| Schedule of Investments (unaudited) | iShares® MSCI Russia ETF |
| November 30, 2021 | (Percentages shown are based on Net Assets) |
| Security | Shares | Value | ||||||
| Common Stocks | ||||||||
| Banks — 19.0% | ||||||||
| Sberbank of Russia PJSC | 18,222,930 | $ | 77,756,874 | |||||
| TCS Group Holding PLC, GDR(a) | 279,715 | 27,301,361 | ||||||
| VTB Bank PJSC | 8,032,415,016 | 5,159,514 | ||||||
| 110,217,749 | ||||||||
| Capital Markets — 1.6% | ||||||||
| Moscow Exchange MICEX-RTS PJSC | 4,581,200 | 9,364,581 | ||||||
| Chemicals — 1.7% | ||||||||
| PhosAgro PJSC, GDR(a) | 434,156 | 9,577,481 | ||||||
| Electric Utilities — 1.3% | ||||||||
| Inter RAO UES PJSC | 132,640,000 | 7,655,976 | ||||||
| Food & Staples Retailing — 4.3% | ||||||||
| Magnit PJSC, GDR(a) | 958,181 | 14,771,712 | ||||||
| X5 Retail Group NV, GDR(a) | 362,910 | 10,190,854 | ||||||
| 24,962,566 | ||||||||
| Interactive Media & Services — 5.5% | ||||||||
| Mail.Ru Group Ltd., GDR(a)(b) | 381,196 | 6,445,077 | ||||||
| Yandex NV, Class A(b) | 349,577 | 25,283,417 | ||||||
| 31,728,494 | ||||||||
| Internet & Direct Marketing Retail — 0.8% | ||||||||
| Ozon Holdings PLC, ADR(b) | 107,071 | 4,363,761 | ||||||
| Metals & Mining — 17.5% | ||||||||
| Alrosa PJSC | 7,269,440 | 12,637,251 | ||||||
| MMC Norilsk Nickel PJSC | 93,295 | 27,038,500 | ||||||
| Novolipetsk Steel PJSC | 4,243,920 | 12,359,747 | ||||||
| Polymetal International PLC | 806,488 | 15,093,273 | ||||||
| Polyus PJSC | 86,183 | 16,799,237 | ||||||
| Severstal PAO | 584,111 | 12,385,725 | ||||||
| United Co. RUSAL International PJSC(b) | 5,623,580 | 5,252,566 | ||||||
| 101,566,299 | ||||||||
| Oil, Gas & Consumable Fuels — 44.4% | ||||||||
| Gazprom PJSC | 23,751,550 | 106,579,300 | ||||||
| LUKOIL PJSC | 828,473 | 72,992,490 | ||||||
| Security | Shares | Value | ||||||
| Oil, Gas & Consumable Fuels (continued) | ||||||||
| Novatek PJSC, GDR(a) | 121,009 | $ | 26,398,138 | |||||
| Rosneft Oil Co. PJSC | 2,481,399 | 18,878,413 | ||||||
| Surgutneftegas PJSC | 21,346,780 | 10,581,397 | ||||||
| Tatneft PJSC | 3,393,931 | 21,710,119 | ||||||
| 257,139,857 | ||||||||
| Wireless Telecommunication Services — 1.9% | ||||||||
| Mobile TeleSystems PJSC, ADR | 1,341,863 | 10,748,323 | ||||||
| Total Common Stocks — 98.0% | ||||||||
| (Cost: $436,992,688) | 567,325,087 | |||||||
Preferred Stocks
| Oil, Gas & Consumable Fuels — 1.8% | ||||||||
| Surgutneftegas PJSC, Preference Shares, NVS | 21,021,700 | 10,634,228 | ||||||
| Total Preferred Stocks — 1.8% | ||||||||
| (Cost: $11,601,266) | 10,634,228 | |||||||
Short-Term Investments
| Money Market Funds — 0.4% | ||||||||
| BlackRock Cash Funds: Treasury, SL Agency Shares, | ||||||||
| 0.00%(c)(d) | 2,190,000 | 2,190,000 | ||||||
| Total Short-Term Investments — 0.4% | ||||||||
| (Cost: $2,190,000) | 2,190,000 | |||||||
| Total Investments in Securities — 100.2% | ||||||||
| (Cost: $450,783,954) | 580,149,315 | |||||||
| Other Assets, Less Liabilities — (0.2)% | (1,207,628 | ) | ||||||
| Net Assets—100.0% | $ | 578,941,687 | ||||||
| (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 November 30, 2021 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
| Affiliated Issuer | Value
at 08/31/21 |
Purchases
at Cost |
Proceeds
from Sales |
Net
Realized Gain (Loss) |
Change
in Unrealized Appreciation (Depreciation) |
Value
at 11/30/21 |
Shares
Held at 11/30/21 |
Income | Capital from |
|||||||||||||||||||
| BlackRock Cash Funds: Treasury, SL Agency Shares | $ | 970,000 | $ | 1,220,000 | (a) | $ | — | $ | — | $ | — | $ | 2,190,000 | 2,190,000 | $ | 22 | $ | — | ||||||||||
| (a) | Represents net amount purchased (sold). |
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| Schedule of Investments (unaudited) (continued) | iShares® MSCI Russia ETF |
| November 30, 2021 | (Percentages shown are based on Net Assets) |
Derivative Financial Instruments Outstanding as of Period End
Futures Contracts
| Value/ | ||||||||||||||||
| Notional | Unrealized | |||||||||||||||
| Number of | Expiration | Amount | Appreciation | |||||||||||||
| Description | Contracts | Date | (000) | (Depreciation) | ||||||||||||
| Long Contracts | ||||||||||||||||
| MSCI Emerging Markets Index | 13 | 12/17/21 | $ | 788 | $ | (53,068 | ) | |||||||||
Fair Value Measurements
Various inputs are used in determining the fair value of financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:
| • | Level 1 – Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that each Fund has the ability to access; |
| • | Level 2 – Other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs); and |
| • | Level 3 – Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the BlackRock Global Valuation Methodologies Committee’s (the “Global Valuation Committee’s”) assumptions used in determining the fair value of financial instruments). |
The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Global Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds. There may not be a secondary market, and/or there are a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities. For information about the Fund’s policy regarding valuation of financial instruments, refer to its most recent financial statements.
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.
| Level 1 | Level 2 | Level 3 | Total | |||||||||||||
| Investments | ||||||||||||||||
| Assets | ||||||||||||||||
| Common Stocks | $ | 25,578,370 | $ | 541,746,717 | $ | — | $ | 567,325,087 | ||||||||
| Preferred Stocks | — | 10,634,228 | — | 10,634,228 | ||||||||||||
| Money Market Funds | 2,190,000 | — | — | 2,190,000 | ||||||||||||
| $ | 27,768,370 | $ | 552,380,945 | $ | — | $ | 580,149,315 | |||||||||
| Derivative financial instruments(a) | ||||||||||||||||
| Liabilities | ||||||||||||||||
| Futures Contracts | $ | (53,068 | ) | $ | — | $ | — | $ | (53,068 | ) | ||||||
| (a) | Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument. |
Portfolio Abbreviations - Equity
| ADR | American Depositary Receipt |
| GDR | Global Depositary Receipt |
| NVS | Non-Voting Shares |
| PJSC | Public Joint Stock Company |
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