| Schedule of Investments (unaudited) | iShares® MSCI Russia ETF |
| May 31, 2023 | (Percentages shown are based on Net Assets) |
| Security | Shares | Value | ||||||
| Common Stocks | ||||||||
| Banks — 0.7% | ||||||||
| Sberbank of Russia PJSC(a) | 18,835,860 | $ | 2,310 | |||||
| TCS Group Holding PLC, GDR(a)(b)(c) | 289,152 | 35 | ||||||
| VTB Bank PJSC(a)(b) | 8,307,845,016 | 1,019 | ||||||
| 3,364 | ||||||||
| Capital Markets — 0.1% | ||||||||
| Moscow Exchange MICEX-RTS PJSC(a)(b) | 4,737,800 | 581 | ||||||
| Chemicals — 0.0% | ||||||||
| PhosAgro PJSC(a) | 148,802 | 18 | ||||||
| PhosAgro PJSC, New(a) | 2,875 | 29 | ||||||
| PhosAgro PJSC, GDR(a)(b)(c) | 2 | — | ||||||
| 47 | ||||||||
| Electric Utilities — 3.4% | ||||||||
| Inter RAO UES PJSC(a) | 136,938,300 | 16,792 | ||||||
| Consumer Staples Distribution & Retail — 0.0% | ||||||||
| Magnit PJSC, GDR(a) | 1 | — | ||||||
| Magnit PJSC(a)(b) | 198,139 | 24 | ||||||
| X5 Retail Group NV, GDR(a)(b)(c) | 374,475 | 46 | ||||||
| 70 | ||||||||
| Interactive Media & Services — 0.0% | ||||||||
| VK Co. Ltd.(a)(b) | 393,252 | 48 | ||||||
| Yandex NV, Class A(a)(b) | 361,376 | 45 | ||||||
| 93 | ||||||||
| Metals & Mining — 0.5% | ||||||||
| Alrosa PJSC(a)(b) | 7,486,250 | 918 | ||||||
| MMC Norilsk Nickel PJSC(a) | 96,437 | 12 | ||||||
| Novolipetsk Steel PJSC(a)(b) | 4,388,590 | 538 | ||||||
| Polymetal International PLC(a)(b) | 834,056 | 102 | ||||||
| Polyus PJSC(a)(b) | 89,129 | 11 | ||||||
| Severstal PAO(a)(b) | 604,068 | 74 | ||||||
| United Co. RUSAL International PJSC(a)(b) | 5,811,330 | 713 | ||||||
| 2,368 | ||||||||
| Broadline Retail — 0.0% | ||||||||
| Ozon Holdings PLC, ADR(a)(b) | 106,824 | 13 | ||||||
| Oil, Gas & Consumable Fuels — 1.4% | ||||||||
| Gazprom PJSC(a) | 24,553,290 | 3,011 | ||||||
| LUKOIL PJSC(a) | 856,438 | 105 | ||||||
| Security | Shares | Value | ||||||
| Oil, Gas & Consumable Fuels (continued) | ||||||||
| Novatek PJSC(a) | 1,250,860 | $ | 153 | |||||
| Rosneft Oil Co. PJSC(a) | 2,566,222 | 315 | ||||||
| Surgutneftegas PJSC(a) | 21,799,946 | 2,673 | ||||||
| Tatneft PJSC(a) | 3,516,781 | 431 | ||||||
| 6,688 | ||||||||
| Wireless Telecommunication Services — 0.1% | ||||||||
| Mobile TeleSystems PJSC(a) | 2,776,444 | 340 | ||||||
| Total Common Stocks — 6.2% | ||||||||
| (Cost: $453,537,815) | 30,356 | |||||||
| Preferred Stocks | ||||||||
| Oil, Gas & Consumable Fuels — 0.6% | ||||||||
| Surgutneftegas PJSC, Preference Shares, NVS(a) | 21,745,700 | 2,667 | ||||||
| Total Preferred Stocks — 0.6% | ||||||||
| (Cost: $11,913,761) | 2,667 | |||||||
| Total Long-Term Investments — 6.8% | ||||||||
| (Cost: $465,451,576) | 33,023 | |||||||
Short-Term Securities | ||||||||
| Money Market Funds — 92.4% | ||||||||
| BlackRock Cash Funds: Treasury, SL Agency Shares, 5.07%(d)(e) | 450,000 | 450,000 | ||||||
| Total Short-Term Securities — 92.4% | ||||||||
| (Cost: $450,000) | 450,000 | |||||||
| Total Investments — 99.2% | ||||||||
| (Cost: $465,901,576) | 483,023 | |||||||
| Other Assets Less Liabilities — 0.8% | 4,019 | |||||||
| Net Assets — 100.0% | $ | 487,042 | ||||||
| (a) | Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. |
