| Schedule of Investments (unaudited) | iShares® MSCI Agriculture Producers ETF |
| May 31, 2023 | (Percentages shown are based on Net Assets) |
| Security | Shares | Value | ||||||
| Common Stocks | ||||||||
| Australia — 0.8% | ||||||||
| Australian Agricultural Co. Ltd.(a) | 67,432 | $ | 70,092 | |||||
| Costa Group Holdings Ltd. | 176,757 | 304,005 | ||||||
| Elders Ltd. | 70,480 | 293,402 | ||||||
| Inghams Group Ltd. | 167,126 | 306,316 | ||||||
| Nufarm Ltd./Australia | 161,741 | 572,827 | ||||||
| Select Harvests Ltd. | 52,905 | 153,058 | ||||||
| 1,699,700 | ||||||||
| Brazil — 0.5% | ||||||||
| BrasilAgro - Co. Brasileira de Propriedades Agricolas | 22,907 | 102,766 | ||||||
| Jalles Machado SA | 45,124 | 69,021 | ||||||
| Sao Martinho SA | 71,000 | 506,193 | ||||||
| SLC Agricola SA | 47,055 | 320,265 | ||||||
| Tres Tentos Agroindustrial SA | 54,276 | 127,310 | ||||||
| 1,125,555 | ||||||||
| Canada — 5.7% | ||||||||
| Ag Growth International Inc. | 8,495 | 313,767 | ||||||
| Nutrien Ltd. | 223,657 | 11,783,388 | ||||||
| Rogers Sugar Inc. | 43,089 | 185,370 | ||||||
| 12,282,525 | ||||||||
| China — 2.3% | ||||||||
| Asia - Potash International Investment Guangzhou Co. Ltd., Class A(a) | 24,300 | 78,970 | ||||||
| AustAsia Group Ltd.(a) | 58,848 | 19,540 | ||||||
| Beijing Dabeinong Technology Group Co. Ltd., Class A | 108,200 | 97,679 | ||||||
| China BlueChemical Ltd., Class H | 692,000 | 152,038 | ||||||
| China Modern Dairy Holdings Ltd.(b) | 1,390,000 | 163,319 | ||||||
| China XLX Fertiliser Ltd. | 276,000 | 148,289 | ||||||
| China Youran Dairy Group Ltd.(c) | 343,000 | 76,650 | ||||||
| COFCO Joycome Foods Ltd.(b) | 1,233,000 | 288,361 | ||||||
| First Tractor Co. Ltd., Class H | 180,000 | 85,632 | ||||||
| Fujian Sunner Development Co. Ltd., Class A | 33,900 | 90,205 | ||||||
| Heilongjiang Agriculture Co. Ltd., Class A | 46,500 | 87,338 | ||||||
| Henan Shuanghui Investment & Development Co. Ltd., Class A | 92,200 | 318,576 | ||||||
| Inner Mongolia Yili Industrial Group Co. Ltd., Class A | 171,100 | 693,517 | ||||||
| Jiangsu Yangnong Chemical Co. Ltd., Class A | 9,500 | 110,753 | ||||||
| Muyuan Foods Co. Ltd., Class A | 147,166 | 828,769 | ||||||
| New Hope Liuhe Co. Ltd., Class A(a) | 123,300 | 195,395 | ||||||
| Qinghai Salt Lake Industry Co. Ltd., Class A(a) | 146,500 | 386,976 | ||||||
| Shandong Hualu Hengsheng Chemical Co. Ltd., Class A | 57,280 | 234,772 | ||||||
| Sinofert Holdings Ltd. | 928,000 | 124,440 | ||||||
| Wens Foodstuffs Group Co. Ltd., Class A | 174,820 | 413,347 | ||||||
| Yuan Longping High-Tech Agriculture Co. Ltd., Class A(a) | 35,000 | 72,042 | ||||||
| Yunnan Yuntianhua Co. Ltd., Class A | 48,500 | 113,537 | ||||||
| Zangge Mining Co. Ltd., Class A | 42,600 | 137,527 | ||||||
| 4,917,672 | ||||||||
| Egypt — 0.2% | ||||||||
| Abou Kir Fertilizers & Chemical Industries | 145,177 | 222,561 | ||||||
| Misr Fertilizers Production Co. SAE | 23,499 | 123,199 | ||||||
