| Schedule of Investments (unaudited) | iShares® MSCI Israel ETF |
| May 31, 2021 | (Percentages shown are based on Net Assets) |
| Security | Shares | Value | ||||||
| Common Stocks | ||||||||
| Aerospace & Defense — 1.9% | ||||||||
| Elbit Systems Ltd. | 22,765 | $ | 2,965,411 | |||||
| Banks — 17.8% | ||||||||
| Bank Hapoalim BM(a) | 974,893 | 8,268,190 | ||||||
| Bank Leumi Le-Israel BM(a) | 1,247,382 | 9,752,765 | ||||||
| FIBI Holdings Ltd.(a) | 15,257 | 565,012 | ||||||
| First International Bank of Israel Ltd.(a) | 47,619 | 1,517,002 | ||||||
| Israel Discount Bank Ltd., Class A(a) | 999,366 | 4,965,833 | ||||||
| Mizrahi Tefahot Bank Ltd.(a) | 120,440 | 3,584,872 | ||||||
| 28,653,674 | ||||||||
| Biotechnology — 0.2% | ||||||||
| UroGen Pharma Ltd.(a) | 16,569 | 291,946 | ||||||
| Building Products — 0.2% | ||||||||
| Caesarstone Ltd. | 20,747 | 342,325 | ||||||
| Capital Markets — 0.4% | ||||||||
| Altshuler Shaham Provident Funds & Pension Ltd. | 49,494 | 348,938 | ||||||
| Electreon Wireless Ltd.(a) | 3,739 | 317,431 | ||||||
| 666,369 | ||||||||
| Chemicals — 3.4% | ||||||||
| ICL Group Ltd. | 604,773 | 4,366,088 | ||||||
| Israel Corp. Ltd. (The)(a) | 3,313 | 1,032,313 | ||||||
| 5,398,401 | ||||||||
| Communications Equipment — 1.5% | ||||||||
| AudioCodes Ltd. | 22,735 | 732,323 | ||||||
| Gilat Satellite Networks Ltd. | 26,301 | 260,602 | ||||||
| Ituran Location and Control Ltd. | 16,164 | 391,331 | ||||||
| Radware Ltd.(a) | 35,757 | 1,044,104 | ||||||
| 2,428,360 | ||||||||
| Construction & Engineering — 2.9% | ||||||||
| Ashtrom Group Ltd. | 34,661 | 817,406 | ||||||
| Elco Ltd.(b) | 8,244 | 474,735 | ||||||
| Electra Ltd./Israel | 1,771 | 1,011,203 | ||||||
| Shapir Engineering and Industry Ltd. | 122,777 | 947,501 | ||||||
| Shikun & Binui Ltd.(a) | 201,960 | 1,341,531 | ||||||
| 4,592,376 | ||||||||
| Consumer Finance — 0.4% | ||||||||
| Isracard Ltd.(a) | 171,427 | 687,265 | ||||||
| Distributors — 0.2% | ||||||||
| Tadiran Holdings Ltd. | 2,568 | 324,456 | ||||||
| Diversified Telecommunication Services — 1.3% | ||||||||
| Bezeq The Israeli Telecommunication Corp. Ltd.(a) | 1,777,982 | 2,001,157 | ||||||
| Equity Real Estate Investment Trusts (REITs) — 0.5% | ||||||||
| REIT 1 Ltd. | 153,837 | 838,012 | ||||||
| Food & Staples Retailing — 1.6% | ||||||||
| M Yochananof & Sons Ltd. | 2,731 | 169,162 | ||||||
| Rami Levy Chain Stores Hashikma Marketing 2006 Ltd. | 7,707 | 503,113 | ||||||
| Shufersal Ltd. | 228,288 | 1,934,861 | ||||||
| 2,607,136 | ||||||||
| Food Products — 0.8% | ||||||||
| Mehadrin Ltd.(a) | 0 | (c) | 28 | |||||
| Strauss Group Ltd. | 44,979 | 1,298,196 | ||||||
| 1,298,224 | ||||||||
| Security | Shares | Value | ||||||
| Health Care Equipment & Supplies — 1.6% | ||||||||
| Inmode Ltd.(a)(b) | 21,270 | $ | 1,815,607 | |||||
| Nano-X Imaging Ltd.(a)(b) | 28,545 | 713,625 | ||||||
| 2,529,232 | ||||||||
| Hotels, Restaurants & Leisure — 0.6% | ||||||||
| Fattal Holdings 1998 Ltd.(a) | 5,323 | 581,987 | ||||||
| NEOGAMES SA(a) | 5,376 | 344,602 | ||||||
| 926,589 | ||||||||
| Household Durables — 1.0% | ||||||||
| Azorim-Investment Development & Construction Co. Ltd.(a) | 72,554 | 293,224 | ||||||
| Electra Consumer Products 1970 Ltd. | 9,464 | 506,081 | ||||||
| Maytronics Ltd. | 37,289 | 724,326 | ||||||
| 1,523,631 | ||||||||
| Independent Power and Renewable Electricity Producers — 2.6% | ||||||||
| Doral Group Renewable Energy Resources Ltd.(a)(b) | 49,550 | 224,136 | ||||||
| Energix-Renewable Energies Ltd. | 187,076 | 730,648 | ||||||