| (b) | Non-income producing security. |
| (c) | This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933. |
| (d) | Affiliate of the Fund. |
| (e) | 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, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
| Affiliated Issuer | Value at 08/31/22 | Purchases at Cost | Proceeds from Sale | Net Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Value at 05/31/23 | Shares Held at 05/31/23 | Income | Capital Gain Distributions from Underlying Funds | |||||||||||||||||||||||||||
| BlackRock Cash Funds: Treasury, SL Agency Shares | $ | 430,000 | $ | 20,000 | (a) | $ | — | $ | — | $ | — | $ | 450,000 | 450,000 | $ | 13,068 | $ | — | ||||||||||||||||||
| (a) | Represents net amount purchased (sold). |
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| Schedule of Investments (unaudited) (continued) | iShares® MSCI Russia ETF |
| May 31, 2023 |
Fair Value Hierarchy as of Period End
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 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 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 | |||||||||||||
| Assets | ||||||||||||||||
| Investments | ||||||||||||||||
| Long-Term Investments | ||||||||||||||||
| Common Stocks | $ | — | $ | — | $ | 30,356 | $ | 30,356 | ||||||||
| Preferred Stocks | — | — | 2,667 | 2,667 | ||||||||||||
| Short-Term Securities | ||||||||||||||||
| Money Market Funds | 450,000 | — | — | 450,000 | ||||||||||||
| $ | 450,000 | $ | — | $ | 33,023 | $ | 483,023 | |||||||||
A reconciliation of Level 3 financial instruments is presented when the Fund had a significant amount of Level 3 investments and derivative financial instruments at the beginning and/or end of the period in relation to net assets. The following table is a reconciliation of Level 3 investments for which significant unobservable inputs were used in determining fair value:
| Common | Preferred | |||||||||||
| Stocks | Stocks | Total | ||||||||||
| Assets: | ||||||||||||
| Opening balance, as of August 31, 2022 | $ | 40,573 | $ | 3,565 | $ | 44,138 | ||||||
| Transfers into Level 3 | — | — | — | |||||||||
| Transfers out of Level 3 | — | — | — | |||||||||
| Accrued discounts/premiums | — | — | — | |||||||||
| Net realized gain (loss) | — | — | — | |||||||||
| Net change in unrealized appreciation (depreciation)(a) | (10,217 | ) | (898 | ) | (11,115 | ) | ||||||
| Purchases | — | — | — | |||||||||
| Sales | — | — | — | |||||||||
| Closing balance, as of May 31, 2023 | $ | 30,356 | $ | 2,667 | $ | 33,023 | ||||||
| Net change in unrealized appreciation (depreciation) on investment still held at May 31, 2023 | $ | (10,217 | ) | $ | (898 | ) | $ | (11,115 | ) | |||
(a) Any difference between net change in unrealized appreciation (depreciation) and net change in unrealized appreciation (depreciation) on investments still held at May 31, 2023 is generally due to investments no longer held or categorized as Level 3 at period end.
Portfolio Abbreviation
| ADR | American Depositary Receipt |
| GDR | Global Depositary Receipt |
| NVS | Non-Voting Shares |
| PJSC | Public Joint Stock Company |
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