| 345,760 | ||||||||
| France — 0.1% | ||||||||
| Vilmorin & Cie SA | 2,575 | 172,301 | ||||||
| Germany — 0.8% | ||||||||
| K+S AG, Registered | 85,653 | 1,378,179 | ||||||
| Suedzucker AG | 27,411 | 471,769 | ||||||
| 1,849,948 | ||||||||
| Security | Shares | Value | ||||||
| Hong Kong — 0.9% | ||||||||
| WH Group Ltd.(c) | 3,732,500 | $ | 1,951,323 | |||||
| India — 4.4% | ||||||||
| Astec Lifesciences Ltd. | 34 | 573 | ||||||
| Balrampur Chini Mills Ltd. | 55,519 | 263,077 | ||||||
| Bayer CropScience Ltd. | 6,094 | 311,419 | ||||||
| Chambal Fertilisers and Chemicals Ltd. | 75,365 | 254,894 | ||||||
| Coromandel International Ltd. | 52,328 | 606,704 | ||||||
| Deepak Fertilisers & Petrochemicals Corp. Ltd. | 31,072 | 200,255 | ||||||
| EID Parry India Ltd. | 36,441 | 207,251 | ||||||
| Escorts Kubota Ltd. | 14,571 | 382,678 | ||||||
| Gujarat Ambuja Exports Ltd. | 30,102 | 88,016 | ||||||
| Gujarat Narmada Valley Fertilizers & Chemicals Ltd. | 38,253 | 271,666 | ||||||
| Gujarat State Fertilizers & Chemicals Ltd. | 98,072 | 186,379 | ||||||
| Kaveri Seed Co. Ltd. | 8,811 | 53,494 | ||||||
| Paradeep Phosphates Ltd., NVS(a)(c) | 145,790 | 94,919 | ||||||
| PI Industries Ltd. | 33,940 | 1,482,962 | ||||||
| Rallis India Ltd. | 34,030 | 77,975 | ||||||
| Rashtriya Chemicals & Fertilizers Ltd. | 60,328 | 74,652 | ||||||
| Sharda Cropchem Ltd. | 11,840 | 68,796 | ||||||
| Shree Renuka Sugars Ltd.(a) | 279,313 | 141,379 | ||||||
| Sumitomo Chemical India Ltd. | 43,673 | 210,152 | ||||||
| Tata Coffee Ltd. | 33,067 | 92,355 | ||||||
| Tata Consumer Products Ltd. | 249,445 | 2,406,286 | ||||||
| Triveni Engineering & Industries Ltd. | 34,547 | 114,682 | ||||||
| UPL Ltd. | 217,781 | 1,801,008 | ||||||
| 9,391,572 | ||||||||
| Indonesia — 0.7% | ||||||||
| Astra Agro Lestari Tbk PT | 210,700 | 99,062 | ||||||
| Charoen Pokphand Indonesia Tbk PT | 3,312,500 | 1,093,883 | ||||||
| Inti Agri Resources Tbk PT(a)(d) | 2,230,700 | — | ||||||
| Japfa Comfeed Indonesia Tbk PT | 2,308,500 | 183,995 | ||||||
| Perusahaan Perkebunan London Sumatra Indonesia Tbk PT | 1,344,500 | 86,068 | ||||||
| Sawit Sumbermas Sarana Tbk PT | 1,459,600 | 148,492 | ||||||
| 1,611,500 | ||||||||
| Ireland — 0.1% | ||||||||
| Origin Enterprises PLC | 50,558 | 189,145 | ||||||
| Israel — 1.1% | ||||||||
| ICL Group Ltd. | 346,146 | 1,884,767 | ||||||
| Israel Corp Ltd. | 1,727 | 452,492 | ||||||
| 2,337,259 | ||||||||
| Italy — 2.7% | ||||||||
| CNH Industrial NV | 457,890 | 5,860,777 | ||||||
| Japan — 4.0% | ||||||||
| Hokuto Corp. | 10,300 | 135,118 | ||||||
| Kubota Corp. | 453,100 | 6,229,607 | ||||||
| Kumiai Chemical Industry Co. Ltd. | 32,200 | 206,026 | ||||||
| Maruha Nichiro Corp. | 17,200 | 301,434 | ||||||
| Mitsui DM Sugar Holdings Co. Ltd. | 6,800 | 123,923 | ||||||
| NH Foods Ltd. | 36,700 | 1,000,097 | ||||||
| Prima Meat Packers Ltd. | 10,500 | 162,663 | ||||||