| Enlight Renewable Energy Ltd.(a)(b) | 789,800 | 1,677,758 | ||||||
| Kenon Holdings Ltd./Singapore. | 20,868 | 748,666 | ||||||
| OPC Energy Ltd.(a)(b) | 72,365 | 761,974 | ||||||
| 4,143,182 | ||||||||
| Industrial Conglomerates — 0.2% | ||||||||
| Arad Investment & Industrial Development Ltd. | 2,789 | 317,573 | ||||||
| Insurance — 2.8% | ||||||||
| Clal Insurance Enterprises Holdings Ltd.(a) | 51,981 | 1,077,217 | ||||||
| Harel Insurance Investments & Financial Services Ltd. | 101,484 | 1,032,619 | ||||||
| IDI Insurance Co. Ltd. | 6,947 | 270,078 | ||||||
| Menora Mivtachim Holdings Ltd. | 21,783 | 469,452 | ||||||
| Migdal Insurance & Financial Holdings Ltd.(a) | 317,486 | 456,939 | ||||||
| Phoenix Holdings Ltd. (The) | 131,512 | 1,217,260 | ||||||
| 4,523,565 | ||||||||
| Internet & Direct Marketing Retail — 2.9% | ||||||||
| Fiverr International Ltd.(a)(b) | 23,040 | 4,730,342 | ||||||
| IT Services — 9.0% | ||||||||
| Formula Systems 1985 Ltd. | 7,898 | 703,620 | ||||||
| Malam - Team Ltd. | 6,596 | 215,159 | ||||||
| Matrix IT Ltd. | 29,415 | 736,909 | ||||||
| One Software Technologies Ltd. | 3,386 | 458,624 | ||||||
| Wix.com Ltd.(a) | 47,743 | 12,406,496 | ||||||
| 14,520,808 | ||||||||
| Life Sciences Tools & Services — 0.3% | ||||||||
| Compugen Ltd.(a)(b) | 71,315 | 547,699 | ||||||
| Machinery — 2.4% | ||||||||
| Kornit Digital Ltd.(a) | 37,436 | 3,900,831 | ||||||
| Oil, Gas & Consumable Fuels — 1.5% | ||||||||
| Delek Group Ltd.(a)(b) | 7,399 | 394,295 | ||||||
| Equital Ltd.(a) | 17,199 | 484,408 | ||||||
| Naphtha Israel Petroleum Corp. Ltd.(a)(b) | 28,075 | 132,749 | ||||||
| Oil Refineries Ltd.(a) | 1,517,543 | 419,809 | ||||||
| Paz Oil Co. Ltd. | 8,212 | 1,046,566 | ||||||
| 2,477,827 | ||||||||
| Pharmaceuticals — 6.5% | ||||||||
| Taro Pharmaceutical Industries Ltd.(a) | 8,232 | 584,637 | ||||||
| Teva Pharmaceutical Industries Ltd., ADR(a)(b) | 940,750 | 9,783,800 | ||||||
| 10,368,437 | ||||||||
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| Schedule of Investments (unaudited) (continued) | iShares® MSCI Israel ETF |
| May 31, 2021 | (Percentages shown are based on Net Assets) |
| Security | Shares | Value | ||||||
| Professional Services — 0.5% | ||||||||
| Danel Adir Yeoshua Ltd. | 4,398 | $ | 856,037 | |||||
| Real Estate Management & Development — 10.0% | ||||||||
| AFI Properties Ltd.(a) | 9,303 | 415,850 | ||||||
| Airport City Ltd.(a) | 59,135 | 1,059,117 | ||||||
| Alony Hetz Properties & Investments Ltd. | 125,902 | 1,857,851 | ||||||
| Amot Investments Ltd. | 175,275 | 1,212,194 | ||||||
| Azrieli Group Ltd. | 36,422 | 2,775,697 | ||||||
| Bayside Land Corp. Ltd. | 119,588 | 1,127,490 | ||||||
| Big Shopping Centers Ltd.(a) | 8,537 | 1,068,542 | ||||||
| Blue Square Real Estate Ltd. | 4,653 | 333,585 | ||||||
| Brack Capital Properties NV(a) | 2,261 | 230,934 | ||||||
| Gazit-Globe Ltd. | 58,627 | 444,657 | ||||||
| Israel Canada T.R Ltd. | 94,561 | 400,895 | ||||||
| Isras Investment Co. Ltd. | 1,379 | 315,271 | ||||||
| Mega Or Holdings Ltd. | 20,336 | 700,029 | ||||||
| Melisron Ltd.(a)(b) | 18,255 | 1,257,683 | ||||||
| Mivne Real Estate KD Ltd. | 528,510 | 1,596,043 | ||||||
| Prashkovsky Investments and Construction Ltd. | 5,999 | 196,506 | ||||||
| Property & Building Corp. Ltd. | 1,626 | 195,032 | ||||||
| Summit Real Estate Holdings Ltd.(a) | 31,777 | 505,247 | ||||||
| YH Dimri Construction & Development Ltd. | 6,441 | 369,351 | ||||||
| 16,061,974 | ||||||||
