| Schedule of Investments (unaudited) | iShares ® MSCI South Africa ETF |
| May 31, 2021 | (Percentages shown are based on Net Assets) |
| Security | Shares | Value | ||||||
| Common Stocks | ||||||||
| Banks — 11.4% | ||||||||
| Absa Group Ltd.(a) | 882,376 | $ | 9,168,162 | |||||
| Capitec Bank Holdings Ltd. | 96,049 | 11,616,902 | ||||||
| Nedbank Group Ltd. | 490,669 | 5,794,427 | ||||||
| Standard Bank Group Ltd. | 1,518,918 | 14,946,936 | ||||||
| 41,526,427 | ||||||||
| Capital Markets — 1.1% | ||||||||
| Reinet Investments SCA | 191,199 | 3,961,955 | ||||||
| Chemicals — 3.0% | ||||||||
| Sasol Ltd.(a) | 669,352 | 10,882,277 | ||||||
| Diversified Financial Services — 7.8% | ||||||||
| FirstRand Ltd. | 5,513,918 | 22,417,477 | ||||||
| Remgro Ltd. | 684,808 | 5,948,087 | ||||||
| 28,365,564 | ||||||||
| Equity Real Estate Investment Trusts (REITs) — 1.3% | ||||||||
| Growthpoint Properties Ltd. | 4,561,756 | 4,783,120 | ||||||
| Food & Staples Retailing — 6.9% | ||||||||
| Bid Corp. Ltd.(a) | 408,495 | 8,608,740 | ||||||
| Clicks Group Ltd. | 313,443 | 5,856,622 | ||||||
| Shoprite Holdings Ltd. | 627,941 | 7,044,786 | ||||||
| SPAR Group Ltd. (The) | 268,887 | 3,728,762 | ||||||
| 25,238,910 | ||||||||
| Food Products — 1.1% | ||||||||
| Tiger Brands Ltd. | 239,169 | 3,840,588 | ||||||
| Industrial Conglomerates — 1.5% | ||||||||
| Bidvest Group Ltd. (The) | 380,909 | 5,368,158 | ||||||
| Insurance — 6.6% | ||||||||
| Discovery Ltd.(a) | 536,738 | 5,475,555 | ||||||
| Old Mutual Ltd. | 6,054,076 | 6,280,247 | ||||||
| Rand Merchant Investment Holdings Ltd. | 1,183,583 | 2,777,919 | ||||||
| Sanlam Ltd. | 2,189,637 | 9,447,876 | ||||||
| 23,981,597 | ||||||||
| Internet & Direct Marketing Retail — 21.9% | ||||||||
| Naspers Ltd., Class N | 359,504 | 79,614,245 | ||||||
| Media — 1.4% | ||||||||
| MultiChoice Group | 503,396 | 5,034,599 | ||||||
| Metals & Mining — 23.2% | ||||||||
| African Rainbow Minerals Ltd. | 162,571 | 3,137,171 | ||||||
| Anglo American Platinum Ltd. | 64,580 | 8,515,158 | ||||||
| AngloGold Ashanti Ltd. | 490,827 | 12,120,333 | ||||||
| Security | Shares | Value | ||||||
| Metals & Mining (continued) | ||||||||
| Gold Fields Ltd. | 1,044,775 | $ | 13,174,886 | |||||
| Harmony Gold Mining Co. Ltd. | 754,849 | 4,038,448 | ||||||
| Impala Platinum Holdings Ltd. | 914,808 | 16,626,701 | ||||||
| Kumba Iron Ore Ltd. | 86,743 | 4,024,928 | ||||||
| Northam Platinum Ltd.(a) | 439,177 | 7,426,993 | ||||||
| Sibanye Stillwater Ltd. | 3,236,947 | 15,326,011 | ||||||
| 84,390,629 | ||||||||
| Multiline Retail — 1.4% | ||||||||
| Woolworths Holdings Ltd.(a) | 1,307,553 | 5,292,733 | ||||||
| Oil, Gas & Consumable Fuels — 1.0% | ||||||||
| Exxaro Resources Ltd. | 343,695 | 3,836,914 | ||||||
| Pharmaceuticals — 1.6% | ||||||||
| Aspen Pharmacare Holdings Ltd.(a) | 493,128 | 5,760,987 | ||||||
| Real Estate Management & Development — 1.1% | ||||||||
| NEPI Rockcastle PLC | 584,876 | 4,081,453 | ||||||
| Specialty Retail — 1.6% | ||||||||
| Mr. Price Group Ltd. | 337,736 | 5,717,465 | ||||||
| Wireless Telecommunication Services — 6.0% | ||||||||
| MTN Group Ltd.(a) | 1,982,802 | 14,304,146 | ||||||
| Vodacom Group Ltd. | 794,815 | 7,545,485 | ||||||
| 21,849,631 | ||||||||
| Total Common Stocks — 99.9% | ||||||||
| (Cost: $371,318,796) | 363,527,252 | |||||||
Short-Term Investments
| Money Market Funds — 0.0% | ||||||||
| BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%(b)(c) | 230,000 | 230,000 | ||||||
| Total Short-Term Investments — 0.0% | ||||||||
| (Cost: $230,000) | 230,000 | |||||||
| Total Investments in Securities — 99.9% | ||||||||
| (Cost: $371,548,796) | 363,757,252 | |||||||
| Other Assets, Less Liabilities — 0.1% | 199,118 | |||||||
| Net Assets—100.0% | $ | 363,956,370 | ||||||
| (a) | Non-income producing security. |
| (b) | Affiliate of the Fund. |
| (c) | Annualized 7-day yield as of period-end. |
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| Schedule of Investments (unaudited) (continued) | iShares ® MSCI South Africa 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(a) | $ | 4,406,550 | $ | — | $ | (4,403,573 | )(b) | $ | (2,977 | ) | $ | — | $ | — | — | $ | 7,428 | (c) | $ | — | |||||||||||||||
| BlackRock Cash Funds: Treasury, SL Agency Shares | 130,000 | 100,000 | (b) | — | — | — | 230,000 | 230,000 | 118 | — | |||||||||||||||||||||||||
| $ | (2,977 | ) | $ | — | $ | 230,000 | $ | 7,546 | $ | — | |||||||||||||||||||||||||
| (a) | As of period end, the entity is no longer held. |
| (b) | Represents net amount purchased (sold). |
| (c) | 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
| Value/ | |||||||||||||||
| Notional | Unrealized | ||||||||||||||
| Number of | Expiration | Amount | Appreciation | ||||||||||||
| Description | Contracts | Date | (000 | ) | (Depreciation) | ||||||||||
| Long Contracts | |||||||||||||||
| FTSE/JSE Top 40 Index | 7 | 06/17/21 | $ | 314 | $ | 3,754 | |||||||||
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 | $ | 94,605,952 | $ | 268,921,300 | $ | — | $ | 363,527,252 | |||||||
| Money Market Funds | 230,000 | — | — | 230,000 | |||||||||||
| $ | 94,835,952 | $ | 268,921,300 | $ | — | $ | 363,757,252 | ||||||||
| Derivative financial instruments(a) | |||||||||||||||
| Assets | |||||||||||||||
| Futures Contracts | $ | 3,754 | $ | — | $ | — | $ | 3,754 | |||||||
| (a) | Shown at the unrealized appreciation (depreciation) on the contracts. |
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