| Sakata Seed Corp. | 13,000 | 363,487 | ||||||
| YAMABIKO Corp. | 14,100 | 143,205 | ||||||
| 8,665,560 | ||||||||
| Malaysia — 1.8% | ||||||||
| Farm Fresh Bhd | 325,100 | 94,390 | ||||||
| Genting Plantations Bhd | 118,100 | 153,526 | ||||||
1
| Schedule of Investments (unaudited) (continued) | iShares® MSCI Agriculture Producers ETF |
| May 31, 2023 | (Percentages shown are based on Net Assets) |
| Security | Shares | Value | ||||||
| Malaysia (continued) | ||||||||
| IOI Corp. Bhd | 1,122,900 | $ | 896,664 | |||||
| Kuala Lumpur Kepong Bhd | 218,000 | 985,698 | ||||||
| QL Resources Bhd | 487,207 | 585,852 | ||||||
| Sime Darby Plantation Bhd | 928,400 | 847,048 | ||||||
| Ta Ann Holdings Bhd | 89,900 | 65,793 | ||||||
| TSH Resources Bhd | 283,500 | 57,393 | ||||||
| United Plantations Bhd | 56,200 | 187,516 | ||||||
| 3,873,880 | ||||||||
| Netherlands — 0.5% | ||||||||
| OCI NV | 47,221 | 1,048,105 | ||||||
| Norway — 4.7% | ||||||||
| Austevoll Seafood ASA | 40,998 | 325,793 | ||||||
| Bakkafrost P/F | 22,499 | 1,475,291 | ||||||
| Grieg Seafood ASA | 22,848 | 176,409 | ||||||
| Leroy Seafood Group ASA | 119,154 | 533,804 | ||||||
| Mowi ASA | 196,693 | 3,377,523 | ||||||
| Salmar ASA | 32,477 | 1,432,938 | ||||||
| Yara International ASA | 74,093 | 2,768,777 | ||||||
| 10,090,535 | ||||||||
| Poland — 0.1% | ||||||||
| Grupa Azoty SA(a) | 21,694 | 130,707 | ||||||
| Qatar — 0.1% | ||||||||
| Baladna(a) | 332,601 | 138,564 | ||||||
| Russia — 0.0% | ||||||||
| PhosAgro PJSC(d) | 7,038 | 1 | ||||||
| PhosAgro PJSC, GDR(a)(d)(e) | 2 | — | ||||||
| PhosAgro PJSC, New(d) | 136 | 1 | ||||||
| Ros Agro PLC, GDR(a)(d)(e) | 5,334 | 1 | ||||||
| 3 | ||||||||
| Saudi Arabia — 2.6% | ||||||||
| Al Jouf Agricultural Development Co. | 6,438 | 92,948 | ||||||
| Almarai Co. JSC | 111,870 | 1,632,521 | ||||||
| National Agriculture Development Co. (The)(a) | 21,800 | 195,255 | ||||||
| SABIC Agri-Nutrients Co. | 104,380 | 3,473,686 | ||||||
| Saudi Fisheries Co.(a) | 8,585 | 73,076 | ||||||
| Tanmiah Food Co. | 2,637 | 89,990 | ||||||
| 5,557,476 | ||||||||
| Singapore — 1.6% | ||||||||
| Bumitama Agri Ltd. | 154,300 | 61,504 | ||||||
| First Resources Ltd. | 252,200 | 281,279 | ||||||
| Golden Agri-Resources Ltd. | 2,861,300 | 560,032 | ||||||
| Wilmar International Ltd. | 859,700 | 2,486,330 | ||||||
| 3,389,145 | ||||||||
| South Africa — 0.1% | ||||||||
| Astral Foods Ltd. | 16,910 | 122,065 | ||||||
| Oceana Group Ltd. | 43,476 | 159,474 | ||||||
| 281,539 | ||||||||
| South Korea — 0.2% | ||||||||
| Dongwon Industries Co. Ltd. | 2,657 | 91,565 | ||||||
| Harim Holdings Co. Ltd. | 19,604 | 120,692 | ||||||
| Hyundai Feed Inc.(a)(b) | 6,256 | 139,828 | ||||||
| KG Chemical Corp. | 1,533 | 38,866 | ||||||
| Namhae Chemical Corp. | 9,784 | 63,978 | ||||||
| 454,929 | ||||||||
| Sweden — 0.6% | ||||||||
| Husqvarna AB, Class B | 187,770 | 1,392,055 | ||||||
| Security | Shares | Value | ||||||
| Taiwan — 0.6% | ||||||||
