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.

1

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.

2