| AMOREPACIFIC Group. | 273,699 | 19,024,754 | ||||||
| LG Household & Health Care Ltd. | 64,040 | 89,451,160 | ||||||
| 169,127,668 | ||||||||
| Pharmaceuticals — 1.4% | ||||||||
| Celltrion Pharm Inc.(a) | 110,109 | 13,729,936 | ||||||
| Hanmi Pharm Co. Ltd. | 65,354 | 20,838,227 | ||||||
| Shin Poong Pharmaceutical Co. Ltd. | 198,836 | 11,527,883 | ||||||
| SK Biopharmaceuticals Co. Ltd.(a) | 182,414 | 18,551,465 | ||||||
| Yuhan Corp. | 466,908 | 27,461,093 | ||||||
| 92,108,604 | ||||||||
| Road & Rail — 0.2% | ||||||||
| CJ Logistics Corp.(a) | 104,941 | 15,996,485 | ||||||
| Semiconductors & Semiconductor Equipment — 5.9% | ||||||||
| SK Hynix Inc. | 3,551,618 | 404,582,576 | ||||||
| Software — 0.1% | ||||||||
| Douzone Bizon Co. Ltd. | 133,996 | 9,922,411 | ||||||
| Specialty Retail — 0.4% | ||||||||
| Hotel Shilla Co. Ltd. | 268,029 | 24,376,781 | ||||||
| Security | Shares | Value | ||||||
| Technology Hardware, Storage & Peripherals — 22.1% | ||||||||
| Samsung Electronics Co. Ltd. | 20,933,610 | $ | 1,510,123,344 | |||||
| Textiles, Apparel & Luxury Goods — 0.3% | ||||||||
| Fila Holdings Corp. | 460,781 | 22,488,186 | ||||||
| Tobacco — 0.9% | ||||||||
| KT&G Corp. | 799,410 | 60,422,413 | ||||||
| Wireless Telecommunication Services — 1.0% | ||||||||
| SK Telecom Co. Ltd. | 247,671 | 70,647,020 | ||||||
| Total Common Stocks — 98.0% | ||||||||
| (Cost: $2,482,965,676) | 6,699,979,412 | |||||||
Preferred Stocks
| Automobiles — 0.8% | ||||||||
| Hyundai Motor Co. | ||||||||
| Preference Shares, NVS | 233,585 | 23,191,890 | ||||||
| Series 2, Preference Shares, NVS | 306,571 | 30,710,220 | ||||||
| 53,902,110 | ||||||||
| Chemicals — 0.4% | ||||||||
| LG Chem Ltd., Preference Shares, NVS | 80,835 | 26,920,741 | ||||||
| Personal Products — 0.2% | ||||||||
| LG Household & Health Care Ltd., Preference Shares, NVS | 21,033 | 13,572,939 | ||||||
| Technology Hardware, Storage & Peripherals — 0.1% | ||||||||
| Samsung Electronics Co. Ltd., Preference Shares, NVS | 105,110 | 6,875,497 | ||||||
| Total Preferred Stocks — 1.5% | ||||||||
| (Cost: $45,803,313) | 101,271,287 | |||||||
Short-Term Investments
| Money Market Funds — 2.3% | ||||||||
| BlackRock Cash Funds: Institutional, SL Agency Shares, 0.06%(d)(e)(f) | 157,352,866 | 157,447,278 | ||||||
| Total Short-Term Investments — 2.3% | ||||||||
| (Cost: $157,371,463) | 157,447,278 | |||||||
| Total Investments in Securities — 101.8% | ||||||||
| (Cost: $2,686,140,452) | 6,958,697,977 | |||||||
| Other Assets, Less Liabilities — (1.8)%. | (122,782,678 | ) | ||||||
| Net Assets—100.0% | $ | 6,835,915,299 | ||||||
| (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. |
2
| Schedule of Investments (unaudited) (continued) | iShares ® MSCI South Korea 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 | $ | 204,524,418 | $ | — | $ | (46,966,323 | )(a) | $ | (88,667 | ) | $ | (22,150 | ) | $ | 157,447,278 | 157,352,866 | $ | 2,027,946 | (b) | $ | — | ||||||||||||||
| BlackRock Cash Funds: Treasury, SL Agency Shares(c) | 13,820,000 | — | (13,820,000 | )(a) | — | — | — | — | 3,775 | — | |||||||||||||||||||||||||
| $ | (88,667 | ) | $ | (22,150 | ) | $ | 157,447,278 | $ | 2,031,721 | $ | — | ||||||||||||||||||||||||
| (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. |
| (c) | As of period end, the entity is no longer held. |
Futures Contracts
| Value/ | |||||||||||||||
| Notional | Unrealized | ||||||||||||||
| Number of | Expiration | Amount | Appreciation | ||||||||||||
| Description | Contracts | Date | (000 | ) | (Depreciation) | ||||||||||
| Long Contracts | |||||||||||||||
| KOSPI 200 Index | 334 | 06/10/21 | $ | 32,021 | $ | 1,072,976 | |||||||||
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 | $ | 16,445,655 | $ | 6,683,533,757 | $ | — | $ | 6,699,979,412 | |||||||
| Preferred Stocks | — | 101,271,287 | — | 101,271,287 | |||||||||||
| Money Market Funds | 157,447,278 | — | — | 157,447,278 | |||||||||||
| $ | 173,892,933 | $ | 6,784,805,044 | $ | — | $ | 6,958,697,977 | ||||||||
| Derivative financial instruments(a) | |||||||||||||||
| Assets | |||||||||||||||
| Futures Contracts | $ | 1,072,976 | $ | — | $ | — | $ | 1,072,976 | |||||||
| (a) | Shown at the unrealized appreciation (depreciation) on the contracts. |
| Portfolio Abbreviations - Equity | |
| NVS | Non-Voting Shares |
3