| Semiconductors & Semiconductor Equipment — 3.6% | ||||||||
| Camtek Ltd./Israel(a) | 24,209 | 885,845 | ||||||
| Nova Measuring Instruments Ltd.(a) | 24,170 | 2,454,724 | ||||||
| Tower Semiconductor Ltd.(a) | 87,413 | 2,434,126 | ||||||
| 5,774,695 | ||||||||
| Software — 18.9% | ||||||||
| Check Point Software Technologies Ltd.(a) | 96,236 | 11,257,687 | ||||||
| Cognyte Software Ltd.(a)(b) | 56,285 | 1,448,776 | ||||||
| CyberArk Software Ltd.(a) | 33,273 | 4,210,366 | ||||||
| Hilan Ltd. | 12,612 | 620,733 | ||||||
| Magic Software Enterprises Ltd. | 23,213 | 377,813 | ||||||
| Nice Ltd.(a) | 53,859 | 11,682,798 | ||||||
| Sapiens International Corp. NV | 25,468 | 749,315 | ||||||
| 30,347,488 | ||||||||
| Specialty Retail — 0.8% | ||||||||
| Arko Corp.(a) | 1 | 7 | ||||||
| Security | Shares | Value | ||||||
| Specialty Retail (continued) | ||||||||
| Delek Automotive Systems Ltd.(b) | 44,120 | $ | 593,126 | |||||
| Fox Wizel Ltd. | 6,420 | 743,260 | ||||||
| 1,336,393 | ||||||||
| Technology Hardware, Storage & Peripherals — 0.9% | ||||||||
| Nano Dimension Ltd., ADR(a) | 213,042 | 1,512,598 | ||||||
| Textiles, Apparel & Luxury Goods — 0.2% | ||||||||
| Delta-Galil Industries Ltd.(b) | 7,688 | 274,923 | ||||||
| Wireless Telecommunication Services — 0.5% | ||||||||
| Cellcom Israel Ltd.(a) | 77,056 | 311,298 | ||||||
| Partner Communications Co. Ltd.(a) | 118,597 | 556,597 | ||||||
| 867,895 | ||||||||
| Total Common Stocks — 99.9% | ||||||||
| (Cost: $153,062,357) | 160,636,831 | |||||||
| Short-Term Investments | ||||||||
| Money Market Funds — 7.9% | ||||||||
| BlackRock Cash Funds: Institutional, SL Agency Shares, 0.06%(d)(e)(f) | 12,661,393 | 12,668,990 | ||||||
| BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%(d)(e) | 90,000 | 90,000 | ||||||
| 12,758,990 | ||||||||
| Total Short-Term Investments — 7.9% | ||||||||
| (Cost: $12,756,938) | 12,758,990 | |||||||
| Total Investments in Securities — 107.8% | ||||||||
| (Cost: $165,819,295) | 173,395,821 | |||||||
| Other Assets, Less Liabilities — (7.8)%. | (12,578,333 | ) | ||||||
| NetAssets — 100.0% | $ | 160,817,488 | ||||||
| (a) | Non-income producing security. |
| (b) | All or a portion of this security is on loan. |
| (c) | Rounds to less than 1. |
| (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 Israel 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 | $ | 3,214,776 | $ | 9,457,459 | (a) | $ | — | $ | (3,731 | ) | $ | 486 | $ | 12,668,990 | 12,661,393 | $ | 80,808 | (b) | $ | — | ||||||||||||||||
| BlackRock Cash Funds: Treasury, SL Agency Shares | 46,000 | 44,000 | (a) | — | — | — | 90,000 | 90,000 | 32 | — | ||||||||||||||||||||||||||
| $ | (3,731 | ) | $ | 486 | $ | 12,758,990 | $ | 80,840 | $ | — | ||||||||||||||||||||||||||
| (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 | ||||||||||||||
| Euro STOXX 50 Index | 3 | 06/18/21 | $ | 148 | $ | (5 | ) | |||||||
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. | $ | 55,326,807 | $ | 105,310,024 | $ | — | $ | 160,636,831 | ||||||||
| Money Market Funds | 12,758,990 | — | — | 12,758,990 | ||||||||||||
| $ | 68,085,797 | $ | 105,310,024 | $ | — | $ | 173,395,821 | |||||||||
| Derivative financial instruments(a) | ||||||||||||||||
| Liabilities | ||||||||||||||||
| Futures Contracts | $ | (5 | ) | $ | — | $ | — | $ | (5 | ) | ||||||
| (a) | Shown at the unrealized appreciation (depreciation) on the contracts. |
Portfolio Abbreviations - Equity
| ADR | American Depositary Receipt |
| REIT | Real Estate Investment Trust |
3