| Schedule of Investments (unaudited) | iShares® MSCI Italy ETF |
| May 31, 2021 | (Percentages shown are based on Net Assets) |
| Security | Shares | Value | ||||||
| Common Stocks | ||||||||
| Automobiles — 13.5% | ||||||||
| Ferrari NV | 131,852 | $ | 27,778,032 | |||||
| Stellantis NV | 2,678,443 | 53,013,526 | ||||||
| 80,791,558 | ||||||||
| Banks — 20.1% | ||||||||
| FinecoBank Banca Fineco SpA(a) | 945,849 | 15,824,685 | ||||||
| Intesa Sanpaolo SpA | 22,035,744 | 64,897,666 | ||||||
| Mediobanca Banca di Credito Finanziario SpA(a) | 1,031,172 | 12,257,983 | ||||||
| UniCredit SpA | 2,127,919 | 27,216,078 | ||||||
| 120,196,412 | ||||||||
| Beverages — 2.0% | ||||||||
| Davide Campari-Milano NV | 939,427 | 12,116,282 | ||||||
| Diversified Financial Services — 2.5% | ||||||||
| EXOR NV | 172,544 | 14,745,908 | ||||||
| Diversified Telecommunication Services — 2.5% | ||||||||
| Infrastrutture Wireless Italiane SpA(b) | 584,893 | 6,526,212 | ||||||
| Telecom Italia SpA/Milano | 16,387,958 | 8,752,140 | ||||||
| 15,278,352 | ||||||||
| Electric Utilities — 20.8% | ||||||||
| Enel SpA | 10,998,712 | 107,912,118 | ||||||
| Terna SPA. | 2,137,515 | 16,275,793 | ||||||
| 124,187,911 | ||||||||
| Electrical Equipment — 2.2% | ||||||||
| Prysmian SpA | 391,657 | 13,474,135 | ||||||
| Energy Equipment & Services — 1.6% | ||||||||
| Tenaris SA | 843,030 | 9,599,775 | ||||||
| Gas Utilities — 3.0% | ||||||||
| Snam SpA | 3,070,385 | 17,982,758 | ||||||
| Health Care Equipment & Supplies — 1.3% | ||||||||
| DiaSorin SpA | 42,863 | 7,553,379 | ||||||
| Health Care Providers & Services — 1.6% | ||||||||
| Amplifon SpA. | 206,348 | 9,785,591 | ||||||
| Insurance — 6.3% | ||||||||
| Assicurazioni Generali SpA | 1,234,754 | 25,313,803 | ||||||
| Poste Italiane SpA(b) | 867,151 | 12,221,671 | ||||||
| 37,535,474 | ||||||||
| IT Services — 2.3% | ||||||||
| Nexi SpA(a)(b) | 678,784 | 13,672,878 | ||||||
| Machinery — 4.4% | ||||||||
| CNH Industrial NV | 1,538,605 | 26,510,373 | ||||||
| Security | Shares | Value | ||||||
| Oil, Gas & Consumable Fuels — 6.8% | ||||||||
| Eni SpA | 3,309,547 | $ | 40,508,052 | |||||
| Pharmaceuticals — 1.6% | ||||||||
| Recordati Industria Chimica e Farmaceutica SpA. | 170,919 | 9,463,629 | ||||||
| Textiles, Apparel & Luxury Goods — 3.5% | ||||||||
| Moncler SpA | 299,851 | 21,212,938 | ||||||
| Transportation Infrastructure — 2.5% | ||||||||
| Atlantia SpA(a)(c) | 763,380 | 14,967,595 | ||||||
| Total Common Stocks — 98.5% | ||||||||
| (Cost: $582,586,072) | . | 589,583,000 | ||||||
| Preferred Stocks | ||||||||
| Diversified Telecommunication Services — 1.1% | ||||||||
| Telecom Italia SpA/Milano, Preference Shares, NVS | 11,357,854 | 6,483,507 | ||||||
| Total Preferred Stocks — 1.1% | ||||||||
| (Cost: $7,337,351) | . | 6,483,507 | ||||||
| Short-Term Investments | ||||||||
| Money Market Funds — 0.1% | ||||||||
| BlackRock Cash Funds: Institutional, SL Agency Shares, 0.06%(d)(e)(f) | 6,637 | 6,641 | ||||||
| BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%(d)(e) | 390,000 | 390,000 | ||||||
| 396,641 | ||||||||
| Total Short-Term Investments — 0.1% | ||||||||
| (Cost: $396,640) | 396,641 | |||||||
| Total Investments in Securities — 99.7% | ||||||||
| (Cost: $590,320,063) | 596,463,148 | |||||||
| Other Assets, Less Liabilities — 0.3% | 1,829,064 | |||||||
| NetAssets — 100.0% | $ | 598,292,212 | ||||||
| (a) | Non-income producing security. |
| (b) | 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. |
| (c) | All or a portion of this security is on loan. |
| (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 Italy ETF |
| May 31, 2021 | (Percentages shown are based on Net Assets) |
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 | $ | — | $ | 6,640 | (a) | $ | — | $ | — | $ | 1 | $ | 6,641 | 6,637 | $ | 1 | (b) | $ | — | |||||||||||||||||
| BlackRock Cash Funds: Treasury, SL Agency Shares | 100,000 | 290,000 | (a) | — | — | — | 390,000 | 390,000 | 55 | — | ||||||||||||||||||||||||||
| $ | — | $ | 1 | $ | 396,641 | $ | 56 | $ | — | |||||||||||||||||||||||||||
| (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 | ||||||||||||||
| FTSE/MIB Index. | 13 | 06/18/21 | $ | 1,995 | $ | 22,092 | ||||||||
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 | $ | — | $ | 589,583,000 | $ | — | $ | 589,583,000 | ||||||||
| Preferred Stocks | — | 6,483,507 | — | 6,483,507 | ||||||||||||
| Money Market Funds | 396,641 | — | — | 396,641 | ||||||||||||
| $ | 396,641 | $ | 596,066,507 | $ | — | $ | 596,463,148 | |||||||||
| Derivative financial instruments(a) | ||||||||||||||||
| Assets | ||||||||||||||||
| Futures Contracts | $ | 22,092 | $ | — | $ | — | $ | 22,092 | ||||||||
| (a) | Shown at the unrealized appreciation (depreciation) on the contracts. |
Portfolio Abbreviations - Equity
| NVS | Non-Voting Shares |
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