| Charoen Pokphand Enterprise | 81,800 | $ | 238,725 | |||||
| Sesoda Corp. | 83,000 | 99,560 | ||||||
| Sinon Corp. | 163,000 | 187,064 | ||||||
| Taiwan Fertilizer Co. Ltd. | 287,000 | 565,713 | ||||||
| Taiwan TEA Corp.(a) | 197,000 | 142,494 | ||||||
| 1,233,556 | ||||||||
| Thailand — 0.7% | ||||||||
| Betagro PCL, NVDR | 300,000 | 237,069 | ||||||
| Charoen Pokphand Foods PCL, NVDR(b) | 1,727,400 | 997,068 | ||||||
| GFPT PCL, NVDR | 214,200 | 75,585 | ||||||
| Khon Kaen Sugar Industry PCL, NVDR | 1,085,654 | 107,173 | ||||||
| Thaifoods Group PCL, NVDR | 543,300 | 69,168 | ||||||
| 1,486,063 | ||||||||
| Turkey — 0.4% | ||||||||
| Hektas Ticaret TAS(a) | 506,466 | 683,577 | ||||||
| Turk Traktor ve Ziraat Makineleri AS | 5,841 | 186,297 | ||||||
| 869,874 | ||||||||
| United Kingdom — 0.4% | ||||||||
| Cranswick PLC | 23,889 | 962,677 | ||||||
| United States — 58.9% | ||||||||
| AGCO Corp. | 28,469 | 3,139,561 | ||||||
| American Vanguard Corp. | 12,691 | 216,508 | ||||||
| Archer-Daniels-Midland Co. | 244,625 | 17,282,756 | ||||||
| Benson Hill Inc.(a) | 9,621 | 11,449 | ||||||
| Bunge Ltd. | 67,095 | 6,215,681 | ||||||
| Cal-Maine Foods Inc. | 18,785 | 893,227 | ||||||
| CF Industries Holdings Inc. | 87,698 | 5,394,304 | ||||||
| Corteva Inc. | 318,881 | 17,056,945 | ||||||
| Darling Ingredients Inc.(a)(b) | 71,558 | 4,535,346 | ||||||
| Deere & Co. | 125,973 | 43,584,138 | ||||||
| FMC Corp. | 56,045 | 5,833,164 | ||||||
| Fresh Del Monte Produce Inc. | 17,057 | 449,622 | ||||||
| Ingredion Inc. | 29,523 | 3,088,106 | ||||||
| Intrepid Potash Inc.(a) | 4,764 | 83,751 | ||||||
| Lamb Weston Holdings Inc. | 65,200 | 7,250,240 | ||||||
| Lindsay Corp. | 4,872 | 573,922 | ||||||
| Mosaic Co. (The) | 148,606 | 4,749,448 | ||||||
| Pilgrim’s Pride Corp.(a) | 21,304 | 472,949 | ||||||
| Scotts Miracle-Gro Co. (The) | 18,783 | 1,187,086 | ||||||
| Titan International Inc.(a) | 23,899 | 236,361 | ||||||
| Toro Co. (The) | 46,666 | 4,565,335 | ||||||
| Vital Farms Inc.(a) | 12,764 | 184,950 | ||||||
| 127,004,849 | ||||||||
| Total Common Stocks — 97.6% | ||||||||
| (Cost: $264,213,463) | 210,314,554 | |||||||
| Preferred Stocks | ||||||||
| Chile — 1.9% | ||||||||
| Sociedad Quimica y Minera de Chile SA, Class B, Preference Shares | 63,913 | 4,118,813 | ||||||
| Total Preferred Stocks — 1.9% | ||||||||
| (Cost: $4,315,837) | 4,118,813 | |||||||
| Total Long-Term Investments — 99.5% | ||||||||
| (Cost: $268,529,300) | 214,433,367 | |||||||
2
| Schedule of Investments (unaudited) (continued) | iShares® MSCI Agriculture Producers ETF |
| May 31, 2023 | (Percentages shown are based on Net Assets) |
| Security | Shares | Value | ||||||
| Short-Term Securities | ||||||||
| Money Market Funds — 2.4% | ||||||||
| BlackRock Cash Funds: Institutional, SL Agency Shares, 5.29%(f)(g)(h) | 5,173,262 | $ | 5,174,297 | |||||
| Total Short-Term Securities — 2.4% | ||||||||
| (Cost: $5,174,637) | 5,174,297 | |||||||
