| Schedule of Investments (unaudited) | iShares® MSCI Russia ETF |
| May 31, 2021 | (Percentages shown are based on Net Assets) |
| Security | Shares | Value | ||||||
| Common Stocks | ||||||||
| Banks — 18.5% | ||||||||
| Sberbank of Russia PJSC | 17,563,680 | $ | 74,202,554 | |||||
| TCS Group Holding PLC, GDR(a) | 290,459 | 21,842,438 | ||||||
| VTB Bank PJSC | 7,745,645,016 | 5,144,687 | ||||||
| 101,189,679 | ||||||||
| Capital Markets — 2.0% | ||||||||
| Moscow Exchange MICEX-RTS PJSC | 4,783,510 | 10,978,283 | ||||||
| Chemicals — 1.9% | ||||||||
| PhosAgro PJSC, GDR(a) | 509,329 | 10,420,871 | ||||||
| Electric Utilities — 1.6% | ||||||||
| Inter RAO UES PJSC | 129,851,600 | 8,965,950 | ||||||
| Food & Staples Retailing — 4.7% | ||||||||
| Magnit PJSC, GDR(a) | 956,840 | 14,610,947 | ||||||
| X5 Retail Group NV, GDR(a) | 368,316 | 11,166,362 | ||||||
| 25,777,309 | ||||||||
| Interactive Media & Services — 6.0% | ||||||||
| Mail.Ru Group Ltd., GDR(a)(b) | 347,511 | 7,927,051 | ||||||
| Yandex NV, Class A(b) | 374,676 | 25,199,769 | ||||||
| 33,126,820 | ||||||||
| Internet & Direct Marketing Retail — 0.9% | ||||||||
| Ozon Holdings PLC, ADR(b) | 97,744 | 5,201,437 | ||||||
| Metals & Mining — 20.3% | ||||||||
| Alrosa PJSC | 7,990,990 | 12,787,959 | ||||||
| MMC Norilsk Nickel PJSC | 92,322 | 33,196,924 | ||||||
| Novolipetsk Steel PJSC | 4,175,610 | 14,906,810 | ||||||
| Polymetal International PLC | 735,369 | 17,438,328 | ||||||
| Polyus PJSC | 88,437 | 19,144,038 | ||||||
| Severstal PAO | 599,364 | 13,769,281 | ||||||
| 111,243,340 | ||||||||
| Oil, Gas & Consumable Fuels — 37.7% | ||||||||
| Gazprom PJSC | 20,799,550 | 73,884,574 | ||||||
| LUKOIL PJSC | 712,302 | 58,240,284 | ||||||
| Security | Shares | Value | ||||||
| Oil, Gas & Consumable Fuels (continued) | ||||||||
| Novatek PJSC, GDR(a) | 127,130 | $ | 25,308,029 | |||||
| Rosneft Oil Co. PJSC | 2,391,720 | 17,307,607 | ||||||
| Surgutneftegas PJSC | 20,965,946 | 10,398,692 | ||||||
| Tatneft PJSC | 3,157,446 | 21,408,678 | ||||||
| 206,547,864 | ||||||||
| Wireless Telecommunication Services — 2.3% | ||||||||
| Mobile TeleSystems PJSC, ADR | 1,384,607 | 12,627,616 | ||||||
| Total Common Stocks — 95.9% | ||||||||
| (Cost: $408,544,063) | 526,079,169 | |||||||
| Preferred Stocks | ||||||||
| Oil, Gas & Consumable Fuels — 2.4% | ||||||||
| Surgutneftegas PJSC, Preference Shares, NVS | 20,333,200 | 12,927,277 | ||||||
| Total Preferred Stocks — 2.4% | ||||||||
| (Cost: $11,193,392) | 12,927,277 | |||||||
| Short-Term Investments | ||||||||
| Money Market Funds — 0.1% | ||||||||
| BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%(c)(d) | 490,000 | 490,000 | ||||||
| Total Short-Term Investments — 0.1% | ||||||||
| (Cost: $490,000) | 490,000 | |||||||
| Total Investments in Securities — 98.4% | ||||||||
| (Cost: $420,227,455) | 539,496,446 | |||||||
| Other Assets, Less Liabilities — 1.6% | 8,859,276 | |||||||
| Net Assets—100.0% | $ | 548,355,722 | ||||||
| (a) | This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933. |
| (b) | Non-income producing security. |
| (c) | Affiliate of the Fund. |
| (d) | Annualized 7-day yield as of period-end. |
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: Treasury, SL Agency Shares | $ | 1,490,000 | $ | — | $ | (1,000,000 | )(a) | $ | — | $ | — | $ | 490,000 | 490,000 | $ | 574 | $ | — | ||||||||||||||||||
| (a) | Represents net amount purchased (sold). |
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| Schedule of Investments (unaudited) (continued) | iShares® MSCI Russia ETF |
| May 31, 2021 |
Futures Contracts
| Description | Number
of Contracts | Expiration Date | Notional Amount (000) | Value/ Unrealized Appreciation (Depreciation) | ||||||||||
| Long Contracts | ||||||||||||||
| MSCI Emerging Markets E-Mini Index | 108 | 06/18/21 | $ | 7,349 | $ | 205,915 | ||||||||
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 | $ | 56,803,472 | $ | 469,275,697 | $ | — | $ | 526,079,169 | ||||||||
| Preferred Stocks | — | 12,927,277 | — | 12,927,277 | ||||||||||||
| Money Market Funds | 490,000 | — | — | 490,000 | ||||||||||||
| $ | 57,293,472 | $ | 482,202,974 | $ | — | $ | 539,496,446 | |||||||||
| Derivative financial instruments(a) | ||||||||||||||||
| Assets | ||||||||||||||||
| Futures Contracts | $ | 205,915 | $ | — | $ | — | $ | 205,915 | ||||||||
| (a) | Shown at the unrealized appreciation (depreciation) on the contracts. |
| Portfolio Abbreviations - Equity | |
| ADR | American Depositary Receipt |
| GDR | Global Depositary Receipt |
| NVS | Non-Voting Shares |
| PJSC | Public Joint Stock Company |
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