| Total Investments — 101.9% | ||||||||
| (Cost: $273,703,937) | 219,607,664 | |||||||
| Liabilities in Excess of Other Assets — (1.9)% | (4,166,355 | ) | ||||||
| Net Assets — 100.0% | $ | 215,441,309 | ||||||
| (a) | Non-income producing security. |
| (b) | All or a portion of this security is on loan. |
| (c) | 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. |
| (d) | Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. |
| (e) | This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933. |
| (f) | Affiliate of the Fund. |
| (g) | Annualized 7-day yield as of period end. |
| (h) | All or a portion of this security was purchased with the cash collateral from loaned securities. |
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 08/31/23 | 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: Institutional, SL Agency Shares | $ | 807,964 | $ | 4,366,898 | (a) | $ | — | $ | 100 | $ | (665 | ) | $ | 5,174,297 | 5,173,262 | $ | 21,769 | (b) | $ | — | |||||||||||||||
| BlackRock Cash Funds: Treasury, SL Agency Shares(c) | — | 0 | (a) | — | — | — | — | — | 7,313 | — | |||||||||||||||||||||||||
| $ | 100 | $ | (665 | ) | $ | 5,174,297 | $ | 29,082 | $ | — | |||||||||||||||||||||||||
| (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. |
| (c) | As of period end, the entity is no longer held. |
Derivative Financial Instruments Outstanding as of Period End
Futures Contracts
| Description | Number of Contracts | Expiration Date | Notional Amount (000) | Value/ Unrealized Appreciation (Depreciation) | ||||||||||||
| Long Contracts | ||||||||||||||||
| Euro STOXX 50 Index | 11 | 06/16/23 | $ | 497 | $ | (3,284 | ) | |||||||||
| S&P 500 E-Mini Index | 3 | 06/16/23 | 629 | 1,269 | ||||||||||||
| $ | (2,015 | ) |
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). |
3
| Schedule of Investments (unaudited) (continued) | iShares® MSCI Agriculture Producers ETF |
| May 31, 2023 |
Fair Value Hierarchy as of Period End (continued)
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 | $ | 142,826,261 | $ | 67,488,290 | $ | 3 | $ | 210,314,554 | ||||||||
| Preferred Stocks | 4,118,813 | — | — | 4,118,813 | ||||||||||||
| Short-Term Securities | ||||||||||||||||
| Money Market Funds | 5,174,297 | — | — | 5,174,297 | ||||||||||||
| $ | 152,119,371 | $ | 67,488,290 | $ | 3 | $ | 219,607,664 | |||||||||
| Derivative Financial Instruments(a) | ||||||||||||||||
| Assets | ||||||||||||||||
| Equity Contracts | $ | 1,269 | $ | — | $ | — | $ | 1,269 | ||||||||
| Liabilities | ||||||||||||||||
| Equity Contracts | — | (3,284 | ) | — | (3,284 | ) | ||||||||||
| $ | 1,269 | $ | (3,284 | ) | $ | — | (2,015 | ) | ||||||||
| (a) | Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument. |
Portfolio Abbreviation
| GDR | Global Depositary Receipt |
| JSC | Joint Stock Company |
| NVDR | Non-Voting Depositary Receipt |
| NVS | Non-Voting Shares |
| PJSC | Public Joint Stock Company |
4